Herc (HRI) 10-Q 9 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 02, 2016
Document And Entity Information [Abstract]
Entity Registrant Name	HERTZ GLOBAL HOLDINGS INC
Entity Central Index Key	1,364,479
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	No
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		424,418,102

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 857	$ 486
Restricted cash and cash equivalents	353	349
Receivables, net of allowance of $70 and $60, respectively	1,518	2,074
Inventories, net	53	51
Prepaid expenses and other assets	651	773
Revenue earning equipment:
Vehicles	14,484	13,441
Less accumulated depreciation - vehicles	(2,620)	(2,695)
Equipment	3,543	3,526
Less accumulated depreciation - equipment	(1,182)	(1,144)
Revenue earning equipment, net	14,225	13,128
Property and other equipment:
Land, buildings and leasehold improvements	1,335	1,347
Service equipment and other	1,089	1,075
Less accumulated depreciation	(1,210)	(1,174)
Property and other equipment, net	1,214	1,248
Other intangible assets, net	3,804	3,822
Goodwill	1,353	1,354
Total assets	24,028	23,285
LIABILITIES AND EQUITY
Accounts payable	1,382	875
Accrued liabilities	1,090	1,106
Accrued taxes, net	166	172
Debt	16,072	15,834
Public liability and property damage	413	402
Deferred taxes on income, net	2,867	2,877
Total liabilities	$ 21,990	$ 21,266
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, 465 and 464 shares issued and 424 and 423 shares outstanding	4	4
Additional paid-in capital	3,359	3,343
Accumulated deficit	(442)	(391)
Accumulated other comprehensive income (loss)	(191)	(245)
Stockholders' Equity before Treasury Stock	2,730	2,711
Treasury Stock, at cost, 41 shares and 41 shares	(692)	(692)
Total equity	2,038	2,019
Total liabilities and equity	$ 24,028	$ 23,285

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts (in dollars)	$ 70	$ 60
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	465,000,000	464,000,000
Common Stock, shares outstanding	424,000,000	423,000,000
Treasury Stock, shares repurchased	41,000,000	41,000,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Worldwide car rental	$ 1,839	$ 1,956
Worldwide equipment rental	328	355
All other operations	144	143
Total revenues	2,311	2,454
Expenses:
Direct operating	1,341	1,408
Depreciation of revenue earning equipment and lease charges, net	706	707
Selling, general and administrative	267	266
Interest expense, net	157	154
Other (income) expense, net	(91)	5
Total expenses	2,380	2,540
Income (loss) before income taxes	(69)	(86)
(Provision) benefit for taxes on income (loss)	18	16
Net income (loss)	$ (51)	$ (70)
Weighted average shares outstanding:
Basic (in shares)	424	459
Diluted (in shares)	424	459
Earnings (loss) per share:
Basic (in dollars per share)	$ (0.12)	$ (0.15)
Diluted (in dollars per share)	$ (0.12)	$ (0.15)

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (51)	$ (70)
Other comprehensive income (loss):
Foreign currency translation adjustments	36	(48)
Unrealized holding gains (losses) on securities	17	0
Reclassification from other comprehensive income (loss) to selling, general and administrative expense for amortization of actuarial (gains) losses on defined benefit pension plans	2	2
Total other comprehensive income (loss) before income taxes	55	(46)
Income tax (provision) benefit related to reclassified amounts of net periodic costs on defined benefit pension plans	(1)	0
Total other comprehensive income (loss)	54	(46)
Total comprehensive income (loss)	$ 3	$ (116)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income (loss)	$ (51)	$ (70)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation of revenue earning equipment, net	691	689
Depreciation and amortization, non-fleet	77	86
Amortization and write-off of deferred financing costs	14	15
Amortization and write-off of debt discount (premium)	1	1
Stock-based compensation charges	6	4
Provision for receivables allowance	23	6
Deferred taxes on income	(11)	(16)
Impairment charges and asset write-downs	0	20
(Gain) loss on sale of shares in equity method investment	(75)	0
Other	(6)	(4)
Changes in assets and liabilities
Receivables	(49)	(13)
Inventories, prepaid expenses and other assets	(17)	(65)
Accounts payable	(7)	18
Accrued liabilities	(19)	91
Accrued taxes	(6)	20
Public liability and property damage	6	0
Net cash provided by (used in) operating activities	577	782
Cash flows from investing activities:
Net change in restricted cash and cash equivalents	(2)	154
Revenue earning equipment expenditures	(3,627)	(3,438)
Proceeds from disposal of revenue earning equipment	3,010	2,289
Capital asset expenditures, non-fleet	(53)	(97)
Proceeds from disposal of property and other equipment	22	22
Acquisitions, net of cash acquired	0	(96)
Sales of shares in equity method investment	233	0
Net cash provided by (used in) investing activities	(417)	(1,166)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	1,000	0
Repayments of long-term debt	(185)	(1,027)
Short-term borrowings:
Proceeds	151	175
Payments	(132)	(142)
Proceeds under the revolving lines of credit	1,663	3,326
Payments under the revolving lines of credit	(2,296)	(1,828)
Payment of financing costs	(10)	(1)
Other	8	(4)
Net cash provided by (used in) financing activities	199	499
Effect of foreign exchange rate changes on cash and cash equivalents	12	(20)
Net increase (decrease) in cash and cash equivalents during the period	371	95
Cash and cash equivalents at beginning of period	486	490
Cash and cash equivalents at end of period	857	585
Cash paid during the period for:
Interest	102	98
Income taxes, net of refunds	16	4
Supplemental disclosures of non-cash flow information:
Purchases of revenue earning equipment included in accounts payable and accrued liabilities	636	633
Sales of revenue earning equipment included in receivables	471	293
Purchases of property and other equipment included in accounts payable	20	71
Sales of property and other equipment included in receivables	$ 13	$ 24

Background

Background	3 Months Ended
	Mar. 31, 2016
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, Hertz Rental Car Holding Company, Inc. ("HRCHC") will continue to operate the Hertz, Dollar, Thrifty and Firefly car rental businesses as well as Donlen; and the other, HERC Holdings, Inc. ("HERC Holdings") will operate the Hertz Equipment Rental Corporation ("HERC"). The Company expects to separate the businesses in a tax-efficient manner. In respect of the separation, in December 2015 HRCHC filed a registration statement on Form 10 with the U.S. Securities and Exchange Commission ("SEC") which was amended in February and April 2016.

Basis of Presentation and Recen

Basis of Presentation and Recently Issued Accounting Pronouncements	3 Months Ended
	Mar. 31, 2016
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, 2015, as filed with the SEC on February 29, 2016 (the "2015 Form 10-K"), and as amended on March 4, 2016 (the "2015 Form 10-K/A"). As disclosed below in "Recently Issued Accounting Pronouncements," the Company retrospectively adopted the guidance "Simplifying the Presentation of Debt Issuance Costs" on January 1, 2016. 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 condensed consolidated financial statements. The Company accounts for its 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. Recently Issued Accounting Pronouncements Adopted 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 Company adopted this guidance prospectively on January 1, 2016 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. 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 Company adopted this guidance prospectively on January 1, 2016 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. 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 Company adopted this guidance retrospectively on January 1, 2016 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. 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 and other revolving debt arrangements may be deferred and presented as an asset. The Company adopted this guidance retrospectively on January 1, 2016 in accordance with the effective date. The impact of adopting this above guidance as of December 31, 2015 was as follows (in millions): Prepaid expenses and other assets Total assets Debt Total liabilities Total liabilities and equity As previously reported $ 846 $ 23,358 $ 15,907 $ 21,339 $ 23,358 Reclass from asset to debt liability (73 ) (73 ) (73 ) (73 ) (73 ) As adjusted $ 773 $ 23,285 $ 15,834 $ 21,266 $ 23,285 Adoption of this new guidance did not impact the Company’s equity, results of operations or 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. The Company adopted this guidance prospectively on January 1, 2016 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. 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 Company adopted this guidance prospectively on January 1, 2016 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 new guidance applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees. The core principle of the guidance is that an entity should recognize revenue from customers 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 new principles-based revenue recognition model requires an entity to perform five steps: 1) identify the contract(s) with a customer, 2) identify the performance obligations in the contract, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations in the contract, and 5) recognize revenue when (or as) the entity satisfies a performance obligation. Under the new guidance, performance obligations in a contract will be separately identified, which may impact the timing of recognition of the revenue allocated to each obligation. The measurement of revenue recognized may also be impacted by identification of new performance obligations and other provisions, such as collectability and variable consideration. The guidance will impact the Company’s accounting for certain contracts and its Hertz #1 Gold Plus Rewards liability. Also, additional disclosures are required 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. In March 2016, the FASB issued clarifying guidance on assessing whether an entity is a principal or an agent in a revenue transaction, which impacts whether an entity reports revenue on a gross or net basis. The Company is in the process of determining the method and timing of adoption and assessing the overall impacts of adopting this guidance on its financial position, results of operations and cash flows. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued guidance that makes several changes to the manner in which financial assets and liabilities are accounted for, including, among other things, a requirement to measure most equity investments at fair value with changes in fair value recognized in net income (with the exception of investments that are consolidated or accounted for using the equity method or a fair value practicability exception), and amends certain disclosure requirements related to fair value measurements and financial assets and liabilities. This guidance is effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods using a modified retrospective transition method for most of the requirements. 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. Leases In February 2016, the FASB issued guidance that replaces the existing lease guidance. The new guidance establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and lease liability on the balance sheet for all leases with terms longer than 12 months. The guidance will impact leases of our rental locations, as we own approximately 3% of the locations from which we operate our car rental businesses, in addition to leases of other assets. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. This guidance also expands the requirements for lessees to record leases embedded in other arrangements and the required quantitative and qualitative disclosures surrounding leases. Accounting guidance for lessors is largely unchanged. This guidance is effective for annual periods beginning after December 15, 2018 and interim periods within those annual periods using a modified retrospective transition approach. 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 Transition to the Equity Method of Accounting In March 2016, the FASB issued guidance that eliminates the requirement to apply the equity method of accounting retrospectively when significant influence over a previously held investment is obtained. Rather, the guidance requires the investor to add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method of accounting. This guidance is effective prospectively for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Based on current operations, no material impact to the Company’s financial position, results of operations and cash flows is expected upon adoption of this guidance. However, the Company will reassess the impacts of this guidance upon adoption. Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued guidance that simplifies several areas of employee share-based payment accounting, including income taxes, forfeitures, minimum statutory withholding requirements, and classifications within the statement of cash flows. Most significantly, the new guidance eliminates the need to track tax “windfalls” in a separate pool within additional paid-in capital; instead, excess tax benefits and tax deficiencies will be recorded within income tax expense. This will result in the Company reclassifying excess tax benefits from additional paid-in capital to retained earnings on the balance sheet. The new guidance also gives entities the ability to elect whether to estimate forfeitures or account for them as they occur. Different adoption methods are required for the various aspects of the new guidance, including the retrospective, modified retrospective and prospective approaches, effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The Company is in the process of assessing the impacts of adopting this guidance on its financial position, results of operations and cash flows.

Acquisitions and Divestitures

Acquisitions and Divestitures	3 Months Ended
	Mar. 31, 2016
Business Combinations and Divestitures [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Acquisitions Hertz Franchises In February 2015, the Company acquired substantially all of the assets of certain Hertz-branded franchises, including existing fleets and contract and concession rights, for $87 million . The franchises acquired include on airport locations in Indianapolis, South Bend and Ft. Wayne, Indiana and in Memphis, Tennessee, as well as several smaller off airport locations. The acquisition was part of a strategic decision to increase the number of Hertz-owned locations and capitalize on certain benefits of ownership not available under a franchise agreement. The acquisition was accounted for utilizing the acquisition method of accounting where the purchase price of the reacquired franchises was allocated based on estimated fair values of the assets acquired and liabilities assumed. The excess of the purchase price over the estimated fair value of the net tangible and intangible assets acquired was recorded as goodwill. The purchase price was allocated as follows: (In millions) U.S. Car Rental Revenue earning equipment $ 71 Property and equipment 6 Other intangible assets 9 Goodwill 1 Total $ 87 Divestitures CAR Inc. Investment In March 2016, the Company sold 204 million shares of common stock of CAR Inc., a publicly traded company on the Hong Kong Stock Exchange and extended its commercial agreement with CAR Inc. to 2023, in exchange for $240 million , of which $233 million was allocated to the sale of shares based on the fair value of those shares. The sale of shares resulted in a pre-tax gain of $75 million , which has been recognized and recorded in the Company's corporate operations and is included in other (income) expense, net in the Company's condensed consolidated statements of operations. Additionally, $7 million of the proceeds were allocated to the extension of the commercial agreement which have been deferred and will be recognized over the remaining term of the commercial agreement. The sale of the shares reduced the Company's ownership interest in CAR Inc. to 1.7% . Additionally, the Company is no longer able to exercise significant influence over CAR Inc. and as a result, discontinued the equity method of accounting for this investment. The Company has classified the investment as an available for sale security as of March 31, 2016 . This investment is presented within prepaid expenses and other assets in the accompanying condensed consolidated balance sheets. See Note 12 , " Fair Value Measurements ," for the fair value of the Company's available for sale securities at March 31, 2016 .

Revenue Earning Equipment

Revenue Earning Equipment	3 Months Ended
	Mar. 31, 2016
Depreciation of Revenue Earning Equipment and Lease Charges Disclosure [Abstract]
Revenue Earning Equipment	Revenue Earning Equipment The components of revenue earning equipment, net are as follows: (In millions) March 31, 2016 December 31, 2015 Revenue earning equipment $ 17,580 $ 16,768 Less: Accumulated depreciation (3,653 ) (3,775 ) 13,927 12,993 Revenue earning equipment held for sale, net 298 135 Revenue earning equipment, net $ 14,225 $ 13,128 Depreciation of revenue earning equipment and lease charges, net includes the following: Three Months Ended (In millions) 2016 2015 Depreciation of revenue earning equipment $ 640 $ 703 (Gain) loss on disposal of revenue earning equipment (a) 51 (14 ) Rents paid for vehicles leased 15 18 Depreciation of revenue earning equipment and lease charges, net $ 706 $ 707 (a) (Gain) loss on disposal of revenue earning equipment by segment is as follows: Three Months Ended (In millions) 2016 2015 U.S. Car Rental $ 43 $ (20 ) International Car Rental — — Worldwide Equipment Rental 8 6 Total $ 51 $ (14 ) 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 of depreciation rate changes is as follows: Increase (decrease) Three Months Ended (In millions) 2016 2015 U.S. Car Rental $ 27 $ 30 International Car Rental 1 — Worldwide Equipment Rental — — Total $ 28 $ 30

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	Debt The Company's debt consists of the following (in millions): Facility Weighted Average Interest Rate at March 31, 2016 Fixed or Maturity March 31, December 31, Corporate Debt Senior Term Facility 3.26% Floating 3/2018 $ 2,056 $ 2,062 Senior ABL Facility N/A Floating 3/2016–3/2017 — — 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 3.92% Fixed Various 63 66 Unamortized Debt Issuance Costs and Net (Discount) Premium (Corporate) (40 ) (44 ) Total Corporate Debt 6,006 6,011 Facility Weighted Average Interest Rate at March 31, 2016 Fixed or Maturity March 31, December 31, Fleet Debt HVF U.S. Fleet Medium Term Notes HVF Series 2010-1 (2) 4.96% Fixed 2/2018 115 240 HVF Series 2011-1 (2) 3.51% Fixed 3/2017 230 230 HVF Series 2013-1 (2) 1.70% Fixed 8/2016–8/2018 896 950 1,241 1,420 HVF II U.S. ABS Program HVF II U.S. Fleet Variable Funding Notes HVF II Series 2013-A 1.51% Floating 10/2017 1,044 980 HVF II Series 2013-B 1.55% Floating 10/2017 1,013 1,308 HVF II Series 2014-A 2.26% Floating 10/2016 1,393 1,737 3,450 4,025 HVF II U.S. Fleet Medium Term Notes HVF II Series 2015-1 (2) 2.93% Fixed 3/2020 780 780 HVF II Series 2015-2 (2) 2.30% Fixed 9/2018 250 250 HVF II Series 2015-3 (2) 2.96% Fixed 9/2020 350 350 HVF II Series 2016-1 (2) 2.72% Fixed 3/2019 439 — HVF II Series 2016-2 (2) 3.25% Fixed 3/2021 561 — 2,380 1,380 Donlen ABS Program HFLF Variable Funding Notes HFLF Series 2013-2 Notes (2) 1.52% Floating 9/2017 450 370 450 370 HFLF Medium Term Notes HFLF Series 2013-3 Notes (2) 1.16% Floating 9/2016–11/2016 217 270 HFLF Series 2014-1 Notes (2) 1.02% Floating 12/2016–3/2017 245 288 HFLF Series 2015-1 Notes (2) 1.11% Floating 3/2018–5/2018 295 295 757 853 Facility Weighted Average Interest Rate at March 31, 2016 Fixed or Maturity March 31, December 31, Other Fleet Debt U.S. Fleet Financing Facility 3.19% Floating 3/2017 157 190 European Revolving Credit Facility 2.41% Floating 10/2017 283 273 European Fleet Notes 4.38% Fixed 1/2019 480 464 European Securitization (2) 1.41% Floating 10/2017 259 267 Canadian Securitization (2) 1.80% Floating 1/2018 168 148 Australian Securitization (2) 3.75% Floating 12/2016 97 98 Brazilian Fleet Financing Facility 17.93% Floating 4/2016 8 7 Capitalized Leases 2.67% Floating 5/2016–3/2020 376 362 1,828 1,809 Unamortized Debt Issuance Costs and Net (Discount) Premium (Fleet) (40 ) (34 ) Total Fleet Debt 10,066 9,823 Total Debt $ 16,072 $ 15,834 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 March 31, 2016 December 31, 2015 4.25% Senior Notes due April 2018 $ 250 $ 250 7.50% Senior Notes due October 2018 700 700 6.75% Senior Notes due April 2019 1,250 1,250 5.875% Senior Notes due October 2020 700 700 7.375% Senior Notes due January 2021 500 500 6.25% Senior Notes due October 2022 500 500 $ 3,900 $ 3,900 (2) Maturity reference is to the "expected final maturity date" as opposed to the subsequent "legal maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness expect the relevant indebtedness to be repaid, which in the case of the HFLF Medium Term Notes was based upon various assumptions made at the time of the pricing of such notes. The legal final maturity date is the date on which the relevant indebtedness is legally due and payable. The Company is highly leveraged and a substantial portion of its liquidity needs arise from debt service on its indebtedness and from the funding of its costs of operations, acquisitions and capital expenditures. 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. Fleet Debt HVF II U.S. Fleet Medium Term Notes In February 2016, HVF II issued the Series 2016-1 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D (collectively, the “HVF II Series 2016-1 Notes”) and Series 2016-2 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D (collectively, the “HVF II Series 2016-2 Notes”) in an aggregate principal amount of approximately $1.06 billion . The expected maturities of the HVF II Series 2016-1 Notes and the HVF II Series 2016-2 Notes are March 2019 and March 2021, respectively. The HVF II Series 2016-1 Notes are comprised of approximately $333 million aggregate principal amount of 2.32% Rental Car Asset Backed Notes, Class A, $81 million aggregate principal amount of 3.72% Rental Car Asset Backed Notes, Class B, $25 million aggregate principal amount of 4.75% Rental Car Asset Backed Notes, Class C, and $27 million aggregate principal amount of 5.73% Rental Car Asset Backed Notes, Class D. The HVF II Series 2016-2 Notes are comprised of approximately $425 million aggregate principal amount of 2.95% Rental Car Asset Backed Notes, Class A, $104 million aggregate principal amount of 3.94% Rental Car Asset Backed Notes, Class B, $32 million aggregate principal amount of 4.99% Rental Car Asset Backed Notes, Class C, and $34 million aggregate principal amount of 5.97% Rental Car Asset Backed Notes, Class D. The Class B Notes of each series are subordinated to the Class A Notes of such series. The Class C Notes of each series are subordinated to the Class A Notes and the Class B Notes of such series. The Class D Notes of each series are subordinated to the Class A Notes, the Class B Notes and the Class C Notes of such series. An affiliate of HVF II purchased the Class D Notes of each such series, therefore, approximately $61 million of the obligation is eliminated in consolidation. HVF II U.S. Fleet Variable Funding Notes The net proceeds from the issuance of the HVF II Series 2016-1 Notes and HVF II Series 2016-2 Notes, together with available cash, were used to repay approximately $741 million of the outstanding principal amount of the HVF II Series 2014-A Notes and approximately $264 million of the outstanding principal amount of the HVF II Series 2013-A Notes. Borrowing Capacity and Availability The following facilities were available to the Company as of March 31, 2016 : (In millions) Remaining Capacity Availability Under Borrowing Base Limitation Corporate Debt Senior ABL Facility $ 1,488 $ 1,481 Total Corporate Debt 1,488 1,481 Fleet Debt HVF II U.S. Fleet Variable Funding Notes 2,125 — HFLF Variable Funding Notes 50 — European Revolving Credit Facility — — European Securitization 192 4 Canadian Securitization 99 — Australian Securitization 94 — Capitalized Leases 50 1 Total Fleet Debt 2,610 5 Total $ 4,098 $ 1,486 As of March 31, 2016 , the Senior ABL Facility had $1.03 billion available under the letter of credit facility sublimit, subject to borrowing base restrictions. Letters of Credit As of March 31, 2016 , there were outstanding standby letters of credit totaling $628 million . Of this amount, $615 million was issued under the Senior Term Facility and the Senior ABL Facility (together, the “Senior Credit Facilities”). As of March 31, 2016 , none of these letters of credit have been drawn upon. Cash Restrictions Certain amounts of cash and cash equivalents are restricted for the purchase of revenue earning vehicles and other specified uses under the Fleet Debt facilities and the Like-Kind Exchange Program ("LKE Program"). As of March 31, 2016 and December 31, 2015 , the portion of total restricted cash and cash equivalents that was associated with the Fleet Debt facilities was $298 million and $289 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 March 31, 2016 and December 31, 2015 , 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 $400 million and $418 million , respectively, primarily comprised of loans receivable and revenue earning equipment, and total liabilities of $400 million and $418 million , respectively, primarily comprised of debt. Financial Covenant Compliance Under the terms of the Senior Term Facility and Senior ABL Facility, the Company is not subject to ongoing financial maintenance covenants; however, under the Senior ABL Facility, failure to maintain certain levels of liquidity will subject the Company to a contractually specified fixed charge coverage ratio of not less than 1 :1 for the four quarters most recently ended. As of March 31, 2016 , the Company was not subject to the fixed charge coverage ratio test.

Employee Retirement Benefits

Employee Retirement Benefits	3 Months Ended
	Mar. 31, 2016
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 following table sets forth the net periodic pension expense: Pension Benefits U.S. Non-U.S. Three Months Ended (In millions) 2016 2015 2016 2015 Components of Net Periodic Benefit Cost: Service cost $ 1 $ 1 $ — $ 1 Interest cost 7 7 2 2 Expected return on plan assets (9 ) (10 ) (3 ) (4 ) Net amortizations 2 1 — — Settlement loss 1 1 — — Net periodic pension expense (benefit) $ 2 $ — $ (1 ) $ (1 )

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation During the three months ended March 31, 2016 , the Company granted 794,149 non-qualified stock options to certain executives and employees at a weighted average grant date fair value of $3.99 as determined using the Black Scholes option model; 1,135,343 restricted stock units ("RSUs") at a weighted average grant date fair value of $9.99 and 2,365,670 performance stock units ("PSUs") at a weighted average grant date fair value of $9.98 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 (In millions) 2016 2015 Compensation expense $ 6 $ 4 Income tax benefit (2 ) (1 ) Total $ 4 $ 3 As of March 31, 2016 , there was $79 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 2.34 years, on a weighted average basis, of the requisite service period that began on the grant dates.

Restructuring

Restructuring	3 Months Ended
	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring During the first quarter of 2016 , the Company evaluated its workforce and operations and initiated approximately $15 million in restructuring programs that include headcount reductions, business process re-engineering and outsourcing certain information technology application and infrastructure functions to a third party service provider. These programs are expected to be completed within the next twelve months. Restructuring charges under these programs for the period shown are as follows: Three Months Ended (In millions) 2016 2015 By Type: Termination benefits $ 6 $ 6 Impairments and asset write-downs — 1 Facility closure and lease obligation costs 1 1 Other — (1 ) Total $ 7 $ 7 Three Months Ended (In millions) 2016 2015 By Caption: Direct operating $ 1 $ 2 Selling, general and administrative 6 5 Total $ 7 $ 7 Three Months Ended (In millions) 2016 2015 By Segment: U.S. Car Rental $ 6 $ 2 International Car Rental 1 2 Worldwide Equipment Rental — 1 Corporate — 2 Total $ 7 $ 7 The following table sets forth the activity affecting the restructuring accrual which is included in accrued liabilities in the Company's condensed consolidated balance sheets during the three months ended March 31, 2016 . 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, 2016 $ 10 $ 17 $ 27 Charges incurred 6 1 7 Cash payments (3 ) (3 ) (6 ) Other non-cash changes — (1 ) (1 ) Balance as of March 31, 2016 $ 13 $ 14 $ 27

Tangible Asset Impairments and

Tangible Asset Impairments and Asset Write-downs	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Tangible Asset Impairments and Asset Write-downs	Tangible Asset Impairments and Asset Write-downs In the first quarter of 2015, the Company performed an impairment assessment of the Dollar Thrifty headquarters campus in Tulsa, Oklahoma, which is part of the U.S. Car Rental segment. Based on the impairment assessment, the Company recorded a charge of $6 million which is included in selling, general and administrative expense in the Company's condensed consolidated statements of operations. The building was sold in December 2015. 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 condensed consolidated statements of operations.

Taxes on Income (Loss)

Taxes on Income (Loss)	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Taxes on Income (Loss)	Taxes on Income (Loss) The effective tax rate for the three months ended March 31, 2016 and 2015 was 26% and 19% , respectively. The effective tax rate for the full fiscal year 2016 is expected to be approximately 42% . The Company recorded a tax benefit of $18 million for the three months ended March 31, 2016 compared to a tax benefit of $16 million for the three months ended March 31, 2015 . The change was the result of the composition of earnings by jurisdiction in the first quarter of 2016 .

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2016
Financial Instruments [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 March 31, 2016 . Interest Rate Risk The Company’s objective in managing exposure to interest rate changes is to minimize the impact of interest rate changes on earnings and cash flows and to lower overall borrowing costs. To achieve these objectives, the Company uses interest rate caps and other instruments to manage the mix of floating and fixed-rate debt. Currency Exchange Rate Risk The Company’s objective in managing exposure to currency fluctuations is to limit the exposure of certain cash flows and earnings from changes associated with currency exchange rate changes through the use of various derivative contracts. The Company experiences currency risks in its global operations as a result of various factors including intercompany local currency denominated loans, rental operations in various currencies and purchasing fleet in various currencies. The following table summarizes the estimated fair value of financial instruments: Fair Value of Financial Instruments Asset Derivatives (1) Liability Derivatives (1) (In millions) March 31, December 31, March 31, December 31, Interest rate caps $ 3 $ 9 $ 2 $ 9 Foreign currency forward contracts 2 3 1 1 Total $ 5 $ 12 $ 3 $ 10 (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 the Company's foreign currency forward contracts and certain interest rate caps are subject to enforceable master netting agreements with their counterparties, the Company does not offset the derivative assets and liabilities in its condensed consolidated balance sheets. The following table summarizes the gains or (losses) on financial instruments for the period indicated. Location of Gain or (Loss) Recognized on Derivatives Amount of Gain or (Loss) Recognized Three Months Ended (In millions) 2016 2015 Foreign currency forward contracts Selling, general and administrative $ 3 $ (1 )

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
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 and available for sale securities. The valuation of these securities is based on pricing models whereby all significant inputs are observable or can be derived from or corroborated by observable market data. The following table summarizes the ending balances of the Company's cash equivalents and investments. March 31, 2016 December 31, 2015 (In millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Money market funds $ 218 $ 44 $ — $ 262 $ 195 $ 49 $ — $ 244 Equity and other securities 49 100 — 149 — 111 — 111 Total $ 267 $ 144 $ — $ 411 $ 195 $ 160 $ — $ 355 CAR Inc. As further described in Note 3 , " Acquisitions and Divestitures ," the Company holds an investment in CAR Inc. that was previously accounted for under the equity method and is now accounted for as an available for sale security. As such, the balance of our investment is included in the table above under equity and other securities (Level 1) as of March 31, 2016 . Financial Instruments The fair value of the Company's financial instruments as of March 31, 2016 are shown in Note 11 , " Financial Instruments ." The Company's financial instruments are classified as Level 2 assets and liabilities and are priced using quoted market prices for similar assets or liabilities in active markets. Debt Obligations The fair value of debt is estimated based on quoted market rates as well as borrowing rates currently available to the Company for loans with similar terms and average maturities (Level 2 inputs). As of March 31, 2016 As of December 31, 2015 (In millions) Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Corporate Debt $ 6,046 $ 6,126 $ 6,055 $ 6,134 Fleet Debt 10,106 10,103 9,857 9,854 Total $ 16,152 $ 16,229 $ 15,912 $ 15,988 Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis Assets and liabilities measured at fair value during the three months ended March 31, 2016 are as follows: (In millions) Balance Level 1 Level 2 Level 3 Total Loss Adjustments Long-lived assets held for sale $ 21 $ — $ — $ 21 $ 3 During the first quarter of 2016, the Company reclassified an asset in its U.S. Car Rental segment with a fair value of $9 million to held and used. The asset was previously classified as held for sale at December 31, 2015 . The Company's long-lived assets held for sale are comprised of its previous corporate headquarters building in Park Ridge, New Jersey and a property in its U.S. Car Rental segment. The fair value less cost to sell of the long-lived assets held for sale were assessed at March 31, 2016 . The Company uses market and income approaches to value the long-lived assets, including inputs such as expected cash flows and recent comparable transactions.

Contingencies and Off-Balance S

Contingencies and Off-Balance Sheet Commitments	3 Months Ended
	Mar. 31, 2016
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 rental volume and actuarial evaluations of historical accident claim experience and trends, as well as future projections of ultimate losses, expenses, premiums and administrative costs. At March 31, 2016 and December 31, 2015 , the Company's liability recorded for public liability and property damage matters was $413 million and $402 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 months ended March 31, 2016 or the period after March 31, 2016 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 (“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 alleged 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. The complaint sought 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 plaintiff was granted leave to file a second amended complaint within 30 days of the order. In November 2014, plaintiff filed a second amended complaint which shortened the putative class period such that it was not alleged to have commenced until May 18, 2013 and made 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, plaintiff filed a third amended complaint. The third amended complaint included additional allegations and expanded the putative class period such that it was alleged to span from February 14, 2013 to July 16, 2015. On November 4, 2015, Hertz Holdings filed its motion to dismiss. Thereafter, a motion was made by plaintiff to add a new plaintiff, because of challenges to the standing of the first plaintiff. The court granted plaintiffs leave to file a fourth amended complaint to add the new plaintiff, and the new complaint was filed on March 1, 2016. Hertz Holdings moved to dismiss the fourth amended complaint in its entirety with prejudice on March 24, 2016 and on May 6, 2016, plaintiff filed its opposition to same. 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. Among other matters, the restatements included in the Company’s 2014 Form 10-K addressed a variety of accounting matters involving the Company’s Brazil rental car operations. The Company has identified certain activities in Brazil that may raise issues under the Foreign Corrupt Practices Act and local laws, which the Company has self-reported to appropriate government entities. At this time, the Company is unable to predict the outcome of this issue or estimate the range of reasonably possible losses, which could 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 could 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 it is established and 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. In respect of a period in 2005, the Company has unsuccessfully appealed the French Tax assessment to the highest Administrative court in France. In respect of a period from 2003 to 2005, following an adverse judgment, the Company appealed the French Tax Authority’s assessment to the Civil Court of Appeal. This appeal is currently awaiting judgment. In the third quarter of 2015, following an adverse decision against another industry participant involved in a similar action, the Company has recorded charges with respect to this matter of approximately $23 million during 2015. In January 2016, the Company made a payment of approximately $9 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. In March 2016, the Company, as plaintiff, received a $9 million settlement related to a 2013 eminent domain case associated with one of the Company’s airport locations. The settlement gain is included in other (income) expense, net in the Company's condensed consolidated statements of operations. Indemnification Obligations There have been no significant changes to the Company's indemnification obligations as compared to those disclosed in Note 16, "Contingencies and Off-Balance Sheet Commitments" of the Notes to consolidated financial statements included in the 2015 Form 10-K under the caption Item 8, "Financial Statements and Supplementary Data."

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
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 and leasing 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 fleet management services and is not considered a separate reportable segment in accordance with applicable accounting standards, together with other business activities. 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 (loss) before income taxes plus non-cash acquisition accounting charges, debt-related charges relating to the amortization and write-off of debt financing costs and debt discounts and certain one-time charges and non-operational items. Adjusted pre-tax income (loss) is important because it allows management to assess operational performance of its business, exclusive of the items mentioned above. It also allows management to assess the performance of the entire business on the same basis as the segment measure of profitability. Management believes that it is important to investors for the same reasons it is important to management and because it allows them to assess the Company's operational performance on the same basis that management uses internally. When evaluating the Company's operating performance, investors should not consider adjusted pre-tax income (loss) in isolation of, or as a substitute for, measures of the Company's financial performance, such as net income (loss) or income (loss) before income taxes. Revenues and adjusted pre-tax income (loss) by segment and the reconciliation to consolidated amounts are summarized below. Three Months Ended March 31, Revenues Adjusted Pre-Tax Income (Loss) (In millions) 2016 2015 2016 2015 U.S. Car Rental $ 1,406 $ 1,520 $ (4 ) $ 71 International Car Rental 433 436 3 8 Worldwide Equipment Rental 328 355 12 33 All Other Operations 144 143 18 16 Total reportable segments $ 2,311 $ 2,454 29 128 Corporate (1) (112 ) (125 ) Consolidated adjusted pre-tax income (loss) (83 ) 3 Adjustments: Acquisition accounting (2) (18 ) (31 ) Debt-related charges (3) (15 ) (16 ) Restructuring and restructuring related charges (4) (12 ) (20 ) Equipment rental spin-off costs (5) (13 ) (9 ) Sale of CAR Inc. common stock (6) 75 — Impairment charges and asset write-downs (7) — (9 ) Finance and information technology transformation costs (8) (8 ) — Other (9) 5 (4 ) Income (loss) before income taxes $ (69 ) $ (86 ) (1) Represents general corporate expenses, certain interest expense (including net interest on corporate debt), as well as other business activities. (2) Represents incremental expense associated with 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. Also includes consulting costs and legal fees related to the accounting review and investigation. (5) Represents expenses associated with the anticipated HERC spin-off transaction announced in March 2014. In 2016, $9 million were incurred by HERC and $4 million by Corporate. In 2015, $9 million were incurred by HERC. (6) Represents the pre-tax gain on the sale of CAR Inc. common stock. (7) In 2015, primarily represents a $6 million impairment on the former Dollar Thrifty headquarters in Tulsa, Oklahoma. (8) Represents external costs associated with the Company’s finance and information technology transformation programs, both of which are multi-year initiatives to upgrade and modernize the Company’s systems and processes. (9) Includes miscellaneous and non-recurring items including but not limited to acquisition charges, integration charges, and other non-cash items. In 2016, also includes a settlement gain related to one of our U.S. airport locations and, in 2015, also includes charges incurred in connection with relocating the Company's corporate headquarters to Estero, Florida. Depreciation of revenue earning equipment and lease charges, net Three Months Ended (In millions) 2016 2015 U.S. Car Rental $ 419 $ 421 International Car Rental 86 95 Worldwide Equipment Rental 90 76 All Other Operations 111 115 Total $ 706 $ 707 Total assets (In millions) March 31, 2016 December 31, 2015 U.S. Car Rental $ 13,894 $ 13,614 International Car Rental 3,548 3,002 Worldwide Equipment Rental 3,757 3,809 All Other Operations 1,522 1,520 Corporate 1,307 1,340 Total $ 24,028 $ 23,285 The increase in total assets for the International Car Rental segment is due to an increase in cash partially due to the proceeds from the sale of CAR Inc. shares, which were not transferred to Corporate, and an increase in additional fleet acquired to meet seasonal leisure demand during the summer period. Refer to " Note 3 — Acquisitions and Divestitures " for additional information related to the share sale. The increase in total assets for the U.S Car Rental segment is also the result of additional fleet acquired in order to meet upcoming seasonal demands, partially offset by lower receivables from fleet sales.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	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 (In millions, except per share data) 2016 2015 Basic and diluted earnings (loss) per share: Numerator: Net income (loss), basic $ (51 ) $ (70 ) Denominator: Basic weighted average common shares 424 459 Weighted average shares used to calculate diluted earnings per share 424 459 Antidilutive stock options, RSUs and PSUs 10 7 Earnings (loss) per share: Basic $ (0.12 ) $ (0.15 ) Diluted $ (0.12 ) $ (0.15 )

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Fleet Debt HFLF Medium Term Notes HFLF Series 2016-1 Notes : In April 2016, HFLF issued the Series 2016-1 Asset-Backed Notes, Class A, Class B, Class C, Class D, and Class E (collectively, the “HFLF Series 2016-1 Notes”) in an aggregate principal amount of $400 million . The expected maturity of the HFLF Series 2016-1 Notes is February 2019 to April 2019 , based upon assumptions made at the time of the pricing of the HFLF Series 2016-1 Notes. The HFLF Series 2016-1 Notes (other than the Class A-2 Notes which are fixed rate) are floating rate and carry an interest rate based upon a spread to one-month LIBOR. An affiliate of HFLF purchased the Class E Notes, therefore, approximately $15 million of the obligation will be eliminated in consolidation. The net proceeds from the issuance of the HFLF Series 2016-1 Notes, together with available cash, were used to repay $400 million of amounts then-outstanding under the HFLF Series 2013-2 Notes. Brazilian Fleet Financing Facility In April 2016, the Company entered into an agreement pursuant to which the maturity of the Brazilian Fleet Financing Facility was extended from April 2016 to October 2016 .

Basis of Presentation and Rec23

Basis of Presentation and Recently Issued Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2016
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 condensed consolidated financial statements. The Company accounts for its 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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Adopted 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 Company adopted this guidance prospectively on January 1, 2016 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. 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 Company adopted this guidance prospectively on January 1, 2016 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. 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 Company adopted this guidance retrospectively on January 1, 2016 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. 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 and other revolving debt arrangements may be deferred and presented as an asset. The Company adopted this guidance retrospectively on January 1, 2016 in accordance with the effective date. The impact of adopting this above guidance as of December 31, 2015 was as follows (in millions): Prepaid expenses and other assets Total assets Debt Total liabilities Total liabilities and equity As previously reported $ 846 $ 23,358 $ 15,907 $ 21,339 $ 23,358 Reclass from asset to debt liability (73 ) (73 ) (73 ) (73 ) (73 ) As adjusted $ 773 $ 23,285 $ 15,834 $ 21,266 $ 23,285 Adoption of this new guidance did not impact the Company’s equity, results of operations or 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. The Company adopted this guidance prospectively on January 1, 2016 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. 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 Company adopted this guidance prospectively on January 1, 2016 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 new guidance applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees. The core principle of the guidance is that an entity should recognize revenue from customers 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 new principles-based revenue recognition model requires an entity to perform five steps: 1) identify the contract(s) with a customer, 2) identify the performance obligations in the contract, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations in the contract, and 5) recognize revenue when (or as) the entity satisfies a performance obligation. Under the new guidance, performance obligations in a contract will be separately identified, which may impact the timing of recognition of the revenue allocated to each obligation. The measurement of revenue recognized may also be impacted by identification of new performance obligations and other provisions, such as collectability and variable consideration. The guidance will impact the Company’s accounting for certain contracts and its Hertz #1 Gold Plus Rewards liability. Also, additional disclosures are required 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. In March 2016, the FASB issued clarifying guidance on assessing whether an entity is a principal or an agent in a revenue transaction, which impacts whether an entity reports revenue on a gross or net basis. The Company is in the process of determining the method and timing of adoption and assessing the overall impacts of adopting this guidance on its financial position, results of operations and cash flows. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued guidance that makes several changes to the manner in which financial assets and liabilities are accounted for, including, among other things, a requirement to measure most equity investments at fair value with changes in fair value recognized in net income (with the exception of investments that are consolidated or accounted for using the equity method or a fair value practicability exception), and amends certain disclosure requirements related to fair value measurements and financial assets and liabilities. This guidance is effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods using a modified retrospective transition method for most of the requirements. 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. Leases In February 2016, the FASB issued guidance that replaces the existing lease guidance. The new guidance establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and lease liability on the balance sheet for all leases with terms longer than 12 months. The guidance will impact leases of our rental locations, as we own approximately 3% of the locations from which we operate our car rental businesses, in addition to leases of other assets. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. This guidance also expands the requirements for lessees to record leases embedded in other arrangements and the required quantitative and qualitative disclosures surrounding leases. Accounting guidance for lessors is largely unchanged. This guidance is effective for annual periods beginning after December 15, 2018 and interim periods within those annual periods using a modified retrospective transition approach. 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 Transition to the Equity Method of Accounting In March 2016, the FASB issued guidance that eliminates the requirement to apply the equity method of accounting retrospectively when significant influence over a previously held investment is obtained. Rather, the guidance requires the investor to add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method of accounting. This guidance is effective prospectively for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Based on current operations, no material impact to the Company’s financial position, results of operations and cash flows is expected upon adoption of this guidance. However, the Company will reassess the impacts of this guidance upon adoption. Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued guidance that simplifies several areas of employee share-based payment accounting, including income taxes, forfeitures, minimum statutory withholding requirements, and classifications within the statement of cash flows. Most significantly, the new guidance eliminates the need to track tax “windfalls” in a separate pool within additional paid-in capital; instead, excess tax benefits and tax deficiencies will be recorded within income tax expense. This will result in the Company reclassifying excess tax benefits from additional paid-in capital to retained earnings on the balance sheet. The new guidance also gives entities the ability to elect whether to estimate forfeitures or account for them as they occur. Different adoption methods are required for the various aspects of the new guidance, including the retrospective, modified retrospective and prospective approaches, effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The Company is in the process of assessing the impacts of adopting this guidance on its financial position, results of operations and cash flows.

Basis of Presentation and Rec24

Basis of Presentation and Recently Issued Accounting Pronouncements (Tables)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure	The impact of adopting this above guidance as of December 31, 2015 was as follows (in millions): Prepaid expenses and other assets Total assets Debt Total liabilities Total liabilities and equity As previously reported $ 846 $ 23,358 $ 15,907 $ 21,339 $ 23,358 Reclass from asset to debt liability (73 ) (73 ) (73 ) (73 ) (73 ) As adjusted $ 773 $ 23,285 $ 15,834 $ 21,266 $ 23,285

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	3 Months Ended
	Mar. 31, 2016
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 equipment 6 Other intangible assets 9 Goodwill 1 Total $ 87

Revenue Earning Equipment (Tabl

Revenue Earning Equipment (Tables)	3 Months Ended
	Mar. 31, 2016
Depreciation of Revenue Earning Equipment and Lease Charges Disclosure [Abstract]
Components of Revenue Earning Equipment	The components of revenue earning equipment, net are as follows: (In millions) March 31, 2016 December 31, 2015 Revenue earning equipment $ 17,580 $ 16,768 Less: Accumulated depreciation (3,653 ) (3,775 ) 13,927 12,993 Revenue earning equipment held for sale, net 298 135 Revenue earning equipment, net $ 14,225 $ 13,128
Depreciation on Revenue Earning Equipment and Lease Charges	Depreciation of revenue earning equipment and lease charges, net includes the following: Three Months Ended (In millions) 2016 2015 Depreciation of revenue earning equipment $ 640 $ 703 (Gain) loss on disposal of revenue earning equipment (a) 51 (14 ) Rents paid for vehicles leased 15 18 Depreciation of revenue earning equipment and lease charges, net $ 706 $ 707 (a) (Gain) loss on disposal of revenue earning equipment by segment is as follows: Three Months Ended (In millions) 2016 2015 U.S. Car Rental $ 43 $ (20 ) International Car Rental — — Worldwide Equipment Rental 8 6 Total $ 51 $ (14 )
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 of depreciation rate changes is as follows: Increase (decrease) Three Months Ended (In millions) 2016 2015 U.S. Car Rental $ 27 $ 30 International Car Rental 1 — Worldwide Equipment Rental — — Total $ 28 $ 30

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Components of debt	The Company's debt consists of the following (in millions): Facility Weighted Average Interest Rate at March 31, 2016 Fixed or Maturity March 31, December 31, Corporate Debt Senior Term Facility 3.26% Floating 3/2018 $ 2,056 $ 2,062 Senior ABL Facility N/A Floating 3/2016–3/2017 — — 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 3.92% Fixed Various 63 66 Unamortized Debt Issuance Costs and Net (Discount) Premium (Corporate) (40 ) (44 ) Total Corporate Debt 6,006 6,011 Facility Weighted Average Interest Rate at March 31, 2016 Fixed or Maturity March 31, December 31, Fleet Debt HVF U.S. Fleet Medium Term Notes HVF Series 2010-1 (2) 4.96% Fixed 2/2018 115 240 HVF Series 2011-1 (2) 3.51% Fixed 3/2017 230 230 HVF Series 2013-1 (2) 1.70% Fixed 8/2016–8/2018 896 950 1,241 1,420 HVF II U.S. ABS Program HVF II U.S. Fleet Variable Funding Notes HVF II Series 2013-A 1.51% Floating 10/2017 1,044 980 HVF II Series 2013-B 1.55% Floating 10/2017 1,013 1,308 HVF II Series 2014-A 2.26% Floating 10/2016 1,393 1,737 3,450 4,025 HVF II U.S. Fleet Medium Term Notes HVF II Series 2015-1 (2) 2.93% Fixed 3/2020 780 780 HVF II Series 2015-2 (2) 2.30% Fixed 9/2018 250 250 HVF II Series 2015-3 (2) 2.96% Fixed 9/2020 350 350 HVF II Series 2016-1 (2) 2.72% Fixed 3/2019 439 — HVF II Series 2016-2 (2) 3.25% Fixed 3/2021 561 — 2,380 1,380 Donlen ABS Program HFLF Variable Funding Notes HFLF Series 2013-2 Notes (2) 1.52% Floating 9/2017 450 370 450 370 HFLF Medium Term Notes HFLF Series 2013-3 Notes (2) 1.16% Floating 9/2016–11/2016 217 270 HFLF Series 2014-1 Notes (2) 1.02% Floating 12/2016–3/2017 245 288 HFLF Series 2015-1 Notes (2) 1.11% Floating 3/2018–5/2018 295 295 757 853 Facility Weighted Average Interest Rate at March 31, 2016 Fixed or Maturity March 31, December 31, Other Fleet Debt U.S. Fleet Financing Facility 3.19% Floating 3/2017 157 190 European Revolving Credit Facility 2.41% Floating 10/2017 283 273 European Fleet Notes 4.38% Fixed 1/2019 480 464 European Securitization (2) 1.41% Floating 10/2017 259 267 Canadian Securitization (2) 1.80% Floating 1/2018 168 148 Australian Securitization (2) 3.75% Floating 12/2016 97 98 Brazilian Fleet Financing Facility 17.93% Floating 4/2016 8 7 Capitalized Leases 2.67% Floating 5/2016–3/2020 376 362 1,828 1,809 Unamortized Debt Issuance Costs and Net (Discount) Premium (Fleet) (40 ) (34 ) Total Fleet Debt 10,066 9,823 Total Debt $ 16,072 $ 15,834 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 March 31, 2016 December 31, 2015 4.25% Senior Notes due April 2018 $ 250 $ 250 7.50% Senior Notes due October 2018 700 700 6.75% Senior Notes due April 2019 1,250 1,250 5.875% Senior Notes due October 2020 700 700 7.375% Senior Notes due January 2021 500 500 6.25% Senior Notes due October 2022 500 500 $ 3,900 $ 3,900 (2) Maturity reference is to the "expected final maturity date" as opposed to the subsequent "legal maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness expect the relevant indebtedness to be repaid, which in the case of the HFLF Medium Term Notes was based upon various assumptions made at the time of the pricing of such notes. The legal final maturity date is the date on which the relevant indebtedness is legally due and payable. The fair value of debt is estimated based on quoted market rates as well as borrowing rates currently available to the Company for loans with similar terms and average maturities (Level 2 inputs). As of March 31, 2016 As of December 31, 2015 (In millions) Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Corporate Debt $ 6,046 $ 6,126 $ 6,055 $ 6,134 Fleet Debt 10,106 10,103 9,857 9,854 Total $ 16,152 $ 16,229 $ 15,912 $ 15,988
Schedule of facilities available for the use of the company and its subsidiaries	The following facilities were available to the Company as of March 31, 2016 : (In millions) Remaining Capacity Availability Under Borrowing Base Limitation Corporate Debt Senior ABL Facility $ 1,488 $ 1,481 Total Corporate Debt 1,488 1,481 Fleet Debt HVF II U.S. Fleet Variable Funding Notes 2,125 — HFLF Variable Funding Notes 50 — European Revolving Credit Facility — — European Securitization 192 4 Canadian Securitization 99 — Australian Securitization 94 — Capitalized Leases 50 1 Total Fleet Debt 2,610 5 Total $ 4,098 $ 1,486

Employee Retirement Benefits (T

Employee Retirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2016
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 (In millions) 2016 2015 2016 2015 Components of Net Periodic Benefit Cost: Service cost $ 1 $ 1 $ — $ 1 Interest cost 7 7 2 2 Expected return on plan assets (9 ) (10 ) (3 ) (4 ) Net amortizations 2 1 — — Settlement loss 1 1 — — Net periodic pension expense (benefit) $ 2 $ — $ (1 ) $ (1 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
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 (In millions) 2016 2015 Compensation expense $ 6 $ 4 Income tax benefit (2 ) (1 ) Total $ 4 $ 3

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	Restructuring charges under these programs for the period shown are as follows: Three Months Ended (In millions) 2016 2015 By Type: Termination benefits $ 6 $ 6 Impairments and asset write-downs — 1 Facility closure and lease obligation costs 1 1 Other — (1 ) Total $ 7 $ 7 Three Months Ended (In millions) 2016 2015 By Caption: Direct operating $ 1 $ 2 Selling, general and administrative 6 5 Total $ 7 $ 7 Three Months Ended (In millions) 2016 2015 By Segment: U.S. Car Rental $ 6 $ 2 International Car Rental 1 2 Worldwide Equipment Rental — 1 Corporate — 2 Total $ 7 $ 7
Schedule of Restructuring Reserve by Type of Cost	The following table sets forth the activity affecting the restructuring accrual which is included in accrued liabilities in the Company's condensed consolidated balance sheets during the three months ended March 31, 2016 . 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, 2016 $ 10 $ 17 $ 27 Charges incurred 6 1 7 Cash payments (3 ) (3 ) (6 ) Other non-cash changes — (1 ) (1 ) Balance as of March 31, 2016 $ 13 $ 14 $ 27

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Financial Instruments [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table summarizes the estimated fair value of financial instruments: Fair Value of Financial Instruments Asset Derivatives (1) Liability Derivatives (1) (In millions) March 31, December 31, March 31, December 31, Interest rate caps $ 3 $ 9 $ 2 $ 9 Foreign currency forward contracts 2 3 1 1 Total $ 5 $ 12 $ 3 $ 10 (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 financial instruments for the period indicated. Location of Gain or (Loss) Recognized on Derivatives Amount of Gain or (Loss) Recognized Three Months Ended (In millions) 2016 2015 Foreign currency forward contracts Selling, general and administrative $ 3 $ (1 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Cash, Cash Equivalents and Investments	The following table summarizes the ending balances of the Company's cash equivalents and investments. March 31, 2016 December 31, 2015 (In millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Money market funds $ 218 $ 44 $ — $ 262 $ 195 $ 49 $ — $ 244 Equity and other securities 49 100 — 149 — 111 — 111 Total $ 267 $ 144 $ — $ 411 $ 195 $ 160 $ — $ 355
Components of debt	The Company's debt consists of the following (in millions): Facility Weighted Average Interest Rate at March 31, 2016 Fixed or Maturity March 31, December 31, Corporate Debt Senior Term Facility 3.26% Floating 3/2018 $ 2,056 $ 2,062 Senior ABL Facility N/A Floating 3/2016–3/2017 — — 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 3.92% Fixed Various 63 66 Unamortized Debt Issuance Costs and Net (Discount) Premium (Corporate) (40 ) (44 ) Total Corporate Debt 6,006 6,011 Facility Weighted Average Interest Rate at March 31, 2016 Fixed or Maturity March 31, December 31, Fleet Debt HVF U.S. Fleet Medium Term Notes HVF Series 2010-1 (2) 4.96% Fixed 2/2018 115 240 HVF Series 2011-1 (2) 3.51% Fixed 3/2017 230 230 HVF Series 2013-1 (2) 1.70% Fixed 8/2016–8/2018 896 950 1,241 1,420 HVF II U.S. ABS Program HVF II U.S. Fleet Variable Funding Notes HVF II Series 2013-A 1.51% Floating 10/2017 1,044 980 HVF II Series 2013-B 1.55% Floating 10/2017 1,013 1,308 HVF II Series 2014-A 2.26% Floating 10/2016 1,393 1,737 3,450 4,025 HVF II U.S. Fleet Medium Term Notes HVF II Series 2015-1 (2) 2.93% Fixed 3/2020 780 780 HVF II Series 2015-2 (2) 2.30% Fixed 9/2018 250 250 HVF II Series 2015-3 (2) 2.96% Fixed 9/2020 350 350 HVF II Series 2016-1 (2) 2.72% Fixed 3/2019 439 — HVF II Series 2016-2 (2) 3.25% Fixed 3/2021 561 — 2,380 1,380 Donlen ABS Program HFLF Variable Funding Notes HFLF Series 2013-2 Notes (2) 1.52% Floating 9/2017 450 370 450 370 HFLF Medium Term Notes HFLF Series 2013-3 Notes (2) 1.16% Floating 9/2016–11/2016 217 270 HFLF Series 2014-1 Notes (2) 1.02% Floating 12/2016–3/2017 245 288 HFLF Series 2015-1 Notes (2) 1.11% Floating 3/2018–5/2018 295 295 757 853 Facility Weighted Average Interest Rate at March 31, 2016 Fixed or Maturity March 31, December 31, Other Fleet Debt U.S. Fleet Financing Facility 3.19% Floating 3/2017 157 190 European Revolving Credit Facility 2.41% Floating 10/2017 283 273 European Fleet Notes 4.38% Fixed 1/2019 480 464 European Securitization (2) 1.41% Floating 10/2017 259 267 Canadian Securitization (2) 1.80% Floating 1/2018 168 148 Australian Securitization (2) 3.75% Floating 12/2016 97 98 Brazilian Fleet Financing Facility 17.93% Floating 4/2016 8 7 Capitalized Leases 2.67% Floating 5/2016–3/2020 376 362 1,828 1,809 Unamortized Debt Issuance Costs and Net (Discount) Premium (Fleet) (40 ) (34 ) Total Fleet Debt 10,066 9,823 Total Debt $ 16,072 $ 15,834 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 March 31, 2016 December 31, 2015 4.25% Senior Notes due April 2018 $ 250 $ 250 7.50% Senior Notes due October 2018 700 700 6.75% Senior Notes due April 2019 1,250 1,250 5.875% Senior Notes due October 2020 700 700 7.375% Senior Notes due January 2021 500 500 6.25% Senior Notes due October 2022 500 500 $ 3,900 $ 3,900 (2) Maturity reference is to the "expected final maturity date" as opposed to the subsequent "legal maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness expect the relevant indebtedness to be repaid, which in the case of the HFLF Medium Term Notes was based upon various assumptions made at the time of the pricing of such notes. The legal final maturity date is the date on which the relevant indebtedness is legally due and payable. The fair value of debt is estimated based on quoted market rates as well as borrowing rates currently available to the Company for loans with similar terms and average maturities (Level 2 inputs). As of March 31, 2016 As of December 31, 2015 (In millions) Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Corporate Debt $ 6,046 $ 6,126 $ 6,055 $ 6,134 Fleet Debt 10,106 10,103 9,857 9,854 Total $ 16,152 $ 16,229 $ 15,912 $ 15,988
Disclosure of Long Lived Assets Held-for-sale	Assets and liabilities measured at fair value during the three months ended March 31, 2016 are as follows: (In millions) Balance Level 1 Level 2 Level 3 Total Loss Adjustments Long-lived assets held for sale $ 21 $ — $ — $ 21 $ 3

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	evenues and adjusted pre-tax income (loss) by segment and the reconciliation to consolidated amounts are summarized below. Three Months Ended March 31, Revenues Adjusted Pre-Tax Income (Loss) (In millions) 2016 2015 2016 2015 U.S. Car Rental $ 1,406 $ 1,520 $ (4 ) $ 71 International Car Rental 433 436 3 8 Worldwide Equipment Rental 328 355 12 33 All Other Operations 144 143 18 16 Total reportable segments $ 2,311 $ 2,454 29 128 Corporate (1) (112 ) (125 ) Consolidated adjusted pre-tax income (loss) (83 ) 3 Adjustments: Acquisition accounting (2) (18 ) (31 ) Debt-related charges (3) (15 ) (16 ) Restructuring and restructuring related charges (4) (12 ) (20 ) Equipment rental spin-off costs (5) (13 ) (9 ) Sale of CAR Inc. common stock (6) 75 — Impairment charges and asset write-downs (7) — (9 ) Finance and information technology transformation costs (8) (8 ) — Other (9) 5 (4 ) Income (loss) before income taxes $ (69 ) $ (86 ) (1) Represents general corporate expenses, certain interest expense (including net interest on corporate debt), as well as other business activities. (2) Represents incremental expense associated with 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. Also includes consulting costs and legal fees related to the accounting review and investigation. (5) Represents expenses associated with the anticipated HERC spin-off transaction announced in March 2014. In 2016, $9 million were incurred by HERC and $4 million by Corporate. In 2015, $9 million were incurred by HERC. (6) Represents the pre-tax gain on the sale of CAR Inc. common stock. (7) In 2015, primarily represents a $6 million impairment on the former Dollar Thrifty headquarters in Tulsa, Oklahoma. (8) Represents external costs associated with the Company’s finance and information technology transformation programs, both of which are multi-year initiatives to upgrade and modernize the Company’s systems and processes. (9) Includes miscellaneous and non-recurring items including but not limited to acquisition charges, integration charges, and other non-cash items. In 2016, also includes a settlement gain related to one of our U.S. airport locations and, in 2015, also includes charges incurred in connection with relocating the Company's corporate headquarters to Estero, Florida. Depreciation of revenue earning equipment and lease charges, net Three Months Ended (In millions) 2016 2015 U.S. Car Rental $ 419 $ 421 International Car Rental 86 95 Worldwide Equipment Rental 90 76 All Other Operations 111 115 Total $ 706 $ 707 Total assets (In millions) March 31, 2016 December 31, 2015 U.S. Car Rental $ 13,894 $ 13,614 International Car Rental 3,548 3,002 Worldwide Equipment Rental 3,757 3,809 All Other Operations 1,522 1,520 Corporate 1,307 1,340 Total $ 24,028 $ 23,285

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
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 (In millions, except per share data) 2016 2015 Basic and diluted earnings (loss) per share: Numerator: Net income (loss), basic $ (51 ) $ (70 ) Denominator: Basic weighted average common shares 424 459 Weighted average shares used to calculate diluted earnings per share 424 459 Antidilutive stock options, RSUs and PSUs 10 7 Earnings (loss) per share: Basic $ (0.12 ) $ (0.15 ) Diluted $ (0.12 ) $ (0.15 )

Basis of Presentation and Rec35

Basis of Presentation and Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Prepaid expenses and other assets	$ 651	$ 773
Total assets	24,028	23,285
Debt	16,072	15,834
Total liabilities	21,990	21,266
Total liabilities and equity	$ 24,028	23,285
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Prepaid expenses and other assets		846
Total assets		23,358
Debt		15,907
Total liabilities		21,339
Total liabilities and equity		23,358
Adjustment | Accounting Standards Update 2015-03
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Prepaid expenses and other assets		(73)
Total assets		(73)
Debt		(73)
Total liabilities		(73)
Total liabilities and equity		$ (73)

(Acquisitions) (Details)

(Acquisitions) (Details) - USD ($) $ in Millions	1 Months Ended
	Feb. 28, 2015	Mar. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Goodwill		$ 1,353	$ 1,354
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 Divestitures37

Acquisitions and Divestitures (Divestiture) (Details) - CAR, Inc shares in Millions, $ in Millions	1 Months Ended
	Mar. 31, 2016USD ($)shares
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage	1.70%
Common Stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of shares sold | shares	204
Gross sales proceeds	$ 240
Net sales proceeds	233
Deferred gain on sale	7
Common Stock | Other Operating Income (Expense)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain on sale of stock	$ 75

Revenue Earning Equipment (Deta

Revenue Earning Equipment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Revenue earning equipment	$ 17,580		$ 16,768
Less: Accumulated depreciation	(3,653)		(3,775)
Subtotal	13,927		12,993
Revenue earning equipment held for sale, net	298		135
Revenue earning equipment, net	14,225		$ 13,128
Depreciation of revenue earning equipment	640	$ 703
(Gain) loss on disposal of revenue earning equipment	51	(14)
Rents paid for vehicles leased	15	18
Depreciation of revenue earning equipment and lease charges, net	706	707
U.S. Car Rental
Property, Plant and Equipment [Line Items]
(Gain) loss on disposal of revenue earning equipment	43	(20)
Depreciation of revenue earning equipment and lease charges, net	419	421
International Car Rental
Property, Plant and Equipment [Line Items]
(Gain) loss on disposal of revenue earning equipment	0	0
Depreciation of revenue earning equipment and lease charges, net	86	95
Worldwide Equipment Rental
Property, Plant and Equipment [Line Items]
(Gain) loss on disposal of revenue earning equipment	8	6
Depreciation of revenue earning equipment and lease charges, net	$ 90	$ 76

Revenue Earning Equipment (Depr

Revenue Earning Equipment (Depreciation Rates) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenue earning equipment
Depreciation rate changes	$ 28	$ 30
U.S. Car Rental
Revenue earning equipment
Depreciation rate changes	27	30
International Car Rental
Revenue earning equipment
Depreciation rate changes	1	0
Worldwide Equipment Rental
Revenue earning equipment
Depreciation rate changes	$ 0	$ 0

Debt (Schedule of Debt) (Detail

Debt (Schedule of Debt) (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Outstanding principal	$ 3,900	$ 3,900
Unamortized Net Discount	(40)	(44)
Debt	16,072	15,834
Corporate Debt
Debt Instrument [Line Items]
Debt	$ 6,006	6,011
Senior Term Facility
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.26%
Outstanding principal	$ 2,056	2,062
Promissory Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	7.00%
Outstanding principal	$ 27	27
Other Corporate Debt
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.92%
Outstanding principal	$ 63	66
Fleet Debt
Debt Instrument [Line Items]
Unamortized Net Discount	(40)	(34)
Debt	10,066	9,823
U.S. Fleet Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal	$ 1,241	1,420
U.S. Fleet Medium Term Notes Series 2010-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.96%
Outstanding principal	$ 115	240
U.S. Fleet Medium Term Notes Series 2011-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.51%
Outstanding principal	$ 230	230
U.S. Fleet Medium Term Notes Series 2013-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.70%
Outstanding principal	$ 896	950
HVF II U.S. ABS Program
Debt Instrument [Line Items]
Outstanding principal	$ 3,450	4,025
HVF II Series 2013-A
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.51%
Outstanding principal	$ 1,044	980
HVF II Series 2013-B
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.55%
Outstanding principal	$ 1,013	1,308
HVF II Series 2014-A
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.26%
Outstanding principal	$ 1,393	1,737
HVF II U.S. Fleet Variable Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal	$ 2,380	1,380
U.S. Fleet Medium Term Notes 2015 Series 1
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.93%
Outstanding principal	$ 780	780
U.S. Fleet Medium Term Notes 2015 Series 2
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.30%
Outstanding principal	$ 250	250
U.S. Fleet Medium Term Notes 2015 Series 3
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.96%
Outstanding principal	$ 350	350
U.S. Fleet Medium Term Notes 2016 Series 1
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.72%
Outstanding principal	$ 439	0
U.S. Fleet Medium Term Notes 2016 Series 2
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.25%
Outstanding principal	$ 561	0
Donlen ABS Program
Debt Instrument [Line Items]
Outstanding principal	$ 450	370
HFLF Series 2013-2 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.52%
Outstanding principal	$ 450	370
HFLF Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal	$ 757	853
HFLF Series 2013-A Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.16%
Outstanding principal	$ 217	270
HFLF Series 2014-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.02%
Outstanding principal	$ 245	288
HFLF Series 2015-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.11%
Outstanding principal	$ 295	295
Other Fleet Debt
Debt Instrument [Line Items]
Outstanding principal	$ 1,828	1,809
U.S. Fleet Financing Facility
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.19%
Outstanding principal	$ 157	190
European Revolving Credit Facility
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.41%
Outstanding principal	$ 283	273
European Fleet Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.38%
Outstanding principal	$ 480	464
European Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.41%
Outstanding principal	$ 259	267
Canadian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.80%
Outstanding principal	$ 168	148
Australian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.75%
Outstanding principal	$ 97	98
Brazilian Fleet Financing
Debt Instrument [Line Items]
Average interest rate (as a percent)	17.93%
Outstanding principal	$ 8	7
Capitalized Leases
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.67%
Outstanding principal	$ 376	362
Senior Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	6.58%
Outstanding principal	$ 3,900	3,900
4.25% Senior Notes due April 2018
Debt Instrument [Line Items]
Outstanding principal	$ 250	250
Interest rate	4.25%
7.50% Senior Notes due October 2018
Debt Instrument [Line Items]
Outstanding principal	$ 700	700
Interest rate	7.50%
6.75% Senior Notes due April 2019
Debt Instrument [Line Items]
Outstanding principal	$ 1,250	1,250
Interest rate	6.75%
5.875% Senior Notes due October 2020
Debt Instrument [Line Items]
Outstanding principal	$ 700	700
Interest rate	5.875%
7.375% Senior Notes due January 2021
Debt Instrument [Line Items]
Outstanding principal	$ 500	500
Interest rate	7.375%
6.25% Senior Notes due October 2022
Debt Instrument [Line Items]
Outstanding principal	$ 500	$ 500
Interest rate	6.25%

Debt (Narrative) (Details)

Debt (Narrative) (Details) $ in Millions	2 Months Ended	3 Months Ended
	Feb. 24, 2016USD ($)	Mar. 31, 2016USD ($)	Feb. 22, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Outstanding principal		$ 3,900		$ 3,900
Availability under borrowing base limitation		1,486
Restricted cash and cash equivalents		353		349
VIE, total assets		400		418
VIE, total liabilities		400		418
Letters of credit
Debt Instrument [Line Items]
Outstanding standby letters of credit		628
HVF II Series 2016-1 Notes
Debt Instrument [Line Items]
Outstanding principal	$ 1,060
HFLF Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal		757		853
Availability under borrowing base limitation		0
European Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding principal		$ 283		273
Average interest rate (as a percent)		2.41%
Availability under borrowing base limitation		$ 0
HFLF Series 2015-1 Notes
Debt Instrument [Line Items]
Outstanding principal		$ 295		295
Average interest rate (as a percent)		1.11%
Canadian Securitization
Debt Instrument [Line Items]
Outstanding principal		$ 168		148
Average interest rate (as a percent)		1.80%
Availability under borrowing base limitation		$ 0
Senior ABL Facility
Debt Instrument [Line Items]
Fixed charge coverage ratio number of quarters		1 year
Availability under borrowing base limitation		$ 1,481
Fixed charge coverage ratio		1
Senior ABL Facility | Letters of credit
Debt Instrument [Line Items]
Availability under borrowing base limitation		$ 1,030
Senior Credit Facility
Debt Instrument [Line Items]
Outstanding standby letters of credit		615
Fleet Debt
Debt Instrument [Line Items]
Availability under borrowing base limitation		5
Restricted cash and cash equivalents		298		289
HFLF Series 2013-2 Notes
Debt Instrument [Line Items]
Outstanding principal		$ 450		$ 370
Average interest rate (as a percent)		1.52%
HVF II Series 2016-1 Notes, Class A
Debt Instrument [Line Items]
Outstanding principal	$ 333
Average interest rate (as a percent)	2.32%
HVF II Series 2016-1 Notes, Class B
Debt Instrument [Line Items]
Outstanding principal	$ 81
Average interest rate (as a percent)	3.72%
HVF II Series 2016-1 Notes, Class C
Debt Instrument [Line Items]
Outstanding principal	$ 25
Average interest rate (as a percent)	4.75%
HVF II Series 2016-1 Notes, Class D
Debt Instrument [Line Items]
Outstanding principal	$ 27
Average interest rate (as a percent)	5.73%
HVF II Series 2016-2 Notes, Class A
Debt Instrument [Line Items]
Outstanding principal	$ 425
Average interest rate (as a percent)	2.95%
HVF II Series 2016-2 Notes, Class B
Debt Instrument [Line Items]
Outstanding principal	$ 104
Average interest rate (as a percent)	3.94%
HVF II Series 2016-2 Notes, Class C
Debt Instrument [Line Items]
Outstanding principal	$ 32
Average interest rate (as a percent)	4.99%
HVF II Series 2016-2 Notes, Class D
Debt Instrument [Line Items]
Outstanding principal	$ 34
Average interest rate (as a percent)	5.97%
HVF II Series 2014-A Notes, Class A
Debt Instrument [Line Items]
Repayments of Debt	$ 741
Affiliated Entity | HVF II Series 2016-2 Notes, Class D | Eliminations
Debt Instrument [Line Items]
Outstanding principal	$ 61
CAR, Inc | Level 1 | Prepaid Expenses and Other Assets
Debt Instrument [Line Items]
Equity Method Investments, Fair Value Disclosure			$ 264

Debt (Borrowing Capacity) (Deta

Debt (Borrowing Capacity) (Details) $ in Millions	Mar. 31, 2016USD ($)
Debt Instrument [Line Items]
Remaining capacity	$ 4,098
Availability under borrowing base limitation	1,486
Senior ABL Facility
Debt Instrument [Line Items]
Remaining capacity	1,488
Availability under borrowing base limitation	1,481
Corporate Debt
Debt Instrument [Line Items]
Remaining capacity	1,488
Availability under borrowing base limitation	1,481
HVF II U.S. ABS Program
Debt Instrument [Line Items]
Remaining capacity	2,125
Availability under borrowing base limitation	0
HFLF Medium Term Notes
Debt Instrument [Line Items]
Remaining capacity	50
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	192
Availability under borrowing base limitation	4
Canadian Securitization
Debt Instrument [Line Items]
Remaining capacity	99
Availability under borrowing base limitation	0
Australian Securitization
Debt Instrument [Line Items]
Remaining capacity	94
Availability under borrowing base limitation	0
Capitalized Leases
Debt Instrument [Line Items]
Remaining capacity	50
Availability under borrowing base limitation	1
Fleet Debt
Debt Instrument [Line Items]
Remaining capacity	2,610
Availability under borrowing base limitation	$ 5

Employee Retirement Benefits (D

Employee Retirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
United States Pension Plan of US Entity
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1	$ 1
Interest cost	7	7
Expected return on plan assets	(9)	(10)
Net amortizations	2	1
Settlement loss	1	1
Net periodic pension expense (benefit)	2	0
Foreign Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	1
Interest cost	2	2
Expected return on plan assets	(3)	(4)
Net amortizations	0	0
Settlement loss	0	0
Net periodic pension expense (benefit)	$ (1)	$ (1)

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Expense (Benefit) [Abstract]
Compensation expense	$ 6	$ 4
Income tax benefit	(2)	(1)
Total	4	$ 3
Unrecognized compensation cost	$ 79
Compensation cost not yet recognized, period for recognition	2 years 4 months 2 days
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	794,149
Weighted average grant date fair value (in dollars per share)	$ 3.99
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	1,135,343
Weighted average grant date fair value (in dollars per share)	$ 9.99
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	2,365,670
Weighted average grant date fair value (in dollars per share)	$ 9.98

Restructuring (Details)

Restructuring (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restructuring details
Restructuring and related expected costs	$ 15
Restructuring charges	7	$ 7
Restructuring reserve
Balance as of January 1, 2016	27
Charges incurred	7
Cash payments	(6)
Other non-cash changes	(1)
Balance as of March 31, 2016	27
U.S. Car Rental
Restructuring details
Restructuring charges	6	2
International Car Rental
Restructuring details
Restructuring charges	1	2
Worldwide Equipment Rental
Restructuring details
Restructuring charges	0	1
Corporate
Restructuring details
Restructuring charges	0	2
Direct operating
Restructuring details
Restructuring charges	1	2
Selling, general and administrative
Restructuring details
Restructuring charges	6	5
Termination benefits
Restructuring details
Restructuring charges	6	6
Restructuring reserve
Balance as of January 1, 2016	10
Charges incurred	6
Cash payments	(3)
Other non-cash changes	0
Balance as of March 31, 2016	13
Impairments and asset write-downs
Restructuring details
Restructuring charges	0	1
Facility closure and lease obligation costs
Restructuring details
Restructuring charges	1	1
Other
Restructuring details
Restructuring charges	0	$ (1)
Restructuring reserve
Balance as of January 1, 2016	17
Charges incurred	1
Cash payments	(3)
Other non-cash changes	(1)
Balance as of March 31, 2016	$ 14

Tangible Asset Impairments an46

Tangible Asset Impairments and Asset Write-downs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Property, Plant and Equipment [Line Items]
Asset impairment charges	$ 0	$ 20
Held-for-sale | Selling, general and administrative expenses | Dollar Thrifty Headquarters
Property, Plant and Equipment [Line Items]
Asset impairment charges		6
Assets deemed to have no future use | 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		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2016
Income Tax Contingency [Line Items]
Effective tax rate (as percent)	26.00%	19.00%
(Provision) benefit for taxes on income (loss)	$ 18	$ 16
Forecast
Income Tax Contingency [Line Items]
Effective tax rate (as percent)			42.00%

Financial Instruments (Details)

Financial Instruments (Details) - Not Designated as Hedging Instrument - Fair Value, Measurements, Recurring - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (Loss) Recognized in Income on Derivatives	$ 3	$ (1)
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	5		$ 12
Liability Derivatives	3		10
Level 2 | Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	3		9
Liability Derivatives	2		9
Level 2 | Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	2		3
Liability Derivatives	$ 1		$ 1

Fair Value Measurements (Cash a

Fair Value Measurements (Cash and Cash Equivalents and Investments) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 411	$ 355
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	267	195
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	144	160
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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	262	244
Money market funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	218	195
Money market funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	44	49
Money market funds | 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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	149	111
Equity and other securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	49	0
Equity and other securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	100	111
Equity and other securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 0	$ 0

Fair Value Measurements (Financ

Fair Value Measurements (Financial Instruments) (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
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	16,152	15,912
Aggregate Fair Value	16,229	15,988
Fair Value, Measurements, Nonrecurring
Fair Value of Financial Instruments [Abstract]
Long-lived assets held for sale	21
Long-lived assets held for sale, Total loss adjustments	3
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	21
Other Corporate Debt | Fair Value, Measurements, Recurring | Level 2
Fair Value of Financial Instruments [Abstract]
Nominal Unpaid Principal Balance	6,046	6,055
Aggregate Fair Value	6,126	6,134
Fleet Debt | Fair Value, Measurements, Recurring | Level 2
Fair Value of Financial Instruments [Abstract]
Nominal Unpaid Principal Balance	10,106	9,857
Aggregate Fair Value	$ 10,103	$ 9,854

Contingencies and Off-Balance51

Contingencies and Off-Balance Sheet Commitments (Details) - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2016	Jan. 31, 2016	Oct. 31, 2014	Dec. 31, 2015
Loss Contingencies [Line Items]
Public liability and property damage	$ 413			$ 402
Other (income) expense, net
Loss Contingencies [Line Items]
Litigation settlement amount	$ 9
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				$ 23
Ministry of the Economy, Finance and Industry, France | French Road Tax
Loss Contingencies [Line Items]
Payments for other taxes		$ 9

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)segment	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Number of reportable segments | segment	4
Revenues	$ 2,311	$ 2,454
Adjusted Pre-Tax Income (Loss)	(83)	3
Adjustments:
Adjusted Pre-Tax Income (Loss)	(69)	(86)
Depreciation of revenue earning equipment and lease charges, net	706	707
Assets	24,028		$ 23,285
Asset impairment charges	0	20
Purchase accounting
Adjustments:
Adjusted Pre-Tax Income (Loss)	(18)	(31)
Other
Adjustments:
Adjusted Pre-Tax Income (Loss)	(15)	(16)
Restructuring and restructuring related charges
Adjustments:
Adjusted Pre-Tax Income (Loss)	(12)	(20)
Equipment rental spin-off costs
Adjustments:
Adjusted Pre-Tax Income (Loss)	(13)	(9)
Sale of CAR, Inc. Common Stock [Member]
Adjustments:
Adjusted Pre-Tax Income (Loss)	75	0
Impairment in Value of Assets
Adjustments:
Adjusted Pre-Tax Income (Loss)	0	(9)
Finance and Information Technology Transformation Costs
Adjustments:
Adjusted Pre-Tax Income (Loss)	(8)	0
Other
Adjustments:
Adjusted Pre-Tax Income (Loss)	5	(4)
Corporate, Non-Segment
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjusted Pre-Tax Income (Loss)	(112)	(125)
Adjustments:
Assets	1,307		1,340
Corporate, Non-Segment | Equipment rental spin-off costs
Adjustments:
Adjusted Pre-Tax Income (Loss)	(4)
Operating Segments
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjusted Pre-Tax Income (Loss)	29	128
U.S. Car Rental
Adjustments:
Depreciation of revenue earning equipment and lease charges, net	419	421
U.S. Car Rental | Operating Segments
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	1,406	1,520
Adjusted Pre-Tax Income (Loss)	(4)	71
Adjustments:
Assets	13,894		13,614
International Car Rental
Adjustments:
Depreciation of revenue earning equipment and lease charges, net	86	95
International Car Rental | Operating Segments
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	433	436
Adjusted Pre-Tax Income (Loss)	3	8
Adjustments:
Assets	3,548		3,002
Worldwide Equipment Rental
Adjustments:
Depreciation of revenue earning equipment and lease charges, net	90	76
Worldwide Equipment Rental | Operating Segments
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	328	355
Adjusted Pre-Tax Income (Loss)	12	33
Adjustments:
Assets	3,757		3,809
All Other Operations
Adjustments:
Depreciation of revenue earning equipment and lease charges, net	111	115
All Other Operations | Operating Segments
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	144	143
Adjusted Pre-Tax Income (Loss)	18	16
Adjustments:
Assets	1,522		$ 1,520
HERC | Equipment rental spin-off costs
Adjustments:
Adjusted Pre-Tax Income (Loss)	$ (9)	(9)
Held-for-sale | Dollar Thrifty Headquarters | Selling, general and administrative expenses
Adjustments:
Asset impairment charges		$ 6

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss), basic	$ (51)	$ (70)
Basic weighted average common shares	424	459
Weighted average shares used to calculate diluted earnings per share	424	459
Earnings (loss) per share:
Basic (in dollars per share)	$ (0.12)	$ (0.15)
Diluted (in dollars per share)	$ (0.12)	$ (0.15)
Antidilutive stock options, RSUs and PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive stock options, RSUs and PSUs	10	7

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2016	Mar. 31, 2016	Mar. 31, 2015
Subsequent Event [Line Items]
Proceeds from issuance of long-term debt		$ 1,000	$ 0
Repayments of Long-term Debt		$ 185	$ 1,027
HFLF Series 2016-1 | Subsequent Event
Subsequent Event [Line Items]
Proceeds from issuance of long-term debt	$ 400
HFLF Series 2013-2 Notes | Subsequent Event
Subsequent Event [Line Items]
Repayments of Long-term Debt	400
Eliminations | Affiliated Entity | HVF II Series 2015-3 Notes, Class D | Subsequent Event
Subsequent Event [Line Items]
Proceeds from issuance of long-term debt	$ 15