Avis 2009 Annual Report Download - page 85

Table of Contents
The components of vehicles, net within assets under vehicle programs are as follows:
The components of vehicle depreciation and lease charges, net are summarized below:
During 2009, 2008 and 2007, vehicle interest, net on the accompanying Consolidated Statements of Operations excludes $157 million, $136
million and $141 million, respectively, of interest expense related to the Company’s convertible senior notes and the fixed and floating rate
borrowings of the Company’s Avis Budget Car Rental, LLC (“Avis Budget Car Rental”)
subsidiary. Such interest is recorded within interest
expense related to corporate debt, net on the accompanying Consolidated Statements of Operations.
The income tax benefit consists of the following:
F
-
23
9.
Vehicle Rental Activities
Year Ended December 31,
2009
2008
Rental vehicles
$
6,090
$
7,502
Less: Accumulated depreciation
(945
)
(1,219
)
5,145
6,283
Vehicles held for sale
822
881
Vehicles, net
$
5,967
$
7,164
Year Ended December 31,
2009
2008
2007
Depreciation expense
$
1,391
$
1,639
$
1,565
Lease charges
64
51
46
(Gain) loss on sale of vehicles, net and cost of vehicle disposition
(30
)
7
(40
)
Vehicle depreciation and lease charges, net
$
1,425
$
1,697
$
1,571
10.
Income Taxes
Year Ended December 31,
2009
2008
2007
Current
Federal
$
-
$
(4
)
$
1
State
3
10
2
Foreign
27
16
9
Current income tax provision
30
22
12
Deferred
Federal
(40
)
(232
)
(120
)
State
(5
)
(14
)
46
Foreign
(15
)
5
17
Deferred income tax benefit
(60
)
(241
)
(57
)
Benefit from income taxes
$
(30
)
$
(219
)
$
(45
)