Hertz 2013 Annual Report Download - page 111
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Table of Contents
adjusted annually. An unfunded liability is recorded. We also have a key officer postretirement car benefit plan that provides the use of a
vehicle for retired Senior Vice Presidents and above who have a minimum of 20 years of service and who retired at age 58 or above. The
assigned car benefit is available for 15 years postretirement or until the participant reaches the age of 80, whichever occurs last.
We use a December 31 measurement date for all of our plans.
The following tables set forth the funded status and the net periodic pension cost of the Hertz Retirement Plan, other postretirement benefit
plans (including health care and life insurance plans covering domestic (“U.S.”) employees and the retirement plans for international
operations (“Non-U.S.”), together with amounts included in our consolidated balance sheets and statements of operations (in millions of
dollars):
Benefit obligation at January 1 $678.9
$606.4
$224.4
$190.8
$19.0
$18.2
Service cost 27.3
24.8
2.7
1.9
0.2
0.2
Interest cost 28.3
28.2
9.3
9.7
0.6
0.8
Employee contributions —
—
0.1
0.1
0.8
0.8
Plan amendments (5.3)
—
—
—
—
—
Plan settlements —
(5.4)
(0.2)
—
—
—
Benefits paid (23.2)
(29.9)
(4.5)
(5.5)
(2.1)
(2.2)
Foreign exchange translation —
—
6.9
7.7
—
—
Actuarial loss (gain) (34.8)
54.8
4.2
9.4
(3.0)
1.2
Plan combination —
—
—
10.4
—
—
Other —
—
(0.2)
(0.1)
—
—
Benefit obligation at December 31 $671.2
$678.9
$242.7
$224.4
$15.5
$19.0
Fair value of plan assets at January 1 $498.4
$423.2
$178.3
$157.0
$ —
$ —
Actual return on plan assets 67.7
64.2
22.6
15.6
—
—
Company contributions 20.2
46.3
5.0
4.7
1.3
1.4
Employee contributions —
—
0.1
0.1
0.8
0.8
Plan settlements —
(5.4)
(0.2)
—
—
—
Benefits paid (23.2)
(29.9)
(4.5)
(5.5)
(2.1)
(2.2)
Foreign exchange translation —
—
5.4
6.5
—
—
Other —
—
(0.2)
(0.1)
—
—
Fair value of plan assets at December 31 $563.1
$498.4
$206.5
$178.3
$ —
$ —
Plan assets less than benefit obligation $(108.1)
$(180.5)
$(36.2)
$(46.1)
$(15.5)
$(19.0)
107
Source: HERTZ CORP, 10-K, March 31, 2014 Powered by Morningstar® Document Research℠
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