Hertz 2014 Annual Report Download - page 174
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Table of Contents
The following table summarizes the estimated fair value of the Company's financial instruments:
(In millions)
Gasoline swaps $ —
$ 2
$ —
$ —
Interest rate caps 25
9
25
9
Foreign currency forward contracts 6
2
2
5
Total $ 31
$ 13
$ 27
$ 14
(a) All asset derivatives are recorded in "Prepaid expenses and other assets" and all liability derivatives are recorded in "Accrued liabilities" on the Company's consolidated
balance sheets.
The following table summarizes the gains and (losses) on financial instruments for the period indicated:
(In millions)
Gasoline swaps Direct operating
$ —
$ 2
Interest rate caps Selling, general and administrative
(2)
(1)
Foreign currency forward contracts Selling, general and administrative
(1)
(22)
Total
$ (3)
$ (21)
While the Company's gasoline swaps, foreign currency forward contracts and certain interest rate caps are subject to enforceable master netting
agreements with their counterparties, the Company does not offset the derivative assets and liabilities in its consolidated balance sheets.
The impact of offsetting derivative instruments is depicted below as of December 31, 2014:
(In millions)
Interest rate caps $ 25
$ —
$ 25
$ —
$ —
$ 25
Foreign currency forward contracts 6
—
6
(3)
—
3
Total $ 31
$ —
$ 31
$ (3)
$ —
$ 28
(In millions)
Interest rate caps $ 25
$ —
$ 25
$ (1)
$ —
$ 24
Foreign currency forward contracts 2
—
2
(2)
—
—
Total $ 27
$ —
$ 27
$ (3)
$ —
$ 24
162
Source: HERTZ GLOBAL HOLDINGS INC, 10-K, July 16, 2015 Powered by Morningstar® Document Research℠
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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.