Hertz 2008 Annual Report Download - page 145

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In Thousands of Dollars, except share data)
Accumulated
Additional Retained Other Total
Number Common Preferred Paid-In Earnings Comprehensive Stockholders’
of Shares Stock Stock Capital (Deficit) Income (Loss) Equity
Balance at:
December 31, 2005 ....................... 229,500,000 $2,295 $ — $ 2,292,705 $ (21,346) $ (7,472) $ 2,266,182
Net income .......................... 115,943 115,943
Change in fair value of derivatives qualifying as cash flow
hedges, net of tax of $5,023 ................ 7,621 7,621
Translation adjustment changes ............... 95,023 95,023
Unrealized holding losses on securities, net of tax of $4 . . . (30) (30)
Unrealized loss on Euro-denominated debt, net of tax of
$4,648 ........................... (7,066) (7,066)
Minimum pension liability adjustment, net of tax of $9 .... 14 14
Total Comprehensive Income ................. 211,505
Sale of common stock in initial public offering ........ 88,235,000 882 1,259,384 1,260,266
Cash dividends ($4.32 and $1.12 per common share) .... (1,174,456) (85,062) (1,259,518)
Stock-based employee compensation charges ........ 25,452 25,452
Sale of stock under employee equity offering ........ 2,883,692 29 24,208 24,237
Adjustment to initially apply FASB Statement No. 158, net of
tax of $4,873 (revised) ................... 6,438 6,438
December 31, 2006 ....................... 320,618,692 3,206 — 2,427,293 9,535 94,528 2,534,562
Net income .......................... 264,559 264,559
Change in fair value of derivatives qualifying as cash flow
hedges, net of tax of $31,294 ............... (49,142) (49,142)
Translation adjustment changes ............... 126,279 126,279
Unrealized holding losses on securities, net of tax of $7 . . . (51) (51)
Unrealized loss on Euro-denominated debt, net of tax of
$13,611 ........................... (20,729) (20,729)
Defined benefit pension plans:
Prior service cost from plan curtailment .......... 20 20
Amortization or settlement recognition of net loss ..... 4,048 4,048
Net gain arising during the period ............. 21,914 21,914
Income tax related to defined pension plans ........ (6,360) (6,360)
Defined benefit pension plans, net .............. 19,622 19,622
Total Comprehensive Income ................. 340,538
Stock-based employee compensation charges ........ 32,939 32,939
Exercise of stock options ................... 1,227,950 13 5,586 5,599
Cumulative effect of the adoption of FIN 48 ......... (3,644) (3,644)
Common shares issued to Directors ............. 15,441 328 328
Phantom shares issued to Directors ............. 192 192
Proceeds from disgorgement of stockholder short-swing
profits, net of tax of $1,880 ................. 2,875 2,875
December 31, 2007 ....................... 321,862,083 3,219 — 2,469,213 270,450 170,507 2,913,389
Net loss ............................ (1,206,746) (1,206,746)
Change in fair value of derivatives qualifying as cash flow
hedges, net of tax of $28,429 ............... (44,012) (44,012)
Translation adjustment changes ............... (163,359) (163,359)
Unrealized holding gains on securities, net of tax of $6 . . . 120 120
Unrealized gain on Euro-denominated debt, net of tax of
$5,665 ........................... 12,116 12,116
Defined benefit pension plans:
Amortization or settlement recognition of net loss ..... 505 505
Net loss arising during the period ............. (114,279) (114,279)
Income tax related to defined pension plans ........ 38,267 38,267
Defined benefit pension plans, net .............. (75,507) (75,507)
Total Comprehensive Loss .................. (1,477,388)
Stock-based employee compensation charges, net of tax of
$643 ............................ 27,380 27,380
Exercise of stock options ................... 1,086,360 11 6,743 6,754
Common shares issued to Directors ............. 38,856 243 243
Phantom shares issued to Directors ............. 150 150
Proceeds from disgorgement of stockholder short-swing
profits, net of tax of $48 .................. 90 90
December 31, 2008 ....................... 322,987,299 $3,230 $ — $ 2,503,819 $ (936,296) $(100,135) $ 1,470,618
The accompanying notes are an integral part of these financial statements.
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