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Financial Instruments (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2013

Dec. 31, 2012

Summary of financial 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.

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

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



	Location of Gain or (Loss) Recognized on Derivatives	Amount of Gain or (Loss) Recognized in Income on Derivatives
		Three Months Ended June 30,
		2013			2012
Derivatives not designated as hedging
instruments under ASC 815:
Gasoline swaps	Direct operating	$	(2.5	)	$	(3.3	)
Interest rate caps	Selling, general and administrative	—			(0.1		)
Foreign exchange forward contracts	Selling, general and administrative	(7.1		)	(7.7		)
Foreign exchange options	Selling, general and administrative	—			0.1
Total		$	(9.6	)	$	(11.0	)



	Location of Gain or (Loss) Recognized on Derivatives	Amount of Gain or (Loss) Recognized in Income on Derivatives
		Six Months Ended June 30,
		2013			2012
Derivatives not designated as hedging
instruments under ASC 815:
Gasoline swaps	Direct operating	$	(0.8	)	$	(1.5	)
Interest rate caps	Selling, general and administrative	0.1			(0.1		)
Foreign exchange forward contracts	Selling, general and administrative	(2.9		)	(5.6		)
Foreign exchange options	Selling, general and administrative	(0.1		)	0.1
Total		$	(3.7	)	$	(7.1	)

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2012 and 2011 were as follows (in millions):



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

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



	December 31, 2011
	Fair Value Measurements Using
	Total		Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Prepaid Expenses and Other Current Assets:
Interest rate caps	$	0.5	$	—	$	0.5	$	—
Foreign currency forward contracts	4.4		—		4.4		—
Foreign exchange options	0.1		—		0.1		—
Investment	33.2		33.2		—		—
Total	$	38.2	$	33.2	$	5.0	$	—

Other Current Liabilities:
Gasoline swaps	$	0.4	$	—	$	0.4	$	—
Interest rate caps	0.4		—		0.4		—
Foreign currency forward contracts	1.9		—		1.9		—
Interest rate swaps	0.2				0.2
Total	$	2.9	$	—	$	2.9	$	—

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



	Location of Gain or (Loss) Recognized on Derivatives	Amount of Gain or (Loss) Recognized in Income on Derivatives
		Years Ended December 31,
		2012			2011
Derivatives not designated as hedging
instruments under ASC 815:
Gasoline swaps	Direct operating	$	0.7		$	2.6
Interest rate caps	Selling, general and administrative	(0.8		)	—
Foreign exchange forward contracts	Selling, general and administrative	(15.4		)	(11.0		)
Foreign exchange options	Selling, general and administrative	—			(0.2		)
Total		$	(15.5	)	$	(8.6	)

Offsetting Assets

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



As of June 30, 2013:							Gross amounts not offset in Balance Sheet
	Gross assets		Gross assets offset in Balance Sheet		Net recognized assets in Balance Sheet		Financial Instruments			Cash Collateral		Net Amount
Interest rate caps	$	0.6	$	—	$	0.6	$	—		$	—	$	0.6
Foreign exchange forward contracts	4.8		—		4.8		(2.8		)	—		2.0
Foreign exchange options	0.1		—		0.1		—			—		0.1
Total	$	5.5	$	—	$	5.5	$	(2.8	)	$	—	$	2.7



							Gross amounts not offset in Balance Sheet
	Gross liabilities		Gross liabilities offset in Balance Sheet		Net recognized liabilities in Balance Sheet		Financial Instruments			Cash Collateral		Net Amount
Gasoline swaps	$	0.9	$	—	$	0.9	$	(0.9	)	$	—	$	—
Interest rate caps	0.6		—		0.6		—			—		0.6
Foreign exchange forward contracts	1.9		—		1.9		(1.9		)	—		—
Total	$	3.4	$	—	$	3.4	$	(2.8	)	$	—	$	0.6



As of December 31, 2012:							Gross amounts not offset in Balance Sheet
	Gross assets		Gross assets offset in Balance Sheet		Net recognized assets in Balance Sheet		Financial Instruments			Cash Collateral		Net Amount
Interest rate caps	$	0.9	$	—	$	0.9	$	—		$	—	$	0.9
Foreign exchange forward contracts	3.4		—		3.4		(1.3		)	—		2.1
Foreign exchange options	0.2		—		0.2		(0.2		)	—		—
Total	$	4.5	$	—	$	4.5	$	(1.5	)	$	—	$	3.0



							Gross amounts not offset in Balance Sheet
	Gross liabilities		Gross liabilities offset in Balance Sheet		Net recognized liabilities in Balance Sheet		Financial Instruments			Cash Collateral		Net Amount
Interest rate caps	$	0.9	$	—	$	0.9	$	—		$	—	$	0.9
Gasoline swaps	0.1		—		0.1		—			—		0.1
Foreign exchange forward contracts	4.5		—		4.5		(1.5		)	—		3.0
Total	$	5.5	$	—	$	5.5	$	(1.5	)	$	—	$	4.0

Schedule of assets and liabilities measured at fair value on a recurring basis

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2013 and December 31, 2012 were as follows (in millions):

	June 30, 2013

	Fair Value Measurements Using
	Total		Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Prepaid Expenses and Other Assets:
Interest rate caps	$	0.6	$	—	$	0.6	$	—
Foreign currency forward contracts		4.8		—		4.8		—
Foreign exchange options		0.1		—		0.1		—

Total	$	5.5	$	—	$	5.5	$	—

Other Liabilities:
Gasoline swaps	$	0.9	$	—	$	0.9	$	—
Interest rate caps	$	0.6	$	—	$	0.6	$	—
Foreign currency forward contracts		1.9		—		1.9		—

Total	$	3.4	$	—	$	3.4	$	—

	December 31, 2012

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

Total	$	4.5	$	—	$	4.5	$	—

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

Total	$	5.5	$	—	$	5.5	$	—

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the changes in fair value measurement using Level 3 inputs for the three and six months ended June 30, 2013 (in millions of dollars):



	Three Months Ended		Six Months Ended
	June 30, 2013		June 30, 2013
Fair Value Measurements Using Level 3 Inputs Convertible Notes
Balance at the beginning of period	$	—	$	—
Realized gain (losses) included in earnings	—		—
Unrealized gain related to investments	2.0		2.0
Purchases	130.0		130.0
Settlements	—		—
Balance at June 30, 2013	$	132.0	$	132.0

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

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

+ References+ Details