Hertz 2010 Annual Report Download - page 117
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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Other intangible assets, net, consisted of the following major classes (in millions of dollars):
December 31, 2010
Gross Net
Carrying Accumulated Carrying
Amount Amortization Value
Amortizable intangible assets:
Customer-related ................................. $ 606.5 $(304.6) $ 301.9
Other(1) ........................................ 59.1 (18.6) 40.5
Total ........................................ 665.6 (323.2) 342.4
Indefinite-lived intangible assets:
Trade name ..................................... 2,190.0 — 2,190.0
Other(2) ........................................ 18.2 — 18.2
Total ........................................ 2,208.2 — 2,208.2
Total other intangible assets, net .................. $2,873.8 $(323.2) $2,550.6
December 31, 2009
Gross Net
Carrying Accumulated Carrying
Amount Amortization Value
Amortizable intangible assets:
Customer-related ................................. $ 600.6 $(246.5) $ 354.1
Other(1) ........................................ 50.0 (12.0) 38.0
Total ........................................ 650.6 (258.5) 392.1
Indefinite-lived intangible assets:
Trade name ..................................... 2,190.0 — 2,190.0
Other(2) ........................................ 15.6 — 15.6
Total ........................................ 2,205.6 — 2,205.6
Total other intangible assets, net .................. $2,856.2 $(258.5) $2,597.7
(1) Other amortizable intangible assets primarily consist of our Advantage trade name, concession rights, reacquired franchise
rights, non-compete agreements and technology-related intangibles.
(2) Other indefinite-lived intangible assets primarily consist of reacquired franchise rights.
In 2008, we recorded non-cash impairment charges of $694.9 million related to our goodwill and $451.0
related to other intangible assets. The car rental and equipment rental segments recorded non-cash
impairment charges related to their goodwill of $43.0 million and $651.9 million, respectively, and to their
other intangible assets of $377.0 million and $74.0 million, respectively. These impairment charges were
a result of a decline in the economy and fourth quarter 2008 operating results, and a significant decline in
both the fair value of debt and our stock price.
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