Hertz 2015 Annual Report Download - page 134
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Table of Contents
The following table sets forth the activity affecting the restructuring accrual during the years ended December 31, 2015 and 2014. The Company
expects to pay the remaining restructuring obligations relating to termination benefits over the next twelve months. The remainder of the
restructuring accrual relates to future lease obligations which will be paid over the remaining term of the applicable leases.
Balance as of December 31, 2013 $ 20
$ 28
$ 48
Charges incurred 30
48
78
Cash payments (28)
(25)
(53)
Other non-cash changes(a) (1)
(29)
(30)
Balance as of December 31, 2014 $ 21
$ 22
$ 43
Charges incurred 16
17
33
Cash payments (26)
(16)
(42)
Other non-cash changes (b) (1)
(6)
(7)
Balance as of December 31, 2015 $ 10
$ 17
$ 27
(a) Decrease in 2014 primarily consists of $10 million related to the write-down of assets associated with a terminated business relationship and $13 million related to the
impairment of the Company's former corporate headquarters building in New Jersey which were recorded in direct operating and selling, general and administrative
expenses, respectively.
(b) Decrease in 2015 primarily consists of $4 million related to the write-down of assets deemed to have no future use in the Company's U.S. Car Rental segment.
The components of income (loss) before income taxes for the periods were as follows:
Domestic $ 27
$ (193)
$ 497
Foreign 314
170
106
Total income (loss) $ 341
$ (23)
$ 603
The total provision (benefit) for taxes on income (loss) consists of the following:
Current:
Federal $ 6
$ 1
$ (7)
Foreign 58
45
60
State and local 1
7
21
Total current 65
53
74
Deferred:
Federal 40
(19)
197
Foreign (42)
9
16
State and local 5
16
14
Total deferred 3
6
227
Total provision $ 68
$ 59
$ 301
126
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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.