Hertz 2010 Annual Report Download - page 129
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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
together with amounts included in our consolidated balance sheets and statements of operations (in
millions of dollars):
Pension Benefits Postretirement
U.S. Non-U.S. Benefits (U.S.)
2010 2009 2010 2009 2010 2009
Change in Benefit Obligation
Benefit obligation at January 1 ........ $504.7 $ 438.8 $191.0 $163.5 $ 13.7 $ 12.9
Service cost ..................... 24.0 22.0 5.2 5.6 0.3 0.1
Interest cost ..................... 26.1 27.9 9.7 9.5 0.9 0.8
Employee contributions ............. — — 1.1 1.1 0.9 0.5
Plan amendments ................. — — (13.6) — — —
Plan curtailments .................. — — (0.2) (0.3) — —
Plan settlements .................. (3.4) (11.0) (0.3) (1.6) — —
Benefits paid ..................... (18.4) (36.4) (3.9) (4.7) (2.3) (1.3)
Foreign exchange translation ......... — — (9.4) 15.5 — —
Actuarial loss ..................... 16.7 63.4 22.7 2.7 5.5 0.7
Other .......................... — — (0.8) (0.3) — —
Benefit obligation at December 31 ..... $549.7 $ 504.7 $201.5 $191.0 $ 19.0 $ 13.7
Change in Plan Assets
Fair value of plan assets at January 1 . . . $ 284.2 $ 237.0 $139.2 $103.3 $ — $ —
Actual return on plan assets .......... 43.5 39.3 17.6 23.1 — —
Company contributions ............. 60.0 55.3 6.1 6.7 1.4 0.7
Employee contributions ............. — — 1.1 1.1 0.9 0.5
Plan settlements .................. (3.4) (11.0) (0.3) (1.6) — —
Benefits paid ..................... (18.4) (36.4) (3.9) (4.7) (2.3) (1.2)
Foreign exchange translation ......... — — (6.1) 11.6 — —
Other .......................... — — (0.9) (0.3) — —
Fair value of plan assets at December 31 $ 365.9 $ 284.2 $152.8 $139.2 $ — $ —
Funded Status of the Plan
Plan assets less than benefit obligation . . $(183.8) $(220.5) $ (48.7) $ (51.8) $(19.0) $(13.7)
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