Hertz 2012 Annual Report Download - page 170

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
As of December 31,
2012 2011
Total assets at end of year
United States ..................................................... $18,136.7 $12,730.6
International ...................................................... 5,149.3 4,942.9
Total .......................................................... $23,286.0 $17,673.5
Revenue earning equipment, net, at end of year
United States ..................................................... $10,221.3 $ 7,621.2
International ...................................................... 2,687.0 2,484.2
Total .......................................................... $12,908.3 $10,105.4
Property and equipment, net, at end of year
United States ..................................................... $ 1,226.1 $ 1,036.7
International ...................................................... 210.3 215.2
Total .......................................................... $1,436.4 $ 1,251.9
(a) The following table reconciles adjusted pre-tax income to income (loss) before income taxes for the years ended
December 31, 2012, 2011 and 2010 (in millions of dollars):
Years Ended December 31,
2012 2011 2010
Adjusted pre-tax income:
Car rental ......................................... $1,020.1 $ 850.2 $ 641.9
Equipment rental .................................... 227.0 161.6 78.0
Total reportable segments ............................. 1,247.1 1,011.8 719.9
Adjustments:
Other reconciling items(1) ............................... (345.6) (331.3) (372.8)
Purchase accounting(2) ................................ (109.6) (87.6) (90.3)
Non-cash debt charges(3) ............................... (83.6) (130.4) (182.6)
Restructuring charges ................................. (38.0) (56.4) (54.7)
Restructuring related charges(4) ........................... (11.1) (9.8) (13.2)
Derivative gains (losses)(5) .............................. (0.9) 0.1 (3.2)
Acquisition related costs and charges(6) ...................... (163.7) (18.8) (17.7)
Management transition costs ............................ — (4.0) —
Pension adjustment(7) ................................. — 13.1 —
Premiums paid on debt(8) ............................... — (62.4) —
Other(9) .......................................... (44.0) — —
Income (loss) before income taxes ....................... $ 450.5 $ 324.3 $ (14.6)
(1) Represents general corporate expenses, certain interest expense (including net interest on corporate debt), as well
as other business activities.
(2) Represents the increase in amortization of other intangible assets, depreciation of property and equipment and
accretion of revalued liabilities relating to purchase accounting.
(3) Represents non-cash debt charges relating to the amortization and write-off of deferred debt financing costs and
debt discounts.
(4) Represents incremental costs incurred directly supporting our business transformation initiatives. Such costs
include transition costs incurred in connection with our business process outsourcing arrangements and
incremental costs incurred to facilitate business process re-engineering initiatives that involve significant
organization redesign and extensive operational process changes.
(5) Represents the mark-to-market adjustment on our interest rate cap.
(6) Primarily represents Dollar Thrifty acquisition related expenses, change in control expenses, ‘Day-1’ compensation
expenses and other adjustments related to the Dollar Thrifty acquisition, loss on the Advantage divestiture,
expenses related to additional required divestitures and costs associated with the Dollar Thrifty acquisition,
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