Hertz 2012 Annual Report Download - page 176

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
During 2012, we continued to streamline operations and reduce costs with the closure of several car
rental and equipment rental locations globally as well as a reduction in our workforce by approximately
650 employees.
From January 1, 2007 through December 31, 2012, we incurred $568.4 million ($282.7 million for our car
rental segment, $230.3 million for our equipment rental segment and $55.4 million of other) of
restructuring charges.
Additional efficiency and cost saving initiatives are being developed; however, we presently do not have
firm plans or estimates of any related expenses.
Restructuring charges in our consolidated statement of operations can be summarized as follows (in
millions of dollars):
Years Ended
December 31,
2012 2011 2010
By Type:
Termination benefits ......................................... $26.2 $14.4 $12.2
Pension and post retirement expense ............................ 1.0 0.4 0.4
Consultant costs ........................................... 1.2 1.3 1.1
Asset writedowns ........................................... — 23.2 20.4
Facility closure and lease obligation costs ......................... 8.9 16.5 14.3
Relocation costs and temporary labor costs ....................... 0.4 0.6 5.0
Other ................................................... 0.3 — 1.3
Total .................................................. $38.0 $56.4 $54.7
Years Ended
December 31,
2012 2011 2010
By Caption:
Direct operating ............................................ $22.6 $46.6 $43.5
Selling, general and administrative .............................. 15.4 9.8 11.2
Total .................................................. $38.0 $56.4 $54.7
Years Ended
December 31,
2012 2011 2010
By Segment:
Car rental ................................................ $26.4 $16.6 $18.1
Equipment rental ........................................... 8.8 40.5 34.7
Other reconciling items ...................................... 2.8 (0.7) 1.9
Total .................................................. $38.0 $56.4 $54.7
During the years ended December 31, 2012, 2011 and 2010, the after-tax effect of the restructuring
charges decreased diluted earnings per share by $0.07 and $0.09 and increased the loss per share by
$0.09, respectively.
The following table sets forth the activity affecting the restructuring accrual during the year ended
December 31, 2012 (in millions of dollars). We expect to pay the remaining restructuring obligations
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