Avis 2007 Annual Report Download - page 92

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Table of Contents
Current and non-current deferred income tax assets and liabilities are comprised of the following:
As of December 31,
2007
2006
Current deferred income tax assets:
Accrued liabilities and deferred income
$
103
$
48
Provision for doubtful accounts
6
6
Acquisition and integration
-
related liabilities
-
3
Other
-
1
Valuation allowance
(*)
(21
)
-
Current deferred income tax assets
88
58
Current deferred income tax liabilities:
Prepaid expenses
46
51
Current deferred income tax liabilities
46
51
Current net deferred income tax asset
$
42
$
7
Non
-
current deferred income tax assets:
Net tax loss carryforwards
$
193
$
163
Accrued liabilities and deferred income
127
178
Tax credit carryforward
48
102
Acquisition and integration
-
related liabilities
26
24
Unrealized hedge loss
11
-
Valuation allowance (*)
(116
)
(81
)
Non
-
current deferred income tax assets
289
386
Non
-
current deferred income tax liabilities:
Depreciation and amortization
49
160
Other
6
-
Non
-
current deferred income tax liabilities
55
160
Non
-
current net deferred income tax asset
$
234
$
226
Deferred income tax assets and liabilities related to the vehicle programs are comprised of the following:
F
-
29
(*)
The valuation allowance of $137 million at December 31, 2007, primarily relates to tax loss carryforwards, foreign tax credits and
certain state deferred tax assets of $100 million, $32 million and $5 million, respectively. The valuation allowance will be reduced
when and if the Company determines that the related deferred income tax assets are more likely than not to be realized.
As of December 31,
2007
2006
Deferred income tax assets:
Unrealized hedge loss
$
29
$
-
29
-
Deferred income tax liabilities:
Depreciation
1,275
1,205
Other
-
1
1,275
1,206
Net deferred income tax liabilities under vehicle programs
$
1,246
$
1,206