Avis 2013 Annual Report Download - page 91

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F-19
6. Intangible Assets
Intangible assets consisted of:
As of December 31, 2013 As of December 31, 2012
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Amortized Intangible Assets
License agreements (a) (d) $ 272 $ 52 $ 220 $ 257 $ 39 $ 218
Customer relationships (b) (e) 166 35 131 86 19 67
Other (c) 2 112 11
$ 440 $ 88 $ 352 $ 345 $ 59 $ 286
Unamortized Intangible Assets
Goodwill (d) (e) $ 691 $ 375
Trademarks (d) (e) $ 571 $ 445
_________
(a) Primarily amortized over a period ranging from 20 to 40 years.
(b) Primarily amortized over a period ranging from 8 to 20 years.
(c) Primarily amortized over 27 years.
(d) The increase primarily relates to the acquisition of Payless.
(e) The increase primarily relates to the acquisition of Zipcar.
Amortization expense relating to all intangible assets was as follows:
Year Ended December 31,
2013 2012 2011
License agreements $ 12 $ 13 $ 4
Customer relationships 15 8 3
Total $ 27 $ 21 $ 7
Based on the Company’s amortizable intangible assets at December 31, 2013, the Company expects
related amortization expense of approximately $29 million for each of the five succeeding fiscal years
excluding effects of currency exchange rates.
The carrying amounts of goodwill and related changes are as follows:
North
America International Truck
Rental
Total
Company
Gross goodwill as of January 1, 2012 $ 1,359 $ 869 $ 243 $ 2,471
Accumulated impairment losses as of
January 1, 2012 (1,355) (535) (228) (2,118)
Goodwill as of January 1, 2012 4 334 15 353
Acquisitions 1 16 — 17
Adjustments to the allocation of purchase
price —5—5
Goodwill as of December 31, 2012 $ 5 $ 355 $ 15 $ 375
Acquisitions 296 4 — 300
Foreign currency translation adjustments — 16 — 16
Goodwill as of December 31, 2013 $ 301 $ 375 $ 15 $ 691