Hertz 2012 Annual Report Download - page 77

ITEM 6. SELECTED FINANCIAL DATA (Continued)
December 31,
2012(a) 2011 2010 2009 2008
Balance Sheet Data
Cash and cash equivalents ........ $ 533.3 $ 931.8 $ 2,374.2 $ 985.6 $ 594.3
Total assets(f) ................... 23,286.0 17,673.5 17,344.9 16,015.1 16,464.2
Total debt ..................... 15,448.6 11,317.1 11,306.4 10,364.4 10,972.3
Total equity .................... 2,507.3 2,234.7 2,118.5 2,085.2 1,479.6
(a) The 2012 amounts reflect the inclusion of the Dollar Thrifty results from November 19, 2012 through December 31, 2012. See
Note 4 to the notes to our consolidated financial statements included in this Annual Report under the caption ‘‘Item 8—
Financial Statements and Supplementary Data.’’
(b) Includes fees and certain cost reimbursements from our licensees and revenues from our car leasing operations and third-
party claim management services.
(c) The increases for the years ended December 31, 2012 and 2011 primarily reflect our acquisitions of Dollar Thrifty in
November 2012 and Donlen in September 2011, respectively, as well as gains from disposal of revenue earning equipment,
partly offset by a decrease due to changing depreciation rates. For the years ended December 31, 2012, 2011, 2010, 2009
and 2008, depreciation of revenue earning equipment decreased by $130.1 million and $18.2 million and increased by
$22.7 million, $19.3 million and $32.7 million, respectively, resulting from the net effects of changing depreciation rates to
reflect changes in the estimated residual value of revenue earning equipment. For the years ended December 31, 2012,
2011, 2010, 2009 and 2008, depreciation of revenue earning equipment and lease charges includes net gains of
$96.8 million and $112.2 million and net losses of $42.9 million, $72.0 million and $74.3 million, respectively, from the
disposal of revenue earning equipment.
(d) For the year ended December 31, 2008, we recorded non-cash impairment charges related to our goodwill, other intangible
assets and property and equipment.
(e) For the years ended December 31, 2012, 2011, 2010, 2009 and 2008, tax valuation allowances increased by $35.8 million,
decreased by $2.5 million and increased by $27.5 million, $39.7 million and $58.5 million, respectively, (excluding the effects
of foreign currency translation) relating to the realization of deferred tax assets attributable to net operating losses, credits
and other temporary differences in various jurisdictions. In 2011, we reversed a valuation allowance of $12.0 million relating
to realization of deferred tax assets attributable to net operating losses and other temporary differences in Australia and
China. Additionally, certain tax reserves were recorded and certain tax reserves were released due to settlement for various
uncertain tax positions in Federal, state and foreign jurisdictions.
(f) Substantially all of our revenue earning equipment, as well as certain related assets, are owned by special purpose entities,
or are subject to liens in favor of our lenders under our various credit facilities, other secured financings and asset-backed
securities programs. None of such assets are available to satisfy the claims of our general creditors. For a description of
those facilities, see ‘‘Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations—
Liquidity and Capital Resources’’ in this Annual Report.
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