Hertz (HRZ) 10-K 16 Jul 15 2014 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2014	Jun. 30, 2015	Jun. 30, 2014
Document And Entity Information [Abstract]
Entity Registrant Name	HERTZ CORP
Entity Central Index Key	47,129
Document Type	10-K
Document Period End Date	Dec. 31, 2014
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	No
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		100
Document Fiscal Year Focus	2,014
Document Fiscal Period Focus	FY
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Public Float			$ 0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2014	Nov. 13, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 490		$ 629	$ 540	$ 498	$ 411	$ 505	$ 467	$ 650	$ 541	$ 918
Restricted cash and cash equivalents	571		748	717	453	861	522	390	415	546
Receivables, net of allowance of $67 and $62, respectively	1,597		1,702	1,511	1,344	1,397	1,597	1,545	1,448	1,787
Due from Hertz Global Holdings, Inc.	95	$ 125	96	95	114	93	11	1	13	13
Inventories, net	67		94	103	94	87	104	127	107	102
Prepaid expenses and other assets	917		786	772	818	715	666	755	543	479
Revenue earning equipment:
Cars	14,622		15,809	16,553	14,995	14,456	15,177	15,418	13,632	12,542
Less accumulated depreciation - cars	(3,411)		(3,491)	(3,244)	(2,931)	(2,681)	(2,396)	(2,125)	(1,958)	(1,855)
Other equipment	3,613		3,707	3,695	3,585	3,535	3,514	3,452	3,336	3,257
Less accumulated depreciation - other equipment	(1,171)		(1,173)	(1,175)	(1,144)	(1,119)	(1,102)	(1,062)	(1,060)	(1,052)
Revenue earning equipment, net	13,653		14,852	15,829	14,505	14,191	15,193	15,683	13,950	12,892
Property and equipment:
Land, buildings and leasehold improvements	1,268		1,325	1,319	1,282	1,271	1,284	1,241	1,224	1,224
Service equipment and other	1,148		1,067	1,066	1,051	978	950	1,041	1,033	1,059
Less accumulated depreciation	(1,094)		(1,128)	(1,108)	(1,051)	(964)	(958)	(1,021)	(991)	(1,024)
Property and equipment, net	1,322		1,264	1,277	1,282	1,285	1,276	1,261	1,266	1,259
Other intangible assets, net	4,009		4,049	4,067	4,100	4,124	4,126	4,136	4,161	4,180
Goodwill	1,359		1,349	1,353	1,353	1,352	1,363	1,363	1,346	1,333
Total assets	24,080		25,569	26,264	24,562	24,516	25,363	25,728	23,899	23,132
LIABILITIES AND EQUITY
Accounts payable	1,008		1,078	1,705	1,307	1,021	981	1,520	1,337	1,036
Accrued liabilities	1,148		1,156	1,078	1,166	1,172	1,356	1,242	1,260	1,212
Accrued taxes, net	134		191	155	160	145	182	138	146	147
Debt	15,993		16,986	17,310	16,042	16,228	17,055	17,394	15,876	15,015
Public liability and property damage	385		385	378	366	351	347	328	322	333
Deferred taxes on income, net	2,917		2,963	2,941	2,917	2,919	2,812	2,739	2,687	2,648
Total liabilities	$ 21,585		22,759	23,567	21,958	$ 21,836	$ 22,733	$ 23,361	$ 21,628	$ 20,391
Commitments and contingencies			0	0	0
The Hertz Corporation and Subsidiaries stockholder's equity
Common Stock, $0.01 par value, 3,000 shares authorized, 100 shares issued and outstanding	$ 0		0	0	0	$ 0	$ 0	$ 0	$ 0	$ 0
Additional paid-in capital	3,566		3,570	3,570	3,562	3,552	3,548	3,533	3,520	3,510
Accumulated deficit	(956)		(722)	(872)	(945)	(878)	(861)	(1,091)	(1,199)	(746)
Accumulated other comprehensive income (loss)	(115)		(38)	(1)	(13)	6	(57)	(75)	(50)	(23)
Total equity	2,495		2,810	2,697	2,604	2,680	2,630	2,367	2,271	2,741
Total liabilities and equity	$ 24,080		$ 25,569	$ 26,264	$ 24,562	$ 24,516	$ 25,363	$ 25,728	$ 23,899	$ 23,132

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts (in dollars)	$ 67	$ 62	$ 53
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common Stock, shares authorized	3,000	3,000	3,000
Common Stock, shares issued	100	100	100
Common Stock, shares outstanding	100	100	100

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues:
Worldwide car rental	$ 2,000	$ 2,563	$ 2,304	$ 2,039	$ 2,019	$ 2,538	$ 2,197	$ 1,955	$ 4,343	$ 4,153	$ 6,907	$ 6,690	$ 8,907	$ 8,709	$ 7,153
Worldwide equipment rental	416	413	384	358	401	403	381	353	743	734	1,155	1,138	1,571	1,539	1,382
All other operations	143	145	142	139	135	134	130	129	280	258	425	392	568	527	478
Total revenues	2,559	3,121	2,830	2,536	2,555	3,075	2,708	2,437	5,366	5,145	8,487	8,220	11,046	10,775	9,013
Expenses:
Direct operating	1,575	1,702	1,594	1,443	1,449	1,547	1,417	1,364	3,037	2,781	4,738	4,328	6,314	5,777	4,861
Depreciation of revenue earning equipment and lease charges, net	853	746	708	726	641	672	632	589	1,434	1,220	2,180	1,893	3,034	2,533	2,128
Selling, general and administrative	246	303	265	276	234	282	287	250	541	538	844	819	1,088	1,053	978
Interest expense, net	163	163	162	153	168	173	168	161	315	329	479	502	641	669	596
Other (income) expense, net	6	3	(22)	(3)	21	44	(2)	0	(25)	(2)	(22)	42	(15)	64	33
Total expenses	2,843	2,917	2,707	2,595	2,513	2,718	2,502	2,364	5,302	4,866	8,219	7,584	11,062	10,096	8,596
Total	(284)	204	123	(59)	42	357	206	73	64	279	268	636	(16)	679	417
(Provision) benefit for taxes on income (loss)	50	(54)	(50)	(8)	(56)	(128)	(86)	(59)	(58)	(145)	(112)	(272)	(62)	(329)	(200)
Net income (loss)	$ (234)	$ 150	$ 73	$ (67)	$ (14)	$ 229	$ 120	$ 14	$ 6	$ 134	$ 156	$ 364	$ (78)	$ 350	$ 217

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ (78)	$ 350	$ 217
Other comprehensive income (loss):
Foreign currency translation adjustments		(57)	(45)	14
Reclassification of foreign currency items to other (income) expense, net		0	1	0
Unrealized holding gain (loss) on securities	[1]	(14)	21	0
Reclassification of net unrealized gain on securities to prepaid expense and other assets	[1]	(7)	0	0
Net gain (loss) on defined benefit pension plans		(41)	85	(28)
Reclassification of net periodic costs related to defined benefit pension plans to selling, general and administrative expense		(11)	2	9
Total other comprehensive income (loss), before income taxes		(130)	64	(5)
Tax impact related to net gains and losses on defined benefit pension plans		7	(33)	9
Tax provision on reclassified amounts of net periodic costs on defined benefit pension plans		2	(2)	(3)
Total other comprehensive income (loss)		(121)	29	1
Total comprehensive income (loss)		$ (199)	$ 379	$ 218
[1]	Amount relates to the Company's investment in the debt securities of China Auto Rental which were converted into equity of that entity in April 2014. See Note 5, "Acquisitions and Divestitures"

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance, shares (As Previously Reported) at Dec. 31, 2011		100
Beginning balance, shares at Dec. 31, 2011		100
Beginning balance (As Previously Reported) at Dec. 31, 2011	$ 2,612	$ 0	$ 3,474	$ (833)	$ (29)
Beginning balance (Restatement Adjustment)	(100)			(101)	1
Beginning balance at Dec. 31, 2011	2,512	$ 0	3,474	(938)	(24)
Beginning balance (Adjustments for Change In Accounting Pronouncement) at Dec. 31, 2011	0			(4)	4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	217			217
Dividends paid to Hertz Global Holdings, Inc.	(25)			(25)
Other comprehensive income | As Previously Reported	2
Other comprehensive income	1				1
Proceeds from employee stock purchase plan	5		5
Stock-based employee compensation charges	30		30
Hertz Holdings common shares issued to Directors	1		1
Ending balance, shares at Dec. 31, 2012		100
Ending balance (Restatement Adjustment)				(55)
Ending balance at Dec. 31, 2012	2,741	$ 0	3,510	(746)	(23)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	350			350
Dividends paid to Hertz Global Holdings, Inc.	(482)			(482)
Other comprehensive income | As Previously Reported	34
Other comprehensive income	29				29
Proceeds from employee stock purchase plan	6		6
Stock-based employee compensation charges	35		35
Hertz Holdings common shares issued to Directors	1		1
Ending balance, shares at Dec. 31, 2013		100
Ending balance (Restatement Adjustment)				(44)
Ending balance at Dec. 31, 2013	2,680	$ 0	3,552	(878)	6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(78)			(78)
Other comprehensive income	(121)				(121)
Proceeds from employee stock purchase plan	9		9
Stock-based employee compensation charges	4		4
Hertz Holdings common shares issued to Directors	1		1
Ending balance, shares at Dec. 31, 2014		100
Ending balance at Dec. 31, 2014	$ 2,495	$ 0	$ 3,566	$ (956)	$ (115)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:
Net income (loss)	$ (78)	$ 350	$ 217
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation of revenue earning equipment, net	2,954	2,452	2,048
Depreciation and amortization, non-fleet assets	366	339	261
Amortization and write-off of deferred financing costs	56	54	52
Amortization and write-off of debt discount (premium)	(13)	(6)	4
Stock-based compensation charges	11	35	30
Loss on disposal of business	0	4	46
Loss on extinguishment of debt	0	7	0
Provision for receivables allowance	62	71	58
Deferred taxes on income	8	255	110
Impairment charges and asset write-downs	47	40	0
Other	(18)	(6)	(9)
Changes in assets and liabilities, net of effects of acquisition:
Receivables	(90)	(53)	(125)
Inventories, prepaid expenses and other assets	(64)	(35)	(18)
Accounts payable	23	54	52
Accrued liabilities	140	28	(20)
Accrued taxes	(3)	27	41
Public liability and property damage	56	(1)	(4)
Net cash provided by operating activities	3,457	3,615	2,743
Cash flows from investing activities:
Net change in restricted cash and cash equivalents	283	(315)	(237)
Revenue earning equipment expenditures	(11,289)	(10,289)	(9,611)
Proceeds from disposal of revenue earning equipment	8,209	7,256	7,123
Capital asset expenditures, non-fleet	(374)	(327)	(298)
Proceeds from disposal of property and equipment	93	81	125
Acquisitions, net of cash acquired	(75)	(41)	(1,905)
Proceeds from disposal of business	0	0	84
Equity method investment	(30)	(213)	0
Repayments of loans with Hertz Global Holdings, Inc.	(28)	(129)	(25)
Proceeds from loans with Hertz Global Holdings, Inc.	25	49	12
Other investing activities	0	(2)	(2)
Net cash used in investing activities	(3,186)	(3,930)	(4,734)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	400	2,275	2,237
Repayments of long-term debt	(1,183)	(1,045)	(952)
Short-term borrowings:
Proceeds	626	596	438
Payments	(726)	(1,018)	(1,280)
Proceeds under the revolving lines of credit	5,864	9,012	6,464
Payments under the revolving lines of credit	(5,081)	(9,104)	(5,190)
Purchase of noncontrolling interest	0	0	(38)
Payment of financing costs	(63)	(54)	(49)
Dividend paid to Hertz Global Holdings, Inc.	0	(482)	(25)
Other	2	5	3
Net cash provided by (used in) financing activities	(161)	185	1,608
Effect of foreign exchange rate changes on cash and cash equivalents	(31)	0	6
Net change in cash and cash equivalents during the period	79	(130)	(377)
Cash and cash equivalents at beginning of period	411	541	918
Cash and cash equivalents at end of period	490	411	541
Cash paid during the period for:
Interest (net of amounts capitalized)	557	632	535
Income taxes, net of refunds	64	71	72
Supplemental disclosures of non-cash flow information:
Purchases of revenue earning equipment included in accounts payable and accrued liabilities	198	289	250
Sales of revenue earning equipment included in receivables	544	357	617
Purchases of property and equipment included in accounts payable	69	56	51
Sales of property and equipment included in receivables	4	17	17
Consideration for investment in equity method investee	130	23	0
Revenue earning equipment and property and equipment acquired through capital lease	$ 22	$ 52	$ 130

Background

Background	12 Months Ended
	Dec. 31, 2014
Background Disclosure [Abstract]
Background	Background The Hertz Corporation together with its subsidiaries are referred to herein as the "Company," or "Hertz." All of the Company's outstanding common stock is owned by Hertz Investors, Inc. which is wholly owned by Hertz Global Holdings, Inc., or "Hertz Holdings." The Company operates its U.S. car rental and International car rental businesses through the Hertz, Dollar, Thrifty and Firefly brands from company-owned, licensee and franchisee locations in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. In its worldwide equipment rental business, the Company rents equipment in the U.S., Canada, France, Spain, the United Kingdom, China and Saudi Arabia, as well as through its international franchisees. The Company also owns Donlen Corporation, or "Donlen," based in Northbrook, Illinois, which is a leader in providing fleet leasing and management services. The Company is a successor to corporations that have been engaged in the car and truck rental and leasing business since 1918 and the equipment rental business since 1965. Hertz was incorporated in Delaware in 1967 Ford Motor Company acquired an ownership interest in Hertz in 1987 and in 2001 owned 100% of Hertz through one or more of its subsidiaries. In December 2005, certain private investment funds, which the Company refers to collectively as the "Sponsors," through Hertz Investors Inc., acquired all of Hertz's common stock from Ford Holdings LLC. Hertz Investors Inc. continues to own 100% of the Company. In May 2013, the Company announced plans to relocate its worldwide headquarters to Estero, Florida from Park Ridge, New Jersey which is expected to be completed by late 2015. In March 2014, the Company announced that its Board of Directors approved plans to separate Hertz Holdings into two independent, publicly traded companies. One of the companies will continue to operate the Hertz, Dollar, Thrifty and Firefly car rental businesses as well as Donlen; and the other will operate the Hertz Equipment Rental Corporation, or "HERC." The separation is planned to be in the form of a tax-free spin-off of HERC to Hertz Holdings shareholders, and the Company expects to separate the businesses in a tax-efficient manner.

Restatement

Restatement	12 Months Ended
	Dec. 31, 2014
Accounting Changes and Error Corrections [Abstract]
Restatement	Restatement Revisions Reported in the 2013 Form 10-K During the fourth quarter of 2013, the Company identified certain out of period misstatements totaling $ 46 million , of which $ 35 million ($ 21 million , net of tax) related to its previously issued consolidated financial statements for the years ended December 31, 2012 and prior. While these misstatements did not, individually or in the aggregate, result in a material misstatement of the Company's previously issued consolidated financial statements, correcting these misstatements in the fourth quarter of 2013 would have been material to that quarter. Accordingly, management revised its previously reported consolidated financial statements in the Form 10-K for the year ended December 31, 2013 filed with the SEC on March 31, 2014 ("2013 Form 10-K"). These recorded pre-tax adjustments relate to vendor incentives (reduced pre-tax income by $ 2 million in 2012) which had been accounted for as a reduction of marketing expenses instead of reducing the cost of revenue earning equipment, charges related to certain assets and allowances for doubtful accounts in Brazil (reduced pre-tax income by $ 4 million in 2012), as well as other immaterial misstatements (reduced pre-tax income by $ 3 million in 2012). The column in the tables below labeled "As Previously Reported" reflects the revised numbers that include the effects of these out of period misstatements. Certain prior period amounts have been reclassified to conform with current period presentation. Restatement As discussed in the Explanatory Note to this Annual Report on Form 10-K, this Note 2 to the consolidated financial statements discloses the nature of the restatement matters and adjustments and shows the impact of the restatement matters on revenues, expenses, income, assets, liabilities, equity, and cash flows from operating activities, investing activities, and financing activities, and the cumulative effects of these adjustments on the consolidated statement of operations, balance sheet, and cash flows for 2012 and 2013. In addition, this Note shows the effects of the adjustment to opening retained earnings as of January 1, 2012, which adjustment reflects the impact of the restatement on periods prior to 2012. The cumulative impact of the out of period misstatements for all previously reported periods through December 31, 2013, including amounts associated with the revision previously reported in the 2013 Form 10-K, was approximately a $ 349 million reduction in pre-tax income and $231 million reduction in net income. The cumulative annual impact on 2012 and 2013 was a reduction in pre-tax income and net income of $90 million and $62 million for 2012 and $72 million and $51 million for 2013. Excluding the revision included in the 2013 Form 10-K of $26 million on a pre-tax basis and $ 17 million on an after-tax basis, approximately $160 million on a pre-tax basis and $100 million on an after-tax basis is included as a reduction to opening retained earnings as of January 1, 2012. For information on the impact of the restatement on the year 2011, reference is made to Item 6 - Selected Financial Data of this Annual Report on Form 10-K. Restatement Background During the preparation of the Company's Form 10-Q for the first quarter of 2014, misstatements were identified in the previous financial statements relating to the capitalization and timing of depreciation for certain non-fleet assets, allowances for doubtful accounts in Brazil, as well as other items. These misstatements, in combination with misstatements previously identified in the revision included in the Company's 2013 Form 10-K related to vehicle vendor allowances for marketing and misstatements related to the Brazil operations, resulted in the Audit Committee, in consultation with the Company's management, concluding on June 3, 2014 that the Company's financial statements for 2011 should no longer be relied upon, and would require restatement. In light of the above, in June 2014, the Audit Committee directed that two complementary processes be undertaken. First, the Audit Committee directed management to conduct a thorough review of the Company's financial records for fiscal years 2011, 2012 and 2013 to determine whether further adjustments were necessary. This review, which was conducted with the assistance of outside consultants, identified additional misstatements, including misstatements related to: • capitalization and timing of depreciation for non-fleet capital and information technology expenditures; • accruals for uninvoiced non-fleet vendor obligations; • accrual for salvage vehicles; • the amortization period associated with vehicle registration and license fees; • reserve estimates associated with allowances for uncollectible amounts receivable for renter obligations related to damaged vehicles; • reserve estimates associated with allowances for doubtful accounts, including credit memos; • reserve estimates associated with probable credit card charge backs; • accruals for customer rewards programs; • accrued unbilled revenue; • reserve estimates associated with allowances for doubtful accounts for the Brazil operations; • accruals for travel vouchers associated with the Brazil operations; • Brazil operations litigation reserves; • other assets and intercompany accounts for the Brazil operations; • accruals for restoration obligations at the end of facility leases; and • disclosure of gross equipment and accumulated depreciation balances associated with the capitalization of refurbishment costs. On November 10, 2014, the Audit Committee, in consultation with management, concluded that additional proposed adjustments arising out of the review were material to the Company's 2012 and 2013 financial statements and that, as a result, the 2012 and 2013 financial statements also would require restatement. The second process, which the Company commenced in June 2014, involved an internal investigation of certain matters related to the accounting during prior periods. The investigation was undertaken by outside counsel, along with independent counsel for the Audit Committee. Counsel received assistance from outside consultants and new senior accounting and compliance personnel. The internal investigation is complete, although the Company's outside counsel and the independent counsel to the Audit Committee continue to provide forensic and investigative support in connection with certain proceedings discussed in Item 3, "Legal Proceedings," in this Annual Report on Form 10-K and in Note 14 , " Contingencies and Off-Balance Sheet Commitments " to the consolidated financial statements involving the Company's restatements and related accounting for prior periods. As part of the Company’s review of its financial records, the Company identified control deficiencies related to the control environment, risk assessment, information and communication, and monitoring. For further information regarding these control deficiencies, please see Item 9A - Controls and Procedures in this Annual Report on Form 10-K. The Company’s incorrect accounting was the result of these control deficiencies and the complex mix of structural and environmental factors. The Company’s investigation found that one of these factors was that an inconsistent and sometimes inappropriate tone at the top that was present under the then existing senior management that did not in certain instances result in adherence to GAAP and Company accounting policies and procedures. In particular, the Company’s former Chief Executive Officer’s management style and temperament created a pressurized operating environment at the Company, where challenging targets were set and achieving those targets was a key performance expectation. There was in certain instances an inappropriate emphasis on meeting internal budgets, business plans, and current estimates. The Company’s former Chief Executive Officer further encouraged employees to focus on potential business risks and opportunities, and on potential financial or operating performance gaps, as well as ways of ameliorating potential risks or gaps, including through accounting reviews. This resulted in an environment which in some instances may have led to inappropriate accounting decisions and the failure to disclose information critical to an effective review of transactions and accounting entries, such as certain changes in accounting methodologies, to the appropriate finance and accounting personnel or the Company’s Board, Audit Committee, or independent registered public accounting firm. The tone set and pressures imposed by the former Chief Executive Officer were inappropriate in certain instances and may have been a factor influencing one or more employees to record an accounting entry now determined to be improper. Other factors affecting the overall historic accounting environment and influencing employees included the distraction caused by the multiple, conflicting business initiatives; challenges related to managing complex, inefficient legacy systems; the lack of a sufficient complement of personnel with an appropriate level of knowledge, experience, and training with GAAP; unclear reporting structures, reporting lines, and decisional authority in the organization; and other matters. Taken together, these factors fostered a control environment that in some instances enabled inappropriate accounting to occur. Description of Restatement Matters and Restatement Adjustments Based on the internal investigation, the Company's review of its financial records, and other work completed by its management, the Audit Committee has concluded that there were material misstatements in the 2011, 2012, and 2013 consolidated financial statements. The restatement of previously issued financial statements reduced pre-tax earnings for the years ended December 31, 2013 and December 31, 2012 by approximately $72 million and $81 million , respectively. Below are tables summarizing the impact of the restatement matters and the effect of the change in accounting principle, as discussed further in Note 7 - " Employee Retirement Benefits ," on the previously issued consolidated financial statements for the years ended December 31, 2013 and December 31, 2012. The change in accounting principle increased pre-tax income by $12 million in 2013 and $5 million in 2012. The individual restatement matters that underlie the restatement adjustments are described below and are reflected and quantified, as applicable, in the footnotes to the below tables. The restatement adjustments also affect periods prior to 2012. Reserve and Estimates Recognition Restatement Adjustments (a) Allowance for Doubtful Accounts and Credit Memos (U.S. Car Rental) - The historical methodology employed for doubtful customer accounts and credit memo allowances for the U.S. Car Rental business inappropriately used inaccurate write-off rates for receivables, aggregated receivables with significantly different credit risks for purposes of analysis and used assumptions in setting the reserve for credit memos that were not supported. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. The resulting reduction to pre-tax earnings was $ 1 million in 2013 and $ 3 million in 2012, respectively. The cumulative pre-tax misstatement was a decrease of $7 million . (b) Allowance for Doubtful Accounts and Credit Memos (International Car Rental) - The historical methodology employed for doubtful customer accounts and credit memo allowances for the international car rental business inappropriately used inaccurate write-off rates for receivables, aggregated receivables with significantly different credit risks for purposes of analysis and did not include a reserve for credit memos. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. The resulting reduction to pre-tax earnings was $ 3 million in 2013 and $ 1 million in 2012, respectively. The cumulative pre-tax misstatement was a decrease of $12 million . (c) Allowance for Doubtful Accounts and Credit Memos (Worldwide Equipment Rental) - The historical methodology employed for doubtful customer accounts and credit memo allowances for the worldwide equipment rental business inappropriately used rates that differed from historical norms, used unsupported assumptions, and contained formulaic errors. In addition, changes to the methodology in 2012 reduced the reserve requirement and slowed the rate of recording account write-offs. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. There was no impact to pre-tax earnings in 2013 and a reduction to pre-tax earnings of $ 6 million in 2012. The cumulative pre-tax misstatement was a decrease of $8 million . (d) Subrogation (Damage) Receivables and the Related Allowance for Doubtful Accounts (U.S. Car Rental) - This restatement matter relates to estimated recoveries from third parties responsible for damages to vehicles. The historical methodologies used to estimate the unbilled balances and the allowance accounts inappropriately used assumptions that lacked support, including using write-offs rather than collection history as a key assumption and changed methodologies without any supported basis, as well as contained formulaic errors. In addition, there were instances in which the amount recorded for the allowance was significantly less than the amount calculated based on the methodology in place at the time. The Company has revised the methodology used to calculate subrogation claims to utilize the ratio of claims collected compared to damage expense incurred. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. The result was a reduction to pre-tax earnings of $ 3 million in 2013 and $ 26 million in 2012. The cumulative pre-tax misstatement was a decrease of $48 million . (e) Subrogation (Damage) Receivables and the Related Allowance for Doubtful Accounts (International Car Rental) - This restatement matter relates to estimated recoveries from third parties responsible for damages to vehicles. The historical methodologies used to estimate the allowance accounts inappropriately used assumptions that lacked support, including using write-offs rather than collection history as a key assumption, as well as contained formulaic errors. In addition, there were instances in which the amount recorded for the allowance was significantly less than the amount calculated based on the methodology in place at the time. The result was an increase to pre-tax earnings of $ 3 million in 2013 and a reduction to pre-tax earnings of $ 3 million in 2012. The cumulative pre-tax misstatement was a decrease of $8 million . (f) Accrued Salvaged Vehicles (U.S. Car Rental) - This restatement matter relates to the reserve for estimated vehicle damages incurred in the U.S. car rental business but not reported as of period ends. The methodology used to estimate the reserve was changed without appropriate supporting documentation and the most significant, required element of the reserve was eliminated. As part of the restatement process, the Company has reinstated the previous methodology. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. There was no impact to pre-tax earnings in 2013 and a reduction to pre-tax earnings of $ 5 million in 2012. The cumulative pre-tax misstatement was a decrease of $5 million . (g) Credit Card Chargebacks (U.S. and International Car Rental) - This restatement matter relates to reserves established to accrue for future credit card chargebacks pertaining to completed revenue transactions with customers and for chargebacks received from credit card providers. The reserves were understated in 2011, 2012 and 2013 for a variety of reasons. These reasons included (1) the Company inappropriately changed the methodology for computing reserves established to accrue for future chargebacks in 2013 and (2) the Company erroneously excluded chargebacks received from credit card providers from the balances used to calculate the allowance for doubtful accounts. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. The resulting reduction to pre-tax earnings was $ 3 million for 2013 and $ 1 million for 2012. The cumulative pre-tax misstatement was a decrease of $4 million . Accounting for Fleet Restatement Adjustments (h) Rental Equipment Refurbishment (Worldwide Equipment Rental) - This restatement matter relates to refurbishment designed to extend the useful life of rental equipment used in the worldwide equipment rental business. At the time of refurbishment, the Company improperly reduced the cost basis of rental equipment that was subject to useful life extension. The reduction was effected by reversing accumulated depreciation on refurbished equipment as an offset to original cost. These adjustments to the balance sheet had no impact on pre-tax earnings in 2013 and 2012 but reduced cost and accumulated depreciation of Revenue Earning Equipment cumulatively by $ 31 million in 2013 and $ 16 million in 2012. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. Fixed Assets Restatement Adjustments (i) Fixed Assets and Construction in Progress and Capitalized Software (U.S. Car Rental, Worldwide Equipment Rental and Corporate) - This restatement matter relates to accounting for non-fleet fixed assets (e.g., leasehold improvements and property improvements) and capitalized software expenditures. The adjustments associated with non-fleet fixed assets and capitalized software primarily relate to the Company’s identification of (1) expenditures that were capitalized rather than expensed, (2) the failure to write off abandoned projects included in construction in progress on a timely basis, (3) the failure to write off assets no longer in service, and (4) depreciation adjustments associated with assets that should have been placed in service at a date that preceded the placed-in-service date, including assets that had not yet been transferred from construction in progress to in service. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. The resulting reduction to pre-tax earnings was $ 19 million for 2013 and $ 8 million for 2012. The cumulative pre-tax misstatement was a decrease of $56 million . Brazil Restatement Adjustment (j) Brazil Adjustments (International Car Rental) - This restatement matter relates to the Brazilian operations of the International Car Rental business. Allowances for uncollectible balances were calculated using inappropriate methodologies, and certain assets, reserves for legal expenses and litigation, and intercompany account balances were not properly supported and consequently were written off. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. The resulting increase to pre-tax earnings was $ 1 million in 2013 and there was no impact in 2012. The adjustments related to Brazil impacting periods prior to 2012 have been reflected in the opening adjustment to retained earnings. The cumulative pre-tax misstatement (including the correction recorded in the Form 10-K in 2013 of $14 million ) was a decrease in pre-tax income of $54 million . Reclassifications (k) Cash reclassifications (All Segments) - The Company reclassified negative cash balances representing outstanding checks to accounts payable at period end despite, in some cases, the existence of bank agreements with legal right of offset against cash balances with the same banks. The resulting correction had no impact to pre-tax earnings for 2013 and 2012 but reduced cash balances and accounts payable by $ 19 million for 2013 and $ 9 million for 2012. (l) Internal Use Software reclassification (All Segments) - The Company reclassified all internal use software asset balances, including accumulated depreciation on these assets, to intangible assets. Previously, these assets were reported in property and equipment. The resulting correction had no impact to pre-tax earnings for 2013 and 2012, but reduced gross property and equipment and accumulated depreciation balances and increased intangible asset and accumulated amortization balances by $ 197 million for 2013 and $ 151 million for 2012, on a net basis. Other Restatement Adjustments (m) Accrued Unbilled Accounts Receivable (U.S. Car Rental) - The Company over accrued revenue on open rental agreements related to the U.S. Car Rental business at period end because its calculation methodology was based on too limited a sample of open rental agreements. Also, vehicles that had been returned before period end, but that had not been processed as returned until after the look back period used in the calculation methodology, were treated as rented to customers at period end. Further, the rates utilized for certain types of transactions in the computation for the unbilled receivables were erroneous. The resulting reduction to pre-tax earnings was $ 1 million in 2013 and $ 6 million in 2012, respectively. The cumulative pre-tax misstatement was a decrease of $13 million . (n) Vehicle License Fees (U.S. Car Rental) - This restatement matter relates to vehicle registration cost amortization in the U.S. Car Rental business. The Company inappropriately changed its amortization period for vehicle registration cost to the life of the vehicle instead of the life of the registration or license. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. The resulting reduction to pre-tax earnings was $ 13 million in 2013 and cumulatively. (o) Hertz #1 Gold Points Liability (U.S. Car Rental) - The Company has made adjustments to the reserves established for the liability associated with the redemption of points earned by customers enrolled in the Hertz Gold Plus Rewards Program. The Company determined that these reserves were understated in 2011, 2012, and 2013 for a variety of reasons. These reasons included: (1) a miscalculation of the rate at which customers would redeem points, (2) the use of incorrect income statement accounts in calculating the incremental costs associated with customers’ use of points, (3) the failure to reconcile the account from 2011 through 2013 and (4) a systems issue that prevented certain customer points from expiring as they should have when the Company modified its Gold Points expiration policy in 2011. The resulting reduction to pre-tax earnings was $ 1 million for 2013 and $ 3 million for 2012. The cumulative pre-tax misstatement was a decrease of $9 million . (p) Accounts payable (All Segments) - The accruals for expenses paid utilizing credit cards did not include amounts which have been incurred and are in the process of being billed to the Company. In addition, the manual process and lack of automated interface controls with legacy systems and the failure to complete sufficient personnel training on the accounts payable Oracle ERP system module, among other factors, resulted in erroneous accruals including purchase orders, marketing and consulting spending. The resulting reduction to pre-tax earnings was $ 19 million for 2013 and $2 million for 2012. The cumulative pre-tax misstatement was a decrease of $33 million . (q) Asset Retirement Obligation (All Segments) - This restatement matter relates to asset restoration costs associated with contractual obligations included in lease agreements. The Company failed to account for global contractual restoration costs on certain of its leased facilities, including its European headquarters at Uxbridge, United Kingdom. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. The resulting reduction to pre-tax earnings was $ 3 million in 2013 and $ 2 million in 2012, respectively. The cumulative pre-tax misstatement was a decrease of $5 million . (r) Other Restatement Adjustments (All Segments) - There are certain other restatement matters not otherwise described in items (a) through (q) of this Note the adjustments of which are individually insignificant but, in aggregate with all the restatement matters, are significant to the financial statements. The cumulative pre-tax misstatement was a decrease of $53 million . (s) Taxes on income (loss) - The tax effect of the out of period misstatements and the change in accounting principle through December 31, 2013 was approximately $100 million . The tax effect of the misstatements resulted in a reduction to income tax expense of $21 million and $24 million for 2013 and 2012, respectively. In connection with the restatement, the Company recorded an entry, that impacted the Company’s tax disclosures, of $141 million in 2012 and $131 million in 2013 to reclassify deferred tax assets and liabilities associated with depreciation of intangible assets and net operating loss carryforwards. (t) Change in Accounting Principle - In 2014, the Company changed its method of calculating the market-related value of pension assets for purposes of determining the expected return on plan assets and accounting for asset gains and losses. The change in accounting principle was applied retroactively to December 2005, a portion of which is a correction of an error as follows: Year Ended December 31, (In millions) 2005 to 2011 2012 2013 Correction of an error $ 3 $ — $ — Change in accounting principle (6 ) 5 12 Total increase (decrease) in pre-tax income $ (3 ) $ 5 $ 12 See Note 7 , " Employee Retirement Benefits " for more details. (u) Tax Reclassification - Separately from the tax impact of the Company’s restatement, the Company also corrected a balance sheet reclassification of certain of its tax liabilities from accrued taxes to deferred taxes on income, net. These adjustments to the balance sheet had no impact on pre-tax earnings in 2013 and 2012, but reduced accrued taxes, net and increased deferred taxes on income, net cumulatively by $63 million in 2013 and $49 million in 2012. CONSOLIDATED BALANCE SHEET (In millions, except par value and share data) December 31, 2013 As Previously Reported Restatement Adjustment Ref As Restated ASSETS Cash and cash equivalents $ 423 $ (12 ) k $ 411 Restricted cash and cash equivalents 860 1 k 861 Receivables, net of allowance of $62 1,513 (116 ) a, b, c, d, e, g, j, m, r 1,397 Due from Hertz Global Holdings, Inc. 93 — 93 Inventories, net 92 (5 ) p, r 87 Prepaid expenses and other assets 717 (2 ) n, r 715 Revenue earning equipment: Cars 14,457 (1 ) j, p 14,456 Less accumulated depreciation - cars (2,680 ) (1 ) j, r (2,681 ) Other equipment 3,512 23 h, p 3,535 Less accumulated depreciation - other equipment (1,096 ) (23 ) h (1,119 ) Revenue earning equipment, net 14,193 (2 ) 14,191 Property and equipment: Land, buildings and leasehold improvements 1,362 (91 ) i, l, r, q 1,271 Service equipment and other 1,257 (279 ) i, l 978 Less accumulated depreciation (1,105 ) 141 i, l, r (964 ) Property and equipment, net 1,514 (229 ) 1,285 Other intangible assets, net 3,928 196 l, r 4,124 Goodwill 1,348 4 q 1,352 Total assets $ 24,681 $ (165 ) $ 24,516 LIABILITIES AND EQUITY Accounts payable $ 968 $ 53 k, p $ 1,021 Accrued liabilities 1,105 67 f, g, j, m, o, q, t 1,172 Accrued taxes, net 203 (58 ) r, s, u 145 Debt 16,228 — 16,228 Public liability and property damage 348 3 r 351 Deferred taxes on income, net 2,945 (26 ) s, u 2,919 Total liabilities 21,797 39 21,836 Commitments and contingencies Equity: The Hertz Corporation and Subsidiaries stockholder's equity Common Stock, $0.01 par value, 3,000 shares authorized, 100 shares issued and outstanding — — — Additional paid-in capital 3,552 — 3,552 Accumulated deficit (675 ) (203 ) a-t (878 ) Accumulated other comprehensive income 7 (1 ) q, t 6 Total equity 2,884 (204 ) 2,680 Total liabilities and equity $ 24,681 $ (165 ) $ 24,516 CONSOLIDATED BALANCE SHEET (In millions, except par value and share data) December 31, 2012 As Previously Reported Restatement Adjustment Ref As Restated ASSETS Cash and cash equivalents $ 546 $ (5 ) k $ 541 Restricted cash and cash equivalents 552 (6 ) k 546 Receivables, net of allowance of $53 1,880 (93 ) a, b, c, d, e, g, j, r 1,787 Due from Hertz Global Holdings, Inc. 13 — 13 Inventories, net 106 (4 ) r 102 Prepaid expenses and other assets 479 — r 479 Revenue earning equipment: Cars 12,549 (7 ) f, r 12,542 Less accumulated depreciation - cars (1,850 ) (5 ) f (1,855 ) Other equipment 3,240 17 h, r 3,257 Less accumulated depreciation - other equipment (1,042 ) (10 ) h (1,052 ) Revenue earning equipment, net 12,897 (5 ) 12,892 Property and equipment: Land, buildings and leasehold improvements 1,289 (65 ) i, r, q 1,224 Service equipment and other 1,261 (202 ) i, l, r 1,059 Less accumulated depreciation (1,114 ) 90 i, l, r (1,024 ) Property and equipment, net 1,436 (177 ) 1,259 Other intangible assets, net 4,030 150 l, r 4,180 Goodwill 1,329 4 q 1,333 Total assets $ 23,268 $ (136 ) $ 23,132 LIABILITIES AND EQUITY Accounts payable $ 1,003 $ 33 k, p, r $ 1,036 Accrued liabilities 1,162 50 j, o, q, r 1,212 Accrued taxes, net 193 (46 ) r, u 147 Debt 15,015 — 15,015 Public liability and property damage 332 1 r 333 Deferred taxes on income, net 2,667 (19 ) s, u 2,648 Total liabilities 20,372 19 20,391 Commitments and contingencies Equity: The Hertz Corporation and Subsidiaries stockholder's equity Common Stock, $0.01 par value, 3,000 shares authorized, 100 shares issued outstanding — — — Additional paid-in capital 3,510 — 3,510 Accumulated deficit (587 ) (159 ) a-t (746 ) Accumulated other comprehensive loss (27 ) 4 q, t (23 ) Total equity 2,896 (155 ) 2,741 Total liabilities and equity $ 23,268 $ (136 ) $ 23,132 CONSOLIDATED STATEMENT OF OPERATIONS (In millions) For the Year Ended December 31, 2013 As Previously Reported Restatement Adjustment Ref As Restated Revenues: Worldwide car rental $ 8,707 $ 2 a, b, g, m, r $ 8,709 Worldwide equipment rental 1,538 1 c, r 1,539 All other operations 527 — 527 Total revenues 10,772 3 10,775 Expenses: Direct operating 5,752 25 d, e, f, j, m, n, p, q, r, t 5,777 Depreciation of revenue earning equipment and lease charges, net 2,526 7 r 2,533 Selling, general and administrative 1,022 31 a, b, c, d, e, i, j, o, p, q, r 1,053 Interest expense, net 666 3 r 669 Other expense, net 67 (3 ) r 64 Total expenses 10,033 63 10,096 Income (loss) before income taxes 739 (60 ) 679 (Provision) benefit for taxes on income (345 ) 16 s (329 ) Net income (loss) $ 394 $ (44 ) $ 350 CONSOLIDATED STATEMENT OF OPERATIONS (In millions) For the Year Ended December 31, 2012 As Previously Reported Restatement Adjustment Ref As Restated Revenues: Worldwide car rental $ 7,162 $ (9 ) a, b, g, m, r $ 7,153 Worldwide equipment rental 1,385 (3 ) c, r 1,382 All other operations 478 — 478 Total revenues 9,025 (12 ) 9,013 Expenses: Direct operating 4,806 55 d, e, f, j, m, n, o, p, q, r, t 4,861 Depreciation of revenue earning equipment and lease charges, net 2,129 (1 ) r 2,128 Selling, general and administrative 968 10 a, b, c, d, e, i, j, o, p, q, r 978 Interest expense, net 594 2 r 596 Other expense, net 35 (2 ) r 33 Total expenses 8,532 64 8,596 Income (loss) before income taxes 493 (76 ) 417 (Provision) benefit for taxes on income (221 ) 21 s (200 ) Net income (loss) $ 272 $ (55 ) $ 217 CONSOLIDATED STATEMENT OF CASH FLOWS (In millions) For the Year Ended December 31, 2013 As Previously Reported Restatement Adjustment Ref As Restated Cash flows from operating activities: Net income (loss) $ 394 $ (44 ) a, b, c, d, e, f, g, i, j, m ,n, o, p, q, r, s $ 350 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation of revenue earning equipment, net 2,445 7 f, r, j 2,452 Depreciation and amortization, non-fleet assets 327 12 i, r 339 Amortization and write-off of deferred financing costs 54 — 54 Amortization and write-off of debt discount (5 ) (1 ) (6 ) Stock-based compensation charges 35 — 35 Loss on disposal of business 4 — 4 Loss on extinguishment of debt 7 — 7 Provision for receivables allowance 71 — a, b, c, d, e, g, j, r 71 Deferred taxes on income 269 (14 ) r, s 255 Impairment charges and asset write-downs 40 — 40 Other (2 ) (4 ) r (6 ) Changes in assets and liabilities, net of effects of acquisition: Receivables (60 ) 7 a, b, c, d, e, g, j, r (53 ) Inventories, prepaid expenses and other assets (34 ) (1 ) n, r (35 ) Accounts payable 23 31 k, p, r 54 Accrued liabilities 23 5 o, q, r 28 Acc

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Summary of Critical and Significant Accounting Policies	Summary of Critical and Significant Accounting Policies Accounting Principles The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In 2014, the Company changed its method of calculating the market-related value of pension assets for the U.S. Plan for purposes of determining the expected return on plan assets and accounting for asset gains and losses. The new method uses fair value instead of the calculated market-related value that has been used historically. The Company believes this method is preferable as it represents fair value as of the balance sheet date. This change in accounting principle was applied retroactively to all prior periods. In connection with the change in accounting principle, the Company determined that the calculated market-related value was not properly valued subsequent to the 2005 purchase accounting applied when the Company was sold by Ford Motor Company to a consortium of private equity investors and therefore a portion of the cumulative impact on expense due to the change in asset method has been deemed a correction of an error. The cumulative impact from 2005-2014 is an increase in accumulated other comprehensive loss and a decrease in the accumulated deficit of $27 million ( $17 million , net of tax), $24 million ( $15 million , net of tax) of which has been deemed to be due to the change in accounting principle, and $3 million ( $2 million , net of tax) is attributable to the correction of an error. See Note 7 , " Employee Retirement Benefits " for more details on the impact of the change in accounting principle on the Company's financial statements. Principles of Consolidation The consolidated financial statements include the accounts of Hertz Holdings and its wholly owned and majority owned U.S. and international subsidiaries. In the event that the Company is a primary beneficiary of a variable interest entity, the assets, liabilities, and results of operations of the variable interest entity are included in the Company's consolidated financial statements. The Company accounts for its investment in CAR, Inc. and other immaterial investments in joint ventures using the equity method when it has significant influence but not control and is not the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation. Use of Estimates and Assumptions 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. Significant estimates inherent in the preparation of the consolidated financial statements include depreciation of revenue earning equipment, reserves for litigation and other contingencies, accounting for income taxes and related uncertain tax positions, pension and postretirement benefit costs, the fair value of assets and liabilities acquired in business combinations, the recoverability of long-lived assets, useful lives and impairment of long-lived tangible and intangible assets including goodwill, valuation of stock-based compensation, public liability and property damage reserves, reserves for restructuring, allowance for doubtful accounts, and fair value of financial instruments, among others . Critical Accounting Policies Acquisitions The Company records acquisitions resulting in the consolidation of an enterprise using the acquisition method of accounting. Under this method, the acquiring company records the assets acquired, including intangible assets that can be identified and named, and liabilities assumed based on their estimated fair values at the date of acquisition. The purchase price in excess of the fair value of the identifiable assets acquired and liabilities assumed is recorded as goodwill. If the assets acquired, net of liabilities assumed, are greater than the purchase price paid then a bargain purchase has occurred and the Company will recognize the gain immediately in earnings. Among other sources of relevant information, the Company may use independent appraisals and actuarial or other valuations to assist in determining the estimated fair values of the assets and liabilities. Various assumptions are used in the determination of these estimated fair values including discount rates, market and volume growth rates, expected royalty rates, EBITDA margins and other prospective financial information. Transaction costs associated with acquisitions are expensed as incurred. Revenue Earning Equipment Revenue earning equipment is stated at cost, net of related discounts. Generally, holding periods are as follows: Rental cars 6 to 36 months Other equipment 24 to 108 months Generally, when revenue earning equipment is acquired outside of a car repurchase program, the Company estimates the period that the Company will hold the asset, primarily based on historical measures of the amount of rental activity (e.g., automobile mileage and equipment usage) and the targeted age of equipment at the time of disposal. The Company also estimates the residual value of the applicable revenue earning equipment at the expected time of disposal. The residual values for rental vehicles are affected by many factors, including make, model and options, age, physical condition, mileage, sale location, time of the year and channel of disposition (e.g., auction, retail, dealer direct). The residual value for rental equipment is affected by factors which include equipment age and amount of usage. Depreciation is recorded over the estimated holding period. Depreciation rates are reviewed on a quarterly basis based on management's ongoing assessment of present and estimated future market conditions, their effect on residual values at the time of disposal and the estimated holding periods. Market conditions for used vehicle and equipment sales can also be affected by external factors such as the economy, natural disasters, fuel prices and incentives offered by manufacturers of new cars. These key factors are considered when estimating future residual values and assessing depreciation rates. As a result of this ongoing assessment, the Company makes periodic adjustments to depreciation rates of revenue earning equipment in response to changing market conditions. Upon disposal of revenue earning equipment, depreciation expense is adjusted for the difference between the net proceeds received and the remaining net book value. Under the Company's car repurchase programs, the manufacturers agree to repurchase cars at a specified price or guarantee the depreciation rate on the cars during established repurchase or auction periods, subject to, among other things, certain car condition, mileage and holding period requirements. Guaranteed depreciation programs guarantee on an aggregate basis the residual value of the cars covered by the programs upon sale according to certain parameters which include the holding period, mileage and condition of the cars. These repurchase and guaranteed depreciation programs limit the Company's residual risk with respect to cars purchased under the programs and allow us to determine depreciation expense in advance, however, typically the acquisition cost is higher for these program cars. Donlen's revenue earning equipment is leased under long term agreements with customers. These leases contain provisions whereby the Donlen has a contracted residual value guaranteed by the lessee, such that Donlen does not experience any gains or losses on the disposal of these vehicles or adjustments to depreciation rates during the holding period. The Company continually evaluates revenue earning equipment to determine whether events or changes in circumstances have occurred that may warrant revision of the estimated useful life or whether the equipment should be evaluated for possible impairment. The Company uses a combination of the undiscounted cash flows and market approaches in assessing whether an asset has been impaired. The Company measures impairment losses based upon the amount by which the carrying amount of the asset exceeds the fair value. During 2014, the Company decided to sell certain revenue earning equipment in its equipment rental business which has been categorized as held for sale. As a result, the Company determined the fair value of these assets and recorded an impairment charge of $10 million . During 2013, FSNA, the parent of Simply Wheelz LLC, or "Simply Wheelz," the owner and operator of Hertz’s divested Advantage brand, filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. As a result, Hertz performed an impairment analysis of the vehicles subleased to Simply Wheelz and recorded an impairment charge of $40 million . Public Liability and Property Damage The obligation for public liability and property damage on self-insured U.S. and international vehicles and equipment represents an estimate for both reported accident claims not yet paid, and claims incurred but not yet reported. The related liabilities are recorded on a non-discounted basis. Reserve requirements are based on actuarial evaluations of historical accident claim experience and trends, as well as future projections of ultimate losses, expenses, premiums and administrative costs. The adequacy of the liability is periodically 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. Defined Benefit Pension Plans and Other Employee Benefits The Company has defined benefit plans that cover various employees. The Company also participates in multi-employer defined benefit plans for which Hertz is not the sponsor. For the Company sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to discount rates, salary growth, long-term return on plan assets, retirement rates, mortality rates and other factors. The Company believes that the accounting estimates related to its pension are critical accounting estimates, because they are susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the Company’s actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. The Company uses a December 31 measurement date for all of the plans. Actual results that differ from the Company's assumptions are accumulated and amortized over future periods and, therefore, generally affect its recognized expense in such future periods. Significant differences in actual experience or significant changes in assumptions would affect the Company's pension costs and obligations. The Company recognizes the funded status of each defined benefit pension plan in the consolidated balance sheet. Each overfunded plan is recognized as an asset, and each underfunded plan is recognized as a liability. Pension plan liabilities are revalued annually based on updated assumptions and information about the individuals covered by the plan. For pension plans, if accumulated actuarial gains and losses are in excess of a 10 percent corridor, the prior service cost and the transition asset are amortized on a straight-line basis from the date recognized over the average remaining service period of active participants. The Company maintains reserves for employee medical claims, up to its insurance stop-loss limit, and workers’ compensation claims. These are regularly evaluated and revised, as needed, based on a variety of information, including historical experience, actuarial estimates and current employee statistics. Recoverability of Goodwill and Intangible Assets On an annual basis and at interim periods when circumstances require, the Company tests the recoverability of its goodwill and indefinite-lived intangible assets. The Company utilizes the two-step impairment analysis and elects not to use the qualitative assessment or “step zero” approach. In the two-step impairment analysis, the Company compares the carrying value of each identified reporting unit to its fair value. If the carrying value of the reporting unit is greater than its fair value, the second step is performed, where the implied fair value of goodwill is compared to its carrying value. The Company recognizes an impairment charge for the amount by which the carrying amount of goodwill exceeds its implied fair value. The fair values of the reporting units are estimated using the net present value of discounted cash flows generated by each reporting unit and incorporate various assumptions related to discount and growth rates specific to the reporting unit to which they are applied. The Company’s discounted cash flows are based upon reasonable and appropriate assumptions, which are weighted for their likely probability of occurrence, about the underlying business activities of the Company’s reporting units. Finite Lived Intangible Assets Intangible assets include concession agreements, technology, customer relationships, trademarks and trade-names and other intangibles. Intangible assets with finite lives are amortized using the straight-line method over the estimated economic lives of the assets, which range from two to fifteen years. Long-lived assets, including intangible assets with finite lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of an impairment loss for long-lived assets that management expects to hold and use is based on the estimated fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or estimated fair value less costs to sell. Financial Instruments The Company is exposed to a variety of market risks, including the effects of changes in interest rates, gasoline and diesel fuel prices and foreign currency exchange rates. The Company manages exposure to these market risks through regular operating and financing activities and, when deemed appropriate, through the use of financial instruments. Financial instruments are viewed as risk management tools and have not been used for speculative or trading purposes. In addition, financial instruments are entered into with a diversified group of major financial institutions in order to manage the Company's exposure to counterparty nonperformance on such instruments. The Company accounts for all financial instruments in accordance with U.S.GAAP, which requires that they be recorded on the balance sheet as either assets or liabilities measured at their fair value. For financial instruments that are designated and qualify as hedging instruments, the Company designates the hedging instrument, based upon the exposure being hedged, as either a fair value hedge or a cash flow hedge. The effective portion of changes in fair value of financial instruments designated as cash flow hedging instruments is recorded as a component of other comprehensive income (loss). Amounts included in accumulated other comprehensive income (loss) for cash flow hedges are reclassified into earnings in the same period that the hedged item is recognized in earnings. The ineffective portion of changes in the fair value of financial instruments designated as cash flow hedges is recognized currently in earnings within the same line item as the hedged item, based upon the nature of the hedged item. For financial instruments that are not part of a qualified hedging relationship, the changes in their fair value are recognized currently in earnings. Stock-Based Compensation The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. That cost is to be recognized over the period during which the employee is required to provide service in exchange for the award. The Company has estimated the fair value of options issued at the date of grant using a Black-Scholes option-pricing model, which includes assumptions related to volatility, expected life, dividend yield and risk-free interest rate. The Company accounts for restricted stock unit and performance stock unit awards as equity classified awards. For restricted stock units the expense is based on the grant-date fair value of the stock and the number of shares that vest, recognized over the service period. For performance stock units the expense is based on the grant-date fair value of the stock, recognized over a two to four year service period depending upon the applicable performance condition. For performance stock units, the Company re-assesses the probability of achieving the applicable performance condition each reporting period and adjusts the recognition of expense accordingly. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates is recognized in the statement of operations in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Subsequent changes to enacted tax rates and changes to the global mix of earnings will result in changes to the tax rates used to calculate deferred taxes and any related valuation allowances. Provisions are not made for income taxes on undistributed earnings of international subsidiaries that are intended to be indefinitely reinvested outside the United States or are expected to be remitted free of taxes. Future distributions, if any, from these international subsidiaries to the United States or changes in U.S. tax rules may require recording a tax on these amounts. The Company has recorded a deferred tax asset for unutilized net operating loss carryforwards in various tax jurisdictions. Upon utilization, the taxing authorities may examine the positions that led to the generation of those net operating losses. If the utilization of any of those losses are disallowed a deferred tax liability may have to be recorded. Significant Accounting Policies Revenue Recognition The Company derives revenue through rental activities by the operations and licensing of the Hertz, Dollar, Thrifty and Firefly brands under franchise agreements. The Company also derives revenue from other forms of rental related activities, such as sales of loss damage waivers, insurance products, fuel and fuel service charges, navigation units, new equipment sales and other consumable items. Revenue is recognized when persuasive evidence of an arrangement exists, the services have been rendered to customers, the pricing is fixed or determinable and collection is reasonably assured. Franchise fees are based on a percentage of net sales of the franchised business and are recognized as earned and when collectability is reasonably assured. Initial franchise fees are recorded as deferred income when received and are recognized as revenue when all material services and conditions related to the franchise fee have been substantially performed. Renewal franchise fees are recognized as revenue when the license agreements are effective and collectability is reasonably assured. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and highly liquid investments with an original maturity of three months or less. Restricted Cash and Cash Equivalents Restricted cash and cash equivalents includes cash and cash equivalents that are not readily available for the Company's normal disbursements. Restricted cash and cash equivalents are restricted for the purchase of revenue earning vehicles and other specified uses under the Company's Fleet Debt facilities, for its Like-Kind Exchange Program, or “ LKE Program ” and to satisfy certain of its self-insurance regulatory reserve requirements. These funds are primarily held in highly rated money market funds with investments primarily in government and corporate obligations. Receivables Receivables are stated net of allowances and primarily represent credit extended to car manufacturers and customers that satisfy defined credit criteria. The estimate of the allowance for doubtful accounts is based on the Company's historical experience and its judgment as to the likelihood of ultimate payment. Actual receivables are written-off against the allowance for doubtful accounts when the Company determines the balance will not be collected. Estimates for future credit memos are based on historical experience and are reflected as reductions to revenue, while bad debt expense is reflected as a component of "Direct Operating" in the consolidated statements of operations. Property and Equipment Property and equipment are stated at cost and are depreciated utilizing the straight-line method over the estimated useful lives of the related assets. Useful lives are as follows: Buildings 5 to 50 years Furniture and fixtures 1 to 15 years Service cars and service equipment 1 to 13 years Leasehold improvements The lesser of the economic life or the lease term The Company follows the practice of charging maintenance and repairs, including the cost of minor replacements, to maintenance expense. Costs of major replacements of units of property are capitalized to property and equipment accounts and depreciated. 2014 impairments and asset write-downs During the second quarter 2014, the Company terminated a business relationship. As a result, the Company performed an analysis of the assets associated with the terminated business relationship and wrote-off the assets in the amount of $10 million . During the third quarter 2014, the Company deemed its previous corporate headquarters building to be held for sale. As a result, the Company determined the fair value of the building and recorded an impairment charge of $13 million . During the fourth quarter 2014, the Company wrote-down $14 million of service equipment that was deemed to not have a future useful life in its operations. Fair Value Measurements Generally accepted accounting principles define fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price) and establishes a fair value hierarchy that prioritizes the inputs used to measure fair value using the following definitions (from highest to lowest priority): Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 - Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means. Level 3 - Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable. Environmental Liabilities The use of automobiles and other vehicles is subject to various governmental controls designed to limit environmental damage, including those caused by emissions and noise. Generally, these controls are met by the manufacturer, except in the case of occasional equipment failure requiring repair. Liabilities for these expenditures are recorded at undiscounted amounts when it is probable that obligations have been incurred and the amounts can be reasonably estimated. Asset Retirement Obligations The Company maintains a liability for asset retirement obligations. Asset retirement obligations are legal obligations to perform certain activities in connection with the retirement, disposal or abandonment of long-lived assets. The Company’s asset retirement obligations are primarily related to the removal of underground gasoline storage tanks and the restoration of its rental facilities. The asset retirement obligations are measured at discounted fair values at the time the liability is incurred. Accretion expense is recognized as an operating expense using the credit-adjusted risk-free interest rate in effect when the liability was recognized. The associated asset retirement obligations are capitalized as part of the carrying amount of the long-lived asset and depreciated over the estimated remaining useful life of the asset. Foreign Currency Translation and Transactions Assets and liabilities of international subsidiaries whose functional currency is the local currency are translated at the rate of exchange in effect on the balance sheet date; income and expenses are translated at the average exchange rates throughout the year. The related translation adjustments are reflected in “Accumulated other comprehensive loss” in the equity section of the Company's consolidated balance sheets. Foreign currency gains and losses resulting from transactions are included in earnings. Advertising Advertising and sales promotion costs are expensed the first time the advertising or sales promotion takes place. Advertising costs are reflected as a component of “Selling, general and administrative” in the Company's consolidated statements of operations and for the years ended December 31, 2014, 2013 and 2012 were $199 million , $207 million and $159 million , respectively. Concentration of Credit Risk The Company's cash and cash equivalents are invested in various investment grade institutional money market accounts and bank term deposits. Deposits held at banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. The Company seeks to mitigate such risks by spreading the risk across multiple counterparties and monitoring the risk profiles of these counterparties. In addition, the Company has credit risk from financial instruments used in hedging activities. The Company limits exposure relating to financial instruments by diversifying the financial instruments among various counterparties, which consist of major financial institutions. Recent Accounting Pronouncements Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists In January 2014, the Company adopted new guidance that clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The adoption of this accounting guidance did not have a material impact on the Company's financial position, results of operations or cash flows. Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity In April 2014, the FASB issued guidance that changes the criteria for reporting discontinued operations. As a result of this guidance, only disposals of a component that represent a strategic shift that have, or will have, a major effect on the Company’s operations and financial results will be reported as a discontinued operation. Expanded disclosures are required for discontinued operations and for individually significant components that do not qualify for discontinued operations reporting. This guidance is effective on a prospective basis for fiscal years beginning after December 15, 2014 and interim periods within those years. This new guidance is not expected to have a material impact on the Company's financial position, results of operations or cash flows. Revenue from Contracts with Customers In May 2014, the FASB issued guidance that will replace most existing revenue recognition guidance in U.S. GAAP. The core principle of the guidance is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. The guidance requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. The new guidance may be adopted on either a full or modified retrospective basis. As issued, the guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those reporting periods. In April 2015, the FASB issued a proposal to defer the effective date of the guidance until annual and interim reporting periods beginning after December 15, 2017. The Company is in the process of determining the method of adoption and assessing the potential impacts of adopting this guidance on its financial position, results of operations and cash flows. Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period In June 2014, the FASB issued guidance that requires that a performance target in a share-based payment award that affects vesting and that can be achieved after the requisite service period is completed is to be accounted for as a performance condition; therefore, compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved, and the amount of compensation cost recognized should be based on the portion of the service period fulfilled. The guidance is effective either prospectively or retrospectively for annual periods beginning after December 15, 2015 and interim periods within those annual periods. The Company is in the process of determining the potential impacts of adopting this guidance on its financial position, results of operations and cash flows. Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In August 2014, the FASB issued guidance that requires management to assess an entity’s ability to continue as a going concern and provide related footnote disclosures. This guidance was adopted early, as permitted, as of December 31, 2014 and did not have a material impact on the Company's financial position, results of operations or cash flows.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill At October 1, 2014 and 2013 , the Company performed its annual goodwill impairment test and determined that no impairment existed for the years ended December 31, 2014 and 2013 . The following summarizes the changes in the Company's goodwill, by segment: (In millions) US Car Rental International Car Rental Worldwide Equipment Rental All Other Operations Total Balance as of January 1, 2014 Goodwill $ 1,012 $ 254 $ 772 $ 35 $ 2,073 Accumulated impairment losses — (46 ) (675 ) — (721 ) 1,012 208 97 35 1,352 Goodwill acquired during the period 13 — — — 13 Adjustments to previously recorded purchase price allocation — (1 ) — — (1 ) Other changes during the period (a) — (5 ) — — (5 ) 13 (6 ) — — 7 Balance as of December 31, 2014 Goodwill 1,025 248 772 35 2,080 Accumulated impairment losses — (46 ) (675 ) — (721 ) $ 1,025 $ 202 $ 97 $ 35 $ 1,359 (As restated) (In millions) U.S. Car Rental International Car Rental Worldwide Equipment All Other Operations Total Balance as of January 1, 2013 Goodwill $ 998 $ 249 $ 772 $ 35 $ 2,054 Accumulated impairment losses — (46 ) (675 ) — (721 ) 998 203 97 35 1,333 Goodwill acquired during the period 1 4 — — 5 Adjustments to previously recorded purchase price allocation 13 — — — 13 Other changes during the period (a) — 1 — — 1 14 5 — — 19 Balance as of December 31, 2013 Goodwill 1,012 254 772 35 2,073 Accumulated impairment losses — (46 ) (675 ) — (721 ) $ 1,012 $ 208 $ 97 $ 35 $ 1,352 (a) Primarily consists of foreign currency adjustments. Other Intangible Assets At October 1, 2014 and 2013 , the Company performed its annual test of recoverability of indefinite-lived intangible assets. The Company determined that the respective carrying values of its indefinite-lived intangible assets did not exceed their estimated fair values and therefore no impairment existed. Other intangible assets, net, consisted of the following major classes: December 31, 2014 (In millions) Gross Accumulated Net Amortizable intangible assets: Customer-related $ 692 $ (568 ) $ 124 Concession rights 410 (97 ) 313 Technology-related intangibles (a) 338 (147 ) 191 Other (b) 78 (49 ) 29 Total 1,518 (861 ) 657 Indefinite-lived intangible assets: Trade name 3,330 — 3,330 Other (c) 22 — 22 Total 3,352 — 3,352 Total other intangible assets, net $ 4,870 $ (861 ) $ 4,009 December 31, 2013 (In millions) Gross Accumulated Net Carrying Value (As Restated) Amortizable intangible assets: Customer-related $ 693 $ (502 ) $ 191 Concession rights 410 (49 ) 361 Technology related intangibles (a) 311 (114 ) 197 Other (b) 63 (38 ) 25 Total 1,477 (703 ) 774 Indefinite-lived intangible assets: Trade name 3,330 — 3,330 Other (c) 20 — 20 Total 3,350 — 3,350 Total other intangible assets, net $ 4,827 $ (703 ) $ 4,124 (a) Technology-related intangibles include software not yet placed into service, therefore, there is no associated amortization. (b) Other amortizable intangible assets primarily include the Donlen trade name and non-compete agreements. (c) Other indefinite-lived intangible assets primarily consist of reacquired franchise rights. Amortization of other intangible assets for the years ended December 31, 2014, 2013 and 2012 was $159 million , $151 million and $106 million , respectively. Based on its amortizable intangible assets as of December 31, 2014 , the Company expects amortization expense to be approximately $153 million in 2015 , $95 million in 2016 , $76 million in 2017 , $70 million in 2018 , $65 million in 2019 and $152 million thereafter.

Acquistions and Divestitures

Acquistions and Divestitures	12 Months Ended
	Dec. 31, 2014
Business Combinations [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Acquisitions CAR, Inc. In 2013, Hertz entered into definitive agreements with CAR, Inc. formerly operating as China Auto Rental Holdings, Inc., and related parties pursuant to which Hertz made a strategic investment in CAR, Inc., the largest car rental company in China. Pursuant to the transaction, Hertz invested cash and contributed its China Rent-a-Car entities to CAR, Inc. In return for its investment, Hertz received common stock in CAR, Inc. and convertible debt securities in the amount of $ 236 million . In April 2014, the Company converted the debt securities into common stock of CAR, Inc. In September 2014, CAR, Inc. launched its initial public offering ("IPO") on the Hong Kong stock exchange and in conjunction with the IPO, Hertz invested an additional $30 million to purchase equity shares. As a result of the IPO and its additional investment, Hertz owns approximately 16% of CAR, Inc. Hertz accounts for this investment under the equity method based on its ability to exercise significant influence over CAR, Inc. and presents this investment within "Prepaid expenses and other assets." Dollar and Thrifty Franchises In August 2014, the Company acquired substantially all of the assets of certain Dollar and Thrifty franchisees including existing fleets and contract and concession rights for $62 million . The acquisition was part of a strategic decision to increase its Hertz-owned locations and capitalize on certain benefits of ownership not available to the Company under a franchise agreement. The acquisition was accounted for utilizing the acquisition method of accounting where the purchase price of the franchises was allocated based on estimated fair values of the assets acquired and liabilities assumed. The excess of the purchase price over the estimated fair value of the net tangible and intangible assets acquired was recorded as goodwill. Dollar Thrifty Acquisition On November 19, 2012, Hertz Holdings completed the Dollar Thrifty acquisition pursuant to the terms of the Merger Agreement with Dollar Thrifty and HDTMS, Inc., or "Merger Sub," a wholly owned Hertz subsidiary. In accordance with the terms of the Merger Agreement, Merger Sub completed a tender offer in which it purchased a majority of the shares of Dollar Thrifty common stock then outstanding at a price equal to $87.50 per share in cash. Merger Sub subsequently acquired the remaining shares of Dollar Thrifty common stock by means of a short-form merger in which such shares were converted into the right to receive the same $87.50 per share in cash paid in the tender offer. The total purchase price was approximately $2,592 million , which was comprised of $2,551 million of cash, including the Company's use of approximately $404 million of cash and cash equivalents available from Dollar Thrifty, and the fair value of its previously held equity interest in Dollar Thrifty of $ 41 million . As a result of re-measuring to fair value the Company's equity interest previously held in Dollar Thrifty immediately before the acquisition date, the Company recognized a gain of approximately $8 million in its consolidated statements of operations within "Other (income) expense, net." As a condition of the Merger Agreement, and pursuant to a divestiture agreement reached with the Federal Trade Commission, Hertz divested its Simply Wheelz subsidiary, which owned and operated the Advantage brand, and secured for the buyer of Advantage certain Dollar Thrifty on-airport car rental concessions. Dollar Thrifty is now a wholly-owned subsidiary of Hertz. The Dollar Thrifty acquisition has been accounted for utilizing the acquisition method, which requires an allocation of the purchase price of the acquired entity to the assets acquired and liabilities assumed based on their estimated fair values from a market-participant perspective at the date of acquisition. During the measurement period (which was not to exceed one year from the acquisition date), the Company was required to retrospectively adjust the preliminary amounts recognized to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. Adjustments to the preliminary purchase price allocation were made to reflect finalized estimates of the fair value of the assets acquired and liabilities assumed at November 19, 2012. These revisions primarily related to the valuation of certain contracts, accrued liabilities and income taxes, and the resulting changes to goodwill. Prior period financial statements were not revised for these adjustments as they would not have made a material impact on the prior period reported operating results and financial condition. The allocation of the purchase price has been finalized as of November 19, 2013 as reflected within these consolidated financial statements. The fair values of the assets acquired and liabilities assumed were determined using the income, cost and market approaches. The fair values of acquired trade names and concession agreements were estimated using the income approach which values the subject asset using the projected cash flows to be generated by the asset, discounted at a required rate of return that reflects the relative risk of achieving the cash flow and the time value of money. The cost approach was utilized in combination with the market approach to estimate the fair values of property, plant and equipment and reflects the estimated reproduction or replacement costs for the assets, less an allowance for loss in value due to depreciation. The cost approach was utilized in combination with the market approach to estimate the fair values of most working capital accounts. The following summarizes the fair values of the assets acquired and liabilities assumed in the acquisition based on their estimated fair values as of the close of the acquisition (in millions): Cash and cash equivalents $ 535 Restricted cash and cash equivalents 307 Receivables 170 Inventories 8 Prepaid expenses and other assets 41 Revenue earning equipment 1,614 Property and equipment 119 Other intangible assets 1,545 Other assets 35 Goodwill 889 Accounts payable (43 ) Accrued liabilities (298 ) Deferred taxes on income (846 ) Debt (1,484 ) Total $ 2,592 The identifiable intangible assets of $1,545 million consist of $1,140 million of trade names with an indefinite life and $405 million of concession agreements. The concession agreements will be amortized over their expected useful lives of nine years on a straight-line basis. The excess of the purchase price over the net tangible and intangible assets acquired resulted in goodwill of $889 million which is attributable to the synergies and economies of scale provided to a market participant. The goodwill recorded in connection with this transaction is not deductible for income tax purposes. All such goodwill is reported in the U.S. car rental segment. Actual and Pro forma Impact of Acquisitions The pro forma information for December 31, 2012 is unaudited and assumes that Dollar Thrifty was consolidated for the entire 2012 fiscal year. The following results do not purport to project the future results of operations of the combined entity nor do they reflect the expected realization of any cost savings associated with the acquisition. (in millions) Revenue * Earnings (loss) * Actual from 11/19/12 - 12/31/12 (Dollar Thrifty only) (1) $ 171 $ (26 ) Pro forma from 1/1/12 - 12/31/12 (combined entity - As Restated) (2) 10,185 382 * The pro forma information has been revised to reflect the correction of misstatements for the year ended December 31, 2012. See Note 2, "Restatement" for more information on the restatement. (1) Dollar Thrifty's actual earnings for the period were impacted by certain charges related to the amortization expense associated with the acquired intangible assets and non-recurring compensation costs in connection with the merger. (2) Combines the historical results of Hertz Holdings and Dollar Thrifty including the effects of the following pro forma adjustments: • Additional amortization expense of $39 million related to the fair value of identifiable intangible assets acquired. • Additional interest expense of $73 million associated with the new debt used to finance the Dollar Thrifty acquisition. • Excludes merger related costs incurred in 2012 because the pro forma information shown assumes that the Dollar Thrifty acquisition had been consummated as of January 1, 2011. • Excludes non-recurring compensation costs and integration costs incurred in 2012 of approximately $47 million because the pro forma information shown assumes that the Dollar Thrifty acquisition had been consummated as of January 1, 2011. • Excludes the loss incurred in 2012 from the Advantage disposition because the pro forma information shown assumes that the Dollar Thrifty acquisition had been consummated as of January 1, 2011. • Excludes 2012 charges related to the impact of divesting Dollar Thrifty locations incurred in connection with the Dollar Thrifty acquisition because the pro forma information shown assumes that the Dollar Thrifty acquisition had been consummated as of January 1, 2011. • Impact of fair value adjustment to revenue earning equipment. • Adjustments to eliminate the results of operations of the Advantage business and locations to be divested where Dollar Thrifty operated at least one of its brands prior to the consummation of the Dollar Thrifty acquisition. • Including an estimated amount of leasing revenue to be earned by Hertz from leasing vehicles to the buyer of Advantage. The depreciation and other expenses associated with the vehicles being leased to the buyer of Advantage have not been eliminated from the pro forma financial statements, as their costs remain as part of Hertz's ongoing operations associated with owning such vehicles. All of the above adjustments were adjusted for the applicable tax impact. Hertz has generally assumed a 39% tax rate when estimating the tax impacts of the Dollar Thrifty acquisition, representing the statutory tax rate for Hertz. The effective tax rate of the combined company could be significantly different (either higher or lower) depending on post-Dollar Thrifty acquisition activities, cash needs and the geographical location of businesses. Divestitures Divestiture of Selected Dollar Thrifty Airport Locations In order to obtain regulatory approval and clearance for the Dollar Thrifty acquisition, Hertz agreed to dispose of Advantage, and to secure for the buyer of Advantage certain on-airport car rental concessions and related assets at certain locations where Dollar Thrifty operated at least one of its brands. As of December 31, 2013, Hertz completed the transfer of all of these Dollar Thrifty locations and had no remaining obligations. Advantage Divestiture Pursuant to the terms of a purchase agreement, or the "Simply Wheelz Purchase Agreement," on December 12, 2012, Hertz completed the sale of Simply Wheelz LLC, or the “Advantage divestiture,” a wholly owned subsidiary of Hertz that operated its Advantage Rent A Car business, or “Advantage,” for approximately $16 million , plus the value of current assets as of the closing date, which was approximately $4 million . Pursuant to the terms of a support agreement, or the "Simply Wheelz Support Agreement," Hertz also agreed to provide financial support to the buyer of Advantage in the amount of $17 million over a period of three years from the closing date (with the present value of $16 million as of December 31, 2012). As a result of the Advantage divestiture, Hertz realized a loss (before income taxes) of approximately $31 million as of December 31, 2012. To assist the buyer of Advantage in securing alternative fleet financing arrangements, Hertz entered into a senior note credit agreement (the “Simply Wheelz Credit Agreement”), pursuant to which Hertz agreed, subject to certain conditions, to loan Simply Wheelz, on a senior unsecured basis, up to $45 million over 5 years ( 2.5 years weighted average life) at varied interest rates up to 13% over the life of the loan. Further, Hertz agreed to sublease vehicles to the buyer of Advantage for use in continuing the operations of Advantage, for a period no longer than two years from the closing date. As such, Hertz had significant continuing involvement in the operations of the disposed Advantage business. Therefore, the operating results associated with the Advantage business are classified as part of the Company's continuing operations in the consolidated statements of operations for all periods presented. In October 2013, Simply Wheelz's parent Franchise Services of North America, or "FSNA," requested that Hertz forbear from seeking collection of all amounts owed to it by Simply Wheelz and agree to renegotiate certain aspects of the commercial arrangements with Hertz, including the financial terms on which Hertz was subleasing vehicles to Simply Wheelz. On November 2, 2013, Hertz terminated the applicable sublease contracts, and on November 5, 2013, Simply Wheelz filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. Pursuant to Sections 363 and 365 of the Bankruptcy Code, Simply Wheelz agreed to sell substantially all of its assets to The Catalyst Capital Group Inc., or “Catalyst.” On December 16, 2013, in connection with Simply Wheelz’s bankruptcy proceedings, Hertz entered into a settlement agreement with Simply Wheelz, FSNA, Catalyst and certain other parties thereto, which provided Simply Wheelz and Catalyst with, among other things, the right to continue to use the vehicles subject to the Hertz subleases in exchange for certain payments and the orderly return of such vehicles to Hertz. In addition, the Simply Wheelz Purchase Agreement, the Simply Wheelz Support Agreement and the Simply Wheelz Credit Agreement, which had no amounts outstanding at the time, were terminated.

Debt

Debt	12 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
Debt	Debt The Company's debt consists of the following (in millions): Facility Average Interest Rate at December 31, 2014 (1) Fixed or Maturity December 31, December 31, Corporate Debt Senior Term Facility 3.68% Floating 3/2018 $ 2,083 $ 2,104 Senior ABL Facility 2.83% Floating 3/2016 - 3/2017 344 289 Senior Notes (2) 6.58% Fixed 4/2018–10/2022 3,900 3,900 Promissory Notes 7.00% Fixed 1/2028 27 49 Other Corporate Debt 3.86% Floating Various 74 77 Unamortized Net Premium 3 3 Total Corporate Debt 6,431 6,422 Fleet Debt HVF U.S. ABS Program HVF U.S. Fleet Variable Funding Notes: HVF Series 2009-1 (3) N/A N/A N/A — 60 — 60 HVF U.S. Fleet Medium Term Notes HVF Series 2009-2 (3) 5.38% Fixed 3/2013–3/2015 404 808 HVF Series 2010-1 (3) 4.23% Fixed 2/2014–2/2018 490 577 HVF Series 2011-1 (3) 3.04% Fixed 3/2015–3/2017 414 598 HVF Series 2013-1 (3) 1.68% Fixed 8/2016–8/2018 950 950 2,258 2,933 Facility Average Interest Rate at December 31, 2014 (1) Fixed or Maturity December 31, December 31, RCFC U.S. ABS Program RCFC Series 2011-1 Notes (3)(4) 2.81% Fixed 2/2015 167 500 RCFC Series 2011-2 Notes (3)(4) 3.21% Fixed 2/2015 266 400 433 900 HVF II U.S. ABS Program HVF II U.S. Fleet Variable Funding Notes: HVF II Series 2013-A (3) 1.09% Floating 10/2016 1,999 2,380 HVF II Series 2013-B (3) 1.09% Floating 10/2016 976 585 HVF II Series 2014-A (3) 1.39% Floating 10/2016 869 — 3,844 2,965 Donlen ABS Program HFLF Variable Funding Notes HFLF Series 2013-1 Notes (3) N/A N/A N/A — 280 HFLF Series 2013-2 Notes (3) 1.01% Floating 9/2016 247 206 247 486 HFLF Medium Term Notes HFLF Series 2013-3 Notes (3) 0.78% Floating 9/2016–11/2016 500 500 HFLF Series 2014-1 Notes (3) 0.67% Floating 12/2016–3/2017 400 — 900 500 Other Fleet Debt U.S. Fleet Financing Facility 2.92% Floating 3/2017 164 153 European Revolving Credit Facility 2.61% Floating 10/2017 304 303 European Fleet Notes 4.375% Fixed 1/2019 517 584 European Securitization (3) 1.98% Floating 10/2016 270 281 Hertz-Sponsored Canadian Securitization (3) 2.18% Floating 10/2016 105 89 Dollar Thrifty-Sponsored Canadian Securitization (3)(4) 2.19% Floating 10/2016 40 38 Australian Securitization (3) 4.28% Floating 12/2016 112 111 Brazilian Fleet Financing Facility 15.50% Floating 10/2015 11 12 Capitalized Leases 3.82% Floating 2/2015 - 10/2017 364 385 Unamortized Premium (Discount) (7 ) 6 1,880 1,962 Total Fleet Debt 9,562 9,806 Total Debt $ 15,993 $ 16,228 N/A - Not Applicable (1) As applicable, reference is to the December 31, 2014 weighted average interest rate (weighted by principal balance). (2) References to the Company's "Senior Notes" include the series of Hertz's unsecured senior notes set forth in the table below. As of December 31, 2014 and December 31, 2013 , the outstanding principal amount for each such series of the Senior Notes is also specified below. (In millions) Outstanding Principal Senior Notes December 31, 2014 December 31, 2013 4.25% Senior Notes due April 2018 $ 250 $ 250 7.50% Senior Notes due October 2018 700 700 6.75% Senior Notes due April 2019 1,250 1,250 5.875% Senior Notes due October 2020 700 700 7.375% Senior Notes due January 2021 500 500 6.25% Senior Notes due October 2022 500 500 $ 3,900 $ 3,900 (3) Maturity reference is to the "expected final maturity date" as opposed to the subsequent "legal maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness expect the relevant indebtedness to be repaid, which in the case of the HFLF Medium Term Notes was based upon various assumptions made at the time of the pricing of such notes. The legal final maturity date is the date on which the relevant indebtedness is legally due and payable. (4) RCFC U.S. ABS Program and the Dollar Thrifty-Sponsored Canadian Securitization represent fleet debt assumed in connection with the Dollar Thrifty acquisition on November 19, 2012. Maturities The nominal amounts of maturities of debt for each of the twelve-month periods ending December 31 are as follows: (In millions) 2015 2016 2017 2018 2019 After 2019 Corporate Debt $ 32 $ 62 $ 346 $ 2,981 $ 1,258 $ 1,749 Fleet Debt 1,907 5,535 880 731 516 — Total $ 1,939 $ 5,597 $ 1,226 $ 3,712 $ 1,774 $ 1,749 The Company is highly leveraged and a substantial portion of its liquidity needs arise from debt service on its indebtedness and from the funding of its costs of operations, acquisitions and capital expenditures. The Company believes that cash generated from operations and cash received on the disposal of vehicles and equipment, together with amounts available under various committed liquidity facilities will be adequate to permit the Company to meet its debt maturities over the next twelve months. Corporate Debt Senior Credit Facilities Senior Term Facility: In March 2011, Hertz entered into a credit agreement that initially provided for a $1,400 million term loan, or as amended, the ‘‘Senior Term Facility.’’ In addition, the Senior Term Facility includes a separate incremental pre-funded synthetic letter of credit facility in an aggregate principal amount of $200 million . Subject to the satisfaction of certain conditions and limitations, the Senior Term Facility allows for the incurrence of incremental term and/or revolving loans. In October 2012, Hertz entered into an Incremental Commitment Amendment to the Senior Term Facility which provided for commitments for term loans of up to $750 million , or the "Incremental Term Loans," under the Senior Term Facility. Contemporaneously with the consummation of the Dollar Thrifty acquisition, the Incremental Term Loans were fully drawn and the proceeds therefrom were used in connection with funding the Dollar Thrifty acquisition. The Incremental Term Loans are secured by the same collateral and guaranteed by the same guarantors as the term loans under the Senior Term Facility and all such loans mature in March 2018. In April 2013, Hertz entered into an Amendment No. 2, or "Amendment No. 2," to the Senior Term Facility, primarily to reduce the interest rate applicable to a portion of the outstanding term loans under the Senior Term Facility. Pursuant to Amendment No. 2, certain of the existing lenders under the Senior Term Facility converted their existing Tranche B Term Loans into tranche B-2 term loans, or the “Tranche B-2 Term Loans”, in an aggregate principal amount, along with new loans advanced by certain new lenders, of approximately $1,372 million . The proceeds of Tranche B-2 Term Loans advanced by the new lenders were used to prepay in full all of the Tranche B Term Loans that were not converted into Tranche B-2 Term Loans. Except as described below, the Tranche B-2 Term Loans bear interest at a floating rate measured by reference to, at Hertz's option, either (i) an adjusted London Inter-Bank Offered Rate, or "LIBOR", not less than 0.75% plus a borrowing margin of 2.25% per annum or (ii) an alternate base rate plus a borrowing margin of 1.25% per annum. The terms and conditions of the new Tranche B-2 Term Loans with respect to maturity, collateral, and covenants are otherwise unchanged compared to the Tranche B Term Loans. In December 2014, Hertz entered into an Amendment and Waiver (the “Amendment and Waiver”) to the Senior Term Facility. The waiver set forth in the Amendment and Waiver defers Hertz’s requirement to furnish certain financial statements within certain time periods set forth in the documentation of the Senior Term Facility, as well as waives defaults arising directly or indirectly from (i) the delay in providing such financial statements and (ii) the restatement of Hertz’s 2011, 2012 and 2013 financial statements. The waiver is effective with respect to the non-delivery of the subject financial statements through December 31, 2015, provided that after June 30, 2015 such waiver will terminate if Hertz’s failure to furnish such financial statements results in Hertz being prohibited from drawing funds under the Senior ABL Facility (as defined below), after giving effect to all amendments and waivers with respect to the Senior ABL Facility in effect as of such date. The Amendment and Waiver increases the interest rates payable on the term loans and credit linked deposits during the period from December 15, 2014 through but excluding the date on which Hertz has furnished all financial statements then due to be delivered under the terms of the Senior Term Facility. During such period, (A) the Tranche B Term Loans and the Tranche B-1 Term Loans will bear interest at a floating rate measured by reference to, at Hertz’s option, either (i) an adjusted LIBOR not less than 1.00% plus a borrowing margin of 3.00% per annum or (ii) an alternate base rate plus a borrowing margin of 2.00% per annum, and (B) the Tranche B-2 Term Loans will bear interest at a floating rate measured by reference to, at Hertz’s option, either (i) an adjusted LIBOR not less than 0.75% plus a borrowing margin of 2.75% per annum or (ii) an alternate base rate plus a borrowing margin of 1.75% per annum. From and after the date on which Hertz has furnished all financial statements then due to be delivered under the terms of the Senior Term Facility, (A) the Tranche B Term Loans and the Tranche B-1 Term Loans will bear interest at a floating rate measured by reference to, at Hertz’s option, either (i) an adjusted LIBOR not less than 1.00% plus a borrowing margin of 2.75% per annum or (ii) an alternate base rate plus a borrowing margin of 1.75% per annum, and (B) the Tranche B-2 Term Loans will bear interest at a floating rate measured by reference to, at Hertz’s option, either (i) an adjusted LIBOR not less than 0.75% plus a borrowing margin of 2.25% per annum or (ii) an alternate base rate plus a borrowing margin of 1.25% per annum. Senior ABL Facility: In March 2011, Hertz, HERC, and certain other of its subsidiaries entered into a credit agreement that initially provided for aggregate maximum borrowings of $1,800 million (subject to borrowing base availability) on a revolving basis under an asset-based revolving credit facility, or as amended, the “Senior ABL Facility.” Up to $1,500 million of the Senior ABL Facility was initially available for the issuance of letters of credit, subject to certain conditions including issuing lender participation. Subject to the satisfaction of certain conditions and limitations, the Senior ABL Facility allows for the addition of incremental revolving and/or term loan commitments. In July 2013, the Company increased the aggregate maximum borrowings under the Senior ABL Facility by $65 million (subject to borrowing base availability). In October 2014, Hertz entered into an agreement to amend certain terms of the Senior ABL Facility. The amendment, among other things (i) extends the commitment period of $1,668 million of aggregate maximum borrowing capacity under the Senior ABL Facility to March 2017, with the remaining $198 million of aggregate maximum borrowing capacity under the Senior ABL Facility, expiring, as previously scheduled, in March 2016 and (ii) provides for an increase in aggregate maximum borrowing capacity under the Senior ABL Facility of $235 million , such that (a) prior to March 2016, aggregate maximum borrowing capacity will be $2,100 million and (b) after March 2016, aggregate maximum borrowing capacity will be $1,903 million (in each case, subject to borrowing base availability). The Company refers to the Senior Term Facility and the Senior ABL Facility together as the “ Senior Credit Facilities. ” Hertz's obligations under the Senior Credit Facilities are guaranteed by its immediate parent (Hertz Investors, Inc.) and certain of its direct and indirect U.S. subsidiaries (subject to certain exceptions, including Hertz International Limited, which ultimately owns entities carrying on most of its international operations, and subsidiaries involved in the HVF U.S. Asset-Backed Securities, or "ABS," Program, the HVF II U.S. ABS Program, the Donlen ABS Program and the RCFC U.S. ABS Program). In addition, the obligations of the “ Canadian borrowers ” under the Senior ABL Facility are guaranteed by their respective subsidiaries, subject to certain exceptions. The lenders under the Senior Credit Facilities have been granted a security interest in substantially all of the tangible and intangible assets of the borrowers and guarantors under those facilities, including pledges of the stock of certain of their respective U.S. subsidiaries (subject, in each case, to certain exceptions, including certain vehicles). Each of the Senior Credit Facilities permits the incurrence of future indebtedness secured on a basis either equal to or subordinated to the liens securing the applicable Senior Credit Facility or on an unsecured basis. In February 2013 and March 2013, the Company added Dollar Thrifty and certain of its subsidiaries as guarantors under certain of its debt instruments and credit facilities, including the Senior Term Facility and in February 2014, the Company added Firefly Rent A Car LLC as a guarantor under certain of its debt instruments and credit facilities, including the Senior Term Facility. The Company refers to Hertz and its subsidiaries as the Hertz credit group. The Senior Credit Facilities contain a number of covenants that, among other things, limit or restrict the ability of the Hertz credit group to dispose of assets, incur additional indebtedness, incur guarantee obligations, prepay certain indebtedness, make dividends and other restricted payments (including to the parent entities of Hertz and other persons), create liens, make investments, make acquisitions, engage in mergers, change the nature of their business, engage in certain transactions with affiliates that are not within the Hertz credit group or enter into certain restrictive agreements limiting the ability to pledge assets. Under the Senior ABL Facility, failure to maintain certain levels of liquidity will subject the Hertz credit group to a contractually specified fixed charge coverage ratio of not less than 1 :1 for the four quarters most recently ended. As of December 31, 2014 , the Company was not subject to such contractually specified fixed charge coverage ratio. Covenants in the Senior Term Facility restrict payment of cash dividends to any parent of Hertz, including Hertz Holdings, with certain exceptions, including: (i) in an aggregate amount not to exceed 1% of the greater of a specified minimum amount and the consolidated tangible assets of the Hertz credit group (which payments are deducted in determining the amount available as described in the next clause (ii)), (ii) in additional amounts up to a specified available amount determined by reference to, among other things, an amount set forth in the Senior Term Facility plus 50% of net income from January 1, 2011 to the end of the most recent fiscal quarter for which financial statements of Hertz are available (less certain investments) and (iii) in additional amounts not to exceed the amount of certain equity contributions made to Hertz. Covenants in the Senior ABL Facility restrict payment of cash dividends to any parent of Hertz, including Hertz Holdings, except in an aggregate amount, taken together with certain investments, acquisitions and optional prepayments, not to exceed $200 million . Hertz may also pay additional cash dividends under the Senior ABL Facility so long as, among other things, (a) no specified default then exists or would arise as a result of making such dividends, (b) there is at least $200 million of liquidity under the Senior ABL Facility after giving effect to the proposed dividend, and (c) either (i) if such liquidity is less than $400 million immediately after giving effect to the making of such dividends, Hertz is in compliance with a specified fixed charge coverage ratio, or (ii) the amount of the proposed dividend does not exceed the sum of (x) 1% of tangible assets plus (y) a specified available amount determined by reference to, among other things, 50% of net income from January 1, 2011 to the end of the most recent fiscal quarter for which financial statements of Hertz are available plus (z) a specified amount of certain equity contributions made to Hertz. See Note 20, "Subsequent Events" regarding additional waivers related to the Senior ABL Facility. Senior Notes In September 2010, Hertz issued $700 million aggregate principal amount of the 7.50% Senior Notes due 2018, in December 2010, Hertz issued $500 million aggregate principal amount of the 7.375% Senior Notes due 2021, in February 2011, Hertz issued $1,000 million aggregate principal amount of the 6.75% Senior Notes due 2019, and in March 2012, Hertz issued an additional $250 million aggregate principal amount of the 6.75% Senior Notes due 2019. In October 2012, HDTFS, Inc., a newly-formed, wholly-owned subsidiary of Hertz issued and sold $700 million aggregate principal amount of 5.875% Senior Notes due 2020 and $500 million aggregate principal amount of 6.250% Senior Notes due 2022 in a private offering. The gross proceeds of the offering were held in an escrow account until the date of the completion of the acquisition of Dollar Thrifty, at which time the gross proceeds of the offering were released from escrow and HDTFS, Inc. was merged into Hertz. In March 2013, Hertz issued $250 million in aggregate principal amount of 4.25% Senior Notes due 2018. The proceeds of this March 2013 offering were used by Hertz to replenish a portion of its liquidity, after having dividended $467 million in available liquidity to Hertz Holdings, which was used to repurchase 23 million shares of Hertz Holdings common stock. Hertz's obligations under the indentures for the Senior Notes are guaranteed by each of its direct and indirect U.S. subsidiaries that are guarantors under the Senior Term Facility. The guarantees of all of the Subsidiary Guarantors may be released to the extent such subsidiaries no longer guarantee the Company's Senior Credit Facilities in the U.S. HERC may also be released from its guarantee under the outstanding Senior Notes at any time at which no event of default under the related indenture has occurred and is continuing, notwithstanding that HERC may remain a subsidiary of Hertz. In February 2013 and March 2013, the Company added Dollar Thrifty and certain of its subsidiaries as guarantors under certain of its debt instruments and credit facilities including the Senior Notes and in February 2014, the Company added Firefly Rent A Car LLC as a guarantor under certain of its debt instruments and credit facilities, including the Senior Notes. The indentures for the Senior Notes contain covenants that, among other things, limit or restrict the ability of the Hertz credit group to incur additional indebtedness, incur guarantee obligations, prepay certain indebtedness, make certain restricted payments (including paying dividends, redeeming stock or making other distributions to parent entities of Hertz and other persons outside of the Hertz credit group), make investments, create liens, transfer or sell assets, merge or consolidate, and enter into certain transactions with Hertz's affiliates that are not members of the Hertz credit group. These covenants also restrict Hertz Holdings and certain of its subsidiaries from redeeming stock or making loans, advances, dividends, distributions or other restricted payments to any entity that is not a member of the Hertz credit group, subject to certain exceptions. The Company's failure to file certain quarterly and annual reports required under the Exchange Act resulted in the occurrence of various potential defaults under the indentures for the Senior Notes. With respect to each such indenture, the Company has 60 days following its receipt of a notice of default from the trustee or the requisite noteholders under such indenture to remedy such default, after which such failure would become an event of default under such indenture. See Note 20, "Subsequent Events" regarding waivers related to the Senior Notes. Promissory Notes References to the Company's “Promissory Notes” relate to its promissory notes issued under three separate indentures prior to the acquisition of all of Hertz's common stock on December 21, 2005, by the Sponsors. Fleet Debt The governing documents of certain of the fleet debt financing arrangements specified below contain covenants that, among other things, significantly limit or restrict (or upon certain circumstances may significantly restrict or prohibit) the ability of the borrowers, and the guarantors if applicable, to make certain restricted payments (including paying dividends, redeeming stock, making other distributions, loans or advances) to Hertz Holdings and Hertz, whether directly or indirectly. HVF II U.S. ABS Program In November 2013, Hertz established a securitization platform, the HVF II U.S. ABS Program, designed to facilitate its financing activities relating to the vehicle fleet used by Hertz in the U.S. daily car rental operations of its Hertz, Dollar, Thrifty and Firefly brands. Hertz Vehicle Financing II LP, a bankruptcy remote, indirect, wholly - owned, special purpose subsidiary of Hertz, or “HVF II,” is the issuer under the HVF II U.S. ABS Program. HVF II has entered into a base indenture that permits it to issue term and revolving rental car asset - backed securities, secured by one or more shared or segregated collateral pools consisting primarily of portions of the rental car fleet used in its U.S. car rental operations and contractual rights related to such vehicles that have been allocated as the ultimate indirect collateral for HVF II's financings. HVF II uses proceeds from its note issuances to make loans to Hertz Vehicle Financing LLC, or "HVF," pursuant to the HVF Series 2013-G1 Supplement (the “HVF Series 2013-G1 Notes”) and Rental Car Finance Corp., or "RCFC," pursuant to the RCFC Series 2010-3 Supplement (the "RCFC Series 2010-3 Notes"), in each case on a continuing basis. The assets of HVF II and HVF II GP Corp. are owned by HVF II and HVF II GP Corp., respectively, and are not available to satisfy the claims of Hertz’s general creditors. References to the “ HVF II U.S. ABS Program ” include HVF II ’ s U.S. Fleet Variable Funding Notes and HVF II U.S. Fleet Medium Term Notes. HVF II U.S. Fleet Variable Funding Notes References to the “ HVF II U.S. Fleet Variable Funding Notes ” include the HVF II Series 2013-A Notes, the HVF II Series 2013-B Notes and the HVF II Series 2014-A Notes. In connection with the establishment of the HVF II U.S. ABS Program, HVF II executed a $3,175 million committed financing arrangement, allocated between the HVF II Series 2013-A Notes and the HVF II Series 2013-B Notes, each of which ultimately are backed by segregated collateral pools. The initial aggregate maximum principal amount of the HVF II Series 2013-A Notes was $2,575 million (subject to borrowing base availability). The initial aggregate maximum principal amount of the HVF II Series 2013-B Notes was $600 million (subject to borrowing case availability). The HVF II Series 2013-A Notes allow for approximately $900 million of aggregate maximum principal amount of such notes to be transitioned to the aggregate maximum principal amount of HVF II Series 2013-B Notes and the HVF II Series 2013-B Notes allow for all of the aggregate maximum principal amount of such notes to be transitioned to the HVF II Series 2013-A Notes (in each case, subject to borrowing base availability). The net proceeds from the sale of the HVF II Series 2013-A Notes were used to refinance nearly all of the outstanding Series 2009-1 Variable Funding Rental Car Asset-Backed Notes previously issued by HVF, the collateral for which consisted primarily of a substantial portion of the rental car fleet used in Hertz ’ s and certain of its subsidiaries ’ U.S. car rental operations. No commitments remain available under the HVF Series 2009-1 Notes and there are no longer any HVF Series 2009-1 Notes outstanding. The net proceeds from the sale of the HVF II Series 2013-B Notes were used to refinance the Series 2010-3 Variable Funding Rental Car Asset-Backed Notes previously issued by RCFC, the collateral for which consisted primarily of a substantial portion of the rental car fleet used in Dollar Thrifty ’ s and certain of its affiliates ’ U.S. car rental operations. In July 2014, HVF II executed a $1,000 million committed financing arrangement, the “Series 2014-A Variable Funding Rental Car Asset-Backed Notes," or the “HVF II Series 2014-A Notes”, backed by the same collateral pool that supports the HVF II Series 2013-A Notes. The initial aggregate maximum principal amount of the HVF II Series 2014-A Notes was $1,000 million (subject to borrowing base availability). In October 2014, HVF II entered into various agreements to amend certain terms of the HVF II Series 2013-A Notes and the HVF II Series 2013-B Notes. The amendments, among other things, extended the maturity of each facility to October 2016. In addition, HVF II transitioned $250 million of commitments available under the HVF II Series 2013-A Notes to the HVF II Series 2013-B Notes, such that after giving effect to such transitions the aggregate maximum principal amount of the HVF II Series 2013-A Notes and the HVF II Series 2013-B Notes were $2,447 million and $878 million , respectively (in each case, subject to borrowing base availability). Also in October 2014, HVF II amended the terms of its HVF II Series 2014-A Notes, originally issued in July 2014, to provide for, among other things, (i) an extension of the maturity of the HVF II Series 2014-A Notes to October 2016 and (ii) an increase in aggregate maximum borrowing capacity under the HVF II Series 2014-A Notes from $1,000 million to $3,250 million (subject to borrowing base availability). The HVF II Series 2014-A Notes contain a commitment step-up feature that increased borrowing capacity from $1,000 million to $3,250 million (subject to borrowing base availability) by February 2015. Additionally, the HVF II Series 2014-A Notes contain provisions requiring the commitments to be terminated based on the volume of specified debt issued by Hertz or certain of its subsidiaries. These mandatory commitment termination provisions do not apply until at least $1,500 million of such specified debt has been issued. In December 2014, HVF II transitioned approximately $147 million of commitments available under the HVF II Series 2013-A Notes to the HVF II Series 2013-B Notes, such that after giving effect to such transition the aggregate maximum principal amount of the HVF II Series 2013-A Notes and the HVF II Series 2013-B Notes were $2,300 million and $1,025 million , respectively (in each case, subject to borrowing base availability). The HVF II financing platform also provides for the issuance from time to time of medium term asset-backed notes and is expected to serve as Hertz’s primary rental car securitization platform in the U.S. going forward. See Note 20 , " Subsequent Events " regarding additional waivers related to the HVF II U.S. Fleet Variable Funding Notes. HVF II U.S. Fleet Medium Term Notes See Note 20 , " Subsequent Events " regarding the issuance of HVF II U.S. Fleet Medium Term Notes. HVF U.S. Fleet ABS Program HVF, a bankruptcy remote, direct, wholly-owned, special purpose subsidiary of Hertz, is the issuer under the HVF U.S. ABS Program. HVF has entered into a base indenture that permits it to issue term and revolving rental car asset-backed securities, secured by one or more shared or segregated collateral pools consisting primarily of a substantial portion of the rental car fleet used in its U.S. car rental operations and contractual rights related to such vehicles that have been allocated as collateral for HVF's financings. Prior to the establishment of the HVF II financing platform, the HVF U.S. ABS Program served as Hertz's primary rental car securitization platform in the U.S. References to the “HVF U.S. ABS Program” include HVF's U.S. Fleet Variable Funding Notes together with HVF's U.S. Fleet Medium Term Notes. HVF U.S. Fleet Variable Funding Notes References to the “HVF U.S. Fleet Variable Funding Notes” include HVF's Series 2009-1 Variable Funding Rental Car Asset-Backed Notes, as amended, or the “HVF Series 2009-1 Notes." In May and August 2013, HVF amended the HVF Series 2009-1 Notes to permit aggregate maximum borrowings of $2,739 million (subject to borrowing base availability) and to extend the expected final maturity date to June 2014, respectively. In November 2013, the net proceeds from the sale of the HVF II Series 2013-A Notes were used to refinance nearly all of the outstanding HVF Series 2009-1 Notes. In connection therewith, HVF amended the HVF Series 2009-1 Notes to permit aggregate maximum borrowings of $150 million (subject to borrowing base availability). In December 2013, HVF amended the HVF Series 2009-1 Notes primarily to conform the terms thereof to the terms of HVF II ’ s Series 2013-A Notes. In July 2014, the remaining $150 million of commitments available under the HVF Series 2009-1 Notes were transitioned to the HVF II U.S. ABS Program, with approximately $122 million of such commitments allocated to the HVF II Series 2013-A Notes and $28 million of such commitments allocated to the HVF II Series 2013-B Notes, such that after giving effect to such transition the aggregate maximum principal amount of the HVF II Series 2013-A Notes and the HVF II Series 2013-B Notes were $2,697 million and $628 million , respectively (in each case, subject to borrowing base availability.) No commitments remain available under the HVF Series 2009-1 Notes and there are no longer any HVF Series 2009-1 Notes outstanding. HVF U.S. Fleet Medium Term Notes References to the “HVF U.S. Fleet Medium Term Notes” include HVF's Series 2009-2 Notes, Series 2010-1 Notes, Series 2011-1 Notes and Series 2013-1 Notes, collectively. HVF Series 2009-2 Notes: In October 2009, HVF issued the Series 2009-2 Rental Car Asset Back Notes, Class A, or the “HVF Series 2009-2 Class A Notes,” in an aggregate original principal amount of $1,200 million . In June 2010, HVF issued the Subordinated Series 2009-2 Rental Car Asset-Backed Notes, Class B, or the “HVF Series 2009-2 Class B Notes,” and together with the Series 2009-2 Class A, or the “HVF Series 2009-2 Notes,” in an aggregate original principal amount of $184 million . HVF Series 2010-1 Notes: In July 2010, HVF issued the Series 2010-1 Rental Car Asset-Backed Notes, or the “HVF Series 2010-1 Notes,” in an aggregate original principal amount of $750 million . HVF Series 2011-1 Notes: In June 2011, HVF issued the Series 2011-1 Rental Car Asset-Backed Notes, or the “HVF Series 2011-1 Notes,” in an aggregate original principal amount of $598 million . HVF Series 2013-1 Notes : In January 2013, HVF issued $950 million in an aggregate original principal amount of three year and five year Series 2013-1 Rental Car Backed Notes, Class A and Class B, or the "HVF Series 2013-1 Notes," collectively. See Note 20 , " Subsequent Events " regarding additional waivers related to the HVF U.S. Fleet Medium Term Notes. RCFC U.S. ABS Program RCFC became a bankruptcy remote, indirect, wholly-owned, special purpose subsidiary of Hertz when Hertz acquired Dollar Thrifty. RCFC is the issuer under the RCFC U.S. ABS Program. RCFC has entered into a base indenture that permits it to issue term and revolving rental car asset-backed securities secured by one or more shared or segregated collateral pools consisting primarily of portions of the rental car fleet used in Hertz's, Dollar Thrifty's and Firefly's U.S. car rental operations and contractual rights related to such vehicles that have been allocated as the collateral for RCFC's financings. References to the “ RCFC U.S. ABS Program ” include RCFC's U.S. Fleet Variable Funding Notes together with RCFC's U.S. Fleet Medium Term Notes. RCFC U.S. Fleet Variable Funding Notes References to the “RCFC U.S. Fleet Variable Funding Notes” are to the RCFC Series 2010-3 Variable Funding Rental Car Asset-Backed Notes, as amended, or the “RCFC Series 2010-3 Notes.” In November 2013, the net proceeds from the sale of the HVF II Series 2013-B Notes were used to refinance the RCFC Series 2010-3 Notes. Following the establishment of the HVF II platform described herein, HVF II became the sole noteholder of the RCFC Series 2010-3 Notes and such notes became part of the overall HVF II transaction structure as further described in the "HVF II U.S. ABS Program" section of this footnote. RCFC U.S. Fleet Medium Term Notes References to the “ RCFC U.S. Fleet Medium Term Notes ” in

Employee Retirement Benefits

Employee Retirement Benefits	12 Months Ended
	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Employee Retirement Benefits	Employee Retirement Benefits Qualified U.S. employees, after completion of specified periods of service, are eligible to participate in The Hertz Corporation Account Balance Defined Benefit Pension Plan, or the “Hertz Retirement Plan,” a cash balance plan. Under this qualified Hertz Retirement Plan, the Company pays the entire cost and employees are not required to contribute. Some of its international subsidiaries have defined benefit retirement plans or participate in various insured or multiemployer plans. In certain countries, when the subsidiaries make the required funding payments, they have no further obligations under such plans. Company plans are generally funded, except for certain nonqualified U.S. defined benefit plans and in Germany and France, where unfunded liabilities are recorded. The Company also sponsors defined contribution plans for certain eligible U.S. and non-U.S. employees, where contributions are matched based on specific guidelines in the plans. Effective December 31, 2014, the Company amended the Hertz Retirement Plan to permanently discontinue future benefit accruals and participation under the plan for non-union employees. The Company anticipates that, while compensation credits will no longer be provided under the Hertz Retirement Plan after 2014 for affected participants, interest credits will continue to be credited on existing participant account balances under the plan until benefits are distributed and service will continue to be recognized for vesting and retirement eligibility requirements. In connection with the freezing of the Hertz Retirement Plan, the Company plans to increase employer contributions under the Company’s qualified 401(k) savings plan (the “401(k) Plan”). Effective January 1, 2015, eligible participants under the 401(k) Plan will receive a matching employer contribution to their 401(k) Plan account equal to (i) 100% of the first 3% of employee contributions made by such participant and (ii) 50% of the next 2% of employee contributions, with the total amount of such matching employer contribution to be completely vested, subject to applicable limits under the United States Internal Revenue Code. Certain eligible participants under the 401(k) Plan will also receive additional employer contribution amounts to their 401(k) Plan account depending on their years of service and age. The Company reserves the right to change its benefit offerings, at any time, in its discretion. On October 22, 2014, the Company amended two non-qualified, unfunded pension plans. These two plans are The Hertz Corporation Benefit Equalization Plan, or “BEP,” and The Hertz Corporation Supplemental Executive Retirement Plan, or “SERP II.” Effective as of December 31, 2014, the Company permanently discontinued future benefit accruals and participation under the BEP and the SERP II. Service will continue to be recognized for vesting and retirement eligibility requirements under the BEP and SERP II. Effective January 1, 2014, the Hertz Retirement Plan was amended to provide a maximum annual compensation credit equal to 5% of eligible compensation paid to all plan members who are hired or rehired before January 1, 2014, unless as of December 31, 2013 the member has at least 120 months of continuous service, in which case the member continues with an annual credit of 6.5% . All Hertz employees who are hired on or after January 1, 2014 and Dollar Thrifty employees who become plan members on or after January 1, 2014 were eligible for a flat 3% annual compensation credit, regardless of the member's number of months of continuous service. The Company also sponsors postretirement health care and life insurance benefits for a limited number of employees with hire dates prior to January 1, 1990. The postretirement health care plan is contributory with participants' contributions adjusted annually. An unfunded liability is recorded. The Company also has a key officer postretirement car benefit plan that provides the use of a vehicle for retired Executive Vice Presidents and above who have a minimum of 20 years of service and who retired at age 58 or above. The assigned car benefit is available for 15 years postretirement or until the participant reaches the age of 80 , whichever occurs last. The following tables set forth the funded status and the net periodic pension cost of the Hertz Retirement Plan, other postretirement benefit plans including health care and life insurance plans covering domestic (“U.S.”) employees and the retirement plans for international operations (“Non-U.S.”), together with amounts included in its consolidated balance sheets and statements of operations: Pension Benefits Postretirement U.S. Non-U.S. Benefits (U.S.) (In millions) 2014 2013 2014 2013 2014 2013 Change in Benefit Obligation Benefit obligation at January 1 $ 671 $ 679 $ 243 $ 224 $ 16 $ 19 Service cost 28 27 2 3 — — Interest cost 31 28 10 9 — 1 Employee contributions — — — — 1 1 Plan amendments — (5 ) — — — — Plan curtailments (42 ) — — — — — Plan settlements (11 ) — — — — — Benefits paid (23 ) (23 ) (5 ) (4 ) (2 ) (2 ) Foreign exchange translation — — (22 ) 7 — — Actuarial loss (gain) 72 (35 ) 46 4 — (3 ) Benefit obligation at December 31 $ 726 $ 671 $ 274 $ 243 $ 15 $ 16 Change in Plan Assets Fair value of plan assets at January 1 $ 563 $ 498 $ 207 $ 178 $ — $ — Actual return on plan assets 55 68 19 23 — — Company contributions 35 20 5 5 1 1 Employee contributions — — — — 1 1 Plan settlements (11 ) — — — — — Benefits paid (23 ) (23 ) (5 ) (4 ) (2 ) (2 ) Foreign exchange translation — — (14 ) 5 — — Fair value of plan assets at December 31 $ 619 $ 563 $ 212 $ 207 $ — $ — Funded Status of the Plan Plan assets less than benefit obligation $ (107 ) $ (108 ) $ (62 ) $ (36 ) $ (15 ) $ (16 ) Pension Benefits Postretirement U.S. Non-U.S. Benefits (U.S.) (In millions) 2014 2013 2014 2013 2014 2013 Amounts recognized in balance sheet: Accrued liabilities $ (107 ) $ (108 ) $ (62 ) $ (36 ) $ (15 ) $ (16 ) Net obligation recognized in the balance sheet $ (107 ) $ (108 ) $ (62 ) $ (36 ) $ (15 ) $ (16 ) Prior service credit $ 2 $ 13 $ — $ — $ — $ — Net gain (loss) (97 ) (94 ) (50 ) (12 ) 1 — Accumulated other comprehensive gain (loss) (95 ) (81 ) (50 ) (12 ) 1 — Unfunded accrued pension or postretirement benefit (12 ) (27 ) (12 ) (24 ) (16 ) (16 ) Net obligation recognized in the balance sheet $ (107 ) $ (108 ) $ (62 ) $ (36 ) $ (15 ) $ (16 ) Total recognized in other comprehensive (income) loss $ 14 $ (79 ) $ 38 $ (5 ) $ — $ (3 ) Total recognized in net periodic benefit cost and other comprehensive (income) loss $ 33 $ (52 ) $ 35 $ (6 ) $ 1 $ (2 ) Estimated amounts that will be amortized from accumulated other comprehensive (income) loss over the next fiscal year: Net loss $ (2 ) $ (2 ) $ (2 ) $ — $ — $ — Accumulated Benefit Obligation at December 31 $ 720 $ 626 $ 272 $ 239 N/A N/A Weighted-average assumptions as of December 31 Discount rate 3.9 % 4.8 % 4.4 % 4.4 % 3.6 % 4.4 % Expected return on assets 7.4 % 7.6 % 7.4 % 7.4 % — % N/A Average rate of increase in compensation 4.0 % 4.6 % 2.6 % 2.6 % — % N/A Initial health care cost trend rate N/A N/A N/A N/A 7.3 % 7.5 % Ultimate health care cost trend rate N/A N/A N/A N/A 4.5 % 4.5 % Number of years to ultimate trend rate N/A N/A N/A N/A 15 16 N/A - Not applicable The discount rate used to determine the December 31, 2014 benefit obligations for U.S. pension plans is based on the rate from the Mercer Pension Discount Curve-Above Mean Yield that is appropriate for the duration of the Company's plan liabilities. For its plans outside the U.S., the discount rate reflects the market rates for an optimized subset of high-quality corporate bonds currently available. The discount rate in a country was determined based on a yield curve constructed from high quality corporate bonds in that country. The rate selected from the yield curve has a duration that matches its plan. The expected return on plan assets for each funded plan is based on expected future investment returns considering the target investment mix of plan assets. The following table sets forth the net periodic pension and postretirement (including health care, life insurance and auto) expense: Pension Benefits Postretirement Benefits (U.S.) U.S. Non-U.S. Years Ended December 31, (In millions) 2014 2013 2012 2014 2013 2012 2014 2013 2012 Components of Net Periodic Service cost $ 28 $ 27 $ 25 $ 2 $ 3 $ 2 $ — $ — $ — Interest cost 31 28 28 10 9 10 1 1 1 Expected return on plan assets (40 ) (36 ) (34 ) (15 ) (13 ) (12 ) — — — Net amortizations 2 7 10 — — — — — — Settlement loss 4 — 2 — — — — — — Curtailment gain (10 ) — — — — — — — — Special termination cost 4 — — — — — — — — Net pension and postretirement expense $ 19 $ 26 $ 31 $ (3 ) $ (1 ) $ — $ 1 $ 1 $ 1 Weighted-average discount rate for expense (January 1) 4.8 % 4.0 % 4.7 % 3.2 % 4.3 % 4.8 % 4.4 % 3.6 % 4.4 % Weighted-average assumed long-term rate of return on assets (January 1) 7.6 % 7.6 % 8.0 % 7.4 % 7.4 % 7.4 % N/A N/A N/A Initial health care cost trend rate N/A N/A N/A N/A N/A N/A 7.5 % 7.8 % 8.1 % Ultimate health care cost trend rate N/A N/A N/A N/A N/A N/A 4.5 % 4.5 % 4.5 % Number of years to ultimate trend rate N/A N/A N/A N/A N/A N/A 15 16 17 N/A - Not applicable (a) In 2014, the Company changed its method of calculating the market-related value of pension assets, as more fully described below. The loss in “Accumulated other comprehensive income (loss)” at December 31, 2014 and 2013 relating to pension benefits was $101 million and $58 million , respectively. Changing the assumed health care cost trend rates by one percentage point is not expected to have an impact on the total of service and interest cost components or on the postretirement benefit obligation. The provisions charged to income for the years ended December 31, 2014, 2013 and 2012 for all other pension plans were approximately $10 million , $10 million and $9 million , respectively. The provisions charged to income for the years ended December 31, 2014, 2013 and 2012 for the defined contribution plans were approximately $18 million , $18 million and $19 million , respectively. Plan Assets The Company has a long-term investment outlook for the assets held in the Company sponsored plans, which is consistent with the long-term nature of each plan's respective liabilities. The Company has two major plans which reside in the U.S. and the U.K. The U.S. Plan, or the “Plan,” currently has a target asset allocation of 65% equity and 35% fixed income. The equity portion of the Plan is invested in one passively managed S&P 500 index fund, one passively managed U.S. small/midcap fund, one actively managed international fund and one actively managed emerging markets fund. The fixed income portion of the Plan is actively managed by professional investment managers and is benchmarked to the Barclays Long Govt/Credit Index. The Plan assumes a 7.4% rate of return on assets expected long-term annual weighted-average for the Plan in total. In 2014, the Company changed its method of calculating the market-related value of pension assets for the U.S. Plan for purposes of determining the expected return on plan assets and accounting for asset gains and losses. The new method uses fair value instead of the calculated market-related value that has been used historically. The Company believes this method is preferable as it represents fair value as of the balance sheet date. This change in accounting principle was applied retroactively to all prior periods. In connection with the change in accounting principle, the Company determined that the calculated market-related value was not properly valued subsequent to the 2005 acquisition accounting applied when the Company was sold by Ford Motor Company to a consortium of private equity investors and therefore a portion of the cumulative impact on expense due to the change in asset method has been deemed a correction of an error. The cumulative impact from 2005-2014 is an increase in accumulated other comprehensive loss and a decrease in the accumulated deficit of $27 million ( $17 million , net of tax), $24 million ( $15 million , net of tax) of which has been deemed to be due to the change in accounting principle, and $3 million ( $2 million , net of tax) is attributable to the correction of an error. The impact of the change in accounting principle was a $ 4 million increase to accumulated deficit and a corresponding reduction in accumulated other comprehensive loss as of January 1, 2012 (net of tax), while the impact of the error correction was a $ 2 million decrease to accumulated deficit and increase to accumulated other comprehensive loss as of January 1, 2012 (net of tax). The error correction was immaterial to each of the annual periods presented in this Annual Report on Form 10-K. The following table sets forth the effect of the change in accounting principle by period. Years Ended December 31, Increase (decrease) in millions, except per share data 2014 2013 2012 Consolidated Balance Sheets Accumulated deficit $ 15 $ 6 $ (1 ) Accumulated other comprehensive income (loss) (15 ) (6 ) 1 Consolidated Statements of Operations Direct operating (14 ) $ (12 ) (5 ) Provision for taxes on income (loss) 5 $ 5 2 Net income (loss) 9 7 3 Earnings per Share - Basic 0.02 0.02 0.02 Earnings per Share - Diluted 0.02 0.02 0.01 Consolidated Statements of Comprehensive Income (Loss) Net income (loss) 9 7 3 Reclassifications of net periodic costs related to defined benefit pension plans (14 ) (12 ) (5 ) Tax impact related to net gains and losses on defined benefit pension plans 5 5 2 Total other comprehensive income (loss) (9 ) (7 ) (3 ) Consolidated Statements of Changes in Equity Net income (loss) 9 7 3 Other comprehensive income (loss) (9 ) (7 ) (3 ) Accumulated deficit 15 6 (1 ) Accumulated other comprehensive income (loss) (15 ) (6 ) 1 Consolidated Statements of Cash Flows Net income (loss) 9 7 3 Changes in assets and liabilities, net of acquisitions - Accrued liabilities (9 ) (7 ) (3 ) The U.K. Plan has a target allocation of 37.5% actively managed multi-asset funds, 27.5% passive equity funds and 35% passive bond funds. The actively managed multi-asset funds are intended to deliver a long-term equity-like return but with reduced levels of volatility. The target allocation for the passive bonds is 70% in index-linked government bonds and 30% in corporate bonds. The target allocation for the equity funds are that 45% are held in U.K. Equities and the remainder diversified across global markets. All of the invested assets of the U.K. Plan are held via pooled funds managed by professional investment managers. The U.K. Plan assumes a 7.5% rate of return on assets expected long-term weighted-average for the Plan in total. The fair value measurements of the Company's U.S. pension plan assets are based upon significant observable inputs (Level 2)that reflect quoted prices for similar assets or liabilities in active markets. The fair value measurements of its U.S. pension plan assets relate to common collective trusts and other pooled investment vehicles consisting of the following asset categories: (In millions) December 31, Asset Category 2014 2013 Short Term Investments $ 13 $ 13 Equity Securities: U.S. Large Cap 171 160 U.S. Mid Cap 50 46 U.S. Small Cap 38 36 International Large Cap 99 101 International Emerging Markets 29 18 Asset-Backed Securities 4 — Fixed Income Securities: U.S. Treasuries 63 60 Corporate Bonds 123 106 Government Bonds 10 6 Municipal Bonds 10 11 Real Estate (REITs) 9 6 Total fair value of pension plan assets $ 619 $ 563 The Company's U.K. Plan accounts for $201 million of the $212 million in fair value of Non-U.S. plan assets at December 31, 2014. The fair value measurements of its U.K. pension plan assets are based upon significant observable inputs (Level 2) and relate to common collective trusts and other pooled investment vehicles consisting of the following asset categories: (In millions) December 31, 2014 December 31, 2013 Asset Category Level 1 Level 2 Level 1 Level 2 Actively Managed Multi-Asset Funds: Diversified Growth Funds $ 74 $ — $ 74 $ — Passive Equity Funds: U.K. Equities 25 — 24 — Overseas Equities 31 — 30 — Passive Bond Funds: Corporate Bonds — 21 — 20 Index-Linked Gilts — 50 — 47 Total fair value of pension plan assets $ 130 $ 71 $ 128 $ 67 Contributions The Company's policy for funded plans is to contribute annually, at a minimum, amounts required by applicable laws, regulations and union agreements. In 2014 , the Company made cash contributions and benefit payments to its U.S. qualified pension plan of $35 million and all other international plans of $5 million . In 2013 , the Company made cash contributions and benefit payments to its U.S. qualified pension plan of $20 million and all other international plans of $5 million . The Company does not anticipate contributing to the U.S. qualified pension plan during 2015 . For the international plans the Company anticipates contributing $ 3 million during 2015. The level of 2015 and future contributions will vary, and is dependent on a number of factors including investment returns, interest rate fluctuations, plan demographics, funding regulations and the results of the final actuarial valuation. Estimated Future Benefit Payments The following table presents estimated future benefit payments: (In millions) Pension Benefits Postretirement Benefits (U.S.) 2015 $ 50 $ 1 2016 37 1 2017 43 1 2018 45 1 2019 48 1 After 2019 282 6 $ 505 $ 11 Multiemployer Pension Plans The Company contributed to several multiemployer defined benefit pension plans under collective bargaining agreements that cover certain of its union-represented employees. The risks of participating in such plans are different from the risks of single-employer plans, in the following respects: a) Assets contributed to a multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. b) If a participating employer ceases to contribute to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. c) If the Company ceases to have an obligation to contribute to the multiemployer plan in which the Company had been a contributing employer, the Company may be required to pay to the plan an amount based on the underfunded status of the plan and on the history of its participation in the plan prior to the cessation of its obligation to contribute. The amount that an employer that has ceased to have an obligation to contribute to a multiemployer plan is required to pay to the plan is referred to as a withdrawal liability. The Company's participation in multiemployer plans for the annual period ended December 31, 2014 is outlined in the table below. For each plan that is individually significant to the Company, the following information is provided: The “EIN / Pension Plan Number” column provides the Employer Identification Number and the three-digit plan number assigned to a plan by the Internal Revenue Service. The most recent Pension Protection Act Zone Status available for 2013 and 2014 is for plan years that ended in 2013 and 2014 , respectively. The zone status is based on information provided to the Company and other participating employers by each plan and is certified by the plan's actuary. A plan in the “red” zone has been determined to be in “critical status”, based on criteria established under the Internal Revenue Code, or the “Code,” and is generally less than 65% funded. A plan in the “yellow” zone has been determined to be in “endangered status”, based on criteria established under the Code, and is generally less than 80% funded. A plan in the “green” zone has been determined to be neither in “critical status” nor in “endangered status,” and is generally at least 80% funded. The “FIP/RP Status Pending/Implemented” column indicates whether a Funding Improvement Plan, as required under the Code to be adopted by plans in the “yellow” zone, or a Rehabilitation Plan, as required under the Code to be adopted by plans in the “red” zone, is pending or has been implemented as of the end of the plan year that ended in 2014 . The “Surcharge Imposed” column indicates whether the Company's contribution rate for 2014 included an amount in addition the contribution rate specified in the applicable collective bargaining agreement, as imposed by a plan in “critical status,” in accordance with the requirements of the Code. The last column lists the expiration dates of the collective bargaining agreements pursuant to which the Company contributed to the plans. For plans that are not individually significant to the Company, the total amount of contributions is presented in the aggregate. EIN /Pension Plan Pension Protection Act Zone Status FIP / RP Status Pending / Contributions by The Hertz Corporation (In millions) Surcharge Expiration Dates of Collective Bargaining Pension Fund Number 2014 2013 Implemented 2014 2013 2012 Imposed Agreements Western Conference of Teamsters 91-6145047 Green Green NA $ 6 $ 4 $ 4 NA 1/31/2013 - 10/1/2015 Teamsters Central States 36-6044243 Red Red Implemented 1 1 1 No 5/31/2013 - 3/10/2017 IAM National 51-60321295 Green Green NA 1 1 1 NA 9/25/2011* - 8/31/2016 Midwest Operating Engineers 36-6140097 Green Green NA 1 1 1 NA 2/25/2014 Local 1034** 13-6594795 Red Red Implemented — — — Yes 5/2/2013* Operating Engineers Local 324 38-1900637 Red Red Implemented — — — No 6/30/2016 Western Pennsylvania Teamsters 25-6029946 Red Red Implemented — — — No 11/4/2014 Other Plans 1 1 1 Total Contributions $ 10 $ 8 $ 8 * The parties are still attempting to negotiate a successor agreement. ** The amount contributed by Hertz to the Local 1034 Pension Fund was reported as being more than 5% of total contributions to the plan, on the fund's Form 5500 for the year ended December 31, 2014 . During 2012, Hertz completely withdrew employees from an existing multi-employer pension plan with the Central States Pension Fund, or the “Pension Fund,” and entered into a new agreement with the Pension Fund, which adopted an alternative method for determining an employer's unfunded obligation that would limit Hertz funding obligations to the Pension Fund in the future. As part of the agreement, certain Pension Fund participants were effectively moved to the Hertz retirement plan and the remaining participants were moved to a new pension plan sponsored by the Pension Fund. In connection with the complete withdrawal from the Pension Fund, Hertz was subject to a withdrawal liability of approximately $24 million , substantially all of which was paid in December 2012.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation Plans The non-cash stock-based compensation expense associated with the Hertz Holdings stock-based compensation plans is pushed down from Hertz Holdings and recorded on the books at the Hertz level. On February 28, 2008, the Board of Directors of Hertz and Hertz Holdings jointly adopted the Hertz Global Holdings, Inc. 2008 Omnibus Incentive Plan, or the “Omnibus Plan,” which was approved by the stockholders of Hertz Holdings at the annual meeting of stockholders held on May 15, 2008 and amended and restated on May 27, 2010. A maximum of approximately 32,700,000 shares are reserved for issuance under the Omnibus Plan. The Omnibus Plan provides for grants of both equity and cash awards, including non-qualified stock options, incentive stock options, stock appreciation rights, performance awards (shares and units), restricted stock, restricted stock units and deferred stock units to key executives, employees and non-management directors. Hertz Holdings also granted awards under the Hertz Global Holdings, Inc. Stock Incentive Plan, or the “Stock Incentive Plan,” and the Hertz Global Holdings, Inc. Director Stock Incentive Plan, or the “Director Plan”, or collectively the “Prior Plans.” The Omnibus Plan provides that no further awards will be granted pursuant to the Prior Plans. However, awards that had been previously granted pursuant to the Prior Plans will continue to be subject to and governed by the terms of the Prior Plans. As of December 31, 2014 , there were 3,606,457 shares of Hertz Holdings' common stock underlying awards outstanding under the Prior Plans. In addition, as of December 31, 2014 , there were 7,669,877 shares of Hertz Holdings' common stock underlying awards outstanding under the Omnibus Plan. In addition to the 11,276,334 shares underlying outstanding awards as of December 31, 2014 , Hertz Holdings had 19,762,329 shares of its common stock available for issuance of which 15,884,957 shares are available under the Omnibus Plan, and 3,877,372 shares are available under the treasury stock. The shares of common stock to be delivered under the Omnibus Plan may consist, in whole or in part, of common stock held in treasury or authorized but unissued shares of common stock, not reserved for any other purpose. Shares subject to any award granted under the Omnibus Plan that for any reason are canceled, terminated, forfeited, settled in cash or otherwise settled without the issuance of common stock after the effective date of the Omnibus Plan will generally be available for future grants under the Omnibus Plan. A summary of the total compensation expense and associated income tax benefits recognized under the Prior Plans and the Omnibus Plan, including the cost of stock options, RSUs, and PSUs, is as follows (in millions of dollars): Years Ended December 31, (In millions) 2014 2013 2012 Compensation expense $ 11 $ 35 $ 30 Income tax benefit (4 ) (14 ) (12 ) Total $ 7 $ 21 $ 18 As of December 31, 2014 , there was approximately $12 million of total unrecognized compensation cost related to non-vested stock options, RSUs and PSUs granted by Hertz Holdings under the Prior Plans and the Omnibus Plan. The total unrecognized compensation cost is expected to be recognized over the remaining 1.6 years, on a weighted average basis, of the requisite service period that began on the grant dates. Stock Options and Stock Appreciation Rights All stock options and stock appreciation rights granted under the Omnibus Plan will have a per-share exercise price of not less than the fair market value of one share of Hertz Holdings common stock on the grant date. Stock options and stock appreciation rights will vest based on a minimum period of service or the occurrence of events (such as a change in control, as defined in the Omnibus Plan) specified by the compensation committee of the Company's Board of Directors. No stock options or stock appreciation rights will be exercisable after ten years from the grant date. The Company has accounted for the Hertz Holdings employee stock-based compensation awards in accordance with ASC 718, “Compensation-Stock Compensation.” The options are being accounted for as equity-classified awards. The Company will recognize compensation cost on a straight-line basis over the vesting period. The value of each option award is estimated on the grant date using a Black-Scholes option valuation model that incorporates the assumptions noted in the following table. Because the stock of Hertz Holdings became publicly traded in November 2006 and had a short trading history, it was not practicable for the Company to estimate the expected volatility of Hertz Holdings' share price, or a peer company share price, because there was insufficient historical information about past volatility prior to 2013. Therefore, prior to 2013 the Company used the calculated value method, substituting the historical volatility of an appropriate industry sector index for the expected volatility of Hertz Holdings' common stock price as an assumption in the valuation model. The Company selected the Dow Jones Specialized Consumer Services sub-sector within the consumer services industry, and the Company used the U.S. large capitalization component, which includes the top 70% of the index universe (by market value). The calculation of the historical volatility of the index was made using the daily historical closing values of the index for the preceding 6.25 years, because that is the expected term of the options using the simplified approach. Grants Assumption 2014 2013 2012 Expected volatility 39.3 % N/A 81.5 % Expected dividend yield — % N/A — % Expected term (years) 3 N/A 3 Risk-free interest rate 0.96 % N/A 0.40 % Weighted-average grant date fair value $ 7.14 N/A $ 14.62 A summary of option activity under the Stock Incentive Plan and the Omnibus Plan as of December 31, 2014 is presented below. Options Shares Weighted- Weighted- Aggregate Intrinsic Outstanding at January 1, 2014 9,997,360 $ 11.55 4.5 $ 170 Granted 500,000 22.75 — — Exercised (1,392,048 ) 11.03 — — Forfeited or Expired (209,791 ) 14.42 — — Outstanding at December 31, 2014 8,895,521 12.62 3.6 106 Exercisable at December 31, 2014 8,206,279 11.21 3.4 102 A summary of non-vested options as of December 31, 2014 , and changes during the year, is presented below. Non-vested Weighted- Weighted- Non-vested as of January 1, 2014 1,472,012 $ 12.60 $ 5.13 Granted 500,000 22.75 7.14 Vested (1,045,847 ) 11.84 4.83 Forfeited (236,923 ) 13.77 5.98 Non-vested as of December 31, 2014 689,242 20.51 6.81 Additional information pertaining to option activity under the plans is as follows: Years ended (In millions) 2014 2013 2012 Aggregate intrinsic value of stock options exercised $ 24 $ 42 $ 15 Cash received from the exercise of stock options 18 27 11 Fair value of options that vested 5 6 9 Tax benefit realized on exercise of stock options 1 1 1 Performance Stock, Performance Stock Units, Restricted Stock and Restricted Stock Units Performance stock, PSUs and performance units granted under the Omnibus Plan will vest based on the achievement of pre-determined performance goals over performance periods determined by the Compensation Committee of the Board of Directors of Hertz Holdings. Each of the units granted under the Omnibus Plan represent the right to receive one share of Hertz Holdings' common stock on a specified future date. In the event of an employee's death or disability, a pro rata portion of the employee's performance stock, performance stock units and performance units will vest to the extent performance goals are achieved at the end of the performance period. Restricted Stock and RSUs granted under the Omnibus Plan will vest based on a minimum period of service or the occurrence of events (such as a change in control, as defined in the Omnibus Plan) specified by the Compensation Committee of the Board of Directors of Hertz Holdings. A summary of the PSU activity under the Omnibus Plan as of December 31, 2014 is presented below. Shares Weighted- Aggregate Intrinsic Outstanding at January 1, 2014 3,335,845 $ 15.68 $ 96 Granted 1,181,992 26.20 — Vested (1,202,062 ) 16.16 — Forfeited or Expired (1,259,266 ) 18.38 — Outstanding at December 31, 2014 2,056,509 19.90 49 A summary of RSU activity under the Omnibus Plan as of December 31, 2014 is presented below. Shares Weighted- Aggregate Intrinsic Outstanding at January 1, 2014 882,333 $ 17.00 $ 25 Granted 55,604 28.18 — Vested (524,464 ) 16.75 — Forfeited or Expired (89,169 ) 17.61 — Outstanding at December 31, 2014 324,304 19.38 $ 8 Additional information pertaining to RSU activity is as follows: Years ended December 31, 2014 2013 2012 Total fair value of awards that vested (In millions) $ 9 $ 13 $ 15 Weighted average grant date fair value of awards 28.18 23.95 13.78 Compensation expense for PSUs and RSUs is based on the grant date fair value, and is recognized ratably over the vesting period. For grants in 2012, 2013 and 2014, the vesting period is three years. In addition to the service vesting condition, the PSUs had an additional vesting condition which called for the number of units that will be awarded being based on achievement of a certain level of Corporate EBITDA or other performance measures over the applicable measurement period. 2014 Awards In March 2014, Hertz Holdings' granted 12,094 Restricted Stock Units, or "RSUs," and 1,181,992 Performance Stock Units, or "PSUs," to certain executives and employees at a grant date fair value of $26.20 per PSU/RSU, under the Hertz Global Holdings, Inc. 2008 Omnibus Incentive Plan, or the "Omnibus Plan." Of the RSUs awarded, 4,461 have a two year cliff vesting period, and 7,633 vest evenly over three years. Of the total PSUs awarded, 827,404 PSUs have a performance condition under which the number of units that will ultimately be awarded will vary from 0% to 150% of the original grant, based on 2014 and combined 2014-2015 Corporate EBITDA results. "EBITDA" means consolidated net income before net interest expense, consolidated income taxes and consolidated depreciation (which includes revenue earning equipment lease charges) and amortization and "Corporate EBITDA," represents EBITDA as adjusted for car rental fleet interest, car rental fleet depreciation and certain other items, as provided in the applicable award agreements. These PSU awards vest evenly over a three year vesting period. Of the total PSUs awarded, 354,588 PSUs have a performance condition under which the number of units that will ultimately be awarded will be 0% to 100% of the original grant. Satisfaction of the performance condition under this grant is contingent upon final 2014 Corporate EBITDA Margin exceeding a minimum level. "Corporate EBITDA Margin" means Corporate EBITDA as a percentage of Consolidated Revenue. These PSU awards vest evenly over a three year vesting period. In November 2014, Hertz Holdings granted 137,000 Performance Stock Units at a grant date fair value of $22.01 per share and 500,000 stock options to certain executives under the Omnibus Plan. The PSUs and stock options vest based on certain performance conditions deemed probable of achievement as of the grant date. Employee Stock Purchase Plan Hertz Holdings operates an Employee Stock Purchase Plan for certain eligible employees and recognized compensation cost for the amount of the discount on the stock purchased by its employees under the ESPP of $1 million in each of the years ended December 31, 2013 and 2012. The plan was suspended in 2014 due to the Company's non-timely SEC filing status.

Revenue Earning Equipment

Revenue Earning Equipment	12 Months Ended
	Dec. 31, 2014
Depreciation of Revenue Earning Equipment and Lease Charges Disclosure [Abstract]
Revenue Earning Equipment	Revenue Earning Equipment The components of revenue earning equipment are as follows: Years Ended December 31, (In millions) 2014 2013 (As Restated) Revenue earning equipment $ 17,837 $ 17,569 Less: Accumulated depreciation (4,427 ) (3,694 ) 13,410 13,875 Revenue earning equipment held for sale, net 243 316 Revenue earning equipment, net $ 13,653 $ 14,191 Depreciation of revenue earning equipment and lease charges, net is comprised of the following: Years Ended December 31, (In millions) 2014 2013 (As Restated) 2012 (As Restated) Depreciation of revenue earning equipment $ 2,787 $ 2,415 $ 2,145 (Gain) loss on disposal of revenue earning equipment (a) 167 37 (97 ) Rents paid for vehicles leased 80 81 80 Depreciation of revenue earning equipment and lease charges, net $ 3,034 $ 2,533 $ 2,128 (a) (Gain) loss on disposal of revenue earning equipment by segment is as follows: Years Ended December 31, (In millions) 2014 2013 (As Restated) 2012 U.S. Car Rental $ 178 $ 48 $ (101 ) International Car Rental (2 ) 15 17 Worldwide Equipment Rental (9 ) (26 ) (13 ) Total $ 167 $ 37 $ (97 ) Depreciation rates are reviewed on a quarterly basis based on management's ongoing assessment of present and estimated future market conditions, their effect on residual values at the time of disposal and the estimated holding periods. The impact of depreciation rate changes during the years ended December 31, 2014, 2013 and 2012 by segment were as follows: Years Ended December 31, Increase (decrease) (In millions) 2014 2013 (As Restated) 2012 (As Restated) U.S. Car Rental $ 167 $ (44 ) $ (139 ) International Car Rental (3 ) 5 9 Worldwide Equipment Rental — — 1 Total $ 164 $ (39 ) $ (129 )

Taxes on Income (Loss)

Taxes on Income (Loss)	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Taxes on Income (Loss)	Taxes on Income (Loss) The components of income (loss) before income taxes for the periods were as follows: Years ended December 31, (In millions) 2014 2013 (As Restated) 2012 (As Restated) Domestic $ (185 ) $ 573 $ 334 Foreign 169 106 83 Total $ (16 ) $ 679 $ 417 The total provision (benefit) for taxes on income (loss) consists of the following: Years ended December 31, (In millions) 2014 2013 (As Restated) 2012 (As Restated) Current: Federal $ 1 $ (7 ) $ 19 Foreign 45 60 32 State and local 8 21 39 Total current 54 74 90 Deferred: Federal (17 ) 223 119 Foreign 9 16 12 State and local 16 16 (21 ) Total deferred 8 255 110 Total provision $ 62 $ 329 $ 200 The principal items of the U.S. and foreign net deferred tax assets and liabilities at December 31, 2014 and 2013 are as follows: (In millions) 2014 2013 Deferred Tax Assets: Employee benefit plans $ 82 $ 84 Net operating loss carryforwards 1,871 1,866 Federal, state and foreign local tax credit carryforwards 26 27 Accrued and prepaid expenses 263 269 Total Deferred Tax Assets 2,242 2,246 Less: Valuation Allowance (231 ) (273 ) Total Net Deferred Tax Assets 2,011 1,973 Deferred Tax Liabilities: Depreciation on tangible assets (3,489 ) (3,428 ) Intangible assets (1,415 ) (1,436 ) Total Deferred Tax Liabilities (4,904 ) (4,864 ) Net Deferred Tax Liability $ (2,893 ) $ (2,891 ) As of December 31, 2014 , deferred tax assets of $1,523 million were recorded for unutilized U.S. Federal Net Operating Losses, or “NOL,” carry forwards of $4,351 million . The total Federal NOL carry forwards are $4,486 million of which $135 million relate to excess tax deductions associated with stock compensation plans which have yet to reduce taxes payable. Upon the utilization of these carry forwards, the associated tax benefits of approximately $47 million will be recorded to Additional paid-in capital. The Federal NOLs begin to expire in 2028. State NOLs exclusive of the effects of the excess tax deductions, have generated a deferred tax asset of $166 million . As of December 31, 2014 , a valuation allowance of $16 million was recorded against these deferred tax assets because they relate to separate states that have historical losses where it is more likely than not that the NOL carry forwards may not be utilized in the future.The state NOLs expire over various years beginning in 2015 depending upon when they were generated and the particular jurisdiction. As of December 31, 2014 , deferred tax assets of $166 million were recorded for foreign NOL carry forwards of $804 million . A valuation allowance of $148 million at December 31, 2014 was recorded against these deferred tax assets because those assets relate to jurisdictions that have historical losses and it is more likely than not that a portion of the NOL carry forwards may not be utilized in the future. The foreign NOL carry forwards of $804 million include $570 million which have an indefinite carry forward period and associated deferred tax assets of $107 million . The remaining foreign NOLs of $234 million are subject to expiration beginning in 2015 and have associated deferred tax assets of $59 million . In determining the valuation allowance, an assessment of positive and negative evidence was performed regarding realization of the net deferred tax assets in accordance with ASC 740-10, “Accounting for Income Taxes,” or “ASC 740-10.” This assessment included the evaluation of scheduled reversals of deferred tax liabilities, the availability of carry forwards and estimates of projected future taxable income. Based on the assessment, as of December 31, 2014 , total valuation allowances of $ 231 million were recorded against deferred tax assets. Although realization is not assured, the Company has concluded that it is more likely than not the remaining deferred tax assets of $2,011 million will be realized and as such no valuation allowance has been provided on these assets. As of December 31, 2014, deferred tax assets of $26 million were recorded for Federal Alternative Minimum Tax Credits and various State Tax Credits. The significant items in the reconciliation of the statutory and effective income tax rates consisted of the following: Years ended December 31, 2014 2013 2012 Statutory Federal Tax Rate 35 % 35 % 35 % Foreign tax differential 102 (3 ) (4 ) State and local income taxes, net of federal income tax benefit (18 ) 5 3 Change in state statutory rates, net of federal income tax benefit (77 ) — (1 ) Federal and foreign permanent differences (76 ) 5 4 Withholding taxes (54 ) 2 2 Uncertain tax positions (66 ) (1 ) (1 ) Change in valuation allowance (109 ) 5 10 All other items, net (125 ) — — Effective Tax Rate (388 )% 48 % 48 % The effective tax rate for the year ended December 31, 2014 was (388)% as compared to 48% in the year ended December 31, 2013. The provision for taxes on income decreased $267 million , primarily due to lower income before income taxes, changes in geographic earnings mix, and decreased state and local tax rates and a decrease in the valuation allowance relating to losses in certain non-US jurisdictions for which tax benefits are not realized, offset by an increase in unrecognized tax benefits accrued during the year and non-deductible transaction costs. As of December 31, 2014 , the Company's foreign subsidiaries have $650 million of undistributed earnings which could be subject to taxation if repatriated. Due to the Company's legal structure, the foreign earnings subject to taxation upon distribution could be less. Deferred tax liabilities have not been recorded for such earnings because it is management’s current intention to permanently reinvest such undistributed earnings offshore. Due to the uncertainty caused by the various methods in which such earnings could be repatriated, it is not practicable to estimate the actual amount of such deferred tax liabilities. If such earnings were repatriated and subject to taxation at the current U.S. federal tax rate, the tax liability, including the impact of foreign withholding taxes would be approximately $250 million , excluding the impact of potential foreign tax credits. The Company would consider and pursue appropriate alternatives to reduce the tax liability if, in the future, undistributed earnings are repatriated to the United States, or it is determined such earnings will be repatriated in the foreseeable future and deferred tax liabilities will be recorded. As of December 31, 2014 , total unrecognized tax benefits were $57 million , all of which, if recognized, would favorably impact the effective tax rate in future periods. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (In millions) 2014 2013 2012 Balance at January 1 $ 11 $ 19 $ 41 Increase (Decrease) attributable to tax positions taken during prior periods 4 (7 ) (25 ) Increase attributable to tax positions taken during the current year 42 3 3 Decrease attributable to settlements with taxing authorities — (4 ) — Balance at December 31 $ 57 $ 11 $ 19 The Company conducts business globally and, as a result, files one or more income tax returns in the U.S. and non-U.S. jurisdictions. In the normal course of business the Company is subject to examination by taxing authorities throughout the world. The open tax years for these jurisdictions span from 2003 to 2014. The Internal Revenue service completed their audit of the Company's 2007 to 2011 tax returns and had no changes to the previously filed tax returns. Several U.S. state and non-U.S. jurisdictions are under audit. In many cases the uncertain tax positions are related to tax years that remain subject to examination by the relevant taxing authorities. It is reasonable that approximately $46 million of unrecognized tax benefits may reverse within the next twelve months due to settlement with the relevant taxing authorities, expirations of the statute of limitation periods, and/or the filing of amended income tax returns. Net, after-tax interest and penalties related to the liabilities for unrecognized tax benefits are classified as a component of “Provision for taxes on income (loss)” in the consolidated statement of operations. During the years ended December 31, 2014, 2013 and 2012 , approximately $1 million , $(1) million and $1 million , respectively, in net, after-tax interest and penalties were recognized. As of December 31, 2014 and 2013 , approximately $3 million and $3 million , respectively, of net, after-tax interest and penalties were accrued in the Company's consolidated balance sheet within "Accrued taxes."

Lease and Concession Agreements

Lease and Concession Agreements	12 Months Ended
	Dec. 31, 2014
Leases [Abstract]
Lease and Concession Agreements	Lease and Concession Agreements Noncancellable Operating Leases and Concession Agreements The Company has various concession agreements, which provide for payment of rents and a percentage of revenue with a guaranteed minimum, and real estate leases under which the following amounts were expensed: Years ended December 31, (In millions) 2014 2013 2012 Rents $ 185 $ 185 $ 142 Concession fees: Minimum fixed obligations 416 405 264 Additional amounts, based on revenues 301 295 316 Total 902 885 722 Sublease income (4 ) (5 ) (5 ) Total $ 898 $ 880 $ 717 As of December 31, 2014 , minimum net obligations under existing agreements referred to above approximate the following: (In millions) Rents Concessions 2015 $ 172 $ 367 2016 142 294 2017 110 230 2018 83 192 2019 55 129 After 2019 210 639 Total $ 772 $ 1,851 Many of the Company's concession agreements and real estate leases require the Company to pay or reimburse operating expenses, such as common area charges and real estate taxes, to pay concession fees above guaranteed minimums or additional rent based on a percentage of revenues or sales (as defined in those agreements) arising at the relevant premises, or both. Such obligations are not reflected in the table of minimum future obligations appearing immediately above. The Company operates from various leased premises under operating leases with terms up to 50 years . A number of its operating leases contain renewal options. These renewal options vary, but the majority include clauses for renewal for various term lengths at various rates, both fixed and market. In addition to the rents mentioned above, the Company has various leases on revenue earning equipment and office, computer and other equipment under which the following amounts were expensed: Years ended December 31, (In millions) 2014 2013 2012 Revenue earning equipment $ 80 $ 81 $ 80 Office, computer and other equipment 19 17 13 Total $ 99 $ 98 $ 93 As of December 31, 2014 , minimum obligations under existing agreements for revenue earning equipment and office, computer and other equipment that have a maturity of more than one year are as follows: (In millions) 2015 $ 64 2016 25 2017 9 2018 4 2019 4 After 2019 7 Total $ 113 Commitments under capital leases within the Company's vehicle rental programs are included in Note 6 , "Debt."

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has identified four reportable segments, which are organized based on the products and services provided by its operating segments and the geographic areas in which its operating segments conduct business, as follows: • U.S. Car Rental - rental of cars, crossovers and light trucks, as well as ancillary products and services, in the United States and consists of the Company's United States operating segment; • International Car Rental - rental of cars, crossovers and light trucks, as well as ancillary products and services, internationally and consists of the Company's Europe and Other International operating segments, which are aggregated into a reportable segment based primarily upon similar economic characteristics, products and services, customers, delivery methods and general regulatory environments; • Worldwide Equipment Rental - rental of industrial construction, material handling and other equipment and consists of the Company's worldwide equipment rental operating segment; and • All Other Operations - includes the Company's Donlen operating segment which provides fleet leasing and management services and is not considered a separate reportable segment in accordance with applicable accounting standards, together with other business activities, such as its claim management services. In addition to the above reportable segments, the Company has corporate operations ("Corporate") which includes general corporate assets and expenses and certain interest expense (including net interest on corporate debt). Adjusted pre-tax income (loss) is calculated as income (loss) before income taxes plus non-cash acquisition accounting charges, debt-related charges relating to the amortization and write-off of debt financing costs and debt discounts and certain one-time charges and non-operational items. Adjusted pre-tax income (loss) is important because it allows management to assess operational performance of its business, exclusive of the items mentioned above. It also allows management to assess the performance of the entire business on the same basis as the segment measure of profitability. Management believes that it is important to investors for the same reasons it is important to management and because it allows them to assess the Company's operational performance on the same basis that management uses internally. The contribution of the Company's reportable segments to revenues and adjusted pre-tax income (loss) and the reconciliation to consolidated amounts are summarized below. Years ended December 31, (In millions) 2014 2013 (As Restated) 2012 (As Restated) Revenues U.S. car rental $ 6,471 $ 6,331 $ 4,888 International car rental 2,436 2,378 2,265 Worldwide equipment rental 1,571 1,539 1,382 All other operations 568 527 478 Total $ 11,046 $ 10,775 $ 9,013 Adjusted pre-tax income (a) U.S. car rental $ 387 $ 1,033 $ 813 International car rental 144 134 83 Worldwide equipment rental 258 301 216 All other operations 62 58 47 Corporate (443 ) (401 ) (319 ) Total $ 408 $ 1,125 $ 840 Depreciation of revenue earning equipment and lease charges, net U.S. car rental $ 1,758 $ 1,281 $ 945 International car rental 492 528 524 Worldwide equipment rental 329 299 271 All other operations 455 425 388 Total $ 3,034 $ 2,533 $ 2,128 Depreciation and amortization, non-fleet assets U.S. car rental $ 222 $ 207 $ 133 International car rental 41 37 33 Worldwide equipment rental 75 74 75 All other operations 11 10 10 Corporate 17 11 10 Total $ 366 $ 339 $ 261 Interest expense, net U.S. car rental $ 172 $ 187 $ 177 International car rental 95 113 122 Worldwide equipment rental 53 46 52 All other operations 12 14 14 Corporate 309 309 231 Total $ 641 $ 669 $ 596 Years ended December 31, (In millions) 2014 2013 (As Restated) 2012 (As Restated) Revenue earning equipment and capital assets, non-fleet U.S. car rental: Expenditures $ (6,175 ) $ (6,242 ) $ (5,258 ) Proceeds from disposals 4,530 4,385 4,260 Net expenditures $ (1,645 ) $ (1,857 ) $ (998 ) International car rental: Expenditures $ (3,165 ) $ (2,640 ) $ (2,642 ) Proceeds from disposals 2,531 2,251 2,110 Net expenditures $ (634 ) $ (389 ) $ (532 ) Worldwide equipment rental: Expenditures $ (658 ) $ (694 ) $ (788 ) Proceeds from disposals 197 141 190 Net expenditures $ (461 ) $ (553 ) $ (598 ) All other operations: Expenditures $ (1,611 ) $ (1,012 ) $ (1,199 ) Proceeds from disposals 1,010 556 688 Net expenditures $ (601 ) $ (456 ) $ (511 ) Corporate: Expenditures $ (54 ) $ (28 ) $ (22 ) Proceeds from disposals 34 4 — Net expenditures $ (20 ) $ (24 ) $ (22 ) As of December 31, (In millions) 2014 2013 (As Restated) Total assets at end of year U.S. car rental $ 13,712 $ 14,312 International car rental 3,358 3,551 Worldwide equipment rental 3,836 3,825 All other operations 1,458 1,336 Corporate 1,716 1,492 Total $ 24,080 $ 24,516 Revenue earning equipment, net, at end of year U.S. car rental $ 8,070 $ 8,629 International car rental 1,904 2,047 Worldwide equipment rental 2,442 2,416 All other operations 1,237 1,099 Total $ 13,653 $ 14,191 Property and equipment, net, at end of year U.S. car rental $ 789 $ 813 International car rental 155 173 Worldwide equipment rental 265 258 All other operations 6 4 Corporate 107 37 Total $ 1,322 $ 1,285 The Company operates in the United States and in international countries. International operations are substantially in Europe. The operations within major geographic areas are summarized below: Years ended December 31, (In millions) 2014 2013 (As Restated) 2012 (As Restated) Revenues United States $ 8,158 $ 7,921 $ 6,310 International 2,888 2,854 2,703 Total $ 11,046 $ 10,775 $ 9,013 As of December 31, (In millions) 2014 2013 (As Restated) Total assets at end of year United States $ 19,172 $ 19,381 International 4,908 5,135 Total $ 24,080 $ 24,516 Revenue earning equipment, net, at end of year United States $ 11,235 $ 11,608 International 2,418 2,583 Total $ 13,653 $ 14,191 Property and equipment, net, at end of year United States $ 1,118 $ 1,066 International 204 219 Total $ 1,322 $ 1,285 (a) The following table reconciles adjusted pre-tax income to income before income taxes for the years ended December 31, 2014, 2013 and 2012 : Years Ended December 31, (In millions) 2014 2013 (As Restated) 2012 (As Restated) Adjusted pre-tax income (loss): U.S. car rental $ 387 $ 1,033 $ 813 International car rental 144 134 83 Worldwide equipment rental 258 301 216 All other operations 62 58 47 Total reportable segments 851 1,526 1,159 Corporate (1) (443 ) (401 ) (319 ) Consolidated adjusted pre-tax income (loss) 408 1,125 840 Adjustments: Acquisition accounting(2) (132 ) (132 ) (110 ) Debt-related charges (3) (51 ) (49 ) (56 ) Restructuring charges (4) (56 ) (77 ) (38 ) Restructuring related charges (5) (103 ) (22 ) (11 ) Acquisition related costs and charges (6) (10 ) (19 ) (164 ) Integration expenses (7) (9 ) (43 ) — Equipment Rental spin-off costs (8) (39 ) — — Relocation costs (9) (9 ) (7 ) — Premiums paid on debt (10) — (29 ) — Loss on extinguishment of debt (11) (1 ) (7 ) — Impairment charges and asset write-downs (12) (34 ) (40 ) — Other (13) 20 (21 ) (44 ) Income (loss) before income taxes $ (16 ) $ 679 $ 417 (1) Represents general corporate expenses, certain interest expense (including net interest on corporate debt), as well as other business activities. (2) Represents the increase in amortization of other intangible assets, depreciation of property and equipment and accretion of revalued liabilities relating to acquisition accounting. (3) Represents debt-related charges relating to the amortization of deferred debt financing costs and debt discounts. (4) Represents expenses incurred under restructuring actions as defined in U.S. GAAP. For further information on restructuring costs, see Note 15 "Restructuring," to the Notes to our consolidated financial statements. (5) Represents incremental costs incurred directly supporting the Company's business transformation initiatives. Such costs include transition costs incurred in connection with its 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. (6) In 2012, primarily represents Dollar Thrifty acquisition related expenses, change in control expenses, 'Day-1' compensation expenses and other adjustments related to the Dollar Thrifty acquisition, loss on the Advantage divestiture, expenses related to additional required divestitures and costs associated with the Dollar Thrifty acquisition, pre-acquisition interest and commitment fee expenses for interim financing associated with the Dollar Thrifty acquisition and a gain on the investment in Dollar Thrifty stock. (7) Primarily represents Dollar Thrifty integration related expenses. (8) Represents expense associated with the anticipated HERC spin-off transaction of which $28 million were incurred by HERC and $11 million were incurred by Corporate. (9) Represents non-recurring costs incurred in connection with the relocation of the Company's corporate headquarters to Estero, Florida that were not included in restructuring expenses. Such expenses primarily include duplicate facility rent, certain moving expenses, and other costs that are direct and incremental due to the relocation. (10) In 2013, represents premiums paid to redeem the Company's 8.50% Former European Fleet Notes. (11) In 2013, represents extinguishment of debt for a number of debt instruments. (12) In 2014, represents impairments related to the Company's former corporate headquarters building in New Jersey, HERC revenue earning equipment held for sale and assets related to a contract termination. In 2013, primarily related to a change in the carrying value of the vehicles subleased to FSNA and its subsidiary, Simply Wheelz. (13) In 2014, primarily comprised of a $19 million litigation settlement received in relation to a class action lawsuit filed against an original equipment manufacturer. In 2013, primarily represents $5 million of depreciation expense related to HERC. In 2012, primarily represents expenses related to the withdrawal from a multiemployer pension plan, litigation accrual and expenses associated with the impact of Hurricane Sandy.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
	Dec. 31, 2014
Reclassification out of Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Changes in the accumulated other comprehensive income (loss) balance by component (net of tax) are as follows: (In millions) Pension and Other Post-Employment Benefits Foreign Currency Items Unrealized Losses on Terminated Net Investment Hedges Unrealized Gains on Available for Sale Securities Accumulated Other Comprehensive Income (Loss) Balance as of January 1, 2014 $ (58 ) $ 62 $ (19 ) $ 21 $ 6 Other comprehensive (loss) before reclassification (34 ) (57 ) — (14 ) (105 ) Amounts reclassified from accumulated other comprehensive income (loss) (9 ) — — (7 ) (16 ) Balance as of December 31, 2014 $ (101 ) $ 5 $ (19 ) $ — $ (115 ) (In millions) Pension and Other Post-Employment Benefits Foreign Currency Items Unrealized Losses on Terminated Net Investment Hedges Unrealized Gains on Available for Sale Securities Accumulated Other Comprehensive Income (Loss) Balance as of January 1, 2013 $ (110 ) $ 106 $ (19 ) $ — $ (23 ) Other comprehensive income (loss) before reclassification 52 (45 ) — 21 28 Amounts reclassified from accumulated other comprehensive loss — 1 — — 1 Balance as of December 31, 2013 $ (58 ) $ 62 $ (19 ) $ 21 $ 6

Contingencies and Off-Balance S

Contingencies and Off-Balance Sheet Commitments	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Off-Balance Sheet Commitments	Contingencies and Off-Balance Sheet Commitments Legal Proceedings Public Liability and Property Damage The Company is currently a defendant in numerous actions and has received numerous claims on which actions have not yet been commenced for public liability and property damage arising from the operation of motor vehicles and equipment rented from the Company. The obligation for public liability and property damage on self-insured U.S. and international vehicles and equipment, as stated on the Company's balance sheet, represents an estimate for both reported accident claims not yet paid and claims incurred but not yet reported. The related liabilities are recorded on a non-discounted basis. Reserve requirements are based on actuarial evaluations of historical accident claim experience and trends, as well as future projections of ultimate losses, expenses, premiums and administrative costs. At December 31, 2014 and 2013 , the Company's liability recorded for public liability and property damage matters was $385 million and $351 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 Company notes that the liability is subject to significant uncertainties. The adequacy of the liability reserve is regularly monitored based on evolving accident claim history and insurance related state legislation changes. If the Company's estimates change or if actual results differ from these assumptions, the amount of the recorded liability is adjusted to reflect these results. Other Matters From time to time the Company is a party to various legal proceedings. The Company has summarized below, the most significant legal proceedings to which the Company was and/or is a party to during 2014 or the period after December 31, 2014 but before the filing of this Annual Report. Concession Fee Recoveries - In October 2006, Janet Sobel, Daniel Dugan, PhD. and Lydia Lee, individually and on behalf of all others similarly situated v. The Hertz Corporation and Enterprise Rent-A-Car Company, or “Enterprise,” was filed in the U.S. District Court for the District of Nevada (Enterprise became a defendant in a separate action which they have now settled.) The Sobel case is a nationwide class action on behalf of all persons who rented cars from Hertz at airports in Nevada and were separately charged airport concession recovery fees by Hertz as part of their rental charges. The plaintiffs seek an unspecified amount of compensatory damages, restitution of any charges found to be improper and an injunction prohibiting Hertz from quoting or charging those airport fees that are alleged not to be allowed by Nevada law. The plaintiff also seeks attorneys' fees and costs. In 2010, the parties engaged in mediation which resulted in a proposed settlement. Although the court tentatively approved the settlement in November 2010, the court denied the plaintiffs' motion for final approval of the proposed settlement in May 2011. Following additional activity in the case, in March 2013, the court granted, in part, the plaintiffs' motion for partial summary judgment with respect to restitution and granted the plaintiffs' motion for class certification while denying the Company's motion for partial summary judgment. In October 2014, the court entered final judgment, merging all of its prior rulings and directed Hertz to pay the class approximately $42 million in restitution and $11 million in prejudgment interest, and to pay attorney's fees of $3.1 million with an additional $3.1 million to be paid from the restitution fund. In December 2014, Hertz timely filed an appeal of that final judgment with the U.S. Court of Appeals for the Ninth Circuit and the plaintiffs cross appealed the court's judgment seeking to challenge the lower court's ruling that Hertz did not deceive or mislead the class members. In April 2015, Hertz filed its opening brief. In June 2015, the plaintiffs filed their answering brief and opening brief on their cross-appeal. The Company continues to believe the outcome of this case will not be material to its financial condition, results of operations or cash flows. In re Hertz Global Holdings, Inc. Securities Litigation - In November 2013, a purported shareholder class action, Pedro Ramirez, Jr. v. Hertz Global Holdings, Inc., et al., was commenced in the U.S. District Court for the District of New Jersey naming Hertz Holdings and certain of its officers as defendants and alleging violations of the federal securities laws. The complaint alleges that Hertz Holdings made material misrepresentations and/or omissions of material fact in its public disclosures during the period from February 25, 2013 through November 4, 2013, in violation of Section 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder. Plaintiffs seek an unspecified amount of monetary damages on behalf of the purported class and an award of costs and expenses, including counsel fees and expert fees. In June 2014, Hertz Holdings responded to the amended complaint by filing a motion to dismiss. In August 2014, the plaintiffs filed their opposition to Hertz Holdings' motion to dismiss and also filed a motion to strike certain exhibits which were included in Hertz Holdings' motion to dismiss. After a hearing in October 2014, the court granted Hertz Holdings' motion to dismiss the complaint. The dismissal was without prejudice and plaintiff was granted leave to file a second amended complaint within 30 days of the order. The motion to strike was dismissed as moot. In November 2014, plaintiffs filed an amended complaint which shortened the putative class period such that it is not alleged to have commenced until May 18, 2013 and makes allegations that are substantively similar to the allegations in the prior complaint. In early 2015, this case was assigned to a new federal judge in the District of New Jersey. Plaintiffs filed their opposition to Hertz Holdings' motion to dismiss in January 2015. In February 2015, Hertz Holdings filed its reply to Plaintiffs’ opposition. Hertz Holdings believes that it has valid and meritorious defenses and it intends to vigorously defend against these allegations, but litigation is subject to many uncertainties and the outcome of this matter is not predictable with assurance. It is possible that this matter could be decided unfavorably to Hertz Holdings, however, Hertz Holdings is currently unable to estimate the range of these possible losses, but they could be material. The Company intends to assert that it has meritorious defenses in the foregoing matters and the Company intends to defend itself vigorously. Governmental Investigations - In June 2014 the Company was advised by the staff of the New York Regional Office of the Securities and Exchange Commission (the “SEC”) that it is investigating the events disclosed in certain of the Company’s filings with the SEC. In addition, in December 2014 a state securities regulator requested information regarding the same events. The investigations generally involve the restatements described in this report and related accounting for prior periods. The Company has and intends to continue to cooperate with both the SEC and state requests. Due to the stage at which the proceedings are, Hertz is currently unable to predict the likely outcome of the proceedings or estimate the range of reasonably possible losses, which may be material. The Company has established reserves for matters where the Company believes that losses are probable and can be reasonably estimated. Other than the aggregate reserve established for claims for public liability and property damage, none of those reserves are material. For matters, including certain of those described above, where the Company has not established a reserve, the ultimate outcome or resolution cannot be predicted at this time, or the amount of ultimate loss, if any, cannot be reasonably estimated. Litigation is subject to many uncertainties and the outcome of the individual litigated matters is not predictable with assurance. It is possible that certain of the actions, claims, inquiries or proceedings, including those discussed above, could be decided unfavorably to the Company or any of its subsidiaries involved. Accordingly, it is possible that an adverse outcome from such a proceeding could exceed the amount accrued in an amount that could be material to the Company's consolidated financial condition, results of operations or cash flows in any particular reporting period. Indemnification Obligations In the ordinary course of business, the Company executed contracts involving indemnification obligations customary in the relevant industry and indemnifications specific to a transaction such as the sale of a business. These indemnification obligations might include claims relating to the following: environmental matters; intellectual property rights; governmental regulations and employment-related matters; customer, supplier and other commercial contractual relationships; and financial matters. Specifically, the Company has indemnified various parties for the costs associated with remediating numerous hazardous substance storage, recycling or disposal sites in many states and, in some instances, for natural resource damages. The amount of any such expenses or related natural resource damages for which the Company may be held responsible could be substantial. In addition, Hertz has entered into customary indemnification agreements with Hertz Holdings, the Sponsors and its stockholders affiliated with the Sponsors, pursuant to which Hertz Holdings and Hertz will indemnify the Sponsors, its stockholders affiliated with the Sponsors 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 the Sponsors and certain other claims and liabilities, including liabilities arising out of financing arrangements or securities offerings. The Company has also entered into customary indemnification agreements with each of its directors. Performance under these indemnification obligations would generally be triggered by a breach of terms of the contract or by a third party claim. The Company regularly evaluates the probability of having to incur costs associated with these indemnification obligations and have accrued for expected losses that are probable and estimable. For updates related to the Company's contingencies, see See Note 20 , " Subsequent Events " for additional information.

Restructuring

Restructuring	12 Months Ended
	Dec. 31, 2014
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring As part of the Company's ongoing effort to implement its strategy of reducing operating costs, as well as the integration of Dollar Thrifty the Company incurred the following restructuring costs: Years Ended December 31, (In millions) 2014 2013 2012 By Type: Termination benefits $ 30 $ 42 $ 26 Asset write-downs 23 — — Facility closure and lease obligation costs 15 15 9 Relocation costs and temporary labor costs 9 19 1 Other 1 1 2 Total $ 78 $ 77 $ 38 Years Ended December 31, (In millions) 2014 2013 2012 By Caption: Direct operating $ 35 $ 28 $ 23 Selling, general and administrative 43 49 15 Total $ 78 $ 77 $ 38 Years Ended December 31, (In millions) 2014 2013 2012 By Segment: U.S. car rental $ 27 $ 23 $ 5 International car rental 19 19 21 Worldwide equipment rental 5 8 9 All other operations — — — Corporate 27 27 3 Total $ 78 $ 77 $ 38 The following table sets forth the activity affecting the restructuring accrual during the years ended December 31, 2014 and 2013 . The Company expects to pay the remaining restructuring obligations relating to termination benefits over the next twelve months. The remainder of the restructuring accrual relates to future lease obligations which will be paid over the remaining term of the applicable leases. (In millions) Termination Benefits Other Total Balance as of January 1, 2013 $ 12 $ 8 $ 20 Charges incurred 42 35 77 Cash payments (33 ) (15 ) (48 ) Other (1 ) — (1 ) Balance as of December 31, 2013 $ 20 $ 28 $ 48 Charges incurred 30 48 78 Cash payments (28 ) (25 ) (53 ) Other (a) (1 ) (29 ) (30 ) Balance as of December 31, 2014 $ 21 $ 22 $ 43 (a) Decrease primarily consists of $10 million related to the write-down of assets assets associated with a terminated business relationship and $13 million related to the impairment of the Company's former corporate headquarters building in New Jersey which were recorded in direct operating and selling, general and administrative expenses, respectively.

Financial Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 2014
Financial Instruments
Financial Instruments	Financial Instruments The Company employs established risk management policies and procedures, which seek to reduce the Company’s commercial risk exposure to fluctuations in commodity prices, interest rates and currency exchange rates. However, there can be no assurance that these policies and procedures will be successful. Although the instruments utilized involve varying degrees of credit, market and interest risk, the counterparties to the agreements are expected to perform fully under the terms of the agreements. The Company monitors counterparty credit risk, including lenders, on a regular basis, but cannot be certain that all risks will be discerned or that its risk management policies and procedures will always be effective. Additionally, in the event of default under the Company’s master derivative agreements, the nondefaulting party has the option to set-off any amounts owed with regard to open derivative positions. The Company has the following risk exposures that it has historically used financial instruments to manage. None of the instruments have been designated in a hedging relationship as of December 31, 2014 and 2013. Interest Rate Risk The Company’s objective in managing exposure to interest rate changes is to minimize the impact of interest rate changes on earnings and cash flows and to lower overall borrowing costs. To achieve these objectives, the Company may use interest rate caps and other instruments to manage the mix of floating and fixed-rate debt. Currency Exchange Rate Risk The Company’s objective in managing exposure to currency fluctuations is to limit the exposure of certain cash flows and earnings from changes associated with currency exchange rate changes through the use of various derivative contracts. The Company experiences currency risks in its global operations as a result of various factors including intercompany local currency denominated loans, rental operations in various currencies and purchasing fleet in various currencies. The following table summarizes the estimated fair value of the Company's financial instruments: Fair Value of Financial Instruments Asset Derivatives (a) Liability Derivatives (a) Years Ended December 31, Years Ended December 31, (In millions) 2014 2013 2014 2013 Gasoline swaps $ — $ 2 $ — $ — Interest rate caps 25 9 25 9 Foreign currency forward contracts 6 2 2 5 Total $ 31 $ 13 $ 27 $ 14 (a) All asset derivatives are recorded in "Prepaid expenses and other assets" and all liability derivatives are recorded in "Accrued liabilities" on the Company's consolidated balance sheets. The following table summarizes the gains and (losses) on financial instruments for the period indicated: Location of Gain or (Loss) Recognized on Derivatives Amount of Gain or (Loss) Recognized in Income on Derivatives Years Ended December 31, (In millions) 2014 2013 Gasoline swaps Direct operating $ — $ 2 Interest rate caps Selling, general and administrative (2 ) (1 ) Foreign currency forward contracts Selling, general and administrative (1 ) (22 ) Total $ (3 ) $ (21 ) While the Company's gasoline swaps, foreign currency forward contracts and certain interest rate caps are subject to enforceable master netting agreements with their counterparties, the Company does not offset the derivative assets and liabilities in its consolidated balance sheets. The impact of offsetting derivative instruments is depicted below as of December 31, 2014: Gross amounts not offset in Balance Sheet Prepaid Expenses and Other Assets: (In millions) Gross assets Gross assets offset in Balance Sheet Net recognized assets in Balance Sheet Financial Instruments Cash Collateral Net Amount Interest rate caps $ 25 $ — $ 25 $ — $ — $ 25 Foreign currency forward contracts 6 — 6 (3 ) — 3 Total $ 31 $ — $ 31 $ (3 ) $ — $ 28 Gross amounts not offset in Balance Sheet Accrued Liabilities: (In millions) Gross liabilities Gross liabilities offset in Balance Sheet Net recognized liabilities in Balance Sheet Financial Instruments Cash Collateral Net Amount Interest rate caps $ 25 $ — $ 25 $ (1 ) $ — $ 24 Foreign currency forward contracts 2 — 2 (2 ) — — Total $ 27 $ — $ 27 $ (3 ) $ — $ 24 The impact of offsetting derivative instruments is depicted below as of December 31, 2013: Gross amounts not offset in Balance Sheet Prepaid Expenses and Other Assets: (In millions) Gross assets Gross assets offset in Balance Sheet Net recognized assets in Balance Sheet Financial Instruments Cash Collateral Net Amount Gasoline swaps $ 2 $ — $ 2 $ — $ — $ 2 Interest rate caps 9 — 9 — — 9 Foreign currency forward contracts 2 — 2 (2 ) — — Total $ 13 $ — $ 13 $ (2 ) $ — $ 11 Gross amounts not offset in Balance Sheet Accrued Liabilities: (In millions) Gross liabilities Gross liabilities offset in Balance Sheet Net recognized liabilities in Balance Sheet Financial Instruments Cash Collateral Net Amount Interest rate caps $ 9 $ — $ 9 $ — $ — $ 9 Foreign currency forward contracts 5 — 5 (2 ) — 3 Total $ 14 $ — $ 14 $ (2 ) $ — $ 12

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market or, if none exists, the most advantageous market, for the specific asset or liability at the measurement date (referred to as the "exit price"). Fair value is a market-based measurement that should be determined based upon assumptions that market participants would use in pricing an asset or liability, including consideration of nonperformance risk. The Company assesses the inputs used to measure fair value using the three-tier hierarchy promulgated under U.S.GAAP. This hierarchy indicates the extent to which inputs used in measuring fair value are observable in the market. Level 1: Inputs that reflect quoted prices for identical assets or liabilities in active markets that are observable. Level 2: Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3: Inputs that are unobservable to the extent that observable inputs are not available for the asset or liability at the measurement date and include management's judgment about assumptions market participants would use in pricing the asset or liability. Under U.S.GAAP, entities are allowed to measure certain financial instruments and other items at fair value. The Company has not elected the fair value measurement option for any of its assets or liabilities that meet the criteria for this option. Irrespective of the fair value option previously described, U.S.GAAP requires certain financial and non-financial assets and liabilities of the Company to be measured on either a recurring basis or on a nonrecurring basis as shown in the sections that follow. Assets and Liabilities Measured at Fair Value on a Recurring Basis The fair value of cash, accounts receivable, accounts payable and accrued expenses, to the extent the underlying liability will be settled in cash, approximate carrying values because of the short-term nature of these instruments. The Company's assessment of goodwill and other intangible assets for impairment includes an assessment using various Level 2 (EBITDA multiples and discount rate) and Level 3 (forecasted cash flows) inputs. See Note 3 , " Summary of Critical and Significant Accounting Policies " — "Recoverability of Goodwill and Intangible Assets," for more information on the application of the use of fair value methodology. Cash Equivalents and Investments The Company’s cash equivalents primarily consist of money market accounts which the Company measures at fair value on a recurring basis. The Company determines the fair value of cash equivalents using a market approach based on quoted prices in active markets. Investments in equity and other securities that are measured at fair value on a recurring basis consist of various mutual funds. The valuation of these securities is based on pricing models whereby all significant inputs are observable or can be derived from or corroborated by observable market data. The following table summarizes the ending balances of the Company's cash equivalents and investments. December 31, 2014 December 31, 2013 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Money market funds $ 146 $ — $ — $ 146 $ 449 $ — $ — $ 449 Equity and other securities — 96 — 96 — 117 — 117 Marketable securities — — — — — — 151 151 Total $ 146 $ 96 $ — $ 242 $ 449 $ 117 $ 151 $ 717 CAR, Inc. As of December 31, 2014, the Company held a 16.2% equity investment in CAR, Inc., a publicly held company trading on the Hong Kong Stock Exchange, which is accounted for under the the equity method. The Company's net investment balance was approximately $ 264 million as of December 31, 2014, and is included in "Prepaid expenses and other assets" in the accompanying consolidated balance sheet. The fair value of the investment using quoted market prices (Level 1) was approximately $ 514 million as of December 31, 2014. Marketable securities held by the Company as of December 31, 2013 consisted of convertible debt securities of CAR, Inc. which were classified as available-for-sale and which were carried at fair value within "Prepaid expenses and other assets." Unrealized gains and losses, net of related income taxes, associated with its investment were included in "Accumulated other comprehensive income." In April 2014, the Company converted all of its debt securities into additional equity of CAR, Inc. - see Note 5 , " Acquisitions and Divestitures ." The following table summarizes the changes in fair value of CAR, Inc. convertible debt securities prior to conversion in April 2014, using Level 3 inputs (binomial valuation model) for the years ended December 31, 2014 and 2013, respectively: (in millions) December 31, 2014 December 31, 2013 Balance at the beginning of period $ 151 $ — Reclassification of net unrealized gain on securities to prepaid expenses and other assets (7 ) — Unrealized gains (losses) related to investments (14 ) 21 Purchases — 130 Settlements (130 ) — Balance at the end of period $ — $ 151 Financial Instruments The fair value of the Company's financial instruments as of December 31, 2014 and 2013 are shown in Note 16 , " Financial Instruments ." The Company's financial instruments are classified as Level 2 assets and liabilities and are priced using quoted market prices for similar assets or liabilities in active markets. Debt Obligations The fair value of the Company's debt is estimated based on quoted market rates as well as borrowing rates currently available for loans with similar terms and average maturities (Level 2 inputs). As of December 31, 2014 As of December 31, 2013 (in millions) Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Corporate Debt $ 6,428 $ 6,468 $ 6,419 $ 6,665 Fleet Debt 9,569 9,595 9,800 9,883 Total $ 15,997 $ 16,063 $ 16,219 $ 16,548 Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis Assets and liabilities measured at fair value during the year ended December 31, 2014 are as follows: (In millions) Balance Level 1 Level 2 Level 3 Total Loss Adjustments Long-lived assets held for sale $ 67 $ — $ — $ 67 $ 24 Market and income approaches were used to value the long-lived assets and inputs included expected cash flows, recent comparable transactions, discounted cash flows, discount rate and growth rate. See Note 3 , " Summary of Critical and Significant Accounting Policies —Finite Lived Intangible Assets," for more information on the application of the use of fair value methodology.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2014
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company provides relocation assistance to its employees in connection with the relocation of its corporate headquarters from Park Ridge, New Jersey to Estero, Florida. In connection with the relocation program, the Company entered into an agreement with a third-party provider of relocation services, part of which included purchases of the current residences of eligible employees on its behalf. Consistent with the practices of other, similarly-situated companies that undergo relocations, the purchase price of each of the residences was determined by obtaining multiple appraisals, which were averaged for the third party's purchase price. The total amount that the Company spent under the program during the year ended December 31, 2013 was $3 million for the executive officers. The Compensation Committee approved the program. Agreements with the Icahn Group On September 15, 2014, Hertz Holdings entered into a definitive Nomination and Standstill Agreement (the “Nomination and Standstill Agreement”) with Mr. Carl C. Icahn, High River Limited Partnership, Hopper Investments LLC, Barberry Corp., Icahn Partners LP, Icahn Partners Master Fund LP, Icahn Enterprises G.P. Inc., Icahn Enterprises Holdings L.P., IPH GP LLC, Icahn Capital LP, Icahn Onshore LP, Icahn Offshore LP, Beckton Corp., Vincent J. Intrieri, Samuel Merksamer and Daniel A. Ninivaggi (collectively, the “Icahn Group”). Pursuant to the Nomination and Standstill Agreement, Mr. Vincent J. Intrieri, Mr. Samuel Merskamer and Mr. Daniel A. Ninivaggi (collectively, the “Icahn Designees”) were appointed to the Board of Directors of Hertz Holdings as Class II, Class I and Class I directors respectively effective as of September 15, 2014. Messrs. Intrieri, Merksamer and Ninivaggi were also appointed to the Board of Directors of Hertz. Pursuant to the Nomination and Standstill Agreement, so long as an Icahn Designee is a member of the Board, the Board will not be expanded to greater than ten directors without the approval from the Icahn Designees then on the Board. In addition, pursuant to the Nomination and Standstill Agreement, subject to certain restrictions and requirements, the Icahn Group will have certain replacement rights in the event an Icahn Designee resigns or is otherwise unable to serve as a director (other than as a result of not being nominated by Hertz Holdings for an annual meeting subsequent to the 2015 Annual Meeting). Pursuant to the Nomination and Standstill Agreement, among other things, the Icahn Group agreed not to conduct a proxy contest regarding any matter, including the election of directors, with respect to the 2015 Annual Meeting of Stockholders (the “2015 Annual Meeting”). In addition, until the later of the (x) the 2015 Annual Meeting and (y) the date that no Icahn Designee is a member of the Board (or otherwise deemed to be on the Board pursuant to the terms of the Nomination and Standstill Agreement) (the “Board Representation Period”), the Icahn Group agrees to vote all of its shares of common stock of Hertz Holdings in favor of the election of all of Hertz Holdings’ director nominees at each annual or special meeting of Hertz Holdings. Also pursuant to the Nomination and Standstill Agreement, during the Board Representation Period, and subject to limited exceptions, the Icahn Group will adhere to certain standstill obligations, including the obligation to not solicit proxies or consents or influence others with respect to the same. The Icahn Group further agrees that during the Board Representation Period, subject to certain limited exceptions, the Icahn Group will not acquire or otherwise beneficially own more than 20% of Hertz Holdings’ outstanding voting securities. In addition, pursuant to the Nomination and Standstill Agreement, the Board dissolved the previously existing Executive and Finance Committee of the Board, and agreed not to create a separate executive committee of the board so long as an Icahn Designee is a member of the Board. If at any time the Icahn Group ceases to hold a “net long” position, as defined in the Nomination and Standstill Agreement, in at least (A) 28,500,000 shares of Hertz Holdings’ common stock, the Icahn Group will cause one Icahn Designee to promptly resign from the Board; (B) 22,800,000 shares of Hertz Holdings’ common stock, the Icahn Group will cause two Icahn Designees to promptly resign from the Board; and (C) 19,000,000 shares of Hertz Holdings’ common stock, the Icahn Group will cause all of the Icahn Designees to promptly resign from the Board and Hertz Holdings’ obligations under the Nomination and Standstill Agreement will terminate. Pursuant to the Nomination and Standstill Agreement, the Company and the Icahn Group entered into a confidentiality agreement pursuant to which the Icahn Group agreed to treat any and all information concerning or relating to Hertz Holdings or any of its subsidiaries or affiliates furnished to the Icahn Group or their representatives as confidential. In addition, the Company and the Icahn Group agreed to enter into a customary registration rights agreement. Financing Arrangements with Related Parties On November 13, 2014 the Company signed a master loan agreement with Hertz Holdings for a facility size of $125 million with an expiration of November 13, 2015. The interest rate is based on the U.S. Dollar LIBOR rate plus a margin. As of December 31, 2014 and 2013 , there was a $95 million and $93 million receivable from Hertz Holdings, respectively. Other Relationships In connection with its car and equipment rental businesses, the Company enters into millions of rental transactions every year involving millions of customers. In order to conduct those businesses, the Company also procures goods and services from thousands of vendors. Some of those customers and vendors may be affiliated with members of the Company's Board. The Company believes that all such rental and procurement transactions have been conducted on an arms‑length basis and involved terms no less favorable to the Company than those that it believes would have been obtained in the absence of such affiliation. It is Company management’s policy to bring to the attention of its Board any transaction with a related party, even if the transaction arises in the ordinary course of business, if the terms of the transaction would be less favorable to the Company than those to which it would agree to in normal commercial circumstances.

Guarantor and Non-Guarantor Con

Guarantor and Non-Guarantor Condensed Consolidating Financial Statements	12 Months Ended
	Dec. 31, 2014
Guarantor and Non-Guarantor Condensed Consolidating Financial Statements Disclosure
Guarantor and Non-Guarantor Condensed Consolidating Financial Statements	Guarantor and Non-Guarantor Annual Condensed Consolidating Financial Information The following annual condensed consolidating financial information presents the Condensed Consolidating Balance Sheets as of December 31, 2014 and 2013 and the Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) and Statements of Cash Flows for the years ended December 31, 2014, 2013 and 2012 , of (a) The Hertz Corporation, ("Parent”); (b) the Parent's subsidiaries that guarantee the Parent's indebtedness ("Guarantor Subsidiaries"); (c) the Parent's subsidiaries that do not guarantee the Parent's indebtedness ("Non-Guarantor Subsidiaries"); (d) elimination entries necessary to consolidate the Parent with the Guarantor Subsidiaries and Non-Guarantor Subsidiaries ("Eliminations"); and of (e) the Company on a consolidated basis. In December 2012, pursuant to a consent agreement Hertz Holdings entered into with the Federal Trade Commission in connection with the Dollar Thrifty acquisition, we consummated the Advantage Divestiture. Prior to the Advantage Divestiture, Simply Wheelz, the legal entity associated with Advantage, had been included within these condensed consolidating financial statements as a Guarantor Subsidiary. In February 2013 and March 2013, we added Dollar Thrifty and certain of its subsidiaries as guarantors under certain of our debt instruments and credit facilities. The following condensed consolidating financial information reflects the results of these changes for all periods presented. 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 Credit Facilities, and consequently will not be available to satisfy the claims of the Company's general creditors. In lieu of providing separate unaudited financial statements for the Guarantor Subsidiaries, we have included the accompanying condensed consolidating financial statements based on Rule 3-10 of the SEC's Regulation S-X. Management does not believe that separate financial statements of the Guarantor Subsidiaries are material to our investors; therefore, separate financial statements and other disclosures concerning the Guarantor Subsidiaries are not presented. The Company has restated its previously issued consolidated financial statements as more fully described in Note 2, "Restatement." Restatement adjustments related to fiscal 2013 and 2012 reduced pre-tax income by $60 million and $76 million , respectively. The adjustments identified include: Reserve and Estimates Recognition Restatement Adjustments (a) Allowance for Doubtful Accounts and Credit Memos (U.S. Car Rental) - The historical methodology employed for doubtful customer accounts and credit memo allowances for the U.S. Car Rental business inappropriately used inaccurate write-off rates for receivables, aggregated receivables with significantly different credit risks for purposes of analysis and used assumptions in setting the reserve for credit memos that were not supported. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. (b) Allowance for Doubtful Accounts and Credit Memos (International Car Rental) - The historical methodology employed for doubtful customer accounts and credit memo allowances for the international car rental business inappropriately used inaccurate write-off rates for receivables, aggregated receivables with significantly different credit risks for purposes of analysis and did not include a reserve for credit memos. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. (c) Allowance for Doubtful Accounts and Credit Memos (Worldwide Equipment Rental) - The historical methodology employed for doubtful customer accounts and credit memo allowances for the worldwide equipment rental business inappropriately used rates that differed from historical norms, used unsupported assumptions, and contained formulaic errors. In addition, changes to the methodology in 2012 reduced the reserve requirement and slowed the rate of recording account write-offs. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. (d) Subrogation (Damage) Receivables and the Related Allowance for Doubtful Accounts (U.S. Car Rental) - This restatement matter relates to estimated recoveries from third parties responsible for damages to vehicles. The historical methodologies used to estimate the unbilled balances and the allowance accounts inappropriately used assumptions that lacked support, including using write-offs rather than collection history as a key assumption and changed methodologies without any supported basis, as well as contained formulaic errors. In addition, there were instances in which the amount recorded for the allowance was significantly less than the amount calculated based on the methodology in place at the time. The Company has revised the methodology used to calculate subrogation claims to utilize the ratio of claims collected compared to damage expense incurred. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. (e) Subrogation (Damage) Receivables and the Related Allowance for Doubtful Accounts (International Car Rental) - This restatement matter relates to estimated recoveries from third parties responsible for damages to vehicles. The historical methodologies used to estimate the allowance accounts inappropriately used assumptions that lacked support, including using write-offs rather than collection history as a key assumption, as well as contained formulaic errors. In addition, there were instances in which the amount recorded for the allowance was significantly less than the amount calculated based on the methodology in place at the time. (f) Accrued Salvaged Vehicles (U.S. Car Rental) - This restatement matter relates to the reserve for estimated vehicle damages incurred in the U.S. car rental business but not reported as of period ends. The methodology used to estimate the reserve was changed without appropriate supporting documentation and the most significant, required element of the reserve was eliminated. As part of the restatement process, the Company has reinstated the previous methodology. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. (g) Credit Card Chargebacks (U.S. and International Car Rental) - The restatement matter relates to reserves established to accrue for future credit card chargebacks pertaining to completed revenue transactions with customers and for chargebacks received from credit card providers. The reserves were understated in 2011, 2012 and 2013 for a variety of reasons. These reasons included (1) the Company inappropriately changed the methodology for computing reserves established to accrue for future chargebacks in 2013 and (2) the Company erroneously excluded chargebacks received from credit card providers from the balances used to calculate the allowance for doubtful accounts. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. Accounting for Fleet Restatement Adjustments (h) Rental Equipment Refurbishment (Worldwide Equipment Rental) - This restatement matter relates to refurbishment designed to extend the useful life of rental equipment used in the worldwide equipment rental business. At the time of refurbishment, the Company improperly reduced the cost basis of rental equipment that was subject to useful life extension. The reduction was effected by reversing accumulated depreciation on refurbished equipment as an offset to original cost. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. Fixed Assets Restatement Adjustments (i) Fixed Assets and Construction in Progress and Capitalized Software (U.S. Car Rental, Worldwide Equipment Rental and Corporate) - This restatement matter relates to accounting for non-fleet fixed assets (e.g., leasehold improvements and property improvements) and capitalized software expenditures. The adjustments associated with non-fleet fixed assets and capitalized software primarily relate to the Company’s identification of (1) expenditures that were capitalized rather than expensed, (2) the failure to write off abandoned projects included in construction in progress on a timely basis, (3) the failure to write off assets no longer in service, and (4) depreciation adjustments associated with assets that should have been placed in service at a date that preceded the placed-in-service date, including assets that had not yet been transferred from construction in progress to in service. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. Brazil Restatement Adjustment (j) Brazil Adjustments (International Car Rental) - This restatement matter relates to the Brazilian operations of the International Car Rental business. Allowances for uncollectible balances were calculated using inappropriate methodologies, and certain assets, reserves for legal expenses and litigation, and intercompany account balances were not properly supported and consequently were written off. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. Reclassifications (k) Cash reclassifications (All Segments) - The Company reclassified negative cash balances representing outstanding checks to accounts payable at period end despite, in some cases, the existence of bank agreements with legal right of offset against cash balances with the same banks. (l) Internal Use Software reclassification (All Segments) - The Company reclassified all internal use software asset balances, including accumulated depreciation on these assets, to intangible assets. Previously, these assets were reported in property and equipment. Other Restatement Adjustments (m) Accrued Unbilled Accounts Receivable (U.S. Car Rental) - The Company over accrued revenue on open rental agreements related to the U.S. Car Rental business at period end because its calculation methodology was based on too limited a sample of open rental agreements. Also, vehicles that had been returned before period end, but that had not been processed as returned until after the look back period used in the calculation methodology, were treated as rented to customers at period end. Further, the rates utilized for certain types of transactions in the computation for the unbilled receivables were erroneous. (n) Vehicle License Fees (U.S. Car Rental) - This restatement matter relates to vehicle registration cost amortization in the U.S. Car Rental business. The Company inappropriately changed its amortization period for vehicle registration cost to the life of the vehicle instead of the life of the registration or license. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. (o) Hertz #1 Gold Points Liability (U.S. Car Rental) - The Company has made adjustments to the reserves established for the liability associated with the redemption of points earned by customers enrolled in the Hertz Gold Plus Rewards Program. The Company determined that these reserves were understated in 2011, 2012, and 2013 for a variety of reasons. These reasons included: (1) a miscalculation of the rate at which customers would redeem points, (2) the use of incorrect income statement accounts in calculating the incremental costs associated with customers’ use of points, (3) the failure to reconcile the account from 2011 through 2013 and (4) a systems issue that prevented certain customer points from expiring as they should have when the Company modified its Gold Points expiration policy in 2011. (p) Accounts payable (All Segments) - The accruals for expenses paid utilizing credit cards did not include amounts which have been incurred and are in the process of being billed to the Company. In addition, the manual process and lack of automated interface controls with legacy systems and the failure to complete sufficient personnel training on the accounts payable Oracle ERP system module, among other factors, resulted in erroneous accruals including purchase orders, marketing and consulting spending. (q) Asset Retirement Obligation (All Segments) - This restatement matter relates to asset restoration costs associated with contractual obligations included in lease agreements. The Company failed to account for global contractual restoration costs on certain of its leased facilities, including its European headquarters at Uxbridge, United Kingdom. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. (r) Other Restatement Adjustments (All Segments) - There are certain other restatement matters not otherwise described in items (a) through (q) of this Note the adjustments of which are individually insignificant but, in aggregate with all the restatement matters, are significant to the financial statements. (s) Taxes on income (loss) - There was a reduction in the amount of tax provision recognized as a result of the restatement adjustments identified above. (t) Change in Accounting Principle - In 2014, the Company changed its method of calculating the market-related value of pension assets for purposes of determining the expected return on plan assets and accounting for asset gains and losses. (u) Tax Reclassification - Separately from the tax impact of the company’s restatement, the company also corrected a balance sheet reclassification of certain of it’s tax liabilities from accrued taxes to deferred taxes on income, net. (v) During the preparation of this condensed consolidating financial information of The Hertz Corporation and Subsidiaries as of and for the year ended December 31, 2014, it was determined that the Due to/from Hertz affiliate balances for certain subsidiaries as of December 31, 2013 were overstated. Following are the restatement adjustments associated with this consolidating balance sheet reclassification as of that date. The above does not impact the consolidated Hertz Corporation and Subsidiaries. (in millions) Parent Guarantor Non-Guarantor Eliminations The Hertz Corporation and Subsidiaries Due from Hertz Affiliate $ — $ 1,711 $ 1,889 $ (3,600 ) $ — Due to Hertz affiliate — 1,929 1,671 (3,600 ) — The impact of the restatements on the Parent, Guarantor Subsidiaries' and Non-Guarantor Subsidiaries' Condensed Consolidating Balance Sheet as of December 31, 2013, and their Statements of Operations and Comprehensive Income (Loss), and Statements of Cash Flows for the periods ending December 31, 2013 and 2012 is presented in the tables that follow and the references identified in the tables directly correlate to the adjustments detailed above. Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries ASSETS Cash and cash equivalents $ 2 $ 14 $ 474 $ — $ 490 Restricted cash and cash equivalents 84 26 461 — 571 Receivables, net of allowance of $67 272 419 906 — 1,597 Due from Hertz affiliate 2,957 1,528 4,395 (8,785 ) 95 Inventories, net 20 25 22 — 67 Prepaid expenses and other assets 3,900 831 87 (3,901 ) 917 Revenue earning equipment, net 306 1,988 11,359 — 13,653 Property and equipment, net 730 308 284 — 1,322 Investment in subsidiaries, net 6,897 1,513 — (8,410 ) — Other intangible assets, net 179 3,213 617 — 4,009 Goodwill 104 1,033 222 — 1,359 Total assets $ 15,451 $ 10,898 $ 18,827 $ (21,096 ) $ 24,080 LIABILITIES AND EQUITY Due to Hertz affiliate $ 5,702 $ 1,005 $ 2,078 $ (8,785 ) $ — Accounts payable 65 212 731 — 1,008 Accrued liabilities 599 231 318 — 1,148 Accrued taxes 62 31 2,252 (2,211 ) 134 Debt 6,393 74 9,526 — 15,993 Public liability and property damage 135 57 193 — 385 Deferred taxes on income, net — 2,541 2,066 (1,690 ) 2,917 Total liabilities 12,956 4,151 17,164 (12,686 ) 21,585 Equity: Stockholder's equity 2,495 6,747 1,663 (8,410 ) 2,495 Total liabilities and equity $ 15,451 $ 10,898 $ 18,827 $ (21,096 ) $ 24,080 CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2013 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Ref As Reported As Restated As Reported As Restated As Reported As Restated As Reported As Restated As Reported As Restated ASSETS Cash and cash equivalents k $ 76 $ 62 $ 5 $ 6 $ 342 $ 343 $ — $ — $ 423 $ 411 Restricted cash and cash equivalents k 56 56 71 71 733 734 — — 860 861 Receivables, net of allowance of $62 a, b, c, d, e, g, j, r 426 350 408 405 700 663 (21 ) (21 ) 1,513 1,397 Due from Hertz affiliate v 1,994 2,002 2,516 804 4,988 3,092 (9,405 ) (5,805 ) 93 93 Inventories, net p, r 25 25 36 32 31 30 — — 92 87 Prepaid expenses and other assets n, r 3,109 3,179 285 338 424 434 (3,101 ) (3,236 ) 717 715 Revenue earning equipment, net h, j, p, r 243 227 1,936 1,938 12,014 12,026 — — 14,193 14,191 Property and equipment, net i, l, r, q 913 713 330 313 271 259 — — 1,514 1,285 Investment in subsidiaries, net 6,975 6,914 1,405 1,405 — — (8,380 ) (8,319 ) — — Other intangible assets, net l, r 63 214 3,816 3,840 49 70 — — 3,928 4,124 Goodwill q 104 104 1,020 1,020 224 228 — — 1,348 1,352 Total assets $ 13,984 $ 13,846 $ 11,828 $ 10,172 $ 19,776 $ 17,879 $ (20,907 ) $ (17,381 ) $ 24,681 $ 24,516 LIABILITIES AND EQUITY Due to Hertz affiliate v $ 3,841 $ 3,841 $ 2,666 $ 738 $ 2,898 $ 1,226 $ (9,405 ) $ (5,805 ) $ — $ — Accounts payable k, p 151 170 218 246 599 605 — — 968 1,021 Accrued liabilities f, g, j, m, o, q, t 584 628 237 240 305 325 (21 ) (21 ) 1,105 1,172 Accrued taxes r, s, u 61 63 34 35 1,489 1,493 (1,381 ) (1,446 ) 203 145 Debt 6,364 6,364 77 77 9,787 9,787 — — 16,228 16,228 Public liability and property damage r 99 100 62 62 187 189 — — 348 351 Deferred taxes on income s, u — — 2,293 2,338 2,372 2,371 (1,720 ) (1,790 ) 2,945 2,919 Total liabilities 11,100 11,166 5,587 3,736 17,637 15,996 (12,527 ) (9,062 ) 21,797 21,836 Equity: Stockholder's equity a-t 2,884 2,680 6,241 6,436 2,139 1,883 (8,380 ) (8,319 ) 2,884 2,680 Total liabilities and equity $ 13,984 $ 13,846 $ 11,828 $ 10,172 $ 19,776 $ 17,879 $ (20,907 ) $ (17,381 ) $ 24,681 $ 24,516 Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Total revenues $ 4,703 $ 2,799 $ 6,601 $ (3,057 ) $ 11,046 Expenses: Direct operating 2,989 1,523 1,804 (2 ) 6,314 Depreciation of revenue earning equipment and lease charges, net 2,510 766 2,809 (3,051 ) 3,034 Selling, general and administrative 528 216 348 (4 ) 1,088 Interest expense, net 344 20 277 — 641 Other (income) expense, net (22 ) (5 ) 12 — (15 ) Total expenses 6,349 2,520 5,250 (3,057 ) 11,062 Income (loss) before income taxes and equity in earnings (losses) of subsidiaries (1,646 ) 279 1,351 — (16 ) (Provision) benefit for taxes on income 612 (150 ) (524 ) — (62 ) Equity in earnings (losses) of subsidiaries (net of tax) 956 114 — (1,070 ) — Net income (loss) $ (78 ) $ 243 $ 827 $ (1,070 ) $ (78 ) Other comprehensive income (loss), net of tax (121 ) (6 ) (112 ) 118 (121 ) Comprehensive income (loss) $ (199 ) $ 237 $ 715 $ (952 ) $ (199 ) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Year Ended December 31, 2013 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Ref As Reported As Restated As Reported As Restated As Reported As Restated As Reported As Restated As Reported As Restated Total revenues a, b, c, g, m, r $ 4,545 $ 4,552 $ 2,673 $ 2,678 $ 6,712 $ 6,712 $ (3,158 ) $ (3,167 ) $ 10,772 $ 10,775 Expenses: Direct operating d, e, f, j, m, n, p, q, r, t 2,555 2,576 1,464 1,468 1,735 1,735 (2 ) (2 ) 5,752 5,777 Depreciation of revenue earning equipment and lease charges, net r 2,714 2,723 656 656 2,309 2,316 (3,153 ) (3,162 ) 2,526 2,533 Selling, general and administrative a, b, c, d, e, i, j, o, p, q, r 482 510 213 214 330 332 (3 ) (3 ) 1,022 1,053 Interest expense, net of interest income r 337 337 34 34 295 298 — — 666 669 Other (income) expense, net r 55 51 (6 ) (6 ) 18 19 — — 67 64 Total expenses 6,143 6,197 2,361 2,366 4,687 4,700 (3,158 ) (3,167 ) 10,033 10,096 Income (loss) before income taxes and equity in earnings (losses) of subsidiaries (1,598 ) (1,645 ) 312 312 2,025 2,012 — — 739 679 (Provision) benefit for taxes on income (loss) s 597 619 (128 ) (130 ) (814 ) (818 ) — — (345 ) (329 ) Equity in earnings (losses) of subsidiaries (net of tax) 1,394 1,376 155 155 — — (1,549 ) (1,531 ) — — Net income (loss) $ 393 $ 350 $ 339 $ 337 $ 1,211 $ 1,194 $ (1,549 ) $ (1,531 ) $ 394 $ 350 Other comprehensive income (loss), net of tax 34 29 (7 ) (7 ) (24 ) (21 ) 31 28 34 29 Comprehensive income (loss) $ 427 $ 379 $ 332 $ 330 $ 1,187 $ 1,173 $ (1,518 ) $ (1,503 ) $ 428 $ 379 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Year Ended December 31, 2012 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Ref As Reported As Restated As Reported As Restated As Reported As Restated As Reported As Restated As Reported As Restated Total revenues a, b, c, g, m, r $ 4,259 $ 4,255 $ 1,144 $ 1,140 $ 6,109 $ 6,129 $ (2,487 ) $ (2,511 ) $ 9,025 $ 9,013 Expenses: Direct operating d, e, f, j, m, n, o, p, q, r, t 2,385 2,430 650 656 1,771 1,776 — (1 ) 4,806 4,861 Depreciation of revenue earning equipment and lease charges, net r 2,379 2,382 245 244 1,992 2,011 (2,487 ) (2,509 ) 2,129 2,128 Selling, general and administrative a, b, c, d, e, i, j, o, p, q, r 474 482 178 178 316 318 — — 968 978 Interest expense, net of interest income r 254 254 39 39 301 303 — — 594 596 Other (income) expense, net r (11 ) (14 ) 24 25 22 22 — — 35 33 Total expenses 5,481 5,534 1,136 1,142 4,402 4,430 (2,487 ) (2,510 ) 8,532 8,596 Income (loss) before income taxes and equity in earnings (losses) of subsidiaries (1,222 ) (1,279 ) 8 (2 ) 1,707 1,699 — (1 ) 493 417 (Provision) benefit for taxes on income (loss) s 478 498 (31 ) (27 ) (668 ) (671 ) — — (221 ) (200 ) Equity in earnings (losses) of subsidiaries (net of tax) 1,016 998 60 60 — — (1,076 ) (1,058 ) — — Net income (loss) $ 272 $ 217 $ 37 $ 31 $ 1,039 $ 1,028 $ (1,076 ) $ (1,059 ) $ 272 $ 217 Other comprehensive income (loss), net of tax 2 1 1 1 10 12 (11 ) (13 ) 2 1 Comprehensive income (loss) $ 274 $ 218 $ 38 $ 32 $ 1,049 $ 1,040 $ (1,087 ) $ (1,072 ) $ 274 $ 218 Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Net cash provided by (used in) operating activities $ (387 ) $ 456 $ 4,425 $ (1,037 ) $ 3,457 Cash flows from investing activities: Net change in restricted cash and cash equivalents (27 ) 45 265 — 283 Revenue earning equipment expenditures (243 ) (596 ) (10,450 ) — (11,289 ) Proceeds from disposal of revenue earning equipment 183 261 7,765 — 8,209 Capital asset expenditures, non-fleet (195 ) (54 ) (125 ) — (374 ) Proceeds from disposal of property and equipment 43 17 33 — 93 Capital contributions to subsidiaries (1,614 ) (37 ) — 1,651 — Return of capital from subsidiaries 1,722 — — (1,722 ) — Loan to Parent / Guarantor from Non-Guarantor — (43 ) (437 ) 480 — Acquisitions, net of cash acquired — (28 ) (47 ) — (75 ) Equity method investment — — (30 ) — (30 ) Repayments of loans with Hertz Global Holdings, Inc. (28 ) — — — (28 ) Proceeds from loans with Hertz Global Holdings, Inc. 25 — — — 25 Net cash provided by (used in) investing activities (134 ) (435 ) (3,026 ) 409 (3,186 ) Cash flows from financing activities: Proceeds from issuance of long-term debt — — 400 — 400 Payment of long-term debt (42 ) — (1,141 ) — (1,183 ) Short-term borrowings: Proceeds — — 626 — 626 Payments — — (726 ) — (726 ) Proceeds under the revolving lines of credit 2,507 — 3,357 — 5,864 Payments under the revolving lines of credit (2,431 ) (10 ) (2,640 ) — (5,081 ) Capital contributions received — — 1,651 (1,651 ) — Loan to Parent / Guarantor From Non-Guarantor 437 — 43 (480 ) — Payment of dividends and return of capital — — (2,759 ) 2,759 — Payment of financing costs (12 ) (3 ) (48 ) — (63 ) Other 2 — — — 2 Net cash provided by (used in) financing activities 461 (13 ) (1,237 ) 628 (161 ) Effect of foreign exchange rate changes on cash and cash equivalents — — (31 ) — (31 ) Net change in cash and cash equivalents during the period (60 ) 8 131 — 79 Cash and cash equivalents at beginning of period 62 6 343 — 411 Cash and cash equivalents at end of period $ 2 $ 14 $ 474 $ — $ 490 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2013 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Ref As Reported As Restated As Reported As Restated As Reported As Restated As Reported As Restated As Reported As Restated Net cash provided by (used in) operating activities a, b, c, d, e, f, g, i, j, k, m ,n, o, p, q, r, s $ 181 $ 164 $ 525 $ 540 $ 3,821 $ 3,827 $ (916 ) $ (916 ) $ 3,611 $ 3,615 Cash flows from investing activities: Net change in restricted cash and cash equivalents k (23 ) (24 ) (54 ) (60 ) (231 ) (231 ) — — (308 ) (315 ) Revenue earning equipment expenditures h (149 ) (138 ) (886 ) (889 ) (9,263 ) (9,262 ) — — (10,298 ) (10,289 ) Proceeds from disposal of revenue earning equipment h, f, r 137 126 350 353 6,777 6,777 — — 7,264 7,256 Capital asset expenditures, non-fleet i, r, p (194 ) (198 ) (33 ) (40 ) (88 ) (89 ) — — (315 ) (327 ) Proceeds from disposal of property and equipment i 42 50 6 6 25 25 — — 73 81 Capital contributions to subsidiaries (938 ) (938 ) — — — — 938 938 — — Return of capital from subsidiaries 1,134 1,134 183 183 — — (1,317 ) (1,317 ) — — Loan to Parent / Guarantor from Non-Guarantor — — (57 ) (57 ) (196 ) (196 ) 253 253 — — Acquisitions, net of cash acquired — — (15 ) (15 ) (26 ) (26 ) — — (41 ) (41 ) Equity method investment — — — — (213 ) (213 ) — — (213 ) (213 ) Repayments of loans with Hertz Global Holdings, Inc. (129 ) (129 ) — — — — — — (129 ) (129 ) Proceeds from loans with Hertz Global Holdings, Inc. 49 49 — — — — — — — 49 49 Other r — — — — (1 ) (2 ) — — (1 ) (2 ) Net cash provided by (used in) investing activities (71 ) (68 ) (506 ) (519 ) (3,216 ) (3,217 ) (126 ) (126 ) (3,919 ) (3,930 ) Cash flows from financing activities: Proceeds from issuance of long-term debt 250 250 — — 2,025 2,025 — — 2,275 2,275 Payment of long-term debt (34 ) (34 ) — — (1,011 ) (1,011 ) — — (1,045 ) (1,045 ) Short-term borrowings: Proceeds — — — — 596 596 — — 596 596 Payments — — — — (1,018 ) (1,018 ) — — (1,018 ) (1,018 ) Proceeds under the revolving lines of credit 2,280 2,280 3 3 6,729 6,729 — — 9,012 9,012 Payments under the revolving lines of credit (2,322 ) (2,322 ) (14 ) (14 ) (6,768 ) (6,768 ) — — (9,104 ) (9,104 ) Capital contributions received — — — — 938 938 (938 ) (938 ) — — Loan to Parent / Guarantor From Non-Guarantor 253 253 — — — — (253 ) (253 ) — — Payment of dividends and return of capital (482 ) (482 ) — — (2,233 ) (2,233 ) 2,233 2,233 (482 ) (482 ) Payment of financing costs (9 ) (9 ) (10 ) (10 ) (35 ) (35 ) — — (54 ) (54 ) Other 5 5 — — — — — — 5 5 Net cash provided by (used in) financing activities (59 ) (59 ) (21 ) (21 ) (777 ) (777 ) 1,042 1,042 185 185 Effect of foreign exchange rate changes on cash and cash equivalents — — — — — — — — — — Net change in cash and cash equivalents during the period 51 37 (2 ) — (172 ) (167 ) — — (123 ) (130 ) Cash and cash equivalents at beginning of period k 25 25 7 6 514 510 — — 546 541 Cash and cash equivalents at end of period k $ 76 $ 62 $ 5 $ 6 $ 342 $ 343 $ — $ — $ 423 $ 411 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2012 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Ref As Reported As Restated As Reported As Restated As Reported As Restated As Reported As Restated As Reported As Restated Net cash provided by (used in) operating activities a, b, c, d, e, f, g, i, j, k, m, n, o, q, r, s $ (878 ) $ (876 ) $ 601 $ 603 $ 3,793 $ 3,792 $ (776 ) $ (776 ) $ 2,740 $ 2,743 Cash flows from investing activities: Net change in restricted cash and cash equivalents k 12 12 11 5 (264 ) (254 ) — — (241 ) (237 ) Revenue earning equipment expenditures r (88 ) (86 ) (765 ) (765 ) (8,760 ) (8,760 ) — — (9,613 ) (9,611 ) Proceeds from disposal of revenue earning equipment h, r 80 76 276 278 6,769 6,769 — — 7,125 7,123 Capital asset expenditures, non-fleet i, r (173 ) (174 ) (34 ) (34 ) (90 ) (90 ) — — (297 ) (298 ) Proceeds from disposal of property and equipment i 67 70 12 12 43 43 — — 122 125 Capital contributions to subsidiaries (2,990 ) (2,990 ) — — — — 2,990 2,990 — — Return of capital from subsidiaries 3,106 3,106 100 100 — — (3,206 ) (3,206 ) — — Loan to Parent / Guarantor from Non-Guarantor — — — — (385 ) (385 ) 385 385 — — Acquisitions, net of cash acquired (1,708 ) (1,708 ) (197 ) (197 ) — — — — (1,905 ) (1,905 ) Proceeds from disposal of business — — — — 85 84 — — 85 84 Repayments of loans with Hertz Global Holdings, Inc. (25 ) (25 ) — — — — — — (25 ) (25 ) Proceeds from loans with Hertz Global Holdings, Inc. 12 12 — — — — — — 12 12 Other r — — — — (3 ) (2 ) — — (3 ) (2 ) Net cash provided by (used in) investing activities (1,707 ) (1,707 ) (597 ) (601 ) (2,605 ) (2,595 ) 169 169 (4,740 ) (4,734 ) Cash flows from financing activities: Proceeds from issuance of long-term debt 2,210 2,210 — — 27 27 — — 2,237 2,237 Payment of long-term debt (650 ) (650 ) — — (302 ) (302 ) — — (952 ) (952 ) Short-term borrowings: Proceeds — — — — 438 438 — — 438 438 Payments (27 ) (27 ) — — (1,253 ) (1,253 ) — — (1,280 ) (1,280 ) Proceeds under the revolving lines of credit 2,820 2,820 4 4 3,640 3,640 — — 6,464 6,464 Payments under the revolving lines of credit (2,599 ) (2,599 ) (5 ) (5 ) (2,586 ) (2,586 ) — — (5,190 ) (5,190 ) Capital contributions received — — — — 2,990 2,990 (2,990 ) (2,990 ) — — Loan to Parent / Guarantor From Non-Guarantor 385 385 — — — — (385 ) (385 ) — — Payment of dividends and return of capital (25 ) (25 ) — — (3,982 ) (3,982 ) 3,982 3,982 (25 ) (25 ) Purchase of noncontrolling interest (38 ) (38 ) — — — — — — (38 ) (38 ) Payment of financing costs (35 ) (35 ) (3 ) (3 ) (11 ) (11 ) — — (49 ) (49 ) Other 4 3 — — — — — — 4 3 Net cash provided by (used in) financing activities 2,045 2,044 (4 ) (4 ) (1,039 ) (1,039 ) 607 607 1,609 1,608 Effect of foreign exchange rate changes on cash and cash equivalents — — — — 6 6 — — 6 6 Net change in cash and cash equivalents during the period (540 ) (539 ) — (2 ) 155 164 — — (385 ) (377 ) Cash and cash equivalents at beginning of period k 565 564 7 8 359 346 — — 931 918 Cash and cash equivalents at end of period k $ 25 $ 25 $ 7 $ 6 $ 514 $ 510 $ — $ — $ 546 $ 541

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2014
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Acquisition In February 2015, the Company acquired substantially all of the assets of certain Hertz-branded franchises including existing fleets and contract and concession rights for $ 87 million . The acquisition was part of a strategic decision to increase the number of Hertz-owned locations and capitalize on certain benefits of ownership not available under a franchise agreement. Fleet Debt RCFC U.S. Fleet Medium Term Notes : In February 2015, the RCFC U.S. Fleet Medium Term Notes were paid in full as scheduled in accordance with their terms. HVF II U.S. Fleet Medium Term Notes : In April 2015, HVF II issued the Series 2015-1 Rental Car Asset-Backed Notes, Class A, Class B, and Class C, or the “HVF II Series 2015-1 Notes”, collectively, in an aggregate principal amount of $780 million . The expected maturity of the HVF II Series 2015-1 Notes is March 2020. The HVF II Series 2015-1 Notes are comprised of $622 million aggregate principal amount of 2.73% Rental Car Asset-Backed Notes, Class A, $119 million aggregate principal amount of 3.52% Rental Car Asset-Backed Notes, Class B, and $39 million aggregate principal amount of 4.35% Rental Car Asset-Backed Notes, Class C. The net proceeds from the sale of the HVF II Series 2015-1 Notes were used (i) to repay a portion of the outstanding principal amount of HVF II's Series 2013-A Notes and HVF II's Series 2014-A Notes and (ii) to make loans to HVF for HVF to acquire or refinance vehicles to be leased to the Company or DTG Operations, Inc. for use in their daily rental operations. Capitalized Leases : In May 2015, the U.K. Leveraged Financing was amended to provide for aggregate maximum leasing capacity (subject to asset availability) of up to £300 million during the peak season and at the same time amended and increased the ongoing core facility to £250 million . European Revolving Credit Facility : In May 2015, HHN BV amended the European Revolving Credit Facility to provide for aggregate maximum borrowings of up to £340 million during the peak season, subject to borrowing base availability, for a seasonal commitment period through December 2015. HFLF Medium Term Notes : In June 2015, HFLF issued $300 million in aggregate principal amount of Series 2015-1 Floating Rate Asset-Backed Notes, Class A, Class B, Class C, Class D, and Class E, or the “HFLF Series 2015-1 Notes,” collectively. The net proceeds from the issuance of the HFLF Series 2015-1 Notes were used (i) to repay a portion of amounts then-outstanding under the HFLF Series 2014-1 Notes and the HFLF Series 2013-2 Notes and (ii) to make loans to DNRS II. The HFLF Series 2015-1 Notes are floating rate and carry an interest rate based upon a spread to one-month LIBOR. An affiliate of HFLF purchased the Class E Notes. Waivers In May 2015, the Company obtained waivers from the requisite noteholders of its Senior Notes to amend and waive (the “Senior Notes Amendments and Waiver”) certain provisions of the indentures pursuant to which the Senior Notes were issued (the “Senior Notes Indentures”). The Senior Notes Amendments and Waiver amend, effective as of March 30, 2014, the reporting covenant in each of the Senior Notes Indentures to eliminate any obligation for the Company (or HHN BV as applicable) to deliver to the trustee or the noteholders or file with the SEC (i) its annual report on Form 10-K for the period ended December 31, 2014 and its quarterly reports on Form 10-Q for the periods ended March 31, 2015 and June 30, 2015, in each case prior to September 30, 2015 and (ii) its quarterly reports on Form 10-Q for the periods ended March 31, 2014, June 30, 2014 and September 30, 2014. Pursuant to the Senior Notes Amendments and Waiver, holders also waived any default or event of default under the relevant Senior Notes Indenture that may occur or exist as a result of or in connection with the Company not filing any amendments to previously filed SEC reports or the failure to timely deliver to the trustee or the noteholders, or file with the SEC, the delayed SEC reports. In May 2015, the Company and HVF obtained waivers from the requisite noteholders of the U.S. Fleet Medium Term Notes to amend and waive (the “HVF Amendments and Waiver”) certain provisions of the operating lease between the Company and HVF that secures the U.S. Fleet Medium Term Notes (the “HVF Legacy Lease”). The HVF Amendments and Waiver amend the HVF Legacy Lease, effective as of March 30, 2014, to eliminate the requirement to furnish (or cause to be furnished) the quarterly reports on Form 10-Q for the periods ended March 31, 2014, June 30, 2014 and September 30, 2014 under the HVF Legacy Lease and in connection with the foregoing the noteholders waived any potential event of default or event of default under the HVF Legacy Lease that may occur or exist as a result, directly or indirectly arising out of or in connection with the failure to furnish (or cause to be furnished) such quarterly reports. In June 2015, HHN BV obtained waivers from the requisite noteholders of its European Fleet Notes to amend and waive (the “European Fleet Notes Amendments and Waivers”) certain provisions of the indenture pursuant to which the European Fleet Notes were issued (the “European Fleet Notes Indenture”). The European Fleet Notes Amendments and Waiver amend, effective as of March 30, 2014, the reporting covenant in the European Fleet Notes Indenture to eliminate any obligation for the Company (or HHN BV as applicable) to deliver to the trustee or the noteholders or file with the SEC (i) its annual report on Form 10-K for the period ended December 31, 2014 and its quarterly reports on Form 10-Q for the periods ended March 31, 2015 and June 30, 2015, in each case prior to September 30, 2015 and (ii) its quarterly reports on Form 10-Q for the periods ended March 31, 2014, June 30, 2014 and September 30, 2014. Pursuant to the Senior Notes Amendments and Waiver, holders also waived any default or event of default under the European Fleet Notes Indenture that may occur or exist as a result of or in connection with the Company not filing any amendments to previously filed SEC reports or the failure to timely deliver to the trustee or the noteholders, or file with the SEC, the delayed SEC reports. In June 2015, the Company and/or certain of its subsidiaries obtained extensions of previously obtained waivers under the Senior ABL Facility, HVF II U.S. Fleet Variable Funding Notes, European Revolving Credit Facility, European Securitization, Hertz-Sponsored Canadian Securitization, Dollar Thrifty-Sponsored Canadian Securitization, Australian Securitization, U.K. Leveraged Financing, our U.S. Fleet Financing Facility, and various derivative transactions, in each case through August 31, 2015. Such lenders permanently waived any of the aforementioned events arising from the failure to file such financial information within the required time periods. The waivers also facilitate the Company filing a comprehensive annual report on Form 10-K for the period ended December 31, 2014, including audited financial statements of the Company for the year ended December 31, 2014 and unaudited financial statements of Hertz for the fiscal quarters ending March 31, 2014, June 30, 2014 and September 30, 2014, to satisfy its 2014 financial statement delivery obligations under such facilities. In addition, the lenders under such facilities have waived any of the aforementioned events that could arise from any restatement of annual and quarterly financial statements previously delivered by the Company and/or certain of its subsidiaries under such facilities. For so long as the waivers remain effective, any potential and/or actual defaults and potential amortization events ceased to exist and were deemed to have been cured for all purposes of the related transaction documents. Contingencies In February 2015, the French Competition Authority issued a Statement of Objections claiming that several car rental companies, including Hertz and certain of its subsidiaries, violated French competition law by receiving historic market information from twelve French airports relating to the car rental companies operating at those airports and by engaging in a concerted practice relating to train station surcharges. Hertz believes that it has valid defenses and intends to vigorously defend against the allegations, but, due to the early stage at which the proceedings are, Hertz is currently unable to predict the likely outcome of the proceedings or range of reasonably possible losses, which may be material. In July 2015, Ryanair filed a complaint against Hertz Europe Limited, a subsidiary of the Company, in the High Court of Justice, Queen’s Bench Division, Commercial Court, Royal Courts of Justice of the United Kingdom alleging breach of contract in connection with Hertz Europe Limited’s termination of its car hire agreement with Ryanair following a contractual dispute with respect to Ryanair’s agreement to begin using third party ticket distributors. The complaint seeks damages, interest and costs, together with attorney fees. The Company believes that it has valid and meritorious defenses and it intends to vigorously defend against these allegations, but litigation is subject to many uncertainties and the outcome of this matter is not predictable with assurance. It is possible that this matter could be decided unfavorably to the Company, however, the Company is currently unable to estimate the range of these possible losses in excess of amounts accrued, but they could be material. Divestiture In June 2015, the Company signed a letter of intent for the sale of its HERC France and Spain businesses. The proposed transaction includes 60 locations in France and two in Spain. The proposed transaction is subject to receipt of the requisite works council opinions, the signing of the sale agreements and obtaining required corporate and regulatory approvals. Equity Method Investment The fair value of the Company's CAR, Inc. equity method investment has been negatively impacted by recent volatility in the markets in China and other factors. The fair value of the investment at July 9, 2015 using quoted market prices (Level 1) was approximately $710 million .

Quarterly Financial Information

Quarterly Financial Information (Unaudited) Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (Unaudited)	Quarterly Financial Information (Unaudited) As further described in Note 2 - "Restatement," in lieu of filing quarterly reports on Form 10-Q for 2014, quarterly financial data for 2014 and 2013 (as restated) is included in this Annual Report in the tables that follow. Amounts are computed independently each quarter, therefore, the s um of the quarterly amounts may not equal the total amount for the respective year due to rounding. QUARTERLY CONSOLIDATED BALANCE SHEETS (In millions, except par value and share data) March 31, 2014 June 30, 2014 September 30, 2014 ASSETS Cash and cash equivalents $ 498 $ 540 $ 629 Restricted cash and cash equivalents 453 717 748 Receivables, net of allowance of $69, $70 and $66, respectively 1,344 1,511 1,702 Due from Hertz Global Holdings, Inc. 114 95 96 Inventories, net 94 103 94 Prepaid expenses and other assets 818 772 786 Revenue earning equipment, at cost: Cars 14,995 16,553 15,809 Less accumulated depreciation - cars (2,931 ) (3,244 ) (3,491 ) Other equipment 3,585 3,695 3,707 Less accumulated depreciation - other equipment (1,144 ) (1,175 ) (1,173 ) Revenue earning equipment, net 14,505 15,829 14,852 Property and equipment: Land, buildings and leasehold improvements 1,282 1,319 1,325 Service equipment and other 1,051 1,066 1,067 Less accumulated depreciation (1,051 ) (1,108 ) (1,128 ) Property and equipment, net 1,282 1,277 1,264 Other intangible assets, net 4,100 4,067 4,049 Goodwill 1,353 1,353 1,349 Total assets $ 24,562 $ 26,264 $ 25,569 LIABILITIES AND EQUITY Accounts payable $ 1,307 $ 1,705 $ 1,078 Accrued liabilities 1,166 1,078 1,156 Accrued taxes, net 160 155 191 Debt 16,042 17,310 16,986 Public liability and property damage 366 378 385 Deferred taxes on income, net 2,917 2,941 2,963 Total liabilities 21,958 23,567 22,759 Commitments and contingencies — — — Equity: The Hertz Corporation and Subsidiaries stockholder's equity Common Stock, $0.01 par value, 3,000 shares authorized, 100 shares issued and outstanding — — — Additional paid-in capital 3,562 3,570 3,570 Accumulated deficit (945 ) (872 ) (722 ) Accumulated other comprehensive loss (13 ) (1 ) (38 ) Total equity 2,604 2,697 2,810 Total liabilities and equity $ 24,562 $ 26,264 $ 25,569 QUARTERLY CONSOLIDATED BALANCE SHEETS (In millions, except par value and share data) (As Restated) March 31, 2013 (1) June 30, 2013 (2) September 30, 2013 (3) ASSETS Cash and cash equivalents $ 650 $ 467 $ 505 Restricted cash and cash equivalents 415 390 522 Receivables, net of allowance of $58, $56 and $67, respectively 1,448 1,545 1,597 Due from Hertz Global Holdings, Inc. 13 1 11 Inventories, net 107 127 104 Prepaid expenses and other assets 543 755 666 Revenue earning equipment: Cars 13,632 15,418 15,177 Less accumulated depreciation - cars (1,958 ) (2,125 ) (2,396 ) Other equipment 3,336 3,452 3,514 Less accumulated depreciation - other equipment (1,060 ) (1,062 ) (1,102 ) Revenue earning equipment, net 13,950 15,683 15,193 Property and equipment: Land, buildings and leasehold improvements 1,224 1,241 1,284 Service equipment and other 1,033 1,041 950 Less accumulated depreciation (991 ) (1,021 ) (958 ) Property and equipment, net 1,266 1,261 1,276 Other intangible assets, net 4,161 4,136 4,126 Goodwill 1,346 1,363 1,363 Total assets $ 23,899 $ 25,728 $ 25,363 LIABILITIES AND EQUITY Accounts payable $ 1,337 $ 1,520 $ 981 Accrued liabilities 1,260 1,242 1,356 Accrued taxes, net 146 138 182 Debt 15,876 17,394 17,055 Public liability and property damage 322 328 347 Deferred taxes on income, net 2,687 2,739 2,812 Total liabilities 21,628 23,361 22,733 Commitments and contingencies Equity: The Hertz Corporation and Subsidiaries stockholder's equity Common Stock, $0.01 par value, 3,000 shares authorized, 100 shares issued and outstanding — — — Additional paid-in capital 3,520 3,533 3,548 Accumulated deficit (1,199 ) (1,091 ) (861 ) Accumulated other comprehensive loss (50 ) (75 ) (57 ) Total equity 2,271 2,367 2,630 Total liabilities and equity $ 23,899 $ 25,728 $ 25,363 QUARTERLY CONSOLIDATED STATEMENTS OF OPERATIONS (In millions) First Second Year to Date Second Quarter Third Year to Date Third Quarter Fourth 2014 2014 2014 2014 2014 2014 Revenues: Worldwide car rental $ 2,039 $ 2,304 $ 4,343 $ 2,563 $ 6,907 $ 2,000 Worldwide equipment rental 358 384 743 413 1,155 416 All other operations 139 142 280 145 425 143 Total revenues 2,536 2,830 5,366 3,121 8,487 2,559 Expenses: Direct operating 1,443 1,594 3,037 1,702 4,738 1,575 Depreciation of revenue earning equipment and lease charges, net 726 708 1,434 746 2,180 853 Selling, general and administrative 276 265 541 303 844 246 Interest expense, net 153 162 315 163 479 163 Other (income) expense, net (3 ) (22 ) (25 ) 3 (22 ) 6 Total expenses 2,595 2,707 5,302 2,917 8,219 2,843 Income (loss) before income taxes (59 ) 123 64 204 268 (284 ) (Provision) benefit for taxes on income (loss) (8 ) (50 ) (58 ) (54 ) (112 ) 50 Net income (loss) $ (67 ) $ 73 $ 6 $ 150 $ 156 $ (234 ) QUARTERLY CONSOLIDATED STATEMENTS OF OPERATIONS (In millions) (As Restated) First Second Year to Date Second Quarter Third Year to Date Third Quarter Fourth 2013 (4) 2013 (5) 2013 (6) 2013 (7) 2013 (8) 2013 (9) Revenues: Worldwide car rental $ 1,955 $ 2,197 $ 4,153 $ 2,538 $ 6,690 $ 2,019 Worldwide equipment rental 353 381 734 403 1,138 401 All other operations 129 130 258 134 392 135 Total revenues 2,437 2,708 5,145 3,075 8,220 2,555 Expenses: Direct operating 1,364 1,417 2,781 1,547 4,328 1,449 Depreciation of revenue earning equipment and lease charges, net 589 632 1,220 672 1,893 641 Selling, general and administrative 250 287 538 282 819 234 Interest expense, net 161 168 329 173 502 168 Other (income) expense, net — (2 ) (2 ) 44 42 21 Total expenses 2,364 2,502 4,866 2,718 7,584 2,513 Income (loss) before income taxes 73 206 279 357 636 42 (Provision) benefit for taxes on income (loss) (59 ) (86 ) (145 ) (128 ) (272 ) (56 ) Net income (loss) $ 14 $ 120 $ 134 $ 229 $ 364 $ (14 ) QUARTERLY CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Three Months Ended March 31, 2014 Six Months Ended June 30, 2014 Nine Months Ended September 30, 2014 Cash flows from operating activities: Net income (loss) $ (67 ) $ 6 $ 156 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation of revenue earning equipment, net 707 1,393 2,119 Depreciation and amortization, non-fleet assets 90 180 272 Amortization and write-off of deferred financing costs 12 27 41 Amortization and write-off of debt discount (2 ) (4 ) (8 ) Stock-based compensation charges 8 13 14 Provision for receivables allowance 16 32 47 Deferred taxes on income (5 ) 23 33 Impairment charges and asset write-downs — 10 10 Other 2 (4 ) 3 Changes in assets and liabilities, net of effects of acquisition: Receivables (85 ) (284 ) (187 ) Inventories, prepaid expenses and other assets (25 ) (51 ) (58 ) Accounts payable 2 32 34 Accrued liabilities 75 (2 ) 153 Accrued taxes 16 7 57 Public liability and property damage 16 28 47 Net cash provided by (used in) operating activities 760 1,406 2,733 Cash flows from investing activities: Net change in restricted cash and cash equivalents 407 143 107 Revenue earning equipment expenditures (2,582 ) (5,996 ) (8,442 ) Proceeds from disposal of revenue earning equipment 1,859 3,717 5,316 Capital asset expenditures, non-fleet (75 ) (151 ) (232 ) Proceeds from disposal of property and equipment 25 45 67 Acquisitions, net of cash acquired (6 ) (6 ) (69 ) Equity method investment — — (30 ) Repayments of loans with Hertz Global Holdings, Inc. (14 ) (27 ) (28 ) Proceeds from loans with Hertz Global Holdings, Inc. — 25 25 Other investing activities — — — Net cash provided by (used in) investing activities (386 ) (2,250 ) (3,286 ) QUARTERLY CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (In millions) Three Months Ended March 31, 2014 Six Months Ended June 30, 2014 Nine Months Ended September 30, 2014 Cash flows from financing activities: Proceeds from issuance of long-term debt 400 414 400 Repayments of long-term debt (92 ) (97 ) (207 ) Short-term borrowings: Proceeds 169 269 528 Payments (259 ) (369 ) (537 ) Proceeds under the revolving lines of credit 1,081 2,779 4,018 Payments under the revolving lines of credit (1,582 ) (2,017 ) (3,405 ) Payment of financing costs (7 ) (6 ) (12 ) Other 3 2 4 Net cash provided by financing activities (287 ) 975 789 Effect of foreign exchange rate changes on cash and cash equivalents — (2 ) (18 ) Net change in cash and cash equivalents during the period 87 129 218 Cash and cash equivalents at beginning of period 411 411 411 Cash and cash equivalents at end of period $ 498 $ 540 $ 629 QUARTERLY CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (As Restated) Three Months Ended Six Months Ended Nine Months Ended September 30, 2013 (12) Cash flows from operating activities: Net income (loss) $ 14 $ 134 $ 364 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation of revenue earning equipment 572 1,186 1,833 Depreciation and amortization, non-fleet assets 84 167 249 Amortization and write-off of deferred financing costs 11 25 41 Amortization and write-off of debt discount (1 ) (3 ) (5 ) Stock-based compensation charges 8 18 31 Provision for receivables allowance 21 35 59 Deferred taxes on income 37 93 177 Impairment charges and asset write-downs — 2 42 Other (1 ) (4 ) (4 ) Changes in assets and liabilities: Receivables (43 ) (229 ) (182 ) Inventories, prepaid expenses and other assets (24 ) (41 ) (2 ) Accounts payable 46 89 88 Accrued liabilities 27 5 118 Accrued taxes 1 (11 ) 26 Public liability and property damage (10 ) (15 ) (2 ) Net cash provided by operating activities 742 1,451 2,833 Cash flows from investing activities: Net change in restricted cash and cash equivalents 127 153 24 Revenue earning equipment expenditures (3,254 ) (6,812 ) (9,318 ) Proceeds from disposal of revenue earning equipment 2,236 3,738 5,661 Capital asset expenditures, non-fleet (78 ) (166 ) (250 ) Proceeds from disposal of property and equipment 24 45 66 Acquisitions, net of cash acquired (3 ) (14 ) (14 ) Equity method investment — (213 ) (213 ) Repayments of loans with Hertz Global Holdings, Inc. (17 ) (25 ) (39 ) Proceeds from loans with Hertz Global Holdings, Inc. 16 37 40 Other investing activities — (4 ) (3 ) Net cash used in investing activities (949 ) (3,261 ) (4,046 ) QUARTERLY CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (In millions) (As Restated) Three Months Ended March 31, 2013 (10) Six Months Ended June 30, 2013 (11) Nine Months Ended September 30, 2013 (12) Cash flows from financing activities: Proceeds from issuance of long-term debt 1,202 1,204 1,208 Repayments of long-term debt (299 ) (321 ) (371 ) Short-term borrowings: Proceeds 129 332 472 Payments (195 ) (436 ) (711 ) Proceeds under the revolving lines of credit 1,579 3,680 5,250 Payments under the revolving lines of credit (1,611 ) (2,218 ) (4,167 ) Payment of financing costs (15 ) (20 ) (27 ) Dividend paid to Hertz Global Holdings, Inc. (467 ) (480 ) (480 ) Other 1 4 5 Net cash provided by financing activities 324 1,745 1,179 Effect of foreign exchange rate changes on cash and cash equivalents (8 ) (9 ) (2 ) Net change in cash and cash equivalents during the period 109 (74 ) (36 ) Cash and cash equivalents at beginning of period 541 541 541 Cash and cash equivalents at end of period $ 650 $ 467 $ 505 The following tables present the impact of the restatement adjustments for each quarterly period within fiscal 2013 presented in the tables on the preceding pages. As further described in Note 2 - "Restatement," During the fourth quarter of 2013, the Company identified certain out of period errors related to its previously issued financial statements, which included the condensed consolidated financial statements for the quarterly and year to date periods ended March 31, June 30 and September 30, 2013 ("first", "second" and "third" quarter, respectively). While these errors did not, individually or in the aggregate, result in a material misstatement of the Company's previously issued consolidated financial statements, correcting these, and the errors for periods 2012 and prior, in the fourth quarter of 2013 would have been material to that quarter. Accordingly, management revised its previously reported condensed consolidated financial statements in the Form 10-K for the year ended December 31, 2013 filed with the SEC on March 31, 2014, however, presentation of quarterly and year to date information for the periods above included in the filing was limited to the statements of operations. Therefore, the column in the tables below labeled "As Previously Reported" reflect the financial information for the first, second and third quarters of 2013 as presented in their respective filings on Form 10-Q as filed with the SEC on May 2, August 2, and November 7, 2013, respectively. The column in the tables below labeled "Revision Adjustment" reflect the revisions for the respective quarterly periods in 2013. The column in the tables below labeled "As Revised" reflect the quarterly financial information that was revised in the 2013 Form 10-K. The column in the tables below labeled "Restatement Adjustment" reflect the adjustments associated with the restatement of 2013 consolidated financial statements as further described in Note 2 - "Restatement." The references identified in the tickmarks to the 2013 tables directly correlate to the adjustments detailed below. Amounts are computed independently each quarter, therefore, the s um of the quarterly amounts may not equal the total amount for the respective year due to rounding. Reserve and Estimates Recognition Restatement Adjustments (a) Allowance for Doubtful Accounts and Credit Memos (U.S. Car Rental) - The historical methodology employed for doubtful customer accounts and credit memo allowances for the U.S. Car Rental business inappropriately used inaccurate write-off rates for receivables, aggregated receivables with significantly different credit risks for purposes of analysis and used assumptions in setting the reserve for credit memos that were not supported. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. (b) Allowance for Doubtful Accounts and Credit Memos (International Car Rental) - The historical methodology employed for doubtful customer accounts and credit memo allowances for the international car rental business inappropriately used inaccurate write-off rates for receivables, aggregated receivables with significantly different credit risks for purposes of analysis and did not include a reserve for credit memos. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. (c) Allowance for Doubtful Accounts and Credit Memos (Worldwide Equipment Rental) - The historical methodology employed for doubtful customer accounts and credit memo allowances for the worldwide equipment rental business inappropriately used rates that differed from historical norms, used unsupported assumptions, and contained formulaic errors. In addition, changes to the methodology in 2012 reduced the reserve requirement and slowed the rate of recording account write-offs. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. (d) Subrogation (Damage) Receivables and the Related Allowance for Doubtful Accounts (U.S. Car Rental) - This restatement matter relates to estimated recoveries from third parties responsible for damages to vehicles. The historical methodologies used to estimate the unbilled balances and the allowance accounts inappropriately used assumptions that lacked support, including using write-offs rather than collection history as a key assumption and changed methodologies without any supported basis, as well as contained formulaic errors. In addition, there were instances in which the amount recorded for the allowance was significantly less than the amount calculated based on the methodology in place at the time. The Company has revised the methodology used to calculate subrogation claims to utilize the ratio of claims collected compared to damage expense incurred. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. (e) Subrogation (Damage) Receivables and the Related Allowance for Doubtful Accounts (International Car Rental) - This restatement matter relates to estimated recoveries from third parties responsible for damages to vehicles. The historical methodologies used to estimate the allowance accounts inappropriately used assumptions that lacked support, including using write-offs rather than collection history as a key assumption, as well as contained formulaic errors. In addition, there were instances in which the amount recorded for the allowance was significantly less than the amount calculated based on the methodology in place at the time. (f) Accrued Salvaged Vehicles (U.S. Car Rental) - This restatement matter relates to the reserve for estimated vehicle damages incurred in the U.S. car rental business but not reported as of period ends. The methodology used to estimate the reserve was changed without appropriate supporting documentation and the most significant, required element of the reserve was eliminated. As part of the restatement process, the Company has reinstated the previous methodology. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. (g) Credit Card Chargebacks (U.S. and International Car Rental) - The restatement matter relates to reserves established to accrue for future credit card chargebacks pertaining to completed revenue transactions with customers and for chargebacks received from credit card providers. The reserves were understated in 2011, 2012 and 2013 for a variety of reasons. These reasons included (1) the Company inappropriately changed the methodology for computing reserves established to accrue for future chargebacks in 2013 and (2) the Company erroneously excluded chargebacks received from credit card providers from the balances used to calculate the allowance for doubtful accounts. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. Accounting for Fleet Restatement Adjustments (h) Rental Equipment Refurbishment (Worldwide Equipment Rental) - This restatement matter relates to refurbishment designed to extend the useful life of rental equipment used in the worldwide equipment rental business. At the time of refurbishment, the Company improperly reduced the cost basis of rental equipment that was subject to useful life extension. The reduction was effected by reversing accumulated depreciation on refurbished equipment as an offset to original cost. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. Fixed Assets Restatement Adjustments (i) Fixed Assets and Construction in Progress and Capitalized Software (U.S. Car Rental, Worldwide Equipment Rental and Corporate) - This restatement matter relates to accounting for non-fleet fixed assets (e.g., leasehold improvements and property improvements) and capitalized software expenditures. The adjustments associated with non-fleet fixed assets and capitalized software primarily relate to the Company’s identification of (1) expenditures that were capitalized rather than expensed, (2) the failure to write off abandoned projects included in construction in progress on a timely basis, (3) the failure to write off assets no longer in service, and (4) depreciation adjustments associated with assets that should have been placed in service at a date that preceded the placed-in-service date, including assets that had not yet been transferred from construction in progress to in service. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. Brazil Restatement Adjustment (j) Brazil Adjustments (International Car Rental) - This restatement matter relates to the Brazilian operations of the International Car Rental business. Allowances for uncollectible balances were calculated using inappropriate methodologies, and certain assets, reserves for legal expenses and litigation, and intercompany account balances were not properly supported and consequently were written off. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. Reclassifications (k) Cash reclassifications (All Segments) - The Company reclassified negative cash balances representing outstanding checks to accounts payable at period end despite, in some cases, the existence of bank agreements with legal right of offset against cash balances with the same banks. (l) Internal Use Software reclassification (All Segments) - The Company reclassified all internal use software asset balances, including accumulated depreciation on these assets, to intangible assets. Previously, these assets were reported in property and equipment. Other Restatement Adjustments (m) Accrued Unbilled Accounts Receivable (U.S. Car Rental) - The Company over accrued revenue on open rental agreements related to the U.S. Car Rental business at period end because its calculation methodology was based on too limited a sample of open rental agreements. Also, vehicles that had been returned before period end, but that had not been processed as returned until after the look back period used in the calculation methodology, were treated as rented to customers at period end. Further, the rates utilized for certain types of transactions in the computation for the unbilled receivables were erroneous. (n) Vehicle License Fees (U.S. Car Rental) - This restatement matter relates to vehicle registration cost amortization in the U.S. Car Rental business. The Company inappropriately changed its amortization period for vehicle registration cost to the life of the vehicle instead of the life of the registration or license. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. (o) Hertz #1 Gold Points Liability (U.S. Car Rental) - The Company has made adjustments to the reserves established for the liability associated with the redemption of points earned by customers enrolled in the Hertz Gold Plus Rewards Program. The Company determined that these reserves were understated in 2011, 2012, and 2013 for a variety of reasons. These reasons included: (1) a miscalculation of the rate at which customers would redeem points, (2) the use of incorrect income statement accounts in calculating the incremental costs associated with customers’ use of points, (3) the failure to reconcile the account from 2011 through 2013 and (4) a systems issue that prevented certain customer points from expiring as they should have when the Company modified its Gold Points expiration policy in 2011. (p) Accounts payable (All Segments) - The accruals for expenses paid utilizing credit cards did not include amounts which have been incurred and are in the process of being billed to the Company. In addition, the manual process and lack of automated interface controls with legacy systems and the failure to complete sufficient personnel training on the accounts payable Oracle ERP system module, among other factors, resulted in erroneous accruals including purchase orders, marketing and consulting spending. (q) Asset Retirement Obligation (All Segments) - This restatement matter relates to asset restoration costs associated with contractual obligations included in lease agreements. The Company failed to account for global contractual restoration costs on certain of its leased facilities, including its European headquarters at Uxbridge, United Kingdom. Inappropriate tone at the top, among other factors, may have contributed to this restatement matter. (r) Other Restatement Adjustments (All Segments) - There are certain other restatement matters not otherwise described in items (a) through (q) of this Note the adjustments of which are individually insignificant but, in aggregate with all the restatement matters, are significant to the financial statements. (s) Taxes on income (loss) - There was a reduction in the amount of tax provision recognized as a result of the restatement adjustments identified above. (t) Change in Accounting Principle - In 2014, the Company changed its method of calculating the market-related value of pension assets for purposes of determining the expected return on plan assets and accounting for asset gains and losses. (u) Tax Reclassification - Separately from the tax impact of the company’s restatement, the company also corrected a balance sheet reclassification of certain of it’s tax liabilities from accrued taxes to deferred taxes on income, net. (1) QUARTERLY CONSOLIDATED BALANCE SHEET (In millions, except par value and share data) March 31, 2013 As Previously Reported Revision Adjustment As Revised Restatement Adjustment Ref As Restated ASSETS Cash and cash equivalents $ 654 $ (1 ) $ 653 $ (3 ) k $ 650 Restricted cash and cash equivalents 425 — 425 (10 ) k 415 Receivables, net of allowance of $58 1,554 (14 ) 1,540 (92 ) a, b, c, d, e, g, j, m, r 1,448 Due from Hertz Global Holdings, Inc. 13 — 13 — 13 Inventories, net 110 — 110 (3 ) p, r 107 Prepaid expenses and other assets 549 (4 ) 545 (2 ) n, r 543 Revenue earning equipment: Cars 13,695 (52 ) 13,643 (11 ) j, p 13,632 Less accumulated depreciation - cars (1,995 ) 40 (1,955 ) (3 ) j, r (1,958 ) Other equipment 3,313 — 3,313 23 h, p 3,336 Less accumulated depreciation - other equipment (1,044 ) — (1,044 ) (16 ) h (1,060 ) Revenue earning equipment, net 13,969 (12 ) 13,957 (7 ) 13,950 Property and equipment: Land, buildings and leasehold improvements 1,303 — 1,303 (79 ) i, l, r, q 1,224 Service equipment and other 1,242 — 1,242 (209 ) i, l 1,033 Less accumulated depreciation (1,087 ) — (1,087 ) 96 i, l, r (991 ) Property and equipment, net 1,458 — 1,458 (192 ) 1,266 Other intangible assets, net 4,002 (2 ) 4,000 161 l, r 4,161 Goodwill 1,353 (10 ) 1,343 3 q 1,346 Total assets $ 24,087 $ (43 ) $ 24,044 $ (145 ) $ 23,899 LIABILITIES AND EQUITY Accounts payable $ 1,305 — $ 1,305 $ 32 k, p $ 1,337 Accrued liabilities 1,206 (6 ) 1,200 60 f, g, j, m, o, q, t 1,260 Accrued taxes, net 192 — 192 (46 ) r, s, u 146 Debt 15,876 — 15,876 — 15,876 Public liability and property damage 321 — 321 1 r 322 Deferred taxes on income, net 2,726 (14 ) 2,712 (25 ) s, u 2,687 Total liabilities 21,626 (20 ) 21,606 22 21,628 Commitments and contingencies Equity: Common Stock, $0.01 par value, 3,000 shares authorized, 100 shares issued and outstanding — — — — — Additional paid-in capital 3,519 — 3,519 1 r 3,520 Accumulated deficit (1,007 ) (23 ) (1,030 ) (169 ) a-t (1,199 ) Accumulated other comprehensive loss (51 ) — (51 ) 1 q, t (50 ) Total equity 2,461 (23 ) 2,438 (167 ) 2,271 Total liabilities and equity $ 24,087 $ (43 ) $ 24,044 $ (145 ) $ 23,899 (2) QUARTERLY CONSOLIDATED BALANCE SHEET (In millions, except par value and share data) June 30, 2013 As Previously Reported Revision Adjustment As Revised Restatement Adjustment Ref As Restated ASSETS — Cash and cash equivalents $ 483 $ (1 ) $ 482 $ (15 ) k $ 467 Restricted cash and cash equivalents 393 — 393 (3 ) k 390 Receivables, net of allowance of $56 1,656 (16 ) 1,640 (95 ) a, b, c, d, e, g, j, m, r 1,545 Due from Hertz Global Holdings, Inc. 1 — 1 — 1 Inventories, net 128 — 128 (1 ) p, r 127 Prepaid expenses and other assets 762 (3 ) 759 (4 ) n, r 755 Revenue earning equipment: Cars 15,490 (63 ) 15,427 (9 ) j, p 15,418 Less accumulated depreciation - cars (2,169 ) 49 (2,120 ) (5 ) j, r (2,125 ) Other equipment 3,425 — 3,425 27 h, p 3,452 Less accumulated depreciation - other equipment (1,040 ) — (1,040 ) (22 ) h (1,062 ) Revenue earning equipment, net 15,706 (14 ) 15,692 (9 ) 15,683 Property and equipment: Land, buildings and leasehold improvements 1,334 — 1,334 (93 ) i, l, r, q 1,241 Service equipment and other 1,258 — 1,258 (217 ) i, l 1,041 Less accumulated depreciation (1,126 ) — (1,126 ) 105 i, l, r (1,021 ) Property and equipment, net 1,466 — 1,466 (205 ) 1,261 Other intangible assets, net 3,969 (2 ) 3,967 169 l, r 4,136 Goodwill 1,366 (7 ) 1,359 4 q 1,363 Total assets $ 25,930 $ (43 ) $ 25,887 $ (159 ) $ 25,728 LIABILITIES AND EQUITY Accounts payable $ 1,484 $ 1 $ 1,485 35 k, p $ 1,520 Accrued liabilities 1,181 2 1,183 59 f, g, j, m, o, q, t 1,242 Accrued taxes, net 184 (1 ) 183 (45 ) r, s, u 138 Debt 17,394 — 17,394 — 17,394 Public liability and property damage 328 — 328 — r 328 Deferred taxes on income, net 2,787 (20 ) 2,767 (28 ) s, u 2,739 Total liabilities 23,358 (18 ) 23,340 21 23,361 Commitments and contingencies Equity: — Common Stock, $0.01 par value, 3,000 shares authorized, 100 shares issued and outstanding — — — — — Additional paid-in capital 3,534 (2 ) 3,532 1 r 3,533 Accumulated deficit (889 ) (23 ) (912 ) (179 ) a-t (1,091 ) Accumulated other comprehensive loss (73 ) — (73 ) (2 ) q, t (75 ) Total equity 2,572 (25 ) 2,547 (180 ) 2,367 Total liabilities and equity $ 25,930 $ (43 ) $ 25,887 $ (159 ) $ 25,728 (3) QUARTERLY CONSOLIDATED BALANCE SHEET (In millions) September 30, 2013 As Previously Reported Revision Adjustment As Revised Restatement Adjustment Ref As Restated ASSETS Cash and cash equivalents $ 548 $ (1 ) $ 547 $ (42 ) k $ 505 Restricted cash and cash equivalents 521 — 521 1 k 522 Receivables, net of allowance of $67 1,701 (16 ) 1,685 (88 ) a, b, c, d, e, g, j, m, r 1,597 Due from Hertz Global Holdings, Inc. 11 — 11 — 11 Inventories, net 107 — 107 (3 ) p, r 104 Prepaid expenses and other assets 677 (4 ) 673 (7 ) n, r 666 Revenue earning equipment: Cars 15,245 (70 ) 15,175 2 j, p 15,177 Less accumulated depreciation - cars (2,440 ) 50 (2,390 ) (6 ) j, r (2,396 ) Other equipment 3,487 — 3,487 27 h, p 3,514 Less accumulated depreciation - other equipment (1,077 ) — (1,077 ) (25 ) h (1,102 ) Revenue earning equipment, net 15,215 (20 ) 15,195 (2 ) 15,193 Property and equipment: Land, buildings and leasehold improvements 1,350 1 1,351 (67 ) i, l, r, q 1,284 Service equipment and other 1,221 — 1,221 (271 ) i, l 950 Less accumulated depreciation (1,080 ) — (1,080 ) 122 i, l, r (958 ) Property and equipment, net 1,491 1 1,492 (216 ) 1,276 Other intangible assets, net 3,945 — 3,945 181 l, r 4,126 Goodwill 1,366 (7 ) 1,359 4 q 1,363 Total assets $ 25,582 $ (47 ) $ 25,535 $ (172 ) $ 25,363 LIABILITIES AND EQUITY Accounts payable $ 952 $ 1 953 28 k, p $ 981 Accrued liabilities 1,284 5 1,289 67 f, g, j, m, o, q, t 1,356 Accrued taxes, net 228 (1 ) 227 (45 ) r, s, u 182 Debt 17,055 — 17,055 — 17,055 Public liability and property damage 347 — 347 — r 347 Deferred taxes on income, net 2,865 (22 ) 2,843 (31 ) s, u 2,812 Total liabilities 22,731 (17 ) 22,714 19 22,733 Commitments and contingencies Equity: Common Stock, $0.01 par value, 3,000 shares authorized, 100 shares issued and outstanding — — — — — Additional paid-in capital 3,549 (2 ) 3,547 1 r 3,548 Accumulated deficit (647 ) (28 ) (675 ) (186 ) a-t (861 ) Accumulated other comprehensive loss (51 ) — (51 ) (6 ) q, t (57 ) Total equity 2,851 (30 ) 2,821 (191 ) 2,630 Total liabilities and equity $ 25,582 $ (47 ) $ 25,535 $ (172 ) $ 25,363 (4) QUARTERLY CONSOLIDATED STATEMENT OF OPERATIONS (In millions) For the Three Months Ended March 31, 2013 As Previously Reported Revision Adjustment As Revised Restatement Adjustment Ref As Restated Revenues: Worldwide car rental $ 1,957 $ — $ 1,957 $ (2 ) a, b, g, m, r $ 1,955 Worldwide equipment rental 351 — 351 2 c, r 353 All other operations 128 1 129 — 129 Total revenues 2,436 1 2,437 — 2,437 Expenses: Direct operating 1,351 7 1,358 6 d, e, f, j, m, n, o, p, q, r, t 1,364 Depreciation of revenue earning equipment and lease charges, net 587 (7 ) 580 9 r 589 Selling, general and administrative 252 (4 ) 248 2 a, b, c, d, e, i, j, o, p, q, r 250 Interest expense, net 161 — 161 — r 161 Other expense, net (1 ) 3 2 (2 ) r — Total expenses 2,350 (1 ) 2,349 15 2,364 Income (loss) before income taxes 86 2 88 (15 ) 73 (Provision) benefit for taxes on income (60 ) (4 ) (64 ) 5 s (59 ) Net income (loss) $ 26 $ (2 ) $ 24 $ (10 ) $ 14 (5) QUARTERLY CONSOLIDATED STATEMENT OF OPERATIONS (In millions) For the Three Months Ended June 30, 2013 As Previously Reported Revision Adjustment As Revised Restatement Adjustment Ref As Restated Revenues: Worldwide car rental $ 2,195 $ — $ 2,195 $ 2 a, b, g, m, r $ 2,197 Worldwide equipment rental 384 — 384 (3 ) c, r 381 All other operations 136 (6 ) 130 — 130 Total revenues 2,715 (6 ) 2,709

SCHEDULE I CONDENSED FINANCIAL

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT	12 Months Ended
	Dec. 31, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Schedule I Condensed Financial Information of Registrant	SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT THE HERTZ CORPORATION PARENT COMPANY BALANCE SHEETS (In millions, except for par value and share data) Years Ended December 31, 2014 2013 ASSETS Cash and cash equivalents $ 2 $ 62 Restricted cash and cash equivalents 84 56 Receivables, net of allowance 272 350 Due from Hertz affiliates 2,957 2,002 Inventories, at lower of cost or market 20 25 Prepaid expenses and other assets 3,900 3,179 Revenue earning equipment, net 306 227 Property and equipment, net 730 713 Investments in subsidiaries, net 6,897 6,914 Other intangible assets, net 179 214 Goodwill 104 104 Total assets $ 15,451 $ 13,846 LIABILITIES AND STOCKHOLDERS' EQUITY Due to Hertz affiliates $ 5,702 $ 3,841 Accounts payable 65 170 Accrued liabilities 599 628 Accrued taxes 62 63 Debt 6,393 6,364 Public liability and property damage 135 100 Deferred taxes on income — — Total Liabilities 12,956 11,166 Stockholder's equity: Common Stock, $0.01 par value, 3,000 shares authorized, 100 shares issued and outstanding — — Additional paid-in capital 3,566 3,552 Accumulated deficit (956 ) (878 ) Accumulated other comprehensive loss (115 ) 6 Total stockholder's equity 2,495 2,680 Total liabilities and stockholder's equity $ 15,451 $ 13,846 The accompanying notes are an integral part of these financial statements. SCHEDULE I (Continued) CONDENSED FINANCIAL INFORMATION OF REGISTRANT THE HERTZ CORPORATION PARENT COMPANY STATEMENTS OF OPERATIONS (In millions) Years Ended December 31, 2014 2013 2012 Revenues $ 4,703 $ 4,552 $ 4,255 Expenses: Direct operating 2,989 2,576 2,430 Depreciation of revenue earning equipment and lease charges, net 2,510 2,723 2,382 Selling, general and administrative 528 510 482 Interest expense, net of interest income 344 337 254 Other (income) expense, net (22 ) 51 (14 ) Total expenses 6,349 6,197 5,534 Income (loss) before income taxes (1,646 ) (1,645 ) (1,279 ) (Provision) benefit for taxes on income (loss) 612 619 498 Equity in earnings (loss) of subsidiaries, net of tax 956 1,376 998 Net income (loss) $ (78 ) $ 350 $ 217 The accompanying notes are an integral part of these financial statements. SCHEDULE I (Continued) CONDENSED FINANCIAL INFORMATION OF REGISTRANT THE HERTZ CORPORATION PARENT COMPANY STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In millions) Years Ended December 31, 2014 2013 2012 Net income (loss) $ (78 ) $ 350 $ 217 Other comprehensive income (loss) (121 ) 29 1 Comprehensive income (loss) $ (199 ) $ 379 $ 218 The accompanying notes are an integral part of these financial statements. SCHEDULE I (Continued) CONDENSED FINANCIAL INFORMATION OF REGISTRANT THE HERTZ CORPORATION PARENT COMPANY STATEMENTS OF STOCKHOLDER'S EQUITY (In millions, except share data) Common Stock Additional Accumulated Accumulated Total Balance at: Shares Amount December 31, 2011, as previously reported 100 $ — $ 3,474 $ (833 ) $ (29 ) $ 2,612 Cumulative restatement adjustments — — — (101 ) 1 (100 ) Change in accounting principle — — (4 ) 4 — December 31, 2011 (As Restated) — — 3,474 (938 ) (24 ) 2,512 Net income (As Restated) — — — 217 — 217 Dividends paid to Hertz Global Holdings, Inc. — — — (25 ) — (25 ) Other comprehensive income — — — — 1 1 Proceeds from employee stock purchase plan — — 5 — — 5 Stock-based employee compensation charges — — 30 — — 30 Hertz Holdings common shares issued to Directors — — 1 — — 1 December 31, 2012 (As Restated) — — 3,510 (746 ) (23 ) 2,741 Net income (As Restated) — — — 350 — 350 Dividends paid to Hertz Global Holdings, Inc. — — — (482 ) — (482 ) Other comprehensive income — — — — 29 29 Proceeds from employee stock purchase plan — — 6 — — 6 Stock-based employee compensation charges — — 35 — — 35 Hertz Holdings common and shares issued to Directors — — 1 — — 1 December 31, 2013 (As Restated) — — 3,552 (878 ) 6 2,680 Net loss — — — (78 ) — (78 ) Other comprehensive loss — — — — (121 ) (121 ) Proceeds from employee stock purchase plan — — 4 — — 4 Stock-based employee compensation charges, net of tax — — 9 — — 9 Hertz Holdings common shares issued to Directors — — 1 — — 1 December 31, 2014 — $ — $ 3,566 $ (956 ) $ (115 ) $ 2,495 The accompanying notes are an integral part of these financial statements. SCHEDULE I (Continued) CONDENSED FINANCIAL INFORMATION OF REGISTRANT THE HERTZ CORPORATION PARENT COMPANY STATEMENTS OF CASH FLOWS (In millions) Years Ended December 31, 2014 2013 2012 Cash flows from operating activities: Net income (loss) $ (78 ) $ 350 $ 217 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities (309 ) (186 ) (1,093 ) Net cash provided by (used in) operating activities (387 ) 164 (876 ) Cash flows from investing activities: Net change in restricted cash and cash equivalents (27 ) (24 ) 12 Revenue earning equipment expenditures (243 ) (138 ) (86 ) Proceeds from disposal of revenue earning equipment 183 126 76 Property and equipment expenditures (195 ) (198 ) (174 ) Proceeds from disposal of property and equipment 43 50 70 Capital contributions to subsidiaries (1,614 ) (938 ) (2,990 ) Return of capital from subsidiaries 1,722 1,134 3,106 Acquisitions, net of cash acquired — — (1,708 ) Net cash provided by (used in) investing activities (134 ) (68 ) (1,707 ) Cash flows from financing activities: Proceeds from issuance of long-term debt — 250 2,210 Payment of long-term debt (42 ) (34 ) (650 ) Short-term borrowings: Payments — — (27 ) Proceeds under the revolving lines of credit 2,507 2,280 2,820 Payments under the revolving lines of credit (2,431 ) (2,322 ) (2,599 ) Payment of dividends and return of capital — (482 ) (25 ) Loan to parent from Non-Guarantor 437 253 385 Loan with Hertz affiliate — — Purchase of noncontrolling interest — — (38 ) Payment of financing costs (12 ) (9 ) (35 ) Other 2 5 3 Net cash provided by (used in) financing activities 461 (59 ) 2,044 Net change in cash and cash equivalents during the period (60 ) 37 (539 ) Cash and cash equivalents at beginning of period 62 25 564 Cash and cash equivalents at end of period $ 2 $ 62 $ 25 The accompanying notes are an integral part of these financial statements. Background and Basis of Presentation The Hertz Corporation (the "Company" or "Hertz") was incorporated in Delaware in 1967. In 2005, Hertz Investors, Inc. acquired all of the common stock of the Company. Hertz Investors, Inc. is wholly owned by Hertz Global Holdings, Inc. ("Hertz Holdings") which serves as the Company's top-level holding company. These condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule 1 of Regulation S-X, as the restricted net assets of Hertz and its subsidiaries exceed 25% of the consolidated net assets of the Company. This information should be read in conjunction with the consolidated financial statements of Hertz included in this Annual Report under the caption Item 8, "Financial Statements and Supplementary Data." Restatement As discussed in Note 2, "Restatement," to the Notes to the consolidated financial statements of the Company included in this Annual Report under the caption Item 8, "Financial Statements and Supplementary Data" ("Note 2"), this Note 2 to the consolidated financial statements discloses the nature of the restatement matters and adjustments and shows the impact of the restatement matters on revenues, expenses, income, assets, liabilities, equity, and cash flows from operating activities, investing activities, and financing activities, and the cumulative effects of these adjustments on the consolidated statement of operations, balance sheet, and cash flows for 2012 and 2013. In addition, this Note shows the effects of the adjustment to opening retained earnings as of January 1, 2012, which adjustment reflects the impact of the restatement on periods prior to 2012.The cumulative impact of the out of period misstatements for all previously reported periods through December 31, 2013, including amounts associated with the revision previously reported in the 2013 Form 10-K, was approximately a $ 349 million reduction in pre-tax income and $231 million reduction in net income. The cumulative annual impact on 2012 and 2013 was a reduction in pre-tax income and net income of $90 million and $62 million for 2012 and $72 million and $51 million for 2013. Excluding the revision included in the 2013 Form 10-K of $26 million on a pre-tax basis and $ 17 million on an after-tax basis, approximately $160 million on a pre-tax basis and $100 million on an after-tax basis is included as a reduction to opening retained earnings as of January 1, 2012. In 2014, the Company changed its method of calculating the market-related value of pension assets for purposes of determining the expected return on plan assets and accounting for asset gains and losses. The change in accounting principle was applied retroactively to December 2005. The change in accounting principle increased pre-tax income and net income by $5 million and $ 3 million in 2012 and by $12 million and $ 7 million in 2013, respectively. The restatement adjustments and change in accounting principle were recorded at the parent and the various subsidiaries. The impact of the above to these parent only financial statements was as follows: • A reduction in the balance of investments in subsidiaries and in equity in 2013 of $61 million and $204 million , respectively; • A reduction in net income of $55 million and $44 million in 2012 and 2013, respectively; and • An increase of $1 million and a reduction of $14 million in total cash flows in 2012 and 2013, respectively. See Note 19 , " Guarantor and Non-Guarantor Annual Condensed Consolidating Financial Information " for additional information regarding the impacts of the adjustments on the parent only financial statements. Contingencies and Debt Obligations For details regarding the debt obligations of Hertz, refer to the corporate debt disclosures in Note 6, "Debt," to the Notes to the consolidated financial statements of the Company included in this Annual Report under the caption Item 8, "Financial Statements and Supplementary Data." Of the amounts of corporate debt disclosed in Note 6, $74 million and $77 million as of December 31, 2014 and 2013, respectively, are subsidiary obligations. For details regarding material contingencies refer to Note 14, "Contingencies and Off-Balance Sheet Commitments," and Note 11, "Lease and Concession Agreements" to the Notes to the consolidated financial statements included in this Annual Report under the caption Item 8, "Financial Statements and Supplementary Data." Distribution of Equity The following table details distributions of equity received by the Company from its subsidiaries during the three years ended December 31, 2014, 2013 and 2012 (in millions of dollars): 2014 2013 2012 Distribution of Equity $ 2,759 $ 2,233 $ 3,982

SCHEDULE IIVALUATION AND QUALIF

SCHEDULE IIVALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2014
Valuation and Qualifying Accounts [Abstract]
SCHEDULE IIVALUATION AND QUALIFYING ACCOUNTS	SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS THE HERTZ CORPORATION AND SUBSIDIARIES (In millions) Balance at Additions Beginning of Period Charged to Expense Translation Adjustments Deductions Balance at End of Period Receivables allowances: Year ended December 31, 2014 $ 62 $ 62 $ (1 ) $ (56 ) (a) $ 67 Year ended December 31, 2013 (b) 53 71 — (62 ) (a) 62 Year ended December 31, 2012 (b) 38 58 — (43 ) (a) 53 Tax valuation allowances: Year ended December 31, 2014 $ 273 $ 17 $ (24 ) $ (35 ) $ 231 Year ended December 31, 2013 (b) 218 40 15 — 273 Year ended December 31, 2012 (b) 177 41 — — 218 (a) Amounts written off, net of recoveries. (b) Prior period amounts have been restated. For a description of the restatement of prior periods, see Note 2, "Restatement" to the Notes to the consolidated financial statements included in this Annual Report under the caption Item 8, "Financial Statements and Supplementary Data."

Summary of Critical and Signifi

Summary of Critical and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Hertz Holdings and its wholly owned and majority owned U.S. and international subsidiaries. In the event that the Company is a primary beneficiary of a variable interest entity, the assets, liabilities, and results of operations of the variable interest entity are included in the Company's consolidated financial statements. The Company accounts for its investment in CAR, Inc. and other immaterial investments in joint ventures using the equity method when it has significant influence but not control and is not the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation.
Use of Estimates and Assumptions	Use of Estimates and Assumptions 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.
Revenue Earning Equipment	Property and Equipment Property and equipment are stated at cost and are depreciated utilizing the straight-line method over the estimated useful lives of the related assets. Useful lives are as follows: Buildings 5 to 50 years Furniture and fixtures 1 to 15 years Service cars and service equipment 1 to 13 years Leasehold improvements The lesser of the economic life or the lease term The Company follows the practice of charging maintenance and repairs, including the cost of minor replacements, to maintenance expense. Costs of major replacements of units of property are capitalized to property and equipment accounts and depreciated. Revenue Earning Equipment Revenue earning equipment is stated at cost, net of related discounts. Generally, holding periods are as follows: Rental cars 6 to 36 months Other equipment 24 to 108 months Generally, when revenue earning equipment is acquired outside of a car repurchase program, the Company estimates the period that the Company will hold the asset, primarily based on historical measures of the amount of rental activity (e.g., automobile mileage and equipment usage) and the targeted age of equipment at the time of disposal. The Company also estimates the residual value of the applicable revenue earning equipment at the expected time of disposal. The residual values for rental vehicles are affected by many factors, including make, model and options, age, physical condition, mileage, sale location, time of the year and channel of disposition (e.g., auction, retail, dealer direct). The residual value for rental equipment is affected by factors which include equipment age and amount of usage. Depreciation is recorded over the estimated holding period. Depreciation rates are reviewed on a quarterly basis based on management's ongoing assessment of present and estimated future market conditions, their effect on residual values at the time of disposal and the estimated holding periods. Market conditions for used vehicle and equipment sales can also be affected by external factors such as the economy, natural disasters, fuel prices and incentives offered by manufacturers of new cars. These key factors are considered when estimating future residual values and assessing depreciation rates. As a result of this ongoing assessment, the Company makes periodic adjustments to depreciation rates of revenue earning equipment in response to changing market conditions. Upon disposal of revenue earning equipment, depreciation expense is adjusted for the difference between the net proceeds received and the remaining net book value. Under the Company's car repurchase programs, the manufacturers agree to repurchase cars at a specified price or guarantee the depreciation rate on the cars during established repurchase or auction periods, subject to, among other things, certain car condition, mileage and holding period requirements. Guaranteed depreciation programs guarantee on an aggregate basis the residual value of the cars covered by the programs upon sale according to certain parameters which include the holding period, mileage and condition of the cars. These repurchase and guaranteed depreciation programs limit the Company's residual risk with respect to cars purchased under the programs and allow us to determine depreciation expense in advance, however, typically the acquisition cost is higher for these program cars. Donlen's revenue earning equipment is leased under long term agreements with customers. These leases contain provisions whereby the Donlen has a contracted residual value guaranteed by the lessee, such that Donlen does not experience any gains or losses on the disposal of these vehicles or adjustments to depreciation rates during the holding period. The Company continually evaluates revenue earning equipment to determine whether events or changes in circumstances have occurred that may warrant revision of the estimated useful life or whether the equipment should be evaluated for possible impairment. The Company uses a combination of the undiscounted cash flows and market approaches in assessing whether an asset has been impaired. The Company measures impairment losses based upon the amount by which the carrying amount of the asset exceeds the fair value. During 2014, the Company decided to sell certain revenue earning equipment in its equipment rental business which has been categorized as held for sale. As a result, the Company determined the fair value of these assets and recorded an impairment charge of $10 million . During 2013, FSNA, the parent of Simply Wheelz LLC, or "Simply Wheelz," the owner and operator of Hertz’s divested Advantage brand, filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. As a result, Hertz performed an impairment analysis of the vehicles subleased to Simply Wheelz and recorded an impairment charge of $40 million .
Public Liability and Property Damage	Public Liability and Property Damage The obligation for public liability and property damage on self-insured U.S. and international vehicles and equipment represents an estimate for both reported accident claims not yet paid, and claims incurred but not yet reported. The related liabilities are recorded on a non-discounted basis. Reserve requirements are based on actuarial evaluations of historical accident claim experience and trends, as well as future projections of ultimate losses, expenses, premiums and administrative costs. The adequacy of the liability is periodically 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.
Defined Benefit Pension Plans and Other Employee Benefits	Defined Benefit Pension Plans and Other Employee Benefits The Company has defined benefit plans that cover various employees. The Company also participates in multi-employer defined benefit plans for which Hertz is not the sponsor. For the Company sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to discount rates, salary growth, long-term return on plan assets, retirement rates, mortality rates and other factors. The Company believes that the accounting estimates related to its pension are critical accounting estimates, because they are susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the Company’s actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. The Company uses a December 31 measurement date for all of the plans. Actual results that differ from the Company's assumptions are accumulated and amortized over future periods and, therefore, generally affect its recognized expense in such future periods. Significant differences in actual experience or significant changes in assumptions would affect the Company's pension costs and obligations. The Company recognizes the funded status of each defined benefit pension plan in the consolidated balance sheet. Each overfunded plan is recognized as an asset, and each underfunded plan is recognized as a liability. Pension plan liabilities are revalued annually based on updated assumptions and information about the individuals covered by the plan. For pension plans, if accumulated actuarial gains and losses are in excess of a 10 percent corridor, the prior service cost and the transition asset are amortized on a straight-line basis from the date recognized over the average remaining service period of active participants. The Company maintains reserves for employee medical claims, up to its insurance stop-loss limit, and workers’ compensation claims. These are regularly evaluated and revised, as needed, based on a variety of information, including historical experience, actuarial estimates and current employee statistics.
Recoverability of Goodwill and Intangible Assets	Recoverability of Goodwill and Intangible Assets On an annual basis and at interim periods when circumstances require, the Company tests the recoverability of its goodwill and indefinite-lived intangible assets. The Company utilizes the two-step impairment analysis and elects not to use the qualitative assessment or “step zero” approach. In the two-step impairment analysis, the Company compares the carrying value of each identified reporting unit to its fair value. If the carrying value of the reporting unit is greater than its fair value, the second step is performed, where the implied fair value of goodwill is compared to its carrying value. The Company recognizes an impairment charge for the amount by which the carrying amount of goodwill exceeds its implied fair value. The fair values of the reporting units are estimated using the net present value of discounted cash flows generated by each reporting unit and incorporate various assumptions related to discount and growth rates specific to the reporting unit to which they are applied. The Company’s discounted cash flows are based upon reasonable and appropriate assumptions, which are weighted for their likely probability of occurrence, about the underlying business activities of the Company’s reporting units.
Finite Lived Intangible Assets	Finite Lived Intangible Assets Intangible assets include concession agreements, technology, customer relationships, trademarks and trade-names and other intangibles. Intangible assets with finite lives are amortized using the straight-line method over the estimated economic lives of the assets, which range from two to fifteen years. Long-lived assets, including intangible assets with finite lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of an impairment loss for long-lived assets that management expects to hold and use is based on the estimated fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or estimated fair value less costs to sell.
Financial Instruments	Financial Instruments The Company is exposed to a variety of market risks, including the effects of changes in interest rates, gasoline and diesel fuel prices and foreign currency exchange rates. The Company manages exposure to these market risks through regular operating and financing activities and, when deemed appropriate, through the use of financial instruments. Financial instruments are viewed as risk management tools and have not been used for speculative or trading purposes. In addition, financial instruments are entered into with a diversified group of major financial institutions in order to manage the Company's exposure to counterparty nonperformance on such instruments. The Company accounts for all financial instruments in accordance with U.S.GAAP, which requires that they be recorded on the balance sheet as either assets or liabilities measured at their fair value. For financial instruments that are designated and qualify as hedging instruments, the Company designates the hedging instrument, based upon the exposure being hedged, as either a fair value hedge or a cash flow hedge. The effective portion of changes in fair value of financial instruments designated as cash flow hedging instruments is recorded as a component of other comprehensive income (loss). Amounts included in accumulated other comprehensive income (loss) for cash flow hedges are reclassified into earnings in the same period that the hedged item is recognized in earnings. The ineffective portion of changes in the fair value of financial instruments designated as cash flow hedges is recognized currently in earnings within the same line item as the hedged item, based upon the nature of the hedged item. For financial instruments that are not part of a qualified hedging relationship, the changes in their fair value are recognized currently in earnings.
Stock-Based Compensation	Stock-Based Compensation The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. That cost is to be recognized over the period during which the employee is required to provide service in exchange for the award. The Company has estimated the fair value of options issued at the date of grant using a Black-Scholes option-pricing model, which includes assumptions related to volatility, expected life, dividend yield and risk-free interest rate. The Company accounts for restricted stock unit and performance stock unit awards as equity classified awards. For restricted stock units the expense is based on the grant-date fair value of the stock and the number of shares that vest, recognized over the service period. For performance stock units the expense is based on the grant-date fair value of the stock, recognized over a two to four year service period depending upon the applicable performance condition. For performance stock units, the Company re-assesses the probability of achieving the applicable performance condition each reporting period and adjusts the recognition of expense accordingly.
Income Taxes	Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates is recognized in the statement of operations in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Subsequent changes to enacted tax rates and changes to the global mix of earnings will result in changes to the tax rates used to calculate deferred taxes and any related valuation allowances. Provisions are not made for income taxes on undistributed earnings of international subsidiaries that are intended to be indefinitely reinvested outside the United States or are expected to be remitted free of taxes. Future distributions, if any, from these international subsidiaries to the United States or changes in U.S. tax rules may require recording a tax on these amounts. The Company has recorded a deferred tax asset for unutilized net operating loss carryforwards in various tax jurisdictions. Upon utilization, the taxing authorities may examine the positions that led to the generation of those net operating losses. If the utilization of any of those losses are disallowed a deferred tax liability may have to be recorded.
Revenue Recognition	Revenue Recognition The Company derives revenue through rental activities by the operations and licensing of the Hertz, Dollar, Thrifty and Firefly brands under franchise agreements. The Company also derives revenue from other forms of rental related activities, such as sales of loss damage waivers, insurance products, fuel and fuel service charges, navigation units, new equipment sales and other consumable items. Revenue is recognized when persuasive evidence of an arrangement exists, the services have been rendered to customers, the pricing is fixed or determinable and collection is reasonably assured. Franchise fees are based on a percentage of net sales of the franchised business and are recognized as earned and when collectability is reasonably assured. Initial franchise fees are recorded as deferred income when received and are recognized as revenue when all material services and conditions related to the franchise fee have been substantially performed. Renewal franchise fees are recognized as revenue when the license agreements are effective and collectability is reasonably assured.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on hand and highly liquid investments with an original maturity of three months or less.
Restricted Cash and Cash Equivalents	Restricted Cash and Cash Equivalents Restricted cash and cash equivalents includes cash and cash equivalents that are not readily available for the Company's normal disbursements. Restricted cash and cash equivalents are restricted for the purchase of revenue earning vehicles and other specified uses under the Company's Fleet Debt facilities, for its Like-Kind Exchange Program, or “ LKE Program ” and to satisfy certain of its self-insurance regulatory reserve requirements. These funds are primarily held in highly rated money market funds with investments primarily in government and corporate obligations.
Receivables	Receivables Receivables are stated net of allowances and primarily represent credit extended to car manufacturers and customers that satisfy defined credit criteria. The estimate of the allowance for doubtful accounts is based on the Company's historical experience and its judgment as to the likelihood of ultimate payment. Actual receivables are written-off against the allowance for doubtful accounts when the Company determines the balance will not be collected. Estimates for future credit memos are based on historical experience and are reflected as reductions to revenue, while bad debt expense is reflected as a component of "Direct Operating" in the consolidated statements of operations.
Fair Value Measurements	Fair Value Measurements Generally accepted accounting principles define fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price) and establishes a fair value hierarchy that prioritizes the inputs used to measure fair value using the following definitions (from highest to lowest priority): Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 - Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means. Level 3 - Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable.
Environmental Liabilities	Environmental Liabilities The use of automobiles and other vehicles is subject to various governmental controls designed to limit environmental damage, including those caused by emissions and noise. Generally, these controls are met by the manufacturer, except in the case of occasional equipment failure requiring repair. Liabilities for these expenditures are recorded at undiscounted amounts when it is probable that obligations have been incurred and the amounts can be reasonably estimated.
Asset Retirement Obligations	Asset Retirement Obligations The Company maintains a liability for asset retirement obligations. Asset retirement obligations are legal obligations to perform certain activities in connection with the retirement, disposal or abandonment of long-lived assets. The Company’s asset retirement obligations are primarily related to the removal of underground gasoline storage tanks and the restoration of its rental facilities. The asset retirement obligations are measured at discounted fair values at the time the liability is incurred. Accretion expense is recognized as an operating expense using the credit-adjusted risk-free interest rate in effect when the liability was recognized. The associated asset retirement obligations are capitalized as part of the carrying amount of the long-lived asset and depreciated over the estimated remaining useful life of the asset.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions Assets and liabilities of international subsidiaries whose functional currency is the local currency are translated at the rate of exchange in effect on the balance sheet date; income and expenses are translated at the average exchange rates throughout the year. The related translation adjustments are reflected in “Accumulated other comprehensive loss” in the equity section of the Company's consolidated balance sheets. Foreign currency gains and losses resulting from transactions are included in earnings.
Advertising	Advertising Advertising and sales promotion costs are expensed the first time the advertising or sales promotion takes place. Advertising costs are reflected as a component of “Selling, general and administrative” in the Company's consolidated statements of operations and for the years ended December 31, 2014, 2013 and 2012 were $199 million , $207 million and $159 million , respectively.
Concentration of Credit Risk	Concentration of Credit Risk The Company's cash and cash equivalents are invested in various investment grade institutional money market accounts and bank term deposits. Deposits held at banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. The Company seeks to mitigate such risks by spreading the risk across multiple counterparties and monitoring the risk profiles of these counterparties. In addition, the Company has credit risk from financial instruments used in hedging activities. The Company limits exposure relating to financial instruments by diversifying the financial instruments among various counterparties, which consist of major financial institutions.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists In January 2014, the Company adopted new guidance that clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The adoption of this accounting guidance did not have a material impact on the Company's financial position, results of operations or cash flows. Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity In April 2014, the FASB issued guidance that changes the criteria for reporting discontinued operations. As a result of this guidance, only disposals of a component that represent a strategic shift that have, or will have, a major effect on the Company’s operations and financial results will be reported as a discontinued operation. Expanded disclosures are required for discontinued operations and for individually significant components that do not qualify for discontinued operations reporting. This guidance is effective on a prospective basis for fiscal years beginning after December 15, 2014 and interim periods within those years. This new guidance is not expected to have a material impact on the Company's financial position, results of operations or cash flows. Revenue from Contracts with Customers In May 2014, the FASB issued guidance that will replace most existing revenue recognition guidance in U.S. GAAP. The core principle of the guidance is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. The guidance requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. The new guidance may be adopted on either a full or modified retrospective basis. As issued, the guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those reporting periods. In April 2015, the FASB issued a proposal to defer the effective date of the guidance until annual and interim reporting periods beginning after December 15, 2017. The Company is in the process of determining the method of adoption and assessing the potential impacts of adopting this guidance on its financial position, results of operations and cash flows. Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period In June 2014, the FASB issued guidance that requires that a performance target in a share-based payment award that affects vesting and that can be achieved after the requisite service period is completed is to be accounted for as a performance condition; therefore, compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved, and the amount of compensation cost recognized should be based on the portion of the service period fulfilled. The guidance is effective either prospectively or retrospectively for annual periods beginning after December 15, 2015 and interim periods within those annual periods. The Company is in the process of determining the potential impacts of adopting this guidance on its financial position, results of operations and cash flows. Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In August 2014, the FASB issued guidance that requires management to assess an entity’s ability to continue as a going concern and provide related footnote disclosures. This guidance was adopted early, as permitted, as of December 31, 2014 and did not have a material impact on the Company's financial position, results of operations or cash flows.

Restatement (Tables)

Restatement (Tables)	12 Months Ended
	Dec. 31, 2014
Accounting Changes and Error Corrections [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The change in accounting principle was applied retroactively to December 2005, a portion of which is a correction of an error as follows: Year Ended December 31, (In millions) 2005 to 2011 2012 2013 Correction of an error $ 3 $ — $ — Change in accounting principle (6 ) 5 12 Total increase (decrease) in pre-tax income $ (3 ) $ 5 $ 12 CONSOLIDATED BALANCE SHEET (In millions, except par value and share data) December 31, 2013 As Previously Reported Restatement Adjustment Ref As Restated ASSETS Cash and cash equivalents $ 423 $ (12 ) k $ 411 Restricted cash and cash equivalents 860 1 k 861 Receivables, net of allowance of $62 1,513 (116 ) a, b, c, d, e, g, j, m, r 1,397 Due from Hertz Global Holdings, Inc. 93 — 93 Inventories, net 92 (5 ) p, r 87 Prepaid expenses and other assets 717 (2 ) n, r 715 Revenue earning equipment: Cars 14,457 (1 ) j, p 14,456 Less accumulated depreciation - cars (2,680 ) (1 ) j, r (2,681 ) Other equipment 3,512 23 h, p 3,535 Less accumulated depreciation - other equipment (1,096 ) (23 ) h (1,119 ) Revenue earning equipment, net 14,193 (2 ) 14,191 Property and equipment: Land, buildings and leasehold improvements 1,362 (91 ) i, l, r, q 1,271 Service equipment and other 1,257 (279 ) i, l 978 Less accumulated depreciation (1,105 ) 141 i, l, r (964 ) Property and equipment, net 1,514 (229 ) 1,285 Other intangible assets, net 3,928 196 l, r 4,124 Goodwill 1,348 4 q 1,352 Total assets $ 24,681 $ (165 ) $ 24,516 LIABILITIES AND EQUITY Accounts payable $ 968 $ 53 k, p $ 1,021 Accrued liabilities 1,105 67 f, g, j, m, o, q, t 1,172 Accrued taxes, net 203 (58 ) r, s, u 145 Debt 16,228 — 16,228 Public liability and property damage 348 3 r 351 Deferred taxes on income, net 2,945 (26 ) s, u 2,919 Total liabilities 21,797 39 21,836 Commitments and contingencies Equity: The Hertz Corporation and Subsidiaries stockholder's equity Common Stock, $0.01 par value, 3,000 shares authorized, 100 shares issued and outstanding — — — Additional paid-in capital 3,552 — 3,552 Accumulated deficit (675 ) (203 ) a-t (878 ) Accumulated other comprehensive income 7 (1 ) q, t 6 Total equity 2,884 (204 ) 2,680 Total liabilities and equity $ 24,681 $ (165 ) $ 24,516 CONSOLIDATED BALANCE SHEET (In millions, except par value and share data) December 31, 2012 As Previously Reported Restatement Adjustment Ref As Restated ASSETS Cash and cash equivalents $ 546 $ (5 ) k $ 541 Restricted cash and cash equivalents 552 (6 ) k 546 Receivables, net of allowance of $53 1,880 (93 ) a, b, c, d, e, g, j, r 1,787 Due from Hertz Global Holdings, Inc. 13 — 13 Inventories, net 106 (4 ) r 102 Prepaid expenses and other assets 479 — r 479 Revenue earning equipment: Cars 12,549 (7 ) f, r 12,542 Less accumulated depreciation - cars (1,850 ) (5 ) f (1,855 ) Other equipment 3,240 17 h, r 3,257 Less accumulated depreciation - other equipment (1,042 ) (10 ) h (1,052 ) Revenue earning equipment, net 12,897 (5 ) 12,892 Property and equipment: Land, buildings and leasehold improvements 1,289 (65 ) i, r, q 1,224 Service equipment and other 1,261 (202 ) i, l, r 1,059 Less accumulated depreciation (1,114 ) 90 i, l, r (1,024 ) Property and equipment, net 1,436 (177 ) 1,259 Other intangible assets, net 4,030 150 l, r 4,180 Goodwill 1,329 4 q 1,333 Total assets $ 23,268 $ (136 ) $ 23,132 LIABILITIES AND EQUITY Accounts payable $ 1,003 $ 33 k, p, r $ 1,036 Accrued liabilities 1,162 50 j, o, q, r 1,212 Accrued taxes, net 193 (46 ) r, u 147 Debt 15,015 — 15,015 Public liability and property damage 332 1 r 333 Deferred taxes on income, net 2,667 (19 ) s, u 2,648 Total liabilities 20,372 19 20,391 Commitments and contingencies Equity: The Hertz Corporation and Subsidiaries stockholder's equity Common Stock, $0.01 par value, 3,000 shares authorized, 100 shares issued outstanding — — — Additional paid-in capital 3,510 — 3,510 Accumulated deficit (587 ) (159 ) a-t (746 ) Accumulated other comprehensive loss (27 ) 4 q, t (23 ) Total equity 2,896 (155 ) 2,741 Total liabilities and equity $ 23,268 $ (136 ) $ 23,132 CONSOLIDATED STATEMENT OF OPERATIONS (In millions) For the Year Ended December 31, 2013 As Previously Reported Restatement Adjustment Ref As Restated Revenues: Worldwide car rental $ 8,707 $ 2 a, b, g, m, r $ 8,709 Worldwide equipment rental 1,538 1 c, r 1,539 All other operations 527 — 527 Total revenues 10,772 3 10,775 Expenses: Direct operating 5,752 25 d, e, f, j, m, n, p, q, r, t 5,777 Depreciation of revenue earning equipment and lease charges, net 2,526 7 r 2,533 Selling, general and administrative 1,022 31 a, b, c, d, e, i, j, o, p, q, r 1,053 Interest expense, net 666 3 r 669 Other expense, net 67 (3 ) r 64 Total expenses 10,033 63 10,096 Income (loss) before income taxes 739 (60 ) 679 (Provision) benefit for taxes on income (345 ) 16 s (329 ) Net income (loss) $ 394 $ (44 ) $ 350 CONSOLIDATED STATEMENT OF OPERATIONS (In millions) For the Year Ended December 31, 2012 As Previously Reported Restatement Adjustment Ref As Restated Revenues: Worldwide car rental $ 7,162 $ (9 ) a, b, g, m, r $ 7,153 Worldwide equipment rental 1,385 (3 ) c, r 1,382 All other operations 478 — 478 Total revenues 9,025 (12 ) 9,013 Expenses: Direct operating 4,806 55 d, e, f, j, m, n, o, p, q, r, t 4,861 Depreciation of revenue earning equipment and lease charges, net 2,129 (1 ) r 2,128 Selling, general and administrative 968 10 a, b, c, d, e, i, j, o, p, q, r 978 Interest expense, net 594 2 r 596 Other expense, net 35 (2 ) r 33 Total expenses 8,532 64 8,596 Income (loss) before income taxes 493 (76 ) 417 (Provision) benefit for taxes on income (221 ) 21 s (200 ) Net income (loss) $ 272 $ (55 ) $ 217 CONSOLIDATED STATEMENT OF CASH FLOWS (In millions) For the Year Ended December 31, 2013 As Previously Reported Restatement Adjustment Ref As Restated Cash flows from operating activities: Net income (loss) $ 394 $ (44 ) a, b, c, d, e, f, g, i, j, m ,n, o, p, q, r, s $ 350 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation of revenue earning equipment, net 2,445 7 f, r, j 2,452 Depreciation and amortization, non-fleet assets 327 12 i, r 339 Amortization and write-off of deferred financing costs 54 — 54 Amortization and write-off of debt discount (5 ) (1 ) (6 ) Stock-based compensation charges 35 — 35 Loss on disposal of business 4 — 4 Loss on extinguishment of debt 7 — 7 Provision for receivables allowance 71 — a, b, c, d, e, g, j, r 71 Deferred taxes on income 269 (14 ) r, s 255 Impairment charges and asset write-downs 40 — 40 Other (2 ) (4 ) r (6 ) Changes in assets and liabilities, net of effects of acquisition: Receivables (60 ) 7 a, b, c, d, e, g, j, r (53 ) Inventories, prepaid expenses and other assets (34 ) (1 ) n, r (35 ) Accounts payable 23 31 k, p, r 54 Accrued liabilities 23 5 o, q, r 28 Accrued taxes 24 3 s, j 27 Public liability and property damage (4 ) 3 r (1 ) Net cash provided by (used in) operating activities 3,611 4 3,615 Cash flows from investing activities: Net change in restricted cash and cash equivalents (308 ) (7 ) k (315 ) Revenue earning equipment expenditures (10,298 ) 9 h (10,289 ) Proceeds from disposal of revenue earning equipment 7,264 (8 ) h, f, r 7,256 Capital asset expenditures, non-fleet (315 ) (12 ) i, r, p (327 ) Proceeds from disposal of property and equipment 73 8 i 81 Acquisitions, net of cash acquired (41 ) — (41 ) Equity method investment (213 ) — (213 ) Repayments of loans with Hertz Global Holdings, Inc. (129 ) — (129 ) Proceeds from loans with Hertz Global Holdings, Inc. 49 — 49 Other investing activities (1 ) (1 ) r (2 ) Net cash provided by (used in) investing activities (3,919 ) (11 ) (3,930 ) CONSOLIDATED STATEMENT OF CASH FLOWS (Continued) (In millions) For the Year Ended December 31, 2013 As Previously Reported Restatement Adjustment Ref As Restated Cash flows from financing activities: Proceeds from issuance of long-term debt 2,275 — 2,275 Repayments of long-term debt (1,045 ) — (1,045 ) Short-term borrowings: Proceeds 596 — 596 Payments (1,018 ) — (1,018 ) Proceeds under the revolving lines of credit 9,012 — 9,012 Payments under the revolving lines of credit (9,104 ) — (9,104 ) Purchase of noncontrolling interest — — — Payment of financing costs (54 ) — (54 ) Dividend paid to Hertz Global Holdings, Inc. (482 ) — (482 ) Other 5 — 5 Net cash provided by financing activities 185 — 185 Effect of foreign exchange rate changes on cash and cash equivalents — — — Net change in cash and cash equivalents during the period (123 ) (7 ) (130 ) Cash and cash equivalents at beginning of period 546 (5 ) k 541 Cash and cash equivalents at end of period $ 423 $ (12 ) k $ 411 CONSOLIDATED STATEMENT OF CASH FLOWS (In millions) For the Year Ended December 31, 2012 As Previously Reported Restatement Adjustment Ref As Restated Cash flows from operating activities: Net income (loss) $ 272 $ (55 ) a, b, c, d, e, f, g, i, m, o, q, r, s $ 217 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation of revenue earning equipment, net 2,049 (1 ) f, j, r 2,048 Depreciation and amortization, non-fleet assets 257 4 i, r 261 Amortization and write-off of deferred financing costs 52 — 52 Amortization and write-off of debt discount 4 — 4 Stock-based compensation charges 30 — 30 Loss on disposal of business 46 — 46 Provision for receivables allowance 52 6 a, b, c, d, e, g, j, r 58 Deferred taxes on income 133 (23 ) r, s 110 Other (10 ) 1 r (9 ) Changes in assets and liabilities, net of effects of acquisition: Receivables (163 ) 38 a, b, c, d, e, g, j, r (125 ) Inventories, prepaid expenses and other assets (22 ) 4 n, r (18 ) Accounts payable 34 18 k, r 52 Accrued liabilities (30 ) 10 o, r (20 ) Accrued taxes 40 1 r, s 41 Public liability and property damage (4 ) — (4 ) Net cash provided by (used in) operating activities 2,740 3 2,743 Cash flows from investing activities: Net change in restricted cash and cash equivalents (241 ) 4 k (237 ) Revenue earning equipment expenditures (9,613 ) 2 r (9,611 ) Proceeds from disposal of revenue earning equipment 7,125 (2 ) h, r 7,123 Capital asset expenditures, non-fleet (297 ) (1 ) i, r (298 ) Proceeds from disposal of property and equipment 122 3 i 125 Acquisitions, net of cash acquired (1,905 ) — (1,905 ) Proceeds from disposal of business 85 (1 ) 84 Repayments of loans with Hertz Global Holdings, Inc. (25 ) — (25 ) Proceeds from loans with Hertz Global Holdings, Inc. 12 — 12 Other investing activities (3 ) 1 (2 ) Net cash provided by (used in) investing activities (4,740 ) 6 (4,734 ) CONSOLIDATED STATEMENT OF CASH FLOWS (Continued) (In millions) For the Year Ended December 31, 2012 As Previously Reported Restatement Adjustment Ref As Restated Cash flows from financing activities: Proceeds from issuance of long-term debt 2,237 — 2,237 Repayments of long-term debt (952 ) — (952 ) Short-term borrowings: Proceeds 438 — 438 Payments (1,280 ) — (1,280 ) Proceeds under the revolving lines of credit 6,464 — 6,464 Payments under the revolving lines of credit (5,190 ) — (5,190 ) Purchase of noncontrolling interest (38 ) — (38 ) Payment of financing costs (49 ) — (49 ) Dividend paid to Hertz Global Holdings, Inc. (25 ) — (25 ) Other 4 (1 ) 3 Net cash provided by financing activities 1,609 (1 ) 1,608 Effect of foreign exchange rate changes on cash and cash equivalents 6 — 6 Net change in cash and cash equivalents during the period (385 ) 8 (377 ) Cash and cash equivalents at beginning of period 931 (13 ) k 918 Cash and cash equivalents at end of period $ 546 $ (5 ) k $ 541

Summary of Critical and Signi33

Summary of Critical and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Schedule of Changes in Accounting Principles	The following table sets forth the effect of the change in accounting principle by period. Years Ended December 31, Increase (decrease) in millions, except per share data 2014 2013 2012 Consolidated Balance Sheets Accumulated deficit $ 15 $ 6 $ (1 ) Accumulated other comprehensive income (loss) (15 ) (6 ) 1 Consolidated Statements of Operations Direct operating (14 ) $ (12 ) (5 ) Provision for taxes on income (loss) 5 $ 5 2 Net income (loss) 9 7 3 Earnings per Share - Basic 0.02 0.02 0.02 Earnings per Share - Diluted 0.02 0.02 0.01 Consolidated Statements of Comprehensive Income (Loss) Net income (loss) 9 7 3 Reclassifications of net periodic costs related to defined benefit pension plans (14 ) (12 ) (5 ) Tax impact related to net gains and losses on defined benefit pension plans 5 5 2 Total other comprehensive income (loss) (9 ) (7 ) (3 ) Consolidated Statements of Changes in Equity Net income (loss) 9 7 3 Other comprehensive income (loss) (9 ) (7 ) (3 ) Accumulated deficit 15 6 (1 ) Accumulated other comprehensive income (loss) (15 ) (6 ) 1 Consolidated Statements of Cash Flows Net income (loss) 9 7 3 Changes in assets and liabilities, net of acquisitions - Accrued liabilities (9 ) (7 ) (3 )
Schedule of Estimated Useful Lives of Revenue-Earning Assets	Revenue earning equipment is stated at cost, net of related discounts. Generally, holding periods are as follows: Rental cars 6 to 36 months Other equipment 24 to 108 months
Schedule of Estimated Useful Lives of Depreciable Assets	Useful lives are as follows: Buildings 5 to 50 years Furniture and fixtures 1 to 15 years Service cars and service equipment 1 to 13 years Leasehold improvements The lesser of the economic life or the lease term

Goodwill and Other Intangible34

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of changes in goodwill, by segment	The following summarizes the changes in the Company's goodwill, by segment: (In millions) US Car Rental International Car Rental Worldwide Equipment Rental All Other Operations Total Balance as of January 1, 2014 Goodwill $ 1,012 $ 254 $ 772 $ 35 $ 2,073 Accumulated impairment losses — (46 ) (675 ) — (721 ) 1,012 208 97 35 1,352 Goodwill acquired during the period 13 — — — 13 Adjustments to previously recorded purchase price allocation — (1 ) — — (1 ) Other changes during the period (a) — (5 ) — — (5 ) 13 (6 ) — — 7 Balance as of December 31, 2014 Goodwill 1,025 248 772 35 2,080 Accumulated impairment losses — (46 ) (675 ) — (721 ) $ 1,025 $ 202 $ 97 $ 35 $ 1,359 (As restated) (In millions) U.S. Car Rental International Car Rental Worldwide Equipment All Other Operations Total Balance as of January 1, 2013 Goodwill $ 998 $ 249 $ 772 $ 35 $ 2,054 Accumulated impairment losses — (46 ) (675 ) — (721 ) 998 203 97 35 1,333 Goodwill acquired during the period 1 4 — — 5 Adjustments to previously recorded purchase price allocation 13 — — — 13 Other changes during the period (a) — 1 — — 1 14 5 — — 19 Balance as of December 31, 2013 Goodwill 1,012 254 772 35 2,073 Accumulated impairment losses — (46 ) (675 ) — (721 ) $ 1,012 $ 208 $ 97 $ 35 $ 1,352 (a) Primarily consists of foreign currency adjustments.
Components of other intangible assets by major classes	Other intangible assets, net, consisted of the following major classes: December 31, 2014 (In millions) Gross Accumulated Net Amortizable intangible assets: Customer-related $ 692 $ (568 ) $ 124 Concession rights 410 (97 ) 313 Technology-related intangibles (a) 338 (147 ) 191 Other (b) 78 (49 ) 29 Total 1,518 (861 ) 657 Indefinite-lived intangible assets: Trade name 3,330 — 3,330 Other (c) 22 — 22 Total 3,352 — 3,352 Total other intangible assets, net $ 4,870 $ (861 ) $ 4,009 December 31, 2013 (In millions) Gross Accumulated Net Carrying Value (As Restated) Amortizable intangible assets: Customer-related $ 693 $ (502 ) $ 191 Concession rights 410 (49 ) 361 Technology related intangibles (a) 311 (114 ) 197 Other (b) 63 (38 ) 25 Total 1,477 (703 ) 774 Indefinite-lived intangible assets: Trade name 3,330 — 3,330 Other (c) 20 — 20 Total 3,350 — 3,350 Total other intangible assets, net $ 4,827 $ (703 ) $ 4,124 (a) Technology-related intangibles include software not yet placed into service, therefore, there is no associated amortization. (b) Other amortizable intangible assets primarily include the Donlen trade name and non-compete agreements. (c) Other indefinite-lived intangible assets primarily consist of reacquired franchise rights.

Acquistions and Divestitures (T

Acquistions and Divestitures (Tables)	12 Months Ended
	Dec. 31, 2014
Acquisition
Business Acquisition, Pro Forma Information	The following results do not purport to project the future results of operations of the combined entity nor do they reflect the expected realization of any cost savings associated with the acquisition. (in millions) Revenue * Earnings (loss) * Actual from 11/19/12 - 12/31/12 (Dollar Thrifty only) (1) $ 171 $ (26 ) Pro forma from 1/1/12 - 12/31/12 (combined entity - As Restated) (2) 10,185 382 * The pro forma information has been revised to reflect the correction of misstatements for the year ended December 31, 2012. See Note 2, "Restatement" for more information on the restatement. (1) Dollar Thrifty's actual earnings for the period were impacted by certain charges related to the amortization expense associated with the acquired intangible assets and non-recurring compensation costs in connection with the merger. (2) Combines the historical results of Hertz Holdings and Dollar Thrifty including the effects of the following pro forma adjustments: • Additional amortization expense of $39 million related to the fair value of identifiable intangible assets acquired. • Additional interest expense of $73 million associated with the new debt used to finance the Dollar Thrifty acquisition. • Excludes merger related costs incurred in 2012 because the pro forma information shown assumes that the Dollar Thrifty acquisition had been consummated as of January 1, 2011. • Excludes non-recurring compensation costs and integration costs incurred in 2012 of approximately $47 million because the pro forma information shown assumes that the Dollar Thrifty acquisition had been consummated as of January 1, 2011. • Excludes the loss incurred in 2012 from the Advantage disposition because the pro forma information shown assumes that the Dollar Thrifty acquisition had been consummated as of January 1, 2011. • Excludes 2012 charges related to the impact of divesting Dollar Thrifty locations incurred in connection with the Dollar Thrifty acquisition because the pro forma information shown assumes that the Dollar Thrifty acquisition had been consummated as of January 1, 2011. • Impact of fair value adjustment to revenue earning equipment. • Adjustments to eliminate the results of operations of the Advantage business and locations to be divested where Dollar Thrifty operated at least one of its brands prior to the consummation of the Dollar Thrifty acquisition. • Including an estimated amount of leasing revenue to be earned by Hertz from leasing vehicles to the buyer of Advantage. The depreciation and other expenses associated with the vehicles being leased to the buyer of Advantage have not been eliminated from the pro forma financial statements, as their costs remain as part of Hertz's ongoing operations associated with owning such vehicles. All of the above adjustments were adjusted for the applicable tax impact. Hertz has generally assumed a 39% tax rate when estimating the tax impacts of the Dollar Thrifty acquisition, representing the statutory tax rate for Hertz. The effective tax rate of the combined company could be significantly different (either higher or lower) depending on post-Dollar Thrifty acquisition activities, cash needs and the geographical location of businesses.
Dollar Thrifty
Acquisition
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following summarizes the fair values of the assets acquired and liabilities assumed in the acquisition based on their estimated fair values as of the close of the acquisition (in millions): Cash and cash equivalents $ 535 Restricted cash and cash equivalents 307 Receivables 170 Inventories 8 Prepaid expenses and other assets 41 Revenue earning equipment 1,614 Property and equipment 119 Other intangible assets 1,545 Other assets 35 Goodwill 889 Accounts payable (43 ) Accrued liabilities (298 ) Deferred taxes on income (846 ) Debt (1,484 ) Total $ 2,592

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
Components of Debt	The Company's debt consists of the following (in millions): Facility Average Interest Rate at December 31, 2014 (1) Fixed or Maturity December 31, December 31, Corporate Debt Senior Term Facility 3.68% Floating 3/2018 $ 2,083 $ 2,104 Senior ABL Facility 2.83% Floating 3/2016 - 3/2017 344 289 Senior Notes (2) 6.58% Fixed 4/2018–10/2022 3,900 3,900 Promissory Notes 7.00% Fixed 1/2028 27 49 Other Corporate Debt 3.86% Floating Various 74 77 Unamortized Net Premium 3 3 Total Corporate Debt 6,431 6,422 Fleet Debt HVF U.S. ABS Program HVF U.S. Fleet Variable Funding Notes: HVF Series 2009-1 (3) N/A N/A N/A — 60 — 60 HVF U.S. Fleet Medium Term Notes HVF Series 2009-2 (3) 5.38% Fixed 3/2013–3/2015 404 808 HVF Series 2010-1 (3) 4.23% Fixed 2/2014–2/2018 490 577 HVF Series 2011-1 (3) 3.04% Fixed 3/2015–3/2017 414 598 HVF Series 2013-1 (3) 1.68% Fixed 8/2016–8/2018 950 950 2,258 2,933 Facility Average Interest Rate at December 31, 2014 (1) Fixed or Maturity December 31, December 31, RCFC U.S. ABS Program RCFC Series 2011-1 Notes (3)(4) 2.81% Fixed 2/2015 167 500 RCFC Series 2011-2 Notes (3)(4) 3.21% Fixed 2/2015 266 400 433 900 HVF II U.S. ABS Program HVF II U.S. Fleet Variable Funding Notes: HVF II Series 2013-A (3) 1.09% Floating 10/2016 1,999 2,380 HVF II Series 2013-B (3) 1.09% Floating 10/2016 976 585 HVF II Series 2014-A (3) 1.39% Floating 10/2016 869 — 3,844 2,965 Donlen ABS Program HFLF Variable Funding Notes HFLF Series 2013-1 Notes (3) N/A N/A N/A — 280 HFLF Series 2013-2 Notes (3) 1.01% Floating 9/2016 247 206 247 486 HFLF Medium Term Notes HFLF Series 2013-3 Notes (3) 0.78% Floating 9/2016–11/2016 500 500 HFLF Series 2014-1 Notes (3) 0.67% Floating 12/2016–3/2017 400 — 900 500 Other Fleet Debt U.S. Fleet Financing Facility 2.92% Floating 3/2017 164 153 European Revolving Credit Facility 2.61% Floating 10/2017 304 303 European Fleet Notes 4.375% Fixed 1/2019 517 584 European Securitization (3) 1.98% Floating 10/2016 270 281 Hertz-Sponsored Canadian Securitization (3) 2.18% Floating 10/2016 105 89 Dollar Thrifty-Sponsored Canadian Securitization (3)(4) 2.19% Floating 10/2016 40 38 Australian Securitization (3) 4.28% Floating 12/2016 112 111 Brazilian Fleet Financing Facility 15.50% Floating 10/2015 11 12 Capitalized Leases 3.82% Floating 2/2015 - 10/2017 364 385 Unamortized Premium (Discount) (7 ) 6 1,880 1,962 Total Fleet Debt 9,562 9,806 Total Debt $ 15,993 $ 16,228 N/A - Not Applicable (1) As applicable, reference is to the December 31, 2014 weighted average interest rate (weighted by principal balance). (2) References to the Company's "Senior Notes" include the series of Hertz's unsecured senior notes set forth in the table below. As of December 31, 2014 and December 31, 2013 , the outstanding principal amount for each such series of the Senior Notes is also specified below. (In millions) Outstanding Principal Senior Notes December 31, 2014 December 31, 2013 4.25% Senior Notes due April 2018 $ 250 $ 250 7.50% Senior Notes due October 2018 700 700 6.75% Senior Notes due April 2019 1,250 1,250 5.875% Senior Notes due October 2020 700 700 7.375% Senior Notes due January 2021 500 500 6.25% Senior Notes due October 2022 500 500 $ 3,900 $ 3,900 (3) Maturity reference is to the "expected final maturity date" as opposed to the subsequent "legal maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness expect the relevant indebtedness to be repaid, which in the case of the HFLF Medium Term Notes was based upon various assumptions made at the time of the pricing of such notes. The legal final maturity date is the date on which the relevant indebtedness is legally due and payable. (4) RCFC U.S. ABS Program and the Dollar Thrifty-Sponsored Canadian Securitization represent fleet debt assumed in connection with the Dollar Thrifty acquisition on November 19, 2012. The fair value of the Company's debt is estimated based on quoted market rates as well as borrowing rates currently available for loans with similar terms and average maturities (Level 2 inputs). As of December 31, 2014 As of December 31, 2013 (in millions) Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Corporate Debt $ 6,428 $ 6,468 $ 6,419 $ 6,665 Fleet Debt 9,569 9,595 9,800 9,883 Total $ 15,997 $ 16,063 $ 16,219 $ 16,548
Components of maturities of debt	The nominal amounts of maturities of debt for each of the twelve-month periods ending December 31 are as follows: (In millions) 2015 2016 2017 2018 2019 After 2019 Corporate Debt $ 32 $ 62 $ 346 $ 2,981 $ 1,258 $ 1,749 Fleet Debt 1,907 5,535 880 731 516 — Total $ 1,939 $ 5,597 $ 1,226 $ 3,712 $ 1,774 $ 1,749
Schedule of facilities available for the use of the company and its subsidiaries	As of December 31, 2014 , the following facilities were available to the Company: (In millions) Remaining Capacity Availability Under Borrowing Base Limitation Corporate Debt Senior ABL Facility $ 1,142 $ 1,019 Total Corporate Debt 1,142 1,019 Fleet Debt HVF II U.S. Fleet Variable Funding Notes 481 — HFLF Variable Funding Notes 153 — U.S. Fleet Financing Facility 26 19 European Securitization 214 2 Hertz-Sponsored Canadian Securitization 58 — Dollar Thrifty-Sponsored Canadian Securitization 89 — Australian Securitization 92 — Capitalized Leases 42 3 Total Fleet Debt 1,155 24 Total $ 2,297 $ 1,043

Employee Retirement Benefits (T

Employee Retirement Benefits (Tables)	12 Months Ended
	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Schedule of Net Funded Status	The following tables set forth the funded status and the net periodic pension cost of the Hertz Retirement Plan, other postretirement benefit plans including health care and life insurance plans covering domestic (“U.S.”) employees and the retirement plans for international operations (“Non-U.S.”), together with amounts included in its consolidated balance sheets and statements of operations: Pension Benefits Postretirement U.S. Non-U.S. Benefits (U.S.) (In millions) 2014 2013 2014 2013 2014 2013 Change in Benefit Obligation Benefit obligation at January 1 $ 671 $ 679 $ 243 $ 224 $ 16 $ 19 Service cost 28 27 2 3 — — Interest cost 31 28 10 9 — 1 Employee contributions — — — — 1 1 Plan amendments — (5 ) — — — — Plan curtailments (42 ) — — — — — Plan settlements (11 ) — — — — — Benefits paid (23 ) (23 ) (5 ) (4 ) (2 ) (2 ) Foreign exchange translation — — (22 ) 7 — — Actuarial loss (gain) 72 (35 ) 46 4 — (3 ) Benefit obligation at December 31 $ 726 $ 671 $ 274 $ 243 $ 15 $ 16 Change in Plan Assets Fair value of plan assets at January 1 $ 563 $ 498 $ 207 $ 178 $ — $ — Actual return on plan assets 55 68 19 23 — — Company contributions 35 20 5 5 1 1 Employee contributions — — — — 1 1 Plan settlements (11 ) — — — — — Benefits paid (23 ) (23 ) (5 ) (4 ) (2 ) (2 ) Foreign exchange translation — — (14 ) 5 — — Fair value of plan assets at December 31 $ 619 $ 563 $ 212 $ 207 $ — $ — Funded Status of the Plan Plan assets less than benefit obligation $ (107 ) $ (108 ) $ (62 ) $ (36 ) $ (15 ) $ (16 )
Schedule of Defined Benefit Plan, Amounts Included in Financial Statements and Assumptions Used	Pension Benefits Postretirement U.S. Non-U.S. Benefits (U.S.) (In millions) 2014 2013 2014 2013 2014 2013 Amounts recognized in balance sheet: Accrued liabilities $ (107 ) $ (108 ) $ (62 ) $ (36 ) $ (15 ) $ (16 ) Net obligation recognized in the balance sheet $ (107 ) $ (108 ) $ (62 ) $ (36 ) $ (15 ) $ (16 ) Prior service credit $ 2 $ 13 $ — $ — $ — $ — Net gain (loss) (97 ) (94 ) (50 ) (12 ) 1 — Accumulated other comprehensive gain (loss) (95 ) (81 ) (50 ) (12 ) 1 — Unfunded accrued pension or postretirement benefit (12 ) (27 ) (12 ) (24 ) (16 ) (16 ) Net obligation recognized in the balance sheet $ (107 ) $ (108 ) $ (62 ) $ (36 ) $ (15 ) $ (16 ) Total recognized in other comprehensive (income) loss $ 14 $ (79 ) $ 38 $ (5 ) $ — $ (3 ) Total recognized in net periodic benefit cost and other comprehensive (income) loss $ 33 $ (52 ) $ 35 $ (6 ) $ 1 $ (2 ) Estimated amounts that will be amortized from accumulated other comprehensive (income) loss over the next fiscal year: Net loss $ (2 ) $ (2 ) $ (2 ) $ — $ — $ — Accumulated Benefit Obligation at December 31 $ 720 $ 626 $ 272 $ 239 N/A N/A Weighted-average assumptions as of December 31 Discount rate 3.9 % 4.8 % 4.4 % 4.4 % 3.6 % 4.4 % Expected return on assets 7.4 % 7.6 % 7.4 % 7.4 % — % N/A Average rate of increase in compensation 4.0 % 4.6 % 2.6 % 2.6 % — % N/A Initial health care cost trend rate N/A N/A N/A N/A 7.3 % 7.5 % Ultimate health care cost trend rate N/A N/A N/A N/A 4.5 % 4.5 % Number of years to ultimate trend rate N/A N/A N/A N/A 15 16
Schedule of Net Benefit Costs	The following table sets forth the net periodic pension and postretirement (including health care, life insurance and auto) expense: Pension Benefits Postretirement Benefits (U.S.) U.S. Non-U.S. Years Ended December 31, (In millions) 2014 2013 2012 2014 2013 2012 2014 2013 2012 Components of Net Periodic Service cost $ 28 $ 27 $ 25 $ 2 $ 3 $ 2 $ — $ — $ — Interest cost 31 28 28 10 9 10 1 1 1 Expected return on plan assets (40 ) (36 ) (34 ) (15 ) (13 ) (12 ) — — — Net amortizations 2 7 10 — — — — — — Settlement loss 4 — 2 — — — — — — Curtailment gain (10 ) — — — — — — — — Special termination cost 4 — — — — — — — — Net pension and postretirement expense $ 19 $ 26 $ 31 $ (3 ) $ (1 ) $ — $ 1 $ 1 $ 1 Weighted-average discount rate for expense (January 1) 4.8 % 4.0 % 4.7 % 3.2 % 4.3 % 4.8 % 4.4 % 3.6 % 4.4 % Weighted-average assumed long-term rate of return on assets (January 1) 7.6 % 7.6 % 8.0 % 7.4 % 7.4 % 7.4 % N/A N/A N/A Initial health care cost trend rate N/A N/A N/A N/A N/A N/A 7.5 % 7.8 % 8.1 % Ultimate health care cost trend rate N/A N/A N/A N/A N/A N/A 4.5 % 4.5 % 4.5 % Number of years to ultimate trend rate N/A N/A N/A N/A N/A N/A 15 16 17 N/A - Not applicable (a) In 2014, the Company changed its method of calculating the market-related value of pension assets, as more fully described below.
Schedule of Changes in Accounting Principles	The following table sets forth the effect of the change in accounting principle by period. Years Ended December 31, Increase (decrease) in millions, except per share data 2014 2013 2012 Consolidated Balance Sheets Accumulated deficit $ 15 $ 6 $ (1 ) Accumulated other comprehensive income (loss) (15 ) (6 ) 1 Consolidated Statements of Operations Direct operating (14 ) $ (12 ) (5 ) Provision for taxes on income (loss) 5 $ 5 2 Net income (loss) 9 7 3 Earnings per Share - Basic 0.02 0.02 0.02 Earnings per Share - Diluted 0.02 0.02 0.01 Consolidated Statements of Comprehensive Income (Loss) Net income (loss) 9 7 3 Reclassifications of net periodic costs related to defined benefit pension plans (14 ) (12 ) (5 ) Tax impact related to net gains and losses on defined benefit pension plans 5 5 2 Total other comprehensive income (loss) (9 ) (7 ) (3 ) Consolidated Statements of Changes in Equity Net income (loss) 9 7 3 Other comprehensive income (loss) (9 ) (7 ) (3 ) Accumulated deficit 15 6 (1 ) Accumulated other comprehensive income (loss) (15 ) (6 ) 1 Consolidated Statements of Cash Flows Net income (loss) 9 7 3 Changes in assets and liabilities, net of acquisitions - Accrued liabilities (9 ) (7 ) (3 )
Schedule of Allocation of Plan Assets	The fair value measurements of its U.K. pension plan assets are based upon significant observable inputs (Level 2) and relate to common collective trusts and other pooled investment vehicles consisting of the following asset categories: (In millions) December 31, 2014 December 31, 2013 Asset Category Level 1 Level 2 Level 1 Level 2 Actively Managed Multi-Asset Funds: Diversified Growth Funds $ 74 $ — $ 74 $ — Passive Equity Funds: U.K. Equities 25 — 24 — Overseas Equities 31 — 30 — Passive Bond Funds: Corporate Bonds — 21 — 20 Index-Linked Gilts — 50 — 47 Total fair value of pension plan assets $ 130 $ 71 $ 128 $ 67 The fair value measurements of its U.S. pension plan assets relate to common collective trusts and other pooled investment vehicles consisting of the following asset categories: (In millions) December 31, Asset Category 2014 2013 Short Term Investments $ 13 $ 13 Equity Securities: U.S. Large Cap 171 160 U.S. Mid Cap 50 46 U.S. Small Cap 38 36 International Large Cap 99 101 International Emerging Markets 29 18 Asset-Backed Securities 4 — Fixed Income Securities: U.S. Treasuries 63 60 Corporate Bonds 123 106 Government Bonds 10 6 Municipal Bonds 10 11 Real Estate (REITs) 9 6 Total fair value of pension plan assets $ 619 $ 563
Schedule of Expected Benefit Payments	The following table presents estimated future benefit payments: (In millions) Pension Benefits Postretirement Benefits (U.S.) 2015 $ 50 $ 1 2016 37 1 2017 43 1 2018 45 1 2019 48 1 After 2019 282 6 $ 505 $ 11
Schedule of Multiemployer Plans	For plans that are not individually significant to the Company, the total amount of contributions is presented in the aggregate. EIN /Pension Plan Pension Protection Act Zone Status FIP / RP Status Pending / Contributions by The Hertz Corporation (In millions) Surcharge Expiration Dates of Collective Bargaining Pension Fund Number 2014 2013 Implemented 2014 2013 2012 Imposed Agreements Western Conference of Teamsters 91-6145047 Green Green NA $ 6 $ 4 $ 4 NA 1/31/2013 - 10/1/2015 Teamsters Central States 36-6044243 Red Red Implemented 1 1 1 No 5/31/2013 - 3/10/2017 IAM National 51-60321295 Green Green NA 1 1 1 NA 9/25/2011* - 8/31/2016 Midwest Operating Engineers 36-6140097 Green Green NA 1 1 1 NA 2/25/2014 Local 1034** 13-6594795 Red Red Implemented — — — Yes 5/2/2013* Operating Engineers Local 324 38-1900637 Red Red Implemented — — — No 6/30/2016 Western Pennsylvania Teamsters 25-6029946 Red Red Implemented — — — No 11/4/2014 Other Plans 1 1 1 Total Contributions $ 10 $ 8 $ 8 * The parties are still attempting to negotiate a successor agreement. ** The amount contributed by Hertz to the Local 1034 Pension Fund was reported as being more than 5% of total contributions to the plan, on the fund's Form 5500 for the year ended December 31, 2014 .

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of the total compensation expense and associated recognized income tax benefits	A summary of the total compensation expense and associated income tax benefits recognized under the Prior Plans and the Omnibus Plan, including the cost of stock options, RSUs, and PSUs, is as follows (in millions of dollars): Years Ended December 31, (In millions) 2014 2013 2012 Compensation expense $ 11 $ 35 $ 30 Income tax benefit (4 ) (14 ) (12 ) Total $ 7 $ 21 $ 18
Schedule of valuation assumptions	Grants Assumption 2014 2013 2012 Expected volatility 39.3 % N/A 81.5 % Expected dividend yield — % N/A — % Expected term (years) 3 N/A 3 Risk-free interest rate 0.96 % N/A 0.40 % Weighted-average grant date fair value $ 7.14 N/A $ 14.62
Summary of option activity under the stock incentive plan and omnibus plan	A summary of option activity under the Stock Incentive Plan and the Omnibus Plan as of December 31, 2014 is presented below. Options Shares Weighted- Weighted- Aggregate Intrinsic Outstanding at January 1, 2014 9,997,360 $ 11.55 4.5 $ 170 Granted 500,000 22.75 — — Exercised (1,392,048 ) 11.03 — — Forfeited or Expired (209,791 ) 14.42 — — Outstanding at December 31, 2014 8,895,521 12.62 3.6 106 Exercisable at December 31, 2014 8,206,279 11.21 3.4 102
Summary of non-vested options and changes during the year	A summary of non-vested options as of December 31, 2014 , and changes during the year, is presented below. Non-vested Weighted- Weighted- Non-vested as of January 1, 2014 1,472,012 $ 12.60 $ 5.13 Granted 500,000 22.75 7.14 Vested (1,045,847 ) 11.84 4.83 Forfeited (236,923 ) 13.77 5.98 Non-vested as of December 31, 2014 689,242 20.51 6.81
Schedule of additional information pertaining to option activity under the plans	Additional information pertaining to option activity under the plans is as follows: Years ended (In millions) 2014 2013 2012 Aggregate intrinsic value of stock options exercised $ 24 $ 42 $ 15 Cash received from the exercise of stock options 18 27 11 Fair value of options that vested 5 6 9 Tax benefit realized on exercise of stock options 1 1 1
Summary of PSU and RSU activity under the omnibus plan	A summary of the PSU activity under the Omnibus Plan as of December 31, 2014 is presented below. Shares Weighted- Aggregate Intrinsic Outstanding at January 1, 2014 3,335,845 $ 15.68 $ 96 Granted 1,181,992 26.20 — Vested (1,202,062 ) 16.16 — Forfeited or Expired (1,259,266 ) 18.38 — Outstanding at December 31, 2014 2,056,509 19.90 49 A summary of RSU activity under the Omnibus Plan as of December 31, 2014 is presented below. Shares Weighted- Aggregate Intrinsic Outstanding at January 1, 2014 882,333 $ 17.00 $ 25 Granted 55,604 28.18 — Vested (524,464 ) 16.75 — Forfeited or Expired (89,169 ) 17.61 — Outstanding at December 31, 2014 324,304 19.38 $ 8
Schedule of additional information pertaining to RSU activity	Additional information pertaining to RSU activity is as follows: Years ended December 31, 2014 2013 2012 Total fair value of awards that vested (In millions) $ 9 $ 13 $ 15 Weighted average grant date fair value of awards 28.18 23.95 13.78

Revenue Earning Equipment (Tabl

Revenue Earning Equipment (Tables)	12 Months Ended
	Dec. 31, 2014
Depreciation of Revenue Earning Equipment and Lease Charges Disclosure [Abstract]
Property, Plant and Equipment	The components of revenue earning equipment are as follows: Years Ended December 31, (In millions) 2014 2013 (As Restated) Revenue earning equipment $ 17,837 $ 17,569 Less: Accumulated depreciation (4,427 ) (3,694 ) 13,410 13,875 Revenue earning equipment held for sale, net 243 316 Revenue earning equipment, net $ 13,653 $ 14,191
Schedule of Depreciation on Revenue Earning Equipment and Lease Charges	Depreciation of revenue earning equipment and lease charges, net is comprised of the following: Years Ended December 31, (In millions) 2014 2013 (As Restated) 2012 (As Restated) Depreciation of revenue earning equipment $ 2,787 $ 2,415 $ 2,145 (Gain) loss on disposal of revenue earning equipment (a) 167 37 (97 ) Rents paid for vehicles leased 80 81 80 Depreciation of revenue earning equipment and lease charges, net $ 3,034 $ 2,533 $ 2,128 (a) (Gain) loss on disposal of revenue earning equipment by segment is as follows: Years Ended December 31, (In millions) 2014 2013 (As Restated) 2012 U.S. Car Rental $ 178 $ 48 $ (101 ) International Car Rental (2 ) 15 17 Worldwide Equipment Rental (9 ) (26 ) (13 ) Total $ 167 $ 37 $ (97 )
Impact of Depreciation Rate Changes	The impact of depreciation rate changes during the years ended December 31, 2014, 2013 and 2012 by segment were as follows: Years Ended December 31, Increase (decrease) (In millions) 2014 2013 (As Restated) 2012 (As Restated) U.S. Car Rental $ 167 $ (44 ) $ (139 ) International Car Rental (3 ) 5 9 Worldwide Equipment Rental — — 1 Total $ 164 $ (39 ) $ (129 )

Taxes on Income (Loss) (Tables)

Taxes on Income (Loss) (Tables)	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Schedule of Income before Income Tax, Domestic and Foreign	The components of income (loss) before income taxes for the periods were as follows: Years ended December 31, (In millions) 2014 2013 (As Restated) 2012 (As Restated) Domestic $ (185 ) $ 573 $ 334 Foreign 169 106 83 Total $ (16 ) $ 679 $ 417
Schedule of Components of Income Tax Expense (Benefit)	The total provision (benefit) for taxes on income (loss) consists of the following: Years ended December 31, (In millions) 2014 2013 (As Restated) 2012 (As Restated) Current: Federal $ 1 $ (7 ) $ 19 Foreign 45 60 32 State and local 8 21 39 Total current 54 74 90 Deferred: Federal (17 ) 223 119 Foreign 9 16 12 State and local 16 16 (21 ) Total deferred 8 255 110 Total provision $ 62 $ 329 $ 200
Schedule of Deferred Tax Assets and Liabilities	The principal items of the U.S. and foreign net deferred tax assets and liabilities at December 31, 2014 and 2013 are as follows: (In millions) 2014 2013 Deferred Tax Assets: Employee benefit plans $ 82 $ 84 Net operating loss carryforwards 1,871 1,866 Federal, state and foreign local tax credit carryforwards 26 27 Accrued and prepaid expenses 263 269 Total Deferred Tax Assets 2,242 2,246 Less: Valuation Allowance (231 ) (273 ) Total Net Deferred Tax Assets 2,011 1,973 Deferred Tax Liabilities: Depreciation on tangible assets (3,489 ) (3,428 ) Intangible assets (1,415 ) (1,436 ) Total Deferred Tax Liabilities (4,904 ) (4,864 ) Net Deferred Tax Liability $ (2,893 ) $ (2,891 )
Schedule of Effective Income Tax Rate Reconciliation	The significant items in the reconciliation of the statutory and effective income tax rates consisted of the following: Years ended December 31, 2014 2013 2012 Statutory Federal Tax Rate 35 % 35 % 35 % Foreign tax differential 102 (3 ) (4 ) State and local income taxes, net of federal income tax benefit (18 ) 5 3 Change in state statutory rates, net of federal income tax benefit (77 ) — (1 ) Federal and foreign permanent differences (76 ) 5 4 Withholding taxes (54 ) 2 2 Uncertain tax positions (66 ) (1 ) (1 ) Change in valuation allowance (109 ) 5 10 All other items, net (125 ) — — Effective Tax Rate (388 )% 48 % 48 %
Schedule of Unrecognized Tax Benefits Roll Forward	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (In millions) 2014 2013 2012 Balance at January 1 $ 11 $ 19 $ 41 Increase (Decrease) attributable to tax positions taken during prior periods 4 (7 ) (25 ) Increase attributable to tax positions taken during the current year 42 3 3 Decrease attributable to settlements with taxing authorities — (4 ) — Balance at December 31 $ 57 $ 11 $ 19

Lease and Concession Agreemen41

Lease and Concession Agreements (Tables)	12 Months Ended
	Dec. 31, 2014
Leases [Abstract]
Schedule of lease expenses	The Company has various concession agreements, which provide for payment of rents and a percentage of revenue with a guaranteed minimum, and real estate leases under which the following amounts were expensed: Years ended December 31, (In millions) 2014 2013 2012 Rents $ 185 $ 185 $ 142 Concession fees: Minimum fixed obligations 416 405 264 Additional amounts, based on revenues 301 295 316 Total 902 885 722 Sublease income (4 ) (5 ) (5 ) Total $ 898 $ 880 $ 717 In addition to the rents mentioned above, the Company has various leases on revenue earning equipment and office, computer and other equipment under which the following amounts were expensed: Years ended December 31, (In millions) 2014 2013 2012 Revenue earning equipment $ 80 $ 81 $ 80 Office, computer and other equipment 19 17 13 Total $ 99 $ 98 $ 93
Schedule of minimum obligations under existing agreements	As of December 31, 2014 , minimum obligations under existing agreements for revenue earning equipment and office, computer and other equipment that have a maturity of more than one year are as follows: (In millions) 2015 $ 64 2016 25 2017 9 2018 4 2019 4 After 2019 7 Total $ 113 As of December 31, 2014 , minimum net obligations under existing agreements referred to above approximate the following: (In millions) Rents Concessions 2015 $ 172 $ 367 2016 142 294 2017 110 230 2018 83 192 2019 55 129 After 2019 210 639 Total $ 772 $ 1,851

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Summary of contribution of reportable segments to revenues and adjusted pre-tax income (loss) and the reconciliation to consolidated amounts	Years ended December 31, (In millions) 2014 2013 (As Restated) 2012 (As Restated) Revenues U.S. car rental $ 6,471 $ 6,331 $ 4,888 International car rental 2,436 2,378 2,265 Worldwide equipment rental 1,571 1,539 1,382 All other operations 568 527 478 Total $ 11,046 $ 10,775 $ 9,013 Adjusted pre-tax income (a) U.S. car rental $ 387 $ 1,033 $ 813 International car rental 144 134 83 Worldwide equipment rental 258 301 216 All other operations 62 58 47 Corporate (443 ) (401 ) (319 ) Total $ 408 $ 1,125 $ 840 Depreciation of revenue earning equipment and lease charges, net U.S. car rental $ 1,758 $ 1,281 $ 945 International car rental 492 528 524 Worldwide equipment rental 329 299 271 All other operations 455 425 388 Total $ 3,034 $ 2,533 $ 2,128 Depreciation and amortization, non-fleet assets U.S. car rental $ 222 $ 207 $ 133 International car rental 41 37 33 Worldwide equipment rental 75 74 75 All other operations 11 10 10 Corporate 17 11 10 Total $ 366 $ 339 $ 261 Interest expense, net U.S. car rental $ 172 $ 187 $ 177 International car rental 95 113 122 Worldwide equipment rental 53 46 52 All other operations 12 14 14 Corporate 309 309 231 Total $ 641 $ 669 $ 596 Years ended December 31, (In millions) 2014 2013 (As Restated) 2012 (As Restated) Revenue earning equipment and capital assets, non-fleet U.S. car rental: Expenditures $ (6,175 ) $ (6,242 ) $ (5,258 ) Proceeds from disposals 4,530 4,385 4,260 Net expenditures $ (1,645 ) $ (1,857 ) $ (998 ) International car rental: Expenditures $ (3,165 ) $ (2,640 ) $ (2,642 ) Proceeds from disposals 2,531 2,251 2,110 Net expenditures $ (634 ) $ (389 ) $ (532 ) Worldwide equipment rental: Expenditures $ (658 ) $ (694 ) $ (788 ) Proceeds from disposals 197 141 190 Net expenditures $ (461 ) $ (553 ) $ (598 ) All other operations: Expenditures $ (1,611 ) $ (1,012 ) $ (1,199 ) Proceeds from disposals 1,010 556 688 Net expenditures $ (601 ) $ (456 ) $ (511 ) Corporate: Expenditures $ (54 ) $ (28 ) $ (22 ) Proceeds from disposals 34 4 — Net expenditures $ (20 ) $ (24 ) $ (22 ) As of December 31, (In millions) 2014 2013 (As Restated) Total assets at end of year U.S. car rental $ 13,712 $ 14,312 International car rental 3,358 3,551 Worldwide equipment rental 3,836 3,825 All other operations 1,458 1,336 Corporate 1,716 1,492 Total $ 24,080 $ 24,516 Revenue earning equipment, net, at end of year U.S. car rental $ 8,070 $ 8,629 International car rental 1,904 2,047 Worldwide equipment rental 2,442 2,416 All other operations 1,237 1,099 Total $ 13,653 $ 14,191 Property and equipment, net, at end of year U.S. car rental $ 789 $ 813 International car rental 155 173 Worldwide equipment rental 265 258 All other operations 6 4 Corporate 107 37 Total $ 1,322 $ 1,285 Years ended December 31, (In millions) 2014 2013 (As Restated) 2012 (As Restated) Revenues United States $ 8,158 $ 7,921 $ 6,310 International 2,888 2,854 2,703 Total $ 11,046 $ 10,775 $ 9,013 As of December 31, (In millions) 2014 2013 (As Restated) Total assets at end of year United States $ 19,172 $ 19,381 International 4,908 5,135 Total $ 24,080 $ 24,516 Revenue earning equipment, net, at end of year United States $ 11,235 $ 11,608 International 2,418 2,583 Total $ 13,653 $ 14,191 Property and equipment, net, at end of year United States $ 1,118 $ 1,066 International 204 219 Total $ 1,322 $ 1,285 (a) The following table reconciles adjusted pre-tax income to income before income taxes for the years ended December 31, 2014, 2013 and 2012 : Years Ended December 31, (In millions) 2014 2013 (As Restated) 2012 (As Restated) Adjusted pre-tax income (loss): U.S. car rental $ 387 $ 1,033 $ 813 International car rental 144 134 83 Worldwide equipment rental 258 301 216 All other operations 62 58 47 Total reportable segments 851 1,526 1,159 Corporate (1) (443 ) (401 ) (319 ) Consolidated adjusted pre-tax income (loss) 408 1,125 840 Adjustments: Acquisition accounting(2) (132 ) (132 ) (110 ) Debt-related charges (3) (51 ) (49 ) (56 ) Restructuring charges (4) (56 ) (77 ) (38 ) Restructuring related charges (5) (103 ) (22 ) (11 ) Acquisition related costs and charges (6) (10 ) (19 ) (164 ) Integration expenses (7) (9 ) (43 ) — Equipment Rental spin-off costs (8) (39 ) — — Relocation costs (9) (9 ) (7 ) — Premiums paid on debt (10) — (29 ) — Loss on extinguishment of debt (11) (1 ) (7 ) — Impairment charges and asset write-downs (12) (34 ) (40 ) — Other (13) 20 (21 ) (44 ) Income (loss) before income taxes $ (16 ) $ 679 $ 417 (1) Represents general corporate expenses, certain interest expense (including net interest on corporate debt), as well as other business activities. (2) Represents the increase in amortization of other intangible assets, depreciation of property and equipment and accretion of revalued liabilities relating to acquisition accounting. (3) Represents debt-related charges relating to the amortization of deferred debt financing costs and debt discounts. (4) Represents expenses incurred under restructuring actions as defined in U.S. GAAP. For further information on restructuring costs, see Note 15 "Restructuring," to the Notes to our consolidated financial statements. (5) Represents incremental costs incurred directly supporting the Company's business transformation initiatives. Such costs include transition costs incurred in connection with its 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. (6) In 2012, primarily represents Dollar Thrifty acquisition related expenses, change in control expenses, 'Day-1' compensation expenses and other adjustments related to the Dollar Thrifty acquisition, loss on the Advantage divestiture, expenses related to additional required divestitures and costs associated with the Dollar Thrifty acquisition, pre-acquisition interest and commitment fee expenses for interim financing associated with the Dollar Thrifty acquisition and a gain on the investment in Dollar Thrifty stock. (7) Primarily represents Dollar Thrifty integration related expenses. (8) Represents expense associated with the anticipated HERC spin-off transaction of which $28 million were incurred by HERC and $11 million were incurred by Corporate. (9) Represents non-recurring costs incurred in connection with the relocation of the Company's corporate headquarters to Estero, Florida that were not included in restructuring expenses. Such expenses primarily include duplicate facility rent, certain moving expenses, and other costs that are direct and incremental due to the relocation. (10) In 2013, represents premiums paid to redeem the Company's 8.50% Former European Fleet Notes. (11) In 2013, represents extinguishment of debt for a number of debt instruments. (12) In 2014, represents impairments related to the Company's former corporate headquarters building in New Jersey, HERC revenue earning equipment held for sale and assets related to a contract termination. In 2013, primarily related to a change in the carrying value of the vehicles subleased to FSNA and its subsidiary, Simply Wheelz. (13) In 2014, primarily comprised of a $19 million litigation settlement received in relation to a class action lawsuit filed against an original equipment manufacturer. In 2013, primarily represents $5 million of depreciation expense related to HERC. In 2012, primarily represents expenses related to the withdrawal from a multiemployer pension plan, litigation accrual and expenses associated with the impact of Hurricane Sandy.

Accumulated Other Comprehensi43

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Dec. 31, 2014
Reclassification out of Accumulated Other Comprehensive Income [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Changes in the accumulated other comprehensive income (loss) balance by component (net of tax) are as follows: (In millions) Pension and Other Post-Employment Benefits Foreign Currency Items Unrealized Losses on Terminated Net Investment Hedges Unrealized Gains on Available for Sale Securities Accumulated Other Comprehensive Income (Loss) Balance as of January 1, 2014 $ (58 ) $ 62 $ (19 ) $ 21 $ 6 Other comprehensive (loss) before reclassification (34 ) (57 ) — (14 ) (105 ) Amounts reclassified from accumulated other comprehensive income (loss) (9 ) — — (7 ) (16 ) Balance as of December 31, 2014 $ (101 ) $ 5 $ (19 ) $ — $ (115 ) (In millions) Pension and Other Post-Employment Benefits Foreign Currency Items Unrealized Losses on Terminated Net Investment Hedges Unrealized Gains on Available for Sale Securities Accumulated Other Comprehensive Income (Loss) Balance as of January 1, 2013 $ (110 ) $ 106 $ (19 ) $ — $ (23 ) Other comprehensive income (loss) before reclassification 52 (45 ) — 21 28 Amounts reclassified from accumulated other comprehensive loss — 1 — — 1 Balance as of December 31, 2013 $ (58 ) $ 62 $ (19 ) $ 21 $ 6

Restructuring (Tables)

Restructuring (Tables)	12 Months Ended
	Dec. 31, 2014
Restructuring and Related Activities [Abstract]
Summary of restructuring charges in consolidated statement of operations	As part of the Company's ongoing effort to implement its strategy of reducing operating costs, as well as the integration of Dollar Thrifty the Company incurred the following restructuring costs: Years Ended December 31, (In millions) 2014 2013 2012 By Type: Termination benefits $ 30 $ 42 $ 26 Asset write-downs 23 — — Facility closure and lease obligation costs 15 15 9 Relocation costs and temporary labor costs 9 19 1 Other 1 1 2 Total $ 78 $ 77 $ 38 Years Ended December 31, (In millions) 2014 2013 2012 By Caption: Direct operating $ 35 $ 28 $ 23 Selling, general and administrative 43 49 15 Total $ 78 $ 77 $ 38 Years Ended December 31, (In millions) 2014 2013 2012 By Segment: U.S. car rental $ 27 $ 23 $ 5 International car rental 19 19 21 Worldwide equipment rental 5 8 9 All other operations — — — Corporate 27 27 3 Total $ 78 $ 77 $ 38
Schedule of activity affecting the restructuring accrual	The following table sets forth the activity affecting the restructuring accrual during the years ended December 31, 2014 and 2013 . The Company expects to pay the remaining restructuring obligations relating to termination benefits over the next twelve months. The remainder of the restructuring accrual relates to future lease obligations which will be paid over the remaining term of the applicable leases. (In millions) Termination Benefits Other Total Balance as of January 1, 2013 $ 12 $ 8 $ 20 Charges incurred 42 35 77 Cash payments (33 ) (15 ) (48 ) Other (1 ) — (1 ) Balance as of December 31, 2013 $ 20 $ 28 $ 48 Charges incurred 30 48 78 Cash payments (28 ) (25 ) (53 ) Other (a) (1 ) (29 ) (30 ) Balance as of December 31, 2014 $ 21 $ 22 $ 43 (a) Decrease primarily consists of $10 million related to the write-down of assets assets associated with a terminated business relationship and $13 million related to the impairment of the Company's former corporate headquarters building in New Jersey which were recorded in direct operating and selling, general and administrative expenses, respectively.

Financial Instruments (Tables)

Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2014
Financial Instruments
Summary of financial assets and liabilities measured at fair value on a recurring basis	The following table summarizes the estimated fair value of the Company's financial instruments: Fair Value of Financial Instruments Asset Derivatives (a) Liability Derivatives (a) Years Ended December 31, Years Ended December 31, (In millions) 2014 2013 2014 2013 Gasoline swaps $ — $ 2 $ — $ — Interest rate caps 25 9 25 9 Foreign currency forward contracts 6 2 2 5 Total $ 31 $ 13 $ 27 $ 14 (a) All asset derivatives are recorded in "Prepaid expenses and other assets" and all liability derivatives are recorded in "Accrued liabilities" on the Company's consolidated balance sheets.
Schedule of gain (loss) on derivative instruments not designated as hedges recognized in income	The following table summarizes the gains and (losses) on financial instruments for the period indicated: Location of Gain or (Loss) Recognized on Derivatives Amount of Gain or (Loss) Recognized in Income on Derivatives Years Ended December 31, (In millions) 2014 2013 Gasoline swaps Direct operating $ — $ 2 Interest rate caps Selling, general and administrative (2 ) (1 ) Foreign currency forward contracts Selling, general and administrative (1 ) (22 ) Total $ (3 ) $ (21 )
Offsetting Assets	The impact of offsetting derivative instruments is depicted below as of December 31, 2014: Gross amounts not offset in Balance Sheet Prepaid Expenses and Other Assets: (In millions) Gross assets Gross assets offset in Balance Sheet Net recognized assets in Balance Sheet Financial Instruments Cash Collateral Net Amount Interest rate caps $ 25 $ — $ 25 $ — $ — $ 25 Foreign currency forward contracts 6 — 6 (3 ) — 3 Total $ 31 $ — $ 31 $ (3 ) $ — $ 28 The impact of offsetting derivative instruments is depicted below as of December 31, 2013: Gross amounts not offset in Balance Sheet Prepaid Expenses and Other Assets: (In millions) Gross assets Gross assets offset in Balance Sheet Net recognized assets in Balance Sheet Financial Instruments Cash Collateral Net Amount Gasoline swaps $ 2 $ — $ 2 $ — $ — $ 2 Interest rate caps 9 — 9 — — 9 Foreign currency forward contracts 2 — 2 (2 ) — — Total $ 13 $ — $ 13 $ (2 ) $ — $ 11
Offsetting Liabilities	Gross amounts not offset in Balance Sheet Accrued Liabilities: (In millions) Gross liabilities Gross liabilities offset in Balance Sheet Net recognized liabilities in Balance Sheet Financial Instruments Cash Collateral Net Amount Interest rate caps $ 25 $ — $ 25 $ (1 ) $ — $ 24 Foreign currency forward contracts 2 — 2 (2 ) — — Total $ 27 $ — $ 27 $ (3 ) $ — $ 24 Gross amounts not offset in Balance Sheet Accrued Liabilities: (In millions) Gross liabilities Gross liabilities offset in Balance Sheet Net recognized liabilities in Balance Sheet Financial Instruments Cash Collateral Net Amount Interest rate caps $ 9 $ — $ 9 $ — $ — $ 9 Foreign currency forward contracts 5 — 5 (2 ) — 3 Total $ 14 $ — $ 14 $ (2 ) $ — $ 12

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Company's Cash Equivalents and Investments	The following table summarizes the ending balances of the Company's cash equivalents and investments. December 31, 2014 December 31, 2013 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Money market funds $ 146 $ — $ — $ 146 $ 449 $ — $ — $ 449 Equity and other securities — 96 — 96 — 117 — 117 Marketable securities — — — — — — 151 151 Total $ 146 $ 96 $ — $ 242 $ 449 $ 117 $ 151 $ 717
Schedule of Changes in Fair Value Measurent Using Level 3 Inputs	The following table summarizes the changes in fair value of CAR, Inc. convertible debt securities prior to conversion in April 2014, using Level 3 inputs (binomial valuation model) for the years ended December 31, 2014 and 2013, respectively: (in millions) December 31, 2014 December 31, 2013 Balance at the beginning of period $ 151 $ — Reclassification of net unrealized gain on securities to prepaid expenses and other assets (7 ) — Unrealized gains (losses) related to investments (14 ) 21 Purchases — 130 Settlements (130 ) — Balance at the end of period $ — $ 151
Components of Debt	The Company's debt consists of the following (in millions): Facility Average Interest Rate at December 31, 2014 (1) Fixed or Maturity December 31, December 31, Corporate Debt Senior Term Facility 3.68% Floating 3/2018 $ 2,083 $ 2,104 Senior ABL Facility 2.83% Floating 3/2016 - 3/2017 344 289 Senior Notes (2) 6.58% Fixed 4/2018–10/2022 3,900 3,900 Promissory Notes 7.00% Fixed 1/2028 27 49 Other Corporate Debt 3.86% Floating Various 74 77 Unamortized Net Premium 3 3 Total Corporate Debt 6,431 6,422 Fleet Debt HVF U.S. ABS Program HVF U.S. Fleet Variable Funding Notes: HVF Series 2009-1 (3) N/A N/A N/A — 60 — 60 HVF U.S. Fleet Medium Term Notes HVF Series 2009-2 (3) 5.38% Fixed 3/2013–3/2015 404 808 HVF Series 2010-1 (3) 4.23% Fixed 2/2014–2/2018 490 577 HVF Series 2011-1 (3) 3.04% Fixed 3/2015–3/2017 414 598 HVF Series 2013-1 (3) 1.68% Fixed 8/2016–8/2018 950 950 2,258 2,933 Facility Average Interest Rate at December 31, 2014 (1) Fixed or Maturity December 31, December 31, RCFC U.S. ABS Program RCFC Series 2011-1 Notes (3)(4) 2.81% Fixed 2/2015 167 500 RCFC Series 2011-2 Notes (3)(4) 3.21% Fixed 2/2015 266 400 433 900 HVF II U.S. ABS Program HVF II U.S. Fleet Variable Funding Notes: HVF II Series 2013-A (3) 1.09% Floating 10/2016 1,999 2,380 HVF II Series 2013-B (3) 1.09% Floating 10/2016 976 585 HVF II Series 2014-A (3) 1.39% Floating 10/2016 869 — 3,844 2,965 Donlen ABS Program HFLF Variable Funding Notes HFLF Series 2013-1 Notes (3) N/A N/A N/A — 280 HFLF Series 2013-2 Notes (3) 1.01% Floating 9/2016 247 206 247 486 HFLF Medium Term Notes HFLF Series 2013-3 Notes (3) 0.78% Floating 9/2016–11/2016 500 500 HFLF Series 2014-1 Notes (3) 0.67% Floating 12/2016–3/2017 400 — 900 500 Other Fleet Debt U.S. Fleet Financing Facility 2.92% Floating 3/2017 164 153 European Revolving Credit Facility 2.61% Floating 10/2017 304 303 European Fleet Notes 4.375% Fixed 1/2019 517 584 European Securitization (3) 1.98% Floating 10/2016 270 281 Hertz-Sponsored Canadian Securitization (3) 2.18% Floating 10/2016 105 89 Dollar Thrifty-Sponsored Canadian Securitization (3)(4) 2.19% Floating 10/2016 40 38 Australian Securitization (3) 4.28% Floating 12/2016 112 111 Brazilian Fleet Financing Facility 15.50% Floating 10/2015 11 12 Capitalized Leases 3.82% Floating 2/2015 - 10/2017 364 385 Unamortized Premium (Discount) (7 ) 6 1,880 1,962 Total Fleet Debt 9,562 9,806 Total Debt $ 15,993 $ 16,228 N/A - Not Applicable (1) As applicable, reference is to the December 31, 2014 weighted average interest rate (weighted by principal balance). (2) References to the Company's "Senior Notes" include the series of Hertz's unsecured senior notes set forth in the table below. As of December 31, 2014 and December 31, 2013 , the outstanding principal amount for each such series of the Senior Notes is also specified below. (In millions) Outstanding Principal Senior Notes December 31, 2014 December 31, 2013 4.25% Senior Notes due April 2018 $ 250 $ 250 7.50% Senior Notes due October 2018 700 700 6.75% Senior Notes due April 2019 1,250 1,250 5.875% Senior Notes due October 2020 700 700 7.375% Senior Notes due January 2021 500 500 6.25% Senior Notes due October 2022 500 500 $ 3,900 $ 3,900 (3) Maturity reference is to the "expected final maturity date" as opposed to the subsequent "legal maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness expect the relevant indebtedness to be repaid, which in the case of the HFLF Medium Term Notes was based upon various assumptions made at the time of the pricing of such notes. The legal final maturity date is the date on which the relevant indebtedness is legally due and payable. (4) RCFC U.S. ABS Program and the Dollar Thrifty-Sponsored Canadian Securitization represent fleet debt assumed in connection with the Dollar Thrifty acquisition on November 19, 2012. The fair value of the Company's debt is estimated based on quoted market rates as well as borrowing rates currently available for loans with similar terms and average maturities (Level 2 inputs). As of December 31, 2014 As of December 31, 2013 (in millions) Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Corporate Debt $ 6,428 $ 6,468 $ 6,419 $ 6,665 Fleet Debt 9,569 9,595 9,800 9,883 Total $ 15,997 $ 16,063 $ 16,219 $ 16,548
Assets and Liabilities Measure on a Non-Recurring Basis	Assets and liabilities measured at fair value during the year ended December 31, 2014 are as follows: (In millions) Balance Level 1 Level 2 Level 3 Total Loss Adjustments Long-lived assets held for sale $ 67 $ — $ — $ 67 $ 24

Guarantor and Non-Guarantor C47

Guarantor and Non-Guarantor Condensed Consolidating Financial Statements (Tables)	12 Months Ended
	Dec. 31, 2014
Guarantor and Non-Guarantor Condensed Consolidating Financial Statements Disclosure
Adjustments in due to (due from) affiliate	(in millions) Parent Guarantor Non-Guarantor Eliminations The Hertz Corporation and Subsidiaries Due from Hertz Affiliate $ — $ 1,711 $ 1,889 $ (3,600 ) $ — Due to Hertz affiliate — 1,929 1,671 (3,600 ) —
Condensed Balance Sheet	Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries ASSETS Cash and cash equivalents $ 2 $ 14 $ 474 $ — $ 490 Restricted cash and cash equivalents 84 26 461 — 571 Receivables, net of allowance of $67 272 419 906 — 1,597 Due from Hertz affiliate 2,957 1,528 4,395 (8,785 ) 95 Inventories, net 20 25 22 — 67 Prepaid expenses and other assets 3,900 831 87 (3,901 ) 917 Revenue earning equipment, net 306 1,988 11,359 — 13,653 Property and equipment, net 730 308 284 — 1,322 Investment in subsidiaries, net 6,897 1,513 — (8,410 ) — Other intangible assets, net 179 3,213 617 — 4,009 Goodwill 104 1,033 222 — 1,359 Total assets $ 15,451 $ 10,898 $ 18,827 $ (21,096 ) $ 24,080 LIABILITIES AND EQUITY Due to Hertz affiliate $ 5,702 $ 1,005 $ 2,078 $ (8,785 ) $ — Accounts payable 65 212 731 — 1,008 Accrued liabilities 599 231 318 — 1,148 Accrued taxes 62 31 2,252 (2,211 ) 134 Debt 6,393 74 9,526 — 15,993 Public liability and property damage 135 57 193 — 385 Deferred taxes on income, net — 2,541 2,066 (1,690 ) 2,917 Total liabilities 12,956 4,151 17,164 (12,686 ) 21,585 Equity: Stockholder's equity 2,495 6,747 1,663 (8,410 ) 2,495 Total liabilities and equity $ 15,451 $ 10,898 $ 18,827 $ (21,096 ) $ 24,080 CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2013 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Ref As Reported As Restated As Reported As Restated As Reported As Restated As Reported As Restated As Reported As Restated ASSETS Cash and cash equivalents k $ 76 $ 62 $ 5 $ 6 $ 342 $ 343 $ — $ — $ 423 $ 411 Restricted cash and cash equivalents k 56 56 71 71 733 734 — — 860 861 Receivables, net of allowance of $62 a, b, c, d, e, g, j, r 426 350 408 405 700 663 (21 ) (21 ) 1,513 1,397 Due from Hertz affiliate v 1,994 2,002 2,516 804 4,988 3,092 (9,405 ) (5,805 ) 93 93 Inventories, net p, r 25 25 36 32 31 30 — — 92 87 Prepaid expenses and other assets n, r 3,109 3,179 285 338 424 434 (3,101 ) (3,236 ) 717 715 Revenue earning equipment, net h, j, p, r 243 227 1,936 1,938 12,014 12,026 — — 14,193 14,191 Property and equipment, net i, l, r, q 913 713 330 313 271 259 — — 1,514 1,285 Investment in subsidiaries, net 6,975 6,914 1,405 1,405 — — (8,380 ) (8,319 ) — — Other intangible assets, net l, r 63 214 3,816 3,840 49 70 — — 3,928 4,124 Goodwill q 104 104 1,020 1,020 224 228 — — 1,348 1,352 Total assets $ 13,984 $ 13,846 $ 11,828 $ 10,172 $ 19,776 $ 17,879 $ (20,907 ) $ (17,381 ) $ 24,681 $ 24,516 LIABILITIES AND EQUITY Due to Hertz affiliate v $ 3,841 $ 3,841 $ 2,666 $ 738 $ 2,898 $ 1,226 $ (9,405 ) $ (5,805 ) $ — $ — Accounts payable k, p 151 170 218 246 599 605 — — 968 1,021 Accrued liabilities f, g, j, m, o, q, t 584 628 237 240 305 325 (21 ) (21 ) 1,105 1,172 Accrued taxes r, s, u 61 63 34 35 1,489 1,493 (1,381 ) (1,446 ) 203 145 Debt 6,364 6,364 77 77 9,787 9,787 — — 16,228 16,228 Public liability and property damage r 99 100 62 62 187 189 — — 348 351 Deferred taxes on income s, u — — 2,293 2,338 2,372 2,371 (1,720 ) (1,790 ) 2,945 2,919 Total liabilities 11,100 11,166 5,587 3,736 17,637 15,996 (12,527 ) (9,062 ) 21,797 21,836 Equity: Stockholder's equity a-t 2,884 2,680 6,241 6,436 2,139 1,883 (8,380 ) (8,319 ) 2,884 2,680 Total liabilities and equity $ 13,984 $ 13,846 $ 11,828 $ 10,172 $ 19,776 $ 17,879 $ (20,907 ) $ (17,381 ) $ 24,681 $ 24,516
Condensed Income Statement	Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Total revenues $ 4,703 $ 2,799 $ 6,601 $ (3,057 ) $ 11,046 Expenses: Direct operating 2,989 1,523 1,804 (2 ) 6,314 Depreciation of revenue earning equipment and lease charges, net 2,510 766 2,809 (3,051 ) 3,034 Selling, general and administrative 528 216 348 (4 ) 1,088 Interest expense, net 344 20 277 — 641 Other (income) expense, net (22 ) (5 ) 12 — (15 ) Total expenses 6,349 2,520 5,250 (3,057 ) 11,062 Income (loss) before income taxes and equity in earnings (losses) of subsidiaries (1,646 ) 279 1,351 — (16 ) (Provision) benefit for taxes on income 612 (150 ) (524 ) — (62 ) Equity in earnings (losses) of subsidiaries (net of tax) 956 114 — (1,070 ) — Net income (loss) $ (78 ) $ 243 $ 827 $ (1,070 ) $ (78 ) Other comprehensive income (loss), net of tax (121 ) (6 ) (112 ) 118 (121 ) Comprehensive income (loss) $ (199 ) $ 237 $ 715 $ (952 ) $ (199 ) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Year Ended December 31, 2013 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Ref As Reported As Restated As Reported As Restated As Reported As Restated As Reported As Restated As Reported As Restated Total revenues a, b, c, g, m, r $ 4,545 $ 4,552 $ 2,673 $ 2,678 $ 6,712 $ 6,712 $ (3,158 ) $ (3,167 ) $ 10,772 $ 10,775 Expenses: Direct operating d, e, f, j, m, n, p, q, r, t 2,555 2,576 1,464 1,468 1,735 1,735 (2 ) (2 ) 5,752 5,777 Depreciation of revenue earning equipment and lease charges, net r 2,714 2,723 656 656 2,309 2,316 (3,153 ) (3,162 ) 2,526 2,533 Selling, general and administrative a, b, c, d, e, i, j, o, p, q, r 482 510 213 214 330 332 (3 ) (3 ) 1,022 1,053 Interest expense, net of interest income r 337 337 34 34 295 298 — — 666 669 Other (income) expense, net r 55 51 (6 ) (6 ) 18 19 — — 67 64 Total expenses 6,143 6,197 2,361 2,366 4,687 4,700 (3,158 ) (3,167 ) 10,033 10,096 Income (loss) before income taxes and equity in earnings (losses) of subsidiaries (1,598 ) (1,645 ) 312 312 2,025 2,012 — — 739 679 (Provision) benefit for taxes on income (loss) s 597 619 (128 ) (130 ) (814 ) (818 ) — — (345 ) (329 ) Equity in earnings (losses) of subsidiaries (net of tax) 1,394 1,376 155 155 — — (1,549 ) (1,531 ) — — Net income (loss) $ 393 $ 350 $ 339 $ 337 $ 1,211 $ 1,194 $ (1,549 ) $ (1,531 ) $ 394 $ 350 Other comprehensive income (loss), net of tax 34 29 (7 ) (7 ) (24 ) (21 ) 31 28 34 29 Comprehensive income (loss) $ 427 $ 379 $ 332 $ 330 $ 1,187 $ 1,173 $ (1,518 ) $ (1,503 ) $ 428 $ 379 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Year Ended December 31, 2012 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Ref As Reported As Restated As Reported As Restated As Reported As Restated As Reported As Restated As Reported As Restated Total revenues a, b, c, g, m, r $ 4,259 $ 4,255 $ 1,144 $ 1,140 $ 6,109 $ 6,129 $ (2,487 ) $ (2,511 ) $ 9,025 $ 9,013 Expenses: Direct operating d, e, f, j, m, n, o, p, q, r, t 2,385 2,430 650 656 1,771 1,776 — (1 ) 4,806 4,861 Depreciation of revenue earning equipment and lease charges, net r 2,379 2,382 245 244 1,992 2,011 (2,487 ) (2,509 ) 2,129 2,128 Selling, general and administrative a, b, c, d, e, i, j, o, p, q, r 474 482 178 178 316 318 — — 968 978 Interest expense, net of interest income r 254 254 39 39 301 303 — — 594 596 Other (income) expense, net r (11 ) (14 ) 24 25 22 22 — — 35 33 Total expenses 5,481 5,534 1,136 1,142 4,402 4,430 (2,487 ) (2,510 ) 8,532 8,596 Income (loss) before income taxes and equity in earnings (losses) of subsidiaries (1,222 ) (1,279 ) 8 (2 ) 1,707 1,699 — (1 ) 493 417 (Provision) benefit for taxes on income (loss) s 478 498 (31 ) (27 ) (668 ) (671 ) — — (221 ) (200 ) Equity in earnings (losses) of subsidiaries (net of tax) 1,016 998 60 60 — — (1,076 ) (1,058 ) — — Net income (loss) $ 272 $ 217 $ 37 $ 31 $ 1,039 $ 1,028 $ (1,076 ) $ (1,059 ) $ 272 $ 217 Other comprehensive income (loss), net of tax 2 1 1 1 10 12 (11 ) (13 ) 2 1 Comprehensive income (loss) $ 274 $ 218 $ 38 $ 32 $ 1,049 $ 1,040 $ (1,087 ) $ (1,072 ) $ 274 $ 218
Condensed Cash Flow Statement	Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Net cash provided by (used in) operating activities $ (387 ) $ 456 $ 4,425 $ (1,037 ) $ 3,457 Cash flows from investing activities: Net change in restricted cash and cash equivalents (27 ) 45 265 — 283 Revenue earning equipment expenditures (243 ) (596 ) (10,450 ) — (11,289 ) Proceeds from disposal of revenue earning equipment 183 261 7,765 — 8,209 Capital asset expenditures, non-fleet (195 ) (54 ) (125 ) — (374 ) Proceeds from disposal of property and equipment 43 17 33 — 93 Capital contributions to subsidiaries (1,614 ) (37 ) — 1,651 — Return of capital from subsidiaries 1,722 — — (1,722 ) — Loan to Parent / Guarantor from Non-Guarantor — (43 ) (437 ) 480 — Acquisitions, net of cash acquired — (28 ) (47 ) — (75 ) Equity method investment — — (30 ) — (30 ) Repayments of loans with Hertz Global Holdings, Inc. (28 ) — — — (28 ) Proceeds from loans with Hertz Global Holdings, Inc. 25 — — — 25 Net cash provided by (used in) investing activities (134 ) (435 ) (3,026 ) 409 (3,186 ) Cash flows from financing activities: Proceeds from issuance of long-term debt — — 400 — 400 Payment of long-term debt (42 ) — (1,141 ) — (1,183 ) Short-term borrowings: Proceeds — — 626 — 626 Payments — — (726 ) — (726 ) Proceeds under the revolving lines of credit 2,507 — 3,357 — 5,864 Payments under the revolving lines of credit (2,431 ) (10 ) (2,640 ) — (5,081 ) Capital contributions received — — 1,651 (1,651 ) — Loan to Parent / Guarantor From Non-Guarantor 437 — 43 (480 ) — Payment of dividends and return of capital — — (2,759 ) 2,759 — Payment of financing costs (12 ) (3 ) (48 ) — (63 ) Other 2 — — — 2 Net cash provided by (used in) financing activities 461 (13 ) (1,237 ) 628 (161 ) Effect of foreign exchange rate changes on cash and cash equivalents — — (31 ) — (31 ) Net change in cash and cash equivalents during the period (60 ) 8 131 — 79 Cash and cash equivalents at beginning of period 62 6 343 — 411 Cash and cash equivalents at end of period $ 2 $ 14 $ 474 $ — $ 490 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2013 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Ref As Reported As Restated As Reported As Restated As Reported As Restated As Reported As Restated As Reported As Restated Net cash provided by (used in) operating activities a, b, c, d, e, f, g, i, j, k, m ,n, o, p, q, r, s $ 181 $ 164 $ 525 $ 540 $ 3,821 $ 3,827 $ (916 ) $ (916 ) $ 3,611 $ 3,615 Cash flows from investing activities: Net change in restricted cash and cash equivalents k (23 ) (24 ) (54 ) (60 ) (231 ) (231 ) — — (308 ) (315 ) Revenue earning equipment expenditures h (149 ) (138 ) (886 ) (889 ) (9,263 ) (9,262 ) — — (10,298 ) (10,289 ) Proceeds from disposal of revenue earning equipment h, f, r 137 126 350 353 6,777 6,777 — — 7,264 7,256 Capital asset expenditures, non-fleet i, r, p (194 ) (198 ) (33 ) (40 ) (88 ) (89 ) — — (315 ) (327 ) Proceeds from disposal of property and equipment i 42 50 6 6 25 25 — — 73 81 Capital contributions to subsidiaries (938 ) (938 ) — — — — 938 938 — — Return of capital from subsidiaries 1,134 1,134 183 183 — — (1,317 ) (1,317 ) — — Loan to Parent / Guarantor from Non-Guarantor — — (57 ) (57 ) (196 ) (196 ) 253 253 — — Acquisitions, net of cash acquired — — (15 ) (15 ) (26 ) (26 ) — — (41 ) (41 ) Equity method investment — — — — (213 ) (213 ) — — (213 ) (213 ) Repayments of loans with Hertz Global Holdings, Inc. (129 ) (129 ) — — — — — — (129 ) (129 ) Proceeds from loans with Hertz Global Holdings, Inc. 49 49 — — — — — — — 49 49 Other r — — — — (1 ) (2 ) — — (1 ) (2 ) Net cash provided by (used in) investing activities (71 ) (68 ) (506 ) (519 ) (3,216 ) (3,217 ) (126 ) (126 ) (3,919 ) (3,930 ) Cash flows from financing activities: Proceeds from issuance of long-term debt 250 250 — — 2,025 2,025 — — 2,275 2,275 Payment of long-term debt (34 ) (34 ) — — (1,011 ) (1,011 ) — — (1,045 ) (1,045 ) Short-term borrowings: Proceeds — — — — 596 596 — — 596 596 Payments — — — — (1,018 ) (1,018 ) — — (1,018 ) (1,018 ) Proceeds under the revolving lines of credit 2,280 2,280 3 3 6,729 6,729 — — 9,012 9,012 Payments under the revolving lines of credit (2,322 ) (2,322 ) (14 ) (14 ) (6,768 ) (6,768 ) — — (9,104 ) (9,104 ) Capital contributions received — — — — 938 938 (938 ) (938 ) — — Loan to Parent / Guarantor From Non-Guarantor 253 253 — — — — (253 ) (253 ) — — Payment of dividends and return of capital (482 ) (482 ) — — (2,233 ) (2,233 ) 2,233 2,233 (482 ) (482 ) Payment of financing costs (9 ) (9 ) (10 ) (10 ) (35 ) (35 ) — — (54 ) (54 ) Other 5 5 — — — — — — 5 5 Net cash provided by (used in) financing activities (59 ) (59 ) (21 ) (21 ) (777 ) (777 ) 1,042 1,042 185 185 Effect of foreign exchange rate changes on cash and cash equivalents — — — — — — — — — — Net change in cash and cash equivalents during the period 51 37 (2 ) — (172 ) (167 ) — — (123 ) (130 ) Cash and cash equivalents at beginning of period k 25 25 7 6 514 510 — — 546 541 Cash and cash equivalents at end of period k $ 76 $ 62 $ 5 $ 6 $ 342 $ 343 $ — $ — $ 423 $ 411 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2012 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Ref As Reported As Restated As Reported As Restated As Reported As Restated As Reported As Restated As Reported As Restated Net cash provided by (used in) operating activities a, b, c, d, e, f, g, i, j, k, m, n, o, q, r, s $ (878 ) $ (876 ) $ 601 $ 603 $ 3,793 $ 3,792 $ (776 ) $ (776 ) $ 2,740 $ 2,743 Cash flows from investing activities: Net change in restricted cash and cash equivalents k 12 12 11 5 (264 ) (254 ) — — (241 ) (237 ) Revenue earning equipment expenditures r (88 ) (86 ) (765 ) (765 ) (8,760 ) (8,760 ) — — (9,613 ) (9,611 ) Proceeds from disposal of revenue earning equipment h, r 80 76 276 278 6,769 6,769 — — 7,125 7,123 Capital asset expenditures, non-fleet i, r (173 ) (174 ) (34 ) (34 ) (90 ) (90 ) — — (297 ) (298 ) Proceeds from disposal of property and equipment i 67 70 12 12 43 43 — — 122 125 Capital contributions to subsidiaries (2,990 ) (2,990 ) — — — — 2,990 2,990 — — Return of capital from subsidiaries 3,106 3,106 100 100 — — (3,206 ) (3,206 ) — — Loan to Parent / Guarantor from Non-Guarantor — — — — (385 ) (385 ) 385 385 — — Acquisitions, net of cash acquired (1,708 ) (1,708 ) (197 ) (197 ) — — — — (1,905 ) (1,905 ) Proceeds from disposal of business — — — — 85 84 — — 85 84 Repayments of loans with Hertz Global Holdings, Inc. (25 ) (25 ) — — — — — — (25 ) (25 ) Proceeds from loans with Hertz Global Holdings, Inc. 12 12 — — — — — — 12 12 Other r — — — — (3 ) (2 ) — — (3 ) (2 ) Net cash provided by (used in) investing activities (1,707 ) (1,707 ) (597 ) (601 ) (2,605 ) (2,595 ) 169 169 (4,740 ) (4,734 ) Cash flows from financing activities: Proceeds from issuance of long-term debt 2,210 2,210 — — 27 27 — — 2,237 2,237 Payment of long-term debt (650 ) (650 ) — — (302 ) (302 ) — — (952 ) (952 ) Short-term borrowings: Proceeds — — — — 438 438 — — 438 438 Payments (27 ) (27 ) — — (1,253 ) (1,253 ) — — (1,280 ) (1,280 ) Proceeds under the revolving lines of credit 2,820 2,820 4 4 3,640 3,640 — — 6,464 6,464 Payments under the revolving lines of credit (2,599 ) (2,599 ) (5 ) (5 ) (2,586 ) (2,586 ) — — (5,190 ) (5,190 ) Capital contributions received — — — — 2,990 2,990 (2,990 ) (2,990 ) — — Loan to Parent / Guarantor From Non-Guarantor 385 385 — — — — (385 ) (385 ) — — Payment of dividends and return of capital (25 ) (25 ) — — (3,982 ) (3,982 ) 3,982 3,982 (25 ) (25 ) Purchase of noncontrolling interest (38 ) (38 ) — — — — — — (38 ) (38 ) Payment of financing costs (35 ) (35 ) (3 ) (3 ) (11 ) (11 ) — — (49 ) (49 ) Other 4 3 — — — — — — 4 3 Net cash provided by (used in) financing activities 2,045 2,044 (4 ) (4 ) (1,039 ) (1,039 ) 607 607 1,609 1,608 Effect of foreign exchange rate changes on cash and cash equivalents — — — — 6 6 — — 6 6 Net change in cash and cash equivalents during the period (540 ) (539 ) — (2 ) 155 164 — — (385 ) (377 ) Cash and cash equivalents at beginning of period k 565 564 7 8 359 346 — — 931 918 Cash and cash equivalents at end of period k $ 25 $ 25 $ 7 $ 6 $ 514 $ 510 $ — $ — $ 546 $ 541

Quarterly Financial Informati48

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Operating Results	) QUARTERLY CONSOLIDATED BALANCE SHEET (In millions, except par value and share data) March 31, 2013 As Previously Reported Revision Adjustment As Revised Restatement Adjustment Ref As Restated ASSETS Cash and cash equivalents $ 654 $ (1 ) $ 653 $ (3 ) k $ 650 Restricted cash and cash equivalents 425 — 425 (10 ) k 415 Receivables, net of allowance of $58 1,554 (14 ) 1,540 (92 ) a, b, c, d, e, g, j, m, r 1,448 Due from Hertz Global Holdings, Inc. 13 — 13 — 13 Inventories, net 110 — 110 (3 ) p, r 107 Prepaid expenses and other assets 549 (4 ) 545 (2 ) n, r 543 Revenue earning equipment: Cars 13,695 (52 ) 13,643 (11 ) j, p 13,632 Less accumulated depreciation - cars (1,995 ) 40 (1,955 ) (3 ) j, r (1,958 ) Other equipment 3,313 — 3,313 23 h, p 3,336 Less accumulated depreciation - other equipment (1,044 ) — (1,044 ) (16 ) h (1,060 ) Revenue earning equipment, net 13,969 (12 ) 13,957 (7 ) 13,950 Property and equipment: Land, buildings and leasehold improvements 1,303 — 1,303 (79 ) i, l, r, q 1,224 Service equipment and other 1,242 — 1,242 (209 ) i, l 1,033 Less accumulated depreciation (1,087 ) — (1,087 ) 96 i, l, r (991 ) Property and equipment, net 1,458 — 1,458 (192 ) 1,266 Other intangible assets, net 4,002 (2 ) 4,000 161 l, r 4,161 Goodwill 1,353 (10 ) 1,343 3 q 1,346 Total assets $ 24,087 $ (43 ) $ 24,044 $ (145 ) $ 23,899 LIABILITIES AND EQUITY Accounts payable $ 1,305 — $ 1,305 $ 32 k, p $ 1,337 Accrued liabilities 1,206 (6 ) 1,200 60 f, g, j, m, o, q, t 1,260 Accrued taxes, net 192 — 192 (46 ) r, s, u 146 Debt 15,876 — 15,876 — 15,876 Public liability and property damage 321 — 321 1 r 322 Deferred taxes on income, net 2,726 (14 ) 2,712 (25 ) s, u 2,687 Total liabilities 21,626 (20 ) 21,606 22 21,628 Commitments and contingencies Equity: Common Stock, $0.01 par value, 3,000 shares authorized, 100 shares issued and outstanding — — — — — Additional paid-in capital 3,519 — 3,519 1 r 3,520 Accumulated deficit (1,007 ) (23 ) (1,030 ) (169 ) a-t (1,199 ) Accumulated other comprehensive loss (51 ) — (51 ) 1 q, t (50 ) Total equity 2,461 (23 ) 2,438 (167 ) 2,271 Total liabilities and equity $ 24,087 $ (43 ) $ 24,044 $ (145 ) $ 23,899 (2) QUARTERLY CONSOLIDATED BALANCE SHEET (In millions, except par value and share data) June 30, 2013 As Previously Reported Revision Adjustment As Revised Restatement Adjustment Ref As Restated ASSETS — Cash and cash equivalents $ 483 $ (1 ) $ 482 $ (15 ) k $ 467 Restricted cash and cash equivalents 393 — 393 (3 ) k 390 Receivables, net of allowance of $56 1,656 (16 ) 1,640 (95 ) a, b, c, d, e, g, j, m, r 1,545 Due from Hertz Global Holdings, Inc. 1 — 1 — 1 Inventories, net 128 — 128 (1 ) p, r 127 Prepaid expenses and other assets 762 (3 ) 759 (4 ) n, r 755 Revenue earning equipment: Cars 15,490 (63 ) 15,427 (9 ) j, p 15,418 Less accumulated depreciation - cars (2,169 ) 49 (2,120 ) (5 ) j, r (2,125 ) Other equipment 3,425 — 3,425 27 h, p 3,452 Less accumulated depreciation - other equipment (1,040 ) — (1,040 ) (22 ) h (1,062 ) Revenue earning equipment, net 15,706 (14 ) 15,692 (9 ) 15,683 Property and equipment: Land, buildings and leasehold improvements 1,334 — 1,334 (93 ) i, l, r, q 1,241 Service equipment and other 1,258 — 1,258 (217 ) i, l 1,041 Less accumulated depreciation (1,126 ) — (1,126 ) 105 i, l, r (1,021 ) Property and equipment, net 1,466 — 1,466 (205 ) 1,261 Other intangible assets, net 3,969 (2 ) 3,967 169 l, r 4,136 Goodwill 1,366 (7 ) 1,359 4 q 1,363 Total assets $ 25,930 $ (43 ) $ 25,887 $ (159 ) $ 25,728 LIABILITIES AND EQUITY Accounts payable $ 1,484 $ 1 $ 1,485 35 k, p $ 1,520 Accrued liabilities 1,181 2 1,183 59 f, g, j, m, o, q, t 1,242 Accrued taxes, net 184 (1 ) 183 (45 ) r, s, u 138 Debt 17,394 — 17,394 — 17,394 Public liability and property damage 328 — 328 — r 328 Deferred taxes on income, net 2,787 (20 ) 2,767 (28 ) s, u 2,739 Total liabilities 23,358 (18 ) 23,340 21 23,361 Commitments and contingencies Equity: — Common Stock, $0.01 par value, 3,000 shares authorized, 100 shares issued and outstanding — — — — — Additional paid-in capital 3,534 (2 ) 3,532 1 r 3,533 Accumulated deficit (889 ) (23 ) (912 ) (179 ) a-t (1,091 ) Accumulated other comprehensive loss (73 ) — (73 ) (2 ) q, t (75 ) Total equity 2,572 (25 ) 2,547 (180 ) 2,367 Total liabilities and equity $ 25,930 $ (43 ) $ 25,887 $ (159 ) $ 25,728 (3) QUARTERLY CONSOLIDATED BALANCE SHEET (In millions) September 30, 2013 As Previously Reported Revision Adjustment As Revised Restatement Adjustment Ref As Restated ASSETS Cash and cash equivalents $ 548 $ (1 ) $ 547 $ (42 ) k $ 505 Restricted cash and cash equivalents 521 — 521 1 k 522 Receivables, net of allowance of $67 1,701 (16 ) 1,685 (88 ) a, b, c, d, e, g, j, m, r 1,597 Due from Hertz Global Holdings, Inc. 11 — 11 — 11 Inventories, net 107 — 107 (3 ) p, r 104 Prepaid expenses and other assets 677 (4 ) 673 (7 ) n, r 666 Revenue earning equipment: Cars 15,245 (70 ) 15,175 2 j, p 15,177 Less accumulated depreciation - cars (2,440 ) 50 (2,390 ) (6 ) j, r (2,396 ) Other equipment 3,487 — 3,487 27 h, p 3,514 Less accumulated depreciation - other equipment (1,077 ) — (1,077 ) (25 ) h (1,102 ) Revenue earning equipment, net 15,215 (20 ) 15,195 (2 ) 15,193 Property and equipment: Land, buildings and leasehold improvements 1,350 1 1,351 (67 ) i, l, r, q 1,284 Service equipment and other 1,221 — 1,221 (271 ) i, l 950 Less accumulated depreciation (1,080 ) — (1,080 ) 122 i, l, r (958 ) Property and equipment, net 1,491 1 1,492 (216 ) 1,276 Other intangible assets, net 3,945 — 3,945 181 l, r 4,126 Goodwill 1,366 (7 ) 1,359 4 q 1,363 Total assets $ 25,582 $ (47 ) $ 25,535 $ (172 ) $ 25,363 LIABILITIES AND EQUITY Accounts payable $ 952 $ 1 953 28 k, p $ 981 Accrued liabilities 1,284 5 1,289 67 f, g, j, m, o, q, t 1,356 Accrued taxes, net 228 (1 ) 227 (45 ) r, s, u 182 Debt 17,055 — 17,055 — 17,055 Public liability and property damage 347 — 347 — r 347 Deferred taxes on income, net 2,865 (22 ) 2,843 (31 ) s, u 2,812 Total liabilities 22,731 (17 ) 22,714 19 22,733 Commitments and contingencies Equity: Common Stock, $0.01 par value, 3,000 shares authorized, 100 shares issued and outstanding — — — — — Additional paid-in capital 3,549 (2 ) 3,547 1 r 3,548 Accumulated deficit (647 ) (28 ) (675 ) (186 ) a-t (861 ) Accumulated other comprehensive loss (51 ) — (51 ) (6 ) q, t (57 ) Total equity 2,851 (30 ) 2,821 (191 ) 2,630 Total liabilities and equity $ 25,582 $ (47 ) $ 25,535 $ (172 ) $ 25,363 (4) QUARTERLY CONSOLIDATED STATEMENT OF OPERATIONS (In millions) For the Three Months Ended March 31, 2013 As Previously Reported Revision Adjustment As Revised Restatement Adjustment Ref As Restated Revenues: Worldwide car rental $ 1,957 $ — $ 1,957 $ (2 ) a, b, g, m, r $ 1,955 Worldwide equipment rental 351 — 351 2 c, r 353 All other operations 128 1 129 — 129 Total revenues 2,436 1 2,437 — 2,437 Expenses: Direct operating 1,351 7 1,358 6 d, e, f, j, m, n, o, p, q, r, t 1,364 Depreciation of revenue earning equipment and lease charges, net 587 (7 ) 580 9 r 589 Selling, general and administrative 252 (4 ) 248 2 a, b, c, d, e, i, j, o, p, q, r 250 Interest expense, net 161 — 161 — r 161 Other expense, net (1 ) 3 2 (2 ) r — Total expenses 2,350 (1 ) 2,349 15 2,364 Income (loss) before income taxes 86 2 88 (15 ) 73 (Provision) benefit for taxes on income (60 ) (4 ) (64 ) 5 s (59 ) Net income (loss) $ 26 $ (2 ) $ 24 $ (10 ) $ 14 (5) QUARTERLY CONSOLIDATED STATEMENT OF OPERATIONS (In millions) For the Three Months Ended June 30, 2013 As Previously Reported Revision Adjustment As Revised Restatement Adjustment Ref As Restated Revenues: Worldwide car rental $ 2,195 $ — $ 2,195 $ 2 a, b, g, m, r $ 2,197 Worldwide equipment rental 384 — 384 (3 ) c, r 381 All other operations 136 (6 ) 130 — 130 Total revenues 2,715 (6 ) 2,709 (1 ) 2,708 Expenses: Direct operating 1,406 8 1,414 3 d, e, f, j, m, n, o, p, q, r, t 1,417 Depreciation of revenue earning equipment and lease charges, net 641 (13 ) 628 4 r 632 Selling, general and administrative 275 5 280 7 a, b, c, d, e, i, j, o, p, q, r 287 Interest expense, net 168 — 168 — r 168 Other income, net (1 ) — (1 ) (1 ) r (2 ) Total expenses 2,489 — 2,489 13 2,502 Income (loss) before income taxes 226 (6 ) 220 (14 ) 206 (Provision) benefit for taxes on income (96 ) 6 (90 ) 4 s (86 ) Net income (loss) $ 130 $ — $ 130 $ (10 ) $ 120 (6) QUARTERLY CONSOLIDATED STATEMENT OF OPERATIONS (In millions) For the Six Months Ended June 30, 2013 As Previously Reported Revision Adjustment As Revised Restatement Adjustment Ref As Restated Revenues: Worldwide car rental $ 4,152 $ — $ 4,152 $ 1 a, b, g, m, r $ 4,153 Worldwide equipment rental 735 — 735 (1 ) c, r 734 All other operations 264 (5 ) 259 (1 ) 258 Total revenues 5,151 (5 ) 5,146 (1 ) 5,145 Expenses: Direct operating 2,757 16 2,773 8 d, e, f, j, m, n, o, p, q, r, t 2,781 Depreciation of revenue earning equipment and lease charges, net 1,228 (20 ) 1,208 12 r 1,220 Selling, general and administrative 528 1 529 9 a, b, c, d, e, i, j, o, p, q, r 538 Interest expense, net 329 — 329 — r 329 Other (income) expense, net (2 ) 2 — (2 ) r (2 ) Total expenses 4,840 (1 ) 4,839 27 4,866 Income (loss) before income taxes 311 (4 ) 307 (28 ) 279 (Provision) benefit for taxes on income (155 ) 2 (153 ) 8 s (145 ) Net income (loss) $ 156 $ (2 ) $ 154 $ (20 ) $ 134 (7) QUARTERLY CONSOLIDATED STATEMENT OF OPERATIONS (In millions) For the Three Months Ended September 30, 2013 As Previously Reported Revision Adjustment As Revised Restatement Adjustment Ref As Restated Revenues: Worldwide car rental $ 2,534 $ — $ 2,534 $ 4 a, b, g, m, r $ 2,538 Worldwide equipment rental 402 — 402 1 c, r 403 All other operations 134 — 134 — 134 Total revenues 3,070 — 3,070 5 3,075 Expenses: Direct operating 1,525 15 1,540 7 d, e, f, j, m, n, o, p, q, r, t 1,547 Depreciation of revenue earning equipment and lease charges, net 677 (2 ) 675 (3 ) r 672 Selling, general and administrative 278 (6 ) 272 10 a, b, c, d, e, i, j, o, p, q, r 282 Interest expense, net 173 — 173 — r 173 Other expense, net 44 — 44 — r 44 Total expenses 2,697 7 2,704 14 2,718 Income (loss) before income taxes 373 (7 ) 366 (9 ) 357 (Provision) benefit for taxes on income (131 ) 2 (129 ) 1 s (128 ) Net income (loss) $ 242 $ (5 ) $ 237 $ (8 ) $ 229 (8) QUARTERLY CONSOLIDATED STATEMENT OF OPERATIONS (In millions) For the Nine Months Ended September 30, 2013 As Previously Reported Revision Adjustment As Revised Restatement Adjustment Ref As Restated Revenues: Worldwide car rental $ 6,686 $ — $ 6,686 $ 4 a, b, g, m, r $ 6,690 Worldwide equipment rental 1,137 — 1,137 1 c, r 1,138 All other operations 397 (5 ) 392 — 392 Total revenues 8,220 (5 ) 8,215 5 8,220 Expenses: Direct operating 4,283 30 4,313 15 d, e, f, j, m, n, o, p, q, r, t 4,328 Depreciation of revenue earning equipment and lease charges, net 1,905 (23 ) 1,882 11 r 1,893 Selling, general and administrative 803 (3 ) 800 19 a, b, c, d, e, i, j, o, p, q, r 819 Interest expense, net 501 — 501 1 r 502 Other expense, net 43 2 45 (3 ) r 42 Total expenses 7,535 6 7,541 43 7,584 Income (loss) before income taxes 685 (11 ) 674 (38 ) 636 (Provision) benefit for taxes on income (287 ) 4 (283 ) 11 s (272 ) Net income (loss) $ 398 $ (7 ) $ 391 $ (27 ) $ 364 (9) QUARTERLY CONSOLIDATED STATEMENT OF OPERATIONS (In millions) For the Three Months Ended December 31, 2013 As Previously Reported Revision Adjustment As Revised Restatement Adjustment Ref As Restated Revenues: Worldwide car rental $ 2,020 $ — $ 2,020 $ (1 ) a, b, g, m, r $ 2,019 Worldwide equipment rental 401 — 401 — c, r 401 All other operations 135 — 135 — 135 Total revenues 2,556 — 2,556 (1 ) 2,555 Expenses: Direct operating 1,439 — 1,439 10 d, e, f, j, m, n, o, p, q, r, t 1,449 Depreciation of revenue earning equipment and lease charges, net 643 — 643 (2 ) r 641 Selling, general and administrative 222 — 222 12 a, b, c, d, e, i, j, o, p, q, r 234 Interest expense, net 166 — 166 2 r 168 Other expense, net 21 — 21 — r 21 Total expenses 2,491 — 2,491 22 2,513 Income (loss) before income taxes 65 — 65 (23 ) 42 (Provision) benefit for taxes on income (62 ) — (62 ) 6 s (56 ) Net loss $ 3 $ — $ 3 $ (17 ) $ (14 ) (10) QUARTERLY CONSOLIDATED STATEMENT OF CASH FLOWS (In millions) For the Three Months Ended March 31, 2013 As Previously Reported Revision Adjustment As Revised Restatement Adjustment Ref As Restated Cash flows from operating activities: Net income (loss) $ 26 $ (2 ) $ 24 $ (10 ) a, b, c, d, e, f, g, i, j, m ,n, o, p, q, r, s $ 14 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation of revenue earning equipment, net 571 (6 ) 565 7 f, r, j 572 Depreciation and amortization, non-fleet assets 81 — 81 3 i, r 84 Amortization and write-off of deferred financing costs 11 — 11 — 11 Amortization and write-off of debt discount (1 ) — (1 ) — (1 ) Stock-based compensation charges 8 — 8 — 8 Loss on extinguishment of debt — — — — — Provision for receivables allowance 20 — 20 1 a, b, c, d, e, g, j, r 21 Deferred taxes on income 41 — 41 (4 ) r, s 37 Impairment charges and asset write-downs — — — — — Other (3 ) 3 — (1 ) r (1 ) Changes in assets and liabilities, net of effects of acquisition: Receivables (40 ) 8 (32 ) (11 ) a, b, c, d, e, g, j, r (43 ) Inventories, prepaid expenses and other assets (47 ) 22 (25 ) 1 n, r (24 ) Accounts payable 38 — 38 8 k, p, r 46 Accrued liabilities 19 3 22 5 o, q, r 27 Accrued taxes 25 (24 ) 1 — s, j 1 Public liability and property damage (10 ) — (10 ) — r (10 ) Net cash provided by (used in) operating activities 739 4 743 (1 ) 742 Cash flows from investing activities: Net change in restricted cash and cash equivalents 143 (20 ) 123 4 k 127 Revenue earning equipment expenditures (3,253 ) 3 (3,250 ) (4 ) h (3,254 ) Proceeds from disposal of revenue earning equipment 2,238 — 2,238 (2 ) h, f, r 2,236 Capital asset expenditures, non-fleet (80 ) (1 ) (81 ) 3 i, r, p (78 ) Proceeds from disposal of property and equipment 23 — 23 1 i 24 Acquisitions, net of cash acquired (3 ) — (3 ) — (3 ) Repayments of loans with Hertz Global Holdings, Inc. (17 ) — (17 ) — (17 ) Proceeds from loans with Hertz Global Holdings, Inc. 16 — 16 — 16 Other investing activities — — — — — Net cash provided by (used in) investing activities (933 ) (18 ) (951 ) 2 (949 ) QUARTERLY CONSOLIDATED STATEMENT OF CASH FLOWS (Continued) (In millions) For the Three Months Ended March 31, 2013 As Previously Reported Revision Adjustment As Revised Restatement Adjustment Ref As Restated Cash flows from financing activities: Proceeds from issuance of long-term debt 1,202 — 1,202 — 1,202 Repayments of long-term debt (299 ) — (299 ) — (299 ) Short-term borrowings: — Proceeds 129 — 129 — 129 Payments (195 ) — (195 ) — (195 ) Proceeds under the revolving lines of credit 1,579 — 1,579 — 1,579 Payments under the revolving lines of credit (1,611 ) — (1,611 ) — (1,611 ) Payment of financing costs (15 ) — (15 ) — (15 ) Dividend paid to Hertz Global Holdings, Inc. (467 ) — (467 ) — (467 ) Other — — — 1 1 Net cash provided by financing activities 323 — 323 1 324 Effect of foreign exchange rate changes on cash and cash equivalents (8 ) — (8 ) — (8 ) Net change in cash and cash equivalents during the period 121 (14 ) 107 2 109 Cash and cash equivalents at beginning of period 533 13 546 (5 ) k 541 Cash and cash equivalents at end of period $ 654 $ (1 ) $ 653 $ (3 ) k $ 650 (11) QUARTERLY CONSOLIDATED STATEMENT OF CASH FLOWS (In millions) For the Six Months Ended June 30, 2013 As Previously Reported Revision Adjustment As Revised Restatement Adjustment Ref As Restated Cash flows from operating activities: Net income (loss) $ 156 $ (2 ) $ 154 $ (20 ) a, b, c, d, e, f, g, i, j, m ,n, o, p, q, r, s $ 134 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation of revenue earning equipment, net 1,195 (21 ) 1,174 12 f, r, j 1,186 Depreciation and amortization, non-fleet assets 163 — 163 4 i, r 167 Amortization and write-off of deferred financing costs 25 — 25 — 25 Amortization and write-off of debt discount (3 ) — (3 ) — (3 ) Stock-based compensation charges 20 (2 ) 18 — 18 Loss on extinguishment of debt — — — — — Provision for receivables allowance 33 — 33 2 a, b, c, d, e, g, j, r 35 Deferred taxes on income 104 (2 ) 102 (9 ) r, s 93 Impairment charges and asset write-downs 2 — 2 — 2 Other (6 ) 1 (5 ) 1 r (4 ) Changes in assets and liabilities, net of effects of acquisition: Receivables (239 ) 8 (231 ) 2 a, b, c, d, e, g, j, r (229 ) Inventories, prepaid expenses and other assets (64 ) 24 (40 ) (1 ) n, r (41 ) Accounts payable 85 — 85 4 k, p, r 89 Accrued liabilities (6 ) 10 4 1 o, q, r 5 Accrued taxes 16 (27 ) (11 ) — s, j (11 ) Public liability and property damage (15 ) — (15 ) — r (15 ) Net cash provided by (used in) operating activities 1,466 (11 ) 1,455 (4 ) 1,451 Cash flows from investing activities: Net change in restricted cash and cash equivalents 175 (20 ) 155 (2 ) k 153 Revenue earning equipment expenditures (6,826 ) 17 (6,809 ) (3 ) h (6,812 ) Proceeds from disposal of revenue earning equipment 3,743 — 3,743 (5 ) h, f, r 3,738 Capital asset expenditures, non-fleet (168 ) — (168 ) 2 i, r, p (166 ) Proceeds from disposal of property and equipment 43 — 43 2 i 45 Acquisitions, net of cash acquired (16 ) — (16 ) 2 (14 ) Equity method investment (213 ) — (213 ) — (213 ) Repayments of loans with Hertz Global Holdings, Inc. (25 ) — (25 ) — (25 ) Proceeds from loans with Hertz Global Holdings, Inc. 37 — 37 — 37 Other investing activities (2 ) — (2 ) (2 ) r (4 ) Net cash provided by (used in) investing activities (3,252 ) (3 ) (3,255 ) (6 ) (3,261 ) QUARTERLY CONSOLIDATED STATEMENT OF CASH FLOWS (Continued) (In millions) For the Six Months Ended June 30, 2013 As Previously Reported Revision Adjustment As Revised Restatement Adjustment Ref As Restated Cash flows from financing activities: Proceeds from issuance of long-term debt 1,204 — 1,204 — 1,204 Repayments of long-term debt (321 ) — (321 ) — (321 ) Short-term borrowings: — Proceeds 332 — 332 — 332 Payments (436 ) — (436 ) — (436 ) Proceeds under the revolving lines of credit 3,680 — 3,680 — 3,680 Payments under the revolving lines of credit (2,218 ) — (2,218 ) — (2,218 ) Payment of financing costs (21 ) — (21 ) 1 (20 ) Dividend paid to Hertz Global Holdings, Inc. (480 ) — (480 ) — (480 ) Other 4 — 4 — 4 Net cash provided by financing activities 1,744 — 1,744 1 1,745 Effect of foreign exchange rate changes on cash and cash equivalents (8 ) — (8 ) (1 ) (9 ) Net change in cash and cash equivalents during the period (50 ) (14 ) (64 ) (10 ) (74 ) Cash and cash equivalents at beginning of period 533 13 546 (5 ) k 541 Cash and cash equivalents at end of period $ 483 $ (1 ) $ 482 $ (15 ) k $ 467 (12) QUARTERLY CONSOLIDATED STATEMENT OF CASH FLOWS (In millions) For the Nine Months Ended September 30, 2013 As Previously Reported Revision Adjustment As Revised Restatement Adjustment As Restated Cash flows from operating activities: Net income (loss) $ 398 $ (7 ) $ 391 $ (27 ) a, b, c, d, e, f, g, i, j, m ,n, o, p, q, r, s $ 364 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation of revenue earning equipment, net 1,847 (22 ) 1,825 8 f, r, j 1,833 Depreciation and amortization, non-fleet assets 241 — 241 8 i, r 249 Amortization and write-off of deferred financing costs 41 — 41 — 41 Amortization and write-off of debt discount (5 ) — (5 ) — (5 ) Stock-based compensation charges 33 (2 ) 31 — 31 Loss on extinguishment of debt — — — — — Provision for receivables allowance 56 — 56 3 a, b, c, d, e, g, j, r 59 Deferred taxes on income 192 (5 ) 187 (10 ) r, s 177 Gain on sale of property and equipment — — — — Impairment charges and asset write-downs 40 2 42 — r 42 Other (4 ) (2 ) (6 ) 2 (4 ) Changes in assets and liabilities, net of effects of acquisition: Receivables (183 ) 8 (175 ) (7 ) a, b, c, d, e, g, j, r (182 ) Inventories, prepaid expenses and other assets (26 ) 26 — (2 ) n, r (2 ) Accounts payable 92 1 93 (5 ) k, p, r 88 Accrued liabilities 101 12 113 5 o, q, r 118 Accrued taxes 52 (26 ) 26 — s, j 26 Public liability and property damage (2 ) — (2 ) — r (2 ) Net cash provided by (used in) operating activities 2,873 (15 ) 2,858 (25 ) 2,833 Cash flows from investing activities: Net change in restricted cash and cash equivalents 50 (20 ) 30 (6 ) k 24 Revenue earning equipment expenditures (9,341 ) 22 (9,319 ) 1 h (9,318 ) Proceeds from disposal of revenue earning equipment 5,669 — 5,669 (8 ) h, f, r 5,661 Capital asset expenditures, non-fleet (246 ) — (246 ) (4 ) i, r, p (250 ) Proceeds from disposal of property and equipment 62 — 62 4 i 66 Acquisitions, net of cash acquired (14 ) — (14 ) — (14 ) Equity method investment (213 ) — (213 ) — (213 ) Repayments of loans with Hertz Global Holdings, Inc. (39 ) — (39 ) — (39 ) Proceeds from loans with Hertz Global Holdings, Inc. 40 — 40 — 40 Other investing activities (3 ) (1 ) (4 ) 1 r (3 ) Net cash provided by (used in) investing activities (4,035 ) 1 (4,034 ) (12 ) (4,046 ) QUARTERLY CONSOLIDATED STATEMENT OF CASH FLOWS (Continued) (In millions) For the Nine Months Ended September 30, 2013 As Previously Reported Revision Adjustment As Revised Restatement Adjustment Ref As Restated Cash flows from financing activities: Proceeds from issuance of long-term debt 1,208 — 1,208 — 1,208 Repayments of long-term debt (371 ) — (371 ) — (371 ) Short-term borrowings: Proceeds 472 — 472 — 472 Payments (711 ) — (711 ) — (711 ) Proceeds under the revolving lines of credit 5,250 — 5,250 — 5,250 Payments under the revolving lines of credit (4,167 ) — (4,167 ) — (4,167 ) Payment of financing costs (27 ) — (27 ) — (27 ) Dividend paid to Hertz Global Holdings, Inc. (480 ) — (480 ) — (480 ) Other 5 — 5 — 5 Net cash provided by financing activities 1,179 — 1,179 — 1,179 Effect of foreign exchange rate changes on cash and cash equivalents (2 ) — (2 ) — (2 ) Net change in cash and cash equivalents during the period 15 (14 ) 1 (37 ) (36 ) Cash and cash equivalents at beginning of period 533 13 546 (5 ) k 541 Cash and cash equivalents at end of period $ 548 $ (1 ) $ 547 $ (42 ) k $ 505 Quarterly Financial Information (Unaudited) As further described in Note 2 - "Restatement," in lieu of filing quarterly reports on Form 10-Q for 2014, quarterly financial data for 2014 and 2013 (as restated) is included in this Annual Report in the tables that follow. Amounts are computed independently each quarter, therefore, the s um of the quarterly amounts may not equal the total amount for the respective year due to rounding. QUARTERLY CONSOLIDATED BALANCE SHEETS (In millions, except par value and share data) March 31, 2014 June 30, 2014 September 30, 2014 ASSETS Cash and cash equivalents $ 498 $ 540 $ 629 Restricted cash and cash equivalents 453 717 748 Receivables, net of allowance of $69, $70 and $66, respectively 1,344 1,511 1,702 Due from Hertz Global Holdings, Inc. 114 95 96 Inventories, net 94 103 94 Prepaid expenses and other assets 818 772 786 Revenue earning equipment, at cost: Cars 14,995 16,553 15,809 Less accumulated depreciation - cars (2,931 ) (3,244 ) (3,491 ) Other equipment 3,585 3,695 3,707 Less accumulated depreciation - other equipment (1,144 ) (1,175 ) (1,173 ) Revenue earning equipment, net 14,505 15,829 14,852 Property and equipment: Land, buildings and leasehold improvements 1,282 1,319 1,325 Service equipment and other 1,051 1,066 1,067 Less accumulated depreciation (1,051 ) (1,108 ) (1,128 ) Property and equipment, net 1,282 1,277 1,264 Other intangible assets, net 4,100 4,067 4,049 Goodwill 1,353 1,353 1,349 Total assets $ 24,562 $ 26,264 $ 25,569 LIABILITIES AND EQUITY Accounts payable $ 1,307 $ 1,705 $ 1,078 Accrued liabilities 1,166 1,078 1,156 Accrued taxes, net 160 155 191 Debt 16,042 17,310 16,986 Public liability and property damage 366 378 385 Deferred taxes on income, net 2,917 2,941 2,963 Total liabilities 21,958 23,567 22,759 Commitments and contingencies — — — Equity: The Hertz Corporation and Subsidiaries stockholder's equity Common Stock, $0.01 par value, 3,000 shares authorized, 100 shares issued and outstanding — — — Additional paid-in capital 3,562 3,570 3,570 Accumulated deficit (945 ) (872 ) (722 ) Accumulated other comprehensive loss (13 ) (1 ) (38 ) Total equity 2,604 2,697 2,810 Total liabilities and equity $ 24,562 $ 26,264 $ 25,569 QUARTERLY CONSOLIDATED BALANCE SHEETS (In millions, except par value and share data) (As Restated) March 31, 2013 (1) June 30, 2013 (2) September 30, 2013 (3) ASSETS Cash and cash equivalents $ 650 $ 467 $ 505 Restricted cash and cash equivalents 415 390 522 Receivables, net of allowance of $58, $56 and $67, respectively 1,448 1,545 1,597 Due from Hertz Global Holdings, Inc. 13 1 11 Inventories, net 107 127 104 Prepaid expenses and other assets 543 755 666 Revenue earning equipment: Cars 13,632 15,418 15,177 Less accumulated depreciation - cars (1,958 ) (2,125 ) (2,396 ) Other equipment 3,336 3,452 3,514 Less accumulated depreciation - other equipment (1,060 ) (1,062 ) (1,102 ) Revenue earning equipment, net 13,950 15,683 15,193 Property and equipment: Land, buildings and leasehold improvements 1,224 1,241 1,284 Service equipment and other 1,033 1,041 950 Less accumulated depreciation (991 ) (1,021 ) (958 ) Property and equipment, net 1,266 1,261 1,276 Other intangible assets, net 4,161 4,136 4,126 Goodwill 1,346 1,363 1,363 Total assets $ 23,899 $ 25,728 $ 25,363 LIABILITIES AND EQUITY Accounts payable $ 1,337 $ 1,520 $ 981 Accrued liabilities 1,260 1,242 1,356 Accrued taxes, net 146 138 182 Debt 15,876 17,394 17,055 Public liability and property damage 322 328 347 Deferred taxes on income, net 2,687 2,739 2,812 Total liabilities 21,628 23,361 22,733 Commitments and contingencies Equity: The Hertz Corporation and Subsidiaries stockholder's equity Common Stock, $0.01 par value, 3,000 shares authorized, 100 shares issued and outstanding — — — Additional paid-in capital 3,520 3,533 3,548 Accumulated deficit (1,199 ) (1,091 ) (861 ) Accumulated other comprehensive loss (50 ) (75 ) (57 ) Total equity 2,271 2,367 2,630 Total liabilities and equity $ 23,899 $ 25,728 $ 25,363 QUARTERLY CONSOLIDATED STATEMENTS OF OPERATIONS (In millions) First Second Year to Date Second Quarter Third Year to Date Third Quarter Fourth 2014 2014 2014 2014 2014 2014 Revenues: Worldwide car rental $ 2,039 $ 2,304 $ 4,343 $ 2,563 $ 6,907 $ 2,000 Worldwide equipment rental 358 384 743 413 1,155 416 All other operations 139 142 280 145 425 143 Total revenues 2,536 2,830 5,366 3,121 8,487 2,559 Expenses: Direct operating 1,443 1,594 3,037 1,702 4,738 1,575 Depreciation of revenue earning equipment and lease charges, net 726 708 1,434 746 2,180 853 Selling, general and administrative 276 265 541 303 844 246 Interest expense, net 153 162 315 163 479 163 Other (income) expense, net (3 ) (22 ) (25 ) 3 (22 ) 6 Total expenses 2,595 2,707 5,302 2,917 8,219 2,843 Income (loss) before income taxes (59 ) 123 64 204 268 (284 ) (Provision) benefit for taxes on income (loss) (8 ) (50 ) (58 ) (54 ) (112 ) 50 Net income (loss) $ (67 ) $ 73 $ 6 $ 150 $ 156 $ (234 ) QUARTERLY CONSOLIDATED STATEMENTS OF OPERATIONS (In millions) (As Restated) First Second Year to Date Second Quarter Third Year to Date Third Quarter Fourth 2013 (4) 2013 (5) 2013 (6) 2013 (7) 2013 (8) 2013 (9) Revenues: Worldwide car rental $ 1,955 $ 2,197 $ 4,153 $ 2,538 $ 6,690 $ 2,019 Worldwide equipment rental 353 381 734 403 1,138 401 All other operations 129 130 258 134 392 135 Total revenues 2,437 2,708 5,145 3,075 8,220 2,555 Expenses: Direct operating 1,364 1,417 2,781 1,547 4,328 1,449 Depreciation of revenue earning equipment and lease charges, net 589 632 1,220 672 1,893 641 Selling, general and administrative 250 287 538 282 819 234 Interest expense, net 161 168 329 173 502 168 Other (income) expense, net — (2 ) (2 ) 44 42 21 Total expenses 2,364 2,502 4,866 2,718 7,584 2,513 Income (loss) before income taxes 73 206 279 357 636 42 (Provision) benefit for taxes on income (loss) (59 ) (86 ) (145 ) (128 ) (272 ) (56 ) Net income (loss) $ 14 $ 120 $ 134 $ 229 $ 364 $ (14 ) QUARTERLY CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Three Months Ended March 31, 2014 Six Months Ended June 30, 2014 Nine Months Ended September 30, 2014 Cash flows from operating activities: Net income (loss) $ (67 ) $ 6 $ 156 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation of revenue earning equipment, net 707 1,393 2,119 Depreciation and amortization, non-fleet assets 90 180 272 Amortization and write-off of deferred financing costs 12 27 41 Amortization and write-off of debt discount (2 ) (4 ) (8 ) Stock-based compensation charges 8 13 14 Provision for receivables allowance 16 32 47 Deferred taxes on income (5 ) 23 33 Impairment charges and asset write-downs — 10 10 Other 2 (4 ) 3 Changes in assets and liabilities, net of effects of acquisition: Receivables (85 ) (284 ) (187 ) Inventories, prepaid expenses and other assets (25 ) (51 ) (58 ) Accounts payable 2 32 34 Accrued liabilities 75 (2 ) 153 Accrued taxes 16 7 57 Public liability and property damage 16 28 47 Net cash provided by (used in) operating activities 760 1,406 2,733 Cash flows from investing activities: Net change in restricted cash and cash equivalents 407 143 107 Revenue earning equipment expenditures (2,582 ) (5,996 ) (8,442 ) Proceeds from disposal of revenue earning equipment 1,859 3,717 5,316 Capital asset expenditures, non-fleet (75 ) (151 ) (232 ) Proceeds from disposal of property and equipment 25 45 67 Acquisitions, net of cash acquired (6 ) (6 ) (69 ) Equity method investment — — (30 ) Repayments of loans with Hertz Global Holdings, Inc. (14 ) (27 ) (28 ) Proceeds from loans with Hertz Global Holdings, Inc. — 25 25 Other investing activities — — — Net cash provided by (used in) investing activities (386 ) (2,250 ) (3,286 ) QUARTERLY CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (In millions) Three Months Ended March 31, 2014 Six Months Ended June 30, 2014 Nine Months Ended September 30, 2014 Cash flows from financing activities: Proceeds from issuance of long-term debt 400 414 400 Repayments of long-term debt (92 ) (97 ) (207 ) Short-term borrowings: Proceeds 169 269 528 Payments (259 ) (369 ) (537 ) Proceeds under the revolving lines of credit 1,081 2,779 4,018 Payments under the revolving lines of credit (1,582 ) (2,017 ) (3,405 ) Payment of financing costs (7 ) (6 ) (12 ) Other 3 2 4 Net cash provided by financing activities (287 ) 975 789 Effect of foreign exchange rate changes on cash and cash equivalents — (2 ) (18 ) Net change in cash and cash equivalents during the period 87 129 218 Cash and cash equivalents at beginning of period 411 411 411 Cash and cash equivalents at end of period $ 498 $ 540 $ 629 QUARTERLY CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (As Restated) Three Months Ended Six Months Ended Nine Months Ended September 30, 2013 (12) Cash flows from operating activities: Net income (loss) $ 14 $ 134 $ 364 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation of revenue earning equipment 572 1,186 1,833 Depreciation and amortization, non-fleet assets 84 167 249 Amortization and write-off of deferred financing costs 11 25 41 Amortization and write-off of debt discount (1 ) (3 ) (5 ) Stock-based compensation charges 8 18 31 Provision for receivables allowance 21 35 59 Deferred taxes on income 37 93 177 Impairment charges and asset write-downs — 2 42 Other (1 ) (4 ) (4 ) Changes in assets and liabilities: Receivables (43 ) (229 ) (182 ) Inventories, prepaid expenses and other assets (24 ) (41 ) (2 ) Accounts payable 46 89 88 Accrued liabilities 27 5 118 Accrued taxes 1 (11 ) 26 Public liability and property damage (10 ) (15 ) (2 ) Net cash provided by operating activities 742 1,451 2,833 Cash flows from investing activities: Net change in restricted cash and cash equivalents 127 153 24 Revenue earning equipment expenditures (3,254 ) (6,812 ) (9,318 ) Proceeds from disposal of revenue earning equipment 2,236 3,738 5,661 Capital asset expenditures, non-fleet (78 ) (166 ) (250 ) Proceeds from disposal of property and equipment 24 45 66 Acquisitions, net of cash acquired (3 ) (14 ) (14 ) Equity method investment — (213 ) (213 ) Repayments of loans with Hertz Global Holdings, Inc. (17 ) (25 ) (39 ) Proceeds from loans with Hertz Global Holdings, Inc. 16 37 40 Other investing activities — (4 ) (3 ) Net cash used in investing activities (949 ) (3,261 ) (4,046 ) QUARTERLY CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (In millions)

Background (Details)

Background (Details) - company	Mar. 31, 2014	Dec. 31, 2005	Dec. 31, 2001
Acquisition
Parent interest in reporting entity		100.00%	100.00%
Number of publicly traded companies	2

Restatement (Narrative) (Detail

Restatement (Narrative) (Details) - USD ($)	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended			48 Months Ended	60 Months Ended	84 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2011	Jan. 01, 2012
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes	$ (284,000,000)	$ 204,000,000	$ 123,000,000	$ (59,000,000)	$ 42,000,000	$ 357,000,000	$ 206,000,000	$ 73,000,000	$ 64,000,000	$ 279,000,000	$ 268,000,000	$ 636,000,000	$ (16,000,000)	$ 679,000,000	$ 417,000,000
Net income (loss)	(234,000,000)	150,000,000	73,000,000	(67,000,000)	(14,000,000)	229,000,000	120,000,000	14,000,000	6,000,000	134,000,000	156,000,000	364,000,000	(78,000,000)	350,000,000	217,000,000
Receivables, allowance for doubtful accounts (in dollars)	(67,000,000)				(62,000,000)								(67,000,000)	(62,000,000)	(53,000,000)	$ (53,000,000)	$ (62,000,000)
Revenue earning equipment	17,837,000,000				17,569,000,000								17,837,000,000	17,569,000,000			17,569,000,000
Accrued salvaged vehicles	(1,148,000,000)	(1,156,000,000)	(1,078,000,000)	(1,166,000,000)	(1,172,000,000)	(1,356,000,000)	(1,242,000,000)	(1,260,000,000)	(1,078,000,000)	(1,242,000,000)	(1,156,000,000)	(1,356,000,000)	(1,148,000,000)	(1,172,000,000)	(1,212,000,000)	(1,212,000,000)	(1,172,000,000)
Cash and cash equivalents	490,000,000	629,000,000	540,000,000	498,000,000	411,000,000	505,000,000	467,000,000	650,000,000	540,000,000	467,000,000	629,000,000	505,000,000	490,000,000	411,000,000	541,000,000	541,000,000	411,000,000	$ 918,000,000
Property and equipment, net	1,322,000,000	1,264,000,000	1,277,000,000	1,282,000,000	1,285,000,000	1,276,000,000	1,261,000,000	1,266,000,000	1,277,000,000	1,261,000,000	1,264,000,000	1,276,000,000	1,322,000,000	1,285,000,000	1,259,000,000	1,259,000,000	1,285,000,000
Service equipment and other	1,148,000,000	1,067,000,000	1,066,000,000	1,051,000,000	978,000,000	950,000,000	1,041,000,000	1,033,000,000	1,066,000,000	1,041,000,000	1,067,000,000	950,000,000	1,148,000,000	978,000,000	1,059,000,000	1,059,000,000	978,000,000
Accounts payable	(1,008,000,000)	(1,078,000,000)	(1,705,000,000)	(1,307,000,000)	(1,021,000,000)	(981,000,000)	(1,520,000,000)	(1,337,000,000)	(1,705,000,000)	(1,520,000,000)	(1,078,000,000)	(981,000,000)	(1,008,000,000)	(1,021,000,000)	(1,036,000,000)	(1,036,000,000)	(1,021,000,000)
Accrued taxes, net	134,000,000	191,000,000	155,000,000	160,000,000	145,000,000	182,000,000	138,000,000	146,000,000	155,000,000	138,000,000	191,000,000	182,000,000	134,000,000	145,000,000	147,000,000	147,000,000	145,000,000
Total equity	2,495,000,000				2,680,000,000								2,495,000,000	2,680,000,000	2,741,000,000	2,741,000,000	2,680,000,000	2,512,000,000
Other intangible assets, net	(4,009,000,000)	$ (4,049,000,000)	$ (4,067,000,000)	$ (4,100,000,000)	(4,124,000,000)	(4,126,000,000)	(4,136,000,000)	(4,161,000,000)	$ (4,067,000,000)	(4,136,000,000)	$ (4,049,000,000)	(4,126,000,000)	(4,009,000,000)	(4,124,000,000)	(4,180,000,000)	(4,180,000,000)	(4,124,000,000)
Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes					(23,000,000)	(9,000,000)	(14,000,000)	(15,000,000)		(28,000,000)		(38,000,000)		(60,000,000)	(76,000,000)	35,000,000	46,000,000
Net income (loss)					(17,000,000)	(8,000,000)	(10,000,000)	(10,000,000)		(20,000,000)		(27,000,000)		(44,000,000)	(55,000,000)	21,000,000
Restatements of prior year income														(349,000,000)
Accrued salvaged vehicles					(67,000,000)	(67,000,000)	(59,000,000)	(60,000,000)		(59,000,000)		(67,000,000)		(67,000,000)	(50,000,000)	(50,000,000)	(67,000,000)
Cash and cash equivalents					(12,000,000)	(42,000,000)	(15,000,000)	(3,000,000)		(15,000,000)		(42,000,000)		(12,000,000)	(5,000,000)	(5,000,000)	(12,000,000)	(13,000,000)
Property and equipment, net					(229,000,000)	(216,000,000)	(205,000,000)	(192,000,000)		(205,000,000)		(216,000,000)		(229,000,000)	(177,000,000)	(177,000,000)	(229,000,000)
Service equipment and other					(279,000,000)	(271,000,000)	(217,000,000)	(209,000,000)		(217,000,000)		(271,000,000)		(279,000,000)	(202,000,000)	(202,000,000)	(279,000,000)
Accounts payable					(53,000,000)	(28,000,000)	(35,000,000)	(32,000,000)		(35,000,000)		(28,000,000)		(53,000,000)	(33,000,000)	(33,000,000)	(53,000,000)
Restatement of prior year income														(231,000,000)
Impact of restatement of opening retained earnings, before tax																			$ (160,000,000)
Impact of restatement of opening earnings, net of tax																			(100,000,000)
Other Restatement Adjustments					53,000,000									53,000,000			53,000,000
Accrued taxes, net					(58,000,000)	(45,000,000)	(45,000,000)	(46,000,000)		(45,000,000)		(45,000,000)		(58,000,000)	(46,000,000)	(46,000,000)	(58,000,000)
Total equity																		(100,000,000)
Other intangible assets, net					(196,000,000)	(181,000,000)	(169,000,000)	(161,000,000)		(169,000,000)		(181,000,000)		(196,000,000)	(150,000,000)	(150,000,000)	(196,000,000)
Restatement Adjustment, Excluding Change in Accounting Principle
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes														(72,000,000)	(90,000,000)
Net income (loss)														(51,000,000)	(62,000,000)
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes					65,000,000	366,000,000	220,000,000	88,000,000		307,000,000		674,000,000		739,000,000	493,000,000
Net income (loss)					3,000,000	237,000,000	130,000,000	24,000,000		154,000,000		391,000,000		394,000,000	272,000,000
Accrued salvaged vehicles					(1,105,000,000)	(1,289,000,000)	(1,183,000,000)	(1,200,000,000)		(1,183,000,000)		(1,289,000,000)		(1,105,000,000)	(1,162,000,000)	(1,162,000,000)	(1,105,000,000)
Cash and cash equivalents					423,000,000	547,000,000	482,000,000	653,000,000		482,000,000		547,000,000		423,000,000	546,000,000	546,000,000	423,000,000	931,000,000
Property and equipment, net					1,514,000,000	1,492,000,000	1,466,000,000	1,458,000,000		1,466,000,000		1,492,000,000		1,514,000,000	1,436,000,000	1,436,000,000	1,514,000,000
Service equipment and other					1,257,000,000	1,221,000,000	1,258,000,000	1,242,000,000		1,258,000,000		1,221,000,000		1,257,000,000	1,261,000,000	1,261,000,000	1,257,000,000
Accounts payable					(968,000,000)	(953,000,000)	(1,485,000,000)	(1,305,000,000)		(1,485,000,000)		(953,000,000)		(968,000,000)	(1,003,000,000)	(1,003,000,000)	(968,000,000)
Impact of restatement of opening retained earnings, before tax					(26,000,000)									(26,000,000)			(26,000,000)
Impact of restatement of opening earnings, net of tax					(17,000,000)									(17,000,000)			(17,000,000)
Accrued taxes, net					203,000,000	227,000,000	183,000,000	192,000,000		183,000,000		227,000,000		203,000,000	193,000,000	193,000,000	203,000,000
Other intangible assets, net					(3,928,000,000)	$ (3,945,000,000)	$ (3,967,000,000)	$ (4,000,000,000)		$ (3,967,000,000)		$ (3,945,000,000)		(3,928,000,000)	(4,030,000,000)	(4,030,000,000)	(3,928,000,000)
Restatement Adjustment, Excluding Change in Accounting Principle and Prior Revision
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes														(72,000,000)	(81,000,000)
U.S. car rental
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Property and equipment, net	789,000,000				813,000,000								789,000,000	813,000,000			813,000,000
U.S. car rental | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Subrogation (damage) receivables and related allowance for doubtful accounts					48,000,000									48,000,000			48,000,000
Accrued salvaged vehicles					5,000,000									5,000,000			5,000,000
Accrued unbilled accounts receivable					13,000,000									13,000,000			13,000,000
Customer loyalty program liability					9,000,000									9,000,000			9,000,000
U.S. and International Car Rental | Restatement Adjustment | Credit Card Chargebacks
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Receivables, allowance for doubtful accounts (in dollars)					4,000,000									4,000,000			4,000,000
Worldwide equipment rental
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Property and equipment, net	265,000,000				258,000,000								265,000,000	258,000,000			258,000,000
Worldwide equipment rental | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Receivables, allowance for doubtful accounts (in dollars)					7,000,000									7,000,000			7,000,000
Allowance for doubtful accounts and credit losses					8,000,000									8,000,000			8,000,000
International car rental
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Property and equipment, net	155,000,000				173,000,000								155,000,000	173,000,000			173,000,000
International car rental | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Receivables, allowance for doubtful accounts (in dollars)					54,000,000									54,000,000			54,000,000
Revenue earning equipment					14,000,000									14,000,000			14,000,000
Allowance for credit losses					12,000,000									12,000,000			12,000,000
Subrogation (damage) receivables and related allowance for doubtful accounts					8,000,000									8,000,000			8,000,000
Reclassifications of Negative Cash Balances Relating to Outstanding Checks | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cash and cash equivalents					(19,000,000)									(19,000,000)	(9,000,000)	(9,000,000)	(19,000,000)
Accounts payable					19,000,000									19,000,000	9,000,000	9,000,000	19,000,000
Capitalization and Timing of Depreciation or Non-Fleet Expenditures | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes															(2,000,000)
Reclassification and Correction of Line Item Expenses | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes															(4,000,000)
Other Immaterial Errors | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes															(3,000,000)
Allowance for Doubtful Accounts Receivable Error Corrections | U.S. and International Car Rental | Restatement Adjustment | Credit Card Chargebacks
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes														(3,000,000)	(1,000,000)
Allowance for Doubtful Accounts Receivable Error Corrections | Worldwide equipment rental | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes														(1,000,000)	(3,000,000)
Allowance for Doubtful Accounts Receivable Error Corrections | International car rental | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes														1,000,000	0
Allowance for Credit Losses Error Corrections | International car rental | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes														(3,000,000)	(1,000,000)
Allowance for Doubtful Accounts and Credit Losses Error Corrections | Worldwide equipment rental | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes														0	(6,000,000)
Salvage and Subrogation Recoveries, Value Error Corrections | U.S. car rental | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes														(3,000,000)	(26,000,000)
Salvage and Subrogation Recoveries, Value Error Corrections | International car rental | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes														3,000,000	(3,000,000)
Accrued Salvage Vehicles Error Corrections [Member] | U.S. car rental | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes														0	(5,000,000)
Property Subject to or Available for Operating Lease | Worldwide equipment rental | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accumulated depreciation, cars					31,000,000									31,000,000	16,000,000	16,000,000	31,000,000
Reclassifications of Property, Equipment and Internal Use Software | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Property and equipment, net					(197,000,000)									(197,000,000)	(151,000,000)	(151,000,000)	(197,000,000)
Other intangible assets, net					197,000,000									197,000,000	151,000,000	151,000,000	197,000,000
Accrued Unbilled Accounts Receivable Error Corrections | U.S. car rental | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes														(1,000,000)	(6,000,000)
Vehicle Registration Cost Amortization Error Corrections | U.S. car rental | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes														(13,000,000)
Customer Loyalty Program Liability Error Corrections | U.S. car rental | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes														(1,000,000)	(3,000,000)
Accounts Payable Error Corrections | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes														(19,000,000)	(2,000,000)
Accounts payable					33,000,000									33,000,000			33,000,000
Asset Retirement Obligations Error Corrections | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes														(3,000,000)	(2,000,000)
Asset retirement obligations					5,000,000									5,000,000			5,000,000
Tax Matter Misstatements Error Corrections | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes														100,000,000
Increase (decrease) in accrued taxes payable														21,000,000	24,000,000
Fair Value Method for Determining Expected Return on Plan Assets and Accounting for Asset Gains and (Losses) | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes														12,000,000	5,000,000			(3,000,000)
Fair Value Method for Determining Expected Return on Plan Assets and Accounting for Asset Gains and (Losses) | Restatement Adjustment, Excluding Change in Accounting Principle
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes														0	0			3,000,000
Intangible Assets and Net Operating Loss Carryforward Error Corrections | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Increase (decrease) in accrued taxes payable														131,000,000	141,000,000
Deferred Tax Assets and Liabilities Error Correction | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Increase (decrease) in accrued taxes payable														131,000,000	141,000,000
Tax Liability Error Corrections | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes														0	0
Accrued Income Taxes					63,000,000									63,000,000	49,000,000	49,000,000	63,000,000
Fixed Assets, Construction in Progress and Capitalized Software | U.S. Car Rental, Worldwide Equipment Rental and Corporate | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Fixed assets and Construction in Progress and Capitalized Software					56,000,000									56,000,000			56,000,000
Fixed Assets, Construction in Progress and Capitalized Software | Property, Plant and Equipment Error Corrections | U.S. Car Rental, Worldwide Equipment Rental and Corporate | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes														(19,000,000)	(8,000,000)
Adjustment for Change in Accounting Principle
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes														12,000,000	5,000,000
Net income (loss)													9,000,000	7,000,000	3,000,000
Adjustment for Change in Accounting Principle | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total equity																			$ 4,000,000
Adjustment for Change in Accounting Principle | Fair Value Method for Determining Expected Return on Plan Assets and Accounting for Asset Gains and (Losses)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes														12,000,000	5,000,000			(6,000,000)
Retained Earnings (Accumulated Deficit)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total equity	$ (956,000,000)				(878,000,000)								$ (956,000,000)	(878,000,000)	(746,000,000)	(746,000,000)	(878,000,000)	(938,000,000)
Retained Earnings (Accumulated Deficit) | Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total equity					$ (44,000,000)									$ (44,000,000)	$ (55,000,000)	$ (55,000,000)	$ (44,000,000)	$ (101,000,000)

Restatement (Balance Sheet) (De

Restatement (Balance Sheet) (Details) - USD ($) $ in Millions	Dec. 31, 2014	Nov. 13, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 490		$ 629	$ 540	$ 498	$ 411	$ 505	$ 467	$ 650	$ 541	$ 918
Restricted cash and cash equivalents	571		748	717	453	861	522	390	415	546
Receivables, less allowance for doubtful accounts	1,597		1,702	1,511	1,344	1,397	1,597	1,545	1,448	1,787
Due from Hertz Global Holdings, Inc.	95	$ 125	96	95	114	93	11	1	13	13
Inventories, net	67		94	103	94	87	104	127	107	102
Prepaid expenses and other assets	917		786	772	818	715	666	755	543	479
Revenue earning equipment:
Cars	14,622		15,809	16,553	14,995	14,456	15,177	15,418	13,632	12,542
Less accumulated depreciation - cars	(3,411)		(3,491)	(3,244)	(2,931)	(2,681)	(2,396)	(2,125)	(1,958)	(1,855)
Other equipment	3,613		3,707	3,695	3,585	3,535	3,514	3,452	3,336	3,257
Less accumulated depreciation - other equipment	(1,171)		(1,173)	(1,175)	(1,144)	(1,119)	(1,102)	(1,062)	(1,060)	(1,052)
Revenue earning equipment, net	13,653		14,852	15,829	14,505	14,191	15,193	15,683	13,950	12,892
Property and equipment:
Land, buildings and leasehold improvements	1,268		1,325	1,319	1,282	1,271	1,284	1,241	1,224	1,224
Service equipment and other	1,148		1,067	1,066	1,051	978	950	1,041	1,033	1,059
Less accumulated depreciation	(1,094)		(1,128)	(1,108)	(1,051)	(964)	(958)	(1,021)	(991)	(1,024)
Property and equipment, net	1,322		1,264	1,277	1,282	1,285	1,276	1,261	1,266	1,259
Other intangible assets, net	4,009		4,049	4,067	4,100	4,124	4,126	4,136	4,161	4,180
Goodwill	1,359		1,349	1,353	1,353	1,352	1,363	1,363	1,346	1,333
Total assets	24,080		25,569	26,264	24,562	24,516	25,363	25,728	23,899	23,132
LIABILITIES AND EQUITY
Accounts payable	1,008		1,078	1,705	1,307	1,021	981	1,520	1,337	1,036
Accrued liabilities	1,148		1,156	1,078	1,166	1,172	1,356	1,242	1,260	1,212
Accrued taxes, net	134		191	155	160	145	182	138	146	147
Debt	15,993		16,986	17,310	16,042	16,228	17,055	17,394	15,876	15,015
Public liability and property damage	385		385	378	366	351	347	328	322	333
Deferred taxes on income, net	2,917		2,963	2,941	2,917	2,919	2,812	2,739	2,687	2,648
Total liabilities	$ 21,585		22,759	23,567	21,958	$ 21,836	$ 22,733	$ 23,361	$ 21,628	$ 20,391
Commitments and contingencies			0	0	0
Equity:
Common Stock	$ 0		0	0	0	$ 0	$ 0	$ 0	$ 0	$ 0
Additional paid-in capital	3,566		3,570	3,570	3,562	3,552	3,548	3,533	3,520	3,510
Accumulated deficit	(956)		(722)	(872)	(945)	(878)	(861)	(1,091)	(1,199)	(746)
Accumulated other comprehensive income (loss)	(115)		(38)	(1)	(13)	6	(57)	(75)	(50)	(23)
Total equity	2,495		2,810	2,697	2,604	2,680	2,630	2,367	2,271	2,741
Total liabilities and equity	$ 24,080		$ 25,569	$ 26,264	$ 24,562	24,516	25,363	25,728	23,899	23,132
As Previously Reported
ASSETS
Cash and cash equivalents						423	547	482	653	546	931
Restricted cash and cash equivalents						860	521	393	425	552
Receivables, less allowance for doubtful accounts						1,513	1,685	1,640	1,540	1,880
Due from Hertz Global Holdings, Inc.						93	11	1	13	13
Inventories, net						92	107	128	110	106
Prepaid expenses and other assets						717	673	759	545	479
Revenue earning equipment:
Cars						14,457	15,175	15,427	13,643	12,549
Less accumulated depreciation - cars						(2,680)	(2,390)	(2,120)	(1,955)	(1,850)
Other equipment						3,512	3,487	3,425	3,313	3,240
Less accumulated depreciation - other equipment						(1,096)	(1,077)	(1,040)	(1,044)	(1,042)
Revenue earning equipment, net						14,193	15,195	15,692	13,957	12,897
Property and equipment:
Land, buildings and leasehold improvements						1,362	1,351	1,334	1,303	1,289
Service equipment and other						1,257	1,221	1,258	1,242	1,261
Less accumulated depreciation						(1,105)	(1,080)	(1,126)	(1,087)	(1,114)
Property and equipment, net						1,514	1,492	1,466	1,458	1,436
Other intangible assets, net						3,928	3,945	3,967	4,000	4,030
Goodwill						1,348	1,359	1,359	1,343	1,329
Total assets						24,681	25,535	25,887	24,044	23,268
LIABILITIES AND EQUITY
Accounts payable						968	953	1,485	1,305	1,003
Accrued liabilities						1,105	1,289	1,183	1,200	1,162
Accrued taxes, net						203	227	183	192	193
Debt						16,228	17,055	17,394	15,876	15,015
Public liability and property damage						348	347	328	321	332
Deferred taxes on income, net						2,945	2,843	2,767	2,712	2,667
Total liabilities						$ 21,797	$ 22,714	$ 23,340	$ 21,606	$ 20,372
Commitments and contingencies
Equity:
Common Stock						$ 0	$ 0	$ 0	$ 0	$ 0
Additional paid-in capital						3,552	3,547	3,532	3,519	3,510
Accumulated deficit						(675)	(675)	(912)	(1,030)	(587)
Accumulated other comprehensive income (loss)						7	(51)	(73)	(51)	(27)
Total equity						2,884	2,821	2,547	2,438	2,896
Total liabilities and equity						24,681	25,535	25,887	24,044	23,268
Restatement Adjustment
ASSETS
Cash and cash equivalents						(12)	(42)	(15)	(3)	(5)	$ (13)
Restricted cash and cash equivalents						1	1	(3)	(10)	(6)
Receivables, less allowance for doubtful accounts						(116)	(88)	(95)	(92)	(93)
Due from Hertz Global Holdings, Inc.						0	0	0	0	0
Inventories, net						(5)	(3)	(1)	(3)	(4)
Prepaid expenses and other assets						(2)	(7)	(4)	(2)	0
Revenue earning equipment:
Cars						(1)	2	(9)	(11)	(7)
Less accumulated depreciation - cars						(1)	(6)	(5)	(3)	(5)
Other equipment						23	27	27	23	17
Less accumulated depreciation - other equipment						(23)	(25)	(22)	(16)	(10)
Revenue earning equipment, net						(2)	(2)	(9)	(7)	(5)
Property and equipment:
Land, buildings and leasehold improvements						(91)	(67)	(93)	(79)	(65)
Service equipment and other						(279)	(271)	(217)	(209)	(202)
Less accumulated depreciation						141	122	105	96	90
Property and equipment, net						(229)	(216)	(205)	(192)	(177)
Other intangible assets, net						196	181	169	161	150
Goodwill						4	4	4	3	4
Total assets						(165)	(172)	(159)	(145)	(136)
LIABILITIES AND EQUITY
Accounts payable						53	28	35	32	33
Accrued liabilities						67	67	59	60	50
Accrued taxes, net						(58)	(45)	(45)	(46)	(46)
Debt						0	0	0	0	0
Public liability and property damage						3	0	0	1	1
Deferred taxes on income, net						(26)	(31)	(28)	(25)	(19)
Total liabilities						$ 39	$ 19	$ 21	$ 22	$ 19
Commitments and contingencies
Equity:
Common Stock						$ 0	$ 0	$ 0	$ 0	$ 0
Additional paid-in capital						0	1	1	1	0
Accumulated deficit						(203)	(186)	(179)	(169)	(159)
Accumulated other comprehensive income (loss)						(1)	(6)	(2)	1	4
Total equity						(204)	(191)	(180)	(167)	(155)
Total liabilities and equity						$ (165)	$ (172)	$ (159)	$ (145)	$ (136)

Restatement (Balance Sheet - Ph

Restatement (Balance Sheet - Phantom) (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts (in dollars)	$ 67	$ 62	$ 53
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common Stock, shares authorized	3,000	3,000	3,000
Common Stock, shares issued	100	100	100
Common Stock, shares outstanding	100	100	100

Restatement (Income Statement)

Restatement (Income Statement) (Details) - USD ($) $ in Millions	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended			48 Months Ended	60 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2013
Revenues:
Worldwide car rental	$ 2,000	$ 2,563	$ 2,304	$ 2,039	$ 2,019	$ 2,538	$ 2,197	$ 1,955	$ 4,343	$ 4,153	$ 6,907	$ 6,690	$ 8,907	$ 8,709	$ 7,153
Worldwide equipment rental	416	413	384	358	401	403	381	353	743	734	1,155	1,138	1,571	1,539	1,382
All other operations	143	145	142	139	135	134	130	129	280	258	425	392	568	527	478
Revenues	2,559	3,121	2,830	2,536	2,555	3,075	2,708	2,437	5,366	5,145	8,487	8,220	11,046	10,775	9,013
Expenses:
Direct operating	1,575	1,702	1,594	1,443	1,449	1,547	1,417	1,364	3,037	2,781	4,738	4,328	6,314	5,777	4,861
Depreciation of revenue earning equipment and lease charges, net	853	746	708	726	641	672	632	589	1,434	1,220	2,180	1,893	3,034	2,533	2,128
Selling, general and administrative	246	303	265	276	234	282	287	250	541	538	844	819	1,088	1,053	978
Interest expense, net	163	163	162	153	168	173	168	161	315	329	479	502	641	669	596
Other (income) expense, net	6	3	(22)	(3)	21	44	(2)	0	(25)	(2)	(22)	42	(15)	64	33
Total expenses	2,843	2,917	2,707	2,595	2,513	2,718	2,502	2,364	5,302	4,866	8,219	7,584	11,062	10,096	8,596
Total	(284)	204	123	(59)	42	357	206	73	64	279	268	636	(16)	679	417
(Provision) benefit for taxes on income (loss)	50	(54)	(50)	(8)	(56)	(128)	(86)	(59)	(58)	(145)	(112)	(272)	(62)	(329)	(200)
Net income (loss)	$ (234)	$ 150	$ 73	$ (67)	(14)	229	120	14	$ 6	134	$ 156	364	$ (78)	350	217
As Previously Reported
Revenues:
Worldwide car rental					2,020	2,534	2,195	1,957		4,152		6,686		8,707	7,162
Worldwide equipment rental					401	402	384	351		735		1,137		1,538	1,385
All other operations					135	134	130	129		259		392		527	478
Revenues					2,556	3,070	2,709	2,437		5,146		8,215		10,772	9,025
Expenses:
Direct operating					1,439	1,540	1,414	1,358		2,773		4,313		5,752	4,806
Depreciation of revenue earning equipment and lease charges, net					643	675	628	580		1,208		1,882		2,526	2,129
Selling, general and administrative					222	272	280	248		529		800		1,022	968
Interest expense, net					166	173	168	161		329		501		666	594
Other (income) expense, net					21	44	(1)	2		0		45		67	35
Total expenses					2,491	2,704	2,489	2,349		4,839		7,541		10,033	8,532
Total					65	366	220	88		307		674		739	493
(Provision) benefit for taxes on income (loss)					(62)	(129)	(90)	(64)		(153)		(283)		(345)	(221)
Net income (loss)					3	237	130	24		154		391		394	272
Restatement Adjustment
Revenues:
Worldwide car rental					(1)	4	2	(2)		1		4		2	(9)
Worldwide equipment rental					0	1	(3)	2		(1)		1		1	(3)
All other operations					0	0	0	0		(1)		0		0	0
Revenues					(1)	5	(1)	0		(1)		5		3	(12)
Expenses:
Direct operating					10	7	3	6		8		15		25	55
Depreciation of revenue earning equipment and lease charges, net					(2)	(3)	4	9		12		11		7	(1)
Selling, general and administrative					12	10	7	2		9		19		31	10
Interest expense, net					2	0	0	0		0		1		3	2
Other (income) expense, net					0	0	(1)	(2)		(2)		(3)		(3)	(2)
Total expenses					22	14	13	15		27		43		63	64
Total					(23)	(9)	(14)	(15)		(28)		(38)		(60)	(76)	$ 35	$ 46
(Provision) benefit for taxes on income (loss)					6	1	4	5		8		11		16	21
Net income (loss)					$ (17)	$ (8)	$ (10)	$ (10)		$ (20)		$ (27)		$ (44)	$ (55)	$ 21

Restatement (Cash Flow) (Detail

Restatement (Cash Flow) (Details) - USD ($) $ in Millions	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended			48 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2012
Cash flows from operating activities:
Net income (loss)	$ (234)	$ 150	$ 73	$ (67)	$ (14)	$ 229	$ 120	$ 14	$ 6	$ 134	$ 156	$ 364	$ (78)	$ 350	$ 217
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation of revenue earning equipment, net				707				572	1,393	1,186	2,119	1,833	2,954	2,452	2,048
Depreciation and amortization, non-fleet assets				90				84	180	167	272	249	366	339	261
Amortization and write-off of deferred financing costs				12				11	27	25	41	41	56	54	52
Amortization and write-off of debt discount (premium)				(2)				(1)	(4)	(3)	(8)	(5)	(13)	(6)	4
Stock-based compensation charges				8				8	13	18	14	31	11	35	30
Loss on disposal of business													0	4	46
Loss on extinguishment of debt								0		0		0	0	7	0
Provision for receivables allowance				16				21	32	35	47	59	62	71	58
Deferred taxes on income				(5)				37	23	93	33	177	8	255	110
Impairment charges and asset write-downs				0				0	10	2	10	42	47	40	0
Other				2				(1)	(4)	(4)	3	(4)	(18)	(6)	(9)
Changes in assets and liabilities, net of effects of acquisition:
Receivables				(85)				(43)	(284)	(229)	(187)	(182)	(90)	(53)	(125)
Inventories, prepaid expenses and other assets				(25)				(24)	(51)	(41)	(58)	(2)	(64)	(35)	(18)
Accounts payable				2				46	32	89	34	88	23	54	52
Accrued liabilities				75				27	(2)	5	153	118	140	28	(20)
Accrued taxes				16				1	7	(11)	57	26	(3)	27	41
Public liability and property damage				16				(10)	28	(15)	47	(2)	56	(1)	(4)
Net cash provided by operating activities				760				742	1,406	1,451	2,733	2,833	3,457	3,615	2,743
Cash flows from investing activities:
Net change in restricted cash and cash equivalents				407				127	143	153	107	24	283	(315)	(237)
Revenue earning equipment expenditures				(2,582)				(3,254)	(5,996)	(6,812)	(8,442)	(9,318)	(11,289)	(10,289)	(9,611)
Proceeds from disposal of revenue earning equipment				1,859				2,236	3,717	3,738	5,316	5,661	8,209	7,256	7,123
Capital asset expenditures, non-fleet				(75)				(78)	(151)	(166)	(232)	(250)	(374)	(327)	(298)
Proceeds from disposal of property and equipment				25				24	45	45	67	66	93	81	125
Acquisitions, net of cash acquired				(6)				(3)	(6)	(14)	(69)	(14)	(75)	(41)	(1,905)
Proceeds from disposal of business													0	0	84
Equity method investment				0				0	0	(213)	(30)	(213)	(30)	(213)	0
Repayments of loans with Hertz Global Holdings, Inc.				(14)				(17)	(27)	(25)	(28)	(39)	(28)	(129)	(25)
Proceeds from loans with Hertz Global Holdings, Inc.				0				16	25	37	25	40	25	49	12
Other investing activities				0				0	0	(4)	0	(3)	0	(2)	(2)
Net cash used in investing activities				(386)				(949)	(2,250)	(3,261)	(3,286)	(4,046)	(3,186)	(3,930)	(4,734)
Cash flows from financing activities:
Proceeds from issuance of long-term debt				400				1,202	414	1,204	400	1,208	400	2,275	2,237
Repayments of long-term debt				(92)				(299)	(97)	(321)	(207)	(371)	(1,183)	(1,045)	(952)
Short-term borrowings:
Proceeds				169				129	269	332	528	472	626	596	438
Payments				(259)				(195)	(369)	(436)	(537)	(711)	(726)	(1,018)	(1,280)
Proceeds under the revolving lines of credit				1,081				1,579	2,779	3,680	4,018	5,250	5,864	9,012	6,464
Payments under the revolving lines of credit				(1,582)				(1,611)	(2,017)	(2,218)	(3,405)	(4,167)	(5,081)	(9,104)	(5,190)
Purchase of noncontrolling interest													0	0	(38)
Payment of financing costs				(7)				(15)	(6)	(20)	(12)	(27)	(63)	(54)	(49)
Dividend paid to Hertz Global Holdings, Inc.								(467)		(480)		(480)	0	(482)	(25)
Other				3				1	2	4	4	5	2	5	3
Net cash provided by (used in) financing activities				(287)				324	975	1,745	789	1,179	(161)	185	1,608
Effect of foreign exchange rate changes on cash and cash equivalents				0				(8)	(2)	(9)	(18)	(2)	(31)	0	6
Net change in cash and cash equivalents during the period				87				109	129	(74)	218	(36)	79	(130)	(377)
Cash and cash equivalents at beginning of period	629	540	498	411	505	467	650	541	411	541	411	541	411	541	918
Cash and cash equivalents at end of period	$ 490	$ 629	$ 540	498	411	505	467	650	540	467	629	505	490	411	541	$ 541
As Previously Reported
Cash flows from operating activities:
Net income (loss)					3	237	130	24		154		391		394	272
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation of revenue earning equipment, net								565		1,174		1,825		2,445	2,049
Depreciation and amortization, non-fleet assets								81		163		241		327	257
Amortization and write-off of deferred financing costs								11		25		41		54	52
Amortization and write-off of debt discount (premium)								(1)		(3)		(5)		(5)	4
Stock-based compensation charges								8		18		31		35	30
Loss on disposal of business														4	46
Loss on extinguishment of debt								0		0		0		7
Provision for receivables allowance								20		33		56		71	52
Deferred taxes on income								41		102		187		269	133
Impairment charges and asset write-downs								0		2		42		40
Other								0		(5)		(6)		(2)	(10)
Changes in assets and liabilities, net of effects of acquisition:
Receivables								(32)		(231)		(175)		(60)	(163)
Inventories, prepaid expenses and other assets								(25)		(40)		0		(34)	(22)
Accounts payable								38		85		93		23	34
Accrued liabilities								22		4		113		23	(30)
Accrued taxes								1		(11)		26		24	40
Public liability and property damage								(10)		(15)		(2)		(4)	(4)
Net cash provided by operating activities								743		1,455		2,858		3,611	2,740
Cash flows from investing activities:
Net change in restricted cash and cash equivalents								123		155		30		(308)	(241)
Revenue earning equipment expenditures								(3,250)		(6,809)		(9,319)		(10,298)	(9,613)
Proceeds from disposal of revenue earning equipment								2,238		3,743		5,669		7,264	7,125
Capital asset expenditures, non-fleet								(81)		(168)		(246)		(315)	(297)
Proceeds from disposal of property and equipment								23		43		62		73	122
Acquisitions, net of cash acquired								(3)		(16)		(14)		(41)	(1,905)
Proceeds from disposal of business															85
Equity method investment										(213)		(213)		(213)
Repayments of loans with Hertz Global Holdings, Inc.								(17)		(25)		(39)		(129)	(25)
Proceeds from loans with Hertz Global Holdings, Inc.								16		37		40		49	12
Other investing activities								0		(2)		(4)		(1)	(3)
Net cash used in investing activities								(951)		(3,255)		(4,034)		(3,919)	(4,740)
Cash flows from financing activities:
Proceeds from issuance of long-term debt								1,202		1,204		1,208		2,275	2,237
Repayments of long-term debt								(299)		(321)		(371)		(1,045)	(952)
Short-term borrowings:
Proceeds								129		332		472		596	438
Payments								(195)		(436)		(711)		(1,018)	(1,280)
Proceeds under the revolving lines of credit								1,579		3,680		5,250		9,012	6,464
Payments under the revolving lines of credit								(1,611)		(2,218)		(4,167)		(9,104)	(5,190)
Purchase of noncontrolling interest														0	(38)
Payment of financing costs								(15)		(21)		(27)		(54)	(49)
Dividend paid to Hertz Global Holdings, Inc.								(467)		(480)		(480)		(482)	(25)
Other								0		4		5		5	4
Net cash provided by (used in) financing activities								323		1,744		1,179		185	1,609
Effect of foreign exchange rate changes on cash and cash equivalents								(8)		(8)		(2)		0	6
Net change in cash and cash equivalents during the period								107		(64)		1		(123)	(385)
Cash and cash equivalents at beginning of period				423	547	482	653	546	423	546	423	546	423	546	931
Cash and cash equivalents at end of period					423	547	482	653		482		547		423	546	546
Restatement Adjustment
Cash flows from operating activities:
Net income (loss)					(17)	(8)	(10)	(10)		(20)		(27)		(44)	(55)	21
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation of revenue earning equipment, net								7		12		8		7	(1)
Depreciation and amortization, non-fleet assets								3		4		8		12	4
Amortization and write-off of deferred financing costs								0		0		0		0	0
Amortization and write-off of debt discount (premium)								0		0		0		(1)	0
Stock-based compensation charges								0		0		0		0	0
Loss on disposal of business														0	0
Loss on extinguishment of debt								0		0		0		0
Provision for receivables allowance								1		2		3		0	6
Deferred taxes on income								(4)		(9)		(10)		(14)	(23)
Impairment charges and asset write-downs								0		0		0		0
Other								(1)		1		2		(4)	1
Changes in assets and liabilities, net of effects of acquisition:
Receivables								(11)		2		(7)		7	38
Inventories, prepaid expenses and other assets								1		(1)		(2)		(1)	4
Accounts payable								8		4		(5)		31	18
Accrued liabilities								5		1		5		5	10
Accrued taxes								0		0		0		3	1
Public liability and property damage								0		0		0		3	0
Net cash provided by operating activities								(1)		(4)		(25)		4	3
Cash flows from investing activities:
Net change in restricted cash and cash equivalents								4		(2)		(6)		(7)	4
Revenue earning equipment expenditures								(4)		(3)		1		9	2
Proceeds from disposal of revenue earning equipment								(2)		(5)		(8)		(8)	(2)
Capital asset expenditures, non-fleet								3		2		(4)		(12)	(1)
Proceeds from disposal of property and equipment								1		2		4		8	3
Acquisitions, net of cash acquired								0		2		0		0	0
Proceeds from disposal of business															(1)
Equity method investment										0		0		0
Repayments of loans with Hertz Global Holdings, Inc.								0		0		0		0	0
Proceeds from loans with Hertz Global Holdings, Inc.								0		0		0		0	0
Other investing activities								0		(2)		1		(1)	1
Net cash used in investing activities								2		(6)		(12)		(11)	6
Cash flows from financing activities:
Proceeds from issuance of long-term debt								0		0		0		0	0
Repayments of long-term debt								0		0		0		0	0
Short-term borrowings:
Proceeds								0		0		0		0	0
Payments								0		0		0		0	0
Proceeds under the revolving lines of credit								0		0		0		0	0
Payments under the revolving lines of credit								0		0		0		0	0
Purchase of noncontrolling interest														0	0
Payment of financing costs								0		1		0		0	0
Dividend paid to Hertz Global Holdings, Inc.								0		0		0		0	0
Other								1		0		0		0	(1)
Net cash provided by (used in) financing activities								1		1		0		0	(1)
Effect of foreign exchange rate changes on cash and cash equivalents								0		(1)		0		0	0
Net change in cash and cash equivalents during the period								2		(10)		(37)		(7)	8
Cash and cash equivalents at beginning of period				$ (12)	(42)	(15)	(3)	(5)	$ (12)	(5)	$ (12)	(5)	$ (12)	(5)	(13)
Cash and cash equivalents at end of period					$ (12)	$ (42)	$ (15)	$ (3)		$ (15)		$ (42)		$ (12)	$ (5)	$ (5)

Summary of Critical and Signi55

Summary of Critical and Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Amounts reclassified from accumulated other comprehensive income (loss)			$ (16)	$ 1
Cash and cash equivalents maximum maturity period			3 months
Impairment of long-lived assets to be disposed of			$ 10
Impairment of leasehold				40
Asset impairment charges			10
Other			(30)	(1)
Impairment of long lived assets held for use	$ 14
Advertising expense			199	$ 207	$ 159
Accumulated Adjustments, Other
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification from AOCI, current period			(27)
Amounts reclassified from accumulated other comprehensive income (loss)			17
Adjustment for Change in Accounting Principle
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification from AOCI, current period			(24)
Amounts reclassified from accumulated other comprehensive income (loss)			15
Prior Period Misstatements Corrected in Current Period
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification from AOCI, current period			(3)
Amounts reclassified from accumulated other comprehensive income (loss)			$ 2
Impairment of Former Corporate Headquarters
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other		$ (13)

Summary of Critical and Signi56

Summary of Critical and Significant Accounting Policies (Property, Plant and Equipment) (Details)	12 Months Ended
	Dec. 31, 2014
Cars | Minimum
Property, Plant and Equipment [Line Items]
Useful lives of property, plant and equipment	6 months
Cars | Maximum
Property, Plant and Equipment [Line Items]
Useful lives of property, plant and equipment	36 months
Other equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful lives of property, plant and equipment	24 months
Other equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful lives of property, plant and equipment	108 months
Buildings | Minimum
Property, Plant and Equipment [Line Items]
Useful lives of property, plant and equipment	5 years
Buildings | Maximum
Property, Plant and Equipment [Line Items]
Useful lives of property, plant and equipment	50 years
Furniture and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Useful lives of property, plant and equipment	1 year
Furniture and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Useful lives of property, plant and equipment	15 years
Capitalized internal use software | Minimum
Property, Plant and Equipment [Line Items]
Useful lives of property, plant and equipment	1 year
Capitalized internal use software | Maximum
Property, Plant and Equipment [Line Items]
Useful lives of property, plant and equipment	10 years
Service cars and service equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful lives of property, plant and equipment	1 year
Service cars and service equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful lives of property, plant and equipment	13 years
Other intangible assets | Minimum
Property, Plant and Equipment [Line Items]
Useful lives of property, plant and equipment	3 years
Other intangible assets | Maximum
Property, Plant and Equipment [Line Items]
Useful lives of property, plant and equipment	10 years

Summary of Critical and Signi57

Summary of Critical and Significant Accounting Policies (Changes in Accounting Principle) (Details) - Adjustments for Change in Accounting Principle [Domain] - USD ($) $ in Millions	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income (loss)	$ (234)	$ 150	$ 73	$ (67)	$ (14)	$ 229	$ 120	$ 14	$ 6	$ 134	$ 156	$ 364	$ (78)	$ 350	$ 217
Other comprehensive income (loss)													$ (199)	$ 379	$ 218

Summary of Critical and Signi58

Summary of Critical and Significant Accounting Policies (Share-based Compensation) (Details)	12 Months Ended
	Dec. 31, 2014
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period	2 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period	4 years

Goodwill and Other Intangible59

Goodwill and Other Intangible Assets (Summary of Changes in Goodwill, by Segment) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013
Goodwill
Balance at the beginning of the period	$ 2,073	$ 2,054
Accumulated impairment losses at the beginning of the period	(721)	(721)
Net goodwill, balance at the beginning of the period	1,352	1,333
Goodwill acquired during the period	13	5
Adjustments to previously recorded purchase price allocation	(1)	13
Other changes during the period	(5)	1
Total changes in goodwill	7	19
Balance at the end of the period	2,080	2,073
Accumulated impairment losses at the end of the period	(721)	(721)
Net goodwill, balance at the end of the period	1,352	1,333	$ 1,359	$ 1,349	$ 1,353	$ 1,353	$ 1,363	$ 1,363	$ 1,346
U.S. car rental
Goodwill
Balance at the beginning of the period	1,012	998
Accumulated impairment losses at the beginning of the period	0	0
Net goodwill, balance at the beginning of the period	1,012	998
Goodwill acquired during the period	13	1
Adjustments to previously recorded purchase price allocation	0	13
Other changes during the period	0	0
Total changes in goodwill	13	14
Balance at the end of the period	1,025	1,012
Accumulated impairment losses at the end of the period	0	0
Net goodwill, balance at the end of the period	1,012	998	1,025
International car rental
Goodwill
Balance at the beginning of the period	254	249
Accumulated impairment losses at the beginning of the period	(46)	(46)
Net goodwill, balance at the beginning of the period	208	203
Goodwill acquired during the period	0	4
Adjustments to previously recorded purchase price allocation	(1)	0
Other changes during the period	(5)	1
Total changes in goodwill	(6)	5
Balance at the end of the period	248	254
Accumulated impairment losses at the end of the period	(46)	(46)
Net goodwill, balance at the end of the period	208	203	202
Worldwide equipment rental
Goodwill
Balance at the beginning of the period	772	772
Accumulated impairment losses at the beginning of the period	(675)	(675)
Net goodwill, balance at the beginning of the period	97	97
Goodwill acquired during the period	0	0
Adjustments to previously recorded purchase price allocation	0	0
Other changes during the period	0	0
Total changes in goodwill	0	0
Balance at the end of the period	772	772
Accumulated impairment losses at the end of the period	(675)	(675)
Net goodwill, balance at the end of the period	97	97	97
All Other Operations
Goodwill
Balance at the beginning of the period	35	35
Accumulated impairment losses at the beginning of the period	0	0
Net goodwill, balance at the beginning of the period	35	35
Goodwill acquired during the period	0	0
Adjustments to previously recorded purchase price allocation	0	0
Other changes during the period	0	0
Total changes in goodwill	0	0
Balance at the end of the period	35	35
Accumulated impairment losses at the end of the period	0	0
Net goodwill, balance at the end of the period	$ 35	$ 35	$ 35

Goodwill and Other Intangible60

Goodwill and Other Intangible Assets (Schedule of Components of Other Intangible Assets by Major Class) (Details) - USD ($) $ in Millions	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012
Amortizable intangible assets:
Gross Carrying Amount	$ 1,518				$ 1,477
Accumulated Amortization	(861)				(703)
Net Carrying Value	657				774
Indefinite-lived intangible assets:
Carrying Amount	3,352				3,350
Total Other intangible assets
Gross Carrying Amount	4,870				4,827
Accumulated Amortization	(861)				(703)
Net Carrying Value	4,009	$ 4,049	$ 4,067	$ 4,100	4,124	$ 4,126	$ 4,136	$ 4,161	$ 4,180
Customer-related
Amortizable intangible assets:
Gross Carrying Amount	692				693
Accumulated Amortization	(568)				(502)
Net Carrying Value	124				191
Total Other intangible assets
Accumulated Amortization	(568)				(502)
Concession rights
Amortizable intangible assets:
Gross Carrying Amount	410				410
Accumulated Amortization	(97)				(49)
Net Carrying Value	313				361
Total Other intangible assets
Accumulated Amortization	(97)				(49)
Technology-related intangibles
Amortizable intangible assets:
Gross Carrying Amount	338				311
Accumulated Amortization	(147)				(114)
Net Carrying Value	191				197
Total Other intangible assets
Accumulated Amortization	(147)				(114)
Other intangible assets
Amortizable intangible assets:
Gross Carrying Amount	78				63
Accumulated Amortization	(49)				(38)
Net Carrying Value	29				25
Total Other intangible assets
Accumulated Amortization	(49)				(38)
Trade name
Indefinite-lived intangible assets:
Carrying Amount	3,330				3,330
Other indefinite-lived intangible assets
Indefinite-lived intangible assets:
Carrying Amount	$ 22				$ 20

Goodwill and Other Intangible61

Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of other intangible assets	$ 159	$ 151	$ 106
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Expected amortization expense in 2015	153
Expected amortization expense in 2016	95
Expected amortization expense in 2017	76
Expected amortization expense in 2018	70
Expected amortization expense in 2019	65
Expected amortization expense thereafter	$ 152

Acquistions and Divestitures (A

Acquistions and Divestitures (Acquisition) (Details) - USD ($) $ / shares in Units, $ in Millions	Nov. 19, 2012	Sep. 30, 2014	Aug. 31, 2014	Mar. 31, 2014	Mar. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Acquisition
Equity method investment				$ 0	$ 0	$ 0	$ 213	$ 30	$ 213	$ 30	$ 213	$ 0
Goodwill		$ 1,349		$ 1,353	$ 1,346	$ 1,353	$ 1,363	$ 1,349	$ 1,363	$ 1,359	1,352	$ 1,333
Dollar Thrifty
Acquisition
Per share price	$ 87.50
Consideration transferred, including equity interest in acquiree held prior to combination Held Prior to Combination	$ 2,592
Payments to acquire business	2,551
Cash and equivalents acquired in acquisition	404
Remeasurement gain	8
Equity interest in acquiree, fair value	41
Other intangible assets	1,545
Goodwill	889
Consideration transferred			$ 62
Trade name | Dollar Thrifty
Acquisition
Other intangible assets	1,140
Concession rights | Dollar Thrifty
Acquisition
Other intangible assets	$ 405
Useful life (in years)	9 years
CAR, Inc
Acquisition
Equity method investment		$ 30									$ 236
Ownership percentage		16.00%						16.00%		16.20%

Acquistions and Divestitures 63

Acquistions and Divestitures (Assets Acquired Liabilities Assumed) (Details) - USD ($) $ in Millions	Nov. 19, 2012	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012
Acquisition
Goodwill		$ 1,359	$ 1,349	$ 1,353	$ 1,353	$ 1,352	$ 1,363	$ 1,363	$ 1,346	$ 1,333
Dollar Thrifty
Acquisition
Cash and cash equivalents	$ 535
Restricted cash and cash equivalents	307
Receivables	170
Inventories	8
Prepaid expenses and other assets	41
Revenue earning equipment	1,614
Property and equipment	119
Other intangible assets	1,545
Other assets	35
Goodwill	889
Accounts payable	(43)
Accrued liabilities	(298)
Deferred taxes on income	(846)
Debt	(1,484)
Total	$ 2,592

Acquistions and Divestitures (P

Acquistions and Divestitures (Pro Forma Impact) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Business Acquisition, Pro Forma Information [Abstract]
Pro forma revenue				$ 10,185
Pro forma net income (loss)				382
Amortization of other intangible assets		$ 159	$ 151	106
Dollar Thrifty
Business Acquisition, Pro Forma Information [Abstract]
Revenue of acquiree since acquisition date, actual	$ 171
Earnings or loss of acquiree since acquisition date	$ (26)
Amortization of other intangible assets				39
Interest expense, net				$ 73
Pro Forma Adjustments, Assumed Tax Rate				39.00%
Acquisition related costs and charges | Dollar Thrifty
Business Acquisition, Pro Forma Information [Abstract]
Labor and related expense					$ 47

Acquistions and Divestitures (D

Acquistions and Divestitures (Divestitures) (Details) - USD ($) $ in Millions	Dec. 12, 2012	Dec. 31, 2012
Simply Wheelz, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Base sales price	$ 16
Assets (Liabilities), Net	4
Range of possible loss, maximum	$ 17
Recognition period	3 years
Estimate of possible loss, present value	$ 16
Loss from disposal of discontinued operations		$ 31
Commitment to Lend | Simply Wheelz, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other commitment, term	5 years
Commitment to Lend | Advantage
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other commitment, term	2 years
Commitment to Lend | Maximum | Simply Wheelz, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other Commitment	$ 45
Other Commitment, rate	13.00%
Commitment to Lend | Weighted Average | Simply Wheelz, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other commitment, term	2 years 6 months

Debt (Details)

Debt (Details)	12 Months Ended
	Dec. 31, 2013USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jul. 31, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Nov. 30, 2013USD ($)	Nov. 25, 2013USD ($)	Sep. 30, 2013USD ($)	Jun. 30, 2013USD ($)	Mar. 31, 2013USD ($)	Dec. 31, 2012USD ($)	Oct. 31, 2012	Mar. 31, 2012	Feb. 28, 2011	Dec. 31, 2010	Sep. 30, 2010
Debt Instrument [Line Items]
Short Term Borrowings Maximum Maturity Period	3 months
Outstanding principal	$ 3,900,000,000	$ 3,900,000,000
Debt	16,228,000,000	15,993,000,000	$ 16,986,000,000		$ 17,310,000,000	$ 16,042,000,000			$ 17,055,000,000	$ 17,394,000,000	$ 15,876,000,000	$ 15,015,000,000
Corporate Debt
Debt Instrument [Line Items]
Unamortized Net (Discount) Premium	3,000,000	3,000,000
Debt	6,422,000,000	$ 6,431,000,000
Senior Term Facility
Debt Instrument [Line Items]
Average interest rate (as a percent)		3.68%
Outstanding principal	$ 2,104,000,000	$ 2,083,000,000
Senior ABL Facility
Debt Instrument [Line Items]
Fixed charge coverage ratio number of quarters	1 year
Fixed charge coverage ratio		1
Average interest rate (as a percent)		2.83%
Outstanding principal	$ 289,000,000	$ 344,000,000
Promissory Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)		7.00%
Outstanding principal	49,000,000	$ 27,000,000
Other Corporate Debt
Debt Instrument [Line Items]
Average interest rate (as a percent)		3.86%
Outstanding principal	77,000,000	$ 74,000,000
Fleet Debt
Debt Instrument [Line Items]
Unamortized Net (Discount) Premium	6,000,000	(7,000,000)
Debt	9,806,000,000	9,562,000,000
U.S. Fleet Variable Funding Notes
Debt Instrument [Line Items]
Outstanding principal	60,000,000	0
U.S. Fleet Variable Funding Notes Series 2009-1
Debt Instrument [Line Items]
Outstanding principal	60,000,000	0					$ 150,000,000
U.S. Fleet Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal	2,933,000,000	$ 2,258,000,000
U.S. Fleet Medium Term Notes Series 2009-2 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)		5.38%
Outstanding principal	808,000,000	$ 404,000,000
U.S. Fleet Medium Term Notes Series 2010-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)		4.23%
Outstanding principal	577,000,000	$ 490,000,000
U.S. Fleet Medium Term Notes Series 2011-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)		3.04%
Outstanding principal	598,000,000	$ 414,000,000
U.S. Fleet Medium Term Notes Series 2013-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)		1.68%
Outstanding principal	950,000,000	$ 950,000,000
RCFC U.S. ABS Program
Debt Instrument [Line Items]
Outstanding principal	900,000,000	$ 433,000,000
RCFC Series 2011-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)		2.81%
Outstanding principal	500,000,000	$ 167,000,000
RCFC Series 2011-2 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)		3.21%
Outstanding principal	400,000,000	$ 266,000,000
HVF II U.S. ABS Program
Debt Instrument [Line Items]
Outstanding principal	2,965,000,000	$ 3,844,000,000					3,175,000,000
HVF II Series 2013-A
Debt Instrument [Line Items]
Average interest rate (as a percent)		1.09%
Outstanding principal	2,380,000,000	$ 1,999,000,000					2,575,000,000
HVF II Series 2013-B
Debt Instrument [Line Items]
Average interest rate (as a percent)		1.09%
Outstanding principal	585,000,000	$ 976,000,000						$ 600,000,000
HVF II Series 2014-A
Debt Instrument [Line Items]
Average interest rate (as a percent)		1.39%
Outstanding principal	0	$ 869,000,000		$ 1,000,000,000
Donlen ABS Program
Debt Instrument [Line Items]
Outstanding principal	486,000,000	247,000,000
HFLF Seriers 2013-1 Notes
Debt Instrument [Line Items]
Outstanding principal	280,000,000	$ 0
HFLF Series 2013-2 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)		1.01%
Outstanding principal	206,000,000	$ 247,000,000
HFLF Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal	500,000,000	$ 900,000,000				$ 400,000,000	$ 500,000,000
HFLF Series 2013-A Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)		0.78%
Outstanding principal	500,000,000	$ 500,000,000
HFLF Series 2014-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)		0.67%
Outstanding principal	0	$ 400,000,000
Other Fleet Debt
Debt Instrument [Line Items]
Outstanding principal	1,962,000,000	$ 1,880,000,000
U.S. Fleet Financing Facility
Debt Instrument [Line Items]
Average interest rate (as a percent)		2.92%
Outstanding principal	153,000,000	$ 164,000,000
European Revolving Credit Facility
Debt Instrument [Line Items]
Average interest rate (as a percent)		2.61%
Outstanding principal	303,000,000	$ 304,000,000
European Fleet Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)		4.375%
Outstanding principal	$ 584,000,000	$ 517,000,000
Interest rate (as a percent)	8.50%
European Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)		1.98%
Outstanding principal	$ 281,000,000	$ 270,000,000
Canadian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)		2.18%
Outstanding principal	89,000,000	$ 105,000,000
Dollar Thrifty Sponsored Canadian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)		2.19%
Outstanding principal	38,000,000	$ 40,000,000
Australian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)		4.28%
Outstanding principal	111,000,000	$ 112,000,000
Brazilian Fleet Financing
Debt Instrument [Line Items]
Average interest rate (as a percent)		15.50%
Outstanding principal	12,000,000	$ 11,000,000
Capitalized Leases
Debt Instrument [Line Items]
Average interest rate (as a percent)		3.82%
Outstanding principal	385,000,000	$ 364,000,000
Senior Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)		6.58%
Outstanding principal	3,900,000,000	$ 3,900,000,000
4.25% Senior Notes due April 2018
Debt Instrument [Line Items]
Outstanding principal	250,000,000	$ 250,000,000
Interest rate (as a percent)		4.25%									4.25%
7.50% Senior Notes due October 2018
Debt Instrument [Line Items]
Outstanding principal	$ 700,000,000	$ 700,000,000
Interest rate (as a percent)	7.50%																7.50%
6.75% Senior Notes due April 2019
Debt Instrument [Line Items]
Outstanding principal	$ 1,250,000,000	$ 1,250,000,000
Interest rate (as a percent)		6.75%												6.75%	6.75%
5.875% Senior Notes due October 2020
Debt Instrument [Line Items]
Outstanding principal	700,000,000	$ 700,000,000
Interest rate (as a percent)		5.875%
7.375% Senior Notes due January 2021
Debt Instrument [Line Items]
Outstanding principal	$ 500,000,000	$ 500,000,000
Interest rate (as a percent)	7.375%															7.375%
6.25% Senior Notes due October 2022
Debt Instrument [Line Items]
Outstanding principal	$ 500,000,000	$ 500,000,000
Interest rate (as a percent)		6.25%											6.25%

Debt (Debt Maturities) (Details

Debt (Debt Maturities) (Details) $ in Millions	Dec. 31, 2014USD ($)
Maturities of Long-term Debt [Abstract]
2,015	$ 1,939
2,016	5,597
2,017	1,226
2,018	3,712
2,019	1,774
After 2,019	1,749
Corporate Debt
Maturities of Long-term Debt [Abstract]
2,015	32
2,016	62
2,017	346
2,018	2,981
2,019	1,258
After 2,019	1,749
Fleet Debt
Maturities of Long-term Debt [Abstract]
2,015	1,907
2,016	5,535
2,017	880
2,018	731
2,019	516
After 2,019	$ 0

(Narrative) (Details)

(Narrative) (Details) shares in Millions	1 Months Ended																		3 Months Ended		6 Months Ended	7 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2014USD ($)	Oct. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jul. 31, 2014USD ($)	Jul. 31, 2014EUR (€)	Jul. 31, 2014GBP (£)	Jan. 31, 2014	Sep. 30, 2013USD ($)	Jul. 31, 2013USD ($)	May. 31, 2013GBP (£)	Apr. 30, 2013USD ($)	Mar. 31, 2013USD ($)shares	Jan. 31, 2013USD ($)	Oct. 31, 2012USD ($)	Mar. 31, 2012USD ($)	Feb. 28, 2011USD ($)	Dec. 31, 2010USD ($)	Sep. 30, 2010USD ($)	Sep. 30, 2015	Mar. 31, 2013USD ($)	Jun. 30, 2013USD ($)	Jul. 15, 2015	Sep. 30, 2013USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)	Apr. 01, 2016USD ($)	Mar. 31, 2016USD ($)	May. 30, 2015GBP (£)	Dec. 15, 2014	Oct. 31, 2014EUR (€)	Oct. 31, 2014GBP (£)	Sep. 30, 2014GBP (£)	Jul. 31, 2014EUR (€)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Nov. 30, 2013USD ($)	Nov. 30, 2013EUR (€)	Nov. 25, 2013USD ($)	Mar. 31, 2012CAD	Oct. 31, 2011USD ($)	Jul. 31, 2011USD ($)	Jun. 30, 2011USD ($)	Mar. 31, 2011USD ($)	Nov. 30, 2010USD ($)	Jul. 31, 2010USD ($)	Jun. 30, 2010USD ($)	Jun. 30, 2010EUR (€)	Oct. 31, 2009USD ($)	May. 31, 2007CAD	Sep. 30, 2006USD ($)
Debt Instrument [Line Items]
Percent of waivers obtained							100.00%
Restricted covenant threshold, percent of net income	50.00%																							50.00%
Treasury stock acquired												$ 467,000,000
Treasury stock acquired (in shares) | shares												23
Loss on extinguishment of debt																				$ 0	$ 0		$ 0	$ 0	$ 7,000,000	$ 0
Outstanding principal	$ 3,900,000,000																							$ 3,900,000,000	3,900,000,000
Restricted net assets of subsidiaries as percentage of total consolidated net assets, greater than	25.00%																							25.00%
Availability under borrowing base limitation	$ 1,043,000,000																							$ 1,043,000,000
VIE, total assets	427,000,000																							427,000,000	461,000,000
VIE, total liabilities	426,000,000																							426,000,000	460,000,000
Restricted cash and cash equivalents	571,000,000		$ 748,000,000					$ 522,000,000				$ 415,000,000								$ 415,000,000	$ 390,000,000		522,000,000	571,000,000	861,000,000	$ 546,000,000									$ 717,000,000	$ 453,000,000
Accrued liabilities
Debt Instrument [Line Items]
Interest expense, net																								95,000,000	74,000,000
Parent
Debt Instrument [Line Items]
Restricted cash and cash equivalents	84,000,000																							84,000,000	56,000,000
Letters of credit
Debt Instrument [Line Items]
Outstanding standby letters of credit	629,000,000																							629,000,000
Corporate Debt
Debt Instrument [Line Items]
Availability under borrowing base limitation	1,019,000,000																							1,019,000,000
Senior credit facility
Debt Instrument [Line Items]
Outstanding standby letters of credit	$ 613,000,000																							$ 613,000,000
Senior Term Facility
Debt Instrument [Line Items]
Aggregate maximum borrowings																																												$ 1,400,000,000
Increase in the credit agreement's borrowing capacity														$ 750,000,000
Restricted covenant threshold, percent of net income	50.00%																							50.00%
Outstanding principal	$ 2,083,000,000																							$ 2,083,000,000	2,104,000,000
Senior Term Facility | Maximum
Debt Instrument [Line Items]
Restricted covenant threshold, maximum cash dividend to parent as percent	1.00%																							1.00%
Senior Term Facility | Letters of credit
Debt Instrument [Line Items]
Aggregate maximum borrowings																																												200,000,000
Senior ABL Facility
Debt Instrument [Line Items]
Aggregate maximum borrowings																																												1,800,000,000
Increase in maximum borrowing capacity									$ 65,000,000
Borrowing capacity not extended		$ 198,000,000
Restricted covenant threshold, percent of tangible assets	1.00%																							1.00%
Outstanding principal	$ 344,000,000																							$ 344,000,000	$ 289,000,000
Fixed charge coverage ratio	1																							1
Fixed charge coverage ratio number of quarters																									1 year
Availability under borrowing base limitation	$ 1,019,000,000																							$ 1,019,000,000
Senior ABL Facility | Maximum
Debt Instrument [Line Items]
Restrictive covenant, maximum cash dividends to parent	200,000,000																							200,000,000
Restrictive covenant threshold, liquidity immediately after cash dividend, less than	400,000,000																							400,000,000
Senior ABL Facility | Minimum
Debt Instrument [Line Items]
Minimum liquidity after proposed dividend	200,000,000																							200,000,000
Senior ABL Facility | Letters of credit
Debt Instrument [Line Items]
Aggregate maximum borrowings																																												$ 1,500,000,000
Availability under borrowing base limitation	1,030,000,000																							$ 1,030,000,000
Senior Notes
Debt Instrument [Line Items]
Number of days to remedy																								60 days
Outstanding principal	3,900,000,000																							$ 3,900,000,000	$ 3,900,000,000
7.50% Senior Notes due October 2018
Debt Instrument [Line Items]
Interest rate (as a percent)																		7.50%							7.50%
Additional aggregate principal issued																		$ 700,000,000
Outstanding principal	$ 700,000,000																							$ 700,000,000	$ 700,000,000
6.75% Senior Notes due April 2019
Debt Instrument [Line Items]
Interest rate (as a percent)	6.75%															6.75%								6.75%																6.75%
Additional aggregate principal issued															$ 250,000,000	$ 1,000,000,000
Outstanding principal	$ 1,250,000,000																							$ 1,250,000,000	$ 1,250,000,000
5.875% Senior Notes due 2020
Debt Instrument [Line Items]
Interest rate (as a percent)														5.875%
Additional aggregate principal issued														$ 700,000,000
7.375% Senior Notes due January 2021
Debt Instrument [Line Items]
Interest rate (as a percent)																	7.375%								7.375%
Additional aggregate principal issued																	$ 500,000,000
Outstanding principal	$ 500,000,000																							$ 500,000,000	$ 500,000,000
6.25% Senior Notes due October 2022
Debt Instrument [Line Items]
Interest rate (as a percent)	6.25%													6.25%										6.25%
Additional aggregate principal issued														$ 500,000,000
Outstanding principal	$ 500,000,000																							$ 500,000,000	500,000,000
Fleet Debt
Debt Instrument [Line Items]
Availability under borrowing base limitation	24,000,000																							24,000,000
Restricted cash and cash equivalents	515,000,000																							515,000,000	772,000,000
U.S. Fleet Variable Funding Notes
Debt Instrument [Line Items]
Outstanding principal	0																							0	60,000,000
U.S. Fleet Variable Funding Notes Series 2009-1
Debt Instrument [Line Items]
Aggregate maximum borrowings	2,739,000,000																							2,739,000,000
Outstanding principal	0																							0	60,000,000												$ 150,000,000
Debt transferred				$ 150,000,000
U.S. Fleet Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal	2,258,000,000																							2,258,000,000	2,933,000,000
U.S. Fleet Medium Term Notes Series 2009-2 Notes
Debt Instrument [Line Items]
Aggregate maximum borrowings																																															$ 184,000,000		$ 1,200,000,000
Outstanding principal	404,000,000																							404,000,000	808,000,000
U.S. Fleet Medium Term Notes Series 2010-1 Notes
Debt Instrument [Line Items]
Aggregate maximum borrowings																																														$ 750,000,000
Outstanding principal	490,000,000																							490,000,000	577,000,000
U.S. Fleet Medium Term Notes Series 2011-1 Notes
Debt Instrument [Line Items]
Aggregate maximum borrowings																																											$ 598,000,000
Outstanding principal	414,000,000																							414,000,000	598,000,000
U.S. Fleet Medium Term Notes Series 2013-1 Notes
Debt Instrument [Line Items]
Aggregate maximum borrowings													$ 950,000,000
Outstanding principal	950,000,000																							950,000,000	950,000,000
U.S. Fleet Medium Term Notes Series 2013-1 Notes | Maximum
Debt Instrument [Line Items]
Debt term													5 years
U.S. Fleet Medium Term Notes Series 2013-1 Notes | Minimum
Debt Instrument [Line Items]
Debt term													3 years
RCFC U.S. ABS Program
Debt Instrument [Line Items]
Outstanding principal	433,000,000																							433,000,000	900,000,000
RCFC Series 2011-2 Notes
Debt Instrument [Line Items]
Aggregate maximum borrowings																																									$ 400,000,000
Outstanding principal	266,000,000																							266,000,000	400,000,000
RCFC Series 2011-1 Notes
Debt Instrument [Line Items]
Aggregate maximum borrowings																																										$ 500,000,000
Outstanding principal	167,000,000																							167,000,000	500,000,000
HVF II U.S. ABS Program
Debt Instrument [Line Items]
Outstanding principal	3,844,000,000																							3,844,000,000	2,965,000,000												3,175,000,000
HVF II Series 2013-A
Debt Instrument [Line Items]
Outstanding principal	1,999,000,000																							1,999,000,000	2,380,000,000												2,575,000,000
Transferable amount of debt	2,300,000,000	2,447,000,000		2,697,000,000																				2,300,000,000													900,000,000
Debt transferred	147,000,000	250,000,000
Debt allocated				122,000,000
HVF II Series 2013-B
Debt Instrument [Line Items]
Outstanding principal	976,000,000																							976,000,000	585,000,000														$ 600,000,000
Transferable amount of debt	1,025,000,000	878,000,000		628,000,000																				1,025,000,000
Debt allocated				28,000,000
HVF II Series 2014-A
Debt Instrument [Line Items]
Outstanding principal	869,000,000			1,000,000,000																				869,000,000	0
Transferable amount of debt		3,250,000,000		$ 1,000,000,000
Threshold for mandatory commitment termination		$ 1,500,000,000
Donlen ABS Program
Debt Instrument [Line Items]
Outstanding principal	247,000,000																							247,000,000	486,000,000
HFLF Variable Funding Notes
Debt Instrument [Line Items]
Outstanding principal								$ 1,100,000,000															$ 1,100,000,000
Availability under borrowing base limitation	0																							0
HFLF Seriers 2013-1 Notes
Debt Instrument [Line Items]
Outstanding principal	0																							0	280,000,000
Debt term								1 year
HFLF Series 2013-2 Notes
Debt Instrument [Line Items]
Increase in maximum borrowing capacity			200,000,000
Outstanding principal	247,000,000																							247,000,000	206,000,000
Debt term								2 years
Expired debt commitments			200,000,000
HFLF Series 2013-2 Notes | Maximum
Debt Instrument [Line Items]
Outstanding principal			$ 400,000,000
HFLF Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal	900,000,000																							900,000,000	500,000,000											$ 400,000,000	$ 500,000,000
Other Fleet Debt
Debt Instrument [Line Items]
Outstanding principal	1,880,000,000																							1,880,000,000	1,962,000,000
U.S. Fleet Financing Facility
Debt Instrument [Line Items]
Aggregate maximum borrowings																																																			$ 165,000,000
Outstanding principal	164,000,000																							164,000,000	153,000,000
Availability under borrowing base limitation	19,000,000																							19,000,000
European Revolving Credit Facility
Debt Instrument [Line Items]
Aggregate maximum borrowings | €																															€ 250,000,000			€ 220,000,000														€ 220,000,000
Increase in maximum borrowing capacity | €					€ 120,000,000
Outstanding principal	304,000,000																							304,000,000	$ 303,000,000
Former European Fleet Notes
Debt Instrument [Line Items]
Aggregate maximum borrowings | €																																																€ 400,000,000
Interest rate (as a percent)																																					4.375%	4.375%									8.50%	8.50%
European Fleet Notes
Debt Instrument [Line Items]
Aggregate maximum borrowings | €																																						€ 425,000,000
Interest rate (as a percent)																									8.50%
Outstanding principal	517,000,000																							517,000,000	$ 584,000,000
European Securitization
Debt Instrument [Line Items]
Aggregate maximum borrowings | €																																																€ 400,000,000
Outstanding principal	270,000,000																							270,000,000	281,000,000
Availability under borrowing base limitation	2,000,000																							2,000,000
Canadian Securitization
Debt Instrument [Line Items]
Aggregate maximum borrowings | CAD																																																		CAD 225,000,000
Outstanding principal	105,000,000																							105,000,000	89,000,000
Availability under borrowing base limitation	0																							0
Dollar Thrifty Sponsored Canadian Securitization
Debt Instrument [Line Items]
Aggregate maximum borrowings | CAD																																								CAD 150,000,000
Outstanding principal	40,000,000																							40,000,000	38,000,000
Availability under borrowing base limitation	0																							0
Australian Securitization
Debt Instrument [Line Items]
Aggregate maximum borrowings																																													$ 250,000,000
Outstanding principal	112,000,000																							112,000,000	111,000,000
Availability under borrowing base limitation	$ 0																							$ 0
UK Leveraged Financing
Debt Instrument [Line Items]
Aggregate maximum borrowings | £																																£ 225,000,000	£ 195,000,000
Increase in maximum borrowing capacity | £						£ 55,000,000				£ 25,000,000
4.25% Senior Notes due April 2018
Debt Instrument [Line Items]
Interest rate (as a percent)	4.25%											4.25%								4.25%				4.25%
Additional aggregate principal issued												$ 250,000,000
Outstanding principal	$ 250,000,000																							$ 250,000,000	250,000,000
Tranche B Term Loans
Debt Instrument [Line Items]
Face amount											$ 1,372,000,000
Alternative base rate margin																														2.00%
Tranche B-2 Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate											2.25%
Alternative base rate margin											1.25%																			1.75%
5.875% Senior Notes due October 2020
Debt Instrument [Line Items]
Interest rate (as a percent)	5.875%																							5.875%
Outstanding principal	$ 700,000,000																							$ 700,000,000	$ 700,000,000
London Interbank Offered Rate (LIBOR) | Tranche B Term Loans | Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)																														1.00%
London Interbank Offered Rate (LIBOR) | Tranche B-2 Term Loans | Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)											0.75%																			0.75%
Senior Term Facility | Tranche B and Tranche B-1 Term Loans [Member]
Debt Instrument [Line Items]
Alternative base rate margin																														2.00%
Senior Term Facility | Tranche B-2 Term Loans
Debt Instrument [Line Items]
Alternative base rate margin																														1.75%
Senior Term Facility | London Interbank Offered Rate (LIBOR) | Tranche B and Tranche B-1 Term Loans [Member] | Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)																														1.00%
Senior Term Facility | London Interbank Offered Rate (LIBOR) | Tranche B-2 Term Loans | Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)																														0.75%
Forecast | Senior ABL Facility
Debt Instrument [Line Items]
Aggregate maximum borrowings																											$ 1,668,000,000
Increase in aggregate maximum borrowing capacity																												$ 235,000,000
Maximum borrowing capacity after accordion feature																											$ 1,903,000,000	$ 2,100,000,000
Forecast | Tranche B Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate																			2.75%
Alternative base rate margin																			1.75%
Forecast | Tranche B-2 Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate																			2.25%
Alternative base rate margin																			1.25%
Forecast | London Interbank Offered Rate (LIBOR) | Tranche B Term Loans | Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)																			1.00%
Forecast | London Interbank Offered Rate (LIBOR) | Tranche B-2 Term Loans | Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)																			0.75%
Forecast | Senior Term Facility | Tranche B Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate																			2.75%
Forecast | Senior Term Facility | Tranche B-2 Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate																			2.25%
Alternative base rate margin																			1.25%
Forecast | Senior Term Facility | London Interbank Offered Rate (LIBOR) | Tranche B Term Loans | Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)																			1.00%
Forecast | Senior Term Facility | London Interbank Offered Rate (LIBOR) | Tranche B-2 Term Loans | Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)																			0.75%
Subsequent Event | European Revolving Credit Facility
Debt Instrument [Line Items]
Aggregate maximum borrowings | £																													£ 340,000,000
Subsequent Event | Tranche B Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate																						3.00%
Subsequent Event | Tranche B-2 Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate																						2.75%
Subsequent Event | Senior Term Facility | Tranche B and Tranche B-1 Term Loans [Member]
Debt Instrument [Line Items]
Basis spread on variable rate																						3.00%
Subsequent Event | Senior Term Facility | Tranche B-2 Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate																						2.75%

(Borrowing Capacity) (Details)

(Borrowing Capacity) (Details) $ in Millions	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Remaining capacity	$ 2,297
Availability under borrowing base limitation	1,043
Senior ABL Facility
Debt Instrument [Line Items]
Remaining capacity	1,142
Availability under borrowing base limitation	1,019
Corporate Debt
Debt Instrument [Line Items]
Remaining capacity	1,142
Availability under borrowing base limitation	1,019
HVF II U.S. Fleet Variable Funding Notes
Debt Instrument [Line Items]
Remaining capacity	481
Availability under borrowing base limitation	0
HFLF Variable Funding Notes
Debt Instrument [Line Items]
Remaining capacity	153
Availability under borrowing base limitation	0
U.S. Fleet Financing Facility
Debt Instrument [Line Items]
Remaining capacity	26
Availability under borrowing base limitation	19
European Securitization
Debt Instrument [Line Items]
Remaining capacity	214
Availability under borrowing base limitation	2
Canadian Securitization
Debt Instrument [Line Items]
Remaining capacity	58
Availability under borrowing base limitation	0
Dollar Thrifty Sponsored Canadian Securitization
Debt Instrument [Line Items]
Remaining capacity	89
Availability under borrowing base limitation	0
Australian Securitization
Debt Instrument [Line Items]
Remaining capacity	92
Availability under borrowing base limitation	0
Capitalized Leases
Debt Instrument [Line Items]
Remaining capacity	42
Availability under borrowing base limitation	3
Fleet Debt
Debt Instrument [Line Items]
Remaining capacity	1,155
Availability under borrowing base limitation	$ 24

Employee Retirement Benefits (N

Employee Retirement Benefits (Narrative) (Details) $ in Millions

6 Months Ended

12 Months Ended

Jun. 30, 2014USD ($)

Dec. 31, 2015

Dec. 31, 2014USD ($)

Dec. 31, 2013USD ($)

Dec. 31, 2012USD ($)

Nov. 30, 2014USD ($)

Oct. 22, 2014plan

Sep. 30, 2014USD ($)

Mar. 31, 2014USD ($)

Sep. 30, 2013USD ($)

Jun. 30, 2013USD ($)

Mar. 31, 2013USD ($)

Jan. 01, 2012USD ($)

Dec. 31, 2011USD ($)

Defined Benefit Plan Disclosure [Line Items]

Number of non-qualified, unfunded pension plans | plan

2

Maximum annual contribution credit per employee, percent

3.00%

Accumulated other comprehensive income (loss)

$ (1)

$ (115)

$ 6

$ (23)

$ (38)

$ (13)

$ (57)

$ (75)

$ (50)

Defined contribution plan, costs recognized

18

18

19

Multiemployer plans withdrawal obligation

$ 24

Amounts reclassified from accumulated other comprehensive income (loss)

(16)

1

Total equity

$ 2,495

$ 2,680

2,741

$ 2,512

Non collectively bargained members

Defined Benefit Plan Disclosure [Line Items]

Maximum annual contribution credit per employee, percent

5.00%

Collectively bargained members

Defined Benefit Plan Disclosure [Line Items]

Maximum annual contribution credit per employee, percent

6.50%

Key officer postretirement car benefit plan

Defined Benefit Plan Disclosure [Line Items]

Benefit period availability, post retirement

15 years

Eligible age

80 years

Key officer postretirement car benefit plan | Minimum

Defined Benefit Plan Disclosure [Line Items]

Service period

20 years

Retirement age

58 years

Postretirement Benefits (U.S.)

Defined Benefit Plan Disclosure [Line Items]

Total fair value of pension plan assets

$ 0

$ 0

0

Company contributions

1

1

Pension Benefits - Non-U.S.

Defined Benefit Plan Disclosure [Line Items]

Total fair value of pension plan assets

212

207

178

Company contributions

$ 5

5

Pension Benefits - Non-U.S. | U.K.

Defined Benefit Plan Disclosure [Line Items]

Expected return on plan assets, percent

7.50%

Discretionary cash contributions to qualified pension plan

$ 5

5

Estimated future contributions

$ 3

U.K. Pension Plan

Defined Benefit Plan Disclosure [Line Items]

Provisions charged to income

10

10

9

U.K. Pension Plan | U.K.

Defined Benefit Plan Disclosure [Line Items]

Total fair value of pension plan assets

$ 201

U.S. Plan

Defined Benefit Plan Disclosure [Line Items]

Expected return on plan assets, percent

7.40%

Total fair value of pension plan assets

$ 619

563

498

Plan amendments

(5)

Company contributions

$ 35

20

Marketable securities | U.S. Plan

Defined Benefit Plan Disclosure [Line Items]

Target plan asset allocations

65.00%

Fixed Income Funds | U.S. Plan

Defined Benefit Plan Disclosure [Line Items]

Target plan asset allocations

35.00%

Actively Managed Multi-Asset Funds | Pension Benefits - Non-U.S. | U.K.

Defined Benefit Plan Disclosure [Line Items]

Target plan asset allocations

37.50%

Passive Equity Funds | Pension Benefits - Non-U.S. | U.K.

Defined Benefit Plan Disclosure [Line Items]

Target plan asset allocations

27.50%

U.K. Equities | Pension Benefits - Non-U.S. | U.K.

Defined Benefit Plan Disclosure [Line Items]

Target plan asset allocations

45.00%

Passive Bond Funds | Pension Benefits - Non-U.S. | U.K.

Defined Benefit Plan Disclosure [Line Items]

Target plan asset allocations

35.00%

Municipal Bonds | Pension Benefits - Non-U.S. | U.K.

Defined Benefit Plan Disclosure [Line Items]

Target plan asset allocations

70.00%

Municipal Bonds | U.S. Plan

Defined Benefit Plan Disclosure [Line Items]

Total fair value of pension plan assets

$ 10

11

Corporate Bonds | Pension Benefits - Non-U.S. | U.K.

Defined Benefit Plan Disclosure [Line Items]

Target plan asset allocations

30.00%

Corporate Bonds | U.S. Plan

Defined Benefit Plan Disclosure [Line Items]

Total fair value of pension plan assets

$ 123

106

Forecast

Defined Benefit Plan Disclosure [Line Items]

Employer matching contribution, percent of match, first three percent

100.00%

Employer matching contribution, percent of match, remaining two percent

50.00%

Restatement Adjustment

Defined Benefit Plan Disclosure [Line Items]

Accumulated other comprehensive income (loss)

(1)

4

$ (6)

$ (2)

$ 1

Total equity

$ (100)

Level 2 | U.K. Pension Plan

Defined Benefit Plan Disclosure [Line Items]

Total fair value of pension plan assets

71

67

Level 2 | U.K. Equities | U.K. Pension Plan

Defined Benefit Plan Disclosure [Line Items]

Total fair value of pension plan assets

0

0

Accumulated Adjustments, Other

Defined Benefit Plan Disclosure [Line Items]

Reclassification from AOCI, current period

(27)

Amounts reclassified from accumulated other comprehensive income (loss)

17

Adjustment for Change in Accounting Principle

Defined Benefit Plan Disclosure [Line Items]

Accumulated other comprehensive income (loss)

(15)

(6)

1

Reclassification from AOCI, current period

(24)

Amounts reclassified from accumulated other comprehensive income (loss)

15

Adjustment for Change in Accounting Principle | Restatement Adjustment

Defined Benefit Plan Disclosure [Line Items]

Total equity

$ 4

Prior Period Misstatements Corrected in Current Period

Defined Benefit Plan Disclosure [Line Items]

Reclassification from AOCI, current period

(3)

Amounts reclassified from accumulated other comprehensive income (loss)

2

Prior Period Misstatements Corrected in Current Period | Restatement Adjustment

Defined Benefit Plan Disclosure [Line Items]

Total equity

$ (2)

Pension and Other Post-Employment Benefits

Defined Benefit Plan Disclosure [Line Items]

Accumulated other comprehensive income (loss)

(101)

(58)

$ (110)

Amounts reclassified from accumulated other comprehensive income (loss)

$ (9)

$ 0

Employee Retirement Benefits (C

Employee Retirement Benefits (Change in Benefit Obligation) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
U.S. Plan
Change in Benefit Obligation [Roll Forward]
Benefit obligation at the beginning of the year	$ 671	$ 679
Service cost	28	27	$ 25
Interest cost	31	28	28
Plan amendments		(5)
Plan curtailments	(42)
Plan settlements	(11)
Benefits paid	(23)	(23)
Actuarial loss (gain)	72	(35)
Benefit obligation at the end of the year	726	671	679
Change in Plan Assets [Roll Forward]
Fair value of plan assets at the beginning of the year	563	498
Actual return of plan assets	55	68
Company contributions	35	20
Plan settlements	(11)
Benefits paid	(23)	(23)
Fair value of plan assets at the end of the year	619	563	498
Defined Benefit Plan, Funded Status of Plan [Abstract]
Plan assets less than benefit obligation	(107)	(108)
Pension Benefits - Non-U.S.
Change in Benefit Obligation [Roll Forward]
Benefit obligation at the beginning of the year	243	224
Service cost	2	3	2
Interest cost	10	9	10
Benefits paid	(5)	(4)
Foreign exchange translation	(22)	7
Actuarial loss (gain)	46	4
Benefit obligation at the end of the year	274	243	224
Change in Plan Assets [Roll Forward]
Fair value of plan assets at the beginning of the year	207	178
Actual return of plan assets	19	23
Company contributions	5	5
Benefits paid	(5)	(4)
Foreign exchange translation	(14)	5
Fair value of plan assets at the end of the year	212	207	178
Defined Benefit Plan, Funded Status of Plan [Abstract]
Plan assets less than benefit obligation	(62)	(36)
Postretirement Benefits (U.S.)
Change in Benefit Obligation [Roll Forward]
Benefit obligation at the beginning of the year	16	19
Service cost	0	0	0
Interest cost	1	1	1
Employee contributions	1	1
Benefits paid	(2)	(2)
Actuarial loss (gain)	0	(3)
Benefit obligation at the end of the year	15	16	19
Change in Plan Assets [Roll Forward]
Fair value of plan assets at the beginning of the year	0	0
Company contributions	1	1
Employee contributions	1	1
Benefits paid	(2)	(2)
Fair value of plan assets at the end of the year	0	0	$ 0
Defined Benefit Plan, Funded Status of Plan [Abstract]
Plan assets less than benefit obligation	$ (15)	$ (16)

Employee Retirement Benefits (A

Employee Retirement Benefits (Amounts Recognized in Balance Sheet) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
U.S. Plan
Amounts recognized in balance sheet:
Funded status of plan	$ (107)	$ (108)
Prior service credit (cost)	2	13
Net gain (loss)	(97)	(94)
Accumulated other comprehensive income (loss)	(95)	(81)
Unfunded accrued pension or postretirement benefit	(12)	(27)
Net obligation recognized in the balance sheet	(107)	(108)
Total recognized in other comprehensive (income) loss	14	(79)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	33	(52)
Estimated amounts that will be amortized from accumulated other comprehensive (income) loss over the next fiscal year:
Net gain (loss)	(2)	(2)
Accumulated Benefit Obligation at December 31	$ 720	$ 626
Weighted-average assumptions as of December 31
Discount rate (as a percent)	3.90%	4.80%
Expected return of assets (as a percent)	7.40%	7.60%
Average rate of increase in compensation (as a percent)	4.00%	4.60%
Components of Net Periodic Benefit Cost:
Service cost	$ 28	$ 27	$ 25
Interest cost	31	28	28
Expected return on plan assets	(40)	(36)	(34)
Net amortizations	2	7	10
Settlement loss	4	0	2
Curtailment gain	(10)	0	0
Special termination benefit cost	4
Net pension and postretirement expense	$ 19	$ 26	$ 31
Weighted average discount rate for expense (January 1)	4.80%	4.00%	4.70%
Weighted average assumed long-term rate of return on assets (January 1)	7.60%	7.60%	8.00%
Pension Benefits - Non-U.S.
Amounts recognized in balance sheet:
Funded status of plan	$ (62)	$ (36)
Prior service credit (cost)	0	0
Net gain (loss)	(50)	(12)
Accumulated other comprehensive income (loss)	(50)	(12)
Unfunded accrued pension or postretirement benefit	(12)	(24)
Net obligation recognized in the balance sheet	(62)	(36)
Total recognized in other comprehensive (income) loss	38	(5)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	35	(6)
Estimated amounts that will be amortized from accumulated other comprehensive (income) loss over the next fiscal year:
Net gain (loss)	(2)	0
Accumulated Benefit Obligation at December 31	$ 272	$ 239
Weighted-average assumptions as of December 31
Discount rate (as a percent)	4.40%	4.40%
Expected return of assets (as a percent)	7.40%	7.40%
Average rate of increase in compensation (as a percent)	2.60%	2.60%
Components of Net Periodic Benefit Cost:
Service cost	$ 2	$ 3	$ 2
Interest cost	10	9	10
Expected return on plan assets	(15)	(13)	(12)
Net amortizations	0	0	0
Settlement loss	0	0	0
Curtailment gain	0	0	0
Special termination benefit cost			0
Net pension and postretirement expense	$ (3)	$ (1)	$ 0
Weighted average discount rate for expense (January 1)	3.20%	4.30%	4.80%
Weighted average assumed long-term rate of return on assets (January 1)	7.40%	7.40%	7.40%
Postretirement Benefits (U.S.)
Amounts recognized in balance sheet:
Funded status of plan	$ (15)	$ (16)
Prior service credit (cost)	0	0
Net gain (loss)	1	0
Accumulated other comprehensive income (loss)	1	0
Unfunded accrued pension or postretirement benefit	(16)	(16)
Net obligation recognized in the balance sheet	(15)	(16)
Total recognized in other comprehensive (income) loss	0	(3)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	1	(2)
Estimated amounts that will be amortized from accumulated other comprehensive (income) loss over the next fiscal year:
Net gain (loss)	$ 0	$ 0
Weighted-average assumptions as of December 31
Discount rate (as a percent)	3.60%	4.40%
Expected return of assets (as a percent)	0.00%
Average rate of increase in compensation (as a percent)	0.00%
Initial health care cost trend rate (as a percent)	7.30%	7.50%
Ultimate health care cost trend rate (as a percent)	4.50%	4.50%
Number of years to ultimate trend rate (in years)	15 years	16 years
Components of Net Periodic Benefit Cost:
Service cost	$ 0	$ 0	$ 0
Interest cost	1	1	1
Expected return on plan assets	0	0	0
Net amortizations	0	0	0
Settlement loss	0	0	0
Curtailment gain	0	0	0
Net pension and postretirement expense	$ 1	$ 1	$ 1
Weighted average discount rate for expense (January 1)	4.40%	3.60%	4.40%
Initial health care cost trend rate (as a percent)	7.50%	7.80%	8.10%
Ultimate health care cost trend rate (as a percent)	4.50%	4.50%	4.50%
Number of years to ultimate health trend rate (in years)	15 years	16 years	17 years

Employee Retirement Benefits 73

Employee Retirement Benefits (Change in Accounting Principle by Period) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Consolidated Balance Sheets
Accumulated deficit	$ (956)	$ (722)	$ (872)	$ (945)	$ (878)	$ (861)	$ (1,091)	$ (1,199)	$ (872)	$ (1,091)	$ (722)	$ (861)	$ (956)	$ (878)	$ (746)
Accumulated other comprehensive income (loss)	(115)	(38)	(1)	(13)	6	(57)	(75)	(50)	(1)	(75)	(38)	(57)	(115)	6	(23)
Consolidated Statements of Operations
Direct operating	1,575	1,702	1,594	1,443	1,449	1,547	1,417	1,364	3,037	2,781	4,738	4,328	6,314	5,777	4,861
Provision for taxes on income (loss)	(50)	54	50	8	56	128	86	59	58	145	112	272	62	329	200
Net income (loss)	(234)	150	73	(67)	(14)	229	120	14	6	134	156	364	(78)	350	217
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	(234)	150	73	(67)	(14)	229	120	14	6	134	156	364	(78)	350	217
Reclassifications of net periodic costs related to defined benefit pension plans													(11)	2	9
Tax impact related to net gains and losses on defined benefit pension plans													7	(33)	9
Other comprehensive income (loss)													(121)	29	1
Consolidated Statements of Changes in Equity
Net income (loss)	(234)	150	73	(67)	(14)	229	120	14	6	134	156	364	(78)	350	217
Other comprehensive income (loss)													(121)	29	1
Accumulated deficit	(956)	(722)	(872)	(945)	(878)	(861)	(1,091)	(1,199)	(872)	(1,091)	(722)	(861)	(956)	(878)	(746)
Accumulated other comprehensive income (loss)	(115)	(38)	(1)	(13)	6	(57)	(75)	(50)	(1)	(75)	(38)	(57)	(115)	6	(23)
Consolidated Statements of Cash Flows
Net income (loss)	(234)	$ 150	$ 73	(67)	(14)	$ 229	$ 120	14	6	134	156	364	(78)	350	217
Changes in assets and liabilities, net of acquisitions - Accrued liabilities				$ 75				$ 27	$ (2)	$ 5	$ 153	$ 118	140	28	(20)
Adjustment for Change in Accounting Principle
Consolidated Balance Sheets
Accumulated deficit	15				6								15	6	(1)
Accumulated other comprehensive income (loss)	(15)				(6)								(15)	(6)	1
Consolidated Statements of Operations
Direct operating													(14)	(12)	(5)
Provision for taxes on income (loss)													5	5	2
Net income (loss)													$ 9	$ 7	$ 3
Earnings per share - basic (in dollars per share)													$ 0.02	$ 0.02	$ 0.02
Earnings per share - diluted (in dollars per share)													$ 0.02	$ 0.02	$ 0.01
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)													$ 9	$ 7	$ 3
Reclassifications of net periodic costs related to defined benefit pension plans													(14)	(12)	(5)
Tax impact related to net gains and losses on defined benefit pension plans													5	5	2
Other comprehensive income (loss)													(9)	(7)	(3)
Consolidated Statements of Changes in Equity
Net income (loss)													9	7	3
Other comprehensive income (loss)													(9)	(7)	(3)
Accumulated deficit	15				6								15	6	(1)
Accumulated other comprehensive income (loss)	$ (15)				$ (6)								(15)	(6)	1
Consolidated Statements of Cash Flows
Net income (loss)													9	7	3
Changes in assets and liabilities, net of acquisitions - Accrued liabilities													$ (9)	$ (7)	$ (3)

Employee Retirement Benefits (F

Employee Retirement Benefits (Fair Value of Plan Assets) (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
U.S. Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of pension plan assets	$ 619	$ 563	$ 498
U.S. Plan | Short-term Investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of pension plan assets	13	13
U.S. Plan | US Large Cap Equity Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of pension plan assets	171	160
U.S. Plan | US Mid Cap Equity Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of pension plan assets	50	46
U.S. Plan | US Small Cap Equity Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of pension plan assets	38	36
U.S. Plan | International Larg Cap
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of pension plan assets	99	101
U.S. Plan | International Emerging Markets
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of pension plan assets	29	18
U.S. Plan | Asset-backed Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of pension plan assets	4	0
U.S. Plan | US Treasuries
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of pension plan assets	63	60
U.S. Plan | Corporate Bonds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of pension plan assets	123	106
U.S. Plan | Government Bonds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of pension plan assets	10	6
U.S. Plan | Municipal Bonds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of pension plan assets	10	11
U.S. Plan | Real Estate Bonds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of pension plan assets	9	6
U.K. Pension Plan | Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of pension plan assets	130	128
U.K. Pension Plan | Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of pension plan assets	71	67
U.K. Pension Plan | Diversified Growth Funds | Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of pension plan assets	74	74
U.K. Pension Plan | Diversified Growth Funds | Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of pension plan assets	0	0
U.K. Pension Plan | U.K. Equities | Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of pension plan assets	25	24
U.K. Pension Plan | U.K. Equities | Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of pension plan assets	0	0
U.K. Pension Plan | Overseas Equities | Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of pension plan assets	31	30
U.K. Pension Plan | Overseas Equities | Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of pension plan assets		0
U.K. Pension Plan | Foreign Overseas Corporate Bond Securities | Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of pension plan assets	0	0
U.K. Pension Plan | Foreign Overseas Corporate Bond Securities | Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of pension plan assets	21	20
U.K. Pension Plan | Index-Linked Gilts-Stocks | Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of pension plan assets	0	0
U.K. Pension Plan | Index-Linked Gilts-Stocks | Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of pension plan assets	50	$ 47
U.K. Pension Plan | U.K.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total fair value of pension plan assets	$ 201

Employee Retirement Benefits (E

Employee Retirement Benefits (Estimated Future Benefit Payments & Other Plans) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Pension Benefits
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract]
2,015	$ 50
2,016	37
2,017	43
2,018	45
2,019	48
After 2,019	282
Total	505
Other Plans [Abstract]
Aggregate period contributions	10	$ 8	$ 8
Pension Benefits | Western Conference of Teamsters
Other Plans [Abstract]
Aggregate period contributions	6	4	4
Pension Benefits | Teamsters Central States
Other Plans [Abstract]
Aggregate period contributions	1	1	1
Pension Benefits | IAM National
Other Plans [Abstract]
Aggregate period contributions	1	1	1
Pension Benefits | Midwest Operating Engineers
Other Plans [Abstract]
Aggregate period contributions	1	1	1
Pension Benefits | Local 1034
Other Plans [Abstract]
Aggregate period contributions	0	$ 0	0
Pension Benefits | Local 1034 | Minimum
Other Plans [Abstract]
Multiemployer plan, period contributions, percentage of total contributions to pension fund		5.00%
Pension Benefits | Operating Engineers Local 324
Other Plans [Abstract]
Aggregate period contributions	0	$ 0	0
Pension Benefits | Western Pennsylvania Teamsters
Other Plans [Abstract]
Aggregate period contributions	0	0	0
Pension Benefits | 7 Other Plans
Other Plans [Abstract]
Aggregate period contributions	1	$ 1	$ 1
Postretirement Benefits (U.S.)
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract]
2,015	1
2,016	1
2,017	1
2,018	1
2,019	1
After 2,019	6
Total	$ 11

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		12 Months Ended
	Nov. 30, 2014	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Feb. 28, 2008
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant			11,276,334
Unrecognized compensation cost related to non-vested stock options, RSUs and PSUs granted			$ 12
Period for recognition of total unrecognized compensation cost			1 year 7 months 6 days
Number of common stock shares for each unit granted			1
Compensation expense			$ 11	$ 35	$ 30
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant			19,762,329
Treasury Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant			3,877,372
Price Vesting Units Pvu Subject to Market Condition [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation, Arrangement by Share Based Payment Award, Award Vesting, Percentage after Year Three				50.00%
Share Based Compensation, Arrangement by Share Based Payment Award, Award Vesting, Percentage after Year Four				50.00%
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)			3 years		3 years
Expected volatility rate top percentage of index universe in US Large Capitalization			70.00%
Period for expected volatility rate daily historical closing values of index used			6 years 3 months
Expected dividend yield			0.00%		0.00%
Stock Option | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)			10 years
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award exercise price not less than fair market value of shares of common stock			1
Restricted Stock Units RSU and Performance Stock Units PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)			$ 28.18	$ 23.95	$ 13.78
Restricted Stock Units RSU and Performance Stock Units PSU | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
PSU's subject to performance conditions, condition two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
PSU's subject to performance conditions, condition three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Prior Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock underlying awards outstanding			3,606,457
Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized, reserved for issuance						32,700,000
Shares of common stock underlying awards outstanding			7,669,877
Granted (in dollars per share)		$ 26.20
Omnibus Plan | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant			15,884,957
Omnibus Plan | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		12,094	55,604
Granted (in dollars per share)			$ 28.18
Weighted average outstanding (in dollars per share)			$ 19.38	17
Omnibus Plan | Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	137,000	1,181,992	1,181,992
Granted (in dollars per share)	$ 22.01		$ 26.20
Weighted average outstanding (in dollars per share)			$ 19.90	$ 15.68
Omnibus Plan | Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	500,000
Omnibus Plan | PSU's subject to performance conditions, condition one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		827,404
Omnibus Plan | PSU's subject to performance conditions, condition one | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units that will ultimately be awarded, percent of original grant		0.00%
Omnibus Plan | PSU's subject to performance conditions, condition one | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units that will ultimately be awarded, percent of original grant		150.00%
Omnibus Plan | PSU's subject to performance conditions, condition two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		354,588
Omnibus Plan | PSU's subject to performance conditions, condition two | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units that will ultimately be awarded, percent of original grant		0.00%
Omnibus Plan | PSU's subject to performance conditions, condition two | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units that will ultimately be awarded, percent of original grant		100.00%
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense				$ 1
Cliff Vesting | Omnibus Plan | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		4,461
Award vesting period		2 years
Periodic Vesting | Omnibus Plan | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		7,633
Award vesting period		3 years

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary of the total compensation expense and associated recognized income tax benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Compensation Expense and Tax Benefit
Compensation expense	$ 11	$ 35	$ 30
Income tax benefit	(4)	(14)	(12)
Total	$ 7	$ 21	$ 18

Stock-Based Compensation (Sched

Stock-Based Compensation (Schedule of valuation assumptions) (Details) - Stock Option - $ / shares	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	39.30%	81.50%
Expected dividend yield	0.00%	0.00%
Expected term (years)	3 years	3 years
Risk-free interest rate	0.96%	0.40%
Weighted-average grant date fair value (in dollars per share)	$ 7.14	$ 14.62

Stock-Based Compensation (Sum79

Stock-Based Compensation (Summary of option activity under stock incentive plan and omnibus plan) (Details) - Stock Option - Stock Incentive Plan and Omnibus Plan - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Options, Outstanding [Roll Forward]
Outstanding at January 1, 2014 (in shares)	9,997,360
Granted (in shares)	500,000
Exercised (in shares)	(1,392,048)
Forfeited or Expired (in shares)	(209,791)
Outstanding at December 31, 2014 (in shares)	8,895,521	9,997,360
Exercisable at December 31, 2014 (in shares)	8,206,279
Weighted Average Exercise Price [Roll Forward]
Outstanding at January 1, 2014 (in dollars per share)	$ 11.55
Granted (in dollars per share)	22.75
Exercised (in dollars per share)	11.03
Forfeited or Expired (in dollars per share)	14.42
Outstanding at December 31, 2014 (in dollars per share)	12.62	$ 11.55
Exercisable at December 31, 2014 (in dollars per share)	$ 11.21
Additional Disclosures [Abstract]
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2	3 years 7 months 6 days	4 years 6 months
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2	3 years 7 months 6 days	4 years 6 months
Weighted average remaining contractual term, Exercisable at December 31, 2014	3 years 4 months 24 days
Aggregate intrinsic value. Outstanding at January 1, 2014	$ 170
Aggregate intrinsic value. Outstanding at December 31, 2014	106	$ 170
Aggregate intrinsic value, Exercisable at December 31, 2014	$ 102

Stock-Based Compensation (Sum80

Stock-Based Compensation (Summary of non-vested options and changes during the year) (Details) - Dec. 31, 2014 - Stock Incentive Plan and Omnibus Plan - Stock Option - $ / shares	Total
Non-vested Options, Outstanding [Roll Forward]
Non-vested as of January 1, 2014 (in shares)	1,472,012
Granted (in shares)	500,000
Vested (in shares)	(1,045,847)
Forfeited (in shares)	(236,923)
Non-vested as of December 31, 2014 (in shares)	689,242
Non-vested Options, Weighted Average Exercise Price [Roll Forward]
Non-vested as of January 1, 2014 (in dollars per share)	$ 12.60
Granted (in dollars per share)	22.75
Vested (in dollars per share)	11.84
Forfeited (in dollars per share)	13.77
Non-vested as of December 31, 2014 (in dollars per share)	20.51
Options Nonvested Weighted Average Grant Date Fair Value [Abstract]
Non-vested as of January 1, 2014 (in dollars per share)	5.13
Granted (in dollars per share)	7.14
Vested (in dollars per share)	4.83
Forfeited (in dollars per share)	5.98
Non-vested as of December 31, 2014 (in dollars per share)	$ 6.81

Stock-Based Compensation (Sch81

Stock-Based Compensation (Schedule of additional information pertaining to option activity under the plans) (Details) - Stock Option - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of stock options exercised	$ 24	$ 42	$ 15
Cash received from the exercise of stock options	18	27	11
Fair value of options that vested	5	6	9
Tax benefit realized on exercise of stock options	$ 1	$ 1	$ 1

(Summary of PSU and RSU activit

(Summary of PSU and RSU activity under the omnibus plan) (Details) - Omnibus Plan - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		12 Months Ended
	Nov. 30, 2014	Mar. 31, 2014	Dec. 31, 2014
Weighted-Average Fair Value
Granted (in dollars per share)		$ 26.20
Performance Stock Units
Options, Outstanding [Roll Forward]
Outstanding at January 1, 2014 (in shares)			3,335,845
Granted (in shares)	137,000	1,181,992	1,181,992
Vested (in shares)			(1,202,062)
Forfeited or Expired (in shares)			(1,259,266)
Outstanding at December 31, 2014 (in shares)			2,056,509
Weighted-Average Fair Value
Outstanding at January 1, 2014 (in dollars per share)			$ 15.68
Granted (in dollars per share)	$ 22.01		26.20
Vested (in dollars per share)			16.16
Forfeited or Expired (In dollars per share)			18.38
Outstanding at December 31, 2014 (in dollars per share)			$ 19.90
Aggregate intrinsic value, Outstanding at January 1, 2014			$ 96
Aggregate intrinsic value, Outstanding at December 31, 2014			$ 49
Restricted Stock Units
Options, Outstanding [Roll Forward]
Outstanding at January 1, 2014 (in shares)			882,333
Granted (in shares)		12,094	55,604
Vested (in shares)			(524,464)
Forfeited or Expired (in shares)			(89,169)
Outstanding at December 31, 2014 (in shares)			324,304
Weighted-Average Fair Value
Outstanding at January 1, 2014 (in dollars per share)			$ 17
Granted (in dollars per share)			28.18
Vested (in dollars per share)			16.75
Forfeited or Expired (In dollars per share)			17.61
Outstanding at December 31, 2014 (in dollars per share)			$ 19.38
Aggregate intrinsic value, Outstanding at January 1, 2014			$ 25
Aggregate intrinsic value, Outstanding at December 31, 2014			$ 8

(Summary of additional informat

(Summary of additional information pertaining to RSU activity) (Details) - Restricted Stock Units RSU and Performance Stock Units PSU - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of awards that vested (In millions)	$ 9	$ 13	$ 15
Weighted average grant date fair value of awards (in dollars per share)	$ 28.18	$ 23.95	$ 13.78

Revenue Earning Equipment (Deta

Revenue Earning Equipment (Details) - USD ($) $ in Millions	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Property, Plant and Equipment [Line Items]
Revenue earning equipment	$ 17,837				$ 17,569								$ 17,837	$ 17,569
Less: Accumulated depreciation	(4,427)				(3,694)								(4,427)	(3,694)
Property subject to or available for operating lease, excluding assets held for sale	13,410				13,875								13,410	13,875
Revenue earning equipment held for sale, net	243				316								243	316
Revenue earning equipment, net, at end of year	13,653	$ 14,852	$ 15,829	$ 14,505	14,191	$ 15,193	$ 15,683	$ 13,950	$ 15,829	$ 15,683	$ 14,852	$ 15,193	13,653	14,191	$ 12,892
Depreciation of revenue earning equipment													2,787	2,415	2,145
(Gain) loss on disposal of revenue earning equipment(a)													167	37	(97)
Rents paid for vehicles leased													80	81	80
Total	853	$ 746	$ 708	$ 726	641	$ 672	$ 632	$ 589	$ 1,434	$ 1,220	$ 2,180	$ 1,893	3,034	2,533	2,128
U.S. car rental
Property, Plant and Equipment [Line Items]
Revenue earning equipment, net, at end of year	8,070				8,629								8,070	8,629
(Gain) loss on disposal of revenue earning equipment(a)													178	48	(101)
Total													1,758	1,281	945
International car rental
Property, Plant and Equipment [Line Items]
Revenue earning equipment, net, at end of year	1,904				2,047								1,904	2,047
(Gain) loss on disposal of revenue earning equipment(a)													(2)	15	17
Total													492	528	524
Worldwide equipment rental
Property, Plant and Equipment [Line Items]
Revenue earning equipment, net, at end of year	$ 2,442				$ 2,416								2,442	2,416
(Gain) loss on disposal of revenue earning equipment(a)													(9)	(26)	(13)
Total													$ 329	$ 299	$ 271

Revenue Earning Equipment (Depr

Revenue Earning Equipment (Depreciation Rates) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Net increase (decrease) in depreciation expenses	$ 164	$ (39)	$ (129)
U.S. car rental
Segment Reporting Information [Line Items]
Net increase (decrease) in depreciation expenses	167	(44)	(139)
International car rental
Segment Reporting Information [Line Items]
Net increase (decrease) in depreciation expenses	(3)	5	9
Worldwide equipment rental
Segment Reporting Information [Line Items]
Net increase (decrease) in depreciation expenses	$ 0	$ 0	$ 1

Taxes on Income (Loss) (Schedul

Taxes on Income (Loss) (Schedule of Components of Income Before Income Taxes) (Details) - USD ($) $ in Millions	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Domestic													$ (185)	$ 573	$ 334
Foreign													169	106	83
Total	$ (284)	$ 204	$ 123	$ (59)	$ 42	$ 357	$ 206	$ 73	$ 64	$ 279	$ 268	$ 636	$ (16)	$ 679	$ 417

Taxes on Income (Loss) (Sched87

Taxes on Income (Loss) (Schedule of Total Provision for Taxes on Income) (Details) - USD ($) $ in Millions	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current:
Federal													$ 1	$ (7)	$ 19
Foreign													45	60	32
State and local													8	21	39
Total current													54	74	90
Deferred:
Federal													(17)	223	119
Foreign													9	16	12
State and local													16	16	(21)
Total deferred													8	255	110
Total provision	$ (50)	$ 54	$ 50	$ 8	$ 56	$ 128	$ 86	$ 59	$ 58	$ 145	$ 112	$ 272	$ 62	$ 329	$ 200

Taxes on Income (Loss) (Sched88

Taxes on Income (Loss) (Schedule of Principal Items of the U.S. and Foreign Net Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Deferred Tax Assets, Net [Abstract]
Employee benefit plans	$ 82	$ 84
Net operating loss carryforwards	1,871	1,866
Federal, state and foreign local tax credit carryforwards	26	27
Accrued and prepaid expenses	263	269
Total Deferred Tax Assets	2,242	2,246
Less: Valuation Allowance	(231)	(273)
Total Net Deferred Tax Assets	2,011	1,973
Deferred Tax Liabilities, Net [Abstract]
Depreciation on tangible assets	(3,489)	(3,428)
Intangible assets	(1,415)	(1,436)
Total Deferred Tax Liabilities	(4,904)	(4,864)
Net Deferred Tax Liability	$ (2,893)	$ (2,891)

Taxes on Income (Loss) (Narrati

Taxes on Income (Loss) (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Operating Loss Carryforwards [Line Items]
Deferred tax assets	$ 1,871	$ 1,866
Valuation allowance recorded against deferred tax assets	231	273
Remaining deferred tax assets to be realized	$ 2,011	$ 1,973
Effective tax rate	(388.00%)	48.00%	48.00%
Decrease in provision for income taxes	$ 267
Undistributed earnings in foreign subsidiaries	650
Tax liability including impact of foreign withholding taxes	250
Total unrecognized tax benefits	57	$ 11	$ 19	$ 41
Reversal of unrecognized tax benefits within next twelve months	46
Net, after-tax interest and penalties recognized	1	(1)	$ 1
Net, after-tax interest and penalties accrued	3	$ 3
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Deferred tax assets	1,523
NOL carryforwards	4,351
Federal NOL carry forwards	4,486
Federal NOL carry forwards, related to excess tax deductions	135
Associated tax benefits	47
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax	26
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Deferred tax assets	166
Valuation allowance recorded against deferred tax assets	16
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Deferred tax assets	166
NOL carryforwards	804
NOL carry forward, valuation allowance	148
NOL carry forward with indefinite carry forward period	570
Deferred tax assets associated with indefinite carry forward period	107
NOL subject to expiration	234
Deferred tax assets associated with NOL subject to expiration	$ 59

Taxes on Income (Loss) (Sched90

Taxes on Income (Loss) (Schedule of Significant Items in the Reconciliation of the Statutory and Effective Income Tax Rates) (Details)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Statutory Federal Tax Rate	35.00%	35.00%	35.00%
Foreign tax differential	102.00%	(3.00%)	(4.00%)
State and local income taxes, net of federal income tax benefit	(18.00%)	5.00%	3.00%
Change in state statutory rates, net of federal income tax benefit	(77.00%)	0.00%	(1.00%)
Federal and foreign permanent differences	(76.00%)	5.00%	4.00%
Withholding taxes	(54.00%)	2.00%	2.00%
Uncertain tax positions	(66.00%)	(1.00%)	(1.00%)
Change in valuation allowance	(109.00%)	5.00%	10.00%
All other items, net	(125.00%)	0.00%	0.00%
Effective Tax Rate (as a percent)	(388.00%)	48.00%	48.00%

Taxes on Income (Loss) (Reconci

Taxes on Income (Loss) (Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1	$ 11	$ 19	$ 41
Increase (Decrease) attributable to tax positions taken during prior periods	4	(7)	(25)
Increase attributable to tax positions taken during the current year	42	3	3
Decrease attributable to settlements with taxing authorities	0	(4)	0
Balance at December 31	$ 57	$ 11	$ 19

Lease and Concession Agreemen92

Lease and Concession Agreements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Lease and Concession Agreements
Rents	$ 80	$ 81	$ 80
Revenue earning equipment, office and computer equipment
Lease and Concession Agreements
Rents	99	98	93
Minimum obligations under existing agreements
2,015	64
2,016	25
2,017	9
2,018	4
2,019	4
After 2,019	7
Total	113
Revenue earning equipment
Lease and Concession Agreements
Rents	80	81	80
Office and computer equipment
Lease and Concession Agreements
Rents	19	17	13
Concession agreements and real estate leases
Concession fees:
Total	902	885	722
Total	898	880	717
Rents
Lease and Concession Agreements
Rents	185	185	142
Concession fees:
Sublease income	(4)	(5)	(5)
Minimum obligations under existing agreements
2,015	172
2,016	142
2,017	110
2,018	83
2,019	55
After 2,019	210
Total	772
Concessions
Concession fees:
Minimum fixed obligations	416	405	264
Additional amounts, based on revenues	301	$ 295	$ 316
Minimum obligations under existing agreements
2,015	367
2,016	294
2,017	230
2,018	192
2,019	129
After 2,019	639
Total	$ 1,851
Maximum | Concession agreements and real estate leases
Minimum obligations under existing agreements
Operating lease terms	50 years

Segment Information (Details)

Segment Information (Details) - Income Statement Location [Domain] $ in Millions	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Sep. 30, 2013USD ($)	Jun. 30, 2013USD ($)	Mar. 31, 2013USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2013USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2013USD ($)	Dec. 31, 2014USD ($)segment	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)
Segment Reporting, Revenue Reconciling Item [Line Items]
Number of reportable segments | segment													4
Revenues	$ 2,559	$ 3,121	$ 2,830	$ 2,536	$ 2,555	$ 3,075	$ 2,708	$ 2,437	$ 5,366	$ 5,145	$ 8,487	$ 8,220	$ 11,046	$ 10,775	$ 9,013
Adjusted pre-tax income													408	1,125	840
Depreciation of revenue earning equipment and lease charges, net	853	746	708	726	641	672	632	589	1,434	1,220	2,180	1,893	3,034	2,533	2,128
Depreciation and amortization, non-fleet assets				90				84	180	167	272	249	366	339	261
Interest expense, net	163	163	162	153	168	173	168	161	315	329	479	502	641	669	596
Amortization of other intangible assets													159	151	106
Payments for (Proceeds from) Productive Assets [Abstract]
Total assets at end of year	24,080	25,569	26,264	24,562	24,516	25,363	25,728	23,899	26,264	25,728	25,569	25,363	24,080	24,516	23,132
Liabilities and Equity	24,080	25,569	26,264	24,562	24,516	25,363	25,728	23,899	26,264	25,728	25,569	25,363	24,080	24,516	23,132
Revenue earning equipment, net, at end of year	13,653	14,852	15,829	14,505	14,191	15,193	15,683	13,950	15,829	15,683	14,852	15,193	13,653	14,191	12,892
Property and equipment, net, at end of year	1,322	$ 1,264	$ 1,277	$ 1,282	1,285	$ 1,276	$ 1,261	$ 1,266	$ 1,277	$ 1,261	$ 1,264	$ 1,276	1,322	1,285	1,259
Corporate
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization, non-fleet assets													17	11	10
Payments for (Proceeds from) Productive Assets [Abstract]
Expenditures													(54)	(28)	(22)
Proceeds from disposals													34	4	0
Net expenditures													(20)	(24)	(22)
United States
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues													8,158	7,921	6,310
Payments for (Proceeds from) Productive Assets [Abstract]
Total assets at end of year	19,172				19,381								19,172	19,381
Revenue earning equipment, net, at end of year	11,235				11,608								11,235	11,608
Property and equipment, net, at end of year	1,118				1,066								1,118	1,066
International
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues													2,888	2,854	2,703
Payments for (Proceeds from) Productive Assets [Abstract]
Total assets at end of year	4,908				5,135								4,908	5,135
Revenue earning equipment, net, at end of year	2,418				2,583								2,418	2,583
Property and equipment, net, at end of year	204				219								204	219
U.S. car rental
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues													6,471	6,331	4,888
Adjusted pre-tax income													387	1,033	813
Depreciation of revenue earning equipment and lease charges, net													1,758	1,281	945
Depreciation and amortization, non-fleet assets													222	207	133
Interest expense, net													172	187	177
Payments for (Proceeds from) Productive Assets [Abstract]
Expenditures													(6,175)	(6,242)	(5,258)
Proceeds from disposals													4,530	4,385	4,260
Net expenditures													(1,645)	(1,857)	(998)
Total assets at end of year	13,712				14,312								13,712	14,312
Revenue earning equipment, net, at end of year	8,070				8,629								8,070	8,629
Property and equipment, net, at end of year	789				813								789	813
International car rental
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues													2,436	2,378	2,265
Adjusted pre-tax income													144	134	83
Depreciation of revenue earning equipment and lease charges, net													492	528	524
Depreciation and amortization, non-fleet assets													41	37	33
Interest expense, net													95	113	122
Payments for (Proceeds from) Productive Assets [Abstract]
Expenditures													(3,165)	(2,640)	(2,642)
Proceeds from disposals													2,531	2,251	2,110
Net expenditures													(634)	(389)	(532)
Total assets at end of year	3,358				3,551								3,358	3,551
Revenue earning equipment, net, at end of year	1,904				2,047								1,904	2,047
Property and equipment, net, at end of year	155				173								155	173
Worldwide equipment rental
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues													1,571	1,539	1,382
Adjusted pre-tax income													258	301	216
Depreciation of revenue earning equipment and lease charges, net													329	299	271
Depreciation and amortization, non-fleet assets													75	74	75
Interest expense, net													53	46	52
Payments for (Proceeds from) Productive Assets [Abstract]
Expenditures													(658)	(694)	(788)
Proceeds from disposals													197	141	190
Net expenditures													(461)	(553)	(598)
Total assets at end of year	3,836				3,825								3,836	3,825
Revenue earning equipment, net, at end of year	2,442				2,416								2,442	2,416
Property and equipment, net, at end of year	265				258								265	258
All Other Operations
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues													568	527	478
Adjusted pre-tax income													62	58	47
Depreciation of revenue earning equipment and lease charges, net													455	425	388
Depreciation and amortization, non-fleet assets													11	10	10
Interest expense, net													12	14	14
Payments for (Proceeds from) Productive Assets [Abstract]
Expenditures													(1,611)	(1,012)	(1,199)
Proceeds from disposals													1,010	556	688
Net expenditures													(601)	(456)	(511)
Total assets at end of year	1,458				1,336								1,458	1,336
Revenue earning equipment, net, at end of year	1,237				1,099								1,237	1,099
Property and equipment, net, at end of year	6				4								6	4
Other reconciling items
Segment Reporting, Revenue Reconciling Item [Line Items]
Adjusted pre-tax income													(443)	(401)	(319)
Interest expense, net													309	309	$ 231
Payments for (Proceeds from) Productive Assets [Abstract]
Total assets at end of year	1,716				1,492								1,716	1,492
Property and equipment, net, at end of year	$ 107				$ 37								$ 107	$ 37

Segment Information (Pre-tax In

Segment Information (Pre-tax Income) (Details) - USD ($) $ in Millions	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Adjusted pre-tax income													$ 408	$ 1,125	$ 840
Income (loss) before income taxes	$ (284)	$ 204	$ 123	$ (59)	$ 42	$ 357	$ 206	$ 73	$ 64	$ 279	$ 268	$ 636	(16)	$ 679	417
European Fleet Notes
Segment Reporting Information [Line Items]
Interest rate (as a percent)					8.50%									8.50%
Total reportable segments
Segment Reporting Information [Line Items]
Adjusted pre-tax income													851	$ 1,526	1,159
Other reconciling items
Segment Reporting Information [Line Items]
Adjusted pre-tax income													(443)
Purchase accounting
Segment Reporting Information [Line Items]
Income (loss) before income taxes													(132)	(132)	(110)
Debt-related charges
Segment Reporting Information [Line Items]
Income (loss) before income taxes													(51)	(49)	(56)
Restructuring charges
Segment Reporting Information [Line Items]
Income (loss) before income taxes													(56)	(77)	(38)
Restructuring related charges
Segment Reporting Information [Line Items]
Income (loss) before income taxes													(103)	(22)	(11)
Acquisition related costs and charges
Segment Reporting Information [Line Items]
Income (loss) before income taxes													(10)	(19)	(164)
Integration expenses
Segment Reporting Information [Line Items]
Income (loss) before income taxes													(9)	(43)	0
Equipment Rental spin-off costs
Segment Reporting Information [Line Items]
Income (loss) before income taxes													(39)	0	0
Relocation costs
Segment Reporting Information [Line Items]
Income (loss) before income taxes													(9)	(7)	0
Premiums paid on debt
Segment Reporting Information [Line Items]
Income (loss) before income taxes													0	(29)	0
Loss on extinguishment of debt
Segment Reporting Information [Line Items]
Income (loss) before income taxes													(1)	(7)	0
Impairment charges
Segment Reporting Information [Line Items]
Income (loss) before income taxes													(34)	(40)	0
Other
Segment Reporting Information [Line Items]
Income (loss) before income taxes													20	(21)	(44)
Litigation Settlement, Amount													19
U.S. car rental
Segment Reporting Information [Line Items]
Adjusted pre-tax income													387	1,033	813
International car rental
Segment Reporting Information [Line Items]
Adjusted pre-tax income													144	134	83
Worldwide equipment rental
Segment Reporting Information [Line Items]
Adjusted pre-tax income													258	301	216
All Other Operations
Segment Reporting Information [Line Items]
Adjusted pre-tax income													62	58	47
Other reconciling items
Segment Reporting Information [Line Items]
Adjusted pre-tax income													(443)	$ (401)	(319)
HERC | Equipment Rental spin-off costs
Segment Reporting Information [Line Items]
Income (loss) before income taxes													28
HERC | Other
Segment Reporting Information [Line Items]
Depreciation															$ 5
Corporate | Equipment Rental spin-off costs
Segment Reporting Information [Line Items]
Income (loss) before income taxes													$ 11

Accumulated Other Comprehensi95

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	$ 6	$ (23)
Other comprehensive (loss) before reclassification	(105)	28
Amounts reclassified from accumulated other comprehensive income (loss)	(16)	1
Balance at the end of the period	(115)	6
Pension and Other Post-Employment Benefits
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	(58)	(110)
Other comprehensive (loss) before reclassification	(34)	52
Amounts reclassified from accumulated other comprehensive income (loss)	(9)	0
Balance at the end of the period	(101)	(58)
Accumulated translation adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	62	106
Other comprehensive (loss) before reclassification	(57)	(45)
Amounts reclassified from accumulated other comprehensive income (loss)	0	1
Balance at the end of the period	5	62
Unrealized Losses on Terminated Net Investment Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	(19)	(19)
Other comprehensive (loss) before reclassification	0	0
Amounts reclassified from accumulated other comprehensive income (loss)	0	0
Balance at the end of the period	(19)	(19)
Unrealized Gains on Available for Sale Securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	21	0
Other comprehensive (loss) before reclassification	(14)	21
Amounts reclassified from accumulated other comprehensive income (loss)	(7)	0
Balance at the end of the period	$ 0	$ 21

Contingencies and Off-Balance96

Contingencies and Off-Balance Sheet Commitments (Details) - USD ($) $ in Millions	1 Months Ended
	Oct. 31, 2014	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012
Loss Contingencies [Line Items]
Public liability and property damage		$ 385	$ 385	$ 378	$ 366	$ 351	$ 347	$ 328	$ 322	$ 333
Litigation settlement, second amendment filing period	30 days
Concession Fee Recoveries
Loss Contingencies [Line Items]
Litigation settlement, amount	$ 42
Litigation settlement, interest	11
Litigation settlement, expense	3.1
Concession Fee Recoveries | Restitution Fund
Loss Contingencies [Line Items]
Litigation settlement, expense	$ 3.1

Restructuring (Details)

Restructuring (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Restructuring details
Restructuring charges		$ 78	$ 77	$ 38
Asset impairment charges		10
Restructuring reserve
Balance at beginning of period		48	20
Charges incurred		78	77
Cash payments		(53)	(48)
Other		(30)	(1)
Balance at end of period		43	48	20
U.S. car rental
Restructuring details
Restructuring charges		27	23	5
International car rental
Restructuring details
Restructuring charges		19	19	21
Worldwide equipment rental
Restructuring details
Restructuring charges		5	8	9
All Other Operations
Restructuring details
Restructuring charges		0	0	0
Other reconciling items
Restructuring details
Restructuring charges		27	27	3
Direct operating
Restructuring details
Restructuring charges		35	28	23
Selling, general and administrative
Restructuring details
Restructuring charges		43	49	15
Termination benefits
Restructuring details
Restructuring charges		$ 30	42	26
Expected duration for payment of restructuring obligations (in months)		12 months
Restructuring reserve
Balance at beginning of period		$ 20	12
Charges incurred		30	42
Cash payments		(28)	(33)
Other		(1)	(1)
Balance at end of period		21	20	12
Asset writedowns
Restructuring details
Restructuring charges		23	0	0
Facility closure and lease obligation costs
Restructuring details
Restructuring charges		15	15	9
Relocation costs and temporary labor costs
Restructuring details
Restructuring charges		9	19	1
Other
Restructuring details
Restructuring charges		1	1	2
Restructuring reserve
Balance at beginning of period		28	8
Charges incurred		48	35
Cash payments		(25)	(15)
Other		(29)	0
Balance at end of period		$ 22	$ 28	$ 8
Impairment of Former Corporate Headquarters
Restructuring reserve
Other	$ (13)

Financial Instruments (Details)

Financial Instruments (Details) - Recurring - Derivatives not designated as hedging instruments - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Fair Value of Derivative Instruments
Amount of Gain or (Loss) Recognized in Income on Derivatives	$ (3)	$ (21)
Gasoline swaps
Fair Value of Derivative Instruments
Amount of Gain or (Loss) Recognized in Income on Derivatives	0	2
Interest rate caps
Fair Value of Derivative Instruments
Amount of Gain or (Loss) Recognized in Income on Derivatives	(2)	(1)
Foreign exchange forward contracts
Fair Value of Derivative Instruments
Amount of Gain or (Loss) Recognized in Income on Derivatives	(1)	(22)
Level 2
Fair Value of Derivative Instruments
Gross assets	31	13
Gross liabilities	27	14
Level 2 | Gasoline swaps
Fair Value of Derivative Instruments
Gross assets	0	2
Gross liabilities	0	0
Level 2 | Interest rate caps
Fair Value of Derivative Instruments
Gross assets	25	9
Gross liabilities	25	9
Level 2 | Foreign exchange forward contracts
Fair Value of Derivative Instruments
Gross assets	6	2
Gross liabilities	$ 2	$ 5

Financial Instruments (Offsetti

Financial Instruments (Offsetting Assets) (Details) - Prepaid expenses and other current assets - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Offsetting Assets [Line Items]
Gross assets	$ 31	$ 13
Gross assets offset in Balance Sheet	0	0
Net recognized assets in Balance Sheet	31	13
Financial Instruments	(3)	(2)
Cash Collateral	0	0
Net Amount	28	11
Gasoline swaps
Offsetting Assets [Line Items]
Gross assets		2
Gross assets offset in Balance Sheet		0
Net recognized assets in Balance Sheet		2
Financial Instruments		0
Cash Collateral		0
Net Amount		2
Interest rate caps
Offsetting Assets [Line Items]
Gross assets	25	9
Gross assets offset in Balance Sheet	0	0
Net recognized assets in Balance Sheet	25	9
Financial Instruments	0	0
Cash Collateral	0	0
Net Amount	25	9
Foreign exchange forward contracts
Offsetting Assets [Line Items]
Gross assets	6	2
Gross assets offset in Balance Sheet	0	0
Net recognized assets in Balance Sheet	6	2
Financial Instruments	(3)	(2)
Cash Collateral	0	0
Net Amount	$ 3	$ 0

Financial Instruments (Offse100

Financial Instruments (Offsetting Liabilities) (Details) - Accrued liabilities - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Offsetting Liabilities [Line Items]
Gross liabilities	$ 27	$ 14
Gross liabilities offset in Balance Sheet	0	0
Net recognized liabilities in Balance Sheet	27	14
Financial Instruments	(3)	(2)
Cash Collateral	0	0
Net Amount	24	12
Interest rate caps
Offsetting Liabilities [Line Items]
Gross liabilities	25	9
Gross liabilities offset in Balance Sheet	0	0
Net recognized liabilities in Balance Sheet	25	9
Financial Instruments	(1)	0
Cash Collateral	0	0
Net Amount	24	9
Foreign exchange forward contracts
Offsetting Liabilities [Line Items]
Gross liabilities	2	5
Gross liabilities offset in Balance Sheet	0	0
Net recognized liabilities in Balance Sheet	2	5
Financial Instruments	(2)	(2)
Cash Collateral	0	0
Net Amount	$ 0	$ 3

Fair Value Measurements (Cash E

Fair Value Measurements (Cash Equivalents and Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 242		$ 717
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	146		449
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	96		117
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0		151
Money market funds | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	146		449
Money market funds | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	146		449
Money market funds | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0		0
Money market funds | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0		0
Equity and other securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	96		117
Equity and other securities | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0		0
Equity and other securities | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	96		117
Equity and other securities | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0		0
Marketable securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0		151
Marketable securities | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0		0
Marketable securities | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0		0
Marketable securities | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	$ 0		$ 151
CAR, Inc
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership percentage	16.20%	16.00%
Prepaid expenses and other current assets | CAR, Inc
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in subsidiaries	$ 264,000
Prepaid expenses and other current assets | CAR, Inc | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investment using quoted market prices	$ 514,000

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value Measurements Using Unobservable Inputs Method) (Details) - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of period	$ 151	$ 0
Reclassification of net unrealized gain on securities to prepaid expenses and other assets	(7)	0
Unrealized gains (losses) related to investments	(14)	21
Purchases	0	130
Settlements	(130)	0
Balance at the end of period	$ 0	$ 151

Fair Value Measurements (Debt O

Fair Value Measurements (Debt Obligations) (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nominal Unpaid Principal Balance	$ 3,900	$ 3,900
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate Fair Value	16,063	16,548
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nominal Unpaid Principal Balance	15,997	16,219
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held for sale	67
Total Loss Adjustments	24
Fair Value, Measurements, Nonrecurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held for sale	0
Fair Value, Measurements, Nonrecurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held for sale	0
Fair Value, Measurements, Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held for sale	67
Other Corporate Debt | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate Fair Value	6,468	6,665
Other Corporate Debt | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nominal Unpaid Principal Balance	6,428	6,419
Fleet Debt | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate Fair Value	9,595	9,883
Fleet Debt | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nominal Unpaid Principal Balance	$ 9,569	$ 9,800

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	12 Months Ended
	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)	Nov. 13, 2014USD ($)	Sep. 30, 2014USD ($)	Sep. 15, 2014nomineeDirectorshares	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Sep. 30, 2013USD ($)	Jun. 30, 2013USD ($)	Mar. 31, 2013USD ($)
Related Party Transactions
Restructuring charges | $	$ 78	$ 77	$ 38
Due from Hertz Global Holdings, Inc. | $	95	$ 93	$ 13	$ 125	$ 96		$ 95	$ 114	$ 11	$ 1	$ 13
Hertz Global Holdings | Icahn Group | Investee
Related Party Transactions
Board resignation trigger one, number of designees | nominee						1
Agreements with Icahn Group | Hertz Global Holdings | Icahn Group | Investee
Related Party Transactions
Percentage of maximum voting interest						20.00%
Board resignation trigger two, number of designees | nominee						2
Maximum | Agreements with Icahn Group | Icahn Group | Investor
Related Party Transactions
Number of board members | Director						10
Minimum | Hertz Global Holdings | Icahn Group | Investee
Related Party Transactions
Trigger to force one Icahn designee to resign from board (in shares)						28,500,000
Minimum | Agreements with Icahn Group | Hertz Global Holdings | Icahn Group | Investee
Related Party Transactions
Trigger to force two Icahn designees to resign from board (in shares)						22,800,000
Trigger to force all Icahn designees to resign from board (in shares)						19,000,000
Relocation costs | Executive Officer
Related Party Transactions
Restructuring charges | $	$ 3

Guarantor and Non-Guarantor 105

Guarantor and Non-Guarantor Condensed Consolidating Financial Statements (Adjustments Due To (Due From) Affiliate) (Details) - USD ($) $ in Millions	Dec. 31, 2014	Nov. 13, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012
Condensed Financial Statements, Captions [Line Items]
Due from Hertz Affiliate	$ 95	$ 125	$ 96	$ 95	$ 114	$ 93	$ 11	$ 1	$ 13	$ 13
Due to Hertz affiliate	0					0
Eliminations
Condensed Financial Statements, Captions [Line Items]
Due from Hertz Affiliate	(8,785)					(5,805)
Due to Hertz affiliate	(8,785)					(5,805)
Parent
Condensed Financial Statements, Captions [Line Items]
Due from Hertz Affiliate	2,957					2,002
Due to Hertz affiliate	5,702					3,841
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Due from Hertz Affiliate	1,528					804
Due to Hertz affiliate	1,005					738
Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Due from Hertz Affiliate	4,395					3,092
Due to Hertz affiliate	$ 2,078					1,226
Restatement Adjustment
Condensed Financial Statements, Captions [Line Items]
Due from Hertz Affiliate						0	$ 0	$ 0	$ 0	$ 0
Due to Hertz affiliate						0
Restatement Adjustment | Eliminations
Condensed Financial Statements, Captions [Line Items]
Due from Hertz Affiliate						(3,600)
Due to Hertz affiliate						(3,600)
Restatement Adjustment | Parent
Condensed Financial Statements, Captions [Line Items]
Due from Hertz Affiliate						0
Due to Hertz affiliate						0
Restatement Adjustment | Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Due from Hertz Affiliate						1,711
Due to Hertz affiliate						1,929
Restatement Adjustment | Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Due from Hertz Affiliate						1,889
Due to Hertz affiliate						$ 1,671

Guarantor and Non-Guarantor 106

Guarantor and Non-Guarantor Condensed Consolidating Financial Statements (Balance Sheet) (Details) - USD ($) $ in Millions	Dec. 31, 2014	Nov. 13, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 490		$ 629	$ 540	$ 498	$ 411	$ 505	$ 467	$ 650	$ 541	$ 918
Restricted cash and cash equivalents	571		748	717	453	861	522	390	415	546
Receivables, less allowance for doubtful accounts	1,597		1,702	1,511	1,344	1,397	1,597	1,545	1,448	1,787
Due from Hertz Affiliate	95	$ 125	96	95	114	93	11	1	13	13
Inventories, net	67		94	103	94	87	104	127	107	102
Prepaid expenses and other assets	917		786	772	818	715	666	755	543	479
Revenue earning equipment, net	13,653		14,852	15,829	14,505	14,191	15,193	15,683	13,950	12,892
Property and equipment, net	1,322		1,264	1,277	1,282	1,285	1,276	1,261	1,266	1,259
Investment in subsidiaries, net	0					0
Other intangible assets, net	4,009		4,049	4,067	4,100	4,124	4,126	4,136	4,161	4,180
Goodwill	1,359		1,349	1,353	1,353	1,352	1,363	1,363	1,346	1,333
Total assets	24,080		25,569	26,264	24,562	24,516	25,363	25,728	23,899	23,132
LIABILITIES AND EQUITY
Due to Hertz affiliate	0					0
Accounts payable	1,008		1,078	1,705	1,307	1,021	981	1,520	1,337	1,036
Accrued liabilities	1,148		1,156	1,078	1,166	1,172	1,356	1,242	1,260	1,212
Accrued taxes, net	134		191	155	160	145	182	138	146	147
Debt	15,993		16,986	17,310	16,042	16,228	17,055	17,394	15,876	15,015
Public liability and property damage	385		385	378	366	351	347	328	322	333
Deferred taxes on income, net	2,917		2,963	2,941	2,917	2,919	2,812	2,739	2,687	2,648
Total liabilities	21,585		22,759	23,567	21,958	21,836	22,733	23,361	21,628	20,391
Equity:
Total equity	2,495		2,810	2,697	2,604	2,680	2,630	2,367	2,271	2,741
Total liabilities and equity	24,080		$ 25,569	$ 26,264	$ 24,562	24,516	25,363	25,728	23,899	23,132
As Previously Reported
ASSETS
Cash and cash equivalents						423	548	483	654	533
Restricted cash and cash equivalents						860	521	393	425
Receivables, less allowance for doubtful accounts						1,513	1,701	1,656	1,554
Due from Hertz Affiliate						93	11	1	13
Inventories, net						92	107	128	110
Prepaid expenses and other assets						717	677	762	549
Revenue earning equipment, net						14,193	15,215	15,706	13,969
Property and equipment, net						1,514	1,491	1,466	1,458
Investment in subsidiaries, net						0
Other intangible assets, net						3,928	3,945	3,969	4,002
Goodwill						1,348	1,366	1,366	1,353
Total assets						24,681	25,582	25,930	24,087
LIABILITIES AND EQUITY
Due to Hertz affiliate						0
Accounts payable						968	952	1,484	1,305
Accrued liabilities						1,105	1,284	1,181	1,206
Accrued taxes, net						203	228	184	192
Debt						16,228	17,055	17,394	15,876
Public liability and property damage						348	347	328	321
Deferred taxes on income, net						2,945	2,865	2,787	2,726
Total liabilities						21,797	22,731	23,358	21,626
Equity:
Total equity						2,884	2,851	2,572	2,461
Total liabilities and equity						24,681	$ 25,582	$ 25,930	$ 24,087
Eliminations
ASSETS
Cash and cash equivalents	0					0				0	0
Restricted cash and cash equivalents	0					0
Receivables, less allowance for doubtful accounts	0					(21)
Due from Hertz Affiliate	(8,785)					(5,805)
Inventories, net	0					0
Prepaid expenses and other assets	(3,901)					(3,236)
Revenue earning equipment, net	0					0
Property and equipment, net	0					0
Investment in subsidiaries, net	(8,410)					(8,319)
Other intangible assets, net	0					0
Goodwill	0					0
Total assets	(21,096)					(17,381)
LIABILITIES AND EQUITY
Due to Hertz affiliate	(8,785)					(5,805)
Accounts payable	0					0
Accrued liabilities	0					(21)
Accrued taxes, net	(2,211)					(1,446)
Debt	0					0
Public liability and property damage	0					0
Deferred taxes on income, net	(1,690)					(1,790)
Total liabilities	(12,686)					(9,062)
Equity:
Total equity	(8,410)					(8,319)
Total liabilities and equity	(21,096)					(17,381)
Eliminations | As Previously Reported
ASSETS
Cash and cash equivalents						0				0	0
Restricted cash and cash equivalents						0
Receivables, less allowance for doubtful accounts						(21)
Due from Hertz Affiliate						(9,405)
Inventories, net						0
Prepaid expenses and other assets						(3,101)
Revenue earning equipment, net						0
Property and equipment, net						0
Investment in subsidiaries, net						(8,380)
Other intangible assets, net						0
Goodwill						0
Total assets						(20,907)
LIABILITIES AND EQUITY
Due to Hertz affiliate						(9,405)
Accounts payable						0
Accrued liabilities						(21)
Accrued taxes, net						(1,381)
Debt						0
Public liability and property damage						0
Deferred taxes on income, net						(1,720)
Total liabilities						(12,527)
Equity:
Total equity						(8,380)
Total liabilities and equity						(20,907)
Parent
ASSETS
Cash and cash equivalents	2					62				25	564
Restricted cash and cash equivalents	84					56
Receivables, less allowance for doubtful accounts	272					350
Due from Hertz Affiliate	2,957					2,002
Inventories, net	20					25
Prepaid expenses and other assets	3,900					3,179
Revenue earning equipment, net	306					227
Property and equipment, net	730					713
Investment in subsidiaries, net	6,897					6,914
Other intangible assets, net	179					214
Goodwill	104					104
Total assets	15,451					13,846
LIABILITIES AND EQUITY
Due to Hertz affiliate	5,702					3,841
Accounts payable	65					170
Accrued liabilities	599					628
Accrued taxes, net	62					63
Debt	6,393					6,364
Public liability and property damage	135					100
Deferred taxes on income, net	0					0
Total liabilities	12,956					11,166
Equity:
Total equity	2,495					2,680
Total liabilities and equity	15,451					13,846
Parent | As Previously Reported
ASSETS
Cash and cash equivalents						76				25	565
Restricted cash and cash equivalents						56
Receivables, less allowance for doubtful accounts						426
Due from Hertz Affiliate						1,994
Inventories, net						25
Prepaid expenses and other assets						3,109
Revenue earning equipment, net						243
Property and equipment, net						913
Investment in subsidiaries, net						6,975
Other intangible assets, net						63
Goodwill						104
Total assets						13,984
LIABILITIES AND EQUITY
Due to Hertz affiliate						3,841
Accounts payable						151
Accrued liabilities						584
Accrued taxes, net						61
Debt						6,364
Public liability and property damage						99
Deferred taxes on income, net						0
Total liabilities						11,100
Equity:
Total equity						2,884
Total liabilities and equity						13,984
Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	14					6				6	8
Restricted cash and cash equivalents	26					71
Receivables, less allowance for doubtful accounts	419					405
Due from Hertz Affiliate	1,528					804
Inventories, net	25					32
Prepaid expenses and other assets	831					338
Revenue earning equipment, net	1,988					1,938
Property and equipment, net	308					313
Investment in subsidiaries, net	1,513					1,405
Other intangible assets, net	3,213					3,840
Goodwill	1,033					1,020
Total assets	10,898					10,172
LIABILITIES AND EQUITY
Due to Hertz affiliate	1,005					738
Accounts payable	212					246
Accrued liabilities	231					240
Accrued taxes, net	31					35
Debt	74					77
Public liability and property damage	57					62
Deferred taxes on income, net	2,541					2,338
Total liabilities	4,151					3,736
Equity:
Total equity	6,747					6,436
Total liabilities and equity	10,898					10,172
Guarantor Subsidiaries | As Previously Reported
ASSETS
Cash and cash equivalents						5				7	7
Restricted cash and cash equivalents						71
Receivables, less allowance for doubtful accounts						408
Due from Hertz Affiliate						2,516
Inventories, net						36
Prepaid expenses and other assets						285
Revenue earning equipment, net						1,936
Property and equipment, net						330
Investment in subsidiaries, net						1,405
Other intangible assets, net						3,816
Goodwill						1,020
Total assets						11,828
LIABILITIES AND EQUITY
Due to Hertz affiliate						2,666
Accounts payable						218
Accrued liabilities						237
Accrued taxes, net						34
Debt						77
Public liability and property damage						62
Deferred taxes on income, net						2,293
Total liabilities						5,587
Equity:
Total equity						6,241
Total liabilities and equity						11,828
Non-Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	474					343				510	346
Restricted cash and cash equivalents	461					734
Receivables, less allowance for doubtful accounts	906					663
Due from Hertz Affiliate	4,395					3,092
Inventories, net	22					30
Prepaid expenses and other assets	87					434
Revenue earning equipment, net	11,359					12,026
Property and equipment, net	284					259
Investment in subsidiaries, net	0					0
Other intangible assets, net	617					70
Goodwill	222					228
Total assets	18,827					17,879
LIABILITIES AND EQUITY
Due to Hertz affiliate	2,078					1,226
Accounts payable	731					605
Accrued liabilities	318					325
Accrued taxes, net	2,252					1,493
Debt	9,526					9,787
Public liability and property damage	193					189
Deferred taxes on income, net	2,066					2,371
Total liabilities	17,164					15,996
Equity:
Total equity	1,663					1,883
Total liabilities and equity	$ 18,827					17,879
Non-Guarantor Subsidiaries | As Previously Reported
ASSETS
Cash and cash equivalents						342				$ 514	$ 359
Restricted cash and cash equivalents						733
Receivables, less allowance for doubtful accounts						700
Due from Hertz Affiliate						4,988
Inventories, net						31
Prepaid expenses and other assets						424
Revenue earning equipment, net						12,014
Property and equipment, net						271
Investment in subsidiaries, net						0
Other intangible assets, net						49
Goodwill						224
Total assets						19,776
LIABILITIES AND EQUITY
Due to Hertz affiliate						2,898
Accounts payable						599
Accrued liabilities						305
Accrued taxes, net						1,489
Debt						9,787
Public liability and property damage						187
Deferred taxes on income, net						2,372
Total liabilities						17,637
Equity:
Total equity						2,139
Total liabilities and equity						$ 19,776

Guarantor and Non-Guarantor 107

Guarantor and Non-Guarantor Condensed Consolidating Financial Statements (Statement of Operations and Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Condensed Financial Statements, Captions [Line Items]
Total revenues	$ 2,559	$ 3,121	$ 2,830	$ 2,536	$ 2,555	$ 3,075	$ 2,708	$ 2,437	$ 5,366	$ 5,145	$ 8,487	$ 8,220	$ 11,046	$ 10,775	$ 9,013
Expenses:
Direct operating	1,575	1,702	1,594	1,443	1,449	1,547	1,417	1,364	3,037	2,781	4,738	4,328	6,314	5,777	4,861
Depreciation of revenue earning equipment and lease charges, net	853	746	708	726	641	672	632	589	1,434	1,220	2,180	1,893	3,034	2,533	2,128
Selling, general and administrative	246	303	265	276	234	282	287	250	541	538	844	819	1,088	1,053	978
Interest expense, net	163	163	162	153	168	173	168	161	315	329	479	502	641	669	596
Other (income) expense, net	6	3	(22)	(3)	21	44	(2)	0	(25)	(2)	(22)	42	(15)	64	33
Total expenses	2,843	2,917	2,707	2,595	2,513	2,718	2,502	2,364	5,302	4,866	8,219	7,584	11,062	10,096	8,596
Total	(284)	204	123	(59)	42	357	206	73	64	279	268	636	(16)	679	417
(Provision) benefit for taxes on income (loss)	50	(54)	(50)	(8)	(56)	(128)	(86)	(59)	(58)	(145)	(112)	(272)	(62)	(329)	(200)
Equity in earnings (losses) of subsidiaries (net of tax)													0	0	0
Net income (loss)	$ (234)	$ 150	$ 73	$ (67)	(14)	229	120	14	$ 6	134	$ 156	364	(78)	350	217
Other comprehensive income													(121)	29	1
Other comprehensive income (loss)													(199)	379	218
As Previously Reported
Condensed Financial Statements, Captions [Line Items]
Total revenues					2,556	3,070	2,715	2,436		5,151		8,220		10,772	9,025
Expenses:
Direct operating					1,439	1,525	1,406	1,351		2,757		4,283		5,752	4,806
Depreciation of revenue earning equipment and lease charges, net					643	677	641	587		1,228		1,905		2,526	2,129
Selling, general and administrative					222	278	275	252		528		803		1,022	968
Interest expense, net					166	173	168	161		329		501		666	594
Other (income) expense, net					21	44	(1)	(1)		(2)		43		67	35
Total expenses					2,491	2,697	2,489	2,350		4,840		7,535		10,033	8,532
Total					65	373	226	86		311		685		739	493
(Provision) benefit for taxes on income (loss)					(62)	(131)	(96)	(60)		(155)		(287)		(345)	(221)
Equity in earnings (losses) of subsidiaries (net of tax)														0	0
Net income (loss)					$ 3	$ 242	$ 130	$ 26		$ 156		$ 398		394	272
Other comprehensive income														34	2
Other comprehensive income (loss)														428	274
Eliminations
Condensed Financial Statements, Captions [Line Items]
Total revenues													(3,057)	(3,167)	(2,511)
Expenses:
Direct operating													(2)	(2)	(1)
Depreciation of revenue earning equipment and lease charges, net													(3,051)	(3,162)	(2,509)
Selling, general and administrative													(4)	(3)	0
Interest expense, net													0	0	0
Other (income) expense, net													0	0	0
Total expenses													(3,057)	(3,167)	(2,510)
Total													0	0	(1)
(Provision) benefit for taxes on income (loss)													0	0	0
Equity in earnings (losses) of subsidiaries (net of tax)													(1,070)	(1,531)	(1,058)
Net income (loss)													(1,070)	(1,531)	(1,059)
Other comprehensive income													118	28	(13)
Other comprehensive income (loss)													(952)	(1,503)	(1,072)
Eliminations | As Previously Reported
Condensed Financial Statements, Captions [Line Items]
Total revenues														(3,158)	(2,487)
Expenses:
Direct operating														(2)	0
Depreciation of revenue earning equipment and lease charges, net														(3,153)	(2,487)
Selling, general and administrative														(3)	0
Interest expense, net														0	0
Other (income) expense, net														0	0
Total expenses														(3,158)	(2,487)
Total														0	0
(Provision) benefit for taxes on income (loss)														0	0
Equity in earnings (losses) of subsidiaries (net of tax)														(1,549)	(1,076)
Net income (loss)														(1,549)	(1,076)
Other comprehensive income														31	(11)
Other comprehensive income (loss)														(1,518)	(1,087)
Parent
Condensed Financial Statements, Captions [Line Items]
Total revenues													4,703	4,552	4,255
Expenses:
Direct operating													2,989	2,576	2,430
Depreciation of revenue earning equipment and lease charges, net													2,510	2,723	2,382
Selling, general and administrative													528	510	482
Interest expense, net													344	337	254
Other (income) expense, net													(22)	51	(14)
Total expenses													6,349	6,197	5,534
Total													(1,646)	(1,645)	(1,279)
(Provision) benefit for taxes on income (loss)													612	619	498
Equity in earnings (losses) of subsidiaries (net of tax)													956	1,376	998
Net income (loss)													(78)	350	217
Other comprehensive income													(121)	29	1
Other comprehensive income (loss)													(199)	379	218
Parent | As Previously Reported
Condensed Financial Statements, Captions [Line Items]
Total revenues														4,545	4,259
Expenses:
Direct operating														2,555	2,385
Depreciation of revenue earning equipment and lease charges, net														2,714	2,379
Selling, general and administrative														482	474
Interest expense, net														337	254
Other (income) expense, net														55	(11)
Total expenses														6,143	5,481
Total														(1,598)	(1,222)
(Provision) benefit for taxes on income (loss)														597	478
Equity in earnings (losses) of subsidiaries (net of tax)														1,394	1,016
Net income (loss)														393	272
Other comprehensive income														34	2
Other comprehensive income (loss)														427	274
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Total revenues													2,799	2,678	1,140
Expenses:
Direct operating													1,523	1,468	656
Depreciation of revenue earning equipment and lease charges, net													766	656	244
Selling, general and administrative													216	214	178
Interest expense, net													20	34	39
Other (income) expense, net													(5)	(6)	25
Total expenses													2,520	2,366	1,142
Total													279	312	(2)
(Provision) benefit for taxes on income (loss)													(150)	(130)	(27)
Equity in earnings (losses) of subsidiaries (net of tax)													114	155	60
Net income (loss)													243	337	31
Other comprehensive income													(6)	(7)	1
Other comprehensive income (loss)													237	330	32
Guarantor Subsidiaries | As Previously Reported
Condensed Financial Statements, Captions [Line Items]
Total revenues														2,673	1,144
Expenses:
Direct operating														1,464	650
Depreciation of revenue earning equipment and lease charges, net														656	245
Selling, general and administrative														213	178
Interest expense, net														34	39
Other (income) expense, net														(6)	24
Total expenses														2,361	1,136
Total														312	8
(Provision) benefit for taxes on income (loss)														(128)	(31)
Equity in earnings (losses) of subsidiaries (net of tax)														155	60
Net income (loss)														339	37
Other comprehensive income														(7)	1
Other comprehensive income (loss)														332	38
Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Total revenues													6,601	6,712	6,129
Expenses:
Direct operating													1,804	1,735	1,776
Depreciation of revenue earning equipment and lease charges, net													2,809	2,316	2,011
Selling, general and administrative													348	332	318
Interest expense, net													277	298	303
Other (income) expense, net													12	19	22
Total expenses													5,250	4,700	4,430
Total													1,351	2,012	1,699
(Provision) benefit for taxes on income (loss)													(524)	(818)	(671)
Equity in earnings (losses) of subsidiaries (net of tax)													0	0	0
Net income (loss)													827	1,194	1,028
Other comprehensive income													(112)	(21)	12
Other comprehensive income (loss)													$ 715	1,173	1,040
Non-Guarantor Subsidiaries | As Previously Reported
Condensed Financial Statements, Captions [Line Items]
Total revenues														6,712	6,109
Expenses:
Direct operating														1,735	1,771
Depreciation of revenue earning equipment and lease charges, net														2,309	1,992
Selling, general and administrative														330	316
Interest expense, net														295	301
Other (income) expense, net														18	22
Total expenses														4,687	4,402
Total														2,025	1,707
(Provision) benefit for taxes on income (loss)														(814)	(668)
Equity in earnings (losses) of subsidiaries (net of tax)														0	0
Net income (loss)														1,211	1,039
Other comprehensive income														(24)	10
Other comprehensive income (loss)														$ 1,187	$ 1,049

Guarantor and Non-Guarantor 108

Guarantor and Non-Guarantor Condensed Consolidating Financial Statements (Statement of Cash Flows) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	$ 760	$ 742	$ 1,406	$ 1,451	$ 2,733	$ 2,833	$ 3,457	$ 3,615	$ 2,743
Cash flows from investing activities:
Net change in restricted cash and cash equivalents	407	127	143	153	107	24	283	(315)	(237)
Revenue earning equipment expenditures	(2,582)	(3,254)	(5,996)	(6,812)	(8,442)	(9,318)	(11,289)	(10,289)	(9,611)
Proceeds from disposal of revenue earning equipment	1,859	2,236	3,717	3,738	5,316	5,661	8,209	7,256	7,123
Capital asset expenditures, non-fleet	(75)	(78)	(151)	(166)	(232)	(250)	(374)	(327)	(298)
Proceeds from disposal of property and equipment	25	24	45	45	67	66	93	81	125
Capital contributions to subsidiaries							0	0	0
Return of capital from subsidiaries							0	0	0
Loan to Parent from Non-Guarantor							0	0	0
Acquisitions, net of cash acquired	(6)	(3)	(6)	(14)	(69)	(14)	(75)	(41)	(1,905)
Proceeds from disposal of business							0	0	84
Equity method investment	0	0	0	(213)	(30)	(213)	(30)	(213)	0
Repayments of loans with Hertz Global Holdings, Inc.	(14)	(17)	(27)	(25)	(28)	(39)	(28)	(129)	(25)
Proceeds from loans with Hertz Global Holdings, Inc.	0	16	25	37	25	40	25	49	12
Other investing activities	0	0	0	(4)	0	(3)	0	(2)	(2)
Net cash used in investing activities	(386)	(949)	(2,250)	(3,261)	(3,286)	(4,046)	(3,186)	(3,930)	(4,734)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	400	1,202	414	1,204	400	1,208	400	2,275	2,237
Repayments of long-term debt	(92)	(299)	(97)	(321)	(207)	(371)	(1,183)	(1,045)	(952)
Short-term borrowings:
Proceeds	169	129	269	332	528	472	626	596	438
Payments	(259)	(195)	(369)	(436)	(537)	(711)	(726)	(1,018)	(1,280)
Proceeds under the revolving lines of credit	1,081	1,579	2,779	3,680	4,018	5,250	5,864	9,012	6,464
Payments under the revolving lines of credit	(1,582)	(1,611)	(2,017)	(2,218)	(3,405)	(4,167)	(5,081)	(9,104)	(5,190)
Capital contributions received							0	0	0
Loan to Parent / Guarantor From Non-Guarantor							0	0	0
Dividend paid to Hertz Global Holdings, Inc.		(467)		(480)		(480)	0	(482)	(25)
Purchase of noncontrolling interest							0	0	(38)
Payment of financing costs	(7)	(15)	(6)	(20)	(12)	(27)	(63)	(54)	(49)
Other	3	1	2	4	4	5	2	5	3
Net cash provided by (used in) financing activities	(287)	324	975	1,745	789	1,179	(161)	185	1,608
Effect of foreign exchange rate changes on cash and cash equivalents	0	(8)	(2)	(9)	(18)	(2)	(31)	0	6
Net change in cash and cash equivalents during the period	87	109	129	(74)	218	(36)	79	(130)	(377)
Cash and cash equivalents at beginning of period	411	541	411	541	411	541	411	541	918
Cash and cash equivalents at end of period	498	650	540	467	629	505	490	411	541
Eliminations
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities							(1,037)	(916)	(776)
Cash flows from investing activities:
Net change in restricted cash and cash equivalents							0	0	0
Revenue earning equipment expenditures							0	0	0
Proceeds from disposal of revenue earning equipment							0	0	0
Capital asset expenditures, non-fleet							0	0	0
Proceeds from disposal of property and equipment							0	0	0
Capital contributions to subsidiaries							1,651	938	2,990
Return of capital from subsidiaries							(1,722)	(1,317)	(3,206)
Loan to Parent from Non-Guarantor							480	253	385
Acquisitions, net of cash acquired							0	0	0
Proceeds from disposal of business									0
Equity method investment							0	0
Repayments of loans with Hertz Global Holdings, Inc.							0	0	0
Proceeds from loans with Hertz Global Holdings, Inc.							0	0	0
Other investing activities								0	0
Net cash used in investing activities							409	(126)	169
Cash flows from financing activities:
Proceeds from issuance of long-term debt							0	0	0
Repayments of long-term debt							0	0	0
Short-term borrowings:
Proceeds							0	0	0
Payments							0	0	0
Proceeds under the revolving lines of credit							0	0	0
Payments under the revolving lines of credit							0	0	0
Capital contributions received							(1,651)	(938)	(2,990)
Loan to Parent / Guarantor From Non-Guarantor							(480)	(253)	(385)
Dividend paid to Hertz Global Holdings, Inc.							2,759	2,233	3,982
Purchase of noncontrolling interest									0
Payment of financing costs							0	0	0
Other							0	0	0
Net cash provided by (used in) financing activities							628	1,042	607
Effect of foreign exchange rate changes on cash and cash equivalents							0	0	0
Net change in cash and cash equivalents during the period							0	0	0
Cash and cash equivalents at beginning of period	0	0	0	0	0	0	0	0	0
Cash and cash equivalents at end of period							0	0	0
Parent
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities							(387)	164	(876)
Cash flows from investing activities:
Net change in restricted cash and cash equivalents							(27)	(24)	12
Revenue earning equipment expenditures							(243)	(138)	(86)
Proceeds from disposal of revenue earning equipment							183	126	76
Capital asset expenditures, non-fleet							(195)	(198)	(174)
Proceeds from disposal of property and equipment							43	50	70
Capital contributions to subsidiaries							(1,614)	(938)	(2,990)
Return of capital from subsidiaries							1,722	1,134	3,106
Loan to Parent from Non-Guarantor							0	0	0
Acquisitions, net of cash acquired							0	0	(1,708)
Proceeds from disposal of business									0
Equity method investment							0	0
Repayments of loans with Hertz Global Holdings, Inc.							(28)	(129)	(25)
Proceeds from loans with Hertz Global Holdings, Inc.							25	49	12
Other investing activities								0	0
Net cash used in investing activities							(134)	(68)	(1,707)
Cash flows from financing activities:
Proceeds from issuance of long-term debt							0	250	2,210
Repayments of long-term debt							(42)	(34)	(650)
Short-term borrowings:
Proceeds							0	0	0
Payments							0	0	(27)
Proceeds under the revolving lines of credit							2,507	2,280	2,820
Payments under the revolving lines of credit							(2,431)	(2,322)	(2,599)
Capital contributions received							0	0	0
Loan to Parent / Guarantor From Non-Guarantor							437	253	385
Dividend paid to Hertz Global Holdings, Inc.							0	(482)	(25)
Purchase of noncontrolling interest							0	0	(38)
Payment of financing costs							(12)	(9)	(35)
Other							2	5	3
Net cash provided by (used in) financing activities							461	(59)	2,044
Effect of foreign exchange rate changes on cash and cash equivalents							0	0	0
Net change in cash and cash equivalents during the period							(60)	37	(539)
Cash and cash equivalents at beginning of period	62	25	62	25	62	25	62	25	564
Cash and cash equivalents at end of period							2	62	25
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities							456	540	603
Cash flows from investing activities:
Net change in restricted cash and cash equivalents							45	(60)	5
Revenue earning equipment expenditures							(596)	(889)	(765)
Proceeds from disposal of revenue earning equipment							261	353	278
Capital asset expenditures, non-fleet							(54)	(40)	(34)
Proceeds from disposal of property and equipment							17	6	12
Capital contributions to subsidiaries							(37)	0	0
Return of capital from subsidiaries							0	183	100
Loan to Parent from Non-Guarantor							(43)	(57)	0
Acquisitions, net of cash acquired							(28)	(15)	(197)
Proceeds from disposal of business									0
Equity method investment							0	0
Repayments of loans with Hertz Global Holdings, Inc.							0	0	0
Proceeds from loans with Hertz Global Holdings, Inc.							0	0	0
Other investing activities								0	0
Net cash used in investing activities							(435)	(519)	(601)
Cash flows from financing activities:
Proceeds from issuance of long-term debt							0	0	0
Repayments of long-term debt							0	0	0
Short-term borrowings:
Proceeds							0	0	0
Payments							0	0	0
Proceeds under the revolving lines of credit							0	3	4
Payments under the revolving lines of credit							(10)	(14)	(5)
Capital contributions received							0	0	0
Loan to Parent / Guarantor From Non-Guarantor							0	0	0
Dividend paid to Hertz Global Holdings, Inc.							0	0	0
Purchase of noncontrolling interest									0
Payment of financing costs							(3)	(10)	(3)
Other							0	0	0
Net cash provided by (used in) financing activities							(13)	(21)	(4)
Effect of foreign exchange rate changes on cash and cash equivalents							0	0	0
Net change in cash and cash equivalents during the period							8	0	(2)
Cash and cash equivalents at beginning of period	6	6	6	6	6	6	6	6	8
Cash and cash equivalents at end of period							14	6	6
Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities							4,425	3,827	3,792
Cash flows from investing activities:
Net change in restricted cash and cash equivalents							265	(231)	(254)
Revenue earning equipment expenditures							(10,450)	(9,262)	(8,760)
Proceeds from disposal of revenue earning equipment							7,765	6,777	6,769
Capital asset expenditures, non-fleet							(125)	(89)	(90)
Proceeds from disposal of property and equipment							33	25	43
Capital contributions to subsidiaries							0	0	0
Return of capital from subsidiaries							0	0	0
Loan to Parent from Non-Guarantor							(437)	(196)	(385)
Acquisitions, net of cash acquired							(47)	(26)	0
Proceeds from disposal of business									84
Equity method investment							(30)	(213)
Repayments of loans with Hertz Global Holdings, Inc.							0	0	0
Proceeds from loans with Hertz Global Holdings, Inc.							0	0	0
Other investing activities								(2)	(2)
Net cash used in investing activities							(3,026)	(3,217)	(2,595)
Cash flows from financing activities:
Proceeds from issuance of long-term debt							400	2,025	27
Repayments of long-term debt							(1,141)	(1,011)	(302)
Short-term borrowings:
Proceeds							626	596	438
Payments							(726)	(1,018)	(1,253)
Proceeds under the revolving lines of credit							3,357	6,729	3,640
Payments under the revolving lines of credit							(2,640)	(6,768)	(2,586)
Capital contributions received							1,651	938	2,990
Loan to Parent / Guarantor From Non-Guarantor							43	0	0
Dividend paid to Hertz Global Holdings, Inc.							(2,759)	(2,233)	(3,982)
Purchase of noncontrolling interest									0
Payment of financing costs							(48)	(35)	(11)
Other							0	0	0
Net cash provided by (used in) financing activities							(1,237)	(777)	(1,039)
Effect of foreign exchange rate changes on cash and cash equivalents							(31)	0	6
Net change in cash and cash equivalents during the period							131	(167)	164
Cash and cash equivalents at beginning of period	343	510	343	510	343	510	343	510	346
Cash and cash equivalents at end of period							474	343	510
As Previously Reported
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		739		1,466		2,873
Cash flows from investing activities:
Net change in restricted cash and cash equivalents		143		175		50
Revenue earning equipment expenditures		(3,253)		(6,826)		(9,341)
Proceeds from disposal of revenue earning equipment		2,238		3,743		5,669
Capital asset expenditures, non-fleet		(80)		(168)		(246)
Proceeds from disposal of property and equipment		23		43		62
Acquisitions, net of cash acquired		(3)		(16)		(14)
Equity method investment				(213)		(213)
Repayments of loans with Hertz Global Holdings, Inc.		(17)		(25)		(39)
Proceeds from loans with Hertz Global Holdings, Inc.		16		37		40
Other investing activities		0		(2)		(3)
Net cash used in investing activities		(933)		(3,252)		(4,035)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		1,202		1,204		1,208
Repayments of long-term debt		(299)		(321)		(371)
Short-term borrowings:
Proceeds		129		332		472
Payments		(195)		(436)		(711)
Proceeds under the revolving lines of credit		1,579		3,680		5,250
Payments under the revolving lines of credit		(1,611)		(2,218)		(4,167)
Dividend paid to Hertz Global Holdings, Inc.		(467)		(480)		(480)
Payment of financing costs		(15)		(21)		(27)
Other		0		4		5
Net cash provided by (used in) financing activities		323		1,744		1,179
Effect of foreign exchange rate changes on cash and cash equivalents		(8)		(8)		(2)
Net change in cash and cash equivalents during the period		121		(50)		15
Cash and cash equivalents at beginning of period	423	533	423	533	423	533	423	533
Cash and cash equivalents at end of period		654		483		548		423	533
As Previously Reported | Eliminations
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities								(916)	(776)
Cash flows from investing activities:
Net change in restricted cash and cash equivalents								0	0
Revenue earning equipment expenditures								0	0
Proceeds from disposal of revenue earning equipment								0	0
Capital asset expenditures, non-fleet								0	0
Proceeds from disposal of property and equipment								0	0
Capital contributions to subsidiaries								938	2,990
Return of capital from subsidiaries								(1,317)	(3,206)
Loan to Parent from Non-Guarantor								253	385
Acquisitions, net of cash acquired								0	0
Proceeds from disposal of business									0
Equity method investment								0
Repayments of loans with Hertz Global Holdings, Inc.								0	0
Proceeds from loans with Hertz Global Holdings, Inc.								0	0
Other investing activities								0	0
Net cash used in investing activities								(126)	169
Cash flows from financing activities:
Proceeds from issuance of long-term debt								0	0
Repayments of long-term debt								0	0
Short-term borrowings:
Proceeds								0	0
Payments								0	0
Proceeds under the revolving lines of credit								0	0
Payments under the revolving lines of credit								0	0
Capital contributions received								(938)	(2,990)
Loan to Parent / Guarantor From Non-Guarantor								(253)	(385)
Dividend paid to Hertz Global Holdings, Inc.								2,233	3,982
Purchase of noncontrolling interest									0
Payment of financing costs								0	0
Other								0	0
Net cash provided by (used in) financing activities								1,042	607
Effect of foreign exchange rate changes on cash and cash equivalents								0	0
Net change in cash and cash equivalents during the period								0	0
Cash and cash equivalents at beginning of period	0	0	0	0	0	0	0	0	0
Cash and cash equivalents at end of period								0	0
As Previously Reported | Parent
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities								181	(878)
Cash flows from investing activities:
Net change in restricted cash and cash equivalents								(23)	12
Revenue earning equipment expenditures								(149)	(88)
Proceeds from disposal of revenue earning equipment								137	80
Capital asset expenditures, non-fleet								(194)	(173)
Proceeds from disposal of property and equipment								42	67
Capital contributions to subsidiaries								(938)	(2,990)
Return of capital from subsidiaries								1,134	3,106
Loan to Parent from Non-Guarantor								0	0
Acquisitions, net of cash acquired								0	(1,708)
Proceeds from disposal of business									0
Equity method investment								0
Repayments of loans with Hertz Global Holdings, Inc.								(129)	(25)
Proceeds from loans with Hertz Global Holdings, Inc.								49	12
Other investing activities								0	0
Net cash used in investing activities								(71)	(1,707)
Cash flows from financing activities:
Proceeds from issuance of long-term debt								250	2,210
Repayments of long-term debt								(34)	(650)
Short-term borrowings:
Proceeds								0	0
Payments								0	(27)
Proceeds under the revolving lines of credit								2,280	2,820
Payments under the revolving lines of credit								(2,322)	(2,599)
Capital contributions received								0	0
Loan to Parent / Guarantor From Non-Guarantor								253	385
Dividend paid to Hertz Global Holdings, Inc.								(482)	(25)
Purchase of noncontrolling interest									(38)
Payment of financing costs								(9)	(35)
Other								5	4
Net cash provided by (used in) financing activities								(59)	2,045
Effect of foreign exchange rate changes on cash and cash equivalents								0	0
Net change in cash and cash equivalents during the period								51	(540)
Cash and cash equivalents at beginning of period	76	25	76	25	76	25	76	25	565
Cash and cash equivalents at end of period								76	25
As Previously Reported | Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities								525	601
Cash flows from investing activities:
Net change in restricted cash and cash equivalents								(54)	11
Revenue earning equipment expenditures								(886)	(765)
Proceeds from disposal of revenue earning equipment								350	276
Capital asset expenditures, non-fleet								(33)	(34)
Proceeds from disposal of property and equipment								6	12
Capital contributions to subsidiaries								0	0
Return of capital from subsidiaries								183	100
Loan to Parent from Non-Guarantor								(57)	0
Acquisitions, net of cash acquired								(15)	(197)
Proceeds from disposal of business									0
Equity method investment								0
Repayments of loans with Hertz Global Holdings, Inc.								0	0
Proceeds from loans with Hertz Global Holdings, Inc.								0	0
Other investing activities								0	0
Net cash used in investing activities								(506)	(597)
Cash flows from financing activities:
Proceeds from issuance of long-term debt								0	0
Repayments of long-term debt								0	0
Short-term borrowings:
Proceeds								0	0
Payments								0	0
Proceeds under the revolving lines of credit								3	4
Payments under the revolving lines of credit								(14)	(5)
Capital contributions received								0	0
Loan to Parent / Guarantor From Non-Guarantor								0	0
Dividend paid to Hertz Global Holdings, Inc.								0	0
Purchase of noncontrolling interest									0
Payment of financing costs								(10)	(3)
Other								0	0
Net cash provided by (used in) financing activities								(21)	(4)
Effect of foreign exchange rate changes on cash and cash equivalents								0	0
Net change in cash and cash equivalents during the period								(2)	0
Cash and cash equivalents at beginning of period	5	7	5	7	5	7	5	7	7
Cash and cash equivalents at end of period								5	7
As Previously Reported | Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities								3,821	3,793
Cash flows from investing activities:
Net change in restricted cash and cash equivalents								(231)	(264)
Revenue earning equipment expenditures								(9,263)	(8,760)
Proceeds from disposal of revenue earning equipment								6,777	6,769
Capital asset expenditures, non-fleet								(88)	(90)
Proceeds from disposal of property and equipment								25	43
Capital contributions to subsidiaries								0	0
Return of capital from subsidiaries								0	0
Loan to Parent from Non-Guarantor								(196)	(385)
Acquisitions, net of cash acquired								(26)	0
Proceeds from disposal of business									85
Equity method investment								(213)
Repayments of loans with Hertz Global Holdings, Inc.								0	0
Proceeds from loans with Hertz Global Holdings, Inc.								0	0
Other investing activities								(1)	(3)
Net cash used in investing activities								(3,216)	(2,605)
Cash flows from financing activities:
Proceeds from issuance of long-term debt								2,025	27
Repayments of long-term debt								(1,011)	(302)
Short-term borrowings:
Proceeds								596	438
Payments								(1,018)	(1,253)
Proceeds under the revolving lines of credit								6,729	3,640
Payments under the revolving lines of credit								(6,768)	(2,586)
Capital contributions received								938	2,990
Loan to Parent / Guarantor From Non-Guarantor								0	0
Dividend paid to Hertz Global Holdings, Inc.								(2,233)	(3,982)
Purchase of noncontrolling interest									0
Payment of financing costs								(35)	(11)
Other								0	0
Net cash provided by (used in) financing activities								(777)	(1,039)
Effect of foreign exchange rate changes on cash and cash equivalents								0	6
Net change in cash and cash equivalents during the period								(172)	155
Cash and cash equivalents at beginning of period	342	514	342	514	342	514	342	514	359
Cash and cash equivalents at end of period								342	514
As Previously Reported
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		743		1,455		2,858		3,611	2,740
Cash flows from investing activities:
Net change in restricted cash and cash equivalents		123		155		30		(308)	(241)
Revenue earning equipment expenditures		(3,250)		(6,809)		(9,319)		(10,298)	(9,613)
Proceeds from disposal of revenue earning equipment		2,238		3,743		5,669		7,264	7,125
Capital asset expenditures, non-fleet		(81)		(168)		(246)		(315)	(297)
Proceeds from disposal of property and equipment		23		43		62		73	122
Capital contributions to subsidiaries								0	0
Return of capital from subsidiaries								0	0
Loan to Parent from Non-Guarantor								0	0
Acquisitions, net of cash acquired		(3)		(16)		(14)		(41)	(1,905)
Proceeds from disposal of business									85
Equity method investment				(213)		(213)		(213)
Repayments of loans with Hertz Global Holdings, Inc.		(17)		(25)		(39)		(129)	(25)
Proceeds from loans with Hertz Global Holdings, Inc.		16		37		40		49	12
Other investing activities		0		(2)		(4)		(1)	(3)
Net cash used in investing activities		(951)		(3,255)		(4,034)		(3,919)	(4,740)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		1,202		1,204		1,208		2,275	2,237
Repayments of long-term debt		(299)		(321)		(371)		(1,045)	(952)
Short-term borrowings:
Proceeds		129		332		472		596	438
Payments		(195)		(436)		(711)		(1,018)	(1,280)
Proceeds under the revolving lines of credit		1,579		3,680		5,250		9,012	6,464
Payments under the revolving lines of credit		(1,611)		(2,218)		(4,167)		(9,104)	(5,190)
Capital contributions received								0	0
Loan to Parent / Guarantor From Non-Guarantor								0	0
Dividend paid to Hertz Global Holdings, Inc.		(467)		(480)		(480)		(482)	(25)
Purchase of noncontrolling interest								0	(38)
Payment of financing costs		(15)		(21)		(27)		(54)	(49)
Other		0		4		5		5	4
Net cash provided by (used in) financing activities		323		1,744		1,179		185	1,609
Effect of foreign exchange rate changes on cash and cash equivalents		(8)		(8)		(2)		0	6
Net change in cash and cash equivalents during the period		107		(64)		1		(123)	(385)
Cash and cash equivalents at beginning of period	$ 423	546	$ 423	546	$ 423	546	$ 423	546	931
Cash and cash equivalents at end of period		$ 653		$ 482		$ 547		$ 423	$ 546

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions

1 Months Ended

Jun. 30, 2015USD ($)location

Feb. 28, 2015USD ($)

Jul. 09, 2015USD ($)

May. 30, 2015GBP (£)

Apr. 30, 2015USD ($)

Dec. 31, 2014USD ($)

Oct. 31, 2014EUR (€)

Oct. 31, 2014GBP (£)

Sep. 30, 2014GBP (£)

Jul. 31, 2014EUR (€)

Dec. 31, 2013USD ($)

Jun. 30, 2010EUR (€)

Subsequent Event [Line Items]

Outstanding principal

$ 3,900

$ 3,900

HVF II Series 2015-1 Notes | Subsequent Event

Subsequent Event [Line Items]

Outstanding principal

$ 780

Rental Car Asset Backed Notes, Class A | Subsequent Event

Subsequent Event [Line Items]

Outstanding principal

$ 622

Average interest rate (as a percent)

2.73%

Rental Car Asset Backed Notes, Class B | Subsequent Event

Subsequent Event [Line Items]

Outstanding principal

$ 119

Average interest rate (as a percent)

3.52%

Rental Car Asset Backed Notes, Class C | Subsequent Event

Subsequent Event [Line Items]

Outstanding principal

$ 39

Average interest rate (as a percent)

4.35%

UK Leveraged Financing

Subsequent Event [Line Items]

Aggregate maximum borrowings | £

£ 225,000,000

£ 195,000,000

European Revolving Credit Facility

Subsequent Event [Line Items]

Outstanding principal

$ 304

$ 303

Average interest rate (as a percent)

2.61%

Aggregate maximum borrowings | €

€ 250,000,000

€ 220,000,000

€ 220,000,000

European Revolving Credit Facility | Subsequent Event

Subsequent Event [Line Items]

Aggregate maximum borrowings | £

£ 340,000,000

HFLF Series 2015-1 Notes | Subsequent Event

Subsequent Event [Line Items]

Outstanding principal

$ 300

Certain Hertz Branded Franchises | Subsequent Event

Subsequent Event [Line Items]

Payments to acquire business

$ 87

UK Leveraged Financing Peak Season Borrowing Facility | UK Leveraged Financing | Subsequent Event

Subsequent Event [Line Items]

Aggregate maximum borrowings | £

300,000,000

UK Leveraged Financing Ongoing Core Facility | UK Leveraged Financing | Subsequent Event

Subsequent Event [Line Items]

Aggregate maximum borrowings | £

£ 250,000,000

FRANCE | Subsequent Event

Subsequent Event [Line Items]

Number of Businesses Divested | location

60

SPAIN | Subsequent Event

Subsequent Event [Line Items]

Number of Businesses Divested | location

2

Level 1 | CAR, Inc | Subsequent Event

Subsequent Event [Line Items]

Fair value of investment using quoted market prices

$ 710

Quarterly Financial Informat110

Quarterly Financial Information (Unaudited) (Balance Sheet) (Details) - USD ($) $ in Millions	Dec. 31, 2014	Nov. 13, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 490		$ 629	$ 540	$ 498	$ 411	$ 505	$ 467	$ 650	$ 541	$ 918
Restricted cash and cash equivalents	571		748	717	453	861	522	390	415	546
Receivables, net of allowance of $67 and $62, respectively	1,597		1,702	1,511	1,344	1,397	1,597	1,545	1,448	1,787
Due from Hertz Global Holdings, Inc.	95	$ 125	96	95	114	93	11	1	13	13
Inventories, net	67		94	103	94	87	104	127	107	102
Prepaid expenses and other assets	917		786	772	818	715	666	755	543	479
Revenue earning equipment:
Cars	14,622		15,809	16,553	14,995	14,456	15,177	15,418	13,632	12,542
Accumulated depreciation, cars	(3,411)		(3,491)	(3,244)	(2,931)	(2,681)	(2,396)	(2,125)	(1,958)	(1,855)
Other equipment	3,613		3,707	3,695	3,585	3,535	3,514	3,452	3,336	3,257
Less accumulated depreciation - other equipment	(1,171)		(1,173)	(1,175)	(1,144)	(1,119)	(1,102)	(1,062)	(1,060)	(1,052)
Revenue earning equipment, net, at end of year	13,653		14,852	15,829	14,505	14,191	15,193	15,683	13,950	12,892
Property and equipment:
Land, buildings and leasehold improvements	1,268		1,325	1,319	1,282	1,271	1,284	1,241	1,224	1,224
Service equipment and other	1,148		1,067	1,066	1,051	978	950	1,041	1,033	1,059
Less accumulated depreciation	(1,094)		(1,128)	(1,108)	(1,051)	(964)	(958)	(1,021)	(991)	(1,024)
Property and equipment, net	1,322		1,264	1,277	1,282	1,285	1,276	1,261	1,266	1,259
Other intangible assets, net	4,009		4,049	4,067	4,100	4,124	4,126	4,136	4,161	4,180
Goodwill	1,359		1,349	1,353	1,353	1,352	1,363	1,363	1,346	1,333
Total assets	24,080		25,569	26,264	24,562	24,516	25,363	25,728	23,899	23,132
LIABILITIES AND EQUITY
Accounts payable	1,008		1,078	1,705	1,307	1,021	981	1,520	1,337	1,036
Accrued liabilities	1,148		1,156	1,078	1,166	1,172	1,356	1,242	1,260	1,212
Accrued taxes, net	134		191	155	160	145	182	138	146	147
Debt	15,993		16,986	17,310	16,042	16,228	17,055	17,394	15,876	15,015
Public liability and property damage	385		385	378	366	351	347	328	322	333
Deferred taxes on income, net	2,917		2,963	2,941	2,917	2,919	2,812	2,739	2,687	2,648
Total liabilities	$ 21,585		22,759	23,567	21,958	$ 21,836	$ 22,733	$ 23,361	$ 21,628	$ 20,391
Commitments and contingencies			0	0	0
Common Stock	$ 0		0	0	0	$ 0	$ 0	$ 0	$ 0	$ 0
Additional paid-in capital	3,566		3,570	3,570	3,562	3,552	3,548	3,533	3,520	3,510
Accumulated deficit	(956)		(722)	(872)	(945)	(878)	(861)	(1,091)	(1,199)	(746)
Accumulated other comprehensive income (loss)	(115)		(38)	(1)	(13)	6	(57)	(75)	(50)	(23)
Total equity	2,495		2,810	2,697	2,604	2,680	2,630	2,367	2,271	2,741
Total liabilities and equity	$ 24,080		$ 25,569	$ 26,264	$ 24,562	24,516	25,363	25,728	23,899	23,132
As Previously Reported
ASSETS
Cash and cash equivalents						423	548	483	654	533
Restricted cash and cash equivalents						860	521	393	425
Receivables, net of allowance of $67 and $62, respectively						1,513	1,701	1,656	1,554
Due from Hertz Global Holdings, Inc.						93	11	1	13
Inventories, net						92	107	128	110
Prepaid expenses and other assets						717	677	762	549
Revenue earning equipment:
Cars							15,245	15,490	13,695
Accumulated depreciation, cars							(2,440)	(2,169)	(1,995)
Other equipment							3,487	3,425	3,313
Less accumulated depreciation - other equipment							(1,077)	(1,040)	(1,044)
Revenue earning equipment, net, at end of year						14,193	15,215	15,706	13,969
Property and equipment:
Land, buildings and leasehold improvements							1,350	1,334	1,303
Service equipment and other							1,221	1,258	1,242
Less accumulated depreciation							(1,080)	(1,126)	(1,087)
Property and equipment, net						1,514	1,491	1,466	1,458
Other intangible assets, net						3,928	3,945	3,969	4,002
Goodwill						1,348	1,366	1,366	1,353
Total assets						24,681	25,582	25,930	24,087
LIABILITIES AND EQUITY
Accounts payable						968	952	1,484	1,305
Accrued liabilities						1,105	1,284	1,181	1,206
Accrued taxes, net						203	228	184	192
Debt						16,228	17,055	17,394	15,876
Public liability and property damage						348	347	328	321
Deferred taxes on income, net						2,945	2,865	2,787	2,726
Total liabilities						21,797	$ 22,731	$ 23,358	$ 21,626
Commitments and contingencies
Common Stock							$ 0	$ 0	$ 0
Additional paid-in capital							3,549	3,534	3,519
Accumulated deficit							(647)	(889)	(1,007)
Accumulated other comprehensive income (loss)							(51)	(73)	(51)
Total equity						2,884	2,851	2,572	2,461
Total liabilities and equity						24,681	25,582	25,930	24,087
Revision Adjustment
ASSETS
Cash and cash equivalents							(1)	(1)	(1)	13
Restricted cash and cash equivalents							0	0	0
Receivables, net of allowance of $67 and $62, respectively							(16)	(16)	(14)
Due from Hertz Global Holdings, Inc.							0	0	0
Inventories, net							0	0	0
Prepaid expenses and other assets							(4)	(3)	(4)
Revenue earning equipment:
Cars							(70)	(63)	(52)
Accumulated depreciation, cars							50	49	40
Other equipment							0	0	0
Less accumulated depreciation - other equipment							0	0	0
Revenue earning equipment, net, at end of year							(20)	(14)	(12)
Property and equipment:
Land, buildings and leasehold improvements							1	0	0
Service equipment and other							0	0	0
Less accumulated depreciation							0	0	0
Property and equipment, net							1	0	0
Other intangible assets, net							0	(2)	(2)
Goodwill							(7)	(7)	(10)
Total assets							(47)	(43)	(43)
LIABILITIES AND EQUITY
Accounts payable							1	1	0
Accrued liabilities							5	2	(6)
Accrued taxes, net							(1)	(1)	0
Debt							0	0	0
Public liability and property damage							0	0	0
Deferred taxes on income, net							(22)	(20)	(14)
Total liabilities							$ (17)	$ (18)	$ (20)
Commitments and contingencies
Common Stock							$ 0	$ 0	$ 0
Additional paid-in capital							(2)	(2)	0
Accumulated deficit							(28)	(23)	(23)
Accumulated other comprehensive income (loss)							0	0	0
Total equity							(30)	(25)	(23)
Total liabilities and equity							(47)	(43)	(43)
As Revised
ASSETS
Cash and cash equivalents						423	547	482	653	546	931
Restricted cash and cash equivalents						860	521	393	425	552
Receivables, net of allowance of $67 and $62, respectively						1,513	1,685	1,640	1,540	1,880
Due from Hertz Global Holdings, Inc.						93	11	1	13	13
Inventories, net						92	107	128	110	106
Prepaid expenses and other assets						717	673	759	545	479
Revenue earning equipment:
Cars						14,457	15,175	15,427	13,643	12,549
Accumulated depreciation, cars						(2,680)	(2,390)	(2,120)	(1,955)	(1,850)
Other equipment						3,512	3,487	3,425	3,313	3,240
Less accumulated depreciation - other equipment						(1,096)	(1,077)	(1,040)	(1,044)	(1,042)
Revenue earning equipment, net, at end of year						14,193	15,195	15,692	13,957	12,897
Property and equipment:
Land, buildings and leasehold improvements						1,362	1,351	1,334	1,303	1,289
Service equipment and other						1,257	1,221	1,258	1,242	1,261
Less accumulated depreciation						(1,105)	(1,080)	(1,126)	(1,087)	(1,114)
Property and equipment, net						1,514	1,492	1,466	1,458	1,436
Other intangible assets, net						3,928	3,945	3,967	4,000	4,030
Goodwill						1,348	1,359	1,359	1,343	1,329
Total assets						24,681	25,535	25,887	24,044	23,268
LIABILITIES AND EQUITY
Accounts payable						968	953	1,485	1,305	1,003
Accrued liabilities						1,105	1,289	1,183	1,200	1,162
Accrued taxes, net						203	227	183	192	193
Debt						16,228	17,055	17,394	15,876	15,015
Public liability and property damage						348	347	328	321	332
Deferred taxes on income, net						2,945	2,843	2,767	2,712	2,667
Total liabilities						$ 21,797	$ 22,714	$ 23,340	$ 21,606	$ 20,372
Commitments and contingencies
Common Stock						$ 0	$ 0	$ 0	$ 0	$ 0
Additional paid-in capital						3,552	3,547	3,532	3,519	3,510
Accumulated deficit						(675)	(675)	(912)	(1,030)	(587)
Accumulated other comprehensive income (loss)						7	(51)	(73)	(51)	(27)
Total equity						2,884	2,821	2,547	2,438	2,896
Total liabilities and equity						24,681	25,535	25,887	24,044	23,268
Restatement Adjustment
ASSETS
Cash and cash equivalents						(12)	(42)	(15)	(3)	(5)	$ (13)
Restricted cash and cash equivalents						1	1	(3)	(10)	(6)
Receivables, net of allowance of $67 and $62, respectively						(116)	(88)	(95)	(92)	(93)
Due from Hertz Global Holdings, Inc.						0	0	0	0	0
Inventories, net						(5)	(3)	(1)	(3)	(4)
Prepaid expenses and other assets						(2)	(7)	(4)	(2)	0
Revenue earning equipment:
Cars						(1)	2	(9)	(11)	(7)
Accumulated depreciation, cars						(1)	(6)	(5)	(3)	(5)
Other equipment						23	27	27	23	17
Less accumulated depreciation - other equipment						(23)	(25)	(22)	(16)	(10)
Revenue earning equipment, net, at end of year						(2)	(2)	(9)	(7)	(5)
Property and equipment:
Land, buildings and leasehold improvements						(91)	(67)	(93)	(79)	(65)
Service equipment and other						(279)	(271)	(217)	(209)	(202)
Less accumulated depreciation						141	122	105	96	90
Property and equipment, net						(229)	(216)	(205)	(192)	(177)
Other intangible assets, net						196	181	169	161	150
Goodwill						4	4	4	3	4
Total assets						(165)	(172)	(159)	(145)	(136)
LIABILITIES AND EQUITY
Accounts payable						53	28	35	32	33
Accrued liabilities						67	67	59	60	50
Accrued taxes, net						(58)	(45)	(45)	(46)	(46)
Debt						0	0	0	0	0
Public liability and property damage						3	0	0	1	1
Deferred taxes on income, net						(26)	(31)	(28)	(25)	(19)
Total liabilities						$ 39	$ 19	$ 21	$ 22	$ 19
Commitments and contingencies
Common Stock						$ 0	$ 0	$ 0	$ 0	$ 0
Additional paid-in capital						0	1	1	1	0
Accumulated deficit						(203)	(186)	(179)	(169)	(159)
Accumulated other comprehensive income (loss)						(1)	(6)	(2)	1	4
Total equity						(204)	(191)	(180)	(167)	(155)
Total liabilities and equity						$ (165)	$ (172)	$ (159)	$ (145)	$ (136)

Quarterly Financial Informat111

Quarterly Financial Information (Unaudited) (Balance Sheet, Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract]
Receivables, allowance for doubtful accounts (in dollars)	$ 67	$ 62	$ 53
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common Stock, shares authorized	3,000	3,000	3,000
Common Stock, shares issued	100	100	100
Common Stock, shares outstanding	100	100	100

Quarterly Financial Informat112

Quarterly Financial Information (Unaudited) (Statement of Operations) (Details) - USD ($) $ in Millions	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended			48 Months Ended	60 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2013
Revenues:
Worldwide car rental	$ 2,000	$ 2,563	$ 2,304	$ 2,039	$ 2,019	$ 2,538	$ 2,197	$ 1,955	$ 4,343	$ 4,153	$ 6,907	$ 6,690	$ 8,907	$ 8,709	$ 7,153
Worldwide equipment rental	416	413	384	358	401	403	381	353	743	734	1,155	1,138	1,571	1,539	1,382
All other operations	143	145	142	139	135	134	130	129	280	258	425	392	568	527	478
Revenues	2,559	3,121	2,830	2,536	2,555	3,075	2,708	2,437	5,366	5,145	8,487	8,220	11,046	10,775	9,013
Expenses:
Direct operating	1,575	1,702	1,594	1,443	1,449	1,547	1,417	1,364	3,037	2,781	4,738	4,328	6,314	5,777	4,861
Depreciation of revenue earning equipment and lease charges, net	853	746	708	726	641	672	632	589	1,434	1,220	2,180	1,893	3,034	2,533	2,128
Selling, general and administrative	246	303	265	276	234	282	287	250	541	538	844	819	1,088	1,053	978
Interest expense, net of interest income	163	163	162	153	168	173	168	161	315	329	479	502	641	669	596
Other (income) expense, net	6	3	(22)	(3)	21	44	(2)	0	(25)	(2)	(22)	42	(15)	64	33
Total expenses	2,843	2,917	2,707	2,595	2,513	2,718	2,502	2,364	5,302	4,866	8,219	7,584	11,062	10,096	8,596
Income (loss) before income taxes	(284)	204	123	(59)	42	357	206	73	64	279	268	636	(16)	679	417
(Provision) benefit for taxes on income (loss)	50	(54)	(50)	(8)	(56)	(128)	(86)	(59)	(58)	(145)	(112)	(272)	(62)	(329)	(200)
Net income (loss)	$ (234)	$ 150	$ 73	$ (67)	(14)	229	120	14	$ 6	134	$ 156	364	$ (78)	350	217
As Previously Reported
Revenues:
Worldwide car rental					2,020	2,534	2,195	1,957		4,152		6,686
Worldwide equipment rental					401	402	384	351		735		1,137
All other operations					135	134	136	128		264		397
Revenues					2,556	3,070	2,715	2,436		5,151		8,220		10,772	9,025
Expenses:
Direct operating					1,439	1,525	1,406	1,351		2,757		4,283		5,752	4,806
Depreciation of revenue earning equipment and lease charges, net					643	677	641	587		1,228		1,905		2,526	2,129
Selling, general and administrative					222	278	275	252		528		803		1,022	968
Interest expense, net of interest income					166	173	168	161		329		501		666	594
Other (income) expense, net					21	44	(1)	(1)		(2)		43		67	35
Total expenses					2,491	2,697	2,489	2,350		4,840		7,535		10,033	8,532
Income (loss) before income taxes					65	373	226	86		311		685		739	493
(Provision) benefit for taxes on income (loss)					(62)	(131)	(96)	(60)		(155)		(287)		(345)	(221)
Net income (loss)					3	242	130	26		156		398		394	272
Revision Adjustment
Revenues:
Worldwide car rental					0	0	0	0		0		0
Worldwide equipment rental					0	0	0	0		0		0
All other operations					0	0	(6)	1		(5)		(5)
Revenues					0	0	(6)	1		(5)		(5)
Expenses:
Direct operating					0	15	8	7		16		30
Depreciation of revenue earning equipment and lease charges, net					0	(2)	(13)	(7)		(20)		(23)
Selling, general and administrative					0	(6)	5	(4)		1		(3)
Interest expense, net of interest income					0	0	0	0		0		0
Other (income) expense, net					0	0	0	3		2		2
Total expenses					0	7	0	(1)		(1)		6
Income (loss) before income taxes					0	(7)	(6)	2		(4)		(11)
(Provision) benefit for taxes on income (loss)					0	2	6	(4)		2		4
Net income (loss)					0	(5)	0	(2)		(2)		(7)
As Revised
Revenues:
Worldwide car rental					2,020	2,534	2,195	1,957		4,152		6,686		8,707	7,162
Worldwide equipment rental					401	402	384	351		735		1,137		1,538	1,385
All other operations					135	134	130	129		259		392		527	478
Revenues					2,556	3,070	2,709	2,437		5,146		8,215		10,772	9,025
Expenses:
Direct operating					1,439	1,540	1,414	1,358		2,773		4,313		5,752	4,806
Depreciation of revenue earning equipment and lease charges, net					643	675	628	580		1,208		1,882		2,526	2,129
Selling, general and administrative					222	272	280	248		529		800		1,022	968
Interest expense, net of interest income					166	173	168	161		329		501		666	594
Other (income) expense, net					21	44	(1)	2		0		45		67	35
Total expenses					2,491	2,704	2,489	2,349		4,839		7,541		10,033	8,532
Income (loss) before income taxes					65	366	220	88		307		674		739	493
(Provision) benefit for taxes on income (loss)					(62)	(129)	(90)	(64)		(153)		(283)		(345)	(221)
Net income (loss)					3	237	130	24		154		391		394	272
Restatement Adjustment
Revenues:
Worldwide car rental					(1)	4	2	(2)		1		4		2	(9)
Worldwide equipment rental					0	1	(3)	2		(1)		1		1	(3)
All other operations					0	0	0	0		(1)		0		0	0
Revenues					(1)	5	(1)	0		(1)		5		3	(12)
Expenses:
Direct operating					10	7	3	6		8		15		25	55
Depreciation of revenue earning equipment and lease charges, net					(2)	(3)	4	9		12		11		7	(1)
Selling, general and administrative					12	10	7	2		9		19		31	10
Interest expense, net of interest income					2	0	0	0		0		1		3	2
Other (income) expense, net					0	0	(1)	(2)		(2)		(3)		(3)	(2)
Total expenses					22	14	13	15		27		43		63	64
Income (loss) before income taxes					(23)	(9)	(14)	(15)		(28)		(38)		(60)	(76)	$ 35	$ 46
(Provision) benefit for taxes on income (loss)					6	1	4	5		8		11		16	21
Net income (loss)					$ (17)	$ (8)	$ (10)	$ (10)		$ (20)		$ (27)		$ (44)	$ (55)	$ 21

Quarterly Financial Informat113

Quarterly Financial Information (Unaudited) (Cash Flows) (Details) - USD ($) $ in Millions	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended			48 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2012
Cash flows from operating activities:
Net income (loss)	$ (234)	$ 150	$ 73	$ (67)	$ (14)	$ 229	$ 120	$ 14	$ 6	$ 134	$ 156	$ 364	$ (78)	$ 350	$ 217
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation of revenue earning equipment, net				707				572	1,393	1,186	2,119	1,833	2,954	2,452	2,048
Depreciation and amortization, non-fleet assets				90				84	180	167	272	249	366	339	261
Amortization and write-off of deferred financing costs				12				11	27	25	41	41	56	54	52
Amortization and write-off of debt discount (premium)				(2)				(1)	(4)	(3)	(8)	(5)	(13)	(6)	4
Stock-based compensation charges				8				8	13	18	14	31	11	35	30
Loss on extinguishment of debt								0		0		0	0	7	0
Provision for receivables allowance				16				21	32	35	47	59	62	71	58
Deferred taxes on income				(5)				37	23	93	33	$ 177	8	255	110
Gain on sale of property and equipment
Impairment charges and asset write-downs				0				0	10	2	10	$ 42	47	40	0
Other				2				(1)	(4)	(4)	3	(4)	(18)	(6)	(9)
Changes in assets and liabilities, net of effects of acquisition:
Receivables				(85)				(43)	(284)	(229)	(187)	(182)	(90)	(53)	(125)
Inventories, prepaid expenses and other assets				(25)				(24)	(51)	(41)	(58)	(2)	(64)	(35)	(18)
Accounts payable				2				46	32	89	34	88	23	54	52
Accrued liabilities				75				27	(2)	5	153	118	140	28	(20)
Accrued taxes				16				1	7	(11)	57	26	(3)	27	41
Public liability and property damage				16				(10)	28	(15)	47	(2)	56	(1)	(4)
Net cash provided by (used in) operating activities				760				742	1,406	1,451	2,733	2,833	3,457	3,615	2,743
Cash flows from investing activities:
Net change in restricted cash and cash equivalents				407				127	143	153	107	24	283	(315)	(237)
Revenue earning equipment expenditures				(2,582)				(3,254)	(5,996)	(6,812)	(8,442)	(9,318)	(11,289)	(10,289)	(9,611)
Proceeds from disposal of revenue earning equipment				1,859				2,236	3,717	3,738	5,316	5,661	8,209	7,256	7,123
Capital asset expenditures, non-fleet				(75)				(78)	(151)	(166)	(232)	(250)	(374)	(327)	(298)
Proceeds from disposal of property and equipment				25				24	45	45	67	66	93	81	125
Acquisitions, net of cash acquired				(6)				(3)	(6)	(14)	(69)	(14)	(75)	(41)	(1,905)
Additional investment in equity method investee				0				0	0	(213)	(30)	(213)	(30)	(213)	0
Repayments of loans with Hertz Global Holdings, Inc.				(14)				(17)	(27)	(25)	(28)	(39)	(28)	(129)	(25)
Proceeds from loans with Hertz Global Holdings, Inc.				0				16	25	37	25	40	25	49	12
Other investing activities				0				0	0	(4)	0	(3)	0	(2)	(2)
Net cash used in investing activities				(386)				(949)	(2,250)	(3,261)	(3,286)	(4,046)	(3,186)	(3,930)	(4,734)
Cash flows from financing activities:
Proceeds from issuance of long-term debt				400				1,202	414	1,204	400	1,208	400	2,275	2,237
Repayments of long-term debt				(92)				(299)	(97)	(321)	(207)	(371)	(1,183)	(1,045)	(952)
Short-term borrowings:
Proceeds				169				129	269	332	528	472	626	596	438
Payments				(259)				(195)	(369)	(436)	(537)	(711)	(726)	(1,018)	(1,280)
Proceeds under the revolving lines of credit				1,081				1,579	2,779	3,680	4,018	5,250	5,864	9,012	6,464
Payments under the revolving lines of credit				(1,582)				(1,611)	(2,017)	(2,218)	(3,405)	(4,167)	(5,081)	(9,104)	(5,190)
Payment of financing costs				(7)				(15)	(6)	(20)	(12)	(27)	(63)	(54)	(49)
Dividend paid to Hertz Global Holdings, Inc.								(467)		(480)		(480)	0	(482)	(25)
Other				3				1	2	4	4	5	2	5	3
Net cash provided by (used in) financing activities				(287)				324	975	1,745	789	1,179	(161)	185	1,608
Effect of foreign exchange rate changes on cash and cash equivalents				0				(8)	(2)	(9)	(18)	(2)	(31)	0	6
Net change in cash and cash equivalents during the period				87				109	129	(74)	218	(36)	79	(130)	(377)
Cash and cash equivalents at beginning of period	629	540	498	411	505	467	650	541	411	541	411	541	411	541	918
Cash and cash equivalents at end of period	$ 490	$ 629	$ 540	498	411	505	467	650	540	467	629	505	490	411	541	$ 541
As Previously Reported
Cash flows from operating activities:
Net income (loss)					3	242	130	26		156		398		394	272
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation of revenue earning equipment, net								571		1,195		1,847
Depreciation and amortization, non-fleet assets								81		163		241
Amortization and write-off of deferred financing costs								11		25		41
Amortization and write-off of debt discount (premium)								(1)		(3)		(5)
Stock-based compensation charges								8		20		33
Loss on extinguishment of debt								0		0		0
Provision for receivables allowance								20		33		56
Deferred taxes on income								41		104		192
Gain on sale of property and equipment												0
Impairment charges and asset write-downs								0		2		40
Other								(3)		(6)		(4)
Changes in assets and liabilities, net of effects of acquisition:
Receivables								(40)		(239)		(183)
Inventories, prepaid expenses and other assets								(47)		(64)		(26)
Accounts payable								38		85		92
Accrued liabilities								19		(6)		101
Accrued taxes								25		16		52
Public liability and property damage								(10)		(15)		(2)
Net cash provided by (used in) operating activities								739		1,466		2,873
Cash flows from investing activities:
Net change in restricted cash and cash equivalents								143		175		50
Revenue earning equipment expenditures								(3,253)		(6,826)		(9,341)
Proceeds from disposal of revenue earning equipment								2,238		3,743		5,669
Capital asset expenditures, non-fleet								(80)		(168)		(246)
Proceeds from disposal of property and equipment								23		43		62
Acquisitions, net of cash acquired								(3)		(16)		(14)
Additional investment in equity method investee										(213)		(213)
Repayments of loans with Hertz Global Holdings, Inc.								(17)		(25)		(39)
Proceeds from loans with Hertz Global Holdings, Inc.								16		37		40
Other investing activities								0		(2)		(3)
Net cash used in investing activities								(933)		(3,252)		(4,035)
Cash flows from financing activities:
Proceeds from issuance of long-term debt								1,202		1,204		1,208
Repayments of long-term debt								(299)		(321)		(371)
Short-term borrowings:
Proceeds								129		332		472
Payments								(195)		(436)		(711)
Proceeds under the revolving lines of credit								1,579		3,680		5,250
Payments under the revolving lines of credit								(1,611)		(2,218)		(4,167)
Payment of financing costs								(15)		(21)		(27)
Dividend paid to Hertz Global Holdings, Inc.								(467)		(480)		(480)
Other								0		4		5
Net cash provided by (used in) financing activities								323		1,744		1,179
Effect of foreign exchange rate changes on cash and cash equivalents								(8)		(8)		(2)
Net change in cash and cash equivalents during the period								121		(50)		15
Cash and cash equivalents at beginning of period				423	548	483	654	533	423	533	423	533	423	533
Cash and cash equivalents at end of period					423	548	483	654		483		548		423	533	533
Revision Adjustment
Cash flows from operating activities:
Net income (loss)					0	(5)	0	(2)		(2)		(7)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation of revenue earning equipment, net								(6)		(21)		(22)
Depreciation and amortization, non-fleet assets								0		0		0
Amortization and write-off of deferred financing costs								0		0		0
Amortization and write-off of debt discount (premium)								0		0		0
Stock-based compensation charges								0		(2)		(2)
Loss on extinguishment of debt								0		0		0
Provision for receivables allowance								0		0		0
Deferred taxes on income								0		(2)		(5)
Gain on sale of property and equipment												0
Impairment charges and asset write-downs								0		0		2
Other								3		1		(2)
Changes in assets and liabilities, net of effects of acquisition:
Receivables								8		8		8
Inventories, prepaid expenses and other assets								22		24		26
Accounts payable								0		0		1
Accrued liabilities								3		10		12
Accrued taxes								(24)		(27)		(26)
Public liability and property damage								0		0		0
Net cash provided by (used in) operating activities								4		(11)		(15)
Cash flows from investing activities:
Net change in restricted cash and cash equivalents								(20)		(20)		(20)
Revenue earning equipment expenditures								3		17		22
Proceeds from disposal of revenue earning equipment								0		0		0
Capital asset expenditures, non-fleet								(1)		0		0
Proceeds from disposal of property and equipment								0		0		0
Acquisitions, net of cash acquired								0		0		0
Additional investment in equity method investee										0		0
Repayments of loans with Hertz Global Holdings, Inc.								0		0		0
Proceeds from loans with Hertz Global Holdings, Inc.								0		0		0
Other investing activities								0		0		(1)
Net cash used in investing activities								(18)		(3)		1
Cash flows from financing activities:
Proceeds from issuance of long-term debt								0		0		0
Repayments of long-term debt								0		0		0
Short-term borrowings:
Proceeds								0		0		0
Payments								0		0		0
Proceeds under the revolving lines of credit								0		0		0
Payments under the revolving lines of credit								0		0		0
Payment of financing costs								0		0		0
Dividend paid to Hertz Global Holdings, Inc.								0		0		0
Other								0		0		0
Net cash provided by (used in) financing activities								0		0		0
Effect of foreign exchange rate changes on cash and cash equivalents								0		0		0
Net change in cash and cash equivalents during the period								(14)		(14)		(14)
Cash and cash equivalents at beginning of period					(1)	(1)	(1)	13		13		13		13
Cash and cash equivalents at end of period						(1)	(1)	(1)		(1)		(1)			13	13
As Revised
Cash flows from operating activities:
Net income (loss)					3	237	130	24		154		391		394	272
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation of revenue earning equipment, net								565		1,174		1,825		2,445	2,049
Depreciation and amortization, non-fleet assets								81		163		241		327	257
Amortization and write-off of deferred financing costs								11		25		41		54	52
Amortization and write-off of debt discount (premium)								(1)		(3)		(5)		(5)	4
Stock-based compensation charges								8		18		31		35	30
Loss on extinguishment of debt								0		0		0		7
Provision for receivables allowance								20		33		56		71	52
Deferred taxes on income								41		102		187		269	133
Gain on sale of property and equipment												0
Impairment charges and asset write-downs								0		2		42		40
Other								0		(5)		(6)		(2)	(10)
Changes in assets and liabilities, net of effects of acquisition:
Receivables								(32)		(231)		(175)		(60)	(163)
Inventories, prepaid expenses and other assets								(25)		(40)		0		(34)	(22)
Accounts payable								38		85		93		23	34
Accrued liabilities								22		4		113		23	(30)
Accrued taxes								1		(11)		26		24	40
Public liability and property damage								(10)		(15)		(2)		(4)	(4)
Net cash provided by (used in) operating activities								743		1,455		2,858		3,611	2,740
Cash flows from investing activities:
Net change in restricted cash and cash equivalents								123		155		30		(308)	(241)
Revenue earning equipment expenditures								(3,250)		(6,809)		(9,319)		(10,298)	(9,613)
Proceeds from disposal of revenue earning equipment								2,238		3,743		5,669		7,264	7,125
Capital asset expenditures, non-fleet								(81)		(168)		(246)		(315)	(297)
Proceeds from disposal of property and equipment								23		43		62		73	122
Acquisitions, net of cash acquired								(3)		(16)		(14)		(41)	(1,905)
Additional investment in equity method investee										(213)		(213)		(213)
Repayments of loans with Hertz Global Holdings, Inc.								(17)		(25)		(39)		(129)	(25)
Proceeds from loans with Hertz Global Holdings, Inc.								16		37		40		49	12
Other investing activities								0		(2)		(4)		(1)	(3)
Net cash used in investing activities								(951)		(3,255)		(4,034)		(3,919)	(4,740)
Cash flows from financing activities:
Proceeds from issuance of long-term debt								1,202		1,204		1,208		2,275	2,237
Repayments of long-term debt								(299)		(321)		(371)		(1,045)	(952)
Short-term borrowings:
Proceeds								129		332		472		596	438
Payments								(195)		(436)		(711)		(1,018)	(1,280)
Proceeds under the revolving lines of credit								1,579		3,680		5,250		9,012	6,464
Payments under the revolving lines of credit								(1,611)		(2,218)		(4,167)		(9,104)	(5,190)
Payment of financing costs								(15)		(21)		(27)		(54)	(49)
Dividend paid to Hertz Global Holdings, Inc.								(467)		(480)		(480)		(482)	(25)
Other								0		4		5		5	4
Net cash provided by (used in) financing activities								323		1,744		1,179		185	1,609
Effect of foreign exchange rate changes on cash and cash equivalents								(8)		(8)		(2)		0	6
Net change in cash and cash equivalents during the period								107		(64)		1		(123)	(385)
Cash and cash equivalents at beginning of period				423	547	482	653	546	423	546	423	546	423	546	931
Cash and cash equivalents at end of period					423	547	482	653		482		547		423	546	546
Restatement Adjustment
Cash flows from operating activities:
Net income (loss)					(17)	(8)	(10)	(10)		(20)		(27)		(44)	(55)	21
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation of revenue earning equipment, net								7		12		8		7	(1)
Depreciation and amortization, non-fleet assets								3		4		8		12	4
Amortization and write-off of deferred financing costs								0		0		0		0	0
Amortization and write-off of debt discount (premium)								0		0		0		(1)	0
Stock-based compensation charges								0		0		0		0	0
Loss on extinguishment of debt								0		0		0		0
Provision for receivables allowance								1		2		3		0	6
Deferred taxes on income								(4)		(9)		(10)		(14)	(23)
Gain on sale of property and equipment												0
Impairment charges and asset write-downs								0		0		0		0
Other								(1)		1		2		(4)	1
Changes in assets and liabilities, net of effects of acquisition:
Receivables								(11)		2		(7)		7	38
Inventories, prepaid expenses and other assets								1		(1)		(2)		(1)	4
Accounts payable								8		4		(5)		31	18
Accrued liabilities								5		1		5		5	10
Accrued taxes								0		0		0		3	1
Public liability and property damage								0		0		0		3	0
Net cash provided by (used in) operating activities								(1)		(4)		(25)		4	3
Cash flows from investing activities:
Net change in restricted cash and cash equivalents								4		(2)		(6)		(7)	4
Revenue earning equipment expenditures								(4)		(3)		1		9	2
Proceeds from disposal of revenue earning equipment								(2)		(5)		(8)		(8)	(2)
Capital asset expenditures, non-fleet								3		2		(4)		(12)	(1)
Proceeds from disposal of property and equipment								1		2		4		8	3
Acquisitions, net of cash acquired								0		2		0		0	0
Additional investment in equity method investee										0		0		0
Repayments of loans with Hertz Global Holdings, Inc.								0		0		0		0	0
Proceeds from loans with Hertz Global Holdings, Inc.								0		0		0		0	0
Other investing activities								0		(2)		1		(1)	1
Net cash used in investing activities								2		(6)		(12)		(11)	6
Cash flows from financing activities:
Proceeds from issuance of long-term debt								0		0		0		0	0
Repayments of long-term debt								0		0		0		0	0
Short-term borrowings:
Proceeds								0		0		0		0	0
Payments								0		0		0		0	0
Proceeds under the revolving lines of credit								0		0		0		0	0
Payments under the revolving lines of credit								0		0		0		0	0
Payment of financing costs								0		1		0		0	0
Dividend paid to Hertz Global Holdings, Inc.								0		0		0		0	0
Other								1		0		0		0	(1)
Net cash provided by (used in) financing activities								1		1		0		0	(1)
Effect of foreign exchange rate changes on cash and cash equivalents								0		(1)		0		0	0
Net change in cash and cash equivalents during the period								2		(10)		(37)		(7)	8
Cash and cash equivalents at beginning of period				$ (12)	(42)	(15)	(3)	(5)	$ (12)	(5)	$ (12)	(5)	$ (12)	(5)	(13)
Cash and cash equivalents at end of period					$ (12)	$ (42)	$ (15)	$ (3)		$ (15)		$ (42)		$ (12)	$ (5)	$ (5)

SCHEDULE I CONDENSED FINANCI114

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Balance Sheets) (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2014	Nov. 13, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 490		$ 629	$ 540	$ 498	$ 411	$ 505	$ 467	$ 650	$ 541	$ 918
Restricted cash and cash equivalents	571		748	717	453	861	522	390	415	546
Receivables, less allowance for doubtful accounts	1,597		1,702	1,511	1,344	1,397	1,597	1,545	1,448	1,787
Due from Hertz Global Holdings, Inc.	95	$ 125	96	95	114	93	11	1	13	13
Inventories, net	67		94	103	94	87	104	127	107	102
Prepaid expenses and other assets	917		786	772	818	715	666	755	543	479
Revenue earning equipment, net	13,653		14,852	15,829	14,505	14,191	15,193	15,683	13,950	12,892
Property and equipment, net	1,322		1,264	1,277	1,282	1,285	1,276	1,261	1,266	1,259
Investment in subsidiaries, net	0					0
Other intangible assets, net	4,009		4,049	4,067	4,100	4,124	4,126	4,136	4,161	4,180
Goodwill	1,359		1,349	1,353	1,353	1,352	1,363	1,363	1,346	1,333
Total assets	24,080		25,569	26,264	24,562	24,516	25,363	25,728	23,899	23,132
LIABILITIES AND STOCKHOLDERS' EQUITY
Due to Hertz affiliate	0					0
Accounts payable	1,008		1,078	1,705	1,307	1,021	981	1,520	1,337	1,036
Accrued liabilities	1,148		1,156	1,078	1,166	1,172	1,356	1,242	1,260	1,212
Accrued taxes, net	134		191	155	160	145	182	138	146	147
Debt	15,993		16,986	17,310	16,042	16,228	17,055	17,394	15,876	15,015
Public liability and property damage	385		385	378	366	351	347	328	322	333
Deferred taxes on income, net	2,917		2,963	2,941	2,917	2,919	2,812	2,739	2,687	2,648
Total liabilities	21,585		22,759	23,567	21,958	21,836	22,733	23,361	21,628	20,391
Stockholders' equity:
Common Stock	0		0	0	0	0	0	0	0	0
Additional paid-in capital	3,566		3,570	3,570	3,562	3,552	3,548	3,533	3,520	3,510
Accumulated deficit	(956)		(722)	(872)	(945)	(878)	(861)	(1,091)	(1,199)	(746)
Accumulated other comprehensive income (loss)	(115)		(38)	(1)	(13)	6	(57)	(75)	(50)	(23)
Total equity	2,495		2,810	2,697	2,604	2,680	2,630	2,367	2,271	2,741
Total liabilities and equity	$ 24,080		$ 25,569	$ 26,264	$ 24,562	$ 24,516	$ 25,363	$ 25,728	$ 23,899	$ 23,132
Stock Transactions, Parenthetical Disclosures [Abstract]
Common Stock, par value (in dollars per share)	$ 0.01					$ 0.01				$ 0.01
Common Stock, shares authorized	3,000					3,000				3,000
Common Stock, shares issued	100					100				100
Common Stock, shares outstanding	100					100				100
Parent
ASSETS
Cash and cash equivalents	$ 2					$ 62				$ 25	$ 564
Restricted cash and cash equivalents	84					56
Receivables, less allowance for doubtful accounts	272					350
Due from Hertz Global Holdings, Inc.	2,957					2,002
Inventories, net	20					25
Prepaid expenses and other assets	3,900					3,179
Revenue earning equipment, net	306					227
Property and equipment, net	730					713
Investment in subsidiaries, net	6,897					6,914
Other intangible assets, net	179					214
Goodwill	104					104
Total assets	15,451					13,846
LIABILITIES AND STOCKHOLDERS' EQUITY
Due to Hertz affiliate	5,702					3,841
Accounts payable	65					170
Accrued liabilities	599					628
Accrued taxes, net	62					63
Debt	6,393					6,364
Public liability and property damage	135					100
Deferred taxes on income, net	0					0
Total liabilities	12,956					11,166
Stockholders' equity:
Common Stock	0					0
Additional paid-in capital	3,566					3,552
Accumulated deficit	(956)					(878)
Accumulated other comprehensive income (loss)	(115)					6
Total equity	2,495					2,680
Total liabilities and equity	$ 15,451					$ 13,846
Stock Transactions, Parenthetical Disclosures [Abstract]
Common Stock, par value (in dollars per share)	$ 0.01					$ 0.01
Common Stock, shares authorized	3,000					3,000
Common Stock, shares issued	100					100
Common Stock, shares outstanding	100					100

SCHEDULE I CONDENSED FINANCI115

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Income Statement) (Details) - USD ($) $ in Millions	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Condensed Financial Statements, Captions [Line Items]
Revenues	$ 2,559	$ 3,121	$ 2,830	$ 2,536	$ 2,555	$ 3,075	$ 2,708	$ 2,437	$ 5,366	$ 5,145	$ 8,487	$ 8,220	$ 11,046	$ 10,775	$ 9,013
Expenses:
Direct operating	1,575	1,702	1,594	1,443	1,449	1,547	1,417	1,364	3,037	2,781	4,738	4,328	6,314	5,777	4,861
Depreciation of revenue earning equipment and lease charges, net	853	746	708	726	641	672	632	589	1,434	1,220	2,180	1,893	3,034	2,533	2,128
Selling, general and administrative	246	303	265	276	234	282	287	250	541	538	844	819	1,088	1,053	978
Interest expense, net	163	163	162	153	168	173	168	161	315	329	479	502	641	669	596
Other (income) expense, net	6	3	(22)	(3)	21	44	(2)	0	(25)	(2)	(22)	42	(15)	64	33
Total expenses	2,843	2,917	2,707	2,595	2,513	2,718	2,502	2,364	5,302	4,866	8,219	7,584	11,062	10,096	8,596
Total	(284)	204	123	(59)	42	357	206	73	64	279	268	636	(16)	679	417
(Provision) benefit for taxes on income (loss)	50	(54)	(50)	(8)	(56)	(128)	(86)	(59)	(58)	(145)	(112)	(272)	(62)	(329)	(200)
Equity in earnings (losses) of subsidiaries (net of tax)													0	0	0
Net income (loss)	$ (234)	$ 150	$ 73	$ (67)	$ (14)	$ 229	$ 120	$ 14	$ 6	$ 134	$ 156	$ 364	(78)	350	217
Parent
Condensed Financial Statements, Captions [Line Items]
Revenues													4,703	4,552	4,255
Expenses:
Direct operating													2,989	2,576	2,430
Depreciation of revenue earning equipment and lease charges, net													2,510	2,723	2,382
Selling, general and administrative													528	510	482
Interest expense, net													344	337	254
Other (income) expense, net													(22)	51	(14)
Total expenses													6,349	6,197	5,534
Total													(1,646)	(1,645)	(1,279)
(Provision) benefit for taxes on income (loss)													612	619	498
Equity in earnings (losses) of subsidiaries (net of tax)													956	1,376	998
Net income (loss)													$ (78)	$ 350	$ 217

SCHEDULE I CONDENSED FINANCI116

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	$ (234)	$ 150	$ 73	$ (67)	$ (14)	$ 229	$ 120	$ 14	$ 6	$ 134	$ 156	$ 364	$ (78)	$ 350	$ 217
Other comprehensive income (loss)													(121)	29	1
Other comprehensive income (loss)													(199)	379	218
Parent
Condensed Financial Statements, Captions [Line Items]
Net income (loss)													(78)	350	217
Other comprehensive income (loss)													(121)	29	1
Other comprehensive income (loss)													$ (199)	$ 379	$ 218

SCHEDULE I CONDENSED FINANCI117

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Stockholders' Equity) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 2,680	$ 2,741	$ 2,512
Net income (loss)	(78)	350	217
Dividends paid to Hertz Global Holdings, Inc.		(482)	(25)
Hertz Holdings common shares issued to Directors	1	1	1
Other comprehensive income (loss)	(121)	29	1
Stock-based employee compensation charges	4	35	30
Proceeds from employee stock purchase plan	9	6	5
Ending balance	$ 2,495	2,680	2,741
Adjustments for Change In Accounting Pronouncement
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			0
As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			2,612
Other comprehensive income (loss)		$ 34	2
Restatement Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			$ (100)
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	100	100	100
Beginning balance	$ 0	$ 0	$ 0
Ending balance	$ 0	$ 0	$ 0
Ending balance, shares	100	100	100
Common Stock | As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares			100
Beginning balance			$ 0
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 3,552	$ 3,510	3,474
Hertz Holdings common shares issued to Directors	1	1	1
Stock-based employee compensation charges	4	35	30
Proceeds from employee stock purchase plan	9	6	5
Ending balance	3,566	3,552	3,510
Additional Paid-In Capital | As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			3,474
Retained Earnings (Accumulated Deficit)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(878)	(746)	(938)
Net income (loss)	(78)	350	217
Dividends paid to Hertz Global Holdings, Inc.		(482)	(25)
Ending balance	(956)	(878)	(746)
Retained Earnings (Accumulated Deficit) | Adjustments for Change In Accounting Pronouncement
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			(4)
Retained Earnings (Accumulated Deficit) | As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			(833)
Retained Earnings (Accumulated Deficit) | Restatement Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(44)	(55)	(101)
Ending balance		(44)	(55)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	6	(23)	(24)
Other comprehensive income (loss)	(121)	29	1
Ending balance	(115)	6	(23)
Accumulated Other Comprehensive Income (Loss) | Adjustments for Change In Accounting Pronouncement
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			4
Accumulated Other Comprehensive Income (Loss) | As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			(29)
Accumulated Other Comprehensive Income (Loss) | Restatement Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			1
Parent
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	2,680	2,741	2,512
Net income (loss)	(78)	350	217
Dividends paid to Hertz Global Holdings, Inc.		(482)	(25)
Hertz Holdings common shares issued to Directors	1	1	1
Other comprehensive income (loss)	(121)	29	1
Stock-based employee compensation charges	4	35	30
Proceeds from employee stock purchase plan	9	6	5
Ending balance	$ 2,495	2,680	2,741
Parent | Adjustments for Change In Accounting Pronouncement
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			0
Parent | As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			2,612
Other comprehensive income (loss)		$ 34	2
Parent | Restatement Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			$ (100)
Parent | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	0	0	0
Beginning balance	$ 0	$ 0	$ 0
Ending balance	$ 0	$ 0	$ 0
Ending balance, shares	0	0	0
Parent | Common Stock | As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares			100,000,000
Beginning balance			$ 0
Parent | Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 3,552	$ 3,510	3,474
Hertz Holdings common shares issued to Directors	1	1	1
Stock-based employee compensation charges	4	35	30
Proceeds from employee stock purchase plan	9	6	5
Ending balance	3,566	3,552	3,510
Parent | Additional Paid-In Capital | As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			3,474
Parent | Retained Earnings (Accumulated Deficit)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(878)	(746)	(938)
Net income (loss)	(78)	350	217
Dividends paid to Hertz Global Holdings, Inc.		(482)	(25)
Ending balance	(956)	(878)	(746)
Parent | Retained Earnings (Accumulated Deficit) | Adjustments for Change In Accounting Pronouncement
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			(4)
Parent | Retained Earnings (Accumulated Deficit) | As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			(833)
Parent | Retained Earnings (Accumulated Deficit) | Restatement Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			(101)
Parent | Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	6	(23)	(24)
Other comprehensive income (loss)	(121)	29	1
Ending balance	$ (115)	$ 6	(23)
Parent | Accumulated Other Comprehensive Income (Loss) | Adjustments for Change In Accounting Pronouncement
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			4
Parent | Accumulated Other Comprehensive Income (Loss) | As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			(29)
Parent | Accumulated Other Comprehensive Income (Loss) | Restatement Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			$ 1

SCHEDULE I CONDENSED FINANCI118

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Cash Flows) (Details) - USD ($) $ in Millions	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	$ (234)	$ 150	$ 73	$ (67)	$ (14)	$ 229	$ 120	$ 14	$ 6	$ 134	$ 156	$ 364	$ (78)	$ 350	$ 217
Cash flows from operating activities:
Net cash provided by operating activities				760				742	1,406	1,451	2,733	2,833	3,457	3,615	2,743
Cash flows from investing activities:
Net change in restricted cash and cash equivalents				407				127	143	153	107	24	283	(315)	(237)
Revenue earning equipment expenditures				(2,582)				(3,254)	(5,996)	(6,812)	(8,442)	(9,318)	(11,289)	(10,289)	(9,611)
Proceeds from disposal of revenue earning equipment				1,859				2,236	3,717	3,738	5,316	5,661	8,209	7,256	7,123
Capital asset expenditures, non-fleet				(75)				(78)	(151)	(166)	(232)	(250)	(374)	(327)	(298)
Proceeds from disposal of property and equipment				25				24	45	45	67	66	93	81	125
Capital contributions to subsidiaries													0	0	0
Return of capital from subsidiaries													0	0	0
Acquisitions, net of cash acquired				(6)				(3)	(6)	(14)	(69)	(14)	(75)	(41)	(1,905)
Net cash used in investing activities				(386)				(949)	(2,250)	(3,261)	(3,286)	(4,046)	(3,186)	(3,930)	(4,734)
Cash flows from financing activities:
Proceeds from issuance of long-term debt				400				1,202	414	1,204	400	1,208	400	2,275	2,237
Repayments of Long-term Debt				(92)				(299)	(97)	(321)	(207)	(371)	(1,183)	(1,045)	(952)
Payments				(259)				(195)	(369)	(436)	(537)	(711)	(726)	(1,018)	(1,280)
Proceeds from Lines of Credit				1,081				1,579	2,779	3,680	4,018	5,250	5,864	9,012	6,464
Payments under the revolving lines of credit				(1,582)				(1,611)	(2,017)	(2,218)	(3,405)	(4,167)	(5,081)	(9,104)	(5,190)
Dividend paid to Hertz Global Holdings, Inc.								(467)		(480)		(480)	0	(482)	(25)
Loan to Parent / Guarantor From Non-Guarantor													0	0	0
Purchase of noncontrolling interest													0	0	(38)
Payments of Financing Costs				(7)				(15)	(6)	(20)	(12)	(27)	(63)	(54)	(49)
Other				3				1	2	4	4	5	2	5	3
Net cash provided by (used in) financing activities				(287)				324	975	1,745	789	1,179	(161)	185	1,608
Net change in cash and cash equivalents during the period				87				109	129	(74)	218	(36)	79	(130)	(377)
Cash and cash equivalents at beginning of period	629	540	498	411	505	467	650	541	411	541	411	541	411	541	918
Cash and cash equivalents at end of period	490	$ 629	$ 540	498	411	$ 505	$ 467	650	540	467	629	505	490	411	541
Parent
Condensed Financial Statements, Captions [Line Items]
Net income (loss)													(78)	350	217
Cash flows from operating activities:
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities													(309)	(186)	(1,093)
Net cash provided by operating activities													(387)	164	(876)
Cash flows from investing activities:
Net change in restricted cash and cash equivalents													(27)	(24)	12
Revenue earning equipment expenditures													(243)	(138)	(86)
Proceeds from disposal of revenue earning equipment													183	126	76
Capital asset expenditures, non-fleet													(195)	(198)	(174)
Proceeds from disposal of property and equipment													43	50	70
Capital contributions to subsidiaries													(1,614)	(938)	(2,990)
Return of capital from subsidiaries													1,722	1,134	3,106
Acquisitions, net of cash acquired													0	0	(1,708)
Net cash used in investing activities													(134)	(68)	(1,707)
Cash flows from financing activities:
Proceeds from issuance of long-term debt													0	250	2,210
Repayments of Long-term Debt													(42)	(34)	(650)
Payments													0	0	(27)
Proceeds from Lines of Credit													2,507	2,280	2,820
Payments under the revolving lines of credit													(2,431)	(2,322)	(2,599)
Dividend paid to Hertz Global Holdings, Inc.													0	(482)	(25)
Loan to Parent / Guarantor From Non-Guarantor													$ 437	253	385
Loan with Hertz Global Holdings, Inc.														0	0
Purchase of noncontrolling interest													$ 0	0	(38)
Payments of Financing Costs													(12)	(9)	(35)
Other													2	5	3
Net cash provided by (used in) financing activities													461	(59)	2,044
Net change in cash and cash equivalents during the period													(60)	37	(539)
Cash and cash equivalents at beginning of period				$ 62				$ 25	$ 62	$ 25	$ 62	$ 25	62	25	564
Cash and cash equivalents at end of period	$ 2				$ 62								$ 2	$ 62	$ 25

SCHEDULE I CONDENSED FINANCI119

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Restatement) (Details) - USD ($) $ in Millions	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended			48 Months Ended	60 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2013	Jan. 01, 2012	Dec. 31, 2011
Condensed Financial Statements, Captions [Line Items]
Income (loss) before income taxes	$ (284)	$ 204	$ 123	$ (59)	$ 42	$ 357	$ 206	$ 73	$ 64	$ 279	$ 268	$ 636	$ (16)	$ 679	$ 417
Net income (loss)	(234)	150	73	(67)	(14)	229	120	14	6	134	156	364	(78)	350	217
Reduction in equity	(2,495)	$ (2,810)	$ (2,697)	(2,604)	(2,680)	(2,630)	(2,367)	(2,271)	(2,697)	(2,367)	(2,810)	(2,630)	(2,495)	(2,680)	(2,741)	$ (2,741)	$ (2,680)
Total equity	2,495				2,680								2,495	2,680	2,741	2,741	2,680		$ 2,512
Net cash used in investing activities				(386)				(949)	(2,250)	(3,261)	(3,286)	(4,046)	(3,186)	(3,930)	(4,734)
Net change in cash and cash equivalents during the period				$ 87				109	$ 129	(74)	$ 218	(36)	79	(130)	(377)
Accumulated Deficit
Condensed Financial Statements, Captions [Line Items]
Total equity	$ (956)				(878)								(956)	(878)	(746)	(746)	(878)		(938)
Adjustment for Change in Accounting Principle
Condensed Financial Statements, Captions [Line Items]
Income (loss) before income taxes														12	5
Net income (loss)													$ 9	7	3
Restatement Adjustment
Condensed Financial Statements, Captions [Line Items]
Restatements of prior year income														(349)
Restatement of prior year income														(231)
Impact of restatement of opening retained earnings, before tax																		$ (160)
Impact of restatement of opening earnings, net of tax																		(100)
Income (loss) before income taxes					(23)	(9)	(14)	(15)		(28)		(38)		(60)	(76)	35	46
Net income (loss)					(17)	(8)	(10)	(10)		(20)		(27)		(44)	(55)	21
Reduction in investments in subsidiaries														61
Reduction in equity					204	191	180	167		180		191		204	155	155	204
Total equity																			(100)
Net cash used in investing activities								2		(6)		(12)		(11)	6
Net change in cash and cash equivalents during the period								2		(10)		(37)		(7)	8
Restatement Adjustment | Accumulated Deficit
Condensed Financial Statements, Captions [Line Items]
Total equity					(44)									(44)	(55)	(55)	(44)		$ (101)
Net change in cash and cash equivalents during the period														14	1
Restatement Adjustment | Adjustment for Change in Accounting Principle
Condensed Financial Statements, Captions [Line Items]
Total equity																		$ 4
As Previously Reported
Condensed Financial Statements, Captions [Line Items]
Impact of restatement of opening retained earnings, before tax					(26)									(26)			(26)
Impact of restatement of opening earnings, net of tax					(17)									(17)			(17)
Income (loss) before income taxes					65	366	220	88		307		674		739	493
Net income (loss)					3	237	130	24		154		391		394	272
Reduction in equity					$ (2,884)	$ (2,821)	$ (2,547)	(2,438)		(2,547)		(2,821)		(2,884)	(2,896)	$ (2,896)	$ (2,884)
Net cash used in investing activities								(951)		(3,255)		(4,034)		(3,919)	(4,740)
Net change in cash and cash equivalents during the period								$ 107		$ (64)		$ 1		$ (123)	$ (385)

SCHEDULE I CONDENSED FINANCI120

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Contingencies and Debt Oblilgations) (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Condensed Financial Statements, Captions [Line Items]
Outstanding principal	$ 3,900	$ 3,900
Other Corporate Debt
Condensed Financial Statements, Captions [Line Items]
Outstanding principal	$ 74	$ 77

SCHEDULE I CONDENSED FINANCI121

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Distribution of Equity) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2013	Jun. 30, 2013	Sep. 30, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Condensed Financial Statements, Captions [Line Items]
Dividend paid to Hertz Global Holdings, Inc.	$ (467)	$ (480)	$ (480)	$ 0	$ (482)	$ (25)
Eliminations
Condensed Financial Statements, Captions [Line Items]
Dividend paid to Hertz Global Holdings, Inc.				$ 2,759	$ 2,233	$ 3,982

SCHEDULE IIVALUATION AND QUA122

SCHEDULE IIVALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Receivables allowances:
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at beginning of period	$ 62	$ 53	$ 38
Charged to Expense	62	71	58
Translation Adjustments	(1)	0	0
Deductions	(56)	(62)	(43)
Balance at end of period	67	62	53
Tax valuation allowances:
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at beginning of period	273	218	177
Charged to Expense	17	40	41
Translation Adjustments	(24)	15	0
Deductions	(35)	0	0
Balance at end of period	$ 231	$ 273	$ 218