Hertz 2010 Annual Report Download - page 152
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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Restructuring charges in our consolidated statement of operations can be summarized as follows (in
millions of dollars):
Years ended December 31,
2010 2009 2008
By Type:
Involuntary termination benefits ............................. $12.2 $ 44.1 $ 83.8
Pension and post retirement expense ......................... 0.4 0.7 5.6
Consultant costs ........................................ 1.1 7.6 10.0
Asset writedowns ....................................... 20.4 36.1 93.2
Facility closure and lease obligation costs ..................... 14.3 9.3 14.1
Relocation costs ........................................ 5.0 4.1 —
Contract termination costs ................................. — 1.7 —
Other ................................................ 1.3 3.2 9.5
Total ............................................... $54.7 $106.8 $216.2
Years ended December 31
2010 2009 2008
By Caption:
Direct operating ........................................ $43.5 $ 65.4 $171.6
Selling, general and administrative ........................... 11.2 41.4 44.6
Total ............................................... $54.7 $106.8 $216.2
Years ended December 31,
2010 2009 2008
By Segment:
Car rental ............................................. $18.1 $ 58.7 $ 98.4
Equipment rental ....................................... 34.7 38.2 103.2
Other reconciling items ................................... 1.9 9.9 14.6
Total ............................................... $54.7 $106.8 $216.2
During the years ended December 31, 2010, 2009 and 2008, the after-tax effect of the restructuring
charges increased the loss per share by $0.09, $0.23 and $0.48, respectively.
The following table sets forth the activity affecting the accrual during the years ended December 31,
2010 and 2009 (in millions of dollars). We expect to pay the remaining restructuring obligations relating
to involuntary termination benefits over the next twelve months. The remainder of the restructuring
accrual relates to future lease obligations which will be paid over the remaining term of the applicable
leases.
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