Avis 2013 Annual Report Download - page 92
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F-20
7. Vehicle Rental Activities
The components of vehicles, net within assets under vehicle programs are as follows:
As of December 31,
2013 2012
Rental vehicles $ 10,234 $ 10,000
Less: Accumulated depreciation (1,411) (1,345)
8,823 8,655
Vehicles held for sale 759 619
Vehicles, net $ 9,582 $ 9,274
The components of vehicle depreciation and lease charges, net are summarized below:
Year Ended December 31,
2013 2012 2011
Depreciation expense $ 1,678 $ 1,438 $ 1,395
Lease charges 139 130 62
Gain on sale of vehicles, net (6) (97) (234)
Vehicle depreciation and lease charges, net $ 1,811 $ 1,471 $ 1,223
For the years ended December 31, 2013, 2012 and 2011, the Company had purchases of vehicles included
in payables of $260 million, $284 million and $356 million, respectively, and sales of vehicles included in
receivables of $378 million, $439 million and $339 million, respectively.
8. Income Taxes
The provision for (benefit from) income taxes consists of the following:
Year Ended December 31,
2013 2012 2011
Current
Federal $ (4) $ (109) $ —
State 12 (16) (3)
Foreign 36 7 36
Current income tax provision (benefit) 44 (118) 33
Deferred
Federal 28 93 36
State 8 20 10
Foreign 1 15 (14)
Deferred income tax provision 37 128 32
Provision for income taxes $ 81 $ 10 $ 65
Pretax income (loss) for domestic and foreign operations consists of the following:
Year Ended December 31,
2013 2012 2011
United States (a) $ 4 $ 233 $ 74
Foreign (b) 93 67 (38)
Pretax income $ 97 $ 300 $ 36
__________
(a) For the years ended December 31, 2013 and 2012, includes debt extinguishment costs of $147 million and $75
million, respectively.
(b) For the year ended December 31, 2011, includes $128 million of transaction-related costs.