Hertz Global (HTZ) 10-Q 8 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 31, 2016
Document And Entity Information [Abstract]
Entity Registrant Name	HERTZ GLOBAL HOLDINGS, INC
Entity Central Index Key	1,657,853
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	No
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		82,966,420

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 1,430	$ 474
Restricted cash and cash equivalents:	324	333
Receivables:	1,456	1,786
Inventories, net	33	29
Prepaid expenses and other assets	569	966
Revenue earning vehicles:
Vehicles	14,487	13,441
Less accumulated depreciation	(2,779)	(2,695)
Total revenue earning vehicles, net	11,708	10,746
Property and equipment:
Land, buildings and leasehold improvements	1,165	1,171
Service equipment and other	754	809
Less accumulated depreciation	(1,041)	(978)
Total property and equipment, net	878	1,002
Other intangible assets, net	3,473	3,522
Goodwill	1,256	1,261
Assets of discontinued operations	0	3,395
Total assets	21,127	23,514
LIABILITIES AND EQUITY
Accounts payable:	792	766
Accrued liabilities	1,073	1,035
Accrued taxes, net	196	128
Debt:	14,863	15,770
Public liability and property damage	424	394
Deferred taxes on income, net	2,206	2,168
Liabilities of discontinued operations	0	1,234
Total liabilities	19,554	21,495
Commitments and contingencies
Equity:
Preferred Stock, $0.01 par value, no shares issued and outstanding	0	0
Common Stock, $0.01 par value, 85 and 464 shares issued and 83 and 423 shares outstanding	1	4
Additional paid-in capital	2,217	3,343
Accumulated deficit	(442)	(391)
Accumulated other comprehensive income (loss)	(103)	(245)
Stockholders' Equity before Treasury Stock	1,673	2,711
Treasury Stock, at cost, 2 shares and 41 shares	(100)	(692)
Total equity	1,573	2,019
Total liabilities and equity	21,127	23,514
Vehicles
ASSETS
Restricted cash and cash equivalents:	279	289
Receivables:	674	1,137
LIABILITIES AND EQUITY
Accounts payable:	209	207
Debt:	10,170	9,823
Non-vehicle
ASSETS
Restricted cash and cash equivalents:	45	44
Receivables:	782	649
LIABILITIES AND EQUITY
Accounts payable:	583	559
Debt:	$ 4,693	$ 5,947

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
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	400,000,000	2,000,000,000
Common Stock, shares issued	85,000,000	464,000,000
Common Stock, shares outstanding	83,000,000	423,000,000
Treasury Stock, shares repurchased	2,000,000	41,000,000
Non-vehicle
Receivables, allowance for doubtful accounts (in dollars)	$ 43	$ 36

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Worldwide vehicle rental	$ 2,390	$ 2,426	$ 6,353	$ 6,552
All other operations	152	149	441	439
Total revenues	2,542	2,575	6,794	6,991
Expenses:
Direct vehicle and operating	1,353	1,345	3,778	3,838
Depreciation of revenue earning vehicles and lease charges, net	695	631	1,940	1,859
Selling, general and administrative	227	218	685	692
Interest expense, net: Vehicle	72	65	211	189
Interest expense, net: Non-vehicle	84	88	269	258
Total interest expense, net	156	153	480	447
Other (income) expense, net	3	(28)	(86)	(30)
Total expenses	2,434	2,319	6,797	6,806
Income (loss) from continuing operations before income taxes	108	256	(3)	185
(Provision) benefit for taxes on income (loss) of continuing operations	(64)	(39)	(33)	(33)
Net income (loss) from continuing operations	44	217	(36)	152
Net income (loss) from discontinued operations	(2)	20	(15)	51
Net income (loss)	$ 42	$ 237	$ (51)	$ 203
Weighted average shares outstanding:
Basic (in shares)	84	91	85	91
Diluted (in shares)	85	91	85	92
Earnings (loss) per share - basic and diluted:
Basic earnings (loss) per share from continuing operations (in dollars per share)	$ 0.52	$ 2.38	$ (0.42)	$ 1.67
Basic earnings (loss) per share from discontinued operations (in dollars per share)	(0.02)	0.22	(0.18)	0.56
Basic earnings (loss) per share (in dollars per share)	0.50	2.60	(0.60)	2.23
Diluted earnings (loss) per share from continuing operations (in dollars per share)	0.52	2.38	(0.42)	1.65
Diluted earnings (loss) per share from discontinued operations (in dollars per share)	(0.03)	0.22	(0.18)	0.56
Diluted earnings (loss) per share (in dollars per share)	$ 0.49	$ 2.60	$ (0.60)	$ 2.21

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 42	$ 237	$ (51)	$ 203
Other comprehensive income (loss):
Foreign currency translation adjustments	14	(43)	32	(82)
Unrealized holding gains (losses) on securities	3	0	11	0
Net gain (loss) on defined benefit pension plans	0	0	(34)	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	3	7	9
Total other comprehensive income (loss) before income taxes	19	(40)	16	(73)
Income tax (provision) benefit related to net gains and losses on defined benefit pension plans	0	0	14	0
Income tax (provision) benefit related to reclassified amounts of net periodic costs on defined benefit pension plans	(1)	0	(3)	(2)
Total other comprehensive income (loss)	18	(40)	27	(75)
Total comprehensive income (loss)	$ 60	$ 197	$ (24)	$ 128

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income (loss)	$ (51)	$ 203
Less: Net income (loss) from discontinued operations	(15)	51
Net income (loss) from continuing operations	(36)	152
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used in) operating activities:
Depreciation of revenue earning vehicles, net	1,887	1,803
Depreciation and amortization, non-vehicle	195	206
Amortization and write-off of deferred financing costs	31	46
Amortization and write-off of debt discount (premium)	5	(2)
Loss on extinguishment of debt	40	0
Stock-based compensation charges	16	13
Provision for receivables allowance	35	24
Deferred taxes on income	11	33
Impairment charges and asset write-downs	31	26
(Gain) loss on sale of shares in equity method investment	(75)	(56)
Other	0	(5)
Changes in assets and liabilities
Non-vehicle receivables	(171)	(84)
Inventories, prepaid expenses and other assets	(14)	(16)
Non-vehicle accounts payable	25	(15)
Accrued liabilities	16	100
Accrued taxes	23	21
Public liability and property damage	32	19
Net cash provided by (used in) operating activities	2,051	2,265
Cash flows from investing activities:
Revenue earning vehicles expenditures	(9,250)	(9,478)
Proceeds from disposal of revenue earning vehicles	6,960	6,666
Capital asset expenditures, non-vehicle	(99)	(183)
Proceeds from disposal of property and other equipment	53	64
Acquisitions, net of cash acquired	0	(95)
Purchases of shares in equity method investment	(45)	0
Sales of shares in equity method investment	233	100
Net cash provided by (used in) investing activities	(2,139)	(2,648)
Cash flows from financing activities:
Proceeds from issuance of vehicle debt	7,665	6,069
Repayments of vehicle debt	(7,320)	(5,223)
Short-term borrowings:
Proceeds from issuance of non-vehicle debt	2,427	1,457
Repayments of non-vehicle debt	(3,684)	(1,547)
Purchase of treasury shares	(100)	(262)
Payment of financing costs	(73)	(11)
Early redemption premium payment	(13)	0
Transfers (to) from discontinued entities	2,122	(50)
Other	10	0
Net cash provided by (used in) financing activities	1,034	433
Effect of foreign exchange rate changes on cash and cash equivalents from continuing operations	10	(19)
Net increase (decrease) in cash and cash equivalents during the period from continuing operations	956	31
Cash flows from discontinued operations:
Cash flows provided by (used in) operating activities	205	418
Cash flows provided by (used in) investing activities	(77)	(466)
Cash flows provided by (used in) financing activities	(97)	38
Effect of foreign exchange rate changes on cash and cash equivalents	0	(2)
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations	31	(12)
Cash and cash equivalents at beginning of period	474	474
Cash and cash equivalents at end of period	1,430	505
Cash paid during the period for:
Income taxes, net of refunds	35	24
Supplemental disclosures of non-cash flow information:
Purchases of revenue earning vehicles included in accounts payable and accrued liabilities	138	129
Sales of revenue earning vehicles included in receivables	603	570
Purchases of property and other equipment included in accounts payable	15	47
Sales of property and other equipment included in receivables	5	28
Revenue earning equipment and property and equipment acquired through capital lease	16	11
Vehicles
Cash flows from investing activities:
Net change in restricted cash and cash equivalents, vehicle and non vehicle	11	288
Cash paid during the period for:
Interest, vehicle	183	160
Non-vehicle
Cash flows from investing activities:
Net change in restricted cash and cash equivalents, vehicle and non vehicle	(2)	(10)
Cash paid during the period for:
Interest, vehicle	$ 218	$ 228

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Millions, $ in Millions	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Balance at the beginning of the period at Dec. 31, 2014						$ (115)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 203
Other comprehensive income (loss)	(75)
Balance at the end of the period at Sep. 30, 2015						(190)
Balance at the beginning of the period at Dec. 31, 2015	2,019	$ 0	$ 4	$ 3,343	$ (391)	(245)	$ (692)
Balance at the beginning of the period (Shares) at Dec. 31, 2015			423				41
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(51)				(51)
Other comprehensive income (loss)	27					27
Net settlement on vesting of restricted stock	(2)			(2)
Stock-based employee compensation charges	17			17
Exercise of stock options (Shares)			1
Exercise of stock options	10			10
Share Repurchase (Shares)							2
Share Repurchase	(100)						$ (100)
Common shares issued to directors	1			1
Capital effect of Spin-Off (Shares)			(339)				(41)
Capital effect of Spin-Off	0		$ (3)	(689)			$ 692
Distribution of Herc Holdings, Inc	(348)			(463)		115
Balance at the end of the period (Shares) at Sep. 30, 2016			85				2
Balance at the end of the period at Sep. 30, 2016	$ 1,573	$ 0	$ 1	$ 2,217	$ (442)	$ (103)	$ (100)

Background

Background	9 Months Ended
	Sep. 30, 2016
Background Disclosure [Abstract]
Background	Background Hertz Global Holdings, Inc. ("Hertz Global" or the "Company") was incorporated in Delaware in 2015 to serve as the top-level holding company for Rental Car Intermediate Holdings, LLC which wholly owns The Hertz Corporation ("Hertz"), Hertz Global's primary operating company. Hertz was incorporated in Delaware in 1967 and is a successor to corporations that have been engaged in the vehicle rental and leasing business since 1918. Hertz operates its vehicle rental business primarily through the Hertz, Dollar and Thrifty brands from company-owned, licensee and franchisee locations in the U.S., Africa, Asia, Australia, Canada, Europe, Latin America, the Middle East and New Zealand. Through its Donlen subsidiary, Hertz provides vehicle leasing and fleet management services. On June 30, 2016, former Hertz Global Holdings, Inc. (for periods on or prior to June 30, 2016, “Old Hertz Holdings” and for periods after June 30, 2016, “Herc Holdings”) completed a spin-off (the “Spin-Off”) of its global vehicle rental business through a dividend to stockholders of record of Old Hertz Holdings as of the close of business on June 22, 2016, the record date for the distribution, of all of the issued and outstanding common stock of Hertz Rental Car Holding Company, Inc. (“New Hertz”), which was re-named Hertz Global Holdings, Inc. in connection with the Spin-Off, on a one-to-five basis. See Note 18 , " Equity and Earnings (Loss) Per Share ," for further information regarding the equity of Old Hertz Holdings and Hertz Global. Hertz Global is now an independent public company and trades on the New York Stock Exchange under the symbol "HTZ". Herc Holdings, which changed its name to Herc Holdings Inc. on June 30, 2016, trades on the New York Stock Exchange under the symbol “HRI”. Despite the fact that this was a reverse spin-off and the Company was spun off from Old Hertz Holdings and was the legal spinnee in the transaction, for accounting purposes, due to the relative significance of New Hertz to Old Hertz Holdings, the Company is considered the spinnor or divesting entity and Herc Holdings is considered the spinnee or divested entity. As a result, New Hertz, or Hertz Global, is the “accounting successor” to Old Hertz Holdings. As such, the historical financial information of the Company reflects the financial information of the equipment rental business and certain parent legal entities as discontinued operations. See Note 3 , " Discontinued Operations ," for additional information.

Basis of Presentation and Recen

Basis of Presentation and Recently Issued Accounting Pronouncements	9 Months Ended
	Sep. 30, 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 consolidated balance sheet data of the Company was derived from audited financial statements of Old Hertz Holdings, 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 Old Hertz Holdings Form 10‑K for the year ended December 31, 2015, as filed with the Securities and Exchange Commission ("SEC") on February 29, 2016 (the "Old Hertz Holdings 2015 Form 10‑K"), and as amended on March 4, 2016 (the "Old Hertz Holdings 2015 Form 10‑K/A"). As described in Note 1 , " Background " and Note 3 , " Discontinued Operations ", the Company is the accounting successor to Old Hertz Holdings. As such, the historical financial information of the Company reflects the financial information of the equipment rental business and certain parent legal entities as discontinued operations. Unless noted otherwise, information disclosed in these notes to the condensed consolidated financial statements of the Company pertain to its continuing operations. 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 Global 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. Adoption of this guidance required the Company to reclassify $73 million of debt issuance costs from prepaid expenses and other assets to debt in its condensed consolidated balance sheet as of December 31, 2015. Adoption of this new guidance did not impact the Company’s 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 originally 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 deferred 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. In April 2016, the FASB issued guidance that reduces the complexity for identifying performance obligations and clarifies the implementation guidance on licensing for intellectual property. In May 2016, the FASB issued guidance that clarifies the collectability criterion, the presentation of sales taxes, and noncash consideration, and provides additional implementation practical expedients. The Company is in the process of determining the method and timing of adoption and assessing the overall impact 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. Based on current operations, adoption of this guidance is not expected to have a material impact on the Company’s financial position, results of operations or 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 vehicle rental business, 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 impact 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, adoption of this guidance is not expected to have a material impact on the Company’s financial position, results of operations or cash flows. 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. Adoption of the requirements within this guidance related to forfeitures, minimum statutory withholding requirements, and classifications within the statement of cash flows is not expected to have a material impact on the Company's financial condition, results of operations or cash flows. The Company is in the process of assessing the impact of the elimination of the tax "windfalls" within this guidance on its financial position, results of operations and cash flows. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued guidance that sets forth a current expected credit loss (“CECL”) impairment model for financial assets, which replaces the current incurred loss model. This model requires a financial asset (or group of financial assets), including trade receivables, measured at amortized cost to be presented at the net amount expected to be collected with an allowance for credit losses deducted from the amortized cost basis. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. This guidance is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods using a modified retrospective transition method. Adoption of this guidance is not expected to have a material impact on the Company's financial position, results of operations or cash flows. Classification of Certain Cash Receipts and Cash Payments In August 2016, the FASB issued guidance that addresses the treatment of certain transactions in statements of cash flow, with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified. These items include debt prepayment or debt extinguishment costs, proceeds from the settlement of life insurance claims, proceeds from the settlement of corporate-owned life insurance policies, and distributions received from equity method investees. The guidance is effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods using the retrospective transition method. The Company is in the process of assessing the potential impacts of adopting this guidance on its presentation of cash flows.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations As further described in Note 1 , " Background ," on June 30, 2016, the separation of Old Hertz Holdings' global vehicle rental and equipment rental businesses was completed. In connection with the Spin-Off, Hertz Global and Herc Holdings entered into multiple agreements that provide a framework for the relationships between the parties going forward. As the primary operating company for Hertz Global, the agreements that follow also apply to Hertz directly. Separation and Distribution Agreement Hertz Global entered into a separation and distribution agreement (the “Separation Agreement”) with Herc Holdings which, among other things, sets forth other agreements that govern the aspects of the relationship as follows: Internal Reorganization and Related Financing Transactions - Provides for the transfers of entities and assets and the assumption of liabilities necessary to complete the Spin-Off, including the series of internal reorganization transactions such that Hertz Global holds the entities associated with Old Hertz Holdings’ global vehicle rental business, including Hertz, and Herc Holdings holds the entities associated with Old Hertz Holdings’ global equipment rental business, including Herc Rentals Inc. (“Herc”, formerly known as Hertz Equipment Rental Corporation, or “HERC”). Pursuant to the Separation Agreement, Herc made certain cash transfers in the total amount of approximately $2.0 billion to Hertz Global and its subsidiaries in June 2016. To fund, among other things, such transfers, in connection with, and prior to, the Spin-Off, Herc issued senior secured second priority notes and entered into a new asset-based revolving credit agreement. Hertz Global and Hertz used the cash proceeds from these transfers to pay off the Senior Term Facility. Legal Matters and Claims; Sharing of Certain Liabilities - Subject to any specified exceptions, each party to the Separation Agreement has assumed the liability for, and control of, all pending and threatened legal matters related to its own business, as well as assumed or retained liabilities, and has indemnified the other party for any liability arising out of or resulting from such assumed legal matters. The Separation Agreement provides for certain liabilities to be shared by the parties. Hertz Global and Herc Holdings are each responsible for a portion of these shared liabilities. The division of these shared liabilities are set forth in the Separation Agreement. Hertz Global is responsible for managing the settlement or other disposition of such shared liabilities. Other Matters - In addition to those matters discussed above, the Separation Agreement, among other things, (i) governs the transfer of assets and liabilities generally, (ii) terminates all intercompany arrangements between Hertz Global and Herc Holdings except for specified agreements and arrangements that follow the Spin-Off, (iii) contains further assurances, terms and conditions that require Hertz Global and Herc Holdings to use commercially reasonable efforts to consummate the transactions contemplated by the Separation Agreement and the ancillary agreements, (iv) releases certain claims between the parties and their affiliates, successors and assigns, (v) contains mutual indemnification clauses and (vi) allocates expenses of the Spin-Off between the parties. Transition Services Agreement Hertz Global entered into a transition services agreement (the “Transition Services Agreement”) pursuant to which Hertz Global or its affiliates, including Hertz, will provide Herc Holdings specified services on a transitional basis for a term of up to two years following the Spin-Off, though Hertz Global may request certain transition services to be performed by Herc Holdings. The services to be provided by Hertz Global primarily include information technology and network and telecommunications systems support, human resources, payroll and benefits, accounting and finance, treasury, tax matters and administrative services. With certain exceptions, Hertz Global and Herc Holdings have agreed to charge for the services rendered the allocated costs associated with rendering these services, including a mark-up for certain services, which the Company will record as a reduction to the associated expenses. Tax Matters Agreement Hertz Global and Hertz entered into a tax matters agreement (the “Tax Matters Agreement”) with Herc Holdings and Herc that governs the parties’ respective rights, responsibilities and obligations after the Spin-Off with respect to tax liabilities and benefits, tax attributes, tax contests and other tax matters regarding income taxes, other taxes and related tax returns. Under the Tax Matters Agreement, Herc Holdings, Herc, Hertz Global and Hertz are responsible for their respective tax liabilities. The agreement provides for no compensation due to any change in a tax attribute, such as a net operating loss ("NOL"). Tax attributes are allocated between the entities based on the applicable federal or state income tax law and regulations. The Tax Matters Agreement also requires that an unqualified opinion from a nationally recognized law firm, supplemental ruling from the Internal Revenue Service, or waiver from the other party be obtained upon the occurrence or contemplated occurrence of certain events which could impact the taxability of the transaction under the U.S. federal income tax law. The Spin-Off was a reverse spin-off, as such, Herc Holdings is the successor entity to Old Hertz Holdings and will file a tax return for the full year of 2016 which will include activity of Old Hertz Holdings for the first half of 2016. In addition, the Company will file its own 2016 tax return that includes its activity for the second half of 2016. Employee Matters Agreement Hertz Global and Herc Holdings entered into an employee matters agreement (the “Employee Matters Agreement”) to allocate liabilities and responsibilities relating to employment matters, employee compensation, benefit plans and programs and other related matters. The Employee Matters Agreement governs Hertz Global's and Herc Holdings’ obligations with respect to such matters for current and former employees of the vehicle rental business and the equipment rental business. Intellectual Property Agreement Hertz Global and Herc Holdings entered into an intellectual property agreement (the “Intellectual Property Agreement”) that provides for ownership, licensing and other arrangements regarding the trademarks and related intellectual property that Hertz Global and Herc Holdings use in conducting their respective businesses. The agreement provides that, following the Spin-Off, Herc Holdings will continue to have the right to use certain intellectual property associated with the Hertz brand for a period of four years on a royalty free basis. Results of Discontinued Operations The following table summarizes the results of the equipment rental business and certain parent legal entities which are presented as discontinued operations. The operations that are discontinued are comprised of Old Hertz Holdings' Worldwide Equipment Rental segment as well as certain parent entities that were presented as part of corporate operations prior to the Spin-Off. Three Months Ended Nine Months Ended (In millions) 2016 2015 2016 2015 Total revenues $ — $ 401 $ 677 $ 1,131 Direct operating expenses — 219 366 637 Depreciation of revenue earning equipment and lease charges, net — 86 181 243 Selling, general and administrative — 41 123 129 Interest expense, net (1) — 5 17 20 Other (income) expense, net — (1 ) (1 ) (4 ) Income (loss) from discontinued operations before income taxes — 51 (9 ) 106 (Provision) benefit for taxes on discontinued operations (2 ) (31 ) (6 ) (55 ) Net income (loss) from discontinued operations $ (2 ) $ 20 $ (15 ) $ 51 (1) In addition to interest expense directly associated with Herc Holdings, the Company allocated all interest expense associated with the Senior ABL Facility to discontinued operations as this debt was repaid in connection with the Spin-Off in accordance with requirements as disclosed in Note 6 , " Debt ." For the three months ended September 30, 2015, the amount allocated was $4 million . For the nine months ended September 30, 2016 and 2015 , the amount allocated was $5 million and $12 million , respectively. The carrying amounts of the major classes of assets and liabilities of discontinued operations as of December 31, 2015 consisted of the following: (In millions) December 31, 2015 ASSETS Cash and cash equivalents $ 12 Restricted cash and cash equivalents 16 Receivables, net of allowance 288 Inventories, net 22 Prepaid expenses and other assets 36 Revenue earning equipment, net 2,382 Property and other equipment, net 246 Other intangible assets, net 300 Goodwill 93 Total assets of discontinued operations $ 3,395 LIABILITIES Accounts payable $ 109 Accrued liabilities and other 71 Accrued taxes, net 273 Debt 64 Public liability and property damage 8 Deferred taxes on income, net 709 Total liabilities of discontinued operations $ 1,234 As a result of the Spin-Off, the Company distributed $348 million in net assets of Herc Holdings, which has been reflected as a reduction to additional paid in capital and accumulated other comprehensive (income) loss in the accompanying condensed consolidated balance sheet and statement of changes in equity as of September 30, 2016 . Also in connection with the Spin-Off, there was a $229 million reclassification related to the resulting continuing operations presentation of tax accounts from accrued taxes, net to prepaid expenses and other assets in the accompanying condensed consolidated balance sheets as of December 31, 2015 .

Acquisitions and Divestitures

Acquisitions and Divestitures	9 Months Ended
	Sep. 30, 2016
Business Combinations and Divestitures [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Acquisitions Equity Investment During the second quarter of 2016, the Company paid $45 million for investments in entities which are accounted for under the equity method. These investments are presented within prepaid expenses and other assets in the accompanying condensed consolidated balance sheets. Hertz Franchises In February 2015, the Company acquired substantially all of the assets of certain Hertz-branded franchises, including existing vehicles 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 at the time 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. Rental Car Revenue earning vehicles $ 71 Property and equipment 6 Other intangible assets 9 Goodwill 1 Total $ 87 Divestitures CAR Inc. Investment In September 2015, the Company sold approximately 60 million shares of common stock of CAR Inc., a publicly traded company on the Hong Kong Stock Exchange for net proceeds of $100 million which resulted in a pre-tax gain of $56 million , which has been recognized and recorded in the Company's corporate operations and is included in other (income) expense, net in the accompanying condensed consolidated statements of operations. In March 2016, the Company sold 204 million shares of common stock of CAR Inc. 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 accompanying 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 are being recognized over the remaining term of the commercial agreement. The Company's ownership interest in CAR Inc. is approximately 1.7% at September 30, 2016 . The Company is unable to exercise significant influence over CAR Inc. and as a result, classifies the investment as an available for sale security. This investment is presented within prepaid expenses and other assets in the accompanying condensed consolidated balance sheets. See Note 13 , " Fair Value Measurements ," for the fair value of the Company's available for sale securities at September 30, 2016 .

Revenue Earning Vehicles

Revenue Earning Vehicles	9 Months Ended
	Sep. 30, 2016
Revenue Earning Vehicles [Abstract]
Revenue Earning Vehicles	Revenue Earning Vehicles The components of revenue earning vehicles, net are as follows: (In millions) September 30, 2016 December 31, 2015 Revenue earning vehicles $ 14,022 $ 13,242 Less: Accumulated depreciation (2,614 ) (2,631 ) 11,408 10,611 Revenue earning vehicles held for sale, net 300 135 Revenue earning vehicles, net $ 11,708 $ 10,746 Depreciation of revenue earning vehicles and lease charges, net includes the following: Three Months Ended Nine Months Ended (In millions) 2016 2015 2016 2015 Depreciation of revenue earning vehicles $ 631 $ 581 $ 1,766 $ 1,747 (Gain) loss on disposal of revenue earning vehicles (a) 44 32 121 56 Rents paid for vehicles leased 20 18 53 56 Depreciation of revenue earning vehicles and lease charges, net $ 695 $ 631 $ 1,940 $ 1,859 (a) (Gain) loss on disposal of revenue earning vehicles by segment is as follows: Three Months Ended Nine Months Ended (In millions) 2016 2015 2016 2015 U.S. Rental Car $ 43 $ 34 $ 124 $ 59 International Rental Car 1 (2 ) (3 ) (3 ) Total $ 44 $ 32 $ 121 $ 56 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 vehicles. The cumulative impact of depreciation rate changes is as follows: Increase (decrease) Three Months Ended Nine Months Ended (In millions) 2016 2015 2016 2015 U.S. Rental Car (a) $ 43 $ 26 $ 88 $ 83 International Rental Car 1 — 3 — Total $ 44 $ 26 $ 91 $ 83 (a) The depreciation rate changes in the U.S. Rental Car operations for the three and nine months ended September 30, 2016 include a net increase in depreciation expense of $39 million based on the review completed during the third quarter of 2016 . The depreciation rate changes in the U.S. Rental Car operations for the three and nine months ended September 30, 2015 include a net increase in depreciation expense of $11 million based on the review completed during the third quarter of 2015 .

Debt

Debt	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Debt	Debt As discussed in Note 3 , " Discontinued Operations ," on June 30, 2016, the Company completed a Spin-Off of the equipment rental business. Amounts presented herein relate to the debt associated with the vehicle rental business. The Company's debt, including its available credit facilities, consists of the following (in millions): Facility Weighted Average Interest Rate at September 30, 2016 Fixed or Maturity September 30, December 31, Non-Vehicle Debt Senior Term Loan 3.50% Floating 6/2023 $ 698 $ — Senior RCF N/A Floating 6/2021 — — Senior Term Facility N/A N/A N/A — 2,062 Senior ABL Facility N/A N/A N/A — — Senior Notes (1) 6.21% Fixed 4/2018–10/2024 4,000 3,900 Promissory Notes 7.00% Fixed 1/2028 27 27 Other Non-Vehicle Debt 2.51% Fixed Various 11 2 Unamortized Debt Issuance Costs and Net (Discount) Premium (43 ) (44 ) Total Non-Vehicle Debt 4,693 5,947 Vehicle Debt HVF U.S. Vehicle 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) 1.91% Fixed 8/2018 625 950 970 1,420 HVF II U.S. ABS Program HVF II U.S. Vehicle Variable Funding Notes HVF II Series 2013-A (2) 1.63% Floating 10/2017 1,483 980 HVF II Series 2013-B (2) 1.68% Floating 10/2017 746 1,308 HVF II Series 2014-A N/A N/A N/A — 1,737 2,229 4,025 HVF II U.S. Vehicle 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 — HVF II Series 2016-3 (2) 2.56% Fixed 7/2019 400 — HVF II Series 2016-4 (2) 2.91% Fixed 7/2021 400 — 3,180 1,380 Facility Weighted Average Interest Rate at September 30, 2016 Fixed or Maturity September 30, December 31, Donlen ABS Program HFLF Variable Funding Notes HFLF Series 2013-2 (2) 1.65% Floating 9/2018 300 370 300 370 HFLF Medium Term Notes HFLF Series 2013-3 (2) 1.34% Floating 10/2016–11/2016 134 270 HFLF Series 2014-1 (2) 1.17% Floating 12/2016–3/2017 179 288 HFLF Series 2015-1 (2) 1.20% Floating 3/2018–5/2018 272 295 HFLF Series 2016-1 (2) 1.85% Floating 2/2019–4/2019 385 — 970 853 Other Vehicle Debt U.S. Vehicle RCF (3) 3.03% Floating 6/2021 193 — U.S. Vehicle Financing Facility N/A N/A N/A — 190 European Revolving Credit Facility 2.11% Floating 10/2017 381 273 European Vehicle Notes (4) 4.29% Fixed 1/2019–10/2021 729 464 European Securitization (2) 1.55% Floating 10/2018 474 267 Canadian Securitization (2) 1.88% Floating 1/2018 267 148 Australian Securitization (2) 3.12% Floating 7/2018 121 98 Brazilian Vehicle Financing Facility 17.63% Floating 10/2016 9 7 New Zealand RCF 4.64% Floating 9/2018 31 — Capitalized Leases 2.43% Floating 10/2016–3/2020 359 362 2,564 1,809 Unamortized Debt Issuance Costs and Net (Discount) Premium (43 ) (34 ) Total Vehicle Debt 10,170 9,823 Total Debt $ 14,863 $ 15,770 N/A - Not Applicable (1) References to the "Senior Notes" include the series of Hertz's unsecured senior notes set forth on the table below. Outstanding principal amounts for each such series of the Senior Notes is also specified below: (In millions) Outstanding Principal Senior Notes September 30, 2016 December 31, 2015 4.25% Senior Notes due April 2018 $ 250 $ 250 7.50% Senior Notes due October 2018 — 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 5.50% Senior Notes due October 2024 800 — $ 4,000 $ 3,900 $700 million of the 7.50% Senior Notes due October 2018 were redeemed in July 2016 as further described below. $800 million of the 6.75% Senior Notes due April 2019 were redeemed in October 2016 as described in Note 19 , " Subsequent Events ." (2) Maturity reference is to the "expected final maturity date" as opposed to the subsequent "legal maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness expect the relevant indebtedness to be repaid, which in the case of the HFLF Medium Term Notes was based upon various assumptions made at the time of the pricing of such notes. The legal final maturity date is the date on which the relevant indebtedness is legally due and payable. (3) Approximately $67 million of the aggregate maximum borrowing capacity under the U.S. Vehicle RCF is scheduled to expire in January 2018 . (4) References to the "European Vehicle Notes" include the series of HHN BV's (as defined below) unsecured senior notes (converted from Euros to U.S. dollars at a rate of 1.12 to 1) set forth on the table below. Outstanding principal amounts for each such series of the European Vehicle Notes is also specified below: (In millions) Outstanding Principal European Vehicles Notes September 30, 2016 December 31, 2015 4.375% Senior Notes due January 2019 $ 477 $ 464 4.125% Senior Notes due October 2021 252 — $ 729 $ 464 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, to mitigate any adverse impact on its operations resulting from adverse financial market conditions. Approximately $3.2 billion of vehicle debt will mature within the next twelve months and the Company will need to refinance a portion of the debt. The Company has reviewed the credit facilities that will mature within the next twelve months and determined that it is probable that the Company will be able, and has the intent, to refinance the credit facilities before the expiration of such facilities. In August 2016, the Company wrote off $1 million in deferred financing costs associated with the termination of HVFII commitments under the Series 2014-A Notes. In July 2016 , the Company redeemed $700 million of the 7.50% Senior Notes due October 2018 and paid a $13 million early redemption premium. The Company also wrote off $6 million in deferred financing costs associated with the 7.50% Senior Notes due October 2018 and other non-vehicle debt terminations. In June 2016, the Company paid off its Senior Term Facilities and refinanced certain vehicle debt and wrote off $20 million in deferred financing costs. Non-Vehicle Debt Senior Credit Facilities In June 2016, in connection with the Spin-Off of the equipment rental business, the Senior Term Facility and the Senior ABL Facility were repaid in full and terminated. Senior Facilities In June 2016, in connection with the Spin-Off of the equipment rental business, Hertz, as parent borrower, entered into a credit agreement with respect to a new senior secured term facility (the “Senior Term Loan”) and a new senior secured revolving credit facility (the “Senior RCF”) and, together with the Senior Term Loan, (the “Senior Facilities”). At Hertz’s option and subject to certain conditions, certain of Hertz’s domestic subsidiaries may also become party to the Senior Facilities from time to time, as subsidiary borrowers. The Senior Facilities are comprised of a Senior Term Loan, with a $700 million initial principal balance, and a Senior RCF consisting of a $1.7 billion revolving credit facility, with a portion of the Senior RCF available for the issuance of letters of credit and the issuance of swing line loans. Subject to the satisfaction of certain conditions and limitations, the Senior Facilities allow for the addition of incremental term and/or revolving loan commitments and incremental term and/or revolving loans. The interest rate applicable to the loans under the Senior Term Loan is based on a floating rate (subject to a LIBOR floor of 0.75% ) that varies depending on Hertz’s consolidated total net corporate leverage ratio. The interest rates applicable to the loans under the Senior RCF are based on a floating rate that varies depending on Hertz’s consolidated total net corporate leverage ratio and corporate ratings. The proceeds from the issuance of the Senior Term Loan were subsequently used to redeem all of the outstanding 7.50% Senior Notes (as defined below). Senior Notes In September 2016, Hertz issued $800 million in aggregate principal amount of 5.50% Senior Notes due 2024 . The proceeds of this issuance, together with available cash, were used to redeem $800 million of the 6.75% Senior Notes due 2019 in October 2016, see Note 19 , " Subsequent Events ." In July 2016, Hertz completed the redemption of all its outstanding 7.50% Senior Notes due 2018 (the " 7.50% Senior Notes") using proceeds received from the issuance of the Senior Term Loan and available cash to fund the redemption. Consequently, Hertz terminated, canceled and discharged all of its obligations under the 7.50% Senior Notes and under the Indenture dated as of September 30, 2010 (as supplemented). In addition to the payment of $700 million in principal amount of the 7.50% Senior Notes, Hertz paid an additional $25 million , comprised of $13 million for an early redemption premium of 1.875% of the principal amount outstanding and $12 million for accrued and unpaid interest through the date of redemption . Vehicle Debt HVF II U.S. Vehicle Variable Funding Notes In August 2016, HVF II terminated $500 million of commitments under the HVF II Series 2014-A Class A Notes and $20 million of commitments under the HVF II Series 2014-A Class B Notes, which commitments would have otherwise terminated as previously scheduled in October 2016. In connection with such terminations, HVF II repaid approximately $330 million of the outstanding principal amount of the HVF II Series 2014-A Class A Notes and $20 million of the outstanding principal amount of the HVF II Series 2014-A Class B Notes. There are no HVF II Series 2014-A Notes outstanding at September 30, 2016. In June 2016, HVF II terminated $1.8 billion of commitments under the HVF II Series 2014-A Class A Notes, which commitments would have otherwise terminated as previously scheduled in October 2016, such that after giving effect to such termination the aggregate maximum principal amount of the HVF II Series 2014-A Class A Notes was $500 million (subject to borrowing base availability). HVF II also terminated $20 million of commitments under the HVF II Series 2013-B Class B Notes and $20 million of commitments under the HVF II Series 2014-A Class B Notes, such that after giving effect to such terminations the aggregate maximum principal amount of the HVF II Series 2013-B Class B Notes and the HVF II Series 2014-A Class B Notes were $55 million and $20 million , respectively (in each case, subject to borrowing base availability). In addition, in June 2016 HVF II transitioned approximately $500 million of commitments available under the HVF II Series 2013-B Class A Notes to the HVF II Series 2013-A Class A Notes, such that after giving effect to such transition the aggregate maximum principal amount of the HVF II Series 2013-A Class A Notes and the HVF II Series 2013-B Class A Notes were $2.2 billion and $1.0 billion , respectively (in each case, subject to borrowing base availability). The net proceeds from the issuance of the HVF II Series 2016-3 Notes and HVF II Series 2016-4 Notes (as defined below), together with available cash, were used to repay $820 million of the outstanding principal amount of the HVF II Series 2014-A Notes. The net proceeds from the issuance of the HVF II Series 2016-1 Notes and HVF II Series 2016-2 Notes (as defined below), 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. HVF II U.S. Vehicle Medium Term Notes In June 2016, HVF II issued the Series 2016-3 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D (collectively, the "HVF II Series 2016-3 Notes") and Series 2016-4 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D (collectively, the "HVF II Series 2016-4 Notes") in an aggregate principal amount of approximately $848 million . The expected maturities of the Series 2016-3 Notes and the Series 2016-4 Notes are July 2019 and July 2021, respectively. There is subordination within the HVF II Series 2016-3 Notes and the HVF II Series 2016-4 Notes based on class. An affiliate of HVF II purchased the Class D Notes of each such series, and as a result, approximately $48 million of the aggregate principal amount is eliminated in consolidation. 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 $1.1 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. There is subordination within the HVF II Series 2016-1 Notes and the HVF II Series 2016-2 Notes based on class. An affiliate of HVF II purchased the Class D Notes of each such series, and as a result approximately $61 million of the aggregate principal amount is eliminated in consolidation. HFLF Variable Funding Notes In September 2016, HFLF entered into an agreement pursuant to which the maturity of the HFLF Series 2013-2 Notes was extended from September 2017 to September 2018. HFLF Medium Term 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 final 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, and as a result approximately $15 million of the aggregate principal amount is 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. U.S. Vehicle Revolving Credit Facility In June 2016, in connection with the Spin-Off, Hertz executed a U.S. Vehicle Revolving Credit Facility of $200 million (the “U.S. Vehicle RCF”). Eligible vehicle collateral for the U.S. Vehicle RCF includes retail vehicle sales inventory, certain vehicles in Hawaii and Kansas and other vehicles owned by certain of the Company’s U.S. operating companies. U.S. Vehicle Financing Facility In June 2016, in anticipation of the Spin-Off, the U.S. Vehicle Financing Facility was terminated. Vehicles that, prior to the Spin-Off, would have been financed under the U.S. Vehicle Financing Facility will be financed under the U.S. Vehicle RCF or the HVF II U.S. ABS Program going forward, as applicable. European Revolving Credit Facility In June 2016, Hertz Holdings Netherland B.V. ("HHN BV"), an indirect wholly-owned subsidiary of Hertz, amended the European Revolving Credit Facility to provide for aggregate maximum borrowings (subject to borrowing base availability) of up to €340 million during the peak season, for a seasonal commitment period through December 2016. Following the expiration of the seasonal commitment period, aggregate maximum borrowings available under the European Revolving Credit Facility will revert to up to €250 million (subject to borrowing base availability). European Vehicle Notes In September 2016, HHN BV issued 4.125% Senior Notes due October 2021 in an aggregate original principal amount of €225 million . Proceeds of the issuance of such notes, together with available cash, were used to repay amounts outstanding under the European Revolving Credit Facility and to finance European fleet operations. European Securitization In June 2016, certain of Hertz’s foreign subsidiaries entered into an agreement pursuant to which certain terms of the European Securitization were amended. The amendment provides for, among other things, aggregate maximum borrowings (subject to borrowing base availability) of up to €460 million and an extension of the maturity from October 2017 to October 2018. Australian Securitization In July 2016, HA Fleet Pty Limited, an indirect wholly-owned subsidiary of Hertz, entered into an agreement pursuant to which the maturity of the Australian Securitization was extended from December 2016 to July 2018 . Brazilian Vehicle Financing Facility In April 2016, the Company entered into an agreement pursuant to which the maturity of the Brazilian Vehicle Financing Facility was extended from April 2016 to October 2016 . Capitalized Leases-U.K. Leveraged Financing In June 2016, the U.K. Leveraged Financing was amended to provide for aggregate maximum leasing capacity (subject to asset availability) of up to £300 million during the peak season, for a seasonal commitment period through October 2016. Following the expiration of the seasonal commitment period, aggregate maximum borrowings available under the U.K Leveraged Financing will revert to up to £250 million (subject to asset availability). New Zealand Revolving Credit Facility In September 2016, Hertz New Zealand Holdings Limited, an indirect wholly-owned subsidiary of Hertz, entered into a credit agreement that provides for aggregate maximum borrowings of NZD 60 million (subject to borrowing base availability) on a revolving basis under an asset-based revolving credit facility (the “New Zealand RCF”). See also Note 19 , " Subsequent Events ," regarding financing transactions occurring subsequent to September 30, 2016 . Borrowing Capacity and Availability Borrowing capacity and availability comes from the Company's "revolving credit facilities," which are a combination of variable funding asset-backed securitization facilities, cash-flow-based revolving credit facilities and asset-based revolving credit facilities. Creditors under each such asset-backed securitization facility and asset-based revolving credit facility have a claim on a specific pool of assets as collateral. The Company's ability to borrow under each such asset-backed securitization facility and asset-based revolving credit facility is a function of, among other things, the value of the assets in the relevant collateral pool. With respect to each such asset-backed securitization facility and asset-based revolving credit facility, the Company refers to the amount of debt it can borrow given a certain pool of assets as the borrowing base. The Company refers to "Remaining Capacity" as the maximum principal amount of debt permitted to be outstanding under the respective facility (i.e., with respect to a variable funding asset-backed securitization facility or asset-based revolving credit facility, the amount of debt we could borrow assuming we possessed sufficient assets as collateral) less the principal amount of debt then-outstanding under such facility. With respect to a variable funding asset-backed securitization facility or asset-based revolving credit facility, the Company refers to "Availability Under Borrowing Base Limitation" as the lower of Remaining Capacity or the borrowing base less the principal amount of debt then-outstanding under such facility (i.e., the amount of debt that can be borrowed given the collateral possessed at such time). With respect to the Senior RCF, "Availability Under Borrowing Base Limitation" is the same as "Remaining Capacity" since borrowings under the Senior RCF are not subject to a borrowing base. The following facilities were available to the Company as of September 30, 2016 : (In millions) Remaining Capacity Availability Under Borrowing Base Limitation Non-Vehicle Debt Senior RCF $ 1,100 $ 1,100 Total Non-Vehicle Debt 1,100 1,100 Vehicle Debt U.S. Vehicle RCF — 4 HVF II U.S. Vehicle Variable Funding Notes 1,036 4 HFLF Variable Funding Notes 200 — European Revolving Credit Facility — — European Securitization 42 3 Canadian Securitization — — Australian Securitization 72 — Capitalized Leases 64 — New Zealand RCF 12 6 Total Vehicle Debt 1,426 17 Total $ 2,526 $ 1,117 Letters of Credit As of September 30, 2016 , there were outstanding standby letters of credit totaling $614 million . Such letters of credit have been issued primarily to support the Company's vehicle rental concessions and leaseholds and its insurance programs as well as to provide credit enhancement for its asset-backed securitization facilities. Of this amount $600 million was issued under the Senior RCF, which has a $1.0 billion letter of credit sublimit, resulting in $400 million of availability under such sublimit. As of September 30, 2016 , none of the letters of credit have been drawn upon. Special Purpose Entities Substantially all of the revenue earning vehicles 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 LLC, 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 revenue earning vehicles and related assets of certain of Hertz International, Ltd.'s subsidiaries. As of September 30, 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 $677 million and $418 million , respectively, primarily comprised of loans receivable and revenue earning vehicles, and total liabilities of $677 million and $418 million , respectively, primarily comprised of debt. Covenants The Company refers to Hertz and its subsidiaries as the Hertz credit group. The indentures for the Senior Notes contain covenants that, among other things, limit or restrict the ability of the Hertz credit group to incur additional indebtedness, incur guarantee obligations, prepay certain indebtedness, make certain restricted payments (including paying dividends, redeeming stock or making other distributions to parent entities of Hertz and other persons outside of the Hertz credit group), make investments, create liens, transfer or sell assets, merge or consolidate, or enter into certain transactions with Hertz's affiliates that are not members of the Hertz credit group. Certain other debt instruments and credit facilities (including the Senior Facilities) contain a number of covenants that, among other things, limit or restrict the ability of the borrowers and the guarantors to dispose of assets, incur additional indebtedness, incur guarantee obligations, prepay certain indebtedness, make certain restricted payments (including paying dividends, share repurchases or making other distributions), create liens, make investments, make acquisitions, engage in mergers, fundamentally change the nature of their business, make capital expenditures, or engage in certain transactions with certain affiliates. The Senior RCF contains a financial maintenance covenant that is only applicable to the Senior RCF. This financial covenant and related components of its computation are defined in the credit agreement related to the Senior RCF. The financial covenant provides that Hertz's consolidated total net corporate leverage ratio, as defined in the credit agreement related to the Senior RCF, as of the last day of any fiscal quarter, commencing with September 30, 2016, may not exceed the ratios indicated below: Fiscal Quarter(s) Ending Maximum Ratio September 30, 2016 5.25 to 1.00 December 31, 2016 through March 31, 2017 4.75 to 1.00 June 30, 2017 through September 30, 2017 5.25 to 1.00 December 31, 2017 4.75 to 1.00 March 31, 2018 4.50 to 1.00 June 30, 2018 through September 30, 2018 5.00 to 1.00 December 31, 2018 through March 31, 2019 4.50 to 1.00 June 30, 2019 through September 30, 2019 5.00 to 1.00 December 31, 2019 through March 31, 2020 4.50 to 1.00 June 30, 2020 through September 30, 2020 5.00 to 1.00 December 31, 2020 through March 31, 2021 4.50 to 1.00

Employee Retirement Benefits

Employee Retirement Benefits	9 Months Ended
	Sep. 30, 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. While compensation credits are no longer provided under the plan, interest credits continue to be credited on existing participant account balances under the plan until benefits are distributed, and service continues to be recognized for vesting and retirement eligibility requirements. Employee Matters Agreement As described in Note 3 , " Discontinued Operations ," Hertz Global and Herc Holdings entered into the “Employee Matters Agreement” to allocate liabilities and responsibilities relating to employment matters, employee compensation, benefit plans and programs and other related matters in connection with the Spin-Off of the equipment rental business. The Employee Matters Agreement governs Hertz Global's and Herc Holdings’ obligations with respect to such matters for current and former employees of the vehicle rental business and the equipment rental business. The Employee Matters Agreement specifies the method by which the pension plans are split in connection with the Spin-Off. Pension liabilities and an associated asset allocation related to employees of the equipment rental business will be transferred to a new plan. Amounts presented herein relate to pension expense associated with current and former employees of the vehicle rental business. On June 30, 2016, in connection with the Spin-Off and transfer of assets and liabilities from combined U.S. pension and other post-retirement benefit plans to newly created Herc Holdings plans, the Company remeasured pension and other post-retirement liabilities and assets for several of its U.S. plans. The remeasurement resulted in an increase to the Company's continuing operations net pension liability of $23 million compared to the net pension liability as of December 31, 2015. The significant weighted-average assumptions used at the June 30, 2016 measurement date were as follows. Discount rate 3.5% Expected rate of return on plan assets 7.2% Average salary increase 4.3% The following table sets forth the net periodic pension expense: Pension Benefits U.S. Non-U.S. Three Months Ended September 30, (In millions) 2016 2015 2016 2015 Components of Net Periodic Benefit Cost: Service cost $ 1 $ 1 $ — $ — Interest cost 5 5 2 3 Expected return on plan assets (7 ) (9 ) (3 ) (3 ) Net amortizations 2 — — — Settlement loss — 1 — 2 Net periodic pension expense (benefit) $ 1 $ (2 ) $ (1 ) $ 2 Pension Benefits U.S. Non-U.S. Nine Months Ended September 30, (In millions) 2016 2015 2016 2015 Components of Net Periodic Benefit Cost: Service cost $ 2 $ 3 $ 1 $ 1 Interest cost 16 16 6 7 Expected return on plan assets (21 ) (25 ) (9 ) (11 ) Net amortizations 6 2 — 1 Settlement loss 1 3 — 2 Net periodic pension expense (benefit) $ 4 $ (1 ) $ (2 ) $ —

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation In accordance with the Employee Matters Agreement entered into between Hertz Global and Herc Holdings, as further described in Note 3 , " Discontinued Operations ," previously outstanding stock-based compensation awards granted under Old Hertz Holdings' equity compensation programs prior to the Spin-Off and held by certain executives and employees of HERC and Old Hertz Holdings were adjusted to reflect the impact of the Spin-Off on these awards. To preserve the aggregate intrinsic value of these stock-based compensation awards, as measured immediately before and immediately after the Spin-Off, each holder of Old Hertz Holdings stock-based compensation awards received an adjusted award consisting of a stock-based compensation award denominated in the equity of the company at which the person was employed following the Spin-Off. In the Spin-Off, the determination as to which type of adjustment applied to a holder’s previously outstanding Old Hertz Holdings award was based upon the type of stock-based compensation award that was to be adjusted and the date on which the award was originally granted under the Old Hertz Holdings equity compensation programs prior to the Spin-Off. Under the Hertz Global Holdings, Inc. 2008 Omnibus Incentive Plan, during the nine months ended September 30, 2016 , the Company granted 200,364 non-qualified stock options to certain executives and employees at a weighted average grant date fair value of $15.81 as determined using the Black Scholes option pricing model; 285,185 restricted stock units ("RSUs") at a weighted average grant date fair value of $38.83 and 526,170 performance stock units ("PSUs") at a weighted average grant date fair value of $39.38 with vesting terms of three to five years. In connection with the Spin-Off on June 30, 2016, as further described in Note 1 , " Background ," outstanding stock-based compensation awards for employees of the global vehicle rental business were converted at a ratio of 1 former unit to 0.2523 new units, with a corresponding change in the exercise price of outstanding options. The share amounts represented herein reflect the post-conversion figures. There were no significant changes to assumptions used to fair value the options, nor was there material incremental compensation expense as a result of the Spin-Off. A summary of the total compensation expense and associated income tax benefits recognized under all plans, including the cost of stock options, RSUs and PSUs, is as follows: Three Months Ended Nine Months Ended (In millions) 2016 2015 2016 2015 Compensation expense $ 5 $ 5 $ 16 $ 13 Income tax benefit (2 ) (2 ) (6 ) (5 ) Total $ 3 $ 3 $ 10 $ 8 As of September 30, 2016 , there was $38 million of total unrecognized compensation cost related to non-vested stock options, RSUs and PSUs granted by Old Hertz Holdings under all plans. The total unrecognized compensation cost is expected to be recognized over the remaining 1.9 years , on a weighted average basis, of the requisite service period that began on the grant dates.

Restructuring

Restructuring	9 Months Ended
	Sep. 30, 2016
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring During 2016, the Company evaluated its workforce, product offerings and operations and initiated approximately $67 million in restructuring programs that include headcount reductions, business process re-engineering, asset impairments 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 periods shown are as follows: Three Months Ended Nine Months Ended (In millions) 2016 2015 2016 2015 By Type: Termination benefits $ 7 $ 4 $ 23 $ 16 Impairments and asset write-downs 28 1 31 2 Facility closure and lease obligation costs 2 1 7 15 Other — (2 ) 1 (4 ) Total $ 37 $ 4 $ 62 $ 29 Three Months Ended Nine Months Ended (In millions) 2016 2015 2016 2015 By Caption: Direct vehicle and operating $ 29 $ — $ 38 $ 15 Selling, general and administrative 8 4 24 14 Total $ 37 $ 4 $ 62 $ 29 Three Months Ended Nine Months Ended (In millions) 2016 2015 2016 2015 By Segment: U.S. Rental Car $ 30 $ 2 $ 51 $ 18 International Rental Car 3 4 7 11 Corporate 4 (2 ) 4 — Total $ 37 $ 4 $ 62 $ 29 The following table sets forth the activity affecting the restructuring accrual which is included in accrued liabilities in the accompanying condensed consolidated balance sheets during the nine months ended September 30, 2016 . Other is primarily comprised of future lease obligations at September 30, 2016 which will be paid over the remaining term of the applicable leases. (In millions) Termination Other Total Balance as of December 31, 2015 $ 9 $ 15 $ 24 Charges incurred 23 39 62 Cash payments (15 ) (6 ) (21 ) Other non-cash changes — (31 ) (31 ) Balance as of September 30, 2016 $ 17 $ 17 $ 34

Tangible Asset Impairments and

Tangible Asset Impairments and Asset Write-downs	9 Months Ended
	Sep. 30, 2016
Property, Plant and Equipment [Abstract]
Tangible Asset Impairments and Asset Write-downs	Tangible Asset Impairments and Asset Write-downs In the third quarter of 2016, the Company performed an impairment assessment of certain assets used in its U.S. Car Rental segment in connection with a restructuring program resulting in an impairment charge of $26 million which is included in direct vehicle and operating expense in the accompanying condensed consolidated statements of operations. In the third quarter of 2015, the Company deemed a building in its U.S. Car Rental segment to be held for sale. The Company performed an impairment assessment and recorded a charge of $5 million which is included in other (income) expense, net in the accompanying condensed consolidated statements of operations. 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. Rental Car 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 accompanying 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. Rental Car service equipment and assets deemed to have no future use, of which $4 million is included in direct vehicle and operating expense and $7 million is included in other (income) expense, net in the accompanying condensed consolidated statements of operations.

Taxes on Income (Loss)

Taxes on Income (Loss)	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Taxes on Income (Loss)	Taxes on Income (Loss) The effective tax rate for the three months ended September 30, 2016 and 2015 was 59% and 15% , respectively. The effective tax rate for the nine months ended September 30, 2016 and 2015 was (1,100)% and 18% , respectively. The effective tax rate for the nine months ended September 30, 2016 is not meaningful because of the correlation of the tax expense to the entities with a pre-tax loss for which no benefit is recognized. The effective tax rate for the full fiscal year 2016 is expected to be approximately 16% . The Company recorded a tax provision of $64 million for the three months ended September 30, 2016 , compared to a tax provision of $39 million for the three months ended September 30, 2015 . The provision for the three months ended September 30, 2015 included a one-time benefit of $23 million resulting from the release of a foreign valuation allowance and a benefit from a transfer pricing adjustment. The Company recorded a tax provision of $33 million for each of the nine months ended September 30, 2016 and 2015 . Tax Matters Agreement As described in Note 3 , " Discontinued Operations ", Hertz Global and Hertz entered into the Tax Matters Agreement with Herc Holdings and Herc Rentals to govern the parties’ respective rights, responsibilities and obligations after the Spin-Off with respect to tax liabilities and benefits, tax attributes, tax contests and other tax matters regarding income taxes, other taxes and related tax returns.

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 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 September 30, 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 vehicles in various currencies. The following table summarizes the estimated fair value of financial instruments: Fair Value of Financial Instruments Asset Derivatives (1) Liability Derivatives (1) (In millions) September 30, December 31, September 30, December 31, Interest rate instruments $ 2 $ 9 $ 1 $ 9 Foreign currency forward contracts 2 3 1 1 Total $ 4 $ 12 $ 2 $ 10 (1) All asset derivatives are recorded in prepaid expenses and other assets and all liability derivatives are recorded in accrued liabilities in the accompanying condensed consolidated balance sheets. While the Company's foreign currency forward contracts and certain interest rate instruments 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 $ (1 ) $ (12 ) Location of Gain or (Loss) Recognized on Derivatives Amount of Gain or (Loss) Recognized Nine Months Ended (In millions) 2016 2015 Foreign currency forward contracts Selling, general and administrative $ — $ (15 )

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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. 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 Level 1 inputs whereby all significant inputs are observable or can be derived from or corroborated by observable market data. The following table summarizes the ending balances of the Company's cash equivalents and investments. September 30, 2016 December 31, 2015 (In millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Money market funds $ 259 $ 640 $ — $ 899 $ 181 $ 49 $ — $ 230 Equity and other securities 43 — — 43 — 111 — 111 Total $ 302 $ 640 $ — $ 942 $ 181 $ 160 $ — $ 341 CAR Inc. As further described in Note 4 , " 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 September 30, 2016 . Financial Instruments The fair value of the Company's financial instruments as of September 30, 2016 are shown in Note 12 , " Financial Instruments ." The Company's financial instruments are classified as Level 2 assets and liabilities and are priced using quoted market prices for similar assets or liabilities in active markets. Debt Obligations The fair value of debt is estimated based on quoted market rates as well as borrowing rates currently available to the Company for loans with similar terms and average maturities (Level 2 inputs). As of September 30, 2016 As of December 31, 2015 (In millions) Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Non-vehicle Debt $ 4,736 $ 4,826 $ 5,991 $ 6,070 Vehicle Debt 10,213 10,278 9,857 9,854 Total $ 14,949 $ 15,104 $ 15,848 $ 15,924 Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis At December 31, 2015, the Company had long-lived assets held for sale with a fair value of $25 million . During the first quarter of 2016, the Company reclassified a building in its U.S. Rental Car segment with a fair value of $9 million to held and used. During the second quarter of 2016, the Company sold its previous corporate headquarters building in Park Ridge, New Jersey with a fair value of $13 million . During the third quarter of 2016, the company sold real property in its U.S. Rental Car segment with a fair value of $8 million . At September 31, 2016, there were no material amounts of assets or liabilities measured at fair value on a non-recurring basis. See Note 10 , " Tangible Asset Impairments and Asset Write-downs " for information regarding fair value adjustments.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income Accumulated Other Income (Loss) Changes in the accumulated other comprehensive income (loss) balance by component (net of tax) are as follows: (In millions) Pension and Other Post-Employment Benefits Foreign Currency Items Unrealized Losses on Terminated Net Investment Hedges Unrealized Gains on Available for Sale Securities Accumulated Other Comprehensive Income (Loss) Balance as of December 31, 2015 $ (102 ) $ (124 ) $ (19 ) $ — $ (245 ) Other comprehensive income (loss) before reclassification (20 ) 32 — 11 23 Amounts reclassified from accumulated other comprehensive loss 4 — — — 4 Distribution of Herc Holdings, Inc 20 95 — — 115 Balance as of September 30, 2016 $ (98 ) $ 3 $ (19 ) $ 11 $ (103 ) Balance as of December 31, 2014 $ (101 ) $ 5 $ (19 ) $ — $ (115 ) Other comprehensive income (loss) before reclassification — (82 ) — — (82 ) Amounts reclassified from accumulated other comprehensive loss 7 — — — 7 Balance as of September 30, 2015 $ (94 ) $ (77 ) $ (19 ) $ — $ (190 )

Contingencies and Off-Balance S

Contingencies and Off-Balance Sheet Commitments	9 Months Ended
	Sep. 30, 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 rented from the Company. The obligation for public liability and property damage on self-insured U.S. and international vehicles, 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 September 30, 2016 and December 31, 2015 , the Company's liability recorded for public liability and property damage matters was $424 million and $394 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 nine months ended September 30, 2016 or the period after September 30, 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 vehicles 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. Oral argument has been set for December 12, 2016 in San Francisco. 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 Old Hertz Holdings and certain of its officers as defendants and alleging violations of the federal securities laws. The complaint alleged that Old 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, Old Hertz Holdings responded to the amended complaint by filing a motion to dismiss. After a hearing in October 2014, the court granted Old 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 Old Hertz Holdings responded to the second amended complaint by filing another motion to dismiss. On July 22, 2015, the court granted Old 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, named additional current and former officers as defendants 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, Old 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. Old Hertz Holdings and the individual defendants moved to dismiss the fourth amended complaint in its entirety with prejudice on March 24, 2016, and plaintiff filed its opposition to same on May 6, 2016. On June 13, 2016, Old Hertz Holdings and the individual defendants filed their reply briefs in support of their motions to dismiss. The matter is now fully briefed. New Hertz and Herc Holdings are each responsible for a portion of the matter and Hertz Global will be responsible for managing the settlement or other disposition of the matter . Hertz Global 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 Global. However, we are 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 vehicle 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 and starting in June 2016 the Company has had communications with the United States Attorney's Office for the District of New Jersey regarding the same or similar events. The investigations and communications generally involve the restatements included in the Old Hertz Holdings Form 10‑K for the year ended December 31, 2014, as filed with the Securities and Exchange Commission ("SEC") on July 16, 2015 (the "Old Hertz Holdings 2014 10-K") and related accounting for prior periods. The Company has and intends to continue to cooperate with all requests related to the foregoing. 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 Old Hertz Holdings 2014 Form 10‑K addressed a variety of accounting matters involving the Company’s Brazil vehicle rental operations. The Company has identified certain activities in Brazil that raise issues under the Foreign Corrupt Practices Act and may raise issues under other federal and local laws, which the Company has self-reported to appropriate government entities and the processes with these government entities continue. The Company is continuing to investigate these issues. At this time, the Company is unable to predict the outcome of these issues 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 vehicle rental companies, including the Company and certain of its subsidiaries, violated French competition law by receiving historic market information from twelve French airports relating to the vehicle rental companies operating at those airports and by engaging in a concerted practice relating to train station surcharges. The Company believes that it has valid defenses and intends to vigorously defend against the allegations. At this time, the Company is 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 vehicle rental 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 recorded charges with respect to this matter of approximately $23 million . 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 accompanying condensed consolidated statements of operations. Separation and Distribution Agreement As described in Note 3 , " Discontinued Operations ", Hertz Global entered into the Separation and Distribution Agreement with Herc Holdings, which sets forth the terms agreed to by the parties regarding legal matters and claims relating to pending and threatened litigation and pre Spin-Off liabilities. Indemnification Obligations As described in Note 3 , " Discontinued Operations ", the Separation and Distribution Agreement with Herc Holdings contains mutual indemnification clauses and a customary indemnification provision with respect to liability arising out of or resulting from assumed legal matters. Other than as described above, 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 Old Hertz Holdings 2015 Form 10‑K under the caption Item 8, "Financial Statements and Supplementary Data." The Company regularly evaluates the probability of having to incur costs associated with indemnification obligations and will accrue for expected losses when they are probable and estimable.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has identified three 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. Rental Car ("U.S. RAC") - rental of vehicles (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 Rental Car ("International RAC") - rental and leasing of vehicles (cars, vans, 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; • All Other Operations - includes the Company's Donlen operating segment which provides vehicle 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 non-vehicle debt). Adjusted pre-tax income (loss) is calculated as income (loss) from continuing operations 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) from continuing operations or income (loss) from continuing operations before income taxes. Revenues and adjusted pre-tax income (loss) by segment and the reconciliation to consolidated amounts are summarized below. Three Months Ended September 30, Revenues Adjusted Pre-Tax Income (Loss) (In millions) 2016 2015 2016 2015 U.S. Rental Car $ 1,707 $ 1,739 $ 173 $ 246 International Rental Car 683 687 142 151 All Other Operations 152 149 19 18 Total reportable segments $ 2,542 $ 2,575 334 415 Corporate (1) (122 ) (126 ) Consolidated adjusted pre-tax income (loss) 212 289 Adjustments: Acquisition accounting (2) (16 ) (23 ) Debt-related charges (3) (11 ) (14 ) Loss on extinguishment of debt (4) (20 ) — Restructuring and restructuring related charges (5) (11 ) (15 ) Sale of CAR Inc. common stock (6) — 56 Impairment charges and asset write-downs (7) (28 ) (6 ) Finance and information technology transformation costs (8) (14 ) — Other (9) (4 ) (31 ) Income (loss) from continuing operations before income taxes $ 108 $ 256 Nine Months Ended September 30, Revenues Adjusted Pre-Tax Income (Loss) (In millions) 2016 2015 2016 2015 U.S. Rental Car $ 4,697 $ 4,873 $ 312 $ 509 International Rental Car 1,656 1,679 179 203 All Other Operations 441 439 53 52 Total reportable segments $ 6,794 $ 6,991 544 764 Corporate (1) (385 ) (396 ) Consolidated adjusted pre-tax income (loss) 159 368 Adjustments: Acquisition accounting (2) (49 ) (66 ) Debt-related charges (3) (36 ) (44 ) Loss on extinguishment of debt (4) (40 ) — Restructuring and restructuring related charges (5) (41 ) (77 ) Sale of CAR Inc. common stock (6) 75 56 Impairment charges and asset write-downs (7) (31 ) (15 ) Finance and information technology transformation costs (8) (40 ) — Other (9) — (37 ) Income (loss) from continuing operations before income taxes $ (3 ) $ 185 (1) Represents general corporate expenses, non-vehicle interest expense, as well as other business activities. (2) Represents incremental expense associated with amortization of other intangible assets and depreciation of property and other equipment relating to acquisition accounting. (3) Represents debt-related charges relating to the amortization of deferred financing costs and debt discounts and premiums. (4) Primarily represents the second quarter 2016 write-off of deferred financing costs as a result of paying off the Senior Term Facility and various vehicle debt refinancings and an early redemption premium of $13 million and the write off of deferred financing costs associated with the redemption of all of the 7.50% Senior Notes during the third quarter 2016. (5) Represents expenses incurred under restructuring actions as defined in U.S. GAAP. For further information on restructuring costs, see Note 9 , " 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, primarily in 2015. (6) Represents the pre-tax gain on the sale of CAR Inc. common stock. (7) In 2016 , primarily represents the third quarter impairment of certain assets used in the U.S. Car Rental segment in conjunction with a restructuring program. In 2015 , primarily represents an impairment of the former Dollar Thrifty headquarters and a third quarter impairment of a building in the U.S. Car Rental Segment. (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. In the three months ended September 30, 2016, $2 million was incurred by U.S. RAC and $12 million was incurred by Corporate and in the nine months ended September 30, 2016 , $11 million was incurred by U.S. RAC and $29 million was incurred by Corporate. (9) Includes miscellaneous and non-recurring items including but not limited to acquisition charges, integration charges, and other non-cash items. For the nine months ended September 30, 2016 , also includes a settlement gain related to one of our airport locations. In the 2015 periods, also includes a $24 million charge recorded in our International RAC segment related to a French road tax matter. Depreciation of revenue earning vehicles and lease charges, net Three Months Ended Nine Months Ended (In millions) 2016 2015 2016 2015 U.S. Rental Car $ 462 $ 399 $ 1,298 $ 1,200 International Rental Car 116 114 300 310 All Other Operations 117 118 342 349 Total $ 695 $ 631 $ 1,940 $ 1,859 Total assets (In millions) September 30, 2016 December 31, 2015 U.S. Rental Car $ 13,035 $ 13,614 International Rental Car 4,493 3,002 All Other Operations 1,608 1,520 Corporate 1,991 1,983 Assets of discontinued operations — 3,395 Total $ 21,127 $ 23,514 The decrease in total assets for U.S. RAC is primarily due to a decrease in fleet receivables as a result of 2015 program vehicles returned to the original equipment manufacturer. The increase in total assets for International RAC is primarily due to an increase in cash as a result of the proceeds received from the issuance of the 4.125% Senior Notes due October 2021 along with an increase in revenue earning vehicles to meet seasonal demands.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Icahn Agreements On June 30, 2016, Hertz Global entered into a confidentiality agreement (the “Confidentiality Agreement”) with Carl C. Icahn and certain related parties (the “Icahn Group”). Pursuant to the Confidentiality Agreement, Vincent J. Intrieri, Samuel Merksamer and Daniel A. Ninivaggi, each of whom was appointed as a director of Hertz Global, are designees of the Icahn Group on the Hertz Global board of directors. Until the date that the Icahn Group no longer has a designee on the Hertz Global board of directors, the Icahn Group agrees to vote all of its shares of common stock of Hertz Global in favor of the election of all of Hertz Global’s director nominees at each annual or special meeting of Hertz Global. In addition, Hertz Global, High River Limited Partnership, Icahn Partners LP and Icahn Partners Master Fund LP entered into a registration rights agreement, dated June 30, 2016 (the “Registration Rights Agreement”). Pursuant to the Registration Rights Agreement, among other things, and subject to certain exceptions, Hertz Global agreed to effect up to two demand registrations with respect to shares of Hertz Global common stock held by members of the Icahn Group. Hertz Global also agreed to provide, with certain exceptions, certain piggyback registration rights with respect to common stock held by members of the Icahn Group.

Equity and Earnings (Loss) Per

Equity and Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Equity and Earnings (Loss) Per Share	Equity and Earnings (Loss) Per Share Equity of Old Hertz Holdings Prior to the Spin-Off, equity of the Company is presented as that of Old Hertz Holdings. At December 31, 2015, there were 200 million shares of Old Hertz Holdings preferred stock authorized, par value $0.01 per share, 2 billion shares of Old Hertz Holdings common stock authorized, par value $0.01 per share and 41 million shares of Old Hertz Holdings treasury stock resulting from previous repurchases. Equity of Hertz Global Holdings, Inc. The articles of incorporation for Hertz Global authorized equity issuances commensurate with those of Old Hertz Holdings as adjusted for the one-to-five distribution ratio in the Spin-Off. As of September 30, 2016 , there are 40 million shares of Hertz Global preferred stock authorized, par value $0.01 per share, 400 million shares of Hertz Global common stock authorized, par value $0.01 per share, and 2 million shares of treasury stock. Share Repurchase Program In connection with the Spin-Off, Hertz Global's board of directors approved a share repurchase program that authorizes Hertz Global to purchase up to $395.4 million of its common stock. In the third quarter of 2016 , the Company repurchased 2 million shares for $100 million under the share repurchase program. This amount is included in treasury stock in the accompanying condensed consolidated balance sheet as of September 30, 2016 . See also Part II, Item 2 "Unregistered Sales of Securities and Use of Proceeds." Earnings (Loss) Per Share Basic earnings (loss) per share has been computed based upon the weighted average number of common shares outstanding. Diluted earnings (loss) per share has been computed based upon the weighted average number of common shares outstanding plus the effect of all potentially dilutive common stock equivalents, except when the effect would be anti-dilutive. As described in Note 1 , " Background ", on June 30, 2016, the distribution date, Old Hertz Holdings stockholders of record as of the close of business on June 22, 2016 received one share of Hertz Global common stock for every five shares of Old Hertz Holdings common stock held as of the record date. Basic and diluted net income (loss) per share for the three and nine months ended September 30, 2015 is calculated using the weighted average number of basic, dilutive and anti-dilutive common shares outstanding during the periods, as adjusted for the one-to-five distribution ratio. The following table sets forth the computation of basic and diluted earnings (loss) per share: Three Months Ended Nine Months Ended (In millions, except per share data) 2016 2015 2016 2015 Basic and diluted earnings (loss) per share: Numerator: Net income (loss) from continuing operations $ 44 $ 217 $ (36 ) $ 152 Net income (loss) from discontinued operations (2 ) 20 (15 ) 51 Net income (loss), basic $ 42 $ 237 $ (51 ) $ 203 Denominator: Basic weighted average common shares 84 91 85 91 Dilutive stock options, RSUs and PSUs 1 — — 1 Weighted average shares used to calculate diluted earnings per share 85 91 85 92 Antidilutive stock options, RSUs and PSUs 1 1 2 1 Earnings (loss) per share: Basic earnings (loss) per share from continuing operations $ 0.52 $ 2.38 $ (0.42 ) $ 1.67 Basic earnings (loss) per share from discontinued operations (0.02 ) 0.22 (0.18 ) 0.56 Basic earnings (loss) per share $ 0.50 $ 2.60 $ (0.60 ) $ 2.23 Diluted earnings (loss) per share from continuing operations $ 0.52 $ 2.38 $ (0.42 ) $ 1.65 Diluted earnings (loss) per share from discontinued operations (0.03 ) 0.22 (0.18 ) 0.56 Diluted earnings (loss) per share $ 0.49 $ 2.60 $ (0.60 ) $ 2.21

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Non-Vehicle Debt Senior Notes In October 2016 , Hertz redeemed $800 million in principal amount of its outstanding 6.75% Senior Notes due 2019 . In connection with the redemption, Hertz paid a $14 million early redemption premium and $26 million for accrued and unpaid interest . Vehicle Debt Brazilian Vehicle Financing Facility In October 2016 , the Brazilian Vehicle Financing Facility was repaid in full and terminated.

Basis of Presentation and Rec27

Basis of Presentation and Recently Issued Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 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 Global 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. Adoption of this guidance required the Company to reclassify $73 million of debt issuance costs from prepaid expenses and other assets to debt in its condensed consolidated balance sheet as of December 31, 2015. Adoption of this new guidance did not impact the Company’s 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 originally 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 deferred 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. In April 2016, the FASB issued guidance that reduces the complexity for identifying performance obligations and clarifies the implementation guidance on licensing for intellectual property. In May 2016, the FASB issued guidance that clarifies the collectability criterion, the presentation of sales taxes, and noncash consideration, and provides additional implementation practical expedients. The Company is in the process of determining the method and timing of adoption and assessing the overall impact 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. Based on current operations, adoption of this guidance is not expected to have a material impact on the Company’s financial position, results of operations or 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 vehicle rental business, 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 impact 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, adoption of this guidance is not expected to have a material impact on the Company’s financial position, results of operations or cash flows. 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. Adoption of the requirements within this guidance related to forfeitures, minimum statutory withholding requirements, and classifications within the statement of cash flows is not expected to have a material impact on the Company's financial condition, results of operations or cash flows. The Company is in the process of assessing the impact of the elimination of the tax "windfalls" within this guidance on its financial position, results of operations and cash flows. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued guidance that sets forth a current expected credit loss (“CECL”) impairment model for financial assets, which replaces the current incurred loss model. This model requires a financial asset (or group of financial assets), including trade receivables, measured at amortized cost to be presented at the net amount expected to be collected with an allowance for credit losses deducted from the amortized cost basis. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. This guidance is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods using a modified retrospective transition method. Adoption of this guidance is not expected to have a material impact on the Company's financial position, results of operations or cash flows. Classification of Certain Cash Receipts and Cash Payments In August 2016, the FASB issued guidance that addresses the treatment of certain transactions in statements of cash flow, with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified. These items include debt prepayment or debt extinguishment costs, proceeds from the settlement of life insurance claims, proceeds from the settlement of corporate-owned life insurance policies, and distributions received from equity method investees. The guidance is effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods using the retrospective transition method. The Company is in the process of assessing the potential impacts of adopting this guidance on its presentation of cash flows.

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	The operations that are discontinued are comprised of Old Hertz Holdings' Worldwide Equipment Rental segment as well as certain parent entities that were presented as part of corporate operations prior to the Spin-Off. Three Months Ended Nine Months Ended (In millions) 2016 2015 2016 2015 Total revenues $ — $ 401 $ 677 $ 1,131 Direct operating expenses — 219 366 637 Depreciation of revenue earning equipment and lease charges, net — 86 181 243 Selling, general and administrative — 41 123 129 Interest expense, net (1) — 5 17 20 Other (income) expense, net — (1 ) (1 ) (4 ) Income (loss) from discontinued operations before income taxes — 51 (9 ) 106 (Provision) benefit for taxes on discontinued operations (2 ) (31 ) (6 ) (55 ) Net income (loss) from discontinued operations $ (2 ) $ 20 $ (15 ) $ 51 (1) In addition to interest expense directly associated with Herc Holdings, the Company allocated all interest expense associated with the Senior ABL Facility to discontinued operations as this debt was repaid in connection with the Spin-Off in accordance with requirements as disclosed in Note 6 , " Debt ." For the three months ended September 30, 2015, the amount allocated was $4 million . For the nine months ended September 30, 2016 and 2015 , the amount allocated was $5 million and $12 million , respectively. The carrying amounts of the major classes of assets and liabilities of discontinued operations as of December 31, 2015 consisted of the following: (In millions) December 31, 2015 ASSETS Cash and cash equivalents $ 12 Restricted cash and cash equivalents 16 Receivables, net of allowance 288 Inventories, net 22 Prepaid expenses and other assets 36 Revenue earning equipment, net 2,382 Property and other equipment, net 246 Other intangible assets, net 300 Goodwill 93 Total assets of discontinued operations $ 3,395 LIABILITIES Accounts payable $ 109 Accrued liabilities and other 71 Accrued taxes, net 273 Debt 64 Public liability and property damage 8 Deferred taxes on income, net 709 Total liabilities of discontinued operations $ 1,234

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	9 Months Ended
	Sep. 30, 2016
Business Combinations and Divestitures [Abstract]
Schedule of Business Acquisitions, by Acquisition	The purchase price was allocated as follows: (In millions) U.S. Rental Car Revenue earning vehicles $ 71 Property and equipment 6 Other intangible assets 9 Goodwill 1 Total $ 87

Revenue Earning Vehicles (Table

Revenue Earning Vehicles (Tables)	9 Months Ended
	Sep. 30, 2016
Revenue Earning Vehicles [Abstract]
Components of Revenue Earning Vehicles	The components of revenue earning vehicles, net are as follows: (In millions) September 30, 2016 December 31, 2015 Revenue earning vehicles $ 14,022 $ 13,242 Less: Accumulated depreciation (2,614 ) (2,631 ) 11,408 10,611 Revenue earning vehicles held for sale, net 300 135 Revenue earning vehicles, net $ 11,708 $ 10,746
Depreciation on Revenue Earning Vehicles and Lease Charges	Depreciation of revenue earning vehicles and lease charges, net includes the following: Three Months Ended Nine Months Ended (In millions) 2016 2015 2016 2015 Depreciation of revenue earning vehicles $ 631 $ 581 $ 1,766 $ 1,747 (Gain) loss on disposal of revenue earning vehicles (a) 44 32 121 56 Rents paid for vehicles leased 20 18 53 56 Depreciation of revenue earning vehicles and lease charges, net $ 695 $ 631 $ 1,940 $ 1,859 (a) (Gain) loss on disposal of revenue earning vehicles by segment is as follows: Three Months Ended Nine Months Ended (In millions) 2016 2015 2016 2015 U.S. Rental Car $ 43 $ 34 $ 124 $ 59 International Rental Car 1 (2 ) (3 ) (3 ) Total $ 44 $ 32 $ 121 $ 56
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 vehicles. The cumulative impact of depreciation rate changes is as follows: Increase (decrease) Three Months Ended Nine Months Ended (In millions) 2016 2015 2016 2015 U.S. Rental Car (a) $ 43 $ 26 $ 88 $ 83 International Rental Car 1 — 3 — Total $ 44 $ 26 $ 91 $ 83 (a) The depreciation rate changes in the U.S. Rental Car operations for the three and nine months ended September 30, 2016 include a net increase in depreciation expense of $39 million based on the review completed during the third quarter of 2016 . The depreciation rate changes in the U.S. Rental Car operations for the three and nine months ended September 30, 2015 include a net increase in depreciation expense of $11 million based on the review completed during the third quarter of 2015 .

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Components of debt	The Company's debt, including its available credit facilities, consists of the following (in millions): Facility Weighted Average Interest Rate at September 30, 2016 Fixed or Maturity September 30, December 31, Non-Vehicle Debt Senior Term Loan 3.50% Floating 6/2023 $ 698 $ — Senior RCF N/A Floating 6/2021 — — Senior Term Facility N/A N/A N/A — 2,062 Senior ABL Facility N/A N/A N/A — — Senior Notes (1) 6.21% Fixed 4/2018–10/2024 4,000 3,900 Promissory Notes 7.00% Fixed 1/2028 27 27 Other Non-Vehicle Debt 2.51% Fixed Various 11 2 Unamortized Debt Issuance Costs and Net (Discount) Premium (43 ) (44 ) Total Non-Vehicle Debt 4,693 5,947 Vehicle Debt HVF U.S. Vehicle 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) 1.91% Fixed 8/2018 625 950 970 1,420 HVF II U.S. ABS Program HVF II U.S. Vehicle Variable Funding Notes HVF II Series 2013-A (2) 1.63% Floating 10/2017 1,483 980 HVF II Series 2013-B (2) 1.68% Floating 10/2017 746 1,308 HVF II Series 2014-A N/A N/A N/A — 1,737 2,229 4,025 HVF II U.S. Vehicle 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 — HVF II Series 2016-3 (2) 2.56% Fixed 7/2019 400 — HVF II Series 2016-4 (2) 2.91% Fixed 7/2021 400 — 3,180 1,380 Facility Weighted Average Interest Rate at September 30, 2016 Fixed or Maturity September 30, December 31, Donlen ABS Program HFLF Variable Funding Notes HFLF Series 2013-2 (2) 1.65% Floating 9/2018 300 370 300 370 HFLF Medium Term Notes HFLF Series 2013-3 (2) 1.34% Floating 10/2016–11/2016 134 270 HFLF Series 2014-1 (2) 1.17% Floating 12/2016–3/2017 179 288 HFLF Series 2015-1 (2) 1.20% Floating 3/2018–5/2018 272 295 HFLF Series 2016-1 (2) 1.85% Floating 2/2019–4/2019 385 — 970 853 Other Vehicle Debt U.S. Vehicle RCF (3) 3.03% Floating 6/2021 193 — U.S. Vehicle Financing Facility N/A N/A N/A — 190 European Revolving Credit Facility 2.11% Floating 10/2017 381 273 European Vehicle Notes (4) 4.29% Fixed 1/2019–10/2021 729 464 European Securitization (2) 1.55% Floating 10/2018 474 267 Canadian Securitization (2) 1.88% Floating 1/2018 267 148 Australian Securitization (2) 3.12% Floating 7/2018 121 98 Brazilian Vehicle Financing Facility 17.63% Floating 10/2016 9 7 New Zealand RCF 4.64% Floating 9/2018 31 — Capitalized Leases 2.43% Floating 10/2016–3/2020 359 362 2,564 1,809 Unamortized Debt Issuance Costs and Net (Discount) Premium (43 ) (34 ) Total Vehicle Debt 10,170 9,823 Total Debt $ 14,863 $ 15,770 N/A - Not Applicable (1) References to the "Senior Notes" include the series of Hertz's unsecured senior notes set forth on the table below. Outstanding principal amounts for each such series of the Senior Notes is also specified below: (In millions) Outstanding Principal Senior Notes September 30, 2016 December 31, 2015 4.25% Senior Notes due April 2018 $ 250 $ 250 7.50% Senior Notes due October 2018 — 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 5.50% Senior Notes due October 2024 800 — $ 4,000 $ 3,900 $700 million of the 7.50% Senior Notes due October 2018 were redeemed in July 2016 as further described below. $800 million of the 6.75% Senior Notes due April 2019 were redeemed in October 2016 as described in Note 19 , " Subsequent Events ." (2) Maturity reference is to the "expected final maturity date" as opposed to the subsequent "legal maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness expect the relevant indebtedness to be repaid, which in the case of the HFLF Medium Term Notes was based upon various assumptions made at the time of the pricing of such notes. The legal final maturity date is the date on which the relevant indebtedness is legally due and payable. (3) Approximately $67 million of the aggregate maximum borrowing capacity under the U.S. Vehicle RCF is scheduled to expire in January 2018 . (4) References to the "European Vehicle Notes" include the series of HHN BV's (as defined below) unsecured senior notes (converted from Euros to U.S. dollars at a rate of 1.12 to 1) set forth on the table below. Outstanding principal amounts for each such series of the European Vehicle Notes is also specified below: (In millions) Outstanding Principal European Vehicles Notes September 30, 2016 December 31, 2015 4.375% Senior Notes due January 2019 $ 477 $ 464 4.125% Senior Notes due October 2021 252 — $ 729 $ 464 The fair value of debt is estimated based on quoted market rates as well as borrowing rates currently available to the Company for loans with similar terms and average maturities (Level 2 inputs). As of September 30, 2016 As of December 31, 2015 (In millions) Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Non-vehicle Debt $ 4,736 $ 4,826 $ 5,991 $ 6,070 Vehicle Debt 10,213 10,278 9,857 9,854 Total $ 14,949 $ 15,104 $ 15,848 $ 15,924
Schedule of facilities available for the use of the company and its subsidiaries	The following facilities were available to the Company as of September 30, 2016 : (In millions) Remaining Capacity Availability Under Borrowing Base Limitation Non-Vehicle Debt Senior RCF $ 1,100 $ 1,100 Total Non-Vehicle Debt 1,100 1,100 Vehicle Debt U.S. Vehicle RCF — 4 HVF II U.S. Vehicle Variable Funding Notes 1,036 4 HFLF Variable Funding Notes 200 — European Revolving Credit Facility — — European Securitization 42 3 Canadian Securitization — — Australian Securitization 72 — Capitalized Leases 64 — New Zealand RCF 12 6 Total Vehicle Debt 1,426 17 Total $ 2,526 $ 1,117
Schedule of corporate leverage ratio	in the credit agreement related to the Senior RCF, as of the last day of any fiscal quarter, commencing with September 30, 2016, may not exceed the ratios indicated below: Fiscal Quarter(s) Ending Maximum Ratio September 30, 2016 5.25 to 1.00 December 31, 2016 through March 31, 2017 4.75 to 1.00 June 30, 2017 through September 30, 2017 5.25 to 1.00 December 31, 2017 4.75 to 1.00 March 31, 2018 4.50 to 1.00 June 30, 2018 through September 30, 2018 5.00 to 1.00 December 31, 2018 through March 31, 2019 4.50 to 1.00 June 30, 2019 through September 30, 2019 5.00 to 1.00 December 31, 2019 through March 31, 2020 4.50 to 1.00 June 30, 2020 through September 30, 2020 5.00 to 1.00 December 31, 2020 through March 31, 2021 4.50 to 1.00

Employee Retirement Benefits (T

Employee Retirement Benefits (Tables)	9 Months Ended
	Sep. 30, 2016
Compensation and Retirement Disclosure [Abstract]
Schedule or Description of Weighted Average Discount Rate	The significant weighted-average assumptions used at the June 30, 2016 measurement date were as follows. Discount rate 3.5% Expected rate of return on plan assets 7.2% Average salary increase 4.3%
Schedule of Net Benefit Costs	The following table sets forth the net periodic pension expense: Pension Benefits U.S. Non-U.S. Three Months Ended September 30, (In millions) 2016 2015 2016 2015 Components of Net Periodic Benefit Cost: Service cost $ 1 $ 1 $ — $ — Interest cost 5 5 2 3 Expected return on plan assets (7 ) (9 ) (3 ) (3 ) Net amortizations 2 — — — Settlement loss — 1 — 2 Net periodic pension expense (benefit) $ 1 $ (2 ) $ (1 ) $ 2 Pension Benefits U.S. Non-U.S. Nine Months Ended September 30, (In millions) 2016 2015 2016 2015 Components of Net Periodic Benefit Cost: Service cost $ 2 $ 3 $ 1 $ 1 Interest cost 16 16 6 7 Expected return on plan assets (21 ) (25 ) (9 ) (11 ) Net amortizations 6 2 — 1 Settlement loss 1 3 — 2 Net periodic pension expense (benefit) $ 4 $ (1 ) $ (2 ) $ —

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended (In millions) 2016 2015 2016 2015 Compensation expense $ 5 $ 5 $ 16 $ 13 Income tax benefit (2 ) (2 ) (6 ) (5 ) Total $ 3 $ 3 $ 10 $ 8

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
	Sep. 30, 2016
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	Restructuring charges under these programs for the periods shown are as follows: Three Months Ended Nine Months Ended (In millions) 2016 2015 2016 2015 By Type: Termination benefits $ 7 $ 4 $ 23 $ 16 Impairments and asset write-downs 28 1 31 2 Facility closure and lease obligation costs 2 1 7 15 Other — (2 ) 1 (4 ) Total $ 37 $ 4 $ 62 $ 29 Three Months Ended Nine Months Ended (In millions) 2016 2015 2016 2015 By Caption: Direct vehicle and operating $ 29 $ — $ 38 $ 15 Selling, general and administrative 8 4 24 14 Total $ 37 $ 4 $ 62 $ 29 Three Months Ended Nine Months Ended (In millions) 2016 2015 2016 2015 By Segment: U.S. Rental Car $ 30 $ 2 $ 51 $ 18 International Rental Car 3 4 7 11 Corporate 4 (2 ) 4 — Total $ 37 $ 4 $ 62 $ 29
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 accompanying condensed consolidated balance sheets during the nine months ended September 30, 2016 . Other is primarily comprised of future lease obligations at September 30, 2016 which will be paid over the remaining term of the applicable leases. (In millions) Termination Other Total Balance as of December 31, 2015 $ 9 $ 15 $ 24 Charges incurred 23 39 62 Cash payments (15 ) (6 ) (21 ) Other non-cash changes — (31 ) (31 ) Balance as of September 30, 2016 $ 17 $ 17 $ 34

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 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) September 30, December 31, September 30, December 31, Interest rate instruments $ 2 $ 9 $ 1 $ 9 Foreign currency forward contracts 2 3 1 1 Total $ 4 $ 12 $ 2 $ 10 (1) All asset derivatives are recorded in prepaid expenses and other assets and all liability derivatives are recorded in accrued liabilities in the accompanying 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 $ (1 ) $ (12 ) Location of Gain or (Loss) Recognized on Derivatives Amount of Gain or (Loss) Recognized Nine Months Ended (In millions) 2016 2015 Foreign currency forward contracts Selling, general and administrative $ — $ (15 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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. September 30, 2016 December 31, 2015 (In millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Money market funds $ 259 $ 640 $ — $ 899 $ 181 $ 49 $ — $ 230 Equity and other securities 43 — — 43 — 111 — 111 Total $ 302 $ 640 $ — $ 942 $ 181 $ 160 $ — $ 341
Components of debt	The Company's debt, including its available credit facilities, consists of the following (in millions): Facility Weighted Average Interest Rate at September 30, 2016 Fixed or Maturity September 30, December 31, Non-Vehicle Debt Senior Term Loan 3.50% Floating 6/2023 $ 698 $ — Senior RCF N/A Floating 6/2021 — — Senior Term Facility N/A N/A N/A — 2,062 Senior ABL Facility N/A N/A N/A — — Senior Notes (1) 6.21% Fixed 4/2018–10/2024 4,000 3,900 Promissory Notes 7.00% Fixed 1/2028 27 27 Other Non-Vehicle Debt 2.51% Fixed Various 11 2 Unamortized Debt Issuance Costs and Net (Discount) Premium (43 ) (44 ) Total Non-Vehicle Debt 4,693 5,947 Vehicle Debt HVF U.S. Vehicle 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) 1.91% Fixed 8/2018 625 950 970 1,420 HVF II U.S. ABS Program HVF II U.S. Vehicle Variable Funding Notes HVF II Series 2013-A (2) 1.63% Floating 10/2017 1,483 980 HVF II Series 2013-B (2) 1.68% Floating 10/2017 746 1,308 HVF II Series 2014-A N/A N/A N/A — 1,737 2,229 4,025 HVF II U.S. Vehicle 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 — HVF II Series 2016-3 (2) 2.56% Fixed 7/2019 400 — HVF II Series 2016-4 (2) 2.91% Fixed 7/2021 400 — 3,180 1,380 Facility Weighted Average Interest Rate at September 30, 2016 Fixed or Maturity September 30, December 31, Donlen ABS Program HFLF Variable Funding Notes HFLF Series 2013-2 (2) 1.65% Floating 9/2018 300 370 300 370 HFLF Medium Term Notes HFLF Series 2013-3 (2) 1.34% Floating 10/2016–11/2016 134 270 HFLF Series 2014-1 (2) 1.17% Floating 12/2016–3/2017 179 288 HFLF Series 2015-1 (2) 1.20% Floating 3/2018–5/2018 272 295 HFLF Series 2016-1 (2) 1.85% Floating 2/2019–4/2019 385 — 970 853 Other Vehicle Debt U.S. Vehicle RCF (3) 3.03% Floating 6/2021 193 — U.S. Vehicle Financing Facility N/A N/A N/A — 190 European Revolving Credit Facility 2.11% Floating 10/2017 381 273 European Vehicle Notes (4) 4.29% Fixed 1/2019–10/2021 729 464 European Securitization (2) 1.55% Floating 10/2018 474 267 Canadian Securitization (2) 1.88% Floating 1/2018 267 148 Australian Securitization (2) 3.12% Floating 7/2018 121 98 Brazilian Vehicle Financing Facility 17.63% Floating 10/2016 9 7 New Zealand RCF 4.64% Floating 9/2018 31 — Capitalized Leases 2.43% Floating 10/2016–3/2020 359 362 2,564 1,809 Unamortized Debt Issuance Costs and Net (Discount) Premium (43 ) (34 ) Total Vehicle Debt 10,170 9,823 Total Debt $ 14,863 $ 15,770 N/A - Not Applicable (1) References to the "Senior Notes" include the series of Hertz's unsecured senior notes set forth on the table below. Outstanding principal amounts for each such series of the Senior Notes is also specified below: (In millions) Outstanding Principal Senior Notes September 30, 2016 December 31, 2015 4.25% Senior Notes due April 2018 $ 250 $ 250 7.50% Senior Notes due October 2018 — 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 5.50% Senior Notes due October 2024 800 — $ 4,000 $ 3,900 $700 million of the 7.50% Senior Notes due October 2018 were redeemed in July 2016 as further described below. $800 million of the 6.75% Senior Notes due April 2019 were redeemed in October 2016 as described in Note 19 , " Subsequent Events ." (2) Maturity reference is to the "expected final maturity date" as opposed to the subsequent "legal maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness expect the relevant indebtedness to be repaid, which in the case of the HFLF Medium Term Notes was based upon various assumptions made at the time of the pricing of such notes. The legal final maturity date is the date on which the relevant indebtedness is legally due and payable. (3) Approximately $67 million of the aggregate maximum borrowing capacity under the U.S. Vehicle RCF is scheduled to expire in January 2018 . (4) References to the "European Vehicle Notes" include the series of HHN BV's (as defined below) unsecured senior notes (converted from Euros to U.S. dollars at a rate of 1.12 to 1) set forth on the table below. Outstanding principal amounts for each such series of the European Vehicle Notes is also specified below: (In millions) Outstanding Principal European Vehicles Notes September 30, 2016 December 31, 2015 4.375% Senior Notes due January 2019 $ 477 $ 464 4.125% Senior Notes due October 2021 252 — $ 729 $ 464 The fair value of debt is estimated based on quoted market rates as well as borrowing rates currently available to the Company for loans with similar terms and average maturities (Level 2 inputs). As of September 30, 2016 As of December 31, 2015 (In millions) Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Non-vehicle Debt $ 4,736 $ 4,826 $ 5,991 $ 6,070 Vehicle Debt 10,213 10,278 9,857 9,854 Total $ 14,949 $ 15,104 $ 15,848 $ 15,924

Accumulated Other Comprehensi37

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income	Changes in the accumulated other comprehensive income (loss) balance by component (net of tax) are as follows: (In millions) Pension and Other Post-Employment Benefits Foreign Currency Items Unrealized Losses on Terminated Net Investment Hedges Unrealized Gains on Available for Sale Securities Accumulated Other Comprehensive Income (Loss) Balance as of December 31, 2015 $ (102 ) $ (124 ) $ (19 ) $ — $ (245 ) Other comprehensive income (loss) before reclassification (20 ) 32 — 11 23 Amounts reclassified from accumulated other comprehensive loss 4 — — — 4 Distribution of Herc Holdings, Inc 20 95 — — 115 Balance as of September 30, 2016 $ (98 ) $ 3 $ (19 ) $ 11 $ (103 ) Balance as of December 31, 2014 $ (101 ) $ 5 $ (19 ) $ — $ (115 ) Other comprehensive income (loss) before reclassification — (82 ) — — (82 ) Amounts reclassified from accumulated other comprehensive loss 7 — — — 7 Balance as of September 30, 2015 $ (94 ) $ (77 ) $ (19 ) $ — $ (190 )

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Revenues and adjusted pre-tax income (loss) by segment and the reconciliation to consolidated amounts are summarized below. Three Months Ended September 30, Revenues Adjusted Pre-Tax Income (Loss) (In millions) 2016 2015 2016 2015 U.S. Rental Car $ 1,707 $ 1,739 $ 173 $ 246 International Rental Car 683 687 142 151 All Other Operations 152 149 19 18 Total reportable segments $ 2,542 $ 2,575 334 415 Corporate (1) (122 ) (126 ) Consolidated adjusted pre-tax income (loss) 212 289 Adjustments: Acquisition accounting (2) (16 ) (23 ) Debt-related charges (3) (11 ) (14 ) Loss on extinguishment of debt (4) (20 ) — Restructuring and restructuring related charges (5) (11 ) (15 ) Sale of CAR Inc. common stock (6) — 56 Impairment charges and asset write-downs (7) (28 ) (6 ) Finance and information technology transformation costs (8) (14 ) — Other (9) (4 ) (31 ) Income (loss) from continuing operations before income taxes $ 108 $ 256 Nine Months Ended September 30, Revenues Adjusted Pre-Tax Income (Loss) (In millions) 2016 2015 2016 2015 U.S. Rental Car $ 4,697 $ 4,873 $ 312 $ 509 International Rental Car 1,656 1,679 179 203 All Other Operations 441 439 53 52 Total reportable segments $ 6,794 $ 6,991 544 764 Corporate (1) (385 ) (396 ) Consolidated adjusted pre-tax income (loss) 159 368 Adjustments: Acquisition accounting (2) (49 ) (66 ) Debt-related charges (3) (36 ) (44 ) Loss on extinguishment of debt (4) (40 ) — Restructuring and restructuring related charges (5) (41 ) (77 ) Sale of CAR Inc. common stock (6) 75 56 Impairment charges and asset write-downs (7) (31 ) (15 ) Finance and information technology transformation costs (8) (40 ) — Other (9) — (37 ) Income (loss) from continuing operations before income taxes $ (3 ) $ 185 (1) Represents general corporate expenses, non-vehicle interest expense, as well as other business activities. (2) Represents incremental expense associated with amortization of other intangible assets and depreciation of property and other equipment relating to acquisition accounting. (3) Represents debt-related charges relating to the amortization of deferred financing costs and debt discounts and premiums. (4) Primarily represents the second quarter 2016 write-off of deferred financing costs as a result of paying off the Senior Term Facility and various vehicle debt refinancings and an early redemption premium of $13 million and the write off of deferred financing costs associated with the redemption of all of the 7.50% Senior Notes during the third quarter 2016. (5) Represents expenses incurred under restructuring actions as defined in U.S. GAAP. For further information on restructuring costs, see Note 9 , " 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, primarily in 2015. (6) Represents the pre-tax gain on the sale of CAR Inc. common stock. (7) In 2016 , primarily represents the third quarter impairment of certain assets used in the U.S. Car Rental segment in conjunction with a restructuring program. In 2015 , primarily represents an impairment of the former Dollar Thrifty headquarters and a third quarter impairment of a building in the U.S. Car Rental Segment. (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. In the three months ended September 30, 2016, $2 million was incurred by U.S. RAC and $12 million was incurred by Corporate and in the nine months ended September 30, 2016 , $11 million was incurred by U.S. RAC and $29 million was incurred by Corporate. (9) Includes miscellaneous and non-recurring items including but not limited to acquisition charges, integration charges, and other non-cash items. For the nine months ended September 30, 2016 , also includes a settlement gain related to one of our airport locations. In the 2015 periods, also includes a $24 million charge recorded in our International RAC segment related to a French road tax matter. Depreciation of revenue earning vehicles and lease charges, net Three Months Ended Nine Months Ended (In millions) 2016 2015 2016 2015 U.S. Rental Car $ 462 $ 399 $ 1,298 $ 1,200 International Rental Car 116 114 300 310 All Other Operations 117 118 342 349 Total $ 695 $ 631 $ 1,940 $ 1,859 Total assets (In millions) September 30, 2016 December 31, 2015 U.S. Rental Car $ 13,035 $ 13,614 International Rental Car 4,493 3,002 All Other Operations 1,608 1,520 Corporate 1,991 1,983 Assets of discontinued operations — 3,395 Total $ 21,127 $ 23,514

Equity and Earnings (Loss) Pe39

Equity and Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended (In millions, except per share data) 2016 2015 2016 2015 Basic and diluted earnings (loss) per share: Numerator: Net income (loss) from continuing operations $ 44 $ 217 $ (36 ) $ 152 Net income (loss) from discontinued operations (2 ) 20 (15 ) 51 Net income (loss), basic $ 42 $ 237 $ (51 ) $ 203 Denominator: Basic weighted average common shares 84 91 85 91 Dilutive stock options, RSUs and PSUs 1 — — 1 Weighted average shares used to calculate diluted earnings per share 85 91 85 92 Antidilutive stock options, RSUs and PSUs 1 1 2 1 Earnings (loss) per share: Basic earnings (loss) per share from continuing operations $ 0.52 $ 2.38 $ (0.42 ) $ 1.67 Basic earnings (loss) per share from discontinued operations (0.02 ) 0.22 (0.18 ) 0.56 Basic earnings (loss) per share $ 0.50 $ 2.60 $ (0.60 ) $ 2.23 Diluted earnings (loss) per share from continuing operations $ 0.52 $ 2.38 $ (0.42 ) $ 1.65 Diluted earnings (loss) per share from discontinued operations (0.03 ) 0.22 (0.18 ) 0.56 Diluted earnings (loss) per share $ 0.49 $ 2.60 $ (0.60 ) $ 2.21

Background (Details)

Background (Details)	Jun. 22, 2016	Sep. 30, 2016	Sep. 30, 2016
Hertz Global Holdings
Class of Stock [Line Items]
Stock distribution ratio	0.2	0.2	0.2

Basis of Presentation and Rec41

Basis of Presentation and Recently Issued Accounting Pronouncements (Details) $ in Millions	Sep. 30, 2016USD ($)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Land ownership, percent	3.00%
Long-term Debt | Accounting Standards Update 2015-03
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred finance costs, net	$ (73)
Prepaid Expenses and Other Assets | Accounting Standards Update 2015-03
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred finance costs, net	$ 73

Discontinued Operations (Result

Discontinued Operations (Results of Operations Not Spun-off) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net income (loss) from discontinued operations	$ (2)	$ 20	$ (15)	$ 51
Old Hertz Holdings' Worldwide Equipment Rental | Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues	0	401	677	1,131
Direct operating expenses	0	219	366	637
Depreciation of revenue earning equipment and lease charges, net	0	86	181	243
Selling, general and administrative	0	41	123	129
Interest expense, net	0	5	17	20
Other (income) expense, net	0	(1)	(1)	(4)
Income (loss) from discontinued operations before income taxes	0	51	(9)	106
(Provision) benefit for taxes on discontinued operations	(2)	(31)	(6)	(55)
Net income (loss) from discontinued operations	$ (2)	20	(15)	51
Old Hertz Holdings' Worldwide Equipment Rental | Discontinued Operations | Senior ABL Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest expense, net		$ 4	5	$ 12
HERC | Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from related parties			$ 2,000

Discontinued Operations (Assets

Discontinued Operations (Assets and Liabilities of Discontinued Operations) (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
ASSETS
Total assets of discontinued operations	$ 0	$ 3,395
LIABILITIES
Total liabilities of discontinued operations	0	1,234
Distribution of Herc Holdings, Inc.	348
Accumulated Other Comprehensive Income (Loss)
LIABILITIES
Distribution of Herc Holdings, Inc.	(115)
Spinoff
LIABILITIES
Distribution of Herc Holdings, Inc.	$ 348
Spinoff | Restatement Adjustment
LIABILITIES
Reclassification adjustment to prepaid expenses and other assets		229
Old Hertz Holdings' Worldwide Equipment Rental | Spinoff
ASSETS
Cash and cash equivalents		12
Restricted cash and cash equivalents		16
Receivables, net of allowance		288
Inventories, net		22
Prepaid expenses and other assets		36
Revenue earning equipment, net		2,382
Property and other equipment, net		246
Other intangible assets, net		300
Goodwill		93
Total assets of discontinued operations		3,395
LIABILITIES
Accounts payable		109
Accrued liabilities and other		71
Accrued taxes, net		273
Debt		64
Public liability and property damage		8
Deferred taxes on income, net		709
Total liabilities of discontinued operations		$ 1,234

Acquisitions and Divestitures44

Acquisitions and Divestitures (Acquisitions) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Feb. 28, 2015	Jun. 30, 2016	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Business Acquisition [Line Items]
Payments to acquire equity method investments		$ 45	$ 45	$ 0
Goodwill			$ 1,256		$ 1,261
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 Divestitures45

Acquisitions and Divestitures (Divestiture) (Details) - CAR, Inc - USD ($) shares in Millions, $ in Millions	1 Months Ended
	Mar. 31, 2016	Sep. 30, 2015	Sep. 30, 2016
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	204	60
Gross sales proceeds	$ 240
Net sales proceeds	233	$ 100
Pre-tax gain on sale of stock		$ 56
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 Vehicles (Detai

Revenue Earning Vehicles (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Revenue earning vehicles	$ 14,022		$ 14,022		$ 13,242
Less: Accumulated depreciation	(2,614)		(2,614)		(2,631)
Subtotal	11,408		11,408		10,611
Revenue earning vehicles held for sale, net	300		300		135
Total revenue earning vehicles, net	11,708		11,708		$ 10,746
Depreciation of revenue earning vehicles	631	$ 581	1,766	$ 1,747
(Gain) loss on disposal of revenue earning equipment	44	32	121	56
Rents paid for vehicles leased	20	18	53	56
Depreciation of revenue earning equipment and lease charges, net	695	631	1,940	1,859
U.S. Rental Car
Property, Plant and Equipment [Line Items]
(Gain) loss on disposal of revenue earning equipment	43	34	124	59
Depreciation of revenue earning equipment and lease charges, net	462	399	1,298	1,200
International Rental Car
Property, Plant and Equipment [Line Items]
(Gain) loss on disposal of revenue earning equipment	1	(2)	(3)	(3)
Depreciation of revenue earning equipment and lease charges, net	$ 116	$ 114	$ 300	$ 310

Revenue Earning Vehicles (Depre

Revenue Earning Vehicles (Depreciation Rates) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenue earning equipment
Depreciation rate changes	$ 44	$ 26	$ 91	$ 83
Accumulated depreciation, period increase	39	11	39	11
U.S. Rental Car
Revenue earning equipment
Depreciation rate changes	43	26	88	83
International Rental Car
Revenue earning equipment
Depreciation rate changes	$ 1	$ 0	$ 3	$ 0

Debt (Schedule of Debt) (Detail

Debt (Schedule of Debt) (Details)	Jun. 30, 2016USD ($)	Jan. 31, 2018USD ($)	Oct. 31, 2016USD ($)	Jul. 31, 2016USD ($)	Jun. 30, 2016USD ($)	Apr. 30, 2016USD ($)	Sep. 30, 2016USD ($)€ / $	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Debt:							$ 14,863,000,000		$ 15,770,000,000
Repayments of Long-term debt							7,320,000,000	$ 5,223,000,000
Non-Vehicle Debt
Debt Instrument [Line Items]
Unamortized Net Discount							(43,000,000)		(44,000,000)
Debt:							$ 4,693,000,000		5,947,000,000
Senior Term Loan
Debt Instrument [Line Items]
Average interest rate (as a percent)							3.50%
Outstanding principal	$ 700,000,000				$ 700,000,000		$ 698,000,000		0
Senior RCF
Debt Instrument [Line Items]
Outstanding principal							0		0
Senior Term Facility
Debt Instrument [Line Items]
Outstanding principal							0		2,062,000,000
Senior ABL Facility
Debt Instrument [Line Items]
Outstanding principal							$ 0		0
Senior Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)							6.21%
Outstanding principal							$ 4,000,000,000		3,900,000,000
4.25% Senior Notes due April 2018
Debt Instrument [Line Items]
Outstanding principal							$ 250,000,000		250,000,000
Interest rate							4.25%
7.50% Senior Notes due October 2018
Debt Instrument [Line Items]
Outstanding principal							$ 0		700,000,000
Interest rate				7.50%			7.50%
Repayments of debt				$ 700,000,000
7.50% Senior Notes due October 2018 | Forecast
Debt Instrument [Line Items]
Repayments of debt		$ 67,000,000
6.75% Senior Notes due April 2019
Debt Instrument [Line Items]
Outstanding principal							$ 1,250,000,000		1,250,000,000
Interest rate							6.75%
6.75% Senior Notes due April 2019 | Subsequent Event
Debt Instrument [Line Items]
Interest rate			6.75%
Repayments of debt			$ 800,000,000
5.875% Senior Notes due October 2020
Debt Instrument [Line Items]
Outstanding principal							$ 700,000,000		700,000,000
Interest rate							5.875%
7.375% Senior Notes due January 2021
Debt Instrument [Line Items]
Outstanding principal							$ 500,000,000		500,000,000
Interest rate							7.375%
6.25% Senior Notes due October 2022
Debt Instrument [Line Items]
Outstanding principal							$ 500,000,000		500,000,000
Interest rate							6.25%
5.50% Senior Notes due October 2024
Debt Instrument [Line Items]
Outstanding principal							$ 800,000,000		0
Interest rate							5.50%
Promissory Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)							7.00%
Outstanding principal							$ 27,000,000		27,000,000
Other Non-Vehicle Debt
Debt Instrument [Line Items]
Average interest rate (as a percent)							2.51%
Outstanding principal							$ 11,000,000		2,000,000
Vehicle Debt
Debt Instrument [Line Items]
Unamortized Net Discount							(43,000,000)		(34,000,000)
Debt:							10,170,000,000		9,823,000,000
U.S. Fleet Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal							$ 970,000,000		1,420,000,000
U.S. Fleet Medium Term Notes Series 2010-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)							4.96%
Outstanding principal							$ 115,000,000		240,000,000
U.S. Fleet Medium Term Notes Series 2011-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)							3.51%
Outstanding principal							$ 230,000,000		230,000,000
U.S. Fleet Medium Term Notes Series 2013-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)							1.91%
Outstanding principal							$ 625,000,000		950,000,000
HVF II U.S. ABS Program
Debt Instrument [Line Items]
Outstanding principal							$ 2,229,000,000		4,025,000,000
HVF II Series 2013-A
Debt Instrument [Line Items]
Average interest rate (as a percent)							1.63%
Outstanding principal							$ 1,483,000,000		980,000,000
HVF II Series 2013-B
Debt Instrument [Line Items]
Average interest rate (as a percent)							1.68%
Outstanding principal							$ 746,000,000		1,308,000,000
HVF II Series 2014-A
Debt Instrument [Line Items]
Outstanding principal							0		1,737,000,000
Repayments of Long-term debt	$ 741,000,000				$ 820,000,000
HVF II U.S. Fleet Variable Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal							$ 3,180,000,000		1,380,000,000
U.S. Fleet Medium Term Notes 2015 Series 1
Debt Instrument [Line Items]
Average interest rate (as a percent)							2.93%
Outstanding principal							$ 780,000,000		780,000,000
U.S. Fleet Medium Term Notes 2015 Series 2
Debt Instrument [Line Items]
Average interest rate (as a percent)							2.30%
Outstanding principal							$ 250,000,000		250,000,000
U.S. Fleet Medium Term Notes 2015 Series 3
Debt Instrument [Line Items]
Average interest rate (as a percent)							2.96%
Outstanding principal							$ 350,000,000		350,000,000
U.S. Fleet Medium Term Notes 2016 Series 1
Debt Instrument [Line Items]
Average interest rate (as a percent)							2.72%
Outstanding principal							$ 439,000,000		0
U.S. Fleet Medium Term Notes 2016 Series 2
Debt Instrument [Line Items]
Average interest rate (as a percent)							3.25%
Outstanding principal							$ 561,000,000		0
U.S. Fleet Medium Term Notes 2016 Series 3
Debt Instrument [Line Items]
Average interest rate (as a percent)							2.56%
Outstanding principal							$ 400,000,000		0
U.S. Fleet Medium Term Notes 2016 Series 4
Debt Instrument [Line Items]
Average interest rate (as a percent)							2.91%
Outstanding principal							$ 400,000,000		0
Donlen ABS Program
Debt Instrument [Line Items]
Outstanding principal							$ 300,000,000		370,000,000
HFLF Series 2013-2 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)							1.65%
Outstanding principal							$ 300,000,000		370,000,000
Repayments of Long-term debt						$ 400,000,000
HFLF Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal							$ 970,000,000		853,000,000
HFLF Series 2013-3
Debt Instrument [Line Items]
Average interest rate (as a percent)							1.34%
Outstanding principal							$ 134,000,000		270,000,000
HFLF Series 2014-1
Debt Instrument [Line Items]
Average interest rate (as a percent)							1.17%
Outstanding principal							$ 179,000,000		288,000,000
HFLF Series 2015-1
Debt Instrument [Line Items]
Average interest rate (as a percent)							1.20%
Outstanding principal							$ 272,000,000		295,000,000
HFLF Series 2016-1
Debt Instrument [Line Items]
Average interest rate (as a percent)							1.85%
Outstanding principal							$ 385,000,000		0
Other Fleet Debt
Debt Instrument [Line Items]
Outstanding principal							$ 2,564,000,000		1,809,000,000
U.S. Vehicle RCF
Debt Instrument [Line Items]
Average interest rate (as a percent)							3.03%
Outstanding principal							$ 193,000,000		0
U.S. Fleet Financing Facility
Debt Instrument [Line Items]
Outstanding principal							$ 0		190,000,000
European Revolving Credit Facility
Debt Instrument [Line Items]
Average interest rate (as a percent)							2.11%
Outstanding principal							$ 381,000,000		273,000,000
European Fleet Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)							4.29%
Outstanding principal							$ 729,000,000		464,000,000
Interest rate							4.125%
Foreign currency exchange rate (EURO to USD) | € / $							1.12
4.375% Due January 2019
Debt Instrument [Line Items]
Outstanding principal							$ 477,000,000		464,000,000
4.125% Due October 2021
Debt Instrument [Line Items]
Outstanding principal							$ 252,000,000		0
European Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)							1.55%
Outstanding principal							$ 474,000,000		267,000,000
Canadian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)							1.88%
Outstanding principal							$ 267,000,000		148,000,000
Australian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)							3.12%
Outstanding principal							$ 121,000,000		98,000,000
Brazilian Fleet Financing
Debt Instrument [Line Items]
Average interest rate (as a percent)							17.63%
Outstanding principal							$ 9,000,000		7,000,000
New Zealand RCF
Debt Instrument [Line Items]
Average interest rate (as a percent)							4.64%
Outstanding principal							$ 31,000,000		0
Capitalized Leases
Debt Instrument [Line Items]
Average interest rate (as a percent)							2.43%
Outstanding principal							$ 359,000,000		$ 362,000,000

Debt (Narrative) (Details)

Debt (Narrative) (Details)	Jun. 30, 2016USD ($)	Jan. 31, 2018USD ($)	Oct. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Aug. 31, 2016USD ($)	Jul. 31, 2016USD ($)	Jun. 30, 2016USD ($)	Apr. 30, 2016USD ($)	Sep. 30, 2016EUR (€)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2016EUR (€)	Dec. 31, 2016GBP (£)	Sep. 30, 2016NZD	Sep. 30, 2016USD ($)	Jun. 30, 2016EUR (€)	Jun. 30, 2016GBP (£)	Jun. 30, 2016USD ($)	Feb. 24, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Availability under borrowing base limitation															$ 1,117,000,000
VIE, total assets															677,000,000					$ 418,000,000
VIE, total liabilities															677,000,000					418,000,000
Proceeds from issuance of debt										$ 7,665,000,000	$ 6,069,000,000
Repayments of Long-term debt										$ 7,320,000,000	$ 5,223,000,000
Repayments of principal in next twelve months															3,200,000,000
Redemption price, percentage						1.875%
Letters of credit
Debt Instrument [Line Items]
Outstanding standby letters of credit															614,000,000
Senior Term Facility
Debt Instrument [Line Items]
Write off of deferred financing costs							$ 20,000,000
HFLF Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal															970,000,000					853,000,000
Availability under borrowing base limitation															0
European Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding principal															$ 381,000,000					273,000,000
Average interest rate (as a percent)									2.11%					2.11%	2.11%
Availability under borrowing base limitation															$ 0
European Revolving Credit Facility | Senior RCF
Debt Instrument [Line Items]
Maximum borrowing capacity | €																€ 340,000,000
European Vehicle Notes
Debt Instrument [Line Items]
Outstanding principal															$ 729,000,000					464,000,000
Average interest rate (as a percent)									4.29%					4.29%	4.29%
Interest rate									4.125%					4.125%	4.125%
Maximum borrowing capacity | €									€ 225,000,000
European Securitization
Debt Instrument [Line Items]
Outstanding principal															$ 474,000,000					267,000,000
Average interest rate (as a percent)									1.55%					1.55%	1.55%
Availability under borrowing base limitation															$ 3,000,000
Maximum borrowing capacity | €																€ 460,000,000
UK Leveraged Financing
Debt Instrument [Line Items]
Maximum borrowing capacity | £																	£ 300,000,000
New Zealand RCF
Debt Instrument [Line Items]
Outstanding principal															$ 31,000,000					0
Average interest rate (as a percent)									4.64%					4.64%	4.64%
Availability under borrowing base limitation															$ 6,000,000
Maximum borrowing capacity | NZD														NZD 60,000,000
HFLF Series 2015-1
Debt Instrument [Line Items]
Outstanding principal															$ 272,000,000					295,000,000
Average interest rate (as a percent)									1.20%					1.20%	1.20%
Canadian Securitization
Debt Instrument [Line Items]
Outstanding principal															$ 267,000,000					148,000,000
Average interest rate (as a percent)									1.88%					1.88%	1.88%
Availability under borrowing base limitation															$ 0
Senior ABL Facility
Debt Instrument [Line Items]
Fixed charge coverage ratio number of quarters									1 year
Outstanding principal															0					0
Availability under borrowing base limitation															1,100,000,000
Senior ABL Facility | Letters of credit
Debt Instrument [Line Items]
Availability under borrowing base limitation															400,000,000
Senior Credit Facility
Debt Instrument [Line Items]
Outstanding principal															0					0
Outstanding standby letters of credit															600,000,000
Senior RCF
Debt Instrument [Line Items]
Outstanding principal																		$ 1,700,000,000
Senior Term Loan
Debt Instrument [Line Items]
Outstanding principal															$ 698,000,000			700,000,000		0
Average interest rate (as a percent)									3.50%					3.50%	3.50%
Senior Term Loan | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate							0.75%
7.50% Senior Notes due October 2018
Debt Instrument [Line Items]
Write off of deferred financing costs						$ 6,000,000
Outstanding principal															$ 0					700,000,000
Interest rate						7.50%			7.50%					7.50%	7.50%
Repayments of debt						$ 700,000,000
Repayments of other debt						25,000,000
Redemption premium						13,000,000
Interest paid						$ 12,000,000
6.75% Senior Notes due April 2019
Debt Instrument [Line Items]
Outstanding principal															$ 1,250,000,000					1,250,000,000
Interest rate									6.75%					6.75%	6.75%
5.50% Senior Notes due October 2024
Debt Instrument [Line Items]
Outstanding principal															$ 800,000,000					0
Interest rate									5.50%					5.50%	5.50%
Proceeds from issuance of debt				$ 800,000,000
U.S. Vehicle RCF
Debt Instrument [Line Items]
Outstanding principal															$ 193,000,000					0
Average interest rate (as a percent)									3.03%					3.03%	3.03%
Availability under borrowing base limitation															$ 4,000,000
Outstanding standby letters of credit															1,000,000,000
U.S. Vehicle RCF | Senior RCF
Debt Instrument [Line Items]
Maximum borrowing capacity																		200,000,000
Vehicle Debt
Debt Instrument [Line Items]
Availability under borrowing base limitation															17,000,000
HFLF Series 2013-2 Notes
Debt Instrument [Line Items]
Outstanding principal															$ 300,000,000					370,000,000
Average interest rate (as a percent)									1.65%					1.65%	1.65%
Repayments of Long-term debt								$ 400,000,000
HVF II U.S. ABS Program
Debt Instrument [Line Items]
Outstanding principal															$ 2,229,000,000					4,025,000,000
Availability under borrowing base limitation															4,000,000
HVF II Series 2016-1 Notes
Debt Instrument [Line Items]
Outstanding principal																			$ 1,100,000,000
HVF II Series 2016-3 Notes, Class D
Debt Instrument [Line Items]
Repayments of Long-term debt							$ 48,000,000
HVF II Series 2014-A Notes, Class A
Debt Instrument [Line Items]
Outstanding principal					$ 20,000,000
Availability under borrowing base limitation																		500,000,000
Repayments of Long-term debt					500,000,000		1,800,000,000
HVF II Series 2016-3 Notes And HVF II Series 2016-4 Notes
Debt Instrument [Line Items]
Outstanding principal																		848,000,000
HVF II Series 2013-B Notes, Class B
Debt Instrument [Line Items]
Availability under borrowing base limitation																		55,000,000
Repayments of Long-term debt					330,000,000		20,000,000
HVF II Series 2014-A Notes, Class B
Debt Instrument [Line Items]
Availability under borrowing base limitation																		20,000,000
Repayments of Long-term debt					20,000,000		20,000,000
HVF II Series 2013-B Notes, Class A
Debt Instrument [Line Items]
Availability under borrowing base limitation																		1,000,000,000
Commitments transitioned																		500,000,000
HVF II Series 2014-A
Debt Instrument [Line Items]
Write off of deferred financing costs					$ 1,000,000
Outstanding principal															0					1,737,000,000
Repayments of Long-term debt	$ 741,000,000						$ 820,000,000
HVF II Series 2013-A Notes, Class A
Debt Instrument [Line Items]
Availability under borrowing base limitation																		2,200,000,000
HFLF Series 2016-1
Debt Instrument [Line Items]
Outstanding principal															$ 385,000,000					$ 0
Average interest rate (as a percent)									1.85%					1.85%	1.85%
Proceeds from issuance of debt								400,000,000
Subsequent Event | 6.75% Senior Notes due April 2019
Debt Instrument [Line Items]
Interest rate			6.75%
Repayments of debt			$ 800,000,000
Redemption premium			14,000,000
Interest paid			$ 26,000,000
Affiliated Entity | HVF II Series 2016-2 Notes, Class D | Eliminations
Debt Instrument [Line Items]
Outstanding principal																			$ 61,000,000
Affiliated Entity | HVF II Series 2015-3 Notes, Class D | Eliminations
Debt Instrument [Line Items]
Proceeds from issuance of debt								$ 15,000,000
CAR, Inc | Level 1 | Prepaid Expenses and Other Assets
Debt Instrument [Line Items]
Equity method investments																		$ 264,000,000
Forecast | European Revolving Credit Facility | Senior RCF
Debt Instrument [Line Items]
Maximum borrowing capacity | €												€ 250,000,000
Forecast | UK Leveraged Financing
Debt Instrument [Line Items]
Maximum borrowing capacity | £													£ 250,000,000
Forecast | 7.50% Senior Notes due October 2018
Debt Instrument [Line Items]
Repayments of debt		$ 67,000,000

Debt (Borrowing Capacity) (Deta

Debt (Borrowing Capacity) (Details) $ in Millions	Sep. 30, 2016USD ($)
Debt Instrument [Line Items]
Remaining capacity	$ 2,526
Availability under borrowing base limitation	1,117
Senior ABL Facility
Debt Instrument [Line Items]
Remaining capacity	1,100
Availability under borrowing base limitation	1,100
Non-Vehicle Debt
Debt Instrument [Line Items]
Remaining capacity	1,100
Availability under borrowing base limitation	1,100
U.S. Vehicle RCF
Debt Instrument [Line Items]
Remaining capacity	0
Availability under borrowing base limitation	4
HVF II U.S. ABS Program
Debt Instrument [Line Items]
Remaining capacity	1,036
Availability under borrowing base limitation	4
HFLF Medium Term Notes
Debt Instrument [Line Items]
Remaining capacity	200
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	42
Availability under borrowing base limitation	3
Canadian Securitization
Debt Instrument [Line Items]
Remaining capacity	0
Availability under borrowing base limitation	0
Australian Securitization
Debt Instrument [Line Items]
Remaining capacity	72
Availability under borrowing base limitation	0
Capitalized Leases
Debt Instrument [Line Items]
Remaining capacity	64
Availability under borrowing base limitation	0
New Zealand RCF
Debt Instrument [Line Items]
Remaining capacity	12
Availability under borrowing base limitation	6
Vehicle Debt
Debt Instrument [Line Items]
Remaining capacity	1,426
Availability under borrowing base limitation	$ 17

Debt (Covenant Ratios) (Details

Debt (Covenant Ratios) (Details) - Maximum	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Mar. 31, 2017	Sep. 30, 2016
Debt Instrument [Line Items]
Maximum consolidated leverage ratio											0.0525
Forecast
Debt Instrument [Line Items]
Maximum consolidated leverage ratio	0.0450	0.0500	0.0450	0.0500	0.0450	0.0500	0.0450	0.0475	0.0525	0.0475

Employee Retirement Benefits (W

Employee Retirement Benefits (Weighted-Average Assumptions) (Details) - U.S. Pension Benefits $ in Millions	9 Months Ended
	Sep. 30, 2016USD ($)
Defined Benefit Plan Disclosure [Line Items]
Increase in pension liability	$ 23
Discount rate	3.50%
Expected rate of return on plan assets	7.20%
Average salary increase	4.30%

Employee Retirement Benefits (N

Employee Retirement Benefits (Net Periodic Pension Expense) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
U.S. Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1	$ 1	$ 2	$ 3
Interest cost	5	5	16	16
Expected return on plan assets	(7)	(9)	(21)	(25)
Net amortizations	2	0	6	2
Settlement loss	0	1	1	3
Net periodic pension expense (benefit)	1	(2)	4	(1)
Non-U.S. Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0	1	1
Interest cost	2	3	6	7
Expected return on plan assets	(3)	(3)	(9)	(11)
Net amortizations	0	0	0	1
Settlement loss	0	2	0	2
Net periodic pension expense (benefit)	$ (1)	$ 2	$ (2)	$ 0

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2016	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)$ / sharesshares	Sep. 30, 2015USD ($)
Income Tax Expense (Benefit) [Abstract]
Compensation expense		$ 5	$ 5	$ 16	$ 13
Income tax benefit		(2)	(2)	(6)	(5)
Total		3	$ 3	10	$ 8
Unrecognized compensation cost		$ 38		$ 38
Compensation cost not yet recognized, period for recognition				1 year 10 months 24 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 | shares				200,364
Weighted average grant date fair value (in dollars per share) | $ / shares				$ 15.81
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
Income Tax Expense (Benefit) [Abstract]
Stock distribution ratio	3.9635
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 | shares				285,185
Weighted average grant date fair value (in dollars per share) | $ / shares				$ 38.83
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 | shares				526,170
Weighted average grant date fair value (in dollars per share) | $ / shares				$ 39.38

Restructuring (Details)

Restructuring (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Restructuring details
Restructuring and related expected costs	$ 67		$ 67
Restructuring charges	37	$ 4	62	$ 29
Restructuring reserve
Balance as of December 31, 2015			24
Charges incurred			62
Cash payments			(21)
Other non-cash changes			(31)
Balance as of September 30, 2016	34		34
U.S. Rental Car
Restructuring details
Restructuring charges	30	2	51	18
International Rental Car
Restructuring details
Restructuring charges	3	4	7	11
Assets of discontinued operations
Restructuring details
Restructuring charges	4	(2)	4	0
Direct vehicle and operating
Restructuring details
Restructuring charges	29	0	38	15
Selling, general and administrative
Restructuring details
Restructuring charges	8	4	24	14
Termination benefits
Restructuring details
Restructuring charges	7	4	23	16
Restructuring reserve
Balance as of December 31, 2015			9
Charges incurred			23
Cash payments			(15)
Other non-cash changes			0
Balance as of September 30, 2016	17		17
Impairments and asset write-downs
Restructuring details
Restructuring charges	28	1	31	2
Facility closure and lease obligation costs
Restructuring details
Restructuring charges	2	1	7	15
Other
Restructuring details
Restructuring charges	0	$ (2)	1	$ (4)
Restructuring reserve
Balance as of December 31, 2015			15
Charges incurred			39
Cash payments			(6)
Other non-cash changes			(31)
Balance as of September 30, 2016	$ 17		$ 17

Tangible Asset Impairments an56

Tangible Asset Impairments and Asset Write-downs (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Mar. 31, 2015	Sep. 30, 2016	Sep. 30, 2015
Property, Plant and Equipment [Line Items]
Asset impairment charges				$ 31	$ 26
Restructuring program | Selling, general and administrative expenses
Property, Plant and Equipment [Line Items]
Asset impairment charges	$ 26
Held-for-sale | Selling, general and administrative expenses | Dollar Thrifty Headquarters
Property, Plant and Equipment [Line Items]
Asset impairment charges			$ 6
Held-for-sale | Other (income) expense
Property, Plant and Equipment [Line Items]
Asset impairment charges		$ 5
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 vehicle and operating | Equipment | Customer contracts
Property, Plant and Equipment [Line Items]
Asset impairment charges			4
Assets deemed to have no future use | Other (income) expense | Equipment | Customer contracts
Property, Plant and Equipment [Line Items]
Asset impairment charges			$ 7

Taxes on Income (Loss) (Details

Taxes on Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2016
Income Tax Contingency [Line Items]
Effective tax rate (as percent)	59.00%	15.00%	(1100.00%)	18.00%
(Provision) benefit for taxes on income (loss) of continuing operations	$ (64)	$ (39)	$ (33)	$ (33)
Change in deferred tax assets valuation allowance, amount		$ (23)
Forecast
Income Tax Contingency [Line Items]
Effective tax rate (as percent)					16.00%

Financial Instruments (Details)

Financial Instruments (Details) - Not Designated as Hedging Instrument - Fair Value, Measurements, Recurring - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 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	$ (1)	$ (12)	$ 0	$ (15)
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	4		4		$ 12
Liability Derivatives	2		2		10
Level 2 | Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	2		2		9
Liability Derivatives	1		1		9
Level 2 | Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	2		2		3
Liability Derivatives	$ 1		$ 1		$ 1

Fair Value Measurements (Cash a

Fair Value Measurements (Cash and Cash Equivalents and Investments) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 942	$ 341
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	302	181
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	640	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	899	230
Money market funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	259	181
Money market funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	640	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	43	111
Equity and other securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	43	0
Equity and other securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	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	3 Months Ended
	Mar. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Measurements, Recurring | Level 2
Fair Value of Financial Instruments [Abstract]
Nominal Unpaid Principal Balance		$ 14,949		$ 15,848
Aggregate Fair Value		15,104		15,924
Fair Value, Measurements, Nonrecurring
Fair Value of Financial Instruments [Abstract]
Assets Held-for-sale, fair value				25
Decrease in assets held for sale	$ 9
Fair Value, Measurements, Nonrecurring | Building
Fair Value of Financial Instruments [Abstract]
Assets Held-for-sale, fair value			$ 13
Fair Value, Measurements, Nonrecurring | Land
Fair Value of Financial Instruments [Abstract]
Assets Held-for-sale, fair value		8
Other Non-Vehicle Debt | Fair Value, Measurements, Recurring | Level 2
Fair Value of Financial Instruments [Abstract]
Nominal Unpaid Principal Balance		4,736		5,991
Aggregate Fair Value		4,826		6,070
Vehicle Debt | Fair Value, Measurements, Recurring | Level 2
Fair Value of Financial Instruments [Abstract]
Nominal Unpaid Principal Balance		10,213		9,857
Aggregate Fair Value		$ 10,278		$ 9,854

Accumulated Other Comprehensi61

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Accumulated Other Comprehensive Income (Loss)[Roll Forward]
Balance at the beginning of the period	$ 2,019
Distribution of Herc Holdings, Inc	(348)
Balance at the end of the period	1,573
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)[Roll Forward]
Balance at the beginning of the period	(245)	$ (115)
Other comprehensive income (loss) before reclassification	23	(82)
Amounts reclassified from accumulated other comprehensive loss	4	7
Distribution of Herc Holdings, Inc	115
Balance at the end of the period	(103)	(190)
Pension and Other Post-Employment Benefits
Accumulated Other Comprehensive Income (Loss)[Roll Forward]
Balance at the beginning of the period	(102)	(101)
Other comprehensive income (loss) before reclassification	(20)	0
Amounts reclassified from accumulated other comprehensive loss	4	7
Distribution of Herc Holdings, Inc	20
Balance at the end of the period	(98)	(94)
Foreign Currency Items
Accumulated Other Comprehensive Income (Loss)[Roll Forward]
Balance at the beginning of the period	(124)	5
Other comprehensive income (loss) before reclassification	32	(82)
Amounts reclassified from accumulated other comprehensive loss	0	0
Distribution of Herc Holdings, Inc	95
Balance at the end of the period	3	(77)
Unrealized Losses on Terminated Net Investment Hedges
Accumulated Other Comprehensive Income (Loss)[Roll Forward]
Balance at the beginning of the period	(19)	(19)
Other comprehensive income (loss) before reclassification	0	0
Amounts reclassified from accumulated other comprehensive loss	0	0
Distribution of Herc Holdings, Inc	0
Balance at the end of the period	(19)	(19)
Unrealized Gains on Available for Sale Securities
Accumulated Other Comprehensive Income (Loss)[Roll Forward]
Balance at the beginning of the period	0	0
Other comprehensive income (loss) before reclassification	11	0
Amounts reclassified from accumulated other comprehensive loss	0	0
Distribution of Herc Holdings, Inc	0
Balance at the end of the period	$ 11	$ 0

Contingencies and Off-Balance62

Contingencies and Off-Balance Sheet Commitments (Details) - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2016	Jan. 31, 2016	Oct. 31, 2014	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015
Loss Contingencies [Line Items]
Public liability and property damage				$ 424	$ 394
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					$ 24	$ 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	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)segment	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Number of reportable segments | segment				3
Revenues		$ 2,542	$ 2,575	$ 6,794	$ 6,991
Adjusted Pre-Tax Income (Loss)		212	289	159	368
Adjustments:
Adjusted Pre-Tax Income (Loss)		108	256	(3)	185
Loss on extinguishment of debt				40	0
Depreciation of revenue earning vehicles and lease charges, net		695	631	1,940	1,859
Assets		21,127		21,127		$ 23,514
Purchase accounting
Adjustments:
Adjusted Pre-Tax Income (Loss)		(16)	(23)	(49)	(66)
Other
Adjustments:
Adjusted Pre-Tax Income (Loss)		(11)	(14)	(36)	(44)
Loss On Extinguishment of Debt
Adjustments:
Loss on extinguishment of debt		(20)	0	(40)	0
Restructuring and restructuring related charges
Adjustments:
Adjusted Pre-Tax Income (Loss)		(11)	(15)	(41)	(77)
Sale of CAR, Inc. Common Stock
Adjustments:
Adjusted Pre-Tax Income (Loss)		0	56	75	56
Impairment charges and asset write-downs
Adjustments:
Adjusted Pre-Tax Income (Loss)		(28)	(6)	(31)	(15)
Finance and Information Technology Transformation Costs
Adjustments:
Adjusted Pre-Tax Income (Loss)		(14)	0	(40)	0
Other
Adjustments:
Adjusted Pre-Tax Income (Loss)		(4)	(31)	0	(37)
U.S. Rental Car
Adjustments:
Depreciation of revenue earning vehicles and lease charges, net		462	399	1,298	1,200
U.S. Rental Car | Finance and Information Technology Transformation Costs
Adjustments:
Adjusted Pre-Tax Income (Loss)		2		11
International Rental Car
Adjustments:
Depreciation of revenue earning vehicles and lease charges, net		116	114	300	310
All Other Operations
Adjustments:
Depreciation of revenue earning vehicles and lease charges, net		117	118	342	349
All Other Operations | Finance and Information Technology Transformation Costs
Adjustments:
Adjusted Pre-Tax Income (Loss)		12		29
Operating Segments
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues		2,542	2,575	6,794	6,991
Adjusted Pre-Tax Income (Loss)		334	415	544	764
Operating Segments | U.S. Rental Car
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues		1,707	1,739	4,697	4,873
Adjusted Pre-Tax Income (Loss)		173	246	312	509
Adjustments:
Assets		13,035		13,035		13,614
Operating Segments | International Rental Car
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues		683	687	1,656	1,679
Adjusted Pre-Tax Income (Loss)		142	151	179	203
Adjustments:
Assets		4,493		4,493		3,002
Operating Segments | All Other Operations
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues		152	149	441	439
Adjusted Pre-Tax Income (Loss)		19	18	53	52
Adjustments:
Assets		1,608		1,608		1,520
Corporate, Non-Segment
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjusted Pre-Tax Income (Loss)		(122)	(126)	(385)	(396)
Adjustments:
Assets		1,991		1,991		1,983
Assets of discontinued operations
Adjustments:
Assets		$ 0		$ 0		3,395
7.50% Senior Notes due October 2018
Adjustments:
Redemption premium	$ 13
Interest rate	7.50%	7.50%		7.50%
European Fleet Notes
Adjustments:
Interest rate		4.125%		4.125%
French Road Tax
Adjustments:
Additional reserve established			$ 23		$ 23	$ 24

Equity and Earnings (Loss) Pe64

Equity and Earnings (Loss) Per Share (Details)	Jun. 22, 2016	Sep. 30, 2016USD ($)$ / sharesshares	Sep. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2016USD ($)$ / sharesshares	Sep. 30, 2015USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred Stock, shares authorized | shares		40,000,000		40,000,000		200,000,000
Preferred Stock, par value (in dollars per share) | $ / shares		$ 0.01		$ 0.01		$ 0.01
Common Stock, shares authorized | shares		400,000,000		400,000,000		2,000,000,000
Common Stock, par value (in dollars per share) | $ / shares		$ 0.01		$ 0.01		$ 0.01
Treasury Stock, shares repurchased | shares		2,000,000		2,000,000		41,000,000
Net income (loss) | $		$ 44,000,000	$ 217,000,000	$ (36,000,000)	$ 152,000,000
Net income (loss) from discontinued operations | $		(2,000,000)	20,000,000	(15,000,000)	51,000,000
Net income (loss) | $		$ 42,000,000	$ 237,000,000	$ (51,000,000)	$ 203,000,000
Basic weighted average common shares | shares		84,000,000	91,000,000	85,000,000	91,000,000
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | shares		1,000,000	0	0	1,000,000
Weighted average shares used to calculate diluted earnings per share | shares		85,000,000	91,000,000	85,000,000	92,000,000
Earnings (loss) per share:
Basic earnings (loss) per share from continuing operations (in dollars per share) | $ / shares		$ 0.52	$ 2.38	$ (0.42)	$ 1.67
Basic earnings (loss) per share from discontinued operations (in dollars per share) | $ / shares		(0.02)	0.22	(0.18)	0.56
Basic earnings (loss) per share (in dollars per share) | $ / shares		0.50	2.60	(0.60)	2.23
Diluted earnings (loss) per share from continuing operations (in dollars per share) | $ / shares		0.52	2.38	(0.42)	1.65
Diluted earnings (loss) per share from discontinued operations (in dollars per share) | $ / shares		(0.03)	0.22	(0.18)	0.56
Diluted earnings (loss) per share (in dollars per share) | $ / shares		$ 0.49	$ 2.60	$ (0.60)	$ 2.21
Treasury Stock, Value | $		$ 100,000,000		$ 100,000,000		$ 692,000,000
Antidilutive stock options, RSUs and PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive stock options, RSUs and PSUs | shares		1,000,000	1,000,000	2,000,000	1,000,000
Hertz Global Holdings
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Treasury Stock, shares repurchased | shares		2,000,000		2,000,000
Stock Repurchase Program, Authorized Amount | $		$ 395,400,000		$ 395,400,000
Stock distribution ratio	0.2	0.2		0.2
Earnings (loss) per share:
Treasury Stock, Value | $		$ 100,000,000		$ 100,000,000

Subsequent Events (Details)

Subsequent Events (Details) - 6.75% Senior Notes due April 2019 - USD ($) $ in Millions	1 Months Ended
	Oct. 31, 2016	Sep. 30, 2016
Subsequent Event [Line Items]
Interest rate		6.75%
Subsequent Event
Subsequent Event [Line Items]
Repayments of debt	$ 800
Interest rate	6.75%
Redemption premium	$ 14
Interest paid	$ 26