Herc (HRI) 10-Q 16 Jul 15 2015 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2015	Jun. 30, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	HERTZ GLOBAL HOLDINGS INC
Entity Central Index Key	1,364,479
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	No
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		459,015,115

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 585	$ 490
Restricted cash and cash equivalents	411	571
Receivables, net of allowance of $65 and $67, respectively	1,304	1,597
Inventories, net	71	67
Prepaid expenses and other assets	990	917
Revenue earning equipment:
Cars	15,412	14,622
Less accumulated depreciation - cars	(3,292)	(3,411)
Other equipment	3,626	3,613
Less accumulated depreciation - other equipment	(1,153)	(1,171)
Revenue earning equipment, net	14,593	13,653
Property and equipment:
Land, buildings and leasehold improvements	1,251	1,268
Service equipment and other	1,048	1,148
Less accumulated depreciation	(985)	(1,094)
Property and equipment, net	1,314	1,322
Other intangible assets, net	3,978	4,009
Goodwill	1,356	1,359
Total assets	24,602	23,985
LIABILITIES AND EQUITY
Accounts payable	1,401	1,008
Accrued liabilities	1,160	1,148
Accrued taxes, net	135	134
Debt	16,351	15,993
Public liability and property damage	369	385
Deferred taxes on income, net	2,837	2,853
Total liabilities	$ 22,253	$ 21,521
Commitments and contingencies
Equity:
Preferred Stock, $0.01 par value, 200 shares authorized, no shares issued and outstanding	$ 0	$ 0
Common Stock, $0.01 par value, 2,000 shares authorized, 463 and 463 shares issued and 459 and 459 shares outstanding	5	5
Additional paid-in capital	3,326	3,325
Accumulated deficit	(734)	(664)
Accumulated other comprehensive income (loss)	(161)	(115)
Stockholders' Equity before Treasury Stock	2,436	2,551
Treasury Stock, at cost, 4 shares and 4 shares	(87)	(87)
Total equity	2,349	2,464
Total liabilities and equity	$ 24,602	$ 23,985

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts (in dollars)	$ 65	$ 67
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, shares authorized	200,000,000	200,000,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized	2,000,000,000	2,000,000,000
Common Stock, shares issued	463,000,000	463,000,000
Common Stock, shares outstanding	459,000,000	459,000,000
Treasury Stock, shares repurchased	4,000,000	4,000,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Worldwide car rental	$ 1,956	$ 2,039
Worldwide equipment rental	355	358
All other operations	143	139
Total revenues	2,454	2,536
Expenses:
Direct operating	1,408	1,443
Depreciation of revenue earning equipment and lease charges, net	707	726
Selling, general and administrative	266	276
Interest expense, net	154	156
Other (income) expense, net	5	(3)
Total expenses	2,540	2,598
Income (loss) before income taxes	(86)	(62)
(Provision) benefit for taxes on income (loss)	16	(7)
Net income (loss)	$ (70)	$ (69)
Weighted average shares outstanding:
Basic (in shares)	459	447
Diluted (in shares)	459	447
Loss per share:
Basic (in dollars per share)	$ (0.15)	$ (0.15)
Diluted (in dollars per share)	$ (0.15)	$ (0.15)

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (70)	$ (69)
Other comprehensive income (loss):
Foreign currency translation adjustments	(48)	(3)
Unrealized holding losses on securities	0	(14)
Reclassification from other comprehensive loss to selling, general and administrative expense for amortization of actuarial losses on defined benefit pension plans	2	(1)
Total other comprehensive income (loss) before income taxes	(46)	(18)
Income tax (provision) benefit related to items of other comprehensive income (loss)	0	(1)
Total other comprehensive income (loss)	(46)	(19)
Total comprehensive income (loss)	$ (116)	$ (88)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities
Net income (loss)	$ (70)	$ (69)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation of revenue earning equipment, net	689	707
Depreciation and amortization, non-fleet	86	90
Amortization and write-off of deferred financing costs	15	12
Amortization and write-off of debt discount	1	(1)
Stock-based compensation charges	4	8
Provision for losses on doubtful accounts	6	16
Deferred taxes on income	(16)	(5)
Impairment charges and asset write downs	20	0
Other	(4)	2
Changes in assets and liabilities
Receivables	(13)	(85)
Inventories, prepaid expenses and other assets	(65)	(25)
Accounts payable	18	2
Accrued liabilities	91	76
Accrued taxes	20	16
Public liability and property damage	0	16
Net cash provided by (used in) operating activities	782	760
Cash flows from investing activities
Net change in restricted cash and cash equivalents	154	407
Revenue earning equipment expenditures	(3,438)	(2,582)
Proceeds from disposal of revenue earning equipment	2,289	1,859
Capital asset expenditures, non-fleet	(97)	(75)
Proceeds from disposal of property and equipment	22	25
Acquisitions, net of cash acquired	(96)	(6)
Net cash provided by (used in) investing activities	(1,166)	(372)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	0	400
Repayments of long-term debt	(1,027)	(92)
Short-term borrowings:
Proceeds	175	169
Payments	(142)	(259)
Proceeds under the revolving lines of credit	3,326	1,081
Payments under the revolving lines of credit	(1,828)	(1,582)
Payment of financing costs	(1)	(7)
Other	(4)	(11)
Net cash provided by (used in) financing activities	499	(301)
Effect of foreign exchange rate changes on cash and cash equivalents	(20)	0
Net increase (decrease) in cash and cash equivalents during the period	95	87
Cash and cash equivalents at beginning of period	490	411
Cash and cash equivalents at end of period	585	498
Cash paid during the period for:
Interest (net of amounts capitalized)	98	90
Income taxes, net of refunds	4	14
Supplemental disclosures of non-cash flow information:
Purchases of revenue earning equipment included in accounts payable and accrued liabilities	633	555
Sales of revenue earning equipment included in receivables	293	223
Purchases of property and equipment included in accounts payable	71	59
Sales of property and equipment included in receivables	$ 24	$ 25

Background

Background	3 Months Ended
	Mar. 31, 2015
Background Disclosure [Abstract]
Background	Background Hertz Global Holdings, Inc. ("Hertz Holdings," and together with its subsidiaries, the "Company") was incorporated in Delaware in 2005 to serve as the top-level holding company for Hertz Investors, Inc. which wholly owns The Hertz Corporation ("Hertz"), Hertz Holdings' primary operating company. The Company's common stock trades on the New York Stock Exchange under the symbol "HTZ". In March 2014, the Company announced that its Board of Directors approved plans to separate Hertz Holdings into two independent, publicly traded companies. One of the companies will continue to operate the Hertz, Dollar, Thrifty and Firefly rental car businesses as well as Donlen; and the other will operate the Hertz Equipment Rental Corporation ("HERC"). The separation is planned to be in the form of a tax-free spin-off to Hertz Holdings' shareholders (the "HERC spin-off") and the Company expects to separate the businesses in a tax-efficient manner.

Basis of Presentation and Recen

Basis of Presentation and Recently Issued Accounting Pronouncements	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Recently Issued Accounting Pronouncements	Basis of Presentation and Recently Issued Accounting Pronouncements Basis of Presentation The Company prepares its unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. The information included in this Form 10-Q should be read in conjunction with information included in the Company’s Form 10-K for the year ended December 31, 2014 filed with the U.S. Securities and Exchange Commission on July 16, 2015 (the "2014 Form 10-K"). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes. Actual results could differ materially from those estimates. In the 2014 Form 10-K, the Company filed its 2014 annual financial statements along with its restated annual financial statements for 2013 and 2012, as well as unaudited restated selected financial data for 2011. In lieu of filing quarterly reports on Form 10-Q for 2014, quarterly financial information and management's discussion and analysis for 2014 was included in the 2014 Form 10-K. Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of Hertz Holdings and its wholly and majority owned domestic and international subsidiaries. In the event that the Company is a primary beneficiary of a variable interest entity, the assets, liabilities, and results of operations of the variable interest entity are included in the Company's consolidated financial statements. The Company accounts for its investment in CAR, Inc. and other immaterial investments in joint ventures using the equity method when it has significant influence but not control and is not the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation. Recent Accounting Pronouncements Adopted Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity In April 2014, the Financial Accounting Standards Board ("FASB") issued guidance that changes the criteria for reporting discontinued operations. As a result of this guidance, only disposals of a component that represent a strategic shift that have, or will have, a major effect on the Company’s operations and financial results will be reported as a discontinued operation. Expanded disclosures are required for discontinued operations and for individually significant components that do not qualify for discontinued operations reporting. The Company adopted this guidance on January 1, 2015 in accordance with the effective date. Adoption of this new guidance did not impact the Company's financial position, results of operations or cash flows. Not yet adopted Revenue from Contracts with Customers In May 2014, the FASB issued guidance that will replace most existing revenue recognition guidance in U.S. GAAP. The core principle of the guidance is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. The guidance requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. The new guidance may be adopted on either a full or modified retrospective basis. As issued, the guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those reporting periods. In April 2015, the FASB issued a proposal to defer the effective date of the guidance until annual and interim reporting periods beginning after December 15, 2017. The Company is in the process of determining the method of adoption and assessing the potential impacts of adopting this guidance on its financial position, results of operations and cash flows. Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period In June 2014, the FASB issued guidance that requires that a performance target in a share-based payment award that affects vesting and that can be achieved after the requisite service period is completed is to be accounted for as a performance condition; therefore, compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved, and the amount of compensation cost recognized should be based on the portion of the service period fulfilled. The guidance is effective either prospectively or retrospectively for annual periods beginning after December 15, 2015 and interim periods within those annual periods. The Company is in the process of determining the method of adoption and assessing the potential impacts of adopting this guidance on its financial position, results of operations and cash flows. Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items In January 2015, the FASB issued guidance that eliminates the concept of an event or transaction that is unusual in nature and occurs infrequently being treated as an extraordinary item. The guidance is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. The Company has assessed the potential impacts from future adoption of this guidance and has determined that there will be no impact on its financial position, results of operations and cash flows. Amendments to the Consolidation Analysis In February 2015, the FASB issued guidance that changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The new guidance may be applied using a full or modified retrospective approach. The guidance is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. The Company is in the process of determining the method of adoption and assessing the potential impacts of adopting this guidance on its financial position, results of operations and cash flows.

Business Combinations and Dives

Business Combinations and Divestitures	3 Months Ended
	Mar. 31, 2015
Business Combinations [Abstract]
Acquistions	Acquisitions In February 2015, the Company acquired substantially all of the assets of certain Hertz-branded franchises, including existing fleets and contract and concession rights, for $87 million . The franchises acquired include on airport locations in Indianapolis, South Bend and Ft. Wayne, Indiana and in Memphis, Tennessee, as well as several smaller off airport locations. The acquisition was part of a strategic decision to increase the number of Hertz-owned locations and capitalize on certain benefits of ownership not available under a franchise agreement. The acquisition was accounted for utilizing the acquisition method of accounting where the purchase price of the reacquired franchises was allocated based on estimated fair values of the assets acquired and liabilities assumed. The excess of the purchase price over the estimated fair value of the net tangible and intangible assets acquired was recorded as goodwill. The purchase price was allocated as follows: (In millions) U.S. Car Rental Revenue earning equipment $ 71 Property and equipment 6 Other intangible assets 9 Goodwill 1 Total $ 87

Revenue Earning Equipment

Revenue Earning Equipment	3 Months Ended
	Mar. 31, 2015
Depreciation of Revenue Earning Equipment and Lease Charges Disclosure [Abstract]
Revenue Earning Equipment	Revenue Earning Equipment The components of revenue earning equipment, net are as follows: (In millions) March 31, 2015 December 31, 2014 Revenue earning equipment $ 18,634 $ 17,837 Less: Accumulated depreciation (4,345 ) (4,427 ) 14,289 13,410 Revenue earning equipment held for sale, net 304 243 Revenue earning equipment, net $ 14,593 $ 13,653 Depreciation of revenue earning equipment and lease charges, net includes the following: Three Months Ended (In millions) 2015 2014 Depreciation of revenue earning equipment $ 703 $ 706 (Gain) loss on disposal of revenue earning equipment (a) (14 ) 1 Rents paid for vehicles leased 18 19 Depreciation of revenue earning equipment and lease charges, net $ 707 $ 726 (a) (Gain) loss on disposal of revenue earning equipment by segment is as follows: Three Months Ended (In millions) 2015 2014 U.S. Car Rental $ (20 ) $ 3 International Car Rental — (6 ) Worldwide Equipment Rental 6 4 Total $ (14 ) $ 1 Depreciation rates are reviewed on a quarterly basis based on management's ongoing assessment of present and estimated future market conditions, their effect on residual values at the time of disposal and the estimated holding periods for the fleet and equipment. Depreciation rate changes impacted the following segments: Increase (decrease) Three Months Ended (In millions) 2015 2014 U.S. Car Rental $ 30 $ 37 International Car Rental — 1 Total $ 30 $ 38

Debt

Debt	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Debt	Debt The Company's debt consists of the following (in millions): Facility Average Interest Rate at March 31, 2015 Fixed or Floating Interest Rate Maturity March 31, December 31, Corporate Debt Senior Term Facility 3.68% Floating 3/2018 $ 2,078 $ 2,083 Senior ABL Facility 2.70% Floating 3/2016 - 3/2017 355 344 Senior Notes (1) 6.58% Fixed 4/2018–10/2022 3,900 3,900 Promissory Notes 7.00% Fixed 1/2028 27 27 Other Corporate Debt 3.86% Floating Various 71 74 Unamortized Net Premium (Corporate) 3 3 Total Corporate Debt 6,434 6,431 Fleet Debt HVF U.S. Fleet Medium Term Notes HVF Series 2009-2 (2) N/A N/A N/A — 404 HVF Series 2010-1 (2) 4.23% Fixed 2/2014–2/2018 490 490 HVF Series 2011-1 (2) 3.51% Fixed 3/2015–3/2017 230 414 HVF Series 2013-1 (2) 1.68% Fixed 8/2016–8/2018 950 950 1,670 2,258 RCFC U.S. ABS Program RCFC U.S. Fleet Medium Term Notes RCFC Series 2011-1 Notes (2) N/A N/A N/A — 167 RCFC Series 2011-2 Notes (2) N/A N/A N/A — 266 — 433 HVF II U.S. ABS Program HVF II U.S. Fleet Variable Funding Notes: HVF II Series 2013-A (2) 1.11% Floating 10/2016 1,384 1,999 HVF II Series 2013-B (2) 1.11% Floating 10/2016 1,500 976 HVF II Series 2014-A (2) 1.41% Floating 10/2016 2,465 869 5,349 3,844 Donlen ABS Program HFLF Variable Funding Notes HFLF Series 2013-2 Notes (2) 1.02% Floating 9/2016 330 247 330 247 Facility Average Interest Rate at March 31, 2015 Fixed or Floating Interest Rate Maturity March 31, December 31, HFLF Medium Term Notes HFLF Series 2013-3 Notes (2) 0.81% Floating 9/2016–11/2016 433 500 HFLF Series 2014-1 Notes (2) 0.68% Floating 12/2016–3/2017 400 400 833 900 Other Fleet Debt U.S. Fleet Financing Facility 2.93% Floating 3/2017 190 164 European Revolving Credit Facility 2.74% Floating 10/2017 234 304 European Fleet Notes 4.375% Fixed 1/2019 463 517 European Securitization (2) 1.95% Floating 10/2016 228 270 Hertz-Sponsored Canadian Securitization (2) 2.08% Floating 10/2016 97 105 Dollar Thrifty-Sponsored Canadian Securitization (2) 2.11% Floating 10/2016 37 40 Australian Securitization (2) 3.81% Floating 12/2016 100 112 Brazilian Fleet Financing Facility 16.00% Floating 10/2015 9 11 Capitalized Leases 3.01% Floating 2/2015 - 10/2017 383 364 Unamortized (Discount) Premium (Fleet) (6 ) (7 ) 1,735 1,880 Total Fleet Debt 9,917 9,562 Total Debt $ 16,351 $ 15,993 N/A - Not Applicable (1) References to the "Senior Notes" include the series of Hertz's unsecured senior notes. Outstanding principal amounts for each such series of the Senior Notes is specified below: (In millions) Outstanding Principal Senior Notes March 31, 2015 December 31, 2014 4.25% Senior Notes due April 2018 $ 250 $ 250 7.50% Senior Notes due October 2018 700 700 6.75% Senior Notes due April 2019 1,250 1,250 5.875% Senior Notes due October 2020 700 700 7.375% Senior Notes due January 2021 500 500 6.25% Senior Notes due October 2022 500 500 $ 3,900 $ 3,900 (2) Maturity reference is to the "expected final maturity date" as opposed to the subsequent "legal maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness expect the relevant indebtedness to be repaid, which in the case of the HFLF Medium Term Notes was based upon various assumptions made at the time of the pricing of such notes. The legal final maturity date is the date on which the relevant indebtedness is legally due and payable. Fleet Debt Rental Car Finance Corp. ("RCFC"), a bankruptcy remote, indirect, wholly-owned, special purpose subsidiary of Hertz is the issuer under the RCFC U.S. ABS Program. In 2011, RCFC issued Series 2011-1 Rental Car Asset-Backed Notes in an aggregate original principal amount of $500 million and issued Series 2011-2 Rental Car Asset-Backed Notes in an aggregate original principal amount of $400 million (collectively, the "RCFC U.S. Fleet Medium Term Notes"). In February 2015, the RCFC U.S. Fleet Medium Term Notes were paid in full as scheduled in accordance with their terms. See Note 16 , " Subsequent Events ," regarding transactions occurring subsequent to the March 31, 2015 balance sheet date . Borrowing Capacity and Availability The following facilities were available to the Company as of March 31, 2015 : (In millions) Remaining Capacity Availability Under Borrowing Base Limitation Corporate Debt Senior ABL Facility $ 1,127 $ 933 Total Corporate Debt 1,127 933 Fleet Debt HVF II U.S. Fleet Variable Funding Notes 1,226 9 HFLF Variable Funding Notes 70 — European Revolving Credit Facility 38 — European Securitization 207 — Dollar Thrifty-Sponsored Canadian Securitization 82 — Australian Securitization 94 — Total Fleet Debt 1,717 9 Total $ 2,844 $ 942 As of March 31, 2015 , the Senior ABL Facility had $1,026 million available under the letter of credit facility sublimit, subject to borrowing base restrictions. Letters of Credit As of March 31, 2015 , there were outstanding standby letters of credit totaling $632 million . Of this amount, $618 million was issued under the Senior Term Facility and the Senior ABL Facility (together, the “Senior Credit Facilities”). As of March 31, 2015 , none of these letters of credit have been drawn upon. Cash Restrictions Certain amounts of cash and cash equivalents are restricted for the purchase of revenue earning vehicles and other specified uses under the Fleet Debt facilities and the Like-Kind Exchange Program ("LKE Program"). As of March 31, 2015 and December 31, 2014 , the portion of total restricted cash and cash equivalents that was associated with the Fleet Debt facilities was $369 million and $515 million , respectively. Restricted cash balances fluctuate based on the timing of purchases and sales of revenue earning vehicles and could also be impacted by the occurrence of an amortization event. Special Purpose Entities Substantially all of the revenue earning equipment and certain related assets are owned by special purpose entities, or are encumbered in favor of the lenders under the various credit facilities, other secured financings and asset-backed securities programs. None of such assets (including the assets owned by Hertz Vehicle Financing II LP, Hertz Vehicle Financing LLC, Rental Car Finance Corp., DNRS II LLC, HFLF, Donlen Trust and various international subsidiaries that facilitate the Company's international securitizations) are available to satisfy the claims of general creditors. Some of these special purpose entities are consolidated variable interest entities, of which the Company is the primary beneficiary, whose sole purpose is to provide commitments to lend in various currencies subject to borrowing bases comprised of rental vehicles and related assets of certain of Hertz International, Ltd.'s subsidiaries. As of March 31, 2015 and December 31, 2014 , the Company's International Fleet Financing No. 1 B.V., International Fleet Financing No. 2 B.V. and HA Funding Pty, Ltd. variable interest entities had total assets of $352 million and $427 million , respectively, primarily comprised of loans receivable and revenue earning equipment, and total liabilities of $352 million and $426 million , respectively, primarily comprised of debt. Financial Covenant Compliance Under the terms of the Senior Term Facility and Senior ABL Facility, the Company is not subject to ongoing financial maintenance covenants; however, under the Senior ABL Facility, failure to maintain certain levels of liquidity will subject the Company to a contractually specified fixed charge coverage ratio of not less than 1 :1 for the four quarters most recently ended. As of March 31, 2015 , the Company was not subject to the fixed charge coverage ratio test. Waivers Due to the Company's accounting restatement, investigation and remediation activities, the Company failed to file certain quarterly and annual reports and certain of its subsidiaries failed to file statutory financial statements within certain time periods set forth in the documentation of various of its (and/or its special purpose subsidiaries') financing facilities which resulted in the occurrence of various potential and/or actual defaults and potential amortization events under certain of such financing facilities. In connection with certain refinancings consummated in October and November 2014, the Company and/or certain of its subsidiaries obtained waivers, or extensions of waivers, under certain facilities and the Australian Securitization and various counterparties in respect of derivative transactions, in each case, through June 30, 2015. In December 2014, Hertz entered into an Amendment and Waiver (the “Amendment and Waiver”) relating to the Senior Term Facility. The waiver set forth in the Amendment and Waiver defers Hertz’s requirement to furnish certain financial statements within certain time periods set forth in the documentation of the Senior Term Facility, as well as waives defaults arising directly or indirectly from (1) the delay in providing such financial statements and (2) the restatement of Hertz’s 2012 and 2013 financial statements. The waiver is effective with respect to the non-delivery of the subject financial statements through December 31, 2015, provided that after June 30, 2015 such waiver will terminate if Hertz’s failure to furnish such financial statements results in Hertz being prohibited from drawing funds under the Senior ABL Facility, after giving effect to all amendments and waivers with respect to the Senior ABL Facility in effect as of such date. The Amendment and Waiver increases the interest rates payable on the term loans and credit linked deposits during the period from December 15, 2014 through but excluding the date on which Hertz has furnished all financial statements then due to be delivered under the terms of the Senior Term Facility. During such period, (A) the Tranche B Term Loans and the Tranche B-1 Term Loans will bear interest at a floating rate measured by reference to, at Hertz’s option, either (i) an adjusted LIBOR not less than 1.00% plus a borrowing margin of 3.00% per annum or (ii) an alternate base rate plus a borrowing margin of 2.00% per annum, and (B) the Tranche B-2 Term Loans will bear interest at a floating rate measured by reference to, at Hertz’s option, either (i) an adjusted LIBOR not less than 0.75% plus a borrowing margin of 2.75% per annum or (ii) an alternate base rate plus a borrowing margin of 1.75% per annum. From and after the date on which Hertz has furnished all financial statements then due to be delivered under the terms of the Senior Term Facility, (A) the Tranche B Term Loans and the Tranche B-1 Term Loans will bear interest at a floating rate measured by reference to, at Hertz’s option, either (i) an adjusted LIBOR not less than 1.00% plus a borrowing margin of 2.75% per annum or (ii) an alternate base rate plus a borrowing margin of 1.75% per annum, and (B) the Tranche B-2 Term Loans will bear interest at a floating rate measured by reference to, at Hertz’s option, either (i) an adjusted LIBOR not less than 0.75% plus a borrowing margin of 2.25% per annum or (ii) an alternate base rate plus a borrowing margin of 1.25% per annum. For so long as the waivers remain effective, any potential and/or actual defaults and potential amortization events ceased to exist and were deemed to have been cured for all purposes of the related transaction documents. The Company and certain of its subsidiaries obtained additional waivers subsequent to the March 31, 2015 balance sheet date - see Note 16 , " Subsequent Events ," for additional information regarding such waivers.

Employee Retirement Benefits

Employee Retirement Benefits	3 Months Ended
	Mar. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Employee Retirement Benefits	Employee Retirement Benefits Effective December 31, 2014, the Company amended the Hertz Retirement Plan to permanently discontinue future benefit accruals and participation under the plan for non-union employees. The Company increased employer contributions under the Company’s qualified 401(k) savings plan (the “401(k) Plan”). Effective January 1, 2015, eligible participants under the 401(k) Plan receive a matching employer contribution to their 401(k) Plan account equal to (i) 100% of the first 3% of employee contributions made by such participant and (ii) 50% of the next 2% of employee contributions, with the total amount of such matching employer contribution to be completely vested, subject to applicable limits under the United States Internal Revenue Code. Certain eligible participants under the 401(k) Plan also receive additional employer contribution amounts to their 401(k) Plan account depending on their years of service and age. The following table sets forth the net periodic pension expense: Pension Benefits U.S. Non-U.S. Three Months Ended March 31, In millions 2015 2014 2015 2014 Components of Net Periodic Benefit Cost: Service cost $ 1 $ 8 $ 1 $ 1 Interest cost 7 8 2 2 Expected return on plan assets (10 ) (10 ) (4 ) (4 ) Net amortizations 1 1 — — Settlement loss 1 — — — Net periodic pension expense (benefit) $ — $ 7 $ (1 ) $ (1 ) The Company's policy for funded plans is to contribute annually, at a minimum, amounts required by applicable laws, regulations and union agreements. From time to time, the Company makes contributions beyond those legally required. For the three-month period ended March 31, 2015 , the Company contributed $3 million to the worldwide pension plans, all of which was a discretionary contribution to the United Kingdom defined benefit pension plan (the "U.K. Plan"). For the three-month period ended March 31, 2014 , the Company contributed $10 million to worldwide pension plans, of which $ 3 million was a discretionary contribution to the U.K. Plan. The Company does not anticipate contributing to the worldwide pension plans during the remainder of 2015 .

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation During the three months ended March 31, 2015 , the Company granted 2,369,857 non-qualified stock options to certain executives and employees at a weighted average grant date fair value of $7.51 , under the Hertz Global Holdings, Inc. 2008 Omnibus Incentive Plan with vesting terms of three to five years. The stock options are subject to time-based vesting based on the participant’s continued employment. A summary of the total compensation expense and associated income tax benefits recognized under all plans, including the cost of stock options, restricted stock units ("RSUs") and performance stock units ("PSUs"), is as follows: Three Months Ended (In millions) 2015 2014 Compensation expense $ 4 $ 8 Income tax benefit (1 ) (3 ) Total $ 3 $ 5 As of March 31, 2015 , there was $40 million of total unrecognized compensation cost related to non-vested stock options, RSUs and PSUs granted by Hertz Holdings under all plans, of which $19 million represents the value of the PSUs. The total unrecognized compensation cost is expected to be recognized over the remaining 2.2 years, on a weighted average basis, of the requisite service period that began on the grant dates.

Restructuring

Restructuring	3 Months Ended
	Mar. 31, 2015
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring As part of its ongoing effort to implement a strategy of reducing operating costs, as well as the integration of Dollar Thrifty, the Company has evaluated its workforce and operations and made adjustments, including headcount reductions and business process re-engineering. Restructuring charges in the condensed consolidated statements of operations are as follows: Three Months Ended (In millions) 2015 2014 By Type: Termination benefits $ 6 $ 9 Asset write-downs 1 — Facility closure and lease obligation costs 1 6 Other non-cash charges (1 ) — Total $ 7 $ 15 Three Months Ended (In millions) 2015 2014 By Caption: Direct operating $ 2 $ 6 Selling, general and administrative 5 9 Total $ 7 $ 15 Three Months Ended (In millions) 2015 2014 By Segment: U.S. Car Rental $ 2 $ 5 International Car Rental 2 4 Worldwide Equipment Rental 1 3 Corporate 2 3 Total $ 7 $ 15 The following table sets forth the activity affecting the restructuring accrual during the three-month period ended March 31, 2015 . The remainder of the restructuring accrual relates to future lease obligations which will be paid over the remaining term of the applicable leases. (In millions) Termination Other Total Balance as of January 1, 2015 $ 21 $ 22 $ 43 Charges incurred 6 1 7 Cash payments (6 ) (4 ) (10 ) Other non-cash changes (1 ) (1 ) (2 ) Balance as of March 31, 2015 $ 20 $ 18 $ 38

Tangible Asset Impairments

Tangible Asset Impairments	3 Months Ended
	Mar. 31, 2015
Property, Plant and Equipment [Abstract]
Tangible Asset Impairments	Tangible Asset Impairments In the first quarter 2015, the Company recorded a $3 million impairment charge to reduce the carrying value of a held for sale corporate asset to its fair market value, which is included in other (income) expense in the Company's statement of operations. The asset was sold in April 2015. In the first quarter 2015, the Company performed an impairment assessment of the Dollar Thrifty headquarters campus in Tulsa, Oklahoma, which the Company is currently marketing for sale, using market and income approaches to value the long-lived assets, including inputs such as expected cash flows and recent comparable transactions. Based on the impairment assessment, the Company recorded a charge of $6 million which is included in selling, general and administrative expense in the Company's statement of operations. In the first quarter 2015, the Company recorded $11 million in charges associated with U.S. Car Rental service equipment and assets deemed to have no future use, of which $ 4 million is included in direct operating and $ 7 million is included in other (income) expense in the Company's statement of operations.

Taxes on Income (Loss)

Taxes on Income (Loss)	3 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Taxes on Income (Loss)	Taxes on Income (Loss) The effective tax rate for the three months ended March 31, 2015 and 2014 was 19% and (11)% , respectively. The effective tax rate for the full fiscal year 2015 is expected to be approximately 37% . The Company recorded a tax benefit of $16 million for the three months ended March 31, 2015 compared with a provision for taxes of $7 million for the three months ended March 31, 2014 . The change was the result of lower losses in certain non-U.S. jurisdictions for which tax benefits are not realized in the first quarter 2015 and a comparatively larger effect of the suspension of the favorable Subpart F provision of the U.S. Federal Tax Law in the first quarter 2014.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2015
Financial Instruments [Abstract]
Financial Instruments	Financial Instruments The Company has the following risk exposures that it has historically used financial instruments to manage. None of the instruments have been designated in a hedging relationship as of March 31, 2015 . Interest Rate Risk The Company’s objective in managing exposure to interest rate changes is to minimize the impact of interest rate changes on earnings and cash flows and to lower overall borrowing costs. To achieve these objectives, the Company uses interest rate caps and other instruments to manage the mix of floating and fixed-rate debt. Currency Exchange Rate Risk The Company’s objective in managing exposure to currency fluctuations is to limit the exposure of certain cash flows and earnings from changes associated with currency exchange rate changes through the use of various derivative contracts. The Company experiences currency risks in its global operations as a result of various factors including intercompany local currency denominated loans, rental operations in various currencies and purchasing fleet in various currencies. The following table summarizes the estimated fair value of financial instruments: Fair Value of Financial Instruments Asset Derivatives (1) Liability Derivatives (1) (In millions) March 31, December 31, March 31, December 31, Interest rate caps $ 11 $ 25 $ 11 $ 25 Foreign currency forward contracts 4 6 2 2 Total $ 15 $ 31 $ 13 $ 27 (1) All asset derivatives are recorded in "Prepaid expenses and other assets" and all liability derivatives are recorded in "Accrued liabilities" in the condensed consolidated balance sheets. While foreign currency forward contracts and certain interest rate caps are subject to enforceable master netting agreements with their counterparties, the offsetting amounts are not significant and the Company does not offset the derivative assets and liabilities in its condensed consolidated balance sheets. The following table summarizes the gains or (losses) on derivative instruments for the period indicated. Location of Gain or (Loss) Recognized on Derivatives Amount of Gain or (Loss) Recognized on Derivatives Three Months Ended (In millions) 2015 2014 Foreign currency forward contracts Selling, general and administrative $ (1 ) $ (5 )

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis The fair value of cash, accounts receivable, accounts payable and accrued expenses, to the extent the underlying liability will be settled in cash, approximate carrying values because of the short-term nature of these instruments. Cash Equivalents and Investments The Company’s cash equivalents primarily consist of money market accounts which the Company measures at fair value on a recurring basis. The Company determines the fair value of cash equivalents using a market approach based on quoted prices in active markets. Investments in equity and other securities that are measured at fair value on a recurring basis consist of various mutual funds. The valuation of these securities is based on pricing models whereby all significant inputs are observable or can be derived from or corroborated by observable market data. The following table summarizes the ending balances of the Company's cash equivalents and investments. March 31, 2015 December 31, 2014 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Money market funds $ 214 $ — $ — $ 214 $ 146 $ — $ — $ 146 Equity and other securities — 146 — 146 — 96 — 96 Total $ 214 $ 146 $ — $ 360 $ 146 $ 96 $ — $ 242 CAR, Inc. As of March 31, 2015, the Company held a 16.2% equity investment in CAR, Inc., a publicly held company trading on the Hong Kong Stock Exchange, which is accounted for under the equity method. The Company's net investment balance was approximately $ 267 million and $ 264 million as of March 31, 2015 and December 31, 2014, respectively, and is included in "Prepaid expenses and other assets" in the accompanying condensed consolidated balance sheets. The fair value of the investment using quoted market prices (Level 1) was approximately $ 725 million and $ 514 million as of March 31, 2015 and December 31, 2014, respectively. For subsequent fair value information see Note 16, "Subsequent Events." As of March 31, 2014 the Company held convertible debt securities of CAR, Inc. which were classified as available-for-sale and which were carried at fair value within "Prepaid expenses and other assets." Unrealized gains and losses, net of related income taxes, associated with its investment were included in "Accumulated other comprehensive income." As of March 31, 2014, the fair value of debt securities was $ 137 million . In April 2014, the Company converted all of its debt securities into additional equity of CAR, Inc. The following table summarizes the changes in fair value of CAR, Inc. convertible debt securities prior to conversion in April 2014, using Level 3 inputs (binomial valuation model) for the three months ended March 31, 2014 (in millions): Three Months Ended March 31, 2014 Balance at the beginning of period $ 151 Unrealized gains (losses) related to investments (14 ) Balance at the end of period $ 137 Financial Instruments The fair value of the Company's financial instruments as of March 31, 2015 and December 31, 2014 are shown in Note 11 , " Financial Instruments ." The Company's financial instruments are classified as Level 2 assets and liabilities and are priced using quoted market prices for similar assets or liabilities in active markets. Debt Obligations The fair value of debt is estimated based on quoted market rates as well as borrowing rates currently available to the Company for loans with similar terms and average maturities (Level 2 inputs). As of March 31, 2015 As of December 31, 2014 (in millions) Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Corporate Debt $ 6,431 $ 6,548 $ 6,428 $ 6,468 Fleet Debt 9,923 9,950 9,569 9,595 Total $ 16,354 $ 16,498 $ 15,997 $ 16,063 Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis Assets and liabilities measured at fair value during the three months ended March 31, 2015 are as follows: (In millions) Balance Level 1 Level 2 Level 3 Total Loss Adjustments Long-lived assets held for sale $ 34 $ — $ — $ 34 $ 9 Refer to the impairment disclosures in Note 9 , " Tangible Asset Impairments " for further information regarding the assets measured at fair value included in the table above.

Contingencies and Off-Balance S

Contingencies and Off-Balance Sheet Commitments	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Off-Balance Sheet Commitments	Contingencies and Off-Balance Sheet Commitments Legal Proceedings Public Liability and Property Damage The Company is currently a defendant in numerous actions and has received numerous claims on which actions have not yet been commenced for public liability and property damage arising from the operation of motor vehicles and equipment rented from the Company. The obligation for public liability and property damage on self-insured U.S. and international vehicles and equipment, as stated on the Company's balance sheet, represents an estimate for both reported accident claims not yet paid and claims incurred but not yet reported. The related liabilities are recorded on a non-discounted basis. Reserve requirements are based on actuarial evaluations of historical accident claim experience and trends, as well as future projections of ultimate losses, expenses, premiums and administrative costs. At March 31, 2015 and December 31, 2014 the liability recorded for public liability and property damage matters was $369 million and $385 million , respectively. The Company believes that its analysis is based on the most relevant information available, combined with reasonable assumptions, and that the Company may prudently rely on this information to determine the estimated liability. The Company notes that the liability is subject to significant uncertainties. The adequacy of the liability reserve is regularly monitored based on evolving accident claim history and insurance related state legislation changes. If the Company's estimates change or if actual results differ from these assumptions, the amount of the recorded liability is adjusted to reflect these results. Other Matters From time to time the Company is a party to various legal proceedings. The Company has summarized below the most significant legal proceedings to which the Company was and/or is a party to during the three months ended March 31, 2015 or the period after March 31, 2015 but before the filing of this Report on Form 10-Q. Concession Fee Recoveries - In October 2006, Janet Sobel, Daniel Dugan, PhD. and Lydia Lee, individually and on behalf of all others similarly situated v. The Hertz Corporation and Enterprise Rent-A-Car Company, or “Enterprise,” was filed in the U.S. District Court for the District of Nevada (Enterprise became a defendant in a separate action which they have now settled.) The Sobel case is a nationwide class action on behalf of all persons who rented cars from Hertz at airports in Nevada and were separately charged airport concession recovery fees by Hertz as part of their rental charges. The plaintiffs seek an unspecified amount of compensatory damages, restitution of any charges found to be improper and an injunction prohibiting Hertz from quoting or charging those airport fees that are alleged not to be allowed by Nevada law. The plaintiff also seeks attorneys' fees and costs. In 2010, the parties engaged in mediation which resulted in a proposed settlement. Although the court tentatively approved the settlement in November 2010, the court denied the plaintiffs' motion for final approval of the proposed settlement in May 2011. Following additional activity in the case, in March 2013, the court granted, in part, the plaintiffs' motion for partial summary judgment with respect to restitution and granted the plaintiffs' motion for class certification while denying the Company's motion for partial summary judgment. In October 2014, the court entered final judgment, merging all of its prior rulings and directed Hertz to pay the class approximately $42 million in restitution and $11 million in prejudgment interest, and to pay attorney's fees of $3.1 million with an additional $3.1 million to be paid from the restitution fund. In December 2014, Hertz timely filed an appeal of that final judgment with the U.S. Court of Appeals for the Ninth Circuit and the plaintiffs cross appealed the court's judgment seeking to challenge the lower court's ruling that Hertz did not deceive or mislead the class members. In April 2015, Hertz filed its opening brief. In June 2015, the plaintiffs filed their answering brief and opening brief on their cross-appeal. The Company continues to believe the outcome of this case will not be material to its financial condition, results of operations or cash flows. In re Hertz Global Holdings, Inc. Securities Litigation - In November 2013, a purported shareholder class action, Pedro Ramirez, Jr. v. Hertz Global Holdings, Inc., et al., was commenced in the U.S. District Court for the District of New Jersey naming Hertz Holdings and certain of its officers as defendants and alleging violations of the federal securities laws. The complaint alleges that Hertz Holdings made material misrepresentations and/or omissions of material fact in its public disclosures during the period from February 25, 2013 through November 4, 2013, in violation of Section 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder. Plaintiffs seek an unspecified amount of monetary damages on behalf of the purported class and an award of costs and expenses, including counsel fees and expert fees. In June 2014, Hertz Holdings responded to the amended complaint by filing a motion to dismiss. In August 2014, the plaintiffs filed their opposition to Hertz Holdings' motion to dismiss and also filed a motion to strike certain exhibits which were included in Hertz Holdings' motion to dismiss. After a hearing in October 2014, the court granted Hertz Holdings' motion to dismiss the complaint. The dismissal was without prejudice and plaintiff was granted leave to file a second amended complaint within 30 days of the order. The motion to strike was dismissed as moot. In November 2014, plaintiffs filed a Second Amended Complaint which shortened the putative class period such that it is not alleged to have commenced until May 18, 2013 and makes allegations that are not substantively very different than the allegations in the prior complaint. In early 2015 this case was assigned to a new federal judge in the District of New Jersey. Plaintiffs filed their opposition to Hertz Holdings' motion to dismiss in January 2015. In February 2015, Hertz Holdings filed its reply to Plaintiffs’ opposition. Hertz Holdings believes that it has valid and meritorious defenses and it intends to vigorously defend against these allegations, but litigation is subject to many uncertainties and the outcome of this matter is not predictable with assurance. It is possible that this matter could be decided unfavorably to Hertz Holdings, however, Hertz Holdings is currently unable to estimate the range of these possible losses, but they could be material. The Company intends to assert that it has meritorious defenses in the foregoing matters and the Company intends to defend itself vigorously. Governmental Investigations - In June 2014 the Company was advised by the staff of the New York Regional Office of the Securities and Exchange Commission (the “SEC”) that it is investigating the events disclosed in certain of the Company’s filings with the SEC. In addition, in December 2014 a state securities regulator requested information regarding the same events. The investigations generally involve the restatements included in the Company's 2014 Form 10-K and related accounting for prior periods. The Company has and intends to continue to cooperate with both the SEC and state requests. Due to the stage at which the proceedings are, Hertz is currently unable to predict the likely outcome of the proceedings or estimate the range of reasonably possible losses, which may be material. French Antitrust - In February 2015, the French Competition Authority issued a Statement of Objections claiming that several car rental companies, including Hertz and certain of its subsidiaries, violated French competition law by receiving historic market information from twelve French airports relating to the car rental companies operating at those airports and by engaging in a concerted practice relating to train station surcharges. Hertz believes that it has valid defenses and intends to vigorously defend against the allegations, but, due to the early stage at which the proceedings are, Hertz is currently unable to predict the likely outcome of the proceedings or range of reasonably possible losses, which may be material. The Company has established reserves for matters where the Company believes that losses are probable and can be reasonably estimated. Other than the aggregate reserve established for claims for public liability and property damage, none of those reserves are material. For matters, including certain of those described above, where the Company has not established a reserve, the ultimate outcome or resolution cannot be predicted at this time, or the amount of ultimate loss, if any, cannot be reasonably estimated. Litigation is subject to many uncertainties and the outcome of the individual litigated matters is not predictable with assurance. It is possible that certain of the actions, claims, inquiries or proceedings, including those discussed above, could be decided unfavorably to the Company or any of its subsidiaries involved. Accordingly, it is possible that an adverse outcome from such a proceeding could exceed the amount accrued in an amount that could be material to the Company's consolidated financial condition, results of operations or cash flows in any particular reporting period. Indemnification Obligations There have been no significant changes to the Company's indemnification obligations as compared to those disclosed in Note 14, "Contingencies and Off-Balance Sheet Commitments" of the Notes to consolidated financial statements included in the 2014 Form 10-K under the caption Item 8, "Financial Statements and Supplementary Data."

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has identified four reportable segments, which are organized based on the products and services provided by its operating segments and the geographic areas in which its operating segments conduct business, as follows: • U.S. Car Rental - rental of cars, crossovers and light trucks, as well as ancillary products and services, in the United States and consists of the Company's United States operating segment; • International Car Rental - rental of cars, crossovers and light trucks, as well as ancillary products and services, internationally and consists of the Company's Europe and Other International operating segments, which are aggregated into a reportable segment based primarily upon similar economic characteristics, products and services, customers, delivery methods and general regulatory environments; • Worldwide Equipment Rental - rental of industrial, construction, material handling and other equipment and consists of the Company's worldwide equipment rental operating segment; and • All Other Operations - includes the Company's Donlen operating segment which provides fleet leasing and management services and is not considered a separate reportable segment in accordance with applicable accounting standards, together with other business activities, such as its claim management services. In addition to the above reportable segments, the Company has corporate operations ("Corporate") which includes general corporate assets and expenses and certain interest expense (including net interest on corporate debt). Adjusted pre-tax income (loss) is calculated as income before income taxes plus non-cash purchase accounting charges, debt-related charges relating to the amortization and write-off of debt financing costs and debt discounts and certain one-time charges and non-operational items. Adjusted pre-tax income (loss) is important because it allows management to assess operational performance of its business, exclusive of the items mentioned above. It also allows management to assess the performance of the entire business on the same basis as the segment measure of profitability. Management believes that it is important to investors for the same reasons it is important to management and because it allows them to assess the Company's operational performance on the same basis that management uses internally. The contribution of our reportable segments, and Corporate where applicable, to revenues and adjusted pre-tax income (loss) and the reconciliation to consolidated amounts are summarized below. Three Months Ended March 31, Revenues Adjusted Pre-Tax Income (Loss) (In millions) 2015 2014 2015 2014 U.S. Car Rental $ 1,520 $ 1,557 $ 71 $ 119 International Car Rental 436 482 8 (39 ) Worldwide Equipment Rental 355 358 33 52 All Other Operations 143 139 16 16 Total reportable segments $ 2,454 $ 2,536 128 148 Corporate (1) (125 ) (124 ) Consolidated adjusted pre-tax income (loss) 3 24 Adjustments: Acquisition accounting (2) (31 ) (33 ) Debt-related charges (3) (16 ) (12 ) Restructuring charges (4) (7 ) (15 ) Restructuring related charges (5) (13 ) (24 ) Acquisition related costs and charges (6) — (7 ) Equipment rental spin-off costs (7) (9 ) — Impairment charges and asset write-downs (8) (9 ) — Other (9) (4 ) 5 Income (loss) before income taxes $ (86 ) $ (62 ) (1) Represents general corporate expenses, certain interest expense (including net interest on corporate debt), as well as other business activities. (2) Represents the increase in amortization of other intangible assets, depreciation of property and equipment and accretion of revalued liabilities relating to acquisition accounting. (3) Represents debt-related charges relating to the amortization of deferred debt financing costs and debt discounts. (4) Represents expenses incurred under restructuring actions as defined in U.S. GAAP - for further information on restructuring costs, see Note 8 , " Restructuring ." (5) Represents incremental costs incurred directly supporting business transformation initiatives. Such costs include transition costs incurred in connection with business process outsourcing arrangements and incremental costs incurred to facilitate business process re-engineering initiatives that involve significant organization redesign and extensive operational process changes. Amount in 2015 also includes consulting costs and legal fees related to the accounting review and investigation and costs associated with the separation of certain executives during the quarter. (6) Represents costs related to acquisitions and strategic initiatives. (7) Represents expenses associated with the anticipated HERC spin-off transaction announced in March 2014. (8) Represents the impairment of the former Dollar Thrifty headquarters and the impairment of a corporate asset in the first quarter 2015. There were no impairments or asset write-downs in the first quarter 2014. (9) Includes integration charges and relocation expenses associated with the Company's relocation of its headquarters to Estero, Florida, as well as other miscellaneous non-recurring or non-cash items. Total assets (In millions) March 31, 2015 December 31, 2014 U.S. Car Rental $ 14,471 $ 13,712 International Car Rental 3,355 3,358 Worldwide Equipment Rental 3,802 3,836 All Other Operations 1,523 1,458 Corporate 1,451 1,621 Total $ 24,602 $ 23,985

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding for each period. Because the Company generated net losses for the quarters ended March 31, 2015 and 2014, the weighted-average basic shares outstanding was used in calculating diluted loss per share, as all other potential common shares would be anti-dilutive. Anti-dilutive shares were comprised of approximately 7 million stock options, RSUs and PSUs and approximately 17 million stock options, RSUs, PSUs and shares issuable upon conversion of Convertible Senior Notes for the three months ended March 31, 2015 and 2014, respectively.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Fleet Debt HVF II U.S. Fleet Medium Term Notes : In April 2015, HVF II issued the Series 2015-1 Rental Car Asset-Backed Notes, Class A, Class B, and Class C, or the “HVF II Series 2015-1 Notes”, collectively, in an aggregate principal amount of $780 million . The expected maturity of the HVF II Series 2015-1 Notes is March 2020. The HVF II Series 2015-1 Notes are comprised of $622 million aggregate principal amount of 2.73% Rental Car Asset-Backed Notes, Class A, $119 million aggregate principal amount of 3.52% Rental Car Asset-Backed Notes, Class B, and $39 million aggregate principal amount of 4.35% Rental Car Asset-Backed Notes, Class C. The net proceeds from the sale of the HVF II Series 2015-1 Notes were used (i) to repay a portion of the outstanding principal amount of HVF II's Series 2013-A Notes and HVF II's Series 2014-A Notes and (ii) to make loans to HVF for HVF to acquire or refinance vehicles to be leased to the Company or DTG Operations, Inc. for use in their daily rental operations. Capitalized Leases : In May 2015, the U.K. Leveraged Financing was amended to provide for aggregate maximum leasing capacity (subject to asset availability) of up to £300 million during the peak season and at the same time amended and increased the ongoing core facility to £250 million . European Revolving Credit Facility : In May 2015, HHN BV amended the European Revolving Credit Facility to provide for aggregate maximum borrowings of up to €340 million during the peak season, subject to borrowing base availability, for a seasonal commitment period through December 2015. HFLF Medium Term Notes : In June 2015, HFLF issued $300 million in aggregate principal amount of Series 2015-1 Floating Rate Asset-Backed Notes, Class A, Class B, Class C, Class D, and Class E, or the “HFLF Series 2015-1 Notes,” collectively. The net proceeds from the issuance of the HFLF Series 2015-1 Notes were used (i) to repay a portion of amounts then-outstanding under the HFLF Series 2014-1 Notes and the HFLF Series 2013-2 Notes and (ii) to make loans to DNRS II. The HFLF Series 2015-1 Notes are floating rate and carry an interest rate based upon a spread to one-month LIBOR . An affiliate of HFLF purchased the Class E Notes. Waivers In May 2015, the Company obtained waivers from the requisite noteholders of its Senior Notes to amend and waive (the “Senior Notes Amendments and Waiver”) certain provisions of the indentures pursuant to which the Senior Notes were issued (the “Senior Notes Indentures”). The Senior Notes Amendments and Waiver amend, effective as of March 30, 2014, the reporting covenant in each of the Senior Notes Indentures to eliminate any obligation for the Company (or HHN BV as applicable) to deliver to the trustee or the noteholders or file with the SEC (i) its annual report on Form 10-K for the period ended December 31, 2014 and its quarterly reports on Form 10-Q for the periods ended March 31, 2015 and June 30, 2015, in each case prior to September 30, 2015 and (ii) its quarterly reports on Form 10-Q for the periods ended March 31, 2014, June 30, 2014 and September 30, 2014. Pursuant to the Senior Notes Amendments and Waiver, holders also waived any default or event of default under the relevant Senior Notes Indenture that may occur or exist as a result of or in connection with the Company not filing any amendments to previously filed SEC reports or the failure to timely deliver to the trustee or the noteholders, or file with the SEC, the delayed SEC reports. In May 2015, the Company and HVF obtained waivers from the requisite noteholders of the U.S. Fleet Medium Term Notes to amend and waive (the “HVF Amendments and Waiver”) certain provisions of the operating lease between the Company and HVF that secures the U.S. Fleet Medium Term Notes (the “HVF Legacy Lease”). The HVF Amendments and Waiver amend the HVF Legacy Lease, effective as of March 30, 2014, to eliminate the requirement to furnish (or cause to be furnished) the quarterly reports on Form 10-Q for the periods ended March 31, 2014, June 30, 2014 and September 30, 2014 under the HVF Legacy Lease and in connection with the foregoing the noteholders waived any potential event of default or event of default under the HVF Legacy Lease that may occur or exist as a result, directly or indirectly arising out of or in connection with the failure to furnish (or cause to be furnished) such quarterly reports. In June 2015, HHN BV obtained waivers from the requisite noteholders of its European Fleet Notes to amend and waive (the “European Fleet Notes Amendments and Waivers”) certain provisions of the indenture pursuant to which the European Fleet Notes were issued (the “European Fleet Notes Indenture”). The European Fleet Notes Amendments and Waiver amend, effective as of March 30, 2014, the reporting covenant in the European Fleet Notes Indenture to eliminate any obligation for the Company (or HHN BV as applicable) to deliver to the trustee or the noteholders or file with the SEC (i) its annual report on Form 10-K for the period ended December 31, 2014 and its quarterly reports on Form 10-Q for the periods ended March 31, 2015 and June 30, 2015, in each case prior to September 30, 2015 and (ii) its quarterly reports on Form 10-Q for the periods ended March 31, 2014, June 30, 2014 and September 30, 2014. Pursuant to the Senior Notes Amendments and Waiver, holders also waived any default or event of default under the European Fleet Notes Indenture that may occur or exist as a result of or in connection with the Company not filing any amendments to previously filed SEC reports or the failure to timely deliver to the trustee or the noteholders, or file with the SEC, the delayed SEC reports. In June 2015, the Company and/or certain of its subsidiaries obtained extensions of previously obtained waivers under the Senior ABL Facility, HVF II U.S. Fleet Variable Funding Notes, European Revolving Credit Facility, European Securitization, Hertz-Sponsored Canadian Securitization, Dollar Thrifty-Sponsored Canadian Securitization, Australian Securitization, U.K. Leveraged Financing, our U.S. Fleet Financing Facility, and various derivative transactions, in each case through August 31, 2015. Such lenders permanently waived any of the aforementioned events arising from the failure to file such financial information within the required time periods. The waivers also facilitate the Company filing a comprehensive annual report on Form 10-K for the period ended December 31, 2014, including audited financial statements of the Company for the year ended December 31, 2014 and unaudited financial statements of Hertz for the fiscal quarters ending March 31, 2014, June 30, 2014 and September 30, 2014, to satisfy its 2014 financial statement delivery obligations under such facilities. In addition, the lenders under such facilities have waived any of the aforementioned events that could arise from any restatement of annual and quarterly financial statements previously delivered by the Company and/or certain of its subsidiaries under such facilities. For so long as the waivers remain effective, any potential and/or actual defaults and potential amortization events ceased to exist and were deemed to have been cured for all purposes of the related transaction documents. Divestiture In June 2015, the Company signed a letter of intent for the sale of its HERC France and Spain businesses. The proposed transaction includes 60 locations in France and two in Spain. The proposed transaction is subject to receipt of the requisite works council opinions, the signing of the sale agreements and obtaining required corporate and regulatory approvals. Contingencies In July 2015, Ryanair filed a complaint against Hertz Europe Limited, a subsidiary of the Company, in the High Court of Justice, Queen’s Bench Division, Commercial Court, Royal Courts of Justice of the United Kingdom alleging breach of contract in connection with Hertz Europe Limited’s termination of its car hire agreement with Ryanair following a contractual dispute with respect to Ryanair’s agreement to begin using third party ticket distributors. The complaint seeks damages, interest and costs, together with attorney fees. The Company believes that it has valid and meritorious defenses and it intends to vigorously defend against these allegations, but litigation is subject to many uncertainties and the outcome of this matter is not predictable with assurance. It is possible that this matter could be decided unfavorably to the Company, however, the Company is currently unable to estimate the range of these possible losses in excess of amounts accrued, but they could be material. Equity Method Investment The fair value of the Company's CAR, Inc. equity method investment has been negatively impacted by recent volatility in the stock markets in China and other factors. The fair value of the investment at July 9, 2015 using quoted market prices (Level 1) was approximately $710 million .

Basis of Presentation and Rec23

Basis of Presentation and Recently Issued Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of Hertz Holdings and its wholly and majority owned domestic and international subsidiaries. In the event that the Company is a primary beneficiary of a variable interest entity, the assets, liabilities, and results of operations of the variable interest entity are included in the Company's consolidated financial statements. The Company accounts for its investment in CAR, Inc. and other immaterial investments in joint ventures using the equity method when it has significant influence but not control and is not the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity In April 2014, the Financial Accounting Standards Board ("FASB") issued guidance that changes the criteria for reporting discontinued operations. As a result of this guidance, only disposals of a component that represent a strategic shift that have, or will have, a major effect on the Company’s operations and financial results will be reported as a discontinued operation. Expanded disclosures are required for discontinued operations and for individually significant components that do not qualify for discontinued operations reporting. The Company adopted this guidance on January 1, 2015 in accordance with the effective date. Adoption of this new guidance did not impact the Company's financial position, results of operations or cash flows. Not yet adopted Revenue from Contracts with Customers In May 2014, the FASB issued guidance that will replace most existing revenue recognition guidance in U.S. GAAP. The core principle of the guidance is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. The guidance requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. The new guidance may be adopted on either a full or modified retrospective basis. As issued, the guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those reporting periods. In April 2015, the FASB issued a proposal to defer the effective date of the guidance until annual and interim reporting periods beginning after December 15, 2017. The Company is in the process of determining the method of adoption and assessing the potential impacts of adopting this guidance on its financial position, results of operations and cash flows. Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period In June 2014, the FASB issued guidance that requires that a performance target in a share-based payment award that affects vesting and that can be achieved after the requisite service period is completed is to be accounted for as a performance condition; therefore, compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved, and the amount of compensation cost recognized should be based on the portion of the service period fulfilled. The guidance is effective either prospectively or retrospectively for annual periods beginning after December 15, 2015 and interim periods within those annual periods. The Company is in the process of determining the method of adoption and assessing the potential impacts of adopting this guidance on its financial position, results of operations and cash flows. Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items In January 2015, the FASB issued guidance that eliminates the concept of an event or transaction that is unusual in nature and occurs infrequently being treated as an extraordinary item. The guidance is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. The Company has assessed the potential impacts from future adoption of this guidance and has determined that there will be no impact on its financial position, results of operations and cash flows. Amendments to the Consolidation Analysis In February 2015, the FASB issued guidance that changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The new guidance may be applied using a full or modified retrospective approach. The guidance is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. The Company is in the process of determining the method of adoption and assessing the potential impacts of adopting this guidance on its financial position, results of operations and cash flows

Acquistions (Tables)

Acquistions (Tables)	3 Months Ended
	Mar. 31, 2015
Business Combinations [Abstract]
Schedule of Business Acquisitions	The purchase price was allocated as follows: (In millions) U.S. Car Rental Revenue earning equipment $ 71 Property and equipment 6 Other intangible assets 9 Goodwill 1 Total $ 87

Revenue Earning Equipment (Tabl

Revenue Earning Equipment (Tables)	3 Months Ended
	Mar. 31, 2015
Depreciation of Revenue Earning Equipment and Lease Charges Disclosure [Abstract]
Components of Revenue Earning Equipment	The components of revenue earning equipment, net are as follows: (In millions) March 31, 2015 December 31, 2014 Revenue earning equipment $ 18,634 $ 17,837 Less: Accumulated depreciation (4,345 ) (4,427 ) 14,289 13,410 Revenue earning equipment held for sale, net 304 243 Revenue earning equipment, net $ 14,593 $ 13,653 The components of revenue earning equipment, net are as follows: (In millions) March 31, 2015 December 31, 2014 Revenue earning equipment $ 18,634 $ 17,837 Less: Accumulated depreciation (4,345 ) (4,427 ) 14,289 13,410 Revenue earning equipment held for sale, net 304 243 Revenue earning equipment, net $ 14,593 $ 13,653
Depreciation on Revenue Earning Equipment and Lease Charges	Depreciation of revenue earning equipment and lease charges, net includes the following: Three Months Ended (In millions) 2015 2014 Depreciation of revenue earning equipment $ 703 $ 706 (Gain) loss on disposal of revenue earning equipment (a) (14 ) 1 Rents paid for vehicles leased 18 19 Depreciation of revenue earning equipment and lease charges, net $ 707 $ 726 (a) (Gain) loss on disposal of revenue earning equipment by segment is as follows: Three Months Ended (In millions) 2015 2014 U.S. Car Rental $ (20 ) $ 3 International Car Rental — (6 ) Worldwide Equipment Rental 6 4 Total $ (14 ) $ 1 Depreciation of revenue earning equipment and lease charges, net includes the following: Three Months Ended (In millions) 2015 2014 Depreciation of revenue earning equipment $ 703 $ 706 (Gain) loss on disposal of revenue earning equipment (a) (14 ) 1 Rents paid for vehicles leased 18 19 Depreciation of revenue earning equipment and lease charges, net $ 707 $ 726 (a) (Gain) loss on disposal of revenue earning equipment by segment is as follows: Three Months Ended (In millions) 2015 2014 U.S. Car Rental $ (20 ) $ 3 International Car Rental — (6 ) Worldwide Equipment Rental 6 4 Total $ (14 ) $ 1
Impact of Depreciation Rate Changes	Depreciation rate changes impacted the following segments: Increase (decrease) Three Months Ended (In millions) 2015 2014 U.S. Car Rental $ 30 $ 37 International Car Rental — 1 Total $ 30 $ 38

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Components of debt	ebt consists of the following (in millions): Facility Average Interest Rate at March 31, 2015 Fixed or Floating Interest Rate Maturity March 31, December 31, Corporate Debt Senior Term Facility 3.68% Floating 3/2018 $ 2,078 $ 2,083 Senior ABL Facility 2.70% Floating 3/2016 - 3/2017 355 344 Senior Notes (1) 6.58% Fixed 4/2018–10/2022 3,900 3,900 Promissory Notes 7.00% Fixed 1/2028 27 27 Other Corporate Debt 3.86% Floating Various 71 74 Unamortized Net Premium (Corporate) 3 3 Total Corporate Debt 6,434 6,431 Fleet Debt HVF U.S. Fleet Medium Term Notes HVF Series 2009-2 (2) N/A N/A N/A — 404 HVF Series 2010-1 (2) 4.23% Fixed 2/2014–2/2018 490 490 HVF Series 2011-1 (2) 3.51% Fixed 3/2015–3/2017 230 414 HVF Series 2013-1 (2) 1.68% Fixed 8/2016–8/2018 950 950 1,670 2,258 RCFC U.S. ABS Program RCFC U.S. Fleet Medium Term Notes RCFC Series 2011-1 Notes (2) N/A N/A N/A — 167 RCFC Series 2011-2 Notes (2) N/A N/A N/A — 266 — 433 HVF II U.S. ABS Program HVF II U.S. Fleet Variable Funding Notes: HVF II Series 2013-A (2) 1.11% Floating 10/2016 1,384 1,999 HVF II Series 2013-B (2) 1.11% Floating 10/2016 1,500 976 HVF II Series 2014-A (2) 1.41% Floating 10/2016 2,465 869 5,349 3,844 Donlen ABS Program HFLF Variable Funding Notes HFLF Series 2013-2 Notes (2) 1.02% Floating 9/2016 330 247 330 247 Facility Average Interest Rate at March 31, 2015 Fixed or Floating Interest Rate Maturity March 31, December 31, HFLF Medium Term Notes HFLF Series 2013-3 Notes (2) 0.81% Floating 9/2016–11/2016 433 500 HFLF Series 2014-1 Notes (2) 0.68% Floating 12/2016–3/2017 400 400 833 900 Other Fleet Debt U.S. Fleet Financing Facility 2.93% Floating 3/2017 190 164 European Revolving Credit Facility 2.74% Floating 10/2017 234 304 European Fleet Notes 4.375% Fixed 1/2019 463 517 European Securitization (2) 1.95% Floating 10/2016 228 270 Hertz-Sponsored Canadian Securitization (2) 2.08% Floating 10/2016 97 105 Dollar Thrifty-Sponsored Canadian Securitization (2) 2.11% Floating 10/2016 37 40 Australian Securitization (2) 3.81% Floating 12/2016 100 112 Brazilian Fleet Financing Facility 16.00% Floating 10/2015 9 11 Capitalized Leases 3.01% Floating 2/2015 - 10/2017 383 364 Unamortized (Discount) Premium (Fleet) (6 ) (7 ) 1,735 1,880 Total Fleet Debt 9,917 9,562 Total Debt $ 16,351 $ 15,993 N/A - Not Applicable (1) References to the "Senior Notes" include the series of Hertz's unsecured senior notes. Outstanding principal amounts for each such series of the Senior Notes is specified below: (In millions) Outstanding Principal Senior Notes March 31, 2015 December 31, 2014 4.25% Senior Notes due April 2018 $ 250 $ 250 7.50% Senior Notes due October 2018 700 700 6.75% Senior Notes due April 2019 1,250 1,250 5.875% Senior Notes due October 2020 700 700 7.375% Senior Notes due January 2021 500 500 6.25% Senior Notes due October 2022 500 500 $ 3,900 $ 3,900 (2) Maturity reference is to the "expected final maturity date" as opposed to the subsequent "legal maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness expect the relevant indebtedness to be repaid, which in the case of the HFLF Medium Term Notes was based upon various assumptions made at the time of the pricing of such notes. The legal final maturity date is the date on which the relevant indebtedness is legally due and payable. The fair value of debt is estimated based on quoted market rates as well as borrowing rates currently available to the Company for loans with similar terms and average maturities (Level 2 inputs). As of March 31, 2015 As of December 31, 2014 (in millions) Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Corporate Debt $ 6,431 $ 6,548 $ 6,428 $ 6,468 Fleet Debt 9,923 9,950 9,569 9,595 Total $ 16,354 $ 16,498 $ 15,997 $ 16,063
Schedule of facilities available for the use of the company and its subsidiaries	The following facilities were available to the Company as of March 31, 2015 : (In millions) Remaining Capacity Availability Under Borrowing Base Limitation Corporate Debt Senior ABL Facility $ 1,127 $ 933 Total Corporate Debt 1,127 933 Fleet Debt HVF II U.S. Fleet Variable Funding Notes 1,226 9 HFLF Variable Funding Notes 70 — European Revolving Credit Facility 38 — European Securitization 207 — Dollar Thrifty-Sponsored Canadian Securitization 82 — Australian Securitization 94 — Total Fleet Debt 1,717 9 Total $ 2,844 $ 942

Employee Retirement Benefits (T

Employee Retirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Schedule of Net Benefit Costs	The following table sets forth the net periodic pension expense: Pension Benefits U.S. Non-U.S. Three Months Ended March 31, In millions 2015 2014 2015 2014 Components of Net Periodic Benefit Cost: Service cost $ 1 $ 8 $ 1 $ 1 Interest cost 7 8 2 2 Expected return on plan assets (10 ) (10 ) (4 ) (4 ) Net amortizations 1 1 — — Settlement loss 1 — — — Net periodic pension expense (benefit) $ — $ 7 $ (1 ) $ (1 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan	A summary of the total compensation expense and associated income tax benefits recognized under all plans, including the cost of stock options, restricted stock units ("RSUs") and performance stock units ("PSUs"), is as follows: Three Months Ended (In millions) 2015 2014 Compensation expense $ 4 $ 8 Income tax benefit (1 ) (3 ) Total $ 3 $ 5

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Mar. 31, 2015
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	Restructuring charges in the condensed consolidated statements of operations are as follows: Three Months Ended (In millions) 2015 2014 By Type: Termination benefits $ 6 $ 9 Asset write-downs 1 — Facility closure and lease obligation costs 1 6 Other non-cash charges (1 ) — Total $ 7 $ 15 Three Months Ended (In millions) 2015 2014 By Caption: Direct operating $ 2 $ 6 Selling, general and administrative 5 9 Total $ 7 $ 15 Three Months Ended (In millions) 2015 2014 By Segment: U.S. Car Rental $ 2 $ 5 International Car Rental 2 4 Worldwide Equipment Rental 1 3 Corporate 2 3 Total $ 7 $ 15
Schedule of Restructuring Reserve by Type of Cost	The following table sets forth the activity affecting the restructuring accrual during the three-month period ended March 31, 2015 . The remainder of the restructuring accrual relates to future lease obligations which will be paid over the remaining term of the applicable leases. (In millions) Termination Other Total Balance as of January 1, 2015 $ 21 $ 22 $ 43 Charges incurred 6 1 7 Cash payments (6 ) (4 ) (10 ) Other non-cash changes (1 ) (1 ) (2 ) Balance as of March 31, 2015 $ 20 $ 18 $ 38

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2015
Financial Instruments [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table summarizes the estimated fair value of financial instruments: Fair Value of Financial Instruments Asset Derivatives (1) Liability Derivatives (1) (In millions) March 31, December 31, March 31, December 31, Interest rate caps $ 11 $ 25 $ 11 $ 25 Foreign currency forward contracts 4 6 2 2 Total $ 15 $ 31 $ 13 $ 27 (1) All asset derivatives are recorded in "Prepaid expenses and other assets" and all liability derivatives are recorded in "Accrued liabilities" in the condensed consolidated balance sheets.
Derivative Instruments, Gain (Loss)	The following table summarizes the gains or (losses) on derivative instruments for the period indicated. Location of Gain or (Loss) Recognized on Derivatives Amount of Gain or (Loss) Recognized on Derivatives Three Months Ended (In millions) 2015 2014 Foreign currency forward contracts Selling, general and administrative $ (1 ) $ (5 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Cash Equivalents and Investments	The following table summarizes the ending balances of the Company's cash equivalents and investments. March 31, 2015 December 31, 2014 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Money market funds $ 214 $ — $ — $ 214 $ 146 $ — $ — $ 146 Equity and other securities — 146 — 146 — 96 — 96 Total $ 214 $ 146 $ — $ 360 $ 146 $ 96 $ — $ 242
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table summarizes the changes in fair value of CAR, Inc. convertible debt securities prior to conversion in April 2014, using Level 3 inputs (binomial valuation model) for the three months ended March 31, 2014 (in millions): Three Months Ended March 31, 2014 Balance at the beginning of period $ 151 Unrealized gains (losses) related to investments (14 ) Balance at the end of period $ 137
Components of debt	ebt consists of the following (in millions): Facility Average Interest Rate at March 31, 2015 Fixed or Floating Interest Rate Maturity March 31, December 31, Corporate Debt Senior Term Facility 3.68% Floating 3/2018 $ 2,078 $ 2,083 Senior ABL Facility 2.70% Floating 3/2016 - 3/2017 355 344 Senior Notes (1) 6.58% Fixed 4/2018–10/2022 3,900 3,900 Promissory Notes 7.00% Fixed 1/2028 27 27 Other Corporate Debt 3.86% Floating Various 71 74 Unamortized Net Premium (Corporate) 3 3 Total Corporate Debt 6,434 6,431 Fleet Debt HVF U.S. Fleet Medium Term Notes HVF Series 2009-2 (2) N/A N/A N/A — 404 HVF Series 2010-1 (2) 4.23% Fixed 2/2014–2/2018 490 490 HVF Series 2011-1 (2) 3.51% Fixed 3/2015–3/2017 230 414 HVF Series 2013-1 (2) 1.68% Fixed 8/2016–8/2018 950 950 1,670 2,258 RCFC U.S. ABS Program RCFC U.S. Fleet Medium Term Notes RCFC Series 2011-1 Notes (2) N/A N/A N/A — 167 RCFC Series 2011-2 Notes (2) N/A N/A N/A — 266 — 433 HVF II U.S. ABS Program HVF II U.S. Fleet Variable Funding Notes: HVF II Series 2013-A (2) 1.11% Floating 10/2016 1,384 1,999 HVF II Series 2013-B (2) 1.11% Floating 10/2016 1,500 976 HVF II Series 2014-A (2) 1.41% Floating 10/2016 2,465 869 5,349 3,844 Donlen ABS Program HFLF Variable Funding Notes HFLF Series 2013-2 Notes (2) 1.02% Floating 9/2016 330 247 330 247 Facility Average Interest Rate at March 31, 2015 Fixed or Floating Interest Rate Maturity March 31, December 31, HFLF Medium Term Notes HFLF Series 2013-3 Notes (2) 0.81% Floating 9/2016–11/2016 433 500 HFLF Series 2014-1 Notes (2) 0.68% Floating 12/2016–3/2017 400 400 833 900 Other Fleet Debt U.S. Fleet Financing Facility 2.93% Floating 3/2017 190 164 European Revolving Credit Facility 2.74% Floating 10/2017 234 304 European Fleet Notes 4.375% Fixed 1/2019 463 517 European Securitization (2) 1.95% Floating 10/2016 228 270 Hertz-Sponsored Canadian Securitization (2) 2.08% Floating 10/2016 97 105 Dollar Thrifty-Sponsored Canadian Securitization (2) 2.11% Floating 10/2016 37 40 Australian Securitization (2) 3.81% Floating 12/2016 100 112 Brazilian Fleet Financing Facility 16.00% Floating 10/2015 9 11 Capitalized Leases 3.01% Floating 2/2015 - 10/2017 383 364 Unamortized (Discount) Premium (Fleet) (6 ) (7 ) 1,735 1,880 Total Fleet Debt 9,917 9,562 Total Debt $ 16,351 $ 15,993 N/A - Not Applicable (1) References to the "Senior Notes" include the series of Hertz's unsecured senior notes. Outstanding principal amounts for each such series of the Senior Notes is specified below: (In millions) Outstanding Principal Senior Notes March 31, 2015 December 31, 2014 4.25% Senior Notes due April 2018 $ 250 $ 250 7.50% Senior Notes due October 2018 700 700 6.75% Senior Notes due April 2019 1,250 1,250 5.875% Senior Notes due October 2020 700 700 7.375% Senior Notes due January 2021 500 500 6.25% Senior Notes due October 2022 500 500 $ 3,900 $ 3,900 (2) Maturity reference is to the "expected final maturity date" as opposed to the subsequent "legal maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness expect the relevant indebtedness to be repaid, which in the case of the HFLF Medium Term Notes was based upon various assumptions made at the time of the pricing of such notes. The legal final maturity date is the date on which the relevant indebtedness is legally due and payable. The fair value of debt is estimated based on quoted market rates as well as borrowing rates currently available to the Company for loans with similar terms and average maturities (Level 2 inputs). As of March 31, 2015 As of December 31, 2014 (in millions) Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Corporate Debt $ 6,431 $ 6,548 $ 6,428 $ 6,468 Fleet Debt 9,923 9,950 9,569 9,595 Total $ 16,354 $ 16,498 $ 15,997 $ 16,063
Disclosure of Long Lived Assets Held-for-sale	Assets and liabilities measured at fair value during the three months ended March 31, 2015 are as follows: (In millions) Balance Level 1 Level 2 Level 3 Total Loss Adjustments Long-lived assets held for sale $ 34 $ — $ — $ 34 $ 9

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The contribution of our reportable segments, and Corporate where applicable, to revenues and adjusted pre-tax income (loss) and the reconciliation to consolidated amounts are summarized below. Three Months Ended March 31, Revenues Adjusted Pre-Tax Income (Loss) (In millions) 2015 2014 2015 2014 U.S. Car Rental $ 1,520 $ 1,557 $ 71 $ 119 International Car Rental 436 482 8 (39 ) Worldwide Equipment Rental 355 358 33 52 All Other Operations 143 139 16 16 Total reportable segments $ 2,454 $ 2,536 128 148 Corporate (1) (125 ) (124 ) Consolidated adjusted pre-tax income (loss) 3 24 Adjustments: Acquisition accounting (2) (31 ) (33 ) Debt-related charges (3) (16 ) (12 ) Restructuring charges (4) (7 ) (15 ) Restructuring related charges (5) (13 ) (24 ) Acquisition related costs and charges (6) — (7 ) Equipment rental spin-off costs (7) (9 ) — Impairment charges and asset write-downs (8) (9 ) — Other (9) (4 ) 5 Income (loss) before income taxes $ (86 ) $ (62 ) (1) Represents general corporate expenses, certain interest expense (including net interest on corporate debt), as well as other business activities. (2) Represents the increase in amortization of other intangible assets, depreciation of property and equipment and accretion of revalued liabilities relating to acquisition accounting. (3) Represents debt-related charges relating to the amortization of deferred debt financing costs and debt discounts. (4) Represents expenses incurred under restructuring actions as defined in U.S. GAAP - for further information on restructuring costs, see Note 8 , " Restructuring ." (5) Represents incremental costs incurred directly supporting business transformation initiatives. Such costs include transition costs incurred in connection with business process outsourcing arrangements and incremental costs incurred to facilitate business process re-engineering initiatives that involve significant organization redesign and extensive operational process changes. Amount in 2015 also includes consulting costs and legal fees related to the accounting review and investigation and costs associated with the separation of certain executives during the quarter. (6) Represents costs related to acquisitions and strategic initiatives. (7) Represents expenses associated with the anticipated HERC spin-off transaction announced in March 2014. (8) Represents the impairment of the former Dollar Thrifty headquarters and the impairment of a corporate asset in the first quarter 2015. There were no impairments or asset write-downs in the first quarter 2014. (9) Includes integration charges and relocation expenses associated with the Company's relocation of its headquarters to Estero, Florida, as well as other miscellaneous non-recurring or non-cash items. Total assets (In millions) March 31, 2015 December 31, 2014 U.S. Car Rental $ 14,471 $ 13,712 International Car Rental 3,355 3,358 Worldwide Equipment Rental 3,802 3,836 All Other Operations 1,523 1,458 Corporate 1,451 1,621 Total $ 24,602 $ 23,985

Background (Details)

Background (Details)	Mar. 31, 2014public_companies
Background Disclosure [Abstract]
Number of publicly traded companies	2

Business Combinations and Div34

Business Combinations and Divestitures (Details) - USD ($) $ in Millions	1 Months Ended
	Feb. 28, 2015	Mar. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Goodwill		$ 1,356	$ 1,359
Certain Hertz Branded Franchises
Business Acquisition [Line Items]
Payments to acquire assets of certain Hertz-branded franchises	$ 87
Revenue earning equipment	71
Property and equipment	6
Other intangible assets	9
Goodwill	1
Total	$ 87

Revenue Earning Equipment (Deta

Revenue Earning Equipment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Revenue earning equipment	$ 18,634		$ 17,837
Less: Accumulated depreciation	(4,345)		(4,427)
Subtotal	14,289		13,410
Revenue earning equipment held for sale, net	304		243
Revenue earning equipment, net	14,593		$ 13,653
Depreciation of revenue earning equipment	703	$ 706
(Gain) loss on disposal of revenue earning equipment	(14)	1
Rents paid for vehicles leased	18	19
Depreciation of revenue earning equipment and lease charges, net	707	726
U.S. Car Rental
Property, Plant and Equipment [Line Items]
(Gain) loss on disposal of revenue earning equipment	(20)	3
International Car Rental
Property, Plant and Equipment [Line Items]
(Gain) loss on disposal of revenue earning equipment	0	(6)
Worldwide Equipment Rental
Property, Plant and Equipment [Line Items]
(Gain) loss on disposal of revenue earning equipment	$ 6	$ 4

Revenue Earning Equipment (Depr

Revenue Earning Equipment (Depreciation Rates) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenue earning equipment
Depreciation rate changes	$ 30	$ 38
U.S. Car Rental
Revenue earning equipment
Depreciation rate changes	30	37
International Car Rental
Revenue earning equipment
Depreciation rate changes	$ 0	$ 1

Debt (Details)

Debt (Details) - Credit Facility [Domain] € in Millions, $ in Millions	3 Months Ended		7 Months Ended
	Sep. 30, 2015	Mar. 31, 2015USD ($)	Jul. 15, 2015	May. 30, 2015EUR (€)	Dec. 31, 2014USD ($)	Dec. 15, 2014	Dec. 31, 2013USD ($)
Debt Instruments [Abstract]
Outstanding principal		$ 3,900			$ 3,900
Total Debt		16,351			15,993
Borrowing Capacity and Availability
Remaining capacity		2,844
Availability under borrowing base limitation		942
Restricted cash and cash equivalents		411			571
VIE, consolidated carrying amount of assets		352			427
VIE, consolidated carrying amount of liabilities		352			426
Letter of Credit
Letters of Credit
Outstanding standby letters of credit		632
Corporate Debt
Debt Instruments [Abstract]
Unamortized (Discount) Premium		3			3
Total Debt		6,434			6,431
Borrowing Capacity and Availability
Remaining capacity		1,127
Availability under borrowing base limitation		$ 933
Senior Term Facility
Debt Instruments [Abstract]
Average interest rate (as a percent)		3.68%
Outstanding principal		$ 2,078			2,083
Senior ABL Facility
Debt Instruments [Abstract]
Average interest rate (as a percent)		2.70%
Outstanding principal		$ 355			$ 344
2013 Events
Debt Instrument, Covenant Fixed Charge Coverage Ratio Number of Quarters		1 year
Borrowing Capacity and Availability
Remaining capacity		$ 1,127
Availability under borrowing base limitation		933
Fixed Charge Coverage Ratio					1
Senior ABL Facility | Letter of Credit
Borrowing Capacity and Availability
Availability under borrowing base limitation		$ 1,026
Senior Notes
Debt Instruments [Abstract]
Average interest rate (as a percent)		6.58%
Outstanding principal		$ 3,900			$ 3,900
Promissory Notes
Debt Instruments [Abstract]
Average interest rate (as a percent)		7.00%
Outstanding principal		$ 27			27
Other Corporate Debt
Debt Instruments [Abstract]
Average interest rate (as a percent)		3.86%
Outstanding principal		$ 71			74
Senior Notes 4.25% Due April 2018
Debt Instruments [Abstract]
Outstanding principal		$ 250			250
2013 Events
Interest rate (as a percent)		4.25%
Senior Notes 7.5% Due October 2018
Debt Instruments [Abstract]
Outstanding principal		$ 700			700
2013 Events
Interest rate (as a percent)		7.50%
Senior Notes 5.875% Due October 2020
Debt Instruments [Abstract]
Outstanding principal		$ 700			700
2013 Events
Interest rate (as a percent)		5.875%
7.375% Senior Notes due January 2021
Debt Instruments [Abstract]
Outstanding principal		$ 500			500
2013 Events
Interest rate (as a percent)		7.375%
6.250% Senior Notes due October 2022
Debt Instruments [Abstract]
Outstanding principal		$ 500			500
2013 Events
Interest rate (as a percent)		6.25%
Senior Credit Facility
Letters of Credit
Outstanding standby letters of credit		$ 618
Senior Notes 6.75% Percent Due April 2019
Debt Instruments [Abstract]
Outstanding principal		$ 1,250			1,250
2013 Events
Interest rate (as a percent)		6.75%
Fleet Debt
Debt Instruments [Abstract]
Unamortized (Discount) Premium		$ (6)			(7)
Total Debt		9,917			9,562
Borrowing Capacity and Availability
Remaining capacity		1,717
Availability under borrowing base limitation		9
Restricted cash and cash equivalents		369			515
U.S. Fleet Medium Term Notes
Debt Instruments [Abstract]
Outstanding principal		1,670			2,258
U.S. Fleet Medium Term Notes Series 2009-2 Notes
Debt Instruments [Abstract]
Outstanding principal		$ 0			404
U.S. Fleet Medium Term Notes Series 2010-1 Notes
Debt Instruments [Abstract]
Average interest rate (as a percent)		4.23%
Outstanding principal		$ 490			490
U.S. Fleet Medium Term Notes Series 2011-1 Notes
Debt Instruments [Abstract]
Average interest rate (as a percent)		3.51%
Outstanding principal		$ 230			414
US Fleet Medium Term Notes 2013 Series 1
Debt Instruments [Abstract]
Average interest rate (as a percent)		1.68%
Outstanding principal		$ 950			950
RCFC U.S. ABS Program
Debt Instruments [Abstract]
Outstanding principal		0			433
RCFC Series 2011-1 Notes
Debt Instruments [Abstract]
Outstanding principal		0			167		$ 500
RCFC Series 2011-2 Notes
Debt Instruments [Abstract]
Outstanding principal		0			266		$ 400
HVF II U.S. ABS Program
Debt Instruments [Abstract]
Outstanding principal		5,349			3,844
Borrowing Capacity and Availability
Remaining capacity		1,226
Availability under borrowing base limitation		$ 9
HVF II Series 2013-A Notes
Debt Instruments [Abstract]
Average interest rate (as a percent)		1.11%
Outstanding principal		$ 1,384			1,999
HVF II Series 2013-B Notes
Debt Instruments [Abstract]
Average interest rate (as a percent)		1.11%
Outstanding principal		$ 1,500			976
HVFIISeries2014-A
Debt Instruments [Abstract]
Average interest rate (as a percent)		1.41%
Outstanding principal		$ 2,465			869
Donlen ABS Program
Debt Instruments [Abstract]
Outstanding principal		$ 330			247
HFLF Series 2013-2 Notes
Debt Instruments [Abstract]
Average interest rate (as a percent)		1.02%
Outstanding principal		$ 330			247
HFLF Medium Term Notes
Debt Instruments [Abstract]
Outstanding principal		833			900
Borrowing Capacity and Availability
Remaining capacity		70
Availability under borrowing base limitation		$ 0
HFLF Series 2013-A Notes
Debt Instruments [Abstract]
Average interest rate (as a percent)		0.81%
Outstanding principal		$ 433			500
HFLF Series 2014-1 Notes
Debt Instruments [Abstract]
Average interest rate (as a percent)		0.68%
Outstanding principal		$ 400			400
Other Fleet Debt
Debt Instruments [Abstract]
Outstanding principal		$ 1,735			1,880
U.S. Fleet Financing Facility
Debt Instruments [Abstract]
Average interest rate (as a percent)		2.93%
Outstanding principal		$ 190			164
European Revolving Credit Facility
Debt Instruments [Abstract]
Average interest rate (as a percent)		2.74%
Outstanding principal		$ 234			304
Borrowing Capacity and Availability
Remaining capacity		38
Availability under borrowing base limitation		$ 0
European Fleet Notes
Debt Instruments [Abstract]
Average interest rate (as a percent)		4.375%
Outstanding principal		$ 463			517
European Securitization
Debt Instruments [Abstract]
Average interest rate (as a percent)		1.95%
Outstanding principal		$ 228			270
Borrowing Capacity and Availability
Remaining capacity		207
Availability under borrowing base limitation		$ 0
Canadian Securitization
Debt Instruments [Abstract]
Average interest rate (as a percent)		2.08%
Outstanding principal		$ 97			105
Dollar Thrifty Sponsored Canadian Securitization
Debt Instruments [Abstract]
Average interest rate (as a percent)		2.11%
Outstanding principal		$ 37			40
Borrowing Capacity and Availability
Remaining capacity		82
Availability under borrowing base limitation		$ 0
Australian Securitization
Debt Instruments [Abstract]
Average interest rate (as a percent)		3.81%
Outstanding principal		$ 100			112
Borrowing Capacity and Availability
Remaining capacity		94
Availability under borrowing base limitation		$ 0
Brazilian Fleet Financing
Debt Instruments [Abstract]
Average interest rate (as a percent)		16.00%
Outstanding principal		$ 9			11
Capitalized Leases
Debt Instruments [Abstract]
Average interest rate (as a percent)		3.01%
Outstanding principal		$ 383			$ 364
Tranche B-2 Term Loans
Borrowing Capacity and Availability
Alternative base rate margin						1.75%
Tranche B Term Loans
Borrowing Capacity and Availability
Alternative base rate margin						2.00%
LIBOR | Tranche B-2 Term Loans | Minimum
2013 Events
Interest rate (as a percent)						0.75%
LIBOR | Tranche B Term Loans | Minimum
2013 Events
Interest rate (as a percent)						1.00%
Subsequent Event | European Revolving Credit Facility
2013 Events
Maximum borrowing capacity | €				€ 340
Subsequent Event | Tranche B-2 Term Loans
Borrowing Capacity and Availability
Basis spread on variable rate			2.75%
Subsequent Event | Tranche B Term Loans
Borrowing Capacity and Availability
Basis spread on variable rate			3.00%
Forecast | Tranche B-2 Term Loans
Borrowing Capacity and Availability
Basis spread on variable rate	2.25%
Alternative base rate margin	1.25%
Forecast | Tranche B Term Loans
Borrowing Capacity and Availability
Basis spread on variable rate	2.75%
Alternative base rate margin	1.75%
Forecast | LIBOR | Tranche B-2 Term Loans | Minimum
2013 Events
Interest rate (as a percent)	0.75%
Forecast | LIBOR | Tranche B Term Loans | Minimum
2013 Events
Interest rate (as a percent)	1.00%

Employee Retirement Benefits (D

Employee Retirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2015
Pension Benefits - U.S.
Components of Net Periodic Benefit Cost:
Service cost	$ 1	$ 8
Interest cost	7	8
Expected return on plan assets	(10)	(10)
Net amortizations	1	1
Settlement loss	1	0
Net periodic pension expense (benefit)	0	7
Pension Benefits - Non-U.S.
Components of Net Periodic Benefit Cost:
Service cost	1	1
Interest cost	2	2
Expected return on plan assets	(4)	(4)
Net amortizations	0	0
Settlement loss	0	0
Net periodic pension expense (benefit)	(1)	(1)
Other disclosures
Contributions by employer	$ 3	10
United Kingdom | Pension Benefits - Non-U.S.
Other disclosures
Employer discretionary contribution amount		$ 3
Forecast
Employee retirement benefits
Employer matching contribution, percent of match, first 3%			100.00%
Employer matching contribution, percent of match, remaining 2%			50.00%

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Tax Expense (Benefit) [Abstract]
Compensation expense	$ 4	$ 8
Income tax benefit	(1)	(3)
Total	3	$ 5
Unrecognized compensation cost	$ 40
Compensation cost not yet recognized, period for recognition	2 years 2 months 12 days
Performance Shares
Income Tax Expense (Benefit) [Abstract]
Unrecognized compensation cost	$ 19
Stock Incentive Plan and Omnibus Plan | Equity Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period, net of forfeitures	2,369,857
Weighted average grant date fair value	$ 7.51
Stock Incentive Plan and Omnibus Plan | Equity Option | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Stock Incentive Plan and Omnibus Plan | Equity Option | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	5 years

Restructuring (Details)

Restructuring (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Restructuring details
Restructuring charges	$ 7	$ 15
Restructuring reserve
Balance as of January 1, 2015	43
Charges incurred	7
Cash payments	(10)
Other non-cash changes	(2)
Balance as of March 31, 2015	38
U.S. Car Rental
Restructuring details
Restructuring charges	2	5
International Car Rental
Restructuring details
Restructuring charges	2	4
Worldwide Equipment Rental
Restructuring details
Restructuring charges	1	3
Segment Reconciling Items
Restructuring details
Restructuring charges	2	3
Direct operating
Restructuring details
Restructuring charges	2	6
Selling, general and administrative
Restructuring details
Restructuring charges	5	9
Termination benefits
Restructuring details
Restructuring charges	6	9
Restructuring reserve
Balance as of January 1, 2015	21
Charges incurred	6
Cash payments	(6)
Other non-cash changes	(1)
Balance as of March 31, 2015	20
Asset write-downs
Restructuring details
Restructuring charges	1	0
Facility closure and lease obligation costs
Restructuring details
Restructuring charges	1	6
Other non-cash charges
Restructuring details
Restructuring charges	(1)	$ 0
Other
Restructuring reserve
Balance as of January 1, 2015	22
Charges incurred	1
Cash payments	(4)
Other non-cash changes	(1)
Balance as of March 31, 2015	$ 18

Tangible Asset Impairments (Det

Tangible Asset Impairments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Property, Plant and Equipment [Line Items]
Asset impairment charges	$ 20	$ 0
Direct operating | Customer Contracts
Property, Plant and Equipment [Line Items]
Asset impairment charges	4
Other (income) expense | Equipment
Property, Plant and Equipment [Line Items]
Asset impairment charges	7
Held-for-sale
Property, Plant and Equipment [Line Items]
Asset impairment charges	3
Held-for-sale | Selling, general and administrative expenses | Dollar Thrifty Headquarters
Property, Plant and Equipment [Line Items]
Asset impairment charges	6
Assets deemed to have no future use
Property, Plant and Equipment [Line Items]
Asset impairment charges	$ 11

Taxes on Income (Loss) (Details

Taxes on Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2015
Income Tax Contingency [Line Items]
Effective tax rate (as percent)	19.00%	(11.00%)
Tax provision	$ (16)	$ 7
Forecast
Income Tax Contingency [Line Items]
Effective tax rate (as percent)			37.00%

Financial Instruments (Details)

Financial Instruments (Details) - Fair Value, Measurements, Recurring - Not Designated as Hedging Instrument - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	$ 15		$ 31
Liability Derivatives	13		27
Interest Rate Cap | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	11		25
Liability Derivatives	11		25
Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency forward contracts	(1)	$ (5)
Foreign Exchange Forward | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	4		6
Liability Derivatives	$ 2		$ 2

Fair Value Measurements (Cash a

Fair Value Measurements (Cash and Cash Equivalents and Investments) (Details) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 360	$ 242
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	214	146
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	146	96
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Money market funds | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	214	146
Money market funds | Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	214	146
Money market funds | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Money market funds | Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Equity and other securities | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	146	96
Equity and other securities | Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Equity and other securities | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	146	96
Equity and other securities | Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 0	0
CAR, Inc
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership percentage	16.20%
Prepaid Expenses and Other Assets | CAR, Inc
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned at fair value	$ 267	264
Prepaid Expenses and Other Assets | CAR, Inc | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investment using quoted market prices	$ 725	$ 514

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value Measurements Using Unobservable Inputs Method) (Details) - Mar. 31, 2014 - CAR, Inc - Level 3 - USD ($) $ in Millions	Total
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt securities	$ 137
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of period	151
Unrealized gains (losses) related to investments	(14)
Balance at the end of period	$ 137

Fair Value Measurements (Financ

Fair Value Measurements (Financial Instruments) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Fair Value of Financial Instruments [Abstract]
Nominal Unpaid Principal Balance	$ 3,900		$ 3,900
Asset impairment charges	20	$ 0
Fair Value, Measurements, Recurring | Level 2
Fair Value of Financial Instruments [Abstract]
Nominal Unpaid Principal Balance	16,354		15,997
Aggregate Fair Value	16,498		16,063
Fair Value, Measurements, Nonrecurring
Fair Value of Financial Instruments [Abstract]
Long-lived assets held for sale	34
Long-lived assets held for sale, Total loss adjustments	9
Fair Value, Measurements, Nonrecurring | Level 1
Fair Value of Financial Instruments [Abstract]
Long-lived assets held for sale	0
Fair Value, Measurements, Nonrecurring | Level 2
Fair Value of Financial Instruments [Abstract]
Long-lived assets held for sale	0
Fair Value, Measurements, Nonrecurring | Level 3
Fair Value of Financial Instruments [Abstract]
Long-lived assets held for sale	34
Other Corporate Debt | Fair Value, Measurements, Recurring | Level 2
Fair Value of Financial Instruments [Abstract]
Nominal Unpaid Principal Balance	6,431		6,428
Aggregate Fair Value	6,548		6,468
Fleet Debt | Fair Value, Measurements, Recurring | Level 2
Fair Value of Financial Instruments [Abstract]
Nominal Unpaid Principal Balance	9,923		9,569
Aggregate Fair Value	$ 9,950		$ 9,595

Contingencies and Off-Balance47

Contingencies and Off-Balance Sheet Commitments (Details) - USD ($) $ in Millions	1 Months Ended
	Oct. 31, 2014	Mar. 31, 2015	Dec. 31, 2014
Loss Contingencies [Line Items]
Public liability and property damage		$ 369	$ 385
Litigation settlement second amendment filing period	30 days
Concession Fee Recoveries
Loss Contingencies [Line Items]
Litigation settlement amount	$ 42
Litigation settlement interest	11
Litigation settlement expense	3.1
Concession Fee Recoveries | Restitution Fund
Loss Contingencies [Line Items]
Litigation settlement expense	$ 3.1

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2015USD ($)segment	Mar. 31, 2014USD ($)	Dec. 31, 2014USD ($)
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Number of reportable segments | segment	4
Revenues	$ 2,454	$ 2,536
Worldwide equipment rental	355	358
All other operations	143	139
Income (Loss) from Continuing Operations, Including Adjustments to Pre-Tax Income	3	24
Adjustments:
Adjusted Pre-Tax Income (Loss)	(86)	(62)
Assets	24,602		$ 23,985
Operating Segments
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Income (Loss) from Continuing Operations, Including Adjustments to Pre-Tax Income	128	148
Corporate
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Income (Loss) from Continuing Operations, Including Adjustments to Pre-Tax Income	(125)	(124)
Purchase accounting
Adjustments:
Adjusted Pre-Tax Income (Loss)	(31)	(33)
Other non-cash charges
Adjustments:
Adjusted Pre-Tax Income (Loss)	(16)	(12)
Restructuring charges
Adjustments:
Adjusted Pre-Tax Income (Loss)	(7)	(15)
Restructuring related charges
Adjustments:
Adjusted Pre-Tax Income (Loss)	(13)	(24)
Acquisition related costs and charges
Adjustments:
Adjusted Pre-Tax Income (Loss)	0	(7)
Equipment rental spin-off costs
Adjustments:
Adjusted Pre-Tax Income (Loss)	(9)	0
Impairment in Value of Assets
Adjustments:
Adjusted Pre-Tax Income (Loss)	(9)	0
Other
Adjustments:
Adjusted Pre-Tax Income (Loss)	(4)	5
U.S. Car Rental
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	1,520	1,557
Income (Loss) from Continuing Operations, Including Adjustments to Pre-Tax Income	71	119
Adjustments:
Assets	14,471		13,712
International Car Rental
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	436	482
Income (Loss) from Continuing Operations, Including Adjustments to Pre-Tax Income	8	(39)
Adjustments:
Assets	3,355		3,358
Worldwide Equipment Rental
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Worldwide equipment rental	355	358
Income (Loss) from Continuing Operations, Including Adjustments to Pre-Tax Income	33	52
Adjustments:
Assets	3,802		3,836
All Other Operations
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
All other operations	143	139
Income (Loss) from Continuing Operations, Including Adjustments to Pre-Tax Income	16	$ 16
Adjustments:
Assets	1,523		1,458
Corporate
Adjustments:
Assets	$ 1,451		$ 1,621

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Anti-dilutive shares	7	17

Subsequent Events (Details)

Subsequent Events (Details) € in Millions, £ in Millions, $ in Millions	1 Months Ended
	Jun. 30, 2015USD ($)location	Jul. 09, 2015USD ($)	May. 30, 2015GBP (£)	May. 30, 2015EUR (€)	Apr. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Subsequent Event [Line Items]
Outstanding principal						$ 3,900	$ 3,900
European Revolving Credit Facility
Subsequent Event [Line Items]
Outstanding principal						$ 234	304
Average interest rate (as a percent)						2.74%
Senior ABL Facility
Subsequent Event [Line Items]
Outstanding principal						$ 355	344
Average interest rate (as a percent)						2.70%
Prepaid Expenses and Other Assets | CAR, Inc | Level 1
Subsequent Event [Line Items]
Fair value of investment using quoted market prices						$ 725	$ 514
Subsequent Event | France
Subsequent Event [Line Items]
Number of businesses divested | location	60
Subsequent Event | Spain
Subsequent Event [Line Items]
Number of businesses divested | location	2
Subsequent Event | HVF II Series 2015-1 Notes
Subsequent Event [Line Items]
Outstanding principal					$ 780
Subsequent Event | European Revolving Credit Facility
Subsequent Event [Line Items]
Maximum borrowing capacity | €				€ 340
Subsequent Event | Rental Car Asset Backed Notes, Class A
Subsequent Event [Line Items]
Outstanding principal					$ 622
Average interest rate (as a percent)					2.73%
Subsequent Event | Rental Car Asset Backed Notes, Class B
Subsequent Event [Line Items]
Outstanding principal					$ 119
Average interest rate (as a percent)					3.52%
Subsequent Event | Rental Car Asset Backed Notes, Class C
Subsequent Event [Line Items]
Outstanding principal					$ 39
Average interest rate (as a percent)					4.35%
Subsequent Event | HFLF Series 2015-1 Notes
Subsequent Event [Line Items]
Outstanding principal	$ 300
Subsequent Event | UK Leveraged Financing Peak Season Borrowing Facility | UK Leveraged Financing
Subsequent Event [Line Items]
Maximum borrowing capacity | £			£ 300
Subsequent Event | UK Leveraged Financing Ongoing Core Facility | UK Leveraged Financing
Subsequent Event [Line Items]
Maximum borrowing capacity | £			£ 250
Subsequent Event | Prepaid Expenses and Other Assets | CAR, Inc | Level 1
Subsequent Event [Line Items]
Fair value of investment using quoted market prices		$ 710