Hertz (HRZ) 10-Q 12 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 08, 2016
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, 2016
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	2,016
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 1,285	$ 474
Restricted cash and cash equivalents:	318	333
Receivables: Vehicle and Non-vehicle, net of allowance of $45 and $36, respectively	1,323	1,786
Inventories, net	43	29
Prepaid expenses and other assets	594	966
Revenue earning vehicles:
Vehicles	15,418	13,441
Less accumulated depreciation	(2,609)	(2,695)
Revenue earning vehicles, net	12,809	10,746
Property and equipment:
Land, buildings and leasehold improvements	1,152	1,171
Service equipment and other	758	809
Less accumulated depreciation	(998)	(978)
Total property and equipment, net	912	1,002
Other intangible assets, net	3,479	3,522
Goodwill	1,257	1,261
Assets of discontinued operations	0	3,390
Total assets	22,020	23,509
LIABILITIES AND EQUITY
Total accounts payable	1,239	766
Accrued liabilities	1,037	1,035
Accrued taxes, net	179	128
Debt:	15,392	15,770
Public liability and property damage	410	394
Deferred taxes on income, net	2,154	2,168
Liabilities of discontinued operations	0	1,300
Total liabilities	20,411	21,561
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	3,134	3,583
Due to (from) affiliate	66	(345)
Accumulated deficit	(1,470)	(1,045)
Accumulated other comprehensive income (loss)	(121)	(245)
Total equity	1,609	1,948
Total liabilities and equity	22,020	23,509
Vehicles
ASSETS
Restricted cash and cash equivalents:	272	289
Receivables: Vehicle and Non-vehicle, net of allowance of $45 and $36, respectively	480	1,137
LIABILITIES AND EQUITY
Total accounts payable	647	207
Debt:	10,801	9,823
Non-vehicles
ASSETS
Restricted cash and cash equivalents:	46	44
Receivables: Vehicle and Non-vehicle, net of allowance of $45 and $36, respectively	843	649
LIABILITIES AND EQUITY
Total accounts payable	592	559
Debt:	$ 4,591	$ 5,947

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Worldwide vehicle rental	$ 2,124	$ 2,171	$ 3,963	$ 4,127
All other operations	146	146	290	288
Total revenues	2,270	2,317	4,253	4,415
Expenses:
Direct vehicle and operating	1,267	1,290	2,425	2,492
Depreciation of revenue earning vehicles and lease charges, net	629	597	1,245	1,228
Selling, general and administrative	234	251	459	471
Vehicle	72	62	140	123
Non-vehicle	102	87	185	173
Total interest expense, net	174	149	325	296
Other (income) expense, net	1	(8)	(89)	(1)
Total expenses	2,305	2,279	4,365	4,486
Income (loss) from continuing operations before income taxes	(35)	38	(112)	(71)
(Provision) benefit for taxes on income (loss) of continuing operations	7	(25)	32	6
Net income (loss) from continuing operations	(28)	13	(80)	(65)
Less: Net income (loss) from discontinued operations	(15)	23	(11)	32
Net income (loss)	$ (43)	$ 36	$ (91)	$ (33)

CONDENSED CONSOLIDATED BALANCE4

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
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
Non-vehicles
Receivables, allowance for doubtful accounts (in dollars)	$ 45	$ 36

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (43)	$ 36	$ (91)	$ (33)
Other comprehensive income (loss):
Foreign currency translation adjustments	(18)	9	18	(39)
Unrealized holding gains (losses) on securities	(8)	0	9	0
Net gain (loss) on defined benefit pension plans	(34)	0	(34)	0
Reclassification from other comprehensive income (loss) to selling, general and administrative expense for amortization of actuarial (gains) losses on defined benefit pension plans	2	4	4	6
Total other comprehensive income (loss) before income taxes	(58)	13	(3)	(33)
Income tax (provision) benefit related to net gains and losses on defined benefit pension plans	14	0	14	0
Income tax (provision) benefit related to reclassified amounts of net periodic costs on defined benefit pension plans	(1)	(2)	(2)	(2)
Total other comprehensive income (loss)	(45)	11	9	(35)
Total comprehensive income (loss)	$ (88)	$ 47	$ (82)	$ (68)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income (loss)	$ (91)	$ (33)
Less: Net income (loss) from discontinued operations	(11)	32
Net income (loss) from continuing operations	(80)	(65)
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used in) operating activities:
Depreciation of revenue earning vehicles, net	1,212	1,191
Depreciation and amortization, non-vehicle	128	131
Amortization and write-off of deferred financing costs	22	29
Amortization and write-off of debt discount (premium)	3	(2)
Loss on extinguishment of debt	20	0
Stock-based compensation charges	12	8
Provision for receivables allowance	24	16
Deferred taxes on income	(49)	8
Impairment charges and asset write-downs	3	20
(Gain) loss on sale of shares in equity method investment	(75)	0
Other	(4)	(6)
Changes in assets and liabilities
Non-vehicle receivables	(214)	(168)
Inventories, prepaid expenses and other assets	(48)	(61)
Non-vehicle accounts payable	43	36
Accrued liabilities	(15)	21
Accrued taxes	14	(8)
Public liability and property damage	18	11
Net cash provided by (used in) operating activities	1,014	1,161
Cash flows from investing activities:
Net change in restricted cash and cash equivalents	16	133
Revenue earning vehicles expenditures	(7,268)	(7,639)
Proceeds from disposal of revenue earning vehicles	5,168	4,816
Capital asset expenditures, non-vehicle	(72)	(121)
Proceeds from disposal of property and other equipment	39	44
Acquisitions, net of cash acquired	0	(95)
Purchases of shares in equity method investment	(45)	0
Sales of shares in equity method investment	233	0
Advances to Old Hertz Holdings	0	(6)
Net cash provided by (used in) investing activities	(1,929)	(2,868)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	2,185	1,069
Repayments of long-term debt	(2,404)	(1,032)
Short-term borrowings:
Proceeds	312	383
Payments	(263)	(258)
Proceeds under the revolving lines of credit	5,058	5,307
Payments under the revolving lines of credit	(5,253)	(3,683)
Payment of financing costs	(51)	(8)
Transfers from discontinued entities	2,122	0
Other	12	(1)
Net cash provided by (used in) financing activities	1,718	1,777
Effect of foreign exchange rate changes on cash and cash equivalents from continuing operations	8	(16)
Net increase (decrease) in cash and cash equivalents during the period from continuing operations	811	54
Cash and cash equivalents at beginning of period	474	474
Cash and cash equivalents at end of period	1,285	528
Cash flows from discontinued operations:
Cash flows provided by operating activities	207	292
Cash flows used in investing activities	(77)	(295)
Cash flows used in financing activities	(94)	(3)
Effect of foreign exchange rate changes on cash and cash equivalents	0	(1)
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations	36	(7)
Cash paid during the period for:
Income taxes, net of refunds	25	12
Supplemental disclosures of non-cash information:
Purchases of revenue earning vehicles included in accounts payable and accrued liabilities	560	386
Sales of revenue earning vehicles included in receivables	392	150
Purchases of property and other equipment included in accounts payable	19	47
Sales of property and other equipment included in receivables	17	5
Non-cash dividend paid to affiliate	334	0
Vehicles
Cash flows from investing activities:
Net change in restricted cash and cash equivalents	18	137
Cash paid during the period for:
Interest	115	93
Non-vehicles
Cash flows from investing activities:
Net change in restricted cash and cash equivalents	(2)	(4)
Cash paid during the period for:
Interest	$ 167	$ 188

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-In Capital	Due From Affiliate	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Balance at the beginning of the period at Dec. 31, 2014						$ (115)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (33)
Other comprehensive income (loss)	(35)
Balance at the end of the period at Jun. 30, 2015						(150)
Balance at the beginning of the period at Dec. 31, 2015	1,948	$ 0	$ 3,583	$ (345)	$ (1,045)	(245)
Balance at the beginning of the period (Shares) at Dec. 31, 2015		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(91)				(91)
Due from affiliate	77			77
Dividends paid to Old Hertz Holdings				334	(334)
Other comprehensive income (loss)	9					9
Stock-based employee compensation charges	13		13
Common shares issued to directors	1		1
Distribution of Herc Holdings, Inc.	(348)		(463)			115
Balance at the end of the period (Shares) at Jun. 30, 2016		0
Balance at the end of the period at Jun. 30, 2016	$ 1,609	$ 0	$ 3,134	$ 66	$ (1,470)	$ (121)

Background

Background	6 Months Ended
	Jun. 30, 2016
Background Disclosure [Abstract]
Background	Background The Hertz Corporation (together with its subsidiaries , the "Company" or "Hertz") was incorporated in Delaware in 1967 and is a successor to corporations that have been engaged in the vehicle rental and leasing business since 1918. Hertz operates its vehicle rental business primarily through the Hertz, Dollar and Thrifty brands from company-owned, licensee and franchisee locations in the U.S., Africa, Asia, Australia, Canada, Europe, Latin America, the Middle East and New Zealand. Through its Donlen subsidiary, Hertz provides vehicle leasing and fleet management services. All of the Company's outstanding common stock is owned by Rental Car Intermediate Holdings, LLC , which is wholly owned by Hertz Global Holdings, Inc. ("Hertz Global"). Hertz is the primary operating company for Hertz Global. On June 30, 2016, former Hertz Global Holdings, Inc., the former top level holding company for Hertz (for periods on or prior to June 30, 2016, “Old Hertz Holdings” and for periods after June 30, 2016, “Herc Holdings”) completed a spin-off (the “Spin-Off”) of its global vehicle rental business through a dividend to stockholders of record of Old Hertz Holdings as of the close of business on June 22, 2016, the record date for the distribution, of all of the issued and outstanding common stock of Hertz Rental Car Holding Company, Inc. (“New Hertz”), which was re-named Hertz Global Holdings, Inc. in connection with the Spin-Off, on a one-to- five basis. Hertz Global is now an independent public company and trades on the New York Stock Exchange under the symbol "HTZ". Herc Holdings, which changed its name to Herc Holdings Inc. on June 30, 2016, trades on the New York Stock Exchange under the symbol “HRI”. Despite the fact that Hertz Global was spun off from Old Hertz Holdings in the Spin-Off and was the legal spinnee in the transaction, for accounting purposes, due to the relative significance of New Hertz to Old Hertz Holdings, Hertz Global is considered the spinnor or divesting entity and Herc Holdings is considered the spinnee or divested entity. As a result, despite the legal form of the transaction, New Hertz, or Hertz Global, is the “accounting successor” to Old Hertz Holdings. As such, the historical financial information of the Company reflects the financial information of the equipment rental business as a discontinued operation. See Note 3 , " Discontinued Operations ," for additional information.

Basis of Presentation and Recen

Basis of Presentation and Recently Issued Accounting Pronouncements	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Recently Issued Accounting Pronouncements	Basis of Presentation and Recently Issued Accounting Pronouncements Basis of Presentation The Company prepares its unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes. Actual results could differ materially from those estimates. The year-end condensed consolidated balance sheet data of the Company was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The information included in this Form 10‑Q should be read in conjunction with information included in the Company’s Form 10‑K for the year ended December 31, 2015, as filed with the Securities and Exchange Commission ("SEC") on February 29, 2016 (the "2015 Form 10‑K"), and as amended on March 4, 2016 (the "2015 Form 10‑K/A"). As described in Note 1, "Background" and Note 3 , " Discontinued Operations ", Hertz Global is the accounting successor to Old Hertz Holdings. As such, the historical financial information of the Company reflects the financial information of the equipment rental business as a discontinued operation. Unless noted otherwise, information disclosed in these notes to the condensed consolidated financial statements of the Company pertain to its continuing operations. As disclosed below in "Recently Issued Accounting Pronouncements," the Company retrospectively adopted the guidance "Simplifying the Presentation of Debt Issuance Costs" on January 1, 2016. Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of Hertz and its wholly and majority owned domestic and international subsidiaries. In the event that the Company is a primary beneficiary of a variable interest entity, the assets, liabilities, and results of operations of the variable interest entity are included in the Company's condensed consolidated financial statements. The Company accounts for its investments in joint ventures using the equity method when it has significant influence but not control and is not the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation. Recently Issued Accounting Pronouncements Adopted Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period In June 2014, the FASB issued guidance that requires that a performance target in a share-based payment award that affects vesting and that can be achieved after the requisite service period is completed is to be accounted for as a performance condition; therefore, compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved, and the amount of compensation cost recognized should be based on the portion of the service period fulfilled. The Company adopted this guidance prospectively on January 1, 2016 in accordance with the effective date. Adoption of this new guidance did not impact the Company’s financial position, results of operations or cash flows. Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items In January 2015, the FASB issued guidance that eliminates the concept of an event or transaction that is unusual in nature and occurs infrequently being treated as an extraordinary item. The Company adopted this guidance prospectively on January 1, 2016 in accordance with the effective date. Adoption of this new guidance did not impact the Company’s financial position, results of operations or cash flows. Amendments to the Consolidation Analysis In February 2015, the FASB issued guidance that changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The Company adopted this guidance retrospectively on January 1, 2016, in accordance with the effective date. Adoption of this new guidance did not impact the Company’s financial position, results of operations or cash flows. Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued guidance requiring debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. In August 2015, the FASB issued guidance clarifying that debt issuance costs related to line-of-credit and other revolving debt arrangements may be deferred and presented as an asset. The Company adopted this guidance retrospectively on January 1, 2016 in accordance with the effective date. Adoption of this guidance required the Company to reclassify $73 million of debt issuance costs from prepaid expenses and other assets to debt in its condensed consolidated balance sheet as of December 31, 2015. Adoption of this new guidance did not impact the Company’s results of operations or cash flows. Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement In April 2015, the FASB issued guidance for customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The Company adopted this guidance prospectively on January 1, 2016, in accordance with the effective date. Adoption of this new guidance did not impact the Company’s financial position, results of operations or cash flows. Simplifying the Accounting for Measurement Period Adjustments for Business Combinations In September 2015, the FASB issued guidance that requires adjustments to provisional amounts during the measurement period of a business combination to be recognized in the reporting period in which the adjustments are determined, rather than retrospectively. The Company adopted this guidance prospectively on January 1, 2016 in accordance with the effective date. Adoption of this new guidance did not impact the Company’s financial position, results of operations or cash flows. Not Yet Adopted Revenue from Contracts with Customers In May 2014, the FASB issued guidance that will replace most existing revenue recognition guidance in U.S. GAAP. The new guidance applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees. The core principle of the guidance is that an entity should recognize revenue from customers for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. The new principles-based revenue recognition model requires an entity to perform five steps: 1) identify the contract(s) with a customer, 2) identify the performance obligations in the contract, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations in the contract, and 5) recognize revenue when (or as) the entity satisfies a performance obligation. Under the new guidance, performance obligations in a contract will be separately identified, which may impact the timing of recognition of the revenue allocated to each obligation. The measurement of revenue recognized may also be impacted by identification of new performance obligations and other provisions, such as collectability and variable consideration. The guidance will impact the Company’s accounting for certain contracts and its Hertz #1 Gold Plus Rewards liability. Also, additional disclosures are required about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. The new guidance may be adopted on either a full or modified retrospective basis. As originally issued, the guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those reporting periods. In July 2015, the FASB deferred the effective date of the guidance until annual and interim reporting periods beginning after December 15, 2017. In March 2016, the FASB issued clarifying guidance on assessing whether an entity is a principal or an agent in a revenue transaction, which impacts whether an entity reports revenue on a gross or net basis. In April 2016, the FASB issued guidance that reduces the complexity for identifying performance obligations and clarifies the implementation guidance on licensing for intellectual property. In May 2016, the FASB issued guidance that clarifies the collectability criterion, the presentation of sales taxes, and noncash consideration, and provides additional implementation practical expedients. The Company is in the process of determining the method and timing of adoption and assessing the overall impacts of adopting this guidance on its financial position, results of operations and cash flows. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued guidance that makes several changes to the manner in which financial assets and liabilities are accounted for, including, among other things, a requirement to measure most equity investments at fair value with changes in fair value recognized in net income (with the exception of investments that are consolidated or accounted for using the equity method or a fair value practicability exception), and amends certain disclosure requirements related to fair value measurements and financial assets and liabilities. This guidance is effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods using a modified retrospective transition method for most of the requirements. Based on current operations, no material impact to the Company’s financial position, results of operations and cash flows is expected upon adoption of this guidance. Leases In February 2016, the FASB issued guidance that replaces the existing lease guidance. The new guidance establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and lease liability on the balance sheet for all leases with terms longer than 12 months. The guidance will impact leases of our rental locations, as we own approximately 3% of the locations from which we operate our vehicle rental business, in addition to leases of other assets. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. This guidance also expands the requirements for lessees to record leases embedded in other arrangements and the required quantitative and qualitative disclosures surrounding leases. Accounting guidance for lessors is largely unchanged. This guidance is effective for annual periods beginning after December 15, 2018 and interim periods within those annual periods using a modified retrospective transition approach. The Company is in the process of assessing the potential impacts of adopting this guidance on its financial position, results of operations and cash flows. Simplifying the Transition to the Equity Method of Accounting In March 2016, the FASB issued guidance that eliminates the requirement to apply the equity method of accounting retrospectively when significant influence over a previously held investment is obtained. Rather, the guidance requires the investor to add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method of accounting. This guidance is effective prospectively for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Based on current operations, no material impact to the Company’s financial position, results of operations and cash flows is expected upon adoption of this guidance. Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued guidance that simplifies several areas of employee share-based payment accounting, including income taxes, forfeitures, minimum statutory withholding requirements, and classifications within the statement of cash flows. Most significantly, the new guidance eliminates the need to track tax “windfalls” in a separate pool within additional paid-in capital; instead, excess tax benefits and tax deficiencies will be recorded within income tax expense. This will result in the Company reclassifying excess tax benefits from additional paid-in capital to retained earnings on the balance sheet. The new guidance also gives entities the ability to elect whether to estimate forfeitures or account for them as they occur. Different adoption methods are required for the various aspects of the new guidance, including the retrospective, modified retrospective and prospective approaches, effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The Company is in the process of assessing the impacts of adopting this guidance on its financial position, results of operations and cash flows. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued guidance that sets forth a current expected credit loss (“CECL”) impairment model for financial assets, which replaces the current incurred loss model. This model requires a financial asset (or group of financial assets), including trade receivables, measured at amortized cost to be presented at the net amount expected to be collected with an allowance for credit losses deducted from the amortized cost basis. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. This guidance is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods using a modified retrospective transition method. The Company is in the process of assessing the potential impacts of adopting this guidance on its financial position, results of operations and cash flows.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations As further described in Note 1 , " Background ," on June 30, 2016, the separation of Old Hertz Holdings' global vehicle rental and equipment rental businesses was completed. In connection with the Spin-Off, Hertz Global and Herc Holdings have entered into multiple agreements that provide a framework for the relationships between the parties going forward. As the primary operating company for Hertz Global, the agreements that follow also apply to Hertz directly. Separation and Distribution Agreement Hertz Global entered into a separation and distribution agreement (the “Separation Agreement”) with Herc Holdings which, among other things, sets forth other agreements that govern the aspects of the relationship as follows: Internal Reorganization and Related Financing Transactions - Provides for the transfers of entities and assets and the assumption of liabilities necessary to complete the Spin-Off, including the series of internal reorganization transactions such that Hertz Global holds the entities associated with Old Hertz Holdings’ global vehicle rental business, including Hertz, and Herc Holdings holds the entities associated with Old Hertz Holdings’ global equipment rental business, including Herc Rentals Inc. (“Herc”, formerly known as Hertz Equipment Rental Corporation, or “HERC”). Pursuant to the Separation Agreement, Herc made certain cash transfers in the total amount of approximately $2.0 billion to Hertz Global and its subsidiaries in June 2016. To fund, among other things, such transfers, in connection with, and prior to, the Spin-Off, Herc issued senior secured second priority notes and entered into a new asset-based revolving credit agreement. Hertz Global and Hertz used the cash proceeds from these transfers to pay off the Senior Term Facility. Legal Matters and Claims; Sharing of Certain Liabilities - Subject to any specified exceptions, each party to the Separation Agreement has assumed the liability for, and control of, all pending and threatened legal matters related to its own business, as well as assumed or retained liabilities, and has indemnified the other party for any liability arising out of or resulting from such assumed legal matters. The Separation Agreement provides for certain liabilities to be shared by the parties. Hertz Global and Herc Holdings are each responsible for a portion of these shared liabilities. The division of these shared liabilities are set forth in the Separation Agreement. Hertz Global is responsible for managing the settlement or other disposition of such shared liabilities. Other Matters - In addition to those matters discussed above, the Separation Agreement, among other things, (i) governs the transfer of assets and liabilities generally, (ii) terminates all intercompany arrangements between Hertz Global and Herc Holdings except for specified agreements and arrangements that follow the Spin-Off, (iii) contains further assurances, terms and conditions that require Hertz Global and Herc Holdings to use commercially reasonable efforts to consummate the transactions contemplated by the Separation Agreement and the ancillary agreements, (iv) releases certain claims between the parties and their affiliates, successors and assigns, (v) contains mutual indemnification clauses and (vi) allocates expenses of the Spin-Off between the parties. Transition Services Agreement Hertz Global entered into a transition services agreement (the “Transition Services Agreement”) pursuant to which Hertz Global or its affiliates, including Hertz, will provide Herc Holdings specified services on a transitional basis for a term of up to two years following the Spin-off, though Hertz Global may request certain transition services to be performed by Herc Holdings. The services to be provided by Hertz Global primarily include information technology and network and telecommunications systems support, human resources, payroll and benefits, accounting and finance, treasury, tax matters and administrative services. With certain exceptions, Hertz Global and Herc Holdings have agreed to charge for the services rendered the allocated costs associated with rendering these services, including a mark-up for certain services, which the Company will record as a reduction to the associated expenses. Tax Matters Agreement Hertz Global and Hertz entered into a tax matters agreement (the “Tax Matters Agreement”) with Herc Holdings and Herc that governs the parties’ respective rights, responsibilities and obligations after the Spin-Off with respect to tax liabilities and benefits, tax attributes, tax contests and other tax matters regarding income taxes, other taxes and related tax returns. Under the Tax Matters Agreement, Herc Holdings, Herc, Hertz Global and Hertz are responsible for their respective tax liabilities. The agreement provides for no compensation due to any change in a tax attribute, such as a net operating loss ("NOL"). Tax attributes are allocated between the entities based on the applicable federal or state income tax law and regulations. The Tax Matters Agreement also requires that an unqualified opinion from a nationally recognized law firm, supplemental ruling from the Internal Revenue Service, or waiver from the other party be obtained upon the occurrence or contemplated occurrence of certain events which could impact the taxability of the transaction under the U.S. federal income tax law. The 2016 tax return when filed will include six months activity of Hertz Global and 12 months activity of Herc Holdings. Employee Matters Agreement Hertz Global and Herc Holdings entered into an employee matters agreement (the “Employee Matters Agreement”) to allocate liabilities and responsibilities relating to employment matters, employee compensation, benefit plans and programs and other related matters. The Employee Matters Agreement governs Hertz Global's and Herc Holdings’ obligations with respect to such matters for current and former employees of the vehicle rental business and the equipment rental business. Intellectual Property Agreement Hertz Global and Herc Holdings entered into an intellectual property agreement (the “Intellectual Property Agreement”) that provides for ownership, licensing and other arrangements regarding the trademarks and related intellectual property that Hertz Global and Herc Holdings use in conducting their respective businesses. The agreement provides that, following the Spin-Off, Herc Holdings will continue to have the right to use certain intellectual property associated with the Hertz brand for a period of four years on a royalty free basis. Results of Discontinued Operations The following table summarizes the results of the equipment rental business which is presented as discontinued operations. The operations of Hertz that are discontinued are comprised of the Company's former Worldwide Equipment Rental segment. Three Months Ended Six Months Ended (In millions) 2016 2015 2016 2015 Total revenues $ 349 $ 375 $ 677 $ 730 Direct operating expenses 182 212 366 418 Depreciation of revenue earning equipment and lease charges, net 91 81 181 157 Selling, general and administrative 82 45 124 89 Interest expense, net (1) 10 6 13 12 Other (income) expense, net — (2 ) (1 ) (3 ) Income (loss) from discontinued operations before income taxes (16 ) 33 (6 ) 57 (Provision) benefit for taxes on discontinued operations 1 (10 ) (5 ) (25 ) Net income (loss) from discontinued operations $ (15 ) $ 23 $ (11 ) $ 32 (1) In addition to interest expense directly associated with Herc Holdings, the Company allocated all interest expense associated with the Senior ABL Facility to discontinued operations as this debt was repaid in connection with the Spin-Off in accordance with requirements as disclosed in Note 6 , " Debt ." For the three months ended June 30, 2016 and 2015, the amount allocated was $3 million and $4 million , respectively. For the six months ended June 30, 2016 and 2015, the amount allocated was $5 million and $8 million , respectively. The carrying amounts of the major classes of assets and liabilities of discontinued operations as of December 31, 2015 consisted of the following: (In millions) December 31, 2015 ASSETS Cash and cash equivalents $ 5 Restricted cash and cash equivalents 16 Receivables, net of allowance 288 Inventories, net 22 Prepaid expenses and other assets 38 Revenue earning equipment, net 2,382 Property and other equipment, net 246 Other intangible assets, net 300 Goodwill 93 Total assets of discontinued operations $ 3,390 LIABILITIES Accounts payable $ 109 Accrued liabilities and other 71 Accrued taxes, net 273 Debt 64 Public liability and property damage 8 Deferred taxes on income, net 775 Total liabilities of discontinued operations $ 1,300 As a result of the Spin-Off, the Company distributed $348 million in net assets of Herc Holdings, which has been reflected as a reduction to additional paid in capital and accumulated other comprehensive (income) loss in the accompanying condensed consolidated balance sheet and statement of changes in equity as of June 30, 2016. Also in connection with the Spin-Off, there was a $229 million reclassification related to the resulting continuing operations presentation of tax accounts from accrued taxes, net to prepaid expenses and other assets in the accompanying condensed consolidated balance sheets as of December 31, 2015.

Acquisitions and Divestitures

Acquisitions and Divestitures	6 Months Ended
	Jun. 30, 2016
Business Combinations and Divestitures [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Acquisitions Equity Investment During the three months ended June 30, 2016, the Company paid $45 million for investments in entities which are accounted for under the equity method. These investments are presented within prepaid expenses and other assets in the accompanying condensed consolidated balance sheets. Hertz Franchises In February 2015, the Company acquired substantially all of the assets of certain Hertz-branded franchises, including existing vehicles and contract and concession rights, for $87 million . The franchises acquired include on airport locations in Indianapolis, South Bend and Ft. Wayne, Indiana and in Memphis, Tennessee, as well as several smaller off airport locations. The acquisition was part of a strategic decision at the time to increase the number of Hertz-owned locations and capitalize on certain benefits of ownership not available under a franchise agreement. The acquisition was accounted for utilizing the acquisition method of accounting where the purchase price of the reacquired franchises was allocated based on estimated fair values of the assets acquired and liabilities assumed. The excess of the purchase price over the estimated fair value of the net tangible and intangible assets acquired was recorded as goodwill. The purchase price was allocated as follows: (In millions) U.S. Rental Car Revenue earning vehicles $ 71 Property and equipment 6 Other intangible assets 9 Goodwill 1 Total $ 87 Divestitures CAR Inc. Investment In March 2016, the Company sold 204 million shares of common stock of CAR Inc., a publicly traded company on the Hong Kong Stock Exchange and extended its commercial agreement with CAR Inc. to 2023, in exchange for $240 million , of which $233 million was allocated to the sale of shares based on the fair value of those shares. The sale of shares resulted in a pre-tax gain of $75 million , which has been recognized and recorded in the Company's corporate operations and is included in other (income) expense, net in the accompanying condensed consolidated statements of operations. Additionally, $7 million of the proceeds were allocated to the extension of the commercial agreement which have been deferred and are being recognized over the remaining term of the commercial agreement. The sale of the shares reduced the Company's ownership interest in CAR Inc. to 1.7% . Additionally, the Company is no longer able to exercise significant influence over CAR Inc. and as a result, discontinued the equity method of accounting for this investment and classifies the investment as an available for sale security. This investment is presented within prepaid expenses and other assets in the accompanying condensed consolidated balance sheets. See Note 13 , " Fair Value Measurements ," for the fair value of the Company's available for sale securities at June 30, 2016 .

Revenue Earning Equipment

Revenue Earning Equipment	6 Months Ended
	Jun. 30, 2016
Depreciation of Revenue Earning Equipment and Lease Charges Disclosure [Abstract]
Revenue Earning Equipment	Revenue Earning Vehicles The components of revenue earning vehicles, net are as follows: (In millions) June 30, 2016 December 31, 2015 Revenue earning vehicles $ 15,081 $ 13,242 Less: Accumulated depreciation (2,502 ) (2,631 ) 12,579 10,611 Revenue earning vehicles held for sale, net 230 135 Revenue earning vehicles, net $ 12,809 $ 10,746 Depreciation of revenue earning vehicles and lease charges, net includes the following: Three Months Ended Six Months Ended (In millions) 2016 2015 2016 2015 Depreciation of revenue earning vehicles $ 576 $ 575 $ 1,135 $ 1,167 (Gain) loss on disposal of revenue earning vehicles (a) 35 4 77 24 Rents paid for vehicles leased 18 18 33 37 Depreciation of revenue earning vehicles and lease charges, net $ 629 $ 597 $ 1,245 $ 1,228 (a) (Gain) loss on disposal of revenue earning vehicles by segment is as follows: Three Months Ended Six Months Ended (In millions) 2016 2015 2016 2015 U.S. Rental Car $ 38 $ 5 $ 81 $ 25 International Rental Car (3 ) (1 ) (4 ) (1 ) Total $ 35 $ 4 $ 77 $ 24 Depreciation rates are reviewed on a quarterly basis based on management's ongoing assessment of present and estimated future market conditions, their effect on residual values at the time of disposal and the estimated holding periods for the vehicles. The cumulative impact of depreciation rate changes is as follows: Increase (decrease) Three Months Ended Six Months Ended (In millions) 2016 2015 2016 2015 U.S. Rental Car (a) $ 19 $ 27 $ 45 $ 57 International Rental Car 1 — 2 — Total $ 20 $ 27 $ 47 $ 57 (a) The depreciation rate changes in the U.S. Rental Car operations for the three and six months ended June 30, 2016 include a net increase in depreciation expense of $12 million based on the review completed during the second quarter of 2016 . The depreciation rate changes in the U.S. Rental Car operations for the three and six months ended June 30, 2015 include a net increase in depreciation expense of $13 million based on the review completed during the second quarter of 2015 .

Debt

Debt	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt	Debt As discussed in Note 3, "Discontinued Operations," on June 30, 2016, the Company completed a Spin-Off of the equipment rental business. Amounts presented herein relate to the debt associated with the vehicle rental business. The Company's debt, including its available credit facilities, consists of the following (in millions): Facility Weighted Average Interest Rate at June 30, 2016 Fixed or Maturity June 30, December 31, Non-Vehicle Debt Senior Term Loan 3.50% Floating 6/2023 $ 700 $ — Senior RCF N/A Floating 6/2021 — — Senior Term Facility N/A N/A N/A — 2,062 Senior ABL Facility N/A N/A N/A — — Senior Notes (1) 6.58% Fixed 4/2018–10/2022 3,900 3,900 Promissory Notes 7.00% Fixed 1/2028 27 27 Other Non-Vehicle Debt 6.71% Fixed Various 2 2 Unamortized Debt Issuance Costs and Net (Discount) Premium (38 ) (44 ) Total Non-Vehicle Debt 4,591 5,947 Vehicle Debt HVF U.S. Vehicle Medium Term Notes HVF Series 2010-1 (2) 4.96% Fixed 2/2018 115 240 HVF Series 2011-1 (2) 3.51% Fixed 3/2017 230 230 HVF Series 2013-1 (2) 1.81% Fixed 8/2016–8/2018 733 950 1,078 1,420 HVF II U.S. ABS Program HVF II U.S. Vehicle Variable Funding Notes HVF II Series 2013-A (2) 1.50% Floating 10/2017 1,816 980 HVF II Series 2013-B (2) 1.58% Floating 10/2017 953 1,308 HVF II Series 2014-A (2) 2.33% Floating 10/2016 403 1,737 3,172 4,025 HVF II U.S. Vehicle Medium Term Notes HVF II Series 2015-1 (2) 2.93% Fixed 3/2020 780 780 HVF II Series 2015-2 (2) 2.30% Fixed 9/2018 250 250 HVF II Series 2015-3 (2) 2.96% Fixed 9/2020 350 350 HVF II Series 2016-1 (2) 2.72% Fixed 3/2019 439 — HVF II Series 2016-2 (2) 3.25% Fixed 3/2021 561 — HVF II Series 2016-3 (2) 2.56% Fixed 7/2019 400 — HVF II Series 2016-4 (2) 2.91% Fixed 7/2021 400 — 3,180 1,380 Donlen ABS Program HFLF Variable Funding Notes HFLF Series 2013-2 (2) 1.49% Floating 9/2017 175 370 175 370 Facility Weighted Average Interest Rate at June 30, 2016 Fixed or Maturity June 30, December 31, HFLF Medium Term Notes HFLF Series 2013-3 (2) 1.21% Floating 9/2016–11/2016 171 270 HFLF Series 2014-1 (2) 1.06% Floating 12/2016–3/2017 209 288 HFLF Series 2015-1 (2) 1.12% Floating 3/2018–5/2018 295 295 HFLF Series 2016-1 (2) 1.80% Floating 2/2019–4/2019 386 — 1,061 853 Other Vehicle Debt U.S. Vehicle RCF (3) 3.50% Floating 6/2021 185 — U.S. Vehicle Financing Facility N/A N/A N/A — 190 European Revolving Credit Facility 2.13% Floating 10/2017 376 273 European Vehicle Notes 4.38% Fixed 1/2019 470 464 European Securitization (2) 1.55% Floating 10/2018 415 267 Canadian Securitization (2) 1.88% Floating 1/2018 253 148 Australian Securitization (2) 3.51% Floating 12/2016 89 98 Brazilian Vehicle Financing Facility 17.63% Floating 10/2016 9 7 Capitalized Leases 2.61% Floating 7/2016–3/2020 383 362 2,180 1,809 Unamortized Debt Issuance Costs and Net (Discount) Premium (45 ) (34 ) Total Vehicle Debt 10,801 9,823 Total Debt $ 15,392 $ 15,770 N/A - Not Applicable (1) References to the "Senior Notes" include the series of Hertz's unsecured senior notes set forth on the table below. Outstanding principal amounts for each such series of the Senior Notes is also specified below: (In millions) Outstanding Principal Senior Notes June 30, 2016 December 31, 2015 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 $700 million of 7.50% Senior Notes due October 2018 were paid in July 2016 as further described in Note 19 , " Subsequent Events ." (2) Maturity reference is to the "expected final maturity date" as opposed to the subsequent "legal maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness expect the relevant indebtedness to be repaid, which in the case of the HFLF Medium Term Notes was based upon various assumptions made at the time of the pricing of such notes. The legal final maturity date is the date on which the relevant indebtedness is legally due and payable. (3) Approximately $67 million of the aggregate maximum borrowing capacity under the U.S. Vehicle RCF is scheduled to expire in January 2018 . The Company is highly leveraged and a substantial portion of its liquidity needs arise from debt service on its indebtedness and from the funding of its costs of operations, acquisitions and capital expenditures. The Company’s practice is to maintain sufficient liquidity through cash from operations, credit facilities and other financing arrangements, to mitigate any adverse impact on its operations resulting from adverse financial market conditions. In June 2016, the Company paid off its Senior Term Facilities and refinanced certain vehicle debt, as further disclosed below, and wrote off $20 million in deferred financing costs. Non-Vehicle Debt Senior Credit Facilities In June 2016, in connection with the Spin-Off of the equipment rental business, the Senior Term Facility and the Senior ABL Facility were terminated. Senior Facilities In June 2016, in connection with the Spin-Off of the equipment rental business, Hertz, as parent borrower, entered into a credit agreement with respect to a new senior secured term facility (the “Senior Term Loan”) and a new senior secured revolving credit facility (the “Senior RCF”) and, together with the Senior Term Loan, (the “Senior Facilities”). At Hertz’s option and subject to certain conditions, certain of Hertz’s domestic subsidiaries may also become party to the Senior Facilities from time to time, as subsidiary borrowers. The Senior Facilities are comprised of a Senior Term Loan, with a $700 million initial principal balance, and a Senior RCF consisting of a $1.7 billion revolving credit facility, with a portion of the Senior RCF available for the issuance of letters of credit and the issuance of swing line loans. The proceeds from the issuance of the Senior Term Loan were subsequently used to redeem all of the outstanding 7.50% Senior Notes due 2018. Subject to the satisfaction of certain conditions and limitations, the Senior Facilities allow for the addition of incremental term and/or revolving loan commitments and incremental term and/or revolving loans. The interest rate applicable to the loans under the Senior Term Loan is based on a floating rate (subject to a LIBOR floor of 0.75% ) that varies depending on Hertz’s consolidated total net corporate leverage ratio. The interest rates applicable to the loans under the Senior RCF are based on a floating rate that varies depending on Hertz’s consolidated total net corporate leverage ratio and corporate ratings. Vehicle Debt HVF II U.S. Vehicle Variable Funding Notes In June 2016, HVF II terminated $1.8 billion of commitments under the HVF II Series 2014-A Class A Notes, which commitments would have otherwise terminated as previously scheduled in October 2016, such that after giving effect to such termination the aggregate maximum principal amount of the HVF II Series 2014-A Class A Notes was $500 million (subject to borrowing base availability). HVF II also terminated $20 million of commitments under the HVF II Series 2013-B Class B Notes and $20 million of commitments under the HVF II Series 2014-A Class B Notes, such that after giving effect to such terminations the aggregate maximum principal amount of the HVF II Series 2013-B Class B Notes and the HVF II Series 2014-A Class B Notes were $55 million and $20 million , respectively (in each case, subject to borrowing base availability). In addition, in June 2016 HVF II transitioned approximately $500 million of commitments available under the HVF II Series 2013-B Class A Notes to the HVF II Series 2013-A Class A Notes, such that after giving effect to such transition the aggregate maximum principal amount of the HVF II Series 2013-A Class A Notes and the HVF II Series 2013-B Class A Notes were $2.2 billion and $1.0 billion , respectively (in each case, subject to borrowing base availability). The net proceeds from the sale of the HVF II Series 2016-3 Notes and HVF II Series 2016-4 Notes (as defined below), together with available cash, were used to repay $820 million of the outstanding principal amount of the HVF II Series 2014-A Notes. The net proceeds from the issuance of the HVF II Series 2016-1 Notes and HVF II Series 2016-2 Notes (as defined below), together with available cash, were used to repay approximately $741 million of the outstanding principal amount of the HVF II Series 2014-A Notes and approximately $264 million of the outstanding principal amount of the HVF II Series 2013-A Notes. HVF II U.S. Vehicle Medium Term Notes In June 2016, HVF II issued the Series 2016-3 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D (collectively, the "HVF II Series 2016-3 Notes") and Series 2016-4 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D (collectively, the "HVF II Series 2016-4 Notes") in an aggregate principal amount of approximately $848 million . The expected maturities of the Series 2016-3 Notes and the Series 2016-4 Notes are July 2019 and July 2021, respectively. There is subordination within the HVF II Series 2016-3 Notes and the HVF II Series 2016-4 Notes based on class. An affiliate of HVF II purchased the Class D Notes of each such series, and as a result, approximately $48 million of the aggregate principal amount is eliminated in consolidation. In February 2016, HVF II issued the Series 2016-1 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D (collectively, the “HVF II Series 2016-1 Notes”) and Series 2016-2 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D (collectively, the “HVF II Series 2016-2 Notes”) in an aggregate principal amount of approximately $1.06 billion . The expected maturities of the HVF II Series 2016-1 Notes and the HVF II Series 2016-2 Notes are March 2019 and March 2021, respectively. There is subordination within the HVF II Series 2016-1 Notes and the HVF II Series 2016-2 Notes based on class. An affiliate of HVF II purchased the Class D Notes of each such series, and as a result approximately $61 million of the aggregate principal amount is eliminated in consolidation. HFLF Medium Term Notes In April 2016, HFLF issued the Series 2016-1 Asset-Backed Notes, Class A, Class B, Class C, Class D, and Class E (collectively, the “HFLF Series 2016-1 Notes”) in an aggregate principal amount of $400 million . The expected maturity of the HFLF Series 2016-1 Notes is February 2019 to April 2019 , based upon assumptions made at the time of the pricing of the HFLF Series 2016-1 Notes. The HFLF Series 2016-1 Notes (other than the Class A-2 Notes which are fixed rate) are floating rate and carry an interest rate based upon a spread to one-month LIBOR. An affiliate of HFLF purchased the Class E Notes, and as a result approximately $15 million of the aggregate principal amount is eliminated in consolidation. The net proceeds from the issuance of the HFLF Series 2016-1 Notes, together with available cash, were used to repay $400 million of amounts then-outstanding under the HFLF Series 2013-2 Notes. U.S. Vehicle Revolving Credit Facility In June 2016, in connection with the Spin-Off, Hertz executed a U.S. Vehicle Revolving Credit Facility of $200 million (the “U.S. Vehicle RCF”). Eligible vehicle collateral for the U.S. Vehicle RCF includes retail vehicle sales inventory, certain vehicles in Hawaii and Kansas and other vehicles owned by certain of the Company’s U.S. operating companies. U.S. Vehicle Financing Facility In June 2016, in anticipation of the Spin-Off, the U.S. Vehicle Financing Facility was terminated. Vehicles that, prior to the Spin-Off, would have been financed under the U.S. Vehicle Financing Facility will be financed under the U.S. Vehicle RCF or the HVF II U.S. ABS Program going forward, as applicable. European Revolving Credit Facility In June 2016, HHN BV amended the European Revolving Credit Facility to provide for aggregate maximum borrowings (subject to borrowing base availability) of up to €340 million during the peak season, for a seasonal commitment period through December 2016. Following the expiration of the seasonal commitment period, aggregate maximum borrowings available under the European Revolving Credit Facility will revert to up to €250 million (subject to borrowing base availability). European Securitization In June 2016, certain of Hertz’s foreign subsidiaries entered into an agreement pursuant to which certain terms of the European Securitization were amended. The amendment provides for, among other things, aggregate maximum borrowings (subject to borrowing base availability) of up to €460 million and an extension of the maturity from October 2017 to October 2018. Brazilian Vehicle Financing Facility In April 2016, the Company entered into an agreement pursuant to which the maturity of the Brazilian Vehicle Financing Facility was extended from April 2016 to October 2016 . Capitalized Leases-U.K. Leveraged Financing In June 2016, the U.K. Leveraged Financing was amended to provide for aggregate maximum leasing capacity (subject to asset availability) of up to £300 million during the peak season, for a seasonal commitment period through October 2016. Following the expiration of the seasonal commitment period, aggregate maximum borrowings available under the U.K Leveraged Financing will revert to up to £250 million (subject to borrowing base availability). See also Note 19 , " Subsequent Events ," regarding financing transactions occurring subsequent to June 30, 2016. Borrowing Capacity and Availability Borrowing capacity and availability comes from the Company's "revolving credit facilities," which are a combination of variable funding asset-backed securitization facilities, cash-flow-based revolving credit facilities and asset-based revolving credit facilities. Creditors under each such asset-backed securitization facility and asset-based revolving credit facility have a claim on a specific pool of assets as collateral. The Company's ability to borrow under each such asset-backed securitization facility and asset-based revolving credit facility is a function of, among other things, the value of the assets in the relevant collateral pool. With respect to each such asset-backed securitization facility and asset-based revolving credit facility, the Company refers to the amount of debt it can borrow given a certain pool of assets as the borrowing base. The Company refers to "Remaining Capacity" as the maximum principal amount of debt permitted to be outstanding under the respective facility (i.e., with respect to a variable funding asset-backed securitization facility or asset-based revolving credit facility, the amount of debt we could borrow assuming we possessed sufficient assets as collateral) less the principal amount of debt then-outstanding under such facility. With respect to a variable funding asset-backed securitization facility or asset-based revolving credit facility, the Company refers to "Availability Under Borrowing Base Limitation" as the lower of Remaining Capacity or the borrowing base less the principal amount of debt then-outstanding under such facility (i.e., the amount of debt that can be borrowed given the collateral possessed at such time). With respect to the Senior RCF, "Availability Under Borrowing Base Limitation" is the same as "Remaining Capacity" since borrowings under the Senior RCF are not subject to a borrowing base. The following facilities were available to the Company as of June 30, 2016 : (In millions) Remaining Availability Under Non-Vehicle Debt Senior RCF $ 1,094 $ 1,094 Total Non-Vehicle Debt 1,094 1,094 Vehicle Debt U.S. Vehicle RCF — — HVF II U.S. Vehicle Variable Funding Notes 613 — HFLF Variable Funding Notes 325 — European Revolving Credit Facility — — European Securitization 94 — Canadian Securitization 16 — Australian Securitization 96 2 Capitalized Leases 16 8 Total Vehicle Debt 1,160 10 Total $ 2,254 $ 1,104 Letters of Credit As of June 30, 2016 , there were outstanding standby letters of credit totaling $618 million . Such letters of credit have been issued primarily to support the Company's vehicle rental concessions and leaseholds and its insurance programs as well as to provide credit enhancement for its asset-backed securitization facilities. Of this amount $606 million was issued under the Senior RCF, which has a $1 billion letter of credit sublimit, resulting in $394 million of availability under such sublimit. As of June 30, 2016, none of the letters of credit have been drawn upon. Special Purpose Entities Substantially all of the revenue earning vehicles and certain related assets are owned by special purpose entities, or are encumbered in favor of the lenders under the various credit facilities, other secured financings and asset-backed securities programs. None of such assets (including the assets owned by Hertz Vehicle Financing II LP, Hertz Vehicle Financing LLC, Rental Car Finance LLC, DNRS II LLC, HFLF, Donlen Trust and various international subsidiaries that facilitate the Company's international securitizations) are available to satisfy the claims of general creditors. Some of these special purpose entities are consolidated variable interest entities, of which the Company is the primary beneficiary, whose sole purpose is to provide commitments to lend in various currencies subject to borrowing bases comprised of revenue earning vehicles and related assets of certain of Hertz International, Ltd.'s subsidiaries. As of June 30, 2016 and December 31, 2015 , the Company's International Fleet Financing No. 1 B.V., International Fleet Financing No. 2 B.V. and HA Funding Pty, Ltd. variable interest entities had total assets of $619 million and $418 million , respectively, primarily comprised of loans receivable and revenue earning vehicles, and total liabilities of $619 million and $418 million , respectively, primarily comprised of debt. Financial Covenant Compliance The Company refers to Hertz and its subsidiaries as the Hertz credit group. The indentures for the Senior Notes contain covenants that, among other things, limit or restrict the ability of the Hertz credit group to incur additional indebtedness, incur guarantee obligations, prepay certain indebtedness, make certain restricted payments (including paying dividends, redeeming stock or making other distributions to parent entities of Hertz and other persons outside of the Hertz credit group), make investments, create liens, transfer or sell assets, merge or consolidate, and enter into certain transactions with Hertz's affiliates that are not members of the Hertz credit group. Certain other debt instruments and credit facilities (including the Senior Facilities) contain a number of covenants that, among other things, limit or restrict the ability of the borrowers and the guarantors to dispose of assets, incur additional indebtedness, incur guarantee obligations, prepay certain indebtedness, make certain restricted payments (including paying dividends, share repurchases or making other distributions), create liens, make investments, make acquisitions, engage in mergers, fundamentally change the nature of their business, make capital expenditures, or engage in certain transactions with certain affiliates. The Senior RCF contains a financial maintenance covenant, which is a maximum consolidated total net corporate leverage ratio, as defined in the Senior RCF, and is only applicable to the Senior RCF. Hertz’s consolidated total net corporate leverage ratio as of the last day of any fiscal quarter, commencing with September 30, 2016, may not exceed the ratios indicated below: Fiscal Quarter(s) Ending Maximum Ratio September 30, 2016 5.25 to 1.00 December 31, 2016 through March 31, 2017 4.75 to 1.00 June 30, 2017 through September 30, 2017 5.25 to 1.00 December 31, 2017 4.75 to 1.00 March 31, 2018 4.50 to 1.00 June 30, 2018 through September 30, 2018 5.00 to 1.00 December 31, 2018 through March 31, 2019 4.50 to 1.00 June 30, 2019 through September 30, 2019 5.00 to 1.00 December 31, 2019 through March 31, 2020 4.50 to 1.00 June 30, 2020 through September 30, 2020 5.00 to 1.00 December 31, 2020 through March 31, 2021 4.50 to 1.00

Employee Retirement Benefits

Employee Retirement Benefits	6 Months Ended
	Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract]
Employee Retirement Benefits	Employee Retirement Benefits Effective December 31, 2014, the Company amended the Hertz Corporation Account Balance Defined Benefit Pension Plan to permanently discontinue future benefit accruals and participation under the plan for non-union employees. While compensation credits are no longer provided under the plan, interest credits continue to be credited on existing participant account balances under the plan until benefits are distributed, and service continues to be recognized for vesting and retirement eligibility requirements. Employee Matters Agreement As described in Note 3 , " Discontinued Operations ," Hertz Global and Herc Holdings entered into the “Employee Matters Agreement” to allocate liabilities and responsibilities relating to employment matters, employee compensation, benefit plans and programs and other related matters in connection with the Spin-Off of the equipment rental business. The Employee Matters Agreement governs Hertz Global's and Herc Holdings’ obligations with respect to such matters for current and former employees of the vehicle rental business and the equipment rental business. The Employee Matters Agreement specifies the method by which the pension plans are split in connection with the Spin-Off. Pension liabilities and an associated asset allocation related to employees of the equipment rental business will be transferred to a new plan. Amounts presented herein relate to pension expense associated with current and former employees of the vehicle rental business. On June 30, 2016, in connection with the Spin-Off and transfer of assets and liabilities from combined U.S. pension and other post-retirement benefit plans to newly created Herc Holdings plans, the Company remeasured pension and other post-retirement liabilities and assets for several of its U.S. plans. The remeasurement resulted in an increase to the Company's continuing operations net pension liability of $23 million compared to the net pension liability as of December 31, 2015. The significant weighted-average assumptions used at the June 30, 2016 measurement date were as follows. Discount rate 3.5% Expected rate of return on plan assets 7.2% Average salary increase 4.3% The following table sets forth the net periodic pension expense: Pension Benefits U.S. Non-U.S. Three Months Ended June 30, (In millions) 2016 2015 2016 2015 Components of Net Periodic Benefit Cost: Service cost $ — $ 1 $ 1 $ — Interest cost 7 6 2 2 Expected return on plan assets (7 ) (8 ) (3 ) (4 ) Net amortizations 1 1 — 1 Settlement loss — 1 — — Net periodic pension expense (benefit) $ 1 $ 1 $ — $ (1 ) Pension Benefits U.S. Non-U.S. Six Months Ended June 30, (In millions) 2016 2015 2016 2015 Components of Net Periodic Benefit Cost: Service cost $ 1 $ 2 $ 1 $ 1 Interest cost 11 11 4 4 Expected return on plan assets (14 ) (16 ) (6 ) (8 ) Net amortizations 4 2 — 1 Settlement loss 1 2 — — Net periodic pension expense (benefit) $ 3 $ 1 $ (1 ) $ (2 )

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2016
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 Global's stock-based compensation plans is pushed down from Hertz Global and recorded on the books at the Hertz level. In accordance with the Employee Matters Agreement entered into between Hertz Global and Herc Holdings, as further described in Note 3 , " Discontinued Operations ," previously outstanding stock-based compensation awards granted under Old Hertz Holdings' equity compensation programs prior to the Spin-Off and held by certain executives and employees of HERC and Old Hertz Holdings were adjusted to reflect the impact of the Spin-Off on these awards. To preserve the aggregate intrinsic value of these stock-based compensation awards, as measured immediately before and immediately after the Spin-Off, each holder of Old Hertz Holdings stock-based compensation awards received an adjusted award consisting of a stock-based compensation award denominated in the equity of the company at which the person was employed following the Spin-Off. In the Spin-Off, the determination as to which type of adjustment applied to a holder’s previously outstanding Old Hertz Holdings award was based upon the type of stock-based compensation award that was to be adjusted and the date on which the award was originally granted under the Old Hertz Holdings equity compensation programs prior to the Spin-Off. Under the Hertz Global Holdings, Inc. 2008 Omnibus Incentive Plan, and prior to the consummation of the Spin-Off, during the six months ended June 30, 2016 , the Company granted 794,149 non-qualified stock options to certain executives and employees at a weighted average grant date fair value of $3.99 as determined using the Black Scholes option model; 1,114,527 restricted stock units ("RSUs") at a weighted average grant date fair value of $9.78 and 2,075,328 performance stock units ("PSUs") at a weighted average grant date fair value of $9.93 with vesting terms of three to five years. In connection with the Spin-Off on June 30, 2016 as further described in Note 1 , " Background ," outstanding stock-based compensation awards for employees of the global vehicle rental business were converted at a ratio of 1 former unit to 0.2523 new units, with a corresponding change in the exercise price of outstanding options. There are no significant changes to assumptions used to fair value the options, nor is there material incremental compensation expense as a result of the Spin-Off. A summary of the total compensation expense and associated income tax benefits recognized under all plans, including the cost of stock options, RSUs and PSUs, is as follows: Three Months Ended Six Months Ended (In millions) 2016 2015 2016 2015 Compensation expense $ 6 $ 5 $ 12 $ 8 Income tax benefit (2 ) (2 ) (5 ) (3 ) Total $ 4 $ 3 $ 7 $ 5 As of June 30, 2016 , there was $55 million of total unrecognized compensation cost related to non-vested stock options, RSUs and PSUs granted by Old Hertz Holdings under all plans. The total unrecognized compensation cost is expected to be recognized over the remaining 2.14 years, on a weighted average basis, of the requisite service period that began on the grant dates.

Restructuring

Restructuring	6 Months Ended
	Jun. 30, 2016
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring During 2016 , the Company evaluated its workforce and operations and initiated approximately $31 million in restructuring programs that include headcount reductions, business process re-engineering and outsourcing certain information technology application and infrastructure functions to a third party service provider. These programs are expected to be completed within the next twelve months. Restructuring charges under these programs for the periods shown are as follows: Three Months Ended Six Months Ended (In millions) 2016 2015 2016 2015 By Type: Termination benefits $ 10 $ 6 $ 16 $ 12 Impairments and asset write-downs 3 — 3 1 Facility closure and lease obligation costs 5 14 5 14 Other — (1 ) — (2 ) Total $ 18 $ 19 $ 24 $ 25 Three Months Ended Six Months Ended (In millions) 2016 2015 2016 2015 By Caption: Direct vehicle and operating $ 8 $ 14 $ 9 $ 15 Selling, general and administrative 10 5 15 10 Total $ 18 $ 19 $ 24 $ 25 Three Months Ended Six Months Ended (In millions) 2016 2015 2016 2015 By Segment: U.S. Rental Car $ 15 $ 14 $ 21 $ 16 International Rental Car 3 5 3 7 Corporate — — — 2 Total $ 18 $ 19 $ 24 $ 25 The following table sets forth the activity affecting the restructuring accrual which is included in accrued liabilities in the accompanying condensed consolidated balance sheets during the six months ended June 30, 2016 . Other is primarily comprised of future lease obligations which will be paid over the remaining term of the applicable leases. (In millions) Termination Other Total Balance as of December 31, 2015 $ 9 $ 15 $ 24 Charges incurred 16 8 24 Cash payments (8 ) (7 ) (15 ) Other non-cash changes (1 ) 1 — Balance as of June 30, 2016 $ 16 $ 17 $ 33

Tangible Asset Impairments and

Tangible Asset Impairments and Asset Write-downs	6 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Tangible Asset Impairments and Asset Write-downs	Tangible Asset Impairments and Asset Write-downs In the first quarter of 2015, the Company performed an impairment assessment of the Dollar Thrifty headquarters campus in Tulsa, Oklahoma, which is part of the U.S. Rental Car segment. Based on the impairment assessment, the Company recorded a charge of $6 million which is included in selling, general and administrative expense in the accompanying condensed consolidated statements of operations. The building was sold in December 2015. In the first quarter of 2015, the Company recorded $11 million in charges associated with U.S. Rental Car service equipment and assets deemed to have no future use, of which $4 million is included in direct vehicle and operating expense and $7 million is included in other (income) expense, net in the accompanying condensed consolidated statements of operations.

Taxes on Income (Loss)

Taxes on Income (Loss)	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Taxes on Income (Loss)	Taxes on Income (Loss) The effective tax rate for the three months ended June 30, 2016 and 2015 was 20% and 66% , respectively. The effective tax rate for the six months ended June 30, 2016 and 2015 was 29% and 8% , respectively. The effective tax rate for the full fiscal year 2016 is expected to be approximately 47% . The Company recorded a tax benefit of $7 million for the three months ended June 30, 2016 compared to a tax provision of $25 million for the three months ended June 30, 2015 . The change was the result of the impact of tax law changes, principally in Louisiana, for approximately $2 million and charges related to the Spin-Off of $2 million recorded in the second quarter of 2016 . The Company recorded a tax benefit of $32 million for the six months ended June 30, 2016 compared to a tax benefit of $6 million for the six months ended June 30, 2015 . The change was the result of a higher loss from continuing operations before income taxes, the impact of tax law changes, principally in Louisiana, for approximately $2 million and charges related to the Spin-Off of $2 million recorded in the second quarter of 2016 . Tax Matters Agreement As described in Note 3 , " Discontinued Operations ", Hertz Global and Hertz entered into the Tax Matters Agreement with Herc Holdings and Herc Rentals to govern the parties’ respective rights, responsibilities and obligations after the Spin-Off with respect to tax liabilities and benefits, tax attributes, tax contests and other tax matters regarding income taxes, other taxes and related tax returns.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2016
Financial Instruments [Abstract]
Financial Instruments	Financial Instruments The Company has risk exposures that it has historically used financial instruments to manage. None of the instruments have been designated in a hedging relationship as of June 30, 2016 . Interest Rate Risk The Company’s objective in managing exposure to interest rate changes is to minimize the impact of interest rate changes on earnings and cash flows and to lower overall borrowing costs. To achieve these objectives, the Company uses interest rate caps and other instruments to manage the mix of floating and fixed-rate debt. Currency Exchange Rate Risk The Company’s objective in managing exposure to currency fluctuations is to limit the exposure of certain cash flows and earnings from changes associated with currency exchange rate changes through the use of various derivative contracts. The Company experiences currency risks in its global operations as a result of various factors including intercompany local currency denominated loans, rental operations in various currencies and purchasing vehicles in various currencies. The following table summarizes the estimated fair value of financial instruments: Fair Value of Financial Instruments Asset Derivatives (1) Liability Derivatives (1) (In millions) June 30, December 31, June 30, December 31, Interest rate instruments $ 2 $ 9 $ 1 $ 9 Foreign currency forward contracts 6 3 3 1 Total $ 8 $ 12 $ 4 $ 10 (1) All asset derivatives are recorded in prepaid expenses and other assets and all liability derivatives are recorded in accrued liabilities in the accompanying condensed consolidated balance sheets. While the Company's foreign currency forward contracts and certain interest rate instruments are subject to enforceable master netting agreements with their counterparties, the Company does not offset the derivative assets and liabilities in its condensed consolidated balance sheets. The following table summarizes the gains or (losses) on financial instruments for the period indicated. Location of Gain or (Loss) Recognized on Derivatives Amount of Gain or (Loss) Recognized Three Months Ended (In millions) 2016 2015 Foreign currency forward contracts Selling, general and administrative $ (1 ) $ (3 ) Location of Gain or (Loss) Recognized on Derivatives Amount of Gain or (Loss) Recognized Six Months Ended (In millions) 2016 2015 Foreign currency forward contracts Selling, general and administrative $ 1 $ (3 )

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis The fair value of accounts receivable, accounts payable and accrued expenses, to the extent the underlying liability will be settled in cash, approximates the carrying values because of the short-term nature of these instruments. Cash Equivalents and Investments The Company’s cash equivalents primarily consist of money market accounts 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 and available for sale securities. 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, 2016 December 31, 2015 (In millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Money market funds $ 205 $ 406 $ — $ 611 $ 181 $ 49 $ — $ 230 Equity and other securities 40 100 — 140 — 111 — 111 Total $ 245 $ 506 $ — $ 751 $ 181 $ 160 $ — $ 341 CAR Inc . As further described in Note 4 , " Acquisitions and Divestitures ," the Company holds an investment in CAR Inc. that was previously accounted for under the equity method and is now accounted for as an available for sale security. As such, the balance of our investment is included in the table above under equity and other securities (Level 1) as of June 30, 2016 . Financial Instruments The fair value of the Company's financial instruments as of June 30, 2016 are shown in Note 12 , " Financial Instruments ." The Company's financial instruments are classified as Level 2 assets and liabilities and are priced using quoted market prices for similar assets or liabilities in active markets. Debt Obligations The fair value of debt is estimated based on quoted market rates as well as borrowing rates currently available to the Company for loans with similar terms and average maturities (Level 2 inputs). As of June 30, 2016 As of December 31, 2015 (In millions) Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Non-vehicle Debt $ 4,629 $ 4,726 $ 5,991 $ 6,070 Vehicle Debt 10,846 10,927 9,857 9,854 Total $ 15,475 $ 15,653 $ 15,848 $ 15,924 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, 2016 are as follows: (In millions) Balance as of June 30, 2016 Level 1 Level 2 Level 3 Total Loss Adjustments Recorded for the Six Months ended June 30, 2016 Long-lived assets held for sale $ 9 $ — $ — $ 9 $ 3 During the first quarter of 2016, the Company reclassified an asset in its U.S. Rental Car segment with a fair value of $9 million to held and used. The asset was previously classified as held for sale at December 31, 2015 . During the second quarter of 2016, the Company sold its previous corporate headquarters building in Park Ridge, New Jersey. The Company's long-lived assets held for sale are primarily comprised of property in its U.S. Rental Car segment recorded in property and equipment, net in the accompanying condensed consolidated balance sheets. The fair value less cost to sell of the long-lived asset held for sale was assessed at June 30, 2016 . The Company uses market and income approaches to value long-lived assets, including inputs such as expected cash flows and recent comparable transactions.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income Accumulated Other Income (Loss) Changes in the accumulated other comprehensive income (loss) balance by component (net of tax) are as follows: (In millions) Pension and Other Post-Employment Benefits Foreign Currency Items Unrealized Losses on Terminated Net Investment Hedges Unrealized Gains on Available for Sale Securities Accumulated Other Comprehensive Income (Loss) Balance as of December 31, 2015 $ (102 ) $ (124 ) $ (19 ) $ — $ (245 ) Other comprehensive income (loss) before reclassification (20 ) 18 — 9 7 Amounts reclassified from accumulated other comprehensive loss 2 — — — 2 Distribution of Herc Rentals Inc 20 95 — — 115 Balance as of June 30, 2016 $ (100 ) $ (11 ) $ (19 ) $ 9 $ (121 ) Balance as of December 31, 2014 $ (101 ) $ 5 $ (19 ) $ — $ (115 ) Other comprehensive income (loss) before reclassification — (39 ) — — (39 ) Amounts reclassified from accumulated other comprehensive loss 4 — — — 4 Balance as of June 30, 2015 $ (97 ) $ (34 ) $ (19 ) $ — $ (150 )

Contingencies and Off-Balance S

Contingencies and Off-Balance Sheet Commitments	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Off-Balance Sheet Commitments	Contingencies and Off-Balance Sheet Commitments Legal Proceedings Public Liability and Property Damage The Company is currently a defendant in numerous actions and has received numerous claims on which actions have not yet been commenced for public liability and property damage arising from the operation of motor vehicles rented from the Company. The obligation for public liability and property damage on self-insured U.S. and international vehicles, as stated on the Company's balance sheet, represents an estimate for both reported accident claims not yet paid and claims incurred but not yet reported. The related liabilities are recorded on a non-discounted basis. Reserve requirements are based on rental volume and actuarial evaluations of historical accident claim experience and trends, as well as future projections of ultimate losses, expenses, premiums and administrative costs. At June 30, 2016 and December 31, 2015 , the Company's liability recorded for public liability and property damage matters was $410 million and $394 million , respectively. The Company believes that its analysis is based on the most relevant information available, combined with reasonable assumptions, and that the Company may prudently rely on this information to determine the estimated liability. The liability is subject to significant uncertainties. The adequacy of the liability reserve is regularly monitored based on evolving accident claim history and insurance related state legislation changes. If the Company's estimates change or if actual results differ from these assumptions, the amount of the recorded liability is adjusted to reflect these results. Other Matters From time to time the Company is a party to various legal proceedings. The Company has summarized below the most significant legal proceedings to which the Company was and/or is a party to during the six months ended June 30, 2016 or the period after June 30, 2016 , but before the filing of this Report on Form 10‑Q. Concession Fee Recoveries - In October 2006, Janet Sobel, Daniel Dugan, PhD. and Lydia Lee, individually and on behalf of all others similarly situated v. The Hertz Corporation and Enterprise Rent-A-Car Company (“Enterprise”) was filed in the U.S. District Court for the District of Nevada (Enterprise became a defendant in a separate action which they have now settled.) The Sobel case is a consumer class action on behalf of all persons who rented vehicles from Hertz at airports in Nevada and were separately charged airport concession recovery fees by Hertz as part of their rental charges during the class period. In October 2014, the court entered final judgment against the Company and directed Hertz to pay the class approximately $42 million in restitution and $11 million in prejudgment interest, and to pay attorney's fees of $3.1 million with an additional $3.1 million to be paid from the restitution fund. In December 2014, Hertz timely filed an appeal of that final judgment with the U.S. Court of Appeals for the Ninth Circuit and the plaintiffs cross appealed the court's judgment seeking to challenge the lower court's ruling that Hertz did not deceive or mislead the class members. The matter has now been fully briefed by the parties. No oral argument date has been set. The Company continues to believe the outcome of this case will not be material to its financial condition, results of operations or cash flows. In re Hertz Global Holdings, Inc. Securities Litigation - In November 2013, a purported shareholder class action, Pedro Ramirez, Jr. v. Hertz Global Holdings, Inc., et al., was commenced in the U.S. District Court for the District of New Jersey naming Old Hertz Holdings and certain of its officers as defendants and alleging violations of the federal securities laws. The complaint alleged that Old Hertz Holdings made material misrepresentations and/or omissions of material fact in its public disclosures during the period from February 25, 2013 through November 4, 2013, in violation of Section 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder. The complaint sought an unspecified amount of monetary damages on behalf of the purported class and an award of costs and expenses, including counsel fees and expert fees. In June 2014, Old Hertz Holdings responded to the amended complaint by filing a motion to dismiss. After a hearing in October 2014, the court granted Old Hertz Holdings' motion to dismiss the complaint. The dismissal was without prejudice and plaintiff was granted leave to file a second amended complaint within 30 days of the order. In November 2014, plaintiff filed a second amended complaint which shortened the putative class period such that it was not alleged to have commenced until May 18, 2013 and made allegations that were not substantively very different than the allegations in the prior complaint. In early 2015, this case was assigned to a new federal judge in the District of New Jersey, and Old Hertz Holdings responded to the second amended complaint by filing another motion to dismiss. On July 22, 2015, the court granted Old Hertz Holdings’ motion to dismiss without prejudice and ordered that plaintiff could file a third amended complaint on or before August 22, 2015. On August 21, 2015, plaintiff filed a third amended complaint. The third amended complaint included additional allegations, named additional current and former officers as defendants and expanded the putative class period such that it was alleged to span from February 14, 2013 to July 16, 2015. On November 4, 2015, Old Hertz Holdings filed its motion to dismiss. Thereafter, a motion was made by plaintiff to add a new plaintiff, because of challenges to the standing of the first plaintiff. The court granted plaintiffs leave to file a fourth amended complaint to add the new plaintiff, and the new complaint was filed on March 1, 2016. Old Hertz Holdings and the individual defendants moved to dismiss the fourth amended complaint in its entirety with prejudice on March 24, 2016, and plaintiff filed its opposition to same on May 6, 2016. On June 13, 2016, Old Hertz Holdings and the individual defendants filed their reply briefs in support of their motions to dismiss. The matter is now fully briefed. New Hertz and Herc Holdings are each responsible for a portion of the matter and Hertz Global will be responsible for managing the settlement or other disposition of the matter . Hertz Global believes that it has valid and meritorious defenses and it intends to vigorously defend against the complaint, but litigation is subject to many uncertainties and the outcome of this matter is not predictable with assurance. It is possible that this matter could be decided unfavorably to Hertz Global. However, we are currently unable to estimate the range of these possible losses, but they could be material to the Company's consolidated financial condition, results of operations or cash flows in any particular reporting period. Ryanair - In July 2015, Ryanair Ltd. ("Ryanair") filed a complaint against Hertz Europe Limited, a subsidiary of the Company, in the High Court of Justice, Queen’s Bench Division, Commercial Court, Royal Courts of Justice of the United Kingdom alleging breach of contract in connection with Hertz Europe Limited’s termination of its vehicle hire agreement with Ryanair following a contractual dispute with respect to Ryanair’s agreement to begin using third party ticket distributors. The complaint seeks damages, interest and costs, together with attorney fees. The Company believes that it has valid and meritorious defenses and it intends to vigorously defend against these allegations, but litigation is subject to many uncertainties and the outcome of this matter is not predictable with assurance. The Company has established a reserve for this matter which is not material. However, it is possible that this matter could be decided unfavorably to the Company, accordingly, it is possible that an adverse outcome could exceed the amount accrued in an amount that could be material to the Company's consolidated financial condition, results of operations or cash flows in any particular reporting period. The Company intends to assert that it has meritorious defenses in the foregoing matters and the Company intends to defend itself vigorously. Governmental Investigations - In June 2014, the Company was advised by the staff of the New York Regional Office of the SEC that it is investigating the events disclosed in certain of the Company’s filings with the SEC. In addition, in December 2014 a state securities regulator requested information and starting in June 2016 the Company has had communications with the United States Attorney's Office for the District of New Jersey regarding the same or similar events. The investigations and communications generally involve the restatements included in the Company's 2014 Form 10‑K for the year ended December 31, 2014, as filed with the Securities and Exchange Commission ("SEC") on July 16, 2015 and related accounting for prior periods. The Company has and intends to continue to cooperate with all requests related to the foregoing. Due to the stage at which the proceedings are, Hertz is currently unable to predict the likely outcome of the proceedings or estimate the range of reasonably possible losses, which may be material. Among other matters, the restatements included in the Company’s 2014 Form 10‑K addressed a variety of accounting matters involving the Company’s Brazil vehicle rental operations. The Company has identified certain activities in Brazil that may raise issues under the Foreign Corrupt Practices Act and other federal and local laws, which the Company has self-reported to appropriate government entities. The Company is continuing to investigate these issues. At this time, the Company is unable to predict the outcome of these issues or estimate the range of reasonably possible losses, which could be material. French Antitrust - In February 2015, the French Competition Authority issued a Statement of Objections claiming that several vehicle rental companies, including Hertz and certain of its subsidiaries, violated French competition law by receiving historic market information from twelve French airports relating to the vehicle rental companies operating at those airports and by engaging in a concerted practice relating to train station surcharges. 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 could be material. French Road Tax - The French Tax Authority has challenged the historic practice of several vehicle rental companies, including Hertz France, of registering vehicles in jurisdictions where it is established and where the road tax payable with respect to those vehicles is lower than the road tax payable in the jurisdictions where the vehicles will primarily be used. In respect of a period in 2005, the Company has unsuccessfully appealed the French Tax assessment to the highest Administrative court in France. In respect of a period from 2003 to 2005, following an adverse judgment, the Company appealed the French Tax Authority’s assessment to the Civil Court of Appeal. This appeal is currently awaiting judgment. In the third quarter of 2015, following an adverse decision against another industry participant involved in a similar action, the Company recorded charges with respect to this matter of approximately $23 million . In January 2016, the Company made a payment of approximately $9 million . The Company has established reserves for matters where the Company believes that losses are probable and can be reasonably estimated. Other than the aggregate reserve established for claims for public liability and property damage, none of those reserves are material. For matters, including certain of those described above, where the Company has not established a reserve, the ultimate outcome or resolution cannot be predicted at this time, or the amount of ultimate loss, if any, cannot be reasonably estimated. Litigation is subject to many uncertainties and the outcome of the individual litigated matters is not predictable with assurance. It is possible that certain of the actions, claims, inquiries or proceedings, including those discussed above, could be decided unfavorably to the Company or any of its subsidiaries involved. Accordingly, it is possible that an adverse outcome from such a proceeding could exceed the amount accrued in an amount that could be material to the Company's consolidated financial condition, results of operations or cash flows in any particular reporting period. In March 2016, the Company, as plaintiff, received a $9 million settlement related to a 2013 eminent domain case associated with one of the Company’s airport locations. The settlement gain is included in other (income) expense, net in the accompanying condensed consolidated statements of operations. Separation and Distribution Agreement As described in Note 3 , " Discontinued Operations ", Hertz Global entered into the Separation and Distribution Agreement with Herc Holdings, which sets forth the terms agreed to by the parties regarding legal matters and claims relating to pending and threatened litigation and pre Spin-Off liabilities. Indemnification Obligations As described in Note 3 , " Discontinued Operations ", the Separation and Distribution Agreement with Herc Holdings contains mutual indemnification clauses and a customary indemnification provision with respect to liability arising out of or resulting from assumed legal matters . Other than as described above, there have been no significant changes to the Company's indemnification obligations as compared to those disclosed in Note 16, "Contingencies and Off-Balance Sheet Commitments" of the Notes to consolidated financial statements included in the 2015 Form 10‑K under the caption Item 8, "Financial Statements and Supplementary Data." The Company regularly evaluates the probability of having to incur costs associated with indemnification obligations and will accrue for expected losses when they are probable and estimable.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has identified three reportable segments, which are organized based on the products and services provided by its operating segments and the geographic areas in which its operating segments conduct business, as follows: • U.S. Rental Car ("U.S. RAC") - rental of vehicles (cars, crossovers and light trucks), as well as ancillary products and services, in the United States and consists of the Company's United States operating segment; • International Rental Car ("International RAC") - rental and leasing of vehicles (cars, vans, crossovers and light trucks), as well as ancillary products and services, internationally and consists of the Company's Europe and Other International operating segments, which are aggregated into a reportable segment based primarily upon similar economic characteristics, products and services, customers, delivery methods and general regulatory environments; • All Other Operations - includes the Company's Donlen operating segment which provides vehicle leasing and fleet management services and is not considered a separate reportable segment in accordance with applicable accounting standards, together with other business activities. In addition to the above reportable segments, the Company has corporate operations ("Corporate") which includes general corporate assets and expenses and certain interest expense (including net interest on non-vehicle debt). Adjusted pre-tax income (loss) is calculated as income (loss) from continuing operations before income taxes plus non-cash acquisition accounting charges, debt-related charges relating to the amortization and write-off of debt financing costs and debt discounts and certain one-time charges and non-operational items. Adjusted pre-tax income (loss) is important because it allows management to assess operational performance of its business, exclusive of the items mentioned above. It also allows management to assess the performance of the entire business on the same basis as the segment measure of profitability. Management believes that it is important to investors for the same reasons it is important to management and because it allows them to assess the Company's operational performance on the same basis that management uses internally. When evaluating the Company's operating performance, investors should not consider adjusted pre-tax income (loss) in isolation of, or as a substitute for, measures of the Company's financial performance, such as net income (loss) from continuing operations or income (loss) from continuing operations before income taxes. Revenues and adjusted pre-tax income (loss) by segment and the reconciliation to consolidated amounts are summarized below. Three Months Ended June 30, Revenues Adjusted Pre-Tax Income (Loss) (In millions) 2016 2015 2016 2015 U.S. Rental Car $ 1,584 $ 1,615 $ 143 $ 195 International Rental Car 540 556 34 45 All Other Operations 146 146 17 17 Total reportable segments $ 2,270 $ 2,317 194 257 Corporate (1) (139 ) (139 ) Consolidated adjusted pre-tax income (loss) 55 118 Adjustments: Acquisition accounting (2) (18 ) (23 ) Debt-related charges (3) (12 ) (15 ) Loss on extinguishment of debt (4) (20 ) — Restructuring and restructuring related charges (5) (18 ) (41 ) Impairment charges and asset write-downs (7) (3 ) — Finance and information technology transformation costs (8) (19 ) — Other (9) — (1 ) Income (loss) from continuing operations before income taxes $ (35 ) $ 38 Six Months Ended June 30, Revenues Adjusted Pre-Tax Income (Loss) (In millions) 2016 2015 2016 2015 U.S. Rental Car $ 2,990 $ 3,135 $ 138 $ 265 International Rental Car 973 992 36 52 All Other Operations 290 288 35 31 Total reportable segments $ 4,253 $ 4,415 209 348 Corporate (1) (262 ) (271 ) Consolidated adjusted pre-tax income (loss) (53 ) 77 Adjustments: Acquisition accounting (2) (34 ) (45 ) Debt-related charges (3) (25 ) (29 ) Loss on extinguishment of debt (4) (20 ) — Restructuring and restructuring related charges (5) (29 ) (59 ) Sale of CAR Inc. common stock (6) 75 — Impairment charges and asset write-downs (7) (3 ) (9 ) Finance and information technology transformation costs (8) (26 ) — Other (9) 3 (6 ) Income (loss) from continuing operations before income taxes $ (112 ) $ (71 ) (1) Represents general corporate expenses, non-vehicle interest expense, as well as other business activities. (2) Represents incremental expense associated with amortization of other intangible assets, 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 the write-off of deferred debt financing costs in the second quarter of 2016 as a result of paying off the Senior Term Facility and various vehicle debt refinancings. (5) Represents expenses incurred under restructuring actions as defined in U.S. GAAP. For further information on restructuring costs, see Note 9 , " Restructuring ." Also represents incremental costs incurred directly supporting business transformation initiatives. Such costs include transition costs incurred in connection with business process outsourcing arrangements and incremental costs incurred to facilitate business process re-engineering initiatives that involve significant organization redesign and extensive operational process changes. Also includes consulting costs and legal fees related to the accounting review and investigation. (6) Represents the pre-tax gain on the sale of CAR Inc. common stock. (7) In the first half of 2015, primarily represents a $6 million impairment on the former Dollar Thrifty headquarters in Tulsa, Oklahoma. (8) Represents external costs associated with the Company’s finance and information technology transformation programs, both of which are multi-year initiatives to upgrade and modernize the Company’s systems and processes. In the three months ended June 30, 2016, $5 million was incurred by U.S. RAC and $14 million was incurred by Corporate and in the six months ended June 30, 2016, $9 million was incurred by U.S. RAC and $17 million was incurred by Corporate. (9) Includes miscellaneous and non-recurring items including but not limited to acquisition charges, integration charges, and other non-cash items. For the six months ended June 30, 2016 , also includes a settlement gain related to one of our airport locations. In the 2015 periods, includes charges incurred in connection with relocating the Company's corporate headquarters to Estero, Florida. Depreciation of revenue earning vehicles and lease charges, net Three Months Ended Six Months Ended (In millions) 2016 2015 2016 2015 U.S. Rental Car $ 417 $ 380 $ 836 $ 801 International Rental Car 98 101 184 196 All Other Operations 114 116 225 231 Total $ 629 $ 597 $ 1,245 $ 1,228 Total assets (In millions) June 30, 2016 December 31, 2015 U.S. Rental Car $ 14,049 $ 13,614 International Rental Car 4,416 3,002 All Other Operations 1,583 1,520 Corporate 1,972 1,983 Assets of discontinued operations — 3,390 Total $ 22,020 $ 23,509 The increase in total assets for International RAC is due to an increase in cash as a result of the proceeds received from the sale of CAR Inc. shares in 2016 and an increase in the number of revenue earning vehicles acquired to meet seasonal leisure demand during the summer period. Refer to Note 4 , " Acquisitions and Divestitures ," for additional information related to the CAR Inc. share sale. The increase in total assets for U.S. RAC is the result of an increase in the number of revenue earning vehicles acquired in order to meet upcoming seasonal demands, partially offset by lower receivables from vehicle sales.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In November 2015, the Company signed a master loan agreement with Old Hertz Holdings for a facility size of $650 million with an expiration in November 2016 (the "Old Master Loan"). Prior to the Spin-Off on June 30, 2016, the board of directors of the Company approved, and Hertz paid, a non-cash dividend to Hertz Investors, Inc. consisting of the full rights to the receivable due from Old Hertz Holdings under the Old Master Loan in the amount of $334 million plus accrued interest. Hertz Investors, Inc. declared and paid the same dividend to Old Hertz Holdings; thereby settling the amount receivable from Old Hertz Holdings. On June 30, 2016, the Company signed a master loan agreement with Hertz Global for a facility size of $425 million with an expiration in June 2017 (the "Master Loan"). The interest rate is based on the U.S. Dollar LIBOR rate plus a margin. There were no amounts outstanding under the Master Loan as of June 30, 2016. Icahn Agreements On June 30, 2016, Hertz Global entered into a confidentiality agreement (the “Confidentiality Agreement”) with Carl C. Icahn and certain related parties (the “Icahn Group”). Pursuant to the Confidentiality Agreement, Vincent J. Intrieri, Samuel Merksamer and Daniel A. Ninivaggi, each of whom was appointed as a director of Hertz Global, are designees of the Icahn Group on the Hertz Global board of directors. Until the date that the Icahn Group no longer has a designee on the Hertz Global board of directors, the Icahn Group agrees to vote all of its shares of common stock of Hertz Global in favor of the election of all of Hertz Global’s director nominees at each annual or special meeting of Hertz Global. In addition, Hertz Global, High River Limited Partnership, Icahn Partners LP and Icahn Partners Master Fund LP entered into a registration rights agreement, dated June 30, 2016 (the “Registration Rights Agreement”). Pursuant to the Registration Rights Agreement, among other things, and subject to certain exceptions, Hertz Global agreed to effect up to two demand registrations with respect to shares of Hertz Global common stock held by members of the Icahn Group. Hertz Global also agreed to provide, with certain exceptions, certain piggyback registration rights with respect to common stock held by members of the Icahn Group.

Guarantor and Non-Guarantor Con

Guarantor and Non-Guarantor Condensed Consolidating Financial Statements	6 Months Ended
	Jun. 30, 2016
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, 2016 and December 31, 2015 , the Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2016 and 2015 and the Statements of Cash Flows for the six months ended June 30, 2016 and 2015 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 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. As described in Note 1, "Background" and Note 3 , " Discontinued Operations ", Hertz completed the Spin-Off of its equipment rental business on June 30, 2016. In connection with the Spin-Off, certain amounts that were historically recorded on the balance sheet of the Parent were distributed with the discontinued entities. These amounts primarily related to defined benefit pension plans, workers’ compensation liabilities, and income taxes. These amounts have been reclassified in the 2015 condensed consolidating financial statements to reflect the balances transferred in the Guarantor Subsidiaries' and Non-Guarantor Subsidiaries' financial statements based on which discontinued entity received the distribution in the Spin-Off. During the preparation of the condensed consolidating financial information of The Hertz Corporation and Subsidiaries as of and for the three and six months ended June 30, 2016, it was determined that investments in subsidiaries at December 31, 2015 as filed in the Company's 2015 Form 10-K were improperly classified, resulting in a $453 million understatement of investments in subsidiaries and stockholder's equity for the Non-Guarantor Subsidiaries, and an understatement of investments in subsidiaries and an overstatement of prepaid expenses and other assets for the Guarantor Subsidiaries. These errors had no impact to total assets, total liabilities or stockholder's equity of the Guarantor Subsidiaries. These errors, which the Company determined are not material, are eliminated upon consolidation and, therefore, have no impact on the Company's consolidated financial condition, results of operations, or cash flows. The Company has revised the Guarantor, Non-Guarantor, and Eliminations Condensed Consolidating Balance Sheets as of December 31, 2015 to correct for these errors. CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2016 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries ASSETS Cash and cash equivalents $ 811 $ 11 $ 463 $ — $ 1,285 Restricted cash and cash equivalents 68 4 246 — 318 Receivables, net of allowance 588 207 528 — 1,323 Due from affiliates 3,263 3,233 7,684 (14,180 ) — Inventories, net 19 4 20 — 43 Prepaid expenses and other assets 4,541 50 277 (4,274 ) 594 Revenue earning vehicles, net 324 8 12,477 — 12,809 Property and equipment, net 698 64 150 — 912 Investment in subsidiaries, net 5,951 545 — (6,496 ) — Other intangible assets, net 127 3,327 25 — 3,479 Goodwill 102 943 212 — 1,257 Total assets $ 16,492 $ 8,396 $ 22,082 $ (24,950 ) $ 22,020 LIABILITIES AND EQUITY Due to affiliates $ 8,976 $ 1,350 $ 3,854 $ (14,180 ) $ — Accounts payable 303 95 841 — 1,239 Accrued liabilities 605 103 329 — 1,037 Accrued taxes, net 75 22 2,468 (2,386 ) 179 Debt 4,772 — 10,620 — 15,392 Public liability and property damage 152 46 212 — 410 Deferred taxes on income, net — 2,061 1,981 (1,888 ) 2,154 Total liabilities 14,883 3,677 20,305 (18,454 ) 20,411 Equity: Stockholder's equity 1,609 4,719 1,777 (6,496 ) 1,609 Total liabilities and equity $ 16,492 $ 8,396 $ 22,082 $ (24,950 ) $ 22,020 CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2015 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries ASSETS Cash and cash equivalents $ 179 $ 17 $ 278 $ — $ 474 Restricted cash and cash equivalents 57 3 273 — 333 Receivables, net of allowance 399 183 1,204 — 1,786 Due from affiliates 4,158 3,238 7,543 (14,939 ) — Inventories, net 15 3 11 — 29 Prepaid expenses and other assets 4,503 695 450 (4,682 ) 966 Revenue earning vehicles, net 388 6 10,352 — 10,746 Property and equipment, net 777 74 151 — 1,002 Investment in subsidiaries, net 7,457 1,614 — (9,071 ) — Other intangible assets, net 142 3,350 30 — 3,522 Goodwill 102 942 217 — 1,261 Assets of discontinued operations — 2,989 401 — 3,390 Total assets $ 18,177 $ 13,114 $ 20,910 $ (28,692 ) $ 23,509 LIABILITIES AND EQUITY Due to affiliates $ 8,888 $ 1,465 $ 3,961 $ (14,314 ) $ — Accounts payable 262 81 423 — 766 Accrued liabilities 584 114 337 — 1,035 Accrued taxes, net 223 19 2,849 (2,963 ) 128 Debt 6,126 — 9,644 — 15,770 Public liability and property damage 146 48 200 — 394 Deferred taxes on income, net — 2,005 1,882 (1,719 ) 2,168 Liabilities of discontinued operations — 1,915 9 (624 ) 1,300 Total liabilities 16,229 5,647 19,305 (19,620 ) 21,561 Equity: Stockholder's equity 1,948 7,467 1,605 (9,072 ) 1,948 Total liabilities and equity $ 18,177 $ 13,114 $ 20,910 $ (28,692 ) $ 23,509 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Three Months Ended June 30, 2016 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Total revenues $ 1,192 $ 385 $ 1,636 $ (943 ) $ 2,270 Expenses: Direct vehicle and operating 732 192 343 — 1,267 Depreciation of revenue earning vehicles and lease charges, net 759 214 599 (943 ) 629 Selling, general and administrative 158 11 65 — 234 Interest expense, net 119 (21 ) 76 — 174 Other (income) expense, net 1 (1 ) 1 — 1 Total expenses 1,769 395 1,084 (943 ) 2,305 Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries (577 ) (10 ) 552 — (35 ) (Provision) benefit for taxes on income (loss) of continuing operations 227 3 (223 ) — 7 Equity in earnings (losses) of subsidiaries, net of tax 307 144 — (451 ) — Net income (loss) from continuing operations (43 ) 137 329 (451 ) (28 ) Net income (loss) from discontinued operations — (4 ) (11 ) — (15 ) Net income (loss) (43 ) 133 318 (451 ) (43 ) Other comprehensive income (loss), net of tax (45 ) (5 ) (23 ) 28 (45 ) Comprehensive income (loss) $ (88 ) $ 128 $ 295 $ (423 ) $ (88 ) 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 $ 408 $ 1,310 $ (582 ) $ 2,317 Expenses: Direct vehicle and operating 719 223 349 (1 ) 1,290 Depreciation of revenue earning vehicles and lease charges, net 434 137 607 (581 ) 597 Selling, general and administrative 157 18 76 — 251 Interest expense, net 95 (4 ) 58 — 149 Other (income) expense, net (3 ) (1 ) (4 ) — (8 ) Total expenses 1,402 373 1,086 (582 ) 2,279 Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries (221 ) 35 224 — 38 (Provision) benefit for taxes on income (loss) of continuing operations 75 (16 ) (84 ) — (25 ) Equity in earnings (losses) of subsidiaries, net of tax 182 68 — (250 ) — Net income (loss) from continuing operations 36 87 140 (250 ) 13 Net income (loss) from discontinued operations — 23 — — 23 Net income (loss) 36 110 140 (250 ) 36 Other comprehensive income (loss), net of tax 11 — 7 (7 ) 11 Comprehensive income (loss) $ 47 $ 110 $ 147 $ (257 ) $ 47 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Six Months Ended June 30, 2016 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Total revenues $ 2,258 $ 725 $ 2,932 $ (1,662 ) $ 4,253 Expenses: Direct vehicle and operating 1,417 381 627 — 2,425 Depreciation of revenue earning vehicles and lease charges, net 1,380 349 1,177 (1,661 ) 1,245 Selling, general and administrative 304 24 132 (1 ) 459 Interest expense, net 207 (22 ) 140 — 325 Other (income) expense, net 1 (10 ) (80 ) — (89 ) Total expenses 3,309 722 1,996 (1,662 ) 4,365 Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries (1,051 ) 3 936 — (112 ) (Provision) benefit for taxes on income (loss) of continuing operations 415 (2 ) (381 ) — 32 Equity in earnings (losses) of subsidiaries, net of tax 545 201 — (746 ) — Net income (loss) from continuing operations (91 ) 202 555 (746 ) (80 ) Net income (loss) from discontinued operations — (1 ) (10 ) — (11 ) Net income (loss) (91 ) 201 545 (746 ) (91 ) Other comprehensive income (loss), net of tax 9 (5 ) 29 (24 ) 9 Comprehensive income (loss) $ (82 ) $ 196 $ 574 $ (770 ) $ (82 ) 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 $ 791 $ 2,506 $ (1,178 ) $ 4,415 Expenses: Direct vehicle and operating 1,415 446 633 (2 ) 2,492 Depreciation of revenue earning vehicles and lease charges, net 889 262 1,253 (1,176 ) 1,228 Selling, general and administrative 271 42 158 — 471 Interest expense, net 193 (9 ) 112 — 296 Other (income) expense, net (2 ) — 1 — (1 ) Total expenses 2,766 741 2,157 (1,178 ) 4,486 Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries (470 ) 50 349 — (71 ) (Provision) benefit for taxes on income (loss) of continuing operations 55 (12 ) (37 ) — 6 Equity in earnings (losses) of subsidiaries, net of tax 382 114 — (496 ) — Net income (loss) from continuing operations (33 ) 152 312 (496 ) (65 ) Net income (loss) from discontinued operations — 33 (1 ) — 32 Net income (loss) (33 ) 185 311 (496 ) (33 ) Other comprehensive income (loss), net of tax (35 ) (4 ) (39 ) 43 (35 ) Comprehensive income (loss) $ (68 ) $ 181 $ 272 $ (453 ) $ (68 ) CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2016 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Net cash provided by (used in) operating activities from continuing operations $ (1,903 ) $ 40 $ 3,316 $ (439 ) $ 1,014 Cash flows from investing activities: Net change in restricted cash and cash equivalents (10 ) (2 ) 28 — 16 Revenue earning vehicle expenditures (176 ) (43 ) (7,049 ) — (7,268 ) Proceeds from disposal of revenue earning vehicles 542 6 4,620 — 5,168 Capital asset expenditures, non-vehicle (41 ) (8 ) (23 ) — (72 ) Proceeds from disposal of property and other equipment 12 3 24 — 39 Purchases of shares in equity method investment (45 ) — — — (45 ) Sales of shares in equity method investment — — 233 — 233 Capital contributions to subsidiaries (514 ) — — 514 — Return of capital from subsidiaries 1,623 — — (1,623 ) — Loan to Parent / Guarantor from Non-Guarantor — — (405 ) 405 — Net cash provided by (used in) investing activities from continuing operations 1,391 (44 ) (2,572 ) (704 ) (1,929 ) Cash flows from financing activities: Proceeds from issuance of long-term debt — — 2,185 — 2,185 Repayments of long-term debt (2,062 ) — (342 ) — (2,404 ) Short-term borrowings: Proceeds — — 312 — 312 Payments — — (263 ) — (263 ) Proceeds under the revolving lines of credit 1,663 — 3,395 — 5,058 Payments under the revolving lines of credit (964 ) — (4,289 ) — (5,253 ) Capital contributions received from parent — — 514 (514 ) — Loan to Parent / Guarantor from Non-Guarantor 405 — — (405 ) — Payment of dividends and return of capital — — (2,062 ) 2,062 — Payment of financing costs (31 ) (3 ) (17 ) — (51 ) Transfers from discontinued entities 2,122 — — — 2,122 Other 11 1 — — 12 Net cash provided by (used in) financing activities from continuing operations 1,144 (2 ) (567 ) 1,143 1,718 Effect of foreign exchange rate changes on cash and cash equivalents from continuing operations — — 8 — 8 Net increase (decrease) in cash and cash equivalents during the period from continuing operations 632 (6 ) 185 — 811 Cash and cash equivalents at beginning of period 179 17 278 — 474 Cash and cash equivalents at end of period $ 811 $ 11 $ 463 $ — $ 1,285 Cash flows from discontinued operations: Cash flows provided by operating activities — 59 148 — 207 Cash flows used in investing activities — (75 ) (2 ) — (77 ) Cash flows provided by (used in) financing activities — 44 (138 ) — (94 ) Net increase (decrease) in cash and cash equivalents during the period from discontinued operations — 28 8 — 36 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 from continuing operations $ (810 ) $ (13 ) $ 2,663 $ (679 ) $ 1,161 Cash flows from investing activities: Net change in restricted cash and cash equivalents (60 ) 1 192 — 133 Revenue earning vehicle expenditures (298 ) (63 ) (7,278 ) — (7,639 ) Proceeds from disposal of revenue earning vehicles 160 51 4,605 — 4,816 Capital assets expenditures, non-vehicle (87 ) — (34 ) — (121 ) Proceeds from disposal of property and other equipment 27 5 12 — 44 Capital contributions to subsidiaries (1,544 ) — — 1,544 — Return of capital from subsidiaries 2,043 37 — (2,080 ) — Acquisitions, net of cash acquired (17 ) (3 ) (75 ) — (95 ) Loan to Parent / Guarantor from Non-Guarantor — — (506 ) 506 — Advances to Old Hertz Holdings (6 ) — — — (6 ) Net cash provided by (used in) investing activities from continuing operations 218 28 (3,084 ) (30 ) (2,868 ) Cash flows from financing activities: Proceeds from issuance of long-term debt — — 1,069 — 1,069 Repayments 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 ) — (2,713 ) — (3,683 ) 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 ) Other — — (1 ) — (1 ) Net cash provided by (used in) financing activities from continuing operations 731 (1 ) 338 709 1,777 Effect of foreign exchange rate changes on cash and cash equivalents from continuing operations — — (16 ) — (16 ) Net increase (decrease) in cash and cash equivalents during the period from continuing operations 139 14 (99 ) — 54 Cash and cash equivalents at beginning of period 2 11 461 — 474 Cash and cash equivalents at end of period 141 25 362 — 528 Cash flows from discontinued operations: Cash flows provided by operating activities — 252 40 — 292 Cash flows used in investing activities — (258 ) (37 ) — (295 ) Cash flows provided by (used in) financing activities — (4 ) 1 — (3 ) Effect of foreign exchange rate changes on cash and cash equivalents — — (1 ) — (1 ) Net increase (decrease) in cash and cash equivalents during the period from discontinued operations — (10 ) 3 — (7 )

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Non-Vehicle Debt Senior Notes In July 2016, Hertz completed the redemption of all its outstanding 7.50% Senior Notes due 2018 (the " 7.50% Senior Notes") using proceeds received from the issuance of the Senior Term Loan and available cash to fund the redemption. Consequently, Hertz terminated, cancelled and discharged all of its obligations under the 7.50% Senior Notes and under the Indenture dated as of September 30, 2010 (as supplemented). In addition to the payment of $700 million in principal amount of the 7.50% Senior Notes, Hertz paid an additional $25 million , comprised of $13 million for an early redemption premium of 1.875% of the principal amount outstanding and $12 million for accrued and unpaid interest through the date of redemption . Vehicle Debt Australian Securitization In July 2016, the Company entered into an agreement pursuant to which the maturity of the Australian Securitization was extended from December 2016 to July 2018 .

Basis of Presentation and Rec27

Basis of Presentation and Recently Issued Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of Hertz and its wholly and majority owned domestic and international subsidiaries. In the event that the Company is a primary beneficiary of a variable interest entity, the assets, liabilities, and results of operations of the variable interest entity are included in the Company's condensed consolidated financial statements. The Company accounts for its investments in joint ventures using the equity method when it has significant influence but not control and is not the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Adopted Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period In June 2014, the FASB issued guidance that requires that a performance target in a share-based payment award that affects vesting and that can be achieved after the requisite service period is completed is to be accounted for as a performance condition; therefore, compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved, and the amount of compensation cost recognized should be based on the portion of the service period fulfilled. The Company adopted this guidance prospectively on January 1, 2016 in accordance with the effective date. Adoption of this new guidance did not impact the Company’s financial position, results of operations or cash flows. Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items In January 2015, the FASB issued guidance that eliminates the concept of an event or transaction that is unusual in nature and occurs infrequently being treated as an extraordinary item. The Company adopted this guidance prospectively on January 1, 2016 in accordance with the effective date. Adoption of this new guidance did not impact the Company’s financial position, results of operations or cash flows. Amendments to the Consolidation Analysis In February 2015, the FASB issued guidance that changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The Company adopted this guidance retrospectively on January 1, 2016, in accordance with the effective date. Adoption of this new guidance did not impact the Company’s financial position, results of operations or cash flows. Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued guidance requiring debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. In August 2015, the FASB issued guidance clarifying that debt issuance costs related to line-of-credit and other revolving debt arrangements may be deferred and presented as an asset. The Company adopted this guidance retrospectively on January 1, 2016 in accordance with the effective date. Adoption of this guidance required the Company to reclassify $73 million of debt issuance costs from prepaid expenses and other assets to debt in its condensed consolidated balance sheet as of December 31, 2015. Adoption of this new guidance did not impact the Company’s results of operations or cash flows. Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement In April 2015, the FASB issued guidance for customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The Company adopted this guidance prospectively on January 1, 2016, in accordance with the effective date. Adoption of this new guidance did not impact the Company’s financial position, results of operations or cash flows. Simplifying the Accounting for Measurement Period Adjustments for Business Combinations In September 2015, the FASB issued guidance that requires adjustments to provisional amounts during the measurement period of a business combination to be recognized in the reporting period in which the adjustments are determined, rather than retrospectively. The Company adopted this guidance prospectively on January 1, 2016 in accordance with the effective date. Adoption of this new guidance did not impact the Company’s financial position, results of operations or cash flows. Not Yet Adopted Revenue from Contracts with Customers In May 2014, the FASB issued guidance that will replace most existing revenue recognition guidance in U.S. GAAP. The new guidance applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees. The core principle of the guidance is that an entity should recognize revenue from customers for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. The new principles-based revenue recognition model requires an entity to perform five steps: 1) identify the contract(s) with a customer, 2) identify the performance obligations in the contract, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations in the contract, and 5) recognize revenue when (or as) the entity satisfies a performance obligation. Under the new guidance, performance obligations in a contract will be separately identified, which may impact the timing of recognition of the revenue allocated to each obligation. The measurement of revenue recognized may also be impacted by identification of new performance obligations and other provisions, such as collectability and variable consideration. The guidance will impact the Company’s accounting for certain contracts and its Hertz #1 Gold Plus Rewards liability. Also, additional disclosures are required about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. The new guidance may be adopted on either a full or modified retrospective basis. As originally issued, the guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those reporting periods. In July 2015, the FASB deferred the effective date of the guidance until annual and interim reporting periods beginning after December 15, 2017. In March 2016, the FASB issued clarifying guidance on assessing whether an entity is a principal or an agent in a revenue transaction, which impacts whether an entity reports revenue on a gross or net basis. In April 2016, the FASB issued guidance that reduces the complexity for identifying performance obligations and clarifies the implementation guidance on licensing for intellectual property. In May 2016, the FASB issued guidance that clarifies the collectability criterion, the presentation of sales taxes, and noncash consideration, and provides additional implementation practical expedients. The Company is in the process of determining the method and timing of adoption and assessing the overall impacts of adopting this guidance on its financial position, results of operations and cash flows. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued guidance that makes several changes to the manner in which financial assets and liabilities are accounted for, including, among other things, a requirement to measure most equity investments at fair value with changes in fair value recognized in net income (with the exception of investments that are consolidated or accounted for using the equity method or a fair value practicability exception), and amends certain disclosure requirements related to fair value measurements and financial assets and liabilities. This guidance is effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods using a modified retrospective transition method for most of the requirements. Based on current operations, no material impact to the Company’s financial position, results of operations and cash flows is expected upon adoption of this guidance. Leases In February 2016, the FASB issued guidance that replaces the existing lease guidance. The new guidance establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and lease liability on the balance sheet for all leases with terms longer than 12 months. The guidance will impact leases of our rental locations, as we own approximately 3% of the locations from which we operate our vehicle rental business, in addition to leases of other assets. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. This guidance also expands the requirements for lessees to record leases embedded in other arrangements and the required quantitative and qualitative disclosures surrounding leases. Accounting guidance for lessors is largely unchanged. This guidance is effective for annual periods beginning after December 15, 2018 and interim periods within those annual periods using a modified retrospective transition approach. The Company is in the process of assessing the potential impacts of adopting this guidance on its financial position, results of operations and cash flows. Simplifying the Transition to the Equity Method of Accounting In March 2016, the FASB issued guidance that eliminates the requirement to apply the equity method of accounting retrospectively when significant influence over a previously held investment is obtained. Rather, the guidance requires the investor to add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method of accounting. This guidance is effective prospectively for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Based on current operations, no material impact to the Company’s financial position, results of operations and cash flows is expected upon adoption of this guidance. Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued guidance that simplifies several areas of employee share-based payment accounting, including income taxes, forfeitures, minimum statutory withholding requirements, and classifications within the statement of cash flows. Most significantly, the new guidance eliminates the need to track tax “windfalls” in a separate pool within additional paid-in capital; instead, excess tax benefits and tax deficiencies will be recorded within income tax expense. This will result in the Company reclassifying excess tax benefits from additional paid-in capital to retained earnings on the balance sheet. The new guidance also gives entities the ability to elect whether to estimate forfeitures or account for them as they occur. Different adoption methods are required for the various aspects of the new guidance, including the retrospective, modified retrospective and prospective approaches, effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The Company is in the process of assessing the impacts of adopting this guidance on its financial position, results of operations and cash flows. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued guidance that sets forth a current expected credit loss (“CECL”) impairment model for financial assets, which replaces the current incurred loss model. This model requires a financial asset (or group of financial assets), including trade receivables, measured at amortized cost to be presented at the net amount expected to be collected with an allowance for credit losses deducted from the amortized cost basis. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. This guidance is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods using a modified retrospective transition method. The Company is in the process of assessing the potential impacts of adopting this guidance on its financial position, results of operations and cash flows.

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	The following table summarizes the results of the equipment rental business which is presented as discontinued operations. The operations of Hertz that are discontinued are comprised of the Company's former Worldwide Equipment Rental segment. Three Months Ended Six Months Ended (In millions) 2016 2015 2016 2015 Total revenues $ 349 $ 375 $ 677 $ 730 Direct operating expenses 182 212 366 418 Depreciation of revenue earning equipment and lease charges, net 91 81 181 157 Selling, general and administrative 82 45 124 89 Interest expense, net (1) 10 6 13 12 Other (income) expense, net — (2 ) (1 ) (3 ) Income (loss) from discontinued operations before income taxes (16 ) 33 (6 ) 57 (Provision) benefit for taxes on discontinued operations 1 (10 ) (5 ) (25 ) Net income (loss) from discontinued operations $ (15 ) $ 23 $ (11 ) $ 32 (1) In addition to interest expense directly associated with Herc Holdings, the Company allocated all interest expense associated with the Senior ABL Facility to discontinued operations as this debt was repaid in connection with the Spin-Off in accordance with requirements as disclosed in Note 6 , " Debt ." For the three months ended June 30, 2016 and 2015, the amount allocated was $3 million and $4 million , respectively. For the six months ended June 30, 2016 and 2015, the amount allocated was $5 million and $8 million , respectively. The carrying amounts of the major classes of assets and liabilities of discontinued operations as of December 31, 2015 consisted of the following: (In millions) December 31, 2015 ASSETS Cash and cash equivalents $ 5 Restricted cash and cash equivalents 16 Receivables, net of allowance 288 Inventories, net 22 Prepaid expenses and other assets 38 Revenue earning equipment, net 2,382 Property and other equipment, net 246 Other intangible assets, net 300 Goodwill 93 Total assets of discontinued operations $ 3,390 LIABILITIES Accounts payable $ 109 Accrued liabilities and other 71 Accrued taxes, net 273 Debt 64 Public liability and property damage 8 Deferred taxes on income, net 775 Total liabilities of discontinued operations $ 1,300

Acquisitions and Divestitures (

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

Revenue Earning Equipment (Tabl

Revenue Earning Equipment (Tables)	6 Months Ended
	Jun. 30, 2016
Depreciation of Revenue Earning Equipment and Lease Charges Disclosure [Abstract]
Property, Plant and Equipment	The components of revenue earning vehicles, net are as follows: (In millions) June 30, 2016 December 31, 2015 Revenue earning vehicles $ 15,081 $ 13,242 Less: Accumulated depreciation (2,502 ) (2,631 ) 12,579 10,611 Revenue earning vehicles held for sale, net 230 135 Revenue earning vehicles, net $ 12,809 $ 10,746
Schedule of Depreciation on Revenue Earning Equipment and Lease Charges	Depreciation of revenue earning vehicles and lease charges, net includes the following: Three Months Ended Six Months Ended (In millions) 2016 2015 2016 2015 Depreciation of revenue earning vehicles $ 576 $ 575 $ 1,135 $ 1,167 (Gain) loss on disposal of revenue earning vehicles (a) 35 4 77 24 Rents paid for vehicles leased 18 18 33 37 Depreciation of revenue earning vehicles and lease charges, net $ 629 $ 597 $ 1,245 $ 1,228 (a) (Gain) loss on disposal of revenue earning vehicles by segment is as follows: Three Months Ended Six Months Ended (In millions) 2016 2015 2016 2015 U.S. Rental Car $ 38 $ 5 $ 81 $ 25 International Rental Car (3 ) (1 ) (4 ) (1 ) Total $ 35 $ 4 $ 77 $ 24
Impact of Depreciation Rate Changes	The cumulative impact of depreciation rate changes is as follows: Increase (decrease) Three Months Ended Six Months Ended (In millions) 2016 2015 2016 2015 U.S. Rental Car (a) $ 19 $ 27 $ 45 $ 57 International Rental Car 1 — 2 — Total $ 20 $ 27 $ 47 $ 57 (a) The depreciation rate changes in the U.S. Rental Car operations for the three and six months ended June 30, 2016 include a net increase in depreciation expense of $12 million based on the review completed during the second quarter of 2016 . The depreciation rate changes in the U.S. Rental Car operations for the three and six months ended June 30, 2015 include a net increase in depreciation expense of $13 million based on the review completed during the second quarter of 2015 .

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Components of debt	The Company's debt, including its available credit facilities, consists of the following (in millions): Facility Weighted Average Interest Rate at June 30, 2016 Fixed or Maturity June 30, December 31, Non-Vehicle Debt Senior Term Loan 3.50% Floating 6/2023 $ 700 $ — Senior RCF N/A Floating 6/2021 — — Senior Term Facility N/A N/A N/A — 2,062 Senior ABL Facility N/A N/A N/A — — Senior Notes (1) 6.58% Fixed 4/2018–10/2022 3,900 3,900 Promissory Notes 7.00% Fixed 1/2028 27 27 Other Non-Vehicle Debt 6.71% Fixed Various 2 2 Unamortized Debt Issuance Costs and Net (Discount) Premium (38 ) (44 ) Total Non-Vehicle Debt 4,591 5,947 Vehicle Debt HVF U.S. Vehicle Medium Term Notes HVF Series 2010-1 (2) 4.96% Fixed 2/2018 115 240 HVF Series 2011-1 (2) 3.51% Fixed 3/2017 230 230 HVF Series 2013-1 (2) 1.81% Fixed 8/2016–8/2018 733 950 1,078 1,420 HVF II U.S. ABS Program HVF II U.S. Vehicle Variable Funding Notes HVF II Series 2013-A (2) 1.50% Floating 10/2017 1,816 980 HVF II Series 2013-B (2) 1.58% Floating 10/2017 953 1,308 HVF II Series 2014-A (2) 2.33% Floating 10/2016 403 1,737 3,172 4,025 HVF II U.S. Vehicle Medium Term Notes HVF II Series 2015-1 (2) 2.93% Fixed 3/2020 780 780 HVF II Series 2015-2 (2) 2.30% Fixed 9/2018 250 250 HVF II Series 2015-3 (2) 2.96% Fixed 9/2020 350 350 HVF II Series 2016-1 (2) 2.72% Fixed 3/2019 439 — HVF II Series 2016-2 (2) 3.25% Fixed 3/2021 561 — HVF II Series 2016-3 (2) 2.56% Fixed 7/2019 400 — HVF II Series 2016-4 (2) 2.91% Fixed 7/2021 400 — 3,180 1,380 Donlen ABS Program HFLF Variable Funding Notes HFLF Series 2013-2 (2) 1.49% Floating 9/2017 175 370 175 370 Facility Weighted Average Interest Rate at June 30, 2016 Fixed or Maturity June 30, December 31, HFLF Medium Term Notes HFLF Series 2013-3 (2) 1.21% Floating 9/2016–11/2016 171 270 HFLF Series 2014-1 (2) 1.06% Floating 12/2016–3/2017 209 288 HFLF Series 2015-1 (2) 1.12% Floating 3/2018–5/2018 295 295 HFLF Series 2016-1 (2) 1.80% Floating 2/2019–4/2019 386 — 1,061 853 Other Vehicle Debt U.S. Vehicle RCF (3) 3.50% Floating 6/2021 185 — U.S. Vehicle Financing Facility N/A N/A N/A — 190 European Revolving Credit Facility 2.13% Floating 10/2017 376 273 European Vehicle Notes 4.38% Fixed 1/2019 470 464 European Securitization (2) 1.55% Floating 10/2018 415 267 Canadian Securitization (2) 1.88% Floating 1/2018 253 148 Australian Securitization (2) 3.51% Floating 12/2016 89 98 Brazilian Vehicle Financing Facility 17.63% Floating 10/2016 9 7 Capitalized Leases 2.61% Floating 7/2016–3/2020 383 362 2,180 1,809 Unamortized Debt Issuance Costs and Net (Discount) Premium (45 ) (34 ) Total Vehicle Debt 10,801 9,823 Total Debt $ 15,392 $ 15,770 N/A - Not Applicable (1) References to the "Senior Notes" include the series of Hertz's unsecured senior notes set forth on the table below. Outstanding principal amounts for each such series of the Senior Notes is also specified below: (In millions) Outstanding Principal Senior Notes June 30, 2016 December 31, 2015 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 $700 million of 7.50% Senior Notes due October 2018 were paid in July 2016 as further described in Note 19 , " Subsequent Events ." (2) Maturity reference is to the "expected final maturity date" as opposed to the subsequent "legal maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness expect the relevant indebtedness to be repaid, which in the case of the HFLF Medium Term Notes was based upon various assumptions made at the time of the pricing of such notes. The legal final maturity date is the date on which the relevant indebtedness is legally due and payable. (3) Approximately $67 million of the aggregate maximum borrowing capacity under the U.S. Vehicle RCF is scheduled to expire in January 2018 . 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, 2016 As of December 31, 2015 (In millions) Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Non-vehicle Debt $ 4,629 $ 4,726 $ 5,991 $ 6,070 Vehicle Debt 10,846 10,927 9,857 9,854 Total $ 15,475 $ 15,653 $ 15,848 $ 15,924
Schedule of facilities available for the use of the company and its subsidiaries	The Company's debt, including its available credit facilities, consists of the following (in millions): Facility Weighted Average Interest Rate at June 30, 2016 Fixed or Maturity June 30, December 31, Non-Vehicle Debt Senior Term Loan 3.50% Floating 6/2023 $ 700 $ — Senior RCF N/A Floating 6/2021 — — Senior Term Facility N/A N/A N/A — 2,062 Senior ABL Facility N/A N/A N/A — — Senior Notes (1) 6.58% Fixed 4/2018–10/2022 3,900 3,900 Promissory Notes 7.00% Fixed 1/2028 27 27 Other Non-Vehicle Debt 6.71% Fixed Various 2 2 Unamortized Debt Issuance Costs and Net (Discount) Premium (38 ) (44 ) Total Non-Vehicle Debt 4,591 5,947 Vehicle Debt HVF U.S. Vehicle Medium Term Notes HVF Series 2010-1 (2) 4.96% Fixed 2/2018 115 240 HVF Series 2011-1 (2) 3.51% Fixed 3/2017 230 230 HVF Series 2013-1 (2) 1.81% Fixed 8/2016–8/2018 733 950 1,078 1,420 HVF II U.S. ABS Program HVF II U.S. Vehicle Variable Funding Notes HVF II Series 2013-A (2) 1.50% Floating 10/2017 1,816 980 HVF II Series 2013-B (2) 1.58% Floating 10/2017 953 1,308 HVF II Series 2014-A (2) 2.33% Floating 10/2016 403 1,737 3,172 4,025 HVF II U.S. Vehicle Medium Term Notes HVF II Series 2015-1 (2) 2.93% Fixed 3/2020 780 780 HVF II Series 2015-2 (2) 2.30% Fixed 9/2018 250 250 HVF II Series 2015-3 (2) 2.96% Fixed 9/2020 350 350 HVF II Series 2016-1 (2) 2.72% Fixed 3/2019 439 — HVF II Series 2016-2 (2) 3.25% Fixed 3/2021 561 — HVF II Series 2016-3 (2) 2.56% Fixed 7/2019 400 — HVF II Series 2016-4 (2) 2.91% Fixed 7/2021 400 — 3,180 1,380 Donlen ABS Program HFLF Variable Funding Notes HFLF Series 2013-2 (2) 1.49% Floating 9/2017 175 370 175 370 Facility Weighted Average Interest Rate at June 30, 2016 Fixed or Maturity June 30, December 31, HFLF Medium Term Notes HFLF Series 2013-3 (2) 1.21% Floating 9/2016–11/2016 171 270 HFLF Series 2014-1 (2) 1.06% Floating 12/2016–3/2017 209 288 HFLF Series 2015-1 (2) 1.12% Floating 3/2018–5/2018 295 295 HFLF Series 2016-1 (2) 1.80% Floating 2/2019–4/2019 386 — 1,061 853 Other Vehicle Debt U.S. Vehicle RCF (3) 3.50% Floating 6/2021 185 — U.S. Vehicle Financing Facility N/A N/A N/A — 190 European Revolving Credit Facility 2.13% Floating 10/2017 376 273 European Vehicle Notes 4.38% Fixed 1/2019 470 464 European Securitization (2) 1.55% Floating 10/2018 415 267 Canadian Securitization (2) 1.88% Floating 1/2018 253 148 Australian Securitization (2) 3.51% Floating 12/2016 89 98 Brazilian Vehicle Financing Facility 17.63% Floating 10/2016 9 7 Capitalized Leases 2.61% Floating 7/2016–3/2020 383 362 2,180 1,809 Unamortized Debt Issuance Costs and Net (Discount) Premium (45 ) (34 ) Total Vehicle Debt 10,801 9,823 Total Debt $ 15,392 $ 15,770 N/A - Not Applicable (1) References to the "Senior Notes" include the series of Hertz's unsecured senior notes set forth on the table below. Outstanding principal amounts for each such series of the Senior Notes is also specified below: (In millions) Outstanding Principal Senior Notes June 30, 2016 December 31, 2015 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 $700 million of 7.50% Senior Notes due October 2018 were paid in July 2016 as further described in Note 19 , " Subsequent Events ." (2) Maturity reference is to the "expected final maturity date" as opposed to the subsequent "legal maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness expect the relevant indebtedness to be repaid, which in the case of the HFLF Medium Term Notes was based upon various assumptions made at the time of the pricing of such notes. The legal final maturity date is the date on which the relevant indebtedness is legally due and payable. (3) Approximately $67 million of the aggregate maximum borrowing capacity under the U.S. Vehicle RCF is scheduled to expire in January 2018 .

Employee Retirement Benefits (T

Employee Retirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract]
Schedule or Description of Weighted Average Discount Rate	The significant weighted-average assumptions used at the June 30, 2016 measurement date were as follows. Discount rate 3.5% Expected rate of return on plan assets 7.2% Average salary increase 4.3%
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) 2016 2015 2016 2015 Components of Net Periodic Benefit Cost: Service cost $ — $ 1 $ 1 $ — Interest cost 7 6 2 2 Expected return on plan assets (7 ) (8 ) (3 ) (4 ) Net amortizations 1 1 — 1 Settlement loss — 1 — — Net periodic pension expense (benefit) $ 1 $ 1 $ — $ (1 ) Pension Benefits U.S. Non-U.S. Six Months Ended June 30, (In millions) 2016 2015 2016 2015 Components of Net Periodic Benefit Cost: Service cost $ 1 $ 2 $ 1 $ 1 Interest cost 11 11 4 4 Expected return on plan assets (14 ) (16 ) (6 ) (8 ) Net amortizations 4 2 — 1 Settlement loss 1 2 — — Net periodic pension expense (benefit) $ 3 $ 1 $ (1 ) $ (2 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan	A summary of the total compensation expense and associated income tax benefits recognized under all plans, including the cost of stock options, RSUs and PSUs, is as follows: Three Months Ended Six Months Ended (In millions) 2016 2015 2016 2015 Compensation expense $ 6 $ 5 $ 12 $ 8 Income tax benefit (2 ) (2 ) (5 ) (3 ) Total $ 4 $ 3 $ 7 $ 5

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
	Jun. 30, 2016
Restructuring and Related Activities [Abstract]
Summary of restructuring charges in consolidated statement of operations	Restructuring charges under these programs for the periods shown are as follows: Three Months Ended Six Months Ended (In millions) 2016 2015 2016 2015 By Type: Termination benefits $ 10 $ 6 $ 16 $ 12 Impairments and asset write-downs 3 — 3 1 Facility closure and lease obligation costs 5 14 5 14 Other — (1 ) — (2 ) Total $ 18 $ 19 $ 24 $ 25 Three Months Ended Six Months Ended (In millions) 2016 2015 2016 2015 By Caption: Direct vehicle and operating $ 8 $ 14 $ 9 $ 15 Selling, general and administrative 10 5 15 10 Total $ 18 $ 19 $ 24 $ 25 Three Months Ended Six Months Ended (In millions) 2016 2015 2016 2015 By Segment: U.S. Rental Car $ 15 $ 14 $ 21 $ 16 International Rental Car 3 5 3 7 Corporate — — — 2 Total $ 18 $ 19 $ 24 $ 25
Schedule of activity affecting the restructuring accrual	The following table sets forth the activity affecting the restructuring accrual which is included in accrued liabilities in the accompanying condensed consolidated balance sheets during the six months ended June 30, 2016 . Other is primarily comprised of future lease obligations which will be paid over the remaining term of the applicable leases. (In millions) Termination Other Total Balance as of December 31, 2015 $ 9 $ 15 $ 24 Charges incurred 16 8 24 Cash payments (8 ) (7 ) (15 ) Other non-cash changes (1 ) 1 — Balance as of June 30, 2016 $ 16 $ 17 $ 33

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2016
Financial Instruments [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table summarizes the estimated fair value of financial instruments: Fair Value of Financial Instruments Asset Derivatives (1) Liability Derivatives (1) (In millions) June 30, December 31, June 30, December 31, Interest rate instruments $ 2 $ 9 $ 1 $ 9 Foreign currency forward contracts 6 3 3 1 Total $ 8 $ 12 $ 4 $ 10 (1) All asset derivatives are recorded in prepaid expenses and other assets and all liability derivatives are recorded in accrued liabilities in the accompanying condensed consolidated balance sheets.
Derivative Instruments, Gain (Loss)	The following table summarizes the gains or (losses) on financial instruments for the period indicated. Location of Gain or (Loss) Recognized on Derivatives Amount of Gain or (Loss) Recognized Three Months Ended (In millions) 2016 2015 Foreign currency forward contracts Selling, general and administrative $ (1 ) $ (3 ) Location of Gain or (Loss) Recognized on Derivatives Amount of Gain or (Loss) Recognized Six Months Ended (In millions) 2016 2015 Foreign currency forward contracts Selling, general and administrative $ 1 $ (3 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Cash, Cash Equivalents and Investments	The following table summarizes the ending balances of the Company's cash equivalents and investments. June 30, 2016 December 31, 2015 (In millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Money market funds $ 205 $ 406 $ — $ 611 $ 181 $ 49 $ — $ 230 Equity and other securities 40 100 — 140 — 111 — 111 Total $ 245 $ 506 $ — $ 751 $ 181 $ 160 $ — $ 341
Components of debt	The Company's debt, including its available credit facilities, consists of the following (in millions): Facility Weighted Average Interest Rate at June 30, 2016 Fixed or Maturity June 30, December 31, Non-Vehicle Debt Senior Term Loan 3.50% Floating 6/2023 $ 700 $ — Senior RCF N/A Floating 6/2021 — — Senior Term Facility N/A N/A N/A — 2,062 Senior ABL Facility N/A N/A N/A — — Senior Notes (1) 6.58% Fixed 4/2018–10/2022 3,900 3,900 Promissory Notes 7.00% Fixed 1/2028 27 27 Other Non-Vehicle Debt 6.71% Fixed Various 2 2 Unamortized Debt Issuance Costs and Net (Discount) Premium (38 ) (44 ) Total Non-Vehicle Debt 4,591 5,947 Vehicle Debt HVF U.S. Vehicle Medium Term Notes HVF Series 2010-1 (2) 4.96% Fixed 2/2018 115 240 HVF Series 2011-1 (2) 3.51% Fixed 3/2017 230 230 HVF Series 2013-1 (2) 1.81% Fixed 8/2016–8/2018 733 950 1,078 1,420 HVF II U.S. ABS Program HVF II U.S. Vehicle Variable Funding Notes HVF II Series 2013-A (2) 1.50% Floating 10/2017 1,816 980 HVF II Series 2013-B (2) 1.58% Floating 10/2017 953 1,308 HVF II Series 2014-A (2) 2.33% Floating 10/2016 403 1,737 3,172 4,025 HVF II U.S. Vehicle Medium Term Notes HVF II Series 2015-1 (2) 2.93% Fixed 3/2020 780 780 HVF II Series 2015-2 (2) 2.30% Fixed 9/2018 250 250 HVF II Series 2015-3 (2) 2.96% Fixed 9/2020 350 350 HVF II Series 2016-1 (2) 2.72% Fixed 3/2019 439 — HVF II Series 2016-2 (2) 3.25% Fixed 3/2021 561 — HVF II Series 2016-3 (2) 2.56% Fixed 7/2019 400 — HVF II Series 2016-4 (2) 2.91% Fixed 7/2021 400 — 3,180 1,380 Donlen ABS Program HFLF Variable Funding Notes HFLF Series 2013-2 (2) 1.49% Floating 9/2017 175 370 175 370 Facility Weighted Average Interest Rate at June 30, 2016 Fixed or Maturity June 30, December 31, HFLF Medium Term Notes HFLF Series 2013-3 (2) 1.21% Floating 9/2016–11/2016 171 270 HFLF Series 2014-1 (2) 1.06% Floating 12/2016–3/2017 209 288 HFLF Series 2015-1 (2) 1.12% Floating 3/2018–5/2018 295 295 HFLF Series 2016-1 (2) 1.80% Floating 2/2019–4/2019 386 — 1,061 853 Other Vehicle Debt U.S. Vehicle RCF (3) 3.50% Floating 6/2021 185 — U.S. Vehicle Financing Facility N/A N/A N/A — 190 European Revolving Credit Facility 2.13% Floating 10/2017 376 273 European Vehicle Notes 4.38% Fixed 1/2019 470 464 European Securitization (2) 1.55% Floating 10/2018 415 267 Canadian Securitization (2) 1.88% Floating 1/2018 253 148 Australian Securitization (2) 3.51% Floating 12/2016 89 98 Brazilian Vehicle Financing Facility 17.63% Floating 10/2016 9 7 Capitalized Leases 2.61% Floating 7/2016–3/2020 383 362 2,180 1,809 Unamortized Debt Issuance Costs and Net (Discount) Premium (45 ) (34 ) Total Vehicle Debt 10,801 9,823 Total Debt $ 15,392 $ 15,770 N/A - Not Applicable (1) References to the "Senior Notes" include the series of Hertz's unsecured senior notes set forth on the table below. Outstanding principal amounts for each such series of the Senior Notes is also specified below: (In millions) Outstanding Principal Senior Notes June 30, 2016 December 31, 2015 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 $700 million of 7.50% Senior Notes due October 2018 were paid in July 2016 as further described in Note 19 , " Subsequent Events ." (2) Maturity reference is to the "expected final maturity date" as opposed to the subsequent "legal maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness expect the relevant indebtedness to be repaid, which in the case of the HFLF Medium Term Notes was based upon various assumptions made at the time of the pricing of such notes. The legal final maturity date is the date on which the relevant indebtedness is legally due and payable. (3) Approximately $67 million of the aggregate maximum borrowing capacity under the U.S. Vehicle RCF is scheduled to expire in January 2018 . 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, 2016 As of December 31, 2015 (In millions) Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Non-vehicle Debt $ 4,629 $ 4,726 $ 5,991 $ 6,070 Vehicle Debt 10,846 10,927 9,857 9,854 Total $ 15,475 $ 15,653 $ 15,848 $ 15,924
Disclosure of Long Lived Assets Held-for-sale	Assets and liabilities measured at fair value during the six months ended June 30, 2016 are as follows: (In millions) Balance as of June 30, 2016 Level 1 Level 2 Level 3 Total Loss Adjustments Recorded for the Six Months ended June 30, 2016 Long-lived assets held for sale $ 9 $ — $ — $ 9 $ 3

Accumulated Other Comprehensi37

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income	Accumulated Other Income (Loss) Changes in the accumulated other comprehensive income (loss) balance by component (net of tax) are as follows: (In millions) Pension and Other Post-Employment Benefits Foreign Currency Items Unrealized Losses on Terminated Net Investment Hedges Unrealized Gains on Available for Sale Securities Accumulated Other Comprehensive Income (Loss) Balance as of December 31, 2015 $ (102 ) $ (124 ) $ (19 ) $ — $ (245 ) Other comprehensive income (loss) before reclassification (20 ) 18 — 9 7 Amounts reclassified from accumulated other comprehensive loss 2 — — — 2 Distribution of Herc Rentals Inc 20 95 — — 115 Balance as of June 30, 2016 $ (100 ) $ (11 ) $ (19 ) $ 9 $ (121 ) Balance as of December 31, 2014 $ (101 ) $ 5 $ (19 ) $ — $ (115 ) Other comprehensive income (loss) before reclassification — (39 ) — — (39 ) Amounts reclassified from accumulated other comprehensive loss 4 — — — 4 Balance as of June 30, 2015 $ (97 ) $ (34 ) $ (19 ) $ — $ (150 )

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2016
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) 2016 2015 2016 2015 U.S. Rental Car $ 1,584 $ 1,615 $ 143 $ 195 International Rental Car 540 556 34 45 All Other Operations 146 146 17 17 Total reportable segments $ 2,270 $ 2,317 194 257 Corporate (1) (139 ) (139 ) Consolidated adjusted pre-tax income (loss) 55 118 Adjustments: Acquisition accounting (2) (18 ) (23 ) Debt-related charges (3) (12 ) (15 ) Loss on extinguishment of debt (4) (20 ) — Restructuring and restructuring related charges (5) (18 ) (41 ) Impairment charges and asset write-downs (7) (3 ) — Finance and information technology transformation costs (8) (19 ) — Other (9) — (1 ) Income (loss) from continuing operations before income taxes $ (35 ) $ 38 Six Months Ended June 30, Revenues Adjusted Pre-Tax Income (Loss) (In millions) 2016 2015 2016 2015 U.S. Rental Car $ 2,990 $ 3,135 $ 138 $ 265 International Rental Car 973 992 36 52 All Other Operations 290 288 35 31 Total reportable segments $ 4,253 $ 4,415 209 348 Corporate (1) (262 ) (271 ) Consolidated adjusted pre-tax income (loss) (53 ) 77 Adjustments: Acquisition accounting (2) (34 ) (45 ) Debt-related charges (3) (25 ) (29 ) Loss on extinguishment of debt (4) (20 ) — Restructuring and restructuring related charges (5) (29 ) (59 ) Sale of CAR Inc. common stock (6) 75 — Impairment charges and asset write-downs (7) (3 ) (9 ) Finance and information technology transformation costs (8) (26 ) — Other (9) 3 (6 ) Income (loss) from continuing operations before income taxes $ (112 ) $ (71 ) (1) Represents general corporate expenses, non-vehicle interest expense, as well as other business activities. (2) Represents incremental expense associated with amortization of other intangible assets, 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 the write-off of deferred debt financing costs in the second quarter of 2016 as a result of paying off the Senior Term Facility and various vehicle debt refinancings. (5) Represents expenses incurred under restructuring actions as defined in U.S. GAAP. For further information on restructuring costs, see Note 9 , " Restructuring ." Also represents incremental costs incurred directly supporting business transformation initiatives. Such costs include transition costs incurred in connection with business process outsourcing arrangements and incremental costs incurred to facilitate business process re-engineering initiatives that involve significant organization redesign and extensive operational process changes. Also includes consulting costs and legal fees related to the accounting review and investigation. (6) Represents the pre-tax gain on the sale of CAR Inc. common stock. (7) In the first half of 2015, primarily represents a $6 million impairment on the former Dollar Thrifty headquarters in Tulsa, Oklahoma. (8) Represents external costs associated with the Company’s finance and information technology transformation programs, both of which are multi-year initiatives to upgrade and modernize the Company’s systems and processes. In the three months ended June 30, 2016, $5 million was incurred by U.S. RAC and $14 million was incurred by Corporate and in the six months ended June 30, 2016, $9 million was incurred by U.S. RAC and $17 million was incurred by Corporate. (9) Includes miscellaneous and non-recurring items including but not limited to acquisition charges, integration charges, and other non-cash items. For the six months ended June 30, 2016 , also includes a settlement gain related to one of our airport locations. In the 2015 periods, includes charges incurred in connection with relocating the Company's corporate headquarters to Estero, Florida. Depreciation of revenue earning vehicles and lease charges, net Three Months Ended Six Months Ended (In millions) 2016 2015 2016 2015 U.S. Rental Car $ 417 $ 380 $ 836 $ 801 International Rental Car 98 101 184 196 All Other Operations 114 116 225 231 Total $ 629 $ 597 $ 1,245 $ 1,228 Total assets (In millions) June 30, 2016 December 31, 2015 U.S. Rental Car $ 14,049 $ 13,614 International Rental Car 4,416 3,002 All Other Operations 1,583 1,520 Corporate 1,972 1,983 Assets of discontinued operations — 3,390 Total $ 22,020 $ 23,509

Guarantor and Non-Guarantor C39

Guarantor and Non-Guarantor Condensed Consolidating Financial Statements (Tables)	6 Months Ended
	Jun. 30, 2016
Guarantor and Non-Guarantor Condensed Consolidating Financial Statements Disclosure [Abstract]
Condensed Balance Sheet	CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2016 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries ASSETS Cash and cash equivalents $ 811 $ 11 $ 463 $ — $ 1,285 Restricted cash and cash equivalents 68 4 246 — 318 Receivables, net of allowance 588 207 528 — 1,323 Due from affiliates 3,263 3,233 7,684 (14,180 ) — Inventories, net 19 4 20 — 43 Prepaid expenses and other assets 4,541 50 277 (4,274 ) 594 Revenue earning vehicles, net 324 8 12,477 — 12,809 Property and equipment, net 698 64 150 — 912 Investment in subsidiaries, net 5,951 545 — (6,496 ) — Other intangible assets, net 127 3,327 25 — 3,479 Goodwill 102 943 212 — 1,257 Total assets $ 16,492 $ 8,396 $ 22,082 $ (24,950 ) $ 22,020 LIABILITIES AND EQUITY Due to affiliates $ 8,976 $ 1,350 $ 3,854 $ (14,180 ) $ — Accounts payable 303 95 841 — 1,239 Accrued liabilities 605 103 329 — 1,037 Accrued taxes, net 75 22 2,468 (2,386 ) 179 Debt 4,772 — 10,620 — 15,392 Public liability and property damage 152 46 212 — 410 Deferred taxes on income, net — 2,061 1,981 (1,888 ) 2,154 Total liabilities 14,883 3,677 20,305 (18,454 ) 20,411 Equity: Stockholder's equity 1,609 4,719 1,777 (6,496 ) 1,609 Total liabilities and equity $ 16,492 $ 8,396 $ 22,082 $ (24,950 ) $ 22,020 CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2015 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries ASSETS Cash and cash equivalents $ 179 $ 17 $ 278 $ — $ 474 Restricted cash and cash equivalents 57 3 273 — 333 Receivables, net of allowance 399 183 1,204 — 1,786 Due from affiliates 4,158 3,238 7,543 (14,939 ) — Inventories, net 15 3 11 — 29 Prepaid expenses and other assets 4,503 695 450 (4,682 ) 966 Revenue earning vehicles, net 388 6 10,352 — 10,746 Property and equipment, net 777 74 151 — 1,002 Investment in subsidiaries, net 7,457 1,614 — (9,071 ) — Other intangible assets, net 142 3,350 30 — 3,522 Goodwill 102 942 217 — 1,261 Assets of discontinued operations — 2,989 401 — 3,390 Total assets $ 18,177 $ 13,114 $ 20,910 $ (28,692 ) $ 23,509 LIABILITIES AND EQUITY Due to affiliates $ 8,888 $ 1,465 $ 3,961 $ (14,314 ) $ — Accounts payable 262 81 423 — 766 Accrued liabilities 584 114 337 — 1,035 Accrued taxes, net 223 19 2,849 (2,963 ) 128 Debt 6,126 — 9,644 — 15,770 Public liability and property damage 146 48 200 — 394 Deferred taxes on income, net — 2,005 1,882 (1,719 ) 2,168 Liabilities of discontinued operations — 1,915 9 (624 ) 1,300 Total liabilities 16,229 5,647 19,305 (19,620 ) 21,561 Equity: Stockholder's equity 1,948 7,467 1,605 (9,072 ) 1,948 Total liabilities and equity $ 18,177 $ 13,114 $ 20,910 $ (28,692 ) $ 23,509
Condensed Income Statement	CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Three Months Ended June 30, 2016 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Total revenues $ 1,192 $ 385 $ 1,636 $ (943 ) $ 2,270 Expenses: Direct vehicle and operating 732 192 343 — 1,267 Depreciation of revenue earning vehicles and lease charges, net 759 214 599 (943 ) 629 Selling, general and administrative 158 11 65 — 234 Interest expense, net 119 (21 ) 76 — 174 Other (income) expense, net 1 (1 ) 1 — 1 Total expenses 1,769 395 1,084 (943 ) 2,305 Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries (577 ) (10 ) 552 — (35 ) (Provision) benefit for taxes on income (loss) of continuing operations 227 3 (223 ) — 7 Equity in earnings (losses) of subsidiaries, net of tax 307 144 — (451 ) — Net income (loss) from continuing operations (43 ) 137 329 (451 ) (28 ) Net income (loss) from discontinued operations — (4 ) (11 ) — (15 ) Net income (loss) (43 ) 133 318 (451 ) (43 ) Other comprehensive income (loss), net of tax (45 ) (5 ) (23 ) 28 (45 ) Comprehensive income (loss) $ (88 ) $ 128 $ 295 $ (423 ) $ (88 ) 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 $ 408 $ 1,310 $ (582 ) $ 2,317 Expenses: Direct vehicle and operating 719 223 349 (1 ) 1,290 Depreciation of revenue earning vehicles and lease charges, net 434 137 607 (581 ) 597 Selling, general and administrative 157 18 76 — 251 Interest expense, net 95 (4 ) 58 — 149 Other (income) expense, net (3 ) (1 ) (4 ) — (8 ) Total expenses 1,402 373 1,086 (582 ) 2,279 Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries (221 ) 35 224 — 38 (Provision) benefit for taxes on income (loss) of continuing operations 75 (16 ) (84 ) — (25 ) Equity in earnings (losses) of subsidiaries, net of tax 182 68 — (250 ) — Net income (loss) from continuing operations 36 87 140 (250 ) 13 Net income (loss) from discontinued operations — 23 — — 23 Net income (loss) 36 110 140 (250 ) 36 Other comprehensive income (loss), net of tax 11 — 7 (7 ) 11 Comprehensive income (loss) $ 47 $ 110 $ 147 $ (257 ) $ 47 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Six Months Ended June 30, 2016 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Total revenues $ 2,258 $ 725 $ 2,932 $ (1,662 ) $ 4,253 Expenses: Direct vehicle and operating 1,417 381 627 — 2,425 Depreciation of revenue earning vehicles and lease charges, net 1,380 349 1,177 (1,661 ) 1,245 Selling, general and administrative 304 24 132 (1 ) 459 Interest expense, net 207 (22 ) 140 — 325 Other (income) expense, net 1 (10 ) (80 ) — (89 ) Total expenses 3,309 722 1,996 (1,662 ) 4,365 Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries (1,051 ) 3 936 — (112 ) (Provision) benefit for taxes on income (loss) of continuing operations 415 (2 ) (381 ) — 32 Equity in earnings (losses) of subsidiaries, net of tax 545 201 — (746 ) — Net income (loss) from continuing operations (91 ) 202 555 (746 ) (80 ) Net income (loss) from discontinued operations — (1 ) (10 ) — (11 ) Net income (loss) (91 ) 201 545 (746 ) (91 ) Other comprehensive income (loss), net of tax 9 (5 ) 29 (24 ) 9 Comprehensive income (loss) $ (82 ) $ 196 $ 574 $ (770 ) $ (82 ) 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 $ 791 $ 2,506 $ (1,178 ) $ 4,415 Expenses: Direct vehicle and operating 1,415 446 633 (2 ) 2,492 Depreciation of revenue earning vehicles and lease charges, net 889 262 1,253 (1,176 ) 1,228 Selling, general and administrative 271 42 158 — 471 Interest expense, net 193 (9 ) 112 — 296 Other (income) expense, net (2 ) — 1 — (1 ) Total expenses 2,766 741 2,157 (1,178 ) 4,486 Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries (470 ) 50 349 — (71 ) (Provision) benefit for taxes on income (loss) of continuing operations 55 (12 ) (37 ) — 6 Equity in earnings (losses) of subsidiaries, net of tax 382 114 — (496 ) — Net income (loss) from continuing operations (33 ) 152 312 (496 ) (65 ) Net income (loss) from discontinued operations — 33 (1 ) — 32 Net income (loss) (33 ) 185 311 (496 ) (33 ) Other comprehensive income (loss), net of tax (35 ) (4 ) (39 ) 43 (35 ) Comprehensive income (loss) $ (68 ) $ 181 $ 272 $ (453 ) $ (68 )
Condensed Cash Flow Statement	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2016 (In millions) Parent (The Hertz Corporation) Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations The Hertz Corporation & Subsidiaries Net cash provided by (used in) operating activities from continuing operations $ (1,903 ) $ 40 $ 3,316 $ (439 ) $ 1,014 Cash flows from investing activities: Net change in restricted cash and cash equivalents (10 ) (2 ) 28 — 16 Revenue earning vehicle expenditures (176 ) (43 ) (7,049 ) — (7,268 ) Proceeds from disposal of revenue earning vehicles 542 6 4,620 — 5,168 Capital asset expenditures, non-vehicle (41 ) (8 ) (23 ) — (72 ) Proceeds from disposal of property and other equipment 12 3 24 — 39 Purchases of shares in equity method investment (45 ) — — — (45 ) Sales of shares in equity method investment — — 233 — 233 Capital contributions to subsidiaries (514 ) — — 514 — Return of capital from subsidiaries 1,623 — — (1,623 ) — Loan to Parent / Guarantor from Non-Guarantor — — (405 ) 405 — Net cash provided by (used in) investing activities from continuing operations 1,391 (44 ) (2,572 ) (704 ) (1,929 ) Cash flows from financing activities: Proceeds from issuance of long-term debt — — 2,185 — 2,185 Repayments of long-term debt (2,062 ) — (342 ) — (2,404 ) Short-term borrowings: Proceeds — — 312 — 312 Payments — — (263 ) — (263 ) Proceeds under the revolving lines of credit 1,663 — 3,395 — 5,058 Payments under the revolving lines of credit (964 ) — (4,289 ) — (5,253 ) Capital contributions received from parent — — 514 (514 ) — Loan to Parent / Guarantor from Non-Guarantor 405 — — (405 ) — Payment of dividends and return of capital — — (2,062 ) 2,062 — Payment of financing costs (31 ) (3 ) (17 ) — (51 ) Transfers from discontinued entities 2,122 — — — 2,122 Other 11 1 — — 12 Net cash provided by (used in) financing activities from continuing operations 1,144 (2 ) (567 ) 1,143 1,718 Effect of foreign exchange rate changes on cash and cash equivalents from continuing operations — — 8 — 8 Net increase (decrease) in cash and cash equivalents during the period from continuing operations 632 (6 ) 185 — 811 Cash and cash equivalents at beginning of period 179 17 278 — 474 Cash and cash equivalents at end of period $ 811 $ 11 $ 463 $ — $ 1,285 Cash flows from discontinued operations: Cash flows provided by operating activities — 59 148 — 207 Cash flows used in investing activities — (75 ) (2 ) — (77 ) Cash flows provided by (used in) financing activities — 44 (138 ) — (94 ) Net increase (decrease) in cash and cash equivalents during the period from discontinued operations — 28 8 — 36 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 from continuing operations $ (810 ) $ (13 ) $ 2,663 $ (679 ) $ 1,161 Cash flows from investing activities: Net change in restricted cash and cash equivalents (60 ) 1 192 — 133 Revenue earning vehicle expenditures (298 ) (63 ) (7,278 ) — (7,639 ) Proceeds from disposal of revenue earning vehicles 160 51 4,605 — 4,816 Capital assets expenditures, non-vehicle (87 ) — (34 ) — (121 ) Proceeds from disposal of property and other equipment 27 5 12 — 44 Capital contributions to subsidiaries (1,544 ) — — 1,544 — Return of capital from subsidiaries 2,043 37 — (2,080 ) — Acquisitions, net of cash acquired (17 ) (3 ) (75 ) — (95 ) Loan to Parent / Guarantor from Non-Guarantor — — (506 ) 506 — Advances to Old Hertz Holdings (6 ) — — — (6 ) Net cash provided by (used in) investing activities from continuing operations 218 28 (3,084 ) (30 ) (2,868 ) Cash flows from financing activities: Proceeds from issuance of long-term debt — — 1,069 — 1,069 Repayments 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 ) — (2,713 ) — (3,683 ) 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 ) Other — — (1 ) — (1 ) Net cash provided by (used in) financing activities from continuing operations 731 (1 ) 338 709 1,777 Effect of foreign exchange rate changes on cash and cash equivalents from continuing operations — — (16 ) — (16 ) Net increase (decrease) in cash and cash equivalents during the period from continuing operations 139 14 (99 ) — 54 Cash and cash equivalents at beginning of period 2 11 461 — 474 Cash and cash equivalents at end of period 141 25 362 — 528 Cash flows from discontinued operations: Cash flows provided by operating activities — 252 40 — 292 Cash flows used in investing activities — (258 ) (37 ) — (295 ) Cash flows provided by (used in) financing activities — (4 ) 1 — (3 ) Effect of foreign exchange rate changes on cash and cash equivalents — — (1 ) — (1 ) Net increase (decrease) in cash and cash equivalents during the period from discontinued operations — (10 ) 3 — (7 )

Background (Details)

Background (Details)	6 Months Ended
	Jun. 30, 2016
Old Hertz Holdings' Worldwide Equipment Rental | Spinoff
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stock split, conversion ratio	0.2

Basis of Presentation and Rec41

Basis of Presentation and Recently Issued Accounting Pronouncements (Details) $ in Millions	Jun. 30, 2016USD ($)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Percent of operating locations owned	3.00%
Prepaid Expenses and Other Assets | Accounting Standards Update 2015-03
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Debt issuance costs	$ 73
Debt | Accounting Standards Update 2015-03
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Debt issuance costs	$ 73

Discontinued Operations (Result

Discontinued Operations (Results of Operations Not Spun-off) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net income (loss) from discontinued operations	$ (15)	$ 23	$ (11)	$ 32
Old Hertz Holdings' Worldwide Equipment Rental | Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues	349	375	677	730
Direct operating expenses	182	212	366	418
Depreciation of revenue earning equipment and lease charges, net	91	81	181	157
Selling, general and administrative	82	45	124	89
Interest expense, net	10	6	13	12
Other (income) expense, net	0	(2)	(1)	(3)
Income (loss) from discontinued operations before income taxes	(16)	33	(6)	57
(Provision) benefit for taxes on discontinued operations	1	(10)	(5)	(25)
Net income (loss) from discontinued operations	(15)	23	(11)	32
Old Hertz Holdings' Worldwide Equipment Rental | Discontinued Operations | Senior ABL Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest expense, net	$ 3	$ 4	5	$ 8
HERC | Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue from Related Parties			$ 2,000

Discontinued Operations (Assets

Discontinued Operations (Assets and Liabilities of Discontinued Operations) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Total assets of discontinued operations	$ 0	$ 3,390
LIABILITIES
Total liabilities of discontinued operations	0	1,300
Distribution of Herc Holdings, Inc.	348
Accumulated Other Comprehensive Income (Loss)
LIABILITIES
Distribution of Herc Holdings, Inc.	(115)
Spinoff
LIABILITIES
Distribution of Herc Holdings, Inc.	$ 348
Old Hertz Holdings' Worldwide Equipment Rental | Spinoff
ASSETS
Cash and cash equivalents		5
Restricted cash and cash equivalents		16
Receivables, net of allowance		288
Inventories, net		22
Prepaid expenses and other assets		38
Revenue earning equipment, net		2,382
Property and other equipment, net		246
Other intangible assets, net		300
Goodwill		93
Total assets of discontinued operations		3,390
LIABILITIES
Accounts payable		109
Accrued liabilities and other		71
Accrued taxes, net		273
Debt		64
Public liability and property damage		8
Deferred taxes on income, net		775
Total liabilities of discontinued operations		1,300
Prepaid Expenses and Other Assets | Spinoff
LIABILITIES
Prior period reclassification adjustment		$ 229

Acquisitions and Divestitures44

Acquisitions and Divestitures (Acquisition) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Feb. 28, 2015	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Business Acquisition [Line Items]
Purchases of shares in equity method investment		$ 45	$ 45	$ 0
Goodwill		$ 1,257	$ 1,257		$ 1,261
Penske Acquisition
Business Acquisition [Line Items]
Payments to acquire assets of certain Hertz-branded franchises	$ 87
Revenue earning equipment	71
Property and other equipment	6
Other intangible assets	9
Goodwill	1
Total	$ 87

(Divestiture) (Details)

(Divestiture) (Details) - CAR, Inc - USD ($) shares in Millions, $ in Millions	1 Months Ended
	Mar. 31, 2016	Jun. 30, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage		1.70%
Common Stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of shares sold	204
Gross sales proceeds	$ 240
Net sales proceeds	233
Deferred gain on sale	7
Other Operating Income (Expense) | Common Stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain on sale of stock	$ 75

Revenue Earning Equipment (Deta

Revenue Earning Equipment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Revenue Earning Equipment [Line Items]
Revenue earning vehicles	$ 15,081		$ 15,081		$ 13,242
Less: Accumulated depreciation	(2,502)		(2,502)		(2,631)
Property Subject to or Available for Operating Lease, Excluding Assets Held for Sale	12,579		12,579		10,611
Revenue earning vehicles held for sale, net	230		230		135
Revenue earning vehicles, net	12,809		12,809		$ 10,746
Depreciation of revenue earning equipment	576	$ 575	1,135	$ 1,167
(Gain) loss on disposal of revenue earning equipment	35	4	77	24
Rents paid for vehicles leased	18	18	33	37
Depreciation of revenue earning equipment and lease charges, net	629	597	1,245	1,228
U.S. Rental Car
Revenue Earning Equipment [Line Items]
(Gain) loss on disposal of revenue earning equipment	38	5	81	25
Depreciation of revenue earning equipment and lease charges, net	417	380	836	801
International Rental Car
Revenue Earning Equipment [Line Items]
(Gain) loss on disposal of revenue earning equipment	(3)	(1)	(4)	(1)
Depreciation of revenue earning equipment and lease charges, net	$ 98	$ 101	$ 184	$ 196

Revenue Earning Equipment (Depr

Revenue Earning Equipment (Depreciation Rate Changes) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenue Earning Equipment [Line Items]
Depreciation rate changes	$ 20	$ 27	$ 47	$ 57
Accumulated depreciation increase in the period	0	0	12	13
U.S. Rental Car
Revenue Earning Equipment [Line Items]
Depreciation rate changes	19	27	45	57
International Rental Car
Revenue Earning Equipment [Line Items]
Depreciation rate changes	$ 1	$ 0	$ 2	$ 0

Debt (Schedule of Debt) (Detail

Debt (Schedule of Debt) (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended
	Jan. 31, 2018	Jul. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Unamortized Net Discount			$ (38)	$ (44)
Debt:			$ 15,392	15,770
Senior Loans [Member]
Debt Instrument [Line Items]
Average interest rate (as a percent)			3.50%
Nominal Unpaid Principal Balance			$ 700	0
Corporate Debt
Debt Instrument [Line Items]
Debt:			4,591	5,947
Senior Term Facility
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance			$ 0	2,062
Senior ABL Facility
Debt Instrument [Line Items]
FCCR Number of Quarters			1 year
Promissory Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)			7.00%
Nominal Unpaid Principal Balance			$ 27	27
Other Corporate Debt
Debt Instrument [Line Items]
Average interest rate (as a percent)			6.71%
Nominal Unpaid Principal Balance			$ 2	2
Fleet Debt
Debt Instrument [Line Items]
Unamortized Net Discount			(45)	(34)
Debt:			10,801	9,823
U.S. Fleet Medium Term Notes
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance			$ 1,078	1,420
U.S. Fleet Medium Term Notes Series 2010-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)			4.96%
Nominal Unpaid Principal Balance			$ 115	240
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	230
U.S. Fleet Medium Term Notes Series 2013-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)			1.81%
Nominal Unpaid Principal Balance			$ 733	950
HVF II U.S. ABS Program
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance			3,172	4,025
HVF II Series 2013-A
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance			2,200
HVF II Series 2013-B
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance			$ 1,000
HVF II Series 2014-A
Debt Instrument [Line Items]
Average interest rate (as a percent)			2.33%
Nominal Unpaid Principal Balance			$ 403	1,737
HVF II Us Fleet Variable Medium Term Notes
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance			$ 3,180	1,380
HVF II Series 2015-1
Debt Instrument [Line Items]
Average interest rate (as a percent)			2.93%
Nominal Unpaid Principal Balance			$ 780	780
HVF II Series 2015-2
Debt Instrument [Line Items]
Average interest rate (as a percent)			2.30%
Nominal Unpaid Principal Balance			$ 250	250
HVF II Series 2015-3
Debt Instrument [Line Items]
Average interest rate (as a percent)			2.96%
Nominal Unpaid Principal Balance			$ 350	350
HVF II Series 2016-1
Debt Instrument [Line Items]
Average interest rate (as a percent)			2.72%
Nominal Unpaid Principal Balance			$ 439	0
HVF II Series 2016-2
Debt Instrument [Line Items]
Average interest rate (as a percent)			3.25%
Nominal Unpaid Principal Balance			$ 561	0
Donlen ABS Program
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance			$ 175	370
HFLF Series 2013-2 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)			1.49%
Nominal Unpaid Principal Balance			$ 175	370
HFLF Medium Term Notes
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance			$ 1,061	853
HFLF Series 2013-A Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)			1.21%
Nominal Unpaid Principal Balance			$ 171	270
HFLF Series 2014-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)			1.06%
Nominal Unpaid Principal Balance			$ 209	288
HFLF Series 2015-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)			1.12%
Nominal Unpaid Principal Balance			$ 295	295
US Vehicle RCF [Member]
Debt Instrument [Line Items]
Average interest rate (as a percent)			3.50%
Nominal Unpaid Principal Balance			$ 185	0
Other Fleet Debt
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance			2,180	1,809
U.S. Fleet Financing Facility
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance			$ 0	190
European Revolving Credit Facility
Debt Instrument [Line Items]
Average interest rate (as a percent)			2.13%
Nominal Unpaid Principal Balance			$ 376	273
European Fleet Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)			4.38%
Nominal Unpaid Principal Balance			$ 470	464
European Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)			1.55%
Nominal Unpaid Principal Balance			$ 415	267
Canadian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)			1.88%
Nominal Unpaid Principal Balance			$ 253	148
Australian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)			3.51%
Nominal Unpaid Principal Balance			$ 89	98
Brazilian Fleet Financing
Debt Instrument [Line Items]
Average interest rate (as a percent)			17.63%
Nominal Unpaid Principal Balance			$ 9	7
Capitalized Leases
Debt Instrument [Line Items]
Average interest rate (as a percent)			2.61%
Nominal Unpaid Principal Balance			$ 383	362
Senior Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)			6.58%
Nominal Unpaid Principal Balance			$ 3,900	3,900
4.25% Senior Notes Due April 2018
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance			$ 250	250
Interest rate (as a percentage)			4.25%
7.50% Senior Notes due October 2018
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance			$ 700	700
Interest rate (as a percentage)			7.50%
6.75% Senior Notes due April 2019
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance			$ 1,250	1,250
Interest rate (as a percentage)			6.75%
5.875% Senior Notes due October 2020
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance			$ 700	700
Interest rate (as a percentage)			5.875%
7.375% Senior Notes due January 2021
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance			$ 500	500
Interest rate (as a percentage)			7.375%
6.25% Senior Notes due October 2022
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance			$ 500	500
Interest rate (as a percentage)			6.25%
HVF II Series 2013-A Notes [Member]
Debt Instrument [Line Items]
Average interest rate (as a percent)			1.50%
Nominal Unpaid Principal Balance			$ 1,816	980
HVF II Series 2013-B Notes [Member]
Debt Instrument [Line Items]
Average interest rate (as a percent)			1.58%
Nominal Unpaid Principal Balance			$ 953	1,308
Us Fleet Medium Term Notes 2016 Series 3 [Member]
Debt Instrument [Line Items]
Average interest rate (as a percent)			2.56%
Nominal Unpaid Principal Balance			$ 400	0
Us Fleet Medium Term Notes 2016 Series 4 [Member]
Debt Instrument [Line Items]
Average interest rate (as a percent)			2.91%
Nominal Unpaid Principal Balance			$ 400	$ 0
Subsequent Event | 7.50% Senior Notes due October 2018
Debt Instrument [Line Items]
Repayments of Debt		$ 700
Interest rate (as a percentage)		7.50%
Forecast | 7.50% Senior Notes due October 2018
Debt Instrument [Line Items]
Repayments of Debt	$ 67

Debt (Narrative) (Details)

Debt (Narrative) (Details) € in Millions, £ in Millions, $ in Millions	1 Months Ended		2 Months Ended	6 Months Ended
	Jun. 30, 2016USD ($)	Apr. 30, 2016USD ($)	Feb. 24, 2016USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2016EUR (€)	Dec. 31, 2016GBP (£)	Jun. 30, 2016EUR (€)	Jun. 30, 2016GBP (£)	Jun. 30, 2016USD ($)	Feb. 22, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt				$ 2,185	$ 1,069
Availability under borrowing base limitation										$ 1,104
Restricted cash and cash equivalents:										318		$ 333
VIE, total assets										619		418
VIE, total liabilities										619		418
Write off of Deferred Debt Issuance Cost	$ 20
Repayments of Long-term Debt				2,404	1,032
Letters of credit
Debt Instrument [Line Items]
Outstanding standby letters of credit										618
Eliminations
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt				0	0
Restricted cash and cash equivalents:										0		0
Repayments of Long-term Debt				$ 0	$ 0
Senior Loans [Member]
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance										$ 700		0
Average interest rate (as a percent)								3.50%	3.50%	3.50%
Senior Loans [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				0.75%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance										$ 1,700
HVF II Series 2016-1 Notes
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance			$ 1,060
European Revolving Credit Facility
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance										$ 376		273
Average interest rate (as a percent)								2.13%	2.13%	2.13%
Availability under borrowing base limitation										$ 0
European Revolving Credit Facility | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity | €								€ 340
European Revolving Credit Facility | Revolving Credit Facility [Member] | Forecast
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity | €						€ 250
HFLF Series 2015-1 Notes
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance										$ 295		295
Average interest rate (as a percent)								1.12%	1.12%	1.12%
Senior ABL Facility
Debt Instrument [Line Items]
Availability under borrowing base limitation										$ 1,094
Senior ABL Facility | Letters of credit
Debt Instrument [Line Items]
Availability under borrowing base limitation										394
Senior Credit Facility
Debt Instrument [Line Items]
Outstanding standby letters of credit										606
Fleet Debt
Debt Instrument [Line Items]
Availability under borrowing base limitation										10
Canadian Securitization
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance										$ 253		148
Average interest rate (as a percent)								1.88%	1.88%	1.88%
Availability under borrowing base limitation										$ 0
HFLF Series 2013-2 Notes
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance										$ 175		370
Average interest rate (as a percent)								1.49%	1.49%	1.49%
Repayments of Long-term Debt		$ 400
US Vehicle RCF [Member]
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance										$ 185		0
Average interest rate (as a percent)								3.50%	3.50%	3.50%
Availability under borrowing base limitation										$ 0
Outstanding standby letters of credit										1,000
US Vehicle RCF [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity										200
HVF II Series 2014-A Notes, Class A
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance										500
Repayments of Long-term Debt	1,800		741
HVF II Series 2013-B Notes, Class B [Member]
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance										55
Repayments of Long-term Debt	20
HVF II Series 2014-A Notes, Class B [Member]
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance										20
Repayments of Long-term Debt	20
HVF II Series 2013-B
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance										1,000
Repayments of Long-term Debt	500
HVF II Series 2014-A
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance										$ 403		1,737
Average interest rate (as a percent)								2.33%	2.33%	2.33%
Repayments of Long-term Debt	820
HVF II Series 2013-A
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance										$ 2,200
HVF II Series 2016-3 Notes And HVF II Series 2016-4 Notes [Member]
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance										848
HVF II Series 2016-3 Notes, Class D [Member]
Debt Instrument [Line Items]
Repayments of Long-term Debt	$ 48
HFLF Series 2016-1
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance										$ 386		0
Proceeds from issuance of long-term debt		400
Average interest rate (as a percent)								1.80%	1.80%	1.80%
European Securitization
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance										$ 415		$ 267
Average interest rate (as a percent)								1.55%	1.55%	1.55%
Availability under borrowing base limitation										$ 0
Line of Credit Facility, Maximum Borrowing Capacity | €								€ 460
UK Leveraged Financing [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity | £									£ 300
UK Leveraged Financing [Member] | Forecast
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity | £							£ 250
Affiliated Entity | HVF II Series 2016-2 Notes, Class D | Eliminations
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance			$ 61
Affiliated Entity | HVF II Series 2015-3 Notes, Class D | Eliminations
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt		$ 15
Level 1 | Prepaid Expenses and Other Assets | CAR, Inc
Debt Instrument [Line Items]
Equity Method Investments, Fair Value Disclosure											$ 264

Debt (Borrowing Capacity) (Deta

Debt (Borrowing Capacity) (Details) $ in Millions	Jun. 30, 2016USD ($)
Debt Instrument [Line Items]
Remaining capacity	$ 2,254
Availability under borrowing base limitation	1,104
Senior ABL Facility
Debt Instrument [Line Items]
Remaining capacity	1,094
Availability under borrowing base limitation	1,094
Corporate Debt
Debt Instrument [Line Items]
Remaining capacity	1,094
Availability under borrowing base limitation	1,094
US Vehicle RCF [Member]
Debt Instrument [Line Items]
Remaining capacity	0
Availability under borrowing base limitation	0
HVF II U.S. ABS Program
Debt Instrument [Line Items]
Remaining capacity	613
Availability under borrowing base limitation	0
HFLF Medium Term Notes
Debt Instrument [Line Items]
Remaining capacity	325
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	94
Availability under borrowing base limitation	0
Canadian Securitization
Debt Instrument [Line Items]
Remaining capacity	16
Availability under borrowing base limitation	0
Australian Securitization
Debt Instrument [Line Items]
Remaining capacity	96
Availability under borrowing base limitation	2
Capitalized Leases
Debt Instrument [Line Items]
Remaining capacity	16
Availability under borrowing base limitation	8
Fleet Debt
Debt Instrument [Line Items]
Remaining capacity	1,160
Availability under borrowing base limitation	$ 10

Debt (Covenant Ratios) (Details

Debt (Covenant Ratios) (Details)	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Mar. 31, 2017	Sep. 30, 2016
Maximum | Forecast
Debt Instrument [Line Items]
Ratio of Indebtedness to Net Capital	0.0450	0.0500	0.0450	0.0500	0.0450	0.0500	0.0450	0.0475	0.0525	0.0475	0.0525

Employee Retirement Benefits (W

Employee Retirement Benefits (Weighted-Average Assumptions) (Details) - U.S. Pension Plan $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Defined Benefit Plan Disclosure [Line Items]
Increase in pension liability	$ 23
Discount rate	3.50%
Expected rate of return on plan assets	7.20%
Average salary increase	4.30%

Employee Retirement Benefits (N

Employee Retirement Benefits (Net Periodic Pension Expense) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
U.S. Pension Plan
Components of Net Periodic Benefit Cost:
Service cost	$ 0	$ 1	$ 1	$ 2
Interest cost	7	6	11	11
Expected return on plan assets	(7)	(8)	(14)	(16)
Net amortizations	1	1	4	2
Settlement loss	0	1	1	2
Net periodic pension expense (benefit)	1	1	3	1
Non U.S. Pension Plan
Components of Net Periodic Benefit Cost:
Service cost	1	0	1	1
Interest cost	2	2	4	4
Expected return on plan assets	(3)	(4)	(6)	(8)
Net amortizations	0	1	0	1
Settlement loss	0	0	0	0
Net periodic pension expense (benefit)	$ 0	$ (1)	$ (1)	$ (2)

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2015USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 6	$ 5	$ 12	$ 8
Income tax benefit	(2)	(2)	(5)	(3)
Total	4	$ 3	7	$ 5
Compensation cost not yet recognized	$ 55		$ 55
Period for recognition			2 years 1 month 21 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 (in shares) | shares			794,149
Weighted average grant date fair value (dollars per share) | $ / shares			$ 3.99
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 (in shares) | shares			1,114,527
Weighted average grant date fair value (dollars per share) | $ / shares			$ 9.78
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 (in shares) | shares			2,075,328
Weighted average grant date fair value (dollars per share) | $ / shares			$ 9.93
Old Hertz Holdings' Worldwide Equipment Rental | Spinoff
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock split, conversion ratio			0.2
Old Hertz Holdings' Worldwide Equipment Rental | Spinoff | Stock Incentive Plan and Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock split, conversion ratio			3.9635354736

Restructuring (Details)

Restructuring (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Restructuring details
Restructuring and related expected costs	$ 31		$ 31
Restructuring costs	18	$ 19	24	$ 25
Restructuring reserve
Beginning balance			24
Charges incurred			24
Cash payments			(15)
Other non-cash changes			0
Ending balance	33		33
U.S. Rental Car
Restructuring details
Restructuring costs	15	14	21	16
International Rental Car
Restructuring details
Restructuring costs	3	5	3	7
Corporate
Restructuring details
Restructuring costs	0	0	0	2
Direct vehicle and operating
Restructuring details
Restructuring costs	8	14	9	15
Selling, general and administrative
Restructuring details
Restructuring costs	10	5	15	10
Termination benefits
Restructuring details
Restructuring costs	10	6	16	12
Restructuring reserve
Beginning balance			9
Charges incurred			16
Cash payments			(8)
Other non-cash changes			(1)
Ending balance	16		16
Impairments and asset write-downs
Restructuring details
Restructuring costs	3	0	3	1
Facility closure and lease obligation costs
Restructuring details
Restructuring costs	5	14	5	14
Other
Restructuring details
Restructuring costs	0	$ (1)	0	$ (2)
Restructuring reserve
Beginning balance			15
Charges incurred			8
Cash payments			(7)
Other non-cash changes			1
Ending balance	$ 17		$ 17

Tangible Asset Impairments an56

Tangible Asset Impairments and Asset Write-downs (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015
Property, Plant and Equipment [Line Items]
Asset impairment charges		$ 3	$ 20
Held-for-sale | Selling, general and administrative expenses | Dollar Thrifty Headquarters
Property, Plant and Equipment [Line Items]
Asset impairment charges	$ 6
Assets deemed to have no future use | Equipment | Customer contracts
Property, Plant and Equipment [Line Items]
Asset impairment charges	11
Assets deemed to have no future use | Direct vehicle and operating | Equipment | Customer contracts
Property, Plant and Equipment [Line Items]
Asset impairment charges	4
Assets deemed to have no future use | Other (income) expense | Equipment | Customer contracts
Property, Plant and Equipment [Line Items]
Asset impairment charges	$ 7

Taxes on Income (Loss) (Details

Taxes on Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2016
Income Tax Contingency [Line Items]
Effective tax rate (as percent)	20.00%	66.00%	29.00%	8.00%
Tax provision (benefit)	$ (7)	$ 25	$ (32)	$ (6)
Forecast
Income Tax Contingency [Line Items]
Effective tax rate (as percent)					47.00%
State and Local Jurisdiction [Member]
Income Tax Contingency [Line Items]
Tax provision (benefit)	(2)		(2)
Spinoff
Income Tax Contingency [Line Items]
Tax provision (benefit)	$ (2)		$ (2)

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, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	$ 8		$ 8		$ 12
Liability Derivatives	4		4		10
Interest Rate Cap | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	2		2		9
Liability Derivatives	1		1		9
Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount of Gain or (Loss) Recognized in Income on Derivatives	(1)	$ (3)	1	$ (3)
Foreign Exchange Forward | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	6		6		3
Liability Derivatives	$ 3		$ 3		$ 1

Fair Value Measurements (Cash E

Fair Value Measurements (Cash Equivalents and Investments) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and investments	$ 751	$ 341
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and investments	245	181
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and investments	506	160
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and investments	0	0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and investments	611	230
Money market funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and investments	205	181
Money market funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and investments	406	49
Money market funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and investments	0	0
Equity and other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and investments	140	111
Equity and other securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and investments	40	0
Equity and other securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and investments	100	111
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 (Debt O

Fair Value Measurements (Debt Obligations) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nominal Unpaid Principal Balance		$ 15,475	$ 15,848
Aggregate Fair Value		15,653	15,924
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held for sale		9
Total Loss Adjustments Recorded for the Six Months ended June 30, 2016		3
Decrease in assets held-for-sale	$ 9
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		9
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		4,629	5,991
Aggregate Fair Value		4,726	6,070
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		10,846	9,857
Aggregate Fair Value		$ 10,927	$ 9,854

Accumulated Other Comprehensi61

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss)[Roll Forward]
Balance at the beginning of the period	$ 1,948
Distribution of Herc Holdings, Inc.	(348)
Balance at the end of the period	1,609
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)[Roll Forward]
Balance at the beginning of the period	(245)	$ (115)
Other comprehensive income (loss) before reclassification	7	(39)
Amounts reclassified from accumulated other comprehensive loss	2	4
Distribution of Herc Holdings, Inc.	115
Balance at the end of the period	(121)	(150)
Pension and Other Post-Employment Benefits
Accumulated Other Comprehensive Income (Loss)[Roll Forward]
Balance at the beginning of the period	(102)	(101)
Other comprehensive income (loss) before reclassification	(20)	0
Amounts reclassified from accumulated other comprehensive loss	2	4
Distribution of Herc Holdings, Inc.	20
Balance at the end of the period	(100)	(97)
Foreign Currency Items
Accumulated Other Comprehensive Income (Loss)[Roll Forward]
Balance at the beginning of the period	(124)	5
Other comprehensive income (loss) before reclassification	18	(39)
Amounts reclassified from accumulated other comprehensive loss	0	0
Distribution of Herc Holdings, Inc.	95
Balance at the end of the period	(11)	(34)
Unrealized Losses on Terminated Net Investment Hedges
Accumulated Other Comprehensive Income (Loss)[Roll Forward]
Balance at the beginning of the period	(19)	(19)
Other comprehensive income (loss) before reclassification	0	0
Amounts reclassified from accumulated other comprehensive loss	0	0
Distribution of Herc Holdings, Inc.	0
Balance at the end of the period	(19)	(19)
Unrealized Gains on Available for Sale Securities
Accumulated Other Comprehensive Income (Loss)[Roll Forward]
Balance at the beginning of the period	0	0
Other comprehensive income (loss) before reclassification	9	0
Amounts reclassified from accumulated other comprehensive loss	0	0
Distribution of Herc Holdings, Inc.	0
Balance at the end of the period	$ 9	$ 0

Contingencies and Off-Balance62

Contingencies and Off-Balance Sheet Commitments (Details) - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2016	Jan. 31, 2016	Oct. 31, 2014	Jun. 30, 2016	Dec. 31, 2015
Loss Contingencies [Line Items]
Public liability and property damage				$ 410	$ 394
Concession Fee Recoveries
Loss Contingencies [Line Items]
Litigation settlement, amount			$ 42
Litigation settlement, interest			11
Litigation settlement, expense			3.1
Concession Fee Recoveries | Restitution Fund
Loss Contingencies [Line Items]
Litigation settlement, expense			$ 3.1
French Road Tax
Loss Contingencies [Line Items]
Additional reserve established					$ 23
French Road Tax | Ministry of the Economy, Finance and Industry, France
Loss Contingencies [Line Items]
Payments for other taxes		$ 9
Other (income) expense, net
Loss Contingencies [Line Items]
Litigation settlement, amount	$ 9

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Jun. 30, 2016USD ($)segment	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Number of reportable segments | segment				3
Revenues	$ 2,270	$ 2,317		$ 4,253	$ 4,415
Adjusted Pre-Tax Income (Loss)	55	118		(53)	77
Adjustments from Segment Totals to Consolidated [Abstract]
Adjusted pre-tax income	35	(38)		112	71
Depreciation of revenue earning vehicles and lease charges, net	629	597		1,245	1,228
Assets	22,020			22,020		$ 23,509
Assets of discontinued operations	0			0		3,390
Impairment charges and asset write-downs				3	20
Acquisition accounting
Adjustments from Segment Totals to Consolidated [Abstract]
Adjusted pre-tax income	18	23		34	45
Debt-related charges
Adjustments from Segment Totals to Consolidated [Abstract]
Adjusted pre-tax income	12	15		25	29
Loss On Extinguishment of Debt [Member]
Adjustments from Segment Totals to Consolidated [Abstract]
Adjusted pre-tax income	(20)	0		(20)	0
Restructuring and restructuring related charges
Adjustments from Segment Totals to Consolidated [Abstract]
Adjusted pre-tax income	18	41		29	59
Sale of CAR, Inc. Common Stock
Adjustments from Segment Totals to Consolidated [Abstract]
Adjusted pre-tax income				(75)	0
Impairment charges and asset write-downs
Adjustments from Segment Totals to Consolidated [Abstract]
Adjusted pre-tax income	3	0		3	9
Finance and Information Technology Transformation Costs
Adjustments from Segment Totals to Consolidated [Abstract]
Adjusted pre-tax income	19	0		26	0
Other
Adjustments from Segment Totals to Consolidated [Abstract]
Adjusted pre-tax income	0	1		(3)	6
Selling, general and administrative expenses | Held-for-sale | Dollar Thrifty Headquarters
Adjustments from Segment Totals to Consolidated [Abstract]
Impairment charges and asset write-downs			$ 6
U.S. Rental Car
Adjustments from Segment Totals to Consolidated [Abstract]
Depreciation of revenue earning vehicles and lease charges, net	417	380		836	801
U.S. Rental Car | Finance and Information Technology Transformation Costs
Adjustments from Segment Totals to Consolidated [Abstract]
Adjusted pre-tax income	(5)			(9)
International Rental Car
Adjustments from Segment Totals to Consolidated [Abstract]
Depreciation of revenue earning vehicles and lease charges, net	98	101		184	196
All Other Operations
Adjustments from Segment Totals to Consolidated [Abstract]
Depreciation of revenue earning vehicles and lease charges, net	114	116		225	231
All Other Operations | Finance and Information Technology Transformation Costs
Adjustments from Segment Totals to Consolidated [Abstract]
Adjusted pre-tax income	(14)			(17)
Operating segments
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	2,270	2,317		4,253	4,415
Adjusted Pre-Tax Income (Loss)	194	257		209	348
Operating segments | U.S. Rental Car
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	1,584	1,615		2,990	3,135
Adjusted Pre-Tax Income (Loss)	143	195		138	265
Adjustments from Segment Totals to Consolidated [Abstract]
Assets	14,049			14,049		13,614
Operating segments | International Rental Car
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	540	556		973	992
Adjusted Pre-Tax Income (Loss)	34	45		36	52
Adjustments from Segment Totals to Consolidated [Abstract]
Assets	4,416			4,416		3,002
Operating segments | All Other Operations
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	146	146		290	288
Adjusted Pre-Tax Income (Loss)	17	17		35	31
Adjustments from Segment Totals to Consolidated [Abstract]
Assets	1,583			1,583		1,520
Corporate, Non-Segment
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjusted Pre-Tax Income (Loss)	(139)	$ (139)		(262)	$ (271)
Adjustments from Segment Totals to Consolidated [Abstract]
Assets	$ 1,972			$ 1,972		$ 1,983

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Nov. 30, 2015
Related Party Transaction [Line Items]
Due from affiliate	$ 0	$ 0
Hertz Global Holdings
Related Party Transaction [Line Items]
Due from affiliate	425		$ 650
Due From Affiliate
Related Party Transaction [Line Items]
Dividends paid to Old Hertz Holdings	$ (334)

Guarantor and Non-Guarantor C65

Guarantor and Non-Guarantor Condensed Consolidating Financial Statements (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Capital asset expenditures, non-vehicle	$ 72	$ 121
Cash flows from investing activities	(1,929)	(2,868)
Cash flows from operating activities	1,014	1,161
Prepaid Expenses and Other Assets | Prior Period Misstatements Corrected in Current Period
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Prior period reclassification adjustment	453
Guarantor Subsidiaries
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Capital asset expenditures, non-vehicle	8	0
Cash flows from investing activities	(44)	28
Cash flows from operating activities	40	(13)
Non-Guarantor Subsidiaries
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Capital asset expenditures, non-vehicle	23	34
Cash flows from investing activities	(2,572)	(3,084)
Cash flows from operating activities	3,316	2,663
Previously reported | Guarantor Subsidiaries | Misclassification of Capital Assets Expenditures, Non-Vehicle
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cash flows from operating activities		$ (15)
Restatement Adjustment | Non-Guarantor Subsidiaries | Misclassification of Capital Assets Expenditures, Non-Vehicle
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cash flows from operating activities	$ 15

Guarantor and Non-Guarantor C66

Guarantor and Non-Guarantor Condensed Consolidating Financial Statements (Balance Sheet) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 1,285	$ 474	$ 528	$ 474
Restricted cash and cash equivalents:	318	333
Receivables, less allowance for doubtful accounts	1,323	1,786
Due from Hertz affiliate	0	0
Inventories, net	43	29
Prepaid expenses and other assets	594	966
Revenue earning equipment, net	12,809	10,746
Property and equipment, net	912	1,002
Investments in Subsidiaries	0	0
Other intangible assets, net	3,479	3,522
Goodwill	1,257	1,261
Assets of discontinued operations	0	3,390
Total assets	22,020	23,509
LIABILITIES AND EQUITY
Due to Hertz Global Holdings, Inc.	0	0
Total accounts payable	1,239	766
Accrued liabilities	1,037	1,035
Accrued taxes, net	179	128
Debt:	15,392	15,770
Public liability and property damage	410	394
Deferred taxes on income, net	2,154	2,168
Liabilities of discontinued operations	0	1,300
Total liabilities	20,411	21,561
Equity:
The Hertz Corporation and Subsidiaries stockholder's equity	1,609	1,948
Total liabilities and equity	22,020	23,509
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	(14,180)	(14,939)
Inventories, net	0	0
Prepaid expenses and other assets	(4,274)	(4,682)
Revenue earning equipment, net	0	0
Property and equipment, net	0	0
Investments in Subsidiaries	(6,496)	(9,071)
Other intangible assets, net	0	0
Goodwill	0	0
Assets of discontinued operations		0
Total assets	(24,950)	(28,692)
LIABILITIES AND EQUITY
Due to Hertz Global Holdings, Inc.	(14,180)	(14,314)
Total accounts payable	0	0
Accrued liabilities	0	0
Accrued taxes, net	(2,386)	(2,963)
Debt:	0	0
Public liability and property damage	0	0
Deferred taxes on income, net	(1,888)	(1,719)
Liabilities of discontinued operations		(624)
Total liabilities	(18,454)	(19,620)
Equity:
The Hertz Corporation and Subsidiaries stockholder's equity	(6,496)	(9,072)
Total liabilities and equity	(24,950)	(28,692)
Parent
ASSETS
Cash and cash equivalents	811	179	141	2
Restricted cash and cash equivalents:	68	57
Receivables, less allowance for doubtful accounts	588	399
Due from Hertz affiliate	3,263	4,158
Inventories, net	19	15
Prepaid expenses and other assets	4,541	4,503
Revenue earning equipment, net	324	388
Property and equipment, net	698	777
Investments in Subsidiaries	5,951	7,457
Other intangible assets, net	127	142
Goodwill	102	102
Assets of discontinued operations		0
Total assets	16,492	18,177
LIABILITIES AND EQUITY
Due to Hertz Global Holdings, Inc.	8,976	8,888
Total accounts payable	303	262
Accrued liabilities	605	584
Accrued taxes, net	75	223
Debt:	4,772	6,126
Public liability and property damage	152	146
Deferred taxes on income, net	0	0
Liabilities of discontinued operations		0
Total liabilities	14,883	16,229
Equity:
The Hertz Corporation and Subsidiaries stockholder's equity	1,609	1,948
Total liabilities and equity	16,492	18,177
Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	11	17	25	11
Restricted cash and cash equivalents:	4	3
Receivables, less allowance for doubtful accounts	207	183
Due from Hertz affiliate	3,233	3,238
Inventories, net	4	3
Prepaid expenses and other assets	50	695
Revenue earning equipment, net	8	6
Property and equipment, net	64	74
Investments in Subsidiaries	545	1,614
Other intangible assets, net	3,327	3,350
Goodwill	943	942
Assets of discontinued operations		2,989
Total assets	8,396	13,114
LIABILITIES AND EQUITY
Due to Hertz Global Holdings, Inc.	1,350	1,465
Total accounts payable	95	81
Accrued liabilities	103	114
Accrued taxes, net	22	19
Debt:	0	0
Public liability and property damage	46	48
Deferred taxes on income, net	2,061	2,005
Liabilities of discontinued operations		1,915
Total liabilities	3,677	5,647
Equity:
The Hertz Corporation and Subsidiaries stockholder's equity	4,719	7,467
Total liabilities and equity	8,396	13,114
Non-Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	463	278	$ 362	$ 461
Restricted cash and cash equivalents:	246	273
Receivables, less allowance for doubtful accounts	528	1,204
Due from Hertz affiliate	7,684	7,543
Inventories, net	20	11
Prepaid expenses and other assets	277	450
Revenue earning equipment, net	12,477	10,352
Property and equipment, net	150	151
Investments in Subsidiaries	0	0
Other intangible assets, net	25	30
Goodwill	212	217
Assets of discontinued operations		401
Total assets	22,082	20,910
LIABILITIES AND EQUITY
Due to Hertz Global Holdings, Inc.	3,854	3,961
Total accounts payable	841	423
Accrued liabilities	329	337
Accrued taxes, net	2,468	2,849
Debt:	10,620	9,644
Public liability and property damage	212	200
Deferred taxes on income, net	1,981	1,882
Liabilities of discontinued operations		9
Total liabilities	20,305	19,305
Equity:
The Hertz Corporation and Subsidiaries stockholder's equity	1,777	1,605
Total liabilities and equity	$ 22,082	$ 20,910

Guarantor and Non-Guarantor C67

Guarantor and Non-Guarantor Condensed Consolidating Financial Statements (Statement of Operations and Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Condensed Financial Statements, Captions [Line Items]
Less: Net income (loss) from discontinued operations	$ (15)	$ 23	$ (11)	$ 32
Total revenues	2,270	2,317	4,253	4,415
Expenses:
Direct vehicle and operating	1,267	1,290	2,425	2,492
Depreciation of revenue earning vehicles and lease charges, net	629	597	1,245	1,228
Selling, general and administrative	234	251	459	471
Interest expense, net	174	149	325	296
Other (income) expense, net	1	(8)	(89)	(1)
Total expenses	2,305	2,279	4,365	4,486
Income (loss) before income taxes	(35)	38	(112)	(71)
Provision for taxes on income	7	(25)	32	6
Net income (loss) from continuing operations	(28)	13	(80)	(65)
Equity in earnings (losses) of subsidiaries, net of tax	0	0	0	0
Net income (loss)	(43)	36	(91)	(33)
Other comprehensive income (loss), net of tax	(45)	11	9	(35)
Total comprehensive income (loss)	(88)	47	(82)	(68)
Eliminations
Condensed Financial Statements, Captions [Line Items]
Less: Net income (loss) from discontinued operations	0	0	0	0
Total revenues	(943)	(582)	(1,662)	(1,178)
Expenses:
Direct vehicle and operating	0	(1)	0	(2)
Depreciation of revenue earning vehicles and lease charges, net	(943)	(581)	(1,661)	(1,176)
Selling, general and administrative	0	0	(1)	0
Interest expense, net	0	0	0	0
Other (income) expense, net	0	0	0	0
Total expenses	(943)	(582)	(1,662)	(1,178)
Income (loss) before income taxes	0	0	0	0
Provision for taxes on income	0	0	0	0
Net income (loss) from continuing operations	(451)	(250)	(746)	(496)
Equity in earnings (losses) of subsidiaries, net of tax	(451)	(250)	(746)	(496)
Net income (loss)	(451)	(250)	(746)	(496)
Other comprehensive income (loss), net of tax	28	(7)	(24)	43
Total comprehensive income (loss)	(423)	(257)	(770)	(453)
Parent
Condensed Financial Statements, Captions [Line Items]
Less: Net income (loss) from discontinued operations	0	0	0	0
Total revenues	1,192	1,181	2,258	2,296
Expenses:
Direct vehicle and operating	732	719	1,417	1,415
Depreciation of revenue earning vehicles and lease charges, net	759	434	1,380	889
Selling, general and administrative	158	157	304	271
Interest expense, net	119	95	207	193
Other (income) expense, net	1	(3)	1	(2)
Total expenses	1,769	1,402	3,309	2,766
Income (loss) before income taxes	(577)	(221)	(1,051)	(470)
Provision for taxes on income	227	75	415	55
Net income (loss) from continuing operations	(43)	36	(91)	(33)
Equity in earnings (losses) of subsidiaries, net of tax	307	182	545	382
Net income (loss)	(43)	36	(91)	(33)
Other comprehensive income (loss), net of tax	(45)	11	9	(35)
Total comprehensive income (loss)	(88)	47	(82)	(68)
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Less: Net income (loss) from discontinued operations	(4)	23	(1)	33
Total revenues	385	408	725	791
Expenses:
Direct vehicle and operating	192	223	381	446
Depreciation of revenue earning vehicles and lease charges, net	214	137	349	262
Selling, general and administrative	11	18	24	42
Interest expense, net	(21)	(4)	(22)	(9)
Other (income) expense, net	(1)	(1)	(10)	0
Total expenses	395	373	722	741
Income (loss) before income taxes	(10)	35	3	50
Provision for taxes on income	3	(16)	(2)	(12)
Net income (loss) from continuing operations	137	87	202	152
Equity in earnings (losses) of subsidiaries, net of tax	144	68	201	114
Net income (loss)	133	110	201	185
Other comprehensive income (loss), net of tax	(5)	0	(5)	(4)
Total comprehensive income (loss)	128	110	196	181
Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Less: Net income (loss) from discontinued operations	(11)	0	(10)	(1)
Total revenues	1,636	1,310	2,932	2,506
Expenses:
Direct vehicle and operating	343	349	627	633
Depreciation of revenue earning vehicles and lease charges, net	599	607	1,177	1,253
Selling, general and administrative	65	76	132	158
Interest expense, net	76	58	140	112
Other (income) expense, net	1	(4)	(80)	1
Total expenses	1,084	1,086	1,996	2,157
Income (loss) before income taxes	552	224	936	349
Provision for taxes on income	(223)	(84)	(381)	(37)
Net income (loss) from continuing operations	329	140	555	312
Equity in earnings (losses) of subsidiaries, net of tax	0	0	0	0
Net income (loss)	318	140	545	311
Other comprehensive income (loss), net of tax	(23)	7	29	(39)
Total comprehensive income (loss)	$ 295	$ 147	$ 574	$ 272

Guarantor and Non-Guarantor C68

Guarantor and Non-Guarantor Condensed Consolidating Financial Statements (Statement of Cash Flows) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		$ 1,014	$ 1,161
Cash flows from investing activities:
Net change in restricted cash and cash equivalents		16	133
Revenue earning vehicles expenditures		(7,268)	(7,639)
Proceeds from disposal of revenue earning vehicles		5,168	4,816
Capital asset expenditures, non-vehicle		(72)	(121)
Proceeds from disposal of property and other equipment		39	44
Purchases of shares in equity method investment	$ (45)	(45)	0
Sales of shares in equity method investment		233	0
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		0	(95)
Advances to Old Hertz Holdings		0	(6)
Net cash provided by (used in) investing activities from continuing operations		(1,929)	(2,868)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		2,185	1,069
Repayments of long-term debt		(2,404)	(1,032)
Short-term borrowings:
Proceeds		312	383
Payments		(263)	(258)
Proceeds under the revolving lines of credit		5,058	5,307
Payments under the revolving lines of credit		(5,253)	(3,683)
Capital contributions received from parent		0	0
Payment of dividends and return of capital			0
Loan to Parent / Guarantor from Non-Guarantor		0	0
Payment of financing costs		(51)	(8)
Transfers from discontinued entities		0
Transfers from discontinued entities		2,122	0
Other		12	(1)
Net cash provided by (used in) financing activities		1,718	1,777
Effect of foreign exchange rate changes on cash and cash equivalents from continuing operations		8	(16)
Net increase (decrease) in cash and cash equivalents during the period from continuing operations		811	54
Cash and cash equivalents at beginning of period		474	474
Cash and cash equivalents at end of period	1,285	1,285	528
Cash flows provided by operating activities		207	292
Cash flows used in investing activities		(77)	(295)
Cash flows used in financing activities		(94)	(3)
Effect of foreign exchange rate changes on cash and cash equivalents		0	(1)
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations		36	(7)
Eliminations
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		(439)	(679)
Cash flows from investing activities:
Net change in restricted cash and cash equivalents		0	0
Revenue earning vehicles expenditures		0	0
Proceeds from disposal of revenue earning vehicles		0	0
Capital asset expenditures, non-vehicle		0	0
Proceeds from disposal of property and other equipment		0	0
Purchases of shares in equity method investment		0
Sales of shares in equity method investment		0
Capital contributions to subsidiaries		514	1,544
Return of capital from subsidiaries		(1,623)	(2,080)
Loan to Parent / Guarantor from Non-Guarantor		405	506
Acquisitions, net of cash acquired			0
Advances to Old Hertz Holdings			0
Net cash provided by (used in) investing activities from continuing operations		(704)	(30)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		0	0
Repayments of long-term debt		0	0
Short-term borrowings:
Proceeds		0	0
Payments		0	0
Proceeds under the revolving lines of credit		0	0
Payments under the revolving lines of credit		0	0
Capital contributions received from parent		(514)	(1,544)
Payment of dividends and return of capital			2,759
Loan to Parent / Guarantor from Non-Guarantor		(405)	(506)
Payment of financing costs		0	0
Transfers from discontinued entities		2,062
Transfers from discontinued entities		0
Other		0	0
Net cash provided by (used in) financing activities		1,143	709
Effect of foreign exchange rate changes on cash and cash equivalents from continuing operations		0	0
Net increase (decrease) in cash and cash equivalents during the period from continuing operations		0	0
Cash and cash equivalents at beginning of period		0	0
Cash and cash equivalents at end of period	0	0	0
Cash flows provided by operating activities		0	0
Cash flows used in investing activities		0	0
Cash flows used in financing activities		0	0
Effect of foreign exchange rate changes on cash and cash equivalents			0
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations		0	0
Parent
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		(1,903)	(810)
Cash flows from investing activities:
Net change in restricted cash and cash equivalents		(10)	(60)
Revenue earning vehicles expenditures		(176)	(298)
Proceeds from disposal of revenue earning vehicles		542	160
Capital asset expenditures, non-vehicle		(41)	(87)
Proceeds from disposal of property and other equipment		12	27
Purchases of shares in equity method investment		(45)
Sales of shares in equity method investment		0
Capital contributions to subsidiaries		(514)	(1,544)
Return of capital from subsidiaries		1,623	2,043
Loan to Parent / Guarantor from Non-Guarantor		0	0
Acquisitions, net of cash acquired			(17)
Advances to Old Hertz Holdings			(6)
Net cash provided by (used in) investing activities from continuing operations		1,391	218
Cash flows from financing activities:
Proceeds from issuance of long-term debt		0	0
Repayments of long-term debt		(2,062)	(11)
Short-term borrowings:
Proceeds		0	0
Payments		0	0
Proceeds under the revolving lines of credit		1,663	1,206
Payments under the revolving lines of credit		(964)	(970)
Capital contributions received from parent		0	0
Payment of dividends and return of capital			0
Loan to Parent / Guarantor from Non-Guarantor		405	506
Payment of financing costs		(31)	0
Transfers from discontinued entities		0
Transfers from discontinued entities		2,122
Other		11	0
Net cash provided by (used in) financing activities		1,144	731
Effect of foreign exchange rate changes on cash and cash equivalents from continuing operations		0	0
Net increase (decrease) in cash and cash equivalents during the period from continuing operations		632	139
Cash and cash equivalents at beginning of period		179	2
Cash and cash equivalents at end of period	811	811	141
Cash flows provided by operating activities		0	0
Cash flows used in investing activities		0	0
Cash flows used in financing activities		0	0
Effect of foreign exchange rate changes on cash and cash equivalents			0
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations		0	0
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		40	(13)
Cash flows from investing activities:
Net change in restricted cash and cash equivalents		(2)	1
Revenue earning vehicles expenditures		(43)	(63)
Proceeds from disposal of revenue earning vehicles		6	51
Capital asset expenditures, non-vehicle		(8)	0
Proceeds from disposal of property and other equipment		3	5
Purchases of shares in equity method investment		0
Sales of shares in equity method investment		0
Capital contributions to subsidiaries		0	0
Return of capital from subsidiaries		0	37
Loan to Parent / Guarantor from Non-Guarantor		0	0
Acquisitions, net of cash acquired			(3)
Advances to Old Hertz Holdings			0
Net cash provided by (used in) investing activities from continuing operations		(44)	28
Cash flows from financing activities:
Proceeds from issuance of long-term debt		0	0
Repayments of long-term debt		0	0
Short-term borrowings:
Proceeds		0	0
Payments		0	0
Proceeds under the revolving lines of credit		0	0
Payments under the revolving lines of credit		0	0
Capital contributions received from parent		0	0
Payment of dividends and return of capital			0
Loan to Parent / Guarantor from Non-Guarantor		0	0
Payment of financing costs		(3)	(1)
Transfers from discontinued entities		0
Transfers from discontinued entities		0
Other		1	0
Net cash provided by (used in) financing activities		(2)	(1)
Effect of foreign exchange rate changes on cash and cash equivalents from continuing operations		0	0
Net increase (decrease) in cash and cash equivalents during the period from continuing operations		(6)	14
Cash and cash equivalents at beginning of period		17	11
Cash and cash equivalents at end of period	11	11	25
Cash flows provided by operating activities		59	252
Cash flows used in investing activities		(75)	(258)
Cash flows used in financing activities		44	(4)
Effect of foreign exchange rate changes on cash and cash equivalents			0
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations		28	(10)
Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		3,316	2,663
Cash flows from investing activities:
Net change in restricted cash and cash equivalents		28	192
Revenue earning vehicles expenditures		(7,049)	(7,278)
Proceeds from disposal of revenue earning vehicles		4,620	4,605
Capital asset expenditures, non-vehicle		(23)	(34)
Proceeds from disposal of property and other equipment		24	12
Purchases of shares in equity method investment		0
Sales of shares in equity method investment		233
Capital contributions to subsidiaries		0	0
Return of capital from subsidiaries		0	0
Loan to Parent / Guarantor from Non-Guarantor		(405)	(506)
Acquisitions, net of cash acquired			(75)
Advances to Old Hertz Holdings			0
Net cash provided by (used in) investing activities from continuing operations		(2,572)	(3,084)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		2,185	1,069
Repayments of long-term debt		(342)	(1,021)
Short-term borrowings:
Proceeds		312	383
Payments		(263)	(258)
Proceeds under the revolving lines of credit		3,395	4,101
Payments under the revolving lines of credit		(4,289)	(2,713)
Capital contributions received from parent		514	1,544
Payment of dividends and return of capital			(2,759)
Loan to Parent / Guarantor from Non-Guarantor		0	0
Payment of financing costs		(17)	(7)
Transfers from discontinued entities		(2,062)
Transfers from discontinued entities		0
Other		0	(1)
Net cash provided by (used in) financing activities		(567)	338
Effect of foreign exchange rate changes on cash and cash equivalents from continuing operations		8	(16)
Net increase (decrease) in cash and cash equivalents during the period from continuing operations		185	(99)
Cash and cash equivalents at beginning of period		278	461
Cash and cash equivalents at end of period	$ 463	463	362
Cash flows provided by operating activities		148	40
Cash flows used in investing activities		(2)	(37)
Cash flows used in financing activities		(138)	1
Effect of foreign exchange rate changes on cash and cash equivalents			(1)
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations		$ 8	$ 3

Subsequent Events (Details)

Subsequent Events (Details) - 7.50% Senior Notes due October 2018 - USD ($) $ in Millions	1 Months Ended
	Jul. 31, 2016	Jun. 30, 2016
Subsequent Event [Line Items]
Interest rate (as a percentage)		7.50%
Subsequent Event
Subsequent Event [Line Items]
Interest rate (as a percentage)	7.50%
Repayments of Debt	$ 700
Repayments of Other Debt	25
Redemption Premium	$ 13
Redemption Price, Percentage	1.875%
Interest Paid	$ 12