Avis 2015 Annual Report Download - page 92
Download and view the complete annual report
Please find page 92 of the 2015 Avis annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82 -
83 -
84 -
85 -
86 -
87 -
88 -
89 -
90 -
91 -
92 -
93 -
94 -
95 -
96 -
97 -
98 -
99 -
100 -
101 -
102 -
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
 |
 |
F-23
The Company does not anticipate that total unrecognized tax benefits will change significantly in 2016.
The Company is subject to taxation in the United States and various foreign jurisdictions. As of December
31, 2015, the 2012 through 2014 tax years generally remain subject to examination by the federal tax
authorities. The 2010 through 2014 tax years generally remain subject to examination by various state tax
authorities. In significant foreign jurisdictions, the 2009 through 2014 tax years generally remain subject to
examination by their respective tax authorities.
Substantially all of the gross amount of the unrecognized tax benefits at December 31, 2015, 2014 and
2013, if recognized, would affect the Company’s provision for, or benefit from, income taxes. As of
December 31, 2015, the Company’s unrecognized tax benefits were offset by tax loss carryforwards in the
amount of $20 million.
The following table presents unrecognized tax benefits:
As of December 31,
2015 2014
Unrecognized tax benefit in non-current income taxes payable (a) $ 37 $ 45
Accrued interest payable on potential tax liabilities (b) 28 30
__________
(a) Pursuant to the agreements governing the disposition of certain subsidiaries in 2006, the Company is entitled to
indemnification for certain pre-disposition tax contingencies. As of December 31, 2015 and 2014, $15 million and
$16 million, respectively, of unrecognized tax benefits are related to tax contingencies for which the Company
believes it is entitled to indemnification.
(b) The Company recognizes potential interest related to unrecognized tax benefits within interest expense related to
corporate debt, net on the accompanying Consolidated Statements of Operations. Penalties incurred during the
years ended December 31, 2015, 2014 and 2013, were not significant and were recognized as a component of the
provision for income taxes.
9. Other Current Assets
Other current assets consisted of:
As of December 31,
2015 2014
Prepaid expenses $ 192 $ 192
Sales and use taxes 159 125
Other 156 139
Other current assets $ 507 $ 456
10. Property and Equipment, net
Property and equipment, net consisted of:
As of December 31,
2015 2014
Land $ 50 $ 51
Buildings and leasehold improvements 567 565
Capitalized software 460 485
Furniture, fixtures and equipment 332 392
Projects in process 89 82
Buses and support vehicles 93 78
1,591 1,653
Less: Accumulated depreciation and amortization (910) (1,015)
Property and equipment, net $ 681 $ 638
Depreciation and amortization expense relating to property and equipment during 2015, 2014 and 2013 was
$159 million, $144 million and $124 million, respectively (including $61 million, $46 million and $36 million,
respectively, of amortization expense relating to capitalized software).