0001657853-23-000039 | 10-K | XBRL Viewer | Hertz Global Holdings INC

$ 943

$ 2,258

Total cash and cash equivalents and restricted cash and cash equivalents

475

393

1,418

2,651

974

758

1,155

1,017

14,281

10,836

(1,786)

(1,610)

12,495

9,226

637

608

1,887

1,566

2,887

2,912

1,044

1,045

$ 1,045

^[1]

22,497

19,783

657

572

911

863

170

157

13,863

10,907

Public Warrants

617

1,324

1,802

1,510

472

463

1,360

1,010

^[1]

19,852

16,806

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

Common stock, $0.01 par value, 478,914,062 and 477,233,278 shares issued, respectively, and 323,483,178 and 449,782,424 shares outstanding, respectively

Treasury stock, at cost, 155,430,884 and 27,450,854 common shares, respectively

(3,136)

(708)

6,326

6,209

(256)

(2,315)

(294)

(214)

2,645

2,977

$ 1,888

22,497

19,783

10,886

7,921

578

516

2,977

2,986

ASSETS

180

111

ASSETS

295

316

863

696

ASSETS

943

2,257

Total cash and cash equivalents and restricted cash and cash equivalents

475

393

^[2]

1,418

2,650

1,550

1,360

974

757

1,154

1,016

14,281

10,836

(1,786)

(1,610)

12,495

9,226

637

608

1,887

1,566

2,887

2,912

1,044

1,045

^[3]

22,496

19,780

657

572

890

809

170

157

13,863

10,907

1,802

1,510

472

463

1,363

1,012

^[3]

19,217

15,430

Common stock, $0.01 par value, 478,914,062 and 477,233,278 shares issued, respectively, and 323,483,178 and 449,782,424 shares outstanding, respectively

4,844

7,190

(1,271)

(2,626)

(294)

(214)

3,279

4,350

$ (5)

$ 1,884

The Hertz Corporation | Variable Interest Entity, Primary Beneficiary

22,496

19,780

1,300

734

1,300

733

10,886

7,921

578

516

2,977

2,986

ASSETS

180

111

ASSETS

295

316

Preferred stock, par value (in dollars per share)

$ 863

$ 695

[1]	Hertz Global Holdings, Inc.'s consolidated total assets as of December 31, 2022 and December 31, 2021 include total assets of variable interest entities ("VIEs") of $1.3 billion 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 December 31, 2022 and December 31, 2021 include total liabilities of VIEs of $1.3 billion 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 6, "Debt," and "Termination of 767 Auto Leasing Agreement" in Note 3, "Divestitures," for further information.
[2]	Amounts include cash and cash equivalents and restricted cash and cash equivalents which were held for sale as of December 31, 2020, prior to the completion of the Donlen Sale in the first quarter of 2021, as disclosed in Note 3, "Divestitures."
[3]	The Hertz Corporation's consolidated total assets as of December 31, 2022 and December 31, 2021 include total assets of VIEs of $1.3 billion and $734 million, respectively, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of December 31, 2022 and December 31, 2021 include total liabilities of VIEs of $1.3 billion 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 6, "Debt," and "Termination of 767 Auto Leasing Agreement" in Note 3, "Divestitures," for further information.

HGH - CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions

Dec. 31, 2022

Dec. 31, 2021

Jun. 30, 2021

$ 0.01

Preferred stock, shares outstanding (in shares)

1,500,000

Preferred stock, shares issued (in shares)

1,500,000

$ 0.01

478,914,062

477,233,278

Treasury stock, shares (in shares)

323,483,178

449,782,424

471,102,462

27,450,854

^[1]

$ 22,497

$ 19,783

^[1]

19,852

16,806

$ 45

$ 48

$ 0.01

100

100

^[2]

$ 22,496

$ 19,780

^[2]

19,217

15,430

$ 45

$ 48

[1]

Hertz Global Holdings, Inc.'s consolidated total assets as of December 31, 2022 and December 31, 2021 include total assets of variable interest entities ("VIEs") of $1.3 billion 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 December 31, 2022 and December 31, 2021 include total liabilities of VIEs of $1.3 billion 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 6, "Debt," and "Termination of 767 Auto Leasing Agreement" in Note 3, "Divestitures," for further information.

[2]

The Hertz Corporation's consolidated total assets as of December 31, 2022 and December 31, 2021 include total assets of VIEs of $1.3 billion and $734 million, respectively, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of December 31, 2022 and December 31, 2021 include total liabilities of VIEs of $1.3 billion 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 6, "Debt," and "Termination of 767 Auto Leasing Agreement" in Note 3, "Divestitures," for further information.

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

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

ASSETS

$ 943

$ 2,258

Total cash and cash equivalents and restricted cash and cash equivalents

475

393

1,418

2,651

974

758

1,155

1,017

14,281

10,836

(1,786)

(1,610)

12,495

9,226

637

608

1,887

1,566

2,887

2,912

1,044

1,045

$ 1,045

^[1]

22,497

19,783

657

572

911

863

170

157

13,863

10,907

1,802

1,510

472

463

1,360

1,010

^[1]

19,852

16,806

Common stock, $0.01 par value, 3,000 shares authorized and 100 shares issued and outstanding

6,326

6,209

(256)

(2,315)

(294)

(214)

2,645

2,977

$ 1,888

22,497

19,783

10,886

7,921

578

516

2,977

2,986

ASSETS

180

111

ASSETS

295

316

863

696

ASSETS

943

2,257

Total cash and cash equivalents and restricted cash and cash equivalents

475

393

^[2]

1,418

2,650

1,550

1,360

974

757

1,154

1,016

14,281

10,836

(1,786)

(1,610)

12,495

9,226

637

608

1,887

1,566

2,887

2,912

1,044

1,045

^[3]

22,496

19,780

657

572

890

809

170

157

13,863

10,907

1,802

1,510

472

463

1,363

1,012

^[3]

19,217

15,430

Common stock, $0.01 par value, 3,000 shares authorized and 100 shares issued and outstanding

4,844

7,190

(1,271)

(2,626)

(294)

(214)

3,279

4,350

$ (5)

$ 1,884

The Hertz Corporation | Variable Interest Entity, Primary Beneficiary

22,496

19,780

1,300

734

1,300

733

10,886

7,921

578

516

2,977

2,986

ASSETS

180

111

ASSETS

295

316

$ 863

$ 695

[1]	Hertz Global Holdings, Inc.'s consolidated total assets as of December 31, 2022 and December 31, 2021 include total assets of variable interest entities ("VIEs") of $1.3 billion 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 December 31, 2022 and December 31, 2021 include total liabilities of VIEs of $1.3 billion 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 6, "Debt," and "Termination of 767 Auto Leasing Agreement" in Note 3, "Divestitures," for further information.
[2]	Amounts include cash and cash equivalents and restricted cash and cash equivalents which were held for sale as of December 31, 2020, prior to the completion of the Donlen Sale in the first quarter of 2021, as disclosed in Note 3, "Divestitures."
[3]	The Hertz Corporation's consolidated total assets as of December 31, 2022 and December 31, 2021 include total assets of VIEs of $1.3 billion and $734 million, respectively, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of December 31, 2022 and December 31, 2021 include total liabilities of VIEs of $1.3 billion 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 6, "Debt," and "Termination of 767 Auto Leasing Agreement" in Note 3, "Divestitures," for further information.

THC - CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions

Dec. 31, 2022

Dec. 31, 2021

Jun. 30, 2021

Common stock, shares authorized (in shares)

$ 0.01

1,000,000,000

478,914,062

477,233,278

323,483,178

449,782,424

471,102,462

Assets

^[1]

$ 22,497

$ 19,783

^[1]

19,852

16,806

$ 45

$ 48

Common stock, shares authorized (in shares)

$ 0.01

3,000

100

100

Assets

^[2]

$ 22,496

$ 19,780

^[2]

19,217

15,430

$ 45

$ 48

[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.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124433192&loc=SL2890621-112765

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (bb)
-URI https://asc.fasb.org/extlink&oid=123419778&loc=d3e5710-111685

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19-26)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124433192&loc=SL2890621-112765

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124433192&loc=SL2890621-112765

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (bb)
-URI https://asc.fasb.org/extlink&oid=123419778&loc=d3e5710-111685

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123419778&loc=d3e5710-111685

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Preferred stock, shares outstanding (in shares) at Dec. 31, 2019

HGH - CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Revenues	$ 8,685	$ 7,336	$ 5,258
Expenses:
Direct vehicle and operating	4,808	3,920	3,423
Depreciation of revenue earning vehicles and lease charges, net	701	497	2,030
Non-vehicle depreciation and amortization	142	196	225
Selling, general and administrative	959	688	645
Interest expense, net:
Interest expense, net	328	469	608
Technology-related intangible and other asset impairments	0	0	213
Other (income) expense, net	2	(21)	(9)
Reorganization items, net	0	677	175
(Gain) loss from the sale of a business	0	(400)	0
Change in fair value of Public Warrants	(704)	627	0
Total expenses	6,236	6,653	7,310
Income (loss) before income taxes	2,449	683	(2,052)
Income tax (provision) benefit	(390)	(318)	329
Net income (loss)	2,059	365	(1,723)
Net (income) loss attributable to noncontrolling interests	0	1	9
Net income (loss) attributable to Hertz Global	2,059	366	(1,714)
Net income (loss) available to Hertz Global common stockholders	$ 2,059	$ (84)	$ (1,714)
Weighted-average common shares outstanding:
Basic (in shares)	379,000,000	315,000,000	150,000,000
Diluted (in shares)	403,000,000	315,000,000	150,000,000
Earnings (loss) per common share:
Basic (in dollars per share)	$ 5.43	$ (0.27)	$ (11.44)
Diluted (in dollars per share)	$ 3.36	$ (0.27)	$ (11.44)
Series A Preferred Stock
Interest expense, net:
Series A Preferred Stock deemed dividends	$ 0	$ (450)	$ 0
Vehicle-Related Debt
Interest expense, net:
Interest expense, net	159	284	455
Non-Vehicle Related Debt
Interest expense, net:
Interest expense, net	$ 169	$ 185	$ 153

HGH - CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Non-Vehicle Related Debt
Contractual interest	$ 129

THC - CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Revenues	$ 8,685	$ 7,336	$ 5,258
Expenses:
Direct vehicle and operating	4,808	3,920	3,423
Depreciation of revenue earning vehicles and lease charges, net	701	497	2,030
Non-vehicle depreciation and amortization	142	196	225
Selling, general and administrative	959	688	645
Interest expense, net:
Interest expense, net	328	469	608
Technology-related intangible and other asset impairments	0	0	213
Other (income) expense, net	2	(21)	(9)
Reorganization items, net	0	677	175
(Gain) loss from the sale of a business	0	(400)	0
Total expenses	6,236	6,653	7,310
Income (loss) before income taxes	2,449	683	(2,052)
Income tax (provision) benefit	(390)	(318)	329
Net income (loss)	2,059	365	(1,723)
Net (income) loss attributable to noncontrolling interests	0	1	9
Net income (loss) attributable to Hertz Global	2,059	366	(1,714)
The Hertz Corporation
Revenues:
Revenues	8,685	7,336	5,258
Expenses:
Direct vehicle and operating	4,808	3,920	3,423
Depreciation of revenue earning vehicles and lease charges, net	701	497	2,030
Non-vehicle depreciation and amortization	142	196	225
Selling, general and administrative	959	688	645
Interest expense, net:
Interest expense, net	328	469	606
Technology-related intangible and other asset impairments	0	0	213
Write-off of intercompany loan	0	0	133
Other (income) expense, net	2	(21)	(9)
Reorganization items, net	0	513	175
(Gain) loss from the sale of a business	0	(400)	0
Total expenses	6,940	5,862	7,441
Income (loss) before income taxes	1,745	1,474	(2,183)
Income tax (provision) benefit	(390)	(318)	328
Net income (loss)	1,355	1,156	(1,855)
Net (income) loss attributable to noncontrolling interests	0	1	9
Net income (loss) attributable to Hertz Global	1,355	1,157	(1,846)
Vehicle-Related Debt
Interest expense, net:
Interest expense, net	159	284	455
Vehicle-Related Debt \| The Hertz Corporation
Interest expense, net:
Interest expense, net	159	284	455
Non-Vehicle Related Debt
Interest expense, net:
Interest expense, net	169	185	153
Non-Vehicle Related Debt \| The Hertz Corporation
Interest expense, net:
Interest expense, net	$ 169	$ 185	$ 151

THC - CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Non-Vehicle Related Debt \| The Hertz Corporation
Contractual interest	$ 129

HGH - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 2,059	$ 365	$ (1,723)
Other comprehensive income (loss):
Foreign currency translation adjustments	(76)	(36)	(19)
Net gain (loss) on pension and postretirement benefit plans	(17)	25	(11)
Reclassification from other comprehensive income (loss) to other (income) expense for amortization of actuarial net losses	7	15	13
Total other comprehensive income (loss) before income taxes	(86)	4	(17)
Income tax (provision) benefit related to pension and postretirement benefit plans	7	(3)	(4)
Income tax (provision) benefit related to reclassified amounts of net periodic costs on pension and postretirement benefit plans	(1)	(3)	(2)
Total other comprehensive income (loss)	(80)	(2)	(23)
Total comprehensive income (loss)	1,979	363	(1,746)
Comprehensive (income) loss attributable to noncontrolling interests	0	1	9
Comprehensive income (loss) attributable to Hertz Global	$ 1,979	$ 364	$ (1,737)

THC - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net income (loss)	$ 2,059	$ 365	$ (1,723)
Other comprehensive income (loss):
Foreign currency translation adjustments	(76)	(36)	(19)
Net gain (loss) on pension and postretirement benefit plans	(17)	25	(11)
Reclassification from other comprehensive income (loss) to other (income) expense for amortization of actuarial net losses	7	15	13
Total other comprehensive income (loss) before income taxes	(86)	4	(17)
Income tax (provision) benefit related to pension and postretirement benefit plans	7	(3)	(4)
Income tax (provision) benefit related to reclassified amounts of net periodic costs on pension and postretirement benefit plans	(1)	(3)	(2)
Total other comprehensive income (loss)	(80)	(2)	(23)
Total comprehensive income (loss)	1,979	363	(1,746)
Comprehensive (income) loss attributable to noncontrolling interests	0	1	9
Comprehensive income (loss) attributable to Hertz Global	1,979	364	(1,737)
The Hertz Corporation
Net income (loss)	1,355	1,156	(1,855)
Other comprehensive income (loss):
Foreign currency translation adjustments	(76)	(36)	(19)
Net gain (loss) on pension and postretirement benefit plans	(17)	25	(11)
Reclassification from other comprehensive income (loss) to other (income) expense for amortization of actuarial net losses	7	15	13
Total other comprehensive income (loss) before income taxes	(86)	4	(17)
Income tax (provision) benefit related to pension and postretirement benefit plans	7	(3)	(4)
Income tax (provision) benefit related to reclassified amounts of net periodic costs on pension and postretirement benefit plans	(1)	(3)	(2)
Total other comprehensive income (loss)	(80)	(2)	(23)
Total comprehensive income (loss)	1,275	1,154	(1,878)
Comprehensive (income) loss attributable to noncontrolling interests	0	1	9
Comprehensive income (loss) attributable to Hertz Global	$ 1,275	$ 1,155	$ (1,869)

HGH - CONSOLIDATED STATEMENTS OF CHANGES IN MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY - USD ($)
$ in Millions

Total

Parent [Member]

Preferred Stock Shares

Common Stock

Additional Paid-In Capital

Retained Earnings (Accumulated Deficit)

Accumulated Other Comprehensive Income (Loss)

Treasury Stock, Common

Noncontrolling Interests

Beginning balance at Dec. 31, 2019

$ 0

Preferred stock, shares outstanding (in shares) at Dec. 31, 2020

Ending balance at Dec. 31, 2020

$ 0

Common stock, beginning shares outstanding (in shares) at Dec. 31, 2019

142,000,000

Beginning balance at Dec. 31, 2019

$ 1,888

$ 1,769

$ 1

$ 3,024

$ (967)

$ (189)

$ (100)

$ 119

Beginning balance (in shares) at Dec. 31, 2019

2,000,000

(1,723)

(1,714)

(9)

Net settlement on vesting of restricted stock

(23)

(3)

ATM Program, net (in shares)

(2)

14,000,000

ATM Program, net

$ 1

Common stock, ending shares outstanding (in shares) at Dec. 31, 2020

(73)

156,000,000

Ending balance (in shares) at Dec. 31, 2020

2,000,000

Ending balance at Dec. 31, 2020

$ 2

3,047

(2,681)

(212)

$ (100)

Increase (Decrease) in Temporary Equity [Roll Forward]

Preferred stock issuance, net (in shares)

2,000,000

Preferred stock issuance, net

1,433

$ 1,433

Repurchase of preferred stock, net (in shares)

(2,000,000)

Repurchase of preferred stock, net

$ (1,883)

(1,883)

$ (1,433)

(450)

Preferred stock, shares outstanding (in shares) at Dec. 31, 2021

Ending balance at Dec. 31, 2021

$ 0

365

366

(1)

(2)

Rights offering, net (in shares)

181,000,000

2021 Rights Offering, net

1,802

$ 2

1,800

Cancellation of stock-based awards

^[1]

(36)

(10)

Cancellation of common and treasury shares in exchange for new common shares (in shares)

(142,000,000)

(2,000,000)

Cancellation of common and treasury shares in exchange for new common shares

$ (2)

(98)

$ 100

Distributions to common stockholders

(239)

Contribution from Plan Sponsors (in shares)

277,000,000

Contributions from Plan Sponsors

2,781

$ 3

2,778

Public Warrant issuance

(800)

Preferred stock issuance, net

1,433

Repurchase of preferred stock, net

(1,883)

$ (1,433)

(450)

Public Warrant exercises (in shares)

^[2]

5,000,000

Public Warrant exercises

^[2]

180

Nasdaq listing and share repurchases (in shares)

^[3]

(27,000,000)

27,000,000

Nasdaq listing and share repurchases

^[3]

$ (717)

(717)

(9)

$ (708)

Common stock, ending shares outstanding (in shares) at Dec. 31, 2021

449,782,424

450,000,000

Ending balance (in shares) at Dec. 31, 2021

27,450,854

27,000,000

Ending balance at Dec. 31, 2021

$ 2,977

2,977

$ 5

6,209

(2,315)

(214)

$ (708)

Preferred stock, shares outstanding (in shares) at Dec. 31, 2022

Ending balance at Dec. 31, 2022

$ 0

2,059

Net settlement on vesting of restricted stock

(80)

(20)

Share repurchases (in shares)

131

Public Warrant exercises

(127,000,000)

(128,000,000)

Shares repurchases

$ (2,428)

(2,428)

$ (2,428)

Common stock, ending shares outstanding (in shares) at Dec. 31, 2022

323,483,178

323,000,000

Ending balance (in shares) at Dec. 31, 2022

155,000,000

Ending balance at Dec. 31, 2022

$ 2,645

$ 5

$ 6,326

$ (256)

$ (294)

$ (3,136)

$ 0

[1]	Effective October 31, 2021, the 767 lease agreement was terminated. See Note 3, "Divestitures."
[2]	The amounts presented herein may be rounded to agree to amounts in the audited consolidated balance sheet. Also see Note 19, "Public Warrants - Hertz Global."
[3]	See Nasdaq Listing and Share Repurchase Programs for Common Stock in Note 17, "Equity – Hertz Global."

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

Total

The Hertz Corporation

Stockholder's Equity (Deficit) Attributable to Hertz

The Hertz Corporation

Common Stock

The Hertz Corporation

Additional Paid-In Capital

The Hertz Corporation

Due From Affiliate

The Hertz Corporation

Accumulated Deficit

The Hertz Corporation

Accumulated Other Comprehensive Income (Loss)

The Hertz Corporation

Noncontrolling Interests

The Hertz Corporation

Common stock, beginning shares outstanding (in shares) at Dec. 31, 2019

142,000,000

100

Beginning balance at Dec. 31, 2019

$ 1,888

$ 1,884

$ 1,769

$ 1,765

$ 1

$ 0

$ 3,024

$ 3,955

$ (64)

$ (967)

$ (1,937)

$ (189)

$ 119

(1,723)

(1,855)

(1,714)

(1,846)

(1,714)

(1,846)

(9)

(23)

Due from Hertz Holdings

(4)

Liabilities subject to compromise

(2)

^[1]

(65)

Write-off of intercompany loan

^[1]

133

Common stock, ending shares outstanding (in shares) at Dec. 31, 2020

(73)

156,000,000

100

Ending balance at Dec. 31, 2020

(5)

(42)

$ 2

$ 0

3,047

3,953

(2,681)

(3,783)

(212)

365

1,156

366

1,157

366

1,157

(1)

(2)

Contributions from Hertz Holdings

5,642

Cancellation of stock-based awards

(36)

^[2]

(36)

^[3]

(36)

^[2]

(36)

^[3]

Non-cash distribution

^[1]

(10)

Dividends to Hertz Holdings

$ (239)

$ (2,470)

(239)

(2,470)

(239)

(2,470)

Common stock, ending shares outstanding (in shares) at Dec. 31, 2021

449,782,424

100

450,000,000

100

Ending balance at Dec. 31, 2021

$ 2,977

$ 4,350

2,977

4,350

$ 5

$ 0

6,209

7,190

(2,315)

(2,626)

(214)

2,059

1,355

2,059

1,355

2,059

1,355

(80)

Dividends to Hertz Holdings

$ 131

131

$ (2,477)

(2,477)

Common stock, ending shares outstanding (in shares) at Dec. 31, 2022

323,483,178

100

323,000,000

100

Ending balance at Dec. 31, 2022

$ 2,645

$ 3,279

$ 2,645

$ 3,279

$ 5

$ 0

$ 6,326

$ 4,844

$ 0

$ (256)

$ (1,271)

$ (294)

$ 0

[1]	See Note 16, "Related Party Transactions."
[2]	Effective October 31, 2021, the 767 lease agreement was terminated. See Note 3, "Divestitures."
[3]	Effective October 31, 2021, the 767 lease agreement was terminated. See Note 3, "Divestitures."

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

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Cash flows from operating activities:

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

$ 2,059

$ 365

$ (1,723)

Depreciation and reserves for revenue earning vehicles, net

809

600

2,259

Depreciation and amortization, non-vehicle

142

196

225

Amortization of deferred financing costs and debt discount (premium)

122

Loss on extinguishment of debt

Compensation expense

130

(2)

Provision for receivables allowance

125

Reorganization items, net

301

270

(353)

213

314

(Gain) loss from the sale of a business

(400)

(Gain) loss on sale of non-vehicle capital assets

(5)

(8)

(24)

Change in fair value of Public Warrants

(704)

627

(Gain) loss on financial instruments

(111)

(4)

(3)

(1)

Changes in assets and liabilities:

Non-vehicle receivables

(264)

(210)

195

(126)

(20)

Non-vehicle accounts payable

280

274

366

(70)

(108)

(61)

(52)

(309)

(291)

(375)

Net cash provided by (used in) operating activities

(17)

(76)

2,538

1,806

953

Cash flows from investing activities:

Revenue earning vehicles expenditures

(10,596)

(7,154)

(5,542)

Proceeds from disposal of revenue earning vehicles

6,498

2,818

10,098

Non-vehicle capital asset expenditures

(150)

(71)

(98)

Proceeds from disposal of non-vehicle capital assets

Sales of marketable securities

Collateral payments

(303)

Collateral returned in exchange for letters of credit

280

Return of (investment in) equity investments

(16)

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

871

Net cash provided by (used in) investing activities

(1)

(4,233)

(3,544)

4,591

Payment of financing costs

(48)

(185)

(75)

Proceeds from Plan Sponsors

2,781

Early redemption premium payment

(85)

Proceeds from issuance of common stock, net

Proceeds from exercises of Public Warrants

Proceeds from the issuance of preferred stock, net

1,433

Distributions to common stockholders

(239)

Contributions from (distributions to) noncontrolling interests

(38)

(75)

Proceeds from 2021 Rights Offering, net

1,639

Share repurchases

(2,461)

(654)

Repurchase of preferred stock

(1,883)

Net cash provided by (used in) financing activities

(20)

(9)

(2)

487

2,845

(5,372)

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

(25)

(34)

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

(1,233)

1,073

218

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

^[1]

2,651

1,578

1,360

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

^[1]

1,418

2,651

1,578

Income taxes, net of refunds

(11)

Supplemental disclosures of non-cash information:

454

472

546

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

Sales of revenue earning vehicles included in vehicle receivables

144

Purchases of non-vehicle capital assets included in accounts payable

Revenue earning vehicles and non-vehicle capital assets acquired through finance leases

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

Operating lease right-of-use assets obtained in exchange for lease liabilities

614

177

152

Public Warrants issuance

800

Public Warrant exercises

103

Backstop equity issuance

164

Accrual for purchases of treasury shares

9,672

14,323

4,546

(6,639)

(12,607)

(10,751)

204

257

335

4,644

1,812

(20)

(6,352)

(855)

Cash flows from operating activities:

$ 168

$ 198

$ 109

[1]	Amounts include cash and cash equivalents and restricted cash and cash equivalents which were held for sale as of December 31, 2020, prior to the completion of the Donlen Sale in the first quarter of 2021, as disclosed in Note 3, "Divestitures."

THC - CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

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

$ 2,059

$ 365

$ (1,723)

Depreciation and reserves for revenue earning vehicles, net

809

600

2,259

Depreciation and amortization, non-vehicle

142

196

225

Amortization of deferred financing costs and debt discount (premium)

122

Loss on extinguishment of debt

Compensation expense

130

(2)

Provision for receivables allowance

125

Reorganization items, net

317

273

(351)

213

314

(Gain) from the sale of a business

(400)

(Gain) loss on sale of non-vehicle capital assets

(5)

(8)

(24)

(Gain) loss on financial instruments

111

(1)

Changes in assets and liabilities:

Non-vehicle receivables

(264)

(210)

195

(126)

(20)

Non-vehicle accounts payable

280

274

366

(70)

(108)

(61)

(52)

Net cash provided by (used in) operating activities

(309)

(291)

(375)

2,538

1,806

953

Cash flows from investing activities:

Revenue earning vehicles expenditures

(10,596)

(7,154)

(5,542)

Proceeds from disposal of revenue earning vehicles

6,498

2,818

10,098

Non-vehicle capital asset expenditures

(150)

(71)

(98)

Proceeds from disposal of non-vehicle capital assets

Sales of marketable securities

Collateral payments

(303)

Collateral returned in exchange for letters of credit

280

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

871

Return of (investment in) equity investments

(16)

Net cash provided by (used in) investing activities

(1)

(4,233)

(3,544)

4,591

Payment of financing costs

(48)

(185)

(75)

Early redemption premium payment

(85)

Advances to Hertz Holdings

(38)

(75)

Contributions from (distributions to) noncontrolling interests

(38)

(75)

Net cash provided by (used in) financing activities

487

2,845

(5,372)

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

(25)

(34)

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

(1,233)

1,073

218

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

2,651

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

1,418

2,651

Income taxes, net of refunds

(11)

Supplemental disclosures of non-cash information:

454

472

546

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

Sales of revenue earning vehicles included in vehicle receivables

144

Purchases of non-vehicle capital assets included in accounts payable

Revenue earning vehicles and non-vehicle capital assets acquired through finance leases

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

Operating lease right-of-use assets obtained in exchange for lease liabilities

614

177

152

Cash flows from operating activities:

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

1,355

1,156

(1,855)

Depreciation and reserves for revenue earning vehicles, net

809

600

2,259

Depreciation and amortization, non-vehicle

142

196

225

Amortization of deferred financing costs and debt discount (premium)

122

Loss on extinguishment of debt

Compensation expense

130

(2)

Provision for receivables allowance

125

Write-off of intercompany loan

301

270

(353)

213

133

Reorganization items, net

150

(Gain) from the sale of a business

(400)

(Gain) loss on sale of non-vehicle capital assets

(5)

(8)

(24)

(Gain) loss on financial instruments

111

(1)

Changes in assets and liabilities:

Non-vehicle receivables

(264)

(210)

195

(126)

(20)

Non-vehicle accounts payable

280

274

366

(70)

(108)

(61)

(52)

(309)

(291)

(375)

Net cash provided by (used in) operating activities

(17)

(76)

2,538

1,806

956

Cash flows from investing activities:

Revenue earning vehicles expenditures

(10,596)

(7,154)

(5,542)

Proceeds from disposal of revenue earning vehicles

6,498

2,818

10,098

Non-vehicle capital asset expenditures

(150)

(71)

(98)

Proceeds from disposal of non-vehicle capital assets

Sales of marketable securities

Collateral payments

(303)

Collateral returned in exchange for letters of credit

280

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

871

Return of (investment in) equity investments

(16)

Net cash provided by (used in) investing activities

(1)

(4,233)

(3,544)

4,591

Payment of financing costs

(48)

(185)

(75)

Early redemption premium payment

(85)

Advances to Hertz Holdings

(5)

Contributions from (distributions to) noncontrolling interests

(38)

(75)

Dividends paid to Hertz Holdings

(2,477)

(2,470)

Contributions from Hertz Holdings

5,642

Net cash provided by (used in) financing activities

488

2,872

(5,403)

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

(25)

(34)

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

(1,232)

1,100

190

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

^[1]

2,650

1,550

1,360

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

^[1]

1,418

2,650

1,550

Income taxes, net of refunds

(11)

Supplemental disclosures of non-cash information:

454

472

546

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

Sales of revenue earning vehicles included in vehicle receivables

144

Purchases of non-vehicle capital assets included in accounts payable

Revenue earning vehicles and non-vehicle capital assets acquired through finance leases

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

Operating lease right-of-use assets obtained in exchange for lease liabilities

614

177

152

Non-cash capital contribution from Hertz Holdings

9,672

14,323

4,546

(6,639)

(12,607)

(10,751)

204

257

335

9,672

14,323

4,546

(6,639)

(12,607)

(10,751)

204

257

335

4,644

1,812

(20)

(6,352)

(855)

168

198

109

4,644

1,812

(20)

(6,352)

(855)

Significant Accounting Policies

$ 168

$ 198

$ 109

[1]	Amounts include cash and cash equivalents and restricted cash and cash equivalents which were held for sale as of December 31, 2020, prior to the completion of the Donlen Sale in the first quarter of 2021, as disclosed in Note 3, "Divestitures."

Background	12 Months Ended
Background	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background	Background Hertz Global Holdings, Inc. 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 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. Hertz operates its vehicle rental business globally primarily through the Hertz, Dollar and Thrifty brands from company-operated, licensee and franchisee locations in the 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 Donlen Sale, a business which provided vehicle leasing and fleet management services. On May 22, 2020, as a result of the impact from the COVID-19 global pandemic, the Debtors filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the Bankruptcy Court. On June 10, 2021, 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. Going Concern The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern and contemplate the realization of assets and the satisfaction of liabilities in the normal course of business.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Accounting Principles

The Company’s consolidated financial statements have been prepared in accordance with U.S. GAAP.

Reclassifications

Certain prior period amounts have been reclassified to conform with current period presentation.

Principles of Consolidation

The 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 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. 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. All significant intercompany transactions are eliminated in consolidation.

Use of Estimates and Assumptions

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and footnotes. Actual results could differ materially from those estimates.

Significant estimates inherent in the preparation of the consolidated financial statements include depreciation of revenue earning vehicles, reserves for litigation and other contingencies, accounting for income taxes and related uncertain tax positions, pension and postretirement benefit costs, the recoverability of long-lived assets, useful lives and impairment of long-lived tangible and indefinite-lived intangible assets including goodwill, valuation of stock-

based compensation, self-insured liabilities, allowance for doubtful accounts, the retail value of loyalty points, and fair value of financial instruments, among others.

Revenue Earning Vehicles

Revenue earning vehicles are stated at cost, net of related discounts and incentives from manufacturers. Holding periods typically range from six to thirty-six months. Generally, when revenue earning vehicles are acquired outside of a vehicle repurchase program, the Company estimates the period that the Company will hold the asset, primarily based on historical measures of the amount of rental activity (e.g., automobile mileage). The Company also estimates the residual value of the applicable revenue earning vehicles at the expected time of disposal, taking into consideration factors such as make, model and options, age, physical condition, mileage, sale location, time of the year and market conditions. Depreciation is recorded over the estimated holding period. Depreciation rates are reviewed on a quarterly basis based on management's ongoing assessment of present and estimated future market conditions, their effect on residual values at the expected time of disposal and the estimated holding periods. Gains and losses on the sale of vehicles, including the costs associated with disposals, are included in depreciation of revenue earning vehicles and lease charges in the accompanying consolidated statements of operations.

For program vehicles, the manufacturers agree to repurchase the vehicles at a specified price or guarantee the depreciation rate on the vehicles during established repurchase or auction periods, subject to, among other things, certain vehicle condition, mileage and holding period requirements. Vehicle repurchase programs guarantee on an aggregate basis the residual value of the program vehicle upon sale according to certain parameters which include the holding period, mileage and condition of the vehicles.

Self-insured Liabilities

Self-insured liabilities in the accompanying consolidated balance sheets include public liability, property damage, general liability, liability insurance supplement, personal accident insurance, and workers' compensation. These represent an estimate for both reported accident claims not yet paid, and claims incurred but not yet reported and are recorded on an undiscounted basis. Reserve requirements are based on rental volume and actuarial evaluations of historical accident claim experience and trends, as well as future projections of ultimate losses, expenses and administrative costs. The adequacy of the liability is monitored quarterly 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.

Recoverability of Goodwill and Indefinite-lived Intangible Assets

The Company tests the recoverability of its goodwill and indefinite-lived intangible assets by performing an impairment analysis on an annual basis, as of October 1, and at interim periods when circumstances require as a result of a triggering event.

A goodwill impairment charge is calculated as the amount by which a reporting unit's carrying amount exceeds its fair value. For goodwill, fair value is determined using an income approach based on the discounted cash flows of each reporting unit. A reporting unit is an operating segment or a business one level below that operating segment (the component level) if discrete financial information is prepared and regularly reviewed by segment management. Components are aggregated into a single reporting unit when they have similar economic characteristics. The Company has identified two reporting units (operating segments): Americas RAC and International RAC. The fair values of the reporting units are estimated using the net present value of discounted cash flows generated by each reporting unit and incorporate various assumptions related to discount rates, growth rates, cash flow projections, tax rates and terminal value rates specific to the reporting unit to which they are applied. Discount rates are determined based on the reporting unit's WACC. The Company’s discounted cash flow projections are based upon reasonable and appropriate assumptions about the underlying business activities of the Company’s reporting units.

In the impairment analysis for an indefinite-lived intangible asset, the Company compares the carrying value of the asset to its estimated fair value and recognizes an impairment charge whenever the carrying amount of the asset

exceeds its estimated fair value. The estimated fair value for a tradename utilizes a relief-from-royalty income approach, which includes the Company’s revenue projections for each asset, along with assumptions for royalty rates, tax rates and WACC.

Income Taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Company recognizes deferred tax assets to the extent that the Company believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, carryback potential if permitted under the tax law, and results of recent operations.

The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.

The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statements of operations. Accrued interest and penalties are included in the related tax liability line in the accompany consolidated balance sheets.

The Company has elected to record tax on global intangible low-tax income (“GILTI”) on a current basis. "GILTI" is a U.S. tax on certain earnings of foreign subsidiaries that are subject to foreign tax below a certain threshold.

Revenue Recognition

The Company recognizes two types of revenue: (i) lease revenue; and (ii) revenue from contracts with customers.

The Company reports revenues for taxes or non-concession fees collected from customers on behalf of governmental authorities on a net basis.

Vehicle Rental and Rental Related Revenues

The Company recognizes revenue from its vehicle rental operations when persuasive evidence of a contract exists, the performance obligations have been satisfied, the transaction price is fixed or determinable and collection is reasonably assured. Performance obligations associated with vehicle rental transactions are satisfied over the rental period, except for the portion associated with loyalty points, as further described below. Rental periods are short term in nature. Performance obligations associated with rental related activities, such as charges to the customer for the fueling of vehicles and value-added services such as loss damage waivers, insurance products, navigation units, supplemental equipment and other consumables, are also satisfied over the rental period. Revenue from charges that are charged to the customer, such as gasoline, vehicle licensing and airport concession fees, is recorded on a gross basis with a corresponding charge to direct vehicle and operating expense. Sales commissions paid to third parties are generally expensed when incurred due to the short-term nature of the related transaction on which the commission was earned and are recorded within selling, general and administrative expense. Payments are due from customers at the completion of the rental, except for customers with negotiated payment terms, generally net 30 days or less, which are invoiced and remain as accounts receivable until collected.

Loyalty Programs - The Company offers loyalty programs, primarily Hertz Gold Plus Rewards, wherein customers are eligible to earn loyalty points that are redeemable for free rental days or can be converted to loyalty points for redemption of products and services under loyalty programs of other companies. Each transaction that generates loyalty points results in the deferral of revenue equivalent to the retail value at the date the points are earned. The associated revenue is recognized when the customer redeems the loyalty points at some point in the future. The retail value of loyalty points is estimated based on the current retail value measured as of the date the loyalty points are earned, less an estimated amount representing loyalty points that are not expected to be redeemed (“breakage”). Breakage is reviewed on a quarterly basis and includes significant assumptions such as historical breakage trends and internal Company forecasts.

Customer Rebates - The Company has business customers that rent vehicles based on terms that have been negotiated through contracts with their employers, or other entities with which they are associated (“commercial contracts”), which can differ substantially from the terms on which the Company rents vehicles to the general public. Some of the commercial contracts contain provisions which allow for rebates to the entity based on achieving a specific rental volume threshold. Rebates are treated as lease incentives and are recognized as a reduction of revenue at the time of the rental based on the rebate expected to be earned by the entity.

Licensee Revenue

The Company has franchise agreements which allow an independent entity to rent their vehicles under the Company’s brands, primarily Hertz, Dollar or Thrifty, for a franchise fee. Franchise fees are earned over time for the duration of the franchise agreement and are typically based on the larger of a minimum payment or an amount representing a percentage of net sales of the franchised business. Franchise fees that relate to a future contract term, such as initial fees or renewal fees, are deferred and recognized over the term of the franchise agreement.

Ancillary Retail Vehicle Sales Revenue

Ancillary retail vehicle sales represent revenues generated from the sale of warranty contracts, financing and title fees, and other ancillary services associated with vehicles disposed of at the Company’s retail outlets. These revenues are recorded at the point in time when the Company sells the product or provides the service to the customer. These revenues exclude the sale price of the vehicle which is a component of the gain or loss on the disposition and is included in depreciation of revenue earning vehicles and lease charges in the accompanying consolidated statements of operations.

Contract Balances

The Company recognizes receivables and liabilities resulting from its contracts with customers. Contract receivables primarily consist of receivables from customers for vehicle rentals. Contract liabilities primarily consist of obligations to customers for prepaid vehicle rentals and related to the Company’s points-based loyalty programs.

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and highly liquid investments with an original maturity of three months or less. The Company's cash and cash equivalents are invested in various investment grade institutional money market funds, and bank money market and interest-bearing accounts.

Restricted cash and cash equivalents include cash and cash equivalents that are not readily available for use in the Company's operating activities. Restricted cash and cash equivalents are primarily comprised of proceeds from the disposition of vehicles pledged under the terms of vehicle debt financing arrangements and are restricted for the purchase of revenue earning vehicles and other specified uses under the vehicle debt facilities, cash utilized as credit enhancement under those arrangements, proceeds from the Term Loan C which are utilized to collateralize letters of credit, and certain cash accounts supporting regulatory reserve requirements related to the Company's

self-insurance. These funds are primarily held in demand deposit and money market accounts or in highly rated money market funds with investments primarily in government and corporate obligations.

Deposits held at financial institutions may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. The Company limits exposure relating to financial instruments by diversifying the financial instruments among various counterparties, which consist of major financial institutions.

Receivables, Net of Allowance

Receivables are stated net of allowances and primarily represent credit extended to vehicle manufacturers, customers that satisfy defined credit criteria, and amounts due from customers resulting from damage to rental vehicles. The estimate of the allowance for doubtful accounts is based on the Company's future expected losses and its judgement as to the likelihood of ultimate payment. Actual receivables are written-off against the allowance for doubtful accounts when the Company determines the balance will not be collected. Estimates for future credit memos are based on historical experience and are reflected as reductions to revenue, while bad debt expense is reflected as a component of direct vehicle and operating expense in the accompanying consolidated statements of operations.

Property and Equipment, Net

The Company's property and equipment, net consisted of the following:


(In millions)	December 31, 2022		December 31, 2021
Land, buildings and leasehold improvements	$	990	$	971
Service vehicles, equipment and furniture and fixtures	392		339
Less: accumulated depreciation	(745)		(702)
Total property and equipment, net	$	637	$	608

Land is stated at cost and reviewed annually for impairment as further disclosed above in "Long-lived Assets, Including Finite-lived Intangible Assets."

Property and equipment are stated at cost and are depreciated utilizing the straight-line method over the estimated useful lives of the related assets. Estimated useful lives are as follows:


Buildings			1 to 50 years
Furniture and fixtures			1 to 5 years
Service vehicles and equipment			1 to 25 years
Leasehold improvements			The lesser of the economic life or the lease term

Depreciation expense for property and equipment, net for the years ended December 31, 2022, 2021 and 2020 was $97 million, $108 million and $129 million, respectively.

The Company follows the practice of expensing maintenance and repair costs for service vehicles, furniture and fixtures, and equipment, including the cost of minor replacements.

Long-lived Assets, Including Finite-lived Intangible Assets

Finite-lived intangible assets include concession agreements, technology, customer relationships and other intangibles. Long-lived assets and intangible assets with finite lives, including technology-related intangibles, are amortized using the straight-line method over the estimated economic lives of the assets, which range from one to forty years and two to fifteen years, respectively. Long-lived assets and intangible assets with finite lives are

reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of an impairment loss for long-lived assets that management expects to hold and use is based on the estimated fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying value or estimated fair value less costs to sell.

Stock-Based Compensation

The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. That cost is to be recognized over the period during which the employee is required to provide service in exchange for the award. Forfeitures are accounted for when they occur. The Company has estimated the fair value of options issued at the date of grant using a Black-Scholes option-pricing model, which includes assumptions related to volatility, expected term, dividend yield and risk-free interest rate.

The Company accounts for restricted stock unit ("RSU") and performance stock unit ("PSU") awards when granted as equity classified awards. For RSUs the expense is based on the grant-date fair value of the stock and the number of shares that vest, recognized over the service period. For any PSUs and performance share awards ("PSAs") granted, the expense is based on the grant-date fair value of the stock, recognized over a service period depending upon the applicable performance condition. For any PSUs and PSAs, the Company re-assesses the probability of achieving the applicable performance condition quarterly and adjusts the recognition of expense accordingly. The Company includes the excess tax benefit within income tax expense in the accompanying consolidated statements of operations when realized.

Fair Value Measurements

U.S. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market or, if none exists, the most advantageous market, for the specific asset or liability at the measurement date (referred to as the "exit price"). Fair value is a market-based measurement that is determined based upon assumptions that market participants would use in pricing an asset or liability, including consideration of nonperformance risk.

The Company assesses the inputs used to measure fair value using the three-tier hierarchy promulgated under U.S. GAAP. This hierarchy indicates the extent to which inputs used in measuring fair value are observable in the market.

Level 1: Inputs that reflect quoted prices for identical assets or liabilities in active markets that are observable.

Level 2: Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3: Inputs that are unobservable to the extent that observable inputs are not available for the asset or liability at the measurement date and include management's judgment about assumptions market participants would use in pricing the asset or liability.

Financial Instruments

The Company is exposed to a variety of market risks, including the effects of changes in interest rates, gasoline and diesel fuel prices and foreign currency exchange rates. The Company manages exposure to these market risks through regular operating and financing activities and, when deemed appropriate, through the use of derivative financial instruments. Financial instruments are viewed as risk management tools and have not been used for speculative or trading purposes. In addition, financial instruments are entered into with a diversified group of major

financial institutions in order to manage the Company's exposure to counterparty nonperformance on such instruments. The Company measures all financial instruments at their fair value and does not offset the derivative assets and liabilities in its accompanying consolidated balance sheets. As the Company does not have financial instruments that are designated and qualify as hedging instruments, the changes in their fair value are recognized currently in the Company's operating results.

Foreign Currency Translation and Transactions

Assets and liabilities of international subsidiaries whose functional currency is the local currency are translated at the rate of exchange in effect on the balance sheet date; income and expenses are translated at the average exchange rates throughout the year. The related translation adjustments are reflected in accumulated other comprehensive income (loss) in the accompanying consolidated balance sheets. Foreign currency exchange rate gains and losses resulting from transactions are included in selling, general and administrative expense in the accompanying consolidated statements of operations.

Advertising

Advertising production costs are deferred and expensed when the advertising first takes place. Advertising communication costs are expensed as incurred. Advertising costs are reflected as a component of selling, general and administrative expenses in the accompanying consolidated statements of operations and for the years ended December 31, 2022, 2021 and 2020 were $262 million, $195 million and $129 million, respectively.

Divestitures

The Company classifies long-lived assets and liabilities to be disposed of as held for sale in the period in which they are available for immediate sale in their present condition and the sale is probable and expected to be completed within one year. The Company initially measures assets and liabilities held for sale at the lower of their carrying value or fair value less costs to sell and assesses their fair value quarterly until disposed. When the divestiture represents a strategic shift that has (or will have) a major effect on the Company's operations and financial results, the disposal is presented as a discontinued operation.

Recently Issued Accounting Pronouncements

Adopted

Government Assistance

In November 2021, the FASB issued guidance that increases the transparency of government assistance transactions. The guidance requires disclosure of (1) the types of assistance, (2) an entity's accounting for the assistance, and (3) the effect of the assistance on an entity's financial statements. The guidance was effective for annual periods beginning after December 15, 2021. The Company adopted this guidance on January 1, 2022 on a prospective basis. As government assistance transactions were not material, the adoption of this guidance had no impact on the Company's financial position, results of operations or cash flows, and resulted in no associated disclosures.

Divestitures	12 Months Ended
Divestitures	Dec. 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. For the year ended December 31, 2021, the Company recognized a pre-tax gain in its corporate operations of $400 million, net of the impact of foreign currency adjustments, based on the difference in cash proceeds received of $891 million less $543 million net book value of assets sold plus a $53 million receivable in connection with the sale where cash proceeds were received in September 2021. Termination of 767 Auto Leasing Agreement 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”) the option to acquire certain vehicles from Hertz at rates aligned with the rates at which Hertz sold vehicles to third parties where 767’s payment obligations were guaranteed by American Entertainment Properties Corp. ("AEPC"). 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. During the year ended December 31, 2021, 767 distributed $38 million to AEPC along with the return of certain vehicles, and there were no cash contributions from AEPC to 767. During the year ended December 31, 2020, 767 distributed $75 million to AEPC and there were no cash contributions from AEPC to 767, except for certain services. Sale of Marketable Securities In 2020, the Company sold marketable securities for $74 million and recognized an immaterial gain on the sale in its corporate operations, which was included in other (income) expense, net in the accompanying consolidated statement of operations for the year ended December 31, 2020. Sale of Non-vehicle Capital Assets In 2019, the Company completed the sale of certain non-vehicle capital assets in its Americas RAC segment. In 2020, the Company received additional cash from the sale and recognized an additional $20 million pre-tax gain on the sale, which was included in other (income) expense, net in the accompanying consolidated statement of operations for the year ended December 31, 2020.

Revenue Earning Vehicles

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue Earning Vehicles

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


	December 31,
(In millions)	2022		2021
Revenue earning vehicles	$	13,654	$	10,506
Less accumulated depreciation	(1,649)		(1,518)
	12,005		8,988
Revenue earning vehicles held for sale, net(1)	490		238
Revenue earning vehicles, net	$	12,495	$	9,226

(1) Represents the carrying amount of vehicles for sale on the Company's retail lots or actively in the process of being sold through other disposition channels.

Depreciation of revenue earning vehicles and lease charges, net includes the following:


	Years ended December 31,
(In millions)	2022		2021		2020
Depreciation of revenue earning vehicles	$	1,806	$	963	$	2,204
(Gain) loss on disposal of revenue earning vehicles	(1,125)		(502)		(213)
Rents paid for vehicles leased	20		36		$	39
Depreciation of revenue earning vehicles and lease charges, net	$	701	$	497	$	2,030

Goodwill and Intangible Assets, Net

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Recoverability of Goodwill and Indefinite-lived Intangible Assets

On an annual basis as of October 1, and at interim periods when circumstances require as a result of a triggering event as defined by ASC 350 - Intangibles, Goodwill and Other ("Topic 350"), the Company tests the recoverability of its goodwill and indefinite-lived intangible assets by performing an impairment analysis. An impairment is deemed to exist if the carrying value of goodwill or indefinite-lived intangible assets exceed their fair value as determined using level 3 inputs under the GAAP fair value hierarchy. The reviews of fair value involve judgment and estimates, including projected revenues, long-term growth rates, royalty rates and discount rates. The Company believes that its valuation techniques and assumptions are reasonable for this purpose.

The Company performed the goodwill impairment analyses using the income approach, a measurement using level 3 inputs under the U.S. GAAP fair value hierarchy. In performing the impairment analyses, the weighted-average cost of capital used in the discounted cash flow model was calculated based upon the fair value of the Company's debt and stock price with a debt-to-equity ratio comparable to the vehicle rental car industry. This present value model requires management to estimate future cash flows and forecasted EBITDA margins and capital investments of each reporting unit. The assumptions the Company used to estimate future cash flows and EBITDA margins are consistent with the assumptions that the reporting units use for internal planning purposes, which the Company believes would be generally consistent with that of a market participant. The discount rate used for each reporting unit ranged from 14.0% to 15.0%. Each of the Company's reporting units had a fair value that exceeded its respective carrying value, the lowest of which was greater than 25%.

The Company performed the intangible impairment analyses for indefinite-lived intangible assets using the relief-from-royalty income approach, a measurement using level 3 inputs under the U.S. GAAP fair value hierarchy. The Company considered consistent factors as described above related to goodwill in addition to royalty rates. The assumptions the Company uses to estimate royalty rates are consistent with the assumptions that the reporting units use for internal planning purposes, which the Company believes would be generally consistent with that of a market participant. The discount rate used for each indefinite-lived intangible ranged from 14.0% to 15.5%. All indefinite-lived intangibles were noted to have fair values that exceeded their carrying values, the lowest of which was greater than 25%.

Technology-related Intangible and Other Assets

Due to uncertainty surrounding the Company's financial ability to complete certain information technology projects as a result of COVID-19 and the filing of the Chapter 11 Cases, the Company concluded in the second quarter of 2020 that there was an impairment of such technology-related intangible assets and capitalized cloud computing implementation costs and recorded an impairment charge of $193 million in its corporate operations representing an impairment of the carrying value of the abandoned portion of such assets as of June 30, 2020.

Goodwill

The following summarizes the changes in the Company's goodwill by segment:


(In millions)	Americas RAC segment		International RAC segment		Total
Balance as of January 1, 2022
Goodwill	$	1,029	$	236	$	1,265
Accumulated impairment losses	—		(220)		(220)
	1,029		16		1,045
Goodwill disposal and other changes during the period	(1)		—		(1)
	(1)		—		(1)
Balance as of December 31, 2022
Goodwill	1,028		236		1,264
Accumulated impairment losses	—		(220)		(220)
	$	1,028	$	16	$	1,044


(In millions)	Americas RAC segment		International RAC segment		Total(1)
Balance as of January 1, 2021
Goodwill(1)	$	1,029	$	236	$	1,265
Accumulated impairment losses	—		(220)		(220)
	1,029		16		1,045
Goodwill disposal and other changes during the period	—		—		—
	—		—		—
Balance as of December 31, 2021
Goodwill	1,029		236		1,265
Accumulated impairment losses	—		(220)		(220)
	$	1,029	$	16	$	1,045

(1)Excludes goodwill of $36 million associated with Donlen that was classified as held for sale as of December 31, 2020. See Note 3, "Divestitures," for additional information.

Intangible Assets, Net

Intangible assets, net, consists of the following major classes:


	December 31, 2022
(In millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Amortizable intangible assets:
Customer-related	$	269	$	(269)	$	—
Concession rights	407		(405)		2
Technology-related intangibles	378		(312)		66
Other(1)	43		(42)		1
Total	1,097		(1,028)		69
Indefinite-lived intangible assets:
Tradenames(2)	2,794		—		2,794
Other(3)	24		—		24
Total	2,818		—		2,818
Total intangible assets, net	$	3,915	$	(1,028)	$	2,887


	December 31, 2021
(In millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Amortizable intangible assets:
Customer-related	$	269	$	(269)	$	—
Concession rights	408		(405)		3
Technology-related intangibles	359		(271)		88
Other(1)	48		(45)		3
Total	1,084		(990)		94
Indefinite-lived intangible assets:
Tradenames(2)	2,794		—		2,794
Other(3)	24		—		24
Total	2,818		—		2,818
Total intangible assets, net	$	3,902	$	(990)	$	2,912

(1) Other amortizable intangible assets primarily include reacquired franchise rights.

(2) As of December 31, 2022 and 2021, $2.2 billion was recorded in the Company's Americas RAC segment and $600 million in the Company's International RAC segment.

(3) Other indefinite-lived intangible assets primarily consist of reacquired franchise rights.


	Years Ended December 31,
(In millions)	2022		2021		2020
Amortization of intangible assets	$	45	$	88	$	96

The following table summarizes the Company's expected amortization expense based on its amortizable intangible assets as of December 31, 2022:


(In millions)
2023	$	29
2024	23
2025	12
2026	2
2027	1
After 2027	2
Total expected amortization expense	$	69

Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

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


Facility	Weighted-Average Interest Rate as of December 31, 2022	Fixed or Floating Interest Rate	Maturity	December 31, 2022		December 31, 2021
Non-Vehicle Debt
Term B Loan	7.34%	Floating	6/2028	$	1,281	$	1,294
Term C Loan	7.34%	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)	7.81%	Fixed	Various	9		16
Unamortized Debt Issuance Costs and Net (Discount) Premium				(58)		(69)
Total Non-Vehicle Debt				2,977		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)	5.79%	Floating	6/2024	2,363		2,813
HVF III Series 2021-A Class B(2)	3.65%	Fixed	6/2023	188		188
				2,551		3,001
HVF III U.S. Vehicle Medium Term Notes
HVF III Series 2021-1(2)	1.66%	Fixed	12/2024	2,000		2,000
HVF III Series 2021-2(2)	2.12%	Fixed	12/2026	2,000		2,000
HVF III Series 2022-1(2)	2.44%	Fixed	6/2025	750		—
HVF III Series 2022-2(2)	2.42%	Fixed	6/2027	652		—
HVF III Series 2022-3(2)	3.89%	Fixed	3/2024	383		—
HVF III Series 2022-4(2)	4.22%	Fixed	9/2025	667		—
HVF III Series 2022-5(2)	4.03%	Fixed	9/2027	317		—
				6,769		4,000
Vehicle Debt - Other
Repurchase Facility	6.17%	Fixed	1/2023	86		—


Facility	Weighted-Average Interest Rate as of December 31, 2022	Fixed or Floating Interest Rate	Maturity	December 31, 2022		December 31, 2021
European ABS(2)	3.21%	Floating	11/2024	811		395
Hertz Canadian Securitization(2)	6.24%	Floating	6/2024	283		191
Australian Securitization(2)	4.67%	Floating	4/2024	168		128
New Zealand RCF	7.12%	Floating	6/2024	54		39
U.K. Financing Facility	7.00%	Floating	1/2023-12/2026	101		98
U.K. Toyota Financing Facility	2.20%	Floating	1/2023-8/2023	49		9
Other Vehicle Debt	2.94%	Floating	1/2023-4/2025	76		93
				1,628		953
Unamortized Debt Issuance Costs and Net (Discount) Premium				(62)		(33)
Total Vehicle Debt				10,886		7,921
Total Debt				$	13,863	$	10,907

N/A - Not applicable

(1)Other non-vehicle debt is primarily comprised of $6 million and $12 million in finance lease obligations as of December 31, 2022 and 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

First Lien Credit Agreement

Pursuant to the Plan of Reorganization, on the Effective Date, Hertz entered into the First Lien Credit Agreement that provided for the following:

•Term B Loan for term loans in an aggregate principal amount of $1.3 billion;

•Term C Loan for term loans that are available to cash collateralize letters of credit in an aggregate principal amount of $245 million; and

•the First Lien RCF for revolving loans and letters of credit up to an aggregate principal amount of $1.3 billion.

Term B Loan and Term C Loan: The Term Loans bear interest based on an alternate base rate as per the First Lien Credit Agreement or adjusted LIBOR, in each case plus an applicable margin of (i) 2.25% in the case of the alternate base rate, or (ii) 3.25% in the case of the adjusted LIBOR. In each case, the margin may change depending on Hertz's consolidated total corporate leverage ratio, as defined in the First Lien Credit Agreement (the "Total Corporate Leverage Ratio"). The Term Loans include provisions for a transition to an alternative benchmark index other than LIBOR. The First Lien Credit Agreement requires the Term B Loan to be repaid in quarterly installments of $3.3 million per quarter beginning on September 30, 2021 until maturity. The Term Loans mature on June 30, 2028.

First Lien RCF: The First Lien RCF bears interest, at a benchmark rate plus spread. Loans under the facility are available in various currencies including USD, Eurodollar, Australian dollar, Canadian dollar and Sterling. Benchmark rates for the relevant currencies include, the relevant LIBOR rate, the Prime rate, the Bank Bill Swap Reference Bid Rate for Australian dollars, Canadian prime rate, an adjusted Canadian Dollar Offered Rate ("CDOR") or the Daily Simple Sterling Overnight Index Average ("SONIA"). ABR Loans and Canadian Prime Rate Loans, as defined under the First Lien Credit Agreement, bear interest at the relevant benchmark rate plus an initial applicable margin of 2.50%. The First Lien RCF includes provisions for a transition to an alternative benchmark

index other than LIBOR and in March 2022, the First Lien RCF was amended to change the benchmark from USD LIBOR to the Secured Overnight Financing Rate ("SOFR") based rate. The margin for Euro currency Loans (including USD loans), SONIA loans and Canadian dollar BA Equivalent Loans, as defined in the First Lien Credit Agreement, is dependent upon the Company's Consolidated Total Corporate Leverage Ratio, as defined under the First Lien Credit Agreement. As of December 31, 2022, that margin was 3.00%. In each case, the margin may change depending on Hertz’s Total Corporate Leverage Ratio. The First Lien RCF matures on June 30, 2026.

In March 2022, Hertz increased the aggregate committed amount of the First Lien RCF from $1.3 billion to $1.5 billion and the sublimit for letters of credit from $1.1 billion to $1.4 billion and amended the First Lien RCF to change the benchmark from USD LIBOR to the SOFR based rate.

In May 2022, Hertz increased the aggregate committed amount of the First Lien RCF from $1.5 billion to $1.7 billion and the sublimit for letters of credit from $1.4 billion to $1.6 billion.

In June 2022, Hertz increased the aggregate committed amount of the First Lien RCF from $1.7 billion to $1.9 billion and the sublimit for letters of credit from $1.6 billion to $1.8 billion.

In July 2022, Hertz increased the aggregate committed amount of the First Lien RCF by $55 million where the aggregate committed amount remains at $1.9 billion and the sublimit for letters of credit by $55 million where the aggregate sublimit remains at $1.8 billion.

2021 Senior Notes

In November 2021, Hertz issued $1.5 billion of unsecured senior notes consisting of $500 million Senior Notes Due 2026 and $1.0 billion Senior Notes Due 2029. The Senior Notes Due 2026 and the Senior Notes Due 2029 are Hertz's senior unsecured obligations and are guaranteed by each of Hertz’s direct and indirect U.S. subsidiaries that are guarantors under the First Lien Credit Agreement. Proceeds from the issuance of the Senior Notes Due 2026 and the Senior Notes Due 2029 were contributed to Hertz Global through a dividend distribution from Hertz to repurchase all outstanding shares of Hertz Global's Series A Preferred Stock. See Note 17, "Equity – Hertz Global."

Vehicle Debt

HVF III U.S. ABS Program

In June 2021, Hertz established a securitization platform, the HVF III U.S. ABS Program, to facilitate its financing activities relating to vehicles used by Hertz in the U.S. daily vehicle rental operations. HVF III, a wholly-owned, special-purpose and bankruptcy remote subsidiary of Hertz, is the issuer of variable funding notes and medium term notes under the HVF III U.S. ABS Program. HVF III entered into a base indenture that permits it to issue term and variable funding rental car asset-backed securities, secured by a collateral pool consisting primarily of the rental vehicles used in the Company's U.S. vehicle rental operations and the related incentive and repurchase program vehicle receivables. Within each series of HVF III U.S. Vehicle Medium Term Notes, the issued notes are subordinated based on class.

Pursuant to the Plan of Reorganization, in June 2021, HVF III issued Series 2021-A Variable Funding Rental Car Asset Backed Notes (the "Series 2021-A Notes"), the Series 2021-1 Fixed Rate Rental Car Asset Backed Notes (the "Series 2021-1 Notes") and the Series 2021-2 Fixed Rate Rental Car Asset Backed Notes (the "Series 2021-2 Notes" and, together with the Series 2021-A Notes and the Series 2021-1 Notes, the “HVF III Series 2021 Notes”).

In June 2021, in connection with the issuance of the HVF III Series 2021 Notes, Hertz entered into a new Master Motor Vehicle Operating Lease and Servicing Agreement (the “Operating Lease”) among HVF III, as lessor, Hertz, as a lessee, servicer and guarantor, DTG Operations, Inc., a wholly-owned subsidiary of the Company, as a lessee and other permitted lessees (together with Hertz and DTG Operations, Inc., the "Lessees"), pursuant to which HVF III will lease vehicles to the Lessees.

References to the "HVF III U.S. ABS Program" include HVF III's U.S. Vehicle Variable Funding Notes and HVF III's U.S. Vehicle Medium Term Notes.

HVF III U.S. Vehicle Variable Funding Notes

HVF III Series 2021-A Notes: In June 2021, Hertz issued the Series 2021-A Class A Notes with an initial maximum principal amount of up to $2.8 billion. In December 2021, Hertz issued the Series 2021-A Class B Notes with a maximum principal amount of up to $188 million. The HVF III Series 2021- A Notes had an original maturity date of June 2023.

In March 2022, an increase to the commitments for the Series 2021-A Notes was made, increasing the maximum principal amount that may be outstanding from $3.0 billion to $3.2 billion.

In May 2022, an increase to the commitments for the Series 2021-A Notes was made, increasing the maximum principal amount that may be outstanding from $3.2 billion to $3.6 billion.

In June 2022, an increase to the commitments for the Series 2021-A Notes was made, increasing the maximum principal amount that may be outstanding from $3.6 billion to $3.8 billion. Additionally, the maturity date of the Series 2021-A Notes Class A Notes was extended to June 2024.

In July 2022, an increase to the commitments for the Series 2021-A Notes was made, increasing the maximum principal amount that may be outstanding from $3.8 billion to $3.9 billion.

HVF III U.S. Vehicle Medium Term Notes

HVF III Series 2021-1 Notes: On the Effective Date, Hertz issued the Series 2021-1 Notes in four classes (Class A, Class B, Class C and Class D) in an aggregate principal amount of $2.0 billion.

HVF III Series 2021-2 Notes: On the Effective Date, Hertz issued the Series 2021-2 Notes in four classes (Class A, Class B, Class C and Class D) in an aggregate principal amount of $2.0 billion.

HVF III Series 2022-1 Notes: In January 2022, Hertz issued the Series 2022-1 Notes in four classes (Class A, Class B, Class C and Class D) in an aggregate principal amount of $750 million. At the time of issuance, Hertz, an affiliate of HVF III, purchased the Class D Notes in an aggregate principal amount of $98 million which were subsequently sold to third parties in July and August 2022.

HVF III Series 2022-2 Notes: In January 2022, Hertz issued the Series 2022-2 Notes in four classes (Class A, Class B, Class C and Class D) in an aggregate principal amount of $750 million. At the time of issuance, Hertz purchased the Class D Notes in an aggregate principal amount of $98 million.

HVF III Series 2022-3 Notes: In March 2022, Hertz issued the Series 2022-3 Notes in four classes (Class A, Class B, Class C and Class D) in an aggregate principal amount of $383 million. At the time of issuance, Hertz purchased the Class D Notes in an aggregate principal amount of $50 million which were subsequently sold to third parties in July 2022.

HVF III Series 2022-4 Notes: In March 2022, Hertz issued the Series 2022-4 Notes in four classes (Class A, Class B, Class C and Class D) in an aggregate principal amount of $667 million. At the time of issuance, Hertz purchased the Class D Notes in an aggregate principal amount of $87 million which were subsequently sold to third parties in August 2022.

HVF III Series 2022-5 Notes: In March 2022, Hertz issued the Series 2022-5 Notes in four classes (Class A, Class B, Class C and Class D) in an aggregate principal amount of $364 million. At the time of issuance, Hertz purchased the Class D Notes in an aggregate principal amount of $47 million.

There is subordination within each of the preceding series based on class.

HVF III Various Series 2022 Class D Notes: At the time of the respective HVF III initial offerings disclosed above, Hertz purchased the Class D Notes. Accordingly, the related principal amounts below are eliminated in consolidation as of December 31, 2022.


(In millions)	Aggregate Principal Amount
HVF III Series 2022-2 Class D Notes	98
HVF III Series 2022-5 Class D Notes	47
Total	$	145

Vehicle Debt-Other

Repurchase Facility

In June 2022, Hertz entered the Repurchase Facility, whereby Hertz may sell the HVF III Series 2022 Class D Notes to the Repurchase Facility counterparty and repurchase such notes from time to time. Transactions occurring under the Repurchase Facility are based on mutually agreeable terms and prevailing rates. As of December 31, 2022, transactions totaling $86 million were outstanding under the Repurchase Facility and such transactions bear interest at a rate of SOFR plus 185 basis points and have a 30-day tenor.

European ABS

The European ABS is the primary vehicle financing facility for the Company's vehicle rental operations in France, the Netherlands, Germany and Spain. The lenders under the European ABS have been granted a security interest in the owned rental vehicles used in the Company's vehicle rental operations in these countries and certain contractual rights related to such vehicles.

In April 2021, International Fleet Financing No. 2 BV ("IFF No. 2") entered into a comprehensive restructuring of the European ABS. The terms of the restructured European ABS provide for aggregate maximum borrowings of €450 million and extend the maturity to April 2022.

In December 2021, the European ABS was amended to increase the aggregate maximum borrowings to €750 million and to extend the maturity to October 2023. In connection with the amendment, Hertz entered into a performance guarantee with respect to certain obligations of certain of its subsidiaries in their capacities as lessees, servicers and administrators under the European ABS.

In December 2022, the European ABS was amended to (i) increase the aggregate maximum borrowings to €1.1 billion, (ii) extend the maturity to November 2024, and (iii) incorporate the Italian fleet within the European ABS financing structure. In connection with the amendment, the Hertz performance guarantee was amended to accommodate certain obligations of its Italian subsidiaries in their capacities as lessees, servicers and administrators under the amended European ABS.

Hertz Canadian Securitization

In January 2021, TCL Funding Limited Partnership, a bankruptcy remote, indirect, wholly-owned, special purpose subsidiary of Hertz, entered into the Funding LP Series 2021-A Notes which provide for aggregate maximum borrowings of CAD$350 million on a revolving basis, subject to availability under the borrowing base limitation.

In June 2022, the Hertz Canadian Securitization was amended to provide for aggregate maximum borrowings of CAD$450 million, for a seasonal commitment period through November 2022. Following the expiration of the seasonal commitment period, aggregate maximum borrowings reverted to CAD$350 million. Additionally, the Hertz

Canadian Securitization was amended to extend the maturity of the aggregate maximum borrowings of CAD$350 million to June 2024.

In December 2022, Hertz Canadian Securitization was amended to provide for aggregate maximum borrowings of CAD$390 million, for a temporary commitment period through April 2023. Following the expiration of the temporary commitment period, aggregate maximum borrowings will revert to CAD$350 million.

Australian Securitization

HA Fleet Pty Limited, an indirect wholly-owned subsidiary of Hertz, is the issuer under the Australian Securitization. The Australian Securitization is the primary fleet financing facility for Hertz's vehicle rental operations in Australia. The lender under the Australian Securitization has been granted a security interest primarily in the owned rental vehicles used in its vehicle rental operations in Australia and certain contractual rights related to such vehicles.

In June 2021, the Australian Securitization was amended to provide for aggregate maximum borrowings of AUD$210 million and extended the maturity to April 2022.

In January 2022, the Australian Securitization was amended to increase the aggregate maximum borrowings to AUD$250 million and to extend the maturity to April 2024.

New Zealand RCF

Hertz New Zealand Holdings Limited, an indirect wholly-owned subsidiary of Hertz, is the borrower under a credit agreement that provides for aggregate maximum borrowings on a revolving basis under an asset-based revolving credit facility (the “New Zealand RCF”). The New Zealand RCF is the primary vehicle financing facility for its vehicle rental operations in New Zealand.

In May 2021, Hertz New Zealand Holdings Limited, an indirect, wholly-owned subsidiary of Hertz, amended its credit agreement to provide for aggregate maximum borrowings of NZD$60 million and to extend the maturity to June 2022.

In April 2022, Hertz New Zealand Holdings Limited, an indirect, wholly-owned subsidiary of Hertz, amended its credit agreement to extend the maturity to June 2024.

In October 2022, Hertz New Zealand Holdings Limited amended its credit agreement to provide for aggregate maximum borrowings up to NZD$85 million, for a seasonal commitment period through March 2023. Following the expiration of the seasonal commitment period, aggregate maximum borrowings will revert to NZD$60 million.

U.K. Financing Facility

In April 2021, a comprehensive restructuring of the U.K. Financing Facility was executed to provide for aggregate maximum borrowings of £100 million and to extend the maturity to April 2022.

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 reverted 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 May 2021, Hertz U.K. Limited entered into the U.K. Toyota Financing Facility to finance the acquisition of certain motor vehicles which provides for aggregate maximum borrowings of £10 million maturing, upon extension, in June 2022.

In March 2022, Hertz U.K. Limited amended the U.K. Toyota Financing Facility to increase aggregate maximum borrowings to £25 million and extended the maturity to October 2022.

In July 2022, Hertz U.K. Limited amended the U.K. Toyota Financing Facility to increase aggregate maximum borrowings from £25 million to £42 million and extended the maturity to June 2023.

Loss on Extinguishment of Debt

The Company incurred losses in the form of early redemption premiums and/or the write-off of deferred financing costs associated with certain redemptions, terminations and waiver agreements. Loss on extinguishment of debt is presented in interest expense, net in the accompanying consolidated statements of operations for the years ended December 31, 2022 and 2020. For the year ended December 31, 2021, loss on extinguishment of debt is presented in reorganization items, net, unless otherwise noted in the table below, in the accompanying consolidated statements of operations. There were no losses on extinguishment of debt recognized for the year ended December 31, 2022.

The following table reflects the amount of loss for each respective redemption/termination:


	Years Ended December 31,
Redemption/Termination (in millions)	2021(1)		2020
Non-Vehicle Debt
HIL Credit Agreement(2)	$	8	$	—
Second HIL Credit Agreement	5		—
Total Non-Vehicle Debt	13		—
Non-Vehicle Debt (subject to compromise)
Senior Term Loan	16		—
Senior RCF	22		—
Senior Notes	29		—
Senior Second Priority Secured Notes	4		—
Promissory Notes	2		—
Alternative Letter of Credit Facility	7		—
Letter of Credit Facility	8		—
Total Non-Vehicle Debt (subject to compromise)	88		—
Vehicle Debt
HVF II U.S. Vehicle Variable Funding Notes	9		—
HVF II U.S. Vehicle Medium Term Notes	39		—
HVIF II Series 2020-1	21		—
European Vehicle Notes	29		—
European ABS	—		5
Total Vehicle Debt	98		5
Total Loss on Extinguishment of Debt	$	199	$	5

(1) On June 10, 2021, the Plan of Reorganization was confirmed by the Bankruptcy Court and the Company emerged from Chapter 11. In accordance with the Plan of Reorganization, substantially all existing non-vehicle debt and all existing ABS facilities under the HVF II U.S. ABS Program and the HVIF U.S. ABS Program were repaid in full and cancelled.

(2) The loss on extinguishment is recorded in non-vehicle interest expense, net in the accompanying consolidated income statement for the year ended December 31, 2021.

Maturities

As of December 31, 2022, the nominal amounts of maturities of debt for each of the years ending December 31 are as follows:


(In millions)	2023		2024		2025		2026		2027		After 2027
Non-Vehicle Debt	$	20	$	15	$	13	$	513	$	13	$	2,461
Vehicle Debt	657		5,875		1,430		2,016		970		—
Total	$	677	$	5,890	$	1,443	$	2,529	$	983	$	2,461

The Company has reviewed its debt facilities and determined that it is probable that the Company will be able, and has the intent, to refinance these facilities at such times as the Company determines appropriate prior to their respective maturities.

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 December 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	$	1,514	$	1,514
Total Non-Vehicle Debt	1,514		1,514
Vehicle Debt
HVF III Series 2021-A	1,357		—
European ABS	357		—
Hertz Canadian Securitization	4		—

U.K. Financing Facility	19		—
U.K. Toyota Financing Facility	2		—

Total Vehicle Debt	1,739		—
Total	$	3,253	$	1,514

Letters of Credit

As of December 31, 2022, there were outstanding standby letters of credit totaling $691 million comprised primarily of $431 million issued under the First Lien RCF and $245 million issued under the Term C Loan. As of December 31, 2022, no capacity remains to issue additional 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 December 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 consolidated financial statements. As of December 31, 2022 and 2021, IFF No. 2 had total assets of $1.3 billion and $734 million, respectively, comprised primarily of intercompany receivables, and total liabilities of $1.3 billion 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. This financial covenant was effective beginning in the third quarter of 2021. As of December 31, 2022, Hertz was in compliance with the First Lien Ratio.

In addition to the financial covenant, the First Lien Credit Agreement contains customary affirmative covenants including, among other things, the delivery of quarterly and annual financial statements and compliance certificates, and covenants related to conduct of business, maintenance of property and insurance, compliance with environmental laws and the granting of security interest for the benefit of the secured parties under that agreement on after-acquired real property, fixtures and future subsidiaries. The First Lien Credit Agreement also contains customary negative covenants, including, among other things, restrictions on the incurrence of liens, indebtedness, asset dispositions and restricted payments. As of December 31, 2022, the Company was in compliance with all covenants in the First Lien Credit Agreement.

Accrued Interest

As of December 31, 2022 and 2021, accrued interest was $19 million and $12 million, respectively, which is included in accrued liabilities in the accompanying consolidated balance sheets.

Restricted Net Assets

As a result of the contractual restrictions on Hertz and certain of its subsidiaries' ability to pay dividends (directly or indirectly) under various terms of its debt, as of December 31, 2022, the restricted net assets of the subsidiaries of Hertz and Hertz Global exceed 25% of their total consolidated net assets, respectively.

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.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Employee Retirement Benefits

Employee Retirement Benefits

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

The Company sponsors multiple domestic and international employee retirement benefit plans where benefits are based upon years of service and compensation. The Hertz Corporation Account Balance Defined Benefit Pension Plan (the “Hertz Retirement Plan”) is a U.S. cash balance plan, which was amended in 2014 to permanently discontinue future benefit accruals and participation under the plan for non-union employees. The majority of union employees have since discontinued participation in the Hertz Retirement Plan as the result of collective bargaining. Some of the Company’s international subsidiaries have defined benefit retirement plans or participate in various insured or multiemployer plans. In certain countries, when the subsidiaries make the required funding payments, they have no further obligations under such plans. The Company's benefit plans are generally funded, except for certain non-qualified U.S. defined benefit plans and in Germany, France and Italy, where unfunded liabilities are recorded. The Company also sponsors defined contribution plans for certain eligible U.S. and non-U.S. employees, where contributions are matched based on specific guidelines in the plans. Additionally, the Company sponsors postretirement health care and life insurance benefits for a limited number of employees with hire dates prior to January 1, 1990.

Management makes certain assumptions relating to discount rates, salary growth, long-term return on plan assets, retirement rates, mortality rates and other factors when determining amounts to be recognized. These assumptions are reviewed annually by management, assisted by the enrolled actuary, and updated as warranted. The Company uses a December 31 measurement date for all of the plans and utilizes fair value to calculate the market-related value of pension assets for purposes of determining the expected return on plan assets and accounting for asset gains and losses.

Actual results that differ from the Company's assumptions are accumulated and amortized over future periods and, therefore, significant differences in actual experience or significant changes in assumptions would affect the Company's pension costs and obligations. The Company recognizes an asset for each over-funded plan and a liability for each underfunded plan in the consolidated balance sheets. Pension plan liabilities are revalued annually based on updated assumptions and information about the individuals covered by the plan. For pension plans, if accumulated actuarial gains and losses are in excess of a 10 percent corridor, the excess is amortized on a straight-line basis over the average remaining service period of active participants. Prior service cost is amortized on a straight-line basis from the date recognized over the average remaining service period of active participants, when applicable.

The following tables set forth the funded status and the net periodic pension cost of the Hertz Retirement Plan and other U.S. based retirement plans, other postretirement benefit plans including health care and life insurance plans covering domestic (i.e., U.S.) employees and the retirement plans for international operations (“Non-U.S.”), together with amounts included in the accompanying consolidated balance sheets and statements of operations:


	Pension Benefits								Postretirement
	U.S.				Non-U.S.				Benefits (U.S.)
(In millions)	2022		2021		2022		2021		2022		2021
Change in Benefit Obligation
Benefit obligation as of January 1	$	465	$	522	$	307	$	340	$	12	$	12
Service cost	—		—		1		1		—		—
Interest cost	16		12		5		4		—		1


Plan settlements	(24)		(26)		(5)		(6)		(1)		—
Benefits paid	(3)		(27)		(5)		(5)		(1)		(1)
Foreign currency exchange rate translation	—		—		(27)		(7)		—		—
Actuarial (gain) loss	(83)		(16)		(104)		(20)		(2)		—
Benefit obligation as of December 31	$	371	$	465	$	172	$	307	$	8	$	12
Change in Plan Assets
Fair value of plan assets as of January 1	$	468	$	488	$	255	$	258	$	—	$	—
Actual return gain on plan assets	(103)		9		(91)		4		—		—
Company contributions	—		24		2		5		1		1
Plan settlements	(24)		(26)		(5)		(6)		—		—
Benefits paid	(3)		(27)		(5)		(5)		(1)		(1)
Foreign currency exchange rate translation	—		—		(25)		(1)		—		—
Fair value of plan assets as of December 31	$	338	$	468	$	131	$	255	$	—	$	—
Funded Status of the Plan
Plan assets (less than) in excess of the benefit obligation	$	(33)	$	3	$	(41)	$	(52)	$	(8)	$	(12)

In 2022, discount rates increased, resulting in actuarial gains for the U.S. and Non-U.S. pension and postretirement plans, partially offset by census data updates and experience.

In 2021, discount rates increased, resulting in actuarial gains for the U.S. and Non-U.S. pension and postretirement plans. In addition, the Non-U.S. pension plans were revalued on new census data in 2021 resulting in an additional gain, which was mostly offset by a loss from an increase in the inflation assumption.


	Pension Benefits												Postretirement
	U.S.						Non-U.S.						Benefits (U.S.)
($ in millions)	2022			2021			2022			2021			2022			2021
Amounts recognized in balance sheets:
Prepaid expenses and other assets	$	—		$	3		$	12		$	30		$	—		$	—
Accrued liabilities	(33)			—			(53)			(82)			(8)			(12)
Net asset (obligation) recognized in the balance sheets	$	(33)		$	3		$	(41)		$	(52)		$	(8)		$	(12)

Prior service credit	$	—		$	—		$	(1)		$	(2)		$	—		$	—
Net gain (loss)	(58)			(28)			(56)			(72)			2			—
Accumulated other comprehensive income (loss)	(58)			(28)			(57)			(74)			2			—
Funded/(Unfunded) accrued pension or postretirement benefit	25			31			16			22			(10)			(12)
Net obligation recognized in the balance sheets	$	(33)		$	3		$	(41)		$	(52)		$	(8)		$	(12)

Total recognized in other comprehensive (income) loss	$	29		$	(20)		$	(17)		$	(21)		$	(2)		$	(1)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$	35		$	(14)		$	(15)		$	(20)		$	(2)		$	(1)
Accumulated Benefit Obligation as of December 31	$	371		$	465		$	171		$	306		N/A			N/A

Weighted-average assumptions as of December 31
Discount rate	5.4		%	2.7		%	4.7		%	1.7		%	4.6		%	2.2		%
Expected return on assets	6.0		%	4.5		%	5.2		%	3.0		%	N/A			N/A
Average rate of increase in compensation	—		%	4.3		%	2.1		%	2.1		%	N/A			N/A
Interest crediting rate	3.8		%	3.8		%	N/A			N/A			N/A			N/A
Initial health care cost trend rate	N/A			N/A			N/A			N/A			6.1		%	5.6		%
Ultimate health care cost trend rate	N/A			N/A			N/A			N/A			4.0		%	4.0		%
Number of years to ultimate trend rate	N/A			N/A			N/A			N/A			24			25

N/A - Not applicable

The discount rate used to determine the December 31, 2022 and 2021 benefit obligations for U.S. pension plans was based on the rate from the Mercer Pension Discount Curve-Above Mean Yield that is appropriate for the duration of the Company's plan liabilities. For its plans outside the U.S., the discount rate reflected the market rates for an optimized subset of high-quality corporate bonds currently available with the discount rate in a country determined based on a yield curve constructed from high quality corporate bonds in that country. The rate selected from the yield curve has a duration that matches its plan.

The expected return on plan assets for each funded plan is based on expected future investment returns considering the target investment mix of plan assets.

The following table sets forth the net periodic pension and postretirement (including health care, life insurance and auto) expense charged to net income (loss). The components of net periodic pension expense (benefit), other than service cost, were included in other (income) expense, net in the accompanying consolidated statements of operations.


	Pension Benefits																		Postretirement Benefits (U.S.)
	U.S.									Non-U.S.
	Years Ended December 31,
($ in millions)	2022			2021			2020			2022			2021			2020			2022			2021			2020
Components of Net Periodic Pension and Postretirement Expense (Benefit)
Service cost	$	—		$	—		$	—		$	1		$	1		$	1		$	—		$	—		$	—
Interest cost	16			12			15			5			4			5			—			1			—
Expected return on plan assets	(14)			(18)			(20)			(7)			(7)			(7)			—			—			—
Net amortizations	—			—			2			1			2			1			—			—			—
Settlement loss	4			12			9			2			1			2			(1)			—			—
Net pension and postretirement expense (benefit)	$	6		$	6		$	6		$	2		$	1		$	2		$	(1)		$	1		$	—
Weighted-average discount rate for expense (January 1)	2.7		%	2.2		%	3.1		%	1.7		%	1.4		%	1.9		%	2.2		%	1.9		%	3.2		%
Weighted-average assumed long-term rate of return on assets (January 1)	4.5		%	4.5		%	4.8		%	3.0		%	3.0		%	3.2		%	N/A			N/A			N/A
Weighted-average interest crediting rate for expense	3.8		%	3.8		%	3.8		%	N/A			N/A			N/A			N/A			N/A			N/A
Initial health care cost trend rate	N/A			N/A			N/A			N/A			N/A			N/A			5.6		%	5.5		%	5.8		%
Ultimate health care cost trend rate (rate to which cost trend is expected to decline)	N/A			N/A			N/A			N/A			N/A			N/A			4.0		%	4.5		%	4.5		%
Number of years to ultimate trend rate	N/A			N/A			N/A			N/A			N/A			N/A			24			25			18

N/A - Not applicable

The net of tax loss in accumulated other comprehensive income (loss) as of December 31, 2022 and 2021 relating to pension benefits of the Hertz Retirement Plan was $92 million and $88 million, respectively.

The provisions charged to net income (loss) for the years ended December 31, 2022, 2021 and 2020 for all other pension plans were approximately $6 million, $5 million and $6 million, respectively.

The provisions charged to net income (loss) for the years ended December 31, 2022, 2021 and 2020 for the defined contribution plans were approximately $20 million, $16 million and $11 million, respectively.

Plan Assets

The Company has a long-term investment outlook for the assets held in the Company sponsored plans, which is consistent with the long-term nature of each plan's respective liabilities. The Company has two major plans which reside in the U.S. and the United Kingdom.

The U.S. Plan

The U.S. Plan (the “Plan”) has a target asset allocation mix of 70% in investments intended to hedge the impact of capital market movements ("Immunizing Portfolio Investments"), comprised primarily of fixed income securities, and 30% in investments intended to earn more than the pension liability growth over the long-term ("Growth Portfolio Investments"). The Growth Portfolio Investments are primarily invested in passively managed equity funds, international and emerging market funds that are actively managed and non-investment grade fixed income funds. The overall strategy and the Immunizing Portfolio Investments are managed by professional investment managers. The investments within these asset classes are diversified in order to minimize the risk of large losses. The Plan assumes a 6.0% expected long-term annual weighted-average rate of return on assets.

The fair value measurements of the Company's U.S. pension plan assets are based upon inputs that reflect quoted prices for identical assets or liabilities in active markets that are observable (Level 1) and significant observable inputs (Level 2) that reflect quoted prices for similar assets or liabilities in active markets. The fair value measurements of the U.S. pension plan assets relate to common collective trusts and other pooled investment vehicles consisting of the following asset categories:


(In millions)	December 31, 2022						December 31, 2021
Asset Category	Level 1		Level 2		Measured at NAV(1)		Level 1		Level 2		Measured at NAV(1)
Cash	$	8	$	—	$	—	$	5	$	—	$	—
Short Term Investments	—		31		—		—		27		—
Equity Funds(2):
U.S. Large Cap	—		40		—		—		59		—

U.S. Small Cap	—		5		—		—		7		—
International Large Cap	—		19		—		—		28		—
International Small Cap	—		4		—		—		5		—
International Emerging Markets	—		5		4		—		6		6

Fixed Income Securities:
U.S. Treasuries	—		—		—		—		24		—
Corporate Bonds	—		161		29		—		247		—
Government Bonds	—		4		—		—		12		—
Municipal Bonds	—		6		—		—		10		—

Derivatives - Interest Rate	—		1		—		3		2		—

Non-Investment Grade Fixed Income(2)	—		21		—		—		27		—
Total fair value of pension plan assets	$	8	$	297	$	33	$	8	$	454	$	6

(1) Includes certain investments where the fair value measurement utilizes the net asset value ("NAV") and as such, are not classified in the fair value levels above.

(2) The Level 2 investments relate to investment funds that publish daily NAV per unit. The daily NAV is available to participants in the funds and redemptions can be made daily at the current NAV. The fair value and units are determined and published and are the basis for current transactions. The investments are not eligible for the NAV practical expedient. However, they are measured at the published NAV because the quoted NAV per unit represents the price at which the investment would be sold in a transaction between independent market participants.

The U.K. Plan

The Company's United Kingdom defined benefit pension plan (the "U.K. Plan") has a target allocation of 25% actively managed diversified growth and multi-asset credit funds, 8% passive equity funds and 67% protection portfolio that consists of liability driven investments, Sterling liquidity fund and United Kingdom corporate bonds. The actively managed diversified growth and multi-asset credit funds are intended to deliver a long-term equity-like return but with reduced levels of volatility. The protection portfolio is designed to partially hedge the interest rate and inflation expectation exposure of the liabilities which are measured on a local regulatory basis. The amount that is required to be invested in each fund to maintain target hedge ratios will vary over time as the value of the liabilities

change and the allocations within the protection portfolio will be allowed to vary accordingly. All of the invested assets of the U.K. Plan are held via pooled funds managed by professional investment managers. The U.K. Plan assumes a 5.2% expected long-term weighted-average rate of return on assets for the Plan in total.

The Company's U.K. Plan comprises $126 million of the $131 million in fair value of Non-U.S. plan assets as of December 31, 2022 and comprises $248 million of the $255 million in fair value of Non-U.S. plan assets as of December 31, 2021. The fair value measurements of the Company's U.K. Plan assets are based upon inputs that reflect quoted prices for identical assets or liabilities in active markets that are observable (Level 1) and significant observable inputs that reflect quoted prices for similar assets or liabilities in active markets (Level 2). The fair value measurements of the U.K. Plan assets relate to common collective trusts and other pooled investment vehicles consisting of the following asset categories:


(In millions)	December 31, 2022						December 31, 2021
Asset Category	Level 1		Level 2		Measured at NAV(1)		Level 1		Level 2		Measured at NAV(1)
Actively Managed Multi-Asset Funds:
Diversified Growth Funds(2)	$	11	$	—	$	—	$	—	$	37	$	—
Multi Asset Credit	—		—		21		—		—		38
Passive Equity Funds:
U.K. Equities(2)	4		—		—		—		12		—
Overseas Equities(2)	5		—		—		—		14		—
Passive Bond Funds:
Corporate Bonds	4		—		—		—		27		—
Liability Driven Investments(2)	76		—		—		—		96		—
Liquidity Fund	5		—		—		24		—		—
Total fair value of pension plan assets	$	105	$	—	$	21	$	24	$	186	$	38

(1) Includes certain investments where the fair value measurement utilizes NAV and as such, are not classified in the fair value levels above.

Contributions

The Company's policy for funded plans is to contribute annually, at a minimum, amounts required by applicable laws, regulations and union agreements. From time to time, the Company makes contributions beyond those legally required. In 2022 and 2021, the Company did not make any cash contributions to its U.S. qualified pension plan.

In 2022, the Company made no contributions to its U.S. non-qualified pension plans. In 2021, the Company made $24 million of contributions to its U.S. non-qualified pension plans. In 2022, the Company made no discretionary contributions to its U.K. Plan. In 2021, the Company made discretionary contributions of $3 million to its U.K. Plan.

The Company does not anticipate contributing to the U.S. qualified pension plan during 2023. The Company anticipates contributing approximately $1 million to the U.K. Plan and approximately $2 million to its other international plans during 2023. The level of 2023 and future contributions will vary, and is dependent on a number of factors including investment returns, interest rate fluctuations, plan demographics, funding regulations and the results of the final actuarial valuation.

Estimated Future Benefit Payments

The following table presents estimated future benefit payments:


(In millions)	Pension Benefits		Postretirement Benefits (U.S.)
2023	$	32	$	1
2024	34		1
2025	36		1
2026	39		1
2027	40		1
2027 to 2031	213		2
	$	394	$	7

Multiemployer Pension Plans

The Company contributes to several multiemployer defined benefit pension plans under collective bargaining agreements that cover certain of its union-represented employees. The risks of participating in such plans are different from the risks of a single-employer plan, in the following respects:

a) Assets contributed to a multiemployer plan by one employer may be used to provide benefits to employees of other participating employers.

b) If a participating employer ceases to contribute to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.

c) If the Company ceases to have an obligation to contribute to the multiemployer plan in which the Company had been a contributing employer, the Company may be required to pay to the plan an amount based on the underfunded status of the plan and on the history of its participation in the plan prior to the cessation of its obligation to contribute. The amount that an employer that has ceased to have an obligation to contribute to a multiemployer plan is required to pay to the plan is referred to as a withdrawal liability.

Amounts accrued for benefit payments under the Company's multiemployer pension plans of $20 million represent the net present value of projected liabilities as of December 31, 2022. The Company's participation in multiemployer plans is outlined in the table below. For plans that are not individually significant to the Company, the total amount of contributions is presented in the aggregate.


	EIN /Pension Plan Number	Pension Protection Act Zone Status		FIP / RP Status Pending /Implemented(1)	Contributions by The Hertz Corporation (In millions)						Surcharge Imposed	Expiration Dates of Collective Bargaining Agreements
Pension Fund		2022	2021		2022		2021		2020
Western Conference of Teamsters	91-6145047	Green	Green	N/A	$	5	$	4	$	5	N/A	09/30/2024
Other Plans					—		1		2
Total Contributions					$	5	$	5	$	7

N/A Not applicable

(1) Indicates whether a Funding Improvement Plan, as required under the Code to be adopted by plans in the “yellow” zone, or a Rehabilitation Plan, as required under the Code to be adopted by plans in the “red” zone, is pending or has been implemented as of the end of the plan year that ended in 2022.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI https://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920