Hertz 2007 Annual Report Download - page 157
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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Postretirement Benefits (U.S.)
Successor Predecessor
For the periods from
December 21, January 1,
2005 to 2005 to
Years ended December 31, December 31, December 20,
2007 2006 2005 2005
Components of Net Periodic Benefit Cost:
Service cost ...................... $0.3 $0.4 $— $0.4
Interest cost ...................... 0.8 0.8 0.1 0.9
Amortization:
Losses and other ................. (0.6) (0.1) — 0.2
Special termination benefit cost ....... 0.2 — — —
Net postretirement expense ........... $0.7 $1.1 $0.1 $1.5
Weighted-average discount rate for
expense ....................... 5.7% 5.50% 5.75% 5.75%
Initial health care cost trend rate ........ 9.5% 10.0% 11.0% 11.0%
Ultimate health care cost trend rate ..... 5.0% 5.0% 5.0% 5.0%
Number of years to ultimate trend rate . . . 7 8 9 9
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 ................ $0.1 $(0.1)
Effect on postretirement benefit obligation ......................... $0.5 $(0.5)
The provisions charged to income for the years ended December 31, 2007 and 2006, the Successor
period ended December 31, 2005 and the Predecessor period ended December 20, 2005 for all other
pension plans were approximately (in millions of dollars) $7.8, $8.0, $0.2 and $8.0, respectively.
The provisions charged to income for the years ended December 31, 2007 and 2006, the Successor
period ended December 31, 2005 and the Predecessor period ended December 20, 2005 for the defined
contribution plans were approximately (in millions of dollars) $15.6, $15.1, $0.5 and $14.8, respectively.
Plan Assets
Our major U.S. and Non-U.S. pension plans’ weighted-average asset allocations at December 31, 2007
and 2006, by asset category, are as follows:
Plan Assets
Asset Category 2007 2006 2007 2006
U.S. Non-U.S.
Equity securities .................................. 70.0% 72.4% 85.0% 85.0%
Fixed income securities ............................ 30.0 27.6 15.0 15.0
Total .......................................... 100.0% 100.0% 100.0% 100.0%
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