Hertz 2013 Annual Report Download - page 140
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Table of Contents
Pursuant to the accounting guidance for fair value measurements and its subsequent updates, fair value is defined as the price that would be
received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, we consider the
principal or most advantageous market in which we would transact and we consider assumptions that market participants would use when
pricing the asset or liability.
Fair Value Hierarchy
The accounting guidance for fair value measurements also requires an entity to maximize the use of observable inputs and minimize the
use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon
the lowest level of input that is significant to the fair value measurement. The inputs are prioritized into three levels that may be used to
measure fair value:
Level 1: Inputs that reflect quoted prices for identical assets or liabilities in active markets that are observable.
Level 2: Inputs that reflect quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or
liabilities in markets that are not active; or model-derived valuations in which significant inputs are observable or can be derived principally
from, or corroborated by, observable market data.
Level 3: Inputs that are unobservable to the extent that observable inputs are not available for the asset or liability at the measurement date.
Asset and Liabilities Measured at Fair Value on a Recurring Basis
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012 were as follows (in millions):
Gasoline swaps $1.8
$ —
$1.8
$ —
Interest rate caps 9.1
—
9.1
—
Foreign currency forward contracts 1.7
—
1.7
—
Foreign exchange options 0.1
—
0.1
—
Total $12.7
$ —
$12.7
$ —
Interest rate caps $8.9
$ —
$8.9
$ —
Foreign currency forward contracts 5.3
—
5.3
—
Total $14.2
$ —
$14.2
$ —
136
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.