Avis 2011 Annual Report Download - page 77
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F-23
12. Other Non-Current Assets
Other non-current assets consisted of:
As of December 31,
2011 2010
Deferred financing costs $ 138 $ 107
Receivables from Realogy (a) 67 80
Receivables from Wyndham (a) 41 48
Investments (b) 38 4
Other 20 16
$ 304 $ 255
__________
(a) Represents amounts due for certain contingent, tax and other corporate liabilities assumed by Realogy and Wyndham in
connection with the Separation. These amounts are due from Realogy and Wyndham on demand upon the Company’s settlement
of the related liability. At December 31, 2011 and 2010, there are corresponding liabilities recorded within other non-current
liabilities. Realogy has posted a letter of credit for the benefit of the Company to cover Realogy’s performance in respect of these
receivables, as more fully described under Note 17—Commitments and Contingencies.
(b) Includes the Company’s (i) 50% ownership of Anji Car Rental and Leasing Company Limited, a joint venture that has a license
agreement for the Avis brand in China, and (ii) 33% ownership of Mercury Car Rentals Limited, a joint venture that has a license
agreement for the Avis brand in India.
13. Accounts Payable and Other Current Liabilities
Accounts payable and other current liabilities consisted of:
As of December 31,
2011 2010
Accounts payable $ 312 $ 209
Accrued payroll and related 200 155
Accrued sales and use taxes 173 81
Public liability and property damage insurance liabilities – current 128 93
Income taxes payable – current 109 41
Advertising and marketing 77 53
Other 434 293
$ 1,433 $ 925
14. Other Non-Current Liabilities
Other non-current liabilities consisted of:
As of December 31,
2011 2010
Public liability and property damage insurance liabilities – non-current $ 281 $ 212
Pension liability 191 63
Income taxes payable – non-current 169 37
Acquisition-related liabilities 51 55
Other 268 168
$ 960 $ 535