Hertz (HRZ) 10-Q 27 Oct 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Oct. 20, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-37665
Entity Registrant Name	HERTZ GLOBAL HOLDINGS, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1770902
Entity Address, Address Description	8501 Williams Road,
Entity Address, City or Town	Estero,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33928
City Area Code	(239)
Local Phone Number	301-7000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		333,952,167
Entity Central Index Key	0001657853
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	HTZ
Security Exchange Name	NASDAQ
Warrants
Entity Information [Line Items]
Title of 12(b) Security	Warrants to purchase common stock
Trading Symbol	HTZWW
Security Exchange Name	NASDAQ
The Hertz Corporation
Entity Information [Line Items]
Entity File Number	001-07541
Entity Registrant Name	THE HERTZ CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-1938568
Entity Address, Address Description	8501 Williams Road,
Entity Address, City or Town	Estero,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33928
City Area Code	(239)
Local Phone Number	301-7000
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		100
Entity Central Index Key	0000047129
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

HGH - CONDENSED CONSOLIDATED BA

HGH - CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions		Sep. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents		$ 1,006	$ 2,258
Total restricted cash and cash equivalents		502	393
Total cash and cash equivalents and restricted cash and cash equivalents		1,508	2,651
Receivables		1,053	758
Prepaid expenses and other assets		934	1,017
Revenue earning vehicles:
Vehicles		13,757	10,836
Less: accumulated depreciation		(1,734)	(1,610)
Revenue earning vehicles, net		12,023	9,226
Property and equipment, net		618	608
Operating lease right-of-use assets		1,632	1,566
Intangible assets, net		2,883	2,912
Goodwill		1,043	1,045
Total assets	[1]	21,694	19,783
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable		614	572
Accrued liabilities		955	863
Accrued taxes, net		205	157
Debt		13,076	10,907
Public Warrants		737	1,324
Operating lease liabilities		1,556	1,510
Self-insured liabilities		484	463
Deferred income taxes, net		1,306	1,010
Total liabilities	[1]	18,933	16,806
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, no shares issued and outstanding		0	0
Common stock, $0.01 par value, 477,792,170 and 477,233,278 shares issued, respectively, and 341,223,449 and 449,782,424 shares outstanding, respectively		5	5
Treasury stock, at cost, 136,568,721 and 27,450,854 common shares, respectively		(2,821)	(708)
Additional paid-in capital		6,308	6,209
Retained earnings (Accumulated deficit)		(372)	(2,315)
Accumulated other comprehensive income (loss)		(359)	(214)
Total stockholders' equity		2,761	2,977
Total liabilities and stockholders' equity		21,694	19,783
Vehicles
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable		112	56
Debt		10,097	7,921
Non Vehicle Debt
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable		502	516
Debt		2,979	2,986
Vehicles
ASSETS
Total restricted cash and cash equivalents		203	77
Receivables		222	62
Non-vehicle
ASSETS
Total restricted cash and cash equivalents		299	316
Receivables		831	696
The Hertz Corporation
ASSETS
Cash and cash equivalents		1,006	2,257
Total restricted cash and cash equivalents		502	393
Total cash and cash equivalents and restricted cash and cash equivalents		1,508	2,650	[2]
Receivables		1,053	757
Prepaid expenses and other assets		933	1,016
Revenue earning vehicles:
Vehicles		13,757	10,836
Less: accumulated depreciation		(1,734)	(1,610)
Revenue earning vehicles, net		12,023	9,226
Property and equipment, net		618	608
Operating lease right-of-use assets		1,632	1,566
Intangible assets, net		2,883	2,912
Goodwill		1,043	1,045
Total assets	[3]	21,693	19,780
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable		614	572
Accrued liabilities		940	809
Accrued taxes, net		205	157
Debt		13,076	10,907
Operating lease liabilities		1,556	1,510
Self-insured liabilities		484	463
Deferred income taxes, net		1,309	1,012
Total liabilities	[3]	18,184	15,430
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 477,792,170 and 477,233,278 shares issued, respectively, and 341,223,449 and 449,782,424 shares outstanding, respectively		0	0
Additional paid-in capital		5,135	7,190
Retained earnings (Accumulated deficit)		(1,267)	(2,626)
Accumulated other comprehensive income (loss)		(359)	(214)
Total stockholders' equity		3,509	4,350
Total liabilities and stockholders' equity		21,693	19,780
The Hertz Corporation | Variable Interest Entity, Primary Beneficiary
Revenue earning vehicles:
Total assets		952	734
LIABILITIES AND STOCKHOLDERS' EQUITY
Total liabilities		951	733
The Hertz Corporation | Vehicles
ASSETS
Total restricted cash and cash equivalents		203	77
Receivables		222	62
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable		112	56
Debt		10,097	7,921
The Hertz Corporation | Non-vehicle
ASSETS
Total restricted cash and cash equivalents		299	316
Receivables		831	695
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable		502	516
Debt		$ 2,979	$ 2,986
[1]Hertz Global Holdings, Inc.'s consolidated total assets as of September 30, 2022 and December 31, 2021 include total assets of variable interest entities (“VIEs”) of $952 million and $734 million, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of September 30, 2022 and December 31, 2021 include total liabilities of VIEs of $951 million and $733 million, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing" in Note 5, "Debt," for further information.[2]Amounts include cash and cash equivalents and restricted cash and cash equivalents which were held for sale at December 31, 2020, prior to the completion of the Donlen Sale in the first quarter of 2021, as disclosed in Note 3, "Divestitures."[3]The Hertz Corporation's consolidated total assets as of September 30, 2022 and December 31, 2021 include total assets of VIEs of $952 million and $734 million, respectively, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of September 30, 2022 and December 31, 2021 include total liabilities of VIEs of $951 million and $733 million, respectively, for which the creditors of the VIEs have no recourse to The Hertz Corporation. See "Pledges Related to Vehicle Financing" in Note 5, "Debt," for further information.

HGH - CONDENSED CONSOLIDATED _2

HGH - CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	477,792,170	477,233,278
Common stock, shares outstanding (in shares)	341,223,449	449,782,424
Treasury stock, common (in shares)	136,568,721	27,450,854
Non-vehicle
Accounts receivable, allowance for credit loss	$ 46	$ 48
The Hertz Corporation
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	100	100
Common stock, shares outstanding (in shares)	100	100
The Hertz Corporation | Non-vehicle
Accounts receivable, allowance for credit loss	$ 46	$ 48

THC - CONDENSED CONSOLIDATED BA

THC - CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions		Sep. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents		$ 1,006	$ 2,258
Total restricted cash and cash equivalents		502	393
Total cash and cash equivalents and restricted cash and cash equivalents		1,508	2,651
Receivables		1,053	758
Prepaid expenses and other assets		934	1,017
Revenue earning vehicles:
Revenue earning vehicles, net		13,757	10,836
Less: accumulated depreciation		(1,734)	(1,610)
Revenue earning vehicles, net		12,023	9,226
Property and equipment, net		618	608
Operating lease right-of-use assets		1,632	1,566
Intangible assets, net		2,883	2,912
Goodwill		1,043	1,045
Total assets	[1]	21,694	19,783
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable		614	572
Accrued liabilities		955	863
Accrued taxes, net		205	157
Debt		13,076	10,907
Operating lease liabilities		1,556	1,510
Self-insured liabilities		484	463
Deferred income taxes, net		1,306	1,010
Total liabilities	[1]	18,933	16,806
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 477,792,170 and 477,233,278 shares issued, respectively, and 341,223,449 and 449,782,424 shares outstanding, respectively		5	5
Additional paid-in capital		6,308	6,209
Retained earnings (Accumulated deficit)		(372)	(2,315)
Accumulated other comprehensive income (loss)		(359)	(214)
Total stockholders' equity		2,761	2,977
Total liabilities and stockholders' equity		21,694	19,783
Vehicles
ASSETS
Total restricted cash and cash equivalents		203	77
Receivables		222	62
Non-vehicle
ASSETS
Total restricted cash and cash equivalents		299	316
Receivables		831	696
The Hertz Corporation
ASSETS
Cash and cash equivalents		1,006	2,257
Total restricted cash and cash equivalents		502	393
Total cash and cash equivalents and restricted cash and cash equivalents		1,508	2,650	[2]
Receivables		1,053	757
Prepaid expenses and other assets		933	1,016
Revenue earning vehicles:
Revenue earning vehicles, net		13,757	10,836
Less: accumulated depreciation		(1,734)	(1,610)
Revenue earning vehicles, net		12,023	9,226
Property and equipment, net		618	608
Operating lease right-of-use assets		1,632	1,566
Intangible assets, net		2,883	2,912
Goodwill		1,043	1,045
Total assets	[3]	21,693	19,780
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable		614	572
Accrued liabilities		940	809
Accrued taxes, net		205	157
Debt		13,076	10,907
Operating lease liabilities		1,556	1,510
Self-insured liabilities		484	463
Deferred income taxes, net		1,309	1,012
Total liabilities	[3]	18,184	15,430
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 477,792,170 and 477,233,278 shares issued, respectively, and 341,223,449 and 449,782,424 shares outstanding, respectively		0	0
Additional paid-in capital		5,135	7,190
Retained earnings (Accumulated deficit)		(1,267)	(2,626)
Accumulated other comprehensive income (loss)		(359)	(214)
Total stockholders' equity		3,509	4,350
Total liabilities and stockholders' equity		21,693	19,780
The Hertz Corporation | Variable Interest Entity, Primary Beneficiary
Revenue earning vehicles:
Total assets		952	734
LIABILITIES AND STOCKHOLDERS' EQUITY
Total liabilities		951	733
The Hertz Corporation | Vehicles
ASSETS
Total restricted cash and cash equivalents		203	77
Receivables		222	62
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable		112	56
Debt		10,097	7,921
The Hertz Corporation | Non-vehicle
ASSETS
Total restricted cash and cash equivalents		299	316
Receivables		831	695
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable		502	516
Debt		$ 2,979	$ 2,986
[1]Hertz Global Holdings, Inc.'s consolidated total assets as of September 30, 2022 and December 31, 2021 include total assets of variable interest entities (“VIEs”) of $952 million and $734 million, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of September 30, 2022 and December 31, 2021 include total liabilities of VIEs of $951 million and $733 million, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing" in Note 5, "Debt," for further information.[2]Amounts include cash and cash equivalents and restricted cash and cash equivalents which were held for sale at December 31, 2020, prior to the completion of the Donlen Sale in the first quarter of 2021, as disclosed in Note 3, "Divestitures."[3]The Hertz Corporation's consolidated total assets as of September 30, 2022 and December 31, 2021 include total assets of VIEs of $952 million and $734 million, respectively, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of September 30, 2022 and December 31, 2021 include total liabilities of VIEs of $951 million and $733 million, respectively, for which the creditors of the VIEs have no recourse to The Hertz Corporation. See "Pledges Related to Vehicle Financing" in Note 5, "Debt," for further information.

THC - CONDENSED CONSOLIDATED _2

THC - CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	477,792,170	477,233,278
Common stock, shares outstanding (in shares)	341,223,449	449,782,424
Non-vehicle
Accounts receivable, allowance for credit loss	$ 46	$ 48
The Hertz Corporation
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	3,000	3,000
Common stock, shares issued (in shares)	100	100
Common stock, shares outstanding (in shares)	100	100
The Hertz Corporation | Non-vehicle
Accounts receivable, allowance for credit loss	$ 46	$ 48

HGH - CONDENSED CONSOLIDATED ST

HGH - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Revenues	$ 2,496			$ 2,226			$ 6,650	$ 5,387
Expenses:
Direct vehicle and operating	1,282			1,131			3,534	2,855
Depreciation of revenue earning vehicles and lease charges, net	294			61			341	420
Non-vehicle depreciation and amortization	36			49			105	153
Selling, general and administrative	246			177			738	498
Total interest expense, net	70			63			200	400
Other (income) expense, net	(6)			(7)			(6)	(20)
Reorganization items, net	0			0			0	677
(Gain) loss from the sale of a business	0			0			0	(400)
Change in fair value of Public Warrants	(73)			(16)			(584)	(16)
Total expenses	1,849			1,458			4,328	4,567
Income (loss) before income taxes	647			768			2,322	820
Income tax (provision) benefit	(70)			(160)			(379)	(193)
Net income (loss)	577	$ 940	$ 426	608	$ (169)	$ 189	1,943	627
Net (income) loss attributable to noncontrolling interests	0			(3)			0	(1)
Net income (loss) attributable to Hertz Global	577			605			1,943	626
Dividends on Series A Preferred Stock	0			34			0	34
Net income (loss) available to Hertz Global common stockholders, basic	$ 577			$ 571			$ 1,943	$ 592
Weighted-average common shares outstanding:
Basic (in shares)	355			471			395	264
Diluted (in shares)	379			490			421	270
Earnings (loss) per common share:
Basic (in dollars per share)	$ 1.62			$ 1.21			$ 4.92	$ 2.25
Diluted (in dollars per share)	$ 1.33			$ 1.13			$ 3.22	$ 2.14
Vehicles
Expenses:
Total interest expense, net	$ 27			$ 41			$ 77	$ 243
Non-vehicle
Expenses:
Total interest expense, net	$ 43			$ 22			$ 123	$ 157

THC - CONDENSED CONSOLIDATED ST

THC - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Revenues	$ 2,496	$ 2,226	$ 6,650	$ 5,387
Expenses:
Direct vehicle and operating	1,282	1,131	3,534	2,855
Depreciation of revenue earning vehicles	294	61	341	420
Non-vehicle depreciation and amortization	36	49	105	153
Selling, general and administrative	246	177	738	498
Total interest expense, net	70	63	200	400
Other (income) expense, net	(6)	(7)	(6)	(20)
Reorganization items, net	0	0	0	677
(Gain) loss from the sale of a business	0	0	0	(400)
Total expenses	1,849	1,458	4,328	4,567
Income (loss) before income taxes	647	768	2,322	820
Income tax (provision) benefit	(70)	(160)	(379)	(193)
Net income (loss)	577	608	1,943	627
Net (income) loss attributable to noncontrolling interests	0	(3)	0	(1)
Net income (loss) attributable to Hertz	577	605	1,943	626
Vehicles
Expenses:
Total interest expense, net	27	41	77	243
Non-vehicle
Expenses:
Total interest expense, net	43	22	123	157
The Hertz Corporation
Revenues:
Revenues	2,496	2,226	6,650	5,387
Expenses:
Direct vehicle and operating	1,282	1,131	3,534	2,855
Depreciation of revenue earning vehicles	294	61	341	420
Non-vehicle depreciation and amortization	36	49	105	153
Selling, general and administrative	246	177	738	498
Total interest expense, net	70	63	200	400
Other (income) expense, net	(6)	(7)	(6)	(20)
Reorganization items, net	0	0	0	513
(Gain) loss from the sale of a business	0	0	0	(400)
Total expenses	1,922	1,474	4,912	4,419
Income (loss) before income taxes	574	752	1,738	968
Income tax (provision) benefit	(71)	(156)	(379)	(189)
Net income (loss)	503	596	1,359	779
Net (income) loss attributable to noncontrolling interests	0	(3)	0	(1)
Net income (loss) attributable to Hertz	503	593	1,359	778
The Hertz Corporation | Vehicles
Expenses:
Total interest expense, net	27	41	77	243
The Hertz Corporation | Non-vehicle
Expenses:
Total interest expense, net	$ 43	$ 22	$ 123	$ 157

HGH - CONDENSED CONSOLIDATED _3

HGH - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 577	$ 940	$ 426	$ 608	$ (169)	$ 189	$ 1,943	$ 627
Other comprehensive income (loss):
Foreign currency translation adjustments	(79)			(24)			(145)	(14)
Total other comprehensive income (loss)	(79)	$ (59)	$ (7)	(24)	$ (7)	$ 17	(145)	(14)
Total comprehensive income (loss)	498			584			1,798	613
Comprehensive (income) loss attributable to noncontrolling interests	0			(3)			0	(1)
Comprehensive income (loss) attributable to Hertz Global	$ 498			$ 581			$ 1,798	$ 612

THC - CONDENSED CONSOLIDATED _3

THC - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net income (loss)	$ 577	$ 608	$ 1,943	$ 627
Other comprehensive income (loss):
Foreign currency translation adjustments	(79)	(24)	(145)	(14)
Total other comprehensive income (loss)	(79)	(24)	(145)	(14)
Total comprehensive income (loss)	498	584	1,798	613
Comprehensive (income) loss attributable to noncontrolling interests	0	(3)	0	(1)
Comprehensive income (loss) attributable to Hertz Global	498	581	1,798	612
The Hertz Corporation
Net income (loss)	503	596	1,359	779
Other comprehensive income (loss):
Foreign currency translation adjustments	(79)	(24)	(145)	(14)
Total other comprehensive income (loss)	(79)	(24)	(145)	(14)
Total comprehensive income (loss)	424	572	1,214	765
Comprehensive (income) loss attributable to noncontrolling interests	0	(3)	0	(1)
Comprehensive income (loss) attributable to Hertz Global	$ 424	$ 569	$ 1,214	$ 764

HGH - CONDENSED CONSOLIDATED _4

HGH - CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions		Total	Stockholders' Equity Attributable to Hertz Global	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Non-controlling Interests	[2]
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock, shares outstanding (in shares)				0
Increase (Decrease) in Stockholders' Equity
Common stock, shares outstanding (in shares)					156,000,000
Beginning balance at Dec. 31, 2020				$ 0
Ending balance at Mar. 31, 2021				0
Beginning balance at Dec. 31, 2020		$ 93	$ 56		$ 2	$ 3,047	$ (2,681)	[1]	$ (212)	$ (100)	$ 37
Beginning balance (in shares) at Dec. 31, 2020										2,000,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)		189	190				190	[1]			(1)
Other comprehensive income (loss)		17	17						17
Stock-based compensation charges, net of tax		2	2			2
Distributions to noncontrolling interests		(11)									(11)
Common stock, shares outstanding, ending (in shares) at Mar. 31, 2021					156,000,000
Ending balance (in shares) at Mar. 31, 2021										2,000,000
Ending balance at Mar. 31, 2021		290	265		$ 2	3,049	(2,491)	[1]	(195)	$ (100)	25
Beginning balance at Dec. 31, 2020				0
Ending balance at Sep. 30, 2021				$ 1,433
Beginning balance at Dec. 31, 2020		93	56		$ 2	3,047	(2,681)	[1]	(212)	$ (100)	37
Beginning balance (in shares) at Dec. 31, 2020										2,000,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)		627
Other comprehensive income (loss)		(14)
Cancellation of stock-based awards		(10)
Common stock, shares outstanding, ending (in shares) at Sep. 30, 2021					472,000,000
Ending balance (in shares) at Sep. 30, 2021										0
Ending balance at Sep. 30, 2021		4,218	4,206		$ 5	6,482	(2,055)	[1]	(226)	$ 0	12
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock, shares outstanding (in shares)				0
Increase (Decrease) in Stockholders' Equity
Common stock, shares outstanding (in shares)					156,000,000
Beginning balance at Mar. 31, 2021				$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock issuance, net (in shares)				2,000,000
Preferred stock issuance, net				$ 1,433
Ending balance at Jun. 30, 2021				$ 1,433
Beginning balance at Mar. 31, 2021		290	265		$ 2	3,049	(2,491)	[1]	(195)	$ (100)	25
Beginning balance (in shares) at Mar. 31, 2021										2,000,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)		(169)	(168)				(168)	[1]			(1)
Other comprehensive income (loss)		(7)	(7)						(7)
Distributions to noncontrolling interests		(5)									(5)
Cancellation of common and treasury shares in exchange for new common shares (in shares)					(142,000,000)					(2,000,000)
Cancellation of common and treasury shares in exchange for new common shares		0			$ (2)	(98)				$ 100
Cancellation of stock-based awards		(10)	(10)			(10)
Distributions to common stockholders		(239)	(239)			(239)
Contribution from Plan Sponsors (in shares)					277,000,000
Contribution from Plan Sponsors		2,781	2,781		$ 3	2,778
Rights Offering, net (in shares)					180,000,000
Rights Offering, net		1,798	1,798		$ 2	1,796
Public Warrants issuance		(800)	(800)			(800)
Common stock, shares outstanding, ending (in shares) at Jun. 30, 2021					471,000,000
Ending balance (in shares) at Jun. 30, 2021										0
Ending balance at Jun. 30, 2021		3,639	3,620		$ 5	6,476	(2,659)	[1]	(202)	$ 0	19
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock, shares outstanding (in shares)				2,000,000
Increase (Decrease) in Stockholders' Equity
Common stock, shares outstanding (in shares)					471,000,000
Ending balance at Sep. 30, 2021				$ 1,433
Increase (Decrease) in Stockholders' Equity
Net income (loss)		608
Net income (loss) including adjustments		607	604				604	[1]			3
Other comprehensive income (loss)		(24)	(24)						(24)
Distributions to noncontrolling interests		(10)									(10)
Cancellation of stock-based awards		(10)
Rights Offering, net (in shares)					1,000,000
Rights Offering, net		4	4			4
Exercise of Public Warrants		2	2			2
Common stock, shares outstanding, ending (in shares) at Sep. 30, 2021					472,000,000
Ending balance (in shares) at Sep. 30, 2021										0
Ending balance at Sep. 30, 2021		$ 4,218	$ 4,206		$ 5	6,482	(2,055)	[1]	(226)	$ 0	$ 12
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock, shares outstanding (in shares)				2,000,000
Increase (Decrease) in Stockholders' Equity
Common stock, shares outstanding (in shares)					472,000,000
Preferred stock, shares outstanding (in shares)		0		0
Common stock, shares outstanding (in shares)		449,782,424			450,000,000
Beginning balance at Dec. 31, 2021		$ 0		$ 0
Ending balance at Mar. 31, 2022				0
Beginning balance at Dec. 31, 2021		$ 2,977			$ 5	6,209	(2,315)		(214)	$ (708)
Beginning balance (in shares) at Dec. 31, 2021		27,450,854								27,000,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)		$ 426					426
Other comprehensive income (loss)		(7)							(7)
Stock-based compensation charges, net of tax		28				28
Net settlement on vesting of restricted stock		(4)				(4)
Public Warrant exercises	[3]	4				4
Share repurchases (in shares)					(35,000,000)					(35,000,000)
Share repurchases		(722)								$ (722)
Common stock, shares outstanding, ending (in shares) at Mar. 31, 2022					415,000,000
Ending balance (in shares) at Mar. 31, 2022										62,000,000
Ending balance at Mar. 31, 2022		2,702			$ 5	6,237	(1,889)		(221)	$ (1,430)
Beginning balance at Dec. 31, 2021		0		0
Ending balance at Sep. 30, 2022		0		$ 0
Beginning balance at Dec. 31, 2021		$ 2,977			$ 5	6,209	(2,315)		(214)	$ (708)
Beginning balance (in shares) at Dec. 31, 2021		27,450,854								27,000,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)		$ 1,943
Other comprehensive income (loss)		$ (145)
Common stock, shares outstanding, ending (in shares) at Sep. 30, 2022		341,223,449			341,000,000
Ending balance (in shares) at Sep. 30, 2022		136,568,721								137,000,000
Ending balance at Sep. 30, 2022		$ 2,761			$ 5	6,308	(372)		(359)	$ (2,821)
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock, shares outstanding (in shares)				0
Increase (Decrease) in Stockholders' Equity
Common stock, shares outstanding (in shares)					415,000,000
Beginning balance at Mar. 31, 2022				$ 0
Ending balance at Jun. 30, 2022				$ 0
Beginning balance at Mar. 31, 2022		2,702			$ 5	6,237	(1,889)		(221)	$ (1,430)
Beginning balance (in shares) at Mar. 31, 2022										62,000,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)		940					940
Other comprehensive income (loss)		(59)							(59)
Stock-based compensation charges, net of tax		36				36
Public Warrant exercises	[3]	1				1
Share repurchases (in shares)					(47,000,000)					(47,000,000)
Share repurchases		(891)								$ (891)
Common stock, shares outstanding, ending (in shares) at Jun. 30, 2022					368,000,000
Ending balance (in shares) at Jun. 30, 2022										109,000,000
Ending balance at Jun. 30, 2022		2,729			$ 5	6,274	(949)		(280)	$ (2,321)
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock, shares outstanding (in shares)				0
Increase (Decrease) in Stockholders' Equity
Common stock, shares outstanding (in shares)					368,000,000
Ending balance at Sep. 30, 2022		0		$ 0
Increase (Decrease) in Stockholders' Equity
Net income (loss)		577					577
Other comprehensive income (loss)		(79)							(79)
Stock-based compensation charges, net of tax		33				33
Public Warrant exercises	[3]	1				1
Share repurchases (in shares)	[4]				(27,000,000)					(28,000,000)
Share repurchases	[4]	$ (500)								$ (500)
Common stock, shares outstanding, ending (in shares) at Sep. 30, 2022		341,223,449			341,000,000
Ending balance (in shares) at Sep. 30, 2022		136,568,721								137,000,000
Ending balance at Sep. 30, 2022		$ 2,761			$ 5	$ 6,308	$ (372)		$ (359)	$ (2,821)
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock, shares outstanding (in shares)		0		0
Increase (Decrease) in Stockholders' Equity
Common stock, shares outstanding (in shares)		341,223,449			341,000,000
[1]Net income (loss) is computed independently each quarter. As a result, the quarter amounts presented herein may be rounded to agree to accumulated deficit in the accompanying unaudited condensed consolidated balance sheet.[2]See "767 Auto Leasing LLC" in Note 13, "Related Party Transactions."[3]See Note 8, "Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global."[4]The amounts presented herein may be rounded to agree to amounts in the unaudited condensed consolidated balance sheet. Also see Note 8, "Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global."

THC - CONDENSED CONSOLIDATED _4

THC - CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions		Total	The Hertz Corporation	Stockholders' Equity Attributable to Hertz Global	Stockholders' Equity Attributable to Hertz Global The Hertz Corporation	Common Stock	Common Stock The Hertz Corporation	Additional Paid-In Capital	Additional Paid-In Capital The Hertz Corporation	Due To Affiliate The Hertz Corporation	Accumulated Deficit		Accumulated Deficit The Hertz Corporation	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The Hertz Corporation	Non-controlling Interests	[2]	Non-controlling Interests The Hertz Corporation
Common stock, shares outstanding, beginning (in shares) at Dec. 31, 2020						156,000,000	100
Beginning balance at Dec. 31, 2020		$ 93	$ (5)	$ 56	$ (42)	$ 2	$ 0	$ 3,047	$ 3,953	$ 0	$ (2,681)	[1]	$ (3,783)	$ (212)	$ (212)	$ 37		$ 37	[3]
Increase (Decrease) in Stockholders' Equity
Net income (loss)		189	189	190	190						190	[1]	190			(1)		(1)	[3]
Other comprehensive income (loss)		17	17	17	17									17	17
Stock-based compensation charges, net of tax		2	2	2	2			2	2
Distributions to noncontrolling interests		(11)	(11)													(11)		(11)	[3]
Common stock, shares outstanding, ending (in shares) at Mar. 31, 2021						156,000,000	100
Ending balance at Mar. 31, 2021		290	192	265	167	$ 2	$ 0	3,049	3,955	0	(2,491)	[1]	(3,593)	(195)	(195)	25		25	[3]
Common stock, shares outstanding, beginning (in shares) at Dec. 31, 2020						156,000,000	100
Beginning balance at Dec. 31, 2020		93	(5)	56	(42)	$ 2	$ 0	3,047	3,953	0	(2,681)	[1]	(3,783)	(212)	(212)	37		37	[3]
Increase (Decrease) in Stockholders' Equity
Net income (loss)		627	779
Other comprehensive income (loss)		(14)	(14)
Cancellation of stock-based awards		(10)
Common stock, shares outstanding, ending (in shares) at Sep. 30, 2021						472,000,000	100
Ending balance at Sep. 30, 2021		4,218	6,433	4,206	6,421	$ 5	$ 0	6,482	9,587	65	(2,055)	[1]	(3,005)	(226)	(226)	12		12
Common stock, shares outstanding, beginning (in shares) at Mar. 31, 2021						156,000,000	100
Beginning balance at Mar. 31, 2021		290	192	265	167	$ 2	$ 0	3,049	3,955	0	(2,491)	[1]	(3,593)	(195)	(195)	25		25	[3]
Increase (Decrease) in Stockholders' Equity
Net income (loss)		(169)	(5)	(168)	(4)						(168)	[1]	(4)			(1)		(1)	[3]
Other comprehensive income (loss)		(7)	(7)	(7)	(7)									(7)	(7)
Distributions to noncontrolling interests		(5)	(5)													(5)		(5)	[3]
Due to Hertz Holdings			65		65					65
Cancellation of stock-based awards		(10)	(10)	(10)	(10)			(10)	(10)
Contributions from Hertz Holdings			5,638		5,638				5,638
Dividends paid to Hertz Holdings		(239)		(239)				(239)
Common stock, shares outstanding, ending (in shares) at Jun. 30, 2021						471,000,000	100
Ending balance at Jun. 30, 2021		3,639	5,868	3,620	5,849	$ 5	$ 0	6,476	9,583	65	(2,659)	[1]	(3,597)	(202)	(202)	19		19	[3]
Increase (Decrease) in Stockholders' Equity
Net income (loss)		608	596
Net income (loss) including adjustments			595		592								592					3
Other comprehensive income (loss)		(24)	(24)	(24)	(24)									(24)	(24)
Distributions to noncontrolling interests		(10)	(10)													(10)		(10)
Cancellation of stock-based awards		(10)
Contributions from Hertz Holdings		4	4		4
Common stock, shares outstanding, ending (in shares) at Sep. 30, 2021						472,000,000	100
Ending balance at Sep. 30, 2021		$ 4,218	$ 6,433	$ 4,206	$ 6,421	$ 5	$ 0	6,482	9,587	$ 65	(2,055)	[1]	(3,005)	(226)	(226)	$ 12		$ 12
Common stock, shares outstanding, beginning (in shares) at Dec. 31, 2021		449,782,424	100			450,000,000	100
Beginning balance at Dec. 31, 2021		$ 2,977	$ 4,350			$ 5	$ 0	6,209	7,190		(2,315)		(2,626)	(214)	(214)
Increase (Decrease) in Stockholders' Equity
Net income (loss)		426	376								426		376
Other comprehensive income (loss)		(7)	(7)											(7)	(7)
Stock-based compensation charges, net of tax		28	28					28	28
Dividends paid to Hertz Holdings	[4]		(767)						(767)
Common stock, shares outstanding, ending (in shares) at Mar. 31, 2022						415,000,000	100
Ending balance at Mar. 31, 2022		$ 2,702	$ 3,980			$ 5	$ 0	6,237	6,451		(1,889)		(2,250)	(221)	(221)
Common stock, shares outstanding, beginning (in shares) at Dec. 31, 2021		449,782,424	100			450,000,000	100
Beginning balance at Dec. 31, 2021		$ 2,977	$ 4,350			$ 5	$ 0	6,209	7,190		(2,315)		(2,626)	(214)	(214)
Increase (Decrease) in Stockholders' Equity
Net income (loss)		1,943	1,359
Other comprehensive income (loss)		$ (145)	$ (145)
Common stock, shares outstanding, ending (in shares) at Sep. 30, 2022		341,223,449	100			341,000,000	100
Ending balance at Sep. 30, 2022		$ 2,761	$ 3,509			$ 5	$ 0	6,308	5,135		(372)		(1,267)	(359)	(359)
Common stock, shares outstanding, beginning (in shares) at Mar. 31, 2022						415,000,000	100
Beginning balance at Mar. 31, 2022		2,702	3,980			$ 5	$ 0	6,237	6,451		(1,889)		(2,250)	(221)	(221)
Increase (Decrease) in Stockholders' Equity
Net income (loss)		940	480								940		480
Other comprehensive income (loss)		(59)	(59)											(59)	(59)
Stock-based compensation charges, net of tax		36	36					36	36
Dividends paid to Hertz Holdings	[4]		(881)						(881)
Common stock, shares outstanding, ending (in shares) at Jun. 30, 2022						368,000,000	100
Ending balance at Jun. 30, 2022		2,729	3,556			$ 5	$ 0	6,274	5,606		(949)		(1,770)	(280)	(280)
Increase (Decrease) in Stockholders' Equity
Net income (loss)		577	503								577		503
Other comprehensive income (loss)		(79)	(79)											(79)	(79)
Stock-based compensation charges, net of tax		$ 33	33					33	33
Dividends paid to Hertz Holdings	[4]		$ (504)						(504)
Common stock, shares outstanding, ending (in shares) at Sep. 30, 2022		341,223,449	100			341,000,000	100
Ending balance at Sep. 30, 2022		$ 2,761	$ 3,509			$ 5	$ 0	$ 6,308	$ 5,135		$ (372)		$ (1,267)	$ (359)	$ (359)
[1]Net income (loss) is computed independently each quarter. As a result, the quarter amounts presented herein may be rounded to agree to accumulated deficit in the accompanying unaudited condensed consolidated balance sheet.[2]See "767 Auto Leasing LLC" in Note 13, "Related Party Transactions."[3]See "767 Auto Leasing LLC" in Note 13, "Related Party Transactions."[4]See "Share Repurchase Programs for Common Stock" in Note 8, "Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global," for additional information.

HGH - CONDENSED CONSOLIDATED _5

HGH - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income (loss)		$ 1,943	$ 627
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and reserves for revenue earning vehicles, net		511	506
Depreciation and amortization, non-vehicle		105	153
Amortization of deferred financing costs and debt discount (premium)		38	109
Loss on extinguishment of debt		0	8
Stock-based compensation charges		96	2
Provision for receivables allowance		42	95
Deferred income taxes, net		301	125
Reorganization items, net		0	314
(Gain) loss from the sale of a business		0	(400)
Change in fair value of Public Warrants		(584)	(16)
(Gain) loss on financial instruments		(120)	(1)
Other		(2)	(15)
Changes in assets and liabilities:
Non-vehicle receivables		(234)	(223)
Prepaid expenses and other assets		(80)	(53)
Operating lease right-of-use assets		202	203
Non-vehicle accounts payable		(7)	(45)
Accrued liabilities		183	(43)
Accrued taxes, net		52	89
Operating lease liabilities		(223)	(214)
Self-insured liabilities		38	(13)
Net cash provided by (used in) operating activities		2,261	1,208
Cash flows from investing activities:
Revenue earning vehicles expenditures		(7,853)	(5,196)
Proceeds from disposal of revenue earning vehicles		4,470	1,945
Non-vehicle capital asset expenditures		(104)	(41)
Proceeds from non-vehicle capital assets disposed of or to be disposed of		10	17
Collateral payments		0	(303)
Collateral returned in exchange for letters of credit		19	268
Return of (investment in) equity investments		(15)	0
Proceeds from the sale of a business, net of cash sold		0	871
Other		0	(1)
Net cash provided by (used in) investing activities		(3,473)	(2,440)
Cash flows from financing activities:
Payment of financing costs		(42)	(154)
Proceeds from Plan Sponsors		0	2,781
Proceeds from Rights Offering, net		0	1,639
Proceeds from the issuance of preferred stock, net		0	1,433
Distributions to common stockholders		0	(239)
Proceeds from exercises of Public Warrants		3	0
Share repurchases		(2,152)	0
Early redemption payments		0	(85)
Contributions from (distributions to) noncontrolling interests		0	(25)
Other		(4)	0
Net cash provided by (used in) financing activities		119	3,142
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents		(50)	(22)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period		(1,143)	1,888
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	[1]	2,651	1,578
Cash and cash equivalents and restricted cash and cash equivalents at end of period		1,508	3,466
Cash paid during the period for:
Income taxes, net of refunds		60	20
Supplemental disclosures of non-cash information:
Purchases of revenue earning vehicles included in accounts payable, net of incentives		88	7
Sales of revenue earning vehicles included in vehicle receivables		198	100
Purchases of non-vehicle capital assets included in accounts payable		26	21
Revenue earning vehicles and non-vehicle capital assets acquired through finance lease		7	73
Public Warrants issuance		0	800
Public Warrant exercises		3	1
Accrual for purchases of treasury shares		16	0
Backstop equity issuance		0	164
Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt		8,282	10,462
Repayments of debt		(5,954)	(9,463)
Cash paid during the period for:
Interest, net of amounts capitalized:		151	227
Non-vehicle
Cash flows from financing activities:
Proceeds from issuance of debt		0	3,139
Repayments of debt		(14)	(6,346)
Cash paid during the period for:
Interest, net of amounts capitalized:		$ 97	$ 181
[1]Amounts include cash and cash equivalents and restricted cash and cash equivalents which were held for sale at December 31, 2020, prior to the completion of the Donlen Sale in the first quarter of 2021, as disclosed in Note 3, "Divestitures."

THC - CONDENSED CONSOLIDATED _5

THC - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income (loss)		$ 1,943	$ 627
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and reserves for revenue earning vehicles, net		511	506
Depreciation and amortization, non-vehicle		105	153
Amortization of deferred financing costs and debt discount (premium)		38	109
Loss on extinguishment of debt		0	8
Stock-based compensation charges		96	2
Provision for receivables allowance		42	95
(Gain) loss from the sale of a business		0	(400)
(Gain) loss on financial instruments		(120)	(1)
Other		(2)	(15)
Changes in assets and liabilities:
Non-vehicle receivables		(234)	(223)
Prepaid expenses and other assets		(80)	(53)
Operating lease right-of-use assets		202	203
Non-vehicle accounts payable		(7)	(45)
Accrued liabilities		183	(43)
Accrued taxes, net		52	89
Operating lease liabilities		(223)	(214)
Self-insured liabilities		38	(13)
Net cash provided by (used in) operating activities		2,261	1,208
Cash flows from investing activities:
Revenue earning vehicles expenditures		(7,853)	(5,196)
Proceeds from disposal of revenue earning vehicles		4,470	1,945
Non-vehicle capital asset expenditures		(104)	(41)
Proceeds from non-vehicle capital assets disposed of or to be disposed of		10	17
Collateral payments		0	(303)
Collateral returned in exchange for letters of credit		19	268
Return of (investment in) equity investments		(15)	0
Proceeds from the sale of a business, net of cash sold		0	871
Other		0	(1)
Net cash provided by (used in) investing activities		(3,473)	(2,440)
Cash flows from financing activities:
Payment of financing costs		(42)	(154)
Early redemption payments		0	(85)
Contributions from (distributions to) noncontrolling interests		0	(25)
Net cash provided by (used in) financing activities		119	3,142
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period		(1,143)	1,888
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period		2,651
Cash and cash equivalents and restricted cash and cash equivalents at end of period		1,508
Cash paid during the period for:
Income taxes, net of refunds		60	20
Supplemental disclosures of non-cash information:
Purchases of revenue earning vehicles included in accounts payable, net of incentives		88	7
Sales of revenue earning vehicles included in vehicle receivables		198	100
Purchases of non-vehicle capital assets included in accounts payable		26	21
Revenue earning vehicles and non-vehicle capital assets acquired through finance lease		7	73
Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt		8,282	10,462
Repayments of debt		(5,954)	(9,463)
Cash paid during the period for:
Interest, net of amounts capitalized:		151	227
Non-vehicle
Cash flows from financing activities:
Proceeds from issuance of debt		0	3,139
Repayments of debt		(14)	(6,346)
Cash paid during the period for:
Interest, net of amounts capitalized:		97	181
The Hertz Corporation
Cash flows from operating activities:
Net income (loss)		1,359	779
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and reserves for revenue earning vehicles, net		511	506
Depreciation and amortization, non-vehicle		105	153
Amortization of deferred financing costs and debt discount (premium)		38	109
Loss on extinguishment of debt		0	8
Stock-based compensation charges		96	2
Provision for receivables allowance		42	95
Deferred income taxes, net		301	121
Reorganization items, net		0	150
(Gain) loss from the sale of a business		0	(400)
(Gain) loss on financial instruments		(120)	(1)
Other		(2)	(15)
Changes in assets and liabilities:
Non-vehicle receivables		(234)	(223)
Prepaid expenses and other assets		(80)	(53)
Operating lease right-of-use assets		202	203
Non-vehicle accounts payable		(7)	(45)
Accrued liabilities		183	(43)
Accrued taxes, net		52	89
Operating lease liabilities		(223)	(214)
Self-insured liabilities		38	(13)
Net cash provided by (used in) operating activities		2,261	1,208
Cash flows from investing activities:
Revenue earning vehicles expenditures		(7,853)	(5,196)
Proceeds from disposal of revenue earning vehicles		4,470	1,945
Non-vehicle capital asset expenditures		(104)	(41)
Proceeds from non-vehicle capital assets disposed of or to be disposed of		10	17
Collateral payments		0	(303)
Collateral returned in exchange for letters of credit		19	268
Return of (investment in) equity investments		(15)	0
Proceeds from the sale of a business, net of cash sold		0	871
Other		0	(1)
Net cash provided by (used in) investing activities		(3,473)	(2,440)
Cash flows from financing activities:
Payment of financing costs		(42)	(154)
Contributions from Hertz Holdings		0	5,642
Early redemption payments		0	(85)
Dividends paid to Hertz Holdings		(2,152)	0
Contributions from (distributions to) noncontrolling interests		0	(25)
Net cash provided by (used in) financing activities		120	3,170
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents		(50)	(22)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period		(1,142)	1,916
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	[1]	2,650	1,550
Cash and cash equivalents and restricted cash and cash equivalents at end of period		1,508	3,466
Cash paid during the period for:
Income taxes, net of refunds		60	20
Supplemental disclosures of non-cash information:
Purchases of revenue earning vehicles included in accounts payable, net of incentives		88	7
Sales of revenue earning vehicles included in vehicle receivables		198	100
Purchases of non-vehicle capital assets included in accounts payable		26	21
Revenue earning vehicles and non-vehicle capital assets acquired through finance lease		7	73
The Hertz Corporation | Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt		8,282	10,462
Repayments of debt		(5,954)	(9,463)
Cash paid during the period for:
Interest, net of amounts capitalized:		151	227
The Hertz Corporation | Non-vehicle
Cash flows from financing activities:
Proceeds from issuance of debt		0	3,139
Repayments of debt		(14)	(6,346)
Cash paid during the period for:
Interest, net of amounts capitalized:		$ 97	$ 181
[1]Amounts include cash and cash equivalents and restricted cash and cash equivalents which were held for sale at December 31, 2020, prior to the completion of the Donlen Sale in the first quarter of 2021, as disclosed in Note 3, "Divestitures."

Background

Background	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background	Background Hertz Global Holdings, Inc. ("Hertz Global" when including its subsidiaries and VIEs and "Hertz Holdings" when excluding its subsidiaries and VIEs) was incorporated in Delaware in 2015 to serve as the top-level holding company for Rental Car Intermediate Holdings, LLC, which wholly owns The Hertz Corporation ("Hertz" and interchangeably with Hertz Global, the "Company"), Hertz Global's primary operating company. Hertz was incorporated in Delaware in 1967 and is a successor to corporations that have been engaged in the vehicle rental and leasing business since 1918. On May 22, 2020, as a result of the impact from the COVID-19 global pandemic, Hertz Global, Hertz and certain of their direct and indirect subsidiaries in the U.S. and Canada (the "Debtors") filed voluntary petitions for relief under chapter 11 of title 11 ("Chapter 11") of the U.S. Bankruptcy Code (the "Chapter 11 Cases") in the U.S. Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). On June 10, 2021, a plan of reorganization (the "Plan of Reorganization") was confirmed by the Bankruptcy Court and on June 30, 2021, the Plan of Reorganization became effective and the Debtors emerged from Chapter 11. Hertz operates its vehicle rental business globally primarily through the Hertz, Dollar and Thrifty brands from company-owned, licensee and franchisee locations in the United States ("U.S."), Africa, Asia, Australia, Canada, the Caribbean, Europe, Latin America, the Middle East and New Zealand. The Company also sells vehicles through Hertz Car Sales and operates the Firefly vehicle rental brand and Hertz 24/7 car sharing business in international markets. As disclosed in Note 3, "Divestitures," on March 30, 2021 the Company completed the sale of substantially all of the assets and certain liabilities of its Donlen subsidiary (the "Donlen Sale"), a business which provided vehicle leasing and fleet management services.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Basis of Presentation This Quarterly Report on Form 10-Q combines the quarterly reports on Form 10-Q for the quarterly period ended September 30, 2022 of Hertz Global and Hertz. Hertz Global consolidates Hertz for financial statement purposes, therefore, disclosures that relate to activities of Hertz also apply to Hertz Global. In the sections that combine disclosure of Hertz Global and Hertz, this report refers to actions as being actions of the Company, or Hertz Global, which is appropriate because the business is one enterprise and Hertz Global operates the business through Hertz. When appropriate, Hertz Global and Hertz are named specifically for their individual disclosures and any significant differences between the operations and results of Hertz Global and Hertz are separately disclosed and explained. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The Company's vehicle rental operations are typically a seasonal business, with decreased levels of business in the winter months and heightened activity during the spring and summer months for the majority of countries where the Company generates revenues. Certain charges related to the Chapter 11 Cases were recorded as reorganization items, net in the accompanying unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2021 pursuant to the provisions of Accounting Standards Codification (“ASC”) 852, Reorganizations . See Note 15, "Reorganization Items, Net," for additional information. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes. Actual results could differ materially from those estimates. The December 31, 2021 unaudited condensed consolidated balance sheet data is derived from the audited financial statements at that date but does not include all disclosures required by U.S. GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with information included in the Company's Form 10-K for the year ended December 31, 2021 (the "2021 Form 10-K"), as filed with the Securities and Exchange Commission ("SEC") on February 23, 2022. Principles of Consolidation

Divestitures

Divestitures	9 Months Ended
	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Divestitures	Divestitures Donlen SaleOn March 30, 2021, the Company completed the sale of substantially all of the assets and certain liabilities of its Donlen subsidiary. The proceeds from the sale were subject to certain post-closing adjustments in the second quarter of 2021 based on the level of assumed indebtedness, working capital and fleet equity. During the nine months ended September 30, 2021, the Company recognized a pre-tax gain in its corporate operations of $400 million, net of the impact of foreign currency adjustments, based on the difference in cash proceeds received of $891 million and $543 million net book value of assets sold plus a $53 million receivable in connection with the sale where cash proceeds were received in September 2021.

Revenue Earning Vehicles

Revenue Earning Vehicles	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue Earning Vehicles	Revenue Earning Vehicles The components of revenue earning vehicles, net are as follows: (In millions) September 30, December 31, Revenue earning vehicles $ 12,931 $ 10,506 Less accumulated depreciation (1,560) (1,518) 11,371 8,988 Revenue earning vehicles held for sale, net (1) 652 238 Revenue earning vehicles, net $ 12,023 $ 9,226 (1) Represents the carrying amount of vehicles currently placed on the Company's retail lots for sale or actively in the process of being sold through other disposition channels. Depreciation of revenue earning vehicles and lease charges, net includes the following: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2022 2021 2022 2021 Depreciation of revenue earning vehicles $ 528 $ 249 $ 1,282 $ 681 (Gain) loss on disposal of revenue earning vehicles (238) (197) (956) (290) Rents paid for vehicles leased 4 9 15 29 Depreciation of revenue earning vehicles and lease charges, net $ 294 $ 61 $ 341 $ 420

Debt

Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt The Company's debt, including its available credit facilities, consists of the following ($ in millions) as of September 30, 2022 and December 31, 2021: Facility Weighted-Average Interest Rate Fixed or Maturity September 30, December 31, Non-Vehicle Debt Term B Loan 5.80% Floating 6/2028 $ 1,284 $ 1,294 Term C Loan 5.80% Floating 6/2028 245 245 Senior Notes Due 2026 4.63% Fixed 12/2026 500 500 Senior Notes Due 2029 5.00% Fixed 12/2029 1,000 1,000 First Lien RCF N/A Floating 6/2026 — — Other Non-Vehicle Debt (1) 7.87% Fixed Various 12 16 Unamortized Debt Issuance Costs and Net (Discount) Premium (62) (69) Total Non-Vehicle Debt 2,979 2,986 Vehicle Debt HVF III U.S. ABS Program HVF III U.S. Vehicle Variable Funding Notes HVF III Series 2021-A Class A (2) 4.34% Floating 6/2024 1,823 2,813 HVF III Series 2021-A Class B (2) 3.65% Fixed 6/2023 188 188 2,011 3,001 HVF III U.S. Vehicle Medium Term Notes HVF III Series 2021-1 (2) 1.66% Fixed 12/2024 2,000 2,000 HVF III Series 2021-2 (2) 2.12% Fixed 12/2026 2,000 2,000 HVF III Series 2022-1 (2) 2.44% Fixed 6/2025 750 — HVF III Series 2022-2 (2) 2.42% Fixed 6/2027 652 — HVF III Series 2022-3 (2) 3.89% Fixed 3/2024 383 — HVF III Series 2022-4 (2) 4.22% Fixed 9/2025 667 — HVF III Series 2022-5 (2) 4.03% Fixed 9/2027 317 — 6,769 4,000 Vehicle Debt - Other Repurchase Facility 4.89% Fixed 10/2022 85 — European ABS (2) 1.80% Floating 10/2023 572 395 Hertz Canadian Securitization (2) 5.12% Floating 6/2024 320 191 Australian Securitization (2) 4.25% Floating 4/2024 158 128 New Zealand RCF 6.22% Floating 6/2024 34 39 U.K. Financing Facility 5.75% Floating 10/2022-9/2026 100 98 U.K. Toyota Financing Facility 2.20% Floating 12/2022-5/2023 44 9 Other Vehicle Debt 2.93% Floating 10/2022-4/2025 72 93 1,385 953 Facility Weighted-Average Interest Rate Fixed or Maturity September 30, December 31, Unamortized Debt Issuance Costs and Net (Discount) Premium (68) (33) Total Vehicle Debt 10,097 7,921 Total Debt $ 13,076 $ 10,907 (1) Other non-vehicle debt is primarily comprised of $8 million and $12 million in finance lease obligations (2) Maturity reference is to the earlier "expected final maturity date" as opposed to the subsequent "legal final maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness originally expect the outstanding principal of the relevant indebtedness to be repaid in full. The legal final maturity date is the date on which the outstanding principal of the relevant indebtedness is legally due and payable in full. Non-vehicle Debt In March 2022, Hertz increased the aggregate committed amount of the First Lien RCF from $1.3 billion to $1.5 billion and the sublimit for letters of credit from $1.1 billion to $1.4 billion and amended the First Lien RCF to change the benchmark from USD LIBOR to the Secured Overnight Financing Rate ("SOFR") based rate. In May 2022, Hertz increased the aggregate committed amount of the First Lien RCF from $1.5 billion to $1.7 billion and the sublimit for letters of credit from $1.4 billion to $1.6 billion. In June 2022, Hertz increased the aggregate committed amount of the First Lien RCF from $1.7 billion to $1.9 billion and the sublimit for letters of credit from $1.6 billion to $1.8 billion. In July 2022, Hertz increased the aggregate committed amount of the First Lien RCF by $55 million where the aggregate committed amount remains at $1.9 billion and the sublimit for letters of credit by $55 million where the aggregate sublimit remains at $1.8 billion. Vehicle Debt HVF III U.S. ABS Program HVF III Series 2021-A Notes : In March 2022, an increase to the commitments for the Series 2021-A Notes was made, increasing the maximum principal amount that may be outstanding from $3.0 billion to $3.2 billion. In May 2022, an increase to the commitments for the Series 2021-A Notes was made, increasing the maximum principal amount that may be outstanding from $3.2 billion to $3.6 billion. In June 2022, an increase to the commitments for the Series 2021-A Notes was made, increasing the maximum principal amount that may be outstanding from $3.6 billion to $3.8 billion. Additionally, the maturity date of the Series 2021-A Notes Class A Notes was extended to June 2024. In July 2022, an increase to the commitments for the Series 2021-A Notes was made, increasing the maximum principal amount that may be outstanding from $3.8 billion to $3.9 billion. HVF III Series 2022-1 Notes : In January 2022, Hertz issued the Series 2022-1 Notes in four classes (Class A, Class B, Class C and Class D) in an aggregate principal amount of $750 million. At the time of issuance, Hertz, an affiliate of HVF III, purchased the Class D Notes in an aggregate principal amount of $98 million which were subsequently sold to third parties in July and August 2022. HVF III Series 2022-2 Notes : In January 2022, Hertz issued the Series 2022-2 Notes in four classes (Class A, Class B, Class C and Class D) in an aggregate principal amount of $750 million. HVF III Series 2022-3 Notes : In March 2022, Hertz issued the Series 2022-3 Notes in four classes (Class A, Class B, Class C and Class D) in an aggregate principal amount of $383 million. At the time of issuance, Hertz purchased the Class D Notes in an aggregate principal amount of $50 million which were subsequently sold to third parties in July 2022. HVF III Series 2022-4 Notes : In March 2022, Hertz issued the Series 2022-4 Notes in four classes (Class A, Class B, Class C and Class D) in an aggregate principal amount of $667 million. At the time of issuance, Hertz purchased the Class D Notes in an aggregate principal of $87 million which were subsequently sold to third parties in August 2022. HVF III Series 2022-5 Notes : In March 2022, Hertz issued the Series 2022-5 Notes in four classes (Class A, Class B, Class C and Class D) in an aggregate principal amount of $364 million. There is subordination within each of the preceding series based on class. HVF III Various Series 2022 Class D Notes: At the time of the respective HVF III initial offerings disclosed above, Hertz purchased the Class D Notes. Accordingly, the related principal amounts below are eliminated in consolidation as of September 30, 2022. (In millions) Aggregate Principal Amount HVF III Series 2022-2 Class D Notes 98 HVF III Series 2022-5 Class D Notes 47 Total $ 145 Vehicle Debt-Other Repurchase Facility In June 2022, Hertz entered into a repurchase agreement related to the outstanding HVF III Series 2022 Class D Notes (the "Repurchase Facility"), whereby Hertz may sell the HVF III Series 2022 Class D Notes to the Repurchase Facility counterparty and repurchase such notes from time to time. Transactions occurring under the Repurchase Facility are based on mutually agreeable terms and prevailing rates. As of September 30, 2022, transactions totaling $85 million were outstanding under the Repurchase Facility and such transactions bear interest at a rate of SOFR plus 185 basis points and have a 30-day tenor. Australian Securitization In January 2022, the Australian Securitization was amended to increase the aggregate maximum borrowings to AUD250 million and to extend the maturity to April 2024. New Zealand RCF In April 2022, Hertz New Zealand Holdings Limited, an indirect, wholly-owned subsidiary of Hertz, amended its credit agreement to extend the maturity to June 2024. In October 2022, Hertz New Zealand Holdings Limited amended its credit agreement to provide for aggregate maximum borrowings up to NZD$85 million, for a seasonal commitment period through March 2023. Following the expiration of the seasonal commitment period, aggregate maximum borrowings will revert to NZD$60 million. U.K. Financing Facility In April 2022, Hertz U.K. Limited amended the U.K. Financing Facility to provide for aggregate maximum borrowings of up to £120 million, for a seasonal commitment period through October 2022. Following the expiration of the seasonal commitment period, aggregate maximum borrowings will revert to £100 million. Additionally, the U.K. Financing Facility was amended to extend the maturity of the aggregate maximum borrowings of £100 million to October 2023. U.K. Toyota Financing Facility In March 2022, Hertz U.K. Limited amended the U.K. Toyota Financing Facility to increase aggregate maximum borrowings from £10 million to £25 million and extended the maturity to October 2022. In July 2022, Hertz U.K. Limited amended the U.K. Toyota Financing Facility to increase aggregate maximum borrowings from £25 million to £42 million and extended the maturity to June 2023. Hertz Canadian Securitization In June 2022, TCL Funding Limited Partnership, a bankruptcy remote, indirect, wholly-owned, special purpose subsidiary of Hertz, amended the Hertz Canadian Securitization to provide for aggregate maximum borrowings of CAD$450 million, for a seasonal commitment period through November 2022. Following the expiration of the seasonal commitment period, aggregate maximum borrowings will revert to CAD$350 million. Additionally, the Hertz Canadian Securitization was amended to extend the maturity of the aggregate maximum borrowings of CAD$350 million to June 2024. Borrowing Capacity and Availability Borrowing capacity and availability comes from the Company's revolving credit facilities, which are a combination of variable funding asset-backed securitization facilities, cash-flow based revolving credit facilities, asset-based revolving credit facilities and the First Lien RCF. 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. With respect to each such asset-backed securitization facility and asset-based revolving credit facility, the Company refers to the amount of debt it can borrow given a certain pool of assets as the borrowing base. The Company refers to "Remaining Capacity" as the maximum principal amount of debt permitted to be outstanding under the respective facility (i.e., with respect to a variable funding asset-backed securitization facility or asset-based revolving credit facility, the amount of debt the Company could borrow assuming it possessed sufficient assets as collateral) less the principal amount of debt then-outstanding under such facility and, in the case of the First Lien RCF, less any issued standby letters of credit. 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). The following facilities were available to the Company as of September 30, 2022 and are presented net of any outstanding letters of credit: (In millions) Remaining Availability Under Non-Vehicle Debt First Lien RCF $ 1,572 $ 1,572 Total Non-Vehicle Debt 1,572 1,572 Vehicle Debt HVF III Series 2021-A 1,897 — European ABS 159 — Hertz Canadian Securitization 11 — Australian Securitization 5 — U.K. Financing Facility 9 — U.K. Toyota Financing Facility 2 — Total Vehicle Debt 2,083 — Total $ 3,655 $ 1,572 Letters of Credit As of September 30, 2022, there were outstanding standby letters of credit totaling $633 million comprised primarily of $245 million issued under the term loan "C" facility (the "Term C Loan") and $373 million issued under the First Lien RCF. As of September 30, 2022, no capacity remains to issue letters of credit under the Term C Loan. Such letters of credit have been issued primarily to support the Company's insurance programs and to provide credit enhancement for the Company's asset-backed securitization facilities, as well as to support the Company's vehicle rental concessions and leaseholds. As of September 30, 2022, none of the issued letters of credit have been drawn upon. Pledges Related to Vehicle Financing Substantially all of the Company's revenue earning vehicles and certain related assets are owned by special purpose entities or are encumbered in favor of the lenders under the various credit facilities, other secured financings or asset-backed securities programs. None of the value of such assets (including the assets owned by Hertz Vehicle Financing III LLC and various other domestic and international subsidiaries that facilitate the Company's international securitizations) will be available to satisfy the claims of unsecured creditors unless the secured creditors are paid in full. The Company has a 25% ownership interest in IFF No. 2, whose sole purpose is to provide commitments to lend under the European ABS in various currencies subject to borrowing bases comprised of revenue earning vehicles and related assets of certain of Hertz International, Ltd.'s subsidiaries. IFF No. 2 is a VIE and the Company is the primary beneficiary; therefore, the assets, liabilities and results of operations of IFF No. 2 are included in the accompanying unaudited condensed consolidated financial statements. As of September 30, 2022 and December 31, 2021, IFF No. 2 had total assets of $952 million and $734 million, respectively, comprised primarily of intercompany receivables, and total liabilities of $951 million and $733 million, respectively, comprised primarily of debt. Covenant Compliance The First Lien RCF credit agreement (the "First Lien Credit Agreement") requires Hertz to comply with the following financial covenant: a First Lien Ratio of less than or equal to 3.00 to 1.00 in the first and last quarters of the calendar year and 3.50 to 1.00 in the second and third quarters of the calendar year. This financial covenant was effective beginning in the third quarter of 2021. As of September 30, 2022, Hertz was in compliance with the First Lien Ratio. In addition to the financial covenant, the First Lien Credit Agreement contains customary affirmative covenants including, among other things, the delivery of quarterly and annual financial statements and compliance certificates, and covenants related to conduct of business, maintenance of property and insurance, compliance with environmental laws and the granting of security interest for the benefit of the secured parties under that agreement on after-acquired real property, fixtures and future subsidiaries. The First Lien Credit Agreement also contains customary negative covenants, including, among other things, restrictions on the incurrence of liens, indebtedness, asset dispositions and restricted payments. As of September 30, 2022, the Company was in compliance with all covenants in the First Lien Credit Agreement.

Leases

Leases	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Leases	Leases The Company enters into certain agreements as a lessor under which it rents vehicles and leases fleets to customers. The following table summarizes the amount of operating lease income and other income included in total revenues in the accompanying unaudited condensed consolidated statements of operations: Three Months Ended Nine Months Ended (In millions) 2022 2021 2022 2021 Operating lease income from vehicle rentals $ 2,368 $ 2,122 $ 6,315 $ 5,018 Operating lease income from fleet leasing — — — 149 Variable operating lease income 58 47 159 87 Revenue accounted for under Topic 842 2,426 2,169 6,474 5,254 Revenue accounted for under Topic 606 70 57 176 133 Total revenues $ 2,496 $ 2,226 $ 6,650 $ 5,387

Income Tax (Provision) Benefit

Income Tax (Provision) Benefit	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Tax (Provision) Benefit	Income Tax (Provision) Benefit Hertz Global For the three months ended September 30, 2022, Hertz Global recorded a tax provision of $70 million which resulted in an effective tax rate of 11%. For the three months ended September 30, 2021, Hertz Global recorded a tax provision of $160 million, which resulted in an effective tax rate of 21%. The change in tax in the three months ended September 30, 2022 compared to 2021 is driven by the release of state valuation allowances in 2022, the non-taxable change in fair value of the Public Warrants, and reduced income before income taxes. For the nine months ended September 30, 2022, Hertz Global recorded a tax provision of $379 million which resulted in an effective tax rate of 16%. For the nine months ended September 30, 2021, Hertz Global recorded a tax provision of $193 million, which resulted in an effective tax rate of 23%. The change in tax in the nine months of 2022 compared to 2021 is driven by improvements in Hertz Global’s financial performance, as well as the impact of changes to state and foreign valuation allowances, the non-taxable change in fair value of the Public Warrants, non-deductible bankruptcy costs incurred in 2021, and tax benefits associated with the restructuring in Europe recognized in 2021. As of September 30, 2022, the Company has approximately $670 million gross, or $141 million U.S. federal tax effected, of capital loss carryforward relating to a European restructuring for which a full valuation allowance is recorded. The Company filed a request for a pre-filing agreement with the Internal Revenue Service ("IRS") in December 2021, to determine whether the capital loss on the European restructuring qualifies as an ordinary loss. In May of 2022, the IRS began a review of the character of the loss on the European restructuring and their review is ongoing. A favorable outcome from this proceeding could result in a full or partial release of the valuation allowance. On August 16, 2022, the Inflation Reduction Act (IRA) of 2022 was enacted into law. It includes a 15% corporate alternative minimum tax and a 1% excise tax on corporate stock buybacks, both of which are effective after December 31, 2022. The Company does not currently anticipate a material impact to its results of operations, cash flows or financial position related to these provisions. The IRA also included income tax incentives associated with electric vehicles purchased after December 31, 2022. We are expecting the U.S. Treasury to issue additional guidance related to these incentives and will complete our analysis of the potential impact to the company as additional guidance is published. Hertz For the three months ended September 30, 2022, Hertz recorded a tax provision of $71 million which resulted in an effective tax rate of 12%. For the three months ended September 30, 2021, the Company recorded a tax provision of $156 million, which resulted in an effective tax rate of 21%. The change in tax in the three months ended September 30, 2022 compared to 2021 is driven by the release of state valuation allowances in 2022 and reduced income before income taxes. For the nine months ended September 30, 2022, Hertz recorded a tax provision of $379 million which resulted in an effective tax rate of 22%. For the nine months ended September 30, 2021, the Company recorded a tax provision of $189 million, which resulted in an effective tax rate of 20%. The change in tax in the nine months of 2022 compared to 2021 is driven by improvements in Hertz’s financial performance, as well as tax benefits associated with the restructuring in Europe recognized in 2021, the impact of changes to state and foreign valuation allowances, and non-deductible bankruptcy costs incurred in 2021. As of September 30, 2022, the Company has approximately $670 million gross, or $141 million U.S. federal tax effected, of capital loss carryforward relating to a European restructuring for which a full valuation allowance is recorded. The Company filed a request for a pre-filing agreement with the Internal Revenue Service ("IRS") in December 2021, to determine whether the capital loss on the European restructuring qualifies as an ordinary loss. In May of 2022, the IRS began a review of the character of the loss on the European restructuring and their review is ongoing. A favorable outcome from this proceeding could result in a full or partial release of the valuation allowance. On August 16, 2022, the Inflation Reduction Act (IRA) of 2022 was enacted into law. It includes a 15% corporate alternative minimum tax and a 1% excise tax on corporate stock buybacks, both of which are effective after December 31, 2022. The Company does not currently anticipate a material impact to its results of operations, cash flows or financial position related to these provisions. The IRA also included income tax incentives associated with electric vehicles purchased after December 31, 2022. We are expecting the U.S. Treasury to issue additional guidance related to these incentives and will complete our analysis of the potential impact to the company as additional guidance is published.

Public Warrants, Equity and Ear

Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global	Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global Public Warrants During the three and nine months ended September 30, 2022, 40,815 and 230,705 Public Warrants were exercised, respectively, of which 4,897 and 51,547, respectively, were cashless exercises and 35,918 and 179,158, respectively, were exercised for $13.80 per share. As of September 30, 2022, a cumulative 6,270,985 Public Warrants have been exercised since their original issuance in June 2021. The Public Warrants are recorded at fair value in the accompanying unaudited condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021. See Note 11, "Fair Value Measurements." Share Repurchase Programs for Common Stock In November 2021, Hertz Global's Board of Directors approved a share repurchase program (the "2021 Share Repurchase Program") that authorized the repurchase of up to $2.0 billion worth of shares of Hertz Global's outstanding common stock. During the second quarter of 2022, the Company completed the 2021 Share Repurchase Program. Between January 1, 2022 and June 30, 2022, a total of 80,677,021 shares of Hertz Global's common stock were repurchased at an average share price of $19.74 for an aggregate purchase price of $1.6 billion. A total of 97,783,047 shares of Hertz Global common stock were repurchased since the inception of this program for an aggregate purchase price of $2.0 billion. These amounts are included in treasury stock in the accompanying Hertz Global unaudited condensed consolidated balance sheet as of September 30, 2022. In June 2022, Hertz Global's Board of Directors approved a new share repurchase program (the "2022 Share Repurchase Program") that authorized additional repurchases of up to an incremental $2.0 billion worth of shares of Hertz Global's outstanding common stock. During the three months ended September 30, 2022, a total of 27,232,916 shares of Hertz Global's common stock were repurchased under this program at an average share price of $18.36 for an aggregate purchase price of $500 million. As of September 30, 2022, a total of 28,440,846 shares of Hertz Global's common stock have been repurchased since the inception of the 2022 Share Repurchase Program for an aggregate purchase price of $520 million. These amounts are included in treasury stock in the accompanying Hertz Global unaudited condensed consolidated balance sheet as of September 30, 2022. Between October 1, 2022 and October 20, 2022, a total of 7,273,263 shares of Hertz Global's common stock were repurchased at an average share price of $16.91 for an aggregate purchase price of $123 million. Hertz Global funded the share repurchases with available cash and dividend distributions from Hertz. Computation of Earnings (Loss) Per Common Share Basic earnings (loss) per common share has been computed based upon the weighted-average number of common shares outstanding. Diluted earnings (loss) per common share has been computed based upon the weighted-average number of common shares outstanding plus the effect of all potentially dilutive common stock equivalents, including Public Warrants, except when the effect would be anti-dilutive. For the three and nine months ended September 30, 2022, the diluted weighted-average shares outstanding included the dilutive impact of Public Warrants where the Company assumed share settlement of the Public Warrants as of the beginning of the reporting period. Additionally, the Company removes the change in fair value of Public Warrants when computing diluted earnings (loss) per common share, when the impact of Public Warrants is dilutive. The following table sets forth the computation of basic and diluted earnings (loss) per common share: Three Months Ended Nine Months Ended (In millions, except per share data) (1) 2022 2021 2022 2021 Numerator: Net income (loss) attributable to Hertz Global $ 577 $ 605 $ 1,943 $ 626 Series A Preferred Stock (2) — (34) — (34) Net income (loss) available to Hertz Global common stockholders, basic $ 577 $ 571 $ 1,943 $ 592 Change in fair value of Public Warrants (73) (16) (584) (16) Net income (loss) available to Hertz Global common stockholders, diluted $ 503 $ 555 $ 1,359 $ 576 Denominator: Basic weighted-average common shares outstanding 355 471 395 264 Dilutive effect of stock options, RSUs and PSUs 2 — 1 — Dilutive effect of Public Warrants 22 19 25 6 Diluted weighted-average shares outstanding 379 490 421 270 Antidilutive stock options, RSUs and PSUs 8 — 6 — Total antidilutive 8 — 6 — Earnings (loss) per common share: Basic $ 1.62 $ 1.21 $ 4.92 $ 2.25 Diluted $ 1.33 $ 1.13 $ 3.22 $ 2.14 (1) The table above is denoted in millions, excluding earnings (loss) per common share. Amounts are calculated from the underlying numbers in thousands, and as a result, may not agree to the amounts shown in the table when calculated in millions. (2) Undeclared dividends on each share of Series A Preferred Stock were accumulated at a rate of 9% per annum, on the basis of a 365 day year.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation During the fourth quarter of 2021, Hertz Global's Board of Directors approved the Hertz Global Holdings, Inc. 2021 Omnibus Incentive Plan (the "2021 Omnibus Plan"). As of September 30, 2022, 41,873,636 shares of the Company's common stock are authorized and remain available for future grants under the 2021 Omnibus Plan. Vesting of the outstanding equity awards is also subject to accelerated vesting as set forth in the 2021 Omnibus Plan. During the three and nine months ended September 30, 2022, compensation expense of $32 million, net of $2 million tax benefit, and $95 million, net of $6 million tax benefit, respectively, was recognized for grants under the 2021 Omnibus Plan and recorded in selling, general and administrative expense in the accompanying unaudited condensed consolidated income statement. As of September 30, 2022, there was $250 million of total unrecognized compensation cost expected to be recognized over the remaining 2.2 years, on a weighted average basis, of the requisite service period that began on the grant dates. Stock Options A summary of stock option activity for the nine months ended September 30, 2022 is presented below: Options Shares Weighted- Weighted- Aggregate Intrinsic Outstanding as of December 31, 2021 3,678,855 $ 26.17 9.9 $ — Granted — — — — Exercised — — — — Forfeited or Expired (458,360) 26.17 — — Outstanding as of September 30, 2022 3,220,495 — 8.6 — Exercisable as of September 30, 2022 (133,840) 26.17 0.7 — Non-vested as of September 30, 2022 3,086,655 Performance Stock Units ("PSUs") A summary of the PSU activity for the nine months ended September 30, 2022 is presented below: Shares Weighted- Aggregate Intrinsic Outstanding as of December 31, 2021 — $ — $ — Granted 9,989,839 17.72 — Vested — — — Forfeited or Expired (31,098) 22.02 — Outstanding as of September 30, 2022 9,958,741 17.71 162 Compensation expense for PSUs is based on the grant date fair value. For grants issued in 2022, vesting eligibility is based on market, performance and service conditions of one Grants Assumption 2022 Expected volatility 68 % Expected dividend yield — % Expected term (years) 5 Risk-free interest rate 1.71 % Weighted-average grant date fair value $ 17.61 Restricted Stock and Restricted Stock Units ("RSUs") A summary of RSU activity for the nine months ended September 30, 2022 is presented below: Shares Weighted- Aggregate Intrinsic Outstanding as of December 31, 2021 1,726,286 $ 26.17 $ 43 Granted 3,932,818 20.01 — Vested (573,423) 26.17 — Forfeited or Expired (186,175) 24.78 — Outstanding as of September 30, 2022 4,899,506 21.28 80 Additional information pertaining to RSU activity is as follows: Nine Months Ended 2022 Total fair value of awards that vested (in millions) $ 15 Weighted-average grant-date fair value of awards granted $ 20.01 RSU grants issued in 2022 vest ratably over a period of two Deferred Stock Units As of September 30, 2022, there were approximately 58,000 outstanding shares of deferred stock units under the 2021 Omnibus Plan.

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	Financial Instruments The Company employs established risk management policies and procedures, and, under the terms of our ABS facilities, may be required to enter into interest rate derivatives, which seek to reduce the Company’s commercial risk exposure to fluctuations in interest rates and currency exchange rates. Although the instruments utilized involve varying degrees of credit, market and interest risk, the Company contracts with multiple counterparties to mitigate concentrations of risk and the counterparties to the agreements are expected to perform fully under the terms of the agreements. The Company monitors counterparty credit risk, including lenders, on a regular basis, but cannot be certain that all risks will be discerned or that its risk management policies and procedures will always be effective. Additionally, upon the occurrence of an event of default under the Company’s International Swaps and Derivatives Association ("ISDA") master derivative agreements, the non-defaulting party generally has the right, but not the obligation, to set-off any early termination amounts under any such agreements against any other amounts owed with regard to any other agreements between the parties to each such agreement. None of the Company's financial instruments have been designated as hedging instruments as of September 30, 2022 and December 31, 2021. Interest Rate Risk The Company uses a combination of interest rate caps and swaps to manage its exposure to interest rate movements and to manage its mix of floating and fixed-rate debt. Currency Exchange Rate Risk The Company uses foreign currency exchange rate derivative financial instruments to manage its currency exposure resulting from intercompany transactions and other cross currency obligations. Fair Value The following table summarizes the estimated fair value of financial instruments: Fair Value of Financial Instruments Asset Derivatives (1) Liability Derivatives (1) (In millions) September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Interest rate instruments $ 145 $ 12 $ — $ — Foreign currency forward contracts 4 1 2 2 Total $ 149 $ 13 $ 2 $ 2 (1) All asset derivatives are recorded in prepaid expenses and other assets and all liability derivatives are recorded in accrued liabilities in the accompanying unaudited condensed consolidated balance sheets. The following table summarizes the gains or (losses) on financial instruments for the period indicated: Location of Gain (Loss) Recognized on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2022 2021 2022 2021 Interest rate instruments (1) Vehicle interest expense, net $ 54 $ — $ 119 $ (3) Foreign currency forward contracts Other (income) expense, net 8 — 6 — Total $ 62 $ — $ 125 $ (3) (1) For the nine months ended September 30, 2021, gains and (losses) on interest rate instruments were recorded in selling, general and administrative expense in the accompanying unaudited condensed consolidated income statement. 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 such derivative assets and liabilities in its unaudited condensed consolidated balance sheets, and the potential effect of the Company’s use of the master netting arrangements is not material.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Under U.S. GAAP, entities are allowed to measure certain financial instruments and other items at fair value. The Company has not elected the fair value measurement option for any of its assets or liabilities that meet the criteria for this option. Irrespective of the fair value option previously described, U.S. GAAP requires certain financial and non-financial assets and liabilities of the Company to be measured on either a recurring basis or on a nonrecurring basis. Fair Value Disclosures The fair value of cash, restricted cash, accounts receivable, accounts payable and accrued liabilities, to the extent the underlying liability will be settled in cash, approximates the carrying values because of the short-term nature of these instruments. Debt Obligations The fair value of the debt facilities 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 (i.e. Level 2 inputs). September 30, 2022 December 31, 2021 (In millions) Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Non-Vehicle Debt $ 3,041 $ 2,620 $ 3,055 $ 3,065 Vehicle Debt 10,165 9,465 7,954 7,908 Total $ 13,206 $ 12,085 $ 11,009 $ 10,973 Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table summarizes the Company's cash equivalents, restricted cash equivalents and Public Warrants that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy as follows: September 30, 2022 December 31, 2021 (In millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash equivalents and restricted cash equivalents $ 791 $ — $ — $ 791 $ 1,678 $ — $ — $ 1,678 Liabilities: Public Warrants $ 737 $ — $ — $ 737 $ 1,324 $ — $ — $ 1,324 Cash Equival ents and Restricted Cash Equivalents The Company’s cash equivalents and restricted cash equivalents primarily consist of investments in money market funds and bank money market and interest-bearing accounts. The Company determines the fair value of cash equivalents and restricted cash equivalents using a market approach based on quoted prices in active markets (i.e. Level 1 inputs). Public Warrants Hertz Global's Public Warrants are classified as liabilities and recorded at fair value in the accompanying unaudited condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021 in accordance with the provisions of ASC 480, Distinguishing Liabilities from Equity . See Note 8, "Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global," for additional information. The Company calculates the fair value based on the end-of-day quoted market price, a Level 1 input of the fair value hierarchy. For the three and nine months ended September 30, 2022, the fair value adjustments were gains of $73 million and $584 million, respectively, and are recorded in change in fair value of Public Warrants in the accompanying unaudited condensed consolidated statements of operations for Hertz Global for the three and nine months ended September 30, 2022. Financial Instruments The fair value of the Company's financial instruments as of September 30, 2022 and December 31, 2021 are disclosed in Note 10, "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.

Contingencies and Off-Balance S

Contingencies and Off-Balance Sheet Commitments	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Off-Balance Sheet Commitments	Contingencies and Off-Balance Sheet Commitments Legal Proceedings Self-Insured Liabilities The Company is currently a defendant in numerous actions and has received numerous claims on which actions have not yet commenced for self-insured liabilities arising from the operation of motor vehicles rented from the Company. The obligation for self-insured liabilities on self-insured U.S. and international vehicles, as stated in the accompanying unaudited condensed consolidated balance sheets, represents an estimate for both reported accident claims not yet paid and claims incurred but not yet reported. The related liabilities are recorded on an undiscounted basis and are based on rental volume and actuarial evaluations of historical accident claim experience and trends, as well as future projections of ultimate losses, expenses, premiums and administrative costs. As of September 30, 2022 and December 31, 2021, the Company's liability recorded for self-insured liabilities was $484 million and $463 million, respectively. The Company believes that its analysis is based on the most relevant information available, combined with reasonable assumptions. The liability is subject to significant uncertainties. The adequacy of the liability is regularly monitored based on evolving accident claim history and insurance related legislation changes. If the Company's estimates change or if actual results differ from these assumptions, the amount of the recorded liability is adjusted to reflect these results. Loss Contingencies From time to time the Company is a party to various legal proceedings, typically involving operational issues common to the vehicle rental business. The Company has summarized below the material legal proceedings to which the Company was a party during the three and nine months ended September 30, 2022 or the period after September 30, 2022, but before the filing of this Quarterly Report. Make-Whole and Post-Petition Interest Claims - On July 1, 2021, Wells Fargo Bank, N.A., in its capacity as indenture trustee of (1) 6.250% Unsecured Notes due 2022 (the "2022 Notes"), (2) 5.500% Unsecured Notes due 2024 (the "2024 Notes"), (3) 7.125% Unsecured Notes due 2026 (the "2026 Notes"), and (4) 6.000% Unsecured Notes due 2028 (the "2028 Notes") issued by The Hertz Corporation (collectively, the “Notes”), filed a complaint (the “Complaint”) against The Hertz Corporation and multiple direct and indirect subsidiaries thereof (collectively referred to in this summary as “Defendants”). The filing of the Complaint initiated the adversary proceeding captioned Wells Fargo Bank, National Association v. The Hertz Corporation, et al. pending in the United States Bankruptcy Court for the District of Delaware, Adv. Pro. No. 21-50995 (MFW). The Complaint seeks a declaratory judgment that the holders of the Unsecured Notes are entitled to payment of certain redemption premiums and post-petition interest that they assert total $271,684,720 plus interest at the contractual default rate or, in the alternative, are entitled to payment of post-petition interest at a contractual rate that they assert totals $124,512,653 plus interest. On August 2, 2021, the Defendants filed a motion to dismiss Wells Fargo's claims. On December 22, 2021, the Bankruptcy Court dismissed Wells Fargo’s claims with respect to (i) the redemption premium allegedly owed on the 2022 and 2024 Notes and (ii) post-petition interest at the contract rate. Wells Fargo’s claims for a redemption premium with respect to the 2026 and 2028 Senior Notes remain. Note holders that elected to participate in the rights offering held in June 2021 (the "2021 Rights Offering") waived their right to collect on the redemption premium. Therefore, since some of the 2026 and 2028 note holders elected to participate in the 2021 Rights Offering, the total amount which may be owed with respect to the asserted redemption premium for those series of notes will be reduced. On February 25, 2022, the Defendants answered the Complaint. Thereafter, discovery commenced and is now complete. The parties submitted cross-motions for summary judgment and oral argument on those motions is currently scheduled for November 9, 2022. The Defendants intend to continue to vigorously defend against the claims in this matter. The Company cannot predict the outcome or timing of this litigation. Claims Related to Alleged False Arrests - As a large company, we are subject to various proceedings, lawsuits, disputes, inquiries, and claims arising in the ordinary course of our business. One group of claims involves allegations that the police detained or arrested individuals in error after the Company reported rental cars as stolen. These claims first arose from actions allegedly taken by the Company prior to its emergence from bankruptcy reorganization; some claims allege post-emergence behavior by the Company. Claims are being advanced in the U.S. Bankruptcy Court for the District of Delaware, Adv. Pro. No. 20-11247 (MFW) and state courts in Delaware, Flannery, et al. v. Hertz Global Holdings, Inc., et al., C.A. No. N22C-07-100 and Okoasia, et al. v. Hertz Global Holdings, Inc., et al., C.A. No. N22C-09-531 , Pennsylvania, Lovelace, et al. v. Hertz Global Holdings, Inc., et al., Case No. 220801729 , and Florida, Lizasoain, et al. v. Hertz Global Holdings, Inc., et al., Case No. 2022-015316-CA-1 . The majority of these claims involve vehicles that were not timely returned to the Company after their contracted return date. These claims have been the subject of press coverage and the Company has received inquiries on the matter from certain members of government. The Company has policies to help ensure the proper treatment of its customers and to seek to protect itself against the theft of its services or assets; the Company has been vigorously defending itself against these claims. While the Company has made settlement offers to certain individuals in connection with these matters, it believes that the ultimate resolution will not have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. Relatedly, in May 2022, the Company filed a complaint against several of its insurers seeking a determination of its rights under its commercial general liability, and directors and officers liability, insurance policies for these alleged claims in a declaratory judgment action pending in Delaware Superior Court, Hertz Global Holdings, Inc., et al. v. ACE American Insurance Co., et al., C.A. No. N22C-05-130 MMJ (CCLD) . 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 self-insured liabilities, none of those reserves are material. For matters where the Company has not established a reserve, the ultimate outcome or resolution cannot be predicted at this time, or the amount of ultimate loss, if any, cannot be reasonably estimated. These matters are subject to many uncertainties and the outcome of the individual litigated matters is not predictable with assurance. It is possible that certain of the actions, claims, inquiries or proceedings 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. Other Proceedings Litigation Against Former Executives - The Company filed litigation in the U.S. District Court for the District of New Jersey against former executives Mark Frissora, Elyse Douglas and John Jefferey Zimmerman on March 25, 2019, and in state court in Florida against former executive Scott Sider on March 28, 2019. The complaints predominantly alleged breach of contract and sought repayment of incentive-based compensation received by the defendants in connection with restatements included in the former Hertz Global Holdings, Inc. ("Old Hertz Holdings") Form 10-K for the year ended December 31, 2014 and related accounting for prior periods. The complaints also sought recovery for the costs of an SEC investigation that resulted in an administrative order on December 31, 2018 with respect to events generally involving the restatements included in Old Hertz Holdings Form 10-K for the year ended December 31, 2014 and other damages resulting from the necessity of the restatements. The Company is pursuing these legal proceedings in accordance with its clawback policy and contractual rights. In October 2019, the Company entered into a confidential settlement agreement with Elyse Douglas and, on April 14, 2021, the Bankruptcy Court approved a Settlement Agreement between the Company and Scott Sider, closing the Florida action. Additionally, on December 29, 2021, the Company entered into a confidential settlement agreement with Jeff Zimmerman, leaving Mark Frissora as the sole remaining defendant in the New Jersey action. Fact and expert discovery have been completed and competing dispositive motions were due by October 14, 2022. Pursuant to the agreements governing the separation of Herc Holdings Inc. from Hertz Global that occurred on June 30, 2016, Herc Holdings Inc. is entitled to 15% of the net proceeds of any repayment or recovery from these cases. Indemnification Obligations In the ordinary course of business, the Company has executed contracts involving indemnification obligations customary in the rental car industry and indemnifications specific to a transaction such as the sale of a business. These indemnification obligations might include claims relating to the following: environmental matters; intellectual property rights; governmental regulations and employment-related matters; customer, supplier and other commercial contractual relationships and financial matters. Specifically, the Company has indemnified various

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Transactions and Agreements between Hertz Holdings and Hertz In May 2021, upon expiration of a loan originated in May 2020 between Hertz Holdings and Hertz, Hertz entered into a new master loan agreement with Hertz Holdings for a facility size of $25 million with an expiration in May 2022 (the "2021 Master Loan"). The interest rate was based on the U.S. Dollar LIBOR rate plus a margin. The 2021 Master Loan expired according to its terms in May 2022 with no outstanding balance. 767 Auto Leasing LLC In January 2018, Hertz entered into a Master Motor Vehicle Lease and Management Agreement (the “767 Lease Agreement”) pursuant to which Hertz granted 767 Auto Leasing LLC (“767”), an entity affiliated with a related party until May 2020, the option to acquire certain vehicles from Hertz. During the three and nine months ended September 30, 2021, 767 distributed $10 million and $25 million, respectively, to American Entertainment Properties Corp. along with the return of certain vehicles. The 767 Lease Agreement was terminated effective October 31, 2021. Prior to the termination of the 767 Lease Agreement, the Company determined that it was the primary beneficiary of 767 due to its power to direct the activities of 767 that most significantly impacted 767's economic performance and the Company's obligation to absorb 25% of 767's gains/losses and, accordingly, 767 was consolidated by the Company as a VIE.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Segment Information	Segment Information The Company’s chief operating decision maker ("CODM") assesses performance and allocates resources based upon the financial information for the Company’s reportable segments. The Company has identified two reportable segments, which are consistent with its operating segments and organized based on the products and services provided and the geographic areas in which business is conducted, as follows: • Americas RAC – rental of vehicles (cars, crossovers, vans and light trucks), as well as sales of value-added services, in the U.S., Canada, Latin America and the Caribbean; and • International RAC – rental and leasing of vehicles (cars, crossovers, vans and light trucks), as well as sales of value-added services internationally and consists primarily of the Company's Europe and other international locations. In the second quarter of 2021, as a result of the Donlen Sale, as disclosed in Note 3, "Divestitures," the All Other Operations reportable segment, which consisted primarily of the Company's former Donlen business, was no longer deemed a reportable segment. In addition to its reportable segments and other operating activities, the Company has corporate operations ("Corporate") which includes general corporate assets and expenses and certain interest expense (including net interest on non-vehicle debt). Corporate includes other items necessary to reconcile the reportable segments to the Company's total amounts. The following tables provide significant statement of operations and balance sheet information by reportable segment for each of Hertz Global and Hertz, as well as Adjusted EBITDA, the measure used to determine segment profitability. Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2022 2021 2022 2021 Revenues Americas RAC $ 2,042 $ 1,914 $ 5,573 $ 4,524 International RAC 454 312 1,077 727 Total reportable segments 2,496 2,226 6,650 5,251 All other operations (1) — — — 136 Total Hertz Global and Hertz $ 2,496 $ 2,226 $ 6,650 $ 5,387 Depreciation of revenue earning vehicles and lease charges, net Americas RAC $ 252 $ 24 $ 220 $ 314 International RAC 42 37 121 106 Total Hertz Global and Hertz $ 294 $ 61 $ 341 $ 420 Adjusted EBITDA Americas RAC $ 564 $ 830 $ 1,975 $ 1,520 International RAC 150 78 269 69 Total reportable segments 714 908 2,244 1,589 All other operations (1) — — — 13 Corporate (96) (48) (248) (100) Total Hertz Global and Hertz $ 618 $ 860 $ 1,996 $ 1,502 (1) Substantially comprised of the Company's Donlen business, which was sold on March 30, 2021 as disclosed in Note 3, "Divestitures." As of (In millions) September 30, 2022 December 31, 2021 Revenue earning vehicles, net Americas RAC $ 10,373 $ 7,897 International RAC 1,650 1,329 Total Hertz Global and Hertz $ 12,023 $ 9,226 Total assets Americas RAC $ 16,743 $ 14,352 International RAC 3,267 2,978 Total reportable segments 20,010 17,330 Corporate 1,684 2,453 Total Hertz Global (1) 21,694 19,783 Corporate - Hertz (1) (3) Total Hertz (1) $ 21,693 $ 19,780 (1) The consolidated total assets of Hertz Global and Hertz as of September 30, 2022 and December 31, 2021 include total assets of VIEs of $952 million and $734 million, respectively, which can only be used to settle obligations of the VIEs. See "Pledges Related to Vehicle Financing" in Note 5, "Debt," for further information. Reconciliations of Adjusted EBITDA by reportable segment to consolidated amounts are summarized below: Hertz Global Three Months Ended Nine Months Ended (In millions) 2022 2021 2022 2021 Adjusted EBITDA: Americas RAC $ 564 $ 830 $ 1,975 $ 1,520 International RAC 150 78 269 69 Total reportable segments 714 908 2,244 1,589 All other operations (1) — — — 13 Corporate (2) (96) (48) (248) (100) Total Hertz Global 618 860 1,996 1,502 Adjustments: Non-vehicle depreciation and amortization (36) (49) (105) (153) Non-vehicle debt interest, net (3) (43) (22) (123) (157) Vehicle debt-related charges (4) (9) (8) (25) (62) Restructuring and restructuring related charges (5) (8) (22) (29) (72) Reorganization items, net (6) — — — (677) Pre-reorganization charges and non-debtor financing charges (7) — (1) — (41) Gain from the Donlen Sale (8) — — — 400 Change in fair value of Public Warrants (9) 73 16 584 16 Unrealized gains (losses) on financial instruments (10) 55 1 120 1 Other items (11) (3) (7) (96) 63 Income (loss) before income taxes $ 647 $ 768 $ 2,322 $ 820 Hertz Three Months Ended Nine Months Ended (In millions) 2022 2021 2022 2021 Adjusted EBITDA: Americas RAC $ 564 $ 830 $ 1,975 $ 1,520 International RAC 150 78 269 69 Total reportable segments 714 908 2,244 1,589 All other operations (1) — — — 13 Corporate (2) (96) (48) (248) (100) Total Hertz 618 860 1,996 1,502 Adjustments: Non-vehicle depreciation and amortization (36) (49) (105) (153) Non-vehicle debt interest, net (3) (43) (22) (123) (157) Vehicle debt-related charges (4) (9) (8) (25) (62) Restructuring and restructuring related charges (5) (8) (22) (29) (72) Reorganization items, net (6) — — — (513) Pre-reorganization charges and non-debtor financing charges (7) — (1) — (41) Gain from the Donlen Sale (8) — — — 400 Unrealized gains (losses) on financial instruments (10) 55 1 120 1 Other items (11) (3) (7) (96) 63 Income (loss) before income taxes $ 574 $ 752 $ 1,738 $ 968 (1) Substantially comprised of the Company's Donlen business, which was sold on March 30, 2021 as disclosed in Note 3, "Divestitures." (2) Represents other reconciling items primarily consisting of general corporate expenses, non-vehicle interest expense, as well as other business activities. (3) In 2021, includes $8 million of loss on extinguishment of debt associated with the payoff and termination of the HIL Credit Agreement resulting from the implementation of the Plan of Reorganization. (4) Represents vehicle debt-related charges relating to the amortization of deferred financing costs and debt discounts and premiums. (5) Represents charges incurred under restructuring actions as defined in U.S. GAAP. Also includes restructuring related charges such as incremental costs incurred directly supporting business transformation initiatives. (6) Represents charges incurred associated with the filing of and the emergence from the Chapter 11 Cases, as disclosed in Note 15, "Reorganization Items, Net." (7) Represents charges incurred prior to the filing of the Chapter 11 Cases which are comprised of preparation charges for the reorganization, such as professional fees. Also, includes certain non-debtor financing and professional fee charges. (8) Represents the net gain from the sale of the Company's Donlen business on March 30, 2021, as disclosed in Note 3, "Divestitures." (9) Represents the change in fair value during the reporting period for the Company's outstanding Public Warrants. (10) Represents unrealized gains (losses) on derivative financial instruments. See Note 10, "Financial Instruments." (11) Represents miscellaneous items. For the three and nine months ended September 30, 2022, primarily includes bankruptcy claims, certain professional fees and charges related to the settlement of bankruptcy claims and certain non-cash stock-based compensation charges recorded in the first half of the year. For the three and nine months ended September 30, 2021, includes $100 million associated with the suspension of depreciation during the first quarter for the Donlen business while classified as held for sale, partially offset by letter of credit fees recorded in the first half of the year and charges for a multiemployer pension plan withdrawal liability recorded in the first quarter.

Reorganization Items, Net

Reorganization Items, Net	9 Months Ended
	Sep. 30, 2022
Reorganizations [Abstract]
Reorganization Items, Net	Reorganization Items, NetThe Debtors incurred incremental costs as a result of the Chapter 11 Cases and settlement of liabilities under the Plan of Reorganization which were recorded as reorganization items, net in the accompanying unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2021. The following tables summarize reorganization items, net: Hertz Global (In millions) Three Months Ended Nine Months Ended Professional fees and other bankruptcy related costs $ — $ 257 Loss on extinguishment of debt (1) — 191 Backstop fee — 164 Breakup fee (2) — 77 Contract settlements — 25 Cancellation of share-based compensation grants (3) — (10) Net gain on settlement of liabilities subject to compromise — (22) Other, net — (5) Reorganization items, net $ — $ 677 Hertz (In millions) Three Months Ended Nine Months Ended Professional fees and other bankruptcy related costs $ — $ 257 Loss on extinguishment of debt (1) — 191 Breakup fee (2) — 77 Contract settlements — 25 Cancellation of share-based compensation grants (3) — (10) Net gain on settlement of liabilities subject to compromise — (22) Other, net — (5) Reorganization items, net $ — $ 513 (1) Includes loss on extinguishment of debt resulting from the implementation of the Plan of Reorganization. Primarily composed of write offs of unamortized deferred loan origination costs and early termination fees associated with terminated debt agreements. (2) Breakup fee paid to prior plan sponsors and certain of their respective affiliates and certain holders of the senior notes upon emergence from Chapter 11 in accordance with an equity purchase and commitment agreement entered into on April 3, 2021, which was subsequently terminated. (3) On June 30, 2021, in accordance with the Plan of Reorganization, all outstanding equity awards under the then-existing incentive plan (the "Omnibus Plan") were cancelled without any distribution and the Omnibus Plan was deemed to be cancelled. As a result of the equity awards cancellations, the Company recognized $10 million related to the unrecognized portion of share-based compensation in reorganization expense in the accompanying unaudited condensed consolidated statements of operations for the nine months ended September 30, 2021.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation This Quarterly Report on Form 10-Q combines the quarterly reports on Form 10-Q for the quarterly period ended September 30, 2022 of Hertz Global and Hertz. Hertz Global consolidates Hertz for financial statement purposes, therefore, disclosures that relate to activities of Hertz also apply to Hertz Global. In the sections that combine disclosure of Hertz Global and Hertz, this report refers to actions as being actions of the Company, or Hertz Global, which is appropriate because the business is one enterprise and Hertz Global operates the business through Hertz. When appropriate, Hertz Global and Hertz are named specifically for their individual disclosures and any significant differences between the operations and results of Hertz Global and Hertz are separately disclosed and explained. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The Company's vehicle rental operations are typically a seasonal business, with decreased levels of business in the winter months and heightened activity during the spring and summer months for the majority of countries where the Company generates revenues. Certain charges related to the Chapter 11 Cases were recorded as reorganization items, net in the accompanying unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2021 pursuant to the provisions of Accounting Standards Codification (“ASC”) 852, Reorganizations . See Note 15, "Reorganization Items, Net," for additional information. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes. Actual results could differ materially from those estimates. The December 31, 2021 unaudited condensed consolidated balance sheet data is derived from the audited financial statements at that date but does not include all disclosures required by U.S. GAAP. The information included in this
Principles of Consolidation	Principles of ConsolidationThe unaudited condensed consolidated financial statements of Hertz Global include the accounts of Hertz Global, its wholly owned and majority owned U.S. and international subsidiaries and its VIEs, as applicable. The unaudited condensed consolidated financial statements of Hertz include the accounts of Hertz, its wholly owned and majority owned U.S. and international subsidiaries and its VIEs, as applicable. The Company consolidates a VIE when it is deemed the primary beneficiary of the VIE. The Company accounts for its investment in joint ventures using the equity method when it has significant influence but not control and is not the primary beneficiary of the joint venture. All significant intercompany transactions have been eliminated in consolidation.

Revenue Earning Vehicles (Table

Revenue Earning Vehicles (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Components of Revenue Earning Vehicles, Net	The components of revenue earning vehicles, net are as follows: (In millions) September 30, December 31, Revenue earning vehicles $ 12,931 $ 10,506 Less accumulated depreciation (1,560) (1,518) 11,371 8,988 Revenue earning vehicles held for sale, net (1) 652 238 Revenue earning vehicles, net $ 12,023 $ 9,226 (1) Represents the carrying amount of vehicles currently placed on the Company's retail lots for sale or actively in the process of being sold through other disposition channels.
Schedule of Depreciation of Revenue Earning Vehicles and Lease Charges	Depreciation of revenue earning vehicles and lease charges, net includes the following: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2022 2021 2022 2021 Depreciation of revenue earning vehicles $ 528 $ 249 $ 1,282 $ 681 (Gain) loss on disposal of revenue earning vehicles (238) (197) (956) (290) Rents paid for vehicles leased 4 9 15 29 Depreciation of revenue earning vehicles and lease charges, net $ 294 $ 61 $ 341 $ 420

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Components of Debt	The Company's debt, including its available credit facilities, consists of the following ($ in millions) as of September 30, 2022 and December 31, 2021: Facility Weighted-Average Interest Rate Fixed or Maturity September 30, December 31, Non-Vehicle Debt Term B Loan 5.80% Floating 6/2028 $ 1,284 $ 1,294 Term C Loan 5.80% Floating 6/2028 245 245 Senior Notes Due 2026 4.63% Fixed 12/2026 500 500 Senior Notes Due 2029 5.00% Fixed 12/2029 1,000 1,000 First Lien RCF N/A Floating 6/2026 — — Other Non-Vehicle Debt (1) 7.87% Fixed Various 12 16 Unamortized Debt Issuance Costs and Net (Discount) Premium (62) (69) Total Non-Vehicle Debt 2,979 2,986 Vehicle Debt HVF III U.S. ABS Program HVF III U.S. Vehicle Variable Funding Notes HVF III Series 2021-A Class A (2) 4.34% Floating 6/2024 1,823 2,813 HVF III Series 2021-A Class B (2) 3.65% Fixed 6/2023 188 188 2,011 3,001 HVF III U.S. Vehicle Medium Term Notes HVF III Series 2021-1 (2) 1.66% Fixed 12/2024 2,000 2,000 HVF III Series 2021-2 (2) 2.12% Fixed 12/2026 2,000 2,000 HVF III Series 2022-1 (2) 2.44% Fixed 6/2025 750 — HVF III Series 2022-2 (2) 2.42% Fixed 6/2027 652 — HVF III Series 2022-3 (2) 3.89% Fixed 3/2024 383 — HVF III Series 2022-4 (2) 4.22% Fixed 9/2025 667 — HVF III Series 2022-5 (2) 4.03% Fixed 9/2027 317 — 6,769 4,000 Vehicle Debt - Other Repurchase Facility 4.89% Fixed 10/2022 85 — European ABS (2) 1.80% Floating 10/2023 572 395 Hertz Canadian Securitization (2) 5.12% Floating 6/2024 320 191 Australian Securitization (2) 4.25% Floating 4/2024 158 128 New Zealand RCF 6.22% Floating 6/2024 34 39 U.K. Financing Facility 5.75% Floating 10/2022-9/2026 100 98 U.K. Toyota Financing Facility 2.20% Floating 12/2022-5/2023 44 9 Other Vehicle Debt 2.93% Floating 10/2022-4/2025 72 93 1,385 953 Facility Weighted-Average Interest Rate Fixed or Maturity September 30, December 31, Unamortized Debt Issuance Costs and Net (Discount) Premium (68) (33) Total Vehicle Debt 10,097 7,921 Total Debt $ 13,076 $ 10,907 (1) Other non-vehicle debt is primarily comprised of $8 million and $12 million in finance lease obligations
Schedule of Extinguishment of Debt	(In millions) Aggregate Principal Amount HVF III Series 2022-2 Class D Notes 98 HVF III Series 2022-5 Class D Notes 47 Total $ 145
Schedule of Facilities Available Net of Outstanding Letters of Credit	The following facilities were available to the Company as of September 30, 2022 and are presented net of any outstanding letters of credit: (In millions) Remaining Availability Under Non-Vehicle Debt First Lien RCF $ 1,572 $ 1,572 Total Non-Vehicle Debt 1,572 1,572 Vehicle Debt HVF III Series 2021-A 1,897 — European ABS 159 — Hertz Canadian Securitization 11 — Australian Securitization 5 — U.K. Financing Facility 9 — U.K. Toyota Financing Facility 2 — Total Vehicle Debt 2,083 — Total $ 3,655 $ 1,572

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Operating Lease, Lease Income	The following table summarizes the amount of operating lease income and other income included in total revenues in the accompanying unaudited condensed consolidated statements of operations: Three Months Ended Nine Months Ended (In millions) 2022 2021 2022 2021 Operating lease income from vehicle rentals $ 2,368 $ 2,122 $ 6,315 $ 5,018 Operating lease income from fleet leasing — — — 149 Variable operating lease income 58 47 159 87 Revenue accounted for under Topic 842 2,426 2,169 6,474 5,254 Revenue accounted for under Topic 606 70 57 176 133 Total revenues $ 2,496 $ 2,226 $ 6,650 $ 5,387

Public Warrants, Equity and E_2

Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted earnings (loss) per common share: Three Months Ended Nine Months Ended (In millions, except per share data) (1) 2022 2021 2022 2021 Numerator: Net income (loss) attributable to Hertz Global $ 577 $ 605 $ 1,943 $ 626 Series A Preferred Stock (2) — (34) — (34) Net income (loss) available to Hertz Global common stockholders, basic $ 577 $ 571 $ 1,943 $ 592 Change in fair value of Public Warrants (73) (16) (584) (16) Net income (loss) available to Hertz Global common stockholders, diluted $ 503 $ 555 $ 1,359 $ 576 Denominator: Basic weighted-average common shares outstanding 355 471 395 264 Dilutive effect of stock options, RSUs and PSUs 2 — 1 — Dilutive effect of Public Warrants 22 19 25 6 Diluted weighted-average shares outstanding 379 490 421 270 Antidilutive stock options, RSUs and PSUs 8 — 6 — Total antidilutive 8 — 6 — Earnings (loss) per common share: Basic $ 1.62 $ 1.21 $ 4.92 $ 2.25 Diluted $ 1.33 $ 1.13 $ 3.22 $ 2.14 (1) The table above is denoted in millions, excluding earnings (loss) per common share. Amounts are calculated from the underlying numbers in thousands, and as a result, may not agree to the amounts shown in the table when calculated in millions. (2) Undeclared dividends on each share of Series A Preferred Stock were accumulated at a rate of 9% per annum, on the basis of a 365 day year.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	A summary of stock option activity for the nine months ended September 30, 2022 is presented below: Options Shares Weighted- Weighted- Aggregate Intrinsic Outstanding as of December 31, 2021 3,678,855 $ 26.17 9.9 $ — Granted — — — — Exercised — — — — Forfeited or Expired (458,360) 26.17 — — Outstanding as of September 30, 2022 3,220,495 — 8.6 — Exercisable as of September 30, 2022 (133,840) 26.17 0.7 — Non-vested as of September 30, 2022 3,086,655
Summary of PSU Activity	A summary of the PSU activity for the nine months ended September 30, 2022 is presented below: Shares Weighted- Aggregate Intrinsic Outstanding as of December 31, 2021 — $ — $ — Granted 9,989,839 17.72 — Vested — — — Forfeited or Expired (31,098) 22.02 — Outstanding as of September 30, 2022 9,958,741 17.71 162
Schedule of Valuation Assumptions	Certain of these PSUs were valued on the grant date using a Monte Carlo simulation model that incorporates the assumptions noted in the following table: Grants Assumption 2022 Expected volatility 68 % Expected dividend yield — % Expected term (years) 5 Risk-free interest rate 1.71 % Weighted-average grant date fair value $ 17.61
Summary of RSU Activity	A summary of RSU activity for the nine months ended September 30, 2022 is presented below: Shares Weighted- Aggregate Intrinsic Outstanding as of December 31, 2021 1,726,286 $ 26.17 $ 43 Granted 3,932,818 20.01 — Vested (573,423) 26.17 — Forfeited or Expired (186,175) 24.78 — Outstanding as of September 30, 2022 4,899,506 21.28 80 Additional information pertaining to RSU activity is as follows: Nine Months Ended 2022 Total fair value of awards that vested (in millions) $ 15 Weighted-average grant-date fair value of awards granted $ 20.01

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Financial Instruments	The following table summarizes the estimated fair value of financial instruments: Fair Value of Financial Instruments Asset Derivatives (1) Liability Derivatives (1) (In millions) September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Interest rate instruments $ 145 $ 12 $ — $ — Foreign currency forward contracts 4 1 2 2 Total $ 149 $ 13 $ 2 $ 2
Schedule of Derivative Instruments Included in Trading Activities	The following table summarizes the gains or (losses) on financial instruments for the period indicated: Location of Gain (Loss) Recognized on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2022 2021 2022 2021 Interest rate instruments (1) Vehicle interest expense, net $ 54 $ — $ 119 $ (3) Foreign currency forward contracts Other (income) expense, net 8 — 6 — Total $ 62 $ — $ 125 $ (3) (1) For the nine months ended September 30, 2021, gains and (losses) on interest rate instruments were recorded in selling, general and administrative expense in the accompanying unaudited condensed consolidated income statement.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value, Liabilities Measured on Recurring Basis	The fair value of the debt facilities 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 (i.e. Level 2 inputs). September 30, 2022 December 31, 2021 (In millions) Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Non-Vehicle Debt $ 3,041 $ 2,620 $ 3,055 $ 3,065 Vehicle Debt 10,165 9,465 7,954 7,908 Total $ 13,206 $ 12,085 $ 11,009 $ 10,973
Fair Value Measurements, Recurring	The following table summarizes the Company's cash equivalents, restricted cash equivalents and Public Warrants that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy as follows: September 30, 2022 December 31, 2021 (In millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash equivalents and restricted cash equivalents $ 791 $ — $ — $ 791 $ 1,678 $ — $ — $ 1,678 Liabilities: Public Warrants $ 737 $ — $ — $ 737 $ 1,324 $ — $ — $ 1,324

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2022 2021 2022 2021 Revenues Americas RAC $ 2,042 $ 1,914 $ 5,573 $ 4,524 International RAC 454 312 1,077 727 Total reportable segments 2,496 2,226 6,650 5,251 All other operations (1) — — — 136 Total Hertz Global and Hertz $ 2,496 $ 2,226 $ 6,650 $ 5,387 Depreciation of revenue earning vehicles and lease charges, net Americas RAC $ 252 $ 24 $ 220 $ 314 International RAC 42 37 121 106 Total Hertz Global and Hertz $ 294 $ 61 $ 341 $ 420 Adjusted EBITDA Americas RAC $ 564 $ 830 $ 1,975 $ 1,520 International RAC 150 78 269 69 Total reportable segments 714 908 2,244 1,589 All other operations (1) — — — 13 Corporate (96) (48) (248) (100) Total Hertz Global and Hertz $ 618 $ 860 $ 1,996 $ 1,502 (1) Substantially comprised of the Company's Donlen business, which was sold on March 30, 2021 as disclosed in Note 3, "Divestitures." As of (In millions) September 30, 2022 December 31, 2021 Revenue earning vehicles, net Americas RAC $ 10,373 $ 7,897 International RAC 1,650 1,329 Total Hertz Global and Hertz $ 12,023 $ 9,226 Total assets Americas RAC $ 16,743 $ 14,352 International RAC 3,267 2,978 Total reportable segments 20,010 17,330 Corporate 1,684 2,453 Total Hertz Global (1) 21,694 19,783 Corporate - Hertz (1) (3) Total Hertz (1) $ 21,693 $ 19,780 (1) The consolidated total assets of Hertz Global and Hertz as of September 30, 2022 and December 31, 2021 include total assets of VIEs of $952 million and $734 million, respectively, which can only be used to settle obligations of the VIEs. See "Pledges Related to Vehicle Financing" in Note 5, "Debt," for further information. Reconciliations of Adjusted EBITDA by reportable segment to consolidated amounts are summarized below: Hertz Global Three Months Ended Nine Months Ended (In millions) 2022 2021 2022 2021 Adjusted EBITDA: Americas RAC $ 564 $ 830 $ 1,975 $ 1,520 International RAC 150 78 269 69 Total reportable segments 714 908 2,244 1,589 All other operations (1) — — — 13 Corporate (2) (96) (48) (248) (100) Total Hertz Global 618 860 1,996 1,502 Adjustments: Non-vehicle depreciation and amortization (36) (49) (105) (153) Non-vehicle debt interest, net (3) (43) (22) (123) (157) Vehicle debt-related charges (4) (9) (8) (25) (62) Restructuring and restructuring related charges (5) (8) (22) (29) (72) Reorganization items, net (6) — — — (677) Pre-reorganization charges and non-debtor financing charges (7) — (1) — (41) Gain from the Donlen Sale (8) — — — 400 Change in fair value of Public Warrants (9) 73 16 584 16 Unrealized gains (losses) on financial instruments (10) 55 1 120 1 Other items (11) (3) (7) (96) 63 Income (loss) before income taxes $ 647 $ 768 $ 2,322 $ 820 Hertz Three Months Ended Nine Months Ended (In millions) 2022 2021 2022 2021 Adjusted EBITDA: Americas RAC $ 564 $ 830 $ 1,975 $ 1,520 International RAC 150 78 269 69 Total reportable segments 714 908 2,244 1,589 All other operations (1) — — — 13 Corporate (2) (96) (48) (248) (100) Total Hertz 618 860 1,996 1,502 Adjustments: Non-vehicle depreciation and amortization (36) (49) (105) (153) Non-vehicle debt interest, net (3) (43) (22) (123) (157) Vehicle debt-related charges (4) (9) (8) (25) (62) Restructuring and restructuring related charges (5) (8) (22) (29) (72) Reorganization items, net (6) — — — (513) Pre-reorganization charges and non-debtor financing charges (7) — (1) — (41) Gain from the Donlen Sale (8) — — — 400 Unrealized gains (losses) on financial instruments (10) 55 1 120 1 Other items (11) (3) (7) (96) 63 Income (loss) before income taxes $ 574 $ 752 $ 1,738 $ 968 (1) Substantially comprised of the Company's Donlen business, which was sold on March 30, 2021 as disclosed in Note 3, "Divestitures." (2) Represents other reconciling items primarily consisting of general corporate expenses, non-vehicle interest expense, as well as other business activities. (3) In 2021, includes $8 million of loss on extinguishment of debt associated with the payoff and termination of the HIL Credit Agreement resulting from the implementation of the Plan of Reorganization. (4) Represents vehicle debt-related charges relating to the amortization of deferred financing costs and debt discounts and premiums. (5) Represents charges incurred under restructuring actions as defined in U.S. GAAP. Also includes restructuring related charges such as incremental costs incurred directly supporting business transformation initiatives. (6) Represents charges incurred associated with the filing of and the emergence from the Chapter 11 Cases, as disclosed in Note 15, "Reorganization Items, Net." (7) Represents charges incurred prior to the filing of the Chapter 11 Cases which are comprised of preparation charges for the reorganization, such as professional fees. Also, includes certain non-debtor financing and professional fee charges. (8) Represents the net gain from the sale of the Company's Donlen business on March 30, 2021, as disclosed in Note 3, "Divestitures." (9) Represents the change in fair value during the reporting period for the Company's outstanding Public Warrants. (10) Represents unrealized gains (losses) on derivative financial instruments. See Note 10, "Financial Instruments." (11) Represents miscellaneous items. For the three and nine months ended September 30, 2022, primarily includes bankruptcy claims, certain professional fees and charges related to the settlement of bankruptcy claims and certain non-cash stock-based compensation charges recorded in the first half of the year. For the three and nine months ended September 30, 2021, includes $100 million associated with the suspension of depreciation during the first quarter for the Donlen business while classified as held for sale, partially offset by letter of credit fees recorded in the first half of the year and charges for a multiemployer pension plan withdrawal liability recorded in the first quarter.

Reorganization Items, Net (Tabl

Reorganization Items, Net (Tables)	9 Months Ended
	Sep. 30, 2022
Reorganizations [Abstract]
Schedule of Fresh-Start Adjustments	The following tables summarize reorganization items, net: Hertz Global (In millions) Three Months Ended Nine Months Ended Professional fees and other bankruptcy related costs $ — $ 257 Loss on extinguishment of debt (1) — 191 Backstop fee — 164 Breakup fee (2) — 77 Contract settlements — 25 Cancellation of share-based compensation grants (3) — (10) Net gain on settlement of liabilities subject to compromise — (22) Other, net — (5) Reorganization items, net $ — $ 677 Hertz (In millions) Three Months Ended Nine Months Ended Professional fees and other bankruptcy related costs $ — $ 257 Loss on extinguishment of debt (1) — 191 Breakup fee (2) — 77 Contract settlements — 25 Cancellation of share-based compensation grants (3) — (10) Net gain on settlement of liabilities subject to compromise — (22) Other, net — (5) Reorganization items, net $ — $ 513 (1) Includes loss on extinguishment of debt resulting from the implementation of the Plan of Reorganization. Primarily composed of write offs of unamortized deferred loan origination costs and early termination fees associated with terminated debt agreements. (2) Breakup fee paid to prior plan sponsors and certain of their respective affiliates and certain holders of the senior notes upon emergence from Chapter 11 in accordance with an equity purchase and commitment agreement entered into on April 3, 2021, which was subsequently terminated. (3) On June 30, 2021, in accordance with the Plan of Reorganization, all outstanding equity awards under the then-existing incentive plan (the "Omnibus Plan") were cancelled without any distribution and the Omnibus Plan was deemed to be cancelled. As a result of the equity awards cancellations, the Company recognized $10 million related to the unrecognized portion of share-based compensation in reorganization expense in the accompanying unaudited condensed consolidated statements of operations for the nine months ended September 30, 2021.

Divestitures (Details)

Divestitures (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain from sale of a business	$ 0	$ 0	$ 0	$ 400
Proceeds from the sale of a business, net of cash sold			0	871
Receivables, net	$ 1,053		$ 1,053		$ 758
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain from sale of a business				400
Donlen | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the sale of a business, net of cash sold		891		891
Net book value of assets sold		543		543
Receivables, net		$ 53		$ 53

Revenue Earning Vehicles - Comp

Revenue Earning Vehicles - Components of Revenue Earning Vehicles (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Long-Lived Assets Held-for-sale [Line Items]
Revenue earning vehicles, net	$ 12,023	$ 9,226
Vehicles, Including Held-For-Sale
Long-Lived Assets Held-for-sale [Line Items]
Revenue earning vehicles	12,931	10,506
Less accumulated depreciation	(1,560)	(1,518)
Property subject to available for operating lease excluding assets held for sale	11,371	8,988
Vehicles Held For Sale
Long-Lived Assets Held-for-sale [Line Items]
Revenue earning vehicles held for sale, net	$ 652	$ 238

Revenue Earning Vehicles - Sche

Revenue Earning Vehicles - Schedule of Depreciation of Revenue Earning Vehicles and Lease Charges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Depreciation of revenue earning vehicles	$ 528	$ 249	$ 1,282	$ 681
(Gain) loss on disposal of revenue earning vehicles	(238)	(197)	(956)	(290)
Rents paid for vehicles leased	4	9	15	29
Depreciation of revenue earning vehicles and lease charges, net	$ 294	$ 61	$ 341	$ 420

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs and Net (Discount) Premium	$ (62)	$ (69)
Total Non-Vehicle Debt	$ 13,076	$ 10,907
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total Non-Vehicle Debt	Total Non-Vehicle Debt
Term B Loan | Medium-term Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	5.80%
Outstanding principal	$ 1,284	$ 1,294
Term C Loan | Medium-term Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	5.80%
Outstanding principal	$ 245	245
Senior Notes Due 2026 | Senior Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.63%
Outstanding principal	$ 500	500
Senior Notes Due 2029 | Senior Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	5%
Outstanding principal	$ 1,000	1,000
First Lien RCF | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding principal	$ 0	0
Other Non-Vehicle Debt
Debt Instrument [Line Items]
Average interest rate (as a percent)	7.87%
Outstanding principal	$ 12	16
Finance lease liability	8	12
Vehicle Debt
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs and Net (Discount) Premium	(68)	(33)
Total Non-Vehicle Debt	10,097	7,921
HVF III U.S. Vehicle Variable Funding Notes
Debt Instrument [Line Items]
Outstanding principal	$ 2,011	3,001
HVF III Series 2021-A Class A
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.34%
Outstanding principal	$ 1,823	2,813
HVF III Series 2021-A Class B
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.65%
Outstanding principal	$ 188	188
HVF III U.S. Vehicle Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal	$ 6,769	4,000
HVF III Series 2021-1 | Medium-term Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.66%
Outstanding principal	$ 2,000	2,000
HVF III Series 2021-2 | Medium-term Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.12%
Outstanding principal	$ 2,000	2,000
HVF III Series 2022-1 Class D Notes | Medium-term Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.44%
Outstanding principal	$ 750	0
HVF III Series 2022-2 Class D Notes | Medium-term Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.42%
Outstanding principal	$ 652	0
HVF III Series 2022-3 Class D Notes | Medium-term Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.89%
Outstanding principal	$ 383	0
HVF III Series 2022-4 Class D Notes | Medium-term Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.22%
Outstanding principal	$ 667	0
HVF III Series 2022-5 Class D Notes | Medium-term Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.03%
Outstanding principal	$ 317	0
Other Fleet Debt
Debt Instrument [Line Items]
Outstanding principal	$ 1,385	953
Repurchase Facility
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.89%
Outstanding principal	$ 85	0
European ABS
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.80%
Outstanding principal	$ 572	395
Hertz Canadian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)	5.12%
Outstanding principal	$ 320	191
Australian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.25%
Outstanding principal	$ 158	128
New Zealand RCF
Debt Instrument [Line Items]
Average interest rate (as a percent)	6.22%
New Zealand RCF | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding principal	$ 34	39
U.K. Financing Facility
Debt Instrument [Line Items]
Average interest rate (as a percent)	5.75%
Outstanding principal	$ 100	98
U.K. Toyota Financing Facility
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.20%
Outstanding principal	$ 44	9
Other Vehicle Debt
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.93%
Outstanding principal	$ 72	93
Non Vehicle Debt
Debt Instrument [Line Items]
Total Non-Vehicle Debt	$ 2,979	$ 2,986

Debt - Narrative (Details)

Debt - Narrative (Details) £ in Millions, $ in Millions, $ in Millions			1 Months Ended			9 Months Ended
		Sep. 30, 2022 USD ($) d	Jul. 28, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jan. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Apr. 01, 2023 NZD ($)	Dec. 31, 2022	Dec. 01, 2022 CAD ($)	Nov. 01, 2022 GBP (£)	Oct. 31, 2022 NZD ($)	Jul. 31, 2022 GBP (£)	Jun. 30, 2022 USD ($)	Jun. 30, 2022 GBP (£)	Jun. 30, 2022 CAD ($)	May 31, 2022 USD ($)	Apr. 30, 2022 GBP (£)	Mar. 31, 2022 GBP (£)	Feb. 28, 2022 USD ($)	Feb. 28, 2022 GBP (£)	Jan. 31, 2022 AUD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Remaining capacity		$ 3,655,000,000				$ 3,655,000,000
Total assets	[1]	21,694,000,000				21,694,000,000																$ 19,783,000,000
Liabilities	[1]	18,933,000,000				18,933,000,000																16,806,000,000
Elimination of debt						$ 145,000,000
Variable Interest Entity, Not Primary Beneficiary
Debt Instrument [Line Items]
Ownership percentage						25%
Total assets		952,000,000				$ 952,000,000																734,000,000
Liabilities		$ 951,000,000				$ 951,000,000																733,000,000
First Lien RCF
Debt Instrument [Line Items]
Maximum consolidated leverage ratio		3.50		3		3.50							3.50	3.50	3.50			3
First Lien RCF | Subsequent Event
Debt Instrument [Line Items]
Maximum consolidated leverage ratio								3
First Lien RCF
Debt Instrument [Line Items]
Remaining capacity		$ 1,572,000,000				$ 1,572,000,000
HVF III Series 2021-A
Debt Instrument [Line Items]
Aggregate principal amount			$ 3,900,000,000	$ 3,200,000,000									$ 3,800,000,000			$ 3,600,000,000			$ 3,000,000,000
Remaining capacity		1,897,000,000				1,897,000,000
HVF III Series 2022-1 Class D Notes
Debt Instrument [Line Items]
Aggregate principal amount					$ 750,000,000
Elimination of debt					98,000,000
HVF III Series 2022-1 Class D Notes | Medium-term Notes
Debt Instrument [Line Items]
Outstanding principal		750,000,000				750,000,000																0
HVF III Series 2022-2 Class D Notes
Debt Instrument [Line Items]
Aggregate principal amount					$ 750,000,000
Elimination of debt						98,000,000
HVF III Series 2022-2 Class D Notes | Medium-term Notes
Debt Instrument [Line Items]
Outstanding principal		652,000,000				652,000,000																0
HVF III Series 2022-3 Class D Notes
Debt Instrument [Line Items]
Aggregate principal amount				383,000,000
Elimination of debt				50,000,000
HVF III Series 2022-3 Class D Notes | Medium-term Notes
Debt Instrument [Line Items]
Outstanding principal		383,000,000				383,000,000																0
HVF III Series 2022-4 Class D Notes
Debt Instrument [Line Items]
Aggregate principal amount				667,000,000
Elimination of debt				87,000,000
HVF III Series 2022-4 Class D Notes | Medium-term Notes
Debt Instrument [Line Items]
Outstanding principal		667,000,000				667,000,000																0
HVF III Series 2022-5 Class D Notes
Debt Instrument [Line Items]
Aggregate principal amount				364,000,000
Elimination of debt						47,000,000
HVF III Series 2022-5 Class D Notes | Medium-term Notes
Debt Instrument [Line Items]
Outstanding principal		317,000,000				317,000,000																0
Repurchase Facility
Debt Instrument [Line Items]
Outstanding principal		$ 85,000,000				85,000,000																0
Tenor, number of days | d		30
Repurchase Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		1.85%
Australian Securitization
Debt Instrument [Line Items]
Outstanding principal		$ 158,000,000				158,000,000																128,000,000
Remaining capacity		5,000,000				5,000,000
U.K. Financing Facility
Debt Instrument [Line Items]
Remaining capacity		9,000,000				9,000,000
U.K. Toyota Financing Facility
Debt Instrument [Line Items]
Maximum borrowing capacity | £																		£ 25		£ 10
Aggregate principal amount | £												£ 42		£ 25
Outstanding principal		44,000,000				44,000,000																9,000,000
Remaining capacity		2,000,000				2,000,000
Term C Loan | Medium-term Notes
Debt Instrument [Line Items]
Outstanding principal		245,000,000				245,000,000																245,000,000
Remaining capacity		0				0
Revolving Credit Facility | First Lien RCF
Debt Instrument [Line Items]
Maximum borrowing capacity				1,500,000,000									1,900,000,000			1,700,000,000			1,300,000,000
Line of credit facility, increase (decrease), net			55,000,000
Revolving Credit Facility | First Lien RCF
Debt Instrument [Line Items]
Outstanding standby letters of credit		373,000,000				373,000,000
Revolving Credit Facility | First Lien RCF | Line of Credit
Debt Instrument [Line Items]
Outstanding principal		0				0																0
Revolving Credit Facility | Australian Securitization
Debt Instrument [Line Items]
Maximum borrowing capacity																					$ 250,000,000
Revolving Credit Facility | U.K. Financing Facility
Debt Instrument [Line Items]
Maximum borrowing capacity | £																	£ 120
Revolving Credit Facility | U.K. Financing Facility | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity | £										£ 100
Revolving Credit Facility | Hertz Canadian Securitization
Debt Instrument [Line Items]
Maximum borrowing capacity															$ 450
Revolving Credit Facility | Hertz Canadian Securitization | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity									$ 350
Revolving Credit Facility | New Zealand RCF | Line of Credit
Debt Instrument [Line Items]
Outstanding principal		34,000,000				34,000,000																$ 39,000,000
Revolving Credit Facility | New Zealand RCF | Line of Credit | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 60				$ 85
Letter of Credit
Debt Instrument [Line Items]
Outstanding standby letters of credit		633,000,000				633,000,000
Letter of Credit | First Lien RCF
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 1,400,000,000									$ 1,800,000,000			$ 1,600,000,000			$ 1,100,000,000
Line of credit facility, increase (decrease), net			$ 55,000,000
Letter of Credit | Term C Loan
Debt Instrument [Line Items]
Outstanding standby letters of credit		$ 245,000,000				$ 245,000,000
[1]Hertz Global Holdings, Inc.'s consolidated total assets as of September 30, 2022 and December 31, 2021 include total assets of variable interest entities (“VIEs”) of $952 million and $734 million, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of September 30, 2022 and December 31, 2021 include total liabilities of VIEs of $951 million and $733 million, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing" in Note 5, "Debt," for further information.

Debt - Eliminated in Consolidat

Debt - Eliminated in Consolidation (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Jan. 31, 2022	Sep. 30, 2022
Debt Instrument [Line Items]
Elimination of debt		$ 145
HVF III Series 2022-2 Class D Notes
Debt Instrument [Line Items]
Elimination of debt		98
HVF III Series 2022-5 Class D Notes
Debt Instrument [Line Items]
Elimination of debt		$ 47
HVF III Series 2022-1 Class D Notes
Debt Instrument [Line Items]
Elimination of debt	$ 98

Debt - Borrowing Capacity (Deta

Debt - Borrowing Capacity (Details) $ in Millions	Sep. 30, 2022 USD ($)
Debt Instrument [Line Items]
Remaining capacity	$ 3,655
Availability under borrowing base limitation	1,572
Corporate Debt Securities
Debt Instrument [Line Items]
Remaining capacity	1,572
Availability under borrowing base limitation	1,572
First Lien RCF
Debt Instrument [Line Items]
Remaining capacity	1,572
Availability under borrowing base limitation	1,572
Vehicle Debt
Debt Instrument [Line Items]
Remaining capacity	2,083
Availability under borrowing base limitation	0
HVF III Series 2021-A
Debt Instrument [Line Items]
Remaining capacity	1,897
Availability under borrowing base limitation	0
European ABS
Debt Instrument [Line Items]
Remaining capacity	159
Availability under borrowing base limitation	0
Hertz Canadian Securitization
Debt Instrument [Line Items]
Remaining capacity	11
Availability under borrowing base limitation	0
Australian Securitization
Debt Instrument [Line Items]
Remaining capacity	5
Availability under borrowing base limitation	0
U.K. Financing Facility
Debt Instrument [Line Items]
Remaining capacity	9
Availability under borrowing base limitation	0
U.K. Toyota Financing Facility
Debt Instrument [Line Items]
Remaining capacity	2
Availability under borrowing base limitation	$ 0

Leases - Leases Income (Details

Leases - Leases Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Lessor, Lease, Description [Line Items]
Revenues	$ 2,426	$ 2,169	$ 6,474	$ 5,254
Variable operating lease income	58	47	159	87
Revenue accounted for under Topic 606	70	57	176	133
Revenues	2,496	2,226	6,650	5,387
Vehicle Rentals, Operating Lease
Lessor, Lease, Description [Line Items]
Revenues	2,368	2,122	6,315	5,018
Fleet Leasing, Operating Lease
Lessor, Lease, Description [Line Items]
Revenues	$ 0	$ 0	$ 0	$ 149

Income Tax (Provision) Benefit

Income Tax (Provision) Benefit (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Contingency [Line Items]
Income tax provision (benefit)	$ 70	$ 160	$ 379	$ 193
Effective tax rate (as percent)	11%	21%	16%	23%
The Hertz Corporation
Income Tax Contingency [Line Items]
Income tax provision (benefit)	$ 71	$ 156	$ 379	$ 189
Effective tax rate (as percent)	12%	21%	22%	20%
Capital Loss Carryforward
Income Tax Contingency [Line Items]
Capital loss carryforwards	$ 670		$ 670
Capital Loss Carryforward | The Hertz Corporation
Income Tax Contingency [Line Items]
Capital loss carryforwards	670		670
Capital Loss Carryforward | Domestic Tax Authority
Income Tax Contingency [Line Items]
Capital loss carryforwards	141		141
Capital Loss Carryforward | Domestic Tax Authority | The Hertz Corporation
Income Tax Contingency [Line Items]
Capital loss carryforwards	$ 141		$ 141

Public Warrants, Equity and E_3

Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	4 Months Ended	6 Months Ended	9 Months Ended		10 Months Ended
	Oct. 20, 2022	Sep. 30, 2022	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Nov. 30, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrants exercised (in shares)		40,815	6,270,985		230,705
Warrants exercised, cashless (in shares)		4,897			51,547
Warrants exercised, cash (in shares)		35,918			179,158
Exercise price of warrants (in usd per share)		$ 13.80	$ 13.80		$ 13.80		$ 13.80
Aggregate purchase price					$ 2,152	$ 0
2021 Share Repurchase Program
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Stock repurchase program, authorized amount								$ 2,000
Shares repurchased (in shares)				80,677,021			97,783,047
Average share repurchase price (in dollars per share)				$ 19.74
Aggregate purchase price				$ 1,600
2022 Share Repurchase Program
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Stock repurchase program, authorized amount				$ 2,000
Shares repurchased (in shares)		27,232,916	28,440,846
Average share repurchase price (in dollars per share)		$ 18.36
Aggregate purchase price		$ 500	$ 520
Subsequent Event | 2022 Share Repurchase Program
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares repurchased (in shares)	7,273,263
Average share repurchase price (in dollars per share)	$ 16.91
Aggregate purchase price	$ 123

Public Warrants, Equity and E_4

Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global (Basic and Diluted Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net income (loss)	$ 577	$ 605	$ 1,943	$ 626
Series A Preferred Stock	0	(34)	0	(34)
Net income (loss) available to Hertz Global common stockholders, basic	577	571	1,943	592
Change in fair value of Public Warrants	(73)	(16)	(584)	(16)
Net income (loss) available to Hertz Global common stockholders, diluted	$ 503	$ 555	$ 1,359	$ 576
Denominator:
Basic weighted-average shares outstanding (in shares)	355	471	395	264
Dilutive effect of stock options, RSUs and PSUs (in shares)	2	0	1	0
Dilutive effect of Public Warrants (in shares)	22	19	25	6
Diluted weighted-average shares outstanding (in shares)	379	490	421	270
Antidilutive stock options, RSUs, and PSUs (in shares)	8	0	6	0
Earnings (loss) per common share:
Basic (in dollars per share)	$ 1.62	$ 1.21	$ 4.92	$ 2.25
Diluted (in dollars per share)	$ 1.33	$ 1.13	$ 3.22	$ 2.14
Preferred stock, dividend rate, percentage			9%
Antidilutive stock options, RSUs and PSUs
Denominator:
Antidilutive stock options, RSUs, and PSUs (in shares)	8	0	6	0

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		$ 96	$ 2
Performance Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period		1 year
Performance Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period		5 years
Omnibus Incentive Plan 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	41,873,636	41,873,636
Compensation expense	$ 32	$ 95
Tax benefit	2	6
Unrecognized compensation cost	$ 250	$ 250
Period for recognition of total unrecognized compensation cost		2 years 2 months 12 days
Omnibus Incentive Plan 2021 | Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	9,958,741	9,958,741		0
Omnibus Incentive Plan 2021 | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				3 years
Shares outstanding (in shares)	4,899,506	4,899,506		1,726,286
Omnibus Incentive Plan 2021 | Restricted Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		2 years
Omnibus Incentive Plan 2021 | Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		4 years
Omnibus Incentive Plan 2021 | Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	58,000	58,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - Omnibus Incentive Plan 2021 - USD ($) $ / shares in Units, $ in Millions		9 Months Ended
	Dec. 31, 2021	Sep. 30, 2022
Shares
Outstanding beginning balance (in shares)		3,678,855
Granted (in shares)		0
Exercised (in shares)		0
Forfeited or Expired (in shares)		(458,360)
Outstanding ending balance (in shares)	3,678,855	3,220,495
Exercisable (in shares)		(133,840)
Non-vested (in shares)		3,086,655
Weighted- Average Exercise Price
Outstanding beginning balance (in dollars per share)		$ 26.17
Granted (in dollars per share)		0
Exercised (in dollars per share)		0
Forfeited or Expired (in dollars per share)		26.17
Outstanding ending balance (in dollars per share)	$ 26.17	0
Exercisable (in dollars per share)		$ 26.17
Weighted-Average Remaining Contractual Term (years)/Aggregate intrinsic Value
Weighted average remaining contractual term	9 years 10 months 24 days	8 years 7 months 6 days
Weighted average remaining contractual term, exercisable		8 months 12 days
Aggregate intrinsic value	$ 0	$ 0
Aggregate intrinsic value, exercisable		$ 0

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of PSU Activity (Details) - Omnibus Incentive Plan 2021 - Performance Stock Units $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares
Shares
Outstanding beginning balance (in shares) | shares	0
Granted (in shares) | shares	9,989,839
Vested (in shares) | shares	0
Forfeited or Expired (in shares) | shares	(31,098)
Outstanding ending balance (in shares) | shares	9,958,741
Weighted- Average Fair Value
Outstanding beginning balance (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	17.72
Vested (in dollars per share) | $ / shares	0
Forfeited or Expired (In dollars per share) | $ / shares	22.02
Outstanding ending balance (in dollars per share) | $ / shares	$ 17.71
Aggregate intrinsic value, outstanding | $	$ 0
Aggregate intrinsic value, outstanding | $	$ 162

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Valuation Assumptions (Details) - Performance Stock Units - Omnibus Incentive Plan 2021	9 Months Ended
	Sep. 30, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	68%
Expected dividend yield	0%
Expected term (years)	5 years
Risk-free interest rate	1.71%
Weighted-average grant date fair value (in dollars per share)	$ 17.61

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of RSU Activity (Details) - Omnibus Incentive Plan 2021 - Restricted Stock Units $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares
Shares
Outstanding beginning balance (in shares) | shares	1,726,286
Granted (in shares) | shares	3,932,818
Vested (in shares) | shares	(573,423)
Forfeited or Expired (in shares) | shares	(186,175)
Outstanding ending balance (in shares) | shares	4,899,506
Weighted- Average Fair Value
Outstanding beginning balance (in dollars per share) | $ / shares	$ 26.17
Granted (in dollars per share) | $ / shares	20.01
Vested (in dollars per share) | $ / shares	26.17
Forfeited or Expired (In dollars per share) | $ / shares	24.78
Outstanding ending balance (in dollars per share) | $ / shares	$ 21.28
Aggregate intrinsic value, outstanding | $	$ 43
Aggregate intrinsic value, outstanding | $	$ 80

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Additional RSU Activity (Details) - Restricted Stock Units - Omnibus Incentive Plan 2021 $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of awards that vested | $	$ 15
Weighted-average grant-date fair value of awards (in dollars per share) | $ / shares	$ 20.01

Financial Instruments - Schedul

Financial Instruments - Schedule of Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	$ 149	$ 13
Liability derivatives	2	2
Interest rate instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	145	12
Liability derivatives	0	0
Foreign currency forward contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	4	1
Liability derivatives	$ 2	$ 2

Financial Instruments (Details)

Financial Instruments (Details) - instrument	Sep. 30, 2022	Dec. 31, 2021
Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, number of instruments held	0	0

Financial Instruments - Summary

Financial Instruments - Summary of Financial Instruments, Gain (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gains or (losses) on financial instruments	$ 62	$ 0	$ 125	$ (3)
Interest rate instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gains or (losses) on financial instruments	54	0	119	(3)
Foreign currency forward contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gains or (losses) on financial instruments	$ 8	$ 0	$ 6	$ 0

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments (Details) - Fair Value, Measurements, Recurring - Level 2 - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nominal Unpaid Principal Balance	$ 13,206	$ 11,009
Aggregate Fair Value	12,085	10,973
Non-vehicle
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nominal Unpaid Principal Balance	3,041	3,055
Aggregate Fair Value	2,620	3,065
Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nominal Unpaid Principal Balance	10,165	7,954
Aggregate Fair Value	$ 9,465	$ 7,908

Fair Value Measurements - Cash

Fair Value Measurements - Cash and Cash Equivalents and Investments (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 791	$ 1,678
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	791	1,678
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Public Warrants	737	1,324
Warrants | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Public Warrants	737	1,324
Warrants | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Public Warrants	0	0
Warrants | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Public Warrants	$ 0	$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Change in fair value of Public Warrants	$ 73	$ 16	$ 584	$ 16

Contingencies and Off-Balance_2

Contingencies and Off-Balance Sheet Commitments (Details) - USD ($)		9 Months Ended
	Jul. 01, 2021	Sep. 30, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Self-insured liabilities		$ 484,000,000	$ 463,000,000
Net proceeds from repayment or recovery, percent		15%
Pending Litigation | Wells Fargo Bank, National Association v. The Hertz Corporation
Loss Contingencies [Line Items]
Damages sought, value	$ 271,684,720
Pending Litigation | Wells Fargo Bank, National Association v. The Hertz Corporation | Minimum
Loss Contingencies [Line Items]
Damages sought, value	$ 124,512,653
Senior Notes 6.250 Percent Due 2022
Loss Contingencies [Line Items]
Interest rate percentage	6.25%
Senior Notes 5.500 Percent Due 2024
Loss Contingencies [Line Items]
Interest rate percentage	5.50%
Senior Notes, 7.125 Percent, Due 2026
Loss Contingencies [Line Items]
Interest rate percentage	7.125%
Senior Notes, 6.000 Percent, Due January 2028
Loss Contingencies [Line Items]
Interest rate percentage	6%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	May 31, 2022	May 31, 2021
Affiliated Entity | Variable Interest Entity, Primary Beneficiary
Related Party Transaction [Line Items]
Payments of distributions to affiliates	$ 10,000,000	$ 25,000,000
Affiliated Entity | Master Motor Vehicle Lease and Management Agreement | Variable Interest Entity, Primary Beneficiary | 767 Auto Leasing, LLC
Related Party Transaction [Line Items]
Ownership percentage	25%	25%
The Hertz Corporation | Hertz Global Holdings | Master Loan Agreement, Due May 2022
Related Party Transaction [Line Items]
Principal amount outstanding				$ 25,000,000
Outstanding balance			$ 0

Segment Information - Narrative

Segment Information - Narrative (Details)	9 Months Ended
	Sep. 30, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Reportabl

Segment Information - Reportable Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	$ 2,496	$ 2,226	$ 6,650	$ 5,387
Depreciation of revenue earning vehicles and lease charges, net	294	61	341	420
Adjusted EBITDA	618	860	1,996	1,502
All Other Operations
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues		0		136
Adjusted EBITDA		0		13
Operating Segments
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	2,496	2,226	6,650	5,251
Adjusted EBITDA	714	908	2,244	1,589
Operating Segments | Americas RAC
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	2,042	1,914	5,573	4,524
Depreciation of revenue earning vehicles and lease charges, net	252	24	220	314
Adjusted EBITDA	564	830	1,975	1,520
Operating Segments | International RAC
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	454	312	1,077	727
Depreciation of revenue earning vehicles and lease charges, net	42	37	121	106
Adjusted EBITDA	150	78	269	69
Corporate And Reconciling Items
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjusted EBITDA	$ (96)	$ (48)	$ (248)	$ (100)

Segment Information - Total Ass

Segment Information - Total Assets (Details) - USD ($) $ in Millions		Sep. 30, 2022	Dec. 31, 2021
Revenue earning equipment
Revenue earning vehicles, net		$ 12,023	$ 9,226
Total assets	[1]	21,694	19,783
The Hertz Corporation
Revenue earning equipment
Revenue earning vehicles, net		12,023	9,226
Total assets	[2]	21,693	19,780
The Hertz Corporation | Variable Interest Entity, Primary Beneficiary
Revenue earning equipment
Total assets		952	734
Operating Segments
Revenue earning equipment
Total assets		20,010	17,330
Operating Segments | Americas RAC
Revenue earning equipment
Revenue earning vehicles, net		10,373	7,897
Total assets		16,743	14,352
Operating Segments | International RAC
Revenue earning equipment
Revenue earning vehicles, net		1,650	1,329
Total assets		3,267	2,978
Corporate And Reconciling Items
Revenue earning equipment
Total assets		1,684	2,453
Corporate And Reconciling Items | The Hertz Corporation
Revenue earning equipment
Total assets		$ (1)	$ (3)
[1]Hertz Global Holdings, Inc.'s consolidated total assets as of September 30, 2022 and December 31, 2021 include total assets of variable interest entities (“VIEs”) of $952 million and $734 million, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of September 30, 2022 and December 31, 2021 include total liabilities of VIEs of $951 million and $733 million, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing" in Note 5, "Debt," for further information.[2]The Hertz Corporation's consolidated total assets as of September 30, 2022 and December 31, 2021 include total assets of VIEs of $952 million and $734 million, respectively, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of September 30, 2022 and December 31, 2021 include total liabilities of VIEs of $951 million and $733 million, respectively, for which the creditors of the VIEs have no recourse to The Hertz Corporation. See "Pledges Related to Vehicle Financing" in Note 5, "Debt," for further information.

Segment Information - Pre-tax I

Segment Information - Pre-tax Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue earning equipment
Adjusted EBITDA	$ 618	$ 860	$ 1,996	$ 1,502
Income (loss) before income taxes	647	768	2,322	820
Loss on extinguishment of debt			0	8
HIL Credit Agreement
Revenue earning equipment
Loss on extinguishment of debt				8
Restructuring and restructuring related charges
Revenue earning equipment
Income (loss) before income taxes	(8)	(22)	(29)	(72)
Reorganization items, net
Revenue earning equipment
Income (loss) before income taxes	0	0	0	(677)
Pre-reorganization charges and non-debtor financing charges
Revenue earning equipment
Income (loss) before income taxes	0	(1)	0	(41)
Gain from the Donlen Sale
Revenue earning equipment
Income (loss) before income taxes	0	0	0	400
Change in fair value of Public Warrants
Revenue earning equipment
Income (loss) before income taxes	73	16	584	16
Unrealized gains (losses) on financial instruments
Revenue earning equipment
Income (loss) before income taxes	55	1	120
Other items
Revenue earning equipment
Income (loss) before income taxes	(3)	(7)	(96)	63
Operating Segments
Revenue earning equipment
Adjusted EBITDA	714	908	2,244	1,589
Operating Segments | Americas RAC
Revenue earning equipment
Adjusted EBITDA	564	830	1,975	1,520
Operating Segments | International RAC
Revenue earning equipment
Adjusted EBITDA	150	78	269	69
All Other Operations
Revenue earning equipment
Adjusted EBITDA	0	0	0	13
Corporate And Reconciling Items
Revenue earning equipment
Adjusted EBITDA	(96)	(48)	(248)	(100)
The Hertz Corporation
Revenue earning equipment
Adjusted EBITDA	618	860	1,996	1,502
Income (loss) before income taxes	574	752	1,738	968
Loss on extinguishment of debt			0	8
The Hertz Corporation | Restructuring and restructuring related charges
Revenue earning equipment
Income (loss) before income taxes	(8)	(22)	(29)	(72)
The Hertz Corporation | Reorganization items, net
Revenue earning equipment
Income (loss) before income taxes	0	0	0	(513)
The Hertz Corporation | Pre-reorganization charges and non-debtor financing charges
Revenue earning equipment
Income (loss) before income taxes	0	(1)	0	(41)
The Hertz Corporation | Gain from the Donlen Sale
Revenue earning equipment
Income (loss) before income taxes	0	0	0	400
The Hertz Corporation | Unrealized gains (losses) on financial instruments
Revenue earning equipment
Income (loss) before income taxes	55	1	120	1
The Hertz Corporation | Other items
Revenue earning equipment
Income (loss) before income taxes	(3)	(7)	(96)	63
The Hertz Corporation | Other items | Donlen
Revenue earning equipment
Income (loss) before income taxes		100		100
The Hertz Corporation | Operating Segments
Revenue earning equipment
Adjusted EBITDA	714	908	2,244	1,589
The Hertz Corporation | Operating Segments | Americas RAC
Revenue earning equipment
Adjusted EBITDA	564	830	1,975	1,520
The Hertz Corporation | Operating Segments | International RAC
Revenue earning equipment
Adjusted EBITDA	150	78	269	69
The Hertz Corporation | All Other Operations
Revenue earning equipment
Adjusted EBITDA	0	0	0	13
The Hertz Corporation | Corporate And Reconciling Items
Revenue earning equipment
Adjusted EBITDA	(96)	(48)	(248)	(100)
Non-vehicle | Non-vehicle deprecation and amortization
Revenue earning equipment
Income (loss) before income taxes	(36)	(49)	(105)	(153)
Non-vehicle | Interest Expense
Revenue earning equipment
Income (loss) before income taxes	(43)	(22)	(123)	(157)
Non-vehicle | The Hertz Corporation | Non-vehicle deprecation and amortization
Revenue earning equipment
Income (loss) before income taxes	(36)	(49)	(105)	(153)
Non-vehicle | The Hertz Corporation | Debt-related charges
Revenue earning equipment
Income (loss) before income taxes	(43)	(22)	(123)	(157)
Vehicles | Debt-related charges
Revenue earning equipment
Income (loss) before income taxes	(9)	(8)	(25)	(62)
Vehicles | The Hertz Corporation | Debt-related charges
Revenue earning equipment
Income (loss) before income taxes	$ (9)	$ (8)	$ (25)	$ (62)

Reorganization Items, Net - Sch

Reorganization Items, Net - Schedule of Reorganization Items, Net (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reorganization, Chapter 11 [Line Items]
Professional fees and other bankruptcy related costs		$ 0			$ 257
Loss on extinguishment of debt		0			191
Backstop fee		0			164
Breakup fee		0			77
Contract settlements		0			25
Cancellation of share-based compensation grants		0			(10)
Net gain on settlement of liabilities subject to compromise		0			(22)
Other, net		0			(5)
Reorganization items, net	$ 0	0		$ 0	677
Cancellation of stock-based awards		(10)	$ (10)		(10)
The Hertz Corporation
Reorganization, Chapter 11 [Line Items]
Professional fees and other bankruptcy related costs		0			257
Loss on extinguishment of debt		0			191
Breakup fee		0			77
Contract settlements		0			25
Cancellation of share-based compensation grants		0			(10)
Net gain on settlement of liabilities subject to compromise		0			(22)
Other, net		0			(5)
Reorganization items, net	$ 0	$ 0		$ 0	$ 513
Cancellation of stock-based awards			$ (10)

Reorganization Items, Net - Nar

Reorganization Items, Net - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Sep. 30, 2021
Reorganization, Chapter 11 [Line Items]
Bankruptcy claims, amount paid to settle claims		$ 485
Accounts Payable
Reorganization, Chapter 11 [Line Items]
Bankruptcy claims, amount paid to settle claims	$ 25