Hertz 2011 Annual Report Download - page 124
Download and view the complete annual report
Please find page 124 of the 2011 Hertz annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114 -
115 -
116 -
117 -
118 -
119 -
120 -
121 -
122 -
123 -
124 -
125 -
126 -
127 -
128 -
129 -
130 -
131 -
132 -
133 -
134 -
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
-
202
-
203
-
204
-
205
-
206
-
207
-
208
-
209
-
210
-
211
-
212
-
213
-
214
-
215
-
216
 |
 |
HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
In September 2011, the FASB issued Accounting Standards Update No. 2011-08, ‘‘Testing Goodwill for
Impairment,’’ which gives companies the option to first assess qualitative factors to determine whether
the existence of events or circumstances leads to a determination that it is more likely than not that the
fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or
circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is
less than its carrying amount, then performing the two-step impairment test is unnecessary. We did not
avail ourselves of this option for our goodwill impairment test which was performed in the fourth quarter
of 2011.
Note 3—Goodwill and Other Intangible Assets
The following summarizes the changes in our goodwill, by segment (in millions of dollars):
Equipment
Car Rental Rental Total
Balance as of January 1, 2011
Goodwill ........................................ $367.9 $ 681.7 $1,049.6
Accumulated impairment losses ....................... (46.1) (674.9) (721.0)
321.8 6.8 328.6
Goodwill acquired during the year ...................... 53.1 12.3 65.4
Adjustments to previously recorded purchase price allocation . . (0.9) (0.1) (1.0)
Other changes during the year(1) ....................... (0.8) (0.1) (0.9)
51.4 12.1 63.5
Balance as of December 31, 2011
Goodwill ........................................ 419.3 693.8 1,113.1
Accumulated impairment losses ....................... (46.1) (674.9) (721.0)
$373.2 $ 18.9 $ 392.1
Equipment
Car Rental Rental Total
Balance as of January 1, 2010
Goodwill ........................................ $367.3 $ 677.5 $1,044.8
Accumulated impairment losses ....................... (46.1) (674.9) (721.0)
321.2 2.6 323.8
Goodwill acquired during the year ...................... 2.7 4.3 7.0
Other changes during the year(1) ....................... (2.1) (0.1) (2.2)
0.6 4.2 4.8
Balance as of December 31, 2010
Goodwill ........................................ 367.9 681.7 1,049.6
Accumulated impairment losses ....................... (46.1) (674.9) (721.0)
$321.8 $ 6.8 $ 328.6
(1) Primarily consists of changes resulting from the translation of foreign currencies at different exchange rates from the
beginning of the period to the end of the period.
98