Hertz 2012 Annual Report Download - page 130

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
impairment review. We estimate the fair value of our indefinite lived intangible assets using the relief from
royalty method. Intangible assets with finite useful lives are amortized over their respective estimated
useful lives and reviewed for impairment in accordance with ASC 360-10, ‘‘Impairment and Disposal of
Long-Lived Assets.’’
At October 1, 2012, 2011 and 2010, we performed our annual goodwill impairment test and determined
that the respective book values of our reporting units did not exceed their estimated fair values and
therefore no impairment existed for the years ended December 31, 2012, 2011 and 2010.
The following summarizes the changes in our goodwill, by segment (in millions of dollars):
Equipment
Car Rental Rental Total
Balance as of January 1, 2012
Goodwill ........................................ $ 419.3 $ 693.8 $1,113.1
Accumulated impairment losses ....................... (46.1) (674.9) (721.0)
373.2 18.9 392.1
Goodwill acquired during the year ....................... 884.9 82.0 966.9
Adjustments to previously recorded purchase price allocation(a) . . (15.3) — (15.3)
Other changes during the year(b) ........................ (1.4) (0.4) (1.8)
868.2 81.6 949.8
Balance as of December 31, 2012
Goodwill ........................................ 1,287.5 775.4 2,062.9
Accumulated impairment losses ....................... (46.1) (674.9) (721.0)
$1,241.4 $ 100.5 $1,341.9
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(b) ........................ (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
(a) Consists of deferred tax adjustments recorded during 2012.
(b) Primarily consists of changes resulting from disposals and the translation of foreign currencies at different exchange rates
from the beginning of the period to the end of the period.
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