Hertz 2013 Annual Report Download - page 70
Download and view the complete annual report
Please find page 70 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
vested benefits. Our multiemployer plans could have, significant underfunded liabilities. Such underfunding may increase in the event other
employers become insolvent or withdraw from the applicable plan or upon the inability or failure of withdrawing employers to pay their
withdrawal liability. In addition, such underfunding may increase as a result of lower than expected returns on pension fund assets or other
funding deficiencies. The occurrence of any of these events could have a material adverse effect on our consolidated financial position, results
of operations or cash flows. For a discussion of the risks associated with our pension plans, see “Item 1A—Risk Factors” in this Annual
Report.
During 2012, Hertz completely withdrew employees from an existing multi-employer pension plan with the Central States Pension Fund, or
the "Pension Fund," and entered into a new agreement with the Pension Fund. In connection with the complete withdrawal from the
Pension Fund, Hertz was subject to a withdrawal liability of approximately $24.1 million, substantially all of which was paid in December
2012.
Effective January 1, 2014, The Hertz Corporation Account Balance Defined Benefit Pension Plan will be amended to provide a maximum
annual compensation credit equal to 5.0% of eligible compensation paid to all plan members who are hired or rehired before January 1,
2014, unless as of December 31, 2013 the member has at least 120 months of continuous service, in which case the member continues
with an annual credit of 6.5%. All Hertz employees who are hired on or after January 1, 2014 and Dollar Thrifty employees who become plan
members on or after January 1, 2014 are eligible for a flat 3.0% annual compensation credit, regardless of the member's number of months
of continuous service. This plan change is expected to have a favorable impact on the amount of pension expense recorded in 2013 of $2.8
million.
See "Item 7—Management's Discussion and Analysis of Financial Condition and Results of Operations—Market Risks" included
elsewhere in this Annual Report.
67
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.