View Filing Data

$ 1,072

$ 816

Non-vehicle, net of allowance of $42 and $36, respectively

432

278

1,365

1,283

687

578

Vehicles

14,574

13,655

Total revenue earning vehicles, net

(3,238)

(2,837)

11,336

10,818

Property and equipment:

Land, buildings and leasehold improvements

1,233

1,165

Service equipment and other

763

724

Total Property and equipment, net

(1,156)

(1,031)

840

858

3,242

3,332

1,084

1,081

111

^[1]

20,058

19,155

946

821

920

980

160

165

14,865

13,541

427

407

1,220

2,149

Commitments and contingencies

^[1]

18,538

18,080

Equity:

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

Common stock issued

2,243

2,227

(506)

(882)

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest

(118)

(171)

1,620

1,175

Treasury Stock, at cost, 2 shares and 2 shares

(100)

1,520

1,075

20,058

19,155

VIE, total assets

524

454

VIE, total liabilities

524

454

Vehicle Related Service

ASSETS

Non-vehicle, net of allowance of $42 and $36, respectively

386

235

531

546

294

258

Non-Vehicle Related Service

10,431

9,646

ASSETS

Non-vehicle, net of allowance of $42 and $36, respectively

834

737

652

563

4,434

3,895

ASSETS

1,072

816

Non-vehicle, net of allowance of $42 and $36, respectively

432

278

1,365

1,283

687

578

Vehicles

14,574

13,655

Total revenue earning vehicles, net

(3,238)

(2,837)

11,336

10,818

Property and equipment:

Land, buildings and leasehold improvements

1,233

1,165

Service equipment and other

763

724

Total Property and equipment, net

(1,156)

(1,031)

840

858

3,242

3,332

1,084

1,081

111

^[2]

20,058

19,155

946

821

920

980

160

165

14,865

13,541

427

407

1,220

2,149

Commitments and contingencies

^[2]

18,538

18,080

Equity:

Common stock issued

3,166

3,150

Due from affiliate

(42)

(37)

(1,486)

(1,867)

(118)

(171)

1,520

1,075

The Hertz Corporation | Vehicle Related Service

20,058

19,155

ASSETS

Non-vehicle, net of allowance of $42 and $36, respectively

386

235

531

546

294

258

The Hertz Corporation | Non-Vehicle Related Service

10,431

9,646

ASSETS

Non-vehicle, net of allowance of $42 and $36, respectively

834

737

652

563

Significant Accounting Policies

$ 4,434

$ 3,895

[1]

The Company's consolidated total assets as of December 31, 2017 and December 31, 2016 include total assets of variable interest entities (“VIEs”) of $524 million and $454 million, respectively, which can only be used to settle obligations of the VIEs. The Company's consolidated total liabilities as of December 31, 2017 and December 31, 2016 include total liabilities of VIEs of $524 million and $454 million, respectively, for which the creditors of the VIEs have no recourse to the Company. See "Special Purpose Entities" in Note 7, "Debt" for further information.

[2]

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Receivables, allowance for doubtful accounts (in dollars)	$ 33	$ 42
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares issued	86,000,000	85,000,000
Common Stock, shares outstanding	84,000,000	83,000,000
Treasury stock, shares	2,000,000	2,000,000
The Hertz Corporation
Receivables, allowance for doubtful accounts (in dollars)	$ 33	$ 42
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized	3,000	3,000
Common Stock, shares issued	100	100
Common Stock, shares outstanding	100	100

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Worldwide vehicle rental	$ 8,163	$ 8,211	$ 8,434
All other operations	640	592	583
Total revenues	8,803	8,803	9,017
Expenses:
Direct vehicle and operating	4,958	4,932	5,055
Depreciation of revenue earning vehicles and lease charges, net	2,798	2,601	2,433
Selling, general and administrative	880	899	873
Interest expense, net:
Vehicle	331	280	253
Non-vehicle	306	344	346
Total interest expense, net	637	624	599
Goodwill and intangible asset impairments	86	292	40
Other (income) expense, net	19	(75)	(115)
Total expenses	9,378	9,273	8,885
Income (loss) from continuing operations before income taxes	(575)	(470)	132
Income tax (provision) benefit	902	(4)	(17)
Net income (loss) from continuing operations	327	(474)	115
Net income (loss) from discontinued operations	0	(17)	158
Net income (loss)	$ 327	$ (491)	$ 273
Weighted average shares outstanding:
Basic (in shares)	83	84	90
Diluted (in shares)	83	84	91
Earnings (loss) per share - basic and diluted:
Basic earnings (loss) per share from continuing operations (in dollars per share)	$ 3.94	$ (5.65)	$ 1.28
Basic earnings (loss) per share from discontinued operations (in dollars per share)	0.00	(0.20)	1.75
Basic earnings (loss) per share (in dollars per share)	3.94	(5.85)	3.03
Diluted earnings (loss) per share from continuing operations (in dollars per share)	3.94	(5.65)	1.26
Diluted earnings (loss) per share from discontinued operations (in dollars per share)	0.00	(0.20)	1.74
Diluted earnings (loss) per share (in dollars per share)	$ 3.94	$ (5.85)	$ 3.00
The Hertz Corporation
Revenues:
Worldwide vehicle rental	$ 8,163	$ 8,211	$ 8,434
All other operations	640	592	583
Total revenues	8,803	8,803	9,017
Expenses:
Direct vehicle and operating	4,958	4,932	5,055
Depreciation of revenue earning vehicles and lease charges, net	2,798	2,601	2,433
Selling, general and administrative	880	899	873
Interest expense, net:
Vehicle	331	280	253
Non-vehicle	301	343	346
Total interest expense, net	632	623	599
Goodwill and intangible asset impairments	86	292	40
Other (income) expense, net	19	(75)	(115)
Total expenses	9,373	9,272	8,885
Income (loss) from continuing operations before income taxes	(570)	(469)	132
Income tax (provision) benefit	902	(4)	(17)
Net income (loss) from continuing operations	332	(473)	115
Net income (loss) from discontinued operations	0	(15)	161
Net income (loss)	$ 332	$ (488)	$ 276

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net income (loss)	$ 327	$ (491)	$ 273
Other comprehensive income (loss):
Foreign currency translation adjustments	14	(16)	(87)
Unrealized holding gains (losses) on securities	0	12	0
Reclassification of realized gain on securities to other (income) expense	(3)	(9)	0
Reclassification of foreign currency items to other (income) expense, net	8	0	(42)
Net gain (loss) on defined benefit pension plans	40	(30)	(23)
Reclassification from other comprehensive income (loss) to selling, general and administrative expense for amortization of actuarial (gains) losses on defined benefit pension plans	6	11	9
Total other comprehensive income (loss) before income taxes	65	(32)	(143)
Income tax (provision) benefit related to net gains and losses on defined benefit pension plans	(10)	7	15
Income tax (provision) benefit related to reclassified amounts of net periodic costs on defined benefit pension plans	(2)	(4)	(2)
Total other comprehensive income (loss)	53	(29)	(130)
Total comprehensive income (loss)	380	(520)	143
The Hertz Corporation
Net income (loss)	332	(488)	276
Other comprehensive income (loss):
Foreign currency translation adjustments	14	(16)	(87)
Unrealized holding gains (losses) on securities	0	12	0
Reclassification of realized gain on securities to other (income) expense	(3)	(9)	0
Reclassification of foreign currency items to other (income) expense, net	8	0	(42)
Net gain (loss) on defined benefit pension plans	40	(30)	(23)
Reclassification from other comprehensive income (loss) to selling, general and administrative expense for amortization of actuarial (gains) losses on defined benefit pension plans	6	11	9
Total other comprehensive income (loss) before income taxes	65	(32)	(143)
Income tax (provision) benefit related to net gains and losses on defined benefit pension plans	(10)	7	15
Income tax (provision) benefit related to reclassified amounts of net periodic costs on defined benefit pension plans	(2)	(4)	(2)
Total other comprehensive income (loss)	53	(29)	(130)
Total comprehensive income (loss)	$ 385	$ (517)	$ 146

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	The Hertz Corporation	Preferred Stock	Common Stock Shares	Common Stock Shares The Hertz Corporation	Additional Paid-In Capital	Additional Paid-In Capital The Hertz Corporation	Due From Affiliate The Hertz Corporation	Accumulated Deficit	Accumulated Deficit The Hertz Corporation	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The Hertz Corporation	Treasury Stock
Beginning Balance (Shares) at Dec. 31, 2014				459,000,000	100								4,000,000
Beginning Balance at Dec. 31, 2014	$ 2,464,000	$ 2,495,000	$ 0	$ 5,000	$ 0	$ 3,325,000	$ 3,566,000	$ 0	$ (664,000)	$ (956,000)	$ (115,000)	$ (115,000)	$ (87,000)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	273,000	276,000							273,000	276,000
Due from affiliate		(345,000)						(345,000)
Dividends paid to Old Hertz Holdings		(365,000)								(365,000)
Other comprehensive loss	(130,000)	(130,000)									(130,000)	(130,000)
Net settlement on vesting of restricted stock (Shares)				1,000,000
Net settlement on vesting of restricted stock	(4,000)					(4,000)
Stock-based employee compensation charges	17,000	17,000				17,000	17,000
Exercise of stock options (Shares)				0
Exercise of stock options	5,000					5,000
Share repurchase (Shares)				(37,000,000)									(37,000,000)
Share Repurchase	(606,000)			$ (1,000)									$ (605,000)
Ending Balance (Shares) at Dec. 31, 2015				423,000,000	100								41,000,000
Ending Balance at Dec. 31, 2015	2,019,000	1,948,000	0	$ 4,000	$ 0	3,343,000	3,583,000	(345,000)	(391,000)	(1,045,000)	(245,000)	(245,000)	$ (692,000)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(491,000)	(488,000)							(491,000)	(488,000)
Due from affiliate		(26,000)						(26,000)
Dividends paid to Old Hertz Holdings		0						334,000		(334,000)
Other comprehensive loss	(29,000)	(29,000)									(29,000)	(29,000)
Net settlement on vesting of restricted stock	(2,000)					(2,000)
Stock-based employee compensation charges	14,000	14,000				14,000	14,000
Exercise of stock options (Shares)				1,000,000
Exercise of stock options	10,000					10,000
Common shares issued to Directors	1,000	1,000				1,000	1,000
Share repurchase (Shares)				(2,000,000)									(2,000,000)
Share Repurchase	(100,000)												$ (100,000)
Capital effect of spin-off (Shares)				(339,000,000)									(41,000,000)
Capital effect of Spin-Off				$ (3,000)		(689,000)							$ 692,000
Distribution of Herc Rentals Inc.	(347,000)	(345,000)				(450,000)	(448,000)				103,000	103,000
Ending Balance (Shares) at Dec. 31, 2016				83,000,000	100								2,000,000
Ending Balance at Dec. 31, 2016	1,075,000	1,075,000	0	$ 1,000	$ 0	2,227,000	3,150,000	(37,000)	(882,000)	(1,867,000)	(171,000)	(171,000)	$ (100,000)
Increase (Decrease) in Stockholders' Equity
Change in accounting principle	49,000	49,000							49,000	49,000	0	0
January 1, 2017 (As Adjusted)	1,124,000	1,124,000		$ 1,000	$ 0	2,227,000	3,150,000	(37,000)	(833,000)	(1,818,000)	(171,000)	(171,000)	$ (100,000)
Net income (loss)	327,000	332,000							327,000	332,000
Due from affiliate		(5,000)						(5,000)
Other comprehensive loss	53,000	53,000									53,000	53,000
Issuance of restricted stock				1,000,000
Stock-based employee compensation charges	13,000	13,000				13,000	13,000
Distribution of Herc Rentals Inc.		3,000					3,000					0
Other	3,000					3,000
Ending Balance (Shares) at Dec. 31, 2017				84,000,000	100.0000								2,000,000
Ending Balance at Dec. 31, 2017	$ 1,520,000	$ 1,520,000	$ 0	$ 1,000	$ 0	$ 2,243,000	$ 3,166,000	$ (42,000)	$ (506,000)	$ (1,486,000)	$ (118,000)	$ (118,000)	$ (100,000)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net income (loss)	$ 327	$ (491)	$ 273
Net income (loss) from discontinued operations	0	(17)	158
Net income (loss) from continuing operations	327	(474)	115
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation of revenue earning vehicles, net	2,722	2,531	2,361
Depreciation and amortization, non-vehicle	240	265	274
Amortization of Debt Issuance Costs and Discounts	46	48	54
Loss on extinguishment of debt	13	55	0
Stock-based compensation charges	19	13	16
Provision for receivables allowance	33	51	36
Deferred income taxes, net	(922)	(78)	11
Impairment charges and asset write-downs	116	340	70
(Gain) loss on sale of shares in equity investment	(3)	(84)	(133)
Other	(7)	8	(7)
Changes in assets and liabilities:
Non-vehicle receivables	(75)	(174)	(62)
Prepaid expenses and other assets	(22)	(31)	(11)
Non-vehicle accounts payable	20	31	(8)
Accrued liabilities	(86)	(40)	44
Accrued taxes, net	(23)	38	(21)
Public liability and property damage	(4)	30	37
Net cash provided by (used in) operating activities	2,394	2,529	2,776
Cash flows from investing activities:
Revenue earning vehicles expenditures	(10,596)	(10,872)	(11,266)
Proceeds from disposal of revenue earning vehicles	7,653	8,679	8,676
Capital asset expenditures, non-vehicle	(173)	(134)	(250)
Proceeds from disposal of property and other equipment	21	59	107
Proceeds from sale of Brazil Operations, net of retained cash	94	0	0
Acquisitions, net of cash acquired	(15)	(2)	(95)
Sales of shares in equity investment, net of amounts invested	16	222	236
Net cash provided by (used in) investing activities	(3,147)	(1,996)	(2,380)
Cash flows from financing activities:
Repayments of debt		(48)
Purchase of treasury shares	0	(100)	(605)
Payment of financing costs	(59)	(75)	(29)
Early redemption premium payment	(5)	(27)	0
Transfers from discontinued entities	0	2,122	61
Other	0	12	1
Net cash provided by (used in) financing activities	988	(183)	(368)
Effect of foreign currency exchange rate changes on cash and cash equivalents from continuing operations	21	(8)	(28)
Net increase (decrease) in cash and cash equivalents during the period from continuing operations	256	342	0
Cash and cash equivalents at the beginning of period	816	474	474
Cash and cash equivalents at end of period	1,072	816	474
Cash flows from discontinued operations:
Cash flows provided by (used in) operating activities	0	205	556
Cash flows provided by (used in) investing activities	0	(77)	(385)
Cash flows provided by (used in) financing activities	0	(97)	(172)
Effect of foreign currency exchange rate changes on cash and cash equivalents of discontinued operations	0	0	(3)
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations	0	31	(4)
Cash paid during the period for:
Income taxes, net of refunds	54	57	24
Supplemental disclosures of non-cash information for continuing operations:
Purchases of revenue earning vehicles included in accounts payable and accrued liabilities	194	185	140
Sales of revenue earning vehicles included in receivables	431	473	1,069
Purchases of property and other equipment included in accounts payable	65	20	37
Consideration for equity investment	13	0	0
Sales of property and other equipment included in receivables	1	3	15
Revenue earning vehicles and property and equipment acquired through capital lease	35	22	11
The Hertz Corporation
Cash flows from operating activities:
Net income (loss)	332	(488)	276
Net income (loss) from discontinued operations	0	(15)	161
Net income (loss) from continuing operations	332	(473)	115
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation of revenue earning vehicles, net	2,722	2,531	2,361
Depreciation and amortization, non-vehicle	240	265	274
Amortization of Debt Issuance Costs and Discounts	46	48	54
Loss on extinguishment of debt	13	55	0
Stock-based compensation charges	19	13	16
Provision for receivables allowance	33	51	36
Deferred income taxes, net	(922)	(78)	11
Impairment charges and asset write-downs	116	340	70
(Gain) loss on sale of shares in equity investment	(3)	(84)	(133)
Other	(6)	8	(7)
Changes in assets and liabilities:
Non-vehicle receivables	(75)	(174)	(62)
Prepaid expenses and other assets	(22)	(31)	(11)
Non-vehicle accounts payable	20	31	(8)
Accrued liabilities	(86)	(40)	44
Accrued taxes, net	(24)	38	(21)
Public liability and property damage	(4)	30	37
Net cash provided by (used in) operating activities	2,399	2,530	2,776
Cash flows from investing activities:
Revenue earning vehicles expenditures	(10,596)	(10,872)	(11,266)
Proceeds from disposal of revenue earning vehicles	7,653	8,679	8,676
Capital asset expenditures, non-vehicle	(173)	(134)	(250)
Proceeds from disposal of property and other equipment	21	59	107
Proceeds from sale of Brazil Operations, net of retained cash	94	0	0
Payments for (Proceeds from) Other Investing Activities	15
Acquisitions, net of cash acquired		(2)	(95)
Sales of shares in equity investment, net of amounts invested	16	222	236
Advances to Hertz Holdings	0	0	(267)
Net cash provided by (used in) investing activities	(3,147)	(1,996)	(2,647)
Cash flows from financing activities:
Payment of financing costs	(59)	(75)	(29)
Early redemption premium payment	(5)	(27)	0
Transfers from discontinued entities	0	2,122	68
Advances to Hertz Global/Old Hertz Holdings	(6)	(102)	(344)
Other	1	13	0
Net cash provided by (used in) financing activities	983	(184)	(101)
Effect of foreign currency exchange rate changes on cash and cash equivalents from continuing operations	21	(8)	(28)
Net increase (decrease) in cash and cash equivalents during the period from continuing operations	256	342	0
Cash and cash equivalents at the beginning of period	816	474	474
Cash and cash equivalents at end of period	1,072	816	474
Cash flows from discontinued operations:
Cash flows provided by (used in) operating activities	0	207	556
Cash flows provided by (used in) investing activities	0	(77)	(385)
Cash flows provided by (used in) financing activities	0	(94)	(179)
Effect of foreign currency exchange rate changes on cash and cash equivalents of discontinued operations	0	0	(3)
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations	0	36	(11)
Cash paid during the period for:
Income taxes, net of refunds	54	57	24
Supplemental disclosures of non-cash information for continuing operations:
Purchases of revenue earning vehicles included in accounts payable and accrued liabilities	194	185	140
Sales of revenue earning vehicles included in receivables	431	473	1,069
Purchases of property and other equipment included in accounts payable	65	20	37
Consideration for equity investment	13	0	0
Sales of property and other equipment included in receivables	1	3	15
Revenue earning vehicles and property and equipment acquired through capital lease	35	22	11
Non-cash dividend paid to affiliate	0	334	365
Vehicle Related Service
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Loss on extinguishment of debt	0	6
Cash flows from investing activities:
Net change in restricted cash and cash equivalents, vehicle	(147)	53	221
Cash flows from financing activities:
Proceeds from issuance of debt	10,756	9,692	7,528
Repayments of debt	(10,244)	(9,748)	(7,079)
Cash paid during the period for:
Interest, net of amounts capitalized	291	235	204
Vehicle Related Service \| The Hertz Corporation
Cash flows from investing activities:
Net change in restricted cash and cash equivalents, vehicle	(147)	53	221
Cash flows from financing activities:
Proceeds from issuance of debt	10,756	9,692	7,528
Repayments of debt	(10,244)	(9,748)	(7,079)
Cash paid during the period for:
Interest, net of amounts capitalized	291	235	204
Non-Vehicle Related Service
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Loss on extinguishment of debt	13	49
Cash flows from investing activities:
Net change in restricted cash and cash equivalents, vehicle	0	(1)	(9)
Cash flows from financing activities:
Proceeds from issuance of debt	2,100	2,592	1,867
Repayments of debt	(1,560)	(4,651)	(2,112)
Cash paid during the period for:
Interest, net of amounts capitalized	291	292	357
Non-Vehicle Related Service \| The Hertz Corporation
Cash flows from investing activities:
Net change in restricted cash and cash equivalents, vehicle	0	(1)	(9)
Cash flows from financing activities:
Proceeds from issuance of debt	2,100	2,592	1,867
Repayments of debt	(1,560)	(4,651)	(2,112)
Cash paid during the period for:
Interest, net of amounts capitalized	$ 291	$ 292	$ 357

Background	12 Months Ended
Background	Dec. 31, 2017
Background Disclosure [Abstract]
Background	Background Hertz Global Holdings, Inc. ("Hertz Global" when including its subsidiaries and "Hertz Holdings" excluding its subsidiaries) 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-owned, licensee and franchisee locations in the U.S., Africa, Asia, Australia, Canada, The Caribbean, Europe, Latin America, the Middle East and New Zealand. Through its Donlen subsidiary, Hertz provides vehicle leasing and fleet management services. On June 30, 2016, former Hertz Global Holdings, Inc. (for periods on or prior to June 30, 2016, “Old Hertz Holdings” and for periods after June 30, 2016, “Herc Holdings”) completed a spin-off (the “Spin-Off”) of its global vehicle rental business through a dividend to stockholders of record of Old Hertz Holdings as of the close of business on June 22, 2016, the record date for the distribution, of all of the issued and outstanding common stock of Hertz Rental Car Holding Company, Inc. (“New Hertz”), which was re-named Hertz Global Holdings, Inc. in connection with the Spin-Off, on a one-to-five basis. Hertz Global is an independent public company and trades on the New York Stock Exchange under the symbol "HTZ". Despite the fact that this was a reverse spin off and Hertz Global was spun off from Old Hertz Holdings and was the legal spinnee in the transaction, for accounting purposes, due to the relative significance of New Hertz to Old Hertz Holdings, Hertz Global is considered the spinnor or divesting entity and Herc Holdings is considered the spinnee or divested entity. As a result, New Hertz, or Hertz Global, is the “accounting successor” to Old Hertz Holdings. As such, the historical financial information of Hertz reflects the equipment rental business as a discontinued operation and the historical financial information of Hertz Global reflects the equipment rental business and certain parent legal entities as discontinued operations. See Note 3, "Discontinued Operations," for additional information. Unless noted otherwise, information disclosed in these notes to the consolidated financial statements pertain to the continuing operations of Hertz and Hertz Global.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Accounting Principles

The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Reclassifications

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

Principles of Consolidation

The consolidated financial statements of Hertz Global include the accounts of Hertz Global and its wholly owned and majority owned U.S. and international subsidiaries. The consolidated financial statements of Hertz include the accounts of Hertz and its wholly owned and majority owned U.S. and international subsidiaries. In the event that the Company is a primary beneficiary of a variable interest entity, the assets, liabilities, and results of operations of the variable interest entity are included in the Company's consolidated financial statements. The Company accounts for its investment in joint ventures using the equity method when it has significant influence but not control and is not the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation.

Out Of Period Adjustments

The Company identified a misstatement in its prior period financial statements, related to the income tax provision, that it corrected in the second quarter of 2017. The cumulative impact of the adjustment was an increase in net loss of approximately $10 million. The misstatement relates to an error in the tax provision for U.S. income of a foreign equity investment transaction for fiscal year 2016. The Company considered both quantitative and qualitative factors in assessing the materiality of the item and determined that the misstatement was not material to any prior period and not material to the year ended December 31, 2017.

Additionally, the Company identified a misstatement in its prior period financial statements related to the income tax provision that it corrected during the fourth quarter of 2017. This error was the result of an incorrect state apportionment factor applied to deferred tax liabilities in the calculation of the state income tax provision during 2016; the cumulative impact of the adjustment was a decrease in net loss of approximately $23 million. The Company considered both quantitative and qualitative factors in assessing the materiality of the item and determined that the misstatement was not material to any prior period and not material to the year ended December 31, 2017.

Correction of Errors

The Company has identified classification errors within the investing section of the consolidated statements of cash flows for the years ended December 31, 2016 and 2015 related to its previous operations in Brazil. The Company considered both quantitative and qualitative factors in assessing the materiality of the classification errors individually, and in the aggregate, and determined that the classification errors were not material and has revised the accompanying consolidated statements of cash flows for the years ended December 31, 2016 and 2015 to correct for the classification errors. Correction of the errors decreased both revenue earning vehicles expenditures and proceeds from disposals of revenue earning vehicles by $85 million and $120 million for the years ended December 31, 2016 and 2015, respectively, and did not impact total operating, investing or financing cash flows. These revisions had no impact on the Company's consolidated balance sheet at December 31, 2016 or its consolidated statements of operations for the years ended December 31, 2016 and 2015.

Use of Estimates and Assumptions

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

Significant estimates inherent in the preparation of the consolidated financial statements include depreciation of revenue earning vehicles, reserves for litigation and other contingencies, accounting for income taxes and related uncertain tax positions, pension and postretirement benefit costs, the recoverability of long-lived assets, useful lives and impairment of long-lived tangible and intangible assets including goodwill, valuation of stock-based compensation, public liability and property damage reserves, allowance for doubtful accounts, and fair value of financial instruments, among others.

Revenue Earning Vehicles

Revenue earning vehicles are stated at cost, net of related discounts. Generally, holding periods range from six to thirty-six months. Incentives received from the manufacturers for purchases of vehicles reduce the capitalized cost. Generally, when revenue earning vehicles are acquired outside of a vehicle repurchase program, the Company estimates the period that the Company will hold the asset, primarily based on historical measures of the amount of rental activity (e.g., automobile mileage). The Company also estimates the residual value of the applicable revenue earning vehicles at the expected time of disposal. The residual values for rental vehicles are affected by many factors, including make, model and options, age, physical condition, mileage, sale location, time of the year and channel of disposition (e.g., auction, retail, dealer direct) and market conditions. Depreciation is recorded over the estimated holding period. Depreciation rates are reviewed on a quarterly basis based on management's ongoing assessment of present and estimated future market conditions, their effect on residual values at the expected time of disposal and the estimated holding periods. Market conditions for used vehicle sales can also be affected by external factors such as the economy, natural disasters, fuel prices, used vehicle supply levels and incentives offered by manufacturers of new vehicles. These key factors are considered when estimating future residual values and assessing depreciation rates. As a result of this ongoing assessment, the Company makes periodic adjustments to depreciation rates of revenue earning vehicles in response to changing market conditions. Upon disposal of revenue earning vehicles, depreciation expense is adjusted for the difference between the net proceeds received and the remaining net book value.

For vehicles acquired under the Company's vehicle repurchase programs ("program vehicles"), the manufacturers agree to repurchase program vehicles at a specified price or guarantee the depreciation rate on the vehicles during established repurchase or auction periods, subject to, among other things, certain vehicle condition, mileage and holding period requirements. Guaranteed depreciation programs guarantee on an aggregate basis the residual value of the program vehicle upon sale according to certain parameters which include the holding period, mileage and condition of the vehicles. The Company records a provision for excess mileage and vehicle condition, as necessary, during the holding period. These repurchase and guaranteed depreciation programs limit the Company's residual risk with respect to program vehicles and allow the Company to determine depreciation expense in advance, however, typically the acquisition cost is higher for these program vehicles.

Donlen's revenue earning vehicles are leased under long term agreements with its customers. These leases contain provisions whereby Donlen has a contracted residual value guaranteed by the lessee, such that it does not experience any gains or losses on the disposal of these vehicles. Donlen accounts for its lease contracts using the appropriate lease classifications.

The Company continually evaluates revenue earning vehicles to determine whether events or changes in circumstances have occurred that may warrant revision of the estimated useful life or whether the vehicle should be evaluated for possible impairment. The Company uses a combination of the undiscounted cash flows and market approaches in assessing whether an asset has been impaired. The Company measures impairment losses based upon the amount by which the carrying amount of the asset exceeds the fair value.

Revenue Recognition

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

Vehicle Rental Operations

The Company derives revenue through rental activities by the operations and licensing of the Hertz, Dollar, and Thrifty brands under franchise agreements. The Company also derives revenue from other forms of rental related activities, such as sales of loss damage waivers, insurance products, fuel and fuel service charges, navigation units and other consumable items. Revenue is recognized when persuasive evidence of an arrangement exists, the services have been rendered to customers, the pricing is fixed or determinable and collection is reasonably assured.

Franchise fees are based on a percentage of net sales of the franchised business and are recognized as earned and when collectability is reasonably assured. Initial franchise fees are recorded as deferred income when received and are recognized as revenue when all material services and conditions related to the franchise fee have been substantially performed. Renewal franchise fees are recognized as revenue when the license agreements are effective and collectability is reasonably assured.

Revenue and expenses associated with gasoline, vehicle licensing and airport concessions are recorded on a gross basis within revenue and operating expenses.

Fleet Leasing and Management Operations

Each customer contract is considered a standalone agreement and leasing revenue is recognized ratably over the contract life. Administration fees and service revenue attributable to the Company's Donlen operations, net of any fees collected from customers on behalf of third party service providers, are recognized as services are rendered and any subscription fees are recognized ratably over the subscription life.

Self-insured Liabilities

Self-insured liabilities in the accompanying consolidated balance sheets include public liability, property damage, liability insurance supplement, personal accident insurance, and personal effects coverage claims. These represent an estimate for both reported accident claims not yet paid, and claims incurred but not yet reported and are recorded on a non-discounted basis. Reserve requirements are based on rental volume and actuarial evaluations of historical accident claim experience and trends, as well as future projections of ultimate losses, expenses, premiums and administrative costs. The adequacy of the liability is regularly monitored based on evolving accident claim history and insurance related state legislation changes. If the Company's estimates change or if actual results differ from these assumptions, the amount of the recorded liability is adjusted to reflect these results.

Recoverability of Goodwill and Indefinite-lived Intangible Assets

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

On January 1, 2017, the Company prospectively adopted guidance that eliminated the second step of the two-step goodwill impairment test, therefore, a goodwill impairment charge is calculated as the amount by which a reporting unit's carrying amount exceeds its fair value. Prior to 2017, the Company tested the recoverability of its goodwill using a two-step process. The first step was to identify any potential impairment by comparing the carrying value of the reporting unit to its fair value. If a potential impairment was identified, the second step was to determine an implied fair value of goodwill and compare that with its carrying value to measure the amount of impairment. For goodwill, fair value is determined using an income approach based on the discounted cash flows of each reporting unit. A reporting unit is an operating segment or a business one level below that operating segment (the component level) if discrete financial information is prepared and regularly reviewed by segment management. Components are aggregated into a single reporting unit when they have similar economic characteristics. The Company has four reporting units: U.S. Rental Car, Europe Rental Car, Other International Rental Car and Donlen. The fair values of the reporting units are estimated using the net present value of discounted cash flows generated by each reporting unit and incorporate various assumptions related to discount rates, growth rates, cash flow projections, tax rates and terminal value rates specific to the reporting unit to which they are applied. Discount rates are set by using the Weighted Average Cost of Capital (“WACC”) methodology. The Company’s discounted cash flows are based upon reasonable and appropriate assumptions, which are weighted for their likely probability of occurrence, about the underlying business activities of the Company’s reporting units. The Company recognizes an impairment charge for the amount by which the carrying amount of goodwill exceeds its implied fair value.

In the impairment analysis for an indefinite-lived intangible asset, the Company compares the carrying value of the asset to its implied fair value and recognizes an impairment charge whenever the carrying amount of the asset exceeds its implied fair value. The implied fair value for a tradename is estimated using a relief from royalty approach, which utilizes the Company’s revenue projections for each asset along with assumptions for royalty rates, tax rates and WACC.

Long-lived Assets, Including Finite-lived Intangible Assets

Finite-lived intangible assets include concession agreements, technology, customer relationships and other intangibles. Long-lived assets and intangible assets with finite lives, including technology-related intangibles, are amortized using the straight-line method over the estimated economic lives of the assets, which range from one to fifty years and two to twenty years, respectively. Long-lived assets and intangible assets with finite lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of an impairment loss for long-lived assets that management expects to hold and use is based on the estimated fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying value or estimated fair value less costs to sell.

Financial Instruments

The Company is exposed to a variety of market risks, including the effects of changes in interest rates, gasoline and diesel fuel prices and foreign currency exchange rates. The Company manages exposure to these market risks through regular operating and financing activities and, when deemed appropriate, through the use of financial instruments. Financial instruments are viewed as risk management tools and have not been used for speculative or trading purposes. In addition, financial instruments are entered into with a diversified group of major financial institutions in order to manage the Company's exposure to counterparty nonperformance on such instruments. The Company measures all financial instruments at their fair value and does not offset the derivative assets and liabilities in its accompanying consolidated balance sheets. As the Company does not have financial instruments that are designated and qualify as hedging instruments, the changes in their fair value are recognized currently in the Company's operating results. As of December 31, 2017, the Company does not have material exposures resulting from its derivative instruments.

Income Taxes

On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (“TCJA”), Pub. L. No. 115-97, the first major overhaul of the United States tax system in thirty years. The company recognized the income tax effects of the TCJA in its 2017 financial statements in accordance with Staff Accounting Bulletin No. 118 ("SAB 118"), which provides SEC staff guidance for the application of Topic 740, Income Taxes, in the reporting period in which the TCJA was signed into law.

At December 31, 2017, the Company has not completed its accounting for the tax effects of enactment of the TCJA; however, under SAB 118, the Company has made a reasonable estimate of the effects on its existing deferred tax balances and the one-time transition tax. The Company recognized a discrete provisional net tax benefit of $679 million, which is included as a component of income tax expense from continuing operations. This discrete provisional benefit, along with all other amounts related to impact of the TCJA and SAB 118, will be finalized in 2018.

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

The TCJA lowered the statutory corporate tax rate to 21% effective January 1, 2018. The effect of this change in tax rate is recognized in the consolidated statements of operations in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Subsequent changes to enacted tax rates and changes to the global mix of operating results will result in changes to the tax rates used to calculate deferred taxes and any related valuation allowances. Updates or revisions to accounting standards resulting from tax policy charges are evaluated when issued and adopted as effective. The Company has recorded a deferred tax asset for net operating loss carryforwards in various tax jurisdictions. Upon utilization, the taxing authorities may examine the positions that led to the generation of those net operating losses. If the utilization of any of those losses are disallowed, a deferred tax liability may have to be recorded.

Related to TCJA, the Company has not yet made a policy election with respect to its treatment of potential global intangible low-taxed income (“GILTI”). Companies can either account for taxes on GILTI as incurred or recognize deferred taxes when basis differences exist that are expected to affect the amount of the GILTI inclusion upon reversal. The Company is still in the process of analyzing the provisions of the TCJA associated with GILTI and the expected impact of GILTI on the Company in the future. We continue to evaluate whether to assert indefinite reinvestment on a part or all of our foreign earnings as of December 31, 2017 and will record the tax effects of any change in our provisional amounts in accordance with guidance issued under SAB 118.

Stock-Based Compensation

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

The Company accounts for restricted stock unit and performance stock unit awards as equity classified awards, except as noted below. For restricted stock units the expense is based on the grant-date fair value of the stock and the number of shares that vest, recognized over the service period. For performance stock units that may be granted in connection with the 2017 Executive Incentive Compensation Plan (“2017 EICP”), compensation charges accumulate as a liability until the grant date, at which time the liability will be reclassified to equity. For performance stock units other than those described above for the 2017 EICP, the expense is based on the grant-date fair value of the stock, recognized over a two to four year service period depending upon the applicable performance condition. For performance stock units, the Company re-assesses the probability of achieving the applicable performance condition each reporting period and adjusts the recognition of expense accordingly. The Company includes tax "windfalls" within income tax expense in its statements of operations.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and highly liquid investments with an original maturity of three months or less.

Restricted Cash and Cash Equivalents

Restricted cash and cash equivalents includes cash and cash equivalents that are not readily available for use in the Company's operating activities. Restricted cash and cash equivalents are primarily comprised of proceeds from the disposition of vehicles pledged under the terms of vehicle debt financing arrangements, cash utilized as credit enhancement under those arrangements, and certain cash accounts supporting regulatory reserve requirements related to the Company's self-insurance. These funds are primarily held in demand deposit accounts or in highly rated money market funds with investments primarily in government and corporate obligations.

Receivables

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

Property and Equipment

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



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

The Company follows the practice of charging maintenance and repairs, including the cost of minor replacements, to maintenance expense. Costs of major replacements of units of property are capitalized to property and equipment accounts and depreciated.

Acquisitions

The Company records acquisitions resulting in the consolidation of an enterprise using the acquisition method of accounting. Under this method, the acquiring company records the assets acquired, including intangible assets that can be identified and named, and liabilities assumed based on their estimated fair values at the date of acquisition. The purchase price in excess of the fair value of the identifiable assets acquired and liabilities assumed is recorded as goodwill. If the assets acquired, net of liabilities assumed, are greater than the purchase price paid then a bargain purchase has occurred and the Company will recognize the gain immediately in its operating results. Among other sources of relevant information, the Company may use independent appraisals and actuarial or other valuations to assist in determining the estimated fair values of the assets and liabilities. Various assumptions are used in the determination of these estimated fair values including discount rates, market and volume growth rates, expected royalty rates, EBITDA margins and other prospective financial information. Transaction costs associated with acquisitions are expensed as incurred.

Divestitures

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

Fair Value Measurements

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

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

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

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

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

Foreign Currency Translation and Transactions

Assets and liabilities of international subsidiaries whose functional currency is the local currency are translated at the rate of exchange in effect on the balance sheet date; income and expenses are translated at the average exchange rates throughout the year. The related translation adjustments are reflected in accumulated other comprehensive income (loss) in the equity section of the accompanying consolidated balance sheets. Foreign currency exchange rate gains and losses resulting from transactions are included in the Company's operating results.

Advertising

Advertising and sales promotion costs are expensed the first time the advertising or sales promotion takes place. Advertising costs are reflected as a component of selling, general and administrative expenses in the accompanying consolidated statements of operations and for the years ended December 31, 2017, 2016 and 2015 were $191 million, $159 million, and $167 million, respectively.

Concentration of Credit Risk

The Company's cash and cash equivalents are invested in various investment grade institutional money market accounts and bank term deposits. Deposits held at banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. The Company seeks to mitigate such risks by spreading the risk across multiple counterparties and monitoring the risk profiles of these counterparties. In addition, the Company has credit risk from financial instruments used in hedging activities. The Company limits exposure relating to financial instruments by diversifying the financial instruments among various counterparties, which consist of major financial institutions.

Recently Issued Accounting Pronouncements

Adopted

Improvements to Employee Share-Based Payment Accounting

In March 2016, the FASB issued guidance that simplifies several areas of employee share-based payment accounting, including income taxes, forfeitures, minimum statutory withholding requirements, and classifications within the statement of cash flows. Most significantly, the new guidance eliminates the need to track tax “windfalls” in a separate pool within additional paid-in capital; instead, excess tax benefits and tax deficiencies will be recorded within income tax expense. The Company adopted this guidance in accordance with the effective date on January 1, 2017. The method of adoption with respect to the consolidated balance sheet was a modified retrospective basis. Upon adoption, the Company recorded a deferred tax asset with an offsetting entry to the opening accumulated deficit to recognize net operating loss carryforwards, net of a valuation allowance, attributable to excess tax benefits on stock compensation that had not been previously recognized. Additionally, the Company elected to continue to estimate forfeitures expected to occur.

The impact to the consolidated opening balance sheet as of January 1, 2017 from adopting this guidance was as follows (in millions):

Hertz Global



	Deferred income taxes, net			Total liabilities			Accumulated deficit			Total equity		Total liabilities and equity
As of December 31, 2016	$	2,149		$	18,080		$	(882	)	$	1,075	$	19,155
Record deferred tax asset	(49		)	(49		)	49			49		—
As of January 1, 2017	$	2,100		$	18,031		$	(833	)	$	1,124	$	19,155

Hertz



	Deferred income taxes, net			Total liabilities			Accumulated deficit			Total equity		Total liabilities and equity
As of December 31, 2016	$	2,149		$	18,080		$	(1,867	)	$	1,075	$	19,155
Record deferred tax asset	(49		)	(49		)	49			49		—
As of January 1, 2017	$	2,100		$	18,031		$	(1,818	)	$	1,124	$	19,155

The method of adoption with respect to the consolidated statement of operations and the consolidated statements of cash flows pertaining to excess tax benefits or deficiencies is on a prospective basis. The method of adoption with respect to the consolidated statements of cash flows pertaining to employee taxes paid is on a retrospective basis and adoption of the guidance did not impact the Company's cash flows.

Classification of Certain Cash Receipts and Cash Payments

In August 2016, the FASB issued guidance that addresses the treatment of certain transactions in statements of cash flows, with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified. These items include, but are not limited to, debt prepayment or debt extinguishment costs, proceeds from the settlement of life insurance claims, proceeds from the settlement of corporate-owned life insurance policies, and distributions received from equity method investees. The Company adopted this guidance early, as permitted, on a retrospective basis, on January 1, 2017. Adoption of this guidance did not impact the Company’s financial position, results of operations or cash flows.

Accounting for Goodwill Impairment

In January 2017, the FASB issued guidance that eliminates the second step of the two-step goodwill impairment test, which requires the determination of the implied fair value of goodwill to measure an impairment. Rather, a goodwill impairment charge will be calculated as the amount by which a reporting unit's carrying amount exceeds its fair value. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The Company adopted this guidance early, as permitted, on a prospective basis, on January 1, 2017. Adoption of this guidance did not impact the Company’s financial position, results of operations or cash flows.

Scope of Modification Accounting for Share-Based Payment Awards

In May 2017, the FASB issued guidance that amends the scope of modification accounting for share-based payment arrangements. The guidance describes the types of changes to the terms or conditions of share-based payment awards where modification accounting is required to be applied. Modification accounting is not required if the fair value, vesting conditions and classification of the awards are the same immediately before and after the modification. The Company adopted this guidance early, as permitted, on a prospective basis, in the second quarter of 2017. Adoption of this guidance did not impact the Company’s financial position, results of operations or cash flows.

Not Yet Adopted as of December 31, 2017

Restricted Cash

In November 2016, the FASB issued guidance that clarifies existing guidance on the classification and presentation of restricted cash in the statement of cash flows. The guidance requires entities to include restricted cash and restricted cash equivalents in its cash and cash equivalents balances in the statement of cash flows. Under current guidance, the Company presents these transfers within the cash flows from investing and financing sections in its consolidated statements of cash flows. The Company adopted this guidance when effective in its first fiscal quarter of 2018 as of January 1^st using a retrospective transition method. Adoption of this guidance will impact the reconciliation of the beginning-of-period and end-of-period total amounts shown on the Company's statement of cash flows. For the years ended December 31, 2017 and 2016, the amount of cash and cash equivalents as presented on the statement of cash flows will increase by $432 million and $278 million, respectively. Additionally, transfers between restricted and unrestricted cash will no longer be a component of the Company's investing or financing activities.

Revenue from Contracts with Customers

In May 2014, the FASB issued guidance that will replace most existing revenue recognition guidance in U.S. GAAP. The new guidance applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees. The core principle of the guidance is that an entity should recognize revenue from customers for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. Also, additional disclosures are required about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. The FASB has issued several amendments and updates to the new revenue standard (collectively, “Topic 606”), including guidance related to when an entity should recognize revenue gross as a principal or net as an agent and how an entity should identify performance obligations. As amended, Topic 606 is effective for annual and interim periods beginning after December 15, 2017, with early adoption permitted, and allows for full retrospective adoption applied to all periods presented or a modified retrospective adoption with the cumulative effect of initially applying the new guidance as an adjustment to the opening balance of retained earnings recognized at the date of initial application. The Company adopted Topic 606 when effective in its first fiscal quarter of 2018 as of January 1^st using a modified retrospective approach applied to all contracts. Prior periods will not be retrospectively adjusted. The new standard will increase the Company's revenue related disclosures, primarily by expanding disclosure of the Company's policies, significant estimates, and performance obligations.

The Company has reached conclusions on key accounting assessments and quantified the expected impacts to its financial position and results of operations from the adoption of Topic 606, including the impact on the accounting for its loyalty programs, such as Hertz Gold Plus Rewards, as further described below. The Company plans to include disaggregated revenue disclosures based on several categories including but not limited to: type of good/service, type of customer and timing of revenue recognition. The Company has designed its internal controls over financial reporting to ensure that controls are in place to prevent or detect material misstatements to the consolidated financial statements upon adoption of Topic 606.

Vehicle Rental Operations

The Company has concluded that revenue earned from the operations of rental vehicles and from other forms of rental related revenue activities, wherein an identified asset is transferred to the customer and the customer has the ability to control that asset, will be accounted for under Topic 606, effective January 1, 2018, until the adoption of the new lease guidance that replaces the existing lease guidance in U.S. GAAP, as described in more detail in the "Leases" disclosure below.

Recognition of revenue from other forms of rental related activities that represent a service will not be materially impacted by adoption of Topic 606. The Company is monitoring the Proposed Accounting Standards Update, Leases (Topic 842) Targeted Improvements that, if finalized as proposed, would provide a practical expedient to lessors to combine nonlease components with the related lease components if certain conditions are met. This could allow the Company to account for all revenue earned from the operations of rental vehicles and from other forms of rental related revenue activities under the new lease guidance, as described in more detail in the “Leases” disclosure below.

Recognition of revenue earned through the licensing of the Hertz, Dollar and Thrifty brands under franchise agreements (“franchise fees”) is expected to remain consistent with current revenue recognition guidance except for initial and renewal franchise fees. Currently, initial franchise fees are recorded as deferred income when received and are recognized as revenue when all material upfront services and conditions related to the franchise fee have been substantially performed and renewal franchise fees are recognized as revenue when the license agreements are effective and collectability is reasonably assured. Upon adoption, revenue from initial and renewal franchise fees that relate to a future contract term, for franchises in effect as of January 1, 2018, will be deferred and recognized over the remaining contract term. However, this amount will not be material.

The Company believes that the most significant impact relates to its accounting for reward points earned by customers under its loyalty programs. Upon adoption of Topic 606, each transaction which generates reward points will result in the deferral of revenue equivalent to the retail value of the redemption of the loyalty reward points. The associated revenue will be recognized at the time the customer redeems the loyalty reward points; breakage will represent a significant assumption in the calculation of the liability for loyalty reward points and will be estimated on a quarterly basis. Under the current guidance, there is no revenue deferral and the Company records an expense associated with the incremental cost of providing the future rental at the time when the reward points are earned. The Company will record a liability on the date of adoption to reflect the deferred revenue associated with the loyalty points accumulated and unused as of January 1, 2018. The Company has estimated that the pre-tax impact of adopting Topic 606 will result in an increase to its deferred revenue balance of approximately $210 million to $250 million which will be recorded through accumulated deficit as of January 1, 2018. The Company does not believe that there will be a significant impact on revenues recognized after adoption of Topic 606.

Fleet Leasing and Management Operations

The Company has concluded that revenue earned by operations for the leasing of vehicles and from other forms of rental related activities wherein an identified asset is transferred to the customer and the customer has the ability to control that asset will be accounted for under the existing lease guidance until the adoption of the new lease guidance, as described in more detail in the "Leases" disclosure below. Administration fees and service revenue attributable to the Company's Donlen operations will not be materially impacted by adoption of Topic 606.

Leases

In February 2016, the FASB issued guidance that replaces the existing lease guidance in U.S. GAAP. The new guidance (Topic "842") establishes a right-of-use (“ROU”) model that requires a lessee to record on the balance sheet a ROU asset and corresponding lease liability based on the present value of future lease payments for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Topic 842 also expands the requirements for lessees to record leases embedded in other arrangements. Additionally, enhanced quantitative and qualitative disclosures surrounding leases are required which provide financial statement users the ability to assess the amount, timing and uncertainty of cash flows arising from leases. Topic 842 is effective for annual periods beginning after December 15, 2018 and interim periods within those annual periods with early adoption permitted. The Company intends to adopt this guidance, in accordance with the effective date, on January 1, 2019. A modified retrospective transition approach is required for both lessees and lessors for existing leases at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company is still in the process of evaluating whether to avail itself of allowable practicable expedients during transition.

The Company is monitoring the Proposed Accounting Standards Update, Leases (Topic 842) Targeted Improvements that, if finalized as proposed, would provide a transition method that would allow the Company to only apply the new lease standard in the year of adoption. Additionally, it would provide a practical expedient for lessors to combine nonlease components with the related lease components if certain conditions are met. This could allow the Company to account for all revenue earned from the operations of rental vehicles and from other forms of rental related activities under the new lease guidance.

Lessee

Adoption of Topic 842 will result in a material increase in the Company's lease-related assets and liabilities on its balance sheet, primarily for leases of rental locations and other assets. Additionally, adoption of this guidance will impact the statement of cash flows with respect to the presentation of the Company's operating activities, but is not expected to impact its presentation of investing or financing activities. Adoption of Topic 842 is not expected to have a material impact on the Company’s results of operations. The Company has reached conclusions on key accounting assessments related to its leases and is performing an analysis of its lease portfolio to ensure proper application of the new guidance including implementation of internal controls over financial reporting.

Lessor

The Company has concluded that revenue earned from the rental and leasing of vehicles and from other forms of rental related activities wherein an identified asset is transferred to the customer and the customer has the ability to control that asset is within the scope of this guidance and that additional disclosures regarding lease revenue are required upon adoption. The Company is in the process of evaluating the breakdown of its vehicle rental revenues into lease and nonlease components. There is no impact to the nature, timing or recognition of rental lease revenue upon adoption of this guidance.

Discontinued Operations

12 Months Ended

Dec. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

Acquisitions and Divestitures

As further described in Note 1, "Background," on June 30, 2016, the separation of Old Hertz Holdings' global vehicle rental and equipment rental businesses was completed. In connection with the Spin-Off, Hertz Global and Herc Holdings entered into multiple agreements that provide a framework for the relationships between the parties going forward. As the primary operating company for Hertz Global, the agreements that follow also directly apply to Hertz.

Separation and Distribution Agreement

Hertz Global entered into a separation and distribution agreement (the “Separation Agreement”) with Herc Holdings which sets forth the general terms and conditions of the Spin-Off. The Separation Agreement provides for the transfers of entities and assets and the assumption of liabilities necessary to complete the Spin-Off. Subject to any specified exceptions, each party to the Separation Agreement has assumed the liability for, and control of, all pending and threatened legal matters related to its own business, as well as assumed or retained liabilities. The Separation Agreement provides for certain liabilities to be shared by the parties. Hertz Global and Herc Holdings are each responsible for a portion of these shared liabilities. In addition, the Separation Agreement, among other things, (i) terminates all intercompany arrangements between Hertz Global and Herc Holdings except for specified agreements and arrangements that follow the Spin-Off, (ii) releases certain claims between the parties and their affiliates, successors and assigns, and (iii) contains mutual indemnification clauses with respect to each party's respective assumed legal matters and assumed or retained liabilities.

Transition Services Agreement

Hertz Global entered into a transition services agreement pursuant to which Hertz Global agreed to provide Herc Holdings with specified services on a transitional basis for a term of up to two years following the Spin-Off, though Hertz Global may request certain transition services to be performed by Herc Holdings.

Tax Matters Agreement

Hertz Global and Hertz entered into a tax matters agreement (the “Tax Matters Agreement”) with Herc Holdings and Herc Rentals Inc. that governs the parties’ respective rights, responsibilities and obligations after the Spin-Off with respect to tax liabilities and benefits, tax attributes, tax contests and other tax matters regarding income taxes, other taxes and related tax returns.

The Tax Matters Agreement also requires that an unqualified opinion from a nationally recognized law firm, supplemental ruling from the Internal Revenue Service, or waiver from the other party be obtained upon the occurrence or contemplated occurrence of certain events which could impact the taxability of the transaction under the U.S. federal income tax law.

Employee Matters Agreement

Hertz Global and Herc Holdings entered into an employee matters agreement (the "Employee Matters Agreement") to allocate liabilities and responsibilities relating to employment matters, employee compensation, benefit plans and programs and other related matters.

Intellectual Property Agreement

Hertz Global and Herc Holdings entered into an intellectual property agreement that provides for ownership, licensing and other arrangements regarding the trademarks and related intellectual property that Hertz Global and Herc Holdings use in conducting their respective businesses. The agreement provides that, following the Spin-Off, Herc Holdings will continue to have the right to use certain intellectual property associated with the Hertz brand for a period of four years on a royalty free basis.

Results of Discontinued Operations - Hertz Global

The following table summarizes the results of the equipment rental business and certain parent legal entities which are presented as discontinued operations in the accompanying consolidated statements of operations for the years ended December 31, 2016 and 2015. The operations that are discontinued are comprised of Old Hertz Holdings' Worldwide Equipment Rental segment as well as certain parent entities that were presented as part of corporate operations prior to the Spin-Off.



	Years Ended December 31,
(In millions)	2016			2015
Total revenues	$	677		$	1,518
Direct operating expenses	366			841
Depreciation of revenue earning equipment and lease charges, net	181			329
Selling, general and administrative	123			172
Interest expense, net⁽¹⁾	17			23
Other (income) expense, net	(1		)	(56		)
Income (loss) from discontinued operations before income taxes	(9		)	209
(Provision) benefit for taxes on discontinued operations	(8		)	(51		)
Net income (loss) from discontinued operations	$	(17	)	$	158


(1)	In addition to interest expense directly associated with Herc Holdings, the Company allocated interest expense related to certain debt repaid in connection with the Spin-Off to discontinued operations. For the years ended December 31, 2016 and 2015, the amount allocated was $5 million and $13 million, respectively.

As a result of the Spin-Off, Hertz Global distributed $347 million in net assets of Herc Holdings, which has been reflected as a reduction to additional paid in capital and accumulated other comprehensive (income) loss in the accompanying consolidated balance sheet and statement of changes in equity as of December 31, 2016.

Results of Discontinued Operations - The Hertz Corporation

The following table summarizes the results of the equipment rental business which is presented as discontinued operations in the accompanying consolidated statements of operations for the years ended December 31, 2016 and 2015. The operations of Hertz that are discontinued are comprised of the Company's former Worldwide Equipment Rental segment.



	Years Ended December 31,
(In millions)	2016			2015
Total revenues	$	677		$	1,518
Direct operating expenses	366			841
Depreciation of revenue earning equipment and lease charges, net	181			329
Selling, general and administrative	124			172
Interest expense, net⁽¹⁾	13			20
Other (income) expense, net	(1		)	(56		)
Income (loss) from discontinued operations before income taxes	(6		)	212
(Provision) benefit for taxes on discontinued operations	(9		)	(51		)
Net income (loss) from discontinued operations	$	(15	)	$	161


(1)	In addition to interest expense directly associated with Herc Holdings, the Company allocated interest expense related to certain debt repaid in connection with the Spin-Off to discontinued operations. For the years ended December 31, 2016 and 2015, the amount allocated was $5 million and $13 million, respectively.

As a result of the Spin-Off, Hertz distributed $345 million in net assets of Herc, which has been reflected as a reduction to additional paid in capital and accumulated other comprehensive (income) loss in the accompanying consolidated balance sheet and statement of changes in equity as of December 31, 2016.

Acquisitions and Divestitures

12 Months Ended

Dec. 31, 2017

Business Combinations [Abstract]

Acquisitions

As part of its ongoing operational strategy, the Company from time to time reacquires franchise territories and/or operations related to its Hertz, Dollar and Thrifty brands. Excluding transactions in Brazil associated with the sale of those operations as further disclosed below, in 2017, the approximate amount spent on this strategy, was $10 million and there were no amounts paid for reacquired franchises in 2016.

Hertz Franchises

In February 2015, the Company acquired substantially all of the assets of certain Hertz-branded franchises, including existing vehicles and contract and concession rights, for $87 million. The franchises acquired include on airport locations in Indianapolis, South Bend and Fort Wayne, Indiana and in Memphis, Tennessee, as well as several smaller off airport locations. The acquisition was part of a strategic decision at the time to increase the number of Hertz-owned locations and capitalize on certain benefits of ownership not available under a franchise agreement.

The acquisition was accounted for utilizing the acquisition method of accounting where the purchase price of the reacquired franchises was allocated based on estimated fair values of the assets acquired and liabilities assumed. The excess of the purchase price over the estimated fair value of the net tangible and intangible assets acquired was recorded as goodwill. The purchase price was allocated as follows:



(In millions)	U.S. Rental Car
Revenue earning vehicles	$	71
Property and equipment	6
Other intangible assets	9
Goodwill	1
Total	$	87

Divestitures

CAR Inc. Investment

The Company owned shares of common stock of CAR Inc., a publicly traded rental car company on the Hong Kong Stock Exchange.

During 2015, the Company sold approximately 138 million shares of CAR Inc. common stock for net proceeds of $236 million which resulted in a pre-tax gain of $133 million.

During 2016, the Company sold approximately 236 million shares of CAR Inc. common stock and extended its commercial agreement with CAR Inc. to 2023, in exchange for approximately $274 million, of which $267 million was allocated to the sale of shares based on the fair value of those shares. The sale of shares resulted in a pre-tax gain of approximately $84 million. Additionally, $7 million of the proceeds were allocated to the extension of the commercial agreement which have been deferred and are being recognized over the remaining term of the commercial agreement. The Company classified the investment as an available for sale security which is presented within prepaid expenses and other assets in the accompanying consolidated balance sheet as of December 31, 2016.

During 2017, the Company sold its remaining shares of common stock of CAR Inc. and no longer has an ownership interest in the entity.

The pre-tax gains recognized on the sales of common stock of CAR Inc. are recorded in the Company's corporate operations and are included in other (income) expense, net in the accompanying consolidated statements of operations for the years ended December 31, 2017, 2016 and 2015.

Equity Investment

In April 2016, the Company paid $45 million for an investment that was accounted for under the equity method and is presented within prepaid expenses and other assets in the accompanying consolidated balance sheet as of December 31, 2016. In September 2017, the investee was dissolved as further described in Note 14, "Fair Value Measurements," and the Company no longer has an ownership interest in the entity.

Brazil Operations

During 2016, the Company, along with certain of its wholly owned subsidiaries, entered into a definitive stock purchase agreement to sell Car Rental Systems do Brasil Locação de Veiculos Ltd., a wholly owned subsidiary of the Company located in Brazil ("Brazil Operations"), to Localiza Fleet S.A. (“Localiza”), a corporation headquartered in Brazil. The Brazil Operations are reported in the Company's International Rental Car segment. As a result of the then pending sale, the carrying values of the assets and liabilities being sold were written down to fair value less costs to sell, which resulted in an impairment charge of $18 million based upon the estimated agreed-upon sales price and related transaction costs, which is included in other (income) expense, net, in the accompanying consolidated statement of operations for the year ended December 31, 2016. The Brazil operations were classified as held for sale in the accompanying consolidated balance sheet as of December 31, 2016.

The carrying amounts of the major classes of assets and liabilities of the Brazil Operations as of December 31, 2016 were as follows:



(In millions)	December 31, 2016
ASSETS
Cash and cash equivalents	$	1
Receivables, net	11
Prepaid expenses and other assets	5
Revenue earning vehicles, net	86
Property and equipment, net	1
Intangibles	1
Deferred income taxes, net	6
Assets held for sale	$	111
LIABILITIES
Accounts payable	$	11
Accrued liabilities	6
Liabilities held for sale	$	17

In August 2017, the Company completed the sale of its Brazil Operations to Localiza and received proceeds of $115 million, of which $13 million was placed into escrow to secure certain indemnification obligations. As a result of the sale, the Company recorded a $6 million gain, net of the impact of foreign currency adjustments, which is included in other (income) expense, net in the accompanying consolidated statements of operations for the year ended December 31, 2017. As part of the sale, both companies entered into referral and brand cooperation agreements to govern their ongoing relationship which have an initial term of twenty years with an option to extend for another twenty years. The alliance will also involve the exchange of knowledge in areas of technology, customer service and operational excellence.

Revenue Earning Vehicles

12 Months Ended

Dec. 31, 2017

Revenue Earning Vehicles [Abstract]

Revenue Earning Vehicles

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



	December 31,
(In millions)	2017			2016
Revenue earning vehicles	$	14,209		$	13,287
Less: Accumulated depreciation	(3,123		)	(2,678		)
	11,086			10,609
Revenue earning vehicles held for sale, net	250			209
Revenue earning vehicles, net	$	11,336		$	10,818

The above amounts at December 31, 2016 exclude revenue earning vehicles of the Company's Brazil Operations which are included in assets held for sale in the accompanying consolidated balance sheet at December 31, 2016. The Brazil Operations were sold in August 2017, as further described in Note 4, "Acquisitions and Divestitures."

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



	Years Ended December 31,
(In millions)	2017		2016		2015
Depreciation of revenue earning vehicles	$	2,486	$	2,359	$	2,272
(Gain) loss on disposal of revenue earning vehicles^(a)	236		172		89
Rents paid for vehicles leased	76		70		72
Depreciation of revenue earning vehicles and lease charges, net	$	2,798	$	2,601	$	2,433

(a) (Gain) loss on disposal of revenue earning vehicles by segment is as follows:



	Years Ended December 31,
(In millions)	2017		2016			2015
U.S. Rental Car⁽ⁱ⁾	$	234	$	177		$	97
International Rental Car	2		(5		)	(8		)
Total	$	236	$	172		$	89


(i)	Includes costs associated with the Company's U.S. vehicle sales operations of $132 million, $109 million and $105 million for the years ended December 31, 2017, 2016 and 2015, respectively.

Depreciation rates are reviewed on a quarterly basis based on management's ongoing assessment of present and estimated future market conditions, their effect on residual values at the time of disposal and the estimated holding periods for the vehicles. The impact of depreciation rate changes is as follows:



Increase (decrease)	Years Ended December 31,
(In millions)	2017		2016		2015
U.S. Rental Car	$	77	$	141	$	101
International Rental Car	10		4		(1		)
Total	$	87	$	145	$	100

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

In 2016, the Company performed its annual goodwill impairment analysis as of October 1^st using a two-step process and determined that an impairment existed related to the International Rental Car segment and recorded a charge of $172 million. The impairment was largely due to declines in revenue and profitability projections associated with the vehicle rental operations in Europe, coupled with an increased weighted average cost of capital. The Company concluded there was no impairment of its other reporting units.

As a result of declines in revenue and profitability of the Company and a decline in the share price of Hertz Global's common stock, the Company tested the recoverability of its goodwill as of June 30, 2017. The Company also tested the recoverability of its goodwill of October 1, 2017, its annual test date. The Company performed these impairment analyses using the income approach, a measurement using level 3 inputs under the GAAP fair value hierarchy. In performing the impairment analyses, the Company leveraged long-term strategic plans, which are based on strategic initiatives for future profitability growth. The weighted average cost of capital used in the discounted cash flow model was calculated based upon the fair value of the Company's debt and stock price with a debt to equity ratio comparable to the vehicle rental car industry. The results of the Company's analyses indicated that the estimated fair value of each reporting unit was in excess of its carrying value, therefore, the Company determined that its goodwill was not impaired as of either test date during 2017.

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



(In millions)	U.S. Rental Car		International Rental Car			All Other Operations		Total
Balance as of January 1, 2017
Goodwill	$	1,028	$	237		$	34	$	1,299
Accumulated impairment losses	—		(218		)	—		(218		)
	1,028		19			34		1,081
Goodwill acquired and other changes during the period^(a)	1		—			2		3
	1		—			2		3
Balance as of December 31, 2017
Goodwill	1,029		237			36		1,302
Accumulated impairment losses	—		(218		)	—		(218		)
	$	1,029	$	19		$	36	$	1,084



(In millions)	U.S. Rental Car		International Rental Car			All Other Operations			Total
Balance as of January 1, 2016
Goodwill	$	1,028	$	244		$	35		$	1,307
Accumulated impairment losses	—		(46		)	—			(46		)
	1,028		198			35			1,261
Impairment losses during the period	—		(172		)	—			(172		)
Other changes during the period ^(a)	—		(7		)	(1		)	(8		)
	—		(179		)	(1		)	(180		)
Balance as of December 31, 2016
Goodwill	1,028		237			34			1,299
Accumulated impairment losses	—		(218		)	—			(218		)
	$	1,028	$	19		$	34		$	1,081


(a)	Changes in the International Rental Car segment and All Other Operations segment primarily consists of foreign currency exchange rate adjustments.

Intangible Assets

The Company's indefinite-lived intangible assets primarily consist of the Hertz and the Dollar Thrifty tradenames. In 2016, the Company performed its annual impairment analysis of its indefinite-lived intangible assets as of October 1^stand concluded that there was an impairment of the Dollar Thrifty tradenames in the U.S. Rental Car segment and recorded a charge of $120 million. The Company concluded there was no impairment of the Hertz tradename.

In 2017, as a result of declines in revenue and profitability of the Company and a decline in the share price of Hertz Global's common stock, the Company tested the recoverability of its indefinite-lived intangible assets as of June 30, 2017 and concluded that there was an impairment of the Dollar Thrifty tradenames in its U.S. Rental Car segment and recorded a charge of $86 million. The Company concluded there was no impairment of the Hertz tradename. Also, the Company tested the recoverability of its indefinite-lived intangible assets as of October 1, 2017, its annual test date, and concluded there was no impairment of either tradename.

The Company performed these impairment analyses using the relief from royalty method, a measurement using level 3 inputs under the GAAP fair value hierarchy. The impairments in 2017 and 2016 were largely due to decreases in long-term revenue projections coupled with an increase in the weighted average cost of capital.

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



	December 31, 2017
(In millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Value
Amortizable intangible assets:
Customer-related	$	333	$	(301	)	$	32
Concession rights	413		(233		)	180
Technology-related intangibles ^(a)	377		(204		)	173
Other ^(b)	82		(64		)	18
Total	1,205		(802		)	403
Indefinite-lived intangible assets:
Tradename	2,814		—			2,814
Other ^(c)	25		—			25
Total	2,839		—			2,839
Total other intangible assets, net	$	4,044	$	(802	)	$	3,242



	December 31, 2016
(In millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Value
Amortizable intangible assets:
Customer-related	$	333	$	(292	)	$	41
Concession rights	408		(188		)	220
Technology-related intangibles ^(a)	294		(168		)	126
Other ^(b)	82		(59		)	23
Total	1,117		(707		)	410
Indefinite-lived intangible assets:
Tradename	2,900		—			2,900
Other ^(c)	22		—			22
Total	2,922		—			2,922
Total other intangible assets, net	$	4,039	$	(707	)	$	3,332


(a)	Technology-related intangibles include software not yet placed into service.


(b)	Other amortizable intangible assets primarily include the Donlen tradename and reacquired franchise rights.


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

Amortization of intangible assets for the years ended December 31, 2017, 2016 and 2015 was $97 million, $98 million and $118 million, respectively. Based on its amortizable intangible assets as of December 31, 2017, the Company expects amortization expense to be approximately $92 million in 2018, $82 million in 2019, $76 million in 2020, $66 million in 2021, $24 million in 2022 and $63 million thereafter.

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Debt

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Employee Retirement Benefits

The Company's debt, including its available credit facilities, consists of the following (in millions):



Facility	Weighted Average Interest Rate at December 31, 2017	Fixed or Floating Interest Rate	Maturity	December 31, 2017			December 31, 2016
Non-Vehicle Debt
Senior Term Loan	4.32%	Floating	6/2023	$	688		$	697
Senior RCF	N/A	Floating	6/2021	—			—
Senior Notes⁽¹⁾	6.13%	Fixed	10/2020–10/2024	2,500			3,200
Senior Second Priority Secured Notes	7.63%	Fixed	6/2022	1,250			—
Promissory Notes	7.00%	Fixed	1/2028	27			27
Other Non-Vehicle Debt	1.94%	Fixed	Various	11			10
Unamortized Debt Issuance Costs and Net (Discount) Premium				(42		)	(39		)
Total Non-Vehicle Debt				4,434			3,895
Vehicle Debt
HVF U.S. Vehicle Medium Term Notes
HVF Series 2010-1⁽²⁾	4.96%	Fixed	2/2018	39			115
HVF Series 2011-1⁽²⁾	N/A	N/A	N/A	—			115
HVF Series 2013-1⁽²⁾	1.91%	Fixed	8/2018	625			625
				664			855
HVF II U.S. ABS Program
HVF II U.S. Vehicle Variable Funding Notes
HVF II Series 2013-A⁽²⁾	2.88%	Floating	3/2020	1,970			1,844
HVF II Series 2013-B⁽²⁾	2.77%	Floating	3/2020	123			626
HVF II Series 2017-A⁽²⁾	N/A	Floating	10/2018	—			—
				2,093			2,470
HVF II U.S. Vehicle Medium Term Notes
HVF II Series 2015-1⁽²⁾	2.93%	Fixed	3/2020	780			780
HVF II Series 2015-2⁽²⁾	2.45%	Fixed	9/2018	265			250
HVF II Series 2015-3⁽²⁾	3.10%	Fixed	9/2020	371			350
HVF II Series 2016-1⁽²⁾	2.89%	Fixed	3/2019	466			439
HVF II Series 2016-2⁽²⁾	3.41%	Fixed	3/2021	595			561
HVF II Series 2016-3⁽²⁾	2.72%	Fixed	7/2019	424			400
HVF II Series 2016-4⁽²⁾	3.09%	Fixed	7/2021	424			400
HVF II Series 2017-1⁽²⁾	3.38%	Fixed	10/2020	450			—
HVF II Series 2017-2⁽²⁾	3.57%	Fixed	10/2022	350			—
				4,125			3,180
Donlen ABS Program
HFLF Variable Funding Notes
HFLF Series 2013-2⁽²⁾	2.35%	Floating	3/2020	380			410
				380			410



Facility	Weighted Average Interest Rate at December 31, 2017	Fixed or Floating Interest Rate	Maturity	December 31, 2017			December 31, 2016
HFLF Medium Term Notes
HFLF Series 2013-3⁽⁵⁾	N/A	N/A	N/A	—			96
HFLF Series 2014-1⁽⁵⁾	N/A	N/A	N/A	—			148
HFLF Series 2015-1⁽⁵⁾	2.22%	Floating	1/2018–7/2019	145			248
HFLF Series 2016-1⁽⁵⁾	2.63%	Both	1/2018–3/2020	318			385
HFLF Series 2017-1⁽⁵⁾	2.33%	Both	6/2018–5/2020	500			—
				963			877
Vehicle Debt - Other
U.S. Vehicle RCF⁽³⁾	4.04%	Floating	6/2021	186			193
European Revolving Credit Facility	2.95%	Floating	1/2019-3/2020	184			147
European Vehicle Notes⁽⁴⁾	4.29%	Fixed	1/2019–10/2021	773			677
European Securitization⁽²⁾	1.70%	Floating	10/2018-3/2020	367			312
Canadian Securitization⁽²⁾	2.79%	Floating	3/2020	237			162
Australian Securitization⁽²⁾	3.25%	Floating	3/2020	155			117
New Zealand RCF	4.50%	Floating	3/2020	42			41
U.K. Financing Facility	2.85%	Floating	1/2018-11/2020	251			212
Other Vehicle Debt	3.90%	Floating	1/2018–12/2021	51			32
				2,246			1,893
Unamortized Debt Issuance Costs and Net (Discount) Premium				(40		)	(39		)
Total Vehicle Debt				10,431			9,646
Total Debt				$	14,865		$	13,541

N/A - Not Applicable


(1)	References to the "Senior Notes" include the series of Hertz's unsecured senior notes set forth on the table below. Outstanding principal amounts for each such series of the Senior Notes is also specified below:



(In millions)	Outstanding Principal
Senior Notes	December 31, 2017		December 31, 2016
4.25% Senior Notes due April 2018	$	—	$	250
6.75% Senior Notes due April 2019	—		450
5.875% Senior Notes due October 2020	700		700
7.375% Senior Notes due January 2021	500		500
6.25% Senior Notes due October 2022	500		500
5.50% Senior Notes due October 2024	800		800
	$	2,500	$	3,200

(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 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)	Approximately $67 million of the aggregate maximum borrowing capacity under the U.S. Vehicle RCF expired in January 2018.

(4)

References to the "European Vehicle Notes" include the series of Hertz Holdings Netherlands B.V.'s, an indirect wholly-owned subsidiary of Hertz organized under the laws of The Netherlands ("HHN BV"), unsecured senior notes (converted from Euros to U.S. dollars at a rate of 1.19 to 1 and 1.04 to 1 as of December 31, 2017 and 2016, respectively) set forth on the table below. Outstanding principal amounts for each such series of the European Vehicle Notes is also specified below:



(In millions)	Outstanding Principal
European Vehicles Notes	December 31, 2017		December 31, 2016
4.375% Senior Notes due January 2019	$	505	$	443
4.125% Senior Notes due October 2021	268		234
	$	773	$	677

(5)

In the case of the Hertz Fleet Lease Funding LP ("HFLF") Medium Term Notes, such notes are repayable from cash flows derived from third-party leases comprising the underlying HFLF collateral pool. The initial maturity date referenced for each series of HFLF Medium Term Notes represents the end of the revolving period for such series, at which time the related notes begin to amortize monthly by an amount equal to the lease collections payable to that series. To the extent the revolving period already has ended, the initial maturity date reflected is January 2018. The second maturity date referenced for each series of HFLF Medium Term Notes represents the date by which Hertz and the investors in the related series expect such series of notes to be repaid in full, which is based upon various assumptions made at the time of pricing of such notes, including the contractual amortization of the underlying leases as well as the assumed rate of prepayments of such leases. Such maturity reference is to the “expected final maturity date” as opposed to the subsequent “legal final maturity date”. The legal final maturity date is the date on which the relevant indebtedness is legally due and payable. Although the underlying lease cash flows that support the repayment of the HFLF Medium Term Notes may vary, the cash flows generally are expected to approximate a straight line amortization of the related notes from the initial maturity date through the expected final maturity date.

Non-Vehicle Debt

Senior Facilities

In June 2016, in connection with the Spin-Off, Hertz entered into a credit agreement with respect to a new senior secured term facility (as amended, the “Senior Term Loan”) with a $700 million initial principal balance and a $1.7 billion senior secured revolving credit facility (as amended, the “Senior RCF” and, together with the Senior Term Loan, the “Senior Facilities”) with a portion of the Senior RCF available for the issuance of letters of credit and the issuance of swing line loans.

The interest rate applicable to the Senior Term Loan is based on a floating rate (subject to a LIBOR floor of 0.75%) that varies depending on Hertz’s consolidated total net corporate leverage ratio. The interest rates applicable to the Senior RCF are based on a floating rate that varies depending on Hertz’s consolidated total net corporate leverage ratio and corporate ratings.

During 2017, certain terms of the credit agreement governing the Senior Facilities were amended with the consent of the required lenders under such credit agreement. The amendments, among other things, (i) amended the terms of the financial maintenance covenant for the Senior RCF to test, when applicable, Hertz’s consolidated first lien net leverage ratio in lieu of Hertz’s consolidated total net corporate leverage ratio, (ii) provided that Hertz shall not make dividends and certain restricted payments unless a leverage ratio test is satisfied, (iii) added a covenant to restrict the incurrence of certain non-vehicle indebtedness which covenant permits the incurrence of additional indebtedness that is junior to the indebtedness under the Senior Facilities to the extent the amount outstanding under the Senior Facilities is less than $2.4 billion, (iv) capped the amount of unrestricted cash that may be netted for purposes of calculating the consolidated first lien net leverage ratio at $500 million unless a specified consolidated total gross corporate leverage ratio is met for a specified period, (v) amended the amortization of the Senior Term Loan such that it will amortize, payable in equal quarterly installments, in annual amounts equal to 2% per annum of the original principal amount of the term loans until the maturity date thereof, and (vi) amended certain financial definitions relating to the foregoing. Additionally, the amendments provided that Hertz may enter into the Letter of Credit Facility (as defined below).

Additionally during 2017, Hertz terminated $533 million of commitments under the Senior RCF, such that after giving effect to such terminations the Senior RCF consists of a $1.167 billion senior secured revolving credit facility.

Senior Notes

During 2017, Hertz redeemed all $250 million of its outstanding 4.25% Senior Notes due April 2018 and all $450 million of its outstanding 6.75% Senior Notes due April 2019.

Hertz's obligations under the indentures for the Senior Notes are guaranteed by each of its direct and indirect U.S. subsidiaries that are guarantors under the Senior Facilities. The guarantees of such subsidiary guarantors may be released to the extent such subsidiaries no longer guarantee the Company's Senior Facilities in the U.S.

Senior Second Priority Secured Notes

In June 2017, Hertz issued $1.25 billion in aggregate principal amount of 7.625% Senior Second Priority Secured Notes due 2022 (the "Senior Second Priority Secured Notes").

Hertz's obligations under the indentures for the Senior Second Priority Secured Notes are guaranteed by each of its direct and indirect U.S. subsidiaries that are guarantors under the Senior Facilities. The guarantees of such subsidiary guarantors may be released to the extent such subsidiaries no longer guarantee the Company's Senior Facilities in the U.S.

Vehicle Debt

The governing documents of certain of the vehicle debt financing arrangements specified below contain covenants that, among other things, significantly limit or restrict (or upon certain circumstances may significantly restrict or prohibit) the ability of the borrowers/issuers, and the guarantors if applicable, to make certain restricted payments (including paying dividends, redeeming stock, making other distributions, loans or advances) to Hertz Holdings and Hertz, whether directly or indirectly. To the extent applicable, aggregate maximum borrowings are subject to borrowing base availability. There is subordination within certain series of vehicle debt based on class. Proceeds from the issuance of vehicle debt is typically used to acquire or refinance vehicles or to repay portions of outstanding principal amounts of vehicle debt with an earlier maturity.

HVF U.S. Vehicle Medium Term Notes

References to the “HVF U.S. Vehicle Medium Term Notes” include HVF's Series 2010-1 Notes, Series 2011-1 Notes and Series 2013-1 Notes.

HVF Series 2010-1 Notes: In July 2010, HVF issued the Series 2010-1 Rental Car Asset Backed Notes (the "HVF Series 2010-1 Notes") in an aggregate original principal amount of $750 million.

HVF Series 2011-1 Notes: In June 2011, HVF issued the Series 2011-1 Rental Car Asset Backed Notes (the "HVF Series 2011-1 Notes") in an aggregate original principal amount of $598 million. In March 2017, the HVF Series 2011-1 Notes were paid in full.

HVF Series 2013-1 Notes: In January 2013, HVF issued the Series 2013-1 Rental Car Backed Notes, Class A and Class B (the "HVF Series 2013-1 Notes") in an aggregate original principal amount of $950 million.

HVF II U.S. ABS Program

In November 2013, Hertz established a securitization platform, the HVF II U.S. ABS Program, designed to facilitate its financing activities relating to the vehicles used by Hertz in the U.S. daily vehicle rental operations of its Hertz, Dollar, and Thrifty brands. Hertz Vehicle Financing II LP, a bankruptcy remote, indirect, wholly-owned, special purpose subsidiary of Hertz ("HVF II") is the issuer under the HVF II U.S. ABS Program. HVF II has entered into a base indenture that permits it to issue term and revolving rental vehicle asset-backed securities, secured by one or more shared or segregated collateral pools consisting primarily of portions of the rental vehicles used in its U.S. vehicle rental operations and contractual rights related to such vehicles that have been allocated as the ultimate indirect collateral for HVF II's financings.

The assets of HVF II and HVF II GP Corp. are owned by HVF II and HVF II GP Corp., respectively, and are not available to satisfy the claims of Hertz’s general creditors.

References to the “HVF II U.S. ABS Program” include HVF II’s U.S. Vehicle Variable Funding Notes and HVF II's U.S. Vehicle Medium Term Notes.

HVF II U.S. Vehicle Variable Funding Notes

References to the “HVF II U.S. Vehicle Variable Funding Notes” include the HVF II Series 2013-A Notes, the HVF II Series 2013-B Notes and the HVF II Series 2017-A Notes.

HVF II Series 2013 Notes: At December 31, 2016, the aggregate maximum principal amount of the HVF II Series 2013-A Notes and HVF II 2013-B Notes was approximately $2.2 billion and $1.0 billion, respectively.

During 2017, HVF II extended the maturities of the HVF II Series 2013-A Notes and the HVF II Series 2013-B (the "HVF II Series 2013 Notes") Notes from October 2017 to March 2020. Additionally, HVF II increased the commitments of the HVF II Series 2013 Notes by $415 million and transitioned approximately $300 million of commitments available under the HVF II Series 2013-B Notes to the HVF Series 2013-A Notes. After giving effect to the above transactions, the aggregate maximum principal amount of the HVF II Series 2013-A Notes and HVF II Series 2013-B Notes was approximately $3.4 billion and $291 million, respectively.

HVF II Series 2017-A Notes: In May 2017, HVF II issued the Series 2017-A Variable Funding Rental Car Asset Backed Notes (the “HVF II Series 2017-A Notes”) with an aggregate maximum principal amount of $500 million and a maturity date of October 2018.

HVF II U.S. Vehicle Medium Term Notes

References to the “HVF II U.S. Vehicle Medium Term Notes” include the HVF II Series 2015-1 Notes, the HVF II Series 2015-2 Notes, HVF II Series 2015-3 Notes, HVF II Series 2016-1 Notes, HVF II Series 2016-2 Notes, HVF II Series 2016-3 Notes, the HVF II Series 2016-4 Notes, the HVF II Series 2017-1 Notes and the HVF II Series 2017-2 Notes. There is subordination within each series of HVF II U.S. Vehicle Medium Term Notes based on class.

HVF II Series 2015-1 Notes: In April 2015, HVF II issued the Series 2015-1 Rental Car Asset-Backed Notes, Class A, Class B, and Class C (collectively, the “HVF II Series 2015-1 Notes”) in an aggregate principal amount of $780 million. The HVF II Series 2015-1 Notes are comprised of $622 million aggregate principal amount of 2.73% Rental Car Asset-Backed Notes, Class A, $119 million aggregate principal amount of 3.52% Rental Car Asset-Backed Notes, Class B, and $39 million aggregate principal amount of 4.35% Rental Car Asset-Backed Notes, Class C.

HVF II Series 2015-2 Notes and HVF II Series 2015-3 Notes: In October 2015, HVF II issued the Series 2015-2 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D (collectively, the “HVF II Series 2015-2 Notes”) and Series 2015-3 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D (collectively, the “HVF II Series 2015-3 Notes”) in an aggregate principal amount of $636 million. An affiliate of HVF II purchased the Class D Notes of each such series, and as a result approximately $36 million of the aggregate principal amount was eliminated in consolidation at December 31, 2016.

HVF II Series 2016-1 Notes and HVF II Series 2016-2 Notes: In February 2016, HVF II issued the Series 2016-1 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D (collectively, the “HVF II Series 2016-1 Notes”) and Series 2016-2 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D (collectively, the “HVF II Series 2016-2 Notes”) in an aggregate principal amount of approximately $1.1 billion. An affiliate of HVF II purchased the Class D Notes of each such series, and as a result approximately $61 million of the aggregate principal amount was eliminated in consolidation at December 31, 2016.

HVF II Series 2016-3 Notes and HVF II Series 2016-4 Notes: In June 2016, HVF II issued the Series 2016-3 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D (collectively, the "HVF II Series 2016-3 Notes") and Series 2016-4 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D (collectively, the "HVF II Series 2016-4 Notes") in an aggregate principal amount of approximately $848 million. An affiliate of HVF II purchased the Class D Notes of each such series, and as a result approximately $48 million of the aggregate principal amount was eliminated in consolidation at December 31, 2016.

HVF II Various Series Class D Notes: In August 2017, Hertz sold the below notes, which it had acquired at the time of the respective HVF II initial offerings disclosed above and which were previously eliminated in consolidation, to third parties. The interest terms, maturity, and subordination of the notes sold to third parties remained consistent with the terms per the respective initial offerings.



(In millions)	Aggregate Principal Amount
HVF II Series 2015-2 Class D Notes	$	15
HVF II Series 2015-3 Class D Notes	21
HVF II Series 2016-1 Class D Notes	27
HVF II Series 2016-2 Class D Notes	34
HVF II Series 2016-3 Class D Notes	24
HVF II Series 2016-4 Class D Notes	24
Total	$	145

HVF II Series 2017-1 Notes and HVF II Series 2017-2 Notes: In September 2017, HVF II issued the Series 2017-1 Rental Car Asset Backed Notes, Class A, Class B, Class C, and Class D (collectively, the "HVF II Series 2017-1 Notes") and the Series 2017-2 Rental Car Asset Backed Notes, Class A, Class B, Class C, and Class D (collectively, the "HVF II Series 2017-2 Notes") in an aggregate principal amount of $820 million. An affiliate of HVF II purchased the HVF II Series 2017-2 Class D Notes and as a result, approximately $20 million of the aggregate principal amount is eliminated in consolidation as of December 31, 2017.

Donlen ABS Program

Hertz Vehicle Lease Funding LP, a bankruptcy remote, indirect, wholly-owned, special purpose subsidiary of Donlen ("HFLF") is the issuer under the Donlen U.S. ABS Program. HFLF has entered into a base indenture that permits it to issue term and revolving vehicle lease asset-backed securities. Donlen utilizes the HFLF securitization platform to finance its U.S. vehicle leasing operations. The notes issued by HFLF are ultimately backed by a special unit of beneficial interest in a pool of leases and the related vehicles.

References to the “Donlen ABS Program” include HFLF’s Variable Funding Notes together with HFLF’s Medium Term Notes.

HFLF Variable Funding Notes

HFLF Series 2013-2 Notes: In connection with the establishment of the HFLF financing platform, in September 2013, HFLF executed a committed financing arrangement with an aggregate maximum principal amount of $500 million as upsized (the “HFLF Series 2013-2 Notes”).

In November 2017, HFLF amended the HFLF Series 2013-2 Notes to extend the end of the revolving period from September 2018 to March 2020.

HFLF Medium Term Notes

References to the “HFLF Medium Term Notes” include HFLF’s Series 2013-3 Notes, HFLF's Series 2014-1 Notes, HFLF's Series 2015-1 Notes, HFLF's Series 2016-1 Notes, and HFLF's Series 2017-1 Notes. There is subordination within each series of HFLF Medium Term Notes based on class.

HFLF Series 2013-3 Notes: In November 2013, HFLF issued $500 million in aggregate principal amount of Series 2013-3 Floating Rate Asset-Backed Notes, Class A, Class B, Class C and Class D (collectively, the "HFLF Series 2013-3 Notes"). The HFLF Series 2013-3 Notes are floating rate and carry an interest rate based upon a spread to one-month LIBOR. In April 2017, the HFLF Series 2013-3 Notes were paid in full.

HFLF Series 2014-1 Notes: In March 2014, HFLF issued $400 million in aggregate principal amount of Series 2014-1 Floating Rate Asset-Backed Notes, Class A, Class B, Class C, Class D, and Class E (collectively, the "HFLF Series 2014-1 Notes"). The HFLF Series 2014-1 Notes are floating rate and carry an interest rate based upon a spread to one-month LIBOR. In October 2017, the HFLF Series 2014-1 Notes were paid in full.

HFLF Series 2015-1 Notes: In June 2015, HFLF issued $300 million in aggregate principal amount of Series 2015-1 Floating Rate Asset-Backed Notes, Class A, Class B, Class C, Class D, and Class E (collectively, the “HFLF Series 2015-1 Notes”). The HFLF Series 2015-1 Notes are floating rate and carry an interest rate based upon a spread to one-month LIBOR. An affiliate of HFLF purchased a portion of the obligation related to the Class E Notes and as a result, approximately $5 million of the aggregate principal amount is eliminated in consolidation as of December 31, 2017.

HFLF Series 2016-1 Notes: In April 2016, HFLF issued the Series 2016-1 Asset-Backed Notes, Class A, Class B, Class C, Class D, and Class E (collectively, the “HFLF Series 2016-1 Notes”) in an aggregate principal amount of $400 million. The HFLF Series 2016-1 Notes (other than the Class A-2 Notes which are fixed rate) are floating rate and carry an interest rate based upon a spread to one-month LIBOR. In May 2017, an affiliate of HFLF sold to third parties approximately $15 million of the HFLF Series 2016-1 Class E Notes, which it had acquired at the time of the initial offering and which was eliminated in consolidation as of December 31, 2016. The interest terms, maturity, and subordination of the notes sold to third parties remained consistent with the terms per the initial offering.

HFLF Series 2017-1 Notes: In April 2017, HFLF issued the Series 2017-1 Asset-Backed Notes, Class A, Class B, Class C, Class D, and Class E (collectively, the “HFLF Series 2017-1 Notes”) in an aggregate principal amount of $500 million. The HFLF Series 2017-1 Notes are fixed rate, except for the Class A-1 Notes which are floating rate and carry an interest rate based upon a spread to one-month LIBOR.

Vehicle Debt-Other

U.S. Vehicle Revolving Credit Facility

In June 2016, in connection with the Spin-Off, Hertz executed a U.S. Vehicle Revolving Credit Facility of $200 million (the “U.S. Vehicle RCF”). Eligible vehicle collateral for the U.S. Vehicle RCF includes retail vehicle sales inventory, certain vehicles in Hawaii and Kansas and other vehicles owned by certain of the Company’s U.S. operating companies.

European Vehicle Debt

References to the “European Vehicle Debt” include HHN BV's European Revolving Credit Facility and the European Vehicle Notes, collectively. The European Vehicle Debt is the primary vehicle financing for the Company's vehicle rental operations in Germany, Italy, Spain, Belgium and Luxembourg and finances a portion of its assets in the United Kingdom, France and The Netherlands, and may be expanded to provide vehicle financing in Australia, Canada, France, The Netherlands and Switzerland. The agreements governing the European Vehicle Debt contain covenants that apply to the Hertz credit group similar to those for the Senior Notes. The terms of the European Vehicle Debt permit HHN BV to incur additional indebtedness that would be pari passu with either the European Revolving Credit Facility or the European Vehicle Notes.

European Revolving Credit Facility

During 2017, HHN BV amended its credit agreement ("European Revolving Credit Facility") to extend the maturity of €153 million aggregate maximum borrowings available under the European Revolving Credit Facility from October 2017 to March 2020. An additional €82 million aggregate maximum borrowings available under the European Revolving Credit Facility, which are not subject to the maturity extension described above, will mature in January 2019.

European Vehicle Notes

In November 2013, HHN BV issued the 4.375% Senior Notes due January 2019 in an aggregate original principal amount of €425 million.

In September 2016, HHN BV issued the 4.125% Senior Notes due October 2021 in an aggregate original principal amount of €225 million.

European Securitization

In July 2010, certain of the Company's foreign subsidiaries entered into a facility agreement that provides for aggregate maximum borrowings of €460 million, as subsequently amended, on a revolving basis under an asset-backed securitization facility (the “European Securitization”). The European Securitization is the primary vehicle financing for its vehicle rental operations in France and The Netherlands. The lenders under the European Securitization have been granted a security interest primarily in the owned rental vehicles used in its vehicle rental operations in France and The Netherlands and certain contractual rights related to such vehicles.

In November 2017, the European Securitization was amended to extend the maturity of €345 million aggregate maximum available borrowings from October 2018 to March 2020. An additional €115 million aggregate maximum available borrowings, which are not subject to the maturity extension described above, will mature in October 2018.

Canadian Securitizations

In September 2015, Hertz established a new securitization platform (the “Canadian Securitization”) designed to facilitate its financing activities relating to the vehicles used by Hertz in the Canadian daily vehicle rental operations of its Hertz, Dollar, and Thrifty brands. The lenders under the Canadian Securitization have been granted a security interest primarily in the owned rental vehicles used in the Company's vehicle rental operations in Canada and certain contractual rights related to such vehicles as well as certain other assets owned by the Hertz entities connected to the financing. TCL Funding Limited Partnership, a bankruptcy remote, indirect, wholly-owned, special purpose subsidiary of Hertz (“Funding LP”), is the issuer under the Canadian Securitization. In connection with the establishment of the Canadian Securitization, Funding LP issued the Series 2015-A Variable Funding Rental Car Asset Backed Notes (the “Funding LP Series 2015-A Notes”) that provide for aggregate maximum borrowings of CAD$350 million on a revolving basis.

During 2017, Funding LP amended the Canadian Securitization to extend the maturity of CAD$350 million aggregate maximum borrowings available from January 2018 to March 2020.

Australian Securitization

In November 2010, HA Fleet Pty Limited, an indirect wholly-owned subsidiary of Hertz entered into a facility agreement that provides for aggregate maximum borrowings of AUD$250 million on a revolving basis under an asset-backed securitization facility (the “Australian Securitization”). The Australian Securitization is the primary fleet financing for Hertz's vehicle rental operations in Australia. The lender under the Australian Securitization has been granted a security interest primarily in the owned rental vehicles used in its vehicle rental operations in Australia and certain contractual rights related to such vehicles.

In November 2017, HA Fleet Pty Limited amended the Australian Securitization to extend the maturity of AUD$250 million aggregate maximum available borrowings from July 2018 to March 2020.

New Zealand Revolving Credit Facility

In September 2016, Hertz New Zealand Holdings Limited, an indirect wholly-owned subsidiary of Hertz, entered into a credit agreement that provides for aggregate maximum borrowings of NZD$60 million on a revolving basis under an asset-based revolving credit facility (the “New Zealand RCF”). The New Zealand RCF is the primary vehicle financing facility for its vehicle rental operations in New Zealand.

In November 2017, Hertz New Zealand Holdings Limited amended the New Zealand Revolving Credit Facility to extend the maturity of NZD$60 million from September 2018 to March 2020.

U.K. Financing Facility

As of December 31, 2017, Hertz has obligations to a third party through November 2020 under the U.K. Financing Facility which is the primary fleet financing for Hertz's vehicle rental operations in the United Kingdom.

In May 2017, the U.K. Financing Facility was amended to provide for aggregate maximum borrowing capacity (subject to asset availability) of up to £287.5 million during the peak season, for a seasonal commitment period until September 2017. Following the expiration of the seasonal commitment period, aggregate maximum borrowings available under the U.K. Financing Facility reverted to up to £250 million.

Additionally during 2017, the U.K. Financing Facility was amended to extend the maturity of £250 million aggregate maximum available borrowings from October 2017 to March 2020.

Loss on Extinguishment of Debt

The Company incurred losses associated with the early redemptions and terminations described above. Losses on extinguishment of debt are presented in vehicle and non-vehicle interest expense, net, as applicable in the accompanying statements of operations. The following table reflects the amount of losses for each respective redemption/termination:



	Years Ended December 31,
Redemption/Termination (In millions)	2017		2016
Non-Vehicle Debt:
Senior Term Facilities	$	—	$	15
Senior RCF	7		—
4.25% Senior Notes due April 2018	6		—
7.50% Senior Notes due October 2018	—		18
6.75% Senior Notes due April 2019	—		16
Total Non-Vehicle	13		49
Vehicle Debt:
HVF II Series 2014-A	—		6
Total Vehicle	—		6
Total Loss on Extinguishment of Debt	$	13	$	55

There were no losses on extinguishment of debt for the year ended December 31, 2015.

Maturities

At December 31, 2017, the nominal amounts of maturities of debt for each of the years ending December 31 are as follows:



(In millions)	2018		2019		2020		2021		2022		After 2022
Non-Vehicle Debt	$	25	$	14	$	714	$	514	$	1,764	$	1,445
Vehicle Debt	1,697		1,959		5,059		1,406		350		—
Total	$	1,722	$	1,973	$	5,773	$	1,920	$	2,114	$	1,445

The Company is highly leveraged and a substantial portion of its liquidity needs arise from debt service on its indebtedness and from the funding of its costs of operations, acquisitions and capital expenditures. The Company’s practice is to maintain sufficient liquidity through cash from operations, credit facilities and other financing arrangements, to mitigate any adverse impact on its operations resulting from adverse financial market conditions.

At December 31, 2017, approximately $1.7 billion of vehicle debt and $25 million of non-vehicle debt was due to mature in 2018. At December 31, 2017, the Company was in compliance with its financial maintenance covenant under the Senior RCF and the Letter of Credit Facility, see "Covenant Compliance" below.

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

Borrowing Capacity and Availability

Borrowing capacity and availability comes from the Company's "revolving credit facilities," which are a combination of variable funding asset-backed securitization facilities, cash-flow-based revolving credit facilities, asset-based revolving credit facilities and a standalone $400 million letter of credit facility that the Company entered into in 2017 (the "Letter of Credit Facility"). 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. The Company's ability to borrow under each such asset-backed securitization facility and asset-based revolving credit facility is a function of, among other things, the value of the assets in the relevant collateral pool. 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. 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). With respect to the Senior RCF and the Letter of Credit Facility, "Availability Under Borrowing Base Limitation" is the same as "Remaining Capacity" since borrowings under the Senior RCF and the Letter of Credit Facility are not subject to a borrowing base.

The following facilities were available to the Company as of December 31, 2017, and are presented net of any outstanding letters of credit:



(In millions)	Remaining Capacity		Availability Under Borrowing Base Limitation
Non-Vehicle Debt
Senior RCF	$	552	$	552
Letter of Credit Facility	—		—
Total Non-Vehicle Debt	552		552
Vehicle Debt
U.S. Vehicle RCF	14		5
HVF II U.S. Vehicle Variable Funding Notes	1,822		—
HFLF Variable Funding Notes	120		6
European Revolving Credit Facility	95		6
European Securitization	180		—
Canadian Securitization	39		—
Australian Securitization	39		—
U.K. Financing Facility	84		—
New Zealand RCF	—		—
Total Vehicle Debt	2,393		17
Total	$	2,945	$	569

Letters of Credit

In November 2017, Hertz entered into a credit agreement with respect to the Letter of Credit Facility. At Hertz’s option and subject to certain conditions, Hertz may request the issuing banks party to the Letter of Credit Facility to issue letters of credit for itself and on behalf of certain of Hertz’s domestic subsidiaries. The Letter of Credit Facility consists of $400 million of commitments from the issuing banks party thereto. Availability under the Letter of Credit Facility will be limited to an amount equal to the amount of commitments terminated under the Senior RCF. The Letter of Credit Facility will mature on June 30, 2021. As of December 31, 2017, there was no availability under the Letter of Credit Facility and no letters of credit were issued thereunder.

As of December 31, 2017, there were outstanding standby letters of credit totaling $627 million. Such letters of credit have been issued primarily to support the Company's insurance programs, vehicle rental concessions and leaseholds as well as to provide credit enhancement for its asset-backed securitization facilities. Of this amount, $615 million was issued under the Senior RCF and none were issued under the Letter of Credit Facility. As of December 31, 2017, none of the issued letters of credit have been drawn upon.

Special Purpose Entities

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 and asset-backed securities programs. None of such assets (including the assets owned by Hertz Vehicle Financing II LP, Hertz Vehicle Financing LLC, Rental Car Finance LLC, DNRS II LLC, HFLF, Donlen Trust and various international subsidiaries that facilitate the Company's international securitizations) are available to satisfy the claims of general creditors.

The Company has a 25% ownership interest in International Fleet Financing No. 2 B.V. ("IFF No. 2"), a special purpose entity whose sole purpose is to provide commitments to lend 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 variable interest entity and the Company is the primary beneficiary, therefore, the assets, liabilities, and results of operations of IFF No. 2 are included in the Company's consolidated financial statements. As of December 31, 2017 and 2016, IFF No. 2 had total assets of $524 million and $454 million, respectively, primarily comprised of loans receivable, and total liabilities of $524 million and $454 million, respectively, primarily comprised of debt.

Covenant Compliance

Hertz and its subsidiaries are referred to as the Hertz credit group. The indentures for the Senior Notes and the Senior Second Priority Secured Notes contain covenants that, among other things, limit or restrict the ability of the Hertz credit group to incur additional indebtedness, incur guarantee obligations, prepay certain indebtedness, make certain restricted payments (including paying dividends, redeeming stock or making other distributions to parent entities of Hertz and other persons outside of the Hertz credit group), make investments, create liens, transfer or sell assets, merge or consolidate, and enter into certain transactions with Hertz's affiliates that are not members of the Hertz credit group.

Certain of the Company's other debt instruments and credit facilities (including the Senior Facilities and Letter of Credit Facility) contain a number of covenants that, among other things, limit or restrict the ability of the borrowers and the guarantors to dispose of assets, incur additional indebtedness, incur guarantee obligations, prepay certain indebtedness, make certain restricted payments (including paying dividends, share repurchases or making other distributions), create liens, make investments, make acquisitions, engage in mergers, fundamentally change the nature of their business, make capital expenditures, or engage in certain transactions with certain affiliates. The Senior RCF and the Letter of Credit Facility contain a financial maintenance covenant that is only applicable to such facilities. This financial covenant and related components of its computation are defined in the credit agreements related to such facilities.

The credit agreements governing the Company's Senior Facilities and Letter of Credit Facility require Hertz upon a change of control, as defined therein, to make an offer to repay in full all amounts outstanding thereunder upon such a change of control. The Company's failure to make such an offer would result in an event of default thereunder. In addition, the indentures governing the Company's Senior Notes and Senior Second Priority Secured Notes require Hertz upon a change of control, as defined therein, to make an offer to repurchase all of such outstanding Senior Notes and Senior Second Priority Secured Notes at a price equal to 101% of the principal amount, together with any accrued and unpaid interest. If Hertz failed to repurchase the Senior Notes and Senior Second Priority Secured Notes, Hertz would be in default under the related indenture. Certain of the Company's other indebtedness also could result in defaults and/or amortization events upon the occurrence of certain change of control events, as defined therein.

The financial covenant provides that Hertz’s consolidated first lien net leverage ratio, as defined in the credit agreements governing the Senior RCF and the Letter of Credit Facility, as of the last day of any fiscal quarter following and including fiscal quarter ending December 31, 2017 (the "Covenant Leverage Ratio"), may not exceed a ratio of 3.00 to 1.00. As of December 31, 2017, Hertz was in compliance with the Covenant Leverage Ratio.

Cash Restrictions

Certain amounts of cash and cash equivalents are restricted for the purchase of revenue earning vehicles and other specified uses under the Vehicle Debt facilities and the LKE Program. As of December 31, 2017 and December 31, 2016, the portion of total restricted cash and cash equivalents that was associated with the Vehicle Debt facilities was $386 million and $235 million, respectively. Restricted cash balances fluctuate based on the timing of purchases and sales of revenue earning vehicles.

Accrued Interest

As of December 31, 2017 and 2016, accrued interest was $71 million and $76 million, respectively, which is included within the accompanying consolidated balance sheets in accrued liabilities.

Restricted Net Assets

As a result of the contractual restrictions on Hertz's or its subsidiaries' ability to pay dividends (directly or indirectly) under various terms of its debt, as of December 31, 2017, the restricted net assets of the subsidiaries of Hertz and Hertz Global exceed 25% of their total consolidated net assets, respectively.

Employee Retirement Benefits

12 Months Ended

Dec. 31, 2017

Retirement Benefits [Abstract]

The Company sponsors multiple domestic and international employee benefit plans. Benefits are based upon years of service and compensation. The Hertz Corporation Account Balance Defined Benefit Pension Plan (the “Hertz Retirement Plan”) is a U.S. cash balance plan which was amended in 2014 to permanently discontinue future benefit accruals and participation under the plan for non-union employees. Some of the Company’s international subsidiaries have defined benefit retirement plans or participate in various insured or multiemployer plans. In certain countries, when the subsidiaries make the required funding payments, they have no further obligations under such plans. The Company's benefit plans are generally funded, except for certain nonqualified U.S. defined benefit plans and in Germany and France, where unfunded liabilities are recorded. The Company also sponsors defined contribution plans for certain eligible U.S. and non-U.S. employees, where contributions are matched based on specific guidelines in the plans.

The Company also sponsors postretirement health care and life insurance benefits for a limited number of employees with hire dates prior to January 1, 1990.

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

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

Employee Matters Agreement

As described in Note 3, "Discontinued Operations," Hertz Global and Herc Holdings entered into the Employee Matters Agreement to allocate liabilities and responsibilities relating to employment matters, employee compensation, benefit plans and programs and other related matters in connection with the Spin-Off. The Employee Matters Agreement governs the Company's and Herc Holdings’ obligations with respect to such matters for current and former employees of the vehicle rental business and the equipment rental business. The Employee Matters Agreement specifies the method by which the pension plans are split in connection with the Spin-Off. Pension liabilities and an associated asset allocation related to employees of the equipment rental business were transferred to a new plan. The pension asset allocation was completed in 2017.

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



	Pension Benefits												Postretirement
	U.S.						Non-U.S.						Benefits (U.S.)
(In millions)	2017			2016			2017			2016			2017			2016
Change in Benefit Obligation
Benefit obligation at January 1	$	538		$	687		$	257		$	235		$	14		$	15
Service cost	1			2			1			1			—			—
Interest cost	21			24			6			8			1			1
Employee contributions	—			—			—			—			—			1
Plan curtailments	(1		)	(1		)	—			—			—			—
Plan settlements	(2		)	(31		)	—			—			—			—
Benefits paid	(22		)	(4		)	(8		)	(5		)	(2		)	(2		)
Foreign currency exchange rate translation	—			—			27			(37		)	—			—
Actuarial loss (gain)	20			18			(4		)	55			1			—
Transfers in connection with the Spin-Off	—			(157		)	—			—			—			(1		)
Benefit obligation at December 31	$	555		$	538		$	279		$	257		$	14		$	14
Change in Plan Assets
Fair value of plan assets at January 1	$	459		$	575		$	188		$	200		$	—		$	—
Actual return on plan assets	84			48			15			25			—			—
Company contributions	3			6			4			4			2			1
Employee contributions	—			—			—			—			—			1
Plan settlements	(2		)	(31		)	—			—			—			—
Benefits paid	(22		)	(4		)	(8		)	(5		)	(2		)	(2		)
Foreign currency exchange rate translation	—			—			18			(36		)	—			—
Transfers in connection with the Spin-Off	—			(125		)	—			—			—			—
Amounts associated with the Spin-Off	4			(10		)	—			—			—			—
Fair value of plan assets at December 31	$	526		$	459		$	217		$	188		$	—		$	—
Funded Status of the Plan
Plan assets less than benefit obligation	$	(29	)	$	(79	)	$	(62	)	$	(69	)	$	(14	)	$	(14	)



	Pension Benefits												Postretirement
	U.S.						Non-U.S.						Benefits (U.S.)
($ in millions)	2017			2016			2017			2016			2017			2016
Amounts recognized in balance sheet:
Prepaid expenses and other assets	$	—		$	—		$	17		$	1		$	—		$	—
Accrued liabilities	$	(29	)	$	(79	)	$	(79	)	$	(70	)	$	(14	)	$	(14	)
Net obligation recognized in the balance sheet	$	(29	)	$	(79	)	$	(62	)	$	(69	)	$	(14	)	$	(14	)

Prior service credit	$	—		$	1		$	—		$	—		$	—		$	—
Net gain (loss)	(43		)	(87		)	(62		)	(66		)	(1		)	—
Accumulated other comprehensive gain (loss)	(43		)	(86		)	(62		)	(66		)	(1		)	—
Funded/(Unfunded) accrued pension or postretirement benefit	14			7			—			(3		)	(13		)	(14		)
Net obligation recognized in the balance sheet	$	(29	)	$	(79	)	$	(62	)	$	(69	)	$	(14	)	$	(14	)

Total recognized in other comprehensive (income) loss	$	(43	)	$	(41	)	$	(4	)	$	33		$	1		$	—
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$	(43	)	$	(36	)	$	(5	)	$	31		$	2		$	1
Estimated amounts that will be amortized from accumulated other comprehensive (income) loss over the next fiscal year:
Net loss	$	(1	)	$	(4	)	$	(1	)	$	(1	)	$	—		$	—
Accumulated Benefit Obligation at December 31	$	554		$	535		$	278		$	255		N/A			N/A

Weighted-average assumptions as of December 31
Discount rate	3.6		%	4.0		%	2.4		%	2.5		%	3.5		%	3.9		%
Expected return on assets	6.3		%	7.0		%	5.2		%	5.2		%	N/A			N/A
Average rate of increase in compensation	4.3		%	4.3		%	2.8		%	2.8		%	N/A			N/A
Initial health care cost trend rate	N/A			N/A			N/A			N/A			6.4		%	6.7		%
Ultimate health care cost trend rate	N/A			N/A			N/A			N/A			4.5		%	4.5		%
Number of years to ultimate trend rate	N/A			N/A			N/A			N/A			21			22

N/A - Not applicable

The discount rate used to determine the December 31, 2017 and 2016 benefit obligations for U.S. pension plans is based on the rate from the Mercer Pension Discount Curve-Above Mean Yield that is appropriate for the duration of the Company's plan liabilities. For its plans outside the U.S., the discount rate reflects the market rates for an optimized subset of high-quality corporate bonds currently available. The discount rate in a country was determined based on a yield curve constructed from high quality corporate bonds in that country. The rate selected from the yield curve has a duration that matches its plan.

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

The following table sets forth the net periodic pension and postretirement (including health care, life insurance and auto) expense charged to net income (loss) from continuing operations:



	Pension Benefits																		Postretirement Benefits (U.S.)
	U.S.									Non-U.S.									Postretirement Benefits (U.S.)
	Years Ended December 31,
($ in millions)	2017			2016			2015			2017			2016			2015			2017			2016			2015
Components of Net Periodic
Service cost	$	1		$	2		$	3		$	1		$	1		$	1		$	—		$	—		$	—
Interest cost	21			24			21			6			8			8			1			1			1
Expected return on plan assets	(26		)	(32		)	(31		)	(10		)	(11		)	(15		)	—			—			—
Net amortizations	3			6			2			2			—			2			—			—			—
Settlement loss	1			5			4			—			—			1			—			—			—
Net pension and postretirement expense (benefit)	$	—		$	5		$	(1	)	$	(1	)	$	(2	)	$	(3	)	$	1		$	1		$	1
Weighted-average discount rate for expense (January 1)	4.0		%	4.3		%	3.9		%	2.5		%	3.6		%	3.3		%	3.9		%	4.2		%	3.8		%
Weighted-average assumed long-term rate of return on assets (January 1)	7.0		%	7.2		%	7.4		%	5.2		%	6.1		%	7.3		%	N/A			N/A			N/A
Initial health care cost trend rate	N/A			N/A			N/A			N/A			N/A			N/A			6.7		%	6.9		%	7.3		%
Ultimate health care cost trend rate	N/A			N/A			N/A			N/A			N/A			N/A			4.5		%	4.5		%	4.5		%
Number of years to ultimate trend rate	N/A			N/A			N/A			N/A			N/A			N/A			21			22			14

N/A - Not applicable

The net of tax loss in accumulated other comprehensive income (loss) at December 31, 2017 and 2016 relating to pension benefits of the Hertz Retirement Plan was $76 million and $110 million, respectively. Changing the assumed health care cost trend rates by one percentage point is not expected to have a material impact on the total of service and interest cost components or on the postretirement benefit obligation.

The provisions charged to net income (loss) from continuing operations for the years ended December 31, 2017, 2016 and 2015 for all other pension plans were approximately $10 million, $9 million and $10 million, respectively.

Net pension and postretirement expense for the year ended December 31, 2016 includes a settlement loss of approximately $5 million relating to lump-sum distributions to participants primarily due to restructuring actions taken during the year.

The provisions charged to net income (loss) from continuing operations for the years ended December 31, 2017, 2016 and 2015 for the defined contribution plans were approximately $23 million, $23 million and $25 million, respectively.

Plan Assets

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

The U.S. Plan

The U.S. Plan (the “Plan”) currently has a target asset allocation of 65% equity and 35% fixed income. The equity portion of the Plan is primarily invested in passively managed equity funds, along with international and emerging market funds that are actively managed. The fixed income portion of the Plan is actively managed by professional investment managers and is benchmarked to the Bloomberg Barclays U.S. Long Government/Credit index. The Plan assumes a 6.3% expected long-term annual weighted-average rate of return on assets.

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



(In millions)	December 31, 2017				December 31, 2016
Asset Category	Level 1		Level 2		Level 1		Level 2
Cash	$	1	$	—	$	3	$	—
Short Term Investments	—		2		—		—
Equity Funds:
U.S. Large Cap	—		148		—		135
U.S. Mid Cap	—		42		—		36
U.S. Small Cap	—		33		—		30
International Large Cap	—		87		—		77
International Emerging Markets	—		26		—		23
Asset-Backed Securities	—		8		—		6
Fixed Income Securities:
U.S. Treasuries	—		53		—		46
Corporate Bonds	—		96		—		88
Government Bonds	—		10		—		6
Municipal Bonds	—		12		—		11
Real Estate (REITs)	—		8		—		8
Amounts associated with discontinued operations (yet to be transferred)	—		—		—		(10		)
Total fair value of pension plan assets	$	1	$	525	$	3	$	456

The U.K. Plan

The Company's United Kingdom defined benefit pension plan (the "U.K. Plan") has a target allocation of 37.5% actively managed multi-asset funds, 27.5% passive equity funds and 35% protection portfolio that consists of liability driven investments, Sterling liquidity fund and UK corporate bonds. The actively managed multi-asset funds are intended to deliver a long-term equity-like return but with reduced levels of volatility. The protection portfolio is designed to partially hedge the interest rate and inflation expectation exposure of the liabilities which are measured on a local regulatory basis. The amount that is required to be invested in each fund to maintain target hedge ratios will vary over time as the value of the liabilities changes and the allocations within the Protection portfolio will be allowed to vary accordingly. All of the invested assets of the U.K. Plan are held via pooled funds managed by professional investment managers. The U.K. Plan assumes a 5.2% expected long-term weighted-average rate of return on assets for the Plan in total.

The Company's U.K. Plan accounts for $211 million of the $217 million in fair value of Non-U.S. plan assets at December 31, 2017 and accounts for $182 million of the $188 million in fair value of Non-U.S. plan assets at December 31, 2016. The fair value measurements of the Company's U.K. pension plan assets are based upon inputs that reflect quoted prices for identical assets or liabilities in active markets that are observable (Level 1) and significant observable inputs that reflect quoted prices for similar assets or liabilities in active markets (Level 2). The fair value measurements of the U.K. pension plan assets relate to common collective trusts and other pooled investment vehicles consisting of the following asset categories:



(In millions)	December 31, 2017				December 31, 2016
Asset Category	Level 1		Level 2		Level 1		Level 2
Actively Managed Multi-Asset Funds:
Diversified Growth Funds	$	—	$	76	$	—	$	65
Passive Equity Funds:
U.K. Equities	—		28		—		24
Overseas Equities	—		33		—		29
Passive Bond Funds:
Corporate Bonds	—		23		—		20
Index-Linked Gilts	—		—		—		44
Liability Driven Investments	—		42		—		—
Liquidity Fund	9		—		—		—
Total fair value of pension plan assets	$	9	$	202	$	—	$	182

Contributions

The Company's policy for funded plans is to contribute annually, at a minimum, amounts required by applicable laws, regulations and union agreements. From time to time, the Company makes contributions beyond those legally required. In 2017 and 2016, the Company did not make any cash contributions to its U.S. qualified pension plan.

In 2017 and 2016, the Company made contributions to its U.S. non-qualified pension plans of $3 million and $6 million, respectively. The Company made discretionary contributions of $3 million and $3 million to its U.K. Plan during the years ended December 31, 2017 and 2016, respectively.

The Company does not anticipate contributing to the U.S. qualified pension plan during 2018. For the U.K. plan the Company anticipates contributing $2 million during 2018 and does not anticipate contributing to its other international plans. The level of 2018 and future contributions will vary, and is dependent on a number of factors including investment returns, interest rate fluctuations, plan demographics, funding regulations and the results of the final actuarial valuation.

Estimated Future Benefit Payments

The following table presents estimated future benefit payments:



(In millions)	Pension Benefits		Postretirement Benefits (U.S.)
2018	$	44	$	1
2019	45		1
2020	47		2
2021	50		1
2022	52		1
After 2022	273		5
	$	511	$	11

Multiemployer Pension Plans

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


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


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

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

The Company's participation in multiemployer plans for the annual period ended December 31, 2017 is outlined in the table below. For plans that are not individually significant to the Company, the total amount of contributions is presented in the aggregate.



	EIN /Pension Plan Number	Pension Protection Act Zone Status		FIP / RP Status Pending /Implemented⁽¹⁾	Contributions by The Hertz Corporation (In millions)						Surcharge Imposed	Expiration Dates of Collective Bargaining Agreements
Pension Fund	EIN /Pension Plan Number	2017	2016	FIP / RP Status Pending /Implemented⁽¹⁾	2017		2016		2015		Surcharge Imposed	Expiration Dates of Collective Bargaining Agreements
Western Conference of Teamsters	91-6145047	Green	Green	NA	$	6	$	6	$	6	N/A	10/1/2020
Other Plans⁽²⁾					4		3		4
Total Contributions					$	10	$	9	$	10


N/A	Not applicable


(1)	Indicates whether a Funding Improvement Plan, as required under the Code to be adopted by plans in the “yellow” zone, or a Rehabilitation Plan, as required under the Code to be adopted by plans in the “red” zone, is pending or has been implemented as of the end of the plan year that ended in 2017.


(2)	Included in the Other Plans are contributions to the Local 1034 Pension Fund. The amount contributed by Hertz to the Local 1034 Pension Fund was reported as being more than 5% of total contributions to the plan, on the fund's Form 5500 for the year ended December 31, 2016.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

The non-cash stock-based compensation expense associated with the Hertz Holdings stock-based compensation plans is pushed down from Hertz Global and recorded on the books at the Hertz level.

Plans

Prior to the Spin-Off, Old Hertz Holdings board of directors adopted the Hertz Global Holdings, Inc. 2016 Omnibus Incentive Plan (the “Omnibus Plan”). The Omnibus Plan contains 6,600,000 shares which can be granted pursuant to the terms and conditions of the Omnibus Plan, plus an unspecified number of shares awarded in connection with distribution awards granted under the Omnibus Plan in accordance with the Employee Matters Agreement, in substitution of, or in accordance with, an outstanding award granted under an Old Hertz Holdings plan that was held by a participant immediately before the completion of the Spin-Off, as described in the next paragraph. The Omnibus Plan provides for grants of both equity and cash awards, including non-qualified stock options, incentive stock options, stock appreciation rights, performance awards (shares and units), restricted stock, restricted stock units and deferred stock units to key executives, employees and non-management directors. The shares of common stock to be delivered under the Omnibus Plan may consist, in whole or in part, of common stock held in treasury or authorized but unissued shares of common stock, not reserved for any other purpose.

In accordance with the Employee Matters Agreement entered into between the Hertz Global and Herc Holdings, as further described in Note 3, "Discontinued Operations," previously outstanding stock-based compensation awards granted under Old Hertz Holdings' equity compensation programs prior to the Spin-Off and held by certain executives and employees of Old Hertz Holdings were adjusted to reflect the impact of the Spin-Off on these awards. To preserve the aggregate intrinsic value of these stock-based compensation awards, as measured immediately before and immediately after the Spin-Off, each holder of Old Hertz Holdings stock-based compensation awards received an adjusted award consisting of a stock-based compensation award denominated in the equity of the company at which the person was employed following the Spin-Off. In the Spin-Off, the determination as to which type of adjustment applied to a holder’s previously outstanding Old Hertz Holdings award was based upon the type of stock-based compensation award that was to be adjusted and the date on which the award was originally granted under the Old Hertz Holdings equity compensation programs prior to the Spin-Off. At the Spin-Off, a total of 2,677,723 shares were awarded in connection with distribution awards granted pursuant to the Omnibus Plan in accordance with the Employee Matters Agreement.

Effective January 1, 2017, the Company's board of directors adopted the 2017 EICP, pursuant to which any award granted will be from shares available under the Omnibus Plan. The provisions of the plan provide for the pay out of any bonus earned in either cash or performance stock units ("PSUs") for certain groups of employees. The decision regarding the form of payout will be made after the bonus has been earned and as such, the grant date of the PSUs is not established until vested. The potential PSU awards will be based on a monetary amount equivalent to a percentage of employees’ salaries that will be based on the achievement of specific performance metrics in 2017. The specific monetary amount will be calculated at the time of grant. The PSUs are intended to be granted in place of cash bonus awards and, therefore, qualify as equity awards. Compensation cost for these awards is recognized over the requisite service period based on the fair value of the award at the end of each reporting period. The Company calculates the anticipated number of awards to be granted based on the bonus dollars expected to be earned divided by the stock price as of the reporting date. The anticipated awards are used to estimate the compensation expense as of the reporting date. Compensation charges will accumulate as a liability until the grant date, at which time the liability will be reclassified to equity. During the year ended December 31, 2017, the Company recognized approximately $6 million of stock-based compensation expense associated with the 2017 EICP and the Company expects approximately 269,000 shares will be granted in connection with this program based on Hertz Global's stock price as of December 31, 2017.

As of December 31, 2017, the Company had 3,471,326 shares underlying awards outstanding under the Omnibus Plan.

Shares subject to any award (other than distribution awards) granted under the Omnibus Plan that for any reason are canceled, terminated, forfeited, settled in cash or otherwise settled without the issuance of common stock after the effective date of the Omnibus Plan will generally be available for future grants under the Omnibus Plan.

A summary of the total compensation expense and associated income tax benefits recognized, including the cost of stock options, restricted stock units ("RSUs"), PSUs, and performance stock awards ("PSAs") is as follows:



	Years Ended December 31,
(In millions)	2017			2016			2015
Compensation expense	$	19		$	13		$	16
Income tax benefit	(8		)	(5		)	(7		)
Total	$	11		$	8		$	9

As of December 31, 2017, there was approximately $19 million of total unrecognized compensation cost related to non-vested stock options, RSUs, PSUs and PSAs granted. The total unrecognized compensation cost is expected to be recognized over the remaining 1.5 years, on a weighted average basis, of the requisite service period that began on the grant dates.

Stock Options and Stock Appreciation Rights

All stock options and stock appreciation rights granted under the Omnibus Plan will have a per-share exercise price of not less than the fair market value of one share of Hertz Global's common stock on the grant date. Stock options and stock appreciation rights will vest based on a minimum period of service or the occurrence of events (such as a change in control, as defined in the Omnibus Plan) specified by the Compensation Committee of the Company's board of directors. No stock options or stock appreciation rights will be exercisable after a maximum of ten years from the grant date.

The Company has accounted for its employee stock-based compensation awards in accordance with ASC 718, “Compensation-Stock Compensation.” The options are being accounted for as equity-classified awards. The Company will recognize compensation cost on a straight-line basis over the vesting period. The value of each option award is estimated on the grant date using a Black-Scholes option valuation model that incorporates the assumptions noted in the following table.

The Company calculates the expected volatility based on the historical movement of its stock price.



	Grants
Assumption	2017			2016			2015
Expected volatility	47.8		%	44.2		%	41.4		%
Expected dividend yield	—		%	—		%	—		%
Expected term (years)	7			5			5
Risk-free interest rate	1.95		%	1.00		%	1.17		%
Weighted-average grant date fair value	$	9.44		$	39.35		$	29.09

A summary of option activity as of December 31, 2017 is presented below.



Options	Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (In millions)
Outstanding at January 1, 2017	886,364		$	66.24	3.5	$	2
Granted	623,432		21.94		—	—
Exercised	—		—		—	—
Forfeited or Expired	(375,102	)	58.83		—	—
Outstanding at December 31, 2017	1,134,694		44.35		4.3	—
Exercisable at December 31, 2017	370,405		63.12		2.1	—

A summary of non-vested options as of December 31, 2017, and changes during the year, is presented below.



	Non-vested Shares		Weighted- Average Exercise Price		Weighted- Average Grant- Date Fair Value
Non-vested as of January 1, 2017	498,278		$	70.36	$	24.32
Granted	623,432		21.94		9.44
Vested	(103,445	)	87.92		29.16
Forfeited	(253,976	)	50.00		18.25
Non-vested as of December 31, 2017	764,289		35.25		13.54

Additional information pertaining to option activity under the plans is as follows:



	Years Ended December 31,
(In millions)	2017		2016		2015
Aggregate intrinsic value of stock options exercised	$	—	$	12	$	4
Cash received from the exercise of stock options	—		10		5
Fair value of options that vested	3		10		5
Tax benefit realized on exercise of stock options	—		4		1

Performance Stock, Performance Stock Units, Performance Stock Awards, Restricted Stock and Restricted Stock Units

Performance stock, PSUs and PSAs granted under the Omnibus Plan or the 2017 EICP will vest based on the achievement of pre-determined performance goals over performance periods determined by the Compensation Committee. Each of the units granted represent the right to receive one share of Hertz Global's common stock on a specified future date. In the event of an employee's death or disability, a pro rata portion of the employee's performance stock, performance stock units and performance units will vest to the extent performance goals are achieved at the end of the performance period. Restricted stock and RSUs granted under the Omnibus Plan will vest based on a minimum period of service or the occurrence of events (such as a change in control, as defined in the Omnibus Plan) specified by the Compensation Committee.

A summary of the PSU and PSA activity as of December 31, 2017 is presented below.



	Shares		Weighted- Average Fair Value		Aggregate Intrinsic Value (In millions)
Outstanding at January 1, 2017	592,931		$	46.39	$	—
Granted	1,087,695		22.15		—
Vested	(60,174	)	83.54		—
Forfeited or Expired	(386,529	)	33.70		—
Outstanding at December 31, 2017	1,233,923		29.98		5

A summary of RSU activity as of December 31, 2017 is presented below.



	Shares		Weighted- Average Fair Value		Aggregate Intrinsic Value (In millions)
Outstanding at January 1, 2017	346,984		$	48.46	$	—
Granted	635,737		19.27		—
Vested	(100,019	)	64.24		—
Forfeited or Expired	(144,162	)	33.10		—
Outstanding at December 31, 2017	738,540		24.20		16

Additional information pertaining to RSU activity is as follows:



	Years Ended December 31,
	2017		2016		2015
Total fair value of awards that vested (In millions)	$	6	$	7	$	5
Weighted average grant date fair value of awards	19.27		38.86		80.77

Compensation expense for PSUs, PSAs and RSUs is based on the grant date fair value, and is recognized ratably over the vesting period. For grants in 2017, 2016 and 2015, the vesting period is three years. In addition to the service vesting condition, the PSUs and PSAs had an additional vesting condition which called for the number of units that will be awarded being based on achievement of a certain level of Corporate EBITDA or other performance measures over the applicable measurement period.

Tangible Asset Impairments and Asset Write-downs	12 Months Ended
Tangible Asset Impairments and Asset Write-downs	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Tangible Asset Impairments and Asset Write-downs	Tangible Asset Impairments and Asset Write-downs During 2016, the Company recorded an impairment of the net assets held for sale related to its Brazil operations. See Note 4, "Acquisitions and Divestitures" for additional information. During 2016, the Company performed an impairment assessment of certain assets used in its U.S. Rental Car segment in connection with a restructuring program resulting in an impairment charge of $25 million based on an estimate of future discounted cash flows through the planned completion date of the program. The impairment is included in direct vehicle and operating expense in the accompanying consolidated statement of operations. During 2015, the Company deemed a building in its U.S. Rental Car segment to be held for sale. The Company performed an impairment assessment and recorded a charge of $5 million. The Company also reassessed the carrying value of a held for sale corporate asset and recorded a charge of $3 million. The corporate asset was sold in April 2015. These charges are included in other (income) expense, net in the accompanying consolidated statement of operations. Also during 2015, the Company performed an impairment assessment of the Dollar Thrifty headquarters campus in Tulsa, Oklahoma, which is part of the U.S. Rental Car segment. Based on the impairment assessment, the Company recorded a charge of $6 million which is included in selling, general and administrative expense in the accompanying consolidated statement of operations. The building was sold in December 2015. Additionally, during 2015, the Company recorded $16 million in charges associated with U.S. Rental Car service equipment and assets deemed to have no future use, of which $9 million is included in direct vehicle and operating expense and $7 million is included in other (income) expense, net in the accompanying consolidated statement of operations.

Leases

12 Months Ended

Dec. 31, 2017

Leases [Abstract]

Leases

The Company has the following types of operating leases:


•	Airport concession agreements which are agreements that grant the Company the right to conduct its vehicle rental operations at airports;


•	Real estate leases for its off airport vehicle rental locations and other various operations; and


•	Other leases, primarily consisting of revenue earning vehicles and other equipment.

Many of the Company's concession agreements and real estate leases require the Company to pay or reimburse operating expenses, such as common area charges and real estate taxes, to pay concession fees above guaranteed minimums or additional rent based on a percentage of revenues or sales (as defined in those agreements) arising at the relevant premises, or both. The Company operates from various leased premises with terms generally up to 35 years and a number of its leases contain renewal options. These renewal options vary, but the majority include clauses for renewal for various term lengths at various rates, both fixed and market.

For the year ended December 31, 2017, the following amounts were expensed under existing agreements:



	Years ended December 31,
(In millions)	2017			2016			2015
Minimum fixed cost	$	650		$	622		$	718
Variable lease cost	295			292			239
Sublease income	(5		)	(4		)	(5		)
Total	$	940		$	910		$	952

As of December 31, 2017, minimum obligations, net of subleases under existing agreements approximate the following:



(In millions)	Total
2018	$	435
2019	384
2020	298
2021	238
2022	185
After 2022	725
Total	$	2,265

Restructuring

12 Months Ended

Dec. 31, 2017

Restructuring and Related Activities [Abstract]

Restructuring

The Company continuously evaluates its workforce, product offerings and operations to determine when headcount reductions, business process re-engineering, asset impairments or outsourcing arrangements are necessary. There were no significant restructuring programs initiated during 2017.

During 2016, the Company initiated approximately $63 million of restructuring programs that include headcount reductions, business process re-engineering, asset impairments and outsourcing certain information technology application and infrastructure functions to a third party service provider.

During 2015, the Company completed restructuring programs primarily related to closure of off airport locations.

Restructuring charges under these programs were as follows:



	Years Ended December 31,
(In millions)	2017		2016		2015
By Type:
Termination benefits	$	7	$	24	$	13
Impairments and asset write-downs	—		30		2
Facility closure and lease obligation costs	1		7		18
Other	—		1		(4		)
Total	$	8	$	62	$	29



	Years Ended December 31,
(In millions)	2017		2016		2015
By Caption:
Direct vehicle and operating	$	1	$	36	$	18
Selling, general and administrative	7		26		11
Total	$	8	$	62	$	29



	Years Ended December 31,
(In millions)	2017		2016		2015
By Segment:
U.S. Rental Car	$	2	$	49	$	23
International Rental Car	6		9		6
Corporate	—		4		—
Total	$	8	$	62	$	29

The following table sets forth the activity affecting the restructuring accrual during the years ended December 31, 2017 and 2016. The Company expects to pay the remaining restructuring obligations relating to termination benefits over approximately the next twenty-four months. Other is primarily comprised of future lease obligations which will be paid over the remaining term of the applicable leases.



(In millions)	Termination Benefits			Other			Total
Balance as of December 31, 2015	$	9		$	15		$	24
Charges incurred	24			38			62
Cash payments	(19		)	(9		)	(28		)
Other non-cash changes^(a)	(1		)	(30		)	(31		)
Balance as of December 31, 2016	$	13		$	14		$	27
Charges incurred	7			1			8
Cash payments	(11		)	(4		)	(15		)
Other non-cash changes	1			—			1
Balance as of December 31, 2017	$	10		$	11		$	21


(a)	Decrease in 2016 primarily consists of $25 million related to the impairment of certain assets used in the U.S. Rental Car segment in conjunction with a restructuring program.

Income Tax (Provision) Benefit

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income Tax (Provision) Benefit

The components of income (loss) before income taxes for the periods were as follows (in millions):

Hertz Global



	Years Ended December 31,
	2017			2016			2015
Domestic	$	(680	)	$	(535	)	$	(84	)
Foreign	105			65			216
Total income (loss) from continuing operations before income taxes	$	(575	)	$	(470	)	$	132

Hertz



	Years Ended December 31,
	2017			2016			2015
Domestic	$	(675	)	$	(534	)	$	(84	)
Foreign	105			65			216
Total income (loss) from continuing operations before income taxes	$	(570	)	$	(469	)	$	132

The total income tax provision (benefit) consists of the following (in millions):

Hertz Global and Hertz



	Years Ended December 31,
	2017			2016			2015
Current:
Federal	$	—		$	22		$	(49	)
Foreign	19			48			57
State and local	1			12			(2		)
Total current	20			82			6
Deferred:
Federal	(900		)	(131		)	34
Foreign	10			1			(23		)
State and local	(32		)	52			—
Total deferred	(922		)	(78		)	11
Total provision (benefit)	$	(902	)	$	4		$	17

US Tax Reform

On December 22, 2017, President Trump signed the TCJA, Pub. L. No. 115-97, the first major overhaul of the United States tax system in thirty years. The TCJA contains significant changes to corporate taxation, including (i) the reduction of the corporate income tax rate to 21%, (ii) the acceleration of expensing for certain business assets, (iii) the one‑time transition tax related to the transition of U.S. international tax from a worldwide tax system to a modified territorial tax system, (iv) the repeal of the Like-Kind-Exchange deferral rules as applicable to personal property, including rental vehicles, (v) additional limitations on the deductibility of interest expense, and (vi) expanded limitations on executive compensation.

Provisional Amounts

The company recognized the income tax effects of the TCJA in its 2017 financial statements in accordance with guidance issued under SAB 118.

At December 31, 2017, the Company has not completed its accounting for the tax effects of enactment of the TCJA; however, in certain cases, as described below, the Company has made a reasonable estimate of the effects on its existing deferred tax balances and the one-time transition tax. We expect the U.S. Treasury to issue additional guidance that clarifies provisions of the TCJA and we will account for the provisions as released and in accordance with guidance issued under SAB 118. The Company recognized a provisional net tax benefit of $679 million, which is included as a component of income tax expense from continuing operations. Below is a discussion of the material provisional items in the tax provision.

Deferred tax assets and liabilities: The Company remeasured certain deferred tax assets and liabilities based on the federal rate at which they are expected to reverse in the future, which is generally 21%. The Company also remeasured the state rate at which certain deferred tax assets and liabilities are expected to reverse in the future associated with the reduction in the future federal benefit from state deferred tax assets and liabilities from 35% to 21%. However, the Company is still analyzing certain aspects of the TCJA and refining its calculations, which could potentially affect the measurement of these balances or potentially give rise to new deferred tax amounts. The provisional amount recorded related to the remeasurement of the Company's deferred tax balance was a tax benefit of $679 million, including the remeasurement of its valuation allowance.

Foreign tax effects: The one-time transition tax is based on the Company's total post-1986 earnings and profits ("E&P") that were previously deferred from U.S. income taxes. The Company has determined on a provisional basis that its E&P for all foreign subsidiaries is an overall deficit and, as a result, has not recorded a provisional amount for the one-time transition tax liability. The Company has not yet completed its calculation of the total post-1986 E&P for these foreign subsidiaries. Further, the transition tax is based, in part, on the amount of those earnings held in cash and other specified assets. This amount may change when the Company finalizes the calculation of post-1986 foreign E&P previously deferred from U.S. federal taxation and finalize the amounts held in cash or other specified assets.

The Company has not yet made a policy election with respect to its treatment of potential GILTI. Companies can either account for taxes on GILTI as incurred or recognize deferred taxes when basis differences exist that are expected to affect the amount of the GILTI inclusion upon reversal. The Company is still in the process of analyzing the provisions of the TCJA associated with GILTI and the expected impact of GILTI on the Company in the future.

We continue to evaluate whether to assert indefinite reinvestment on a part or all of our foreign earnings as of December 31, 2017 and will record the tax effects of any change in our provision amounts in accordance with guidance issued under SAB 118.

State tax effects: As noted above, the Company remeasured certain deferred tax assets and liabilities to account for the reduction in the future federal benefit from state deferred tax assets and liabilities. Furthermore, the Company has recorded a provisional amount for the state impact of accelerated depreciation under TCJA based on each state’s historical conformity with pre-TCJA accelerated depreciation law. In addition, the Company has incorporated the impact of TCJA into its analysis of the realizability of state deferred tax assets.

Other Federal effects: The TCJA repealed the corporate alternative minimum tax ("AMT") and allowed taxpayers to recover 50% of AMT credit carry forwards in 2018, 2019, and 2020. Any remaining AMT credit carry forward existing in 2021 can be fully refunded. As of December 31, 2017, the Company has an AMT credit carry forward of $40 million and estimates refunds of $20 million, $10 million, $5 million, and $5 million, in tax years 2018, 2019, 2020, and 2021, respectively. However, pursuant to the requirements of the Balanced Budget and Emergency Deficit Control Act of 1985, such refunds of AMT are subject to sequestration which is currently 6.6% of the requested refunds. Therefore, the Company reduced its expected receivable by $3 million. Further, the Company recorded a provisional reduction to deferred tax assets related to 100% bonus depreciation for qualified assets placed into service after September 27, 2017. The provisional amounts require further analysis due to the volume of contracts and data required to complete the computations.

The principal items of the U.S. and foreign net deferred tax assets and liabilities are as follows (in millions):

Hertz Global and Hertz



	Years Ended December 31,
	2017			2016
Deferred Tax Assets:
Employee benefit plans	$	27		$	64
Net operating loss carry forwards	1,343			1,669
Federal, state and foreign local tax credit carry forwards	24			59
Accrued and prepaid expenses	90			251
Total Deferred Tax Assets	1,484			2,043
Less: Valuation Allowance	(305		)	(230		)
Total Net Deferred Tax Assets	1,179			1,813
Deferred Tax Liabilities:
Depreciation on tangible assets	(1,576		)	(2,673		)
Intangible assets	(764		)	(1,232		)
Total Deferred Tax Liabilities	(2,340		)	(3,905		)
Net Deferred Tax Liability	$	(1,161	)	$	(2,092	)

The above amounts at December 31, 2016 exclude deferred taxes of the Company’s Brazil Operations which are included in assets held for sale in the accompanying consolidated balance sheet at December 31, 2016. The Brazil Operations were sold in August 2017, as further described in Note 4, "Acquisitions and Divestitures."

Hertz Global and Hertz

As of December 31, 2017, deferred tax assets of $873 million were recorded for U.S. federal net operating losses (“Federal NOL") carry forwards of $4,156 million. The TCJA modified the Federal NOL rules, permitting Federal NOLs generated in tax years after December 31, 2017, to offset only 80% of taxable income. Federal NOLs generated in tax years before January 1, 2018 are not subject to the limit. As a result, the Company must track separately its pre-January 1, 2018 and its post-December 31, 2017 Federal NOLs. Post-December 31, 2017 Federal NOLs may be carried forward indefinitely. The total pre-January 1, 2018 Federal NOL carry forwards are $4,156 million. Upon adoption in January 2017 of recently issued accounting pronouncement Accounting Standards Update 2016-09, "Improvements to Employee Share-Based Payment Accounting", (as described in Note 2, "Significant Accounting Policies"), the Company recognized as of the adoption date deferred tax assets of $49 million for excess tax benefits that were not previously recognized as the related tax deduction had not reduced taxes payable, and the Company recorded a cumulative-effect adjustment to accumulated deficit in the accompanying consolidated balance sheets. Pre-January 1, 2018 Federal NOLs begin to expire in 2029. State net operating losses ("State NOL") have generated a deferred tax asset of $290 million. As of December 31, 2017, a valuation allowance of $101 million was recorded against these state deferred tax assets because they relate to states that have historical losses where it is more likely than not that the state net operating loss carry forwards may not be utilized in the future. The State NOLs expire over various years beginning in 2018 depending upon when they were generated and the particular jurisdiction.

As of December 31, 2016, deferred tax assets of $1,324 million were recorded for Federal NOL carry forwards of $3,782 million. The total Federal NOL carry forwards are $3,914 million of which $132 million relate to excess tax deductions associated with stock compensation plans, which have yet to reduce taxes payable. The Federal NOLs begin to expire in 2029. State NOLs, exclusive of the effects of the excess tax deductions, have generated a deferred tax asset of $190 million. As of December 31, 2016, a valuation allowance of $56 million was recorded against these deferred tax assets because they relate to separate states that have historical losses where it is more likely than not that the State NOL carry forwards may not be utilized in the future. The State NOLs expire over various years beginning in 2017 depending upon when they were generated and the particular jurisdiction.

As of December 31, 2017, deferred tax assets of $180 million were recorded for foreign net operating losses ("Foreign NOL") carry forwards of $655 million. A valuation allowance of $126 million at December 31, 2017 was recorded against these deferred tax assets because those assets relate to jurisdictions that have historical losses and it is more likely than not that a portion of the Foreign NOL carry forwards may not be utilized in the future. Additionally, a valuation allowance of $50 million was recorded against other deferred tax assets in these jurisdictions.

As of December 31, 2016, deferred tax assets of $155 million were recorded for Foreign NOL carry forwards of $736 million. A valuation allowance of $108 million at December 31, 2016 was recorded against these deferred tax assets because those assets relate to jurisdictions that have historical losses and it is more likely than not that a portion of the Foreign NOL carry forwards may not be utilized in the future. Additionally, a valuation allowance of $47 million was recorded against other deferred tax assets in these jurisdictions.

As of December 31, 2017 and 2016, deferred tax assets of $9 million and $2 million were recorded for U.S. Federal Net Capital Losses, respectively. As of December 31, 2017 and 2016, a valuation allowance of $9 million and $2 million was recorded on U.S. Federal Net Capital Losses, respectively.

As of December 31, 2017, Foreign NOL carry forwards of $655 million include $595 million which have an indefinite carry forward period and associated deferred tax assets of $164 million. The remaining Foreign NOLs of $60 million are subject to expiration beginning in 2024 and have associated deferred tax assets of $16 million.

As of December 31, 2016, Foreign NOL carry forwards of $736 million include $679 million which have an indefinite carry forward period and associated deferred tax assets of $139 million. The remaining Foreign NOLs of $57 million are subject to expiration beginning in 2024 and have associated deferred tax assets of $16 million.

In determining valuation allowances, an assessment of positive and negative evidence was performed regarding realization of the net deferred tax assets in accordance with Topic 740-10, “Accounting for Income Taxes”. This assessment included the evaluation of cumulative earnings and losses in recent years, scheduled reversals of net deferred tax liabilities, the availability of carry forwards and the remaining period of the respective carry forward, future taxable income and any applicable tax-planning strategies that are available.

Based on the assessment as of December 31, 2017, total valuation allowances of $305 million were recorded against deferred tax assets. Although realization is not assured, the Company has concluded that it is more likely than not the remaining deferred tax assets of $1,179 million will be realized and as such, no valuation allowance has been provided on these assets.

Based on the assessment as of December 31, 2016, total valuation allowances of $230 million were recorded against deferred tax assets. Although realization is not assured, the Company has concluded that it is more likely than not the remaining deferred tax assets of $1,813 million will be realized and as such, no valuation allowance has been provided on these assets.

As of December 31, 2017, deferred tax assets of $23 million were recorded for various U.S. federal and state credits. The deferred tax balance includes the reclassification of AMT credits of $40 million to its tax receivable account resulting from the TCJA's repeal of the corporate AMT and enactment of AMT credit refunds beginning in 2018. Based on the assessment, as of December 31, 2017, total valuation allowances of $19 million were recorded against deferred tax assets relating to these credits. The state tax credits expire over various years beginning in 2018 depending upon when they were generated and the particular jurisdiction.

As of December 31, 2016, deferred tax assets of $54 million were recorded for U.S. federal AMT credits and various state tax credits. Based on the assessment, as of December 31, 2016, total valuation allowances of $10 million were recorded against deferred tax assets relating to these credits. The state tax credits expire over various years beginning in 2018 depending upon when they were generated and the particular jurisdiction.

The significant items in the reconciliation of the statutory and effective income tax rates consisted of the following:

Hertz Global



	Years Ended December 31,
	2017		2016		2015
Statutory Federal Tax Rate	35	%	35	%	35	%
Foreign tax rate differential	2		2		(20	)
State and local income taxes, net of federal income tax benefit	6		3		(5	)
Change in state apportionment and statutory rates, net of federal income tax benefit	6		(7	)	5
Tax Reform	118		—		—
Federal and foreign permanent differences	—		(1	)	5
Withholding taxes	(2	)	(2	)	5
Uncertain tax positions	—		—		(5	)
Change in valuation allowance	(7	)	(11	)	(35	)
Benefit from sale of non-U.S. operations	—		—		17
Change in foreign statutory rates	—		(3	)	1
Goodwill impairment	—		(12	)	—
Sale of CAR Inc. common stock	—		—		14
Stock option shortfalls	(1	)	(3	)	—
All other items, net	—		(2	)	(4	)
Effective Tax Rate	157	%	(1	)%	13	%

The effective tax rate for the year ended December 31, 2017 was 157% as compared to (1)% for the year ended December 31, 2016, with an income tax benefit of $902 million and an income tax provision of $4 million, respectively. The $906 million decrease in the tax provision is largely due to the benefit from the TCJA in 2017 and the provision of goodwill impairment in 2016. In addition, contributing factors to the reduced tax expense include a decrease in pretax operating results, the composition of operating results by jurisdiction, a change state statutory effective tax rates, and an increase in the valuation allowance relating to losses in certain U.S. and non-U.S. jurisdictions.

The effective tax rate for the year ended December 31, 2016 was (1)% as compared to 13% for the year ended December 31, 2015, with an income tax provision of $4 million and $17 million, respectively. The $13 million decrease in the tax provision is due to a decrease in pretax operating results, the composition of operating results by jurisdiction, an increase in the valuation allowance relating to losses in certain U.S. and non-U.S. jurisdictions, as well as changes in statutory effective tax rates. The year ended December 31, 2016 also includes a non-deductible impairment of goodwill on Europe vehicle rental operations.

Hertz



	Years Ended December 31,
	2017		2016		2015
Statutory Federal Tax Rate	35	%	35	%	35	%
Foreign tax rate differential	2		2		(20	)
State and local income taxes, net of federal income tax benefit	6		3		(5	)
Change in state statutory rates, net of federal income tax benefit	6		(7	)	5
Tax Reform	119		—		—
Federal and foreign permanent differences	—		(1	)	5
Withholding taxes	(2	)	(2	)	5
Uncertain tax positions	—		—		(5	)
Change in valuation allowance	(7	)	(11	)	(35	)
Benefit from sale of non-U.S. operations	—		—		17
Change in foreign statutory rates	—		(3	)	1
Goodwill impairment	—		(12	)	—
Sale of CAR Inc. common stock	—		—		14
Stock option shortfalls	(1	)	(3	)	—
All other items, net	—		(2	)	(4	)
Effective Tax Rate	158	%	(1	)%	13	%

The effective tax rate for the year ended December 31, 2017 was 158% as compared to (1)% for the year ended December 31, 2016, with an income tax benefit of $902 million and an income tax provision of $4 million, respectively. The $906 million decrease in the tax provision is largely due to the benefit from the TCJA in 2017 and the provision of goodwill impairment in 2016. In addition, contributing factors to the reduced tax expense include a decrease in pretax operating results, the composition of operating results by jurisdiction, a change in the state statutory effective tax rates, and an increase in the valuation allowance relating to losses in certain U.S. and non-U.S. jurisdictions.

Hertz Global and Hertz

The TCJA implemented a one-time transition tax on all accumulated foreign earnings not previously taxed in the U.S. Taxpayers must measure accumulated foreign earnings as of November 2, 2017 and December 31, 2017 and will be taxed on the higher amount. The law permits the accumulated earnings in one foreign subsidiary to be offset by an earnings deficit in an affiliated foreign subsidiary. In accordance with guidance issued under SAB 118, the Company has determined that, on a worldwide basis, it is in an earnings deficit position, resulting in no transition tax liability. The TCJA also enacted a 100% deduction for U.S. corporations receiving foreign-source dividends from corporations of which it owns at least 10%. While the dividends received deduction allows distributions from foreign subsidiaries to be free of U.S. federal tax, such distributions may still be subject to foreign income or withholding tax and state tax. We continue to evaluate whether to assert indefinite reinvestment on a part or all of our foreign earnings as of December 31, 2017 and will record the tax effects of any change in our provision amounts in accordance with guidance issued under SAB 118.

As of December 31, 2017, total unrecognized tax benefits were $43 million, of which $14 million, if settled, would positively impact the effective tax rate in future periods because of correlative adjustments associated with these liabilities. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:



(In millions)	2017			2016			2015
Balance at January 1	$	45		$	81		$	57
Increase (Decrease) attributable to tax positions taken during prior periods	(2		)	(35		)	16
Increase (Decrease) attributable to tax positions taken during the current year	3			—			9
Decrease attributable to settlements with taxing authorities	(3		)	(1		)	(1		)
Balance at December 31	$	43		$	45		$	81

The Company conducts business globally and, as a result, files one or more income tax returns in the U.S. and non-U.S. jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. The open tax years for these jurisdictions span from 2003 to 2016. The Internal Revenue Service completed their audit of the Company's 2007 to 2009 and surveyed 2010 and 2011 tax returns and had no changes to the previously filed tax returns. Currently, the Company's 2014 and 2015 tax years are under audit by the Internal Revenue Service. Several U.S. state and other non-U.S. jurisdictions are under audit. With regard to these audits, it is reasonably possible that the amount of unrecognized tax benefits may change as the result of the completion of ongoing examinations, the expiration of the statute of limitations or other unforeseen circumstances. At this time, an estimate of the range of the reasonably possible change cannot be made. It is reasonable that approximately $4 million of unrecognized tax benefits may reverse within the next twelve months due to settlement with the relevant non-U.S. taxing authorities.

Net, after-tax interest and penalties related to the liabilities for unrecognized tax benefits are classified as a component of income tax (provision) benefit in the consolidated statement of operations. During the years ended December 31, 2017, 2016 and 2015, approximately $(1) million, $1 million and $4 million, respectively, in net, after-tax interest and penalties were recognized. As of December 31, 2017 and 2016, approximately $7 million and $8 million, respectively, of net, after-tax interest and penalties were accrued in the Company's consolidated balance sheet within accrued taxes.

Fair Value Measurements

12 Months Ended

Dec. 31, 2017

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 as shown in the sections that follow.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The fair value of accounts receivable, accounts payable and accrued expenses, to the extent the underlying liability will be settled in cash, approximates the carrying values because of the short-term nature of these instruments. The Company's assessment of goodwill and other intangible assets for impairment includes an assessment using various Level 2 inputs (earnings before interest, taxes, depreciation and amortization ("EBITDA") multiples and royalty rates) and Level 3 inputs (forecasted cash flows and discount rates). See Note 2, "Significant Accounting Policies — Recoverability of Goodwill and Intangible Assets," for more information on the application of the use of fair value methodology.

Cash Equivalents and Investments

The Company’s cash equivalents primarily consist of money market accounts. The Company determines the fair value of cash equivalents using a market approach based on quoted prices in active markets.

Investments in equity securities that are measured at fair value on a recurring basis consist of available for sale securities.

The following table summarizes the ending balances of the Company's cash equivalents and investments. The Company's money market accounts as of December 31, 2016 were previously disclosed as using Level 2 inputs but have been reclassified to Level 1 in the table below due to their fair values having been determined using inputs that reflect quoted prices for identical assets or liabilities in active markets that are observable.



	December 31, 2017								December 31, 2016
(In millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Money market funds	$	634	$	—	$	—	$	634	$	606	$	—	$	—	$	606
Equity securities	—		—		—		—		9		—		—		9
Total	$	634	$	—	$	—	$	634	$	615	$	—	$	—	$	615

Debt Obligations

The fair value of debt 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 (Level 2 inputs).



	As of December 31, 2017				As of December 31, 2016
(In millions)	Nominal Unpaid Principal Balance		Aggregate Fair Value		Nominal Unpaid Principal Balance		Aggregate Fair Value
Non-vehicle Debt	$	4,476	$	4,438	$	3,934	$	3,791
Vehicle Debt	10,471		10,456		9,685		9,670
Total	$	14,947	$	14,894	$	13,619	$	13,461

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



(In millions)	Fair Value		Level 1		Level 2		Level 3		Fair Value (Income)/Loss Adjustment Recorded for the Year Ended December 31, 2017
Brazil Operations	$	115	$	—	$	115	$	—	$	(6	)
Equity method investments	$	8	$	—	$	—	$	8	$	26
Intangible assets	$	934	$	—	$	—	$	934	$	86

Brazil Operations

The Company measured the assets and liabilities of its Brazil Operations at fair value as of March 31, 2017 and June 30, 2017, while held for sale, and recorded a gain of $4 million and a loss of $4 million, respectively. The Brazil Operations were sold in August 2017 and the Company recorded a pre-tax gain of $6 million as further described in Note 4, "Acquisitions and Divestitures." The fair value noted in the table above is as of the date of sale.

Investments in Related Parties

Investments in related parties are accounted for under the equity method and are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. The Company recognizes an impairment charge whenever there is a decline in value that is determined to be other than temporary.

In April 2016, the Company paid approximately $45 million for an equity method investment. In March 2017, the Company determined it had an other than temporary loss in value of its investment and recorded an impairment charge of $30 million. Due to cumulative equity losses and amortization of $11 million, the carrying value of the investment at March 31, 2017, subsequent to the impairment, was $4 million. In September 2017, the investee was dissolved which resulted in a return of capital to the Company and a pre-tax gain of $4 million. The net amount of the fair value adjustments of $26 million is included in other (income) expense, net in the accompanying consolidated statement of operations for the year ended December 31, 2017 and is attributable to the Company's Corporate operations. The fair value noted in the table above is as of the date of dissolution.

Intangible Assets

In June 2017, the Company recorded impairment charges for the Dollar Thrifty tradenames as further described in Note 6, "Goodwill and Intangible Assets". The fair value noted in the table above is as of October 1, 2017, the date of the Company's annual impairment analysis.

Accumulated Other Comprehensive Income [Abstract]

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

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2017

Accumulated Other Comprehensive Income (Loss)

Changes in the accumulated other comprehensive income (loss) balance by component (net of tax) are as follows:



(In millions)	Pension and Other Post-Employment Benefits			Foreign Currency Items			Unrealized Losses on Terminated Net Investment Hedges			Realized/Unrealized Gains on Available for Sale Securities			Accumulated Other Comprehensive Income (Loss)
Balance as of December 31, 2017	$	(110	)	$	(45	)	$	(19	)	$	3		$	(171	)
Other comprehensive income (loss) before reclassification	30			14			—			—			44
Amounts reclassified from accumulated other comprehensive income (loss)	4			8			—			(3		)	9
Balance as of December 31, 2017	$	(76	)	$	(23	)	$	(19	)	$	—		$	(118	)



(In millions)	Pension and Other Post-Employment Benefits			Foreign Currency Items			Unrealized Losses on Terminated Net Investment Hedges			Realized/Unrealized Gains on Available for Sale Securities			Accumulated Other Comprehensive Income (Loss)
Balance as of January 1, 2016	$	(102	)	$	(124	)	$	(19	)	$	—		$	(245	)
Other comprehensive income (loss) before reclassification	(23		)	(16		)	—			12			(27		)
Amounts reclassified from accumulated other comprehensive income (loss)	7			—			—			(9		)	(2		)
Distribution of discontinued entities	8			95			—			—			103
Balance as of December 31, 2016	$	(110	)	$	(45	)	$	(19	)	$	3		$	(171	)

Contingencies and Off-Balance Sheet Commitments	12 Months Ended
Contingencies and Off-Balance Sheet Commitments	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Off-Balance Sheet Commitments	Contingencies and Off-Balance Sheet Commitments Legal Proceedings Public Liability and Property Damage The Company is currently a defendant in numerous actions and has received numerous claims on which actions have not yet been commenced for public liability and property damage arising from the operation of motor vehicles rented from the Company. The obligation for public liability and property damage on self-insured U.S. and international vehicles, as stated on the accompanying consolidated balance sheets, represents an estimate for both reported accident claims not yet paid and claims incurred but not yet reported. The related liabilities are recorded on a non-discounted basis. Reserve requirements are based on rental volume and actuarial evaluations of historical accident claim experience and trends, as well as future projections of ultimate losses, expenses, premiums and administrative costs. At December 31, 2017 and 2016, the Company's liability recorded for public liability and property damage matters was $427 million and $407 million, respectively. The Company believes that its analysis is based on the most relevant information available, combined with reasonable assumptions, and that the Company may prudently rely on this information to determine the estimated liability. The liability is subject to significant uncertainties. The adequacy of the liability reserve is regularly monitored based on evolving accident claim history and insurance related state legislation changes. If the Company's estimates change or if actual results differ from these assumptions, the amount of the recorded liability is adjusted to reflect these results. Other Matters From time to time the Company is a party to various legal proceedings, typically involving operational issues common to the vehicle rental business, including claims by employees and former employees, and governmental investigations. The Company has summarized below, the most significant legal proceedings to which the Company was and/or is a party to during 2017 or the period after December 31, 2017 but before the filing of this 2017 Annual Report. In re Hertz Global Holdings, Inc. Securities Litigation - In November 2013, a purported shareholder class action, Pedro Ramirez, Jr. v. Hertz Global Holdings, Inc., et al., was commenced in the U.S. District Court for the District of New Jersey naming Old Hertz Holdings and certain of its officers as defendants and alleging violations of the federal securities laws. The complaint alleged that Old Hertz Holdings made material misrepresentations and/or omissions of material fact in its public disclosures during the period from February 25, 2013 through November 4, 2013, in violation of Section 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder. The complaint sought an unspecified amount of monetary damages on behalf of the purported class and an award of costs and expenses, including counsel fees and expert fees. In June 2014, Old Hertz Holdings responded to the amended complaint by filing a motion to dismiss. After a hearing in October 2014, the court granted Old Hertz Holdings’ motion to dismiss the complaint. The dismissal was without prejudice and plaintiff was granted leave to file a second amended complaint within 30 days of the order. In November 2014, plaintiff filed a second amended complaint which shortened the putative class period such that it was not alleged to have commenced until May 18, 2013 and made allegations that were not substantively very different than the allegations in the prior complaint. In early 2015, this case was assigned to a new federal judge in the District of New Jersey, and Old Hertz Holdings responded to the second amended complaint by filing another motion to dismiss. On July 22, 2015, the court granted Old Hertz Holdings’ motion to dismiss without prejudice and ordered that plaintiff could file a third amended complaint on or before August 22, 2015. On August 21, 2015, plaintiff filed a third amended complaint. The third amended complaint included additional allegations, named additional current and former officers as defendants and expanded the putative class period such that it was alleged to span from February 14, 2013 to July 16, 2015. On November 4, 2015, Old Hertz Holdings filed its motion to dismiss. Thereafter, a motion was made by plaintiff to add a new plaintiff, because of challenges to the standing of the first plaintiff. The court granted plaintiffs leave to file a fourth amended complaint to add the new plaintiff, and the new complaint was filed on March 1, 2016. Old Hertz Holdings and the individual defendants moved to dismiss the fourth amended complaint in its entirety with prejudice on March 24, 2016, and plaintiff filed its opposition to same on May 6, 2016. On June 13, 2016, Old Hertz Holdings and the individual defendants filed their reply briefs in support of their motions to dismiss. The matter is now fully briefed. On April 28, 2017, the court issued an order wherein Old Hertz Holdings' and the individual defendants' motions to dismiss were granted and the plaintiffs’ fourth amended complaint to add a new plaintiff was dismissed with prejudice (the “Order”). On May 30, 2017, the plaintiffs filed a Notice of Appeal with the U. S. Court of Appeals for the Third Circuit. The plaintiffs filed their Initial Brief in November 2017 and Hertz’s Opposition Brief was filed in January 2018. The plaintiffs’ Reply Brief is to be filed by February 13, 2018, which will conclude the briefing. Oral arguments have been requested. It is expected that the Third Circuit will rule on this appeal before the end of 2018. Ryanair - In July 2015, Ryanair Ltd. (now Ryanair DAC, "Ryanair") filed a claim against Hertz Europe Limited, a subsidiary of the Company, in the High Court of Justice, Queen’s Bench Division, Commercial Court of the United Kingdom alleging breach of contract in connection with Hertz Europe Limited’s termination of its vehicle hire agreement with Ryanair following a contractual dispute with respect to Ryanair’s agreement to begin using third party ticket distributors. Ryanair sought damages, interest and costs, together with attorney fees and Hertz Europe Limited filed a Defence and Counterclaim. Following detailed and intensive exchanges of documents by both parties, the taking and exchanging of Witness Statements, and the exchange of detailed expert reports with respect to quantum, the parties agreed to discontinue the litigation without payment from either side. This settlement was agreed on February 8, 2018 and a Consent Order to that effect was issued by the High Court on February 9, 2018. The Company intends to assert that it has meritorious defenses in the foregoing matters and the Company intends to defend itself vigorously. Governmental Investigations - In June 2014, the Company was advised by the staff of the New York Regional Office of the Securities and Exchange Commission (“SEC”) that it is investigating the events disclosed in certain of the Company’s filings with the SEC. In addition, in December 2014 a state securities regulator requested information - an investigation that has since closed - and starting in June 2016 the Company has had communications with the United States Attorney’s Office for the District of New Jersey regarding the same or similar events. The investigations and communications generally involve the restatements included in the Old Hertz Holdings Form 10‑K for the year ended December 31, 2014, as filed with the SEC on July 16, 2015 (the “Old Hertz Holdings 2014 10‑K”) and related accounting for prior periods. The Company has and intends to continue to cooperate with all requests related to the foregoing. Due to the stage at which the proceedings are, Hertz is currently unable to predict the likely outcome of the proceedings or estimate the range of reasonably possible losses, which may be material. Among other matters, the restatements included in the Old Hertz Holdings 2014 Form 10‑K addressed a variety of accounting matters involving the Company’s Brazil vehicle rental operations. Additionally, the Company has identified certain activities in Brazil that raise issues under the Foreign Corrupt Practices Act and may raise issues under other federal and local laws, which the Company has self-reported to appropriate government entities and the processes with these government entities continue. The Company is continuing to investigate these issues. The Company has established a reserve relating to the activities in Brazil which is not material. However, it is possible that an adverse outcome with respect to the activities in Brazil and the other issues discussed herein 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. French Road Tax - The French Tax Authority has challenged the historic practice of several vehicle rental companies, including Hertz France, of registering vehicles in jurisdictions where it is established and where the road tax payable with respect to those vehicles is lower than the road tax payable in the jurisdictions where the vehicles will primarily be used. In respect of a period in 2005, the Company has unsuccessfully appealed the French Tax assessment to the highest Administrative court in France. In respect of a period from 2003 to 2005, following an adverse judgment, the Company appealed the French Tax Authority’s assessment to the Civil Court of Appeal. In March 2017, the Company received an adverse judgment in the 2003 -2005 road tax appeal from the Civil Court of Appeal. The company appealed this decision to the Supreme Civil Court in May 2017. In December 2017, the French Tax Authority issued an assessment for incremental registration tax for the 2014 year. The company began reserving for this matter in 2015 and assesses the reserve on a quarterly basis as part of the financial statements close process. In addition to the matters described above, the Company maintains an internal compliance program through which it from time to time identifies other potential violations of laws and regulations applicable to the Company. When the Company identifies such matters, the Company conducts an internal investigation and otherwise cooperates with governmental authorities, as appropriate. The Company has established reserves for matters where the Company believes that losses are probable and can be reasonably estimated. Other than the aggregate reserve established for claims for public liability and property damage, none of those reserves are material. For matters, including certain of those described above, 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, including those discussed above, 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 accompanying 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 Spin-Off, the Company executed an agreement with Herc Holdings that contains mutual indemnification clauses and a customary indemnification provision with respect to liability arising out of or resulting from assumed legal matters. The Company regularly evaluates the probability of having to incur costs associated with these indemnification obligations and have accrued for expected losses that are probable and estimable.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Agreements with the Icahn Group In June 2016, Hertz Global entered into a confidentiality agreement (the “Confidentiality Agreement”) with Mr. Carl C. Icahn, High River Limited Partnership, Hopper Investments LLC, Barberry Corp., Icahn Partners LP, Icahn Partners Master Fund LP, Icahn Enterprises G.P. Inc., Icahn Enterprises Holdings L.P., IPH GP LLC, Icahn Capital LP, Icahn Onshore LP, Icahn Offshore LP, Beckton Corp., Vincent J. Intrieri, Samuel Merksamer and Daniel A. Ninivaggi (collectively, the “Icahn Group”). Pursuant to the Confidentiality Agreement, Vincent J. Intrieri, Daniel A. Ninivaggi and SungHwan Cho, each of whom was appointed as a director of Hertz Global, are designees of the Icahn Group on the Hertz Global board of directors. Until the date that the Icahn Group no longer has a designee on the Hertz Global board of directors, the Icahn Group agrees to vote all of its shares of common stock of Hertz Global in favor of the election of all of Hertz Global’s director nominees at each annual or special meeting of Hertz Global. In addition, Hertz Global, High River Limited Partnership, Icahn Partners LP and Icahn Partners Master Fund LP entered into a registration rights agreement, dated June 30, 2016 (the “Registration Rights Agreement”). Pursuant to the Registration Rights Agreement, among other things, and subject to certain exceptions, Hertz Global agreed to effect up to two demand registrations with respect to shares of Hertz Global common stock held by members of the Icahn Group. Hertz Global also agreed to provide, with certain exceptions, certain piggyback registration rights with respect to common stock held by members of the Icahn Group. In the normal course of business, the Company purchases goods and services and leases property from entities controlled by Carl C. Icahn and his affiliates, including The Pep Boys - Manny, Moe & Jack. During the years ended December 31, 2017 and 2016, the Company purchased approximately $13 million and $6 million, respectively worth of goods and services from these related parties. Transactions between Hertz Holdings/Old Hertz Holdings and Hertz In October 2015, the board of directors of Hertz approved, and Hertz paid, a non-cash dividend to Hertz Investors, Inc. consisting of the full rights to a receivable due from Old Hertz Holdings in the amount of $365 million plus accrued interest. Hertz Investors, Inc. declared and paid the same dividend to Old Hertz Holdings; thereby settling the amount receivable from Old Hertz Holdings at the time. In November 2015, Hertz entered into a master loan agreement with Old Hertz Holdings for a facility size of $650 million with an expiration in November 2016 (the "2015 Master Loan"). The amount due from Old Hertz Holdings under the 2015 Master Loan as of December 31, 2015 was $345 million, representing advances under the 2015 Master Loan and any accrued but unpaid interest. Prior to the Spin-Off on June 30, 2016, the board of directors of Hertz approved, and Hertz paid, a non-cash dividend to Hertz Investors, Inc. consisting of the full rights to the receivable due from Old Hertz Holdings under the 2015 Master Loan in the amount of $334 million plus accrued interest. Hertz Investors, Inc. declared and paid the same dividend to Old Hertz Holdings; thereby settling the amount receivable from Old Hertz Holdings. In June 2016, Hertz entered into a master loan agreement with Hertz Global for a facility size of $425 million with an expiration in June 2017 (the "2016 Master Loan"). The interest rate was based on the U.S. Dollar LIBOR rate plus a margin. As of December 31, 2016, there was $102 million outstanding under the 2016 Master Loan representing advances and any accrued but unpaid interest. Additionally, Hertz had a due to affiliate in the amount of $65 million as of December 31, 2016 which represented a tax related liability to Hertz Holdings. In June 2017, upon expiration of the 2016 Master Loan, Hertz entered into a new master loan agreement with Hertz Holdings for a facility size of $425 million with an expiration in June 2018 (the "2017 Master Loan") where amounts outstanding under the 2016 Master Loan were transferred to the 2017 Master Loan. The interest rate is based on the U.S. Dollar LIBOR rate plus a margin. As of December 31, 2017, there was $107 million outstanding under the 2017 Master Loan representing advances and any accrued but unpaid interest. Additionally, Hertz had a due to affiliate in the amount of $65 million as of December 31, 2017 which represents a tax related liability to Hertz Holdings. The above amounts are included in equity in the accompanying consolidated balance sheets of Hertz. Other Relationships In connection with its vehicle rental businesses, the Company enters into millions of rental transactions every year involving millions of customers. In order to conduct those businesses, the Company also procures goods and services from thousands of vendors. Some of those customers and vendors may be affiliated with members of the Company's Board. The Company believes that all such rental and procurement transactions involved terms no less favorable to the Company than those that it believes would have been obtained in the absence of such affiliation. It is Company management’s policy to bring to the attention of its Board any potential transaction with a related party, even if the transaction arises in the ordinary course of business. The Company has an agreement with Lyft, Inc. (“Lyft”) pursuant to which the Company offers vehicles under specified rental agreements to drivers on the Lyft platform in various U.S. markets. Affiliates of Mr. Icahn own a non-controlling minority interest in Lyft, and a former employee of one of Mr. Icahn’s companies serves on Lyft’s board of directors. In January 2018, Hertz entered into a Master Motor Vehicle Lease and Management Agreement (the “767 Lease Agreement”) pursuant to which Hertz granted 767 Auto Leasing LLC (“767”), an entity affiliated with the Icahn Group, the option to acquire certain vehicles from Hertz at rates aligned with the rates at which Hertz sells vehicles to third parties. Hertz will lease the vehicles purchased by 767 under the 767 Lease Agreement, or from third parties, under a mutually developed fleet plan and Hertz will manage, service, repair, sell and maintain those leased vehicles on behalf of 767. Hertz will rent the leased vehicles to drivers of transportation network companies ("TNC"), including Lyft drivers, from rental counters within locations leased or owned by affiliates of 767, including locations operated under a master lease agreement with The Pep Boys - Manny, Joe & Jack. The 767 Lease Agreement has an initial term of 18 months and is subject to automatic six-month renewals thereafter, unless terminated by either party (with or without cause) prior to the start of any such six-month renewal. 767’s payment obligations under the 767 Lease Agreement are guaranteed by American Entertainment Properties Corp., an entity affiliated with Mr. Icahn.

Equity and Earnings (Loss) Per Share - Hertz Global

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Equity and Earnings (Loss) Per Share - Hertz Global

Equity of Hertz Global Holdings, Inc.

As of December 31, 2017 and 2016, there were 40 million shares of Hertz Holdings preferred stock authorized, par value $0.01 per share, 400 million shares of Hertz Holdings common stock authorized, par value $0.01 per share, and two million shares of treasury stock.

Share Repurchase Program

In connection with the Spin-Off in 2016, Old Hertz Holdings' board of directors approved a share repurchase program that authorizes Hertz Holdings to purchase up to approximately $395 million worth of shares of its common stock (the “2016 share repurchase program”). The 2016 share repurchase program permits Hertz Holdings to purchase shares through a variety of methods, including in the open market or through privately negotiated transactions, in accordance with applicable securities laws. It does not obligate Hertz Holdings to make any repurchases at any specific time or situation. As of December 31, 2017, Hertz Holdings has repurchased two million shares for $100 million under this program. This amount is included in treasury stock in the accompanying Hertz Global consolidated balance sheets as of December 31, 2017 and 2016. The timing and extent to which Hertz Holdings repurchases its shares will depend upon, among other things, market conditions, share price, liquidity targets and other factors. Share repurchases may be commenced or suspended at any time or from time to time without prior notice. Since Hertz Holdings does not conduct business itself, it primarily funds repurchases of its common stock using dividends from Hertz or amounts borrowed under the master loan agreement. The credit agreements governing Hertz' Senior Facilities and Letter of Credit Facility restrict its ability to make dividends and certain payments, including payments to Hertz Holdings for share repurchases.

Earnings (Loss) Per Share

Basic earnings (loss) per share has been computed based upon the weighted average number of common shares outstanding. Diluted earnings (loss) per share has been computed based upon the weighted average number of common shares outstanding plus the effect of all potentially dilutive common stock equivalents, except when the effect would be anti-dilutive.

As described in Note 1, "Background", on June 30, 2016, the distribution date, Old Hertz Holdings stockholders of record as of the close of business on June 22, 2016 received one share of Hertz Holdings common stock for every five shares of Old Hertz Holdings common stock held as of the record date. Basic and diluted net income (loss) per share for the year ended December 31, 2015 and the period in 2016 prior to the Spin-Off is calculated using the weighted average number of basic, dilutive and anti-dilutive common shares outstanding during the periods, as adjusted for the one-to-five distribution ratio.

As described in Note 9, "Stock-Based Compensation", Hertz Global adopted the 2017 EICP on January 1, 2017. PSU awards issued under the 2017 EICP will be included in the denominator of diluted earnings (loss) per share when the required minimum threshold to receive the awards is met. There are no PSU awards issued under the 2017 EICP included in the computation of diluted earnings (loss) per share during the year ended December 31, 2017.

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



	Years Ended December 31,
(In millions, except per share data)	2017		2016			2015
Basic and diluted earnings per share:
Numerator:
Net income (loss) from continuing operations	$	327	$	(474	)	$	115
Net income (loss) from discontinued operations	—		(17		)	158
Net income (loss), basic	$	327	$	(491	)	$	273
Denominator:
Basic weighted average common shares	83		84			90
Dilutive stock options, RSUs and PSUs	—		—			1
Weighted average shares used to calculate diluted earnings per share	83		84			91
Antidilutive stock options, RSUs, PSUs and conversion shares	3		1			1
Earnings (loss) per share:
Basic earnings (loss) per share from continuing operations	$	3.94	$	(5.65	)	$	1.28
Basic earnings (loss) per share from discontinued operations	—		(0.20		)	1.75
Basic earnings (loss) per share	$	3.94	$	(5.85	)	$	3.03

Diluted earnings (loss) per share from continuing operations	$	3.94	$	(5.65	)	$	1.26
Diluted earnings (loss) per share from discontinued operations	—		(0.20		)	1.74
Diluted earnings (loss) per share	$	3.94	$	(5.85	)	$	3.00

Segment Information

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Segment Information

The Company has identified three reportable segments, which are organized based on the products and services provided by its operating segments and the geographic areas in which its operating segments conduct business, as follows:


•	U.S. Rental Car ("U.S. RAC") - rental of vehicles (cars, crossovers and light trucks), as well as sales of value-added products and services, in the United States and consists of the Company's United States operating segment;

•

International Rental Car ("International RAC") - rental and leasing of vehicles (cars, vans, crossovers and light trucks), as well as sales of value-added products and services, internationally and consists of the Company's Europe and Other International operating segments, which are aggregated into a reportable segment based primarily upon similar economic characteristics, products and services, customers, delivery methods and general regulatory environments;


•	All Other Operations - primarily consists of the Company's Donlen business, which provides vehicle leasing and fleet management services, together with other business activities which represent less than 2% of revenues and expenses of the segment.

In addition to the above reportable segments, the Company has corporate operations ("Corporate") which includes general corporate assets and expenses and certain interest expense (including net interest on non-vehicle debt).

The following tables provide significant statement of operations, balance sheet and cash flow information by segment for each of Hertz Global and Hertz, as well as adjusted pre-tax income (loss), the segment measure of profitability.



	Years Ended December 31,
(In millions)	2017			2016			2015
Revenues
U.S. Rental Car	$	5,994		$	6,114		$	6,286
International Rental Car	2,169			2,097			2,148
All other operations	640			592			583
Total Hertz Global and Hertz	$	8,803		$	8,803		$	9,017
Depreciation of revenue earning vehicles and lease charges, net
U.S. Rental Car	$	1,904		$	1,753		$	1,572
International Rental Car	416			389			398
All other operations	478			459			463
Total Hertz Global and Hertz	$	2,798		$	2,601		$	2,433
Depreciation and amortization, non-vehicle assets
U.S. Rental Car	$	181		$	198		$	209
International Rental Car	33			33			37
All other operations	11			11			10
Corporate	15			23			18
Total Hertz Global and Hertz	$	240		$	265		$	274
Interest expense, net
U.S. Rental Car	$	132		$	154		$	165
International Rental Car	80			66			70
All other operations	19			14			10
Corporate	406			390			354
Total Hertz Global	637			624			599
Corporate - Hertz	(5		)	(1		)	—
Total - Hertz	$	632		$	623		$	599
Adjusted pre-tax income^(a)
U.S. Rental Car	$	13		$	298		$	551
International Rental Car	203			194			215
All other operations	80			72			68
Corporate	(506		)	(499		)	(509		)
Total Hertz Global	(210		)	65			325
Corporate - Hertz	5			1			—
Total Hertz	$	(205	)	$	66		$	325



	As of December 31,
(In millions)	2017		2016
Revenue earning vehicles, net
U.S. Rental Car	$	7,761	$	7,716
International Rental Car	2,153		1,755
All other operations	1,422		1,347
Total Hertz Global and Hertz	$	11,336	$	10,818
Property and equipment, net
U.S. Rental Car	$	602	$	621
International Rental Car	115		110
All other operations	11		13
Corporate	112		114
Total Hertz Global and Hertz	$	840	$	858
Total assets
U.S. Rental Car	$	12,785	$	12,876
International Rental Car	3,971		3,578
All other operations	1,700		1,612
Corporate	1,602		1,089
Total Hertz Global and Hertz	$	20,058	$	19,155



	Years Ended December 31,
(In millions)	2017			2016			2015
Revenue earning vehicles and capital assets, non-vehicle
U.S. Rental Car:
Expenditures	$	(6,837	)	$	(7,376	)	$	(7,930	)
Proceeds from disposals	4,882			6,010			6,280
Net expenditures - Hertz Global and Hertz	$	(1,955	)	$	(1,366	)	$	(1,650	)
International Rental Car:
Expenditures	$	(3,144	)	$	(2,868	)	$	(2,767	)
Proceeds from disposals	2,606			2,504			2,292
Net expenditures - Hertz Global and Hertz	$	(538	)	$	(364	)	$	(475	)
All other operations:
Expenditures	$	(735	)	$	(729	)	$	(718	)
Proceeds from disposals	182			209			162
Net expenditures - Hertz Global and Hertz	$	(553	)	$	(520	)	$	(556	)
Corporate:
Expenditures	$	(53	)	$	(33	)	$	(101	)
Proceeds from disposals	4			15			49
Net expenditures - Hertz Global and Hertz	$	(49	)	$	(18	)	$	(52	)

The Company operates in the United States and in international countries. International operations are substantially in Europe. The operations within major geographic areas for each of Hertz Global and Hertz are summarized below:



	Years Ended December 31,
(In millions)	2017		2016		2015
Revenues
United States	$	6,620	$	6,690	$	6,845
International	2,183		2,113		2,172
Total Hertz Global and Hertz	$	8,803	$	8,803	$	9,017



	As of December 31,
(In millions)	2017		2016
Revenue earning vehicles, net
United States	$	9,149	$	9,035
International	2,187		1,783
Total Hertz Global and Hertz	$	11,336	$	10,818
Property and equipment, net
United States	$	725	$	748
International	115		110
Total Hertz Global and Hertz	$	840	$	858
Total assets
United States	$	15,912	$	15,434
International	4,146		3,721
Total Hertz Global and Hertz	$	20,058	$	19,155

(a)

Adjusted pre-tax income (loss), the Company's segment profitability measure, is calculated as income (loss) from continuing operations before income taxes plus non-cash acquisition accounting charges, debt-related charges relating to the amortization and write-off of debt financing costs and debt discounts, goodwill, intangible and tangible asset impairments and write downs and certain one-time charges and non-operational items.

Reconciliations of adjusted pre-tax income (loss) by segment to consolidated amounts are summarized below.

Hertz Global



	Years Ended December 31,
(In millions)	2017			2016			2015
Adjusted pre-tax income (loss):
U.S. Rental Car	$	13		$	298		$	551
International Rental Car	203			194			215
All Other Operations	80			72			68
Total reportable segments	296			564			834
Corporate⁽¹⁾	(506		)	(499		)	(509		)
Adjusted pre-tax income (loss)	(210		)	65			325
Adjustments:
Acquisition accounting⁽²⁾	(62		)	(65		)	(87		)
Debt-related charges⁽³⁾	(47		)	(48		)	(58		)
Loss on extinguishment of debt⁽⁴⁾	(13		)	(55		)	—
Restructuring and restructuring related charges⁽⁵⁾	(22		)	(53		)	(84		)
Sale of CAR Inc. common stock⁽⁶⁾	3			84			133
Impairment charges and asset write-downs⁽⁷⁾	(118		)	(340		)	(57		)
Information technology and finance transformation costs⁽⁸⁾	(68		)	(53		)	—
Other⁽⁹⁾	(38		)	(5		)	(40		)
Income (loss) before income taxes	$	(575	)	$	(470	)	$	132

Hertz



	Years Ended December 31,
(In millions)	2017			2016			2015
Adjusted pre-tax income (loss):
U.S. Rental Car	$	13		$	298		$	551
International Rental Car	203			194			215
All Other Operations	80			72			68
Total reportable segments	296			564			834
Corporate⁽¹⁾	(501		)	(498		)	(509		)
Adjusted pre-tax income (loss)	(205		)	66			325
Adjustments:
Acquisition accounting⁽²⁾	(62		)	(65		)	(87		)
Debt-related charges⁽³⁾	(47		)	(48		)	(58		)
Loss on extinguishment of debt⁽⁴⁾	(13		)	(55		)	—
Restructuring and restructuring related charges⁽⁵⁾	(22		)	(53		)	(84		)
Sale of CAR Inc. common stock⁽⁶⁾	3			84			133
Impairment charges and asset write-downs⁽⁷⁾	(118		)	(340		)	(57		)
Information technology and finance transformation costs⁽⁸⁾	(68		)	(53		)	—
Other⁽⁹⁾	(38		)	(5		)	(40		)
Income (loss) before income taxes	$	(570	)	$	(469	)	$	132


(1)	Represents general corporate expenses, non-vehicle interest expense, as well as other business activities.


(2)	Represents incremental expense associated with amortization of other intangible assets and depreciation of property and equipment relating to acquisition accounting.


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

(4)

In 2017, primarily comprised of $6 million of early redemption premium and write-off of deferred financing costs associated with the redemption of the outstanding 4.25% Senior Notes due April 2018 and $7 million write-off of deferred financing costs associated with the termination of commitments under the Senior RCF. In 2016, amount represents $6 million of deferred financing costs written off as a result of terminating and refinancing various vehicle debt, $27 million in early redemption premiums associated with the redemption of all of the 7.50% Senior Notes due October 2018 and a portion of the 6.75% Senior Notes due April 2019 and $22 million of deferred financing costs and debt discount written off as a result of paying off the above Senior Notes and the Company's Senior Credit Facilities.

(5)

Represents charges incurred under restructuring actions as defined in U.S. GAAP, excluding impairments and asset write-downs, which are shown separately in the table. For further information on restructuring charges, see Note 12, "Restructuring." Also includes restructuring related charges such as incremental costs incurred directly supporting business transformation initiatives. Such costs include transition costs incurred in connection with business process outsourcing arrangements and incremental costs incurred to facilitate business process re-engineering initiatives that involve significant organization redesign and extensive operational process changes. Also includes $5 million, $8 million and $38 million of consulting costs and legal fees related to the previously disclosed accounting review and investigation in 2017, 2016 and 2015, respectively.


(6)	Represents the pre-tax gain on the sale of CAR Inc. common stock.

(7)

In 2017, primarily represents an $86 million impairment of the Dollar Thrifty tradenames and an impairment of $30 million related to an equity method investment. In 2016, primarily comprised of a $172 million impairment of goodwill associated with the Company's vehicle rental operations in Europe, a $120 million impairment of the Dollar Thrifty tradenames, a $25 million impairment of certain tangible assets used in the U.S. RAC segment in conjunction with a restructuring program and a $18 million impairment of the net assets held for sale related to the Company's Brazil operations. In 2015, primarily comprised of a $40 million impairment of an international tradename associated with the Company's former equipment rental business, a $6 million impairment of the former Dollar Thrifty headquarters, a $5 million impairment of a building in the U.S. RAC Segment and a $3 million impairment of a corporate asset.


(8)	Represents costs associated with the Company's information technology and finance transformation programs, both of which are multi-year initiatives that commenced in 2016 to upgrade and modernize the Company's systems and processes.

(9)

Represents miscellaneous and non-recurring items. In 2017, primarily comprised of net expenses of approximately $16 million associated with the impact of the hurricanes and charges of $8 million associated with strategic financings, offset by a $6 million gain on the sale of the Company's Brazil Operations and a return of capital from an equity method investment resulting in a $4 million gain. Also includes charges of $5 million relating to PLPD as a result of a terrorist event. For 2016, includes a $9 million settlement gain from an eminent domain case related to one of the Company's airport locations. For 2015, includes a $23 million charge recorded in relation to a French road tax matter, $5 million of costs related to the integration of Dollar Thrifty and $5 million in relocation expenses incurred in connection with the relocation of the Company's corporate headquarters to Estero, Florida.

Guarantor and Non-Guarantor Annual Condensed Consolidating Financial Information

12 Months Ended

Dec. 31, 2017

Guarantor and Non-Guarantor Condensed Consolidating Financial Statements Disclosure [Abstract]

Guarantor and Non-Guarantor Annual Condensed Consolidating Financial Information

Guarantor and Non-Guarantor Annual Condensed Consolidating Financial Information - Hertz

The following annual condensed consolidating financial information presents the Condensed Consolidating Balance Sheets as of December 31, 2017 and 2016 and the Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) and Statements of Cash Flows for the years ended December 31, 2017, 2016 and 2015, of (a) The Hertz Corporation, ("Parent”); (b) the Parent's subsidiaries that guarantee the Senior Notes issued by the Parent ("Guarantor Subsidiaries"); (c) the Parent's subsidiaries that do not guarantee the Senior Notes issued by the Parent ("Non-Guarantor Subsidiaries"); (d) elimination entries necessary to consolidate the Parent with the Guarantor Subsidiaries and Non-Guarantor Subsidiaries ("Eliminations"); and of (e) Hertz on a consolidated basis.

Investments in subsidiaries are accounted for using the equity method for purposes of the consolidating presentation. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions. The Guarantor Subsidiaries are 100% owned by the Parent and all guarantees are full and unconditional and joint and several. Additionally, substantially all of the assets of the Guarantor Subsidiaries are pledged under the Senior Facilities and Senior Second Priority Secured Notes, and consequently will not be available to satisfy the claims of Hertz's general creditors. In lieu of providing separate unaudited financial statements for the Guarantor Subsidiaries, Hertz has included the accompanying condensed consolidating financial statements based on Rule 3-10 of the SEC's Regulation S-X. Management of Hertz does not believe that separate financial statements of the Guarantor Subsidiaries are material to Hertz's investors; therefore, separate financial statements and other disclosures concerning the Guarantor Subsidiaries are not presented.

During the preparation of the condensed consolidating financial information of The Hertz Corporation and Subsidiaries as of and for the three months ended March 31, 2017, it was determined that prepaid expenses and other assets, deferred income taxes, net, due from affiliates and due to affiliates, and the related eliminations at December 31, 2016 as filed in the Company’s 2016 Form 10-K were improperly calculated, resulting in a $915 million overstatement of prepaid expenses and other assets and due to affiliates of the Parent and an overstatement of due from affiliates and deferred income taxes, net of the Guarantor Subsidiaries. The errors, which the Company has determined are not material to this disclosure, had no impact on the net assets of the Parent or the Guarantor Subsidiaries and are eliminated upon consolidation, and therefore have no impact on the Company’s consolidated financial condition, results of operations or cash flows. The Company has revised the Condensed Consolidating Balance Sheets for the Parent, Guarantor Subsidiaries and Eliminations as of December 31, 2016 to correct for these errors.

Also, during the preparation of the condensed consolidating financial information of The Hertz Corporation and Subsidiaries as of and for the year ended December 31, 2017, it was determined that there were classification errors within the investing section of the statements of cash flows that resulted in overstatement of capital contributions to subsidiaries and return of capital from subsidiaries for the Parent and classification errors within the financing section of the statements of cash flows that resulted in overstatement of capital contributions received from parent and payment of dividends and returns of capital for the Non-Guarantor Subsidiaries. The overstatements were $264 million and $158 million for the years ended December 31, 2016 and 2015, respectively. The errors, which the Company has determined are not material to this disclosure, had no impact to cash from investing activities for the Parent or cash from financing activities of the Non-Guarantor Subsidiaries, and had no impact to any cash flows of the Guarantor Subsidiaries. These errors are eliminated in consolidation and therefore have no impact on the Company’s consolidated financial condition, results of operations or cash flows. The Company has revised the Condensed Consolidating Statements of Cash Flows for the Parent, Non-Guarantor Subsidiaries and Eliminations for the years ended December 31, 2016 and 2015 to correct for these errors.

THE HERTZ CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2016

(In millions)



	Parent (The Hertz Corporation)		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			The Hertz Corporation & Subsidiaries
ASSETS
Cash and cash equivalents	$	458	$	12	$	346	$	—		$	816
Restricted cash and cash equivalents	53		5		220		—			278
Receivables, net of allowance	752		167		364		—			1,283
Due from affiliates	3,668		3,823		9,750		(17,241		)	—
Prepaid expenses and other assets	4,821		83		199		(4,525		)	578
Revenue earning vehicles, net	361		7		10,450		—			10,818
Property and equipment, net	656		70		132		—			858
Investment in subsidiaries, net	6,114		598		—		(6,712		)	—
Other intangible assets, net	89		3,223		20		—			3,332
Goodwill	102		943		36		—			1,081
Assets held for sale	—		—		111		—			111
Total assets	$	17,074	$	8,931	$	21,628	$	(28,478	)	$	19,155
LIABILITIES AND EQUITY
Due to affiliates	$	10,833	$	1,900	$	4,508	$	(17,241	)	$	—
Accounts payable	279		90		452		—			821
Accrued liabilities	557		103		320		—			980
Accrued taxes, net	78		18		2,881		(2,812		)	165
Debt	4,086		—		9,455		—			13,541
Public liability and property damage	166		43		198		—			407
Deferred income taxes, net	—		2,065		1,797		(1,713		)	2,149
Liabilities held for sale	—		—		17		—			17
Total liabilities	15,999		4,219		19,628		(21,766		)	18,080
Equity:
Stockholder's equity	1,075		4,712		2,000		(6,712		)	1,075
Total liabilities and equity	$	17,074	$	8,931	$	21,628	$	(28,478	)	$	19,155

THE HERTZ CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Year Ended December 31, 2016

(In millions)



	Parent (The Hertz Corporation)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			The Hertz Corporation & Subsidiaries
Total revenues	$	4,604		$	1,483		$	6,022		$	(3,306	)	$	8,803
Expenses:
Direct vehicle and operating	2,909			761			1,263			(1		)	4,932
Depreciation of revenue earning vehicles and lease charges, net	2,766			685			2,453			(3,303		)	2,601
Selling, general and administrative	602			51			248			(2		)	899
Interest (income) expense, net	407			(58		)	274			—			623
Goodwill and intangible asset impairments	—			120			172			—			292
Other (income) expense, net	6			(10		)	(71		)	—			(75		)
Total expenses	6,690			1,549			4,339			(3,306		)	9,272
Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries	(2,086		)	(66		)	1,683			—			(469		)
Income tax (provision) benefit	682			(26		)	(660		)	—			(4		)
Equity in earnings (losses) of subsidiaries, net of tax	916			266			—			(1,182		)	—
Net income (loss) from continuing operations	$	(488	)	$	174		$	1,023		$	(1,182	)	$	(473	)
Net income (loss) from discontinued operations	—			(5		)	(10		)	—			(15		)
Net income (loss)	(488		)	169			1,013			(1,182		)	(488		)
Other comprehensive income (loss), net of tax	(29		)	7			(47		)	40			(29		)
Comprehensive income (loss)	$	(517	)	$	176		$	966		$	(1,142	)	$	(517	)

THE HERTZ CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Year Ended December 31, 2015

(In millions)



	Parent (The Hertz Corporation)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			The Hertz Corporation & Subsidiaries
Total revenues	$	4,618		$	1,567		$	5,432		$	(2,600	)	$	9,017
Expenses:
Direct vehicle and operating	2,895			856			1,306			(2		)	5,055
Depreciation of revenue earning vehicles and lease charges, net	1,951			665			2,414			(2,597		)	2,433
Selling, general and administrative	527			69			278			(1		)	873
Interest (income) expense, net	389			(29		)	239			—			599
Goodwill and intangible asset impairments	40			—			—			—			40
Other (income) expense, net	—			(2		)	(113		)	—			(115		)
Total expenses	5,802			1,559			4,124			(2,600		)	8,885
Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries	(1,184		)	8			1,308			—			132
Income tax (provision) benefit	262			35			(314		)	—			(17		)
Equity in earnings (losses) of subsidiaries, net of tax	1,198			193			—			(1,391		)	—
Net income (loss) from continuing operations	276			236			994			(1,391		)	115
Net income (loss) from discontinued operations	—			162			67			(68		)	161
Net income (loss)	276			398			1,061			(1,459		)	276
Other comprehensive income (loss), net of tax	(130		)	(4		)	(114		)	118			(130		)
Comprehensive income (loss)	$	146		$	394		$	947		$	(1,341	)	$	146

THE HERTZ CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2016

(In millions)



	Parent (The Hertz Corporation)				Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			The Hertz Corporation & Subsidiaries
Net cash provided by (used in) operating activities from continuing operations	$	(1,892	)		$	85		$	5,151		$	(814	)	$	2,530
Cash flows from investing activities:
Net change in restricted cash and cash equivalents, vehicle	4				(3		)	52			—			53
Net change in restricted cash and cash equivalents, non-vehicle	—				—			(1		)	—			(1		)
Revenue earning vehicles expenditures	(342		)		(69		)	(10,461		)	—			(10,872		)
Proceeds from disposal of revenue earning vehicles	417				—			8,262			—			8,679
Capital asset expenditures, non-vehicle	(80		)		(16		)	(38		)	—			(134		)
Proceeds from disposal of property and other equipment	35				1			23			—			59
Sales of shares in equity investment, net of amounts invested	(45		)		—			267			—			222
Acquisitions, net of cash acquired	—				—			(2		)	—			(2		)
Capital contributions to subsidiaries	(2,368		)	—	—			—			2,368			—
Return of capital from subsidiaries	3,585				—			—			(3,585		)	—
Loan to Parent/Guarantor from Non-Guarantor	—				—			(1,055		)	1,055			—
Net cash provided by (used in) investing activities from continuing operations	1,206				(87		)	(2,953		)	(162		)	(1,996		)
Cash flows from financing activities:
Proceeds from issuance of vehicle debt	716				—			8,976			—			9,692
Repayments of vehicle debt	(707		)		—			(9,041		)	—			(9,748		)
Proceeds from issuance of non-vehicle debt	2,592				—			—			—			2,592
Repayments of non-vehicle debt	(4,651		)		—			—			—			(4,651		)
Payment of financing costs	(46		)		(3		)	(26		)	—			(75		)
Early redemption premium payment	(27		)		—			—			—			(27		)
Transfers from discontinued entities	2,122				—			—			—			2,122
Advances to Hertz Holdings	(102		)		—			—			—			(102		)
Other	13				—			—			—			13
Capital contributions received from parent	—				—			2,368			(2,368		)	—
Payment of dividends and return of capital	—				—			(4,399		)	4,399			—
Loan to Parent/Guarantor from Non-Guarantor	1,055				—			—			(1,055		)	—
Net cash provided by (used in) financing activities from continuing operations	965				(3		)	(2,122		)	976			(184		)
Effect of foreign currency exchange rate changes on cash and cash equivalents from continuing operations	—				—			(8		)	—			(8		)
Net increase (decrease) in cash and cash equivalents during the period from continuing operations	279				(5		)	68			—			342
Cash and cash equivalents at beginning of period	179				17			278			—			474
Cash and cash equivalents at end of period	$	458			$	12		$	346		$	—		$	816

Cash flows from discontinued operations:
Cash flows provided by (used in) operating activities	$	—			$	59		$	148		$	—		$	207
Cash flows provided by (used in) investing activities	—				(75		)	(2		)	—			(77		)
Cash flows provided by (used in) financing activities	—				44			(138		)	—			(94		)
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations	$	—			$	28		$	8		$	—		$	36

THE HERTZ CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2015

(In millions)



	Parent (The Hertz Corporation)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			The Hertz Corporation & Subsidiaries
Net cash provided by (used in) operating activities from continuing operations	$	(1,390	)	$	(206	)	$	4,896		$	(524	)	$	2,776
Cash flows from investing activities:
Net change in restricted cash and cash equivalents, vehicle	25			1			195			—			221
Net change in restricted cash and cash equivalents, non-vehicle	—			3			(12		)	—			(9		)
Revenue earning vehicles expenditures	(434		)	(93		)	(10,739		)	—			(11,266		)
Proceeds from disposal of revenue earning vehicles	303			41			8,332			—			8,676
Capital asset expenditures, non-vehicle	(154		)	(6		)	(90		)	—			(250		)
Proceeds from disposal of property and other equipment	53			11			43			—			107
Sales of shares in equity investment, net of amounts invested	—			—			236			—			236
Advances to Hertz Holdings	(267		)	—			—			—			(267		)
Acquisitions, net of cash acquired	(17		)	(3		)	(75		)	—			(95		)
Capital contributions to subsidiaries	(2,492		)	(181		)	—			2,673			—
Return of capital from subsidiaries	4,476			443			—			(4,919		)	—
Loan to Parent/Guarantor from Non-Guarantor	—			—			(737		)	737			—
Net cash provided by (used in) investing activities from continuing operations	1,493			216			(2,847		)	(1,509		)	(2,647		)
Cash flows from financing activities:
Proceeds from issuance of vehicle debt	25			—			7,503			—			7,528
Repayments of vehicle debt	—			—			(7,079		)	—			(7,079		)
Proceeds from issuance of non-vehicle debt	1,867			—			—			—			1,867
Repayments of non-vehicle debt	(2,112		)	—			—			—			(2,112		)
Payment of financing costs	(4		)	(3		)	(22		)	—			(29		)
Transfers (to) from discontinued entities	(95		)	—			163			—			68
Advances to Hertz Holdings	(344		)	—			—			—			(344		)
Capital contributions received from parent	—			—			2,673			(2,673		)	—
Payment of dividends and return of capital	—			—			(5,443		)	5,443			—
Loan to Parent/Guarantor from Non-Guarantor	737			—			—			(737		)	—
Net cash provided by (used in) financing activities from continuing operations	74			(3		)	(2,205		)	2,033			(101		)
Effect of foreign currency exchange rate changes on cash and cash equivalents from continuing operations	—			—			(28		)	—			(28		)
Net increase (decrease) in cash and cash equivalents during the period from continuing operations	177			7			(184		)	—			—
Cash and cash equivalents at beginning of period	2			10			462			—			474
Cash and cash equivalents at end of period	$	179		$	17		$	278		$	—		$	474

Cash flows from discontinued operations:
Cash flows provided by (used in) operating activities	—			356			200			—			556
Cash flows provided by (used in) investing activities	—			(447		)	62			—			(385		)
Cash flows provided by (used in) financing activities	—			87			(266		)	—			(179		)
Effect of foreign currency exchange rate changes on cash and cash equivalents	—			—			(3		)	—			(3		)
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations	$	—		$	(4	)	$	(7	)	$	—		$	(11	)

Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (Unaudited)

Provided below is a summary of the quarterly operating results during 2017 and 2016. Amounts are computed independently each quarter. As a result, the sum of the quarter's amounts may not equal the total amount for the respective year.

Hertz Global



	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
(In millions, except per share data)	2017			2017			2017		2017⁽¹⁾
Revenues from continuing operations	$	1,916		$	2,224		$	2,572	$	2,091
Income (loss) from continuing operations before income taxes	(294		)	(245		)	143		(179		)
Net income (loss) from continuing operations	(223		)	(158		)	93		616
Earnings (loss) per share from continuing operations:
Basic	(2.69		)	(1.90		)	1.12		7.42
Diluted	(2.69		)	(1.90		)	1.12		7.42



	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
(In millions, except per share data)	2016			2016			2016		2016⁽²⁾
Revenues from continuing operations	$	1,983		$	2,270		$	2,542	$	2,009
Income (loss) from continuing operations before income taxes	(76		)	(35		)	108		(466		)
Net income (loss) from continuing operations	(52		)	(28		)	44		(438		)
Earnings (loss) per share from continuing operations:
Basic	(0.61		)	(0.33		)	0.52		(5.28		)
Diluted	(0.61		)	(0.33		)	0.52		(5.28		)

Hertz



	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
(In millions)	2017			2017			2017		2017⁽¹⁾
Revenues from continuing operations	$	1,916		$	2,224		$	2,572	$	2,091
Income (loss) from continuing operations before income taxes	(293		)	(244		)	144		(178		)
Net income (loss) from continuing operations	(222		)	(158		)	94		619



	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
(In millions)	2016			2016			2016		2016⁽²⁾
Revenues from continuing operations	$	1,983		$	2,270		$	2,542	$	2,009
Income (loss) from continuing operations before income taxes	(76		)	(35		)	108		(465		)
Net income (loss) from continuing operations	(52		)	(28		)	44		(437		)


(1)	Net income (loss) from continuing operations for the fourth quarter of 2017 includes the effects of the TCJA, which contained wide-ranging changes to the U.S. tax structure, as further discussed in Note 13, "Income Tax (Provision) Benefit."


(2)	Net income (loss) from continuing operations for the fourth quarter of 2016 includes a $172 million goodwill impairment and a $120 million tradename impairment as further described in Note 6, "Goodwill and Intangible Assets."

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events HVF II U.S. Vehicle Medium Term Notes In January 2018, HVF II issued the Series 2018-1 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D ("the HVF II Series 2018-1 Notes") in an aggregate principal amount of approximately $1.1 billion. Hertz purchased all $58 million of the Class D Notes resulting in $1.0 billion aggregate principal amount issued to third parties and used the proceeds to reduce the outstanding principal amount of the HVF II Series 2013-A Notes. There is subordination within the HVF II Series 2018-1 Notes based on class.

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Schedule I Condensed Financial Information of Registrant

PARENT COMPANY BALANCE SHEETS

(In millions, except par value)



	December 31,
	2017			2016
ASSETS
Cash and cash equivalents	$	—		$	—
Investments in subsidiaries	1,520			1,075
Deferred income taxes, net	—			—
Total assets	$	1,520		$	1,075
EQUITY
Preferred Stock, $0.01 par value, no shares issued and outstanding	$	—		$	—
Common Stock, $0.01 par value, 86 and 85 shares issued and 84 and 83 shares outstanding	1			1
Additional paid-in capital	2,243			2,227
Accumulated deficit	(506		)	(882		)
Accumulated other comprehensive income (loss)	(118		)	(171		)
	1,620			1,175
Treasury Stock, at cost, 2 shares and 2 shares	(100		)	(100		)
Total equity	$	1,520		$	1,075

The accompanying notes are an integral part of these financial statements.

SCHEDULE I (Continued)

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

HERTZ GLOBAL HOLDINGS, INC.

PARENT COMPANY STATEMENTS OF OPERATIONS

(In millions)



	Years Ended December 31,
	2017			2016			2015
Total Revenues	$	—		$	—		$	—
Expenses:
Interest expense, net	5			1			—
Total expenses	5			1			—
Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries	(5		)	(1		)	—
Income tax (provision) benefit	—			—			—
Equity in earnings (losses) of subsidiaries, net of tax	332			(488		)	276
Net income (loss) from continuing operations	327			(489		)	276
Net income (loss) from discontinued operations	—			(2		)	(3		)
Net income (loss)	$	327		$	(491	)	$	273

The accompanying notes are an integral part of these financial statements.

SCHEDULE I (Continued)

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

HERTZ GLOBAL HOLDINGS, INC.

PARENT COMPANY STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In millions)



	Years Ended December 31,
	2017		2016			2015
Net income (loss)	$	327	$	(491	)	$	273
Other comprehensive income (loss)	53		(29		)	(130		)
Comprehensive income (loss)	$	380	$	(520	)	$	143

The accompanying notes are an integral part of these financial statements.

SCHEDULE I (Continued)

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

HERTZ GLOBAL HOLDINGS, INC.

PARENT COMPANY STATEMENTS OF CASH FLOWS

(In millions)



	Years Ended December 31,
	2017			2016			2015
Net cash provided by (used in) operating activities	$	(5	)	$	(1	)	$	—
Cash flows from investing activities:
Transfers (to) from discontinued entities	—			—			(7		)
Net cash provided by (used in) investing activities	—			—			(7		)
Cash flows from financing activities:
Proceeds from exercise of stock options	—			11			5
Net settlement on vesting of restricted stock	—			(2		)	(4		)
Purchase of treasury shares	—			(100		)	(605		)
Proceeds from loans with Hertz Affiliates	6			102			611
Repayments of loans with Hertz Affiliates	—			(10		)	—
Other	(1		)	—			—
Net cash provided by (used in) financing activities	5			1			7
Net increase (decrease) in cash and cash equivalents during the period	—			—			—
Cash and cash equivalents at beginning of period	—			—			—
Cash and cash equivalents at end of period	$	—		$	—		$	—

Supplemental disclosures of non-cash information:
Settlement of amount due to affiliate	$	—		$	334		$	365

The accompanying notes are an integral part of these financial statements.

Background and Basis of Presentation

Hertz Global Holdings, Inc. ("Hertz Global" when including its subsidiaries and "Hertz Holdings" excluding its subsidiaries) was incorporated in Delaware in 2015 and wholly owns Rental Car Intermediate Holdings, LLC which wholly owns The Hertz Corporation ("Hertz"), Hertz Globals' primary operating company.

On June 30, 2016, former Hertz Global Holdings, Inc. (for periods on or prior to June 30, 2016, “Old Hertz Holdings” and for periods after June 30, 2016, “Herc Holdings”) completed a spin-off (the “Spin-Off”) of its global vehicle rental business through a dividend to stockholders of record of Old Hertz Holdings as of the close of business on June 22, 2016, the record date for the distribution, of all of the issued and outstanding common stock of Hertz Rental Car Holding Company, Inc. (“New Hertz”), which was re-named Hertz Global Holdings, Inc. in connection with the Spin-Off, on a one-to-five basis. Hertz Global is an independent public company and trades on the New York Stock Exchange under the symbol "HTZ".

Despite the fact that this was a reverse spin off and Hertz Global was spun off from Old Hertz Holdings and was the legal spinnee in the transaction, for accounting purposes, due to the relative significance of New Hertz to Old Hertz Holdings, Hertz Global is considered the spinnor or divesting entity and Herc Holdings is considered the spinnee or divested entity. As a result, New Hertz, or Hertz Global, is the “accounting successor” to Old Hertz Holdings. As such, the historical financial information of Hertz Global reflects the equipment rental business and certain parent legal entities as discontinued operations.

These condensed parent company financial statements reflect the activity of Hertz Holdings as the parent company to Hertz and have been prepared in accordance with Rule 12-04, Schedule 1 of Regulation S-X, as the restricted net assets of Hertz exceed 25% of the consolidated net assets of Hertz Holdings. This information should be read in conjunction with the consolidated financial statements of Hertz Global included in this 2017 Annual Report under the caption Item 8, "Financial Statements and Supplementary Data."

On January 1, 2017, Hertz Holdings adopted guidance issued by the FASB on Improvements to Employee Share-Based Payment Accounting. This resulted in an opening balance sheet adjustment recorded to accumulated deficit of $49 million in the accompanying parent-only balance sheets of Hertz Holdings. See Note 2, "Significant Accounting Policies," to the Notes to its consolidated financial statements included in this 2017 Annual Report under the caption Item 8, "Financial Statements and Supplementary Data" for further details.

Contingencies

For a discussion of the commitments and contingencies of Hertz Holdings, refer to the sections below included in "Other Matters" in Note 16, "Contingencies and Off-Balance Sheet Commitments," to the Notes to its consolidated financial statements included in this 2017 Annual Report under the caption Item 8, "Financial Statements and Supplementary Data."


•	In re Hertz Global Holdings, Inc. Securities Litigation, and


•	Governmental Investigations, insofar as it relates to the SEC investigation

The remaining sections of Note 16, "Contingencies and Off-Balance Sheet Commitments," and Note 11, "Leases," describe the commitments and contingencies of Hertz Holdings, including its subsidiaries.

Dividends

In October 2015, Hertz paid a non-cash dividend to Hertz Investors, Inc. consisting of the full rights to a receivable due from Old Hertz Holdings in the amount of $365 million plus accrued interest. Hertz Investors, Inc. declared and paid the same dividend to Old Hertz Holdings; thereby settling the amount due to Hertz.

Prior to the Spin-Off on June 30, 2016, Hertz paid a non-cash dividend to Hertz Investors, Inc. consisting of the full rights to the receivable due from Old Hertz Holdings in the amount of $334 million plus accrued interest. Hertz Investors, Inc. declared and paid the same dividend to Old Hertz Holdings; thereby settling the amount due to Hertz.

There were no non-cash dividends paid by Hertz in 2017.

Share Repurchase

For a discussion of the share repurchase program of Hertz Holdings, refer to Note 18, "Equity and Earnings (Loss) Per Share - Hertz Global," to the Notes to its consolidated financial statements included in this 2017 Annual Report under the caption Item 8, "Financial Statements and Supplementary Data." As of December 31, 2017, Hertz Holdings repurchased two million shares for $100 million under this program. This amount is included in treasury stock in the accompanying parent-only balance sheets of Hertz Holdings as of December 31, 2017 and 2016.

Transactions with Affiliates

For a discussion of Hertz Holdings transactions with Hertz under the master loan, refer to Note 17, "Related Party Transactions," to the Notes to its consolidated financial statements included in this 2017 Annual Report under the caption Item 8, "Financial Statements and Supplementary Data." The amounts related to the master loan transactions are included in investments in subsidiaries in the accompanying parent-only balance sheets of Hertz Holdings.

Valuation and Qualifying Accounts [Abstract]

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References + Details

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2017

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II

VALUATION AND QUALIFYING ACCOUNTS

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES

THE HERTZ CORPORATION AND SUBSIDIARIES

(In millions)



	Balance at Beginning of Period		Additions
	Balance at Beginning of Period		Charged to Expense			Translation Adjustments			Deductions				Balance at End of Period
Receivables allowances:
Year Ended December 31, 2017	$	42	$	33		$	3		$	(45	)	^(a)	$	33
Year Ended December 31, 2016	36		51			(2		)	(43		)	^(a)	42
Year Ended December 31, 2015	40		36			(1		)	(39		)	^(a)	36

Tax valuation allowances:
Year Ended December 31, 2017	$	230	$	57		$	18		$	—			$	305
Year Ended December 31, 2016	148		83			(1		)	—				230
Year Ended December 31, 2015	222		(47		)	(27		)	—				148


(a)	Amounts written off, net of recoveries.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Accounting Policies [Abstract]

Reclassifications

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

Principles of Consolidation

Use of Estimates and Assumptions

Revenue Earning Equipment and Property and Equipment

Property and Equipment

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



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

Revenue Earning Vehicles

Revenue Recognition

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

Vehicle Rental Operations

Revenue and expenses associated with gasoline, vehicle licensing and airport concessions are recorded on a gross basis within revenue and operating expenses.

Fleet Leasing and Management Operations

Self-insured Liabilities

Recoverability of Goodwill and Intangible Assets

Recoverability of Goodwill and Indefinite-lived Intangible Assets

Long-lived Assets, Including Finite-lived Intangible Assets

Financial Instruments

Income Taxes

Stock-Based Compensation

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and highly liquid investments with an original maturity of three months or less.

Restricted Cash and Cash Equivalents

Receivables

Acquisitions

Divestitures

Fair Value Measurements

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

Foreign Currency Translation and Transactions

Advertising

Concentration of Credit Risk

Recent Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

Adopted

Improvements to Employee Share-Based Payment Accounting

The impact to the consolidated opening balance sheet as of January 1, 2017 from adopting this guidance was as follows (in millions):

Hertz Global



	Deferred income taxes, net			Total liabilities			Accumulated deficit			Total equity		Total liabilities and equity
As of December 31, 2016	$	2,149		$	18,080		$	(882	)	$	1,075	$	19,155
Record deferred tax asset	(49		)	(49		)	49			49		—
As of January 1, 2017	$	2,100		$	18,031		$	(833	)	$	1,124	$	19,155

Hertz



	Deferred income taxes, net			Total liabilities			Accumulated deficit			Total equity		Total liabilities and equity
As of December 31, 2016	$	2,149		$	18,080		$	(1,867	)	$	1,075	$	19,155
Record deferred tax asset	(49		)	(49		)	49			49		—
As of January 1, 2017	$	2,100		$	18,031		$	(1,818	)	$	1,124	$	19,155

Classification of Certain Cash Receipts and Cash Payments

Accounting for Goodwill Impairment

Scope of Modification Accounting for Share-Based Payment Awards

Not Yet Adopted as of December 31, 2017

Restricted Cash

Revenue from Contracts with Customers

Vehicle Rental Operations

Fleet Leasing and Management Operations

Leases

Lessee

Lessor

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Depreciable Assets

Useful lives are as follows:



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

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The impact to the consolidated opening balance sheet as of January 1, 2017 from adopting this guidance was as follows (in millions):

Hertz Global



	Deferred income taxes, net			Total liabilities			Accumulated deficit			Total equity		Total liabilities and equity
As of December 31, 2016	$	2,149		$	18,080		$	(882	)	$	1,075	$	19,155
Record deferred tax asset	(49		)	(49		)	49			49		—
As of January 1, 2017	$	2,100		$	18,031		$	(833	)	$	1,124	$	19,155

Hertz



	Deferred income taxes, net			Total liabilities			Accumulated deficit			Total equity		Total liabilities and equity
As of December 31, 2016	$	2,149		$	18,080		$	(1,867	)	$	1,075	$	19,155
Record deferred tax asset	(49		)	(49		)	49			49		—
As of January 1, 2017	$	2,100		$	18,031		$	(1,818	)	$	1,124	$	19,155

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2017

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]



	Years Ended December 31,
(In millions)	2016			2015
Total revenues	$	677		$	1,518
Direct operating expenses	366			841
Depreciation of revenue earning equipment and lease charges, net	181			329
Selling, general and administrative	123			172
Interest expense, net⁽¹⁾	17			23
Other (income) expense, net	(1		)	(56		)
Income (loss) from discontinued operations before income taxes	(9		)	209
(Provision) benefit for taxes on discontinued operations	(8		)	(51		)
Net income (loss) from discontinued operations	$	(17	)	$	158


(1)	In addition to interest expense directly associated with Herc Holdings, the Company allocated interest expense related to certain debt repaid in connection with the Spin-Off to discontinued operations. For the years ended December 31, 2016 and 2015, the amount allocated was $5 million and $13 million, respectively.

The carrying amounts of the major classes of assets and liabilities of the Brazil Operations as of December 31, 2016 were as follows:



(In millions)	December 31, 2016
ASSETS
Cash and cash equivalents	$	1
Receivables, net	11
Prepaid expenses and other assets	5
Revenue earning vehicles, net	86
Property and equipment, net	1
Intangibles	1
Deferred income taxes, net	6
Assets held for sale	$	111
LIABILITIES
Accounts payable	$	11
Accrued liabilities	6
Liabilities held for sale	$	17

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]



	Years Ended December 31,
(In millions)	2016			2015
Total revenues	$	677		$	1,518
Direct operating expenses	366			841
Depreciation of revenue earning equipment and lease charges, net	181			329
Selling, general and administrative	124			172
Interest expense, net⁽¹⁾	13			20
Other (income) expense, net	(1		)	(56		)
Income (loss) from discontinued operations before income taxes	(6		)	212
(Provision) benefit for taxes on discontinued operations	(9		)	(51		)
Net income (loss) from discontinued operations	$	(15	)	$	161


(1)	In addition to interest expense directly associated with Herc Holdings, the Company allocated interest expense related to certain debt repaid in connection with the Spin-Off to discontinued operations. For the years ended December 31, 2016 and 2015, the amount allocated was $5 million and $13 million, respectively.

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2017

Business Combinations [Abstract]

The purchase price was allocated as follows:



(In millions)	U.S. Rental Car
Revenue earning vehicles	$	71
Property and equipment	6
Other intangible assets	9
Goodwill	1
Total	$	87



	Years Ended December 31,
(In millions)	2016			2015
Total revenues	$	677		$	1,518
Direct operating expenses	366			841
Depreciation of revenue earning equipment and lease charges, net	181			329
Selling, general and administrative	123			172
Interest expense, net⁽¹⁾	17			23
Other (income) expense, net	(1		)	(56		)
Income (loss) from discontinued operations before income taxes	(9		)	209
(Provision) benefit for taxes on discontinued operations	(8		)	(51		)
Net income (loss) from discontinued operations	$	(17	)	$	158


(1)	In addition to interest expense directly associated with Herc Holdings, the Company allocated interest expense related to certain debt repaid in connection with the Spin-Off to discontinued operations. For the years ended December 31, 2016 and 2015, the amount allocated was $5 million and $13 million, respectively.

The carrying amounts of the major classes of assets and liabilities of the Brazil Operations as of December 31, 2016 were as follows:



(In millions)	December 31, 2016
ASSETS
Cash and cash equivalents	$	1
Receivables, net	11
Prepaid expenses and other assets	5
Revenue earning vehicles, net	86
Property and equipment, net	1
Intangibles	1
Deferred income taxes, net	6
Assets held for sale	$	111
LIABILITIES
Accounts payable	$	11
Accrued liabilities	6
Liabilities held for sale	$	17

Components of Revenue Earning Vehicles

+ References

+ Details

Revenue Earning Vehicles (Tables)

12 Months Ended

Dec. 31, 2017

Revenue Earning Vehicles [Abstract]

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



	December 31,
(In millions)	2017			2016
Revenue earning vehicles	$	14,209		$	13,287
Less: Accumulated depreciation	(3,123		)	(2,678		)
	11,086			10,609
Revenue earning vehicles held for sale, net	250			209
Revenue earning vehicles, net	$	11,336		$	10,818

Depreciation of revenue earning equipment and lease charges

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



	Years Ended December 31,
(In millions)	2017		2016		2015
Depreciation of revenue earning vehicles	$	2,486	$	2,359	$	2,272
(Gain) loss on disposal of revenue earning vehicles^(a)	236		172		89
Rents paid for vehicles leased	76		70		72
Depreciation of revenue earning vehicles and lease charges, net	$	2,798	$	2,601	$	2,433

(a) (Gain) loss on disposal of revenue earning vehicles by segment is as follows:



	Years Ended December 31,
(In millions)	2017		2016			2015
U.S. Rental Car⁽ⁱ⁾	$	234	$	177		$	97
International Rental Car	2		(5		)	(8		)
Total	$	236	$	172		$	89


(i)	Includes costs associated with the Company's U.S. vehicle sales operations of $132 million, $109 million and $105 million for the years ended December 31, 2017, 2016 and 2015, respectively.

Impact of depreciation rate changes

The impact of depreciation rate changes is as follows:



Increase (decrease)	Years Ended December 31,
(In millions)	2017		2016		2015
U.S. Rental Car	$	77	$	141	$	101
International Rental Car	10		4		(1		)
Total	$	87	$	145	$	100

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of changes in goodwill, by segment

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



(In millions)	U.S. Rental Car		International Rental Car			All Other Operations		Total
Balance as of January 1, 2017
Goodwill	$	1,028	$	237		$	34	$	1,299
Accumulated impairment losses	—		(218		)	—		(218		)
	1,028		19			34		1,081
Goodwill acquired and other changes during the period^(a)	1		—			2		3
	1		—			2		3
Balance as of December 31, 2017
Goodwill	1,029		237			36		1,302
Accumulated impairment losses	—		(218		)	—		(218		)
	$	1,029	$	19		$	36	$	1,084



(In millions)	U.S. Rental Car		International Rental Car			All Other Operations			Total
Balance as of January 1, 2016
Goodwill	$	1,028	$	244		$	35		$	1,307
Accumulated impairment losses	—		(46		)	—			(46		)
	1,028		198			35			1,261
Impairment losses during the period	—		(172		)	—			(172		)
Other changes during the period ^(a)	—		(7		)	(1		)	(8		)
	—		(179		)	(1		)	(180		)
Balance as of December 31, 2016
Goodwill	1,028		237			34			1,299
Accumulated impairment losses	—		(218		)	—			(218		)
	$	1,028	$	19		$	34		$	1,081


(a)	Changes in the International Rental Car segment and All Other Operations segment primarily consists of foreign currency exchange rate adjustments.

Schedule of components of other intangible assets by major classes

ntangible assets, net, consisted of the following major classes:



	December 31, 2017
(In millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Value
Amortizable intangible assets:
Customer-related	$	333	$	(301	)	$	32
Concession rights	413		(233		)	180
Technology-related intangibles ^(a)	377		(204		)	173
Other ^(b)	82		(64		)	18
Total	1,205		(802		)	403
Indefinite-lived intangible assets:
Tradename	2,814		—			2,814
Other ^(c)	25		—			25
Total	2,839		—			2,839
Total other intangible assets, net	$	4,044	$	(802	)	$	3,242



	December 31, 2016
(In millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Value
Amortizable intangible assets:
Customer-related	$	333	$	(292	)	$	41
Concession rights	408		(188		)	220
Technology-related intangibles ^(a)	294		(168		)	126
Other ^(b)	82		(59		)	23
Total	1,117		(707		)	410
Indefinite-lived intangible assets:
Tradename	2,900		—			2,900
Other ^(c)	22		—			22
Total	2,922		—			2,922
Total other intangible assets, net	$	4,039	$	(707	)	$	3,332


(a)	Technology-related intangibles include software not yet placed into service.


(b)	Other amortizable intangible assets primarily include the Donlen tradename and reacquired franchise rights.


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

Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Components of Debt

The Company's debt, including its available credit facilities, consists of the following (in millions):



Facility	Weighted Average Interest Rate at December 31, 2017	Fixed or Floating Interest Rate	Maturity	December 31, 2017			December 31, 2016
Non-Vehicle Debt
Senior Term Loan	4.32%	Floating	6/2023	$	688		$	697
Senior RCF	N/A	Floating	6/2021	—			—
Senior Notes⁽¹⁾	6.13%	Fixed	10/2020–10/2024	2,500			3,200
Senior Second Priority Secured Notes	7.63%	Fixed	6/2022	1,250			—
Promissory Notes	7.00%	Fixed	1/2028	27			27
Other Non-Vehicle Debt	1.94%	Fixed	Various	11			10
Unamortized Debt Issuance Costs and Net (Discount) Premium				(42		)	(39		)
Total Non-Vehicle Debt				4,434			3,895
Vehicle Debt
HVF U.S. Vehicle Medium Term Notes
HVF Series 2010-1⁽²⁾	4.96%	Fixed	2/2018	39			115
HVF Series 2011-1⁽²⁾	N/A	N/A	N/A	—			115
HVF Series 2013-1⁽²⁾	1.91%	Fixed	8/2018	625			625
				664			855
HVF II U.S. ABS Program
HVF II U.S. Vehicle Variable Funding Notes
HVF II Series 2013-A⁽²⁾	2.88%	Floating	3/2020	1,970			1,844
HVF II Series 2013-B⁽²⁾	2.77%	Floating	3/2020	123			626
HVF II Series 2017-A⁽²⁾	N/A	Floating	10/2018	—			—
				2,093			2,470
HVF II U.S. Vehicle Medium Term Notes
HVF II Series 2015-1⁽²⁾	2.93%	Fixed	3/2020	780			780
HVF II Series 2015-2⁽²⁾	2.45%	Fixed	9/2018	265			250
HVF II Series 2015-3⁽²⁾	3.10%	Fixed	9/2020	371			350
HVF II Series 2016-1⁽²⁾	2.89%	Fixed	3/2019	466			439
HVF II Series 2016-2⁽²⁾	3.41%	Fixed	3/2021	595			561
HVF II Series 2016-3⁽²⁾	2.72%	Fixed	7/2019	424			400
HVF II Series 2016-4⁽²⁾	3.09%	Fixed	7/2021	424			400
HVF II Series 2017-1⁽²⁾	3.38%	Fixed	10/2020	450			—
HVF II Series 2017-2⁽²⁾	3.57%	Fixed	10/2022	350			—
				4,125			3,180
Donlen ABS Program
HFLF Variable Funding Notes
HFLF Series 2013-2⁽²⁾	2.35%	Floating	3/2020	380			410
				380			410



Facility	Weighted Average Interest Rate at December 31, 2017	Fixed or Floating Interest Rate	Maturity	December 31, 2017			December 31, 2016
HFLF Medium Term Notes
HFLF Series 2013-3⁽⁵⁾	N/A	N/A	N/A	—			96
HFLF Series 2014-1⁽⁵⁾	N/A	N/A	N/A	—			148
HFLF Series 2015-1⁽⁵⁾	2.22%	Floating	1/2018–7/2019	145			248
HFLF Series 2016-1⁽⁵⁾	2.63%	Both	1/2018–3/2020	318			385
HFLF Series 2017-1⁽⁵⁾	2.33%	Both	6/2018–5/2020	500			—
				963			877
Vehicle Debt - Other
U.S. Vehicle RCF⁽³⁾	4.04%	Floating	6/2021	186			193
European Revolving Credit Facility	2.95%	Floating	1/2019-3/2020	184			147
European Vehicle Notes⁽⁴⁾	4.29%	Fixed	1/2019–10/2021	773			677
European Securitization⁽²⁾	1.70%	Floating	10/2018-3/2020	367			312
Canadian Securitization⁽²⁾	2.79%	Floating	3/2020	237			162
Australian Securitization⁽²⁾	3.25%	Floating	3/2020	155			117
New Zealand RCF	4.50%	Floating	3/2020	42			41
U.K. Financing Facility	2.85%	Floating	1/2018-11/2020	251			212
Other Vehicle Debt	3.90%	Floating	1/2018–12/2021	51			32
				2,246			1,893
Unamortized Debt Issuance Costs and Net (Discount) Premium				(40		)	(39		)
Total Vehicle Debt				10,431			9,646
Total Debt				$	14,865		$	13,541

N/A - Not Applicable


(1)	References to the "Senior Notes" include the series of Hertz's unsecured senior notes set forth on the table below. Outstanding principal amounts for each such series of the Senior Notes is also specified below:



(In millions)	Outstanding Principal
Senior Notes	December 31, 2017		December 31, 2016
4.25% Senior Notes due April 2018	$	—	$	250
6.75% Senior Notes due April 2019	—		450
5.875% Senior Notes due October 2020	700		700
7.375% Senior Notes due January 2021	500		500
6.25% Senior Notes due October 2022	500		500
5.50% Senior Notes due October 2024	800		800
	$	2,500	$	3,200

(2)


(3)	Approximately $67 million of the aggregate maximum borrowing capacity under the U.S. Vehicle RCF expired in January 2018.

(4)



(In millions)	Outstanding Principal
European Vehicles Notes	December 31, 2017		December 31, 2016
4.375% Senior Notes due January 2019	$	505	$	443
4.125% Senior Notes due October 2021	268		234
	$	773	$	677

(5)

The fair value of debt 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 (Level 2 inputs).



	As of December 31, 2017				As of December 31, 2016
(In millions)	Nominal Unpaid Principal Balance		Aggregate Fair Value		Nominal Unpaid Principal Balance		Aggregate Fair Value
Non-vehicle Debt	$	4,476	$	4,438	$	3,934	$	3,791
Vehicle Debt	10,471		10,456		9,685		9,670
Total	$	14,947	$	14,894	$	13,619	$	13,461

Schedule of extinguishment of debt

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



	Years Ended December 31,
Redemption/Termination (In millions)	2017		2016
Non-Vehicle Debt:
Senior Term Facilities	$	—	$	15
Senior RCF	7		—
4.25% Senior Notes due April 2018	6		—
7.50% Senior Notes due October 2018	—		18
6.75% Senior Notes due April 2019	—		16
Total Non-Vehicle	13		49
Vehicle Debt:
HVF II Series 2014-A	—		6
Total Vehicle	—		6
Total Loss on Extinguishment of Debt	$	13	$	55

Components of maturities of debt

At December 31, 2017, the nominal amounts of maturities of debt for each of the years ending December 31 are as follows:



(In millions)	2018		2019		2020		2021		2022		After 2022
Non-Vehicle Debt	$	25	$	14	$	714	$	514	$	1,764	$	1,445
Vehicle Debt	1,697		1,959		5,059		1,406		350		—
Total	$	1,722	$	1,973	$	5,773	$	1,920	$	2,114	$	1,445

Schedule of facilities available for the use of the company and its subsidiaries

The interest terms, maturity, and subordination of the notes sold to third parties remained consistent with the terms per the respective initial offerings.



(In millions)	Aggregate Principal Amount
HVF II Series 2015-2 Class D Notes	$	15
HVF II Series 2015-3 Class D Notes	21
HVF II Series 2016-1 Class D Notes	27
HVF II Series 2016-2 Class D Notes	34
HVF II Series 2016-3 Class D Notes	24
HVF II Series 2016-4 Class D Notes	24
Total	$	145

as of December 31, 2017, and are presented net of any outstanding letters of credit:



(In millions)	Remaining Capacity		Availability Under Borrowing Base Limitation
Non-Vehicle Debt
Senior RCF	$	552	$	552
Letter of Credit Facility	—		—
Total Non-Vehicle Debt	552		552
Vehicle Debt
U.S. Vehicle RCF	14		5
HVF II U.S. Vehicle Variable Funding Notes	1,822		—
HFLF Variable Funding Notes	120		6
European Revolving Credit Facility	95		6
European Securitization	180		—
Canadian Securitization	39		—
Australian Securitization	39		—
U.K. Financing Facility	84		—
New Zealand RCF	—		—
Total Vehicle Debt	2,393		17
Total	$	2,945	$	569

Employee Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2017

Retirement Benefits [Abstract]

Schedule of Net Funded Status



	Pension Benefits												Postretirement
	U.S.						Non-U.S.						Benefits (U.S.)
(In millions)	2017			2016			2017			2016			2017			2016
Change in Benefit Obligation
Benefit obligation at January 1	$	538		$	687		$	257		$	235		$	14		$	15
Service cost	1			2			1			1			—			—
Interest cost	21			24			6			8			1			1
Employee contributions	—			—			—			—			—			1
Plan curtailments	(1		)	(1		)	—			—			—			—
Plan settlements	(2		)	(31		)	—			—			—			—
Benefits paid	(22		)	(4		)	(8		)	(5		)	(2		)	(2		)
Foreign currency exchange rate translation	—			—			27			(37		)	—			—
Actuarial loss (gain)	20			18			(4		)	55			1			—
Transfers in connection with the Spin-Off	—			(157		)	—			—			—			(1		)
Benefit obligation at December 31	$	555		$	538		$	279		$	257		$	14		$	14
Change in Plan Assets
Fair value of plan assets at January 1	$	459		$	575		$	188		$	200		$	—		$	—
Actual return on plan assets	84			48			15			25			—			—
Company contributions	3			6			4			4			2			1
Employee contributions	—			—			—			—			—			1
Plan settlements	(2		)	(31		)	—			—			—			—
Benefits paid	(22		)	(4		)	(8		)	(5		)	(2		)	(2		)
Foreign currency exchange rate translation	—			—			18			(36		)	—			—
Transfers in connection with the Spin-Off	—			(125		)	—			—			—			—
Amounts associated with the Spin-Off	4			(10		)	—			—			—			—
Fair value of plan assets at December 31	$	526		$	459		$	217		$	188		$	—		$	—
Funded Status of the Plan
Plan assets less than benefit obligation	$	(29	)	$	(79	)	$	(62	)	$	(69	)	$	(14	)	$	(14	)

Schedule of Defined Benefit Plan, Amounts Included in Financial Statements and Assumptions Used



	Pension Benefits												Postretirement
	U.S.						Non-U.S.						Benefits (U.S.)
($ in millions)	2017			2016			2017			2016			2017			2016
Amounts recognized in balance sheet:
Prepaid expenses and other assets	$	—		$	—		$	17		$	1		$	—		$	—
Accrued liabilities	$	(29	)	$	(79	)	$	(79	)	$	(70	)	$	(14	)	$	(14	)
Net obligation recognized in the balance sheet	$	(29	)	$	(79	)	$	(62	)	$	(69	)	$	(14	)	$	(14	)

Prior service credit	$	—		$	1		$	—		$	—		$	—		$	—
Net gain (loss)	(43		)	(87		)	(62		)	(66		)	(1		)	—
Accumulated other comprehensive gain (loss)	(43		)	(86		)	(62		)	(66		)	(1		)	—
Funded/(Unfunded) accrued pension or postretirement benefit	14			7			—			(3		)	(13		)	(14		)
Net obligation recognized in the balance sheet	$	(29	)	$	(79	)	$	(62	)	$	(69	)	$	(14	)	$	(14	)

Total recognized in other comprehensive (income) loss	$	(43	)	$	(41	)	$	(4	)	$	33		$	1		$	—
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$	(43	)	$	(36	)	$	(5	)	$	31		$	2		$	1
Estimated amounts that will be amortized from accumulated other comprehensive (income) loss over the next fiscal year:
Net loss	$	(1	)	$	(4	)	$	(1	)	$	(1	)	$	—		$	—
Accumulated Benefit Obligation at December 31	$	554		$	535		$	278		$	255		N/A			N/A

Weighted-average assumptions as of December 31
Discount rate	3.6		%	4.0		%	2.4		%	2.5		%	3.5		%	3.9		%
Expected return on assets	6.3		%	7.0		%	5.2		%	5.2		%	N/A			N/A
Average rate of increase in compensation	4.3		%	4.3		%	2.8		%	2.8		%	N/A			N/A
Initial health care cost trend rate	N/A			N/A			N/A			N/A			6.4		%	6.7		%
Ultimate health care cost trend rate	N/A			N/A			N/A			N/A			4.5		%	4.5		%
Number of years to ultimate trend rate	N/A			N/A			N/A			N/A			21			22

N/A - Not applicable

Schedule of Net Benefit Costs

The following table sets forth the net periodic pension and postretirement (including health care, life insurance and auto) expense charged to net income (loss) from continuing operations:



	Pension Benefits																		Postretirement Benefits (U.S.)
	U.S.									Non-U.S.									Postretirement Benefits (U.S.)
	Years Ended December 31,
($ in millions)	2017			2016			2015			2017			2016			2015			2017			2016			2015
Components of Net Periodic
Service cost	$	1		$	2		$	3		$	1		$	1		$	1		$	—		$	—		$	—
Interest cost	21			24			21			6			8			8			1			1			1
Expected return on plan assets	(26		)	(32		)	(31		)	(10		)	(11		)	(15		)	—			—			—
Net amortizations	3			6			2			2			—			2			—			—			—
Settlement loss	1			5			4			—			—			1			—			—			—
Net pension and postretirement expense (benefit)	$	—		$	5		$	(1	)	$	(1	)	$	(2	)	$	(3	)	$	1		$	1		$	1
Weighted-average discount rate for expense (January 1)	4.0		%	4.3		%	3.9		%	2.5		%	3.6		%	3.3		%	3.9		%	4.2		%	3.8		%
Weighted-average assumed long-term rate of return on assets (January 1)	7.0		%	7.2		%	7.4		%	5.2		%	6.1		%	7.3		%	N/A			N/A			N/A
Initial health care cost trend rate	N/A			N/A			N/A			N/A			N/A			N/A			6.7		%	6.9		%	7.3		%
Ultimate health care cost trend rate	N/A			N/A			N/A			N/A			N/A			N/A			4.5		%	4.5		%	4.5		%
Number of years to ultimate trend rate	N/A			N/A			N/A			N/A			N/A			N/A			21			22			14

N/A - Not applicable

Schedule of Allocation of Plan Assets



(In millions)	December 31, 2017				December 31, 2016
Asset Category	Level 1		Level 2		Level 1		Level 2
Cash	$	1	$	—	$	3	$	—
Short Term Investments	—		2		—		—
Equity Funds:
U.S. Large Cap	—		148		—		135
U.S. Mid Cap	—		42		—		36
U.S. Small Cap	—		33		—		30
International Large Cap	—		87		—		77
International Emerging Markets	—		26		—		23
Asset-Backed Securities	—		8		—		6
Fixed Income Securities:
U.S. Treasuries	—		53		—		46
Corporate Bonds	—		96		—		88
Government Bonds	—		10		—		6
Municipal Bonds	—		12		—		11
Real Estate (REITs)	—		8		—		8
Amounts associated with discontinued operations (yet to be transferred)	—		—		—		(10		)
Total fair value of pension plan assets	$	1	$	525	$	3	$	456

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



(In millions)	December 31, 2017				December 31, 2016
Asset Category	Level 1		Level 2		Level 1		Level 2
Actively Managed Multi-Asset Funds:
Diversified Growth Funds	$	—	$	76	$	—	$	65
Passive Equity Funds:
U.K. Equities	—		28		—		24
Overseas Equities	—		33		—		29
Passive Bond Funds:
Corporate Bonds	—		23		—		20
Index-Linked Gilts	—		—		—		44
Liability Driven Investments	—		42		—		—
Liquidity Fund	9		—		—		—
Total fair value of pension plan assets	$	9	$	202	$	—	$	182

Schedule of Expected Benefit Payments

The following table presents estimated future benefit payments:



(In millions)	Pension Benefits		Postretirement Benefits (U.S.)
2018	$	44	$	1
2019	45		1
2020	47		2
2021	50		1
2022	52		1
After 2022	273		5
	$	511	$	11

Schedule of Multiemployer Plans

For plans that are not individually significant to the Company, the total amount of contributions is presented in the aggregate.



	EIN /Pension Plan Number	Pension Protection Act Zone Status		FIP / RP Status Pending /Implemented⁽¹⁾	Contributions by The Hertz Corporation (In millions)						Surcharge Imposed	Expiration Dates of Collective Bargaining Agreements
Pension Fund	EIN /Pension Plan Number	2017	2016	FIP / RP Status Pending /Implemented⁽¹⁾	2017		2016		2015		Surcharge Imposed	Expiration Dates of Collective Bargaining Agreements
Western Conference of Teamsters	91-6145047	Green	Green	NA	$	6	$	6	$	6	N/A	10/1/2020
Other Plans⁽²⁾					4		3		4
Total Contributions					$	10	$	9	$	10


N/A	Not applicable

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of the total compensation expense and associated recognized income tax benefits



	Years Ended December 31,
(In millions)	2017			2016			2015
Compensation expense	$	19		$	13		$	16
Income tax benefit	(8		)	(5		)	(7		)
Total	$	11		$	8		$	9

Schedule of valuation assumptions

The value of each option award is estimated on the grant date using a Black-Scholes option valuation model that incorporates the assumptions noted in the following table.

The Company calculates the expected volatility based on the historical movement of its stock price.



	Grants
Assumption	2017			2016			2015
Expected volatility	47.8		%	44.2		%	41.4		%
Expected dividend yield	—		%	—		%	—		%
Expected term (years)	7			5			5
Risk-free interest rate	1.95		%	1.00		%	1.17		%
Weighted-average grant date fair value	$	9.44		$	39.35		$	29.09

Summary of option activity under the stock incentive plan and omnibus plan

A summary of option activity as of December 31, 2017 is presented below.



Options	Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (In millions)
Outstanding at January 1, 2017	886,364		$	66.24	3.5	$	2
Granted	623,432		21.94		—	—
Exercised	—		—		—	—
Forfeited or Expired	(375,102	)	58.83		—	—
Outstanding at December 31, 2017	1,134,694		44.35		4.3	—
Exercisable at December 31, 2017	370,405		63.12		2.1	—

Summary of non-vested options and changes during the year

A summary of non-vested options as of December 31, 2017, and changes during the year, is presented below.



	Non-vested Shares		Weighted- Average Exercise Price		Weighted- Average Grant- Date Fair Value
Non-vested as of January 1, 2017	498,278		$	70.36	$	24.32
Granted	623,432		21.94		9.44
Vested	(103,445	)	87.92		29.16
Forfeited	(253,976	)	50.00		18.25
Non-vested as of December 31, 2017	764,289		35.25		13.54

Schedule of additional information pertaining to option activity under the plans

Additional information pertaining to option activity under the plans is as follows:



	Years Ended December 31,
(In millions)	2017		2016		2015
Aggregate intrinsic value of stock options exercised	$	—	$	12	$	4
Cash received from the exercise of stock options	—		10		5
Fair value of options that vested	3		10		5
Tax benefit realized on exercise of stock options	—		4		1

Summary of PSU and RSU activity under the omnibus plan

A summary of the PSU and PSA activity as of December 31, 2017 is presented below.



	Shares		Weighted- Average Fair Value		Aggregate Intrinsic Value (In millions)
Outstanding at January 1, 2017	592,931		$	46.39	$	—
Granted	1,087,695		22.15		—
Vested	(60,174	)	83.54		—
Forfeited or Expired	(386,529	)	33.70		—
Outstanding at December 31, 2017	1,233,923		29.98		5

A summary of RSU activity as of December 31, 2017 is presented below.



	Shares		Weighted- Average Fair Value		Aggregate Intrinsic Value (In millions)
Outstanding at January 1, 2017	346,984		$	48.46	$	—
Granted	635,737		19.27		—
Vested	(100,019	)	64.24		—
Forfeited or Expired	(144,162	)	33.10		—
Outstanding at December 31, 2017	738,540		24.20		16

Schedule of additional information pertaining to RSU activity

Additional information pertaining to RSU activity is as follows:



	Years Ended December 31,
	2017		2016		2015
Total fair value of awards that vested (In millions)	$	6	$	7	$	5
Weighted average grant date fair value of awards	19.27		38.86		80.77

Leases (Tables)

12 Months Ended

Dec. 31, 2017

Leases [Abstract]

Schedule of lease expenses

For the year ended December 31, 2017, the following amounts were expensed under existing agreements:



	Years ended December 31,
(In millions)	2017			2016			2015
Minimum fixed cost	$	650		$	622		$	718
Variable lease cost	295			292			239
Sublease income	(5		)	(4		)	(5		)
Total	$	940		$	910		$	952

Schedule of minimum obligations under existing agreements

As of December 31, 2017, minimum obligations, net of subleases under existing agreements approximate the following:



(In millions)	Total
2018	$	435
2019	384
2020	298
2021	238
2022	185
After 2022	725
Total	$	2,265

Restructuring (Tables)

12 Months Ended

Dec. 31, 2017

Restructuring and Related Activities [Abstract]

Summary of restructuring charges in consolidated statement of operations

Restructuring charges under these programs were as follows:



	Years Ended December 31,
(In millions)	2017		2016		2015
By Type:
Termination benefits	$	7	$	24	$	13
Impairments and asset write-downs	—		30		2
Facility closure and lease obligation costs	1		7		18
Other	—		1		(4		)
Total	$	8	$	62	$	29



	Years Ended December 31,
(In millions)	2017		2016		2015
By Caption:
Direct vehicle and operating	$	1	$	36	$	18
Selling, general and administrative	7		26		11
Total	$	8	$	62	$	29



	Years Ended December 31,
(In millions)	2017		2016		2015
By Segment:
U.S. Rental Car	$	2	$	49	$	23
International Rental Car	6		9		6
Corporate	—		4		—
Total	$	8	$	62	$	29

Schedule of activity affecting the restructuring accrual



(In millions)	Termination Benefits			Other			Total
Balance as of December 31, 2015	$	9		$	15		$	24
Charges incurred	24			38			62
Cash payments	(19		)	(9		)	(28		)
Other non-cash changes^(a)	(1		)	(30		)	(31		)
Balance as of December 31, 2016	$	13		$	14		$	27
Charges incurred	7			1			8
Cash payments	(11		)	(4		)	(15		)
Other non-cash changes	1			—			1
Balance as of December 31, 2017	$	10		$	11		$	21


(a)	Decrease in 2016 primarily consists of $25 million related to the impairment of certain assets used in the U.S. Rental Car segment in conjunction with a restructuring program.

Income Tax (Provision) Benefit (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of components of income before income taxes

The components of income (loss) before income taxes for the periods were as follows (in millions):

Hertz Global



	Years Ended December 31,
	2017			2016			2015
Domestic	$	(680	)	$	(535	)	$	(84	)
Foreign	105			65			216
Total income (loss) from continuing operations before income taxes	$	(575	)	$	(470	)	$	132

Hertz



	Years Ended December 31,
	2017			2016			2015
Domestic	$	(675	)	$	(534	)	$	(84	)
Foreign	105			65			216
Total income (loss) from continuing operations before income taxes	$	(570	)	$	(469	)	$	132

Schedule of total provision for taxes on income

The total income tax provision (benefit) consists of the following (in millions):

Hertz Global and Hertz



	Years Ended December 31,
	2017			2016			2015
Current:
Federal	$	—		$	22		$	(49	)
Foreign	19			48			57
State and local	1			12			(2		)
Total current	20			82			6
Deferred:
Federal	(900		)	(131		)	34
Foreign	10			1			(23		)
State and local	(32		)	52			—
Total deferred	(922		)	(78		)	11
Total provision (benefit)	$	(902	)	$	4		$	17

Schedule of principal items of the U.S. and foreign net deferred tax assets and liabilities

The principal items of the U.S. and foreign net deferred tax assets and liabilities are as follows (in millions):

Hertz Global and Hertz



	Years Ended December 31,
	2017			2016
Deferred Tax Assets:
Employee benefit plans	$	27		$	64
Net operating loss carry forwards	1,343			1,669
Federal, state and foreign local tax credit carry forwards	24			59
Accrued and prepaid expenses	90			251
Total Deferred Tax Assets	1,484			2,043
Less: Valuation Allowance	(305		)	(230		)
Total Net Deferred Tax Assets	1,179			1,813
Deferred Tax Liabilities:
Depreciation on tangible assets	(1,576		)	(2,673		)
Intangible assets	(764		)	(1,232		)
Total Deferred Tax Liabilities	(2,340		)	(3,905		)
Net Deferred Tax Liability	$	(1,161	)	$	(2,092	)

Schedule of significant items in the reconciliation of the statutory and effective income tax rates

The significant items in the reconciliation of the statutory and effective income tax rates consisted of the following:

Hertz Global



	Years Ended December 31,
	2017		2016		2015
Statutory Federal Tax Rate	35	%	35	%	35	%
Foreign tax rate differential	2		2		(20	)
State and local income taxes, net of federal income tax benefit	6		3		(5	)
Change in state apportionment and statutory rates, net of federal income tax benefit	6		(7	)	5
Tax Reform	118		—		—
Federal and foreign permanent differences	—		(1	)	5
Withholding taxes	(2	)	(2	)	5
Uncertain tax positions	—		—		(5	)
Change in valuation allowance	(7	)	(11	)	(35	)
Benefit from sale of non-U.S. operations	—		—		17
Change in foreign statutory rates	—		(3	)	1
Goodwill impairment	—		(12	)	—
Sale of CAR Inc. common stock	—		—		14
Stock option shortfalls	(1	)	(3	)	—
All other items, net	—		(2	)	(4	)
Effective Tax Rate	157	%	(1	)%	13	%

The eff

Hertz



	Years Ended December 31,
	2017		2016		2015
Statutory Federal Tax Rate	35	%	35	%	35	%
Foreign tax rate differential	2		2		(20	)
State and local income taxes, net of federal income tax benefit	6		3		(5	)
Change in state statutory rates, net of federal income tax benefit	6		(7	)	5
Tax Reform	119		—		—
Federal and foreign permanent differences	—		(1	)	5
Withholding taxes	(2	)	(2	)	5
Uncertain tax positions	—		—		(5	)
Change in valuation allowance	(7	)	(11	)	(35	)
Benefit from sale of non-U.S. operations	—		—		17
Change in foreign statutory rates	—		(3	)	1
Goodwill impairment	—		(12	)	—
Sale of CAR Inc. common stock	—		—		14
Stock option shortfalls	(1	)	(3	)	—
All other items, net	—		(2	)	(4	)
Effective Tax Rate	158	%	(1	)%	13	%

Schedule of a reconciliation of the beginning and ending amount of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:



(In millions)	2017			2016			2015
Balance at January 1	$	45		$	81		$	57
Increase (Decrease) attributable to tax positions taken during prior periods	(2		)	(35		)	16
Increase (Decrease) attributable to tax positions taken during the current year	3			—			9
Decrease attributable to settlements with taxing authorities	(3		)	(1		)	(1		)
Balance at December 31	$	43		$	45		$	81

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Company's Cash Equivalents and Investments



	December 31, 2017								December 31, 2016
(In millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Money market funds	$	634	$	—	$	—	$	634	$	606	$	—	$	—	$	606
Equity securities	—		—		—		—		9		—		—		9
Total	$	634	$	—	$	—	$	634	$	615	$	—	$	—	$	615

Components of Debt

The Company's debt, including its available credit facilities, consists of the following (in millions):



Facility	Weighted Average Interest Rate at December 31, 2017	Fixed or Floating Interest Rate	Maturity	December 31, 2017			December 31, 2016
Non-Vehicle Debt
Senior Term Loan	4.32%	Floating	6/2023	$	688		$	697
Senior RCF	N/A	Floating	6/2021	—			—
Senior Notes⁽¹⁾	6.13%	Fixed	10/2020–10/2024	2,500			3,200
Senior Second Priority Secured Notes	7.63%	Fixed	6/2022	1,250			—
Promissory Notes	7.00%	Fixed	1/2028	27			27
Other Non-Vehicle Debt	1.94%	Fixed	Various	11			10
Unamortized Debt Issuance Costs and Net (Discount) Premium				(42		)	(39		)
Total Non-Vehicle Debt				4,434			3,895
Vehicle Debt
HVF U.S. Vehicle Medium Term Notes
HVF Series 2010-1⁽²⁾	4.96%	Fixed	2/2018	39			115
HVF Series 2011-1⁽²⁾	N/A	N/A	N/A	—			115
HVF Series 2013-1⁽²⁾	1.91%	Fixed	8/2018	625			625
				664			855
HVF II U.S. ABS Program
HVF II U.S. Vehicle Variable Funding Notes
HVF II Series 2013-A⁽²⁾	2.88%	Floating	3/2020	1,970			1,844
HVF II Series 2013-B⁽²⁾	2.77%	Floating	3/2020	123			626
HVF II Series 2017-A⁽²⁾	N/A	Floating	10/2018	—			—
				2,093			2,470
HVF II U.S. Vehicle Medium Term Notes
HVF II Series 2015-1⁽²⁾	2.93%	Fixed	3/2020	780			780
HVF II Series 2015-2⁽²⁾	2.45%	Fixed	9/2018	265			250
HVF II Series 2015-3⁽²⁾	3.10%	Fixed	9/2020	371			350
HVF II Series 2016-1⁽²⁾	2.89%	Fixed	3/2019	466			439
HVF II Series 2016-2⁽²⁾	3.41%	Fixed	3/2021	595			561
HVF II Series 2016-3⁽²⁾	2.72%	Fixed	7/2019	424			400
HVF II Series 2016-4⁽²⁾	3.09%	Fixed	7/2021	424			400
HVF II Series 2017-1⁽²⁾	3.38%	Fixed	10/2020	450			—
HVF II Series 2017-2⁽²⁾	3.57%	Fixed	10/2022	350			—
				4,125			3,180
Donlen ABS Program
HFLF Variable Funding Notes
HFLF Series 2013-2⁽²⁾	2.35%	Floating	3/2020	380			410
				380			410



Facility	Weighted Average Interest Rate at December 31, 2017	Fixed or Floating Interest Rate	Maturity	December 31, 2017			December 31, 2016
HFLF Medium Term Notes
HFLF Series 2013-3⁽⁵⁾	N/A	N/A	N/A	—			96
HFLF Series 2014-1⁽⁵⁾	N/A	N/A	N/A	—			148
HFLF Series 2015-1⁽⁵⁾	2.22%	Floating	1/2018–7/2019	145			248
HFLF Series 2016-1⁽⁵⁾	2.63%	Both	1/2018–3/2020	318			385
HFLF Series 2017-1⁽⁵⁾	2.33%	Both	6/2018–5/2020	500			—
				963			877
Vehicle Debt - Other
U.S. Vehicle RCF⁽³⁾	4.04%	Floating	6/2021	186			193
European Revolving Credit Facility	2.95%	Floating	1/2019-3/2020	184			147
European Vehicle Notes⁽⁴⁾	4.29%	Fixed	1/2019–10/2021	773			677
European Securitization⁽²⁾	1.70%	Floating	10/2018-3/2020	367			312
Canadian Securitization⁽²⁾	2.79%	Floating	3/2020	237			162
Australian Securitization⁽²⁾	3.25%	Floating	3/2020	155			117
New Zealand RCF	4.50%	Floating	3/2020	42			41
U.K. Financing Facility	2.85%	Floating	1/2018-11/2020	251			212
Other Vehicle Debt	3.90%	Floating	1/2018–12/2021	51			32
				2,246			1,893
Unamortized Debt Issuance Costs and Net (Discount) Premium				(40		)	(39		)
Total Vehicle Debt				10,431			9,646
Total Debt				$	14,865		$	13,541

N/A - Not Applicable


(1)	References to the "Senior Notes" include the series of Hertz's unsecured senior notes set forth on the table below. Outstanding principal amounts for each such series of the Senior Notes is also specified below:



(In millions)	Outstanding Principal
Senior Notes	December 31, 2017		December 31, 2016
4.25% Senior Notes due April 2018	$	—	$	250
6.75% Senior Notes due April 2019	—		450
5.875% Senior Notes due October 2020	700		700
7.375% Senior Notes due January 2021	500		500
6.25% Senior Notes due October 2022	500		500
5.50% Senior Notes due October 2024	800		800
	$	2,500	$	3,200

(2)


(3)	Approximately $67 million of the aggregate maximum borrowing capacity under the U.S. Vehicle RCF expired in January 2018.

(4)



(In millions)	Outstanding Principal
European Vehicles Notes	December 31, 2017		December 31, 2016
4.375% Senior Notes due January 2019	$	505	$	443
4.125% Senior Notes due October 2021	268		234
	$	773	$	677

(5)

The fair value of debt 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 (Level 2 inputs).



	As of December 31, 2017				As of December 31, 2016
(In millions)	Nominal Unpaid Principal Balance		Aggregate Fair Value		Nominal Unpaid Principal Balance		Aggregate Fair Value
Non-vehicle Debt	$	4,476	$	4,438	$	3,934	$	3,791
Vehicle Debt	10,471		10,456		9,685		9,670
Total	$	14,947	$	14,894	$	13,619	$	13,461

Assets and Liabilities Measure on a Non-Recurring Basis

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



(In millions)	Fair Value		Level 1		Level 2		Level 3		Fair Value (Income)/Loss Adjustment Recorded for the Year Ended December 31, 2017
Brazil Operations	$	115	$	—	$	115	$	—	$	(6	)
Equity method investments	$	8	$	—	$	—	$	8	$	26
Intangible assets	$	934	$	—	$	—	$	934	$	86

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2017

Accumulated Other Comprehensive Income [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in the accumulated other comprehensive income (loss) balance by component (net of tax) are as follows:



(In millions)	Pension and Other Post-Employment Benefits			Foreign Currency Items			Unrealized Losses on Terminated Net Investment Hedges			Realized/Unrealized Gains on Available for Sale Securities			Accumulated Other Comprehensive Income (Loss)
Balance as of December 31, 2017	$	(110	)	$	(45	)	$	(19	)	$	3		$	(171	)
Other comprehensive income (loss) before reclassification	30			14			—			—			44
Amounts reclassified from accumulated other comprehensive income (loss)	4			8			—			(3		)	9
Balance as of December 31, 2017	$	(76	)	$	(23	)	$	(19	)	$	—		$	(118	)



(In millions)	Pension and Other Post-Employment Benefits			Foreign Currency Items			Unrealized Losses on Terminated Net Investment Hedges			Realized/Unrealized Gains on Available for Sale Securities			Accumulated Other Comprehensive Income (Loss)
Balance as of January 1, 2016	$	(102	)	$	(124	)	$	(19	)	$	—		$	(245	)
Other comprehensive income (loss) before reclassification	(23		)	(16		)	—			12			(27		)
Amounts reclassified from accumulated other comprehensive income (loss)	7			—			—			(9		)	(2		)
Distribution of discontinued entities	8			95			—			—			103
Balance as of December 31, 2016	$	(110	)	$	(45	)	$	(19	)	$	3		$	(171	)

Equity and Earnings (Loss) Per Share - Hertz Global (Tables)

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Computation of basic and diluted earnings (loss) per share

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



	Years Ended December 31,
(In millions, except per share data)	2017		2016			2015
Basic and diluted earnings per share:
Numerator:
Net income (loss) from continuing operations	$	327	$	(474	)	$	115
Net income (loss) from discontinued operations	—		(17		)	158
Net income (loss), basic	$	327	$	(491	)	$	273
Denominator:
Basic weighted average common shares	83		84			90
Dilutive stock options, RSUs and PSUs	—		—			1
Weighted average shares used to calculate diluted earnings per share	83		84			91
Antidilutive stock options, RSUs, PSUs and conversion shares	3		1			1
Earnings (loss) per share:
Basic earnings (loss) per share from continuing operations	$	3.94	$	(5.65	)	$	1.28
Basic earnings (loss) per share from discontinued operations	—		(0.20		)	1.75
Basic earnings (loss) per share	$	3.94	$	(5.85	)	$	3.03

Diluted earnings (loss) per share from continuing operations	$	3.94	$	(5.65	)	$	1.26
Diluted earnings (loss) per share from discontinued operations	—		(0.20		)	1.74
Diluted earnings (loss) per share	$	3.94	$	(5.85	)	$	3.00

Segment Information (Tables)

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Summary of contribution of reportable segments to revenues and adjusted pre-tax income and the reconciliation to consolidated amounts

The operations within major geographic areas for each of Hertz Global and Hertz are summarized below:



	Years Ended December 31,
(In millions)	2017		2016		2015
Revenues
United States	$	6,620	$	6,690	$	6,845
International	2,183		2,113		2,172
Total Hertz Global and Hertz	$	8,803	$	8,803	$	9,017



	As of December 31,
(In millions)	2017		2016
Revenue earning vehicles, net
United States	$	9,149	$	9,035
International	2,187		1,783
Total Hertz Global and Hertz	$	11,336	$	10,818
Property and equipment, net
United States	$	725	$	748
International	115		110
Total Hertz Global and Hertz	$	840	$	858
Total assets
United States	$	15,912	$	15,434
International	4,146		3,721
Total Hertz Global and Hertz	$	20,058	$	19,155

(a)

Reconciliations of adjusted pre-tax income (loss) by segment to consolidated amounts are summarized below.

Hertz Global



	Years Ended December 31,
(In millions)	2017			2016			2015
Adjusted pre-tax income (loss):
U.S. Rental Car	$	13		$	298		$	551
International Rental Car	203			194			215
All Other Operations	80			72			68
Total reportable segments	296			564			834
Corporate⁽¹⁾	(506		)	(499		)	(509		)
Adjusted pre-tax income (loss)	(210		)	65			325
Adjustments:
Acquisition accounting⁽²⁾	(62		)	(65		)	(87		)
Debt-related charges⁽³⁾	(47		)	(48		)	(58		)
Loss on extinguishment of debt⁽⁴⁾	(13		)	(55		)	—
Restructuring and restructuring related charges⁽⁵⁾	(22		)	(53		)	(84		)
Sale of CAR Inc. common stock⁽⁶⁾	3			84			133
Impairment charges and asset write-downs⁽⁷⁾	(118		)	(340		)	(57		)
Information technology and finance transformation costs⁽⁸⁾	(68		)	(53		)	—
Other⁽⁹⁾	(38		)	(5		)	(40		)
Income (loss) before income taxes	$	(575	)	$	(470	)	$	132

Hertz



	Years Ended December 31,
(In millions)	2017			2016			2015
Adjusted pre-tax income (loss):
U.S. Rental Car	$	13		$	298		$	551
International Rental Car	203			194			215
All Other Operations	80			72			68
Total reportable segments	296			564			834
Corporate⁽¹⁾	(501		)	(498		)	(509		)
Adjusted pre-tax income (loss)	(205		)	66			325
Adjustments:
Acquisition accounting⁽²⁾	(62		)	(65		)	(87		)
Debt-related charges⁽³⁾	(47		)	(48		)	(58		)
Loss on extinguishment of debt⁽⁴⁾	(13		)	(55		)	—
Restructuring and restructuring related charges⁽⁵⁾	(22		)	(53		)	(84		)
Sale of CAR Inc. common stock⁽⁶⁾	3			84			133
Impairment charges and asset write-downs⁽⁷⁾	(118		)	(340		)	(57		)
Information technology and finance transformation costs⁽⁸⁾	(68		)	(53		)	—
Other⁽⁹⁾	(38		)	(5		)	(40		)
Income (loss) before income taxes	$	(570	)	$	(469	)	$	132


(1)	Represents general corporate expenses, non-vehicle interest expense, as well as other business activities.


(2)	Represents incremental expense associated with amortization of other intangible assets and depreciation of property and equipment relating to acquisition accounting.


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

(4)

(5)


(6)	Represents the pre-tax gain on the sale of CAR Inc. common stock.

(7)


(8)	Represents costs associated with the Company's information technology and finance transformation programs, both of which are multi-year initiatives that commenced in 2016 to upgrade and modernize the Company's systems and processes.

(9)



	Years Ended December 31,
(In millions)	2017			2016			2015
Revenues
U.S. Rental Car	$	5,994		$	6,114		$	6,286
International Rental Car	2,169			2,097			2,148
All other operations	640			592			583
Total Hertz Global and Hertz	$	8,803		$	8,803		$	9,017
Depreciation of revenue earning vehicles and lease charges, net
U.S. Rental Car	$	1,904		$	1,753		$	1,572
International Rental Car	416			389			398
All other operations	478			459			463
Total Hertz Global and Hertz	$	2,798		$	2,601		$	2,433
Depreciation and amortization, non-vehicle assets
U.S. Rental Car	$	181		$	198		$	209
International Rental Car	33			33			37
All other operations	11			11			10
Corporate	15			23			18
Total Hertz Global and Hertz	$	240		$	265		$	274
Interest expense, net
U.S. Rental Car	$	132		$	154		$	165
International Rental Car	80			66			70
All other operations	19			14			10
Corporate	406			390			354
Total Hertz Global	637			624			599
Corporate - Hertz	(5		)	(1		)	—
Total - Hertz	$	632		$	623		$	599
Adjusted pre-tax income^(a)
U.S. Rental Car	$	13		$	298		$	551
International Rental Car	203			194			215
All other operations	80			72			68
Corporate	(506		)	(499		)	(509		)
Total Hertz Global	(210		)	65			325
Corporate - Hertz	5			1			—
Total Hertz	$	(205	)	$	66		$	325



	As of December 31,
(In millions)	2017		2016
Revenue earning vehicles, net
U.S. Rental Car	$	7,761	$	7,716
International Rental Car	2,153		1,755
All other operations	1,422		1,347
Total Hertz Global and Hertz	$	11,336	$	10,818
Property and equipment, net
U.S. Rental Car	$	602	$	621
International Rental Car	115		110
All other operations	11		13
Corporate	112		114
Total Hertz Global and Hertz	$	840	$	858
Total assets
U.S. Rental Car	$	12,785	$	12,876
International Rental Car	3,971		3,578
All other operations	1,700		1,612
Corporate	1,602		1,089
Total Hertz Global and Hertz	$	20,058	$	19,155



	Years Ended December 31,
(In millions)	2017			2016			2015
Revenue earning vehicles and capital assets, non-vehicle
U.S. Rental Car:
Expenditures	$	(6,837	)	$	(7,376	)	$	(7,930	)
Proceeds from disposals	4,882			6,010			6,280
Net expenditures - Hertz Global and Hertz	$	(1,955	)	$	(1,366	)	$	(1,650	)
International Rental Car:
Expenditures	$	(3,144	)	$	(2,868	)	$	(2,767	)
Proceeds from disposals	2,606			2,504			2,292
Net expenditures - Hertz Global and Hertz	$	(538	)	$	(364	)	$	(475	)
All other operations:
Expenditures	$	(735	)	$	(729	)	$	(718	)
Proceeds from disposals	182			209			162
Net expenditures - Hertz Global and Hertz	$	(553	)	$	(520	)	$	(556	)
Corporate:
Expenditures	$	(53	)	$	(33	)	$	(101	)
Proceeds from disposals	4			15			49
Net expenditures - Hertz Global and Hertz	$	(49	)	$	(18	)	$	(52	)

Guarantor and Non-Guarantor Annual Condensed Consolidating Financial Information (Tables)

12 Months Ended

Dec. 31, 2017

Guarantor and Non-Guarantor Condensed Consolidating Financial Statements Disclosure [Abstract]

Condensed Balance Sheet

THE HERTZ CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2016

(In millions)



	Parent (The Hertz Corporation)		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			The Hertz Corporation & Subsidiaries
ASSETS
Cash and cash equivalents	$	458	$	12	$	346	$	—		$	816
Restricted cash and cash equivalents	53		5		220		—			278
Receivables, net of allowance	752		167		364		—			1,283
Due from affiliates	3,668		3,823		9,750		(17,241		)	—
Prepaid expenses and other assets	4,821		83		199		(4,525		)	578
Revenue earning vehicles, net	361		7		10,450		—			10,818
Property and equipment, net	656		70		132		—			858
Investment in subsidiaries, net	6,114		598		—		(6,712		)	—
Other intangible assets, net	89		3,223		20		—			3,332
Goodwill	102		943		36		—			1,081
Assets held for sale	—		—		111		—			111
Total assets	$	17,074	$	8,931	$	21,628	$	(28,478	)	$	19,155
LIABILITIES AND EQUITY
Due to affiliates	$	10,833	$	1,900	$	4,508	$	(17,241	)	$	—
Accounts payable	279		90		452		—			821
Accrued liabilities	557		103		320		—			980
Accrued taxes, net	78		18		2,881		(2,812		)	165
Debt	4,086		—		9,455		—			13,541
Public liability and property damage	166		43		198		—			407
Deferred income taxes, net	—		2,065		1,797		(1,713		)	2,149
Liabilities held for sale	—		—		17		—			17
Total liabilities	15,999		4,219		19,628		(21,766		)	18,080
Equity:
Stockholder's equity	1,075		4,712		2,000		(6,712		)	1,075
Total liabilities and equity	$	17,074	$	8,931	$	21,628	$	(28,478	)	$	19,155

Condensed Income Statement

THE HERTZ CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Year Ended December 31, 2016

(In millions)



	Parent (The Hertz Corporation)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			The Hertz Corporation & Subsidiaries
Total revenues	$	4,604		$	1,483		$	6,022		$	(3,306	)	$	8,803
Expenses:
Direct vehicle and operating	2,909			761			1,263			(1		)	4,932
Depreciation of revenue earning vehicles and lease charges, net	2,766			685			2,453			(3,303		)	2,601
Selling, general and administrative	602			51			248			(2		)	899
Interest (income) expense, net	407			(58		)	274			—			623
Goodwill and intangible asset impairments	—			120			172			—			292
Other (income) expense, net	6			(10		)	(71		)	—			(75		)
Total expenses	6,690			1,549			4,339			(3,306		)	9,272
Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries	(2,086		)	(66		)	1,683			—			(469		)
Income tax (provision) benefit	682			(26		)	(660		)	—			(4		)
Equity in earnings (losses) of subsidiaries, net of tax	916			266			—			(1,182		)	—
Net income (loss) from continuing operations	$	(488	)	$	174		$	1,023		$	(1,182	)	$	(473	)
Net income (loss) from discontinued operations	—			(5		)	(10		)	—			(15		)
Net income (loss)	(488		)	169			1,013			(1,182		)	(488		)
Other comprehensive income (loss), net of tax	(29		)	7			(47		)	40			(29		)
Comprehensive income (loss)	$	(517	)	$	176		$	966		$	(1,142	)	$	(517	)

THE HERTZ CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Year Ended December 31, 2015

(In millions)



	Parent (The Hertz Corporation)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			The Hertz Corporation & Subsidiaries
Total revenues	$	4,618		$	1,567		$	5,432		$	(2,600	)	$	9,017
Expenses:
Direct vehicle and operating	2,895			856			1,306			(2		)	5,055
Depreciation of revenue earning vehicles and lease charges, net	1,951			665			2,414			(2,597		)	2,433
Selling, general and administrative	527			69			278			(1		)	873
Interest (income) expense, net	389			(29		)	239			—			599
Goodwill and intangible asset impairments	40			—			—			—			40
Other (income) expense, net	—			(2		)	(113		)	—			(115		)
Total expenses	5,802			1,559			4,124			(2,600		)	8,885
Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries	(1,184		)	8			1,308			—			132
Income tax (provision) benefit	262			35			(314		)	—			(17		)
Equity in earnings (losses) of subsidiaries, net of tax	1,198			193			—			(1,391		)	—
Net income (loss) from continuing operations	276			236			994			(1,391		)	115
Net income (loss) from discontinued operations	—			162			67			(68		)	161
Net income (loss)	276			398			1,061			(1,459		)	276
Other comprehensive income (loss), net of tax	(130		)	(4		)	(114		)	118			(130		)
Comprehensive income (loss)	$	146		$	394		$	947		$	(1,341	)	$	146

Condensed Cash Flow Statement

THE HERTZ CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2016

(In millions)



	Parent (The Hertz Corporation)				Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			The Hertz Corporation & Subsidiaries
Net cash provided by (used in) operating activities from continuing operations	$	(1,892	)		$	85		$	5,151		$	(814	)	$	2,530
Cash flows from investing activities:
Net change in restricted cash and cash equivalents, vehicle	4				(3		)	52			—			53
Net change in restricted cash and cash equivalents, non-vehicle	—				—			(1		)	—			(1		)
Revenue earning vehicles expenditures	(342		)		(69		)	(10,461		)	—			(10,872		)
Proceeds from disposal of revenue earning vehicles	417				—			8,262			—			8,679
Capital asset expenditures, non-vehicle	(80		)		(16		)	(38		)	—			(134		)
Proceeds from disposal of property and other equipment	35				1			23			—			59
Sales of shares in equity investment, net of amounts invested	(45		)		—			267			—			222
Acquisitions, net of cash acquired	—				—			(2		)	—			(2		)
Capital contributions to subsidiaries	(2,368		)	—	—			—			2,368			—
Return of capital from subsidiaries	3,585				—			—			(3,585		)	—
Loan to Parent/Guarantor from Non-Guarantor	—				—			(1,055		)	1,055			—
Net cash provided by (used in) investing activities from continuing operations	1,206				(87		)	(2,953		)	(162		)	(1,996		)
Cash flows from financing activities:
Proceeds from issuance of vehicle debt	716				—			8,976			—			9,692
Repayments of vehicle debt	(707		)		—			(9,041		)	—			(9,748		)
Proceeds from issuance of non-vehicle debt	2,592				—			—			—			2,592
Repayments of non-vehicle debt	(4,651		)		—			—			—			(4,651		)
Payment of financing costs	(46		)		(3		)	(26		)	—			(75		)
Early redemption premium payment	(27		)		—			—			—			(27		)
Transfers from discontinued entities	2,122				—			—			—			2,122
Advances to Hertz Holdings	(102		)		—			—			—			(102		)
Other	13				—			—			—			13
Capital contributions received from parent	—				—			2,368			(2,368		)	—
Payment of dividends and return of capital	—				—			(4,399		)	4,399			—
Loan to Parent/Guarantor from Non-Guarantor	1,055				—			—			(1,055		)	—
Net cash provided by (used in) financing activities from continuing operations	965				(3		)	(2,122		)	976			(184		)
Effect of foreign currency exchange rate changes on cash and cash equivalents from continuing operations	—				—			(8		)	—			(8		)
Net increase (decrease) in cash and cash equivalents during the period from continuing operations	279				(5		)	68			—			342
Cash and cash equivalents at beginning of period	179				17			278			—			474
Cash and cash equivalents at end of period	$	458			$	12		$	346		$	—		$	816

Cash flows from discontinued operations:
Cash flows provided by (used in) operating activities	$	—			$	59		$	148		$	—		$	207
Cash flows provided by (used in) investing activities	—				(75		)	(2		)	—			(77		)
Cash flows provided by (used in) financing activities	—				44			(138		)	—			(94		)
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations	$	—			$	28		$	8		$	—		$	36

THE HERTZ CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2015

(In millions)



	Parent (The Hertz Corporation)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			The Hertz Corporation & Subsidiaries
Net cash provided by (used in) operating activities from continuing operations	$	(1,390	)	$	(206	)	$	4,896		$	(524	)	$	2,776
Cash flows from investing activities:
Net change in restricted cash and cash equivalents, vehicle	25			1			195			—			221
Net change in restricted cash and cash equivalents, non-vehicle	—			3			(12		)	—			(9		)
Revenue earning vehicles expenditures	(434		)	(93		)	(10,739		)	—			(11,266		)
Proceeds from disposal of revenue earning vehicles	303			41			8,332			—			8,676
Capital asset expenditures, non-vehicle	(154		)	(6		)	(90		)	—			(250		)
Proceeds from disposal of property and other equipment	53			11			43			—			107
Sales of shares in equity investment, net of amounts invested	—			—			236			—			236
Advances to Hertz Holdings	(267		)	—			—			—			(267		)
Acquisitions, net of cash acquired	(17		)	(3		)	(75		)	—			(95		)
Capital contributions to subsidiaries	(2,492		)	(181		)	—			2,673			—
Return of capital from subsidiaries	4,476			443			—			(4,919		)	—
Loan to Parent/Guarantor from Non-Guarantor	—			—			(737		)	737			—
Net cash provided by (used in) investing activities from continuing operations	1,493			216			(2,847		)	(1,509		)	(2,647		)
Cash flows from financing activities:
Proceeds from issuance of vehicle debt	25			—			7,503			—			7,528
Repayments of vehicle debt	—			—			(7,079		)	—			(7,079		)
Proceeds from issuance of non-vehicle debt	1,867			—			—			—			1,867
Repayments of non-vehicle debt	(2,112		)	—			—			—			(2,112		)
Payment of financing costs	(4		)	(3		)	(22		)	—			(29		)
Transfers (to) from discontinued entities	(95		)	—			163			—			68
Advances to Hertz Holdings	(344		)	—			—			—			(344		)
Capital contributions received from parent	—			—			2,673			(2,673		)	—
Payment of dividends and return of capital	—			—			(5,443		)	5,443			—
Loan to Parent/Guarantor from Non-Guarantor	737			—			—			(737		)	—
Net cash provided by (used in) financing activities from continuing operations	74			(3		)	(2,205		)	2,033			(101		)
Effect of foreign currency exchange rate changes on cash and cash equivalents from continuing operations	—			—			(28		)	—			(28		)
Net increase (decrease) in cash and cash equivalents during the period from continuing operations	177			7			(184		)	—			—
Cash and cash equivalents at beginning of period	2			10			462			—			474
Cash and cash equivalents at end of period	$	179		$	17		$	278		$	—		$	474

Cash flows from discontinued operations:
Cash flows provided by (used in) operating activities	—			356			200			—			556
Cash flows provided by (used in) investing activities	—			(447		)	62			—			(385		)
Cash flows provided by (used in) financing activities	—			87			(266		)	—			(179		)
Effect of foreign currency exchange rate changes on cash and cash equivalents	—			—			(3		)	—			(3		)
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations	$	—		$	(4	)	$	(7	)	$	—		$	(11	)

Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Operating Results

Hertz Global



	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
(In millions, except per share data)	2017			2017			2017		2017⁽¹⁾
Revenues from continuing operations	$	1,916		$	2,224		$	2,572	$	2,091
Income (loss) from continuing operations before income taxes	(294		)	(245		)	143		(179		)
Net income (loss) from continuing operations	(223		)	(158		)	93		616
Earnings (loss) per share from continuing operations:
Basic	(2.69		)	(1.90		)	1.12		7.42
Diluted	(2.69		)	(1.90		)	1.12		7.42



	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
(In millions, except per share data)	2016			2016			2016		2016⁽²⁾
Revenues from continuing operations	$	1,983		$	2,270		$	2,542	$	2,009
Income (loss) from continuing operations before income taxes	(76		)	(35		)	108		(466		)
Net income (loss) from continuing operations	(52		)	(28		)	44		(438		)
Earnings (loss) per share from continuing operations:
Basic	(0.61		)	(0.33		)	0.52		(5.28		)
Diluted	(0.61		)	(0.33		)	0.52		(5.28		)

Hertz



	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
(In millions)	2017			2017			2017		2017⁽¹⁾
Revenues from continuing operations	$	1,916		$	2,224		$	2,572	$	2,091
Income (loss) from continuing operations before income taxes	(293		)	(244		)	144		(178		)
Net income (loss) from continuing operations	(222		)	(158		)	94		619



	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
(In millions)	2016			2016			2016		2016⁽²⁾
Revenues from continuing operations	$	1,983		$	2,270		$	2,542	$	2,009
Income (loss) from continuing operations before income taxes	(76		)	(35		)	108		(465		)
Net income (loss) from continuing operations	(52		)	(28		)	44		(437		)


(1)	Net income (loss) from continuing operations for the fourth quarter of 2017 includes the effects of the TCJA, which contained wide-ranging changes to the U.S. tax structure, as further discussed in Note 13, "Income Tax (Provision) Benefit."


(2)	Net income (loss) from continuing operations for the fourth quarter of 2016 includes a $172 million goodwill impairment and a $120 million tradename impairment as further described in Note 6, "Goodwill and Intangible Assets."

Background (Details)	12 Months Ended
Background (Details)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Hertz Global Holdings
Class of Stock [Line Items]
Stock split, conversion ratio	0.2	0.2	0.2

Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 31, 2017	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax Cuts and Jobs Act of 2017 change in tax rate, income tax (expense) benefit	$ 679
Income tax (provision) benefit				$ (902)	$ 4	$ 17
Revenue earning vehicles expenditures				$ 10,596	10,872	11,266
Maturity period for highly liquid investments to be classified as cash and cash equivalents				3 months
Advertising expense				$ 191	159	167
Cash and cash equivalents, period increase	$ 432	$ 432		$ 432	278
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Long-lived assets useful life				1 year
Finite-lived intangible assets, useful life				2 years
Minimum \| Difference between Revenue Guidance in Effect before and after Topic 606
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in deferred revenue, impact from adoption of Topic 606				$ 210
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Long-lived assets useful life				50 years
Finite-lived intangible assets, useful life				20 years
Maximum \| Difference between Revenue Guidance in Effect before and after Topic 606
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in deferred revenue, impact from adoption of Topic 606				$ 250
Other Immaterial Errors \| Restatement Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income tax (provision) benefit		$ (23)	$ 10
Revenue earning vehicles expenditures					$ (85)	$ (120)

Significant Accounting Policies (Share-Based Compensation) (Details)	12 Months Ended
	Dec. 31, 2017
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period	2 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period	4 years

Significant Accounting Policies (Useful Lives) (Details)	12 Months Ended
	Dec. 31, 2017
Minimum
Property, Plant and Equipment [Line Items]
Useful life	1 year
Maximum
Property, Plant and Equipment [Line Items]
Useful life	50 years
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	1 year
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	50 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	1 year
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Service cars and service equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	1 year
Service cars and service equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	25 years

Significant Accounting Policies (Recent Accounting Changes) (Details) - USD ($)
$ in Millions

Dec. 31, 2017

Dec. 31, 2016

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

$ 1,220

$ 2,149

^[1]

18,538

18,080

(506)

(882)

1,520

1,075

20,058

19,155

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

1,220

2,149

^[2]

18,538

18,080

(1,486)

(1,867)

1,520

1,075

Accounting Standards Update 2016-09

$ 20,058

19,155

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

2,100

18,031

(833)

1,124

Accounting Standards Update 2016-09 | The Hertz Corporation

19,155

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

2,100

18,031

(1,818)

1,124

Accounting Standards Update 2016-09 | Scenario, Previously Reported

19,155

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

2,149

18,080

(882)

1,075

Accounting Standards Update 2016-09 | Scenario, Previously Reported | The Hertz Corporation

19,155

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

2,149

18,080

(1,867)

1,075

Accounting Standards Update 2016-09 | Restatement Adjustment

19,155

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

(49)

(49)

Accounting Standards Update 2016-09 | Restatement Adjustment | The Hertz Corporation

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

(49)

(49)

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

$ 0

[1]

[2]

Discontinued Operations (Results of Discontinued Operations) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net income (loss) from discontinued operations	$ 0	$ (17)	$ 158
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings		347
The Hertz Corporation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net income (loss) from discontinued operations	0	(15)	161
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings	$ (3)	345
Discontinued Operations \| Old Hertz Holdings' Worldwide Equipment Rental
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues		677	1,518
Direct operating expenses		366	841
Depreciation of revenue earning equipment and lease charges, net		181	329
Selling, general and administrative		123	172
Interest expense, net		17	23
Other (income) expense, net		(1)	(56)
Income (loss) from discontinued operations before income taxes		(9)	209
(Provision) benefit for taxes on discontinued operations		(8)	(51)
Net income (loss) from discontinued operations		(17)	158
Discontinued Operations \| Old Hertz Holdings' Worldwide Equipment Rental \| Senior ABL Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest expense, net		5	13
Discontinued Operations \| The Hertz Corporation \| Old Hertz Holdings' Worldwide Equipment Rental
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues		677	1,518
Direct operating expenses		366	841
Depreciation of revenue earning equipment and lease charges, net		181	329
Selling, general and administrative		124	172
Interest expense, net		13	20
Other (income) expense, net		(1)	(56)
Income (loss) from discontinued operations before income taxes		(6)	212
(Provision) benefit for taxes on discontinued operations		(9)	(51)
Net income (loss) from discontinued operations		(15)	$ 161
Amounts associated with discontinued operations (yet to be transferred) \| Hertz Global Holdings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings		347
Amounts associated with discontinued operations (yet to be transferred) \| HERC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings		$ 345

Acquisitions and Divestitures (Acquisition) (Details) - Certain Hertz Branded Franchises - USD ($)	1 Months Ended	12 Months Ended
	Feb. 28, 2015	Dec. 31, 2017	Dec. 31, 2016
Acquisition
Business Combination, Acquisition Related Costs		$ 10,000,000	$ 0
Payments to acquire business	$ 87,000,000

Acquisitions and Divestitures (Assets Acquired Liabilities Assumed) (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Feb. 28, 2015
Acquisition
Goodwill	$ 1,084	$ 1,081	$ 1,261
Certain Hertz Branded Franchises
Acquisition
Revenue earning equipment				$ 71
Property and other equipment				6
Other intangible assets				9
Goodwill				1
Total				$ 87

Acquisitions and Divestitures (Divestitures) (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended		12 Months Ended
	Sep. 30, 2017	Apr. 30, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Aug. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Realized gain (loss) on disposal			$ 4
Consideration receivable from sale						$ 115
Consideration receivable from sale, amounts to be placed in escrow						$ 13
Payments to acquire equity method investments		$ 45
Impairment charges and asset write-downs			$ 116	$ 340	$ 70
Referral and brand cooperation agreement, initial term			20 years
Referral and brand cooperation agreement, optional extension term			20 years
CAR, Inc
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales proceeds				$ 274
Common Stock Shares \| CAR, Inc
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of shares issued in transaction				236	138
Net sales proceeds				$ 267	$ 236
Realized gain (loss) on disposal					$ 133
Deferred gain on sale				7
Common Stock Shares \| CAR, Inc \| Other income (expense), net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Realized gain (loss) on disposal				84
Equipment \| Direct vehicle and operating
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges and asset write-downs				25
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents				1
Receivables, net				11
Prepaid expenses and other assets				5
Revenue earning vehicles, net				86
Property and equipment, net				1
Intangibles				1
Deferred income taxes, net				6
Assets held for sale				111
Accounts payable				11
Accrued liabilities				6
Liabilities held for sale				17
Held-for-sale \| Equipment \| Direct vehicle and operating
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges and asset write-downs				$ 18
Fair Value, Measurements, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Realized gain (loss) on disposal	$ 4
Payments to acquire equity method investments		$ 45
Liabilities held for sale			$ 934
Impairment of long-lived assets held-for-use			$ (6)

Revenue Earning Vehicles (Components of Revenue Earning Vehicles) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Revenue earning vehicles	$ 14,209	$ 13,287
Less: Accumulated depreciation	(3,123)	(2,678)
Property Subject to or Available for Operating Lease, Excluding Assets Held for Sale	11,086	10,609
Revenue earning vehicles held for sale, net	250	209
Total revenue earning vehicles, net	11,336	10,818
Depreciation of revenue earning vehicles	2,486	2,359	$ 2,272
(Gain) loss on disposal of revenue earning equipment	236	172	89
Rents paid for vehicles leased	76	70	72
Depreciation of revenue earning vehicles and lease charges, net	2,798	2,601	2,433
U.S. Car Rental
Property, Plant and Equipment [Line Items]
(Gain) loss on disposal of revenue earning equipment	234	177	97
Costs of vehicle sales operations	(132)	(109)	(105)
International Car Rental
Property, Plant and Equipment [Line Items]
(Gain) loss on disposal of revenue earning equipment	$ 2	$ (5)	$ (8)

Revenue Earning Vehicles (Deprecation Rates) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenue earning equipment
Net increase (decrease) in depreciation expense	$ 87	$ 145	$ 100
U.S. Car Rental
Revenue earning equipment
Net increase (decrease) in depreciation expense	77	141	101
International Car Rental
Revenue earning equipment
Net increase (decrease) in depreciation expense	$ 10	$ 4	$ (1)

Goodwill and Intangible Assets (Summary of changes in goodwill, by segment) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017
Goodwill
Balance at the beginning of the period, Goodwill		$ 1,299	$ 1,307
Accumulated impairment losses at the beginning of the period		(218)	(46)
Net goodwill, balance at the beginning of the period		1,081	1,261
Impairment losses during the period	$ (172)		(172)
Other changes during the period		(3)	(8)
Total		(3)	(180)
Balance at the end of the period, Goodwill	1,299	1,302	1,299
Accumulated impairment losses at the end of the period	(218)	(218)	(218)
Net goodwill, balance at the end of the period	1,081	1,081	1,261	$ 1,084
U.S. Car Rental
Goodwill
Balance at the beginning of the period, Goodwill		1,028	1,028
Accumulated impairment losses at the beginning of the period		0	0
Net goodwill, balance at the beginning of the period		1,028	1,028
Impairment losses during the period			0
Other changes during the period		(1)	0
Total		(1)	0
Balance at the end of the period, Goodwill	1,028	1,029	1,028
Accumulated impairment losses at the end of the period	0	0	0
Net goodwill, balance at the end of the period	1,028	1,028	1,028	1,029
International Car Rental
Goodwill
Balance at the beginning of the period, Goodwill		237	244
Accumulated impairment losses at the beginning of the period		(218)	(46)
Net goodwill, balance at the beginning of the period		19	198
Impairment losses during the period			(172)
Other changes during the period		0	(7)
Total		0	(179)
Balance at the end of the period, Goodwill	237	237	237
Accumulated impairment losses at the end of the period	(218)	(218)	(218)
Net goodwill, balance at the end of the period	19	19	198	19
All Other Operations
Goodwill
Balance at the beginning of the period, Goodwill		34	35
Accumulated impairment losses at the beginning of the period		0	0
Net goodwill, balance at the beginning of the period		34	35
Impairment losses during the period			0
Other changes during the period		(2)	(1)
Total		(2)	(1)
Balance at the end of the period, Goodwill	34	36	34
Accumulated impairment losses at the end of the period	0	0	0
Net goodwill, balance at the end of the period	$ 34	$ 34	$ 35	$ 36

(Schedule of components of other intangible assets by major classes) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of other intangible assets
Amortization of intangible assets		$ 97	$ 98	$ 118
Amortizable intangible assets:
Gross Carrying Amount	$ 1,117	1,205	1,117
Accumulated Amortization	(707)	(802)	(707)
Net Carrying Value	410	403	410
Indefinite-lived intangible assets:
Carrying Amount	2,922	2,839	2,922
Total Other intangible assets
Gross Carrying Amount	4,039	4,044	4,039
Accumulated Amortization	(707)	(802)	(707)
Net Carrying Value	3,332	3,242	3,332
Trade name
Disclosure of other intangible assets
Impairment of indefinite-lived intangible assets	120			$ 40
Indefinite-lived intangible assets:
Carrying Amount	2,900	2,814	2,900
Other indefinite-lived intangible assets
Indefinite-lived intangible assets:
Carrying Amount	22	25	22
Customer-related
Amortizable intangible assets:
Gross Carrying Amount	333	333	333
Accumulated Amortization	(292)	(301)	(292)
Net Carrying Value	41	32	41
Total Other intangible assets
Accumulated Amortization	(292)	(301)	(292)
Concession rights
Amortizable intangible assets:
Gross Carrying Amount	408	413	408
Accumulated Amortization	(188)	(233)	(188)
Net Carrying Value	220	180	220
Total Other intangible assets
Accumulated Amortization	(188)	(233)	(188)
Technology-based intangibles
Amortizable intangible assets:
Gross Carrying Amount	294	377	294
Accumulated Amortization	(168)	(204)	(168)
Net Carrying Value	126	173	126
Total Other intangible assets
Accumulated Amortization	(168)	(204)	(168)
Other intangible assets
Amortizable intangible assets:
Gross Carrying Amount	82	82	82
Accumulated Amortization	(59)	(64)	(59)
Net Carrying Value	23	18	23
Total Other intangible assets
Accumulated Amortization	$ (59)	(64)	$ (59)
U.S. Car Rental \| Trade name
Disclosure of other intangible assets
Impairment of indefinite-lived intangible assets		86
Fair Value, Measurements, Nonrecurring
Total Other intangible assets
Liabilities of discontinued operations		$ 934

Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of other intangible assets	$ 97	$ 98	$ 118
Amortization Expense, Fiscal Year Maturity [Abstract]
Expected amortization expense in 2018	92
Expected amortization expense in 2019	82
Expected amortization expense in 2020	76
Expected amortization expense in 2021	66
Expected amortization expense in 2022	24
Expected amortization expense thereafter	$ 63

Debt (Schedule of Debt) (Details) $ in Millions	1 Months Ended		12 Months Ended
Debt (Schedule of Debt) (Details) $ in Millions	Dec. 31, 2017 USD ($) € / $	Jun. 30, 2017 USD ($)	Dec. 31, 2016 USD ($) € / $	Nov. 30, 2017 CAD ($)	Jun. 30, 2016 USD ($)	Feb. 24, 2016 USD ($)	Oct. 31, 2015 USD ($)	Sep. 30, 2015 CAD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2014 USD ($)	Nov. 30, 2013 USD ($)
Debt Instrument [Line Items]
Outstanding principal	$ 2,500,000,000		$ 3,200,000,000
Total debt	$ 14,865,000,000		13,541,000,000
Repayments of debt			48,000,000
Us Fleet Medium Term Notes 2017 Series 2
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.57%
Outstanding principal	$ 350,000,000		0
Senior Loans
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.32%
Outstanding principal	$ 688,000,000		697,000,000		$ 700,000,000
Senior credit facility
Debt Instrument [Line Items]
Outstanding principal	0		0
Corporate Debt
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs and Net (Discount) Premium	42,000,000		39,000,000
Total debt	$ 4,434,000,000		3,895,000,000
Senior Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	6.13%
Outstanding principal	$ 2,500,000,000		3,200,000,000
Senior Second Priority Secured Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	7.63%
Outstanding principal	$ 1,250,000,000		0
Promissory Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	7.00%
Outstanding principal	$ 27,000,000		27,000,000
Other Corporate Debt
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.94%
Outstanding principal	$ 11,000,000		10,000,000
Fleet Debt
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs and Net (Discount) Premium	(40,000,000)		(39,000,000)
Total debt	10,431,000,000		9,646,000,000
U.S. Fleet Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal	$ 664,000,000		855,000,000
HVF Series 2010-1
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.96%
Outstanding principal	$ 39,000,000		115,000,000
HVF Series 2011-1
Debt Instrument [Line Items]
Outstanding principal	$ 0		115,000,000
HVF Series 2013-1
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.91%
Outstanding principal	$ 625,000,000		625,000,000
HVF II U.S. ABS Program
Debt Instrument [Line Items]
Outstanding principal	$ 2,093,000,000		2,470,000,000				$ 636,000,000
Repayments of debt			36,000,000
HVF II Series 2013-A, Class A
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.88%
Outstanding principal	$ 1,970,000,000		1,844,000,000
HVF II Series 2013-B, Class A
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.77%
Outstanding principal	$ 123,000,000		626,000,000
HVF II Series 2014-A, Class A
Debt Instrument [Line Items]
Outstanding principal	0		0
HVF II Us Fleet Variable Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal	$ 4,125,000,000		3,180,000,000
HVF II Series 2015-1
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.93%
Outstanding principal	$ 780,000,000		780,000,000
HVF II Series 2015-2
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.45%
Outstanding principal	$ 265,000,000		250,000,000
HVF II Series 2015-3
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.10%
Outstanding principal	$ 371,000,000		350,000,000
HVF II Series 2016-1
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.89%
Outstanding principal	$ 466,000,000		439,000,000
HVF II Series 2016-2
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.41%
Outstanding principal	$ 595,000,000		561,000,000
HVF II Series 2016-3
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.72%
Outstanding principal	$ 424,000,000		400,000,000
HVF II Series 2016-4
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.09%
Outstanding principal	$ 424,000,000		400,000,000
Donlen ABS Program
Debt Instrument [Line Items]
Outstanding principal	$ 380,000,000		410,000,000
HFLF Series 2013-2 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.35%
Outstanding principal	$ 380,000,000		410,000,000			$ 500,000,000
HFLF Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal	963,000,000		877,000,000							$ 400,000,000	$ 500,000,000
HFLF Series 2013-A Notes
Debt Instrument [Line Items]
Outstanding principal	0		96,000,000
HFLF Series 2014-1 Notes
Debt Instrument [Line Items]
Outstanding principal	$ 0		148,000,000
HFLF Series 2015-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.22%
Outstanding principal	$ 145,000,000		248,000,000						$ 300,000,000
HFLF Series 2016-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.63%
Outstanding principal	$ 318,000,000		385,000,000
HFLF Series 2017-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.33%
Outstanding principal	$ 500,000,000		0
Other Fleet Debt
Debt Instrument [Line Items]
Outstanding principal	$ 2,246,000,000		1,893,000,000
U.S. Vehicle RCF
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.04%
Outstanding principal	$ 186,000,000		193,000,000
European Revolving Credit Facility
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.95%
Outstanding principal	$ 184,000,000		147,000,000
European Fleet Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.29%
Outstanding principal	$ 773,000,000		$ 677,000,000
Foreign currency exchange rate, translation \| € / $	1.19		1.04
4.375% Senior Notes due January 2019
Debt Instrument [Line Items]
Outstanding principal	$ 505,000,000		$ 443,000,000
Interest rate	4.375%
4.125% Senior Notes due October 2021
Debt Instrument [Line Items]
Outstanding principal	$ 268,000,000		234,000,000
Interest rate	4.125%
European Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.70%
Outstanding principal	$ 367,000,000		312,000,000
Canadian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.79%
Outstanding principal	$ 237,000,000		162,000,000	$ 350				$ 350
Australian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.25%
Outstanding principal	$ 155,000,000		117,000,000
New Zealand Revolving Credit Facility
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.50%
Outstanding principal	$ 42,000,000		41,000,000
UK Leveraged Financing
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.85%
Outstanding principal	$ 251,000,000		212,000,000
Capitalized Leases
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.90%
Outstanding principal	$ 51,000,000		32,000,000
Us Fleet Medium Term Notes 2017 Series 1
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.38%
Outstanding principal	$ 450,000,000		0
4.25% Senior Notes due April 2018
Debt Instrument [Line Items]
Outstanding principal	$ 0		$ 250,000,000
Interest rate	6.75%	4.25%	4.25%
Repayments of debt	$ 450,000,000	$ 250,000,000
6.75% Senior Notes due April 2019
Debt Instrument [Line Items]
Outstanding principal	$ 0		$ 450,000,000
Interest rate	6.75%
5.875% Senior Notes due October 2020
Debt Instrument [Line Items]
Outstanding principal	$ 700,000,000		700,000,000
Interest rate	5.875%
7.375% Senior Notes due January 2021
Debt Instrument [Line Items]
Outstanding principal	$ 500,000,000		500,000,000
Interest rate	7.375%
6.25% Senior Notes due October 2022
Debt Instrument [Line Items]
Outstanding principal	$ 500,000,000		500,000,000
Interest rate	6.25%
5.50% Senior Notes due October 2024
Debt Instrument [Line Items]
Outstanding principal	$ 800,000,000		$ 800,000,000
Interest rate	5.50%

Debt (Narrative) (Details) $ in Millions, $ in Millions	1 Months Ended					6 Months Ended	12 Months Ended
Debt (Narrative) (Details) $ in Millions, $ in Millions	Jan. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Jun. 30, 2017 USD ($)	May 31, 2017 USD ($)	Apr. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Nov. 30, 2017 USD ($)	Nov. 30, 2017 EUR (€)	Nov. 30, 2017 CAD ($)	Nov. 30, 2017 AUD ($)	Nov. 02, 2017 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2017 EUR (€)	May 31, 2017 EUR (€)	Apr. 30, 2017 USD ($)	Feb. 28, 2017 USD ($)	Sep. 30, 2016 EUR (€)	Sep. 30, 2016 NZD ($)	Feb. 24, 2016 USD ($)	Oct. 31, 2015 USD ($)	Sep. 30, 2015 CAD ($)	Jun. 30, 2015 USD ($)	Apr. 30, 2015 USD ($)	Mar. 31, 2014 USD ($)	Nov. 30, 2013 USD ($)	Nov. 30, 2013 EUR (€)	Jan. 31, 2013 USD ($)	Jun. 30, 2011 USD ($)	Nov. 30, 2010 AUD ($)	Jul. 31, 2010 USD ($)	Jun. 30, 2010 EUR (€)
Debt Instrument [Line Items]
Debt to mature in 2018		$ 1,722,000,000					$ 1,722,000,000
Outstanding principal		$ 2,500,000,000					$ 2,500,000,000	$ 3,200,000,000
Restricted net assets of subsidiaries as percentage of total consolidated net assets, greater than		25.00%					25.00%
Availability under borrowing base limitation		$ 569,000,000					$ 569,000,000
VIE, total assets		524,000,000					524,000,000	454,000,000
VIE, total liabilities		524,000,000					524,000,000	454,000,000
Vehicle		432,000,000					432,000,000	278,000,000
Loss on extinguishment of debt							(13,000,000)	(55,000,000)	$ 0
Repayments of debt								48,000,000
Accrued liabilities
Debt Instrument [Line Items]
Interest expense, net							71,000,000	76,000,000
Letters of credit facility
Debt Instrument [Line Items]
Outstanding standby letters of credit		627,000,000					627,000,000
Senior Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, Covenant Compliance, Leverage Ratio, Unrestricted Cash Netting Cap																			$ 500,000,000
Corporate Debt
Debt Instrument [Line Items]
Debt to mature in 2018		25,000,000					25,000,000
Availability under borrowing base limitation		552,000,000					552,000,000
Senior Loans
Debt Instrument [Line Items]
Outstanding principal		$ 688,000,000				$ 700,000,000	$ 688,000,000	697,000,000
Average interest rate (as a percent)		4.32%					4.32%
Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding principal						1,700,000,000
Revolving Credit Facility \| Letters of credit facility
Debt Instrument [Line Items]
Debt face amount										$ 400,000,000
Senior credit facility
Debt Instrument [Line Items]
Outstanding standby letters of credit		$ 615,000,000					$ 615,000,000
Aggregate maximum borrowings														$ 1,167,000,000
Outstanding principal		0					0	$ 0
Line of credit facility, period increase (decrease)							533,000,000
Covenant compliance borrowing threshold														$ 2,400,000,000
US Vehicle RCF
Debt Instrument [Line Items]
Availability under borrowing base limitation		5,000,000					5,000,000
Senior ABL Facility
Debt Instrument [Line Items]
Fixed charge coverage ratio number of quarters								1 year
Availability under borrowing base limitation		552,000,000					552,000,000
Senior Notes
Debt Instrument [Line Items]
Outstanding principal		$ 2,500,000,000					$ 2,500,000,000	$ 3,200,000,000
Average interest rate (as a percent)		6.13%					6.13%
Redemption price of debt, percentage of face amount							101.00%
Debt instrument, Covenant Compliance, Leverage Ratio		300.00%					300.00%
5.50% Senior Notes due October 2024
Debt Instrument [Line Items]
Interest rate		5.50%					5.50%
Outstanding principal		$ 800,000,000					$ 800,000,000	800,000,000
6.75% Senior Notes due April 2019
Debt Instrument [Line Items]
Interest rate		6.75%					6.75%
Outstanding principal		$ 0					$ 0	450,000,000
7.375% Senior Notes due January 2021
Debt Instrument [Line Items]
Interest rate		7.375%					7.375%
Outstanding principal		$ 500,000,000					$ 500,000,000	500,000,000
6.25% Senior Notes due October 2022
Debt Instrument [Line Items]
Interest rate		6.25%					6.25%
Outstanding principal		$ 500,000,000					$ 500,000,000	$ 500,000,000
4.25% Senior Notes due April 2018
Debt Instrument [Line Items]
Interest rate		6.75%	4.25%				6.75%	4.25%
Outstanding principal		$ 0					$ 0	$ 250,000,000
Repayments of debt		$ 450,000,000	$ 250,000,000
Senior Second Priority Secured Notes, 7.625%, Due 2022
Debt Instrument [Line Items]
Interest rate			7.625%
Debt face amount			$ 1,250,000,000.00
5.875% Senior Notes due October 2020
Debt Instrument [Line Items]
Interest rate		5.875%					5.875%
Outstanding principal		$ 700,000,000					$ 700,000,000	700,000,000
Fleet Debt
Debt Instrument [Line Items]
Debt to mature in 2018		1,697,000,000					1,697,000,000
Availability under borrowing base limitation		17,000,000					17,000,000
U.S. Fleet Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal		664,000,000					664,000,000	855,000,000
HVF Series 2010-1
Debt Instrument [Line Items]
Aggregate maximum borrowings																																	$ 750,000,000
Outstanding principal		$ 39,000,000					$ 39,000,000	115,000,000
Average interest rate (as a percent)		4.96%					4.96%
HVF Series 2011-1
Debt Instrument [Line Items]
Aggregate maximum borrowings																															$ 598,000,000
Outstanding principal		$ 0					$ 0	115,000,000
HVF Series 2013-1
Debt Instrument [Line Items]
Aggregate maximum borrowings																														$ 950,000,000
Outstanding principal		$ 625,000,000					$ 625,000,000	625,000,000
Average interest rate (as a percent)		1.91%					1.91%
Rental Car Asset-Backed Notes, Class A
Debt Instrument [Line Items]
Outstanding principal																										$ 622,000,000
Average interest rate (as a percent)																										2.73%
Rental Car Asset-Backed Notes, Class B
Debt Instrument [Line Items]
Outstanding principal																										$ 119,000,000
Average interest rate (as a percent)																										3.52%
Rental Car Asset-Backed Notes, Class C
Debt Instrument [Line Items]
Outstanding principal																										$ 39,000,000
Average interest rate (as a percent)																										4.35%
HVF II U.S. ABS Program
Debt Instrument [Line Items]
Outstanding principal		$ 2,093,000,000					$ 2,093,000,000	2,470,000,000															$ 636,000,000
Repayments of debt								36,000,000
HVF II Series 2015-1
Debt Instrument [Line Items]
Outstanding principal																										$ 780,000,000
HVF II Series 2013-A, Class A
Debt Instrument [Line Items]
Outstanding principal		$ 1,970,000,000					$ 1,970,000,000	1,844,000,000
Debt face amount								2,200,000,000
Average interest rate (as a percent)		2.88%					2.88%
HVF II Series 2013-B, Class A
Debt Instrument [Line Items]
Outstanding principal		$ 123,000,000					$ 123,000,000	626,000,000
Debt face amount								1,000,000,000
Average interest rate (as a percent)		2.77%					2.77%
HVF II Series 2014-A, Class A
Debt Instrument [Line Items]
Outstanding principal		$ 0					$ 0	0
HVF II Series 2013 Notes
Debt Instrument [Line Items]
Debt instrument, net change			415,000,000
HVF II Series 2013-A Notes
Debt Instrument [Line Items]
Debt face amount															$ 3,400,000,000
Debt instrument, net change			$ 300,000,000
HVF II Series 2013-B Notes
Debt Instrument [Line Items]
Debt face amount															$ 291,000,000
HVF II Series 2017-A Notes, Due October 2018
Debt Instrument [Line Items]
Debt face amount				$ 500,000,000														$ 500,000,000
HFLF Variable Funding Notes
Debt Instrument [Line Items]
Availability under borrowing base limitation		6,000,000					6,000,000
HFLF Series 2013-2 Notes
Debt Instrument [Line Items]
Outstanding principal		$ 380,000,000					$ 380,000,000	410,000,000														$ 500,000,000
Average interest rate (as a percent)		2.35%					2.35%
HFLF Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal		$ 963,000,000					$ 963,000,000	877,000,000																			$ 400,000,000	$ 500,000,000
Debt face amount		820,000,000					820,000,000
HFLF Series 2015-1 Notes
Debt Instrument [Line Items]
Outstanding principal		$ 145,000,000					$ 145,000,000	248,000,000																	$ 300,000,000
Average interest rate (as a percent)		2.22%					2.22%
HVF II Series 2017-2 Class D Notes and Class RR Notes
Debt Instrument [Line Items]
Related party transaction, amount							$ 20,000,000
HFLF Series 2016-1
Debt Instrument [Line Items]
Repayments of debt					$ 400,000,000
HFLF Series 2016-1 Notes
Debt Instrument [Line Items]
Outstanding principal		$ 318,000,000					$ 318,000,000	385,000,000
Average interest rate (as a percent)		2.63%					2.63%
European Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding principal		$ 184,000,000					$ 184,000,000	147,000,000
Average interest rate (as a percent)		2.95%					2.95%
Availability under borrowing base limitation		$ 6,000,000					$ 6,000,000
Former European Fleet Notes
Debt Instrument [Line Items]
Interest rate																				4.125%	4.125%							4.375%	4.375%
European Fleet Notes
Debt Instrument [Line Items]
Aggregate maximum borrowings \| €																				€ 225,000,000									€ 425,000,000
Outstanding principal		$ 773,000,000					$ 773,000,000	677,000,000
Average interest rate (as a percent)		4.29%					4.29%
European Securitization
Debt Instrument [Line Items]
Aggregate maximum borrowings \| €																																		€ 460,000,000
Outstanding principal		$ 367,000,000					$ 367,000,000	312,000,000
Average interest rate (as a percent)		1.70%					1.70%
Availability under borrowing base limitation		$ 0					$ 0
European Securitization, Due March 2020
Debt Instrument [Line Items]
Aggregate maximum borrowings \| €											€ 345,000,000
European Securitization, Due October 2018
Debt Instrument [Line Items]
Aggregate maximum borrowings \| €											115,000,000
Canadian Securitization
Debt Instrument [Line Items]
Outstanding principal		$ 237,000,000					$ 237,000,000	162,000,000				$ 350												$ 350
Average interest rate (as a percent)		2.79%					2.79%
Availability under borrowing base limitation		$ 0					$ 0
Australian Securitization
Debt Instrument [Line Items]
Aggregate maximum borrowings																																$ 250,000,000
Outstanding principal		$ 155,000,000					$ 155,000,000	117,000,000
Average interest rate (as a percent)		3.25%					3.25%
Availability under borrowing base limitation		$ 0					$ 0
Australian Securitization, Due March 2020
Debt Instrument [Line Items]
Outstanding principal													$ 250,000,000
New Zealand Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding principal																					$ 60
UK Leveraged Financing
Debt Instrument [Line Items]
Outstanding principal		$ 251,000,000					$ 251,000,000	212,000,000
Debt face amount \| €											250,000,000					€ 250,000,000	€ 287,500,000
Average interest rate (as a percent)		2.85%					2.85%
HVF II Series 2016-1 Notes
Debt Instrument [Line Items]
Outstanding principal																						$ 1,100,000,000
Repayments of debt								61,000,000
HVF II Series 2016-3 Notes And HVF II Series 2016-4 Notes
Debt Instrument [Line Items]
Outstanding principal						$ 848,000,000
London Interbank Offered Rate (LIBOR) \| Senior Loans \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate						0.75%
Forecast \| 7.50% Senior Notes due October 2018
Debt Instrument [Line Items]
Repayments of debt	$ 67,000,000
Letters of credit facility
Debt Instrument [Line Items]
Aggregate maximum borrowings		$ 400,000,000					$ 400,000,000
Revolving Credit Facility \| US Vehicle RCF
Debt Instrument [Line Items]
Aggregate maximum borrowings						$ 200,000,000
Revolving Credit Facility \| European Revolving Credit Facility, Due March 2020
Debt Instrument [Line Items]
Aggregate maximum borrowings \| €											153,000,000
Revolving Credit Facility \| European Revolving Credit Facility, Due January 2019
Debt Instrument [Line Items]
Aggregate maximum borrowings \| €											€ 82,000,000
Eliminations
Debt Instrument [Line Items]
Vehicle		0					0	0
Eliminations \| HFLF Series 2015-1 Notes
Debt Instrument [Line Items]
Outstanding principal		5,000,000					5,000,000
Non-Vehicle Related Service
Debt Instrument [Line Items]
Vehicle		46,000,000					46,000,000	43,000,000
Loss on extinguishment of debt							(13,000,000)	(49,000,000)
Repayments of debt							1,560,000,000	4,651,000,000	2,112,000,000
Net change in restricted cash and cash equivalents, vehicle							0	1,000,000	9,000,000
Non-Vehicle Related Service \| Senior Revolving Credit Facility
Debt Instrument [Line Items]
Loss on extinguishment of debt							(7,000,000)	0
Non-Vehicle Related Service \| Senior Term Facility
Debt Instrument [Line Items]
Loss on extinguishment of debt							0	(15,000,000)
Non-Vehicle Related Service \| 7.50% Senior Notes due October 2018
Debt Instrument [Line Items]
Loss on extinguishment of debt							0	(18,000,000)
Non-Vehicle Related Service \| 6.75% Senior Notes due April 2019
Debt Instrument [Line Items]
Loss on extinguishment of debt							0	(16,000,000)
Non-Vehicle Related Service \| 4.25% Senior Notes due April 2018
Debt Instrument [Line Items]
Loss on extinguishment of debt							(6,000,000)	0
Non-Vehicle Related Service \| Eliminations
Debt Instrument [Line Items]
Repayments of debt							0	0
Vehicle Related Service
Debt Instrument [Line Items]
Vehicle		$ 386,000,000					386,000,000	235,000,000
Loss on extinguishment of debt							0	(6,000,000)
Repayments of debt							10,244,000,000	9,748,000,000	7,079,000,000
Net change in restricted cash and cash equivalents, vehicle							147,000,000	(53,000,000)	$ (221,000,000)
Vehicle Related Service \| HVF II Series 2014-A
Debt Instrument [Line Items]
Loss on extinguishment of debt							0	(6,000,000)
Vehicle Related Service \| Eliminations
Debt Instrument [Line Items]
Repayments of debt							0	$ 0
Net change in restricted cash and cash equivalents, vehicle							$ 0
IFF No. 2
Debt Instrument [Line Items]
Minority ownership interest, percent							25.00%
Loans Payable \| HFLF Series 2016-1 Notes
Debt Instrument [Line Items]
Debt sold				$ 15,000,000

Debt (Debt Sold) (Details) - Loans Payable $ in Millions	1 Months Ended
Debt (Debt Sold) (Details) - Loans Payable $ in Millions	Aug. 31, 2017 USD ($)
HVF II Series 2015-2 Class D Notes
Debt Instrument [Line Items]
Debt sold	$ 15
HVF II Series 2015-3 Class D Notes
Debt Instrument [Line Items]
Debt sold	21
HVF II Series 2016-1 Class D Notes
Debt Instrument [Line Items]
Debt sold	27
HVF II Series 2016-2 Class D Notes
Debt Instrument [Line Items]
Debt sold	34
HVF II Series 2016-3 Class D Notes
Debt Instrument [Line Items]
Debt sold	24
HVF II Series 2016-4 Class D Notes
Debt Instrument [Line Items]
Debt sold	24
Total
Debt Instrument [Line Items]
Debt sold	$ 145

Debt (Loss on Extinguishment of Debt) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	$ 13	$ 55	$ 0
Non-Vehicle Related Service
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	13	49
Vehicle Related Service
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	0	6
Senior Term Facility \| Non-Vehicle Related Service
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	0	15
Senior Revolving Credit Facility \| Non-Vehicle Related Service
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	7	0
4.25% Senior Notes due April 2018 \| Non-Vehicle Related Service
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	6	0
7.50% Senior Notes due October 2018 \| Non-Vehicle Related Service
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	0	18
6.75% Senior Notes due April 2019 \| Non-Vehicle Related Service
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	0	16
HVF II Series 2014-A \| Vehicle Related Service
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	$ 0	$ 6

Debt (Debt Maturities) (Details) - USD ($) $ in Millions	12 Months Ended
Debt (Debt Maturities) (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2017
Maturities of Long-term Debt [Abstract]
2018		$ 1,722
2019		1,973
2020		5,773
2021		1,920
2022		2,114
After 2022		1,445
Senior ABL Facility
Debt Instrument [Line Items]
Fixed charge coverage ratio number of quarters	1 year
Corporate Debt
Maturities of Long-term Debt [Abstract]
2018		25
2019		14
2020		714
2021		514
2022		1,764
After 2022		1,445
Fleet Debt
Maturities of Long-term Debt [Abstract]
2018		1,697
2019		1,959
2020		5,059
2021		1,406
2022		350
After 2022		$ 0

Debt (Borrowing Capacity) (Details) $ in Millions	Dec. 31, 2017 USD ($)
Debt Instrument [Line Items]
Remaining capacity	$ 2,945
Availability under borrowing base limitation	569
Senior ABL Facility
Debt Instrument [Line Items]
Remaining capacity	552
Availability under borrowing base limitation	552
Letters of credit facility
Debt Instrument [Line Items]
Remaining capacity	0
Availability under borrowing base limitation	0
Corporate Debt
Debt Instrument [Line Items]
Remaining capacity	552
Availability under borrowing base limitation	552
US Vehicle RCF
Debt Instrument [Line Items]
Remaining capacity	14
Availability under borrowing base limitation	5
HVF II U.S. Vehicle Variable Funding Notes
Debt Instrument [Line Items]
Remaining capacity	1,822
Availability under borrowing base limitation	0
HFLF Variable Funding Notes
Debt Instrument [Line Items]
Remaining capacity	120
Availability under borrowing base limitation	6
European Revolving Credit Facility
Debt Instrument [Line Items]
Remaining capacity	95
Availability under borrowing base limitation	6
European Securitization
Debt Instrument [Line Items]
Remaining capacity	180
Availability under borrowing base limitation	0
Canadian Securitization
Debt Instrument [Line Items]
Remaining capacity	39
Availability under borrowing base limitation	0
Australian Securitization
Debt Instrument [Line Items]
Remaining capacity	39
Availability under borrowing base limitation	0
Capitalized Leases
Debt Instrument [Line Items]
Remaining capacity	84
Availability under borrowing base limitation	0
New Zealand Revolving Credit Facility
Debt Instrument [Line Items]
Remaining capacity	0
Availability under borrowing base limitation	0
Fleet Debt
Debt Instrument [Line Items]
Remaining capacity	2,393
Availability under borrowing base limitation	$ 17

Employee Retirement Benefits (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Total equity	$ 1,520	$ 1,075
Balance as of December 31, 2017	1,520	1,075	$ 2,019	$ 2,464
Settlement loss due to restructuring activities taken during the year		5
Defined contribution plan, costs recognized	23	23	25
Pension and Other Post-Employment Benefits
Defined Benefit Plan Disclosure [Line Items]
Balance as of December 31, 2017	(76)	(110)	(102)
United States Non-Qualified Pension Plan of US Entity
Defined Benefit Plan Disclosure [Line Items]
Company contributions	3	6
U.K. Plan
Defined Benefit Plan Disclosure [Line Items]
Provisions charged to income	10	9	10
Company contributions			3
U.S. Plan \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 526	459	575
Expected return on plan assets, percent	6.30%
Company contributions	$ 3	6
Non-U.S. \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	217	188	$ 200
Company contributions	4	4
Estimated future contributions	2
Non-U.S. \| Pension Benefits \| U.K.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 211	182
Non-U.S. \| U.K. Plan \| U.K.
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets, percent	5.20%
Company contributions	$ 3	$ 3
Equity Securities \| U.S. Plan \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	65.00%
Fixed Income Funds \| U.S. Plan \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	35.00%
Actively Managed Multi-Asset Funds \| Non-U.S. \| U.K. Plan
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	37.50%
Passive Equity Funds \| Non-U.S. \| U.K. Plan
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	27.50%
Passive Bond Funds \| Non-U.S. \| U.K. Plan
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	35.00%

Employee Retirement Benefits (Weighted Average Assumptions) (Details) - Pension Benefits - U.S. Plan	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.60%	4.00%
Average rate of increase in compensation	4.30%	4.30%

Employee Retirement Benefits (Change in Benefit Obligation) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Pension Benefits \| U.S. Plan
Change in Benefit Obligation
Benefit obligation at the beginning of the year	$ 538	$ 687
Service cost	1	2
Interest cost	21	24
Plan curtailments	(1)	(1)
Plan settlements	(2)	(31)
Benefits paid	(22)	(4)
Actuarial loss (gain)	20	18
Transfers in connection with the Spin-Off	0	(157)
Benefit obligation at the end of the year	555	538
Change in Plan Assets
Fair value of plan assets at the beginning of the year	459	575
Actual return of plan assets	84	48
Company contributions	3	6
Employee contributions	0	0
Plan settlements	(2)	(31)
Benefits paid	(22)	(4)
Foreign currency exchange rate translation	0	0
Transfers in connection with the Spin-Off	0	(125)
Amounts associated with discontinued operations (yet to be transferred)	4	(10)
Fair value of plan assets at the end of the year	526	459
Funded Status of the Plan
Plan assets less than benefit obligation	(29)	(79)
Pension Benefits \| Non-U.S.
Change in Benefit Obligation
Benefit obligation at the beginning of the year	257	235
Service cost	1	1
Interest cost	6	8
Plan curtailments	0	0
Plan settlements	0	0
Benefits paid	(8)	(5)
Foreign currency exchange rate translation	27	(37)
Actuarial loss (gain)	(4)	55
Benefit obligation at the end of the year	279	257
Change in Plan Assets
Fair value of plan assets at the beginning of the year	188	200
Actual return of plan assets	15	25
Company contributions	4	4
Employee contributions	0	0
Plan settlements	0	0
Benefits paid	(8)	(5)
Foreign currency exchange rate translation	18	(36)
Transfers in connection with the Spin-Off	0	0
Amounts associated with discontinued operations (yet to be transferred)	0	0
Fair value of plan assets at the end of the year	217	188
Funded Status of the Plan
Plan assets less than benefit obligation	(62)	(69)
Postretirement Benefits \| U.S. Plan
Change in Benefit Obligation
Benefit obligation at the beginning of the year	14	15
Service cost	0	0
Interest cost	1	1
Employee contributions	0	1
Plan curtailments	0	0
Plan settlements	0	0
Benefits paid	(2)	(2)
Actuarial loss (gain)	1	0
Transfers in connection with the Spin-Off	0	(1)
Benefit obligation at the end of the year	14	14
Change in Plan Assets
Fair value of plan assets at the beginning of the year	0	0
Company contributions	2	1
Employee contributions	0	1
Plan settlements	0	0
Benefits paid	(2)	(2)
Foreign currency exchange rate translation	0	0
Transfers in connection with the Spin-Off	0	0
Amounts associated with discontinued operations (yet to be transferred)	0	0
Fair value of plan assets at the end of the year	0	0
Funded Status of the Plan
Plan assets less than benefit obligation	$ (14)	$ (14)

Employee Retirement Benefits (Amounts Recognized in Balance Sheet) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Continuing Operations
Components of Net Periodic Benefit Cost:
Service cost		$ 0
Interest cost		1
Expected return on plan assets		0
Net amortizations		0
Settlement loss		0
Net pension and postretirement expense		$ 1
Weighted average discount rate for expense (January 1)		4.20%
Initial health care cost trend rate (as a percent)		6.90%
Ultimate health care cost trend rate (as a percent)		4.50%
Number of years to ultimate health trend rate (in years)		22 years
U.S. Plan \| Continuing Operations
Components of Net Periodic Benefit Cost:
Service cost	$ 0
Interest cost	1
Expected return on plan assets	0
Net amortizations	0
Settlement loss	0
Net pension and postretirement expense	$ 1
Weighted average discount rate for expense (January 1)	3.90%
Initial health care cost trend rate (as a percent)	6.70%
Ultimate health care cost trend rate (as a percent)	4.50%
Number of years to ultimate health trend rate (in years)	21 years
U.S. Plan \| Pension Benefits
Amounts recognized in balance sheet:
Net obligation recognized in the balance sheet	$ (29)	$ (79)
Prior service credit (cost)	0	1
Net gain (loss)	(43)	(87)
Accumulated other comprehensive income (loss)	(43)	(86)
Funded/(Unfunded) accrued pension or postretirement benefit	14	7
Net obligation recognized in the balance sheet	(29)	(79)
Total recognized in other comprehensive (income) loss	(43)	(41)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	(43)	(36)
Estimated amounts that will be amortized from accumulated other comprehensive (income) loss over the next fiscal year:
Net gain (loss)	(1)	(4)
Accumulated Benefit Obligation at December 31	$ 554	$ 535
Weighted-average assumptions as of December 31
Discount rate	3.60%	4.00%
Expected return of assets (as a percent)	6.30%	7.00%
Average rate of increase in compensation	4.30%	4.30%
Components of Net Periodic Benefit Cost:
Service cost	$ 1	$ 2
Interest cost	21	24
U.S. Plan \| Pension Benefits \| Continuing Operations
Components of Net Periodic Benefit Cost:
Service cost	1	2
Interest cost	21	24
Expected return on plan assets	(26)	(32)
Net amortizations	3	6
Settlement loss	1	5
Net pension and postretirement expense	$ 0	$ 5
Weighted average discount rate for expense (January 1)	4.00%	4.30%
Expected rate of return on plan assets	7.00%	7.20%
U.S. Plan \| Pension Benefits \| Prepaid expenses and other assets
Amounts recognized in balance sheet:
Net obligation recognized in the balance sheet	$ 0	$ 0
U.S. Plan \| Pension Benefits \| Accrued liabilities
Amounts recognized in balance sheet:
Net obligation recognized in the balance sheet	(29)	(79)
U.S. Plan \| Postretirement Benefits
Amounts recognized in balance sheet:
Net obligation recognized in the balance sheet	(14)	(14)
Prior service credit (cost)	0	0
Net gain (loss)	(1)	0
Accumulated other comprehensive income (loss)	(1)	0
Funded/(Unfunded) accrued pension or postretirement benefit	(13)	(14)
Net obligation recognized in the balance sheet	(14)	(14)
Total recognized in other comprehensive (income) loss	1	0
Total recognized in net periodic benefit cost and other comprehensive (income) loss	2	1
Estimated amounts that will be amortized from accumulated other comprehensive (income) loss over the next fiscal year:
Net gain (loss)	$ 0	$ 0
Weighted-average assumptions as of December 31
Discount rate	3.50%	3.90%
Initial health care cost trend rate (as a percent)	6.40%	6.70%
Ultimate health care cost trend rate (as a percent)	4.50%	4.50%
Number of years to ultimate trend rate (in years)	21 years	22 years
Components of Net Periodic Benefit Cost:
Service cost	$ 0	$ 0
Interest cost	1	1
U.S. Plan \| Postretirement Benefits \| Continuing Operations
Components of Net Periodic Benefit Cost:
Service cost		1	$ 1
Interest cost		8	8
Expected return on plan assets		(11)	(15)
Net amortizations		0	2
Settlement loss		0	1
Net pension and postretirement expense		$ (2)	$ (3)
Weighted average discount rate for expense (January 1)		3.60%	3.30%
Expected rate of return on plan assets		6.10%	7.30%
U.S. Plan \| Postretirement Benefits \| Prepaid expenses and other assets
Amounts recognized in balance sheet:
Net obligation recognized in the balance sheet	0	$ 0
U.S. Plan \| Postretirement Benefits \| Accrued liabilities
Amounts recognized in balance sheet:
Net obligation recognized in the balance sheet	(14)	(14)
Non-U.S. \| Continuing Operations
Components of Net Periodic Benefit Cost:
Service cost			$ 0
Interest cost			1
Expected return on plan assets			0
Net amortizations			0
Settlement loss			0
Net pension and postretirement expense			$ 1
Weighted average discount rate for expense (January 1)			3.80%
Initial health care cost trend rate (as a percent)			7.30%
Ultimate health care cost trend rate (as a percent)			4.50%
Number of years to ultimate health trend rate (in years)			14 years
Non-U.S. \| Pension Benefits
Amounts recognized in balance sheet:
Net obligation recognized in the balance sheet	(62)	(69)
Prior service credit (cost)	0	0
Net gain (loss)	(62)	(66)
Accumulated other comprehensive income (loss)	(62)	(66)
Funded/(Unfunded) accrued pension or postretirement benefit	0	(3)
Net obligation recognized in the balance sheet	(62)	(69)
Total recognized in other comprehensive (income) loss	(4)	33
Total recognized in net periodic benefit cost and other comprehensive (income) loss	(5)	31
Estimated amounts that will be amortized from accumulated other comprehensive (income) loss over the next fiscal year:
Net gain (loss)	(1)	(1)
Accumulated Benefit Obligation at December 31	$ 278	$ 255
Weighted-average assumptions as of December 31
Discount rate	2.40%	2.50%
Expected return of assets (as a percent)	5.20%	5.20%
Average rate of increase in compensation	2.80%	2.80%
Components of Net Periodic Benefit Cost:
Service cost	$ 1	$ 1
Interest cost	6	8
Non-U.S. \| Pension Benefits \| Continuing Operations
Components of Net Periodic Benefit Cost:
Service cost	1		$ 3
Interest cost	6		21
Expected return on plan assets	(10)		(31)
Net amortizations	2		2
Settlement loss	0		4
Net pension and postretirement expense	$ (1)		$ (1)
Weighted average discount rate for expense (January 1)	2.50%		3.90%
Expected rate of return on plan assets	5.20%		7.40%
Non-U.S. \| Pension Benefits \| Prepaid expenses and other assets
Amounts recognized in balance sheet:
Net obligation recognized in the balance sheet	$ 17	1
Non-U.S. \| Pension Benefits \| Accrued liabilities
Amounts recognized in balance sheet:
Net obligation recognized in the balance sheet	$ (79)	$ (70)

Employee Retirement Benefits (Estimated Future Benefit Payments & Other Plans) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Pension Benefits
Other Plans [Abstract]
Aggregate period contributions	$ 10	$ 9	$ 10
Pension Benefits \| Western Conference of Teamsters
Other Plans [Abstract]
Aggregate period contributions	6	6	6
Pension Benefits \| Other Plans
Other Plans [Abstract]
Aggregate period contributions	4	$ 3	$ 4
U.S. Plan \| Pension Benefits
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2018	44
2019	45
2020	47
2021	50
2022	52
After 2022	273
Total	511
U.S. Plan \| Postretirement Benefits
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2018	1
2019	1
2020	2
2021	1
2022	1
After 2022	5
Total	$ 11

Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested stock options, RSUs and PSUs granted	$ 19
Compensation expense	$ 19	$ 13	$ 16
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for recognition of total unrecognized compensation cost	1 year 6 months
Expected term (years)	7 years	5 years	5 years
Restricted Stock Units RSU and Performance Stock Units PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Granted (in dollars per share)	$ 19.27	$ 38.86	$ 80.77
Award vesting percentage first year	33.33%	33.33%	33.33%
Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, shares authorized (in shares)	6,600,000
Awards granted pursuant to the Omnibus Plan	2,677,723
Omnibus Plan \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	635,737
Granted (in dollars per share)	$ 19.27
Omnibus Plan \| Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,087,695
Granted (in dollars per share)	$ 22.15
Omnibus Plan \| Common Stock Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares underlying outstanding awards	3,471,326
2017 Executive Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 6
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	269,000
Maximum \| Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	10 years

Stock-Based Compensation (Summary of the total compensation expense and associated recognized income tax benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Compensation Expense and Tax Benefit
Compensation expense	$ 19	$ 13	$ 16
Income tax benefit	(8)	(5)	(7)
Total	$ 11	$ 8	$ 9

Stock-Based Compensation (Schedule of valuation assumptions) (Details) - Stock Option - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	47.80%	44.20%	41.40%
Expected dividend yield	0.00%	0.00%	0.00%
Expected term (years)	7 years	5 years	5 years
Risk-free interest rate	1.95%	1.00%	1.17%
Weighted-average grant date fair value (in dollars per share)	$ 9.44	$ 39.35	$ 29.09

Stock-Based Compensation (Summary of option activity under stock incentive plan and omnibus plan) (Details) - Stock Option - Stock Incentive Plan and Omnibus Plan - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Options, Outstanding [Roll Forward]
Outstanding beginning balance (in shares)	886,364
Granted (in shares)	623,432
Exercised (in shares)	0
Forfeited or Expired (in shares)	(375,102)
Outstanding ending balance (in shares)	1,134,694	886,364
Exercisable (in shares)	370,405
Weighted Average Exercise Price [Roll Forward]
Outstanding beginning balance (in dollars per share)	$ 66.24
Granted (in dollars per share)	21.94
Exercised (in dollars per share)	0.00
Forfeited or Expired (in dollars per share)	58.83
Outstanding ending balance (in dollars per share)	44.35	$ 66.24
Exercisable (in dollars per share)	$ 63.12
Additional Disclosures [Abstract]
Weighted average remaining contractual term	4 years 3 months 18 days	3 years 6 months
Weighted average remaining contractual term, Exercisable	2 years 1 month 6 days
Aggregate intrinsic value	$ 0	$ 2
Aggregate intrinsic value, Exercisable	$ 0

Stock-Based Compensation (Summary of non-vested options and changes during the year) (Details) - Stock Option - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Options Nonvested Weighted Average Grant Date Fair Value [Abstract]
Granted (in dollars per share)	$ 9.44	$ 39.35	$ 29.09
Stock Incentive Plan and Omnibus Plan
Non-vested Options, Outstanding [Roll Forward]
Non-vested beginning balance (in shares)	498,278
Granted (in shares)	623,432
Vested (in shares)	(103,445)
Forfeited (in shares)	(253,976)
Non-vested ending balance (in shares)	764,289	498,278
Non-vested Options, Weighted Average Exercise Price [Roll Forward]
Non-vested beginning balance (in dollars per share)	$ 70.36
Granted (in dollars per share)	21.94
Vested (in dollars per share)	87.92
Forfeited (in dollars per share)	50.00
Non-vested ending balance (in dollars per share)	35.25	$ 70.36
Options Nonvested Weighted Average Grant Date Fair Value [Abstract]
Non-vested beginning balance (in dollars per share)	24.32
Granted (in dollars per share)	9.44
Vested (in dollars per share)	29.16
Forfeited (in dollars per share)	18.25
Non-vested ending balance (in dollars per share)	$ 13.54	$ 24.32

Stock-Based Compensation (Schedule of additional information pertaining to option activity under the plans) (Details) - Stock Option - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of stock options exercised	$ 0	$ 12	$ 4
Cash received from the exercise of stock options	0	10	5
Fair value of options that vested	3	10	5
Tax benefit realized on exercise of stock options	$ 0	$ 4	$ 1

Stock-Based Compensation (Summary of PSU and RSU activity under the omnibus plan) (Details) - Omnibus Plan - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Performance Stock Units
Options, Outstanding [Roll Forward]
Outstanding beginning balance (in shares)	592,931
Granted (in shares)	1,087,695
Vested (in shares)	(60,174)
Forfeited or Expired (in shares)	(386,529)
Outstanding ending balance (in shares)	1,233,923	592,931
Weighted-Average Fair Value
Outstanding beginning balance (in dollars per share)	$ 46.39
Granted (in dollars per share)	22.15
Vested (in dollars per share)	83.54
Forfeited or Expired (In dollars per share)	33.70
Outstanding ending balance (in dollars per share)	$ 29.98	$ 46.39
Aggregate intrinsic value, Outstanding	$ 5	$ 0
Restricted Stock Units
Options, Outstanding [Roll Forward]
Outstanding beginning balance (in shares)	346,984
Granted (in shares)	635,737
Vested (in shares)	(100,019)
Forfeited or Expired (in shares)	(144,162)
Outstanding ending balance (in shares)	738,540	346,984
Weighted-Average Fair Value
Outstanding beginning balance (in dollars per share)	$ 48.46
Granted (in dollars per share)	19.27
Vested (in dollars per share)	64.24
Forfeited or Expired (In dollars per share)	33.10
Outstanding ending balance (in dollars per share)	$ 24.20	$ 48.46
Aggregate intrinsic value, Outstanding	$ 16	$ 0

Stock-Based Compensation (Summary of additional information pertaining to RSU activity) (Details) - Restricted Stock Units RSU and Performance Stock Units PSU - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of awards that vested	$ 6	$ 7	$ 5
Weighted average grant date fair value of awards (in dollars per share)	$ 19.27	$ 38.86	$ 80.77

Tangible Asset Impairments and Asset Write-downs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Impairment charges and asset write-downs	$ 116	$ 340	$ 70
Direct vehicle and operating \| Equipment
Property, Plant and Equipment [Line Items]
Impairment charges and asset write-downs		25
Held-for-sale \| Selling, general and administrative expenses \| Dollar Thrifty Headquarters
Property, Plant and Equipment [Line Items]
Impairment charges and asset write-downs			6
Held-for-sale \| Direct vehicle and operating \| Equipment
Property, Plant and Equipment [Line Items]
Impairment charges and asset write-downs		$ 18
Held-for-sale \| Other (income) expense \| Buildings
Property, Plant and Equipment [Line Items]
Impairment charges and asset write-downs			5
Held-for-sale \| Other (income) expense \| Held For Sale, Corporate Asset
Property, Plant and Equipment [Line Items]
Impairment charges and asset write-downs			3
Assets deemed to have no future use \| Equipment \| Customer Contracts
Property, Plant and Equipment [Line Items]
Impairment charges and asset write-downs			16
Assets deemed to have no future use \| Direct vehicle and operating \| Equipment \| Customer Contracts
Property, Plant and Equipment [Line Items]
Impairment charges and asset write-downs			9
Assets deemed to have no future use \| Other (income) expense \| Equipment \| Customer Contracts
Property, Plant and Equipment [Line Items]
Impairment charges and asset write-downs			$ 7

Leases (Details) - USD ($) $ in Millions	12 Months Ended
Leases (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Lease and Concession Agreements
Minimum fixed cost	$ 650	$ 622	$ 718
Variable lease cost	295	292	239
Sublease income	(5)	(4)	(5)
Total	940	$ 910	$ 952
Minimum obligations under existing agreements
2018	435
2019	384
2020	298
2021	238
2022	185
After 2022	725
Total	$ 2,265
Maximum
Lease and Concession Agreements
Operating lease terms	35 years

Restructuring (Details) - USD ($) $ in Millions	12 Months Ended
Restructuring (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restructuring details
Restructuring reserve programs initiated		$ 63
Restructuring charges	$ 8	62	$ 29
Restructuring reserve
Restructuring reserve, Balance at beginning of period	27	24
Charges incurred	8	62
Cash payments	(15)	(28)
Other non-cash changes	(1)	(31)
Restructuring reserve, Balance at end of period	21	27	24
Impairment charges and asset write-downs	116	340	70
Operating Segments \| U.S. Car Rental
Restructuring details
Restructuring charges	2	49	23
Operating Segments \| International Car Rental
Restructuring details
Restructuring charges	6	9	6
Corporate
Restructuring details
Restructuring charges	0	4	0
Direct vehicle and operating
Restructuring details
Restructuring charges	1	36	18
Direct vehicle and operating \| Equipment
Restructuring reserve
Impairment charges and asset write-downs		25
Selling, general and administrative
Restructuring details
Restructuring charges	7	26	11
Termination benefits
Restructuring details
Restructuring charges	7	$ 24	13
Expected duration for payment of restructuring obligations		24 months
Restructuring reserve
Restructuring reserve, Balance at beginning of period	13	$ 9
Charges incurred	7	24
Cash payments	(11)	(19)
Other non-cash changes	(1)	(1)
Restructuring reserve, Balance at end of period	10	13	9
Impairments and asset write-downs
Restructuring details
Restructuring charges	0	30	2
Facility closure and lease obligation costs
Restructuring details
Restructuring charges	1	7	18
Other
Restructuring details
Restructuring charges	0	1	(4)
Restructuring reserve
Restructuring reserve, Balance at beginning of period	14	15
Charges incurred	1	38
Cash payments	(4)	(9)
Other non-cash changes	0	(30)
Restructuring reserve, Balance at end of period	$ 11	$ 14	$ 15

Income Tax (Provision) Benefit (Schedule of Components of income Before Income Taxes) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Entity Information [Line Items]
Domestic									$ (680)	$ (535)	$ (84)
Foreign									105	65	216
Income (loss) from continuing operations before income taxes	$ (179)	$ 143	$ (245)	$ (294)	$ (466)	$ 108	$ (35)	$ (76)	(575)	(470)	132
The Hertz Corporation
Entity Information [Line Items]
Domestic									(675)	(534)	(84)
Foreign									105	65	216
Income (loss) from continuing operations before income taxes	$ (178)	$ 144	$ (244)	$ (293)	$ (465)	$ 108	$ (35)	$ (76)	$ (570)	$ (469)	$ 132

Income Tax (Provision) Benefit (Schedule of Total Provision for Taxes on Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current:
Federal	$ 0	$ 22	$ (49)
Foreign	19	48	57
State and local	1	12	(2)
Total current	20	82	6
Deferred:
Federal	(900)	(131)	34
Foreign	10	1	(23)
State and local	(32)	52	0
Total deferred	(922)	(78)	11
Total provision	$ (902)	$ 4	$ 17

Income Tax (Provision) Benefit (Schedule of Principal Items of the U.S. and Foreign Net Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Deferred Tax Assets:
Employee benefit plans	$ 27	$ 64
Net operating loss carry forwards	1,343	1,669
Federal, state and foreign local tax credit carry forwards	24	59
Accrued and prepaid expenses	90	251
Total Deferred Tax Assets	1,484	2,043
Less: Valuation Allowance	(305)	(230)
Total Net Deferred Tax Assets	1,179	1,813
Deferred Tax Liabilities:
Depreciation on tangible assets	(1,576)	(2,673)
Intangible assets	(764)	(1,232)
Total Deferred Tax Liabilities	(2,340)	(3,905)
Net Deferred Tax Liability	$ (1,161)	$ (2,092)

Income Tax (Provision) Benefit (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Loss Carryforwards [Line Items]
Tax Cuts and Jobs Act of 2017 change in tax rate, income tax (expense) benefit	$ 679
Reduction in expected AMT receivable		$ 3
Deferred tax assets	1,343	1,343	$ 1,669
Valuation allowance recorded against deferred tax assets	305	305	230
Remaining deferred tax assets to be realized	1,179	$ 1,179	$ 1,813
Effective tax rate		157.00%	(1.00%)	13.00%
Income tax (provision) benefit		$ 902	$ (4)	$ (17)
Increase (decrease) in provision for income taxes			13
Reversal of unrecognized tax benefits within next twelve months			4
Net, after-tax interest and penalties recognized		(1)	1	4
Net, after-tax interest and penalties accrued	7	7	8
Unrecognized tax benefits	43	43	45	$ 81	$ 57
Unrecognized tax benefits that would impact effective tax rate	14	14
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
AMT Tax Credits and other	23	23	54
Deferred tax assets	873	873	1,324
NOL carry forwards	4,156	4,156	3,782
Federal NOL carry forwards	4,156	4,156	3,914
Federal NOL carry forwards, related to excess tax deductions			132
Associated tax benefits			49
Domestic Tax Authority \| Net Capital Loss
Operating Loss Carryforwards [Line Items]
Deferred tax assets	9	9	2
Valuation allowance recorded against deferred tax assets	9	9	2
Domestic Tax Authority \| Alternative Minimum Tax
Operating Loss Carryforwards [Line Items]
Valuation allowance recorded against deferred tax assets	19	19	10
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Deferred tax assets	290	290	190
Valuation allowance recorded against deferred tax assets	101	101	56
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Deferred tax assets	180	180	155
NOL carry forwards	655	655	736
NOL carry forward, valuation allowance	126	126	108
NOL carry forward with indefinite carry forward period	595	595	679
Deferred tax assets associated with indefinite carry forward period	164	164	139
NOL subject to expiration	60	60	57
Deferred tax assets associated with NOL subject to expiration	16	16	16
Valuation allowance recorded against deferred tax assets	50	50	$ 47
Tax Year 2017
Operating Loss Carryforwards [Line Items]
AMT Tax Credits and other	40	40
Tax Year 2018
Operating Loss Carryforwards [Line Items]
AMT Tax Credits and other	20	20
Tax Year 2019
Operating Loss Carryforwards [Line Items]
AMT Tax Credits and other	10	10
Tax Year 2020
Operating Loss Carryforwards [Line Items]
AMT Tax Credits and other	5	5
Tax Year 2021
Operating Loss Carryforwards [Line Items]
AMT Tax Credits and other	$ 5	$ 5

Income Tax (Provision) Benefit (Schedule of Significant Items in the Reconciliation of the Statutory and Effective Income Tax Rates) (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Statutory Federal Tax Rate	35.00%	35.00%	35.00%
Foreign tax rate differential	2.00%	2.00%	(20.00%)
State and local income taxes, net of federal income tax benefit	6.00%	3.00%	(5.00%)
Change in state apportionment and statutory rates, net of federal income tax benefit	6.00%	(7.00%)	5.00%
Tax Reform	118.00%	0.00%	0.00%
Federal and foreign permanent differences	0.00%	(1.00%)	5.00%
Withholding taxes	(2.00%)	(2.00%)	5.00%
Uncertain tax positions	0.00%	0.00%	(5.00%)
Change in valuation allowance	(7.00%)	(11.00%)	(35.00%)
Benefit from sale of non-U.S. operations	0.00%	0.00%	17.00%
Change in foreign statutory rates	0.00%	(3.00%)	1.00%
Goodwill impairment	0.00%	(12.00%)	0.00%
Sale of CAR Inc. common stock	0.00%	0.00%	14.00%
Stock option shortfalls	(1.00%)	(3.00%)	(0.00%)
All other items, net	0.00%	(2.00%)	(4.00%)
Effective Tax Rate	157.00%	(1.00%)	13.00%
The Hertz Corporation
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Statutory Federal Tax Rate	35.00%	35.00%	35.00%
Foreign tax rate differential	2.00%	2.00%	(20.00%)
State and local income taxes, net of federal income tax benefit	6.00%	3.00%	(5.00%)
Change in state apportionment and statutory rates, net of federal income tax benefit	6.00%	(7.00%)	5.00%
Tax Reform	119.00%	0.00%	0.00%
Federal and foreign permanent differences	0.00%	(1.00%)	5.00%
Withholding taxes	(2.00%)	(2.00%)	5.00%
Uncertain tax positions	0.00%	0.00%	(5.00%)
Change in valuation allowance	(7.00%)	(11.00%)	(35.00%)
Benefit from sale of non-U.S. operations	0.00%	0.00%	17.00%
Change in foreign statutory rates	0.00%	(3.00%)	1.00%
Goodwill impairment	0.00%	(12.00%)	0.00%
Sale of CAR Inc. common stock	0.00%	0.00%	14.00%
Stock option shortfalls	(1.00%)	(3.00%)	(0.00%)
All other items, net	0.00%	(2.00%)	(4.00%)
Effective Tax Rate	158.00%	(1.00%)	13.00%

Income Tax (Provision) Benefit (Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1	$ 45	$ 81	$ 57
Increase attributable to tax positions taken during prior periods			16
Decrease attributable to tax positions taken during prior periods	(2)	(35)
Increase (Decrease) attributable to tax positions taken during the current year	3	0	9
Decrease attributable to settlements with taxing authorities	(3)	(1)	(1)
Balance at December 31	$ 43	$ 45	$ 81

Fair Value Measurements (Cash Equivalents and Investments) (Details) - Recurring - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 634	$ 615
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	634	615
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	634	606
Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	634	606
Money market funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Money market funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	9
Equity securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	9
Equity securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Equity securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 0	$ 0

Fair Value Measurements (Debt Obligations) (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nominal Unpaid Principal Balance	$ 2,500	$ 3,200
Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nominal Unpaid Principal Balance	14,947	13,619
Aggregate Fair Value	14,894	13,461
Non-Vehicle Related Service \| Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nominal Unpaid Principal Balance	4,476	3,934
Aggregate Fair Value	4,438	3,791
Vehicle Related Service \| Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nominal Unpaid Principal Balance	10,471	9,685
Aggregate Fair Value	$ 10,456	$ 9,670

Fair Value Measurements (Non-Recurring Basis) (Details) - Fair Value, Measurements, Nonrecurring $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Brazil Operations	$ 115
Impairment of long-lived assets held-for-use, Total loss adjustment	(6)
Long-lived assets held for sale	8
Long-lived assets held for sale, Total loss adjustments	26
Intangible assets	934
Liabilities held for sale, Total loss adjustments	86
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Brazil Operations	0
Long-lived assets held for sale	0
Intangible assets	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Brazil Operations	115
Long-lived assets held for sale	0
Intangible assets	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Brazil Operations	0
Long-lived assets held for sale	8
Intangible assets	$ 934

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended			3 Months Ended	6 Months Ended	12 Months Ended
	Sep. 30, 2017	Aug. 31, 2017	Apr. 30, 2016	Mar. 31, 2017	Jun. 30, 2017	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Payments to acquire equity method investments			$ 45
Realized gain (loss) on disposal						$ (4)
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Payments to acquire equity method investments			$ 45
Other than temporary impairment				$ 30
Cumulative equity losses and amortization				11
Equity Method Investments				4
Realized gain (loss) on disposal	$ (4)
Long-lived assets held for sale, Total loss adjustments						26
Brazil Operations \| Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (Loss) on disposal		$ (6)		$ 4	$ (4)	$ (6)

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	$ 1,075	$ 2,019
Other comprehensive income (loss) before reclassification	44	(27)
Amounts reclassified from accumulated other comprehensive income (loss)	9	(2)
Distribution of Herc Rentals Inc.		(347)
Ending Balance	1,520	1,075
Pension and Other Post-Employment Benefits
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	(110)	(102)
Other comprehensive income (loss) before reclassification	30	(23)
Amounts reclassified from accumulated other comprehensive income (loss)	4	7
Distribution of Herc Rentals Inc.		8
Ending Balance	(76)	(110)
Foreign Currency Items
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	(45)	(124)
Other comprehensive income (loss) before reclassification	14	(16)
Amounts reclassified from accumulated other comprehensive income (loss)	8	0
Distribution of Herc Rentals Inc.		95
Ending Balance	(23)	(45)
Unrealized Losses on Terminated Net Investment Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	(19)	(19)
Other comprehensive income (loss) before reclassification	0	0
Amounts reclassified from accumulated other comprehensive income (loss)	0	0
Distribution of Herc Rentals Inc.		0
Ending Balance	(19)	(19)
Realized/Unrealized Gains on Available for Sale Securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	3	0
Other comprehensive income (loss) before reclassification	0	12
Amounts reclassified from accumulated other comprehensive income (loss)	(3)	(9)
Distribution of Herc Rentals Inc.		0
Ending Balance	0	3
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	(171)	(245)
Distribution of Herc Rentals Inc.		103
Ending Balance	$ (118)	$ (171)

Contingencies and Off-Balance Sheet Commitments (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Loss Contingencies [Line Items]
Liability recorded for public liability and property damage matters	$ 427	$ 407

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2016	Nov. 30, 2015
Related Party Transaction [Line Items]
Due from related parties					$ (425)
Affiliated Entity
Related Party Transaction [Line Items]
Purchases from related party		$ 13	$ 6
Due from related parties				$ (345)		$ (650)
Advances to Hertz Holdings	$ 334
Master Loan Agreement \| Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	(102)	(107)	(102)		$ (425)
Tax Related Liability \| Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	$ (65)		(65)
Hertz Global Holdings
Related Party Transaction [Line Items]
Non-cash dividend paid to affiliate		0	334	365
Advances to Hertz Holdings		$ 0	$ 10	$ 0

Equity and Earnings (Loss) Per Share - Hertz Global (Narrative) (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015	Jun. 30, 2016 USD ($)
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Preferred Stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Common Stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Treasury stock, shares \| shares	2,000,000	2,000,000
Stock repurchase program, authorized amount \| $				$ 395
Treasury stock value \| $	$ 100	$ 100
Hertz Global Holdings
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Preferred Stock, shares authorized \| shares	40,000,000	40,000,000
Preferred Stock, par value (in dollars per share) \| $ / shares		$ 0.01
Common Stock, shares authorized \| shares	400,000,000	400,000,000
Treasury stock value \| $	$ 100	$ 100
Hertz Global Holdings
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Stock split, conversion ratio	0.2	0.2	0.2

Equity and Earnings (Loss) Per Share - Hertz Global (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Numerator:
Net income (loss) from continuing operations									$ 327	$ (474)	$ 115
Net income (loss) from discontinued operations									0	(17)	158
Net income (loss)	$ 616	$ 93	$ (158)	$ (223)	$ (438)	$ 44	$ (28)	$ (52)	$ 327	$ (491)	$ 273
Denominator:
Basic weighted average common shares (in shares)									83	84	90
Stock options, RSUs and PSUs (in shares)									0	0	1
Weighted average shares used to calculate diluted earnings per share (in shares)									83	84	91
Antidilutive stock options, RSUs, PSUs and conversion shares (in shares)									3	1	1
Earnings (loss) per share:
Basic earnings (loss) per share from continuing operations (in dollars per share)									$ 3.94	$ (5.65)	$ 1.28
Basic earnings (loss) per share from discontinued operations (in dollars per share)									0.00	(0.20)	1.75
Basic earnings (loss) per share (in dollars per share)	$ 7.42	$ 1.12	$ (1.90)	$ (2.69)	$ (5.28)	$ 0.52	$ (0.33)	$ (0.61)	3.94	(5.85)	3.03
Diluted earnings (loss) per share from continuing operations (in dollars per share)									3.94	(5.65)	1.26
Diluted earnings (loss) per share from discontinued operations (in dollars per share)									0.00	(0.20)	1.74
Diluted earnings (loss) per share (in dollars per share)	$ 7.42	$ 1.12	$ (1.90)	$ (2.69)	$ (5.28)	$ 0.52	$ (0.33)	$ (0.61)	$ 3.94	$ (5.85)	$ 3.00

Segment Information (Reportable Segments to Consolidated) (Details)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2017

USD ($)

Sep. 30, 2017

USD ($)

Jun. 30, 2017

USD ($)

Mar. 31, 2017

USD ($)

Dec. 31, 2016

USD ($)

Sep. 30, 2016

USD ($)

Jun. 30, 2016

USD ($)

Mar. 31, 2016

USD ($)

Dec. 31, 2017

USD ($)

segment

Dec. 31, 2016

USD ($)

Dec. 31, 2015

USD ($)

Number of reportable segments | segment

$ 2,091

$ 2,572

$ 2,224

$ 1,916

$ 2,009

$ 2,542

$ 2,270

$ 1,983

$ 8,803

$ 9,017

Depreciation of revenue earning vehicles and lease charges, net

(210)

325

2,798

2,601

2,433

240

265

274

637

624

599

11,336

10,818

11,336

10,818

840

858

840

858

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

^[1]

20,058

19,155

20,058

19,155

United States

6,620

6,690

6,845

9,149

9,035

9,149

9,035

725

748

725

748

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

15,912

15,434

15,912

15,434

Outside United States

2,183

2,113

2,172

2,187

1,783

2,187

1,783

115

110

115

110

4,146

3,721

4,146

3,721

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

2,091

$ 2,572

$ 2,224

$ 1,916

2,009

$ 2,542

$ 2,270

$ 1,983

8,803

9,017

Depreciation of revenue earning vehicles and lease charges, net

(205)

325

2,798

2,601

2,433

240

265

274

632

623

599

11,336

10,818

11,336

10,818

840

858

840

858

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

^[2]

20,058

19,155

20,058

19,155

Operating Segments

Operating Segments | The Hertz Corporation

296

564

834

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

Operating Segments | U.S. Car Rental

296

564

834

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

5,994

6,114

6,286

Depreciation of revenue earning vehicles and lease charges, net

298

551

1,904

1,753

1,572

181

198

209

132

154

165

7,761

7,716

7,761

7,716

602

621

602

621

Revenue earning vehicles and capital assets, non-vehicle

12,785

12,876

12,785

12,876

(6,837)

(7,376)

(7,930)

4,882

6,010

6,280

Operating Segments | U.S. Car Rental | The Hertz Corporation

(1,955)

(1,366)

(1,650)

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

Operating Segments | International Car Rental

298

551

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

2,169

2,097

2,148

Depreciation of revenue earning vehicles and lease charges, net

203

194

215

416

389

398

2,153

1,755

2,153

1,755

115

110

115

110

Revenue earning vehicles and capital assets, non-vehicle

3,971

3,578

3,971

3,578

(3,144)

(2,868)

(2,767)

2,606

2,504

2,292

Operating Segments | International Car Rental | The Hertz Corporation

(538)

(364)

(475)

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

Operating Segments | All Other Operations

203

194

215

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

640

592

583

Depreciation of revenue earning vehicles and lease charges, net

478

459

463

1,422

1,347

1,422

1,347

Revenue earning vehicles and capital assets, non-vehicle

1,700

1,612

1,700

1,612

(735)

(729)

(718)

182

209

162

Operating Segments | All Other Operations | The Hertz Corporation

(553)

(520)

(556)

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

Corporate

(506)

(499)

(509)

406

390

354

112

114

112

114

Revenue earning vehicles and capital assets, non-vehicle

$ 1,602

$ 1,089

1,602

1,089

(53)

(33)

(101)

Corporate | The Hertz Corporation

(49)

(18)

(52)

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

(501)

(498)

(509)

Segment Reconciling Items | The Hertz Corporation

(5)

(1)

Reconciliation of adjusted pre-tax income to income (loss) before income taxes

$ 5

$ 1

$ 0

[1]

[2]

Segment Information (Pre-tax Income) (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended								6 Months Ended	12 Months Ended
	Sep. 30, 2017	Aug. 31, 2017	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenue earning equipment
Adjusted pretax income												$ (210)	$ 65	$ 325
Income (loss) from continuing operations before income taxes			$ (179)	$ 143	$ (245)	$ (294)	$ (466)	$ 108	$ (35)	$ (76)		(575)	(470)	132
Loss on extinguishment of debt												13	55	0
Impairment losses during the period							$ 172						172
Impairment charges and asset write-downs												116	$ 340	70
Realized gain (loss) on disposal												$ 4
4.25% Senior Notes due April 2018
Revenue earning equipment
Interest rate			6.75%		4.25%		4.25%				4.25%	6.75%	4.25%
6.75% Senior Notes due April 2019
Revenue earning equipment
Interest rate			6.75%									6.75%
Trade name
Revenue earning equipment
Impairment of indefinite-lived intangible assets							$ 120							40
Consulting and Legal fees related to accounting review and investigation
Revenue earning equipment
Legal and advisory professional fees													$ 8	38
Purchase accounting
Revenue earning equipment
Income (loss) from continuing operations before income taxes												$ (62)	(65)	(87)
Debt-related charges
Revenue earning equipment
Income (loss) from continuing operations before income taxes												(47)	(48)	(58)
Restructuring charges
Revenue earning equipment
Income (loss) from continuing operations before income taxes												(22)	(53)	(84)
Loss on extinguishment of debt
Revenue earning equipment
Income (loss) from continuing operations before income taxes												(13)	(55)	0
Sale of CAR, Inc. common stock
Revenue earning equipment
Income (loss) from continuing operations before income taxes												3	84	133
Impairment charges
Revenue earning equipment
Income (loss) from continuing operations before income taxes												(118)	(340)	(57)
Finance and Information Technology Transformation Costs
Revenue earning equipment
Income (loss) from continuing operations before income taxes												(68)	(53)	0
Other
Revenue earning equipment
Income (loss) from continuing operations before income taxes												(38)	(5)	(40)
Direct vehicle and operating \| Equipment
Revenue earning equipment
Impairment charges and asset write-downs													25
Direct vehicle and operating \| Held-for-sale \| Equipment
Revenue earning equipment
Impairment charges and asset write-downs													18
Selling, general and administrative expenses \| Held-for-sale \| Dollar Thrifty Headquarters
Revenue earning equipment
Impairment charges and asset write-downs														6
Other (income) expense \| Held-for-sale \| Buildings
Revenue earning equipment
Impairment charges and asset write-downs														5
Other (income) expense \| Held-for-sale \| Held For Sale, Corporate Asset
Revenue earning equipment
Impairment charges and asset write-downs														3
U.S. Car Rental
Revenue earning equipment
Impairment losses during the period													0
U.S. Car Rental \| Trade name
Revenue earning equipment
Impairment of indefinite-lived intangible assets												86
International Car Rental
Revenue earning equipment
Impairment losses during the period													172
All Other Operations
Revenue earning equipment
Impairment losses during the period													0
Corporate
Revenue earning equipment
Adjusted pretax income												(506)	(499)	(509)
Operating Segments
Revenue earning equipment
Adjusted pretax income												296	564	834
Operating Segments \| U.S. Car Rental
Revenue earning equipment
Adjusted pretax income												13	298	551
Operating Segments \| International Car Rental
Revenue earning equipment
Adjusted pretax income												203	194	215
Operating Segments \| All Other Operations
Revenue earning equipment
Adjusted pretax income												80	72	68
The Hertz Corporation
Revenue earning equipment
Adjusted pretax income												(205)	66	325
Income (loss) from continuing operations before income taxes			$ (178)	$ 144	$ (244)	(293)	$ (465)	$ 108	$ (35)	$ (76)		(570)	(469)	132
Loss on extinguishment of debt												13	55	0
Impairment charges and asset write-downs												116	340	70
The Hertz Corporation \| Purchase accounting
Revenue earning equipment
Income (loss) from continuing operations before income taxes												(62)	(65)	(87)
The Hertz Corporation \| Debt-related charges
Revenue earning equipment
Income (loss) from continuing operations before income taxes												(47)	(48)	(58)
The Hertz Corporation \| Restructuring charges
Revenue earning equipment
Income (loss) from continuing operations before income taxes												(22)	(53)	(84)
The Hertz Corporation \| Loss on extinguishment of debt
Revenue earning equipment
Income (loss) from continuing operations before income taxes												(13)	(55)	0
The Hertz Corporation \| Loss on extinguishment of debt \| 4.25% Senior Notes due April 2018
Revenue earning equipment
Income (loss) from continuing operations before income taxes												6
The Hertz Corporation \| Loss on extinguishment of debt \| Senior Revolving Credit Facility
Revenue earning equipment
Write off of deferred debt issuance cost												7
The Hertz Corporation \| Loss on extinguishment of debt \| 7.50% Senior Notes due October 2018
Revenue earning equipment
Write off of deferred debt issuance cost													27
The Hertz Corporation \| Loss on extinguishment of debt \| 6.75% Senior Notes due April 2019
Revenue earning equipment
Write off of deferred debt issuance cost													22
The Hertz Corporation \| Sale of CAR, Inc. common stock
Revenue earning equipment
Income (loss) from continuing operations before income taxes												3	84	133
The Hertz Corporation \| Impairment charges
Revenue earning equipment
Income (loss) from continuing operations before income taxes												(118)	(340)	(57)
The Hertz Corporation \| Finance and Information Technology Transformation Costs
Revenue earning equipment
Income (loss) from continuing operations before income taxes												(68)	(53)	0
The Hertz Corporation \| Other
Revenue earning equipment
Income (loss) from continuing operations before income taxes												(38)	(5)	(40)
Claims paid												5
The Hertz Corporation \| Other \| Company Headquarter Relocation
Revenue earning equipment
Income (loss) from continuing operations before income taxes														(5)
The Hertz Corporation \| Corporate
Revenue earning equipment
Adjusted pretax income												(501)	(498)	(509)
The Hertz Corporation \| Operating Segments
Revenue earning equipment
Adjusted pretax income												296	564	834
The Hertz Corporation \| Operating Segments \| U.S. Car Rental
Revenue earning equipment
Adjusted pretax income												13	298	551
The Hertz Corporation \| Operating Segments \| International Car Rental
Revenue earning equipment
Adjusted pretax income												203	194	215
The Hertz Corporation \| Operating Segments \| All Other Operations
Revenue earning equipment
Adjusted pretax income												80	72	68
Eminent Domain Case \| The Hertz Corporation \| Other
Revenue earning equipment
Income (loss) from continuing operations before income taxes													9
French Road Tax \| The Hertz Corporation \| Other
Revenue earning equipment
Income (loss) from continuing operations before income taxes														(23)
Dollar Thrifty \| The Hertz Corporation \| Other
Revenue earning equipment
Income (loss) from continuing operations before income taxes														$ (5)
Vehicle Related Service
Revenue earning equipment
Loss on extinguishment of debt												0	$ 6
Fair Value, Measurements, Nonrecurring
Revenue earning equipment
Other than temporary impairment						30
Realized gain (loss) on disposal	$ 4
Fair Value, Measurements, Nonrecurring \| Brazil Operations
Revenue earning equipment
Gain (Loss) on disposal		$ 6				$ (4)					$ 4	$ 6

Guarantor and Non-Guarantor Annual Condensed Consolidating Financial Information (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Prepaid expenses and other assets	$ 687	$ 578
Non-Guarantor Subsidiaries
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Prepaid expenses and other assets	302	199
Investment in subsidiaries, net	$ 0	0
Restatement Adjustment \| Non-Guarantor Subsidiaries
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Prepaid expenses and other assets		915
Investment in subsidiaries, net		$ 264	$ 158

Guarantor and Non-Guarantor Annual Condensed Consolidating Financial Information (Balance Sheet) (Details) - USD ($)
$ in Millions

Dec. 31, 2017

Dec. 31, 2016

Jun. 30, 2016

Dec. 31, 2015

Dec. 31, 2014

ASSETS

$ 1,072

$ 816

$ 474

432

278

1,365

1,283

$ 425

687

578

11,336

10,818

840

858

3,242

3,332

1,084

1,081

1,261

111

^[1]

20,058

19,155

946

821

920

980

160

165

14,865

13,541

427

407

1,220

2,149

^[1]

18,538

18,080

Equity:

1,520

1,075

20,058

19,155

Eliminations

ASSETS

(16,734)

(17,241)

(3,399)

(4,525)

(9,231)

(6,712)

(29,364)

(28,478)

(16,734)

(17,241)

(2,173)

(2,812)

(1,226)

(1,713)

(20,133)

(21,766)

Equity:

(9,231)

(6,712)

Parent (The Hertz Corporation)

(29,364)

(28,478)

ASSETS

686

458

225

366

752

3,373

3,668

3,747

4,821

352

361

639

656

7,966

6,114

141

102

17,597

17,074

10,368

10,833

375

279

473

557

4,619

4,086

165

166

16,077

15,999

Equity:

1,520

1,075

17,597

17,074

Guarantor Subsidiaries

ASSETS

167

4,567

3,823

1,265

598

3,091

3,223

944

943

10,150

8,931

2,156

1,900

103

1,451

2,065

3,830

4,219

Equity:

6,320

4,712

Non-Guarantor Subsidiaries

10,150

8,931

ASSETS

377

346

200

220

832

364

8,794

9,750

302

199

10,982

10,450

140

132

111

21,675

21,628

4,210

4,508

479

452

374

320

2,235

2,881

10,246

9,455

225

198

995

1,797

18,764

19,628

Equity:

2,911

2,000

21,675

21,628

ASSETS

1,072

816

474

432

278

1,365

1,283

687

578

11,336

10,818

840

858

3,242

3,332

1,084

1,081

111

^[2]

20,058

19,155

946

821

920

980

160

165

14,865

13,541

427

407

1,220

2,149

^[2]

18,538

18,080

Equity:

1,520

1,075

The Hertz Corporation | Eliminations

$ 20,058

19,155

ASSETS

The Hertz Corporation | Parent (The Hertz Corporation)

ASSETS

The Hertz Corporation | Guarantor Subsidiaries

458

179

ASSETS

The Hertz Corporation | Non-Guarantor Subsidiaries

ASSETS

$ 346

$ 278

$ 462

[1]

[2]

Guarantor and Non-Guarantor Annual Condensed Consolidating Financial Information (Statement of Operations and Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Condensed Financial Statements, Captions [Line Items]
Total revenues	$ 2,091	$ 2,572	$ 2,224	$ 1,916	$ 2,009	$ 2,542	$ 2,270	$ 1,983	$ 8,803	$ 8,803	$ 9,017
Expenses:
Direct vehicle and operating									4,958	4,932	5,055
Depreciation of revenue earning vehicles and lease charges, net									2,798	2,601	2,433
Selling, general and administrative									880	899	873
Interest expense, net									637	624	599
Goodwill and intangible asset impairments									86	292	40
Other (income) expense, net									19	(75)	(115)
Total expenses									9,378	9,273	8,885
Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries	(179)	143	(245)	(294)	(466)	108	(35)	(76)	(575)	(470)	132
(Provision) benefit for taxes on income (loss) of continuing operations									902	(4)	(17)
Net income (loss) from continuing operations									327	(474)	115
Net income (loss) from discontinued operations									0	(17)	158
Net income (loss)	616	93	(158)	(223)	(438)	44	(28)	(52)	327	(491)	273
Other comprehensive income (loss), net of tax									53	(29)	(130)
Comprehensive income (loss)									380	(520)	143
Eliminations
Condensed Financial Statements, Captions [Line Items]
Total revenues									(3,381)	(3,306)	(2,600)
Expenses:
Direct vehicle and operating									0	(1)	(2)
Depreciation of revenue earning vehicles and lease charges, net									(3,381)	(3,303)	(2,597)
Selling, general and administrative									0	(2)	(1)
Interest expense, net									0	0	0
Impairment of indefinite-lived intangible assets									0
Goodwill and intangible asset impairments										0	0
Other (income) expense, net									0	0	0
Total expenses									(3,381)	(3,306)	(2,600)
Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries									0	0	0
(Provision) benefit for taxes on income (loss) of continuing operations									0	0	0
Equity in earnings (losses) of subsidiaries, net of tax									(4,661)	(1,182)	(1,391)
Net income (loss) from continuing operations										(1,182)	(1,391)
Net income (loss) from discontinued operations										0	(68)
Net income (loss)									(4,661)	(1,182)	(1,459)
Other comprehensive income (loss), net of tax									(28)	40	118
Comprehensive income (loss)									(4,689)	(1,142)	(1,341)
Parent (The Hertz Corporation)
Condensed Financial Statements, Captions [Line Items]
Total revenues									4,361	4,604	4,618
Expenses:
Direct vehicle and operating									2,937	2,909	2,895
Depreciation of revenue earning vehicles and lease charges, net									3,157	2,766	1,951
Selling, general and administrative									612	602	527
Interest expense, net									400	407	389
Impairment of indefinite-lived intangible assets									0
Goodwill and intangible asset impairments										0	40
Other (income) expense, net									30	6	0
Total expenses									7,136	6,690	5,802
Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries									(2,775)	(2,086)	(1,184)
(Provision) benefit for taxes on income (loss) of continuing operations									(925)	682	262
Equity in earnings (losses) of subsidiaries, net of tax									4,032	916	1,198
Net income (loss) from continuing operations										(488)	276
Net income (loss) from discontinued operations										0	0
Net income (loss)									332	(488)	276
Other comprehensive income (loss), net of tax									53	(29)	(130)
Comprehensive income (loss)									385	(517)	146
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Total revenues									1,381	1,483	1,567
Expenses:
Direct vehicle and operating									698	761	856
Depreciation of revenue earning vehicles and lease charges, net									413	685	665
Selling, general and administrative									37	51	69
Interest expense, net									(105)	(58)	(29)
Impairment of indefinite-lived intangible assets									86
Goodwill and intangible asset impairments										120	0
Other (income) expense, net									0	(10)	(2)
Total expenses									1,129	1,549	1,559
Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries									252	(66)	8
(Provision) benefit for taxes on income (loss) of continuing operations									311	(26)	35
Equity in earnings (losses) of subsidiaries, net of tax									629	266	193
Net income (loss) from continuing operations										174	236
Net income (loss) from discontinued operations										(5)	162
Net income (loss)									1,192	169	398
Other comprehensive income (loss), net of tax									6	7	(4)
Comprehensive income (loss)									1,198	176	394
Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Total revenues									6,442	6,022	5,432
Expenses:
Direct vehicle and operating									1,323	1,263	1,306
Depreciation of revenue earning vehicles and lease charges, net									2,609	2,453	2,414
Selling, general and administrative									231	248	278
Interest expense, net									337	274	239
Impairment of indefinite-lived intangible assets									0
Goodwill and intangible asset impairments										172	0
Other (income) expense, net									(11)	(71)	(113)
Total expenses									4,489	4,339	4,124
Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries									1,953	1,683	1,308
(Provision) benefit for taxes on income (loss) of continuing operations									1,516	(660)	(314)
Equity in earnings (losses) of subsidiaries, net of tax									0	0	0
Net income (loss) from continuing operations										1,023	994
Net income (loss) from discontinued operations										(10)	67
Net income (loss)									3,469	1,013	1,061
Other comprehensive income (loss), net of tax									22	(47)	(114)
Comprehensive income (loss)									3,491	966	947
The Hertz Corporation
Condensed Financial Statements, Captions [Line Items]
Total revenues	2,091	2,572	2,224	1,916	2,009	2,542	2,270	1,983	8,803	8,803	9,017
Expenses:
Direct vehicle and operating									4,958	4,932	5,055
Depreciation of revenue earning vehicles and lease charges, net									2,798	2,601	2,433
Selling, general and administrative									880	899	873
Interest expense, net									632	623	599
Goodwill and intangible asset impairments									86	292	40
Other (income) expense, net									19	(75)	(115)
Total expenses									9,373	9,272	8,885
Income (loss) from continuing operations before income taxes and equity in earnings (losses) of subsidiaries	(178)	144	(244)	(293)	(465)	108	(35)	(76)	(570)	(469)	132
(Provision) benefit for taxes on income (loss) of continuing operations									902	(4)	(17)
Equity in earnings (losses) of subsidiaries, net of tax									0	0	0
Net income (loss) from continuing operations									332	(473)	115
Net income (loss) from discontinued operations									0	(15)	161
Net income (loss)	$ 619	$ 94	$ (158)	$ (222)	$ (437)	$ 44	$ (28)	$ (52)	332	(488)	276
Other comprehensive income (loss), net of tax									53	(29)	(130)
Comprehensive income (loss)									$ 385	$ (517)	$ 146

Guarantor and Non-Guarantor Annual Condensed Consolidating Financial Information (Statement of Cash Flows) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	$ 2,394	$ 2,529	$ 2,776
Cash flows from investing activities:
Revenue earning vehicles expenditures	(10,596)	(10,872)	(11,266)
Proceeds from disposal of revenue earning vehicles	7,653	8,679	8,676
Capital asset expenditures, non-vehicle	(173)	(134)	(250)
Proceeds from disposal of property and other equipment	21	59	107
Proceeds from sale of Brazil Operations, net of retained cash	94	0	0
Sales of shares in equity investment, net of amounts invested	16	222	236
Acquisitions, net of cash acquired	(15)	(2)	(95)
Net cash provided by (used in) investing activities	(3,147)	(1,996)	(2,380)
Cash flows from financing activities:
Repayments of debt		(48)
Payment of financing costs	(59)	(75)	(29)
Early Repayment of Senior Debt	5	27	0
Transfers from discontinued entities	0	2,122	61
Other	0	12	1
Net cash provided by (used in) financing activities	988	(183)	(368)
Effect of foreign currency exchange rate changes on cash and cash equivalents from continuing operations	21	(8)	(28)
Net increase (decrease) in cash and cash equivalents during the period from continuing operations	256	342	0
Cash and cash equivalents at the beginning of period	816	474	474
Cash and cash equivalents at end of period	1,072	816	474
Cash flows provided by (used in) operating activities	0	205	556
Cash flows provided by (used in) investing activities	0	(77)	(385)
Cash flows provided by (used in) financing activities	0	(97)	(172)
Effect of foreign currency exchange rate changes on cash and cash equivalents of discontinued operations	0	0	(3)
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations	0	31	(4)
Vehicle Related Service
Cash flows from investing activities:
Net change in restricted cash and cash equivalents	(147)	53	221
Cash flows from financing activities:
Proceeds from issuance of debt	10,756	9,692	7,528
Repayments of debt	(10,244)	(9,748)	(7,079)
Non-Vehicle Related Service
Cash flows from investing activities:
Net change in restricted cash and cash equivalents	0	(1)	(9)
Cash flows from financing activities:
Proceeds from issuance of debt	2,100	2,592	1,867
Repayments of debt	(1,560)	(4,651)	(2,112)
Eliminations
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(1,376)
Cash flows from investing activities:
Revenue earning vehicles expenditures	0
Proceeds from disposal of revenue earning vehicles	0
Capital asset expenditures, non-vehicle	0
Proceeds from disposal of property and other equipment	0
Proceeds from sale of Brazil Operations, net of retained cash	0
Sales of shares in equity investment, net of amounts invested	0
Other	0
Capital contributions to subsidiaries	2,979
Return of capital from subsidiaries	(2,861)
Loan to Parent/Guarantor from Non-Guarantor	(19)
Net cash provided by (used in) investing activities	99
Cash flows from financing activities:
Payment of financing costs	0
Early Repayment of Senior Debt	0
Capital contributions received from parent	(2,979)
Loan to Parent/Guarantor from Non-Guarantor	19
Payment of dividends and return of capital	4,237
Advances to Hertz Global/Old Hertz Holdings	0
Other	0
Net cash provided by (used in) financing activities	1,277
Effect of foreign currency exchange rate changes on cash and cash equivalents from continuing operations	0
Net increase (decrease) in cash and cash equivalents during the period from continuing operations	0
Cash and cash equivalents at the beginning of period	0
Cash and cash equivalents at end of period	0	0
Eliminations \| Vehicle Related Service
Cash flows from investing activities:
Net change in restricted cash and cash equivalents	0
Cash flows from financing activities:
Proceeds from issuance of debt	0	0
Repayments of debt	0	0
Eliminations \| Non-Vehicle Related Service
Cash flows from financing activities:
Proceeds from issuance of debt	0	0
Repayments of debt	0	0
Parent (The Hertz Corporation)
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	247
Cash flows from investing activities:
Revenue earning vehicles expenditures	(314)
Proceeds from disposal of revenue earning vehicles	213
Capital asset expenditures, non-vehicle	(122)
Proceeds from disposal of property and other equipment	7
Proceeds from sale of Brazil Operations, net of retained cash	0
Sales of shares in equity investment, net of amounts invested	7
Other	0
Capital contributions to subsidiaries	(2,979)
Return of capital from subsidiaries	2,861
Loan to Parent/Guarantor from Non-Guarantor	0
Net cash provided by (used in) investing activities	(500)
Cash flows from financing activities:
Payment of financing costs	(23)
Early Repayment of Senior Debt	5
Capital contributions received from parent	0
Loan to Parent/Guarantor from Non-Guarantor	(19)
Payment of dividends and return of capital	0
Advances to Hertz Global/Old Hertz Holdings	(6)
Other	1
Net cash provided by (used in) financing activities	481
Effect of foreign currency exchange rate changes on cash and cash equivalents from continuing operations	0
Net increase (decrease) in cash and cash equivalents during the period from continuing operations	228
Cash and cash equivalents at the beginning of period	458
Cash and cash equivalents at end of period	686	458
Parent (The Hertz Corporation) \| Vehicle Related Service
Cash flows from investing activities:
Net change in restricted cash and cash equivalents	(173)
Cash flows from financing activities:
Proceeds from issuance of debt	1,789	716
Repayments of debt	(1,796)	(707)
Parent (The Hertz Corporation) \| Non-Vehicle Related Service
Cash flows from financing activities:
Proceeds from issuance of debt	2,100	2,592
Repayments of debt	(1,560)	(4,651)
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	28
Cash flows from investing activities:
Revenue earning vehicles expenditures	(5)
Proceeds from disposal of revenue earning vehicles	0
Capital asset expenditures, non-vehicle	(11)
Proceeds from disposal of property and other equipment	0
Proceeds from sale of Brazil Operations, net of retained cash	0
Sales of shares in equity investment, net of amounts invested	0
Other	(10)
Capital contributions to subsidiaries	0
Return of capital from subsidiaries	0
Loan to Parent/Guarantor from Non-Guarantor	0
Net cash provided by (used in) investing activities	(27)
Cash flows from financing activities:
Payment of financing costs	(4)
Early Repayment of Senior Debt	0
Capital contributions received from parent	0
Loan to Parent/Guarantor from Non-Guarantor	0
Payment of dividends and return of capital	0
Advances to Hertz Global/Old Hertz Holdings	0
Other	0
Net cash provided by (used in) financing activities	(4)
Effect of foreign currency exchange rate changes on cash and cash equivalents from continuing operations	0
Net increase (decrease) in cash and cash equivalents during the period from continuing operations	(3)
Cash and cash equivalents at the beginning of period	12
Cash and cash equivalents at end of period	9	12
Guarantor Subsidiaries \| Vehicle Related Service
Cash flows from investing activities:
Net change in restricted cash and cash equivalents	(1)
Cash flows from financing activities:
Proceeds from issuance of debt	0	0
Repayments of debt	0	0
Guarantor Subsidiaries \| Non-Vehicle Related Service
Cash flows from financing activities:
Proceeds from issuance of debt	0	0
Repayments of debt	0	0
Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	3,500
Cash flows from investing activities:
Revenue earning vehicles expenditures	(10,277)
Proceeds from disposal of revenue earning vehicles	7,440
Capital asset expenditures, non-vehicle	(40)
Proceeds from disposal of property and other equipment	14
Proceeds from sale of Brazil Operations, net of retained cash	94
Sales of shares in equity investment, net of amounts invested	9
Other	(5)
Capital contributions to subsidiaries	0
Return of capital from subsidiaries	0
Loan to Parent/Guarantor from Non-Guarantor	19
Net cash provided by (used in) investing activities	(2,719)
Cash flows from financing activities:
Payment of financing costs	(32)
Early Repayment of Senior Debt	0
Capital contributions received from parent	2,979
Loan to Parent/Guarantor from Non-Guarantor	0
Payment of dividends and return of capital	(4,237)
Advances to Hertz Global/Old Hertz Holdings	0
Other	0
Net cash provided by (used in) financing activities	(771)
Effect of foreign currency exchange rate changes on cash and cash equivalents from continuing operations	21
Net increase (decrease) in cash and cash equivalents during the period from continuing operations	31
Cash and cash equivalents at the beginning of period	346
Cash and cash equivalents at end of period	377	346
Non-Guarantor Subsidiaries \| Vehicle Related Service
Cash flows from investing activities:
Net change in restricted cash and cash equivalents	27
Cash flows from financing activities:
Proceeds from issuance of debt	8,967	8,976
Repayments of debt	(8,448)	(9,041)
Non-Guarantor Subsidiaries \| Non-Vehicle Related Service
Cash flows from financing activities:
Proceeds from issuance of debt	0	0
Repayments of debt	0	0
The Hertz Corporation
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	2,399	2,530	2,776
Cash flows from investing activities:
Revenue earning vehicles expenditures	(10,596)	(10,872)	(11,266)
Proceeds from disposal of revenue earning vehicles	7,653	8,679	8,676
Capital asset expenditures, non-vehicle	(173)	(134)	(250)
Proceeds from disposal of property and other equipment	21	59	107
Proceeds from sale of Brazil Operations, net of retained cash	94	0	0
Sales of shares in equity investment, net of amounts invested	16	222	236
Acquisitions, net of cash acquired		(2)	(95)
Other	(15)
Capital contributions to subsidiaries	0	0	0
Return of capital from subsidiaries	0	0	0
Loan to Parent/Guarantor from Non-Guarantor	0	0	0
Advances to Hertz Holdings	0	0	(267)
Net cash provided by (used in) investing activities	(3,147)	(1,996)	(2,647)
Cash flows from financing activities:
Payment of financing costs	(59)	(75)	(29)
Early Repayment of Senior Debt	5	27	0
Transfers from discontinued entities	0	2,122	68
Capital contributions received from parent	0	0	0
Loan to Parent/Guarantor from Non-Guarantor	0	0	0
Payment of dividends and return of capital	0	0	0
Advances to Hertz Global/Old Hertz Holdings	(6)	(102)	(344)
Other	1	13	0
Net cash provided by (used in) financing activities	983	(184)	(101)
Effect of foreign currency exchange rate changes on cash and cash equivalents from continuing operations	21	(8)	(28)
Net increase (decrease) in cash and cash equivalents during the period from continuing operations	256	342	0
Cash and cash equivalents at the beginning of period	816	474	474
Cash and cash equivalents at end of period	1,072	816	474
Cash flows provided by (used in) operating activities	0	207	556
Cash flows provided by (used in) investing activities	0	(77)	(385)
Cash flows provided by (used in) financing activities	0	(94)	(179)
Effect of foreign currency exchange rate changes on cash and cash equivalents of discontinued operations	0	0	(3)
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations	0	36	(11)
The Hertz Corporation \| Vehicle Related Service
Cash flows from investing activities:
Net change in restricted cash and cash equivalents	(147)	53	221
Cash flows from financing activities:
Proceeds from issuance of debt	10,756	9,692	7,528
Repayments of debt	(10,244)	(9,748)	(7,079)
The Hertz Corporation \| Non-Vehicle Related Service
Cash flows from investing activities:
Net change in restricted cash and cash equivalents	0	(1)	(9)
Cash flows from financing activities:
Proceeds from issuance of debt	2,100	2,592	1,867
Repayments of debt	(1,560)	(4,651)	(2,112)
The Hertz Corporation \| Eliminations
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		(814)	(524)
Cash flows from investing activities:
Revenue earning vehicles expenditures		0	0
Proceeds from disposal of revenue earning vehicles		0	0
Capital asset expenditures, non-vehicle		0	0
Proceeds from disposal of property and other equipment		0	0
Sales of shares in equity investment, net of amounts invested		0	0
Acquisitions, net of cash acquired		0	0
Capital contributions to subsidiaries		2,368	2,673
Return of capital from subsidiaries		(3,585)	(4,919)
Loan to Parent/Guarantor from Non-Guarantor		1,055	737
Advances to Hertz Holdings			0
Net cash provided by (used in) investing activities		(162)	(1,509)
Cash flows from financing activities:
Payment of financing costs		0	0
Early Repayment of Senior Debt		0
Transfers from discontinued entities		0	0
Capital contributions received from parent		(2,368)	(2,673)
Loan to Parent/Guarantor from Non-Guarantor		(1,055)	(737)
Payment of dividends and return of capital		4,399	5,443
Advances to Hertz Global/Old Hertz Holdings		0	0
Other		0
Net cash provided by (used in) financing activities		976	2,033
Effect of foreign currency exchange rate changes on cash and cash equivalents from continuing operations		0	0
Net increase (decrease) in cash and cash equivalents during the period from continuing operations		0	0
Cash and cash equivalents at the beginning of period	0	0	0
Cash and cash equivalents at end of period		0	0
Cash flows provided by (used in) operating activities		0	0
Cash flows provided by (used in) investing activities		0	0
Cash flows provided by (used in) financing activities		0	0
Effect of foreign currency exchange rate changes on cash and cash equivalents of discontinued operations			0
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations		0	0
The Hertz Corporation \| Eliminations \| Vehicle Related Service
Cash flows from investing activities:
Net change in restricted cash and cash equivalents		0	0
Cash flows from financing activities:
Proceeds from issuance of debt			0
Repayments of debt			0
The Hertz Corporation \| Eliminations \| Non-Vehicle Related Service
Cash flows from investing activities:
Net change in restricted cash and cash equivalents		0	0
Cash flows from financing activities:
Proceeds from issuance of debt			0
Repayments of debt			0
The Hertz Corporation \| Parent (The Hertz Corporation)
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		(1,892)	(1,390)
Cash flows from investing activities:
Revenue earning vehicles expenditures		(342)	(434)
Proceeds from disposal of revenue earning vehicles		417	303
Capital asset expenditures, non-vehicle		(80)	(154)
Proceeds from disposal of property and other equipment		35	53
Sales of shares in equity investment, net of amounts invested		(45)	0
Acquisitions, net of cash acquired		0	(17)
Capital contributions to subsidiaries		(2,368)	(2,492)
Return of capital from subsidiaries		3,585	4,476
Loan to Parent/Guarantor from Non-Guarantor		0	0
Advances to Hertz Holdings			(267)
Net cash provided by (used in) investing activities		1,206	1,493
Cash flows from financing activities:
Payment of financing costs		(46)	(4)
Early Repayment of Senior Debt		27
Transfers from discontinued entities		2,122	(95)
Capital contributions received from parent		0	0
Loan to Parent/Guarantor from Non-Guarantor		1,055	737
Payment of dividends and return of capital		0	0
Advances to Hertz Global/Old Hertz Holdings		(102)	(344)
Other		(13)
Net cash provided by (used in) financing activities		965	74
Effect of foreign currency exchange rate changes on cash and cash equivalents from continuing operations		0	0
Net increase (decrease) in cash and cash equivalents during the period from continuing operations		279	177
Cash and cash equivalents at the beginning of period	458	179	2
Cash and cash equivalents at end of period		458	179
Cash flows provided by (used in) operating activities		0	0
Cash flows provided by (used in) investing activities		0	0
Cash flows provided by (used in) financing activities		0	0
Effect of foreign currency exchange rate changes on cash and cash equivalents of discontinued operations			0
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations		0	0
The Hertz Corporation \| Parent (The Hertz Corporation) \| Vehicle Related Service
Cash flows from investing activities:
Net change in restricted cash and cash equivalents		4	25
Cash flows from financing activities:
Proceeds from issuance of debt			25
Repayments of debt			0
The Hertz Corporation \| Parent (The Hertz Corporation) \| Non-Vehicle Related Service
Cash flows from investing activities:
Net change in restricted cash and cash equivalents		0	0
Cash flows from financing activities:
Proceeds from issuance of debt			1,867
Repayments of debt			(2,112)
The Hertz Corporation \| Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		85	(206)
Cash flows from investing activities:
Revenue earning vehicles expenditures		(69)	(93)
Proceeds from disposal of revenue earning vehicles		0	41
Capital asset expenditures, non-vehicle		(16)	(6)
Proceeds from disposal of property and other equipment		1	11
Sales of shares in equity investment, net of amounts invested		0	0
Acquisitions, net of cash acquired		0	(3)
Capital contributions to subsidiaries		0	(181)
Return of capital from subsidiaries		0	443
Loan to Parent/Guarantor from Non-Guarantor		0	0
Advances to Hertz Holdings			0
Net cash provided by (used in) investing activities		(87)	216
Cash flows from financing activities:
Payment of financing costs		(3)	(3)
Early Repayment of Senior Debt		0
Transfers from discontinued entities		0	0
Capital contributions received from parent		0	0
Loan to Parent/Guarantor from Non-Guarantor		0	0
Payment of dividends and return of capital		0	0
Advances to Hertz Global/Old Hertz Holdings		0	0
Other		0
Net cash provided by (used in) financing activities		(3)	(3)
Effect of foreign currency exchange rate changes on cash and cash equivalents from continuing operations		0	0
Net increase (decrease) in cash and cash equivalents during the period from continuing operations		(5)	7
Cash and cash equivalents at the beginning of period	12	17	10
Cash and cash equivalents at end of period		12	17
Cash flows provided by (used in) operating activities		59	356
Cash flows provided by (used in) investing activities		(75)	(447)
Cash flows provided by (used in) financing activities		44	87
Effect of foreign currency exchange rate changes on cash and cash equivalents of discontinued operations			0
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations		28	(4)
The Hertz Corporation \| Guarantor Subsidiaries \| Vehicle Related Service
Cash flows from investing activities:
Net change in restricted cash and cash equivalents		(3)	1
Cash flows from financing activities:
Proceeds from issuance of debt			0
Repayments of debt			0
The Hertz Corporation \| Guarantor Subsidiaries \| Non-Vehicle Related Service
Cash flows from investing activities:
Net change in restricted cash and cash equivalents		0	3
Cash flows from financing activities:
Proceeds from issuance of debt			0
Repayments of debt			0
The Hertz Corporation \| Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		5,151	4,896
Cash flows from investing activities:
Revenue earning vehicles expenditures		(10,461)	(10,739)
Proceeds from disposal of revenue earning vehicles		8,262	8,332
Capital asset expenditures, non-vehicle		(38)	(90)
Proceeds from disposal of property and other equipment		23	43
Sales of shares in equity investment, net of amounts invested		267	236
Acquisitions, net of cash acquired		(2)	(75)
Capital contributions to subsidiaries		0	0
Return of capital from subsidiaries		0	0
Loan to Parent/Guarantor from Non-Guarantor		(1,055)	(737)
Advances to Hertz Holdings			0
Net cash provided by (used in) investing activities		(2,953)	(2,847)
Cash flows from financing activities:
Payment of financing costs		(26)	(22)
Early Repayment of Senior Debt		0
Transfers from discontinued entities		0	163
Capital contributions received from parent		2,368	2,673
Loan to Parent/Guarantor from Non-Guarantor		0	0
Payment of dividends and return of capital		(4,399)	(5,443)
Advances to Hertz Global/Old Hertz Holdings		0	0
Other		0
Net cash provided by (used in) financing activities		(2,122)	(2,205)
Effect of foreign currency exchange rate changes on cash and cash equivalents from continuing operations		(8)	(28)
Net increase (decrease) in cash and cash equivalents during the period from continuing operations		68	(184)
Cash and cash equivalents at the beginning of period	$ 346	278	462
Cash and cash equivalents at end of period		346	278
Cash flows provided by (used in) operating activities		148	200
Cash flows provided by (used in) investing activities		(2)	62
Cash flows provided by (used in) financing activities		(138)	(266)
Effect of foreign currency exchange rate changes on cash and cash equivalents of discontinued operations			(3)
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations		8	(7)
The Hertz Corporation \| Non-Guarantor Subsidiaries \| Vehicle Related Service
Cash flows from investing activities:
Net change in restricted cash and cash equivalents		52	195
Cash flows from financing activities:
Proceeds from issuance of debt			7,503
Repayments of debt			(7,079)
The Hertz Corporation \| Non-Guarantor Subsidiaries \| Non-Vehicle Related Service
Cash flows from investing activities:
Net change in restricted cash and cash equivalents		$ (1)	(12)
Cash flows from financing activities:
Proceeds from issuance of debt			0
Repayments of debt			$ 0

Subsequent Events Subsequent Events (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2018	Dec. 31, 2016	Dec. 31, 2017
Subsequent Event [Line Items]
Outstanding principal		$ 3,200	$ 2,500
Repayments of Debt		$ 48
HVF II Series 2018-1 Class A, B, C and D \| Subsequent Event
Subsequent Event [Line Items]
Outstanding principal	$ 1,100
HVF II Series 2018-1 Class D \| Subsequent Event
Subsequent Event [Line Items]
Repayments of Debt	58
HVF II Series 2018-1 Class A, B and C \| Subsequent Event
Subsequent Event [Line Items]
Outstanding principal	$ 1,000

Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Entity Information [Line Items]
Revenues	$ 2,091	$ 2,572	$ 2,224	$ 1,916	$ 2,009	$ 2,542	$ 2,270	$ 1,983	$ 8,803	$ 8,803	$ 9,017
Income (loss) from continuing operations before income taxes	(179)	143	(245)	(294)	(466)	108	(35)	(76)	(575)	(470)	132
Net income (loss)	$ 616	$ 93	$ (158)	$ (223)	$ (438)	$ 44	$ (28)	$ (52)	$ 327	$ (491)	$ 273
Earnings (loss) per share - basic and diluted:
Basic (in dollars per share)	$ 7.42	$ 1.12	$ (1.90)	$ (2.69)	$ (5.28)	$ 0.52	$ (0.33)	$ (0.61)	$ 3.94	$ (5.85)	$ 3.03
Diluted (in dollars per share)	$ 7.42	$ 1.12	$ (1.90)	$ (2.69)	$ (5.28)	$ 0.52	$ (0.33)	$ (0.61)	$ 3.94	$ (5.85)	$ 3.00
Goodwill and intangible asset impairments									$ 86	$ 292	$ 40
Impairment losses during the period					$ 172					172
Trade name
Earnings (loss) per share - basic and diluted:
Impairment of indefinite-lived intangible assets					120						40
The Hertz Corporation
Entity Information [Line Items]
Revenues	$ 2,091	$ 2,572	$ 2,224	$ 1,916	2,009	$ 2,542	$ 2,270	$ 1,983	8,803	8,803	9,017
Income (loss) from continuing operations before income taxes	(178)	144	(244)	(293)	(465)	108	(35)	(76)	(570)	(469)	132
Net income (loss)	$ 619	$ 94	$ (158)	$ (222)	$ (437)	$ 44	$ (28)	$ (52)	332	(488)	276
Earnings (loss) per share - basic and diluted:
Goodwill and intangible asset impairments									$ 86	$ 292	$ 40

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Balance Sheet) (Details) - USD ($)
$ / shares in Units, $ in Millions

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

ASSETS

$ 1,072

$ 816

$ 474

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

^[1]

20,058

19,155

Equity:

Common Stock, $0.01 par value, 86 and 85 shares issued and 84 and 83 shares outstanding

2,243

2,227

(506)

(882)

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest

(118)

(171)

1,620

1,175

Treasury Stock, at cost, 2 shares and 2 shares

(100)

Preferred Stock, par value (in dollars per share)

$ 1,520

$ 1,075

$ 0.01

Preferred Stock, shares issued

Preferred Stock, shares outstanding

Common Stock, par value (in dollars per share)

$ 0.01

Common Stock, shares issued

86,000,000

85,000,000

Common Stock, shares outstanding

84,000,000

83,000,000

Treasury stock, shares

2,000,000

Hertz Global Holdings

ASSETS

Investments in subsidiaries

$ 0

1,520

1,075

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

1,520

1,075

Equity:

Common Stock, $0.01 par value, 86 and 85 shares issued and 84 and 83 shares outstanding

2,243

2,227

(506)

(882)

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest

(118)

(171)

1,620

1,175

Treasury Stock, at cost, 2 shares and 2 shares

(100)