Avis 2011 Annual Report Download - page 91
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F-37
performance-based RSUs on a straight-line basis over the remaining vesting periods of the respective award and based
on the estimated performance goals the Company believes it will ultimately achieve.
The Company recorded pretax stock-based compensation expense of $17 million ($11 million, net of tax) during 2011
and $15 million ($9 million, net of tax) in each of 2010 and 2009, related to employee stock awards that were granted by
the Company.
20. Employee Benefit Plans
Defined Contribution Savings Plans
The Company sponsors several defined contribution savings plans in the United States and certain foreign subsidiaries
that provide certain eligible employees of the Company an opportunity to accumulate funds for retirement. The
Company matches portions of the contributions of participating employees on the basis specified by the plans. The
Company’s contributions to these plans were $15 million, $9 million and $6 million during 2011, 2010 and 2009,
respectively.
The Company made changes to various defined contribution savings plans in the United States effective January 1, 2009
and July 1, 2010. Included among these changes were modifications to the Company’s matching contribution and certain
vesting criteria and the merger of certain plans.
Defined Benefit Pension Plans
The Company sponsors non-contributory defined benefit pension plans in the United States covering certain eligible
employees and sponsors contributory and non-contributory defined benefit pension plans in certain foreign subsidiaries
with some plans offering participation in the plans at the employees’ option. The most material of the non-U.S. defined
benefit pension plans is operated in the United Kingdom, under these plans, benefits are based on an employee’s years of
credited service and a percentage of final average compensation. However, the majority of such plans are frozen to new
employees and are no longer accruing benefits. There is an unfunded defined benefit pension plan for employees in
Germany, which is closed to new employees, and a statutorily determined unfunded defined benefit termination plan for
employees in Italy.
The funded status of the defined benefit pension plans is recognized on the Consolidated Balance Sheets and the gains or
losses and prior service costs or credits that arise during the period, but are not recognized as components of net periodic
benefit cost, are recognized as a component of accumulated other comprehensive income (loss), net of tax.
The components of net periodic benefit cost and the assumptions related to the cost consisted of the following:
For the Year Ended December 31,
2011
2010 2009
Service cost $ 3 $ 2 $ 2
Interest cost 17 12 12
Expected return on plan assets (17) (11) (11)
Amortization of unrecognized amounts 8 6 9
Net periodic benefit cost $ 11 $ 9 $ 12