Avis 2008 Annual Report Download - page 67

Avis Budget Group, Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
See Notes to Consolidated Financial Statements.
F
-
4
December 31,
2008
2007
Assets
Current assets:
Cash and cash equivalents
$
258
$
214
Receivables (net of allowance for doubtful accounts of $17 and $19)
360
392
Deferred income taxes
75
42
Other current assets
380
570
Total current assets
1,073
1,218
Property and equipment, net
485
500
Deferred income taxes
503
234
Goodwill
75
1,000
Other intangibles, net
467
760
Other non
-
current assets
889
781
Total assets exclusive of assets under vehicle programs
3,492
4,493
Assets under vehicle programs:
Program cash
12
1
Vehicles, net
7,164
7,474
Receivables from vehicle manufacturers and other
533
276
Investment in Avis Budget Rental Car Funding (AESOP) LLC
—
related party
117
230
7,826
7,981
Total assets
$
11,318
$
12,474
Liabilities and stockholders
’
equity
Current liabilities:
Accounts payable and other current liabilities
$
901
$
1,094
Current portion of long
-
term debt
10
10
Total current liabilities
911
1,104
Long
-
term debt
1,779
1,787
Other non
-
current liabilities
1,121
998
Total liabilities exclusive of liabilities under vehicle programs
3,811
3,889
Liabilities under vehicle programs:
Debt
892
950
Debt due to Avis Budget Rental Car Funding (AESOP) LLC
—
related party
5,142
4,646
Deferred income taxes
1,188
1,246
Other
192
278
7,414
7,120
Commitments and contingencies (Note 18)
Stockholders
’
equity:
Preferred stock, $.01 par value
—
authorized 10 million shares; none issued and outstanding
-
-
Common stock, $.01 par value
—
authorized 250 million shares; issued 136,812,802 and 136,706,236 shares
1
1
Additional paid
-
in capital
9,197
9,320
Accumulated deficit
(2,644
)
(1,520
)
Accumulated other comprehensive income (loss)
(194
)
32
Treasury stock, at cost
—
35,030,086 and 32,719,985 shares
(6,267
)
(6,368
)
Total stockholders
’
equity
93
1,465
Total liabilities and stockholders
’
equity
$
11,318
$
12,474