Hertz 2011 Annual Report Download - page 140
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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
officer postretirement car benefit plan that provides the use of a vehicle for retired Senior Vice Presidents
and above who have a minimum of 20 years of service and who retired at age 58 or above.
We use a December 31 measurement date for all our plans.
The following tables set forth the funded status and the net periodic pension cost of the Hertz Retirement
Plan, other postretirement benefit plans (including health care and life insurance plans covering
domestic (‘‘U.S.’’) employees and the retirement plans for international operations (‘‘Non-U.S.’’),
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.)
2011 2010 2011 2010 2011 2010
Change in Benefit Obligation
Benefit obligation at January 1 ........ $549.7 $ 504.7 $201.5 $191.0 $ 19.0 $ 13.7
Service cost ..................... 26.2 24.0 4.0 5.2 0.2 0.3
Interest cost ..................... 27.5 26.1 11.0 9.7 0.9 0.9
Employee contributions ............. — — 0.7 1.1 0.9 0.9
Plan amendments ................. (10.2) — — (13.6) — —
Plan curtailments .................. — — (5.9) (0.2) — —
Plan settlements .................. (7.4) (3.4) 0.1 (0.3) — —
Benefits paid ..................... (18.4) (18.4) (4.0) (3.9) (2.2) (2.3)
Foreign exchange translation ......... — — (1.0) (9.4) — —
Actuarial loss (gain) ................ 39.0 16.7 (15.1) 22.7 (0.6) 5.5
Other .......................... — — (0.5) (0.8) — —
Benefit obligation at December 31 ..... $606.4 $ 549.7 $190.8 $201.5 $ 18.2 $ 19.0
Change in Plan Assets
Fair value of plan assets at January 1 . . . $ 365.9 $ 284.2 $152.8 $139.2 $ — $ —
Actual return on plan assets .......... 15.3 43.5 (7.6) 17.6 — —
Company contributions ............. 67.8 60.0 16.0 6.1 1.3 1.4
Employee contributions ............. — — 0.7 1.1 0.9 0.9
Plan settlements .................. (7.4) (3.4) — (0.3) — —
Benefits paid ..................... (18.4) (18.4) (4.0) (3.9) (2.2) (2.3)
Foreign exchange translation ......... — — (0.7) (6.1) — —
Other .......................... — — (0.2) (0.9) — —
Fair value of plan assets at December 31 . $ 423.2 $ 365.9 $157.0 $152.8 $ — $ —
Funded Status of the Plan
Plan assets less than benefit obligation . . $(183.2) $(183.8) $ (33.8) $ (48.7) $(18.2) $(19.0)
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