Avis 2009 Annual Report Download - page 86

Table of Contents
Pretax income (loss) for domestic and foreign operations consists of the following:
Current and non-current deferred income tax assets and liabilities are comprised of the following:
F
-
24
Year Ended December 31,
2009
2008
2007
Domestic
$
(146
)
$
(1,404
)
$
(1,064
)
Foreign
69
61
72
Pretax loss
$
(77
)
$
(1,343
)
$
(992
)
As of December 31,
2009
2008
Current deferred income tax assets:
Accrued liabilities and deferred income
$
165
$
115
Provision for doubtful accounts
4
6
Acquisition and integration
-
related liabilities
-
2
Unrealized hedge loss
-
9
Convertible note hedge
8
-
Valuation allowance
(25
)
(20
)
Current deferred income tax assets
152
112
Current deferred income tax liabilities:
Prepaid expenses
38
37
Unrealized hedge gain
7
-
Current deferred income tax liabilities
45
37
Current net deferred income tax asset
$
107
$
75
Non
-
current deferred income tax assets:
Net tax loss carryforwards
$
351
$
287
Accrued liabilities and deferred income
130
134
Tax credit carryforward
50
48
Acquisition and integration
-
related liabilities
23
24
Unrealized hedge loss
15
12
Depreciation and amortization
117
129
Convertible note hedge
28
-
Other
24
6
Valuation allowance
(141
)
(137
)
Non
-
current deferred income tax assets
$
597
$
503
The valuation allowance of $166 million at December 31, 2009, relates to tax loss carryforwards, foreign tax credits and certain state
deferred tax assets of $123 million, $32 million and $11 million, respectively. The valuation allowance will be reduced when and if the
Company determines it is more likely than not that the related deferred income tax assets will be realized.
(a)
(a)
(a)