Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'HERTZ CORP | ' | ' |
Entity Central Index Key | '0000047129 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 100 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Public Float | ' | ' | $0 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $423.20 | $545.50 |
Restricted cash and cash equivalents | 859.9 | 551.6 |
Receivables, less allowance for doubtful accounts of $30.8 and $29.3 | 1,512.60 | 1,879.60 |
Due from Hertz Global Holdings, Inc. | 92.6 | 12.8 |
Inventories, at lower of cost or market | 92.3 | 105.7 |
Prepaid expenses and other assets | 717 | 480.7 |
Revenue earning equipment, at cost: | ' | ' |
Cars | 14,456.60 | 12,548.80 |
Less accumulated depreciation | -2,679.60 | -1,850.40 |
Other equipment | 3,512.20 | 3,240.10 |
Less accumulated depreciation | -1,095.80 | -1,041.90 |
Total revenue earning equipment | 14,193.40 | 12,896.60 |
Property and equipment, at cost: | ' | ' |
Land, buildings and leasehold improvements | 1,362.10 | 1,288.80 |
Service equipment and other | 1,257 | 1,261.10 |
Total property and equipment, at cost | 2,619.10 | 2,549.90 |
Less accumulated depreciation | -1,104.80 | -1,113.50 |
Total property and equipment | 1,514.30 | 1,436.40 |
Other intangible assets, net | 3,928 | 4,030.20 |
Goodwill | 1,347.50 | 1,329.30 |
Total assets | 24,680.80 | 23,268.40 |
LIABILITIES AND EQUITY | ' | ' |
Accounts payable | 967.9 | 1,003.20 |
Accrued liabilities | 1,104.30 | 1,161 |
Accrued taxes | 203.4 | 193.2 |
Debt | 16,227.50 | 15,014.50 |
Public liability and property damage | 347.7 | 332.2 |
Deferred taxes on income | 2,945.60 | 2,667.80 |
Total liabilities | 21,796.40 | 20,371.90 |
Commitments and contingencies | ' | ' |
The Hertz Corporation and Subsidiaries stockholder's equity | ' | ' |
Accumulated other comprehensive loss | 7.1 | -26.9 |
Total The Hertz Corporation and Subsidiaries stockholder's equity | 2,884.40 | 2,896.50 |
Total liabilities and equity | $24,680.80 | $23,268.40 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Receivables, allowance for doubtful accounts (in dollars) | $30.80 | $29.30 |
Common Stock, par value (in dollars per share) | $0.01 | $0.01 |
Common Stock, shares authorized | 3,000 | 3,000 |
Common Stock, shares issued | 100 | 100 |
Common Stock, shares outstanding | 100 | 100 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Worldwide car rental | $8,706.90 | $7,161.70 | $6,940.80 |
Worldwide equipment rental | 1,538 | 1,385.40 | 1,209.50 |
All other operations | 527 | 477.8 | 149 |
Total revenues | 10,771.90 | 9,024.90 | 8,299.30 |
Expenses: | ' | ' | ' |
Direct operating | 5,752 | 4,806 | 4,573.10 |
Depreciation of revenue earning equipment and lease charges | 2,525.50 | 2,128.90 | 1,896.20 |
Selling, general and administrative | 1,021.80 | 968 | 767.5 |
Interest expense | 678.9 | 597.8 | 650.3 |
Interest income | -11.6 | -4.9 | -5.5 |
Other (income) expense, net | 66.1 | 35.5 | 62.5 |
Total expenses | 10,032.70 | 8,531.30 | 7,944.10 |
Income before income taxes | 739.2 | 493.6 | 355.2 |
(Provision) benefit for taxes on income (loss) | -345.2 | -222.4 | -137.2 |
Net income (loss) | 394 | 271.2 | 218 |
Less: Net income attributable to noncontrolling interest | 0 | 0 | -19.6 |
Net income attributable to The Hertz Corporation and Subsidiaries' common stockholder | $394 | $271.20 | $198.40 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income (loss) | $394 | $271.20 | $218 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Translation adjustment changes | -47.5 | 12.1 | -24.5 |
Unrealized holding gains (losses) on securities, (net of tax of 2013: $0; 2012: $0; and 2011: $0.1) | 21 | -0.3 | 0.2 |
Unrealized gain (loss) on Euro-denominated debt, (net of tax of 2013: $0; 2012: $0; and 2011: $(8.0)) | 0 | 0 | -12.6 |
Defined benefit pension plans | ' | ' | ' |
Amortization or settlement of net (gain) loss | 14.2 | 13.7 | -4 |
Net gain (loss) arising during the period | 84.6 | -28.3 | -40.9 |
Income tax related to defined pension plans | -38.3 | 4.4 | 15.5 |
Defined benefit pension plans | -60.5 | 10.2 | 29.4 |
Other comprehensive income (loss) | 34 | 1.6 | -66.3 |
Comprehensive income | 428 | 272.8 | 151.7 |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 19.6 |
Comprehensive income attributable to The Hertz Corporation and Subsidiaries' common stockholder | $428 | $272.80 | $132.10 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Unrealized holding gains (losses) on securities, tax | $0 | $0 | $0.10 |
Unrealized gain on Euro-denominated debt, tax | $0 | $0 | ($8) |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Common Stock, shares issued | 100 | 100 | 100 | 100 | ' | ' |
Balance at Period | $2,884.40 | $2,896.50 | $2,884.40 | $2,896.50 | $2,612.30 | ' |
Accumulated deficit | ' | ' | ' | ' | ' | -1,127.70 |
Net loss attributable to The Hertz Corporation and Subsidiaries' common stockholder | 3.4 | -28.7 | 394 | 271.2 | 198.4 | ' |
Dividends paid to Hertz Global Holdings, Inc. | ' | ' | -481.8 | -25 | -22.9 | ' |
Other comprehensive income | ' | ' | 34 | 1.6 | -66.3 | ' |
Dividend payment to noncontrolling interest | ' | ' | ' | ' | -23.2 | ' |
Net income relating to noncontrolling interest | ' | ' | ' | ' | 19.6 | ' |
Acquisition of remaining portion of non-controlling interest, net of tax of $9.8 | ' | ' | ' | ' | -28.2 | ' |
Stock-based employee compensation charges, net of tax of $0, $.4, and $0 in 2011, 2012, and 2013 | ' | ' | 35.1 | 29.9 | 31.1 | ' |
Proceeds from employee stock purchase plan, net of tax of $0 | ' | ' | 6 | 5 | 4.2 | ' |
Hertz Holdings common and phantom shares issued to Directors | ' | ' | 0.6 | ' | 1.6 | ' |
Hertz Holdings common shares issued to Directors | ' | ' | ' | 1.5 | ' | ' |
Preferred Stock [Member] | ' | ' | ' | ' | ' | ' |
Shares, Issued | ' | ' | ' | ' | ' | 0 |
Common Stock | ' | ' | ' | ' | ' | ' |
Shares, Issued | ' | ' | ' | ' | ' | 0 |
Common Stock, shares issued | 100 | 100 | 100 | 100 | 100 | ' |
Balance at Period | 0 | 0 | 0 | 0 | 0 | 3,452 |
Additional Paid-In Capital | ' | ' | ' | ' | ' | ' |
Balance at Period | 3,551.70 | 3,510 | 3,551.70 | 3,510 | 3,473.60 | -1,008.30 |
Proceeds from employee stock purchase plan, net of tax of $0 | ' | ' | 6 | ' | ' | ' |
Hertz Holdings common shares issued to Directors | ' | ' | 0.6 | ' | ' | ' |
Accumulated Deficit | ' | ' | ' | ' | ' | ' |
Balance at Period | -674.4 | -586.6 | -674.4 | -586.6 | -832.8 | 37.8 |
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' |
Balance at Period | 7.1 | -26.9 | 7.1 | -26.9 | -28.5 | 16.5 |
Non-controlling Interest | ' | ' | ' | ' | ' | ' |
Balance at Period | 0 | 0 | 0 | 0 | 0 | 2,498 |
Dividend payment to noncontrolling interest | ' | ' | ' | ' | -23.2 | ' |
Net income relating to noncontrolling interest | ' | ' | ' | ' | 19.6 | ' |
Acquisition of remaining portion of non-controlling interest, net of tax of $9.8 | ' | ' | ' | ' | -12.9 | ' |
Parent | ' | ' | ' | ' | ' | ' |
Common Stock, shares issued | 100 | 100 | 100 | 100 | ' | ' |
Balance at Period | 2,884.40 | 2,896.50 | 2,884.40 | 2,896.50 | 2,612.30 | 2,481.50 |
Accumulated deficit | -674.4 | -586.6 | -674.4 | -586.6 | ' | ' |
Net loss attributable to The Hertz Corporation and Subsidiaries' common stockholder | ' | ' | 394 | 271.2 | 198.4 | ' |
Dividends paid to Hertz Global Holdings, Inc. | ' | ' | -481.8 | -25 | -22.9 | ' |
Other comprehensive income | ' | ' | 34 | 1.6 | -66.3 | ' |
Dividend payment to noncontrolling interest | ' | ' | ' | ' | 0 | ' |
Net income relating to noncontrolling interest | ' | ' | ' | ' | 0 | ' |
Acquisition of remaining portion of non-controlling interest, net of tax of $9.8 | ' | ' | ' | ' | -15.3 | ' |
Stock-based employee compensation charges, net of tax of $0, $.4, and $0 in 2011, 2012, and 2013 | ' | ' | ' | ' | 31.1 | ' |
Proceeds from employee stock purchase plan, net of tax of $0 | ' | ' | 6 | 5 | 4.2 | ' |
Hertz Holdings common and phantom shares issued to Directors | ' | ' | ' | ' | 1.6 | ' |
Hertz Holdings common shares issued to Directors | ' | ' | 0.6 | 1.5 | ' | ' |
Parent | Common Stock | ' | ' | ' | ' | ' | ' |
Shares, Issued | 0 | 0 | 0 | 0 | 0 | 0 |
Balance at Period | 0 | 0 | 0 | 0 | 0 | 0 |
Parent | Additional Paid-In Capital | ' | ' | ' | ' | ' | ' |
Balance at Period | 3,551.70 | 3,510 | 3,551.70 | 3,510 | 3,473.60 | 3,452 |
Acquisition of remaining portion of non-controlling interest, net of tax of $9.8 | ' | ' | ' | ' | -15.3 | ' |
Stock-based employee compensation charges, net of tax of $0, $.4, and $0 in 2011, 2012, and 2013 | ' | ' | ' | 29.9 | 31.1 | ' |
Proceeds from employee stock purchase plan, net of tax of $0 | ' | ' | ' | 5 | 4.2 | ' |
Hertz Holdings common and phantom shares issued to Directors | ' | ' | ' | ' | 1.6 | ' |
Hertz Holdings common shares issued to Directors | ' | ' | 0.6 | 1.5 | ' | ' |
Parent | Accumulated Deficit | ' | ' | ' | ' | ' | ' |
Balance at Period | -674.4 | -586.6 | -674.4 | -586.6 | -832.8 | -1,008.30 |
Net loss attributable to The Hertz Corporation and Subsidiaries' common stockholder | ' | ' | 394 | 271.2 | 198.4 | ' |
Dividends paid to Hertz Global Holdings, Inc. | ' | ' | -481.8 | -25 | -22.9 | ' |
Parent | Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' |
Balance at Period | 7.1 | -26.9 | 7.1 | -26.9 | -28.5 | 37.8 |
Other comprehensive income | ' | ' | 34 | 1.6 | -66.3 | ' |
Restatement Adjustment | ' | ' | ' | ' | ' | ' |
Accumulated deficit | ' | ' | ' | ' | ' | -4.5 |
Net loss attributable to The Hertz Corporation and Subsidiaries' common stockholder | ' | -0.4 | ' | -4.5 | -12 | ' |
Restatement Adjustment | Accumulated Deficit | ' | ' | ' | ' | ' | ' |
Accumulated deficit | ' | ' | ' | ' | ' | -4.5 |
Restatement Adjustment | Parent | ' | ' | ' | ' | ' | ' |
Accumulated deficit | ' | ' | ' | ' | ' | -4.5 |
Restatement Adjustment | Parent | Accumulated Deficit | ' | ' | ' | ' | ' | ' |
Accumulated deficit | ' | ' | ' | ' | ' | -4.5 |
Scenario, Previously Reported | ' | ' | ' | ' | ' | ' |
Accumulated deficit | ' | ' | ' | ' | ' | -1,123.20 |
Net loss attributable to The Hertz Corporation and Subsidiaries' common stockholder | ' | -28.3 | ' | 275.7 | 210.4 | ' |
Scenario, Previously Reported | Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' |
Balance at Period | ' | ' | ' | ' | ' | 16.5 |
Scenario, Previously Reported | Non-controlling Interest | ' | ' | ' | ' | ' | ' |
Balance at Period | ' | ' | ' | ' | ' | 2,502.50 |
Scenario, Previously Reported | Parent | ' | ' | ' | ' | ' | ' |
Balance at Period | ' | ' | ' | ' | ' | 2,486 |
Net loss attributable to The Hertz Corporation and Subsidiaries' common stockholder | ' | ' | ' | 275.7 | 210.4 | ' |
Scenario, Previously Reported | Parent | Common Stock | ' | ' | ' | ' | ' | ' |
Shares, Issued | ' | ' | ' | ' | ' | 0 |
Balance at Period | ' | ' | ' | ' | ' | 0 |
Scenario, Previously Reported | Parent | Additional Paid-In Capital | ' | ' | ' | ' | ' | ' |
Balance at Period | ' | ' | ' | ' | ' | 3,452 |
Scenario, Previously Reported | Parent | Accumulated Deficit | ' | ' | ' | ' | ' | ' |
Balance at Period | ' | ' | ' | ' | ' | -1,003.80 |
Scenario, Previously Reported | Parent | Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' |
Balance at Period | ' | ' | ' | ' | ' | $37.80 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Acquisition of remaining portion of non-controlling interest, tax | ' | ' | $9.80 |
Stock-based employee compensation charges, tax | 0 | 0.4 | 0 |
Proceeds from employee stock purchase plan, tax | $0 | $0 | $0 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income (loss) | $394 | $271.20 | $218 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation of revenue earning equipment | 2,445 | 2,049 | 1,800 |
Depreciation of property and equipment | 205.3 | 172.6 | 158 |
Amortization of other intangible assets | 121.5 | 83.9 | 70 |
Amortization and write-off of deferred financing costs | 54.3 | 51.8 | 89.9 |
Amortization and write-off of debt discount | -5.6 | 4 | 15.9 |
Stock-based compensation charges | 34.8 | 30.3 | 31.1 |
Gain (loss) on derivatives | 1.6 | 4.3 | -8 |
Loss on disposal of business, net | 4.1 | 46.3 | 0 |
(Gain) loss on revaluation of foreign denominated debt | 0 | 2.5 | -26.6 |
Impairment charges and other | 40 | 0 | 0 |
(Income) loss from equity investments | -1.7 | 0 | 0 |
Loss on extinguishment of debt | 7.2 | 0 | 0 |
Provision for losses on doubtful accounts | 45.9 | 38.3 | 28.2 |
Asset writedowns | 0 | 0 | 23.2 |
Deferred taxes on income | 269.7 | 132.7 | 68.9 |
Gain on sale of property and equipment | -3.9 | -8.3 | -43.5 |
(Gain) loss on revaluation of investment | 0 | -8.5 | 0 |
Changes in assets and liabilities, net of effects of acquisition: | ' | ' | ' |
Receivables | -34.7 | -149.2 | -73.6 |
Inventories, prepaid expenses and other assets | -33.6 | -21.2 | 1.3 |
Accounts payable | 23.2 | 34 | -1.2 |
Accrued liabilities | 23.6 | -29.6 | -145.1 |
Accrued taxes | 24.5 | 40.4 | 23 |
Public liability and property damage | -3.7 | -4.3 | 6.6 |
Net cash provided by operating activities | 3,611.50 | 2,740.20 | 2,236.10 |
Cash flows from investing activities: | ' | ' | ' |
Net change in restricted cash and cash equivalents | -308.3 | -241.6 | -101.7 |
Revenue earning equipment expenditures | -10,298.40 | -9,612.80 | -9,431.90 |
Proceeds from disposal of revenue earning equipment | 7,264.10 | 7,125.10 | 7,850.40 |
Property and equipment expenditures | -313.8 | -297.1 | -281.7 |
Proceeds from disposal of property and equipment | 73 | 122 | 53.8 |
Acquisitions, net of cash acquired | -254 | -1,905.20 | -227.1 |
Purchase of short-term investments, net | 0 | 0 | -32.9 |
Proceeds from disposal of business | 0 | 84.5 | 0 |
Other investing activities | -1.5 | -1.8 | 0.6 |
Net cash used in investing activities | -3,838.90 | -4,726.90 | -2,170.50 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of long-term debt | 1,774.70 | 2,237.30 | 3,062.50 |
Payment of long-term debt | -1,044.80 | -952.1 | -3,649.30 |
Short-term borrowings: | ' | ' | ' |
Proceeds | 596.4 | 438.4 | 460.9 |
Payments | -1,017.50 | -1,280.10 | -1,194.10 |
Proceeds under the revolving lines of credit | 9,511.60 | 6,463.60 | 5,106.80 |
Payments under the revolving lines of credit | -9,104.50 | -5,190.50 | -5,164.10 |
Distributions to noncontrolling interest | 0 | 0 | -23.1 |
Purchase of noncontrolling interest | 0 | -38 | 0 |
Proceeds from employee stock purchase plan | 5.1 | 4.3 | 3.6 |
Loan with Hertz Global Holdings, Inc. | -79.8 | -13.2 | -1 |
Payment of financing costs | -54.3 | -49.4 | -91.5 |
Dividends paid | -481.8 | -25 | -22.9 |
Net cash provided by (used in) financing activities | 105.1 | 1,595.30 | -1,512.20 |
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 5.7 | 3.8 |
Net change in cash and cash equivalents during the period | -122.3 | -385.7 | -1,442.80 |
Cash and cash equivalents at beginning of period | 545.5 | 931.2 | 2,374 |
Cash and cash equivalents at end of period | 423.2 | 545.5 | 931.2 |
Cash paid during the period for: | ' | ' | ' |
Interest (net of amounts capitalized) | 631.8 | 535.1 | 615.7 |
Income taxes | 70.9 | 71.7 | 49.6 |
Supplemental disclosures of non-cash flow information: | ' | ' | ' |
Purchases of revenue earning equipment included in accounts payable and accrued liabilities | 289.1 | 247 | 153.6 |
Sales of revenue earning equipment included in receivables | 357.3 | 618.6 | 620.7 |
Purchases of property and equipment included in accounts payable | 55.6 | 35 | 53.3 |
Sales of property and equipment included in receivables | 16.6 | 0.9 | 41.8 |
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 22.9 | 0 | 0 |
Debt Conversion, Converted Instrument, Amount | 372.5 | 0 | 0 |
Capital Lease Obligations Incurred | 52.4 | 130.3 | 64.2 |
Purchase of noncontrolling interest included in accounts payable | $0 | $0 | $38 |
Background
Background | 12 Months Ended | |
Dec. 31, 2013 | ||
Background Disclosure [Abstract] | ' | |
Background | ' | |
Background | ||
The Hertz Corporation together with its subsidiaries are referred to herein as “we,” “our” and “us.” The Hertz Corporation is referred to herein as “Hertz,” 100% of Hertz outstanding capital stock is owned by Hertz Investors, Inc. (previously CCMG Corporation), and 100% of Hertz Investors, Inc.'s capital stock is owned by Hertz Holdings (previously known as CCMG Holdings, Inc.). | ||
We are a successor to corporations that have been engaged in the car and truck rental and leasing business since 1918 and the equipment rental business since 1965. Hertz was incorporated in Delaware in 1967. Ford Motor Company acquired an ownership interest in Hertz in 1987. Prior to this, Hertz was a subsidiary of United Continental Holdings, Inc. (formerly Allegis Corporation), which acquired our outstanding capital stock from RCA Corporation in 1985. | ||
On December 21, 2005, investment funds associated with or designated by: | ||
• | Clayton, Dubilier & Rice, Inc., which was succeeded by Clayton, Dubilier & Rice, LLC, or “CD&R,” | |
• | The Carlyle Group, or “Carlyle,” and | |
• | Merrill Lynch & Co., Inc., or "Merrill Lynch," | |
or collectively the “Sponsors,” acquired all of our common stock from Ford Holdings LLC. | ||
On September 1, 2011, Hertz completed the acquisition of Donlen Corporation, or "Donlen," a leading provider of fleet leasing and management services. See Note 4—Business Combinations and Divestitures. | ||
In December 2011, Hertz purchased the noncontrolling interest of Navigation Solutions, L.L.C., thereby increasing its ownership interest from 65% to 100%. | ||
On November 19, 2012, Hertz completed the acquisition of Dollar Thrifty, a car rental business. See Note 4—Business Combinations and Divestitures. | ||
On December 12, 2012, Hertz completed the sale of Simply Wheelz LLC, a wholly owned subsidiary of Hertz that operated our Advantage Rent A Car business. See Note 4—Business Combinations and Divestitures. | ||
In December 2012, the Sponsors sold 50,000,000 shares of their Hertz Holdings common stock to J.P. Morgan as the sole underwriter in the registered public offering of those shares. | ||
In March 2013, the Sponsors sold 60,050,777 shares of their Hertz Holdings common stock to Citigroup Global Markets Inc. and Barclays Capital Inc. as the underwriters in the registered public offering of those shares. In connection with the offering, Hertz Holdings repurchased from the underwriters 23,200,000 of the 60,050,777 shares of common stock sold by the Sponsors. | ||
In May 2013, the Sponsors sold 49,800,405 shares of their remaining Hertz Holdings common stock to Goldman Sachs & Co. and J.P. Morgan Securities LLC as the underwriters in the registered public offering of those shares. | ||
After giving effect to Hertz Holdings' initial public offering in November 2006, subsequent offerings and a March 2013 share repurchase, the Sponsors do not own any of the outstanding shares of common stock of Hertz Holdings, other than de minimus amounts held from time to time by the Sponsors and their affiliates in the ordinary course of business. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||||||
We account for our goodwill and indefinite-lived intangible assets under ASC 350. Under ASC 350, goodwill impairment is deemed to exist if the carrying value of goodwill exceeds its fair value. In addition, ASC 350 requires that goodwill be tested at least annually using a two-step process. The first step is to identify any potential impairment by comparing the carrying value of the reporting unit to its fair value. We estimate the fair value of our reporting units using a discounted cash flow methodology. The cash flows represent management’s most recent planning assumptions. These assumptions are based on a combination of industry outlooks, views on general economic conditions, our expected pricing plans and expected future savings generated by our ongoing restructuring activities. If a potential impairment is identified, the second step is to compare the implied fair value of goodwill with its carrying amount to measure the impairment loss. Those intangible assets considered to have indefinite useful lives, including our trade name, are evaluated for impairment on an annual basis, by comparing the fair value of the intangible assets to their carrying value. In addition, whenever events or changes in circumstances indicate that the carrying value of intangible assets might not be recoverable, we will perform an impairment review. We estimate the fair value of our indefinite lived intangible assets using the relief from royalty method. Intangible assets with finite useful lives are amortized over their respective estimated useful lives and reviewed for impairment in accordance with ASC 360-10, "Impairment and Disposal of Long-Lived Assets." | ||||||||||||||||||||
At October 1, 2013, 2012 and 2011, we performed our annual goodwill impairment test and determined that the respective book values of our reporting units did not exceed their estimated fair values and therefore no impairment existed for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||
The following summarizes the changes in our goodwill, by segment (in millions of dollars): | ||||||||||||||||||||
U.S. Car Rental | International Car Rental | Worldwide Equipment | All Other Operations | Total | ||||||||||||||||
Rental | ||||||||||||||||||||
Balance as of January 1, 2013 | ||||||||||||||||||||
Goodwill | $ | 997 | $ | 245.1 | $ | 772.4 | $ | 35.8 | $ | 2,050.30 | ||||||||||
Accumulated impairment losses | — | (46.1 | ) | (674.9 | ) | — | (721.0 | ) | ||||||||||||
997 | 199 | 97.5 | 35.8 | 1,329.30 | ||||||||||||||||
Goodwill acquired during the period | 0.6 | 3.4 | — | — | 4 | |||||||||||||||
Adjustments to previously recorded purchase price allocation(a) | 13.2 | — | — | — | 13.2 | |||||||||||||||
Other changes during the period(b) | — | 1 | — | — | 1 | |||||||||||||||
13.8 | 4.4 | — | — | 18.2 | ||||||||||||||||
Balance as of December 31, 2013 | ||||||||||||||||||||
Goodwill | 1,010.80 | 249.5 | 772.4 | 35.8 | 2,068.50 | |||||||||||||||
Accumulated impairment losses | — | (46.1 | ) | (674.9 | ) | — | (721.0 | ) | ||||||||||||
$ | 1,010.80 | $ | 203.4 | $ | 97.5 | $ | 35.8 | $ | 1,347.50 | |||||||||||
U.S. Car Rental | International Car Rental | Worldwide Equipment | All Other Operations | Total | ||||||||||||||||
Rental | ||||||||||||||||||||
Balance as of January 1, 2012 | ||||||||||||||||||||
Goodwill | $ | 122.5 | $ | 245.7 | $ | 693.8 | $ | 51.1 | $ | 1,113.10 | ||||||||||
Accumulated impairment losses | — | (46.1 | ) | (674.9 | ) | — | (721.0 | ) | ||||||||||||
122.5 | 199.6 | 18.9 | 51.1 | 392.1 | ||||||||||||||||
Goodwill acquired during the period | 875.3 | — | 79 | — | 954.3 | |||||||||||||||
Adjustments to previously recorded purchase price allocation(c) | — | — | — | (15.3 | ) | (15.3 | ) | |||||||||||||
Other changes during the period(b) | (0.8 | ) | (0.6 | ) | (0.4 | ) | — | (1.8 | ) | |||||||||||
874.5 | (0.6 | ) | 78.6 | (15.3 | ) | 937.2 | ||||||||||||||
Balance as of December 31, 2012 | ||||||||||||||||||||
Goodwill | 997 | 245.1 | 772.4 | 35.8 | 2,050.30 | |||||||||||||||
Accumulated impairment losses | — | (46.1 | ) | (674.9 | ) | — | (721.0 | ) | ||||||||||||
$ | 997 | $ | 199 | $ | 97.5 | $ | 35.8 | $ | 1,329.30 | |||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||
(a) | Consists of adjustments related to certain liabilities, contracts and deferred tax during 2013. | |||||||||||||||||||
(b) | Primarily consists of changes resulting from disposals and the translation of foreign currencies at different exchange rates from the beginning of the period year to the end of the year. | |||||||||||||||||||
(c) | Consists of deferred tax adjustments recorded during 2012. | |||||||||||||||||||
Other intangible assets, net, consisted of the following major classes (in millions of dollars): | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Gross | Accumulated | Net | ||||||||||||||||||
Carrying | Amortization | Carrying | ||||||||||||||||||
Amount | Value | |||||||||||||||||||
Amortizable intangible assets: | ||||||||||||||||||||
Customer-related | $ | 693.1 | $ | (502.2 | ) | $ | 190.9 | |||||||||||||
Concession rights | 411.3 | (49.5 | ) | 361.8 | ||||||||||||||||
Other(1) | 62.8 | (37.6 | ) | 25.2 | ||||||||||||||||
Total | 1,167.20 | (589.3 | ) | 577.9 | ||||||||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||||
Trade name | 3,330.00 | — | 3,330.00 | |||||||||||||||||
Other(3) | 20.1 | — | 20.1 | |||||||||||||||||
Total | 3,350.10 | — | 3,350.10 | |||||||||||||||||
Total other intangible assets, net | $ | 4,517.30 | $ | (589.3 | ) | $ | 3,928.00 | |||||||||||||
31-Dec-12 | ||||||||||||||||||||
Gross | Accumulated | Net | ||||||||||||||||||
Carrying | Amortization | Carrying | ||||||||||||||||||
Amount | Value | |||||||||||||||||||
Amortizable intangible assets: | ||||||||||||||||||||
Customer-related | $ | 693.1 | $ | (433.8 | ) | $ | 259.3 | |||||||||||||
Concession rights | 406 | (5.0 | ) | 401 | ||||||||||||||||
Other(2) | 53.1 | (28.8 | ) | 24.3 | ||||||||||||||||
Total | 1,152.20 | (467.6 | ) | 684.6 | ||||||||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||||
Trade name | 3,330.00 | — | 3,330.00 | |||||||||||||||||
Other(3) | 15.6 | — | 15.6 | |||||||||||||||||
Total | 3,345.60 | — | 3,345.60 | |||||||||||||||||
Total other intangible assets, net | $ | 4,497.80 | $ | (467.6 | ) | $ | 4,030.20 | |||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||
-1 | Other amortizable intangible assets primarily include Donlen trade name, non-compete agreements and technology-related intangibles. | |||||||||||||||||||
-2 | Other amortizable intangible assets primarily consisted of our Advantage trade name, Donlen trade name, non-compete agreements and technology-related intangibles. | |||||||||||||||||||
-3 | Other indefinite-lived intangible assets primarily consist of reacquired franchise rights. | |||||||||||||||||||
Long-lived assets, including intangible assets with finite lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Intangible assets determined to have indefinite useful lives are not amortized but are tested for impairment annually, or more frequently if events or changes in circumstances indicate the asset may be impaired. | ||||||||||||||||||||
Generally, our trademarks and trade names are expected to generate cash flows indefinitely. Consequently, these assets were classified as indefinite-lived intangibles and accordingly are not amortized but reviewed for impairment annually, or sooner under certain circumstances. Prior to the goodwill testing discussed above, we tested our intangible assets with indefinite lives. The test for impairment requires us to compare the fair value of our indefinite-lived intangible assets to the carrying value of those assets. In situations where the carrying value exceeds the fair value of the intangible asset, an impairment loss equal to the difference is recognized. We estimate the fair value of our indefinite-lived intangible assets using an income approach based on discounted cash flows. | ||||||||||||||||||||
At October 1, 2013, 2012 and 2011, we performed our annual test of recoverability of indefinite-lived intangible assets. We determined that the respective book values of our indefinite-lived intangible assets did not exceed their estimated fair values and therefore no impairment existed. | ||||||||||||||||||||
Amortization of other intangible assets for the years ended December 31, 2013, 2012 and 2011 was approximately $121.5 million, $83.9 million and $70.0 million, respectively. Based on our amortizable intangible assets as of December 31, 2013, we expect amortization expense to be approximately $119.8 million in 2014, $116.2 million in 2015, $66.7 million in 2016, $54.0 million in 2017 and $52.9 million in 2018. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||||||||||||||
Summary of Significant Accounting Policies | ||||||||||||||||||||||||||
Principles of Consolidation | ||||||||||||||||||||||||||
The consolidated financial statements include the accounts of Hertz Holdings and our wholly owned and majority owned domestic and international subsidiaries. In the event that Hertz Holdings is a primary beneficiary of a variable interest entity, the assets, liabilities, and results of operations of the variable interest entity will be included in our consolidated financial statements. All significant intercompany transactions have been eliminated in consolidation. | ||||||||||||||||||||||||||
Use of Estimates and Assumptions | ||||||||||||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, or “GAAP,” requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes. Actual results could differ materially from those estimates. | ||||||||||||||||||||||||||
Significant estimates inherent in the preparation of the consolidated financial statements include depreciation of revenue earning equipment, reserves for litigation and other contingencies, accounting for income taxes and related uncertain tax positions, pension and postretirement benefit costs, the fair value of assets and liabilities acquired in business combinations, the recoverability of long-lived assets, useful lives and impairment of long-lived tangible and intangible assets including goodwill, valuation of stock based compensation, public liability and property damage reserves, reserves for restructuring, allowance for doubtful accounts, and fair value of derivatives, among others. | ||||||||||||||||||||||||||
Reclassifications | ||||||||||||||||||||||||||
Certain prior period amounts have been reclassified to conform with current year presentation. | ||||||||||||||||||||||||||
In the third quarter of 2013 we changed the composition of our reportable segments upon further consideration of the guidance provided in the Financial Accounting Standards Board, or “FASB,” Accounting Standards Codification, or “ASC,” Topic 280, Segment Reporting. We historically aggregated our U.S., Europe, Other International and Donlen car rental operating segments together to produce a worldwide car rental reportable segment. We now present our operations as four reportable segments (U.S. car rental, international car rental, worldwide equipment rental and all other operations). We have revised our segment results presented herein to reflect this new segment structure, including for prior periods. Such revisions have no impact on our consolidated financial condition, results of operations or cash flows for the periods presented. See Note 11—Segment Information. | ||||||||||||||||||||||||||
Correction of Errors | ||||||||||||||||||||||||||
We have revised our consolidated statement of cash flows for the years ended December 31, 2012 and 2011 to correctly present borrowings and repayments related to its revolving lines of credits on a gross basis. These amounts had previously been presented on a net basis within the financing section. This revision had no impact on the Company's total operating, investing or financing cash flows. | ||||||||||||||||||||||||||
During the fourth quarter of 2013, we identified certain out of period errors totaling $46.3 million, of which $34.7 million ($21.0 million, net of tax) related to our previously issued consolidated financial statements for the years ended December 31, 2012, 2011 and prior. While these errors did not, individually or in the aggregate, result in a material misstatement of our previously issued consolidated financial statements, correcting these errors in the fourth quarter would have been material to the fourth quarter ended December 31, 2013. Accordingly, management has revised in this filing and will revise in subsequent quarterly filings on Form 10-Q its previously reported consolidated balance sheets and statements of operations as noted below. These recorded pre-tax adjustments relate to vendor incentives (reduced pre-tax income by $12.9 million in 2011 and $2.4 million in 2012) which had been accounted for as a reduction of marketing expenses instead of reducing the cost of revenue earning equipment, charges related to certain assets and allowances for doubtful accounts in Brazil (reduced pre-tax income by $4.4 million in 2010, $6.2 million in 2011 and $3.6 million in 2012), as well as other immaterial errors (decreased pre-tax income by $2.4 million in 2010 and $3.2 million in 2012, and increased pre-tax income by $0.4 million in 2011). | ||||||||||||||||||||||||||
We are recording the cumulative effect of these adjustments of $4.5 million for periods prior to 2011 as an increase of the previously reported December 31, 2010 accumulated deficit of $1,123.2 million resulting in a revised December 31, 2010 accumulated deficit of $1,127.7 million. These adjustments also cumulatively impacted the following consolidated balance sheet line items as of December 31, 2012: | ||||||||||||||||||||||||||
• | Cash and cash equivalents (increased $12.3 million) | |||||||||||||||||||||||||
• | Restricted cash and cash equivalents (decreased $20.0 million) | |||||||||||||||||||||||||
• | Receivables (decreased $7.0 million) | |||||||||||||||||||||||||
• | Prepaid expenses and other assets (increased $19.2 million) | |||||||||||||||||||||||||
• | Revenue earning equipment, at cost (decreased $42.3 million) | |||||||||||||||||||||||||
• | Accumulated depreciation (decreased $30.5 million) | |||||||||||||||||||||||||
• | Other intangible assets (decreased $1.9 million) | |||||||||||||||||||||||||
• | Goodwill (decreased $12.5 million) | |||||||||||||||||||||||||
• | Accounts payable (increased $4.1 million) | |||||||||||||||||||||||||
• | Accrued liabilities (decreased $17.4 million) | |||||||||||||||||||||||||
• | Accrued taxes (increased $25.9 million) | |||||||||||||||||||||||||
• | Deferred taxes on income (decreased $13.3 million) | |||||||||||||||||||||||||
Total assets were revised from $23,290.1 million to $23,268.4 million, total liabilities from $20,372.6 million to $20,371.9 million, and total equity from $2,917.5 million to $2,896.5 million. For the year ended December 31, 2012, the corrections impact the classification of cash flows from operating activities (decreased $8.1 million), financing activities ($0.0 million) and investing activities (increased $20.4 million), resulting in an increase of $12.3 million in cash and cash equivalents. For the year ended December 31, 2011, the corrections impact the classification of cash flows from operating activities (decreased $22.4 million), financing activities ($0.0 million) and investing activities (increased $22.4 million), resulting in no change in cash and cash equivalents. The corrections have an immaterial impact on the cash flows from operating, investing or financing activities in our Statements of Cash Flows for the years ended December 31, 2012 and 2011. Further, the consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2012 and 2011 were only impacted by the changes in net income (loss) resulting from the corrections. | ||||||||||||||||||||||||||
The following tables present the effect of this correction on our Consolidated Statements of Operations (in millions, except per share data): | ||||||||||||||||||||||||||
Year ended December 31, 2012 | Year ended December 31, 2011 | |||||||||||||||||||||||||
As Previously Reported | Adjustment | As Revised | As Previously Reported | Adjustment | As Revised | |||||||||||||||||||||
Total revenues | $ | 9,020.80 | $ | 4.1 | $ | 9,024.90 | $ | 8,298.40 | $ | 0.9 | $ | 8,299.30 | ||||||||||||||
Direct operating | 4,795.80 | (a) | 10.2 | 4,806.00 | 4,566.40 | (d) | 6.7 | 4,573.10 | ||||||||||||||||||
Depreciation of revenue earning equipment and lease charges | 2,148.20 | (b) | (19.3 | ) | 2,128.90 | 1,905.70 | (e) | (9.5 | ) | 1,896.20 | ||||||||||||||||
Selling, general and administrative | 945.6 | (c) | 22.4 | 968 | 745.1 | (f) | 22.4 | 767.5 | ||||||||||||||||||
Income before income taxes | 502.8 | (9.2 | ) | 493.6 | 373.9 | (18.7 | ) | 355.2 | ||||||||||||||||||
(Provision) benefit for taxes on income | (227.1 | ) | 4.7 | (222.4 | ) | (143.9 | ) | 6.7 | (137.2 | ) | ||||||||||||||||
Net income | 275.7 | (4.5 | ) | 271.2 | 230 | (12.0 | ) | 218 | ||||||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | 275.7 | (4.5 | ) | 271.2 | 210.4 | (12.0 | ) | 198.4 | ||||||||||||||||||
(a) | Primarily consists of $3.6 million adjustments related to Brazil and certain reclassifications of $3.5 million to conform to the current presentation. | |||||||||||||||||||||||||
(b) | Primarily consists of $23.6 million adjustment related to vendor incentives. | |||||||||||||||||||||||||
(c) | Primarily consists of $25.9 million adjustment related to vendor incentives, offset by certain reclassifications of $3.5 million to conform to the current presentation. | |||||||||||||||||||||||||
(d) | Primarily consists of $6.2 million adjustment related to Brazil. | |||||||||||||||||||||||||
(e) | Primarily consists of $9.5 million adjustment related to vendor incentives. | |||||||||||||||||||||||||
(f) | Primarily consists of $22.4 million adjustment related to vendor incentives. | |||||||||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||||||
Three Months Ended March 31, 2013 | Three Months Ended June 30, 2013 | |||||||||||||||||||||||||
As Previously Reported | Adjustment ** | As Revised | As Previously Reported | Adjustment ** | As Revised | |||||||||||||||||||||
Total revenues | $ | 2,436.50 | $ | 0.4 | $ | 2,436.90 | $ | 2,714.60 | $ | (5.4 | ) | $ | 2,709.20 | |||||||||||||
Direct operating | 1,351.20 | 7.7 | 1,358.90 | 1,405.90 | 8.3 | 1,414.20 | ||||||||||||||||||||
Depreciation of revenue earning equipment and lease charges | 587 | (6.9 | ) | 580.1 | 641.1 | (13.6 | ) | 627.5 | ||||||||||||||||||
Selling, general and administrative | 251.5 | (4.1 | ) | 247.4 | 274.8 | 5.9 | 280.7 | |||||||||||||||||||
Other (income) expense, net | (0.6 | ) | 2.3 | 1.7 | (1.1 | ) | — | (1.1 | ) | |||||||||||||||||
Income before income taxes | 86 | 1.4 | 87.4 | 225.7 | (6.0 | ) | 219.7 | |||||||||||||||||||
(Provision) benefit for taxes on income | (59.5 | ) | (3.6 | ) | (63.1 | ) | (95.8 | ) | 5.4 | (90.4 | ) | |||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | 26.5 | (2.2 | ) | 24.3 | 129.9 | (0.6 | ) | 129.3 | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||
As Previously Reported | Adjustment ** | As Revised | ||||||||||||||||||||||||
Total revenues | $ | 5,151.20 | $ | (5.0 | ) | $ | 5,146.20 | |||||||||||||||||||
Direct operating | 2,757.10 | 16 | 2,773.10 | |||||||||||||||||||||||
Depreciation of revenue earning equipment and lease charges | 1,228.10 | (20.5 | ) | 1,207.60 | ||||||||||||||||||||||
Selling, general and administrative | 526.3 | 1.8 | 528.1 | |||||||||||||||||||||||
Other (income) expense, net | (1.7 | ) | 2.3 | 0.6 | ||||||||||||||||||||||
Income before income taxes | 311.7 | (4.6 | ) | 307.1 | ||||||||||||||||||||||
(Provision) benefit for taxes on income | (155.3 | ) | 1.8 | (153.5 | ) | |||||||||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | 156.4 | (2.8 | ) | 153.6 | ||||||||||||||||||||||
** Refer to explanations (g) through (i) mentioned below for the nine months ended September 30, 2013. | ||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
As Previously Reported | Adjustment ** | As Revised | As Previously Reported | Adjustment | As Revised | |||||||||||||||||||||
Total revenues | $ | 3,069.40 | $ | — | $ | 3,069.40 | $ | 8,220.60 | $ | (5.0 | ) | $ | 8,215.60 | |||||||||||||
Direct operating | 1,525.40 | 14.1 | 1,539.50 | 4,282.60 | (g) | 30.1 | 4,312.70 | |||||||||||||||||||
Depreciation of revenue earning equipment and lease charges | 676.7 | (1.8 | ) | 674.9 | 1,904.80 | (h) | (22.3 | ) | 1,882.50 | |||||||||||||||||
Selling, general and administrative | 276.8 | (5.3 | ) | 271.5 | 803.1 | (i) | (3.5 | ) | 799.6 | |||||||||||||||||
Other (income) expense, net | 44.8 | — | 44.8 | 43.1 | 2.3 | 45.4 | ||||||||||||||||||||
Income before income taxes | 374 | (7.0 | ) | 367 | 685.7 | (11.6 | ) | 674.1 | ||||||||||||||||||
(Provision) benefit for taxes on income | (132.4 | ) | 2.5 | (129.9 | ) | (287.7 | ) | 4.3 | (283.4 | ) | ||||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | 241.6 | (4.5 | ) | 237.1 | 398 | (7.3 | ) | 390.7 | ||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||
(g) | Primarily consists of $3.1 million adjustments related to under accruals and certain reclassifications of $23.1 million to conform to the current presentation. | |||||||||||||||||||||||||
(h) | Primarily consists of $22.1 million adjustment related to vendor incentives. | |||||||||||||||||||||||||
(i) | Primarily consists of $21.2 million adjustment related to vendor incentives, offset by certain reclassifications of $23.1 million to conform to the current presentation. | |||||||||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||||||
Three Months Ended March 31, 2012 | Three Months Ended June 30, 2012 | |||||||||||||||||||||||||
As Previously Reported | Adjustment * | As Revised | As Previously Reported | Adjustment * | As Revised | |||||||||||||||||||||
Total revenues | $ | 1,960.90 | $ | 0.8 | $ | 1,961.70 | $ | 2,225.10 | $ | 1.1 | $ | 2,226.20 | ||||||||||||||
Direct operating | 1,114.10 | 0.9 | 1,115.00 | 1,188.90 | 5.3 | 1,194.20 | ||||||||||||||||||||
Depreciation of revenue earning equipment and lease charges | 515.1 | (6.4 | ) | 508.7 | 519.8 | (5.3 | ) | 514.5 | ||||||||||||||||||
Selling, general and administrative | 207.8 | 6.2 | 214 | 206.6 | 11.8 | 218.4 | ||||||||||||||||||||
(Loss) income before income taxes | (24.0 | ) | 0.1 | (23.9 | ) | 171.6 | (10.7 | ) | 160.9 | |||||||||||||||||
(Provision) benefit for taxes on income | (24.2 | ) | (0.1 | ) | (24.3 | ) | (70.7 | ) | 5.7 | (65.0 | ) | |||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | (48.2 | ) | — | (48.2 | ) | 100.9 | (5.0 | ) | 95.9 | |||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Six Months Ended June 30, 2012 | ||||||||||||||||||||||||||
As Previously Reported | Adjustment * | As Revised | ||||||||||||||||||||||||
Total revenues | $ | 4,186.10 | $ | 1.9 | $ | 4,188.00 | ||||||||||||||||||||
Direct operating | 2,303.10 | 6.2 | 2,309.30 | |||||||||||||||||||||||
Depreciation of revenue earning equipment and lease charges | 1,034.90 | (11.7 | ) | 1,023.20 | ||||||||||||||||||||||
Selling, general and administrative | 414.3 | 18 | 432.3 | |||||||||||||||||||||||
Income before income taxes | 147.6 | (10.6 | ) | 137 | ||||||||||||||||||||||
(Provision) benefit for taxes on income | (94.9 | ) | 5.6 | (89.3 | ) | |||||||||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | 52.7 | (5.0 | ) | 47.7 | ||||||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||
As Previously Reported | Adjustment * | As Revised | As Previously Reported | Adjustment * | As Revised | |||||||||||||||||||||
Total revenues | $ | 2,516.20 | $ | 1 | $ | 2,517.20 | $ | 6,702.30 | $ | 2.9 | $ | 6,705.20 | ||||||||||||||
Direct operating | 1,241.10 | (3.1 | ) | 1,238.00 | 3,544.20 | 3.1 | 3,547.30 | |||||||||||||||||||
Depreciation of revenue earning equipment and lease charges | 560.5 | (3.8 | ) | 556.7 | 1,595.40 | (15.5 | ) | 1,579.90 | ||||||||||||||||||
Selling, general and administrative | 201 | 3.7 | 204.7 | 615.3 | 21.7 | 637 | ||||||||||||||||||||
Income before income taxes | 382.1 | 4.2 | 386.3 | 529.7 | (6.4 | ) | 523.3 | |||||||||||||||||||
(Provision) benefit for taxes on income | (130.8 | ) | (3.3 | ) | (134.1 | ) | (225.7 | ) | 2.3 | (223.4 | ) | |||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | 251.3 | 0.9 | 252.2 | 304 | (4.1 | ) | 299.9 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Three Months Ended December 31, 2012 | ||||||||||||||||||||||||||
As Previously Reported | Adjustment * | As Revised | ||||||||||||||||||||||||
Total revenues | $ | 2,318.50 | $ | 1.2 | $ | 2,319.70 | ||||||||||||||||||||
Direct operating | 1,250.60 | 7.1 | 1,257.70 | |||||||||||||||||||||||
Depreciation of revenue earning equipment and lease charges | 553.8 | (3.8 | ) | 550 | ||||||||||||||||||||||
Selling, general and administrative | 330.3 | 0.7 | 331 | |||||||||||||||||||||||
Loss before income taxes | (26.9 | ) | (2.8 | ) | (29.7 | ) | ||||||||||||||||||||
(Provision) benefit for taxes on income | (1.4 | ) | 2.4 | 1 | ||||||||||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | (28.3 | ) | (0.4 | ) | (28.7 | ) | ||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||
* Refer to explanations (a) through (c) mentioned above for the year ended December 31, 2012. | ||||||||||||||||||||||||||
Acquisition Accounting | ||||||||||||||||||||||||||
We account for business combinations using the acquisition method, which requires an allocation of the purchase price of an acquired entity to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. Goodwill represents the excess of the purchase price over the net tangible and intangible assets acquired. | ||||||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||||
Rental and rental related revenue (including cost reimbursements from customers where we consider ourselves to be the principal versus an agent) are recognized over the period the revenue earning equipment is rented or leased based on the terms of the rental or leasing contract. Maintenance management administrative fees are recognized monthly and maintenance management service revenue is recognized when services are performed. Revenue related to new equipment sales and consumables is recognized at the time of delivery to, or pick-up by, the customer and when collectability is reasonably assured. Fees from our franchisees are recognized over the period the underlying franchisees' revenue is earned (over the period the franchisees' revenue earning equipment is rented). Certain truck and equipment leases are originated with the intention of syndicating to banks, and upon the sale of rights to these direct financing leases, the net gain is recorded in revenue. | ||||||||||||||||||||||||||
Sales tax amounts collected from customers have been recorded on a net basis. | ||||||||||||||||||||||||||
Cash and Cash Equivalents and Other | ||||||||||||||||||||||||||
We consider all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. | ||||||||||||||||||||||||||
Restricted Cash and Cash Equivalents | ||||||||||||||||||||||||||
Restricted cash and cash equivalents includes cash and cash equivalents that are not readily available for our normal disbursements. Restricted cash and cash equivalents are restricted for the purchase of revenue earning vehicles and other specified uses under our Fleet Debt facilities, for our Like-Kind Exchange Program, or “LKE Program,” and to satisfy certain of our self-insurance regulatory reserve requirements. These funds are primarily held in highly rated money market funds with investments primarily in government and corporate obligations. Restricted cash and cash equivalents are excluded from cash and cash equivalents. | ||||||||||||||||||||||||||
Concentration of Credit Risk | ||||||||||||||||||||||||||
Our cash and cash equivalents are invested in various investment grade institutional money market accounts and bank term deposits. Deposits held at banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. We seek to mitigate such risks by spreading the risk across multiple counterparties and monitoring the risk profiles of these counterparties. In addition, we have credit risk from derivative financial instruments used in hedging activities. We limit our exposure relating to derivative financial instruments by diversifying the financial instruments among various counterparties, which consist of major financial institutions. | ||||||||||||||||||||||||||
Receivables | ||||||||||||||||||||||||||
Receivables are stated net of allowances for doubtful accounts and represent credit extended to manufacturers and customers that satisfy defined credit criteria. The estimate of the allowance for doubtful accounts is based on our historical experience and our judgment as to the likelihood of ultimate payment. Actual receivables are written-off against the allowance for doubtful accounts when we determine the balance will not be collected. Bad debt expense is reflected as a component of "Selling, general and administrative" in our consolidated statements of operations. | ||||||||||||||||||||||||||
Property and Equipment | ||||||||||||||||||||||||||
Property and equipment are stated at cost and are depreciated utilizing the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the estimated useful lives of the related assets or leases, whichever is shorter. Useful lives are as follows: | ||||||||||||||||||||||||||
Buildings | 5 to 50 years | |||||||||||||||||||||||||
Furniture and fixtures | 1 to 15 years | |||||||||||||||||||||||||
Capitalized internal use software | 1 to 10 years | |||||||||||||||||||||||||
Service cars and service equipment | 1 to 13 years | |||||||||||||||||||||||||
Other intangible assets | 3 to 10 years | |||||||||||||||||||||||||
Leasehold improvements | The shorter of their economic lives or the lease term | |||||||||||||||||||||||||
We follow the practice of charging maintenance and repairs, including the cost of minor replacements, to maintenance expense accounts. Costs of major replacements of units of property are capitalized to property and equipment accounts and depreciated on the basis indicated above. Gains and losses on dispositions of property and equipment are included in income as realized. During the years ended December 31, 2013 and 2012, gains from the dispositions of property and equipment of $3.9 million and $8.3 million, respectively, were included in our consolidated statements of operations. | ||||||||||||||||||||||||||
Revenue Earning Equipment | ||||||||||||||||||||||||||
Revenue earning equipment is stated at cost, net of related discounts. Holding periods are as follows: | ||||||||||||||||||||||||||
Cars | 4 to 36 months | |||||||||||||||||||||||||
Other equipment | 24 to 108 months | |||||||||||||||||||||||||
Generally, when revenue earning equipment is acquired, we estimate the period that we will hold the asset, primarily based on historical measures of the amount of rental activity (e.g., automobile mileage and equipment usage) and the targeted age of equipment at the time of disposal. We also estimate the residual value of the applicable revenue earning equipment at the expected time of disposal. The residual values for rental vehicles are affected by many factors, including make, model and options, age, physical condition, mileage, sale location, time of the year and channel of disposition (e.g., auction, retail, dealer direct). The residual value for rental equipment is affected by factors which include equipment age and amount of usage. Depreciation is recorded on a straight-line basis over the estimated holding period. Depreciation rates are reviewed on a quarterly basis based on management's ongoing assessment of present and estimated future market conditions, their effect on residual values at the time of disposal and the estimated holding periods. Market conditions for used vehicle and equipment sales can also be affected by external factors such as the economy, natural disasters, fuel prices and incentives offered by manufacturers of new cars. These key factors are considered when estimating future residual values and assessing depreciation rates. As a result of this ongoing assessment, we make periodic adjustments to depreciation rates of revenue earning equipment in response to changing market conditions. Upon disposal of revenue earning equipment, depreciation expense is adjusted for the difference between the net proceeds received and the remaining net book value. | ||||||||||||||||||||||||||
Within Donlen, revenue earning equipment is under longer term lease agreements with our customers. These leases contain provisions whereby we have a contracted residual value guaranteed to us by the lessee, such that we do not experience any gains or losses on the disposal of these vehicles. Therefore depreciation rates on these vehicles are not adjusted at any point in time per the associated lease contract. | ||||||||||||||||||||||||||
Environmental Liabilities | ||||||||||||||||||||||||||
The use of automobiles and other vehicles is subject to various governmental controls designed to limit environmental damage, including that caused by emissions and noise. Generally, these controls are met by the manufacturer, except in the case of occasional equipment failure requiring repair by us. To comply with environmental regulations, measures are taken at certain locations to reduce the loss of vapor during the fueling process and to maintain, upgrade and replace underground fuel storage tanks. We also incur and provide for expenses for the cleanup of petroleum discharges and other alleged violations of environmental laws arising from the disposition of waste products. We do not believe that we will be required to make any material capital expenditures for environmental control facilities or to make any other material expenditures to meet the requirements of governmental authorities in this area. Liabilities for these expenditures are recorded at undiscounted amounts when it is probable that obligations have been incurred and the amounts can be reasonably estimated. | ||||||||||||||||||||||||||
Public Liability and Property Damage | ||||||||||||||||||||||||||
The obligation for public liability and property damage on self-insured U.S. and international vehicles and equipment represents an estimate for both reported accident claims not yet paid, and claims incurred but not yet reported. The related liabilities are recorded on a non-discounted basis. Reserve requirements are based on actuarial evaluations of historical accident claim experience and trends, as well as future projections of ultimate losses, expenses, premiums and administrative costs. The adequacy of the liability is regularly monitored based on evolving accident claim history and insurance-related state legislation changes. If our estimates change or if actual results differ from these assumptions, the amount of the recorded liability is adjusted to reflect these results. | ||||||||||||||||||||||||||
Pension Benefit Obligations | ||||||||||||||||||||||||||
Our employee pension costs and obligations are developed from actuarial valuations. Inherent in these valuations are key assumptions, including discount rates, salary growth, long-term return on plan assets, retirement rates, mortality rates and other factors. Actual results that differ from our assumptions are accumulated and amortized over future periods and, therefore, generally affect our recognized expense in such future periods. While we believe that the assumptions used are appropriate, significant differences in actual experience or significant changes in assumptions would affect our pension costs and obligations. | ||||||||||||||||||||||||||
Foreign Currency Translation and Transactions | ||||||||||||||||||||||||||
Assets and liabilities of international subsidiaries are translated at the rate of exchange in effect on the balance sheet date; income and expenses are translated at the average rate of exchange prevailing during the year. The related translation adjustments are reflected in “Accumulated other comprehensive loss” in the equity section of our consolidated balance sheets. As of December 31, 2013 and 2012, the accumulated foreign currency translation gain was $54.8 million and $102.3 million, respectively. Foreign currency gains and losses resulting from transactions are included in earnings. | ||||||||||||||||||||||||||
Derivative Instruments | ||||||||||||||||||||||||||
We are exposed to a variety of market risks, including the effects of changes in interest rates, gasoline and diesel fuel prices and foreign currency exchange rates. We manage our exposure to these market risks through our regular operating and financing activities and, when deemed appropriate, through the use of derivative financial instruments. Derivative financial instruments are viewed as risk management tools and have not been used for speculative or trading purposes. In addition, derivative financial instruments are entered into with a diversified group of major financial institutions in order to manage our exposure to counterparty nonperformance on such instruments. We account for all derivatives in accordance with GAAP, which requires that all derivatives be recorded on the balance sheet as either assets or liabilities measured at their fair value. For derivative instruments that are designated and qualify as hedging instruments, we designate the hedging instrument, based upon the exposure being hedged, as either a fair value hedge or a cash flow hedge. As of December 31, 2013, we did not have any outstanding derivative instruments designated as fair value or cash flow hedges. The effective portion of changes in fair value of derivatives designated as cash flow hedging instruments is recorded as a component of other comprehensive income (loss). Amounts included in accumulated other comprehensive income (loss) for cash flow hedges are reclassified into earnings in the same period that the hedged item is recognized in earnings. The ineffective portion of changes in the fair value of derivatives designated as cash flow hedges is recognized currently in earnings within the same line item as the hedged item, based upon the nature of the hedged item. For derivative instruments that are not part of a qualified hedging relationship, the changes in their fair value are recognized currently in earnings. See Note 15—Financial Instruments and Fair Value Measurements. | ||||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||||
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates is recognized in the statement of operations in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Subsequent changes to enacted tax rates and changes to the global mix of earnings will result in changes to the tax rates used to calculate deferred taxes and any related valuation allowances. Provisions are not made for income taxes on undistributed earnings of international subsidiaries that are intended to be indefinitely reinvested outside of the United States or are expected to be remitted free of taxes. Future distributions, if any, from these international subsidiaries to the United States or changes in U.S. tax rules may require a change to reflect tax on these amounts. See Note 9—Taxes on Income. | ||||||||||||||||||||||||||
Advertising | ||||||||||||||||||||||||||
Advertising and sales promotion costs are expensed the first time the advertising or sales promotion takes place. Advertising costs are reflected as a component of “Selling, general and administrative” in our consolidated statements of operations and for the years ended December 31, 2013, 2012 and 2011 were $213.1 million, $183.9 million and $168.2 million, respectively. | ||||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||||
Goodwill is not amortized but is subject to periodic testing for impairment in accordance with FASB ASC Topic 350, “Intangibles—Goodwill and Other,” or “ASC 350,” at the reporting unit level which is one level below our operating segments. The assessment of goodwill impairment is conducted by estimating and comparing the fair value of our reporting units, as defined in ASC 350, to their carrying value as of that date. The fair value is estimated using an income approach whereby the fair value of the reporting unit is based on the future cash flows that each reporting unit's assets can be expected to generate. Future cash flows are based on forward-looking information regarding market share and costs for each reporting unit and are discounted using an appropriate discount rate. Future discounted cash flows can be affected by changes in industry or market conditions or the rate and extent to which anticipated synergies or cost savings are realized with newly acquired entities. The test for impairment is conducted annually each October 1st, and more frequently if events occur or circumstances change that indicate that the fair value of a reporting unit may be below its carrying amount. | ||||||||||||||||||||||||||
Intangible and Long-lived Assets | ||||||||||||||||||||||||||
Intangible assets include concession agreements, technology, customer relationships, trademarks and trade-names and other intangibles. Intangible assets with finite lives are amortized using the straight-line method over the estimated economic lives of the assets, which range from two to fifteen years. Long-lived assets, including intangible assets with finite lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable in accordance with FASB ASC Topic 360, “Property, Plant, and Equipment,” or “ASC 360.” Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of an impairment loss for long-lived assets that management expects to hold and use is based on the estimated fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or estimated fair value less costs to sell. Intangible assets determined to have indefinite useful lives are not amortized but are tested for impairment annually each October 1st and more frequently if events occur or circumstances change that indicate an asset may be impaired. | ||||||||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||||||||
We measure the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. That cost is to be recognized over the period during which the employee is required to provide service in exchange for the award. We have estimated the fair value of options issued at the date of grant using a Black-Scholes option-pricing model, which includes assumptions related to volatility, expected life, dividend yield and risk-free interest rate. See Note 7—Stock-Based Compensation. | ||||||||||||||||||||||||||
We are using equity accounting for restricted stock unit and performance stock unit awards. For restricted stock units the expense is based on the grant-date fair value of the stock and the number of shares that vest, recognized over the service period. For performance stock units the expense is based on the grant-date fair value of the stock, recognized over a two to four year service period depending upon a performance condition. For performance stock units, we re-assess the probability of achieving the applicable performance condition each reporting period and adjust the recognition of expense accordingly. The performance condition is not considered in determining the grant date fair value. | ||||||||||||||||||||||||||
Franchise Revenues and Transactions | ||||||||||||||||||||||||||
“Franchise revenues” includes franchise fees for use of our brands and services. Generally franchise fees from franchised locations are based on a percentage of net sales of the franchised business and are recognized as earned and when collectability is reasonably assured. | ||||||||||||||||||||||||||
Initial franchise fees are recorded as deferred income when received and are recognized as revenue when all material services and conditions related to the franchise fee have been substantially performed. | ||||||||||||||||||||||||||
Renewal franchise fees are recognized as revenue when the license agreements are effective and collectability is reasonably assured. | ||||||||||||||||||||||||||
Other (income) expense, net includes the gains or losses from the sales of our operations or assets to new and existing franchisees. Such gains or losses are included in operating income because they are expected to be a recurring part of our business. | ||||||||||||||||||||||||||
Recently Issued Accounting Pronouncements | ||||||||||||||||||||||||||
In March 2013, the FASB issued Accounting Standards Update, or "ASU," No. 2013-05, “Foreign Currency Matters (Topic 830): Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity,” or “ASU 2013-05”, which permits an entity to release cumulative translation adjustments into net income when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity. Accordingly, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided, or, if a controlling financial interest is no longer held. The revised standard is effective for reporting periods beginning after December 15, 2013. The amendments should be applied prospectively to derecognition events occurring after the effective date. Prior periods should not be adjusted. Early adoption is permitted. This accounting guidance is not expected to have a material impact on our consolidated financial statements or financial statement disclosures. | ||||||||||||||||||||||||||
In July 2013, the FASB issued ASU No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists," an amendment to FASB ASC Topic 740, Income Taxes, or "FASB ASC Topic 740." This update clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption and retrospective application are permitted. This accounting guidance is not expected to have a material impact on our consolidated financial statements or financial statement disclosures. |
Business_combinations_and_dive
Business combinations and divestitures | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Business Combination Disclosure | ' | |||||||
Business Combinations and Divestitures | ||||||||
Dollar Thrifty Acquisition | ||||||||
On November 19, 2012, Hertz Holdings completed the Dollar Thrifty acquisition pursuant to the terms of the Merger Agreement with Dollar Thrifty and Merger Sub, a wholly owned Hertz subsidiary. In accordance with the terms of the Merger Agreement, Merger Sub completed a tender offer in which it purchased a majority of the shares of Dollar Thrifty common stock then outstanding at a price equal to $87.50 per share in cash. Merger Sub subsequently acquired the remaining shares of Dollar Thrifty common stock by means of a short-form merger in which such shares were converted into the right to receive the same $87.50 per share in cash paid in the tender offer. The total purchase price was approximately $2,592 million, which comprised of $2,551 million of cash, including our use of approximately $404 million of cash and cash equivalents available from Dollar Thrifty, and the fair value of our previously held equity interest in Dollar Thrifty of $41 million. As a result of re-measuring to fair value our equity interest previously held in Dollar Thrifty immediately before the acquisition date, we recognized a gain of approximately $8.4 million in our consolidated statements of operations within "Other (income) expense, net." As a condition of the Merger Agreement, and pursuant to a divestiture agreement reached with the Federal Trade Commission, Hertz divested its Simply Wheelz subsidiary, which owned and operated the Advantage brand, and secured for the buyer of Advantage certain Dollar Thrifty on-airport car rental concessions. Dollar Thrifty is now a wholly-owned subsidiary of Hertz. | ||||||||
The purchase price of Dollar Thrifty was funded with (i) cash proceeds of $1,950 million received by Hertz from its issuance of $1,950 million in aggregate principal amount of Senior Notes and Term Loans, (ii) approximately $404 million of acquired cash and cash equivalents from Dollar Thrifty, and (iii) the balance funded by Hertz's existing cash. | ||||||||
The Dollar Thrifty acquisition has been accounted for utilizing the acquisition method, which requires an allocation of the purchase price of the acquired entity to the assets acquired and liabilities assumed based on their estimated fair values from a market-participant perspective at the date of acquisition. The allocation of the purchase price has been finalized as of November 19, 2013 as reflected within these consolidated financial statements. The fair values of the assets acquired and liabilities assumed were determined using the income, cost and market approaches. The fair values of acquired trade names and concession agreements were estimated using the income approach which values the subject asset using the projected cash flows to be generated by the asset, discounted at a required rate of return that reflects the relative risk of achieving the cash flow and the time value of money. The cost approach was utilized in combination with the market approach to estimate the fair values of property, plant and equipment and reflects the estimated reproduction or replacement costs for the assets, less an allowance for loss in value due to depreciation. The cost approach was utilized in combination with the market approach to estimate the fair values of most working capital accounts. | ||||||||
The following summarizes the fair values of the assets acquired and liabilities assumed in the acquisition based on their estimated fair values as of the close of the acquisition (in millions): | ||||||||
Cash and cash equivalents | $ | 535 | ||||||
Restricted cash and cash equivalents | 307 | |||||||
Receivables | 170 | |||||||
Inventories | 8 | |||||||
Prepaid expenses and other assets | 41 | |||||||
Revenue earning equipment | 1,614 | |||||||
Property and equipment | 119 | |||||||
Other intangible assets | 1,545 | |||||||
Other assets | 35 | |||||||
Goodwill | 889 | |||||||
Accounts payable | (43 | ) | ||||||
Accrued liabilities | (298 | ) | ||||||
Deferred taxes on income | (846 | ) | ||||||
Debt | (1,484 | ) | ||||||
Total | $ | 2,592 | ||||||
Adjustments to the preliminary purchase price allocation were made to reflect finalized estimates of the fair value of the assets acquired and liabilities assumed at November 19, 2012. These revisions primarily related to valuation of certain contracts, accrued liabilities and income taxes, and the resulting changes to goodwill. Prior period financial statements were not revised for these adjustments as they would not have had a material impact on the prior period reported operating results and financial condition. | ||||||||
The identifiable intangible assets of $1,545 million consist of $1,140 million of trade names with an indefinite life and $405 million of concession agreements. The concession agreements will be amortized over their expected useful lives of nine years on a straight-line basis. | ||||||||
The excess of the purchase price over the net tangible and intangible assets acquired resulted in goodwill of $889 million which is attributable to the synergies and economies of scale provided to a market participant. The goodwill recorded in connection with this transaction is not deductible for income tax purposes. All such goodwill is reported in the U.S. car rental segment. | ||||||||
Donlen Acquisition | ||||||||
On September 1, 2011, Hertz acquired 100% of the equity of Donlen, a leading provider of fleet leasing and management services. Donlen provides Hertz with an immediate leadership position in long-term car, truck and equipment leasing and fleet management, which enables us to present our customers a complete portfolio of transportation solutions and the enhanced ability to cross sell to each others' customer base. This transaction is part of the overall growth strategy of Hertz to provide the most flexible transportation programs for corporate and general consumers. Additionally, Donlen brings to Hertz a specialized consulting and technology expertise that will enable us to model, measure and manage fleet performance more effectively and efficiently. The combination of the strategic fit and expected fleet synergies described above are the primary drivers behind the excess purchase price paid over the fair value of the assets and liabilities acquired. All such goodwill recognized as part of this acquisition is reported in our all other operations segment. | ||||||||
The total purchase price was $250 million. None of the goodwill recognized as part of this acquisition is expected to be deductible for tax purposes. | ||||||||
The following summarizes the fair values of the assets acquired and liabilities assumed as of the acquisition date (in millions): | ||||||||
Cash and cash equivalents | $ | 35.6 | ||||||
Receivables | 64 | |||||||
Prepaid expenses and other assets | 7 | |||||||
Revenue earning equipment | 1,120.60 | |||||||
Property and equipment | 13.5 | |||||||
Other intangible assets | 75 | |||||||
Goodwill | 51.1 | |||||||
Accounts payable | (39.3 | ) | ||||||
Accrued liabilities | (226.8 | ) | ||||||
Deferred taxes on income | (121.9 | ) | ||||||
Debt | (728.8 | ) | ||||||
Total | $ | 250 | ||||||
Other intangible assets and their amortization periods are as follows: | ||||||||
Useful life | Fair value | |||||||
(in years) | (in millions) | |||||||
Customer relationships | 16 | $ | 65 | |||||
Trademark | 20 | 7 | ||||||
Non-compete agreement | 5 | 3 | ||||||
Total | $ | 75 | ||||||
This transaction has been accounted for using the acquisition method of accounting in accordance with GAAP and operating results of Donlen from the date of acquisition are included in our consolidated statements of operations. The allocation of the purchase price to the tangible and intangible net assets acquired is complete. | ||||||||
Actual and Pro forma Impact of Acquisitions | ||||||||
The pro forma information for December 31, 2012 and 2011 assumes that the Dollar Thrifty acquisition occurred on January 1, 2011. | ||||||||
The pro forma information for December 31, 2011 combines the historical results of Hertz Holdings for fiscal 2011 and the historical results of Donlen for the period January 1 to September 1, 2011. | ||||||||
The unaudited pro forma financial information for the years ended December 31, 2012 and 2011 was as follows (in millions): | ||||||||
Revenue * | Earnings * | |||||||
Actual from 09/01/11 - 12/31/11 (Donlen only)(1) | $ | 142 | $ | 2 | ||||
Actual from 11/19/12 - 12/31/12 (Dollar Thrifty only)(2) | 170.6 | (25.9 | ) | |||||
2012 supplemental pro forma from 1/1/12 - 12/31/12 (combined entity)(3) | 10,197.40 | 437.3 | ||||||
2011 supplemental pro forma from 1/1/11 - 12/31/11 (combined entity)(4) | 9,920.50 | 223.1 | ||||||
_____________________________________________ | ||||||||
* The pro forma information has been revised to reflect the correction of errors for the years ended December 31, 2012 and 2011. | ||||||||
-1 | Donlen's actual earnings for the four months ended December 31, 2011 was impacted by certain charges related to the amortization expense associated with the acquired intangible assets and the fair value adjustment related to acquired software, as well as, the write-off of certain unamortized debt costs. | |||||||
-2 | Dollar Thrifty's actual earnings for the 43 days ended December 31, 2012 was impacted by certain charges related to the amortization expense associated with the acquired intangible assets and non-recurring compensation costs in connection with the merger. | |||||||
-3 | The unaudited pro forma financial information for the year ended December 31, 2012 combines the historical results of Hertz and Dollar Thrifty for the year ended December 31, 2012, and the effects of the pro forma adjustments listed below. | |||||||
-4 | The unaudited pro forma financial information for the year ended December 31, 2011 combines the historical results of Hertz, Donlen and Dollar Thrifty for the year ended December 31, 2011, and the effects of the pro forma adjustments listed below. | |||||||
The unaudited pro forma consolidated results do not purport to project the future results of operations of the combined entity nor do they reflect the expected realization of any cost savings associated with the acquisitions. The unaudited pro forma consolidated results reflect the historical financial information of Hertz Holdings, Donlen and Dollar Thrifty, adjusted for the following pre-tax amounts: | ||||||||
Pro forma adjustments - Dollar Thrifty acquisition | ||||||||
• | Additional amortization expense (approximately $38.9 million in 2012 and $44.4 million in 2011) related to the fair value of identifiable intangible assets acquired. | |||||||
• | Additional interest expense (approximately $72.7 million in 2012 and $79.1 million in 2011) associated with the new debt used to finance the Dollar Thrifty acquisition. | |||||||
• | Reclassifying merger related costs from 2012 to 2011 as though the Dollar Thrifty acquisition had been consummated as of January 1, 2011. | |||||||
• | Reclassifying non-recurring compensation costs incurred in connection with the merger and integration costs of approximately $46.7 million from 2012 to 2011 as though the Dollar Thrifty acquisition had been consummated as of January 1, 2011. | |||||||
• | Reclassifying the loss from the Advantage disposition from 2012 to 2011 as though the Dollar Thrifty acquisition had been consummated as of January 1, 2011. | |||||||
• | Reclassifying charges related to the impact of divesting Dollar Thrifty locations incurred in connection with the Dollar Thrifty acquisition from 2012 to 2011. | |||||||
• | Impact of fair value adjustment to revenue earning equipment. | |||||||
• | Adjustments to eliminate the results of operations of the Advantage business and locations to be divested where Dollar Thrifty operated at least one of its brands prior to the consummation of the Dollar Thrifty acquisition for the years ended December 31, 2012 and 2011. | |||||||
• | Including an estimated amount of leasing revenue to be earned by Hertz from leasing vehicles to the buyer of Advantage. The depreciation and other expenses associated with the vehicles being leased to the buyer of Advantage have not been eliminated from the pro forma financial statements, as their costs remain as part of Hertz's ongoing operations associated with owning such vehicles. | |||||||
All of the above adjustments were adjusted for the applicable tax impact. Hertz has generally assumed a 39% tax rate when estimating the tax impacts of the Dollar Thrifty acquisition, representing the statutory tax rate for Hertz. The effective tax rate of the combined company could be significantly different (either higher or lower) depending on post-Dollar Thrifty acquisition activities, cash needs and the geographical location of businesses. | ||||||||
Pro forma adjustments - Donlen acquisition | ||||||||
2011 supplemental pro forma revenue for the year ended December 31, 2011 excludes $3.2 million related to deferred revenue which was eliminated as part of acquisition accounting. 2011 supplemental pro forma earnings for the year ended December 31, 2011 excludes $2.0 million related to deferred income which was eliminated as part of acquisition accounting, and $6.1 million of acquisition related costs incurred in 2011. | ||||||||
Other Acquisitions | ||||||||
On April 15, 2013, Hertz entered into definitive agreements with China Auto Rental Holdings, Inc., or ‘‘China Auto Rental,’’ and related parties pursuant to which Hertz made a strategic investment in China Auto Rental. China Auto Rental is the largest car rental company in China. Pursuant to the transaction, Hertz invested cash in, and agreed to contribute its China Rent-a-Car entities to, China Auto Rental. For this investment, Hertz received common stock and convertible notes in return. Upon the initial closing of the transaction, which occurred on May 1, 2013, Hertz became the owner of 10% of China Auto Rental’s ordinary shares and has a seat on China Auto Rental’s Board. We have de-consolidated Hertz China Rent-a-Car entities and classified the convertible notes as available for sale securities. Upon conversion of the convertible notes, Hertz would have 18.64% on a fully diluted basis. This transaction was accounted for under the equity method of accounting in accordance with GAAP. | ||||||||
During the year ended December 31, 2013, we added twenty seven locations by re-acquiring former franchisees and three locations through external acquisitions in our domestic and international car rental operations. These acquisitions are not material to our consolidated financial statements for the year ended December 31, 2013. | ||||||||
Divestitures | ||||||||
Divestiture of Selected Dollar Thrifty Airport Locations | ||||||||
In order to obtain regulatory approval and clearance for the Dollar Thrifty acquisition, Hertz agreed to dispose of Advantage, and to secure for the buyer of Advantage certain on-airport car rental concessions and related assets at certain locations where Dollar Thrifty operated at least one of its brands. As of December 31, 2013, Hertz completed the transfer of most of these Dollar Thrifty locations and had a remaining reserve for estimated support payments of $2.8 million. | ||||||||
Advantage Divestiture | ||||||||
Pursuant to the terms of a purchase agreement, or the "Simply Wheelz Purchase Agreement," on December 12, 2012, Hertz completed the sale of Simply Wheelz LLC, or the “Advantage divestiture,” a wholly owned subsidiary of Hertz that operated our Advantage Rent A Car business, or “Advantage,” for approximately $16.0 million, plus the value of current assets as of the closing date, which was approximately $3.6 million. Pursuant to the terms of a support agreement, or the "Simply Wheelz Support Agreement," Hertz also agreed to provide financial support to the buyer of Advantage in the amount of $17.0 million over a period of three years from the closing date (with the present value of $15.6 million as of December 31, 2012). As a result of the Advantage divestiture, Hertz realized a loss (before income taxes) of approximately $31.4 million as of December 31, 2012. | ||||||||
To assist the buyer of Advantage in securing alternative fleet financing arrangements, Hertz entered into a senior note credit agreement (the “Simply Wheelz Credit Agreement”), pursuant to which Hertz agreed, subject to certain conditions, to loan Simply Wheelz, on a senior unsecured basis, up to $45.0 million over 5 years (2.5 years weighted average life) at varied interest rates up to 13% over the life of the loan. Further, Hertz agreed to sublease vehicles to the buyer of Advantage for use in continuing the operations of Advantage, for a period no longer than two years from the closing date. As such, Hertz had significant continuing involvement in the operations of the disposed Advantage business. Therefore, the operating results associated with the Advantage business are classified as part of our continuing operations in the consolidated statements of operations for all periods presented. | ||||||||
In October 2013, Simply Wheelz's parent Franchise Services of North America, or "FSNA," requested that Hertz forbear from seeking collection of all amounts owed to it by Simply Wheelz and agree to renegotiate certain aspects of the commercial arrangements with Hertz, including the financial terms on which Hertz was subleasing vehicles to Simply Wheelz. On November 2, 2013, Hertz terminated the applicable sublease contracts, and on November 5, 2013, Simply Wheelz filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code. | ||||||||
Pursuant to Sections 363 and 365 of the Bankruptcy Code, Simply Wheelz has agreed to sell substantially all of its assets to The Catalyst Capital Group Inc., or “Catalyst.” On December 16, 2013, in connection with Simply Wheelz’s bankruptcy proceedings, Hertz entered into a settlement agreement with Simply Wheelz, FSNA, Catalyst and certain other parties thereto, which provides Simply Wheelz and Catalyst with, among other things, the right to continue to use the vehicles subject to the Hertz subleases in exchange for certain payments and the orderly return of such vehicles to Hertz. In addition, the Simply Wheelz Purchase Agreement, the Simply Wheelz Support Agreement and the Simply Wheelz Credit Agreement, which had no amounts outstanding at the time, were terminated. |
Debt
Debt | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
Debt | ' | |||||||||||||
Debt | ||||||||||||||
Our debt consists of the following (in millions of dollars): | ||||||||||||||
Facility | Average Interest Rate at December 31, 2013(1) | Fixed or | Maturity | December 31, | December 31, | |||||||||
Floating | 2013 | 2012 | ||||||||||||
Interest | ||||||||||||||
Rate | ||||||||||||||
Corporate Debt | ||||||||||||||
Senior Term Facility | 3.26% | Floating | Mar-18 | $ | 2,104.20 | $ | 2,125.50 | |||||||
Senior ABL Facility | 3.06% | Floating | Mar-16 | 288.9 | 195 | |||||||||
Senior Notes(2) | 6.58% | Fixed | 4/2018–10/2022 | 3,899.80 | 3,650.00 | |||||||||
Promissory Notes | 6.96% | Fixed | 8/2014–1/2028 | 48.7 | 48.7 | |||||||||
Other Corporate Debt | 3.86% | Floating | Various | 77.1 | 88.7 | |||||||||
Unamortized Net Premium (Corporate) | 3.2 | 3.3 | ||||||||||||
Total Corporate Debt | 6,421.90 | 6,111.20 | ||||||||||||
Fleet Debt | ||||||||||||||
HVF U.S. ABS Program | ||||||||||||||
HVF U.S. Fleet Variable Funding Notes: | ||||||||||||||
HVF Series 2009-1(3) | 0.99% | Floating | Nov-15 | 60 | 2,350.00 | |||||||||
60 | 2,350.00 | |||||||||||||
HVF U.S. Fleet Medium Term Notes | ||||||||||||||
HVF Series 2009-2(3) | 5.37% | Fixed | 3/2013–3/2015 | 807.5 | 1,095.90 | |||||||||
HVF Series 2010-1(3) | 4.03% | Fixed | 2/2014–2/2018 | 576.8 | 749.8 | |||||||||
HVF Series 2011-1(3) | 2.86% | Fixed | 3/2015–3/2017 | 598 | 598 | |||||||||
HVF Series 2013-1(3) | 1.68% | Fixed | 8/2016–8/2018 | 950 | — | |||||||||
2,932.30 | 2,443.70 | |||||||||||||
RCFC U.S. ABS Program | ||||||||||||||
RCFC U.S. Fleet Variable Funding Notes | ||||||||||||||
RCFC Series 2010-3 Notes(3)(4)(5) | N/A | Floating | N/A | — | 519 | |||||||||
RCFC U.S. Fleet Medium Term Notes | ||||||||||||||
RCFC Series 2011-1 Notes(3)(4)(5) | 2.81% | Fixed | Feb-15 | 500 | 500 | |||||||||
RCFC Series 2011-2 Notes(3)(4)(5) | 3.21% | Fixed | May-15 | 400 | 400 | |||||||||
900 | 1,419.00 | |||||||||||||
HVF II U.S. ABS Program | ||||||||||||||
HVF II U.S. Fleet Variable Funding Notes: | ||||||||||||||
HVF II Series 2013-A(3) | 1.02% | Floating | Nov-15 | 2,380.00 | — | |||||||||
HVF II Series 2013-B(3) | 1.02% | Floating | Nov-15 | 585 | — | |||||||||
2,965.00 | — | |||||||||||||
Donlen ABS Program | ||||||||||||||
Donlen GN II Variable Funding Notes(3) | N/A | Floating | Dec-13 | — | 899.3 | |||||||||
HFLF Variable Funding Notes | ||||||||||||||
HFLF Series 2013-1 Notes(3) | 1.05% | Floating | Sep-14 | 280.1 | — | |||||||||
Facility | Average Interest Rate at December 31, 2013(1) | Fixed or | Maturity | December 31, | December 31, | |||||||||
Floating | 2013 | 2012 | ||||||||||||
Interest | ||||||||||||||
Rate | ||||||||||||||
HFLF Series 2013-2 Notes(3) | 1.16% | Floating | Sep-15 | 206 | — | |||||||||
486.1 | 899.3 | |||||||||||||
HFLF Medium Term Notes | ||||||||||||||
HFLF Series 2013-A Notes(3) | 0.79% | Floating | 9/2016–11/2016 | 500 | — | |||||||||
500 | — | |||||||||||||
Other Fleet Debt | ||||||||||||||
U.S. Fleet Financing Facility | 2.92% | Floating | Sep-15 | 153 | 166 | |||||||||
European Revolving Credit Facility | 2.97% | Floating | Jun-15 | 302.5 | 185.3 | |||||||||
European Fleet Notes | 4.38% | Fixed | Jan-19 | 584.3 | — | |||||||||
Former European Fleet Notes | 8.50% | Fixed | Mar-15 | — | 529.4 | |||||||||
European Securitization(3) | 2.61% | Floating | Jul-14 | 280.5 | 242.2 | |||||||||
Hertz-Sponsored Canadian Securitization(3) | 2.15% | Floating | Mar-14 | 88.7 | 100.5 | |||||||||
Dollar Thrifty-Sponsored Canadian Securitization(3)(5) | 2.14% | Floating | Aug-14 | 38.3 | 55.3 | |||||||||
Australian Securitization(3) | 3.94% | Floating | Dec-14 | 110.9 | 148.9 | |||||||||
Brazilian Fleet Financing Facility | 14.05% | Floating | Oct-14 | 12.3 | 14 | |||||||||
Capitalized Leases | 4.09% | Floating | Various | 385.4 | 337.6 | |||||||||
Unamortized Premium (Fleet) | 6.3 | 12.1 | ||||||||||||
1,962.20 | 1,791.30 | |||||||||||||
Total Fleet Debt | 9,805.60 | 8,903.30 | ||||||||||||
Total Debt | $ | 16,227.50 | $ | 15,014.50 | ||||||||||
_______________________________________________________________________________ | ||||||||||||||
-1 | As applicable, reference is to the December 31, 2013 weighted average interest rate (weighted by principal balance). | |||||||||||||
-2 | References to our "Senior Notes" include the series of Hertz's unsecured senior notes set forth in the table below. As of December 31, 2013 and December 31, 2012, the outstanding principal amount for each such series of the Senior Notes is also specified below. | |||||||||||||
Outstanding Principal (in millions) | ||||||||||||||
Senior Notes | 31-Dec-13 | 31-Dec-12 | ||||||||||||
4.25% Senior Notes due April 2018 | $ | 250 | $ | — | ||||||||||
7.50% Senior Notes due October 2018 | 700 | 700 | ||||||||||||
6.75% Senior Notes due April 2019 | 1,250.00 | 1,250.00 | ||||||||||||
5.875% Senior Notes due October 2020 | 699.8 | 700 | ||||||||||||
7.375% Senior Notes due January 2021 | 500 | 500 | ||||||||||||
6.25% Senior Notes due October 2022 | 500 | 500 | ||||||||||||
$ | 3,899.80 | $ | 3,650.00 | |||||||||||
-3 | Maturity reference is to the "expected final maturity date" as opposed to the subsequent "legal maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness expect the relevant indebtedness to be repaid, which in the case of the HFLF Medium Term Notes was based upon various assumptions made at the time of the pricing of such notes. The legal final maturity date is the date on which the relevant indebtedness is legally due and payable. | |||||||||||||
-4 | RCFC U.S. ABS Program and the Dollar Thrifty-Sponsored Canadian Securitization represent fleet debt acquired in connection with the Dollar Thrifty acquisition on November 19, 2012. | |||||||||||||
-5 | In connection with the closing of the existing HVF II U.S. Fleet Variable Funding Notes, the existing RCFC Series 2010-3 noteholders were paid off. | |||||||||||||
Maturities | ||||||||||||||
The nominal amounts of maturities of debt for each of the twelve-month periods ending December 31 (in millions of dollars) are as follows: | ||||||||||||||
2014 | $ | 1,968.70 | (including $842.6 of other short-term borrowings*) | |||||||||||
2015 | $ | 5,284.50 | ||||||||||||
2016 | $ | 1,367.50 | ||||||||||||
2017 | $ | 366 | ||||||||||||
2018 | $ | 3,643.50 | ||||||||||||
After 2018 | $ | 3,587.80 | ||||||||||||
_______________________________________________________________________________ | ||||||||||||||
* | Our short-term borrowings as of December 31, 2013 include, among other items, the amounts outstanding under the European Securitization, Hertz-Sponsored Canadian Securitization, Dollar Thrifty-Sponsored Canadian Securitization, Australian Securitization and Brazilian Fleet Financing Facility. As of December 31, 2013, short-term borrowings had a weighted average interest rate of 3.2%. In February 2014, the Hertz-Sponsored Canadian Securitization and Dollar Thrifty-Sponsored Canadian Securitization had been extended to March 2015. See Note 19-Subsequent Events. | |||||||||||||
We are highly leveraged and a substantial portion of our liquidity needs arise from debt service on our indebtedness and from the funding of our costs of operations, acquisitions and capital expenditures. We believe that cash generated from operations and cash received on the disposal of vehicles and equipment, together with amounts available under various liquidity facilities will be adequate to permit us to meet our debt maturities over the next twelve months. | ||||||||||||||
Letters of Credit | ||||||||||||||
As of December 31, 2013, there were outstanding standby letters of credit totaling $644.9 million. Of this amount, $619.1 million was issued under the Senior Credit Facilities. As of December 31, 2013, none of these letters of credit have been drawn upon. | ||||||||||||||
CORPORATE DEBT | ||||||||||||||
Senior Credit Facilities | ||||||||||||||
Senior Term Facility: In March 2011, Hertz entered into a credit agreement that provides a $1,400.0 million term loan, or as amended, the ‘‘Senior Term Facility.’’ In addition, the Senior Term Facility includes a separate incremental pre-funded synthetic letter of credit facility in an aggregate principal amount of $200.0 million. Subject to the satisfaction of certain conditions and limitations, the Senior Term Facility allows for the incurrence of incremental term and/or revolving loans. | ||||||||||||||
On October 9, 2012, Hertz entered into an Incremental Commitment Amendment to the Senior Term Facility which provided for commitments for the Incremental Term Loans of $750.0 million under the Senior Term Facility. Contemporaneously with the consummation of the Dollar Thrifty acquisition, the Incremental Term Loans were fully drawn and the proceeds therefrom were used to: (i) finance a portion of the consideration in connection with the Dollar Thrifty acquisition, (ii) pay off obligations of Dollar Thrifty and its subsidiaries in connection with the Dollar Thrifty acquisition and (iii) pay fees and other transaction expenses in connection with the Dollar Thrifty acquisition and the related financing transactions. | ||||||||||||||
The Incremental Term Loans are secured by the same collateral and guaranteed by the same guarantors as the previously existing term loans under the Senior Term Facility. The Incremental Term Loans will, like the previously existing term loans under the Senior Term Facility, mature on March 11, 2018 and the interest rate per annum applicable thereto will be the same as such previously existing term loans prior to the subsequent repricing mentioned below. The other terms of the Incremental Term Loans are also generally the same. | ||||||||||||||
In April 2013, Hertz entered into an Amendment No. 2, or "Amendment No. 2," to the Senior Term Facility, primarily to reduce the interest rate applicable to a portion of the outstanding term loans under the Senior Term Facility. Prior to Amendment No. 2, approximately $1,372.0 million of tranche B term loans, or “Tranche B Term Loans”, under the Senior Term Facility bore interest at a floating rate measured by reference to, at Hertz's option, either (i) an adjusted London inter-bank offered rate not less than 1.00 percent plus a borrowing margin of 2.75 percent per annum or (ii) an alternate base rate plus a borrowing margin of 1.75 percent per annum. Pursuant to Amendment No. 2, certain of the existing lenders under the Senior Term Facility converted their existing Tranche B Term Loans into a new tranche of tranche B-2 term loans, or the “Tranche B-2 Term Loans”, in an aggregate principal amount, along with new loans advanced by certain new lenders, of approximately $1,372.0 million. The proceeds of Tranche B-2 Term Loans advanced by the new lenders were used to prepay in full all of the Tranche B Term Loans that were not converted into Tranche B-2 Term Loans. | ||||||||||||||
The Tranche B-2 Term Loans bear interest at a floating rate measured by reference to, at Hertz's option, either (i) an adjusted London inter-bank offered rate not less than 0.75 percent plus a borrowing margin of 2.25 percent per annum or (ii) an alternate base rate plus a borrowing margin of 1.25 percent per annum. The terms and conditions of the new Tranche B-2 Term Loans with respect to maturity, collateral, and covenants are otherwise unchanged compared to the Tranche B Term Loans. | ||||||||||||||
Senior ABL Facility: In March 2011, Hertz, HERC, and certain other of our subsidiaries entered into a credit agreement that provides for aggregate maximum borrowings of $1,800.0 million (subject to borrowing base availability) on a revolving basis under an asset-based revolving credit facility. We refer to this facility, as amended, from time to time, as the “Senior ABL Facility.” Up to $1,500.0 million of the Senior ABL Facility is available for the issuance of letters of credit, subject to certain conditions including issuing lender participation. Subject to the satisfaction of certain conditions and limitations, the Senior ABL Facility allows for the addition of incremental revolving and/or term loan commitments. In addition, the Senior ABL Facility permits Hertz to increase the amount of commitments under the Senior ABL Facility with the consent of each lender providing an additional commitment, subject to satisfaction of certain conditions. | ||||||||||||||
We refer to the Senior Term Facility and the Senior ABL Facility together as the “Senior Credit Facilities.” Hertz's obligations under the Senior Credit Facilities are guaranteed by its immediate parent (Hertz Investors, Inc.) and most of its direct and indirect domestic subsidiaries (subject to certain exceptions, including Hertz International Limited, which ultimately owns entities carrying on most of our international operations, and subsidiaries involved in the HVF U.S. Asset-Backed Securities, or "ABS," Program, the HVF II U.S. ABS Program, the Donlen ABS Program and the RCFC U.S. ABS Program). In addition, the obligations of the “Canadian borrowers” under the Senior ABL Facility are guaranteed by their respective subsidiaries, subject to certain exceptions. | ||||||||||||||
The lenders under the Senior Credit Facilities have been granted a security interest in substantially all of the tangible and intangible assets of the borrowers and guarantors under those facilities, including pledges of the stock of certain of their respective domestic subsidiaries (subject, in each case, to certain exceptions, including certain vehicles). Each of the Senior Credit Facilities permits the incurrence of future indebtedness secured on a basis either equal to or subordinated to the liens securing the applicable Senior Credit Facility or on an unsecured basis. In February 2013 and March 2013, we added Dollar Thrifty and certain of its subsidiaries as guarantors under certain of our debt instruments and credit facilities including the Senior Term Facility and in February 2014, we added Firefly Rent A Car LLC as a guarantor under certain of our debt instruments and credit facilities, including the Senior Term Facility. | ||||||||||||||
We refer to Hertz and its subsidiaries as the Hertz credit group. The Senior Credit Facilities contain a number of covenants that, among other things, limit or restrict the ability of the Hertz credit group to dispose of assets, incur additional indebtedness, incur guarantee obligations, prepay certain indebtedness, make dividends and other restricted payments (including to the parent entities of Hertz and other persons), create liens, make investments, make acquisitions, engage in mergers, change the nature of their business, engage in certain transactions with affiliates that are not within the Hertz credit group or enter into certain restrictive agreements limiting the ability to pledge assets. | ||||||||||||||
Under the Senior ABL Facility, failure to maintain certain levels of liquidity will subject the Hertz credit group to a contractually specified fixed charge coverage ratio of not less than 1:1 for the four quarters most recently ended. As of December 31, 2013, we were not subject to such contractually specified fixed charge coverage ratio. | ||||||||||||||
Covenants in the Senior Term Facility restrict payment of cash dividends to any parent of Hertz, including Hertz Holdings, with certain exceptions, including: (i) in an aggregate amount not to exceed 1.0% of the greater of a specified minimum amount and the consolidated tangible assets of the Hertz credit group (which payments are deducted in determining the amount available as described in the next clause (ii)), (ii) in additional amounts up to a specified available amount determined by reference to, among other things, an amount set forth in the Senior Term Facility plus 50% of net income from January 1, 2011 to the end of the most recent fiscal quarter for which financial statements of Hertz are available (less certain investments) and (iii) in additional amounts not to exceed the amount of certain equity contributions made to Hertz. | ||||||||||||||
Covenants in the Senior ABL Facility restrict payment of cash dividends to any parent of Hertz, including Hertz Holdings, except in an aggregate amount, taken together with certain investments, acquisitions and optional prepayments, not to exceed $200 million. Hertz may also pay additional cash dividends under the Senior ABL Facility so long as, among other things, (a) no specified default then exists or would arise as a result of making such dividends, (b) there is at least $200 million of liquidity under the Senior ABL Facility after giving effect to the proposed dividend, and (c) either (i) if such liquidity is less than $400 million immediately after giving effect to the making of such dividends, Hertz is in compliance with a specified fixed charge coverage ratio, or (ii) the amount of the proposed dividend does not exceed the sum of (x) 1.0% of tangible assets plus (y) a specified available amount determined by reference to, among other things, 50% of net income from January 1, 2011 to the end of the most recent fiscal quarter for which financial statements of Hertz are available plus (z) a specified amount of certain equity contributions made to Hertz. | ||||||||||||||
In November 2012, we amended the Senior ABL Facility to deem letters of credit issued under Dollar Thrifty's now-terminated senior revolving credit facility to have been issued under the Senior ABL Facility. | ||||||||||||||
In July 2013, we increased the aggregate maximum borrowings under the Senior ABL Facility by $65.0 million (subject to borrowing base availability). | ||||||||||||||
Senior Notes | ||||||||||||||
In March 2012, Hertz issued an additional $250.0 million aggregate principal amount of the 6.75% Senior Notes due 2019. The proceeds of this March 2012 offering were used in March 2012 in part to redeem $162.3 million principal amount of Hertz's outstanding 8.875% Senior Notes due 2014 which resulted in the write-off of unamortized debt costs of $1.2 million recorded in "Interest expense" on our consolidated statement of operations. The remainder of the proceeds of this March 2012 offering, along with cash on hand or drawings under the Senior ABL Facility were used to redeem €213.5 million ($286.0 million) of Hertz's outstanding 7.875% Senior Notes due 2014, which resulted in the write-off of unamortized debt costs of $2.0 million recorded in "Interest expense" on our consolidated statement of operations. | ||||||||||||||
In October 2012, HDTFS, Inc., a newly-formed, wholly-owned subsidiary of Hertz issued and sold $700.0 million aggregate principal amount of 5.875% Senior Notes due 2020 and $500.0 million aggregate principal amount of 6.250% Senior Notes due 2022 in a private offering. The gross proceeds of the offering were held in an escrow account until the date of the completion of the acquisition of Dollar Thrifty, at which time the gross proceeds of the offering were released from escrow and HDTFS, Inc. was merged into Hertz. | ||||||||||||||
In March 2013, Hertz issued $250 million in aggregate principal amount of 4.25% Senior Notes due 2018. The proceeds of this March 2013 offering were used by Hertz to replenish a portion of its liquidity, after having dividended $467.2 million in available liquidity to us, which we used to repurchase 23.2 million shares of our common stock in March 2013. | ||||||||||||||
Hertz's obligations under the indentures for the Senior Notes are guaranteed by each of its direct and indirect domestic subsidiaries that are guarantors under the Senior Term Facility. The guarantees of all of the Subsidiary Guarantors may be released to the extent such subsidiaries no longer guarantee our Senior Credit Facilities in the United States. HERC may also be released from its guarantee under the outstanding Senior Notes at any time at which no event of default under the related indenture has occurred and is continuing, notwithstanding that HERC may remain a subsidiary of Hertz. In February 2013 and March 2013, we added Dollar Thrifty and certain of its subsidiaries as guarantors under certain of our debt instruments and credit facilities including the Senior Notes and in February 2014, we added Firefly Rent A Car LLC as a guarantor under certain of our debt instruments and credit facilities, including the Senior Notes. | ||||||||||||||
The indentures for the Senior Notes contain covenants that, among other things, limit or restrict the ability of the Hertz credit group to incur additional indebtedness, incur guarantee obligations, prepay certain indebtedness, make certain restricted payments (including paying dividends, redeeming stock or making other distributions to parent entities of Hertz and other persons outside of the Hertz credit group), make investments, create liens, transfer or sell assets, merge or consolidate, and enter into certain transactions with Hertz's affiliates that are not members of the Hertz credit group. | ||||||||||||||
The covenants in the indentures for the Senior Notes also restrict Hertz and other members of the Hertz credit group from redeeming stock or making loans, advances, dividends, distributions or other restricted payments to any entity that is not a member of the Hertz credit group, including Hertz Holdings, subject to certain exceptions. | ||||||||||||||
Promissory Notes | ||||||||||||||
References to our “Promissory Notes” relate to our promissory notes issued under three separate indentures prior to the acquisition on December 21, 2005, by the Sponsors. | ||||||||||||||
FLEET DEBT | ||||||||||||||
The governing documents of certain of the fleet debt financing arrangements specified below contain covenants that, among other things, significantly limit or restrict (or upon certain circumstances may significantly restrict or prohibit) the ability of the borrowers, and the guarantors if applicable, to make certain restricted payments (including paying dividends, redeeming stock, making other distributions, loans or advances) to Hertz Holdings and Hertz, whether directly or indirectly. | ||||||||||||||
HVF II U.S. ABS Program | ||||||||||||||
On November 25, 2013, Hertz established a new securitization platform, the HVF II U.S. ABS Program, designed to facilitate its financing activities relating to the vehicle fleet used by Hertz in the U.S. daily car rental operations of its Hertz, Dollar, Thrifty and Firefly brands. Hertz Vehicle Financing II LP, a bankruptcy remote, indirect, wholly-owned, special purpose subsidiary of Hertz, or “HVF II,” is the issuer under the HVF II U.S. ABS Program. HVF II has entered into a base indenture that permits it to issue term and revolving rental car asset-backed securities, secured by one or more shared or segregated collateral pools consisting primarily of portions of the rental car fleet used in Hertz's, Dollar Thrifty’s and Firefly's domestic car rental operations and contractual rights related to such vehicles that have been allocated as the ultimate indirect collateral for HVF II's financings. HVF II uses proceeds from its note issuances to make loans to Hertz Vehicle Financing LLC, or "HVF," pursuant to the HVF Series 2013-G1 Supplement (the “HVF Series 2013-G1 Notes”) and Rental Car Finance Corp., or "RCFC," pursuant to the RCFC Series 2010-3 Notes, in each case on a continuing basis. | ||||||||||||||
References to the “HVF II U.S. ABS Program” include HVF II’s U.S. Fleet Variable Funding Notes. | ||||||||||||||
HVF II U.S. Fleet Variable Funding Notes | ||||||||||||||
References to the “HVF II U.S. Fleet Variable Funding Notes” include HVF II's Series 2013-A Variable Funding Rental Car Asset Backed Notes, or the “HVF II Series 2013-A Notes” and HVF II’s Series 2013-B Variable Funding Rental Car Asset Backed Notes, or the “HVF II Series 2013-B Notes.” | ||||||||||||||
In connection with the establishment of the HVF II U.S. ABS Program, on November 25, 2013, HVF II executed a $3,175.0 million committed financing arrangement, allocated between the HVF II Series 2013-A Notes and the HVF II Series 2013-B Notes, each of which ultimately are backed by segregated collateral pools. | ||||||||||||||
The initial aggregate maximum principal amount of the HVF II Series 2013-A Notes is $2,575.0 million, approximately $2,380.0 million of which was funded as of December 31, 2013. The initial aggregate maximum principal amount of the HVF II Series 2013-B Notes is $600 million, approximately $585.0 million of which was funded as of December 31, 2013. The HVF II Series 2013-A Notes allow for approximately $900 million of aggregate maximum principal amount of such notes to be transitioned to the aggregate maximum principal amount of HVF II Series 2013-B Notes and the HVF II Series 2013-B Notes allow for all of the aggregate maximum principal amount of such notes to be transitioned to the HVF II Series 2013-A Notes. The HVF II Series 2013-A Notes and HVF II Series 2013-B Notes each have an expected maturity date of November 25, 2015. | ||||||||||||||
The net proceeds from the sale of the HVF II Series 2013-A Notes were used to refinance almost all of the outstanding Series 2009-1 Variable Funding Rental Car Asset Backed Notes previously issued by HVF, the collateral for which consisted primarily of a substantial portion of the rental car fleet used in Hertz’s and certain of its subsidiaries’ domestic car rental operations. $60.0 million of the aggregate maximum principal amount of the HVF Series 2009-1 Notes remained outstanding as of December 31, 2013. The net proceeds from the sale of the HVF II Series 2013-B Notes were used to refinance the Series 2010-3 Variable Funding Rental Car Asset Backed Notes previously issued by RCFC, the collateral for which consisted primarily of a substantial portion of the rental car fleet used in Dollar Thrifty’s and certain of its affiliates’ domestic car rental operations. The new HVF II financing platform also provides for the issuance from time to time of medium term asset backed notes and is expected to serve as Hertz’s primary rental car securitization platform in the U.S. going forward. | ||||||||||||||
As of December 31, 2013, a requirement under the HVF II Series 2013-B Notes was unknowingly not met, resulting in the occurrence of an amortization event under the HVF II Series 2013-B Notes that also triggered amortization events under certain other series of our outstanding U.S. rental car variable funding notes. As a result of the amortization event, our ability to borrow under these notes was temporarily restricted at December 31, 2013. Upon discovery in January 2014 of such requirement not being met, Hertz promptly obtained waivers from 100% of the noteholders required to waive and cure such amortization events and provided the required notices. See Note 19—Subsequent Events. | ||||||||||||||
HVF U.S. ABS Program | ||||||||||||||
HVF, a bankruptcy remote, direct, wholly-owned, special purpose subsidiary of Hertz, is the issuer under the HVF U.S. ABS Program. HVF has entered into a base indenture that permits it to issue term and revolving rental car asset-backed securities, secured by one or more shared or segregated collateral pools consisting primarily of a substantial portion of the rental car fleet used in Hertz's Dollar Thrifty and Firefly's domestic car rental operations and contractual rights related to such vehicles that have been allocated as collateral for HVF's financings. | ||||||||||||||
References to the “HVF U.S. ABS Program” include HVF's U.S. Fleet Variable Funding Notes together with HVF's U.S. Fleet Medium Term Notes. | ||||||||||||||
HVF U.S. Fleet Variable Funding Notes | ||||||||||||||
References to the “HVF U.S. Fleet Variable Funding Notes” include HVF's Series 2009-1 Variable Funding Rental Car Asset Backed Notes, as amended, or the “HVF Series 2009-1 Notes.” As of December 31, 2013, the only HVF U.S. Fleet Variable Funding Notes committed or outstanding were the HVF Series 2009-1 Notes, which permit aggregate maximum borrowings of $150.0 million (subject to borrowing base availability) on a revolving basis under an asset-backed variable funding note facility. | ||||||||||||||
In May 2012, HVF amended the HVF Series 2009-1 Notes to permit aggregate maximum borrowings of $2,188.0 million (subject to borrowing base availability). | ||||||||||||||
In October 2012, HVF amended the HVF Series 2009-1 Notes to permit aggregate maximum borrowings of $2,238.8 million (subject to borrowing base availability) and extend the expected final maturity by one year to March 2014. | ||||||||||||||
In December 2012, HVF amended the HVF Series 2009-1 Notes to permit aggregate maximum borrowings of $2,438.8 million (subject to borrowing base availability). | ||||||||||||||
In May 2013, HVF amended the HVF Series 2009-1 Notes to permit aggregate maximum borrowings of $2,738.8 million (subject to borrowing base availability). | ||||||||||||||
In August 2013, HVF amended the HVF Series 2009-1 Notes to extend the expected final maturity date to June 2014. | ||||||||||||||
In November 2013, the net proceeds from the sale of the HVF II Series 2013-A Notes were used to refinance almost all of the outstanding HVF Series 2009-1 Notes. In connection therewith, HVF amended the HVF Series 2009-1 Notes to permit aggregate maximum borrowings of $150.0 million (subject to borrowing base availability). $60.0 million of the aggregate maximum principal amount of the HVF Series 2009-1 Notes remained outstanding as of December 31, 2013. | ||||||||||||||
In December 2013, HVF amended the HVF Series 2009-1 Notes primarily to conform the terms thereof to the terms of HVF II’s Series 2013-A Notes. | ||||||||||||||
HVF U.S. Fleet Medium Term Notes | ||||||||||||||
References to the “HVF U.S. Fleet Medium Term Notes” include HVF's Series 2009-2 Notes, Series 2010-1 Notes, Series 2011-1 Notes and Series 2013-1 Notes, collectively. | ||||||||||||||
HVF Series 2009-2 Notes: In October 2009, HVF issued the Series 2009-2 Rental Car Asset Back Notes, Class A, or the “HVF Series 2009-2 Class A Notes,” in an aggregate original principal amount of $1.2 billion. In June 2010, HVF issued the Subordinated Series 2009-2 Rental Car Asset Backed Notes, Class B, or the “HVF Series 2009-2 Class B Notes,” and together with the Series 2009-2 Class A, or the “HVF Series 2009-2 Notes,” in an aggregate original principal amount of $184.3 million. | ||||||||||||||
HVF Series 2010-1 Notes: In July 2010, HVF issued the Series 2010-1 Rental Car Asset Backed Notes, or the “HVF Series 2010-1 Notes,” in an aggregate original principal amount of $749.8 million. | ||||||||||||||
HVF Series 2011-1 Notes: In June 2011, HVF issued the Series 2011-1 Rental Car Asset Backed Notes, or the “HVF Series 2011-1 Notes,” in an aggregate original principal amount of $598.0 million. | ||||||||||||||
HVF Series 2013-1 Notes: In January 2013, HVF issued $950.0 million in an aggregate original principal amount of three year and five year Series 2013-1 Rental Car Backed Notes, Class A and Class B, or the "HVF Series 2013-1 Notes," collectively. | ||||||||||||||
RCFC U.S. ABS Program | ||||||||||||||
RCFC became a bankruptcy remote, indirect, wholly-owned, special purpose subsidiary of Hertz when Hertz acquired Dollar Thrifty. RCFC is the issuer under the RCFC U.S. ABS Program. RCFC has entered into a base indenture that permits it to issue term and revolving rental car asset-backed securities secured by one or more shared or segregated collateral pools consisting primarily of portions of the rental car fleet used in Hertz's, Dollar Thrifty's and Firefly's domestic car rental operations and contractual rights related to such vehicles that have been allocated as the collateral for RCFC's financings. | ||||||||||||||
References to the “RCFC U.S. ABS Program” include RCFC's U.S. Fleet Variable Funding Notes together with RCFC's U.S. Fleet Medium Term Notes. | ||||||||||||||
RCFC U.S. Fleet Variable Funding Notes | ||||||||||||||
References to the “RCFC U.S. Fleet Variable Funding Notes” are to the RCFC Series 2010-3 Variable Funding Rental Car Asset Backed Notes, as amended, or the “RCFC Series 2010-3 Notes.” | ||||||||||||||
In August 2013, RCFC amended the expected final maturity of the RCFC Series 2010-3 Notes to June 2014. | ||||||||||||||
In November 2013, the net proceeds from the sale of the HVF II Series 2013-B Notes were used to refinance the RCFC Series 2010-3 Notes. Following the establishment of the HVF II platform described herein, HVF II became the sole noteholder of the RCFC Series 2010-3 Notes and such notes became part of the overall HVF II transaction structure. | ||||||||||||||
RCFC U.S. Fleet Medium Term Notes | ||||||||||||||
References to the “RCFC U.S. Fleet Medium Term Notes” include RCFC's Series 2011-1 Notes and RCFC's Series 2011-2 Notes, collectively. | ||||||||||||||
RCFC Series 2011-1 Notes: In July 2011, RCFC issued the Series 2011-1 Rental Car Asset Backed Notes, or the “RCFC Series 2011-1 Notes,” in an aggregate original principal amount of $500.0 million. | ||||||||||||||
RCFC Series 2011-2 Notes: In October 2011, RCFC issued the Series 2011-2 Rental Car Asset Backed Notes, or the “RCFC Series 2011-2 Notes,” in an aggregate original principal amount of $400.0 million. | ||||||||||||||
Donlen ABS Program | ||||||||||||||
Hertz Fleet Lease Funding LP, a bankruptcy remote, indirect, wholly-owned, special purpose subsidiary of Donlen, or “HFLF,” is the issuer under the Donlen U.S. ABS Program. HFLF has entered into a base indenture that permits it to issue term and revolving fleet lease asset-backed securities. HFLF uses proceeds from its note issuances to make loans to DNRS II LLC, a bankruptcy remote, direct, wholly-owned, special purpose subsidiary of Donlen, pursuant to a loan agreement, on a continuing basis. | ||||||||||||||
References to the “Donlen ABS Program” include HFLF’s Variable Funding Notes together with HFLF’s Medium Term Notes. | ||||||||||||||
HFLF Variable Funding Notes | ||||||||||||||
HFLF Series 2013-1 Notes and HFLF Series 2013-2 Notes: On September 30, 2013, Donlen established the HFLF securitization platform to finance its U.S. fleet leasing operations going forward. In connection with the establishment of the new financing platform, HFLF executed a $1.1 billion committed financing arrangement, comprised of a one year variable funding note facility with an expected maturity date of September 29, 2014, or the “HFLF Series 2013-1 Notes,” and a two year variable funding note facility with an expected maturity date of September 29, 2015, or the “HFLF Series 2013-2 Notes.” As of September 30, 2013, the aggregate maximum principal amounts of the HFLF Series 2013-1 Notes and the HFLF Series 2013-2 Notes were $850.0 million and $250.0 million, respectively. Subsequent to the issuance of the HFLF Series 2013-3 Notes and the use of proceeds therefrom in reducing amounts then-outstanding under the HFLF Series 2103-1 Notes and HFLF Series 2013-2 Notes, the aggregate maximum principal amount of HFLF Series 2013-1 Notes was reduced to $340.0 million. As of December 31, 2013, approximately $280.1 million was funded under the HFLF Series 2013-1 Notes and approximately $206.0 million was funded under the HFLF Series 2013-2 Notes. | ||||||||||||||
The notes issued by HFLF are ultimately backed by a special unit of beneficial interest in a pool of leases and the related vehicles. The leases were originated in the name of Donlen Trust. A performance guarantee of Donlen’s obligations as servicer and administrator in respect of the HFLF Series 2013-1 Notes and HFLF Series 2013-2 Notes is provided by Hertz. | ||||||||||||||
The proceeds of the HFLF Series 2013-1 Notes and the HFLF Series 2013-2 Notes were used to refinance the GN Funding II L.L.C. facility, which was due to mature on December 31, 2013 and the GN Funding II L.L.C. facility was terminated. | ||||||||||||||
HFLF Medium Term Notes | ||||||||||||||
References to the “HFLF Medium Term Notes” include HFLF’s Series 2013-3 Notes. | ||||||||||||||
HFLF Series 2013-3 Notes: In November 2013, HFLF issued $500.0 million in aggregate principal amount of Series 2013-3 Floating Rate Asset Backed Notes, Class A, Class B, Class C and Class D, or the "HFLF Series 2013-3 Notes," collectively. The net proceeds from the issuance of the HFLF Series 2013-3 Notes were used to repay a portion of amounts then-outstanding under the HFLF Series 2013-1 Notes and the HFLF Series 2013-2 Notes. The HFLF Series 2013-3 Notes are floating rate and carry an interest rate based upon a spread to one-month LIBOR. The $461.1 million of Class A notes carry a spread of 0.55%, the $13.4 million of Class B notes carry a spread of 1.05%, the $12.9 million of Class C notes carry a spread of 1.45%, and the $12.6 million of Class D notes carry a spread of 2.00%. During the revolving period, the monthly lease collections allocable to the HFLF Series 2013-3 Notes are permitted to be used, subject to customary conditions, to fund the acquisition of vehicles and/or equipment to be leased to customers. Upon expiration of the revolving period, the repayment of principal of the HFLF Series 2013-3 Notes will commence, with monthly payments made from the HFLF Series 2013-3 Notes’ allocable share of lease payments and proceeds from the sale of vehicles and equipment leased thereunder until the HFLF Series 2013-3 Notes are paid in full. Based upon assumptions made at the time of pricing of the HFLF Series 2013-3 Notes, the assumed original weighted average life to maturity of the Class A notes, the Class B notes, the Class C notes, and the Class D notes are expected to be 1.93 years, 2.82 years, 2.88 years, and 2.92 years, respectively. The Class B Notes are subordinated to the Class A Notes. The Class C Notes are subordinated to the Class A Notes and the Class B Notes. The Class D Notes are subordinated to the Class A Notes, the Class B Notes, and the Class C Notes. | ||||||||||||||
Donlen GN II Variable Funding Notes | ||||||||||||||
On September 1, 2011, in connection with our acquisition of Donlen, Donlen's GN II Variable Funding Notes, or the "GN II VFN," remained outstanding and lender commitments thereunder were increased to permit aggregate maximum borrowings of $850.0 million (subject to borrowing base availability). | ||||||||||||||
In February 2012, Hertz's indirect, wholly-owned subsidiary GN Funding II L.L.C., or “GN II,” amended the GN II VFN to permit aggregate maximum borrowings of $900.0 million (subject to borrowing base availability). | ||||||||||||||
In July 2012, GN II amended the GN II VFN to extend the expected maturity to December 2012 and to permit aggregate maximum borrowings of $1,000.0 million (subject to borrowing base availability). | ||||||||||||||
In October 2012, GN II amended the GN II VFN to extend the expected final maturity to December 2013. | ||||||||||||||
In September 2013, the proceeds of the HFLF Series 2013-1 Notes and the HFLF Series 2013-2 Notes were used to refinance the GN II VFN and the GN II VFN was terminated. | ||||||||||||||
Fleet Debt-Other | ||||||||||||||
U.S. Fleet Financing Facility | ||||||||||||||
In September 2006, Hertz and Puerto Ricancars, Inc., a Puerto Rican corporation and wholly-owned indirect subsidiary of Hertz, or “PR Cars,” entered into a credit agreement that provides for aggregate maximum borrowings of $165.0 million (subject to borrowing base availability) on a revolving basis under an asset-based revolving credit facility, or the “U.S. Fleet Financing Facility.” The U.S. Fleet Financing Facility is the primary fleet financing for our car rental operations in Hawaii, Kansas, Puerto Rico and the U.S. Virgin Islands. | ||||||||||||||
The obligations of each of Hertz and PR Cars under the U.S. Fleet Financing Facility are guaranteed by certain of Hertz's direct and indirect domestic subsidiaries. In addition, the obligations of PR Cars under the U.S. Fleet Financing Facility are guaranteed by Hertz. The lenders under the U.S. Fleet Financing Facility have been granted a security interest primarily in the owned rental car fleet used in our car rental operations in Hawaii, Puerto Rico and the U.S. Virgin Islands and certain contractual rights related to rental vehicles in Kansas, Hawaii, Puerto Rico and the U.S. Virgin Islands. | ||||||||||||||
In September 2011, we extended the maturity of our U.S. Fleet Financing Facility to September 2015 and increased the facility size to $190.0 million. In connection with the extension, we made a number of modifications to the financing arrangement including decreasing the advance rate and increasing pricing. | ||||||||||||||
European Revolving Credit Facility and European Fleet Notes | ||||||||||||||
In June 2010, Hertz Holdings Netherlands B.V., an indirect wholly-owned subsidiary of Hertz organized under the laws of The Netherlands, or “HHN BV,” entered into a credit agreement that provides for aggregate maximum borrowings of €220.0 million (the equivalent of $302.5 million as of December 31, 2013) (subject to borrowing base availability) on a revolving basis under an asset-based revolving credit facility, or the “European Revolving Credit Facility,” and issued the 8.50% Senior Secured Notes due July 2015, or the “Former European Fleet Notes,” in an aggregate original principal amount of €400.0 million (the equivalent of $550.0 million as of December 31, 2013). References to the “European Fleet Debt” include HHN BV's European Revolving Credit Facility and the European Fleet Notes, collectively. | ||||||||||||||
In June 2012, HHN BV amended the European Revolving Credit Facility to extend the maturity date from June 2013 to June 2015. | ||||||||||||||
In November 2013, HHN BV issued the 4.375% Senior Notes due January 2019, or the “European Fleet Notes,” in an aggregate original principal amount of €425.0 million (the equivalent of $584.3 million as of December 31, 2013). Proceeds of the issuance of the European Fleet Notes were used to redeem all of the then-outstanding Former European Fleet Notes. | ||||||||||||||
In November 2013, HHN BV amended and restated its European Revolving Credit Facility. The amendments to the European Revolving Credit Facility reflect, among other things, the redemption of the Former European Fleet Notes and certain other updates that conform to the provisions of the Senior Credit Facilities. | ||||||||||||||
The European Fleet Debt is the primary fleet financing for our car rental operations in Germany, Italy, Spain, Belgium, New Zealand and Luxembourg and finances a portion of our assets in the United Kingdom and can be expanded to provide fleet financing in Australia, Canada, France, The Netherlands and Switzerland. | ||||||||||||||
The obligations of HHN BV under the European Fleet Debt are guaranteed by Hertz and certain of Hertz's domestic and foreign subsidiaries including the non-U.S. subsidiary guarantors. | ||||||||||||||
The agreements governing the European Revolving Credit Facility and the indenture governing the European Fleet Notes contain covenants that apply to the Hertz credit group similar to those for the Senior Notes. The terms of the European Fleet Debt permit HHN BV to incur additional indebtedness that would be pari passu with either the European Revolving Credit Facility or the European Fleet Notes. | ||||||||||||||
European Securitization | ||||||||||||||
In July 2010, certain foreign subsidiaries entered into a facility agreement that provides for aggregate maximum borrowings of €400.0 million (the equivalent of $550.0 million as of December 31, 2013) (subject to borrowing base availability) on a revolving basis under an asset-backed securitization facility, or the “European Securitization.” The European Securitization is the primary fleet financing for our car rental operations in France and The Netherlands. The lenders under the European Securitization have been granted a security interest primarily in the owned rental car fleet used in our car rental operations in France and The Netherlands and certain contractual rights related to such vehicles. | ||||||||||||||
In August 2011, certain foreign subsidiaries extended the expected maturity of our European Securitization Facility to July 2013. In connection with the extension, International Fleet Financing No. 2 B.V. made a number of modifications to the financing arrangement including increasing the advance rate and decreasing pricing. | ||||||||||||||
In July 2012, International Fleet Financing No. 2 B.V. amended the European Securitization to extend the maturity from July 2013 to July 2014. | ||||||||||||||
Hertz-Sponsored Canadian Securitization | ||||||||||||||
In May 2007, certain foreign subsidiaries entered into a facility agreement that provides for aggregate maximum borrowings of CAD$225.0 million (the equivalent of $210.2 million as of December 31, 2013) (subject to borrowing base availability) on a revolving basis under an asset-backed securitization facility, or as amended, the “Canadian Securitization.” The Canadian Securitization is the primary fleet financing for our car rental operations in Canada. The lender under the Canadian Securitization has been granted an indirect security interest primarily in the owned rental car fleet used in our car rental operations in Canada and certain contractual rights related to such vehicles as well as certain other assets owned by entities connected to the financing. | ||||||||||||||
In November 2011, Hertz's indirect wholly owned subsidiary HC Limited Partnership extended the maturity of the Canadian Securitization to January 2012 and reduced the facility size to CAD$200.0 million (equivalent to $186.8 million as of December 31, 2013). In connection with the extension, HC Limited Partnership made a number of modifications to the financing arrangement including decreasing the pricing. | ||||||||||||||
In January 2012, HC Limited Partnership amended the Canadian Securitization to extend the maturity date from January 2012 to March 2012. In March 2012, HC Limited Partnership amended the Canadian Securitization to extend the maturity date from March 2012 to May 2012. In the second quarter of 2012, the maturity date was extended to June 2013. In the second quarter of 2013, the maturity date was extended to March 2014. In February 2014, the maturity date was extended to March 2015. See Note 19—Subsequent Events. | ||||||||||||||
Dollar Thrifty-Sponsored Canadian Securitization | ||||||||||||||
In March 2012 certain foreign subsidiaries of Dollar Thrifty entered into a trust indenture that permits the issuance of term and revolving rental car asset-backed securities, the collateral for which consists primarily of the rental car fleet used in Dollar Thrifty’s Canadian car rental operations and contractual rights related to such vehicles. These subsidiaries became indirect wholly-owned subsidiaries of Hertz when Hertz acquired Dollar Thrifty. | ||||||||||||||
In March 2012 these subsidiaries issued asset-backed variable funding notes that provide for aggregate maximum borrowings of CAD$150.0 million (the equivalent of $140.1 million as of December 31, 2013) (subject to borrowing base availability) on a revolving basis, or the “Dollar Thrifty-Sponsored Canadian Securitization.” The maturity date of the Dollar Thrifty-Sponsored Canadian Securitization is August 2014. In February 2014, the maturity date was extended to March 2015. See Note 19—Subsequent Events. | ||||||||||||||
Australian Securitization | ||||||||||||||
In November 2010, certain foreign subsidiaries entered into a facility agreement that provides for aggregate maximum borrowings of A$250.0 million (the equivalent of $221.8 million as of December 31, 2013) (subject to borrowing base availability) on a revolving basis under an asset-backed securitization facility, or the “Australian Securitization.” The Australian Securitization is the primary fleet financing for Hertz's car rental operations in Australia. The lender under the Australian Securitization has been granted a security interest primarily in the owned rental car fleet used in our car rental operations in Australia and certain contractual rights related to such vehicles. | ||||||||||||||
In October 2012, Hertz's indirect, wholly-owned subsidiary HA Fleet Pty Limited amended the Australian Securitization to extend the expected maturity date thereunder to December 2014. | ||||||||||||||
See Note 15—Financial Instruments and Fair Value Measurements. | ||||||||||||||
Brazilian Fleet Financing Facility | ||||||||||||||
Our Brazilian operating subsidiary is party to certain local financing arrangements, which are collateralized by certain of its assets, which we refer to as the "Brazilian Fleet Financing Facility." | ||||||||||||||
In June 2012, Hertz caused its Brazilian operating subsidiary to amend the Brazilian Fleet Financing Facility to extend the maturity date from June 2012 to February 2013. In February 2013, Hertz caused its Brazilian operating subsidiary to amend the Brazilian Fleet Financing Facility to extend the maturity date from February 2013 to October 2013. | ||||||||||||||
In October 2013, Hertz caused its Brazilian subsidiary to enter into a new Brazilian Fleet Financing Facility with a maturity date of October 2014. Proceeds from the new facility were used to repay the facility set to mature on October 2013. | ||||||||||||||
Capitalized Leases | ||||||||||||||
References to the “Capitalized Leases” include the capitalized lease financings outstanding in the United Kingdom, or the “U.K. Leveraged Financing,” Australia, The Netherlands and the United States. The amount committed under the U.K. Leveraged Financing, which is the largest portion of the Capitalized Leases, as of December 31, 2013 was £195 million (the equivalent of $321.4 million as of December 31, 2013). | ||||||||||||||
In May 2013, the U.K. Leveraged Financing was amended to create a commitment period running from May 30, 2013 through October 30, 2013 that provided for additional amounts available under the U.K. Leveraged Financing of £25 million (the equivalent of $41.2 million as of December 31, 2013). This seasonal facility was drawn for most of the period and paid down at the end of October 2013 in line with its maturity date and defleeting activities. | ||||||||||||||
Restricted Net Assets | ||||||||||||||
As a result of the contractual restrictions on Hertz's or its subsidiaries' ability to pay dividends (directly or indirectly) under various terms of our debt, as of December 31, 2013, the restricted net assets of our subsidiaries exceeded 25% of our total consolidated net assets. | ||||||||||||||
Financial Covenant Compliance | ||||||||||||||
Under the terms of our Senior Term Facility and Senior ABL Facility, we are not subject to ongoing financial maintenance covenants; however, under the Senior ABL Facility, failure to maintain certain levels of liquidity will subject the Hertz credit group to a contractually specified fixed charge coverage ratio of not less than 1:1 for the four quarters most recently ended. As of December 31, 2013, we were not subject to such contractually specified fixed charge coverage ratio. | ||||||||||||||
Borrowing Capacity and Availability | ||||||||||||||
As of December 31, 2013, the following facilities were available for the use of Hertz and its subsidiaries (in millions of dollars): | ||||||||||||||
Remaining | Availability Under | |||||||||||||
Capacity | Borrowing Base | |||||||||||||
Limitation | ||||||||||||||
Corporate Debt | ||||||||||||||
Senior ABL Facility | $ | 1,156.70 | $ | 1,156.70 | ||||||||||
Total Corporate Debt | 1,156.70 | 1,156.70 | ||||||||||||
Fleet Debt | ||||||||||||||
HVF U.S. Fleet Variable Funding Notes | 90 | — | ||||||||||||
HVF II U.S. Fleet Variable Funding Notes | 210 | — | ||||||||||||
HFLF Variable Funding Notes | 104 | — | ||||||||||||
U.S. Fleet Financing Facility | 37 | — | ||||||||||||
European Securitization | 269.5 | 4.1 | ||||||||||||
European Revolving Credit Facility | — | — | ||||||||||||
Hertz-Sponsored Canadian Securitization | 98.1 | — | ||||||||||||
Dollar Thrifty-Sponsored Canadian Securitization | 101.8 | — | ||||||||||||
Australian Securitization | 110.9 | — | ||||||||||||
Capitalized Leases | 19.8 | 19.8 | ||||||||||||
Total Fleet Debt | 1,041.10 | 23.9 | ||||||||||||
Total | $ | 2,197.80 | $ | 1,180.60 | ||||||||||
Our borrowing capacity and availability primarily comes from our "revolving credit facilities," which are a combination of asset-backed securitization facilities and asset-based revolving credit facilities. Creditors under each of our revolving credit facilities have a claim on a specific pool of assets as collateral. Our ability to borrow under each revolving credit facility is a function of, among other things, the value of the assets in the relevant collateral pool. We refer to the amount of debt we can borrow given a certain pool of assets as the "borrowing base." | ||||||||||||||
We refer to "Remaining Capacity" as the maximum principal amount of debt permitted to be outstanding under the respective facility (i.e., the amount of debt we could borrow assuming we possessed sufficient assets as collateral) less the principal amount of debt then-outstanding under such facility. | ||||||||||||||
We refer to "Availability Under Borrowing Base Limitation" as the lower of Remaining Capacity or the borrowing base less the principal amount of debt then-outstanding under such facility (i.e., the amount of debt we could borrow given the collateral we possess at such time). | ||||||||||||||
As of December 31, 2013, the Senior ABL Facility had $1,026.1 million available under the letter of credit facility sublimit, subject to borrowing base restrictions. | ||||||||||||||
Substantially all of our revenue earning equipment and certain related assets are owned by special purpose entities, or are encumbered in favor of our lenders under our various credit facilities. | ||||||||||||||
Some of these special purpose entities are consolidated variable interest entities, of which Hertz is the primary beneficiary, whose sole purpose is to provide commitments to lend in various currencies subject to borrowing bases comprised of rental vehicles and related assets of certain of Hertz International, Ltd.'s subsidiaries. As of December 31, 2013 and December 31, 2012, our International Fleet Financing No. 1 B.V., International Fleet Financing No. 2 B.V. and HA Funding Pty, Ltd. variable interest entities had total assets primarily comprised of loans receivable and revenue earning equipment of $689.7 million and $440.8 million, respectively, and total liabilities primarily comprised of debt of $689.1 million and $440.3 million, respectively. | ||||||||||||||
Accrued Interest | ||||||||||||||
As of December 31, 2013 and 2012, accrued interest was $73.5 million and $86.4 million, respectively, which is reflected in our consolidated balance sheet in “Accrued liabilities.” |
Employee_Retirement_Benefits
Employee Retirement Benefits | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Employee Retirement Benefits | ' | |||||||||||||||||||||||||||||||||||
Employee Retirement Benefits | ||||||||||||||||||||||||||||||||||||
Qualified U.S. employees, after completion of specified periods of service, are eligible to participate in The Hertz Corporation Account Balance Defined Benefit Pension Plan, or the “Hertz Retirement Plan,” a cash balance plan. Under this qualified Hertz Retirement Plan, we pay the entire cost and employees are not required to contribute. | ||||||||||||||||||||||||||||||||||||
Most of our international subsidiaries have defined benefit retirement plans or participate in various insured or multiemployer plans. In certain countries, when the subsidiaries make the required funding payments, they have no further obligations under such plans. | ||||||||||||||||||||||||||||||||||||
Company plans are generally funded, except for certain nonqualified U.S. defined benefit plans and in Germany and France, where unfunded liabilities are recorded. | ||||||||||||||||||||||||||||||||||||
We sponsor defined contribution plans for certain eligible U.S. and non-U.S. employees. We match contributions of participating employees on the basis specified in the plans. | ||||||||||||||||||||||||||||||||||||
An amendment to the Hertz Corporation Account Balance Defined Benefit Plan took effect on January 1, 2012. A fixed interest rate of 3% will be applied to cash balance credits in 2012 and later years. Previously, it was the rate published by the Pension Benefit Guarantee Corporation, or “PGBC,” for the December prior to the year the credit was earned. Also effective January 1, 2012, service credit rates for each employee will be determined on the first day of the year. | ||||||||||||||||||||||||||||||||||||
Effective January 1, 2014, The Hertz Corporation Account Balance Defined Benefit Pension Plan will be amended to provide a maximum annual compensation credit equal to 5.0% of eligible compensation paid to all plan members who are hired or rehired before January 1, 2014, unless as of December 31, 2013 the member has at least 120 months of continuous service, in which case the member continues with an annual credit of 6.5%. All Hertz employees who are hired on or after January 1, 2014 and Dollar Thrifty employees who become plan members on or after January 1, 2014 are eligible for a flat 3.0% annual compensation credit, regardless of the member's number of months of continuous service. This plan change had a favorable impact on the amount of pension expense recorded in 2013 of $2.8 million. | ||||||||||||||||||||||||||||||||||||
We sponsored a defined benefit pension plan in the U.K. On June 30, 2011, we approved an agreement with the trustees of that plan to cease all future benefit accruals to existing members and to close the plan to new members. Effective July 1, 2011, we introduced a defined contribution plan with company matching contributions to replace the defined benefit pension plan. The company matching contributions are generally 100% of the employee contributions, up to 8% of pay, except that former members of the defined benefit plan receive an enhanced match for five years. This resulted in lower contributions this year into the defined benefit plan, which were offset by matching contributions to the new defined contribution plan. In the year ended December 31, 2011, we recognized a gain of $13.1 million for the U.K. plan that represented unamortized prior service cost from a 2010 amendment that eliminated discretionary pension increases related to pre-1997 service primarily related to inactive employees. | ||||||||||||||||||||||||||||||||||||
We also sponsor postretirement health care and life insurance benefits for a limited number of employees with hire dates prior to January 1, 1990. The postretirement health care plan is contributory with participants' contributions adjusted annually. An unfunded liability is recorded. We also have a key officer postretirement car benefit plan that provides the use of a vehicle for retired Senior Vice Presidents and above who have a minimum of 20 years of service and who retired at age 58 or above. The assigned car benefit is available for 15 years postretirement or until the participant reaches the age of 80, whichever occurs last. | ||||||||||||||||||||||||||||||||||||
We use a December 31 measurement date for all of our plans. | ||||||||||||||||||||||||||||||||||||
The following tables set forth the funded status and the net periodic pension cost of the Hertz Retirement Plan, other postretirement benefit plans (including health care and life insurance plans covering domestic (“U.S.”) employees and the retirement plans for international operations (“Non-U.S.”), together with amounts included in our consolidated balance sheets and statements of operations (in millions of dollars): | ||||||||||||||||||||||||||||||||||||
Pension Benefits | Postretirement | |||||||||||||||||||||||||||||||||||
U.S. | Non-U.S. | Benefits (U.S.) | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||||||||||||||
Benefit obligation at January 1 | $ | 678.9 | $ | 606.4 | $ | 224.4 | $ | 190.8 | $ | 19 | $ | 18.2 | ||||||||||||||||||||||||
Service cost | 27.3 | 24.8 | 2.7 | 1.9 | 0.2 | 0.2 | ||||||||||||||||||||||||||||||
Interest cost | 28.3 | 28.2 | 9.3 | 9.7 | 0.6 | 0.8 | ||||||||||||||||||||||||||||||
Employee contributions | — | — | 0.1 | 0.1 | 0.8 | 0.8 | ||||||||||||||||||||||||||||||
Plan amendments | (5.3 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||
Plan settlements | — | (5.4 | ) | (0.2 | ) | — | — | — | ||||||||||||||||||||||||||||
Benefits paid | (23.2 | ) | (29.9 | ) | (4.5 | ) | (5.5 | ) | (2.1 | ) | (2.2 | ) | ||||||||||||||||||||||||
Foreign exchange translation | — | — | 6.9 | 7.7 | — | — | ||||||||||||||||||||||||||||||
Actuarial loss (gain) | (34.8 | ) | 54.8 | 4.2 | 9.4 | (3.0 | ) | 1.2 | ||||||||||||||||||||||||||||
Plan combination | — | — | — | 10.4 | — | — | ||||||||||||||||||||||||||||||
Other | — | — | (0.2 | ) | (0.1 | ) | — | — | ||||||||||||||||||||||||||||
Benefit obligation at December 31 | $ | 671.2 | $ | 678.9 | $ | 242.7 | $ | 224.4 | $ | 15.5 | $ | 19 | ||||||||||||||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 498.4 | $ | 423.2 | $ | 178.3 | $ | 157 | $ | — | $ | — | ||||||||||||||||||||||||
Actual return on plan assets | 67.7 | 64.2 | 22.6 | 15.6 | — | — | ||||||||||||||||||||||||||||||
Company contributions | 20.2 | 46.3 | 5 | 4.7 | 1.3 | 1.4 | ||||||||||||||||||||||||||||||
Employee contributions | — | — | 0.1 | 0.1 | 0.8 | 0.8 | ||||||||||||||||||||||||||||||
Plan settlements | — | (5.4 | ) | (0.2 | ) | — | — | — | ||||||||||||||||||||||||||||
Benefits paid | (23.2 | ) | (29.9 | ) | (4.5 | ) | (5.5 | ) | (2.1 | ) | (2.2 | ) | ||||||||||||||||||||||||
Foreign exchange translation | — | — | 5.4 | 6.5 | — | — | ||||||||||||||||||||||||||||||
Other | — | — | (0.2 | ) | (0.1 | ) | — | — | ||||||||||||||||||||||||||||
Fair value of plan assets at December 31 | $ | 563.1 | $ | 498.4 | $ | 206.5 | $ | 178.3 | $ | — | $ | — | ||||||||||||||||||||||||
Funded Status of the Plan | ||||||||||||||||||||||||||||||||||||
Plan assets less than benefit obligation | $ | (108.1 | ) | $ | (180.5 | ) | $ | (36.2 | ) | $ | (46.1 | ) | $ | (15.5 | ) | $ | (19.0 | ) | ||||||||||||||||||
Pension Benefits | Postretirement | |||||||||||||||||||||||||||||||||||
U.S. | Non-U.S. | Benefits (U.S.) | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Amounts recognized in balance sheet: | ||||||||||||||||||||||||||||||||||||
Accrued liabilities | $ | (108.1 | ) | $ | (180.5 | ) | $ | (36.2 | ) | $ | (46.1 | ) | $ | (15.5 | ) | $ | (19.0 | ) | ||||||||||||||||||
Net obligation recognized in the balance sheet | $ | (108.1 | ) | $ | (180.5 | ) | $ | (36.2 | ) | $ | (46.1 | ) | $ | (15.5 | ) | $ | (19.0 | ) | ||||||||||||||||||
Prior service credit (cost) | $ | 13.1 | $ | 9.1 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Net gain (loss) | (80.8 | ) | (167.6 | ) | (12.1 | ) | (17.5 | ) | 0.7 | (2.3 | ) | |||||||||||||||||||||||||
Accumulated other comprehensive gain (loss) | (67.7 | ) | (158.5 | ) | (12.1 | ) | (17.5 | ) | 0.7 | (2.3 | ) | |||||||||||||||||||||||||
Unfunded accrued pension or postretirement benefit | (40.4 | ) | (22.0 | ) | (24.1 | ) | (28.6 | ) | (16.2 | ) | (16.7 | ) | ||||||||||||||||||||||||
Net obligation recognized in the balance sheet | $ | (108.1 | ) | $ | (180.5 | ) | $ | (36.2 | ) | $ | (46.1 | ) | $ | (15.5 | ) | $ | (19.0 | ) | ||||||||||||||||||
Total recognized in other comprehensive (income) loss | $ | (90.8 | ) | $ | 8.3 | $ | (5.4 | ) | $ | 6.8 | $ | (3.0 | ) | $ | 1.1 | |||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ | (52.1 | ) | $ | 43.5 | $ | (6.0 | ) | $ | 6.1 | $ | (2.2 | ) | $ | 2.1 | |||||||||||||||||||||
Estimated amounts that will be amortized from accumulated other comprehensive (income) loss over the next fiscal year: | ||||||||||||||||||||||||||||||||||||
Net gain (loss) | $ | (8.9 | ) | $ | (16.0 | ) | $ | — | $ | (0.4 | ) | $ | — | $ | (0.1 | ) | ||||||||||||||||||||
Accumulated Benefit Obligation at December 31 | $ | 625.6 | $ | 619.2 | $ | 239.2 | $ | 216.8 | N/A | N/A | ||||||||||||||||||||||||||
Weighted-average assumptions as of December 31 | ||||||||||||||||||||||||||||||||||||
Discount rate | 4.8 | % | 4 | % | 4.4 | % | 4.3 | % | 4.4 | % | 3.6 | % | ||||||||||||||||||||||||
Expected return on assets | 7.6 | % | 7.6 | % | 7.4 | % | 7.4 | % | N/A | N/A | ||||||||||||||||||||||||||
Average rate of increase in compensation | 4.6 | % | 4.6 | % | 2.6 | % | 2 | % | N/A | N/A | ||||||||||||||||||||||||||
Initial health care cost trend rate | N/A | N/A | N/A | N/A | 7.5 | % | 7.8 | % | ||||||||||||||||||||||||||||
Ultimate health care cost trend rate | N/A | N/A | N/A | N/A | 4.5 | % | 4.5 | % | ||||||||||||||||||||||||||||
Number of years to ultimate trend rate | N/A | N/A | N/A | N/A | 16 | 17 | ||||||||||||||||||||||||||||||
The discount rate used to determine the December 31, 2013 benefit obligations for U.S. pension plans is based on the rate from the Mercer Pension Discount Curve-Above Mean Yield that is appropriate for the duration of our plan liabilities. For our plans outside the U.S., the discount rate reflects the market rates for an optimized subset of high-quality corporate bonds currently available. The discount rate in a country was determined based on a yield curve constructed from high quality corporate bonds in that country. The rate selected from the yield curve has a duration that matches our plan. | ||||||||||||||||||||||||||||||||||||
The expected return on plan assets for each funded plan is based on expected future investment returns considering the target investment mix of plan assets. | ||||||||||||||||||||||||||||||||||||
The following table sets forth the net periodic pension and postretirement (including health care, life insurance and auto) expense (in millions of dollars): | ||||||||||||||||||||||||||||||||||||
Pension Benefits | Postretirement | |||||||||||||||||||||||||||||||||||
U.S. | Non-U.S. | Benefits (U.S.) | ||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Components of Net Periodic | ||||||||||||||||||||||||||||||||||||
Service cost | $ | 27.3 | $ | 24.8 | $ | 26.2 | $ | 2.7 | $ | 1.9 | $ | 4 | $ | 0.2 | $ | 0.2 | $ | 0.2 | ||||||||||||||||||
Interest cost | 28.3 | 28.2 | 27.5 | 9.3 | 9.7 | 11 | 0.6 | 0.8 | 0.9 | |||||||||||||||||||||||||||
Expected return on plan assets | (30.8 | ) | (31.5 | ) | (30.5 | ) | (12.9 | ) | (12.1 | ) | (12.8 | ) | — | — | — | |||||||||||||||||||||
Net amortizations | 13.8 | 11.8 | 7.2 | 0.4 | (0.1 | ) | (0.7 | ) | — | — | 0.1 | |||||||||||||||||||||||||
Settlement loss | — | 2 | 2.2 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Curtailment gain | — | — | — | — | — | (12.9 | ) | — | — | — | ||||||||||||||||||||||||||
Special termination cost | — | — | — | — | — | 0.1 | — | — | — | |||||||||||||||||||||||||||
Net pension and postretirement expense | $ | 38.6 | $ | 35.3 | $ | 32.6 | $ | (0.5 | ) | $ | (0.6 | ) | $ | (11.3 | ) | $ | 0.8 | $ | 1 | $ | 1.2 | |||||||||||||||
Weighted-average discount rate for expense (January 1) | 3.96 | % | 4.71 | % | 5.12 | % | 4.31 | % | 4.78 | % | 5.36 | % | 3.6 | % | 4.4 | % | 4.9 | % | ||||||||||||||||||
Weighted-average assumed long-term rate of return on assets (January 1) | 7.6 | % | 8 | % | 8.4 | % | 7.41 | % | 7.44 | % | 7.46 | % | N/A | N/A | N/A | |||||||||||||||||||||
Initial health care cost trend rate | N/A | N/A | N/A | N/A | N/A | N/A | 7.8 | % | 8.1 | % | 8.4 | % | ||||||||||||||||||||||||
Ultimate health care cost trend rate | N/A | N/A | N/A | N/A | N/A | N/A | 4.5 | % | 4.5 | % | 4.5 | % | ||||||||||||||||||||||||
Number of years to ultimate trend rate | N/A | N/A | N/A | N/A | N/A | N/A | 16 | 17 | 18 | |||||||||||||||||||||||||||
The balance in “Accumulated other comprehensive income (loss)” at December 31, 2013 and 2012 relating to pension benefits was $49.3 million and $109.8 million, respectively. | ||||||||||||||||||||||||||||||||||||
Changing the assumed health care cost trend rates by one percentage point is estimated to have the following effects (in millions of dollars): | ||||||||||||||||||||||||||||||||||||
One Percentage Point | ||||||||||||||||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||||||||||||||
Effect on total of service and interest cost components | — | — | ||||||||||||||||||||||||||||||||||
Effect on postretirement benefit obligation | $ | 0.3 | $ | (0.3 | ) | |||||||||||||||||||||||||||||||
The provisions charged to income for the years ended December 31, 2013, 2012 and 2011 for all other pension plans were approximately $9.7 million, $8.9 million and $8.0 million, respectively. | ||||||||||||||||||||||||||||||||||||
The provisions charged to income for the years ended December 31, 2013, 2012 and 2011 for the defined contribution plans were approximately $17.9 million, $18.6 million and $18.0 million, respectively. | ||||||||||||||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||||||||||||||
We have a long-term investment outlook for the assets held in our Company sponsored plans, which is consistent with the long-term nature of each plan's respective liabilities. We have two major plans which reside in the U.S. and the U.K. | ||||||||||||||||||||||||||||||||||||
The U.S. Plan, or the “Plan,” currently has a target asset allocation of 65% equity and 35% fixed income. The equity portion of the Plan is invested in one passively managed S&P 500 index fund, one passively managed U.S. small/midcap fund, one actively managed international fund and one actively managed emerging markets fund. The fixed income portion of the Plan is actively managed by professional investment managers and is benchmarked to the Barclays Long Govt/Credit Index. The Plan assumes a 7.6% rate of return on assets expected long-term annual weighted-average for the Plan in total. | ||||||||||||||||||||||||||||||||||||
The U.K. Plan has a target allocation of 37.5% actively managed multi-asset funds, 27.5% passive equity funds and 35% passive bond funds. The actively managed multi-asset funds are intended to deliver a long-term equity-like return but with reduced levels of volatility. The target allocation for the passive bonds is 70% in index-linked government bonds and 30% in corporate bonds. The target allocation for the equity funds are that 45% are held in U.K. Equities and the remainder diversified across global markets. All of the invested assets of the U.K. Plan are held via pooled funds managed by professional investment managers. The U.K. Plan assumes a 7.5% rate of return on assets expected long-term weighted-average for the Plan in total. | ||||||||||||||||||||||||||||||||||||
The fair value measurements of our U.S. pension plan assets are based upon significant observable inputs (Level 2)that reflect quoted prices for similar assets or liabilities in active markets. The fair value measurements of our U.S. pension plan assets relate to common collective trusts and other pooled investment vehicles consisting of the following asset categories (in millions of dollars): | ||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
Asset Category | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Short Term Investments | $ | 13.4 | $ | 8.3 | ||||||||||||||||||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||||||||||||||
U.S. Large Cap | 159.6 | 135.9 | ||||||||||||||||||||||||||||||||||
U.S. Mid Cap | 45.4 | 42 | ||||||||||||||||||||||||||||||||||
U.S. Small Cap | 36.2 | 31.6 | ||||||||||||||||||||||||||||||||||
International Large Cap | 100.7 | 109.3 | ||||||||||||||||||||||||||||||||||
International Emerging Markets | 18.3 | — | ||||||||||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||||||
U.S. Treasuries | 59.8 | 67.5 | ||||||||||||||||||||||||||||||||||
Corporate Bonds | 106 | 83.8 | ||||||||||||||||||||||||||||||||||
Government Bonds | 5.9 | 4.4 | ||||||||||||||||||||||||||||||||||
Municipal Bonds | 11.4 | 9.1 | ||||||||||||||||||||||||||||||||||
Real Estate (REITs) | 6.4 | 6.5 | ||||||||||||||||||||||||||||||||||
Total fair value of pension plan assets | $ | 563.1 | $ | 498.4 | ||||||||||||||||||||||||||||||||
Our U.K. Plan accounts for most of the $206.5 million in fair value of Non-U.S. plan assets. The fair value measurements of our U.K. pension plan assets are based upon significant observable inputs (Level 2) and relate to common collective trusts and other pooled investment vehicles consisting of the following asset categories (in millions of dollars): | ||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
Asset Category | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Short Term Investments | $ | — | $ | 12.9 | ||||||||||||||||||||||||||||||||
Actively Managed Multi-Asset Funds: | ||||||||||||||||||||||||||||||||||||
Diversified Growth Funds | 74.1 | — | ||||||||||||||||||||||||||||||||||
Passive Equity Funds: | ||||||||||||||||||||||||||||||||||||
U.K. Equities | 24.3 | 66.1 | ||||||||||||||||||||||||||||||||||
Overseas Equities | 29.3 | 67.1 | ||||||||||||||||||||||||||||||||||
Passive Bond Funds: | ||||||||||||||||||||||||||||||||||||
Corporate Bonds | 20.3 | 5.3 | ||||||||||||||||||||||||||||||||||
Global Treasury Bonds | — | 9.3 | ||||||||||||||||||||||||||||||||||
Index-Linked Gilts-Stocks | 47 | 1.8 | ||||||||||||||||||||||||||||||||||
U.K. Conventional Gilts | — | 6.5 | ||||||||||||||||||||||||||||||||||
Total fair value of pension plan assets | $ | 195 | $ | 169 | ||||||||||||||||||||||||||||||||
Contributions | ||||||||||||||||||||||||||||||||||||
Our policy for funded plans is to contribute annually, at a minimum, amounts required by applicable laws, regulations and union agreements. From time to time we make contributions beyond those legally required. In 2013, we made discretionary cash contributions to our U.S. qualified pension plan of $18.7 million. In 2012, we made discretionary cash contributions to our U.S. qualified pension plan of $38.4 million. We expect to contribute between $25.0 million and $35.0 million to our U.S. plan during 2014. The level of 2014 and future contributions will vary, and is dependent on a number of factors including investment returns, interest rate fluctuations, plan demographics, funding regulations and the results of the final actuarial valuation. | ||||||||||||||||||||||||||||||||||||
Estimated Future Benefit Payments | ||||||||||||||||||||||||||||||||||||
The following table presents estimated future benefit payments (in millions of dollars): | ||||||||||||||||||||||||||||||||||||
Pension Benefits | Postretirement | |||||||||||||||||||||||||||||||||||
Benefits (U.S.) | ||||||||||||||||||||||||||||||||||||
2014 | $ | 33 | $ | 1.2 | ||||||||||||||||||||||||||||||||
2015 | 37.3 | 1.3 | ||||||||||||||||||||||||||||||||||
2016 | 43.4 | 1.2 | ||||||||||||||||||||||||||||||||||
2017 | 49.7 | 1.1 | ||||||||||||||||||||||||||||||||||
2018 | 53.1 | 1.2 | ||||||||||||||||||||||||||||||||||
Years after 2018 | 334.1 | 5.9 | ||||||||||||||||||||||||||||||||||
$ | 550.6 | $ | 11.9 | |||||||||||||||||||||||||||||||||
Multiemployer Pension Plans | ||||||||||||||||||||||||||||||||||||
We contribute to several multiemployer defined benefit pension plans under collective bargaining agreements that cover certain of our union-represented employees. The risks of participating in such plans are different from the risks of single-employer plans, in the following respects: | ||||||||||||||||||||||||||||||||||||
a) | Assets contributed to a multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. | |||||||||||||||||||||||||||||||||||
b) | If a participating employer ceases to contribute to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. | |||||||||||||||||||||||||||||||||||
c) | If we cease to have an obligation to contribute to the multiemployer plan in which we had been a contributing employer, we may be required to pay to the plan an amount based on the underfunded status of the plan and on the history of our participation in the plan prior to the cessation of our obligation to contribute. The amount that an employer that has ceased to have an obligation to contribute to a multiemployer plan is required to pay to the plan is referred to as a withdrawal liability. | |||||||||||||||||||||||||||||||||||
Our participation in multiemployer plans for the annual period ended December 31, 2013 is outlined in the table below. For each plan that is individually significant to us, the following information is provided: | ||||||||||||||||||||||||||||||||||||
The “EIN / Pension Plan Number” column provides the Employer Identification Number and the three-digit plan number assigned to a plan by the Internal Revenue Service. | ||||||||||||||||||||||||||||||||||||
The most recent Pension Protection Act Zone Status available for 2012 and 2013 is for plan years that ended in 2012 and 2013, respectively. The zone status is based on information provided to us and other participating employers by each plan and is certified by the plan's actuary. A plan in the “red” zone has been determined to be in “critical status”, based on criteria established under the Internal Revenue Code, or the “Code,” and is generally less than 65% funded. A plan in the “yellow” zone has been determined to be in “endangered status”, based on criteria established under the Code, and is generally less than 80% funded. A plan in the “green” zone has been determined to be neither in “critical status” nor in “endangered status,” and is generally at least 80% funded. | ||||||||||||||||||||||||||||||||||||
The “FIP/RP Status Pending/Implemented” column indicates whether a Funding Improvement Plan, as required under the Code to be adopted by plans in the “yellow” zone, or a Rehabilitation Plan, as required under the Code to be adopted by plans in the “red” zone, is pending or has been implemented as of the end of the plan year that ended in 2013. | ||||||||||||||||||||||||||||||||||||
The “Surcharge Imposed” column indicates whether our contribution rate for 2013 included an amount in addition the contribution rate specified in the applicable collective bargaining agreement, as imposed by a plan in “critical status,” in accordance with the requirements of the Code. | ||||||||||||||||||||||||||||||||||||
The last column lists the expiration dates of the collective bargaining agreements pursuant to which we contribute to the plans. | ||||||||||||||||||||||||||||||||||||
For plans that are not individually significant to us, the total amount of contributions is presented in the aggregate. | ||||||||||||||||||||||||||||||||||||
(In millions of dollars) | EIN /Pension | Pension | FIP / | Contributions by | Surcharge | Expiration | ||||||||||||||||||||||||||||||
Plan | Protection Act | RP Status | The Hertz Corporation | Dates of | ||||||||||||||||||||||||||||||||
Zone Status | Pending / | Collective | ||||||||||||||||||||||||||||||||||
Bargaining | ||||||||||||||||||||||||||||||||||||
Pension Fund | Number | 2013 | 2012 | Implemented | 2013 | 2012 | 2011 | Imposed | Agreements | |||||||||||||||||||||||||||
Western Conference of Teamsters | 91-6145047 | Green | Green | NA | $ | 4.4 | $ | 4.1 | $ | 3.9 | NA | 1/31/2013 - 10/1/2015 | ||||||||||||||||||||||||
Teamsters Central States | 36-6044243 | Critical | Critical | Implemented | 1.2 | 1.2 | 1.3 | No | 5/31/2013 - 3/10/2017 | |||||||||||||||||||||||||||
IAM National | 51-60321295 | Green | Green | NA | 0.8 | 0.7 | 0.6 | NA | 9/25/2011* - 8/31/2016 | |||||||||||||||||||||||||||
Midwest Operating Engineers | 36-6140097 | Green | Green | NA | 0.5 | 0.5 | 0.4 | NA | 2/28/14 | |||||||||||||||||||||||||||
Local 1034** | 13-6594795 | Critical | Critical | Implemented | 0.3 | 0.2 | 0.2 | Yes | 5/2/2013* | |||||||||||||||||||||||||||
Operating Engineers Local 324 | 38-1900637 | Critical | Critical | Implemented | 0.1 | 0.1 | 0.1 | No | 6/30/16 | |||||||||||||||||||||||||||
Western Pennsylvania Teamsters | 25-6029946 | Critical | Critical | Implemented | 0.1 | 0.1 | 0.1 | No | 11/4/14 | |||||||||||||||||||||||||||
7 Other Plans | 0.6 | 0.6 | 0.6 | |||||||||||||||||||||||||||||||||
Total Contributions | $ | 8 | $ | 7.5 | $ | 7.2 | ||||||||||||||||||||||||||||||
* | The parties are still attempting to negotiate a successor agreement. | |||||||||||||||||||||||||||||||||||
** | The amount contributed by Hertz to the Local 1034 Pension Fund was reported as being more than 5% of total contributions to the plan, on the fund's Form 5500 for the year ended 12/31/2013. | |||||||||||||||||||||||||||||||||||
During 2012, Hertz completely withdrew employees from an existing multi-employer pension plan with the Central States Pension Fund, or the “Pension Fund,” and entered into a new agreement with the Pension Fund, which adopted an alternative method for determining an employer's unfunded obligation that would limit Hertz funding obligations to the Pension Fund in the future. As part of the agreement, certain Pension Fund participants were effectively moved to the Hertz retirement plan and the remaining participants were moved to a new pension plan sponsored by the Pension Fund. In connection with the complete withdrawal from the Pension Fund, Hertz was subject to a withdrawal liability of approximately $24.1 million, substantially all of which was paid in December 2012. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2012 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Stock-Based Compensation | ' | ||||||||||||
Stock-Based Compensation | |||||||||||||
Plans | |||||||||||||
On February 28, 2008, the Board of Directors of Hertz and Hertz Holdings jointly adopted the Hertz Global Holdings, Inc. 2008 Omnibus Incentive Plan, or the “Omnibus Plan,” which was approved by the stockholders of Hertz Holdings at the annual meeting of stockholders held on May 15, 2008 and amended and restated on May 27, 2010. A maximum of 32.7 million shares are reserved for issuance under the Omnibus Plan. The Omnibus Plan provides for grants of both equity and cash awards, including non-qualified stock options, incentive stock options, stock appreciation rights, performance awards (shares and units), restricted stock, restricted stock units and deferred stock units to key executives, employees and non-management directors. We also granted awards under the Hertz Global Holdings, Inc. Stock Incentive Plan, or the “Stock Incentive Plan,” and the Hertz Global Holdings, Inc. Director Stock Incentive Plan, or the “Director Plan”, or collectively the “Prior Plans.” | |||||||||||||
The Omnibus Plan provides that no further awards will be granted pursuant to the Prior Plans. However, awards that had been previously granted pursuant to the Prior Plans will continue to be subject to and governed by the terms of the Prior Plans. As of December 31, 2013, there were 6.0 million shares of Hertz Holdings' common stock underlying awards outstanding under the Prior Plans. In addition, as of December 31, 2013, there were 8.2 million shares of Hertz Holdings' common stock underlying awards outstanding under the Omnibus Plan. | |||||||||||||
In addition to the 14.2 million shares underlying outstanding awards as of December 31, 2013, we had 19.9 million shares of Hertz Holdings' common stock available for issuance of which 16.0 million is available under the Omnibus Plan, and 3.9 million is available under the treasury stock. The shares of common stock to be delivered under the Omnibus Plan may consist, in whole or in part, of common stock held in treasury or authorized but unissued shares of common stock, not reserved for any other purpose. | |||||||||||||
Shares subject to any award granted under the Omnibus Plan that for any reason are canceled, terminated, forfeited, settled in cash or otherwise settled without the issuance of common stock after the effective date of the Omnibus Plan will generally be available for future grants under the Omnibus Plan. | |||||||||||||
The non-cash stock-based compensation expense associated with the Prior Plans (as defined below) and the Omnibus Plan is pushed down from Hertz Holdings and recorded on the books at the Hertz level. | |||||||||||||
A summary of the total compensation expense and associated income tax benefits recognized under the Prior Plans and the Omnibus Plan, including the cost of stock options, RSUs, and PSUs, is as follows (in millions of dollars): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Compensation expense | $ | 36.1 | $ | 30.3 | $ | 31 | |||||||
Income tax benefit | (14.0 | ) | (11.7 | ) | (12.0 | ) | |||||||
Total | $ | 22.1 | $ | 18.6 | $ | 19 | |||||||
As of December 31, 2013, there was approximately $29.9 million of total unrecognized compensation cost related to non-vested stock options, RSUs and PSUs granted by Hertz Holdings under the Prior Plans and the Omnibus Plan. The total unrecognized compensation cost is expected to be recognized over the remaining 1.4 years, on a weighted average basis, of the requisite service period that began on the grant dates. | |||||||||||||
Stock Options and Stock Appreciation Rights | |||||||||||||
All stock options and stock appreciation rights granted under the Omnibus Plan will have a per-share exercise price of not less than the fair market value of one share of Hertz Holdings common stock on the grant date. Stock options and stock appreciation rights will vest based on a minimum period of service or the occurrence of events (such as a change in control, as defined in the Omnibus Plan) specified by the compensation committee of our Board of Directors. No stock options or stock appreciation rights will be exercisable after ten years from the grant date. | |||||||||||||
We have accounted for our employee stock-based compensation awards in accordance with ASC 718, “Compensation-Stock Compensation.” The non-cash stock based compensation expense associated with the Stock Incentive Plan is pushed down from Hertz Holdings and recorded on the books at the Hertz level. The options are being accounted for as equity-classified awards. We will recognize compensation cost on a straight-line basis over the vesting period. The value of each option award is estimated on the grant date using a Black-Scholes option valuation model that incorporates the assumptions noted in the following table. Because the stock of Hertz Holdings became publicly traded in November 2006 and had a short trading history, it was not practicable for us to estimate the expected volatility of Hertz Holdings' share price, or a peer company share price, because there was insufficient historical information about past volatility prior to 2013. Therefore, prior to 2013 we used the calculated value method, substituting the historical volatility of an appropriate industry sector index for the expected volatility of Hertz Holdings' common stock price as an assumption in the valuation model. We selected the Dow Jones Specialized Consumer Services sub-sector within the consumer services industry, and we used the U.S. large capitalization component, which includes the top 70% of the index universe (by market value). | |||||||||||||
The calculation of the historical volatility of the index was made using the daily historical closing values of the index for the preceding 6.25 years, because that is the expected term of the options using the simplified approach. | |||||||||||||
Hertz did not award any stock option equity grants in 2013. | |||||||||||||
Assumption | 2013 Grants | 2012 Grants | 2011 Grants | ||||||||||
Expected volatility | N/A | 81.5 | % | 36.7 | % | ||||||||
Expected dividend yield | N/A | — | % | — | % | ||||||||
Expected term (years) | N/A | 3 | 6.25 | ||||||||||
Risk-free interest rate | N/A | 0.4 | % | 2.56 | % | ||||||||
Weighted-average grant date fair value | N/A | $ | 14.62 | $ | 5.93 | ||||||||
A summary of option activity under the Stock Incentive Plan and the Omnibus Plan as of December 31, 2013 is presented below. | |||||||||||||
Options | Shares (In millions) | Weighted- | Weighted- | Aggregate Intrinsic | |||||||||
Average | Average | Value (In millions | |||||||||||
Exercise | Remaining | of dollars) | |||||||||||
Price | Contractual | ||||||||||||
Term (years) | |||||||||||||
Outstanding at January 1, 2013 | 13.2 | $ | 11.13 | 5.4 | $ | 74.7 | |||||||
Granted | — | — | |||||||||||
Exercised | (3.0 | ) | 9.64 | ||||||||||
Forfeited or Expired | (0.2 | ) | 12.1 | ||||||||||
Outstanding at December 31, 2013 | 10 | $ | 11.55 | 4.5 | $ | 170.1 | |||||||
Exercisable at December 31, 2013 | 8.5 | $ | 11.37 | 4.1 | $ | 146.6 | |||||||
A summary of non-vested options as of December 31, 2013, and changes during the year, is presented below. | |||||||||||||
Non-vested | Weighted- | Weighted- | |||||||||||
Shares (In millions) | Average | Average Grant- | |||||||||||
Exercise Price | Date Fair | ||||||||||||
Value | |||||||||||||
Non-vested as of January 1, 2013 | 2.9 | $ | 12.23 | $ | 4.98 | ||||||||
Granted | — | — | — | ||||||||||
Vested | (1.3 | ) | 11.69 | 4.77 | |||||||||
Forfeited | (0.1 | ) | 12.1 | 5.42 | |||||||||
Non-vested as of December 31, 2013 | 1.5 | $ | 12.6 | 5.13 | |||||||||
Additional information pertaining to option activity under the plans is as follows (in millions of dollars): | |||||||||||||
Years ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Aggregate intrinsic value of stock options exercised | $ | 42 | $ | 15.1 | $ | 15 | |||||||
Cash received from the exercise of stock options | 26.9 | 11.2 | 13.1 | ||||||||||
Fair value of options that vested | 6 | 9 | 17.4 | ||||||||||
Tax benefit realized on exercise of stock options | 1.3 | 0.9 | 0.5 | ||||||||||
Performance Stock, Performance Stock Units, Restricted Stock and Restricted Stock Units | |||||||||||||
Performance stock, PSUs and performance units granted under the Omnibus Plan will vest based on the achievement of pre-determined performance goals over performance periods determined by the Compensation Committee of the Board of Directors of Hertz Holdings. Each of the units granted under the Omnibus Plan represent the right to receive one share of Hertz Holdings' common stock on a specified future date. In the event of an employee's death or disability, a pro rata portion of the employee's performance stock, performance stock units and performance units will vest to the extent performance goals are achieved at the end of the performance period. Restricted Stock and RSUs granted under the Omnibus Plan will vest based on a minimum period of service or the occurrence of events (such as a change in control, as defined in the Omnibus Plan) specified by the Compensation, Nominating and Governance Committee of the Board of Directors of Hertz Holdings. | |||||||||||||
A summary of the PSU activity under the Omnibus Plan as of December 31, 2013 is presented below. | |||||||||||||
Shares (In millions) | Weighted- | Aggregate Intrinsic | |||||||||||
Average | Value (In millions | ||||||||||||
Fair Value | of dollars) | ||||||||||||
Outstanding at January 1, 2013 | 2.3 | $ | 12.18 | $ | 37.4 | ||||||||
Granted | 1.7 | 19.95 | |||||||||||
Vested | (0.4 | ) | 10.4 | ||||||||||
Forfeited or Expired | (0.3 | ) | 15.24 | ||||||||||
Outstanding at December 31, 2013 | 3.3 | $ | 15.68 | $ | 95.8 | ||||||||
A summary of RSU activity under the Omnibus Plan as of December 31, 2013 is presented below. | |||||||||||||
Shares (In millions) | Weighted- | Aggregate Intrinsic | |||||||||||
Average | Value (In millions | ||||||||||||
Fair Value | of dollars) | ||||||||||||
Outstanding at January 1, 2013 | 1.9 | $ | 12.62 | $ | 30.5 | ||||||||
Granted | 0.3 | 23.95 | |||||||||||
Vested | (1.1 | ) | 11.64 | ||||||||||
Forfeited or Expired | (0.2 | ) | 13.68 | ||||||||||
Outstanding at December 31, 2013 | 0.9 | $ | 17 | $ | 25.6 | ||||||||
Additional information pertaining to RSU activity is as follows: | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Total fair value of awards that vested ($ millions) | $ | 12.9 | $ | 14.6 | $ | 9.6 | |||||||
Weighted average grant date fair value of awards | $ | 23.95 | $ | 13.78 | $ | 14.78 | |||||||
Compensation expense for PSUs and RSUs is based on the grant date fair value, and is recognized ratably over the vesting period. For grants in 2011, 2012 and 2013, the vesting period is three years (for grants in 2011, 25% in the first year, 25% in the second year and 50% in the third year and for grants in 2012 and 2013, 33 1/3% per year). In addition to the service vesting condition, the PSUs had an additional vesting condition which called for the number of units that will be awarded being based on achievement of a certain level of Corporate EBITDA over the applicable measurement period. | |||||||||||||
2013 Awards | |||||||||||||
In February 2013, Hertz Holdings' granted 1.7 million Performance Stock Units, or "PSUs," to certain executives and employees at a grant date fair value of $19.95, under the Hertz Global Holdings, Inc. 2008 Omnibus Incentive Plan, or the "Omnibus Plan." Of the total PSUs awarded 1.1 million PSUs have a performance condition under which the number of units that will ultimately be awarded will vary from 0% to 150% of the original grant, based on 2013 and combined 2013-2014 Corporate EBITDA results. "EBITDA" means consolidated net income before net interest expense, consolidated income taxes and consolidated depreciation (which includes revenue earning equipment lease charges) and amortization and "Corporate EBITDA," represents EBITDA as adjusted for car rental fleet interest, car rental fleet depreciation and certain other items, as provided in the applicable award agreements. These PSU awards vest evenly over a three year vesting period. Of the total PSUs awarded, 0.5 million PSUs have a performance condition under which the number of units that will ultimately be awarded will be 0% to 100% of the original grant. Satisfaction of the performance condition under this grant is contingent upon final 2013 Corporate EBITDA Margin exceeding a minimum level. "Corporate EBITDA Margin" means Corporate EBITDA as a percentage of Consolidated Revenue. These PSU awards vest evenly over a three year vesting period. Of the total PSUs awarded, 0.1 million PSUs have a performance condition under which the number of units that will ultimately be awarded will be 0% to 100% of the original grant. Satisfaction of the performance condition under this grant is contingent upon final 2013 Corporate EBITDA Margin exceeding a minimum level. These PSU awards vest evenly over a two year vesting period. | |||||||||||||
Hertz Holdings granted a total of 0.3 million Restricted Stock Units, or "RSUs," during 2013 at a fair value of $23.95. Of the total RSUs awarded, 0.2 million RSUs vest 33 1/3% annually over three years. The remaining RSUs cliff vest after 2 years, 3 years or cliff vest 50% after year 3 and 50% after year 4. | |||||||||||||
Employee Stock Purchase Plan | |||||||||||||
On February 28, 2008, upon recommendation of the compensation committee of the Board of Directors, or “Committee,” of Hertz Holdings, Hertz Holdings' Board of Directors adopted the Hertz Global Holdings, Inc. Employee Stock Purchase Plan, or the “ESPP,” and the plan was approved by the stockholders of Hertz Holdings' on May 15, 2008. An amendment was approved by our stockholders on May 15, 2013. The ESPP is intended to be an “employee stock purchase plan” within the meaning of Section 423 of the Internal Revenue Code. | |||||||||||||
The maximum number of shares that may be purchased under the ESPP is 8.0 million shares of Hertz Holdings' common stock, subject to adjustment in the case of any change in Hertz Holdings' shares, including by reason of a stock dividend, stock split, share combination, recapitalization, reorganization, merger, consolidation or change in corporate structure. An eligible employee may elect to participate in the ESPP each quarter (or other period established by the Compensation Committee) through a payroll deduction. The maximum and minimum contributions that an eligible employee may make under all of Hertz Holdings' qualified employee stock purchase plans will be determined by the Compensation Committee, provided that no employee may be permitted to purchase stock with an aggregate fair market value greater than $25,000 per year. At the end of the offering period, the total amount of each employee's payroll deduction will be used to purchase shares of Hertz Holdings' common stock. The purchase price per share will be not less than 85% of the market price of Hertz Holdings' common stock on the date of purchase; the exact percentage for each offering period will be set in advance by the Compensation Committee. | |||||||||||||
For the years ended December 31, 2013, 2012 and 2011, we recognized compensation cost of approximately $0.9 million, $0.8 million and $0.7 million, respectively, for the amount of the discount on the stock purchased by our employees under the ESPP. Approximately 2,100 employees participated in the ESPP as of December 31, 2013. |
Depreciation_of_Revenue_Earnin
Depreciation of Revenue Earning Equipment and Lease Charges | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Depreciation of Revenue Earning Equipment and Lease Charges Disclosure [Abstract] | ' | |||||||||||
Depreciation of Revenue Earning Equipment and Lease Charges | ' | |||||||||||
Depreciation of Revenue Earning Equipment and Lease Charges | ||||||||||||
Depreciation of revenue earning equipment and lease charges includes the following (in millions of dollars): | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Depreciation of revenue earning equipment | $ | 2,407.80 | $ | 2,145.90 | $ | 1,912.30 | ||||||
Adjustment of depreciation upon disposal of revenue earning equipment | 37.2 | (96.8 | ) | (112.2 | ) | |||||||
Rents paid for vehicles leased | 80.5 | 79.8 | 96.1 | |||||||||
Total | $ | 2,525.50 | $ | 2,128.90 | $ | 1,896.20 | ||||||
The adjustment of depreciation upon disposal of revenue earning equipment for the years ended December 31, 2013, 2012 and 2011, included net losses of $48.2 million, and net gains of $100.6 million and $114.9 million, respectively, on the disposal of vehicles used in our U.S. car rental operations, net losses of $15.2 million, $17.3 million and $16.0 million, respectively, on the disposal of vehicles used in our international car rental operations and net gains of $26.2 million, $13.5 million and $13.3 million, respectively, on the disposal of industrial and construction equipment used in our worldwide equipment rental operations. The loss on vehicle sales in our car rental operations was primarily due to a combination of declining residual values from falling demand for used vehicles and timing of sales of revenue earning equipment in our car rental operations. | ||||||||||||
Depreciation rates are reviewed on a quarterly basis based on management's routine review of present and estimated future market conditions and their effect on residual values at the time of disposal. During the year ended December 31, 2013, depreciation rates being used to compute the provision for depreciation of revenue earning equipment were adjusted on certain vehicles in our car rental operations to reflect changes in the estimated residual values to be realized when revenue earning equipment is sold. These depreciation rate changes in our U.S. car rental operations from previous quarters resulted in net decreases of $44.2 million, $139.4 million and $26.7 million in depreciation expense for the years ended December 31, 2013, 2012 and 2011, respectively. The favorable adjustments reflect changes from the impact of car sales channel diversification, acceleration of our retail sales expansion and the optimization of fleet holding periods related to the integration of Dollar Thrifty. The cumulative effect of the reduction in rates was also indicative of the residual values experienced in the U.S. for the years ended December 31, 2013, 2012 and 2011. These depreciation rate changes in our international operations resulted in net increases of $5.0 million, $8.8 million and $12.9 million in depreciation expense for the years ended December 31, 2013, 2012 and 2011. In 2013, 2012 and 2011, the depreciation rate changes in certain of our worldwide equipment rental operations resulted in a decrease of $0.4 million, an increase of $0.5 million, and a decrease of $4.4 million in depreciation expense, respectively. |
Taxes_on_Income
Taxes on Income | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Taxes on Income | ' | ||||||||||||
Taxes on Income | |||||||||||||
The components of income before income taxes for the periods were as follows (in millions of dollars): | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Domestic | $ | 627.2 | $ | 402.2 | $ | 223.5 | |||||||
Foreign | 112 | 91.4 | 131.7 | ||||||||||
Total | $ | 739.2 | $ | 493.6 | $ | 355.2 | |||||||
The total provision for taxes on income consists of the following (in millions of dollars): | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | (4.7 | ) | $ | 19.6 | $ | 10.3 | ||||||
Foreign | 56.3 | 32.2 | 29.4 | ||||||||||
State and local | 23.3 | 39.1 | 28.5 | ||||||||||
Total current | 74.9 | 90.9 | 68.2 | ||||||||||
Deferred: | |||||||||||||
Federal | 239.3 | 139 | 78.1 | ||||||||||
Foreign | 13.6 | 11 | (3.7 | ) | |||||||||
State and local | 17.4 | (18.5 | ) | (5.4 | ) | ||||||||
Total deferred | 270.3 | 131.5 | 69 | ||||||||||
Total provision | $ | 345.2 | $ | 222.4 | $ | 137.2 | |||||||
The principal items of the U.S. and foreign net deferred tax assets and liabilities at December 31, 2013 and 2012 are as follows (in millions of dollars): | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred Tax Assets: | |||||||||||||
Employee benefit plans | $ | 83.9 | $ | 103.6 | |||||||||
Net operating loss carryforwards | 1,835.30 | 1,669.50 | |||||||||||
Federal, state and foreign local tax credit carryforwards | 48 | 47.1 | |||||||||||
Accrued and prepaid expenses | 381.4 | 342.3 | |||||||||||
Total Deferred Tax Assets | 2,348.60 | 2,162.50 | |||||||||||
Less: Valuation Allowance | (279.4 | ) | (226.4 | ) | |||||||||
Total Net Deferred Tax Assets | 2,069.20 | 1,936.10 | |||||||||||
Deferred Tax Liabilities: | |||||||||||||
Depreciation on tangible assets | (3,552.6 | ) | (3,090.7 | ) | |||||||||
Intangible assets | (1,436.1 | ) | (1,477.2 | ) | |||||||||
Total Deferred Tax Liabilities | (4,988.7 | ) | (4,567.9 | ) | |||||||||
Net Deferred Tax Liability | $ | (2,919.5 | ) | $ | (2,631.8 | ) | |||||||
As of December 31, 2013, deferred tax assets of $1,459.6 million were recorded for unutilized U.S. Federal Net Operating Losses, or “NOL,” carry forwards of $4,170.2 million. The total Federal NOL carry forwards are $4,270.9 million of which $100.7 million relate to excess tax deductions associated with stock option plans which have yet to reduce taxes payable. Upon the utilization of these carry forwards, the associated tax benefits of approximately $35.2 million will be recorded to Additional paid-in capital. The Federal NOLs begin to expire in 2025. State NOLs exclusive of the effects of the excess tax deductions, have generated a deferred tax asset of $142.2 million. The state NOLs expire over various years beginning in 2014 depending upon particular jurisdiction. | |||||||||||||
As of December 31, 2013, deferred tax assets of $233.4 million were recorded for foreign NOL carry forwards of $994.2 million. A valuation allowance of $201.0 million at December 31, 2013 was recorded against these deferred tax assets because those assets relate to jurisdictions that have historical losses and the likelihood exists that a portion of the NOL carry forwards may not be utilized in the future. | |||||||||||||
The foreign NOL carry forwards of $994.2 million include $722.5 million which have an indefinite carry forward period and associated deferred tax assets of $155.4 million. The remaining foreign NOLs of $271.7 million are subject to expiration beginning in 2015 and have associated deferred tax assets of $78.0 million. | |||||||||||||
As of December 31, 2013, deferred tax assets for U.S. Foreign Tax Credit carry forwards were $20.8 million which relate to credits generated as of December 31, 2007. The carry forwards will begin to expire in 2015. A valuation allowance of $13.5 million at December 31, 2013 was recorded against a portion of the U.S. foreign tax credit deferred tax assets in the likelihood that they may not be utilized in the future. A deferred tax asset was also recorded for various state tax credit carry forwards of $3.0 million, which will begin to expire in 2027. | |||||||||||||
In determining the valuation allowance, an assessment of positive and negative evidence was performed regarding realization of the net deferred tax assets in accordance with ASC 740-10, “Accounting for Income Taxes,” or “ASC 740-10.” This assessment included the evaluation of scheduled reversals of deferred tax liabilities, the availability of carry forwards and estimates of projected future taxable income. Based on the assessment, as of December 31, 2013, total valuation allowances of $279.4 million were recorded against deferred tax assets. Although realization is not assured, we have concluded that it is more likely than not the remaining deferred tax assets of $2,069.2 million will be realized and as such no valuation allowance has been provided on these assets. | |||||||||||||
The significant items in the reconciliation of the statutory and effective income tax rates consisted of the following: | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory Federal Tax Rate | 35 | % | 35 | % | 35 | % | |||||||
Foreign tax differential | (2.4 | ) | (3.2 | ) | (3.5 | ) | |||||||
State and local income taxes, net of federal income tax benefit | 4.5 | 2.9 | 4 | ||||||||||
Change in state statutory rates, net of federal income tax benefit | (0.1 | ) | (1.0 | ) | 0.6 | ||||||||
Federal and foreign permanent differences | 4.9 | 2.3 | 0.5 | ||||||||||
Withholding taxes | 1.7 | 1.7 | 2.1 | ||||||||||
Uncertain tax positions | (0.5 | ) | (0.6 | ) | (0.9 | ) | |||||||
Change in valuation allowance | 5.1 | 8 | 0.6 | ||||||||||
All other items, net | (1.5 | ) | — | 0.2 | |||||||||
Effective Tax Rate | 46.7 | % | 45.1 | % | 38.6 | % | |||||||
The effective tax rate for the year ended December 31, 2013 was 46.7% as compared to 45.1% in the year ended December 31, 2012. The provision for taxes on income increased $122.8 million, primarily due to higher income before income taxes, changes in geographic earnings mix, increased state and local tax expense, increase in deductible interest limitations in various countries and other permanent differences; offset by a decrease in valuation allowance relating to losses in certain non-U.S. jurisdictions for which tax benefits are not realized. See Note 9 to the Notes to our consolidated financial statements included in this Annual Report under the caption "Item 8—Financial Statements and Supplementary Data." | |||||||||||||
As of December 31, 2013, our foreign subsidiaries have $475.0 million of undistributed earnings which could be subject to taxation if repatriated. Deferred tax liabilities have not been recorded for such earnings because it is management’s current intention to permanently reinvest such undistributed earnings offshore. Due to the uncertainty caused by the various methods in which such earnings could be repatriated, it is not practicable to estimate the actual amount of such deferred tax liabilities. If such earnings were repatriated and subject to taxation at the current U.S. federal tax rate, the tax liability, including the impact of foreign withholding taxes would be $184.0 million, excluding the impact of potential foreign tax credits. The Company would consider and pursue appropriate alternatives to reduce the tax liability. If, in the future, undistributed earnings are repatriated to the United States, or it is determined such earnings will be repatriated in the foreseeable future, deferred tax liabilities will be recorded. | |||||||||||||
As of December 31, 2013, total unrecognized tax benefits were $11.0 million, all of which, if recognized, would favorably impact the effective tax rate in future periods. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions of dollars): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at January 1 | $ | 18.7 | $ | 41.4 | $ | 46.3 | |||||||
Decrease attributable to tax positions taken during prior periods | (6.7 | ) | (26.0 | ) | (9.5 | ) | |||||||
Increase attributable to tax positions taken during the current year | 2.6 | 3.3 | 4.6 | ||||||||||
Decrease attributable to settlements with taxing authorities | (3.6 | ) | — | — | |||||||||
Balance at December 31 | $ | 11 | $ | 18.7 | $ | 41.4 | |||||||
We conduct business globally and, as a result, file one or more income tax returns in the U.S. and non-U.S. jurisdictions. In the normal course of business we are subject to examination by taxing authorities throughout the world. The open tax years for these jurisdictions span from 2003 to 2012. The Internal Revenue service completed their audit of the company's 2007 to 2011 tax returns and had no changes to the previously filed tax returns. Several U.S. state and non-U.S. jurisdictions are under audit. | |||||||||||||
In many cases the uncertain tax positions are related to tax years that remain subject to examination by the relevant taxing authorities. It is reasonable that approximately $3.0 million of unrecognized tax benefits may reverse within the next twelve months due to settlement with the relevant taxing authorities, expirations of the statute of limitation periods, and/or the filing of amended income tax returns. | |||||||||||||
Net, after-tax interest and penalties related to the liabilities for unrecognized tax benefits are classified as a component of “Provision for taxes on income” in the consolidated statement of operations. During the years ended December 31, 2013, 2012 and 2011, approximately $(1.0) million, $0.6 million and $1.9 million, respectively, in net, after-tax interest and penalties were recognized. As of December 31, 2013 and 2012, approximately $2.9 million and $4.2 million, respectively, of net, after-tax interest and penalties was accrued in our consolidated balance sheet within "Accrued taxes." |
Lease_and_Concession_Agreement
Lease and Concession Agreements | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Leases [Abstract] | ' | ||||||||||||
Lease and Concession Agreements | ' | ||||||||||||
Lease and Concession Agreements | |||||||||||||
We have various concession agreements, which provide for payment of rents and a percentage of revenue with a guaranteed minimum, and real estate leases under which the following amounts were expensed (in millions of dollars): | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Rents | $ | 185.3 | $ | 142.3 | $ | 135.9 | |||||||
Concession fees: | |||||||||||||
Minimum fixed obligations | 404.8 | 263.7 | 248.8 | ||||||||||
Additional amounts, based on revenues | 294.6 | 316.2 | 311.6 | ||||||||||
Total | $ | 884.7 | $ | 722.2 | $ | 696.3 | |||||||
For the years ended December 31, 2013, 2012 and 2011, sublease income reduced rent expense included in the above table by $5.3 million, $5.0 million and $5.0 million, respectively. | |||||||||||||
As of December 31, 2013, minimum obligations under existing agreements referred to above are approximately as follows (in millions of dollars): | |||||||||||||
Rents | Concessions | ||||||||||||
2014 | $ | 141.3 | $ | 407.9 | |||||||||
2015 | 116.9 | 310.3 | |||||||||||
2016 | 88.9 | 249.1 | |||||||||||
2017 | 66.8 | 188.9 | |||||||||||
2018 | 46.5 | 152 | |||||||||||
Years after 2018 | 195.7 | 685.6 | |||||||||||
The future minimum rent payments in the above table have been reduced by minimum future sublease rental inflows in aggregate of $20.4 million. | |||||||||||||
Many of our concession agreements and real estate leases require us to pay or reimburse operating expenses, such as common area charges and real estate taxes, to pay concession fees above guaranteed minimums or additional rent based on a percentage of revenues or sales (as defined in those agreements) arising at the relevant premises, or both. Such obligations are not reflected in the table of minimum future obligations appearing immediately above. We operate from various leased premises under operating leases with terms up to 25 years. A number of our operating leases contain renewal options. These renewal options vary, but the majority include clauses for renewal for various term lengths at various rates, both fixed and market. | |||||||||||||
In addition to the rents mentioned above, we have various leases on revenue earning equipment and office and computer equipment under which the following amounts were expensed (in millions of dollars): | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenue earning equipment | $ | 80.5 | $ | 79.8 | $ | 96.1 | |||||||
Office and computer equipment | 13.9 | 9.5 | 7.5 | ||||||||||
Total | $ | 94.4 | $ | 89.3 | $ | 103.6 | |||||||
As of December 31, 2013, minimum obligations under existing agreements referred to above that have a maturity of more than one year are as follows (in millions of dollars): | |||||||||||||
2014 | $ | 52.6 | |||||||||||
2015 | $ | 16 | |||||||||||
2016 | $ | 8 | |||||||||||
2017 | $ | 1.2 | |||||||||||
2018 | $ | — | |||||||||||
Years after 2018 | $ | — | |||||||||||
Commitments under capital leases within our vehicle rental programs have been reflected in Note 5—Debt. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Information | ' | ||||||||||||
Segment Information | |||||||||||||
We have identified four reportable segments, which are organized based on the products and services provided by our operating segments and the geographic areas in which our operating segments conduct business, as follows: rental of cars, crossovers and light trucks in the United States, or "U.S. car rental,” rental of cars, crossovers and light trucks internationally, or “international car rental," rental of industrial, construction, material handling and other equipment, or "worldwide equipment rental" and "all other operations," which includes our Donlen operating segment. Our U.S. car rental reportable segment consists of our United States operating segment. Our international car rental reportable segment consists of our Europe and Other International operating segments, which are aggregated into a reportable segment based primarily upon similar economic characteristics, products and services, customers, delivery methods and general regulatory environments. We do not aggregate operating segments in determining our worldwide equipment rental reportable segment. We have grouped information about our Donlen operating segment, which provides fleet leasing and management services and is not considered a separate reportable segment in accordance with applicable accounting standards, together with other business activities, such as our third party claim management services, under "all other operations." Other reconciling items include general corporate assets and expenses and certain interest expense (including net interest on corporate debt). | |||||||||||||
We historically aggregated our U.S., Europe, Other International and Donlen car rental operating segments together to produce a worldwide car rental reportable segment. We now present our operations as four reportable segments (U.S. car rental, international car rental, worldwide equipment rental and all other operations). We have revised our segment results presented herein to reflect this new segment structure, including for prior periods. | |||||||||||||
Adjusted pre-tax income is calculated as income before income taxes plus non-cash purchase accounting charges, debt-related charges relating to the amortization and write-off of debt financing costs and debt discounts and certain one-time charges and non-operational items. Adjusted pre-tax income is important to management because it allows management to assess operational performance of our business, exclusive of the items mentioned above. It also allows management to assess the performance of the entire business on the same basis as the segment measure of profitability. Management believes that it is important to investors for the same reasons it is important to management and because it allows them to assess our operational performance on the same basis that management uses internally. The contribution of our reportable segments to revenues and adjusted pre-tax income and the reconciliation to consolidated amounts are summarized below (in millions of dollars). | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | |||||||||||||
U.S. car rental | $ | 6,324.40 | $ | 4,893.20 | $ | 4,468.90 | |||||||
International car rental | 2,382.50 | 2,268.50 | 2,471.90 | ||||||||||
Worldwide equipment rental | 1,538.00 | 1,385.40 | 1,209.50 | ||||||||||
All other operations | 527 | 477.8 | 149 | ||||||||||
Total | $ | 10,771.90 | $ | 9,024.90 | $ | 8,299.30 | |||||||
Adjusted pre-tax income(a) | |||||||||||||
U.S. car rental | $ | 1,091.10 | $ | 872.8 | $ | 673.2 | |||||||
International car rental | $ | 141.2 | $ | 92.9 | $ | 145.6 | |||||||
Worldwide equipment rental | $ | 292.1 | $ | 226.2 | $ | 161.3 | |||||||
All other operations | $ | 57.3 | $ | 47.6 | $ | 15 | |||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Depreciation of revenue earning equipment and lease charges | |||||||||||||
U.S. car rental | $ | 1,269.30 | $ | 940.6 | $ | 971.7 | |||||||
International car rental | 532 | 528.2 | 553.2 | ||||||||||
Worldwide equipment rental | 298.8 | 272.1 | 254.3 | ||||||||||
All other operations | 425.4 | 388 | 117 | ||||||||||
Total | $ | 2,525.50 | $ | 2,128.90 | $ | 1,896.20 | |||||||
Depreciation of property and equipment | |||||||||||||
U.S. car rental | $ | 129.2 | $ | 99.3 | $ | 89.7 | |||||||
International car rental | 28 | 25.2 | 25.5 | ||||||||||
Worldwide equipment rental | 33.9 | 34.1 | 33.7 | ||||||||||
All other operations | 3.6 | 2.8 | 1.3 | ||||||||||
Other reconciling items | 10.6 | 11.2 | 7.8 | ||||||||||
Total | $ | 205.3 | $ | 172.6 | $ | 158 | |||||||
Amortization of other intangible assets | |||||||||||||
U.S. car rental | $ | 64.6 | $ | 27.6 | $ | 22.7 | |||||||
International car rental | 7.6 | 6.9 | 7.7 | ||||||||||
Worldwide equipment rental | 40.2 | 40.4 | 35.8 | ||||||||||
All other operations | 7.2 | 7.2 | 2.3 | ||||||||||
Other reconciling items | 1.9 | 1.8 | 1.5 | ||||||||||
Total | $ | 121.5 | $ | 83.9 | $ | 70 | |||||||
Interest expense | |||||||||||||
U.S. car rental | $ | 192.8 | $ | 176.9 | $ | 166.1 | |||||||
International car rental | 114.3 | 124.2 | 161 | ||||||||||
Worldwide equipment rental | 51.8 | 52 | 45.3 | ||||||||||
All other operations | 14.7 | 15.2 | 6 | ||||||||||
Other reconciling items | 305.3 | 229.5 | 271.9 | ||||||||||
Total | $ | 678.9 | $ | 597.8 | $ | 650.3 | |||||||
Revenue earning equipment and property and equipment | |||||||||||||
U.S. car rental | |||||||||||||
Expenditures | $ | 6,237.20 | $ | 5,258.80 | $ | 5,719.50 | |||||||
Proceeds from disposals | (4,387.8 | ) | (4,263.8 | ) | (5,017.4 | ) | |||||||
Net expenditures | $ | 1,849.40 | $ | 995 | $ | 702.1 | |||||||
International car rental | |||||||||||||
Expenditures | $ | 2,640.80 | $ | 2,641.80 | $ | 2,988.70 | |||||||
Proceeds from disposals | (2,251.2 | ) | (2,105.2 | ) | (2,452.7 | ) | |||||||
Net expenditures | $ | 389.6 | $ | 536.6 | $ | 536 | |||||||
Worldwide equipment rental | |||||||||||||
Expenditures | $ | 693.8 | $ | 788.1 | $ | 619.8 | |||||||
Proceeds from disposals | (141.0 | ) | (190.1 | ) | (216.6 | ) | |||||||
Net expenditures | $ | 552.8 | $ | 598 | $ | 403.2 | |||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
All other operations | |||||||||||||
Expenditures | $ | 1,012.60 | $ | 1,199.20 | $ | 370.2 | |||||||
Proceeds from disposals | (555.5 | ) | (689.4 | ) | (217.5 | ) | |||||||
Net expenditures | $ | 457.1 | $ | 509.8 | $ | 152.7 | |||||||
Other reconciling items | |||||||||||||
Expenditures | $ | 27.8 | $ | 22 | $ | 15.4 | |||||||
Proceeds from disposals | (1.6 | ) | 1.4 | — | |||||||||
Net expenditures | $ | 26.2 | $ | 23.4 | $ | 15.4 | |||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Total assets at end of year | |||||||||||||
U.S. car rental | $ | 14,425.20 | $ | 13,579.40 | |||||||||
International car rental | 3,565.40 | 3,553.00 | |||||||||||
Worldwide equipment rental | 3,870.50 | 3,622.00 | |||||||||||
All other operations | 1,390.30 | 1,305.60 | |||||||||||
Other reconciling items | 1,429.40 | 1,208.40 | |||||||||||
Total | $ | 24,680.80 | $ | 23,268.40 | |||||||||
Revenue earning equipment, net, at end of year | |||||||||||||
U.S. car rental | $ | 8,629.00 | $ | 7,434.30 | |||||||||
International car rental | 2,047.10 | 2,163.60 | |||||||||||
Worldwide equipment rental | 2,416.30 | 2,203.30 | |||||||||||
All other operations | 1,101.00 | 1,095.40 | |||||||||||
Total | $ | 14,193.40 | $ | 12,896.60 | |||||||||
Property and equipment, net, at end of year | |||||||||||||
U.S. car rental | $ | 958.1 | $ | 934.2 | |||||||||
International car rental | 172.6 | 163.8 | |||||||||||
Worldwide equipment rental | 261 | 235.9 | |||||||||||
All other operations | 16 | 16.3 | |||||||||||
Other reconciling items | 106.6 | 86.2 | |||||||||||
Total | $ | 1,514.30 | $ | 1,436.40 | |||||||||
Total consolidated assets increased $1,412.4 million from December 31, 2012 to December 31, 2013. The increase was primarily related to increases in our U.S. car rental, worldwide equipment rental and all other operations segments' revenue earning equipment, driven by increased volumes, as well as our strategic investment in China Auto Rental, partly offset by a decrease in fleet receivables within our U.S. car rental segment, primarily related to the timing of purchases and sales of revenue earning equipment. | |||||||||||||
We operate in the United States and in international countries. International operations are substantially in Europe. The operations within major geographic areas are summarized below (in millions of dollars): | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | |||||||||||||
United States | $ | 7,913.60 | $ | 6,317.50 | $ | 5,414.20 | |||||||
International | 2,858.30 | 2,707.40 | 2,885.10 | ||||||||||
Total | $ | 10,771.90 | $ | 9,024.90 | $ | 8,299.30 | |||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Total assets at end of year | |||||||||||||
United States | $ | 19,518.40 | $ | 18,110.20 | |||||||||
International | 5,162.40 | 5,158.20 | |||||||||||
Total | $ | 24,680.80 | $ | 23,268.40 | |||||||||
Revenue earning equipment, net, at end of year | |||||||||||||
United States | $ | 11,610.40 | $ | 10,205.00 | |||||||||
International | 2,583.00 | 2,691.60 | |||||||||||
Total | $ | 14,193.40 | $ | 12,896.60 | |||||||||
Property and equipment, net, at end of year | |||||||||||||
United States | $ | 1,296.30 | $ | 1,226.10 | |||||||||
International | 218 | 210.3 | |||||||||||
Total | $ | 1,514.30 | $ | 1,436.40 | |||||||||
(a) | The following table reconciles adjusted pre-tax income to income before income taxes for the years ended December 31, 2013, 2012 and 2011 (in millions of dollars): | ||||||||||||
Years Ended December 31, | |||||||||||||
Adjusted pre-tax income: | 2013 | 2012 | 2011 | ||||||||||
U.S. car rental | $ | 1,091.10 | $ | 872.8 | $ | 673.2 | |||||||
International car rental | 141.2 | 92.9 | 145.6 | ||||||||||
Worldwide equipment rental | 292.1 | 226.2 | 161.3 | ||||||||||
All other operations | 57.3 | 47.6 | 15 | ||||||||||
Total reportable segments | 1,581.70 | 1,239.50 | 995.1 | ||||||||||
Adjustments: | |||||||||||||
Other reconciling items(1) | (410.7 | ) | (322.2 | ) | (308.2 | ) | |||||||
Purchase accounting(2) | (132.2 | ) | (109.6 | ) | (87.6 | ) | |||||||
Debt-related charges(3) | (48.7 | ) | (56.4 | ) | (105.9 | ) | |||||||
Restructuring charges | (77.0 | ) | (38.0 | ) | (56.4 | ) | |||||||
Restructuring related charges(4) | (21.8 | ) | (11.1 | ) | (9.8 | ) | |||||||
Derivative gains (losses)(5) | (1.0 | ) | (0.9 | ) | 0.1 | ||||||||
Acquisition related costs and charges(6) | (18.5 | ) | (163.7 | ) | (18.8 | ) | |||||||
Integration expenses(7) | (40.0 | ) | — | — | |||||||||
Relocation costs | (7.8 | ) | — | — | |||||||||
Management transition costs | — | — | (4.0 | ) | |||||||||
Pension adjustment(8) | — | — | 13.1 | ||||||||||
Premiums paid on debt(9) | (28.7 | ) | — | (62.4 | ) | ||||||||
Impairment charges and other(10) | (44.0 | ) | — | — | |||||||||
Other(11) | (12.1 | ) | (44.0 | ) | — | ||||||||
Income before income taxes | $ | 739.2 | $ | 493.6 | $ | 355.2 | |||||||
_________________________________________________________________________ | |||||||||||||
-1 | Represents general corporate expenses, certain interest expense (including net interest on corporate debt), as well as other business activities. | ||||||||||||
-2 | Represents the increase in amortization of other intangible assets, depreciation of property and equipment and accretion of revalued liabilities relating to purchase accounting. | ||||||||||||
-3 | Represents debt-related charges relating to the amortization and write-off of deferred debt financing costs and debt discounts. | ||||||||||||
-4 | Represents incremental costs incurred directly supporting our business transformation initiatives. Such costs include transition costs incurred in connection with our business process outsourcing arrangements and incremental costs incurred to facilitate business process re-engineering initiatives that involve significant organization redesign and extensive operational process changes. | ||||||||||||
-5 | Represents the mark-to-market adjustment on our interest rate cap. | ||||||||||||
-6 | In 2012, primarily represents Dollar Thrifty acquisition related expenses, change in control expenses, 'Day-1' compensation expenses and other adjustments related to the Dollar Thrifty acquisition, loss on the Advantage divestiture, expenses related to additional required divestitures and costs associated with the Dollar Thrifty acquisition, pre-acquisition interest and commitment fee expenses for interim financing associated with the Dollar Thrifty acquisition and a gain on the investment in Dollar Thrifty stock. | ||||||||||||
-7 | In 2013, primarily represents Dollar Thrifty integration related expenses. | ||||||||||||
-8 | Represents a gain for the U.K. pension plan relating to unamortized prior service cost from a 2010 amendment that eliminated discretionary pension increases related to pre-1997 service primarily pertaining to inactive employees. | ||||||||||||
-9 | In 2013, represents premiums paid to redeem our 8.50% Former European Fleet Notes. In 2011, represents premiums paid to redeem our 10.5% Senior Subordinated Notes and a portion of our 8.875% Senior Notes. | ||||||||||||
-10 | Related to FSNA and its subsidiary, Simply Wheelz. | ||||||||||||
-11 | In 2013, primarily represents expenses related to the loss on conversion of the convertible senior notes. In 2012, primarily represents expenses related to the withdrawal from a multiemployer pension plan, litigation accrual and expenses associated with the impact of Hurricane Sandy. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) (Notes) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
Changes in the accumulated other comprehensive income (loss) balance by component (net of tax) were as follows (in millions of dollars): | ||||||||||||||||||||
Pension and Other Post-Employment Benefits | Foreign Currency Items | Unrealized Losses on Terminated Net Investment Hedges | Unrealized Gains on Available for Sale Securities | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Balance at January 1, 2013 | $ | (109.8 | ) | $ | 102.4 | $ | (19.4 | ) | $ | (0.1 | ) | $ | (26.9 | ) | ||||||
Other comprehensive income (loss) before reclassification | 51.8 | (48.8 | ) | — | 21 | 24 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 8.7 | 1.3 | — | — | 10 | |||||||||||||||
Net current period other comprehensive income (loss) | 60.5 | (47.5 | ) | — | 21 | 34 | ||||||||||||||
Balance at December 31, 2013 | $ | (49.3 | ) | $ | 54.9 | $ | (19.4 | ) | $ | 20.9 | $ | 7.1 | ||||||||
Pension and Other Post-Employment Benefits | Foreign Currency Items | Unrealized Losses on Terminated Net Investment Hedges | Unrealized Gains on Available for Sale Securities | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Balance at January 1, 2012 | $ | (99.6 | ) | $ | 90.3 | $ | (19.4 | ) | $ | 0.2 | $ | (28.5 | ) | |||||||
Other comprehensive income (loss) before reclassification | (19.7 | ) | 12.1 | — | (0.3 | ) | (7.9 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 9.5 | — | — | — | 9.5 | |||||||||||||||
Net current period Other comprehensive income (loss) | (10.2 | ) | 12.1 | — | (0.3 | ) | 1.6 | |||||||||||||
Balance at December 31, 2012 | $ | (109.8 | ) | $ | 102.4 | $ | (19.4 | ) | $ | (0.1 | ) | $ | (26.9 | ) | ||||||
Pension and Other Post-Employment Benefits | Foreign Currency Items | Unrealized Losses on Terminated Net Investment Hedges | Unrealized Gains on Available for Sale Securities | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Balance at January 1, 2011 | $ | (70.2 | ) | $ | 114.8 | $ | (6.8 | ) | $ | — | $ | 37.8 | ||||||||
Other comprehensive income (loss) before reclassification | (26.7 | ) | (24.5 | ) | (12.6 | ) | 0.2 | (63.6 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | (2.7 | ) | — | — | — | (2.7 | ) | |||||||||||||
Net current period Other comprehensive income (loss) | (29.4 | ) | (24.5 | ) | (12.6 | ) | 0.2 | (66.3 | ) | |||||||||||
Balance at December 31, 2011 | $ | (99.6 | ) | $ | 90.3 | $ | (19.4 | ) | $ | 0.2 | $ | (28.5 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss to earnings during the years ended December 31, 2013, 2012 and 2011 were as follows (in millions of dollars): | ||||||||||||||||||||
Years Ended December 31, | Statement of Operations Captions | |||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Pension and other postretirement benefit plans | ||||||||||||||||||||
Amortization of actuarial (gain) losses(1) | $ | 14.2 | $ | 13.7 | $ | (4.0 | ) | Selling, general and administrative | ||||||||||||
Tax provision | (5.5 | ) | (4.2 | ) | 1.3 | |||||||||||||||
Net of tax | $ | 8.7 | $ | 9.5 | $ | (2.7 | ) | |||||||||||||
Foreign Currency Items(2) | $ | 1.3 | $ | — | $ | — | Other Income | |||||||||||||
Total reclassifications for the period | $ | 10 | $ | 9.5 | $ | (2.7 | ) | |||||||||||||
-1 | Included in the computation of net periodic pension / postretirement expenses (see Note 6—Employee Retirement Benefits). | |||||||||||||||||||
-2 | Tax amounts are included in "Provision for taxes on income" in the consolidated statements of operations. |
Contingencies_and_OffBalance_S
Contingencies and Off-Balance Sheet Commitments | 12 Months Ended | |
Dec. 31, 2013 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Contingencies and Off-Balance Sheet Commitments | ' | |
Contingencies and Off-Balance Sheet Commitments | ||
Legal Proceedings | ||
From time to time we are a party to various legal proceedings. Other than with respect to the aggregate claims for public liability and property damage pending against us, management does not believe that any of the matters resolved, or pending against us, during 2013 are material to us and our subsidiaries taken as a whole. While we have accrued a liability with respect to claims for public liability and property damage of $347.7 million at December 31, 2013, management, based on the advice of legal counsel, does not believe any of the other pending matters described below are material. We have summarized below, for purposes of providing background, various legal proceedings to which we were and/or are a party during 2013 or the period after December 31, 2013 but before the filing of this Annual Report. In addition to the following, various other legal actions, claims and governmental inquiries and proceedings are pending or may be instituted or asserted in the future against us and our subsidiaries. | ||
1 | Hertz Equipment Rental Corporation, or “HERC,” Loss Damage Waiver | |
On August 15, 2006, Davis Landscape, Ltd., individually and on behalf of all others similarly situated, filed a complaint against HERC in the United States District Court for the District of New Jersey. The parties executed a settlement agreement in March 2013 which was approved by the court in June 2013 and no further action is expected in the case. | ||
2 | Concession Fee Recoveries | |
On October 13, 2006, Janet Sobel, Daniel Dugan, PhD. and Lydia Lee, individually and on behalf of all others similarly situated v. The Hertz Corporation and Enterprise Rent-A-Car Company, or “Enterprise,” was filed in the United States District Court for the District of Nevada. Enterprise is now a defendant in a separate action and is no longer a defendant in the Sobel case. The Sobel case purports to be a nationwide class action on behalf of all persons who rented cars from Hertz at airports in Nevada and were separately charged airport concession recovery fees by Hertz as part of their rental charges. In the complaint, the plaintiffs seek an unspecified amount of compensatory damages, restitution of any charges found to be improper and an injunction prohibiting Hertz from quoting or charging those airport fees that are alleged not to be allowed by Nevada law. The complaint also seeks attorneys' fees and costs. In 2010, the parties engaged in mediation which resulted in a proposed settlement. Although the court tentatively approved the settlement in November 2010, the court denied the plaintiffs' motion for final approval of the proposed settlement in May 2011. Following additional activity in the case, in March 2013, the court granted, in part, the plaintiffs' motion for partial summary judgment with respect to restitution and granted the plaintiffs' motion for class certification while denying the Company's motion for partial summary judgment. The court further indicated that plaintiffs are entitled to prejudgment interest from the date of the plaintiffs' first amended complaint. A judgment has not yet been entered in the case, and there are expected to be further proceedings before the district court. A judgment - which could potentially exceed $40.0 million - has still not been issued by the court. In September 2013, the court issued an Order that set forth its version of what a proposed Notice to Class Members would look like and set a schedule for the parties to file objections and to then further reply to the filed objections. As part of the Order, the court indicated that Hertz should pay for the costs of sending the proposed Notice - via regular mail - to all class members and the plaintiffs are not being required to post a corresponding bond. In October 2013, Hertz filed an interlocutory appeal of the court's September 2013 Order with the U.S. Court of Appeals for the Ninth Circuit. The appeal has been briefed and a stay of any proceedings at the district court has been entered. In the meantime, the parties have agreed to participate in a mediation of this case in March 2014 with a mediator proposed by the Ninth Circuit. We continue to believe the outcome of this case will not be material to our financial condition, results of operations or cash flows. | ||
3 | Telephone Consumer Protection Act | |
On May 3, 2007, Fun Services of Kansas City, Inc., individually and as the representative of a class of similarly-situated persons, v. Hertz Equipment Rental Corporation was commenced in the District Court of Wyandotte County, Kansas. In January 2013, the parties executed a settlement agreement which was approved by the court in June 2013 and no further action is expected in the case. | ||
4 | California Tourism Assessments | |
We are currently a defendant in a proceeding that purports to be a class action brought by Michael Shames and Gary Gramkow against The Hertz Corporation, Dollar Thrifty Automotive Group, Inc., Avis Budget Group, Inc., Vanguard Car Rental USA, Inc., Enterprise Rent-A-Car Company, Fox Rent A Car, Inc., Coast Leasing Corp., The California Travel and Tourism Commission, and Caroline Beteta. | ||
Originally filed in November of 2007, the action is pending in the United States District Court for the Southern District of California, and plaintiffs claim to represent a class of individuals or entities that purchased rental car services from a defendant at airports located in California after January 1, 2007. Plaintiffs allege that the defendants agreed to charge consumers a 2.5% tourism assessment and not to compete with respect to this assessment, while misrepresenting that this assessment is owed by consumers, rather than the rental car defendants, to the California Travel and Tourism Commission, or the “CTTC.” Plaintiffs also allege that defendants agreed to pass through to consumers a fee known as the Airport Concession Fee, which fee had previously been required to be included in the rental car defendants' individual base rates, without reducing their base rates. Based on these allegations, the amended complaint seeks treble damages, disgorgement, injunctive relief, interest, attorneys' fees and costs. Plaintiffs dropped their claims against Caroline Beteta. Plaintiffs' claims against the rental car defendants have been dismissed, except for the federal antitrust claim. In June 2010, the United States Court of Appeals for the Ninth Circuit affirmed the dismissal of the plaintiffs' antitrust case against the CTTC as a state agency immune from antitrust complaint because the California Legislature foresaw the alleged price-fixing conspiracy that was the subject of the complaint. The plaintiffs subsequently filed a petition with the Ninth Circuit seeking a rehearing and that petition was granted. In November 2010, the Ninth Circuit withdrew its June opinion and instead held that state action immunity was improperly invoked. The Ninth Circuit reinstated the plaintiffs' antitrust claims and remanded the case to the district court for further proceedings. In May 2012, the district court issued an order preliminarily approving the settlement of this action; certifying a settlement class; certifying a class representative and lead counsel; and providing for class notice. In October 2012, the court held a final approval hearing. In November 2012, the court issued an Order of Final Approval of the settlement of this action. One of the objectors to the settlement has filed a notice of appeal of this order with the United States Court of Appeals for the Ninth Circuit. Subsequently, the sole remaining appellant agreed to dismiss the appeal in exchange for a waiver of costs, so in September 2013, the U.S. Court of Appeals for the Ninth Circuit entered an Order dismissing the final objector's appeal. As a result, the settlement which had previously received Final Approval by the trial court has been implemented. We have accrued our best estimate of the ultimate cost which is not material to our financial condition. | ||
5 | Securities Litigation | |
On November 20, 2013, a purported shareholder class action, Pedro Ramirez, Jr. v. Hertz Global Holdings, Inc., et al., was commenced in the United States District Court for the District of New Jersey naming Hertz Holdings and certain of its officers as defendants and alleging violations of the federal securities laws. The complaint alleges that Hertz Holdings made material misrepresentations and/or omissions of material fact in its public disclosures during the period from February 25, 2013 through November 4, 2013, in violation of Section 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder. Plaintiff seeks an unspecified amount of monetary damages on behalf of the purported class and an award of costs and expenses, including counsel fees and expert fees. | ||
6 | Public Liability and Property Damage | |
We are currently a defendant in numerous actions and have received numerous claims on which actions have not yet been commenced for public liability and property damage arising from the operation of motor vehicles and equipment rented from us. The obligation for public liability and property damage on self-insured U.S. and international vehicles and equipment, as stated on our balance sheet, represents an estimate for both reported accident claims not yet paid and claims incurred but not yet reported. The related liabilities are recorded on a non-discounted basis. Reserve requirements are based on actuarial evaluations of historical accident claim experience and trends, as well as future projections of ultimate losses, expenses, premiums and administrative costs. At December 31, 2013 and December 31, 2012, our liability recorded for public liability and property damage matters was $347.7 million and $332.2 million, respectively. The increase in public liability and property damage reserves was primarily related to Dollar Thrifty. We believe that our analysis is based on the most relevant information available, combined with reasonable assumptions, and that we may prudently rely on this information to determine the estimated liability. We note the liability is subject to significant uncertainties. The adequacy of the liability reserve is regularly monitored based on evolving accident claim history and insurance related state legislation changes. If our estimates change or if actual results differ from these assumptions, the amount of the recorded liability is adjusted to reflect these results. | ||
We intend to assert that we have meritorious defenses in the foregoing matters and we intend to defend ourselves vigorously. | ||
We have established reserves for matters where we believe that the losses are probable and reasonably estimated, including for various of the matters set forth above. Other than with respect to the aggregate reserves established for claims for public liability and property damage, none of those reserves are material. For matters, including those described above, where we have not established a reserve, the ultimate outcome or resolution cannot be predicted at this time, or the amount of ultimate loss, if any, cannot be reasonably estimated. Litigation is subject to many uncertainties and the outcome of the individual litigated matters is not predictable with assurance. It is possible that certain of the actions, claims, inquiries or proceedings, including those discussed above, could be decided unfavorably to us or any of our subsidiaries involved. Accordingly, it is possible that an adverse outcome from such a proceeding could exceed the amount accrued in an amount that could be material to our consolidated financial condition, results of operations or cash flows in any particular reporting period. | ||
Off-Balance Sheet Commitments | ||
As of December 31, 2013 and December 31, 2012, the following guarantees (including indemnification commitments) were issued and outstanding. | ||
Indemnification Obligations | ||
In the ordinary course of business, we execute contracts involving indemnification obligations customary in the relevant industry and indemnifications specific to a transaction such as the sale of a business. These indemnification obligations might include claims relating to the following: environmental matters; intellectual property rights; governmental regulations and employment-related matters; customer, supplier and other commercial contractual relationships; and financial matters. Performance under these indemnification obligations would generally be triggered by a breach of terms of the contract or by a third party claim. We regularly evaluate the probability of having to incur costs associated with these indemnification obligations and have accrued for expected losses that are probable and estimable. The types of indemnification obligations for which payments are possible include the following: | ||
Sponsors; Directors | ||
We have entered into customary indemnification agreements with Hertz Holdings, the Sponsors and Hertz Holdings' stockholders affiliated with the Sponsors, pursuant to which Hertz Holdings and Hertz will indemnify the Sponsors, Hertz Holdings' stockholders affiliated with the Sponsors and their respective affiliates, directors, officers, partners, members, employees, agents, representatives and controlling persons, against certain liabilities arising out of performance of a consulting agreement with Hertz Holdings and each of the Sponsors and certain other claims and liabilities, including liabilities arising out of financing arrangements or securities offerings. Hertz Holdings' also entered into indemnification agreements with each of its directors. We do not believe that these indemnifications are reasonably likely to have a material impact on us. | ||
Environmental | ||
We have indemnified various parties for the costs associated with remediating numerous hazardous substance storage, recycling or disposal sites in many states and, in some instances, for natural resource damages. The amount of any such expenses or related natural resource damages for which we may be held responsible could be substantial. The probable expenses that we expect to incur for such matters have been accrued, and those expenses are reflected in our consolidated financial statements. As of December 31, 2013 and December 31, 2012, the aggregate amounts accrued for environmental liabilities including liability for environmental indemnities, reflected in our consolidated balance sheets in "Accrued liabilities" were $2.5 million and $2.6 million, respectively. The accrual generally represents the estimated cost to study potential environmental issues at sites deemed to require investigation or clean-up activities, and the estimated cost to implement remediation actions, including on-going maintenance, as required. Cost estimates are developed by site. Initial cost estimates are based on historical experience at similar sites and are refined over time on the basis of in-depth studies of the sites. For many sites, the remediation costs and other damages for which we ultimately may be responsible cannot be reasonably estimated because of uncertainties with respect to factors such as our connection to the site, the materials there, the involvement of other potentially responsible parties, the application of laws and other standards or regulations, site conditions, and the nature and scope of investigations, studies, and remediation to be undertaken (including the technologies to be required and the extent, duration, and success of remediation). |
Restructuring
Restructuring | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Restructuring | ' | |||||||||||||||||||
Restructuring | ||||||||||||||||||||
As part of our ongoing effort to implement our strategy of reducing operating costs, we have evaluated our workforce and operations and made adjustments, including headcount reductions and business process reengineering resulting in optimized work flow at rental locations and maintenance facilities as well as streamlined our back-office operations and evaluated potential outsourcing opportunities. When we made adjustments to our workforce and operations, we incurred incremental expenses that delay the benefit of a more efficient workforce and operating structure, but we believe that increased operating efficiency and reduced costs associated with the operation of our business are important to our long-term competitiveness. | ||||||||||||||||||||
During 2007 through 2013, we announced several initiatives to improve our competitiveness and industry leadership through targeted job reductions. These initiatives included, but were not limited to, job reductions at our corporate headquarters, integration of Dollar Thrifty and back-office operations in the U.S. and Europe. As part of our re-engineering optimization we outsourced selected functions globally. In addition, we streamlined operations and reduced costs by initiating the closure of targeted car rental locations and equipment rental branches throughout the world. The largest of these closures occurred in 2008 which resulted in closures of approximately 250 off-airport locations and 22 branches in our U.S. equipment rental business. These initiatives impacted approximately 10,700 employees. | ||||||||||||||||||||
From January 1, 2007 through December 31, 2013, we incurred $645.4 million ($106.2 million for our U.S. car rental segment, $218.6 million for our international car rental segment, $238.7 million for our worldwide equipment rental segment, $2.0 million for all other operations and $79.9 million of other reconciling items) of restructuring charges. | ||||||||||||||||||||
For the year ended December 31, 2013, $21.9 million of costs related to the relocation of our corporate headquarters to Estero, Florida were recorded within restructuring charges. | ||||||||||||||||||||
Additional efficiency and cost saving initiatives are being developed; however, we presently do not have firm plans or estimates of any related expenses. | ||||||||||||||||||||
Restructuring charges in our consolidated statement of operations can be summarized as follows (in millions of dollars): | ||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
By Type: | ||||||||||||||||||||
Termination benefits | $ | 41.6 | $ | 26.2 | $ | 14.4 | ||||||||||||||
Pension and post retirement expense | 0.1 | 1 | 0.4 | |||||||||||||||||
Consultant costs | 0.5 | 1.2 | 1.3 | |||||||||||||||||
Asset writedowns | — | — | 23.2 | |||||||||||||||||
Facility closure and lease obligation costs | 15.5 | 8.9 | 16.5 | |||||||||||||||||
Relocation costs and temporary labor costs | 19 | 0.4 | 0.6 | |||||||||||||||||
Other | 0.3 | 0.3 | — | |||||||||||||||||
Total | $ | 77 | $ | 38 | $ | 56.4 | ||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
By Caption: | ||||||||||||||||||||
Direct operating | $ | 28.1 | $ | 22.6 | $ | 46.6 | ||||||||||||||
Selling, general and administrative | 48.9 | 15.4 | 9.8 | |||||||||||||||||
Total | $ | 77 | $ | 38 | $ | 56.4 | ||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
By Segment: | ||||||||||||||||||||
U.S. car rental | $ | 22.8 | $ | 5.3 | $ | 0.9 | ||||||||||||||
International car rental | 19.3 | 21.1 | 15.7 | |||||||||||||||||
Worldwide equipment rental | 8.4 | 8.8 | 40.5 | |||||||||||||||||
Other reconciling items | 26.5 | 2.8 | (0.7 | ) | ||||||||||||||||
Total | $ | 77 | $ | 38 | $ | 56.4 | ||||||||||||||
The following table sets forth the activity affecting the restructuring accrual during the year ended December 31, 2013 (in millions of dollars). We expect to pay the remaining restructuring obligations relating to termination benefits over the next twelve months. The remainder of the restructuring accrual relates to future lease obligations which will be paid over the remaining term of the applicable leases. | ||||||||||||||||||||
Termination | Pension | Consultant | Other(3) | Total | ||||||||||||||||
Benefits | and Post | Costs | ||||||||||||||||||
Retirement | ||||||||||||||||||||
Expense | ||||||||||||||||||||
Balance as of January 1, 2012 | $ | 9.1 | $ | 0.2 | $ | 0.6 | $ | 11.7 | $ | 21.6 | ||||||||||
Charges incurred | 26.2 | 1 | 1.2 | 9.6 | 38 | |||||||||||||||
Cash payments | (22.6 | ) | — | (1.6 | ) | (12.6 | ) | (36.8 | ) | |||||||||||
Other(1) | (0.3 | ) | (1.0 | ) | 0.1 | (0.6 | ) | (1.8 | ) | |||||||||||
Balance as of December 31, 2012 | $ | 12.4 | $ | 0.2 | $ | 0.3 | $ | 8.1 | $ | 21 | ||||||||||
Charges incurred | 41.6 | 0.1 | 0.5 | 34.8 | 77 | |||||||||||||||
Cash payments | (32.6 | ) | (0.3 | ) | (0.6 | ) | (15.1 | ) | (48.6 | ) | ||||||||||
Other(2) | (1.3 | ) | — | — | 0.3 | (1.0 | ) | |||||||||||||
Balance as of December 31, 2013 | $ | 20.1 | $ | — | $ | 0.2 | $ | 28.1 | $ | 48.4 | ||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||
-1 | Primarily consists of decreases of $0.5 million related to a goodwill write-off on a sale of business and $1.0 million in ASC 715 pension adjustment. | |||||||||||||||||||
-2 | Primarily consists of decreases of $1.6 million of accelerated equity award compensation, offset by the inclusion of prior facility reserves of $0.3 million and $0.2 million for foreign currency translation. | |||||||||||||||||||
-3 | As of December 31, 2013, primarily consists of charges incurred for relocation of $19.0 million, facility closures of $8.5 million and lease accelerations of $7.0 million. |
Financial_Instruments
Financial Instruments | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Financial Instruments | ' | |||||||||||||||||||||||
Financial Instruments | ' | |||||||||||||||||||||||
Financial Instruments and Fair Value Measurements | ||||||||||||||||||||||||
Gasoline Swap Contracts | ||||||||||||||||||||||||
We purchase unleaded gasoline and diesel fuel at prevailing market rates and maintain a program to manage our exposure to changes in fuel prices through the use of derivative commodity instruments. We currently have in place swaps to cover a portion of our fuel price exposure through December 2014. We presently hedge a portion of our overall unleaded gasoline purchases with commodity swaps and have contracts in place that settle on a monthly basis. Gains and losses resulting from changes in the fair value of these commodity instruments are included in our results of operations in the periods incurred. | ||||||||||||||||||||||||
Interest Rate Cap Contracts | ||||||||||||||||||||||||
Hertz is exposed to market risks, such as changes in interest rates, and has purchased and sold interest rate cap agreements to manage that risk. Consequently, we manage the financial exposure as part of our risk management program by striving to reduce the potentially adverse effects that the volatility of the financial markets may have on our operating results. Gains and losses resulting from changes in the fair value of these interest rate caps are included in our results of operations in the periods incurred. | ||||||||||||||||||||||||
Foreign Currency Forward Contracts | ||||||||||||||||||||||||
We manage exposure to fluctuations in currency risk on intercompany loans we make to certain of our subsidiaries by entering into foreign currency forward contracts at the time of the loans which are intended to offset the impact of foreign currency movements on the underlying intercompany loan obligations. | ||||||||||||||||||||||||
Foreign Exchange Options | ||||||||||||||||||||||||
We manage our foreign currency risk primarily by incurring, to the extent practicable, operating and financing expenses in the local currency in the countries in which we operate, including making fleet and equipment purchases and borrowing for working capital needs. Also, we have purchased foreign exchange options to manage exposure to fluctuations in foreign exchange rates for selected marketing programs. The effect of exchange rate changes on these financial instruments would not materially affect our consolidated financial position, results of operations or cash flows. Our risks with respect to foreign exchange options are limited to the premium paid for the right to exercise the option and the future performance of the option's counterparty. | ||||||||||||||||||||||||
The following table summarizes the estimated fair value of derivatives (in millions of dollars): | ||||||||||||||||||||||||
Fair Value of Derivative Instruments(1) | ||||||||||||||||||||||||
Asset Derivatives(2) | Liability Derivatives(2) | |||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Derivatives not designated as hedging | ||||||||||||||||||||||||
instruments under ASC 815: | ||||||||||||||||||||||||
Gasoline swaps | $ | 1.8 | $ | — | $ | — | $ | 0.1 | ||||||||||||||||
Interest rate caps | 9.1 | 0.9 | 8.9 | 0.9 | ||||||||||||||||||||
Foreign exchange forward contracts | 1.7 | 3.4 | 5.3 | 4.5 | ||||||||||||||||||||
Foreign exchange options | 0.1 | 0.2 | — | — | ||||||||||||||||||||
Total derivatives not designated as hedging | ||||||||||||||||||||||||
instruments under ASC 815 | $ | 12.7 | $ | 4.5 | $ | 14.2 | $ | 5.5 | ||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||
-1 | All fair value measurements were primarily based upon significant observable (Level 2) inputs. | |||||||||||||||||||||||
-2 | All asset derivatives are recorded in "Prepaid expenses and other assets" and all liability derivatives are recorded in "Accrued liabilities" on our consolidated balance sheets. | |||||||||||||||||||||||
The following table summarizes the gains and (losses) of derivatives (in millions of dollars): | ||||||||||||||||||||||||
Location of Gain or (Loss) | Amount of Gain or | |||||||||||||||||||||||
Recognized on Derivatives | (Loss) Recognized in | |||||||||||||||||||||||
Income on Derivatives | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Derivatives not designated as hedging | ||||||||||||||||||||||||
instruments under ASC 815: | ||||||||||||||||||||||||
Gasoline swaps | Direct operating | $ | 2.2 | $ | 0.7 | |||||||||||||||||||
Interest rate caps | Selling, general and administrative | (0.5 | ) | (0.8 | ) | |||||||||||||||||||
Foreign exchange forward contracts | Selling, general and administrative | (22.6 | ) | (15.4 | ) | |||||||||||||||||||
Foreign exchange options | Selling, general and administrative | (0.2 | ) | — | ||||||||||||||||||||
Total | $ | (21.1 | ) | $ | (15.5 | ) | ||||||||||||||||||
While our fuel derivatives, foreign currency forward contracts, foreign exchange options and certain interest rate caps are subject to enforceable master netting agreements with their counterparties, we do not offset the derivative assets and liabilities in our condensed consolidated balance sheets. | ||||||||||||||||||||||||
The impact of offsetting derivative instruments is depicted below (in millions of dollars): | ||||||||||||||||||||||||
As of December 31, 2013: | Gross amounts not offset in Balance Sheet | |||||||||||||||||||||||
Gross assets | Gross assets offset in Balance Sheet | Net recognized assets in Balance Sheet | Financial Instruments | Cash Collateral | Net Amount | |||||||||||||||||||
Gasoline swaps | $ | 1.8 | $ | — | $ | 1.8 | $ | (0.1 | ) | $ | — | $ | 1.7 | |||||||||||
Interest rate caps | 9.1 | — | 9.1 | — | — | 9.1 | ||||||||||||||||||
Foreign exchange forward contracts | 1.7 | — | 1.7 | (1.5 | ) | — | 0.2 | |||||||||||||||||
Foreign exchange options | 0.1 | — | 0.1 | (0.1 | ) | — | — | |||||||||||||||||
Total | $ | 12.7 | $ | — | $ | 12.7 | $ | (1.7 | ) | $ | — | $ | 11 | |||||||||||
Gross amounts not offset in Balance Sheet | ||||||||||||||||||||||||
Gross liabilities | Gross liabilities offset in Balance Sheet | Net recognized liabilities in Balance Sheet | Financial Instruments | Cash Collateral | Net Amount | |||||||||||||||||||
Interest rate caps | $ | 8.9 | $ | — | $ | 8.9 | $ | — | $ | — | $ | 8.9 | ||||||||||||
Foreign exchange forward contracts | 5.3 | — | 5.3 | (1.7 | ) | — | 3.6 | |||||||||||||||||
Total | $ | 14.2 | $ | — | $ | 14.2 | $ | (1.7 | ) | $ | — | $ | 12.5 | |||||||||||
As of December 31, 2012: | Gross amounts not offset in Balance Sheet | |||||||||||||||||||||||
Gross assets | Gross assets offset in Balance Sheet | Net recognized assets in Balance Sheet | Financial Instruments | Cash Collateral | Net Amount | |||||||||||||||||||
Interest rate caps | $ | 0.9 | $ | — | $ | 0.9 | $ | — | $ | — | $ | 0.9 | ||||||||||||
Foreign exchange forward contracts | 3.4 | — | 3.4 | (1.3 | ) | — | 2.1 | |||||||||||||||||
Foreign exchange options | 0.2 | — | 0.2 | (0.2 | ) | — | — | |||||||||||||||||
Total | $ | 4.5 | $ | — | $ | 4.5 | $ | (1.5 | ) | $ | — | $ | 3 | |||||||||||
Gross amounts not offset in Balance Sheet | ||||||||||||||||||||||||
Gross liabilities | Gross liabilities offset in Balance Sheet | Net recognized liabilities in Balance Sheet | Financial Instruments | Cash Collateral | Net Amount | |||||||||||||||||||
Interest rate caps | $ | 0.9 | $ | — | $ | 0.9 | $ | — | $ | — | $ | 0.9 | ||||||||||||
Gasoline swaps | 0.1 | — | 0.1 | — | — | 0.1 | ||||||||||||||||||
Foreign exchange forward contracts | 4.5 | — | 4.5 | (1.5 | ) | — | 3 | |||||||||||||||||
Total | $ | 5.5 | $ | — | $ | 5.5 | $ | (1.5 | ) | $ | — | $ | 4 | |||||||||||
Fair value measures | ||||||||||||||||||||||||
Pursuant to the accounting guidance for fair value measurements and its subsequent updates, fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, we consider the principal or most advantageous market in which we would transact and we consider assumptions that market participants would use when pricing the asset or liability. | ||||||||||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||||||||||
The accounting guidance for fair value measurements also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The inputs are prioritized into three levels that may be used to measure fair value: | ||||||||||||||||||||||||
Level 1: Inputs that reflect quoted prices for identical assets or liabilities in active markets that are observable. | ||||||||||||||||||||||||
Level 2: Inputs that reflect quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. | ||||||||||||||||||||||||
Level 3: Inputs that are unobservable to the extent that observable inputs are not available for the asset or liability at the measurement date. | ||||||||||||||||||||||||
Asset and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012 were as follows (in millions): | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||
Total | Quoted Prices in Active Markets | Significant | Significant | |||||||||||||||||||||
for Identical | Other | Unobservable | ||||||||||||||||||||||
Instruments | Observable | Inputs | ||||||||||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||||||||||
(Level 2) | ||||||||||||||||||||||||
Prepaid Expenses and Other Assets: | ||||||||||||||||||||||||
Gasoline swaps | $ | 1.8 | $ | — | $ | 1.8 | $ | — | ||||||||||||||||
Interest rate caps | 9.1 | — | 9.1 | — | ||||||||||||||||||||
Foreign currency forward contracts | 1.7 | — | 1.7 | — | ||||||||||||||||||||
Foreign exchange options | 0.1 | — | 0.1 | — | ||||||||||||||||||||
Total | $ | 12.7 | $ | — | $ | 12.7 | $ | — | ||||||||||||||||
Accrued Liabilities: | ||||||||||||||||||||||||
Interest rate caps | $ | 8.9 | $ | — | $ | 8.9 | $ | — | ||||||||||||||||
Foreign currency forward contracts | 5.3 | — | 5.3 | — | ||||||||||||||||||||
Total | $ | 14.2 | $ | — | $ | 14.2 | $ | — | ||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||
Total | Quoted Prices in Active Markets | Significant | Significant | |||||||||||||||||||||
for Identical | Other | Unobservable | ||||||||||||||||||||||
Instruments | Observable | Inputs | ||||||||||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||||||||||
(Level 2) | ||||||||||||||||||||||||
Prepaid Expenses and Other Assets: | ||||||||||||||||||||||||
Interest rate caps | $ | 0.9 | $ | — | $ | 0.9 | $ | — | ||||||||||||||||
Foreign currency forward contracts | 3.4 | — | 3.4 | — | ||||||||||||||||||||
Foreign exchange options | 0.2 | — | 0.2 | — | ||||||||||||||||||||
Total | $ | 4.5 | $ | — | $ | 4.5 | $ | — | ||||||||||||||||
Accrued Liabilities: | ||||||||||||||||||||||||
Gasoline swaps | $ | 0.1 | $ | — | $ | 0.1 | $ | — | ||||||||||||||||
Interest rate caps | 0.9 | — | 0.9 | — | ||||||||||||||||||||
Foreign currency forward contracts | 4.5 | — | 4.5 | — | ||||||||||||||||||||
Total | $ | 5.5 | $ | — | $ | 5.5 | $ | — | ||||||||||||||||
Gasoline swaps | ||||||||||||||||||||||||
Gasoline swaps classified as Level 2 assets and liabilities are priced using quoted market prices for similar assets or liabilities in active markets. | ||||||||||||||||||||||||
Interest rate caps | ||||||||||||||||||||||||
Interest rate caps classified as Level 2 assets and liabilities are priced using quoted market prices for similar assets or liabilities in active markets. | ||||||||||||||||||||||||
Foreign currency forward contracts | ||||||||||||||||||||||||
Foreign currency forward contracts classified as Level 2 assets and liabilities are priced using quoted market prices for similar assets or liabilities in active markets. | ||||||||||||||||||||||||
Foreign exchange options | ||||||||||||||||||||||||
Foreign currency forward contracts classified as Level 2 assets and liabilities are priced using quoted market prices for similar assets or liabilities in active markets. | ||||||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||||||
The fair values of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, to the extent the underlying liability will be settled in cash, approximate carrying values because of the short-term nature of these instruments. | ||||||||||||||||||||||||
Marketable securities held by us consist of debt securities classified as available-for-sale, which are carried at fair value and are included within "Prepaid expenses and other assets." Unrealized gains and losses, net of related income taxes, are included in "Accumulated other comprehensive loss." As of December 31, 2013 and December 31, 2012, the fair value of debt securities was $151.0 million and $0.0 million, respectively. Unrealized gain of $21.0 million was recognized for the year ended December 31, 2013. Hertz classifies its investment in the China Auto Rental convertible notes within Level 3 because it is valued using significant unobservable inputs. To estimate the fair value, Hertz utilized a binomial valuation model. The most significant unobservable inputs we use are our estimates of the underlying equity value of the investee. The discount rate and volatility used in the measurements of fair value were 6.5% and 40%, respectively, and are based on the underlying risk associated with our estimate of the underlying equity value of the investee, as well as the terms of the respective contracts. The credit rating of the investee, general business conditions, liquidity, and underlying equity value could materially affect the fair value of the convertible notes. Hertz periodically conducts reviews and engages valuation specialists to verify pricing and assesses liquidity to determine if significant inputs have changed that would impact the fair value hierarchy disclosure. For further information on assets classified as Level 3 measurement, see Note 4—Business Combinations and Divestitures. | ||||||||||||||||||||||||
The following table summarizes the changes in fair value measurement using Level 3 inputs for the year ended December 31, 2013 (in millions of dollars): | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Fair Value Measurements Using Level 3 Inputs Convertible Notes | ||||||||||||||||||||||||
Balance at the beginning of period | $ | — | ||||||||||||||||||||||
Realized gains (losses) included in earnings | — | |||||||||||||||||||||||
Unrealized gains (losses) related to investments | 21 | |||||||||||||||||||||||
Purchases | 130 | |||||||||||||||||||||||
Settlements | — | |||||||||||||||||||||||
Balance at the end of period | $ | 151 | ||||||||||||||||||||||
For the years ended December 31, 2013 and 2012, unrealized gains of 21.0 million and $0.0 million were recognized in "Accumulated other comprehensive income (loss)." | ||||||||||||||||||||||||
For borrowings with an initial maturity of 90 days or less, fair value approximates carrying value because of the short-term nature of these instruments. For all other debt, fair value is estimated based on quoted market rates as well as borrowing rates currently available to us for loans with similar terms and average maturities (Level 2 inputs). The aggregate fair value of all debt at December 31, 2013 was $16,547.3 million, compared to its nominal unpaid principal balance of $16,218.0 million. The aggregate fair value of all debt at December 31, 2012 was $15,529.4 million, compared to its nominal unpaid principal balance of $14,999.1 million. | ||||||||||||||||||||||||
Nonfinancial assets measured and recorded at fair value on a nonrecurring basis | ||||||||||||||||||||||||
Long-Lived Assets | ||||||||||||||||||||||||
We continually evaluate revenue earning equipment to determine whether events or changes in circumstances have occurred that may warrant revision of the estimated useful life or whether the remaining balance should be evaluated for possible impairment. We use a combination of the undiscounted cash flows and market approaches in assessing whether an asset has been impaired. We measure impairment losses based upon the amount by which the carrying amount of the asset exceeds the fair value. | ||||||||||||||||||||||||
FSNA, the parent of Simply Wheelz LLC, or "Simply Wheelz," the owner and operator of Hertz’s divested Advantage brand, filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code in November 2013. As a result, Hertz performed an impairment analysis of the vehicles subleased to Simply Wheelz during the quarter ended September 30, 2013 on an undiscounted cash flow basis to determine whether an impairment loss should be recognized. Based on the results of the recoverability test under ASC Topic 360, “Property, Plant, and Equipment,” we concluded that these assets were impaired and thus, we were required to determine the fair value of the subleased vehicles to measure the amount of impairment loss. Based on our impairment analysis, we recorded an impairment charge of $40.0 million to write down the carrying value of the vehicles subleased to Simply Wheelz to their fair value during the quarter ended September 30, 2013. | ||||||||||||||||||||||||
To derive the fair value of the subleased vehicles to Simply Wheelz, we included all aspects of the undiscounted cash flow model associated with the vehicle sublease arrangements with Simply Wheelz, including the amount and timing of future expected cash flows, transaction costs associated with vehicle disposals and the probability weighted of various cash flow outcomes. To validate the fair values of the subleased vehicles upon disposal, we also obtained independent third-party appraisals for the vehicles, which are generally developed using transaction prices, such as average wholesale adjusted value, for comparable vehicles and adjusted for specific factors related to those vehicles. | ||||||||||||||||||||||||
The nonrecurring Level 3 fair value measurement of the impairment charge taken during fiscal 2013 included the following significant unobservable inputs: | ||||||||||||||||||||||||
Revenue Earning Equipment Asset | Fair Value (a) | Valuation Technique | Unobservable Input | Range | ||||||||||||||||||||
Subleased Vehicles - Advantage | $279 million | A Combination of The Income And Market Approaches | Probability of Payment | 0% | ||||||||||||||||||||
Projected Month of Disposal | December 2013 - April 2014 | |||||||||||||||||||||||
Probability of A Buy-Out | 0 - 60% | |||||||||||||||||||||||
Probability of Bankruptcy | 0 - 100% | |||||||||||||||||||||||
(a) Amount represents the fair value of subleased vehicles to Advantage when we recognized the impairment charge as of September 30, 2013, the date that the fair value measurement was made. The carrying value for these subleased vehicles may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
Director Compensation Policy | |
Our directors who are also members of the Board of Directors of Hertz Holdings receive no additional compensation for serving on our Board of Directors or any committee of our Board of Directors. Currently all members of our Board of Directors are also members of the Board of Directors of Hertz Holdings. The compensation expense of the Hertz Holdings' directors is pushed down from Hertz Holdings and recorded on the books at the Hertz level. | |
In November 2011, Hertz Holdings' Board of Directors amended and restated the Director Compensation Policy. Pursuant to the policy prior to November 2011 its directors who are not also employees each received a $170,000 annual retainer fee, of which $70,000 was payable in cash and $100,000 was payable in the form of shares of Hertz Holdings' common stock. Starting in November 2011, the policy now provides that Hertz Holdings' directors who are not also employees each receive a $210,000 annual retainer fee, of which $85,000 is payable in cash and $125,000 is payable in the form of equity. In May 2012, Hertz Holdings' Board of Directors further amended and restated the Director Compensation Policy to provide that the equity portion of the annual retainer fee would be paid annually following the annual meeting of shareholders (or the eligible director's date of election, if applicable) in the form of restricted stock units having an equivalent fair market value equal to the annual equity award amount on the date of grant. The restricted stock units will vest on the business day immediately preceding the next annual meeting of shareholders. | |
For 2013 and subsequent years, the lead director of Hertz Holdings' is paid an additional annual cash fee of $100,000, the chairperson of Hertz Holdings' Audit Committee is paid an additional annual cash fee of $35,000 and each other member of its Audit Committee is paid an additional annual cash fee of $17,500. For 2013 and subsequent years, the chairperson of Hertz Holdings' Compensation Committee is paid an additional annual cash fee of $30,000 and each other member of its Compensation Committee receives an additional annual cash fee of $15,000. For 2013 and subsequent years, the chairperson of its Nominating and Governance Committee is paid an additional annual cash fee of $25,000 and each other member of its Nominating and Governance Committee receives an additional annual cash fee of $12,500. For 2013 and subsequent years, each member of its Executive and Finance Committee receives an additional annual cash fee of $17,500. | |
Other Relationships with our Directors | |
The Corporation in the ordinary course of business provides products and services to and purchases products and services from companies at which some of our directors serve. In each case: (i) the relevant products and services were provided on terms and conditions determined on an arms-length basis and consistent with those provided by or to similarly situated customers and suppliers; (ii) the relevant director did not initiate or negotiate the relevant transaction, each of which was in the ordinary course of business of both companies; and (iii) the aggregate amounts of such purchases and sales were less than 2% of the consolidated gross revenues of each of the Corporations, for the periods presented. | |
We provided relocation assistance to our employees in connection with the relocation of our corporate headquarters from Park Ridge, New Jersey to Estero, Florida. In connection with the relocation program, we entered into an agreement with a third-party provider of relocation services, part of which included purchases of the current residences of eligible employees on our behalf. Consistent with the practices of other, similarly-situated companies that undergo relocations, the purchase price of each of the residences was determined by obtaining multiple appraisals, which were averaged for the third party's purchase price. The total amount that we spent under the program during the year ended December 31, 2013 was $3.1 million for the executive officers. The Compensation Committee approved the program. | |
Financing Arrangements with Related Parties | |
As a result of the Sponsors' sale of shares in May 2013, none of our outstanding debt at December 31, 2013 was with related parties. As of December 31, 2012 approximately $189.8 million of our outstanding debt was with related parties. | |
On June 29, 2007, we entered into a master loan agreement with Hertz Holdings. The maximum amount which may be borrowed by us under this facility is $100.0 million. The facility expired on June 28, 2013 and was extended through November 13, 2014 and amended to increase its facility size to $300.0 million. The interest rate is based on the U.S. Dollar LIBOR rate plus a margin. As of December 31, 2013 and 2012, there was a $92.6 million and $12.8 million receivable from Hertz Holdings, respectively. | |
For information on our total indebtedness, see Note 5—Debt. |
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) Quarterly Financial Information (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Financial Information | ' | |||||||||||||||
Quarterly Financial Information (Unaudited) | ||||||||||||||||
Provided below is a summary of the quarterly operating results during 2013 and 2012 (in millions of dollars, except per share data). | ||||||||||||||||
Amounts are computed independently each quarter. As a result, the sum of the quarter's amounts may not equal the total amount for the respective year. For a description of the revisions to prior periods, see Note 2—Summary of Significant Accounting Policies. | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||||
Revenues | $ | 2,436.90 | $ | 2,709.20 | $ | 3,069.40 | $ | 2,556.40 | ||||||||
Income before income taxes | 87.4 | 219.7 | 367 | 65.2 | ||||||||||||
Net income attributable to The Hertz Corporation and Subsidiaries' common stockholder | 24.3 | 129.3 | 237.1 | 3.4 | ||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||
Revenues | $ | 1,961.70 | $ | 2,226.20 | $ | 2,517.20 | $ | 2,319.70 | ||||||||
Income (loss) before income taxes | (23.9 | ) | 160.9 | 386.3 | (29.7 | ) | ||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | (48.2 | ) | 95.9 | 252.2 | (28.7 | ) | ||||||||||
Guarantor_and_NonGuarantor_Con
Guarantor and Non-Guarantor Condensed Consolidating Financial Statements | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Guarantor and Non-Guarantor Condensed Consolidating Financial Statements Disclosure | ' | ||||||||||||||||||||
Guarantor and Non-Guarantor Condensed Consolidating Financial Statements | ' | ||||||||||||||||||||
Guarantor and Non-Guarantor Condensed Consolidating Financial Statements | |||||||||||||||||||||
The following condensed consolidating financial information presents the Condensed Consolidating Balance Sheets as of December 31, 2013 and 2012 and the Condensed Consolidating Statements of Operations, Comprehensive Income (Loss) and Cash Flows for the years ended December 31, 2013, 2012 and 2011, of (a) The Hertz Corporation, (“the Company” or “the Parent”); (b) the Parent's subsidiaries that guarantee the Parent's indebtedness, or the Guarantor Subsidiaries; (c) the Parent's subsidiaries that do not guarantee the Parent's indebtedness, or the Non-Guarantor Subsidiaries; (d) elimination entries necessary to consolidate the Parent with the Guarantor Subsidiaries and Non-Guarantor Subsidiaries; and of (e) the Company on a consolidated basis. | |||||||||||||||||||||
On December 12, 2012, pursuant to a consent agreement Hertz Holdings entered into with the Federal Trade Commission in connection with the Dollar Thrifty acquisition, we consummated the Advantage Divestiture. Prior to the Advantage Divestiture, Simply Wheelz, the legal entity associated with Advantage, had been included within these condensed consolidating financial statements as a Guarantor Subsidiary. In February 2013 and March 2013, we added Dollar Thrifty and certain of its subsidiaries as guarantors under certain of our debt instruments and credit facilities. The following condensed consolidating financial statements now reflect the results of these changes for all periods presented. | |||||||||||||||||||||
Investments in subsidiaries are accounted for using the equity method for purposes of the consolidating presentation. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions. Separate financial statements and other disclosures with respect to the Guarantor Subsidiaries have not been provided as management believes the following information is sufficient, as the Guarantor Subsidiaries are 100% owned by the Parent and all guarantees are full and unconditional and joint and several. Additionally, substantially all of the assets of the Guarantor Subsidiaries are pledged under the Senior Credit Facilities, and consequently will not be available to satisfy the claims of our general creditors. | |||||||||||||||||||||
We have revised the Parent and Non-Guarantor subsidiaries' Condensed Consolidating Statement of Cash Flows to correctly reflect the capital contributions to subsidiaries and return of capital from subsidiaries for the year ended December 31, 2012 as presented below. We have also revised the Condensed Consolidating Balance Sheet as of December 31, 2012 to correctly reflect certain purchase accounting adjustments and equity balances in the Guarantor subsidiaries and Non-Guarantor subsidiaries. | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows as Previously Reported | |||||||||||||||||||||
For the year ended December 31, 2012 | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | |||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | ||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 1,677.60 | $ | 599.3 | $ | 1,246.80 | $ | (775.3 | ) | $ | 2,748.40 | ||||||||||
Net cash provided by (used in) investing activities | (4,248.8 | ) | (595.6 | ) | (2,626.3 | ) | 2,723.40 | (4,747.3 | ) | ||||||||||||
Net cash provided by (used in) financing activities | 2,030.80 | (4.6 | ) | 1,517.00 | (1,948.1 | ) | 1,595.10 | ||||||||||||||
Condensed Consolidating Statement of Cash Flows as Revised | |||||||||||||||||||||
For the year ended December 31, 2012 | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | |||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | ||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net cash provided by (used in) operating activities(1) | $ | (877.8 | ) | $ | 600.6 | $ | 3,792.70 | $ | (775.3 | ) | $ | 2,740.20 | |||||||||
Net cash provided by (used in) investing activities(2) | (1,693.5 | ) | (596.9 | ) | (2,605.0 | ) | 168.5 | (4,726.9 | ) | ||||||||||||
Net cash provided by (used in) financing activities | 2,030.80 | (4.6 | ) | (1,037.7 | ) | 606.8 | 1,595.30 | ||||||||||||||
_______________________________________________________________________________ | |||||||||||||||||||||
-1 | Includes revised amounts as described in Note 2—Summary of Significant Accounting Policies of $8.1 million decrease in cash provided by (used in) operating activities. | ||||||||||||||||||||
-2 | Includes revised amounts as described in Note 2—Summary of Significant Accounting Policies of $20.4 million increase in cash provided by (used in) investing activities. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet as Previously Reported | |||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | |||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | ||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | |||||||||||||||||||
Total Assets | $ | 12,360.30 | $ | 10,983.60 | $ | 17,309.10 | $ | (17,362.9 | ) | $ | 23,290.10 | ||||||||||
Total Liabilities | 9,442.80 | 5,015.70 | 15,051.20 | (9,137.1 | ) | 20,372.60 | |||||||||||||||
The Hertz Corporation and Subsidiaries stockholder's equity | 2,917.50 | 5,967.90 | 2,257.90 | (8,225.8 | ) | 2,917.50 | |||||||||||||||
Condensed Consolidating Balance Sheet as Revised | |||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | |||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | ||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | |||||||||||||||||||
Total Assets | $ | 12,336.90 | $ | 11,058.40 | $ | 17,216.30 | $ | (17,343.2 | ) | $ | 23,268.40 | ||||||||||
Total Liabilities | 9,440.40 | 5,132.20 | 14,944.50 | (9,145.2 | ) | 20,371.90 | |||||||||||||||
The Hertz Corporation and Subsidiaries stockholder's equity | 2,896.50 | 5,926.20 | 2,271.80 | (8,198.0 | ) | 2,896.50 | |||||||||||||||
There was no impact to The Hertz Corporation's Consolidated Balance Sheet or Statement of Cash Flows nor was there any covenant default under our various debt agreements. Management has concluded that this footnote revision is not material to our previously issued financial statements. | |||||||||||||||||||||
During the fourth quarter of 2013, we revised our previously issued consolidated financial statements as more fully described in Note 2—Summary of Significant Accounting Policies. The impact on the Parent, Guarantor subsidiaries and Non-Guarantor subsidiaries Condensed Consolidating Balance Sheet, Statement of Operations and Statement of Cash Flows is as follows: | |||||||||||||||||||||
Condensed Consolidating Statement of Operations as Previously Reported | |||||||||||||||||||||
For the year ended December 31, 2012 | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | |||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | ||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | |||||||||||||||||||
Revenues | $ | 4,259.00 | $ | 1,139.70 | $ | 6,132.60 | $ | (2,510.5 | ) | $ | 9,020.80 | ||||||||||
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries | (1,218.7 | ) | 8.6 | 1,712.90 | — | 502.8 | |||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | 275.7 | 36.3 | 1,042.00 | (1,078.3 | ) | 275.7 | |||||||||||||||
Condensed Consolidating Statement of Operations as Revised | |||||||||||||||||||||
For the year ended December 31, 2012 | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | |||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | ||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | |||||||||||||||||||
Revenues | $ | 4,259.10 | $ | 1,143.80 | $ | 6,109.00 | $ | (2,487.0 | ) | $ | 9,024.90 | ||||||||||
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries | (1,222.0 | ) | 8.2 | 1,707.50 | (0.1 | ) | 493.6 | ||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | 271.2 | 37.8 | 1,038.10 | (1,075.9 | ) | 271.2 | |||||||||||||||
Condensed Consolidating Statement of Operations as Previously Reported | |||||||||||||||||||||
For the year ended December 31, 2011 | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | |||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | ||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | |||||||||||||||||||
Revenues | $ | 4,068.30 | $ | 809.1 | $ | 5,733.80 | $ | (2,312.8 | ) | $ | 8,298.40 | ||||||||||
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries | (879.1 | ) | 18.6 | 1,234.40 | — | 373.9 | |||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | 210.4 | 34.8 | 738.5 | (773.3 | ) | 210.4 | |||||||||||||||
Condensed Consolidating Statement of Operations as Revised | |||||||||||||||||||||
For the year ended December 31, 2011 | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | |||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | ||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | |||||||||||||||||||
Revenues | $ | 4,068.30 | $ | 810 | $ | 5,723.30 | $ | (2,302.3 | ) | $ | 8,299.30 | ||||||||||
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries | (891.4 | ) | 18.5 | 1,228.10 | — | 355.2 | |||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | 198.4 | 34.7 | 734 | (768.7 | ) | 198.4 | |||||||||||||||
Condensed Consolidating Statement of Cash Flows as Previously Reported | |||||||||||||||||||||
For the year ended December 31, 2011 | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | |||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | ||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 1,000.60 | $ | 773.2 | $ | 1,038.10 | $ | (553.4 | ) | $ | 2,258.50 | ||||||||||
Net cash provided by (used in) investing activities | (1,379.3 | ) | (538.4 | ) | (1,724.6 | ) | 1,449.40 | (2,192.9 | ) | ||||||||||||
Net cash provided by (used in) financing activities | (810.6 | ) | (232.6 | ) | 427 | (896.0 | ) | (1,512.2 | ) | ||||||||||||
Condensed Consolidating Statement of Cash Flows as Revised | |||||||||||||||||||||
For the year ended December 31, 2011 | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | |||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | ||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 999.9 | $ | 773.2 | $ | 1,016.40 | $ | (553.4 | ) | $ | 2,236.10 | ||||||||||
Net cash provided by (used in) investing activities | (1,378.6 | ) | (538.4 | ) | (1,702.9 | ) | 1,449.40 | (2,170.5 | ) | ||||||||||||
Net cash provided by (used in) financing activities | (810.6 | ) | (232.6 | ) | 427 | (896.0 | ) | (1,512.2 | ) | ||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
(In Millions of Dollars) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | |||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | ||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | |||||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 76.1 | $ | 5.1 | $ | 342 | $ | — | $ | 423.2 | |||||||||||
Restricted cash and cash equivalents | 56.1 | 71.2 | 732.6 | — | 859.9 | ||||||||||||||||
Receivables, less allowance for doubtful accounts | 426.4 | 408.3 | 699.3 | (21.4 | ) | 1,512.60 | |||||||||||||||
Due from Hertz affiliate | 1,994.20 | 2,515.50 | 4,987.70 | (9,404.8 | ) | 92.6 | |||||||||||||||
Inventories, at lower cost or market | 25.5 | 35.9 | 30.9 | — | 92.3 | ||||||||||||||||
Prepaid expenses and other assets | 3,109.00 | 285.1 | 423.8 | (3,100.9 | ) | 717 | |||||||||||||||
Revenue earning equipment, net | 243.4 | 1,936.20 | 12,013.80 | — | 14,193.40 | ||||||||||||||||
Property and equipment, net | 912.6 | 330.3 | 271.4 | — | 1,514.30 | ||||||||||||||||
Investment in subsidiaries, net | 6,975.00 | 1,405.10 | — | (8,380.1 | ) | — | |||||||||||||||
Other intangible assets, net | 62.5 | 3,815.60 | 49.9 | — | 3,928.00 | ||||||||||||||||
Goodwill | 103.9 | 1,020.10 | 223.5 | — | 1,347.50 | ||||||||||||||||
Total assets | $ | 13,984.70 | $ | 11,828.40 | $ | 19,774.90 | $ | (20,907.2 | ) | $ | 24,680.80 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Due to Hertz affiliate | $ | 3,841.20 | $ | 2,666.40 | $ | 2,897.20 | $ | (9,404.8 | ) | $ | — | ||||||||||
Accounts payable | 151 | 218.2 | 598.7 | — | 967.9 | ||||||||||||||||
Accrued liabilities | 584.6 | 235.8 | 305.3 | (21.4 | ) | 1,104.30 | |||||||||||||||
Accrued taxes | 60.8 | 33.9 | 1,489.40 | (1,380.7 | ) | 203.4 | |||||||||||||||
Debt | 6,363.30 | 76.9 | 9,787.30 | — | 16,227.50 | ||||||||||||||||
Public liability and property damage | 99.4 | 62.4 | 185.9 | — | 347.7 | ||||||||||||||||
Deferred taxes on income | — | 2,293.80 | 2,372.00 | (1,720.2 | ) | 2,945.60 | |||||||||||||||
Total liabilities | 11,100.30 | 5,587.40 | 17,635.80 | (12,527.1 | ) | 21,796.40 | |||||||||||||||
Equity: | |||||||||||||||||||||
The Hertz Corporation and Subsidiaries stockholder's equity | 2,884.40 | 6,241.00 | 2,139.10 | (8,380.1 | ) | 2,884.40 | |||||||||||||||
Total liabilities and equity | $ | 13,984.70 | $ | 11,828.40 | $ | 19,774.90 | $ | (20,907.2 | ) | $ | 24,680.80 | ||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
(In Millions of Dollars) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | |||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | ||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | |||||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 24.6 | $ | 6.5 | $ | 514.4 | $ | — | $ | 545.5 | |||||||||||
Restricted cash and cash equivalents | 32.7 | 17.2 | 501.7 | — | 551.6 | ||||||||||||||||
Receivables, less allowance for doubtful accounts | 542.9 | 448.8 | 914.5 | (26.6 | ) | 1,879.60 | |||||||||||||||
Due from Hertz affiliate | 1,048.00 | 2,023.50 | 3,491.70 | (6,550.4 | ) | 12.8 | |||||||||||||||
Inventories, at lower cost or market | 24.4 | 41.2 | 40.1 | — | 105.7 | ||||||||||||||||
Prepaid expenses and other assets | 2,576.80 | 276.9 | 195.2 | (2,568.2 | ) | 480.7 | |||||||||||||||
Revenue earning equipment, net | 103.6 | 1,764.10 | 11,028.90 | — | 12,896.60 | ||||||||||||||||
Property and equipment, net | 865.7 | 321.9 | 248.8 | — | 1,436.40 | ||||||||||||||||
Investment in subsidiaries, net | 6,937.40 | 1,260.60 | — | (8,198.0 | ) | — | |||||||||||||||
Other intangible assets, net | 74.6 | 3,891.40 | 64.2 | — | 4,030.20 | ||||||||||||||||
Goodwill | 106.2 | 1,006.30 | 216.8 | — | 1,329.30 | ||||||||||||||||
Total assets | $ | 12,336.90 | $ | 11,058.40 | $ | 17,216.30 | $ | (17,343.2 | ) | $ | 23,268.40 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Due to Hertz affiliate | $ | 2,254.20 | $ | 2,421.50 | $ | 1,874.60 | $ | (6,550.3 | ) | $ | — | ||||||||||
Accounts payable | 237.1 | 198.6 | 567.5 | — | 1,003.20 | ||||||||||||||||
Accrued liabilities | 605.3 | 158.8 | 423.5 | (26.6 | ) | 1,161.00 | |||||||||||||||
Accrued taxes | 54.4 | 29 | 1,075.70 | (965.9 | ) | 193.2 | |||||||||||||||
Debt | 6,190.10 | 67.7 | 8,756.70 | — | 15,014.50 | ||||||||||||||||
Public liability and property damage | 99.3 | 52.9 | 180 | — | 332.2 | ||||||||||||||||
Deferred taxes on income | — | 2,203.70 | 2,066.50 | (1,602.4 | ) | 2,667.80 | |||||||||||||||
Total liabilities | 9,440.40 | 5,132.20 | 14,944.50 | (9,145.2 | ) | 20,371.90 | |||||||||||||||
Equity: | |||||||||||||||||||||
The Hertz Corporation and Subsidiaries stockholder's equity | 2,896.50 | 5,926.20 | 2,271.80 | (8,198.0 | ) | 2,896.50 | |||||||||||||||
Total liabilities and equity | $ | 12,336.90 | $ | 11,058.40 | $ | 17,216.30 | $ | (17,343.2 | ) | $ | 23,268.40 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||
(In Millions of Dollars) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | |||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | ||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | |||||||||||||||||||
Total revenues | $ | 4,544.90 | $ | 2,672.50 | $ | 6,712.20 | $ | (3,157.7 | ) | $ | 10,771.90 | ||||||||||
Expenses: | |||||||||||||||||||||
Direct operating | 2,555.20 | 1,463.70 | 1,734.80 | (1.7 | ) | 5,752.00 | |||||||||||||||
Depreciation of revenue earning equipment and lease charges | 2,713.60 | 655.3 | 2,309.30 | (3,152.7 | ) | 2,525.50 | |||||||||||||||
Selling, general and administrative | 482.3 | 212.8 | 330 | (3.3 | ) | 1,021.80 | |||||||||||||||
Interest expense, net of interest income | 336.6 | 34.3 | 296.4 | — | 667.3 | ||||||||||||||||
Other (income) expense, net | 54.1 | (6.4 | ) | 18.4 | — | 66.1 | |||||||||||||||
Total expenses | 6,141.80 | 2,359.70 | 4,688.90 | (3,157.7 | ) | 10,032.70 | |||||||||||||||
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries | (1,596.9 | ) | 312.8 | 2,023.30 | — | 739.2 | |||||||||||||||
(Provision) benefit for taxes on income | 597.1 | (128.2 | ) | (814.1 | ) | — | (345.2 | ) | |||||||||||||
Equity in earnings (losses) of subsidiaries (net of tax) | 1,393.80 | 155 | — | (1,548.8 | ) | — | |||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | $ | 394 | $ | 339.6 | $ | 1,209.20 | $ | (1,548.8 | ) | $ | 394 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||
(In Millions of Dollars) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | |||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | ||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | |||||||||||||||||||
Total revenues | $ | 4,259.10 | $ | 1,143.80 | $ | 6,109.00 | $ | (2,487.0 | ) | $ | 9,024.90 | ||||||||||
Expenses: | |||||||||||||||||||||
Direct operating | 2,385.70 | 649.6 | 1,770.80 | (0.1 | ) | 4,806.00 | |||||||||||||||
Depreciation of revenue earning equipment and lease charges | 2,378.50 | 244.8 | 1,992.30 | (2,486.7 | ) | 2,128.90 | |||||||||||||||
Selling, general and administrative | 474.1 | 177.7 | 316.3 | (0.1 | ) | 968 | |||||||||||||||
Interest expense, net of interest income | 253.5 | 39.4 | 300 | — | 592.9 | ||||||||||||||||
Other (income) expense, net | (10.7 | ) | 24.1 | 22.1 | — | 35.5 | |||||||||||||||
Total expenses | 5,481.10 | 1,135.60 | 4,401.50 | (2,486.9 | ) | 8,531.30 | |||||||||||||||
Income (loss) before income taxes, noncontrolling interest and equity in earnings (losses) of subsidiaries | (1,222.0 | ) | 8.2 | 1,707.50 | (0.1 | ) | 493.6 | ||||||||||||||
(Provision) benefit for taxes on income (loss) | 477.7 | (30.7 | ) | (669.4 | ) | — | (222.4 | ) | |||||||||||||
Equity in earnings (losses) of subsidiaries (net of tax) | 1,015.50 | 60.3 | — | (1,075.8 | ) | — | |||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | $ | 271.2 | $ | 37.8 | $ | 1,038.10 | $ | (1,075.9 | ) | $ | 271.2 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||||||
(In Millions of Dollars) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | |||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | ||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | |||||||||||||||||||
Total revenues | $ | 4,068.30 | $ | 810 | $ | 5,723.30 | $ | (2,302.3 | ) | $ | 8,299.30 | ||||||||||
Expenses: | |||||||||||||||||||||
Direct operating | 2,262.70 | 497.2 | 1,813.20 | — | 4,573.10 | ||||||||||||||||
Depreciation of revenue earning equipment and lease charges | 1,986.20 | 181.7 | 2,030.60 | (2,302.3 | ) | 1,896.20 | |||||||||||||||
Selling, general and administrative | 349.2 | 85.4 | 332.9 | — | 767.5 | ||||||||||||||||
Interest expense, net of interest income | 299.2 | 27.2 | 318.4 | — | 644.8 | ||||||||||||||||
Other (income) expense, net | 62.4 | — | 0.1 | — | 62.5 | ||||||||||||||||
Total expenses | 4,959.70 | 791.5 | 4,495.20 | (2,302.3 | ) | 7,944.10 | |||||||||||||||
Income (loss) before income taxes, noncontrolling interest and equity in earnings (losses) of subsidiaries | (891.4 | ) | 18.5 | 1,228.10 | — | 355.2 | |||||||||||||||
(Provision) benefit for taxes on income (loss) | 347.3 | (10.0 | ) | (474.5 | ) | — | (137.2 | ) | |||||||||||||
Equity in earnings (losses) of subsidiaries (net of tax) | 742.5 | 26.2 | — | (768.7 | ) | — | |||||||||||||||
Net income (loss) | 198.4 | 34.7 | 753.6 | (768.7 | ) | 218 | |||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | (19.6 | ) | — | (19.6 | ) | ||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | $ | 198.4 | $ | 34.7 | $ | 734 | $ | (768.7 | ) | $ | 198.4 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||
(In Millions of Dollars) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | |||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | ||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net income (loss) | $ | 394 | $ | 339.6 | $ | 1,209.20 | $ | (1,548.8 | ) | $ | 394 | ||||||||||
Other comprehensive income, net of tax | 34 | (6.6 | ) | (24.1 | ) | 30.7 | 34 | ||||||||||||||
Comprehensive income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | $ | 428 | $ | 333 | $ | 1,185.10 | $ | (1,518.1 | ) | $ | 428 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||
(In Millions of Dollars) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | |||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | ||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net income (loss) | $ | 271.2 | $ | 37.8 | $ | 1,038.10 | $ | (1,075.9 | ) | $ | 271.2 | ||||||||||
Other comprehensive income, net of tax | 1.6 | 0.8 | 10.5 | (11.3 | ) | 1.6 | |||||||||||||||
Comprehensive income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | $ | 272.8 | $ | 38.6 | $ | 1,048.60 | $ | (1,087.2 | ) | $ | 272.8 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||||||
(In Millions of Dollars) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | |||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | ||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net income (loss) | $ | 198.4 | $ | 34.7 | $ | 753.6 | $ | (768.7 | ) | $ | 218 | ||||||||||
Other comprehensive income, net of tax | (66.3 | ) | — | (34.6 | ) | 34.6 | (66.3 | ) | |||||||||||||
Comprehensive income (loss) | 132.1 | 34.7 | 719 | (734.1 | ) | 151.7 | |||||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | — | — | (19.6 | ) | — | (19.6 | ) | ||||||||||||||
Comprehensive income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | $ | 132.1 | $ | 34.7 | $ | 699.4 | $ | (734.1 | ) | $ | 132.1 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||
(In Millions of Dollars) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | |||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | ||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 181.2 | $ | 526.1 | $ | 3,820.30 | $ | (916.1 | ) | $ | 3,611.50 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Net change in restricted cash and cash equivalents | (23.4 | ) | (54.1 | ) | (230.8 | ) | — | (308.3 | ) | ||||||||||||
Revenue earning equipment expenditures | (149.5 | ) | (886.0 | ) | (9,262.9 | ) | — | (10,298.4 | ) | ||||||||||||
Proceeds from disposal of revenue earning equipment | 136.4 | 350.4 | 6,777.30 | — | 7,264.10 | ||||||||||||||||
Property and equipment expenditures | (192.4 | ) | (33.4 | ) | (88.0 | ) | — | (313.8 | ) | ||||||||||||
Proceeds from disposal of property and equipment | 42.4 | 5.6 | 25 | — | 73 | ||||||||||||||||
Capital contributions to subsidiaries | (937.9 | ) | — | — | 937.9 | — | |||||||||||||||
Return of capital from subsidiaries | 1,133.90 | 183.4 | — | (1,317.3 | ) | — | |||||||||||||||
Loan to Parent From Guarantor/Non-Guarantor | — | (57.0 | ) | (196.1 | ) | 253.1 | — | ||||||||||||||
Acquisitions, net of cash acquired | — | (15.1 | ) | (238.9 | ) | — | (254.0 | ) | |||||||||||||
Other investing activities | — | — | (1.5 | ) | — | (1.5 | ) | ||||||||||||||
Net cash provided by (used in) investing activities | 9.5 | (506.2 | ) | (3,215.9 | ) | (126.3 | ) | (3,838.9 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Proceeds from issuance of long-term debt | 250 | — | 1,524.70 | — | 1,774.70 | ||||||||||||||||
Payment of long-term debt | (33.8 | ) | — | (1,011.0 | ) | — | (1,044.8 | ) | |||||||||||||
Short-term borrowings: | |||||||||||||||||||||
Proceeds | — | — | 596.4 | — | 596.4 | ||||||||||||||||
Payments | — | — | (1,017.5 | ) | — | (1,017.5 | ) | ||||||||||||||
Proceeds under the revolving lines of credit | 2,280.00 | 2.5 | 7,229.10 | — | 9,511.60 | ||||||||||||||||
Payments under the revolving lines of credit | (2,323.0 | ) | (13.5 | ) | (6,768.0 | ) | — | (9,104.5 | ) | ||||||||||||
Capital contributions received from parent | — | — | 937.9 | (937.9 | ) | — | |||||||||||||||
Loan to Parent From Non-Guarantor | 253.1 | — | — | (253.1 | ) | — | |||||||||||||||
Payment of dividends and return of capital | (481.8 | ) | — | (2,233.4 | ) | 2,233.40 | (481.8 | ) | |||||||||||||
Proceeds from employee stock purchase plan | 5.1 | — | — | — | 5.1 | ||||||||||||||||
Loan with Hertz Global Holdings, Inc. | (79.8 | ) | — | — | — | (79.8 | ) | ||||||||||||||
Payment of financing costs | (9.0 | ) | (10.3 | ) | (35.0 | ) | — | (54.3 | ) | ||||||||||||
Net cash provided by (used in) financing activities | (139.2 | ) | (21.3 | ) | (776.8 | ) | 1,042.40 | 105.1 | |||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | — | — | — | ||||||||||||||||
Net change in cash and cash equivalents during the period | 51.5 | (1.4 | ) | (172.4 | ) | — | (122.3 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 24.6 | 6.5 | 514.4 | — | 545.5 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 76.1 | $ | 5.1 | $ | 342 | $ | — | $ | 423.2 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | |||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | ||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (877.8 | ) | $ | 600.6 | $ | 3,792.70 | $ | (775.3 | ) | $ | 2,740.20 | |||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Net change in restricted cash and cash equivalents | 12 | 11 | (264.6 | ) | — | (241.6 | ) | ||||||||||||||
Revenue earning equipment expenditures | (87.7 | ) | (765.0 | ) | (8,760.1 | ) | — | (9,612.8 | ) | ||||||||||||
Proceeds from disposal of revenue earning equipment | 79.4 | 276.3 | 6,769.40 | — | 7,125.10 | ||||||||||||||||
Property and equipment expenditures | (173.1 | ) | (33.9 | ) | (90.1 | ) | — | (297.1 | ) | ||||||||||||
Proceeds from disposal of property and equipment | 67.4 | 11.7 | 42.9 | — | 122 | ||||||||||||||||
Capital contributions to subsidiaries | (2,989.7 | ) | — | — | 2,989.70 | — | |||||||||||||||
Return of capital from subsidiaries | 3,106.70 | 99.6 | — | (3,206.3 | ) | — | |||||||||||||||
Loan to Parent from Non-Guarantor | — | — | (385.1 | ) | 385.1 | — | |||||||||||||||
Acquisitions, net of cash acquired | (1,708.5 | ) | (196.6 | ) | (0.1 | ) | — | (1,905.2 | ) | ||||||||||||
Proceeds from disposal of business | — | — | 84.5 | — | 84.5 | ||||||||||||||||
Other investing activities | — | — | (1.8 | ) | — | (1.8 | ) | ||||||||||||||
Net cash provided by (used in) investing activities | (1,693.5 | ) | (596.9 | ) | (2,605.0 | ) | 168.5 | (4,726.9 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Proceeds from issuance of long-term debt | 2,210.00 | — | 27.3 | — | 2,237.30 | ||||||||||||||||
Payment of long-term debt | (650.4 | ) | — | (301.7 | ) | — | (952.1 | ) | |||||||||||||
Short-term borrowings: | |||||||||||||||||||||
Proceeds | — | — | 438.4 | — | 438.4 | ||||||||||||||||
Payments | (26.8 | ) | — | (1,253.3 | ) | — | (1,280.1 | ) | |||||||||||||
Proceeds under the revolving lines of credit | 2,820.00 | 3.6 | 3,640.00 | — | 6,463.60 | ||||||||||||||||
Payments under the revolving lines of credit | (2,600.0 | ) | (4.9 | ) | (2,585.6 | ) | — | (5,190.5 | ) | ||||||||||||
Capital contributions received from parent | — | — | 2,989.70 | (2,989.7 | ) | — | |||||||||||||||
Loan to Parent From Non-Guarantor | 385.1 | — | — | (385.1 | ) | — | |||||||||||||||
Payment of dividends and return of capital | (25.0 | ) | — | (3,981.6 | ) | 3,981.60 | (25.0 | ) | |||||||||||||
Proceeds from employee stock purchase plan | 4.3 | — | — | — | 4.3 | ||||||||||||||||
Loan from Hertz Global Holdings, Inc. | (13.2 | ) | — | — | — | (13.2 | ) | ||||||||||||||
Purchase of noncontrolling interest | (38.0 | ) | — | — | — | (38.0 | ) | ||||||||||||||
Payment of financing costs | (35.2 | ) | (3.3 | ) | (10.9 | ) | — | (49.4 | ) | ||||||||||||
Net cash provided by (used in) financing activities | 2,030.80 | (4.6 | ) | (1,037.7 | ) | 606.8 | 1,595.30 | ||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | 5.7 | — | 5.7 | ||||||||||||||||
Net change in cash and cash equivalents during the period | (540.5 | ) | (0.9 | ) | 155.7 | — | (385.7 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 565.1 | 7.4 | 358.7 | — | 931.2 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 24.6 | $ | 6.5 | $ | 514.4 | $ | — | $ | 545.5 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||||||
(In Millions of Dollars) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | |||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | ||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 999.9 | $ | 773.2 | $ | 1,016.40 | $ | (553.4 | ) | $ | 2,236.10 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Net change in restricted cash and cash equivalents | (28.6 | ) | (2.7 | ) | (70.4 | ) | — | (101.7 | ) | ||||||||||||
Revenue earning equipment expenditures | (141.4 | ) | (670.1 | ) | (8,620.4 | ) | — | (9,431.9 | ) | ||||||||||||
Proceeds from disposal of revenue earning equipment | 163.3 | 170.5 | 7,516.60 | — | 7,850.40 | ||||||||||||||||
Property and equipment expenditures | (189.5 | ) | (29.7 | ) | (62.5 | ) | — | (281.7 | ) | ||||||||||||
Proceeds from disposal of property and equipment | 24 | 9.3 | 20.5 | — | 53.8 | ||||||||||||||||
Capital contributions to subsidiaries | (3,549.1 | ) | — | — | 3,549.10 | — | |||||||||||||||
Return of capital from subsidiaries | 2,590.00 | — | — | (2,590.0 | ) | — | |||||||||||||||
Loan to Parent from Non-Guarantor | — | — | (490.3 | ) | 490.3 | — | |||||||||||||||
Acquisitions, net of cash acquired | (214.4 | ) | (2.1 | ) | (10.6 | ) | — | (227.1 | ) | ||||||||||||
Purchase of short-term investments, net | (32.9 | ) | — | — | — | (32.9 | ) | ||||||||||||||
Other investing activities | — | (13.6 | ) | 14.2 | — | 0.6 | |||||||||||||||
Net cash provided by (used in) investing activities | (1,378.6 | ) | (538.4 | ) | (1,702.9 | ) | 1,449.40 | (2,170.5 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Proceeds from issuance of long-term debt | 2,455.30 | — | 607.2 | — | 3,062.50 | ||||||||||||||||
Payment of long-term debt | (3,596.3 | ) | — | (53.0 | ) | — | (3,649.3 | ) | |||||||||||||
Short-term borrowings: | — | ||||||||||||||||||||
Proceeds | — | — | 460.9 | — | 460.9 | ||||||||||||||||
Payments | (29.2 | ) | — | (1,164.9 | ) | — | (1,194.1 | ) | |||||||||||||
Proceeds under the revolving lines of credit | 1,102.70 | 1.4 | 4,002.70 | — | 5,106.80 | ||||||||||||||||
Payments under the revolving lines of credit | (1,131.9 | ) | (231.2 | ) | (3,801.0 | ) | — | (5,164.1 | ) | ||||||||||||
Distributions to noncontrolling interest | — | — | (23.1 | ) | — | (23.1 | ) | ||||||||||||||
Capital contributions received from parent | — | — | 3,549.10 | (3,549.1 | ) | — | |||||||||||||||
Payment of dividends and return of capital | (22.9 | ) | — | (3,143.4 | ) | 3,143.40 | (22.9 | ) | |||||||||||||
Proceeds from employee stock purchase plan | 3.6 | — | — | — | 3.6 | ||||||||||||||||
Loan from Hertz Global Holdings, Inc. | (1.0 | ) | — | — | — | (1.0 | ) | ||||||||||||||
Loan to Parent from Non-Guarantor | 490.3 | — | — | (490.3 | ) | — | |||||||||||||||
Payment of financing costs | (81.2 | ) | (2.8 | ) | (7.5 | ) | — | (91.5 | ) | ||||||||||||
Net cash provided by (used in) financing activities | (810.6 | ) | (232.6 | ) | 427 | (896.0 | ) | (1,512.2 | ) | ||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | 3.8 | — | 3.8 | ||||||||||||||||
Net change in cash and cash equivalents during the period | (1,189.3 | ) | 2.2 | (255.7 | ) | — | (1,442.8 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 1,754.40 | 5.2 | 614.4 | — | 2,374.00 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 565.1 | $ | 7.4 | $ | 358.7 | $ | — | $ | 931.2 | |||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
Upon discovery in January 2014 of a requirement under the HVF II Series 2013-B Notes unknowingly not being met, Hertz promptly obtained waivers from 100% of the noteholders required to waive and cure the related amortization events and provided the required notices. | |
In February 2014, we added Firefly Rent A Car LLC as a guarantor under certain of our debt instruments and credit facilities. | |
In February 2014, the maturity date of the Canadian Securitization was extended to March 2015. | |
In February 2014, the maturity date of the Dollar Thrifty-Sponsored Canadian Securitization was extended to March 2015. | |
In March 2014, Hertz Holdings announced that its Board of Directors has approved plans to separate the Hertz car and equipment rental businesses into two independent, publicly traded companies. Additionally, Hertz Holdings' Board approved a new share repurchase program totaling $1 billion which replaces the existing program. |
SCHEDULE_I_CONDENSED_FINANCIAL
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Schedule I Condensed Financial Information of Registrant | ' | |||||||||||||||||||||||||||
SCHEDULE I | ||||||||||||||||||||||||||||
CONDENSED FINANCIAL INFORMATION OF REGISTRANT | ||||||||||||||||||||||||||||
THE HERTZ CORPORATION | ||||||||||||||||||||||||||||
PARENT COMPANY BALANCE SHEETS | ||||||||||||||||||||||||||||
(In Millions of Dollars except for share and per share data) | ||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 76.1 | $ | 24.6 | ||||||||||||||||||||||||
Restricted cash and cash equivalents | 56.1 | 32.7 | ||||||||||||||||||||||||||
Receivables, less allowance for doubtful accounts | 426.4 | 542.9 | ||||||||||||||||||||||||||
Due from Hertz affiliates | 1,994.20 | 1,048.00 | ||||||||||||||||||||||||||
Inventories, at lower of cost or market | 25.5 | 24.4 | ||||||||||||||||||||||||||
Prepaid expenses and other assets | 3,109.00 | 2,576.80 | ||||||||||||||||||||||||||
Revenue earning equipment, net | 243.4 | 103.6 | ||||||||||||||||||||||||||
Property and equipment, net | 912.6 | 865.7 | ||||||||||||||||||||||||||
Investments in subsidiaries, net | 6,975.00 | 6,937.40 | ||||||||||||||||||||||||||
Other intangible assets, net | 62.5 | 74.6 | ||||||||||||||||||||||||||
Goodwill | 103.9 | 106.2 | ||||||||||||||||||||||||||
Total assets | $ | 13,984.70 | $ | 12,336.90 | ||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||||||
Due to Hertz affiliates | $ | 3,841.20 | $ | 2,254.20 | ||||||||||||||||||||||||
Accounts payable | 151 | 237.1 | ||||||||||||||||||||||||||
Accrued liabilities | 584.6 | 605.3 | ||||||||||||||||||||||||||
Accrued taxes | 60.8 | 54.4 | ||||||||||||||||||||||||||
Debt | 6,363.30 | 6,190.10 | ||||||||||||||||||||||||||
Public liability and property damage | 99.4 | 99.3 | ||||||||||||||||||||||||||
Deferred taxes on income | — | — | ||||||||||||||||||||||||||
Total Liabilities | 11,100.30 | 9,440.40 | ||||||||||||||||||||||||||
Stockholder's equity: | ||||||||||||||||||||||||||||
Common Stock, $0.01 par value, 3,000 shares authorized, 100 shares issued and outstanding | — | — | ||||||||||||||||||||||||||
Additional paid-in capital | 3,551.70 | 3,510.00 | ||||||||||||||||||||||||||
Accumulated deficit | (674.4 | ) | (586.6 | ) | ||||||||||||||||||||||||
Accumulated other comprehensive loss | 7.1 | (26.9 | ) | |||||||||||||||||||||||||
Total stockholder's equity | 2,884.40 | 2,896.50 | ||||||||||||||||||||||||||
Total liabilities and stockholder's equity | $ | 13,984.70 | $ | 12,336.90 | ||||||||||||||||||||||||
The accompanying notes are an integral part of these financial statements. | ||||||||||||||||||||||||||||
SCHEDULE I (Continued) | ||||||||||||||||||||||||||||
THE HERTZ CORPORATION | ||||||||||||||||||||||||||||
PARENT COMPANY STATEMENTS OF OPERATIONS | ||||||||||||||||||||||||||||
(In Millions of Dollars) | ||||||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Revenues | $ | 4,544.90 | $ | 4,259.10 | $ | 4,068.30 | ||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||
Direct operating | 2,555.20 | 2,385.70 | 2,262.70 | |||||||||||||||||||||||||
Depreciation of revenue earning equipment and lease charges | 2,713.60 | 2,378.50 | 1,986.20 | |||||||||||||||||||||||||
Selling, general and administrative | 482.3 | 474.1 | 349.2 | |||||||||||||||||||||||||
Interest expense, net of interest income | 336.6 | 253.5 | 299.2 | |||||||||||||||||||||||||
Other (income) expense, net | 54.1 | (10.7 | ) | 62.4 | ||||||||||||||||||||||||
Total expenses | 6,141.80 | 5,481.10 | 4,959.70 | |||||||||||||||||||||||||
Loss before income taxes | (1,596.9 | ) | (1,222.0 | ) | (891.4 | ) | ||||||||||||||||||||||
Benefit for taxes on income | 597.1 | 477.7 | 347.3 | |||||||||||||||||||||||||
Equity in earnings of subsidiaries, net of tax | 1,393.80 | 1,015.50 | 742.5 | |||||||||||||||||||||||||
Net income (loss) | $ | 394 | $ | 271.2 | $ | 198.4 | ||||||||||||||||||||||
The accompanying notes are an integral part of these financial statements. | ||||||||||||||||||||||||||||
SCHEDULE I (Continued) | ||||||||||||||||||||||||||||
THE HERTZ CORPORATION | ||||||||||||||||||||||||||||
PARENT COMPANY STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||||||
(In Millions of Dollars) | ||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Net income | $ | 394 | $ | 271.2 | $ | 198.4 | ||||||||||||||||||||||
Other comprehensive income (loss) | 34 | 1.6 | (66.3 | ) | ||||||||||||||||||||||||
Comprehensive income | $ | 428 | $ | 272.8 | $ | 132.1 | ||||||||||||||||||||||
The accompanying notes are an integral part of these financial statements. | ||||||||||||||||||||||||||||
SCHEDULE I (Continued) | ||||||||||||||||||||||||||||
THE HERTZ CORPORATION | ||||||||||||||||||||||||||||
PARENT COMPANY STATEMENTS OF STOCKHOLDER'S EQUITY | ||||||||||||||||||||||||||||
(In Millions of Dollars, except share data) | ||||||||||||||||||||||||||||
Common Stock | Additional | Accumulated | Accumulated | Total | ||||||||||||||||||||||||
Paid-In Capital | Deficit | Other | Equity | |||||||||||||||||||||||||
Comprehensive | ||||||||||||||||||||||||||||
Balance at: | Shares | Amount | Income (Loss) | |||||||||||||||||||||||||
31-Dec-10 | 100 | $ | — | $ | 3,452.00 | $ | (1,003.8 | ) | $ | 37.8 | $ | 2,486.00 | ||||||||||||||||
Cumulative effect of accounting corrections | (4.5 | ) | (4.5 | ) | ||||||||||||||||||||||||
December 31, 2010 (as revised) | 100 | — | 3,452.00 | (1,008.3 | ) | 37.8 | 2,481.50 | |||||||||||||||||||||
Net loss attributable to The Hertz Corporation and Subsidiaries' common stockholder | 198.4 | 198.4 | ||||||||||||||||||||||||||
Dividends paid to Hertz Global Holdings, Inc. | (22.9 | ) | (22.9 | ) | ||||||||||||||||||||||||
Other comprehensive income | (66.3 | ) | (66.3 | ) | ||||||||||||||||||||||||
Dividend payment to noncontrolling interest | — | |||||||||||||||||||||||||||
Net income relating to noncontrolling interest | — | |||||||||||||||||||||||||||
Acquisition of remaining portion of non-controlling interest, net of tax of $9.8 | (15.3 | ) | (15.3 | ) | ||||||||||||||||||||||||
Stock-based employee compensation charges, net of tax of $0 | 31.1 | 31.1 | ||||||||||||||||||||||||||
Proceeds from employee stock purchase plan, net of tax of $0 | 4.2 | 4.2 | ||||||||||||||||||||||||||
Hertz Holdings common and phantom shares issued to Directors | 1.6 | 1.6 | ||||||||||||||||||||||||||
31-Dec-11 | 100 | — | 3,473.60 | (832.8 | ) | (28.5 | ) | 2,612.30 | ||||||||||||||||||||
Net income attributable to The Hertz Corporation and Subsidiaries' common stockholder | 271.2 | 271.2 | ||||||||||||||||||||||||||
Dividends paid to Hertz Global Holdings, Inc. | (25.0 | ) | (25.0 | ) | ||||||||||||||||||||||||
Other comprehensive loss | 1.6 | 1.6 | ||||||||||||||||||||||||||
Stock-based employee compensation charges, net of tax of $0.4 | 29.9 | 29.9 | ||||||||||||||||||||||||||
Proceeds from employee stock purchase plan, net of tax of $0 | 5 | 5 | ||||||||||||||||||||||||||
Hertz Holdings common shares issued to Directors | 1.5 | 1.5 | ||||||||||||||||||||||||||
31-Dec-12 | 100 | — | 3,510.00 | (586.6 | ) | (26.9 | ) | 2,896.50 | ||||||||||||||||||||
Net income attributable to The Hertz Corporation and Subsidiaries' common stockholder | 394 | 394 | ||||||||||||||||||||||||||
Dividends paid to Hertz Global Holdings, Inc. | (481.8 | ) | (481.8 | ) | ||||||||||||||||||||||||
Other comprehensive loss | 34 | 34 | ||||||||||||||||||||||||||
Stock-based employee compensation charges, net of tax of $0 | 35.1 | 35.1 | ||||||||||||||||||||||||||
Proceeds from employee stock purchase plan, net of tax $0 | 6 | 6 | ||||||||||||||||||||||||||
Hertz Holdings common and phantom shares issued to Directors | 0.6 | 0.6 | ||||||||||||||||||||||||||
31-Dec-13 | 100 | $ | — | $ | 3,551.70 | $ | (674.4 | ) | $ | 7.1 | $ | 2,884.40 | ||||||||||||||||
The accompanying notes are an integral part of these financial statements. | ||||||||||||||||||||||||||||
SCHEDULE I (Continued) | ||||||||||||||||||||||||||||
THE HERTZ CORPORATION | ||||||||||||||||||||||||||||
PARENT COMPANY STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||||||
(In Millions of Dollars) | ||||||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||||||
Net income | $ | 394 | $ | 271.2 | $ | 198.4 | ||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | (212.8 | ) | (1,149.0 | ) | 801.5 | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | 181.2 | (877.8 | ) | 999.9 | ||||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||
Net change in restricted cash and cash equivalents | (23.4 | ) | 12 | (28.6 | ) | |||||||||||||||||||||||
Revenue earning equipment expenditures | (149.5 | ) | (87.7 | ) | (141.4 | ) | ||||||||||||||||||||||
Proceeds from disposal of revenue earning equipment | 136.4 | 79.4 | 163.3 | |||||||||||||||||||||||||
Property and equipment expenditures | (192.4 | ) | (173.1 | ) | (189.5 | ) | ||||||||||||||||||||||
Proceeds from disposal of property and equipment | 42.4 | 67.4 | 24 | |||||||||||||||||||||||||
Capital contributions to subsidiaries | (937.9 | ) | (2,989.7 | ) | (3,549.1 | ) | ||||||||||||||||||||||
Return of capital from subsidiaries | 1,133.90 | 3,106.70 | 2,590.00 | |||||||||||||||||||||||||
Acquisitions, net of cash acquired | — | (1,708.5 | ) | (214.4 | ) | |||||||||||||||||||||||
Purchase of short-term investments, net | — | — | (32.9 | ) | ||||||||||||||||||||||||
Net cash provided by (used in) investing activities | 9.5 | (1,693.5 | ) | (1,378.6 | ) | |||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||
Proceeds from issuance of long-term debt | 250 | 2,210.00 | 2,455.30 | |||||||||||||||||||||||||
Payment of long-term debt | (33.8 | ) | (650.4 | ) | (3,596.3 | ) | ||||||||||||||||||||||
Short-term borrowings: | ||||||||||||||||||||||||||||
Payments | — | (26.8 | ) | (29.2 | ) | |||||||||||||||||||||||
Proceeds under the revolving lines of credit | 2,280.00 | 2,820.00 | 1,102.70 | |||||||||||||||||||||||||
Payments under the revolving lines of credit | (2,323.0 | ) | (2,600.0 | ) | (1,131.9 | ) | ||||||||||||||||||||||
Payment of dividends and return of capital | (481.8 | ) | (25.0 | ) | (22.9 | ) | ||||||||||||||||||||||
Proceeds from employee stock purchase plan | 5.1 | 4.3 | 3.6 | |||||||||||||||||||||||||
Loan to parent from Non-Guarantor | 253.1 | 385.1 | 490.3 | |||||||||||||||||||||||||
Loan with Hertz affiliate | (79.8 | ) | (13.2 | ) | (1.0 | ) | ||||||||||||||||||||||
Purchase of noncontrolling interest | — | (38.0 | ) | — | ||||||||||||||||||||||||
Payment of financing costs | (9.0 | ) | (35.2 | ) | (81.2 | ) | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | (139.2 | ) | 2,030.80 | (810.6 | ) | |||||||||||||||||||||||
Net change in cash and cash equivalents during the period | 51.5 | (540.5 | ) | (1,189.3 | ) | |||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 24.6 | 565.1 | 1,754.40 | |||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 76.1 | $ | 24.6 | $ | 565.1 | ||||||||||||||||||||||
The accompanying notes are an integral part of these financial statements. | ||||||||||||||||||||||||||||
Background and Basis of Presentation | ||||||||||||||||||||||||||||
The accompanying condensed financial statements include only the accounts of The Hertz Corporation, or the “Company.” Investments in the Company's subsidiaries are accounted for under the equity method. These parent company financial statements have been prepared in accordance with Rule 12-04 of Regulation S-X, as restricted net assets of the Company's subsidiaries exceed 25% of the Company's consolidated net assets as of December 31, 2013. | ||||||||||||||||||||||||||||
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted since this information is included in the Company's annual consolidated financial statements included in this Annual Report under the caption “Item 8—Financial Statements and Supplementary Data.” | ||||||||||||||||||||||||||||
During the fourth quarter of 2013, we revised our previously issued consolidated financial statements as more fully described in Note 2—Summary of Significant Accounting Policies and Note 18—Guarantor and Non-Guarantor Condensed Consolidating Financial Statements included in this Annual Report under the caption “Item 8—Financial Statements and Supplementary Data.” Management has concluded that the impact on the Parent Company financial statements as a result of the revision is not material. | ||||||||||||||||||||||||||||
Commitments and Contingencies | ||||||||||||||||||||||||||||
The following table details the contractual cash obligations of the Company for debt, related interest payable and tax liability for uncertain tax positions and related interest as of December 31, 2013 (in millions of dollars): | ||||||||||||||||||||||||||||
Total | 2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | ||||||||||||||||||||||
Debt | $ | 6,360.00 | $ | 349.4 | $ | 21.3 | $ | 21.3 | $ | 21.3 | $ | 2,969.30 | $ | 2,977.40 | ||||||||||||||
Interest | 1,970.80 | 341.1 | 337.9 | 342.7 | 363.3 | 261.2 | 324.6 | |||||||||||||||||||||
Uncertain tax positions liability and interest | 1.2 | 1.2 | — | — | — | — | — | |||||||||||||||||||||
Total | $ | 8,332.00 | $ | 691.7 | $ | 359.2 | $ | 364 | $ | 384.6 | $ | 3,230.50 | $ | 3,302.00 | ||||||||||||||
The following table details the contractual cash obligations of the Company for operating leases and purchase obligations as of December 31, 2013 (in millions of dollars): | ||||||||||||||||||||||||||||
Total | Less than | 3-Jan | 5-Mar | More than | ||||||||||||||||||||||||
1 Year | Years | Years | 5 Years | |||||||||||||||||||||||||
Operating leases and concession agreements | $ | 1,603.00 | $ | 309.1 | $ | 428.1 | $ | 270.8 | $ | 595 | ||||||||||||||||||
Purchase obligations | 3,840.50 | 3,795.30 | 43.5 | 1.7 | — | |||||||||||||||||||||||
Total | $ | 5,443.50 | $ | 4,104.40 | $ | 471.6 | $ | 272.5 | $ | 595 | ||||||||||||||||||
Distribution of Equity | ||||||||||||||||||||||||||||
The following table details distributions of equity received by the Company from its subsidiaries during 2013, 2012 and 2011 (in millions of dollars): | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Distribution of Equity | $ | 2,233.40 | $ | 3,981.60 | $ | 3,143.40 | ||||||||||||||||||||||
Schedule_II_Schedule_II
Schedule II Schedule II | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure | ' | |||||||||||||||||||
SCHEDULE II | ||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||
THE HERTZ CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
(In Millions of Dollars) | ||||||||||||||||||||
Balance at | Additions | |||||||||||||||||||
Beginning of | Charged to | Translation | Deductions | Balance at | ||||||||||||||||
Period | Expense | Adjustments | End of Period | |||||||||||||||||
Allowance for doubtful accounts: | ||||||||||||||||||||
Year ended December 31, 2013 | $ | 29.3 | $ | 41.9 | $ | (0.1 | ) | $ | (40.3 | ) | (a) | $ | 30.8 | |||||||
Year ended December 31, 2012(b) | 20.3 | 38.3 | — | (29.3 | ) | (a) | 29.3 | |||||||||||||
Year ended December 31, 2011(b) | 19.7 | 28.2 | 0.1 | (27.7 | ) | (a) | 20.3 | |||||||||||||
Tax valuation allowances: | ||||||||||||||||||||
Year ended December 31, 2013 | $ | 226.4 | $ | 37.9 | $ | 15.1 | $ | — | $ | 279.4 | ||||||||||
Year ended December 31, 2012(b) | 186.7 | 39.8 | (0.1 | ) | — | 226.4 | ||||||||||||||
Year ended December 31, 2011(b) | 185.8 | 2.1 | (1.2 | ) | — | 186.7 | ||||||||||||||
_____________________________ | ||||||||||||||||||||
(a) | Amounts written off, net of recoveries. | |||||||||||||||||||
(b) | Prior period amounts have been revised, for a description of the revisions to prior periods, see Note 2 to the Notes to our audited annual consolidated financial statements included in this Annual Report under the caption “Item 8—Financial Statements and Supplementary Data." |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Principles of Consolidation | ' | |
Principles of Consolidation | ||
The consolidated financial statements include the accounts of Hertz Holdings and our wholly owned and majority owned domestic and international subsidiaries. In the event that Hertz Holdings is a primary beneficiary of a variable interest entity, the assets, liabilities, and results of operations of the variable interest entity will be included in our consolidated financial statements. All significant intercompany transactions have been eliminated in consolidation. | ||
Use of Estimates and Assumptions | ' | |
Use of Estimates and Assumptions | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, or “GAAP,” requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes. Actual results could differ materially from those estimates. | ||
Significant estimates inherent in the preparation of the consolidated financial statements include depreciation of revenue earning equipment, reserves for litigation and other contingencies, accounting for income taxes and related uncertain tax positions, pension and postretirement benefit costs, the fair value of assets and liabilities acquired in business combinations, the recoverability of long-lived assets, useful lives and impairment of long-lived tangible and intangible assets including goodwill, valuation of stock based compensation, public liability and property damage reserves, reserves for restructuring, allowance for doubtful accounts, and fair value of derivatives, among others. | ||
Reclassifications | ' | |
Reclassifications | ||
Certain prior period amounts have been reclassified to conform with current year presentation. | ||
In the third quarter of 2013 we changed the composition of our reportable segments upon further consideration of the guidance provided in the Financial Accounting Standards Board, or “FASB,” Accounting Standards Codification, or “ASC,” Topic 280, Segment Reporting. We historically aggregated our U.S., Europe, Other International and Donlen car rental operating segments together to produce a worldwide car rental reportable segment. We now present our operations as four reportable segments (U.S. car rental, international car rental, worldwide equipment rental and all other operations). We have revised our segment results presented herein to reflect this new segment structure, including for prior periods. Such revisions have no impact on our consolidated financial condition, results of operations or cash flows for the periods presented. See Note 11—Segment Information. | ||
Acquisition Accounting | ' | |
Acquisition Accounting | ||
We account for business combinations using the acquisition method, which requires an allocation of the purchase price of an acquired entity to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. Goodwill represents the excess of the purchase price over the net tangible and intangible assets acquired. | ||
Revenue Recognition | ' | |
Revenue Recognition | ||
Rental and rental related revenue (including cost reimbursements from customers where we consider ourselves to be the principal versus an agent) are recognized over the period the revenue earning equipment is rented or leased based on the terms of the rental or leasing contract. Maintenance management administrative fees are recognized monthly and maintenance management service revenue is recognized when services are performed. Revenue related to new equipment sales and consumables is recognized at the time of delivery to, or pick-up by, the customer and when collectability is reasonably assured. Fees from our franchisees are recognized over the period the underlying franchisees' revenue is earned (over the period the franchisees' revenue earning equipment is rented). Certain truck and equipment leases are originated with the intention of syndicating to banks, and upon the sale of rights to these direct financing leases, the net gain is recorded in revenue. | ||
Sales tax amounts collected from customers have been recorded on a net basis. | ||
Cash and Cash Equivalents and Other | ' | |
Cash and Cash Equivalents and Other | ||
We consider all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. | ||
Restricted Cash and Cash Equivalents | ' | |
Restricted Cash and Cash Equivalents | ||
Restricted cash and cash equivalents includes cash and cash equivalents that are not readily available for our normal disbursements. Restricted cash and cash equivalents are restricted for the purchase of revenue earning vehicles and other specified uses under our Fleet Debt facilities, for our Like-Kind Exchange Program, or “LKE Program,” and to satisfy certain of our self-insurance regulatory reserve requirements. These funds are primarily held in highly rated money market funds with investments primarily in government and corporate obligations. Restricted cash and cash equivalents are excluded from cash and cash equivalents. | ||
Receivables | ' | |
Receivables | ||
Receivables are stated net of allowances for doubtful accounts and represent credit extended to manufacturers and customers that satisfy defined credit criteria. The estimate of the allowance for doubtful accounts is based on our historical experience and our judgment as to the likelihood of ultimate payment. Actual receivables are written-off against the allowance for doubtful accounts when we determine the balance will not be collected. Bad debt expense is reflected as a component of "Selling, general and administrative" in our consolidated statements of operations. | ||
Property and Equipment | ' | |
Property and Equipment | ||
Property and equipment are stated at cost and are depreciated utilizing the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the estimated useful lives of the related assets or leases, whichever is shorter. Useful lives are as follows: | ||
Buildings | 5 to 50 years | |
Furniture and fixtures | 1 to 15 years | |
Capitalized internal use software | 1 to 10 years | |
Service cars and service equipment | 1 to 13 years | |
Other intangible assets | 3 to 10 years | |
Leasehold improvements | The shorter of their economic lives or the lease term | |
We follow the practice of charging maintenance and repairs, including the cost of minor replacements, to maintenance expense accounts. Costs of major replacements of units of property are capitalized to property and equipment accounts and depreciated on the basis indicated above. Gains and losses on dispositions of property and equipment are included in income as realized. During the years ended December 31, 2013 and 2012, gains from the dispositions of property and equipment of $3.9 million and $8.3 million, respectively, were included in our consolidated statements of operations. | ||
Revenue Earning Equipment | ||
Revenue earning equipment is stated at cost, net of related discounts. Holding periods are as follows: | ||
Cars | 4 to 36 months | |
Other equipment | 24 to 108 months | |
Generally, when revenue earning equipment is acquired, we estimate the period that we will hold the asset, primarily based on historical measures of the amount of rental activity (e.g., automobile mileage and equipment usage) and the targeted age of equipment at the time of disposal. We also estimate the residual value of the applicable revenue earning equipment at the expected time of disposal. The residual values for rental vehicles are affected by many factors, including make, model and options, age, physical condition, mileage, sale location, time of the year and channel of disposition (e.g., auction, retail, dealer direct). The residual value for rental equipment is affected by factors which include equipment age and amount of usage. Depreciation is recorded on a straight-line basis over the estimated holding period. Depreciation rates are reviewed on a quarterly basis based on management's ongoing assessment of present and estimated future market conditions, their effect on residual values at the time of disposal and the estimated holding periods. Market conditions for used vehicle and equipment sales can also be affected by external factors such as the economy, natural disasters, fuel prices and incentives offered by manufacturers of new cars. These key factors are considered when estimating future residual values and assessing depreciation rates. As a result of this ongoing assessment, we make periodic adjustments to depreciation rates of revenue earning equipment in response to changing market conditions. Upon disposal of revenue earning equipment, depreciation expense is adjusted for the difference between the net proceeds received and the remaining net book value. | ||
Within Donlen, revenue earning equipment is under longer term lease agreements with our customers. These leases contain provisions whereby we have a contracted residual value guaranteed to us by the lessee, such that we do not experience any gains or losses on the disposal of these vehicles. Therefore depreciation rates on these vehicles are not adjusted at any point in time per the associated lease contract. | ||
Environmental Liabilities | ||
The use of automobiles and other vehicles is subject to various governmental controls designed to limit environmental damage, including that caused by emissions and noise. Generally, these controls are met by the manufacturer, except in the case of occasional equipment failure requiring repair by us. To comply with environmental regulations, measures are taken at certain locations to reduce the loss of vapor during the fueling process and to maintain, upgrade and replace underground fuel storage tanks. We also incur and provide for expenses for the cleanup of petroleum discharges and other alleged violations of environmental laws arising from the disposition of waste products. We do not believe that we will be required to make any material capital expenditures for environmental control facilities or to make any other material expenditures to meet the requirements of governmental authorities in this area. Liabilities for these expenditures are recorded at undiscounted amounts when it is probable that obligations have been incurred and the amounts can be reasonably estimated. | ||
Environmental Liabilities | ' | |
Environmental Liabilities | ||
The use of automobiles and other vehicles is subject to various governmental controls designed to limit environmental damage, including that caused by emissions and noise. Generally, these controls are met by the manufacturer, except in the case of occasional equipment failure requiring repair by us. To comply with environmental regulations, measures are taken at certain locations to reduce the loss of vapor during the fueling process and to maintain, upgrade and replace underground fuel storage tanks. We also incur and provide for expenses for the cleanup of petroleum discharges and other alleged violations of environmental laws arising from the disposition of waste products. We do not believe that we will be required to make any material capital expenditures for environmental control facilities or to make any other material expenditures to meet the requirements of governmental authorities in this area. Liabilities for these expenditures are recorded at undiscounted amounts when it is probable that obligations have been incurred and the amounts can be reasonably estimated. | ||
Public Liability and Property Damage | ' | |
Public Liability and Property Damage | ||
The obligation for public liability and property damage on self-insured U.S. and international vehicles and equipment represents an estimate for both reported accident claims not yet paid, and claims incurred but not yet reported. The related liabilities are recorded on a non-discounted basis. Reserve requirements are based on actuarial evaluations of historical accident claim experience and trends, as well as future projections of ultimate losses, expenses, premiums and administrative costs. The adequacy of the liability is regularly monitored based on evolving accident claim history and insurance-related state legislation changes. If our estimates change or if actual results differ from these assumptions, the amount of the recorded liability is adjusted to reflect these results. | ||
Pensions and Postretirement Benefit Obligations | ' | |
Pension Benefit Obligations | ||
Our employee pension costs and obligations are developed from actuarial valuations. Inherent in these valuations are key assumptions, including discount rates, salary growth, long-term return on plan assets, retirement rates, mortality rates and other factors. Actual results that differ from our assumptions are accumulated and amortized over future periods and, therefore, generally affect our recognized expense in such future periods. While we believe that the assumptions used are appropriate, significant differences in actual experience or significant changes in assumptions would affect our pension costs and obligations. | ||
Foreign Currency Translation and Transactions | ' | |
Foreign Currency Translation and Transactions | ||
Derivative Instruments | ' | |
Derivative Instruments | ||
We are exposed to a variety of market risks, including the effects of changes in interest rates, gasoline and diesel fuel prices and foreign currency exchange rates. We manage our exposure to these market risks through our regular operating and financing activities and, when deemed appropriate, through the use of derivative financial instruments. Derivative financial instruments are viewed as risk management tools and have not been used for speculative or trading purposes. In addition, derivative financial instruments are entered into with a diversified group of major financial institutions in order to manage our exposure to counterparty nonperformance on such instruments. We account for all derivatives in accordance with GAAP, which requires that all derivatives be recorded on the balance sheet as either assets or liabilities measured at their fair value. For derivative instruments that are designated and qualify as hedging instruments, we designate the hedging instrument, based upon the exposure being hedged, as either a fair value hedge or a cash flow hedge. As of December 31, 2013, we did not have any outstanding derivative instruments designated as fair value or cash flow hedges. The effective portion of changes in fair value of derivatives designated as cash flow hedging instruments is recorded as a component of other comprehensive income (loss). Amounts included in accumulated other comprehensive income (loss) for cash flow hedges are reclassified into earnings in the same period that the hedged item is recognized in earnings. The ineffective portion of changes in the fair value of derivatives designated as cash flow hedges is recognized currently in earnings within the same line item as the hedged item, based upon the nature of the hedged item. For derivative instruments that are not part of a qualified hedging relationship, the changes in their fair value are recognized currently in earnings. See Note 15—Financial Instruments and Fair Value Measurements. | ||
Income Taxes | ' | |
Income Taxes | ||
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates is recognized in the statement of operations in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Subsequent changes to enacted tax rates and changes to the global mix of earnings will result in changes to the tax rates used to calculate deferred taxes and any related valuation allowances. Provisions are not made for income taxes on undistributed earnings of international subsidiaries that are intended to be indefinitely reinvested outside of the United States or are expected to be remitted free of taxes. Future distributions, if any, from these international subsidiaries to the United States or changes in U.S. tax rules may require a change to reflect tax on these amounts. See Note 9—Taxes on Income. | ||
Advertising | ' | |
Advertising | ||
Advertising and sales promotion costs are expensed the first time the advertising or sales promotion takes place. Advertising costs are reflected as a component of “Selling, general and administrative” in our consolidated statements of operations and for the years ended December 31, 2013, 2012 and 2011 were $213.1 million, $183.9 million and $168.2 million, respectively. | ||
Goodwill and Intangible and Long-lived Asssets | ' | |
Goodwill | ||
Goodwill is not amortized but is subject to periodic testing for impairment in accordance with FASB ASC Topic 350, “Intangibles—Goodwill and Other,” or “ASC 350,” at the reporting unit level which is one level below our operating segments. The assessment of goodwill impairment is conducted by estimating and comparing the fair value of our reporting units, as defined in ASC 350, to their carrying value as of that date. The fair value is estimated using an income approach whereby the fair value of the reporting unit is based on the future cash flows that each reporting unit's assets can be expected to generate. Future cash flows are based on forward-looking information regarding market share and costs for each reporting unit and are discounted using an appropriate discount rate. Future discounted cash flows can be affected by changes in industry or market conditions or the rate and extent to which anticipated synergies or cost savings are realized with newly acquired entities. The test for impairment is conducted annually each October 1st, and more frequently if events occur or circumstances change that indicate that the fair value of a reporting unit may be below its carrying amount. | ||
Intangible and Long-lived Assets | ||
Intangible assets include concession agreements, technology, customer relationships, trademarks and trade-names and other intangibles. Intangible assets with finite lives are amortized using the straight-line method over the estimated economic lives of the assets, which range from two to fifteen years. Long-lived assets, including intangible assets with finite lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable in accordance with FASB ASC Topic 360, “Property, Plant, and Equipment,” or “ASC 360.” Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of an impairment loss for long-lived assets that management expects to hold and use is based on the estimated fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or estimated fair value less costs to sell. Intangible assets determined to have indefinite useful lives are not amortized but are tested for impairment annually each October 1st and more frequently if events occur or circumstances change that indicate an asset may be impaired. | ||
Stock-Based Compensation | ' | |
Stock-Based Compensation | ||
We measure the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. That cost is to be recognized over the period during which the employee is required to provide service in exchange for the award. We have estimated the fair value of options issued at the date of grant using a Black-Scholes option-pricing model, which includes assumptions related to volatility, expected life, dividend yield and risk-free interest rate. See Note 7—Stock-Based Compensation. | ||
We are using equity accounting for restricted stock unit and performance stock unit awards. For restricted stock units the expense is based on the grant-date fair value of the stock and the number of shares that vest, recognized over the service period. For performance stock units the expense is based on the grant-date fair value of the stock, recognized over a two to four year service period depending upon a performance condition. For performance stock units, we re-assess the probability of achieving the applicable performance condition each reporting period and adjust the recognition of expense accordingly. The performance condition is not considered in determining the grant date fair value. | ||
Franchise Revenues and Transactions | ' | |
Franchise Revenues and Transactions | ||
“Franchise revenues” includes franchise fees for use of our brands and services. Generally franchise fees from franchised locations are based on a percentage of net sales of the franchised business and are recognized as earned and when collectability is reasonably assured. | ||
Initial franchise fees are recorded as deferred income when received and are recognized as revenue when all material services and conditions related to the franchise fee have been substantially performed. | ||
Renewal franchise fees are recognized as revenue when the license agreements are effective and collectability is reasonably assured. | ||
Other (income) expense, net includes the gains or losses from the sales of our operations or assets to new and existing franchisees. Such gains or losses are included in operating income because they are expected to be a recurring part of our business. | ||
Recently Issued Accounting Pronouncements | ' | |
Recently Issued Accounting Pronouncements | ||
In March 2013, the FASB issued Accounting Standards Update, or "ASU," No. 2013-05, “Foreign Currency Matters (Topic 830): Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity,” or “ASU 2013-05”, which permits an entity to release cumulative translation adjustments into net income when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity. Accordingly, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided, or, if a controlling financial interest is no longer held. The revised standard is effective for reporting periods beginning after December 15, 2013. The amendments should be applied prospectively to derecognition events occurring after the effective date. Prior periods should not be adjusted. Early adoption is permitted. This accounting guidance is not expected to have a material impact on our consolidated financial statements or financial statement disclosures. | ||
In July 2013, the FASB issued ASU No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists," an amendment to FASB ASC Topic 740, Income Taxes, or "FASB ASC Topic 740." This update clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption and retrospective application are permitted. This accounting guidance is not expected to have a material impact on our consolidated financial statements or financial statement disclosures. |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||
Summary of changes in goodwill, by segment | ' | |||||||||||||||||||
The following summarizes the changes in our goodwill, by segment (in millions of dollars): | ||||||||||||||||||||
U.S. Car Rental | International Car Rental | Worldwide Equipment | All Other Operations | Total | ||||||||||||||||
Rental | ||||||||||||||||||||
Balance as of January 1, 2013 | ||||||||||||||||||||
Goodwill | $ | 997 | $ | 245.1 | $ | 772.4 | $ | 35.8 | $ | 2,050.30 | ||||||||||
Accumulated impairment losses | — | (46.1 | ) | (674.9 | ) | — | (721.0 | ) | ||||||||||||
997 | 199 | 97.5 | 35.8 | 1,329.30 | ||||||||||||||||
Goodwill acquired during the period | 0.6 | 3.4 | — | — | 4 | |||||||||||||||
Adjustments to previously recorded purchase price allocation(a) | 13.2 | — | — | — | 13.2 | |||||||||||||||
Other changes during the period(b) | — | 1 | — | — | 1 | |||||||||||||||
13.8 | 4.4 | — | — | 18.2 | ||||||||||||||||
Balance as of December 31, 2013 | ||||||||||||||||||||
Goodwill | 1,010.80 | 249.5 | 772.4 | 35.8 | 2,068.50 | |||||||||||||||
Accumulated impairment losses | — | (46.1 | ) | (674.9 | ) | — | (721.0 | ) | ||||||||||||
$ | 1,010.80 | $ | 203.4 | $ | 97.5 | $ | 35.8 | $ | 1,347.50 | |||||||||||
U.S. Car Rental | International Car Rental | Worldwide Equipment | All Other Operations | Total | ||||||||||||||||
Rental | ||||||||||||||||||||
Balance as of January 1, 2012 | ||||||||||||||||||||
Goodwill | $ | 122.5 | $ | 245.7 | $ | 693.8 | $ | 51.1 | $ | 1,113.10 | ||||||||||
Accumulated impairment losses | — | (46.1 | ) | (674.9 | ) | — | (721.0 | ) | ||||||||||||
122.5 | 199.6 | 18.9 | 51.1 | 392.1 | ||||||||||||||||
Goodwill acquired during the period | 875.3 | — | 79 | — | 954.3 | |||||||||||||||
Adjustments to previously recorded purchase price allocation(c) | — | — | — | (15.3 | ) | (15.3 | ) | |||||||||||||
Other changes during the period(b) | (0.8 | ) | (0.6 | ) | (0.4 | ) | — | (1.8 | ) | |||||||||||
874.5 | (0.6 | ) | 78.6 | (15.3 | ) | 937.2 | ||||||||||||||
Balance as of December 31, 2012 | ||||||||||||||||||||
Goodwill | 997 | 245.1 | 772.4 | 35.8 | 2,050.30 | |||||||||||||||
Accumulated impairment losses | — | (46.1 | ) | (674.9 | ) | — | (721.0 | ) | ||||||||||||
$ | 997 | $ | 199 | $ | 97.5 | $ | 35.8 | $ | 1,329.30 | |||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||
(a) | Consists of adjustments related to certain liabilities, contracts and deferred tax during 2013. | |||||||||||||||||||
(b) | Primarily consists of changes resulting from disposals and the translation of foreign currencies at different exchange rates from the beginning of the period year to the end of the year. | |||||||||||||||||||
(c) | Consists of deferred tax adjustments recorded during 2012. | |||||||||||||||||||
Components of other intangible assets by major classes | ' | |||||||||||||||||||
Other intangible assets, net, consisted of the following major classes (in millions of dollars): | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Gross | Accumulated | Net | ||||||||||||||||||
Carrying | Amortization | Carrying | ||||||||||||||||||
Amount | Value | |||||||||||||||||||
Amortizable intangible assets: | ||||||||||||||||||||
Customer-related | $ | 693.1 | $ | (502.2 | ) | $ | 190.9 | |||||||||||||
Concession rights | 411.3 | (49.5 | ) | 361.8 | ||||||||||||||||
Other(1) | 62.8 | (37.6 | ) | 25.2 | ||||||||||||||||
Total | 1,167.20 | (589.3 | ) | 577.9 | ||||||||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||||
Trade name | 3,330.00 | — | 3,330.00 | |||||||||||||||||
Other(3) | 20.1 | — | 20.1 | |||||||||||||||||
Total | 3,350.10 | — | 3,350.10 | |||||||||||||||||
Total other intangible assets, net | $ | 4,517.30 | $ | (589.3 | ) | $ | 3,928.00 | |||||||||||||
31-Dec-12 | ||||||||||||||||||||
Gross | Accumulated | Net | ||||||||||||||||||
Carrying | Amortization | Carrying | ||||||||||||||||||
Amount | Value | |||||||||||||||||||
Amortizable intangible assets: | ||||||||||||||||||||
Customer-related | $ | 693.1 | $ | (433.8 | ) | $ | 259.3 | |||||||||||||
Concession rights | 406 | (5.0 | ) | 401 | ||||||||||||||||
Other(2) | 53.1 | (28.8 | ) | 24.3 | ||||||||||||||||
Total | 1,152.20 | (467.6 | ) | 684.6 | ||||||||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||||
Trade name | 3,330.00 | — | 3,330.00 | |||||||||||||||||
Other(3) | 15.6 | — | 15.6 | |||||||||||||||||
Total | 3,345.60 | — | 3,345.60 | |||||||||||||||||
Total other intangible assets, net | $ | 4,497.80 | $ | (467.6 | ) | $ | 4,030.20 | |||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||
-1 | Other amortizable intangible assets primarily include Donlen trade name, non-compete agreements and technology-related intangibles. | |||||||||||||||||||
-2 | Other amortizable intangible assets primarily consisted of our Advantage trade name, Donlen trade name, non-compete agreements and technology-related intangibles. | |||||||||||||||||||
-3 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments | ' | |||||||||||||||||||||||||
The following tables present the effect of this correction on our Consolidated Statements of Operations (in millions, except per share data): | ||||||||||||||||||||||||||
Year ended December 31, 2012 | Year ended December 31, 2011 | |||||||||||||||||||||||||
As Previously Reported | Adjustment | As Revised | As Previously Reported | Adjustment | As Revised | |||||||||||||||||||||
Total revenues | $ | 9,020.80 | $ | 4.1 | $ | 9,024.90 | $ | 8,298.40 | $ | 0.9 | $ | 8,299.30 | ||||||||||||||
Direct operating | 4,795.80 | (a) | 10.2 | 4,806.00 | 4,566.40 | (d) | 6.7 | 4,573.10 | ||||||||||||||||||
Depreciation of revenue earning equipment and lease charges | 2,148.20 | (b) | (19.3 | ) | 2,128.90 | 1,905.70 | (e) | (9.5 | ) | 1,896.20 | ||||||||||||||||
Selling, general and administrative | 945.6 | (c) | 22.4 | 968 | 745.1 | (f) | 22.4 | 767.5 | ||||||||||||||||||
Income before income taxes | 502.8 | (9.2 | ) | 493.6 | 373.9 | (18.7 | ) | 355.2 | ||||||||||||||||||
(Provision) benefit for taxes on income | (227.1 | ) | 4.7 | (222.4 | ) | (143.9 | ) | 6.7 | (137.2 | ) | ||||||||||||||||
Net income | 275.7 | (4.5 | ) | 271.2 | 230 | (12.0 | ) | 218 | ||||||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | 275.7 | (4.5 | ) | 271.2 | 210.4 | (12.0 | ) | 198.4 | ||||||||||||||||||
(a) | Primarily consists of $3.6 million adjustments related to Brazil and certain reclassifications of $3.5 million to conform to the current presentation. | |||||||||||||||||||||||||
(b) | Primarily consists of $23.6 million adjustment related to vendor incentives. | |||||||||||||||||||||||||
(c) | Primarily consists of $25.9 million adjustment related to vendor incentives, offset by certain reclassifications of $3.5 million to conform to the current presentation. | |||||||||||||||||||||||||
(d) | Primarily consists of $6.2 million adjustment related to Brazil. | |||||||||||||||||||||||||
(e) | Primarily consists of $9.5 million adjustment related to vendor incentives. | |||||||||||||||||||||||||
(f) | Primarily consists of $22.4 million adjustment related to vendor incentives. | |||||||||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||||||
Three Months Ended March 31, 2013 | Three Months Ended June 30, 2013 | |||||||||||||||||||||||||
As Previously Reported | Adjustment ** | As Revised | As Previously Reported | Adjustment ** | As Revised | |||||||||||||||||||||
Total revenues | $ | 2,436.50 | $ | 0.4 | $ | 2,436.90 | $ | 2,714.60 | $ | (5.4 | ) | $ | 2,709.20 | |||||||||||||
Direct operating | 1,351.20 | 7.7 | 1,358.90 | 1,405.90 | 8.3 | 1,414.20 | ||||||||||||||||||||
Depreciation of revenue earning equipment and lease charges | 587 | (6.9 | ) | 580.1 | 641.1 | (13.6 | ) | 627.5 | ||||||||||||||||||
Selling, general and administrative | 251.5 | (4.1 | ) | 247.4 | 274.8 | 5.9 | 280.7 | |||||||||||||||||||
Other (income) expense, net | (0.6 | ) | 2.3 | 1.7 | (1.1 | ) | — | (1.1 | ) | |||||||||||||||||
Income before income taxes | 86 | 1.4 | 87.4 | 225.7 | (6.0 | ) | 219.7 | |||||||||||||||||||
(Provision) benefit for taxes on income | (59.5 | ) | (3.6 | ) | (63.1 | ) | (95.8 | ) | 5.4 | (90.4 | ) | |||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | 26.5 | (2.2 | ) | 24.3 | 129.9 | (0.6 | ) | 129.3 | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||
As Previously Reported | Adjustment ** | As Revised | ||||||||||||||||||||||||
Total revenues | $ | 5,151.20 | $ | (5.0 | ) | $ | 5,146.20 | |||||||||||||||||||
Direct operating | 2,757.10 | 16 | 2,773.10 | |||||||||||||||||||||||
Depreciation of revenue earning equipment and lease charges | 1,228.10 | (20.5 | ) | 1,207.60 | ||||||||||||||||||||||
Selling, general and administrative | 526.3 | 1.8 | 528.1 | |||||||||||||||||||||||
Other (income) expense, net | (1.7 | ) | 2.3 | 0.6 | ||||||||||||||||||||||
Income before income taxes | 311.7 | (4.6 | ) | 307.1 | ||||||||||||||||||||||
(Provision) benefit for taxes on income | (155.3 | ) | 1.8 | (153.5 | ) | |||||||||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | 156.4 | (2.8 | ) | 153.6 | ||||||||||||||||||||||
** Refer to explanations (g) through (i) mentioned below for the nine months ended September 30, 2013. | ||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
As Previously Reported | Adjustment ** | As Revised | As Previously Reported | Adjustment | As Revised | |||||||||||||||||||||
Total revenues | $ | 3,069.40 | $ | — | $ | 3,069.40 | $ | 8,220.60 | $ | (5.0 | ) | $ | 8,215.60 | |||||||||||||
Direct operating | 1,525.40 | 14.1 | 1,539.50 | 4,282.60 | (g) | 30.1 | 4,312.70 | |||||||||||||||||||
Depreciation of revenue earning equipment and lease charges | 676.7 | (1.8 | ) | 674.9 | 1,904.80 | (h) | (22.3 | ) | 1,882.50 | |||||||||||||||||
Selling, general and administrative | 276.8 | (5.3 | ) | 271.5 | 803.1 | (i) | (3.5 | ) | 799.6 | |||||||||||||||||
Other (income) expense, net | 44.8 | — | 44.8 | 43.1 | 2.3 | 45.4 | ||||||||||||||||||||
Income before income taxes | 374 | (7.0 | ) | 367 | 685.7 | (11.6 | ) | 674.1 | ||||||||||||||||||
(Provision) benefit for taxes on income | (132.4 | ) | 2.5 | (129.9 | ) | (287.7 | ) | 4.3 | (283.4 | ) | ||||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | 241.6 | (4.5 | ) | 237.1 | 398 | (7.3 | ) | 390.7 | ||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||
(g) | Primarily consists of $3.1 million adjustments related to under accruals and certain reclassifications of $23.1 million to conform to the current presentation. | |||||||||||||||||||||||||
(h) | Primarily consists of $22.1 million adjustment related to vendor incentives. | |||||||||||||||||||||||||
(i) | Primarily consists of $21.2 million adjustment related to vendor incentives, offset by certain reclassifications of $23.1 million to conform to the current presentation. | |||||||||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||||||
Three Months Ended March 31, 2012 | Three Months Ended June 30, 2012 | |||||||||||||||||||||||||
As Previously Reported | Adjustment * | As Revised | As Previously Reported | Adjustment * | As Revised | |||||||||||||||||||||
Total revenues | $ | 1,960.90 | $ | 0.8 | $ | 1,961.70 | $ | 2,225.10 | $ | 1.1 | $ | 2,226.20 | ||||||||||||||
Direct operating | 1,114.10 | 0.9 | 1,115.00 | 1,188.90 | 5.3 | 1,194.20 | ||||||||||||||||||||
Depreciation of revenue earning equipment and lease charges | 515.1 | (6.4 | ) | 508.7 | 519.8 | (5.3 | ) | 514.5 | ||||||||||||||||||
Selling, general and administrative | 207.8 | 6.2 | 214 | 206.6 | 11.8 | 218.4 | ||||||||||||||||||||
(Loss) income before income taxes | (24.0 | ) | 0.1 | (23.9 | ) | 171.6 | (10.7 | ) | 160.9 | |||||||||||||||||
(Provision) benefit for taxes on income | (24.2 | ) | (0.1 | ) | (24.3 | ) | (70.7 | ) | 5.7 | (65.0 | ) | |||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | (48.2 | ) | — | (48.2 | ) | 100.9 | (5.0 | ) | 95.9 | |||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Six Months Ended June 30, 2012 | ||||||||||||||||||||||||||
As Previously Reported | Adjustment * | As Revised | ||||||||||||||||||||||||
Total revenues | $ | 4,186.10 | $ | 1.9 | $ | 4,188.00 | ||||||||||||||||||||
Direct operating | 2,303.10 | 6.2 | 2,309.30 | |||||||||||||||||||||||
Depreciation of revenue earning equipment and lease charges | 1,034.90 | (11.7 | ) | 1,023.20 | ||||||||||||||||||||||
Selling, general and administrative | 414.3 | 18 | 432.3 | |||||||||||||||||||||||
Income before income taxes | 147.6 | (10.6 | ) | 137 | ||||||||||||||||||||||
(Provision) benefit for taxes on income | (94.9 | ) | 5.6 | (89.3 | ) | |||||||||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | 52.7 | (5.0 | ) | 47.7 | ||||||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||
As Previously Reported | Adjustment * | As Revised | As Previously Reported | Adjustment * | As Revised | |||||||||||||||||||||
Total revenues | $ | 2,516.20 | $ | 1 | $ | 2,517.20 | $ | 6,702.30 | $ | 2.9 | $ | 6,705.20 | ||||||||||||||
Direct operating | 1,241.10 | (3.1 | ) | 1,238.00 | 3,544.20 | 3.1 | 3,547.30 | |||||||||||||||||||
Depreciation of revenue earning equipment and lease charges | 560.5 | (3.8 | ) | 556.7 | 1,595.40 | (15.5 | ) | 1,579.90 | ||||||||||||||||||
Selling, general and administrative | 201 | 3.7 | 204.7 | 615.3 | 21.7 | 637 | ||||||||||||||||||||
Income before income taxes | 382.1 | 4.2 | 386.3 | 529.7 | (6.4 | ) | 523.3 | |||||||||||||||||||
(Provision) benefit for taxes on income | (130.8 | ) | (3.3 | ) | (134.1 | ) | (225.7 | ) | 2.3 | (223.4 | ) | |||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | 251.3 | 0.9 | 252.2 | 304 | (4.1 | ) | 299.9 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Three Months Ended December 31, 2012 | ||||||||||||||||||||||||||
As Previously Reported | Adjustment * | As Revised | ||||||||||||||||||||||||
Total revenues | $ | 2,318.50 | $ | 1.2 | $ | 2,319.70 | ||||||||||||||||||||
Direct operating | 1,250.60 | 7.1 | 1,257.70 | |||||||||||||||||||||||
Depreciation of revenue earning equipment and lease charges | 553.8 | (3.8 | ) | 550 | ||||||||||||||||||||||
Selling, general and administrative | 330.3 | 0.7 | 331 | |||||||||||||||||||||||
Loss before income taxes | (26.9 | ) | (2.8 | ) | (29.7 | ) | ||||||||||||||||||||
(Provision) benefit for taxes on income | (1.4 | ) | 2.4 | 1 | ||||||||||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | (28.3 | ) | (0.4 | ) | (28.7 | ) | ||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||
* Refer to explanations (a) through (c) mentioned above for the year ended December 31, 2012. | ||||||||||||||||||||||||||
We have revised the Parent and Non-Guarantor subsidiaries' Condensed Consolidating Statement of Cash Flows to correctly reflect the capital contributions to subsidiaries and return of capital from subsidiaries for the year ended December 31, 2012 as presented below. We have also revised the Condensed Consolidating Balance Sheet as of December 31, 2012 to correctly reflect certain purchase accounting adjustments and equity balances in the Guarantor subsidiaries and Non-Guarantor subsidiaries. | ||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows as Previously Reported | ||||||||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | ||||||||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | |||||||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 1,677.60 | $ | 599.3 | $ | 1,246.80 | $ | (775.3 | ) | $ | 2,748.40 | |||||||||||||||
Net cash provided by (used in) investing activities | (4,248.8 | ) | (595.6 | ) | (2,626.3 | ) | 2,723.40 | (4,747.3 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | 2,030.80 | (4.6 | ) | 1,517.00 | (1,948.1 | ) | 1,595.10 | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows as Revised | ||||||||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | ||||||||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | |||||||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities(1) | $ | (877.8 | ) | $ | 600.6 | $ | 3,792.70 | $ | (775.3 | ) | $ | 2,740.20 | ||||||||||||||
Net cash provided by (used in) investing activities(2) | (1,693.5 | ) | (596.9 | ) | (2,605.0 | ) | 168.5 | (4,726.9 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | 2,030.80 | (4.6 | ) | (1,037.7 | ) | 606.8 | 1,595.30 | |||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||
-1 | Includes revised amounts as described in Note 2—Summary of Significant Accounting Policies of $8.1 million decrease in cash provided by (used in) operating activities. | |||||||||||||||||||||||||
-2 | Includes revised amounts as described in Note 2—Summary of Significant Accounting Policies of $20.4 million increase in cash provided by (used in) investing activities. | |||||||||||||||||||||||||
Condensed Consolidating Balance Sheet as Previously Reported | ||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | ||||||||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | |||||||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||
Total Assets | $ | 12,360.30 | $ | 10,983.60 | $ | 17,309.10 | $ | (17,362.9 | ) | $ | 23,290.10 | |||||||||||||||
Total Liabilities | 9,442.80 | 5,015.70 | 15,051.20 | (9,137.1 | ) | 20,372.60 | ||||||||||||||||||||
The Hertz Corporation and Subsidiaries stockholder's equity | 2,917.50 | 5,967.90 | 2,257.90 | (8,225.8 | ) | 2,917.50 | ||||||||||||||||||||
Schedule of estimated useful lives of assets based on which provisions for depreciation and amortization are computed on a straight-line basis | ' | |||||||||||||||||||||||||
Useful lives are as follows: | ||||||||||||||||||||||||||
Buildings | 5 to 50 years | |||||||||||||||||||||||||
Furniture and fixtures | 1 to 15 years | |||||||||||||||||||||||||
Capitalized internal use software | 1 to 10 years | |||||||||||||||||||||||||
Service cars and service equipment | 1 to 13 years | |||||||||||||||||||||||||
Other intangible assets | 3 to 10 years | |||||||||||||||||||||||||
Leasehold improvements | The shorter of their economic lives or the lease term | |||||||||||||||||||||||||
Schedule of estimated useful lives of revenue-earning assets | ' | |||||||||||||||||||||||||
Revenue earning equipment is stated at cost, net of related discounts. Holding periods are as follows: | ||||||||||||||||||||||||||
Cars | 4 to 36 months | |||||||||||||||||||||||||
Other equipment | 24 to 108 months |
Business_combinations_and_dive1
Business combinations and divestitures (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Acquisition | ' | |||||||
Business Acquisition, Pro Forma Information | ' | |||||||
The unaudited pro forma financial information for the years ended December 31, 2012 and 2011 was as follows (in millions): | ||||||||
Revenue * | Earnings * | |||||||
Actual from 09/01/11 - 12/31/11 (Donlen only)(1) | $ | 142 | $ | 2 | ||||
Actual from 11/19/12 - 12/31/12 (Dollar Thrifty only)(2) | 170.6 | (25.9 | ) | |||||
2012 supplemental pro forma from 1/1/12 - 12/31/12 (combined entity)(3) | 10,197.40 | 437.3 | ||||||
2011 supplemental pro forma from 1/1/11 - 12/31/11 (combined entity)(4) | 9,920.50 | 223.1 | ||||||
_____________________________________________ | ||||||||
* The pro forma information has been revised to reflect the correction of errors for the years ended December 31, 2012 and 2011. | ||||||||
-1 | Donlen's actual earnings for the four months ended December 31, 2011 was impacted by certain charges related to the amortization expense associated with the acquired intangible assets and the fair value adjustment related to acquired software, as well as, the write-off of certain unamortized debt costs. | |||||||
-2 | Dollar Thrifty's actual earnings for the 43 days ended December 31, 2012 was impacted by certain charges related to the amortization expense associated with the acquired intangible assets and non-recurring compensation costs in connection with the merger. | |||||||
-3 | The unaudited pro forma financial information for the year ended December 31, 2012 combines the historical results of Hertz and Dollar Thrifty for the year ended December 31, 2012, and the effects of the pro forma adjustments listed below. | |||||||
-4 | The unaudited pro forma financial information for the year ended December 31, 2011 combines the historical results of Hertz, Donlen and Dollar Thrifty for the year ended December 31, 2011, and the effects of the pro forma adjustments listed below. | |||||||
Dollar Thrifty | ' | |||||||
Acquisition | ' | |||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | |||||||
The following summarizes the fair values of the assets acquired and liabilities assumed in the acquisition based on their estimated fair values as of the close of the acquisition (in millions): | ||||||||
Cash and cash equivalents | $ | 535 | ||||||
Restricted cash and cash equivalents | 307 | |||||||
Receivables | 170 | |||||||
Inventories | 8 | |||||||
Prepaid expenses and other assets | 41 | |||||||
Revenue earning equipment | 1,614 | |||||||
Property and equipment | 119 | |||||||
Other intangible assets | 1,545 | |||||||
Other assets | 35 | |||||||
Goodwill | 889 | |||||||
Accounts payable | (43 | ) | ||||||
Accrued liabilities | (298 | ) | ||||||
Deferred taxes on income | (846 | ) | ||||||
Debt | (1,484 | ) | ||||||
Total | $ | 2,592 | ||||||
Donlen Corporation | ' | |||||||
Acquisition | ' | |||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | |||||||
The following summarizes the fair values of the assets acquired and liabilities assumed as of the acquisition date (in millions): | ||||||||
Cash and cash equivalents | $ | 35.6 | ||||||
Receivables | 64 | |||||||
Prepaid expenses and other assets | 7 | |||||||
Revenue earning equipment | 1,120.60 | |||||||
Property and equipment | 13.5 | |||||||
Other intangible assets | 75 | |||||||
Goodwill | 51.1 | |||||||
Accounts payable | (39.3 | ) | ||||||
Accrued liabilities | (226.8 | ) | ||||||
Deferred taxes on income | (121.9 | ) | ||||||
Debt | (728.8 | ) | ||||||
Total | $ | 250 | ||||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | ' | |||||||
Other intangible assets and their amortization periods are as follows: | ||||||||
Useful life | Fair value | |||||||
(in years) | (in millions) | |||||||
Customer relationships | 16 | $ | 65 | |||||
Trademark | 20 | 7 | ||||||
Non-compete agreement | 5 | 3 | ||||||
Total | $ | 75 | ||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
Components of debt | ' | |||||||||||||
Our debt consists of the following (in millions of dollars): | ||||||||||||||
Facility | Average Interest Rate at December 31, 2013(1) | Fixed or | Maturity | December 31, | December 31, | |||||||||
Floating | 2013 | 2012 | ||||||||||||
Interest | ||||||||||||||
Rate | ||||||||||||||
Corporate Debt | ||||||||||||||
Senior Term Facility | 3.26% | Floating | Mar-18 | $ | 2,104.20 | $ | 2,125.50 | |||||||
Senior ABL Facility | 3.06% | Floating | Mar-16 | 288.9 | 195 | |||||||||
Senior Notes(2) | 6.58% | Fixed | 4/2018–10/2022 | 3,899.80 | 3,650.00 | |||||||||
Promissory Notes | 6.96% | Fixed | 8/2014–1/2028 | 48.7 | 48.7 | |||||||||
Other Corporate Debt | 3.86% | Floating | Various | 77.1 | 88.7 | |||||||||
Unamortized Net Premium (Corporate) | 3.2 | 3.3 | ||||||||||||
Total Corporate Debt | 6,421.90 | 6,111.20 | ||||||||||||
Fleet Debt | ||||||||||||||
HVF U.S. ABS Program | ||||||||||||||
HVF U.S. Fleet Variable Funding Notes: | ||||||||||||||
HVF Series 2009-1(3) | 0.99% | Floating | Nov-15 | 60 | 2,350.00 | |||||||||
60 | 2,350.00 | |||||||||||||
HVF U.S. Fleet Medium Term Notes | ||||||||||||||
HVF Series 2009-2(3) | 5.37% | Fixed | 3/2013–3/2015 | 807.5 | 1,095.90 | |||||||||
HVF Series 2010-1(3) | 4.03% | Fixed | 2/2014–2/2018 | 576.8 | 749.8 | |||||||||
HVF Series 2011-1(3) | 2.86% | Fixed | 3/2015–3/2017 | 598 | 598 | |||||||||
HVF Series 2013-1(3) | 1.68% | Fixed | 8/2016–8/2018 | 950 | — | |||||||||
2,932.30 | 2,443.70 | |||||||||||||
RCFC U.S. ABS Program | ||||||||||||||
RCFC U.S. Fleet Variable Funding Notes | ||||||||||||||
RCFC Series 2010-3 Notes(3)(4)(5) | N/A | Floating | N/A | — | 519 | |||||||||
RCFC U.S. Fleet Medium Term Notes | ||||||||||||||
RCFC Series 2011-1 Notes(3)(4)(5) | 2.81% | Fixed | Feb-15 | 500 | 500 | |||||||||
RCFC Series 2011-2 Notes(3)(4)(5) | 3.21% | Fixed | May-15 | 400 | 400 | |||||||||
900 | 1,419.00 | |||||||||||||
HVF II U.S. ABS Program | ||||||||||||||
HVF II U.S. Fleet Variable Funding Notes: | ||||||||||||||
HVF II Series 2013-A(3) | 1.02% | Floating | Nov-15 | 2,380.00 | — | |||||||||
HVF II Series 2013-B(3) | 1.02% | Floating | Nov-15 | 585 | — | |||||||||
2,965.00 | — | |||||||||||||
Donlen ABS Program | ||||||||||||||
Donlen GN II Variable Funding Notes(3) | N/A | Floating | Dec-13 | — | 899.3 | |||||||||
HFLF Variable Funding Notes | ||||||||||||||
HFLF Series 2013-1 Notes(3) | 1.05% | Floating | Sep-14 | 280.1 | — | |||||||||
Facility | Average Interest Rate at December 31, 2013(1) | Fixed or | Maturity | December 31, | December 31, | |||||||||
Floating | 2013 | 2012 | ||||||||||||
Interest | ||||||||||||||
Rate | ||||||||||||||
HFLF Series 2013-2 Notes(3) | 1.16% | Floating | Sep-15 | 206 | — | |||||||||
486.1 | 899.3 | |||||||||||||
HFLF Medium Term Notes | ||||||||||||||
HFLF Series 2013-A Notes(3) | 0.79% | Floating | 9/2016–11/2016 | 500 | — | |||||||||
500 | — | |||||||||||||
Other Fleet Debt | ||||||||||||||
U.S. Fleet Financing Facility | 2.92% | Floating | Sep-15 | 153 | 166 | |||||||||
European Revolving Credit Facility | 2.97% | Floating | Jun-15 | 302.5 | 185.3 | |||||||||
European Fleet Notes | 4.38% | Fixed | Jan-19 | 584.3 | — | |||||||||
Former European Fleet Notes | 8.50% | Fixed | Mar-15 | — | 529.4 | |||||||||
European Securitization(3) | 2.61% | Floating | Jul-14 | 280.5 | 242.2 | |||||||||
Hertz-Sponsored Canadian Securitization(3) | 2.15% | Floating | Mar-14 | 88.7 | 100.5 | |||||||||
Dollar Thrifty-Sponsored Canadian Securitization(3)(5) | 2.14% | Floating | Aug-14 | 38.3 | 55.3 | |||||||||
Australian Securitization(3) | 3.94% | Floating | Dec-14 | 110.9 | 148.9 | |||||||||
Brazilian Fleet Financing Facility | 14.05% | Floating | Oct-14 | 12.3 | 14 | |||||||||
Capitalized Leases | 4.09% | Floating | Various | 385.4 | 337.6 | |||||||||
Unamortized Premium (Fleet) | 6.3 | 12.1 | ||||||||||||
1,962.20 | 1,791.30 | |||||||||||||
Total Fleet Debt | 9,805.60 | 8,903.30 | ||||||||||||
Total Debt | $ | 16,227.50 | $ | 15,014.50 | ||||||||||
_______________________________________________________________________________ | ||||||||||||||
-1 | As applicable, reference is to the December 31, 2013 weighted average interest rate (weighted by principal balance). | |||||||||||||
-2 | References to our "Senior Notes" include the series of Hertz's unsecured senior notes set forth in the table below. As of December 31, 2013 and December 31, 2012, the outstanding principal amount for each such series of the Senior Notes is also specified below. | |||||||||||||
Schedule of outstanding principal amount for each series of the Senior Notes | ' | |||||||||||||
Outstanding Principal (in millions) | ||||||||||||||
Senior Notes | 31-Dec-13 | 31-Dec-12 | ||||||||||||
4.25% Senior Notes due April 2018 | $ | 250 | $ | — | ||||||||||
7.50% Senior Notes due October 2018 | 700 | 700 | ||||||||||||
6.75% Senior Notes due April 2019 | 1,250.00 | 1,250.00 | ||||||||||||
5.875% Senior Notes due October 2020 | 699.8 | 700 | ||||||||||||
7.375% Senior Notes due January 2021 | 500 | 500 | ||||||||||||
6.25% Senior Notes due October 2022 | 500 | 500 | ||||||||||||
$ | 3,899.80 | $ | 3,650.00 | |||||||||||
-3 | Maturity reference is to the "expected final maturity date" as opposed to the subsequent "legal maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness expect the relevant indebtedness to be repaid, which in the case of the HFLF Medium Term Notes was based upon various assumptions made at the time of the pricing of such notes. The legal final maturity date is the date on which the relevant indebtedness is legally due and payable. | |||||||||||||
-4 | RCFC U.S. ABS Program and the Dollar Thrifty-Sponsored Canadian Securitization represent fleet debt acquired in connection with the Dollar Thrifty acquisition on November 19, 2012. | |||||||||||||
-5 | In connection with the closing of the existing HVF II U.S. Fleet Variable Funding Notes, the existing RCFC Series 2010-3 noteholders were paid off. | |||||||||||||
Components of maturities of debt | ' | |||||||||||||
The nominal amounts of maturities of debt for each of the twelve-month periods ending December 31 (in millions of dollars) are as follows: | ||||||||||||||
2014 | $ | 1,968.70 | (including $842.6 of other short-term borrowings*) | |||||||||||
2015 | $ | 5,284.50 | ||||||||||||
2016 | $ | 1,367.50 | ||||||||||||
2017 | $ | 366 | ||||||||||||
2018 | $ | 3,643.50 | ||||||||||||
After 2018 | $ | 3,587.80 | ||||||||||||
_______________________________________________________________________________ | ||||||||||||||
* | Our short-term borrowings as of December 31, 2013 include, among other items, the amounts outstanding under the European Securitization, Hertz-Sponsored Canadian Securitization, Dollar Thrifty-Sponsored Canadian Securitization, Australian Securitization and Brazilian Fleet Financing Facility. As of December 31, 2013, short-term borrowings had a weighted average interest rate of 3.2%. In February 2014, the Hertz-Sponsored Canadian Securitization and Dollar Thrifty-Sponsored Canadian Securitization had been extended to March 2015. See Note 19-Subsequent Events. | |||||||||||||
Schedule of facilities available for the use of Hertz and its subsidiaries | ' | |||||||||||||
As of December 31, 2013, the following facilities were available for the use of Hertz and its subsidiaries (in millions of dollars): | ||||||||||||||
Remaining | Availability Under | |||||||||||||
Capacity | Borrowing Base | |||||||||||||
Limitation | ||||||||||||||
Corporate Debt | ||||||||||||||
Senior ABL Facility | $ | 1,156.70 | $ | 1,156.70 | ||||||||||
Total Corporate Debt | 1,156.70 | 1,156.70 | ||||||||||||
Fleet Debt | ||||||||||||||
HVF U.S. Fleet Variable Funding Notes | 90 | — | ||||||||||||
HVF II U.S. Fleet Variable Funding Notes | 210 | — | ||||||||||||
HFLF Variable Funding Notes | 104 | — | ||||||||||||
U.S. Fleet Financing Facility | 37 | — | ||||||||||||
European Securitization | 269.5 | 4.1 | ||||||||||||
European Revolving Credit Facility | — | — | ||||||||||||
Hertz-Sponsored Canadian Securitization | 98.1 | — | ||||||||||||
Dollar Thrifty-Sponsored Canadian Securitization | 101.8 | — | ||||||||||||
Australian Securitization | 110.9 | — | ||||||||||||
Capitalized Leases | 19.8 | 19.8 | ||||||||||||
Total Fleet Debt | 1,041.10 | 23.9 | ||||||||||||
Total | $ | 2,197.80 | $ | 1,180.60 | ||||||||||
Employee_Retirement_Benefits_T
Employee Retirement Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Schedule of Expected Benefit Payments | ' | |||||||||||||||||||||||||||||||||||
The following table presents estimated future benefit payments (in millions of dollars): | ||||||||||||||||||||||||||||||||||||
Pension Benefits | Postretirement | |||||||||||||||||||||||||||||||||||
Benefits (U.S.) | ||||||||||||||||||||||||||||||||||||
2014 | $ | 33 | $ | 1.2 | ||||||||||||||||||||||||||||||||
2015 | 37.3 | 1.3 | ||||||||||||||||||||||||||||||||||
2016 | 43.4 | 1.2 | ||||||||||||||||||||||||||||||||||
2017 | 49.7 | 1.1 | ||||||||||||||||||||||||||||||||||
2018 | 53.1 | 1.2 | ||||||||||||||||||||||||||||||||||
Years after 2018 | 334.1 | 5.9 | ||||||||||||||||||||||||||||||||||
$ | 550.6 | $ | 11.9 | |||||||||||||||||||||||||||||||||
Multiemployer Pension Plans | ||||||||||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets | ' | |||||||||||||||||||||||||||||||||||
The fair value measurements of our U.K. pension plan assets are based upon significant observable inputs (Level 2) and relate to common collective trusts and other pooled investment vehicles consisting of the following asset categories (in millions of dollars): | ||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
Asset Category | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Short Term Investments | $ | — | $ | 12.9 | ||||||||||||||||||||||||||||||||
Actively Managed Multi-Asset Funds: | ||||||||||||||||||||||||||||||||||||
Diversified Growth Funds | 74.1 | — | ||||||||||||||||||||||||||||||||||
Passive Equity Funds: | ||||||||||||||||||||||||||||||||||||
U.K. Equities | 24.3 | 66.1 | ||||||||||||||||||||||||||||||||||
Overseas Equities | 29.3 | 67.1 | ||||||||||||||||||||||||||||||||||
Passive Bond Funds: | ||||||||||||||||||||||||||||||||||||
Corporate Bonds | 20.3 | 5.3 | ||||||||||||||||||||||||||||||||||
Global Treasury Bonds | — | 9.3 | ||||||||||||||||||||||||||||||||||
Index-Linked Gilts-Stocks | 47 | 1.8 | ||||||||||||||||||||||||||||||||||
U.K. Conventional Gilts | — | 6.5 | ||||||||||||||||||||||||||||||||||
Total fair value of pension plan assets | $ | 195 | $ | 169 | ||||||||||||||||||||||||||||||||
The fair value measurements of our U.S. pension plan assets relate to common collective trusts and other pooled investment vehicles consisting of the following asset categories (in millions of dollars): | ||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
Asset Category | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Short Term Investments | $ | 13.4 | $ | 8.3 | ||||||||||||||||||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||||||||||||||
U.S. Large Cap | 159.6 | 135.9 | ||||||||||||||||||||||||||||||||||
U.S. Mid Cap | 45.4 | 42 | ||||||||||||||||||||||||||||||||||
U.S. Small Cap | 36.2 | 31.6 | ||||||||||||||||||||||||||||||||||
International Large Cap | 100.7 | 109.3 | ||||||||||||||||||||||||||||||||||
International Emerging Markets | 18.3 | — | ||||||||||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||||||
U.S. Treasuries | 59.8 | 67.5 | ||||||||||||||||||||||||||||||||||
Corporate Bonds | 106 | 83.8 | ||||||||||||||||||||||||||||||||||
Government Bonds | 5.9 | 4.4 | ||||||||||||||||||||||||||||||||||
Municipal Bonds | 11.4 | 9.1 | ||||||||||||||||||||||||||||||||||
Real Estate (REITs) | 6.4 | 6.5 | ||||||||||||||||||||||||||||||||||
Total fair value of pension plan assets | $ | 563.1 | $ | 498.4 | ||||||||||||||||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | ' | |||||||||||||||||||||||||||||||||||
Changing the assumed health care cost trend rates by one percentage point is estimated to have the following effects (in millions of dollars): | ||||||||||||||||||||||||||||||||||||
One Percentage Point | ||||||||||||||||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||||||||||||||
Effect on total of service and interest cost components | — | — | ||||||||||||||||||||||||||||||||||
Effect on postretirement benefit obligation | $ | 0.3 | $ | (0.3 | ) | |||||||||||||||||||||||||||||||
Schedule of Net Funded Status | ' | |||||||||||||||||||||||||||||||||||
The following tables set forth the funded status and the net periodic pension cost of the Hertz Retirement Plan, other postretirement benefit plans (including health care and life insurance plans covering domestic (“U.S.”) employees and the retirement plans for international operations (“Non-U.S.”), together with amounts included in our consolidated balance sheets and statements of operations (in millions of dollars): | ||||||||||||||||||||||||||||||||||||
Pension Benefits | Postretirement | |||||||||||||||||||||||||||||||||||
U.S. | Non-U.S. | Benefits (U.S.) | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||||||||||||||
Benefit obligation at January 1 | $ | 678.9 | $ | 606.4 | $ | 224.4 | $ | 190.8 | $ | 19 | $ | 18.2 | ||||||||||||||||||||||||
Service cost | 27.3 | 24.8 | 2.7 | 1.9 | 0.2 | 0.2 | ||||||||||||||||||||||||||||||
Interest cost | 28.3 | 28.2 | 9.3 | 9.7 | 0.6 | 0.8 | ||||||||||||||||||||||||||||||
Employee contributions | — | — | 0.1 | 0.1 | 0.8 | 0.8 | ||||||||||||||||||||||||||||||
Plan amendments | (5.3 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||
Plan settlements | — | (5.4 | ) | (0.2 | ) | — | — | — | ||||||||||||||||||||||||||||
Benefits paid | (23.2 | ) | (29.9 | ) | (4.5 | ) | (5.5 | ) | (2.1 | ) | (2.2 | ) | ||||||||||||||||||||||||
Foreign exchange translation | — | — | 6.9 | 7.7 | — | — | ||||||||||||||||||||||||||||||
Actuarial loss (gain) | (34.8 | ) | 54.8 | 4.2 | 9.4 | (3.0 | ) | 1.2 | ||||||||||||||||||||||||||||
Plan combination | — | — | — | 10.4 | — | — | ||||||||||||||||||||||||||||||
Other | — | — | (0.2 | ) | (0.1 | ) | — | — | ||||||||||||||||||||||||||||
Benefit obligation at December 31 | $ | 671.2 | $ | 678.9 | $ | 242.7 | $ | 224.4 | $ | 15.5 | $ | 19 | ||||||||||||||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 498.4 | $ | 423.2 | $ | 178.3 | $ | 157 | $ | — | $ | — | ||||||||||||||||||||||||
Actual return on plan assets | 67.7 | 64.2 | 22.6 | 15.6 | — | — | ||||||||||||||||||||||||||||||
Company contributions | 20.2 | 46.3 | 5 | 4.7 | 1.3 | 1.4 | ||||||||||||||||||||||||||||||
Employee contributions | — | — | 0.1 | 0.1 | 0.8 | 0.8 | ||||||||||||||||||||||||||||||
Plan settlements | — | (5.4 | ) | (0.2 | ) | — | — | — | ||||||||||||||||||||||||||||
Benefits paid | (23.2 | ) | (29.9 | ) | (4.5 | ) | (5.5 | ) | (2.1 | ) | (2.2 | ) | ||||||||||||||||||||||||
Foreign exchange translation | — | — | 5.4 | 6.5 | — | — | ||||||||||||||||||||||||||||||
Other | — | — | (0.2 | ) | (0.1 | ) | — | — | ||||||||||||||||||||||||||||
Fair value of plan assets at December 31 | $ | 563.1 | $ | 498.4 | $ | 206.5 | $ | 178.3 | $ | — | $ | — | ||||||||||||||||||||||||
Funded Status of the Plan | ||||||||||||||||||||||||||||||||||||
Plan assets less than benefit obligation | $ | (108.1 | ) | $ | (180.5 | ) | $ | (36.2 | ) | $ | (46.1 | ) | $ | (15.5 | ) | $ | (19.0 | ) | ||||||||||||||||||
Schedule of Defined Benefit Plan, Amounts Included in Financial Statements and Assumptions Used | ' | |||||||||||||||||||||||||||||||||||
The following tables set forth the funded status and the net periodic pension cost of the Hertz Retirement Plan, other postretirement benefit plans (including health care and life insurance plans covering domestic (“U.S.”) employees and the retirement plans for international operations (“Non-U.S.”), together with amounts included in our consolidated balance sheets and statements of operations (in millions of dollars): | ||||||||||||||||||||||||||||||||||||
Pension Benefits | Postretirement | |||||||||||||||||||||||||||||||||||
U.S. | Non-U.S. | Benefits (U.S.) | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||||||||||||||
Benefit obligation at January 1 | $ | 678.9 | $ | 606.4 | $ | 224.4 | $ | 190.8 | $ | 19 | $ | 18.2 | ||||||||||||||||||||||||
Service cost | 27.3 | 24.8 | 2.7 | 1.9 | 0.2 | 0.2 | ||||||||||||||||||||||||||||||
Interest cost | 28.3 | 28.2 | 9.3 | 9.7 | 0.6 | 0.8 | ||||||||||||||||||||||||||||||
Employee contributions | — | — | 0.1 | 0.1 | 0.8 | 0.8 | ||||||||||||||||||||||||||||||
Plan amendments | (5.3 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||
Plan settlements | — | (5.4 | ) | (0.2 | ) | — | — | — | ||||||||||||||||||||||||||||
Benefits paid | (23.2 | ) | (29.9 | ) | (4.5 | ) | (5.5 | ) | (2.1 | ) | (2.2 | ) | ||||||||||||||||||||||||
Foreign exchange translation | — | — | 6.9 | 7.7 | — | — | ||||||||||||||||||||||||||||||
Actuarial loss (gain) | (34.8 | ) | 54.8 | 4.2 | 9.4 | (3.0 | ) | 1.2 | ||||||||||||||||||||||||||||
Plan combination | — | — | — | 10.4 | — | — | ||||||||||||||||||||||||||||||
Other | — | — | (0.2 | ) | (0.1 | ) | — | — | ||||||||||||||||||||||||||||
Benefit obligation at December 31 | $ | 671.2 | $ | 678.9 | $ | 242.7 | $ | 224.4 | $ | 15.5 | $ | 19 | ||||||||||||||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 498.4 | $ | 423.2 | $ | 178.3 | $ | 157 | $ | — | $ | — | ||||||||||||||||||||||||
Actual return on plan assets | 67.7 | 64.2 | 22.6 | 15.6 | — | — | ||||||||||||||||||||||||||||||
Company contributions | 20.2 | 46.3 | 5 | 4.7 | 1.3 | 1.4 | ||||||||||||||||||||||||||||||
Employee contributions | — | — | 0.1 | 0.1 | 0.8 | 0.8 | ||||||||||||||||||||||||||||||
Plan settlements | — | (5.4 | ) | (0.2 | ) | — | — | — | ||||||||||||||||||||||||||||
Benefits paid | (23.2 | ) | (29.9 | ) | (4.5 | ) | (5.5 | ) | (2.1 | ) | (2.2 | ) | ||||||||||||||||||||||||
Foreign exchange translation | — | — | 5.4 | 6.5 | — | — | ||||||||||||||||||||||||||||||
Other | — | — | (0.2 | ) | (0.1 | ) | — | — | ||||||||||||||||||||||||||||
Fair value of plan assets at December 31 | $ | 563.1 | $ | 498.4 | $ | 206.5 | $ | 178.3 | $ | — | $ | — | ||||||||||||||||||||||||
Funded Status of the Plan | ||||||||||||||||||||||||||||||||||||
Plan assets less than benefit obligation | $ | (108.1 | ) | $ | (180.5 | ) | $ | (36.2 | ) | $ | (46.1 | ) | $ | (15.5 | ) | $ | (19.0 | ) | ||||||||||||||||||
Pension Benefits | Postretirement | |||||||||||||||||||||||||||||||||||
U.S. | Non-U.S. | Benefits (U.S.) | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Amounts recognized in balance sheet: | ||||||||||||||||||||||||||||||||||||
Accrued liabilities | $ | (108.1 | ) | $ | (180.5 | ) | $ | (36.2 | ) | $ | (46.1 | ) | $ | (15.5 | ) | $ | (19.0 | ) | ||||||||||||||||||
Net obligation recognized in the balance sheet | $ | (108.1 | ) | $ | (180.5 | ) | $ | (36.2 | ) | $ | (46.1 | ) | $ | (15.5 | ) | $ | (19.0 | ) | ||||||||||||||||||
Prior service credit (cost) | $ | 13.1 | $ | 9.1 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Net gain (loss) | (80.8 | ) | (167.6 | ) | (12.1 | ) | (17.5 | ) | 0.7 | (2.3 | ) | |||||||||||||||||||||||||
Accumulated other comprehensive gain (loss) | (67.7 | ) | (158.5 | ) | (12.1 | ) | (17.5 | ) | 0.7 | (2.3 | ) | |||||||||||||||||||||||||
Unfunded accrued pension or postretirement benefit | (40.4 | ) | (22.0 | ) | (24.1 | ) | (28.6 | ) | (16.2 | ) | (16.7 | ) | ||||||||||||||||||||||||
Net obligation recognized in the balance sheet | $ | (108.1 | ) | $ | (180.5 | ) | $ | (36.2 | ) | $ | (46.1 | ) | $ | (15.5 | ) | $ | (19.0 | ) | ||||||||||||||||||
Total recognized in other comprehensive (income) loss | $ | (90.8 | ) | $ | 8.3 | $ | (5.4 | ) | $ | 6.8 | $ | (3.0 | ) | $ | 1.1 | |||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ | (52.1 | ) | $ | 43.5 | $ | (6.0 | ) | $ | 6.1 | $ | (2.2 | ) | $ | 2.1 | |||||||||||||||||||||
Estimated amounts that will be amortized from accumulated other comprehensive (income) loss over the next fiscal year: | ||||||||||||||||||||||||||||||||||||
Net gain (loss) | $ | (8.9 | ) | $ | (16.0 | ) | $ | — | $ | (0.4 | ) | $ | — | $ | (0.1 | ) | ||||||||||||||||||||
Accumulated Benefit Obligation at December 31 | $ | 625.6 | $ | 619.2 | $ | 239.2 | $ | 216.8 | N/A | N/A | ||||||||||||||||||||||||||
Weighted-average assumptions as of December 31 | ||||||||||||||||||||||||||||||||||||
Discount rate | 4.8 | % | 4 | % | 4.4 | % | 4.3 | % | 4.4 | % | 3.6 | % | ||||||||||||||||||||||||
Expected return on assets | 7.6 | % | 7.6 | % | 7.4 | % | 7.4 | % | N/A | N/A | ||||||||||||||||||||||||||
Average rate of increase in compensation | 4.6 | % | 4.6 | % | 2.6 | % | 2 | % | N/A | N/A | ||||||||||||||||||||||||||
Initial health care cost trend rate | N/A | N/A | N/A | N/A | 7.5 | % | 7.8 | % | ||||||||||||||||||||||||||||
Ultimate health care cost trend rate | N/A | N/A | N/A | N/A | 4.5 | % | 4.5 | % | ||||||||||||||||||||||||||||
Number of years to ultimate trend rate | N/A | N/A | N/A | N/A | 16 | 17 | ||||||||||||||||||||||||||||||
Schedule of Multiemployer Plans | ' | |||||||||||||||||||||||||||||||||||
For plans that are not individually significant to us, the total amount of contributions is presented in the aggregate. | ||||||||||||||||||||||||||||||||||||
(In millions of dollars) | EIN /Pension | Pension | FIP / | Contributions by | Surcharge | Expiration | ||||||||||||||||||||||||||||||
Plan | Protection Act | RP Status | The Hertz Corporation | Dates of | ||||||||||||||||||||||||||||||||
Zone Status | Pending / | Collective | ||||||||||||||||||||||||||||||||||
Bargaining | ||||||||||||||||||||||||||||||||||||
Pension Fund | Number | 2013 | 2012 | Implemented | 2013 | 2012 | 2011 | Imposed | Agreements | |||||||||||||||||||||||||||
Western Conference of Teamsters | 91-6145047 | Green | Green | NA | $ | 4.4 | $ | 4.1 | $ | 3.9 | NA | 1/31/2013 - 10/1/2015 | ||||||||||||||||||||||||
Teamsters Central States | 36-6044243 | Critical | Critical | Implemented | 1.2 | 1.2 | 1.3 | No | 5/31/2013 - 3/10/2017 | |||||||||||||||||||||||||||
IAM National | 51-60321295 | Green | Green | NA | 0.8 | 0.7 | 0.6 | NA | 9/25/2011* - 8/31/2016 | |||||||||||||||||||||||||||
Midwest Operating Engineers | 36-6140097 | Green | Green | NA | 0.5 | 0.5 | 0.4 | NA | 2/28/14 | |||||||||||||||||||||||||||
Local 1034** | 13-6594795 | Critical | Critical | Implemented | 0.3 | 0.2 | 0.2 | Yes | 5/2/2013* | |||||||||||||||||||||||||||
Operating Engineers Local 324 | 38-1900637 | Critical | Critical | Implemented | 0.1 | 0.1 | 0.1 | No | 6/30/16 | |||||||||||||||||||||||||||
Western Pennsylvania Teamsters | 25-6029946 | Critical | Critical | Implemented | 0.1 | 0.1 | 0.1 | No | 11/4/14 | |||||||||||||||||||||||||||
7 Other Plans | 0.6 | 0.6 | 0.6 | |||||||||||||||||||||||||||||||||
Total Contributions | $ | 8 | $ | 7.5 | $ | 7.2 | ||||||||||||||||||||||||||||||
* | The parties are still attempting to negotiate a successor agreement. | |||||||||||||||||||||||||||||||||||
** | The amount contributed by Hertz to the Local 1034 Pension Fund was reported as being more than 5% of total contributions to the plan, on the fund's Form 5500 for the year ended 12/31/2013. | |||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | ' | |||||||||||||||||||||||||||||||||||
The following table sets forth the net periodic pension and postretirement (including health care, life insurance and auto) expense (in millions of dollars): | ||||||||||||||||||||||||||||||||||||
Pension Benefits | Postretirement | |||||||||||||||||||||||||||||||||||
U.S. | Non-U.S. | Benefits (U.S.) | ||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Components of Net Periodic | ||||||||||||||||||||||||||||||||||||
Service cost | $ | 27.3 | $ | 24.8 | $ | 26.2 | $ | 2.7 | $ | 1.9 | $ | 4 | $ | 0.2 | $ | 0.2 | $ | 0.2 | ||||||||||||||||||
Interest cost | 28.3 | 28.2 | 27.5 | 9.3 | 9.7 | 11 | 0.6 | 0.8 | 0.9 | |||||||||||||||||||||||||||
Expected return on plan assets | (30.8 | ) | (31.5 | ) | (30.5 | ) | (12.9 | ) | (12.1 | ) | (12.8 | ) | — | — | — | |||||||||||||||||||||
Net amortizations | 13.8 | 11.8 | 7.2 | 0.4 | (0.1 | ) | (0.7 | ) | — | — | 0.1 | |||||||||||||||||||||||||
Settlement loss | — | 2 | 2.2 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Curtailment gain | — | — | — | — | — | (12.9 | ) | — | — | — | ||||||||||||||||||||||||||
Special termination cost | — | — | — | — | — | 0.1 | — | — | — | |||||||||||||||||||||||||||
Net pension and postretirement expense | $ | 38.6 | $ | 35.3 | $ | 32.6 | $ | (0.5 | ) | $ | (0.6 | ) | $ | (11.3 | ) | $ | 0.8 | $ | 1 | $ | 1.2 | |||||||||||||||
Weighted-average discount rate for expense (January 1) | 3.96 | % | 4.71 | % | 5.12 | % | 4.31 | % | 4.78 | % | 5.36 | % | 3.6 | % | 4.4 | % | 4.9 | % | ||||||||||||||||||
Weighted-average assumed long-term rate of return on assets (January 1) | 7.6 | % | 8 | % | 8.4 | % | 7.41 | % | 7.44 | % | 7.46 | % | N/A | N/A | N/A | |||||||||||||||||||||
Initial health care cost trend rate | N/A | N/A | N/A | N/A | N/A | N/A | 7.8 | % | 8.1 | % | 8.4 | % | ||||||||||||||||||||||||
Ultimate health care cost trend rate | N/A | N/A | N/A | N/A | N/A | N/A | 4.5 | % | 4.5 | % | 4.5 | % | ||||||||||||||||||||||||
Number of years to ultimate trend rate | N/A | N/A | N/A | N/A | N/A | N/A | 16 | 17 | 18 | |||||||||||||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | |||||||||||||||||||||||
Summary of the total compensation expense and associated recognized income tax benefits | ' | ' | |||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Compensation expense | $ | 36.1 | $ | 30.3 | $ | 31 | |||||||||||||||||||
Income tax benefit | (14.0 | ) | (11.7 | ) | (12.0 | ) | |||||||||||||||||||
Total | $ | 22.1 | $ | 18.6 | $ | 19 | |||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | ' | |||||||||||||||||||||||
Assumption | 2013 Grants | 2012 Grants | 2011 Grants | ||||||||||||||||||||||
Expected volatility | N/A | 81.5 | % | 36.7 | % | ||||||||||||||||||||
Expected dividend yield | N/A | — | % | — | % | ||||||||||||||||||||
Expected term (years) | N/A | 3 | 6.25 | ||||||||||||||||||||||
Risk-free interest rate | N/A | 0.4 | % | 2.56 | % | ||||||||||||||||||||
Weighted-average grant date fair value | N/A | $ | 14.62 | $ | 5.93 | ||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | ' | |||||||||||||||||||||||
A summary of option activity under the Stock Incentive Plan and the Omnibus Plan as of December 31, 2013 is presented below. | |||||||||||||||||||||||||
Options | Shares (In millions) | Weighted- | Weighted- | Aggregate Intrinsic | |||||||||||||||||||||
Average | Average | Value (In millions | |||||||||||||||||||||||
Exercise | Remaining | of dollars) | |||||||||||||||||||||||
Price | Contractual | ||||||||||||||||||||||||
Term (years) | |||||||||||||||||||||||||
Outstanding at January 1, 2013 | 13.2 | $ | 11.13 | 5.4 | $ | 74.7 | |||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||
Exercised | (3.0 | ) | 9.64 | ||||||||||||||||||||||
Forfeited or Expired | (0.2 | ) | 12.1 | ||||||||||||||||||||||
Outstanding at December 31, 2013 | 10 | $ | 11.55 | 4.5 | $ | 170.1 | |||||||||||||||||||
Exercisable at December 31, 2013 | 8.5 | $ | 11.37 | 4.1 | $ | 146.6 | |||||||||||||||||||
Schedule of Share Based Compensation Nonvested Stock Options Activity | ' | ' | |||||||||||||||||||||||
A summary of non-vested options as of December 31, 2013, and changes during the year, is presented below. | |||||||||||||||||||||||||
Non-vested | Weighted- | Weighted- | |||||||||||||||||||||||
Shares (In millions) | Average | Average Grant- | |||||||||||||||||||||||
Exercise Price | Date Fair | ||||||||||||||||||||||||
Value | |||||||||||||||||||||||||
Non-vested as of January 1, 2013 | 2.9 | $ | 12.23 | $ | 4.98 | ||||||||||||||||||||
Granted | — | — | — | ||||||||||||||||||||||
Vested | (1.3 | ) | 11.69 | 4.77 | |||||||||||||||||||||
Forfeited | (0.1 | ) | 12.1 | 5.42 | |||||||||||||||||||||
Non-vested as of December 31, 2013 | 1.5 | $ | 12.6 | 5.13 | |||||||||||||||||||||
Schedule of Share Based Payment Awards, Additional Stock Option Activity | ' | ' | |||||||||||||||||||||||
Additional information pertaining to option activity under the plans is as follows (in millions of dollars): | |||||||||||||||||||||||||
Years ended | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Aggregate intrinsic value of stock options exercised | $ | 42 | $ | 15.1 | $ | 15 | |||||||||||||||||||
Cash received from the exercise of stock options | 26.9 | 11.2 | 13.1 | ||||||||||||||||||||||
Fair value of options that vested | 6 | 9 | 17.4 | ||||||||||||||||||||||
Tax benefit realized on exercise of stock options | 1.3 | 0.9 | 0.5 | ||||||||||||||||||||||
Schedule of Share Based Compensation, Performance Based Units, Activity | ' | ' | |||||||||||||||||||||||
A summary of the PSU activity under the Omnibus Plan as of December 31, 2013 is presented below. | |||||||||||||||||||||||||
Shares (In millions) | Weighted- | Aggregate Intrinsic | |||||||||||||||||||||||
Average | Value (In millions | ||||||||||||||||||||||||
Fair Value | of dollars) | ||||||||||||||||||||||||
Outstanding at January 1, 2013 | 2.3 | $ | 12.18 | $ | 37.4 | ||||||||||||||||||||
Granted | 1.7 | 19.95 | |||||||||||||||||||||||
Vested | (0.4 | ) | 10.4 | ||||||||||||||||||||||
Forfeited or Expired | (0.3 | ) | 15.24 | ||||||||||||||||||||||
Outstanding at December 31, 2013 | 3.3 | $ | 15.68 | $ | 95.8 | ||||||||||||||||||||
Schedule of Share Based Compensation Restricted Stock Units and Performance Based Units Activity | ' | ' | |||||||||||||||||||||||
A summary of RSU activity under the Omnibus Plan as of December 31, 2013 is presented below. | |||||||||||||||||||||||||
Shares (In millions) | Weighted- | Aggregate Intrinsic | |||||||||||||||||||||||
Average | Value (In millions | ||||||||||||||||||||||||
Fair Value | of dollars) | ||||||||||||||||||||||||
Outstanding at January 1, 2013 | 1.9 | $ | 12.62 | $ | 30.5 | ||||||||||||||||||||
Granted | 0.3 | 23.95 | |||||||||||||||||||||||
Vested | (1.1 | ) | 11.64 | ||||||||||||||||||||||
Forfeited or Expired | (0.2 | ) | 13.68 | ||||||||||||||||||||||
Outstanding at December 31, 2013 | 0.9 | $ | 17 | $ | 25.6 | ||||||||||||||||||||
Schedule of Share Based Compensation Restricted Stock Units and Performance Based Units Additional Information | ' | ' | |||||||||||||||||||||||
Additional information pertaining to RSU activity is as follows: | |||||||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Total fair value of awards that vested ($ millions) | $ | 12.9 | $ | 14.6 | $ | 9.6 | |||||||||||||||||||
Weighted average grant date fair value of awards | $ | 23.95 | $ | 13.78 | $ | 14.78 | |||||||||||||||||||
Depreciation_of_Revenue_Earnin1
Depreciation of Revenue Earning Equipment and Lease Charges (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Depreciation of Revenue Earning Equipment and Lease Charges Disclosure [Abstract] | ' | |||||||||||
Depreciation of revenue earning equipment and lease charges | ' | |||||||||||
Depreciation of revenue earning equipment and lease charges includes the following (in millions of dollars): | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Depreciation of revenue earning equipment | $ | 2,407.80 | $ | 2,145.90 | $ | 1,912.30 | ||||||
Adjustment of depreciation upon disposal of revenue earning equipment | 37.2 | (96.8 | ) | (112.2 | ) | |||||||
Rents paid for vehicles leased | 80.5 | 79.8 | 96.1 | |||||||||
Total | $ | 2,525.50 | $ | 2,128.90 | $ | 1,896.20 | ||||||
Taxes_on_Income_Tables
Taxes on Income (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | ' | ||||||||||||
The components of income before income taxes for the periods were as follows (in millions of dollars): | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Domestic | $ | 627.2 | $ | 402.2 | $ | 223.5 | |||||||
Foreign | 112 | 91.4 | 131.7 | ||||||||||
Total | $ | 739.2 | $ | 493.6 | $ | 355.2 | |||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||||||||||
The total provision for taxes on income consists of the following (in millions of dollars): | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | (4.7 | ) | $ | 19.6 | $ | 10.3 | ||||||
Foreign | 56.3 | 32.2 | 29.4 | ||||||||||
State and local | 23.3 | 39.1 | 28.5 | ||||||||||
Total current | 74.9 | 90.9 | 68.2 | ||||||||||
Deferred: | |||||||||||||
Federal | 239.3 | 139 | 78.1 | ||||||||||
Foreign | 13.6 | 11 | (3.7 | ) | |||||||||
State and local | 17.4 | (18.5 | ) | (5.4 | ) | ||||||||
Total deferred | 270.3 | 131.5 | 69 | ||||||||||
Total provision | $ | 345.2 | $ | 222.4 | $ | 137.2 | |||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||
The principal items of the U.S. and foreign net deferred tax assets and liabilities at December 31, 2013 and 2012 are as follows (in millions of dollars): | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred Tax Assets: | |||||||||||||
Employee benefit plans | $ | 83.9 | $ | 103.6 | |||||||||
Net operating loss carryforwards | 1,835.30 | 1,669.50 | |||||||||||
Federal, state and foreign local tax credit carryforwards | 48 | 47.1 | |||||||||||
Accrued and prepaid expenses | 381.4 | 342.3 | |||||||||||
Total Deferred Tax Assets | 2,348.60 | 2,162.50 | |||||||||||
Less: Valuation Allowance | (279.4 | ) | (226.4 | ) | |||||||||
Total Net Deferred Tax Assets | 2,069.20 | 1,936.10 | |||||||||||
Deferred Tax Liabilities: | |||||||||||||
Depreciation on tangible assets | (3,552.6 | ) | (3,090.7 | ) | |||||||||
Intangible assets | (1,436.1 | ) | (1,477.2 | ) | |||||||||
Total Deferred Tax Liabilities | (4,988.7 | ) | (4,567.9 | ) | |||||||||
Net Deferred Tax Liability | $ | (2,919.5 | ) | $ | (2,631.8 | ) | |||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||||||
The significant items in the reconciliation of the statutory and effective income tax rates consisted of the following: | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory Federal Tax Rate | 35 | % | 35 | % | 35 | % | |||||||
Foreign tax differential | (2.4 | ) | (3.2 | ) | (3.5 | ) | |||||||
State and local income taxes, net of federal income tax benefit | 4.5 | 2.9 | 4 | ||||||||||
Change in state statutory rates, net of federal income tax benefit | (0.1 | ) | (1.0 | ) | 0.6 | ||||||||
Federal and foreign permanent differences | 4.9 | 2.3 | 0.5 | ||||||||||
Withholding taxes | 1.7 | 1.7 | 2.1 | ||||||||||
Uncertain tax positions | (0.5 | ) | (0.6 | ) | (0.9 | ) | |||||||
Change in valuation allowance | 5.1 | 8 | 0.6 | ||||||||||
All other items, net | (1.5 | ) | — | 0.2 | |||||||||
Effective Tax Rate | 46.7 | % | 45.1 | % | 38.6 | % | |||||||
Schedule of Unrecognized Tax Benefits Roll Forward | ' | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions of dollars): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at January 1 | $ | 18.7 | $ | 41.4 | $ | 46.3 | |||||||
Decrease attributable to tax positions taken during prior periods | (6.7 | ) | (26.0 | ) | (9.5 | ) | |||||||
Increase attributable to tax positions taken during the current year | 2.6 | 3.3 | 4.6 | ||||||||||
Decrease attributable to settlements with taxing authorities | (3.6 | ) | — | — | |||||||||
Balance at December 31 | $ | 11 | $ | 18.7 | $ | 41.4 | |||||||
Lease_and_Concession_Agreement1
Lease and Concession Agreements (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Leases [Abstract] | ' | ||||||||||||
Schedule of lease expenses | ' | ||||||||||||
In addition to the rents mentioned above, we have various leases on revenue earning equipment and office and computer equipment under which the following amounts were expensed (in millions of dollars): | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenue earning equipment | $ | 80.5 | $ | 79.8 | $ | 96.1 | |||||||
Office and computer equipment | 13.9 | 9.5 | 7.5 | ||||||||||
Total | $ | 94.4 | $ | 89.3 | $ | 103.6 | |||||||
We have various concession agreements, which provide for payment of rents and a percentage of revenue with a guaranteed minimum, and real estate leases under which the following amounts were expensed (in millions of dollars): | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Rents | $ | 185.3 | $ | 142.3 | $ | 135.9 | |||||||
Concession fees: | |||||||||||||
Minimum fixed obligations | 404.8 | 263.7 | 248.8 | ||||||||||
Additional amounts, based on revenues | 294.6 | 316.2 | 311.6 | ||||||||||
Total | $ | 884.7 | $ | 722.2 | $ | 696.3 | |||||||
Schedule of minimum obligations under existing agreements | ' | ||||||||||||
As of December 31, 2013, minimum obligations under existing agreements referred to above that have a maturity of more than one year are as follows (in millions of dollars): | |||||||||||||
2014 | $ | 52.6 | |||||||||||
2015 | $ | 16 | |||||||||||
2016 | $ | 8 | |||||||||||
2017 | $ | 1.2 | |||||||||||
2018 | $ | — | |||||||||||
Years after 2018 | $ | — | |||||||||||
As of December 31, 2013, minimum obligations under existing agreements referred to above are approximately as follows (in millions of dollars): | |||||||||||||
Rents | Concessions | ||||||||||||
2014 | $ | 141.3 | $ | 407.9 | |||||||||
2015 | 116.9 | 310.3 | |||||||||||
2016 | 88.9 | 249.1 | |||||||||||
2017 | 66.8 | 188.9 | |||||||||||
2018 | 46.5 | 152 | |||||||||||
Years after 2018 | 195.7 | 685.6 | |||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Summary of contribution of reportable segments to revenues and adjusted pre-tax income (loss) and the reconciliation to consolidated amounts | ' | ||||||||||||
The operations within major geographic areas are summarized below (in millions of dollars): | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | |||||||||||||
United States | $ | 7,913.60 | $ | 6,317.50 | $ | 5,414.20 | |||||||
International | 2,858.30 | 2,707.40 | 2,885.10 | ||||||||||
Total | $ | 10,771.90 | $ | 9,024.90 | $ | 8,299.30 | |||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Total assets at end of year | |||||||||||||
United States | $ | 19,518.40 | $ | 18,110.20 | |||||||||
International | 5,162.40 | 5,158.20 | |||||||||||
Total | $ | 24,680.80 | $ | 23,268.40 | |||||||||
Revenue earning equipment, net, at end of year | |||||||||||||
United States | $ | 11,610.40 | $ | 10,205.00 | |||||||||
International | 2,583.00 | 2,691.60 | |||||||||||
Total | $ | 14,193.40 | $ | 12,896.60 | |||||||||
Property and equipment, net, at end of year | |||||||||||||
United States | $ | 1,296.30 | $ | 1,226.10 | |||||||||
International | 218 | 210.3 | |||||||||||
Total | $ | 1,514.30 | $ | 1,436.40 | |||||||||
(a) | The following table reconciles adjusted pre-tax income to income before income taxes for the years ended December 31, 2013, 2012 and 2011 (in millions of dollars): | ||||||||||||
Years Ended December 31, | |||||||||||||
Adjusted pre-tax income: | 2013 | 2012 | 2011 | ||||||||||
U.S. car rental | $ | 1,091.10 | $ | 872.8 | $ | 673.2 | |||||||
International car rental | 141.2 | 92.9 | 145.6 | ||||||||||
Worldwide equipment rental | 292.1 | 226.2 | 161.3 | ||||||||||
All other operations | 57.3 | 47.6 | 15 | ||||||||||
Total reportable segments | 1,581.70 | 1,239.50 | 995.1 | ||||||||||
Adjustments: | |||||||||||||
Other reconciling items(1) | (410.7 | ) | (322.2 | ) | (308.2 | ) | |||||||
Purchase accounting(2) | (132.2 | ) | (109.6 | ) | (87.6 | ) | |||||||
Debt-related charges(3) | (48.7 | ) | (56.4 | ) | (105.9 | ) | |||||||
Restructuring charges | (77.0 | ) | (38.0 | ) | (56.4 | ) | |||||||
Restructuring related charges(4) | (21.8 | ) | (11.1 | ) | (9.8 | ) | |||||||
Derivative gains (losses)(5) | (1.0 | ) | (0.9 | ) | 0.1 | ||||||||
Acquisition related costs and charges(6) | (18.5 | ) | (163.7 | ) | (18.8 | ) | |||||||
Integration expenses(7) | (40.0 | ) | — | — | |||||||||
Relocation costs | (7.8 | ) | — | — | |||||||||
Management transition costs | — | — | (4.0 | ) | |||||||||
Pension adjustment(8) | — | — | 13.1 | ||||||||||
Premiums paid on debt(9) | (28.7 | ) | — | (62.4 | ) | ||||||||
Impairment charges and other(10) | (44.0 | ) | — | — | |||||||||
Other(11) | (12.1 | ) | (44.0 | ) | — | ||||||||
Income before income taxes | $ | 739.2 | $ | 493.6 | $ | 355.2 | |||||||
_________________________________________________________________________ | |||||||||||||
-1 | Represents general corporate expenses, certain interest expense (including net interest on corporate debt), as well as other business activities. | ||||||||||||
-2 | Represents the increase in amortization of other intangible assets, depreciation of property and equipment and accretion of revalued liabilities relating to purchase accounting. | ||||||||||||
-3 | Represents debt-related charges relating to the amortization and write-off of deferred debt financing costs and debt discounts. | ||||||||||||
-4 | Represents incremental costs incurred directly supporting our business transformation initiatives. Such costs include transition costs incurred in connection with our business process outsourcing arrangements and incremental costs incurred to facilitate business process re-engineering initiatives that involve significant organization redesign and extensive operational process changes. | ||||||||||||
-5 | Represents the mark-to-market adjustment on our interest rate cap. | ||||||||||||
-6 | In 2012, primarily represents Dollar Thrifty acquisition related expenses, change in control expenses, 'Day-1' compensation expenses and other adjustments related to the Dollar Thrifty acquisition, loss on the Advantage divestiture, expenses related to additional required divestitures and costs associated with the Dollar Thrifty acquisition, pre-acquisition interest and commitment fee expenses for interim financing associated with the Dollar Thrifty acquisition and a gain on the investment in Dollar Thrifty stock. | ||||||||||||
-7 | In 2013, primarily represents Dollar Thrifty integration related expenses. | ||||||||||||
-8 | Represents a gain for the U.K. pension plan relating to unamortized prior service cost from a 2010 amendment that eliminated discretionary pension increases related to pre-1997 service primarily pertaining to inactive employees. | ||||||||||||
-9 | In 2013, represents premiums paid to redeem our 8.50% Former European Fleet Notes. In 2011, represents premiums paid to redeem our 10.5% Senior Subordinated Notes and a portion of our 8.875% Senior Notes. | ||||||||||||
-10 | Related to FSNA and its subsidiary, Simply Wheelz. | ||||||||||||
-11 | In 2013, primarily represents expenses related to the loss on conversion of the convertible senior notes. In 2012, primarily represents expenses related to the withdrawal from a multiemployer pension plan, litigation accrual and expenses associated with the impact of Hurricane Sandy. | ||||||||||||
The contribution of our reportable segments to revenues and adjusted pre-tax income and the reconciliation to consolidated amounts are summarized below (in millions of dollars). | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | |||||||||||||
U.S. car rental | $ | 6,324.40 | $ | 4,893.20 | $ | 4,468.90 | |||||||
International car rental | 2,382.50 | 2,268.50 | 2,471.90 | ||||||||||
Worldwide equipment rental | 1,538.00 | 1,385.40 | 1,209.50 | ||||||||||
All other operations | 527 | 477.8 | 149 | ||||||||||
Total | $ | 10,771.90 | $ | 9,024.90 | $ | 8,299.30 | |||||||
Adjusted pre-tax income(a) | |||||||||||||
U.S. car rental | $ | 1,091.10 | $ | 872.8 | $ | 673.2 | |||||||
International car rental | $ | 141.2 | $ | 92.9 | $ | 145.6 | |||||||
Worldwide equipment rental | $ | 292.1 | $ | 226.2 | $ | 161.3 | |||||||
All other operations | $ | 57.3 | $ | 47.6 | $ | 15 | |||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Depreciation of revenue earning equipment and lease charges | |||||||||||||
U.S. car rental | $ | 1,269.30 | $ | 940.6 | $ | 971.7 | |||||||
International car rental | 532 | 528.2 | 553.2 | ||||||||||
Worldwide equipment rental | 298.8 | 272.1 | 254.3 | ||||||||||
All other operations | 425.4 | 388 | 117 | ||||||||||
Total | $ | 2,525.50 | $ | 2,128.90 | $ | 1,896.20 | |||||||
Depreciation of property and equipment | |||||||||||||
U.S. car rental | $ | 129.2 | $ | 99.3 | $ | 89.7 | |||||||
International car rental | 28 | 25.2 | 25.5 | ||||||||||
Worldwide equipment rental | 33.9 | 34.1 | 33.7 | ||||||||||
All other operations | 3.6 | 2.8 | 1.3 | ||||||||||
Other reconciling items | 10.6 | 11.2 | 7.8 | ||||||||||
Total | $ | 205.3 | $ | 172.6 | $ | 158 | |||||||
Amortization of other intangible assets | |||||||||||||
U.S. car rental | $ | 64.6 | $ | 27.6 | $ | 22.7 | |||||||
International car rental | 7.6 | 6.9 | 7.7 | ||||||||||
Worldwide equipment rental | 40.2 | 40.4 | 35.8 | ||||||||||
All other operations | 7.2 | 7.2 | 2.3 | ||||||||||
Other reconciling items | 1.9 | 1.8 | 1.5 | ||||||||||
Total | $ | 121.5 | $ | 83.9 | $ | 70 | |||||||
Interest expense | |||||||||||||
U.S. car rental | $ | 192.8 | $ | 176.9 | $ | 166.1 | |||||||
International car rental | 114.3 | 124.2 | 161 | ||||||||||
Worldwide equipment rental | 51.8 | 52 | 45.3 | ||||||||||
All other operations | 14.7 | 15.2 | 6 | ||||||||||
Other reconciling items | 305.3 | 229.5 | 271.9 | ||||||||||
Total | $ | 678.9 | $ | 597.8 | $ | 650.3 | |||||||
Revenue earning equipment and property and equipment | |||||||||||||
U.S. car rental | |||||||||||||
Expenditures | $ | 6,237.20 | $ | 5,258.80 | $ | 5,719.50 | |||||||
Proceeds from disposals | (4,387.8 | ) | (4,263.8 | ) | (5,017.4 | ) | |||||||
Net expenditures | $ | 1,849.40 | $ | 995 | $ | 702.1 | |||||||
International car rental | |||||||||||||
Expenditures | $ | 2,640.80 | $ | 2,641.80 | $ | 2,988.70 | |||||||
Proceeds from disposals | (2,251.2 | ) | (2,105.2 | ) | (2,452.7 | ) | |||||||
Net expenditures | $ | 389.6 | $ | 536.6 | $ | 536 | |||||||
Worldwide equipment rental | |||||||||||||
Expenditures | $ | 693.8 | $ | 788.1 | $ | 619.8 | |||||||
Proceeds from disposals | (141.0 | ) | (190.1 | ) | (216.6 | ) | |||||||
Net expenditures | $ | 552.8 | $ | 598 | $ | 403.2 | |||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
All other operations | |||||||||||||
Expenditures | $ | 1,012.60 | $ | 1,199.20 | $ | 370.2 | |||||||
Proceeds from disposals | (555.5 | ) | (689.4 | ) | (217.5 | ) | |||||||
Net expenditures | $ | 457.1 | $ | 509.8 | $ | 152.7 | |||||||
Other reconciling items | |||||||||||||
Expenditures | $ | 27.8 | $ | 22 | $ | 15.4 | |||||||
Proceeds from disposals | (1.6 | ) | 1.4 | — | |||||||||
Net expenditures | $ | 26.2 | $ | 23.4 | $ | 15.4 | |||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Total assets at end of year | |||||||||||||
U.S. car rental | $ | 14,425.20 | $ | 13,579.40 | |||||||||
International car rental | 3,565.40 | 3,553.00 | |||||||||||
Worldwide equipment rental | 3,870.50 | 3,622.00 | |||||||||||
All other operations | 1,390.30 | 1,305.60 | |||||||||||
Other reconciling items | 1,429.40 | 1,208.40 | |||||||||||
Total | $ | 24,680.80 | $ | 23,268.40 | |||||||||
Revenue earning equipment, net, at end of year | |||||||||||||
U.S. car rental | $ | 8,629.00 | $ | 7,434.30 | |||||||||
International car rental | 2,047.10 | 2,163.60 | |||||||||||
Worldwide equipment rental | 2,416.30 | 2,203.30 | |||||||||||
All other operations | 1,101.00 | 1,095.40 | |||||||||||
Total | $ | 14,193.40 | $ | 12,896.60 | |||||||||
Property and equipment, net, at end of year | |||||||||||||
U.S. car rental | $ | 958.1 | $ | 934.2 | |||||||||
International car rental | 172.6 | 163.8 | |||||||||||
Worldwide equipment rental | 261 | 235.9 | |||||||||||
All other operations | 16 | 16.3 | |||||||||||
Other reconciling items | 106.6 | 86.2 | |||||||||||
Total | $ | 1,514.30 | $ | 1,436.40 | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||
Changes in the accumulated other comprehensive income (loss) balance by component (net of tax) were as follows (in millions of dollars): | ||||||||||||||||||||
Pension and Other Post-Employment Benefits | Foreign Currency Items | Unrealized Losses on Terminated Net Investment Hedges | Unrealized Gains on Available for Sale Securities | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Balance at January 1, 2013 | $ | (109.8 | ) | $ | 102.4 | $ | (19.4 | ) | $ | (0.1 | ) | $ | (26.9 | ) | ||||||
Other comprehensive income (loss) before reclassification | 51.8 | (48.8 | ) | — | 21 | 24 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 8.7 | 1.3 | — | — | 10 | |||||||||||||||
Net current period other comprehensive income (loss) | 60.5 | (47.5 | ) | — | 21 | 34 | ||||||||||||||
Balance at December 31, 2013 | $ | (49.3 | ) | $ | 54.9 | $ | (19.4 | ) | $ | 20.9 | $ | 7.1 | ||||||||
Pension and Other Post-Employment Benefits | Foreign Currency Items | Unrealized Losses on Terminated Net Investment Hedges | Unrealized Gains on Available for Sale Securities | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Balance at January 1, 2012 | $ | (99.6 | ) | $ | 90.3 | $ | (19.4 | ) | $ | 0.2 | $ | (28.5 | ) | |||||||
Other comprehensive income (loss) before reclassification | (19.7 | ) | 12.1 | — | (0.3 | ) | (7.9 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 9.5 | — | — | — | 9.5 | |||||||||||||||
Net current period Other comprehensive income (loss) | (10.2 | ) | 12.1 | — | (0.3 | ) | 1.6 | |||||||||||||
Balance at December 31, 2012 | $ | (109.8 | ) | $ | 102.4 | $ | (19.4 | ) | $ | (0.1 | ) | $ | (26.9 | ) | ||||||
Pension and Other Post-Employment Benefits | Foreign Currency Items | Unrealized Losses on Terminated Net Investment Hedges | Unrealized Gains on Available for Sale Securities | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Balance at January 1, 2011 | $ | (70.2 | ) | $ | 114.8 | $ | (6.8 | ) | $ | — | $ | 37.8 | ||||||||
Other comprehensive income (loss) before reclassification | (26.7 | ) | (24.5 | ) | (12.6 | ) | 0.2 | (63.6 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | (2.7 | ) | — | — | — | (2.7 | ) | |||||||||||||
Net current period Other comprehensive income (loss) | (29.4 | ) | (24.5 | ) | (12.6 | ) | 0.2 | (66.3 | ) | |||||||||||
Balance at December 31, 2011 | $ | (99.6 | ) | $ | 90.3 | $ | (19.4 | ) | $ | 0.2 | $ | (28.5 | ) | |||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss to earnings during the years ended December 31, 2013, 2012 and 2011 were as follows (in millions of dollars): | ||||||||||||||||||||
Years Ended December 31, | Statement of Operations Captions | |||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Pension and other postretirement benefit plans | ||||||||||||||||||||
Amortization of actuarial (gain) losses(1) | $ | 14.2 | $ | 13.7 | $ | (4.0 | ) | Selling, general and administrative | ||||||||||||
Tax provision | (5.5 | ) | (4.2 | ) | 1.3 | |||||||||||||||
Net of tax | $ | 8.7 | $ | 9.5 | $ | (2.7 | ) | |||||||||||||
Foreign Currency Items(2) | $ | 1.3 | $ | — | $ | — | Other Income | |||||||||||||
Total reclassifications for the period | $ | 10 | $ | 9.5 | $ | (2.7 | ) | |||||||||||||
-1 | Included in the computation of net periodic pension / postretirement expenses (see Note 6—Employee Retirement Benefits). | |||||||||||||||||||
-2 | Tax amounts are included in "Provision for taxes on income" in the consolidated statements of operations. |
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Summary of restructuring charges in consolidated statement of operations | ' | |||||||||||||||||||
Restructuring charges in our consolidated statement of operations can be summarized as follows (in millions of dollars): | ||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
By Type: | ||||||||||||||||||||
Termination benefits | $ | 41.6 | $ | 26.2 | $ | 14.4 | ||||||||||||||
Pension and post retirement expense | 0.1 | 1 | 0.4 | |||||||||||||||||
Consultant costs | 0.5 | 1.2 | 1.3 | |||||||||||||||||
Asset writedowns | — | — | 23.2 | |||||||||||||||||
Facility closure and lease obligation costs | 15.5 | 8.9 | 16.5 | |||||||||||||||||
Relocation costs and temporary labor costs | 19 | 0.4 | 0.6 | |||||||||||||||||
Other | 0.3 | 0.3 | — | |||||||||||||||||
Total | $ | 77 | $ | 38 | $ | 56.4 | ||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
By Caption: | ||||||||||||||||||||
Direct operating | $ | 28.1 | $ | 22.6 | $ | 46.6 | ||||||||||||||
Selling, general and administrative | 48.9 | 15.4 | 9.8 | |||||||||||||||||
Total | $ | 77 | $ | 38 | $ | 56.4 | ||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
By Segment: | ||||||||||||||||||||
U.S. car rental | $ | 22.8 | $ | 5.3 | $ | 0.9 | ||||||||||||||
International car rental | 19.3 | 21.1 | 15.7 | |||||||||||||||||
Worldwide equipment rental | 8.4 | 8.8 | 40.5 | |||||||||||||||||
Other reconciling items | 26.5 | 2.8 | (0.7 | ) | ||||||||||||||||
Total | $ | 77 | $ | 38 | $ | 56.4 | ||||||||||||||
Schedule of activity affecting the restructuring accrual | ' | |||||||||||||||||||
The remainder of the restructuring accrual relates to future lease obligations which will be paid over the remaining term of the applicable leases. | ||||||||||||||||||||
Termination | Pension | Consultant | Other(3) | Total | ||||||||||||||||
Benefits | and Post | Costs | ||||||||||||||||||
Retirement | ||||||||||||||||||||
Expense | ||||||||||||||||||||
Balance as of January 1, 2012 | $ | 9.1 | $ | 0.2 | $ | 0.6 | $ | 11.7 | $ | 21.6 | ||||||||||
Charges incurred | 26.2 | 1 | 1.2 | 9.6 | 38 | |||||||||||||||
Cash payments | (22.6 | ) | — | (1.6 | ) | (12.6 | ) | (36.8 | ) | |||||||||||
Other(1) | (0.3 | ) | (1.0 | ) | 0.1 | (0.6 | ) | (1.8 | ) | |||||||||||
Balance as of December 31, 2012 | $ | 12.4 | $ | 0.2 | $ | 0.3 | $ | 8.1 | $ | 21 | ||||||||||
Charges incurred | 41.6 | 0.1 | 0.5 | 34.8 | 77 | |||||||||||||||
Cash payments | (32.6 | ) | (0.3 | ) | (0.6 | ) | (15.1 | ) | (48.6 | ) | ||||||||||
Other(2) | (1.3 | ) | — | — | 0.3 | (1.0 | ) | |||||||||||||
Balance as of December 31, 2013 | $ | 20.1 | $ | — | $ | 0.2 | $ | 28.1 | $ | 48.4 | ||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||
-1 | Primarily consists of decreases of $0.5 million related to a goodwill write-off on a sale of business and $1.0 million in ASC 715 pension adjustment. | |||||||||||||||||||
-2 | Primarily consists of decreases of $1.6 million of accelerated equity award compensation, offset by the inclusion of prior facility reserves of $0.3 million and $0.2 million for foreign currency translation. | |||||||||||||||||||
-3 | As of December 31, 2013, primarily consists of charges incurred for relocation of $19.0 million, facility closures of $8.5 million and lease accelerations of $7.0 million. |
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Financial Instruments | ' | ||||||||||||||||
Summary of financial assets and liabilities measured at fair value on a recurring basis | ' | ||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012 were as follows (in millions): | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Total | Quoted Prices in Active Markets | Significant | Significant | ||||||||||||||
for Identical | Other | Unobservable | |||||||||||||||
Instruments | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Prepaid Expenses and Other Assets: | |||||||||||||||||
Gasoline swaps | $ | 1.8 | $ | — | $ | 1.8 | $ | — | |||||||||
Interest rate caps | 9.1 | — | 9.1 | — | |||||||||||||
Foreign currency forward contracts | 1.7 | — | 1.7 | — | |||||||||||||
Foreign exchange options | 0.1 | — | 0.1 | — | |||||||||||||
Total | $ | 12.7 | $ | — | $ | 12.7 | $ | — | |||||||||
Accrued Liabilities: | |||||||||||||||||
Interest rate caps | $ | 8.9 | $ | — | $ | 8.9 | $ | — | |||||||||
Foreign currency forward contracts | 5.3 | — | 5.3 | — | |||||||||||||
Total | $ | 14.2 | $ | — | $ | 14.2 | $ | — | |||||||||
December 31, 2012 | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Total | Quoted Prices in Active Markets | Significant | Significant | ||||||||||||||
for Identical | Other | Unobservable | |||||||||||||||
Instruments | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Prepaid Expenses and Other Assets: | |||||||||||||||||
Interest rate caps | $ | 0.9 | $ | — | $ | 0.9 | $ | — | |||||||||
Foreign currency forward contracts | 3.4 | — | 3.4 | — | |||||||||||||
Foreign exchange options | 0.2 | — | 0.2 | — | |||||||||||||
Total | $ | 4.5 | $ | — | $ | 4.5 | $ | — | |||||||||
Accrued Liabilities: | |||||||||||||||||
Gasoline swaps | $ | 0.1 | $ | — | $ | 0.1 | $ | — | |||||||||
Interest rate caps | 0.9 | — | 0.9 | — | |||||||||||||
Foreign currency forward contracts | 4.5 | — | 4.5 | — | |||||||||||||
Total | $ | 5.5 | $ | — | $ | 5.5 | $ | — | |||||||||
The following table summarizes the estimated fair value of derivatives (in millions of dollars): | |||||||||||||||||
Fair Value of Derivative Instruments(1) | |||||||||||||||||
Asset Derivatives(2) | Liability Derivatives(2) | ||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Derivatives not designated as hedging | |||||||||||||||||
instruments under ASC 815: | |||||||||||||||||
Gasoline swaps | $ | 1.8 | $ | — | $ | — | $ | 0.1 | |||||||||
Interest rate caps | 9.1 | 0.9 | 8.9 | 0.9 | |||||||||||||
Foreign exchange forward contracts | 1.7 | 3.4 | 5.3 | 4.5 | |||||||||||||
Foreign exchange options | 0.1 | 0.2 | — | — | |||||||||||||
Total derivatives not designated as hedging | |||||||||||||||||
instruments under ASC 815 | $ | 12.7 | $ | 4.5 | $ | 14.2 | $ | 5.5 | |||||||||
_______________________________________________________________________________ | |||||||||||||||||
-1 | All fair value measurements were primarily based upon significant observable (Level 2) inputs. | ||||||||||||||||
-2 | All asset derivatives are recorded in "Prepaid expenses and other assets" and all liability derivatives are recorded in "Accrued liabilities" on our consolidated balance sheets. | ||||||||||||||||
Schedule of gain (loss) on derivative instruments not designated as hedges recognized in income | ' | ||||||||||||||||
The following table summarizes the gains and (losses) of derivatives (in millions of dollars): | |||||||||||||||||
Location of Gain or (Loss) | Amount of Gain or | ||||||||||||||||
Recognized on Derivatives | (Loss) Recognized in | ||||||||||||||||
Income on Derivatives | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Derivatives not designated as hedging | |||||||||||||||||
instruments under ASC 815: | |||||||||||||||||
Gasoline swaps | Direct operating | $ | 2.2 | $ | 0.7 | ||||||||||||
Interest rate caps | Selling, general and administrative | (0.5 | ) | (0.8 | ) | ||||||||||||
Foreign exchange forward contracts | Selling, general and administrative | (22.6 | ) | (15.4 | ) | ||||||||||||
Foreign exchange options | Selling, general and administrative | (0.2 | ) | — | |||||||||||||
Total | $ | (21.1 | ) | $ | (15.5 | ) |
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||
Provided below is a summary of the quarterly operating results during 2013 and 2012 (in millions of dollars, except per share data). | ||||||||||||||||
Amounts are computed independently each quarter. As a result, the sum of the quarter's amounts may not equal the total amount for the respective year. For a description of the revisions to prior periods, see Note 2—Summary of Significant Accounting Policies. | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||||
Revenues | $ | 2,436.90 | $ | 2,709.20 | $ | 3,069.40 | $ | 2,556.40 | ||||||||
Income before income taxes | 87.4 | 219.7 | 367 | 65.2 | ||||||||||||
Net income attributable to The Hertz Corporation and Subsidiaries' common stockholder | 24.3 | 129.3 | 237.1 | 3.4 | ||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||
Revenues | $ | 1,961.70 | $ | 2,226.20 | $ | 2,517.20 | $ | 2,319.70 | ||||||||
Income (loss) before income taxes | (23.9 | ) | 160.9 | 386.3 | (29.7 | ) | ||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | (48.2 | ) | 95.9 | 252.2 | (28.7 | ) | ||||||||||
Guarantor_and_NonGuarantor_Con1
Guarantor and Non-Guarantor Condensed Consolidating Financial Statements (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Guarantor and Non-Guarantor Condensed Consolidating Financial Statements Disclosure | ' | |||||||||||||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments | ' | |||||||||||||||||||||||||
The following tables present the effect of this correction on our Consolidated Statements of Operations (in millions, except per share data): | ||||||||||||||||||||||||||
Year ended December 31, 2012 | Year ended December 31, 2011 | |||||||||||||||||||||||||
As Previously Reported | Adjustment | As Revised | As Previously Reported | Adjustment | As Revised | |||||||||||||||||||||
Total revenues | $ | 9,020.80 | $ | 4.1 | $ | 9,024.90 | $ | 8,298.40 | $ | 0.9 | $ | 8,299.30 | ||||||||||||||
Direct operating | 4,795.80 | (a) | 10.2 | 4,806.00 | 4,566.40 | (d) | 6.7 | 4,573.10 | ||||||||||||||||||
Depreciation of revenue earning equipment and lease charges | 2,148.20 | (b) | (19.3 | ) | 2,128.90 | 1,905.70 | (e) | (9.5 | ) | 1,896.20 | ||||||||||||||||
Selling, general and administrative | 945.6 | (c) | 22.4 | 968 | 745.1 | (f) | 22.4 | 767.5 | ||||||||||||||||||
Income before income taxes | 502.8 | (9.2 | ) | 493.6 | 373.9 | (18.7 | ) | 355.2 | ||||||||||||||||||
(Provision) benefit for taxes on income | (227.1 | ) | 4.7 | (222.4 | ) | (143.9 | ) | 6.7 | (137.2 | ) | ||||||||||||||||
Net income | 275.7 | (4.5 | ) | 271.2 | 230 | (12.0 | ) | 218 | ||||||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | 275.7 | (4.5 | ) | 271.2 | 210.4 | (12.0 | ) | 198.4 | ||||||||||||||||||
(a) | Primarily consists of $3.6 million adjustments related to Brazil and certain reclassifications of $3.5 million to conform to the current presentation. | |||||||||||||||||||||||||
(b) | Primarily consists of $23.6 million adjustment related to vendor incentives. | |||||||||||||||||||||||||
(c) | Primarily consists of $25.9 million adjustment related to vendor incentives, offset by certain reclassifications of $3.5 million to conform to the current presentation. | |||||||||||||||||||||||||
(d) | Primarily consists of $6.2 million adjustment related to Brazil. | |||||||||||||||||||||||||
(e) | Primarily consists of $9.5 million adjustment related to vendor incentives. | |||||||||||||||||||||||||
(f) | Primarily consists of $22.4 million adjustment related to vendor incentives. | |||||||||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||||||
Three Months Ended March 31, 2013 | Three Months Ended June 30, 2013 | |||||||||||||||||||||||||
As Previously Reported | Adjustment ** | As Revised | As Previously Reported | Adjustment ** | As Revised | |||||||||||||||||||||
Total revenues | $ | 2,436.50 | $ | 0.4 | $ | 2,436.90 | $ | 2,714.60 | $ | (5.4 | ) | $ | 2,709.20 | |||||||||||||
Direct operating | 1,351.20 | 7.7 | 1,358.90 | 1,405.90 | 8.3 | 1,414.20 | ||||||||||||||||||||
Depreciation of revenue earning equipment and lease charges | 587 | (6.9 | ) | 580.1 | 641.1 | (13.6 | ) | 627.5 | ||||||||||||||||||
Selling, general and administrative | 251.5 | (4.1 | ) | 247.4 | 274.8 | 5.9 | 280.7 | |||||||||||||||||||
Other (income) expense, net | (0.6 | ) | 2.3 | 1.7 | (1.1 | ) | — | (1.1 | ) | |||||||||||||||||
Income before income taxes | 86 | 1.4 | 87.4 | 225.7 | (6.0 | ) | 219.7 | |||||||||||||||||||
(Provision) benefit for taxes on income | (59.5 | ) | (3.6 | ) | (63.1 | ) | (95.8 | ) | 5.4 | (90.4 | ) | |||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | 26.5 | (2.2 | ) | 24.3 | 129.9 | (0.6 | ) | 129.3 | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||
As Previously Reported | Adjustment ** | As Revised | ||||||||||||||||||||||||
Total revenues | $ | 5,151.20 | $ | (5.0 | ) | $ | 5,146.20 | |||||||||||||||||||
Direct operating | 2,757.10 | 16 | 2,773.10 | |||||||||||||||||||||||
Depreciation of revenue earning equipment and lease charges | 1,228.10 | (20.5 | ) | 1,207.60 | ||||||||||||||||||||||
Selling, general and administrative | 526.3 | 1.8 | 528.1 | |||||||||||||||||||||||
Other (income) expense, net | (1.7 | ) | 2.3 | 0.6 | ||||||||||||||||||||||
Income before income taxes | 311.7 | (4.6 | ) | 307.1 | ||||||||||||||||||||||
(Provision) benefit for taxes on income | (155.3 | ) | 1.8 | (153.5 | ) | |||||||||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | 156.4 | (2.8 | ) | 153.6 | ||||||||||||||||||||||
** Refer to explanations (g) through (i) mentioned below for the nine months ended September 30, 2013. | ||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
As Previously Reported | Adjustment ** | As Revised | As Previously Reported | Adjustment | As Revised | |||||||||||||||||||||
Total revenues | $ | 3,069.40 | $ | — | $ | 3,069.40 | $ | 8,220.60 | $ | (5.0 | ) | $ | 8,215.60 | |||||||||||||
Direct operating | 1,525.40 | 14.1 | 1,539.50 | 4,282.60 | (g) | 30.1 | 4,312.70 | |||||||||||||||||||
Depreciation of revenue earning equipment and lease charges | 676.7 | (1.8 | ) | 674.9 | 1,904.80 | (h) | (22.3 | ) | 1,882.50 | |||||||||||||||||
Selling, general and administrative | 276.8 | (5.3 | ) | 271.5 | 803.1 | (i) | (3.5 | ) | 799.6 | |||||||||||||||||
Other (income) expense, net | 44.8 | — | 44.8 | 43.1 | 2.3 | 45.4 | ||||||||||||||||||||
Income before income taxes | 374 | (7.0 | ) | 367 | 685.7 | (11.6 | ) | 674.1 | ||||||||||||||||||
(Provision) benefit for taxes on income | (132.4 | ) | 2.5 | (129.9 | ) | (287.7 | ) | 4.3 | (283.4 | ) | ||||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | 241.6 | (4.5 | ) | 237.1 | 398 | (7.3 | ) | 390.7 | ||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||
(g) | Primarily consists of $3.1 million adjustments related to under accruals and certain reclassifications of $23.1 million to conform to the current presentation. | |||||||||||||||||||||||||
(h) | Primarily consists of $22.1 million adjustment related to vendor incentives. | |||||||||||||||||||||||||
(i) | Primarily consists of $21.2 million adjustment related to vendor incentives, offset by certain reclassifications of $23.1 million to conform to the current presentation. | |||||||||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||||||
Three Months Ended March 31, 2012 | Three Months Ended June 30, 2012 | |||||||||||||||||||||||||
As Previously Reported | Adjustment * | As Revised | As Previously Reported | Adjustment * | As Revised | |||||||||||||||||||||
Total revenues | $ | 1,960.90 | $ | 0.8 | $ | 1,961.70 | $ | 2,225.10 | $ | 1.1 | $ | 2,226.20 | ||||||||||||||
Direct operating | 1,114.10 | 0.9 | 1,115.00 | 1,188.90 | 5.3 | 1,194.20 | ||||||||||||||||||||
Depreciation of revenue earning equipment and lease charges | 515.1 | (6.4 | ) | 508.7 | 519.8 | (5.3 | ) | 514.5 | ||||||||||||||||||
Selling, general and administrative | 207.8 | 6.2 | 214 | 206.6 | 11.8 | 218.4 | ||||||||||||||||||||
(Loss) income before income taxes | (24.0 | ) | 0.1 | (23.9 | ) | 171.6 | (10.7 | ) | 160.9 | |||||||||||||||||
(Provision) benefit for taxes on income | (24.2 | ) | (0.1 | ) | (24.3 | ) | (70.7 | ) | 5.7 | (65.0 | ) | |||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | (48.2 | ) | — | (48.2 | ) | 100.9 | (5.0 | ) | 95.9 | |||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Six Months Ended June 30, 2012 | ||||||||||||||||||||||||||
As Previously Reported | Adjustment * | As Revised | ||||||||||||||||||||||||
Total revenues | $ | 4,186.10 | $ | 1.9 | $ | 4,188.00 | ||||||||||||||||||||
Direct operating | 2,303.10 | 6.2 | 2,309.30 | |||||||||||||||||||||||
Depreciation of revenue earning equipment and lease charges | 1,034.90 | (11.7 | ) | 1,023.20 | ||||||||||||||||||||||
Selling, general and administrative | 414.3 | 18 | 432.3 | |||||||||||||||||||||||
Income before income taxes | 147.6 | (10.6 | ) | 137 | ||||||||||||||||||||||
(Provision) benefit for taxes on income | (94.9 | ) | 5.6 | (89.3 | ) | |||||||||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | 52.7 | (5.0 | ) | 47.7 | ||||||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||
As Previously Reported | Adjustment * | As Revised | As Previously Reported | Adjustment * | As Revised | |||||||||||||||||||||
Total revenues | $ | 2,516.20 | $ | 1 | $ | 2,517.20 | $ | 6,702.30 | $ | 2.9 | $ | 6,705.20 | ||||||||||||||
Direct operating | 1,241.10 | (3.1 | ) | 1,238.00 | 3,544.20 | 3.1 | 3,547.30 | |||||||||||||||||||
Depreciation of revenue earning equipment and lease charges | 560.5 | (3.8 | ) | 556.7 | 1,595.40 | (15.5 | ) | 1,579.90 | ||||||||||||||||||
Selling, general and administrative | 201 | 3.7 | 204.7 | 615.3 | 21.7 | 637 | ||||||||||||||||||||
Income before income taxes | 382.1 | 4.2 | 386.3 | 529.7 | (6.4 | ) | 523.3 | |||||||||||||||||||
(Provision) benefit for taxes on income | (130.8 | ) | (3.3 | ) | (134.1 | ) | (225.7 | ) | 2.3 | (223.4 | ) | |||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | 251.3 | 0.9 | 252.2 | 304 | (4.1 | ) | 299.9 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Three Months Ended December 31, 2012 | ||||||||||||||||||||||||||
As Previously Reported | Adjustment * | As Revised | ||||||||||||||||||||||||
Total revenues | $ | 2,318.50 | $ | 1.2 | $ | 2,319.70 | ||||||||||||||||||||
Direct operating | 1,250.60 | 7.1 | 1,257.70 | |||||||||||||||||||||||
Depreciation of revenue earning equipment and lease charges | 553.8 | (3.8 | ) | 550 | ||||||||||||||||||||||
Selling, general and administrative | 330.3 | 0.7 | 331 | |||||||||||||||||||||||
Loss before income taxes | (26.9 | ) | (2.8 | ) | (29.7 | ) | ||||||||||||||||||||
(Provision) benefit for taxes on income | (1.4 | ) | 2.4 | 1 | ||||||||||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | (28.3 | ) | (0.4 | ) | (28.7 | ) | ||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||
* Refer to explanations (a) through (c) mentioned above for the year ended December 31, 2012. | ||||||||||||||||||||||||||
We have revised the Parent and Non-Guarantor subsidiaries' Condensed Consolidating Statement of Cash Flows to correctly reflect the capital contributions to subsidiaries and return of capital from subsidiaries for the year ended December 31, 2012 as presented below. We have also revised the Condensed Consolidating Balance Sheet as of December 31, 2012 to correctly reflect certain purchase accounting adjustments and equity balances in the Guarantor subsidiaries and Non-Guarantor subsidiaries. | ||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows as Previously Reported | ||||||||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | ||||||||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | |||||||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 1,677.60 | $ | 599.3 | $ | 1,246.80 | $ | (775.3 | ) | $ | 2,748.40 | |||||||||||||||
Net cash provided by (used in) investing activities | (4,248.8 | ) | (595.6 | ) | (2,626.3 | ) | 2,723.40 | (4,747.3 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | 2,030.80 | (4.6 | ) | 1,517.00 | (1,948.1 | ) | 1,595.10 | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows as Revised | ||||||||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | ||||||||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | |||||||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities(1) | $ | (877.8 | ) | $ | 600.6 | $ | 3,792.70 | $ | (775.3 | ) | $ | 2,740.20 | ||||||||||||||
Net cash provided by (used in) investing activities(2) | (1,693.5 | ) | (596.9 | ) | (2,605.0 | ) | 168.5 | (4,726.9 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | 2,030.80 | (4.6 | ) | (1,037.7 | ) | 606.8 | 1,595.30 | |||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||
-1 | Includes revised amounts as described in Note 2—Summary of Significant Accounting Policies of $8.1 million decrease in cash provided by (used in) operating activities. | |||||||||||||||||||||||||
-2 | Includes revised amounts as described in Note 2—Summary of Significant Accounting Policies of $20.4 million increase in cash provided by (used in) investing activities. | |||||||||||||||||||||||||
Condensed Consolidating Balance Sheet as Previously Reported | ||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | ||||||||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | |||||||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||
Total Assets | $ | 12,360.30 | $ | 10,983.60 | $ | 17,309.10 | $ | (17,362.9 | ) | $ | 23,290.10 | |||||||||||||||
Total Liabilities | 9,442.80 | 5,015.70 | 15,051.20 | (9,137.1 | ) | 20,372.60 | ||||||||||||||||||||
The Hertz Corporation and Subsidiaries stockholder's equity | 2,917.50 | 5,967.90 | 2,257.90 | (8,225.8 | ) | 2,917.50 | ||||||||||||||||||||
Schedule of condensed consolidating balance sheets | ' | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||
(In Millions of Dollars) | ||||||||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | ||||||||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | |||||||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 76.1 | $ | 5.1 | $ | 342 | $ | — | $ | 423.2 | ||||||||||||||||
Restricted cash and cash equivalents | 56.1 | 71.2 | 732.6 | — | 859.9 | |||||||||||||||||||||
Receivables, less allowance for doubtful accounts | 426.4 | 408.3 | 699.3 | (21.4 | ) | 1,512.60 | ||||||||||||||||||||
Due from Hertz affiliate | 1,994.20 | 2,515.50 | 4,987.70 | (9,404.8 | ) | 92.6 | ||||||||||||||||||||
Inventories, at lower cost or market | 25.5 | 35.9 | 30.9 | — | 92.3 | |||||||||||||||||||||
Prepaid expenses and other assets | 3,109.00 | 285.1 | 423.8 | (3,100.9 | ) | 717 | ||||||||||||||||||||
Revenue earning equipment, net | 243.4 | 1,936.20 | 12,013.80 | — | 14,193.40 | |||||||||||||||||||||
Property and equipment, net | 912.6 | 330.3 | 271.4 | — | 1,514.30 | |||||||||||||||||||||
Investment in subsidiaries, net | 6,975.00 | 1,405.10 | — | (8,380.1 | ) | — | ||||||||||||||||||||
Other intangible assets, net | 62.5 | 3,815.60 | 49.9 | — | 3,928.00 | |||||||||||||||||||||
Goodwill | 103.9 | 1,020.10 | 223.5 | — | 1,347.50 | |||||||||||||||||||||
Total assets | $ | 13,984.70 | $ | 11,828.40 | $ | 19,774.90 | $ | (20,907.2 | ) | $ | 24,680.80 | |||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||
Due to Hertz affiliate | $ | 3,841.20 | $ | 2,666.40 | $ | 2,897.20 | $ | (9,404.8 | ) | $ | — | |||||||||||||||
Accounts payable | 151 | 218.2 | 598.7 | — | 967.9 | |||||||||||||||||||||
Accrued liabilities | 584.6 | 235.8 | 305.3 | (21.4 | ) | 1,104.30 | ||||||||||||||||||||
Accrued taxes | 60.8 | 33.9 | 1,489.40 | (1,380.7 | ) | 203.4 | ||||||||||||||||||||
Debt | 6,363.30 | 76.9 | 9,787.30 | — | 16,227.50 | |||||||||||||||||||||
Public liability and property damage | 99.4 | 62.4 | 185.9 | — | 347.7 | |||||||||||||||||||||
Deferred taxes on income | — | 2,293.80 | 2,372.00 | (1,720.2 | ) | 2,945.60 | ||||||||||||||||||||
Total liabilities | 11,100.30 | 5,587.40 | 17,635.80 | (12,527.1 | ) | 21,796.40 | ||||||||||||||||||||
Equity: | ||||||||||||||||||||||||||
The Hertz Corporation and Subsidiaries stockholder's equity | 2,884.40 | 6,241.00 | 2,139.10 | (8,380.1 | ) | 2,884.40 | ||||||||||||||||||||
Total liabilities and equity | $ | 13,984.70 | $ | 11,828.40 | $ | 19,774.90 | $ | (20,907.2 | ) | $ | 24,680.80 | |||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||
(In Millions of Dollars) | ||||||||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | ||||||||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | |||||||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 24.6 | $ | 6.5 | $ | 514.4 | $ | — | $ | 545.5 | ||||||||||||||||
Restricted cash and cash equivalents | 32.7 | 17.2 | 501.7 | — | 551.6 | |||||||||||||||||||||
Receivables, less allowance for doubtful accounts | 542.9 | 448.8 | 914.5 | (26.6 | ) | 1,879.60 | ||||||||||||||||||||
Due from Hertz affiliate | 1,048.00 | 2,023.50 | 3,491.70 | (6,550.4 | ) | 12.8 | ||||||||||||||||||||
Inventories, at lower cost or market | 24.4 | 41.2 | 40.1 | — | 105.7 | |||||||||||||||||||||
Prepaid expenses and other assets | 2,576.80 | 276.9 | 195.2 | (2,568.2 | ) | 480.7 | ||||||||||||||||||||
Revenue earning equipment, net | 103.6 | 1,764.10 | 11,028.90 | — | 12,896.60 | |||||||||||||||||||||
Property and equipment, net | 865.7 | 321.9 | 248.8 | — | 1,436.40 | |||||||||||||||||||||
Investment in subsidiaries, net | 6,937.40 | 1,260.60 | — | (8,198.0 | ) | — | ||||||||||||||||||||
Other intangible assets, net | 74.6 | 3,891.40 | 64.2 | — | 4,030.20 | |||||||||||||||||||||
Goodwill | 106.2 | 1,006.30 | 216.8 | — | 1,329.30 | |||||||||||||||||||||
Total assets | $ | 12,336.90 | $ | 11,058.40 | $ | 17,216.30 | $ | (17,343.2 | ) | $ | 23,268.40 | |||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||
Due to Hertz affiliate | $ | 2,254.20 | $ | 2,421.50 | $ | 1,874.60 | $ | (6,550.3 | ) | $ | — | |||||||||||||||
Accounts payable | 237.1 | 198.6 | 567.5 | — | 1,003.20 | |||||||||||||||||||||
Accrued liabilities | 605.3 | 158.8 | 423.5 | (26.6 | ) | 1,161.00 | ||||||||||||||||||||
Accrued taxes | 54.4 | 29 | 1,075.70 | (965.9 | ) | 193.2 | ||||||||||||||||||||
Debt | 6,190.10 | 67.7 | 8,756.70 | — | 15,014.50 | |||||||||||||||||||||
Public liability and property damage | 99.3 | 52.9 | 180 | — | 332.2 | |||||||||||||||||||||
Deferred taxes on income | — | 2,203.70 | 2,066.50 | (1,602.4 | ) | 2,667.80 | ||||||||||||||||||||
Total liabilities | 9,440.40 | 5,132.20 | 14,944.50 | (9,145.2 | ) | 20,371.90 | ||||||||||||||||||||
Equity: | ||||||||||||||||||||||||||
The Hertz Corporation and Subsidiaries stockholder's equity | 2,896.50 | 5,926.20 | 2,271.80 | (8,198.0 | ) | 2,896.50 | ||||||||||||||||||||
Total liabilities and equity | $ | 12,336.90 | $ | 11,058.40 | $ | 17,216.30 | $ | (17,343.2 | ) | $ | 23,268.40 | |||||||||||||||
Schedule of condensed consolidating statement of operations | ' | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||||
(In Millions of Dollars) | ||||||||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | ||||||||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | |||||||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||
Total revenues | $ | 4,544.90 | $ | 2,672.50 | $ | 6,712.20 | $ | (3,157.7 | ) | $ | 10,771.90 | |||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Direct operating | 2,555.20 | 1,463.70 | 1,734.80 | (1.7 | ) | 5,752.00 | ||||||||||||||||||||
Depreciation of revenue earning equipment and lease charges | 2,713.60 | 655.3 | 2,309.30 | (3,152.7 | ) | 2,525.50 | ||||||||||||||||||||
Selling, general and administrative | 482.3 | 212.8 | 330 | (3.3 | ) | 1,021.80 | ||||||||||||||||||||
Interest expense, net of interest income | 336.6 | 34.3 | 296.4 | — | 667.3 | |||||||||||||||||||||
Other (income) expense, net | 54.1 | (6.4 | ) | 18.4 | — | 66.1 | ||||||||||||||||||||
Total expenses | 6,141.80 | 2,359.70 | 4,688.90 | (3,157.7 | ) | 10,032.70 | ||||||||||||||||||||
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries | (1,596.9 | ) | 312.8 | 2,023.30 | — | 739.2 | ||||||||||||||||||||
(Provision) benefit for taxes on income | 597.1 | (128.2 | ) | (814.1 | ) | — | (345.2 | ) | ||||||||||||||||||
Equity in earnings (losses) of subsidiaries (net of tax) | 1,393.80 | 155 | — | (1,548.8 | ) | — | ||||||||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | $ | 394 | $ | 339.6 | $ | 1,209.20 | $ | (1,548.8 | ) | $ | 394 | |||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||||
(In Millions of Dollars) | ||||||||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | ||||||||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | |||||||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||
Total revenues | $ | 4,259.10 | $ | 1,143.80 | $ | 6,109.00 | $ | (2,487.0 | ) | $ | 9,024.90 | |||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Direct operating | 2,385.70 | 649.6 | 1,770.80 | (0.1 | ) | 4,806.00 | ||||||||||||||||||||
Depreciation of revenue earning equipment and lease charges | 2,378.50 | 244.8 | 1,992.30 | (2,486.7 | ) | 2,128.90 | ||||||||||||||||||||
Selling, general and administrative | 474.1 | 177.7 | 316.3 | (0.1 | ) | 968 | ||||||||||||||||||||
Interest expense, net of interest income | 253.5 | 39.4 | 300 | — | 592.9 | |||||||||||||||||||||
Other (income) expense, net | (10.7 | ) | 24.1 | 22.1 | — | 35.5 | ||||||||||||||||||||
Total expenses | 5,481.10 | 1,135.60 | 4,401.50 | (2,486.9 | ) | 8,531.30 | ||||||||||||||||||||
Income (loss) before income taxes, noncontrolling interest and equity in earnings (losses) of subsidiaries | (1,222.0 | ) | 8.2 | 1,707.50 | (0.1 | ) | 493.6 | |||||||||||||||||||
(Provision) benefit for taxes on income (loss) | 477.7 | (30.7 | ) | (669.4 | ) | — | (222.4 | ) | ||||||||||||||||||
Equity in earnings (losses) of subsidiaries (net of tax) | 1,015.50 | 60.3 | — | (1,075.8 | ) | — | ||||||||||||||||||||
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | $ | 271.2 | $ | 37.8 | $ | 1,038.10 | $ | (1,075.9 | ) | $ | 271.2 | |||||||||||||||
Schedule of condensed consolidating comprehensive income (loss) | ' | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||||
(In Millions of Dollars) | ||||||||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | ||||||||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | |||||||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||
Net income (loss) | $ | 394 | $ | 339.6 | $ | 1,209.20 | $ | (1,548.8 | ) | $ | 394 | |||||||||||||||
Other comprehensive income, net of tax | 34 | (6.6 | ) | (24.1 | ) | 30.7 | 34 | |||||||||||||||||||
Comprehensive income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | $ | 428 | $ | 333 | $ | 1,185.10 | $ | (1,518.1 | ) | $ | 428 | |||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||||
(In Millions of Dollars) | ||||||||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | ||||||||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | |||||||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||
Net income (loss) | $ | 271.2 | $ | 37.8 | $ | 1,038.10 | $ | (1,075.9 | ) | $ | 271.2 | |||||||||||||||
Other comprehensive income, net of tax | 1.6 | 0.8 | 10.5 | (11.3 | ) | 1.6 | ||||||||||||||||||||
Comprehensive income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | $ | 272.8 | $ | 38.6 | $ | 1,048.60 | $ | (1,087.2 | ) | $ | 272.8 | |||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||||
(In Millions of Dollars) | ||||||||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | ||||||||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | |||||||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||
Net income (loss) | $ | 198.4 | $ | 34.7 | $ | 753.6 | $ | (768.7 | ) | $ | 218 | |||||||||||||||
Other comprehensive income, net of tax | (66.3 | ) | — | (34.6 | ) | 34.6 | (66.3 | ) | ||||||||||||||||||
Comprehensive income (loss) | 132.1 | 34.7 | 719 | (734.1 | ) | 151.7 | ||||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | — | — | (19.6 | ) | — | (19.6 | ) | |||||||||||||||||||
Comprehensive income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | $ | 132.1 | $ | 34.7 | $ | 699.4 | $ | (734.1 | ) | $ | 132.1 | |||||||||||||||
Schedule of condensed consolidating statement of cash flows | ' | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||||
(In Millions of Dollars) | ||||||||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | ||||||||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | |||||||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 181.2 | $ | 526.1 | $ | 3,820.30 | $ | (916.1 | ) | $ | 3,611.50 | |||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||
Net change in restricted cash and cash equivalents | (23.4 | ) | (54.1 | ) | (230.8 | ) | — | (308.3 | ) | |||||||||||||||||
Revenue earning equipment expenditures | (149.5 | ) | (886.0 | ) | (9,262.9 | ) | — | (10,298.4 | ) | |||||||||||||||||
Proceeds from disposal of revenue earning equipment | 136.4 | 350.4 | 6,777.30 | — | 7,264.10 | |||||||||||||||||||||
Property and equipment expenditures | (192.4 | ) | (33.4 | ) | (88.0 | ) | — | (313.8 | ) | |||||||||||||||||
Proceeds from disposal of property and equipment | 42.4 | 5.6 | 25 | — | 73 | |||||||||||||||||||||
Capital contributions to subsidiaries | (937.9 | ) | — | — | 937.9 | — | ||||||||||||||||||||
Return of capital from subsidiaries | 1,133.90 | 183.4 | — | (1,317.3 | ) | — | ||||||||||||||||||||
Loan to Parent From Guarantor/Non-Guarantor | — | (57.0 | ) | (196.1 | ) | 253.1 | — | |||||||||||||||||||
Acquisitions, net of cash acquired | — | (15.1 | ) | (238.9 | ) | — | (254.0 | ) | ||||||||||||||||||
Other investing activities | — | — | (1.5 | ) | — | (1.5 | ) | |||||||||||||||||||
Net cash provided by (used in) investing activities | 9.5 | (506.2 | ) | (3,215.9 | ) | (126.3 | ) | (3,838.9 | ) | |||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||
Proceeds from issuance of long-term debt | 250 | — | 1,524.70 | — | 1,774.70 | |||||||||||||||||||||
Payment of long-term debt | (33.8 | ) | — | (1,011.0 | ) | — | (1,044.8 | ) | ||||||||||||||||||
Short-term borrowings: | ||||||||||||||||||||||||||
Proceeds | — | — | 596.4 | — | 596.4 | |||||||||||||||||||||
Payments | — | — | (1,017.5 | ) | — | (1,017.5 | ) | |||||||||||||||||||
Proceeds under the revolving lines of credit | 2,280.00 | 2.5 | 7,229.10 | — | 9,511.60 | |||||||||||||||||||||
Payments under the revolving lines of credit | (2,323.0 | ) | (13.5 | ) | (6,768.0 | ) | — | (9,104.5 | ) | |||||||||||||||||
Capital contributions received from parent | — | — | 937.9 | (937.9 | ) | — | ||||||||||||||||||||
Loan to Parent From Non-Guarantor | 253.1 | — | — | (253.1 | ) | — | ||||||||||||||||||||
Payment of dividends and return of capital | (481.8 | ) | — | (2,233.4 | ) | 2,233.40 | (481.8 | ) | ||||||||||||||||||
Proceeds from employee stock purchase plan | 5.1 | — | — | — | 5.1 | |||||||||||||||||||||
Loan with Hertz Global Holdings, Inc. | (79.8 | ) | — | — | — | (79.8 | ) | |||||||||||||||||||
Payment of financing costs | (9.0 | ) | (10.3 | ) | (35.0 | ) | — | (54.3 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | (139.2 | ) | (21.3 | ) | (776.8 | ) | 1,042.40 | 105.1 | ||||||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | — | — | — | |||||||||||||||||||||
Net change in cash and cash equivalents during the period | 51.5 | (1.4 | ) | (172.4 | ) | — | (122.3 | ) | ||||||||||||||||||
Cash and cash equivalents at beginning of period | 24.6 | 6.5 | 514.4 | — | 545.5 | |||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 76.1 | $ | 5.1 | $ | 342 | $ | — | $ | 423.2 | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | The Hertz | ||||||||||||||||||||||
(The Hertz | Subsidiaries | Guarantor | Corporation & | |||||||||||||||||||||||
Corporation) | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (877.8 | ) | $ | 600.6 | $ | 3,792.70 | $ | (775.3 | ) | $ | 2,740.20 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||
Net change in restricted cash and cash equivalents | 12 | 11 | (264.6 | ) | — | (241.6 | ) | |||||||||||||||||||
Revenue earning equipment expenditures | (87.7 | ) | (765.0 | ) | (8,760.1 | ) | — | (9,612.8 | ) | |||||||||||||||||
Proceeds from disposal of revenue earning equipment | 79.4 | 276.3 | 6,769.40 | — | 7,125.10 | |||||||||||||||||||||
Property and equipment expenditures | (173.1 | ) | (33.9 | ) | (90.1 | ) | — | (297.1 | ) | |||||||||||||||||
Proceeds from disposal of property and equipment | 67.4 | 11.7 | 42.9 | — | 122 | |||||||||||||||||||||
Capital contributions to subsidiaries | (2,989.7 | ) | — | — | 2,989.70 | — | ||||||||||||||||||||
Return of capital from subsidiaries | 3,106.70 | 99.6 | — | (3,206.3 | ) | — | ||||||||||||||||||||
Loan to Parent from Non-Guarantor | — | — | (385.1 | ) | 385.1 | — | ||||||||||||||||||||
Acquisitions, net of cash acquired | (1,708.5 | ) | (196.6 | ) | (0.1 | ) | — | (1,905.2 | ) | |||||||||||||||||
Proceeds from disposal of business | — | — | 84.5 | — | 84.5 | |||||||||||||||||||||
Other investing activities | — | — | (1.8 | ) | — | (1.8 | ) | |||||||||||||||||||
Net cash provided by (used in) investing activities | (1,693.5 | ) | (596.9 | ) | (2,605.0 | ) | 168.5 | (4,726.9 | ) | |||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||
Proceeds from issuance of long-term debt | 2,210.00 | — | 27.3 | — | 2,237.30 | |||||||||||||||||||||
Payment of long-term debt | (650.4 | ) | — | (301.7 | ) | — | (952.1 | ) | ||||||||||||||||||
Short-term borrowings: | ||||||||||||||||||||||||||
Proceeds | — | — | 438.4 | — | 438.4 | |||||||||||||||||||||
Payments | (26.8 | ) | — | (1,253.3 | ) | — | (1,280.1 | ) | ||||||||||||||||||
Proceeds under the revolving lines of credit | 2,820.00 | 3.6 | 3,640.00 | — | 6,463.60 | |||||||||||||||||||||
Payments under the revolving lines of credit | (2,600.0 | ) | (4.9 | ) | (2,585.6 | ) | — | (5,190.5 | ) | |||||||||||||||||
Capital contributions received from parent | — | — | 2,989.70 | (2,989.7 | ) | — | ||||||||||||||||||||
Loan to Parent From Non-Guarantor | 385.1 | — | — | (385.1 | ) | — | ||||||||||||||||||||
Payment of dividends and return of capital | (25.0 | ) | — | (3,981.6 | ) | 3,981.60 | (25.0 | ) | ||||||||||||||||||
Proceeds from employee stock purchase plan | 4.3 | — | — | — | 4.3 | |||||||||||||||||||||
Loan from Hertz Global Holdings, Inc. | (13.2 | ) | — | — | — | (13.2 | ) | |||||||||||||||||||
Purchase of noncontrolling interest | (38.0 | ) | — | — | — | (38.0 | ) | |||||||||||||||||||
Payment of financing costs | (35.2 | ) | (3.3 | ) | (10.9 | ) | — | (49.4 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | 2,030.80 | (4.6 | ) | (1,037.7 | ) | 606.8 | 1,595.30 | |||||||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | 5.7 | — | 5.7 | |||||||||||||||||||||
Net change in cash and cash equivalents during the period | (540.5 | ) | (0.9 | ) | 155.7 | — | (385.7 | ) | ||||||||||||||||||
Cash and cash equivalents at beginning of period | 565.1 | 7.4 | 358.7 | — | 931.2 | |||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 24.6 | $ | 6.5 | $ | 514.4 | $ | — | $ | 545.5 | ||||||||||||||||
Background_Details
Background (Details) | 1 Months Ended | ||||||
31-May-13 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | |
Hertz Investors, Inc | Hertz Global Holdings | ||||||
Acquisition | ' | ' | ' | ' | ' | ' | ' |
Investor ownership percentage | ' | ' | ' | ' | ' | 100.00% | 100.00% |
Noncontrolling interest, ownership percentage by parent | ' | ' | ' | 100.00% | 65.00% | ' | ' |
Common stock shares sold | 49,800,405 | 60,050,777 | 50,000,000 | ' | ' | ' | ' |
Treasury stock, shares, acquired | ' | 23,200,000 | ' | ' | ' | ' | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Change in Goodwill) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Goodwill | ' | ' | ||
Balance at the beginning of the period | $2,050.30 | $1,113.10 | ||
Accumulated impairment losses at the beginning of the period | -721 | -721 | ||
Net goodwill, balance at the beginning of the period | 1,329.30 | 392.1 | ||
Goodwill acquired during the period | 4 | 954.3 | ||
Adjustments to previously recorded purchase price allocation | 13.2 | [1] | -15.3 | [2] |
Other changes during the period | 1 | [3] | -1.8 | [3] |
Total changes in goodwill | 18.2 | 937.2 | ||
Balance at the end of the period | 2,068.50 | 2,050.30 | ||
Accumulated impairment losses at the end of the period | -721 | -721 | ||
Net goodwill, balance at the end of the period | 1,347.50 | 1,329.30 | ||
U.S. car rental | ' | ' | ||
Goodwill | ' | ' | ||
Balance at the beginning of the period | 997 | 122.5 | ||
Accumulated impairment losses at the beginning of the period | 0 | 0 | ||
Net goodwill, balance at the beginning of the period | 997 | 122.5 | ||
Goodwill acquired during the period | 0.6 | 875.3 | ||
Adjustments to previously recorded purchase price allocation | 13.2 | [1] | 0 | [2] |
Other changes during the period | 0 | [3] | -0.8 | [3] |
Total changes in goodwill | 13.8 | 874.5 | ||
Balance at the end of the period | 1,010.80 | 997 | ||
Accumulated impairment losses at the end of the period | 0 | 0 | ||
Net goodwill, balance at the end of the period | 1,010.80 | 997 | ||
International car rental | ' | ' | ||
Goodwill | ' | ' | ||
Balance at the beginning of the period | 245.1 | 245.7 | ||
Accumulated impairment losses at the beginning of the period | -46.1 | -46.1 | ||
Net goodwill, balance at the beginning of the period | 199 | 199.6 | ||
Goodwill acquired during the period | 3.4 | 0 | ||
Adjustments to previously recorded purchase price allocation | 0 | [1] | 0 | [2] |
Other changes during the period | 1 | [3] | -0.6 | [3] |
Total changes in goodwill | 4.4 | -0.6 | ||
Balance at the end of the period | 249.5 | 245.1 | ||
Accumulated impairment losses at the end of the period | -46.1 | -46.1 | ||
Net goodwill, balance at the end of the period | 203.4 | 199 | ||
Worldwide equipment rental | ' | ' | ||
Goodwill | ' | ' | ||
Balance at the beginning of the period | 772.4 | 693.8 | ||
Accumulated impairment losses at the beginning of the period | -674.9 | -674.9 | ||
Net goodwill, balance at the beginning of the period | 97.5 | 18.9 | ||
Goodwill acquired during the period | 0 | 79 | ||
Adjustments to previously recorded purchase price allocation | 0 | [1] | 0 | [2] |
Other changes during the period | 0 | [3] | -0.4 | [3] |
Total changes in goodwill | 0 | 78.6 | ||
Balance at the end of the period | 772.4 | 772.4 | ||
Accumulated impairment losses at the end of the period | -674.9 | -674.9 | ||
Net goodwill, balance at the end of the period | 97.5 | 97.5 | ||
All Other Operations | ' | ' | ||
Goodwill | ' | ' | ||
Balance at the beginning of the period | 35.8 | 51.1 | ||
Accumulated impairment losses at the beginning of the period | 0 | 0 | ||
Net goodwill, balance at the beginning of the period | 35.8 | 51.1 | ||
Goodwill acquired during the period | 0 | 0 | ||
Adjustments to previously recorded purchase price allocation | 0 | [1] | -15.3 | [2] |
Other changes during the period | 0 | [3] | 0 | [3] |
Total changes in goodwill | 0 | -15.3 | ||
Balance at the end of the period | 35.8 | 35.8 | ||
Accumulated impairment losses at the end of the period | 0 | 0 | ||
Net goodwill, balance at the end of the period | $35.80 | $35.80 | ||
[1] | Consists of adjustments related to certain liabilities, contracts and deferred tax during 2013. | |||
[2] | Consists of deferred tax adjustments recorded during 2012. | |||
[3] | Primarily consists of changes resulting from disposals and the translation of foreign currencies at different exchange rates from the beginning of the period year to the end of the year. |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Other Intangible Assets) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Amortizable intangible assets: | ' | ' | ' | ||
Gross Carrying Amount | $1,167.20 | $1,152.20 | ' | ||
Accumulated Amortization | -589.3 | -467.6 | ' | ||
Net Carrying Value | 577.9 | 684.6 | ' | ||
Indefinite-lived intangible assets: | ' | ' | ' | ||
Gross Carrying Amount | 3,350.10 | 3,345.60 | ' | ||
Total Other intangible assets | ' | ' | ' | ||
Gross Carrying Amount | 4,517.30 | 4,497.80 | ' | ||
Accumulated Amortization | -589.3 | -467.6 | ' | ||
Net Carrying Value | 3,928 | 4,030.20 | ' | ||
Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' | ||
Amortization of other intangible assets | 121.5 | 83.9 | 70 | ||
Expected Amortization expense in 2014 | 119.8 | ' | ' | ||
Expected Amortization expense in 2015 | 116.2 | ' | ' | ||
Expected Amortization expense in 2016 | 66.7 | ' | ' | ||
Expected Amortization expense in 2017 | 54 | ' | ' | ||
Expected Amortization expense in 2018 | 52.9 | ' | ' | ||
Customer-related | ' | ' | ' | ||
Amortizable intangible assets: | ' | ' | ' | ||
Gross Carrying Amount | 693.1 | 693.1 | ' | ||
Accumulated Amortization | -502.2 | -433.8 | ' | ||
Net Carrying Value | 190.9 | 259.3 | ' | ||
Total Other intangible assets | ' | ' | ' | ||
Accumulated Amortization | -502.2 | -433.8 | ' | ||
Concession rights | ' | ' | ' | ||
Amortizable intangible assets: | ' | ' | ' | ||
Gross Carrying Amount | 411.3 | 406 | ' | ||
Accumulated Amortization | -49.5 | -5 | ' | ||
Net Carrying Value | 361.8 | 401 | ' | ||
Total Other intangible assets | ' | ' | ' | ||
Accumulated Amortization | -49.5 | -5 | ' | ||
Other intangible assets | ' | ' | ' | ||
Amortizable intangible assets: | ' | ' | ' | ||
Gross Carrying Amount | 62.8 | [1] | 53.1 | [2] | ' |
Accumulated Amortization | -37.6 | [1] | -28.8 | [2] | ' |
Net Carrying Value | 25.2 | [1] | 24.3 | [2] | ' |
Total Other intangible assets | ' | ' | ' | ||
Accumulated Amortization | -37.6 | [1] | -28.8 | [2] | ' |
Trade name | ' | ' | ' | ||
Indefinite-lived intangible assets: | ' | ' | ' | ||
Gross Carrying Amount | 3,330 | 3,330 | ' | ||
Other indefinite-lived intangible assets | ' | ' | ' | ||
Indefinite-lived intangible assets: | ' | ' | ' | ||
Gross Carrying Amount | $20.10 | [3] | $15.60 | [3] | ' |
[1] | Other amortizable intangible assets primarily include Donlen trade name, non-compete agreements and technology-related intangibles. | ||||
[2] | Other amortizable intangible assets primarily consisted of our Advantage trade name, Donlen trade name, non-compete agreements and technology-related intangibles. | ||||
[3] | Other indefinite-lived intangible assets primarily consist of reacquired franchise rights. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting policies | ' | ' | ' |
Maximum original maturity period of highly liquid debt instruments to be considered as cash equivalents | '3 months | ' | ' |
Gain on sale of property and equipment | $3.90 | $8.30 | $43.50 |
Foreign currency translation gain | 54.8 | 102.3 | ' |
Advertising costs | 213.1 | 183.9 | 168.2 |
Direct Operating Expense | ' | ' | ' |
Accounting policies | ' | ' | ' |
Gain on sale of property and equipment | $3.90 | $8.30 | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Phantom) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Buildings | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Buildings | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '50 years |
Furniture and fixtures | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '1 year |
Furniture and fixtures | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '15 years |
Capitalized internal use software | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '1 year |
Capitalized internal use software | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '15 years |
Service cars and service equipment | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '1 year |
Service cars and service equipment | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '13 years |
Other intangible assets | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Other intangible assets | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '20 years |
Cars | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '4 months |
Cars | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '36 months |
Other equipment | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '24 months |
Other equipment | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '108 months |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Consolidated Statements of Operations - Restatements) (Details) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | |||||||
Scenario, Previously Reported | Scenario, Previously Reported | Scenario, Previously Reported | Scenario, Previously Reported | Scenario, Previously Reported | Scenario, Previously Reported | Scenario, Previously Reported | Scenario, Previously Reported | Scenario, Previously Reported | Scenario, Previously Reported | Scenario, Previously Reported | Scenario, Previously Reported | Scenario, Previously Reported | Scenario, Previously Reported | Scenario, Previously Reported | Restatement Adjustment | Restatement Adjustment | Restatement Adjustment | Restatement Adjustment | Restatement Adjustment | Restatement Adjustment | Restatement Adjustment | Restatement Adjustment | Restatement Adjustment | Restatement Adjustment | Restatement Adjustment | Restatement Adjustment | Restatement Adjustment | Restatement Adjustment | Restatement Adjustment | Vendor Incentive Classification | Vendor Incentive Classification | Vendor Incentive Classification | Vendor Incentive Classification | Vendor Incentive Classification | Under Accruals | Certain Assets and Allowance for Doubtful Accounts, Brazil | Certain Assets and Allowance for Doubtful Accounts, Brazil | Certain Assets and Allowance for Doubtful Accounts, Brazil | Certain Assets and Allowance for Doubtful Accounts, Brazil | Certain Assets and Allowance for Doubtful Accounts, Brazil | Other Immaterial Errors | Other Immaterial Errors | Other Immaterial Errors | Other Immaterial Errors | Other Immaterial Errors | ||||||||||||||||||||||||
Restatement Adjustment | Restatement Adjustment | Restatement Adjustment | Restatement Adjustment | Restatement Adjustment | Restatement Adjustment | Restatement Adjustment | Restatement Adjustment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Error Corrections and Prior Period Adjustments Identified | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $46.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Assets | 24,680.80 | ' | ' | ' | 23,268.40 | ' | ' | ' | ' | ' | ' | ' | 24,680.80 | 23,268.40 | ' | ' | ' | ' | ' | 23,290.10 | ' | ' | ' | ' | ' | ' | ' | ' | 23,290.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Revenues | 2,556.40 | 3,069.40 | 2,709.20 | 2,436.90 | 2,319.70 | 2,517.20 | 2,226.20 | 1,961.70 | 5,146.20 | 4,188 | 8,215.60 | 6,705.20 | 10,771.90 | 9,024.90 | 8,299.30 | ' | 3,069.40 | 2,714.60 | 2,436.50 | 2,318.50 | 2,516.20 | 2,225.10 | 1,960.90 | 5,151.20 | 4,186.10 | 8,220.60 | 6,702.30 | ' | 9,020.80 | 8,298.40 | ' | ' | 0 | [1] | -5.4 | 0.4 | 1.2 | 1 | 1.1 | [2] | 0.8 | [2] | -5 | 1.9 | [2] | -5 | 2.9 | 4.1 | 0.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Direct operating | ' | 1,539.50 | 1,414.20 | 1,358.90 | 1,257.70 | 1,238 | 1,194.20 | 1,115 | 2,773.10 | 2,309.30 | 4,312.70 | 3,547.30 | 5,752 | 4,806 | 4,573.10 | ' | 1,525.40 | 1,405.90 | 1,351.20 | 1,250.60 | 1,241.10 | 1,188.90 | 1,114.10 | 2,757.10 | 2,303.10 | 4,282.60 | 3,544.20 | ' | 4,795.80 | 4,566.40 | ' | ' | 14.1 | [1] | 8.3 | 7.7 | 7.1 | -3.1 | 5.3 | [2] | 0.9 | [2] | 16 | 6.2 | [2] | 30.1 | [3] | 3.1 | 10.2 | 6.7 | ' | ' | ' | ' | ' | ' | 3.1 | ' | ' | ' | 3.6 | 6.2 | ' | ' | ' | 23.1 | 3.5 | ||
Depreciation of revenue earning equipment and lease charges | ' | 674.9 | 627.5 | 580.1 | 550 | 556.7 | 514.5 | 508.7 | 1,207.60 | 1,023.20 | 1,882.50 | 1,579.90 | 2,525.50 | 2,128.90 | 1,896.20 | ' | 676.7 | 641.1 | 587 | 553.8 | 560.5 | 519.8 | 515.1 | 1,228.10 | 1,034.90 | 1,904.80 | 1,595.40 | ' | 2,148.20 | 1,905.70 | ' | ' | -1.8 | [1] | -13.6 | -6.9 | -3.8 | -3.8 | -5.3 | [2] | -6.4 | [2] | -20.5 | -11.7 | [2] | -22.3 | [4] | -15.5 | -19.3 | -9.5 | ' | ' | ' | 22.1 | 23.6 | 9.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Selling, general and administrative | ' | 271.5 | 280.7 | 247.4 | 331 | 204.7 | 218.4 | 214 | 528.1 | 432.3 | 799.6 | 637 | 1,021.80 | 968 | 767.5 | ' | 276.8 | 274.8 | 251.5 | 330.3 | 201 | 206.6 | 207.8 | 526.3 | 414.3 | 803.1 | 615.3 | ' | 945.6 | [5] | 745.1 | [6] | ' | ' | -5.3 | 5.9 | -4.1 | 0.7 | 3.7 | 11.8 | [2] | 6.2 | [2] | 1.8 | 18 | [2] | -3.5 | 21.7 | 22.4 | 22.4 | ' | ' | ' | 21.2 | 25.9 | 22.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23.1 | 3.5 | ||
Other (income) expense, net | ' | 44.8 | -1.1 | 1.7 | ' | ' | ' | ' | 0.6 | ' | 45.4 | ' | 66.1 | 35.5 | 62.5 | ' | 44.8 | -1.1 | -0.6 | ' | ' | ' | ' | -1.7 | ' | 43.1 | ' | ' | ' | ' | ' | ' | 0 | [1] | 0 | 2.3 | ' | ' | ' | ' | 2.3 | ' | 2.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Income before income taxes | 65.2 | 367 | 219.7 | 87.4 | -29.7 | 386.3 | 160.9 | -23.9 | 307.1 | 137 | 674.1 | 523.3 | 739.2 | 493.6 | 355.2 | ' | 374 | 225.7 | 86 | -26.9 | 382.1 | 171.6 | -24 | 311.7 | 147.6 | 685.7 | 529.7 | ' | 502.8 | 373.9 | ' | ' | -7 | [1] | -6 | 1.4 | -2.8 | 4.2 | -10.7 | [2] | 0.1 | [2] | -4.6 | -10.6 | [2] | -11.6 | -6.4 | -9.2 | -18.7 | ' | -2.4 | -12.9 | ' | ' | ' | ' | -3.6 | -6.2 | -4.4 | ' | ' | -3.2 | 0.4 | -2.4 | ' | ' | |||
Benefit for taxes on income | ' | -129.9 | -90.4 | -63.1 | 1 | -134.1 | -65 | -24.3 | -153.5 | -89.3 | -283.4 | -223.4 | -345.2 | -222.4 | -137.2 | ' | -132.4 | -95.8 | -59.5 | -1.4 | -130.8 | -70.7 | -24.2 | -155.3 | -94.9 | -287.7 | -225.7 | ' | -227.1 | -143.9 | ' | ' | 2.5 | [1] | 5.4 | -3.6 | 2.4 | -3.3 | 5.7 | [2] | -0.1 | [2] | 1.8 | 5.6 | [2] | 4.3 | 2.3 | 4.7 | 6.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 394 | 271.2 | 218 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 275.7 | 230 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4.5 | -12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net loss attributable to The Hertz Corporation and Subsidiaries' common stockholder | 3.4 | 237.1 | 129.3 | 24.3 | -28.7 | 252.2 | 95.9 | -48.2 | 153.6 | 47.7 | 390.7 | 299.9 | 394 | 271.2 | 198.4 | ' | 241.6 | 129.9 | 26.5 | -28.3 | 251.3 | 100.9 | -48.2 | 156.4 | 52.7 | 398 | 304 | ' | 275.7 | 210.4 | ' | ' | -4.5 | -0.6 | -2.2 | -0.4 | 0.9 | -5 | [2] | 0 | [2] | -2.8 | -5 | [2] | -7.3 | -4.1 | -4.5 | -12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Liabilities | 21,796.40 | ' | ' | ' | 20,371.90 | ' | ' | ' | ' | ' | ' | ' | 21,796.40 | 20,371.90 | ' | ' | ' | ' | ' | 20,372.60 | ' | ' | ' | ' | ' | ' | ' | ' | 20,372.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
The Hertz Corporation and Subsidiaries stockholder's equity | 2,884.40 | ' | ' | ' | 2,896.50 | ' | ' | ' | ' | ' | ' | ' | 2,884.40 | 2,896.50 | ' | ' | ' | ' | ' | 2,917.50 | ' | ' | ' | ' | ' | ' | ' | ' | 2,917.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Error Correction and Prior Period Adjustments Identified, Prior Periods | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Error Correction and Prior Period Adjustments Identified, Prior Periods, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Accumulated deficit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,127.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,123.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Cash and cash equivalents | 423.2 | ' | ' | ' | 545.5 | ' | ' | ' | ' | ' | ' | ' | 423.2 | 545.5 | 931.2 | 2,374 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.3 | ' | ' | ' | ' | ' | ' | ' | 12.3 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Restricted cash and cash equivalents | 859.9 | ' | ' | ' | 551.6 | ' | ' | ' | ' | ' | ' | ' | 859.9 | 551.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -20 | ' | ' | ' | ' | ' | ' | ' | -20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Receivables, less allowance for doubtful accounts | 1,512.60 | ' | ' | ' | 1,879.60 | ' | ' | ' | ' | ' | ' | ' | 1,512.60 | 1,879.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7 | ' | ' | ' | ' | ' | ' | ' | -7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Prepaid expenses and other assets | 717 | ' | ' | ' | 480.7 | ' | ' | ' | ' | ' | ' | ' | 717 | 480.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19.2 | ' | ' | ' | ' | ' | ' | ' | 19.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Cars | 14,456.60 | ' | ' | ' | 12,548.80 | ' | ' | ' | ' | ' | ' | ' | 14,456.60 | 12,548.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -42.3 | ' | ' | ' | ' | ' | ' | ' | -42.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Property Subject to or Available for Operating Lease, Accumulated Depreciation | 2,679.60 | ' | ' | ' | 1,850.40 | ' | ' | ' | ' | ' | ' | ' | 2,679.60 | 1,850.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -30.5 | ' | ' | ' | ' | ' | ' | ' | -30.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Other intangible assets, net | 3,928 | ' | ' | ' | 4,030.20 | ' | ' | ' | ' | ' | ' | ' | 3,928 | 4,030.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1.9 | ' | ' | ' | ' | ' | ' | ' | -1.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Goodwill | 1,347.50 | ' | ' | ' | 1,329.30 | ' | ' | ' | ' | ' | ' | ' | 1,347.50 | 1,329.30 | 392.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12.5 | ' | ' | ' | ' | ' | ' | ' | -12.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Accounts payable | 967.9 | ' | ' | ' | 1,003.20 | ' | ' | ' | ' | ' | ' | ' | 967.9 | 1,003.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.1 | ' | ' | ' | ' | ' | ' | ' | 4.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Accrued liabilities | 1,104.30 | ' | ' | ' | 1,161 | ' | ' | ' | ' | ' | ' | ' | 1,104.30 | 1,161 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -17.4 | ' | ' | ' | ' | ' | ' | ' | -17.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Accrued taxes | 203.4 | ' | ' | ' | 193.2 | ' | ' | ' | ' | ' | ' | ' | 203.4 | 193.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.9 | ' | ' | ' | ' | ' | ' | ' | 25.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Deferred taxes on income | 2,919.50 | ' | ' | ' | 2,631.80 | ' | ' | ' | ' | ' | ' | ' | 2,919.50 | 2,631.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -13.3 | ' | ' | ' | ' | ' | ' | ' | -13.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net cash provided by (used in) operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,611.50 | 2,740.20 | 2,236.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,748.40 | ' | 2,258.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8.1 | -22.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105.1 | 1,595.30 | -1,512.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,595.10 | ' | -1,512.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net cash provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($3,838.90) | ($4,726.90) | ($2,170.50) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($4,747.30) | ' | ($2,192.90) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20.40 | $22.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
[1] | Refer to explanations (g) through (i) mentioned below for the nine months ended September 30, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Refer to explanations (a) through (c) mentioned above for the year ended December 31, 2012. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Primarily consists of $3.1 million adjustments related to under accruals and certain reclassifications of $23.1 million to conform to the current presentation. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Primarily consists of $22.1 million adjustment related to vendor incentives. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Primarily consists of $25.9 million adjustment related to vendor incentives, offset by certain reclassifications of $3.5 million to conform to the current presentation. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | Primarily consists of $22.4 million adjustment related to vendor incentives. |
Business_combinations_and_dive2
Business combinations and divestitures (Acquisition) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 11 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||
Nov. 19, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jun. 28, 2013 | 30-May-13 | Aug. 31, 2012 | Nov. 19, 2012 | Nov. 19, 2012 | Nov. 19, 2013 | Sep. 01, 2011 | 2-May-13 | Nov. 19, 2012 | Nov. 19, 2012 | |||
Dollar Thrifty | Dollar Thrifty | Dollar Thrifty | Donlen Corporation | China Auto | Trade name | Concession rights | ||||||||||
Dollar Thrifty | Dollar Thrifty | |||||||||||||||
Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Per share price | ' | ' | ' | ' | ' | ' | ' | $87.50 | $87.50 | ' | ' | ' | ' | ' | ||
Recognized identifieable assets acquired, goodwill and liabiliteis assumed, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,592,000,000 | $250,000,000 | ' | ' | ' | ||
Payments to acquire business | 2,551,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Cash and equivalents acquired in acquisition | ' | ' | ' | ' | ' | ' | ' | 404,000,000 | 404,000,000 | ' | ' | ' | ' | ' | ||
Remeasurement gain | 8,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Equity interest in acquiree, fair value | ' | ' | ' | ' | ' | ' | ' | 41,000,000 | ' | ' | ' | ' | ' | ' | ||
Aggregate maximum borrowings | ' | ' | ' | ' | 300,000,000 | 100,000,000 | 1,950,000,000 | ' | ' | ' | ' | ' | ' | ' | ||
Proceeds from issuance of debt | ' | ' | ' | ' | ' | ' | ' | ' | 1,950,000,000 | ' | ' | ' | ' | ' | ||
Other intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,545,000,000 | 75,000,000 | ' | 1,140,000,000 | 405,000,000 | ||
Useful life (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9 years | ||
Goodwill | ' | 1,329,300,000 | 392,100,000 | 1,347,500,000 | ' | ' | ' | ' | ' | 889,000,000 | 51,100,000 | ' | ' | ' | ||
Percentage of voting interests acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 10.00% | ' | ' | ||
Consideration transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ||
Pro forma revenue | ' | 10,197,400,000 | [1] | 9,920,500,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro forma net income (loss) | ' | $437,300,000 | [1] | $223,100,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.64% | ' | ' | ||
[1] | The unaudited pro forma financial information for the year ended December 31, 2012 combines the historical results of Hertz and Dollar Thrifty for the year ended December 31, 2012, and the effects of the pro forma adjustments listed below. | |||||||||||||||
[2] | The unaudited pro forma financial information for the year ended December 31, 2011 combines the historical results of Hertz, Donlen and Dollar Thrifty for the year ended December 31, 2011, and the effects of the pro forma adjustments listed below. |
Business_combinations_and_dive3
Business combinations and divestitures (Assets Acquired Liabilities Assumed) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 19, 2013 | Sep. 01, 2011 |
In Millions, unless otherwise specified | Dollar Thrifty | Donlen Corporation | |||
Acquisition | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | $535 | $35.60 |
Restricted cash and cash equivalents | ' | ' | ' | 307 | ' |
Receivables | ' | ' | ' | 170 | 64 |
Inventories | ' | ' | ' | 8 | ' |
Prepaid expenses and other assets | ' | ' | ' | 41 | 7 |
Revenue earning equipment | ' | ' | ' | 1,614 | 1,120.60 |
Property and equipment | ' | ' | ' | 119 | 13.5 |
Other intangible assets | ' | ' | ' | 1,545 | 75 |
Other assets | ' | ' | ' | 35 | ' |
Goodwill | 1,347.50 | 1,329.30 | 392.1 | 889 | 51.1 |
Accounts payable | ' | ' | ' | -43 | -39.3 |
Accrued liabilities | ' | ' | ' | -298 | -226.8 |
Deferred taxes on income | ' | ' | ' | -846 | -121.9 |
Debt | ' | ' | ' | -1,484 | -728.8 |
Total | ' | ' | ' | $2,592 | $250 |
Business_combinations_and_dive4
Business combinations and divestitures (Other Acquisitions and Other Intangible Assets and Amortization) (Details) (Donlen Corporation, USD $) | 0 Months Ended |
Sep. 01, 2011 | |
Acquisition | ' |
Finite-lived Intangible Assets Acquired | $75,000,000 |
Customer-related | ' |
Acquisition | ' |
Useful life (in years) | '16 years |
Finite-lived Intangible Assets Acquired | 65,000,000 |
Trademarks | ' |
Acquisition | ' |
Useful life (in years) | '20 years |
Finite-lived Intangible Assets Acquired | 7,000,000 |
Noncompete Agreements | ' |
Acquisition | ' |
Useful life (in years) | '5 years |
Finite-lived Intangible Assets Acquired | $3,000,000 |
Business_combinations_and_dive5
Business combinations and divestitures (Pro Forma Impact) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | ||||
Dollar Thrifty | Dollar Thrifty | Dollar Thrifty | Donlen Corporation | Acquisition related costs and charges(6) | Acquisition related costs and charges(6) | Deferred Revenue Eliminated | Deferred Income Eliminated | ||||||||
Dollar Thrifty | Donlen Corporation | Donlen Corporation | Donlen Corporation | ||||||||||||
Business Acquisition, Pro Forma Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenue of acquiree since acquisition date, actual | ' | ' | ' | $170.60 | [1] | ' | ' | $142 | [2] | ' | ' | ' | ' | ||
Earnings or loss of acquiree since acquisition date | ' | ' | ' | -25.9 | [1] | ' | ' | 2 | [2] | ' | ' | ' | ' | ||
Pro forma revenue | ' | 10,197.40 | [3] | 9,920.50 | [4] | ' | ' | ' | ' | ' | ' | 3.2 | ' | ||
Pro forma net income (loss) | ' | 437.3 | [3] | 223.1 | [4] | ' | ' | ' | ' | ' | -6.1 | ' | -2 | ||
Amortization of other intangible assets | 121.5 | 83.9 | 70 | ' | 38.9 | 44.4 | ' | ' | ' | ' | ' | ||||
Interest expense | 678.9 | 597.8 | 650.3 | ' | 72.7 | 79.1 | ' | ' | ' | ' | ' | ||||
Labor and Related Expense | ' | ' | ' | ' | ' | ' | ' | $46.70 | ' | ' | ' | ||||
Pro Forma Adjustments, Assumed Tax Rate | ' | ' | ' | ' | 39.00% | ' | ' | ' | ' | ' | ' | ||||
[1] | Dollar Thrifty's actual earnings for the 43 days ended December 31, 2012 was impacted by certain charges related to the amortization expense associated with the acquired intangible assets and non-recurring compensation costs in connection with the merger. | ||||||||||||||
[2] | Donlen's actual earnings for the four months ended DecemberB 31, 2011 was impacted by certain charges related to the amortization expense associated with the acquired intangible assets and the fair value adjustment related to acquired software, as well as, the write-off of certain unamortized debt costs. | ||||||||||||||
[3] | The unaudited pro forma financial information for the year ended December 31, 2012 combines the historical results of Hertz and Dollar Thrifty for the year ended December 31, 2012, and the effects of the pro forma adjustments listed below. | ||||||||||||||
[4] | The unaudited pro forma financial information for the year ended December 31, 2011 combines the historical results of Hertz, Donlen and Dollar Thrifty for the year ended December 31, 2011, and the effects of the pro forma adjustments listed below. |
Business_combinations_and_dive6
Business combinations and divestitures (Divestitures) (Details) (USD $) | Dec. 31, 2013 | Dec. 12, 2012 | Dec. 12, 2012 | Dec. 12, 2012 | Dec. 12, 2012 | Dec. 12, 2012 | 2-May-13 |
In Millions, unless otherwise specified | Dollar Thrifty | Simply Wheelz, LLC | Commitment to Lend | Commitment to Lend | Commitment to Lend | Commitment to Lend | China Auto |
Simply Wheelz, LLC | Advantage [Member] | Maximum | Weighted Average | ||||
Simply Wheelz, LLC | Simply Wheelz, LLC | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of voting interests acquired | ' | ' | ' | ' | ' | ' | 10.00% |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | ' | ' | ' | ' | ' | ' | 18.64% |
Loss Contingency, Range of Possible Loss, Maximum | $2.80 | $17 | ' | ' | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Sales Price, Base | ' | 16 | ' | ' | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Assets (Liabilities), Net | ' | 3.6 | ' | ' | ' | ' | ' |
Loss Contingency, Recognition Period | ' | '3 years | ' | ' | ' | ' | ' |
Loss Contingency, Estimate of Possible Loss, Present Value | ' | 15.6 | ' | ' | ' | ' | ' |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | ' | 31.4 | ' | ' | ' | ' | ' |
Other Commitment | ' | ' | ' | ' | $45 | ' | ' |
Other Commitment, Term | ' | ' | '5 years | '2 years | ' | '2 years 6 months | ' |
Other Commitment, Rate | ' | ' | ' | ' | 13.00% | ' | ' |
Debt_Details
Debt (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 25, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 25, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 25, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Corporate Debt | Corporate Debt | Senior Term Facility | Senior Term Facility | Senior ABL Facility | Senior ABL Facility | Promissory Notes | Promissory Notes | Other Corporate Debt | Other Corporate Debt | Fleet debt | Fleet debt | U.S. Fleet Variable Funding Notes | U.S. Fleet Variable Funding Notes | U.S. Fleet Variable Funding Notes Series 2009-1 | U.S. Fleet Variable Funding Notes Series 2009-1 | U.S. Fleet Variable Funding Notes Series 2009-1 | U.S. Fleet Medium Term Notes | U.S. Fleet Medium Term Notes | U.S. Fleet Medium Term Notes Series 2009-2 Notes | U.S. Fleet Medium Term Notes Series 2009-2 Notes | U.S. Fleet Medium Term Notes Series 2010-1 Notes | U.S. Fleet Medium Term Notes Series 2010-1 Notes | U.S. Fleet Medium Term Notes Series 2011-1 Notes | U.S. Fleet Medium Term Notes Series 2011-1 Notes | RCFC Series 2010-3 Notes | RCFC Series 2010-3 Notes | RCFC Series 2011-1 Notes | RCFC Series 2011-1 Notes | RCFC Series 2011-2 Notes | RCFC Series 2011-2 Notes | Donlen GN II Variable Funding Note Facility | Donlen GN II Variable Funding Note Facility | Other Fleet Debt | Other Fleet Debt | U.S. Fleet Financing Facility | U.S. Fleet Financing Facility | European Revolving Credit Facility | European Revolving Credit Facility | European Fleet Notes | European Fleet Notes | European Fleet Notes | Former European Fleet Notes [Member] | Former European Fleet Notes [Member] | European Securitization | European Securitization | Canadian Securitization | Canadian Securitization | Dollar Thrifty Sponsored Canadian Securitization | Dollar Thrifty Sponsored Canadian Securitization | Australian Securitization | Australian Securitization | Brazilian Fleet Financing Facility | Brazilian Fleet Financing Facility | Capitalized Leases | Capitalized Leases | Senior Notes | Senior Notes | 8.875% Senior Notes due January 2014 | 8.875% Senior Notes due January 2014 | 8.875% Senior Notes due January 2014 | 7.875% Senior Notes due January 2014 | 7.875% Senior Notes due January 2014 | 7.50% Senior Notes due October 2018 | 7.50% Senior Notes due October 2018 | 7.375% Senior Notes due January 2021 | 7.375% Senior Notes due January 2021 | 6.75% Senior Notes due April 2019 | 6.75% Senior Notes due April 2019 | Senior Notes 5.875 Percent Due 2020 | Senior Notes 5.875 Percent Due 2020 | RCFC U.S. ABS Program [Member] | RCFC U.S. ABS Program [Member] | HVF II Series 2013-A Notes [Member] | HVF II Series 2013-A Notes [Member] | HVF II Series 2013-A Notes [Member] | HVF II Series 2013-B Notes | HVF II Series 2013-B Notes | HVF II Series 2013-B Notes | HVF II U.S. ABS Program [Member] | HVF II U.S. ABS Program [Member] | HVF II U.S. ABS Program [Member] | HFLF Seriers 2013-1 Notes [Member] | HFLF Seriers 2013-1 Notes [Member] | HFLF Seriers 2013-1 Notes [Member] | HFLF Series 2013-2 Notes [Member] | HFLF Series 2013-2 Notes [Member] | Donlen ABS Program [Member] | Donlen ABS Program [Member] | HFLF Series 2013-A Notes [Member] | HFLF Series 2013-A Notes [Member] | HFLF Medium Term Notes [Member] | HFLF Medium Term Notes [Member] | HFLF Medium Term Notes [Member] | Senior Notes 6.250 Percent Due 2022 | Senior Notes 6.250 Percent Due 2022 | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Short Term Borrowings Maximum Maturity Period | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Average Interest Rate (as a percent) | ' | ' | ' | ' | 3.26% | ' | ' | 3.06% | 6.96% | ' | 3.86% | ' | ' | ' | ' | ' | 0.99% | ' | ' | ' | ' | 5.37% | ' | 4.03% | ' | 2.86% | ' | ' | ' | 2.81% | ' | 3.21% | ' | ' | ' | ' | ' | 2.92% | ' | 2.97% | ' | ' | 4.38% | ' | 8.50% | ' | 2.61% | ' | 2.15% | ' | 2.14% | ' | 3.94% | ' | 14.05% | ' | 4.09% | ' | 6.58% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.02% | ' | ' | 1.02% | ' | ' | ' | ' | ' | 1.05% | ' | ' | 1.16% | ' | ' | ' | 0.79% | ' | ' | ' | ' | ' | ' | |
8.875% Senior Notes due January 2014 | ' | ' | ' | ' | $2,104.20 | $2,125.50 | $195 | $288.90 | $48.70 | $48.70 | $77.10 | $88.70 | ' | ' | $60 | $2,350 | $60 | $150 | $2,350 | $2,932.30 | $2,443.70 | $807.50 | $1,095.90 | $576.80 | $749.80 | $598 | $598 | $0 | $519 | $500 | $500 | $400 | $400 | $0 | $899.30 | $1,962.20 | $1,791.30 | $153 | $166 | $302.50 | $185.30 | $584.30 | ' | $0 | $0 | $529.40 | $280.50 | $242.20 | $88.70 | $100.50 | $38.30 | $55.30 | $110.90 | $148.90 | $12.30 | $14 | $385.40 | $337.60 | $3,899.80 | $3,650 | $250 | $0 | ' | $700 | $700 | $1,250 | $1,250 | $500 | $500 | $699.80 | $700 | $500 | $500 | $900 | $1,419 | $2,380 | $2,575 | $0 | $585 | $600 | $0 | $2,965 | $3,175 | $0 | $280.10 | $300 | $0 | $206 | $0 | $486.10 | $899.30 | $500 | $0 | $500 | $500 | $0 | $3,899.80 | $3,650 | |
Unamortized Net (Discount) Premium | ' | ' | 3.2 | 3.3 | ' | ' | ' | ' | ' | ' | ' | ' | 6.3 | 12.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt | 15,014.50 | 16,227.50 | 6,421.90 | 6,111.20 | ' | ' | ' | ' | ' | ' | ' | ' | 9,805.60 | 8,903.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Short-term Debt, Weighted Average Interest Rate | 1.80% | 1.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Other Short-term Borrowings | ' | $0 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Covenant Fixed Charge Coverage Ratio Number of Quarters | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.88% | ' | 8.88% | 7.88% | ' | ' | 7.50% | ' | 7.38% | 6.75% | ' | 5.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.25% | ' | |
[1] | Our short-term borrowings as of December 31, 2013 include, among other items, the amounts outstanding under the Senior ABL Facility, HVF U.S. Fleet Variable Funding Notes, RCFC U.S. Fleet Variable Funding Notes, Donlen GN II Variable Funding Notes, U.S. Fleet Financing Facility, European Revolving Credit Facility, European Securitization, Hertz-Sponsored Canadian Securitization, Dollar Thrifty-Sponsored Canadian Securitization, Australian Securitization, Brazilian Fleet Financing Facility and Capitalized Leases. These amounts are reflected as short-term borrowings, regardless of the facility maturity date, as these facilities are revolving in nature and/or the outstanding borrowings have maturities of three months or less. As of December 31, 2012, short-term borrowings had a weighted average interest rate of 1.8%. |
Debt_Debt_Maturities_Details
Debt (Debt Maturities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | |||
Aggregate amounts of maturities of debt for each of the twelve month periods | ' | ' | |
2014 | $1,968.70 | [1] | ' |
2015 | 5,284.50 | ' | |
2016 | 1,367.50 | ' | |
2017 | 366 | ' | |
2018 | 3,643.50 | ' | |
After 2018 | 3,587.80 | ' | |
Other Short-term Borrowings | $0 | [2] | ' |
Short-term Debt, Weighted Average Interest Rate | 1.80% | 1.80% | |
[1] | (includingB $4,965.6B ofB otherB short-termB borrowings*) | ||
[2] | Our short-term borrowings as of December 31, 2013 include, among other items, the amounts outstanding under the Senior ABL Facility, HVF U.S. Fleet Variable Funding Notes, RCFC U.S. Fleet Variable Funding Notes, Donlen GN II Variable Funding Notes, U.S. Fleet Financing Facility, European Revolving Credit Facility, European Securitization, Hertz-Sponsored Canadian Securitization, Dollar Thrifty-Sponsored Canadian Securitization, Australian Securitization, Brazilian Fleet Financing Facility and Capitalized Leases. These amounts are reflected as short-term borrowings, regardless of the facility maturity date, as these facilities are revolving in nature and/or the outstanding borrowings have maturities of three months or less. As of December 31, 2012, short-term borrowings had a weighted average interest rate of 1.8%. |
Debt_Narrative_Details
Debt (Narrative) (Details) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Apr. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2013 | Jun. 28, 2013 | 30-May-13 | Aug. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2011 | Mar. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 30, 2013 | 30-May-13 | Dec. 31, 2012 | Oct. 31, 2012 | 31-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2010 | Oct. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2011 | Dec. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2012 | Feb. 29, 2012 | Sep. 01, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2011 | Sep. 30, 2006 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2010 | Jun. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2010 | Dec. 31, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2011 | Nov. 30, 2011 | 31-May-07 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | 30-May-13 | 30-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2013 | Apr. 30, 2013 | Mar. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2013 | Nov. 25, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 25, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 25, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 30, 2013 | Dec. 31, 2012 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2011 | Dec. 31, 2013 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 30, 2013 | Apr. 30, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Corporate Debt | Senior credit facility | Senior Term Facility | Senior Term Facility | Senior Term Facility | Senior ABL Facility | Senior ABL Facility | Senior ABL Facility | Senior ABL Facility | Senior ABL Facility | Fleet debt | U.S. Fleet Variable Funding Notes | U.S. Fleet Variable Funding Notes | U.S. Fleet Variable Funding Notes Series 2009-1 | U.S. Fleet Variable Funding Notes Series 2009-1 | U.S. Fleet Variable Funding Notes Series 2009-1 | U.S. Fleet Variable Funding Notes Series 2009-1 | U.S. Fleet Variable Funding Notes Series 2009-1 | U.S. Fleet Variable Funding Notes Series 2009-1 | U.S. Fleet Medium Term Notes | U.S. Fleet Medium Term Notes | U.S. Fleet Medium Term Notes Series 2009-2 Notes | U.S. Fleet Medium Term Notes Series 2009-2 Notes | U.S. Fleet Medium Term Notes Series 2009-2 Notes | U.S. Fleet Medium Term Notes Series 2009-2 Notes | U.S. Fleet Medium Term Notes Series 2010-1 Notes | U.S. Fleet Medium Term Notes Series 2010-1 Notes | U.S. Fleet Medium Term Notes Series 2010-1 Notes | U.S. Fleet Medium Term Notes Series 2011-1 Notes | U.S. Fleet Medium Term Notes Series 2011-1 Notes | U.S. Fleet Medium Term Notes Series 2011-1 Notes | US Fleet Medium Term Notes 2013 Series 1 [Member] | US Fleet Medium Term Notes 2013 Series 1 [Member] | US Fleet Medium Term Notes 2013 Series 1 [Member] | RCFC Series 2010-3 Notes | RCFC Series 2010-3 Notes | RCFC Series 2011-1 Notes | RCFC Series 2011-1 Notes | RCFC Series 2011-1 Notes | RCFC Series 2011-2 Notes | RCFC Series 2011-2 Notes | RCFC Series 2011-2 Notes | Donlen GN II Variable Funding Note Facility | Donlen GN II Variable Funding Note Facility | Donlen GN II Variable Funding Note Facility | Donlen GN II Variable Funding Note Facility | Donlen GN II Variable Funding Note Facility | Other Fleet Debt | Other Fleet Debt | U.S. Fleet Financing Facility | U.S. Fleet Financing Facility | U.S. Fleet Financing Facility | U.S. Fleet Financing Facility | European Revolving Credit Facility | European Revolving Credit Facility | European Revolving Credit Facility | European Revolving Credit Facility | Former European Fleet Notes [Member] | Former European Fleet Notes [Member] | Former European Fleet Notes [Member] | European Fleet Notes | European Fleet Notes | European Fleet Notes | European Fleet Notes | European Securitization | European Securitization | European Securitization | Canadian Securitization | Canadian Securitization | Canadian Securitization | Canadian Securitization | Canadian Securitization | Dollar Thrifty Sponsored Canadian Securitization | Dollar Thrifty Sponsored Canadian Securitization | Dollar Thrifty Sponsored Canadian Securitization | Dollar Thrifty Sponsored Canadian Securitization | Australian Securitization | Australian Securitization | Australian Securitization | UK Leveraged Financing | UK Leveraged Financing | UK Leveraged Financing | UK Leveraged Financing | Senior Notes | Senior Notes | 6.75% Senior Notes due April 2019 | 6.75% Senior Notes due April 2019 | 6.75% Senior Notes due April 2019 | 8.875% Senior Notes due January 2014 | 8.875% Senior Notes due January 2014 | 8.875% Senior Notes due January 2014 | 8.875% Senior Notes due January 2014 | 7.875% Senior Notes due January 2014 | 7.875% Senior Notes due January 2014 | 7.875% Senior Notes due January 2014 | 7.50% Senior Notes due October 2018 | 7.50% Senior Notes due October 2018 | Senior Notes 5.875 Percent Due 2020 | Senior Notes 5.875 Percent Due 2020 | Senior Notes 5.875 Percent Due 2020 | 7.375% Senior Notes due January 2021 | 7.375% Senior Notes due January 2021 | Senior Notes 6.250 Percent Due 2022 | Senior Notes 6.250 Percent Due 2022 | Senior Notes 6.250 Percent Due 2022 | Tranche B Term Loans [Member] | Tranche B-2 Term Loans [Member] | Senior Notes 4 Point 25 Percent Due April 2018 [Member] | Senior Notes 4 Point 25 Percent Due April 2018 [Member] | HVF II U.S. ABS Program [Member] | HVF II U.S. ABS Program [Member] | HVF II U.S. ABS Program [Member] | HVF II Series 2013-A Notes [Member] | HVF II Series 2013-A Notes [Member] | HVF II Series 2013-A Notes [Member] | HVF II Series 2013-B Notes | HVF II Series 2013-B Notes | HVF II Series 2013-B Notes | HFLF Variable Funding Notes [Member] | HFLF Seriers 2013-1 Notes [Member] | HFLF Seriers 2013-1 Notes [Member] | HFLF Seriers 2013-1 Notes [Member] | HFLF Series 2013-2 Notes [Member] | HFLF Series 2013-2 Notes [Member] | HFLF Medium Term Notes [Member] | HFLF Medium Term Notes [Member] | HFLF Medium Term Notes [Member] | 2013-3 Floating Rate Asset Backed Notes, Class A [Member] | 2013-3 Floating Rate Asset Backed Notes, Class B [Member] | 2013-3 Floating Rate Asset Backed Notes, Class C [Member] | 2013-3 Floating Rate Asset Backed Notes, Class D [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Maximum | Maximum | Maximum | Minimum | Minimum | Accrued Liabilities [Member] | Accrued Liabilities [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | CAD | EUR (€) | USD ($) | USD ($) | USD ($) | CAD | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Senior Term Facility | Senior ABL Facility | Senior ABL Facility | Senior Term Facility | Senior ABL Facility | HFLF Seriers 2013-1 Notes [Member] | Senior ABL Facility | HFLF Series 2013-2 Notes [Member] | USD ($) | USD ($) | Minimum | ||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Tranche B-2 Term Loans [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
8.875% Senior Notes due January 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,104,200,000 | $2,125,500,000 | ' | ' | ' | $288,900,000 | $195,000,000 | ' | ' | $60,000,000 | $2,350,000,000 | $60,000,000 | $150,000,000 | ' | $2,350,000,000 | ' | ' | $2,932,300,000 | $2,443,700,000 | $807,500,000 | $1,095,900,000 | ' | ' | $576,800,000 | $749,800,000 | ' | $598,000,000 | $598,000,000 | ' | $950,000,000 | ' | $0 | $0 | $519,000,000 | $500,000,000 | $500,000,000 | ' | $400,000,000 | $400,000,000 | ' | $0 | $899,300,000 | ' | ' | ' | $1,962,200,000 | $1,791,300,000 | $153,000,000 | $166,000,000 | ' | ' | $302,500,000 | $185,300,000 | ' | ' | $0 | $529,400,000 | ' | $584,300,000 | ' | ' | $0 | $280,500,000 | $242,200,000 | ' | $88,700,000 | $100,500,000 | ' | ' | ' | $38,300,000 | $55,300,000 | ' | ' | $110,900,000 | $148,900,000 | ' | ' | ' | ' | ' | $3,899,800,000 | $3,650,000,000 | ' | $699,800,000 | $700,000,000 | ' | $250,000,000 | $0 | ' | ' | $700,000,000 | $700,000,000 | $1,250,000,000 | $1,250,000,000 | ' | $500,000,000 | $500,000,000 | $500,000,000 | $500,000,000 | ' | $3,899,800,000 | $3,650,000,000 | ' | ' | ' | ' | $2,965,000,000 | $3,175,000,000 | $0 | $2,380,000,000 | $2,575,000,000 | $0 | $585,000,000 | $600,000,000 | $0 | $1,100,000,000 | $280,100,000 | $300,000,000 | $0 | $206,000,000 | $0 | $500,000,000 | $500,000,000 | $0 | $500,000,000 | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | $850,000,000 | ' | $250,000,000 | ' | ' | ' | ' |
Long-term Debt, Gross, Transferable Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term Debt, Weighted Average Interest Rate | ' | ' | 1.80% | 1.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding standby letters of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 619,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 644,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maximum borrowings | ' | ' | ' | ' | ' | ' | 300,000,000 | 100,000,000 | 1,950,000,000 | ' | ' | ' | ' | 1,400,000,000 | ' | ' | ' | ' | 1,800,000,000 | ' | ' | ' | 150,000,000 | ' | ' | ' | 2,238,800,000 | 2,188,000,000 | ' | ' | 2,438,800,000 | ' | 184,300,000 | 1,200,000,000 | ' | ' | 749,800,000 | ' | ' | 598,000,000 | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | 400,000,000 | ' | ' | 1,000,000,000 | 900,000,000 | 850,000,000 | ' | ' | ' | ' | 190,000,000 | 165,000,000 | ' | ' | 302,500,000 | 220,000,000 | 550,000,000 | ' | 400,000,000 | ' | 584,300,000 | 425,000,000 | ' | 550,000,000 | ' | 400,000,000 | 210,200,000 | ' | 186,800,000 | 200,000,000 | 225,000,000 | ' | ' | 140,100,000 | 150,000,000 | 221,800,000 | ' | 250,000,000 | 321,400,000 | 195,000,000 | 41,200,000 | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | 1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average Interest Rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.26% | ' | ' | ' | ' | 3.06% | ' | ' | ' | ' | ' | 0.99% | ' | ' | ' | ' | ' | ' | ' | 5.37% | ' | ' | ' | 4.03% | ' | ' | 2.86% | ' | ' | 1.68% | ' | ' | ' | ' | 2.81% | ' | ' | 3.21% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.92% | ' | ' | ' | 2.97% | ' | ' | ' | 8.50% | ' | ' | ' | 4.38% | 4.38% | ' | 2.61% | ' | ' | 2.15% | ' | ' | ' | ' | 2.14% | ' | ' | ' | 3.94% | ' | ' | ' | ' | ' | ' | 6.58% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.02% | ' | ' | 1.02% | ' | ' | ' | 1.05% | ' | ' | 1.16% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Net Assets of Subsidiaries as Percentage of Total Consolidated Net Assets Greater than | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in the credit agreement's borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,738,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 950,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,372,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restrictive Covenants, Cash Dividend to Parent as Percentage of Greater of Specified Amount and Consolidated Tangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Restrictive Covenants Percentage of Net Income from 1, January 2011 Through most Recent Fiscal Quarter used for Calculation of Additional Cash Dividend to Parent | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining Capacity | ' | ' | 2,197,800,000 | ' | ' | 65,000,000 | ' | ' | ' | 1,156,700,000 | ' | ' | ' | ' | ' | ' | 1,156,700,000 | ' | ' | 1,041,100,000 | 90,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 104,000,000 | ' | ' | ' | ' | ' | ' | 37,000,000 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 269,500,000 | ' | ' | 98,100,000 | ' | ' | ' | ' | 101,800,000 | ' | ' | ' | 110,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restrictive Covenants, Cash Dividend to Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' |
Restrictive Covenants, Additional Cash Dividend to Parent Borrowing Base Availability Required | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' |
Restrictive Covenants, Additional Cash Dividend to Parent Borrowing Base Availability for which Compliance of Fixed Charge Coverage Ratio is Required | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' |
Restrictive Covenants, Percentage of Tangible Assets used for Calculation of Cash Dividend to Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional aggregate principal issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000,000 | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.75% | ' | ' | 8.88% | ' | 8.88% | ' | 7.88% | ' | ' | 7.50% | ' | 5.88% | ' | ' | 7.38% | ' | 6.25% | ' | ' | ' | ' | 4.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 75.00% |
Repayments of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 286,000,000 | 213,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 162,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-off of unamortized debt costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Availability Under Borrowing Base Limitation | ' | ' | 1,180,600,000 | ' | ' | ' | ' | ' | ' | 1,156,700,000 | ' | ' | ' | ' | ' | ' | 1,156,700,000 | ' | ' | 23,900,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,026,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets of variable interest entities | ' | ' | 689,700,000 | 440,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities of variable interest entities | ' | ' | 689,100,000 | 440,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | 678,900,000 | 597,800,000 | 650,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,500,000 | 86,400,000 | ' | ' |
Debt Instrument, Covenant Fixed Charge Coverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 275.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.55% | 1.05% | 1.45% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 11 months 5 days | '2 years 9 months 25 days | '2 years 10 months 17 days | '2 years 11 months 1 day | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Alternative Base Rate Margin | 175.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock, Value, Acquired, Par Value Method | ' | $467,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury stock, shares, acquired | ' | 23,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Borrowing_Capacity_Detail
Debt (Borrowing Capacity) (Details) (USD $) | Dec. 31, 2013 | Jul. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Remaining Capacity | $2,197.80 | $65 |
Availability Under Borrowing Base Limitation | 1,180.60 | ' |
Senior ABL Facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Remaining Capacity | 1,156.70 | ' |
Availability Under Borrowing Base Limitation | 1,156.70 | ' |
Corporate Debt | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Remaining Capacity | 1,156.70 | ' |
Availability Under Borrowing Base Limitation | 1,156.70 | ' |
U.S. Fleet Variable Funding Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Remaining Capacity | 90 | ' |
Availability Under Borrowing Base Limitation | 0 | ' |
RCFC US Fleet Variable Funding Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Remaining Capacity | 210 | ' |
Availability Under Borrowing Base Limitation | 0 | ' |
Donlen GN II Variable Funding Note Facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Remaining Capacity | 104 | ' |
Availability Under Borrowing Base Limitation | 0 | ' |
U.S. Fleet Financing Facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Remaining Capacity | 37 | ' |
Availability Under Borrowing Base Limitation | 0 | ' |
European Revolving Credit Facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Remaining Capacity | 0 | ' |
Availability Under Borrowing Base Limitation | 0 | ' |
European Securitization | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Remaining Capacity | 269.5 | ' |
Availability Under Borrowing Base Limitation | 4.1 | ' |
Canadian Securitization | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Remaining Capacity | 98.1 | ' |
Availability Under Borrowing Base Limitation | 0 | ' |
Dollar Thrifty Sponsored Canadian Securitization | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Remaining Capacity | 101.8 | ' |
Availability Under Borrowing Base Limitation | 0 | ' |
Australian Securitization | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Remaining Capacity | 110.9 | ' |
Availability Under Borrowing Base Limitation | ' | ' |
Capitalized Leases | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Remaining Capacity | 19.8 | ' |
Availability Under Borrowing Base Limitation | 19.8 | ' |
Fleet debt | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Remaining Capacity | 1,041.10 | ' |
Availability Under Borrowing Base Limitation | $23.90 | ' |
Employee_Retirement_Benefits_N
Employee Retirement Benefits (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Multiemployer Plans, Withdrawal Obligation | $24.10 | ' | ' |
Fixed Interest Rate, on Cash Balance Credits in Year 2012 and Later Years Percentage | 3.00% | ' | ' |
Defined Contribution Plan, Maximum Annual Contribution Credit Per Employee, Percent | 3.00% | ' | ' |
Plan amendments | 2.8 | ' | ' |
Defined Contribution Plan, Cost Recognized | 17.9 | 18.6 | 18 |
Non Collectively Bargained Members | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Contribution Plan, Maximum Annual Contribution Credit Per Employee, Percent | 5.00% | ' | ' |
Collectively Bargained Members | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Contribution Plan, Maximum Annual Contribution Credit Per Employee, Percent | 6.50% | ' | ' |
Service period | '120 months | ' | ' |
Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension benefits included in AOCI | 49.3 | 109.8 | ' |
U.S. Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total fair value of pension plan assets | 563.1 | 498.4 | 423.2 |
Plan amendments | -5.3 | 0 | ' |
Defined Benefit Plan, Expected Return on Plan Assets, Percent | 7.60% | ' | ' |
Company contributions | 20.2 | 46.3 | ' |
U.S. Plan | Minimum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 25 | ' | ' |
U.S. Plan | Maximum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 35 | ' | ' |
Other Pension Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Provisions charged to income | 9.7 | 8.9 | 8 |
Pension Benefits - U.K. | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Employer Discretionary Contribution Amount | 18.7 | 38.4 | ' |
Total fair value of pension plan assets | 195 | 169 | ' |
Unamortized prior service cost | 13.1 | ' | ' |
Defined Benefit Plan, Expected Return on Plan Assets, Percent | 7.50% | ' | ' |
Key officer postretirement car benefit plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plans Life Period of Participant | '15 years | ' | ' |
Defined Benefit Plans, Eligible Age | '80 years | ' | ' |
Key officer postretirement car benefit plan | Minimum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service period | '20 years | ' | ' |
Retirement age | '58 years | ' | ' |
Defined Contribution Pension | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Contribution Plan, Employer Match Percentage | 100.00% | ' | ' |
Defined Contribution Plan, Employer Enhanced Match Period | '5 years | ' | ' |
Defined Contribution Pension | Maximum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Percentage of employee contributions eligible for employer match | 8.00% | ' | ' |
Equity Securities [Member] | U.S. Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations | 65.00% | ' | ' |
Fixed Income Funds | U.S. Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations | 35.00% | ' | ' |
Actively Managed Multi-Asset Funds [Member] | Pension Benefits - U.K. | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations | 37.50% | ' | ' |
Passive Equity Funds [Member] | Pension Benefits - U.K. | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations | 27.50% | ' | ' |
Passive Bond Funds [Member] | Pension Benefits - U.K. | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations | 35.00% | ' | ' |
Municipal Bonds | U.S. Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total fair value of pension plan assets | 11.4 | 9.1 | ' |
Municipal Bonds | Pension Benefits - U.K. | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations | 70.00% | ' | ' |
Corporate Bonds | U.S. Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total fair value of pension plan assets | 106 | 83.8 | ' |
Corporate Bonds | Pension Benefits - U.K. | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations | 30.00% | ' | ' |
U.K. Equities | Pension Benefits - U.K. | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total fair value of pension plan assets | $24.30 | $66.10 | ' |
Defined Benefit Plan, Target Plan Asset Allocations | 45.00% | ' | ' |
Employee_Retirement_Benefits_C
Employee Retirement Benefits (Change in Benefit Obligation) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Plan amendments | $2.80 | ' | ' |
U.S. Plan | ' | ' | ' |
Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at the beginning of the year | 678.9 | 606.4 | ' |
Service cost | 27.3 | 24.8 | 26.2 |
Interest cost | 28.3 | 28.2 | 27.5 |
Plan amendments | -5.3 | 0 | ' |
Plan settlements | 0 | -5.4 | ' |
Benefits paid | -23.2 | -29.9 | ' |
Actuarial loss (gain) | -34.8 | 54.8 | ' |
Benefit obligation at the end of the year | 671.2 | 678.9 | 606.4 |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at the beginning of the year | 498.4 | 423.2 | ' |
Actual return of plan assets | 67.7 | 64.2 | ' |
Company contributions | 20.2 | 46.3 | ' |
Plan settlements | 0 | -5.4 | ' |
Benefits paid | -23.2 | -29.9 | ' |
Fair value of plan assets at the end of the year | 563.1 | 498.4 | 423.2 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | ' | ' | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | 108.1 | 180.5 | ' |
Pension Benefits - Non-U.S. | ' | ' | ' |
Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at the beginning of the year | 224.4 | 190.8 | ' |
Service cost | 2.7 | 1.9 | 4 |
Interest cost | 9.3 | 9.7 | 11 |
Employee contributions | 0.1 | 0.1 | ' |
Plan settlements | -0.2 | 0 | ' |
Benefits paid | -4.5 | -5.5 | ' |
Foreign exchange translation | 6.9 | 7.7 | ' |
Actuarial loss (gain) | 4.2 | 9.4 | ' |
Plan combination | 0 | 10.4 | ' |
Other | -0.2 | -0.1 | ' |
Benefit obligation at the end of the year | 242.7 | 224.4 | 190.8 |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at the beginning of the year | 178.3 | 157 | ' |
Actual return of plan assets | 22.6 | 15.6 | ' |
Company contributions | 5 | 4.7 | ' |
Employee contributions | 0.1 | 0.1 | ' |
Plan settlements | -0.2 | ' | ' |
Benefits paid | -4.5 | -5.5 | ' |
Foreign exchange translation | 5.4 | 6.5 | ' |
Other | -0.2 | -0.1 | ' |
Fair value of plan assets at the end of the year | 206.5 | 178.3 | 157 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | ' | ' | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | 36.2 | 46.1 | ' |
Postretirement Benefits (U.S.) | ' | ' | ' |
Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at the beginning of the year | 19 | 18.2 | ' |
Service cost | 0.2 | 0.2 | 0.2 |
Interest cost | 0.6 | 0.8 | 0.9 |
Employee contributions | 0.8 | 0.8 | ' |
Benefits paid | -2.1 | -2.2 | ' |
Actuarial loss (gain) | -3 | 1.2 | ' |
Benefit obligation at the end of the year | 15.5 | 19 | 18.2 |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Company contributions | 1.3 | 1.4 | ' |
Employee contributions | 0.8 | 0.8 | ' |
Benefits paid | -2.1 | -2.2 | ' |
Defined Benefit Plan, Funded Status of Plan [Abstract] | ' | ' | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | $15.50 | $19 | ' |
Employee_Retirement_Benefits_A
Employee Retirement Benefits (Amounts Recognized in Balance Sheet) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ' | ' | ' | ' |
Effect on total of service and interest cost components, increase | $0 | ' | ' | ' |
Effect on total of service and interest cost components, decrease | 0 | ' | ' | ' |
U.S. Plan | ' | ' | ' | ' |
Amounts recognized in balance sheet: | ' | ' | ' | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | -108,100,000 | -180,500,000 | ' | ' |
Prior service credit (cost) | 13,100,000 | 9,100,000 | ' | ' |
Net gain (loss) | -80,800,000 | -167,600,000 | ' | ' |
Accumulated other comprehensive income (loss) | -67,700,000 | -158,500,000 | ' | ' |
Unfunded accrued pension or postretirement benefit | -40,400,000 | -22,000,000 | ' | ' |
Net obligation recognized in the balance sheet | -108,100,000 | -180,500,000 | ' | ' |
Total recognized in other comprehensive (income) loss | -90,800,000 | 8,300,000 | ' | ' |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | -52,100,000 | 43,500,000 | ' | ' |
Estimated amounts that will be amortized from accumulated other comprehensive (income) loss over the next fiscal year: | ' | ' | ' | ' |
Net gain (loss) | -8,900,000 | -16,000,000 | ' | ' |
Accumulated Benefit Obligation at December 31 | 625,600,000 | 619,200,000 | ' | ' |
Weighted-average assumptions as of December 31 | ' | ' | ' | ' |
Discount rate (as a percent) | 4.80% | 4.00% | ' | ' |
Expected return of assets (as a percent) | 7.60% | 7.60% | ' | ' |
Average rate of increase in compensation (as a percent) | 4.60% | 4.60% | ' | ' |
Components of Net Periodic Benefit Cost: | ' | ' | ' | ' |
Service cost | 27,300,000 | 24,800,000 | 26,200,000 | ' |
Interest cost | 28,300,000 | 28,200,000 | 27,500,000 | ' |
Expected return on plan assets | -30,800,000 | -31,500,000 | -30,500,000 | ' |
Net amortizations | 13,800,000 | 11,800,000 | 7,200,000 | ' |
Settlement loss | 0 | 2,000,000 | 2,200,000 | ' |
Curtailment gain | 0 | 0 | 0 | ' |
Net pension and postretirement expense | 38,600,000 | 35,300,000 | 32,600,000 | ' |
Weighted average discount rate for expense (January 1) | 3.96% | 4.71% | 5.12% | ' |
Weighted average assumed long-term rate of return on assets (January 1) | 7.60% | 8.00% | 8.40% | ' |
Pension Benefits - Non-U.S. | ' | ' | ' | ' |
Amounts recognized in balance sheet: | ' | ' | ' | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | -36,200,000 | -46,100,000 | ' | ' |
Prior service credit (cost) | 0 | 0 | ' | ' |
Net gain (loss) | -12,100,000 | -17,500,000 | ' | ' |
Accumulated other comprehensive income (loss) | -12,100,000 | -17,500,000 | ' | ' |
Unfunded accrued pension or postretirement benefit | -24,100,000 | -28,600,000 | ' | ' |
Net obligation recognized in the balance sheet | -36,200,000 | -46,100,000 | ' | ' |
Total recognized in other comprehensive (income) loss | -5,400,000 | 6,800,000 | ' | ' |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | -6,000,000 | 6,100,000 | ' | ' |
Estimated amounts that will be amortized from accumulated other comprehensive (income) loss over the next fiscal year: | ' | ' | ' | ' |
Net gain (loss) | 0 | -400,000 | ' | ' |
Accumulated Benefit Obligation at December 31 | 239,200,000 | 216,800,000 | ' | ' |
Weighted-average assumptions as of December 31 | ' | ' | ' | ' |
Discount rate (as a percent) | 4.40% | 4.30% | ' | ' |
Expected return of assets (as a percent) | 7.40% | 7.40% | ' | ' |
Average rate of increase in compensation (as a percent) | 2.60% | 2.00% | ' | ' |
Components of Net Periodic Benefit Cost: | ' | ' | ' | ' |
Service cost | 2,700,000 | 1,900,000 | 4,000,000 | ' |
Interest cost | 9,300,000 | 9,700,000 | 11,000,000 | ' |
Expected return on plan assets | -12,900,000 | -12,100,000 | -12,800,000 | ' |
Net amortizations | 400,000 | -100,000 | -700,000 | ' |
Settlement loss | 0 | 0 | 0 | ' |
Curtailment gain | 0 | 0 | -12,900,000 | ' |
Special termination benefit cost | ' | 0 | 100,000 | ' |
Net pension and postretirement expense | -500,000 | -600,000 | -11,300,000 | ' |
Weighted average discount rate for expense (January 1) | 4.31% | 4.78% | ' | 5.36% |
Weighted average assumed long-term rate of return on assets (January 1) | 7.41% | 7.44% | 7.46% | ' |
Postretirement Benefits (U.S.) | ' | ' | ' | ' |
Amounts recognized in balance sheet: | ' | ' | ' | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | -15,500,000 | -19,000,000 | ' | ' |
Prior service credit (cost) | 0 | 0 | ' | ' |
Net gain (loss) | 700,000 | -2,300,000 | ' | ' |
Accumulated other comprehensive income (loss) | 700,000 | -2,300,000 | ' | ' |
Unfunded accrued pension or postretirement benefit | -16,200,000 | -16,700,000 | ' | ' |
Net obligation recognized in the balance sheet | -15,500,000 | -19,000,000 | ' | ' |
Total recognized in other comprehensive (income) loss | -3,000,000 | 1,100,000 | ' | ' |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | -2,200,000 | 2,100,000 | ' | ' |
Estimated amounts that will be amortized from accumulated other comprehensive (income) loss over the next fiscal year: | ' | ' | ' | ' |
Net gain (loss) | 0 | -100,000 | ' | ' |
Weighted-average assumptions as of December 31 | ' | ' | ' | ' |
Discount rate (as a percent) | 4.40% | 3.60% | ' | ' |
Initial health care cost trend rate (as a percent) | 7.50% | 7.80% | ' | ' |
Ultimate health care cost trend rate (as a percent) | 4.50% | 4.50% | ' | ' |
Number of years to ultimate trend rate (in years) | '16 years | '17 years | ' | ' |
Components of Net Periodic Benefit Cost: | ' | ' | ' | ' |
Service cost | 200,000 | 200,000 | 200,000 | ' |
Interest cost | 600,000 | 800,000 | 900,000 | ' |
Expected return on plan assets | 0 | 0 | 0 | ' |
Net amortizations | 0 | 0 | 100,000 | ' |
Settlement loss | 0 | 0 | 0 | ' |
Curtailment gain | 0 | 0 | 0 | ' |
Net pension and postretirement expense | 800,000 | 1,000,000 | 1,200,000 | ' |
Weighted average discount rate for expense (January 1) | 3.60% | 4.40% | ' | 4.90% |
Initial health care cost trend rate (as a percent) | 7.80% | 8.10% | ' | 8.40% |
Ultimate health care cost trend rate (as a percent) | 4.50% | 4.50% | 4.50% | ' |
Number of years to ultimate health trend rate (in years) | '16 years | '17 years | '18 years | ' |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ' | ' | ' | ' |
Effect on postretirement benefit obligation, increase | 300 | ' | ' | ' |
Effect on postretirement benefit obligation, decrease | ($300) | ' | ' | ' |
Employee_Retirement_Benefits_F
Employee Retirement Benefits (Fair Value of Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
U.S. Plan | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of pension plan assets | $563.10 | $498.40 | $423.20 |
Pension Benefits - U.K. | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of pension plan assets | 195 | 169 | ' |
Short-term Investments | U.S. Plan | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of pension plan assets | 13.4 | 8.3 | ' |
Short-term Investments | Pension Benefits - U.K. | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of pension plan assets | 0 | 12.9 | ' |
Diversified Growth Funds | Pension Benefits - U.K. | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of pension plan assets | 74.1 | 0 | ' |
US Large Cap Equity Securities | U.S. Plan | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of pension plan assets | 159.6 | 135.9 | ' |
US Mid Cap Equity Securities | U.S. Plan | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of pension plan assets | 45.4 | 42 | ' |
US Small Cap Equity Securities | U.S. Plan | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of pension plan assets | 36.2 | 31.6 | ' |
International Larg Cap | U.S. Plan | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of pension plan assets | 100.7 | 109.3 | ' |
International Emerging Markets | U.S. Plan | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of pension plan assets | 18.3 | 0 | ' |
US Treasuries | U.S. Plan | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of pension plan assets | 59.8 | 67.5 | ' |
Corporate Bonds | U.S. Plan | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of pension plan assets | 106 | 83.8 | ' |
Government Bonds | U.S. Plan | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of pension plan assets | 5.9 | 4.4 | ' |
Municipal Bonds | U.S. Plan | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of pension plan assets | 11.4 | 9.1 | ' |
Real Estate Bonds | U.S. Plan | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of pension plan assets | 6.4 | 6.5 | ' |
U.K. Equities | Pension Benefits - U.K. | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of pension plan assets | 24.3 | 66.1 | ' |
Overseas Equities | Pension Benefits - U.K. | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of pension plan assets | 29.3 | 67.1 | ' |
UK Conventional Gilts | Pension Benefits - U.K. | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of pension plan assets | 0 | 6.5 | ' |
Foreign Overseas Corporate Bond Securities | Pension Benefits - U.K. | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of pension plan assets | 20.3 | 5.3 | ' |
Global Treasury Bonds | Pension Benefits - U.K. | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of pension plan assets | 0 | 9.3 | ' |
Index-Linked Gilts-Stocks | Pension Benefits - U.K. | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total fair value of pension plan assets | $47 | $1.80 | ' |
Employee_Retirement_Benefits_E
Employee Retirement Benefits (Estimated Future Benefit Payments & Other Plans) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Pension Benefits | ' | ' | ' | |||
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' | ' | ' | |||
2013 | $33 | ' | ' | |||
2014 | 37.3 | ' | ' | |||
2015 | 43.4 | ' | ' | |||
2016 | 49.7 | ' | ' | |||
2017 | 53.1 | ' | ' | |||
2018-2022 | 334.1 | ' | ' | |||
Total | 550.6 | ' | ' | |||
Other Plans [Abstract] | ' | ' | ' | |||
Aggregate period contributions | 8 | 7.5 | 7.2 | |||
Pension Benefits | Western Conference of Teamsters | ' | ' | ' | |||
Other Plans [Abstract] | ' | ' | ' | |||
Aggregate period contributions | 4.4 | [1] | 4.1 | [1] | 3.9 | [1] |
Pension Benefits | Teamsters Central States | ' | ' | ' | |||
Other Plans [Abstract] | ' | ' | ' | |||
Aggregate period contributions | 1.2 | [1] | 1.2 | [1] | 1.3 | [1] |
Pension Benefits | IAM National | ' | ' | ' | |||
Other Plans [Abstract] | ' | ' | ' | |||
Aggregate period contributions | 0.8 | [1] | 0.7 | [1] | 0.6 | [1] |
Pension Benefits | Midwest Operating Engineers | ' | ' | ' | |||
Other Plans [Abstract] | ' | ' | ' | |||
Aggregate period contributions | 0.5 | 0.5 | 0.4 | |||
Pension Benefits | Local 1034 | ' | ' | ' | |||
Other Plans [Abstract] | ' | ' | ' | |||
Aggregate period contributions | 0.3 | [1],[2] | 0.2 | [1],[2] | 0.2 | [1],[2] |
Pension Benefits | Local 1034 | Minimum | ' | ' | ' | |||
Other Plans [Abstract] | ' | ' | ' | |||
Multiemployer Plan, Period Contributions, Percentage of Total Contributions to Pension Fund | ' | 5.00% | ' | |||
Pension Benefits | Operating Engineers Local 324 | ' | ' | ' | |||
Other Plans [Abstract] | ' | ' | ' | |||
Aggregate period contributions | 0.1 | 0.1 | 0.1 | |||
Pension Benefits | Western Pennsylvania Teamsters | ' | ' | ' | |||
Other Plans [Abstract] | ' | ' | ' | |||
Aggregate period contributions | 0.1 | 0.1 | 0.1 | |||
Pension Benefits | 7 Other Plans | ' | ' | ' | |||
Other Plans [Abstract] | ' | ' | ' | |||
Aggregate period contributions | 0.6 | 0.6 | 0.6 | |||
Postretirement Benefits (U.S.) | ' | ' | ' | |||
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' | ' | ' | |||
2013 | 1.2 | ' | ' | |||
2014 | 1.3 | ' | ' | |||
2015 | 1.2 | ' | ' | |||
2016 | 1.1 | ' | ' | |||
2017 | 1.2 | ' | ' | |||
2018-2022 | 5.9 | ' | ' | |||
Total | $11.90 | ' | ' | |||
[1] | The parties are still attempting to negotiate a successor agreement. | |||||
[2] | The amount contributed by Hertz to the Local 1034 Pension Fund was reported as being more than 5% of total contributions to the plan, on the fund's FormB 5500 for the year ended 12/31/2013. |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 28, 2008 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Performance Stock Units Subject To Performance Condition, Condition Two | Performance Stock Units Subject To Performance Condition, Condition Three | Price Vesting Units Pvu Subject to Market Condition | Performance Stock Units P S U | Stock Option | Stock Option | Stock Option | Stock Option | Stock Appreciation Rights (SARs) | Restricted Stock Units RSU and Performance Stock Units PSU | Restricted Stock Units RSU and Performance Stock Units PSU | Restricted Stock Units RSU and Performance Stock Units PSU | Restricted Stock Units RSU and Performance Stock Units PSU | Prior Plans | Omnibus Plan | Omnibus Plan | Omnibus Plan | Omnibus Plan | Omnibus Plan | Omnibus Plan | Omnibus Plan | Omnibus Plan | Omnibus Plan | Omnibus Plan | Omnibus Plan | Omnibus Plan | Omnibus Plan | Omnibus Plan | Omnibus Plan | Employee Stock | Employee Stock | Employee Stock | Employee Stock | Employee Stock | Three Year Vesting Period | Common Stock | Treasury Stock | |||||
Maximum | Maximum | Performance Stock Units [Member] | Performance Stock Units [Member] | Performance Stock Units [Member] | Performance Stock Units Subject To Performance Condition, Condition One | Performance Stock Units Subject To Performance Condition, Condition One | Performance Stock Units Subject To Performance Condition, Condition One | Performance Stock Units Subject To Performance Condition, Condition Two | Performance Stock Units Subject To Performance Condition, Condition Two | Performance Stock Units Subject To Performance Condition, Condition Two | Performance Stock Units Subject To Performance Condition, Condition Three | Performance Stock Units Subject To Performance Condition, Condition Three | Performance Stock Units Subject To Performance Condition, Condition Three | Restricted Stock Units | Restricted Stock Units | employee | Maximum | Minimum | Omnibus Plan | Omnibus Plan | Omnibus Plan | ||||||||||||||||||||
Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Restricted Stock Units | |||||||||||||||||||||||||||||||||||
Stock-Based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award Vesting, Percentage after Year Three | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award Vesting, Percentage after Year Four | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized, reserved for issuance | ' | ' | ' | 32,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000,000 | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock underlying awards outstanding | 14,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | 8,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares available for grant | 19,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,000,000 | 3,900,000 |
Granted (Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | ' | ' | 1,100,000 | ' | ' | 500,000 | ' | ' | 100,000 | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Percent of Original Award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150.00% | 0.00% | ' | 100.00% | 0.00% | ' | 100.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $23.95 | $13.78 | $14.78 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $23.95 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15.68 | $19.95 | $12.18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17 | $12.62 | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to non-vested stock options, RSUs and PSUs granted | $29,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for recognition of total unrecognized compensation cost | '1 year 4 months 26 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award exercise price not less than fair market value of shares of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected term (years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '6 years 3 months | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility rate top percentage of index universe in US Large Capitalization | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period fo expected volatility rate daily historical closing values of index used | ' | ' | ' | ' | ' | ' | ' | ' | '6 years 3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected dividend yield | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common stock shares for each unit granted | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting period | ' | ' | ' | ' | '3 years | '3 years | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting percentage in first year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting in second year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting in third year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares per emplolyee, aggregate fair market value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' |
Purchase price of common stock percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' |
Compensation expense | $36,100,000 | $30,300,000 | $31,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $900,000 | $800,000 | $700,000 | ' | ' | ' | ' | ' |
Number of employees who participate in the plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100 | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Compen
Stock-Based Compensation (Compensation Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Comepnsation Expense and Tax Benefit | ' | ' | ' |
Compensation expense | $36.10 | $30.30 | $31 |
Stock-based employee compensation charges, tax | 14 | 11.7 | 12 |
Total | $22.10 | $18.60 | $19 |
StockBased_Compensation_Fair_V
Stock-Based Compensation (Fair Value Assumptions and Methodology for Assets and Liabilities) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Stock-Based Compensation | ' | ' |
Risk-free interest rate | ' | 2.56% |
Stock Option | ' | ' |
Stock-Based Compensation | ' | ' |
Expected volatility | 81.50% | 36.70% |
Expected dividend yield | 0.00% | 0.00% |
Expected term (years) | '3 years | '6 years 3 months |
Risk-free interest rate | 0.40% | ' |
Weightedbaverage grant date fair value | $14.62 | $5.93 |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Option Activity) (Details) (Stock Incentive Plan and Omnibus Plan [Member], Stock Option, USD $) | 12 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 |
Stock Incentive Plan and Omnibus Plan [Member] | Stock Option | ' | ' |
Options, Outstanding [Roll Forward] | ' | ' |
Outstanding at January 1, 2012 (Shares) | 13.2 | ' |
Granted (Shares) | 0 | ' |
Exercised (Shares) | -3 | ' |
Forfeited or Expired (Shares) | -0.2 | ' |
Outstanding at December 31, 2012 (Shares) | 10 | ' |
Exercisable at December 31, 2012 (Shares) | 8.5 | ' |
Weighted Average Exercise Price [Roll Forward] | ' | ' |
Outstanding at January 1, 2012 (In dollars per share) | $11.13 | ' |
Granted (In dollars per share) | $0 | ' |
Exercised (In dollars per share) | $9.64 | ' |
Forfeited or Expired (In dollars per share) | $12.10 | ' |
Outstanding at December 31, 2012 (In dollars per share) | $11.55 | ' |
Weighted Average Exerceise Price, Exercisable at December 31, 2012 (In dollars per share) | $11.37 | ' |
Additional Disclosures [Abstract] | ' | ' |
Weighted average remaining contractual term at January 1, 2012 | '4 years 6 months | '5 years 4 months 24 days |
Weighted average remaining contractual term at December 31, 2012 | '4 years 6 months | '5 years 4 months 24 days |
Weighted Average Remaining Contractural Term, Exercisable at Decebmer 31, 2012 | '4 years 1 month 6 days | ' |
Aggregate Instrinsic Value. Outstanding at January 1, 2012 (In thousands of dollars) | $74.70 | ' |
Aggregate Instrinsic Value. Outstanding at December 31, 2012 (In thousands of dollars) | 170.1 | ' |
Aggregate Intrinsic Value, Exercisable at December 31, 2012 (In thousands of dollars) | $146.60 | ' |
StockBased_Compensation_NonVes
Stock-Based Compensation (Non-Vested Options) (Details) (Stock Incentive Plan and Omnibus Plan [Member], Stock Option, USD $) | 12 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Stock Incentive Plan and Omnibus Plan [Member] | Stock Option | ' |
Non-vested Options, Outstanding [Roll Forward] | ' |
Non-vested as of January 1, 2012 (Shares) | 2.9 |
Granted (Shares) | 0 |
Vested (Shares) | -1.3 |
Forfeited (Shares) | -0.1 |
Non-vested as of December 31, 2012 (Shares) | 1.5 |
Non-vested Optinos, Weighted Average Exercise Price [Roll Forward] | ' |
Weighted Average Exercise Price, Non-vested as of January 1, 2012 | $12.23 |
Granted (In dollars per share) | $0 |
Vested (In dollars per share) | $11.69 |
Forfeited (In dollars per share) | $12.10 |
Weighted Average Exercise Price, Non-vested as of December 31, 2012 | $12.60 |
Options Nonvested Weighted Average Grant Date Fair Value [Abstract] | ' |
Non-Vested Balance at January 1, 2012, Weighted Average Grant Date Fair Value (In dollars per share) | $4.98 |
Granted (In dollars per share) | $0 |
Vested (In dollars per share) | $4.77 |
Forfeited (In dollars per share) | $5.42 |
Non-Vested Balance at December31, 2012, Weighted Average Grant Date Fair Value (In dollars per share) | $5.13 |
StockBased_Compensation_Additi
Stock-Based Compensation (Additional Information) (Details) (Stock Option, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Option | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' |
Aggregate intrinsic value of stock options exercised | $42 | $15.10 | $15 |
Proceeds from exercise of stock options | 26.9 | 11.2 | 13.1 |
Fair value of options that vested | 6 | 9 | 17.4 |
Tax benefit realized on exercise of stock options | $1.30 | $0.90 | $0.50 |
StockBased_Compensation_PSU_Ac
Stock-Based Compensation (PSU Activity) (Details) (Omnibus Plan, Performance Stock Units [Member], USD $) | 12 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 28, 2013 |
Omnibus Plan | Performance Stock Units [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Outstanding at January 1, 2012 (Shares) | 2.3 | ' |
Granted (Shares) | 1.7 | ' |
Vested (Shares) | -0.4 | ' |
Forfeited or Expired (Shares) | -0.3 | ' |
Outstanding at December 31, 2012 (Shares) | 3.3 | ' |
Weighted-Average Fair Value | ' | ' |
Outstanding at January 1, 2012 Weighted Average Fair Value (In dollars per share) | $12.18 | $19.95 |
Vested (In dollars per share) | $10.40 | ' |
Forfeited or Expired (In dollars per share) | $15.24 | ' |
Outstanding at December 31, 2012 Weighted Average Fair Value (In dollars per share) | $15.68 | $19.95 |
Outstanding at January 1, 2012 Aggregate Intrinsic Value (In thousands of dollars) | $37.40 | ' |
Outstanding at December 31, 2012 Aggregate Intrinsic Value (In thousands of dollars) | $95.80 | ' |
StockBased_Compensation_RSU_Ac
Stock-Based Compensation (RSU Activity) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restricted Stock Units RSU and Performance Stock Units PSU | ' | ' | ' |
Weighted-Average Fair Value | ' | ' | ' |
Granted (In dollars per share) | $23.95 | $13.78 | $14.78 |
Total fair value of awards that vested ($ millions) | $12.90 | $14.60 | $9.60 |
Omnibus Plan | Restricted Stock Units | ' | ' | ' |
Options, Outstanding [Roll Forward] | ' | ' | ' |
Outstanding at January 1, 2012 (Shares) | 1.9 | ' | ' |
Granted (Shares) | 0.3 | ' | ' |
Vested (Shares) | -1.1 | ' | ' |
Forfeited or Expired (Shares) | -0.2 | ' | ' |
Outstanding at December 31, 2012 (Shares) | 0.9 | ' | ' |
Weighted-Average Fair Value | ' | ' | ' |
Outstanding at January 1, 2012 Weighted Average Fair Value (In dollars per share) | $12.62 | ' | ' |
Granted (In dollars per share) | $23.95 | ' | ' |
Vested (In dollars per share) | $11.64 | ' | ' |
Forfeited or Expired (In dollars per share) | $13.68 | ' | ' |
Outstanding at December 31, 2012 Weighted Average Fair Value (In dollars per share) | $17 | ' | ' |
Outstanding at January 1, 2012 Aggregate Intrinsic Value (In thousands of dollars) | 30.5 | ' | ' |
Outstanding at December 31, 2012 Aggregate Intrinsic Value (In thousands of dollars) | $25.60 | ' | ' |
Depreciation_of_Revenue_Earnin2
Depreciation of Revenue Earning Equipment and Lease Charges (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Depreciation of Revenue Earning Equipment and Lease Charges Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation of revenue earning equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,407.80 | $2,145.90 | $1,912.30 |
Adjustment of depreciation upon disposal of revenue earning equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37.2 | -96.8 | -112.2 |
Rents paid for vehicles leased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.5 | 79.8 | 96.1 |
Total | $674.90 | $627.50 | $580.10 | $550 | $556.70 | $514.50 | $508.70 | $1,207.60 | $1,023.20 | $1,882.50 | $1,579.90 | $2,525.50 | $2,128.90 | $1,896.20 |
Depreciation_of_Revenue_Earnin3
Depreciation of Revenue Earning Equipment and Lease Charges (Details 2) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue earning equipment | ' | ' | ' |
Net gains included in adjustment of depreciation upon disposal of revenue earning equipment | ($37.20) | $96.80 | $112.20 |
U.S. car rental | ' | ' | ' |
Revenue earning equipment | ' | ' | ' |
Net gains included in adjustment of depreciation upon disposal of revenue earning equipment | -48.2 | 100.6 | 114.9 |
Net increase (decrease) in depreciation expenses | 44.2 | 139.4 | 26.7 |
International car rental | ' | ' | ' |
Revenue earning equipment | ' | ' | ' |
Net gains included in adjustment of depreciation upon disposal of revenue earning equipment | -15.2 | -17.3 | -16 |
Net increase (decrease) in depreciation expenses | -5 | -8.8 | -12.9 |
Worldwide equipment rental | ' | ' | ' |
Revenue earning equipment | ' | ' | ' |
Net gains included in adjustment of depreciation upon disposal of revenue earning equipment | 26.2 | 13.5 | 13.3 |
Net increase (decrease) in depreciation expenses | $0.40 | ($0.50) | $4.40 |
Taxes_on_Income_Details
Taxes on Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Domestic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $627.20 | $402.20 | $223.50 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 112 | 91.4 | 131.7 |
Income before income taxes | 65.2 | 367 | 219.7 | 87.4 | -29.7 | 386.3 | 160.9 | -23.9 | 307.1 | 137 | 674.1 | 523.3 | 739.2 | 493.6 | 355.2 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current Federal Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4.7 | 19.6 | 10.3 |
Current Foreign Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56.3 | 32.2 | 29.4 |
Current State and Local Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23.3 | 39.1 | 28.5 |
Current Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74.9 | 90.9 | 68.2 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Federal Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 239.3 | 139 | 78.1 |
Deferred Foreign Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.6 | 11 | -3.7 |
Deferred State and Local Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.4 | -18.5 | -5.4 |
Deferred Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 270.3 | 131.5 | 69 |
Provision for taxes on income | ' | 129.9 | 90.4 | 63.1 | -1 | 134.1 | 65 | 24.3 | 153.5 | 89.3 | 283.4 | 223.4 | 345.2 | 222.4 | 137.2 |
Deferred Tax Assets, Net [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee benefit plans | 83.9 | ' | ' | ' | 103.6 | ' | ' | ' | ' | ' | ' | ' | 83.9 | 103.6 | ' |
Net operating loss carryforwards | 1,835.30 | ' | ' | ' | 1,669.50 | ' | ' | ' | ' | ' | ' | ' | 1,835.30 | 1,669.50 | ' |
Federal, state and foreign local tax credit carryforwards | 48 | ' | ' | ' | 47.1 | ' | ' | ' | ' | ' | ' | ' | 48 | 47.1 | ' |
Accrued and prepaid expenses | 381.4 | ' | ' | ' | 342.3 | ' | ' | ' | ' | ' | ' | ' | 381.4 | 342.3 | ' |
Total Deferred Tax Assets | 2,348.60 | ' | ' | ' | 2,162.50 | ' | ' | ' | ' | ' | ' | ' | 2,348.60 | 2,162.50 | ' |
Less: Valuation Allowance | -279.4 | ' | ' | ' | -226.4 | ' | ' | ' | ' | ' | ' | ' | -279.4 | -226.4 | ' |
Total Net Deferred Tax Assets | 2,069.20 | ' | ' | ' | 1,936.10 | ' | ' | ' | ' | ' | ' | ' | 2,069.20 | 1,936.10 | ' |
Deferred Tax Liabilities, Net [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation on tangible assets | -3,552.60 | ' | ' | ' | -3,090.70 | ' | ' | ' | ' | ' | ' | ' | -3,552.60 | -3,090.70 | ' |
Intangible assets | -1,436.10 | ' | ' | ' | -1,477.20 | ' | ' | ' | ' | ' | ' | ' | -1,436.10 | -1,477.20 | ' |
Total Deferred Tax Liabilities | -4,988.70 | ' | ' | ' | -4,567.90 | ' | ' | ' | ' | ' | ' | ' | -4,988.70 | -4,567.90 | ' |
Deferred Tax Liabilities, Net | $2,919.50 | ' | ' | ' | $2,631.80 | ' | ' | ' | ' | ' | ' | ' | $2,919.50 | $2,631.80 | ' |
Taxes_on_Income_Narrative_Deta
Taxes on Income (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Net operating loss carryforwards | $1,835.30 | $1,669.50 | ' | ' |
Deferred Tax Assets, Valuation Allowance | 279.4 | 226.4 | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance | 2,069.20 | 1,936.10 | ' | ' |
Effective Income Tax Rate, Continuing Operations | 46.70% | 45.10% | 38.60% | ' |
Increase in Provision for Income Taxes | 122.8 | ' | ' | ' |
Undistributed Earnings of Foreign Subsidiaries | 475 | ' | ' | ' |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | 184 | ' | ' | ' |
Unrecognized Tax Benefits | 11 | 18.7 | 41.4 | 46.3 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 3 | ' | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | -1 | 0.6 | 1.9 | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 2.9 | 4.2 | ' | ' |
Domestic Tax Authority | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Net operating loss carryforwards | 1,459.60 | ' | ' | ' |
Operating Loss Carryforwards, Net | 4,170.20 | ' | ' | ' |
Operating Loss Carryforwards | 4,270.90 | ' | ' | ' |
Operating Loss Carry forward Nondeductible Expense, Compensation and Benefits Share Based Compensation Cost | 100.7 | ' | ' | ' |
Operating Loss Carry Forward Unrecognized Excess Tax Benefit Related to Share Based Compensation Cost | 35.2 | ' | ' | ' |
State and Local Jurisdiction | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Net operating loss carryforwards | 142.2 | ' | ' | ' |
Tax Credit Carryforward, Deferred Tax Asset | 3 | ' | ' | ' |
Foreign Tax Authority | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Net operating loss carryforwards | 233.4 | ' | ' | ' |
Operating Loss Carryforwards, Net | 994.2 | ' | ' | ' |
Operating Loss Carryforwards, Valuation Allowance | 201 | ' | ' | ' |
Operating Loss Carryforwards Not Subject to Expiration | 722.5 | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 155.4 | ' | ' | ' |
Operating Loss Carryforwards Subject to Expiration | 271.7 | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 78 | ' | ' | ' |
Tax Credit Carryforward, Deferred Tax Asset | 20.8 | ' | ' | ' |
Tax Credit Carryforward, Valuation Allowance | $13.50 | ' | ' | ' |
Taxes_on_Income_Effective_Tax_
Taxes on Income (Effective Tax Rate and Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ' | ' | ' |
Statutory Federal Tax Rate | 35.00% | 35.00% | 35.00% |
Foreign tax differential | -2.40% | -3.20% | -3.50% |
State and local income taxes, net of federal income tax benefit | 4.50% | 2.90% | 4.00% |
Change in state statutory rates, net of federal income tax benefit | -0.10% | -1.00% | 0.60% |
Federal and foreign permanent differences | 4.90% | 2.30% | 0.50% |
Withholding taxes | 1.70% | 1.70% | 2.10% |
Uncertain tax positions | -0.50% | -0.60% | -0.90% |
Change in valuation allowance | 5.10% | 8.00% | 0.60% |
All other items, net | -1.50% | 0.00% | 0.20% |
Effective Tax Rate (as a percent) | 46.70% | 45.10% | 38.60% |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Balance at the beginning of the period | $18.70 | $41.40 | $46.30 |
Decrease attributable to tax positions taken during prior periods | 6.7 | 26 | 9.5 |
Increase attributable to tax positions taken during the current year | 2.6 | 3.3 | 4.6 |
Decrease attributable to settlements with taxing authorities | -3.6 | 0 | 0 |
Balance at the end of the period | $11 | $18.70 | $41.40 |
Lease_and_Concession_Agreement2
Lease and Concession Agreements (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Lease and Concession Agreements | ' | ' | ' |
Rents paid for vehicles leased | $80.50 | $79.80 | $96.10 |
Revenue earning equipment, office and computer equipment | ' | ' | ' |
Lease and Concession Agreements | ' | ' | ' |
Rents paid for vehicles leased | 94.4 | 89.3 | 103.6 |
Minimum obligations under existing agreements | ' | ' | ' |
Less than 1 Year | 52.6 | ' | ' |
2014 | 16 | ' | ' |
2015 | 8 | ' | ' |
2016 | 1.2 | ' | ' |
2017 | 0 | ' | ' |
After 2017 | 0 | ' | ' |
Revenue earning equipment | ' | ' | ' |
Lease and Concession Agreements | ' | ' | ' |
Rents paid for vehicles leased | 80.5 | 79.8 | 96.1 |
Office and computer equipment | ' | ' | ' |
Lease and Concession Agreements | ' | ' | ' |
Rents paid for vehicles leased | 13.9 | 9.5 | 7.5 |
Concession agreements and real estate leases | ' | ' | ' |
Concession fees: | ' | ' | ' |
Total | 884.7 | 722.2 | 696.3 |
Minimum obligations under existing agreements | ' | ' | ' |
Minimum future sublease rental inflows reduced from future minimum rent payments | 20.4 | ' | ' |
Concession agreements and real estate leases | Maximum | ' | ' | ' |
Minimum obligations under existing agreements | ' | ' | ' |
Lease period of premises under operating leases | '25 years | ' | ' |
Rents | ' | ' | ' |
Lease and Concession Agreements | ' | ' | ' |
Rents paid for vehicles leased | 185.3 | 142.3 | 135.9 |
Concession fees: | ' | ' | ' |
Sublease income that reduced rent expense | 5.3 | 5 | 5 |
Minimum obligations under existing agreements | ' | ' | ' |
Less than 1 Year | 141.3 | ' | ' |
2014 | 116.9 | ' | ' |
2015 | 88.9 | ' | ' |
2016 | 66.8 | ' | ' |
2017 | 46.5 | ' | ' |
After 2017 | 195.7 | ' | ' |
Concession rights | ' | ' | ' |
Concession fees: | ' | ' | ' |
Minimum fixed obligations | 404.8 | 263.7 | 248.8 |
Additional amounts, based on revenues | 294.6 | 316.2 | 311.6 |
Minimum obligations under existing agreements | ' | ' | ' |
Less than 1 Year | 407.9 | ' | ' |
2014 | 310.3 | ' | ' |
2015 | 249.1 | ' | ' |
2016 | 188.9 | ' | ' |
2017 | 152 | ' | ' |
After 2017 | $685.60 | ' | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
segment | |||||||||||||||
Reconciliation of adjusted pre-tax income to income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' |
Revenues | $2,556,400,000 | $3,069,400,000 | $2,709,200,000 | $2,436,900,000 | $2,319,700,000 | $2,517,200,000 | $2,226,200,000 | $1,961,700,000 | $5,146,200,000 | $4,188,000,000 | $8,215,600,000 | $6,705,200,000 | $10,771,900,000 | $9,024,900,000 | $8,299,300,000 |
Worldwide equipment rental | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,538,000,000 | 1,385,400,000 | 1,209,500,000 |
All other operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 527,000,000 | 477,800,000 | 149,000,000 |
Income before income taxes | 65,200,000 | 367,000,000 | 219,700,000 | 87,400,000 | -29,700,000 | 386,300,000 | 160,900,000 | -23,900,000 | 307,100,000 | 137,000,000 | 674,100,000 | 523,300,000 | 739,200,000 | 493,600,000 | 355,200,000 |
Depreciation of revenue earning equipment and lease charges | ' | 674,900,000 | 627,500,000 | 580,100,000 | 550,000,000 | 556,700,000 | 514,500,000 | 508,700,000 | 1,207,600,000 | 1,023,200,000 | 1,882,500,000 | 1,579,900,000 | 2,525,500,000 | 2,128,900,000 | 1,896,200,000 |
Depreciation of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 205,300,000 | 172,600,000 | 158,000,000 |
Amortization of other intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 121,500,000 | 83,900,000 | 70,000,000 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 678,900,000 | 597,800,000 | 650,300,000 |
Total assets at end of year | 24,680,800,000 | ' | ' | ' | 23,268,400,000 | ' | ' | ' | ' | ' | ' | ' | 24,680,800,000 | 23,268,400,000 | ' |
Revenue earning equipment, net | 14,193,400,000 | ' | ' | ' | 12,896,600,000 | ' | ' | ' | ' | ' | ' | ' | 14,193,400,000 | 12,896,600,000 | ' |
Property and equipment, net | 1,514,300,000 | ' | ' | ' | 1,436,400,000 | ' | ' | ' | ' | ' | ' | ' | 1,514,300,000 | 1,436,400,000 | ' |
Increase (Decrease) in Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,412,400,000 | ' | ' |
European Fleet Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of adjusted pre-tax income to income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | 8.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.50% | ' | ' |
Senior Subordinated Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of adjusted pre-tax income to income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.50% |
8.875% Senior Notes due January 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of adjusted pre-tax income to income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | 8.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.88% | ' | 8.88% |
Total reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of adjusted pre-tax income to income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,581,700,000 | 1,239,500,000 | 995,100,000 |
Other reconciling items | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of adjusted pre-tax income to income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -410,700,000 | -322,200,000 | -308,200,000 |
Purchase accounting(2) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of adjusted pre-tax income to income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -132,200,000 | -109,600,000 | -87,600,000 |
Debt-related charges(3) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of adjusted pre-tax income to income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -48,700,000 | -56,400,000 | -105,900,000 |
Restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of adjusted pre-tax income to income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -77,000,000 | -38,000,000 | -56,400,000 |
Restructuring related charges(4) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of adjusted pre-tax income to income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -21,800,000 | -11,100,000 | -9,800,000 |
Derivative gains (losses)(5) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of adjusted pre-tax income to income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,000,000 | -900,000 | 100,000 |
Acquisition related costs and charges(6) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of adjusted pre-tax income to income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -18,500,000 | -163,700,000 | -18,800,000 |
Integration Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of adjusted pre-tax income to income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -40,000,000 | 0 | 0 |
Relocation costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of adjusted pre-tax income to income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,800,000 | 0 | 0 |
Management transition costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of adjusted pre-tax income to income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -4,000,000 |
Pension adjustment(8) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of adjusted pre-tax income to income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 13,100,000 |
Premiums paid on debt(9) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of adjusted pre-tax income to income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -28,700,000 | 0 | -62,400,000 |
Impairment charges and other(10) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of adjusted pre-tax income to income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -44,000,000 | 0 | 0 |
Other(11) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of adjusted pre-tax income to income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12,100,000 | -44,000,000 | 0 |
U.S. car rental | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of adjusted pre-tax income to income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,324,400,000 | 4,893,200,000 | 4,468,900,000 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,091,100,000 | 872,800,000 | 673,200,000 |
Depreciation of revenue earning equipment and lease charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,269,300,000 | 940,600,000 | 971,700,000 |
Depreciation of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 129,200,000 | 99,300,000 | 89,700,000 |
Amortization of other intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64,600,000 | 27,600,000 | 22,700,000 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 192,800,000 | 176,900,000 | 166,100,000 |
Payments to Acquire Revenue Earning Equipment and Productive Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,237,200,000 | 5,258,800,000 | 5,719,500,000 |
Proceeds from Sale of Revenue Earning Equipment and Productive Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,387,800,000 | -4,263,800,000 | -5,017,400,000 |
Payments for (Proceeds from) Productive Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,849,400,000 | 995,000,000 | 702,100,000 |
Total assets at end of year | 14,425,200,000 | ' | ' | ' | 13,579,400,000 | ' | ' | ' | ' | ' | ' | ' | 14,425,200,000 | 13,579,400,000 | ' |
Revenue earning equipment, net | 8,629,000,000 | ' | ' | ' | 7,434,300,000 | ' | ' | ' | ' | ' | ' | ' | 8,629,000,000 | 7,434,300,000 | ' |
Property and equipment, net | 958,100,000 | ' | ' | ' | 934,200,000 | ' | ' | ' | ' | ' | ' | ' | 958,100,000 | 934,200,000 | ' |
International car rental | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of adjusted pre-tax income to income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,382,500,000 | 2,268,500,000 | 2,471,900,000 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 141,200,000 | 92,900,000 | 145,600,000 |
Depreciation of revenue earning equipment and lease charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 532,000,000 | 528,200,000 | 553,200,000 |
Depreciation of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,000,000 | 25,200,000 | 25,500,000 |
Amortization of other intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,600,000 | 6,900,000 | 7,700,000 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 114,300,000 | 124,200,000 | 161,000,000 |
Payments to Acquire Revenue Earning Equipment and Productive Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,640,800,000 | 2,641,800,000 | 2,988,700,000 |
Proceeds from Sale of Revenue Earning Equipment and Productive Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,251,200,000 | -2,105,200,000 | -2,452,700,000 |
Payments for (Proceeds from) Productive Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 389,600,000 | 536,600,000 | 536,000,000 |
Total assets at end of year | 3,565,400,000 | ' | ' | ' | 3,553,000,000 | ' | ' | ' | ' | ' | ' | ' | 3,565,400,000 | 3,553,000,000 | ' |
Revenue earning equipment, net | 2,047,100,000 | ' | ' | ' | 2,163,600,000 | ' | ' | ' | ' | ' | ' | ' | 2,047,100,000 | 2,163,600,000 | ' |
Property and equipment, net | 172,600,000 | ' | ' | ' | 163,800,000 | ' | ' | ' | ' | ' | ' | ' | 172,600,000 | 163,800,000 | ' |
Worldwide equipment rental | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of adjusted pre-tax income to income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 292,100,000 | 226,200,000 | 161,300,000 |
Depreciation of revenue earning equipment and lease charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 298,800,000 | 272,100,000 | 254,300,000 |
Depreciation of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,900,000 | 34,100,000 | 33,700,000 |
Amortization of other intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,200,000 | 40,400,000 | 35,800,000 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,800,000 | 52,000,000 | 45,300,000 |
Payments to Acquire Revenue Earning Equipment and Productive Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 693,800,000 | 788,100,000 | 619,800,000 |
Proceeds from Sale of Revenue Earning Equipment and Productive Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -141,000,000 | -190,100,000 | -216,600,000 |
Payments for (Proceeds from) Productive Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 552,800,000 | 598,000,000 | 403,200,000 |
Total assets at end of year | 3,870,500,000 | ' | ' | ' | 3,622,000,000 | ' | ' | ' | ' | ' | ' | ' | 3,870,500,000 | 3,622,000,000 | ' |
Revenue earning equipment, net | 2,416,300,000 | ' | ' | ' | 2,203,300,000 | ' | ' | ' | ' | ' | ' | ' | 2,416,300,000 | 2,203,300,000 | ' |
Property and equipment, net | 261,000,000 | ' | ' | ' | 235,900,000 | ' | ' | ' | ' | ' | ' | ' | 261,000,000 | 235,900,000 | ' |
All Other Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of adjusted pre-tax income to income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,300,000 | 47,600,000 | 15,000,000 |
Depreciation of revenue earning equipment and lease charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 425,400,000 | 388,000,000 | 117,000,000 |
Depreciation of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,600,000 | 2,800,000 | 1,300,000 |
Amortization of other intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,200,000 | 7,200,000 | 2,300,000 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,700,000 | 15,200,000 | 6,000,000 |
Payments to Acquire Revenue Earning Equipment and Productive Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,012,600,000 | 1,199,200,000 | 370,200,000 |
Proceeds from Sale of Revenue Earning Equipment and Productive Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -555,500,000 | -689,400,000 | -217,500,000 |
Payments for (Proceeds from) Productive Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 457,100,000 | 509,800,000 | 152,700,000 |
Total assets at end of year | 1,390,300,000 | ' | ' | ' | 1,305,600,000 | ' | ' | ' | ' | ' | ' | ' | 1,390,300,000 | 1,305,600,000 | ' |
Revenue earning equipment, net | 1,101,000,000 | ' | ' | ' | 1,095,400,000 | ' | ' | ' | ' | ' | ' | ' | 1,101,000,000 | 1,095,400,000 | ' |
Property and equipment, net | 16,000,000 | ' | ' | ' | 16,300,000 | ' | ' | ' | ' | ' | ' | ' | 16,000,000 | 16,300,000 | ' |
Other reconciling items | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of adjusted pre-tax income to income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,600,000 | 11,200,000 | 7,800,000 |
Amortization of other intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | 1,800,000 | 1,500,000 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 305,300,000 | 229,500,000 | 271,900,000 |
Payments to Acquire Revenue Earning Equipment and Productive Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,800,000 | 22,000,000 | 15,400,000 |
Proceeds from Sale of Revenue Earning Equipment and Productive Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,600,000 | 1,400,000 | 0 |
Payments for (Proceeds from) Productive Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,200,000 | 23,400,000 | 15,400,000 |
Total assets at end of year | 1,429,400,000 | ' | ' | ' | 1,208,400,000 | ' | ' | ' | ' | ' | ' | ' | 1,429,400,000 | 1,208,400,000 | ' |
Property and equipment, net | 106,600,000 | ' | ' | ' | 86,200,000 | ' | ' | ' | ' | ' | ' | ' | 106,600,000 | 86,200,000 | ' |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of adjusted pre-tax income to income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,913,600,000 | 6,317,500,000 | 5,414,200,000 |
Total assets at end of year | 19,518,400,000 | ' | ' | ' | 18,110,200,000 | ' | ' | ' | ' | ' | ' | ' | 19,518,400,000 | 18,110,200,000 | ' |
Revenue earning equipment, net | 11,610,400,000 | ' | ' | ' | 10,205,000,000 | ' | ' | ' | ' | ' | ' | ' | 11,610,400,000 | 10,205,000,000 | ' |
Property and equipment, net | 1,296,300,000 | ' | ' | ' | 1,226,100,000 | ' | ' | ' | ' | ' | ' | ' | 1,296,300,000 | 1,226,100,000 | ' |
International | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of adjusted pre-tax income to income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,858,300,000 | 2,707,400,000 | 2,885,100,000 |
Total assets at end of year | 5,162,400,000 | ' | ' | ' | 5,158,200,000 | ' | ' | ' | ' | ' | ' | ' | 5,162,400,000 | 5,158,200,000 | ' |
Revenue earning equipment, net | 2,583,000,000 | ' | ' | ' | 2,691,600,000 | ' | ' | ' | ' | ' | ' | ' | 2,583,000,000 | 2,691,600,000 | ' |
Property and equipment, net | $218,000,000 | ' | ' | ' | $210,300,000 | ' | ' | ' | ' | ' | ' | ' | $218,000,000 | $210,300,000 | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive loss | ($26.90) | ($28.50) | $37.80 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 24 | -7.9 | -63.6 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 10 | 9.5 | -2.7 |
Other comprehensive income (loss) | 34 | 1.6 | -66.3 |
Accumulated other comprehensive loss | 7.1 | -26.9 | -28.5 |
Pension and Other Post-Employment Benefits | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive loss | -109.8 | -99.6 | -70.2 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 51.8 | -19.7 | -26.7 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 8.7 | 9.5 | -2.7 |
Other comprehensive income (loss) | 60.5 | -10.2 | -29.4 |
Accumulated other comprehensive loss | -49.3 | -109.8 | -99.6 |
Accumulated translation adjustment | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive loss | 102.4 | 90.3 | 114.8 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -48.8 | 12.1 | -24.5 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1.3 | 0 | 0 |
Other comprehensive income (loss) | -47.5 | 12.1 | -24.5 |
Accumulated other comprehensive loss | 54.9 | 102.4 | 90.3 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive loss | -19.4 | -19.4 | -6.8 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | -12.6 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 |
Other comprehensive income (loss) | 0 | 0 | -12.6 |
Accumulated other comprehensive loss | -19.4 | -19.4 | -19.4 |
Accumulated Net Unrealized Investment Gain (Loss) | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive loss | -0.1 | 0.2 | 0.1 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 21 | -0.3 | 0.2 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 |
Other comprehensive income (loss) | 21 | -0.3 | 0.2 |
Accumulated other comprehensive loss | $20.90 | ($0.10) | $0.20 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (Reclassification out of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income Tax Expense (Benefit) | $129.90 | $90.40 | $63.10 | ($1) | $134.10 | $65 | $24.30 | $153.50 | $89.30 | $283.40 | $223.40 | $345.20 | $222.40 | $137.20 | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 394 | 271.2 | 218 | |||
Selling, General and Administrative Expenses [Member] | Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Defined Benefit Plan, Amortization of Gains (Losses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.2 | [1] | 13.7 | [1] | -4 | [1] |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.5 | 4.2 | -1.3 | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.7 | 9.5 | -2.7 | |||
Other Income | Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | 9.5 | -2.7 | |||
Foreign Currency Transaction Gain (Loss), before Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.30 | [2] | $0 | [2] | $0 | [2] |
[1] | Included in the computation of net periodic pension / postretirement expenses (see Note 6bEmployee Retirement Benefits). | ||||||||||||||||
[2] | Tax amounts are included in "Provision for taxes on income" in the consolidated statements of operations. |
Contingencies_and_OffBalance_S1
Contingencies and Off-Balance Sheet Commitments Contingencies and Off-Balance Sheet Commitments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | California Tourism Assessments | Pending Litigation | ||
Concession Fee Recoveries | ||||
Loss Contingencies [Line Items] | ' | ' | ' | ' |
Public liability and property damage | $347.70 | $332.20 | ' | ' |
Loss Contingency, Estimate of Possible Loss | ' | ' | ' | 40 |
Percentage of Tourism Assessment Alleged to be Charged to Consumers | ' | ' | 2.50% | ' |
Accrual for Environmental Loss Contingencies | $2.50 | $2.60 | ' | ' |
Restructuring_Details
Restructuring (Details) (USD $) | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2008 | |||
employee | |||||||
Restructuring details | ' | ' | ' | ' | |||
Number of employees impacted | ' | ' | ' | 10,700 | |||
Restructuring charges incurred to date | $645.40 | ' | ' | ' | |||
Restructuring charges | 77 | 38 | 56.4 | ' | |||
Restructuring reserve | ' | ' | ' | ' | |||
Balance at beginning of period | 21 | 21.6 | ' | ' | |||
Charges incurred | 77 | 38 | ' | ' | |||
Cash payments | -48.6 | -36.8 | ' | ' | |||
Other | -1 | [1] | -1.8 | [2] | ' | ' | |
Balance at end of period | 48.4 | 21 | 21.6 | ' | |||
U.S. car rental | ' | ' | ' | ' | |||
Restructuring details | ' | ' | ' | ' | |||
Number of off-airport locations closed | ' | ' | ' | 250 | |||
Restructuring charges incurred to date | 106.2 | ' | ' | ' | |||
Restructuring charges | 22.8 | 5.3 | 0.9 | ' | |||
International car rental | ' | ' | ' | ' | |||
Restructuring details | ' | ' | ' | ' | |||
Restructuring charges incurred to date | 218.6 | ' | ' | ' | |||
Restructuring charges | 19.3 | 21.1 | 15.7 | ' | |||
Worldwide equipment rental | ' | ' | ' | ' | |||
Restructuring details | ' | ' | ' | ' | |||
Number of branches in U.S. equipment rental segment closed | ' | ' | ' | 22 | |||
Restructuring charges incurred to date | 238.7 | ' | ' | ' | |||
Restructuring charges | 8.4 | 8.8 | 40.5 | ' | |||
All Other Operations | ' | ' | ' | ' | |||
Restructuring details | ' | ' | ' | ' | |||
Restructuring charges incurred to date | 2 | ' | ' | ' | |||
Other reconciling items | ' | ' | ' | ' | |||
Restructuring details | ' | ' | ' | ' | |||
Restructuring charges incurred to date | 79.9 | ' | ' | ' | |||
Restructuring charges | 26.5 | 2.8 | -0.7 | ' | |||
Termination benefits | ' | ' | ' | ' | |||
Restructuring details | ' | ' | ' | ' | |||
Expected duration for payment of restructuring obligations (in months) | '12 months | ' | ' | ' | |||
Restructuring charges | 41.6 | 26.2 | 14.4 | ' | |||
Restructuring reserve | ' | ' | ' | ' | |||
Balance at beginning of period | 12.4 | 9.1 | ' | ' | |||
Charges incurred | 41.6 | 26.2 | ' | ' | |||
Cash payments | -32.6 | -22.6 | ' | ' | |||
Other | -1.3 | [1] | -0.3 | [2] | ' | ' | |
Balance at end of period | 20.1 | 12.4 | 9.1 | ' | |||
Pension and post retirement expense | ' | ' | ' | ' | |||
Restructuring details | ' | ' | ' | ' | |||
Restructuring charges | 0.1 | 1 | 0.4 | ' | |||
Restructuring reserve | ' | ' | ' | ' | |||
Balance at beginning of period | 0.2 | 0.2 | ' | ' | |||
Charges incurred | 0.1 | 1 | ' | ' | |||
Cash payments | -0.3 | 0 | ' | ' | |||
Other | 0 | [1] | -1 | [2] | ' | ' | |
Balance at end of period | 0 | 0.2 | 0.2 | ' | |||
Consultant costs | ' | ' | ' | ' | |||
Restructuring details | ' | ' | ' | ' | |||
Restructuring charges | 0.5 | 1.2 | 1.3 | ' | |||
Restructuring reserve | ' | ' | ' | ' | |||
Balance at beginning of period | 0.3 | 0.6 | ' | ' | |||
Charges incurred | 0.5 | 1.2 | ' | ' | |||
Cash payments | -0.6 | -1.6 | ' | ' | |||
Other | 0 | [1] | 0.1 | [2] | ' | ' | |
Balance at end of period | 0.2 | 0.3 | 0.6 | ' | |||
Asset writedowns | ' | ' | ' | ' | |||
Restructuring details | ' | ' | ' | ' | |||
Restructuring charges | 0 | 0 | 23.2 | ' | |||
Facility closure and lease obligation costs | ' | ' | ' | ' | |||
Restructuring details | ' | ' | ' | ' | |||
Restructuring charges | 15.5 | 8.9 | 16.5 | ' | |||
Relocation costs and temporary labor costs | ' | ' | ' | ' | |||
Restructuring details | ' | ' | ' | ' | |||
Restructuring charges | 19 | 0.4 | 0.6 | ' | |||
Other | ' | ' | ' | ' | |||
Restructuring details | ' | ' | ' | ' | |||
Restructuring charges | 0.3 | 0.3 | 0 | ' | |||
Restructuring reserve | ' | ' | ' | ' | |||
Balance at beginning of period | 8.1 | [3] | 11.7 | [3] | ' | ' | |
Charges incurred | 34.8 | [3] | 9.6 | [3] | ' | ' | |
Cash payments | -15.1 | [3] | -12.6 | [3] | ' | ' | |
Other | 0.3 | [1],[3] | -0.6 | [2],[3] | ' | ' | |
Balance at end of period | 28.1 | [3] | 8.1 | [3] | 11.7 | [3] | ' |
Facility closing | ' | ' | ' | ' | |||
Restructuring reserve | ' | ' | ' | ' | |||
Other | 0.3 | -0.5 | ' | ' | |||
Balance at end of period | 8.5 | ' | ' | ' | |||
FAS 88 | ' | ' | ' | ' | |||
Restructuring reserve | ' | ' | ' | ' | |||
Other | ' | -1 | ' | ' | |||
Accelerated equity award compensation | ' | ' | ' | ' | |||
Restructuring reserve | ' | ' | ' | ' | |||
Other | -1.6 | ' | ' | ' | |||
Accumulated translation adjustment | ' | ' | ' | ' | |||
Restructuring reserve | ' | ' | ' | ' | |||
Other | 0.2 | ' | ' | ' | |||
Relocation costs | ' | ' | ' | ' | |||
Restructuring details | ' | ' | ' | ' | |||
Restructuring charges | 21.9 | ' | ' | ' | |||
Restructuring reserve | ' | ' | ' | ' | |||
Balance at end of period | 19 | ' | ' | ' | |||
Lease Acceleration | ' | ' | ' | ' | |||
Restructuring reserve | ' | ' | ' | ' | |||
Balance at end of period | 7 | ' | ' | ' | |||
Direct operating | ' | ' | ' | ' | |||
Restructuring details | ' | ' | ' | ' | |||
Restructuring charges | 28.1 | 22.6 | 46.6 | ' | |||
Selling, general and administrative | ' | ' | ' | ' | |||
Restructuring details | ' | ' | ' | ' | |||
Restructuring charges | $48.90 | $15.40 | $9.80 | ' | |||
[1] | Primarily consists of decreases of $1.6 million of accelerated equity award compensation, offset by the inclusion of prior facility reserves of $0.3 million and $0.2 million for foreign currency translation. | ||||||
[2] | Primarily consists of decreases of $0.5 million related to a goodwill write-off on a sale of business and $1.0 million in ASC 715 pension adjustment. | ||||||
[3] | As of December 31, 2013, primarily consists of charges incurred for relocation of $19.0 million, facility closures of $8.5 million and lease accelerations of $7.0 million. |
Financial_Instruments_Details
Financial Instruments (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Asset Derivatives | $12,700,000 | $4,500,000 | ' | ||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 | ' | ||
Derivative Asset | 12,700,000 | 4,500,000 | ' | ||
Derivative, Collateral, Obligation to Return Securities | -1,700,000 | -1,500,000 | ' | ||
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | ' | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 11,000,000 | 3,000,000 | ' | ||
Liability Derivatives | 14,200,000 | 5,500,000 | ' | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 | ' | ||
Derivative Liability | 14,200,000 | 5,500,000 | ' | ||
Derivative, Collateral, Right to Reclaim Securities | -1,700,000 | -1,500,000 | ' | ||
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 | ' | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 12,500,000 | 4,000,000 | ' | ||
Amount of Gain or (Loss) Recognized in Income on Derivatives | 0 | 8,500,000 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ||
Balance at the beginning of period | 0 | ' | ' | ||
Unrealized holding gains (losses) on securities, (net of tax of 2013: $0; 2012: $0; and 2011: $0.1) | 21,000,000 | -300,000 | 200,000 | ||
Balance at the end of period | ' | 0 | ' | ||
Debt | ' | ' | ' | ||
Maximum initial maturity period of borrowings | ' | '90 days | ' | ||
Long Lived Assets | ' | ' | ' | ||
Asset Impairment Charges | -40,000,000 | ' | ' | ||
Fair Value Inputs, Discount Rate | 6.50% | ' | ' | ||
Fair Value Assumptions, Expected Volatility Rate | 40.00% | ' | ' | ||
Gasoline swaps | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Asset Derivatives | 1,800,000 | ' | ' | ||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | ' | ' | ||
Derivative Asset | 1,800,000 | ' | ' | ||
Derivative, Collateral, Obligation to Return Securities | -100,000 | ' | ' | ||
Derivative, Collateral, Obligation to Return Cash | 0 | ' | ' | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 1,700,000 | ' | ' | ||
Liability Derivatives | ' | 100,000 | ' | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | ' | 0 | ' | ||
Derivative Liability | ' | 100,000 | ' | ||
Derivative, Collateral, Right to Reclaim Securities | ' | 0 | ' | ||
Derivative, Collateral, Right to Reclaim Cash | ' | 0 | ' | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | ' | 100,000 | ' | ||
Interest rate caps | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Asset Derivatives | 9,100,000 | 900,000 | ' | ||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 | ' | ||
Derivative Asset | 9,100,000 | 900,000 | ' | ||
Derivative, Collateral, Obligation to Return Securities | 0 | 0 | ' | ||
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | ' | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 9,100,000 | 900,000 | ' | ||
Liability Derivatives | 8,900,000 | 900,000 | ' | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 | ' | ||
Derivative Liability | 8,900,000 | 900,000 | ' | ||
Derivative, Collateral, Right to Reclaim Securities | 0 | 0 | ' | ||
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 | ' | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 8,900,000 | 900,000 | ' | ||
Foreign exchange forward contracts | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Asset Derivatives | 1,700,000 | 3,400,000 | ' | ||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 | ' | ||
Derivative Asset | 1,700,000 | 3,400,000 | ' | ||
Derivative, Collateral, Obligation to Return Securities | -1,500,000 | -1,300,000 | ' | ||
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | ' | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 200,000 | 2,100,000 | ' | ||
Liability Derivatives | 5,300,000 | 4,500,000 | ' | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 | ' | ||
Derivative Liability | 5,300,000 | 4,500,000 | ' | ||
Derivative, Collateral, Right to Reclaim Securities | -1,700,000 | -1,500,000 | ' | ||
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 | ' | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 3,600,000 | 3,000,000 | ' | ||
Foreign exchange options | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Asset Derivatives | 100,000 | 200,000 | ' | ||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 | ' | ||
Derivative Asset | 100,000 | 200,000 | ' | ||
Derivative, Collateral, Obligation to Return Securities | -100,000 | -200,000 | ' | ||
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | ' | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 | ' | ||
Level 2 | ' | ' | ' | ||
Debt | ' | ' | ' | ||
Aggregate fair value of all debt | ' | 16,547,300,000 | 15,529,400,000 | ||
Level 3 | ' | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ||
Balance at the beginning of period | 0 | ' | ' | ||
Realized gains (losses) included in earnings | 0 | ' | ' | ||
Unrealized holding gains (losses) on securities, (net of tax of 2013: $0; 2012: $0; and 2011: $0.1) | 21,000,000 | 0 | ' | ||
Purchases | 130,000,000 | ' | ' | ||
Settlements | 0 | ' | ' | ||
Balance at the end of period | 151,000,000 | 0 | ' | ||
Fair Value, Measurements, Nonrecurring | ' | ' | ' | ||
Long Lived Assets | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Nonrecurring Basis, Asset Value | 279,000,000 | ' | ' | ||
Recurring | Derivatives not designated as hedging instruments | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Liability Derivatives | ' | 5,500,000 | ' | ||
Amount of Gain or (Loss) Recognized in Income on Derivatives | -21,100,000 | -15,500,000 | ' | ||
Recurring | Derivatives not designated as hedging instruments | Gasoline swaps | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Amount of Gain or (Loss) Recognized in Income on Derivatives | 2,200,000 | 700,000 | ' | ||
Recurring | Derivatives not designated as hedging instruments | Interest rate caps | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Amount of Gain or (Loss) Recognized in Income on Derivatives | -500,000 | -800,000 | ' | ||
Recurring | Derivatives not designated as hedging instruments | Foreign exchange forward contracts | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Amount of Gain or (Loss) Recognized in Income on Derivatives | -22,600,000 | -15,400,000 | ' | ||
Recurring | Derivatives not designated as hedging instruments | Foreign exchange options | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Amount of Gain or (Loss) Recognized in Income on Derivatives | -200,000 | 0 | ' | ||
Recurring | Level 1 | Derivatives not designated as hedging instruments | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Asset Derivatives | 0 | 0 | ' | ||
Liability Derivatives | 0 | 0 | ' | ||
Recurring | Level 1 | Derivatives not designated as hedging instruments | Gasoline swaps | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Asset Derivatives | 0 | ' | ' | ||
Liability Derivatives | ' | 0 | ' | ||
Recurring | Level 1 | Derivatives not designated as hedging instruments | Interest rate caps | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Asset Derivatives | 0 | 0 | ' | ||
Liability Derivatives | 0 | 0 | ' | ||
Recurring | Level 1 | Derivatives not designated as hedging instruments | Foreign exchange forward contracts | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Asset Derivatives | 0 | 0 | ' | ||
Liability Derivatives | 0 | 0 | ' | ||
Recurring | Level 1 | Derivatives not designated as hedging instruments | Foreign exchange options | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Asset Derivatives | 0 | 0 | ' | ||
Recurring | Level 2 | ' | ' | ' | ||
Debt | ' | ' | ' | ||
Aggregate carrying value of all debt | ' | 16,218,000,000 | 14,999,100,000 | ||
Recurring | Level 2 | Derivatives not designated as hedging instruments | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Asset Derivatives | 12,700,000 | [1],[2] | 4,500,000 | [1],[2] | ' |
Liability Derivatives | 14,200,000 | [1],[2] | 5,500,000 | [1],[2] | ' |
Recurring | Level 2 | Derivatives not designated as hedging instruments | Gasoline swaps | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Asset Derivatives | 1,800,000 | [1],[2] | 0 | [1],[2] | ' |
Liability Derivatives | 0 | [1],[2] | 100,000 | [1],[2] | ' |
Recurring | Level 2 | Derivatives not designated as hedging instruments | Interest rate caps | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Asset Derivatives | 9,100,000 | [1],[2] | 900,000 | [1],[2] | ' |
Liability Derivatives | 8,900,000 | [1],[2] | 900,000 | [1],[2] | ' |
Recurring | Level 2 | Derivatives not designated as hedging instruments | Foreign exchange forward contracts | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Asset Derivatives | 1,700,000 | [1],[2] | 3,400,000 | [1],[2] | ' |
Liability Derivatives | 5,300,000 | [1],[2] | 4,500,000 | [1],[2] | ' |
Recurring | Level 2 | Derivatives not designated as hedging instruments | Foreign exchange options | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Asset Derivatives | 100,000 | [1],[2] | 200,000 | [1],[2] | ' |
Liability Derivatives | 0 | [1],[2] | 0 | [1],[2] | ' |
Recurring | Level 3 | Derivatives not designated as hedging instruments | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Asset Derivatives | 0 | 0 | ' | ||
Liability Derivatives | 0 | 0 | ' | ||
Recurring | Level 3 | Derivatives not designated as hedging instruments | Gasoline swaps | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Asset Derivatives | 0 | ' | ' | ||
Liability Derivatives | ' | 0 | ' | ||
Recurring | Level 3 | Derivatives not designated as hedging instruments | Interest rate caps | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Asset Derivatives | 0 | 0 | ' | ||
Liability Derivatives | 0 | 0 | ' | ||
Recurring | Level 3 | Derivatives not designated as hedging instruments | Foreign exchange forward contracts | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Asset Derivatives | 0 | 0 | ' | ||
Liability Derivatives | 0 | 0 | ' | ||
Recurring | Level 3 | Derivatives not designated as hedging instruments | Foreign exchange options | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Asset Derivatives | 0 | 0 | ' | ||
Recurring | Total | Derivatives not designated as hedging instruments | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Asset Derivatives | 12,700,000 | 4,500,000 | ' | ||
Liability Derivatives | 14,200,000 | ' | ' | ||
Recurring | Total | Derivatives not designated as hedging instruments | Gasoline swaps | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Asset Derivatives | 1,800,000 | ' | ' | ||
Liability Derivatives | ' | 100,000 | ' | ||
Recurring | Total | Derivatives not designated as hedging instruments | Interest rate caps | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Asset Derivatives | 9,100,000 | 900,000 | ' | ||
Liability Derivatives | 8,900,000 | 900,000 | ' | ||
Recurring | Total | Derivatives not designated as hedging instruments | Foreign exchange forward contracts | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Asset Derivatives | 1,700,000 | 3,400,000 | ' | ||
Liability Derivatives | 5,300,000 | 4,500,000 | ' | ||
Recurring | Total | Derivatives not designated as hedging instruments | Foreign exchange options | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ||
Asset Derivatives | $100,000 | $200,000 | ' | ||
Maximum | Fair Value, Measurements, Nonrecurring | ' | ' | ' | ||
Long Lived Assets | ' | ' | ' | ||
Fair Value Inputs, Probability of Payment | 0.00% | ' | ' | ||
Fair Value Inputs, Probability of Buy-Out | 60.00% | ' | ' | ||
Fair Value Inputs, Probability of Bankruptcy | 100.00% | ' | ' | ||
Minimum | Fair Value, Measurements, Nonrecurring | ' | ' | ' | ||
Long Lived Assets | ' | ' | ' | ||
Fair Value Inputs, Probability of Buy-Out | 0.00% | ' | ' | ||
Fair Value Inputs, Probability of Bankruptcy | 0.00% | ' | ' | ||
[1] | All asset derivatives are recorded in "Prepaid expenses and other assets" and all liability derivatives are recorded in "Accrued liabilities" on our consolidated balance sheets. | ||||
[2] | All fair value measurements were primarily based upon significant observable (LevelB 2) inputs. |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 28, 2013 | 30-May-13 | Aug. 31, 2012 | Oct. 31, 2011 | Nov. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2011 | Dec. 31, 2013 | |
Director | Director | Lead Director | Chairperson of Audit Committee | Member of Audit Committee | Member of Compensation Committee | Chairperson of Nominating and Governance Committee [Member] | Member of Nominating and Governance Committee [Member] | Member of Executive and Finance Committee | Relocation costs | Relocation costs | Sales | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Hertz Global Holdings | |||||||
Executive Officer | Affiliated Entity | Director | Chairperson of Compensation Committee | |||||||||||||||||||
Related Party Transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment, net | $1,514,300,000 | $1,436,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $271,400,000 | $248,800,000 | $170,000 | ' |
Director Compensation Policy Annual Retainer Fee Payable in Cash | ' | ' | ' | ' | ' | ' | 70,000 | 85,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Director Compensation Policy Annual Retainer Fee Payable in Shares | ' | ' | ' | ' | ' | ' | 100,000 | 125,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Director Compensation Policy Annual Retainer Fee | ' | ' | ' | ' | ' | ' | ' | 210,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Director Compensation Policy Annual Cash Fee Paid | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 35,000 | 17,500 | 15,000 | 25,000 | 12,500 | 17,500 | ' | ' | ' | ' | ' | ' | 30,000 |
Concentration Risk, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' |
Restructuring charges | 77,000,000 | 38,000,000 | 56,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,900,000 | 3,100,000 | ' | ' | ' | ' | ' |
Outstanding debt with related parties | ' | 190,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maximum borrowings | ' | ' | ' | 300,000,000 | 100,000,000 | 1,950,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due from Hertz Global Holdings, Inc. | $92,600,000 | $12,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,987,700,000 | $3,491,700,000 | ' | ' |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $2,556.40 | $3,069.40 | $2,709.20 | $2,436.90 | $2,319.70 | $2,517.20 | $2,226.20 | $1,961.70 | $5,146.20 | $4,188 | $8,215.60 | $6,705.20 | $10,771.90 | $9,024.90 | $8,299.30 |
Income before income taxes | 65.2 | 367 | 219.7 | 87.4 | -29.7 | 386.3 | 160.9 | -23.9 | 307.1 | 137 | 674.1 | 523.3 | 739.2 | 493.6 | 355.2 |
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | $3.40 | $237.10 | $129.30 | $24.30 | ($28.70) | $252.20 | $95.90 | ($48.20) | $153.60 | $47.70 | $390.70 | $299.90 | $394 | $271.20 | $198.40 |
Guarantor_and_NonGuarantor_Con2
Guarantor and Non-Guarantor Condensed Consolidating Financial Statements (Error Corrections and Prior Period Adjustment Restatement) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net cash provided by (used in) operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,611.50 | $2,740.20 | $2,236.10 |
Net cash provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,838.90 | -4,726.90 | -2,170.50 |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105.1 | 1,595.30 | -1,512.20 |
Assets | 24,680.80 | ' | ' | ' | 23,268.40 | ' | ' | ' | ' | ' | ' | ' | 24,680.80 | 23,268.40 | ' |
Liabilities | 21,796.40 | ' | ' | ' | 20,371.90 | ' | ' | ' | ' | ' | ' | ' | 21,796.40 | 20,371.90 | ' |
The Hertz Corporation and Subsidiaries stockholder's equity | 2,884.40 | ' | ' | ' | 2,896.50 | ' | ' | ' | ' | ' | ' | ' | 2,884.40 | 2,896.50 | ' |
Revenues | 2,556.40 | 3,069.40 | 2,709.20 | 2,436.90 | 2,319.70 | 2,517.20 | 2,226.20 | 1,961.70 | 5,146.20 | 4,188 | 8,215.60 | 6,705.20 | 10,771.90 | 9,024.90 | 8,299.30 |
Income before income taxes | 65.2 | 367 | 219.7 | 87.4 | -29.7 | 386.3 | 160.9 | -23.9 | 307.1 | 137 | 674.1 | 523.3 | 739.2 | 493.6 | 355.2 |
Net loss attributable to The Hertz Corporation and Subsidiaries' common stockholder | 3.4 | 237.1 | 129.3 | 24.3 | -28.7 | 252.2 | 95.9 | -48.2 | 153.6 | 47.7 | 390.7 | 299.9 | 394 | 271.2 | 198.4 |
Scenario, Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,748.40 | ' | 2,258.50 |
Net cash provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,747.30 | ' | -2,192.90 |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,595.10 | ' | -1,512.20 |
Assets | ' | ' | ' | ' | 23,290.10 | ' | ' | ' | ' | ' | ' | ' | ' | 23,290.10 | ' |
Liabilities | ' | ' | ' | ' | 20,372.60 | ' | ' | ' | ' | ' | ' | ' | ' | 20,372.60 | ' |
The Hertz Corporation and Subsidiaries stockholder's equity | ' | ' | ' | ' | 2,917.50 | ' | ' | ' | ' | ' | ' | ' | ' | 2,917.50 | ' |
Revenues | ' | 3,069.40 | 2,714.60 | 2,436.50 | 2,318.50 | 2,516.20 | 2,225.10 | 1,960.90 | 5,151.20 | 4,186.10 | 8,220.60 | 6,702.30 | ' | 9,020.80 | 8,298.40 |
Income before income taxes | ' | 374 | 225.7 | 86 | -26.9 | 382.1 | 171.6 | -24 | 311.7 | 147.6 | 685.7 | 529.7 | ' | 502.8 | 373.9 |
Net loss attributable to The Hertz Corporation and Subsidiaries' common stockholder | ' | 241.6 | 129.9 | 26.5 | -28.3 | 251.3 | 100.9 | -48.2 | 156.4 | 52.7 | 398 | 304 | ' | 275.7 | 210.4 |
Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 181.2 | -877.8 | 999.9 |
Net cash provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.5 | -1,693.50 | -1,378.60 |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -139.2 | 2,030.80 | -810.6 |
Assets | 13,984.70 | ' | ' | ' | 12,336.90 | ' | ' | ' | ' | ' | ' | ' | 13,984.70 | 12,336.90 | ' |
Liabilities | 11,100.30 | ' | ' | ' | 9,440.40 | ' | ' | ' | ' | ' | ' | ' | 11,100.30 | 9,440.40 | ' |
The Hertz Corporation and Subsidiaries stockholder's equity | 2,884.40 | ' | ' | ' | 2,896.50 | ' | ' | ' | ' | ' | ' | ' | 2,884.40 | 2,896.50 | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,544.90 | 4,259.10 | 4,068.30 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,596.90 | -1,222 | -891.4 |
Net loss attributable to The Hertz Corporation and Subsidiaries' common stockholder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 394 | 271.2 | 198.4 |
Parent | Scenario, Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,677.60 | ' | 1,000.60 |
Net cash provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,248.80 | ' | -1,379.30 |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,030.80 | ' | -810.6 |
Assets | ' | ' | ' | ' | 12,360.30 | ' | ' | ' | ' | ' | ' | ' | ' | 12,360.30 | ' |
Liabilities | ' | ' | ' | ' | 9,442.80 | ' | ' | ' | ' | ' | ' | ' | ' | 9,442.80 | ' |
The Hertz Corporation and Subsidiaries stockholder's equity | ' | ' | ' | ' | 2,917.50 | ' | ' | ' | ' | ' | ' | ' | ' | 2,917.50 | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,259 | 4,068.30 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,218.70 | -879.1 |
Net loss attributable to The Hertz Corporation and Subsidiaries' common stockholder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 275.7 | 210.4 |
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 526.1 | 600.6 | 773.2 |
Net cash provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -506.2 | -596.9 | -538.4 |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -21.3 | -4.6 | -232.6 |
Assets | 11,828.40 | ' | ' | ' | 11,058.40 | ' | ' | ' | ' | ' | ' | ' | 11,828.40 | 11,058.40 | ' |
Liabilities | 5,587.40 | ' | ' | ' | 5,132.20 | ' | ' | ' | ' | ' | ' | ' | 5,587.40 | 5,132.20 | ' |
The Hertz Corporation and Subsidiaries stockholder's equity | 6,241 | ' | ' | ' | 5,926.20 | ' | ' | ' | ' | ' | ' | ' | 6,241 | 5,926.20 | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,672.50 | 1,143.80 | 810 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 312.8 | 8.2 | 18.5 |
Net loss attributable to The Hertz Corporation and Subsidiaries' common stockholder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 339.6 | 37.8 | 34.7 |
Guarantor Subsidiaries | Scenario, Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 599.3 | ' | 773.2 |
Net cash provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -595.6 | ' | -538.4 |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4.6 | ' | -232.6 |
Assets | ' | ' | ' | ' | 10,983.60 | ' | ' | ' | ' | ' | ' | ' | ' | 10,983.60 | ' |
Liabilities | ' | ' | ' | ' | 5,015.70 | ' | ' | ' | ' | ' | ' | ' | ' | 5,015.70 | ' |
The Hertz Corporation and Subsidiaries stockholder's equity | ' | ' | ' | ' | 5,967.90 | ' | ' | ' | ' | ' | ' | ' | ' | 5,967.90 | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,139.70 | 809.1 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.6 | 18.6 |
Net loss attributable to The Hertz Corporation and Subsidiaries' common stockholder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36.3 | 34.8 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,820.30 | 3,792.70 | 1,016.40 |
Net cash provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,215.90 | -2,605 | -1,702.90 |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -776.8 | -1,037.70 | 427 |
Assets | 19,774.90 | ' | ' | ' | 17,216.30 | ' | ' | ' | ' | ' | ' | ' | 19,774.90 | 17,216.30 | ' |
Liabilities | 17,635.80 | ' | ' | ' | 14,944.50 | ' | ' | ' | ' | ' | ' | ' | 17,635.80 | 14,944.50 | ' |
The Hertz Corporation and Subsidiaries stockholder's equity | 2,139.10 | ' | ' | ' | 2,271.80 | ' | ' | ' | ' | ' | ' | ' | 2,139.10 | 2,271.80 | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,712.20 | 6,109 | 5,723.30 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,023.30 | 1,707.50 | 1,228.10 |
Net loss attributable to The Hertz Corporation and Subsidiaries' common stockholder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,209.20 | 1,038.10 | 734 |
Non-Guarantor Subsidiaries | Scenario, Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,246.80 | ' | 1,038.10 |
Net cash provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,626.30 | ' | -1,724.60 |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,517 | ' | 427 |
Assets | ' | ' | ' | ' | 17,309.10 | ' | ' | ' | ' | ' | ' | ' | ' | 17,309.10 | ' |
Liabilities | ' | ' | ' | ' | 15,051.20 | ' | ' | ' | ' | ' | ' | ' | ' | 15,051.20 | ' |
The Hertz Corporation and Subsidiaries stockholder's equity | ' | ' | ' | ' | 2,257.90 | ' | ' | ' | ' | ' | ' | ' | ' | 2,257.90 | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,132.60 | 5,733.80 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,712.90 | 1,234.40 |
Net loss attributable to The Hertz Corporation and Subsidiaries' common stockholder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,042 | 738.5 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -916.1 | -775.3 | -553.4 |
Net cash provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -126.3 | 168.5 | 1,449.40 |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,042.40 | 606.8 | -896 |
Assets | -20,907.20 | ' | ' | ' | -17,343.20 | ' | ' | ' | ' | ' | ' | ' | -20,907.20 | -17,343.20 | ' |
Liabilities | -12,527.10 | ' | ' | ' | -9,145.20 | ' | ' | ' | ' | ' | ' | ' | -12,527.10 | -9,145.20 | ' |
The Hertz Corporation and Subsidiaries stockholder's equity | -8,380.10 | ' | ' | ' | -8,198 | ' | ' | ' | ' | ' | ' | ' | -8,380.10 | -8,198 | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,157.70 | -2,487 | -2,302.30 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -0.1 | 0 |
Net loss attributable to The Hertz Corporation and Subsidiaries' common stockholder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,548.80 | -1,075.90 | -768.7 |
Eliminations | Scenario, Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -775.3 | ' | -553.4 |
Net cash provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,723.40 | ' | 1,449.40 |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,948.10 | ' | -896 |
Assets | ' | ' | ' | ' | -17,362.90 | ' | ' | ' | ' | ' | ' | ' | ' | -17,362.90 | ' |
Liabilities | ' | ' | ' | ' | -9,137.10 | ' | ' | ' | ' | ' | ' | ' | ' | -9,137.10 | ' |
The Hertz Corporation and Subsidiaries stockholder's equity | ' | ' | ' | ' | -8,225.80 | ' | ' | ' | ' | ' | ' | ' | ' | -8,225.80 | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,510.50 | -2,312.80 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Net loss attributable to The Hertz Corporation and Subsidiaries' common stockholder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($1,078.30) | ($773.30) |
Guarantor_and_NonGuarantor_Con3
Guarantor and Non-Guarantor Condensed Consolidating Financial Statements (Balance Sheet) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $423,200,000 | $545,500,000 | $931,200,000 | $2,374,000,000 |
Restricted cash and cash equivalents | 859,900,000 | 551,600,000 | ' | ' |
Receivables, less allowance for doubtful accounts | 1,512,600,000 | 1,879,600,000 | ' | ' |
Due from Hertz affiliate | 92,600,000 | 12,800,000 | ' | ' |
Inventories, at lower of cost or market | 92,300,000 | 105,700,000 | ' | ' |
Prepaid expenses and other assets | 717,000,000 | 480,700,000 | ' | ' |
Revenue earning equipment, net | 14,193,400,000 | 12,896,600,000 | ' | ' |
Property and equipment, net | 1,514,300,000 | 1,436,400,000 | ' | ' |
Investment in subsidiaries, net | 0 | 0 | ' | ' |
Other intangible assets, net | 3,928,000,000 | 4,030,200,000 | ' | ' |
Goodwill | 1,347,500,000 | 1,329,300,000 | 392,100,000 | ' |
Total assets | 24,680,800,000 | 23,268,400,000 | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' |
Due to Hertz affiliate | 0 | 0 | ' | ' |
Accounts payable | 967,900,000 | 1,003,200,000 | ' | ' |
Accrued liabilities | 1,104,300,000 | 1,161,000,000 | ' | ' |
Accrued taxes | 203,400,000 | 193,200,000 | ' | ' |
Debt | 16,227,500,000 | 15,014,500,000 | ' | ' |
Public liability and property damage | 347,700,000 | 332,200,000 | ' | ' |
Deferred taxes on income | 2,945,600,000 | 2,667,800,000 | ' | ' |
Total liabilities | 21,796,400,000 | 20,371,900,000 | ' | ' |
Equity: | ' | ' | ' | ' |
The Hertz Corporation and Subsidiaries stockholder's equity | 2,884,400,000 | 2,896,500,000 | ' | ' |
Total liabilities and equity | 24,680,800,000 | 23,268,400,000 | ' | ' |
Parent | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 76,100,000 | 24,600,000 | 565,100,000 | 1,754,400,000 |
Restricted cash and cash equivalents | 56,100,000 | 32,700,000 | ' | ' |
Receivables, less allowance for doubtful accounts | 426,400,000 | 542,900,000 | ' | ' |
Due from Hertz affiliate | 1,994,200,000 | 1,048,000,000 | ' | ' |
Inventories, at lower of cost or market | 25,500,000 | 24,400,000 | ' | ' |
Prepaid expenses and other assets | 3,109,000,000 | 2,576,800,000 | ' | ' |
Revenue earning equipment, net | 243,400,000 | 103,600,000 | ' | ' |
Property and equipment, net | 912,600,000 | 865,700,000 | ' | ' |
Investment in subsidiaries, net | 6,975,000,000 | 6,937,400,000 | ' | ' |
Other intangible assets, net | 62,500,000 | 74,600,000 | ' | ' |
Goodwill | 103,900,000 | 106,200,000 | ' | ' |
Total assets | 13,984,700,000 | 12,336,900,000 | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' |
Due to Hertz affiliate | 3,841,200,000 | 2,254,200,000 | ' | ' |
Accounts payable | 151,000,000 | 237,100,000 | ' | ' |
Accrued liabilities | 584,600,000 | 605,300,000 | ' | ' |
Accrued taxes | 60,800,000 | 54,400,000 | ' | ' |
Debt | 6,363,300,000 | 6,190,100,000 | ' | ' |
Public liability and property damage | 99,400,000 | 99,300,000 | ' | ' |
Deferred taxes on income | 0 | 0 | ' | ' |
Total liabilities | 11,100,300,000 | 9,440,400,000 | ' | ' |
Equity: | ' | ' | ' | ' |
The Hertz Corporation and Subsidiaries stockholder's equity | 2,884,400,000 | 2,896,500,000 | ' | ' |
Total liabilities and equity | 13,984,700,000 | 12,336,900,000 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 5,100,000 | 6,500,000 | 7,400,000 | 5,200,000 |
Restricted cash and cash equivalents | 71,200,000 | 17,200,000 | ' | ' |
Receivables, less allowance for doubtful accounts | 408,300,000 | 448,800,000 | ' | ' |
Due from Hertz affiliate | 2,515,500,000 | 2,023,500,000 | ' | ' |
Inventories, at lower of cost or market | 35,900,000 | 41,200,000 | ' | ' |
Prepaid expenses and other assets | 285,100,000 | 276,900,000 | ' | ' |
Revenue earning equipment, net | 1,936,200,000 | 1,764,100,000 | ' | ' |
Property and equipment, net | 330,300,000 | 321,900,000 | ' | ' |
Investment in subsidiaries, net | 1,405,100,000 | 1,260,600,000 | ' | ' |
Other intangible assets, net | 3,815,600,000 | 3,891,400,000 | ' | ' |
Goodwill | 1,020,100,000 | 1,006,300,000 | ' | ' |
Total assets | 11,828,400,000 | 11,058,400,000 | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' |
Due to Hertz affiliate | 2,666,400,000 | 2,421,500,000 | ' | ' |
Accounts payable | 218,200,000 | 198,600,000 | ' | ' |
Accrued liabilities | 235,800,000 | 158,800,000 | ' | ' |
Accrued taxes | 33,900,000 | 29,000,000 | ' | ' |
Debt | 76,900,000 | 67,700,000 | ' | ' |
Public liability and property damage | 62,400,000 | 52,900,000 | ' | ' |
Deferred taxes on income | 2,293,800,000 | 2,203,700,000 | ' | ' |
Total liabilities | 5,587,400,000 | 5,132,200,000 | ' | ' |
Equity: | ' | ' | ' | ' |
The Hertz Corporation and Subsidiaries stockholder's equity | 6,241,000,000 | 5,926,200,000 | ' | ' |
Total liabilities and equity | 11,828,400,000 | 11,058,400,000 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 342,000,000 | 514,400,000 | 358,700,000 | 614,400,000 |
Restricted cash and cash equivalents | 732,600,000 | 501,700,000 | ' | ' |
Receivables, less allowance for doubtful accounts | 699,300,000 | 914,500,000 | ' | ' |
Due from Hertz affiliate | 4,987,700,000 | 3,491,700,000 | ' | ' |
Inventories, at lower of cost or market | 30,900,000 | 40,100,000 | ' | ' |
Prepaid expenses and other assets | 423,800,000 | 195,200,000 | ' | ' |
Revenue earning equipment, net | 12,013,800,000 | 11,028,900,000 | ' | ' |
Property and equipment, net | 271,400,000 | 248,800,000 | ' | ' |
Investment in subsidiaries, net | 0 | ' | ' | ' |
Other intangible assets, net | 49,900,000 | 64,200,000 | ' | ' |
Goodwill | 223,500,000 | 216,800,000 | ' | ' |
Total assets | 19,774,900,000 | 17,216,300,000 | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' |
Due to Hertz affiliate | 2,897,200,000 | 1,874,600,000 | ' | ' |
Accounts payable | 598,700,000 | 567,500,000 | ' | ' |
Accrued liabilities | 305,300,000 | 423,500,000 | ' | ' |
Accrued taxes | 1,489,400,000 | 1,075,700,000 | ' | ' |
Debt | 9,787,300,000 | 8,756,700,000 | ' | ' |
Public liability and property damage | 185,900,000 | 180,000,000 | ' | ' |
Deferred taxes on income | 2,372,000,000 | 2,066,500,000 | ' | ' |
Total liabilities | 17,635,800,000 | 14,944,500,000 | ' | ' |
Equity: | ' | ' | ' | ' |
The Hertz Corporation and Subsidiaries stockholder's equity | 2,139,100,000 | 2,271,800,000 | ' | ' |
Total liabilities and equity | 19,774,900,000 | 17,216,300,000 | ' | ' |
Eliminations | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Restricted cash and cash equivalents | 0 | 0 | ' | ' |
Receivables, less allowance for doubtful accounts | -21,400,000 | -26,600,000 | ' | ' |
Due from Hertz affiliate | -9,404,800,000 | -6,550,400,000 | ' | ' |
Inventories, at lower of cost or market | 0 | 0 | ' | ' |
Prepaid expenses and other assets | -3,100,900,000 | -2,568,200,000 | ' | ' |
Revenue earning equipment, net | 0 | 0 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Investment in subsidiaries, net | -8,380,100,000 | -8,198,000,000 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Total assets | -20,907,200,000 | -17,343,200,000 | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' |
Due to Hertz affiliate | -9,404,800,000 | -6,550,300,000 | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Accrued liabilities | -21,400,000 | -26,600,000 | ' | ' |
Accrued taxes | -1,380,700,000 | -965,900,000 | ' | ' |
Debt | 0 | 0 | ' | ' |
Public liability and property damage | 0 | 0 | ' | ' |
Deferred taxes on income | -1,720,200,000 | -1,602,400,000 | ' | ' |
Total liabilities | -12,527,100,000 | -9,145,200,000 | ' | ' |
Equity: | ' | ' | ' | ' |
The Hertz Corporation and Subsidiaries stockholder's equity | -8,380,100,000 | -8,198,000,000 | ' | ' |
Total liabilities and equity | ($20,907,200,000) | ($17,343,200,000) | ' | ' |
Guarantor_and_NonGuarantor_Con4
Guarantor and Non-Guarantor Condensed Consolidating Financial Statements (Statement of Operations) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $2,556.40 | $3,069.40 | $2,709.20 | $2,436.90 | $2,319.70 | $2,517.20 | $2,226.20 | $1,961.70 | $5,146.20 | $4,188 | $8,215.60 | $6,705.20 | $10,771.90 | $9,024.90 | $8,299.30 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Direct operating | ' | 1,539.50 | 1,414.20 | 1,358.90 | 1,257.70 | 1,238 | 1,194.20 | 1,115 | 2,773.10 | 2,309.30 | 4,312.70 | 3,547.30 | 5,752 | 4,806 | 4,573.10 |
Depreciation of revenue earning equipment and lease charges | ' | 674.9 | 627.5 | 580.1 | 550 | 556.7 | 514.5 | 508.7 | 1,207.60 | 1,023.20 | 1,882.50 | 1,579.90 | 2,525.50 | 2,128.90 | 1,896.20 |
Selling, general and administrative | ' | 271.5 | 280.7 | 247.4 | 331 | 204.7 | 218.4 | 214 | 528.1 | 432.3 | 799.6 | 637 | 1,021.80 | 968 | 767.5 |
Interest expense, net of interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 667.3 | 592.9 | 644.8 |
Other (income) expense, net | ' | 44.8 | -1.1 | 1.7 | ' | ' | ' | ' | 0.6 | ' | 45.4 | ' | 66.1 | 35.5 | 62.5 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,032.70 | 8,531.30 | 7,944.10 |
Income before income taxes | 65.2 | 367 | 219.7 | 87.4 | -29.7 | 386.3 | 160.9 | -23.9 | 307.1 | 137 | 674.1 | 523.3 | 739.2 | 493.6 | 355.2 |
(Provision) benefit for taxes on income (loss) | ' | -129.9 | -90.4 | -63.1 | 1 | -134.1 | -65 | -24.3 | -153.5 | -89.3 | -283.4 | -223.4 | -345.2 | -222.4 | -137.2 |
Equity in earnings of subsidiaries, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 394 | 271.2 | 218 |
Less: Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -19.6 |
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | 3.4 | 237.1 | 129.3 | 24.3 | -28.7 | 252.2 | 95.9 | -48.2 | 153.6 | 47.7 | 390.7 | 299.9 | 394 | 271.2 | 198.4 |
Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,544.90 | 4,259.10 | 4,068.30 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Direct operating | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,555.20 | 2,385.70 | 2,262.70 |
Depreciation of revenue earning equipment and lease charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,713.60 | 2,378.50 | 1,986.20 |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 482.3 | 474.1 | 349.2 |
Interest expense, net of interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 336.6 | 253.5 | 299.2 |
Other (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54.1 | -10.7 | 62.4 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,141.80 | 5,481.10 | 4,959.70 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,596.90 | -1,222 | -891.4 |
(Provision) benefit for taxes on income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 597.1 | 477.7 | 347.3 |
Equity in earnings of subsidiaries, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,393.80 | 1,015.50 | 742.5 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 394 | 271.2 | 198.4 |
Less: Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 394 | 271.2 | 198.4 |
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,672.50 | 1,143.80 | 810 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Direct operating | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,463.70 | 649.6 | 497.2 |
Depreciation of revenue earning equipment and lease charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 655.3 | 244.8 | 181.7 |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 212.8 | 177.7 | 85.4 |
Interest expense, net of interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34.3 | 39.4 | 27.2 |
Other (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6.4 | 24.1 | 0 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,359.70 | 1,135.60 | 791.5 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 312.8 | 8.2 | 18.5 |
(Provision) benefit for taxes on income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -128.2 | -30.7 | -10 |
Equity in earnings of subsidiaries, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 155 | 60.3 | 26.2 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 339.6 | 37.8 | 34.7 |
Less: Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 339.6 | 37.8 | 34.7 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,712.20 | 6,109 | 5,723.30 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Direct operating | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,734.80 | 1,770.80 | 1,813.20 |
Depreciation of revenue earning equipment and lease charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,309.30 | 1,992.30 | 2,030.60 |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 330 | 316.3 | 332.9 |
Interest expense, net of interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 296.4 | 300 | 318.4 |
Other (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.4 | 22.1 | 0.1 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,688.90 | 4,401.50 | 4,495.20 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,023.30 | 1,707.50 | 1,228.10 |
(Provision) benefit for taxes on income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -814.1 | -669.4 | -474.5 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,209.20 | 1,038.10 | 753.6 |
Less: Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -19.6 |
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,209.20 | 1,038.10 | 734 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,157.70 | -2,487 | -2,302.30 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Direct operating | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1.7 | -0.1 | 0 |
Depreciation of revenue earning equipment and lease charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,152.70 | -2,486.70 | -2,302.30 |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3.3 | -0.1 | 0 |
Interest expense, net of interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,157.70 | -2,486.90 | -2,302.30 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -0.1 | 0 |
(Provision) benefit for taxes on income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Equity in earnings of subsidiaries, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,548.80 | -1,075.80 | -768.7 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,548.80 | -1,075.90 | -768.7 |
Less: Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($1,548.80) | ($1,075.90) | ($768.70) |
Guarantor_and_NonGuarantor_Con5
Guarantor and Non-Guarantor Condensed Consolidating Financial Statements (Statement of Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' |
Net income (loss) | $394 | $271.20 | $218 |
Other comprehensive income | 34 | 1.6 | -66.3 |
Comprehensive income (loss) | 428 | 272.8 | 151.7 |
Less: Comprehensive income attributable to noncontrolling interest | ' | ' | -19.6 |
Comprehensive income attributable to The Hertz Corporation and Subsidiaries' common stockholder | 428 | 272.8 | 132.1 |
Parent | ' | ' | ' |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' |
Net income (loss) | 394 | 271.2 | 198.4 |
Other comprehensive income | 34 | 1.6 | -66.3 |
Less: Comprehensive income attributable to noncontrolling interest | ' | ' | 0 |
Comprehensive income attributable to The Hertz Corporation and Subsidiaries' common stockholder | 428 | 272.8 | 132.1 |
Guarantor Subsidiaries | ' | ' | ' |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' |
Net income (loss) | 339.6 | 37.8 | 34.7 |
Other comprehensive income | -6.6 | 0.8 | 0 |
Comprehensive income (loss) | ' | ' | 34.7 |
Less: Comprehensive income attributable to noncontrolling interest | ' | ' | 0 |
Comprehensive income attributable to The Hertz Corporation and Subsidiaries' common stockholder | 333 | 38.6 | 34.7 |
Non-Guarantor Subsidiaries | ' | ' | ' |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' |
Net income (loss) | 1,209.20 | 1,038.10 | 753.6 |
Other comprehensive income | -24.1 | 10.5 | -34.6 |
Comprehensive income (loss) | ' | ' | 719 |
Less: Comprehensive income attributable to noncontrolling interest | ' | ' | -19.6 |
Comprehensive income attributable to The Hertz Corporation and Subsidiaries' common stockholder | 1,185.10 | 1,048.60 | 699.4 |
Eliminations | ' | ' | ' |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' |
Net income (loss) | -1,548.80 | -1,075.90 | -768.7 |
Other comprehensive income | 30.7 | -11.3 | 34.6 |
Comprehensive income (loss) | ' | ' | -734.1 |
Less: Comprehensive income attributable to noncontrolling interest | ' | ' | 0 |
Comprehensive income attributable to The Hertz Corporation and Subsidiaries' common stockholder | ($1,518.10) | ($1,087.20) | ($734.10) |
Guarantor_and_NonGuarantor_Con6
Guarantor and Non-Guarantor Condensed Consolidating Financial Statements (Statement of Cash Flows) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | $3,611.50 | $2,740.20 | $2,236.10 | ' |
Cash flows from investing activities: | ' | ' | ' | ' |
Net change in restricted cash and cash equivalents | -308.3 | -241.6 | -101.7 | ' |
Revenue earning equipment expenditures | -10,298.40 | -9,612.80 | -9,431.90 | ' |
Proceeds from disposal of revenue earning equipment | 7,264.10 | 7,125.10 | 7,850.40 | ' |
Property and equipment expenditures | -313.8 | -297.1 | -281.7 | ' |
Proceeds from disposal of property and equipment | 73 | 122 | 53.8 | ' |
Capital contributions to subsidiaries | 0 | 0 | 0 | ' |
Return of capital from subsidiaries | 0 | 0 | 0 | ' |
Loan to Parent From Non-Guarantor | 0 | 0 | ' | ' |
Acquisitions, net of cash acquired | -254 | -1,905.20 | -227.1 | 0 |
Proceeds from disposal of business | 0 | 84.5 | 0 | ' |
Purchase of short-term investments, net | 0 | 0 | -32.9 | ' |
Other investing activities | -1.5 | -1.8 | 0.6 | ' |
Net cash used in investing activities | -3,838.90 | -4,726.90 | -2,170.50 | ' |
Cash flows from financing activities: | ' | ' | ' | ' |
Proceeds from issuance of long-term debt | 1,774.70 | 2,237.30 | 3,062.50 | ' |
Payment of long-term debt | -1,044.80 | -952.1 | -3,649.30 | ' |
Short-term borrowings: | ' | ' | ' | ' |
Proceeds | 596.4 | 438.4 | 460.9 | ' |
Payments | -1,017.50 | -1,280.10 | -1,194.10 | ' |
Proceeds under the revolving lines of credit | 9,511.60 | 6,463.60 | 5,106.80 | ' |
Payments under the revolving lines of credit | -9,104.50 | -5,190.50 | -5,164.10 | ' |
Distributions to noncontrolling interest | 0 | 0 | -23.1 | ' |
Purchase of noncontrolling interest | 0 | -38 | 0 | ' |
Capital contributions received from parent | 0 | 0 | 0 | ' |
Loan to Parent From Non-Guarantor | 0 | 0 | 0 | ' |
Payment of dividends and return of capital | -481.8 | -25 | -22.9 | ' |
Dividends paid | -481.8 | -25 | -22.9 | ' |
Proceeds from employee stock purchase plan | 5.1 | 4.3 | 3.6 | ' |
Loan from Hertz Global Holdings, Inc. | -79.8 | -13.2 | -1 | ' |
Payment of financing costs | -54.3 | -49.4 | -91.5 | ' |
Net cash provided by (used in) financing activities | 105.1 | 1,595.30 | -1,512.20 | ' |
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 5.7 | 3.8 | ' |
Net change in cash and cash equivalents during the period | -122.3 | -385.7 | -1,442.80 | ' |
Cash and cash equivalents at beginning of period | 545.5 | 931.2 | 2,374 | ' |
Cash and cash equivalents at end of period | 423.2 | 545.5 | 931.2 | 2,374 |
Parent | ' | ' | ' | ' |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | 181.2 | -877.8 | 999.9 | ' |
Cash flows from investing activities: | ' | ' | ' | ' |
Net change in restricted cash and cash equivalents | -23.4 | 12 | -28.6 | ' |
Revenue earning equipment expenditures | -149.5 | -87.7 | -141.4 | ' |
Proceeds from disposal of revenue earning equipment | 136.4 | 79.4 | 163.3 | ' |
Property and equipment expenditures | -192.4 | -173.1 | -189.5 | ' |
Proceeds from disposal of property and equipment | 42.4 | 67.4 | 24 | ' |
Capital contributions to subsidiaries | -937.9 | -2,989.70 | -3,549.10 | ' |
Return of capital from subsidiaries | 1,133.90 | 3,106.70 | 2,590 | ' |
Loan to Parent From Non-Guarantor | 0 | 0 | 490.3 | ' |
Acquisitions, net of cash acquired | 0 | -1,708.50 | -214.4 | 0 |
Proceeds from disposal of business | ' | 0 | ' | ' |
Purchase of short-term investments, net | 0 | 0 | -32.9 | ' |
Other investing activities | 0 | 0 | 0 | ' |
Net cash used in investing activities | 9.5 | -1,693.50 | -1,378.60 | ' |
Cash flows from financing activities: | ' | ' | ' | ' |
Proceeds from issuance of long-term debt | 250 | 2,210 | 2,455.30 | ' |
Payment of long-term debt | -33.8 | -650.4 | -3,596.30 | ' |
Short-term borrowings: | ' | ' | ' | ' |
Proceeds | 0 | 0 | 0 | ' |
Payments | 0 | -26.8 | -29.2 | ' |
Proceeds under the revolving lines of credit | 2,280 | 2,820 | 1,102.70 | ' |
Payments under the revolving lines of credit | -2,323 | -2,600 | -1,131.90 | ' |
Distributions to noncontrolling interest | ' | ' | 0 | ' |
Purchase of noncontrolling interest | 0 | -38 | 0 | ' |
Capital contributions received from parent | 0 | 0 | 0 | ' |
Loan to Parent From Non-Guarantor | 253.1 | 385.1 | 490.3 | ' |
Payment of dividends and return of capital | -481.8 | -25 | -22.9 | ' |
Proceeds from employee stock purchase plan | 5.1 | 4.3 | 3.6 | ' |
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | ' | -1 | ' |
Loan from Hertz Global Holdings, Inc. | -79.8 | -13.2 | -1 | ' |
Payment of financing costs | -9 | -35.2 | -81.2 | ' |
Net cash provided by (used in) financing activities | -139.2 | 2,030.80 | -810.6 | ' |
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ' |
Net change in cash and cash equivalents during the period | 51.5 | -540.5 | -1,189.30 | ' |
Cash and cash equivalents at beginning of period | 24.6 | 565.1 | 1,754.40 | ' |
Cash and cash equivalents at end of period | 76.1 | 24.6 | 565.1 | 1,754.40 |
Guarantor Subsidiaries | ' | ' | ' | ' |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | 526.1 | 600.6 | 773.2 | ' |
Cash flows from investing activities: | ' | ' | ' | ' |
Net change in restricted cash and cash equivalents | -54.1 | 11 | -2.7 | ' |
Revenue earning equipment expenditures | -886 | -765 | -670.1 | ' |
Proceeds from disposal of revenue earning equipment | 350.4 | 276.3 | 170.5 | ' |
Property and equipment expenditures | -33.4 | -33.9 | -29.7 | ' |
Proceeds from disposal of property and equipment | 5.6 | 11.7 | 9.3 | ' |
Capital contributions to subsidiaries | 0 | 0 | 0 | ' |
Return of capital from subsidiaries | 183.4 | 99.6 | 0 | ' |
Loan to Parent From Non-Guarantor | -57 | 0 | 0 | ' |
Acquisitions, net of cash acquired | -15.1 | -196.6 | -2.1 | 0 |
Proceeds from disposal of business | ' | 0 | ' | ' |
Purchase of short-term investments, net | ' | ' | 0 | ' |
Other investing activities | 0 | 0 | -13.6 | ' |
Net cash used in investing activities | -506.2 | -596.9 | -538.4 | ' |
Cash flows from financing activities: | ' | ' | ' | ' |
Proceeds from issuance of long-term debt | 0 | 0 | 0 | ' |
Payment of long-term debt | 0 | 0 | 0 | ' |
Short-term borrowings: | ' | ' | ' | ' |
Proceeds | 0 | 0 | 0 | ' |
Payments | 0 | 0 | 0 | ' |
Proceeds under the revolving lines of credit | 2.5 | 3.6 | 1.4 | ' |
Payments under the revolving lines of credit | -13.5 | -4.9 | -231.2 | ' |
Distributions to noncontrolling interest | ' | ' | 0 | ' |
Purchase of noncontrolling interest | ' | 0 | ' | ' |
Capital contributions received from parent | 0 | 0 | 0 | ' |
Loan to Parent From Non-Guarantor | 0 | 0 | ' | ' |
Payment of dividends and return of capital | 0 | 0 | 0 | ' |
Proceeds from employee stock purchase plan | 0 | 0 | 0 | ' |
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | ' | 0 | ' |
Loan from Hertz Global Holdings, Inc. | 0 | 0 | ' | ' |
Payment of financing costs | -10.3 | -3.3 | -2.8 | ' |
Net cash provided by (used in) financing activities | -21.3 | -4.6 | -232.6 | ' |
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ' |
Net change in cash and cash equivalents during the period | -1.4 | -0.9 | 2.2 | ' |
Cash and cash equivalents at beginning of period | 6.5 | 7.4 | 5.2 | ' |
Cash and cash equivalents at end of period | 5.1 | 6.5 | 7.4 | 5.2 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | 3,820.30 | 3,792.70 | 1,016.40 | ' |
Cash flows from investing activities: | ' | ' | ' | ' |
Net change in restricted cash and cash equivalents | -230.8 | -264.6 | -70.4 | ' |
Revenue earning equipment expenditures | -9,262.90 | -8,760.10 | -8,620.40 | ' |
Proceeds from disposal of revenue earning equipment | 6,777.30 | 6,769.40 | 7,516.60 | ' |
Property and equipment expenditures | -88 | -90.1 | -62.5 | ' |
Proceeds from disposal of property and equipment | 25 | 42.9 | 20.5 | ' |
Capital contributions to subsidiaries | 0 | 0 | 0 | ' |
Return of capital from subsidiaries | 0 | 0 | 0 | ' |
Loan to Parent From Non-Guarantor | -196.1 | -385.1 | 0 | ' |
Acquisitions, net of cash acquired | -238.9 | -0.1 | -10.6 | -490.3 |
Proceeds from disposal of business | ' | 84.5 | ' | ' |
Purchase of short-term investments, net | ' | ' | 0 | ' |
Other investing activities | -1.5 | -1.8 | 14.2 | ' |
Net cash used in investing activities | -3,215.90 | -2,605 | -1,702.90 | ' |
Cash flows from financing activities: | ' | ' | ' | ' |
Proceeds from issuance of long-term debt | 1,524.70 | 27.3 | 607.2 | ' |
Payment of long-term debt | -1,011 | -301.7 | -53 | ' |
Short-term borrowings: | ' | ' | ' | ' |
Proceeds | 596.4 | 438.4 | 460.9 | ' |
Payments | -1,017.50 | -1,253.30 | -1,164.90 | ' |
Proceeds under the revolving lines of credit | 7,229.10 | 3,640 | 4,002.70 | ' |
Payments under the revolving lines of credit | -6,768 | -2,585.60 | -3,801 | ' |
Distributions to noncontrolling interest | ' | ' | -23.1 | ' |
Purchase of noncontrolling interest | ' | 0 | ' | ' |
Capital contributions received from parent | 937.9 | 2,989.70 | 3,549.10 | ' |
Loan to Parent From Non-Guarantor | 0 | 0 | ' | ' |
Payment of dividends and return of capital | -2,233.40 | -3,981.60 | -3,143.40 | ' |
Proceeds from employee stock purchase plan | 0 | 0 | 0 | ' |
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | ' | 0 | ' |
Loan from Hertz Global Holdings, Inc. | 0 | 0 | ' | ' |
Payment of financing costs | -35 | -10.9 | -7.5 | ' |
Net cash provided by (used in) financing activities | -776.8 | -1,037.70 | 427 | ' |
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 5.7 | 3.8 | ' |
Net change in cash and cash equivalents during the period | -172.4 | 155.7 | -255.7 | ' |
Cash and cash equivalents at beginning of period | 514.4 | 358.7 | 614.4 | ' |
Cash and cash equivalents at end of period | 342 | 514.4 | 358.7 | 614.4 |
Eliminations | ' | ' | ' | ' |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | -916.1 | -775.3 | -553.4 | ' |
Cash flows from investing activities: | ' | ' | ' | ' |
Net change in restricted cash and cash equivalents | 0 | 0 | 0 | ' |
Revenue earning equipment expenditures | 0 | 0 | 0 | ' |
Proceeds from disposal of revenue earning equipment | 0 | 0 | 0 | ' |
Property and equipment expenditures | 0 | 0 | 0 | ' |
Proceeds from disposal of property and equipment | 0 | 0 | 0 | ' |
Capital contributions to subsidiaries | 937.9 | 2,989.70 | 3,549.10 | ' |
Return of capital from subsidiaries | -1,317.30 | -3,206.30 | -2,590 | ' |
Loan to Parent From Non-Guarantor | 253.1 | 385.1 | -490.3 | ' |
Acquisitions, net of cash acquired | 0 | 0 | 0 | 490.3 |
Proceeds from disposal of business | ' | 0 | ' | ' |
Purchase of short-term investments, net | ' | ' | 0 | ' |
Other investing activities | 0 | 0 | 0 | ' |
Net cash used in investing activities | -126.3 | 168.5 | 1,449.40 | ' |
Cash flows from financing activities: | ' | ' | ' | ' |
Proceeds from issuance of long-term debt | 0 | 0 | 0 | ' |
Payment of long-term debt | 0 | 0 | 0 | ' |
Short-term borrowings: | ' | ' | ' | ' |
Proceeds | 0 | 0 | 0 | ' |
Payments | 0 | 0 | 0 | ' |
Proceeds under the revolving lines of credit | 0 | 0 | 0 | ' |
Payments under the revolving lines of credit | 0 | 0 | 0 | ' |
Distributions to noncontrolling interest | ' | ' | 0 | ' |
Purchase of noncontrolling interest | ' | 0 | ' | ' |
Capital contributions received from parent | -937.9 | -2,989.70 | -3,549.10 | ' |
Loan to Parent From Non-Guarantor | -253.1 | -385.1 | ' | ' |
Proceeds from employee stock purchase plan | 0 | 0 | 0 | ' |
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | ' | 0 | ' |
Loan from Hertz Global Holdings, Inc. | 0 | 0 | ' | ' |
Payment of financing costs | 0 | 0 | 0 | ' |
Net cash provided by (used in) financing activities | 1,042.40 | 606.8 | -896 | ' |
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ' |
Net change in cash and cash equivalents during the period | 0 | 0 | 0 | ' |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 | ' |
Cash and cash equivalents at end of period | 0 | 0 | 0 | 0 |
Parent [Member] | ' | ' | ' | ' |
Short-term borrowings: | ' | ' | ' | ' |
Payment of dividends and return of capital | $2,233.40 | $3,981.60 | $3,143.40 | ' |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event, USD $) | 1 Months Ended | |
Mar. 18, 2014 | Jan. 31, 2014 | |
company | HVF II Series 2013-B Notes | |
Subsequent Event [Line Items] | ' | ' |
Debt Instrument, Restrictive Covenants, Waivers Obtained, Percent | ' | 100.00% |
Business Divestiture, Planned Company Split, Number of Publicly Traded Companies | 2 | ' |
Stock Repurchase Program, Authorized Amount | $1,000,000,000 | ' |
Schedule_I_Parent_Co_Balance_S
Schedule I (Parent Co Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $423,200,000 | $545,500,000 | $931,200,000 | $2,374,000,000 |
Restricted cash and cash equivalents | 859,900,000 | 551,600,000 | ' | ' |
Receivables, less allowance for doubtful accounts | 1,512,600,000 | 1,879,600,000 | ' | ' |
Due from Hertz Global Holdings, Inc. | 92,600,000 | 12,800,000 | ' | ' |
Inventories, at lower of cost or market | 92,300,000 | 105,700,000 | ' | ' |
Prepaid expenses and other assets | 717,000,000 | 480,700,000 | ' | ' |
Revenue earning equipment, net | 14,193,400,000 | 12,896,600,000 | ' | ' |
Property and equipment, net | 1,514,300,000 | 1,436,400,000 | ' | ' |
Investment in subsidiaries, net | 0 | 0 | ' | ' |
Other intangible assets, net | 3,928,000,000 | 4,030,200,000 | ' | ' |
Goodwill | 1,347,500,000 | 1,329,300,000 | 392,100,000 | ' |
Total assets | 24,680,800,000 | 23,268,400,000 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Due to Hertz affiliates | 0 | 0 | ' | ' |
Accounts payable | 967,900,000 | 1,003,200,000 | ' | ' |
Accrued liabilities | 1,104,300,000 | 1,161,000,000 | ' | ' |
Accrued taxes | 203,400,000 | 193,200,000 | ' | ' |
Debt | 16,227,500,000 | 15,014,500,000 | ' | ' |
Public liability and property damage | 347,700,000 | 332,200,000 | ' | ' |
Deferred taxes on income | 2,945,600,000 | 2,667,800,000 | ' | ' |
Deferred taxes on income | 2,919,500,000 | 2,631,800,000 | ' | ' |
Total liabilities | 21,796,400,000 | 20,371,900,000 | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Accumulated deficit | ' | ' | ' | -1,127,700,000 |
Accumulated other comprehensive loss | 7,100,000 | -26,900,000 | -28,500,000 | 37,800,000 |
Total The Hertz Corporation and Subsidiaries stockholder's equity | 2,884,400,000 | 2,896,500,000 | ' | ' |
Total liabilities and equity | 24,680,800,000 | 23,268,400,000 | ' | ' |
Stock Transactions, Parenthetical Disclosures [Abstract] | ' | ' | ' | ' |
Common Stock, par value (in dollars per share) | $0.01 | $0.01 | ' | ' |
Common Stock, shares authorized | 3,000 | 3,000 | ' | ' |
Common Stock, shares issued | 100 | 100 | ' | ' |
Common Stock, shares outstanding | 100 | 100 | ' | ' |
Parent | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 76,100,000 | 24,600,000 | 565,100,000 | 1,754,400,000 |
Restricted cash and cash equivalents | 56,100,000 | 32,700,000 | ' | ' |
Receivables, less allowance for doubtful accounts | 426,400,000 | 542,900,000 | ' | ' |
Due from Hertz Global Holdings, Inc. | 1,994,200,000 | 1,048,000,000 | ' | ' |
Inventories, at lower of cost or market | 25,500,000 | 24,400,000 | ' | ' |
Prepaid expenses and other assets | 3,109,000,000 | 2,576,800,000 | ' | ' |
Revenue earning equipment, net | 243,400,000 | 103,600,000 | ' | ' |
Property and equipment, net | 912,600,000 | 865,700,000 | ' | ' |
Investment in subsidiaries, net | 6,975,000,000 | 6,937,400,000 | ' | ' |
Other intangible assets, net | 62,500,000 | 74,600,000 | ' | ' |
Goodwill | 103,900,000 | 106,200,000 | ' | ' |
Total assets | 13,984,700,000 | 12,336,900,000 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Due to Hertz affiliates | 3,841,200,000 | 2,254,200,000 | ' | ' |
Accounts payable | 151,000,000 | 237,100,000 | ' | ' |
Accrued liabilities | 584,600,000 | 605,300,000 | ' | ' |
Accrued taxes | 60,800,000 | 54,400,000 | ' | ' |
Debt | 6,363,300,000 | 6,190,100,000 | ' | ' |
Public liability and property damage | 99,400,000 | 99,300,000 | ' | ' |
Deferred taxes on income | 0 | 0 | ' | ' |
Total liabilities | 11,100,300,000 | 9,440,400,000 | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Common Stock, $0.01 par value, 3,000 shares authorized, 100 shares issued and outstanding | 0 | 0 | ' | ' |
Additional paid-in capital | 3,551,700,000 | 3,510,000,000 | ' | ' |
Accumulated deficit | -674,400,000 | -586,600,000 | ' | ' |
Accumulated other comprehensive loss | 7,100,000 | -26,900,000 | ' | ' |
Total The Hertz Corporation and Subsidiaries stockholder's equity | 2,884,400,000 | 2,896,500,000 | ' | ' |
Total liabilities and equity | $13,984,700,000 | $12,336,900,000 | ' | ' |
Stock Transactions, Parenthetical Disclosures [Abstract] | ' | ' | ' | ' |
Common Stock, par value (in dollars per share) | $0.01 | $0.01 | ' | ' |
Common Stock, shares authorized | 3,000 | 3,000 | ' | ' |
Common Stock, shares issued | 100 | 100 | ' | ' |
Common Stock, shares outstanding | 100 | 100 | ' | ' |
Schedule_I_Parent_Co_Statement
Schedule I (Parent Co Statement of Operations) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $2,556.40 | $3,069.40 | $2,709.20 | $2,436.90 | $2,319.70 | $2,517.20 | $2,226.20 | $1,961.70 | $5,146.20 | $4,188 | $8,215.60 | $6,705.20 | $10,771.90 | $9,024.90 | $8,299.30 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Direct operating | ' | 1,539.50 | 1,414.20 | 1,358.90 | 1,257.70 | 1,238 | 1,194.20 | 1,115 | 2,773.10 | 2,309.30 | 4,312.70 | 3,547.30 | 5,752 | 4,806 | 4,573.10 |
Depreciation of revenue earning equipment and lease charges | ' | 674.9 | 627.5 | 580.1 | 550 | 556.7 | 514.5 | 508.7 | 1,207.60 | 1,023.20 | 1,882.50 | 1,579.90 | 2,525.50 | 2,128.90 | 1,896.20 |
Selling, general and administrative | ' | 271.5 | 280.7 | 247.4 | 331 | 204.7 | 218.4 | 214 | 528.1 | 432.3 | 799.6 | 637 | 1,021.80 | 968 | 767.5 |
Interest expense, net of interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 667.3 | 592.9 | 644.8 |
Other (income) expense, net | ' | 44.8 | -1.1 | 1.7 | ' | ' | ' | ' | 0.6 | ' | 45.4 | ' | 66.1 | 35.5 | 62.5 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,032.70 | 8,531.30 | 7,944.10 |
Income before income taxes | 65.2 | 367 | 219.7 | 87.4 | -29.7 | 386.3 | 160.9 | -23.9 | 307.1 | 137 | 674.1 | 523.3 | 739.2 | 493.6 | 355.2 |
Benefit for taxes on income | ' | -129.9 | -90.4 | -63.1 | 1 | -134.1 | -65 | -24.3 | -153.5 | -89.3 | -283.4 | -223.4 | -345.2 | -222.4 | -137.2 |
Equity in earnings of subsidiaries, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 394 | 271.2 | 218 |
Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,544.90 | 4,259.10 | 4,068.30 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Direct operating | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,555.20 | 2,385.70 | 2,262.70 |
Depreciation of revenue earning equipment and lease charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,713.60 | 2,378.50 | 1,986.20 |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 482.3 | 474.1 | 349.2 |
Interest expense, net of interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 336.6 | 253.5 | 299.2 |
Other (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54.1 | -10.7 | 62.4 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,141.80 | 5,481.10 | 4,959.70 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,596.90 | -1,222 | -891.4 |
Benefit for taxes on income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 597.1 | 477.7 | 347.3 |
Equity in earnings of subsidiaries, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,393.80 | 1,015.50 | 742.5 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $394 | $271.20 | $198.40 |
Schedule_I_Parent_Co_Statement1
Schedule I (Parent Co Statement of Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income (loss) | $394 | $271.20 | $218 |
Other comprehensive income (loss) | 34 | 1.6 | -66.3 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 428 | 272.8 | 132.1 |
Parent | ' | ' | ' |
Net income (loss) | 394 | 271.2 | 198.4 |
Other comprehensive income (loss) | 34 | 1.6 | -66.3 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $428 | $272.80 | $132.10 |
Schedule_I_Parent_Co_Statement2
Schedule I (Parent Co Statements of Stockholders' Equity) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
Accumulated deficit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($1,127.70) | |||
Acquisition of remaining portion of non-controlling interest, net of tax of $9.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -28.2 | ' | |||
Acquisition of remaining portion of non-controlling interest, tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.8 | ' | |||
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Beginning Balance (Shares) | ' | ' | ' | 100 | ' | ' | ' | ' | 100 | ' | 100 | ' | 100 | ' | ' | ' | |||
Beginning Balance | ' | ' | ' | 2,896.50 | ' | ' | ' | 2,612.30 | 2,896.50 | 2,612.30 | 2,896.50 | 2,612.30 | 2,896.50 | 2,612.30 | ' | ' | |||
Net loss attributable to The Hertz Corporation and Subsidiaries' common stockholder | 3.4 | 237.1 | 129.3 | 24.3 | -28.7 | 252.2 | 95.9 | -48.2 | 153.6 | 47.7 | 390.7 | 299.9 | 394 | 271.2 | 198.4 | ' | |||
Dividends paid to Hertz Global Holdings, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -481.8 | -25 | -22.9 | ' | |||
Hertz Holdings common shares issued to Directors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | ' | ' | |||
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34 | 1.6 | -66.3 | ' | |||
Stock-based employee compensation charges, net of tax of $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.1 | 29.9 | 31.1 | ' | |||
Proceeds from employee stock purchase plan, net of tax of $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 5 | 4.2 | ' | |||
Hertz Holdings common and phantom shares issued to Directors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | ' | 1.6 | ' | |||
Ending Balance (Shares) | 100 | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | 100 | 100 | ' | ' | |||
Ending Balance | 2,884.40 | ' | ' | ' | 2,896.50 | ' | ' | ' | ' | ' | ' | ' | 2,884.40 | 2,896.50 | 2,612.30 | ' | |||
Payments of Ordinary Dividends, Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23.2 | ' | |||
Net Income (Loss) Attributable to Noncontrolling Interest Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -19.6 | ' | |||
Stock-based employee compensation charges, tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0.4 | 0 | ' | |||
Proceeds from employee stock purchase plan, tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||
Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Shares, Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |||
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Beginning Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,452 | |||
Ending Balance (Shares) | 100 | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | 100 | 100 | 100 | ' | |||
Ending Balance | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 3,452 | |||
Additional Paid-In Capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Beginning Balance | ' | ' | ' | 3,510 | ' | ' | ' | ' | 3,510 | ' | 3,510 | ' | 3,510 | ' | ' | -1,008.30 | |||
Hertz Holdings common shares issued to Directors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | ' | ' | ' | |||
Acquisition of remaining portion of non-controlling interest, net of tax of $9.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.1 | ' | ' | ' | |||
Proceeds from employee stock purchase plan, net of tax of $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | |||
Ending Balance | 3,551.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,551.70 | ' | 3,473.60 | -1,008.30 | |||
Retained Earnings (Accumulated Deficit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Beginning Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37.8 | |||
Ending Balance | -674.4 | ' | ' | ' | -586.6 | ' | ' | ' | ' | ' | ' | ' | -674.4 | -586.6 | -832.8 | 37.8 | |||
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Beginning Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.5 | |||
Ending Balance | 7.1 | ' | ' | ' | -26.9 | ' | ' | ' | ' | ' | ' | ' | 7.1 | -26.9 | -28.5 | 16.5 | |||
Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Accumulated deficit | -674.4 | ' | ' | ' | -586.6 | ' | ' | ' | ' | ' | ' | ' | -674.4 | -586.6 | ' | ' | |||
Acquisition of remaining portion of non-controlling interest, net of tax of $9.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15.3 | ' | |||
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Beginning Balance (Shares) | ' | ' | ' | 100 | ' | ' | ' | ' | 100 | ' | 100 | ' | 100 | ' | ' | ' | |||
Beginning Balance | ' | ' | ' | 2,896.50 | ' | ' | ' | 2,612.30 | 2,896.50 | 2,612.30 | 2,896.50 | 2,612.30 | 2,896.50 | 2,612.30 | 2,481.50 | ' | |||
Net loss attributable to The Hertz Corporation and Subsidiaries' common stockholder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 394 | 271.2 | 198.4 | ' | |||
Dividends paid to Hertz Global Holdings, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -481.8 | -25 | -22.9 | ' | |||
Hertz Holdings common shares issued to Directors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | 1.5 | ' | ' | |||
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34 | 1.6 | -66.3 | ' | |||
Acquisition of remaining portion of non-controlling interest, net of tax of $9.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.1 | 29.9 | ' | ' | |||
Stock-based employee compensation charges, net of tax of $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31.1 | ' | |||
Proceeds from employee stock purchase plan, net of tax of $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 5 | 4.2 | ' | |||
Hertz Holdings common and phantom shares issued to Directors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.6 | ' | |||
Ending Balance (Shares) | 100 | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | 100 | 100 | ' | ' | |||
Ending Balance | 2,884.40 | ' | ' | ' | 2,896.50 | ' | ' | ' | ' | ' | ' | ' | 2,884.40 | 2,896.50 | 2,612.30 | ' | |||
Payments of Ordinary Dividends, Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | |||
Net Income (Loss) Attributable to Noncontrolling Interest Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | |||
Parent | Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Shares, Issued | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | |||
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Beginning Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |||
Ending Balance | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | |||
Parent | Additional Paid-In Capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Acquisition of remaining portion of non-controlling interest, net of tax of $9.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15.3 | ' | |||
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Beginning Balance | ' | ' | ' | 3,510 | ' | ' | ' | 3,473.60 | 3,510 | 3,473.60 | 3,510 | 3,473.60 | 3,510 | 3,473.60 | 3,452 | ' | |||
Hertz Holdings common shares issued to Directors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | 1.5 | ' | ' | |||
Acquisition of remaining portion of non-controlling interest, net of tax of $9.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29.9 | ' | ' | |||
Stock-based employee compensation charges, net of tax of $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29.9 | 31.1 | ' | |||
Proceeds from employee stock purchase plan, net of tax of $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 4.2 | ' | |||
Hertz Holdings common and phantom shares issued to Directors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.6 | ' | |||
Ending Balance | 3,551.70 | ' | ' | ' | 3,510 | ' | ' | ' | ' | ' | ' | ' | 3,551.70 | 3,510 | 3,473.60 | ' | |||
Parent | Retained Earnings (Accumulated Deficit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Beginning Balance | ' | ' | ' | -586.6 | ' | ' | ' | -832.8 | -586.6 | -832.8 | -586.6 | -832.8 | -586.6 | -832.8 | -1,008.30 | ' | |||
Net loss attributable to The Hertz Corporation and Subsidiaries' common stockholder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 394 | 271.2 | 198.4 | ' | |||
Dividends paid to Hertz Global Holdings, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -481.8 | -25 | -22.9 | ' | |||
Ending Balance | -674.4 | ' | ' | ' | -586.6 | ' | ' | ' | ' | ' | ' | ' | -674.4 | -586.6 | -832.8 | ' | |||
Parent | Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Beginning Balance | ' | ' | ' | -26.9 | ' | ' | ' | -28.5 | -26.9 | -28.5 | -26.9 | -28.5 | -26.9 | -28.5 | 37.8 | ' | |||
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34 | 1.6 | -66.3 | ' | |||
Ending Balance | 7.1 | ' | ' | ' | -26.9 | ' | ' | ' | ' | ' | ' | ' | 7.1 | -26.9 | -28.5 | ' | |||
Scenario, Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Accumulated deficit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,123.20 | |||
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net loss attributable to The Hertz Corporation and Subsidiaries' common stockholder | ' | 241.6 | 129.9 | 26.5 | -28.3 | 251.3 | 100.9 | -48.2 | 156.4 | 52.7 | 398 | 304 | ' | 275.7 | 210.4 | ' | |||
Scenario, Previously Reported | Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Beginning Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.5 | |||
Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.5 | |||
Scenario, Previously Reported | Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Beginning Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,486 | ' | |||
Net loss attributable to The Hertz Corporation and Subsidiaries' common stockholder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 275.7 | 210.4 | ' | |||
Scenario, Previously Reported | Parent | Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Shares, Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |||
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Beginning Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |||
Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |||
Scenario, Previously Reported | Parent | Additional Paid-In Capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Beginning Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,452 | |||
Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,452 | |||
Scenario, Previously Reported | Parent | Retained Earnings (Accumulated Deficit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Beginning Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,003.80 | |||
Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,003.80 | |||
Scenario, Previously Reported | Parent | Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Beginning Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37.8 | |||
Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37.8 | |||
Restatement Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Accumulated deficit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4.5 | |||
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net loss attributable to The Hertz Corporation and Subsidiaries' common stockholder | ' | -4.5 | -0.6 | -2.2 | -0.4 | 0.9 | -5 | [1] | 0 | [1] | -2.8 | -5 | [1] | -7.3 | -4.1 | ' | -4.5 | -12 | ' |
Restatement Adjustment | Retained Earnings (Accumulated Deficit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Accumulated deficit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4.5 | |||
Restatement Adjustment | Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Accumulated deficit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4.5 | |||
Restatement Adjustment | Parent | Retained Earnings (Accumulated Deficit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Accumulated deficit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($4.50) | |||
[1] | Refer to explanations (a) through (c) mentioned above for the year ended December 31, 2012. |
Schedule_I_Parent_Co_Statement3
Schedule I (Parent Co Statement of Cash Flows) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net Income (loss) | $394 | $271.20 | $198.40 | ' |
Cash flows from operating activities: | ' | ' | ' | ' |
Net cash provided by operating activities | 3,611.50 | 2,740.20 | 2,236.10 | ' |
Cash flows from investing activities: | ' | ' | ' | ' |
Increase (Decrease) in Restricted Cash | -308.3 | -241.6 | -101.7 | ' |
Payments to Acquire Revenue Earning Equipment | -10,298.40 | -9,612.80 | -9,431.90 | ' |
Proceeds from disposal of revenue earning equipment | 7,264.10 | 7,125.10 | 7,850.40 | ' |
Payments to Acquire Other Property, Plant, and Equipment | -313.8 | -297.1 | -281.7 | ' |
Proceeds from disposal of property and equipment | 73 | 122 | 53.8 | ' |
Captial Contributions to Subsidiaries | 0 | 0 | 0 | ' |
Distributions of Equity | 0 | 0 | 0 | ' |
Payments to Acquire Businesses, Net of Cash Acquired | -254 | -1,905.20 | -227.1 | 0 |
Purchase of short-term investments, net | 0 | 0 | -32.9 | ' |
Net cash used in investing activities | -3,838.90 | -4,726.90 | -2,170.50 | ' |
Cash flows from financing activities: | ' | ' | ' | ' |
Proceeds from issuance of long-term debt | 1,774.70 | 2,237.30 | 3,062.50 | ' |
Repayments of Long-term Debt | -1,044.80 | -952.1 | -3,649.30 | ' |
Repayments of Short-term Debt, Maturing in More than Three Months | -1,017.50 | -1,280.10 | -1,194.10 | ' |
Proceeds from Lines of Credit | 9,511.60 | 6,463.60 | 5,106.80 | ' |
Payments under the revolving lines of credit | -9,104.50 | -5,190.50 | -5,164.10 | ' |
Dividends paid | -481.8 | -25 | -22.9 | ' |
Proceeds from employee stock purchase plan | 5.1 | 4.3 | 3.6 | ' |
Loan to Parent From Non-Guarantor | 0 | 0 | 0 | ' |
Loan with Hertz Global Holdings, Inc. | -79.8 | -13.2 | -1 | ' |
Payments to Acquire Additional Interest in Subsidiaries | 0 | -38 | 0 | ' |
Payments of Financing Costs | -54.3 | -49.4 | -91.5 | ' |
Net cash provided by (used in) financing activities | 105.1 | 1,595.30 | -1,512.20 | ' |
Net change in cash and cash equivalents during the period | -122.3 | -385.7 | -1,442.80 | ' |
Cash and cash equivalents at beginning of period | 545.5 | 931.2 | 2,374 | ' |
Cash and cash equivalents at end of period | 423.2 | 545.5 | 931.2 | 2,374 |
Parent | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net Income (loss) | 394 | 271.2 | 198.4 | ' |
Cash flows from operating activities: | ' | ' | ' | ' |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | -212.8 | -1,149 | 801.5 | ' |
Net cash provided by operating activities | 181.2 | -877.8 | 999.9 | ' |
Cash flows from investing activities: | ' | ' | ' | ' |
Increase (Decrease) in Restricted Cash | -23.4 | 12 | -28.6 | ' |
Payments to Acquire Revenue Earning Equipment | -149.5 | -87.7 | -141.4 | ' |
Proceeds from disposal of revenue earning equipment | 136.4 | 79.4 | 163.3 | ' |
Payments to Acquire Other Property, Plant, and Equipment | -192.4 | -173.1 | -189.5 | ' |
Proceeds from disposal of property and equipment | 42.4 | 67.4 | 24 | ' |
Captial Contributions to Subsidiaries | -937.9 | -2,989.70 | -3,549.10 | ' |
Distributions of Equity | 1,133.90 | 3,106.70 | 2,590 | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | -1,708.50 | -214.4 | 0 |
Purchase of short-term investments, net | 0 | 0 | -32.9 | ' |
Net cash used in investing activities | 9.5 | -1,693.50 | -1,378.60 | ' |
Cash flows from financing activities: | ' | ' | ' | ' |
Proceeds from issuance of long-term debt | 250 | 2,210 | 2,455.30 | ' |
Repayments of Long-term Debt | -33.8 | -650.4 | -3,596.30 | ' |
Repayments of Short-term Debt, Maturing in More than Three Months | 0 | -26.8 | -29.2 | ' |
Proceeds from Lines of Credit | 2,280 | 2,820 | 1,102.70 | ' |
Payments under the revolving lines of credit | -2,323 | -2,600 | -1,131.90 | ' |
Dividends paid | -481.8 | -25 | -22.9 | ' |
Proceeds from employee stock purchase plan | 5.1 | 4.3 | 3.6 | ' |
Loan to Parent From Non-Guarantor | 253.1 | 385.1 | 490.3 | ' |
Loan with Hertz Global Holdings, Inc. | -79.8 | -13.2 | -1 | ' |
Payments to Acquire Additional Interest in Subsidiaries | 0 | -38 | 0 | ' |
Payments of Financing Costs | -9 | -35.2 | -81.2 | ' |
Net cash provided by (used in) financing activities | -139.2 | 2,030.80 | -810.6 | ' |
Net change in cash and cash equivalents during the period | 51.5 | -540.5 | -1,189.30 | ' |
Cash and cash equivalents at beginning of period | 24.6 | 565.1 | 1,754.40 | ' |
Cash and cash equivalents at end of period | $76.10 | $24.60 | $565.10 | $1,754.40 |
Schedule_I_Parent_Co_Commitmen
Schedule I (Parent Co Commitments and Contingencies) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | Debt, Interest and ASC 740-10 | Operating leases and purchase obligations | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' | ' | |
Total | ' | $6,360 | ' | |
2014 | 1,968.70 | [1] | 349.4 | ' |
2015 | 5,284.50 | 21.3 | ' | |
2016 | 1,367.50 | 21.3 | ' | |
2017 | 366 | 21.3 | ' | |
2018 | 3,643.50 | 2,969.30 | ' | |
Thereafter | 3,587.80 | 2,977.40 | ' | |
Interest Payable, Current and Noncurrent [Abstract] | ' | ' | ' | |
Total | ' | 1,970.80 | ' | |
2013 | ' | 341.1 | ' | |
2014 | ' | 337.9 | ' | |
2015 | ' | 342.7 | ' | |
2016 | ' | 363.3 | ' | |
2017 | ' | 261.2 | ' | |
Thereafter | ' | 324.6 | ' | |
ASC 740-10 Liability and Interest Schedule [Abstract] | ' | ' | ' | |
Total | ' | 1.2 | ' | |
2013 | ' | 1.2 | ' | |
Minimum obligations under existing agreements | ' | ' | ' | |
Total | ' | ' | 1,603 | |
Less than 1 Year | ' | ' | 309.1 | |
1-3 Years | ' | ' | 428.1 | |
3-5 Years | ' | ' | 270.8 | |
More than 5 Years | ' | ' | 595 | |
Purchase Obligation, Fiscal Year Maturity [Abstract] | ' | ' | ' | |
Total | ' | ' | 3,840.50 | |
Less than 1 Year | ' | ' | 3,795.30 | |
1-3 Years | ' | ' | 43.5 | |
3-5 Years | ' | ' | 1.7 | |
More than 5 Years | ' | ' | 0 | |
Contractual Obligation, Fiscal Year Maturity [Abstract] | ' | ' | ' | |
Total | ' | 8,332 | 5,443.50 | |
Less than 1 Year | ' | 691.7 | 4,104.40 | |
Contractual Obligation, Due in Second Year | ' | 359.2 | ' | |
Contractual Obligation, Due in Third Year | ' | 364 | ' | |
Contractual Obligation, Due in Fourth Year | ' | 384.6 | ' | |
Contractual Obligation, Due in Fifth Year | ' | 3,230.50 | ' | |
1-3 Years | ' | ' | 471.6 | |
3-5 Years | ' | ' | 272.5 | |
More than 5 Years | ' | $3,302 | $595 | |
[1] | (includingB $4,965.6B ofB otherB short-termB borrowings*) |
Schedule_I_Parent_Co_Distribut
Schedule I (Parent Co Distribution of Equity) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Payments of Dividends | $481.80 | $25 | $22.90 |
Parent [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Payments of Dividends | ($2,233.40) | ($3,981.60) | ($3,143.40) |
Schedule_II_Details
Schedule II (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Allowance for doubtful accounts: | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at beginning of period | $29.30 | [1] | $20.30 | [1] | $19.70 | [1] |
Charged to Expense | 41.9 | 38.3 | [1] | 28.2 | [1] | |
Translation Adjustments | -0.1 | 0 | [1] | 0.1 | [1] | |
Deductions | -40.3 | [2] | -29.3 | [1],[2] | -27.7 | [1],[2] |
Balance at end of period | 30.8 | 29.3 | [1] | 20.3 | [1] | |
Tax valuation allowances: | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at beginning of period | 226.4 | [1] | 186.7 | [1] | 185.8 | [1] |
Charged to Expense | 37.9 | 39.8 | [1] | 2.1 | [1] | |
Translation Adjustments | 15.1 | -0.1 | [1] | -1.2 | [1] | |
Deductions | 0 | 0 | [1] | 0 | [1] | |
Balance at end of period | $279.40 | $226.40 | [1] | $186.70 | [1] | |
[1] | Prior period amounts have been revised, for a description of the revisions to prior periods, see Note 2 to the Notes to our audited annual consolidated financial statements included in this Annual Report under the caption bItemB 8bFinancial Statements and Supplementary Data." | |||||
[2] | Amounts written off, net of recoveries. |