Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2013

Schedule of estimated fair value of derivatives

The following table summarizes the estimated fair value of derivatives (in millions of dollars):



	Fair Value of Derivative Instruments⁽¹⁾
	Asset Derivatives⁽²⁾				Liability Derivatives⁽²⁾
	March 31, 2013		December 31, 2012		March 31, 2013		December 31, 2012
Derivatives not designated as hedging
instruments under ASC 815:
Gasoline swaps	$	1.6	$	—	$	—	$	0.1
Interest rate caps	0.8		0.9		0.8		0.9
Foreign exchange forward contracts	2.7		3.4		4.4		4.5
Foreign exchange options	0.1		0.2		—		—
Total derivatives not designated as hedging
instruments under ASC 815	$	5.2	$	4.5	$	5.2	$	5.5

_______________________________________________________________________________


(1)	All fair value measurements were primarily based upon significant observable (Level 2) inputs.


(2)	All asset derivatives are recorded in "Prepaid expenses and other assets" and all liability derivatives are recorded in "Accrued liabilities" on our condensed consolidated balance sheets.

Schedule of gain (loss) on derivative instruments not designated as hedges recognized in income

The following table summarizes the gains and (losses) of derivatives (in millions of dollars):



	Location of Gain or (Loss) Recognized on Derivatives	Amount of Gain or (Loss) Recognized in Income on Derivatives
		Three Months Ended March 31,
		2013			2012
Derivatives not designated as hedging
instruments under ASC 815:
Gasoline swaps	Direct operating	$	1.7		$	1.8
Interest rate caps	Selling, general and administrative	0.1			—
Foreign exchange forward contracts	Selling, general and administrative	4.1			(5.4		)
Foreign exchange options	Selling, general and administrative	(0.1		)	—
Total		$	5.8		$	(3.6	)

Offsetting derivative instruments

The impact of offsetting derivative instruments is depicted below (in millions of dollars):



As of March 31, 2013:							Gross assets not offset in Balance Sheet
	Gross assets		Gross assets offset in Balance Sheet		Net recognized assets in Balance Sheet		Financial Instruments		Cash Collateral		Net Amount
Gasoline swap	$	1.6	$	—	$	1.6	$	—	$	—	$	1.6
Interest rate caps	0.8		—		0.8		—		—		0.8
Foreign exchange forward contracts	2.7		—		2.7		—		—		2.7
Foreign exchange options	0.1		—		0.1		—		—		0.1
Total	$	5.2	$	—	$	5.2	$	—	$	—	$	5.2



							Gross liabilities not offset in Balance Sheet
	Gross liabilities		Gross liabilities offset in Balance Sheet		Net recognized liabilities in Balance Sheet		Financial Instruments		Cash Collateral		Net Amount
Interest rate caps	$	0.8	$	—	$	0.8	$	—	$	—	$	0.8
Foreign exchange forward contracts	4.4		—		4.4		—		—		4.4
Total	$	5.2	$	—	$	5.2	$	—	$	—	$	5.2



As of December 31, 2012:							Gross assets not offset in Balance Sheet
	Gross assets		Gross assets offset in Balance Sheet		Net recognized assets in Balance Sheet		Financial Instruments		Cash Collateral		Net Amount
Interest rate caps	$	0.9	$	—	$	0.9	$	—	$	—	$	0.9
Foreign exchange forward contracts	3.4		—		3.4		—		—		3.4
Foreign exchange options	0.2		—		0.2		—		—		0.2
Total	$	4.5	$	—	$	4.5	$	—	$	—	$	4.5



							Gross liabilities not offset in Balance Sheet
	Gross liabilities		Gross liabilities offset in Balance Sheet		Net recognized liabilities in Balance Sheet		Financial Instruments		Cash Collateral		Net Amount
Gasoline swaps	$	0.1	$	—	$	0.1	$	—	$	—	$	0.1
Interest rate caps	0.9		—		0.9		—		—		0.9
Foreign exchange forward contracts	4.5		—		4.5		—		—		4.5
Total	$	5.5	$	—	$	5.5	$	—	$	—	$	5.5

Schedule of fair value, assets and liabilities, measured on recurring basis

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2013 and December 31, 2012 were as follows (in millions):



	March 31, 2013
	Fair Value Measurements Using
	Total		Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Prepaid Expenses and Other Current Assets:
Gasoline swaps	$	1.6	$	—	$	1.6	$	—
Interest rate caps	0.8		—		0.8		—
Foreign currency forward contracts	2.7		—		2.7		—
Foreign exchange options	0.1		—		0.1		—
Total	$	5.2	$	—	$	5.2	$	—

Other Current Liabilities:
Interest rate caps	$	0.8	$	—	$	0.8	$	—
Foreign currency forward contracts	4.4		—		4.4		—
Total	$	5.2	$	—	$	5.2	$	—



	December 31, 2012
	Fair Value Measurements Using
	Total		Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Prepaid Expenses and Other Current Assets:
Interest rate caps	$	0.9	$	—	$	0.9	$	—
Foreign currency forward contracts	3.4		—		3.4		—
Foreign exchange options	0.2		—		0.2		—
Total	$	4.5	$	—	$	4.5	$	—

Other Current Liabilities:
Gasoline swaps	$	0.1	$	—	$	0.1	$	—
Interest rate caps	0.9		—		0.9		—
Foreign currency forward contracts	4.5		—		4.5		—
Total	$	5.5	$	—	$	5.5	$	—

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References+ Details