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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549


Form 11-K


 

 

 

(Mark One)

        ý

 

ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)

 

 

For the fiscal year ended December 31, 2002                    

 

 

OR                    

        o

 

TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)

 

 

For the transition period from            to                               

Commission File No. 1-11402


Avis Voluntary Investment
Savings Plan
(Full title of the Plan)

Cendant Corporation
(Name of issuer of the securities held pursuant to the Plan)

9 West 57th Street
New York, New York 10019
(Address of principal executive office)





AVIS VOLUNTARY INVESTMENT SAVINGS PLAN

TABLE OF CONTENTS

 
  Page

 

 

 

INDEPENDENT AUDITORS' REPORT

 

1

FINANCIAL STATEMENTS:

 

 
 
Statements of Net Assets Available for Benefits as of December 31, 2002 and 2001

 

2
 
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2002

 

3
 
Notes to Financial Statements

 

4

SIGNATURES

 

8

EXHIBIT INDEX:

 

9
 
Consent of Deloitte & Touche LLP

 

 
 
Certification

 

 


INDEPENDENT AUDITORS' REPORT

To the Participants and Administrator of
Avis Voluntary Investment Savings Plan

We have audited the accompanying statements of net assets available for benefits of Avis Voluntary Investment Savings Plan (the "Plan") as of December 31, 2002 and 2001, and the related statement of changes in net assets available for benefits for the year ended December 31, 2002. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2002 and 2001, and the changes in net assets available for benefits for the year ended December 31, 2002, in conformity with accounting principles generally accepted in the United States of America.


/s/ Deloitte & Touche LLP
New York, New York
June 27, 2003

 

1



AVIS VOLUNTARY INVESTMENT SAVINGS PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2002 AND 2001

 
  2002
  2001
ASSETS:            
  Investments:            
    Interest in Avis Rent A Car, Inc. Voluntary Savings Plan            
      Combined Fund Master Trust   $ 64,701,302   $ 185,553,052
 
Receivables:

 

 

 

 

 

 
    Employer contributions     113,517    
    Participant contributions     143,140    
   
 
      Total receivables     256,657    
   
 

NET ASSETS AVAILABLE FOR BENEFITS

 

$

64,957,959

 

$

185,553,052
   
 

The accompanying notes are an integral part of these financial statements.

2



AVIS VOLUNTARY INVESTMENT SAVINGS PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 2002

ADDITIONS TO NET ASSETS:        
  Contributions:        
    Employer   $ 3,476,516  
    Participants     2,883,990  
    Rollovers     92,440  
   
 
      Total contributions     6,452,946  
   
 

DEDUCTIONS FROM NET ASSETS:

 

 

 

 
  Benefits paid to participants     22,043,715  
  Administrative expenses     12,930  
  Net investment loss from interest in        
    Avis Rent A Car, Inc. Voluntary Savings Plan Combined Fund Master Trust     3,081,867  
   
 
      Total deductions     25,138,512  
   
 

DECREASE IN NET ASSETS AVAILABLE FOR BENEFITS

 

 

(18,685,566

)

TRANSFER OF ASSETS TO CENDANT CORPORATION EMPLOYEE SAVINGS PLAN

 

 

(101,909,527

)

NET ASSETS AVAILABLE FOR BENEFITS:

 

 

 

 
   
BEGINNING OF YEAR

 

 

185,553,052

 
   
 
   
END OF YEAR

 

$

64,957,959

 
   
 

The accompanying notes are an integral part of these financial statements.

3



AVIS VOLUNTARY INVESTMENT SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

1.     DESCRIPTION OF THE PLAN

4


2.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

5


3.     INVESTMENT IN MASTER TRUST

 
  2002
  2001
 
Non interest-bearing cash   $ 176,931   $  
Interest-bearing cash     794,305     1,026,435  
Common stocks     200,173      
Mutual funds     25,098,044     128,898,160  
Common/collective trusts     14,037      
Guaranteed income contracts(*)     54,264,347     68,077,051  
Loans to participants     2,982,560     6,774,123  
Accrued income receivable     14,293      
   
 
 
  Total   $ 83,544,690   $ 204,775,769  
   
 
 

Plan's investment in the Master Trust

 

$

64,701,302

 

$

185,553,052

 
   
 
 

Plan's investment in the Master Trust as a percentage of total

 

 

77.45

%

 

90.61

%

6


 
  2002
 
Net investment loss:        
Net (depreciation) appreciation in fair value of investments:        
  Common stocks   $ (73,446 )
  Mutual funds     (10,598,592 )
  Guaranteed income contracts     1,023,617  
  Common/collective trusts     (5,712 )
Interest and dividend income     6,543,369  
   
 
    Net investment loss   $ (3,110,764 )
   
 

Plan's investment interest in the Master Trust

 

$

(3,081,867

)
   
 

Plan's investment interest in the Master Trust as a percentage of total

 

 

99.07

%

4.     FEDERAL INCOME TAX STATUS

5.     RELATED-PARTY TRANSACTIONS

6.     PLAN TERMINATION

        * * * * * *

7



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

    Avis Voluntary Investment Savings Plan

 

 

BY:

/s/  
TERENCE P. CONLEY      
      Terence P. Conley
Executive Vice President,
    Human Resources
Cendant Corporation

 

 

Cendant Corporation

 

 

BY:

/s/  
RONALD L. NELSON      
      Ronald L. Nelson
Chief Financial Officer
Cendant Corporation

        Date: June 30, 2003

8



EXHIBIT INDEX

Exhibit No.

  Description

23.1   Consent of Deloitte & Touche LLP

99

 

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002.

9




QuickLinks

AVIS VOLUNTARY INVESTMENT SAVINGS PLAN
TABLE OF CONTENTS
INDEPENDENT AUDITORS' REPORT
AVIS VOLUNTARY INVESTMENT SAVINGS PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 2002 AND 2001
AVIS VOLUNTARY INVESTMENT SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS YEAR ENDED DECEMBER 31, 2002
AVIS VOLUNTARY INVESTMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS
SIGNATURES
EXHIBIT INDEX