Hertz Global (HTZ) 10-Q 8 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 01, 2017
Entity Information [Line Items]
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	Yes
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		83,711,808
The Hertz Corporation
Entity Information [Line Items]
Entity Registrant Name	HERTZ CORP
Entity Central Index Key	47,129
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		100

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 785	$ 816
Restricted cash and cash equivalents:	266	278
Receivables:	1,034	1,283
Prepaid expenses and other assets	497	578
Revenue earning vehicles:
Vehicles	14,579	13,655
Less accumulated depreciation	(2,886)	(2,837)
Total revenue earning vehicles, net	11,693	10,818
Property and equipment:
Land, buildings and leasehold improvements	1,173	1,165
Service equipment and other	761	724
Less accumulated depreciation	(1,086)	(1,031)
Total property and equipment, net	848	858
Other intangible assets, net	3,325	3,332
Goodwill	1,081	1,081
Assets held for sale	127	111
Total assets	19,656	19,155
LIABILITIES AND EQUITY
Accounts payable:	1,141	821
Accrued liabilities	966	980
Accrued taxes, net	173	165
Debt:	14,008	13,541
Public liability and property damage	405	407
Deferred income taxes, net	2,028	2,149
Liabilities held for sale	17	17
Total liabilities	18,738	18,080
Commitments and contingencies
Equity:
Preferred Stock, $0.01 par value, no shares issued and outstanding	0	0
Common Stock, $0.01 par value, Hertz Global Holdings, Inc. 86 and 85 shares issued and 84 and 83 outstanding and The Hertz Corporation 3,000 shares authorized and 100 shares outstanding	1	1
Additional paid-in capital	2,231	2,227
Accumulated deficit	(1,056)	(882)
Accumulated other comprehensive income (loss)	(158)	(171)
Stockholders' Equity before Treasury Stock	1,018	1,175
Treasury Stock, at cost, 2 shares and 2 shares	(100)	(100)
Total equity	918	1,075
Total liabilities and equity	19,656	19,155
Vehicles
ASSETS
Restricted cash and cash equivalents:	223	235
Receivables:	323	546
LIABILITIES AND EQUITY
Accounts payable:	544	258
Debt:	10,113	9,646
Non-vehicle
ASSETS
Restricted cash and cash equivalents:	43	43
Receivables:	711	737
LIABILITIES AND EQUITY
Accounts payable:	597	563
Debt:	3,895	3,895
The Hertz Corporation
ASSETS
Cash and cash equivalents	785	816
Restricted cash and cash equivalents:	266	278
Receivables:	1,034	1,283
Prepaid expenses and other assets	497	578
Revenue earning vehicles:
Vehicles	14,579	13,655
Less accumulated depreciation	(2,886)	(2,837)
Total revenue earning vehicles, net	11,693	10,818
Property and equipment:
Land, buildings and leasehold improvements	1,173	1,165
Service equipment and other	761	724
Less accumulated depreciation	(1,086)	(1,031)
Total property and equipment, net	848	858
Other intangible assets, net	3,325	3,332
Goodwill	1,081	1,081
Assets held for sale	127	111
Total assets	19,656	19,155
LIABILITIES AND EQUITY
Accounts payable:	1,141	821
Accrued liabilities	966	980
Accrued taxes, net	174	165
Debt:	14,008	13,541
Public liability and property damage	405	407
Deferred income taxes, net	2,028	2,149
Liabilities held for sale	17	17
Total liabilities	18,739	18,080
Commitments and contingencies
Equity:
Common Stock, $0.01 par value, Hertz Global Holdings, Inc. 86 and 85 shares issued and 84 and 83 outstanding and The Hertz Corporation 3,000 shares authorized and 100 shares outstanding	0	0
Additional paid-in capital	3,154	3,150
Due from affiliate	(39)	(37)
Accumulated deficit	(2,040)	(1,867)
Accumulated other comprehensive income (loss)	(158)	(171)
Total equity	917	1,075
Total liabilities and equity	19,656	19,155
The Hertz Corporation | Vehicles
ASSETS
Restricted cash and cash equivalents:	223	235
Receivables:	323	546
LIABILITIES AND EQUITY
Accounts payable:	544	258
Debt:	10,113	9,646
The Hertz Corporation | Non-vehicle
ASSETS
Restricted cash and cash equivalents:	43	43
Receivables:	711	737
LIABILITIES AND EQUITY
Accounts payable:	597	563
Debt:	$ 3,895	$ 3,895

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
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 issued	86,000,000	85,000,000
Common Stock, shares outstanding	84,000,000	83,000,000
Treasury Stock, shares repurchased	2,000,000	2,000,000
Non-vehicle
Receivables, allowance for doubtful accounts (in dollars)	$ 39	$ 42
The Hertz Corporation
Receivables, allowance for doubtful accounts (in dollars)	$ 39	$ 42
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized	3,000	3,000
Common Stock, shares issued	100	100
Common Stock, shares outstanding	100	100

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Worldwide vehicle rental	$ 1,764	$ 1,839
All other operations	152	144
Total revenues	1,916	1,983
Expenses:
Direct vehicle and operating	1,132	1,158
Depreciation of revenue earning vehicles and lease charges, net	701	616
Selling, general and administrative	220	225
Interest expense, net: Vehicle	71	69
Interest expense, net: Non-vehicle	59	81
Total interest expense, net	130	150
Other (income) expense, net	27	(90)
Total expenses	2,210	2,059
Income (loss) from continuing operations before income taxes	(294)	(76)
Income tax (provision) benefit	71	24
Net income (loss) from continuing operations	(223)	(52)
Net income (loss) from discontinued operations	0	1
Net income (loss)	$ (223)	$ (51)
Weighted average shares outstanding:
Basic (in shares)	83	85
Diluted (in shares)	83	85
Earnings (loss) per share - basic and diluted:
Basic earnings (loss) per share from continuing operations (in dollars per share)	$ (2.69)	$ (0.61)
Basic earnings (loss) per share from discontinued operations (in dollars per share)	0	0.01
Basic earnings (loss) per share (in dollars per share)	(2.69)	(0.60)
Diluted earnings (loss) per share from continuing operations (in dollars per share)	(2.69)	(0.61)
Diluted earnings (loss) per share from discontinued operations (in dollars per share)	0	0.01
Diluted earnings (loss) per share (in dollars per share)	$ (2.69)	$ (0.60)
The Hertz Corporation
Revenues:
Worldwide vehicle rental	$ 1,764	$ 1,839
All other operations	152	144
Total revenues	1,916	1,983
Expenses:
Direct vehicle and operating	1,132	1,158
Depreciation of revenue earning vehicles and lease charges, net	701	616
Selling, general and administrative	220	225
Interest expense, net: Vehicle	71	69
Interest expense, net: Non-vehicle	58	81
Total interest expense, net	129	150
Other (income) expense, net	27	(90)
Total expenses	2,209	2,059
Income (loss) from continuing operations before income taxes	(293)	(76)
Income tax (provision) benefit	71	24
Net income (loss) from continuing operations	(222)	(52)
Net income (loss) from discontinued operations	0	3
Net income (loss)	$ (222)	$ (49)

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net income (loss)	$ (223)	$ (51)
Other comprehensive income (loss):
Foreign currency translation adjustments	16	36
Unrealized holding gains (losses) on securities	0	17
Reclassification of realized gain on securities to other (income) expense	(3)	0
Net gain (loss) on defined benefit pension plans	(1)	0
Reclassification from other comprehensive income (loss) to selling, general and administrative expense for amortization of actuarial (gains) losses on defined benefit pension plans	1	2
Total other comprehensive income (loss) before income taxes	13	55
Income tax (provision) benefit related to reclassified amounts of net periodic costs on defined benefit pension plans	0	(1)
Total other comprehensive income (loss)	13	54
Total comprehensive income (loss)	(210)	3
The Hertz Corporation
Net income (loss)	(222)	(49)
Other comprehensive income (loss):
Foreign currency translation adjustments	16	36
Unrealized holding gains (losses) on securities	0	17
Reclassification of realized gain on securities to other (income) expense	(3)	0
Net gain (loss) on defined benefit pension plans	(1)	0
Reclassification from other comprehensive income (loss) to selling, general and administrative expense for amortization of actuarial (gains) losses on defined benefit pension plans	1	2
Total other comprehensive income (loss) before income taxes	13	55
Income tax (provision) benefit related to reclassified amounts of net periodic costs on defined benefit pension plans	0	(1)
Total other comprehensive income (loss)	13	54
Total comprehensive income (loss)	$ (209)	$ 5

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income (loss)	$ (223)	$ (51)
Less: Net income (loss) from discontinued operations	0	1
Net income (loss) from continuing operations	(223)	(52)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation of revenue earning vehicles, net	684	601
Depreciation and amortization, non-vehicle	58	67
Amortization and write-off of deferred financing costs	10	13
Amortization and write-off of debt discount (premium)	0	1
Stock-based compensation charges	7	5
Provision for receivables allowance	8	14
Deferred income tax, net	(71)	(15)
Impairment charges and asset write-downs	30	0
(Gain) loss on sale of shares in equity investment	(3)	(75)
Other	(3)	(4)
Changes in assets and liabilities
Non-vehicle receivables	23	(55)
Prepaid expenses and other assets	(35)	(24)
Non-vehicle accounts payable	42	9
Accrued liabilities	(30)	(23)
Accrued taxes, net	8	(7)
Public liability and property damage	(7)	6
Net cash provided by (used in) operating activities	498	461
Cash flows from investing activities:
Revenue earning vehicles expenditures	(2,862)	(3,385)
Proceeds from disposal of revenue earning vehicles	1,960	2,762
Capital asset expenditures, non-vehicle	(54)	(46)
Proceeds from disposal of property and other equipment	7	19
Sales of (investment in) shares in equity investment	9	233
Net cash provided by (used in) investing activities	(926)	(424)
Cash flows from financing activities:
Proceeds from issuance of vehicle debt	2,098	2,449
Repayments of vehicle debt	(1,692)	(2,240)
Proceeds from issuance of non-vehicle debt	100	365
Repayments of non-vehicle debt	(102)	(371)
Payment of financing costs	(12)	(10)
Transfers from discontinued entities	0	122
Other	(1)	8
Net cash provided by (used in) financing activities	391	323
Effect of foreign currency exchange rate changes on cash and cash equivalents from continuing operations	6	12
Net increase (decrease) in cash and cash equivalents during the period from continuing operations	(31)	372
Cash and cash equivalents at beginning of period	816	474
Cash and cash equivalents at end of period	785	846
Cash flows from discontinued operations:
Cash flows provided by (used in) operating activities	0	116
Cash flows provided by (used in) investing activities	0	7
Cash flows provided by (used in) financing activities	0	(124)
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations	0	(1)
Cash paid during the period for:
Income taxes, net of refunds	2	14
Supplemental disclosures of non-cash flow information:
Purchases of revenue earning vehicles included in accounts payable and accrued liabilities	437	555
Sales of revenue earning vehicles included in receivables	215	444
Purchases of property and other equipment included in accounts payable	17	18
Sales of property and other equipment included in receivables	2	11
Vehicles
Cash flows from investing activities:
Net change in restricted cash and cash equivalents, vehicle and non vehicle	14	(8)
Cash paid during the period for:
Interest, net of amounts capitalized:	67	61
Non-vehicle
Cash flows from investing activities:
Net change in restricted cash and cash equivalents, vehicle and non vehicle	0	1
Cash paid during the period for:
Interest, net of amounts capitalized:	30	38
The Hertz Corporation
Cash flows from operating activities:
Net income (loss)	(222)	(49)
Less: Net income (loss) from discontinued operations	0	3
Net income (loss) from continuing operations	(222)	(52)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation of revenue earning vehicles, net	684	601
Depreciation and amortization, non-vehicle	58	67
Amortization and write-off of deferred financing costs	10	13
Amortization and write-off of debt discount (premium)	0	1
Stock-based compensation charges	7	5
Provision for receivables allowance	8	14
Deferred income tax, net	(71)	(15)
Impairment charges and asset write-downs	30	0
(Gain) loss on sale of shares in equity investment	(3)	(75)
Other	(3)	(4)
Changes in assets and liabilities
Non-vehicle receivables	23	(55)
Prepaid expenses and other assets	(35)	(24)
Non-vehicle accounts payable	42	9
Accrued liabilities	(30)	(23)
Accrued taxes, net	8	(7)
Public liability and property damage	(7)	6
Net cash provided by (used in) operating activities	499	461
Cash flows from investing activities:
Revenue earning vehicles expenditures	(2,862)	(3,385)
Proceeds from disposal of revenue earning vehicles	1,960	2,762
Capital asset expenditures, non-vehicle	(54)	(46)
Proceeds from disposal of property and other equipment	7	19
Sales of (investment in) shares in equity investment	9	233
Net cash provided by (used in) investing activities	(926)	(424)
Cash flows from financing activities:
Proceeds from issuance of vehicle debt	2,098	2,449
Repayments of vehicle debt	(1,692)	(2,240)
Proceeds from issuance of non-vehicle debt	100	365
Repayments of non-vehicle debt	(102)	(371)
Payment of financing costs	(12)	(10)
Transfers from discontinued entities	0	130
Advances to Hertz Global/Old Hertz Holdings	(2)	0
Net cash provided by (used in) financing activities	390	323
Effect of foreign currency exchange rate changes on cash and cash equivalents from continuing operations	6	12
Net increase (decrease) in cash and cash equivalents during the period from continuing operations	(31)	372
Cash and cash equivalents at beginning of period	816	474
Cash and cash equivalents at end of period	785	846
Cash flows from discontinued operations:
Cash flows provided by (used in) operating activities	0	119
Cash flows provided by (used in) investing activities	0	7
Cash flows provided by (used in) financing activities	0	(121)
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations	0	5
Cash paid during the period for:
Income taxes, net of refunds	2	14
Supplemental disclosures of non-cash flow information:
Purchases of revenue earning vehicles included in accounts payable and accrued liabilities	437	555
Sales of revenue earning vehicles included in receivables	215	444
Purchases of property and other equipment included in accounts payable	17	18
Sales of property and other equipment included in receivables	2	11
The Hertz Corporation | Vehicles
Cash flows from investing activities:
Net change in restricted cash and cash equivalents, vehicle and non vehicle	14	(8)
Cash paid during the period for:
Interest, net of amounts capitalized:	67	61
The Hertz Corporation | Non-vehicle
Cash flows from investing activities:
Net change in restricted cash and cash equivalents, vehicle and non vehicle	0	1
Cash paid during the period for:
Interest, net of amounts capitalized:	$ 30	$ 38

Background

Background	3 Months Ended
	Mar. 31, 2017
Background Disclosure [Abstract]
Background	Background Hertz Global Holdings, Inc. ("Hertz Global" when including its subsidiaries and "Hertz Holdings" excluding its subsidiaries) 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" and interchangeably with Hertz Global, the "Company"), 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 globally primarily through the Hertz, Dollar and Thrifty brands from company-owned, licensee and franchisee locations in the U.S., Africa, Asia, Australia, Canada, The Caribbean, 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. New Hertz, or Hertz Global, is the “accounting successor” to Old Hertz Holdings. As such, the historical financial information of Hertz reflects the equipment rental business as a discontinued operation and the historical financial information of Hertz Global reflects the equipment rental business and certain parent legal entities as discontinued operations. See Note 3 , " Discontinued Operations ," for additional information. Unless noted otherwise, information disclosed in these notes to the consolidated financial statements pertain to the continuing operations of Hertz and Hertz Global.

Basis of Presentation and Recen

Basis of Presentation and Recently Issued Accounting Pronouncements	3 Months Ended
	Mar. 31, 2017
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 December 31, 2016 condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The information included in this Form 10-Q should be read in conjunction with information included in the Company's Form 10‑K for the year ended December 31, 2016 (the "2016 Form 10-K"), as filed with the Securities and Exchange Commission ("SEC") on March 6, 2017. As disclosed below in "Recently Issued Accounting Pronouncements," the Company adopted the guidance "Improvements to Employee Share-Based Payment Accounting" on January 1, 2017. Principles of Consolidation The unaudited condensed consolidated financial statements of Hertz Global include the accounts of Hertz Global and its wholly owned and majority owned U.S. and international subsidiaries. The unaudited condensed consolidated financial statements of Hertz include the accounts of Hertz and its wholly owned and majority owned U.S. and international subsidiaries. In the event that the Company is a primary beneficiary of a variable interest entity, the assets, liabilities, and results of operations of the variable interest entity are included in the Company's consolidated financial statements. The Company accounts for its investment in 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. Correction of Errors The Company identified classification errors within the investing section of the condensed consolidated statement of cash flows for the three months ended March 31, 2016 that were previously disclosed in the Company's 2016 Form 10-K. The Company considered both quantitative and qualitative factors in assessing the materiality of the classification errors individually, and in the aggregate, and determined that the classification errors were not material and revised the accompanying condensed consolidated statement of cash flows for the three months ended March 31, 2016 to correct for the classification errors. Correction of the errors, which did not impact total operating, investing or financing cash flows, decreased both revenue earning vehicles expenditures and proceeds from disposals of revenue earning vehicles by $205 million for the three months ended March 31, 2016 . This revision had no impact on the Company's condensed consolidated balance sheet at December 31, 2016 or its condensed consolidated statement of operations for the three months ended March 31, 2016 . Recently Issued Accounting Pronouncements Adopted 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. The Company adopted this guidance in accordance with the effective date on January 1, 2017. The method of adoption with respect to the condensed consolidated balance sheet was a modified retrospective basis. Upon adoption, the Company recorded a deferred tax asset with an offsetting entry to the opening accumulated deficit to recognize net operating loss carryforwards, net of a valuation allowance, attributable to excess tax benefits on stock compensation that had not been previously recognized. Additionally, the Company has elected to continue to estimate forfeitures expected to occur. The impact to the condensed consolidated opening balance sheet as of January 1, 2017 of adopting this guidance was as follows (in millions): Hertz Global Deferred income taxes, net Total liabilities Accumulated deficit Total equity Total liabilities and equity As of December 31, 2016 $ 2,149 $ 18,080 $ (882 ) $ 1,075 $ 19,155 Record deferred tax asset (49 ) (49 ) 49 49 — As of January 1, 2017 $ 2,100 $ 18,031 $ (833 ) $ 1,124 $ 19,155 Hertz Deferred income taxes, net Total liabilities Accumulated deficit Total equity Total liabilities and equity As of December 31, 2016 $ 2,149 $ 18,080 $ (1,867 ) $ 1,075 $ 19,155 Record deferred tax asset (49 ) (49 ) 49 49 — As of January 1, 2017 $ 2,100 $ 18,031 $ (1,818 ) $ 1,124 $ 19,155 The method of adoption with respect to the condensed consolidated statement of operations and the condensed consolidated statements of cash flows pertaining to excess tax benefits or deficiencies is on a prospective basis. The method of adoption with respect to the condensed consolidated statements of cash flows pertaining to employee taxes paid is on a retrospective basis and adoption of the guidance did not impact the Company's 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 Company adopted this guidance early, as permitted, on a retrospective basis, on January 1, 2017. Adoption of this guidance did not impact the Company’s financial position, results of operations or cash flows. Accounting for Goodwill Impairment In January 2017, the FASB issued guidance that eliminates the second step of the two-step goodwill impairment test, which requires the determination of the implied fair value of goodwill to measure an impairment. Rather, a goodwill impairment charge will be calculated as the amount by which a reporting unit's carrying amount exceeds its fair value. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The Company adopted this guidance early, as permitted, on a prospective basis, on January 1, 2017. Adoption of this 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 Gold Plus Rewards liability. Upon adoption, each transaction which generates Hertz Gold Plus Rewards points will result in the deferral of revenue; the associated revenue will be recognized at the time when the customer redeems the reward points. Currently the Company records an expense associated with the incremental cost of providing the rental when the reward points are earned. 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 of 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 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 the Company's accounting for leases of the Company's rental locations, as the Company owns approximately 3% of the locations from which it operates its 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. For lessors, the guidance modifies classification criteria and accounting for sales-type and direct financing leases and requires a lessor to derecognize the carrying value of the leased asset that is considered to have been transferred to a lessee and record a lease receivable and residual asset. 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. A modified retrospective transition approach is required for both lessees and lessors for existing leases at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. Although the Company is still in the process of assessing the overall impact of adopting this guidance on its financial position, results of operations and cash flows, it expects that adoption of this guidance will result in a material increase in lease-related assets and liabilities on its condensed consolidated balance sheet. 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. Tax Consequences of Intra-Entity Transfers of Assets Other Than Inventory In October 2016, the FASB issued guidance that requires the tax consequences of intra-entity asset transfers, other than intra-entity asset transfers of inventory, to be recognized when the transfers occur although the profits on the sales of the assets are eliminated in consolidation. Current guidance requires the tax effects of the transfer be recognized later when the assets are sold to a third party or otherwise disposed of. Under the new guidance, the seller's tax expense on the profit and the buyer's deferred tax benefit on the increased tax basis are recognized within the consolidated group when the transfers occur. The guidance is effective for annual periods beginning after December 15, 2017 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, and cash flows. Restricted Cash In November 2016, the FASB issued guidance that clarifies existing guidance on the classification and presentation of restricted cash in the statement of cash flows. The guidance requires entities to include restricted cash and restricted cash equivalents in its cash and cash equivalents balances in the statement of cash flows. Under current guidance, the Company presents these transfers within the cash flows from investing section in its consolidated statements of cash flows. The guidance is effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods using a retrospective transition method. The Company estimates that adoption of this guidance would result in the inclusion of restricted cash of $266 million and $341 million for the three months ended March 31, 2017 and 2016, respectively, when reconciling the beginning-of-period and end-of-period total amounts shown on the accompanying condensed consolidated statements of cash flows. Clarifying the Definition of a Business In January 2017, the FASB issued guidance that clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The guidance requires an evaluation of whether substantially all of the fair value of assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets. If so, the transaction does not qualify as a business. The guidance also requires an acquired business to include at least one substantive process and narrows the definition of outputs. The guidance is effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods using a prospective 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. Clarifying the Scope of Nonfinancial Asset Derecognition and Accounting for Partial Sales of Nonfinancial Assets In February 2017, the FASB issued guidance that clarifies the scope of the established guidance on nonfinancial asset derecognition as well as the accounting for partial sales of nonfinancial assets. The guidance is effective for annual reporting periods beginning after December 15, 2017 and interim periods within those annual periods. The new guidance may be adopted on either a full or modified retrospective basis. The Company is in the process of determining the method of adoption and assessing the potential impacts of adopting this guidance on its financial position, results of operations and cash flows. Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, the FASB issued guidance that requires entities to (1) disaggregate the current-service-cost component from the other components of net benefit cost (the “other components”) and present it with other current compensation costs for related employees in the income statement and (2) present the other components elsewhere in the income statement and outside of income from operations if such a subtotal is presented. The guidance also requires entities to disclose the income statement lines that contain the other components if they are not presented on described separate lines. In addition, only the service-cost component of net benefit cost is eligible for capitalization, which is a change from current practice, under which entities capitalize the aggregate net benefit cost when applicable. The guidance is effective for annual reporting periods beginning after December 15, 2017 and interim periods within those annual periods. The guidance affecting the presentation of the components of net periodic benefit cost in the income statement requires use of the retrospective method of adoption and the guidance limiting the capitalization of net periodic benefit cost to the service cost component requires use of the prospective method of adoption. The Company is in the process of assessing the overall impact of adopting this guidance on its financial position, results of operations and cash flows.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2017
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. Results of Discontinued Operations - Hertz Global The following table summarizes the results of the equipment rental business and certain parent legal entities which are presented as discontinued operations in 2016: Three Months Ended (In millions) 2016 Total revenues $ 328 Direct operating expenses 183 Depreciation of revenue earning equipment and lease charges, net 90 Selling, general and administrative 42 Interest expense, net (1) 7 Other (income) expense, net (1 ) Income (loss) from discontinued operations before income taxes 7 (Provision) benefit for taxes on discontinued operations (6 ) Net income (loss) from discontinued operations $ 1 (1) In addition to interest expense directly associated with Herc Holdings, the Company allocated interest expense related to certain debt repaid in connection with the Spin-Off to discontinued operations. For the three months ended March 31, 2016 , the amount allocated was $2 million . Results of Discontinued Operations - Hertz The following table summarizes the results of the equipment rental business which is presented as discontinued operations in 2016: Three Months Ended (In millions) 2016 Total revenues $ 328 Direct operating expenses 183 Depreciation of revenue earning equipment and lease charges, net 90 Selling, general and administrative 42 Interest expense, net (1) 4 Other (income) expense, net (1 ) Income (loss) from discontinued operations before income taxes 10 (Provision) benefit for taxes on discontinued operations (7 ) Net income (loss) from discontinued operations $ 3 (1) In addition to interest expense directly associated with Herc Holdings, the Company allocated interest expense related to certain debt repaid in connection with the Spin-Off to discontinued operations. For the three months ended March 31, 2016 , the amount allocated was $2 million .

Acquisitions and Divestitures

Acquisitions and Divestitures	3 Months Ended
	Mar. 31, 2017
Business Combinations and Divestitures [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Divestitures CAR Inc. Investment In March 2016, the Company sold 204 million shares of common stock of CAR Inc., a publicly traded company on the Hong Kong Stock Exchange and extended its commercial agreement with CAR Inc. to 2023, in exchange for $240 million , of which $233 million was allocated to the sale of shares based on the fair value of those shares. The sale of shares resulted in a pre-tax gain of $75 million which has been recognized and recorded in the Company's corporate operations and is included in other (income) expense, net in the 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 sale of the shares reduced the Company's ownership interest in CAR Inc. to 1.7% and eliminated the Company's ability to exercise significant influence over CAR Inc. As a result, the Company classifies the investment as an available for sale security which is presented within prepaid expenses and other assets in the accompanying condensed consolidated balance sheet as of December 31, 2016. In February 2017, the Company sold its remaining shares of common stock of CAR Inc. and no longer has an ownership interest in the entity. Brazil Operations During the fourth quarter of 2016, the Company, along with certain of its wholly owned subsidiaries, entered into a definitive stock purchase agreement ("Purchase Agreement") to sell Car Rental Systems do Brasil Locacao de Veiculos Ltd., a wholly owned subsidiary of the Company located in Brazil ("Brazil Operations"), to Localiza Fleet S.A. (“Localiza”), a corporation headquartered in Brazil. As part of the overall agreement, the Company intends to enter into certain ancillary agreements with Localiza, including co-branding in Brazil and use of the Localiza brand in other select markets, customer referrals and the exchange of technology and information, at the closing date of the Purchase Agreement and upon receiving clearance from the regulatory authority in Brazil. The proceeds from the sale are expected to be approximately $117 million , which is subject to change in accordance with the terms of the Purchase Agreement. Approximately $13 million of the proceeds will be placed into escrow to secure certain indemnification obligations as defined in the Purchase Agreement. The transaction is subject to regulatory approval and customary closing conditions. The sale is expected to close in the second quarter of 2017. The Brazil Operations are included in the Company's International Rental Car segment. The Brazil operations are classified as held for sale in the accompanying condensed consolidated balance sheets. The carrying amounts of the major classes of assets and liabilities of the Brazil Operations are as follows: (In millions) March 31, 2017 December 31, 2016 ASSETS Cash and cash equivalents $ 8 $ 1 Receivables, net 12 11 Prepaid expenses and other assets 3 5 Revenue earning vehicles, net 95 86 Property and equipment, net 1 1 Intangibles 1 1 Deferred income taxes, net 7 6 Assets held for sale $ 127 $ 111 LIABILITIES Accounts payable $ 11 $ 11 Accrued liabilities 6 6 Liabilities held for sale $ 17 $ 17

Revenue Earning Vehicles

Revenue Earning Vehicles	3 Months Ended
	Mar. 31, 2017
Revenue Earning Vehicles [Abstract]
Revenue Earning Vehicles	Revenue Earning Vehicles The components of revenue earning vehicles, net are as follows: (In millions) March 31, 2017 December 31, 2016 Revenue earning vehicles $ 13,944 $ 13,287 Less: Accumulated depreciation (2,665 ) (2,678 ) 11,279 10,609 Revenue earning vehicles held for sale, net 414 209 Revenue earning vehicles, net $ 11,693 $ 10,818 The above amounts exclude revenue earning vehicles of the Company's Brazil Operations which are deemed held for sale as further described in Note 4 , " Acquisitions and Divestitures ". Depreciation of revenue earning vehicles and lease charges, net includes the following: Three Months Ended (In millions) 2017 2016 Depreciation of revenue earning vehicles $ 605 $ 558 (Gain) loss on disposal of revenue earning vehicles (a) 79 43 Rents paid for vehicles leased 17 15 Depreciation of revenue earning vehicles and lease charges, net $ 701 $ 616 (a) (Gain) loss on disposal of revenue earning vehicles by segment is as follows: Three Months Ended (In millions) 2017 2016 U.S. Rental Car (i) $ 78 $ 43 International Rental Car 1 — Total $ 79 $ 43 (i) Includes costs associated with the Company's U.S. vehicle sales operations of $30 million and $25 million for the three months ended March 31, 2017 and 2016, respectively. 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 impact of depreciation rate changes is as follows: Increase (decrease) Three Months Ended (In millions) 2017 2016 U.S. Rental Car $ 26 $ 27 International Rental Car — 1 Total $ 26 $ 28

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt	Debt The Company's debt, including its available credit facilities, consists of the following (in millions): Facility Weighted Average Interest Rate at March 31, 2017 Fixed or Maturity March 31, December 31, Non-Vehicle Debt Senior Term Loan 3.54% Floating 6/2023 $ 695 $ 697 Senior RCF N/A Floating 6/2021 — — Senior Notes (1) 6.07% Fixed 4/2018–10/2024 3,200 3,200 Promissory Notes 7.00% Fixed 1/2028 27 27 Other Non-Vehicle Debt 2.01% Fixed Various 10 10 Unamortized Debt Issuance Costs and Net (Discount) Premium (37 ) (39 ) Total Non-Vehicle Debt 3,895 3,895 Vehicle Debt HVF U.S. Vehicle Medium Term Notes HVF Series 2010-1 (2) 4.96% Fixed 2/2018 115 115 HVF Series 2011-1 (2) N/A N/A N/A — 115 HVF Series 2013-1 (2) 1.91% Fixed 8/2018 625 625 740 855 HVF II U.S. ABS Program HVF II U.S. Vehicle Variable Funding Notes HVF II Series 2013-A (2) 2.25% Floating 1/2019 2,609 1,844 HVF II Series 2013-B (2) 2.18% Floating 1/2019 438 626 3,047 2,470 Facility Weighted Average Interest Rate at March 31, 2017 Fixed or Maturity March 31, December 31, 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 439 439 HVF II Series 2016-2 (2) 3.25% Fixed 3/2021 561 561 HVF II Series 2016-3 (2) 2.56% Fixed 7/2019 400 400 HVF II Series 2016-4 (2) 2.91% Fixed 7/2021 400 400 3,180 3,180 Donlen ABS Program HFLF Variable Funding Notes HFLF Series 2013-2 (2) 2.01% Floating 9/2018 457 410 457 410 HFLF Medium Term Notes HFLF Series 2013-3 (5) 2.02% Floating 4/2017-6/2017 59 96 HFLF Series 2014-1 (5) 1.63% Floating 4/2017-12/2017 119 148 HFLF Series 2015-1 (5) 1.56% Floating 4/2017-11/2019 227 248 HFLF Series 2016-1 (5) 2.08% Floating 6/2017-4/2019 385 385 790 877 Other Vehicle Debt U.S. Vehicle RCF (3) 3.29% Floating 6/2021 193 193 European Revolving Credit Facility 2.75% Floating 1/2019 124 147 European Vehicle Notes (4) 4.29% Fixed 1/2019–10/2021 700 677 European Securitization (2) 1.55% Floating 10/2018 303 312 Canadian Securitization (2) 2.19% Floating 1/2019 180 162 Australian Securitization (2) 3.17% Floating 7/2018 128 117 New Zealand RCF 4.30% Floating 9/2018 42 41 Capitalized Leases 2.79% Floating 4/2017–9/2020 264 244 1,934 1,893 Unamortized Debt Issuance Costs and Net (Discount) Premium (35 ) (39 ) Total Vehicle Debt 10,113 9,646 Total Debt $ 14,008 $ 13,541 N/A - Not Applicable (1) References to the "Senior Notes" include the series of Hertz's unsecured senior notes set forth on the table below. Outstanding principal amounts for each such series of the Senior Notes is also specified below: (In millions) Outstanding Principal Senior Notes March 31, 2017 December 31, 2016 4.25% Senior Notes due April 2018 $ 250 $ 250 6.75% Senior Notes due April 2019 450 450 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 800 800 $ 3,200 $ 3,200 (2) Maturity reference is to the earlier "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. 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 Hertz Holdings Netherlands B.V.'s, an indirect wholly-owned subsidiary of Hertz organized under the laws of The Netherlands (“HHN BV”), unsecured senior notes (converted from Euros to U.S. dollars at a rate of 1.08 to 1 and 1.04 to 1 as of March 31, 2017 and December 31, 2016 , respectively) 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 March 31, 2017 December 31, 2016 4.375% Senior Notes due January 2019 $ 458 $ 443 4.125% Senior Notes due October 2021 242 234 $ 700 $ 677 (5) In the case of the Hertz Vehicle Lease Funding LP ("HFLF") Medium Term Notes, such notes are repayable from cash flows derived from third-party leases comprising the underlying HFLF collateral pool. The initial maturity date referenced for each series of HFLF Medium Term Notes represents the end of the revolving period for such series, at which time the related notes begin to amortize monthly by an amount equal to the lease collections payable to that series. To the extent the revolving period already has ended, the initial maturity date reflected is April 2017. The second maturity date referenced for each series of HFLF Medium Term Notes represents the date by which Hertz and the investors in the related series expect such series of notes to be repaid in full, which is based upon various assumptions made at the time of pricing of such notes, including the contractual amortization of the underlying leases as well as the assumed rate of prepayments of such leases. Such maturity reference is to the “expected final maturity date” as opposed to the subsequent “legal final maturity date”. The legal final maturity date is the date on which the relevant indebtedness is legally due and payable. Although the underlying lease cash flows that support the repayment of the HFLF Medium Term Notes may vary, the cash flows generally are expected to approximate a straight line amortization of the related notes from the initial maturity date through the expected final maturity date. 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 $744 million of vehicle debt will mature between April 1, 2017 and March 31, 2018. The Company has reviewed the vehicle debt that will mature within this timeframe and determined that it is probable that the Company will be able, and has the intent, to refinance these maturities. If the Company were not able to refinance these maturities, it has available liquidity sufficient to repay them at the maturity date. As of March 31, 2017 , the Company was in compliance with its financial maintenance covenant under the senior secured revolving credit facility ("Senior RCF"), see "Covenant Compliance" below. Non-Vehicle Debt Senior Facilities In February 2017, certain terms of the credit agreement governing the $700 million senior secured term facility (the "Senior Term Loan") and the Senior RCF (together, the "Senior Facilities") were amended with the consent of the required lenders under the Senior RCF and such credit agreement. The amendment, among other things, (i) amends the terms of the financial maintenance covenant for the Senior RCF to test, when applicable, Hertz’s consolidated first lien net leverage ratio in lieu of Hertz’s consolidated total net corporate leverage ratio, (ii) provides that Hertz shall not make dividends and certain restricted payments until a leverage ratio test is satisfied, (iii) adds a new covenant restricting the incurrence of certain corporate indebtedness, (iv) caps the amount of unrestricted cash that may be netted for purposes of calculating the consolidated first lien net leverage ratio at $500 million unless a specified consolidated total gross corporate leverage ratio is met for a specified period and (v) amends certain financial definitions relating to the foregoing. Vehicle Debt HVF II U.S. Vehicle Variable Funding Notes In February 2017, Hertz Vehicle Financing II LP, a bankruptcy remote, indirect, wholly-owned, special purpose subsidiary of Hertz ("HVF II") entered into various amendment agreements pursuant to which certain terms of the HVF II Series 2013-A Notes and the HVF II Series 2013-B Notes were amended. The amendments, among other things, extended the maturities of $3.2 billion aggregate maximum principal amount available under the HVF II Series 2013-A Notes and the HVF II Series 2013-B Notes from October 2017 to January 2019. Vehicle Debt-Other European Revolving Credit Facility In February 2017, HHN BV amended its credit agreement (the "European Revolving Credit Facility") to extend the maturity of €235 million of the aggregate maximum borrowings available from October 2017 to January 2019. Canadian Securitizations In February 2017, TCL Funding Limited Partnership, a bankruptcy remote, indirect, wholly-owned, special purpose subsidiary of Hertz ("Funding LP") amended its securitization platform in Canada (the "Canadian Securitization") to extend the maturity of CAD $350 million aggregate maximum borrowings available from January 2018 to January 2019. Capitalized Leases-U.K. Leveraged Financing In February 2017, the capitalized lease financings outstanding in the United Kingdom ("U.K. Leveraged Financing") were amended to extend the maturity of £250 million aggregate maximum borrowings available from October 2017 to January 2019. See also Note 17 , " Subsequent Events ," regarding financing transactions occurring subsequent to March 31, 2017 . 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 the Company could borrow assuming it 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 March 31, 2017 , and are presented net of any outstanding letters of credit: (In millions) Remaining Capacity Availability Under Borrowing Base Limitation Non-Vehicle Debt Senior RCF $ 939 $ 939 Total Non-Vehicle Debt 939 939 Vehicle Debt U.S. Vehicle RCF 7 14 HVF II U.S. Vehicle Variable Funding Notes 369 33 HFLF Variable Funding Notes 43 10 European Revolving Credit Facility 145 — European Securitization 192 — Canadian Securitization 83 — Australian Securitization 64 — Capitalized Leases 81 — New Zealand RCF — — Total Vehicle Debt 984 57 Total $ 1,923 $ 996 Letters of Credit As of March 31, 2017 , there were outstanding standby letters of credit totaling $773 million . Such letters of credit have been issued primarily to support the Company's insurance programs, vehicle rental concessions and leaseholds as well as to provide credit enhancement for its asset-backed securitization facilities. Of this amount $761 million was issued under the Senior RCF, which has a $1.0 billion letter of credit sublimit, resulting in $239 million of availability under such sublimit. As of March 31, 2017 , 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. 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 March 31, 2017 and December 31, 2016 , its International Vehicle Financing No. 1 B.V., International Vehicle Financing No. 2 B.V. and HA Funding Pty, Ltd. variable interest entities had total assets of $432 million and $454 million , respectively, primarily comprised of loans receivable and revenue earning vehicles, and total liabilities of $431 million and $454 million , respectively, primarily comprised of debt. Covenant Compliance In February 2017, Hertz amended the terms of the financial maintenance covenant for the Senior RCF to test, when applicable, Hertz’s consolidated first lien net leverage ratio. The amended financial covenant provides that Hertz’s consolidated first lien net leverage ratio, as defined in the Senior RCF Credit Agreement, as of the last day of any fiscal quarter (the "Covenant Leverage Ratio"), may not exceed the ratios indicated below: Fiscal Quarter(s) Ending Maximum Ratio March 31, 2017 3.25 to 1.00 June 30, 2017 3.25 to 1.00 September 30, 2017 3.25 to 1.00 December 31, 2017 and each March 31, June 30, September 30 and December 31 ending thereafter 3.00 to 1.00

Employee Retirement Benefits

Employee Retirement Benefits	3 Months Ended
	Mar. 31, 2017
Compensation and Retirement Disclosure [Abstract]
Employee Retirement Benefits	Employee Retirement Benefits The following table sets forth the net periodic pension expense: Pension Benefits U.S. Non-U.S. Three Months Ended March 31, (In millions) 2017 2016 2017 2016 Components of Net Periodic Benefit Cost: Service cost $ — $ 1 $ — $ — Interest cost 5 5 2 2 Expected return on plan assets (6 ) (7 ) (2 ) (3 ) Net amortizations 1 2 — — Settlement loss 1 1 — — Net periodic pension expense (benefit) $ 1 $ 2 $ — $ (1 )

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation The non-cash stock-based compensation expense associated with the Hertz Holdings stock-based compensation plans is pushed down from Hertz Global and recorded on the books at the Hertz level. Effective January 1, 2017, the Company's board of directors adopted the 2017 Executive Incentive Compensation Plan ("2017 EICP"). The provisions of the plan provide for the pay out of any bonus earned in either cash or performance stock units ("PSUs") for certain groups of employees. The decision regarding the form of payout will be made after the bonus has been earned and as such, the grant date of the PSUs is not established until vested. The potential PSU awards will be based on a monetary amount equivalent to a percentage of employees’ salaries that will be based on the achievement of specific performance metrics in 2017. The specific monetary amount will be calculated at the time of grant. The PSUs are intended to be granted in place of cash bonus awards and, therefore, qualify as equity awards. Compensation cost for these awards is recognized over the requisite service period based on the fair value of the award at the end of each reporting period. The Company calculates the anticipated number of awards to be granted based on the bonus dollars expected to be earned divided by the stock price as of the reporting date. The anticipated awards are used to estimate the compensation expense as of the reporting date. Compensation charges will accumulate as a liability until the grant date, at which time the liability will be reclassified to equity. During the three months ended March 31, 2017 , the Company recognized approximately $2 million of stock-based compensation expense associated with the 2017 EICP. The Company expects approximately 350,000 shares will be granted in connection with this program based on the Company’s stock price as of March 31, 2017. Under the Hertz Global Holdings, Inc. 2016 Omnibus Incentive Plan, (the "2016 Omnibus Plan"), during the three months ended March 31, 2017 , Hertz Global granted 557,882 non-qualified stock options to certain executives and employees at a weighted average grant date fair value of $9.44 as determined using the Black Scholes option pricing model; 458,709 restricted stock units ("RSUs") at a weighted average grant date fair value of $22.18 ; 412,618 PSUs at a weighted average grant date fair value of $22.19 and 664,643 performance stock awards ("PSAs") at a weighted average grant date fair value of $22.19 , with vesting terms of three to five years. None of the PSUs associated with the 2017 EICP plan are included in the grant amounts above. During the three months ended March 31, 2017 , the Company recognized approximately $5 million of stock-based compensation expense associated with the 2016 Omnibus Plan. A summary of the total compensation expense and associated income tax benefits recognized under all plans, including the cost of stock options, RSUs, PSUs and PSAs is as follows: Three Months Ended (In millions) 2017 2016 Compensation expense $ 7 $ 5 Income tax benefit (3 ) (2 ) Total $ 4 $ 3 As of March 31, 2017 , there was $30 million of total unrecognized compensation cost related to non-vested stock options, RSUs, PSUs and PSAs granted by Hertz Global under all plans. The total unrecognized compensation cost is expected to be recognized over the remaining 2.0 years , on a weighted average basis, of the requisite service period that began on the grant dates.

Restructuring

Restructuring	3 Months Ended
	Mar. 31, 2017
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring The Company continuously evaluates its workforce, product offerings and operations to determine when headcount reductions, business process re-engineering, asset impairments or outsourcing arrangements are necessary. There were no significant restructuring programs initiated during the three months ended March 31, 2017 . Restructuring charges for the periods shown are as follows: Three Months Ended (In millions) 2017 2016 By Type: Termination benefits $ 1 $ 6 Facility closure and lease obligation costs — 1 Total $ 1 $ 7 Three Months Ended (In millions) 2017 2016 By Caption: Direct vehicle and operating $ — $ 1 Selling, general and administrative 1 6 Total $ 1 $ 7 Three Months Ended (In millions) 2017 2016 By Segment: U.S. Rental Car $ — $ 6 International Rental Car 1 1 Total $ 1 $ 7 The following table sets forth the activity during the three months ended March 31, 2017 affecting the restructuring accrual, which is included in accrued liabilities in the accompanying condensed consolidated balance sheets. The Company expects to pay the remaining restructuring obligations relating to termination benefits over the next twenty‑four months. Other is primarily comprised of future lease obligations which will be paid over the remaining term of the applicable leases. (In millions) Termination Other Total Balance as of December 31, 2016 $ 13 $ 14 $ 27 Charges incurred 1 — 1 Cash payments (2 ) (1 ) (3 ) Balance as of March 31, 2017 $ 12 $ 13 $ 25

Income Tax (Provision) Benefit

Income Tax (Provision) Benefit	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Tax (Provision) Benefit	Income Tax (Provision) Benefit Hertz Global and Hertz The effective tax rate for the three months ended March 31, 2017 and 2016 was 24% and 32% , respectively. The effective tax rate for the full fiscal year 2017 is expected to be approximately 27% . The Company recorded a tax benefit of $71 million for the three months ended March 31, 2017 , compared to $24 million for the three months ended March 31, 2016 . The change was the result of composition of earnings by jurisdiction and lower pre-tax income, offset by discrete items in the quarter.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
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 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. March 31, 2017 December 31, 2016 (In millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Money market funds $ 158 $ 323 $ — $ 481 $ 213 $ 393 $ — $ 606 Equity and other securities — — — — 9 — — 9 Total $ 158 $ 323 $ — $ 481 $ 222 $ 393 $ — $ 615 Debt Obligations The fair value of debt is estimated based on quoted market rates as well as borrowing rates currently available to the Company for loans with similar terms and average maturities (Level 2 inputs). As of March 31, 2017 As of December 31, 2016 (In millions) Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Non-vehicle Debt $ 3,932 $ 3,775 $ 3,934 $ 3,791 Vehicle Debt 10,148 10,129 9,685 9,670 Total $ 14,080 $ 13,904 $ 13,619 $ 13,461 Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (In millions) Carrying Value as of March 31, 2017 Level 1 Level 2 Level 3 Total Fair Value (Income)/Loss Adjustments Recorded for the Three Months Ended March 31, 2017 Long-lived assets held for sale $ 127 $ — $ 127 $ — $ (4 ) Liabilities held for sale $ 17 $ — $ 17 $ — $ — Equity method investments $ 4 $ — $ — $ 4 $ 30 Assets and Liabilities Held for Sale Assets and liabilities held for sale are associated with the Company's Brazil Operations as further described in Note 4 , " Acquisitions and Divestitures ." Investments in Related Parties Investments in related parties are accounted for under the equity method and are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. The Company recognizes an impairment charge whenever there is a decline in value that is determined to be other than temporary. In April 2016, the Company paid approximately $45 million for an equity method investment. In March 2017, the Company determined it had an other than temporary loss in value of its investment and recorded an impairment charge of $30 million which is included in other (income) expense in the accompanying condensed consolidated statement of operations for the three months ended March 31, 2017.

Contingencies and Off-Balance S

Contingencies and Off-Balance Sheet Commitments	3 Months Ended
	Mar. 31, 2017
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 accompanying condensed consolidated balance sheets, represents an estimate for both reported accident claims not yet paid and claims incurred but not yet reported. The related liabilities are recorded on a non-discounted basis. Reserve requirements are based on rental volume and actuarial evaluations of historical accident claim experience and trends, as well as future projections of ultimate losses, expenses, premiums and administrative costs. At March 31, 2017 and December 31, 2016 , the Company's liability recorded for public liability and property damage matters was $405 million and $407 million , respectively. The Company believes that its analysis is based on the most relevant information available, combined with reasonable assumptions, and that the Company may prudently rely on this information to determine the estimated liability. The liability is subject to significant uncertainties. The adequacy of the liability reserve is regularly monitored based on evolving accident claim history and insurance related state legislation changes. If the Company's estimates change or if actual results differ from these assumptions, the amount of the recorded liability is adjusted to reflect these results. Other Matters From time to time the Company is a party to various legal proceedings. The Company has summarized below the most significant legal proceedings to which the Company was and/or is a party to during the three months ended March 31, 2017 or the period after March 31, 2017 , 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 million with an additional $3 million to be paid to class counsel from the restitution fund. In November 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. Following briefing and oral argument, on January 5, 2017, the Ninth Circuit issued an opinion reversing the District Court’s holdings on liability and remedy and vacating the judgment. The Ninth Circuit also rejected plaintiffs’ cross-appeal, finding that Hertz’s actions were not deceptive or misleading. On January 19, 2017, plaintiffs asked the entire Ninth Circuit, sitting en banc, to rehear the appeal. That petition was rejected on February 15, 2017. Plaintiffs have an opportunity to petition the United States Supreme Court to review the Ninth Circuit's decision in favor of the Company. 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. On April 28, 2017, the court issued an order wherein Old Hertz Holdings' and the individual defendants' motions to dismiss were granted and the plaintiffs’ fourth amended complaint to add a new plaintiff was dismissed with prejudice (the “Order”). Plaintiffs have an opportunity to appeal to the U.S. Court of Appeals for the Third Circuit within 30 days of the Order. 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 Securities and Exchange Commission (“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 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. Additionally, 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. The Company has established a reserve relating to the activities in Brazil which is not material. However, it is possible that an adverse outcome with respect to the activities in Brazil and the other issues discussed herein 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. 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. In February 2017, the French Competition Authority issued a decision dismissing all such claims against the Company and its subsidiaries. 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. On March 2, 2017, the Company received an adverse judgment in the road tax appeal from the Civil Court of Appeal in the 2003 to 2005 years. 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 accompanying consolidated financial condition, results of operations or cash flows in any particular reporting period. Indemnification Obligations In the ordinary course of business, the Company executed contracts involving indemnification obligations customary in the relevant industry and indemnifications specific to a transaction such as the sale of a business. These indemnification obligations might include claims relating to the following: environmental matters; intellectual property rights; governmental regulations and employment-related matters; customer, supplier and other commercial contractual relationships; and financial matters. Specifically, the Company has indemnified various parties for the costs associated with remediating numerous hazardous substance storage, recycling or disposal sites in many states and, in some instances, for natural resource damages. The amount of any such expenses or related natural resource damages for which the Company may be held responsible could be substantial. In addition, Hertz entered into customary indemnification agreements with Hertz Holdings and certain of the Company's stockholders and their affiliates pursuant to which Hertz Holdings and Hertz will indemnify those entities and their respective affiliates, directors, officers, partners, members, employees, agents, representatives and controlling persons, against certain liabilities arising out of performance of a consulting agreement with Hertz Holdings and each of such entities and certain other claims and liabilities, including liabilities arising out of financing arrangements or securities offerings. The Company has entered into customary indemnification agreements with each of its directors and certain of its officers. Performance under these indemnification obligations would generally be triggered by a breach of terms of the contract or by a third party claim. In connection with the Spin-Off, the Company executed an agreement with Herc Holdings that contains mutual indemnification clauses and a customary indemnification provision with respect to liability arising out of or resulting from assumed legal matters. The Company regularly evaluates the probability of having to incur costs associated with these indemnification obligations and have accrued for expected losses that are probable and estimable.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Agreements with the Icahn Group In the normal course of business, the Company purchases goods and services from entities controlled by Carl C. Icahn and his affiliates, including The Pep Boys - Manny, Moe & Jack. During the three months ended March 31, 2017, the Company purchased approximately $2 million worth of goods and services from these related parties. Transactions between Hertz Holdings and Hertz On June 30, 2016, Hertz signed a master loan agreement with Hertz Global for a facility size of $425 million with an expiration in June 2017 (the "Master Loan"). The interest rate is based on the U.S. Dollar LIBOR rate plus a margin. As of March 31, 2017 and December 31, 2016 , there was $104 million and $102 million outstanding under the Master Loan, respectively, representing advances under the Master Loan and any accrued but unpaid interest. As of March 31, 2017 and December 31, 2016 , Hertz has a due to affiliate in the amount of $65 million and $65 million , respectively, which represents its tax related liability to Hertz Holdings. The above amounts are included in equity in the accompanying condensed consolidated balance sheets of Hertz.

Earnings (Loss) Per Share - Her

Earnings (Loss) Per Share - Hertz Global	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings (Loss) Per Share - Hertz Global	Earnings (Loss) Per Share - Hertz Global 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 Holdings 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 months ended March 31, 2016 is calculated using the weighted average number of basic, dilutive and anti-dilutive common shares outstanding during the period, as adjusted for the one-to-five distribution ratio. As described in Note 8 , " Stock-Based Compensation ", the Company adopted the 2017 EICP on January 1, 2017. PSU awards issued under the 2017 EICP will be included in the denominator of diluted earnings (loss) per share when the required minimum threshold to receive the awards is met. There are no PSU awards issued under the 2017 EICP included in the computation of diluted earnings (loss) per share during the three months ended March 31, 2017 and 2016. The following table sets forth the computation of basic and diluted earnings (loss) per share: Three Months Ended (In millions, except per share data) 2017 2016 Basic and diluted earnings (loss) per share: Numerator: Net income (loss) from continuing operations $ (223 ) $ (52 ) Net income (loss) from discontinued operations — 1 Net income (loss), basic $ (223 ) $ (51 ) Denominator: Basic weighted average common shares 83 85 Dilutive stock options, RSUs, PSUs and PSAs — — Weighted average shares used to calculate diluted earnings per share 83 85 Antidilutive stock options, RSUs, PSUs and PSAs 2 2 Earnings (loss) per share: Basic earnings (loss) per share from continuing operations $ (2.69 ) $ (0.61 ) Basic earnings (loss) per share from discontinued operations — 0.01 Basic earnings (loss) per share $ (2.69 ) $ (0.60 ) Diluted earnings (loss) per share from continuing operations $ (2.69 ) $ (0.61 ) Diluted earnings (loss) per share from discontinued operations — 0.01 Diluted earnings (loss) per share $ (2.69 ) $ (0.60 )

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
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 - primarily consists of the Company's Donlen business, which provides vehicle leasing and fleet management services, together with other business activities which represent less than 2% of revenues and expenses of the segment. 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). The following tables provide significant statement of operations and balance sheet information by segment for each of Hertz Global and Hertz, as well as adjusted pretax incomes (loss), the segment measure of profitability. Three Months Ended March 31, (In millions) 2017 2016 Revenues U.S. Rental Car $ 1,353 $ 1,406 International Rental Car 411 433 All Other Operations 152 144 Total Hertz Global and Hertz $ 1,916 $ 1,983 Adjusted pre-tax income (loss) (a) U.S. Rental Car $ (116 ) $ (4 ) International Rental Car (4 ) 3 All Other Operations 21 18 Corporate (114 ) (123 ) Total Hertz Global (213 ) (106 ) Corporate - Hertz 1 — Total Hertz $ (212 ) $ (106 ) Depreciation of revenue earning vehicles and lease charges, net U.S. Rental Car $ 499 $ 419 International Rental Car 85 86 All Other Operations 117 111 Total Hertz Global and Hertz $ 701 $ 616 (In millions) March 31, 2017 December 31, 2016 Total Assets U.S. Rental Car $ 13,220 $ 12,876 International Rental Car 3,706 3,578 All other operations 1,615 1,612 Corporate 1,115 1,089 Total Hertz Global and Hertz $ 19,656 $ 19,155 (a) Adjusted pre-tax income (loss), the Company's segment profitability measure, 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, intangible and tangible asset impairments and write downs and certain one-time charges and non-operational items. Reconciliation of adjusted pre-tax income (loss) by segment to consolidated amounts are summarized below. Hertz Global Three Months Ended March 31, (In millions) 2017 2016 Adjusted pre-tax income (loss): U.S. Rental Car $ (116 ) $ (4 ) International Rental Car (4 ) 3 All Other Operations 21 18 Total reportable segments (99 ) 17 Corporate (1) (114 ) (123 ) Adjusted pre-tax income (loss) (213 ) (106 ) Adjustments: Acquisition accounting (2) (16 ) (16 ) Debt-related charges (3) (10 ) (14 ) Restructuring and restructuring related charges (4) (8 ) (12 ) Sale of CAR Inc. common stock (5) 3 75 Impairment charges and asset write-downs (6) (30 ) — Finance and information technology transformation costs (7) (19 ) (8 ) Other (8) (1 ) 5 Income (loss) before income taxes $ (294 ) $ (76 ) Hertz Three Months Ended March 31, (In millions) 2017 2016 Adjusted pre-tax income (loss): U.S. Rental Car $ (116 ) $ (4 ) International Rental Car (4 ) 3 All Other Operations 21 18 Total reportable segments (99 ) 17 Corporate (1) (113 ) (123 ) Adjusted pre-tax income (loss) (212 ) (106 ) Adjustments: Acquisition accounting (2) (16 ) (16 ) Debt-related charges (3) (10 ) (14 ) Restructuring and restructuring related charges (4) (8 ) (12 ) Sale of CAR Inc. common stock (5) 3 75 Impairment charges and asset write-downs (6) (30 ) — Finance and information technology transformation costs (7) (19 ) (8 ) Other (8) (1 ) 5 Income (loss) before income taxes $ (293 ) $ (76 ) (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 equipment relating to acquisition accounting. (3) Represents debt-related charges relating to the amortization of deferred financing costs and debt discounts and premiums. (4) Represents expenses incurred under restructuring actions as defined in U.S. GAAP, excluding impairments and asset write-downs, when applicable. For further information on restructuring costs, see Note 9 , " Restructuring ." Also represents certain other charges such as 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 previously disclosed accounting review and investigation. (5) Represents the pre-tax gain on the sale of CAR Inc. common stock. (6) In 2017, represents a $30 million impairment of an equity method investment. (7) Represents external costs associated with the Company’s finance and information technology transformation programs, both of which are multi-year initiatives that commenced in 2016 to upgrade and modernize the Company’s systems and processes. (8) Includes miscellaneous, non-recurring and other non-cash items and, in 2017, includes an adjustment to the carrying value of the Company's Brazil operations in connection with its classification as held for sale. In 2016, also includes a $9 million settlement gain from an eminent domain case related to one of the Company's U.S. airport locations.

Guarantor and Non-Guarantor Con

Guarantor and Non-Guarantor Condensed Consolidating Financial Information - Hertz	3 Months Ended
	Mar. 31, 2017
Guarantor and Non-Guarantor Condensed Consolidating Financial Statements Disclosure [Abstract]
Guarantor and Non-Guarantor Condensed Consolidating Financial Information - Hertz	Guarantor and Non-Guarantor Condensed Consolidating Financial Information - Hertz The following condensed consolidating financial information presents the Condensed Consolidating Balance Sheets as of March 31, 2017 and December 31, 2016 , the Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) for the three months ended March 31, 2017 and 2016 and the Statements of Cash Flows for the three months ended March 31, 2017 and 2016 of (a) The Hertz Corporation, ("Parent”); (b) the Parent's subsidiaries that guarantee the Senior Notes issued by the Parent ("Guarantor Subsidiaries"); (c) the Parent's subsidiaries that do not guarantee the Senior Notes issued by the Parent ("Non-Guarantor Subsidiaries"); (d) elimination entries necessary to consolidate the Parent with the Guarantor Subsidiaries and Non-Guarantor Subsidiaries ("Eliminations"); and of (e) Hertz on a consolidated basis. Investments in subsidiaries are accounted for using the equity method for purposes of the consolidating presentation. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions. The Guarantor Subsidiaries are 100% owned by the Parent and all guarantees are full and unconditional and joint and several. Additionally, substantially all of the assets of the Guarantor Subsidiaries are pledged under the Senior Facilities, and consequently will not be available to satisfy the claims of Hertz's general creditors. In lieu of providing separate unaudited financial statements for the Guarantor Subsidiaries, Hertz has included the accompanying condensed consolidating financial statements based on Rule 3-10 of the SEC's Regulation S-X. Management of Hertz does not believe that separate financial statements of the Guarantor Subsidiaries are material to Hertz's investors; therefore, separate financial statements and other disclosures concerning the Guarantor Subsidiaries are not presented. As described in Note 1, "Background", Old Hertz Holdings completed the Spin-Off on June 30, 2016. In connection with the Spin-Off, certain amounts that were historically recorded on the balance sheet of the Parent were distributed with the discontinued entities. These amounts primarily related to defined benefit pension plans, workers’ compensation liabilities, and income taxes. These amounts have been reclassified in the condensed consolidating statements of operations and comprehensive income (loss) and the statements of cash flows for the three months ended March 31, 2016 to reflect the balances transferred in the Guarantor Subsidiaries' and Non-Guarantor Subsidiaries' financial statements based on which discontinued entity received the distribution in the Spin-Off. During the preparation of the condensed consolidating financial information of The Hertz Corporation and Subsidiaries as of and for the three months ended March 31, 2017, it was determined that prepaid expenses and other assets, deferred income taxes, net, due from affiliates and due to affiliates, and the related eliminations at December 31, 2016 as filed in the Company’s 2016 Form 10-K were improperly calculated, resulting in a $915 million overstatement of prepaid expenses and other assets and due to affiliates of the Parent and an overstatement of due from affiliates and deferred income taxes, net of the Guarantor Subsidiaries. The errors, which the Company has determined are not material to this disclosure, had no impact on the net assets of the Parent or the Guarantor Subsidiaries and are eliminated upon consolidation, and therefore have no impact on the Company’s consolidated financial condition, results of operations or cash flows. The Company has revised the Condensed Consolidating Balance Sheets for the Parent, Guarantor Subsidiaries and Eliminations as of December 31, 2016 to correct for these errors. THE HERTZ CORPORATION CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2017 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries ASSETS Cash and cash equivalents $ 421 $ 10 $ 354 $ — $ 785 Restricted cash and cash equivalents 93 8 165 — 266 Receivables, net of allowance 264 171 599 — 1,034 Due from affiliates 3,225 3,927 9,117 (16,269 ) — Prepaid expenses and other assets 4,985 78 222 (4,788 ) 497 Revenue earning vehicles, net 321 6 11,366 — 11,693 Property and equipment, net 642 67 139 — 848 Investment in subsidiaries, net 6,247 719 — (6,966 ) — Other intangible assets, net 96 3,211 18 — 3,325 Goodwill 102 943 36 — 1,081 Assets held for sale — — 127 — 127 Total assets $ 16,396 $ 9,140 $ 22,143 $ (28,023 ) $ 19,656 LIABILITIES AND EQUITY Due to affiliates $ 10,259 $ 1,960 $ 4,050 $ (16,269 ) $ — Accounts payable 336 89 716 — 1,141 Accrued liabilities 548 96 322 — 966 Accrued taxes, net 88 21 2,981 (2,916 ) 174 Debt 4,087 — 9,921 — 14,008 Public liability and property damage 161 41 203 — 405 Deferred income taxes, net — 2,079 1,821 (1,872 ) 2,028 Liabilities held for sale — — 17 — 17 Total liabilities 15,479 4,286 20,031 (21,057 ) 18,739 Equity: Stockholder's equity 917 4,854 2,112 (6,966 ) 917 Total liabilities and equity $ 16,396 $ 9,140 $ 22,143 $ (28,023 ) $ 19,656 THE HERTZ CORPORATION CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries ASSETS Cash and cash equivalents $ 458 $ 12 $ 346 $ — $ 816 Restricted cash and cash equivalents 53 5 220 — 278 Receivables, net of allowance 752 167 364 — 1,283 Due from affiliates 3,668 3,823 9,750 (17,241 ) — Prepaid expenses and other assets 4,821 83 199 (4,525 ) 578 Revenue earning vehicles, net 361 7 10,450 — 10,818 Property and equipment, net 656 70 132 — 858 Investment in subsidiaries, net 6,114 598 — (6,712 ) — Other intangible assets, net 89 3,223 20 — 3,332 Goodwill 102 943 36 — 1,081 Assets held for sale — — 111 — 111 Total assets $ 17,074 $ 8,931 $ 21,628 $ (28,478 ) $ 19,155 LIABILITIES AND EQUITY Due to affiliates $ 10,833 $ 1,900 $ 4,508 $ (17,241 ) $ — Accounts payable 279 90 452 — 821 Accrued liabilities 557 103 320 — 980 Accrued taxes, net 78 18 2,881 (2,812 ) 165 Debt 4,086 — 9,455 — 13,541 Public liability and property damage 166 43 198 — 407 Deferred income taxes, net — 2,065 1,797 (1,713 ) 2,149 Liabilities held for sale — — 17 — 17 Total liabilities 15,999 4,219 19,628 (21,766 ) 18,080 Equity: Stockholder's equity 1,075 4,712 2,000 (6,712 ) 1,075 Total liabilities and equity $ 17,074 $ 8,931 $ 21,628 $ (28,478 ) $ 19,155 THE HERTZ CORPORATION CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Three Months Ended March 31, 2017 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Total revenues $ 991 $ 307 $ 1,377 $ (759 ) $ 1,916 Expenses: Direct vehicle and operating 688 169 275 — 1,132 Depreciation of revenue earning vehicles and lease charges, net 737 102 621 (759 ) 701 Selling, general and administrative 150 11 59 — 220 Interest expense, net 82 (22 ) 69 — 129 Other (income) expense, net 33 — (6 ) — 27 Total expenses 1,690 260 1,018 (759 ) 2,209 Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries (699 ) 47 359 — (293 ) Income tax (provision) benefit 214 (15 ) (128 ) — 71 Equity in earnings (losses) of subsidiaries, net of tax 263 32 — (295 ) — Net income (loss) from continuing operations (222 ) 64 231 (295 ) (222 ) Net income (loss) from discontinued operations — — — — — Net income (loss) (222 ) 64 231 (295 ) (222 ) Other comprehensive income (loss), net of tax 13 — 12 (12 ) 13 Comprehensive income (loss) $ (209 ) $ 64 $ 243 $ (307 ) $ (209 ) THE HERTZ CORPORATION CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Three Months Ended March 31, 2016 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Total revenues $ 1,066 $ 339 $ 1,297 $ (719 ) $ 1,983 Expenses: Direct vehicle and operating 685 189 285 (1 ) 1,158 Depreciation of revenue earning vehicles and lease charges, net 621 135 578 (718 ) 616 Selling, general and administrative 146 14 65 — 225 Interest expense, net 97 (11 ) 64 — 150 Other (income) expense, net — (9 ) (81 ) — (90 ) Total expenses 1,549 318 911 (719 ) 2,059 Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries (483 ) 21 386 — (76 ) Income tax (provision) benefit 190 (7 ) (159 ) — 24 Equity in earnings (losses) of subsidiaries, net of tax 244 56 — (300 ) — Net income (loss) from continuing operations (49 ) 70 227 (300 ) (52 ) Net income (loss) from discontinued operations — 7 (4 ) — 3 Net income (loss) (49 ) 77 223 (300 ) (49 ) Other comprehensive income (loss), net of tax 54 (4 ) 53 (49 ) 54 Comprehensive income (loss) $ 5 $ 73 $ 276 $ (349 ) $ 5 THE HERTZ CORPORATION CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2017 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Net cash provided by (used in) operating activities from continuing operations $ (714 ) $ 5 $ 1,488 $ (280 ) $ 499 Cash flows from investing activities: Net change in restricted cash and cash equivalents, vehicle (41 ) (2 ) 57 — 14 Net change in restricted cash and cash equivalents, non-vehicle — (1 ) 1 — — Revenue earning vehicle expenditures (89 ) (1 ) (2,772 ) — (2,862 ) Proceeds from disposal of revenue earning vehicles 49 — 1,911 — 1,960 Capital asset expenditures, non-vehicle (42 ) (3 ) (9 ) — (54 ) Proceeds from disposal of property and other equipment 5 — 2 — 7 Sales of (investment in) shares in equity investment — — 9 — 9 Loan to Parent/Guarantor from Non-Guarantor — — (316 ) 316 — Capital contributions to subsidiaries (662 ) — — 662 — Return of capital from subsidiaries 1,150 — — (1,150 ) — Net cash provided by (used in) investing activities from continuing operations 370 (7 ) (1,117 ) (172 ) (926 ) Cash flows from financing activities: Proceeds from issuance of vehicle debt 276 — 1,822 — 2,098 Repayments of vehicle debt (276 ) — (1,416 ) — (1,692 ) Proceeds from issuance of non-vehicle debt 100 — — — 100 Repayments of non-vehicle debt (102 ) — — — (102 ) Capital contributions received from parent — — 662 (662 ) — Loan to Parent/Guarantor from Non-Guarantor 316 — — (316 ) — Payment of dividends and return of capital — — (1,430 ) 1,430 — Payment of financing costs (5 ) — (7 ) — (12 ) Advances to Hertz Global/Old Hertz Holdings (2 ) — — — (2 ) Net cash provided by (used in) financing activities from continuing operations 307 — (369 ) 452 390 Effect of foreign currency exchange rate changes on cash and cash equivalents from continuing operations — — 6 — 6 Net increase (decrease) in cash and cash equivalents during the period from continuing operations (37 ) (2 ) 8 — (31 ) Cash and cash equivalents at beginning of period 458 12 346 — 816 Cash and cash equivalents at end of period $ 421 $ 10 $ 354 $ — $ 785 THE HERTZ CORPORATION CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2016 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Net cash provided by (used in) operating activities from continuing operations $ (889 ) $ (30 ) $ 1,565 $ (185 ) $ 461 Cash flows from investing activities: Net change in restricted cash and cash equivalents, vehicle (9 ) (2 ) 3 — (8 ) Net change in restricted cash and cash equivalents, non-vehicle — — 1 — 1 Revenue earning vehicle expenditures (132 ) (7 ) (3,246 ) — (3,385 ) Proceeds from disposal of revenue earning vehicles 108 10 2,644 — 2,762 Capital assets expenditures, non-vehicle (29 ) (7 ) (10 ) — (46 ) Proceeds from disposal of property and other equipment 6 4 9 — 19 Capital contributions to subsidiaries (372 ) — — 372 — Return of capital from subsidiaries 847 25 — (872 ) — Loan to Parent/Guarantor from Non-Guarantor — — (340 ) 340 — Sale of (investment in) shares in equity investment — — 233 — 233 Net cash provided by (used in) investing activities from continuing operations 419 23 (706 ) (160 ) (424 ) Cash flows from financing activities: Proceeds from issuance of vehicle debt — — 2,449 — 2,449 Repayments of vehicle debt (33 ) — (2,207 ) — (2,240 ) Proceeds from issuance of non-vehicle debt 365 — — — 365 Repayments of non-vehicle debt (371 ) — — — (371 ) Capital contributions received from parent — — 372 (372 ) — Loan to Parent/Guarantor from Non-Guarantor 340 — — (340 ) — Payment of dividends and return of capital — — (1,057 ) 1,057 — Payment of financing costs — — (10 ) — (10 ) Transfer (to) from discontinued entities 123 — 7 — 130 Net cash provided by (used in) financing activities from continuing operations 424 — (446 ) 345 323 Effect of foreign currency exchange rate changes on cash and cash equivalents from continuing operations — — 12 — 12 Net increase (decrease) in cash and cash equivalents during the period from continuing operations (46 ) (7 ) 425 — 372 Cash and cash equivalents at beginning of period 179 17 278 — 474 Cash and cash equivalents at end of period $ 133 $ 10 $ 703 $ — $ 846 Cash flows from discontinued operations: Cash flows provided by (used in) operating activities $ — $ 112 $ 7 $ — $ 119 Cash flows provided by (used in) investing activities — 4 3 — 7 Cash flows provided by (used in) financing activities — (114 ) (7 ) — (121 ) Net increase (decrease) in cash and cash equivalents during the period from discontinued operations $ — $ 2 $ 3 $ — $ 5

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Amendments to vehicle debt agreements HVF II U.S. Vehicle Variable Funding Notes In April 2017, the Company increased the commitments under the HVF II U.S. Vehicle Variable Funding Notes by $250 million , such that after giving effect to such increase the aggregate maximum principal amount of the HVF II Series 2013-A Class A Notes was approximately $3.0 billion , the aggregate maximum principal amount of the HVF II Series 2013-A Class B Notes was approximately $90 million and the aggregate maximum principal amount of the HVF II Series 2013-B Class A Notes was approximately $581 million . In May 2017, HVF II issued the Series 2017-A Variable Funding Rental Car Asset Backed Notes (the “HVF II Series 2017-A Notes”) with an aggregate maximum principal amount of $500 million and a maturity date of October 2018. HFLF Medium Term Notes In April 2017, HFLF issued the Series 2017-1 Asset-Backed Notes, Class A, Class B, Class C, Class D, and Class E (collectively, the “HFLF Series 2017-1 Notes”) in an aggregate principal amount of $500 million . The HFLF Series 2017-1 Notes are fixed rate, except for the Class A-1 Notes which are floating rate and carry an interest rate based upon a spread to one-month LIBOR.

Basis of Presentation and Rec24

Basis of Presentation and Recently Issued Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation The unaudited condensed consolidated financial statements of Hertz Global include the accounts of Hertz Global and its wholly owned and majority owned U.S. and international subsidiaries. The unaudited condensed consolidated financial statements of Hertz include the accounts of Hertz and its wholly owned and majority owned U.S. and international subsidiaries. In the event that the Company is a primary beneficiary of a variable interest entity, the assets, liabilities, and results of operations of the variable interest entity are included in the Company's consolidated financial statements. The Company accounts for its investment in 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 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. The Company adopted this guidance in accordance with the effective date on January 1, 2017. The method of adoption with respect to the condensed consolidated balance sheet was a modified retrospective basis. Upon adoption, the Company recorded a deferred tax asset with an offsetting entry to the opening accumulated deficit to recognize net operating loss carryforwards, net of a valuation allowance, attributable to excess tax benefits on stock compensation that had not been previously recognized. Additionally, the Company has elected to continue to estimate forfeitures expected to occur. The impact to the condensed consolidated opening balance sheet as of January 1, 2017 of adopting this guidance was as follows (in millions): Hertz Global Deferred income taxes, net Total liabilities Accumulated deficit Total equity Total liabilities and equity As of December 31, 2016 $ 2,149 $ 18,080 $ (882 ) $ 1,075 $ 19,155 Record deferred tax asset (49 ) (49 ) 49 49 — As of January 1, 2017 $ 2,100 $ 18,031 $ (833 ) $ 1,124 $ 19,155 Hertz Deferred income taxes, net Total liabilities Accumulated deficit Total equity Total liabilities and equity As of December 31, 2016 $ 2,149 $ 18,080 $ (1,867 ) $ 1,075 $ 19,155 Record deferred tax asset (49 ) (49 ) 49 49 — As of January 1, 2017 $ 2,100 $ 18,031 $ (1,818 ) $ 1,124 $ 19,155 The method of adoption with respect to the condensed consolidated statement of operations and the condensed consolidated statements of cash flows pertaining to excess tax benefits or deficiencies is on a prospective basis. The method of adoption with respect to the condensed consolidated statements of cash flows pertaining to employee taxes paid is on a retrospective basis and adoption of the guidance did not impact the Company's 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 Company adopted this guidance early, as permitted, on a retrospective basis, on January 1, 2017. Adoption of this guidance did not impact the Company’s financial position, results of operations or cash flows. Accounting for Goodwill Impairment In January 2017, the FASB issued guidance that eliminates the second step of the two-step goodwill impairment test, which requires the determination of the implied fair value of goodwill to measure an impairment. Rather, a goodwill impairment charge will be calculated as the amount by which a reporting unit's carrying amount exceeds its fair value. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The Company adopted this guidance early, as permitted, on a prospective basis, on January 1, 2017. Adoption of this 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 Gold Plus Rewards liability. Upon adoption, each transaction which generates Hertz Gold Plus Rewards points will result in the deferral of revenue; the associated revenue will be recognized at the time when the customer redeems the reward points. Currently the Company records an expense associated with the incremental cost of providing the rental when the reward points are earned. 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 of 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 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 the Company's accounting for leases of the Company's rental locations, as the Company owns approximately 3% of the locations from which it operates its 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. For lessors, the guidance modifies classification criteria and accounting for sales-type and direct financing leases and requires a lessor to derecognize the carrying value of the leased asset that is considered to have been transferred to a lessee and record a lease receivable and residual asset. 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. A modified retrospective transition approach is required for both lessees and lessors for existing leases at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. Although the Company is still in the process of assessing the overall impact of adopting this guidance on its financial position, results of operations and cash flows, it expects that adoption of this guidance will result in a material increase in lease-related assets and liabilities on its condensed consolidated balance sheet. 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. Tax Consequences of Intra-Entity Transfers of Assets Other Than Inventory In October 2016, the FASB issued guidance that requires the tax consequences of intra-entity asset transfers, other than intra-entity asset transfers of inventory, to be recognized when the transfers occur although the profits on the sales of the assets are eliminated in consolidation. Current guidance requires the tax effects of the transfer be recognized later when the assets are sold to a third party or otherwise disposed of. Under the new guidance, the seller's tax expense on the profit and the buyer's deferred tax benefit on the increased tax basis are recognized within the consolidated group when the transfers occur. The guidance is effective for annual periods beginning after December 15, 2017 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, and cash flows. Restricted Cash In November 2016, the FASB issued guidance that clarifies existing guidance on the classification and presentation of restricted cash in the statement of cash flows. The guidance requires entities to include restricted cash and restricted cash equivalents in its cash and cash equivalents balances in the statement of cash flows. Under current guidance, the Company presents these transfers within the cash flows from investing section in its consolidated statements of cash flows. The guidance is effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods using a retrospective transition method. The Company estimates that adoption of this guidance would result in the inclusion of restricted cash of $266 million and $341 million for the three months ended March 31, 2017 and 2016, respectively, when reconciling the beginning-of-period and end-of-period total amounts shown on the accompanying condensed consolidated statements of cash flows. Clarifying the Definition of a Business In January 2017, the FASB issued guidance that clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The guidance requires an evaluation of whether substantially all of the fair value of assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets. If so, the transaction does not qualify as a business. The guidance also requires an acquired business to include at least one substantive process and narrows the definition of outputs. The guidance is effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods using a prospective 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. Clarifying the Scope of Nonfinancial Asset Derecognition and Accounting for Partial Sales of Nonfinancial Assets In February 2017, the FASB issued guidance that clarifies the scope of the established guidance on nonfinancial asset derecognition as well as the accounting for partial sales of nonfinancial assets. The guidance is effective for annual reporting periods beginning after December 15, 2017 and interim periods within those annual periods. The new guidance may be adopted on either a full or modified retrospective basis. The Company is in the process of determining the method of adoption and assessing the potential impacts of adopting this guidance on its financial position, results of operations and cash flows. Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, the FASB issued guidance that requires entities to (1) disaggregate the current-service-cost component from the other components of net benefit cost (the “other components”) and present it with other current compensation costs for related employees in the income statement and (2) present the other components elsewhere in the income statement and outside of income from operations if such a subtotal is presented. The guidance also requires entities to disclose the income statement lines that contain the other components if they are not presented on described separate lines. In addition, only the service-cost component of net benefit cost is eligible for capitalization, which is a change from current practice, under which entities capitalize the aggregate net benefit cost when applicable. The guidance is effective for annual reporting periods beginning after December 15, 2017 and interim periods within those annual periods. The guidance affecting the presentation of the components of net periodic benefit cost in the income statement requires use of the retrospective method of adoption and the guidance limiting the capitalization of net periodic benefit cost to the service cost component requires use of the prospective method of adoption. The Company is in the process of assessing the overall impact of adopting this guidance on its financial position, results of operations and cash flows.

Basis of Presentation and Rec25

Basis of Presentation and Recently Issued Accounting Pronouncements (Tables)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	the condensed consolidated opening balance sheet as of January 1, 2017 of adopting this guidance was as follows (in millions): Hertz Global Deferred income taxes, net Total liabilities Accumulated deficit Total equity Total liabilities and equity As of December 31, 2016 $ 2,149 $ 18,080 $ (882 ) $ 1,075 $ 19,155 Record deferred tax asset (49 ) (49 ) 49 49 — As of January 1, 2017 $ 2,100 $ 18,031 $ (833 ) $ 1,124 $ 19,155 Hertz Deferred income taxes, net Total liabilities Accumulated deficit Total equity Total liabilities and equity As of December 31, 2016 $ 2,149 $ 18,080 $ (1,867 ) $ 1,075 $ 19,155 Record deferred tax asset (49 ) (49 ) 49 49 — As of January 1, 2017 $ 2,100 $ 18,031 $ (1,818 ) $ 1,124 $ 19,155

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	The following table summarizes the results of the equipment rental business and certain parent legal entities which are presented as discontinued operations in 2016: Three Months Ended (In millions) 2016 Total revenues $ 328 Direct operating expenses 183 Depreciation of revenue earning equipment and lease charges, net 90 Selling, general and administrative 42 Interest expense, net (1) 7 Other (income) expense, net (1 ) Income (loss) from discontinued operations before income taxes 7 (Provision) benefit for taxes on discontinued operations (6 ) Net income (loss) from discontinued operations $ 1 (1) In addition to interest expense directly associated with Herc Holdings, the Company allocated interest expense related to certain debt repaid in connection with the Spin-Off to discontinued operations. For the three months ended March 31, 2016 , the amount allocated was $2 million . Results of Discontinued Operations - Hertz The following table summarizes the results of the equipment rental business which is presented as discontinued operations in 2016: Three Months Ended (In millions) 2016 Total revenues $ 328 Direct operating expenses 183 Depreciation of revenue earning equipment and lease charges, net 90 Selling, general and administrative 42 Interest expense, net (1) 4 Other (income) expense, net (1 ) Income (loss) from discontinued operations before income taxes 10 (Provision) benefit for taxes on discontinued operations (7 ) Net income (loss) from discontinued operations $ 3 (1) In addition to interest expense directly associated with Herc Holdings, the Company allocated interest expense related to certain debt repaid in connection with the Spin-Off to discontinued operations. For the three months ended March 31, 2016 , the amount allocated was $2 million .

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	3 Months Ended
	Mar. 31, 2017
Business Combinations and Divestitures [Abstract]
Schedule of Business Acquisitions, by Acquisition	The carrying amounts of the major classes of assets and liabilities of the Brazil Operations are as follows: (In millions) March 31, 2017 December 31, 2016 ASSETS Cash and cash equivalents $ 8 $ 1 Receivables, net 12 11 Prepaid expenses and other assets 3 5 Revenue earning vehicles, net 95 86 Property and equipment, net 1 1 Intangibles 1 1 Deferred income taxes, net 7 6 Assets held for sale $ 127 $ 111 LIABILITIES Accounts payable $ 11 $ 11 Accrued liabilities 6 6 Liabilities held for sale $ 17 $ 17

Revenue Earning Vehicles (Table

Revenue Earning Vehicles (Tables)	3 Months Ended
	Mar. 31, 2017
Revenue Earning Vehicles [Abstract]
Components of Revenue Earning Vehicles	The components of revenue earning vehicles, net are as follows: (In millions) March 31, 2017 December 31, 2016 Revenue earning vehicles $ 13,944 $ 13,287 Less: Accumulated depreciation (2,665 ) (2,678 ) 11,279 10,609 Revenue earning vehicles held for sale, net 414 209 Revenue earning vehicles, net $ 11,693 $ 10,818
Depreciation on Revenue Earning Vehicles and Lease Charges	Depreciation of revenue earning vehicles and lease charges, net includes the following: Three Months Ended (In millions) 2017 2016 Depreciation of revenue earning vehicles $ 605 $ 558 (Gain) loss on disposal of revenue earning vehicles (a) 79 43 Rents paid for vehicles leased 17 15 Depreciation of revenue earning vehicles and lease charges, net $ 701 $ 616 (a) (Gain) loss on disposal of revenue earning vehicles by segment is as follows: Three Months Ended (In millions) 2017 2016 U.S. Rental Car (i) $ 78 $ 43 International Rental Car 1 — Total $ 79 $ 43
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 impact of depreciation rate changes is as follows: Increase (decrease) Three Months Ended (In millions) 2017 2016 U.S. Rental Car $ 26 $ 27 International Rental Car — 1 Total $ 26 $ 28

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 Fixed or Maturity March 31, December 31, Non-Vehicle Debt Senior Term Loan 3.54% Floating 6/2023 $ 695 $ 697 Senior RCF N/A Floating 6/2021 — — Senior Notes (1) 6.07% Fixed 4/2018–10/2024 3,200 3,200 Promissory Notes 7.00% Fixed 1/2028 27 27 Other Non-Vehicle Debt 2.01% Fixed Various 10 10 Unamortized Debt Issuance Costs and Net (Discount) Premium (37 ) (39 ) Total Non-Vehicle Debt 3,895 3,895 Vehicle Debt HVF U.S. Vehicle Medium Term Notes HVF Series 2010-1 (2) 4.96% Fixed 2/2018 115 115 HVF Series 2011-1 (2) N/A N/A N/A — 115 HVF Series 2013-1 (2) 1.91% Fixed 8/2018 625 625 740 855 HVF II U.S. ABS Program HVF II U.S. Vehicle Variable Funding Notes HVF II Series 2013-A (2) 2.25% Floating 1/2019 2,609 1,844 HVF II Series 2013-B (2) 2.18% Floating 1/2019 438 626 3,047 2,470 Facility Weighted Average Interest Rate at March 31, 2017 Fixed or Maturity March 31, December 31, 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 439 439 HVF II Series 2016-2 (2) 3.25% Fixed 3/2021 561 561 HVF II Series 2016-3 (2) 2.56% Fixed 7/2019 400 400 HVF II Series 2016-4 (2) 2.91% Fixed 7/2021 400 400 3,180 3,180 Donlen ABS Program HFLF Variable Funding Notes HFLF Series 2013-2 (2) 2.01% Floating 9/2018 457 410 457 410 HFLF Medium Term Notes HFLF Series 2013-3 (5) 2.02% Floating 4/2017-6/2017 59 96 HFLF Series 2014-1 (5) 1.63% Floating 4/2017-12/2017 119 148 HFLF Series 2015-1 (5) 1.56% Floating 4/2017-11/2019 227 248 HFLF Series 2016-1 (5) 2.08% Floating 6/2017-4/2019 385 385 790 877 Other Vehicle Debt U.S. Vehicle RCF (3) 3.29% Floating 6/2021 193 193 European Revolving Credit Facility 2.75% Floating 1/2019 124 147 European Vehicle Notes (4) 4.29% Fixed 1/2019–10/2021 700 677 European Securitization (2) 1.55% Floating 10/2018 303 312 Canadian Securitization (2) 2.19% Floating 1/2019 180 162 Australian Securitization (2) 3.17% Floating 7/2018 128 117 New Zealand RCF 4.30% Floating 9/2018 42 41 Capitalized Leases 2.79% Floating 4/2017–9/2020 264 244 1,934 1,893 Unamortized Debt Issuance Costs and Net (Discount) Premium (35 ) (39 ) Total Vehicle Debt 10,113 9,646 Total Debt $ 14,008 $ 13,541 N/A - Not Applicable (1) References to the "Senior Notes" include the series of Hertz's unsecured senior notes set forth on the table below. Outstanding principal amounts for each such series of the Senior Notes is also specified below: (In millions) Outstanding Principal Senior Notes March 31, 2017 December 31, 2016 4.25% Senior Notes due April 2018 $ 250 $ 250 6.75% Senior Notes due April 2019 450 450 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 800 800 $ 3,200 $ 3,200 (2) Maturity reference is to the earlier "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. 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 Hertz Holdings Netherlands B.V.'s, an indirect wholly-owned subsidiary of Hertz organized under the laws of The Netherlands (“HHN BV”), unsecured senior notes (converted from Euros to U.S. dollars at a rate of 1.08 to 1 and 1.04 to 1 as of March 31, 2017 and December 31, 2016 , respectively) 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 March 31, 2017 December 31, 2016 4.375% Senior Notes due January 2019 $ 458 $ 443 4.125% Senior Notes due October 2021 242 234 $ 700 $ 677 (5) In the case of the Hertz Vehicle Lease Funding LP ("HFLF") Medium Term Notes, such notes are repayable from cash flows derived from third-party leases comprising the underlying HFLF collateral pool. The initial maturity date referenced for each series of HFLF Medium Term Notes represents the end of the revolving period for such series, at which time the related notes begin to amortize monthly by an amount equal to the lease collections payable to that series. To the extent the revolving period already has ended, the initial maturity date reflected is April 2017. The second maturity date referenced for each series of HFLF Medium Term Notes represents the date by which Hertz and the investors in the related series expect such series of notes to be repaid in full, which is based upon various assumptions made at the time of pricing of such notes, including the contractual amortization of the underlying leases as well as the assumed rate of prepayments of such leases. Such maturity reference is to the “expected final maturity date” as opposed to the subsequent “legal final maturity date”. The legal final maturity date is the date on which the relevant indebtedness is legally due and payable. Although the underlying lease cash flows that support the repayment of the HFLF Medium Term Notes may vary, the cash flows generally are expected to approximate a straight line amortization of the related notes from the initial maturity date through the expected final maturity date. The fair value of debt is estimated based on quoted market rates as well as borrowing rates currently available to the Company for loans with similar terms and average maturities (Level 2 inputs). As of March 31, 2017 As of December 31, 2016 (In millions) Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Non-vehicle Debt $ 3,932 $ 3,775 $ 3,934 $ 3,791 Vehicle Debt 10,148 10,129 9,685 9,670 Total $ 14,080 $ 13,904 $ 13,619 $ 13,461
Schedule of facilities available for the use of the company and its subsidiaries	The following facilities were available to the Company as of March 31, 2017 , and are presented net of any outstanding letters of credit: (In millions) Remaining Capacity Availability Under Borrowing Base Limitation Non-Vehicle Debt Senior RCF $ 939 $ 939 Total Non-Vehicle Debt 939 939 Vehicle Debt U.S. Vehicle RCF 7 14 HVF II U.S. Vehicle Variable Funding Notes 369 33 HFLF Variable Funding Notes 43 10 European Revolving Credit Facility 145 — European Securitization 192 — Canadian Securitization 83 — Australian Securitization 64 — Capitalized Leases 81 — New Zealand RCF — — Total Vehicle Debt 984 57 Total $ 1,923 $ 996
Schedule of corporate leverage ratio	The amended financial covenant provides that Hertz’s consolidated first lien net leverage ratio, as defined in the Senior RCF Credit Agreement, as of the last day of any fiscal quarter (the "Covenant Leverage Ratio"), may not exceed the ratios indicated below: Fiscal Quarter(s) Ending Maximum Ratio March 31, 2017 3.25 to 1.00 June 30, 2017 3.25 to 1.00 September 30, 2017 3.25 to 1.00 December 31, 2017 and each March 31, June 30, September 30 and December 31 ending thereafter 3.00 to 1.00

Employee Retirement Benefits (T

Employee Retirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2017
Compensation and Retirement Disclosure [Abstract]
Schedule of Net Benefit Costs	The following table sets forth the net periodic pension expense: Pension Benefits U.S. Non-U.S. Three Months Ended March 31, (In millions) 2017 2016 2017 2016 Components of Net Periodic Benefit Cost: Service cost $ — $ 1 $ — $ — Interest cost 5 5 2 2 Expected return on plan assets (6 ) (7 ) (2 ) (3 ) Net amortizations 1 2 — — Settlement loss 1 1 — — Net periodic pension expense (benefit) $ 1 $ 2 $ — $ (1 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
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, PSUs and PSAs is as follows: Three Months Ended (In millions) 2017 2016 Compensation expense $ 7 $ 5 Income tax benefit (3 ) (2 ) Total $ 4 $ 3

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Mar. 31, 2017
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	Restructuring charges for the periods shown are as follows: Three Months Ended (In millions) 2017 2016 By Type: Termination benefits $ 1 $ 6 Facility closure and lease obligation costs — 1 Total $ 1 $ 7 Three Months Ended (In millions) 2017 2016 By Caption: Direct vehicle and operating $ — $ 1 Selling, general and administrative 1 6 Total $ 1 $ 7 Three Months Ended (In millions) 2017 2016 By Segment: U.S. Rental Car $ — $ 6 International Rental Car 1 1 Total $ 1 $ 7
Schedule of Restructuring Reserve by Type of Cost	The following table sets forth the activity during the three months ended March 31, 2017 affecting the restructuring accrual, which is included in accrued liabilities in the accompanying condensed consolidated balance sheets. The Company expects to pay the remaining restructuring obligations relating to termination benefits over the next twenty‑four months. Other is primarily comprised of future lease obligations which will be paid over the remaining term of the applicable leases. (In millions) Termination Other Total Balance as of December 31, 2016 $ 13 $ 14 $ 27 Charges incurred 1 — 1 Cash payments (2 ) (1 ) (3 ) Balance as of March 31, 2017 $ 12 $ 13 $ 25

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Cash, Cash Equivalents and Investments	The following table summarizes the ending balances of the Company's cash equivalents and investments. March 31, 2017 December 31, 2016 (In millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Money market funds $ 158 $ 323 $ — $ 481 $ 213 $ 393 $ — $ 606 Equity and other securities — — — — 9 — — 9 Total $ 158 $ 323 $ — $ 481 $ 222 $ 393 $ — $ 615
Components of debt	The Company's debt, including its available credit facilities, consists of the following (in millions): Facility Weighted Average Interest Rate at March 31, 2017 Fixed or Maturity March 31, December 31, Non-Vehicle Debt Senior Term Loan 3.54% Floating 6/2023 $ 695 $ 697 Senior RCF N/A Floating 6/2021 — — Senior Notes (1) 6.07% Fixed 4/2018–10/2024 3,200 3,200 Promissory Notes 7.00% Fixed 1/2028 27 27 Other Non-Vehicle Debt 2.01% Fixed Various 10 10 Unamortized Debt Issuance Costs and Net (Discount) Premium (37 ) (39 ) Total Non-Vehicle Debt 3,895 3,895 Vehicle Debt HVF U.S. Vehicle Medium Term Notes HVF Series 2010-1 (2) 4.96% Fixed 2/2018 115 115 HVF Series 2011-1 (2) N/A N/A N/A — 115 HVF Series 2013-1 (2) 1.91% Fixed 8/2018 625 625 740 855 HVF II U.S. ABS Program HVF II U.S. Vehicle Variable Funding Notes HVF II Series 2013-A (2) 2.25% Floating 1/2019 2,609 1,844 HVF II Series 2013-B (2) 2.18% Floating 1/2019 438 626 3,047 2,470 Facility Weighted Average Interest Rate at March 31, 2017 Fixed or Maturity March 31, December 31, 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 439 439 HVF II Series 2016-2 (2) 3.25% Fixed 3/2021 561 561 HVF II Series 2016-3 (2) 2.56% Fixed 7/2019 400 400 HVF II Series 2016-4 (2) 2.91% Fixed 7/2021 400 400 3,180 3,180 Donlen ABS Program HFLF Variable Funding Notes HFLF Series 2013-2 (2) 2.01% Floating 9/2018 457 410 457 410 HFLF Medium Term Notes HFLF Series 2013-3 (5) 2.02% Floating 4/2017-6/2017 59 96 HFLF Series 2014-1 (5) 1.63% Floating 4/2017-12/2017 119 148 HFLF Series 2015-1 (5) 1.56% Floating 4/2017-11/2019 227 248 HFLF Series 2016-1 (5) 2.08% Floating 6/2017-4/2019 385 385 790 877 Other Vehicle Debt U.S. Vehicle RCF (3) 3.29% Floating 6/2021 193 193 European Revolving Credit Facility 2.75% Floating 1/2019 124 147 European Vehicle Notes (4) 4.29% Fixed 1/2019–10/2021 700 677 European Securitization (2) 1.55% Floating 10/2018 303 312 Canadian Securitization (2) 2.19% Floating 1/2019 180 162 Australian Securitization (2) 3.17% Floating 7/2018 128 117 New Zealand RCF 4.30% Floating 9/2018 42 41 Capitalized Leases 2.79% Floating 4/2017–9/2020 264 244 1,934 1,893 Unamortized Debt Issuance Costs and Net (Discount) Premium (35 ) (39 ) Total Vehicle Debt 10,113 9,646 Total Debt $ 14,008 $ 13,541 N/A - Not Applicable (1) References to the "Senior Notes" include the series of Hertz's unsecured senior notes set forth on the table below. Outstanding principal amounts for each such series of the Senior Notes is also specified below: (In millions) Outstanding Principal Senior Notes March 31, 2017 December 31, 2016 4.25% Senior Notes due April 2018 $ 250 $ 250 6.75% Senior Notes due April 2019 450 450 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 800 800 $ 3,200 $ 3,200 (2) Maturity reference is to the earlier "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. 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 Hertz Holdings Netherlands B.V.'s, an indirect wholly-owned subsidiary of Hertz organized under the laws of The Netherlands (“HHN BV”), unsecured senior notes (converted from Euros to U.S. dollars at a rate of 1.08 to 1 and 1.04 to 1 as of March 31, 2017 and December 31, 2016 , respectively) 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 March 31, 2017 December 31, 2016 4.375% Senior Notes due January 2019 $ 458 $ 443 4.125% Senior Notes due October 2021 242 234 $ 700 $ 677 (5) In the case of the Hertz Vehicle Lease Funding LP ("HFLF") Medium Term Notes, such notes are repayable from cash flows derived from third-party leases comprising the underlying HFLF collateral pool. The initial maturity date referenced for each series of HFLF Medium Term Notes represents the end of the revolving period for such series, at which time the related notes begin to amortize monthly by an amount equal to the lease collections payable to that series. To the extent the revolving period already has ended, the initial maturity date reflected is April 2017. The second maturity date referenced for each series of HFLF Medium Term Notes represents the date by which Hertz and the investors in the related series expect such series of notes to be repaid in full, which is based upon various assumptions made at the time of pricing of such notes, including the contractual amortization of the underlying leases as well as the assumed rate of prepayments of such leases. Such maturity reference is to the “expected final maturity date” as opposed to the subsequent “legal final maturity date”. The legal final maturity date is the date on which the relevant indebtedness is legally due and payable. Although the underlying lease cash flows that support the repayment of the HFLF Medium Term Notes may vary, the cash flows generally are expected to approximate a straight line amortization of the related notes from the initial maturity date through the expected final maturity date. The fair value of debt is estimated based on quoted market rates as well as borrowing rates currently available to the Company for loans with similar terms and average maturities (Level 2 inputs). As of March 31, 2017 As of December 31, 2016 (In millions) Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Non-vehicle Debt $ 3,932 $ 3,775 $ 3,934 $ 3,791 Vehicle Debt 10,148 10,129 9,685 9,670 Total $ 14,080 $ 13,904 $ 13,619 $ 13,461
Fair Value Measurements, Nonrecurring [Table Text Block]	Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (In millions) Carrying Value as of March 31, 2017 Level 1 Level 2 Level 3 Total Fair Value (Income)/Loss Adjustments Recorded for the Three Months Ended March 31, 2017 Long-lived assets held for sale $ 127 $ — $ 127 $ — $ (4 ) Liabilities held for sale $ 17 $ — $ 17 $ — $ — Equity method investments $ 4 $ — $ — $ 4 $ 30

Earnings (Loss) Per Share - H34

Earnings (Loss) Per Share - Hertz Global (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	he following table sets forth the computation of basic and diluted earnings (loss) per share: Three Months Ended (In millions, except per share data) 2017 2016 Basic and diluted earnings (loss) per share: Numerator: Net income (loss) from continuing operations $ (223 ) $ (52 ) Net income (loss) from discontinued operations — 1 Net income (loss), basic $ (223 ) $ (51 ) Denominator: Basic weighted average common shares 83 85 Dilutive stock options, RSUs, PSUs and PSAs — — Weighted average shares used to calculate diluted earnings per share 83 85 Antidilutive stock options, RSUs, PSUs and PSAs 2 2 Earnings (loss) per share: Basic earnings (loss) per share from continuing operations $ (2.69 ) $ (0.61 ) Basic earnings (loss) per share from discontinued operations — 0.01 Basic earnings (loss) per share $ (2.69 ) $ (0.60 ) Diluted earnings (loss) per share from continuing operations $ (2.69 ) $ (0.61 ) Diluted earnings (loss) per share from discontinued operations — 0.01 Diluted earnings (loss) per share $ (2.69 ) $ (0.60 )

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables provide significant statement of operations and balance sheet information by segment for each of Hertz Global and Hertz, as well as adjusted pretax incomes (loss), the segment measure of profitability. Three Months Ended March 31, (In millions) 2017 2016 Revenues U.S. Rental Car $ 1,353 $ 1,406 International Rental Car 411 433 All Other Operations 152 144 Total Hertz Global and Hertz $ 1,916 $ 1,983 Adjusted pre-tax income (loss) (a) U.S. Rental Car $ (116 ) $ (4 ) International Rental Car (4 ) 3 All Other Operations 21 18 Corporate (114 ) (123 ) Total Hertz Global (213 ) (106 ) Corporate - Hertz 1 — Total Hertz $ (212 ) $ (106 ) Depreciation of revenue earning vehicles and lease charges, net U.S. Rental Car $ 499 $ 419 International Rental Car 85 86 All Other Operations 117 111 Total Hertz Global and Hertz $ 701 $ 616 (In millions) March 31, 2017 December 31, 2016 Total Assets U.S. Rental Car $ 13,220 $ 12,876 International Rental Car 3,706 3,578 All other operations 1,615 1,612 Corporate 1,115 1,089 Total Hertz Global and Hertz $ 19,656 $ 19,155 (a) Adjusted pre-tax income (loss), the Company's segment profitability measure, 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, intangible and tangible asset impairments and write downs and certain one-time charges and non-operational items. Reconciliation of adjusted pre-tax income (loss) by segment to consolidated amounts are summarized below. Hertz Global Three Months Ended March 31, (In millions) 2017 2016 Adjusted pre-tax income (loss): U.S. Rental Car $ (116 ) $ (4 ) International Rental Car (4 ) 3 All Other Operations 21 18 Total reportable segments (99 ) 17 Corporate (1) (114 ) (123 ) Adjusted pre-tax income (loss) (213 ) (106 ) Adjustments: Acquisition accounting (2) (16 ) (16 ) Debt-related charges (3) (10 ) (14 ) Restructuring and restructuring related charges (4) (8 ) (12 ) Sale of CAR Inc. common stock (5) 3 75 Impairment charges and asset write-downs (6) (30 ) — Finance and information technology transformation costs (7) (19 ) (8 ) Other (8) (1 ) 5 Income (loss) before income taxes $ (294 ) $ (76 ) Hertz Three Months Ended March 31, (In millions) 2017 2016 Adjusted pre-tax income (loss): U.S. Rental Car $ (116 ) $ (4 ) International Rental Car (4 ) 3 All Other Operations 21 18 Total reportable segments (99 ) 17 Corporate (1) (113 ) (123 ) Adjusted pre-tax income (loss) (212 ) (106 ) Adjustments: Acquisition accounting (2) (16 ) (16 ) Debt-related charges (3) (10 ) (14 ) Restructuring and restructuring related charges (4) (8 ) (12 ) Sale of CAR Inc. common stock (5) 3 75 Impairment charges and asset write-downs (6) (30 ) — Finance and information technology transformation costs (7) (19 ) (8 ) Other (8) (1 ) 5 Income (loss) before income taxes $ (293 ) $ (76 ) (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 equipment relating to acquisition accounting. (3) Represents debt-related charges relating to the amortization of deferred financing costs and debt discounts and premiums. (4) Represents expenses incurred under restructuring actions as defined in U.S. GAAP, excluding impairments and asset write-downs, when applicable. For further information on restructuring costs, see Note 9 , " Restructuring ." Also represents certain other charges such as 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 previously disclosed accounting review and investigation. (5) Represents the pre-tax gain on the sale of CAR Inc. common stock. (6) In 2017, represents a $30 million impairment of an equity method investment. (7) Represents external costs associated with the Company’s finance and information technology transformation programs, both of which are multi-year initiatives that commenced in 2016 to upgrade and modernize the Company’s systems and processes. (8) Includes miscellaneous, non-recurring and other non-cash items and, in 2017, includes an adjustment to the carrying value of the Company's Brazil operations in connection with its classification as held for sale. In 2016, also includes a $9 million settlement gain from an eminent domain case related to one of the Company's U.S. airport locations.

Guarantor and Non-Guarantor C36

Guarantor and Non-Guarantor Condensed Consolidating Financial Information - Hertz (Tables)	3 Months Ended
	Mar. 31, 2017
Guarantor and Non-Guarantor Condensed Consolidating Financial Statements Disclosure [Abstract]
Condensed Balance Sheet	THE HERTZ CORPORATION CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2017 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries ASSETS Cash and cash equivalents $ 421 $ 10 $ 354 $ — $ 785 Restricted cash and cash equivalents 93 8 165 — 266 Receivables, net of allowance 264 171 599 — 1,034 Due from affiliates 3,225 3,927 9,117 (16,269 ) — Prepaid expenses and other assets 4,985 78 222 (4,788 ) 497 Revenue earning vehicles, net 321 6 11,366 — 11,693 Property and equipment, net 642 67 139 — 848 Investment in subsidiaries, net 6,247 719 — (6,966 ) — Other intangible assets, net 96 3,211 18 — 3,325 Goodwill 102 943 36 — 1,081 Assets held for sale — — 127 — 127 Total assets $ 16,396 $ 9,140 $ 22,143 $ (28,023 ) $ 19,656 LIABILITIES AND EQUITY Due to affiliates $ 10,259 $ 1,960 $ 4,050 $ (16,269 ) $ — Accounts payable 336 89 716 — 1,141 Accrued liabilities 548 96 322 — 966 Accrued taxes, net 88 21 2,981 (2,916 ) 174 Debt 4,087 — 9,921 — 14,008 Public liability and property damage 161 41 203 — 405 Deferred income taxes, net — 2,079 1,821 (1,872 ) 2,028 Liabilities held for sale — — 17 — 17 Total liabilities 15,479 4,286 20,031 (21,057 ) 18,739 Equity: Stockholder's equity 917 4,854 2,112 (6,966 ) 917 Total liabilities and equity $ 16,396 $ 9,140 $ 22,143 $ (28,023 ) $ 19,656 THE HERTZ CORPORATION CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries ASSETS Cash and cash equivalents $ 458 $ 12 $ 346 $ — $ 816 Restricted cash and cash equivalents 53 5 220 — 278 Receivables, net of allowance 752 167 364 — 1,283 Due from affiliates 3,668 3,823 9,750 (17,241 ) — Prepaid expenses and other assets 4,821 83 199 (4,525 ) 578 Revenue earning vehicles, net 361 7 10,450 — 10,818 Property and equipment, net 656 70 132 — 858 Investment in subsidiaries, net 6,114 598 — (6,712 ) — Other intangible assets, net 89 3,223 20 — 3,332 Goodwill 102 943 36 — 1,081 Assets held for sale — — 111 — 111 Total assets $ 17,074 $ 8,931 $ 21,628 $ (28,478 ) $ 19,155 LIABILITIES AND EQUITY Due to affiliates $ 10,833 $ 1,900 $ 4,508 $ (17,241 ) $ — Accounts payable 279 90 452 — 821 Accrued liabilities 557 103 320 — 980 Accrued taxes, net 78 18 2,881 (2,812 ) 165 Debt 4,086 — 9,455 — 13,541 Public liability and property damage 166 43 198 — 407 Deferred income taxes, net — 2,065 1,797 (1,713 ) 2,149 Liabilities held for sale — — 17 — 17 Total liabilities 15,999 4,219 19,628 (21,766 ) 18,080 Equity: Stockholder's equity 1,075 4,712 2,000 (6,712 ) 1,075 Total liabilities and equity $ 17,074 $ 8,931 $ 21,628 $ (28,478 ) $ 19,155
Condensed Income Statement	THE HERTZ CORPORATION CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Three Months Ended March 31, 2017 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Total revenues $ 991 $ 307 $ 1,377 $ (759 ) $ 1,916 Expenses: Direct vehicle and operating 688 169 275 — 1,132 Depreciation of revenue earning vehicles and lease charges, net 737 102 621 (759 ) 701 Selling, general and administrative 150 11 59 — 220 Interest expense, net 82 (22 ) 69 — 129 Other (income) expense, net 33 — (6 ) — 27 Total expenses 1,690 260 1,018 (759 ) 2,209 Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries (699 ) 47 359 — (293 ) Income tax (provision) benefit 214 (15 ) (128 ) — 71 Equity in earnings (losses) of subsidiaries, net of tax 263 32 — (295 ) — Net income (loss) from continuing operations (222 ) 64 231 (295 ) (222 ) Net income (loss) from discontinued operations — — — — — Net income (loss) (222 ) 64 231 (295 ) (222 ) Other comprehensive income (loss), net of tax 13 — 12 (12 ) 13 Comprehensive income (loss) $ (209 ) $ 64 $ 243 $ (307 ) $ (209 ) THE HERTZ CORPORATION CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Three Months Ended March 31, 2016 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Total revenues $ 1,066 $ 339 $ 1,297 $ (719 ) $ 1,983 Expenses: Direct vehicle and operating 685 189 285 (1 ) 1,158 Depreciation of revenue earning vehicles and lease charges, net 621 135 578 (718 ) 616 Selling, general and administrative 146 14 65 — 225 Interest expense, net 97 (11 ) 64 — 150 Other (income) expense, net — (9 ) (81 ) — (90 ) Total expenses 1,549 318 911 (719 ) 2,059 Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries (483 ) 21 386 — (76 ) Income tax (provision) benefit 190 (7 ) (159 ) — 24 Equity in earnings (losses) of subsidiaries, net of tax 244 56 — (300 ) — Net income (loss) from continuing operations (49 ) 70 227 (300 ) (52 ) Net income (loss) from discontinued operations — 7 (4 ) — 3 Net income (loss) (49 ) 77 223 (300 ) (49 ) Other comprehensive income (loss), net of tax 54 (4 ) 53 (49 ) 54 Comprehensive income (loss) $ 5 $ 73 $ 276 $ (349 ) $ 5
Condensed Cash Flow Statement	THE HERTZ CORPORATION CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2017 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Net cash provided by (used in) operating activities from continuing operations $ (714 ) $ 5 $ 1,488 $ (280 ) $ 499 Cash flows from investing activities: Net change in restricted cash and cash equivalents, vehicle (41 ) (2 ) 57 — 14 Net change in restricted cash and cash equivalents, non-vehicle — (1 ) 1 — — Revenue earning vehicle expenditures (89 ) (1 ) (2,772 ) — (2,862 ) Proceeds from disposal of revenue earning vehicles 49 — 1,911 — 1,960 Capital asset expenditures, non-vehicle (42 ) (3 ) (9 ) — (54 ) Proceeds from disposal of property and other equipment 5 — 2 — 7 Sales of (investment in) shares in equity investment — — 9 — 9 Loan to Parent/Guarantor from Non-Guarantor — — (316 ) 316 — Capital contributions to subsidiaries (662 ) — — 662 — Return of capital from subsidiaries 1,150 — — (1,150 ) — Net cash provided by (used in) investing activities from continuing operations 370 (7 ) (1,117 ) (172 ) (926 ) Cash flows from financing activities: Proceeds from issuance of vehicle debt 276 — 1,822 — 2,098 Repayments of vehicle debt (276 ) — (1,416 ) — (1,692 ) Proceeds from issuance of non-vehicle debt 100 — — — 100 Repayments of non-vehicle debt (102 ) — — — (102 ) Capital contributions received from parent — — 662 (662 ) — Loan to Parent/Guarantor from Non-Guarantor 316 — — (316 ) — Payment of dividends and return of capital — — (1,430 ) 1,430 — Payment of financing costs (5 ) — (7 ) — (12 ) Advances to Hertz Global/Old Hertz Holdings (2 ) — — — (2 ) Net cash provided by (used in) financing activities from continuing operations 307 — (369 ) 452 390 Effect of foreign currency exchange rate changes on cash and cash equivalents from continuing operations — — 6 — 6 Net increase (decrease) in cash and cash equivalents during the period from continuing operations (37 ) (2 ) 8 — (31 ) Cash and cash equivalents at beginning of period 458 12 346 — 816 Cash and cash equivalents at end of period $ 421 $ 10 $ 354 $ — $ 785 THE HERTZ CORPORATION CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2016 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Net cash provided by (used in) operating activities from continuing operations $ (889 ) $ (30 ) $ 1,565 $ (185 ) $ 461 Cash flows from investing activities: Net change in restricted cash and cash equivalents, vehicle (9 ) (2 ) 3 — (8 ) Net change in restricted cash and cash equivalents, non-vehicle — — 1 — 1 Revenue earning vehicle expenditures (132 ) (7 ) (3,246 ) — (3,385 ) Proceeds from disposal of revenue earning vehicles 108 10 2,644 — 2,762 Capital assets expenditures, non-vehicle (29 ) (7 ) (10 ) — (46 ) Proceeds from disposal of property and other equipment 6 4 9 — 19 Capital contributions to subsidiaries (372 ) — — 372 — Return of capital from subsidiaries 847 25 — (872 ) — Loan to Parent/Guarantor from Non-Guarantor — — (340 ) 340 — Sale of (investment in) shares in equity investment — — 233 — 233 Net cash provided by (used in) investing activities from continuing operations 419 23 (706 ) (160 ) (424 ) Cash flows from financing activities: Proceeds from issuance of vehicle debt — — 2,449 — 2,449 Repayments of vehicle debt (33 ) — (2,207 ) — (2,240 ) Proceeds from issuance of non-vehicle debt 365 — — — 365 Repayments of non-vehicle debt (371 ) — — — (371 ) Capital contributions received from parent — — 372 (372 ) — Loan to Parent/Guarantor from Non-Guarantor 340 — — (340 ) — Payment of dividends and return of capital — — (1,057 ) 1,057 — Payment of financing costs — — (10 ) — (10 ) Transfer (to) from discontinued entities 123 — 7 — 130 Net cash provided by (used in) financing activities from continuing operations 424 — (446 ) 345 323 Effect of foreign currency exchange rate changes on cash and cash equivalents from continuing operations — — 12 — 12 Net increase (decrease) in cash and cash equivalents during the period from continuing operations (46 ) (7 ) 425 — 372 Cash and cash equivalents at beginning of period 179 17 278 — 474 Cash and cash equivalents at end of period $ 133 $ 10 $ 703 $ — $ 846 Cash flows from discontinued operations: Cash flows provided by (used in) operating activities $ — $ 112 $ 7 $ — $ 119 Cash flows provided by (used in) investing activities — 4 3 — 7 Cash flows provided by (used in) financing activities — (114 ) (7 ) — (121 ) Net increase (decrease) in cash and cash equivalents during the period from discontinued operations $ — $ 2 $ 3 $ — $ 5

Basis of Presentation and Rec37

Basis of Presentation and Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adjustment to cash flows from investing	$ 926	$ 424
Land ownership, percent	3.00%
Record deferred tax asset | Other Immaterial Errors [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adjustment to cash flows from investing		$ 205

Basis of Presentation and Rec38

Basis of Presentation and Recently Issued Accounting Pronouncements (Recent Issued Accounting Pronouncements) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred income taxes, net	$ 2,028	$ 2,149
Total liabilities	18,738	18,080
Accumulated deficit	(1,056)	(882)
Total equity	918	1,075
Total liabilities and equity	19,656	19,155
Restricted cash and cash equivalents:	266	278	$ 341
Accounting Standards Update 2016-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred income taxes, net		2,100
Total liabilities		18,031
Accumulated deficit		(833)
Total equity		1,124
Total liabilities and equity		19,155
Accounting Standards Update 2016-09 | As of December 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred income taxes, net		2,149
Total liabilities		18,080
Accumulated deficit		(882)
Total equity		1,075
Total liabilities and equity		19,155
Accounting Standards Update 2016-09 | Record deferred tax asset
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred income taxes, net		(49)
Total liabilities		(49)
Accumulated deficit		49
Total equity		49
Total liabilities and equity		0
The Hertz Corporation
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred income taxes, net	2,028	2,149
Total liabilities	18,739	18,080
Accumulated deficit	(2,040)	(1,867)
Total equity	917	1,075
Total liabilities and equity	19,656	19,155
Restricted cash and cash equivalents:	$ 266	278
The Hertz Corporation | Accounting Standards Update 2016-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred income taxes, net		2,100
Total liabilities		18,031
Accumulated deficit		(1,818)
Total equity		1,124
Total liabilities and equity		19,155
The Hertz Corporation | Accounting Standards Update 2016-09 | As of December 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred income taxes, net		2,149
Total liabilities		18,080
Accumulated deficit		(1,867)
Total equity		1,075
Total liabilities and equity		19,155
The Hertz Corporation | Accounting Standards Update 2016-09 | Record deferred tax asset
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred income taxes, net		(49)
Total liabilities		(49)
Accumulated deficit		49
Total equity		49
Total liabilities and equity		$ 0

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net income (loss) from discontinued operations	$ 0	$ 1
The Hertz Corporation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net income (loss) from discontinued operations	$ 0	3
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		328
Direct operating expenses		183
Depreciation of revenue earning equipment and lease charges, net		90
Selling, general and administrative		42
Interest expense, net		7
Other (income) expense, net		(1)
Income (loss) from discontinued operations before income taxes		7
(Provision) benefit for taxes on discontinued operations		(6)
Net income (loss) from discontinued operations		1
Old Hertz Holdings' Worldwide Equipment Rental | Discontinued Operations | The Hertz Corporation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues		328
Direct operating expenses		183
Depreciation of revenue earning equipment and lease charges, net		90
Selling, general and administrative		42
Interest expense, net		4
Other (income) expense, net		(1)
Income (loss) from discontinued operations before income taxes		10
(Provision) benefit for taxes on discontinued operations		(7)
Net income (loss) from discontinued operations		3
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		$ 2

Acquisitions and Divestitures40

Acquisitions and Divestitures (Divestiture) (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended
	Mar. 31, 2016	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Assets held for sale		$ 127	$ 111
LIABILITIES
Liabilities held for sale		17	17
CAR, Inc
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage	1.70%
CAR, Inc | Common Stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of shares sold	204
Gross sales proceeds	$ 240
Net sales proceeds	233
Deferred gain on sale	7
CAR, Inc | 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
Brazil Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale			117
Escrow deposits			13
Held-for-sale | Brazil Operations
ASSETS
Cash and cash equivalents		8	1
Receivables, net		12	11
Prepaid expenses and other assets		3	5
Revenue earning vehicles, net		95	86
Property and equipment, net		1	1
Intangibles		1	1
Deferred income taxes, net		7	6
Assets held for sale		127	111
LIABILITIES
Accounts payable		11	11
Accrued liabilities		6	6
Liabilities held for sale		$ 17	$ 17

Revenue Earning Vehicles (Detai

Revenue Earning Vehicles (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Revenue earning vehicles	$ 13,944		$ 13,287
Less: Accumulated depreciation	(2,665)		(2,678)
Subtotal	11,279		10,609
Revenue earning vehicles held for sale, net	414		209
Total revenue earning vehicles, net	11,693		$ 10,818
Depreciation of revenue earning vehicles	605	$ 558
(Gain) loss on disposal of revenue earning equipment	79	43
Rents paid for vehicles leased	17	15
Depreciation of revenue earning equipment and lease charges, net	701	616
U.S. Rental Car
Property, Plant and Equipment [Line Items]
(Gain) loss on disposal of revenue earning equipment	78	43
Other cost of services	30	25
International Rental Car
Property, Plant and Equipment [Line Items]
(Gain) loss on disposal of revenue earning equipment	$ 1	$ 0

Revenue Earning Vehicles (Depre

Revenue Earning Vehicles (Depreciation Rates) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenue earning equipment
Depreciation rate changes	$ 26	$ 28
U.S. Rental Car
Revenue earning equipment
Depreciation rate changes	26	27
International Rental Car
Revenue earning equipment
Depreciation rate changes	$ 0	$ 1

Debt (Schedule of Debt) (Detail

Debt (Schedule of Debt) (Details) CAD in Millions, $ in Millions	1 Months Ended
	Jan. 31, 2018USD ($)	Mar. 31, 2017USD ($)€ / $	Mar. 31, 2017CAD€ / $	Mar. 31, 2017EUR (€)€ / $	Dec. 31, 2016USD ($)€ / $
Debt Instrument [Line Items]
Debt:		$ 14,008			$ 13,541
Non-Vehicle Debt
Debt Instrument [Line Items]
Unamortized Net Discount		(37)			(39)
Debt:		$ 3,895			3,895
Senior Term Loan
Debt Instrument [Line Items]
Average interest rate (as a percent)		3.54%	3.54%	3.54%
Outstanding principal		$ 695			697
Senior RCF
Debt Instrument [Line Items]
Outstanding principal		$ 0			0
Senior Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)		6.07%	6.07%	6.07%
Outstanding principal		$ 3,200			3,200
4.25% Senior Notes due April 2018
Debt Instrument [Line Items]
Outstanding principal		$ 250			250
Interest rate		4.25%	4.25%	4.25%
7.50% Senior Notes due October 2018
Debt Instrument [Line Items]
Interest rate		7.50%	7.50%	7.50%
7.50% Senior Notes due October 2018 | Forecast
Debt Instrument [Line Items]
Repayments of debt	$ 67
6.75% Senior Notes due April 2019
Debt Instrument [Line Items]
Outstanding principal		$ 450			450
Interest rate		6.75%	6.75%	6.75%
5.875% Senior Notes due October 2020
Debt Instrument [Line Items]
Outstanding principal		$ 700			700
Interest rate		5.875%	5.875%	5.875%
7.375% Senior Notes due January 2021
Debt Instrument [Line Items]
Outstanding principal		$ 500			500
Interest rate		7.375%	7.375%	7.375%
6.25% Senior Notes due October 2022
Debt Instrument [Line Items]
Outstanding principal		$ 500			500
Interest rate		6.25%	6.25%	6.25%
5.50% Senior Notes due October 2024
Debt Instrument [Line Items]
Outstanding principal		$ 800			800
Promissory Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)		7.00%	7.00%	7.00%
Outstanding principal		$ 27			27
Other Non-Vehicle Debt
Debt Instrument [Line Items]
Average interest rate (as a percent)		2.01%	2.01%	2.01%
Outstanding principal		$ 10			10
Vehicle Debt
Debt Instrument [Line Items]
Unamortized Net Discount		(35)			(39)
Debt:		10,113			9,646
U.S. Fleet Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal		$ 740			855
U.S. Fleet Medium Term Notes Series 2010-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)		4.96%	4.96%	4.96%
Outstanding principal		$ 115			115
U.S. Fleet Medium Term Notes Series 2011-1 Notes
Debt Instrument [Line Items]
Outstanding principal		$ 0			115
U.S. Fleet Medium Term Notes Series 2013-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)		1.91%	1.91%	1.91%
Outstanding principal		$ 625			625
HVF II US Fleet Variable Funding Notes [Member]
Debt Instrument [Line Items]
Outstanding principal		$ 3,047			2,470
HVF II Series 2013-A
Debt Instrument [Line Items]
Average interest rate (as a percent)		2.25%	2.25%	2.25%
Outstanding principal		$ 2,609			1,844
HVF II Series 2013-B
Debt Instrument [Line Items]
Average interest rate (as a percent)		2.18%	2.18%	2.18%
Outstanding principal		$ 438			626
HVF II U.S. Fleet Variable Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal		$ 3,180			3,180
U.S. Fleet Medium Term Notes 2015 Series 1
Debt Instrument [Line Items]
Average interest rate (as a percent)		2.93%	2.93%	2.93%
Outstanding principal		$ 780			780
U.S. Fleet Medium Term Notes 2015 Series 2
Debt Instrument [Line Items]
Average interest rate (as a percent)		2.30%	2.30%	2.30%
Outstanding principal		$ 250			250
U.S. Fleet Medium Term Notes 2015 Series 3
Debt Instrument [Line Items]
Average interest rate (as a percent)		2.96%	2.96%	2.96%
Outstanding principal		$ 350			350
U.S. Fleet Medium Term Notes 2016 Series 1
Debt Instrument [Line Items]
Average interest rate (as a percent)		2.72%	2.72%	2.72%
Outstanding principal		$ 439			439
U.S. Fleet Medium Term Notes 2016 Series 2
Debt Instrument [Line Items]
Average interest rate (as a percent)		3.25%	3.25%	3.25%
Outstanding principal		$ 561			561
U.S. Fleet Medium Term Notes 2016 Series 3
Debt Instrument [Line Items]
Average interest rate (as a percent)		2.56%	2.56%	2.56%
Outstanding principal		$ 400			400
U.S. Fleet Medium Term Notes 2016 Series 4
Debt Instrument [Line Items]
Average interest rate (as a percent)		2.91%	2.91%	2.91%
Outstanding principal		$ 400			400
Donlen ABS Program
Debt Instrument [Line Items]
Outstanding principal		$ 457			410
HFLF Series 2013-2 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)		2.01%	2.01%	2.01%
Outstanding principal		$ 457			410
HFLF Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal		$ 790			877
HFLF Series 2013-3
Debt Instrument [Line Items]
Average interest rate (as a percent)		2.02%	2.02%	2.02%
Outstanding principal		$ 59			96
HFLF Series 2014-1
Debt Instrument [Line Items]
Average interest rate (as a percent)		1.63%	1.63%	1.63%
Outstanding principal		$ 119			148
HFLF Series 2015-1
Debt Instrument [Line Items]
Average interest rate (as a percent)		1.56%	1.56%	1.56%
Outstanding principal		$ 227			248
HFLF Series 2016-1
Debt Instrument [Line Items]
Average interest rate (as a percent)		2.08%	2.08%	2.08%
Outstanding principal		$ 385			385
Other Fleet Debt
Debt Instrument [Line Items]
Outstanding principal		$ 1,934			1,893
U.S. Vehicle RCF
Debt Instrument [Line Items]
Average interest rate (as a percent)		3.29%	3.29%	3.29%
Outstanding principal		$ 193			193
European Revolving Credit Facility
Debt Instrument [Line Items]
Average interest rate (as a percent)		2.75%	2.75%	2.75%
Outstanding principal		$ 124		€ 235,000,000	147
European Fleet Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)		4.29%	4.29%	4.29%
Outstanding principal		$ 700			$ 677
Foreign currency exchange rate (EURO to USD) | € / $		1.08	1.08	1.08	1.04
4.375% Due January 2019
Debt Instrument [Line Items]
Outstanding principal		$ 458			$ 443
4.125% Due October 2021
Debt Instrument [Line Items]
Outstanding principal		$ 242			234
European Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)		1.55%	1.55%	1.55%
Outstanding principal		$ 303			312
Canadian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)		2.19%	2.19%	2.19%
Outstanding principal		$ 180	CAD 350		162
Australian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)		3.17%	3.17%	3.17%
Outstanding principal		$ 128			117
New Zealand RCF
Debt Instrument [Line Items]
Average interest rate (as a percent)		4.30%	4.30%	4.30%
Outstanding principal		$ 42			41
Capitalized Leases
Debt Instrument [Line Items]
Average interest rate (as a percent)		2.79%	2.79%	2.79%
Outstanding principal		$ 264			$ 244

Debt (Narrative) (Details)

Debt (Narrative) (Details) CAD in Millions, $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2017CAD	Mar. 31, 2017EUR (€)	Feb. 28, 2017USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Availability under borrowing base limitation		$ 996
VIE, total assets		432				$ 454
VIE, total liabilities		431				454
HFLF Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal		790				877
Availability under borrowing base limitation		10
European Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding principal		$ 124		€ 235,000,000		147
Average interest rate (as a percent)		2.75%	2.75%	2.75%
Availability under borrowing base limitation		$ 0
European Vehicle Notes
Debt Instrument [Line Items]
Outstanding principal		$ 700				677
Average interest rate (as a percent)		4.29%	4.29%	4.29%
European Securitization
Debt Instrument [Line Items]
Outstanding principal		$ 303				312
Average interest rate (as a percent)		1.55%	1.55%	1.55%
Availability under borrowing base limitation		$ 0
UK Leveraged Financing
Debt Instrument [Line Items]
Outstanding principal		250
New Zealand RCF
Debt Instrument [Line Items]
Outstanding principal		$ 42				41
Average interest rate (as a percent)		4.30%	4.30%	4.30%
Availability under borrowing base limitation		$ 0
HFLF Series 2015-1
Debt Instrument [Line Items]
Outstanding principal		$ 227				248
Average interest rate (as a percent)		1.56%	1.56%	1.56%
Canadian Securitization
Debt Instrument [Line Items]
Outstanding principal		$ 180	CAD 350			162
Average interest rate (as a percent)		2.19%	2.19%	2.19%
Availability under borrowing base limitation		$ 0
Senior ABL Facility
Debt Instrument [Line Items]
Fixed charge coverage ratio number of quarters		1 year
Availability under borrowing base limitation		$ 939
Senior Credit Facility
Debt Instrument [Line Items]
Outstanding principal		0				0
Outstanding standby letters of credit		761
Senior Term Loan
Debt Instrument [Line Items]
Outstanding principal		$ 695				697
Average interest rate (as a percent)		3.54%	3.54%	3.54%
7.50% Senior Notes due October 2018
Debt Instrument [Line Items]
Interest rate		7.50%	7.50%	7.50%
6.75% Senior Notes due April 2019
Debt Instrument [Line Items]
Outstanding principal		$ 450				450
Interest rate		6.75%	6.75%	6.75%
5.50% Senior Notes due October 2024
Debt Instrument [Line Items]
Outstanding principal		$ 800				800
U.S. Vehicle RCF
Debt Instrument [Line Items]
Outstanding principal		$ 193				193
Average interest rate (as a percent)		3.29%	3.29%	3.29%
Availability under borrowing base limitation		$ 14
Outstanding standby letters of credit		1,000
Vehicle Debt
Debt Instrument [Line Items]
Availability under borrowing base limitation		57
Repayments of principal in next twelve months		744
Senior Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument, Covenant Compliance, Leverage Ratio, Unrestricted Cash Netting Cap					$ 500
HFLF Series 2013-2 Notes
Debt Instrument [Line Items]
Outstanding principal		$ 457				410
Average interest rate (as a percent)		2.01%	2.01%	2.01%
HVF II U.S. ABS Program
Debt Instrument [Line Items]
Debt Instrument, Face Amount					$ 3,200
HFLF Series 2016-1
Debt Instrument [Line Items]
Outstanding principal		$ 385				385
Average interest rate (as a percent)		2.08%	2.08%	2.08%
4.125% Due October 2021
Debt Instrument [Line Items]
Outstanding principal		$ 242				234
Senior Notes
Debt Instrument [Line Items]
Outstanding principal		$ 3,200				$ 3,200
Average interest rate (as a percent)		6.07%	6.07%	6.07%
Forecast | 7.50% Senior Notes due October 2018
Debt Instrument [Line Items]
Repayments of debt	$ 67
Letter of Credit [Member]
Debt Instrument [Line Items]
Outstanding standby letters of credit		$ 773
Letter of Credit [Member] | Senior ABL Facility
Debt Instrument [Line Items]
Availability under borrowing base limitation		$ 239

Debt (Borrowing Capacity) (Deta

Debt (Borrowing Capacity) (Details) $ in Millions	Mar. 31, 2017USD ($)
Debt Instrument [Line Items]
Remaining capacity	$ 1,923
Availability under borrowing base limitation	996
Senior ABL Facility
Debt Instrument [Line Items]
Remaining capacity	939
Availability under borrowing base limitation	939
Non-Vehicle Debt
Debt Instrument [Line Items]
Remaining capacity	939
Availability under borrowing base limitation	939
U.S. Vehicle RCF
Debt Instrument [Line Items]
Remaining capacity	7
Availability under borrowing base limitation	14
HVF II U.S. ABS Program
Debt Instrument [Line Items]
Remaining capacity	369
Availability under borrowing base limitation	33
HFLF Medium Term Notes
Debt Instrument [Line Items]
Remaining capacity	43
Availability under borrowing base limitation	10
European Revolving Credit Facility
Debt Instrument [Line Items]
Remaining capacity	145
Availability under borrowing base limitation	0
European Securitization
Debt Instrument [Line Items]
Remaining capacity	192
Availability under borrowing base limitation	0
Canadian Securitization
Debt Instrument [Line Items]
Remaining capacity	83
Availability under borrowing base limitation	0
Australian Securitization
Debt Instrument [Line Items]
Remaining capacity	64
Availability under borrowing base limitation	0
Capitalized Leases
Debt Instrument [Line Items]
Remaining capacity	81
Availability under borrowing base limitation	0
New Zealand RCF
Debt Instrument [Line Items]
Remaining capacity	0
Availability under borrowing base limitation	0
Vehicle Debt
Debt Instrument [Line Items]
Remaining capacity	984
Availability under borrowing base limitation	$ 57

Debt (Covenant Ratios) (Details

Debt (Covenant Ratios) (Details)	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017
Debt Instrument [Line Items]
Maximum consolidated leverage ratio				3.25
Forecast
Debt Instrument [Line Items]
Maximum consolidated leverage ratio	3	3.25	3.25

Employee Retirement Benefits (N

Employee Retirement Benefits (Net Periodic Pension Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
U.S. Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 1
Interest cost	5	5
Expected return on plan assets	(6)	(7)
Net amortizations	1	2
Settlement loss	1	1
Net periodic pension expense (benefit)	1	2
Non-U.S. Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0
Interest cost	2	2
Expected return on plan assets	(2)	(3)
Net amortizations	0	0
Settlement loss	0	0
Net periodic pension expense (benefit)	$ 0	$ (1)

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Expense (Benefit) [Abstract]
Compensation expense	$ 7	$ 5
Income tax benefit	(3)	(2)
Total	4	$ 3
Unrecognized compensation cost	$ 30
Compensation cost not yet recognized, period for recognition	1 year 11 months 20 days
2017 Executive Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period, net of forfeitures	350,000
Income Tax Expense (Benefit) [Abstract]
Compensation expense	$ 2
2016 Omnibus Plan
Income Tax Expense (Benefit) [Abstract]
Compensation expense	$ 5
2016 Omnibus Plan | Equity Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period, net of forfeitures	557,882
Weighted average grant date fair value (in dollars per share)	$ 9.44
2016 Omnibus Plan | Equity Option | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
2016 Omnibus Plan | Equity Option | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	5 years
2016 Omnibus Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period, net of forfeitures	458,709
Weighted average grant date fair value (in dollars per share)	$ 22.18
2016 Omnibus Plan | Performance Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period, net of forfeitures	412,618
Weighted average grant date fair value (in dollars per share)	$ 22.19
2016 Omnibus Plan | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period, net of forfeitures	664,643
Weighted average grant date fair value (in dollars per share)	$ 22.19

Restructuring (Details)

Restructuring (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Restructuring details
Restructuring charges	$ 1	$ 7
Restructuring reserve
Balance as of December 31, 2016	27
Charges incurred	1
Cash payments	(3)
Balance as of March 31, 2017	25
U.S. Rental Car
Restructuring details
Restructuring charges	0	6
International Rental Car
Restructuring details
Restructuring charges	1	1
Direct vehicle and operating
Restructuring details
Restructuring charges	0	1
Selling, general and administrative
Restructuring details
Restructuring charges	1	6
Termination benefits
Restructuring details
Restructuring charges	1	6
Restructuring reserve
Balance as of December 31, 2016	13
Charges incurred	1
Cash payments	(2)
Balance as of March 31, 2017	12
Facility closure and lease obligation costs
Restructuring details
Restructuring charges	0	$ 1
Other
Restructuring reserve
Balance as of December 31, 2016	14
Charges incurred	0
Cash payments	(1)
Balance as of March 31, 2017	$ 13

Income Tax (Provision) Benefit

Income Tax (Provision) Benefit (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2017
Income Tax Contingency [Line Items]
Effective tax rate (as percent)	24.00%	32.00%
Income tax (provision) benefit	$ 71	$ 24
Forecast
Income Tax Contingency [Line Items]
Effective tax rate (as percent)			27.00%

Fair Value Measurements (Cash a

Fair Value Measurements (Cash and Cash Equivalents and Investments) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 481	$ 615
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	158	222
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	323	393
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	481	606
Money market funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	158	213
Money market funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	323	393
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	0	9
Equity and other securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	9
Equity and other securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
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) - Fair Value, Measurements, Recurring - Level 2 - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Fair Value of Financial Instruments [Abstract]
Nominal Unpaid Principal Balance	$ 14,080	$ 13,619
Aggregate Fair Value	13,904	13,461
Other Non-Vehicle Debt
Fair Value of Financial Instruments [Abstract]
Nominal Unpaid Principal Balance	3,932	3,934
Aggregate Fair Value	3,775	3,791
Vehicle Debt
Fair Value of Financial Instruments [Abstract]
Nominal Unpaid Principal Balance	10,148	9,685
Aggregate Fair Value	$ 10,129	$ 9,670

Fair Value Measurements (Assets

Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2016	Mar. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Payments to acquire equity method investments	$ 45
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held for sale		$ 127
Long-lived assets held for sale, Total Fair Value (Income)/Loss Adjustments		(4)
Liabilities held for sale		17
Liabilities held for sale, Total Fair Value (Income)/Loss Adjustments		0
Equity method investments		4
Equity Method Investments, Total Fair Value (Income)/Loss Adjustments		30
Fair Value, Measurements, Nonrecurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held for sale		0
Liabilities held for sale		0
Equity method investments		0
Fair Value, Measurements, Nonrecurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held for sale		127
Liabilities held for sale		17
Equity method investments		0
Fair Value, Measurements, Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held for sale		0
Liabilities held for sale		0
Equity method investments		$ 4

Contingencies and Off-Balance54

Contingencies and Off-Balance Sheet Commitments (Details) - USD ($) $ in Millions	1 Months Ended
	Jan. 31, 2016	Oct. 31, 2014	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2015
Loss Contingencies [Line Items]
Public liability and property damage			$ 405	$ 407
Concession Fee Recoveries
Loss Contingencies [Line Items]
Litigation settlement amount		$ (42)
Litigation settlement interest		11
Litigation settlement expense		3
French Road Tax
Loss Contingencies [Line Items]
Additional reserve established					$ 23
Ministry of the Economy, Finance and Industry, France | French Road Tax
Loss Contingencies [Line Items]
Payments for other taxes	$ 9
Restitution Fund | Concession Fee Recoveries
Loss Contingencies [Line Items]
Litigation settlement expense		$ 3

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Jun. 30, 2016
Related Party Transaction [Line Items]
Due from related parties	$ 0		$ 425
Affiliated Entity
Related Party Transaction [Line Items]
Purchases from related party	2
Affiliated Entity | Master Loan Agreement
Related Party Transaction [Line Items]
Due from related parties	104	$ 102
Affiliated Entity | Tax Related Liability
Related Party Transaction [Line Items]
Due from related parties	$ 65	$ 65

Earnings (Loss) Per Share - H56

Earnings (Loss) Per Share - Hertz Global (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares	Mar. 31, 2016USD ($)$ / sharesshares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) | $	$ (223)	$ (52)
Net income (loss) from discontinued operations | $	0	1
Net income (loss) | $	$ (223)	$ (51)
Basic weighted average common shares | shares	83	85
Dilutive stock options, RSUs, PSUs and PSAs | shares	0	0
Weighted average shares used to calculate diluted earnings per share | shares	83	85
Earnings (loss) per share:
Basic earnings (loss) per share from continuing operations (in dollars per share)	$ (2.69)	$ (0.61)
Basic earnings (loss) per share from discontinued operations (in dollars per share)	0	0.01
Basic earnings (loss) per share (in dollars per share)	(2.69)	(0.60)
Diluted earnings (loss) per share from continuing operations (in dollars per share)	(2.69)	(0.61)
Diluted earnings (loss) per share from discontinued operations (in dollars per share)	0	0.01
Diluted earnings (loss) per share (in dollars per share)	$ (2.69)	$ (0.60)
Antidilutive stock options, RSUs and PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive stock options, RSUs, PSUs and PSAs | shares	2	2
Hertz Global Holdings
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock distribution ratio	0.2

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)segment	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Number of reportable segments | segment	3
Revenues	$ 1,916	$ 1,983
Adjusted pre-tax income (loss):	(213)	(106)
Depreciation of revenue earning vehicles and lease charges, net	701	616
Adjustments:	(294)	(76)
Total Assets	19,656		$ 19,155
Purchase accounting
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjustments:	(16)	(16)
Other
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjustments:	(10)	(14)
Restructuring and restructuring related charges
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjustments:	(8)	(12)
Sale of CAR, Inc. Common Stock
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjustments:	3	75
Impairment charges and asset write-downs
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjustments:	(30)	0
Finance and Information Technology Transformation Costs
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjustments:	(19)	(8)
Other
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjustments:	(1)	5
Operating Segments
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjusted pre-tax income (loss):	(99)	17
Operating Segments | U.S. Rental Car
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	1,353	1,406
Adjusted pre-tax income (loss):	(116)	(4)
Depreciation of revenue earning vehicles and lease charges, net	499	419
Total Assets	13,220		12,876
Operating Segments | International Rental Car
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	411	433
Adjusted pre-tax income (loss):	(4)	3
Depreciation of revenue earning vehicles and lease charges, net	85	86
Total Assets	3,706		3,578
Operating Segments | All Other Operations
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	152	144
Adjusted pre-tax income (loss):	21	18
Depreciation of revenue earning vehicles and lease charges, net	117	111
Total Assets	1,615		1,612
Corporate, Non-Segment
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjusted pre-tax income (loss):	(114)	(123)
Total Assets	1,115		1,089
The Hertz Corporation
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	1,916	1,983
Adjusted pre-tax income (loss):	(212)	(106)
Depreciation of revenue earning vehicles and lease charges, net	701	616
Adjustments:	(293)	(76)
Total Assets	19,656		$ 19,155
The Hertz Corporation | Purchase accounting
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjustments:	(16)	(16)
The Hertz Corporation | Other
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjustments:	(10)	(14)
The Hertz Corporation | Restructuring and restructuring related charges
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjustments:	(8)	(12)
The Hertz Corporation | Sale of CAR, Inc. Common Stock
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjustments:	3	75
The Hertz Corporation | Impairment charges and asset write-downs
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjustments:	(30)	0
The Hertz Corporation | Finance and Information Technology Transformation Costs
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjustments:	(19)	(8)
The Hertz Corporation | Other
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjustments:	(1)	5
The Hertz Corporation | Operating Segments
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjusted pre-tax income (loss):	(99)	17
The Hertz Corporation | Operating Segments | U.S. Rental Car
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjusted pre-tax income (loss):	(116)	(4)
The Hertz Corporation | Operating Segments | International Rental Car
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjusted pre-tax income (loss):	(4)	3
The Hertz Corporation | Operating Segments | All Other Operations
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjusted pre-tax income (loss):	21	18
The Hertz Corporation | Corporate, Non-Segment
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjusted pre-tax income (loss):	(113)	(123)
The Hertz Corporation | Segment Reconciling Items
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjusted pre-tax income (loss):	$ 1	$ 0
Product Concentration Risk | Sales Revenue, Segment | All Other Operations
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Concentration risk, percentage, less than	2.00%
Product Concentration Risk | Cost of Goods, Segment | All Other Operations
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Concentration risk, percentage, less than	2.00%

Guarantor and Non-Guarantor C58

Guarantor and Non-Guarantor Condensed Consolidating Financial Information - Hertz (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Condensed Financial Statements, Captions [Line Items]
Prepaid expenses and other assets	$ 497	$ 578
Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Prepaid expenses and other assets	$ 222	199
Restatement Adjustment | Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Prepaid expenses and other assets		$ 915

Guarantor and Non-Guarantor C59

Guarantor and Non-Guarantor Condensed Consolidating Financial Information - Hertz (Balance Sheet) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 785	$ 816		$ 846	$ 474
Restricted cash and cash equivalents:	266	278		341
Receivables, net of allowance	1,034	1,283
Due from related parties	0		$ 425
Prepaid expenses and other assets	497	578
Revenue earning vehicles, net	11,693	10,818
Property and equipment, net	848	858
Investment in subsidiaries, net	0
Other intangible assets, net	3,325	3,332
Goodwill	1,081	1,081
Assets held for sale	127	111
Total assets	19,656	19,155
LIABILITIES AND EQUITY
Total accounts payable	1,141	821
Accrued liabilities	966	980
Accrued taxes, net	173	165
Debt	14,008	13,541
Public liability and property damage	405	407
Deferred income taxes, net	2,028	2,149
Liabilities held for sale	17	17
Total liabilities	18,738	18,080
Equity:
Stockholder's equity	918	1,075
Total liabilities and equity	19,656	19,155
Eliminations
ASSETS
Cash and cash equivalents	0	0		0	0
Restricted cash and cash equivalents:	0	0
Receivables, net of allowance	0	0
Due from related parties	(16,269)	(17,241)
Prepaid expenses and other assets	(4,788)	(4,525)
Revenue earning vehicles, net	0	0
Property and equipment, net	0	0
Investment in subsidiaries, net	(6,966)	(6,712)
Other intangible assets, net	0	0
Goodwill	0	0
Assets held for sale	0
Assets of discontinued operations		0
Total assets	(28,023)	(28,478)
LIABILITIES AND EQUITY
Due to affiliates	(16,269)	(17,241)
Total accounts payable	0	0
Accrued liabilities	0	0
Accrued taxes, net	(2,916)	(2,812)
Debt	0	0
Public liability and property damage	0	0
Liabilities held for sale	0
Liabilities of discontinued operations		0
Total liabilities	(21,057)	(21,766)
Equity:
Stockholder's equity	(6,966)	(6,712)
Total liabilities and equity	(28,023)	(28,478)
Deferred Tax Liabilities, Gross	(1,872)	(1,713)
Parent (The Hertz Corporation)
ASSETS
Cash and cash equivalents	421	458		133	179
Restricted cash and cash equivalents:	93	53
Receivables, net of allowance	264	752
Due from related parties	3,225	3,668
Prepaid expenses and other assets	4,985	4,821
Revenue earning vehicles, net	321	361
Property and equipment, net	642	656
Investment in subsidiaries, net	6,247	6,114
Other intangible assets, net	96	89
Goodwill	102	102
Assets held for sale	0
Assets of discontinued operations		0
Total assets	16,396	17,074
LIABILITIES AND EQUITY
Due to affiliates	10,259	10,833
Total accounts payable	336	279
Accrued liabilities	548	557
Accrued taxes, net	88	78
Debt	4,087	4,086
Public liability and property damage	161	166
Liabilities held for sale	0
Liabilities of discontinued operations		0
Total liabilities	15,479	15,999
Equity:
Stockholder's equity	917	1,075
Total liabilities and equity	16,396	17,074
Deferred Tax Liabilities, Gross	0	0
Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	10	12		10	17
Restricted cash and cash equivalents:	8	5
Receivables, net of allowance	171	167
Due from related parties	3,927	3,823
Prepaid expenses and other assets	78	83
Revenue earning vehicles, net	6	7
Property and equipment, net	67	70
Investment in subsidiaries, net	719	598
Other intangible assets, net	3,211	3,223
Goodwill	943	943
Assets held for sale	0
Assets of discontinued operations		0
Total assets	9,140	8,931
LIABILITIES AND EQUITY
Due to affiliates	1,960	1,900
Total accounts payable	89	90
Accrued liabilities	96	103
Accrued taxes, net	21	18
Debt	0	0
Public liability and property damage	41	43
Liabilities held for sale	0
Liabilities of discontinued operations		0
Total liabilities	4,286	4,219
Equity:
Stockholder's equity	4,854	4,712
Total liabilities and equity	9,140	8,931
Deferred Tax Liabilities, Gross	2,079	2,065
Non-Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	354	346		703	278
Restricted cash and cash equivalents:	165	220
Receivables, net of allowance	599	364
Due from related parties	9,117	9,750
Prepaid expenses and other assets	222	199
Revenue earning vehicles, net	11,366	10,450
Property and equipment, net	139	132
Investment in subsidiaries, net	0	0
Other intangible assets, net	18	20
Goodwill	36	36
Assets held for sale	127
Assets of discontinued operations		111
Total assets	22,143	21,628
LIABILITIES AND EQUITY
Due to affiliates	4,050	4,508
Total accounts payable	716	452
Accrued liabilities	322	320
Accrued taxes, net	2,981	2,881
Debt	9,921	9,455
Public liability and property damage	203	198
Liabilities held for sale	17
Liabilities of discontinued operations		17
Total liabilities	20,031	19,628
Equity:
Stockholder's equity	2,112	2,000
Total liabilities and equity	22,143	21,628
Deferred Tax Liabilities, Gross	1,821	1,797
The Hertz Corporation
ASSETS
Cash and cash equivalents	785	816		$ 846	$ 474
Restricted cash and cash equivalents:	266	278
Receivables, net of allowance	1,034	1,283
Due from related parties		0
Prepaid expenses and other assets	497	578
Revenue earning vehicles, net	11,693	10,818
Property and equipment, net	848	858
Investment in subsidiaries, net		0
Other intangible assets, net	3,325	3,332
Goodwill	1,081	1,081
Assets held for sale	127	111
Total assets	19,656	19,155
LIABILITIES AND EQUITY
Due to affiliates	0	0
Total accounts payable	1,141	821
Accrued liabilities	966	980
Accrued taxes, net	174	165
Debt	14,008	13,541
Public liability and property damage	405	407
Deferred income taxes, net	2,028	2,149
Liabilities held for sale	17	17
Total liabilities	18,739	18,080
Equity:
Stockholder's equity	917	1,075
Total liabilities and equity	$ 19,656	$ 19,155

Guarantor and Non-Guarantor C60

Guarantor and Non-Guarantor Condensed Consolidating Financial Information - Hertz (Statement of Operations and Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Condensed Financial Statements, Captions [Line Items]
Total revenues	$ 1,916	$ 1,983
Expenses:
Direct vehicle and operating	1,132	1,158
Depreciation of revenue earning vehicles and lease charges, net	701	616
Selling, general and administrative	220	225
Interest expense, net	130	150
Other (income) expense, net	27	(90)
Total expenses	2,210	2,059
Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries	(294)	(76)
(Provision) benefit for taxes on income (loss) of continuing operations	71	24
Net income (loss) from continuing operations	(223)	(52)
Net income (loss) from discontinued operations	0	1
Net income (loss)	(223)	(51)
Other comprehensive income (loss), net of tax	13	54
Comprehensive income (loss)	(210)	3
Eliminations
Condensed Financial Statements, Captions [Line Items]
Total revenues	(759)	(719)
Expenses:
Direct vehicle and operating	0	(1)
Depreciation of revenue earning vehicles and lease charges, net	(759)	(718)
Selling, general and administrative	0	0
Interest expense, net	0	0
Other (income) expense, net	0	0
Total expenses	(759)	(719)
Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries	0	0
(Provision) benefit for taxes on income (loss) of continuing operations	0	0
Equity in earnings (losses) of subsidiaries, net of tax	(295)	(300)
Net income (loss) from continuing operations	(295)	(300)
Net income (loss) from discontinued operations	0	0
Net income (loss)	(295)	(300)
Other comprehensive income (loss), net of tax	(12)	(49)
Comprehensive income (loss)	(307)	(349)
Parent (The Hertz Corporation)
Condensed Financial Statements, Captions [Line Items]
Total revenues	991	1,066
Expenses:
Direct vehicle and operating	688	685
Depreciation of revenue earning vehicles and lease charges, net	737	621
Selling, general and administrative	150	146
Interest expense, net	82	97
Other (income) expense, net	33	0
Total expenses	1,690	1,549
Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries	(699)	(483)
(Provision) benefit for taxes on income (loss) of continuing operations	214	190
Equity in earnings (losses) of subsidiaries, net of tax	263	244
Net income (loss) from continuing operations	(222)	(49)
Net income (loss) from discontinued operations	0	0
Net income (loss)	(222)	(49)
Other comprehensive income (loss), net of tax	13	54
Comprehensive income (loss)	(209)	5
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Total revenues	307	339
Expenses:
Direct vehicle and operating	169	189
Depreciation of revenue earning vehicles and lease charges, net	102	135
Selling, general and administrative	11	14
Interest expense, net	(22)	(11)
Other (income) expense, net	0	(9)
Total expenses	260	318
Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries	47	21
(Provision) benefit for taxes on income (loss) of continuing operations	(15)	(7)
Equity in earnings (losses) of subsidiaries, net of tax	32	56
Net income (loss) from continuing operations	64	70
Net income (loss) from discontinued operations	0	7
Net income (loss)	64	77
Other comprehensive income (loss), net of tax	0	(4)
Comprehensive income (loss)	64	73
Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Total revenues	1,377	1,297
Expenses:
Direct vehicle and operating	275	285
Depreciation of revenue earning vehicles and lease charges, net	621	578
Selling, general and administrative	59	65
Interest expense, net	69	64
Other (income) expense, net	(6)	(81)
Total expenses	1,018	911
Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries	359	386
(Provision) benefit for taxes on income (loss) of continuing operations	(128)	(159)
Equity in earnings (losses) of subsidiaries, net of tax	0	0
Net income (loss) from continuing operations	231	227
Net income (loss) from discontinued operations	0	(4)
Net income (loss)	231	223
Other comprehensive income (loss), net of tax	12	53
Comprehensive income (loss)	243	276
The Hertz Corporation
Condensed Financial Statements, Captions [Line Items]
Total revenues	1,916	1,983
Expenses:
Direct vehicle and operating	1,132	1,158
Depreciation of revenue earning vehicles and lease charges, net	701	616
Selling, general and administrative	220	225
Interest expense, net	129	150
Other (income) expense, net	27	(90)
Total expenses	2,209	2,059
Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries	(293)	(76)
(Provision) benefit for taxes on income (loss) of continuing operations	71	24
Equity in earnings (losses) of subsidiaries, net of tax	0	0
Net income (loss) from continuing operations	(222)	(52)
Net income (loss) from discontinued operations	0	3
Net income (loss)	(222)	(49)
Other comprehensive income (loss), net of tax	13	54
Comprehensive income (loss)	$ (209)	$ 5

Guarantor and Non-Guarantor C61

Guarantor and Non-Guarantor Condensed Consolidating Financial Information - Hertz (Statement of Cash Flows) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	$ 498	$ 461
Cash flows from investing activities:
Revenue earning vehicles expenditures	(2,862)	(3,385)
Proceeds from disposal of revenue earning vehicles	1,960	2,762
Capital asset expenditures, non-vehicle	(54)	(46)
Proceeds from disposal of property and other equipment	7	19
Sales of (investment in) shares in equity investment	9	233
Adjustment to cash flows from investing activities	(926)	(424)
Cash flows from financing activities:
Proceeds from issuance of vehicle debt	2,098	2,449
Repayments of vehicle debt	(1,692)	(2,240)
Proceeds from issuance of non-vehicle debt	100	365
Repayments of non-vehicle debt	(102)	(371)
Payment of financing costs	(12)	(10)
Transfers from discontinued entities	0	122
Net cash provided by (used in) financing activities	391	323
Effect of foreign currency exchange rate changes on cash and cash equivalents from continuing operations	6	12
Net increase (decrease) in cash and cash equivalents during the period from continuing operations	(31)	372
Cash and cash equivalents at beginning of period	816	474
Cash and cash equivalents at end of period	785	846
Cash flows provided by (used in) operating activities	0	116
Cash flows provided by (used in) investing activities	0	7
Cash flows provided by (used in) financing activities	0	(124)
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations	0	(1)
Vehicles
Cash flows from investing activities:
Net change in restricted cash and cash equivalents, vehicle and non vehicle	14	(8)
Non-vehicle
Cash flows from investing activities:
Net change in restricted cash and cash equivalents, vehicle and non vehicle	0	1
Eliminations
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(280)	(185)
Cash flows from investing activities:
Revenue earning vehicles expenditures	0	0
Proceeds from disposal of revenue earning vehicles	0	0
Capital asset expenditures, non-vehicle	0	0
Proceeds from disposal of property and other equipment	0	0
Capital contributions to subsidiaries	662	372
Return of capital from subsidiaries	(1,150)	(872)
Loan to Parent/Guarantor from Non-Guarantor		340
Sales of (investment in) shares in equity investment	0	0
Adjustment to cash flows from investing activities	(172)	(160)
Cash flows from financing activities:
Proceeds from issuance of vehicle debt	0	0
Repayments of vehicle debt	0	0
Proceeds from issuance of non-vehicle debt	0	0
Repayments of non-vehicle debt	0	0
Payment of financing costs	0	0
Transfers from discontinued entities		0
Capital contributions received from parent	(662)	(372)
Loan to Parent/Guarantor from Non-Guarantor		(340)
Payment of dividends and return of capital	1,430	1,057
Advances to Hertz Global/Old Hertz Holdings	0
Net cash provided by (used in) financing activities	452	345
Effect of foreign currency exchange rate changes on cash and cash equivalents from continuing operations	0	0
Net increase (decrease) in cash and cash equivalents during the period from continuing operations	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Cash flows provided by (used in) operating activities		0
Cash flows provided by (used in) investing activities		0
Cash flows provided by (used in) financing activities		0
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations		0
Eliminations | Vehicles
Cash flows from investing activities:
Net change in restricted cash and cash equivalents, vehicle and non vehicle	0	0
Eliminations | Non-vehicle
Cash flows from investing activities:
Net change in restricted cash and cash equivalents, vehicle and non vehicle	0	0
Parent (The Hertz Corporation)
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(714)	(889)
Cash flows from investing activities:
Revenue earning vehicles expenditures	(89)	(132)
Proceeds from disposal of revenue earning vehicles	49	108
Capital asset expenditures, non-vehicle	(42)	(29)
Proceeds from disposal of property and other equipment	5	6
Capital contributions to subsidiaries	(662)	(372)
Return of capital from subsidiaries	1,150	847
Loan to Parent/Guarantor from Non-Guarantor		0
Sales of (investment in) shares in equity investment	0	0
Adjustment to cash flows from investing activities	370	419
Cash flows from financing activities:
Proceeds from issuance of vehicle debt	276	0
Repayments of vehicle debt	(276)	(33)
Proceeds from issuance of non-vehicle debt	100	365
Repayments of non-vehicle debt	(102)	(371)
Payment of financing costs	(5)	0
Transfers from discontinued entities		123
Capital contributions received from parent	0	0
Loan to Parent/Guarantor from Non-Guarantor		340
Payment of dividends and return of capital	0	0
Advances to Hertz Global/Old Hertz Holdings	(2)
Net cash provided by (used in) financing activities	307	424
Effect of foreign currency exchange rate changes on cash and cash equivalents from continuing operations	0	0
Net increase (decrease) in cash and cash equivalents during the period from continuing operations	(37)	(46)
Cash and cash equivalents at beginning of period	458	179
Cash and cash equivalents at end of period	421	133
Cash flows provided by (used in) operating activities		0
Cash flows provided by (used in) investing activities		0
Cash flows provided by (used in) financing activities		0
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations		0
Parent (The Hertz Corporation) | Vehicles
Cash flows from investing activities:
Net change in restricted cash and cash equivalents, vehicle and non vehicle	(41)	9
Parent (The Hertz Corporation) | Non-vehicle
Cash flows from investing activities:
Net change in restricted cash and cash equivalents, vehicle and non vehicle	0	0
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	5	(30)
Cash flows from investing activities:
Revenue earning vehicles expenditures	(1)	(7)
Proceeds from disposal of revenue earning vehicles	0	10
Capital asset expenditures, non-vehicle	(3)	(7)
Proceeds from disposal of property and other equipment	0	4
Capital contributions to subsidiaries	0	0
Return of capital from subsidiaries	0	25
Loan to Parent/Guarantor from Non-Guarantor		0
Sales of (investment in) shares in equity investment	0	0
Adjustment to cash flows from investing activities	(7)	23
Cash flows from financing activities:
Proceeds from issuance of vehicle debt	0	0
Repayments of vehicle debt	0	0
Proceeds from issuance of non-vehicle debt	0	0
Repayments of non-vehicle debt	0	0
Payment of financing costs	0	0
Transfers from discontinued entities		0
Capital contributions received from parent	0	0
Loan to Parent/Guarantor from Non-Guarantor		0
Payment of dividends and return of capital	0	0
Advances to Hertz Global/Old Hertz Holdings	0
Net cash provided by (used in) financing activities	0	0
Effect of foreign currency exchange rate changes on cash and cash equivalents from continuing operations	0	0
Net increase (decrease) in cash and cash equivalents during the period from continuing operations	(2)	(7)
Cash and cash equivalents at beginning of period	12	17
Cash and cash equivalents at end of period	10	10
Cash flows provided by (used in) operating activities		112
Cash flows provided by (used in) investing activities		4
Cash flows provided by (used in) financing activities		(114)
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations		2
Guarantor Subsidiaries | Vehicles
Cash flows from investing activities:
Net change in restricted cash and cash equivalents, vehicle and non vehicle	(2)	2
Guarantor Subsidiaries | Non-vehicle
Cash flows from investing activities:
Net change in restricted cash and cash equivalents, vehicle and non vehicle	(1)	0
Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	1,488	1,565
Cash flows from investing activities:
Revenue earning vehicles expenditures	(2,772)	(3,246)
Proceeds from disposal of revenue earning vehicles	1,911	2,644
Capital asset expenditures, non-vehicle	(9)	(10)
Proceeds from disposal of property and other equipment	2	9
Capital contributions to subsidiaries	0	0
Return of capital from subsidiaries	0	0
Loan to Parent/Guarantor from Non-Guarantor		(340)
Sales of (investment in) shares in equity investment	9	233
Adjustment to cash flows from investing activities	(1,117)	(706)
Cash flows from financing activities:
Proceeds from issuance of vehicle debt	1,822	2,449
Repayments of vehicle debt	(1,416)	(2,207)
Proceeds from issuance of non-vehicle debt	0	0
Repayments of non-vehicle debt	0	0
Payment of financing costs	(7)	(10)
Transfers from discontinued entities		7
Capital contributions received from parent	662	372
Loan to Parent/Guarantor from Non-Guarantor		0
Payment of dividends and return of capital	(1,430)	(1,057)
Advances to Hertz Global/Old Hertz Holdings	0
Net cash provided by (used in) financing activities	(369)	(446)
Effect of foreign currency exchange rate changes on cash and cash equivalents from continuing operations	6	12
Net increase (decrease) in cash and cash equivalents during the period from continuing operations	8	425
Cash and cash equivalents at beginning of period	346	278
Cash and cash equivalents at end of period	354	703
Cash flows provided by (used in) operating activities		7
Cash flows provided by (used in) investing activities		3
Cash flows provided by (used in) financing activities		(7)
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations		3
Non-Guarantor Subsidiaries | Vehicles
Cash flows from investing activities:
Net change in restricted cash and cash equivalents, vehicle and non vehicle	57	(3)
Non-Guarantor Subsidiaries | Non-vehicle
Cash flows from investing activities:
Net change in restricted cash and cash equivalents, vehicle and non vehicle	1	(1)
The Hertz Corporation
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	499	461
Cash flows from investing activities:
Revenue earning vehicles expenditures	(2,862)	(3,385)
Proceeds from disposal of revenue earning vehicles	1,960	2,762
Capital asset expenditures, non-vehicle	(54)	(46)
Proceeds from disposal of property and other equipment	7	19
Capital contributions to subsidiaries	0	0
Return of capital from subsidiaries	0	0
Loan to Parent/Guarantor from Non-Guarantor		0
Sales of (investment in) shares in equity investment	9	233
Adjustment to cash flows from investing activities	(926)	(424)
Cash flows from financing activities:
Proceeds from issuance of vehicle debt	2,098	2,449
Repayments of vehicle debt	(1,692)	(2,240)
Proceeds from issuance of non-vehicle debt	100	365
Repayments of non-vehicle debt	(102)	(371)
Payment of financing costs	(12)	(10)
Transfers from discontinued entities	0	130
Capital contributions received from parent	0	0
Loan to Parent/Guarantor from Non-Guarantor		0
Payment of dividends and return of capital	0	0
Advances to Hertz Global/Old Hertz Holdings	(2)	0
Net cash provided by (used in) financing activities	390	323
Effect of foreign currency exchange rate changes on cash and cash equivalents from continuing operations	6	12
Net increase (decrease) in cash and cash equivalents during the period from continuing operations	(31)	372
Cash and cash equivalents at beginning of period	816	474
Cash and cash equivalents at end of period	785	846
Cash flows provided by (used in) operating activities	0	119
Cash flows provided by (used in) investing activities	0	7
Cash flows provided by (used in) financing activities	0	(121)
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations	0	5
The Hertz Corporation | Vehicles
Cash flows from investing activities:
Net change in restricted cash and cash equivalents, vehicle and non vehicle	14	(8)
The Hertz Corporation | Non-vehicle
Cash flows from investing activities:
Net change in restricted cash and cash equivalents, vehicle and non vehicle	$ 0	$ 1

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2017	Mar. 31, 2017	Dec. 31, 2016
HVF II Series 2013-A
Subsequent Event [Line Items]
Outstanding principal		$ 2,609	$ 1,844
HVF II Series 2013-A | Subsequent Event
Subsequent Event [Line Items]
Debt Instrument, Increase (Decrease), Net	$ 250
Outstanding principal	3,000
HVF II Series 2013-A Notes, Class B | Subsequent Event
Subsequent Event [Line Items]
Outstanding principal	100
HVF II Series 2013-B
Subsequent Event [Line Items]
Outstanding principal		$ 438	$ 626
HVF II Series 2013-B | Subsequent Event
Subsequent Event [Line Items]
Outstanding principal	581
HVF II Series 2017-A Notes, Due October 2018 [Member] | Subsequent Event
Subsequent Event [Line Items]
Outstanding principal	500
HFLF Series 2017-1 Notes | Subsequent Event
Subsequent Event [Line Items]
Outstanding principal	$ 500