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Guarantor and Non-Guarantor Condensed Consolidating Financial Statements (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2013
Dec. 31, 2012
Guarantor and Non-Guarantor Condensed Consolidating Financial Statements    
Schedule of condensed consolidating balance sheets
CONDENSED CONSOLIDATING BALANCE SHEET
June 30, 2013
(In Millions of Dollars)

 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
87.5

 
$
24.5

 
$
371.0

 
$
—

 
$
483.0

Restricted cash and cash equivalents
33.7

 
17.0

 
342.5

 
—

 
393.2

Receivables, less allowance for doubtful accounts
500.8

 
482.1

 
719.3

 
(46.2
)
 
1,656.0

Due from Hertz affiliate
1,042.7

 
1,842.7

 
3,691.7

 
(6,576.3
)
 
0.8

Inventories, at lower cost or market
30.8

 
39.8

 
57.7

 
—

 
128.3

Prepaid expenses and other assets
2,894.7

 
244.3

 
407.2

 
(2,783.0
)
 
763.2

Revenue earning equipment, net
175.3

 
1,893.0

 
13,637.7

 
—

 
15,706.0

Property and equipment, net
897.6

 
315.1

 
252.9

 
—

 
1,465.6

Investment in subsidiaries, net
6,833.1

 
1,367.9

 
—

 
(8,201.0
)
 
—

Other intangible assets, net
70.2

 
3,848.1

 
50.2

 
—

 
3,968.5

Goodwill
106.2

 
1,035.6

 
224.5

 
—

 
1,366.3

Total assets
$
12,672.6

 
$
11,110.1

 
$
19,754.7

 
$
(17,606.5
)
 
$
25,930.9

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 

Due to Hertz affiliate
$
2,097.1

 
$
2,498.8

 
$
1,980.4

 
$
(6,576.3
)
 
$
—

Accounts payable
165.2

 
267.9

 
1,051.4

 
—

 
1,484.5

Accrued liabilities
642.7

 
242.2

 
343.6

 
(46.2
)
 
1,182.3

Accrued taxes
60.3

 
33.9

 
1,335.0

 
(1,245.6
)
 
183.6

Debt
7,042.3

 
68.5

 
10,283.4

 
—

 
17,394.2

Public liability and property damage
93.0

 
58.5

 
176.0

 
—

 
327.5

Deferred taxes on income
—

 
2,232.7

 
2,091.5

 
(1,537.4
)
 
2,786.8

Total liabilities
10,100.6

 
5,402.5

 
17,261.3

 
(9,405.5
)
 
23,358.9

Equity:
 
 
 
 
 
 
 
 

The Hertz Corporation and Subsidiaries stockholder's equity
2,572.0

 
5,707.6

 
2,493.4

 
(8,201.0
)
 
2,572.0

Noncontrolling interest
—

 
—

 
—

 
—

 
—

Total equity
2,572.0

 
5,707.6

 
2,493.4

 
(8,201.0
)
 
2,572.0

Total liabilities and equity
$
12,672.6

 
$
11,110.1

 
$
19,754.7

 
$
(17,606.5
)
 
$
25,930.9



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

 
$
502.1

 
$
—

 
$
533.2

Restricted cash and cash equivalents
32.7

 
17.1

 
521.8

 
—

 
571.6

Receivables, less allowance for doubtful accounts
544.5

 
444.0

 
924.7

 
(26.6
)
 
1,886.6

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
2,570.5

 
277.8

 
173.3

 
(2,560.1
)
 
461.5

Revenue earning equipment, net
104.2

 
1,678.5

 
11,125.6

 
—

 
12,908.3

Property and equipment, net
865.7

 
321.9

 
248.8

 
—

 
1,436.4

Investment in subsidiaries, net
6,964.9

 
1,260.9

 
—

 
(8,225.8
)
 
—

Other intangible assets, net
74.6

 
3,893.3

 
64.2

 
—

 
4,032.1

Goodwill
106.2

 
1,018.9

 
216.8

 
—

 
1,341.9

Total assets
$
12,360.3

 
$
10,983.6

 
$
17,309.1

 
$
(17,362.9
)
 
$
23,290.1

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 

Due to Hertz affiliate
$
2,254.2

 
$
2,421.6

 
$
1,874.6

 
$
(6,550.4
)
 
$
—

Accounts payable
239.2

 
193.9

 
566.0

 
—

 
999.1

Accrued liabilities
605.7

 
45.0

 
554.3

 
(26.6
)
 
1,178.4

Accrued taxes
54.4

 
29.1

 
1,049.3

 
(965.5
)
 
167.3

Debt
6,190.0

 
67.7

 
8,756.8

 
—

 
15,014.5

Public liability and property damage
99.3

 
52.8

 
180.1

 
—

 
332.2

Deferred taxes on income
—

 
2,205.6

 
2,070.1

 
(1,594.6
)
 
2,681.1

Total liabilities
9,442.8

 
5,015.7

 
15,051.2

 
(9,137.1
)
 
20,372.6

Equity:
 
 
 
 
 
 
 
 

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

 
5,967.9

 
2,257.9

 
(8,225.8
)
 
2,917.5

Noncontrolling interest
—

 
—

 
—

 
—

 
—

Total equity
2,917.5

 
5,967.9

 
2,257.9

 
(8,225.8
)
 
2,917.5

Total liabilities and equity
$
12,360.3

 
$
10,983.6

 
$
17,309.1

 
$
(17,362.9
)
 
$
23,290.1
CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2012
(In Thousands of Dollars)

 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
24,602

 
$
2,578

 
$
506,055

 
$
—

 
$
533,235

Restricted cash and cash equivalents
32,681

 
14,535

 
524,418

 
—

 
571,634

Receivables, less allowance for doubtful accounts
544,454

 
292,467

 
1,049,675

 
—

 
1,886,596

Due from Hertz affiliate
1,047,986

 
59,181

 
2,199,247

 
(3,293,605
)
 
12,809

Inventories, at lower cost or market
24,422

 
34,101

 
47,205

 
—

 
105,728

Prepaid expenses and other assets
2,570,539

 
183,573

 
203,678

 
(2,496,288
)
 
461,502

Revenue earning equipment, net
104,207

 
1,734,325

 
11,069,804

 
—

 
12,908,336

Property and equipment, net
865,694

 
206,332

 
364,360

 
—

 
1,436,386

Investment in subsidiaries, net
6,964,916

 
506,123

 
—

 
(7,471,039
)
 
—

Other intangible assets, net
74,606

 
2,352,342

 
1,605,163

 
—

 
4,032,111

Goodwill
106,210

 
133,923

 
1,101,739

 
—

 
1,341,872

Total assets
$
12,360,317

 
$
5,519,480

 
$
18,671,344

 
$
(13,260,932
)
 
$
23,290,209

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 

Due to Hertz affiliate
$
2,254,223

 
$
628,275

 
$
411,107

 
$
(3,293,605
)
 
$
—

Accounts payable
239,247

 
157,742

 
602,072

 
—

 
999,061

Accrued liabilities
605,680

 
84,992

 
487,788

 
—

 
1,178,460

Accrued taxes
54,357

 
11,511

 
1,003,127

 
(901,681
)
 
167,314

Debt
6,190,040

 
49,445

 
8,774,989

 
—

 
15,014,474

Public liability and property damage
99,261

 
10,390

 
222,581

 
—

 
332,232

Deferred taxes on income
—

 
1,776,199

 
2,499,548

 
(1,594,607
)
 
2,681,140

Total liabilities
9,442,808

 
2,718,554

 
14,001,212

 
(5,789,893
)
 
20,372,681

Equity:
 
 
 
 
 
 
 
 

The Hertz Corporation and Subsidiaries stockholder's equity
2,917,509

 
2,800,926

 
4,670,113

 
(7,471,039
)
 
2,917,509

Noncontrolling interest
—

 
—

 
19

 
—

 
19

Total equity
2,917,509

 
2,800,926

 
4,670,132

 
(7,471,039
)
 
2,917,528

Total liabilities and equity
$
12,360,317

 
$
5,519,480

 
$
18,671,344

 
$
(13,260,932
)
 
$
23,290,209



CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2011
(In Thousands of Dollars)
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
565,002

 
$
7,385

 
$
358,821

 
$
—

 
$
931,208

Restricted cash and cash equivalents
44,663

 
28,130

 
235,246

 
—

 
308,039

Receivables, less allowance for doubtful accounts
297,292

 
218,754

 
1,100,336

 
—

 
1,616,382

Due from Hertz affiliate
655,411

 
65,972

 
1,194,041

 
(1,915,424
)
 
—

Inventories, at lower cost or market
22,440

 
26,541

 
34,997

 
—

 
83,978

Prepaid expenses and other assets
2,088,579

 
32,974

 
137,189

 
(1,842,608
)
 
416,134

Revenue earning equipment, net
167,304

 
1,505,867

 
8,432,238

 
—

 
10,105,409

Property and equipment, net
824,381

 
170,874

 
256,599

 
—

 
1,251,854

Investment in subsidiaries, net
4,413,289

 
460,201

 
—

 
(4,873,490
)
 
—

Other intangible assets, net
94,682

 
2,363,617

 
103,935

 
—

 
2,562,234

Goodwill
100,221

 
67,228

 
224,645

 
—

 
392,094

Total assets
$
9,273,264

 
$
4,947,543

 
$
12,078,047

 
$
(8,631,522
)
 
$
17,667,332

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 

Due to Hertz affiliate
$
1,251,347

 
$
266,604

 
$
397,885

 
$
(1,915,424
)
 
$
412

Accounts payable
188,695

 
165,258

 
543,536

 
—

 
897,489

Accrued liabilities
607,673

 
209,263

 
309,402

 
—

 
1,126,338

Accrued taxes
54,559

 
134,186

 
(13,889
)
 
(11,872
)
 
162,984

Debt
4,434,274

 
4,237

 
6,469,338

 
—

 
10,907,849

Public liability and property damage
107,881

 
14,025

 
159,628

 
—

 
281,534

Deferred taxes on income
—

 
1,449,171

 
2,043,437

 
(1,830,736
)
 
1,661,872

Total liabilities
6,644,429

 
2,242,744

 
9,909,337

 
(3,758,032
)
 
15,038,478

Equity:
 
 
 
 
 
 
 
 

The Hertz Corporation and Subsidiaries stockholder's equity
2,628,835

 
2,704,799

 
2,168,691

 
(4,873,490
)
 
2,628,835

Noncontrolling interest
—

 
—

 
19

 
—

 
19

Total equity
2,628,835

 
2,704,799

 
2,168,710

 
(4,873,490
)
 
2,628,854

Total liabilities and equity
$
9,273,264

 
$
4,947,543

 
$
12,078,047

 
$
(8,631,522
)
 
$
17,667,332
Schedule of condensed consolidating statement of operations
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the Three Months Ended June 30, 2013
(In Millions of Dollars)
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Total revenues
$
1,147.0

 
$
662.8

 
$
1,617.5

 
$
(712.7
)
 
$
2,714.6

Expenses:
 
 
 
 
 
 
 
 

Direct operating
618.8

 
357.1

 
430.3

 
(0.3
)
 
1,405.9

Depreciation of revenue earning equipment and lease charges
608.0

 
168.9

 
576.4

 
(712.2
)
 
641.1

Selling, general and administrative
122.3

 
64.7

 
88.0

 
(0.2
)
 
274.8

Interest expense
88.0

 
8.5

 
73.7

 
—

 
170.2

Interest income
—

 
(1.6
)
 
(0.4
)
 
—

 
(2.0
)
Other (income) expense, net
14.5

 
(2.2
)
 
(13.4
)
 
—

 
(1.1
)
Total expenses
1,451.6

 
595.4

 
1,154.6

 
(712.7
)
 
2,488.9

Income (loss) before income taxes and equity in earnings (losses) of subsidiaries
(304.6
)
 
67.4

 
462.9

 
—

 
225.7

(Provision) benefit for taxes on income
109.3

 
(25.2
)
 
(179.9
)
 
—

 
(95.8
)
Equity in earnings (losses) of subsidiaries (net of tax)
325.2

 
56.8

 
—

 
(382.0
)
 
—

Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder
$
129.9

 
$
99.0

 
$
283.0

 
$
(382.0
)
 
$
129.9


CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2013
(In Millions of Dollars)
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Total revenues
$
2,201.6

 
$
1,284.9

 
$
3,120.6

 
$
(1,455.9
)
 
$
5,151.2

Expenses:
 
 
 
 
 
 
 
 

Direct operating
1,231.7

 
710.0

 
815.9

 
(0.5
)
 
2,757.1

Depreciation of revenue earning equipment and lease charges
1,269.4

 
321.3

 
1,092.6

 
(1,455.2
)
 
1,228.1

Selling, general and administrative
229.5

 
124.4

 
172.6

 
(0.2
)
 
526.3

Interest expense
169.1

 
18.8

 
145.6

 
—

 
333.5

Interest income
—

 
(3.1
)
 
(0.7
)
 
—

 
(3.8
)
Other (income) expense, net
14.3

 
(2.2
)
 
(13.8
)
 
—

 
(1.7
)
Total expenses
2,914.0

 
1,169.2

 
2,212.2

 
(1,455.9
)
 
4,839.5

Income (loss) before income taxes and equity in earnings (losses) of subsidiaries
(712.4
)
 
115.7

 
908.4

 
—

 
311.7

(Provision) benefit for taxes on income
257.5

 
(43.1
)
 
(369.7
)
 
—

 
(155.3
)
Equity in earnings (losses) of subsidiaries (net of tax)
611.3

 
111.6

 
—

 
(722.9
)
 
—

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

 
$
184.2

 
$
538.7

 
$
(722.9
)
 
$
156.4




CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the Three Months Ended June 30, 2012
(In Millions of Dollars)
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Total revenues
$
1,074.9

 
$
233.1

 
$
1,493.1

 
$
(576.0
)
 
$
2,225.1

Expenses:
 
 
 
 
 
 
 
 
 
Direct operating
609.4

 
141.1

 
438.4

 
—

 
1,188.9

Depreciation of revenue earning equipment and lease charges
560.6

 
48.0

 
487.2

 
(576.0
)
 
519.8

Selling, general and administrative
94.4

 
31.4

 
80.8

 
—

 
206.6

Interest expense
56.0

 
9.1

 
74.2

 
—

 
139.3

Interest income
—

 
(0.2
)
 
(0.3
)
 
—

 
(0.5
)
Other (income) expense, net
—

 
—

 
(0.6
)
 
—

 
(0.6
)
Total expenses
1,320.4

 
229.4

 
1,079.7

 
(576.0
)
 
2,053.5

Income (loss) before income taxes noncontrolling interest and equity in earnings (losses) of subsidiaries
(245.5
)
 
3.7

 
413.4

 
—

 
171.6

(Provision) benefit for taxes on income
90.7

 
(1.3
)
 
(160.1
)
 
—

 
(70.7
)
Equity in earnings (losses) of subsidiaries (net of tax)
255.7

 
(33.8
)
 
—

 
(221.9
)
 
—

Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder
$
100.9

 
$
(31.4
)
 
$
253.3

 
$
(221.9
)
 
$
100.9


CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2012
(In Millions of Dollars)
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Total revenues
$
2,042.9

 
$
442.9

 
$
2,834.3

 
$
(1,134.0
)
 
$
4,186.1

Expenses:
 
 
 
 
 
 
 
 
 
Direct operating
1,181.2

 
274.4

 
847.5

 
—

 
2,303.1

Depreciation of revenue earning equipment and lease charges
1,099.3

 
92.4

 
977.2

 
(1,134.0
)
 
1,034.9

Selling, general and administrative
198.6

 
56.9

 
158.8

 
—

 
414.3

Interest expense
119.6

 
19.0

 
150.2

 
—

 
288.8

Interest income
(0.1
)
 
(0.4
)
 
(1.1
)
 
—

 
(1.6
)
Other (income) expense, net
—

 
—

 
(1.0
)
 
—

 
(1.0
)
Total expenses
2,598.6

 
442.3

 
2,131.6

 
(1,134.0
)
 
4,038.5

Income (loss) before income taxes noncontrolling interest and equity in earnings (losses) of subsidiaries
(555.7
)
 
0.6

 
702.7

 
—

 
147.6

(Provision) benefit for taxes on income
201.9

 
(0.6
)
 
(296.2
)
 
—

 
(94.9
)
Equity in earnings (losses) of subsidiaries (net of tax)
406.5

 
(22.6
)
 
—

 
(383.9
)
 
—

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

 
$
(22.6
)
 
$
406.5

 
$
(383.9
)
 
$
52.7

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the Year Ended December 31, 2012
(In Thousands of Dollars)

 
   Parent
(The Hertz
Corporation)		   Guarantor
Subsidiaries		   Non-Guarantor
Subsidiaries		   Eliminations   The Hertz
Corporation &
Subsidiaries		  

Total revenues

   $ 4,259,049   $ 975,500   $ 6,255,039   $ (2,468,781 ) $ 9,020,807  
                       

Expenses:

                                

Direct operating

     2,384,829     553,099     1,857,860     —     4,795,788  

Depreciation of revenue earning equipment and lease charges

     2,402,032     198,322     2,016,585     (2,468,781 )   2,148,158  

Selling, general and administrative

     448,100     123,300     374,181     —     945,581  

Interest expense, net of interest income

     253,437     39,679     299,770     —     592,886  

Other (income) expense, net

     (10,656 )   (19 )   46,217     —     35,542  
                       

Total expenses

     5,477,742     914,381     4,594,613     (2,468,781 )   8,517,955  
                       

Income (loss) before income taxes and equity in earnings (losses) of subsidiaries

     (1,218,693 )   61,119     1,660,426     —     502,852  

(Provision) benefit for taxes on income

     476,444     (44,846 )   (658,671 )   —     (227,073 )

Equity in earnings (losses) of subsidiaries (net of tax)

     1,018,028     45,922     —     (1,063,950 )   —  
                       

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

   $ 275,779   $ 62,195   $ 1,001,755   $ (1,063,950 ) $ 275,779  
                       


CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the Year Ended December 31, 2011
(In Thousands of Dollars)

 
   Parent
(The Hertz
Corporation)		   Guarantor
Subsidiaries		   Non-Guarantor
Subsidiaries		   Eliminations   The Hertz
Corporation &
Subsidiaries		  

Total revenues

   $ 4,068,310   $ 809,093   $ 5,733,827   $ (2,312,850 ) $ 8,298,380  
                       

Expenses:

                                

Direct operating

     2,262,371     497,053     1,806,954     —     4,566,378  

Depreciation of revenue earning equipment and lease charges

     1,996,733     180,807     2,041,049     (2,312,850 )   1,905,739  

Selling, general and administrative

     326,794     85,414     332,909     —     745,117  

Interest expense, net of interest income

     299,099     27,226     318,378     —     644,703  

Other (income) expense, net

     62,396     (18 )   170     —     62,548  
                       

Total expenses

     4,947,393     790,482     4,499,460     (2,312,850 )   7,924,485  
                       

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

     (879,083 )   18,611     1,234,367     —     373,895  

(Provision) benefit for taxes on income (loss)

     342,469     (10,016 )   (476,299 )   —     (143,846 )

Equity in earnings (losses) of subsidiaries (net of tax)

     747,103     26,215     —     (773,318 )   —  
                       

Net income (loss)

     210,489     34,810     758,068     (773,318 )   230,049  

Less: Net income attributable to noncontrolling interest

     —     —     (19,560 )   —     (19,560 )
                       

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

   $ 210,489   $ 34,810   $ 738,508   $ (773,318 ) $ 210,489  
                       


CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the Year Ended December 31, 2010
(In Thousands of Dollars)

 
   Parent
(The Hertz
Corporation)		   Guarantor
Subsidiaries		   Non-Guarantor
Subsidiaries		   Eliminations   The Hertz
Corporation &
Subsidiaries		  

Total revenues

   $ 3,961,435   $ 701,264   $ 5,350,348   $ (2,450,513 ) $ 7,562,534  
                       

Expenses:

                                

Direct operating

     2,217,864     452,674     1,612,856     —     4,283,394  

Depreciation of revenue earning equipment and lease charges

     1,938,416     200,252     2,179,992     (2,450,513 )   1,868,147  

Selling, general and administrative

     320,192     67,739     276,511     —     664,442  

Interest expense, net of interest income

     297,276     20,068     396,880     —     714,224  

Other (income) expense, net

     9,915     (3 )   (9,907 )   —     5  
                       

Total expenses

     4,783,663     740,730     4,456,332     (2,450,513 )   7,530,212  
                       

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

     (822,228 )   (39,466 )   894,016     —     32,322  

(Provision) benefit for taxes on income (loss)

     314,692     10,718     (358,732 )   —     (33,322 )

Equity in earnings (losses) of subsidiaries (net of tax)

     489,153     (5,268 )   —     (483,885 )   —  
                       

Net income (loss)

     (18,383 )   (34,016 )   535,284     (483,885 )   (1,000 )

Less: Net income attributable to noncontrolling interest

     —     —     (17,383 )   —     (17,383 )
                       

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

   $ (18,383 ) $ (34,016 ) $ 517,901   $ (483,885 ) $ (18,383 )
                       
Schedule of condensed consolidating comprehensive income (loss)
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)
For the Three Months Ended June 30, 2013
(In Millions of Dollars)
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Net income (loss)
$
129.9

 
$
99.0

 
$
283.0

 
$
(382.0
)
 
$
129.9

Other comprehensive income (loss), net of tax
(22.2
)
 
(3.2
)
 
(24.4
)
 
27.6

 
(22.2
)
Comprehensive income (loss)
$
107.7

 
$
95.8

 
$
258.6

 
$
(354.4
)
 
$
107.7


CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)
For the Six Months Ended June 30, 2013
(In Millions of Dollars)
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Net income (loss)
$
156.4

 
$
184.2

 
$
538.7

 
$
(722.9
)
 
$
156.4

Other comprehensive income, net of tax
(46.5
)
 
(0.4
)
 
(51.3
)
 
51.8

 
(46.4
)
Comprehensive income (loss)
109.9

 
183.8

 
487.4

 
(671.1
)
 
110.0


CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)
For the Three Months Ended June 30, 2012
(In Millions of Dollars)
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Net income (loss)
$
100.9

 
$
(31.4
)
 
$
253.3

 
$
(221.9
)
 
$
100.9

Other comprehensive income, net of tax
(42.0
)
 
—

 
(45.6
)
 
45.6

 
(42.0
)
Comprehensive income (loss)
58.9

 
(31.4
)
 
207.7

 
(176.3
)
 
58.9


CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)
For the Six Months Ended June 30, 2012
(In Millions of Dollars)
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Net income (loss)
$
52.7

 
$
(22.6
)
 
$
406.5

 
$
(383.9
)
 
$
52.7

Other comprehensive income, net of tax
(9.6
)
 
—

 
(16.4
)
 
16.4

 
(9.6
)
Comprehensive income (loss)
43.1

 
(22.6
)
 
390.1

 
(367.5
)
 
43.1


CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)
For the Year Ended December 31, 2012
(In Thousands of Dollars)
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Net income (loss)
$
275,779

 
$
62,195

 
$
1,001,755

 
$
(1,063,950
)
 
$
275,779

Other comprehensive income, net of tax
1,522

 
121

 
6,816

 
(6,937
)
 
1,522

Comprehensive income (loss)
$
277,301

 
$
62,316

 
$
1,008,571

 
$
(1,070,887
)
 
$
277,301



CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)
For the Year Ended December 31, 2011
(In Thousands of Dollars)
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Net income (loss)
$
210,489

 
$
34,810

 
$
758,068

 
$
(773,318
)
 
$
230,049

Other comprehensive income, net of tax
(66,237
)
 
—

 
(34,619
)
 
34,619

 
(66,237
)
Comprehensive income (loss)
144,252

 
34,810

 
723,449

 
(738,699
)
 
163,812

Less: Comprehensive income attributable to noncontrolling interest
—

 
—

 
(19,560
)
 
—

 
(19,560
)
Comprehensive income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder
$
144,252

 
$
34,810

 
$
703,889

 
$
(738,699
)
 
$
144,252


CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)
For the Year Ended December 31, 2010
(In Thousands of Dollars)
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Net income (loss)
$
(18,383
)
 
$
(34,016
)
 
$
535,284

 
$
(483,885
)
 
$
(1,000
)
Other comprehensive income, net of tax
41,154

 
—

 
28,427

 
(28,427
)
 
41,154

Comprehensive income (loss)
22,771

 
(34,016
)
 
563,711

 
(512,312
)
 
40,154

Less: Comprehensive income attributable to noncontrolling interest
—

 
—

 
(17,383
)
 
—

 
(17,383
)
Comprehensive income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder
$
22,771

 
$
(34,016
)
 
$
546,328

 
$
(512,312
)
 
$
22,771
Schedule of condensed consolidating statement of cash flows
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Six Months Ended June 30, 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
$
(365.7
)
 
$
425.1

 
$
1,811.9

 
$
(405.3
)
 
$
1,466.0

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Net change in restricted cash and cash equivalents
(1.0
)
 
0.2

 
176.2

 
—

 
175.4

Revenue earning equipment expenditures
(87.9
)
 
(347.7
)
 
(6,389.9
)
 
—

 
(6,825.5
)
Proceeds from disposal of revenue earning equipment
47.7

 
16.9

 
3,678.2

 
—

 
3,742.8

Property and equipment expenditures
(99.1
)
 
(18.0
)
 
(51.0
)
 
—

 
(168.1
)
Proceeds from disposal of property and equipment
24.6

 
5.5

 
12.4

 
—

 
42.5

Capital contributions to subsidiaries
(485.7
)
 
—

 
—

 
485.7

 
—

Return of capital from subsidiaries
651.0

 
—

 
—

 
(651.0
)
 
—

Loan to Parent/Guarantor from Non-Guarantor
—

 
—

 
57.0

 
(57.0
)
 
—

Acquisitions, net of cash acquired
—

 
(2.8
)
 
(226.4
)
 
—

 
(229.2
)
Proceeds from disposal of business
—

 
—

 
—

 
—

 
—

Other investing activities
—

 
—

 
(2.0
)
 
—

 
(2.0
)
Net cash provided by (used in) investing activities
49.6

 
(345.9
)
 
(2,745.5
)
 
(222.3
)
 
(3,264.1
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 


Proceeds from issuance of long-term debt
250.0

 
—

 
954.4

 
—

 
1,204.4

Payment of long-term debt
(22.8
)
 
—

 
(297.9
)
 
—

 
(320.7
)
Short-term borrowings:
 
 
 
 
 
 
 
 

Proceeds
—

 
—

 
332.0

 
—

 
332.0

Payments
—

 
—

 
(435.9
)
 
—

 
(435.9
)
Proceeds under the revolving lines of credit
1,360.0

 
1.6

 
2,318.5

 
—

 
3,680.1

Payments under the revolving lines of credit
(735.0
)
 
(5.0
)
 
(1,477.9
)
 
—

 
(2,217.9
)
Capital contributions received from parent
—

 
—

 
485.7

 
(485.7
)
 
—

Loan to Parent/Guarantor from Non-Guarantor
—

 
(57.0
)
 
—

 
57.0

 
—

Payment of dividends and return of capital
—

 
—

 
(1,056.3
)
 
1,056.3

 
—

Dividends paid to Parent
(479.7
)
 
—

 
—

 
—

 
(479.7
)
Proceeds from employee stock purchase plan
2.4

 
—

 
—

 
—

 
2.4

Loan with Hertz Global Holdings, Inc.
12.0

 
—

 
—

 
—

 
12.0

Payment of financing costs
(7.9
)
 
(0.8
)
 
(11.9
)
 
—

 
(20.6
)
Net cash provided by (used in) financing activities
379.0

 
(61.2
)
 
810.7

 
627.6

 
1,756.1

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

 
—

 
(8.2
)
 
—

 
(8.2
)
Net change in cash and cash equivalents during the period
62.9

 
18.0

 
(131.1
)
 
—

 
(50.2
)
Cash and cash equivalents at beginning of period
24.6

 
6.5

 
502.1

 
—

 
533.2

Cash and cash equivalents at end of period
$
87.5

 
$
24.5

 
$
371.0

 
$
—

 
$
483.0



CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Six Months Ended June 30, 2012
(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
$
(219.0
)
 
$
334.2

 
$
1,409.3

 
$
(341.5
)
 
$
1,183.0

Cash flows from investing activities:
 
 
 
 
 
 
 
 


Net change in restricted cash and cash equivalents
12.6

 
18.2

 
99.3

 
—

 
130.1

Revenue earning equipment expenditures
(73.8
)
 
(334.1
)
 
(5,303.1
)
 
—

 
(5,711.0
)
Proceeds from disposal of revenue earning equipment
54.4

 
162.6

 
3,391.3

 
—

 
3,608.3

Property and equipment expenditures
(80.2
)
 
(24.2
)
 
(32.8
)
 
—

 
(137.2
)
Proceeds from disposal of property and equipment
44.3

 
4.2

 
7.9

 
—

 
56.4

Capital contributions to subsidiaries
(2,215.9
)
 
—

 
—

 
2,215.9

 
—

Return of capital from subsidiaries
2,220.6

 
—

 
—

 
(2,220.6
)
 
—

Acquisitions, net of cash acquired
—

 
(161.8
)
 
—

 
—

 
(161.8
)
Loan to Parent from Non-Guarantor
—

 
—

 
(18.3
)
 
18.3

 
—

Other investing activities
—

 
—

 
(0.6
)
 
—

 
(0.6
)
Net cash provided by (used in) investing activities
(38.0
)
 
(335.1
)
 
(1,856.3
)
 
13.6

 
(2,215.8
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from issuance of long-term debt
260.0

 
—

 
10.5

 
—

 
270.5

Payment of long-term debt
(637.3
)
 
—

 
(5.8
)
 
—

 
(643.1
)
Short-term borrowings:
 
 
 
 
 
 
 
 

Proceeds
—

 
—

 
246.7

 
—

 
246.7

Payments
(26.8
)
 
—

 
(629.4
)
 
—

 
(656.2
)
Proceeds under the revolving lines of credit
1,360.0

 
1.9

 
2,173.6

 
—

 
3,535.5

Payments under the revolving lines of credit
(950.0
)
 
(2.9
)
 
(1,038.8
)
 
—

 
(1,991.7
)
Purchase of noncontrolling interest
(38.0
)
 
—

 
—

 
—

 
(38.0
)
Capital contributions received from parent
—

 
—

 
2,215.9

 
(2,215.9
)
 
—

Payment of dividends and return of capital
(12.5
)
 
—

 
(2,562.1
)
 
2,562.1

 
(12.5
)
Repayment of Loan to Parent from Non-Guarantor
18.3

 
—

 
—

 
(18.3
)
 
—

Proceeds from employee stock purchase plan
2.0

 
—

 
—

 
—

 
2.0

Loan from Hertz Global Holdings, Inc.
(13.9
)
 
—

 
—

 
—

 
(13.9
)
Payment of financing costs
(4.2
)
 
(1.5
)
 
(1.2
)
 
—

 
(6.9
)
Net cash provided by (used in) financing activities
(42.4
)
 
(2.5
)
 
409.4

 
327.9

 
692.4

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

 
—

 
(4.8
)
 
—

 
(4.8
)
Net decrease in cash and cash equivalents during the period
(299.4
)
 
(3.4
)
 
(42.4
)
 
—

 
(345.2
)
Cash and cash equivalents at beginning of period
565.0

 
7.4

 
358.8

 
—

 
931.2

Cash and cash equivalents at end of period
$
265.6

 
$
4.0

 
$
316.4

 
$
—

 
$
586.0

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Year Ended December 31, 2012
(In Thousands of Dollars)

 
   Parent
(The Hertz
Corporation)		   Guarantor
Subsidiaries		   Non-Guarantor
Subsidiaries		   Eliminations   The Hertz
Corporation &
Subsidiaries		  

Net cash provided by (used in) operating activities

   $ 1,677,648   $ 690,292   $ 1,155,789   $ (775,317 ) $ 2,748,412  
                       

Cash flows from investing activities:

                                

Net change in restricted cash and cash equivalents

     11,981     13,596     (287,182 )   —     (261,605 )

Revenue earning equipment expenditures

     (88,120 )   (763,610 )   (8,761,509 )   —     (9,613,239 )

Proceeds from disposal of revenue earning equipment

     79,390     276,342     6,769,364     —     7,125,096  

Property and equipment expenditures

     (173,053 )   (32,022 )   (107,711 )   —     (312,786 )

Proceeds from disposal of property and equipment

     67,370     11,839     58,485     —     137,694  

Capital contributions to subsidiaries

     (4,267,118 )   —     —     4,267,118     —  

Return of capital from subsidiaries

     1,829,256     —     —     (1,829,256 )   —  

Loan to Parent From Non-Guarantor

     —     —     (385,108 )   385,108     —  

Acquisitions, net of cash acquired

     (1,708,520 )   (196,648 )   —     —     (1,905,168 )

Proceeds from disposal of business

     —     —     84,497     —     84,497  

Other investing activities

     —     —     (1,779 )   —     (1,779 )
                       

Net cash provided by (used in) investing activities

     (4,248,814 )   (690,503 )   (2,630,943 )   2,822,970     (4,747,290 )
                       

Cash flows from financing activities:

                                

Proceeds from issuance of long-term debt

     2,210,000     —     27,280     —     2,237,280  

Payment of long-term debt

     (650,407 )   (18 )   (301,719 )   —     (952,144 )

Short-term borrowings:

                                

Proceeds

     —     —     438,387     —     438,387  

Payments

     (26,775 )   —     (1,253,368 )   —     (1,280,143 )

Proceeds (payments) under the revolving lines of credit, net

     220,000     (1,262 )   1,054,426     —     1,273,164  

Capital contributions received from parent

     —     —     4,267,118     (4,267,118 )   —  

Loan to Parent From Non-Guarantor

     385,108     —     —     (385,108 )   —  

Payment of dividends and return of capital

     —     —     (2,604,573 )   2,604,573     —  

Dividends paid

     (25,000 )   —     —     —     (25,000 )

Proceeds from employee stock purchase plan

     4,275     —     —     —     4,275  

Loan with Hertz Global Holdings, Inc. 

     (13,220 )   —     —     —     (13,220 )

Purchase of noncontrolling interest

     (38,000 )   —     —     —     (38,000 )

Payment of financing costs

     (35,215 )   (3,316 )   (10,902 )   —     (49,433 )
                       

Net cash provided by (used in) financing activities

     2,030,766     (4,596 )   1,616,649     (2,047,653 )   1,595,166  
                       

Effect of foreign exchange rate changes on cash and cash equivalents

     —     —     5,739     —     5,739  
                       

Net change in cash and cash equivalents during the period

     (540,400 )   (4,807 )   147,234     —     (397,973 )

Cash and cash equivalents at beginning of period

     565,002     7,385     358,821     —     931,208  
                       

Cash and cash equivalents at end of period

   $ 24,602   $ 2,578   $ 506,055   $ —   $ 533,235  
                       


CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Year Ended December 31, 2011
(In Thousands of Dollars)

 
   Parent
(The Hertz
Corporation)		   Guarantor
Subsidiaries		   Non-Guarantor
Subsidiaries		   Eliminations   The Hertz
Corporation &
Subsidiaries		  

Net cash provided by (used in) operating activities

   $ 1,000,597   $ 773,170   $ 1,038,124   $ (553,370 ) $ 2,258,521  
                       

Cash flows from investing activities:

                                

Net change in restricted cash and cash equivalents

     (28,570 )   (2,662 )   (70,534 )   —     (101,766 )

Revenue earning equipment expenditures

     (142,134 )   (670,056 )   (8,642,121 )   —     (9,454,311 )

Proceeds from disposal of revenue earning equipment

     163,330     170,522     7,516,590     —     7,850,442  

Property and equipment expenditures

     (189,562 )   (29,696 )   (62,437 )   —     (281,695 )

Proceeds from disposal of property and equipment

     23,952     9,263     20,599     —     53,814  

Capital contributions to subsidiaries

     (3,549,088 )   —     —     3,549,088     —  

Return of capital from subsidiaries

     2,590,025     —     —     (2,590,025 )   —  

Loan to Parent from Non-Guarantor

     —     —     (490,273 )   490,273     —  

Acquisitions, net of cash acquired

     (214,384 )   (2,100 )   (10,597 )   —     (227,081 )

Purchase of short-term investments, net

     (32,891 )   —     —     —     (32,891 )

Other investing activities

     —     (13,602 )   14,188     —     586  
                       

Net cash provided by (used in) investing activities

     (1,379,322 )   (538,331 )   (1,724,585 )   1,449,336     (2,192,902 )
                       

Cash flows from financing activities:

                                

Proceeds from issuance of long-term debt

     2,455,309     —     607,170     —     3,062,479  

Payment of long-term debt

     (3,596,295 )   (17 )   (52,988 )   —     (3,649,300 )

Short-term borrowings:

                                

Proceeds

     —     —     460,890     —     460,890  

Payments

     (29,224 )   —     (1,164,832 )   —     (1,194,056 )

Proceeds (payments) under the revolving lines of credit, net

     (29,128 )   (229,778 )   201,577     —     (57,329 )

Distributions to noncontrolling interest

     —     —     (23,100 )   —     (23,100 )

Capital contributions received from parent

     —     —     3,549,088     (3,549,088 )   —  

Payment of dividends and return of capital

     (22,950 )   —     (3,143,395 )   3,143,395     (22,950 )

Proceeds from employee stock purchase plan

     3,577     —     —     —     3,577  

Loan to Parent from Non-Guarantor

     490,273     —     —     (490,273 )   —  

Loan from Hertz Global Holdings, Inc. 

     (984 )   —     —     —     (984 )

Payment of financing costs

     (81,229 )   (2,817 )   (7,436 )   —     (91,482 )
                       

Net cash provided by (used in) financing activities

     (810,651 )   (232,612 )   426,974     (895,966 )   (1,512,255 )
                       

Effect of foreign exchange rate changes on cash and cash equivalents

     —     —     3,838     —     3,838  
                       

Net decrease in cash and cash equivalents during the period

     (1,189,376 )   2,227     (255,649 )   —     (1,442,798 )

Cash and cash equivalents at beginning of period

     1,754,378     5,158     614,470     —     2,374,006  
                       

Cash and cash equivalents at end of period

   $ 565,002   $ 7,385   $ 358,821   $ —   $ 931,208  
                       


CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Year Ended December 31, 2010
(In Thousands of Dollars)

 
   Parent
(The Hertz
Corporation)		   Guarantor
Subsidiaries		   Non-Guarantor
Subsidiaries		   Eliminations   The Hertz
Corporation &
Subsidiaries		  

Net cash provided by (used in) operating activities

   $ 337,055   $ 88,941   $ 2,193,486   $ (381,555 ) $ 2,237,927  
                       

Cash flows from investing activities:

                                

Net change in restricted cash and cash equivalents

     19,932     (17,514 )   158,098     —     160,516  

Revenue earning equipment expenditures

     (188,057 )   (96,452 )   (8,156,363 )   —     (8,440,872 )

Proceeds from disposal of revenue earning equipment

     169,451     75,139     7,273,856     —     7,518,446  

Property and equipment expenditures

     (92,415 )   (14,137 )   (72,657 )   —     (179,209 )

Proceeds from disposal of property and equipment

     4,311     10,416     24,178     —     38,905  

Capital contributions to subsidiaries

     (1,544,332 )   —     —     1,544,332     —  

Return of capital from subsidiaries

     1,877,095     —     —     (1,877,095 )   —  

Acquisitions, net of cash acquired

     (35 )   (43,789 )   (3,747 )   —     (47,571 )

Purchase of short-term investments, net

     3,183     94     214     —     3,491  

Other investing activities

     —     —     2,726     —     2,726  
                       

Net cash provided by (used in) investing activities

     249,133     (86,243 )   (773,695 )   (332,763 )   (943,568 )
                       

Cash flows from financing activities:

                                

Proceeds from issuance of long-term debt

     1,209,866     —     1,425,847     —     2,635,713  

Payment of long-term debt

     (73,342 )   (68 )   (2,880,823 )   —     (2,954,233 )

Short-term borrowings:

                                

Proceeds

     —     —     490,490     —     490,490  

Payments

     (2,615 )   —     (968,334 )   —     (970,949 )

Proceeds (payments) under the revolving lines of credit, net

     (18,907 )   (3,515 )   1,048,492     —     1,026,070  

Distributions to noncontrolling interest

     —     —     (18,200 )   —     (18,200 )

Capital contributions received from parent

     —     —     1,544,332     (1,544,332 )   —  

Payment of dividends and return of capital

     (23,000 )   —     (2,258,650 )   2,258,650     (23,000 )

Proceeds from employee stock purchase plan

     3,208     —     —     —     3,208  

Loan from Hertz Global Holdings, Inc. 

     (6,173 )   —     —     —     (6,173 )

Excess tax benefits from exercise of stock

     (258 )   —     —     —     (258 )

Payment of financing costs

     (29,111 )   —     (49,040 )   —     (78,151 )
                       

Net cash provided by (used in) financing activities

     1,059,668     (3,583 )   (1,665,886 )   714,318     104,517  
                       

Effect of foreign exchange rate changes on cash and cash equivalents

     —     —     (10,337 )   —     (10,337 )
                       

Net decrease in cash and cash equivalents during the period

     1,645,856     (885 )   (256,432 )   —     1,388,539  

Cash and cash equivalents at beginning of period

     108,522     6,043     870,902     —     985,467  
                       

Cash and cash equivalents at end of period

   $ 1,754,378   $ 5,158   $ 614,470   $ —   $ 2,374,006