Avis 2014 Annual Report Download - page 86

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F-19
6. Intangible Assets
Intangible assets consisted of:
As of December 31, 2014 As of December 31, 2013
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Amortized Intangible Assets
License agreements (a) $ 259 $ 59 $ 200 $ 272 $ 52 $ 220
Customer relationships (b) 167 50 117 166 35 131
Other (c) 8 352 11
$ 434 $ 112 $ 322 $ 440 $ 88 $ 352
Unamortized Intangible Assets
Goodwill (d) $ 842 $ 691
Trademarks $ 564 $ 571
_________
(a) Primarily amortized over a period ranging from 3 to 40 years with a weighted average life of 21 years.
(b) Primarily amortized over a period ranging from 2 to 20 years with a weighted average life of 11 years.
(c) Primarily amortized over a period ranging from 3 to 27 years with a weighted average life of 9 years.
(d) The increase primarily relates to the acquisitions of Budget licensees, partially offset by a currency translation loss of $52 million.
Amortization expense relating to all intangible assets was as follows:
Year Ended December 31,
2014 2013 2012
Customer relationships $ 18 $ 15 $ 8
License agreements 16 12 13
Other 2 — —
Total $ 36 $ 27 $ 21
Based on the Company’s amortizable intangible assets at December 31, 2014, the Company expects
related amortization expense of approximately $45 million for 2015, $43 million for 2016, $38 million for
2017, $27 million for 2018 and $26 million for 2019, 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, 2013 $ 1,360 $ 890 $ 243 $ 2,493
Accumulated impairment losses as of
January 1, 2013 (1,355) (535) (228) (2,118)
Goodwill as of January 1, 2013 5355 15 375
Acquisitions 296 4 — 300
Currency translation adjustments and other — 16 — 16
Goodwill as of December 31, 2013 $ 301 $ 375 $ 15 $ 691
Acquisitions 190 13 — 203
Currency translation adjustments and other (28) (24) — (52)
Goodwill as of December 31, 2014 $ 463 $ 364 $ 15 $ 842