Hertz 2013 Annual Report Download - page 113
Download and view the complete annual report
Please find page 113 of the 2013 Hertz annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103 -
104 -
105 -
106 -
107 -
108 -
109 -
110 -
111 -
112 -
113 -
114 -
115 -
116 -
117 -
118 -
119 -
120 -
121 -
122 -
123 -
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
 |
 |
Table of Contents
The following table sets forth the net periodic pension and postretirement (including health care, life insurance and auto) expense (in millions
of dollars):
Service cost $27.3
$24.8
$26.2
$2.7
$1.9
$4.0
$0.2
$0.2
$0.2
Interest cost 28.3
28.2
27.5
9.3
9.7
11.0
0.6
0.8
0.9
Expected return on
plan assets (30.8)
(31.5)
(30.5)
(12.9)
(12.1)
(12.8)
—
—
—
Net amortizations 13.8
11.8
7.2
0.4
(0.1)
(0.7)
—
—
0.1
Settlement loss —
2.0
2.2
—
—
—
—
—
—
Curtailment gain —
—
—
—
—
(12.9)
—
—
—
Special termination
cost —
—
—
—
—
0.1
—
—
—
Net pension and
postretirement
expense $38.6
$35.3
$32.6
$(0.5)
$(0.6)
$(11.3)
$0.8
$1.0
$1.2
Weighted-average
discount rate for
expense (January 1) 3.96%
4.71%
5.12%
4.31%
4.78%
5.36%
3.6%
4.4%
4.9%
Weighted-average
assumed long-term rate
of return on assets
(January 1) 7.60%
8.00%
8.40%
7.41%
7.44%
7.46%
N/A
N/A
N/A
Initial health care cost
trend rate N/A
N/A
N/A
N/A
N/A
N/A
7.8%
8.1%
8.4%
Ultimate health care cost
trend rate N/A
N/A
N/A
N/A
N/A
N/A
4.5%
4.5%
4.5%
Number of years to
ultimate trend rate N/A
N/A
N/A
N/A
N/A
N/A
16
17
18
The balance in “Accumulated other comprehensive income (loss)” at December 31, 2013 and 2012 relating to pension benefits was $49.3
million and $109.8 million, respectively.
Changing the assumed health care cost trend rates by one percentage point is estimated to have the following effects (in millions of dollars):
Effect on total of service and interest cost components —
—
Effect on postretirement benefit obligation $0.3
$(0.3)
The provisions charged to income for the years ended December 31, 2013, 2012 and 2011 for all other pension plans were approximately
$9.7 million, $8.9 million and $8.0 million, respectively.
The provisions charged to income for the years ended December 31, 2013, 2012 and 2011 for the defined contribution plans were
approximately $17.9 million, $18.6 million and $18.0 million, respectively.
109
Source: HERTZ CORP, 10-K, March 31, 2014 Powered by Morningstar® Document Research℠
The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information,
except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.