0001657853-23-000075 | 10-Q | XBRL Viewer | Hertz Global Holdings INC

$ 728

$ 943

Total cash and cash equivalents and restricted cash and cash equivalents

514

475

1,242

1,418

1,034

974

980

1,155

15,746

14,281

(1,888)

(1,786)

13,858

12,495

642

637

2,067

1,887

2,882

2,887

1,044

^[1]

23,749

22,497

720

657

926

911

173

170

14,764

13,863

Public Warrants

735

617

1,977

1,802

457

472

1,223

1,360

^[1]

20,975

19,852

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

Common stock, $0.01 par value, 479,114,852 and 478,914,062 shares issued, respectively, and 317,948,320 and 323,483,178 shares outstanding, respectively

Treasury stock, at cost, 161,166,532 and 155,430,884 common shares, respectively

(3,237)

(3,136)

6,346

6,326

(60)

(256)

(280)

(294)

2,774

2,645

23,749

22,497

167

11,789

10,886

Non Vehicle Debt

553

578

2,975

2,977

ASSETS

216

180

136

111

Non-vehicle

ASSETS

298

295

898

863

The Hertz Corporation

ASSETS

728

943

Total cash and cash equivalents and restricted cash and cash equivalents

514

475

1,242

1,418

1,034

974

979

1,154

15,746

14,281

(1,888)

(1,786)

13,858

12,495

642

637

2,067

1,887

2,882

2,887

1,044

^[2]

23,748

22,496

720

657

922

890

172

170

14,764

13,863

1,977

1,802

457

472

1,226

1,363

^[2]

20,238

19,217

Common stock, $0.01 par value, 479,114,852 and 478,914,062 shares issued, respectively, and 317,948,320 and 323,483,178 shares outstanding, respectively

4,747

4,844

(957)

(1,271)

(280)

(294)

3,510

3,279

The Hertz Corporation | Variable Interest Entity, Primary Beneficiary

23,748

22,496

1,400

1,300

The Hertz Corporation | Vehicles

1,400

1,300

ASSETS

216

180

136

111

167

The Hertz Corporation | Non-vehicle

11,789

10,886

ASSETS

298

295

898

863

553

578

$ 2,975

$ 2,977

[1]

Hertz Global Holdings, Inc.'s consolidated total assets as of March 31, 2023 and December 31, 2022 include total assets of variable interest entities (“VIEs”) of $1.4 billion and $1.3 billion, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of March 31, 2023 and December 31, 2022 include total liabilities of VIEs of $1.4 billion and $1.3 billion, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing" in Note 5, "Debt," for further information.

[2]

The Hertz Corporation's consolidated total assets as of March 31, 2023 and December 31, 2022 include total assets of VIEs of $1.4 billion and $1.3 billion, respectively, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of March 31, 2023 and December 31, 2022 include total liabilities of VIEs of $1.4 billion and $1.3 billion, respectively, for which the creditors of the VIEs have no recourse to The Hertz Corporation. See "Pledges Related to Vehicle Financing" in Note 5, "Debt," for further information.

HGH - CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	479,114,852	478,914,062
Common stock, shares outstanding (in shares)	317,948,320	323,483,178
Treasury stock, common (in shares)	161,166,532	155,430,884
Preferred stock, $0.01 par value, no shares issued and outstanding	$ 0	$ 0
Non-vehicle
Accounts receivable, allowance for credit loss	$ 42	$ 45
The Hertz Corporation
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	100	100
Common stock, shares outstanding (in shares)	100	100
The Hertz Corporation \| Non-vehicle
Accounts receivable, allowance for credit loss	$ 42	$ 45

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

Mar. 31, 2023

Dec. 31, 2022

ASSETS

$ 728

$ 943

Total cash and cash equivalents and restricted cash and cash equivalents

514

475

1,242

1,418

1,034

974

980

1,155

15,746

14,281

(1,888)

(1,786)

13,858

12,495

642

637

2,067

1,887

2,882

2,887

1,044

^[1]

23,749

22,497

720

657

926

911

173

170

14,764

13,863

1,977

1,802

457

472

1,223

1,360

^[1]

20,975

19,852

Common stock, $0.01 par value, 479,114,852 and 478,914,062 shares issued, respectively, and 317,948,320 and 323,483,178 shares outstanding, respectively

6,346

6,326

(60)

(256)

(280)

(294)

2,774

2,645

23,749

22,497

ASSETS

216

180

136

111

Non-vehicle

ASSETS

298

295

898

863

The Hertz Corporation

ASSETS

728

943

Total cash and cash equivalents and restricted cash and cash equivalents

514

475

1,242

1,418

1,034

974

979

1,154

15,746

14,281

(1,888)

(1,786)

13,858

12,495

642

637

2,067

1,887

2,882

2,887

1,044

^[2]

23,748

22,496

720

657

922

890

172

170

14,764

13,863

1,977

1,802

457

472

1,226

1,363

^[2]

20,238

19,217

Common stock, $0.01 par value, 479,114,852 and 478,914,062 shares issued, respectively, and 317,948,320 and 323,483,178 shares outstanding, respectively

4,747

4,844

(957)

(1,271)

(280)

(294)

3,510

3,279

The Hertz Corporation | Variable Interest Entity, Primary Beneficiary

23,748

22,496

1,400

1,300

The Hertz Corporation | Vehicles

1,400

1,300

ASSETS

216

180

136

111

167

The Hertz Corporation | Non-vehicle

11,789

10,886

ASSETS

298

295

898

863

553

578

$ 2,975

$ 2,977

[1]

[2]

THC - CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	479,114,852	478,914,062
Common stock, shares outstanding (in shares)	317,948,320	323,483,178
Non-vehicle
Accounts receivable, allowance for credit loss	$ 42	$ 45
The Hertz Corporation
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	3,000	3,000
Common stock, shares issued (in shares)	100	100
Common stock, shares outstanding (in shares)	100	100
The Hertz Corporation \| Non-vehicle
Accounts receivable, allowance for credit loss	$ 42	$ 45

HGH - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Revenues	$ 2,047	$ 1,810
Expenses:
Direct vehicle and operating	1,221	1,053
Depreciation of revenue earning vehicles and lease charges, net	381	(59)
Non-vehicle depreciation and amortization	35	33
Selling, general and administrative	221	235
Interest expense, net	162	44
Other (income) expense, net	9	(2)
(Gain) loss from the sale of a business	(162)	0
Change in fair value of Public Warrants	118	(50)
Total expenses	1,985	1,254
Income (loss) before income taxes	62	556
Income tax (provision) benefit	134	(130)
Net income (loss)	$ 196	$ 426
Weighted-average common shares outstanding:
Basic (in shares)	321	432
Diluted (in shares)	323	461
Earnings (loss) per common share:
Basic (in dollars per share)	$ 0.61	$ 0.99
Diluted (in dollars per share)	$ 0.61	$ 0.82
Vehicles
Expenses:
Interest expense, net	$ 111	$ 5
Non-vehicle
Expenses:
Interest expense, net	$ 51	$ 39

THC - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Revenues	$ 2,047	$ 1,810
Expenses:
Direct vehicle and operating	1,221	1,053
Depreciation of revenue earning vehicles	381	(59)
Non-vehicle depreciation and amortization	35	33
Selling, general and administrative	221	235
Interest expense, net	162	44
Other (income) expense, net	9	(2)
(Gain) loss from the sale of a business	(162)	0
Total expenses	1,985	1,254
Income (loss) before income taxes	62	556
Income tax (provision) benefit	134	(130)
Net income (loss)	196	426
Vehicles
Expenses:
Interest expense, net	111	5
Non-vehicle
Expenses:
Interest expense, net	51	39
The Hertz Corporation
Revenues:
Revenues	2,047	1,810
Expenses:
Direct vehicle and operating	1,221	1,053
Depreciation of revenue earning vehicles	381	(59)
Non-vehicle depreciation and amortization	35	33
Selling, general and administrative	221	235
Interest expense, net	162	44
Other (income) expense, net	9	(2)
(Gain) loss from the sale of a business	(162)	0
Total expenses	1,867	1,304
Income (loss) before income taxes	180	506
Income tax (provision) benefit	134	(130)
Net income (loss)	314	376
The Hertz Corporation \| Vehicles
Expenses:
Interest expense, net	111	5
The Hertz Corporation \| Non-vehicle
Expenses:
Interest expense, net	$ 51	$ 39

HGH - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 196	$ 426
Other comprehensive income (loss):
Foreign currency translation adjustments	14	(7)
Total other comprehensive income (loss)	14	(7)
Comprehensive income (loss) attributable to Hertz Global	$ 210	$ 419

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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THC - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net income (loss)	$ 196	$ 426
Other comprehensive income (loss):
Foreign currency translation adjustments	14	(7)
Total other comprehensive income (loss)	14	(7)
Comprehensive income (loss) attributable to Hertz Global	210	419
The Hertz Corporation
Net income (loss)	314	376
Other comprehensive income (loss):
Foreign currency translation adjustments	14	(7)
Total other comprehensive income (loss)	14	(7)
Comprehensive income (loss) attributable to Hertz Global	$ 328	$ 369

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Increase (Decrease) in Temporary Equity [Roll Forward]

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

Total

Preferred Stock

Common Stock

Additional Paid-In Capital

Accumulated Deficit

Accumulated Other Comprehensive Income (Loss)

Treasury Stock

Beginning balance at Dec. 31, 2021

450,000,000

$ 0

Ending balance at Mar. 31, 2022

$ 0

Beginning balance at Dec. 31, 2021

$ 2,977

$ 5

$ 6,209

$ (2,315)

$ (214)

$ (708)

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

27,000,000

426

Net settlement on vesting of restricted stock

(7)

(4)

Share repurchases (in shares)

Public Warrant exercises

(35,000,000)

Shares repurchases

(722)

$ (722)

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

415,000,000

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

62,000,000

Ending balance at Mar. 31, 2022

$ 2,702

$ 5

6,237

(1,889)

(221)

$ (1,430)

Increase (Decrease) in Temporary Equity [Roll Forward]

415,000,000

Beginning balance at Dec. 31, 2022

323,483,178

323,000,000

$ 0

Ending balance at Mar. 31, 2023

$ 0

Beginning balance at Dec. 31, 2022

$ 2,645

$ 5

6,326

(256)

(294)

$ (3,136)

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

155,430,884

155,000,000

$ 196

196

Net settlement on vesting of restricted stock

(1)

Share repurchases (in shares)

^[1]

(5,000,000)

(6,000,000)

Shares repurchases

^[1]

$ (101)

Common stock, shares outstanding, ending (in shares) at Mar. 31, 2023

317,948,320

318,000,000

Ending balance (in shares) at Mar. 31, 2023

161,166,532

161,000,000

Ending balance at Mar. 31, 2023

$ 2,774

$ 5

$ 6,346

$ (60)

$ (280)

$ (3,237)

Increase (Decrease) in Temporary Equity [Roll Forward]

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

317,948,320

318,000,000

[1]	The amounts presented herein may be rounded to agree to amounts in the unaudited condensed consolidated balance sheet. Also see Note 8, "Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global."

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

Total

The Hertz Corporation

Common Stock

The Hertz Corporation

Additional Paid-In Capital

The Hertz Corporation

Accumulated Deficit

The Hertz Corporation

Accumulated Other Comprehensive Income (Loss)

The Hertz Corporation

450,000,000

100

Beginning balance at Dec. 31, 2021

$ 2,977

$ 4,350

$ 5

$ 0

$ 6,209

$ 7,190

$ (2,315)

$ (2,626)

$ (214)

426

376

426

376

(7)

Dividends paid to Hertz Holdings

(767)

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

415,000,000

100

Ending balance at Mar. 31, 2022

$ 2,702

$ 3,980

$ 5

$ 0

6,237

6,451

(1,889)

(2,250)

(221)

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

323,483,178

100

323,000,000

100

Beginning balance at Dec. 31, 2022

$ 2,645

$ 3,279

$ 5

$ 0

6,326

4,844

(256)

(1,271)

(294)

196

314

196

314

Dividends paid to Hertz Holdings

$ 21

^[1]

$ (118)

(118)

Common stock, shares outstanding, ending (in shares) at Mar. 31, 2023

317,948,320

100

318,000,000

100

Ending balance at Mar. 31, 2023

$ 2,774

$ 3,510

$ 5

$ 0

$ 6,346

$ 4,747

$ (60)

$ (957)

$ (280)

[1]	See "Share Repurchase Programs for Common Stock" in Note 8, "Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global," for additional information.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Revenue from Contract with Customer [Abstract]

HGH - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 196	$ 426
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and reserves for revenue earning vehicles, net	466	(20)
Depreciation and amortization, non-vehicle	35	33
Amortization of deferred financing costs and debt discount (premium)	14	11
Stock-based compensation charges	21	28
Provision for receivables allowance	20	13
Deferred income taxes, net	(135)	103
(Gain) loss on sale of non-vehicle capital assets	(162)	(2)
Change in fair value of Public Warrants	118	(50)
Changes in financial instruments	108	(44)
Other	0	1
Changes in assets and liabilities:
Non-vehicle receivables	(50)	(43)
Prepaid expenses and other assets	(48)	(40)
Operating lease right-of-use assets	78	72
Non-vehicle accounts payable	(27)	51
Accrued liabilities	29	124
Accrued taxes, net	1	30
Operating lease liabilities	(84)	(80)
Self-insured liabilities	(18)	8
Net cash provided by (used in) operating activities	562	621
Cash flows from investing activities:
Revenue earning vehicles expenditures	(2,824)	(2,985)
Proceeds from disposal of revenue earning vehicles	1,206	1,471
Non-vehicle capital asset expenditures	(45)	(30)
Proceeds from non-vehicle capital assets disposed of or to be disposed of	175	1
Collateral returned in exchange for letters of credit	0	17
Return of (investment in) equity investments	0	(15)
Net cash provided by (used in) investing activities	(1,488)	(1,541)
Cash flows from financing activities:
Payment of financing costs	(8)	(24)
Proceeds from exercises of Public Warrants	0	3
Share repurchases	(118)	(766)
Other	(1)	(4)
Net cash provided by (used in) financing activities	739	392
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	11	(1)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period	(176)	(529)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	1,418	2,651
Cash and cash equivalents and restricted cash and cash equivalents at end of period	1,242	2,122
Cash paid during the period for:
Income taxes, net of refunds	11	6
Supplemental disclosures of non-cash information:
Purchases of revenue earning vehicles included in accounts payable, net of incentives	148	82
Sales of revenue earning vehicles included in vehicle receivables	117	65
Purchases of non-vehicle capital assets included in accounts payable	0	23
Revenue earning vehicles and non-vehicle capital assets acquired through finance lease	12	5
Public Warrant exercises	0	2
Accrual for purchases of treasury shares	4	10
Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	2,061	4,680
Repayments of debt	(1,190)	(3,492)
Cash paid during the period for:
Interest, net of amounts capitalized:	96	39
Non-vehicle
Cash flows from financing activities:
Proceeds from issuance of debt	425	0
Repayments of debt	(430)	(5)
Cash paid during the period for:
Interest, net of amounts capitalized:	$ 36	$ 17

THC - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 196	$ 426
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and reserves for revenue earning vehicles, net	466	(20)
Depreciation and amortization, non-vehicle	35	33
Amortization of deferred financing costs and debt discount (premium)	14	11
Stock-based compensation charges	21	28
Provision for receivables allowance	20	13
Deferred income taxes, net	(135)	103
(Gain) loss on sale of non-vehicle capital assets	(162)	(2)
Other	0	1
Changes in assets and liabilities:
Non-vehicle receivables	(50)	(43)
Prepaid expenses and other assets	(48)	(40)
Operating lease right-of-use assets	78	72
Non-vehicle accounts payable	(27)	51
Accrued liabilities	29	124
Accrued taxes, net	1	30
Operating lease liabilities	(84)	(80)
Self-insured liabilities	(18)	8
Net cash provided by (used in) operating activities	562	621
Cash flows from investing activities:
Revenue earning vehicles expenditures	(2,824)	(2,985)
Proceeds from disposal of revenue earning vehicles	1,206	1,471
Non-vehicle capital asset expenditures	(45)	(30)
Proceeds from non-vehicle capital assets disposed of or to be disposed of	175	1
Collateral returned in exchange for letters of credit	0	17
Return of (investment in) equity investments	0	(15)
Net cash provided by (used in) investing activities	(1,488)	(1,541)
Cash flows from financing activities:
Payment of financing costs	(8)	(24)
Net cash provided by (used in) financing activities	739	392
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period	(176)	(529)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	1,418
Cash and cash equivalents and restricted cash and cash equivalents at end of period	1,242
Cash paid during the period for:
Income taxes, net of refunds	11	6
Supplemental disclosures of non-cash information:
Purchases of revenue earning vehicles included in accounts payable, net of incentives	148	82
Sales of revenue earning vehicles included in vehicle receivables	117	65
Purchases of non-vehicle capital assets included in accounts payable	0	23
Revenue earning vehicles and non-vehicle capital assets acquired through finance lease	12	5
Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	2,061	4,680
Repayments of debt	(1,190)	(3,492)
Cash paid during the period for:
Interest, net of amounts capitalized:	96	39
Non-vehicle
Cash flows from financing activities:
Proceeds from issuance of debt	425	0
Repayments of debt	(430)	(5)
Cash paid during the period for:
Interest, net of amounts capitalized:	36	17
The Hertz Corporation
Cash flows from operating activities:
Net income (loss)	314	376
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and reserves for revenue earning vehicles, net	466	(20)
Depreciation and amortization, non-vehicle	35	33
Amortization of deferred financing costs and debt discount (premium)	14	11
Stock-based compensation charges	21	28
Provision for receivables allowance	20	13
Deferred income taxes, net	(135)	103
(Gain) loss on sale of non-vehicle capital assets	(162)	(2)
Changes in financial instruments	108	(44)
Other	(1)	1
Changes in assets and liabilities:
Non-vehicle receivables	(49)	(43)
Prepaid expenses and other assets	(48)	(40)
Operating lease right-of-use assets	78	72
Non-vehicle accounts payable	(27)	51
Accrued liabilities	29	124
Accrued taxes, net	0	30
Operating lease liabilities	(84)	(80)
Self-insured liabilities	(18)	8
Net cash provided by (used in) operating activities	561	621
Cash flows from investing activities:
Revenue earning vehicles expenditures	(2,824)	(2,985)
Proceeds from disposal of revenue earning vehicles	1,206	1,471
Non-vehicle capital asset expenditures	(45)	(30)
Proceeds from non-vehicle capital assets disposed of or to be disposed of	175	1
Collateral returned in exchange for letters of credit	0	17
Return of (investment in) equity investments	0	(15)
Net cash provided by (used in) investing activities	(1,488)	(1,541)
Cash flows from financing activities:
Payment of financing costs	(8)	(24)
Dividends paid to Hertz Holdings	(118)	(767)
Net cash provided by (used in) financing activities	740	392
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	11	(1)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period	(176)	(529)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	1,418	2,650
Cash and cash equivalents and restricted cash and cash equivalents at end of period	1,242	2,121
Cash paid during the period for:
Income taxes, net of refunds	11	6
Supplemental disclosures of non-cash information:
Purchases of revenue earning vehicles included in accounts payable, net of incentives	148	82
Sales of revenue earning vehicles included in vehicle receivables	117	65
Purchases of non-vehicle capital assets included in accounts payable	0	23
Revenue earning vehicles and non-vehicle capital assets acquired through finance lease	12	5
The Hertz Corporation \| Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	2,061	4,680
Repayments of debt	(1,190)	(3,492)
Cash paid during the period for:
Interest, net of amounts capitalized:	96	39
The Hertz Corporation \| Non-vehicle
Cash flows from financing activities:
Proceeds from issuance of debt	425	0
Repayments of debt	(430)	(5)
Cash paid during the period for:
Interest, net of amounts capitalized:	$ 36	$ 17

Background	3 Months Ended
Background	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background	Background Hertz Global Holdings, Inc. ("Hertz Global" when including its subsidiaries and VIEs and "Hertz Holdings" when excluding its subsidiaries and VIEs) was incorporated in Delaware in 2015 to serve as the top-level holding company for Rental Car Intermediate Holdings, LLC, which wholly owns The Hertz Corporation ("Hertz" and interchangeably with Hertz Global, the "Company"), Hertz Global's primary operating company. Hertz was incorporated in Delaware in 1967 and is a successor to corporations that have been engaged in the vehicle rental and leasing business since 1918. Hertz operates its vehicle rental business globally primarily through the Hertz, Dollar and Thrifty brands from company-operated and franchisee locations in the United States ("U.S."), Africa, Asia, Australia, Canada, the Caribbean, Europe, Latin America, the Middle East and New Zealand. The Company also sells vehicles through Hertz Car Sales.

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Basis of Presentation This Quarterly Report on Form 10-Q combines the quarterly reports on Form 10-Q for the quarterly period ended March 31, 2023 of Hertz Global and Hertz. Hertz Global consolidates Hertz for financial statement purposes, therefore, disclosures that relate to activities of Hertz also apply to Hertz Global. In the sections that combine disclosure of Hertz Global and Hertz, this report refers to actions as being actions of the Company, or Hertz Global, which is appropriate because the business is one enterprise and Hertz Global operates the business through Hertz. When appropriate, Hertz Global and Hertz are named specifically for their individual disclosures and any significant differences between the operations and results of Hertz Global and Hertz are separately disclosed and explained. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The Company's vehicle rental operations are typically a seasonal business, with decreased levels of business in the winter months and heightened activity during the spring and summer months for the majority of countries where the Company generates revenues. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes. Actual results could differ materially from those estimates. The December 31, 2022 unaudited condensed consolidated balance sheet data is derived from the audited financial statements at that date but does not include all disclosures required by U.S. GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with information included in the Company's Form 10-K for the year ended December 31, 2022 (the "2022 Form 10-K"), as filed with the Securities and Exchange Commission ("SEC") on February 7, 2023. Principles of Consolidation The unaudited condensed consolidated financial statements of Hertz Global include the accounts of Hertz Global, its wholly owned and majority owned U.S. and international subsidiaries and its VIEs, as applicable. The unaudited condensed consolidated financial statements of Hertz include the accounts of Hertz, its wholly owned and majority owned U.S. and international subsidiaries and its VIEs, as applicable. The Company consolidates a VIE when it is deemed the primary beneficiary of the VIE. The Company accounts for its investment in joint ventures using the equity method when it has significant influence but not control and is not the primary beneficiary of the joint venture. All significant intercompany transactions have been eliminated in consolidation.

Divestitures	3 Months Ended
Divestitures	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Divestitures	Divestitures Sales of Non-vehicle Capital Assets In 2019, the Company substantially completed the sale of certain non-vehicle capital assets constituting real property, in an eminent domain proceeding, in its Americas RAC segment. In February 2023, the Company received additional cash from the sale upon final resolution of the eminent domain proceeding and recognized an additional $29 million pre-tax gain on the sale, which is included in (gain) on sale of non-vehicle capital assets in the accompanying unaudited condensed consolidated statement of operations for the three months ended March 31, 2023. In March 2023, the Company sold and leased back its Los Angeles, California airport location in its Americas RAC segment. The transaction qualified for sale-leaseback accounting. The Company recognized a pre-tax gain of $133 million based on the difference in the sale amount of $143 million less $9 million net book value of assets sold and $1 million in selling costs, which is included in (gain) on sale of non-vehicle capital assets in the accompanying unaudited condensed consolidated statement of operations for the three months ended March 31, 2023. The leaseback is classified as an operating lease with a term of 36 months.

Revenue Earning Vehicles

3 Months Ended

Mar. 31, 2023

Revenue Earning Vehicles

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



(In millions)	March 31, 2023		December 31, 2022
Revenue earning vehicles	$	15,108	$	13,654
Less accumulated depreciation	(1,752)		(1,649)
	13,356		12,005
Revenue earning vehicles held for sale, net(1)	502		490
Revenue earning vehicles, net	$	13,858	$	12,495

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

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


	Three Months Ended March 31,
(In millions)	2023		2022
Depreciation of revenue earning vehicles	$	422	$	322
(Gain) loss on disposal of revenue earning vehicles	(46)		(387)
Rents paid for vehicles leased	5		6
Depreciation of revenue earning vehicles and lease charges, net	$	381	$	(59)

Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

The Company's debt, including its available credit facilities, consists of the following ($ in millions) as of March 31, 2023 and December 31, 2022:



Facility	Weighted-Average Interest Rate as of March 31, 2023	Fixed or Floating Interest Rate	Maturity	March 31, 2023		December 31, 2022
Non-Vehicle Debt
Term B Loan	7.90%	Floating	6/2028	$	1,277	$	1,281
Term C Loan	7.90%	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)	7.64%	Fixed	Various	8		9
Unamortized Debt Issuance Costs and Net (Discount) Premium				(55)		(58)
Total Non-Vehicle Debt				2,975		2,977
Vehicle Debt
HVF III U.S. ABS Program
HVF III U.S. Vehicle Variable Funding Notes
HVF III Series 2021-A Class A(2)	6.35%	Floating	6/2024	2,452		2,363
HVF III Series 2021-A Class B(2)	3.65%	Fixed	6/2023	188		188
				2,640		2,551
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		750
HVF III Series 2022-2(2)	2.42%	Fixed	6/2027	652		652
HVF III Series 2022-3(2)	3.89%	Fixed	3/2024	383		383
HVF III Series 2022-4(2)	4.22%	Fixed	9/2025	667		667
HVF III Series 2022-5(2)	4.03%	Fixed	9/2027	317		317
HVF III Series 2023-1(2)	5.91%	Fixed	6/2026	460		—
HVF III Series 2023-2(2)	6.30%	Fixed	9/2028	300		—
				7,529		6,769
Vehicle Debt - Other
Repurchase Facility	6.55%	Fixed	4/2023	114		86
European ABS(2)	4.65%	Floating	11/2024	843		811
Hertz Canadian Securitization(2)	6.51%	Floating	6/2024	288		283
Australian Securitization(2)	5.28%	Floating	4/2024	159		168
New Zealand RCF	7.78%	Floating	6/2024	50		54
U.K. Financing Facility	6.60%	Floating	4/2023-3/2027	113		101
U.K. Toyota Financing Facility	2.20%	Floating	4/2023-11/2023	37		49



Facility	Weighted-Average Interest Rate as of March 31, 2023	Fixed or Floating Interest Rate	Maturity	March 31, 2023		December 31, 2022
Other Vehicle Debt	3.33%	Floating	4/2023 - 2/2027	78		76
				1,682		1,628
Unamortized Debt Issuance Costs and Net (Discount) Premium				(62)		(62)
Total Vehicle Debt				11,789		10,886
Total Debt				$	14,764	$	13,863

(1)Other non-vehicle debt is primarily comprised of $5 million and $6 million in finance lease obligations as of March 31, 2023 and December 31, 2022, 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

In March 2023, Hertz increased the aggregate committed amount of the First Lien RCF from $1.9 billion to $2.0 billion.

Vehicle Debt

HVF III U.S. ABS Program

HVF III Series 2023-1 Notes: In March 2023, Hertz issued the Series 2023-1 Notes in four classes (Class A, Class B, Class C and Class D) in an aggregate principal amount of $500 million. At the time of issuance, Hertz, an affiliate of HVF III, purchased the Class D Notes in an aggregate principal amount of $40 million, and accordingly, the related principal amount is eliminated in consolidation as of March 31, 2023.

HVF III Series 2023-2 Notes: In March 2023, Hertz issued the Series 2023-1 Notes in four classes (Class A, Class B, Class C and Class D) in an aggregate principal amount of $300 million.

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

Vehicle Debt-Other

Repurchase Facilities

Beginning in 2022, Hertz entered into and in the future may enter into repurchase agreements related to retained HVF III Series Notes (the "Repurchase Facilities"), whereby Hertz can sell and repurchase at a pre-determined price any of the retained HVF III Series Notes. Transactions occurring under the Repurchase Facilities are based on mutually agreeable terms and prevailing rates. As of March 31, 2023, transactions totaling $114 million were outstanding under Repurchase Facilities.

New Zealand RCF

In March 2023, Hertz New Zealand Holding Limited, an indirect, wholly-owned subsidiary of Hertz, amended its credit agreement to extend its seasonal commitment period and provide for aggregate maximum borrowings of

NZD$80 million with step downs in committed capacity through May 2023. Following the expiration of the seasonal commitment period, aggregate maximum borrowings will revert to NZD$60 million.

Borrowing Capacity and Availability

Borrowing capacity and availability comes from the Company's revolving credit facilities, which are a combination of variable funding asset-backed securitization facilities, cash-flow based revolving credit facilities, asset-based revolving credit facilities and the First Lien RCF. Creditors under each such asset-backed securitization facility and asset-based revolving credit facility have a claim on a specific pool of assets as collateral. With respect to each such asset-backed securitization facility and asset-based revolving credit facility, the Company refers to the amount of debt it can borrow given a certain pool of assets as the borrowing base.

The Company refers to "Remaining Capacity" as the maximum principal amount of debt permitted to be outstanding under the respective facility (i.e., with respect to a variable funding asset-backed securitization facility or asset-based revolving credit facility, the amount of debt the Company could borrow assuming it possessed sufficient assets as collateral) less the principal amount of debt then-outstanding under such facility and, in the case of the First Lien RCF, less any issued standby letters of credit. With respect to a variable funding asset-backed securitization facility or asset-based revolving credit facility, the Company refers to "Availability Under Borrowing Base Limitation" as the lower of Remaining Capacity or the borrowing base less the principal amount of debt then-outstanding under such facility (i.e., the amount of debt that can be borrowed given the collateral possessed at such time).

The following facilities were available to the Company as of March 31, 2023 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	$	1,512	$	1,512
Total Non-Vehicle Debt	1,512		1,512
Vehicle Debt
HVF III Series 2021-A	1,267		—

European ABS	350		—
Hertz Canadian Securitization	—		—
Australian Securitization	8		—

U.K. Financing Facility	10		3
U.K. Toyota Financing Facility	14		2
Total Vehicle Debt	1,649		5
Total	$	3,161	$	1,517

Letters of Credit

As of March 31, 2023, there were outstanding standby letters of credit totaling $749 million comprised primarily of $245 million issued under the term loan "C" facility (the "Term C Loan") and $488 million issued under the First Lien RCF. As of March 31, 2023, no capacity remains to issue letters of credit under the Term C Loan. Such letters of credit have been issued primarily to provide credit enhancement for the Company's asset-backed securitization facilities and to support the Company's insurance programs, as well as to support the Company's vehicle rental concessions and leaseholds. As of March 31, 2023, none of the issued letters of credit were drawn.

Pledges Related to Vehicle Financing

Substantially all of the Company's revenue earning vehicles and certain related assets are owned by special purpose entities or are encumbered in favor of the lenders under the various credit facilities, other secured financings or asset-backed securities programs. None of the value of such assets (including the assets owned by Hertz Vehicle Financing III LLC and various other domestic and international subsidiaries that facilitate the Company's international securitizations) will be available to satisfy the claims of unsecured creditors unless the secured creditors are paid in full.

The Company has a 25% ownership interest in IFF No. 2, whose sole purpose is to provide commitments to lend under the European ABS in various currencies subject to borrowing bases comprised of revenue earning vehicles and related assets of certain of Hertz International, Ltd.'s subsidiaries. IFF No. 2 is a VIE and the Company is the primary beneficiary; therefore, the assets, liabilities and results of operations of IFF No. 2 are included in the accompanying unaudited condensed consolidated financial statements. As of March 31, 2023 and December 31, 2022, IFF No. 2 had total assets of $1.4 billion and $1.3 billion, respectively, comprised primarily of intercompany receivables, and total liabilities of $1.4 billion and $1.3 billion, respectively, comprised primarily of debt.

Covenant Compliance

The First Lien RCF credit agreement (the "First Lien Credit Agreement") requires Hertz to comply with the following financial covenant: a First Lien Ratio of less than or equal to 3.00 to 1.00 in the first and last quarters of the calendar year and 3.50 to 1.00 in the second and third quarters of the calendar year. The financial covenant was effective beginning in the third quarter of 2021. As of March 31, 2023, 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 interests for the benefit of the secured parties under that agreement on after-acquired real property, fixtures and future subsidiaries. The First Lien Credit Agreement also contains customary negative covenants, including, among other things, restrictions on the incurrence of liens, indebtedness, asset dispositions and restricted payments. As of March 31, 2023, the Company was in compliance with all covenants in the First Lien Credit Agreement.

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

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Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

The Company enters into certain agreements as a lessor under which it rents vehicles and leases fleets to customers. The following table summarizes the amount of operating lease income and other income included in total revenues in the accompanying unaudited condensed consolidated statements of operations:



	Three Months Ended March 31,
(In millions)	2023		2022
Operating lease income from vehicle rentals	$	1,859	$	1,721

Variable operating lease income	132		44
Revenue accounted for under Topic 842	1,991		1,765
Revenue accounted for under Topic 606	56		45
Total revenues	$	2,047	$	1,810

Income Tax (Provision) Benefit	3 Months Ended
Income Tax (Provision) Benefit	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Tax (Provision) Benefit	Income Tax (Provision) Benefit Hertz Global For the three months ended March 31, 2023, Hertz Global recorded a tax benefit of $134 million which resulted in an effective tax rate of (214%).1 For the three months ended March 31, 2022, Hertz Global recorded a tax provision of $130 million, which resulted in an effective tax rate of 23%. The change in tax in the three months ended March 31, 2023 compared to 2022 is driven by recognition of uncertain tax benefits related to our tax restructuring of European operations and lower pre-tax income, offset by the non-deductibility of change in the fair value of warrants. As previously disclosed, Hertz Global filed a request for a pre-filing agreement with the Internal Revenue Service ("IRS") in December 2021 to determine whether the loss related to our tax restructuring of European operations qualified as an ordinary loss. On February 9, 2023, Hertz Global and the IRS agreed to the character and amount of the loss. This resulted in an additional $163 million of ordinary loss recognized in the three months ended March 31, 2023. On August 16, 2022, the Inflation Reduction Act ("IRA") of 2022 was enacted into law. It includes a 15% corporate alternative minimum tax and a 1% excise tax on corporate stock buybacks, both of which are effective after December 31, 2022. Hertz Global does not currently anticipate a material impact to its results of operations, cash flows or financial position related to these provisions. The IRA also included income tax incentives associated with electric vehicles placed in service after December 31, 2022. An estimate of these credits has been included in the tax calculation for the three months ended March 31, 2023. Hertz For the three months ended March 31, 2023, Hertz recorded a tax benefit of $134 million which resulted in an effective tax rate of (74%). For the three months ended March 31, 2022, Hertz recorded a tax provision of $130 million, which resulted in an effective tax rate of 26%. The change in tax in the three months ended March 31, 2023 compared to 2021 is driven by recognition of uncertain tax benefits related to our tax restructuring of European operations and lower pre-tax income. As previously disclosed, Hertz filed a request for a pre-filing agreement with the IRS in December 2021 to determine whether the loss related to our tax restructuring of European operations qualified as an ordinary loss. On February 9, 2023, Hertz and the IRS agreed to the character and amount of the loss. This resulted in an additional $163 million of ordinary loss. On August 16, 2022, the IRA of 2022 was enacted into law. It includes a 15% corporate alternative minimum tax and a 1% excise tax on corporate stock buybacks, both of which are effective after December 31, 2022. Hertz does not currently anticipate a material impact to its results of operations, cash flows or financial position related to these provisions. The IRA also included income tax incentives associated with electric vehicles placed in service after December 31, 2022. An estimate of these credits has been included in the tax calculation for the three months ended March 31, 2023.

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

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

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

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Public Warrants

During the three months ended March 31, 2023, 27,897 Public Warrants were exercised of which 19,444 were cashless exercises and 8,453 were exercised for $13.80 per share. As of March 31, 2023, a cumulative 6,314,136 Public Warrants have been exercised since their original issuance in June 2021. The Public Warrants are recorded at fair value in the accompanying unaudited condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022. See Note 11, "Fair Value Measurements."

Share Repurchase Programs for Common Stock

In November 2021, Hertz Global's Board of Directors approved a share repurchase program (the "2021 Share Repurchase Program") that authorized the repurchase of up to $2.0 billion worth of shares of Hertz Global's outstanding common stock. During the second quarter of 2022, the Company completed the 2021 Share Repurchase Program. A total of 97,783,047 shares of Hertz Global common stock were repurchased since the inception of the 2021 Share Repurchase Program for an aggregate purchase price of $2.0 billion.

In June 2022, Hertz Global's Board of Directors approved a new share repurchase program (the "2022 Share Repurchase Program") that authorized additional repurchases of up to an incremental $2.0 billion worth of shares of Hertz Global's outstanding common stock. During the three months ended March 31, 2023, a total of 5,735,648 shares of Hertz Global's common stock were repurchased under the 2022 Share Repurchase Program at an average share price of $17.44 for an aggregate purchase price of $100 million. As of March 31, 2023, a total of 53,038,657 shares of Hertz Global's common stock have been repurchased since the inception of the 2022 Share Repurchase Program for an aggregate purchase price of $935 million.

Common shares repurchased are included in treasury stock in the accompanying Hertz Global unaudited condensed consolidated balance sheet as of March 31, 2023 and December 31, 2022.

Between April 1, 2023 and April 20, 2023, a total of 2,691,587 shares of Hertz Global's common stock were repurchased at an average share price of $15.60 for an aggregate purchase price of $42 million.

Hertz Global funded the share repurchases with available cash and dividend distributions from Hertz.

Any repurchases will be made at the discretion of Hertz Global's management through a variety of methods, such as open-market transactions (including pre-set trading plans pursuant to Rule 10b5-1 of the Exchange Act), privately negotiated transactions, accelerated share repurchases, and other transactions in accordance with applicable securities laws. The share repurchase authorization has no initial time limit, does not obligate Hertz Global to acquire any particular amount of common stock, and can be discontinued at any time. There can be no assurance as to the timing or number of shares of any repurchases.

Computation of Earnings (Loss) Per Common Share

Basic earnings (loss) per common share has been computed based upon the weighted-average number of common shares outstanding. Diluted earnings (loss) per common share has been computed based upon the weighted-average number of common shares outstanding plus the effect of all potentially dilutive common stock equivalents, including Public Warrants, except when the effect would be anti-dilutive. Additionally, the Company removes the change in fair value of Public Warrants when computing diluted earnings (loss) per common share, when the impact of Public Warrants is dilutive.

The following table sets forth the computation of basic and diluted earnings (loss) per common share:



	Three Months Ended March 31,
(In millions, except per share data)(1)	2023		2022
Numerator:


Net income (loss) available to Hertz Global common stockholders, basic	$	196	$	426
Change in fair value of Public Warrants	—		(50)

Net income (loss) available to Hertz Global common stockholders, diluted	$	196	$	376
Denominator:


Basic weighted-average common shares outstanding	321		432
Dilutive effect of stock options, RSUs and PSUs	1		—
Dilutive effect of Public Warrants	—		29
Diluted weighted-average shares outstanding	323		461
Antidilutive Public Warrants	17		—
Antidilutive stock options, RSUs and PSUs	6		5
Total antidilutive	23		5
Earnings (loss) per common share:
Basic	$	0.61	$	0.99
Diluted	$	0.61	$	0.82

(1) The table above is denoted in millions, excluding earnings (loss) per common share. Amounts are calculated from the underlying numbers in thousands, and as a result, may not agree to the amounts shown in the table when calculated in millions.

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

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Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

3 Months Ended

Mar. 31, 2023

Stock-Based Compensation

The stock-based compensation expense associated with the Hertz Holdings stock-based compensation plans is pushed down from Hertz Global and recorded at Hertz. In 2021, Hertz Global's Board of Directors approved the Hertz Global Holdings, Inc. 2021 Omnibus Incentive Plan (the "2021 Omnibus Plan"). As of March 31, 2023, 46,486,293 shares of the Company's common stock are authorized and remain available for future grants under the 2021 Omnibus Plan. Vesting of the outstanding equity awards is also subject to accelerated vesting as set forth in the 2021 Omnibus Plan.

A summary of the total compensation expense and related income tax benefits recognized for grants made under the 2021 Omnibus Plan is as follows:


	Three Months Ended March 31,
(In millions)	2023		2022
Compensation expense	$	21	$	28
Income tax benefit	(5)		(1)
Total	$	16	$	27

As of March 31, 2023, there was $231 million of total unrecognized compensation cost expected to be recognized over the remaining 2.3 years, on a weighted average basis, of the requisite service period that began on the grant dates.

Stock Options and Stock Appreciation Rights

A summary of stock option activity for the three months ended March 31, 2023 is presented below:


Options	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (In millions)
Outstanding as of January 1, 2023	3,144,983	$	26.17	8.2	$	—
Granted	—	—		—	—
Exercised	—	—		—	—
Forfeited or Expired	(130,548)	26.17		—	—
Outstanding as of March 31, 2023	3,014,435	26.17		8.2	—
Exercisable as of March 31, 2023	(1,302,809)	26.17		7.7	—
Non-vested as of March 31, 2023	1,711,626

Performance Stock Awards ("PSAs"), Performance Stock Units ("PSUs") and Performance Units ("PUs")

A summary of the PSU activity for the three months ended March 31, 2023 is presented below:


	Shares	Weighted- Average Fair Value		Aggregate Intrinsic Value (In millions)
Outstanding as of January 1, 2023	9,292,749	$	17.62	$	143
Granted(1)	523,128	17.32		—
Vested	—	—		—
Forfeited or Expired	(6,259)	19.44		—
Outstanding as of March 31, 2023	9,809,618	17.60		160

(1) Presented assuming the issuance at the original target award amount (100%).

Compensation expense for PSUs is based on the grant date fair value. For grants issued in 2023, vesting eligibility is based on market, performance and service conditions of two to three years. Accordingly, the number of shares issued at the end of the performance period could range between 0% and 200% of the original target award amount (100%) disclosed in the table above.

As of March 31, 2023, there were no issued or outstanding grants of PSAs or PUs under the 2021 Omnibus Plan.

Restricted Stock and Restricted Stock Units ("RSUs")

A summary of RSU activity for the three months ended March 31, 2023 is presented below:


	Shares	Weighted- Average Fair Value		Aggregate Intrinsic Value (In millions)
Outstanding as of January 1, 2023	3,412,763	$	20.82	$	53
Granted	1,730,336	17.69		—
Vested	(238,266)	20.27		—
Forfeited or Expired	(18,505)	22.86		—
Outstanding as of March 31, 2023	4,886,328	19.73		80

Additional information pertaining to RSU activity is as follows:


	Three Months Ended March 31,
	2023		2022
Total fair value of awards that vested (in millions)	$	5	$	13
Weighted-average grant-date fair value of awards granted	$	17.69	$	20.60

RSU grants issued in 2023 vest ratably over a period of three to four years.

Deferred Stock Units

As of March 31, 2023, there were approximately 80,000 outstanding shares of deferred stock units under the 2021 Omnibus Plan.

Financial Instruments

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

The Company employs established risk management policies and procedures, and, under the terms of our ABS facilities, may be required to enter into interest rate derivatives, which seek to reduce the Company’s commercial risk exposure to fluctuations in interest rates and currency exchange rates. Although the instruments utilized involve varying degrees of credit, market and interest risk, the Company contracts with multiple counterparties to mitigate concentrations of risk and the counterparties to the agreements are expected to perform fully under the terms of the agreements. The Company monitors counterparty credit risk, including lenders, on a regular basis, but cannot be certain that all risks will be discerned or that its risk management policies and procedures will always be effective. Additionally, upon the occurrence of an event of default under the Company’s International Swaps and Derivatives Association ("ISDA") master derivative agreements, the non-defaulting party generally has the right, but not the obligation, to set-off any early termination amounts under any such agreements against any other amounts owed with regard to any other agreements between the parties to each such agreement.

None of the Company's financial instruments have been designated as hedging instruments as of March 31, 2023 and December 31, 2022. The Company classifies cash flows from the financial instruments according to the classification of the cash flows of the economic hedged item(s).

Interest Rate Risk

The Company uses a combination of interest rate caps and swaps to manage its exposure to interest rate movements and to manage its mix of floating and fixed-rate debt.

Currency Exchange Rate Risk

The Company uses foreign currency exchange rate derivative financial instruments to manage its currency exposure resulting from intercompany transactions and other cross currency obligations.

Fair Value

The following table summarizes the estimated fair value of financial instruments:


	Fair Value of Financial Instruments
	Asset Derivatives(1)				Liability Derivatives(1)
(In millions)	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Interest rate instruments(2)	$	21	$	140	$	—	$	—
Foreign currency forward contracts	3		1		4		2
Total	$	24	$	141	$	4	$	2

(1) All asset derivatives are recorded in prepaid expenses and other assets and all liability derivatives are recorded in accrued liabilities in the accompanying unaudited condensed consolidated balance sheets.

(2) The activity in the first quarter of 2023 is primarily due to net cash received on monthly settlements, including the sale of interest rate caps disclosed below.

The following table summarizes the gains or (losses) on financial instruments for the period indicated:


	Location of Gain (Loss) Recognized on Derivatives	Amount of Gain (Loss) Recognized in Income on Derivatives
		Three Months Ended March 31,
(In millions)		2023		2022
Interest rate instruments	Vehicle interest expense, net	$	4	$	44
Foreign currency forward contracts	Other (income) expense, net	(5)		(1)
Total		$	(1)	$	43

In the first quarter of 2023, the Company sold certain of its interest rate caps resulting in a net gain of $10 million based on the recognition of a $98 million realized gain on the unwind, of which $88 million was previously unrealized.

The Company's foreign currency forward contracts and certain interest rate instruments are subject to enforceable master netting agreements with their counterparties. The Company does not offset such derivative assets and liabilities in its unaudited condensed consolidated balance sheets, and the potential effect of the Company’s use of the master netting arrangements is not material.

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Under U.S. GAAP, entities are allowed to measure certain financial instruments and other items at fair value. The Company has not elected the fair value measurement option for any of its assets or liabilities that meet the criteria for this option. Irrespective of the fair value option previously described, U.S. GAAP requires certain financial and non-financial assets and liabilities of the Company to be measured on either a recurring basis or on a nonrecurring basis.

Fair Value Disclosures

The fair value of cash, restricted cash, accounts receivable, accounts payable and accrued liabilities, to the extent the underlying liability will be settled in cash, approximates the carrying values because of the short-term nature of these instruments.

Debt Obligations

The fair value of the debt facilities is estimated based on quoted market rates as well as borrowing rates currently available to the Company for loans with similar terms and average maturities (i.e. Level 2 inputs).



	March 31, 2023				December 31, 2022
(In millions)	Nominal Unpaid Principal Balance		Aggregate Fair Value		Nominal Unpaid Principal Balance		Aggregate Fair Value
Non-Vehicle Debt	$	3,030	$	2,802	$	3,035	$	2,685
Vehicle Debt	11,851		11,313		10,948		10,304
Total	$	14,881	$	14,115	$	13,983	$	12,989

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the Company's cash equivalents, restricted cash equivalents and Public Warrants that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy as follows:


	March 31, 2023								December 31, 2022
(In millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Assets:
Cash equivalents and restricted cash equivalents	$	453	$	—	$	—	$	453	$	443	$	—	$	—	$	443

Liabilities:
Public Warrants	$	735	$	—	$	—	$	735	$	617	$	—	$	—	$	617

Cash Equivalents and Restricted Cash Equivalents

The Company’s cash equivalents and restricted cash equivalents primarily consist of investments in money market funds and bank money market and interest-bearing accounts. The Company determines the fair value of cash equivalents and restricted cash equivalents using a market approach based on quoted prices in active markets (i.e. Level 1 inputs).

Public Warrants

Hertz Global's Public Warrants are classified as liabilities and recorded at fair value in the accompanying unaudited condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022 in accordance with the provisions of ASC 480, Distinguishing Liabilities from Equity. See Note 8, "Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global," for additional information. The Company calculates the fair value based on the end-of-day quoted market price, a Level 1 input of the fair value hierarchy. For the three months ended March 31, 2023 and 2022, the fair value adjustment was a loss of $118 million and a gain of $50 million, respectively, and is recorded in change in fair value of Public Warrants in the accompanying unaudited condensed consolidated statement of operations for Hertz Global for the three months ended March 31, 2023 and 2022.

Financial Instruments

The fair value of the Company's financial instruments as of March 31, 2023 and December 31, 2022 are disclosed in Note 10, "Financial Instruments." The Company's financial instruments are classified as Level 2 assets and liabilities and are priced using quoted market prices for similar assets or liabilities in active markets.

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

+ References + Details

Contingencies and Off-Balance Sheet Commitments	3 Months Ended
Contingencies and Off-Balance Sheet Commitments	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Off-Balance Sheet Commitments	Contingencies and Off-Balance Sheet Commitments Legal Proceedings Self-Insured Liabilities The Company is currently a defendant in numerous actions and has received numerous claims on which actions have not yet commenced for self-insured liabilities arising from the operation of motor vehicles rented from the Company. The obligation for self-insured liabilities on self-insured U.S. and international vehicles, as stated in the accompanying consolidated balance sheets, represents an estimate for both reported accident claims not yet paid and claims incurred but not yet reported. The related liabilities are recorded on an undiscounted basis and are based on rental volume and actuarial evaluations of historical accident claim experience and trends, as well as future projections of ultimate losses, expenses, premiums and administrative costs. As of March 31, 2023 and December 31, 2022, the Company's liability recorded for self-insured liabilities was $457 million and $472 million, respectively. The Company believes that its analysis is based on the most relevant information available, combined with reasonable assumptions. The liability is subject to significant uncertainties. The adequacy of the liability is regularly monitored based on evolving accident claim history and insurance related state legislation changes. If the Company's estimates change or if actual results differ from these assumptions, the amount of the recorded liability is adjusted to reflect these results. Loss Contingencies From time to time the Company is a party to various legal proceedings, typically involving operational issues common to the vehicle rental business. The Company has summarized below the material legal proceedings to which the Company was a party during the three months ended March 31, 2023 or the period after March 31, 2023, but before the filing of this Quarterly Report. Make-Whole and Post-Petition Interest Claims - On July 1, 2021, Wells Fargo Bank, N.A., in its capacity as indenture trustee of (1) 6.250% Unsecured Notes due 2022 (the "2022 Notes"), (2) 5.500% Unsecured Notes due 2024 (the "2024 Notes"), (3) 7.125% Unsecured Notes due 2026 (the "2026 Notes"), and (4) 6.000% Unsecured Notes due 2028 (the "2028 Notes") issued by The Hertz Corporation (collectively, the “Notes”), filed a complaint (the “Complaint”) against The Hertz Corporation and multiple direct and indirect subsidiaries thereof (collectively referred to in this summary as “Defendants”). The filing of the Complaint initiated the adversary proceeding captioned Wells Fargo Bank, National Association v. The Hertz Corporation, et al. in the United States Bankruptcy Court for the District of Delaware, Adv. Pro. No. 21-50995 (MFW). The Complaint seeks a declaratory judgment that the holders of the Unsecured Notes are entitled to payment of certain redemption premiums and post-petition interest that they assert total approximately $272 million or, in the alternative, are entitled to payment of post-petition interest at a contractual rate that they assert totals approximately $125 million. The Complaint also asserts the right to pre-judgment interest from July 1, 2021, to the date of any judgment. On December 22, 2021, the Bankruptcy Court dismissed Wells Fargo’s claims with respect to (i) the redemption premium allegedly owed on the 2022 and 2024 Notes and (ii) post-petition interest at the contract rate. On November 9, 2022, the Bankruptcy Court ruled that the make-whole premium is the same as unmatured interest and is disallowed under the U.S. Bankruptcy Code, granting summary judgment in the Defendants’ favor. The Bankruptcy Court certified the matter directly to the U.S. Court of Appeals for the Third Circuit (the “Third Circuit”) and, on January 25, 2023, the Third Circuit accepted Wells Fargo’s appeal. Oral argument is scheduled for October 26, 2023 before a panel of Third Circuit judges. The Defendants intend to continue to vigorously defend against the claims in this matter through the appellate process. The Company cannot predict the ultimate outcome or timing of this litigation. Claims Related to Alleged False Arrests - A group of claims involving allegations that the police detained or arrested individuals in error after the Company reported rental cars as stolen have been advanced against the Company. These claims first arose from actions allegedly taken by the Company prior to its emergence from bankruptcy reorganization; some claims allege post-emergence behavior by the Company. These claims have been the subject of press coverage and the Company has received government inquiries on the matter. The Company has policies to help ensure the proper treatment of its customers and to seek to protect itself against the theft of its services or assets, and has taken significant steps to modernize and update those policies. In December 2022, the Company entered into settlement agreements with 364 claimants in full and final resolutions of their claims for an aggregated amount of approximately $168 million (the "Settlement"), all of which amount was paid by the Company during December 2022. The Settlement resolved nearly all of the false arrest-related claims being advanced in the U.S. Bankruptcy Court for the District of Delaware, Adv. Pro. No. 20-11247 (MFW) and state court in Delaware (captioned Flannery, et al. v. Hertz Global Holdings, Inc., et al., C.A. No. N22C-07-100 and Okoasia, et al. v. Hertz Global Holdings, Inc., et al., C.A. No. N22C-09-531). Also as a result of the Settlements, state court matters pending in Pennsylvania, captioned Lovelace, et al. v. Hertz Global Holdings, Inc., et al., Case No. 220801729, and in Florida, captioned Lizasoain, et al. v. Hertz Global Holdings, Inc., et al., Case No. 2022-015316-CA-1, were dismissed with prejudice. In the small number of claims remaining, the Company continues to vigorously defend itself and believes that the ultimate resolution of such remaining claims will not have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. Relatedly, in May 2022, the Company filed a complaint against several of its insurers seeking a determination of its rights under its commercial general liability, and directors and officers liability, insurance policies for these alleged claims in a declaratory judgment action pending in Delaware Superior Court, Hertz Global Holdings, Inc., et al. v. ACE American Insurance Co., et al., C.A. No. N22C-05-130 MMJ (CCLD). The Company believes that a meaningful portion of the amount being paid for the Settlements will ultimately be recovered from its insurance carriers. The Company has established reserves for matters where the Company believes that losses are probable and can be reasonably estimated. Other than the aggregate reserve established for claims for self-insured liabilities, none of those reserves are material. For matters where the Company has not established a reserve, the ultimate outcome or resolution cannot be predicted at this time, or the amount of ultimate loss, if any, cannot be reasonably estimated. These matters are subject to many uncertainties and the outcome of the individual litigated matters is not predictable with assurance. It is possible that certain of the actions, claims, inquiries or proceedings could be decided unfavorably to the Company or any of its subsidiaries involved. Accordingly, it is possible that an adverse outcome from such a proceeding could exceed the amount accrued in an amount that could be material to the Company's consolidated financial condition, results of operations or cash flows in any particular reporting period. Other Proceedings Litigation Against Former Executives - The Company filed litigation in the U.S. District Court for the District of New Jersey against former executives Mark Frissora, Elyse Douglas and John Jefferey Zimmerman on March 25, 2019, and in state court in Florida against former executive Scott Sider on March 28, 2019. The complaints predominantly alleged breach of contract and sought repayment of incentive-based compensation received by the defendants in connection with restatements included in the former Hertz Global Holdings, Inc. ("Old Hertz Holdings") Form 10-K for the year ended December 31, 2014 and related accounting for prior periods. The complaints also sought recovery for the costs of an SEC investigation that resulted in an administrative order on December 31, 2018 with respect to events generally involving the restatements included in Old Hertz Holdings Form 10-K for the year ended December 31, 2014 and other damages resulting from the necessity of the restatements. The Company is pursuing these legal proceedings in accordance with its clawback policy and contractual rights. In October 2019, the Company entered into a confidential settlement agreement with Elyse Douglas and, on April 14, 2021, the Bankruptcy Court approved a Settlement Agreement between the Company and Scott Sider, closing the Florida action. Additionally, on December 29, 2021, the Company entered into a confidential settlement agreement with Jeff Zimmerman, leaving Mark Frissora as the sole remaining defendant in the New Jersey action. Fact and expert discovery have been completed and competing dispositive motions were fully briefed as of October 26, 2022. Pursuant to the agreements governing the separation of Herc Holdings Inc. from Hertz Global that occurred on June 30, 2016, Herc Holdings Inc. is entitled to 15% of the net proceeds of any repayment or recovery from these cases. Indemnification Obligations In the ordinary course of business, the Company has executed contracts involving indemnification obligations customary in the relevant industry and indemnifications specific to a transaction such as the sale of a business. These indemnification obligations might include claims relating to the following: environmental matters; intellectual property rights; governmental regulations and employment-related matters; customer, supplier and other commercial contractual relationships and financial matters. Specifically, the Company has indemnified various parties for the costs associated with remediating numerous hazardous substance storage, recycling or disposal sites in many states and, in some instances, for natural resource damages. The amount of any such expenses or related natural resource damages for which the Company may be held responsible could be substantial. In addition, Hertz entered into customary indemnification agreements with Hertz Holdings and certain of the Company's stockholders and their affiliates pursuant to which Hertz Holdings and Hertz will indemnify those entities and their respective affiliates, directors, officers, partners, members, employees, agents, representatives and controlling persons, against certain liabilities arising out of performance of a consulting agreement with Hertz Holdings and each of such entities and certain other claims and liabilities, including liabilities arising out of financing arrangements or securities offerings. The Company has entered into customary indemnification agreements with each of its directors and certain of its officers. Performance under these indemnification obligations would generally be triggered by a breach of terms of the contract or by a third-party claim. In connection with the separation of the car rental business in 2016, the Company executed an agreement with Herc Holdings Inc. that contains mutual indemnification clauses and a customary indemnification provision with respect to liability arising out of or resulting from assumed legal matters. The Company regularly evaluates the probability of having to incur costs associated with these indemnification obligations and has accrued for expected losses that are probable and estimable.

Segment Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Information

The Company’s chief operating decision maker ("CODM") assesses performance and allocates resources based upon the financial information for the Company’s reportable segments. The Company has identified two reportable segments, which are consistent with its operating segments and organized based on the products and services provided and the geographic areas in which business is conducted, as follows:

•Americas RAC – rental of vehicles (cars, crossovers, vans and light trucks), as well as sales of value-added services, in the U.S., Canada, Latin America and the Caribbean; and

•International RAC – rental and leasing of vehicles (cars, crossovers, vans and light trucks), as well as sales of value-added services, in locations other than the U.S., Canada, Latin America and the Caribbean.

In addition to its reportable segments and other operating activities, the Company has corporate operations ("Corporate") which includes general corporate assets and expenses and certain interest expense (including net interest on non-vehicle debt). Corporate includes other items necessary to reconcile the reportable segments to the Company's total amounts.

The following tables provide significant statement of operations and balance sheet information by reportable segment for each of Hertz Global and Hertz, as well as Adjusted EBITDA, the measure used to determine segment profitability.


	Three Months Ended March 31,
(In millions)	2023		2022
Revenues
Americas RAC	$	1,730	$	1,558
International RAC	317		252


Total Hertz Global and Hertz	$	2,047	$	1,810

Depreciation of revenue earning vehicles and lease charges, net
Americas RAC	$	349	$	(93)
International RAC	32		34


Total Hertz Global and Hertz	$	381	$	(59)


	Three Months Ended March 31,
(In millions)	2023		2022
Adjusted EBITDA
Americas RAC	$	261	$	641
International RAC	53		27
Total reportable segments	314		668

Corporate	(77)		(54)
Total Hertz Global and Hertz	$	237	$	614


	As of
(In millions)	March 31, 2023		December 31, 2022
Revenue earning vehicles, net
Americas RAC	$	12,119	$	10,813
International RAC	1,739		1,682
Total Hertz Global and Hertz	$	13,858	$	12,495
Total assets
Americas RAC	$	18,923	$	17,645
International RAC	3,596		3,638
Total reportable segments	22,519		21,283

Corporate	1,230		1,214
Total Hertz Global(1)	23,749		22,497
Corporate - Hertz	(1)		(1)
Total Hertz(1)	$	23,748	$	22,496

(1) The consolidated total assets of Hertz Global and Hertz as of March 31, 2023 and December 31, 2022 include total assets of VIEs of $1.4 billion and $1.3 billion, respectively, which can only be used to settle obligations of the VIEs. See "Pledges Related to Vehicle Financing" in Note 5, "Debt," for further information.

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

Hertz Global



	Three Months Ended March 31,
(In millions)	2023		2022
Adjusted EBITDA:
Americas RAC	$	261	$	641
International RAC	53		27
Total reportable segments	314		668

Corporate(1)	(77)		(54)
Total Hertz Global	237		614
Adjustments:
Non-vehicle depreciation and amortization	(35)		(33)
Non-vehicle debt interest, net	(51)		(39)
Vehicle debt-related charges(2)	(10)		(7)

Restructuring and restructuring related charges(3)	(3)		(6)





Change in fair value of Public Warrants(4)	(118)		50
Unrealized gains (losses) on financial instruments(5)	(108)		44
Gain on sale of non-vehicle capital assets(6)	162		—
Other items(7)	(12)		(67)
Income (loss) before income taxes	$	62	$	556

Hertz



	Three Months Ended March 31,
(In millions)	2023		2022
Adjusted EBITDA:
Americas RAC	$	261	$	641
International RAC	53		27
Total reportable segments	314		668

Corporate(1)	(77)		(54)
Total Hertz	237		614
Adjustments:
Non-vehicle depreciation and amortization	(35)		(33)
Non-vehicle debt interest, net	(51)		(39)
Vehicle debt-related charges(2)	(10)		(7)

Restructuring and restructuring related charges(3)	(3)		(6)






Unrealized gains (losses) on financial instruments(5)	(108)		44
Gain on sale of non-vehicle capital assets(6)	162		—
Other items(7)	(12)		(67)
Income (loss) before income taxes	$	180	$	506

(1)Represents other reconciling items primarily consisting of general corporate expenses, non-vehicle interest expense, as well as other business activities.

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

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

(4)Represents the change in fair value during the reporting period for the Company's outstanding Public Warrants.

(5)Represents unrealized gains (losses) on derivative financial instruments. In 2023, also includes the realization of $88 million of previously unrealized gains resulting from the unwind of certain interest rate caps. See Note 10, "Financial Instruments."

(6)Represents gain on sale of certain non-vehicle capital assets sold in March 2023. See Note 3, "Divestitures."

(7)Represents miscellaneous items. For the three months ended March 31, 2023, primarily includes certain IT related charges. For the three months ended March 31, 2022 primarily includes bankruptcy claims, certain non-cash stock-based compensation charges, certain professional fees and charges related to the settlement of bankruptcy claims.

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

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Revenue from Contract with Customer [Abstract]

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation This Quarterly Report on Form 10-Q combines the quarterly reports on Form 10-Q for the quarterly period ended March 31, 2023 of Hertz Global and Hertz. Hertz Global consolidates Hertz for financial statement purposes, therefore, disclosures that relate to activities of Hertz also apply to Hertz Global. In the sections that combine disclosure of Hertz Global and Hertz, this report refers to actions as being actions of the Company, or Hertz Global, which is appropriate because the business is one enterprise and Hertz Global operates the business through Hertz. When appropriate, Hertz Global and Hertz are named specifically for their individual disclosures and any significant differences between the operations and results of Hertz Global and Hertz are separately disclosed and explained. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The Company's vehicle rental operations are typically a seasonal business, with decreased levels of business in the winter months and heightened activity during the spring and summer months for the majority of countries where the Company generates revenues. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes. Actual results could differ materially from those estimates. The December 31, 2022 unaudited condensed consolidated balance sheet data is derived from the audited financial statements at that date but does not include all disclosures required by U.S. GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with information included in the Company's Form 10-K for the year ended December 31, 2022 (the "2022 Form 10-K"), as filed with the Securities and Exchange Commission ("SEC") on February 7, 2023.
Principles of Consolidation	Principles of ConsolidationThe unaudited condensed consolidated financial statements of Hertz Global include the accounts of Hertz Global, its wholly owned and majority owned U.S. and international subsidiaries and its VIEs, as applicable. The unaudited condensed consolidated financial statements of Hertz include the accounts of Hertz, its wholly owned and majority owned U.S. and international subsidiaries and its VIEs, as applicable. The Company consolidates a VIE when it is deemed the primary beneficiary of the VIE. The Company accounts for its investment in joint ventures using the equity method when it has significant influence but not control and is not the primary beneficiary of the joint venture. All significant intercompany transactions have been eliminated in consolidation.

Revenue Earning Vehicles (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Components of Revenue Earning Vehicles, Net

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



(In millions)	March 31, 2023		December 31, 2022
Revenue earning vehicles	$	15,108	$	13,654
Less accumulated depreciation	(1,752)		(1,649)
	13,356		12,005
Revenue earning vehicles held for sale, net(1)	502		490
Revenue earning vehicles, net	$	13,858	$	12,495

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

Schedule of Depreciation of Revenue Earning Vehicles and Lease Charges

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


	Three Months Ended March 31,
(In millions)	2023		2022
Depreciation of revenue earning vehicles	$	422	$	322
(Gain) loss on disposal of revenue earning vehicles	(46)		(387)
Rents paid for vehicles leased	5		6
Depreciation of revenue earning vehicles and lease charges, net	$	381	$	(59)

Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Components of Debt

The Company's debt, including its available credit facilities, consists of the following ($ in millions) as of March 31, 2023 and December 31, 2022:



Facility	Weighted-Average Interest Rate as of March 31, 2023	Fixed or Floating Interest Rate	Maturity	March 31, 2023		December 31, 2022
Non-Vehicle Debt
Term B Loan	7.90%	Floating	6/2028	$	1,277	$	1,281
Term C Loan	7.90%	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)	7.64%	Fixed	Various	8		9
Unamortized Debt Issuance Costs and Net (Discount) Premium				(55)		(58)
Total Non-Vehicle Debt				2,975		2,977
Vehicle Debt
HVF III U.S. ABS Program
HVF III U.S. Vehicle Variable Funding Notes
HVF III Series 2021-A Class A(2)	6.35%	Floating	6/2024	2,452		2,363
HVF III Series 2021-A Class B(2)	3.65%	Fixed	6/2023	188		188
				2,640		2,551
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		750
HVF III Series 2022-2(2)	2.42%	Fixed	6/2027	652		652
HVF III Series 2022-3(2)	3.89%	Fixed	3/2024	383		383
HVF III Series 2022-4(2)	4.22%	Fixed	9/2025	667		667
HVF III Series 2022-5(2)	4.03%	Fixed	9/2027	317		317
HVF III Series 2023-1(2)	5.91%	Fixed	6/2026	460		—
HVF III Series 2023-2(2)	6.30%	Fixed	9/2028	300		—
				7,529		6,769
Vehicle Debt - Other
Repurchase Facility	6.55%	Fixed	4/2023	114		86
European ABS(2)	4.65%	Floating	11/2024	843		811
Hertz Canadian Securitization(2)	6.51%	Floating	6/2024	288		283
Australian Securitization(2)	5.28%	Floating	4/2024	159		168
New Zealand RCF	7.78%	Floating	6/2024	50		54
U.K. Financing Facility	6.60%	Floating	4/2023-3/2027	113		101
U.K. Toyota Financing Facility	2.20%	Floating	4/2023-11/2023	37		49



Facility	Weighted-Average Interest Rate as of March 31, 2023	Fixed or Floating Interest Rate	Maturity	March 31, 2023		December 31, 2022
Other Vehicle Debt	3.33%	Floating	4/2023 - 2/2027	78		76
				1,682		1,628
Unamortized Debt Issuance Costs and Net (Discount) Premium				(62)		(62)
Total Vehicle Debt				11,789		10,886
Total Debt				$	14,764	$	13,863

(1)Other non-vehicle debt is primarily comprised of $5 million and $6 million in finance lease obligations as of March 31, 2023 and December 31, 2022, respectively.

Schedule of Facilities Available Net of Outstanding Letters of Credit

The following facilities were available to the Company as of March 31, 2023 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	$	1,512	$	1,512
Total Non-Vehicle Debt	1,512		1,512
Vehicle Debt
HVF III Series 2021-A	1,267		—

European ABS	350		—
Hertz Canadian Securitization	—		—
Australian Securitization	8		—

U.K. Financing Facility	10		3
U.K. Toyota Financing Facility	14		2
Total Vehicle Debt	1,649		5
Total	$	3,161	$	1,517

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Operating Lease, Lease Income

The following table summarizes the amount of operating lease income and other income included in total revenues in the accompanying unaudited condensed consolidated statements of operations:



	Three Months Ended March 31,
(In millions)	2023		2022
Operating lease income from vehicle rentals	$	1,859	$	1,721

Variable operating lease income	132		44
Revenue accounted for under Topic 842	1,991		1,765
Revenue accounted for under Topic 606	56		45
Total revenues	$	2,047	$	1,810

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

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted earnings (loss) per common share:



	Three Months Ended March 31,
(In millions, except per share data)(1)	2023		2022
Numerator:


Net income (loss) available to Hertz Global common stockholders, basic	$	196	$	426
Change in fair value of Public Warrants	—		(50)

Net income (loss) available to Hertz Global common stockholders, diluted	$	196	$	376
Denominator:


Basic weighted-average common shares outstanding	321		432
Dilutive effect of stock options, RSUs and PSUs	1		—
Dilutive effect of Public Warrants	—		29
Diluted weighted-average shares outstanding	323		461
Antidilutive Public Warrants	17		—
Antidilutive stock options, RSUs and PSUs	6		5
Total antidilutive	23		5
Earnings (loss) per common share:
Basic	$	0.61	$	0.99
Diluted	$	0.61	$	0.82

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement, Cost by Plan

A summary of the total compensation expense and related income tax benefits recognized for grants made under the 2021 Omnibus Plan is as follows:


	Three Months Ended March 31,
(In millions)	2023		2022
Compensation expense	$	21	$	28
Income tax benefit	(5)		(1)
Total	$	16	$	27

Summary of Stock Option Activity

A summary of stock option activity for the three months ended March 31, 2023 is presented below:


Options	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (In millions)
Outstanding as of January 1, 2023	3,144,983	$	26.17	8.2	$	—
Granted	—	—		—	—
Exercised	—	—		—	—
Forfeited or Expired	(130,548)	26.17		—	—
Outstanding as of March 31, 2023	3,014,435	26.17		8.2	—
Exercisable as of March 31, 2023	(1,302,809)	26.17		7.7	—
Non-vested as of March 31, 2023	1,711,626

Summary of PSU Activity

A summary of the PSU activity for the three months ended March 31, 2023 is presented below:


	Shares	Weighted- Average Fair Value		Aggregate Intrinsic Value (In millions)
Outstanding as of January 1, 2023	9,292,749	$	17.62	$	143
Granted(1)	523,128	17.32		—
Vested	—	—		—
Forfeited or Expired	(6,259)	19.44		—
Outstanding as of March 31, 2023	9,809,618	17.60		160

(1) Presented assuming the issuance at the original target award amount (100%).

Summary of RSU Activity

A summary of RSU activity for the three months ended March 31, 2023 is presented below:


	Shares	Weighted- Average Fair Value		Aggregate Intrinsic Value (In millions)
Outstanding as of January 1, 2023	3,412,763	$	20.82	$	53
Granted	1,730,336	17.69		—
Vested	(238,266)	20.27		—
Forfeited or Expired	(18,505)	22.86		—
Outstanding as of March 31, 2023	4,886,328	19.73		80

Additional information pertaining to RSU activity is as follows:


	Three Months Ended March 31,
	2023		2022
Total fair value of awards that vested (in millions)	$	5	$	13
Weighted-average grant-date fair value of awards granted	$	17.69	$	20.60

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Financial Instruments

The following table summarizes the estimated fair value of financial instruments:


	Fair Value of Financial Instruments
	Asset Derivatives(1)				Liability Derivatives(1)
(In millions)	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Interest rate instruments(2)	$	21	$	140	$	—	$	—
Foreign currency forward contracts	3		1		4		2
Total	$	24	$	141	$	4	$	2

(2) The activity in the first quarter of 2023 is primarily due to net cash received on monthly settlements, including the sale of interest rate caps disclosed below.

Schedule of Derivative Instruments Included in Trading Activities

The following table summarizes the gains or (losses) on financial instruments for the period indicated:


	Location of Gain (Loss) Recognized on Derivatives	Amount of Gain (Loss) Recognized in Income on Derivatives
		Three Months Ended March 31,
(In millions)		2023		2022
Interest rate instruments	Vehicle interest expense, net	$	4	$	44
Foreign currency forward contracts	Other (income) expense, net	(5)		(1)
Total		$	(1)	$	43

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value, Liabilities Measured on Recurring Basis



	March 31, 2023				December 31, 2022
(In millions)	Nominal Unpaid Principal Balance		Aggregate Fair Value		Nominal Unpaid Principal Balance		Aggregate Fair Value
Non-Vehicle Debt	$	3,030	$	2,802	$	3,035	$	2,685
Vehicle Debt	11,851		11,313		10,948		10,304
Total	$	14,881	$	14,115	$	13,983	$	12,989

Fair Value Measurements, Recurring


	March 31, 2023								December 31, 2022
(In millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Assets:
Cash equivalents and restricted cash equivalents	$	453	$	—	$	—	$	453	$	443	$	—	$	—	$	443

Liabilities:
Public Warrants	$	735	$	—	$	—	$	735	$	617	$	—	$	—	$	617

Schedule of Segment Reporting Information, by Segment

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

+ References + Details

Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]


	Three Months Ended March 31,
(In millions)	2023		2022
Revenues
Americas RAC	$	1,730	$	1,558
International RAC	317		252


Total Hertz Global and Hertz	$	2,047	$	1,810

Depreciation of revenue earning vehicles and lease charges, net
Americas RAC	$	349	$	(93)
International RAC	32		34


Total Hertz Global and Hertz	$	381	$	(59)


	Three Months Ended March 31,
(In millions)	2023		2022
Adjusted EBITDA
Americas RAC	$	261	$	641
International RAC	53		27
Total reportable segments	314		668

Corporate	(77)		(54)
Total Hertz Global and Hertz	$	237	$	614


	As of
(In millions)	March 31, 2023		December 31, 2022
Revenue earning vehicles, net
Americas RAC	$	12,119	$	10,813
International RAC	1,739		1,682
Total Hertz Global and Hertz	$	13,858	$	12,495
Total assets
Americas RAC	$	18,923	$	17,645
International RAC	3,596		3,638
Total reportable segments	22,519		21,283

Corporate	1,230		1,214
Total Hertz Global(1)	23,749		22,497
Corporate - Hertz	(1)		(1)
Total Hertz(1)	$	23,748	$	22,496

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

Hertz Global



	Three Months Ended March 31,
(In millions)	2023		2022
Adjusted EBITDA:
Americas RAC	$	261	$	641
International RAC	53		27
Total reportable segments	314		668

Corporate(1)	(77)		(54)
Total Hertz Global	237		614
Adjustments:
Non-vehicle depreciation and amortization	(35)		(33)
Non-vehicle debt interest, net	(51)		(39)
Vehicle debt-related charges(2)	(10)		(7)

Restructuring and restructuring related charges(3)	(3)		(6)





Change in fair value of Public Warrants(4)	(118)		50
Unrealized gains (losses) on financial instruments(5)	(108)		44
Gain on sale of non-vehicle capital assets(6)	162		—
Other items(7)	(12)		(67)
Income (loss) before income taxes	$	62	$	556

Hertz



	Three Months Ended March 31,
(In millions)	2023		2022
Adjusted EBITDA:
Americas RAC	$	261	$	641
International RAC	53		27
Total reportable segments	314		668

Corporate(1)	(77)		(54)
Total Hertz	237		614
Adjustments:
Non-vehicle depreciation and amortization	(35)		(33)
Non-vehicle debt interest, net	(51)		(39)
Vehicle debt-related charges(2)	(10)		(7)

Restructuring and restructuring related charges(3)	(3)		(6)






Unrealized gains (losses) on financial instruments(5)	(108)		44
Gain on sale of non-vehicle capital assets(6)	162		—
Other items(7)	(12)		(67)
Income (loss) before income taxes	$	180	$	506

(1)Represents other reconciling items primarily consisting of general corporate expenses, non-vehicle interest expense, as well as other business activities.

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

(4)Represents the change in fair value during the reporting period for the Company's outstanding Public Warrants.

(6)Represents gain on sale of certain non-vehicle capital assets sold in March 2023. See Note 3, "Divestitures."

Divestitures - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Divestitures - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Gain) loss on sale of non-vehicle capital assets	$ 162	$ 2
Non-vehicle Capital Assets \| Americas Rental Car segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Gain) loss on sale of non-vehicle capital assets	29
The Hertz Corporation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Gain) loss on sale of non-vehicle capital assets	162	$ 2
Los Angeles, California Airport Location
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale and leaseback transaction, gain (loss), net	133
Sale leaseback transaction, gross amount	143
Sale leaseback transaction, net book value	9
Sale and leaseback transaction, selling costs	$ 1
Term of lease contract	36 months

Revenue Earning Vehicles - Components of Revenue Earning Vehicles (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Long-Lived Assets Held-for-sale [Line Items]
Revenue earning vehicles, net	$ 13,858	$ 12,495
Vehicles, Including Held-For-Sale
Long-Lived Assets Held-for-sale [Line Items]
Revenue earning vehicles	15,108	13,654
Less accumulated depreciation	(1,752)	(1,649)
Property subject to available for operating lease excluding assets held for sale	13,356	12,005
Vehicles Held For Sale
Long-Lived Assets Held-for-sale [Line Items]
Revenue earning vehicles held for sale, net	$ 502	$ 490

Revenue Earning Vehicles - Schedule of Depreciation of Revenue Earning Vehicles and Lease Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Depreciation of revenue earning vehicles	$ 422	$ 322
(Gain) loss on disposal of revenue earning vehicles	(46)	(387)
Rents paid for vehicles leased	5	6
Depreciation of revenue earning vehicles and lease charges, net	$ 381	$ (59)

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs and Net (Discount) Premium	$ (55)	$ (58)
Total Non-Vehicle Debt	$ 14,764	$ 13,863
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total Non-Vehicle Debt	Total Non-Vehicle Debt
Term B Loan \| Medium-term Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	7.90%
Outstanding principal	$ 1,277	$ 1,281
Term C Loan \| Medium-term Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	7.90%
Outstanding principal	$ 245	245
Senior Notes Due 2026 \| Senior Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.63%
Outstanding principal	$ 500	500
Senior Notes Due 2029 \| Senior Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	5.00%
Outstanding principal	$ 1,000	1,000
First Lien RCF \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding principal	$ 0	0
Other Non-Vehicle Debt
Debt Instrument [Line Items]
Average interest rate (as a percent)	7.64%
Outstanding principal	$ 8	9
Finance lease liability	5	6
Vehicle Debt
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs and Net (Discount) Premium	(62)	(62)
Total Non-Vehicle Debt	11,789	10,886
HVF III U.S. Vehicle Variable Funding Notes
Debt Instrument [Line Items]
Outstanding principal	$ 2,640	2,551
HVF III Series 2021-A Class A
Debt Instrument [Line Items]
Average interest rate (as a percent)	6.35%
Outstanding principal	$ 2,452	2,363
HVF III Series 2021-A Class B
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.65%
Outstanding principal	$ 188	188
HVF III U.S. Vehicle Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal	$ 7,529	6,769
HVF III Series 2021-1 \| Medium-term Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.66%
Outstanding principal	$ 2,000	2,000
HVF III Series 2021-2 \| Medium-term Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.12%
Outstanding principal	$ 2,000	2,000
HVF III Series 2022-1 \| Medium-term Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.44%
Outstanding principal	$ 750	750
HVF III Series 2022-2 \| Medium-term Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.42%
Outstanding principal	$ 652	652
HVF III Series 2022-3 \| Medium-term Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.89%
Outstanding principal	$ 383	383
HVF III Series 2022-4 \| Medium-term Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.22%
Outstanding principal	$ 667	667
HVF III Series 2022-5 \| Medium-term Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.03%
Outstanding principal	$ 317	317
HVF III Series 2023-1 \| Medium-term Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	5.91%
Outstanding principal	$ 460	0
HVF III Series 2023-2 \| Medium-term Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	6.30%
Outstanding principal	$ 300	0
Other Fleet Debt
Debt Instrument [Line Items]
Outstanding principal	$ 1,682	1,628
Repurchase Facility
Debt Instrument [Line Items]
Average interest rate (as a percent)	6.55%
Outstanding principal	$ 114	86
European ABS
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.65%
Outstanding principal	$ 843	811
Hertz Canadian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)	6.51%
Outstanding principal	$ 288	283
Australian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)	5.28%
Outstanding principal	$ 159	168
New Zealand RCF
Debt Instrument [Line Items]
Average interest rate (as a percent)	7.78%
New Zealand RCF \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding principal	$ 50	54
U.K. Financing Facility
Debt Instrument [Line Items]
Average interest rate (as a percent)	6.60%
Outstanding principal	$ 113	101
U.K. Toyota Financing Facility
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.20%
Outstanding principal	$ 37	49
Other Vehicle Debt
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.33%
Outstanding principal	$ 78	76
Non Vehicle Debt
Debt Instrument [Line Items]
Total Non-Vehicle Debt	$ 2,975	$ 2,977

Debt - Narrative (Details)
$ in Millions

3 Months Ended

Mar. 31, 2023

USD ($)

class

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

NZD ($)

Apr. 30, 2023

NZD ($)

Feb. 28, 2023

USD ($)

Dec. 31, 2022

USD ($)

Number of share classes | class

$ 3,161,000,000

Variable Interest Entity, Not Primary Beneficiary

^[1]

23,749,000,000

$ 22,497,000,000

Liabilities

^[1]

$ 20,975,000,000

19,852,000,000

Ownership percentage

25.00%

$ 1,400,000,000

1,300,000,000

Liabilities

$ 1,400,000,000

1,300,000,000

First Lien RCF

Maximum consolidated leverage ratio

3.00

First Lien RCF | Subsequent Event

Maximum consolidated leverage ratio

3.00

3.50

First Lien RCF

$ 1,512,000,000

HVF III Series 2021-A

HVF III Series 2021-A | Medium-term Notes | Affiliated Entity

1,267,000,000

Principal amount outstanding

40,000,000

HVF III Series 2022-1 | Medium-term Notes

HVF III Series 2022-2 | Medium-term Notes

750,000,000

HVF III Series 2022-3 | Medium-term Notes

652,000,000

HVF III Series 2022-4 | Medium-term Notes

383,000,000

HVF III Series 2022-5 | Medium-term Notes

667,000,000

317,000,000

Repurchase Facility

Australian Securitization

114,000,000

86,000,000

159,000,000

168,000,000

8,000,000

U.K. Financing Facility

U.K. Toyota Financing Facility

10,000,000

37,000,000

49,000,000

Term C Loan | Medium-term Notes

14,000,000

245,000,000

HVF III Series 2023-1 | Medium-term Notes

Long-term debt

Principal amount outstanding

500,000,000

HVF III Series 2023-2 | Medium-term Notes

460,000,000

Principal amount outstanding

300,000,000

Revolving Credit Facility | First Lien RCF

300,000,000

Outstanding standby letters of credit

488,000,000

Revolving Credit Facility | First Lien RCF | Line of Credit

Maximum borrowing capacity

2,000,000,000

$ 1,900,000,000

Revolving Credit Facility | New Zealand RCF | Line of Credit

Revolving Credit Facility | New Zealand RCF | Line of Credit | Subsequent Event

50,000,000

$ 54,000,000

Maximum borrowing capacity

$ 60

$ 80

Letter of Credit

Outstanding standby letters of credit

749,000,000

Letter of Credit | Term C Loan

Outstanding standby letters of credit

$ 245,000,000

[1]

Debt - Borrowing Capacity (Details) $ in Millions	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
Remaining capacity	$ 3,161
Availability under borrowing base limitation	1,517
Corporate Debt Securities
Debt Instrument [Line Items]
Remaining capacity	1,512
Availability under borrowing base limitation	1,512
First Lien RCF
Debt Instrument [Line Items]
Remaining capacity	1,512
Availability under borrowing base limitation	1,512
Vehicle Debt
Debt Instrument [Line Items]
Remaining capacity	1,649
Availability under borrowing base limitation	5
HVF III Series 2021-A
Debt Instrument [Line Items]
Remaining capacity	1,267
Availability under borrowing base limitation	0
European ABS
Debt Instrument [Line Items]
Remaining capacity	350
Availability under borrowing base limitation	0
Hertz Canadian Securitization
Debt Instrument [Line Items]
Remaining capacity	0
Availability under borrowing base limitation	0
Australian Securitization
Debt Instrument [Line Items]
Remaining capacity	8
Availability under borrowing base limitation	0
U.K. Financing Facility
Debt Instrument [Line Items]
Remaining capacity	10
Availability under borrowing base limitation	3
U.K. Toyota Financing Facility
Debt Instrument [Line Items]
Remaining capacity	14
Availability under borrowing base limitation	$ 2

Leases - Leases Income (Details) - USD ($) $ in Millions	3 Months Ended
Leases - Leases Income (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Lessor, Lease, Description [Line Items]
Revenues	$ 1,991	$ 1,765
Variable operating lease income	132	44
Revenue accounted for under Topic 606	56	45
Revenues	2,047	1,810
Vehicle Rentals, Operating Lease
Lessor, Lease, Description [Line Items]
Revenues	$ 1,859	$ 1,721

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

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Income Tax (Provision) Benefit (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Feb. 09, 2023
Income Tax Contingency [Line Items]
Income tax provision (benefit)	$ (134)	$ 130
Effective tax rate (as percent)	214.00%	23.00%
The Hertz Corporation
Income Tax Contingency [Line Items]
Income tax provision (benefit)	$ (134)	$ 130
Effective tax rate (as percent)	74.00%	26.00%
The Hertz Corporation \| Tax Year 2021
Income Tax Contingency [Line Items]
Operating loss carryforwards			$ 163

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

+ References + Details

Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		10 Months Ended	16 Months Ended	21 Months Ended
	Apr. 20, 2023	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2023	Mar. 31, 2023	Jun. 30, 2022	Nov. 30, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrants exercised (in shares)		27,897				6,314,136
Warrants exercised, cashless (in shares)		19,444
Warrants exercised, cash (in shares)		8,453
Exercise price of warrants (in usd per share)		$ 13.80		$ 13.80	$ 13.80	$ 13.80
Aggregate purchase price		$ 118	$ 766
2021 Share Repurchase Program
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Stock repurchase program, authorized amount								$ 2,000
Shares repurchased (in shares)					97,783,047
2022 Share Repurchase Program
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Stock repurchase program, authorized amount							$ 2,000
Shares repurchased (in shares)		5,735,648		53,038,657
Average share repurchase price (in dollars per share)		$ 17.44
Aggregate purchase price		$ 100		$ 935
Subsequent Event \| 2022 Share Repurchase Program
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares repurchased (in shares)	2,691,587
Average share repurchase price (in dollars per share)	$ 15.60
Aggregate purchase price	$ 42

Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global (Basic and Diluted Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net income (loss) available to Hertz Global common stockholders, basic	$ 196	$ 426
Change in fair value of Public Warrants	0	(50)
Net income (loss) available to Hertz Global common stockholders, diluted	$ 196	$ 376
Denominator:
Basic weighted-average shares outstanding (in shares)	321	432
Dilutive effect of stock options, RSUs and PSUs (in shares)	1	0
Dilutive effect of Public Warrants (in shares)	0	29
Diluted weighted-average shares outstanding (in shares)	323	461
Antidilutive stock options, RSUs, and PSUs (in shares)	23	5
Earnings (loss) per common share:
Basic (in dollars per share)	$ 0.61	$ 0.99
Diluted (in dollars per share)	$ 0.61	$ 0.82
Warrants
Denominator:
Antidilutive stock options, RSUs, and PSUs (in shares)	17	0
Antidilutive stock options, RSUs and PSUs
Denominator:
Antidilutive stock options, RSUs, and PSUs (in shares)	6	5

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 21	$ 28
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price of common stock, percent	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price of common stock, percent	200.00%
Performance Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period	2 years
Performance Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period	3 years
Omnibus Incentive Plan 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	46,486,293
Compensation expense	$ 21	$ 28
Unrecognized compensation cost	$ 231
Period for recognition of total unrecognized compensation cost	2 years 3 months 18 days
Omnibus Incentive Plan 2021 \| Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	9,809,618		9,292,749
Omnibus Incentive Plan 2021 \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	4,886,328		3,412,763
Omnibus Incentive Plan 2021 \| Restricted Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Omnibus Incentive Plan 2021 \| Restricted Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Omnibus Incentive Plan 2021 \| Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	80,000

Stock-Based Compensation (Summary of the Total Compensation Expense and Associated Recognized Income Tax Benefits) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation charges	$ 21	$ 28
Omnibus Incentive Plan 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation charges	21	28
Income tax benefit	(5)	(1)
Total	$ 16	$ 27

Stock-Based Compensation - Summary of Stock Option Activity (Details) - Omnibus Incentive Plan 2021 - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Dec. 31, 2022	Mar. 31, 2023
Shares
Outstanding beginning balance (in shares)		3,144,983
Granted (in shares)		0
Exercised (in shares)		0
Forfeited or Expired (in shares)		(130,548)
Outstanding ending balance (in shares)	3,144,983	3,014,435
Exercisable (in shares)		(1,302,809)
Non-vested (in shares)		1,711,626
Weighted- Average Exercise Price
Outstanding beginning balance (in dollars per share)		$ 26.17
Granted (in dollars per share)		0
Exercised (in dollars per share)		0
Forfeited or Expired (in dollars per share)		26.17
Outstanding ending balance (in dollars per share)	$ 26.17	26.17
Exercisable (in dollars per share)		$ 26.17
Weighted-Average Remaining Contractual Term (years)/Aggregate intrinsic Value
Weighted average remaining contractual term	8 years 2 months 12 days	8 years 2 months 12 days
Weighted average remaining contractual term, exercisable		7 years 8 months 12 days
Aggregate intrinsic value	$ 0	$ 0
Aggregate intrinsic value, exercisable		$ 0

Stock-Based Compensation - Summary of PSU Activity (Details) - Omnibus Incentive Plan 2021 - Performance Stock Units - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Shares
Outstanding beginning balance (in shares)	9,292,749
Granted (in shares)	523,128
Vested (in shares)	0
Forfeited or Expired (in shares)	(6,259)
Outstanding ending balance (in shares)	9,809,618
Weighted- Average Fair Value
Outstanding beginning balance (in dollars per share)	$ 17.62
Granted (in dollars per share)	17.32
Vested (in dollars per share)	0
Forfeited or Expired (In dollars per share)	19.44
Outstanding ending balance (in dollars per share)	$ 17.60
Aggregate intrinsic value, outstanding	$ 143
Aggregate intrinsic value, outstanding	$ 160
Target award amount		100.00%

Stock-Based Compensation - Summary of RSU Activity (Details) - Omnibus Incentive Plan 2021 - Restricted Stock Units - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Shares
Outstanding beginning balance (in shares)	3,412,763
Granted (in shares)	1,730,336
Vested (in shares)	(238,266)
Forfeited or Expired (in shares)	(18,505)
Outstanding ending balance (in shares)	4,886,328
Weighted- Average Fair Value
Outstanding beginning balance (in dollars per share)	$ 20.82
Granted (in dollars per share)	17.69	$ 20.60
Vested (in dollars per share)	20.27
Forfeited or Expired (In dollars per share)	22.86
Outstanding ending balance (in dollars per share)	$ 19.73
Aggregate intrinsic value, outstanding	$ 53
Aggregate intrinsic value, outstanding	$ 80

Stock-Based Compensation - Schedule of Additional RSU Activity (Details) - Restricted Stock Units - Omnibus Incentive Plan 2021 - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of awards that vested	$ 5	$ 13
Weighted-average grant-date fair value of awards (in dollars per share)	$ 17.69	$ 20.60

Financial Instruments - Schedule of Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	$ 24	$ 141
Liability derivatives	4	2
Interest rate instruments(2)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	21	140
Liability derivatives	0	0
Foreign currency forward contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	3	1
Liability derivatives	$ 4	$ 2

Financial Instruments (Details) $ in Millions	3 Months Ended
Financial Instruments (Details) $ in Millions	Mar. 31, 2023 USD ($) instrument	Dec. 31, 2022 instrument
The Hertz Corporation
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) on sale of derivatives	$ 98
Unrealized gain (loss) on derivatives	$ 88
Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, number of instruments held \| instrument	0	0
Interest rate instruments(2)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) on sale of interest rate caps	$ 10

Financial Instruments - Summary of Financial Instruments, Gain (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gains or (losses) on financial instruments	$ (1)	$ 43
Interest rate instruments(2)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gains or (losses) on financial instruments	4	44
Foreign currency forward contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gains or (losses) on financial instruments	$ (5)	$ (1)

Fair Value Measurements - Financial Instruments (Details) - Fair Value, Measurements, Recurring - Level 2 - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nominal Unpaid Principal Balance	$ 14,881	$ 13,983
Aggregate Fair Value	14,115	12,989
Non-vehicle
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nominal Unpaid Principal Balance	3,030	3,035
Aggregate Fair Value	2,802	2,685
Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nominal Unpaid Principal Balance	11,851	10,948
Aggregate Fair Value	$ 11,313	$ 10,304

Fair Value Measurements - Cash and Cash Equivalents and Investments (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 453	$ 443
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	453	443
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Public Warrants	735	617
Warrants \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Public Warrants	735	617
Warrants \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Public Warrants	0	0
Warrants \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Public Warrants	$ 0	$ 0

Fair Value Measurements (Details) - USD ($) $ in Millions	3 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Change in fair value of Public Warrants	$ 118	$ (50)

Contingencies and Off-Balance Sheet Commitments (Details) - USD ($) $ in Millions		3 Months Ended
	Jul. 01, 2021	Mar. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Self-insured liabilities		$ 457	$ 472
Litigation settlement		$ 168
Net proceeds from repayment or recovery, percent		15.00%
Pending Litigation \| Wells Fargo Bank, National Association v. The Hertz Corporation \| Payment of Certain Redemption Premiums And Post-Petition Interest
Loss Contingencies [Line Items]
Damages sought, value	$ 272
Pending Litigation \| Wells Fargo Bank, National Association v. The Hertz Corporation \| Payment of Post-Petition Interest
Loss Contingencies [Line Items]
Damages sought, value	$ 125
6.250% Senior Notes due October 2022
Loss Contingencies [Line Items]
Interest rate	6.25%
5.500% Senior Notes due October 2024
Loss Contingencies [Line Items]
Interest rate	5.50%
7.125% Senior Notes due August 2026
Loss Contingencies [Line Items]
Interest rate	7.125%
6.000% Senior Notes due January 2028
Loss Contingencies [Line Items]
Interest rate	6.00%

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Mar. 31, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Reportable Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	$ 2,047	$ 1,810
Depreciation of revenue earning vehicles and lease charges, net	381	(59)
Adjusted EBITDA	237	614
Operating Segments
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjusted EBITDA	314	668
Operating Segments \| Americas RAC
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	1,730	1,558
Depreciation of revenue earning vehicles and lease charges, net	349	(93)
Adjusted EBITDA	261	641
Operating Segments \| International RAC
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	317	252
Depreciation of revenue earning vehicles and lease charges, net	32	34
Adjusted EBITDA	53	27
Corporate And Reconciling Items
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjusted EBITDA	$ (77)	$ (54)

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

Mar. 31, 2023

Dec. 31, 2022

$ 13,858

$ 12,495

^[1]

23,749

22,497

The Hertz Corporation

13,858

12,495

The Hertz Corporation | Variable Interest Entity, Primary Beneficiary

^[2]

23,748

22,496

1,400

1,300

Operating Segments

Operating Segments | Americas RAC

22,519

21,283

12,119

10,813

Operating Segments | International RAC

18,923

17,645

1,739

1,682

Corporate And Reconciling Items

3,596

3,638

Corporate And Reconciling Items | The Hertz Corporation

1,230

1,214

$ (1)

[1]

[2]

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

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