XML 159 R182.htm IDEA: XBRL DOCUMENT v2.4.0.8
FAIR VALUE MEASUREMENTS - DOLLAR THRIFTY (Tables)
 6 Months Ended 12 Months Ended 9 Months Ended 12 Months Ended
Jun. 30, 2013
Dec. 31, 2012
Sep. 30, 2012
Dollar Thrifty Automotive Group Inc
Dec. 31, 2011
Dollar Thrifty Automotive Group Inc
Fair value of assets and liabilities        
Schedule of assets and liabilities measured at fair value on a recurring basis
The following table summarizes the estimated fair value of derivatives (in millions of dollars):
 
Fair Value of Derivative Instruments(1)
 
Asset Derivatives(2)
 
Liability Derivatives(2)
 
June 30,
2013
 
December 31,
2012
 
June 30,
2013
 
December 31,
2012
Derivatives not designated as hedging
 
 
 
 
 
 
 
instruments under ASC 815:
 
 
 
 
 
 
 
Gasoline swaps
$
—

 
$
—

 
$
0.9

 
$
0.1

Interest rate caps
0.6

 
0.9

 
0.6

 
0.9

Foreign exchange forward contracts
4.8

 
3.4

 
1.9

 
4.5

Foreign exchange options
0.1

 
0.2

 
—

 
—

Total derivatives not designated as hedging
 
 
 
 
 
 
 
instruments under ASC 815
$
5.5

 
$
4.5

 
$
3.4

 
$
5.5

_______________________________________________________________________________
(1)
All fair value measurements were primarily based upon significant observable (Level 2) inputs.
(2)
All asset derivatives are recorded in "Prepaid expenses and other assets" and all liability derivatives are recorded in "Accrued liabilities" on our condensed consolidated balance sheets.
The following table summarizes the estimated fair value of derivatives (in millions of dollars):
 
Fair Value of Derivative Instruments(1)
 
Asset Derivatives(2)
 
 
Liability Derivatives(2)
 
December 31,
2012
 
December 31,
2011
 
 
December 31,
2012
 
December 31,
2011
Derivatives not designated as hedging
 
 
 
 
 
 
 
 
instruments under ASC 815:
 
 
 
 
 
 
 
 
Gasoline swaps
$
—

 
$
—

 
 
$
0.1

 
$
0.4

Interest rate caps
0.9

 
0.5

 
 
0.9

 
0.4

Foreign exchange forward contracts
3.4

 
4.4

 
 
4.5

 
1.9

Interest rate swaps
—

 
—

 
 
—

 
0.2

Foreign exchange options
0.2

 
0.1

 
 
—

 
—

Total derivatives not designated as hedging
 
 
 
 
 
 
 
 
instruments under ASC 815
$
4.5

 
$
5.0

 
 
$
5.5

 
$
2.9

_______________________________________________________________________________
(1)
All fair value measurements were primarily based upon significant observable (Level 2) inputs.
(2)
All asset derivatives are recorded in "Prepaid expenses and other assets" and all liability derivatives are recorded in "Other accrued liabilities" on our consolidated balance sheets.

 

 

 
    
   Fair Value Measurements at Reporting Date Using  
Description
  Total Fair
Value Assets
(Liabilities)
at 9/30/12		   Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		   Significant Other
Observable
Inputs
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		  
(in thousands)
    
    
    
    
  

Derivative Assets

   $ 23   $ —   $ 23   $ —  

Deferred Compensation Plan Assets(a)

     6,998     6,998     —     —  
                   

Total

   $ 7,021   $ 6,998   $ 23   $ —  
                   


 

 
    
   Fair Value Measurements at Reporting Date Using  
Description
  Total Fair
Value Assets
(Liabilities)
at 12/31/11		   Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		   Significant Other
Observable
Inputs
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		  
(in thousands)
    
    
    
    
  

Derivative Assets

   $ 548   $ —   $ 548   $ —  

Deferred Compensation Plan Assets(a)

     5,752     5,752     —     —  
                   

Total

   $ 6,300   $ 5,752   $ 548   $ —  
                   
(a)
Deferred Compensation Plan Assets consist primarily of equity securities. The Company also has an offsetting liability related to the Deferred Compensation Plan, which is not disclosed in the table as it is not independently measured at fair value, but rather is set to equal fair value of the assets held in the related rabbi trust.

 

 

 
    
   Fair Value Measurements at Reporting Date Using  
Description
  Total Fair
Value Assets
(Liabilities)
at 12/31/11		   Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		   Significant Other
Observable
Inputs
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		  
 
                       		   (in thousands)
  

Derivative Assets

   $ 548   $ —   $ 548   $ —  

Deferred Compensation Plan Assets(a)

     5,752     5,752     —     —  
                   

Total

   $ 6,300   $ 5,752   $ 548   $ —  
                   


 

 
    
   Fair Value Measurements at Reporting Date Using  
Description
  Total Fair
Value Assets
(Liabilities)
at 12/31/10		   Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		   Significant Other
Observable
Inputs
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		  
 
                       		   (in thousands)
  

Derivative Assets

   $ 1,355   $ —   $ 1,355   $ —  

Derivative Liabilities

     (36,888 )   —     (36,888 )   —  

Marketable Securities (available for sale)

     169     169     —     —  

Deferred Compensation Plan Assets(a)

     3,916     —     3,916     —  
                   

Total

   $ (31,448 ) $ 169   $ (31,617 ) $ —  
                   
(a)
Deferred Compensation Plan Assets consist primarily of equity securities. The Company also has an offsetting liability related to the Deferred Compensation Plan, which is not disclosed in the table as it is not independently measured at fair value, but rather is set to equal fair value of the assets held in the related rabbi trust.
Schedule of information about the Company's market sensitive financial instruments    

 

 

 
    
    
   Fair Value Measurements at Reporting Date Using  
Description
  Carrying
Value Assets
(Liabilities)
at 9/30/12		   Fair Value
Assets
(Liabilities)
at 9/30/12		   Quoted Prices
in Active Markets
for Identical Assets
(Level 1)		   Significant
Other
Observable
Inputs
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		  
(in thousands)
    
    
    
    
    
  

Vehicle debt and obligations-floating rates(1)

   $ (510,000 ) $ (510,000 ) $ —   $ —   $ (510,000 )

Vehicle debt and obligations-fixed rates

     (900,000 )   (926,819 )   —     (516,296 )   (410,523 )

Canadian dollar denominated vehicle debt and obligations-floating rates

     (71,169 )   (71,169 )   —     —     (71,169 )
                       

Total

   $ (1,481,169 ) $ (1,507,988 ) $ —   $ (516,296 ) $ (991,692 )
                       
(1)
The fair value of the Series 2010-3 VFN excludes the impact of the related interest rate cap.

 
    
    
   Fair Value Measurements at Reporting Date Using  
Description
  Carrying
Value Assets
(Liabilities)
at 12/31/11		   Fair Value
Assets
(Liabilities)
at 12/31/11		   Quoted Prices
in Active Markets
for Identical Assets
(Level 1)		   Significant
Other
Observable
Inputs
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		  
(in thousands)
    
    
    
    
    
  

Vehicle debt and obligations-floating rates

   $ (500,000 ) $ (495,820 ) $ —   $ (495,820 ) $ —  

Vehicle debt and obligations-fixed rates

     (900,000 )   (899,292 )   —     (499,292 )   (400,000 )
                       

Total

   $ (1,400,000 ) $ (1,395,112 ) $ —   $ (995,112 ) $ (400,000 )
                       

 

 

Debt and other obligations at December 31, 2011
  Carrying
Value		   Fair Value
at 12/31/11		  
 
   (in thousands)
  

Debt:

              

Vehicle debt and obligations—floating rates

   $ 500,000   $ 495,820  

Vehicle debt and obligations—fixed rates

   $ 900,000   $ 899,292  


 

Debt and other obligations at December 31, 2010
  Carrying
Value		   Fair Value
at 12/31/10		  
 
   (in thousands)
  

Debt:

              

Vehicle debt and obligations—floating rates(1)

   $ 1,200,000   $ 1,178,875  

Vehicle debt and obligations—Canadian dollar denominated

   $ 49,118   $ 49,118  

Non-vehicle debt—Term Loan

   $ 148,125   $ 146,459  
(1)
Includes $500 million relating to the Series 2006-1 notes, the $500 million Series 2007-1 notes swapped from floating interest rates to fixed interest rates, and the $200 million Series 2010-1 VFN. The fair value excludes the impact of the related interest rate swaps and cap.