Hertz 2009 Annual Report Download - page 147
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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
together with amounts included in our consolidated balance sheet and statement of operations (in
millions of dollars):
Pension Benefits Postretirement
U.S. Non-U.S. Benefits (U.S.)
2009 2008 2009 2008 2009 2008
Change in Benefit Obligation
Benefit obligation at January 1 ........ $438.8 $ 451.2 $163.5 $199.7 $ 12.9 $ 13.2
Service cost ..................... 22.0 23.1 5.6 8.1 0.1 0.1
Interest cost ..................... 27.9 27.4 9.5 10.2 0.8 0.8
Employee contributions ............. ——1.1 1.8 0.5 0.3
Plan amendments ................. — — — ———
Plan curtailments .................. — (9.3) (0.3) (0.6) — 0.7
Plan settlements .................. (11.0) (24.4) (1.6) (0.7) ——
Special termination benefits .......... — 2.1 — ———
Benefits paid ..................... (36.4) (21.8) (4.7) (3.4) (1.3) (1.1)
Foreign exchange translation ......... ——15.5 (49.0) ——
Actuarial loss (gain) ................ 63.4 (9.5) 2.7 (2.4) 0.7 (1.1)
Other .......................... ——(0.3) (0.2) ——
Benefit obligation at December 31 ..... $504.7 $ 438.8 $191.0 $163.5 $ 13.7 $ 12.9
Change in Plan Assets
Fair value of plan assets at January 1 . . . $ 237.0 $ 329.7 $103.3 $162.6 $ — $ —
Actual return on plan assets .......... 39.3 (73.7) 23.1 (27.5) ——
Company contributions ............. 55.3 27.2 6.7 8.6 0.7 0.8
Employee contributions ............. ——1.1 1.8 0.5 0.3
Plan settlements .................. (11.0) (24.4) (1.6) (0.7) ——
Benefits paid ..................... (36.4) (21.8) (4.7) (3.4) (1.2) (1.1)
Foreign exchange translation ......... ——11.6 (37.9) ——
Other .......................... ——(0.3) (0.2) ——
Fair value of plan assets at December 31 . $ 284.2 $ 237.0 $139.2 $103.3 $ — $ —
Funded Status of the Plan
Plan assets less than benefit obligation . . $(220.5) $(201.8) $ (51.8) $ (60.2) $(13.7) $(12.9)
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