Hertz 2015 Annual Report Download - page 124
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Table of Contents
The following table sets forth the net periodic pension and postretirement (including health care, life insurance and auto) expense:
Service cost $ 3
$ 28
$ 27
$ 1
$ 2
$ 3
$ —
$ —
$ —
Interest cost 27
31
28
8
10
9
1
1
1
Expected return on plan assets (40)
(40)
(36)
(15)
(15)
(13)
—
—
—
Net amortizations 2
2
7
2
—
—
—
—
—
Settlement loss 4
4
—
1
—
—
—
—
—
Curtailment gain —
(10)
—
—
—
—
—
—
—
Special termination cost —
4
—
—
—
—
—
—
—
Net pension and postretirement
expense $ (4)
$ 19
$ 26
$ (3)
$ (3)
$ (1)
$ 1
$ 1
$ 1
Weighted-average discount rate for
expense (January 1) 3.9%
4.8%
4.0%
3.3%
3.2%
4.3%
3.8%
4.4%
3.6%
Weighted-average assumed long-
term rate of return on assets
(January 1) 7.4%
7.6%
7.6%
7.3%
7.4%
7.4%
N/A
N/A
N/A
Initial health care cost trend rate N/A
N/A
N/A
N/A
N/A
N/A
7.3%
7.5%
7.8%
Ultimate health care cost trend rate N/A
N/A
N/A
N/A
N/A
N/A
4.5%
4.5%
4.5%
Number of years to ultimate trend
rate N/A
N/A
N/A
N/A
N/A
N/A
14
15
16
N/A - Not applicable
The net of tax loss in “Accumulated other comprehensive income (loss)” at December 31, 2015 and 2014 relating to pension benefits was $102
million and $101 million, respectively.
Changing the assumed health care cost trend rates by one percentage point is not expected to have a material impact on the total of service and
interest cost components or on the postretirement benefit obligation.
The provisions charged to income for the years ended December 31, 2015, 2014 and 2013 for all other pension plans were approximately $12
million, $10 million and $10 million, respectively.
The provisions charged to income for the years ended December 31, 2015, 2014 and 2013 for the defined contribution plans were approximately
$30 million, $18 million and $18 million, respectively.
The Company has a long-term investment outlook for the assets held in the Company sponsored plans, which is consistent with the long-term
nature of each plan's respective liabilities. The Company has two major plans which reside in the U.S. and the U.K.
116
℠
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.