Hertz 2011 Annual Report Download - page 167
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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Derivative Instruments and Hedging Activities
The following table summarizes our financial assets and liabilities measured at fair value on a recurring
basis (in millions of dollars):
Fair Value of Derivative Instruments(1)
Asset Derivatives(2) Liability Derivatives(2)
December 31, December 31, December 31, December 31,
2011 2010 2011 2010
Derivatives not designated as hedging
instruments under ASC 815:
Gasoline swaps ................. — 3.1 0.4 —
Interest rate caps ................ 0.5 7.2 0.4 7.2
Foreign exchange forward contracts . . 4.4 2.6 1.9 11.1
Interest rate swaps ............... — — 0.2 —
Foreign exchange options ......... 0.1 0.1 — —
Total derivatives not designated as
hedging instruments under ASC
815 ...................... $ 5.0 $13.0 $ 2.9 $18.3
(1) All fair value measurements were primarily based upon significant observable (Level 2) inputs.
(2) All asset derivatives are recorded in ‘‘Prepaid expenses and other assets’’ and all liability derivatives are recorded in ‘‘Other
accrued liabilities’’ on our consolidated balance sheets.
Amount of Gain or
(Loss) Reclassified
Amount of Gain or from Accumulated
(Loss) Recognized in Other Amount of Gain or
Other Comprehensive Comprehensive (Loss) Recognized in
Income on Derivative Income into Income Income on Derivative
(Effective Portion) (Effective Portion) (Ineffective Portion)
Years ended December 31,
2011 2010 2011 2010 2011 2010
Derivatives in ASC 815 Cash
Flow Hedging Relationship:
HVF interest rate swaps ..... $ — $12.8 $ — $(85.1)(1) $— $—
Note:As of December 31, 2010, the HVF interest rate swaps and associated debt matured. The location of the effective portion
reclassified from ‘‘Accumulated other comprehensive income’’ into income is in ‘‘Interest expense’’ on our consolidated
statement of operations. No amount of gain or loss was recognized in income (ineffective portion) during the years ended
December 31, 2011 and 2010.
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