Hertz 2009 Annual Report Download - page 149
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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
The expected return on plan assets for each funded plan is based on expected future investment returns
considering the target investment mix of plan assets.
Pension Benefits
U.S. Non-U.S.
Years Years
ended December 31, ended December 31,
2009 2008 2007 2009 2008 2007
Components of Net Periodic Benefit Cost:
Service cost .............................$22.0 $23.1 $ 27.6 $ 5.6 $ 8.1 $10.9
Interest cost ............................. 27.9 27.4 26.4 9.5 10.2 10.3
Expected return on plan assets ............... (22.7) (23.5) (25.7) (7.6) (11.4) (10.9)
Amortization:
Losses and other ........................ 0.4 0.4 1.0 (0.4) (0.7) —
Curtailment loss .......................... ——(5.1) (0.3) (0.7) (0.1)
Settlement loss (gain) ...................... 1.4 3.7 3.5 0.1 0.1 (0.3)
Special termination cost ..................... — 2.1 4.5 ———
Net pension expense .......................$29.0 $33.2 $ 32.2 $ 6.9 $ 5.6 $ 9.9
Weighted-average discount rate for expense
(January 1) .............................. 6.39% 6.30% 5.70% 5.59% 5.51% 4.81%
Weighted-average assumed long-term rate of return
on assets (January 1) ...................... 8.25% 8.50% 8.75% 6.79% 7.22% 7.22%
The pension mark-to-market adjustment balance included in ‘‘Accumulated other comprehensive loss’’
at December 31, 2009 and 2008 was $66.5 million and $49.4 million, respectively.
Postretirement Benefits
(U.S.)
Years
ended December 31,
2009 2008 2007
Components of Net Periodic Benefit Cost:
Service cost ............................................ $0.1 $0.1 $0.3
Interest cost ............................................ 0.7 0.7 0.8
Amortization:
Losses and other ....................................... (0.3) (2.9) (0.6)
Special termination benefit cost ............................ ——0.2
Net postretirement expense ................................. $0.5 $(2.1) $ 0.7
Weighted-average discount rate for expense ..................... 6.2% 6.3% 5.7%
Initial health care cost trend rate ............................. 9.0% 9.5% 9.5%
Ultimate health care cost trend rate ........................... 5.0% 5.0% 5.0%
Number of years to ultimate trend rate ......................... 9 8 7
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