Avis 2015 Annual Report Download - page 90
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F-21
8. Income Taxes
The provision for (benefit from) income taxes consists of the following:
Year Ended December 31,
2015 2014 2013
Current
Federal $ (32) $ (1) $ (4)
State 3 4 12
Foreign 40 79 36
Current income tax provision 11 82 44
Deferred
Federal 45 89 28
State (1) 2 8
Foreign 14 (26) 1
Deferred income tax provision 58 65 37
Provision for income taxes $ 69 $ 147 $ 81
Pretax income for domestic and foreign operations consists of the following:
Year Ended December 31,
2015 2014 2013
United States (a) $ 258 $ 248 $ 4
Foreign 124 144 93
Pretax income $ 382 $ 392 $ 97
__________
(a) For the years ended December 31, 2015, 2014 and 2013, includes corporate debt extinguishment costs of $23
million, $56 million and $147 million, respectively.
Deferred income tax assets and liabilities are comprised of the following:
As of December 31,
2015 2014
Deferred income tax assets:
Net tax loss carryforwards $ 1,567 $ 1,483
Accrued liabilities and deferred revenue 276 297
Tax credits 76 75
Depreciation and amortization 13 23
Acquisition and integration-related liabilities 13 8
Provision for doubtful accounts 7 7
Unrealized hedge loss — 1
Other 46 57
Valuation allowance (a) (351) (319)
Deferred income tax assets 1,647 1,632
Deferred income tax liabilities:
Depreciation and amortization 123 96
Prepaid expenses 29 21
Other 7 4
Deferred income tax liabilities 159 121
Deferred income tax assets, net $ 1,488 $ 1,511
__________
(a) The valuation allowance of $351 million at December 31, 2015 relates to tax loss carryforwards, foreign tax credits
and certain deferred tax assets of $267 million, $53 million and $31 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 $319 million at December 31, 2014 relates to tax loss
carryforwards, foreign tax credits and certain deferred tax assets of $249 million, $46 million and $24 million,
respectively.