0001657853-24-000058 | 10-Q | XBRL Viewer | Hertz Global Holdings INC

Hertz Global Holdings, Inc.'s consolidated total assets as of March 31, 2024 and December 31, 2023 include total assets of variable interest entities (“VIEs”) of $1.4 billion and $1.7 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, 2024 and December 31, 2023 include total liabilities of VIEs of $1.4 billion and $1.7 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, 2024 and December 31, 2023 include total assets of VIEs of $1.4 billion and $1.7 billion, respectively, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of March 31, 2024 and December 31, 2023 include total liabilities of VIEs of $1.4 billion and $1.7 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.

Background	3 Months Ended
Background	Mar. 31, 2024
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."), Europe, Africa, Asia, Australia, Canada, the Caribbean, Latin America, the Middle East and New Zealand. The Company also sells vehicles through Hertz Car Sales.

Financial Instruments - Summary of Financial Instruments, Gain (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gains or (losses) on financial instruments	$ (11)	$ (1)
Interest rate instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gains or (losses) on financial instruments	0	4
Foreign currency forward contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gains or (losses) on financial instruments	$ (11)	$ (5)

Leases

3 Months Ended

Mar. 31, 2024

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)	2024		2023
Operating lease income from vehicle rentals	$	1,883	$	1,859

Variable operating lease income	141		132
Revenue accounted for under Topic 842	2,024		1,991
Revenue accounted for under Topic 606	56		56
Total revenues	$	2,080	$	2,047

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2
Number of operating segments	2

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, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of awards that vested (in millions)	$ 13	$ 5
Weighted-average grant-date fair value of awards granted (in dollars per share)	$ 8.21	$ 17.69

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Fair Value Measurements - Financial Instruments (Details) - Fair Value, Measurements, Recurring - Level 2 - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nominal Unpaid Principal Balance	$ 15,867	$ 15,829
Aggregate Fair Value	15,202	15,163
Non-vehicle
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nominal Unpaid Principal Balance	3,960	3,515
Aggregate Fair Value	3,619	3,285
Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nominal Unpaid Principal Balance	11,907	12,314
Aggregate Fair Value	$ 11,583	$ 11,878

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

Mar. 31, 2024

Dec. 31, 2023

Revenue earning equipment

Revenue earning vehicles, net

$ 14,617

$ 14,651

Total assets

^[1]

24,310

24,605

Variable Interest Entity, Primary Beneficiary

Revenue earning equipment

Total assets

1,400

1,700

The Hertz Corporation

Revenue earning equipment

Revenue earning vehicles, net

14,617

14,651

Total assets

^[2]

24,309

24,604

The Hertz Corporation | Variable Interest Entity, Primary Beneficiary

Revenue earning equipment

Total assets

1,400

1,700

Americas RAC

Revenue earning equipment

Revenue earning vehicles, net

12,504

12,450

International RAC

Revenue earning equipment

Revenue earning vehicles, net

2,113

2,201

Operating Segments

Revenue earning equipment

Total assets

23,229

23,497

Operating Segments | Americas RAC

Revenue earning equipment

Total assets

19,365

19,252

Operating Segments | International RAC

Revenue earning equipment

Total assets

3,864

4,245

Corporate And Reconciling Items

Revenue earning equipment

Total assets

1,081

1,108

Corporate And Reconciling Items | The Hertz Corporation

Revenue earning equipment

Total assets

$ (1)

[1]

[2]

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-25

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(8))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481404/852-10-50-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 26: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value Measurements - Cash and Cash Equivalents and Investments (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and restricted cash equivalents	$ 157	$ 362
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and restricted cash equivalents	157	362
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and restricted cash equivalents	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and restricted cash equivalents	0	0
Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Public Warrants	367	453
Warrants \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Public Warrants	367	453
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

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement, Cost by Plan

A summary of the total employee 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)	2024		2023
Employee compensation expense(1)	$	(52)	$	21
Income tax benefit	(2)		(5)
Employee compensation expense, net	$	(54)	$	16

(1) For the three months ended March 31, 2024, includes $68 million of former CEO awards forfeited in March 2024.

Summary of Stock Option Activity

A summary of stock option activity under the 2021 Omnibus plan for the three months ended March 31, 2024 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, 2024	2,431,503	$	26.17	6.7	$	—
Granted	—	—		—	—
Exercised	—	—		—	—
Forfeited or Expired	(329,320)	26.17		—	—
Outstanding as of March 31, 2024	2,102,183	26.17		7.2	—
Exercisable as of March 31, 2024	(1,439,279)	26.17		7.0	—
Non-vested as of March 31, 2024	662,904

Summary of PSU Activity

A summary of the PSU activity for the three months ended March 31, 2024 under the 2021 Omnibus Plan is presented below:


	Shares	Weighted- Average Fair Value		Aggregate Intrinsic Value (In millions)
Outstanding as of January 1, 2024	9,102,738	$	17.52	$	95
Granted(1)	389,745	8.12		—
Vested	—	—		—
Forfeited or Expired(2)	(9,001,669)	17.43		—
Outstanding as of March 31, 2024	490,814	11.61		4

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

(2) Includes former CEO awards forfeited in March 2024.

Summary of RSU Activity

A summary of RSU activity for the three months ended March 31, 2024 under the 2021 Omnibus Plan is presented below:


	Shares	Weighted- Average Fair Value		Aggregate Intrinsic Value (In millions)
Outstanding as of January 1, 2024	6,314,564	$	15.71	$	66
Granted	4,279,983	8.21		—
Vested	(736,260)	17.82		—
Forfeited or Expired(1)	(1,351,820)	19.44		—
Outstanding as of March 31, 2024	8,506,467	11.16		67

(1) Includes former CEO awards forfeited in March 2024.

Additional information pertaining to RSU activity is as follows:


	Three Months Ended March 31,
	2024		2023
Total fair value of awards that vested (in millions)	$	13	$	5
Weighted-average grant-date fair value of awards granted	$	8.21	$	17.69

Leases (Tables)

3 Months Ended

Mar. 31, 2024

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)	2024		2023
Operating lease income from vehicle rentals	$	1,883	$	1,859

Variable operating lease income	141		132
Revenue accounted for under Topic 842	2,024		1,991
Revenue accounted for under Topic 606	56		56
Total revenues	$	2,080	$	2,047

Revenue Earning Vehicles - Schedule of Depreciation of Revenue Earning Vehicles and Lease Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Depreciation of revenue earning vehicles	$ 684	$ 422
(Gain) loss on disposal of revenue earning vehicles	276	(46)
Rents paid for vehicles leased	9	5
Depreciation of revenue earning vehicles and lease charges, net	$ 969	$ 381

Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

The Company's debt, including its available credit facilities, consists of the following ($ in millions) as of March 31, 2024 and December 31, 2023:


Facility	Weighted-Average Interest Rate as of March 31, 2024	Fixed or Floating Interest Rate	Maturity	March 31, 2024		December 31, 2023
Non-Vehicle Debt
First Lien RCF	8.76%	Floating	6/2026	$	450	$	—
Term B Loan	8.69%	Floating	6/2028	1,264		1,268
Incremental Term B Loan	9.07%	Floating	6/2028	499		500
Term C Loan	8.70%	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
Other Non-Vehicle Debt(1)	5.98%	Fixed	Various	2		2
Unamortized Debt Issuance Costs and Net (Discount) Premium				(62)		(66)
Total Non-Vehicle Debt				3,898		3,449
Vehicle Debt
HVF III U.S. ABS Program
HVF III U.S. Vehicle Variable Funding Notes
HVF III Series 2021-A Class A(2)	6.95%	Floating	6/2025	1,532		1,492
HVF III Series 2021-A Class B(2)	9.44%	Fixed	8/2025	188		188
				1,720		1,680
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)	2.78%	Fixed	6/2027	750		750
HVF III Series 2022-3(2)	N/A	Fixed	3/2024	—		192
HVF III Series 2022-4(2)	4.22%	Fixed	9/2025	667		667
HVF III Series 2022-5(2)	4.39%	Fixed	9/2027	364		364
HVF III Series 2023-1(2)	6.17%	Fixed	6/2026	500		500
HVF III Series 2023-2(2)	6.30%	Fixed	9/2028	300		300
HVF III Series 2023-3(2)	6.46%	Fixed	2/2027	500		500
HVF III Series 2023-4(2)	6.66%	Fixed	3/2029	500		500
				8,331		8,523
Vehicle Debt - Other

European ABS(2)	5.79%	Floating	3/2026	980		1,205
Hertz Canadian Securitization(2)	6.84%	Floating	6/2025	344		350
Australian Securitization(2)	5.95%	Floating	6/2025	207		203
New Zealand RCF	8.47%	Floating	6/2025	67		70
U.K. Financing Facility	7.85%	Floating	4/2024-3/2028	163		173


Facility	Weighted-Average Interest Rate as of March 31, 2024	Fixed or Floating Interest Rate	Maturity	March 31, 2024		December 31, 2023
Non-Vehicle Debt
Other Vehicle Debt(3)	6.10%	Floating	4/2024-2/2028	98		110
				1,859		2,111
Unamortized Debt Issuance Costs and Net (Discount) Premium				(64)		(72)
Total Vehicle Debt				11,846		12,242
Total Debt				$	15,744	$	15,691

(1) Other non-vehicle debt is primarily comprised of $1 million in finance lease obligations as of March 31, 2024 and December 31, 2023, 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.

(3) Other vehicle debt is primarily comprised of $92 million and $104 million in finance lease obligations as of March 31, 2024 and December 31, 2023, respectively.

Non-Vehicle Debt

In April 2024, the credit agreement governing the First Lien RCF (the "First Lien Credit Agreement"), which requires Hertz to comply with a financial covenant consisting of a ratio of first lien debt to Consolidated EBITDA ("the First Lien Ratio"), as defined within the First Lien Credit Agreement and may be materially different than Adjusted Corporate EBITDA presented in Part I, Item 2 of this Quarterly Report, was amended ("Amendment No. 8") to require a ratio of less than or equal to 5.0x in the second and third quarters of 2024 and 4.75x in the fourth quarter of 2024 and the first quarter of 2025. Amendment No. 8 also contains a minimum liquidity covenant of $400 million for each month ending in the second and third quarters of 2024 and $500 million for each month ending in the fourth quarter of 2024 and the first quarter of 2025. Amendment No. 8 also adds certain limitations on Restricted Payments and Permitted Investments (each as defined in the First Lien Credit Agreement). Under the terms of Amendment No. 8, the increased First Lien Ratio, minimum liquidity covenant, and limitations on Restricted Payments and Permitted Investments will sunset on the first day of the second quarter of 2025.

Vehicle Debt

In April 2024, Hertz Vehicle Financing III LLC ("HVF III"), a wholly-owned, special-purpose and bankruptcy-remote subsidiary of Hertz, amended the HVF III Series 2021-A Notes to extend the maturity of the Class A Notes to April 2026.

Vehicle Debt-Other

In April 2024, International Fleet Financing No. 2 BV ("IFF No. 2"), an indirect, special purpose subsidiary of Hertz, amended the European ABS to increase the aggregate maximum borrowings from €1.2 billion to €1.3 billion. Additionally, the European ABS was amended to provide for aggregate maximum borrowings of €1.5 billion for a seasonal commitment period beginning in April 2024 through November 2024. Following expiration of the seasonal commitment period, the aggregate maximum borrowings will revert to €1.3 billion.

In April 2024, TCL Funding Limited Partnership, a bankruptcy remote, indirect, wholly-owned, special purpose subsidiary of Hertz, amended the Hertz Canadian Securitization to increase the aggregate maximum borrowings from CAD$475 million to CAD$625 million until November 2024, reverting to CAD$475 million thereafter until the extended maturity date of April 2026.

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, 2024 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	$	866	$	866
Total Non-Vehicle Debt	866		866
Vehicle Debt
HVF III Series 2021-A	2,343		—
European ABS	319		—
Hertz Canadian Securitization	6		—
Australian Securitization	15		—
New Zealand RCF	5		—
U.K. Financing Facility	8		—
Other Vehicle Debt	47		—
Total Vehicle Debt	2,743		—
Total	$	3,609	$	866

Letters of Credit

As of March 31, 2024, there were outstanding standby letters of credit totaling $944 million comprised primarily of $684 million issued under the First Lien RCF and $245 million issued under the Term C Loan. As of March 31, 2024, no capacity remained to issue additional 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, 2024, none of the issued letters of credit have been drawn upon.

Pledges Related to Vehicle Financing

Substantially all of the Company's revenue earning vehicles and certain related assets are owned by special purpose entities or are encumbered in favor of the lenders under the various credit facilities, other secured

financings or asset-backed securities programs. None of the value of such assets (including the assets owned by Hertz Vehicle Financing III LLC and various other domestic and international subsidiaries that facilitate the Company's international securitizations) will be available to satisfy the claims of unsecured creditors unless the secured creditors are paid in full.

The Company has a 25% ownership interest in IFF No. 2, whose sole purpose is to provide commitments to lend under the European ABS in various currencies subject to borrowing bases comprised of revenue earning vehicles and related assets of certain of Hertz International, Ltd.'s subsidiaries. IFF No. 2 is a VIE and the Company is the primary beneficiary; therefore, the assets, liabilities and results of operations of IFF No. 2 are included in the accompanying unaudited condensed consolidated financial statements. As of March 31, 2024 and December 31, 2023, IFF No. 2 had total assets of $1.4 billion and $1.7 billion, respectively, comprised primarily of intercompany receivables, and total liabilities of $1.4 billion and $1.7 billion, respectively, comprised primarily of debt.

Covenant Compliance

The First Lien Credit Agreement requires Hertz to comply with the following financial covenant: the First Lien Ratio, which requires a ratio of less than or equal to 3.0x in the first and last quarters of the calendar year and 3.5x in the second and third quarters of the calendar year. As of March 31, 2024, Hertz was in compliance with the First Lien Ratio. Amendment No. 8 temporarily increases the First Lien Ratio and requires a minimum liquidity covenant for each fiscal quarter beginning in the second quarter of 2024 and will sunset on the first day of the second quarter of 2025, as disclosed above.

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, 2024, the Company was in compliance with all covenants in the First Lien Credit Agreement.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Segment Information - Pre-tax Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue earning equipment
Adjusted EBITDA	$ (567)	$ 237
Income (loss) before income taxes	(581)	62
Restructuring and restructuring related charges
Revenue earning equipment
Income (loss) before income taxes	(32)	(3)
Change in fair value of Public Warrants
Revenue earning equipment
Income (loss) before income taxes	86	(118)
Unrealized gains (losses) on financial instruments
Revenue earning equipment
Income (loss) before income taxes	(6)	(108)
Gain on sale of non-vehicle capital assets
Revenue earning equipment
Income (loss) before income taxes	0	162
Gain on non-cash stock-based compensation
Revenue earning equipment
Income (loss) before income taxes	64	0
Other items
Revenue earning equipment
Income (loss) before income taxes	(7)	(12)
Operating Segments
Revenue earning equipment
Adjusted EBITDA	(515)	314
Operating Segments \| Americas RAC
Revenue earning equipment
Adjusted EBITDA	(488)	261
Operating Segments \| International RAC
Revenue earning equipment
Adjusted EBITDA	(27)	53
Corporate And Reconciling Items
Revenue earning equipment
Adjusted EBITDA	(52)	(77)
The Hertz Corporation
Revenue earning equipment
Adjusted EBITDA	(567)	237
Income (loss) before income taxes	(667)	180
Unrealized gain (loss) on derivatives		88
The Hertz Corporation \| Restructuring and restructuring related charges
Revenue earning equipment
Income (loss) before income taxes	(32)	(3)
The Hertz Corporation \| Unrealized gains (losses) on financial instruments
Revenue earning equipment
Income (loss) before income taxes	(6)	(108)
The Hertz Corporation \| Gain on sale of non-vehicle capital assets
Revenue earning equipment
Income (loss) before income taxes	0	162
The Hertz Corporation \| Gain on non-cash stock-based compensation
Revenue earning equipment
Income (loss) before income taxes	64	0
The Hertz Corporation \| Other items
Revenue earning equipment
Income (loss) before income taxes	(7)	(12)
The Hertz Corporation \| Operating Segments
Revenue earning equipment
Adjusted EBITDA	(515)	314
The Hertz Corporation \| Operating Segments \| Americas RAC
Revenue earning equipment
Adjusted EBITDA	(488)	261
The Hertz Corporation \| Operating Segments \| International RAC
Revenue earning equipment
Adjusted EBITDA	(27)	53
The Hertz Corporation \| Corporate And Reconciling Items
Revenue earning equipment
Adjusted EBITDA	(52)	(77)
Non-vehicle \| Non-vehicle deprecation and amortization
Revenue earning equipment
Income (loss) before income taxes	(32)	(35)
Non-vehicle \| Non-vehicle debt interest, net
Revenue earning equipment
Income (loss) before income taxes	(75)	(51)
Non-vehicle \| The Hertz Corporation \| Non-vehicle deprecation and amortization
Revenue earning equipment
Income (loss) before income taxes	(32)	(35)
Non-vehicle \| The Hertz Corporation \| Vehicle debt-related charges
Revenue earning equipment
Income (loss) before income taxes	(75)	(51)
Vehicles \| Vehicle debt-related charges
Revenue earning equipment
Income (loss) before income taxes	(12)	(10)
Vehicles \| The Hertz Corporation \| Vehicle debt-related charges
Revenue earning equipment
Income (loss) before income taxes	$ (12)	$ (10)

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

Mar. 31, 2024

Dec. 31, 2023

ASSETS

Cash and cash equivalents

$ 465

$ 764

Total restricted cash and cash equivalents

480

442

Total cash and cash equivalents and restricted cash and cash equivalents

945

1,206

Receivables

1,213

1,191

Prepaid expenses and other assets

751

726

Revenue earning vehicles:

Vehicles

17,052

16,806

Less: accumulated depreciation

(2,435)

(2,155)

Revenue earning vehicles, net

14,617

14,651

Property and equipment, net

667

671

Operating lease right-of-use assets

2,211

2,253

Intangible assets, net

2,862

2,863

Goodwill

1,044

Total assets

^[1]

24,310

24,605

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable

1,134

701

Accrued liabilities

883

860

Accrued taxes, net

177

157

Debt

15,744

15,691

Operating lease liabilities

2,100

2,142

Self-insured liabilities

473

471

Deferred income taxes, net

620

1,038

Total liabilities

^[1]

21,498

21,513

Commitments and contingencies

Stockholders' equity:

Common stock, $0.01 par value, 480,430,082 and 479,990,286 shares issued, respectively, and 305,618,038 and 305,178,242 shares outstanding, respectively

Additional paid-in capital

6,351

6,405

Retained earnings (Accumulated deficit)

174

(248)

Accumulated other comprehensive income (loss)

(288)

360

Total stockholder's equity

2,812

3,092

Total liabilities and stockholders' equity

24,310

24,605

Vehicles

ASSETS

Total restricted cash and cash equivalents

193

152

Receivables

238

211

Non-vehicle

ASSETS

Total restricted cash and cash equivalents

287

290

Receivables

975

980

The Hertz Corporation

ASSETS

Cash and cash equivalents

465

764

Total restricted cash and cash equivalents

480

442

Total cash and cash equivalents and restricted cash and cash equivalents

945

1,206

Receivables

1,213

1,191

Prepaid expenses and other assets

750

725

Revenue earning vehicles:

Vehicles

17,052

16,806

Less: accumulated depreciation

(2,435)

(2,155)

Revenue earning vehicles, net

14,617

14,651

Property and equipment, net

667

671

Operating lease right-of-use assets

2,211

2,253

Intangible assets, net

2,862

2,863

Goodwill

1,044

Total assets

^[2]

24,309

24,604

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable

1,134

701

Accrued liabilities

884

860

Accrued taxes, net

174

155

Debt

15,744

15,691

Operating lease liabilities

2,100

2,142

Self-insured liabilities

473

471

Deferred income taxes, net

623

1,041

Total liabilities

^[2]

21,132

21,061

Commitments and contingencies

Stockholders' equity:

Common stock, $0.01 par value, 480,430,082 and 479,990,286 shares issued, respectively, and 305,618,038 and 305,178,242 shares outstanding, respectively

Additional paid-in capital

4,556

4,610

Retained earnings (Accumulated deficit)

(1,091)

(819)

Accumulated other comprehensive income (loss)

(288)

(248)

Total stockholder's equity

3,177

3,543

Total liabilities and stockholders' equity

24,309

24,604

The Hertz Corporation | Vehicles

ASSETS

Total restricted cash and cash equivalents

193

152

Receivables

238

211

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable

632

191

Debt

11,846

12,242

The Hertz Corporation | Non-vehicle

ASSETS

Total restricted cash and cash equivalents

287

290

Receivables

975

980

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable

502

510

Debt

$ 3,898

$ 3,449

[1]

[2]

Revenue Earning Vehicles - (Narrative) (Details) vehicle in Thousands, employee in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) vehicle employee	Dec. 31, 2023 USD ($)
Disposal Group, Held-for-Sale, Not Discontinued Operations \| EV Disposal Group
Long-Lived Assets Held-for-sale [Line Items]
Disposal group, including discontinued operation, property, plant and equipment, current		$ 542
Disposal group, not discontinued operation, loss (gain) on write-down	$ 40
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Second EV Disposal Group \| Americas Rental Car segment
Long-Lived Assets Held-for-sale [Line Items]
Disposal group, not discontinued operation, loss (gain) on write-down	$ 107
Disposal group, number of electric vehicles \| vehicle	9
Disposal group, including discontinued operations, property, plant and equipment	$ 227
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Second EV Disposal Group \| International RAC
Long-Lived Assets Held-for-sale [Line Items]
Disposal group, not discontinued operation, loss (gain) on write-down	$ 7
Disposal group, number of electric vehicles \| employee	1
Disposal group, including discontinued operations, property, plant and equipment	$ 30
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| EV Disposal Group
Long-Lived Assets Held-for-sale [Line Items]
Disposal group, including discontinued operations, percentage of disposal group sold	50.00%
Disposal group, not discontinued operation, loss (gain) on write-down	$ 41
Disposal group, including discontinued operations, property, plant and equipment	$ 210

Stock-Based Compensation - Summary of PSA and PSU Activity (Details) - Omnibus Incentive Plan 2021 - Performance Stock Units $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Shares
Outstanding beginning balance (in shares) \| shares	9,102,738
Granted (in shares) \| shares	389,745
Vested (in shares) \| shares	0
Forfeited or Expired (in shares) \| shares	(9,001,669)
Outstanding ending balance (in shares) \| shares	490,814
Weighted- Average Fair Value
Outstanding beginning balance (in dollars per share) \| $ / shares	$ 17.52
Granted (in dollars per share) \| $ / shares	8.12
Vested (in dollars per share) \| $ / shares	0
Forfeited or Expired (In dollars per share) \| $ / shares	17.43
Outstanding ending balance (in dollars per share) \| $ / shares	$ 11.61
Aggregate intrinsic value, outstanding \| $	$ 95
Aggregate intrinsic value, outstanding \| $	$ 4
Target award amount	100.00%

Basis of Presentation and Recently Issued Accounting Pronouncements	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Recently Issued Accounting Pronouncements	Basis of Presentation and Recently Issued Accounting Pronouncements Basis of Presentation This Quarterly Report on Form 10-Q ("Quarterly Report") combines the quarterly reports on Form 10-Q for the quarterly period ended March 31, 2024 of Hertz Global and Hertz. Hertz Global consolidates Hertz for financial statement purposes and, 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, 2023 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 Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Form 10-K"), as filed with the Securities and Exchange Commission ("SEC") on February 12, 2024. 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. All significant intercompany transactions have been eliminated in consolidation. Recently Issued Accounting Pronouncements Not yet adopted Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board ("FASB") issued guidance that modifies segment reporting disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024 using a retrospective transition method. Early adoption is permitted. The Company is in the process of determining the timing of adoption and assessing the overall impact of adopting this guidance on its disclosures. Improvements to Income Tax Disclosures In December 2023, the FASB issued guidance to enhance income tax disclosures related to, among other items, rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024 using a prospective transition method. Early adoption and retrospective application are permitted. The Company is in the process of determining the timing of adoption and assessing the overall impact of adopting this guidance on its disclosures.

Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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)	2024		2023
Revenues
Americas RAC	$	1,739	$	1,730
International RAC	341		317
Total Hertz Global and Hertz	$	2,080	$	2,047
Depreciation of revenue earning vehicles and lease charges, net
Americas RAC(1)	$	876	$	349
International RAC	93		32
Total Hertz Global and Hertz	$	969	$	381
Adjusted EBITDA
Americas RAC	$	(488)	$	261
International RAC	(27)		53
Total reportable segments	(515)		314
Corporate	(52)		(77)
Total Hertz Global and Hertz	$	(567)	$	237


	As of
(In millions)	March 31, 2024		December 31, 2023
Revenue earning vehicles, net
Americas RAC(2)	$	12,504	$	12,450
International RAC	2,113		2,201
Total Hertz Global and Hertz	$	14,617	$	14,651
Total assets
Americas RAC	$	19,365	$	19,252
International RAC	3,864		4,245
Total reportable segments	23,229		23,497
Corporate	1,081		1,108
Total Hertz Global(3)	24,310		24,605
Corporate - Hertz	(1)		(1)
Total Hertz(3)	$	24,309	$	24,604

(1) For the three months ended March 31, 2024, includes the write-down to carrying value of vehicles classified as held for sale, including the First EV Disposal Group and the Second EV Disposal Group. See Note 4, "Revenue Earning Vehicles."

(2) Includes the carrying amount of vehicles classified as held for sale as of the respective balance sheet date, including the First EV Disposal Group and the Second EV Disposal Group. See Note 4, "Revenue Earning Vehicles."

(3) The consolidated total assets of Hertz Global and Hertz as of March 31, 2024 and December 31, 2023 include total assets of VIEs of $1.4 billion and $1.7 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)	2024		2023
Adjusted EBITDA:
Americas RAC	$	(488)	$	261
International RAC	(27)		53
Total reportable segments	(515)		314

Corporate(1)	(52)		(77)
Total Hertz Global	(567)		237
Adjustments:
Non-vehicle depreciation and amortization	(32)		(35)
Non-vehicle debt interest, net	(75)		(51)
Vehicle debt-related charges(2)	(12)		(10)

Restructuring and restructuring related charges(3)	(32)		(3)

Change in fair value of Public Warrants(4)	86		(118)
Unrealized gains (losses) on financial instruments(5)	(6)		(108)
Gain on sale of non-vehicle capital assets(6)	—		162
Non-cash stock-based compensation forfeitures(7)	64		—
Other items(8)	(7)		(12)
Income (loss) before income taxes	$	(581)	$	62

Hertz


	Three Months Ended March 31,
(In millions)	2024		2023
Adjusted EBITDA:
Americas RAC	$	(488)	$	261
International RAC	(27)		53
Total reportable segments	(515)		314

Corporate(1)	(52)		(77)
Total Hertz	(567)		237
Adjustments:
Non-vehicle depreciation and amortization	(32)		(35)
Non-vehicle debt interest, net	(75)		(51)
Vehicle debt-related charges(2)	(12)		(10)

Restructuring and restructuring related charges(3)	(32)		(3)

Unrealized gains (losses) on financial instruments(5)	(6)		(108)
Gain on sale of non-vehicle capital assets(6)	—		162
Non-cash stock-based compensation forfeitures(7)	64		—
Other items(8)	(7)		(12)
Income (loss) before income taxes	$	(667)	$	180

(1)Represents other reconciling items primarily consisting of general corporate expenses and 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 in the first quarter of 2023. 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 former CEO awards forfeited in March 2024. See Note 9, "Stock-Based Compensation."

(8)Represents miscellaneous items. For the three months ended March 31, 2024, primarily includes certain IT-related charges, partially offset by certain litigation settlements. For the three months ended March 31, 2023, primarily includes certain IT-related charges.

THC - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Revenues	$ 2,080	$ 2,047
Expenses:
Direct vehicle and operating	1,366	1,221
Depreciation of revenue earning vehicles	969	381
Non-vehicle depreciation and amortization	32	35
Selling, general and administrative	162	221
Interest expense, net	216	162
Other (income) expense, net	2	9
(Gain) on sale of non-vehicle capital assets	0	(162)
Total expenses	2,661	1,985
Income (loss) before income taxes	(581)	62
Income tax (provision) benefit	395	134
Net income (loss)	(186)	196
Vehicles
Expenses:
Interest expense, net	141	111
Non-vehicle
Expenses:
Interest expense, net	75	51
The Hertz Corporation
Revenues:
Revenues	2,080	2,047
Expenses:
Direct vehicle and operating	1,366	1,221
Depreciation of revenue earning vehicles	969	381
Non-vehicle depreciation and amortization	32	35
Selling, general and administrative	162	221
Interest expense, net	216	162
Other (income) expense, net	2	9
(Gain) on sale of non-vehicle capital assets	0	(162)
Total expenses	2,747	1,867
Income (loss) before income taxes	(667)	180
Income tax (provision) benefit	395	134
Net income (loss)	(272)	314
The Hertz Corporation \| Vehicles
Expenses:
Interest expense, net	141	111
The Hertz Corporation \| Non-vehicle
Expenses:
Interest expense, net	$ 75	$ 51

Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		22 Months Ended
	Sep. 30, 2023	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Jun. 30, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrants exercised (in shares)	6,339,630	4,426
Warrants exercised, cashless (in shares)		976
Warrants exercised, cash (in shares)		3,450
Exercise price of warrants (in dollars per share)		$ 13.80		$ 13.80
Aggregate purchase price		$ 0	$ 118
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)		0		66,684,169
Aggregate purchase price				$ 1,100

Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

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, 2024, 55,184,766 shares of the Company's common stock were 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 employee 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)	2024		2023
Employee compensation expense(1)	$	(52)	$	21
Income tax benefit	(2)		(5)
Employee compensation expense, net	$	(54)	$	16

(1) For the three months ended March 31, 2024, includes $68 million of former CEO awards forfeited in March 2024.

As of March 31, 2024, there was $99 million of total unrecognized employee compensation expense expected to be recognized over the remaining 1.7 years, on a weighted average basis, of the requisite service period that began on the grant dates of the outstanding awards.

Stock Options and Stock Appreciation Rights

A summary of stock option activity under the 2021 Omnibus plan for the three months ended March 31, 2024 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, 2024	2,431,503	$	26.17	6.7	$	—
Granted	—	—		—	—
Exercised	—	—		—	—
Forfeited or Expired	(329,320)	26.17		—	—
Outstanding as of March 31, 2024	2,102,183	26.17		7.2	—
Exercisable as of March 31, 2024	(1,439,279)	26.17		7.0	—
Non-vested as of March 31, 2024	662,904

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, 2024 under the 2021 Omnibus Plan is presented below:


	Shares	Weighted- Average Fair Value		Aggregate Intrinsic Value (In millions)
Outstanding as of January 1, 2024	9,102,738	$	17.52	$	95
Granted(1)	389,745	8.12		—
Vested	—	—		—
Forfeited or Expired(2)	(9,001,669)	17.43		—
Outstanding as of March 31, 2024	490,814	11.61		4

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

(2) Includes former CEO awards forfeited in March 2024.

Compensation expense for PSUs is based on the grant date fair value. For grants issued in 2024, vesting eligibility is based on market, performance and service conditions of primarily 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, 2024, 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, 2024 under the 2021 Omnibus Plan is presented below:


	Shares	Weighted- Average Fair Value		Aggregate Intrinsic Value (In millions)
Outstanding as of January 1, 2024	6,314,564	$	15.71	$	66
Granted	4,279,983	8.21		—
Vested	(736,260)	17.82		—
Forfeited or Expired(1)	(1,351,820)	19.44		—
Outstanding as of March 31, 2024	8,506,467	11.16		67

(1) Includes former CEO awards forfeited in March 2024.

Additional information pertaining to RSU activity is as follows:


	Three Months Ended March 31,
	2024		2023
Total fair value of awards that vested (in millions)	$	13	$	5
Weighted-average grant-date fair value of awards granted	$	8.21	$	17.69

RSU grants issued in 2024 vest ratably over a period of three years.

Deferred Stock Units

As of March 31, 2024, there were approximately 127,000 outstanding shares of deferred stock units under the 2021 Omnibus Plan.

Revenue Earning Vehicles (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Components of Revenue Earning Vehicles, Net

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


(In millions)	March 31, 2024		December 31, 2023
Revenue earning vehicles	$	16,402	$	16,164
Less accumulated depreciation	(2,435)		(2,155)
	13,967		14,009
Revenue earning vehicles held for sale, net(1)	650		642
Revenue earning vehicles, net	$	14,617	$	14,651

(1) Represents the carrying amount of vehicles classified as held for sale as of the respective balance sheet date, including the First EV Disposal Group and the Second EV Disposal Group, each as defined and disclosed below.

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)	2024		2023
Depreciation of revenue earning vehicles	$	684	$	422
(Gain) loss on disposal of revenue earning vehicles(1)	276		(46)
Rents paid for vehicles leased	9		5
Depreciation of revenue earning vehicles and lease charges, net	$	969	$	381

(1) Includes the write-down to fair value for vehicles classified as held for sale, including the First EV Disposal Group and Second EV Disposal Group as disclosed below, for the three months ended March 31, 2024.

Income Tax (Provision) Benefit	3 Months Ended
Income Tax (Provision) Benefit	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Tax (Provision) Benefit	Income Tax (Provision) Benefit Hertz Global For the three months ended March 31, 2024, Hertz Global recorded a tax benefit of $395 million, which resulted in an effective tax rate of 68%. 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)%. The change in taxes for the three months ended March 31, 2024 compared to the same period in 2023 was primarily driven by lower pretax income, lower estimated EV credits in 2024, the recognition of uncertain tax benefits related to our tax restructuring of European operations in 2023 and the non-taxable change in the fair value of warrants. Hertz For the three months ended March 31, 2024, Hertz recorded a tax benefit of $395 million, which resulted in an effective tax rate of 59%. 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)%. The change in taxes for the three months ended March 31, 2024 compared to the same period in 2023 was primarily driven by lower pretax income, lower estimated EV credits in 2024 and the recognition of uncertain tax benefits related to our tax restructuring of European operations in 2023.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

THC - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income (loss)	$ (186)	$ 196
Other comprehensive income (loss):
Foreign currency translation adjustments	(40)	14
Total other comprehensive income (loss)	(40)	14
Comprehensive income (loss) attributable to Hertz Global	(226)	210
The Hertz Corporation
Net income (loss)	(272)	314
Other comprehensive income (loss):
Foreign currency translation adjustments	(40)	14
Total other comprehensive income (loss)	(40)	14
Comprehensive income (loss) attributable to Hertz Global	$ (312)	$ 328

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Divestitures	3 Months Ended
Divestitures	Mar. 31, 2024
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.

Financial Instruments

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023. The Company classifies cash flows from financial instruments according to the classification of the cash flows of the economically 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, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Interest rate instruments	$	6	$	10	$	—	$	—
Foreign currency forward contracts	1		5		3		2
Total	$	7	$	15	$	3	$	2

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

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)		2024		2023
Interest rate instruments	Vehicle interest expense, net	$	—	$	4
Foreign currency forward contracts	Selling, general and administrative expense(1)	(11)		(5)
Total		$	(11)	$	(1)

(1) For the three months ended March 31, 2023, all gains (losses) on foreign currency forward contracts were recorded in other (income) expense, net.

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.

Financial Instruments - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2024 instrument	Dec. 31, 2023 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
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) on sale of interest rate caps	$ 10

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

HGH - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ (186)	$ 196
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and reserves for revenue earning vehicles, net	1,070	466
Depreciation and amortization, non-vehicle	32	35
Amortization of deferred financing costs and debt discount (premium)	18	14
Stock-based compensation charges	16	21
Stock-based compensation forfeitures	(68)	0
Provision for receivables allowance	31	20
Deferred income taxes, net	(414)	(135)
(Gain) loss on sale of non-vehicle capital assets	1	(162)
Change in fair value of Public Warrants	(86)	118
Changes in financial instruments	6	108
Other	(10)	0
Changes in assets and liabilities:
Non-vehicle receivables	(36)	(50)
Prepaid expenses and other assets	(56)	(48)
Operating lease right-of-use assets	100	78
Non-vehicle accounts payable	(4)	(27)
Accrued liabilities	31	29
Accrued taxes, net	21	1
Operating lease liabilities	(100)	(84)
Self-insured liabilities	4	(18)
Net cash provided by (used in) operating activities	370	562
Cash flows from investing activities:
Revenue earning vehicles expenditures	(1,904)	(2,824)
Proceeds from disposal of revenue earning vehicles	1,233	1,206
Non-vehicle capital asset expenditures	(33)	(45)
Proceeds from disposal of non-vehicle capital assets	3	175
Return of (investment in) equity investments	(2)	0
Net cash provided by (used in) investing activities	(703)	(1,488)
Cash flows from financing activities:
Payment of financing costs	0	(8)
Share repurchases	0	(118)
Other	(2)	(1)
Net cash provided by (used in) financing activities	85	739
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	(13)	11
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period	(261)	(176)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	1,206	1,418
Cash and cash equivalents and restricted cash and cash equivalents at end of period	945	1,242
Cash paid during the period for:
Income taxes, net of refunds	12	11
Supplemental disclosures of non-cash information:
Purchases of revenue earning vehicles included in accounts payable, net of incentives	550	148
Sales of revenue earning vehicles included in vehicle receivables	156	117
Purchases of non-vehicle capital assets included in accounts payable	16	0
Revenue earning vehicles and non-vehicle capital assets acquired through finance lease	13	12
Accrual for purchases of treasury shares	0	4
Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	534	2,061
Repayments of debt	(892)	(1,190)
Cash paid during the period for:
Interest, net of amounts capitalized:	121	96
Non-vehicle
Cash flows from financing activities:
Proceeds from issuance of debt	935	425
Repayments of debt	(490)	(430)
Cash paid during the period for:
Interest, net of amounts capitalized:	$ 58	$ 36

Debt - Borrowing Capacity (Details) $ in Millions	Mar. 31, 2024 USD ($)
Debt Instrument [Line Items]
Remaining Capacity	$ 3,609
Availability Under Borrowing Base Limitation	866
Corporate Debt Securities
Debt Instrument [Line Items]
Remaining Capacity	866
Availability Under Borrowing Base Limitation	866
First Lien RCF
Debt Instrument [Line Items]
Remaining Capacity	866
Availability Under Borrowing Base Limitation	866
Vehicle Debt
Debt Instrument [Line Items]
Remaining Capacity	2,743
Availability Under Borrowing Base Limitation	0
HVF III Series 2021-A
Debt Instrument [Line Items]
Remaining Capacity	2,343
Availability Under Borrowing Base Limitation	0
European ABS
Debt Instrument [Line Items]
Remaining Capacity	319
Availability Under Borrowing Base Limitation	0
Hertz Canadian Securitization
Debt Instrument [Line Items]
Remaining Capacity	6
Availability Under Borrowing Base Limitation	0
Australian Securitization
Debt Instrument [Line Items]
Remaining Capacity	15
Availability Under Borrowing Base Limitation	0
New Zealand RCF
Debt Instrument [Line Items]
Remaining Capacity	5
Availability Under Borrowing Base Limitation	0
U.K. Financing Facility
Debt Instrument [Line Items]
Remaining Capacity	8
Availability Under Borrowing Base Limitation	0
Other Vehicle Debt
Debt Instrument [Line Items]
Remaining Capacity	47
Availability Under Borrowing Base Limitation	$ 0

Financial Instruments - Schedule of Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	$ 7	$ 15
Liability derivatives	3	2
Interest rate instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	6	10
Liability derivatives	0	0
Foreign currency forward contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	1	5
Liability derivatives	$ 3	$ 2

Divestitures - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Divestitures - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Gain) loss on sale of non-vehicle capital assets	$ (1)	$ 162
Non-vehicle Capital Assets \| Americas RAC
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
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

Income Tax (Provision) Benefit (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Contingency [Line Items]
Income tax provision (benefit)	$ 395	$ 134
Effective tax rate (as percent)	68.00%	(214.00%)
The Hertz Corporation
Income Tax Contingency [Line Items]
Income tax provision (benefit)	$ 395	$ 134
Effective tax rate (as percent)	59.00%	(74.00%)

- Definition

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

+ References + Details

Basis of Presentation and Recently Issued Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation This Quarterly Report on Form 10-Q ("Quarterly Report") combines the quarterly reports on Form 10-Q for the quarterly period ended March 31, 2024 of Hertz Global and Hertz. Hertz Global consolidates Hertz for financial statement purposes and, 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.
Principles of Consolidation	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. All significant intercompany transactions have been eliminated in consolidation.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Not yet adopted Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board ("FASB") issued guidance that modifies segment reporting disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024 using a retrospective transition method. Early adoption is permitted. The Company is in the process of determining the timing of adoption and assessing the overall impact of adopting this guidance on its disclosures. Improvements to Income Tax Disclosures In December 2023, the FASB issued guidance to enhance income tax disclosures related to, among other items, rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024 using a prospective transition method. Early adoption and retrospective application are permitted. The Company is in the process of determining the timing of adoption and assessing the overall impact of adopting this guidance on its disclosures.

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

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, 2024				December 31, 2023
(In millions)	Nominal Unpaid Principal Balance		Aggregate Fair Value		Nominal Unpaid Principal Balance		Aggregate Fair Value
Non-Vehicle Debt	$	3,960	$	3,619	$	3,515	$	3,285
Vehicle Debt	11,907		11,583		12,314		11,878
Total	$	15,867	$	15,202	$	15,829	$	15,163

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, 2024								December 31, 2023
(In millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Assets:
Cash equivalents and restricted cash equivalents	$	157	$	—	$	—	$	157	$	362	$	—	$	—	$	362

Liabilities:
Public Warrants	$	367	$	—	$	—	$	367	$	453	$	—	$	—	$	453

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, 2024 and December 31, 2023 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, 2024 and 2023, the fair value adjustments resulted in a gain of $86 million and a loss of $118 million, respectively. These amounts are 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, 2024 and 2023.

Financial Instruments

The fair value of the Company's financial instruments as of March 31, 2024 and December 31, 2023 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.

Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

In December 2023, the First EV Disposal Group was classified as held for sale and recorded at fair value (as determined using Level 2 inputs) less costs to sell. As of March 31, 2024, the remaining, unsold portion of the First EV Disposal Group continues to be classified as held for sale and is recorded at the lower of carrying value or fair value (as determined using Level 2 inputs) less costs to sell. In response to management's determination that the supply of EVs in the Company's fleet continued to exceed customer demand, elevated EV damage and collision costs and a decline in residual values, the Second EV Disposal Group was classified as held for sale as of March 31, 2024. The Second EV Disposal Group is recorded at the lower of carrying value or fair value (as determined using Level 2 inputs) less costs to sell. See Note 4, "Revenue Earning Vehicles," for additional information.

- Definition

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

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

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

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

Public Warrants

During the three months ended March 31, 2024, 4,426 Public Warrants were exercised, of which 976 were cashless exercises and 3,450 were exercised for $13.80 per share. As of March 31, 2024, a cumulative 6,339,630 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, 2024 and December 31, 2023. See Note 11, "Fair Value Measurements."

Share Repurchase Programs for Common Stock

In June 2022, Hertz Global's independent Audit Committee recommended, and its 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. The 2022 Share Repurchase Program, announced on June 15, 2022, 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. However, during the effective period of Amendment No. 8, as disclosed in Note 5, "Debt," the repurchase of shares is not permitted commencing April 16, 2024 through April 1, 2025. Since the inception of the 2022 Share Repurchase Program, a total of 66,684,169 shares of Hertz Global's common stock have been repurchased for an aggregate purchase price of $1.1 billion, excluding applicable excise tax. There were no share repurchases during the three months ended March 31, 2024.

Common shares repurchased are included in treasury stock in the accompanying Hertz Global unaudited condensed consolidated balance sheet as of March 31, 2024 and December 31, 2023.

Subsequent to the expiration of Amendment No. 8, any future share 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. 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 antidilutive. 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)	2024		2023
Numerator:


Net income (loss) available to Hertz Global common stockholders, basic	$	(186)	$	196
Change in fair value of Public Warrants	—		—

Net income (loss) available to Hertz Global common stockholders, diluted	$	(186)	$	196
Denominator:
Basic weighted-average common shares outstanding	305		321
Dilutive effect of stock options, RSUs and PSUs	—		1

Diluted weighted-average shares outstanding	305		323
Antidilutive Public Warrants	57		17
Antidilutive stock options, RSUs and PSUs	10		6
Total antidilutive	66		23
Earnings (loss) per common share:
Basic	$	(0.61)	$	0.61
Diluted	$	(0.61)	$	0.61

(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.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Segment Information - Reportable Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	$ 2,080	$ 2,047
Depreciation of revenue earning vehicles and lease charges, net	969	381
Adjusted EBITDA	(567)	237
Americas RAC
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	1,739	1,730
Depreciation of revenue earning vehicles and lease charges, net	876	349
International RAC
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Revenues	341	317
Depreciation of revenue earning vehicles and lease charges, net	93	32
Operating Segments
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjusted EBITDA	(515)	314
Operating Segments \| Americas RAC
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjusted EBITDA	(488)	261
Operating Segments \| International RAC
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjusted EBITDA	(27)	53
Corporate And Reconciling Items
Reconciliation of adjusted pre-tax income to income (loss) before income taxes
Adjusted EBITDA	$ (52)	$ (77)

- Definition

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).

+ References

+ Details

THC - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ (186)	$ 196
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and reserves for revenue earning vehicles, net	1,070	466
Depreciation and amortization, non-vehicle	32	35
Amortization of deferred financing costs and debt discount (premium)	18	14
Stock-based compensation charges	16	21
Stock-based compensation forfeitures	(68)	0
Provision for receivables allowance	31	20
Deferred income taxes, net	(414)	(135)
Other	(10)	0
Changes in assets and liabilities:
Non-vehicle receivables	(36)	(50)
Prepaid expenses and other assets	(56)	(48)
Operating lease right-of-use assets	100	78
Non-vehicle accounts payable	(4)	(27)
Accrued liabilities	31	29
Accrued taxes, net	21	1
Operating lease liabilities	(100)	(84)
Self-insured liabilities	4	(18)
Net cash provided by (used in) operating activities	370	562
Cash flows from investing activities:
Revenue earning vehicles expenditures	(1,904)	(2,824)
Proceeds from disposal of revenue earning vehicles	1,233	1,206
Non-vehicle capital asset expenditures	(33)	(45)
Proceeds from disposal of non-vehicle capital assets	3	175
Return of (investment in) equity investments	(2)	0
Net cash provided by (used in) investing activities	(703)	(1,488)
Cash flows from financing activities:
Payment of financing costs	0	(8)
Net cash provided by (used in) financing activities	85	739
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period	(261)	(176)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	1,206
Cash and cash equivalents and restricted cash and cash equivalents at end of period	945
Cash paid during the period for:
Income taxes, net of refunds	12	11
Supplemental disclosures of non-cash information:
Purchases of revenue earning vehicles included in accounts payable, net of incentives	550	148
Sales of revenue earning vehicles included in vehicle receivables	156	117
Purchases of non-vehicle capital assets included in accounts payable	16	0
Revenue earning vehicles and non-vehicle capital assets acquired through finance lease	13	12
Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	534	2,061
Repayments of debt	(892)	(1,190)
Cash paid during the period for:
Interest, net of amounts capitalized:	121	96
Non-vehicle
Cash flows from financing activities:
Proceeds from issuance of debt	935	425
Repayments of debt	(490)	(430)
Cash paid during the period for:
Interest, net of amounts capitalized:	58	36
The Hertz Corporation
Cash flows from operating activities:
Net income (loss)	(272)	314
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and reserves for revenue earning vehicles, net	1,070	466
Depreciation and amortization, non-vehicle	32	35
Amortization of deferred financing costs and debt discount (premium)	18	14
Stock-based compensation charges	16	21
Stock-based compensation forfeitures	(68)	0
Provision for receivables allowance	31	20
Deferred income taxes, net	(414)	(135)
(Gain) loss on sale of non-vehicle capital assets	1	(162)
Changes in financial instruments	6	108
Other	(10)	(1)
Changes in assets and liabilities:
Non-vehicle receivables	(36)	(49)
Prepaid expenses and other assets	(56)	(48)
Operating lease right-of-use assets	100	78
Non-vehicle accounts payable	(4)	(27)
Accrued liabilities	31	29
Accrued taxes, net	21	0
Operating lease liabilities	(100)	(84)
Self-insured liabilities	4	(18)
Net cash provided by (used in) operating activities	370	561
Cash flows from investing activities:
Revenue earning vehicles expenditures	(1,904)	(2,824)
Proceeds from disposal of revenue earning vehicles	1,233	1,206
Non-vehicle capital asset expenditures	(33)	(45)
Proceeds from disposal of non-vehicle capital assets	3	175
Return of (investment in) equity investments	(2)	0
Net cash provided by (used in) investing activities	(703)	(1,488)
Cash flows from financing activities:
Payment of financing costs	0	(8)
Dividends paid to Hertz Holdings	(2)	(118)
Net cash provided by (used in) financing activities	85	740
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	(13)	11
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period	(261)	(176)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	1,206	1,418
Cash and cash equivalents and restricted cash and cash equivalents at end of period	945	1,242
Cash paid during the period for:
Income taxes, net of refunds	12	11
Supplemental disclosures of non-cash information:
Purchases of revenue earning vehicles included in accounts payable, net of incentives	550	148
Sales of revenue earning vehicles included in vehicle receivables	156	117
Purchases of non-vehicle capital assets included in accounts payable	16	0
Revenue earning vehicles and non-vehicle capital assets acquired through finance lease	13	12
The Hertz Corporation \| Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	534	2,061
Repayments of debt	(892)	(1,190)
Cash paid during the period for:
Interest, net of amounts capitalized:	121	96
The Hertz Corporation \| Non-vehicle
Cash flows from financing activities:
Proceeds from issuance of debt	935	425
Repayments of debt	(490)	(430)
Cash paid during the period for:
Interest, net of amounts capitalized:	$ 58	$ 36

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs and Net (Discount) Premium	$ (62)	$ (66)
Total Debt	$ 15,744	$ 15,691
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total Debt	Total Debt
First Lien RCF \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Average interest rate (as a percent)	8.76%
Outstanding principal	$ 450	$ 0
Term B Loan \| Medium-term Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	8.69%
Outstanding principal	$ 1,264	1,268
Incremental Term B Loan \| Medium-term Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	9.07%
Outstanding principal	$ 499	500
Term C Loan \| Medium-term Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	8.70%
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
Other Non-Vehicle Debt
Debt Instrument [Line Items]
Average interest rate (as a percent)	5.98%
Outstanding principal	$ 2	2
Finance lease liability	1	1
Non Vehicle Debt
Debt Instrument [Line Items]
Total Debt	3,898	3,449
Vehicle Debt
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs and Net (Discount) Premium	(64)	(72)
Total Debt	11,846	12,242
HVF III U.S. Vehicle Variable Funding Notes
Debt Instrument [Line Items]
Outstanding principal	$ 1,720	1,680
HVF III Series 2021-A Class A
Debt Instrument [Line Items]
Average interest rate (as a percent)	6.95%
Outstanding principal	$ 1,532	1,492
HVF III Series 2021-A Class B
Debt Instrument [Line Items]
Average interest rate (as a percent)	9.44%
Outstanding principal	$ 188	188
HVF III U.S. Vehicle Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal	$ 8,331	8,523
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)	2.78%
Outstanding principal	$ 750	750
HVF III Series 2022-3 \| Medium-term Notes
Debt Instrument [Line Items]
Outstanding principal	$ 0	192
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)	4.39%
Outstanding principal	$ 364	364
HVF III Series 2023-1 \| Medium-term Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	6.17%
Outstanding principal	$ 500	500
HVF III Series 2023-2 \| Medium-term Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	6.30%
Outstanding principal	$ 300	300
HVF III Series 2023-3 \| Medium-term Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	6.46%
Outstanding principal	$ 500	500
HVF III Series 2023-4 \| Medium-term Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	6.66%
Outstanding principal	$ 500	500
Other Fleet Debt
Debt Instrument [Line Items]
Outstanding principal	$ 1,859	2,111
European ABS
Debt Instrument [Line Items]
Average interest rate (as a percent)	5.79%
Outstanding principal	$ 980	1,205
Hertz Canadian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)	6.84%
Outstanding principal	$ 344	350
Australian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)	5.95%
Outstanding principal	$ 207	203
New Zealand RCF
Debt Instrument [Line Items]
Average interest rate (as a percent)	8.47%
New Zealand RCF \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding principal	$ 67	70
U.K. Financing Facility
Debt Instrument [Line Items]
Average interest rate (as a percent)	7.85%
Outstanding principal	$ 163	173
Other Vehicle Debt
Debt Instrument [Line Items]
Average interest rate (as a percent)	6.10%
Outstanding principal	$ 98	110
Finance lease liability	$ 92	$ 104

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

3 Months Ended

Mar. 31, 2024

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)	2024		2023
Numerator:


Net income (loss) available to Hertz Global common stockholders, basic	$	(186)	$	196
Change in fair value of Public Warrants	—		—

Net income (loss) available to Hertz Global common stockholders, diluted	$	(186)	$	196
Denominator:
Basic weighted-average common shares outstanding	305		321
Dilutive effect of stock options, RSUs and PSUs	—		1

Diluted weighted-average shares outstanding	305		323
Antidilutive Public Warrants	57		17
Antidilutive stock options, RSUs and PSUs	10		6
Total antidilutive	66		23
Earnings (loss) per common share:
Basic	$	(0.61)	$	0.61
Diluted	$	(0.61)	$	0.61

HGH - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (186)	$ 196
Other comprehensive income (loss):
Foreign currency translation adjustments	(40)	14
Total other comprehensive income (loss)	(40)	14
Comprehensive income (loss) attributable to Hertz Global	$ (226)	$ 210

- Definition

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

+ References

+ Details

THC - CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY EQUITY (DEFICIT) - 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

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

323,000,000

100

Beginning balance at Dec. 31, 2022

$ 2,645

$ 3,279

$ 5

$ 0

$ 6,326

$ 4,844

$ (256)

$ (1,271)

$ (294)

Increase (Decrease) in Stockholders' Equity

Net income (loss)

196

314

196

314

Other comprehensive income (loss)

Stock-based compensation charges

Dividends paid to Hertz Holdings

(118)

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

318,000,000

100

Ending balance at Mar. 31, 2023

$ 2,774

$ 3,510

$ 5

$ 0

6,346

4,747

(60)

(957)

(280)

Common stock, shares outstanding, beginning (in shares) at Dec. 31, 2023

305,178,242

100

305,000,000

100

Beginning balance at Dec. 31, 2023

$ 3,092

$ 3,543

$ 5

$ 0

6,405

4,610

360

(819)

(248)

Increase (Decrease) in Stockholders' Equity

Net income (loss)

(186)

(272)

(186)

(272)

Other comprehensive income (loss)

(40)

Stock-based compensation charges

Cancellation of stock-based awards

$ (68)

^[1]

(68)

^[2]

(68)

^[1]

(68)

^[2]

Dividends paid to Hertz Holdings

$ (2)

(2)

Ending balance (in shares) at Mar. 31, 2024

305,618,038

100

306,000,000

100

Ending balance at Mar. 31, 2024

$ 2,812

$ 3,177

$ 5

$ 0

$ 6,351

$ 4,556

$ 174

$ (1,091)

$ (288)

[1]	(1) Represents former chief executive officer ("CEO") awards forfeited in March 2024. See also Note 9, "Stock-Based Compensation."
[2]	Represents former CEO awards forfeited in March 2024. See also Note 9, "Stock-Based Compensation."

- Definition

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

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480418/310-10-S99-2

+ Details

HGH - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Revenues	$ 2,080	$ 2,047
Expenses:
Direct vehicle and operating	1,366	1,221
Depreciation of revenue earning vehicles and lease charges, net	969	381
Non-vehicle depreciation and amortization	32	35
Selling, general and administrative	162	221
Interest expense, net	216	162
Other (income) expense, net	2	9
(Gain) on sale of non-vehicle capital assets	0	(162)
Change in fair value of Public Warrants	(86)	118
Total expenses	2,661	1,985
Income (loss) before income taxes	(581)	62
Income tax (provision) benefit	395	134
Net income (loss)	$ (186)	$ 196
Weighted-average common shares outstanding:
Basic (in shares)	305	321
Diluted (in shares)	305	323
Earnings (loss) per common share:
Basic (in dollars per share)	$ (0.61)	$ 0.61
Diluted (in dollars per share)	$ (0.61)	$ 0.61
Vehicles
Expenses:
Interest expense, net	$ 141	$ 111
Non-vehicle
Expenses:
Interest expense, net	$ 75	$ 51

Segment Information

3 Months Ended

Mar. 31, 2024

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 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.


	Three Months Ended March 31,
(In millions)	2024		2023
Revenues
Americas RAC	$	1,739	$	1,730
International RAC	341		317
Total Hertz Global and Hertz	$	2,080	$	2,047
Depreciation of revenue earning vehicles and lease charges, net
Americas RAC(1)	$	876	$	349
International RAC	93		32
Total Hertz Global and Hertz	$	969	$	381
Adjusted EBITDA
Americas RAC	$	(488)	$	261
International RAC	(27)		53
Total reportable segments	(515)		314
Corporate	(52)		(77)
Total Hertz Global and Hertz	$	(567)	$	237


	As of
(In millions)	March 31, 2024		December 31, 2023
Revenue earning vehicles, net
Americas RAC(2)	$	12,504	$	12,450
International RAC	2,113		2,201
Total Hertz Global and Hertz	$	14,617	$	14,651
Total assets
Americas RAC	$	19,365	$	19,252
International RAC	3,864		4,245
Total reportable segments	23,229		23,497
Corporate	1,081		1,108
Total Hertz Global(3)	24,310		24,605
Corporate - Hertz	(1)		(1)
Total Hertz(3)	$	24,309	$	24,604

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

Hertz Global


	Three Months Ended March 31,
(In millions)	2024		2023
Adjusted EBITDA:
Americas RAC	$	(488)	$	261
International RAC	(27)		53
Total reportable segments	(515)		314

Corporate(1)	(52)		(77)
Total Hertz Global	(567)		237
Adjustments:
Non-vehicle depreciation and amortization	(32)		(35)
Non-vehicle debt interest, net	(75)		(51)
Vehicle debt-related charges(2)	(12)		(10)

Restructuring and restructuring related charges(3)	(32)		(3)

Change in fair value of Public Warrants(4)	86		(118)
Unrealized gains (losses) on financial instruments(5)	(6)		(108)
Gain on sale of non-vehicle capital assets(6)	—		162
Non-cash stock-based compensation forfeitures(7)	64		—
Other items(8)	(7)		(12)
Income (loss) before income taxes	$	(581)	$	62

Hertz


	Three Months Ended March 31,
(In millions)	2024		2023
Adjusted EBITDA:
Americas RAC	$	(488)	$	261
International RAC	(27)		53
Total reportable segments	(515)		314

Corporate(1)	(52)		(77)
Total Hertz	(567)		237
Adjustments:
Non-vehicle depreciation and amortization	(32)		(35)
Non-vehicle debt interest, net	(75)		(51)
Vehicle debt-related charges(2)	(12)		(10)

Restructuring and restructuring related charges(3)	(32)		(3)

Unrealized gains (losses) on financial instruments(5)	(6)		(108)
Gain on sale of non-vehicle capital assets(6)	—		162
Non-cash stock-based compensation forfeitures(7)	64		—
Other items(8)	(7)		(12)
Income (loss) before income taxes	$	(667)	$	180

(1)Represents other reconciling items primarily consisting of general corporate expenses and 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."

(7)Represents former CEO awards forfeited in March 2024. See Note 9, "Stock-Based Compensation."

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income (loss)	$ (186)	$ 196

- Definition

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

+ References

+ Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value, Liabilities Measured on Recurring Basis



	March 31, 2024				December 31, 2023
(In millions)	Nominal Unpaid Principal Balance		Aggregate Fair Value		Nominal Unpaid Principal Balance		Aggregate Fair Value
Non-Vehicle Debt	$	3,960	$	3,619	$	3,515	$	3,285
Vehicle Debt	11,907		11,583		12,314		11,878
Total	$	15,867	$	15,202	$	15,829	$	15,163

Fair Value Measurements, Recurring


	March 31, 2024								December 31, 2023
(In millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Assets:
Cash equivalents and restricted cash equivalents	$	157	$	—	$	—	$	157	$	362	$	—	$	—	$	362

Liabilities:
Public Warrants	$	367	$	—	$	—	$	367	$	453	$	—	$	—	$	453

Revenue Earning Vehicles - Components of Revenue Earning Vehicles (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Long-Lived Assets Held-for-sale [Line Items]
Revenue earning vehicles, net	$ 14,617	$ 14,651
Vehicles, Including Held-For-Sale
Long-Lived Assets Held-for-sale [Line Items]
Revenue earning vehicles	16,402	16,164
Less accumulated depreciation	(2,435)	(2,155)
Property subject to available for operating lease excluding assets held for sale	13,967	14,009
Vehicles Held For Sale
Long-Lived Assets Held-for-sale [Line Items]
Revenue earning vehicles held for sale, net	$ 650	$ 642

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

Mar. 31, 2024

Dec. 31, 2023

Common stock, par value (in dollars per share)

$ 0.01

Common stock, shares issued (in shares)

480,430,082

479,990,286

Ending balance (in shares)

305,618,038

305,178,242

Total assets

^[1]

$ 24,310

$ 24,605

Total liabilities

^[1]

21,498

21,513

Variable Interest Entity, Primary Beneficiary

Total assets

1,400

1,700

Total liabilities

1,400

1,700

Non-vehicle

Accounts receivable, allowance for credit loss

$ 49

$ 47

The Hertz Corporation

Common stock, par value (in dollars per share)

$ 0.01

Common stock, shares authorized (in shares)

3,000

Common stock, shares issued (in shares)

100

Ending balance (in shares)

100

Total assets

^[2]

$ 24,309

$ 24,604

Total liabilities

^[2]

21,132

21,061

The Hertz Corporation | Variable Interest Entity, Primary Beneficiary

Total assets

1,400

1,700

Total liabilities

1,400

1,700

The Hertz Corporation | Non-vehicle

Accounts receivable, allowance for credit loss

$ 49

$ 47

[1]

[2]

Debt (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023:


Facility	Weighted-Average Interest Rate as of March 31, 2024	Fixed or Floating Interest Rate	Maturity	March 31, 2024		December 31, 2023
Non-Vehicle Debt
First Lien RCF	8.76%	Floating	6/2026	$	450	$	—
Term B Loan	8.69%	Floating	6/2028	1,264		1,268
Incremental Term B Loan	9.07%	Floating	6/2028	499		500
Term C Loan	8.70%	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
Other Non-Vehicle Debt(1)	5.98%	Fixed	Various	2		2
Unamortized Debt Issuance Costs and Net (Discount) Premium				(62)		(66)
Total Non-Vehicle Debt				3,898		3,449
Vehicle Debt
HVF III U.S. ABS Program
HVF III U.S. Vehicle Variable Funding Notes
HVF III Series 2021-A Class A(2)	6.95%	Floating	6/2025	1,532		1,492
HVF III Series 2021-A Class B(2)	9.44%	Fixed	8/2025	188		188
				1,720		1,680
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)	2.78%	Fixed	6/2027	750		750
HVF III Series 2022-3(2)	N/A	Fixed	3/2024	—		192
HVF III Series 2022-4(2)	4.22%	Fixed	9/2025	667		667
HVF III Series 2022-5(2)	4.39%	Fixed	9/2027	364		364
HVF III Series 2023-1(2)	6.17%	Fixed	6/2026	500		500
HVF III Series 2023-2(2)	6.30%	Fixed	9/2028	300		300
HVF III Series 2023-3(2)	6.46%	Fixed	2/2027	500		500
HVF III Series 2023-4(2)	6.66%	Fixed	3/2029	500		500
				8,331		8,523
Vehicle Debt - Other

European ABS(2)	5.79%	Floating	3/2026	980		1,205
Hertz Canadian Securitization(2)	6.84%	Floating	6/2025	344		350
Australian Securitization(2)	5.95%	Floating	6/2025	207		203
New Zealand RCF	8.47%	Floating	6/2025	67		70
U.K. Financing Facility	7.85%	Floating	4/2024-3/2028	163		173


Facility	Weighted-Average Interest Rate as of March 31, 2024	Fixed or Floating Interest Rate	Maturity	March 31, 2024		December 31, 2023
Non-Vehicle Debt
Other Vehicle Debt(3)	6.10%	Floating	4/2024-2/2028	98		110
				1,859		2,111
Unamortized Debt Issuance Costs and Net (Discount) Premium				(64)		(72)
Total Vehicle Debt				11,846		12,242
Total Debt				$	15,744	$	15,691

(1) Other non-vehicle debt is primarily comprised of $1 million in finance lease obligations as of March 31, 2024 and December 31, 2023, respectively.

(3) Other vehicle debt is primarily comprised of $92 million and $104 million in finance lease obligations as of March 31, 2024 and December 31, 2023, respectively.

Schedule of Facilities Available Net of Outstanding Letters of Credit

The following facilities were available to the Company as of March 31, 2024 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	$	866	$	866
Total Non-Vehicle Debt	866		866
Vehicle Debt
HVF III Series 2021-A	2,343		—
European ABS	319		—
Hertz Canadian Securitization	6		—
Australian Securitization	15		—
New Zealand RCF	5		—
U.K. Financing Facility	8		—
Other Vehicle Debt	47		—
Total Vehicle Debt	2,743		—
Total	$	3,609	$	866

Revenue Earning Vehicles

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue Earning Vehicles

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


(In millions)	March 31, 2024		December 31, 2023
Revenue earning vehicles	$	16,402	$	16,164
Less accumulated depreciation	(2,435)		(2,155)
	13,967		14,009
Revenue earning vehicles held for sale, net(1)	650		642
Revenue earning vehicles, net	$	14,617	$	14,651

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


	Three Months Ended March 31,
(In millions)	2024		2023
Depreciation of revenue earning vehicles	$	684	$	422
(Gain) loss on disposal of revenue earning vehicles(1)	276		(46)
Rents paid for vehicles leased	9		5
Depreciation of revenue earning vehicles and lease charges, net	$	969	$	381

In December 2023, the Company identified a group of electric vehicles ("EVs") that it desired to sell (the "First EV Disposal Group") in response to management's determination that the supply of EVs exceeded customer demand, elevated EV damage and collision costs and a decline in EV residual values. As a result, the First EV Disposal Group, included in the Company's Americas RAC segment, was classified as held for sale with an aggregate carrying value of $542 million and is included in revenue earning vehicles, net in the accompanying unaudited condensed consolidated balance sheet as of December 31, 2023. As of March 31, 2024, approximately 50% of the First EV Disposal Group has been sold and the carrying values of the remaining vehicles written down to fair value less costs to sell. This resulted in charges of $41 million for losses incurred on the vehicles sold and $40 million for the write-down on the remaining vehicles, which are included in depreciation of revenue earning vehicles and lease charges, net in the accompanying unaudited condensed consolidated statement of operations for the three months ended March 31, 2024. The remaining, unsold portion of the First EV Disposal Group has an aggregate carrying value of $210 million and is included in revenue earning vehicles, net in the accompanying unaudited consolidated balance sheet as of March 31, 2024.

In March 2024, the Company identified an additional group of EVs that it desired to sell (the "Second EV Disposal Group") in response to management's determination that the supply of EVs exceeded customer demand, elevated EV damage and collision costs and a decline in EV residual values. As a result, the Second EV Disposal Group, consisting of approximately 9,000 EVs in the Company's Americas RAC segment and approximately 1,000 EVs in the Company's International RAC segment, was classified as held for sale with carrying values of $227 million and $30 million in the Company's Americas RAC and International RAC segments, respectively, which are included in revenue earning vehicles, net in the accompanying unaudited condensed consolidated balance sheet as of March 31, 2024. The carrying values of the vehicles in the Second EV Disposal Group were written down to fair value less costs to sell and resulted in write-downs of $107 million and $7 million in the Company's Americas RAC and International RAC segments, respectively, which are included in depreciation of revenue earning vehicles and lease charges, net in the accompanying unaudited condensed consolidated statement of operations for the three months ended March 31, 2024.

Contingencies and Off-Balance Sheet Commitments (Details) $ in Millions		1 Months Ended
	Jul. 01, 2021 USD ($)	Dec. 31, 2022 USD ($) claimant	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Self-insured liabilities			$ 473	$ 471
Settlement agreements, number of claimants \| claimant		364
Litigation settlement		$ 168
Operating Segments \| Americas Rental Car segment
Loss Contingencies [Line Items]
Self-insured liabilities			$ 334	$ 336
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%

Fair Value Measurements (Details) - USD ($) $ in Millions	3 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Change in fair value of Public Warrants	$ (86)	$ 118

Debt - Narrative (Details)
$ in Millions, € in Billions

3 Months Ended

Mar. 31, 2024

USD ($)

Mar. 31, 2025

USD ($)

Dec. 31, 2024

USD ($)

Dec. 31, 2024

EUR (€)

Dec. 31, 2024

CAD ($)

Sep. 30, 2024

USD ($)

Jun. 30, 2024

USD ($)

Apr. 30, 2024

EUR (€)

Apr. 30, 2024

CAD ($)

Apr. 01, 2024

EUR (€)

Mar. 31, 2024

EUR (€)

Mar. 31, 2024

CAD ($)

Dec. 31, 2023

USD ($)

Debt Instrument [Line Items]

Debt instrument, covenant, debt to consolidated EBITDA ratio, period one

5.0

Remaining capacity

$ 3,609,000,000

Total assets

^[1]

24,310,000,000

$ 24,605,000,000

Liabilities

^[1]

$ 21,498,000,000

21,513,000,000

Variable Interest Entity, Primary Beneficiary

Debt Instrument [Line Items]

Ownership percentage

25.00%

Total assets

$ 1,400,000,000

1,700,000,000

Liabilities

$ 1,400,000,000

$ 1,700,000,000

First Lien RCF

Debt Instrument [Line Items]

Debt instrument, covenant, debt to consolidated EBITDA ratio, period two

4.75

Remaining capacity

$ 866,000,000

Maximum consolidated leverage ratio

3.0

First Lien RCF | Forecast

Debt Instrument [Line Items]

Debt instrument, covenant, liquidity, monthly minimum

$ 500,000,000

$ 400,000,000

Maximum consolidated leverage ratio

3.0

3.5

HVF III Series 2021-A

Debt Instrument [Line Items]

Remaining capacity

$ 2,343,000,000

Australian Securitization

Debt Instrument [Line Items]

Remaining capacity

15,000,000

New Zealand RCF

Debt Instrument [Line Items]

Remaining capacity

5,000,000

U.K. Financing Facility

Debt Instrument [Line Items]

Remaining capacity

8,000,000

Term C Loan | Medium-term Notes

Debt Instrument [Line Items]

Remaining capacity

Term C Loan and First Lien Revolving Credit Facility | Medium-term Notes

Debt Instrument [Line Items]

Long-term debt

Hertz Canadian Securitization

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 475

Hertz Canadian Securitization | Forecast

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 475

$ 625

European ABS

Debt Instrument [Line Items]

Maximum borrowing capacity | €

€ 1.2

Remaining capacity

319,000,000

European ABS | Forecast

Debt Instrument [Line Items]

Maximum borrowing capacity | €

€ 1.3

€ 1.5

€ 1.3

Revolving Credit Facility | First Lien RCF

Debt Instrument [Line Items]

Outstanding standby letters of credit

245,000,000

Letter of Credit

Debt Instrument [Line Items]

Outstanding standby letters of credit

944,000,000

Letter of Credit | Term C Loan

Debt Instrument [Line Items]

Outstanding standby letters of credit

$ 684,000,000

[1]

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

Total

Preferred Stock

Common Stock

Additional Paid-In Capital

Retained Earnings (Accumulated deficit)

Accumulated Other Comprehensive Income (Loss)

Treasury Stock

Increase (Decrease) in Temporary Equity [Roll Forward]

Preferred stock, shares outstanding (in shares)

Increase (Decrease) in Stockholders' Equity

Ending balance (in shares)

323,000,000

Beginning balance at Dec. 31, 2022

$ 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

155,000,000

Increase (Decrease) in Stockholders' Equity

Net income (loss)

196

Other comprehensive income (loss)

Net settlement on vesting of restricted stock

(1)

Stock-based compensation charges

Share repurchases (in shares)

(5,000,000)

6,000,000

Share repurchases

(101)

$ (101)

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

318,000,000

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

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]

Preferred stock, shares outstanding (in shares)

Increase (Decrease) in Stockholders' Equity

Ending balance (in shares)

318,000,000

Preferred stock, shares outstanding (in shares)

Ending balance (in shares)

305,178,242

305,000,000

Beginning balance at Dec. 31, 2023

$ 0

Ending balance at Mar. 31, 2024

$ 0

Beginning balance at Dec. 31, 2023

$ 3,092

$ 5

6,405

360

(248)

$ (3,430)

Beginning balance (in shares) at Dec. 31, 2023

174,812,044

175,000,000

Increase (Decrease) in Stockholders' Equity

Net income (loss)

$ (186)

(186)

Other comprehensive income (loss)

(40)

Net settlement on vesting of restricted stock (in shares)

1,000,000

Net settlement on vesting of restricted stock

(2)

Stock-based compensation charges

Stock-based compensation forfeitures

^[1]

$ (68)

(68)

Ending balance (in shares) at Mar. 31, 2024

305,618,038

306,000,000

Ending balance (in shares) at Mar. 31, 2024

174,812,044

175,000,000

Ending balance at Mar. 31, 2024

$ 2,812

$ 5

$ 6,351

$ 174

$ (288)

$ (3,430)

Increase (Decrease) in Temporary Equity [Roll Forward]

Preferred stock, shares outstanding (in shares)

Increase (Decrease) in Stockholders' Equity

Ending balance (in shares)

305,618,038

306,000,000

[1]	(1) Represents former chief executive officer ("CEO") awards forfeited in March 2024. See also Note 9, "Stock-Based Compensation."

Contingencies and Off-Balance Sheet Commitments	3 Months Ended
Contingencies and Off-Balance Sheet Commitments	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Off-Balance Sheet Commitments	Contingencies and Off-Balance Sheet Commitments Legal Proceedings Self-Insured Liabilities The Company is currently a defendant in numerous actions and has received numerous claims on which actions have not yet commenced for self-insured liabilities arising from the operation of motor vehicles rented from the Company. The obligation for self-insured liabilities on self-insured U.S. and international vehicles, as stated in the accompanying unaudited condensed consolidated balance sheets, represents an estimate for both reported accident claims not yet paid and claims incurred but not yet reported. The related liabilities are recorded on an undiscounted basis and are based on rental volume and actuarial evaluations of historical accident claim experience and trends, as well as future projections of ultimate losses, expenses, premiums and administrative costs. As of March 31, 2024 and December 31, 2023, the Company's liability recorded for self-insured liabilities was $473 million and $471 million, of which $334 million and $336 million relates to liabilities incurred by the Company's Americas RAC operations, 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 monitored quarterly based on evolving accident claim history and insurance related state legislation changes. If the Company's estimates change or if actual results differ from these assumptions, the amount of the recorded liability is adjusted to reflect these results. 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, 2024 or the period after March 31, 2024, 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 “Unsecured 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. The Third Circuit held an oral argument for this appeal on October 25, 2023 and the parties are awaiting the Third Circuit's decision. The Company cannot predict the ultimate outcome or timing of this litigation, however, an adverse ruling by the Third Circuit, followed by an entry of judgement against Hertz by the Bankruptcy Court, could have a material adverse effect on the Company's financial condition, results of operations or cash flows. 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 were previously advanced against the Company. These claims first arose from actions allegedly taken by the Company prior to its emergence from bankruptcy reorganization; some claims alleged 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. The Company continues to vigorously defend itself and believes that the ultimate resolution of any 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). On June 30, 2023, Hertz entered into a confidential settlement with ACE American Insurance Company. The case is ongoing against the remaining insurers. Share Repurchase Program Litigation - On May 11, 2023, Angelo Cascia, a purported stockholder of Hertz Global, filed a putative class and derivative lawsuit in the Delaware Court of Chancery ("the Court") against certain current directors of Hertz Global, Knighthead Capital Management, LLC, Certares Opportunities LLC, and CK Amarillo LP. The claims in the complaint relate to the Company’s share repurchase programs approved in November 2021 and June 2022. Among other allegations, the plaintiff claims Board members breached their fiduciary duties in approving these share repurchase programs, and that Knighthead, Certares, and CK Amarillo were unjustly enriched because they gained a majority stake in Hertz Global as a result of share repurchases. Defendants’ motion to dismiss the complaint was filed on July 24, 2023. On March 11, 2024, the Court held a hearing on the motion to dismiss. On April 11, 2024, the Court stayed consideration of the pending motion to dismiss at the request of the parties to enable them to finalize a resolution of the matter. 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. 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.

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	Apr. 18, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-37665
Entity Registrant Name	HERTZ GLOBAL HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1770902
Entity Address, Address Description	8501 Williams Road,
Entity Address, City or Town	Estero,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33928
City Area Code	(239)
Local Phone Number	301-7000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		305,812,590
Entity Central Index Key	0001657853
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	HTZ
Security Exchange Name	NASDAQ
Warrants
Entity Information [Line Items]
Title of 12(b) Security	Warrants to purchase common stock
Trading Symbol	HTZWW
Security Exchange Name	NASDAQ
The Hertz Corporation
Entity Information [Line Items]
Entity File Number	001-07541
Entity Registrant Name	THE HERTZ CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-1938568
Entity Address, Address Description	8501 Williams Road,
Entity Address, City or Town	Estero,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33928
City Area Code	(239)
Local Phone Number	301-7000
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		100
Entity Central Index Key	0000047129
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
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)	55,184,766
Unrecognized compensation cost	$ 99
Period for recognition of total unrecognized compensation cost	1 year 8 months 12 days
Omnibus Incentive Plan 2021 \| Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target award amount	100.00%
Shares outstanding (in shares)	490,814	9,102,738
Omnibus Incentive Plan 2021 \| Performance Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target award amount	0.00%
Omnibus Incentive Plan 2021 \| Performance Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target award amount	200.00%
Omnibus Incentive Plan 2021 \| Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	0
Omnibus Incentive Plan 2021 \| Performance Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	0
Omnibus Incentive Plan 2021 \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Shares outstanding (in shares)	8,506,467	6,314,564
Omnibus Incentive Plan 2021 \| Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	127,000

Stock-Based Compensation - Summary of the Total Compensation Expense and Associated Recognized Income Tax Benefits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee compensation expense(1)	$ 16	$ 21
Stock-based compensation forfeitures	68	0
The Hertz Corporation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee compensation expense(1)	16	21
Stock-based compensation forfeitures	68	0
Omnibus Incentive Plan 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee compensation expense(1)	(52)	21
Income tax benefit	(2)	(5)
Employee compensation expense, net	(54)	$ 16
Stock-based compensation forfeitures	$ 68

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

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, 2024	Mar. 31, 2023
Shares
Outstanding beginning balance (in shares)	6,314,564
Granted (in shares)	4,279,983
Vested (in shares)	(736,260)
Forfeited or Expired (in shares)	(1,351,820)
Outstanding ending balance (in shares)	8,506,467
Weighted- Average Fair Value
Outstanding beginning balance (in dollars per share)	$ 15.71
Granted (in dollars per share)	8.21	$ 17.69
Vested (in dollars per share)	17.82
Forfeited or Expired (In dollars per share)	19.44
Outstanding ending balance (in dollars per share)	$ 11.16
Aggregate intrinsic value, outstanding	$ 66
Aggregate intrinsic value, outstanding	$ 67

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, 2024	Mar. 31, 2023
Numerator:
Net income (loss) available to Hertz Global common stockholders, basic	$ (186)	$ 196
Change in fair value of Public Warrants	0	0
Net income (loss) available to Hertz Global common stockholders, diluted	$ (186)	$ 196
Denominator:
Basic weighted-average shares outstanding (in shares)	305	321
Dilutive effect of stock options, RSUs and PSUs (in shares)	0	1
Diluted weighted-average shares outstanding (in shares)	305	323
Antidilutive stock options, RSUs, and PSUs (in shares)	66	23
Earnings (loss) per common share:
Basic (in dollars per share)	$ (0.61)	$ 0.61
Diluted (in dollars per share)	$ (0.61)	$ 0.61
Warrants
Denominator:
Antidilutive stock options, RSUs, and PSUs (in shares)	57	17
Antidilutive stock options, RSUs and PSUs
Denominator:
Antidilutive stock options, RSUs, and PSUs (in shares)	10	6

Leases - Leases Income (Details) - USD ($) $ in Millions	3 Months Ended
Leases - Leases Income (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Lessor, Lease, Description [Line Items]
Revenues	$ 2,024	$ 1,991
Variable operating lease income	141	132
Revenue accounted for under Topic 606	56	56
Revenues	2,080	2,047
Vehicle Rentals, Operating Lease
Lessor, Lease, Description [Line Items]
Revenues	$ 1,883	$ 1,859

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Interest rate instruments	$	6	$	10	$	—	$	—
Foreign currency forward contracts	1		5		3		2
Total	$	7	$	15	$	3	$	2

Schedule of Derivative Instruments Included in Trading Activities

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


	Location of Gain (Loss) Recognized on Derivatives	Amount of Gain (Loss) Recognized in Income on Derivatives
		Three Months Ended March 31,
(In millions)		2024		2023
Interest rate instruments	Vehicle interest expense, net	$	—	$	4
Foreign currency forward contracts	Selling, general and administrative expense(1)	(11)		(5)
Total		$	(11)	$	(1)

(1) For the three months ended March 31, 2023, all gains (losses) on foreign currency forward contracts were recorded in other (income) expense, net.

Stock-Based Compensation - Summary of Stock Option Activity (Details) - Omnibus Incentive Plan 2021 - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Shares
Outstanding beginning balance (in shares)	2,431,503
Granted (in shares)	0
Exercised (in shares)	0
Forfeited or Expired (in shares)	(329,320)
Outstanding ending balance (in shares)	2,102,183	2,431,503
Exercisable (in shares)	(1,439,279)
Non-vested (in shares)	662,904
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	7 years 2 months 12 days	6 years 8 months 12 days
Exercisable	7 years
Aggregate intrinsic value	$ 0	$ 0
Aggregate intrinsic value, exercisable	$ 0