Hertz Global (HTZ) 10-Q 7 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 29, 2019
Entity Information [Line Items]
Entity Registrant Name	HERTZ GLOBAL HOLDINGS, INC
Entity Central Index Key	0001657853
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		84,119,340
The Hertz Corporation
Entity Information [Line Items]
Entity Registrant Name	HERTZ CORP
Entity Central Index Key	0000047129
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		100

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions		Mar. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents		$ 554	$ 1,127
Restricted cash and cash equivalents:		452	283
Total cash, cash equivalents, restricted cash and restricted cash equivalents		1,006	1,410
Receivables:		1,563	1,587
Prepaid expenses and other assets		1,107
Revenue earning vehicles:
Vehicles		16,979	15,703
Less: accumulated depreciation		(3,211)	(3,284)
Total revenue earning vehicles, net		13,768	12,419
Property and equipment, net		771	778
Operating lease right-of-use assets		1,514
Intangible assets, net		3,218	3,203
Goodwill		1,083	1,083
Total assets	[1]	24,030	21,382
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable:		1,279	988
Accrued liabilities		1,330
Accrued taxes, net		146	136
Debt:		17,257	16,324
Operating lease liabilities at March 31, 2019		1,513
Public liability and property damage		411	418
Deferred income taxes, net		1,089	1,092
Total liabilities	[1]	23,025	20,262
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, no shares issued and outstanding		0	0
Common Stock		1	1
Additional paid-in capital		2,262	2,261
Accumulated deficit		(1,056)	(909)
Accumulated other comprehensive income (loss)		(185)	(192)
Treasury stock, at cost, 2 shares and 2 shares, respectively		(100)	(100)
Total equity		922	1,061
Noncontrolling interests		83	59
Total stockholders' equity		1,005	1,120
Total liabilities and stockholders' equity		24,030	21,382
Vehicles
ASSETS
Restricted cash and cash equivalents:		425	257
Receivables:		583	625
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable:		649	284
Debt:		12,827	11,902
Non-vehicle
ASSETS
Restricted cash and cash equivalents:		27	26
Receivables:		980	962
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable:		630	704
Debt:		4,430	4,422
The Hertz Corporation
ASSETS
Cash and cash equivalents		554	1,127
Restricted cash and cash equivalents:		452	283
Total cash, cash equivalents, restricted cash and restricted cash equivalents		1,006	1,410
Receivables:		1,563	1,587
Prepaid expenses and other assets		1,107
Revenue earning vehicles:
Vehicles		16,979	15,703
Less: accumulated depreciation		(3,211)	(3,284)
Total revenue earning vehicles, net		13,768	12,419
Property and equipment, net		771	778
Operating lease right-of-use assets		1,514
Intangible assets, net		3,218	3,203
Goodwill		1,083	1,083
Total assets	[2]	24,030	21,382
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable:		1,279	988
Accrued liabilities		1,330
Accrued taxes, net		146	136
Debt:		17,257	16,324
Operating lease liabilities at March 31, 2019		1,513
Public liability and property damage		411	418
Deferred income taxes, net		1,091	1,094
Total liabilities	[2]	23,027	20,264
Commitments and contingencies
Stockholders' equity:
Common Stock		0	0
Additional paid-in capital		3,190	3,187
Due from affiliate		(56)	(52)
Accumulated deficit		(2,029)	(1,884)
Accumulated other comprehensive income (loss)		(185)	(192)
Total equity		920	1,059
Noncontrolling interests		83	59
Total stockholders' equity		1,003	1,118
Total liabilities and stockholders' equity		24,030	21,382
The Hertz Corporation | Vehicles
ASSETS
Restricted cash and cash equivalents:		425	257
Receivables:		583	625
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable:		649	284
Debt:		12,827	11,902
The Hertz Corporation | Non-vehicle
ASSETS
Restricted cash and cash equivalents:		27	26
Receivables:		980	962
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable:		630	704
Debt:		$ 4,430	$ 4,422
[1]	Hertz Global Holdings, Inc.'s consolidated total assets as of March 31, 2019 and December 31, 2018 include total assets of variable interest entities (“VIEs”) of $1.1 billion and $1.0 billion, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of March 31, 2019 and December 31, 2018 include total liabilities of VIEs of $1.0 billion and $947 million, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Special Purpose Entities" in Note 3, "Debt," and "Other Relationships" in Note 9, "Related Party Transactions," for further information.
[2]	The Hertz Corporation's consolidated total assets as of March 31, 2019 and December 31, 2018 include total assets of variable interest entities (“VIEs”) of $1.1 billion and $1.0 billion, respectively, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of March 31, 2019 and December 31, 2018 include total liabilities of VIEs of $1.0 billion and $947 million, respectively, for which the creditors of the VIEs have no recourse to The Hertz Corporation. See "Special Purpose Entities" in Note 3, "Debt," and "Other Relationships" in Note 9, "Related Party Transactions," for further information.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
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	86,000,000
Common Stock, shares outstanding	84,000,000	84,000,000
Treasury Stock, shares repurchased	2,000,000	2,000,000
Non-vehicle
Receivables, allowance for doubtful accounts (in dollars)	$ 27	$ 27
The Hertz Corporation
Receivables, allowance for doubtful accounts (in dollars)	$ 27	$ 27
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares issued	100	100
Common Stock, shares outstanding	100	100
VIE, total assets	$ 1,100	$ 1,000
VIE, total liabilities	$ 1,000	$ 947

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Worldwide vehicle rental	$ 1,953	$ 1,894
All other operations	154	169
Revenues	2,107	2,063
Expenses:
Direct vehicle and operating	1,266	1,236
Depreciation of revenue earning vehicles and lease charges	592	661
Selling, general and administrative	234	234
Total interest expense, net	183	166
Other (income) expense, net	(19)	(3)
Total expenses	2,256	2,294
Income (loss) before income taxes	(149)	(231)
Income tax (provision) benefit	1	29
Net income (loss)	(148)	(202)
Net (income) loss attributable to noncontrolling interests	1	0
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder	$ (147)	$ (202)
Weighted average shares outstanding:
Basic (in shares)	84	83
Diluted (in shares)	84	83
Earnings (loss) per share - basic and diluted:
Basic earnings (loss) per share (in dollars per share)	$ (1.75)	$ (2.43)
Diluted earnings (loss) per share (in dollars per share)	$ (1.75)	$ (2.43)
Vehicles
Expenses:
Total interest expense, net	$ 112	$ 94
Non-vehicle
Expenses:
Total interest expense, net	71	72
The Hertz Corporation
Revenues:
Worldwide vehicle rental	1,953	1,894
All other operations	154	169
Revenues	2,107	2,063
Expenses:
Direct vehicle and operating	1,266	1,236
Depreciation of revenue earning vehicles and lease charges	592	661
Selling, general and administrative	234	234
Total interest expense, net	181	165
Other (income) expense, net	(19)	(3)
Total expenses	2,254	2,293
Income (loss) before income taxes	(147)	(230)
Income tax (provision) benefit	1	29
Net income (loss)	(146)	(201)
Net (income) loss attributable to noncontrolling interests	1	0
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder	(145)	(201)
The Hertz Corporation | Vehicles
Expenses:
Total interest expense, net	112	94
The Hertz Corporation | Non-vehicle
Expenses:
Total interest expense, net	$ 69	$ 71

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net income (loss)	$ (148)	$ (202)
Other comprehensive income (loss):
Foreign currency translation adjustments	8	0
Net gain (loss) on defined benefit pension plans	(1)	(3)
Reclassification from other comprehensive income (loss) to other (income) expense for amortization of actuarial (gains) losses on defined benefit pension plans	1	0
Total other comprehensive income (loss) before income taxes	8	(3)
Income tax (provision) benefit related to reclassified amounts of net periodic costs on defined benefit pension plans	(1)	0
Total other comprehensive income (loss)	7	(3)
Total comprehensive income (loss)	(141)	(205)
Comprehensive (income) loss attributable to noncontrolling interests	1	0
Comprehensive income (loss) attributable to Hertz Global	(140)	(205)
The Hertz Corporation
Net income (loss)	(146)	(201)
Other comprehensive income (loss):
Foreign currency translation adjustments	8	0
Net gain (loss) on defined benefit pension plans	(1)	(3)
Reclassification from other comprehensive income (loss) to other (income) expense for amortization of actuarial (gains) losses on defined benefit pension plans	1	0
Total other comprehensive income (loss) before income taxes	8	(3)
Income tax (provision) benefit related to reclassified amounts of net periodic costs on defined benefit pension plans	(1)	0
Total other comprehensive income (loss)	7	(3)
Total comprehensive income (loss)	(139)	(204)
Comprehensive (income) loss attributable to noncontrolling interests	1	0
Comprehensive income (loss) attributable to Hertz Global	$ (138)	$ (204)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY - USD ($) $ in Millions	Total	The Hertz Corporation	Stockholders' Equity Attributable to Hertz Global	Stockholders' Equity Attributable to Hertz GlobalThe Hertz Corporation	Preferred Stock Shares	Common Stock Shares	Common Stock SharesThe Hertz Corporation	Additional Paid-In Capital	Additional Paid-In CapitalThe Hertz Corporation	Due From AffiliateThe Hertz Corporation	Accumulated Deficit	Accumulated DeficitThe Hertz Corporation	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss)The Hertz Corporation	Treasury Stock	Non- controlling Interests	Non- controlling InterestsThe Hertz Corporation
Beginning Balance at Dec. 31, 2017	$ 1,520	$ 1,520	$ 1,520	$ 1,520	$ 0	$ 1	$ 0	$ 2,243	$ 3,166	$ (42)	$ (506)	$ (1,486)	$ (118)	$ (118)	$ (100)	$ 0
Beginning Balance (Shares) at Dec. 31, 2017						84,000,000	100,000,000								2,000,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(202)	(201)	(202)								(202)					0
Net income (loss) attributable to Hertz Global	(202)	(201)
Other Comprehensive Income (Loss), Net of Tax	(3)	(3)	(3)										(3)
Issuance of restricted stock	(3)		(3)					(3)
Stock-based compensation charges	10		10					10
Contributions from noncontrolling interests	5															5
Ending Balance (Shares) at Mar. 31, 2018						84,000,000	100,000,000								2,000,000
Ending Balance at Mar. 31, 2018	1,138	1,138	1,133	1,133	0	$ 1	$ 0	2,250	3,176	(46)	(897)	(1,876)	(121)	(121)	$ (100)	5
Beginning Balance at Dec. 31, 2017	1,520	1,520	1,520	1,520	0	$ 1	$ 0	2,243	3,166	(42)	(506)	(1,486)	(118)	(118)	$ (100)	0
Beginning Balance (Shares) at Dec. 31, 2017						84,000,000	100,000,000								2,000,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)		(201)		(201)								(201)
Due from Hertz Holdings		(4)		(4)						(4)
Other Comprehensive Income (Loss), Net of Tax		(3)		(3)
Stock-based compensation charges		10		10					10
Distribution of Herc Holdings, Inc.		5														5
Ending Balance (Shares) at Dec. 31, 2018						84,000,000	100,000,000								2,000,000
Ending Balance at Dec. 31, 2018	1,120	1,118	1,061	1,059	0	$ 1	$ 0	2,261	3,187	(52)	(909)	(1,884)	(192)	(192)	$ (100)	59	$ 59
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(148)	(146)		(145)							(147)	(145)				(1)	$ (1)
Net income (loss) attributable to Hertz Global	(147)	(145)
Due from Hertz Holdings		(4)		(4)						(4)
Other Comprehensive Income (Loss), Net of Tax	7	7	7	7									7
Issuance of restricted stock	(2)		(2)					(2)
Stock-based compensation charges	3	3	3	3				3	3
Distribution of Herc Holdings, Inc.		25							0							25
Contributions from noncontrolling interests	25															25
Ending Balance (Shares) at Mar. 31, 2019						84,000,000	100,000,000								2,000,000
Ending Balance at Mar. 31, 2019	$ 1,005	$ 1,003	$ 922	$ 920	$ 0	$ 1	$ 0	$ 2,262	$ 3,190	$ (56)	$ (1,056)	$ (2,029)	$ (185)	$ (185)	$ (100)	$ 83

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income (loss)	$ (148)	$ (202)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and reserves for revenue earning vehicles	644	641
Depreciation and amortization, non-vehicle	48	58
Amortization of deferred financing costs and debt discount (premium)	14	13
Stock-based compensation charges	3	3
Provision for receivables allowance	10	9
Deferred income taxes, net	(4)	(36)
(Gain) loss on marketable securities	(11)	0
Other	(13)	4
Changes in assets and liabilities:
Non-vehicle receivables	(33)	(107)
Prepaid expenses and other assets	(55)	(64)
Operating lease right-of-use assets	90
Non-vehicle accounts payable	32	73
Accrued liabilities	28	4
Accrued taxes, net	10	2
Operating lease liabilities	(94)
Public liability and property damage	(7)	3
Net cash provided by (used in) operating activities	514	401
Cash flows from investing activities:
Revenue earning vehicles expenditures	(3,973)	(3,565)
Proceeds from disposal of revenue earning vehicles	2,153	1,782
Capital asset expenditures, non-vehicle	(54)	(44)
Proceeds from property and other equipment disposed of or to be disposed of	19	4
Other	0	(27)
Net cash provided by (used in) investing activities	(1,855)	(1,850)
Cash flows from financing activities:
Payment of financing costs	(12)	(19)
Contributions from noncontrolling interests	25	5
Other	(2)	(3)
Net cash provided by (used in) financing activities	939	1,877
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	(2)	8
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	(404)	436
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	1,410	1,504
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	1,006	1,940
Cash paid during the period for:
Income taxes, net of refunds	6	6
Operating lease liabilities	140
Supplemental disclosures of non-cash flow information:
Purchases of revenue earning vehicles included in accounts payable and accrued liabilities, net of incentives	431	613
Purchases of non-vehicle capital assets included in accounts payable	45	42
Operating lease right-of-use assets obtained in exchange for lease liabilities	20	0
Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	3,667	5,181
Repayments of debt	(2,736)	(3,283)
Cash paid during the period for:
Interest, net of amounts capitalized:	87	82
Supplemental disclosures of non-cash flow information:
Sales of revenue earning vehicles included in receivables	365	268
Sales of revenue earning vehicles included in other receivables	78	0
Non-vehicle
Cash flows from financing activities:
Proceeds from issuance of debt	341	127
Repayments of debt	(344)	(131)
Cash paid during the period for:
Interest, net of amounts capitalized:	29	28
The Hertz Corporation
Cash flows from operating activities:
Net income (loss)	(146)	(201)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and reserves for revenue earning vehicles	644	641
Depreciation and amortization, non-vehicle	48	58
Amortization of deferred financing costs and debt discount (premium)	14	13
Stock-based compensation charges	3	3
Provision for receivables allowance	10	9
Deferred income taxes, net	(4)	(36)
(Gain) loss on marketable securities	(11)	0
Other	(13)	4
Changes in assets and liabilities:
Non-vehicle receivables	(33)	(107)
Prepaid expenses and other assets	(55)	(64)
Operating lease right-of-use assets	90
Non-vehicle accounts payable	32	73
Accrued liabilities	28	4
Accrued taxes, net	10	2
Operating lease liabilities	(94)
Public liability and property damage	(7)	3
Net cash provided by (used in) operating activities	516	402
Cash flows from investing activities:
Revenue earning vehicles expenditures	(3,973)	(3,565)
Proceeds from disposal of revenue earning vehicles	2,153	1,782
Capital asset expenditures, non-vehicle	(54)	(44)
Proceeds from property and other equipment disposed of or to be disposed of	19	4
Other	0	(27)
Net cash provided by (used in) investing activities	(1,855)	(1,850)
Cash flows from financing activities:
Payment of financing costs	(12)	(19)
Advances to Hertz Holdings	(4)	(4)
Contributions from noncontrolling interests	25	5
Other	0	0
Net cash provided by (used in) financing activities	937	1,876
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	(2)	8
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	(404)	436
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	1,410	1,504
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	1,006	1,940
Cash paid during the period for:
Income taxes, net of refunds	6	6
Operating lease liabilities	140
Supplemental disclosures of non-cash flow information:
Purchases of revenue earning vehicles included in accounts payable and accrued liabilities, net of incentives	431	613
Purchases of non-vehicle capital assets included in accounts payable	45	42
The Hertz Corporation | Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	3,667	5,181
Repayments of debt	(2,736)	(3,283)
Cash paid during the period for:
Interest, net of amounts capitalized:	87	82
Supplemental disclosures of non-cash flow information:
Sales of revenue earning vehicles included in receivables	365	268
Sales of revenue earning vehicles included in other receivables	78	0
Operating lease right-of-use assets obtained in exchange for lease liabilities	20	0
The Hertz Corporation | Non-vehicle
Cash flows from financing activities:
Proceeds from issuance of debt	341	127
Repayments of debt	(344)	(131)
Cash paid during the period for:
Interest, net of amounts capitalized:	$ 29	$ 28

Background

Background	3 Months Ended
	Mar. 31, 2019
Background Disclosure [Abstract]
Background	Background Hertz Global Holdings, Inc. ("Hertz Global" when including its subsidiaries and VIEs and "Hertz Holdings" excluding its subsidiaries and VIEs) 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 United States ("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.

Basis of Presentation and Recen

Basis of Presentation and Recently Issued Accounting Pronouncements	3 Months Ended
	Mar. 31, 2019
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 This Quarterly Report on Form 10-Q combines the quarterly reports on Form 10-Q for the quarterly period ended March 31, 2019 of Hertz Global and Hertz. Hertz Global consolidates Hertz for financial statement purposes, therefore, disclosures that relate to activities of Hertz also apply to Hertz Global. In the sections that combine disclosure of Hertz Global and Hertz, this report refers to actions as being actions of the Company, or Hertz Global, which is appropriate because the business is one enterprise and Hertz Global operates the business through Hertz. When appropriate, Hertz Global and Hertz are named specifically for their individual disclosures and any significant differences between the operations and results of Hertz Global and Hertz are separately disclosed and explained. The Company's unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“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, 2018 unaudited condensed consolidated balance sheet data is derived from audited financial statements but does not include all disclosures required by U.S. GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with information included in the Company's Form 10‑K for the year ended December 31, 2018 (the "2018 Form 10‑K"), as filed with the Securities and Exchange Commission ("SEC") on February 25, 2019. 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, and its VIEs, as applicable. The unaudited condensed consolidated financial statements of Hertz include the accounts of Hertz, its wholly owned and majority owned U.S. and international subsidiaries, and its VIEs, as applicable. The Company consolidates a VIE when it is deemed the primary beneficiary. 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 Adopted Leases In February 2016, the Financial Accounting Standards Board (the "FASB") issued guidance that replaced the existing lease guidance in U.S. GAAP and in 2018 and 2019 issued amendments and updates to the new lease standard (collectively "Topic 842"). Topic 842 established a right-of-use (“ROU”) model that requires a lessee to record on the balance sheet a ROU asset and corresponding lease liability based on the present value of future lease payments. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Topic 842 also expanded the requirements for lessees to record leases embedded in other arrangements. Additionally, enhanced quantitative and qualitative disclosures surrounding leases are required which provide financial statement users the ability to assess the amount, timing and uncertainty of cash flows arising from leases. The Company adopted this guidance effective January 1, 2019 using a simplified transition approach for both lessees and lessors. Prior periods have not been retrospectively adjusted and are in conformance with the then existing guidance under U.S. GAAP ("Topic 840"). The Company utilized the package of practical expedients for existing or expired contracts and did not reassess whether such contracts contain leases, the lease classification or the initial direct costs. Additionally, the Company utilized the historical lease term and did not utilize the practical expedient allowing the use of hindsight in determining the lease term and in assessing impairment of its ROU assets. To determine the present value of its lease payments as of January 1, 2019, the Company utilized the interest rate implicit in the lease agreement. If the implicit interest rate was not provided in the lease agreement, the Company utilized the Company's collateralized incremental borrowing rate as of January 1, 2019. Also, with respect to the Company's real estate leases, vehicle leases and fleet leases, the Company availed itself of the practical expedient for lessees and lessors and elected an accounting policy by class of underlying asset to combine lease and non-lease components. As of January 1, 2019, the Company accounts for revenue earned from vehicle rentals and rental related activities wherein an identified asset is transferred to the customer and the customer has the ability to control that asset under Topic 842. Prior to the adoption of Topic 842, the Company accounted for such revenue under Revenue from Contracts with Customers ("Topic 606"). The cumulative effect of applying the new guidance to all leases as of January 1, 2019 that were not completed and with lease terms in excess of twelve months has been recorded as of the adoption date as follows: Hertz Global (In millions) Operating Lease Right-of-Use Assets Prepaid and Other Assets Total Assets Operating Lease Liabilities Accrued Liabilities Total Liabilities Total Liabilities and Stockholders' Equity As of December 31, 2018 $ — $ 902 $ 21,382 $ — $ 1,304 $ 20,262 $ 21,382 Effect of Adopting Topic 842 1,585 (45 ) 1,540 1,588 (48 ) 1,540 1,540 As of January 1, 2019 $ 1,585 $ 857 $ 22,922 $ 1,588 $ 1,256 $ 21,802 $ 22,922 Hertz (In millions) Operating Lease Right-of-Use Assets Prepaid and Other Assets Total Assets Operating Lease Liabilities Accrued Liabilities Total Liabilities Total Liabilities and Stockholder's Equity As of December 31, 2018 $ — $ 902 $ 21,382 $ — $ 1,304 $ 20,264 $ 21,382 Effect of Adopting Topic 842 1,585 (45 ) 1,540 1,588 (48 ) 1,540 1,540 As of January 1, 2019 $ 1,585 $ 857 $ 22,922 $ 1,588 $ 1,256 $ 21,804 $ 22,922 Adoption of Topic 842 did not impact the Company's results of operations or cash flows. See Note 4 , " Leases ," for information regarding the Company’s accounting policies for leases, as well as other required disclosures under Topic 842. Not Yet Adopted Changes to Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued guidance that modifies disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans to remove disclosures no longer considered cost beneficial, add disclosures identified as relevant and clarify certain disclosure requirements. The guidance is effective for annual periods beginning after December 15, 2020 using a retrospective transition method. Early adoption is permitted. The Company is in the process of determining the timing of adoption and assessing the overall impact of adopting this guidance on its disclosures. Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement In August 2018, the FASB issued guidance on a customer's accounting for implementation fees paid in a cloud computing service contract arrangement that addresses which implementation costs to capitalize as an asset and which costs to expense. Capitalized implementation fees are to be expensed over the term of the cloud computing arrangement, and the expense is required to be recognized in the same line item in the income statement as the associated hosting service expenses. The entity is also required to present the capitalized implementation fees on the balance sheet in the same line item as the prepayment for hosting service fees associated with the cloud computing arrangement. The guidance is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods using a retrospective or prospective transition method. Early adoption is permitted, including adoption in any interim period. The Company intends to adopt this guidance when effective, on January 1, 2020, using a prospective transition method and is in the process of assessing the overall impact of adopting this guidance on its financial position, results of operations and cash flows.

Debt

Debt	3 Months Ended
	Mar. 31, 2019
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 Fixed or Maturity March 31, December 31, Non-Vehicle Debt Senior Term Loan 5.25% Floating 6/2023 $ 670 $ 674 Senior RCF N/A Floating 6/2021 — — Facility Weighted Average Interest Rate Fixed or Maturity March 31, December 31, Senior Notes (1) 6.13% Fixed 10/2020-10/2024 2,500 2,500 Senior Second Priority Secured Notes 7.63% Fixed 6/2022 1,250 1,250 Promissory Notes 7.00% Fixed 1/2028 27 27 Other Non-Vehicle Debt 6.14% Fixed Various 13 4 Unamortized Debt Issuance Costs and Net (Discount) Premium (30 ) (33 ) Total Non-Vehicle Debt 4,430 4,422 Vehicle Debt HVF II U.S. ABS Program HVF II U.S. Vehicle Variable Funding Notes HVF II Series 2013-A (2) 3.67% Floating 3/2021 3,570 2,940 HVF II Series 2019-A (2) N/A Floating 10/2019 — — 3,570 2,940 HVF II U.S. Vehicle Medium Term Notes HVF II Series 2015-1 (2) 2.93% Fixed 3/2020 780 780 HVF II Series 2015-3 (2) 3.10% Fixed 9/2020 371 371 HVF II Series 2016-1 (2) N/A N/A N/A — 466 HVF II Series 2016-2 (2) 3.41% Fixed 3/2021 595 595 HVF II Series 2016-3 (2) 2.72% Fixed 7/2019 424 424 HVF II Series 2016-4 (2) 3.09% Fixed 7/2021 424 424 HVF II Series 2017-1 (2) 3.38% Fixed 10/2020 450 450 HVF II Series 2017-2 (2) 3.57% Fixed 10/2022 350 350 HVF II Series 2018-1 (2) 3.41% Fixed 2/2023 1,000 1,000 HVF II Series 2018-2 (2) 3.80% Fixed 6/2021 200 200 HVF II Series 2018-3 (2) 4.15% Fixed 7/2023 200 200 HVF II Series 2019-1 (2) 3.85% Fixed 3/2022 700 — 5,494 5,260 Donlen ABS Program HFLF Variable Funding Notes HFLF Series 2013-2 (2) 3.86% Floating 3/2021 482 320 482 320 HFLF Medium Term Notes HFLF Series 2015-1 (3) N/A N/A N/A — 33 HFLF Series 2016-1 (3) 3.81% Both 4/2019-2/2020 136 171 HFLF Series 2017-1 (3) 2.86% Both 4/2019-4/2021 352 397 HFLF Series 2018-1 (3) 3.28% Both 7/2019-6/2021 550 550 1,038 1,151 Facility Weighted Average Interest Rate Fixed or Maturity March 31, December 31, Vehicle Debt - Other U.S. Vehicle RCF 4.98% Floating 6/2021 146 146 European Vehicle Notes (4) 5.07% Fixed 10/2021-3/2023 815 829 European ABS (2) 1.75% Floating 10/2020 585 600 Canadian Securitization (2) 3.57% Floating 3/2020 261 220 Australian Securitization (2) 3.56% Floating 3/2020 155 155 New Zealand RCF 4.60% Floating 3/2020 41 40 U.K. Financing Facility 3.08% Floating 4/2019-9/2021 244 242 Other Vehicle Debt 3.98% Floating 4/2019-10/2022 39 42 2,286 2,274 Unamortized Debt Issuance Costs and Net (Discount) Premium (43 ) (43 ) Total Vehicle Debt 12,827 11,902 Total Debt $ 17,257 $ 16,324 N/A - Not applicable (1) References to the "Senior Notes" include the series of Hertz's unsecured senior notes set forth in 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, 2019 December 31, 2018 5.875% Senior Notes due October 2020 $ 700 $ 700 7.375% Senior Notes due January 2021 500 500 6.250% Senior Notes due October 2022 500 500 5.500% Senior Notes due October 2024 800 800 $ 2,500 $ 2,500 (2) Maturity reference is to the earlier "expected final maturity date" as opposed to the subsequent "legal final maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness expect the outstanding principal of the relevant indebtedness to be repaid in full. The legal final maturity date is the date on which the outstanding principal of the relevant indebtedness is legally due and payable in full. (3) In the case of the Hertz Fleet 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 2019. 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. (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 1.12 to 1 and 1.14 to 1 as of March 31, 2019 and December 31, 2018 , respectively) set forth in the table below. Outstanding principal amounts for each such series of the European Vehicle Notes is also specified below: (In millions) Outstanding Principal European Vehicle Notes March 31, 2019 December 31, 2018 4.125% Senior Notes due October 2021 $ 253 $ 257 5.500% Senior Notes due March 2023 562 572 $ 815 $ 829 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 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. As of March 31, 2019 , approximately $2.6 billion of vehicle debt and $19 million of non-vehicle debt is due to mature between April 1, 2019 and March 31, 2020. The Company has reviewed its debt facilities and determined that it is probable that the Company will be able, and has the intent, to refinance these facilities at such times as the Company determines appropriate prior to their respective maturities. Vehicle Debt HVF II U.S. Vehicle Variable Funding Notes HVF II Series 2013-A Notes : In February 2019, HVF II increased the commitments under the HVF II Series 2013-A Notes by $400 million . HVF II Series 2019-A Notes : In February 2019, HVF II issued the Series 2019-A Variable Funding Rental Car Asset Backed Notes in an aggregate maximum principal amount of $500 million . HVF II U.S. Vehicle Medium Term Notes HVF II Series 2019-1 Notes : In February 2019, HVF II issued the Series 2019-1 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D in an aggregate principal amount of $745 million . An affiliate of HVF II purchased the Class D Notes of such series at the time of issuance, and as a result, approximately $45 million of the aggregate principal amount is eliminated in consolidation. There is subordination within the HVF II Series 2019-1 Notes based on class. Canadian Securitization In April 2019, TCL Funding Limited Partnership ("Funding LP"), a bankruptcy remote, indirect, wholly owned, special purpose subsidiary of Hertz, amended its supplemental indenture for its Series 2015-A Variable Funding Rental Car Asset Backed Notes (the "Funding LP Series 2015-A Notes") to provide for incremental seasonal capacity (subject to borrowing base availability) of up to CAD$ 90 million from June 2019 to October 2019. Following the expiration of the seasonal commitment period, aggregate maximum borrowings available under the Funding LP Series 2015-A Notes will revert to CAD $350 million (subject to borrowing base availability). Additionally, the Canadian Securitization was amended to extend the maturity of the aggregate maximum borrowings of CAD$ 350 million to March 2021. 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, asset-based revolving credit facilities and a standalone $400 million letter of credit facility (the "Letter of Credit Facility"). 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 and the Letter of Credit Facility, "Availability Under Borrowing Base Limitation" is the same as "Remaining Capacity" since borrowings under the Senior RCF and availability for issuances of letters of credit under the Letter of Credit Facility are not subject to a borrowing base. The following facilities were available to the Company as of March 31, 2019 and are presented net of any outstanding letters of credit: (In millions) Remaining Availability Under Non-Vehicle Debt Senior RCF $ 459 $ 459 Letter of Credit Facility 2 2 Total Non-Vehicle Debt 461 461 Vehicle Debt U.S. Vehicle RCF — — HVF II U.S. Vehicle Variable Funding Notes 995 — HFLF Variable Funding Notes 18 2 European ABS 540 68 Canadian Securitization — — Australian Securitization 22 — U.K. Financing Facility 85 — New Zealand RCF — — Total Vehicle Debt 1,660 70 Total $ 2,121 $ 531 Letters of Credit As of March 31, 2019 , there were outstanding standby letters of credit totaling $714 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, $403 million was issued under the Senior RCF and $304 million was issued under the Letter of Credit Facility. As of March 31, 2019 , none of the issued letters of credit have been drawn upon. Special Purpose Entities Substantially all of the Company's 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, HVF II GP Corp., 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. The Company has a 25% ownership interest in International Fleet Financing II ("IFF No. 2"), 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. IFF No. 2 is a VIE and the Company is the primary beneficiary, therefore, the assets, liabilities, and results of operations of IFF No. 2 are included in the Company's unaudited condensed consolidated financial statements. As of March 31, 2019 and December 31, 2018 , IFF No. 2 had total assets of $1.0 billion and $946 million , respectively, primarily comprised of loans receivable, and total liabilities of $1.0 billion and $946 million , respectively, primarily comprised of debt. Covenant Compliance The financial covenant provides that Hertz’s consolidated first lien net leverage ratio, as defined in the credit agreements governing the Senior RCF and the Letter of Credit Facility, as of the last day of any fiscal quarter may not exceed a ratio of 3.00 to 1.00 (the "Covenant Leverage Ratio"). As of March 31, 2019 , Hertz was in compliance with the Covenant Leverage Ratio.

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	Leases As disclosed in the Leases section of Note 2 , “ Basis of Presentation and Recently Issued Accounting Pronouncements ” ("Note 2"), the Company adopted Topic 842 in accordance with the effective date on January 1, 2019. Note 2 includes disclosures regarding the Company’s method of adoption and the impact upon adoption to its financial position, results of operations and cash flows. The Company enters into agreements as a lessor under which it rents vehicles and leases fleets to customers. The Company enters into agreements as a lessee to rent real estate, vehicles and other equipment and to conduct its vehicle rental operations under concession agreements. If any of the following criteria is met, the Company classifies the lease as a financing lease (as a lessee) or as a direct financing or sales-type lease (as a lessor): • The lease transfers ownership of the underlying asset to the lessee by the end of the lease term; • The lease grants the lessee an option to purchase the underlying asset that the Company is reasonably certain to exercise; • The lease term is for 75% or more of the remaining economic life of the underlying asset, unless the commencement date falls within the last 25% of the economic life of the underlying asset; • The present value of the sum of the lease payments equals or exceeds 90% of the fair value of the underlying asset; or • The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. Leases that do not meet any of the above criteria are accounted for as operating leases. The Company combines lease and non-lease components in its contracts under Topic 842. The following further describes the Company's leasing transactions. Lessor The Company's operating leases for vehicle rentals have rental periods that are typically short term in nature (e.g., daily or weekly) and can generally be extended for up to one month or terminated at the customer's discretion. Rental charges are computed on a limited or unlimited mileage rate, or on a time rate plus a mileage charge. In connection with the vehicle rental, the Company offers supplemental equipment rentals (e.g., child seats and ski racks) and issues loyalty points to customers enrolled in its Hertz Gold Plus Rewards program, which are deemed lease components. The Company also offers value-added services in connection with the vehicle rental, which are deemed non-lease components, such as loss or collision damage waiver, theft protection, liability and personal accident/effects insurance coverage, premium emergency roadside service and satellite radio. Additionally, the Company charges for variable services primarily consisting of charges for the fueling of vehicles and tolls incurred during the rental period, and for fees associated with the early or late termination of the vehicle lease. The Company mitigates residual value risk of its revenue earning vehicles by utilizing manufacturer repurchase and guaranteed depreciation programs, using sophisticated vehicle diagnostic and repair equipment to maintain the condition of its vehicles, and through periodic reviews of vehicle depreciation rates based on management's ongoing assessment of present and estimated future market conditions. The Company's operating leases for fleets have lease periods that are typically for twelve months, after which the lease converts to a month-to-month lease, allowing the vehicle to be surrendered any time thereafter. The Company's fleet leases contain a terminal rental adjustment clause ("TRAC lease") where, upon sale of the vehicle following the termination of the lease, a TRAC adjustment may result through which the lessee is credited or charged with the gain or loss on the vehicle. Such TRAC adjustments are considered variable charges. The following table summarizes the amount of operating lease income and other income included in total revenues in the accompanying condensed consolidated statement of operations for the three months ended March 31, 2019: (In millions) Three Months Operating lease income from vehicle rentals $ 1,800 Operating lease income from fleet leasing 158 Variable operating lease income 67 Revenue accounted for under Topic 842 2,025 Revenue accounted for under Topic 606 82 Total revenues $ 2,107 Lessee As a lessee, the Company has the following types of operating leases: • Concession agreements which grant the Company the right to conduct its vehicle rental operations at airports, hotels and train stations and to use building space such as terminal counters and parking garages; • Real estate leases for its off airport vehicle rental locations and other premises; • Revenue earning vehicle leases; and • Other equipment leases. The Company's lease terms generally range from one month to thirty-five years and a number of agreements contain escalation clauses, which increase the payment obligation based on a fixed or variable rate, and renewal options. The length of renewals vary and may result in different payment terms. Payment terms are based on fixed rates explicit in the lease, including guaranteed minimums, and/or variable rates based on: • Operating expenses, such as common area charges, real estate taxes and insurance; • A percentage of revenues or sales arising at the relevant premises; and/or • Periodic inflation adjustments. The Company recognizes a ROU asset and lease liability in its condensed consolidated balance sheet for leases with a term greater than twelve months. Options to extend or terminate a lease are included in the Company's ROU asset and lease liability when it is reasonably certain that such options will be exercised. The Company does not recognize ROU assets or lease liabilities for short-term leases (i.e., those with a term of twelve months or less) and recognizes lease expense on a straight-line basis over the lease term. To determine the present value of its lease payments, the Company utilizes the interest rate implicit in the lease agreement. If the implicit interest rate was not provided in the lease agreement, the Company utilizes the Company's collateralized incremental borrowing rate as of the beginning of the reporting period or the commencement date of the lease, whichever is later. The following table summarizes the amount of lease costs incurred by the Company: (In millions) Three Months Year Ended Minimum fixed lease costs (1) : Short-term lease costs $ 30 N/A Other operating lease costs 134 N/A Total $ 164 $ 577 Variable lease costs 63 438 Total lease costs $ 227 $ 1,015 (1) Topic 842, which was adopted on January 1, 2019, requires the Company to disclose the short term portion of minimum fixed lease costs. For the year ended December 31, 2018, under the then existing guidance in Topic 840, the Company was only required to disclose minimum fixed costs in total. The following summarizes the weighted average remaining lease term and weighted average discount rate for the Company's operating leases as a lessee: As of March 31, 2019 Weighted average remaining lease term (in years) 9 Weighted average discount rate 10.9 % The following table summarizes the Company's minimum fixed lease obligations under existing agreements as a lessee, excluding variable concession obligations and short-term leases, as of March 31, 2019 : (In millions) April 1, 2019 - March 31, 2020 $ 465 April 1, 2020 - March 31, 2021 379 April 1, 2021 - March 31, 2022 305 April 1, 2022 - March 31, 2023 226 April 1, 2023 - March 31, 2024 166 After March 31, 2024 930 Total lease payments 2,471 Interest (958 ) Operating lease liabilities at March 31, 2019 $ 1,513
Lessor, Operating Leases	Leases As disclosed in the Leases section of Note 2 , “ Basis of Presentation and Recently Issued Accounting Pronouncements ” ("Note 2"), the Company adopted Topic 842 in accordance with the effective date on January 1, 2019. Note 2 includes disclosures regarding the Company’s method of adoption and the impact upon adoption to its financial position, results of operations and cash flows. The Company enters into agreements as a lessor under which it rents vehicles and leases fleets to customers. The Company enters into agreements as a lessee to rent real estate, vehicles and other equipment and to conduct its vehicle rental operations under concession agreements. If any of the following criteria is met, the Company classifies the lease as a financing lease (as a lessee) or as a direct financing or sales-type lease (as a lessor): • The lease transfers ownership of the underlying asset to the lessee by the end of the lease term; • The lease grants the lessee an option to purchase the underlying asset that the Company is reasonably certain to exercise; • The lease term is for 75% or more of the remaining economic life of the underlying asset, unless the commencement date falls within the last 25% of the economic life of the underlying asset; • The present value of the sum of the lease payments equals or exceeds 90% of the fair value of the underlying asset; or • The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. Leases that do not meet any of the above criteria are accounted for as operating leases. The Company combines lease and non-lease components in its contracts under Topic 842. The following further describes the Company's leasing transactions. Lessor The Company's operating leases for vehicle rentals have rental periods that are typically short term in nature (e.g., daily or weekly) and can generally be extended for up to one month or terminated at the customer's discretion. Rental charges are computed on a limited or unlimited mileage rate, or on a time rate plus a mileage charge. In connection with the vehicle rental, the Company offers supplemental equipment rentals (e.g., child seats and ski racks) and issues loyalty points to customers enrolled in its Hertz Gold Plus Rewards program, which are deemed lease components. The Company also offers value-added services in connection with the vehicle rental, which are deemed non-lease components, such as loss or collision damage waiver, theft protection, liability and personal accident/effects insurance coverage, premium emergency roadside service and satellite radio. Additionally, the Company charges for variable services primarily consisting of charges for the fueling of vehicles and tolls incurred during the rental period, and for fees associated with the early or late termination of the vehicle lease. The Company mitigates residual value risk of its revenue earning vehicles by utilizing manufacturer repurchase and guaranteed depreciation programs, using sophisticated vehicle diagnostic and repair equipment to maintain the condition of its vehicles, and through periodic reviews of vehicle depreciation rates based on management's ongoing assessment of present and estimated future market conditions. The Company's operating leases for fleets have lease periods that are typically for twelve months, after which the lease converts to a month-to-month lease, allowing the vehicle to be surrendered any time thereafter. The Company's fleet leases contain a terminal rental adjustment clause ("TRAC lease") where, upon sale of the vehicle following the termination of the lease, a TRAC adjustment may result through which the lessee is credited or charged with the gain or loss on the vehicle. Such TRAC adjustments are considered variable charges. The following table summarizes the amount of operating lease income and other income included in total revenues in the accompanying condensed consolidated statement of operations for the three months ended March 31, 2019: (In millions) Three Months Operating lease income from vehicle rentals $ 1,800 Operating lease income from fleet leasing 158 Variable operating lease income 67 Revenue accounted for under Topic 842 2,025 Revenue accounted for under Topic 606 82 Total revenues $ 2,107 Lessee As a lessee, the Company has the following types of operating leases: • Concession agreements which grant the Company the right to conduct its vehicle rental operations at airports, hotels and train stations and to use building space such as terminal counters and parking garages; • Real estate leases for its off airport vehicle rental locations and other premises; • Revenue earning vehicle leases; and • Other equipment leases. The Company's lease terms generally range from one month to thirty-five years and a number of agreements contain escalation clauses, which increase the payment obligation based on a fixed or variable rate, and renewal options. The length of renewals vary and may result in different payment terms. Payment terms are based on fixed rates explicit in the lease, including guaranteed minimums, and/or variable rates based on: • Operating expenses, such as common area charges, real estate taxes and insurance; • A percentage of revenues or sales arising at the relevant premises; and/or • Periodic inflation adjustments. The Company recognizes a ROU asset and lease liability in its condensed consolidated balance sheet for leases with a term greater than twelve months. Options to extend or terminate a lease are included in the Company's ROU asset and lease liability when it is reasonably certain that such options will be exercised. The Company does not recognize ROU assets or lease liabilities for short-term leases (i.e., those with a term of twelve months or less) and recognizes lease expense on a straight-line basis over the lease term. To determine the present value of its lease payments, the Company utilizes the interest rate implicit in the lease agreement. If the implicit interest rate was not provided in the lease agreement, the Company utilizes the Company's collateralized incremental borrowing rate as of the beginning of the reporting period or the commencement date of the lease, whichever is later. The following table summarizes the amount of lease costs incurred by the Company: (In millions) Three Months Year Ended Minimum fixed lease costs (1) : Short-term lease costs $ 30 N/A Other operating lease costs 134 N/A Total $ 164 $ 577 Variable lease costs 63 438 Total lease costs $ 227 $ 1,015 (1) Topic 842, which was adopted on January 1, 2019, requires the Company to disclose the short term portion of minimum fixed lease costs. For the year ended December 31, 2018, under the then existing guidance in Topic 840, the Company was only required to disclose minimum fixed costs in total. The following summarizes the weighted average remaining lease term and weighted average discount rate for the Company's operating leases as a lessee: As of March 31, 2019 Weighted average remaining lease term (in years) 9 Weighted average discount rate 10.9 % The following table summarizes the Company's minimum fixed lease obligations under existing agreements as a lessee, excluding variable concession obligations and short-term leases, as of March 31, 2019 : (In millions) April 1, 2019 - March 31, 2020 $ 465 April 1, 2020 - March 31, 2021 379 April 1, 2021 - March 31, 2022 305 April 1, 2022 - March 31, 2023 226 April 1, 2023 - March 31, 2024 166 After March 31, 2024 930 Total lease payments 2,471 Interest (958 ) Operating lease liabilities at March 31, 2019 $ 1,513

Income Tax (Provision) Benefit

Income Tax (Provision) Benefit	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Tax (Provision) Benefit	Income Tax (Provision) Benefit Hertz Global The effective tax rate for the three months ended March 31, 2019 and 2018 is 1% and 13% , respectively. The Company recorded a tax benefit of $1 million for the three months ended March 31, 2019 , compared to $29 million for the three months ended March 31, 2018 . The effective income tax rate and related tax benefit are lower for the three months ended March 31, 2019 driven by overall improvement in results from operations, primarily due to lower losses in the U.S. where an income tax benefit was recognized, and the composition of earnings by jurisdiction. Hertz The effective tax rate for the three months ended March 31, 2019 and 2018 is 1% and 13% , respectively. The Company recorded a tax benefit of $1 million for the three months ended March 31, 2019 , compared to $29 million for the three months ended March 31, 2018 . The effective income tax rate and related tax benefit are lower for the three months ended March 31, 2019 driven by overall improvement in results from operations, primarily due to lower losses in the U.S. where an income tax benefit was recognized, and the composition of earnings by jurisdiction.

Earnings (Loss) Per Share - Her

Earnings (Loss) Per Share - Hertz Global	3 Months Ended
	Mar. 31, 2019
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. The following table sets forth the computation of basic and diluted earnings (loss) per share: Three Months Ended (In millions, except per share data) 2019 2018 Basic and diluted earnings (loss) per share: Numerator: Net income (loss) $ (148 ) $ (202 ) Net (income) loss attributable to noncontrolling interests 1 — Net income (loss) attributable to Hertz Global $ (147 ) $ (202 ) Denominator: Basic weighted average shares outstanding 84 83 Dilutive stock options, RSUs and PSUs — — Weighted average shares used to calculate diluted earnings (loss) per share 84 83 Antidilutive stock options, RSUs, PSUs and PSAs 2 3 Earnings (loss) per share: Basic earnings (loss) per share $ (1.75 ) $ (2.43 ) Diluted earnings (loss) per share $ (1.75 ) $ (2.43 )

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis The fair value of cash, restricted cash, 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, Restricted Cash Equivalents and Investments The Company’s cash equivalents and restricted cash equivalents primarily consist of investments in money market funds and time deposits. The Company determines the fair value of cash equivalents using a market approach based on quoted prices in active markets (Level 1 inputs). Investments in equity securities that are measured at fair value on a recurring basis consist of marketable securities. The following table summarizes the ending balances of the Company's cash equivalents, restricted cash equivalents and investments: March 31, 2019 December 31, 2018 (In millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Money market funds and time deposits $ 250 $ — $ — $ 250 $ 701 $ — $ — $ 701 Equity securities 55 — — 55 44 — — 44 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, 2019 As of December 31, 2018 (In millions) Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Non-Vehicle Debt $ 4,460 $ 4,304 $ 4,455 $ 4,011 Vehicle Debt 12,870 12,885 11,945 11,891 Total $ 17,330 $ 17,189 $ 16,400 $ 15,902

Contingencies and Off-Balance S

Contingencies and Off-Balance Sheet Commitments	3 Months Ended
	Mar. 31, 2019
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 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 unaudited 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. As of March 31, 2019 and December 31, 2018 , the Company's liability recorded for public liability and property damage matters is $411 million and $418 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. Loss Contingencies From time to time the Company is a party to various legal proceedings, typically involving operational issues common to the vehicle rental business, including claims by employees and former employees and governmental investigations. The Company has summarized below the most significant legal proceedings to which the Company was and/or is a party during the three months ended March 31, 2019 or the period after March 31, 2019 , but before the filing of this Quarterly Report on Form 10‑Q. Governmental Investigations - The Company previously identified certain activities in Brazil that raised issues under the Foreign Corrupt Practices Act (the "FCPA") and other federal and local laws, which the Company self-reported to appropriate government entities. The matters associated with the FCPA and other federal matters have been resolved without further action by the applicable U.S. government entities. The Company is continuing its cooperation with respect to matters under local Brazilian laws. The Company has accrued a loss contingency with respect to the ongoing Brazil-related matters that is not material. However, it is possible that an adverse outcome with respect to the ongoing matters in Brazil could result in losses that could be material to the Company's consolidated financial condition, results of operations or cash flows in any particular reporting period. 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 certain of its public disclosures 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. The complaint, as amended, was dismissed with prejudice on April 27, 2017 and on September 20, 2018, the Third Circuit affirmed the dismissal of the complaint with prejudice. On February 5, 2019, the plaintiffs filed a motion asking the federal district court to exercise its discretion and allow the plaintiffs to reinstate their claims to include additional allegations from the Administrative Order. In addition to the matters described above, the Company maintains an internal compliance program through which it from time to time identifies other potential violations of laws and regulations applicable to the Company. When the Company identifies such matters, the Company conducts an internal investigation and otherwise cooperates with governmental authorities, as appropriate. 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. These matters are 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. Other Proceedings Litigation Against Former Executives - On March 25, 2019, the Company filed a petition against Mark Frissora, Elyse Douglas and John Jeffrey Zimmerman, all former senior executive officers of the former Hertz Global Holdings, Inc. ("Old Hertz Holdings"), in the U.S. District Court for the District of New Jersey alleging four causes of action for breach of contract, with a fifth cause of action seeking a declaratory judgment denying the defendants' entitlement to advances of fees and expenses under the Company's indemnification bylaws. On March 28, 2019, the Company filed a petition against Scott Sider, a former senior executive of Old Hertz Holdings, in the Circuit Court of the Twentieth Judicial Circuit alleging three causes of action for breach of contract, with a fourth cause of action seeking a declaratory judgment denying the defendants' entitlement to advances of fees and expenses under the Company's indemnification bylaws. The Company is seeking repayment of incentive-based compensation received by the defendants in connection with the restatements included in the Old Hertz Holdings Form 10-K for the year ended December 31, 2014 and related accounting for prior periods. The Company is also seeking recovery for the costs of the SEC investigation that resulted in an administrative order on December 31, 2018 with respect to events generally involving the restatements included in Old Hertz Holdings Form 10-K for the year ended December 31, 2014 and other damages resulting from the necessity of the restatements. The Company is pursuing these legal proceedings in accordance with its clawback policy and contractual rights. Pursuant to the agreements governing the separation of Herc Holdings from Hertz Global that occurred on June 30, 2016, Herc Holdings is entitled to 15% of the net proceeds of any such repayment or recovery. Indemnification Obligations In the ordinary course of business, the Company has 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 has accrued for expected losses that are probable and estimable.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2019
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 and leases property from entities controlled by Carl C. Icahn and his affiliates, including The Pep Boys - Manny, Moe & Jack (collectively, the "Icahn Group"). During the three months ended March 31, 2019 and 2018 , the Company purchased approximately $12 million and $6 million , respectively, worth of goods and services from these related parties. Transactions and agreements between Hertz Holdings and Hertz In June 2017, Hertz entered into a master loan agreement with Hertz Holdings for a facility size of $425 million with an expiration in June 2018 (the "2017 Master Loan"). The interest rate is based on the U.S. Dollar LIBOR rate plus a margin. In June 2018, upon expiration of the 2017 Master Loan, Hertz entered into a new master loan agreement with Hertz Holdings for a facility size of $425 million with an expiration in June 2019 (the "2018 Master Loan") where amounts outstanding under the 2017 Master Loan were transferred to the 2018 Master Loan. The interest rate is based on the U.S. Dollar LIBOR rate plus a margin. As of March 31, 2019 and December 31, 2018 , there was $121 million and $117 million , respectively, outstanding under the 2018 Master Loan representing advances and any accrued but unpaid interest. Additionally, Hertz has a due to an affiliate in the amount of $65 million , which represents a tax-related liability to Hertz Holdings. The net impact of the above amounts are included in stockholder's equity in the accompanying unaudited condensed consolidated balance sheets of Hertz. 767 Auto Leasing LLC In January 2018, Hertz entered into a Master Motor Vehicle Lease and Management Agreement (the “767 Lease Agreement”) pursuant to which Hertz granted 767 Auto Leasing LLC (“767”), an entity affiliated with the Icahn Group, the option to acquire certain vehicles from Hertz at rates aligned with the rates at which Hertz sells vehicles to third parties. Hertz leases the vehicles purchased by 767 under the 767 Lease Agreement or from third parties, under a mutually developed fleet plan and Hertz manages, services, repairs, sells and maintains those leased vehicles on behalf of 767. Hertz rents the leased vehicles to drivers of transportation network companies ("TNC"), including Lyft, Inc. drivers, from rental counters within locations leased or owned by affiliates of 767, including locations operated under a master lease agreement with The Pep Boys - Manny, Joe & Jack. The 767 Lease Agreement has an initial term of 18 months and is subject to automatic six month renewals thereafter, unless terminated by either party (with or without cause) prior to the start of any such six month renewal. 767’s payment obligations under the 767 Lease Agreement are guaranteed by American Entertainment Properties Corp. ("American"), an entity affiliated with the Icahn Group. The Company is entitled to 25% of the profit from the rental of the leased vehicles, as specified in the 767 Lease Agreement, which is variable and based primarily on the rental revenue, less certain vehicle related costs, such as depreciation, licensing and maintenance expenses. The Company has determined that it is the primary beneficiary of 767 due to its power to direct the activities of 767 that most significantly impact 767's economic performance and the Company's obligation to absorb 25% of 767's gains/losses. Accordingly, 767 is consolidated by the Company as a VIE.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2019
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 sales of value-added services, in the U.S. and consists of the Company's U.S. operating segment; • International Rental Car ("International RAC") - rental and leasing of vehicles (cars, vans, crossovers and light trucks), as well as sales of value-added 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 1% 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 Pre-tax Income (Loss), the segment measure of profitability. Three Months Ended (In millions) 2019 2018 Revenues U.S. Rental Car $ 1,520 $ 1,426 International Rental Car 433 468 All Other Operations 154 169 Total Hertz Global and Hertz $ 2,107 $ 2,063 Depreciation of revenue earning vehicles and lease charges U.S. Rental Car $ 386 $ 434 International Rental Car 97 102 All Other Operations 109 125 Total Hertz Global and Hertz $ 592 $ 661 Adjusted Pre-tax Income (Loss) (a) U.S. Rental Car $ 25 $ (48 ) International Rental Car (18 ) (6 ) All Other Operations 25 22 Corporate (143 ) (143 ) Total Hertz Global (111 ) (175 ) Corporate - Hertz 2 1 Total Hertz $ (109 ) $ (174 ) (In millions) March 31, 2019 December 31, 2018 Total assets U.S. Rental Car $ 16,375 $ 13,983 International Rental Car 4,590 4,057 All Other Operations 1,934 1,843 Corporate 1,131 1,499 Total Hertz Global and Hertz $ 24,030 $ 21,382 (a) Adjusted Pre-tax Income (Loss), the Company's segment profitability measure, is calculated as income (loss) before income taxes plus non-cash acquisition accounting charges, debt-related charges relating to the amortization and write-off of debt financing costs and debt discounts and premiums, goodwill, intangible and tangible asset impairments and write downs, information technology and finance transformation costs, income or loss attributable to noncontrolling interests, and certain other miscellaneous or non-recurring items. Reconciliations of Adjusted Pre-tax Income (Loss) by segment to consolidated amounts are summarized below. Hertz Global Three Months Ended (In millions) 2019 2018 Adjusted Pre-tax Income (Loss): U.S. Rental Car $ 25 $ (48 ) International Rental Car (18 ) (6 ) All Other Operations 25 22 Total reportable segments 32 (32 ) Corporate (1) (143 ) (143 ) Adjusted Pre-tax Income (Loss) (111 ) (175 ) Adjustments: Acquisition accounting (2) (14 ) (15 ) Debt-related charges (3) (14 ) (16 ) Restructuring and restructuring related charges (4) (7 ) (4 ) Information technology and finance transformation costs (5) (23 ) (23 ) Other (6) 20 2 Income (loss) before income taxes $ (149 ) $ (231 ) Hertz Three Months Ended (In millions) 2019 2018 Adjusted Pre-tax Income (Loss): U.S. Rental Car $ 25 $ (48 ) International Rental Car (18 ) (6 ) All Other Operations 25 22 Total reportable segments 32 (32 ) Corporate (1) (141 ) (142 ) Adjusted Pre-tax Income (Loss) (109 ) (174 ) Adjustments: Acquisition accounting (2) (14 ) (15 ) Debt-related charges (3) (14 ) (16 ) Restructuring and restructuring related charges (4) (7 ) (4 ) Information technology and finance transformation costs (5) (23 ) (23 ) Other (6) 20 2 Income (loss) before income taxes $ (147 ) $ (230 ) (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 charges incurred under restructuring actions as defined in U.S. GAAP, excluding impairments and asset write-downs. Also includes restructuring related 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. In 2018, also includes consulting costs, legal fees, and other expenses related to the previously disclosed accounting review and investigation. (5) Represents costs associated with the Company’s information technology and finance transformation programs, both of which are multi-year initiatives to upgrade and modernize the Company’s systems and processes. (6) Represents miscellaneous or non-recurring items, and includes amounts attributable to noncontrolling interests. In 2019, also includes an $11 million gain on marketable securities, and an $8 million gain on the sale of non-vehicle capital assets.

Guarantor and Non-Guarantor Con

Guarantor and Non-Guarantor Condensed Consolidating Financial Information - Hertz	3 Months Ended
	Mar. 31, 2019
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 tables present the Condensed Consolidating Balance Sheets as of March 31, 2019 and December 31, 2018 , the Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) for the three months ended March 31, 2019 and 2018 and the Condensed Consolidating Statements of Cash Flows for the three months ended March 31, 2019 and 2018 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 (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 Senior Second Priority Secured Notes, and consequently will not be available to satisfy the claims of Hertz 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. THE HERTZ CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2019 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries ASSETS Cash and cash equivalents $ 173 $ 3 $ 378 $ — $ 554 Restricted cash and cash equivalents 130 11 311 — 452 Total cash, cash equivalents, restricted cash and restricted cash equivalents 303 14 689 — 1,006 Receivables, net of allowance 461 167 935 — 1,563 Due from affiliates 3,224 4,138 7,505 (14,867 ) — Prepaid expenses and other assets 5,085 28 300 (4,306 ) 1,107 Revenue earning vehicles, net 268 — 13,500 — 13,768 Property and equipment, net 611 62 98 — 771 Operating lease right-of-use assets 943 198 373 — 1,514 Investment in subsidiaries, net 7,569 1,560 — (9,129 ) — Intangible assets, net 188 3,026 4 — 3,218 Goodwill 102 943 38 — 1,083 Total assets $ 18,754 $ 10,136 $ 23,442 $ (28,302 ) $ 24,030 LIABILITIES AND STOCKHOLDER'S EQUITY Due to affiliates $ 10,833 $ 990 $ 3,044 $ (14,867 ) $ — Accounts payable 395 112 772 — 1,279 Accrued liabilities 824 50 456 — 1,330 Accrued taxes, net 81 17 2,389 (2,341 ) 146 Debt 4,575 — 12,682 — 17,257 Operating lease liabilities 940 199 374 — 1,513 Public liability and property damage 186 41 184 — 411 Deferred income taxes, net — 1,732 1,324 (1,965 ) 1,091 Total liabilities 17,834 3,141 21,225 (19,173 ) 23,027 Stockholder's equity: Total stockholder's equity attributable to Hertz 920 6,995 2,134 (9,129 ) 920 Noncontrolling interests — — 83 — 83 Total stockholder's equity 920 6,995 2,217 (9,129 ) 1,003 Total liabilities and stockholder's equity $ 18,754 $ 10,136 $ 23,442 $ (28,302 ) $ 24,030 THE HERTZ CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2018 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries ASSETS Cash and cash equivalents $ 576 $ 3 $ 548 $ — $ 1,127 Restricted cash and cash equivalents 137 8 138 — 283 Total cash, cash equivalents, restricted cash and restricted cash equivalents 713 11 686 — 1,410 Receivables, net of allowance 421 174 992 — 1,587 Due from affiliates 3,522 5,312 9,101 (17,935 ) — Prepaid expenses and other assets 4,863 34 269 (4,264 ) 902 Revenue earning vehicles, net 421 1 11,997 — 12,419 Property and equipment, net 590 64 124 — 778 Investment in subsidiaries, net 7,648 1,526 — (9,174 ) — Intangible assets, net 160 3,039 4 — 3,203 Goodwill 102 943 38 — 1,083 Total assets $ 18,440 $ 11,104 $ 23,211 $ (31,373 ) $ 21,382 LIABILITIES AND STOCKHOLDER'S EQUITY Due to affiliates $ 11,351 $ 2,306 $ 4,278 $ (17,935 ) $ — Accounts payable 388 97 503 — 988 Accrued liabilities 823 69 412 — 1,304 Accrued taxes, net 67 15 2,359 (2,305 ) 136 Debt 4,567 — 11,757 — 16,324 Public liability and property damage 185 41 192 — 418 Deferred income taxes, net — 1,729 1,324 (1,959 ) 1,094 Total liabilities 17,381 4,257 20,825 (22,199 ) 20,264 Stockholder's equity: Total stockholder's equity attributable to Hertz 1,059 6,847 2,327 (9,174 ) 1,059 Noncontrolling interests — — 59 — 59 Total stockholder's equity 1,059 6,847 2,386 (9,174 ) 1,118 Total liabilities and stockholder's equity $ 18,440 $ 11,104 $ 23,211 $ (31,373 ) $ 21,382 THE HERTZ CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Three Months Ended March 31, 2019 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Total revenues $ 1,151 $ 320 $ 2,074 $ (1,438 ) $ 2,107 Expenses: Direct vehicle and operating 812 157 297 — 1,266 Depreciation of revenue earning vehicles and lease charges 1,394 74 562 (1,438 ) 592 Selling, general and administrative 157 16 61 — 234 Interest (income) expense, net 107 (46 ) 120 — 181 Other (income) expense, net (19 ) — — — (19 ) Total expenses 2,451 201 1,040 (1,438 ) 2,254 Income (loss) before income taxes and equity in earnings (losses) of subsidiaries (1,300 ) 119 1,034 — (147 ) Income tax (provision) benefit 42 (4 ) (37 ) — 1 Equity in earnings (losses) of subsidiaries, net of tax 1,112 25 — (1,137 ) — Net income (loss) (146 ) 140 997 (1,137 ) (146 ) Net (income) loss attributable to noncontrolling interests — — 1 — 1 Net income (loss) attributable to Hertz (146 ) 140 998 (1,137 ) (145 ) Total other comprehensive income (loss), net of tax 8 2 6 (9 ) 7 Comprehensive income (loss) attributable to Hertz $ (138 ) $ 142 $ 1,004 $ (1,146 ) $ (138 ) For the Three Months Ended March 31, 2018 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Total revenues $ 1,056 $ 319 $ 1,489 $ (801 ) $ 2,063 Expenses: Direct vehicle and operating 751 172 313 — 1,236 Depreciation of revenue earning vehicles and lease charges 766 84 612 (801 ) 661 Selling, general and administrative 161 12 61 — 234 Interest (income) expense, net 102 (33 ) 96 — 165 Other (income) expense, net (2 ) — (1 ) — (3 ) Total expenses 1,778 235 1,081 (801 ) 2,293 Income (loss) before income taxes and equity in earnings (losses) of subsidiaries (722 ) 84 408 — (230 ) Income tax (provision) benefit 122 (14 ) (79 ) — 29 Equity in earnings (losses) of subsidiaries, net of tax 399 25 — (424 ) — Net income (loss) (201 ) 95 329 (424 ) (201 ) Total other comprehensive income (loss), net of tax (3 ) (2 ) (3 ) 5 (3 ) Comprehensive income (loss) $ (204 ) $ 93 $ 326 $ (419 ) $ (204 ) THE HERTZ CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2019 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Net cash provided by (used in) operating activities $ 83 $ 5 $ 1,421 $ (993 ) $ 516 Cash flows from investing activities: Revenue earning vehicles expenditures (102 ) — (3,871 ) — (3,973 ) Proceeds from disposal of revenue earning vehicles 48 — 2,105 — 2,153 Capital asset expenditures, non-vehicle (45 ) (2 ) (7 ) — (54 ) Proceeds from property and other equipment disposed of or to be disposed of 17 — 2 — 19 Capital contributions to subsidiaries (376 ) — — 376 — Return of capital from subsidiaries 406 — — (406 ) — Proceeds from/repayments of intercompany loan — — 434 (434 ) — Net cash provided by (used in) investing activities (52 ) (2 ) (1,337 ) (464 ) (1,855 ) Cash flows from financing activities: Proceeds from issuance of vehicle debt 195 — 3,472 — 3,667 Repayments of vehicle debt (195 ) — (2,541 ) — (2,736 ) Proceeds from issuance of non-vehicle debt 341 — — — 341 Repayments of non-vehicle debt (344 ) — — — (344 ) Payment of financing costs — — (12 ) — (12 ) Advances to Hertz Holdings (4 ) — — — (4 ) Contributions from noncontrolling interests — — 25 — 25 Capital contributions received from parent — — 376 (376 ) — Payment of dividends and return of capital — — (1,399 ) 1,399 — Proceeds from/repayments of intercompany loan (434 ) — — 434 — Net cash provided by (used in) financing activities (441 ) — (79 ) 1,457 937 Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents — — (2 ) — (2 ) Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period (410 ) 3 3 — (404 ) Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period 713 11 686 — 1,410 Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period $ 303 $ 14 $ 689 $ — $ 1,006 THE HERTZ CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2018 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Net cash provided by (used in) operating activities $ (221 ) $ 7 $ 957 $ (341 ) $ 402 Cash flows from investing activities: Revenue earning vehicles expenditures (129 ) — (3,436 ) — (3,565 ) Proceeds from disposal of revenue earning vehicles 48 — 1,734 — 1,782 Capital asset expenditures, non-vehicle (28 ) (3 ) (13 ) — (44 ) Proceeds from property and other equipment disposed of or to be disposed of — — 4 — 4 Other (24 ) — (3 ) — (27 ) Capital contributions to subsidiaries (877 ) — — 877 — Return of capital from subsidiaries 1,307 — — (1,307 ) — Proceeds from/repayments of intercompany loan — — 235 (235 ) — Net cash provided by (used in) investing activities 297 (3 ) (1,479 ) (665 ) (1,850 ) Cash flows from financing activities: Proceeds from issuance of vehicle debt 554 — 4,627 — 5,181 Repayments of vehicle debt (607 ) — (2,676 ) — (3,283 ) Proceeds from issuance of non-vehicle debt 127 — — — 127 Repayments of non-vehicle debt (131 ) — — — (131 ) Payment of financing costs (1 ) — (18 ) — (19 ) Advances to Hertz Holdings (4 ) — — — (4 ) Contributions from noncontrolling interests — — 5 — 5 Capital contributions received from parent — — 877 (877 ) — Payment of dividends and return of capital — — (1,648 ) 1,648 — Proceeds from/repayments of intercompany loan (235 ) — — 235 — Net cash provided by (used in) financing activities (297 ) — 1,167 1,006 1,876 Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents — — 8 — 8 Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period (221 ) 4 653 — 436 Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period 911 16 577 — 1,504 Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period $ 690 $ 20 $ 1,230 $ — $ 1,940

Basis of Presentation and Rec_2

Basis of Presentation and Recently Issued Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2019
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, and its VIEs, as applicable. The unaudited condensed consolidated financial statements of Hertz include the accounts of Hertz, its wholly owned and majority owned U.S. and international subsidiaries, and its VIEs, as applicable. The Company consolidates a VIE when it is deemed the primary beneficiary. 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 Leases In February 2016, the Financial Accounting Standards Board (the "FASB") issued guidance that replaced the existing lease guidance in U.S. GAAP and in 2018 and 2019 issued amendments and updates to the new lease standard (collectively "Topic 842"). Topic 842 established a right-of-use (“ROU”) model that requires a lessee to record on the balance sheet a ROU asset and corresponding lease liability based on the present value of future lease payments. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Topic 842 also expanded the requirements for lessees to record leases embedded in other arrangements. Additionally, enhanced quantitative and qualitative disclosures surrounding leases are required which provide financial statement users the ability to assess the amount, timing and uncertainty of cash flows arising from leases. The Company adopted this guidance effective January 1, 2019 using a simplified transition approach for both lessees and lessors. Prior periods have not been retrospectively adjusted and are in conformance with the then existing guidance under U.S. GAAP ("Topic 840"). The Company utilized the package of practical expedients for existing or expired contracts and did not reassess whether such contracts contain leases, the lease classification or the initial direct costs. Additionally, the Company utilized the historical lease term and did not utilize the practical expedient allowing the use of hindsight in determining the lease term and in assessing impairment of its ROU assets. To determine the present value of its lease payments as of January 1, 2019, the Company utilized the interest rate implicit in the lease agreement. If the implicit interest rate was not provided in the lease agreement, the Company utilized the Company's collateralized incremental borrowing rate as of January 1, 2019. Also, with respect to the Company's real estate leases, vehicle leases and fleet leases, the Company availed itself of the practical expedient for lessees and lessors and elected an accounting policy by class of underlying asset to combine lease and non-lease components. As of January 1, 2019, the Company accounts for revenue earned from vehicle rentals and rental related activities wherein an identified asset is transferred to the customer and the customer has the ability to control that asset under Topic 842. Prior to the adoption of Topic 842, the Company accounted for such revenue under Revenue from Contracts with Customers ("Topic 606"). The cumulative effect of applying the new guidance to all leases as of January 1, 2019 that were not completed and with lease terms in excess of twelve months has been recorded as of the adoption date as follows: Hertz Global (In millions) Operating Lease Right-of-Use Assets Prepaid and Other Assets Total Assets Operating Lease Liabilities Accrued Liabilities Total Liabilities Total Liabilities and Stockholders' Equity As of December 31, 2018 $ — $ 902 $ 21,382 $ — $ 1,304 $ 20,262 $ 21,382 Effect of Adopting Topic 842 1,585 (45 ) 1,540 1,588 (48 ) 1,540 1,540 As of January 1, 2019 $ 1,585 $ 857 $ 22,922 $ 1,588 $ 1,256 $ 21,802 $ 22,922 Hertz (In millions) Operating Lease Right-of-Use Assets Prepaid and Other Assets Total Assets Operating Lease Liabilities Accrued Liabilities Total Liabilities Total Liabilities and Stockholder's Equity As of December 31, 2018 $ — $ 902 $ 21,382 $ — $ 1,304 $ 20,264 $ 21,382 Effect of Adopting Topic 842 1,585 (45 ) 1,540 1,588 (48 ) 1,540 1,540 As of January 1, 2019 $ 1,585 $ 857 $ 22,922 $ 1,588 $ 1,256 $ 21,804 $ 22,922 Adoption of Topic 842 did not impact the Company's results of operations or cash flows. See Note 4 , " Leases ," for information regarding the Company’s accounting policies for leases, as well as other required disclosures under Topic 842. Not Yet Adopted Changes to Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued guidance that modifies disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans to remove disclosures no longer considered cost beneficial, add disclosures identified as relevant and clarify certain disclosure requirements. The guidance is effective for annual periods beginning after December 15, 2020 using a retrospective transition method. Early adoption is permitted. The Company is in the process of determining the timing of adoption and assessing the overall impact of adopting this guidance on its disclosures. Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement In August 2018, the FASB issued guidance on a customer's accounting for implementation fees paid in a cloud computing service contract arrangement that addresses which implementation costs to capitalize as an asset and which costs to expense. Capitalized implementation fees are to be expensed over the term of the cloud computing arrangement, and the expense is required to be recognized in the same line item in the income statement as the associated hosting service expenses. The entity is also required to present the capitalized implementation fees on the balance sheet in the same line item as the prepayment for hosting service fees associated with the cloud computing arrangement. The guidance is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods using a retrospective or prospective transition method. Early adoption is permitted, including adoption in any interim period. The Company intends to adopt this guidance when effective, on January 1, 2020, using a prospective transition method and 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 Rec_3

Basis of Presentation and Recently Issued Accounting Pronouncements (Tables)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The cumulative effect of applying the new guidance to all leases as of January 1, 2019 that were not completed and with lease terms in excess of twelve months has been recorded as of the adoption date as follows: Hertz Global (In millions) Operating Lease Right-of-Use Assets Prepaid and Other Assets Total Assets Operating Lease Liabilities Accrued Liabilities Total Liabilities Total Liabilities and Stockholders' Equity As of December 31, 2018 $ — $ 902 $ 21,382 $ — $ 1,304 $ 20,262 $ 21,382 Effect of Adopting Topic 842 1,585 (45 ) 1,540 1,588 (48 ) 1,540 1,540 As of January 1, 2019 $ 1,585 $ 857 $ 22,922 $ 1,588 $ 1,256 $ 21,802 $ 22,922 Hertz (In millions) Operating Lease Right-of-Use Assets Prepaid and Other Assets Total Assets Operating Lease Liabilities Accrued Liabilities Total Liabilities Total Liabilities and Stockholder's Equity As of December 31, 2018 $ — $ 902 $ 21,382 $ — $ 1,304 $ 20,264 $ 21,382 Effect of Adopting Topic 842 1,585 (45 ) 1,540 1,588 (48 ) 1,540 1,540 As of January 1, 2019 $ 1,585 $ 857 $ 22,922 $ 1,588 $ 1,256 $ 21,804 $ 22,922

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2019
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 Fixed or Maturity March 31, December 31, Non-Vehicle Debt Senior Term Loan 5.25% Floating 6/2023 $ 670 $ 674 Senior RCF N/A Floating 6/2021 — — Facility Weighted Average Interest Rate Fixed or Maturity March 31, December 31, Senior Notes (1) 6.13% Fixed 10/2020-10/2024 2,500 2,500 Senior Second Priority Secured Notes 7.63% Fixed 6/2022 1,250 1,250 Promissory Notes 7.00% Fixed 1/2028 27 27 Other Non-Vehicle Debt 6.14% Fixed Various 13 4 Unamortized Debt Issuance Costs and Net (Discount) Premium (30 ) (33 ) Total Non-Vehicle Debt 4,430 4,422 Vehicle Debt HVF II U.S. ABS Program HVF II U.S. Vehicle Variable Funding Notes HVF II Series 2013-A (2) 3.67% Floating 3/2021 3,570 2,940 HVF II Series 2019-A (2) N/A Floating 10/2019 — — 3,570 2,940 HVF II U.S. Vehicle Medium Term Notes HVF II Series 2015-1 (2) 2.93% Fixed 3/2020 780 780 HVF II Series 2015-3 (2) 3.10% Fixed 9/2020 371 371 HVF II Series 2016-1 (2) N/A N/A N/A — 466 HVF II Series 2016-2 (2) 3.41% Fixed 3/2021 595 595 HVF II Series 2016-3 (2) 2.72% Fixed 7/2019 424 424 HVF II Series 2016-4 (2) 3.09% Fixed 7/2021 424 424 HVF II Series 2017-1 (2) 3.38% Fixed 10/2020 450 450 HVF II Series 2017-2 (2) 3.57% Fixed 10/2022 350 350 HVF II Series 2018-1 (2) 3.41% Fixed 2/2023 1,000 1,000 HVF II Series 2018-2 (2) 3.80% Fixed 6/2021 200 200 HVF II Series 2018-3 (2) 4.15% Fixed 7/2023 200 200 HVF II Series 2019-1 (2) 3.85% Fixed 3/2022 700 — 5,494 5,260 Donlen ABS Program HFLF Variable Funding Notes HFLF Series 2013-2 (2) 3.86% Floating 3/2021 482 320 482 320 HFLF Medium Term Notes HFLF Series 2015-1 (3) N/A N/A N/A — 33 HFLF Series 2016-1 (3) 3.81% Both 4/2019-2/2020 136 171 HFLF Series 2017-1 (3) 2.86% Both 4/2019-4/2021 352 397 HFLF Series 2018-1 (3) 3.28% Both 7/2019-6/2021 550 550 1,038 1,151 Facility Weighted Average Interest Rate Fixed or Maturity March 31, December 31, Vehicle Debt - Other U.S. Vehicle RCF 4.98% Floating 6/2021 146 146 European Vehicle Notes (4) 5.07% Fixed 10/2021-3/2023 815 829 European ABS (2) 1.75% Floating 10/2020 585 600 Canadian Securitization (2) 3.57% Floating 3/2020 261 220 Australian Securitization (2) 3.56% Floating 3/2020 155 155 New Zealand RCF 4.60% Floating 3/2020 41 40 U.K. Financing Facility 3.08% Floating 4/2019-9/2021 244 242 Other Vehicle Debt 3.98% Floating 4/2019-10/2022 39 42 2,286 2,274 Unamortized Debt Issuance Costs and Net (Discount) Premium (43 ) (43 ) Total Vehicle Debt 12,827 11,902 Total Debt $ 17,257 $ 16,324 N/A - Not applicable (1) References to the "Senior Notes" include the series of Hertz's unsecured senior notes set forth in 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, 2019 December 31, 2018 5.875% Senior Notes due October 2020 $ 700 $ 700 7.375% Senior Notes due January 2021 500 500 6.250% Senior Notes due October 2022 500 500 5.500% Senior Notes due October 2024 800 800 $ 2,500 $ 2,500 (2) Maturity reference is to the earlier "expected final maturity date" as opposed to the subsequent "legal final maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness expect the outstanding principal of the relevant indebtedness to be repaid in full. The legal final maturity date is the date on which the outstanding principal of the relevant indebtedness is legally due and payable in full. (3) In the case of the Hertz Fleet 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 2019. 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. (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 1.12 to 1 and 1.14 to 1 as of March 31, 2019 and December 31, 2018 , respectively) set forth in the table below. Outstanding principal amounts for each such series of the European Vehicle Notes is also specified below: (In millions) Outstanding Principal European Vehicle Notes March 31, 2019 December 31, 2018 4.125% Senior Notes due October 2021 $ 253 $ 257 5.500% Senior Notes due March 2023 562 572 $ 815 $ 829 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, 2019 As of December 31, 2018 (In millions) Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Non-Vehicle Debt $ 4,460 $ 4,304 $ 4,455 $ 4,011 Vehicle Debt 12,870 12,885 11,945 11,891 Total $ 17,330 $ 17,189 $ 16,400 $ 15,902
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, 2019 and are presented net of any outstanding letters of credit: (In millions) Remaining Availability Under Non-Vehicle Debt Senior RCF $ 459 $ 459 Letter of Credit Facility 2 2 Total Non-Vehicle Debt 461 461 Vehicle Debt U.S. Vehicle RCF — — HVF II U.S. Vehicle Variable Funding Notes 995 — HFLF Variable Funding Notes 18 2 European ABS 540 68 Canadian Securitization — — Australian Securitization 22 — U.K. Financing Facility 85 — New Zealand RCF — — Total Vehicle Debt 1,660 70 Total $ 2,121 $ 531

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Operating Lease, Lease Income	(In millions) Three Months Operating lease income from vehicle rentals $ 1,800 Operating lease income from fleet leasing 158 Variable operating lease income 67 Revenue accounted for under Topic 842 2,025 Revenue accounted for under Topic 606 82 Total revenues $ 2,107
Schedule of Operating Lease Costs	(In millions) Three Months Year Ended Minimum fixed lease costs (1) : Short-term lease costs $ 30 N/A Other operating lease costs 134 N/A Total $ 164 $ 577 Variable lease costs 63 438 Total lease costs $ 227 $ 1,015
Operating Lease, Disclosure	As of March 31, 2019 Weighted average remaining lease term (in years) 9 Weighted average discount rate 10.9 %
Lessee, Operating Lease, Liability, Maturity	March 31, 2019 : (In millions) April 1, 2019 - March 31, 2020 $ 465 April 1, 2020 - March 31, 2021 379 April 1, 2021 - March 31, 2022 305 April 1, 2022 - March 31, 2023 226 April 1, 2023 - March 31, 2024 166 After March 31, 2024 930 Total lease payments 2,471 Interest (958 ) Operating lease liabilities at March 31, 2019 $ 1,513

Earnings (Loss) Per Share - H_2

Earnings (Loss) Per Share - Hertz Global (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted earnings (loss) per share: Three Months Ended (In millions, except per share data) 2019 2018 Basic and diluted earnings (loss) per share: Numerator: Net income (loss) $ (148 ) $ (202 ) Net (income) loss attributable to noncontrolling interests 1 — Net income (loss) attributable to Hertz Global $ (147 ) $ (202 ) Denominator: Basic weighted average shares outstanding 84 83 Dilutive stock options, RSUs and PSUs — — Weighted average shares used to calculate diluted earnings (loss) per share 84 83 Antidilutive stock options, RSUs, PSUs and PSAs 2 3 Earnings (loss) per share: Basic earnings (loss) per share $ (1.75 ) $ (2.43 ) Diluted earnings (loss) per share $ (1.75 ) $ (2.43 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Cash, Cash Equivalents and Investments	The following table summarizes the ending balances of the Company's cash equivalents, restricted cash equivalents and investments: March 31, 2019 December 31, 2018 (In millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Money market funds and time deposits $ 250 $ — $ — $ 250 $ 701 $ — $ — $ 701 Equity securities 55 — — 55 44 — — 44
Components of debt	The Company's debt, including its available credit facilities, consists of the following ($ in millions): Facility Weighted Average Interest Rate Fixed or Maturity March 31, December 31, Non-Vehicle Debt Senior Term Loan 5.25% Floating 6/2023 $ 670 $ 674 Senior RCF N/A Floating 6/2021 — — Facility Weighted Average Interest Rate Fixed or Maturity March 31, December 31, Senior Notes (1) 6.13% Fixed 10/2020-10/2024 2,500 2,500 Senior Second Priority Secured Notes 7.63% Fixed 6/2022 1,250 1,250 Promissory Notes 7.00% Fixed 1/2028 27 27 Other Non-Vehicle Debt 6.14% Fixed Various 13 4 Unamortized Debt Issuance Costs and Net (Discount) Premium (30 ) (33 ) Total Non-Vehicle Debt 4,430 4,422 Vehicle Debt HVF II U.S. ABS Program HVF II U.S. Vehicle Variable Funding Notes HVF II Series 2013-A (2) 3.67% Floating 3/2021 3,570 2,940 HVF II Series 2019-A (2) N/A Floating 10/2019 — — 3,570 2,940 HVF II U.S. Vehicle Medium Term Notes HVF II Series 2015-1 (2) 2.93% Fixed 3/2020 780 780 HVF II Series 2015-3 (2) 3.10% Fixed 9/2020 371 371 HVF II Series 2016-1 (2) N/A N/A N/A — 466 HVF II Series 2016-2 (2) 3.41% Fixed 3/2021 595 595 HVF II Series 2016-3 (2) 2.72% Fixed 7/2019 424 424 HVF II Series 2016-4 (2) 3.09% Fixed 7/2021 424 424 HVF II Series 2017-1 (2) 3.38% Fixed 10/2020 450 450 HVF II Series 2017-2 (2) 3.57% Fixed 10/2022 350 350 HVF II Series 2018-1 (2) 3.41% Fixed 2/2023 1,000 1,000 HVF II Series 2018-2 (2) 3.80% Fixed 6/2021 200 200 HVF II Series 2018-3 (2) 4.15% Fixed 7/2023 200 200 HVF II Series 2019-1 (2) 3.85% Fixed 3/2022 700 — 5,494 5,260 Donlen ABS Program HFLF Variable Funding Notes HFLF Series 2013-2 (2) 3.86% Floating 3/2021 482 320 482 320 HFLF Medium Term Notes HFLF Series 2015-1 (3) N/A N/A N/A — 33 HFLF Series 2016-1 (3) 3.81% Both 4/2019-2/2020 136 171 HFLF Series 2017-1 (3) 2.86% Both 4/2019-4/2021 352 397 HFLF Series 2018-1 (3) 3.28% Both 7/2019-6/2021 550 550 1,038 1,151 Facility Weighted Average Interest Rate Fixed or Maturity March 31, December 31, Vehicle Debt - Other U.S. Vehicle RCF 4.98% Floating 6/2021 146 146 European Vehicle Notes (4) 5.07% Fixed 10/2021-3/2023 815 829 European ABS (2) 1.75% Floating 10/2020 585 600 Canadian Securitization (2) 3.57% Floating 3/2020 261 220 Australian Securitization (2) 3.56% Floating 3/2020 155 155 New Zealand RCF 4.60% Floating 3/2020 41 40 U.K. Financing Facility 3.08% Floating 4/2019-9/2021 244 242 Other Vehicle Debt 3.98% Floating 4/2019-10/2022 39 42 2,286 2,274 Unamortized Debt Issuance Costs and Net (Discount) Premium (43 ) (43 ) Total Vehicle Debt 12,827 11,902 Total Debt $ 17,257 $ 16,324 N/A - Not applicable (1) References to the "Senior Notes" include the series of Hertz's unsecured senior notes set forth in 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, 2019 December 31, 2018 5.875% Senior Notes due October 2020 $ 700 $ 700 7.375% Senior Notes due January 2021 500 500 6.250% Senior Notes due October 2022 500 500 5.500% Senior Notes due October 2024 800 800 $ 2,500 $ 2,500 (2) Maturity reference is to the earlier "expected final maturity date" as opposed to the subsequent "legal final maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness expect the outstanding principal of the relevant indebtedness to be repaid in full. The legal final maturity date is the date on which the outstanding principal of the relevant indebtedness is legally due and payable in full. (3) In the case of the Hertz Fleet 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 2019. 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. (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 1.12 to 1 and 1.14 to 1 as of March 31, 2019 and December 31, 2018 , respectively) set forth in the table below. Outstanding principal amounts for each such series of the European Vehicle Notes is also specified below: (In millions) Outstanding Principal European Vehicle Notes March 31, 2019 December 31, 2018 4.125% Senior Notes due October 2021 $ 253 $ 257 5.500% Senior Notes due March 2023 562 572 $ 815 $ 829 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, 2019 As of December 31, 2018 (In millions) Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Non-Vehicle Debt $ 4,460 $ 4,304 $ 4,455 $ 4,011 Vehicle Debt 12,870 12,885 11,945 11,891 Total $ 17,330 $ 17,189 $ 16,400 $ 15,902

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2019
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 Pre-tax Income (Loss), the segment measure of profitability. Three Months Ended (In millions) 2019 2018 Revenues U.S. Rental Car $ 1,520 $ 1,426 International Rental Car 433 468 All Other Operations 154 169 Total Hertz Global and Hertz $ 2,107 $ 2,063 Depreciation of revenue earning vehicles and lease charges U.S. Rental Car $ 386 $ 434 International Rental Car 97 102 All Other Operations 109 125 Total Hertz Global and Hertz $ 592 $ 661 Adjusted Pre-tax Income (Loss) (a) U.S. Rental Car $ 25 $ (48 ) International Rental Car (18 ) (6 ) All Other Operations 25 22 Corporate (143 ) (143 ) Total Hertz Global (111 ) (175 ) Corporate - Hertz 2 1 Total Hertz $ (109 ) $ (174 ) (In millions) March 31, 2019 December 31, 2018 Total assets U.S. Rental Car $ 16,375 $ 13,983 International Rental Car 4,590 4,057 All Other Operations 1,934 1,843 Corporate 1,131 1,499 Total Hertz Global and Hertz $ 24,030 $ 21,382 (a) Adjusted Pre-tax Income (Loss), the Company's segment profitability measure, is calculated as income (loss) before income taxes plus non-cash acquisition accounting charges, debt-related charges relating to the amortization and write-off of debt financing costs and debt discounts and premiums, goodwill, intangible and tangible asset impairments and write downs, information technology and finance transformation costs, income or loss attributable to noncontrolling interests, and certain other miscellaneous or non-recurring items. Reconciliations of Adjusted Pre-tax Income (Loss) by segment to consolidated amounts are summarized below. Hertz Global Three Months Ended (In millions) 2019 2018 Adjusted Pre-tax Income (Loss): U.S. Rental Car $ 25 $ (48 ) International Rental Car (18 ) (6 ) All Other Operations 25 22 Total reportable segments 32 (32 ) Corporate (1) (143 ) (143 ) Adjusted Pre-tax Income (Loss) (111 ) (175 ) Adjustments: Acquisition accounting (2) (14 ) (15 ) Debt-related charges (3) (14 ) (16 ) Restructuring and restructuring related charges (4) (7 ) (4 ) Information technology and finance transformation costs (5) (23 ) (23 ) Other (6) 20 2 Income (loss) before income taxes $ (149 ) $ (231 ) Hertz Three Months Ended (In millions) 2019 2018 Adjusted Pre-tax Income (Loss): U.S. Rental Car $ 25 $ (48 ) International Rental Car (18 ) (6 ) All Other Operations 25 22 Total reportable segments 32 (32 ) Corporate (1) (141 ) (142 ) Adjusted Pre-tax Income (Loss) (109 ) (174 ) Adjustments: Acquisition accounting (2) (14 ) (15 ) Debt-related charges (3) (14 ) (16 ) Restructuring and restructuring related charges (4) (7 ) (4 ) Information technology and finance transformation costs (5) (23 ) (23 ) Other (6) 20 2 Income (loss) before income taxes $ (147 ) $ (230 ) (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 charges incurred under restructuring actions as defined in U.S. GAAP, excluding impairments and asset write-downs. Also includes restructuring related 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. In 2018, also includes consulting costs, legal fees, and other expenses related to the previously disclosed accounting review and investigation. (5) Represents costs associated with the Company’s information technology and finance transformation programs, both of which are multi-year initiatives to upgrade and modernize the Company’s systems and processes. (6) Represents miscellaneous or non-recurring items, and includes amounts attributable to noncontrolling interests. In 2019, also includes an $11 million gain on marketable securities, and an $8 million gain on the sale of non-vehicle capital assets.

Guarantor and Non-Guarantor C_2

Guarantor and Non-Guarantor Condensed Consolidating Financial Information - Hertz (Tables)	3 Months Ended
	Mar. 31, 2019
Guarantor and Non-Guarantor Condensed Consolidating Financial Statements Disclosure [Abstract]
Condensed Balance Sheet	THE HERTZ CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2019 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries ASSETS Cash and cash equivalents $ 173 $ 3 $ 378 $ — $ 554 Restricted cash and cash equivalents 130 11 311 — 452 Total cash, cash equivalents, restricted cash and restricted cash equivalents 303 14 689 — 1,006 Receivables, net of allowance 461 167 935 — 1,563 Due from affiliates 3,224 4,138 7,505 (14,867 ) — Prepaid expenses and other assets 5,085 28 300 (4,306 ) 1,107 Revenue earning vehicles, net 268 — 13,500 — 13,768 Property and equipment, net 611 62 98 — 771 Operating lease right-of-use assets 943 198 373 — 1,514 Investment in subsidiaries, net 7,569 1,560 — (9,129 ) — Intangible assets, net 188 3,026 4 — 3,218 Goodwill 102 943 38 — 1,083 Total assets $ 18,754 $ 10,136 $ 23,442 $ (28,302 ) $ 24,030 LIABILITIES AND STOCKHOLDER'S EQUITY Due to affiliates $ 10,833 $ 990 $ 3,044 $ (14,867 ) $ — Accounts payable 395 112 772 — 1,279 Accrued liabilities 824 50 456 — 1,330 Accrued taxes, net 81 17 2,389 (2,341 ) 146 Debt 4,575 — 12,682 — 17,257 Operating lease liabilities 940 199 374 — 1,513 Public liability and property damage 186 41 184 — 411 Deferred income taxes, net — 1,732 1,324 (1,965 ) 1,091 Total liabilities 17,834 3,141 21,225 (19,173 ) 23,027 Stockholder's equity: Total stockholder's equity attributable to Hertz 920 6,995 2,134 (9,129 ) 920 Noncontrolling interests — — 83 — 83 Total stockholder's equity 920 6,995 2,217 (9,129 ) 1,003 Total liabilities and stockholder's equity $ 18,754 $ 10,136 $ 23,442 $ (28,302 ) $ 24,030 THE HERTZ CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2018 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries ASSETS Cash and cash equivalents $ 576 $ 3 $ 548 $ — $ 1,127 Restricted cash and cash equivalents 137 8 138 — 283 Total cash, cash equivalents, restricted cash and restricted cash equivalents 713 11 686 — 1,410 Receivables, net of allowance 421 174 992 — 1,587 Due from affiliates 3,522 5,312 9,101 (17,935 ) — Prepaid expenses and other assets 4,863 34 269 (4,264 ) 902 Revenue earning vehicles, net 421 1 11,997 — 12,419 Property and equipment, net 590 64 124 — 778 Investment in subsidiaries, net 7,648 1,526 — (9,174 ) — Intangible assets, net 160 3,039 4 — 3,203 Goodwill 102 943 38 — 1,083 Total assets $ 18,440 $ 11,104 $ 23,211 $ (31,373 ) $ 21,382 LIABILITIES AND STOCKHOLDER'S EQUITY Due to affiliates $ 11,351 $ 2,306 $ 4,278 $ (17,935 ) $ — Accounts payable 388 97 503 — 988 Accrued liabilities 823 69 412 — 1,304 Accrued taxes, net 67 15 2,359 (2,305 ) 136 Debt 4,567 — 11,757 — 16,324 Public liability and property damage 185 41 192 — 418 Deferred income taxes, net — 1,729 1,324 (1,959 ) 1,094 Total liabilities 17,381 4,257 20,825 (22,199 ) 20,264 Stockholder's equity: Total stockholder's equity attributable to Hertz 1,059 6,847 2,327 (9,174 ) 1,059 Noncontrolling interests — — 59 — 59 Total stockholder's equity 1,059 6,847 2,386 (9,174 ) 1,118 Total liabilities and stockholder's equity $ 18,440 $ 11,104 $ 23,211 $ (31,373 ) $ 21,382
Condensed Income Statement	THE HERTZ CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Three Months Ended March 31, 2019 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Total revenues $ 1,151 $ 320 $ 2,074 $ (1,438 ) $ 2,107 Expenses: Direct vehicle and operating 812 157 297 — 1,266 Depreciation of revenue earning vehicles and lease charges 1,394 74 562 (1,438 ) 592 Selling, general and administrative 157 16 61 — 234 Interest (income) expense, net 107 (46 ) 120 — 181 Other (income) expense, net (19 ) — — — (19 ) Total expenses 2,451 201 1,040 (1,438 ) 2,254 Income (loss) before income taxes and equity in earnings (losses) of subsidiaries (1,300 ) 119 1,034 — (147 ) Income tax (provision) benefit 42 (4 ) (37 ) — 1 Equity in earnings (losses) of subsidiaries, net of tax 1,112 25 — (1,137 ) — Net income (loss) (146 ) 140 997 (1,137 ) (146 ) Net (income) loss attributable to noncontrolling interests — — 1 — 1 Net income (loss) attributable to Hertz (146 ) 140 998 (1,137 ) (145 ) Total other comprehensive income (loss), net of tax 8 2 6 (9 ) 7 Comprehensive income (loss) attributable to Hertz $ (138 ) $ 142 $ 1,004 $ (1,146 ) $ (138 ) For the Three Months Ended March 31, 2018 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Total revenues $ 1,056 $ 319 $ 1,489 $ (801 ) $ 2,063 Expenses: Direct vehicle and operating 751 172 313 — 1,236 Depreciation of revenue earning vehicles and lease charges 766 84 612 (801 ) 661 Selling, general and administrative 161 12 61 — 234 Interest (income) expense, net 102 (33 ) 96 — 165 Other (income) expense, net (2 ) — (1 ) — (3 ) Total expenses 1,778 235 1,081 (801 ) 2,293 Income (loss) before income taxes and equity in earnings (losses) of subsidiaries (722 ) 84 408 — (230 ) Income tax (provision) benefit 122 (14 ) (79 ) — 29 Equity in earnings (losses) of subsidiaries, net of tax 399 25 — (424 ) — Net income (loss) (201 ) 95 329 (424 ) (201 ) Total other comprehensive income (loss), net of tax (3 ) (2 ) (3 ) 5 (3 ) Comprehensive income (loss) $ (204 ) $ 93 $ 326 $ (419 ) $ (204 )
Condensed Cash Flow Statement	THE HERTZ CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2019 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Net cash provided by (used in) operating activities $ 83 $ 5 $ 1,421 $ (993 ) $ 516 Cash flows from investing activities: Revenue earning vehicles expenditures (102 ) — (3,871 ) — (3,973 ) Proceeds from disposal of revenue earning vehicles 48 — 2,105 — 2,153 Capital asset expenditures, non-vehicle (45 ) (2 ) (7 ) — (54 ) Proceeds from property and other equipment disposed of or to be disposed of 17 — 2 — 19 Capital contributions to subsidiaries (376 ) — — 376 — Return of capital from subsidiaries 406 — — (406 ) — Proceeds from/repayments of intercompany loan — — 434 (434 ) — Net cash provided by (used in) investing activities (52 ) (2 ) (1,337 ) (464 ) (1,855 ) Cash flows from financing activities: Proceeds from issuance of vehicle debt 195 — 3,472 — 3,667 Repayments of vehicle debt (195 ) — (2,541 ) — (2,736 ) Proceeds from issuance of non-vehicle debt 341 — — — 341 Repayments of non-vehicle debt (344 ) — — — (344 ) Payment of financing costs — — (12 ) — (12 ) Advances to Hertz Holdings (4 ) — — — (4 ) Contributions from noncontrolling interests — — 25 — 25 Capital contributions received from parent — — 376 (376 ) — Payment of dividends and return of capital — — (1,399 ) 1,399 — Proceeds from/repayments of intercompany loan (434 ) — — 434 — Net cash provided by (used in) financing activities (441 ) — (79 ) 1,457 937 Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents — — (2 ) — (2 ) Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period (410 ) 3 3 — (404 ) Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period 713 11 686 — 1,410 Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period $ 303 $ 14 $ 689 $ — $ 1,006 THE HERTZ CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2018 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Net cash provided by (used in) operating activities $ (221 ) $ 7 $ 957 $ (341 ) $ 402 Cash flows from investing activities: Revenue earning vehicles expenditures (129 ) — (3,436 ) — (3,565 ) Proceeds from disposal of revenue earning vehicles 48 — 1,734 — 1,782 Capital asset expenditures, non-vehicle (28 ) (3 ) (13 ) — (44 ) Proceeds from property and other equipment disposed of or to be disposed of — — 4 — 4 Other (24 ) — (3 ) — (27 ) Capital contributions to subsidiaries (877 ) — — 877 — Return of capital from subsidiaries 1,307 — — (1,307 ) — Proceeds from/repayments of intercompany loan — — 235 (235 ) — Net cash provided by (used in) investing activities 297 (3 ) (1,479 ) (665 ) (1,850 ) Cash flows from financing activities: Proceeds from issuance of vehicle debt 554 — 4,627 — 5,181 Repayments of vehicle debt (607 ) — (2,676 ) — (3,283 ) Proceeds from issuance of non-vehicle debt 127 — — — 127 Repayments of non-vehicle debt (131 ) — — — (131 ) Payment of financing costs (1 ) — (18 ) — (19 ) Advances to Hertz Holdings (4 ) — — — (4 ) Contributions from noncontrolling interests — — 5 — 5 Capital contributions received from parent — — 877 (877 ) — Payment of dividends and return of capital — — (1,648 ) 1,648 — Proceeds from/repayments of intercompany loan (235 ) — — 235 — Net cash provided by (used in) financing activities (297 ) — 1,167 1,006 1,876 Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents — — 8 — 8 Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period (221 ) 4 653 — 436 Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period 911 16 577 — 1,504 Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period $ 690 $ 20 $ 1,230 $ — $ 1,940

Basis of Presentation and Rec_4

Basis of Presentation and Recently Issued Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net income (loss)	$ (148)	$ (202)

Basis of Presentation and Rec_5

Basis of Presentation and Recently Issued Accounting Pronouncements (Recent Issued Accounting Pronouncements) (Details) - USD ($) $ in Millions		Mar. 31, 2019		Jan. 01, 2019	Dec. 31, 2018		Mar. 31, 2018	Dec. 31, 2017
Balance Sheet Related Disclosures [Abstract]
Operating Lease Right-of-Use Assets		$ 1,514		$ 1,585
Prepaid and Other Assets		1,107		857
Total Assets		24,030	[1]	22,922	$ 21,382	[1]
Operating Lease Liabilities		1,513		1,588
Accrued Liabilities		1,330		1,256
Total liabilities	[1]	23,025			20,262
Accumulated deficit		(1,056)			(909)
Total equity		1,005			1,120		$ 1,138	$ 1,520
Total liabilities and equity		24,030			21,382
Accounting Standards Update 2014-09
Balance Sheet Related Disclosures [Abstract]
Total liabilities				21,802
Total liabilities and equity				22,922
The Hertz Corporation
Balance Sheet Related Disclosures [Abstract]
Operating Lease Right-of-Use Assets		1,514
Prepaid and Other Assets		1,107
Total Assets	[2]	24,030			21,382
Operating Lease Liabilities		1,513
Accrued Liabilities		1,330
Total liabilities	[2]	23,027			20,264
Accumulated deficit		(2,029)			(1,884)
Total equity		1,003			1,118		$ 1,138	$ 1,520
Total liabilities and equity		$ 24,030			21,382
The Hertz Corporation | Accounting Standards Update 2014-09
Balance Sheet Related Disclosures [Abstract]
Operating Lease Right-of-Use Assets				1,585
Prepaid and Other Assets				857
Total Assets				22,922
Operating Lease Liabilities				1,588
Accrued Liabilities				1,256
Total liabilities				21,804
Total liabilities and equity				22,922
Calculated under Revenue Guidance in Effect before Topic 606
Balance Sheet Related Disclosures [Abstract]
Operating Lease Right-of-Use Assets					0
Prepaid and Other Assets					902
Total Assets					21,382
Operating Lease Liabilities					0
Accrued Liabilities					1,304
Calculated under Revenue Guidance in Effect before Topic 606 | Accounting Standards Update 2014-09
Balance Sheet Related Disclosures [Abstract]
Total liabilities					20,262
Total liabilities and equity					21,382
Calculated under Revenue Guidance in Effect before Topic 606 | The Hertz Corporation | Accounting Standards Update 2014-09
Balance Sheet Related Disclosures [Abstract]
Operating Lease Right-of-Use Assets					0
Prepaid and Other Assets					902
Total Assets					21,382
Operating Lease Liabilities					0
Accrued Liabilities					1,304
Total liabilities					20,264
Total liabilities and equity					$ 21,382
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09
Balance Sheet Related Disclosures [Abstract]
Operating Lease Right-of-Use Assets				1,585
Prepaid and Other Assets				(45)
Total Assets				1,540
Operating Lease Liabilities				1,588
Accrued Liabilities				(48)
Total liabilities				1,540
Total liabilities and equity				1,540
Difference between Revenue Guidance in Effect before and after Topic 606 | The Hertz Corporation | Accounting Standards Update 2014-09
Balance Sheet Related Disclosures [Abstract]
Operating Lease Right-of-Use Assets				1,585
Prepaid and Other Assets				(45)
Total Assets				1,540
Operating Lease Liabilities				1,588
Accrued Liabilities				(48)
Total liabilities				1,540
Total liabilities and equity				$ 1,540
[1]	Hertz Global Holdings, Inc.'s consolidated total assets as of March 31, 2019 and December 31, 2018 include total assets of variable interest entities (“VIEs”) of $1.1 billion and $1.0 billion, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of March 31, 2019 and December 31, 2018 include total liabilities of VIEs of $1.0 billion and $947 million, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Special Purpose Entities" in Note 3, "Debt," and "Other Relationships" in Note 9, "Related Party Transactions," for further information.
[2]	The Hertz Corporation's consolidated total assets as of March 31, 2019 and December 31, 2018 include total assets of variable interest entities (“VIEs”) of $1.1 billion and $1.0 billion, respectively, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of March 31, 2019 and December 31, 2018 include total liabilities of VIEs of $1.0 billion and $947 million, respectively, for which the creditors of the VIEs have no recourse to The Hertz Corporation. See "Special Purpose Entities" in Note 3, "Debt," and "Other Relationships" in Note 9, "Related Party Transactions," for further information.

Debt (Schedule of Debt) (Detail

Debt (Schedule of Debt) (Details) $ in Millions	Mar. 31, 2019USD ($)€ / $	Mar. 31, 2019EUR (€)€ / $	Dec. 31, 2018USD ($)€ / $
Debt Instrument [Line Items]
Debt:	$ 17,257		$ 16,324
Total Non-Vehicle Debt
Debt Instrument [Line Items]
Unamortized Net Discount	(30)		(33)
Debt:	$ 4,430		4,422
Senior Term Loan
Debt Instrument [Line Items]
Average interest rate (as a percent)	5.25%	5.25%
Outstanding principal	$ 670		674
Senior RCF
Debt Instrument [Line Items]
Outstanding principal	$ 0		0
Senior Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	6.13%	6.13%
Outstanding principal	$ 2,500		2,500
5.875% Senior Notes due October 2020
Debt Instrument [Line Items]
Outstanding principal	$ 700		700
Interest rate	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%
6.250% Senior Notes due October 2022
Debt Instrument [Line Items]
Outstanding principal	$ 500		500
Interest rate	6.25%	6.25%
5.500% Senior Notes due October 2024
Debt Instrument [Line Items]
Outstanding principal	$ 800		800
Interest rate	5.50%	5.50%
Senior Second Priority Secured Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	7.63%	7.63%
Outstanding principal	$ 1,250		1,250
Promissory Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	7.00%	7.00%
Outstanding principal	$ 27		27
Non-Vehicle Debt
Debt Instrument [Line Items]
Average interest rate (as a percent)	6.14%	6.14%
Outstanding principal	$ 13		4
Total Vehicle Debt
Debt Instrument [Line Items]
Unamortized Net Discount	(43)		(43)
Debt:	12,827		11,902
Total
Debt Instrument [Line Items]
Outstanding principal	$ 3,570		2,940
HVF II Series 2013-A
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.67%	3.67%
Outstanding principal	$ 3,570		2,940
HVF II Series 2013-B
Debt Instrument [Line Items]
Outstanding principal	0		0
HVF II U.S. Fleet Variable Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal	$ 5,494		5,260
U.S. Fleet Medium Term Notes 2015 Series 1
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.93%	2.93%
Outstanding principal	$ 780		780
U.S. Fleet Medium Term Notes 2015 Series 3
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.10%	3.10%
Outstanding principal	$ 371		371
U.S. Fleet Medium Term Notes 2016 Series 1
Debt Instrument [Line Items]
Outstanding principal	$ 0		466
U.S. Fleet Medium Term Notes 2016 Series 2
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.41%	3.41%
Outstanding principal	$ 595		595
U.S. Fleet Medium Term Notes 2016 Series 3
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.72%	2.72%
Outstanding principal	$ 424		424
U.S. Fleet Medium Term Notes 2016 Series 4
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.09%	3.09%
Outstanding principal	$ 424		424
U.S. Fleet Medium Term Notes 2017 Series 1
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.38%	3.38%
Outstanding principal	$ 450		450
U.S. Fleet Medium Term Notes 2017 Series 2
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.57%	3.57%
Outstanding principal	$ 350		350
U.S. Fleet Medium Term Notes 2018 Series 1
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.41%	3.41%
Outstanding principal	$ 1,000		1,000
U.S. Fleet Medium Term Notes 2018 Series 2
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.80%	3.80%
Outstanding principal	$ 200		200
U.S. Fleet Medium Term Notes 2018 Series 3
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.15%	4.15%
Outstanding principal	$ 200		200
U.S. Fleet Medium Term Notes 2019 Series 1
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.85%	3.85%
Outstanding principal	$ 700		0
Donlen ABS Program
Debt Instrument [Line Items]
Outstanding principal	$ 482		320
HFLF Series 2013-2 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.86%	3.86%
Outstanding principal	$ 482		320
HFLF Variable Funding Notes
Debt Instrument [Line Items]
Outstanding principal	1,038		1,151
HFLF Series 2015-1
Debt Instrument [Line Items]
Outstanding principal	$ 0		33
HFLF Series 2016-1
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.81%	3.81%
Outstanding principal	$ 136		171
HFLF Series 2017-1
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.86%	2.86%
Outstanding principal	$ 352		397
HFLF Series 2018-1
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.28%	3.28%
Outstanding principal	$ 550		550
Other Fleet Debt
Debt Instrument [Line Items]
Outstanding principal	$ 2,286		2,274
U.S. Vehicle RCF
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.98%	4.98%
Outstanding principal	$ 146		146
European Fleet Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	5.07%	5.07%
Outstanding principal	$ 815		$ 829
Foreign currency exchange rate (EURO to USD) | € / $	1.12	1.12	1.14
4.375% Senior Notes due January 2019
Debt Instrument [Line Items]
Interest rate	4.375%	4.375%
Face Amount | €		€ 425,000,000
4.125% Senior Notes due October 2021
Debt Instrument [Line Items]
Outstanding principal	$ 253		$ 257
Interest rate	4.125%	4.125%
Face Amount | €		€ 225,000,000
European Fleet Notes, 5.500%, Due March 2023
Debt Instrument [Line Items]
Outstanding principal	$ 562		572
Interest rate	5.50%	5.50%
Face Amount | €		€ 500,000,000
European ABS
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.75%	1.75%
Outstanding principal	$ 585		600
Canadian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.57%	3.57%
Outstanding principal	$ 261		220
Australian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.56%	3.56%
Outstanding principal	$ 155		155
New Zealand RCF
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.60%	4.60%
Outstanding principal	$ 41		40
UK Leveraged Financing
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.08%	3.08%
Outstanding principal	$ 244		242
Other Vehicle Debt
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.98%	3.98%
Outstanding principal	$ 39		$ 42

Debt (Narrative) (Details)

Debt (Narrative) (Details)	3 Months Ended
	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Oct. 31, 2019CAD ($)	Apr. 30, 2019CAD ($)	Mar. 31, 2019EUR (€)	Feb. 28, 2019USD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Adjustments:	$ (149,000,000)	$ (231,000,000)
HFLF Variable Funding Notes
Debt Instrument [Line Items]
Outstanding principal	1,038,000,000						$ 1,151,000,000
European Vehicle Notes
Debt Instrument [Line Items]
Outstanding principal	815,000,000						829,000,000
HVF II Series 2019-A Variable Funding Rental Car Asset Backed Notes
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 500,000,000
HVF II U.S. Vehicle Medium Term Notes, Series 2019-1 Rental Car Asset Backed Notes, Class A, B, C and D
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						745,000,000
European ABS
Debt Instrument [Line Items]
Outstanding principal	585,000,000						600,000,000
UK Leveraged Financing
Debt Instrument [Line Items]
Outstanding principal	244,000,000						242,000,000
New Zealand RCF
Debt Instrument [Line Items]
Outstanding principal	41,000,000						40,000,000
HFLF Series 2015-1
Debt Instrument [Line Items]
Outstanding principal	0						33,000,000
Canadian Securitization
Debt Instrument [Line Items]
Outstanding principal	$ 261,000,000						220,000,000
Senior RCF
Debt Instrument [Line Items]
Fixed charge coverage ratio, number of quarters	1 year
Senior RCF
Debt Instrument [Line Items]
Outstanding principal	$ 0						0
Senior Term Loan
Debt Instrument [Line Items]
Outstanding principal	670,000,000						674,000,000
5.500% Senior Notes due October 2024
Debt Instrument [Line Items]
Outstanding principal	$ 800,000,000						800,000,000
Interest rate	5.50%				5.50%
U.S. Vehicle RCF
Debt Instrument [Line Items]
Outstanding principal	$ 146,000,000						146,000,000
HFLF Series 2013-2 Notes
Debt Instrument [Line Items]
Outstanding principal	482,000,000						320,000,000
HFLF Series 2017-1
Debt Instrument [Line Items]
Outstanding principal	352,000,000						397,000,000
HFLF Series 2016-1
Debt Instrument [Line Items]
Outstanding principal	136,000,000						171,000,000
4.125% Senior Notes due October 2021
Debt Instrument [Line Items]
Outstanding principal	$ 253,000,000						257,000,000
Interest rate	4.125%				4.125%
Face Amount | €					€ 225,000,000
Senior Notes
Debt Instrument [Line Items]
Outstanding principal	$ 2,500,000,000						2,500,000,000
HVF II Series 2013-A
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						400,000,000
Outstanding principal	3,570,000,000						2,940,000,000
HVF II Series 2013-B
Debt Instrument [Line Items]
Outstanding principal	0						0
HFLF Series 2018-1
Debt Instrument [Line Items]
Outstanding principal	550,000,000						550,000,000
European Fleet Notes, 5.500%, Due March 2023
Debt Instrument [Line Items]
Outstanding principal	$ 562,000,000						572,000,000
Interest rate	5.50%				5.50%
Face Amount | €					€ 500,000,000
Letter of Credit
Debt Instrument [Line Items]
Outstanding standby letters of credit	$ 714,000,000
Vehicles
Debt Instrument [Line Items]
Repayments of principal in next twelve months	2,600,000,000
Repayments of debt	2,736,000,000	3,283,000,000
Proceeds from issuance of debt	3,667,000,000	5,181,000,000
Non-vehicle
Debt Instrument [Line Items]
Repayments of principal in next twelve months	19,000,000
Repayments of debt	344,000,000	131,000,000
Proceeds from issuance of debt	341,000,000	$ 127,000,000
Revolving Credit Facility | Senior RCF
Debt Instrument [Line Items]
Outstanding standby letters of credit	403,000,000
Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	400,000,000
Letter of Credit | Senior RCF
Debt Instrument [Line Items]
Outstanding standby letters of credit	$ 304,000,000
International Fleet Financing No. 2 B.V.
Debt Instrument [Line Items]
Ownership percentage	25.00%
VIE, total assets	$ 1,000,000,000						946,000,000
VIE, total liabilities	$ 1,000,000,000						$ 946,000,000
Affiliated Entity | HVF II U.S. Vehicle Medium Term Notes, Series 2019-1 Rental Car Asset Backed Notes, Class D
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 45,000,000
Forecast | Revolving Credit Facility | Funding LP Series 2015-A Notes
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 350,000,000
Subsequent Event | Revolving Credit Facility | Canadian Securitization, Due October 2018
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 90,000,000

Debt (Borrowing Capacity) (Deta

Debt (Borrowing Capacity) (Details) $ in Millions	Mar. 31, 2019USD ($)
Debt Instrument [Line Items]
Remaining capacity	$ 2,121
Availability under borrowing base limitation	531
Total Non-Vehicle Debt
Debt Instrument [Line Items]
Remaining capacity	461
Availability under borrowing base limitation	461
Senior RCF
Debt Instrument [Line Items]
Remaining capacity	459
Availability under borrowing base limitation	459
Letter of Credit Facility
Debt Instrument [Line Items]
Remaining capacity	2
Availability under borrowing base limitation	2
Total Vehicle Debt
Debt Instrument [Line Items]
Remaining capacity	1,660
Availability under borrowing base limitation	70
U.S. Vehicle RCF
Debt Instrument [Line Items]
Remaining capacity	0
Availability under borrowing base limitation	0
HVF II U.S. Vehicle Variable Funding Notes
Debt Instrument [Line Items]
Remaining capacity	995
Availability under borrowing base limitation	0
HFLF Variable Funding Notes
Debt Instrument [Line Items]
Remaining capacity	18
Availability under borrowing base limitation	2
European ABS
Debt Instrument [Line Items]
Remaining capacity	540
Availability under borrowing base limitation	68
Canadian Securitization
Debt Instrument [Line Items]
Remaining capacity	0
Availability under borrowing base limitation	0
Australian Securitization
Debt Instrument [Line Items]
Remaining capacity	22
Availability under borrowing base limitation	0
U.K. Financing Facility
Debt Instrument [Line Items]
Remaining capacity	85
Availability under borrowing base limitation	0
New Zealand RCF
Debt Instrument [Line Items]
Remaining capacity	0
Availability under borrowing base limitation	$ 0

Debt (Covenant Ratios) (Details

Debt (Covenant Ratios) (Details)	Mar. 31, 2019
Senior Revolving Credit Facility and Letter of Credit Facility
Debt Instrument [Line Items]
Maximum consolidated leverage ratio	3

Leases - Lease Income (Details)

Leases - Lease Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Lessee, Lease, Description [Line Items]
Lease Term, Remaining Economic Life of Underlying Asset, Minimum Threshold	75.00%
Lease Term, Remaining Economic Life of Underlying Asset, Last Remaining Life of Underlying Asset, Percent	25.00%
Present Value Threshold of Aggregate Lease Payments, Fair Value of Underlying Asset	90.00%
Operating Leases, Lease Income [Abstract]
Lease income	$ 2,025
Revenue accounted for under Topic 606	82
Revenues	2,107	$ 2,063
Vehicle Rentals, Operating Lease
Operating Leases, Lease Income [Abstract]
Lease income	1,800
Fleet Leasing, Operating Lease
Operating Leases, Lease Income [Abstract]
Lease income	158
Variable, Operating Lease
Operating Leases, Lease Income [Abstract]
Lease income	$ 67
Minimum
Lessee, Lease, Description [Line Items]
Lease, term	1 month
Maximum
Lessee, Lease, Description [Line Items]
Lease, term	35 years

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Lease, Cost [Abstract]
Short-term lease costs	$ 30
Other operating lease costs	134
Total	164	$ 577
Variable lease costs	63	438
Total lease costs	$ 227	$ 1,015

Leases - Schedule of Weighted A

Leases - Schedule of Weighted Average Lease Term and Discount Rates (Details)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Weighted average remaining lease term (in years)	9 years
Weighted average discount rate	10.90%

Leases - Schedule of Operating

Leases - Schedule of Operating Lease Fiscal Year Maturity (Details) - USD ($) $ in Millions	Mar. 31, 2019	Jan. 01, 2019
Leases [Abstract]
April 1, 2019 - March 31, 2020	$ 465
April 1, 2020 - March 31, 2021	379
April 1, 2021 - March 31, 2022	305
April 1, 2022 - March 31, 2023	226
April 1, 2023 - March 31, 2024	166
After March 31, 2024	930
Total lease payments	2,471
Interest	(958)
Operating lease liabilities at March 31, 2019	$ 1,513	$ 1,588

Income Tax (Provision) Benefit

Income Tax (Provision) Benefit (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Contingency [Line Items]
Effective tax rate (as percent)	1.00%	13.00%
Income tax (provision) benefit	$ (1)	$ (29)
The Hertz Corporation
Income Tax Contingency [Line Items]
Effective tax rate (as percent)	1.00%	13.00%
Income tax (provision) benefit	$ (1)	$ (29)

Earnings (Loss) Per Share - H_3

Earnings (Loss) Per Share - Hertz Global (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Numerator:
Net income (loss)	$ (148)	$ (202)
Net (income) loss attributable to noncontrolling interests	1	0
Net income (loss) attributable to Hertz Global	$ (147)	$ (202)
Denominator:
Basic weighted average shares outstanding	84	83
Dilutive stock options, RSUs and PSUs	0	0
Weighted average shares used to calculate diluted earnings (loss) per share	84	83
Earnings (loss) per share:
Basic earnings (loss) per share (in dollars per share)	$ (1.75)	$ (2.43)
Diluted earnings (loss) per share (in dollars per share)	$ (1.75)	$ (2.43)
Antidilutive stock options, RSUs and PSUs
Denominator:
Antidilutive stock options, RSUs, PSUs and PSAs	2	3

Fair Value Measurements (Cash a

Fair Value Measurements (Cash and Cash Equivalents and Investments) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Money market funds and time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 250	$ 701
Money market funds and time deposits | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	250	701
Money market funds and time deposits | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Money market funds and time deposits | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	55	44
Equity securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	55	44
Equity securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Equity 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, 2019	Dec. 31, 2018
Fair Value of Financial Instruments [Abstract]
Nominal Unpaid Principal Balance		$ 16,400
Aggregate Fair Value	$ 17,189	15,902
Non-Vehicle Debt
Fair Value of Financial Instruments [Abstract]
Nominal Unpaid Principal Balance		4,455
Aggregate Fair Value	4,304	4,011
Total Vehicle Debt
Fair Value of Financial Instruments [Abstract]
Nominal Unpaid Principal Balance		11,945
Aggregate Fair Value	$ 12,885	$ 11,891

Contingencies and Off-Balance_2

Contingencies and Off-Balance Sheet Commitments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Public liability and property damage	$ 411	$ 418
Net proceeds from repayment or recovery	15.00%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017
Related Party Transaction [Line Items]
Due from related parties				$ 425	$ 425
Contributions from noncontrolling interests	$ 25	$ 5
Master Loan Agreement
Related Party Transaction [Line Items]
Due from related parties	121		$ 117
Tax Related Liability
Related Party Transaction [Line Items]
Due from related parties	65
Mr. Icahn
Related Party Transaction [Line Items]
Purchases from related party	$ 12	$ 6
Mr. Icahn | Tax Related Liability
Related Party Transaction [Line Items]
Due from related parties			$ 65
767 Auto Leasing, LLC
Related Party Transaction [Line Items]
Lease, term	18 months
Lessee, renewal term	6 years
767 Auto Leasing, LLC | Master Motor Vehicle Lease and Management Agreement
Related Party Transaction [Line Items]
Operating income or loss, percent	25.00%

Segment Information (Details)

Segment Information (Details) $ in Millions		3 Months Ended
		Mar. 31, 2019USD ($)segment		Mar. 31, 2018USD ($)	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Number of reportable segments | segment		3
Revenues		$ 2,107		$ 2,063
Depreciation of revenue earning vehicles and lease charges		592		661
Adjusted Pre-tax Income (Loss):		(111)		(175)
Total assets		24,030	[1]		$ 22,922	$ 21,382	[1]
Adjustments:		(149)		(231)
Acquisition accounting
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjustments:		(14)		(15)
Debt-related charges
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjustments:		(14)		(16)
Restructuring and restructuring related charges
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjustments:		(7)		(4)
Finance and Information Technology Transformation Costs
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjustments:		(23)		(23)
Other
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjustments:		20		2
Operating Segments
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjusted Pre-tax Income (Loss):		32		(32)
Operating Segments | U.S. Rental Car
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues		1,520		1,426
Depreciation of revenue earning vehicles and lease charges		386		434
Adjusted Pre-tax Income (Loss):		25		(48)
Total assets		16,375				13,983
Operating Segments | International Rental Car
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues		433		468
Depreciation of revenue earning vehicles and lease charges		97		102
Adjusted Pre-tax Income (Loss):		(18)		(6)
Total assets		4,590				4,057
Operating Segments | All Other Operations
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues		154		169
Depreciation of revenue earning vehicles and lease charges		109		125
Adjusted Pre-tax Income (Loss):		25		22
Total assets		1,934				1,843
Corporate, Non-Segment
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjusted Pre-tax Income (Loss):		(143)		(143)
Total assets		1,131				1,499
The Hertz Corporation
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Gain (Loss) on Sale of Investments		(11)
Revenues		2,107		2,063
Depreciation of revenue earning vehicles and lease charges		592		661
Adjusted Pre-tax Income (Loss):		(109)		(174)
Total assets	[2]	24,030				$ 21,382
Adjustments:		(147)		(230)
The Hertz Corporation | Acquisition accounting
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjustments:		(14)		(15)
The Hertz Corporation | Debt-related charges
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjustments:		(14)		(16)
The Hertz Corporation | Restructuring and restructuring related charges
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjustments:		(7)		(4)
The Hertz Corporation | Finance and Information Technology Transformation Costs
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjustments:		(23)		(23)
The Hertz Corporation | Other
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjustments:		20		2
The Hertz Corporation | Operating Segments
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjusted Pre-tax Income (Loss):		32		(32)
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):		25		(48)
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):		(18)		(6)
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):		25		22
The Hertz Corporation | Corporate, Non-Segment
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjusted Pre-tax Income (Loss):		(141)		(142)
The Hertz Corporation | Segment Reconciling Items
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjusted Pre-tax Income (Loss):		$ 2		$ 1
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)		1.00%
Product Concentration Risk | Revenues | All Other Operations
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Concentration risk, percentage (less than)		1.00%
Non-vehicle | The Hertz Corporation
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Gain on sale of non-vehicle capital assets		$ 8
[1]	Hertz Global Holdings, Inc.'s consolidated total assets as of March 31, 2019 and December 31, 2018 include total assets of variable interest entities (“VIEs”) of $1.1 billion and $1.0 billion, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of March 31, 2019 and December 31, 2018 include total liabilities of VIEs of $1.0 billion and $947 million, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Special Purpose Entities" in Note 3, "Debt," and "Other Relationships" in Note 9, "Related Party Transactions," for further information.
[2]	The Hertz Corporation's consolidated total assets as of March 31, 2019 and December 31, 2018 include total assets of variable interest entities (“VIEs”) of $1.1 billion and $1.0 billion, respectively, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of March 31, 2019 and December 31, 2018 include total liabilities of VIEs of $1.0 billion and $947 million, respectively, for which the creditors of the VIEs have no recourse to The Hertz Corporation. See "Special Purpose Entities" in Note 3, "Debt," and "Other Relationships" in Note 9, "Related Party Transactions," for further information.

Guarantor and Non-Guarantor C_3

Guarantor and Non-Guarantor Condensed Consolidating Financial Information - Hertz (Balance Sheet) (Details) - USD ($) $ in Millions		Mar. 31, 2019		Jan. 01, 2019	Dec. 31, 2018		Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Jun. 30, 2017
ASSETS
Cash and cash equivalents		$ 554			$ 1,127
Restricted cash and cash equivalents:		452			283
Total cash, cash equivalents, restricted cash and restricted cash equivalents		1,006			1,410			$ 1,940	$ 1,504
Receivables, net of allowance		1,563			1,587
Due from affiliates							$ 425			$ 425
Prepaid expenses and other assets		1,107		$ 857
Revenue earning vehicles, net		13,768			12,419
Property and equipment, net		771			778
Operating lease right-of-use assets		1,514		1,585
Intangible assets, net		3,218			3,203
Goodwill		1,083			1,083
Total assets		24,030	[1]	22,922	21,382	[1]
LIABILITIES AND STOCKHOLDERS' EQUITY
Total accounts payable		1,279			988
Accrued liabilities		1,330		1,256
Accrued taxes, net		146			136
Debt		17,257			16,324
Operating lease liabilities at March 31, 2019		1,513		$ 1,588
Public liability and property damage		411			418
Deferred income taxes, net		1,089			1,092
Total liabilities	[1]	23,025			20,262
Equity:
Total stockholder's equity attributable to Hertz		922			1,061
Noncontrolling interests		83			59
Total stockholders' equity		1,005			1,120			1,138	1,520
Total liabilities and stockholders' equity		24,030			21,382
Eliminations
ASSETS
Cash and cash equivalents		0			0
Restricted cash and cash equivalents:		0			0
Total cash, cash equivalents, restricted cash and restricted cash equivalents		0			0			0	0
Receivables, net of allowance		0			0
Due from affiliates		(14,867)			(17,935)
Prepaid expenses and other assets		(4,306)			(4,264)
Revenue earning vehicles, net		0			0
Property and equipment, net		0			0
Operating lease right-of-use assets		0
Investment in subsidiaries, net		(9,129)			(9,174)
Intangible assets, net		0			0
Goodwill		0			0
Total assets		(28,302)			(31,373)
LIABILITIES AND STOCKHOLDERS' EQUITY
Due to affiliates		(14,867)			(17,935)
Total accounts payable		0			0
Accrued liabilities		0			0
Accrued taxes, net		(2,341)			(2,305)
Debt		0			0
Operating lease liabilities at March 31, 2019		0
Public liability and property damage		0			0
Deferred income taxes, net		(1,965)			(1,959)
Total liabilities		(19,173)			(22,199)
Equity:
Total stockholder's equity attributable to Hertz		(9,129)			(9,174)
Noncontrolling interests		0			0
Total stockholders' equity		(9,129)			(9,174)
Total liabilities and stockholders' equity		(28,302)			(31,373)
Parent (The Hertz Corporation)
Equity:
Total stockholder's equity attributable to Hertz					1,059
Noncontrolling interests					0
Total stockholders' equity					1,059
Total liabilities and stockholders' equity					18,440
Parent (The Hertz Corporation) | Reportable Legal Entities
ASSETS
Cash and cash equivalents		173			576
Restricted cash and cash equivalents:		130			137
Total cash, cash equivalents, restricted cash and restricted cash equivalents		303			713			690	911
Receivables, net of allowance		461			421
Due from affiliates		3,224			3,522
Prepaid expenses and other assets		5,085			4,863
Revenue earning vehicles, net		268			421
Property and equipment, net		611			590
Operating lease right-of-use assets		943
Investment in subsidiaries, net		7,569			7,648
Intangible assets, net		188			160
Goodwill		102			102
Total assets		18,754			18,440
LIABILITIES AND STOCKHOLDERS' EQUITY
Due to affiliates		10,833			11,351
Total accounts payable		395			388
Accrued liabilities		824			823
Accrued taxes, net		81			67
Debt		4,575			4,567
Operating lease liabilities at March 31, 2019		940
Public liability and property damage		186			185
Deferred income taxes, net		0			0
Total liabilities		17,834			17,381
Equity:
Total stockholder's equity attributable to Hertz		920
Noncontrolling interests		0
Total stockholders' equity		920
Total liabilities and stockholders' equity		18,754
Guarantor Subsidiaries
Equity:
Total stockholder's equity attributable to Hertz					6,847
Noncontrolling interests					0
Total stockholders' equity					6,847
Total liabilities and stockholders' equity					11,104
Guarantor Subsidiaries | Reportable Legal Entities
ASSETS
Cash and cash equivalents		3			3
Restricted cash and cash equivalents:		11			8
Total cash, cash equivalents, restricted cash and restricted cash equivalents		14			11			20	16
Receivables, net of allowance		167			174
Due from affiliates		4,138			5,312
Prepaid expenses and other assets		28			34
Revenue earning vehicles, net		0			1
Property and equipment, net		62			64
Operating lease right-of-use assets		198
Investment in subsidiaries, net		1,560			1,526
Intangible assets, net		3,026			3,039
Goodwill		943			943
Total assets		10,136			11,104
LIABILITIES AND STOCKHOLDERS' EQUITY
Due to affiliates		990			2,306
Total accounts payable		112			97
Accrued liabilities		50			69
Accrued taxes, net		17			15
Debt		0			0
Operating lease liabilities at March 31, 2019		199
Public liability and property damage		41			41
Deferred income taxes, net		1,732			1,729
Total liabilities		3,141			4,257
Equity:
Total stockholder's equity attributable to Hertz		6,995
Noncontrolling interests		0
Total stockholders' equity		6,995
Total liabilities and stockholders' equity		10,136
Non-Guarantor Subsidiaries
Equity:
Total stockholder's equity attributable to Hertz					2,327
Noncontrolling interests					59
Total stockholders' equity					2,386
Total liabilities and stockholders' equity					23,211
Non-Guarantor Subsidiaries | Reportable Legal Entities
ASSETS
Cash and cash equivalents		378			548
Restricted cash and cash equivalents:		311			138
Total cash, cash equivalents, restricted cash and restricted cash equivalents		689			686			1,230	577
Receivables, net of allowance		935			992
Due from affiliates		7,505			9,101
Prepaid expenses and other assets		300			269
Revenue earning vehicles, net		13,500			11,997
Property and equipment, net		98			124
Operating lease right-of-use assets		373
Investment in subsidiaries, net		0			0
Intangible assets, net		4			4
Goodwill		38			38
Total assets		23,442			23,211
LIABILITIES AND STOCKHOLDERS' EQUITY
Due to affiliates		3,044			4,278
Total accounts payable		772			503
Accrued liabilities		456			412
Accrued taxes, net		2,389			2,359
Debt		12,682			11,757
Operating lease liabilities at March 31, 2019		374
Public liability and property damage		184			192
Deferred income taxes, net		1,324			1,324
Total liabilities		21,225			20,825
Equity:
Total stockholder's equity attributable to Hertz		2,134
Noncontrolling interests		83
Total stockholders' equity		2,217
Total liabilities and stockholders' equity		23,442
The Hertz Corporation
ASSETS
Cash and cash equivalents		554			1,127
Restricted cash and cash equivalents:		452			283
Total cash, cash equivalents, restricted cash and restricted cash equivalents		1,006			1,410			1,940	1,504
Receivables, net of allowance		1,563			1,587
Due from affiliates		0			0
Prepaid expenses and other assets		1,107
Revenue earning vehicles, net		13,768			12,419
Property and equipment, net		771			778
Operating lease right-of-use assets		1,514
Investment in subsidiaries, net		0			0
Intangible assets, net		3,218			3,203
Goodwill		1,083			1,083
Total assets	[2]	24,030			21,382
LIABILITIES AND STOCKHOLDERS' EQUITY
Due to affiliates		0			0
Total accounts payable		1,279			988
Accrued liabilities		1,330
Accrued taxes, net		146			136
Debt		17,257			16,324
Operating lease liabilities at March 31, 2019		1,513
Public liability and property damage		411			418
Deferred income taxes, net		1,091			1,094
Total liabilities	[2]	23,027			20,264
Equity:
Total stockholder's equity attributable to Hertz		920			1,059
Noncontrolling interests		83			59
Total stockholders' equity		1,003			1,118			$ 1,138	$ 1,520
Total liabilities and stockholders' equity		$ 24,030			$ 21,382
[1]	Hertz Global Holdings, Inc.'s consolidated total assets as of March 31, 2019 and December 31, 2018 include total assets of variable interest entities (“VIEs”) of $1.1 billion and $1.0 billion, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of March 31, 2019 and December 31, 2018 include total liabilities of VIEs of $1.0 billion and $947 million, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Special Purpose Entities" in Note 3, "Debt," and "Other Relationships" in Note 9, "Related Party Transactions," for further information.
[2]	The Hertz Corporation's consolidated total assets as of March 31, 2019 and December 31, 2018 include total assets of variable interest entities (“VIEs”) of $1.1 billion and $1.0 billion, respectively, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of March 31, 2019 and December 31, 2018 include total liabilities of VIEs of $1.0 billion and $947 million, respectively, for which the creditors of the VIEs have no recourse to The Hertz Corporation. See "Special Purpose Entities" in Note 3, "Debt," and "Other Relationships" in Note 9, "Related Party Transactions," for further information.

Guarantor and Non-Guarantor C_4

Guarantor and Non-Guarantor Condensed Consolidating Financial Information - Hertz (Statement of Operations and Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Condensed Financial Statements, Captions [Line Items]
Revenues	$ 2,107	$ 2,063
Expenses:
Direct vehicle and operating	1,266	1,236
Depreciation of revenue earning vehicles and lease charges	592	661
Selling, general and administrative	234	234
Interest (income) expense, net	183	166
Other (income) expense, net	(19)	(3)
Total expenses	2,256	2,294
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries	149	231
Income tax (provision) benefit	1	29
Net income (loss)	(148)	(202)
Net (income) loss attributable to noncontrolling interests	1	0
Net income (loss) attributable to Hertz Global	(147)	(202)
Total other comprehensive income (loss)	7	(3)
Comprehensive income (loss) attributable to Hertz Global	(140)	(205)
Total comprehensive income (loss)	(141)	(205)
Eliminations
Condensed Financial Statements, Captions [Line Items]
Revenues	(1,438)	(801)
Expenses:
Direct vehicle and operating	0	0
Depreciation of revenue earning vehicles and lease charges	(1,438)	(801)
Selling, general and administrative	0	0
Interest (income) expense, net	0	0
Other (income) expense, net	0	0
Total expenses	(1,438)	(801)
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries	0	0
Income tax (provision) benefit	0	0
Equity in earnings (losses) of subsidiaries, net of tax	(1,137)	(424)
Net income (loss)	(1,137)	(424)
Net (income) loss attributable to noncontrolling interests	0
Net income (loss) attributable to Hertz Global	(1,137)
Total other comprehensive income (loss)	(9)	5
Comprehensive income (loss) attributable to Hertz Global	(1,146)
Total comprehensive income (loss)		(419)
Parent (The Hertz Corporation) | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Revenues	1,151	1,056
Expenses:
Direct vehicle and operating	812	751
Depreciation of revenue earning vehicles and lease charges	1,394	766
Selling, general and administrative	157	161
Interest (income) expense, net	107	102
Other (income) expense, net	(19)	(2)
Total expenses	2,451	1,778
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries	1,300	722
Income tax (provision) benefit	42	122
Equity in earnings (losses) of subsidiaries, net of tax	1,112	399
Net income (loss)	(146)	(201)
Net (income) loss attributable to noncontrolling interests	0
Net income (loss) attributable to Hertz Global	(146)
Total other comprehensive income (loss)	8	(3)
Comprehensive income (loss) attributable to Hertz Global	(138)
Total comprehensive income (loss)		(204)
Guarantor Subsidiaries | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Revenues	320	319
Expenses:
Direct vehicle and operating	157	172
Depreciation of revenue earning vehicles and lease charges	74	84
Selling, general and administrative	16	12
Interest (income) expense, net	(46)	(33)
Other (income) expense, net	0	0
Total expenses	201	235
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries	(119)	(84)
Income tax (provision) benefit	(4)	(14)
Equity in earnings (losses) of subsidiaries, net of tax	25	25
Net income (loss)	140	95
Net (income) loss attributable to noncontrolling interests	0
Net income (loss) attributable to Hertz Global	140
Total other comprehensive income (loss)	2	(2)
Comprehensive income (loss) attributable to Hertz Global	142
Total comprehensive income (loss)		93
Non-Guarantor Subsidiaries | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Revenues	2,074	1,489
Expenses:
Direct vehicle and operating	297	313
Depreciation of revenue earning vehicles and lease charges	562	612
Selling, general and administrative	61	61
Interest (income) expense, net	120	96
Other (income) expense, net	0	(1)
Total expenses	1,040	1,081
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries	(1,034)	(408)
Income tax (provision) benefit	(37)	(79)
Equity in earnings (losses) of subsidiaries, net of tax	0	0
Net income (loss)	997	329
Net (income) loss attributable to noncontrolling interests	1
Net income (loss) attributable to Hertz Global	998
Total other comprehensive income (loss)	6	(3)
Comprehensive income (loss) attributable to Hertz Global	1,004
Total comprehensive income (loss)		326
The Hertz Corporation
Condensed Financial Statements, Captions [Line Items]
Revenues	2,107	2,063
Expenses:
Direct vehicle and operating	1,266	1,236
Depreciation of revenue earning vehicles and lease charges	592	661
Selling, general and administrative	234	234
Interest (income) expense, net	181	165
Other (income) expense, net	(19)	(3)
Total expenses	2,254	2,293
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries	147	230
Income tax (provision) benefit	1	29
Equity in earnings (losses) of subsidiaries, net of tax	0	0
Net income (loss)	(146)	(201)	$ (201)
Net (income) loss attributable to noncontrolling interests	1	0
Net income (loss) attributable to Hertz Global	(145)	(201)
Total other comprehensive income (loss)	7	(3)	$ (3)
Comprehensive income (loss) attributable to Hertz Global	(138)	(204)
Total comprehensive income (loss)	$ (139)	$ (204)

Guarantor and Non-Guarantor C_5

Guarantor and Non-Guarantor Condensed Consolidating Financial Information - Hertz (Statement of Cash Flows) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	$ 514	$ 401
Cash flows from investing activities:
Revenue earning vehicles expenditures	(3,973)	(3,565)
Proceeds from disposal of revenue earning vehicles	2,153	1,782
Capital asset expenditures, non-vehicle	(54)	(44)
Proceeds from property and other equipment disposed of or to be disposed of	19	4
Other	0	(27)
Net cash provided by (used in) investing activities	(1,855)	(1,850)
Cash flows from financing activities:
Payment of financing costs	(12)	(19)
Contributions from noncontrolling interests	25	5
Other	(2)	(3)
Net cash provided by (used in) financing activities	939	1,877
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	(2)	8
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	(404)	436
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	1,410	1,504
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	1,006	1,940
Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	3,667	5,181
Repayments of debt	(2,736)	(3,283)
Non-vehicle
Cash flows from financing activities:
Proceeds from issuance of debt	341	127
Repayments of debt	(344)	(131)
Eliminations
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(993)	(341)
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 property and other equipment disposed of or to be disposed of	0	0
Other		0
Capital contributions to subsidiaries	376	877
Return of capital from subsidiaries	(406)	(1,307)
Proceeds from/repayments of intercompany loan	(434)	(235)
Net cash provided by (used in) investing activities	(464)	(665)
Cash flows from financing activities:
Payment of financing costs	0	0
Advances to Hertz Global/Old Hertz Holdings	0	0
Contributions from noncontrolling interests	0
Other		0
Capital contributions received from parent	(376)	(877)
Payment of dividends and return of capital	1,399	1,648
Proceeds from/repayments of intercompany loan	434	235
Net cash provided by (used in) financing activities	1,457	1,006
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	0	0
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	0	0
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	0	0
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	0	0
Eliminations | Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	0	0
Repayments of debt	0	0
Eliminations | Non-vehicle
Cash flows from financing activities:
Proceeds from issuance of debt	0	0
Repayments of debt	0	0
Parent (The Hertz Corporation) | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	83	(221)
Cash flows from investing activities:
Revenue earning vehicles expenditures	(102)	(129)
Proceeds from disposal of revenue earning vehicles	48	48
Capital asset expenditures, non-vehicle	(45)	(28)
Proceeds from property and other equipment disposed of or to be disposed of	17	0
Other		(24)
Capital contributions to subsidiaries	(376)	(877)
Return of capital from subsidiaries	406	1,307
Proceeds from/repayments of intercompany loan	0	0
Net cash provided by (used in) investing activities	(52)	297
Cash flows from financing activities:
Payment of financing costs	0	(1)
Advances to Hertz Global/Old Hertz Holdings	(4)	(4)
Contributions from noncontrolling interests	0
Other		0
Capital contributions received from parent	0	0
Payment of dividends and return of capital	0	0
Proceeds from/repayments of intercompany loan	(434)	(235)
Net cash provided by (used in) financing activities	(441)	(297)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	0	0
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	(410)	(221)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	713	911
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	303	690
Parent (The Hertz Corporation) | Reportable Legal Entities | Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	195	554
Repayments of debt	(195)	(607)
Parent (The Hertz Corporation) | Reportable Legal Entities | Non-vehicle
Cash flows from financing activities:
Proceeds from issuance of debt	341	127
Repayments of debt	(344)	(131)
Guarantor Subsidiaries | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	5	7
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	(2)	(3)
Proceeds from property and other equipment disposed of or to be disposed of	0	0
Other		0
Capital contributions to subsidiaries	0	0
Return of capital from subsidiaries	0	0
Proceeds from/repayments of intercompany loan	0	0
Net cash provided by (used in) investing activities	(2)	(3)
Cash flows from financing activities:
Payment of financing costs	0	0
Advances to Hertz Global/Old Hertz Holdings	0	0
Contributions from noncontrolling interests	0
Other		0
Capital contributions received from parent	0	0
Payment of dividends and return of capital	0	0
Proceeds from/repayments of intercompany loan	0	0
Net cash provided by (used in) financing activities	0	0
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	0	0
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	3	4
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	11	16
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	14	20
Guarantor Subsidiaries | Reportable Legal Entities | Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	0	0
Repayments of debt	0	0
Guarantor Subsidiaries | Reportable Legal Entities | Non-vehicle
Cash flows from financing activities:
Proceeds from issuance of debt	0	0
Repayments of debt	0	0
Non-Guarantor Subsidiaries | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	1,421	957
Cash flows from investing activities:
Revenue earning vehicles expenditures	(3,871)	(3,436)
Proceeds from disposal of revenue earning vehicles	2,105	1,734
Capital asset expenditures, non-vehicle	(7)	(13)
Proceeds from property and other equipment disposed of or to be disposed of	2	4
Other		(3)
Capital contributions to subsidiaries	0	0
Return of capital from subsidiaries	0	0
Proceeds from/repayments of intercompany loan	434	235
Net cash provided by (used in) investing activities	(1,337)	(1,479)
Cash flows from financing activities:
Payment of financing costs	(12)	(18)
Advances to Hertz Global/Old Hertz Holdings	0	0
Contributions from noncontrolling interests	25
Other		5
Capital contributions received from parent	376	877
Payment of dividends and return of capital	(1,399)	(1,648)
Proceeds from/repayments of intercompany loan	0	0
Net cash provided by (used in) financing activities	(79)	1,167
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	(2)	8
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	3	653
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	686	577
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	689	1,230
Non-Guarantor Subsidiaries | Reportable Legal Entities | Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	3,472	4,627
Repayments of debt	(2,541)	(2,676)
Non-Guarantor Subsidiaries | Reportable Legal Entities | Non-vehicle
Cash flows from financing activities:
Proceeds from issuance of debt	0	0
Repayments of debt	0	0
The Hertz Corporation
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	516	402
Cash flows from investing activities:
Revenue earning vehicles expenditures	(3,973)	(3,565)
Proceeds from disposal of revenue earning vehicles	2,153	1,782
Capital asset expenditures, non-vehicle	(54)	(44)
Proceeds from property and other equipment disposed of or to be disposed of	19	4
Other	0	(27)
Capital contributions to subsidiaries	0	0
Return of capital from subsidiaries	0	0
Proceeds from/repayments of intercompany loan	0	0
Net cash provided by (used in) investing activities	(1,855)	(1,850)
Cash flows from financing activities:
Payment of financing costs	(12)	(19)
Advances to Hertz Global/Old Hertz Holdings	(4)	(4)
Contributions from noncontrolling interests	25	5
Other	0	0
Capital contributions received from parent	0	0
Payment of dividends and return of capital	0	0
Proceeds from/repayments of intercompany loan	0	0
Net cash provided by (used in) financing activities	937	1,876
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	(2)	8
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	(404)	436
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	1,410	1,504
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	1,006	1,940
The Hertz Corporation | Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	3,667	5,181
Repayments of debt	(2,736)	(3,283)
The Hertz Corporation | Non-vehicle
Cash flows from financing activities:
Proceeds from issuance of debt	341	127
Repayments of debt	$ (344)	$ (131)

Uncategorized Items - htz-20190

Label	Element	Value
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 1,331,000,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(189,000,000)
The Hertz Corporation [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	1,331,000,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(189,000,000)
AOCI Attributable to Parent [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	(118,000,000)
AOCI Attributable to Parent [Member] | The Hertz Corporation [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	(118,000,000)
Noncontrolling Interest [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	0
Parent [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	1,331,000,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(189,000,000)
Parent [Member] | The Hertz Corporation [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	1,331,000,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(189,000,000)
Treasury Stock [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ (100,000,000)
Shares, Issued	us-gaap_SharesIssued	2,000,000
Additional Paid-in Capital [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 2,243,000,000
Additional Paid-in Capital [Member] | The Hertz Corporation [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	3,166,000,000
Common Stock [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 1,000,000
Shares, Issued	us-gaap_SharesIssued	84,000,000
Common Stock [Member] | The Hertz Corporation [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 0
Shares, Issued	us-gaap_SharesIssued	100,000,000
Retained Earnings [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ (695,000,000)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(189,000,000)
Retained Earnings [Member] | The Hertz Corporation [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	(1,675,000,000)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(189,000,000)
Due From Affiliate [Member] | The Hertz Corporation [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ (42,000,000)