Hertz 2011 Annual Report Download - page 142
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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
The expected return on plan assets for each funded plan is based on expected future investment returns
considering the target investment mix of plan assets.
Pension Benefits
U.S. Non-U.S.
Years ended Years ended
December 31, December 31,
2011 2010 2009 2011 2010 2009
Components of Net Periodic Benefit Cost:
Service cost ....................... $26.2 $ 24.0 $ 22.0 $ 4.0 $ 5.2 $ 5.6
Interest cost ....................... 27.4 26.1 27.9 11.0 9.7 9.5
Expected return on plan assets ......... (30.5) (26.6) (22.7) (12.8) (10.0) (7.6)
Amortization:
Losses and other .................. 7.3 4.6 0.4 (0.7) (1.0) (0.4)
Curtailment gain ....................———(12.9) (0.2) (0.3)
Settlement loss ..................... 2.2 0.4 1.4 — — 0.1
Special termination cost ...............——— 0.1— —
Net pension expense ................. $32.6 $ 28.5 $ 29.0 $(11.3) $ 3.7 $ 6.9
Weighted-average discount rate for expense
(January 1) ........................ 5.12% 5.42% 6.39% 5.36% 5.71% 5.59%
Weighted-average assumed long-term rate of
return on assets (January 1) ........... 8.40% 8.50% 8.25% 7.46% 7.46% 6.79%
The balance in ‘‘Accumulated other comprehensive income (loss)’’ at December 31, 2011 and 2010
relating to pension benefits was $99.6 million and $70.2 million, respectively.
Postretirement Benefits
(U.S.)
Years ended
December 31,
2011 2010 2009
Components of Net Periodic Benefit Cost:
Service cost .......................................... $0.2 $0.3 $0.1
Interest cost .......................................... 0.9 0.9 0.7
Amortization:
Losses and other ..................................... 0.1 — (0.3)
Special termination benefit cost ........................... — — —
Net postretirement expense ............................... $1.2 $1.2 $0.5
Weighted-average discount rate for expense ................... 4.9% 5.4% 6.2%
Initial health care cost trend rate ............................ 8.4% 8.7% 9.0%
Ultimate health care cost trend rate ......................... 4.5% 4.5% 5.0%
Number of years to ultimate trend rate ....................... 18 19 9
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