Avis 2013 Annual Report Download - page 93
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F-21
Current and non-current deferred income tax assets and liabilities are comprised of the following:
As of December 31,
2013 2012
Current deferred income tax assets:
Accrued liabilities and deferred revenue $ 209 $ 179
Provision for doubtful accounts 12 10
Acquisition and integration-related liabilities 10 8
Convertible note hedge 1 3
Valuation allowance (a) (28) (22)
Current deferred income tax assets 204 178
Current deferred income tax liabilities:
Accrued liabilities and deferred revenue 5 6
Prepaid expenses 22 26
Current deferred income tax liabilities 27 32
Current deferred income tax assets, net $ 177 $ 146
Non-current deferred income tax assets:
Net tax loss carryforwards $ 1,431 $ 1,454
Accrued liabilities and deferred revenue 137 151
Depreciation and amortization 15 54
Tax credits 75 62
Convertible note hedge — 2
Acquisition and integration-related liabilities 16 16
Other 46 36
Valuation allowance (a) (319) (276)
Non-current deferred income tax assets 1,401 1,499
Non-current deferred income tax liabilities:
Depreciation and amortization 101 42
Other 13
Non-current deferred income tax liabilities 102 45
Non-current deferred income tax assets, net $ 1,299 $ 1,454
__________
(a) The valuation allowance of $347 million at December 31, 2013 relates to tax loss carryforwards, foreign tax credits
and certain state deferred tax assets of $279 million, $46 million and $22 million, respectively. The valuation
allowance will be reduced when and if the Company determines it is more likely than not that the related deferred
income tax assets will be realized. The valuation allowance of $298 million at December 31, 2012 relates to tax loss
carryforwards, foreign tax credits and certain state deferred tax assets of $227 million, $53 million and $18 million,
respectively.
Deferred income tax assets and liabilities related to vehicle programs are comprised of the following:
As of December 31,
2013 2012
Deferred income tax assets:
Depreciation and amortization $ 51 $ 49
51 49
Deferred income tax liabilities:
Depreciation and amortization 2,228 2,212
2,228 2,212
Deferred income tax liabilities under vehicle programs, net $ 2,177 $ 2,163
At December 31, 2013, the Company had U.S. federal net operating loss carryforwards of approximately
$3.3 billion, most of which expire in 2031. Such net operating loss carryforwards are primarily related to
accelerated depreciation of the Company’s U.S. vehicles. Currently, the Company does not record valuation
allowances on the majority of its U.S. federal tax loss carryforwards as there are adequate deferred tax
liabilities that could be realized within the carryforward period. At December 31, 2013, the Company had
foreign net operating loss carryforwards of approximately $445 million with an indefinite utilization period. No