Dollar Rent A Car 2011 Annual Report Download - page 72
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The amount of gain (loss), net of tax and reclassification, recognized on the derivative in other comprehensive income (loss) (“OCI”) and the amount of
the gain (loss) reclassified from Accumulated OCI (“AOCI”) into income (loss) for the years ended December 31, 2011 and 2010 are as follows (in
thousands):
Amount of Gain or (Loss)
Recognized in OCI on
Derivative (Effective Portion)
Amount of Gain or (Loss)
Reclassified from AOCI into
Income (Effective Portion)
Location of (Gain) or Loss
Reclassified from AOCI in
Income (Effective Portion)
Derivatives in Cash
Flow Hedging
Relationships 2011 2010 2011 2010
Years Ended
December 31,
Interest rate contracts $ 10,259 $ 5,543 $ (14,229) $ (14,069)
Interest expense, net of
interest income
Total $ 10,259 $ 5,543 $ (14,229) $ (14,069)
At December 31, 2011, the Company no longer has an interest rate contract related to the 2007 Swap due to its early termination on December 28,
2011, and no ineffectiveness was recorded in income during 2011. Additionally, $0.4 million, net of tax, was reclassified from AOCI related to the
discontinuance of a cash flow hedge during 2011.
10. FAIR VALUE MEASUREMENTS
Financial instruments are presented at fair value in the Company’s balance sheets. Fair value is defined as the price which would be received to sell an
asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair
value in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. These
categories include (in descending order of priority): Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as
inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which
little or no market data exists, therefore requiring an entity to develop its own assumptions.
The following tables show assets and liabilities measured at fair value on a recurring basis as of December 31, 2011 and 2010 on the Company’s
balance sheet, and the input categories associated with those assets and liabilities:
Fair Value Measurements at Reporting Date Using
Total Fair Quoted Prices in Significant Other Significant
(in thousands) Value Assets Active Markets
for Observable Unobservable
(Liabilities) Identical Assets Inputs Inputs
Description at 12/31/11 (Level 1) (Level 2) (Level 3)
Derivative Assets $ 548 $ - $ 548 $ -
Deferred Compensation
Plan Assets (a) 5,752 5,752 - -
Total $ 6,300 $ 5,752 $ 548 $ -
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