2.2.0.7
false
Financial Instruments
1140 - Disclosure - Financial Instruments
true
false
false
false
1
USD
false
false
USD
Standard
http://www.xbrl.org/2003/iso4217
USD
iso4217
0
$
2
0
hzc_FinancialInstrumentsDisclosureAbstract
hzc
false
na
duration
No definition available.
false
false
false
false
false
true
false
false
false
false
false
false
|
1
false
false
false
false
0
0
false
false
false
|
xbrli:stringItemType
string
No definition available.
false
3
1
hzc_DisclosureOfFinancialInstrumentsTextBlock
hzc
false
na
duration
This element represents the disclosure related to the fair value measurements, derivatives and hedging instruments and other...
false
false
false
false
false
false
false
false
false
false
false
terselabel
false
|
1
false
false
false
false
0
0
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<p style="FONT-FAMILY: arial; TEXT-ALIGN: justify"><font size="2"><b>Note 14—Financial Instruments </b></font></p>
<p style="FONT-FAMILY: arial; TEXT-ALIGN: justify"><font size="2"><b><i>Cash and Cash Equivalents and Restricted Cash and Cash Equivalents </i></b></font></p>
<p style="FONT-FAMILY: arial; TEXT-ALIGN: justify"><font size="2">Fair value approximates the amount indicated on the balance sheet at September 30, 2010 and December 31, 2009 because of the short-term maturity of these instruments. Money market accounts, whose fair value at September 30, 2010, is measured using Level 1 inputs, totaling $858.8 million and $572.6 million are included in "Cash and cash equivalents" and "Restricted cash and cash equivalents," respectively. Money market accounts, whose fair value at December 31, 2009, is measured using Level 1 inputs, totaling $106.8 million and $294.4 million are included in "Cash and cash equivalents" and "Restricted cash and cash equivalents," respectively. Level 1 inputs are observable inputs such as quoted prices in active markets. </font></p>
<p style="FONT-FAMILY: arial; TEXT-ALIGN: justify"><font size="2"><b><i>Debt</i></b></font></p>
<p style="FONT-FAMILY: arial; TEXT-ALIGN: justify"><font size="2">For borrowings with an initial maturity of 93 days or less, fair value approximates carrying value because of the short-term nature of these instruments. For all other debt, fair value is estimated based on quoted market rates as well as borrowing rates currently available to us for loans with similar terms and average maturities (Level 2 inputs). The aggregate fair value of all debt at September 30, 2010 was $11,972.0 million, compared to its aggregate carrying value of $11,702.3 million. The aggregate fair value of all debt at December 31, 2009 approximated $10,013.5 million, compared to its aggregate carrying value of $10,055.7 million. </font></p>
<p style="FONT-FAMILY: arial; TEXT-ALIGN: justify"><font size="2"><b><i>Derivative Instruments and Hedging Activities </i></b></font></p>
<p style="FONT-FAMILY: arial; TEXT-ALIGN: justify"><font size="2">The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2010 and December 31, 2009 (in millions of dollars): </font></p>
<div style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; MARGIN-LEFT: 10%; WIDTH: 73%; PADDING-TOP: 0pt; POSITION: relative">
<p style="FONT-FAMILY: arial; TEXT-ALIGN: justify"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"110%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table cellspacing="0" cellpadding="0" width="110%" border="0">
<tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: arial" align="left" width="10"></td>
<td style="FONT-FAMILY: arial" align="left" width="10"></td>
<td style="FONT-FAMILY: arial" align="left"></td>
<td style="FONT-FAMILY: arial" width="12"></td>
<td style="FONT-FAMILY: arial" align="right" width="7"></td>
<td style="FONT-FAMILY: arial" width="74"></td>
<td style="FONT-FAMILY: arial" width="12"></td>
<td style="FONT-FAMILY: arial" align="right" width="7"></td>
<td style="FONT-FAMILY: arial" width="72"></td>
<td style="FONT-FAMILY: arial" width="12"></td>
<td style="FONT-FAMILY: arial" align="right" width="7"></td>
<td style="FONT-FAMILY: arial" width="74"></td>
<td style="FONT-FAMILY: arial" width="12"></td>
<td style="FONT-FAMILY: arial" align="right" width="7"></td>
<td style="FONT-FAMILY: arial" width="72"></td>
<td style="FONT-FAMILY: arial" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: arial" align="left" colspan="3"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="11"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>Fair Value of Derivative Instruments<font style="FONT-SIZE: 6pt; POSITION: relative; TOP: -2pt; add_sup: 2pt">(1)</font> </b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: arial" align="left" colspan="3"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font><br /></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="5"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>Asset Derivatives<font style="FONT-SIZE: 6pt; POSITION: relative; TOP: -2pt; add_sup: 2pt">(2)</font> </b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="5"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>Liability Derivatives<font style="FONT-SIZE: 6pt; POSITION: relative; TOP: -2pt; add_sup: 2pt">(2)</font> </b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: arial" align="left" colspan="3"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font><br /></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="2"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>September 30,<br />
2010</b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="2"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>December 31,<br />
2009</b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="2"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>September 30,<br />
2010</b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="2"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>December 31,<br />
2009</b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: arial" colspan="3">
<p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: arial"><font size="2">Derivatives designated as hedging instruments under ASC 815:</font></p></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: arial"><font size="0"> </font></td>
<td style="FONT-FAMILY: arial" colspan="2">
<p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: arial"><font size="2">HVF interest rate swaps</font></p></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">0.9</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">12.8</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td></tr>
<tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top">
<td style="FONT-FAMILY: arial" valign="bottom" colspan="3"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: arial" colspan="3">
<p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: arial"><font size="2">Derivatives not designated as hedging instruments under ASC 815:</font></p></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: arial"><font size="0"> </font></td>
<td style="FONT-FAMILY: arial" colspan="2">
<p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: arial"><font size="2">Gasoline swaps</font></p></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">0.7</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">2.2</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: arial"><font size="0"> </font></td>
<td style="FONT-FAMILY: arial" colspan="2">
<p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: arial"><font size="2">Interest rate caps</font></p></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">0.3</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">8.2</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">0.2</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">5.6</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: arial"><font size="0"> </font></td>
<td style="FONT-FAMILY: arial" colspan="2">
<p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: arial"><font size="2">Foreign exchange forward contracts</font></p></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">1.3</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">7.6</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">26.8</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">5.7</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: arial"><font size="0"> </font></td>
<td style="FONT-FAMILY: arial" colspan="2">
<p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: arial"><font size="2">Foreign exchange options</font></p></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">0.1</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td></tr>
<tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top">
<td style="FONT-FAMILY: arial" valign="bottom" colspan="3"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: arial"><font size="0"> </font></td>
<td style="FONT-FAMILY: arial"><font size="0"> </font></td>
<td style="FONT-FAMILY: arial">
<p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: arial"><font size="2">Total derivatives not designated as hedging instruments under ASC 815</font></p></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">2.4</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">18.0</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">27.0</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">11.3</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td></tr>
<tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top">
<td style="FONT-FAMILY: arial" valign="bottom" colspan="3"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: arial" colspan="3">
<p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: arial"><font size="2">Total derivatives</font></p></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">2.4</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">18.0</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">27.9</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">24.1</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td></tr>
<tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top">
<td style="FONT-FAMILY: arial" valign="bottom" colspan="3"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<div style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt; POSITION: relative; TEXT-ALIGN: left"><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<hr style="COLOR: #000000" align="left" width="26%" noshade="noshade" size="1" />
<dl compact="compact">
<dt style="MARGIN-BOTTOM: -9pt; FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt">(1)</font></dt>
<dd style="FONT-FAMILY: arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt">All fair value measurements were primarily based upon significant observable (Level 2) inputs.<br />
<br /></font></dd>
<dt style="MARGIN-BOTTOM: -9pt; FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt">(2)</font></dt>
<dd style="FONT-FAMILY: arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt">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.</font></dd></dl></div>
<div style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; MARGIN-LEFT: 10%; WIDTH: 54%; PADDING-TOP: 0pt; POSITION: relative">
<p style="FONT-FAMILY: arial; TEXT-ALIGN: justify"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table cellspacing="0" cellpadding="0" width="150%" border="0">
<tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: arial" align="left" width="10"></td>
<td style="FONT-FAMILY: arial" align="left"></td>
<td style="FONT-FAMILY: arial" width="12"></td>
<td style="FONT-FAMILY: arial" align="right" width="7"></td>
<td style="FONT-FAMILY: arial" width="56"></td>
<td style="FONT-FAMILY: arial" width="12"></td>
<td style="FONT-FAMILY: arial" align="right" width="7"></td>
<td style="FONT-FAMILY: arial" width="58"></td>
<td style="FONT-FAMILY: arial" width="12"></td>
<td style="FONT-FAMILY: arial" align="right" width="7"></td>
<td style="FONT-FAMILY: arial" width="56"></td>
<td style="FONT-FAMILY: arial" width="18"></td>
<td style="FONT-FAMILY: arial" align="right" width="7"></td>
<td style="FONT-FAMILY: arial" width="58"></td>
<td style="FONT-FAMILY: arial" width="18"></td>
<td style="FONT-FAMILY: arial" align="right" width="7"></td>
<td style="FONT-FAMILY: arial" width="50"></td>
<td style="FONT-FAMILY: arial" width="12"></td>
<td style="FONT-FAMILY: arial" align="right" width="7"></td>
<td style="FONT-FAMILY: arial" width="58"></td>
<td style="FONT-FAMILY: arial" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: arial" align="left" colspan="2"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="5"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>Amount of Gain or<br />
(Loss) Recognized in<br />
Other Comprehensive<br />
Income on Derivative<br />
(Effective Portion) </b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="5"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>Amount of Gain or<br />
(Loss) Reclassified<br />
from Accumulated<br />
Other<br />
Comprehensive<br />
Income into Income<br />
(Effective Portion) </b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="5"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>Amount of Gain or<br />
(Loss) Recognized<br />
in Income on<br />
Derivative<br />
(Ineffective Portion)</b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: arial" align="left" colspan="2"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font><br /></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="17"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>Three Months Ended September 30, </b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: arial" align="left" colspan="2"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font><br /></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="2"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>2010</b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="2"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>2009</b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="2"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>2010</b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="2"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>2009</b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="2"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>2010</b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="2"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>2009</b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: arial" colspan="2">
<p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: arial"><font size="2">Derivatives in ASC 815 Cash Flow Hedging Relationship:</font></p></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: arial"><font size="0"> </font></td>
<td style="FONT-FAMILY: arial">
<p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: arial"><font size="2">HVF interest rate swaps</font></p></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">3.1</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">(3.5</font></td>
<td style="FONT-FAMILY: arial"><font size="2">)</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">(18.0</font></td>
<td style="FONT-FAMILY: arial"><font size="2">)<sup>(1)</sup></font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">(22.4</font></td>
<td style="FONT-FAMILY: arial"><font size="2">)<sup>(1)</sup></font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> <br /></font></p>
<div style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; MARGIN-LEFT: 10%; WIDTH: 54%; PADDING-TOP: 0pt; POSITION: relative">
<p style="FONT-FAMILY: arial; TEXT-ALIGN: justify"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table cellspacing="0" cellpadding="0" width="150%" border="0">
<tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: arial" align="left" width="10"></td>
<td style="FONT-FAMILY: arial" align="left"></td>
<td style="FONT-FAMILY: arial" width="12"></td>
<td style="FONT-FAMILY: arial" align="right" width="7"></td>
<td style="FONT-FAMILY: arial" width="56"></td>
<td style="FONT-FAMILY: arial" width="12"></td>
<td style="FONT-FAMILY: arial" align="right" width="7"></td>
<td style="FONT-FAMILY: arial" width="58"></td>
<td style="FONT-FAMILY: arial" width="12"></td>
<td style="FONT-FAMILY: arial" align="right" width="7"></td>
<td style="FONT-FAMILY: arial" width="56"></td>
<td style="FONT-FAMILY: arial" width="18"></td>
<td style="FONT-FAMILY: arial" align="right" width="7"></td>
<td style="FONT-FAMILY: arial" width="58"></td>
<td style="FONT-FAMILY: arial" width="18"></td>
<td style="FONT-FAMILY: arial" align="right" width="7"></td>
<td style="FONT-FAMILY: arial" width="50"></td>
<td style="FONT-FAMILY: arial" width="12"></td>
<td style="FONT-FAMILY: arial" align="right" width="7"></td>
<td style="FONT-FAMILY: arial" width="58"></td>
<td style="FONT-FAMILY: arial" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: arial" align="left" colspan="2"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="5"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>Amount of Gain or<br />
(Loss) Recognized in<br />
Other Comprehensive<br />
Income on Derivative<br />
(Effective Portion) </b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="5"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>Amount of Gain or<br />
(Loss) Reclassified<br />
from Accumulated<br />
Other<br />
Comprehensive<br />
Income into Income<br />
(Effective Portion) </b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="5"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>Amount of Gain or<br />
(Loss) Recognized<br />
in Income on<br />
Derivative<br />
(Ineffective Portion)</b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: arial" align="left" colspan="2"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font><br /></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="17"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>Nine Months Ended September 30, </b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: arial" align="left" colspan="2"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font><br /></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="2"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>2010</b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="2"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>2009</b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="2"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>2010</b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="2"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>2009</b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="2"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>2010</b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="2"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>2009</b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: arial" colspan="2">
<p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: arial"><font size="2">Derivatives in ASC 815 Cash Flow Hedging Relationship:</font></p></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: arial"><font size="0"> </font></td>
<td style="FONT-FAMILY: arial">
<p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: arial"><font size="2">HVF interest rate swaps</font></p></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">11.9</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">(15.5</font></td>
<td style="FONT-FAMILY: arial"><font size="2">)</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">(56.9</font></td>
<td style="FONT-FAMILY: arial"><font size="2">)<sup>(1)</sup></font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">(52.2</font></td>
<td style="FONT-FAMILY: arial"><font size="2">)<sup>(1)</sup></font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<div style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt; POSITION: relative; TEXT-ALIGN: left"><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<hr style="COLOR: #000000" align="left" width="26%" noshade="noshade" size="1" />
<p style="FONT-FAMILY: arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt">Note: The location of both the effective portion reclassified from "Accumulated other comprehensive income (loss)" into income and the ineffective portion recognized in income is in "Interest expense" on our consolidated statement of operations. </font></p>
<dl compact="compact">
<dt style="MARGIN-BOTTOM: -9pt; FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt">(1)</font></dt>
<dd style="FONT-FAMILY: arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt">Represents the amortization of amounts in "Accumulated other comprehensive income (loss)" associated with the de-designation of the previous cash flow hedging relationship as described below. </font></dd></dl></div>
<p style="FONT-FAMILY: arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> <br /></font></p>
<div style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; MARGIN-LEFT: 10%; WIDTH: 73%; PADDING-TOP: 0pt; POSITION: relative">
<p style="FONT-FAMILY: arial; TEXT-ALIGN: justify"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"110%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table cellspacing="0" cellpadding="0" width="110%" border="0">
<tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: arial" align="left" width="10"></td>
<td style="FONT-FAMILY: arial" align="left" width="10"></td>
<td style="FONT-FAMILY: arial" align="left"></td>
<td style="FONT-FAMILY: arial" width="12"></td>
<td style="FONT-FAMILY: arial" align="left" width="202"></td>
<td style="FONT-FAMILY: arial" width="12"></td>
<td style="FONT-FAMILY: arial" align="right" width="7"></td>
<td style="FONT-FAMILY: arial" width="55"></td>
<td style="FONT-FAMILY: arial" width="12"></td>
<td style="FONT-FAMILY: arial" align="right" width="7"></td>
<td style="FONT-FAMILY: arial" width="55"></td>
<td style="FONT-FAMILY: arial" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: arial" align="left" colspan="3"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: arial"><font size="2"> </font></th>
<th style="FONT-FAMILY: arial" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="5"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>Amount of Gain or<br />
(Loss) Recognized in<br />
Income on Derivative </b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: arial" align="left" colspan="3"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font><br /></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="FONT-FAMILY: arial" align="left"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font><br /></th>
<th style="FONT-FAMILY: arial" rowspan="2"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="5" rowspan="2"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>Three Months Ended<br />
September 30, </b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: arial" align="left" colspan="3"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font><br /></th>
<th style="FONT-FAMILY: arial" rowspan="2"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" rowspan="2"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>Location of Gain or (Loss)<br />
Recognized on Derivative </b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: arial" align="left" colspan="3"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font><br /></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="2"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>2010</b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="2"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>2009</b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: arial" colspan="3">
<p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: arial"><font size="2">Derivatives Not Designated as Hedging Instruments under ASC 815:</font></p></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: arial"><font size="0"> </font></td>
<td style="FONT-FAMILY: arial" colspan="2">
<p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: arial"><font size="2">Gasoline swaps</font></p></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2">Direct operating</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">1.7</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">0.1</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: arial"><font size="0"> </font></td>
<td style="FONT-FAMILY: arial" colspan="2">
<p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: arial"><font size="2">Interest rate caps</font></p></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2">Selling, general and administrative</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">(0.2</font></td>
<td style="FONT-FAMILY: arial"><font size="2">)</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">(2.0</font></td>
<td style="FONT-FAMILY: arial"><font size="2">)</font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: arial"><font size="0"> </font></td>
<td style="FONT-FAMILY: arial" colspan="2">
<p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: arial"><font size="2">Foreign exchange forward contracts</font></p></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2">Selling, general and administrative</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">(18.5</font></td>
<td style="FONT-FAMILY: arial"><font size="2">)</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">(15.9</font></td>
<td style="FONT-FAMILY: arial"><font size="2">)</font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: arial"><font size="0"> </font></td>
<td style="FONT-FAMILY: arial" colspan="2">
<p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: arial"><font size="2">Foreign exchange options</font></p></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2">Selling, general and administrative</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">(0.1</font></td>
<td style="FONT-FAMILY: arial"><font size="2">)</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">0.1</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td></tr>
<tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top">
<td style="FONT-FAMILY: arial" valign="bottom" colspan="3"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: arial"><font size="0"> </font></td>
<td style="FONT-FAMILY: arial"><font size="0"> </font></td>
<td style="FONT-FAMILY: arial">
<p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: arial"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">(17.1</font></td>
<td style="FONT-FAMILY: arial"><font size="2">)</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">(17.7</font></td>
<td style="FONT-FAMILY: arial"><font size="2">)</font></td></tr>
<tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top">
<td style="FONT-FAMILY: arial" valign="bottom" colspan="3"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> <br /></font></p>
<div style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; MARGIN-LEFT: 10%; WIDTH: 73%; PADDING-TOP: 0pt; POSITION: relative">
<p style="FONT-FAMILY: arial; TEXT-ALIGN: justify"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"110%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table cellspacing="0" cellpadding="0" width="110%" border="0">
<tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: arial" align="left" width="10"></td>
<td style="FONT-FAMILY: arial" align="left" width="10"></td>
<td style="FONT-FAMILY: arial" align="left"></td>
<td style="FONT-FAMILY: arial" width="12"></td>
<td style="FONT-FAMILY: arial" align="left" width="202"></td>
<td style="FONT-FAMILY: arial" width="12"></td>
<td style="FONT-FAMILY: arial" align="right" width="7"></td>
<td style="FONT-FAMILY: arial" width="55"></td>
<td style="FONT-FAMILY: arial" width="12"></td>
<td style="FONT-FAMILY: arial" align="right" width="7"></td>
<td style="FONT-FAMILY: arial" width="55"></td>
<td style="FONT-FAMILY: arial" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: arial" align="left" colspan="3"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: arial"><font size="2"> </font></th>
<th style="FONT-FAMILY: arial" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="5"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>Amount of Gain or<br />
(Loss) Recognized in<br />
Income on Derivative </b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: arial" align="left" colspan="3"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font><br /></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="FONT-FAMILY: arial" align="left"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font><br /></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="5"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>Nine Months Ended<br />
September 30, </b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: arial" align="left" colspan="3"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font><br /></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>Location of Gain or (Loss)<br />
Recognized on Derivative </b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="2"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>2010</b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" align="center" colspan="2"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"><b>2009</b></font></th>
<th style="FONT-FAMILY: arial"><font style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: arial" colspan="3">
<p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: arial"><font size="2">Derivatives Not Designated as Hedging Instruments under ASC 815:</font></p></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: arial"><font size="0"> </font></td>
<td style="FONT-FAMILY: arial" colspan="2">
<p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: arial"><font size="2">Gasoline swaps</font></p></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2">Direct operating</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">5.0</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: arial"><font size="0"> </font></td>
<td style="FONT-FAMILY: arial" colspan="2">
<p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: arial"><font size="2">Interest rate caps</font></p></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2">Selling, general and administrative</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">(2.5</font></td>
<td style="FONT-FAMILY: arial"><font size="2">)</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">(2.0</font></td>
<td style="FONT-FAMILY: arial"><font size="2">)</font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: arial"><font size="0"> </font></td>
<td style="FONT-FAMILY: arial" colspan="2">
<p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: arial"><font size="2">Foreign exchange forward contracts</font></p></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2">Selling, general and administrative</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">(19.9</font></td>
<td style="FONT-FAMILY: arial"><font size="2">)</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">(3.5</font></td>
<td style="FONT-FAMILY: arial"><font size="2">)</font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: arial"><font size="0"> </font></td>
<td style="FONT-FAMILY: arial" colspan="2">
<p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: arial"><font size="2">Foreign exchange options</font></p></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2">Selling, general and administrative</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">(0.2</font></td>
<td style="FONT-FAMILY: arial"><font size="2">)</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">0.2</font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td></tr>
<tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top">
<td style="FONT-FAMILY: arial" valign="bottom" colspan="3"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: arial"><font size="0"> </font></td>
<td style="FONT-FAMILY: arial"><font size="0"> </font></td>
<td style="FONT-FAMILY: arial">
<p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: arial"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial"><font size="2"> </font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">(22.6</font></td>
<td style="FONT-FAMILY: arial"><font size="2">)</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: arial" align="right"><font size="2">(0.3</font></td>
<td style="FONT-FAMILY: arial"><font size="2">)</font></td></tr>
<tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top">
<td style="FONT-FAMILY: arial" valign="bottom" colspan="3"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: arial" valign="bottom" align="right" colspan="2"> </td>
<td style="FONT-FAMILY: arial" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: arial; TEXT-ALIGN: justify"><font size="2">In connection with the Acquisition and the issuance of $3,550.0 million of floating rate U.S. Fleet Debt, our subsidiary HVF entered into certain interest rate swap agreements, or the "HVF Swaps," effective December 21, 2005, which qualify as cash flow hedging instruments in accordance with GAAP. These agreements mature at various terms, in connection with the scheduled maturity of the associated debt obligations, through November 2010. Under these agreements, until February 2009, HVF was paying monthly interest at a fixed rate of 4.5% per annum in exchange for monthly interest at one-month LIBOR, effectively transforming the floating rate U.S. Fleet Debt to fixed rate obligations. In March 2009, HVF made a cash payment to have the fixed rate on these swaps reset to the then current market rates of 0.872% and 1.25% for the swaps that matured in February 2010 and that will mature in November 2010, respectively. $80.4 million of this payment was made to an affiliate of MLGPE which is a counterparty to the HVF Swaps. Concurrently with this payment, the hedging relationship was de-designated and the amount remaining in "Accumulated other comprehensive income (loss)" associated with this cash flow hedging relationship was frozen and is being amortized into "Interest expense" over the respective terms of the associated debt in accordance with GAAP. We expect to amortize approximately $12.0 million from "Accumulated other comprehensive income (loss)" into "Interest expense" over the next two months. Additionally, a new hedging relationship was designated between the HVF Swaps, which also qualifies for cash flow hedge accounting in accordance with GAAP. Both at the inception of the hedge and on an ongoing basis, we measure ineffectiveness by comparing the fair value of the HVF Swaps and the fair value of hypothetical swaps, with similar terms, using the Hypothetical Method in accordance with GAAP. The hypothetical swaps represent a perfect hedge of the variability in interest payments associated with the U.S. Fleet Debt. Subsequent to the resetting of the swaps at current market rates, we anticipate that there will be no ineffectiveness in the hedging relationship because the critical terms of the HVF Swaps match the terms of the hypothetical swaps. </font></p>
<p style="FONT-FAMILY: arial; TEXT-ALIGN: justify"><font size="2">As of September 30, 2010 and December 31, 2009, the balance reflected in "Accumulated other comprehensive income (loss)," relating to the HVF Swaps, including the amount frozen due to the designation of the previous cash flow hedging relationship, was a loss of $7.8 million (net of tax of $5.0 million) and a loss of $49.7 million (net of tax of $31.8 million), respectively. The fair values of the HVF Swaps were calculated using the income approach and applying observable market data (i.e. the 1-month LIBOR yield curve and credit default swap spreads).</font></p>
<p style="FONT-FAMILY: arial; TEXT-ALIGN: justify"><font size="2">In connection with the entrance into the HVF Swaps, Hertz entered into seven differential interest rate swap agreements, or the "differential swaps." These differential swaps were required to be put in place to protect the counterparties to the HVF Swaps in the event of an "amortization event" under the asset-backed notes agreements. An "event of bankruptcy" (as defined in the ABS Base Indenture) with respect to MBIA or Ambac would constitute an "amortization event" under the portion of the U.S. Fleet Debt facilities guaranteed by the affected insurer. In the event of an "amortization event," the amount by which the principal balance on the floating rate portion of the U.S. Fleet Debt is reduced, exclusive of the originally scheduled amortization, becomes the notional amount of the differential swaps and is transferred to Hertz. There was no payment associated with these differential swaps and their notional amounts are and will continue to be zero unless (1) there is an amortization event, which causes the amortization of the loan balance, or (2) the debt is prepaid. </font></p>
<p style="FONT-FAMILY: arial; TEXT-ALIGN: justify"><font size="2">On September 18, 2009, HVF completed the sale of the Series 2009-1 Notes. In order to satisfy rating agency requirements related to its bankruptcy-remote status, HVF purchased an interest rate cap, for $11.7 million, with a maximum notional amount equal to the Series 2009-1 Notes maximum principal amount of $2.1 billion with a strike rate of 5% and a term until January 25, 2013. Additionally, Hertz sold a 5% interest rate cap, for $6.5 million, with a notional amount equal to 33.3% of the notional amount of the HVF interest rate cap through January 2012, and then subsequently with a matching notional amount to the HVF interest rate cap through its maturity date of January 25, 2013. The fair value of these interest rate caps was calculated using a discounted cash flow method and applying observable market data (i.e. the 1-month LIBOR yield curve and credit default swap spreads). Gains and losses resulting from changes in the fair value of these interest rate caps are included in our results of operations in the periods incurred.</font></p>
<p style="FONT-FAMILY: arial; TEXT-ALIGN: justify"><font size="2">We purchase unleaded gasoline and diesel fuel at prevailing market rates. In January 2009, we began a program to manage our exposure to changes in fuel prices through the use of derivative commodity instruments. We currently have in place swaps to cover a portion of our fuel price exposure through June 2011. We presently hedge a portion of our overall unleaded gasoline and diesel fuel purchases with commodity swaps and have contracts in place that settle on a monthly basis. As of September 30, 2010, our outstanding commodity instruments for unleaded gasoline and diesel fuel totaled approximately 12.3 million gallons and 0.7 million gallons, respectively. The fair value of these commodity instruments was calculated using a discounted cash flow method and applying observable market data (i.e., NYMEX RBOB Gasoline and U.S. Department of Energy surveys, etc.). Gains and losses resulting from changes in the fair value of these commodity instruments are included in our results of operations in the periods incurred. </font></p>
<p style="FONT-FAMILY: arial; TEXT-ALIGN: justify"><font size="2">We manage our foreign currency risk primarily by incurring, to the extent practicable, operating and financing expenses in the local currency in the countries in which we operate, including making fleet and equipment purchases and borrowing for working capital needs. Also, we have purchased foreign exchange options to manage exposure to fluctuations in foreign exchange rates for selected marketing programs. The effect of exchange rate changes on these financial instruments would not materially affect our consolidated financial position, results of operations or cash flows. Our risks with respect to foreign exchange options are limited to the premium paid for the right to exercise the option and the future performance of the option's counterparty. Premiums paid for options outstanding as of September 30, 2010, were approximately $0.2 million. We limit counterparties to the transactions to financial institutions that have strong credit ratings. As of September 30, 2010 and December 31, 2009, the total notional amount of these foreign exchange options was $4.9 million and $0.3 million, respectively. As of September 30, 2010, these foreign exchange options mature through January 2012. The fair value of the foreign exchange options was calculated using a discounted cash flow method and applying observable market data (i.e. foreign currency exchange rates). Gains and losses resulting from changes in the fair value of these options are included in our results of operations in the periods incurred. </font></p>
<p style="FONT-FAMILY: arial; TEXT-ALIGN: justify"><font size="2">We also manage exposure to fluctuations in currency risk on intercompany loans we make to certain of our subsidiaries by entering into foreign currency forward contracts at the time of the loans which are intended to offset the impact of foreign currency movements on the underlying intercompany loan obligations. As of September 30, 2010, the total notional amount of these forward contracts was $1,391.4 million, maturing within four months. The fair value of these foreign currency forward contracts was calculated based on foreign currency forward exchange rates. </font></p>
<p style="FONT-FAMILY: arial; TEXT-ALIGN: justify"><font size="2">On October 1, 2006, we designated our Senior Euro Notes as an effective net investment hedge of our Euro-denominated net investment in our international operations. As a result of this net investment hedge designation, as of September 30, 2010 and December 31, 2009, losses of $8.6 million (net of tax of $7.9 million) and $19.2 million (net of tax of $14.7 million), respectively, attributable to the translation of our Senior Euro Notes into the U.S. dollar are recorded in our condensed consolidated balance sheet in "Accumulated other comprehensive income (loss)." </font></p></td></tr></table>
Note 14—Financial Instruments
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents
Fair value approximates the amount indicated on
false
false
false
|
us-types:textBlockItemType
textblock
This element represents the disclosure related to the fair value measurements, derivatives and hedging instruments and other relevant disclosures pertaining to financial instruments.
No authoritative reference available.
false
1
2
false
UnKnown
UnKnown
UnKnown
false
true