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Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2013
Accounting Policies [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments
The following tables present the effect of this correction on our Consolidated Statements of Operations (in millions, except per share data):
 
 
Year ended December 31, 2012
 
Year ended December 31, 2011
 
 
 
As Previously Reported
 
Adjustment
 
As Revised
 
As Previously Reported
 
Adjustment
 
As Revised
 
Total revenues
 
$
9,020.8

 
$
4.1

 
$
9,024.9

 
$
8,298.4

 
$
0.9

 
$
8,299.3

 
Direct operating
 
4,795.8

(a) 
10.2

 
4,806.0

 
4,566.4

(d) 
6.7

 
4,573.1

 
Depreciation of revenue earning equipment and lease charges
 
2,148.2

(b) 
(19.3
)
 
2,128.9

 
1,905.7

(e) 
(9.5
)
 
1,896.2

 
Selling, general and administrative
 
945.6

(c) 
22.4

 
968.0

 
745.1

(f) 
22.4

 
767.5

 
Income before income taxes
 
502.8

 
(9.2
)
 
493.6

 
373.9

 
(18.7
)
 
355.2

 
(Provision) benefit for taxes on income
 
(227.1
)
 
4.7

 
(222.4
)
 
(143.9
)
 
6.7

 
(137.2
)
 
Net income
 
275.7

 
(4.5
)
 
271.2

 
230.0

 
(12.0
)
 
218.0

 
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder
 
275.7

 
(4.5
)
 
271.2

 
210.4

 
(12.0
)
 
198.4

 
(a)
Primarily consists of $3.6 million adjustments related to Brazil and certain reclassifications of $3.5 million to conform to the current presentation.
(b)
Primarily consists of $23.6 million adjustment related to vendor incentives.
(c)
Primarily consists of $25.9 million adjustment related to vendor incentives, offset by certain reclassifications of $3.5 million to conform to the current presentation.
(d)
Primarily consists of $6.2 million adjustment related to Brazil.
(e)
Primarily consists of $9.5 million adjustment related to vendor incentives.
(f)
Primarily consists of $22.4 million adjustment related to vendor incentives.
 
 
(Unaudited)
 
(Unaudited)
 
 
 
Three Months Ended March 31, 2013
 
Three Months Ended June 30, 2013
 
 
 
As Previously Reported
 
Adjustment **
 
As Revised
 
As Previously Reported
 
Adjustment **
 
As Revised
 
Total revenues
 
$
2,436.5

 
$
0.4

 
$
2,436.9

 
$
2,714.6

 
$
(5.4
)
 
$
2,709.2

 
Direct operating
 
1,351.2

 
7.7

 
1,358.9

 
1,405.9

 
8.3

 
1,414.2

 
Depreciation of revenue earning equipment and lease charges
 
587.0

 
(6.9
)
 
580.1

 
641.1

 
(13.6
)
 
627.5

 
Selling, general and administrative
 
251.5

 
(4.1
)
 
247.4

 
274.8

 
5.9

 
280.7

 
Other (income) expense, net
 
(0.6
)
 
2.3

 
1.7

 
(1.1
)
 
—

 
(1.1
)
 
Income before income taxes
 
86.0

 
1.4

 
87.4

 
225.7

 
(6.0
)
 
219.7

 
(Provision) benefit for taxes on income
 
(59.5
)
 
(3.6
)
 
(63.1
)
 
(95.8
)
 
5.4

 
(90.4
)
 
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder
 
26.5

 
(2.2
)
 
24.3

 
129.9

 
(0.6
)
 
129.3

 
 
 
(Unaudited)
 
 
 
Six Months Ended June 30, 2013
 
 
 
As Previously Reported
 
Adjustment **
 
As Revised
 
Total revenues
 
$
5,151.2

 
$
(5.0
)
 
$
5,146.2

 
Direct operating
 
2,757.1

 
16.0

 
2,773.1

 
Depreciation of revenue earning equipment and lease charges
 
1,228.1

 
(20.5
)
 
1,207.6

 
Selling, general and administrative
 
526.3

 
1.8

 
528.1

 
Other (income) expense, net
 
(1.7
)
 
2.3

 
0.6

 
Income before income taxes
 
311.7

 
(4.6
)
 
307.1

 
(Provision) benefit for taxes on income
 
(155.3
)
 
1.8

 
(153.5
)
 
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder
 
156.4

 
(2.8
)
 
153.6

 
** Refer to explanations (g) through (i) mentioned below for the nine months ended September 30, 2013.
 
 
(Unaudited)
 
(Unaudited)
 
 
 
Three Months Ended September 30, 2013
 
Nine Months Ended September 30, 2013
 
 
 
As Previously Reported
 
Adjustment **
 
As Revised
 
As Previously Reported
 
Adjustment
 
As Revised
 
Total revenues
 
$
3,069.4

 
$
—

 
$
3,069.4

 
$
8,220.6

 
$
(5.0
)
 
$
8,215.6

 
Direct operating
 
1,525.4

 
14.1

 
1,539.5

 
4,282.6

(g) 
30.1

 
4,312.7

 
Depreciation of revenue earning equipment and lease charges
 
676.7

 
(1.8
)
 
674.9

 
1,904.8

(h) 
(22.3
)
 
1,882.5

 
Selling, general and administrative
 
276.8

 
(5.3
)
 
271.5

 
803.1

(i) 
(3.5
)
 
799.6

 
Other (income) expense, net
 
44.8

 
—

 
44.8

 
43.1

 
2.3

 
45.4

 
Income before income taxes
 
374.0

 
(7.0
)
 
367.0

 
685.7

 
(11.6
)
 
674.1

 
(Provision) benefit for taxes on income
 
(132.4
)
 
2.5

 
(129.9
)
 
(287.7
)
 
4.3

 
(283.4
)
 
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder
 
241.6

 
(4.5
)
 
237.1

 
398.0

 
(7.3
)
 
390.7

 
_______________________________________________________________________________
(g)
Primarily consists of $3.1 million adjustments related to under accruals and certain reclassifications of $23.1 million to conform to the current presentation.
(h)
Primarily consists of $22.1 million adjustment related to vendor incentives.
(i)
Primarily consists of $21.2 million adjustment related to vendor incentives, offset by certain reclassifications of $23.1 million to conform to the current presentation.
 
 
(Unaudited)
 
(Unaudited)
 
 
 
Three Months Ended March 31, 2012
 
Three Months Ended June 30, 2012
 
 
 
As Previously Reported
 
Adjustment *
 
As Revised
 
As Previously Reported
 
Adjustment *
 
As Revised
 
Total revenues
 
$
1,960.9

 
$
0.8

 
$
1,961.7

 
$
2,225.1

 
$
1.1

 
$
2,226.2

 
Direct operating
 
1,114.1

 
0.9

 
1,115.0

 
1,188.9

 
5.3

 
1,194.2

 
Depreciation of revenue earning equipment and lease charges
 
515.1

 
(6.4
)
 
508.7

 
519.8

 
(5.3
)
 
514.5

 
Selling, general and administrative
 
207.8

 
6.2

 
214.0

 
206.6

 
11.8

 
218.4

 
(Loss) income before income taxes
 
(24.0
)
 
0.1

 
(23.9
)
 
171.6

 
(10.7
)
 
160.9

 
(Provision) benefit for taxes on income
 
(24.2
)
 
(0.1
)
 
(24.3
)
 
(70.7
)
 
5.7

 
(65.0
)
 
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder
 
(48.2
)
 
—

 
(48.2
)
 
100.9

 
(5.0
)
 
95.9

 
 
 
(Unaudited)
 
 
 
Six Months Ended June 30, 2012
 
 
 
As Previously Reported
 
Adjustment *
 
As Revised
 
Total revenues
 
$
4,186.1

 
$
1.9

 
$
4,188.0

 
Direct operating
 
2,303.1

 
6.2

 
2,309.3

 
Depreciation of revenue earning equipment and lease charges
 
1,034.9

 
(11.7
)
 
1,023.2

 
Selling, general and administrative
 
414.3

 
18.0

 
432.3

 
Income before income taxes
 
147.6

 
(10.6
)
 
137.0

 
(Provision) benefit for taxes on income
 
(94.9
)
 
5.6

 
(89.3
)
 
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder
 
52.7

 
(5.0
)
 
47.7

 
 
 
(Unaudited)
 
(Unaudited)
 
 
 
Three Months Ended September 30, 2012
 
Nine Months Ended September 30, 2012
 
 
 
As Previously Reported
 
Adjustment *
 
As Revised
 
As Previously Reported
 
Adjustment *
 
As Revised
 
Total revenues
 
$
2,516.2

 
$
1.0

 
$
2,517.2

 
$
6,702.3

 
$
2.9

 
$
6,705.2

 
Direct operating
 
1,241.1

 
(3.1
)
 
1,238.0

 
3,544.2

 
3.1

 
3,547.3

 
Depreciation of revenue earning equipment and lease charges
 
560.5

 
(3.8
)
 
556.7

 
1,595.4

 
(15.5
)
 
1,579.9

 
Selling, general and administrative
 
201.0

 
3.7

 
204.7

 
615.3

 
21.7

 
637.0

 
Income before income taxes
 
382.1

 
4.2

 
386.3

 
529.7

 
(6.4
)
 
523.3

 
(Provision) benefit for taxes on income
 
(130.8
)
 
(3.3
)
 
(134.1
)
 
(225.7
)
 
2.3

 
(223.4
)
 
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder
 
251.3

 
0.9

 
252.2

 
304.0

 
(4.1
)
 
299.9

 
 
 
(Unaudited)
 
 
 
Three Months Ended December 31, 2012
 
 
 
As Previously Reported
 
Adjustment *
 
As Revised
 
Total revenues
 
$
2,318.5

 
$
1.2

 
$
2,319.7

 
Direct operating
 
1,250.6

 
7.1

 
1,257.7

 
Depreciation of revenue earning equipment and lease charges
 
553.8

 
(3.8
)
 
550.0

 
Selling, general and administrative
 
330.3

 
0.7

 
331.0

 
Loss before income taxes
 
(26.9
)
 
(2.8
)
 
(29.7
)
 
(Provision) benefit for taxes on income
 
(1.4
)
 
2.4

 
1.0

 
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder
 
(28.3
)
 
(0.4
)
 
(28.7
)
 
_______________________________________________________________________________
* Refer to explanations (a) through (c) mentioned above for the year ended December 31, 2012.
We have revised the Parent and Non-Guarantor subsidiaries' Condensed Consolidating Statement of Cash Flows to correctly reflect the capital contributions to subsidiaries and return of capital from subsidiaries for the year ended December 31, 2012 as presented below. We have also revised the Condensed Consolidating Balance Sheet as of December 31, 2012 to correctly reflect certain purchase accounting adjustments and equity balances in the Guarantor subsidiaries and Non-Guarantor subsidiaries.
Condensed Consolidating Statement of Cash Flows as Previously Reported
For the year ended December 31, 2012
 
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Net cash provided by (used in) operating activities
 
$
1,677.6

 
$
599.3

 
$
1,246.8

 
$
(775.3
)
 
$
2,748.4

Net cash provided by (used in) investing activities
 
(4,248.8
)
 
(595.6
)
 
(2,626.3
)
 
2,723.4

 
(4,747.3
)
Net cash provided by (used in) financing activities
 
2,030.8

 
(4.6
)
 
1,517.0

 
(1,948.1
)
 
1,595.1

Condensed Consolidating Statement of Cash Flows as Revised
For the year ended December 31, 2012
 
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Net cash provided by (used in) operating activities(1)
 
$
(877.8
)
 
$
600.6

 
$
3,792.7

 
$
(775.3
)
 
$
2,740.2

Net cash provided by (used in) investing activities(2)
 
(1,693.5
)
 
(596.9
)
 
(2,605.0
)
 
168.5

 
(4,726.9
)
Net cash provided by (used in) financing activities
 
2,030.8

 
(4.6
)
 
(1,037.7
)
 
606.8

 
1,595.3

_______________________________________________________________________________
(1)
Includes revised amounts as described in Note 2—Summary of Significant Accounting Policies of $8.1 million decrease in cash provided by (used in) operating activities.
(2)
Includes revised amounts as described in Note 2—Summary of Significant Accounting Policies of $20.4 million increase in cash provided by (used in) investing activities.
Condensed Consolidating Balance Sheet as Previously Reported
December 31, 2012
 
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Total Assets
 
$
12,360.3

 
$
10,983.6

 
$
17,309.1

 
$
(17,362.9
)
 
$
23,290.1

Total Liabilities
 
9,442.8

 
5,015.7

 
15,051.2

 
(9,137.1
)
 
20,372.6

The Hertz Corporation and Subsidiaries stockholder's equity
 
2,917.5

 
5,967.9

 
2,257.9

 
(8,225.8
)
 
2,917.5
Schedule of estimated useful lives of assets based on which provisions for depreciation and amortization are computed on a straight-line basis
Useful lives are as follows:
Buildings
5 to 50 years
Furniture and fixtures
1 to 15 years
Capitalized internal use software
1 to 10 years
Service cars and service equipment
1 to 13 years
Other intangible assets
3 to 10 years
Leasehold improvements
The shorter of their economic lives or the lease term
Schedule of estimated useful lives of revenue-earning assets
Revenue earning equipment is stated at cost, net of related discounts. Holding periods are as follows:
Cars
4 to 36 months
Other equipment
24 to 108 months