Hertz (HRZ) 10-Q 10 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 02, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	HERTZ CORP
Entity Central Index Key	47,129
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		100
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 537	$ 490
Restricted cash and cash equivalents	421	571
Receivables, net of allowance of $73 and $67, respectively	1,390	1,597
Due from affiliates	102	95
Inventories, net	75	67
Prepaid expenses and other assets	938	917
Revenue earning equipment:
Cars	16,393	14,622
Less accumulated depreciation - cars	(3,004)	(3,411)
Equipment	3,781	3,613
Less accumulated depreciation - equipment	(1,174)	(1,171)
Revenue earning equipment, net	15,996	13,653
Property and other equipment:
Land, buildings and leasehold improvements	1,364	1,268
Service equipment and other	1,072	1,148
Less accumulated depreciation	(1,129)	(1,094)
Property and other equipment, net	1,307	1,322
Other intangible assets, net	3,945	4,009
Goodwill	1,360	1,359
Total assets	26,071	24,080
LIABILITIES AND EQUITY
Accounts payable	1,431	1,008
Accrued liabilities	1,129	1,148
Accrued taxes, net	102	134
Debt	17,682	15,993
Public liability and property damage	384	385
Deferred taxes on income, net	2,920	2,917
Total liabilities	$ 23,648	$ 21,585
Commitments and contingencies
Equity:
Common Stock, $0.01 par value, 3,000 shares authorized, 100 shares issued and outstanding	$ 0	$ 0
Additional paid-in capital	3,575	3,566
Accumulated deficit	(1,002)	(956)
Accumulated other comprehensive income (loss)	(150)	(115)
Total equity	2,423	2,495
Total liabilities and equity	$ 26,071	$ 24,080

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts (in dollars)	$ 73	$ 67
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

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Worldwide car rental	$ 2,171	$ 2,304	$ 4,127	$ 4,343
Worldwide equipment rental	375	384	730	743
All other operations	146	142	288	280
Total revenues	2,692	2,830	5,145	5,366
Expenses:
Direct operating	1,505	1,594	2,913	3,037
Depreciation of revenue earning equipment and lease charges, net	696	708	1,403	1,434
Selling, general and administrative	296	265	560	541
Interest expense, net	155	162	308	315
Other (income) expense, net	(10)	(22)	(4)	(25)
Total expenses	2,642	2,707	5,180	5,302
Income (loss) before income taxes	50	123	(35)	64
(Provision) benefit for taxes on income (loss)	(27)	(50)	(11)	(58)
Net income (loss)	$ 23	$ 73	$ (46)	$ 6

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 23	$ 73	$ (46)	$ 6
Other comprehensive income (loss):
Foreign currency translation adjustments	9	21	(39)	18
Unrealized holding losses on securities	0	0	0	(14)
Reclassification of net unrealized gains on securities to prepaid expense and other assets	0	(7)	0	(7)
Reclassification from other comprehensive loss to selling, general and administrative expense for amortization of actuarial losses on defined benefit pension plans	4	(1)	6	(1)
Total other comprehensive income (loss), before income taxes	13	13	(33)	(4)
Income tax (provision) benefit related to items of other comprehensive income (loss)	(2)	(1)	(2)	(2)
Total other comprehensive income (loss)	11	12	(35)	(6)
Total comprehensive income (loss)	$ 34	$ 85	$ (81)	$ 0

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities
Net income (loss)	$ (46)	$ 6
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation of revenue earning equipment, net	1,367	1,393
Depreciation and amortization, non-fleet	169	180
Amortization and write-off of deferred financing costs	31	27
Amortization and write-off of debt discount (premium)	(2)	(4)
Stock-based compensation charges	9	13
Provision for receivables allowance	35	32
Deferred taxes on income	11	23
Impairment charges and asset write-downs	20	10
Other	(4)	(4)
Changes in assets and liabilities
Receivables	(164)	(284)
Inventories, prepaid expenses and other assets	(42)	(51)
Accounts payable	57	32
Accrued liabilities	25	(2)
Accrued taxes	(23)	7
Public liability and property damage	10	28
Net cash provided by (used in) operating activities	1,453	1,406
Cash flows from investing activities
Net change in restricted cash and cash equivalents	144	143
Revenue earning equipment expenditures	(7,991)	(5,996)
Proceeds from disposal of revenue earning equipment	4,909	3,717
Capital asset expenditures, non-fleet	(170)	(151)
Proceeds from disposal of property and other equipment	47	45
Acquisitions, net of cash acquired	(95)	(6)
Advances to Hertz Global Holdings, Inc.	(6)	(27)
Repayments from Hertz Global Holdings, Inc.	0	25
Net cash provided by (used in) investing activities	(3,162)	(2,250)
Cash flows from financing activities
Proceeds from issuance of long-term debt	1,069	414
Repayments of long-term debt	(1,032)	(97)
Short-term borrowings:
Proceeds	383	269
Payments	(258)	(369)
Proceeds under the revolving lines of credit	5,307	2,779
Payments under the revolving lines of credit	(3,688)	(2,017)
Payment of financing costs	(8)	(6)
Other	0	2
Net cash provided by (used in) financing activities	1,773	975
Effect of foreign exchange rate changes on cash and cash equivalents	(17)	(2)
Net increase (decrease) in cash and cash equivalents during the period	47	129
Cash and cash equivalents at beginning of period	490	411
Cash and cash equivalents at end of period	537	540
Cash paid during the period for:
Interest, net of amounts capitalized	290	272
Income taxes, net of refunds	18	33
Supplemental disclosures of non-cash information:
Purchases of revenue earning equipment included in accounts payable and accrued liabilities	533	865
Sales of revenue earning equipment included in receivables	189	156
Purchases of property and other equipment included in accounts payable	63	52
Sales of property and other equipment included in receivables	$ 16	$ 8

Background

Background	6 Months Ended
	Jun. 30, 2015
Background Disclosure [Abstract]
Background	Background The Hertz Corporation together with its subsidiaries (the "Company" or "Hertz") was incorporated in Delaware in 1967. All of the Company's outstanding common stock is owned by Hertz Investors, Inc. which is wholly owned by Hertz Global Holdings, Inc. ("Hertz Holdings"). Hertz is the primary operating company for Hertz Holdings. 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 rental car businesses as well as Donlen; and the other will operate the Hertz Equipment Rental Corporation ("HERC"). The separation is planned to be in the form of a tax-free spin-off to Hertz Holdings' shareholders (the "HERC spin-off") and the Company expects to separate the businesses in a tax-efficient manner.

Basis of Presentation and Recen

Basis of Presentation and Recently Issued Accounting Pronouncements	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Recently Issued Accounting Pronouncements	Basis of Presentation and Recently Issued Accounting Pronouncements Basis of Presentation The Company prepares its unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes. Actual results could differ materially from those estimates. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. The information included in this Form 10-Q should be read in conjunction with information included in the Company’s Form 10-K for the year ended December 31, 2014 filed with the U.S. Securities and Exchange Commission on July 16, 2015 (the "2014 Form 10-K"). In the 2014 Form 10-K, the Company filed its 2014 annual financial statements along with its restated annual financial statements for 2013 and 2012, as well as unaudited restated selected financial data for 2011. In lieu of filing quarterly reports on Form 10-Q for 2014, quarterly financial information and management's discussion and analysis for 2014 was included in the 2014 Form 10-K. Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of Hertz Holdings and its wholly and majority owned domestic and international subsidiaries. In the event that the Company is a primary beneficiary of a variable interest entity, the assets, liabilities, and results of operations of the variable interest entity are included in the Company's 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. Recent Accounting Pronouncements Adopted Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity In April 2014, the Financial Accounting Standards Board ("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. The Company adopted this guidance on January 1, 2015 in accordance with the effective date. Adoption of this new guidance did not impact the Company's financial position, results of operations or cash flows. Not yet adopted Revenue from Contracts with Customers In May 2014, the FASB issued guidance that will replace most existing revenue recognition guidance in U.S. GAAP. The 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 July 2015, the FASB agreed 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 method of adoption and assessing the potential impacts of adopting this guidance on its financial position, results of operations and cash flows. Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items In January 2015, the FASB issued guidance that eliminates the concept of an event or transaction that is unusual in nature and occurs infrequently being treated as an extraordinary item. The guidance is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. The Company has assessed the potential impacts from future adoption of this guidance and has determined that there will be no impact on its financial position, results of operations and cash flows. Amendments to the Consolidation Analysis In February 2015, the FASB issued guidance that changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The new guidance may be applied using a full or modified retrospective approach. The guidance is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. 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. Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued guidance requiring debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The guidance is effective 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 method of adoption and assessing the potential impacts of adopting this guidance on its financial condition, results of operations and cash flows. Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement In April 2015, the FASB issued guidance for customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. This new guidance is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. Adoption of this guidance is not expected to have a material impact on the Company’s financial condition, results of operations or cash flows.

Acquisitions and Divestitures

Acquisitions and Divestitures	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures 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 franchises acquired include on airport locations in Indianapolis, South Bend and Ft. Wayne, Indiana and in Memphis, Tennessee, as well as several smaller off airport locations. The acquisition was part of a strategic decision to increase the number of Hertz-owned locations and capitalize on certain benefits of ownership not available under a franchise agreement. The acquisition was accounted for utilizing the acquisition method of accounting where the purchase price of the reacquired franchises was allocated based on estimated fair values of the assets acquired and liabilities assumed. The excess of the purchase price over the estimated fair value of the net tangible and intangible assets acquired was recorded as goodwill. The purchase price was allocated as follows: (In millions) U.S. Car Rental Revenue earning equipment $ 71 Property and other equipment 6 Other intangible assets 9 Goodwill 1 Total $ 87 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.

Revenue Earning Equipment

Revenue Earning Equipment	6 Months Ended
	Jun. 30, 2015
Depreciation of Revenue Earning Equipment and Lease Charges Disclosure [Abstract]
Revenue Earning Equipment	Revenue Earning Equipment The components of revenue earning equipment, net are as follows: (In millions) June 30, 2015 December 31, 2014 Revenue earning equipment $ 19,734 $ 17,837 Less: Accumulated depreciation (4,060 ) (4,427 ) 15,674 13,410 Revenue earning equipment held for sale, net 322 243 Revenue earning equipment, net $ 15,996 $ 13,653 Depreciation of revenue earning equipment and lease charges, net includes the following: Three Months Ended Six Months Ended (In millions) 2015 2014 2015 2014 Depreciation of revenue earning equipment $ 680 $ 685 $ 1,355 $ 1,353 (Gain) loss on disposal of revenue earning equipment (a) (2 ) 2 12 40 Rents paid for vehicles leased 18 21 36 41 Depreciation of revenue earning equipment and lease charges, net $ 696 $ 708 $ 1,403 $ 1,434 (a) (Gain) loss on disposal of revenue earning equipment by segment is as follows: Three Months Ended Six Months Ended (In millions) 2015 2014 2015 2014 U.S. Car Rental $ 5 $ 11 $ 25 $ 54 International Car Rental (1 ) (4 ) (1 ) (3 ) Worldwide Equipment Rental (6 ) (5 ) (12 ) (11 ) Total $ (2 ) $ 2 $ 12 $ 40 Depreciation rates are reviewed on a quarterly basis based on management's ongoing assessment of present and estimated future market conditions, their effect on residual values at the time of disposal and the estimated holding periods for the fleet and equipment. Depreciation rate changes impacted the following segments: Increase (decrease) Three Months Ended Six Months Ended (In millions) 2015 2014 2015 2014 U.S. Car Rental $ 27 $ 37 $ 57 $ 76 International Car Rental — 1 — 1 Total $ 27 $ 38 $ 57 $ 77

Debt

Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt The Company's debt consists of the following (in millions): Facility Average Interest Rate at June 30, 2015 Fixed or Maturity June 30, December 31, Corporate Debt Senior Term Facility 3.68% Floating 3/2018 $ 2,072 $ 2,083 Senior ABL Facility 2.42% Floating 3/2016 - 3/2017 547 344 Senior Notes (1) 6.58% Fixed 4/2018–10/2022 3,900 3,900 Promissory Notes 7.00% Fixed 1/2028 27 27 Other Corporate Debt 3.86% Floating Various 69 74 Unamortized Net (Discount) Premium (Corporate) 3 3 Total Corporate Debt 6,618 6,431 Fleet Debt HVF U.S. Fleet Medium Term Notes HVF Series 2009-2 N/A N/A N/A — 404 HVF Series 2010-1 (2) 4.23% Fixed 2/2014–2/2018 490 490 HVF Series 2011-1 (2) 3.51% Fixed 3/2015–3/2017 230 414 HVF Series 2013-1 (2) 1.68% Fixed 8/2016–8/2018 950 950 1,670 2,258 RCFC U.S. ABS Program RCFC U.S. Fleet Medium Term Notes RCFC Series 2011-1 Notes N/A N/A N/A — 167 RCFC Series 2011-2 Notes N/A N/A N/A — 266 — 433 HVF II U.S. ABS Program HVF II U.S. Fleet Variable Funding Notes HVF II Series 2013-A (2) 1.12% Floating 10/2016 1,374 1,999 HVF II Series 2013-B (2) 1.12% Floating 10/2016 1,400 976 HVF II Series 2014-A (2) 1.42% Floating 10/2016 2,446 869 5,220 3,844 HVF II U.S. Fleet Medium Term Notes HVF II Series 2015-1 (2) 2.93% Fixed 3/2020 780 — 780 — Donlen ABS Program HFLF Variable Funding Notes HFLF Series 2013-2 Notes (2) 1.05% Floating 9/2016 160 247 160 247 HFLF Medium Term Notes HFLF Series 2013-3 Notes (2) 0.83% Floating 9/2016–11/2016 370 500 HFLF Series 2014-1 Notes (2) 0.71% Floating 12/2016–3/2017 368 400 HFLF Series 2015-1 Notes (2) 0.83% Floating 3/2018–5/2018 289 — 1,027 900 Facility Average Interest Rate at June 30, 2015 Fixed or Maturity June 30, December 31, Other Fleet Debt U.S. Fleet Financing Facility 2.94% Floating 3/2017 190 164 European Revolving Credit Facility 2.55% Floating 10/2017 380 304 European Fleet Notes 4.375% Fixed 1/2019 475 517 European Securitization (2) 1.90% Floating 10/2016 365 270 Hertz-Sponsored Canadian Securitization (2) 1.93% Floating 10/2016 142 105 Dollar Thrifty-Sponsored Canadian Securitization (2) 1.95% Floating 10/2016 61 40 Australian Securitization (2) 3.71% Floating 12/2016 93 112 Brazilian Fleet Financing Facility 17.55% Floating 10/2015 9 11 Capitalized Leases 3.19% Floating 2/2015 - 10/2017 501 364 Unamortized Net (Discount) Premium (Fleet) (9 ) (7 ) 2,207 1,880 Total Fleet Debt 11,064 9,562 Total Debt $ 17,682 $ 15,993 N/A - Not Applicable (1) References to the "Senior Notes" include the series of Hertz's unsecured senior notes. Outstanding principal amounts for each such series of the Senior Notes is specified below: (In millions) Outstanding Principal Senior Notes June 30, 2015 December 31, 2014 4.25% Senior Notes due April 2018 $ 250 $ 250 7.50% Senior Notes due October 2018 700 700 6.75% Senior Notes due April 2019 1,250 1,250 5.875% Senior Notes due October 2020 700 700 7.375% Senior Notes due January 2021 500 500 6.25% Senior Notes due October 2022 500 500 $ 3,900 $ 3,900 (2) Maturity reference is to the "expected final maturity date" as opposed to the subsequent "legal maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness expect the relevant indebtedness to be repaid, which in the case of the HFLF Medium Term Notes was based upon various assumptions made at the time of the pricing of such notes. The legal final maturity date is the date on which the relevant indebtedness is legally due and payable. Fleet Debt RCFC U.S. Fleet Medium Term Notes: Rental Car Finance Corp. ("RCFC"), a bankruptcy remote, indirect, wholly-owned, special purpose subsidiary of Hertz was the issuer under the RCFC U.S. ABS Program. In 2011, RCFC issued Series 2011-1 Rental Car Asset-Backed Notes in an aggregate original principal amount of $500 million and issued Series 2011-2 Rental Car Asset-Backed Notes in an aggregate original principal amount of $400 million (collectively, the "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, therefore, $11 million of the obligation is eliminated in consolidation. Borrowing Capacity and Availability The following facilities were available to the Company as of June 30, 2015 : (In millions) Remaining Capacity Availability Under Borrowing Base Limitation Corporate Debt Senior ABL Facility $ 1,093 $ 1,027 Total Corporate Debt 1,093 1,027 Fleet Debt HVF II U.S. Fleet Variable Funding Notes 1,355 — HFLF Variable Funding Notes 240 — European Revolving Credit Facility — — European Securitization 82 — Hertz-Sponsored Canadian Securitization 12 — Dollar Thrifty-Sponsored Canadian Securitization 61 — Australian Securitization 99 — Capitalized Leases 12 5 Total Fleet Debt 1,861 5 Total $ 2,954 $ 1,032 As of June 30, 2015 , the Senior ABL Facility had $984 million available under the letter of credit facility sublimit, subject to borrowing base restrictions. Letters of Credit As of June 30, 2015 , there were outstanding standby letters of credit totaling $676 million . Of this amount, $662 million was issued under the Senior Term Facility and the Senior ABL Facility (together, the “Senior Credit Facilities”). As of June 30, 2015 , none of these letters of credit have been drawn upon. Cash Restrictions Certain amounts of cash and cash equivalents are restricted for the purchase of revenue earning vehicles and other specified uses under the Fleet Debt facilities and the Like-Kind Exchange Program ("LKE Program"). As of June 30, 2015 and December 31, 2014 , the portion of total restricted cash and cash equivalents that was associated with the Fleet Debt facilities was $378 million and $515 million , respectively. Restricted cash balances fluctuate based on the timing of purchases and sales of revenue earning vehicles and could also be impacted by the occurrence of an amortization event. Special Purpose Entities Substantially all of the revenue earning equipment and certain related assets are owned by special purpose entities, or are encumbered in favor of the lenders under the various credit facilities, other secured financings and asset-backed securities programs. None of such assets (including the assets owned by Hertz Vehicle Financing II LP, Hertz Vehicle Financing LLC, Rental Car Finance Corp., DNRS II LLC, HFLF, Donlen Trust and various international subsidiaries that facilitate the Company's international securitizations) are available to satisfy the claims of general creditors. Some of these special purpose entities are consolidated variable interest entities, of which the Company is the primary beneficiary, whose sole purpose is to provide commitments to lend in various currencies subject to borrowing bases comprised of rental vehicles and related assets of certain of Hertz International, Ltd.'s subsidiaries. As of June 30, 2015 and December 31, 2014 , the Company's International Fleet Financing No. 1 B.V., International Fleet Financing No. 2 B.V. and HA Funding Pty, Ltd. variable interest entities had total assets of $549 million and $427 million , respectively, primarily comprised of loans receivable and revenue earning equipment, and total liabilities of $549 million and $426 million , respectively, primarily comprised of debt. Financial Covenant Compliance Under the terms of the Senior Term Facility and Senior ABL Facility, the Company is not subject to ongoing financial maintenance covenants; however, under the Senior ABL Facility, failure to maintain certain levels of liquidity will subject the Company to a contractually specified fixed charge coverage ratio of not less than 1 :1 for the four quarters most recently ended. As of June 30, 2015 , the Company was not subject to the fixed charge coverage ratio test. Waivers Due to the Company's accounting restatement, investigation and remediation activities, the Company failed to file certain quarterly and annual reports and certain of its subsidiaries failed to file statutory financial statements within certain time periods set forth in the documentation of various of its (and/or its special purpose subsidiaries') financing facilities which resulted in the occurrence of various potential and/or actual defaults and potential amortization events under certain of such financing facilities. In connection with certain refinancings consummated in October and November 2014, the Company and/or certain of its subsidiaries obtained waivers, or extensions of waivers, under certain facilities and the Australian Securitization and various counterparties in respect of derivative transactions, in each case, through June 30, 2015. In December 2014, Hertz entered into an Amendment and Waiver (the “Amendment and Waiver”) relating 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 (1) the delay in providing such financial statements and (2) the restatement of Hertz’s 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, 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. 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 facilitated 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. On July 16, 2015, the Company filed its 2014 Form 10-K and its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2015.

Employee Retirement Benefits

Employee Retirement Benefits	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Employee Retirement Benefits	Employee Retirement Benefits Effective December 31, 2014, the Company amended the The Hertz Corporation Account Balance Defined Benefit Pension Plan to permanently discontinue future benefit accruals and participation under the plan for non-union employees. The Company also increased 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 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 also receive additional employer contribution amounts to their 401(k) Plan account depending on their years of service and age. The following table sets forth the net periodic pension expense: Pension Benefits U.S. Non-U.S. Three Months Ended June 30, (In millions) 2015 2014 2015 2014 Components of Net Periodic Benefit Cost: Service cost $ 1 $ 6 $ — $ 1 Interest cost 7 8 2 2 Expected return on plan assets (10 ) (10 ) (4 ) (4 ) Net amortizations 1 — 1 — Settlement loss 1 4 — — Net periodic pension expense (benefit) $ — $ 8 $ (1 ) $ (1 ) Pension Benefits U.S. Non-U.S. Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Components of Net Periodic Benefit Cost: Service cost $ 2 $ 14 $ 1 $ 2 Interest cost 14 16 4 4 Expected return on plan assets (20 ) (20 ) (8 ) (8 ) Net amortizations 2 1 1 — Settlement loss 2 4 — — Net periodic pension expense (benefit) $ — $ 15 $ (2 ) $ (2 ) The Company's policy for funded plans is to contribute annually, at a minimum, amounts required by applicable laws, regulations and union agreements. From time to time, the Company makes contributions beyond those legally required. The Company made no contributions to its worldwide pension plans during the three months ended June 30, 2015 , and contributed $3 million during the six months ended June 30, 2015, all of which was a discretionary contribution to the United Kingdom defined benefit pension plan (the "U.K. Plan"). For the three and six months ended June 30, 2014 , the Company contributed $8 million and $17 million , respectively, to its worldwide pension plans. Amounts contributed during the six months ended June 30, 2014 included $3 million of discretionary contributions to the U.K. Plan. The Company does not anticipate contributing to the worldwide pension plans during the remainder of 2015 .

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation The non-cash stock-based compensation expense associated with the Hertz Holdings stock-based compensation plans is pushed down from Hertz Holdings and recorded on the books at the Hertz level. During the six months ended June 30, 2015 , the Company granted 3,223,889 non-qualified stock options to certain executives and employees at a weighted average grant date fair value of $7.43 ; 814,907 restricted stock units ("RSUs") at a weighted average grant date fair value of $21.07 and 998,870 performance stock units ("PSUs") at a weighted average grant date fair value of $21.34 under the Hertz Global Holdings, Inc. 2008 Omnibus Incentive Plan with vesting terms of three to five years. The stock options are subject to time-based vesting based on the participant’s continued employment. A summary of the total compensation expense and associated income tax benefits recognized under all plans, including the cost of stock options, RSUs and PSUs, is as follows: Three Months Ended Six Months Ended (In millions) 2015 2014 2015 2014 Compensation expense $ 5 $ 5 $ 9 $ 13 Income tax benefit (2 ) (2 ) (3 ) (5 ) Total $ 3 $ 3 $ 6 $ 8 As of June 30, 2015 , there was $58 million of total unrecognized compensation cost related to non-vested stock options, RSUs and PSUs granted by Hertz Holdings under all plans. The total unrecognized compensation cost is expected to be recognized over the remaining 2.1 years, on a weighted average basis, of the requisite service period that began on the grant dates.

Restructuring

Restructuring	6 Months Ended
	Jun. 30, 2015
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring As part of its ongoing effort to implement a strategy of reducing operating costs, as well as the integration of Dollar Thrifty, the Company has evaluated its workforce and operations and made adjustments, including headcount reductions and business process re-engineering. Restructuring charges in the condensed consolidated statements of operations are as follows: Three Months Ended Six Months Ended (In millions) 2015 2014 2015 2014 By Type: Termination benefits $ 6 $ 9 $ 12 $ 18 Asset write-downs — 10 1 10 Facility closure and lease obligation costs 14 11 15 17 Other non-cash charges (1 ) — (2 ) — Total $ 19 $ 30 $ 26 $ 45 Three Months Ended Six Months Ended (In millions) 2015 2014 2015 2014 By Caption: Direct operating $ 14 $ 20 $ 16 $ 26 Selling, general and administrative 5 10 10 19 Total $ 19 $ 30 $ 26 $ 45 Three Months Ended Six Months Ended (In millions) 2015 2014 2015 2014 By Segment: U.S. Car Rental $ 14 $ 13 $ 16 $ 18 International Car Rental 5 11 7 15 Worldwide Equipment Rental — — 1 3 Corporate — 6 2 9 Total $ 19 $ 30 $ 26 $ 45 The following table sets forth the activity affecting the restructuring accrual during the six months ended June 30, 2015 . 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 Other Total Balance as of January 1, 2015 $ 21 $ 22 $ 43 Charges incurred 12 14 26 Cash payments (15 ) (10 ) (25 ) Other non-cash changes (1 ) (3 ) (4 ) Balance as of June 30, 2015 $ 17 $ 23 $ 40

Tangible Asset Impairments

Tangible Asset Impairments	6 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
Tangible Asset Impairments	Tangible Asset Impairments In the first quarter of 2015, the Company recorded a $3 million impairment charge to reduce the carrying value of a held for sale corporate asset to its fair market value, which is included in other (income) expense in the Company's statement of operations. The asset was sold in April 2015. In the first quarter of 2015, the Company performed an impairment assessment of the Dollar Thrifty headquarters campus in Tulsa, Oklahoma, which the Company is currently marketing for sale, using market and income approaches to value the long-lived assets, including inputs such as expected cash flows and recent comparable transactions. Based on the impairment assessment, the Company recorded a charge of $6 million which is included in selling, general and administrative expense in the Company's statement of operations. In the first quarter of 2015, the Company recorded $11 million in charges associated with U.S. Car Rental service equipment and assets deemed to have no future use, of which $ 4 million is included in direct operating and $ 7 million is included in other (income) expense in the Company's statement of operations. During the second quarter of 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 which is included in direct operating expense in the Company's statement of operations.

Taxes on Income (Loss)

Taxes on Income (Loss)	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Taxes on Income (Loss)	Taxes on Income (Loss) The effective tax rate for the three months ended June 30, 2015 and 2014 was 54% and 41% , respectively. The effective tax rate for the six months ended June 30, 2015 and 2014 was (31)% and 91% , respectively. The effective tax rate for the full fiscal year 2015 is expected to be approximately 37% . The Company recorded a tax provision of $27 million for the three months ended June 30, 2015 compared to $50 million for the three months ended June 30, 2014 . The change was the result of lower pre-tax income, offset by discrete items in the quarter, composition of earnings by jurisdiction and a comparatively larger effect of the suspension of the favorable Subpart F provision of the U.S. Federal Tax Law in the first quarter 2014. The Company recorded a tax provision of $11 million for the six months ended June 30, 2015 compared to $58 million for the six months ended June 30, 2014 . The provision for taxes on income decreased primarily due to the pre-tax loss in 2015, composition of earnings by jurisdiction and a comparatively larger effect of the suspension of the favorable Subpart F provision of the U.S. Federal Tax Law in the first quarter 2014.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2015
Financial Instruments [Abstract]
Financial Instruments	Financial Instruments 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 June 30, 2015 . Interest Rate Risk The Company’s objective in managing exposure to interest rate changes is to minimize the impact of interest rate changes on earnings and cash flows and to lower overall borrowing costs. To achieve these objectives, the Company uses interest rate caps and other instruments to manage the mix of floating and fixed-rate debt. Currency Exchange Rate Risk The Company’s objective in managing exposure to currency fluctuations is to limit the exposure of certain cash flows and earnings from changes associated with currency exchange rate changes through the use of various derivative contracts. The Company experiences currency risks in its global operations as a result of various factors including intercompany local currency denominated loans, rental operations in various currencies and purchasing fleet in various currencies. The following table summarizes the estimated fair value of financial instruments: Fair Value of Financial Instruments Asset Derivatives (1) Liability Derivatives (1) (In millions) June 30, December 31, June 30, December 31, Interest rate caps $ 8 $ 25 $ 8 $ 25 Foreign currency forward contracts 4 6 2 2 Total $ 12 $ 31 $ 10 $ 27 (1) All asset derivatives are recorded in "Prepaid expenses and other assets" and all liability derivatives are recorded in "Accrued liabilities" in the condensed consolidated balance sheets. While foreign currency forward contracts and certain interest rate caps are subject to enforceable master netting agreements with their counterparties, the offsetting amounts are not significant and the Company does not offset the derivative assets and liabilities in its condensed consolidated balance sheets. The following table summarizes the gains or (losses) on derivative instruments for the period indicated. Location of Gain or (Loss) Recognized on Derivatives Amount of Gain or (Loss) Recognized on Derivatives Three Months Ended (In millions) 2015 2014 Foreign currency forward contracts Selling, general and administrative $ (3 ) $ 5 Location of Gain or (Loss) Recognized on Derivatives Amount of Gain or (Loss) Recognized Six Months Ended (In millions) 2015 2014 Foreign currency forward contracts Selling, general and administrative $ (4 ) $ —

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis The fair value of accounts receivable, accounts payable and accrued expenses, to the extent the underlying liability will be settled in cash, approximates the carrying values because of the short-term nature of these instruments. Cash Equivalents and Investments The Company’s cash equivalents primarily consist of money market accounts which the Company measures at fair value on a recurring basis. The Company determines the fair value of cash equivalents using a market approach based on quoted prices in active markets. Investments in equity and other securities that are measured at fair value on a recurring basis consist of various mutual funds. 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. June 30, 2015 December 31, 2014 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Money market funds $ 132 $ — $ — $ 132 $ 146 $ — $ — $ 146 Equity and other securities — 64 — 64 — 96 — 96 Total $ 132 $ 64 $ — $ 196 $ 146 $ 96 $ — $ 242 CAR, Inc. As of June 30, 2015 , 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 equity method. The Company's net investment balance was approximately $ 272 million and $ 264 million as of June 30, 2015 and December 31, 2014, respectively, and is included in "Prepaid expenses and other assets" in the accompanying condensed consolidated balance sheets. The fair value of the investment using quoted market prices (Level 1) was approximately $ 814 million and $ 514 million as of June 30, 2015 and December 31, 2014, respectively. As of December 31, 2013 the Company held 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. 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 six months ended June 30, 2014 (in millions): Six Months Ended Balance at the beginning of period $ 151 Reclassification of net unrealized gain on securities to prepaid expenses and other assets (7 ) Unrealized losses related to investments (14 ) Settlements (130 ) Balance at the end of period $ — Financial Instruments The fair value of the Company's financial instruments as of June 30, 2015 and December 31, 2014 are shown in Note 11 , " Financial Instruments ." The Company's financial instruments are classified as Level 2 assets and liabilities and are priced using quoted market prices for similar assets or liabilities in active markets. Debt Obligations The fair value of debt is estimated based on quoted market rates as well as borrowing rates currently available to the Company for loans with similar terms and average maturities (Level 2 inputs). As of June 30, 2015 As of December 31, 2014 (in millions) Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Corporate Debt $ 6,615 $ 6,712 $ 6,428 $ 6,468 Fleet Debt 11,073 11,091 9,569 9,595 Total $ 17,688 $ 17,803 $ 15,997 $ 16,063 Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis Assets and liabilities measured at fair value during the six months ended June 30, 2015 are as follows: (In millions) Balance Level 1 Level 2 Level 3 Total Loss Adjustments Long-lived assets held for sale $ 5 $ — $ — $ 5 $ 6 Refer to the impairment disclosures in Note 9 , " Tangible Asset Impairments " for further information regarding the assets measured at fair value included in the table above.

Contingencies and Off-Balance S

Contingencies and Off-Balance Sheet Commitments	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 and December 31, 2014 the liability recorded for public liability and property damage matters was $384 million and $385 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 the three and six months ended June 30, 2015 or the period after June 30, 2015 but before the filing of this Report on Form 10-Q. Concession Fee Recoveries - In October 2006, Janet Sobel, Daniel Dugan, PhD. and Lydia Lee, individually and on behalf of all others similarly situated v. The Hertz Corporation and Enterprise Rent-A-Car Company, 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 plaintiffs also seek 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. After a hearing in October 2014, the court granted Hertz Holdings' motion to dismiss the complaint. The dismissal was without prejudice and plaintiffs were granted leave to file a second amended complaint within 30 days of the order. In November 2014, plaintiffs filed a second 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 not substantively very different than the allegations in the prior complaint. In early 2015, this case was assigned to a new federal judge in the District of New Jersey and Hertz Holdings responded to the second amended complaint by filing another motion to dismiss. On July 22, 2015, the court granted Hertz Holdings’ motion to dismiss without prejudice and ordered that plaintiff may file a third amended complaint on or before August 22, 2015. The court further ordered that failure to file a third amended complaint will result in dismissal of the case with prejudice. Hertz Holdings believes that it has valid and meritorious defenses and it intends to vigorously defend against any further amendment of the complaint, but litigation is subject to many uncertainties and the outcome of this matter is not predictable with assurance. It is possible that this matter could be decided unfavorably to Hertz Holdings. However, Hertz Holdings is currently unable to estimate the range of these possible losses, but they could be material. 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 included in the Company's 2014 Form 10-K and related accounting for prior periods. The Company has and intends to continue to cooperate with both the SEC and state requests. Due to the stage at which the proceedings are, Hertz is currently unable to predict the likely outcome of the proceedings or estimate the range of reasonably possible losses, which may be material. French Antitrust - In February 2015, the French Competition Authority issued a Statement of Objections claiming that several car rental companies, including Hertz and certain of its subsidiaries, violated French competition law by receiving historic market information from twelve French airports relating to the car rental companies operating at those airports and by engaging in a concerted practice relating to train station surcharges. Hertz believes that it has valid defenses and intends to vigorously defend against the allegations, but, due to the early stage at which the proceedings are, Hertz is currently unable to predict the likely outcome of the proceedings or range of reasonably possible losses, which 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 There have been no significant changes to the Company's indemnification obligations as compared to those disclosed in Note 14, "Contingencies and Off-Balance Sheet Commitments" of the Notes to consolidated financial statements included in the 2014 Form 10-K under the caption Item 8, "Financial Statements and Supplementary Data."

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2015
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 before income taxes plus non-cash purchase 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. 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. Revenues and adjusted pre-tax income (loss) by segment and the reconciliation to consolidated amounts are summarized below. Three Months Ended June 30, Revenues Adjusted Pre-Tax Income (Loss) (In millions) 2015 2014 2015 2014 U.S. Car Rental $ 1,615 $ 1,663 $ 174 $ 184 International Car Rental 556 641 45 57 Worldwide Equipment Rental 375 384 42 67 All Other Operations 146 142 17 15 Total reportable segments $ 2,692 $ 2,830 278 323 Corporate (1) (125 ) (106 ) Consolidated adjusted pre-tax income (loss) 153 217 Adjustments: Acquisition accounting (2) (32 ) (33 ) Debt-related charges (3) (16 ) (12 ) Restructuring and restructuring related charges (4) (47 ) (31 ) Acquisition related costs and charges (5) (1 ) (2 ) Equipment rental spin-off costs (6) (8 ) (12 ) Impairment charges and asset write-downs (7) — (10 ) Integration expenses (8) (3 ) (3 ) Relocation costs (9) (1 ) (3 ) Other (10) 5 12 Income (loss) before income taxes $ 50 $ 123 Six Months Ended June 30, Revenues Adjusted Pre-Tax Income (Loss) (In millions) 2015 2014 2015 2014 U.S. Car Rental $ 3,135 $ 3,220 $ 244 $ 306 International Car Rental 992 1,123 52 16 Worldwide Equipment Rental 730 743 76 121 All Other Operations 288 280 31 29 Total reportable segments $ 5,145 $ 5,366 403 472 Corporate (1) (245 ) (229 ) Consolidated adjusted pre-tax income (loss) 158 243 Adjustments: Acquisition accounting (2) (63 ) (65 ) Debt-related charges (3) (32 ) (23 ) Restructuring and restructuring related charges (4) (67 ) (72 ) Acquisition related costs and charges (5) — (8 ) Equipment rental spin-off costs (6) (17 ) (12 ) Impairment charges and asset write-downs (7) (9 ) (10 ) Integration Expenses (8) (3 ) (6 ) Relocation costs (9) (4 ) (5 ) Other (10) 2 22 Income (loss) before income taxes $ (35 ) $ 64 (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 other equipment and accretion of revalued liabilities relating to acquisition accounting. (3) Represents debt-related charges relating to the amortization of deferred debt financing costs and debt discounts and premiums. (4) Represents expenses incurred under restructuring actions as defined in U.S. GAAP - for further information on restructuring costs, see Note 8 , " Restructuring ." Also represents incremental costs incurred directly supporting business transformation initiatives. Such costs include transition costs incurred in connection with business process outsourcing arrangements and incremental costs incurred to facilitate business process re-engineering initiatives that involve significant organization redesign and extensive operational process changes and consulting costs and legal fees related to the accounting review and investigation. The three and six months ended June 30, 2015 also include costs associated with the separation of certain executives. (5) Represents costs related to acquisitions and strategic initiatives. (6) Represents expenses associated with the anticipated HERC spin-off transaction announced in March 2014. (7) For six months ended June 30, 2015 , represents impairment of the former Dollar Thrifty headquarters and the impairment of a corporate asset recognized in the first quarter 2015. For the three and six months ended June 30, 2014 , represents the write-off of assets associated with a terminated business relationship. (8) Primarily represents Dollar Thrifty integration related expenses. (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) Includes miscellaneous non-recurring or non-cash items. In the three and six months ended June 30, 2014, primarily represents a $19 million litigation settlement received in relation to a class action lawsuit filed against an original equipment manufacturer stemming from recalls of their vehicles in previous years. Depreciation of revenue earning equipment and lease charges, net Three Months Ended Six Months Ended (In millions) 2015 2014 2015 2014 U.S. car rental $ 398 $ 391 $ 819 $ 815 International car rental 101 124 196 238 Worldwide equipment rental 81 79 157 157 All other operations 116 114 $ 231 224 Total $ 696 $ 708 $ 1,403 $ 1,434 Total assets (In millions) June 30, 2015 December 31, 2014 U.S. Car Rental $ 14,916 $ 13,712 International Car Rental 4,201 3,358 Worldwide Equipment Rental 3,939 3,836 All Other Operations 1,534 1,458 Corporate 1,481 1,716 Total $ 26,071 $ 24,080 The increase in total assets for the U.S. and International Car Rental segments was the result of additional fleet acquired to meet seasonal leisure demand during the summer period.

Guarantor and Non-Guarantor Con

Guarantor and Non-Guarantor Condensed Consolidating Financial Statements	6 Months Ended
	Jun. 30, 2015
Guarantor and Non-Guarantor Condensed Consolidating Financial Statements Disclosure [Abstract]
Guarantor and Non-Guarantor Condensed Consolidating Financial Statements	Guarantor and Non-Guarantor Condensed Consolidating Financial Statements The following condensed consolidating financial information presents the Condensed Consolidating Balance Sheets as of June 30, 2015 and December 31, 2014 , the Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2015 and 2014 and the Statements of Cash Flows for the six months ended June 30, 2015 and 2014 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. 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. CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2015 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries ASSETS Cash and cash equivalents $ 141 $ 18 $ 378 $ — $ 537 Restricted cash and cash equivalents 142 14 265 — 421 Receivables, less allowance for doubtful accounts 274 398 718 — 1,390 Due from affiliates 3,504 1,635 5,331 (10,368 ) 102 Inventories, net 23 25 27 — 75 Prepaid expenses and other assets 4,149 901 54 (4,166 ) 938 Revenue earning equipment, net 471 2,178 13,347 — 15,996 Property and equipment, net 800 307 200 — 1,307 Investment in subsidiaries, net 6,934 1,624 — (8,558 ) — Other intangible assets, net 154 3,172 619 — 3,945 Goodwill 104 1,034 222 — 1,360 Total assets $ 16,696 $ 11,306 $ 21,161 $ (23,092 ) $ 26,071 LIABILITIES AND EQUITY Intercompany payables $ 6,756 $ 965 $ 2,647 $ (10,368 ) $ — Accounts payable 101 296 1,034 — 1,431 Accrued liabilities 590 229 310 — 1,129 Accrued taxes 65 36 2,200 (2,199 ) 102 Debt 6,616 69 10,997 — 17,682 Public liability and property damage 145 56 183 — 384 Deferred taxes on income 2,654 2,233 (1,967 ) 2,920 Total liabilities 14,273 4,305 19,604 (14,534 ) 23,648 Equity: The Hertz Corporation and Subsidiaries stockholder's equity 2,423 7,001 1,557 (8,558 ) 2,423 Total liabilities and equity $ 16,696 $ 11,306 $ 21,161 $ (23,092 ) $ 26,071 CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2014 (In millions) 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, less allowance for doubtful accounts 272 419 906 — 1,597 Due from affiliates 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 Intercompany payables $ 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 — 2,541 2,066 (1,690 ) 2,917 Total liabilities 12,956 4,151 17,164 (12,686 ) 21,585 Equity: The Hertz Corporation and Subsidiaries 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 STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Three Months Ended June 30, 2015 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Total revenues $ 1,181 $ 702 $ 1,391 $ (582 ) $ 2,692 Expenses: Direct operating 720 384 402 (1 ) 1,505 Depreciation of revenue earning equipment and lease charges 452 203 622 (581 ) 696 Selling, general and administrative 155 58 83 — 296 Interest expense, net 86 6 63 — 155 Other (income) expense, net (3 ) (2 ) (5 ) — (10 ) Total expenses 1,410 649 1,165 (582 ) 2,642 Income (loss) before income taxes (229 ) 53 226 — 50 (Provision) benefit for taxes on income 76 (17 ) (86 ) — (27 ) Equity in earnings (losses) of subsidiaries, net of tax 176 68 — (244 ) — Net income (loss) 23 104 140 (244 ) 23 Other comprehensive income (loss), net of tax 11 — 7 (7 ) 11 Comprehensive income (loss) $ 34 $ 104 $ 147 $ (251 ) $ 34 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Three Months Ended June 30, 2014 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Total revenues $ 1,212 $ 700 $ 1,570 $ (652 ) $ 2,830 Expenses: Direct operating 739 384 472 (1 ) 1,594 Depreciation of revenue earning equipment and lease charges 538 174 647 (651 ) 708 Selling, general and administrative 132 49 84 — 265 Interest expense, net 88 5 69 — 162 Other (income) expense, net (21 ) (1 ) — — (22 ) Total expenses 1,476 611 1,272 (652 ) 2,707 Income (loss) before income taxes (264 ) 89 298 — 123 (Provision) benefit for taxes on income (loss) 94 (33 ) (111 ) — (50 ) Equity in earnings (losses) of subsidiaries, net of tax 243 34 — (277 ) — Net income (loss) 73 90 187 (277 ) 73 Other comprehensive income (loss), net of tax 12 (1 ) 14 (13 ) 12 Comprehensive income (loss) $ 85 $ 89 $ 201 $ (290 ) $ 85 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Six Months Ended June 30, 2015 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Total revenues $ 2,296 $ 1,359 $ 2,668 $ (1,178 ) $ 5,145 Expenses: Direct operating 1,414 762 739 (2 ) 2,913 Depreciation of revenue earning equipment and lease charges 907 387 1,285 (1,176 ) 1,403 Selling, general and administrative 267 120 173 — 560 Interest expense, net 176 11 121 — 308 Other (income) expense, net (2 ) (1 ) (1 ) — (4 ) Total expenses 2,762 1,279 2,317 (1,178 ) 5,180 Income (loss) before income taxes (466 ) 80 351 — (35 ) (Provision) benefit for taxes on income 44 (15 ) (40 ) — (11 ) Equity in earnings (losses) of subsidiaries, net of tax 376 114 — (490 ) — Net income (loss) (46 ) 179 311 (490 ) (46 ) Other comprehensive income (loss), net of tax (35 ) (4 ) (39 ) 43 (35 ) Comprehensive income (loss) $ (81 ) $ 175 $ 272 $ (447 ) $ (81 ) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Six Months Ended June 30, 2014 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Total revenues $ 2,334 $ 1,356 $ 3,097 $ (1,421 ) $ 5,366 Expenses: Direct operating 1,420 742 876 (1 ) 3,037 Depreciation of revenue earning equipment and lease charges 1,201 343 1,310 (1,420 ) 1,434 Selling, general and administrative 266 98 177 — 541 Interest expense, net 172 11 132 — 315 Other (income) expense, net (28 ) (1 ) 4 — (25 ) Total expenses 3,031 1,193 2,499 (1,421 ) 5,302 Income (loss) before income taxes (697 ) 163 598 — 64 (Provision) benefit for taxes on income 254 (60 ) (252 ) — (58 ) Equity in earnings (losses) of subsidiaries, net of tax 449 53 — (502 ) — Net income (loss) 6 156 346 (502 ) 6 Other comprehensive income (loss), net of tax (6 ) (3 ) (3 ) 6 (6 ) Comprehensive income (loss) $ — $ 153 $ 343 $ (496 ) $ — CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2015 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Net cash provided by (used in) operating activities $ (810 ) $ 224 $ 2,718 $ (679 ) $ 1,453 Cash flows from investing activities: Net change in restricted cash and cash equivalents (60 ) 12 192 — 144 Revenue earning equipment expenditures (298 ) (357 ) (7,336 ) — (7,991 ) Proceeds from disposal of revenue earning equipment 160 114 4,635 — 4,909 Capital asset expenditures, non-fleet (87 ) (23 ) (60 ) — (170 ) Proceeds from disposal of property and equipment 27 5 15 — 47 Capital contributions to subsidiaries (1,544 ) — — 1,544 — Return of capital from subsidiaries 2,043 37 — (2,080 ) — Loan to Parent / Guarantor from Non-Guarantor — — (506 ) 506 — Acquisitions, net of cash acquired (17 ) (3 ) (75 ) — (95 ) Advances to Hertz Global Holdings, Inc. (6 ) — — — (6 ) Net cash provided by (used in) investing activities 218 (215 ) (3,135 ) (30 ) (3,162 ) Cash flows from financing activities: Proceeds from issuance of long-term debt — — 1,069 — 1,069 Repayment of long-term debt (11 ) — (1,021 ) — (1,032 ) Short-term borrowings: Proceeds — — 383 — 383 Payments — — (258 ) — (258 ) Proceeds under the revolving lines of credit 1,206 — 4,101 — 5,307 Payments under the revolving lines of credit (970 ) (4 ) (2,714 ) — (3,688 ) Capital contributions received from parent — — 1,544 (1,544 ) — Loan to Parent / Guarantor from Non-Guarantor 506 — — (506 ) — Payment of dividends and return of capital — — (2,759 ) 2,759 — Payment of financing costs — (1 ) (7 ) — (8 ) Net cash provided by (used in) financing activities 731 (5 ) 338 709 1,773 Effect of foreign exchange rate changes on cash and cash equivalents — — (17 ) — (17 ) Net change in cash and cash equivalents during the period 139 4 (96 ) — 47 Cash and cash equivalents at beginning of period 2 14 474 — 490 Cash and cash equivalents at end of period $ 141 $ 18 $ 378 $ — $ 537 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2014 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Net cash provided by (used in) operating activities $ (1,274 ) $ 218 $ 2,578 $ (116 ) $ 1,406 Cash flows from investing activities: Net change in restricted cash and cash equivalents (7 ) 54 96 — 143 Revenue earning equipment expenditures (89 ) (309 ) (5,598 ) — (5,996 ) Proceeds from disposal of revenue earning equipment 62 149 3,506 — 3,717 Capital assets expenditures, non-fleet (68 ) (15 ) (68 ) — (151 ) Proceeds from disposal of property and equipment 17 5 23 — 45 Capital contributions to subsidiaries (415 ) (80 ) — 495 — Return of capital from subsidiaries 804 — — (804 ) — Acquisitions, net of cash acquired — (2 ) (4 ) — (6 ) Loan to Parent / Guarantor from Non-Guarantor — — (230 ) 230 — Advances to Hertz Global Holdings, Inc. (27 ) — — — (27 ) Repayments from Hertz Global Holdings, Inc. 25 — — — 25 Net cash provided by (used in) investing activities 302 (198 ) (2,275 ) (79 ) (2,250 ) Cash flows from financing activities: Proceeds from issuance of long-term debt — — 414 — 414 Payment of long-term debt (10 ) — (87 ) — (97 ) Short-term borrowings: Proceeds — — 269 — 269 Payments — — (369 ) — (369 ) Proceeds under the revolving lines of credit 1,715 — 1,064 — 2,779 Payments under the revolving lines of credit (895 ) (5 ) (1,117 ) — (2,017 ) Capital contributions received from parent — — 495 (495 ) — Loan to Parent / Guarantor from Non-Guarantor 230 — — (230 ) — Payment of dividends and return of capital — — (920 ) 920 — Payment of financing costs — (3 ) (3 ) — (6 ) Other 2 — — — 2 Net cash provided by (used in) financing activities 1,042 (8 ) (254 ) 195 975 Effect of foreign exchange rate changes on cash and cash equivalents — — (2 ) — (2 ) Net change in cash and cash equivalents during the period 70 12 47 — 129 Cash and cash equivalents at beginning of period 62 6 343 — 411 Cash and cash equivalents at end of period $ 132 $ 18 $ 390 $ — $ 540

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Contingencies In July 2015, Ryanair Ltd. ("Ryanair") filed a complaint against Hertz Europe Limited, a subsidiary of the Company, in the High Court of Justice, Queen’s Bench Division, Commercial Court, Royal Courts of Justice of the United Kingdom alleging breach of contract in connection with Hertz Europe Limited’s termination of its car hire agreement with Ryanair following a contractual dispute with respect to Ryanair’s agreement to begin using third party ticket distributors. The complaint seeks damages, interest and costs, together with attorney fees. The Company believes that it has valid and meritorious defenses and it intends to vigorously defend against these allegations, but litigation is subject to many uncertainties and the outcome of this matter is not predictable with assurance. The Company has established a reserve for this matter which is not material. However, it is possible that this matter could be decided unfavorably to the Company, accordingly, it is possible that an adverse outcome could exceed the amount accrued in an amount that could be material to the Company's consolidated financial condition, results of operations or cash flows in any particular reporting period.

Basis of Presentation and Rec23

Basis of Presentation and Recently Issued Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of Hertz Holdings and its wholly and majority owned domestic and international subsidiaries. In the event that the Company is a primary beneficiary of a variable interest entity, the assets, liabilities, and results of operations of the variable interest entity are included in the Company's 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity In April 2014, the Financial Accounting Standards Board ("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. The Company adopted this guidance on January 1, 2015 in accordance with the effective date. Adoption of this new guidance did not impact the Company's financial position, results of operations or cash flows. Not yet adopted Revenue from Contracts with Customers In May 2014, the FASB issued guidance that will replace most existing revenue recognition guidance in U.S. GAAP. The 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 July 2015, the FASB agreed 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 method of adoption and assessing the potential impacts of adopting this guidance on its financial position, results of operations and cash flows. Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items In January 2015, the FASB issued guidance that eliminates the concept of an event or transaction that is unusual in nature and occurs infrequently being treated as an extraordinary item. The guidance is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. The Company has assessed the potential impacts from future adoption of this guidance and has determined that there will be no impact on its financial position, results of operations and cash flows. Amendments to the Consolidation Analysis In February 2015, the FASB issued guidance that changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The new guidance may be applied using a full or modified retrospective approach. The guidance is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. 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. Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued guidance requiring debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The guidance is effective 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 method of adoption and assessing the potential impacts of adopting this guidance on its financial condition, results of operations and cash flows. Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement In April 2015, the FASB issued guidance for customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. This new guidance is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. Adoption of this guidance is not expected to have a material impact on the Company’s financial condition, results of operations or cash flows.

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	The purchase price was allocated as follows: (In millions) U.S. Car Rental Revenue earning equipment $ 71 Property and other equipment 6 Other intangible assets 9 Goodwill 1 Total $ 87

Revenue Earning Equipment (Tabl

Revenue Earning Equipment (Tables)	6 Months Ended
	Jun. 30, 2015
Depreciation of Revenue Earning Equipment and Lease Charges Disclosure [Abstract]
Property, Plant and Equipment	The components of revenue earning equipment, net are as follows: (In millions) June 30, 2015 December 31, 2014 Revenue earning equipment $ 19,734 $ 17,837 Less: Accumulated depreciation (4,060 ) (4,427 ) 15,674 13,410 Revenue earning equipment held for sale, net 322 243 Revenue earning equipment, net $ 15,996 $ 13,653
Schedule of Depreciation on Revenue Earning Equipment and Lease Charges	Depreciation of revenue earning equipment and lease charges, net includes the following: Three Months Ended Six Months Ended (In millions) 2015 2014 2015 2014 Depreciation of revenue earning equipment $ 680 $ 685 $ 1,355 $ 1,353 (Gain) loss on disposal of revenue earning equipment (a) (2 ) 2 12 40 Rents paid for vehicles leased 18 21 36 41 Depreciation of revenue earning equipment and lease charges, net $ 696 $ 708 $ 1,403 $ 1,434 (a) (Gain) loss on disposal of revenue earning equipment by segment is as follows: Three Months Ended Six Months Ended (In millions) 2015 2014 2015 2014 U.S. Car Rental $ 5 $ 11 $ 25 $ 54 International Car Rental (1 ) (4 ) (1 ) (3 ) Worldwide Equipment Rental (6 ) (5 ) (12 ) (11 ) Total $ (2 ) $ 2 $ 12 $ 40
Impact of Depreciation Rate Changes	Depreciation rates are reviewed on a quarterly basis based on management's ongoing assessment of present and estimated future market conditions, their effect on residual values at the time of disposal and the estimated holding periods for the fleet and equipment. Depreciation rate changes impacted the following segments: Increase (decrease) Three Months Ended Six Months Ended (In millions) 2015 2014 2015 2014 U.S. Car Rental $ 27 $ 37 $ 57 $ 76 International Car Rental — 1 — 1 Total $ 27 $ 38 $ 57 $ 77

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Components of debt	The Company's debt consists of the following (in millions): Facility Average Interest Rate at June 30, 2015 Fixed or Maturity June 30, December 31, Corporate Debt Senior Term Facility 3.68% Floating 3/2018 $ 2,072 $ 2,083 Senior ABL Facility 2.42% Floating 3/2016 - 3/2017 547 344 Senior Notes (1) 6.58% Fixed 4/2018–10/2022 3,900 3,900 Promissory Notes 7.00% Fixed 1/2028 27 27 Other Corporate Debt 3.86% Floating Various 69 74 Unamortized Net (Discount) Premium (Corporate) 3 3 Total Corporate Debt 6,618 6,431 Fleet Debt HVF U.S. Fleet Medium Term Notes HVF Series 2009-2 N/A N/A N/A — 404 HVF Series 2010-1 (2) 4.23% Fixed 2/2014–2/2018 490 490 HVF Series 2011-1 (2) 3.51% Fixed 3/2015–3/2017 230 414 HVF Series 2013-1 (2) 1.68% Fixed 8/2016–8/2018 950 950 1,670 2,258 RCFC U.S. ABS Program RCFC U.S. Fleet Medium Term Notes RCFC Series 2011-1 Notes N/A N/A N/A — 167 RCFC Series 2011-2 Notes N/A N/A N/A — 266 — 433 HVF II U.S. ABS Program HVF II U.S. Fleet Variable Funding Notes HVF II Series 2013-A (2) 1.12% Floating 10/2016 1,374 1,999 HVF II Series 2013-B (2) 1.12% Floating 10/2016 1,400 976 HVF II Series 2014-A (2) 1.42% Floating 10/2016 2,446 869 5,220 3,844 HVF II U.S. Fleet Medium Term Notes HVF II Series 2015-1 (2) 2.93% Fixed 3/2020 780 — 780 — Donlen ABS Program HFLF Variable Funding Notes HFLF Series 2013-2 Notes (2) 1.05% Floating 9/2016 160 247 160 247 HFLF Medium Term Notes HFLF Series 2013-3 Notes (2) 0.83% Floating 9/2016–11/2016 370 500 HFLF Series 2014-1 Notes (2) 0.71% Floating 12/2016–3/2017 368 400 HFLF Series 2015-1 Notes (2) 0.83% Floating 3/2018–5/2018 289 — 1,027 900 Facility Average Interest Rate at June 30, 2015 Fixed or Maturity June 30, December 31, Other Fleet Debt U.S. Fleet Financing Facility 2.94% Floating 3/2017 190 164 European Revolving Credit Facility 2.55% Floating 10/2017 380 304 European Fleet Notes 4.375% Fixed 1/2019 475 517 European Securitization (2) 1.90% Floating 10/2016 365 270 Hertz-Sponsored Canadian Securitization (2) 1.93% Floating 10/2016 142 105 Dollar Thrifty-Sponsored Canadian Securitization (2) 1.95% Floating 10/2016 61 40 Australian Securitization (2) 3.71% Floating 12/2016 93 112 Brazilian Fleet Financing Facility 17.55% Floating 10/2015 9 11 Capitalized Leases 3.19% Floating 2/2015 - 10/2017 501 364 Unamortized Net (Discount) Premium (Fleet) (9 ) (7 ) 2,207 1,880 Total Fleet Debt 11,064 9,562 Total Debt $ 17,682 $ 15,993 N/A - Not Applicable (1) References to the "Senior Notes" include the series of Hertz's unsecured senior notes. Outstanding principal amounts for each such series of the Senior Notes is specified below: (In millions) Outstanding Principal Senior Notes June 30, 2015 December 31, 2014 4.25% Senior Notes due April 2018 $ 250 $ 250 7.50% Senior Notes due October 2018 700 700 6.75% Senior Notes due April 2019 1,250 1,250 5.875% Senior Notes due October 2020 700 700 7.375% Senior Notes due January 2021 500 500 6.25% Senior Notes due October 2022 500 500 $ 3,900 $ 3,900 (2) Maturity reference is to the "expected final maturity date" as opposed to the subsequent "legal maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness expect the relevant indebtedness to be repaid, which in the case of the HFLF Medium Term Notes was based upon various assumptions made at the time of the pricing of such notes. The legal final maturity date is the date on which the relevant indebtedness is legally due and payable. The fair value of debt is estimated based on quoted market rates as well as borrowing rates currently available to the Company for loans with similar terms and average maturities (Level 2 inputs). As of June 30, 2015 As of December 31, 2014 (in millions) Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Corporate Debt $ 6,615 $ 6,712 $ 6,428 $ 6,468 Fleet Debt 11,073 11,091 9,569 9,595 Total $ 17,688 $ 17,803 $ 15,997 $ 16,063
Schedule of facilities available for the use of the company and its subsidiaries	The following facilities were available to the Company as of June 30, 2015 : (In millions) Remaining Capacity Availability Under Borrowing Base Limitation Corporate Debt Senior ABL Facility $ 1,093 $ 1,027 Total Corporate Debt 1,093 1,027 Fleet Debt HVF II U.S. Fleet Variable Funding Notes 1,355 — HFLF Variable Funding Notes 240 — European Revolving Credit Facility — — European Securitization 82 — Hertz-Sponsored Canadian Securitization 12 — Dollar Thrifty-Sponsored Canadian Securitization 61 — Australian Securitization 99 — Capitalized Leases 12 5 Total Fleet Debt 1,861 5 Total $ 2,954 $ 1,032

Employee Retirement Benefits (T

Employee Retirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Components of net periodic pension and postretirement expense	The following table sets forth the net periodic pension expense: Pension Benefits U.S. Non-U.S. Three Months Ended June 30, (In millions) 2015 2014 2015 2014 Components of Net Periodic Benefit Cost: Service cost $ 1 $ 6 $ — $ 1 Interest cost 7 8 2 2 Expected return on plan assets (10 ) (10 ) (4 ) (4 ) Net amortizations 1 — 1 — Settlement loss 1 4 — — Net periodic pension expense (benefit) $ — $ 8 $ (1 ) $ (1 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan	A summary of the total compensation expense and associated income tax benefits recognized under all plans, including the cost of stock options, RSUs and PSUs, is as follows: Three Months Ended Six Months Ended (In millions) 2015 2014 2015 2014 Compensation expense $ 5 $ 5 $ 9 $ 13 Income tax benefit (2 ) (2 ) (3 ) (5 ) Total $ 3 $ 3 $ 6 $ 8

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
	Jun. 30, 2015
Restructuring and Related Activities [Abstract]
Summary of restructuring charges in consolidated statement of operations	Restructuring charges in the condensed consolidated statements of operations are as follows: Three Months Ended Six Months Ended (In millions) 2015 2014 2015 2014 By Type: Termination benefits $ 6 $ 9 $ 12 $ 18 Asset write-downs — 10 1 10 Facility closure and lease obligation costs 14 11 15 17 Other non-cash charges (1 ) — (2 ) — Total $ 19 $ 30 $ 26 $ 45 Three Months Ended Six Months Ended (In millions) 2015 2014 2015 2014 By Caption: Direct operating $ 14 $ 20 $ 16 $ 26 Selling, general and administrative 5 10 10 19 Total $ 19 $ 30 $ 26 $ 45 Three Months Ended Six Months Ended (In millions) 2015 2014 2015 2014 By Segment: U.S. Car Rental $ 14 $ 13 $ 16 $ 18 International Car Rental 5 11 7 15 Worldwide Equipment Rental — — 1 3 Corporate — 6 2 9 Total $ 19 $ 30 $ 26 $ 45
Schedule of activity affecting the restructuring accrual	The following table sets forth the activity affecting the restructuring accrual during the six months ended June 30, 2015 . 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 Other Total Balance as of January 1, 2015 $ 21 $ 22 $ 43 Charges incurred 12 14 26 Cash payments (15 ) (10 ) (25 ) Other non-cash changes (1 ) (3 ) (4 ) Balance as of June 30, 2015 $ 17 $ 23 $ 40

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Financial Instruments [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table summarizes the estimated fair value of financial instruments: Fair Value of Financial Instruments Asset Derivatives (1) Liability Derivatives (1) (In millions) June 30, December 31, June 30, December 31, Interest rate caps $ 8 $ 25 $ 8 $ 25 Foreign currency forward contracts 4 6 2 2 Total $ 12 $ 31 $ 10 $ 27 (1) All asset derivatives are recorded in "Prepaid expenses and other assets" and all liability derivatives are recorded in "Accrued liabilities" in the condensed consolidated balance sheets.
Derivative Instruments, Gain (Loss)	The following table summarizes the gains or (losses) on derivative instruments for the period indicated. Location of Gain or (Loss) Recognized on Derivatives Amount of Gain or (Loss) Recognized on Derivatives Three Months Ended (In millions) 2015 2014 Foreign currency forward contracts Selling, general and administrative $ (3 ) $ 5 Location of Gain or (Loss) Recognized on Derivatives Amount of Gain or (Loss) Recognized Six Months Ended (In millions) 2015 2014 Foreign currency forward contracts Selling, general and administrative $ (4 ) $ —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Cash, Cash Equivalents and Investments [Table Text Block]	June 30, 2015 December 31, 2014 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Money market funds $ 132 $ — $ — $ 132 $ 146 $ — $ — $ 146 Equity and other securities — 64 — 64 — 96 — 96 Total $ 132 $ 64 $ — $ 196 $ 146 $ 96 $ — $ 242
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	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 six months ended June 30, 2014 (in millions): Six Months Ended Balance at the beginning of period $ 151 Reclassification of net unrealized gain on securities to prepaid expenses and other assets (7 ) Unrealized losses related to investments (14 ) Settlements (130 ) Balance at the end of period $ —
Components of debt	The Company's debt consists of the following (in millions): Facility Average Interest Rate at June 30, 2015 Fixed or Maturity June 30, December 31, Corporate Debt Senior Term Facility 3.68% Floating 3/2018 $ 2,072 $ 2,083 Senior ABL Facility 2.42% Floating 3/2016 - 3/2017 547 344 Senior Notes (1) 6.58% Fixed 4/2018–10/2022 3,900 3,900 Promissory Notes 7.00% Fixed 1/2028 27 27 Other Corporate Debt 3.86% Floating Various 69 74 Unamortized Net (Discount) Premium (Corporate) 3 3 Total Corporate Debt 6,618 6,431 Fleet Debt HVF U.S. Fleet Medium Term Notes HVF Series 2009-2 N/A N/A N/A — 404 HVF Series 2010-1 (2) 4.23% Fixed 2/2014–2/2018 490 490 HVF Series 2011-1 (2) 3.51% Fixed 3/2015–3/2017 230 414 HVF Series 2013-1 (2) 1.68% Fixed 8/2016–8/2018 950 950 1,670 2,258 RCFC U.S. ABS Program RCFC U.S. Fleet Medium Term Notes RCFC Series 2011-1 Notes N/A N/A N/A — 167 RCFC Series 2011-2 Notes N/A N/A N/A — 266 — 433 HVF II U.S. ABS Program HVF II U.S. Fleet Variable Funding Notes HVF II Series 2013-A (2) 1.12% Floating 10/2016 1,374 1,999 HVF II Series 2013-B (2) 1.12% Floating 10/2016 1,400 976 HVF II Series 2014-A (2) 1.42% Floating 10/2016 2,446 869 5,220 3,844 HVF II U.S. Fleet Medium Term Notes HVF II Series 2015-1 (2) 2.93% Fixed 3/2020 780 — 780 — Donlen ABS Program HFLF Variable Funding Notes HFLF Series 2013-2 Notes (2) 1.05% Floating 9/2016 160 247 160 247 HFLF Medium Term Notes HFLF Series 2013-3 Notes (2) 0.83% Floating 9/2016–11/2016 370 500 HFLF Series 2014-1 Notes (2) 0.71% Floating 12/2016–3/2017 368 400 HFLF Series 2015-1 Notes (2) 0.83% Floating 3/2018–5/2018 289 — 1,027 900 Facility Average Interest Rate at June 30, 2015 Fixed or Maturity June 30, December 31, Other Fleet Debt U.S. Fleet Financing Facility 2.94% Floating 3/2017 190 164 European Revolving Credit Facility 2.55% Floating 10/2017 380 304 European Fleet Notes 4.375% Fixed 1/2019 475 517 European Securitization (2) 1.90% Floating 10/2016 365 270 Hertz-Sponsored Canadian Securitization (2) 1.93% Floating 10/2016 142 105 Dollar Thrifty-Sponsored Canadian Securitization (2) 1.95% Floating 10/2016 61 40 Australian Securitization (2) 3.71% Floating 12/2016 93 112 Brazilian Fleet Financing Facility 17.55% Floating 10/2015 9 11 Capitalized Leases 3.19% Floating 2/2015 - 10/2017 501 364 Unamortized Net (Discount) Premium (Fleet) (9 ) (7 ) 2,207 1,880 Total Fleet Debt 11,064 9,562 Total Debt $ 17,682 $ 15,993 N/A - Not Applicable (1) References to the "Senior Notes" include the series of Hertz's unsecured senior notes. Outstanding principal amounts for each such series of the Senior Notes is specified below: (In millions) Outstanding Principal Senior Notes June 30, 2015 December 31, 2014 4.25% Senior Notes due April 2018 $ 250 $ 250 7.50% Senior Notes due October 2018 700 700 6.75% Senior Notes due April 2019 1,250 1,250 5.875% Senior Notes due October 2020 700 700 7.375% Senior Notes due January 2021 500 500 6.25% Senior Notes due October 2022 500 500 $ 3,900 $ 3,900 (2) Maturity reference is to the "expected final maturity date" as opposed to the subsequent "legal maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness expect the relevant indebtedness to be repaid, which in the case of the HFLF Medium Term Notes was based upon various assumptions made at the time of the pricing of such notes. The legal final maturity date is the date on which the relevant indebtedness is legally due and payable. The fair value of debt is estimated based on quoted market rates as well as borrowing rates currently available to the Company for loans with similar terms and average maturities (Level 2 inputs). As of June 30, 2015 As of December 31, 2014 (in millions) Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Corporate Debt $ 6,615 $ 6,712 $ 6,428 $ 6,468 Fleet Debt 11,073 11,091 9,569 9,595 Total $ 17,688 $ 17,803 $ 15,997 $ 16,063
Disclosure of Long Lived Assets Held-for-sale	Assets and liabilities measured at fair value during the six months ended June 30, 2015 are as follows: (In millions) Balance Level 1 Level 2 Level 3 Total Loss Adjustments Long-lived assets held for sale $ 5 $ — $ — $ 5 $ 6

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Summary of contribution of reportable segments to revenues and adjusted pre-tax income (loss) and the reconciliation to consolidated amounts	Revenues and adjusted pre-tax income (loss) by segment and the reconciliation to consolidated amounts are summarized below. Three Months Ended June 30, Revenues Adjusted Pre-Tax Income (Loss) (In millions) 2015 2014 2015 2014 U.S. Car Rental $ 1,615 $ 1,663 $ 174 $ 184 International Car Rental 556 641 45 57 Worldwide Equipment Rental 375 384 42 67 All Other Operations 146 142 17 15 Total reportable segments $ 2,692 $ 2,830 278 323 Corporate (1) (125 ) (106 ) Consolidated adjusted pre-tax income (loss) 153 217 Adjustments: Acquisition accounting (2) (32 ) (33 ) Debt-related charges (3) (16 ) (12 ) Restructuring and restructuring related charges (4) (47 ) (31 ) Acquisition related costs and charges (5) (1 ) (2 ) Equipment rental spin-off costs (6) (8 ) (12 ) Impairment charges and asset write-downs (7) — (10 ) Integration expenses (8) (3 ) (3 ) Relocation costs (9) (1 ) (3 ) Other (10) 5 12 Income (loss) before income taxes $ 50 $ 123 Six Months Ended June 30, Revenues Adjusted Pre-Tax Income (Loss) (In millions) 2015 2014 2015 2014 U.S. Car Rental $ 3,135 $ 3,220 $ 244 $ 306 International Car Rental 992 1,123 52 16 Worldwide Equipment Rental 730 743 76 121 All Other Operations 288 280 31 29 Total reportable segments $ 5,145 $ 5,366 403 472 Corporate (1) (245 ) (229 ) Consolidated adjusted pre-tax income (loss) 158 243 Adjustments: Acquisition accounting (2) (63 ) (65 ) Debt-related charges (3) (32 ) (23 ) Restructuring and restructuring related charges (4) (67 ) (72 ) Acquisition related costs and charges (5) — (8 ) Equipment rental spin-off costs (6) (17 ) (12 ) Impairment charges and asset write-downs (7) (9 ) (10 ) Integration Expenses (8) (3 ) (6 ) Relocation costs (9) (4 ) (5 ) Other (10) 2 22 Income (loss) before income taxes $ (35 ) $ 64 (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 other equipment and accretion of revalued liabilities relating to acquisition accounting. (3) Represents debt-related charges relating to the amortization of deferred debt financing costs and debt discounts and premiums. (4) Represents expenses incurred under restructuring actions as defined in U.S. GAAP - for further information on restructuring costs, see Note 8 , " Restructuring ." Also represents incremental costs incurred directly supporting business transformation initiatives. Such costs include transition costs incurred in connection with business process outsourcing arrangements and incremental costs incurred to facilitate business process re-engineering initiatives that involve significant organization redesign and extensive operational process changes and consulting costs and legal fees related to the accounting review and investigation. The three and six months ended June 30, 2015 also include costs associated with the separation of certain executives. (5) Represents costs related to acquisitions and strategic initiatives. (6) Represents expenses associated with the anticipated HERC spin-off transaction announced in March 2014. (7) For six months ended June 30, 2015 , represents impairment of the former Dollar Thrifty headquarters and the impairment of a corporate asset recognized in the first quarter 2015. For the three and six months ended June 30, 2014 , represents the write-off of assets associated with a terminated business relationship. (8) Primarily represents Dollar Thrifty integration related expenses. (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) Includes miscellaneous non-recurring or non-cash items. In the three and six months ended June 30, 2014, primarily represents a $19 million litigation settlement received in relation to a class action lawsuit filed against an original equipment manufacturer stemming from recalls of their vehicles in previous years. Depreciation of revenue earning equipment and lease charges, net Three Months Ended Six Months Ended (In millions) 2015 2014 2015 2014 U.S. car rental $ 398 $ 391 $ 819 $ 815 International car rental 101 124 196 238 Worldwide equipment rental 81 79 157 157 All other operations 116 114 $ 231 224 Total $ 696 $ 708 $ 1,403 $ 1,434 Total assets (In millions) June 30, 2015 December 31, 2014 U.S. Car Rental $ 14,916 $ 13,712 International Car Rental 4,201 3,358 Worldwide Equipment Rental 3,939 3,836 All Other Operations 1,534 1,458 Corporate 1,481 1,716 Total $ 26,071 $ 24,080

Guarantor and Non-Guarantor C33

Guarantor and Non-Guarantor Condensed Consolidating Financial Statements (Tables)	6 Months Ended
	Jun. 30, 2015
Guarantor and Non-Guarantor Condensed Consolidating Financial Statements Disclosure [Abstract]
Condensed Balance Sheet	CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2015 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries ASSETS Cash and cash equivalents $ 141 $ 18 $ 378 $ — $ 537 Restricted cash and cash equivalents 142 14 265 — 421 Receivables, less allowance for doubtful accounts 274 398 718 — 1,390 Due from affiliates 3,504 1,635 5,331 (10,368 ) 102 Inventories, net 23 25 27 — 75 Prepaid expenses and other assets 4,149 901 54 (4,166 ) 938 Revenue earning equipment, net 471 2,178 13,347 — 15,996 Property and equipment, net 800 307 200 — 1,307 Investment in subsidiaries, net 6,934 1,624 — (8,558 ) — Other intangible assets, net 154 3,172 619 — 3,945 Goodwill 104 1,034 222 — 1,360 Total assets $ 16,696 $ 11,306 $ 21,161 $ (23,092 ) $ 26,071 LIABILITIES AND EQUITY Intercompany payables $ 6,756 $ 965 $ 2,647 $ (10,368 ) $ — Accounts payable 101 296 1,034 — 1,431 Accrued liabilities 590 229 310 — 1,129 Accrued taxes 65 36 2,200 (2,199 ) 102 Debt 6,616 69 10,997 — 17,682 Public liability and property damage 145 56 183 — 384 Deferred taxes on income 2,654 2,233 (1,967 ) 2,920 Total liabilities 14,273 4,305 19,604 (14,534 ) 23,648 Equity: The Hertz Corporation and Subsidiaries stockholder's equity 2,423 7,001 1,557 (8,558 ) 2,423 Total liabilities and equity $ 16,696 $ 11,306 $ 21,161 $ (23,092 ) $ 26,071 CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2014 (In millions) 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, less allowance for doubtful accounts 272 419 906 — 1,597 Due from affiliates 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 Intercompany payables $ 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 — 2,541 2,066 (1,690 ) 2,917 Total liabilities 12,956 4,151 17,164 (12,686 ) 21,585 Equity: The Hertz Corporation and Subsidiaries 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 Income Statement	CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Three Months Ended June 30, 2015 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Total revenues $ 1,181 $ 702 $ 1,391 $ (582 ) $ 2,692 Expenses: Direct operating 720 384 402 (1 ) 1,505 Depreciation of revenue earning equipment and lease charges 452 203 622 (581 ) 696 Selling, general and administrative 155 58 83 — 296 Interest expense, net 86 6 63 — 155 Other (income) expense, net (3 ) (2 ) (5 ) — (10 ) Total expenses 1,410 649 1,165 (582 ) 2,642 Income (loss) before income taxes (229 ) 53 226 — 50 (Provision) benefit for taxes on income 76 (17 ) (86 ) — (27 ) Equity in earnings (losses) of subsidiaries, net of tax 176 68 — (244 ) — Net income (loss) 23 104 140 (244 ) 23 Other comprehensive income (loss), net of tax 11 — 7 (7 ) 11 Comprehensive income (loss) $ 34 $ 104 $ 147 $ (251 ) $ 34 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Three Months Ended June 30, 2014 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Total revenues $ 1,212 $ 700 $ 1,570 $ (652 ) $ 2,830 Expenses: Direct operating 739 384 472 (1 ) 1,594 Depreciation of revenue earning equipment and lease charges 538 174 647 (651 ) 708 Selling, general and administrative 132 49 84 — 265 Interest expense, net 88 5 69 — 162 Other (income) expense, net (21 ) (1 ) — — (22 ) Total expenses 1,476 611 1,272 (652 ) 2,707 Income (loss) before income taxes (264 ) 89 298 — 123 (Provision) benefit for taxes on income (loss) 94 (33 ) (111 ) — (50 ) Equity in earnings (losses) of subsidiaries, net of tax 243 34 — (277 ) — Net income (loss) 73 90 187 (277 ) 73 Other comprehensive income (loss), net of tax 12 (1 ) 14 (13 ) 12 Comprehensive income (loss) $ 85 $ 89 $ 201 $ (290 ) $ 85 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Six Months Ended June 30, 2015 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Total revenues $ 2,296 $ 1,359 $ 2,668 $ (1,178 ) $ 5,145 Expenses: Direct operating 1,414 762 739 (2 ) 2,913 Depreciation of revenue earning equipment and lease charges 907 387 1,285 (1,176 ) 1,403 Selling, general and administrative 267 120 173 — 560 Interest expense, net 176 11 121 — 308 Other (income) expense, net (2 ) (1 ) (1 ) — (4 ) Total expenses 2,762 1,279 2,317 (1,178 ) 5,180 Income (loss) before income taxes (466 ) 80 351 — (35 ) (Provision) benefit for taxes on income 44 (15 ) (40 ) — (11 ) Equity in earnings (losses) of subsidiaries, net of tax 376 114 — (490 ) — Net income (loss) (46 ) 179 311 (490 ) (46 ) Other comprehensive income (loss), net of tax (35 ) (4 ) (39 ) 43 (35 ) Comprehensive income (loss) $ (81 ) $ 175 $ 272 $ (447 ) $ (81 ) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Six Months Ended June 30, 2014 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Total revenues $ 2,334 $ 1,356 $ 3,097 $ (1,421 ) $ 5,366 Expenses: Direct operating 1,420 742 876 (1 ) 3,037 Depreciation of revenue earning equipment and lease charges 1,201 343 1,310 (1,420 ) 1,434 Selling, general and administrative 266 98 177 — 541 Interest expense, net 172 11 132 — 315 Other (income) expense, net (28 ) (1 ) 4 — (25 ) Total expenses 3,031 1,193 2,499 (1,421 ) 5,302 Income (loss) before income taxes (697 ) 163 598 — 64 (Provision) benefit for taxes on income 254 (60 ) (252 ) — (58 ) Equity in earnings (losses) of subsidiaries, net of tax 449 53 — (502 ) — Net income (loss) 6 156 346 (502 ) 6 Other comprehensive income (loss), net of tax (6 ) (3 ) (3 ) 6 (6 ) Comprehensive income (loss) $ — $ 153 $ 343 $ (496 ) $ —
Condensed Cash Flow Statement	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2015 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Net cash provided by (used in) operating activities $ (810 ) $ 224 $ 2,718 $ (679 ) $ 1,453 Cash flows from investing activities: Net change in restricted cash and cash equivalents (60 ) 12 192 — 144 Revenue earning equipment expenditures (298 ) (357 ) (7,336 ) — (7,991 ) Proceeds from disposal of revenue earning equipment 160 114 4,635 — 4,909 Capital asset expenditures, non-fleet (87 ) (23 ) (60 ) — (170 ) Proceeds from disposal of property and equipment 27 5 15 — 47 Capital contributions to subsidiaries (1,544 ) — — 1,544 — Return of capital from subsidiaries 2,043 37 — (2,080 ) — Loan to Parent / Guarantor from Non-Guarantor — — (506 ) 506 — Acquisitions, net of cash acquired (17 ) (3 ) (75 ) — (95 ) Advances to Hertz Global Holdings, Inc. (6 ) — — — (6 ) Net cash provided by (used in) investing activities 218 (215 ) (3,135 ) (30 ) (3,162 ) Cash flows from financing activities: Proceeds from issuance of long-term debt — — 1,069 — 1,069 Repayment of long-term debt (11 ) — (1,021 ) — (1,032 ) Short-term borrowings: Proceeds — — 383 — 383 Payments — — (258 ) — (258 ) Proceeds under the revolving lines of credit 1,206 — 4,101 — 5,307 Payments under the revolving lines of credit (970 ) (4 ) (2,714 ) — (3,688 ) Capital contributions received from parent — — 1,544 (1,544 ) — Loan to Parent / Guarantor from Non-Guarantor 506 — — (506 ) — Payment of dividends and return of capital — — (2,759 ) 2,759 — Payment of financing costs — (1 ) (7 ) — (8 ) Net cash provided by (used in) financing activities 731 (5 ) 338 709 1,773 Effect of foreign exchange rate changes on cash and cash equivalents — — (17 ) — (17 ) Net change in cash and cash equivalents during the period 139 4 (96 ) — 47 Cash and cash equivalents at beginning of period 2 14 474 — 490 Cash and cash equivalents at end of period $ 141 $ 18 $ 378 $ — $ 537 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2014 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Net cash provided by (used in) operating activities $ (1,274 ) $ 218 $ 2,578 $ (116 ) $ 1,406 Cash flows from investing activities: Net change in restricted cash and cash equivalents (7 ) 54 96 — 143 Revenue earning equipment expenditures (89 ) (309 ) (5,598 ) — (5,996 ) Proceeds from disposal of revenue earning equipment 62 149 3,506 — 3,717 Capital assets expenditures, non-fleet (68 ) (15 ) (68 ) — (151 ) Proceeds from disposal of property and equipment 17 5 23 — 45 Capital contributions to subsidiaries (415 ) (80 ) — 495 — Return of capital from subsidiaries 804 — — (804 ) — Acquisitions, net of cash acquired — (2 ) (4 ) — (6 ) Loan to Parent / Guarantor from Non-Guarantor — — (230 ) 230 — Advances to Hertz Global Holdings, Inc. (27 ) — — — (27 ) Repayments from Hertz Global Holdings, Inc. 25 — — — 25 Net cash provided by (used in) investing activities 302 (198 ) (2,275 ) (79 ) (2,250 ) Cash flows from financing activities: Proceeds from issuance of long-term debt — — 414 — 414 Payment of long-term debt (10 ) — (87 ) — (97 ) Short-term borrowings: Proceeds — — 269 — 269 Payments — — (369 ) — (369 ) Proceeds under the revolving lines of credit 1,715 — 1,064 — 2,779 Payments under the revolving lines of credit (895 ) (5 ) (1,117 ) — (2,017 ) Capital contributions received from parent — — 495 (495 ) — Loan to Parent / Guarantor from Non-Guarantor 230 — — (230 ) — Payment of dividends and return of capital — — (920 ) 920 — Payment of financing costs — (3 ) (3 ) — (6 ) Other 2 — — — 2 Net cash provided by (used in) financing activities 1,042 (8 ) (254 ) 195 975 Effect of foreign exchange rate changes on cash and cash equivalents — — (2 ) — (2 ) Net change in cash and cash equivalents during the period 70 12 47 — 129 Cash and cash equivalents at beginning of period 62 6 343 — 411 Cash and cash equivalents at end of period $ 132 $ 18 $ 390 $ — $ 540

Acquisitions and Divestitures34

Acquisitions and Divestitures (Details) $ in Millions	1 Months Ended
	Jun. 30, 2015USD ($)location	Feb. 28, 2015USD ($)	Dec. 31, 2014USD ($)
Business Acquisition [Line Items]
Goodwill	$ 1,360		$ 1,359
Penske Acquisition
Business Acquisition [Line Items]
Payments to acquire assets of certain Hertz-branded franchises		$ 87
Revenue earning equipment		71
Property and other equipment		6
Other intangible assets		9
Goodwill		1
Total		$ 87
FRANCE
Business Acquisition [Line Items]
Number of businesses divested | location	60
SPAIN
Business Acquisition [Line Items]
Number of businesses divested | location	2

Revenue Earning Equipment (Deta

Revenue Earning Equipment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Revenue Earning Equipment [Line Items]
Revenue earning equipment	$ 19,734		$ 19,734		$ 17,837
Less: Accumulated depreciation	(4,060)		(4,060)		(4,427)
Property Subject to or Available for Operating Lease, Excluding Assets Held for Sale	15,674		15,674		13,410
Revenue earning equipment held for sale, net	322		322		243
Revenue earning equipment, net	15,996		15,996		$ 13,653
Depreciation of revenue earning equipment	680	$ 685	1,355	$ 1,353
(Gain) loss on disposal of revenue earning equipment	(2)	2	12	40
Rents paid for vehicles leased	18	21	36	41
Depreciation of revenue earning equipment and lease charges, net	696	708	1,403	1,434
U.S. Car Rental
Revenue Earning Equipment [Line Items]
(Gain) loss on disposal of revenue earning equipment	5	11	25	54
Depreciation of revenue earning equipment and lease charges, net	398	391	819	815
International Car Rental
Revenue Earning Equipment [Line Items]
(Gain) loss on disposal of revenue earning equipment	(1)	(4)	(1)	(3)
Depreciation of revenue earning equipment and lease charges, net	101	124	196	238
Worldwide Equipment Rental
Revenue Earning Equipment [Line Items]
(Gain) loss on disposal of revenue earning equipment	(6)	(5)	(12)	(11)
Depreciation of revenue earning equipment and lease charges, net	$ 81	$ 79	$ 157	$ 157

Revenue Earning Equipment (Depr

Revenue Earning Equipment (Depreciation Rate Changes) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue Earning Equipment [Line Items]
Depreciation rate changes	$ 27	$ 38	$ 57	$ 77
U.S. Car Rental
Revenue Earning Equipment [Line Items]
Depreciation rate changes	27	37	57	76
International Car Rental
Revenue Earning Equipment [Line Items]
Depreciation rate changes	$ 0	$ 1	$ 0	$ 1

Debt (Schedule of Debt) (Detail

Debt (Schedule of Debt) (Details) - USD ($)	Jun. 30, 2015	Jun. 15, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance	$ 3,900,000,000		$ 3,900,000,000
Debt	17,682,000,000		15,993,000,000
Corporate Debt
Debt Instrument [Line Items]
Unamortized Net Discount	3,000,000		3,000,000
Debt	$ 6,618,000,000		6,431,000,000
Senior Term Facility
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.68%
Nominal Unpaid Principal Balance	$ 2,072,000,000		2,083,000,000
Senior ABL Facility
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.42%
Nominal Unpaid Principal Balance	$ 547,000,000		344,000,000
Promissory Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	7.00%
Nominal Unpaid Principal Balance	$ 27,000,000		27,000,000
Other Corporate Debt
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.86%
Nominal Unpaid Principal Balance	$ 69,000,000		74,000,000
Fleet Debt
Debt Instrument [Line Items]
Unamortized Net Discount	(9,000,000)		(7,000,000)
Debt	11,064,000,000		9,562,000,000
U.S. Fleet Medium Term Notes
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance	1,670,000,000		2,258,000,000
U.S. Fleet Medium Term Notes Series 2009-2 Notes
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance	$ 0		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%
Nominal Unpaid Principal Balance	$ 490,000,000		490,000,000
U.S. Fleet Medium Term Notes Series 2011-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.51%
Nominal Unpaid Principal Balance	$ 230,000,000		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%
Nominal Unpaid Principal Balance	$ 950,000,000		950,000,000
RCFC U.S. ABS Program
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance	0		433,000,000
RCFC Series 2011-1 Notes
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance	0		167,000,000	$ 500,000,000
RCFC Series 2011-2 Notes
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance	0		266,000,000	$ 400,000,000
HVF II U.S. ABS Program
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance	$ 5,220,000,000		3,844,000,000
HVF II Series 2013-A
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.12%
Nominal Unpaid Principal Balance	$ 1,374,000,000		1,999,000,000
HVF II Series 2013-B
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.12%
Nominal Unpaid Principal Balance	$ 1,400,000,000		976,000,000
HVF II Series 2014-A
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.42%
Nominal Unpaid Principal Balance	$ 2,446,000,000		869,000,000
HVF II Us Fleet Variable Medium Term Notes
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance	$ 780,000,000		0
Us Fleet Medium Term Notes 2015 Series 2
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.93%
Nominal Unpaid Principal Balance	$ 780,000,000		0
Donlen ABS Program
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance	$ 160,000,000		247,000,000
HFLF Series 2013-2 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.05%
Nominal Unpaid Principal Balance	$ 160,000,000		247,000,000
HFLF Medium Term Notes
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance	$ 1,027,000,000		900,000,000
HFLF Series 2013-A Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	0.83%
Nominal Unpaid Principal Balance	$ 370,000,000		500,000,000
HFLF Series 2014-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	0.71%
Nominal Unpaid Principal Balance	$ 368,000,000		400,000,000
HFLF Series 2015-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	0.83%
Nominal Unpaid Principal Balance	$ 289,000,000	$ 300,000,000	0
Other Fleet Debt
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance	$ 2,207,000,000		1,880,000,000
U.S. Fleet Financing Facility
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.94%
Nominal Unpaid Principal Balance	$ 190,000,000		164,000,000
European Revolving Credit Facility
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.55%
Nominal Unpaid Principal Balance	$ 380,000,000		304,000,000
European Fleet Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.375%
Nominal Unpaid Principal Balance	$ 475,000,000		517,000,000
European Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.90%
Nominal Unpaid Principal Balance	$ 365,000,000		270,000,000
Canadian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.93%
Nominal Unpaid Principal Balance	$ 142,000,000		105,000,000
Dollar Thrifty Sponsored Canadian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.95%
Nominal Unpaid Principal Balance	$ 61,000,000		40,000,000
Australian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.71%
Nominal Unpaid Principal Balance	$ 93,000,000		112,000,000
Brazilian Fleet Financing
Debt Instrument [Line Items]
Average interest rate (as a percent)	17.55%
Nominal Unpaid Principal Balance	$ 9,000,000		11,000,000
Capitalized Leases
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.19%
Nominal Unpaid Principal Balance	$ 501,000,000		364,000,000
Senior Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	6.58%
Nominal Unpaid Principal Balance	$ 3,900,000,000		3,900,000,000
4.25% Senior Notes due April 2018
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance	$ 250,000,000		250,000,000
Interest rate (as a percentage)	4.25%
7.50% Senior Notes due October 2018
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance	$ 700,000,000		700,000,000
Interest rate (as a percentage)	7.50%
6.75% Senior Notes due April 2019
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance	$ 1,250,000,000		1,250,000,000
Interest rate (as a percentage)	6.75%
5.875% Senior Notes due October 2020
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance	$ 700,000,000		700,000,000
Interest rate (as a percentage)	5.875%
7.375% Senior Notes due January 2021
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance	$ 500,000,000		500,000,000
Interest rate (as a percentage)	7.375%
6.25% Senior Notes due October 2022
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance	$ 500,000,000		$ 500,000,000
Interest rate (as a percentage)	6.25%

Debt (Narrative) (Details)

Debt (Narrative) (Details)	3 Months Ended	7 Months Ended
	Sep. 30, 2015	Jul. 15, 2015	Jun. 30, 2015USD ($)	Jun. 15, 2015USD ($)	May. 30, 2015GBP (£)	May. 30, 2015EUR (€)	Apr. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 15, 2014	Dec. 31, 2013USD ($)
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance			$ 3,900,000,000					$ 3,900,000,000
Availability under borrowing base limitation			1,032,000,000
Restricted cash and cash equivalents			421,000,000					571,000,000
VIE, total assets			549,000,000					427,000,000
VIE, total liabilities			549,000,000					426,000,000
Letters of credit
Debt Instrument [Line Items]
Outstanding standby letters of credit			676,000,000
Eliminations
Debt Instrument [Line Items]
Restricted cash and cash equivalents			0					0
RCFC Series 2011-1 Notes
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance			0					167,000,000		$ 500,000,000
RCFC Series 2011-2 Notes
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance			0					266,000,000		$ 400,000,000
HVF II Series 2015-1 Notes
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance							$ 780,000,000
Rental Car Asset Backed Notes, Class A
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance							$ 622,000,000
Average interest rate (as a percent)							2.73%
Rental Car Asset Backed Notes, Class B
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance							$ 119,000,000
Average interest rate (as a percent)							3.52%
Rental Car Asset Backed Notes, Class C
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance							$ 39,000,000
Average interest rate (as a percent)							4.35%
UK Leveraged Financing | UK Leveraged Financing Peak Season Borrowing Facility
Debt Instrument [Line Items]
Aggregate maximum borrowings | £					£ 300,000,000
UK Leveraged Financing | UK Leveraged Financing Ongoing Core Facility
Debt Instrument [Line Items]
Aggregate maximum borrowings | £					£ 250,000,000
European Revolving Credit Facility
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance			$ 380,000,000					304,000,000
Aggregate maximum borrowings | €						€ 340,000,000
Average interest rate (as a percent)			2.55%
Availability under borrowing base limitation			$ 0
HFLF Series 2015-1 Notes
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance			$ 289,000,000	$ 300,000,000				0
Average interest rate (as a percent)			0.83%
HFLF Series 2015-1 Notes | Eliminations
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance			$ 11,000,000
Senior ABL Facility
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance			$ 547,000,000					344,000,000
Average interest rate (as a percent)			2.42%
Availability under borrowing base limitation			$ 1,027,000,000
Fixed charge coverage ratio			1
Senior ABL Facility | Letters of credit
Debt Instrument [Line Items]
Availability under borrowing base limitation			$ 984,000,000
Senior Credit Facility
Debt Instrument [Line Items]
Outstanding standby letters of credit			662,000,000
Fleet Debt
Debt Instrument [Line Items]
Availability under borrowing base limitation			5,000,000
Restricted cash and cash equivalents			$ 378,000,000					$ 515,000,000
Tranche B and Tranche B-1 Term Loans | Senior Term Facility
Debt Instrument [Line Items]
Alternative base rate margin									2.00%
Tranche B and Tranche B-1 Term Loans | Senior Term Facility | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Interest rate (as a percentage)									1.00%
Tranche B and Tranche B-1 Term Loans | Senior Term Facility | Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate		3.00%
Tranche B Term Loans | Senior Term Facility | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Interest rate (as a percentage)			1.00%
Tranche B Term Loans | Senior Term Facility | Forecast
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Tranche B-2 Term Loans | Senior Term Facility
Debt Instrument [Line Items]
Alternative base rate margin									1.75%
Tranche B-2 Term Loans | Senior Term Facility | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Interest rate (as a percentage)			0.75%						0.75%
Tranche B-2 Term Loans | Senior Term Facility | Forecast
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Alternative base rate margin	1.25%
Tranche B-2 Term Loans | Senior Term Facility | Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate		2.75%

Debt (Borrowing Capacity) (Deta

Debt (Borrowing Capacity) (Details) $ in Millions	Jun. 30, 2015USD ($)
Debt Instrument [Line Items]
Remaining capacity	$ 2,954
Availability under borrowing base limitation	1,032
Senior ABL Facility
Debt Instrument [Line Items]
Remaining capacity	1,093
Availability under borrowing base limitation	1,027
Corporate Debt
Debt Instrument [Line Items]
Remaining capacity	1,093
Availability under borrowing base limitation	1,027
HVF II U.S. ABS Program
Debt Instrument [Line Items]
Remaining capacity	1,355
Availability under borrowing base limitation	0
HFLF Medium Term Notes
Debt Instrument [Line Items]
Remaining capacity	240
Availability under borrowing base limitation	0
European Revolving Credit Facility
Debt Instrument [Line Items]
Remaining capacity	0
Availability under borrowing base limitation	0
European Securitization
Debt Instrument [Line Items]
Remaining capacity	82
Availability under borrowing base limitation	0
Canadian Securitization
Debt Instrument [Line Items]
Remaining capacity	12
Availability under borrowing base limitation	0
Dollar Thrifty Sponsored Canadian Securitization
Debt Instrument [Line Items]
Remaining capacity	61
Availability under borrowing base limitation	0
Australian Securitization
Debt Instrument [Line Items]
Remaining capacity	99
Availability under borrowing base limitation	0
Capitalized Leases
Debt Instrument [Line Items]
Remaining capacity	12
Availability under borrowing base limitation	5
Fleet Debt
Debt Instrument [Line Items]
Remaining capacity	1,861
Availability under borrowing base limitation	$ 5

Employee Retirement Benefits (D

Employee Retirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2015
U.S. Pension Plan
Components of Net Periodic Benefit Cost:
Service cost	$ 1	$ 6	$ 2	$ 14
Interest cost	7	8	14	16
Expected return on plan assets	(10)	(10)	(20)	(20)
Net amortizations	1	0	2	1
Settlement loss	1	4	2	4
Net periodic pension expense (benefit)	0	8	0	15
Non U.S. Pension Plan
Components of Net Periodic Benefit Cost:
Service cost	0	1	1	2
Interest cost	2	2	4	4
Expected return on plan assets	(4)	(4)	(8)	(8)
Net amortizations	1	0	1	0
Settlement loss	0	0	0	0
Net periodic pension expense (benefit)	(1)	(1)	(2)	(2)
Other disclosures
Contributions		$ 8		17
Non U.S. Pension Plan | United Kingdom
Other disclosures
Contributions	$ 0		$ 3
Employer discretionary contribution amount				$ 3
Forecast
Disclosure of net periodic benefit cost
Percent of match, first 3%					100.00%
Percent of match, remaining 2%					50.00%

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 5	$ 5	$ 9	$ 13
Income tax benefit	(2)	(2)	(3)	(5)
Total	3	$ 3	6	$ 8
Compensation cost not yet recognized	$ 58		$ 58
Period for recognition			2 years 1 month 19 days
Stock Incentive Plan and Omnibus Plan | Equity Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period, net of forfeitures			3,223,889
Weighted average grant date fair value			$ 7.43
Stock Incentive Plan and Omnibus Plan | Equity Option | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Stock Incentive Plan and Omnibus Plan | Equity Option | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			5 years
Stock Incentive Plan and Omnibus Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period, net of forfeitures			814,907
Weighted average grant date fair value			$ 21.07
Stock Incentive Plan and Omnibus Plan | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period, net of forfeitures			998,870
Weighted average grant date fair value			$ 21.34

Restructuring (Details)

Restructuring (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Restructuring details
Restructuring charges	$ 19	$ 30	$ 26	$ 45
Restructuring reserve
Balance as of January 1, 2015			43
Charges incurred			26
Cash payments			(25)
Other non-cash changes			(4)
Balance as of June 30, 2015	40		40
U.S. Car Rental
Restructuring details
Restructuring charges	14	13	16	18
International Car Rental
Restructuring details
Restructuring charges	5	11	7	15
Worldwide Equipment Rental
Restructuring details
Restructuring charges	0	0	1	3
Corporate
Restructuring details
Restructuring charges	0	6	2	9
Direct operating
Restructuring details
Restructuring charges	14	20	16	26
Selling, general and administrative
Restructuring details
Restructuring charges	5	10	10	19
Termination benefits
Restructuring details
Restructuring charges	6	9	12	18
Restructuring reserve
Balance as of January 1, 2015			21
Charges incurred			12
Cash payments			(15)
Other non-cash changes			(1)
Balance as of June 30, 2015	17		17
Asset write-downs
Restructuring details
Restructuring charges	0	10	1	10
Facility closure and lease obligation costs
Restructuring details
Restructuring charges	14	11	15	17
Other non-cash charges
Restructuring details
Restructuring charges	(1)	$ 0	(2)	$ 0
Other
Restructuring reserve
Balance as of January 1, 2015			22
Charges incurred			14
Cash payments			(10)
Other non-cash changes			(3)
Balance as of June 30, 2015	$ 23		$ 23

Tangible Asset Impairments (Det

Tangible Asset Impairments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Jun. 30, 2014
Business Relationship
Revenue Earning Equipment [Line Items]
Asset impairment charges		$ 10
Held-for-sale
Revenue Earning Equipment [Line Items]
Asset impairment charges	$ 3
Held-for-sale | Selling, general and administrative expenses | Dollar Thrifty Headquarters
Revenue Earning Equipment [Line Items]
Asset impairment charges	6
Assets deemed to have no future use
Revenue Earning Equipment [Line Items]
Asset impairment charges	11
Assets deemed to have no future use | Customer contracts | Direct operating | Equipment
Revenue Earning Equipment [Line Items]
Asset impairment charges	4
Assets deemed to have no future use | Customer contracts | Other (income) expenses | Equipment
Revenue Earning Equipment [Line Items]
Asset impairment charges	$ 7

Taxes on Income (Loss) (Details

Taxes on Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2015
Income Tax Contingency [Line Items]
Effective tax rate (as percent)	54.00%	41.00%	(31.00%)	91.00%
Tax provision	$ 27	$ 50	$ 11	$ 58
Forecast
Income Tax Contingency [Line Items]
Effective tax rate (as percent)					37.00%

Financial Instruments (Details)

Financial Instruments (Details) - Fair Value, Measurements, Recurring - Not Designated as Hedging Instrument - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	$ 12		$ 12		$ 31
Liability Derivatives	10		10		27
Interest Rate Cap | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	8		8		25
Liability Derivatives	8		8		25
Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency forward contracts	(3)	$ 5	(4)	$ 0
Foreign Exchange Forward | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	4		4		6
Liability Derivatives	$ 2		$ 2		$ 2

Fair Value Measurements (Cash E

Fair Value Measurements (Cash Equivalents and Investments) (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
CAR, Inc
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership percentage	16.20%
Prepaid Expenses and Other Assets | CAR, Inc
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned at fair value	$ 272	$ 264
Level 1 | Prepaid Expenses and Other Assets | CAR, Inc
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investment using quoted market prices	814	514
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and investments	196	242
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and investments	132	146
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and investments	64	96
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and investments	0	0
Fair Value, Measurements, Recurring | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and investments	132	146
Fair Value, Measurements, Recurring | Money market funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and investments	132	146
Fair Value, Measurements, Recurring | Money market funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and investments	0	0
Fair Value, Measurements, Recurring | Money market funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and investments	0	0
Fair Value, Measurements, Recurring | Equity and other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and investments	64	96
Fair Value, Measurements, Recurring | Equity and other securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and investments	0	0
Fair Value, Measurements, Recurring | Equity and other securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and investments	64	96
Fair Value, Measurements, Recurring | Equity and other securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and investments	$ 0	$ 0

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value Measurements Using Unobservable Inputs Method) (Details) - CAR, Inc - Level 3 $ in Millions	6 Months Ended
	Jun. 30, 2014USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of period	$ 151
Reclassification of net unrealized gain on securities to prepaid expenses and other assets	(7)
Unrealized losses related to investments	(14)
Settlements	130
Balance at the end of period	$ 0

Fair Value Measurements (Debt O

Fair Value Measurements (Debt Obligations) (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nominal Unpaid Principal Balance	$ 3,900	$ 3,900
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nominal Unpaid Principal Balance	17,688	15,997
Aggregate Fair Value	17,803	16,063
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held for sale	5
Total Loss Adjustments	6
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	5
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	6,615	6,428
Aggregate Fair Value	6,712	6,468
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	11,073	9,569
Aggregate Fair Value	$ 11,091	$ 9,595

Contingencies and Off-Balance49

Contingencies and Off-Balance Sheet Commitments (Details) - USD ($) $ in Millions	1 Months Ended
	Oct. 31, 2014	Jun. 30, 2015	Dec. 31, 2014
Loss Contingencies [Line Items]
Public liability and property damage		$ 384	$ 385
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

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)segment	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Number of reportable segments | segment			4
Revenues	$ 2,692	$ 2,830	$ 5,145	$ 5,366
Adjusted Pre-Tax Income (Loss)	153	217	158	243
Adjustments from Segment Totals to Consolidated [Abstract]
Adjusted Pre-Tax Income (Loss)	50	123	(35)	64
Depreciation of revenue earning equipment and lease charges, net	696	708	1,403	1,434
Assets	26,071		26,071		$ 24,080
Reportable segments
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjusted Pre-Tax Income (Loss)	278	323	403	472
Acquisition accounting
Adjustments from Segment Totals to Consolidated [Abstract]
Adjusted Pre-Tax Income (Loss)	(32)	(33)	(63)	(65)
Debt-related charges
Adjustments from Segment Totals to Consolidated [Abstract]
Adjusted Pre-Tax Income (Loss)	(16)	(12)	(32)	(23)
Restructuring and restructuring related charges
Adjustments from Segment Totals to Consolidated [Abstract]
Adjusted Pre-Tax Income (Loss)	(47)	(31)	(67)	(72)
Acquisition related costs and charges
Adjustments from Segment Totals to Consolidated [Abstract]
Adjusted Pre-Tax Income (Loss)	(1)	(2)	0	(8)
Equipment rental spin-off costs
Adjustments from Segment Totals to Consolidated [Abstract]
Adjusted Pre-Tax Income (Loss)	(8)	(12)	(17)	(12)
Impairment charges and asset write-downs
Adjustments from Segment Totals to Consolidated [Abstract]
Adjusted Pre-Tax Income (Loss)	0	(10)	(9)	(10)
Integration expenses
Adjustments from Segment Totals to Consolidated [Abstract]
Adjusted Pre-Tax Income (Loss)	(3)	(3)	(3)	(6)
Relocation costs
Adjustments from Segment Totals to Consolidated [Abstract]
Adjusted Pre-Tax Income (Loss)	(1)	(3)	(4)	(5)
Other
Adjustments from Segment Totals to Consolidated [Abstract]
Adjusted Pre-Tax Income (Loss)	5	12	2	22
Corporate
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjusted Pre-Tax Income (Loss)	(125)	(106)	(245)	(229)
Adjustments from Segment Totals to Consolidated [Abstract]
Assets	1,481		1,481		1,716
U.S. Car Rental
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	1,615	1,663	3,135	3,220
Adjusted Pre-Tax Income (Loss)	174	184	244	306
Adjustments from Segment Totals to Consolidated [Abstract]
Depreciation of revenue earning equipment and lease charges, net	398	391	819	815
Assets	14,916		14,916		13,712
International Car Rental
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	556	641	992	1,123
Adjusted Pre-Tax Income (Loss)	45	57	52	16
Adjustments from Segment Totals to Consolidated [Abstract]
Depreciation of revenue earning equipment and lease charges, net	101	124	196	238
Assets	4,201		4,201		3,358
Worldwide Equipment Rental
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	375	384	730	743
Adjusted Pre-Tax Income (Loss)	42	67	76	121
Adjustments from Segment Totals to Consolidated [Abstract]
Depreciation of revenue earning equipment and lease charges, net	81	79	157	157
Assets	3,939		3,939		3,836
All Other Operations
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	146	142	288	280
Adjusted Pre-Tax Income (Loss)	17	15	31	29
Adjustments from Segment Totals to Consolidated [Abstract]
Depreciation of revenue earning equipment and lease charges, net	116	$ 114	231	$ 224
Assets	$ 1,534		$ 1,534		$ 1,458

Guarantor and Non-Guarantor C51

Guarantor and Non-Guarantor Condensed Consolidating Financial Statements (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
ASSETS
Cash and cash equivalents	$ 537	$ 490	$ 540	$ 411
Restricted cash and cash equivalents	421	571
Receivables, less allowance for doubtful accounts	1,390	1,597
Due from Hertz affiliate	102	95
Inventories, net	75	67
Prepaid expenses and other assets	938	917
Revenue earning equipment, net	15,996	13,653
Property and equipment, net	1,307	1,322
Investments in Subsidiaries	0	0
Other intangible assets, net	3,945	4,009
Goodwill	1,360	1,359
Total assets	26,071	24,080
LIABILITIES AND EQUITY
Due to Hertz Global Holdings, Inc.	0	0
Accounts payable	1,431	1,008
Accrued liabilities	1,129	1,148
Accrued taxes, net	102	134
Debt	17,682	15,993
Public liability and property damage	384	385
Deferred taxes on income, net	2,920	2,917
Total liabilities	23,648	21,585
Equity:
The Hertz Corporation and Subsidiaries stockholder's equity	2,423	2,495
Total liabilities and equity	26,071	24,080
Eliminations
ASSETS
Cash and cash equivalents	0	0	0	0
Restricted cash and cash equivalents	0	0
Receivables, less allowance for doubtful accounts	0	0
Due from Hertz affiliate	(10,368)	(8,785)
Inventories, net	0	0
Prepaid expenses and other assets	(4,166)	(3,901)
Revenue earning equipment, net	0	0
Property and equipment, net	0	0
Investments in Subsidiaries	(8,558)	(8,410)
Other intangible assets, net	0	0
Goodwill	0	0
Total assets	(23,092)	(21,096)
LIABILITIES AND EQUITY
Due to Hertz Global Holdings, Inc.	(10,368)	(8,785)
Accounts payable	0	0
Accrued liabilities	0	0
Accrued taxes, net	(2,199)	(2,211)
Debt	0	0
Public liability and property damage	0	0
Deferred taxes on income, net	(1,967)	(1,690)
Total liabilities	(14,534)	(12,686)
Equity:
The Hertz Corporation and Subsidiaries stockholder's equity	(8,558)	(8,410)
Total liabilities and equity	(23,092)	(21,096)
Parent
ASSETS
Cash and cash equivalents	141	2	132	62
Restricted cash and cash equivalents	142	84
Receivables, less allowance for doubtful accounts	274	272
Due from Hertz affiliate	3,504	2,957
Inventories, net	23	20
Prepaid expenses and other assets	4,149	3,900
Revenue earning equipment, net	471	306
Property and equipment, net	800	730
Investments in Subsidiaries	6,934	6,897
Other intangible assets, net	154	179
Goodwill	104	104
Total assets	16,696	15,451
LIABILITIES AND EQUITY
Due to Hertz Global Holdings, Inc.	6,756	5,702
Accounts payable	101	65
Accrued liabilities	590	599
Accrued taxes, net	65	62
Debt	6,616	6,393
Public liability and property damage	$ 145	135
Deferred taxes on income, net		0
Total liabilities	$ 14,273	12,956
Equity:
The Hertz Corporation and Subsidiaries stockholder's equity	2,423	2,495
Total liabilities and equity	16,696	15,451
Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	18	14	18	6
Restricted cash and cash equivalents	14	26
Receivables, less allowance for doubtful accounts	398	419
Due from Hertz affiliate	1,635	1,528
Inventories, net	25	25
Prepaid expenses and other assets	901	831
Revenue earning equipment, net	2,178	1,988
Property and equipment, net	307	308
Investments in Subsidiaries	1,624	1,513
Other intangible assets, net	3,172	3,213
Goodwill	1,034	1,033
Total assets	11,306	10,898
LIABILITIES AND EQUITY
Due to Hertz Global Holdings, Inc.	965	1,005
Accounts payable	296	212
Accrued liabilities	229	231
Accrued taxes, net	36	31
Debt	69	74
Public liability and property damage	56	57
Deferred taxes on income, net	2,654	2,541
Total liabilities	4,305	4,151
Equity:
The Hertz Corporation and Subsidiaries stockholder's equity	7,001	6,747
Total liabilities and equity	11,306	10,898
Non-Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	378	474	$ 390	$ 343
Restricted cash and cash equivalents	265	461
Receivables, less allowance for doubtful accounts	718	906
Due from Hertz affiliate	5,331	4,395
Inventories, net	27	22
Prepaid expenses and other assets	54	87
Revenue earning equipment, net	13,347	11,359
Property and equipment, net	200	284
Investments in Subsidiaries	0	0
Other intangible assets, net	619	617
Goodwill	222	222
Total assets	21,161	18,827
LIABILITIES AND EQUITY
Due to Hertz Global Holdings, Inc.	2,647	2,078
Accounts payable	1,034	731
Accrued liabilities	310	318
Accrued taxes, net	2,200	2,252
Debt	10,997	9,526
Public liability and property damage	183	193
Deferred taxes on income, net	2,233	2,066
Total liabilities	19,604	17,164
Equity:
The Hertz Corporation and Subsidiaries stockholder's equity	1,557	1,663
Total liabilities and equity	$ 21,161	$ 18,827

Guarantor and Non-Guarantor C52

Guarantor and Non-Guarantor Condensed Consolidating Financial Statements (Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Financial Statements, Captions [Line Items]
Total revenues	$ 2,692	$ 2,830	$ 5,145	$ 5,366
Expenses:
Direct operating	1,505	1,594	2,913	3,037
Depreciation of revenue earning equipment and lease charges, net	696	708	1,403	1,434
Selling, general and administrative	296	265	560	541
Interest expense, net	155	162	308	315
Other (income) expense, net	(10)	(22)	(4)	(25)
Total expenses	2,642	2,707	5,180	5,302
Income (loss) before income taxes	50	123	(35)	64
Provision for taxes on income	(27)	(50)	(11)	(58)
Equity in earnings (losses) of subsidiaries, net of tax	0	0	0	0
Net income (loss)	23	73	(46)	6
Other comprehensive income (loss), net of tax	11	12	(35)	(6)
Total comprehensive income (loss)	34	85	(81)	0
Eliminations
Condensed Financial Statements, Captions [Line Items]
Total revenues	(582)	(652)	(1,178)	(1,421)
Expenses:
Direct operating	(1)	(1)	(2)	(1)
Depreciation of revenue earning equipment and lease charges, net	(581)	(651)	(1,176)	(1,420)
Selling, general and administrative	0	0	0	0
Interest expense, net	0	0	0	0
Other (income) expense, net	0	0	0	0
Total expenses	(582)	(652)	(1,178)	(1,421)
Income (loss) before income taxes	0	0	0	0
Provision for taxes on income	0	0	0	0
Equity in earnings (losses) of subsidiaries, net of tax	(244)	(277)	(490)	(502)
Net income (loss)	(244)	(277)	(490)	(502)
Other comprehensive income (loss), net of tax	(7)	(13)	43	6
Total comprehensive income (loss)	(251)	(290)	(447)	(496)
Parent
Condensed Financial Statements, Captions [Line Items]
Total revenues	1,181	1,212	2,296	2,334
Expenses:
Direct operating	720	739	1,414	1,420
Depreciation of revenue earning equipment and lease charges, net	452	538	907	1,201
Selling, general and administrative	155	132	267	266
Interest expense, net	86	88	176	172
Other (income) expense, net	(3)	(21)	(2)	(28)
Total expenses	1,410	1,476	2,762	3,031
Income (loss) before income taxes	(229)	(264)	(466)	(697)
Provision for taxes on income	76	94	44	254
Equity in earnings (losses) of subsidiaries, net of tax	176	243	376	449
Net income (loss)	23	73	(46)	6
Other comprehensive income (loss), net of tax	11	12	(35)	(6)
Total comprehensive income (loss)	34	85	(81)	0
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Total revenues	702	700	1,359	1,356
Expenses:
Direct operating	384	384	762	742
Depreciation of revenue earning equipment and lease charges, net	203	174	387	343
Selling, general and administrative	58	49	120	98
Interest expense, net	6	5	11	11
Other (income) expense, net	(2)	(1)	(1)	(1)
Total expenses	649	611	1,279	1,193
Income (loss) before income taxes	53	89	80	163
Provision for taxes on income	(17)	(33)	(15)	(60)
Equity in earnings (losses) of subsidiaries, net of tax	68	34	114	53
Net income (loss)	104	90	179	156
Other comprehensive income (loss), net of tax	0	(1)	(4)	(3)
Total comprehensive income (loss)	104	89	175	153
Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Total revenues	1,391	1,570	2,668	3,097
Expenses:
Direct operating	402	472	739	876
Depreciation of revenue earning equipment and lease charges, net	622	647	1,285	1,310
Selling, general and administrative	83	84	173	177
Interest expense, net	63	69	121	132
Other (income) expense, net	(5)	0	(1)	4
Total expenses	1,165	1,272	2,317	2,499
Income (loss) before income taxes	226	298	351	598
Provision for taxes on income	(86)	(111)	(40)	(252)
Equity in earnings (losses) of subsidiaries, net of tax	0	0	0	0
Net income (loss)	140	187	311	346
Other comprehensive income (loss), net of tax	7	14	(39)	(3)
Total comprehensive income (loss)	$ 147	$ 201	$ 272	$ 343

Guarantor and Non-Guarantor C53

Guarantor and Non-Guarantor Condensed Consolidating Financial Statements (Statement of Cash Flows) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	$ 1,453	$ 1,406
Cash flows from investing activities
Net change in restricted cash and cash equivalents	144	143
Revenue earning equipment expenditures	(7,991)	(5,996)
Proceeds from disposal of revenue earning equipment	4,909	3,717
Capital asset expenditures, non-fleet	(170)	(151)
Proceeds from disposal of property and other equipment	47	45
Capital contributions to subsidiaries	0	0
Return of capital from subsidiaries	0	0
Loan to Parent / Guarantor from Non-Guarantor	0	0
Acquisitions, net of cash acquired	(95)	(6)
Advances to Hertz Global Holdings, Inc.	(6)	(27)
Repayments from Hertz Global Holdings, Inc.	0	25
Net cash provided by (used in) investing activities	(3,162)	(2,250)
Cash flows from financing activities
Proceeds from issuance of long-term debt	1,069	414
Repayments of long-term debt	(1,032)	(97)
Short-term borrowings:
Proceeds	383	269
Payments	(258)	(369)
Proceeds under the revolving lines of credit	5,307	2,779
Payments under the revolving lines of credit	(3,688)	(2,017)
Payments under the revolving lines of credit	0	0
Payment of dividends and return of capital	0	0
Loan to Parent / Guarantor from Non-Guarantor	0	0
Payment of financing costs	(8)	(6)
Other	0	2
Net cash provided by (used in) financing activities	1,773	975
Effect of foreign exchange rate changes on cash and cash equivalents	(17)	(2)
Net change in cash and cash equivalents during the period	47	129
Cash and cash equivalents at beginning of period	490	411
Cash and cash equivalents at end of period	537	540
Eliminations
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(679)	(116)
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 other equipment	0	0
Capital contributions to subsidiaries	1,544	495
Return of capital from subsidiaries	(2,080)	(804)
Loan to Parent / Guarantor from Non-Guarantor	506	230
Acquisitions, net of cash acquired	0	0
Advances to Hertz Global Holdings, Inc.	0	0
Repayments from Hertz Global Holdings, Inc.		0
Net cash provided by (used in) investing activities	(30)	(79)
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
Payments under the revolving lines of credit	(1,544)	(495)
Payment of dividends and return of capital	2,759	920
Loan to Parent / Guarantor from Non-Guarantor	(506)	(230)
Payment of financing costs	0	0
Other		0
Net cash provided by (used in) financing activities	709	195
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
Cash and cash equivalents at end of period	0	0
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	224	218
Cash flows from investing activities
Net change in restricted cash and cash equivalents	12	54
Revenue earning equipment expenditures	(357)	(309)
Proceeds from disposal of revenue earning equipment	114	149
Capital asset expenditures, non-fleet	(23)	(15)
Proceeds from disposal of property and other equipment	5	5
Capital contributions to subsidiaries	0	(80)
Return of capital from subsidiaries	37	0
Loan to Parent / Guarantor from Non-Guarantor	0	0
Acquisitions, net of cash acquired	(3)	(2)
Advances to Hertz Global Holdings, Inc.	0	0
Repayments from Hertz Global Holdings, Inc.		0
Net cash provided by (used in) investing activities	(215)	(198)
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	(4)	(5)
Payments under the revolving lines of credit	0	0
Payment of dividends and return of capital	0	0
Loan to Parent / Guarantor from Non-Guarantor	0	0
Payment of financing costs	(1)	(3)
Other		0
Net cash provided by (used in) financing activities	(5)	(8)
Effect of foreign exchange rate changes on cash and cash equivalents	0	0
Net change in cash and cash equivalents during the period	4	12
Cash and cash equivalents at beginning of period	14	6
Cash and cash equivalents at end of period	18	18
Parent
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(810)	(1,274)
Cash flows from investing activities
Net change in restricted cash and cash equivalents	(60)	(7)
Revenue earning equipment expenditures	(298)	(89)
Proceeds from disposal of revenue earning equipment	160	62
Capital asset expenditures, non-fleet	(87)	(68)
Proceeds from disposal of property and other equipment	27	17
Capital contributions to subsidiaries	(1,544)	(415)
Return of capital from subsidiaries	2,043	804
Loan to Parent / Guarantor from Non-Guarantor	0	0
Acquisitions, net of cash acquired	(17)	0
Advances to Hertz Global Holdings, Inc.	(6)	(27)
Repayments from Hertz Global Holdings, Inc.		25
Net cash provided by (used in) investing activities	218	302
Cash flows from financing activities
Proceeds from issuance of long-term debt	0	0
Repayments of long-term debt	(11)	(10)
Short-term borrowings:
Proceeds	0	0
Payments	0	0
Proceeds under the revolving lines of credit	1,206	1,715
Payments under the revolving lines of credit	(970)	(895)
Payments under the revolving lines of credit	0	0
Payment of dividends and return of capital	0	0
Loan to Parent / Guarantor from Non-Guarantor	506	230
Payment of financing costs	0	0
Other		2
Net cash provided by (used in) financing activities	731	1,042
Effect of foreign exchange rate changes on cash and cash equivalents	0	0
Net change in cash and cash equivalents during the period	139	70
Cash and cash equivalents at beginning of period	2	62
Cash and cash equivalents at end of period	141	132
Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	2,718	2,578
Cash flows from investing activities
Net change in restricted cash and cash equivalents	192	96
Revenue earning equipment expenditures	(7,336)	(5,598)
Proceeds from disposal of revenue earning equipment	4,635	3,506
Capital asset expenditures, non-fleet	(60)	(68)
Proceeds from disposal of property and other equipment	15	23
Capital contributions to subsidiaries	0	0
Return of capital from subsidiaries	0	0
Loan to Parent / Guarantor from Non-Guarantor	(506)	(230)
Acquisitions, net of cash acquired	(75)	(4)
Advances to Hertz Global Holdings, Inc.	0	0
Repayments from Hertz Global Holdings, Inc.		0
Net cash provided by (used in) investing activities	(3,135)	(2,275)
Cash flows from financing activities
Proceeds from issuance of long-term debt	1,069	414
Repayments of long-term debt	(1,021)	(87)
Short-term borrowings:
Proceeds	383	269
Payments	(258)	(369)
Proceeds under the revolving lines of credit	4,101	1,064
Payments under the revolving lines of credit	(2,714)	(1,117)
Payments under the revolving lines of credit	1,544	495
Payment of dividends and return of capital	(2,759)	(920)
Loan to Parent / Guarantor from Non-Guarantor	0	0
Payment of financing costs	(7)	(3)
Other		0
Net cash provided by (used in) financing activities	338	(254)
Effect of foreign exchange rate changes on cash and cash equivalents	(17)	(2)
Net change in cash and cash equivalents during the period	(96)	47
Cash and cash equivalents at beginning of period	474	343
Cash and cash equivalents at end of period	$ 378	$ 390