Avis 2010 Annual Report Download - page 113

Table of Contents
Investments in subsidiaries are accounted for using the equity method of accounting for purposes of the consolidating presentation. The
principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions. For purposes of the
accompanying Consolidating Condensed Statements of Operations, certain expenses incurred by the Subsidiary Issuers are allocated to the
guarantor and non-guarantor subsidiaries.
Consolidating Condensed Statements of Operations
For the Year Ended December 31, 2010
F
-
49
Parent
Subsidiary
Issuers
Guarantor
Subsidiaries
Non
-
Guarantor
Subsidiaries
Eliminations
Total
Revenues
Vehicle rental
$
-
$
-
$
3,261
$
621
$
-
$
3,882
Other
4
-
922
1,672
(1,295
)
1,303
Net revenues
4
-
4,183
2,293
(1,295
)
5,185
Expenses
Operating
5
8
2,084
519
-
2,616
Vehicle depreciation and
lease charges, net
-
-
1,085
1,070
(868
)
1,287
Selling, general and
administrative
25
-
473
85
-
583
Vehicle interest, net
-
-
283
146
(125
)
304
Non-vehicle related
depreciation and
amortization
-
-
83
7
-
90
Interest expense related to
corporate debt, net:
Interest expense
9
163
-
(2
)
-
170
Intercompany interest
expense (income)
(14
)
(215
)
229
-
-
-
Early extinguishment of
debt
-
52
-
-
-
52
Restructuring charges
-
-
11
-
-
11
Total expenses
25
8
4,248
1,825
(993
)
5,113
Income (loss) before income
taxes and equity in
earnings of subsidiaries
(21
)
(8
)
(65
)
468
(302
)
72
Provision for (benefit) from
income taxes
(9
)
(8
)
(5
)
40
-
18
Equity in earnings (loss) of
subsidiaries
66
66
126
-
(258
)
-
Net income (loss)
$
54
$
66
$
66
$
428
$
(560
)
$
54