Hertz 2014 Annual Report Download - page 104

Table of Contents
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Hertz Global Holdings, Inc., or "Hertz Holdings" or the "Company," was incorporated in Delaware in 2005 to serve as the top-level holding company
for Hertz Investors, Inc. which wholly owns The Hertz Corporation, or “Hertz,” Hertz Holding's primary operating company.
The Company operates its U.S. car rental and International car rental businesses through the Hertz, Dollar, Thrifty and Firefly brands from
company-owned, licensee and franchisee locations in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New
Zealand. In its worldwide equipment rental business, the Company rents equipment in the U.S., Canada, France, Spain, the United Kingdom,
China and Saudi Arabia, as well as through its international franchisees. The Company also owns Donlen Corporation, or "Donlen," based in
Northbrook, Illinois, which is a leader in providing fleet leasing and management services.
The Company is a successor to corporations that have been engaged in the car and truck rental and leasing business since 1918 and the
equipment rental business since 1965. Hertz was incorporated in Delaware in 1967. Ford Motor Company acquired an ownership interest in Hertz in
1987 and in 2001 owned 100% of Hertz through one or more of its subsidiaries.
In December 2005, certain private investment funds, which the Company refers to collectively as the “Sponsors,” through Hertz Investors Inc.,
acquired all of Hertz common stock from Ford Holdings LLC.
In 2006, the Company conducted an initial public offering of Hertz Holdings' common stock and as a result its common stock trades on the New
York Stock Exchange ("NYSE") under the symbol "HTZ".
The Sponsors sold substantially all of their common stock between 2006 and 2013.
In May 2013, the Company announced plans to relocate its worldwide headquarters to Estero, Florida from Park Ridge, New Jersey which is
expected to be completed by late 2015.
On December 30, 2013, the board of directors of Hertz Holdings declared a dividend of one preferred share purchase right for each outstanding
share of Hertz Holdings common stock, to purchase from Hertz Holdings one ten-thousandth of a share of Series A Junior Participating Preferred
Stock, par value $0.01 per share, of Hertz Holdings at a price of $115.00 per one ten-thousandth of a share of preferred stock, subject to
adjustment as provided in the associated rights agreement. The description and terms of the preferred share purchase rights are set forth in a
rights agreement, dated as of December 30, 2013, between Hertz Holdings and Computershare Trust Company, N.A., as rights agent. No preferred
shares were issued under the agreement and the preferred share purchase rights expired in accordance with their terms on December 29, 2014.
In March 2014, the Company announced that its Board of Directors approved plans to separate Hertz Holdings into two independent, publicly
traded companies. One of the companies will continue to operate the Hertz, Dollar, Thrifty and Firefly car rental businesses as well as Donlen; and
the other will operate the Hertz Equipment Rental Corporation, or "HERC." The separation is planned to be in the form of a tax-free spin-off of
HERC to Hertz Holdings shareholders, and the Company expects to separate the businesses in a tax-efficient manner.
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During the fourth quarter of 2013, the Company identified certain out of period misstatements totaling $46 million, of which $35 million ($21 million,
net of tax) related to its previously issued consolidated financial statements for the years ended December 31, 2012 and prior. While these
misstatements did not, individually or in the aggregate, result in a material misstatement of the Company's previously issued consolidated financial
statements, correcting these misstatements in the fourth quarter of 2013 would have been material to that quarter. Accordingly, management
revised its previously reported consolidated financial statements in the Form 10-K/A for the year ended December 31, 2013 filed with the SEC on
March 20, 2014 ("2013 Form 10-K/A"). These recorded pre-tax adjustments relate to vendor
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Source: HERTZ GLOBAL HOLDINGS INC, 10-K, July 16, 2015 Powered by Morningstar® Document Research℠
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