Avis 2013 Annual Report Download - page 108
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F-36
18. 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 $39 million, $34 million and $15
million during 2013, 2012 and 2011, respectively.
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 closed 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:
Year Ended December 31,
2013 2012 2011
Service cost $ 5 $ 5 $ 3
Interest cost 26 27 17
Expected return on plan assets (28) (25) (17)
Amortization of unrecognized amounts 15 14 8
Net periodic benefit cost $ 18 $ 21 $ 11