0001657853-22-000045 | 10-Q | XBRL Viewer | Hertz Global Holdings INC

$ 1,521

$ 2,258

Total cash and cash equivalents and restricted cash and cash equivalents

601

393

2,122

2,651

800

758

1,331

1,017

12,118

10,836

(1,554)

(1,610)

10,564

9,226

611

608

1,566

2,903

2,912

1,044

1,045

^[1]

20,941

19,783

675

572

939

863

188

157

12,082

10,907

Public Warrants

1,272

1,324

1,502

1,510

468

463

1,113

1,010

^[1]

18,239

16,806

Preferred stock, $0.01 par value, no shares issued and outstanding

Common stock, $0.01 par value, 477,673,065 and 477,233,278 shares issued, respectively, and 415,256,346 and 449,782,424 shares outstanding, respectively

Treasury stock, at cost, 62,416,719 and 27,450,854 common shares, respectively

(1,430)

(708)

6,237

6,209

(1,889)

(2,315)

(221)

(214)

2,702

2,977

20,941

19,783

ASSETS

301

109

9,098

7,921

ASSETS

300

316

707

696

566

516

2,984

2,986

ASSETS

1,520

2,257

Total cash and cash equivalents and restricted cash and cash equivalents

601

393

2,121

2,650

799

757

1,332

1,016

12,118

10,836

(1,554)

(1,610)

10,564

9,226

611

608

1,566

2,903

2,912

1,044

1,045

^[2]

20,940

19,780

675

572

929

809

188

157

12,082

10,907

1,502

1,510

468

463

1,116

1,012

^[2]

16,960

15,430

Common stock, $0.01 par value, 477,673,065 and 477,233,278 shares issued, respectively, and 415,256,346 and 449,782,424 shares outstanding, respectively

6,451

7,190

(2,250)

(2,626)

(221)

(214)

3,980

4,350

The Hertz Corporation | Variable Interest Entity, Primary Beneficiary

20,940

19,780

706

734

The Hertz Corporation | Vehicles

706

733

ASSETS

301

109

The Hertz Corporation | Non-vehicle

9,098

7,921

ASSETS

300

316

706

695

566

516

$ 2,984

$ 2,986

[1]

Hertz Global Holdings, Inc.'s consolidated total assets as of March 31, 2022 and December 31, 2021 include total assets of variable interest entities (“VIEs”) of $706 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 March 31, 2022 and December 31, 2021 include total liabilities of VIEs of $706 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 March 31, 2022 and December 31, 2021 include total assets of VIEs of $706 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 March 31, 2022 and December 31, 2021 include total liabilities of VIEs of $706 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 BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued	477,673,065	477,233,278
Common stock, shares outstanding	415,256,346	449,782,424
Treasury stock, shares repurchased	62,416,719	27,450,854
Non-vehicle
Accounts receivable, allowance for credit loss	$ 45	$ 48
The Hertz Corporation
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued	100	100
Common stock, shares outstanding	100	100
The Hertz Corporation \| Non-vehicle
Accounts receivable, allowance for credit loss	$ 45	$ 48

THC - CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Millions

Mar. 31, 2022

Dec. 31, 2021

ASSETS

$ 1,521

$ 2,258

Total cash and cash equivalents and restricted cash and cash equivalents

601

393

2,122

2,651

800

758

1,331

1,017

Revenue earning vehicles, net

12,118

10,836

(1,554)

(1,610)

10,564

9,226

611

608

1,566

2,903

2,912

1,044

1,045

^[1]

20,941

19,783

675

572

939

863

188

157

12,082

10,907

1,502

1,510

468

463

1,113

1,010

^[1]

18,239

16,806

Common stock, $0.01 par value, 477,673,065 and 477,233,278 shares issued, respectively, and 415,256,346 and 449,782,424 shares outstanding, respectively

6,237

6,209

(1,889)

(2,315)

(221)

(214)

2,702

2,977

Common stock, shares issued

$ 20,941

$ 19,783

477,673,065

477,233,278

Common stock, shares outstanding

415,256,346

449,782,424

ASSETS

$ 301

$ 77

109

9,098

7,921

ASSETS

300

316

707

696

566

516

2,984

2,986

ASSETS

1,520

2,257

Total cash and cash equivalents and restricted cash and cash equivalents

601

393

2,121

2,650

799

757

1,332

1,016

Revenue earning vehicles, net

12,118

10,836

(1,554)

(1,610)

10,564

9,226

611

608

1,566

2,903

2,912

1,044

1,045

^[2]

20,940

19,780

675

572

929

809

188

157

12,082

10,907

1,502

1,510

468

463

1,116

1,012

^[2]

16,960

15,430

Common stock, $0.01 par value, 477,673,065 and 477,233,278 shares issued, respectively, and 415,256,346 and 449,782,424 shares outstanding, respectively

6,451

7,190

(2,250)

(2,626)

(221)

(214)

3,980

4,350

Common stock, shares issued

$ 20,940

$ 19,780

100

Common stock, shares outstanding

100

The Hertz Corporation | Variable Interest Entity, Primary Beneficiary

$ 706

$ 734

The Hertz Corporation | Vehicles

706

733

ASSETS

301

109

The Hertz Corporation | Non-vehicle

9,098

7,921

ASSETS

300

316

706

695

566

516

$ 2,984

$ 2,986

[1]

[2]

THC - CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued	477,673,065	477,233,278
Common stock, shares outstanding	415,256,346	449,782,424
Non-vehicle
Accounts receivable, allowance for credit loss	$ 45	$ 48
The Hertz Corporation
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	3,000	3,000
Common stock, shares issued	100	100
Common stock, shares outstanding	100	100
The Hertz Corporation \| Non-vehicle
Accounts receivable, allowance for credit loss	$ 45	$ 48

HGH - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Revenues	$ 1,810	$ 1,289
Expenses:
Direct vehicle and operating	1,053	778
Depreciation of revenue earning vehicles and lease charges, net	(59)	243
Selling, general and administrative	235	151
Total interest expense, net	44	148
Other (income) expense, net	(2)	(3)
Reorganization items, net	0	42
(Gain) from the sale of a business	0	(392)
Change in fair value of Public Warrants	(50)	0
Total expenses	1,254	1,021
Income (loss) before income taxes	556	268
Income tax (provision) benefit	(130)	(79)
Net income (loss)	426	189
Net (income) loss attributable to noncontrolling interests	0	1
Net income (loss) attributable to Hertz	$ 426	$ 190
Weighted-average common shares outstanding:
Basic (in shares)	432	156
Diluted (in shares)	461	157
Earnings (loss) per common share:
Basic (in dollars per share)	$ 0.99	$ 1.22
Diluted (in dollars per share)	$ 0.82	$ 1.21
Vehicles
Expenses:
Total interest expense, net	$ 5	$ 104
Non-vehicle
Expenses:
Non-vehicle depreciation and amortization	33	54
Total interest expense, net	$ 39	$ 44

HGH - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Non-vehicle
Contractual interest	$ 53

THC - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Revenues	$ 1,810	$ 1,289
Expenses:
Direct vehicle and operating	1,053	778
Depreciation of revenue earning vehicles and lease charges, net	(59)	243
Selling, general and administrative	235	151
Total interest expense, net	44	148
Other (income) expense, net	(2)	(3)
Reorganization items, net	0	42
(Gain) from the sale of a business	0	(392)
Total expenses	1,254	1,021
Income (loss) before income taxes	556	268
Income tax (provision) benefit	(130)	(79)
Net income (loss)	426	189
Net (income) loss attributable to noncontrolling interests	0	1
Net income (loss) attributable to Hertz	426	190
Vehicles
Expenses:
Total interest expense, net	5	104
Non-vehicle
Expenses:
Non-vehicle depreciation and amortization	33	54
Total interest expense, net	39	44
The Hertz Corporation
Revenues:
Revenues	1,810	1,289
Expenses:
Direct vehicle and operating	1,053	778
Depreciation of revenue earning vehicles and lease charges, net	(59)	243
Selling, general and administrative	235	151
Total interest expense, net	44	148
Other (income) expense, net	(2)	(3)
Reorganization items, net	0	42
(Gain) from the sale of a business	0	(392)
Total expenses	1,304	1,021
Income (loss) before income taxes	506	268
Income tax (provision) benefit	(130)	(79)
Net income (loss)	376	189
Net (income) loss attributable to noncontrolling interests	0	1
Net income (loss) attributable to Hertz	376	190
The Hertz Corporation \| Vehicles
Expenses:
Total interest expense, net	5	104
The Hertz Corporation \| Non-vehicle
Expenses:
Non-vehicle depreciation and amortization	33	54
Total interest expense, net	$ 39	$ 44

THC - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - Non-vehicle $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Contractual interest	$ 53
The Hertz Corporation
Contractual interest	$ 53

HGH - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 426	$ 189
Other comprehensive income (loss):
Foreign currency translation adjustments	(7)	17
Total other comprehensive income (loss)	(7)	17
Total comprehensive income (loss)	419	206
Comprehensive (income) loss attributable to noncontrolling interests	0	1
Comprehensive income (loss) attributable to Hertz Global	$ 419	$ 207

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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THC - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net income (loss)	$ 426	$ 189
Other comprehensive income (loss):
Foreign currency translation adjustments	(7)	17
Total other comprehensive income (loss)	(7)	17
Total comprehensive income (loss)	419	206
Comprehensive (income) loss attributable to noncontrolling interests	0	1
Comprehensive income (loss) attributable to Hertz Global	419	207
The Hertz Corporation
Net income (loss)	376	189
Other comprehensive income (loss):
Foreign currency translation adjustments	(7)	17
Total other comprehensive income (loss)	(7)	17
Total comprehensive income (loss)	369	206
Comprehensive (income) loss attributable to noncontrolling interests	0	1
Comprehensive income (loss) attributable to Hertz Global	$ 369	$ 207

Amount after tax and reclassification adjustments of other comprehensive income (loss).

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

Beginning Balance (in shares) at Dec. 31, 2020

HGH - CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
shares in Millions, $ in Millions

Total

Stockholders' Equity Attributable to Hertz Global

Preferred Stock Shares

Common Stock Shares

Additional Paid-In Capital

Accumulated Deficit

Accumulated Other Comprehensive Income (Loss)

Treasury Stock

Non-controlling Interests

^[1]

156

Beginning Balance at Dec. 31, 2020

$ 93

$ 56

$ 0

$ 2

$ 3,047

$ (2,681)

$ (212)

$ (100)

$ 37

189

190

(1)

Distributions to noncontrolling interests

(11)

Ending Balance (in shares) at Mar. 31, 2021

156

Ending Balance at Mar. 31, 2021

290

$ 265

$ 0

$ 2

3,049

(2,491)

(195)

$ (100)

$ 25

Beginning Balance (in shares) at Dec. 31, 2021

450

Beginning Balance at Dec. 31, 2021

2,977

$ 0

$ 5

6,209

(2,315)

(214)

$ (708)

426

(7)

Net settlement on vesting of restricted stock

(4)

Public Warrant exercises

^[2]

Share repurchases (in shares)

(35)

Share repurchases

(722)

$ (722)

Ending Balance (in shares) at Mar. 31, 2022

415

Ending Balance at Mar. 31, 2022

$ 2,702

$ 0

$ 5

$ 6,237

$ (1,889)

$ (221)

$ (1,430)

[1]	See "767 Auto Leasing LLC" in Note 13, "Related Party Transactions."
[2]	See Note 8, "Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global."

THC - CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
$ in Millions

Total

The Hertz Corporation

Stockholders' Equity Attributable to Hertz Global

The Hertz Corporation

Common Stock Shares

The Hertz Corporation

Additional Paid-In Capital

The Hertz Corporation

Accumulated Deficit

The Hertz Corporation

Accumulated Other Comprehensive Income (Loss)

The Hertz Corporation

Non-controlling Interests

^[1]

Non-controlling Interests

The Hertz Corporation

^[2]

Beginning Balance (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

$ (2,681)

$ (3,783)

$ (212)

$ 37

189

190

(1)

Distributions to noncontrolling interests

(11)

Ending Balance (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

(2,491)

(3,593)

(195)

$ 25

Beginning Balance (in shares) at Dec. 31, 2021

450,000,000

100,000,000

Beginning Balance at Dec. 31, 2021

2,977

4,350

$ 5

$ 0

6,209

7,190

(2,315)

(2,626)

(214)

426

376

426

376

(7)

Dividends paid to Hertz Holdings(2)

^[3]

(767)

Ending Balance (in shares) at Mar. 31, 2022

415,000,000

100,000,000

Ending Balance at Mar. 31, 2022

$ 2,702

$ 3,980

$ 5

$ 0

$ 6,237

$ 6,451

$ (1,889)

$ (2,250)

$ (221)

[1]	See "767 Auto Leasing LLC" in Note 13, "Related Party Transactions."
[2]	See "767 Auto Leasing LLC" in Note 13, "Related Party Transactions."
[3]	See "Share Repurchase Program for Common Stock" in Note 8, "Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global," for additional information.

Amount after tax and reclassification adjustments of other comprehensive income (loss).

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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Cash flows from operating activities:

HGH - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

$ 426

$ 189

Depreciation and reserves for revenue earning vehicles, net

(20)

275

Depreciation and amortization, non-vehicle

Amortization of deferred financing costs and debt discount (premium)

Provision for receivables allowance

Reorganization items, net

103

(15)

(Gain) from the sale of a business

(392)

Change in fair value of Public Warrants

(50)

(Gain) loss on financial instruments

(44)

(1)

(2)

Changes in assets and liabilities:

Non-vehicle receivables

(43)

(73)

(40)

(87)

Non-vehicle accounts payable

124

(80)

(78)

Net cash provided by (used in) operating activities

(15)

621

200

Cash flows from investing activities:

Revenue earning vehicles expenditures

(2,985)

(1,517)

Proceeds from disposal of revenue earning vehicles

1,471

686

Non-vehicle capital asset expenditures

(30)

(9)

Proceeds from non-vehicle capital assets disposed of or to be disposed of

Collateral returned in exchange for letters of credit

Return of (investment in) equity investments

(15)

Proceeds from the sale of a business, net of cash sold

818

Net cash provided by (used in) investing activities

(1,541)

(18)

Payment of financing costs

(24)

(7)

Share repurchases

(766)

Contributions from (distributions to) noncontrolling interests

(10)

Net cash provided by (used in) financing activities

(4)

392

692

Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents

(1)

(12)

Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents during the period

(529)

862

Cash, cash equivalents, restricted cash and restricted 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

2,122

2,440

Income taxes, net of refunds

(4)

Supplemental disclosures of non-cash information:

Purchases of revenue earning vehicles included in accounts payable, net of incentives

103

Sales of revenue earning vehicles included in vehicle receivables

119

Purchases of non-vehicle capital assets included in accounts payable

Purchases of non-vehicle capital assets included in liabilities subject to compromise

Revenue earning vehicles and non-vehicle capital assets acquired through capital lease

Public Warrant exercises

Accrual for purchases of treasury shares

4,680

1,096

(3,492)

(946)

560

Proceeds from exercises of Public Warrants

(5)

(1)

Cash flows from operating activities:

$ 17

$ 30

[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 STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

$ 426

$ 189

Depreciation and reserves for revenue earning vehicles, net

(20)

275

Depreciation and amortization, non-vehicle

Amortization of deferred financing costs and debt discount (premium)

Provision for receivables allowance

Reorganization items, net

103

(15)

(Gain) from the sale of a business

(392)

(Gain) loss on financial instruments

(44)

(1)

(2)

Changes in assets and liabilities:

Non-vehicle receivables

(43)

(73)

(40)

(87)

Non-vehicle accounts payable

124

(80)

(78)

Net cash provided by (used in) operating activities

(15)

621

200

Cash flows from investing activities:

Revenue earning vehicles expenditures

(2,985)

(1,517)

Proceeds from disposal of revenue earning vehicles

1,471

686

Non-vehicle capital asset expenditures

(30)

(9)

Proceeds from non-vehicle capital assets disposed of or to be disposed of

Return of (investment in) equity investments

(15)

Collateral returned in exchange for letters of credit

Proceeds from the sale of a business, net of cash sold

818

Net cash provided by (used in) investing activities

(1,541)

(18)

Payment of financing costs

(24)

(7)

Contributions from (distributions to) noncontrolling interests

(10)

Net cash provided by (used in) financing activities

392

692

Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents

(1)

(12)

Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents during the period

(529)

862

Cash, cash equivalents, restricted cash and restricted 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

2,122

2,440

Income taxes, net of refunds

(4)

Supplemental disclosures of non-cash information:

Purchases of revenue earning vehicles included in accounts payable, net of incentives

103

Sales of revenue earning vehicles included in vehicle receivables

119

Purchases of non-vehicle capital assets included in accounts payable

Purchases of non-vehicle capital assets included in liabilities subject to compromise

Revenue earning vehicles and non-vehicle capital assets acquired through capital lease

4,680

1,096

(3,492)

(946)

560

(5)

(1)

Cash flows from operating activities:

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

376

189

Depreciation and reserves for revenue earning vehicles, net

(20)

275

Depreciation and amortization, non-vehicle

Amortization of deferred financing costs and debt discount (premium)

Provision for receivables allowance

Reorganization items, net

103

(15)

(Gain) from the sale of a business

(392)

(Gain) loss on financial instruments

(44)

(1)

(2)

Changes in assets and liabilities:

Non-vehicle receivables

(43)

(73)

(40)

(87)

Non-vehicle accounts payable

124

(80)

(78)

Net cash provided by (used in) operating activities

(15)

621

200

Cash flows from investing activities:

Revenue earning vehicles expenditures

(2,985)

(1,517)

Proceeds from disposal of revenue earning vehicles

1,471

686

Non-vehicle capital asset expenditures

(30)

(9)

Proceeds from non-vehicle capital assets disposed of or to be disposed of

Return of (investment in) equity investments

(15)

Collateral returned in exchange for letters of credit

Proceeds from the sale of a business, net of cash sold

818

Net cash provided by (used in) investing activities

(1,541)

(18)

Payment of financing costs

(24)

(7)

Dividends paid to Hertz Holdings

(767)

Contributions from (distributions to) noncontrolling interests

(10)

Net cash provided by (used in) financing activities

392

692

Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents

(1)

(12)

Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents during the period

(529)

862

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period

^[2]

2,650

1,550

Cash and cash equivalents and restricted cash and cash equivalents at end of period

2,121

2,412

Income taxes, net of refunds

(4)

Supplemental disclosures of non-cash information:

Purchases of revenue earning vehicles included in accounts payable, net of incentives

103

Purchases of non-vehicle capital assets included in accounts payable

Purchases of non-vehicle capital assets included in liabilities subject to compromise

Revenue earning vehicles and non-vehicle capital assets acquired through capital lease

The Hertz Corporation | Vehicles

4,680

1,096

(3,492)

(946)

Supplemental disclosures of non-cash information:

Sales of revenue earning vehicles included in vehicle receivables

119

The Hertz Corporation | Non-vehicle

560

(5)

(1)

Revenue from Contract with Customer [Abstract]

$ 17

$ 30

[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."
[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."

Background	3 Months Ended
Background	Mar. 31, 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	3 Months Ended
Basis of Presentation	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [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 March 31, 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 statement of operations for the three months ended March 31, 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. In connection with the Company's emergence from Chapter 11 and how the Company's chief operating decision maker ("CODM") regularly reviews operating results and allocates resources, the Company modified its reportable segments during the second quarter of 2021, as disclosed in Note 14, "Segment Information." Additionally, beginning in second quarter 2021, non-vehicle depreciation expense is reported on a separate line item in the consolidated statement of operations. Certain prior period amounts have been reclassified to conform with current period presentation. Principles of Consolidation The 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.

Divestitures	3 Months Ended
Divestitures	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Divestitures	Divestitures Donlen Sale On March 30, 2021, the Company completed the sale of substantially all of the assets and certain liabilities of its Donlen subsidiary. In the three months ended March 31, 2021, the Company recognized a pre-tax gain in its corporate operations of $392 million, net of the impact of foreign currency adjustments, subject to certain post-closing adjustments in the second quarter of 2021.

Revenue Earning Vehicles

3 Months Ended

Mar. 31, 2022

Revenue Earning Vehicles

The components of revenue earning vehicles, net are as follows:



(In millions)	March 31, 2022		December 31, 2021
Revenue earning vehicles	$	11,624	$	10,506
Less accumulated depreciation	(1,437)		(1,518)
	10,187		8,988
Revenue earning vehicles held for sale, net(1)	377		238
Revenue earning vehicles, net	$	10,564	$	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 March 31,
(In millions)	2022		2021
Depreciation of revenue earning vehicles	$	322	$	265
(Gain) loss on disposal of revenue earning vehicles	(387)		(33)
Rents paid for vehicles leased	6		11
Depreciation of revenue earning vehicles and lease charges, net	$	(59)	$	243

Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

The Company's debt, including its available credit facilities, consists of the following ($ in millions) as of March 31, 2022 and December 31, 2021:



Facility	Weighted-Average Interest Rate as of March 31, 2022	Fixed or Floating Interest Rate	Maturity	March 31, 2022		December 31, 2021
Non-Vehicle Debt
Term B Loan	3.75%	Floating	6/2028	$	1,290	$	1,294
Term C Loan	3.75%	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)	7.98%	Fixed	Various	15		16
Unamortized Debt Issuance Costs and Net (Discount) Premium				(66)		(69)
Total Non-Vehicle Debt				2,984		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)	1.77%	Floating	6/2023	1,423		2,813
HVF III Series 2021-A Class B(2)	3.65%	Fixed	6/2023	188		188
				1,611		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)	2.07%	Fixed	6/2025	653		—
HVF III Series 2022-2(2)	2.42%	Fixed	6/2027	653		—
HVF III Series 2022-3(2)	3.53%	Fixed	3/2024	333		—
HVF III Series 2022-4(2)	3.87%	Fixed	9/2025	580		—
HVF III Series 2022-5(2)	4.03%	Fixed	9/2027	317		—
				6,536		4,000
Vehicle Debt - Other
European ABS(2)	1.80%	Floating	10/2023	418		395
Hertz Canadian Securitization(2)	2.85%	Floating	1/2023	216		191
Australian Securitization(2)	1.67%	Floating	4/2024	135		128



Facility	Weighted-Average Interest Rate as of March 31, 2022	Fixed or Floating Interest Rate	Maturity	March 31, 2022		December 31, 2021
New Zealand RCF	3.94%	Floating	6/2022	42		39
U.K. Financing Facility	4.25%	Floating	4/2022-3/2025	90		98
U.K. Toyota Financing Facility	2.20%	Floating	8/2022-2/2023	8		9
Other Vehicle Debt	2.90%	Floating	4/2022-3/2025	94		93
				1,003		953
Unamortized Debt Issuance Costs and Net (Discount) Premium				(52)		(33)
Total Vehicle Debt				9,098		7,921
Total Debt				$	12,082	$	10,907

(1)Other non-vehicle debt is primarily comprised of $11 million and $12 million in capital lease obligations as of March 31, 2022 and December 31, 2021, respectively.

(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, the First Lien RCF was amended to (i) increase the aggregate committed amount from $1.3 billion to $1.5 billion, (ii) increase the sublimit for letters of credit from $1.1 billion to $1.4 billion and (iii) change the benchmark from USD LIBOR to the Secured Overnight Financing Rate ("SOFR") based rate.

Vehicle Debt

HVF III U.S. ABS Program

HVF III Series 2021-A Notes: In March 2022, the Series 2021-A Notes were amended to increase the maximum principal amount from $3.0 billion to $3.2 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.

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.

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.

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, an affiliate of HVF III purchased the Class D Notes. Accordingly, the related principal amounts below are eliminated in consolidation as of March 31, 2022.


(In millions)	Aggregate Principal Amount

HVF III Series 2022-1 Class D Notes	$	98
HVF III Series 2022-2 Class D Notes	98
HVF III Series 2022-3 Class D Notes	50
HVF III Series 2022-4 Class D Notes	87
HVF III Series 2022-5 Class D Notes	47
Total	$	380

Vehicle Debt-Other

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.

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.

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 March 31, 2022 and are presented net of any outstanding letters of credit:



(In millions)	Remaining Capacity		Availability Under Borrowing Base Limitation
Non-Vehicle Debt


First Lien RCF	$	1,138	$	1,138
Total Non-Vehicle Debt	1,138		1,138
Vehicle Debt
HVF III Series 2021-A	1,595		—

European ABS	413		—
Hertz Canadian Securitization	64		—
Australian Securitization	53		—

U.K. Financing Facility	41		—
U.K. Toyota Financing Facility	25		6
Total Vehicle Debt	2,191		6
Total	$	3,329	$	1,144

Letters of Credit

As of March 31, 2022, there were outstanding standby letters of credit totaling $585 million comprised primarily of $232 million issued under the Term C Loan and $337 million were issued under the First Lien RCF. As of March 31, 2022, there remains $13 million of capacity 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 March 31, 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 March 31, 2022 and December 31, 2021, IFF No. 2 had total assets of $706 million and $734 million, respectively, comprised primarily of intercompany receivables, and total liabilities of $706 million and $733 million, respectively, comprised primarily of debt.

Covenant Compliance

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. The financial covenant disclosed above was effective beginning in the third quarter of 2021. As of March 31, 2022, Hertz was in compliance with the First Lien Ratio.

In addition to financial covenants, the First Lien Credit Agreement contains customary affirmative covenants including, among other things, the delivery of quarterly and annual financial statements and compliance certificates, 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 March 31, 2022, the Company was in compliance with all covenants in the First Lien Credit Agreement.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

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 March 31,
(In millions)	2022		2021
Operating lease income from vehicle rentals	$	1,721	$	1,099
Operating lease income from fleet leasing	—		149
Variable operating lease income	44		1
Revenue accounted for under Topic 842	1,765		1,249
Revenue accounted for under Topic 606	45		40
Total revenues	$	1,810	$	1,289

Leases



	Three Months Ended March 31,
(In millions)	2022		2021
Operating lease income from vehicle rentals	$	1,721	$	1,099
Operating lease income from fleet leasing	—		149
Variable operating lease income	44		1
Revenue accounted for under Topic 842	1,765		1,249
Revenue accounted for under Topic 606	45		40
Total revenues	$	1,810	$	1,289

Income Tax (Provision) Benefit	3 Months Ended
Income Tax (Provision) Benefit	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Tax (Provision) Benefit	Income Tax (Provision) Benefit Hertz Global The effective tax rate is 23% and 29% for the three months ended March 31, 2022 and 2021, respectively. Hertz Global recorded a tax provision of $130 million and $79 million for the three months ended March 31, 2022 and 2021, respectively. The increase in the tax provision for three months ended March 31, 2022 compared to the 2021 period is driven primarily by improvements in Hertz Global's financial performance and changes in the mix of earnings and losses for jurisdictions for which no tax benefit can be recognized. As of March 31, 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 European restructuring qualifies as an ordinary loss. During the first quarter of 2022, the Company received notice from the IRS of its acceptance of this request. A favorable outcome from this proceeding could result in a full or partial release of the valuation allowance. Hertz The effective tax rate is 26% and 29% for the three months ended March 31, 2022 and 2021, respectively. Hertz recorded a tax provision of $130 million and $79 million for the three months ended March 31, 2022 and 2021, respectively. The increase in the tax provision in the three months ended March 31, 2022 compared to the 2021, period is driven primarily by improvements in Hertz's financial performance and changes in the mix of earnings and losses for jurisdictions for which no tax benefit can be recognized. As of March 31, 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 IRS in December 2021, to determine whether the capital loss on European restructuring qualifies as an ordinary loss. During the first quarter of 2022, the Company received notice from the IRS of its acceptance of this request. A favorable outcome from this proceeding could result in a full or partial release of the valuation allowance.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global

Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Public Warrants

During the three months ended March 31, 2022, 145,190 Public Warrants were exercised of which 33,427 were cashless exercises and 111,763 were exercised for $13.80 per share. As of March 31, 2022, a cumulative 6,185,470 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 March 31, 2022 and December 31, 2021. See Note 11, "Fair Value Measurements."

Share Repurchase Program for Common Stock

In November 2021, Hertz Global's Board of Directors approved a share repurchase program that authorizes the repurchase of up to $2.0 billion worth of shares of Hertz Global's outstanding common stock. Between January 1, 2022 and March 31, 2022, a total of 34,964,965 shares of Hertz Global's common stock were repurchased at an average share price of $20.65 resulting in an aggregate purchase price of $722 million. These amounts are included in treasury stock in the accompanying Hertz Global unaudited condensed consolidated balance sheet as of March 31, 2022. Hertz Global funded the share repurchases with available cash and dividend distributions from Hertz.

Between April 1, 2022 and April 21, 2022, a total of 3,159,382 shares of Hertz Global's common stock were repurchased at an average share price of $22.16 resulting in an aggregate purchase price of $70 million, resulting in a total of 55,230,373 shares of Hertz Global's common stock repurchased for a total of $1.2 billion since the inception of the program.

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 months ended March 31, 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 March 31,
(In millions, except per share data)	2022		2021
Numerator:


Net income (loss) attributable and available to Hertz Global common stockholders, basic	$	426	$	190
Change in fair value of Public Warrants	(50)		—

Net income (loss) available to Hertz Global common stockholders, diluted	$	376	$	190
Denominator:


Basic weighted-average common shares outstanding	432		156
Dilutive effect of stock options, RSUs and PSUs	—		1
Dilutive effect of Public Warrants	29		—
Diluted weighted-average shares outstanding	461		157

Antidilutive stock options, RSUs and PSUs	5		1
Total antidilutive	5		1
Earnings (loss) per common share:
Basic	$	0.99	$	1.22
Diluted	$	0.82	$	1.21

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

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 March 31, 2022, 42,173,566 shares of the Company's common stock are authorized and remain available for future grants under the 2021 Omnibus Plan.

During the three months ended March 31, 2022, compensation expense of $27 million, net of $1 million tax benefit, was recognized for grants under the 2021 Omnibus Plan and recorded in selling, general and administrative expense in the accompany unaudited condensed consolidated income statement. As of March 31, 2022, there was $304 million of total unrecognized compensation cost expected to be recognized over the remaining 2.7 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 as of March 31, 2022 is presented below:


Options	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (In millions)
Outstanding as of December 31, 2021	3,678,855	$	26.17	9.9	$	—
Granted	—	—		—	—
Exercised	—	—		—	—
Forfeited or Expired	(65,720)	26.17		—	—
Outstanding as of March 31, 2022	3,613,135	26.17		9.6	—
Exercisable as of March 31, 2022	(26,440)	26.17		9.6	—
Non-vested as of March 31, 2022	3,586,695

Performance Stock Units ("PSUs")

A summary of the PSU activity as of March 31, 2022 is presented below:


	Shares	Weighted- Average Fair Value		Aggregate Intrinsic Value (In millions)
Outstanding as of December 31, 2021	—	$	—	$	—
Granted	9,929,111	17.73		—
Vested	—	—		—
Forfeited or Expired	—	—		—
Outstanding as of March 31, 2022	9,929,111	17.73		220

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 three to five years. 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

Restricted Stock and Restricted Stock Units ("RSUs")

A summary of RSU activity as of March 31, 2022 is presented below:


	Shares	Weighted- Average Fair Value		Aggregate Intrinsic Value (In millions)
Outstanding as of December 31, 2021	1,726,286	$	26.17	$	43
Granted	3,354,079	20.60		—
Vested	(508,813)	26.17		—
Forfeited or Expired	(21,907)	26.17		—
Outstanding as of March 31, 2022	4,549,645	22.06		101

Additional information pertaining to RSU activity is as follows:


	Three Months Ended March 31,
	2022
Total fair value of awards that vested (in millions)	$	13
Weighted-average grant-date fair value of awards granted	$	20.60

For RSU grants issued in 2022, the vesting period is three years. For RSU grants issued in 2021, the vesting period is three years except for 500,000 shares that vested in the first quarter of 2022 and 100,000 shares which vest in the fourth quarter of 2022.

Deferred Stock Units

As of March 31, 2022, there were approximately 35,000 outstanding shares of deferred stock units under the 2021 Omnibus Plan.

Financial Instruments

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 March 31, 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 it 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)	March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021
Interest rate instruments	$	60	$	12	$	—	$	—
Foreign currency forward contracts	2		1		3		2
Total	$	62	$	13	$	3	$	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.

During the first quarter of 2022, the Company recognized a gain of $44 million on interest rate instruments which was recorded in vehicle interest expense, net in the accompanying unaudited condensed consolidated statement of operations for the three months ended March 31, 2022. The amounts recognized in income for derivative instruments were not material for the three months ended March 31, 2021.

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

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

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).



	March 31, 2022				December 31, 2021
(In millions)	Nominal Unpaid Principal Balance		Aggregate Fair Value		Nominal Unpaid Principal Balance		Aggregate Fair Value
Non-Vehicle Debt	$	3,050	$	2,921	$	3,055	$	3,065
Vehicle Debt	9,150		8,852		7,954		7,908
Total	$	12,200	$	11,773	$	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:


	March 31, 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	$	1,130	$	—	$	—	$	1,130	$	1,678	$	—	$	—	$	1,678

Liabilities:
Public Warrants	$	1,272	$	—	$	—	$	1,272	$	1,324	$	—	$	—	$	1,324

Cash Equivalents 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 at fair value in the accompanying unaudited condensed consolidated balance sheets as of March 31, 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 months ended March 31, 2022, the fair value adjustment was a gain of $50 million and is recorded in change in fair value of Public Warrants in the accompanying unaudited condensed consolidated statement of operations for Hertz Global for the three months ended March 31, 2022.

Financial Instruments

The fair value of the Company's financial instruments as of March 31, 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.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Contingencies and Off-Balance Sheet Commitments	3 Months Ended
Contingencies and Off-Balance Sheet Commitments	Mar. 31, 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 March 31, 2022 and December 31, 2021, the Company's liability recorded for self-insured liabilities is $468 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 state legislation changes. If the Company's estimates change or if actual results differ from these assumptions, the amount of the recorded liability is adjusted to reflect these results. Loss Contingencies From time to time the Company is a party to various legal proceedings, typically involving operational issues common to the vehicle rental business, including claims by employees, former employees and governmental investigations. The Company has summarized below the material legal proceedings to which the Company was a party during the three months ended March 31, 2022 or the period after March 31, 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, Dollar Rent A Car, Inc., Dollar Thrifty Automotive Group, Inc., Donlen Corporation, DTG Operations, Inc., DTG Supply, LLC, Firefly Rent A Car LLC, Hertz Car Sales LLC, Hertz Global Services Corporation, Hertz Local Edition Corp., Hertz Local Edition Transporting, Inc., Hertz System, Inc., Hertz Technologies, Inc., Hertz Transporting, Inc., Rental Car Group Company, LLC, Smartz Vehicle Rental Corporation, Thrifty Car Sales, Inc., Thrifty, LLC, Thrifty Insurance Agency, Inc., Thrifty Rent A Car System, LLC, and TRAC Asia Pacific, Inc. (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 post-petition interest at the applicable contractual rate that they assert totals $124,512,653 plus interest at the New York statutory rate. On July 2, 2021, Defendants were summoned to file a motion or answer to the Complaint within 30 days. On August 2, 2021, the Defendants filed a motion to dismiss both counts for declaratory judgment, which was argued before Judge Walrath on November 9, 2021. 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. As a result, only Wells Fargo’s claims for a redemption premium with respect to the 2026 and 2028 Senior Notes now remain. Additionally, 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 make whole 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 make whole premium for those series of notes will be reduced further. The Defendants dispute that any such amounts are owed and intend to respond and otherwise vigorously defend claims set forth therein. The Company cannot predict the outcome or timing of this litigation. There is a potential that the Bankruptcy Court's decision could be appealed and overturned. In that instance, some creditors in the Chapter 11 Cases may assert that the Company owes additional interest and, in certain cases, additional make whole or other premiums. These claims could be material. The Company retains all rights with respect to any such asserted amounts and intends to vigorously defend against any such asserted claims. There can be no assurance regarding the outcome of any of the litigation regarding the validity or, if deemed valid, the amount of any such additional asserted interest and make whole claims and as such, the Company cannot predict the outcome or timing of any such litigation. The Company maintains an internal compliance program through which it from time to time identifies potential violations of laws and regulations applicable to the Company. When the Company identifies such matters, the Company conducts an internal investigation and otherwise cooperates with governmental authorities, as appropriate. The Company has established reserves for matters where the Company believes that losses are probable and can be reasonably estimated. Other than the aggregate reserve established for claims for 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 Mark Frissora, Elyse Douglas and John Jefferey Zimmerman on March 25, 2019, and in state court in Florida against Scott Sider on March 28, 2019, all of whom were former executive officers of Old Hertz Holdings. The complaints predominantly allege breach of contract and seek repayment of incentive-based compensation received by the defendants in connection with restatements included in the Old Hertz Holdings Form 10-K for the year ended December 31, 2014 and related accounting for prior periods. The Company is also seeking recovery for the costs of the SEC investigation that resulted in an administrative order on December 31, 2018 with respect to events generally involving the restatements included in Old Hertz Holdings Form 10-K for the year ended December 31, 2014 and other damages resulting from the necessity of the restatements. The Company is pursuing these legal proceedings in accordance with its clawback policy and contractual rights. In October 2019, the Company entered into a confidential Settlement Agreement with Elyse Douglas. In September and October 2020, the judge in the New Jersey action entered orders requiring the parties and applicable insurers to attend and participate in mediation. The attorneys in the Florida action voluntarily agreed to participate in the same mediation which was held on November 30, 2020. The mediation was unsuccessful, but settlement discussions continued and, on April 14, 2021, the Bankruptcy Court approved a Settlement Agreement between the Company and Scott Sider. The Florida action is now closed. On December 29, 2021, the Company entered into a settlement agreement with Jeff Zimmerman, leaving Mark Frissora as the sole remaining defendant in this litigation. Fact discovery has now been completed in the New Jersey action and the case will proceed to the pre-trial phase of experts’ reports and experts’ depositions. Pursuant to the agreements governing the separation of Herc Holdings from Hertz Global that occurred on June 30, 2016, Herc Holdings is entitled to 15% of the net proceeds of any repayment or recovery. Claims Relating 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 series of claims involves claimants seeking monetary damages from the Company in connection with allegations that police detained or arrested them in error after the Company reported their rental cars as stolen. The claims arise from activities alleged to have occurred prior to the Company’s emergence from its bankruptcy reorganization. The overwhelming majority of these cases involve vehicles that were not returned to the Company within a reasonable time period following their contracted return date. These claims have been the subject of press coverage and the Company has received inquiries on the matter from certain elected officials. The Company will continue to defend itself as appropriate and has established policies to help ensure proper treatment of its customers as well as to prosecute those involved in the theft of services or assets of the Company. We currently believe that the eventual outcome of these claims will not have a materially adverse effect on the Company’s business, financial condition, results of operations or cash flows. Indemnification Obligations In the ordinary course of business, the Company has executed contracts involving indemnification obligations customary in the relevant industry and indemnifications specific to a transaction such as the sale of a business. These indemnification obligations might include claims relating to the following: environmental matters; intellectual property rights; governmental regulations and employment-related matters; customer, supplier and other commercial contractual relationships and financial matters. Specifically, the Company has indemnified various parties for the costs associated with remediating numerous hazardous substance storage, recycling or disposal sites in many states and, in some instances, for natural resource damages. The amount of any such expenses or related natural resource damages for which the Company may be held responsible could be substantial. In addition, Hertz entered into customary indemnification agreements with Hertz Holdings and certain of the Company's stockholders and their affiliates pursuant to which Hertz Holdings and Hertz will indemnify those entities and their respective affiliates, directors, officers, partners, members, employees, agents, representatives and controlling persons, against certain liabilities arising out of performance of a consulting agreement with Hertz Holdings and each of such entities and certain other claims and liabilities, including liabilities arising out of financing arrangements or securities offerings. The Company has entered into customary indemnification agreements with each of its directors and certain of its officers. Performance under these indemnification obligations would generally be triggered by a breach of terms of the contract or by a third-party claim. In connection with the Spin-Off, the Company executed an agreement with Herc Holdings that contains mutual indemnification clauses and a customary indemnification provision with respect to liability arising out of or resulting from assumed legal matters. The Company regularly evaluates the probability of having to incur costs associated with these indemnification obligations and has accrued for expected losses that are probable and estimable.

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 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 with Hertz Holdings, 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 is based on the U.S. Dollar LIBOR rate plus a margin. As of December 31, 2021, there was no outstanding balance under the 2021 Master Loan. As of March 31, 2022, there is no outstanding balance under the 2021 Master Loan. 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 months ended March 31, 2021, 767 distributed $10 million 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

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Information

The Company’s CODM assesses performance and allocates resources based upon the financial information for the Company’s reportable segments. In the second quarter of 2021, in connection with the emergence from Chapter 11 and changes in how the Company's CODM regularly reviews operating results and allocates resources, the Company revised its reportable segments to include Canada, Latin America and the Caribbean in its Americas RAC reportable segment, which were previously included in its International RAC reportable segment. Accordingly, prior periods have been restated to conform with the revised presentation. 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 addition, 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 March 31,
(In millions)	2022		2021
Revenues
Americas RAC	$	1,558	$	967
International RAC	252		186
Total reportable segments	1,810		1,153
All other operations(1)	—		136
Total Hertz Global and Hertz	$	1,810	$	1,289
Depreciation of revenue earning vehicles and lease charges, net
Americas RAC	$	(93)	$	210
International RAC	34		33


Total Hertz Global and Hertz	$	(59)	$	243

Adjusted EBITDA
Americas RAC	$	641	$	26
International RAC	27		(8)
Total reportable segments	668		18
All other operations(1)	—		13
Corporate	(54)		(29)
Total Hertz Global and Hertz	$	614	$	2

(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)	March 31, 2022		December 31, 2021
Revenue earning vehicles, net
Americas RAC	$	9,247	$	7,897
International RAC	1,317		1,329
Total Hertz Global and Hertz	$	10,564	$	9,226
Total assets
Americas RAC	$	15,959	$	14,352
International RAC	3,004		2,978
Total reportable segments	18,963		17,330

Corporate	1,978		2,453
Total Hertz Global(1)	20,941		19,783
Corporate - Hertz	(1)		(3)
Total Hertz(1)	$	20,940	$	19,780

(1) The consolidated total assets of Hertz Global and Hertz as of March 31, 2022 and December 31, 2021 include total assets of VIEs of $706 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 March 31,
(In millions)	2022		2021
Adjusted EBITDA:
Americas RAC	$	641	$	26
International RAC	27		(8)
Total reportable segments	668		18
All other operations(1)	—		13
Corporate(2)	(54)		(29)
Total Hertz Global	614		2
Adjustments:
Non-vehicle depreciation and amortization	(33)		(54)
Non-vehicle debt interest, net	(39)		(44)
Vehicle debt-related charges(3)	(7)		(28)

Restructuring and restructuring related charges(4)	(6)		(12)

Information technology and finance transformation costs(5)	1		(6)
Reorganization items, net(6)	—		(42)
Pre-reorganization charges and non-debtor financing charges(7)	—		(23)
Gain from the Donlen Sale(8)	—		392
Change in fair value of Public Warrants(9)	50		—
Unrealized gains (losses) on financial instruments(10)	44		—
Other items(11)	(68)		83
Income (loss) before income taxes	$	556	$	268

Hertz



	Three Months Ended March 31,
(In millions)	2022		2021
Adjusted EBITDA:
Americas RAC	$	641	$	26
International RAC	27		(8)
Total reportable segments	668		18
All other operations(1)	—		13
Corporate(2)	(54)		(29)
Total Hertz	614		2
Adjustments:
Non-vehicle depreciation and amortization	(33)		(54)
Non-vehicle debt interest, net	(39)		(44)
Vehicle debt-related charges(3)	(7)		(28)

Restructuring and restructuring related charges(4)	(6)		(12)


Information technology and finance transformation costs(5)	1		(6)
Reorganization items, net(6)	—		(42)
Pre-reorganization charges and non-debtor financing charges(7)	—		(23)
Gain from the Donlen Sale(8)	—		392
Unrealized gains (losses) on financial instruments(10)	44		—
Other items(11)	(68)		83
Income (loss) before income taxes	$	506	$	268

(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)Represents vehicle debt-related charges relating to the amortization of deferred financing costs and debt discounts and premiums.

(4)Represents charges incurred under restructuring actions as defined in U.S. GAAP. Also includes restructuring related charges such as incremental costs incurred directly supporting business transformation initiatives.

(5)Represents costs associated with the Company’s information technology and finance transformation programs, both of which were multi-year initiatives to upgrade and modernize the Company’s systems and processes.

(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 months ended March 31, 2022, primarily includes bankruptcy claims, certain non-cash stock-based compensation charges, certain professional fees and charges related to the settlement of bankruptcy claims. For three months ended March 31, 2021, includes $100 million associated with the suspension of depreciation for the Donlen business while classified as held for sale, partially offset by charges for a multiemployer pension plan withdrawal liability.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Revenue from Contract with Customer [Abstract]

Reorganization Items, Net	3 Months Ended
Reorganization Items, Net	Mar. 31, 2022
Reorganizations [Abstract]
Reorganization Items, Net	Reorganization Items, Net The 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 statement of operations for the three months ended March 31, 2021. During the three months ended March 31, 2021, the Company incurred $42 million of charges primarily for professional fees of $57 million, partially offset by $15 million in write-offs for certain pre-petition claims and lease settlements. During the three months ended March 31, 2021, cash payments were $58 million for reorganization items. There were no cash payments for the three months ended March 31, 2022. As of March 31, 2022 and December 31, 2021, $25 million was recorded in accounts payable in the accompanying unaudited condensed consolidated balance sheet.

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [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 March 31, 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 statement of operations for the three months ended March 31, 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. In connection with the Company's emergence from Chapter 11 and how the Company's chief operating decision maker ("CODM") regularly reviews operating results and allocates resources, the Company modified its reportable segments during the second quarter of 2021, as disclosed in Note 14, "Segment Information." Additionally, beginning in second quarter 2021, non-vehicle depreciation expense is reported on a separate line item in the consolidated statement of operations. Certain prior period amounts have been reclassified to conform with current period presentation.
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 (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Components of Revenue Earning Vehicles, Net

The components of revenue earning vehicles, net are as follows:



(In millions)	March 31, 2022		December 31, 2021
Revenue earning vehicles	$	11,624	$	10,506
Less accumulated depreciation	(1,437)		(1,518)
	10,187		8,988
Revenue earning vehicles held for sale, net(1)	377		238
Revenue earning vehicles, net	$	10,564	$	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 March 31,
(In millions)	2022		2021
Depreciation of revenue earning vehicles	$	322	$	265
(Gain) loss on disposal of revenue earning vehicles	(387)		(33)
Rents paid for vehicles leased	6		11
Depreciation of revenue earning vehicles and lease charges, net	$	(59)	$	243

Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Components of Debt

The Company's debt, including its available credit facilities, consists of the following ($ in millions) as of March 31, 2022 and December 31, 2021:



Facility	Weighted-Average Interest Rate as of March 31, 2022	Fixed or Floating Interest Rate	Maturity	March 31, 2022		December 31, 2021
Non-Vehicle Debt
Term B Loan	3.75%	Floating	6/2028	$	1,290	$	1,294
Term C Loan	3.75%	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)	7.98%	Fixed	Various	15		16
Unamortized Debt Issuance Costs and Net (Discount) Premium				(66)		(69)
Total Non-Vehicle Debt				2,984		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)	1.77%	Floating	6/2023	1,423		2,813
HVF III Series 2021-A Class B(2)	3.65%	Fixed	6/2023	188		188
				1,611		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)	2.07%	Fixed	6/2025	653		—
HVF III Series 2022-2(2)	2.42%	Fixed	6/2027	653		—
HVF III Series 2022-3(2)	3.53%	Fixed	3/2024	333		—
HVF III Series 2022-4(2)	3.87%	Fixed	9/2025	580		—
HVF III Series 2022-5(2)	4.03%	Fixed	9/2027	317		—
				6,536		4,000
Vehicle Debt - Other
European ABS(2)	1.80%	Floating	10/2023	418		395
Hertz Canadian Securitization(2)	2.85%	Floating	1/2023	216		191
Australian Securitization(2)	1.67%	Floating	4/2024	135		128



Facility	Weighted-Average Interest Rate as of March 31, 2022	Fixed or Floating Interest Rate	Maturity	March 31, 2022		December 31, 2021
New Zealand RCF	3.94%	Floating	6/2022	42		39
U.K. Financing Facility	4.25%	Floating	4/2022-3/2025	90		98
U.K. Toyota Financing Facility	2.20%	Floating	8/2022-2/2023	8		9
Other Vehicle Debt	2.90%	Floating	4/2022-3/2025	94		93
				1,003		953
Unamortized Debt Issuance Costs and Net (Discount) Premium				(52)		(33)
Total Vehicle Debt				9,098		7,921
Total Debt				$	12,082	$	10,907

(1)Other non-vehicle debt is primarily comprised of $11 million and $12 million in capital lease obligations as of March 31, 2022 and December 31, 2021, respectively.



	March 31, 2022				December 31, 2021
(In millions)	Nominal Unpaid Principal Balance		Aggregate Fair Value		Nominal Unpaid Principal Balance		Aggregate Fair Value
Non-Vehicle Debt	$	3,050	$	2,921	$	3,055	$	3,065
Vehicle Debt	9,150		8,852		7,954		7,908
Total	$	12,200	$	11,773	$	11,009	$	10,973

Schedule of Extinguishment of Debt

Accordingly, the related principal amounts below are eliminated in consolidation as of March 31, 2022.


(In millions)	Aggregate Principal Amount

HVF III Series 2022-1 Class D Notes	$	98
HVF III Series 2022-2 Class D Notes	98
HVF III Series 2022-3 Class D Notes	50
HVF III Series 2022-4 Class D Notes	87
HVF III Series 2022-5 Class D Notes	47
Total	$	380

Schedule of Facilities Available for the Use of the Company and Subsidiaries

The following facilities were available to the Company as of March 31, 2022 and are presented net of any outstanding letters of credit:



(In millions)	Remaining Capacity		Availability Under Borrowing Base Limitation
Non-Vehicle Debt


First Lien RCF	$	1,138	$	1,138
Total Non-Vehicle Debt	1,138		1,138
Vehicle Debt
HVF III Series 2021-A	1,595		—

European ABS	413		—
Hertz Canadian Securitization	64		—
Australian Securitization	53		—

U.K. Financing Facility	41		—
U.K. Toyota Financing Facility	25		6
Total Vehicle Debt	2,191		6
Total	$	3,329	$	1,144

Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Operating Lease, Lease Income



	Three Months Ended March 31,
(In millions)	2022		2021
Operating lease income from vehicle rentals	$	1,721	$	1,099
Operating lease income from fleet leasing	—		149
Variable operating lease income	44		1
Revenue accounted for under Topic 842	1,765		1,249
Revenue accounted for under Topic 606	45		40
Total revenues	$	1,810	$	1,289

Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global (Tables)

3 Months Ended

Mar. 31, 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 March 31,
(In millions, except per share data)	2022		2021
Numerator:


Net income (loss) attributable and available to Hertz Global common stockholders, basic	$	426	$	190
Change in fair value of Public Warrants	(50)		—

Net income (loss) available to Hertz Global common stockholders, diluted	$	376	$	190
Denominator:


Basic weighted-average common shares outstanding	432		156
Dilutive effect of stock options, RSUs and PSUs	—		1
Dilutive effect of Public Warrants	29		—
Diluted weighted-average shares outstanding	461		157

Antidilutive stock options, RSUs and PSUs	5		1
Total antidilutive	5		1
Earnings (loss) per common share:
Basic	$	0.99	$	1.22
Diluted	$	0.82	$	1.21

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Activity

A summary of stock option activity as of March 31, 2022 is presented below:


Options	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (In millions)
Outstanding as of December 31, 2021	3,678,855	$	26.17	9.9	$	—
Granted	—	—		—	—
Exercised	—	—		—	—
Forfeited or Expired	(65,720)	26.17		—	—
Outstanding as of March 31, 2022	3,613,135	26.17		9.6	—
Exercisable as of March 31, 2022	(26,440)	26.17		9.6	—
Non-vested as of March 31, 2022	3,586,695

Summary of PSU Activity

A summary of the PSU activity as of March 31, 2022 is presented below:


	Shares	Weighted- Average Fair Value		Aggregate Intrinsic Value (In millions)
Outstanding as of December 31, 2021	—	$	—	$	—
Granted	9,929,111	17.73		—
Vested	—	—		—
Forfeited or Expired	—	—		—
Outstanding as of March 31, 2022	9,929,111	17.73		220

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 as of March 31, 2022 is presented below:


	Shares	Weighted- Average Fair Value		Aggregate Intrinsic Value (In millions)
Outstanding as of December 31, 2021	1,726,286	$	26.17	$	43
Granted	3,354,079	20.60		—
Vested	(508,813)	26.17		—
Forfeited or Expired	(21,907)	26.17		—
Outstanding as of March 31, 2022	4,549,645	22.06		101

Additional information pertaining to RSU activity is as follows:


	Three Months Ended March 31,
	2022
Total fair value of awards that vested (in millions)	$	13
Weighted-average grant-date fair value of awards granted	$	20.60

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 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)	March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021
Interest rate instruments	$	60	$	12	$	—	$	—
Foreign currency forward contracts	2		1		3		2
Total	$	62	$	13	$	3	$	2

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Components of Debt

The Company's debt, including its available credit facilities, consists of the following ($ in millions) as of March 31, 2022 and December 31, 2021:



Facility	Weighted-Average Interest Rate as of March 31, 2022	Fixed or Floating Interest Rate	Maturity	March 31, 2022		December 31, 2021
Non-Vehicle Debt
Term B Loan	3.75%	Floating	6/2028	$	1,290	$	1,294
Term C Loan	3.75%	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)	7.98%	Fixed	Various	15		16
Unamortized Debt Issuance Costs and Net (Discount) Premium				(66)		(69)
Total Non-Vehicle Debt				2,984		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)	1.77%	Floating	6/2023	1,423		2,813
HVF III Series 2021-A Class B(2)	3.65%	Fixed	6/2023	188		188
				1,611		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)	2.07%	Fixed	6/2025	653		—
HVF III Series 2022-2(2)	2.42%	Fixed	6/2027	653		—
HVF III Series 2022-3(2)	3.53%	Fixed	3/2024	333		—
HVF III Series 2022-4(2)	3.87%	Fixed	9/2025	580		—
HVF III Series 2022-5(2)	4.03%	Fixed	9/2027	317		—
				6,536		4,000
Vehicle Debt - Other
European ABS(2)	1.80%	Floating	10/2023	418		395
Hertz Canadian Securitization(2)	2.85%	Floating	1/2023	216		191
Australian Securitization(2)	1.67%	Floating	4/2024	135		128



Facility	Weighted-Average Interest Rate as of March 31, 2022	Fixed or Floating Interest Rate	Maturity	March 31, 2022		December 31, 2021
New Zealand RCF	3.94%	Floating	6/2022	42		39
U.K. Financing Facility	4.25%	Floating	4/2022-3/2025	90		98
U.K. Toyota Financing Facility	2.20%	Floating	8/2022-2/2023	8		9
Other Vehicle Debt	2.90%	Floating	4/2022-3/2025	94		93
				1,003		953
Unamortized Debt Issuance Costs and Net (Discount) Premium				(52)		(33)
Total Vehicle Debt				9,098		7,921
Total Debt				$	12,082	$	10,907

(1)Other non-vehicle debt is primarily comprised of $11 million and $12 million in capital lease obligations as of March 31, 2022 and December 31, 2021, respectively.



	March 31, 2022				December 31, 2021
(In millions)	Nominal Unpaid Principal Balance		Aggregate Fair Value		Nominal Unpaid Principal Balance		Aggregate Fair Value
Non-Vehicle Debt	$	3,050	$	2,921	$	3,055	$	3,065
Vehicle Debt	9,150		8,852		7,954		7,908
Total	$	12,200	$	11,773	$	11,009	$	10,973

Fair Value Measurements, Recurring and Nonrecurring


	March 31, 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	$	1,130	$	—	$	—	$	1,130	$	1,678	$	—	$	—	$	1,678

Liabilities:
Public Warrants	$	1,272	$	—	$	—	$	1,272	$	1,324	$	—	$	—	$	1,324

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

Schedule of Segment Reporting Information, by Segment

Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]


	Three Months Ended March 31,
(In millions)	2022		2021
Revenues
Americas RAC	$	1,558	$	967
International RAC	252		186
Total reportable segments	1,810		1,153
All other operations(1)	—		136
Total Hertz Global and Hertz	$	1,810	$	1,289
Depreciation of revenue earning vehicles and lease charges, net
Americas RAC	$	(93)	$	210
International RAC	34		33


Total Hertz Global and Hertz	$	(59)	$	243

Adjusted EBITDA
Americas RAC	$	641	$	26
International RAC	27		(8)
Total reportable segments	668		18
All other operations(1)	—		13
Corporate	(54)		(29)
Total Hertz Global and Hertz	$	614	$	2

(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)	March 31, 2022		December 31, 2021
Revenue earning vehicles, net
Americas RAC	$	9,247	$	7,897
International RAC	1,317		1,329
Total Hertz Global and Hertz	$	10,564	$	9,226
Total assets
Americas RAC	$	15,959	$	14,352
International RAC	3,004		2,978
Total reportable segments	18,963		17,330

Corporate	1,978		2,453
Total Hertz Global(1)	20,941		19,783
Corporate - Hertz	(1)		(3)
Total Hertz(1)	$	20,940	$	19,780

Reconciliations of Adjusted EBITDA by reportable segment to consolidated amounts are summarized below:

Hertz Global



	Three Months Ended March 31,
(In millions)	2022		2021
Adjusted EBITDA:
Americas RAC	$	641	$	26
International RAC	27		(8)
Total reportable segments	668		18
All other operations(1)	—		13
Corporate(2)	(54)		(29)
Total Hertz Global	614		2
Adjustments:
Non-vehicle depreciation and amortization	(33)		(54)
Non-vehicle debt interest, net	(39)		(44)
Vehicle debt-related charges(3)	(7)		(28)

Restructuring and restructuring related charges(4)	(6)		(12)

Information technology and finance transformation costs(5)	1		(6)
Reorganization items, net(6)	—		(42)
Pre-reorganization charges and non-debtor financing charges(7)	—		(23)
Gain from the Donlen Sale(8)	—		392
Change in fair value of Public Warrants(9)	50		—
Unrealized gains (losses) on financial instruments(10)	44		—
Other items(11)	(68)		83
Income (loss) before income taxes	$	556	$	268

Hertz



	Three Months Ended March 31,
(In millions)	2022		2021
Adjusted EBITDA:
Americas RAC	$	641	$	26
International RAC	27		(8)
Total reportable segments	668		18
All other operations(1)	—		13
Corporate(2)	(54)		(29)
Total Hertz	614		2
Adjustments:
Non-vehicle depreciation and amortization	(33)		(54)
Non-vehicle debt interest, net	(39)		(44)
Vehicle debt-related charges(3)	(7)		(28)

Restructuring and restructuring related charges(4)	(6)		(12)


Information technology and finance transformation costs(5)	1		(6)
Reorganization items, net(6)	—		(42)
Pre-reorganization charges and non-debtor financing charges(7)	—		(23)
Gain from the Donlen Sale(8)	—		392
Unrealized gains (losses) on financial instruments(10)	44		—
Other items(11)	(68)		83
Income (loss) before income taxes	$	506	$	268

(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)Represents vehicle debt-related charges relating to the amortization of deferred financing costs and debt discounts and premiums.

(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."

(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."

Divestitures (Details) - USD ($) $ in Millions	3 Months Ended
Divestitures (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Gain from sale of a business	$ 0	$ 392

Revenue Earning Vehicles - Components of Revenue Earning Vehicles (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Revenue earning vehicles	$ 11,624	$ 10,506
Less accumulated depreciation	(1,437)	(1,518)
Property subject to available for operating lease excluding assets held for sale	10,187	8,988
Revenue earning vehicles, net	377	238
Total revenue earning vehicles, net	$ 10,564	$ 9,226

Revenue Earning Vehicles - Schedule of Depreciation of Revenue Earning Vehicles and Lease Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation of revenue earning vehicles	$ 322	$ 265
(Gain) loss on disposal of revenue earning vehicles	(387)	(33)
Rents paid for vehicles leased	6	11
Depreciation of revenue earning vehicles and lease charges, net	$ (59)	$ 243

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total Debt	$ 12,082	$ 10,907
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total Debt	Total Debt
Non-vehicle
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs and Net (Discount) Premium	$ (66)	$ (69)
Total Debt	2,984	2,986
Vehicles
Debt Instrument [Line Items]
Total Debt	$ 9,098	7,921
Term B Loan \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.75%
Outstanding principal	$ 1,290	1,294
Term C Loan \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.75%
Outstanding principal	$ 245	245
Senior Notes Due 2026 \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.63%
Outstanding principal	$ 500	500
Senior Notes Due 2029 \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	5.00%
Outstanding principal	$ 1,000	1,000
First Lien RCF \| Non-vehicle
Debt Instrument [Line Items]
Outstanding principal	$ 0	0
Other Non-Vehicle Debt \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	7.98%
Outstanding principal	$ 15	16
Finance lease liability	11	12
Vehicle Debt
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs and Net (Discount) Premium	(52)	(33)
Total Debt	9,098	7,921
HVF III U.S. Vehicle Variable Funding Notes \| Vehicles
Debt Instrument [Line Items]
Outstanding principal	$ 1,611	3,001
HVF III Series 2021-A Class A \| Vehicles
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.77%
Outstanding principal	$ 1,423	2,813
HVF III Series 2021-A Class B \| Vehicles
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.65%
Outstanding principal	$ 188	188
HVF III U.S. Vehicle Medium Term Notes \| Vehicles
Debt Instrument [Line Items]
Outstanding principal	$ 6,536	4,000
HVF III Series 2021-1 \| Vehicles
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.66%
Outstanding principal	$ 2,000	2,000
HVF III Series 2021-2 \| Vehicles
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.12%
Outstanding principal	$ 2,000	2,000
HVF III Series 2022-1 \| Vehicles
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.07%
Outstanding principal	$ 653	0
HVF III Series 2022-2 \| Vehicles
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.42%
Outstanding principal	$ 653	0
HVF III Series 2022-3 \| Vehicles
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.53%
Outstanding principal	$ 333	0
HVF III Series 2022-4 \| Vehicles
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.87%
Outstanding principal	$ 580	0
HVF III Series 2022-5 \| Vehicles
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.03%
Outstanding principal	$ 317	0
Other Fleet Debt \| Vehicles
Debt Instrument [Line Items]
Outstanding principal	$ 1,003	953
European ABS \| Vehicles
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.80%
Outstanding principal	$ 418	395
Hertz Canadian Securitization \| Vehicles
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.85%
Outstanding principal	$ 216	191
Australian Securitization \| Vehicles
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.67%
Outstanding principal	$ 135	128
New Zealand RCF \| Vehicles
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.94%
Outstanding principal	$ 42	39
U.K. Financing Facility \| Vehicles
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.25%
Outstanding principal	$ 90	98
U.K. Toyota Financing Facility \| Vehicles
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.20%
Outstanding principal	$ 8	9
Other Vehicle Debt \| Vehicles
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.90%
Outstanding principal	$ 94	$ 93

Debt - Narrative (Details)
£ in Millions, $ in Millions

3 Months Ended

Mar. 31, 2022

USD ($)

Dec. 31, 2022

Nov. 01, 2022

GBP (£)

Sep. 30, 2022

Jun. 30, 2022

Apr. 27, 2022

GBP (£)

Feb. 28, 2022

USD ($)

Jan. 31, 2022

USD ($)

Jan. 31, 2022

AUD ($)

Dec. 31, 2021

USD ($)

^[1]

$ 20,941

$ 19,783

Liabilities

^[1]

$ 18,239

16,806

First Lien RCF

Maximum consolidated leverage ratio

3.00

First Lien RCF | Forecast

Maximum consolidated leverage ratio

3.00

3.50

HVF III Series 2021-A

$ 3,200

$ 3,000

HVF III Series 2022-1

$ 750

HVF III Series 2022-2

$ 750

HVF III Series 2022-3

383

HVF III Series 2022-4

667

HVF III Series 2022-5

U.K. Toyota Financing Facility

364

Term C Loan

Revolving Credit Facility | First Lien RCF

Maximum borrowing capacity

1,500

1,300

Revolving Credit Facility | First Lien RCF

Revolving Credit Facility | Australian Securitization

337

Maximum borrowing capacity

$ 250,000,000

Revolving Credit Facility | U.K. Financing Facility | Subsequent Event

Maximum borrowing capacity | £

£ 100

£ 120

Letter of Credit

Letter of Credit | First Lien RCF

585

Maximum borrowing capacity

1,400

$ 1,100

Letter of Credit | Term C Loan

International Fleet Financing No. 2 B.V.

$ 232

Ownership percentage

25.00%

$ 706

734

Liabilities

$ 706

$ 733

[1]

Debt - Eliminated in Consolidation (Details) $ in Millions	3 Months Ended
Debt - Eliminated in Consolidation (Details) $ in Millions	Mar. 31, 2022 USD ($)
Debt Instrument [Line Items]
Elimination of debt	$ 380
HVF III Series 2022-1
Debt Instrument [Line Items]
Elimination of debt	98
HVF III Series 2022-2
Debt Instrument [Line Items]
Elimination of debt	98
HVF III Series 2022-3
Debt Instrument [Line Items]
Elimination of debt	50
HVF III Series 2022-4
Debt Instrument [Line Items]
Elimination of debt	87
HVF III Series 2022-5
Debt Instrument [Line Items]
Elimination of debt	$ 47

Debt - Borrowing Capacity (Details) $ in Millions	Mar. 31, 2022 USD ($)
Debt Instrument [Line Items]
Remaining capacity	$ 3,329
Availability under borrowing base limitation	1,144
Corporate Debt Securities
Debt Instrument [Line Items]
Remaining capacity	1,138
Availability under borrowing base limitation	1,138
First Lien RCF
Debt Instrument [Line Items]
Remaining capacity	1,138
Availability under borrowing base limitation	1,138
Vehicle Debt
Debt Instrument [Line Items]
Remaining capacity	2,191
Availability under borrowing base limitation	6
HVF III Series 2021-A
Debt Instrument [Line Items]
Remaining capacity	1,595
Availability under borrowing base limitation	0
European ABS
Debt Instrument [Line Items]
Remaining capacity	413
Availability under borrowing base limitation	0
Hertz Canadian Securitization
Debt Instrument [Line Items]
Remaining capacity	64
Availability under borrowing base limitation	0
Australian Securitization
Debt Instrument [Line Items]
Remaining capacity	53
Availability under borrowing base limitation	0
U.K. Financing Facility
Debt Instrument [Line Items]
Remaining capacity	41
Availability under borrowing base limitation	0
U.K. Toyota Financing Facility
Debt Instrument [Line Items]
Remaining capacity	25
Availability under borrowing base limitation	$ 6

Leases - Leases Income (Details) - USD ($) $ in Millions	3 Months Ended
Leases - Leases Income (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Lease and Concession Agreements
Revenue accounted for under Topic 842	$ 1,765	$ 1,249
Revenue accounted for under Topic 606	45	40
Revenues	1,810	1,289
Vehicle Rentals, Operating Lease
Lease and Concession Agreements
Revenue accounted for under Topic 842	1,721	1,099
Fleet Leasing, Operating Lease
Lease and Concession Agreements
Revenue accounted for under Topic 842	0	149
Variable, Operating Lease
Lease and Concession Agreements
Revenue accounted for under Topic 842	$ 44	$ 1

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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Income Tax (Provision) Benefit (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Contingency [Line Items]
Effective tax rate (as percent)	23.00%	29.00%
Income tax (provision) benefit	$ (130)	$ (79)
Capital Loss Carryforward
Income Tax Contingency [Line Items]
Capital loss carryforwards	670
Domestic Tax Authority \| Capital Loss Carryforward
Income Tax Contingency [Line Items]
Capital loss carryforwards	$ 141
The Hertz Corporation
Income Tax Contingency [Line Items]
Effective tax rate (as percent)	26.00%	29.00%
Income tax (provision) benefit	$ (130)	$ (79)
The Hertz Corporation \| Capital Loss Carryforward
Income Tax Contingency [Line Items]
Capital loss carryforwards	670
The Hertz Corporation \| Domestic Tax Authority \| Capital Loss Carryforward
Income Tax Contingency [Line Items]
Capital loss carryforwards	$ 141

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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		9 Months Ended	10 Months Ended
	Apr. 21, 2022	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Apr. 21, 2022	Nov. 30, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrants exercised (in shares)		145,190		6,185,470
Warrants exercised, cashless (in shares)		33,427		33,427
Warrants exercised, cash (in shares)		111,763		111,763
Exercise price of warrants (in usd per share)		$ 13.80		$ 13.80
Stock repurchase program, authorized amount						$ 2,000
Shares repurchased (in shares)		34,964,965
Average share repurchase price (in dollars per share)		$ 20.65
Share repurchases		$ 722
Share repurchases		$ 766	$ 0
Subsequent Event
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares repurchased (in shares)	3,159,382				55,230,373
Average share repurchase price (in dollars per share)	$ 22.16
Share repurchases	$ 70				$ 1,200

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
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income (loss) attributable and available to Hertz Global common stockholders, basic	$ 426	$ 190
Change in fair value of Public Warrants	(50)	0
Net income (loss) available to Hertz Global common stockholders, diluted	$ 376	$ 190
Denominator:
Basic weighted-average shares outstanding (in shares)	432	156
Dilutive effect of stock options, RSUs and PSUs (in shares)	0	1
Dilutive effect of Public Warrants (in shares)	29	0
Diluted weighted-average shares outstanding (in shares)	461	157
Earnings (loss) per common share:
Basic (in dollars per share)	$ 0.99	$ 1.22
Diluted (in dollars per share)	$ 0.82	$ 1.21
Antidilutive stock options, RSUs and PSUs
Denominator:
Antidilutive stock options, RSUs, and PSUs (in shares)	5	1

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		$ 28	$ 2
Performance Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period		3 years
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)		42,173,566
Compensation expense		$ 27
Tax benefit		1
Unrecognized compensation cost		$ 304
Period for recognition of total unrecognized compensation cost		2 years 8 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)		9,929,111		0
Omnibus Incentive Plan 2021 \| Restricted Stock and Restricted Stock Units issued in 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Omnibus Incentive Plan 2021 \| Restricted Stock and Restricted Stock Units issued in 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Shares vested (in shares)		500,000
Omnibus Incentive Plan 2021 \| Restricted Stock and Restricted Stock Units issued in 2021 \| Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares vested (in shares)	100,000
Omnibus Incentive Plan 2021 \| Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)		35,000

Stock-Based Compensation - Summary of Stock Option Activity (Details) - Omnibus Incentive Plan 2021 - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Shares
Outstanding beginning balance (in shares)	3,678,855
Granted (in shares)	0
Exercised (in shares)	0
Forfeited or Expired (in shares)	(65,720)
Outstanding ending balance (in shares)	3,613,135	3,678,855
Exercisable (in shares)	(26,440)
Non-vested (in shares)	3,586,695
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	$ 26.17
Exercisable (in dollars per share)	$ 26.17
Weighted-Average Remaining Contractual Term (years)/Aggregate intrinsic Value
Weighted average remaining contractual term	9 years 7 months 6 days	9 years 10 months 24 days
Weighted average remaining contractual term, Exercisable	9 years 7 months 6 days
Aggregate intrinsic value	$ 0	$ 0
Aggregate intrinsic value, Exercisable	$ 0

Stock-Based Compensation - Summary of PSU Activity (Details) - Omnibus Incentive Plan 2021 - Performance Stock Units - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Shares
Outstanding beginning balance (in shares)	0
Granted (in shares)	9,929,111
Vested (in shares)	0
Forfeited or Expired (in shares)	0
Outstanding ending balance (in shares)	9,929,111
Weighted- Average Fair Value
Outstanding beginning balance (in dollars per share)	$ 0
Granted (in dollars per share)	17.73
Vested (in dollars per share)	0
Forfeited or Expired (In dollars per share)	0
Outstanding ending balance (in dollars per share)	$ 17.73
Aggregate intrinsic value, Outstanding	$ 220	$ 0

Stock-Based Compensation - Schedule of Valuation Assumptions (Details) - Performance Stock Units - Omnibus Incentive Plan 2021	3 Months Ended
	Mar. 31, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	68.00%
Expected dividend yield	0.00%
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 - Summary of RSU Activity (Details) - Omnibus Incentive Plan 2021 - Restricted Stock Units - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Shares
Outstanding beginning balance (in shares)	1,726,286
Granted (in shares)	3,354,079
Vested (in shares)	(508,813)
Forfeited or Expired (in shares)	(21,907)
Outstanding ending balance (in shares)	4,549,645
Weighted- Average Fair Value
Outstanding beginning balance (in dollars per share)	$ 26.17
Granted (in dollars per share)	20.60
Vested (in dollars per share)	26.17
Forfeited or Expired (In dollars per share)	26.17
Outstanding ending balance (in dollars per share)	$ 22.06
Aggregate intrinsic value, Outstanding	$ 101	$ 43

Stock-Based Compensation - Schedule of Additional RSU Activity (Details) - Restricted Stock Units - Omnibus Incentive Plan 2021 $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of awards that vested \| $	$ 13
Weighted-average grant-date fair value of awards (in dollars per share) \| $ / shares	$ 20.60

Financial Instruments - Schedule of Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset Derivatives	$ 62	$ 13
Liability Derivatives	3	2
Interest rate instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset Derivatives	60	12
Liability Derivatives	0	0
Foreign currency forward contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset Derivatives	2	1
Liability Derivatives	$ 3	$ 2

Financial Instruments (Details) - USD ($)	3 Months Ended
Financial Instruments (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain on interest rate instruments	$ 44,000,000	$ (1,000,000)
Interest rate instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain on interest rate instruments	$ 44,000,000	$ 0

Fair Value Measurements - Financial Instruments (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value of Financial Instruments [Abstract]
Nominal Unpaid Principal Balance	$ 12,200	$ 11,009
Aggregate Fair Value	11,773	10,973
Non-vehicle
Fair Value of Financial Instruments [Abstract]
Nominal Unpaid Principal Balance	3,050	3,055
Aggregate Fair Value	2,921	3,065
Vehicles
Fair Value of Financial Instruments [Abstract]
Nominal Unpaid Principal Balance	9,150	7,954
Aggregate Fair Value	$ 8,852	$ 7,908

Fair Value Measurements - Cash and Cash Equivalents and Investments (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 1,130	$ 1,678
Money Market Funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	1,130	1,678
Money Market Funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Money Market Funds \| 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]
Cash and cash equivalents	1,272	1,324
Warrants \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	1,272	1,324
Warrants \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Warrants \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 0	$ 0

Fair Value Measurements (Details) - USD ($) $ in Millions	3 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Change in fair value of Public Warrants	$ (50)	$ 0

Contingencies and Off-Balance Sheet Commitments (Details) - USD ($)		3 Months Ended
	Jul. 01, 2021	Mar. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Self-insured liabilities		$ 468,000,000	$ 463,000,000
Damages sought, value	$ 271,684,720
Net proceeds from repayment or recovery, percent		15.00%
New York
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	6.00%

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	May 31, 2021
Master Loan Agreement, Due May 2022
Related Party Transaction [Line Items]
Due from related parties		$ 25
The Hertz Corporation \| 767 Auto Leasing, LLC
Related Party Transaction [Line Items]
Payments of distributions to affiliates	$ 10

For an unclassified balance sheet, amounts due from related parties including affiliates, employees, joint ventures, officers and stockholders, immediate families thereof, and pension funds.

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Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Mar. 31, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Reportable Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	$ 1,810	$ 1,289
Depreciation of revenue earning vehicles and lease charges, net	(59)	243
Adjusted EBITDA	614	2
Operating Segments
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	1,810	1,153
Adjusted EBITDA	668	18
Operating Segments \| Americas RAC
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	1,558	967
Depreciation of revenue earning vehicles and lease charges, net	(93)	210
Adjusted EBITDA	641	26
Operating Segments \| International RAC
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	252	186
Depreciation of revenue earning vehicles and lease charges, net	34	33
Adjusted EBITDA	27	(8)
All Other Operations
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	0	136
Adjusted EBITDA	0	13
Corporate, Non-Segment
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjusted EBITDA	$ (54)	$ (29)

Segment Information - Total Assets (Details) - USD ($)
$ in Millions

Mar. 31, 2022

Dec. 31, 2021

$ 10,564

$ 9,226

^[1]

20,941

19,783

10,564

9,226

The Hertz Corporation | Variable Interest Entity, Primary Beneficiary

^[2]

20,940

19,780

706

734

Operating Segments

Operating Segments | Americas RAC

18,963

17,330

9,247

7,897

Operating Segments | International RAC

15,959

14,352

1,317

1,329

3,004

2,978

Corporate, Non-Segment

Corporate, Non-Segment | The Hertz Corporation

1,978

2,453

$ (1)

$ (3)

[1]

[2]

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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