Hertz 2012 Annual Report Download - page 180
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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
December 31, 2011
Fair Value Measurements Using
Quoted Prices in Significant
Active Markets Other Significant
for Identical Observable Unobservable
Instruments Inputs Inputs
Total (Level 1) (Level 2) (Level 3)
Prepaid Expenses and Other Current Assets:
Interest rate caps ....................... $ 0.5 $ — $0.5 $—
Foreign currency forward contracts .......... 4.4 — 4.4 —
Foreign exchange options ................. 0.1 — 0.1 —
Investment ............................ 33.2 33.2 — —
Total ................................ $38.2 $33.2 $5.0 $—
Other Current Liabilities:
Gasoline swaps ........................ $ 0.4 $ — $0.4 $—
Interest rate caps ....................... 0.4 — 0.4 —
Foreign currency forward contracts .......... 1.9 — 1.9 —
Interest rate swaps ...................... 0.2 0.2
Total ................................ $ 2.9 $ — $2.9 $—
Gasoline swaps
Gasoline swaps classified as Level 2 assets and liabilities are priced using quoted market prices for
similar assets or liabilities in active markets.
Interest rate caps
Interest rate caps classified as Level 2 assets and liabilities are priced using quoted market prices for
similar assets or liabilities in active markets.
Foreign currency forward contracts
Foreign currency forward contracts classified as Level 2 assets and liabilities are priced using quoted
market prices for similar assets or liabilities in active markets.
Foreign exchange options
Foreign currency forward contracts classified as Level 2 assets and liabilities are priced using quoted
market prices for similar assets or liabilities in active markets.
Investments
Investments classified as Level 1 assets and liabilities are priced using quoted market prices for identical
assets in active markets that are observable.
Fair Value of Financial Instruments
The fair values of cash and cash equivalents, accounts receivable, accounts payable and accrued
expenses, to the extent the underlying liability will be settled in cash, approximate carrying values
because of the short-term nature of these instruments.
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