Hertz 2010 Annual Report Download - page 139
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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Note 8—Taxes on Income
The components of loss before income taxes for the periods were as follows (in millions of dollars):
Years ended December 31,
2010 2009 2008
Domestic .............................. $(127.1) $(149.3) $(1,166.7)
Foreign ............................... 113.5 (21.7) (216.1)
Total ................................ $ (13.6) $(171.0) $(1,382.8)
The total provision (benefit) for taxes on income consists of the following (in millions of dollars):
Years ended December 31,
2010 2009 2008
Current:
Federal ................................. $ 0.1 $ 0.4 $ (1.5)
Foreign ................................. 41.5 15.8 36.5
State and local ........................... 1.5 (1.2) 3.0
Total current ............................ 43.1 15.0 38.0
Deferred:
Federal ................................. (24.7) (34.1) (192.9)
Foreign ................................. 1.3 (23.0) (12.7)
State and local ........................... (2.7) (17.6) (29.3)
Total deferred ........................... (26.1) (74.7) (234.9)
Total provision (benefit) .................. $17.0 $(59.7) $(196.9)
The principal items of the U.S. and foreign net deferred tax assets and liabilities at December 31, 2010
and 2009 are as follows (in millions of dollars):
2010 2009
Deferred Tax Assets:
Employee benefit plans ..................................... $ 83.3 $ 88.0
Net operating loss carryforwards .............................. 1,407.4 1,135.2
Foreign tax credit carryforwards ............................... 20.8 20.8
Federal, state and foreign local tax credit carryforwards .............. 4.8 8.2
Accrued and prepaid expenses ............................... 224.3 206.1
Total Deferred Tax Assets .................................... 1,740.6 1,458.3
Less: Valuation Allowance ................................... (185.8) (167.8)
Total Net Deferred Tax Assets ................................. 1,554.8 1,290.5
Deferred Tax Liabilities:
Depreciation on tangible assets ............................... (2,004.1) (1,694.4)
Intangible assets .......................................... (1,042.5) (1,067.0)
Total Deferred Tax Liabilities .................................. (3,046.6) (2,761.4)
Net Deferred Tax Liability .................................. $(1,491.8) $(1,470.9)
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