Avis 2010 Annual Report Download - page 83

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 2010, 2009 and 2008, vehicle interest, net on the accompanying Consolidated Statements of Operations excludes $178 million, $157
million and $136 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 provision for (benefit from) income taxes consists of the following:
F
-
19
7.
Vehicle Rental Activities
As of December 31,
2010
2009
Rental vehicles
$
7,007
$
6,090
Less: Accumulated depreciation
(1,135
)
(945
)
5,872
5,145
Vehicles held for sale
550
822
Vehicles, net
$
6,422
$
5,967
Year Ended December 31,
2010
2009
2008
Depreciation expense
$
1,277
$
1,391
$
1,639
Lease charges
34
64
51
(Gain) loss on sale of vehicles, net and cost of vehicle disposition
(24
)
(30
)
7
Vehicle depreciation and lease charges, net
$
1,287
$
1,425
$
1,697
8.
Income Taxes
Year Ended December 31,
2010
2009
2008
Current
Federal
$
-
$
-
$
(4
)
State
2
3
10
Foreign
36
27
16
Current income tax provision
38
30
22
Deferred
Federal
(7
)
(40
)
(232
)
State
8
(5
)
(14
)
Foreign
(21
)
(15
)
5
Deferred income tax benefit
(20
)
(60
)
(241
)
Provision for (benefit from) income taxes
$
18
$
(30
)
$
(219
)