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Guarantor and Non-Guarantor Condensed Consolidating Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2013
Guarantor and Non-Guarantor Condensed Consolidating Financial Statements Disclosure  
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 condensed consolidating balance sheets
CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2013
(In Millions of Dollars)
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
76.1

 
$
5.1

 
$
342.0

 
$
—

 
$
423.2

Restricted cash and cash equivalents
56.1

 
71.2

 
732.6

 
—

 
859.9

Receivables, less allowance for doubtful accounts
426.4

 
408.3

 
699.3

 
(21.4
)
 
1,512.6

Due from Hertz affiliate
1,994.2

 
2,515.5

 
4,987.7

 
(9,404.8
)
 
92.6

Inventories, at lower cost or market
25.5

 
35.9

 
30.9

 
—

 
92.3

Prepaid expenses and other assets
3,109.0

 
285.1

 
423.8

 
(3,100.9
)
 
717.0

Revenue earning equipment, net
243.4

 
1,936.2

 
12,013.8

 
—

 
14,193.4

Property and equipment, net
912.6

 
330.3

 
271.4

 
—

 
1,514.3

Investment in subsidiaries, net
6,975.0

 
1,405.1

 
—

 
(8,380.1
)
 
—

Other intangible assets, net
62.5

 
3,815.6

 
49.9

 
—

 
3,928.0

Goodwill
103.9

 
1,020.1

 
223.5

 
—

 
1,347.5

Total assets
$
13,984.7

 
$
11,828.4

 
$
19,774.9

 
$
(20,907.2
)
 
$
24,680.8

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 

Due to Hertz affiliate
$
3,841.2

 
$
2,666.4

 
$
2,897.2

 
$
(9,404.8
)
 
$
—

Accounts payable
151.0

 
218.2

 
598.7

 
—

 
967.9

Accrued liabilities
584.6

 
235.8

 
305.3

 
(21.4
)
 
1,104.3

Accrued taxes
60.8

 
33.9

 
1,489.4

 
(1,380.7
)
 
203.4

Debt
6,363.3

 
76.9

 
9,787.3

 
—

 
16,227.5

Public liability and property damage
99.4

 
62.4

 
185.9

 
—

 
347.7

Deferred taxes on income
—

 
2,293.8

 
2,372.0

 
(1,720.2
)
 
2,945.6

Total liabilities
11,100.3

 
5,587.4

 
17,635.8

 
(12,527.1
)
 
21,796.4

Equity:
 
 
 
 
 
 
 
 

The Hertz Corporation and Subsidiaries stockholder's equity
2,884.4

 
6,241.0

 
2,139.1

 
(8,380.1
)
 
2,884.4

Total liabilities and equity
$
13,984.7

 
$
11,828.4

 
$
19,774.9

 
$
(20,907.2
)
 
$
24,680.8



CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2012
(In Millions of Dollars)
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
24.6

 
$
6.5

 
$
514.4

 
$
—

 
$
545.5

Restricted cash and cash equivalents
32.7

 
17.2

 
501.7

 
—

 
551.6

Receivables, less allowance for doubtful accounts
542.9

 
448.8

 
914.5

 
(26.6
)
 
1,879.6

Due from Hertz affiliate
1,048.0

 
2,023.5

 
3,491.7

 
(6,550.4
)
 
12.8

Inventories, at lower cost or market
24.4

 
41.2

 
40.1

 
—

 
105.7

Prepaid expenses and other assets
2,576.8

 
276.9

 
195.2

 
(2,568.2
)
 
480.7

Revenue earning equipment, net
103.6

 
1,764.1

 
11,028.9

 
—

 
12,896.6

Property and equipment, net
865.7

 
321.9

 
248.8

 
—

 
1,436.4

Investment in subsidiaries, net
6,937.4

 
1,260.6

 
—

 
(8,198.0
)
 
—

Other intangible assets, net
74.6

 
3,891.4

 
64.2

 
—

 
4,030.2

Goodwill
106.2

 
1,006.3

 
216.8

 
—

 
1,329.3

Total assets
$
12,336.9

 
$
11,058.4

 
$
17,216.3

 
$
(17,343.2
)
 
$
23,268.4

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 

Due to Hertz affiliate
$
2,254.2

 
$
2,421.5

 
$
1,874.6

 
$
(6,550.3
)
 
$
—

Accounts payable
237.1

 
198.6

 
567.5

 
—

 
1,003.2

Accrued liabilities
605.3

 
158.8

 
423.5

 
(26.6
)
 
1,161.0

Accrued taxes
54.4

 
29.0

 
1,075.7

 
(965.9
)
 
193.2

Debt
6,190.1

 
67.7

 
8,756.7

 
—

 
15,014.5

Public liability and property damage
99.3

 
52.9

 
180.0

 
—

 
332.2

Deferred taxes on income
—

 
2,203.7

 
2,066.5

 
(1,602.4
)
 
2,667.8

Total liabilities
9,440.4

 
5,132.2

 
14,944.5

 
(9,145.2
)
 
20,371.9

Equity:
 
 
 
 
 
 
 
 

The Hertz Corporation and Subsidiaries stockholder's equity
2,896.5

 
5,926.2

 
2,271.8

 
(8,198.0
)
 
2,896.5

Total liabilities and equity
$
12,336.9

 
$
11,058.4

 
$
17,216.3

 
$
(17,343.2
)
 
$
23,268.4
Schedule of condensed consolidating statement of operations


CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the Year Ended December 31, 2013
(In Millions of Dollars)
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Total revenues
$
4,544.9

 
$
2,672.5

 
$
6,712.2

 
$
(3,157.7
)
 
$
10,771.9

Expenses:
 
 
 
 
 
 
 
 
 
Direct operating
2,555.2

 
1,463.7

 
1,734.8

 
(1.7
)
 
5,752.0

Depreciation of revenue earning equipment and lease charges
2,713.6

 
655.3

 
2,309.3

 
(3,152.7
)
 
2,525.5

Selling, general and administrative
482.3

 
212.8

 
330.0

 
(3.3
)
 
1,021.8

Interest expense, net of interest income
336.6

 
34.3

 
296.4

 
—

 
667.3

Other (income) expense, net
54.1

 
(6.4
)
 
18.4

 
—

 
66.1

Total expenses
6,141.8

 
2,359.7

 
4,688.9

 
(3,157.7
)
 
10,032.7

Income (loss) before income taxes and equity in earnings (losses) of subsidiaries
(1,596.9
)
 
312.8

 
2,023.3

 
—

 
739.2

(Provision) benefit for taxes on income
597.1

 
(128.2
)
 
(814.1
)
 
—

 
(345.2
)
Equity in earnings (losses) of subsidiaries (net of tax)
1,393.8

 
155.0

 
—

 
(1,548.8
)
 
—

Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder
$
394.0

 
$
339.6

 
$
1,209.2

 
$
(1,548.8
)
 
$
394.0


CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the Year Ended December 31, 2012
(In Millions of Dollars)
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Total revenues
$
4,259.1

 
$
1,143.8

 
$
6,109.0

 
$
(2,487.0
)
 
$
9,024.9

Expenses:
 
 
 
 
 
 
 
 


Direct operating
2,385.7

 
649.6

 
1,770.8

 
(0.1
)
 
4,806.0

Depreciation of revenue earning equipment and lease charges
2,378.5

 
244.8

 
1,992.3

 
(2,486.7
)
 
2,128.9

Selling, general and administrative
474.1

 
177.7

 
316.3

 
(0.1
)
 
968.0

Interest expense, net of interest income
253.5

 
39.4

 
300.0

 
—

 
592.9

Other (income) expense, net
(10.7
)
 
24.1

 
22.1

 
—

 
35.5

Total expenses
5,481.1

 
1,135.6

 
4,401.5

 
(2,486.9
)
 
8,531.3

Income (loss) before income taxes, noncontrolling interest and equity in earnings (losses) of subsidiaries
(1,222.0
)
 
8.2

 
1,707.5

 
(0.1
)
 
493.6

(Provision) benefit for taxes on income (loss)
477.7

 
(30.7
)
 
(669.4
)
 
—

 
(222.4
)
Equity in earnings (losses) of subsidiaries (net of tax)
1,015.5

 
60.3

 
—

 
(1,075.8
)
 
—

Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder
$
271.2

 
$
37.8

 
$
1,038.1

 
$
(1,075.9
)
 
$
271.2
Schedule of condensed consolidating comprehensive income (loss)


CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)
For the Year Ended December 31, 2013
(In Millions of Dollars)
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Net income (loss)
$
394.0

 
$
339.6

 
$
1,209.2

 
$
(1,548.8
)
 
$
394.0

Other comprehensive income, net of tax
34.0

 
(6.6
)
 
(24.1
)
 
30.7

 
34.0

Comprehensive income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder
$
428.0

 
$
333.0

 
$
1,185.1

 
$
(1,518.1
)
 
$
428.0

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)
For the Year Ended December 31, 2012
(In Millions of Dollars)
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Net income (loss)
$
271.2

 
$
37.8

 
$
1,038.1

 
$
(1,075.9
)
 
$
271.2

Other comprehensive income, net of tax
1.6

 
0.8

 
10.5

 
(11.3
)
 
1.6

Comprehensive income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder
$
272.8

 
$
38.6

 
$
1,048.6

 
$
(1,087.2
)
 
$
272.8

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)
For the Year Ended December 31, 2011
(In Millions of Dollars)
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Net income (loss)
$
198.4

 
$
34.7

 
$
753.6

 
$
(768.7
)
 
$
218.0

Other comprehensive income, net of tax
(66.3
)
 
—

 
(34.6
)
 
34.6

 
(66.3
)
Comprehensive income (loss)
132.1

 
34.7

 
719.0

 
(734.1
)
 
151.7

Less: Comprehensive income attributable to noncontrolling interest
—

 
—

 
(19.6
)
 
—

 
(19.6
)
Comprehensive income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder
$
132.1

 
$
34.7

 
$
699.4

 
$
(734.1
)
 
$
132.1
Schedule of condensed consolidating statement of cash flows
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Year Ended December 31, 2013
(In Millions of Dollars)

 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Net cash provided by (used in) operating activities
$
181.2

 
$
526.1

 
$
3,820.3

 
$
(916.1
)
 
$
3,611.5

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Net change in restricted cash and cash equivalents
(23.4
)
 
(54.1
)
 
(230.8
)
 
—

 
(308.3
)
Revenue earning equipment expenditures
(149.5
)
 
(886.0
)
 
(9,262.9
)
 
—

 
(10,298.4
)
Proceeds from disposal of revenue earning equipment
136.4

 
350.4

 
6,777.3

 
—

 
7,264.1

Property and equipment expenditures
(192.4
)
 
(33.4
)
 
(88.0
)
 
—

 
(313.8
)
Proceeds from disposal of property and equipment
42.4

 
5.6

 
25.0

 
—

 
73.0

Capital contributions to subsidiaries
(937.9
)
 
—

 
—

 
937.9

 
—

Return of capital from subsidiaries
1,133.9

 
183.4

 
—

 
(1,317.3
)
 
—

Loan to Parent From Guarantor/Non-Guarantor
—

 
(57.0
)
 
(196.1
)
 
253.1

 
—

Acquisitions, net of cash acquired
—

 
(15.1
)
 
(238.9
)
 
—

 
(254.0
)
Other investing activities
—

 
—

 
(1.5
)
 
—

 
(1.5
)
Net cash provided by (used in) investing activities
9.5

 
(506.2
)
 
(3,215.9
)
 
(126.3
)
 
(3,838.9
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 


Proceeds from issuance of long-term debt
250.0

 
—

 
1,524.7

 
—

 
1,774.7

Payment of long-term debt
(33.8
)
 
—

 
(1,011.0
)
 
—

 
(1,044.8
)
Short-term borrowings:
 
 
 
 
 
 
 
 


Proceeds
—

 
—

 
596.4

 
—

 
596.4

Payments
—

 
—

 
(1,017.5
)
 
—

 
(1,017.5
)
       Proceeds under the revolving lines of credit
2,280.0

 
2.5

 
7,229.1

 
—

 
9,511.6

       Payments under the revolving lines of credit
(2,323.0
)
 
(13.5
)
 
(6,768.0
)
 
—

 
(9,104.5
)
Capital contributions received from parent
—

 
—

 
937.9

 
(937.9
)
 
—

Loan to Parent From Non-Guarantor
253.1

 
—

 
—

 
(253.1
)
 
—

Payment of dividends and return of capital
(481.8
)
 
—

 
(2,233.4
)
 
2,233.4

 
(481.8
)
Proceeds from employee stock purchase plan
5.1

 
—

 
—

 
—

 
5.1

Loan with Hertz Global Holdings, Inc.
(79.8
)
 
—

 
—

 
—

 
(79.8
)
Payment of financing costs
(9.0
)
 
(10.3
)
 
(35.0
)
 
—

 
(54.3
)
Net cash provided by (used in) financing activities
(139.2
)
 
(21.3
)
 
(776.8
)
 
1,042.4

 
105.1

Effect of foreign exchange rate changes on cash and cash equivalents
—

 
—

 
—

 
—

 
—

Net change in cash and cash equivalents during the period
51.5

 
(1.4
)
 
(172.4
)
 
—

 
(122.3
)
Cash and cash equivalents at beginning of period
24.6

 
6.5

 
514.4

 
—

 
545.5

Cash and cash equivalents at end of period
$
76.1

 
$
5.1

 
$
342.0

 
$
—

 
$
423.2

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
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
$
(877.8
)
 
$
600.6

 
$
3,792.7

 
$
(775.3
)
 
$
2,740.2

Cash flows from investing activities:
 
 
 
 
 
 
 
 


Net change in restricted cash and cash equivalents
12.0

 
11.0

 
(264.6
)
 
—

 
(241.6
)
Revenue earning equipment expenditures
(87.7
)
 
(765.0
)
 
(8,760.1
)
 
—

 
(9,612.8
)
Proceeds from disposal of revenue earning equipment
79.4

 
276.3

 
6,769.4

 
—

 
7,125.1

Property and equipment expenditures
(173.1
)
 
(33.9
)
 
(90.1
)
 
—

 
(297.1
)
Proceeds from disposal of property and equipment
67.4

 
11.7

 
42.9

 
—

 
122.0

Capital contributions to subsidiaries
(2,989.7
)
 
—

 
—

 
2,989.7

 
—

Return of capital from subsidiaries
3,106.7

 
99.6

 
—

 
(3,206.3
)
 
—

Loan to Parent from Non-Guarantor
—

 
—

 
(385.1
)
 
385.1

 
—

Acquisitions, net of cash acquired
(1,708.5
)
 
(196.6
)
 
(0.1
)
 
—

 
(1,905.2
)
Proceeds from disposal of business
—

 
—

 
84.5

 
—

 
84.5

Other investing activities
—

 
—

 
(1.8
)
 
—

 
(1.8
)
Net cash provided by (used in) investing activities
(1,693.5
)
 
(596.9
)
 
(2,605.0
)
 
168.5

 
(4,726.9
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from issuance of long-term debt
2,210.0

 
—

 
27.3

 
—

 
2,237.3

Payment of long-term debt
(650.4
)
 
—

 
(301.7
)
 
—

 
(952.1
)
Short-term borrowings:
 
 
 
 
 
 
 
 


Proceeds
—

 
—

 
438.4

 
—

 
438.4

Payments
(26.8
)
 
—

 
(1,253.3
)
 
—

 
(1,280.1
)
Proceeds under the revolving lines of credit
2,820.0

 
3.6

 
3,640.0

 
—

 
6,463.6

Payments under the revolving lines of credit
(2,600.0
)
 
(4.9
)
 
(2,585.6
)
 
—

 
(5,190.5
)
Capital contributions received from parent
—

 
—

 
2,989.7

 
(2,989.7
)
 
—

Loan to Parent From Non-Guarantor
385.1

 
—

 
—

 
(385.1
)
 
—

Payment of dividends and return of capital
(25.0
)
 
—

 
(3,981.6
)
 
3,981.6

 
(25.0
)
Proceeds from employee stock purchase plan
4.3

 
—

 
—

 
—

 
4.3

Loan from Hertz Global Holdings, Inc.
(13.2
)
 
—

 
—

 
—

 
(13.2
)
Purchase of noncontrolling interest
(38.0
)
 
—

 
—

 
—

 
(38.0
)
Payment of financing costs
(35.2
)
 
(3.3
)
 
(10.9
)
 
—

 
(49.4
)
Net cash provided by (used in) financing activities
2,030.8

 
(4.6
)
 
(1,037.7
)
 
606.8

 
1,595.3

Effect of foreign exchange rate changes on cash and cash equivalents
—

 
—

 
5.7

 
—

 
5.7

Net change in cash and cash equivalents during the period
(540.5
)
 
(0.9
)
 
155.7

 
—

 
(385.7
)
Cash and cash equivalents at beginning of period
565.1

 
7.4

 
358.7

 
—

 
931.2

Cash and cash equivalents at end of period
$
24.6

 
$
6.5

 
$
514.4

 
$
—

 
$
545.5