Hertz 2008 Annual Report Download - page 143

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands of Dollars)
December 31,
2008 2007
ASSETS
Cash and equivalents .................................... $ 594,266 $ 730,203
Restricted cash ........................................ 731,373 661,025
Receivables, less allowance for doubtful accounts of $16,378 and
$11,137 ............................................ 1,911,084 1,690,956
Inventories, at lower of cost or market ........................ 96,187 118,997
Prepaid expenses and other assets .......................... 286,712 317,613
Revenue earning equipment, at cost:
Cars .............................................. 7,635,402 8,572,387
Less accumulated depreciation .......................... (1,133,946) (962,054)
Other equipment ...................................... 2,708,254 3,108,799
Less accumulated depreciation .......................... (518,172) (411,272)
Total revenue earning equipment ....................... 8,691,538 10,307,860
Property and equipment, at cost:
Land, buildings and leasehold improvements ................. 1,033,098 1,022,438
Service equipment .................................... 751,925 685,579
1,785,023 1,708,017
Less accumulated depreciation .......................... (530,463) (362,469)
Total property and equipment ......................... 1,254,560 1,345,548
Other intangible assets, net ............................... 2,621,586 3,123,467
Goodwill ............................................. 264,061 959,993
Total assets ..................................... $16,451,367 $19,255,662
LIABILITIES, MINORITY INTEREST AND STOCKHOLDERS’ EQUITY
Accounts payable ...................................... $ 931,336 $ 1,064,878
Accrued salaries and other compensation ..................... 437,340 424,310
Other accrued liabilities .................................. 700,534 603,812
Accrued taxes ......................................... 128,360 127,992
Debt ................................................ 10,972,297 11,960,126
Public liability and property damage ......................... 311,352 343,028
Deferred taxes on income ................................. 1,481,866 1,797,099
Total liabilities ................................... 14,963,085 16,321,245
Commitments and contingencies
Minority interest ........................................ 17,664 21,028
Stockholders’ equity:
Common Stock, $0.01 par value, 2,000,000,000 shares authorized,
322,987,299 and 321,862,083 shares issued ................ 3,230 3,219
Preferred Stock, $0.01 par value, 200,000,000 shares authorized, no
shares issued ...................................... — —
Additional paid-in capital .................................. 2,503,819 2,469,213
Retained earnings (deficit) ................................ (936,296) 270,450
Accumulated other comprehensive income (loss) ................ (100,135) 170,507
Total stockholders’ equity ........................... 1,470,618 2,913,389
Total liabilities, minority interest and stockholders’ equity .... $16,451,367 $19,255,662
The accompanying notes are an integral part of these financial statements.
123