Hertz 2013 Annual Report Download - page 138
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Table of Contents
Our risks with respect to foreign exchange options are limited to the premium paid for the right to exercise the option and the future
performance of the option's counterparty.
The following table summarizes the estimated fair value of derivatives (in millions of dollars):
Derivatives not designated as hedging
instruments under ASC 815:
Gasoline swaps $1.8
$ —
$ —
$0.1
Interest rate caps 9.1
0.9
8.9
0.9
Foreign exchange forward contracts 1.7
3.4
5.3
4.5
Foreign exchange options 0.1
0.2
—
—
Total derivatives not designated as hedging
instruments under ASC 815 $12.7
$4.5
$14.2
$5.5
_______________________________________________________________________________
(1) All fair value measurements were primarily based upon significant observable (Level 2) inputs.
(2) All asset derivatives are recorded in "Prepaid expenses and other assets" and all liability derivatives are recorded in "Accrued liabilities" on our
consolidated balance sheets.
The following table summarizes the gains and (losses) of derivatives (in millions of dollars):
Derivatives not designated as hedging
instruments under ASC 815:
Gasoline swaps Direct operating
$2.2
$0.7
Interest rate caps Selling, general and administrative
(0.5)
(0.8)
Foreign exchange forward contracts Selling, general and administrative
(22.6)
(15.4)
Foreign exchange options Selling, general and administrative
(0.2)
—
Total
$(21.1)
$(15.5)
While our fuel derivatives, foreign currency forward contracts, foreign exchange options and certain interest rate caps are subject to
enforceable master netting agreements with their counterparties, we do not offset the derivative assets and liabilities in our condensed
consolidated balance sheets.
134
Source: HERTZ CORP, 10-K, March 31, 2014 Powered by Morningstar® Document Research℠
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