Hertz 2009 Annual Report Download - page 174

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Derivative Instruments and Hedging Activities
The following table summarizes our financial assets and liabilities measured at fair value on a recurring
basis as of December 31, 2009 and 2008 (in millions of dollars):
Fair Value of Derivative Instruments(1)
Asset Derivatives(2) Liability Derivatives(2)
December 31, December 31, December 31, December 31,
2009 2008 2009 2008
Derivatives designated as hedging
instruments under ASC 815:
HVF interest rate swaps ........... $ — $ — $12.8 $134.5
Derivatives not designated as hedging
instruments under ASC 815:
Gasoline swaps ................. 2.2 ———
Interest rate caps ................ 8.2 0.3 5.6 0.3
Foreign exchange options ......... — 0.6 ——
Total derivatives not designated as
hedging instruments under ASC
815 ...................... 10.4 0.9 5.6 0.3
Total derivatives .................. $10.4 $0.9 $18.4 $134.8
(1) All fair value measurements were primarily based upon significant observable (Level 2) inputs.
(2) All asset derivatives are recorded in ‘‘Prepaid expenses and other assets’’ and all liability derivatives are recorded in
‘‘Accrued liabilities’’ on our consolidated balance sheets.
Amount of Gain or
Amount of Gain or (Loss) Reclassified
(Loss) Recognized in from Accumulated Amount of Gain or
Other Comprehensive Other Comprehensive (Loss) Recognized in
Income on Derivative Income into Income Income on Derivative
(Effective Portion) (Effective Portion) (Ineffective Portion)
Years ended December 31,
2009 2008 2009 2008 2009 2008
Derivatives in ASC 815 Cash
Flow Hedging Relationship:
HVF interest rate swaps ..... $(12.8) $(72.4) $(74.6)(1) $— $— $(11.8)
Note:The location of both the effective portion reclassified from ‘‘Accumulated other comprehensive loss’’ into income and the
ineffective portion recognized in income is in ‘‘Interest expense’’ on our consolidated statement of operations.
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