Avis 2013 Annual Report Download - page 50

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40
non-cash charge related to the unfavorable license rights reacquired by the Company through the acquisition of
Avis Europe, which provided Avis Europe with royalty-free license rights within certain territories, (ii) $89 million of
expenses related to due-diligence, advisory and other costs, and (iii) $49 million for losses on foreign-currency
transactions related to the Avis Europe purchase price. In 2010, these costs related to due-diligence and other
cost for our previous efforts to acquire Dollar Thrifty. See Notes 2 and 5 to our Consolidated Financial Statements.
In 2012, we implemented a restructuring initiative related to our Truck Rental segment, and in 2011, we
implemented a restructuring initiative subsequent to the acquisition of Avis Europe. In 2010 and 2009, we
implemented cost-reduction and efficiency improvement plans to reduce costs, enhance organizational efficiency
and consolidate and rationalize existing processes and facilities. We recorded expenses related to these and
other restructuring initiatives of $61 million in 2013, $38 million in 2012, $5 million in 2011, $11 million in 2010,
and $20 million in 2009. See Note 4 to our Consolidated Financial Statements.
In 2013, 2012 and 2010, we recorded $147 million, $75 million, and $52 million, respectively, of expense related
to the early extinguishment of corporate debt.
In 2013, we recorded a charge of $33 million ($33 million, net of tax) for the impairment of our equity-method
investment in our Brazilian licensee. In 2009, we recorded a $33 million ($20 million, net of tax) non-cash charge
for the impairment of investments, to reflect the other-than-temporary decline of the investments’ fair value below
their carrying value.