Herc (HRI) 10-Q 9 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 02, 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	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		444,358,703

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 509	$ 490
Restricted cash and cash equivalents	280	571
Receivables, net of allowance of $68 and $67, respectively	1,623	1,597
Inventories, net	62	67
Prepaid expenses and other assets	934	917
Revenue earning equipment:
Vehicles	15,012	14,622
Less accumulated depreciation - vehicles	(2,862)	(3,411)
Equipment	3,582	3,613
Less accumulated depreciation - equipment	(1,106)	(1,171)
Revenue earning equipment, net	14,626	13,653
Property and other equipment:
Land, buildings and leasehold improvements	1,302	1,268
Service equipment and other	1,058	1,148
Less accumulated depreciation	(1,083)	(1,094)
Property and other equipment, net	1,277	1,322
Other intangible assets, net	3,900	4,009
Goodwill	1,358	1,359
Total assets	24,569	23,985
LIABILITIES AND EQUITY
Accounts payable	917	1,008
Accrued liabilities	1,216	1,148
Accrued taxes, net	136	134
Debt	16,609	15,993
Public liability and property damage	391	385
Deferred taxes on income, net	2,962	2,853
Total liabilities	$ 22,231	$ 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 444 and 459 shares outstanding	4	5
Additional paid-in capital	3,334	3,325
Accumulated deficit	(461)	(664)
Accumulated other comprehensive income (loss)	(190)	(115)
Stockholders' Equity before Treasury Stock	2,687	2,551
Treasury Stock, at cost, 19 shares and 4 shares	(349)	(87)
Total equity	2,338	2,464
Total liabilities and equity	$ 24,569	$ 23,985

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts (in dollars)	$ 68	$ (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	444,000,000	459,000,000
Treasury Stock, shares repurchased	19,000,000	4,000,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Worldwide car rental	$ 2,426	$ 2,563	$ 6,552	$ 6,907
Worldwide equipment rental	401	413	1,131	1,155
All other operations	149	145	439	425
Total revenues	2,976	3,121	8,122	8,487
Expenses:
Direct operating	1,564	1,702	4,475	4,738
Depreciation of revenue earning equipment and lease charges, net	717	746	2,102	2,180
Selling, general and administrative	259	303	821	845
Interest expense, net	158	164	467	484
Other (income) expense, net	(29)	3	(34)	(21)
Total expenses	2,669	2,918	7,831	8,226
Income (loss) before income taxes	307	203	291	261
(Provision) benefit for taxes on income (loss)	(70)	(54)	(88)	(109)
Net income (loss)	$ 237	$ 149	$ 203	$ 152
Weighted average shares outstanding:
Basic (in shares)	454	459	457	453
Diluted (in shares)	457	464	460	465
Earnings (loss) per share:
Basic (in dollars per share)	$ 0.52	$ 0.32	$ 0.44	$ 0.34
Diluted (in dollars per share)	$ 0.52	$ 0.32	$ 0.44	$ 0.33

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 237	$ 149	$ 203	$ 152
Other comprehensive income (loss):
Foreign currency translation adjustments	(43)	(38)	(82)	(21)
Unrealized holding gains (losses) on securities	0	0	0	(14)
Reclassification of net unrealized gains on securities to prepaid expense and other assets	0	0	0	(7)
Reclassification from other comprehensive income (loss) to selling, general and administrative expense for amortization of actuarial losses on defined benefit pension plans	3	3	9	2
Total other comprehensive income (loss) before income taxes	(40)	(35)	(73)	(40)
Income tax (provision) benefit related to items of other comprehensive income (loss)	0	(2)	(2)	(4)
Total other comprehensive income (loss)	(40)	(37)	(75)	(44)
Total comprehensive income (loss)	$ 197	$ 112	$ 128	$ 108

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income (loss)	$ 203	$ 152
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation of revenue earning equipment, net	2,047	2,119
Depreciation and amortization, non-fleet	265	272
Amortization and write-off of deferred financing costs	45	41
Amortization and write-off of debt discount (premium)	(2)	(6)
Stock-based compensation charges	14	14
Provision for receivables allowance	54	47
Deferred taxes on income	88	31
Impairment charges and asset write-downs	26	25
(Gain) loss on sale of shares in equity method investment	(56)	0
Other	(7)	(11)
Changes in assets and liabilities
Receivables	(102)	(187)
Inventories, prepaid expenses and other assets	(10)	(58)
Accounts payable	(11)	34
Accrued liabilities	95	152
Accrued taxes	15	57
Public liability and property damage	19	47
Net cash provided by (used in) operating activities	2,683	2,729
Cash flows from investing activities:
Net change in restricted cash and cash equivalents	284	107
Revenue earning equipment expenditures	(10,010)	(8,442)
Proceeds from disposal of revenue earning equipment	6,788	5,316
Capital asset expenditures, non-fleet	(250)	(232)
Proceeds from disposal of property and other equipment	69	67
Acquisitions, net of cash acquired	(95)	(69)
Sales of (investment in) shares in equity method investment	100	(30)
Net cash provided by (used in) investing activities	(3,114)	(3,283)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	1,076	400
Repayments of long-term debt	(1,100)	(207)
Short-term borrowings:
Proceeds	543	528
Payments	(434)	(537)
Proceeds under the revolving lines of credit	5,906	4,018
Payments under the revolving lines of credit	(5,243)	(3,405)
Purchase of treasury shares	(262)	0
Payment of financing costs	(11)	(12)
Other	(4)	5
Net cash provided by (used in) financing activities	471	790
Effect of foreign exchange rate changes on cash and cash equivalents	(21)	(18)
Net increase (decrease) in cash and cash equivalents during the period	19	218
Cash and cash equivalents at beginning of period	490	411
Cash and cash equivalents at end of period	509	629
Cash paid during the period for:
Interest, net of amounts capitalized	393	388
Income taxes, net of refunds	31	47
Supplemental disclosures of non-cash flow information:
Purchases of revenue earning equipment included in accounts payable and accrued liabilities	203	241
Sales of revenue earning equipment included in receivables	605	464
Purchases of property and other equipment included in accounts payable	60	71
Sales of property and other equipment included in receivables	28	27
Conversion of Convertible Senior Notes included in debt, common stock and additional paid-in capital	0	84
Revenue earning equipment and property and equipment acquired through capital lease	$ 11	$ 16

Background

Background	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 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. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. 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 ("SEC") on July 16, 2015 (the "2014 Form 10-K"). 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. Certain prior period amounts have been reclassified to conform with current period presentation. 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. Out Of Period Adjustments The Company has identified various misstatements relating to prior period financial statements that it has corrected in the third quarter of 2015. The cumulative impact of the adjustments was a decrease to pre-tax income of approximately $18 million (of which $13 million relates to years prior to 2015) and a decrease to net earnings of approximately $ 13 million and is comprised of $4 million related to the accounting for the post-acquisition sale of land that was revalued as part of the December 2005 acquisition, $4 million of additional accruals for the periods 2009 through 2014 resulting from concession audits at certain airport locations, a $4 million obligation to a jurisdiction for customer transaction fees, $3 million of additional write-offs of assets that were incorrectly capitalized and $3 million of other miscellaneous adjustments. The Company considered both quantitative and qualitative factors in assessing the materiality of the items individually, and in the aggregate, and determined that the misstatements were not material to any prior period and not material to the three and nine months ended September 30, 2015. 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 July 2015, the FASB agreed 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. Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued guidance requiring debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. In August 2015, the FASB issued guidance clarifying that debt issuance costs related to line-of-credit arrangements may be deferred and presented as an asset. The guidance is effective retrospectively for annual periods beginning after December 15, 2015 and interim periods within those annual periods. The Company is in the process of assessing the potential impacts of adopting this guidance on its financial condition, results of operations and cash flows. Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement In April 2015, the FASB issued guidance for customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. This new guidance is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. Adoption of this guidance is not expected to have a material impact on the Company’s financial condition, results of operations or cash flows. Simplifying the Subsequent Measurement of Inventory In July 2015, the FASB issued guidance that requires inventory to be measured at the lower of cost and net realizable value, excluding inventory measured using the last-in, first-out method or the retail inventory method. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Current guidance requires inventory to be measured at the lower of cost or market. This guidance is effective prospectively for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The Company is in the process of assessing the potential impacts of adopting this guidance on its financial position, results of operations and cash flows. Simplifying the Accounting for Measurement Period Adjustments for Business Combinations In September 2015, the FASB issued guidance that requires adjustments to provisional amounts during the measurement period of a business combination to be recognized in the reporting period in which the adjustments are determined, rather than retrospectively. The guidance is effective prospectively for annual periods beginning after December 15, 2015 and interim periods within those annual periods. Adoption of this guidance is not expected to have a material impact on the Company’s financial condition, results of operations or cash flows.

Acquisitions and Divestitures

Acquisitions and Divestitures	9 Months Ended
	Sep. 30, 2015
Business Combinations and Divestitures [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Acquisition 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 Fort 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 other equipment 6 Other intangible assets 9 Goodwill 1 Total $ 87 Divestitures CAR Inc. Investment In September 2015, the Company sold approximately 60 million shares of CAR Inc. common stock, a publicly traded company on the Hong Kong Stock Exchange, for net proceeds of $100 million which resulted in a pre-tax gain of $56 million . The investment in CAR Inc. is accounted for under the equity method of accounting. The sale of the shares reduced the Company's ownership interest from 16.1% , as of the date of the sale, to 13.6% . See Note 12 , " Fair Value Measurements " for the fair value of the Company's ownership interest at September 30, 2015 . HERC Businesses During the third quarter 2015, the Company signed an agreement and received certain regulatory approval for the sale of its HERC France and Spain businesses comprised of 60 locations in France and two in Spain. Based on the pending sale, the assets and liabilities of the HERC France and Spain businesses were deemed held for sale. The carrying value of the major components are as follows: (In millions) September 30, 2015 ASSETS Receivables, net of allowance $ 21 Inventories, net 4 Prepaid expenses and other assets 3 Revenue earning equipment, net 97 Property and other equipment, net 12 Goodwill 2 Total assets held for sale $ 139 LIABILITIES Accounts payable $ 11 Accrued liabilities 10 Accrued taxes, net 2 Deferred taxes on income, net 2 Total liabilities held for sale $ 25 The assets and liabilities held for sale are included in prepaid expenses and other assets and accrued liabilities, respectively, in the condensed consolidated balance sheets. The sale of the HERC France and Spain businesses closed on October 30, 2015. See Note 16 , Subsequent Events .

Revenue Earning Equipment

Revenue Earning Equipment	9 Months Ended
	Sep. 30, 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) September 30, 2015 December 31, 2014 Revenue earning equipment $ 18,279 $ 17,837 Less: Accumulated depreciation (3,877 ) (4,427 ) 14,402 13,410 Revenue earning equipment held for sale, net 224 243 Revenue earning equipment, net $ 14,626 $ 13,653 Depreciation of revenue earning equipment and lease charges, net includes the following: Three Months Ended Nine Months Ended (In millions) 2015 2014 2015 2014 Depreciation of revenue earning equipment $ 669 $ 701 $ 2,005 $ 2,054 (Gain) loss on disposal of revenue earning equipment (a) 30 25 42 65 Rents paid for vehicles leased 18 20 55 61 Depreciation of revenue earning equipment and lease charges, net $ 717 $ 746 $ 2,102 $ 2,180 (a) (Gain) loss on disposal of revenue earning equipment by segment is as follows: Three Months Ended Nine Months Ended (In millions) 2015 2014 2015 2014 U.S. Car Rental $ 34 $ 30 $ 59 $ 84 International Car Rental (2 ) 1 (3 ) (2 ) Worldwide Equipment Rental (2 ) (6 ) (14 ) (17 ) Total $ 30 $ 25 $ 42 $ 65 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. The cumulative impact on the periods of depreciation rate changes during 2015 is as follows: Increase (decrease) Three Months Ended Nine Months Ended (In millions) 2015 2014 2015 2014 U.S. Car Rental (a) $ 26 $ 36 $ 83 $ 112 International Car Rental — (2 ) — (1 ) Worldwide Equipment Rental 1 — 1 — Total $ 27 $ 34 $ 84 $ 111 (a) The depreciation rate changes in the U.S. car rental operations for the three and nine months ended September 30, 2015 include a net increase in depreciation expense of $11 million based on the review completed during the third quarter of 2015. The depreciation rate changes in the U.S. car rental operations for the three and nine months ended September 30, 2014 include a net increase in depreciation expense of $17 million based on the review completed during the third quarter of 2014.

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt The Company's debt consists of the following (in millions): Facility Average Interest Rate at September 30, 2015 Fixed or Maturity September 30, December 31, Corporate Debt Senior Term Facility 3.26% Floating 3/2018 $ 2,067 $ 2,083 Senior ABL Facility 2.73% Floating 3/2016–3/2017 253 344 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 3.94% Floating Various 68 74 Unamortized Net (Discount) Premium (Corporate) 3 3 Total Corporate Debt 6,318 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) 4.26% Fixed 2/2014–2/2018 428 490 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 1,608 2,258 RCFC U.S. ABS Program RCFC U.S. Fleet Medium Term Notes RCFC Series 2011-1 Notes (2)(3) N/A N/A N/A — 167 RCFC Series 2011-2 Notes (2)(3) 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) 1.16% Floating 10/2016 1,129 1,999 HVF II Series 2013-B (2) 1.16% Floating 10/2016 1,345 976 HVF II Series 2014-A (2) 1.70% Floating 10/2016 2,011 869 4,485 3,844 HVF II U.S. Fleet Medium Term Notes HVF II Series 2015-1 (2) 2.93% Fixed 3/2020 780 — 780 — Donlen ABS Program HFLF Variable Funding Notes HFLF Series 2013-2 Notes (2) 1.22% Floating 9/2017 244 247 244 247 Facility Average Interest Rate at September 30, 2015 Fixed or Maturity September 30, December 31, HFLF Medium Term Notes HFLF Series 2013-3 Notes (2) 0.87% Floating 9/2016–11/2016 321 500 HFLF Series 2014-1 Notes (2) 0.74% Floating 12/2016–3/2017 330 400 HFLF Series 2015-1 Notes (2) 0.87% Floating 3/2018–5/2018 295 — 946 900 Other Fleet Debt U.S. Fleet Financing Facility 2.95% Floating 3/2017 190 164 European Revolving Credit Facility 2.38% Floating 10/2017 382 304 European Fleet Notes 4.375% Fixed 1/2019 478 517 European Securitization (2) 1.88% Floating 10/2016 396 270 Canadian Securitization (2) 1.78% Floating 1/2018 224 — Hertz-Sponsored Canadian Securitization (2) N/A N/A N/A — 105 Dollar Thrifty-Sponsored Canadian Securitization (2)(3) N/A N/A N/A — 40 Australian Securitization (2) 3.68% Floating 12/2016 87 112 Brazilian Fleet Financing Facility 18.04% Floating 10/2015 7 11 Capitalized Leases 3.03% Floating 2/2015–10/2017 472 364 Unamortized Net (Discount) Premium (Fleet) (8 ) (7 ) 2,228 1,880 Total Fleet Debt 10,291 9,562 Total Debt $ 16,609 $ 15,993 N/A - Not Applicable (1) References to the "Senior Notes" include the series of Hertz's unsecured senior notes set forth on the table below. Outstanding principal amounts for each such series of the Senior Notes is also specified below: (In millions) Outstanding Principal Senior Notes September 30, 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. (3) RCFC U.S. ABS Program and the Dollar Thrifty-Sponsored Canadian Securitization represent fleet debt assumed in connection with the Dollar Thrifty acquisition on November 19, 2012. The Company’s practice is to maintain sufficient liquidity through cash from operations, credit facilities and other financing arrangements, so that its operations are unaffected by adverse financial market conditions. As of the third quarter 2015 financial statements, the Company reviewed the credit facilities that will mature within the next twelve months and determined that it is probable that the Company will be able, and has the intent, to refinance the credit facilities before the expiration of such facilities. Fleet Debt RCFC U.S. Fleet Medium Term Notes Rental Car Finance Corp. ("RCFC"), a bankruptcy remote, indirect, wholly-owned, special purpose subsidiary of Hertz was 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. HVF II U.S. Fleet Medium Term Notes In April 2015, Hertz Vehicle Financing II LP ("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 Dollar Thrifty 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, Hertz Holdings Netherlands, B.V. ("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, Hertz Fleet Lease Funding LP ("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 LLC. 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 owns a portion of the obligation related to the Class E Notes as of September 30, 2015 , therefore, $5 million of the obligation is eliminated in consolidation. Canadian Securitizations In September 2015, Hertz established a new securitization platform, the “Canadian Securitization”, designed to facilitate its financing activities relating to the vehicle fleet used by Hertz in the Canadian daily car rental operations of its Hertz, Dollar, Thrifty and Firefly brands. The lenders under the Canadian Securitization have been granted a security interest primarily in the owned rental car fleet used in the Company's car rental operations in Canada and certain contractual rights related to such vehicles as well as certain other assets owned by the Hertz entities connected to the financing. TCL Funding Limited Partnership, a bankruptcy remote, indirect, wholly-owned, special purpose subsidiary of Hertz, or “Funding LP,” is the issuer under the Canadian Securitization. In connection with the establishment of the Canadian Securitization, in September 2015, Funding LP issued the Series 2015-A Variable Funding Rental Car Asset Backed Notes (the “Funding LP Series 2015-A Notes”) that provide for aggregate maximum borrowings of C$350 million (subject to borrowing base availability) on a revolving basis and a maturity date of January 2018. The net proceeds from the sale of the Funding LP Series 2015-A Notes were used to pay in full the then-outstanding Hertz-Sponsored Canadian Securitization and the Dollar Thrifty-Sponsored Canadian Securitization and there are no longer any amounts outstanding under the Hertz-Sponsored Canadian Securitization and the Dollar Thrifty-Sponsored Canadian Securitization. HFLF Variable Funding Notes In September 2015, the HFLF Series 2013-2 Notes were upsized by $100 million providing for an aggregate maximum principal amount of the HFLF Series 2013-2 Notes of $500 million (subject to borrowing base availability). In connection therewith, the maturity date of the HFLF Series 2013-2 Notes was extended to September 2017. See also Note 16 , " Subsequent Events " regarding financing transactions occurring subsequent to the September 30, 2015 balance sheet date. Borrowing Capacity and Availability The following facilities were available to the Company as of September 30, 2015 : (In millions) Remaining Capacity Availability Under Borrowing Base Limitation Corporate Debt Senior ABL Facility $ 1,373 $ 1,334 Total Corporate Debt 1,373 1,334 Fleet Debt HVF II U.S. Fleet Variable Funding Notes 2,090 — HFLF Variable Funding Notes 256 — European Revolving Credit Facility — — European Securitization 54 7 Canadian Securitization 37 — Australian Securitization 88 — Capitalized Leases 35 5 Total Fleet Debt 2,560 12 Total $ 3,933 $ 1,346 As of September 30, 2015 , the Senior ABL Facility had $970 million available under the letter of credit facility sublimit, subject to borrowing base restrictions. Letters of Credit As of September 30, 2015 , there were outstanding standby letters of credit totaling $688 million . Of this amount, $675 million was issued under the Senior Term Facility and the Senior ABL Facility (together, the “Senior Credit Facilities”). As of September 30, 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 September 30, 2015 and December 31, 2014 , the portion of total restricted cash and cash equivalents that was associated with the Fleet Debt facilities was $223 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 (an event that results in the amortization of indebtedness prior to its expected maturity). 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 September 30, 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 $605 million and $427 million , respectively, primarily comprised of loans receivable and revenue earning equipment, and total liabilities of $604 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 September 30, 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 deferred 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 Amendment and Waiver increased 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 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 bore 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. 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. 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 facilitated 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. On July 16, 2015, the Company filed its 2014 Form 10-K and its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2015. As a result, 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.

Employee Retirement Benefits

Employee Retirement Benefits	9 Months Ended
	Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Employee Retirement Benefits	Employee Retirement Benefits Effective December 31, 2014, the Company amended the Hertz Corporation Account Balance Defined Benefit Pension Plan to permanently discontinue future benefit accruals and participation under the plan for non-union employees. The Company anticipates that, while compensation credits will no longer be provided under the plan after 2014 for affected participants, interest credits will continue to be credited on existing participant account balances under the plan until benefits are distributed and service will continue to be recognized for vesting and retirement eligibility requirements. The Company also 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 Company reserves the right to change its benefit offerings, at any time, in its discretion. The following table sets forth the net periodic pension expense: Pension Benefits U.S. Non-U.S. Three Months Ended September 30, (In millions) 2015 2014 2015 2014 Components of Net Periodic Benefit Cost: Service cost $ 1 $ 7 $ — $ 1 Interest cost 6 8 3 3 Expected return on plan assets (11 ) (10 ) (3 ) (4 ) Net amortizations — — — — Settlement loss 1 2 2 — Special termination cost — 4 — — Net periodic pension expense (benefit) $ (3 ) $ 11 $ 2 $ — Pension Benefits U.S. Non-U.S. Nine Months Ended September 30, (In millions) 2015 2014 2015 2014 Components of Net Periodic Benefit Cost: Service cost $ 3 $ 21 $ 1 $ 3 Interest cost 20 24 7 7 Expected return on plan assets (31 ) (30 ) (11 ) (12 ) Net amortizations 2 1 1 — Settlement loss 3 2 2 — Special termination cost — 4 — — Net periodic pension expense (benefit) $ (3 ) $ 22 $ — $ (2 ) 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. The Company made no cash contributions to its U.S. qualified pension plan during the three and nine months ended September 30, 2015 . During the three and nine months ended September 30, 2014 , the Company made cash contributions of $8 million and $22 million , respectively. The Company does not anticipate making cash contributions to its U.S. qualified pension plan during the remainder of 2015 . During the three and nine months ended September 30, 2015 , the Company made benefit payments to its U.S. non-qualified pension plans of $1 million and $17 million , respectively. During the three and nine months ended September 30, 2014 , the Company made benefit payments to its U.S. non-qualified pension plans of $3 million and $7 million , respectively. The Company made a $3 million discretionary contribution to its United Kingdom defined benefit pension plan (the "U.K. Plan") during each of the nine months ended September 30, 2015 and 2014 . On October 22, 2014, the Company amended two non-qualified, unfunded pension plans. These two plans are The Hertz Corporation Benefit Equalization Plan, or “BEP,” and The Hertz Corporation Supplemental Executive Retirement Plan, or “SERP II.” Effective as of December 31, 2014, the Company permanently discontinued future benefit accruals and participation under the BEP and the SERP II. Service will continue to be recognized for vesting and retirement eligibility requirements under the BEP and SERP II.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation During the nine months ended September 30, 2015 , the Company granted 3,263,654 non-qualified stock options to certain executives and employees at a weighted average grant date fair value of $7.34 ; 855,305 restricted stock units ("RSUs") at a weighted average grant date fair value of $20.95 and 1,375,885 performance stock units ("PSUs") at a weighted average grant date fair value of $21.22 under the Hertz Global Holdings, Inc. 2008 Omnibus Incentive Plan with vesting terms of three to five years. A summary of the total compensation expense and associated income tax benefits recognized under all plans, including the cost of stock options, RSUs and PSUs, is as follows: Three Months Ended Nine Months Ended (In millions) 2015 2014 2015 2014 Compensation expense $ 5 $ — $ 14 $ 14 Income tax benefit (2 ) — (5 ) (5 ) Total $ 3 $ — $ 9 $ 9 As of September 30, 2015 , there was $61 million of total unrecognized compensation cost related to non-vested stock options, RSUs and PSUs granted by Hertz Holdings under all plans. The total unrecognized compensation cost is expected to be recognized over the remaining 2.0 years, on a weighted average basis, of the requisite service period that began on the grant dates.

Restructuring

Restructuring	9 Months Ended
	Sep. 30, 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 Nine Months Ended (In millions) 2015 2014 2015 2014 By Type: Termination benefits $ 6 $ 3 $ 18 $ 21 Impairments and asset write-downs 1 13 2 23 Facility closure and lease obligation costs 1 4 16 13 Other (2 ) 3 (4 ) 11 Total $ 6 $ 23 $ 32 $ 68 Three Months Ended Nine Months Ended (In millions) 2015 2014 2015 2014 By Caption: Direct operating $ 1 $ 5 $ 17 $ 31 Selling, general and administrative 5 18 15 37 Total $ 6 $ 23 $ 32 $ 68 Three Months Ended Nine Months Ended (In millions) 2015 2014 2015 2014 By Segment: U.S. Car Rental $ 2 $ 4 $ 18 $ 22 International Car Rental 4 1 11 16 Worldwide Equipment Rental 2 1 3 4 Corporate (2 ) 17 — 26 Total $ 6 $ 23 $ 32 $ 68 The following table sets forth the activity affecting the restructuring accrual during the nine months ended September 30, 2015 . The remainder of the restructuring accrual primarily 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 14 18 32 Cash payments (12 ) (12 ) (24 ) Other non-cash changes (9 ) (7 ) (16 ) Balance as of September 30, 2015 $ 14 $ 21 $ 35

Tangible Asset Impairments and

Tangible Asset Impairments and Asset Write-downs	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Tangible Asset Impairments and Asset Write-downs	Tangible Asset Impairments and Asset Write-downs Impairments Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Measurement of an impairment loss for long lived assets that management expects to hold and use is based on the estimated fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or estimated fair value less costs to sell. The Company uses market and income approaches to value the long-lived assets, including inputs such as expected cash flows and recent comparable transactions. In the third quarter of 2015, the Company deemed a building in its U.S. Car Rental segment to be held for sale. The Company performed an impairment assessment and recorded a charge of $5 million which is included in other (income) expense, net in the Company's statement of operations. In the first quarter of 2015, the Company recorded a $3 million impairment charge to reduce the carrying value of a held for sale corporate asset. The charge is included in other (income) expense, net in the Company's statement of operations. The asset was sold in April 2015. In the first quarter of 2015, the Company deemed its former Dollar Thrifty headquarters in Tulsa, Oklahoma, which is part of the U.S. Car Rental segment, as held for sale. The Company performed an impairment assessment and recorded a charge of $6 million which is included in selling, general and administrative expense in the Company's statement of operations. During the third quarter of 2014, the Company deemed its previous corporate headquarters building to be held for sale. Based on the impairment assessment, the Company recorded an impairment charge of $13 million which is included in selling, general and administrative expense in the Company's statement of operations. Asset Write-downs In the first quarter of 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 expense and $7 million is included in other (income) expense, net in the Company's statement of operations. During the second quarter of 2014, the Company terminated a business relationship. As a result, the Company performed an analysis of the assets associated with the terminated business relationship and wrote off assets in the amount of $10 million which are included in direct operating expense in the Company's statement of operations.

Taxes on Income (Loss)

Taxes on Income (Loss)	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Taxes on Income (Loss)	Taxes on Income (Loss) The effective tax rate for the three months ended September 30, 2015 and 2014 was 23% and 27% , respectively. The effective tax rate for the nine months ended September 30, 2015 and 2014 was 30% and 42% , respectively. The effective tax rate for the full fiscal year 2015 is expected to be approximately 28% . The Company recorded a tax provision of $70 million for the three months ended September 30, 2015 compared to $54 million for the three months ended September 30, 2014 . The change was the result of higher pre-tax income and composition of earnings by jurisdiction in the third quarter of 2015 . The third quarter of 2015 also includes a $23 million net benefit due to a release of a foreign valuation allowance and a transfer pricing adjustment. The Company recorded a tax provision of $88 million for the nine months ended September 30, 2015 compared to $109 million for the nine months ended September 30, 2014 . The change was the result of the composition of earnings by jurisdiction in the period. The nine months of 2015 also includes a $23 million net benefit due to a release of a foreign valuation allowance and a transfer pricing adjustment.

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	Financial Instruments The Company has risk exposures that it has historically used financial instruments to manage. None of the instruments have been designated in a hedging relationship as of September 30, 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) September 30, December 31, September 30, December 31, Interest rate caps $ 3 $ 25 $ 3 $ 25 Foreign currency forward contracts 6 6 2 2 Total $ 9 $ 31 $ 5 $ 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 the 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 $ (18 ) $ (2 ) Location of Gain or (Loss) Recognized on Derivatives Amount of Gain or (Loss) Recognized Nine Months Ended (In millions) 2015 2014 Foreign currency forward contracts Selling, general and administrative $ (22 ) $ (2 )

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 accounts receivable, accounts payable and accrued expenses, to the extent the underlying liability will be settled in cash, approximates the 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. September 30, 2015 December 31, 2014 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Money market funds $ 109 $ — $ — $ 109 $ 146 $ — $ — $ 146 Equity and other securities — 130 — 130 — 96 — 96 Total $ 109 $ 130 $ — $ 239 $ 146 $ 96 $ — $ 242 CAR Inc. As further described in Note 3 , " Acquisitions and Divestitures ", the Company held an equity investment in CAR Inc. of 13.6% and 16.2% as of September 30, 2015 and December 31, 2014 , respectively. The Company's net investment balance was approximately $ 234 million and $ 264 million as of September 30, 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 $ 465 million and $ 514 million as of September 30, 2015 and December 31, 2014 , respectively. As of December 31, 2013, 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." 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 nine months ended September 30, 2014 (in millions): Nine Months Ended Balance at the beginning of period, January 1, 2014 $ 151 Reclassification of net unrealized gain on securities to prepaid expenses and other assets (7 ) Unrealized losses related to investments (14 ) Settlements (130 ) Balance at the end of period, September 30, 2014 $ — Financial Instruments The fair value of the Company's financial instruments as of September 30, 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 September 30, 2015 As of December 31, 2014 (in millions) Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Corporate Debt $ 6,315 $ 6,329 $ 6,428 $ 6,468 Fleet Debt 10,299 10,317 9,569 9,595 Total $ 16,614 $ 16,646 $ 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 nine months ended September 30, 2015 are as follows: (In millions) Balance as of September 30, 2015 Level 1 Level 2 Level 3 Total Loss Adjustments Long-lived assets held for sale $ 24 $ — $ — $ 24 $ 11 Refer to the impairment disclosures in Note 9 , " Tangible Asset Impairments and Asset Write-downs " 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	9 Months Ended
	Sep. 30, 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 September 30, 2015 and December 31, 2014 the liability recorded for public liability and property damage matters was $391 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 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 and nine months ended September 30, 2015 or the period after September 30, 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 consumer 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 during the class period. In October 2014, the court entered final judgment against the Company 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. The matter has now been fully briefed by the parties. No oral argument date has been set. 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. After a hearing in October 2014, the court granted Hertz Holdings' motion to dismiss the complaint. The dismissal was without prejudice and plaintiffs were granted leave to file a second amended complaint within 30 days of the order. 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 were 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 and Hertz Holdings responded to the second amended complaint by filing another motion to dismiss. On July 22, 2015, the court granted Hertz Holdings’ motion to dismiss without prejudice and ordered that plaintiff could file a third amended complaint on or before August 22, 2015. On August 21, 2015, plaintiffs filed a third amended complaint. The third amended complaint includes additional allegations and expands the putative class period such that it is alleged to span from February 14, 2013 to July 16, 2015. On November 4, Hertz Holdings filed its motion to dismiss. Hertz Holdings believes that it has valid and meritorious defenses and it intends to vigorously defend against the complaint, 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 to the Company's consolidated financial condition, results of operations or cash flows in any particular reporting period. Ryanair - In July 2015, Ryanair Ltd. ("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. The Company has established a reserve for this matter which is not material. However, it is possible that this matter could be decided unfavorably to the Company, accordingly, it is possible that an adverse outcome 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. 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 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. French Road Tax - The French Tax Authority has challenged the historic practice of several rental car companies, including Hertz France, of registering vehicles in jurisdictions where the road tax payable with respect to those vehicles is lower than the road tax payable in the jurisdictions where the vehicles will primarily be used. The Company appealed the French Tax Authority’s assessment to the Administrative Court of Appeals of Douai, which rejected the appeal in December 2013. The Company has appealed that decision to the Counsel d’Etat, the highest administrative court in France. The Company is also pursuing civil litigation on the tax assessment in the Civil Court of Beauvais. In the third quarter of 2015, following an adverse decision against another industry participant in a similar action, we established an additional reserve with respect to this matter of approximately $24 million . 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	9 Months Ended
	Sep. 30, 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. 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. Revenues and adjusted pre-tax income (loss) by segment and the reconciliation to consolidated amounts are summarized below. Three Months Ended September 30, Revenues Adjusted Pre-Tax Income (Loss) (In millions) 2015 2014 2015 2014 U.S. Car Rental $ 1,739 $ 1,768 $ 246 $ 209 International Car Rental 687 795 151 136 Worldwide Equipment Rental 401 413 54 79 All Other Operations 149 145 18 17 Total reportable segments $ 2,976 $ 3,121 469 441 Corporate (1) (110 ) (119 ) Consolidated adjusted pre-tax income (loss) 359 322 Adjustments: Acquisition accounting (2) (32 ) (32 ) Debt-related charges (3) (15 ) (13 ) Restructuring and restructuring related charges (4) (18 ) (55 ) Acquisition related costs and charges (5) — (1 ) Equipment rental spin-off costs (6) (6 ) (14 ) Impairment charges and asset write-downs (7) (6 ) — Integration expenses (8) (1 ) (1 ) Relocation costs (9) — (3 ) Other (10) 26 — Income (loss) before income taxes $ 307 $ 203 Nine Months Ended September 30, Revenues Adjusted Pre-Tax Income (Loss) (In millions) 2015 2014 2015 2014 U.S. Car Rental $ 4,873 $ 4,989 $ 509 $ 515 International Car Rental 1,679 1,918 203 154 Worldwide Equipment Rental 1,131 1,155 130 197 All Other Operations 439 425 52 47 Total reportable segments $ 8,122 $ 8,487 894 913 Corporate (1) (357 ) (351 ) Consolidated adjusted pre-tax income (loss) 537 562 Adjustments: Acquisition accounting (2) (94 ) (98 ) Debt-related charges (3) (47 ) (38 ) Restructuring and restructuring related charges (4) (87 ) (126 ) Acquisition related costs and charges (5) — (10 ) Equipment rental spin-off costs (6) (23 ) (27 ) Impairment charges and asset write-downs (7) (15 ) (10 ) Integration expenses (8) (5 ) (7 ) Relocation costs (9) (4 ) (7 ) Other (10) 29 22 Income (loss) before income taxes $ 291 $ 261 (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 other 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 and premiums. (4) Represents expenses incurred under restructuring actions as defined in U.S. GAAP. For further information on restructuring costs, see Note 8 , " Restructuring ." Also 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, consulting costs and legal fees related to the accounting review and investigation and costs associated with the separation of certain executives. (5) Represents costs related to acquisitions and strategic initiatives. (6) Represents expenses associated with the anticipated HERC spin-off transaction announced in March 2014. (7) In 2015, primarily represents first quarter impairments of the former Dollar Thrifty headquarters and a corporate asset and a third quarter impairment of a building in the U.S. Car Rental segment. In 2014, primarily represents a second quarter write-down of assets associated with a terminated business relationship. (8) Primarily represents Dollar Thrifty integration related expenses. (9) Represents non-recurring costs incurred in connection with the relocation of the Company's corporate headquarters to Estero, Florida that were not included in restructuring expenses. Such expenses primarily include duplicate facility rent, certain moving expenses, and other costs that are direct and incremental due to the relocation. (10) Includes miscellaneous non-recurring or non-cash items. For 2015, primarily represents the gain on the sale of common stock of CAR Inc, offset by a legal reserve in the International Car Rental segment. For 2014, primarily represents a litigation settlement received in relation to a class action lawsuit filed against an original equipment manufacturer stemming from recalls of their vehicles in previous years. Depreciation of revenue earning equipment and lease charges, net Three Months Ended Nine Months Ended (In millions) 2015 2014 2015 2014 U.S. Car Rental $ 399 $ 409 $ 1,200 $ 1,224 International Car Rental 114 143 310 381 Worldwide Equipment Rental 86 78 243 235 All Other Operations 118 116 $ 349 340 Total $ 717 $ 746 $ 2,102 $ 2,180 Total assets (In millions) September 30, 2015 December 31, 2014 U.S. Car Rental $ 13,828 $ 13,712 International Car Rental 3,853 3,358 Worldwide Equipment Rental 4,021 3,836 All Other Operations 1,507 1,458 Corporate 1,360 1,621 Total $ 24,569 $ 23,985 The increase in total assets for the International Car Rental segment is primarily the result of additional fleet acquired to meet seasonal leisure demand during the summer period. The decrease in total assets for Corporate is primarily the result of a reduction in restricted cash.

Equity and Earnings (Loss) Per

Equity and Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Equity and Earnings (Loss) Per Share	Equity and Earnings (Loss) Per Share Share Repurchase Program In March 2014, the Company announced a $1 billion share repurchase program. In the third quarter of 2015, the Company repurchased 14.8 million shares for $262 million under the share repurchase program. This amount is included in treasury stock in the accompanying condensed consolidated balance sheets as of September 30, 2015. See also Part II, Item 2 "Unregistered Sales of Securities and Use of Proceeds". Earnings (Loss) Per Share Basic earnings (loss) per share has been computed based upon the weighted average number of common shares outstanding. Diluted earnings (loss) per share has been computed based upon the weighted average number of common shares outstanding plus the effect of all potentially dilutive common stock equivalents, except when the effect would be anti-dilutive. The following table sets forth the computation of basic and diluted earnings (loss) per share: Three Months Ended Nine Months Ended (In millions, except per share data) 2015 2014 2015 2014 Basic and diluted earnings (loss) per share: Numerator: Net income (loss), basic $ 237 $ 149 $ 203 $ 152 Interest on Convertible Senior Notes, net of tax — — — 1 Net income (loss), diluted $ 237 $ 149 $ 203 $ 153 Denominator: Basic weighted average common shares 454 459 457 453 Stock options, RSUs and PSUs 3 5 3 7 Issuance of common stock upon conversion of Convertible Senior Notes — — — 5 Weighted average shares used to calculate diluted earnings per share 457 464 460 465 Earnings (loss) per share: Basic $ 0.52 $ 0.32 $ 0.44 $ 0.34 Diluted $ 0.52 $ 0.32 $ 0.44 $ 0.33 Antidilutive stock options, RSUs and PSUs 5 — 4 —

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Fleet Debt HVF II In October 2015, HVF II issued the Series 2015-2 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D (the “HVF II Series 2015-2 Notes”) and Series 2015-3 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D (the “HVF II Series 2015-3 Notes”) in an aggregate principal amount of $636 million . The expected maturities of the HVF II Series 2015-2 Notes and the HVF II Series 2015-3 Notes are September 2018 and September 2020, respectively. The HVF II Series 2015-2 Notes are comprised of approximately $190 million aggregate principal amount of 2.02% Rental Car Asset Backed Notes, Class A, $46 million aggregate principal amount of 2.96% Rental Car Asset Backed Notes, Class B, $14 million aggregate principal amount of 3.95% Rental Car Asset Backed Notes, Class C and $15 million aggregate principal amount of 4.93% Rental Car Asset Backed Notes, Class D. The HVF II Series 2015-3 Notes are comprised of approximately $265 million aggregate principal amount of 2.67% Rental Car Asset Backed Notes, Class A, $65 million aggregate principal amount of 3.71% Rental Car Asset Backed Notes, Class B, $20 million aggregate principal amount of 4.44% Rental Car Asset Backed Notes, Class C and $21 million aggregate principal amount of 5.33% Rental Car Asset Backed Notes, Class D. An affiliate of HVF II purchased the Class D Notes of each such series, therefore, $36 million of the obligation is eliminated in consolidation. The net proceeds from the sale of the HVF II Series 2015-2 Notes and HVF II Series 2015-3 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 Hertz Vehicle Financing LLC, a wholly owned special purpose subsidiary of the Company, to acquire or refinance vehicles. European Securitization In October 2015, certain of Hertz’s foreign subsidiaries entered into an amendment agreement pursuant to which certain terms of the European Securitization were amended. The amendment provides for, among other things, an extension of the maturity of the European Securitization from October 2016 to October 2017. Sale of HERC France and Spain Businesses Due to a pending sale, the Company's HERC France and Spain businesses were held for sale at September 30, 2015 , as more fully described in Note 3 , " Acquisitions and Divestitures ". On October 30, 2015, the Company finalized the sale recognizing a pre-tax gain of approximately $45 million .

Basis of Presentation and Rec23

Basis of Presentation and Recently Issued Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 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 July 2015, the FASB agreed 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. Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued guidance requiring debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. In August 2015, the FASB issued guidance clarifying that debt issuance costs related to line-of-credit arrangements may be deferred and presented as an asset. The guidance is effective retrospectively for annual periods beginning after December 15, 2015 and interim periods within those annual periods. The Company is in the process of assessing the potential impacts of adopting this guidance on its financial condition, results of operations and cash flows. Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement In April 2015, the FASB issued guidance for customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. This new guidance is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. Adoption of this guidance is not expected to have a material impact on the Company’s financial condition, results of operations or cash flows. Simplifying the Subsequent Measurement of Inventory In July 2015, the FASB issued guidance that requires inventory to be measured at the lower of cost and net realizable value, excluding inventory measured using the last-in, first-out method or the retail inventory method. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Current guidance requires inventory to be measured at the lower of cost or market. This guidance is effective prospectively for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The Company is in the process of assessing the potential impacts of adopting this guidance on its financial position, results of operations and cash flows. Simplifying the Accounting for Measurement Period Adjustments for Business Combinations In September 2015, the FASB issued guidance that requires adjustments to provisional amounts during the measurement period of a business combination to be recognized in the reporting period in which the adjustments are determined, rather than retrospectively. The guidance is effective prospectively for annual periods beginning after December 15, 2015 and interim periods within those annual periods. Adoption of this guidance is not expected to have a material impact on the Company’s financial condition, results of operations or cash flows.

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	9 Months Ended
	Sep. 30, 2015
Business Combinations and Divestitures [Abstract]
Schedule of Business Acquisitions, by Acquisition	The purchase price was allocated as follows: (In millions) U.S. Car Rental Revenue earning equipment $ 71 Property and other equipment 6 Other intangible assets 9 Goodwill 1 Total $ 87
Disposal Groups, Including Discontinued Operations	Based on the pending sale, the assets and liabilities of the HERC France and Spain businesses were deemed held for sale. The carrying value of the major components are as follows: (In millions) September 30, 2015 ASSETS Receivables, net of allowance $ 21 Inventories, net 4 Prepaid expenses and other assets 3 Revenue earning equipment, net 97 Property and other equipment, net 12 Goodwill 2 Total assets held for sale $ 139 LIABILITIES Accounts payable $ 11 Accrued liabilities 10 Accrued taxes, net 2 Deferred taxes on income, net 2 Total liabilities held for sale $ 25

Revenue Earning Equipment (Tabl

Revenue Earning Equipment (Tables)	9 Months Ended
	Sep. 30, 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) September 30, 2015 December 31, 2014 Revenue earning equipment $ 18,279 $ 17,837 Less: Accumulated depreciation (3,877 ) (4,427 ) 14,402 13,410 Revenue earning equipment held for sale, net 224 243 Revenue earning equipment, net $ 14,626 $ 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 Nine Months Ended (In millions) 2015 2014 2015 2014 Depreciation of revenue earning equipment $ 669 $ 701 $ 2,005 $ 2,054 (Gain) loss on disposal of revenue earning equipment (a) 30 25 42 65 Rents paid for vehicles leased 18 20 55 61 Depreciation of revenue earning equipment and lease charges, net $ 717 $ 746 $ 2,102 $ 2,180 (a) (Gain) loss on disposal of revenue earning equipment by segment is as follows: Three Months Ended Nine Months Ended (In millions) 2015 2014 2015 2014 U.S. Car Rental $ 34 $ 30 $ 59 $ 84 International Car Rental (2 ) 1 (3 ) (2 ) Worldwide Equipment Rental (2 ) (6 ) (14 ) (17 ) Total $ 30 $ 25 $ 42 $ 65
Impact of Depreciation Rate Changes	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. The cumulative impact on the periods of depreciation rate changes during 2015 is as follows: Increase (decrease) Three Months Ended Nine Months Ended (In millions) 2015 2014 2015 2014 U.S. Car Rental (a) $ 26 $ 36 $ 83 $ 112 International Car Rental — (2 ) — (1 ) Worldwide Equipment Rental 1 — 1 — Total $ 27 $ 34 $ 84 $ 111 (a) The depreciation rate changes in the U.S. car rental operations for the three and nine months ended September 30, 2015 include a net increase in depreciation expense of $11 million based on the review completed during the third quarter of 2015. The depreciation rate changes in the U.S. car rental operations for the three and nine months ended September 30, 2014 include a net increase in depreciation expense of $17 million based on the review completed during the third quarter of 2014.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Components of debt	The Company's debt consists of the following (in millions): Facility Average Interest Rate at September 30, 2015 Fixed or Maturity September 30, December 31, Corporate Debt Senior Term Facility 3.26% Floating 3/2018 $ 2,067 $ 2,083 Senior ABL Facility 2.73% Floating 3/2016–3/2017 253 344 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 3.94% Floating Various 68 74 Unamortized Net (Discount) Premium (Corporate) 3 3 Total Corporate Debt 6,318 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) 4.26% Fixed 2/2014–2/2018 428 490 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 1,608 2,258 RCFC U.S. ABS Program RCFC U.S. Fleet Medium Term Notes RCFC Series 2011-1 Notes (2)(3) N/A N/A N/A — 167 RCFC Series 2011-2 Notes (2)(3) 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) 1.16% Floating 10/2016 1,129 1,999 HVF II Series 2013-B (2) 1.16% Floating 10/2016 1,345 976 HVF II Series 2014-A (2) 1.70% Floating 10/2016 2,011 869 4,485 3,844 HVF II U.S. Fleet Medium Term Notes HVF II Series 2015-1 (2) 2.93% Fixed 3/2020 780 — 780 — Donlen ABS Program HFLF Variable Funding Notes HFLF Series 2013-2 Notes (2) 1.22% Floating 9/2017 244 247 244 247 Facility Average Interest Rate at September 30, 2015 Fixed or Maturity September 30, December 31, HFLF Medium Term Notes HFLF Series 2013-3 Notes (2) 0.87% Floating 9/2016–11/2016 321 500 HFLF Series 2014-1 Notes (2) 0.74% Floating 12/2016–3/2017 330 400 HFLF Series 2015-1 Notes (2) 0.87% Floating 3/2018–5/2018 295 — 946 900 Other Fleet Debt U.S. Fleet Financing Facility 2.95% Floating 3/2017 190 164 European Revolving Credit Facility 2.38% Floating 10/2017 382 304 European Fleet Notes 4.375% Fixed 1/2019 478 517 European Securitization (2) 1.88% Floating 10/2016 396 270 Canadian Securitization (2) 1.78% Floating 1/2018 224 — Hertz-Sponsored Canadian Securitization (2) N/A N/A N/A — 105 Dollar Thrifty-Sponsored Canadian Securitization (2)(3) N/A N/A N/A — 40 Australian Securitization (2) 3.68% Floating 12/2016 87 112 Brazilian Fleet Financing Facility 18.04% Floating 10/2015 7 11 Capitalized Leases 3.03% Floating 2/2015–10/2017 472 364 Unamortized Net (Discount) Premium (Fleet) (8 ) (7 ) 2,228 1,880 Total Fleet Debt 10,291 9,562 Total Debt $ 16,609 $ 15,993 N/A - Not Applicable (1) References to the "Senior Notes" include the series of Hertz's unsecured senior notes set forth on the table below. Outstanding principal amounts for each such series of the Senior Notes is also specified below: (In millions) Outstanding Principal Senior Notes September 30, 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. (3) RCFC U.S. ABS Program and the Dollar Thrifty-Sponsored Canadian Securitization represent fleet debt assumed in connection with the Dollar Thrifty acquisition on November 19, 2012. 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 September 30, 2015 As of December 31, 2014 (in millions) Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Corporate Debt $ 6,315 $ 6,329 $ 6,428 $ 6,468 Fleet Debt 10,299 10,317 9,569 9,595 Total $ 16,614 $ 16,646 $ 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 September 30, 2015 : (In millions) Remaining Capacity Availability Under Borrowing Base Limitation Corporate Debt Senior ABL Facility $ 1,373 $ 1,334 Total Corporate Debt 1,373 1,334 Fleet Debt HVF II U.S. Fleet Variable Funding Notes 2,090 — HFLF Variable Funding Notes 256 — European Revolving Credit Facility — — European Securitization 54 7 Canadian Securitization 37 — Australian Securitization 88 — Capitalized Leases 35 5 Total Fleet Debt 2,560 12 Total $ 3,933 $ 1,346

Employee Retirement Benefits (T

Employee Retirement Benefits (Tables)	9 Months Ended
	Sep. 30, 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 September 30, (In millions) 2015 2014 2015 2014 Components of Net Periodic Benefit Cost: Service cost $ 1 $ 7 $ — $ 1 Interest cost 6 8 3 3 Expected return on plan assets (11 ) (10 ) (3 ) (4 ) Net amortizations — — — — Settlement loss 1 2 2 — Special termination cost — 4 — — Net periodic pension expense (benefit) $ (3 ) $ 11 $ 2 $ — Pension Benefits U.S. Non-U.S. Nine Months Ended September 30, (In millions) 2015 2014 2015 2014 Components of Net Periodic Benefit Cost: Service cost $ 3 $ 21 $ 1 $ 3 Interest cost 20 24 7 7 Expected return on plan assets (31 ) (30 ) (11 ) (12 ) Net amortizations 2 1 1 — Settlement loss 3 2 2 — Special termination cost — 4 — — Net periodic pension expense (benefit) $ (3 ) $ 22 $ — $ (2 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 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, RSUs and PSUs, is as follows: Three Months Ended Nine Months Ended (In millions) 2015 2014 2015 2014 Compensation expense $ 5 $ — $ 14 $ 14 Income tax benefit (2 ) — (5 ) (5 ) Total $ 3 $ — $ 9 $ 9

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended (In millions) 2015 2014 2015 2014 By Type: Termination benefits $ 6 $ 3 $ 18 $ 21 Impairments and asset write-downs 1 13 2 23 Facility closure and lease obligation costs 1 4 16 13 Other (2 ) 3 (4 ) 11 Total $ 6 $ 23 $ 32 $ 68 Three Months Ended Nine Months Ended (In millions) 2015 2014 2015 2014 By Caption: Direct operating $ 1 $ 5 $ 17 $ 31 Selling, general and administrative 5 18 15 37 Total $ 6 $ 23 $ 32 $ 68 Three Months Ended Nine Months Ended (In millions) 2015 2014 2015 2014 By Segment: U.S. Car Rental $ 2 $ 4 $ 18 $ 22 International Car Rental 4 1 11 16 Worldwide Equipment Rental 2 1 3 4 Corporate (2 ) 17 — 26 Total $ 6 $ 23 $ 32 $ 68
Schedule of Restructuring Reserve by Type of Cost	The following table sets forth the activity affecting the restructuring accrual during the nine months ended September 30, 2015 . The remainder of the restructuring accrual primarily 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 14 18 32 Cash payments (12 ) (12 ) (24 ) Other non-cash changes (9 ) (7 ) (16 ) Balance as of September 30, 2015 $ 14 $ 21 $ 35

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [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) September 30, December 31, September 30, December 31, Interest rate caps $ 3 $ 25 $ 3 $ 25 Foreign currency forward contracts 6 6 2 2 Total $ 9 $ 31 $ 5 $ 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 $ (18 ) $ (2 ) Location of Gain or (Loss) Recognized on Derivatives Amount of Gain or (Loss) Recognized Nine Months Ended (In millions) 2015 2014 Foreign currency forward contracts Selling, general and administrative $ (22 ) $ (2 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Cash, Cash Equivalents and Investments	The following table summarizes the ending balances of the Company's cash equivalents and investments. September 30, 2015 December 31, 2014 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Money market funds $ 109 $ — $ — $ 109 $ 146 $ — $ — $ 146 Equity and other securities — 130 — 130 — 96 — 96 Total $ 109 $ 130 $ — $ 239 $ 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 nine months ended September 30, 2014 (in millions): Nine Months Ended Balance at the beginning of period, January 1, 2014 $ 151 Reclassification of net unrealized gain on securities to prepaid expenses and other assets (7 ) Unrealized losses related to investments (14 ) Settlements (130 ) Balance at the end of period, September 30, 2014 $ —
Components of debt	The Company's debt consists of the following (in millions): Facility Average Interest Rate at September 30, 2015 Fixed or Maturity September 30, December 31, Corporate Debt Senior Term Facility 3.26% Floating 3/2018 $ 2,067 $ 2,083 Senior ABL Facility 2.73% Floating 3/2016–3/2017 253 344 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 3.94% Floating Various 68 74 Unamortized Net (Discount) Premium (Corporate) 3 3 Total Corporate Debt 6,318 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) 4.26% Fixed 2/2014–2/2018 428 490 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 1,608 2,258 RCFC U.S. ABS Program RCFC U.S. Fleet Medium Term Notes RCFC Series 2011-1 Notes (2)(3) N/A N/A N/A — 167 RCFC Series 2011-2 Notes (2)(3) 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) 1.16% Floating 10/2016 1,129 1,999 HVF II Series 2013-B (2) 1.16% Floating 10/2016 1,345 976 HVF II Series 2014-A (2) 1.70% Floating 10/2016 2,011 869 4,485 3,844 HVF II U.S. Fleet Medium Term Notes HVF II Series 2015-1 (2) 2.93% Fixed 3/2020 780 — 780 — Donlen ABS Program HFLF Variable Funding Notes HFLF Series 2013-2 Notes (2) 1.22% Floating 9/2017 244 247 244 247 Facility Average Interest Rate at September 30, 2015 Fixed or Maturity September 30, December 31, HFLF Medium Term Notes HFLF Series 2013-3 Notes (2) 0.87% Floating 9/2016–11/2016 321 500 HFLF Series 2014-1 Notes (2) 0.74% Floating 12/2016–3/2017 330 400 HFLF Series 2015-1 Notes (2) 0.87% Floating 3/2018–5/2018 295 — 946 900 Other Fleet Debt U.S. Fleet Financing Facility 2.95% Floating 3/2017 190 164 European Revolving Credit Facility 2.38% Floating 10/2017 382 304 European Fleet Notes 4.375% Fixed 1/2019 478 517 European Securitization (2) 1.88% Floating 10/2016 396 270 Canadian Securitization (2) 1.78% Floating 1/2018 224 — Hertz-Sponsored Canadian Securitization (2) N/A N/A N/A — 105 Dollar Thrifty-Sponsored Canadian Securitization (2)(3) N/A N/A N/A — 40 Australian Securitization (2) 3.68% Floating 12/2016 87 112 Brazilian Fleet Financing Facility 18.04% Floating 10/2015 7 11 Capitalized Leases 3.03% Floating 2/2015–10/2017 472 364 Unamortized Net (Discount) Premium (Fleet) (8 ) (7 ) 2,228 1,880 Total Fleet Debt 10,291 9,562 Total Debt $ 16,609 $ 15,993 N/A - Not Applicable (1) References to the "Senior Notes" include the series of Hertz's unsecured senior notes set forth on the table below. Outstanding principal amounts for each such series of the Senior Notes is also specified below: (In millions) Outstanding Principal Senior Notes September 30, 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. (3) RCFC U.S. ABS Program and the Dollar Thrifty-Sponsored Canadian Securitization represent fleet debt assumed in connection with the Dollar Thrifty acquisition on November 19, 2012. 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 September 30, 2015 As of December 31, 2014 (in millions) Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Corporate Debt $ 6,315 $ 6,329 $ 6,428 $ 6,468 Fleet Debt 10,299 10,317 9,569 9,595 Total $ 16,614 $ 16,646 $ 15,997 $ 16,063
Disclosure of Long Lived Assets Held-for-sale	Assets and liabilities measured at fair value during the nine months ended September 30, 2015 are as follows: (In millions) Balance as of September 30, 2015 Level 1 Level 2 Level 3 Total Loss Adjustments Long-lived assets held for sale $ 24 $ — $ — $ 24 $ 11

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Revenues and adjusted pre-tax income (loss) by segment and the reconciliation to consolidated amounts are summarized below. Three Months Ended September 30, Revenues Adjusted Pre-Tax Income (Loss) (In millions) 2015 2014 2015 2014 U.S. Car Rental $ 1,739 $ 1,768 $ 246 $ 209 International Car Rental 687 795 151 136 Worldwide Equipment Rental 401 413 54 79 All Other Operations 149 145 18 17 Total reportable segments $ 2,976 $ 3,121 469 441 Corporate (1) (110 ) (119 ) Consolidated adjusted pre-tax income (loss) 359 322 Adjustments: Acquisition accounting (2) (32 ) (32 ) Debt-related charges (3) (15 ) (13 ) Restructuring and restructuring related charges (4) (18 ) (55 ) Acquisition related costs and charges (5) — (1 ) Equipment rental spin-off costs (6) (6 ) (14 ) Impairment charges and asset write-downs (7) (6 ) — Integration expenses (8) (1 ) (1 ) Relocation costs (9) — (3 ) Other (10) 26 — Income (loss) before income taxes $ 307 $ 203 Nine Months Ended September 30, Revenues Adjusted Pre-Tax Income (Loss) (In millions) 2015 2014 2015 2014 U.S. Car Rental $ 4,873 $ 4,989 $ 509 $ 515 International Car Rental 1,679 1,918 203 154 Worldwide Equipment Rental 1,131 1,155 130 197 All Other Operations 439 425 52 47 Total reportable segments $ 8,122 $ 8,487 894 913 Corporate (1) (357 ) (351 ) Consolidated adjusted pre-tax income (loss) 537 562 Adjustments: Acquisition accounting (2) (94 ) (98 ) Debt-related charges (3) (47 ) (38 ) Restructuring and restructuring related charges (4) (87 ) (126 ) Acquisition related costs and charges (5) — (10 ) Equipment rental spin-off costs (6) (23 ) (27 ) Impairment charges and asset write-downs (7) (15 ) (10 ) Integration expenses (8) (5 ) (7 ) Relocation costs (9) (4 ) (7 ) Other (10) 29 22 Income (loss) before income taxes $ 291 $ 261 (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 other 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 and premiums. (4) Represents expenses incurred under restructuring actions as defined in U.S. GAAP. For further information on restructuring costs, see Note 8 , " Restructuring ." Also 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, consulting costs and legal fees related to the accounting review and investigation and costs associated with the separation of certain executives. (5) Represents costs related to acquisitions and strategic initiatives. (6) Represents expenses associated with the anticipated HERC spin-off transaction announced in March 2014. (7) In 2015, primarily represents first quarter impairments of the former Dollar Thrifty headquarters and a corporate asset and a third quarter impairment of a building in the U.S. Car Rental segment. In 2014, primarily represents a second quarter write-down of assets associated with a terminated business relationship. (8) Primarily represents Dollar Thrifty integration related expenses. (9) Represents non-recurring costs incurred in connection with the relocation of the Company's corporate headquarters to Estero, Florida that were not included in restructuring expenses. Such expenses primarily include duplicate facility rent, certain moving expenses, and other costs that are direct and incremental due to the relocation. (10) Includes miscellaneous non-recurring or non-cash items. For 2015, primarily represents the gain on the sale of common stock of CAR Inc, offset by a legal reserve in the International Car Rental segment. For 2014, primarily represents a litigation settlement received in relation to a class action lawsuit filed against an original equipment manufacturer stemming from recalls of their vehicles in previous years. Depreciation of revenue earning equipment and lease charges, net Three Months Ended Nine Months Ended (In millions) 2015 2014 2015 2014 U.S. Car Rental $ 399 $ 409 $ 1,200 $ 1,224 International Car Rental 114 143 310 381 Worldwide Equipment Rental 86 78 243 235 All Other Operations 118 116 $ 349 340 Total $ 717 $ 746 $ 2,102 $ 2,180 Total assets (In millions) September 30, 2015 December 31, 2014 U.S. Car Rental $ 13,828 $ 13,712 International Car Rental 3,853 3,358 Worldwide Equipment Rental 4,021 3,836 All Other Operations 1,507 1,458 Corporate 1,360 1,621 Total $ 24,569 $ 23,985

Equity and Earnings (Loss) Pe33

Equity and Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted earnings (loss) per share: Three Months Ended Nine Months Ended (In millions, except per share data) 2015 2014 2015 2014 Basic and diluted earnings (loss) per share: Numerator: Net income (loss), basic $ 237 $ 149 $ 203 $ 152 Interest on Convertible Senior Notes, net of tax — — — 1 Net income (loss), diluted $ 237 $ 149 $ 203 $ 153 Denominator: Basic weighted average common shares 454 459 457 453 Stock options, RSUs and PSUs 3 5 3 7 Issuance of common stock upon conversion of Convertible Senior Notes — — — 5 Weighted average shares used to calculate diluted earnings per share 457 464 460 465 Earnings (loss) per share: Basic $ 0.52 $ 0.32 $ 0.44 $ 0.34 Diluted $ 0.52 $ 0.32 $ 0.44 $ 0.33 Antidilutive stock options, RSUs and PSUs 5 — 4 —

Basis of Presentation and Rec34

Basis of Presentation and Recently Issued Accounting Pronouncements (Out of Period Adjustments) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjusted pre-tax income	$ 307	$ 203	$ 291	$ 261
Adjustment to net earnings	(237)	$ (149)	$ (203)	$ (152)
Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjusted pre-tax income	18
Adjustment to net earnings	13
Restatement Adjustment | Adjustments Related to Years Prior to 2015
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjusted pre-tax income	13
Restatement Adjustment | Post Acquisition Accounting Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjusted pre-tax income	4
Restatement Adjustment | Concession Fee Recoveries
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjusted pre-tax income	4
Restatement Adjustment | Adjustment to Obligations for Uncollected Customer Fees
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjusted pre-tax income	4
Restatement Adjustment | Capitalization and Timing of Depreciation or Non-Fleet Expenditures
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjusted pre-tax income	3
Restatement Adjustment | Other Immaterial Errors
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjusted pre-tax income	$ 3

(Acquisitions) (Details)

(Acquisitions) (Details) - USD ($) $ in Millions	1 Months Ended
	Feb. 28, 2015	Sep. 30, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Goodwill		$ 1,358	$ 1,359
Penske Acquisition
Business Acquisition [Line Items]
Payments to acquire assets of certain Hertz-branded franchises	$ 87
Revenue earning equipment	71
Property and other equipment	6
Other intangible assets	9
Goodwill	1
Total	$ 87

Acquisitions and Divestitures36

Acquisitions and Divestitures (Divestiture) (Details) shares in Millions, $ in Millions	1 Months Ended
	Sep. 30, 2015USD ($)shares	Jun. 30, 2015location	Aug. 31, 2015	Dec. 31, 2014
HERC | Discontinued Operations, Held-for-sale or Disposed of by Sale
ASSETS
Receivables, net of allowance	$ 21
Inventories, net	4
Prepaid expenses and other assets	3
Revenue earning equipment, net	97
Property and other equipment, net	12
Goodwill	2
Total assets held for sale	139
LIABILITIES
Accounts payable	11
Accrued liabilities	10
Accrued taxes, net	2
Deferred taxes on income, net	2
Total liabilities held for sale	$ 25
FRANCE | HERC | Discontinued Operations, Held-for-sale or Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of businesses divested | location		60
SPAIN | HERC | Discontinued Operations, Held-for-sale or Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of businesses divested | location		2
CAR, Inc
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage	13.60%		16.10%	16.20%
CAR, Inc | Common Stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of shares sold | shares	60
Net sales proceeds	$ 100
Pre-tax gain on sale of stock	$ 56

Revenue Earning Equipment (Deta

Revenue Earning Equipment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Revenue earning equipment	$ 18,279		$ 18,279		$ 17,837
Less: Accumulated depreciation	(3,877)		(3,877)		(4,427)
Subtotal	14,402		14,402		13,410
Revenue earning equipment held for sale, net	224		224		243
Revenue earning equipment, net	14,626		14,626		$ 13,653
Depreciation of revenue earning equipment	669	$ 701	2,005	$ 2,054
(Gain) loss on disposal of revenue earning equipment	30	25	42	65
Rents paid for vehicles leased	18	20	55	61
Depreciation of revenue earning equipment and lease charges, net	717	746	2,102	2,180
U.S. Car Rental
Property, Plant and Equipment [Line Items]
(Gain) loss on disposal of revenue earning equipment	34	30	59	84
Depreciation of revenue earning equipment and lease charges, net	399	409	1,200	1,224
International Car Rental
Property, Plant and Equipment [Line Items]
(Gain) loss on disposal of revenue earning equipment	(2)	1	(3)	(2)
Depreciation of revenue earning equipment and lease charges, net	114	143	310	381
Worldwide Equipment Rental
Property, Plant and Equipment [Line Items]
(Gain) loss on disposal of revenue earning equipment	(2)	(6)	(14)	(17)
Depreciation of revenue earning equipment and lease charges, net	$ 86	$ 78	$ 243	$ 235

Revenue Earning Equipment (Depr

Revenue Earning Equipment (Depreciation Rates) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue earning equipment
Depreciation rate changes	$ 27	$ 34	$ 84	$ 111
U.S. Car Rental
Revenue earning equipment
Depreciation rate changes	26	36	83	112
U.S. Car Rental | Restatement Adjustment | Capitalization and Timing of Depreciation or Non-Fleet Expenditures
Revenue earning equipment
Depreciation rate changes	11
International Car Rental
Revenue earning equipment
Depreciation rate changes	0	(2)	0	(1)
Worldwide Equipment Rental
Revenue earning equipment
Depreciation rate changes	$ 1	$ 0	$ 1	$ 0

Debt (Schedule of Debt) (Detail

Debt (Schedule of Debt) (Details) CAD in Millions	Sep. 30, 2015USD ($)	Sep. 30, 2015CAD	Jun. 15, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Debt Instrument [Line Items]
Outstanding principal	$ 3,900,000,000			$ 3,900,000,000
Debt	16,609,000,000			15,993,000,000
Corporate Debt
Debt Instrument [Line Items]
Unamortized Net Discount	3,000,000			3,000,000
Debt	$ 6,318,000,000			6,431,000,000
Senior Term Facility
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.26%	3.26%
Outstanding principal	$ 2,067,000,000			2,083,000,000
Senior ABL Facility
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.73%	2.73%
Outstanding principal	$ 253,000,000			344,000,000
Promissory Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	7.00%	7.00%
Outstanding principal	$ 27,000,000			27,000,000
Other Corporate Debt
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.94%	3.94%
Outstanding principal	$ 68,000,000			74,000,000
Fleet Debt
Debt Instrument [Line Items]
Unamortized Net Discount	(8,000,000)			(7,000,000)
Debt	10,291,000,000			9,562,000,000
U.S. Fleet Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal	1,608,000,000			2,258,000,000
U.S. Fleet Medium Term Notes Series 2009-2 Notes
Debt Instrument [Line Items]
Outstanding principal	$ 0			404,000,000
U.S. Fleet Medium Term Notes Series 2010-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.26%	4.26%
Outstanding principal	$ 428,000,000			490,000,000
U.S. Fleet Medium Term Notes Series 2011-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.51%	3.51%
Outstanding principal	$ 230,000,000			414,000,000
U.S. Fleet Medium Term Notes Series 2013-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.68%	1.68%
Outstanding principal	$ 950,000,000			950,000,000
RCFC U.S. ABS Program
Debt Instrument [Line Items]
Outstanding principal	0			433,000,000
RCFC Series 2011-1 Notes
Debt Instrument [Line Items]
Outstanding principal	0			167,000,000	$ 500,000,000
RCFC Series 2011-2 Notes
Debt Instrument [Line Items]
Outstanding principal	0			266,000,000	$ 400,000,000
HVF II U.S. ABS Program
Debt Instrument [Line Items]
Outstanding principal	$ 4,485,000,000			3,844,000,000
HVF II Series 2013-A
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.16%	1.16%
Outstanding principal	$ 1,129,000,000			1,999,000,000
HVF II Series 2013-B
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.16%	1.16%
Outstanding principal	$ 1,345,000,000			976,000,000
HVF II Series 2014-A
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.70%	1.70%
Outstanding principal	$ 2,011,000,000			869,000,000
HVF II Us Fleet Variable Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal	$ 780,000,000			0
Us Fleet Medium Term Notes 2015 Series 2
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.93%	2.93%
Outstanding principal	$ 780,000,000			0
Donlen ABS Program
Debt Instrument [Line Items]
Outstanding principal	$ 244,000,000			247,000,000
HFLF Series 2013-2 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.22%	1.22%
Outstanding principal	$ 244,000,000			247,000,000
HFLF Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal	$ 946,000,000			900,000,000
HFLF Series 2013-A Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	0.87%	0.87%
Outstanding principal	$ 321,000,000			500,000,000
HFLF Series 2014-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	0.74%	0.74%
Outstanding principal	$ 330,000,000			400,000,000
HFLF Series 2015-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	0.87%	0.87%
Outstanding principal	$ 295,000,000		$ 300,000,000	0
Other Fleet Debt
Debt Instrument [Line Items]
Outstanding principal	$ 2,228,000,000			1,880,000,000
U.S. Fleet Financing Facility
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.95%	2.95%
Outstanding principal	$ 190,000,000			164,000,000
European Revolving Credit Facility
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.38%	2.38%
Outstanding principal	$ 382,000,000			304,000,000
European Fleet Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.375%	4.375%
Outstanding principal	$ 478,000,000			517,000,000
European Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.88%	1.88%
Outstanding principal	$ 396,000,000			270,000,000
Canadian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.78%	1.78%
Outstanding principal	$ 224,000,000	CAD 350		0
Hertz Sponsored Canadian Securitization
Debt Instrument [Line Items]
Outstanding principal	0			105,000,000
Dollar Thrifty Sponsored Canadian Securitization
Debt Instrument [Line Items]
Outstanding principal	$ 0			40,000,000
Australian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.68%	3.68%
Outstanding principal	$ 87,000,000			112,000,000
Brazilian Fleet Financing
Debt Instrument [Line Items]
Average interest rate (as a percent)	18.04%	18.04%
Outstanding principal	$ 7,000,000			11,000,000
Capitalized Leases
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.03%	3.03%
Outstanding principal	$ 472,000,000			364,000,000
Senior Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	6.58%	6.58%
Outstanding principal	$ 3,900,000,000			3,900,000,000
4.25% Senior Notes due April 2018
Debt Instrument [Line Items]
Outstanding principal	$ 250,000,000			250,000,000
Interest rate	4.25%	4.25%
7.50% Senior Notes due October 2018
Debt Instrument [Line Items]
Outstanding principal	$ 700,000,000			700,000,000
Interest rate	7.50%	7.50%
6.75% Senior Notes due April 2019
Debt Instrument [Line Items]
Outstanding principal	$ 1,250,000,000			1,250,000,000
Interest rate	6.75%	6.75%
5.875% Senior Notes due October 2020
Debt Instrument [Line Items]
Outstanding principal	$ 700,000,000			700,000,000
Interest rate	5.875%	5.875%
7.375% Senior Notes due January 2021
Debt Instrument [Line Items]
Outstanding principal	$ 500,000,000			500,000,000
Interest rate	7.375%	7.375%
6.25% Senior Notes due October 2022
Debt Instrument [Line Items]
Outstanding principal	$ 500,000,000			$ 500,000,000
Interest rate	6.25%	6.25%

Debt (Narrative) (Details)

Debt (Narrative) (Details) CAD in Millions	1 Months Ended	3 Months Ended		7 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)	Jul. 15, 2015	Sep. 30, 2015CAD	Jun. 15, 2015USD ($)	May. 30, 2015GBP (£)	May. 30, 2015EUR (€)	Apr. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 15, 2014	Dec. 31, 2013USD ($)
Debt Instrument [Line Items]
Outstanding principal	$ 3,900,000,000	$ 3,900,000,000	$ 3,900,000,000							$ 3,900,000,000
Availability under borrowing base limitation	1,346,000,000	1,346,000,000	1,346,000,000
Restricted cash and cash equivalents	280,000,000	280,000,000	280,000,000							571,000,000
VIE, total assets	605,000,000	605,000,000	605,000,000							427,000,000
VIE, total liabilities	604,000,000	604,000,000	604,000,000							426,000,000
Letters of credit
Debt Instrument [Line Items]
Outstanding standby letters of credit	688,000,000	688,000,000	688,000,000
HFLF Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal	946,000,000	946,000,000	946,000,000							900,000,000
Availability under borrowing base limitation	0	0	0
RCFC Series 2011-1 Notes
Debt Instrument [Line Items]
Outstanding principal	0	0	0							167,000,000		$ 500,000,000
RCFC Series 2011-2 Notes
Debt Instrument [Line Items]
Outstanding principal	0	0	0							266,000,000		$ 400,000,000
HVF II Series 2015-1 Notes
Debt Instrument [Line Items]
Outstanding principal									$ 780,000,000
Rental Car Asset Backed Notes, Class A
Debt Instrument [Line Items]
Outstanding principal									$ 622,000,000
Average interest rate (as a percent)									2.73%
Rental Car Asset Backed Notes, Class B
Debt Instrument [Line Items]
Outstanding principal									$ 119,000,000
Average interest rate (as a percent)									3.52%
Rental Car Asset Backed Notes, Class C
Debt Instrument [Line Items]
Outstanding principal									$ 39,000,000
Average interest rate (as a percent)									4.35%
UK Leveraged Financing | UK Leveraged Financing Peak Season Borrowing Facility
Debt Instrument [Line Items]
Aggregate maximum borrowings | £							£ 300,000,000
UK Leveraged Financing | UK Leveraged Financing Ongoing Core Facility
Debt Instrument [Line Items]
Aggregate maximum borrowings | £							£ 250,000,000
European Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding principal	$ 382,000,000	$ 382,000,000	$ 382,000,000							304,000,000
Aggregate maximum borrowings | €								€ 340,000,000
Average interest rate (as a percent)	2.38%	2.38%	2.38%		2.38%
Availability under borrowing base limitation	$ 0	$ 0	$ 0
HFLF Series 2015-1 Notes
Debt Instrument [Line Items]
Outstanding principal	$ 295,000,000	$ 295,000,000	$ 295,000,000			$ 300,000,000				0
Average interest rate (as a percent)	0.87%	0.87%	0.87%		0.87%
HFLF Series 2015-1 Notes | Eliminations
Debt Instrument [Line Items]
Outstanding principal	$ 5,000,000	$ 5,000,000	$ 5,000,000
Canadian Securitization
Debt Instrument [Line Items]
Outstanding principal	$ 224,000,000	$ 224,000,000	$ 224,000,000		CAD 350					0
Average interest rate (as a percent)	1.78%	1.78%	1.78%		1.78%
Availability under borrowing base limitation	$ 0	$ 0	$ 0
Senior ABL Facility
Debt Instrument [Line Items]
Fixed charge coverage ratio number of quarters			1 year
Outstanding principal	$ 253,000,000	$ 253,000,000	$ 253,000,000							344,000,000
Average interest rate (as a percent)	2.73%	2.73%	2.73%		2.73%
Availability under borrowing base limitation	$ 1,334,000,000	$ 1,334,000,000	$ 1,334,000,000
Fixed charge coverage ratio	1	1	1		1
Senior ABL Facility | Letters of credit
Debt Instrument [Line Items]
Availability under borrowing base limitation	$ 970,000,000	$ 970,000,000	$ 970,000,000
Senior Credit Facility
Debt Instrument [Line Items]
Outstanding standby letters of credit	675,000,000	675,000,000	675,000,000
Fleet Debt
Debt Instrument [Line Items]
Availability under borrowing base limitation	12,000,000	12,000,000	12,000,000
Restricted cash and cash equivalents	$ 223,000,000	$ 223,000,000	$ 223,000,000							515,000,000
Tranche B and Tranche B-1 Term Loans | Senior Term Facility
Debt Instrument [Line Items]
Basis spread on variable rate				3.00%
Alternative base rate margin											2.00%
Tranche B and Tranche B-1 Term Loans | Senior Term Facility | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Interest rate											1.00%
Tranche B Term Loans | Senior Term Facility
Debt Instrument [Line Items]
Basis spread on variable rate		2.75%
Tranche B Term Loans | Senior Term Facility | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Interest rate	1.00%	1.00%	1.00%		1.00%
Tranche B-2 Term Loans | Senior Term Facility
Debt Instrument [Line Items]
Basis spread on variable rate		2.25%		2.75%
Alternative base rate margin	1.25%	1.25%	1.25%		1.25%						1.75%
Tranche B-2 Term Loans | Senior Term Facility | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Interest rate	0.75%	0.75%	0.75%		0.75%						0.75%
HFLF Series 2013-2 Notes
Debt Instrument [Line Items]
Outstanding principal	$ 244,000,000	$ 244,000,000	$ 244,000,000							$ 247,000,000
Borrowing capacity increase	100,000,000
Aggregate maximum borrowings	$ 500,000,000	$ 500,000,000	$ 500,000,000
Average interest rate (as a percent)	1.22%	1.22%	1.22%		1.22%

Debt (Borrowing Capacity) (Deta

Debt (Borrowing Capacity) (Details) $ in Millions	Sep. 30, 2015USD ($)
Debt Instrument [Line Items]
Remaining capacity	$ 3,933
Availability under borrowing base limitation	1,346
Senior ABL Facility
Debt Instrument [Line Items]
Remaining capacity	1,373
Availability under borrowing base limitation	1,334
Corporate Debt
Debt Instrument [Line Items]
Remaining capacity	1,373
Availability under borrowing base limitation	1,334
HVF II U.S. ABS Program
Debt Instrument [Line Items]
Remaining capacity	2,090
Availability under borrowing base limitation	0
HFLF Medium Term Notes
Debt Instrument [Line Items]
Remaining capacity	256
Availability under borrowing base limitation	0
European Revolving Credit Facility
Debt Instrument [Line Items]
Remaining capacity	0
Availability under borrowing base limitation	0
European Securitization
Debt Instrument [Line Items]
Remaining capacity	54
Availability under borrowing base limitation	7
Canadian Securitization
Debt Instrument [Line Items]
Remaining capacity	37
Availability under borrowing base limitation	0
Australian Securitization
Debt Instrument [Line Items]
Remaining capacity	88
Availability under borrowing base limitation	0
Capitalized Leases
Debt Instrument [Line Items]
Remaining capacity	35
Availability under borrowing base limitation	5
Fleet Debt
Debt Instrument [Line Items]
Remaining capacity	2,560
Availability under borrowing base limitation	$ 12

Employee Retirement Benefits (D

Employee Retirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2015
Pension Benefits - U.S.
Components of Net Periodic Benefit Cost:
Service cost	$ 1	$ 7	$ 3	$ 21
Interest cost	6	8	20	24
Expected return on plan assets	(11)	(10)	(31)	(30)
Net amortizations	0	0	2	1
Settlement loss	1	2	3	2
Special termination cost	0	4	0	4
Net periodic pension expense (benefit)	(3)	11	(3)	22
Qualified Pension Plan
Other disclosures
Contributions by employer	0	8	0	22
Non-Qualified Pension Plan
Other disclosures
Contributions by employer	1	3	17	7
Pension Benefits - Non-U.S.
Components of Net Periodic Benefit Cost:
Service cost	0	1	1	3
Interest cost	3	3	7	7
Expected return on plan assets	(3)	(4)	(11)	(12)
Net amortizations	0	0	1	0
Settlement loss	2	0	2	0
Special termination cost	0	0	0	0
Net periodic pension expense (benefit)	$ 2	$ 0	0	(2)
United Kingdom | Pension Benefits - Non-U.S.
Other disclosures
Employer discretionary contribution amount			$ 3	$ 0
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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Tax Expense (Benefit) [Abstract]
Compensation expense	$ 5	$ 0	$ 14	$ 14
Income tax benefit	(2)	0	(5)	(5)
Total	3	$ 0	9	$ 9
Unrecognized compensation cost	$ 61		$ 61
Compensation cost not yet recognized, period for recognition			2 years
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			3,263,654
Weighted average grant date fair value			$ 7.34
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
Stock Incentive Plan and Omnibus Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period, net of forfeitures			855,305
Weighted average grant date fair value			$ 20.95
Stock Incentive Plan and Omnibus Plan | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period, net of forfeitures			1,375,885
Weighted average grant date fair value			$ 21.22

Restructuring (Details)

Restructuring (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Restructuring details
Restructuring charges	$ 6	$ 23	$ 32	$ 68
Restructuring reserve
Balance as of January 1, 2015			43
Charges incurred			32
Cash payments			(24)
Other non-cash changes			(16)
Balance as of September 30, 2015	35		35
U.S. Car Rental
Restructuring details
Restructuring charges	2	4	18	22
International Car Rental
Restructuring details
Restructuring charges	4	1	11	16
Worldwide Equipment Rental
Restructuring details
Restructuring charges	2	1	3	4
Corporate
Restructuring details
Restructuring charges	(2)	17	0	26
Direct operating
Restructuring details
Restructuring charges	1	5	17	31
Selling, general and administrative
Restructuring details
Restructuring charges	5	18	15	37
Termination benefits
Restructuring details
Restructuring charges	6	3	18	21
Restructuring reserve
Balance as of January 1, 2015			21
Charges incurred			14
Cash payments			(12)
Other non-cash changes			(9)
Balance as of September 30, 2015	14		14
Impairments and asset write-downs
Restructuring details
Restructuring charges	1	13	2	23
Facility closure and lease obligation costs
Restructuring details
Restructuring charges	1	4	16	13
Other
Restructuring details
Restructuring charges	(2)	$ 3	(4)	$ 11
Other
Restructuring reserve
Balance as of January 1, 2015			22
Charges incurred			18
Cash payments			(12)
Other non-cash changes			(7)
Balance as of September 30, 2015	$ 21		$ 21

Tangible Asset Impairments an45

Tangible Asset Impairments and Asset Write-downs (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Property, Plant and Equipment [Line Items]
Asset impairment charges					$ 26	$ 25
Terminated Business Relationship
Property, Plant and Equipment [Line Items]
Asset impairment charges				$ 10
Held-for-sale | Selling, general and administrative expenses
Property, Plant and Equipment [Line Items]
Asset impairment charges			$ 13
Held-for-sale | Selling, general and administrative expenses | Dollar Thrifty Headquarters
Property, Plant and Equipment [Line Items]
Asset impairment charges		$ 6
Held-for-sale | Other (income) expense
Property, Plant and Equipment [Line Items]
Asset impairment charges	$ 5	3
Assets deemed to have no future use | Equipment | Customer Contracts
Property, Plant and Equipment [Line Items]
Asset impairment charges		11
Assets deemed to have no future use | Direct operating | Equipment | Customer Contracts
Property, Plant and Equipment [Line Items]
Asset impairment charges		4
Assets deemed to have no future use | Other (income) expense | Equipment | Customer Contracts
Property, Plant and Equipment [Line Items]
Asset impairment charges		$ 7

Taxes on Income (Loss) (Details

Taxes on Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2015
Income Tax Contingency [Line Items]
Effective tax rate (as percent)	23.00%	27.00%	30.00%	42.00%
(Provision) benefit for taxes on income (loss)	$ (70)	$ (54)	$ (88)	$ (109)
Asset relating to audit claim	$ 23
Forecast
Income Tax Contingency [Line Items]
Effective tax rate (as percent)					28.00%

Financial Instruments (Details)

Financial Instruments (Details) - Fair Value, Measurements, Recurring - Not Designated as Hedging Instrument - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	$ 9		$ 9		$ 31
Liability Derivatives	5		5		27
Interest Rate Cap | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	3		3		25
Liability Derivatives	3		3		25
Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency forward contracts	(18)	$ (2)	(22)	$ (2)
Foreign Exchange Forward | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	6		6		6
Liability Derivatives	$ 2		$ 2		$ 2

Fair Value Measurements (Cash a

Fair Value Measurements (Cash and Cash Equivalents and Investments) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Aug. 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	$ 239		$ 242
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	109		146
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	130		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	109		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	109		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	130		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	130		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	13.60%	16.10%	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	$ 234		$ 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	$ 465		$ 514

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value Measurements Using Unobservable Inputs Method) (Details) - CAR, Inc - Level 3 $ in Millions	9 Months Ended
	Sep. 30, 2014USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of period, January 1, 2014	$ 151
Reclassification of net unrealized gain on securities to prepaid expenses and other assets	(7)
Unrealized losses related to investments	(14)
Settlements	(130)
Balance at the end of period, September 30, 2014	$ 0

Fair Value Measurements (Financ

Fair Value Measurements (Financial Instruments) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Fair Value of Financial Instruments [Abstract]
Nominal Unpaid Principal Balance	$ 3,900	$ 3,900
Fair Value, Measurements, Recurring | Level 2
Fair Value of Financial Instruments [Abstract]
Nominal Unpaid Principal Balance	16,614	15,997
Aggregate Fair Value	16,646	16,063
Fair Value, Measurements, Nonrecurring
Fair Value of Financial Instruments [Abstract]
Long-lived assets held for sale	24
Long-lived assets held for sale, Total loss adjustments	11
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	24
Other Corporate Debt | Fair Value, Measurements, Recurring | Level 2
Fair Value of Financial Instruments [Abstract]
Nominal Unpaid Principal Balance	6,315	6,428
Aggregate Fair Value	6,329	6,468
Fleet Debt | Fair Value, Measurements, Recurring | Level 2
Fair Value of Financial Instruments [Abstract]
Nominal Unpaid Principal Balance	10,299	9,569
Aggregate Fair Value	$ 10,317	$ 9,595

Contingencies and Off-Balance51

Contingencies and Off-Balance Sheet Commitments (Details) - USD ($) $ in Millions	1 Months Ended
	Oct. 31, 2014	Sep. 30, 2015	Dec. 31, 2014
Loss Contingencies [Line Items]
Public liability and property damage		$ 391	$ 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
French Road Tax
Loss Contingencies [Line Items]
Additional reserve established		$ 24

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)segment	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Number of reportable segments | segment			4
Revenues	$ 2,976	$ 3,121	$ 8,122	$ 8,487
Adjusted Pre-Tax Income (Loss)	359	322	537	562
Adjustments:
Adjusted Pre-Tax Income (Loss)	307	203	291	261
Depreciation of revenue earning equipment and lease charges, net	717	746	2,102	2,180
Assets	24,569		24,569		$ 23,985
Purchase accounting
Adjustments:
Adjusted Pre-Tax Income (Loss)	(32)	(32)	(94)	(98)
Other
Adjustments:
Adjusted Pre-Tax Income (Loss)	(15)	(13)	(47)	(38)
Restructuring and restructuring related charges
Adjustments:
Adjusted Pre-Tax Income (Loss)	(18)	(55)	(87)	(126)
Acquisition related costs and charges
Adjustments:
Adjusted Pre-Tax Income (Loss)	0	(1)	0	(10)
Equipment rental spin-off costs
Adjustments:
Adjusted Pre-Tax Income (Loss)	(6)	(14)	(23)	(27)
Impairment in Value of Assets
Adjustments:
Adjusted Pre-Tax Income (Loss)	(6)	0	(15)	(10)
Integration expenses
Adjustments:
Adjusted Pre-Tax Income (Loss)	(1)	(1)	(5)	(7)
Relocation costs
Adjustments:
Adjusted Pre-Tax Income (Loss)	0	(3)	(4)	(7)
Other
Adjustments:
Adjusted Pre-Tax Income (Loss)	26	0	29	22
Operating Segments
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjusted Pre-Tax Income (Loss)	469	441	894	913
Corporate
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjusted Pre-Tax Income (Loss)	(110)	(119)	(357)	(351)
Adjustments:
Assets	1,360		1,360		1,621
U.S. Car Rental
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	1,739	1,768	4,873	4,989
Adjusted Pre-Tax Income (Loss)	246	209	509	515
Adjustments:
Depreciation of revenue earning equipment and lease charges, net	399	409	1,200	1,224
Assets	13,828		13,828		13,712
International Car Rental
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	687	795	1,679	1,918
Adjusted Pre-Tax Income (Loss)	151	136	203	154
Adjustments:
Depreciation of revenue earning equipment and lease charges, net	114	143	310	381
Assets	3,853		3,853		3,358
Worldwide Equipment Rental
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	401	413	1,131	1,155
Adjusted Pre-Tax Income (Loss)	54	79	130	197
Adjustments:
Depreciation of revenue earning equipment and lease charges, net	86	78	243	235
Assets	4,021		4,021		3,836
All Other Operations
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	149	145	439	425
Adjusted Pre-Tax Income (Loss)	18	17	52	47
Adjustments:
Depreciation of revenue earning equipment and lease charges, net	118	$ 116	349	$ 340
Assets	$ 1,507		$ 1,507		$ 1,458

Equity and Earnings (Loss) Pe53

Equity and Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Mar. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock repurchase program, authorized amount					$ 1,000,000,000
Stock repurchase program, stock repurchased during the period (in shares)	14.8
Stock repurchase program, stock repurchased during the period, value	$ 262,000,000
Net income (loss)	237,000,000	$ 149,000,000	$ 203,000,000	$ 152,000,000
Interest on Convertible Debt, Net of Tax	0	0	0	1,000,000
Net Income (Loss) Available to Common Stockholders, Diluted	$ 237,000,000	$ 149,000,000	$ 203,000,000	$ 153,000,000
Basic weighted average common shares	454	459	457	453
Stock options, RSUs and PSUs	3	5	3	7
Issuance of common stock upon conversion of Convertible Senior Notes	0	0	0	5
Weighted average shares used to calculate diluted earnings per share	457	464	460	465
Earnings (loss) per share:
Basic (in dollars per share)	$ 0.52	$ 0.32	$ 0.44	$ 0.34
Diluted (in dollars per share)	$ 0.52	$ 0.32	$ 0.44	$ 0.33
Antidilutive stock options, RSUs and PSUs
Earnings (loss) per share:
Anti-dilutive shares	5	0	4	0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	Oct. 30, 2015	Oct. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Subsequent Event [Line Items]
Outstanding principal			$ 3,900	$ 3,900
HVF II U.S. ABS Program
Subsequent Event [Line Items]
Outstanding principal			$ 4,485	$ 3,844
Subsequent Event | HERC | France and Spain | Discontinued Operations, Held-for-sale or Disposed of by Sale
Subsequent Event [Line Items]
Recognized gain on disposal	$ 45
Subsequent Event | HVF II U.S. ABS Program
Subsequent Event [Line Items]
Outstanding principal		$ 636
Subsequent Event | HVF II Series 2015-2 Notes, Class A
Subsequent Event [Line Items]
Outstanding principal		$ 190
Average interest rate (as a percent)		2.02%
Subsequent Event | HVF II Series 2015-2 Notes, Class B
Subsequent Event [Line Items]
Outstanding principal		$ 46
Average interest rate (as a percent)		2.96%
Subsequent Event | HVF II Series 2015-2 Notes, Class
Subsequent Event [Line Items]
Outstanding principal		$ 14
Average interest rate (as a percent)		3.95%
Subsequent Event | HVF II Series 2015-2 Notes, Class D
Subsequent Event [Line Items]
Outstanding principal		$ 15
Average interest rate (as a percent)		4.93%
Subsequent Event | HVF II Series 2015-3 Notes, Class A
Subsequent Event [Line Items]
Outstanding principal		$ 265
Average interest rate (as a percent)		2.67%
Subsequent Event | HVF II Series 2015-3 Notes, Class B
Subsequent Event [Line Items]
Outstanding principal		$ 65
Average interest rate (as a percent)		3.71%
Subsequent Event | HVF II Series 2015-3 Notes, Class C
Subsequent Event [Line Items]
Outstanding principal		$ 20
Average interest rate (as a percent)		4.44%
Subsequent Event | HVF II Series 2015-3 Notes, Class D
Subsequent Event [Line Items]
Outstanding principal		$ 21
Average interest rate (as a percent)		5.33%
Subsequent Event | HVF II Series 2015-3 Notes, Class D | Consolidation eliminations | Affiliated Entity
Subsequent Event [Line Items]
Outstanding principal		$ 36