Hertz 2013 Annual Report Download - page 145

Table of Contents
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
The following condensed consolidating financial information presents the Condensed Consolidating Balance Sheets as of December 31,
2013 and 2012 and the Condensed Consolidating Statements of Operations, Comprehensive Income (Loss) and Cash Flows for the years
ended December 31, 2013, 2012 and 2011, of (a) The Hertz Corporation, (“the Company” or “the Parent”); (b) the Parent's subsidiaries that
guarantee the Parent's indebtedness, or the Guarantor Subsidiaries; (c) the Parent's subsidiaries that do not guarantee the Parent's
indebtedness, or the Non-Guarantor Subsidiaries; (d) elimination entries necessary to consolidate the Parent with the Guarantor
Subsidiaries and Non-Guarantor Subsidiaries; and of (e) the Company on a consolidated basis.
On December 12, 2012, pursuant to a consent agreement Hertz Holdings entered into with the Federal Trade Commission in connection
with the Dollar Thrifty acquisition, we consummated the Advantage Divestiture. Prior to the Advantage Divestiture, Simply Wheelz, the legal
entity associated with Advantage, had been included within these condensed consolidating financial statements as a Guarantor Subsidiary.
In February 2013 and March 2013, we added Dollar Thrifty and certain of its subsidiaries as guarantors under certain of our debt instruments
and credit facilities. The following condensed consolidating financial statements now reflect the results of these changes for all periods
presented.
Investments in subsidiaries are accounted for using the equity method for purposes of the consolidating presentation. The principal
elimination entries relate to investments in subsidiaries and intercompany balances and transactions. Separate financial statements and
other disclosures with respect to the Guarantor Subsidiaries have not been provided as management believes the following information is
sufficient, as the Guarantor Subsidiaries are 100% owned by the Parent and all guarantees are full and unconditional and joint and several.
Additionally, substantially all of the assets of the Guarantor Subsidiaries are pledged under the Senior Credit Facilities, and consequently will
not be available to satisfy the claims of our general creditors.
We have revised the Parent and Non-Guarantor subsidiaries' Condensed Consolidating Statement of Cash Flows to correctly reflect the
capital contributions to subsidiaries and return of capital from subsidiaries for the year ended December 31, 2012 as presented below. We
have also revised the Condensed Consolidating Balance Sheet as of December 31, 2012 to correctly reflect certain purchase accounting
adjustments and equity balances in the Guarantor subsidiaries and Non-Guarantor subsidiaries.














Net cash provided by (used in)
operating activities
$1,677.6
$599.3
$ 1,246.8
$(775.3)
$2,748.4
Net cash provided by (used in)
investing activities
(4,248.8)
(595.6)
(2,626.3)
2,723.4
(4,747.3)
Net cash provided by (used in)
financing activities
2,030.8
(4.6)
1,517.0
(1,948.1)
1,595.1














Net cash provided by (used in)
operating activities(1)
$(877.8)
$ 600.6
$3,792.7
$(775.3)
$2,740.2
Net cash provided by (used in)
investing activities(2)
(1,693.5)
(596.9)
(2,605.0)
168.5
(4,726.9)
Net cash provided by (used in)
financing activities
2,030.8
(4.6)
(1,037.7)
606.8
1,595.3
_______________________________________________________________________________
(1) Includes revised amounts as described in Note 2—Summary of Significant Accounting Policies of $8.1 million decrease in cash provided by
(used in) operating activities.
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Source: HERTZ CORP, 10-K, March 31, 2014 Powered by Morningstar® Document Research℠
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