Hertz 2011 Annual Report Download - page 74

ITEM 6. SELECTED FINANCIAL DATA (Continued)
December 31,
2011 2010(a) 2009(a) 2008(a) 2007(a)
Balance Sheet Data
Cash and cash equivalents ........ $ 931.8 $ 2,374.2 $ 985.6 $ 594.3 $ 730.2
Total assets(f) ................... 17,673.5 17,344.9 16,015.1 16,464.2 19,299.6
Total debt ..................... 11,317.1 11,306.4 10,364.4 10,972.3 11,960.1
Total equity .................... 2,234.7 2,118.5 2,085.2 1,479.6 2,907.5
(a) During the third quarter of 2011, we identified certain errors in our previously issued consolidated financial statements. As
such, Net income (loss) attributable to Hertz Global Holdings, Inc. and Subsidiaries’ common stockholders for the years
ended December 31, 2010, 2009, 2008 and 2007 was revised from the previously reported $(48.0) million to $(48.7) million,
$(126.0) million to $(129.5) million, $(1,206.7) million to $(1,188.6) million and $264.5 million to $256.3 million, respectively.
Total assets as of December 31, 2010, 2009, 2008 and 2007 were revised from the previously reported $17,332.2 million to
$17,344.9 million, $16,002.4 million to $16,015.1 million, $16,451.4 million to $16,464.2 million and $19,255.7 million to
$19,299.6 million, respectively. Total equity as of December 31, 2010, 2009, 2008 and 2007 were revised from the previously
reported $2,131.3 million to $2,118.5 million, $2,097.4 million to $2,085.2 million, $1,488.3 million to $1,479.6 million and
$2,934.4 million to $2,907.5 million, respectively. See Note 2 to the Notes to our Consolidated Financial Statements included
in this Report.
(b) Includes fees and certain cost reimbursements from our licensees and revenues from our car leasing operations and third-
party claim management services.
(c) For the years ended December 31, 2011, 2010, 2009, 2008 and 2007, depreciation of revenue earning equipment decreased
by $18.2 million and increased by $22.7 million, $19.3 million, $32.7 million and $0.6 million, respectively, resulting from the
net effects of changing depreciation rates to reflect changes in the estimated residual value of revenue earning equipment.
For the years ended December 31, 2011, 2010, 2009, 2008 and 2007, depreciation of revenue earning equipment and lease
charges includes a net gain of $112.2 million and net losses of $42.9 million, $72.0 million, $74.3 million and $13.3 million,
respectively, from the disposal of revenue earning equipment.
(d) For the year ended December 31, 2008, we recorded non-cash impairment charges related to our goodwill, other intangible
assets and property and equipment.
(e) For the years ended December 31, 2011, 2010, 2009 and 2008, tax valuation allowances decreased by $2.5 million and
increased by $27.5 million, $39.7 million and $58.5 million, respectively, (excluding the effects of foreign currency translation)
relating to the realization of deferred tax assets attributable to net operating losses, credits and other temporary differences in
various jurisdictions. In 2011, we reversed a valuation allowance of $12.0 million relating to realization of deferred tax assets
attributable to net operating losses and other temporary differences in Australia and China. Additionally, certain tax reserves
were recorded and certain tax reserves were released due to settlement for various uncertain tax positions in Federal, state
and foreign jurisdictions. For the year ended December 31, 2007, we reversed a valuation allowance of $9.1 million relating to
the realization of deferred tax assets attributable to net operating losses and other temporary differences in certain European
countries. Additionally, certain tax reserves were recorded for various uncertain tax positions in Federal, state and foreign
jurisdictions.
(f) Substantially all of our revenue earning equipment, as well as certain related assets, are owned by special purpose entities,
or are subject to liens in favor of our lenders under our various credit facilities, other secured financings and asset-backed
securities programs. None of such assets are available to satisfy the claims of our general creditors. For a description of
those facilities, see ‘‘Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations—
Liquidity and Capital Resources’’ in this Annual Report.
48