Hertz 2012 Annual Report Download - page 163

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
equipment is sold. These depreciation rate changes resulted in net decreases of $130.6 million and
$13.8 million and a net increase of $19.1 million in depreciation expense for the years ended
December 31, 2012, 2011 and 2010 respectively. The cumulative effect of the reduction in rates was
indicative of the strong residual values experienced in the U.S. for the years ended December 31, 2012
and 2011. In 2012, 2011 and 2010, the depreciation rate changes in certain of our equipment rental
operations resulted in an increase of $0.5 million, decrease of $4.4 million and increase of $3.6 million in
depreciation expense, respectively.
Note 9—Taxes on Income
The components of income (loss) before income taxes for the periods were as follows (in millions of
dollars):
Years ended December 31,
2012 2011 2010
Domestic ................................ $355.3 $186.3 $(128.1)
Foreign .................................. 95.2 138.0 113.5
Total .................................... $450.5 $324.3 $ (14.6)
The total provision (benefit) for taxes on income consists of the following (in millions of dollars):
Years ended December 31,
2012 2011 2010
Current:
Federal ................................... $ 8.6 $ 0.6 $ 0.1
Foreign ................................... 32.2 30.6 41.5
State and local ............................. 39.1 28.5 1.5
Total current ............................... 79.9 59.7 43.1
Deferred:
Federal ................................... 134.8 76.2 (25.0)
Foreign ................................... 11.9 (3.2) 1.3
State and local ............................. (19.1) (4.2) (2.7)
Total deferred .............................. 127.6 68.8 (26.4)
Total provision (benefit) ....................... $207.5 $128.5 $ 16.7
139