Hertz 2007 Annual Report Download - page 153

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
• The Brazilian Fleet Financing Facility had the foreign currency equivalent of approximately
$10.3 million of remaining capacity and $10.3 million available under the borrowing base
limitation.
• The Canadian Fleet Financing Facility had the foreign currency equivalent of approximately
$236.7 million of remaining capacity and no amounts available under the borrowing base
limitation.
• The U.K. Leveraged Financing Facility had the foreign currency equivalent of approximately
$48.5 million of remaining capacity and no amounts available under the borrowing base
limitation.
As of December 31, 2007, substantially all of our assets were pledged under one or more of the facilities
noted above. As of December 31, 2007 and 2006, accrued interest was $138.3 million and
$149.1 million, respectively, which is reflected in our consolidated balance sheet in ‘‘Other accrued
liabilities.’’
Note 4—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 foreign 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. We participate in various multiemployer pension
plans administered by labor unions representing some of our employees. We make periodic
contributions to these plans to allow them to meet their pension benefit obligations to their participants.
Contributions to U.S. multiemployer plans were $7.5 million, $7.7 million and $7.2 million for years ended
December 31, 2007, 2006 and 2005, respectively.
Company plans are generally funded, except for certain nonqualified U.S. defined benefit plans and in
Germany, 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.
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.
We use a December 31 measurement date for all 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
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