View Filing Data

$ 865

$ 1,127

Total cash, cash equivalents, restricted cash and restricted cash equivalents

495

283

1,360

1,410

1,840

1,587

Less: accumulated depreciation

689

902

Revenue earning vehicles:

Vehicles

17,085

15,703

(3,296)

(3,284)

Total revenue earning vehicles, net

13,789

12,419

757

778

1,871

3,238

3,203

1,083

^[1]

24,627

21,382

943

988

1,186

1,304

150

136

17,089

16,324

1,848

Deferred Income Tax Liabilities, Net

399

418

1,124

1,092

Commitments and contingencies

^[1]

22,739

20,262

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

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

3,024

2,261

(967)

(909)

Treasury stock, at cost, 2 shares and 2 shares, respectively

(189)

(192)

100

1,769

1,061

119

1,888

1,120

24,627

21,382

Vehicles

ASSETS

466

257

791

625

289

284

13,368

11,902

Non-Vehicle

ASSETS

1,049

962

654

704

3,721

4,422

ASSETS

865

1,127

Total cash, cash equivalents, restricted cash and restricted cash equivalents

495

283

1,360

1,410

1,840

1,587

Less: accumulated depreciation

689

902

Revenue earning vehicles:

Vehicles

17,085

15,703

(3,296)

(3,284)

Total revenue earning vehicles, net

13,789

12,419

757

778

1,871

3,238

3,203

1,083

^[2]

24,627

21,382

943

988

1,186

1,304

150

136

17,089

16,324

1,848

Deferred Income Tax Liabilities, Net

399

418

1,128

1,094

Commitments and contingencies

^[2]

22,743

20,264

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

3,955

3,187

Due from affiliate

(64)

(52)

(1,937)

(1,884)

(189)

(192)

1,765

1,059

119

1,884

1,118

The Hertz Corporation | Vehicles

24,627

21,382

ASSETS

466

257

791

625

289

284

The Hertz Corporation | Non-Vehicle

13,368

11,902

ASSETS

1,049

962

654

704

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

$ 3,721

$ 4,422

[1]

Hertz Global Holdings, Inc.'s consolidated total assets as of December 31, 2019 and December 31, 2018 include total assets of variable interest entities (“VIEs”) of $1.3 billion and $1.0 billion, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of December 31, 2019 and December 31, 2018 include total liabilities of VIEs of $1.1 billion and $947 million, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Special Purpose Entities" in Note 5, "Debt," and "767 Auto Leasing LLC" in Note 15, "Related Party Transactions," for further information.

[2]

The Hertz Corporation's consolidated total assets as of December 31, 2019 and December 31, 2018 include total assets of variable interest entities (“VIEs”) of $1.3 billion and $1.0 billion, respectively, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of December 31, 2019 and December 31, 2018 include total liabilities of VIEs of $1.1 billion and $947 million, respectively, for which the creditors of the VIEs have no recourse to The Hertz Corporation. See "Special Purpose Entities" in Note 5, "Debt," and "767 Auto Leasing LLC" in Note 15, "Related Party Transactions," for further information.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net income (loss)	$ (50)	$ (227)	$ 327
Other comprehensive income (loss):
Foreign currency translation adjustments	6	(34)	14
Reclassification of foreign currency items to other (income) expense, net	0	(1)	8
Reclassification of realized gain on securities to other (income) expense	0	0	(3)
Net gain (loss) on defined benefit pension plans	(11)	(44)	40
Reclassification from other comprehensive income (loss) to selling, general and administrative expense for amortization of actuarial (gains) losses on defined benefit pension plans	0	0	6
Reclassification from other comprehensive income (loss) to other (income) expense for amortization of actuarial (gains) losses on defined benefit pension plans	11	5	0
Total other comprehensive income (loss) before income taxes	6	(74)	65
Income tax (provision) benefit related to net gains and losses on defined benefit pension plans	(1)	12	(10)
Income tax (provision) benefit related to reclassified amounts of net periodic costs on defined benefit pension plans	(2)	(1)	(2)
Total other comprehensive income (loss)	3	(63)	53
Total comprehensive income (loss)	(47)	(290)	380
Comprehensive (income) loss attributable to noncontrolling interests	(8)	2	0
Comprehensive income (loss) attributable to Hertz Global	(55)	(288)	380
The Hertz Corporation
Net income (loss)	(45)	(222)	332
Other comprehensive income (loss):
Foreign currency translation adjustments	6	(34)	14
Reclassification of foreign currency items to other (income) expense, net	0	(1)	8
Reclassification of realized gain on securities to other (income) expense	0	0	(3)
Net gain (loss) on defined benefit pension plans	(11)	(44)	40
Reclassification from other comprehensive income (loss) to selling, general and administrative expense for amortization of actuarial (gains) losses on defined benefit pension plans	0	0	6
Reclassification from other comprehensive income (loss) to other (income) expense for amortization of actuarial (gains) losses on defined benefit pension plans	11	5	0
Total other comprehensive income (loss) before income taxes	6	(74)	65
Income tax (provision) benefit related to net gains and losses on defined benefit pension plans	(1)	12	(10)
Income tax (provision) benefit related to reclassified amounts of net periodic costs on defined benefit pension plans	(2)	(1)	(2)
Total other comprehensive income (loss)	3	(63)	53
Total comprehensive income (loss)	(42)	(285)	385
Comprehensive (income) loss attributable to noncontrolling interests	(8)	2	0
Comprehensive income (loss) attributable to Hertz Global	$ (50)	$ (283)	$ 385

(Schedule of components of other intangible assets by major classes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Amortizable intangible assets:
Gross Carrying Amount		$ 1,336	$ 1,240
Accumulated Amortization		(937)	(876)
Net Carrying Value		399	364
Indefinite-lived intangible assets:
Carrying Amount		2,839	2,839
Total Other intangible assets
Gross Carrying Amount		4,175	4,079
Accumulated Amortization		(937)	(876)
Net Carrying Value		3,238	3,203
Trade name
Indefinite-lived intangible assets:
Carrying Amount		2,814	2,814
Other indefinite-lived intangible assets
Indefinite-lived intangible assets:
Carrying Amount		25	25
Customer-related
Amortizable intangible assets:
Gross Carrying Amount		333	333
Accumulated Amortization		(313)	(309)
Net Carrying Value		20	24
Total Other intangible assets
Accumulated Amortization		(313)	(309)
Concession rights
Amortizable intangible assets:
Gross Carrying Amount		414	413
Accumulated Amortization		(324)	(279)
Net Carrying Value		90	134
Total Other intangible assets
Accumulated Amortization		(324)	(279)
Technology-based intangibles
Amortizable intangible assets:
Gross Carrying Amount		515	412
Accumulated Amortization		(236)	(219)
Net Carrying Value		279	193
Total Other intangible assets
Accumulated Amortization		(236)	(219)
Other intangible assets
Amortizable intangible assets:
Gross Carrying Amount		74	82
Accumulated Amortization		(64)	(69)
Net Carrying Value		10	13
Total Other intangible assets
Accumulated Amortization		$ (64)	$ (69)
U.S. Car Rental \| Trade name
Disclosure of other intangible assets
Impairment of indefinite-lived intangible assets	$ 86

Stock-Based Compensation (Summary of non-vested options and changes during the year) (Details) - Stock Option - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Options Nonvested Weighted Average Grant Date Fair Value [Abstract]
Granted (in dollars per share)	$ 9.19	$ 8.92	$ 9.44
Stock Incentive Plan and Omnibus Plan
Non-vested Options, Outstanding [Roll Forward]
Non-vested beginning balance (in shares)	929,693
Granted (in shares)	80,593
Vested (in shares)	(461,079)
Forfeited (in shares)	(71,769)
Non-vested ending balance (in shares)	477,438	929,693
Non-vested Options, Weighted Average Exercise Price [Roll Forward]
Non-vested beginning balance (in dollars per share)	$ 22.20
Granted (in dollars per share)	29.58
Vested (in dollars per share)	27.92
Forfeited (in dollars per share)	19.57
Non-vested ending balance (in dollars per share)	18.31	$ 22.20
Options Nonvested Weighted Average Grant Date Fair Value [Abstract]
Non-vested beginning balance (in dollars per share)	9.92
Granted (in dollars per share)	9.19
Vested (in dollars per share)	10.52
Forfeited (in dollars per share)	8.94
Non-vested ending balance (in dollars per share)	$ 9.35	$ 9.92

Background	12 Months Ended
Background	Dec. 31, 2019
Background Disclosure [Abstract]
Background	Background Hertz Global Holdings, Inc. ("Hertz Global" when including its subsidiaries and VIEs and "Hertz Holdings" excluding its subsidiaries and VIEs) was incorporated in Delaware in 2015 to serve as the top-level holding company for Rental Car Intermediate Holdings, LLC, which wholly owns The Hertz Corporation ("Hertz" and interchangeably with Hertz Global, the "Company"), Hertz Global's primary operating company. Hertz was incorporated in Delaware in 1967 and is a successor to corporations that have been engaged in the vehicle rental and leasing business since 1918. Hertz operates its vehicle rental business globally primarily through the Hertz, Dollar and Thrifty brands from company-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.

Employee Retirement Benefits (Estimated Future Benefit Payments & Other Plans) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Pension benefits
Other Plans [Abstract]
Aggregate period contributions	$ 12	$ 10	$ 10
Pension benefits \| Western Conference of Teamsters
Other Plans [Abstract]
Aggregate period contributions	8	7	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]
2020	44
2021	41
2022	43
2023	45
2024	46
After 2024	237
Total	456
U.S. plan \| Postretirement benefits
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2020	1
2021	1
2022	1
2023	1
2024	1
After 2024	5
Total	$ 10

Income Tax (Provision) Benefit (Schedule of Components of income Before Income Taxes) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Contingency [Line Items]
Domestic									$ 28	$ (293)	$ (680)
Foreign									(15)	36	105
Income (loss) before income taxes	$ (130)	$ 247	$ 44	$ (149)	$ (120)	$ 181	$ (86)	$ (231)	13	(257)	(575)
The Hertz Corporation
Income Tax Contingency [Line Items]
Domestic									35	(286)	(675)
Foreign									(15)	36	105
Income (loss) before income taxes	$ (128)	$ 249	$ 46	$ (147)	$ (118)	$ 183	$ (84)	$ (230)	$ 20	$ (250)	$ (570)

(Recent Issued Accounting Pronouncements) (Details) - USD ($)
$ in Millions

Dec. 31, 2019

Jan. 01, 2019

Dec. 31, 2018

$ 1,871

689

$ 902

^[1]

24,627

21,382

1,848

1,186

1,304

^[1]

22,739

20,262

Accounting Standards Update 2014-09

24,627

21,382

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

$ 1,585

857

22,922

1,588

1,256

21,802

22,922

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

1,871

689

902

^[2]

24,627

21,382

1,848

1,186

1,304

^[2]

22,743

20,264

The Hertz Corporation | Accounting Standards Update 2014-09

$ 24,627

21,382

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

1,585

857

22,922

1,588

1,256

21,804

Calculated under Revenue Guidance in Effect before Topic 606 | Accounting Standards Update 2014-09

22,922

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

902

21,382

1,304

20,262

Calculated under Revenue Guidance in Effect before Topic 606 | The Hertz Corporation | Accounting Standards Update 2014-09

21,382

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

902

21,382

1,304

20,264

Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09

$ 21,382

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

1,585

(45)

1,540

1,588

(48)

1,540

Difference between Revenue Guidance in Effect before and after Topic 606 | The Hertz Corporation | Accounting Standards Update 2014-09

1,540

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

1,585

(45)

1,540

1,588

(48)

1,540

Share-based Payment Arrangement [Abstract]

$ 1,540

[1]

[2]

Stock-Based Compensation

12 Months Ended

Dec. 31, 2019

Stock-Based Compensation

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

Plans

In May 2016, Old Hertz Holdings board of directors adopted the Hertz Global Holdings, Inc. 2016 Omnibus Incentive Plan (the “Omnibus Plan”), which was amended by its stockholders at the annual meeting of stockholders held on May 24, 2019 to increase the number of shares which can be granted under the plan by 2,490,000 shares. As amended, the Omnibus Plan contains 11,767,723 shares which can be granted pursuant to the terms and conditions of the Omnibus Plan. In connection with the Rights Offering, as disclosed in Note 16, “Equity and Earnings (Loss) Per Share - Hertz Global”, and pursuant to the Omnibus Plan, the number of shares which can be granted under the plan was increased by an additional 453,741 shares. 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.

Effective January 1, 2017, the Company's board of directors adopted the 2017 Executive Incentive Compensation Plan ("2017 EICP"), pursuant to which any awards granted were to be from shares available under the Omnibus Plan. The provisions of the plan provided for the pay out of any bonus earned in either cash or PSUs for certain groups of employees. The Company accumulated these charges as a liability until the grant date, March 2, 2018, at which time the liability was reclassified to equity and 324,000 shares were granted in connection with this program based on Hertz Global's stock price as of the grant date. During the year ended December 31, 2017, the Company recognized approximately $6 million of stock-based compensation expense associated with the 2017 EICP based on Hertz Global's stock price as of December 31, 2017. There are no outstanding awards under the 2017 EICP as of December 31, 2018 and 2019.

As of December 31, 2019, the Company had 5,110,247 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, RSUs, PSUs, and PSAs is as follows:



	Years Ended December 31,
(In millions)	2019			2018			2017
Compensation expense	$	18		$	14		$	19
Income tax benefit	(2		)	(3		)	(8		)
Total	$	16		$	11		$	11

As of December 31, 2019, there was approximately $30 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 1.3 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 accounts for options as equity-classified awards and recognizes 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	2019⁽¹⁾			2018			2017
Expected volatility	68.5		%	56.7		%	47.8		%
Expected dividend yield	—		%	—		%	—		%
Expected term (years)	7			5			7
Risk-free interest rate	1.93		%	2.57		%	1.95		%
Weighted-average grant date fair value	$	9.19		$	8.92		$	9.44


(1)	Options granted in 2019 are solely related to the incremental grants awarded as part of the Rights Offering, as disclosed in Note 16, "Equity and Earnings (Loss) Per Share - Hertz Global."

A summary of option activity as of December 31, 2019 is presented below:



Options	Shares		Weighted Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (In millions)
Outstanding as of January 1, 2019	1,170,318		$	30.44	4.8	$	—
Granted⁽¹⁾	80,593		29.58		—	—
Exercised	(599	)	12.84		—	—
Forfeited or Expired	(194,358	)	41.42		—	—
Outstanding as of December 31, 2019	1,055,954		28.36		4.0	—
Exercisable as of December 31, 2019	578,516		36.66		3.0	—


(1)	All options granted are in connection with the Rights Offering, as disclosed in Note 16, "Equity and Earnings (Loss) Per Share - Hertz Global."

A summary of non-vested option activity as of December 31, 2019 is presented below:



	Non-vested Shares		Weighted- Average Exercise Price		Weighted-Average Grant-Date Fair Value
Non-vested as of January 1, 2019	929,693		$	22.20	$	9.92
Granted	80,593		29.58		9.19
Vested	(461,079	)	27.92		10.52
Forfeited	(71,769	)	19.57		8.94
Non-vested as of December 31, 2019	477,438		18.31		9.35

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



	Years Ended December 31,
(In millions)	2019		2018		2017
Aggregate intrinsic value of stock options exercised	$	—	$	—	$	—
Cash received from the exercise of stock options	—		—		—
Fair value of options that vested	5		3		3
Tax benefit realized on exercise of stock options	—		—		—

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

PSAs and PSUs granted under the Omnibus Plan 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 PSAs and PSUs 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, 2019 is presented below:



	Shares		Weighted- Average Fair Value		Aggregate Intrinsic Value (In millions)
Outstanding as of January 1, 2019	1,567,126		$	21.61	$	12
Granted⁽¹⁾	1,295,113		19.05		—
Vested	(94,686	)	30.59		—
Forfeited or Expired	(519,910	)	24.55		—
Outstanding as of December 31, 2019	2,247,643		19.08		21


(1)	Includes 166,248 awards granted in connection with the Rights Offering, as disclosed in Note 16, "Equity and Earnings (Loss) Per Share - Hertz Global."

A summary of RSU activity as of December 31, 2019 is presented below:



	Shares		Weighted- Average Fair Value		Aggregate Intrinsic Value (In millions)
Outstanding as of January 1, 2019	1,122,233		$	20.11	$	15
Granted⁽¹⁾	677,479		18.66		—
Vested	(536,802	)	22.00		—
Forfeited or Expired	(218,641	)	18.81		—
Outstanding as of December 31, 2019	1,044,269		18.43		16


(1)	Includes 85,453 awards granted in connection with the Rights Offering, as disclosed in Note 16, "Equity and Earnings (Loss) Per Share - Hertz Global."

Additional information pertaining to RSU activity is as follows:



	Years Ended December 31,
	2019		2018		2017
Total fair value of awards that vested (In millions)	$	12	$	5	$	6
Weighted-average grant date fair value of awards	18.66		17.40		19.27

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 2019, 2018 and 2017, 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 Adjusted Corporate EBITDA or other performance measures over the applicable measurement period.

Employee Retirement Benefits (Amounts Recognized in Balance Sheet) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
U.S. plan \| Continuing Operations
Components of Net Periodic Benefit Cost:
Service cost	$ 0	$ 0	$ 0
Interest cost	0	1	1
Expected return on plan assets	0	0	0
Net amortizations	0	0	0
Settlement loss	0	0	0
Net pension and postretirement expense (benefit)	$ 0	$ 1	$ 1
Weighted-average discount rate for expense (January 1)	4.20%	3.50%	3.90%
Initial health care cost trend rate	6.10%	6.40%	6.70%
Ultimate health care cost trend rate (rate to which cost trend is expected to decline)	4.50%	4.50%	4.50%
Number of years to ultimate health trend rate (in years)	19 years	20 years	21 years
U.S. plan \| Pension benefits
Amounts recognized in balance sheet:
Net obligation recognized in the balance sheet	$ (56)	$ (64)
Prior service credit	0	0
Net gain (loss)	(73)	(87)
Accumulated other comprehensive income (loss)	(73)	(87)
Funded/(Unfunded) accrued pension or postretirement benefit	17	23
Net obligation recognized in the balance sheets	(56)	(64)
Total recognized in other comprehensive (income) loss	(13)	44
Total recognized in net periodic benefit cost and other comprehensive (income) loss	(3)	40
Estimated amounts that will be amortized from accumulated other comprehensive (income) loss over the next fiscal year:
Accumulated Benefit Obligation at December 31	$ 559	$ 516
Weighted-average assumptions as of December 31
Discount rate	3.10%	4.20%
Expected return of assets (as a percent)	4.80%	6.30%
Average rate of increase in compensation	4.30%	4.30%
Components of Net Periodic Benefit Cost:
Service cost	$ 0	$ 1
Interest cost	$ 21	$ 19
Weighted-average interest crediting rate for expense	3.80%	3.80%
U.S. plan \| Pension benefits \| Continuing Operations
Components of Net Periodic Benefit Cost:
Service cost	$ 0	$ 1	$ 1
Interest cost	21	19	21
Expected return on plan assets	(22)	(28)	(26)
Net amortizations	6	1	3
Settlement loss	5	3	1
Net pension and postretirement expense (benefit)	$ 10	$ (4)	$ 0
Weighted-average discount rate for expense (January 1)	4.20%	3.60%	4.00%
Weighted-average assumed long-term rate of return on assets (January 1)	6.30%	6.30%	7.00%
Weighted-average interest crediting rate for expense	3.80%	3.80%	3.80%
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	(56)	(64)
U.S. plan \| Postretirement benefits
Amounts recognized in balance sheet:
Net obligation recognized in the balance sheet	(12)	(12)
Prior service credit	0	0
Net gain (loss)	1	1
Accumulated other comprehensive income (loss)	1	1
Funded/(Unfunded) accrued pension or postretirement benefit	(13)	(13)
Net obligation recognized in the balance sheets	(12)	(12)
Total recognized in other comprehensive (income) loss	1	(2)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$ 1	$ (1)
Weighted-average assumptions as of December 31
Discount rate	3.20%	4.20%
Initial health care cost trend rate (as a percent)	5.80%	6.10%
Ultimate health care cost trend rate (as a percent)	4.50%	4.50%
Number of years to ultimate trend rate (in years)	19 years	20 years
Components of Net Periodic Benefit Cost:
Service cost	$ 0	$ 0
Interest cost	0	1
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	(12)	(12)
Non-U.S. \| Pension benefits
Amounts recognized in balance sheet:
Net obligation recognized in the balance sheet	(58)	(54)
Prior service credit	(2)	(1)
Net gain (loss)	(70)	(58)
Accumulated other comprehensive income (loss)	(72)	(59)
Funded/(Unfunded) accrued pension or postretirement benefit	14	5
Net obligation recognized in the balance sheets	(58)	(54)
Total recognized in other comprehensive (income) loss	13	(2)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	12	(5)
Estimated amounts that will be amortized from accumulated other comprehensive (income) loss over the next fiscal year:
Accumulated Benefit Obligation at December 31	$ 284	$ 245
Weighted-average assumptions as of December 31
Discount rate	1.90%	2.70%
Expected return of assets (as a percent)	3.20%	4.90%
Average rate of increase in compensation	2.20%	2.80%
Components of Net Periodic Benefit Cost:
Service cost	$ 1	$ 1
Interest cost	6	7
Non-U.S. \| Pension benefits \| Continuing Operations
Components of Net Periodic Benefit Cost:
Service cost	1	1	$ 1
Interest cost	6	7	6
Expected return on plan assets	(9)	(11)	(10)
Net amortizations	1	1	2
Settlement loss	0	0	0
Net pension and postretirement expense (benefit)	$ (1)	$ (2)	$ (1)
Weighted-average discount rate for expense (January 1)	2.70%	2.40%	2.50%
Weighted-average assumed long-term rate of return on assets (January 1)	4.80%	5.20%	5.20%
Non-U.S. \| Pension benefits \| Prepaid expenses and other assets
Amounts recognized in balance sheet:
Net obligation recognized in the balance sheet	$ 25	$ 21
Non-U.S. \| Pension benefits \| Accrued liabilities
Amounts recognized in balance sheet:
Net obligation recognized in the balance sheet	$ (83)	$ (75)

Financial Instruments (Schedule of Estiamted Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Asset Derivatives	$ 8	$ 4
Liability Derivatives	0	10
Interest rate instruments
Derivative [Line Items]
Asset Derivatives	4	3
Liability Derivatives	0	4
Foreign currency forward contracts
Derivative [Line Items]
Asset Derivatives	4	1
Liability Derivatives	$ 0	$ 6

Contingencies and Off-Balance Sheet Commitments (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Liability recorded for public liability and property damage matters	$ 399	$ 418
Net proceeds from repayment or recovery, percent	15.00%

Income Tax (Provision) Benefit (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating Loss Carryforwards [Line Items]
Statutory federal tax rate	21.00%	21.00%	35.00%
AMT Tax Credits and other	$ 46.0
Deferred tax assets	2,386.0	$ 1,937.0
Valuation allowance recorded against deferred tax assets	396.0	318.0
Remaining deferred tax assets to be realized	$ 2,614.0	$ 1,858.0
Effective tax rate	500.00%	12.00%	157.00%
Income tax (provision) benefit	$ (63.0)	$ 30.0	$ 902.0
Net, after-tax interest and penalties recognized	0.4	1.0	(1.0)
Net, after-tax interest and penalties accrued	8.0
Unrecognized tax benefits	48.0	49.0	$ 43.0	$ 45.0
Unrecognized tax benefits that would impact effective tax rate	5.0
Tax benefits is reasonably possible, amount of unrecorded benefit	4.0
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
AMT Tax Credits and other	22.0
Deferred tax assets	1,900.0
NOL carry forwards	9,000.0
Domestic Tax Authority \| Alternative Minimum Tax
Operating Loss Carryforwards [Line Items]
Valuation allowance recorded against deferred tax assets	24.0
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
AMT Tax Credits and other	24.0
Deferred tax assets	293.0
Operating Loss Carryforwards	5,300.0
Operating loss carryforwards, with indefinite utilization period	326.0
Valuation allowance recorded against deferred tax assets	194.0
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Deferred tax assets	244.0
NOL carry forwards	989.0
NOL carry forward, valuation allowance	218.0
NOL carry forward with indefinite carry forward period	828.0
Tax Year 2018
Operating Loss Carryforwards [Line Items]
AMT Tax Credits and other		20.0
Tax Year 2020
Operating Loss Carryforwards [Line Items]
AMT Tax Credits and other		10.0
Tax Year 2021
Operating Loss Carryforwards [Line Items]
AMT Tax Credits and other		5.0
Tax Year 2022
Operating Loss Carryforwards [Line Items]
AMT Tax Credits and other		5.0
The Hertz Corporation
Operating Loss Carryforwards [Line Items]
Deferred tax assets	$ 3.0	$ 3.0
Effective tax rate	326.00%	11.00%	158.00%
Income tax (provision) benefit	$ (65.0)	$ 28.0	$ 902.0

Goodwill and Intangible Assets, Net (Amortization of Intangible Assets) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 81	$ 89	$ 97

Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	May 24, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested stock options, RSUs and PSUs granted		$ 30
Compensation expense		$ 18	$ 14	$ 19
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for recognition of total unrecognized compensation cost		1 year 3 months 18 days
Expected term (years)		7 years	5 years	7 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)		$ 18.66	$ 17.40	$ 19.27
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)	2,490,000	11,767,723
Number of additional shares authorized	453,741
Omnibus Plan \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		677,479
Granted (in dollars per share)		$ 18.66
Omnibus Plan \| Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		1,295,113
Granted (in dollars per share)		$ 19.05
Omnibus Plan \| Common Stock Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares underlying outstanding awards (in shares)		5,110,247
2017 Executive Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense				$ 6
Grants in period (in shares)		324,000
Maximum \| Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)		10 years

Segment Information

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segment Information

The Company’s chief operating decision maker assesses performance and allocates resources based upon the financial information for the Company’s operating segments. The Company aggregates certain of its operating segments into its reportable segments. 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 services, in the U.S. and consists of the Company's U.S. 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 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 1% of revenues and expenses of the segment.

Effective during the three months ended June 30, 2019, the Company changed its segment measure of profitability for its reportable segments to Adjusted EBITDA, as shown in the Adjusted EBITDA reconciliation tables below. This

measure better aligns with the way the Company reviews its overall vehicle rental and leasing business and determines management incentive compensation. Prior to the three months ended June 30, 2019, the Company’s segment measure of profitability was Adjusted Pre-tax Income (Loss) which included non-vehicle depreciation and amortization, non-vehicle debt interest, net, and certain other items. For comparability purposes, the Company has adjusted retrospectively the 2018 and 2017 segment results to reflect the new segment measure of profitability.

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

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



	Years Ended December 31,
(In millions)	2019			2018			2017
Revenues
U.S. Rental Car	$	6,938		$	6,480		$	5,994
International Rental Car	2,169			2,276			2,169
All Other Operations	672			748			640
Total Hertz Global and Hertz	$	9,779		$	9,504		$	8,803
Depreciation of revenue earning vehicles and lease charges
U.S. Rental Car	$	1,656		$	1,678		$	1,904
International Rental Car	440			448			416
All Other Operations	469			564			478
Total Hertz Global and Hertz	$	2,565		$	2,690		$	2,798
Depreciation and amortization, non-vehicle assets
U.S. Rental Car	$	156		$	159		$	181
International Rental Car	23			32			33
All Other Operations	10			10			11
Corporate	14			17			15
Total Hertz Global and Hertz	$	203		$	218		$	240
Interest expense, net
U.S. Rental Car	$	157		$	144		$	132
International Rental Car	93			113			80
All Other Operations	31			27			19
Corporate	524			455			406
Total Hertz Global	805			739			637
Hertz interest income from loan to Hertz Global	(7		)	(7		)	(5		)
Total - Hertz	$	798		$	732		$	632
Adjusted EBITDA
U.S. Rental Car	$	480		$	226		$	50
International Rental Car	147			231			235
All Other Operations	100			82			74
Corporate	(78		)	(106		)	(92		)
Total Hertz Global and Hertz	$	649		$	433		$	267



	As of December 31,
(In millions)	2019		2018
Revenue earning vehicles, net
U.S. Rental Car	$	9,820	$	8,793
International Rental Car	2,319		2,146
All Other Operations	1,650		1,480
Total Hertz Global and Hertz	$	13,789	$	12,419
Property and equipment, net
U.S. Rental Car	$	541	$	564
International Rental Car	99		100
All Other Operations	7		9
Corporate	110		105
Total Hertz Global and Hertz	$	757	$	778
Total assets
U.S. Rental Car	$	16,459	$	13,983
International Rental Car	4,563		4,057
All Other Operations	2,115		1,843
Corporate	1,490		1,499
Total Hertz Global and Hertz	$	24,627	$	21,382



	Years Ended December 31,
(In millions)	2019			2018			2017
Revenue earning vehicles and non-vehicle capital assets
U.S. Rental Car:
Expenditures	$	(9,384	)	$	(8,597	)	$	(6,837	)
Proceeds from disposals	6,306			5,570			4,882
Net expenditures - Hertz Global and Hertz	$	(3,078	)	$	(3,027	)	$	(1,955	)
International Rental Car:
Expenditures	$	(3,401	)	$	(3,191	)	$	(3,144	)
Proceeds from disposals	2,854			2,755			2,606
Net expenditures - Hertz Global and Hertz	$	(547	)	$	(436	)	$	(538	)
All Other Operations:
Expenditures	$	(1,043	)	$	(807	)	$	(735	)
Proceeds from disposals	352			176			182
Net expenditures - Hertz Global and Hertz	$	(691	)	$	(631	)	$	(553	)
Corporate:
Expenditures	$	(110	)	$	(75	)	$	(53	)
Proceeds from disposals	1			2			4
Net expenditures - Hertz Global and Hertz	$	(109	)	$	(73	)	$	(49	)

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)	2019		2018		2017
Revenues
United States	$	7,596	$	7,211	$	6,620
International	2,183		2,293		2,183
Total Hertz Global and Hertz	$	9,779	$	9,504	$	8,803



	As of December 31,
(In millions)	2019		2018
Revenue earning vehicles, net
United States	$	11,424	$	10,235
International	2,365		2,184
Total Hertz Global and Hertz	$	13,789	$	12,419
Property and equipment, net
United States	$	658	$	678
International	99		100
Total Hertz Global and Hertz	$	757	$	778
Total assets
United States	$	19,876	$	17,144
International	4,751		4,238
Total Hertz Global and Hertz	$	24,627	$	21,382

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

Hertz Global



	Years Ended December 31,
(In millions)	2019			2018			2017
Adjusted EBITDA:
U.S. Rental Car	$	480		$	226		$	50
International Rental Car	147			231			235
All Other Operations	100			82			74
Total reportable segments	727			539			359
Corporate⁽¹⁾	(78		)	(106		)	(92		)
Total Hertz Global	649			433			267
Adjustments:
Non-vehicle depreciation and amortization	(203		)	(218		)	(240		)
Non-vehicle debt interest, net	(311		)	(291		)	(306		)
Vehicle debt-related charges⁽²⁾	(38		)	(36		)	(32		)
Loss on extinguishment of vehicle debt⁽³⁾	—			(22		)	—
Restructuring and restructuring related charges⁽⁴⁾	(14		)	(32		)	(20		)
Impairment charges and asset write-downs⁽⁵⁾	—			—			(118		)
Information technology and finance transformation costs⁽⁶⁾	(114		)	(98		)	(68		)
Other items⁽⁷⁾	44			7			(58		)
Income (loss) from before income taxes	$	13		$	(257	)	$	(575	)

Hertz



	Years Ended December 31,
(In millions)	2019			2018			2017
Adjusted EBITDA:
U.S. Rental Car	$	480		$	226		$	50
International Rental Car	147			231			235
All Other Operations	100			82			74
Total reportable segments	727			539			359
Corporate⁽¹⁾	(78		)	(106		)	(92		)
Total Hertz	649			433			267
Adjustments:
Non-vehicle depreciation and amortization	(203		)	(218		)	(240		)
Non-vehicle debt interest, net	(304		)	(284		)	(301		)
Vehicle debt-related charges⁽²⁾	(38		)	(36		)	(32		)
Loss on extinguishment of vehicle debt⁽³⁾	—			(22		)	—
Restructuring and restructuring related charges⁽⁴⁾	(14		)	(32		)	(20		)
Impairment charges and asset write-downs⁽⁵⁾	—			—			(118		)
Information technology and finance transformation costs⁽⁶⁾	(114		)	(98		)	(68		)
Other items⁽⁷⁾	44			7			(58		)
Income (loss) from before income taxes	$	20		$	(250	)	$	(570	)


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


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


(3)	In 2018, primarily represents $20 million of early redemption premium and write-off of deferred financing costs associated with the full redemption of the 4.375% European Vehicle Senior Notes due January 2019.

(4)

Represents charges incurred under restructuring actions as defined in U.S. GAAP, excluding impairments and asset write-downs. Also includes restructuring related charges such as incremental costs incurred directly supporting business transformation initiatives. In 2018 and 2017, also includes consulting costs, legal fees and other expenses related to the previously disclosed accounting review and investigation.


(5)	In 2017, primarily represents an $86 million impairment of the Dollar Thrifty tradename and an impairment of $30 million related to an equity method investment.


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

(7)

Represents miscellaneous items, including non-cash stock-based compensation charges, and amounts attributable to noncontrolling interests. In 2019, includes a $30 million gain on marketable securities and a $39 million gain on the sale of non-vehicle capital assets. In 2018, includes a $20 million gain on marketable securities, and a $6 million legal settlement received related to an oil spill in the Gulf of Mexico in 2010. In 2017, includes net expenses of $16 million resulting from hurricanes, charges of $8 million associated with strategic financings and charges of $5 million relating to PLPD as a result of a terrorist event, partially offset by a $6 million gain on the sale of the Company's Brazil Operations and a $4 million return of capital from an equity method investment.

Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Operating Results

Provided below is a summary of the quarterly operating results during 2019 and 2018. 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 ⁽¹⁾			Second Quarter		Third Quarter		Fourth Quarter
(In millions, except per share data)	2019			2019		2019		2019
Total revenues	$	2,107		$	2,511	$	2,836	$	2,326
Income (loss) before income taxes	(149		)	44		247		(130		)
Net income (loss) attributable to Hertz Global	(147		)	38		169		(118		)
Earnings (loss) per share:
Basic	(1.54		)	0.40		1.26		(0.83		)
Diluted	(1.54		)	0.40		1.26		(0.83		)



	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
(In millions, except per share data)	2018			2018			2018		2018
Total revenues	$	2,063		$	2,389		$	2,758	$	2,294
Income (loss) before income taxes	(231		)	(86		)	181		(120		)
Net income (loss) attributable to Hertz Global	(202		)	(63		)	141		(101		)
Earnings (loss) per share⁽¹⁾:
Basic	(2.13		)	(0.66		)	1.47		(1.05		)
Diluted	(2.13		)	(0.66		)	1.47		(1.05		)


(1)	Basic and Diluted earnings (loss) per share for the first quarter of 2019 and for all quarters in 2018 have been adjusted retrospectively to give effect to the Rights Offering, as further disclosed in Note 16, "Equity and Earnings (Loss) Per Share - Hertz Global."

Hertz



	First Quarter			Second Quarter		Third Quarter		Fourth Quarter
(In millions)	2019			2019		2019		2019
Total revenues	$	2,107		$	2,511	$	2,836	$	2,326
Income (loss) before income taxes	(147		)	46		249		(128		)
Net income (loss) attributable to Hertz	(145		)	39		170		(117		)



	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
(In millions)	2018			2018			2018		2018
Total revenues	$	2,063		$	2,389		$	2,758	$	2,294
Income (loss) before income taxes	(230		)	(84		)	183		(118		)
Net income (loss) attributable to Hertz	(201		)	(61		)	142		(99		)

Equity and Earnings (Loss) Per Share - Hertz Global

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Equity and Earnings (Loss) Per Share - Hertz Global

Equity of Hertz Global Holdings, Inc.

As of December 31, 2019 and 2018, 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

Hertz Holdings has a Board-approved share repurchase program that authorizes it to repurchase shares of its common stock 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. There were no shares repurchased under this program in 2019 or 2018. As of December 31, 2019, 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, 2019 and 2018, respectively. 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, Letter of Credit Facility and Alternative 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.

Rights Offering

In June 2019, Hertz Global filed a prospectus supplement to its Registration Statement on Form S-3 declared effective by the SEC on June 12, 2019 for a rights offering to raise gross proceeds of approximately $750 million and providing for the issuance of up to an aggregate of 57,915,055 new shares of Hertz Global common stock. Under the terms of the Rights Offering, each stockholder of Hertz Global was eligible to receive one transferable subscription right (a "Right") for each share of common stock held as of 5:00 p.m., Eastern Time, on June 24, 2019 (the "Record Date"). Each Right entitled the holder to purchase 0.688285 shares of common stock (the "Basic Subscription Right") at a price of $12.95 per whole share of common stock (the "Subscription Price"). The Rights Offering also entitled rights holders who fully exercised their Basic Subscription Rights to subscribe for additional shares of Hertz Global's common stock that remain unsubscribed as a result of any unexercised Basic Subscription Rights (the “Over-Subscription Right”). The Rights Offering expired at 5:00 p.m., Eastern Time, on July 12, 2019.

Upon closing in July 2019, the Rights Offering was fully subscribed resulting in Hertz Global selling 57,915,055 shares of its common stock at the Subscription Price for gross proceeds of $750 million. Pursuant to the terms of the Rights Offering, 55,816,783 shares of common stock were purchased under the Basic Subscription Right and 2,098,272 shares of common stock were purchased under the Over-Subscription Right.

Basic weighted-average shares outstanding and weighted-average shares used to calculate diluted earnings (loss) per share for 2018 and 2017 have been adjusted retrospectively to give effect to the Rights Offering.

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)	2019			2018			2017
Numerator:
Net income (loss) attributable to Hertz Global	$	(58	)	$	(225	)	$	327
Denominator:
Basic weighted-average shares outstanding (excluding the impact of the Rights Offering)	84			84			83
Rights Offering adjustment⁽¹⁾	6			12			12
New shares issued under the Rights Offering⁽²⁾	27			—			—
Basic weighted-average shares outstanding	117			96			95
Dilutive stock options, RSUs and PSUs	—			—			—
Diluted weighted-average shares outstanding	117			96			95
Antidilutive stock options, RSUs, PSUs and PSAs	2			1			3
Earnings (loss) per share:
Basic earnings (loss) per share	$	(0.49	)	$	(2.35	)	$	3.44
Diluted earnings (loss) per share	$	(0.49	)	$	(2.35	)	$	3.44


(1)	Reflects the impact of the Rights Offering subscription period.

(2)

Reflects the weighted-average impact of the issuance of 57,915,055 shares from the Rights Offering on July 18, 2019.

Divestitures (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
Divestitures (Details) - USD ($) $ in Millions	Sep. 30, 2017	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Aug. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Realized gain (loss) on disposal				$ 4
Gain (Loss) on Sale of Investments			$ 30	$ 20	$ 3
Other income (expense), net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investment, fair value adjustment					26
Brazil Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration receivable from sale						$ 115
Consideration receivable from sale, amounts to be placed in escrow						$ 13
Referral and brand cooperation agreement, initial term			20 years
Referral and brand cooperation agreement, optional extension term			20 years
Fair Value, Measurements, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other than temporary impairment		$ 30
Realized gain (loss) on disposal	$ 4
Fair Value, Measurements, Nonrecurring \| Brazil Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of long-lived assets held-for-use					$ (6)

Debt (Schedule of Debt) (Details) $ in Millions	Dec. 31, 2019 USD ($)	Aug. 31, 2019	Dec. 31, 2018 USD ($)	Jun. 30, 2016 USD ($)	Feb. 24, 2016 USD ($)	Sep. 30, 2015 CAD ($)
Debt Instrument [Line Items]
Outstanding principal	$ 2,700,000,000		$ 2,500,000,000
Debt:	$ 17,089,000,000		16,324,000,000
HVF II Series 2019-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.65%
Outstanding principal	$ 650,000,000		0
HFLF Series 2018-1
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.03%
Outstanding principal	$ 462,000,000		550,000,000
Us Fleet Medium Term Notes 2018 Series 1
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.41%
Outstanding principal	$ 1,000,000,000		1,000,000,000
Us Fleet Medium Term Notes 2018 Series 2
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.80%
Outstanding principal	$ 200,000,000		200,000,000
Debt:			11,902,000,000
Us Fleet Medium Term Notes 2018 Series 3
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.15%
Outstanding principal	$ 200,000,000		200,000,000
Us Fleet Medium Term Notes 2019 Series 1
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.85%
Outstanding principal	$ 700,000,000		0
Us Fleet Medium Term Notes 2019 Series 2
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.51%
Outstanding principal	$ 750,000,000		0
Us Fleet MediumTerm Notes 2019 Series 3
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.91%
Outstanding principal	$ 800,000,000		0
Senior Loans
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.45%
Outstanding principal	$ 660,000,000		674,000,000	$ 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	34,000,000		33,000,000
Debt:	$ 3,721,000,000		4,422,000,000
Senior Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	6.11%
Outstanding principal	$ 2,700,000,000		2,500,000,000
Senior Second Priority Secured Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	7.63%
Outstanding principal	$ 350,000,000		1,250,000,000
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)	5.70%
Outstanding principal	$ 18,000,000		4,000,000
Fleet Debt
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs and Net (Discount) Premium	(47,000,000)		(43,000,000)
Debt:	13,368,000,000
HVF II U.S. ABS Program
Debt Instrument [Line Items]
Outstanding principal	$ 2,644,000,000		2,940,000,000
HVF II Series 2013-A, Class A
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.09%
Outstanding principal	$ 2,644,000,000		2,940,000,000
HVF II Us Fleet Variable Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal	$ 6,620,000,000		5,260,000,000
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 2015-3
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.10%
Outstanding principal	$ 371,000,000		371,000,000
HVF II Series 2016-1
Debt Instrument [Line Items]
Outstanding principal	$ 0		466,000,000
HVF II Series 2016-2
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.41%
Outstanding principal	$ 595,000,000		595,000,000
HVF II Series 2016-3
Debt Instrument [Line Items]
Outstanding principal	$ 0		424,000,000
HVF II Series 2016-4
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.09%
Outstanding principal	$ 424,000,000		424,000,000
Donlen ABS Program
Debt Instrument [Line Items]
Outstanding principal	$ 286,000,000		320,000,000
HFLF Series 2013-2 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.67%
Outstanding principal	$ 286,000,000		320,000,000		$ 500,000,000
HFLF Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal	1,375,000,000		1,151,000,000
HFLF Series 2015-1 Notes
Debt Instrument [Line Items]
Outstanding principal	$ 0		33,000,000
HFLF Series 2016-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.89%
Outstanding principal	$ 34,000,000		171,000,000
HFLF Series 2017-1 Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.69%
Outstanding principal	$ 229,000,000		397,000,000
Other Fleet Debt
Debt Instrument [Line Items]
Outstanding principal	$ 2,490,000,000		2,274,000,000
U.S. Vehicle RCF
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.23%
Outstanding principal	$ 146,000,000		146,000,000
European Fleet Notes
Debt Instrument [Line Items]
Average interest rate (as a percent)	5.07%
Outstanding principal	$ 810,000,000		829,000,000
4.375% Senior Notes due January 2019
Debt Instrument [Line Items]
Interest rate	4.375%
4.125% Senior Notes due October 2021
Debt Instrument [Line Items]
Outstanding principal	$ 251,000,000		257,000,000
Interest rate	4.125%
European ABS
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.60%
Outstanding principal	$ 766,000,000		600,000,000
Canadian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.09%
Outstanding principal	$ 241,000,000		220,000,000			$ 350
Donlen Canadian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.97%
Outstanding principal	$ 24,000,000		0			$ 50
Australian Securitization
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.52%
Outstanding principal	$ 177,000,000		155,000,000
New Zealand Revolving Credit Facility
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.81%
Outstanding principal	$ 50,000,000		40,000,000
UK Leveraged Financing
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.06%
Outstanding principal	$ 247,000,000		242,000,000
Capitalized Leases
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.83%
Outstanding principal	$ 29,000,000		42,000,000
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		450,000,000
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		$ 350,000,000
4.25% Senior Notes due April 2018
Debt Instrument [Line Items]
Interest rate			4.25%
5.875% Senior Notes due October 2020
Debt Instrument [Line Items]
Outstanding principal	$ 0		$ 700,000,000
Interest rate	5.875%	5.875%
7.375% Senior Notes due January 2021
Debt Instrument [Line Items]
Outstanding principal	$ 0		500,000,000
Interest rate	7.375%	7.375%
6.250% Senior Notes due October 2022
Debt Instrument [Line Items]
Outstanding principal	$ 500,000,000		500,000,000
Interest rate	6.25%
5.500% Senior Notes due October 2024
Debt Instrument [Line Items]
Outstanding principal	$ 800,000,000		800,000,000
Interest rate	5.50%
7.125% Senior Notes due August 2026
Debt Instrument [Line Items]
Outstanding principal	$ 500,000,000		0
6.000% Senior Notes due January 2028
Debt Instrument [Line Items]
Outstanding principal	$ 900,000,000		$ 0

Segment Information (Pre-tax Income) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended									12 Months Ended
	Sep. 30, 2017	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Apr. 30, 2018
Revenue earning equipment
Adjusted pretax income											$ 649	$ 433	$ 267
Income (loss) from continuing operations before income taxes		$ (130)	$ 247	$ 44	$ (149)	$ (120)	$ 181	$ (86)	$ (231)		$ 13	(257)	(575)
Realized gain (loss) on disposal												4
4.375% Senior Notes due January 2019
Revenue earning equipment
Interest rate		4.375%									4.375%
European Securitization, Due January 2019
Revenue earning equipment
Interest rate														4.375%
Debt-related charges
Revenue earning equipment
Income (loss) from continuing operations before income taxes											$ (38)	(36)	(32)
Restructuring charges
Revenue earning equipment
Income (loss) from continuing operations before income taxes											(14)	(32)	(20)
Loss on extinguishment of debt
Revenue earning equipment
Income (loss) from continuing operations before income taxes											0	(22)	0
Impairment charges
Revenue earning equipment
Income (loss) from continuing operations before income taxes											0	0	(118)
Finance and Information Technology Transformation Costs
Revenue earning equipment
Income (loss) from continuing operations before income taxes											(114)	(98)	(68)
Other
Revenue earning equipment
Income (loss) from continuing operations before income taxes											44	7	(58)
U.S. Car Rental \| Trade name
Revenue earning equipment
Impairment of indefinite-lived intangible assets													86
Corporate
Revenue earning equipment
Adjusted pretax income											(78)	(106)	(92)
Operating Segments
Revenue earning equipment
Adjusted pretax income											727	539	359
Operating Segments \| U.S. Car Rental
Revenue earning equipment
Adjusted pretax income											480	226	50
Operating Segments \| International Car Rental
Revenue earning equipment
Adjusted pretax income											147	231	235
Operating Segments \| All Other Operations
Revenue earning equipment
Adjusted pretax income											100	82	74
The Hertz Corporation
Revenue earning equipment
Adjusted pretax income											649	433	267
Income (loss) from continuing operations before income taxes		$ (128)	$ 249	$ 46	$ (147)	$ (118)	183	(84)	$ (230)		20	(250)	(570)
Proceeds from sale of productive assets											30	20
The Hertz Corporation \| Debt-related charges
Revenue earning equipment
Income (loss) from continuing operations before income taxes											(38)	(36)	(32)
The Hertz Corporation \| Restructuring charges
Revenue earning equipment
Income (loss) from continuing operations before income taxes											(14)	(32)	(20)
The Hertz Corporation \| Loss on extinguishment of debt
Revenue earning equipment
Income (loss) from continuing operations before income taxes											0	(22)	0
The Hertz Corporation \| Impairment charges
Revenue earning equipment
Income (loss) from continuing operations before income taxes											0	0	(118)
The Hertz Corporation \| Finance and Information Technology Transformation Costs
Revenue earning equipment
Income (loss) from continuing operations before income taxes											(114)	(98)	(68)
The Hertz Corporation \| Other
Revenue earning equipment
Income (loss) from continuing operations before income taxes											44	7
Claims paid												5
Other Noninterest Expense												8
The Hertz Corporation \| Corporate
Revenue earning equipment
Adjusted pretax income											(78)	(106)	(92)
The Hertz Corporation \| Operating Segments
Revenue earning equipment
Adjusted pretax income											727	539	359
The Hertz Corporation \| Operating Segments \| U.S. Car Rental
Revenue earning equipment
Adjusted pretax income											480	226	50
The Hertz Corporation \| Operating Segments \| International Car Rental
Revenue earning equipment
Adjusted pretax income											147	231	235
The Hertz Corporation \| Operating Segments \| All Other Operations
Revenue earning equipment
Adjusted pretax income											100	82	74
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				6
Hurricane \| The Hertz Corporation \| Other
Revenue earning equipment
Claims paid												16
Non-vehicle Capital Assets \| The Hertz Corporation
Revenue earning equipment
Proceeds from sale of productive assets											39
Non-Vehicle \| Non-vehicle Deprecation and Amortization
Revenue earning equipment
Income (loss) from continuing operations before income taxes											(203)	(218)	(240)
Non-Vehicle \| Debt-related charges
Revenue earning equipment
Income (loss) from continuing operations before income taxes											(311)	(291)	(306)
Non-Vehicle \| The Hertz Corporation \| Non-vehicle Deprecation and Amortization
Revenue earning equipment
Income (loss) from continuing operations before income taxes											(203)	(218)	(240)
Non-Vehicle \| The Hertz Corporation \| Debt-related charges
Revenue earning equipment
Income (loss) from continuing operations before income taxes											$ (304)	$ (284)	$ (301)
Vehicles \| The Hertz Corporation \| Deferred Gain (Loss) on Early Extinguishment of Debt \| 4.375% Senior Notes due January 2019
Revenue earning equipment
Income (loss) from continuing operations before income taxes							$ (20)

Debt (Narrative) (Details)	1 Months Ended								12 Months Ended
Debt (Narrative) (Details)	Feb. 25, 2020 USD ($)	Nov. 30, 2019 USD ($)	Aug. 31, 2019 USD ($)	May 31, 2019 USD ($)	Feb. 28, 2019 USD ($)	Oct. 31, 2018 EUR (€)	Apr. 30, 2018 USD ($)	Apr. 30, 2018 EUR (€)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Jan. 31, 2020 USD ($)	Nov. 30, 2019 EUR (€)	Oct. 31, 2019 CAD ($)	Sep. 30, 2019 AUD ($)	Sep. 30, 2019 NZD ($)	Jun. 30, 2019 AUD ($)	Jun. 30, 2019 NZD ($)	May 31, 2019 CAD ($)	Apr. 30, 2019 CAD ($)	Jun. 30, 2018 USD ($)	May 31, 2018 USD ($)	Mar. 31, 2018 EUR (€)	Jan. 31, 2018 USD ($)	Jun. 30, 2016 USD ($)	Feb. 24, 2016 USD ($)	Sep. 30, 2015 CAD ($)
Debt Instrument [Line Items]
Debt to mature in 2020									$ 2,438,000,000
Outstanding principal									$ 2,700,000,000	$ 2,500,000,000
Restricted net assets of subsidiaries as percentage of total consolidated net assets, greater than									25.00%
Availability under borrowing base limitation									$ 535,000,000
VIE, total assets									1,100,000,000	946,000,000
VIE, total liabilities									1,100,000,000	946,000,000
Loss on extinguishment of debt									(43,000,000)	(22,000,000)	$ (13,000,000)
Accrued liabilities
Debt Instrument [Line Items]
Interest expense, net									61,000,000	73,000,000
Letters of credit facility
Debt Instrument [Line Items]
Outstanding standby letters of credit									743,000,000
HVF II Series 2019-A Variable Funding Rental Car Asset Backed Notes
Debt Instrument [Line Items]
Repayments of debt									500,000,000
Outstanding principal									500,000,000
Corporate Debt
Debt Instrument [Line Items]
Debt to mature in 2020									20,000,000
Availability under borrowing base limitation									531,000,000
Senior Loans
Debt Instrument [Line Items]
Outstanding principal									$ 660,000,000	674,000,000															$ 700,000,000
Average interest rate (as a percent)									4.45%
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									$ 250,000,000	400,000,000
Senior credit facility
Debt Instrument [Line Items]
Outstanding principal									0	$ 0
Senior Notes, 7.125%, Due 2026
Debt Instrument [Line Items]
Interest rate			7.125%
Debt face amount			$ 500,000,000
US Vehicle RCF
Debt Instrument [Line Items]
Availability under borrowing base limitation									0
Senior ABL Facility
Debt Instrument [Line Items]
Fixed charge coverage ratio number of quarters										1 year
Availability under borrowing base limitation									526,000,000
Senior Notes
Debt Instrument [Line Items]
Outstanding principal									$ 2,700,000,000	$ 2,500,000,000
Average interest rate (as a percent)									6.11%
Redemption price of debt, percentage of face amount									101.00%
Debt instrument, Covenant Compliance, Leverage Ratio									300.00%
5.500% Senior Notes due October 2024
Debt Instrument [Line Items]
Interest rate									5.50%
Outstanding principal									$ 800,000,000	800,000,000
6.75% Senior Notes due April 2019
Debt Instrument [Line Items]
Interest rate									6.75%
7.375% Senior Notes due January 2021
Debt Instrument [Line Items]
Interest rate			7.375%						7.375%
Repayments of debt			$ 500,000,000
Outstanding principal									$ 0	500,000,000
6.250% Senior Notes due October 2022
Debt Instrument [Line Items]
Interest rate									6.25%
Outstanding principal									$ 500,000,000	$ 500,000,000
4.25% Senior Notes due April 2018
Debt Instrument [Line Items]
Interest rate										4.25%
5.875% Senior Notes due October 2020
Debt Instrument [Line Items]
Interest rate			5.875%						5.875%
Repayments of debt			$ 700,000,000
Outstanding principal									$ 0	$ 700,000,000
Senior Notes, 6.000%, Due January 2028
Debt Instrument [Line Items]
Interest rate		6.00%											6.00%
Debt face amount		$ 900,000,000
Senior Notes, 7.625%, Due 2026
Debt Instrument [Line Items]
Interest rate		7.625%											7.625%
Repayments of debt		$ 900,000,000
Fleet Debt
Debt Instrument [Line Items]
Debt to mature in 2020									2,418,000,000
Availability under borrowing base limitation									4,000,000
HVF II U.S. ABS Program
Debt Instrument [Line Items]
Outstanding principal									2,644,000,000	2,940,000,000
HVF II Series 2013-A, Class A
Debt Instrument [Line Items]
Outstanding principal									$ 2,644,000,000	2,940,000,000
Average interest rate (as a percent)									3.09%
HVF II Series 2013 Notes
Debt Instrument [Line Items]
Debt instrument, net change							$ 250,000,000
HVF II Series 2013-A Notes
Debt Instrument [Line Items]
Outstanding principal							3,400,000,000
Line of credit facility, period increase (decrease)				$ 40,000,000
HVF II Series 2013-B Notes
Debt Instrument [Line Items]
Outstanding principal							$ 300,000,000
HVF II Series 2018-1 Notes
Debt Instrument [Line Items]
Outstanding principal																								$ 1,100,000,000
HVF II Series 2018-2 Notes and HVF II Series 2018-3 Notes
Debt Instrument [Line Items]
Outstanding principal																					$ 213,000,000
HVF II Series 2019-1 Notes
Debt Instrument [Line Items]
Outstanding principal									$ 650,000,000	0
Debt face amount					$ 745,000,000
Average interest rate (as a percent)									2.65%
HVF II U.S. Vehicle Medium Term Notes, Series 2019-2 Rental Car Asset Backed Notes, Class A, B, C and D
Debt Instrument [Line Items]
Aggregate maximum borrowings		$ 800,000,000		799,000,000
HFLF Variable Funding Notes
Debt Instrument [Line Items]
Availability under borrowing base limitation									$ 4,000,000
HFLF Series 2013-2 Notes
Debt Instrument [Line Items]
Outstanding principal									$ 286,000,000	320,000,000																$ 500,000,000
Average interest rate (as a percent)									2.67%
HFLF Medium Term Notes
Debt Instrument [Line Items]
Outstanding principal									$ 1,375,000,000	1,151,000,000
HFLF Series 2016-1 Notes
Debt Instrument [Line Items]
Outstanding principal									$ 34,000,000	171,000,000
Average interest rate (as a percent)									4.89%
European Fleet Notes
Debt Instrument [Line Items]
Outstanding principal									$ 810,000,000	829,000,000
Average interest rate (as a percent)									5.07%
European Fleet Notes, 5.500%, Due March 2023
Debt Instrument [Line Items]
Interest rate																							5.50%
Outstanding principal									$ 559,000,000	572,000,000
Debt face amount \| €																							€ 500,000,000
European Fleet Notes, 5.500%, Due March 2023 \| Restricted Cash
Debt Instrument [Line Items]
Proceeds from issuance of debt \| €								€ 425,000,000
European ABS
Debt Instrument [Line Items]
Aggregate maximum borrowings \| €						€ 1,000,000,000.0							€ 1,100,000,000
Outstanding principal									$ 766,000,000	600,000,000
Average interest rate (as a percent)									1.60%
European Securitization
Debt Instrument [Line Items]
Availability under borrowing base limitation									$ 0
Canadian Securitization
Debt Instrument [Line Items]
Outstanding principal									$ 241,000,000	220,000,000																	$ 350,000,000
Average interest rate (as a percent)									3.09%
Availability under borrowing base limitation									$ 0
UK Leveraged Financing
Debt Instrument [Line Items]
Outstanding principal									$ 247,000,000	242,000,000
Average interest rate (as a percent)									3.06%
HFLF Series 2017-1 Notes
Debt Instrument [Line Items]
Outstanding principal									$ 229,000,000	397,000,000
Average interest rate (as a percent)									2.69%
HFLF Series 2018-1
Debt Instrument [Line Items]
Outstanding principal									$ 462,000,000	550,000,000
Debt face amount																						$ 550,000,000
Average interest rate (as a percent)									3.03%
HFLF Medium Term Notes, Series 2019-1 Asset Back Notes, Class A, B, C, D and E
Debt Instrument [Line Items]
Aggregate maximum borrowings				650,000,000
HVF II Series 2013-A Notes, Due March 2021
Debt Instrument [Line Items]
Outstanding principal				$ 4,100,000,000	3,400,000,000
HVF II Series 2018-1 Class A, B, C and D
Debt Instrument [Line Items]
Debt instrument, net change					$ 400,000,000
Donlen Canadian Securitization
Debt Instrument [Line Items]
Outstanding principal									$ 24,000,000	0																	$ 50,000,000
Average interest rate (as a percent)									2.97%
Availability under borrowing base limitation									$ 0
Letters of credit facility \| Senior credit facility
Debt Instrument [Line Items]
Outstanding standby letters of credit									301,000,000
Letters of credit facility \| Alternative Senior Credit Facility
Debt Instrument [Line Items]
Outstanding standby letters of credit									100,000,000
Revolving Credit Facility \| Senior credit facility
Debt Instrument [Line Items]
Outstanding standby letters of credit									336,000,000
Revolving Credit Facility \| Senior credit facility \| Letters of credit facility
Debt Instrument [Line Items]
Aggregate maximum borrowings										862,000,000
Line of credit facility, period increase (decrease)										305,000,000
Revolving Credit Facility \| US Vehicle RCF
Debt Instrument [Line Items]
Line of credit facility outstanding									146,000,000
Revolving Credit Facility \| Canadian Securitization, Due October 2018
Debt Instrument [Line Items]
Aggregate maximum borrowings																				$ 90,000,000
Revolving Credit Facility \| Funding LP Series 2015-A Notes
Debt Instrument [Line Items]
Aggregate maximum borrowings														$ 350,000,000
Revolving Credit Facility \| UK Financing Facility, Due October 2019
Debt Instrument [Line Items]
Aggregate maximum borrowings																			$ 325,000,000
Revolving Credit Facility \| UK Financing Facility
Debt Instrument [Line Items]
Aggregate maximum borrowings														$ 250,000,000
Revolving Credit Facility \| Australian Securitization, Due March 2020
Debt Instrument [Line Items]
Aggregate maximum borrowings																	$ 250,000,000
Revolving Credit Facility \| Australian Securitization, Due June 2021
Debt Instrument [Line Items]
Aggregate maximum borrowings															$ 270,000,000
Revolving Credit Facility \| New Zealand RCF, Due March 2020
Debt Instrument [Line Items]
Aggregate maximum borrowings																		$ 60,000,000
Revolving Credit Facility \| New Zealand RCF, Due June 2021
Debt Instrument [Line Items]
Aggregate maximum borrowings																$ 75,000,000
Subsequent Event \| HVF II Series 2013-A Notes
Debt Instrument [Line Items]
Outstanding principal	$ 4,900,000,000
Debt instrument, net change	750,000,000
Subsequent Event \| HVF II Series 2013-A Notes, Due March 2021
Debt Instrument [Line Items]
Outstanding principal	$ 200,000,000
Subsequent Event \| Letters of credit facility \| Alternative Senior Credit Facility
Debt Instrument [Line Items]
Outstanding standby letters of credit												$ 200,000,000
Non-Vehicle
Debt Instrument [Line Items]
Repayments of debt									3,732,000,000	571,000,000	1,560,000,000
Proceeds from issuance of debt									3,016,000,000	557,000,000	2,100,000,000
Loss on extinguishment of debt									(43,000,000)	0	(13,000,000)
Non-Vehicle \| Senior Revolving Credit Facility
Debt Instrument [Line Items]
Loss on extinguishment of debt									0	0	(7,000,000)
Non-Vehicle \| 7.375% Senior Notes due January 2021
Debt Instrument [Line Items]
Loss on extinguishment of debt									(2,000,000)	0	0
Non-Vehicle \| 4.25% Senior Notes due April 2018
Debt Instrument [Line Items]
Loss on extinguishment of debt									0	0	(6,000,000)
Non-Vehicle \| Senior Second Priority Secured Notes, 7.625%, Due 2022
Debt Instrument [Line Items]
Loss on extinguishment of debt									(39,000,000)	0	0
Non-Vehicle \| 5.875% Senior Notes due October 2020
Debt Instrument [Line Items]
Loss on extinguishment of debt									(2,000,000)	0	0
Non-Vehicle \| Eliminations
Debt Instrument [Line Items]
Repayments of debt									0	0
Proceeds from issuance of debt									0	0
Vehicles
Debt Instrument [Line Items]
Repayments of debt									11,530,000,000	12,426,000,000	10,244,000,000
Proceeds from issuance of debt									13,013,000,000	14,009,000,000	10,756,000,000
Loss on extinguishment of debt									0	(22,000,000)	0
Vehicles \| HVF II Series 2017-A
Debt Instrument [Line Items]
Loss on extinguishment of debt									0	(2,000,000)	$ 0
Vehicles \| Eliminations
Debt Instrument [Line Items]
Repayments of debt									0	0
Proceeds from issuance of debt									$ 0	$ 0
IFF No. 2
Debt Instrument [Line Items]
Minority ownership interest, percent									25.00%
Line of Credit \| European ABS
Debt Instrument [Line Items]
Debt Instrument, Term						2 years

Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Subrogation receivables	$ 109	$ 84
Maturity period for highly liquid investments to be classified as cash and cash equivalents	3 months
Advertising expense	$ 318	$ 238	$ 191
Operating lease liabilities	1,848
The Hertz Corporation
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liabilities	1,848
Accounting Standards Update 2016-02 \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liabilities	1,200
Accounting Standards Update 2016-02 \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liabilities	$ 1,600
Vehicles \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Holding period	6 months
Vehicles \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Holding period	36 months
Out of Period Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Prior period reclassification adjustment	$ 27

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, 2019	Dec. 31, 2018
Options, Outstanding [Roll Forward]
Outstanding beginning balance (in shares)	1,170,318
Granted (in shares)	80,593
Exercised (in shares)	(599)
Forfeited or Expired (in shares)	(194,358)
Outstanding ending balance (in shares)	1,055,954	1,170,318
Exercisable (in shares)	578,516
Weighted Average Exercise Price [Roll Forward]
Outstanding beginning balance (in dollars per share)	$ 30.44
Granted (in dollars per share)	29.58
Exercised (in dollars per share)	12.84
Forfeited or Expired (in dollars per share)	41.42
Outstanding ending balance (in dollars per share)	28.36	$ 30.44
Exercisable (in dollars per share)	$ 36.66
Additional Disclosures [Abstract]
Weighted average remaining contractual term	4 years	4 years 9 months 18 days
Weighted average remaining contractual term, Exercisable	3 years
Aggregate intrinsic value	$ 0	$ 0
Aggregate intrinsic value, Exercisable	$ 0

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	$ (118)	$ 169	$ 38	$ (147)	$ (101)	$ 141	$ (63)	$ (202)	$ (50)	$ (227)	$ 327
Other comprehensive income (loss), net of tax									3	(63)	53
Total comprehensive income (loss)									(47)	(290)	380
Hertz Global Holdings
Condensed Financial Statements, Captions [Line Items]
Net income (loss)									(58)	(225)	327
Other comprehensive income (loss), net of tax									3	(63)	53
Total comprehensive income (loss)									$ (55)	$ (288)	$ 380

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

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Financial Instruments

12 Months Ended

Dec. 31, 2019

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

Financial Instruments

The Company employs established risk management policies and procedures which seek to reduce the Company’s commercial risk exposure to fluctuations in interest rates and currency exchange rates. However, there can be no assurance that these policies and procedures will be successful. Although the instruments utilized involve varying degrees of credit, market and interest risk, the counterparties to the agreements are expected to perform fully under the terms of the agreements. The Company monitors counterparty credit risk, including lenders, on a regular basis, but cannot be certain that all risks will be discerned or that its risk management policies and procedures will always be effective. Additionally, in the event of default under the Company’s master derivative agreements, the non-defaulting party generally has the option to set-off any amounts owed with regard to open derivative positions.

The Company has the following risk exposures that it has historically used financial instruments to manage. None of the instruments have been designated in a hedging relationship as of December 31, 2019 and 2018.

Interest Rate Risk

The Company’s objective in managing exposure to interest rate changes is to minimize the impact of interest rate changes on operating results and cash flows and to lower overall borrowing costs. To achieve these objectives, the Company uses interest rate caps and other instruments to manage the mix of floating and fixed-rate debt.

Currency Exchange Rate Risk

The Company’s objective in managing exposure to currency fluctuations is to limit the exposure of certain cash flows and operating results from changes associated with currency exchange rate changes through the use of various derivative contracts. The Company experiences currency risks in its global operations as a result of various factors including intercompany local currency denominated loans, rental operations in various currencies and purchasing vehicles in various currencies.

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



	Fair Value of Financial Instruments
	Asset Derivatives⁽¹⁾				Liability Derivatives⁽¹⁾
	December 31,				December 31,
(In millions)	2019		2018		2019		2018
Interest rate instruments	$	4	$	3	$	—	$	4
Foreign currency forward contracts	4		1		—		6
Total	$	8	$	4	$	—	$	10


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

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



	Location of Gain or (Loss) Recognized on Derivatives	Amount of Gain or (Loss) Recognized in Income on Derivatives
		Years Ended December 31,
(In millions)		2019		2018		2017
Interest rate instruments	Selling, general and administrative	$	3	$	1	$	(5	)
Foreign currency forward contracts	Selling, general and administrative	9		—		9
Total		$	12	$	1	$	4

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

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, 2019	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Statutory federal tax rate	21.00%	21.00%	35.00%
Foreign tax rate differential	(31.00%)	(1.00%)	2.00%
State and local income taxes, net of federal income tax benefit	(102.00%)	7.00%	6.00%
Change in state apportionment and statutory rates, net of federal income tax benefit	(17.00%)	1.00%	6.00%
Tax reform	0.00%	(9.00%)	118.00%
Federal and foreign permanent differences	(3.00%)	0.00%	0.00%
Withholding taxes	62.00%	(3.00%)	(2.00%)
Uncertain tax positions	29.00%	(3.00%)	0.00%
Change in valuation allowance	591.00%	(5.00%)	(7.00%)
Change in foreign statutory rates	15.00%	(3.00%)	0.00%
Tax credits	(75.00%)	7.00%	(1.00%)
Stock option shortfalls	7.00%	(1.00%)	(1.00%)
All other items, net	3.00%	1.00%	1.00%
Effective tax rate - Hertz Global	500.00%	12.00%	157.00%
The Hertz Corporation
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Tax reform	(174.00%)	(1.00%)	1.00%
Effective tax rate - Hertz Global	326.00%	11.00%	158.00%

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Share Repurchase) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Equity, Class of Treasury Stock [Line Items]
Treasury stock, shares	2,000,000,000,000	2,000,000
Treasury stock, at cost, 2 shares and 2 shares, respectively	$ 100	$ 100
Hertz Global Holdings
Equity, Class of Treasury Stock [Line Items]
Treasury stock, shares	2,000,000	2,000,000
Treasury stock, at cost, 2 shares and 2 shares, respectively	$ 100	$ 100

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 49,000,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(189,000,000)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	1,124,000,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	1,331,000,000
The Hertz Corporation [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	49,000,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(189,000,000)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	1,124,000,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	1,331,000,000
AOCI Attributable to Parent [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	(171,000,000)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	(118,000,000)
AOCI Attributable to Parent [Member] \| The Hertz Corporation [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	(171,000,000)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	(118,000,000)
Common Stock [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	1,000,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 1,000,000
Shares, Issued	us-gaap_SharesIssued	83,000,000
Shares, Issued	us-gaap_SharesIssued	84,000,000
Common Stock [Member] \| The Hertz Corporation [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 0
Shares, Issued	us-gaap_SharesIssued	100
Shares, Issued	us-gaap_SharesIssued	100
Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 49,000,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(189,000,000)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	1,124,000,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	1,331,000,000
Parent [Member] \| The Hertz Corporation [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	49,000,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(189,000,000)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	1,124,000,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	1,331,000,000
Treasury Stock [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	(100,000,000)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ (100,000,000)
Shares, Issued	us-gaap_SharesIssued	2,000,000
Shares, Issued	us-gaap_SharesIssued	2,000,000
Preferred Stock [Member]
Shares, Issued	us-gaap_SharesIssued	0
Shares, Issued	us-gaap_SharesIssued	0
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 49,000,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(189,000,000)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	(833,000,000)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	(695,000,000)
Retained Earnings [Member] \| The Hertz Corporation [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	49,000,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(189,000,000)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	(1,818,000,000)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	(1,675,000,000)
Noncontrolling Interest [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	0
Noncontrolling Interest [Member] \| The Hertz Corporation [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	0
Additional Paid-in Capital [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	2,227,000,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	2,243,000,000
Additional Paid-in Capital [Member] \| The Hertz Corporation [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	3,150,000,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	3,166,000,000
Due From Affiliate [Member] \| The Hertz Corporation [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	(37,000,000)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ (42,000,000)

Significant Accounting Policies (Property and Equipment, Including Useful Lives) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Land, buildings and leasehold improvements	$ 1,271	$ 1,220
Service vehicles, equipment and furniture and fixtures	798	782
Less: accumulated depreciation	(1,312)	(1,224)
Total property and equipment, net	757	778
Depreciation	$ 122	$ 129	$ 143
Minimum
Property, Plant and Equipment [Line Items]
Useful life	1 year
Finite-lived intangible assets, useful life	2 years
Maximum
Property, Plant and Equipment [Line Items]
Useful life	50 years
Finite-lived intangible assets, useful life	20 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
Performance Stock Units and Performance Stock Awards \| Minimum
Property, Plant and Equipment [Line Items]
Award requisite service period	2 years
Performance Stock Units and Performance Stock Awards \| Maximum
Property, Plant and Equipment [Line Items]
Award requisite service period	4 years

Fair Value Measurements (Cash Equivalents and Investments) (Details) - Recurring - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Money market funds and time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 531	$ 701
Money market funds and time deposits \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	531	701
Money market funds and time deposits \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Money market funds and time deposits \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Marketable securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	74	44
Marketable securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	74	44
Marketable securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Marketable securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 0	$ 0

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

3 Months Ended

12 Months Ended

Dec. 31, 2019

USD ($)

Sep. 30, 2019

USD ($)

Jun. 30, 2019

USD ($)

Mar. 31, 2019

USD ($)

Dec. 31, 2018

USD ($)

Sep. 30, 2018

USD ($)

Jun. 30, 2018

USD ($)

Mar. 31, 2018

USD ($)

Dec. 31, 2019

USD ($)

segment

Dec. 31, 2018

USD ($)

Dec. 31, 2017

USD ($)

Number of reportable segments | segment

Depreciation of revenue earning vehicles and lease charges

$ 2,326

$ 2,836

$ 2,511

$ 2,107

$ 2,294

$ 2,758

$ 2,389

$ 2,063

$ 9,779

$ 9,504

$ 8,803

2,565

2,690

2,798

203

218

240

805

739

637

649

433

267

13,789

12,419

13,789

12,419

757

778

757

778

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

^[1]

24,627

21,382

24,627

21,382

U.S. plan

7,596

7,211

6,620

11,424

10,235

11,424

10,235

658

678

658

678

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

19,876

17,144

19,876

17,144

Outside United States

2,183

2,293

2,183

2,365

2,184

2,365

2,184

100

4,751

4,238

4,751

4,238

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

Depreciation of revenue earning vehicles and lease charges

2,326

$ 2,836

$ 2,511

$ 2,107

2,294

$ 2,758

$ 2,389

$ 2,063

9,779

9,504

8,803

2,565

2,690

2,798

203

218

240

798

732

632

649

433

267

13,789

12,419

13,789

12,419

757

778

757

778

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

^[2]

24,627

21,382

24,627

21,382

Operating Segments

Operating Segments | The Hertz Corporation

727

539

359

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

Operating Segments | U.S. Car Rental

727

539

359

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

Depreciation of revenue earning vehicles and lease charges

6,938

6,480

5,994

1,656

1,678

1,904

156

159

181

157

144

132

480

226

9,820

8,793

9,820

8,793

541

564

541

564

Revenue earning vehicles and non-vehicle capital assets

16,459

13,983

16,459

13,983

(9,384)

(8,597)

(6,837)

6,306

5,570

4,882

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

(3,078)

(3,027)

(1,955)

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

Operating Segments | International Car Rental

480

226

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

Depreciation of revenue earning vehicles and lease charges

2,169

2,276

2,169

440

448

416

113

147

231

235

2,319

2,146

2,319

2,146

100

Revenue earning vehicles and non-vehicle capital assets

4,563

4,057

4,563

4,057

(3,401)

(3,191)

(3,144)

2,854

2,755

2,606

Operating Segments | International Car Rental | The Hertz Corporation

(547)

(436)

(538)

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

Operating Segments | All Other Operations

147

231

235

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

Depreciation of revenue earning vehicles and lease charges

672

748

640

469

564

478

100

1,650

1,480

1,650

1,480

Revenue earning vehicles and non-vehicle capital assets

2,115

1,843

2,115

1,843

(1,043)

(807)

(735)

352

176

182

Operating Segments | All Other Operations | The Hertz Corporation

(691)

(631)

(553)

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

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

100

Corporate

524

455

406

(78)

(106)

(92)

110

105

110

105

Revenue earning vehicles and non-vehicle capital assets

$ 1,490

$ 1,499

1,490

1,499

(110)

(75)

(53)

Corporate | The Hertz Corporation

(109)

(73)

(49)

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

(7)

(5)

Revenue from Contract with Customer [Abstract]

$ (78)

$ (106)

$ (92)

[1]

[2]

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2019

Revenue from Contracts with Customers

In the Leases section of Note 2, “Significant Accounting Policies” ("Note 2"), the Company discloses that revenue earned from vehicle rentals, 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, are accounted for under Topic 842, which the Company adopted in accordance with the effective date on January 1, 2019. Prior to the adoption of Topic 842, the Company accounted for such revenue under Topic 606 for the year ended December 31, 2018 and under Topic 605 for the year ended December 31, 2017.

The following disclosures are in accordance with Topic 606 for the year ended December 31, 2018. See Note 9, "Leases" for disclosures in accordance with Topic 842 for the year ended December 31, 2019.

The Company operates at airport rental locations in the U.S. and internationally ("airport") and at off airport locations also in the U.S. and internationally ("off airport"). The Company's airport rental customers are primarily airline travelers; whereas the Company's off airport rental customers include people who prefer to rent vehicles closer to their home or place of work for business or leisure purposes, as well as those needing to travel to or from airports. The Company's off airport customers also include people who have been referred by, or whose rental costs are being wholly or partially reimbursed by, insurance companies following accidents in which their vehicles were damaged, those expecting to lease vehicles that are not yet available from their leasing companies and replacement renters. In addition, the Company's off airport customers include TNC drivers.

The following table presents revenues from contracts with customers by reportable segment and disaggregated by product/service and type of location and customer for the year ended December 31, 2018:



	Year Ended December 31, 2018
(In millions)	U.S. Rental Car		International Rental Car		All Other Operations		Consolidated
Vehicle rental and rental related:
Airport	$	4,465	$	1,288	$	—	$	5,753
Off airport	1,881		842		—		2,723
Total vehicle rental and rental related	6,346		2,130		—		8,476

Other:
Licensee revenue	32		145		—		177
Ancillary retail vehicle sales	102		1		—		103
Fleet management	—		—		45		45
Total other	134		146		45		325
Total revenue from contracts with customers	$	6,480	$	2,276	$	45	$	8,801

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

The contract liability balance as of December 31, 2018 is $341 million and is included in accrued liabilities in the accompanying consolidated balance sheet. The revenue recognized during the year ended December 31, 2018 for such contract liabilities is $127 million. Additionally, the Company elected to apply the practical expedient where the value of unsatisfied performance obligations for sales-based royalty fees from franchisees is not disclosed.

During the year ended December 31, 2018, based on the net impact of loyalty points earned and redeemed by customers, the Company recorded a net revenue deferral of $7 million. As of December 31, 2018, the value of unredeemed loyalty points is $272 million, which is recorded as a contract liability in accrued liabilities in the accompanying consolidated balance sheet.

Fair Value Measurements (Debt Obligations) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nominal Unpaid Principal Balance	$ 2,700	$ 2,500
Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nominal Unpaid Principal Balance	17,170	16,400
Aggregate Fair Value	17,369	15,902
Non-Vehicle \| Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nominal Unpaid Principal Balance	3,755	4,455
Aggregate Fair Value	3,840	4,011
Vehicles \| Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nominal Unpaid Principal Balance	13,415	11,945
Aggregate Fair Value	$ 13,529	$ 11,891

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, 2019	Dec. 31, 2018
Deferred Tax Assets:
Employee benefit plans	$ 44	$ 34
Net operating loss carry forwards	(2,386)	(1,937)
Federal, state and foreign local tax credit carry forwards	43	42
Accrued and prepaid expenses	127	163
Deferred Tax Asset, Right-of-Use, Liability	410	0
Total Deferred Tax Assets	3,010	2,176
Less: Valuation Allowance	(396)	(318)
Total Net Deferred Tax Assets	2,614	1,858
Deferred Tax Liabilities:
Depreciation on tangible assets	(2,518)	(2,130)
Intangible assets	(738)	(761)
Deferred Tax Liabilities, Leasing Arrangements	(422)	0
Total Deferred Tax Liabilities	(3,678)	(2,891)
Net deferred tax liability	(1,064)	(1,033)
The Hertz Corporation
Deferred Tax Assets:
Net operating loss carry forwards	(3)	(3)
Deferred Tax Liabilities:
Net deferred tax liability	(1,067)	$ (1,036)
State and Local Jurisdiction
Deferred Tax Assets:
Net operating loss carry forwards	(293)
Less: Valuation Allowance	$ (194)

Contingencies and Off-Balance Sheet Commitments	12 Months Ended
Contingencies and Off-Balance Sheet Commitments	Dec. 31, 2019
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 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 in the accompanying consolidated balance sheets, represents an estimate for both reported accident claims not yet paid and claims incurred but not yet reported. The related liabilities are recorded on an undiscounted basis and are based on rental volume and actuarial evaluations of historical accident claim experience and trends, as well as future projections of ultimate losses, expenses, premiums and administrative costs. As of December 31, 2019 and 2018, the Company's liability recorded for public liability and property damage matters is $399 million and $418 million, respectively. The Company believes that its analysis is based on the most relevant information available, combined with reasonable assumptions. The liability is subject to significant uncertainties. The adequacy of the liability is regularly monitored based on evolving accident claim history and insurance related state legislation changes. If the Company's estimates change or if actual results differ from these assumptions, the amount of the recorded liability is adjusted to reflect these results. Loss Contingencies From time to time the Company is a party to various legal proceedings, typically involving operational issues common to the vehicle rental business, including claims by employees 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 during 2019 or the period after December 31, 2019, but before the filing of this 2019 Annual Report. Governmental Investigations - The Company previously identified certain activities in Brazil that raised issues under the Foreign Corrupt Practices Act (the "FCPA") and other federal and local laws, which the Company self-reported to appropriate government entities. The matters associated with the FCPA and other federal matters have been resolved without further action by the applicable U.S. government entities. The Company is continuing its cooperation with respect to matters under local Brazilian laws. The Company has accrued a loss contingency with respect to the ongoing Brazil-related matters that is not material. 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 certain of its public disclosures 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. The complaint, as amended, was dismissed with prejudice on April 27, 2017 and on September 20, 2018, the Third Circuit affirmed the dismissal of the complaint with prejudice. On February 5, 2019, the plaintiffs filed a motion asking the federal district court to exercise its discretion and allow the plaintiffs to reinstate their claims to include additional allegations from the administrative order agreed to by the SEC and the Company in December 2018, which was supplemented by reference to the Company’s subsequently filed litigation against former executives (discussed below). On September 30, 2019, the federal district court of New Jersey denied the plaintiffs’ motion for relief from the April 27, 2017 judgment and motion to allow the filing of a proposed fifth amended complaint. On October 30, 2019, the plaintiffs filed a motion to appeal the order issued on September 30, 2019 by the federal district court of New Jersey. The initial brief of the plaintiffs was filed in January 2020. The response brief of the Company is to be filed in February 2020 and it is expected that the plaintiffs will then file a reply brief in March 2020. 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. Other Proceedings Litigation Against Former Executives - The Company filed litigation in federal court in New Jersey against Mark Frissora, Elyse Douglas and John Jefferey Zimmerman on March 25, 2019, and in state court in Florida against Scott Sider on March 28, 2019, all of whom were former executive officers of Old Hertz Holdings. The complaints predominantly allege breach of contract and seek repayment of incentive-based compensation received by the defendants in connection with restatements included in the Old Hertz Holdings Form 10-K for the year ended December 31, 2014 and related accounting for prior periods. The Company is also seeking recovery for the costs of the SEC investigation that resulted in an administrative order on December 31, 2018 with respect to events generally involving the restatements included in Old Hertz Holdings Form 10-K for the year ended December 31, 2014 and other damages resulting from the necessity of the restatements. The Company is pursuing these legal proceedings in accordance with its clawback policy and contractual rights. The parties are currently involved in motion practice in New Jersey and discovery has commenced in Florida and New Jersey. In October 2019, the Company entered into a confidential Settlement Agreement with Elyse Douglas. Pursuant to the agreements governing the separation of Herc Holdings from Hertz Global that occurred on June 30, 2016, Herc Holdings is entitled to 15% of the net proceeds of any repayment or recovery. Indemnification Obligations In the ordinary course of business, the Company has executed contracts involving indemnification obligations customary in the relevant industry and indemnifications specific to a transaction such as the sale of a business. These indemnification obligations might include claims relating to the following: environmental matters; intellectual property rights; governmental regulations and employment-related matters; customer, supplier and other commercial contractual relationships and financial matters. Specifically, the Company has indemnified various parties for the costs associated with remediating numerous hazardous substance storage, recycling or disposal sites in many states and, in some instances, for natural resource damages. The amount of any such expenses or related natural resource damages for which the Company may be held responsible could be substantial. In addition, Hertz entered into customary indemnification agreements with Hertz Holdings and certain of the Company's stockholders and their affiliates pursuant to which Hertz Holdings and Hertz will indemnify those entities and their respective affiliates, directors, officers, partners, members, employees, agents, representatives and controlling persons, against certain liabilities arising out of performance of a consulting agreement with Hertz Holdings and each of such entities and certain other claims and liabilities, including liabilities arising out of financing arrangements or securities offerings. The Company has entered into customary indemnification agreements with each of its directors and certain of its officers. Performance under these indemnification obligations would generally be triggered by a breach of terms of the contract or by a third-party claim. In connection with the Spin-Off, the Company executed an agreement with Herc Holdings that contains mutual indemnification clauses and a customary indemnification provision with respect to liability arising out of or resulting from assumed legal matters. The Company regularly evaluates the probability of having to incur costs associated with these indemnification obligations and has accrued for expected losses that are probable and estimable.

Related Party Transactions (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended	12 Months Ended
	May 30, 2018	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2019	Jun. 30, 2017
Related Party Transaction [Line Items]
Due from related parties						$ (425)
Contributions from noncontrolling interests			$ 49	$ 60	$ 0
Affiliated Entity
Related Party Transaction [Line Items]
Purchases from related party			$ 57	39	13
767 Auto Leasing, LLC
Related Party Transaction [Line Items]
Operating lease terms			22 months
Lease renewal term			6 months
Sale of Marketable Securities \| Affiliated Entity
Related Party Transaction [Line Items]
Sales of marketable securities	$ 36
Master Loan Agreement \| Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties			$ (129)	(117)
Tax Related Liability
Related Party Transaction [Line Items]
Due from related parties			(65)
Master Motor Vehicle Lease and Management Agreement \| 767 Auto Leasing, LLC
Related Party Transaction [Line Items]
Operating income or loss, percent		25.00%
Hertz Global Holdings
Related Party Transaction [Line Items]
Due from related parties							$ (425)
Contributions from noncontrolling interests			(750)	0	$ 0
767 Auto Leasing, LLC \| American Entertainment Properties Corp
Related Party Transaction [Line Items]
Contributions from noncontrolling interests			$ 49	$ 60
767 Auto Leasing, LLC \| Master Motor Vehicle Lease and Management Agreement
Related Party Transaction [Line Items]
Operating income or loss, percent			25.00%

Employee Retirement Benefits

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Employee Retirement Benefits

As disclosed in the Recently Issued Accounting Pronouncements section of Note 2, “Significant Accounting Policies”, the Company adopted "Changes to Disclosure Requirements for Defined Benefit Plans" on December 31, 2019, and the following disclosures are in accordance with this guidance.

The Company sponsors multiple domestic and international employee retirement 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 annually by management, assisted by the enrolled actuary, and updated as warranted. The Company uses a December 31 measurement date for all of the plans and utilizes fair value to calculate the market-related value of pension assets for purposes of determining the expected return on plan assets and accounting for asset gains and losses.

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



	Pension Benefits												Postretirement
	U.S.						Non-U.S.						Benefits (U.S.)
(In millions)	2019			2018			2019			2018			2019			2018
Change in Benefit Obligation
Benefit obligation as of January 1	$	516		$	555		$	246		$	279		$	12		$	14
Service cost	—			1			1			1			—			—
Interest cost	21			19			6			7			—			1
Plan amendments	—			—			—			1			—			—
Plan settlements	(33		)	(31		)	—			—			—			—
Benefits paid	(4		)	(4		)	(5		)	(6		)	(1		)	(1		)
Foreign currency exchange rate translation	—			—			5			(13		)	—			—
Actuarial loss (gain)	59			(23		)	33			(23		)	1			(2		)
Transfers in connection with the Spin-Off	—			(1		)	—			—			—			—
Benefit obligation as of December 31	$	559		$	516		$	286		$	246		$	12		$	12
Change in Plan Assets
Fair value of plan assets as of January 1	$	452		$	526		$	192		$	217		$	—		$	—
Actual return (loss) gain on plan assets	84			(42		)	29			(12		)	—			—
Company contributions	4			5			5			4			1			1
Plan settlements	(33		)	(31		)	—			—			—			—
Benefits paid	(4		)	(4		)	(5		)	(6		)	(1		)	(1		)
Foreign currency exchange rate translation	—			—			7			(11		)	—			—
Amounts associated with the Spin-Off	—			(2		)	—			—			—			—
Fair value of plan assets as of December 31	$	503		$	452		$	228		$	192		$	—		$	—
Funded Status of the Plan
Plan assets less than benefit obligation	$	(56	)	$	(64	)	$	(58	)	$	(54	)	$	(12	)	$	(12	)

In 2019, discount rates decreased, resulting in actuarial losses for the U.S. and Non-U.S. pension and postretirement plans; whereas, in 2018, discount rates increased, resulting in actuarial gains for the U.S. and Non-U.S. pension and postretirement plans.



	Pension Benefits												Postretirement
	U.S.						Non-U.S.						Benefits (U.S.)
($ in millions)	2019			2018			2019			2018			2019			2018
Amounts recognized in balance sheets:
Prepaid expenses and other assets	$	—		$	—		$	25		$	21		$	—		$	—
Accrued liabilities	(56		)	(64		)	(83		)	(75		)	(12		)	(12		)
Net obligation recognized in the balance sheets	$	(56	)	$	(64	)	$	(58	)	$	(54	)	$	(12	)	$	(12	)

Prior service credit	$	—		$	—		$	(2	)	$	(1	)	$	—		$	—
Net gain (loss)	(73		)	(87		)	(70		)	(58		)	1			1
Accumulated other comprehensive income (loss)	(73		)	(87		)	(72		)	(59		)	1			1
Funded/(Unfunded) accrued pension or postretirement benefit	17			23			14			5			(13		)	(13		)
Net obligation recognized in the balance sheets	$	(56	)	$	(64	)	$	(58	)	$	(54	)	$	(12	)	$	(12	)

Total recognized in other comprehensive (income) loss	$	(13	)	$	44		$	13		$	(2	)	$	1		$	(2	)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$	(3	)	$	40		$	12		$	(5	)	$	1		$	(1	)
Accumulated Benefit Obligation as of December 31	$	559		$	516		$	284		$	245		N/A			N/A

Weighted-average assumptions as of December 31
Discount rate	3.1		%	4.2		%	1.9		%	2.7		%	3.2		%	4.2		%
Expected return on assets	4.8		%	6.3		%	3.2		%	4.9		%	N/A			N/A
Average rate of increase in compensation	4.3		%	4.3		%	2.2		%	2.8		%	N/A			N/A
Interest crediting rate	3.8		%	3.8		%	N/A			N/A			N/A			N/A
Initial health care cost trend rate	N/A			N/A			N/A			N/A			5.8		%	6.1		%
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			19			20

N/A - Not applicable

The discount rate used to determine the December 31, 2019 and 2018 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.



	Pension Benefits																		Postretirement Benefits (U.S.)
	U.S.									Non-U.S.									Postretirement Benefits (U.S.)
	Years Ended December 31,
($ in millions)	2019			2018			2017			2019			2018			2017			2019			2018			2017
Components of Net Periodic Pension and Postretirement Expense (Benefit)
Service cost	$	—		$	1		$	1		$	1		$	1		$	1		$	—		$	—		$	—
Interest cost	21			19			21			6			7			6			—			1			1
Expected return on plan assets	(22		)	(28		)	(26		)	(9		)	(11		)	(10		)	—			—			—
Net amortizations	6			1			3			1			1			2			—			—			—
Settlement loss	5			3			1			—			—			—			—			—			—
Net pension and postretirement expense (benefit)	$	10		$	(4	)	$	—		$	(1	)	$	(2	)	$	(1	)	$	—		$	1		$	1
Weighted-average discount rate for expense (January 1)	4.2		%	3.6		%	4.0		%	2.7		%	2.4		%	2.5		%	4.2		%	3.5		%	3.9		%
Weighted-average assumed long-term rate of return on assets (January 1)	6.3		%	6.3		%	7.0		%	4.8		%	5.2		%	5.2		%	N/A			N/A			N/A
Weighted-average interest crediting rate for expense	3.8		%	3.8		%	3.8		%	N/A			N/A			N/A			N/A			N/A			N/A
Initial health care cost trend rate	N/A			N/A			N/A			N/A			N/A			N/A			6.1		%	6.4		%	6.7		%
Ultimate health care cost trend rate (rate to which cost trend is expected to decline)	N/A			N/A			N/A			N/A			N/A			N/A			4.5		%	4.5		%	4.5		%
Number of years to ultimate trend rate	N/A			N/A			N/A			N/A			N/A			N/A			19			20			21

N/A - Not applicable

The net of tax loss in accumulated other comprehensive income (loss) as of December 31, 2019 and 2018 relating to pension benefits of the Hertz Retirement Plan was $118 million and $115 million, respectively.

The provisions charged to net income (loss) for the years ended December 31, 2019, 2018 and 2017 for all other pension plans were approximately $11 million, $10 million and $10 million, respectively.

The provisions charged to net income (loss) for the years ended December 31, 2019, 2018 and 2017 for the defined contribution plans were approximately $27 million, $26 million and $23 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

In 2019, the Company changed its investment strategy for the U.S. Plan (the “Plan”) by decreasing equities and increasing fixed income securities, and it currently has a target asset allocation mix of 65% in investments intended to hedge the impact of capital market movements ("Immunizing Portfolio Investments"), comprised primarily of fixed income securities, and 35% in investments intended to earn more than the pension liability growth over the long-term ("Growth Portfolio Investments"). The Growth Portfolio Investments are primarily invested in passively managed equity funds, international and emerging market funds that are actively managed and non-investment grade fixed income funds. The overall strategy and the Immunizing Portfolio Investments are managed by professional investment managers. The investments within these asset classes are diversified in order to minimize the risk of large losses to the Trust. The Plan assumes a 4.8% 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, 2019							December 31, 2018
Asset Category	Level 1			Level 2		Measured at NAV⁽¹⁾		Level 1		Level 2
Cash	$	10		$	—	$	—	$	1	$	—
Short Term Investments	—			36		—		—		3
Equity Funds:
U.S. Large Cap	—			70		—		—		121
U.S. Mid Cap	—			—		—		—		34
U.S. Small Cap	—			10		—		—		27
International Large Cap	—			38		—		—		76
International Small Cap	—			7		—		—		—
International Emerging Markets	—			8		8		—		23
Asset-Backed Securities	—			—		—		—		8
Fixed Income Securities:
U.S. Treasuries	—			1		—		—		51
Corporate Bonds	—			247		—		—		82
Government Bonds	—			24		—		—		8
Municipal Bonds	—			11		—		—		11
Real Estate (REITs)	—			—		—		—		7
Derivatives - Interest Rate	(3		)	—		—		—		—
Derivatives - Credit	—			1		—		—		—
Non-Investment Grade Fixed Income	—			35		—		—		—
Total fair value of pension plan assets	$	7		$	488	$	8	$	1	$	451


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

The U.K. Plan

The Company's United Kingdom defined benefit pension plan (the "U.K. Plan") has a target allocation of 30.0% actively managed diversified growth and multi-asset credit funds, 10.0% passive equity funds and 60% protection portfolio that consists of liability driven investments, Sterling liquidity fund and United Kingdom corporate bonds. The actively managed diversified growth and multi-asset credit funds are intended to deliver a long-term equity-like return but with reduced levels of volatility. The protection portfolio is designed to partially hedge the interest rate and inflation expectation exposure of the liabilities which are measured on a local regulatory basis. The amount that is required to be invested in each fund to maintain target hedge ratios will vary over time as the value of the liabilities 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 3.2% expected long-term weighted-average rate of return on assets for the Plan in total.

The Company's U.K. Plan accounts for $221 million of the $228 million in fair value of Non-U.S. plan assets as of December 31, 2019 and accounts for $186 million of the $192 million in fair value of Non-U.S. plan assets as of December 31, 2018. The fair value measurements of the Company's U.K. Plan assets are based upon inputs that reflect quoted prices for identical assets or liabilities in active markets that are observable (Level 1) and significant observable inputs that reflect quoted prices for similar assets or liabilities in active markets (Level 2). The fair value measurements of the U.K. Plan assets relate to common collective trusts and other pooled investment vehicles consisting of the following asset categories:



(In millions)	December 31, 2019						December 31, 2018
Asset Category	Level 1		Level 2		Measured at NAV⁽¹⁾		Level 1		Level 2		Measured at NAV⁽¹⁾
Actively Managed Multi-Asset Funds:
Diversified Growth Funds	$	—	$	42	$	—	$	—	$	36	$	—
Multi Asset Credit	—		—		36		—		—		32
Passive Equity Funds:
U.K. Equities	—		11		—		—		23		—
Overseas Equities	—		14		—		—		28		—
Passive Bond Funds:
Corporate Bonds	—		24		—		—		21		—
Liability Driven Investments	—		48		—		—		35		—
Liquidity Fund	46		—		—		11		—		—
Total fair value of pension plan assets	$	46	$	139	$	36	$	11	$	143	$	32


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

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 2019 and 2018, the Company did not make any cash contributions to its U.S. qualified pension plan.

In 2019 and 2018, the Company made contributions to its U.S. non-qualified pension plans of $4 million and $5 million, respectively. The Company made discretionary contributions of $3 million and $2 million to its U.K. Plan during the years ended December 31, 2019 and 2018, respectively.

The Company does not anticipate contributing to the U.S. qualified pension plan during 2020. For the U.K. Plan the Company anticipates contributing $3 million during 2020 and does not anticipate contributing any significant amounts to its other international plans. The level of 2020 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.)
2020	$	44	$	1
2021	41		1
2022	43		1
2023	45		1
2024	46		1
After 2024	237		5
	$	456	$	10

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.



	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	2019	2018	FIP / RP Status Pending /Implemented⁽¹⁾	2019		2018		2017		Surcharge Imposed	Expiration Dates of Collective Bargaining Agreements
Western Conference of Teamsters	91-6145047	Green	Green	N/A	$	8	$	7	$	6	N/A	10/1/2020
Other Plans⁽²⁾					4		3		4
Total Contributions					$	12	$	10	$	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 2019.

(2)

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, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of awards that vested	$ 12	$ 5	$ 6
Weighted average grant date fair value of awards (in dollars per share)	$ 18.66	$ 17.40	$ 19.27

Goodwill and Intangible Assets, Net (Schedule of Future Amortization Expense) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
2020	$ 105
2021	94
2022	50
2023	43
2024	40
After 2024	67
Total expected amortization expense	$ 399	$ 364

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of derivatives instruments

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



	Location of Gain or (Loss) Recognized on Derivatives	Amount of Gain or (Loss) Recognized in Income on Derivatives
		Years Ended December 31,
(In millions)		2019		2018		2017
Interest rate instruments	Selling, general and administrative	$	3	$	1	$	(5	)
Foreign currency forward contracts	Selling, general and administrative	9		—		9
Total		$	12	$	1	$	4

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



	Fair Value of Financial Instruments
	Asset Derivatives⁽¹⁾				Liability Derivatives⁽¹⁾
	December 31,				December 31,
(In millions)	2019		2018		2019		2018
Interest rate instruments	$	4	$	3	$	—	$	4
Foreign currency forward contracts	4		1		—		6
Total	$	8	$	4	$	—	$	10

(1)

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

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Statement of Operations) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Revenues	$ 2,326	$ 2,836	$ 2,511	$ 2,107	$ 2,294	$ 2,758	$ 2,389	$ 2,063	$ 9,779	$ 9,504	$ 8,803
Expenses:
Total interest expense, net									805	739	637
Total expenses									9,766	9,761	9,378
Income (loss) before income taxes	(130)	247	44	(149)	(120)	181	(86)	(231)	13	(257)	(575)
Income tax (provision) benefit									(63)	30	902
Net income (loss)	$ (118)	$ 169	$ 38	$ (147)	$ (101)	$ 141	$ (63)	$ (202)	(50)	(227)	327
Net (income) loss attributable to noncontrolling interests										2	0
Net income (loss) attributable to Hertz Global									(58)	(225)	327
Hertz Global Holdings
Condensed Financial Statements, Captions [Line Items]
Revenues									0	0	0
Expenses:
Total interest expense, net									7	7	5
Total expenses									7	7	5
Income (loss) before income taxes									(7)	(7)	(5)
Income tax (provision) benefit									2	2	0
Equity in earnings (losses) of subsidiaries, net of tax									(53)	(220)	332
Net income (loss)									$ (58)	$ (225)	$ 327

Revenue from Contracts with Customers Revenue Earning Vehicles (Tables)

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Components of Revenue Earning Vehicles

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



	December 31, 2019			December 31, 2018
Land, buildings and leasehold improvements	$	1,271		$	1,220
Service vehicles, equipment and furniture and fixtures	798			782
Less: accumulated depreciation	(1,312		)	(1,224		)
Total property and equipment, net	$	757		$	778

The following table presents revenues from contracts with customers by reportable segment and disaggregated by product/service and type of location and customer for the year ended December 31, 2018:



	Year Ended December 31, 2018
(In millions)	U.S. Rental Car		International Rental Car		All Other Operations		Consolidated
Vehicle rental and rental related:
Airport	$	4,465	$	1,288	$	—	$	5,753
Off airport	1,881		842		—		2,723
Total vehicle rental and rental related	6,346		2,130		—		8,476

Other:
Licensee revenue	32		145		—		177
Ancillary retail vehicle sales	102		1		—		103
Fleet management	—		—		45		45
Total other	134		146		45		325
Total revenue from contracts with customers	$	6,480	$	2,276	$	45	$	8,801

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Cash Flows) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from financing activities:
Proceeds from Rights Offering, net	$ 748,000,000	$ 0	$ 0
Contributions from noncontrolling interests	49,000,000	60,000,000	0
Other	(3,000,000)	(2,000,000)	0
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	1,410,000,000	1,504,000,000	1,094,000,000
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	1,360,000,000	1,410,000,000	1,504,000,000
Hertz Global Holdings
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(7,000,000)	(7,000,000)	(5,000,000)
Cash flows from financing activities:
Proceeds from loans with Hertz	12,000,000	9,000,000	6,000,000
Proceeds from Rights Offering, net	748,000,000	0	0
Contributions from noncontrolling interests	(750,000,000)	0	0
Other	(3,000,000)	(2,000,000)	(1,000,000)
Net cash provided by (used in) financing activities	7,000,000	7,000,000	5,000,000
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	0	0	0
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	0	0	0
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	0	0	0
Supplemental disclosures of cash flow information:
Settlement of amount due to affiliate	$ 0	$ 0	$ 0

Income Tax (Provision) Benefit (Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1	$ 49	$ 43	$ 45
Increase attributable to tax positions taken during prior periods	5	3
Decrease attributable to tax positions taken during prior periods			(2)
Increase (decrease) attributable to tax positions taken during the current year	1	5	3
Decrease attributable to settlements with taxing authorities	(7)	(2)	(3)
Balance at December 31	$ 48	$ 49	$ 43

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

Dec. 31, 2019

Dec. 31, 2018

ASSETS

^[1]

$ 24,627

$ 21,382

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

Common stock, $0.01 par value, 144 and 86 shares issued, respectively and 142 and 84 shares outstanding, respectively

3,024

2,261

(967)

(909)

Treasury stock, at cost, 2 shares and 2 shares, respectively

(189)

(192)

(100)

Preferred Stock, par value (in dollars per share)

$ 1,769

$ 1,061

$ 0.01

Preferred Stock, shares issued

Preferred Stock, shares outstanding

Common Stock, par value (in dollars per share)

$ 0.01

Common Stock, shares issued

144,000,000

86,000,000

Common Stock, shares outstanding

142,000,000

84,000,000

Treasury stock, shares

2,000,000,000,000

2,000,000

Hertz Global Holdings

ASSETS

Investments in subsidiaries, net

$ 1,765

$ 1,059

1,769

1,061

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

Common stock, $0.01 par value, 144 and 86 shares issued, respectively and 142 and 84 shares outstanding, respectively

3,024

2,261

(967)

(909)

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest

(189)

(192)

1,869

1,161

Treasury stock, at cost, 2 shares and 2 shares, respectively

(100)

Preferred Stock, par value (in dollars per share)

$ 1,769

$ 1,061

$ 0.01

Preferred Stock, shares authorized

40,000,000

Preferred Stock, shares issued

Common Stock, par value (in dollars per share)

$ 0.01

Common Stock, shares authorized

400,000,000

Common Stock, shares issued

144,000,000

86,000,000

Common Stock, shares outstanding

142,000,000

84,000,000

Treasury stock, shares

2,000,000

[1]

Guarantor and Non-Guarantor Annual Condensed Consolidating Financial Information (Statement of Cash Flows) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	$ 2,900	$ 2,556	$ 2,394
Cash flows from investing activities:
Revenue earning vehicles expenditures	(13,714)	(12,493)	(10,596)
Proceeds from disposal of revenue earning vehicles	9,486	8,452	7,653
Non-vehicle capital asset expenditures	(224)	(177)	(173)
Proceeds from non-vehicle capital assets disposed of or to be disposed of	27	51	21
Proceeds from sale of Brazil Operations, net of retained cash	0	0	94
Sales of marketable securities	0	36	9
Return of (investment in) equity investment	0	0	7
Acquisitions, net of cash acquired	(1)	(2)	(15)
Other	1	(4)	0
Net cash provided by (used in) investing activities	(4,425)	(4,197)	(3,000)
Cash flows from financing activities:
Payment of financing costs	(53)	(47)	(59)
Early redemption premium payment	(34)	(19)	(5)
Contributions from noncontrolling interests	49	60	0
Proceeds from Rights Offering, net	748	0	0
Other	(3)	(2)	0
Net cash provided by (used in) financing activities	1,474	1,561	988
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	1	(14)	28
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	1,410	1,504	1,094
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	1,360	1,410	1,504
Payments to Acquire Marketable Securities	0	60	0
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	(50)	(94)	410
Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	13,013	14,009	10,756
Repayments of debt	(11,530)	(12,426)	(10,244)
Non-Vehicle
Cash flows from financing activities:
Proceeds from issuance of debt	3,016	557	2,100
Repayments of debt	(3,732)	(571)	(1,560)
Eliminations
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(2,898)
Cash flows from investing activities:
Revenue earning vehicles expenditures	0
Proceeds from disposal of revenue earning vehicles	0
Non-vehicle capital asset expenditures	0
Proceeds from non-vehicle capital assets disposed of or to be disposed of	0
Acquisitions, net of cash acquired	0
Other	0
Capital contributions to subsidiaries	2,997
Return of capital from subsidiaries	(2,906)
Loan to Parent/Guarantor from Non-Guarantor	(106)
Net cash provided by (used in) investing activities	(15)
Cash flows from financing activities:
Payment of financing costs	0
Early redemption premium payment	0
Advances to Hertz Global/Old Hertz Holdings	0
Contributions from noncontrolling interests	0
Proceeds from Rights Offering, net	0
Capital contributions received from parent	(2,997)
Payment of dividends and return of capital	5,804
Loan to Parent/Guarantor from Non-Guarantor	106
Net cash provided by (used in) financing activities	2,913
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	0
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	0
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	0
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	0	0
Payments to Acquire Investments		0
Eliminations \| Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	0	0
Repayments of debt	0	0
Eliminations \| Non-Vehicle
Cash flows from financing activities:
Proceeds from issuance of debt	0	0
Repayments of debt	0	0
Parent (The Hertz Corporation) \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	330
Cash flows from investing activities:
Revenue earning vehicles expenditures	(507)
Proceeds from disposal of revenue earning vehicles	368
Non-vehicle capital asset expenditures	(191)
Proceeds from non-vehicle capital assets disposed of or to be disposed of	23
Acquisitions, net of cash acquired	(1)
Other	1
Capital contributions to subsidiaries	(2,997)
Return of capital from subsidiaries	2,906
Loan to Parent/Guarantor from Non-Guarantor	0
Net cash provided by (used in) investing activities	(398)
Cash flows from financing activities:
Payment of financing costs	(18)
Early redemption premium payment	(34)
Advances to Hertz Global/Old Hertz Holdings	(12)
Contributions from noncontrolling interests	0
Proceeds from Rights Offering, net	750
Capital contributions received from parent	0
Payment of dividends and return of capital	0
Loan to Parent/Guarantor from Non-Guarantor	(106)
Net cash provided by (used in) financing activities	(136)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	0
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	(204)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	713
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	509	713
Payments to Acquire Investments		60
Parent (The Hertz Corporation) \| Reportable Legal Entities \| Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	1,029	2,328
Repayments of debt	(1,029)	(2,368)
Parent (The Hertz Corporation) \| Reportable Legal Entities \| Non-Vehicle
Cash flows from financing activities:
Proceeds from issuance of debt	3,016	557
Repayments of debt	(3,732)	(571)
Guarantor Subsidiaries \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	4
Cash flows from investing activities:
Revenue earning vehicles expenditures	0
Proceeds from disposal of revenue earning vehicles	0
Non-vehicle capital asset expenditures	(8)
Proceeds from non-vehicle capital assets disposed of or to be disposed of	0
Acquisitions, net of cash acquired	0
Other	0
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	(8)
Cash flows from financing activities:
Payment of financing costs	0
Early redemption premium payment	0
Advances to Hertz Global/Old Hertz Holdings	0
Contributions from noncontrolling interests	0
Proceeds from Rights Offering, net	0
Capital contributions received from parent	0
Payment of dividends and return of capital	0
Loan to Parent/Guarantor from Non-Guarantor	0
Net cash provided by (used in) financing activities	0
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	0
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	(4)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	11
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	7	11
Payments to Acquire Investments		0
Guarantor Subsidiaries \| Reportable Legal Entities \| Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	0	0
Repayments of debt	0	0
Guarantor Subsidiaries \| Reportable Legal Entities \| Non-Vehicle
Cash flows from financing activities:
Proceeds from issuance of debt	0	0
Repayments of debt	0	0
Non-Guarantor Subsidiaries \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	5,471
Cash flows from investing activities:
Revenue earning vehicles expenditures	(13,207)
Proceeds from disposal of revenue earning vehicles	9,118
Non-vehicle capital asset expenditures	(25)
Proceeds from non-vehicle capital assets disposed of or to be disposed of	4
Acquisitions, net of cash acquired	0
Other	0
Capital contributions to subsidiaries	0
Return of capital from subsidiaries	0
Loan to Parent/Guarantor from Non-Guarantor	106
Net cash provided by (used in) investing activities	(4,004)
Cash flows from financing activities:
Payment of financing costs	(35)
Early redemption premium payment	0
Advances to Hertz Global/Old Hertz Holdings	0
Contributions from noncontrolling interests	49
Proceeds from Rights Offering, net	0
Capital contributions received from parent	2,997
Payment of dividends and return of capital	(5,804)
Loan to Parent/Guarantor from Non-Guarantor	0
Net cash provided by (used in) financing activities	(1,310)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	1
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	158
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	686
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	844	686
Payments to Acquire Investments		0
Non-Guarantor Subsidiaries \| Reportable Legal Entities \| Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	11,984	11,681
Repayments of debt	(10,501)	(10,058)
Non-Guarantor Subsidiaries \| Reportable Legal Entities \| Non-Vehicle
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	2,907	2,563	2,399
Cash flows from investing activities:
Revenue earning vehicles expenditures	(13,714)	(12,493)	(10,596)
Proceeds from disposal of revenue earning vehicles	9,486	8,452	7,653
Non-vehicle capital asset expenditures	(224)	(177)	(173)
Proceeds from non-vehicle capital assets disposed of or to be disposed of	27	51	21
Proceeds from sale of Brazil Operations, net of retained cash	0	0	94
Sales of marketable securities	0	36	9
Return of (investment in) equity investment	0	0	7
Acquisitions, net of cash acquired	(1)	(2)	(15)
Other	1	(4)	0
Capital contributions to subsidiaries	0	0	0
Return of capital from subsidiaries	0	0	0
Loan to Parent/Guarantor from Non-Guarantor	0		0
Net cash provided by (used in) investing activities	(4,425)	(4,197)	(3,000)
Cash flows from financing activities:
Payment of financing costs	(53)	(47)	(59)
Early redemption premium payment	(34)	(19)	(5)
Advances to Hertz Global/Old Hertz Holdings	(12)	(9)	(6)
Contributions from noncontrolling interests	49	60	0
Proceeds from Rights Offering, net	750
Capital contributions received from parent	0	0	0
Payment of dividends and return of capital	0	0	0
Other	0	0	1
Loan to Parent/Guarantor from Non-Guarantor	0		0
Net cash provided by (used in) financing activities	1,467	1,554	983
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	1	(14)	28
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period			410
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	1,410	1,504	1,094
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	1,360	1,410	1,504
Payments to Acquire Marketable Securities	0	60
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	(50)	(94)	410
The Hertz Corporation \| Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	13,013	14,009	10,756
Repayments of debt	(11,530)	(12,426)	(10,244)
The Hertz Corporation \| Non-Vehicle
Cash flows from financing activities:
Proceeds from issuance of debt	3,016	557	2,100
Repayments of debt	(3,732)	(571)	(1,560)
The Hertz Corporation \| Eliminations
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		(2,594)	(1,376)
Cash flows from investing activities:
Revenue earning vehicles expenditures			0
Proceeds from disposal of revenue earning vehicles		0	0
Non-vehicle capital asset expenditures		0	0
Proceeds from non-vehicle capital assets disposed of or to be disposed of		0	0
Proceeds from sale of Brazil Operations, net of retained cash			0
Sales of marketable securities			0
Return of (investment in) equity investment			0
Acquisitions, net of cash acquired		0	0
Other		0
Capital contributions to subsidiaries		3,178	2,979
Return of capital from subsidiaries		(2,832)	(2,861)
Loan to Parent/Guarantor from Non-Guarantor			(19)
Net cash provided by (used in) investing activities		346	99
Cash flows from financing activities:
Payment of financing costs		0
Early redemption premium payment		0	0
Advances to Hertz Global/Old Hertz Holdings		0	0
Contributions from noncontrolling interests		0
Capital contributions received from parent		(3,178)	(2,979)
Payment of dividends and return of capital		5,426	4,237
Other			0
Loan to Parent/Guarantor from Non-Guarantor			19
Net cash provided by (used in) financing activities		2,248	1,277
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents		0	0
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period		0	0
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	0	0	0
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period		0	0
Sales of marketable securities		0
The Hertz Corporation \| Eliminations \| Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt			0
Repayments of debt			0
The Hertz Corporation \| Eliminations \| Non-Vehicle
Cash flows from investing activities:
Revenue earning vehicles expenditures		0
Cash flows from financing activities:
Proceeds from issuance of debt			0
Repayments of debt			0
Payment of financing costs			0
The Hertz Corporation \| Parent (The Hertz Corporation) \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		468	246
Cash flows from investing activities:
Revenue earning vehicles expenditures			(314)
Proceeds from disposal of revenue earning vehicles		276	213
Non-vehicle capital asset expenditures		(134)	(122)
Proceeds from non-vehicle capital assets disposed of or to be disposed of		36	7
Proceeds from sale of Brazil Operations, net of retained cash			0
Sales of marketable securities			0
Return of (investment in) equity investment			7
Acquisitions, net of cash acquired		(2)	0
Other		0
Capital contributions to subsidiaries		(3,178)	(2,979)
Return of capital from subsidiaries		2,832	2,861
Loan to Parent/Guarantor from Non-Guarantor			0
Net cash provided by (used in) investing activities		(602)	(327)
Cash flows from financing activities:
Payment of financing costs		(1)
Early redemption premium payment		0	(5)
Advances to Hertz Global/Old Hertz Holdings		(9)	(6)
Contributions from noncontrolling interests		0
Capital contributions received from parent		0	0
Payment of dividends and return of capital		0	0
Other			1
Loan to Parent/Guarantor from Non-Guarantor			(19)
Net cash provided by (used in) financing activities		(64)	481
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents		0	0
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period		(198)	400
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	713	911	511
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period		713	911
Sales of marketable securities		36
The Hertz Corporation \| Parent (The Hertz Corporation) \| Reportable Legal Entities \| Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt			1,789
Repayments of debt			(1,796)
The Hertz Corporation \| Parent (The Hertz Corporation) \| Reportable Legal Entities \| Non-Vehicle
Cash flows from investing activities:
Revenue earning vehicles expenditures		(408)
Cash flows from financing activities:
Proceeds from issuance of debt			2,100
Repayments of debt			(1,560)
Payment of financing costs			(23)
The Hertz Corporation \| Guarantor Subsidiaries \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		5	28
Cash flows from investing activities:
Revenue earning vehicles expenditures			(5)
Proceeds from disposal of revenue earning vehicles		0	0
Non-vehicle capital asset expenditures		(10)	(11)
Proceeds from non-vehicle capital assets disposed of or to be disposed of		0	0
Proceeds from sale of Brazil Operations, net of retained cash			0
Sales of marketable securities			0
Return of (investment in) equity investment			0
Acquisitions, net of cash acquired		0	(10)
Other		0
Capital contributions to subsidiaries		0	0
Return of capital from subsidiaries		0	0
Loan to Parent/Guarantor from Non-Guarantor			0
Net cash provided by (used in) investing activities		(10)	(26)
Cash flows from financing activities:
Payment of financing costs		0
Early redemption premium payment		0	0
Advances to Hertz Global/Old Hertz Holdings		0	0
Contributions from noncontrolling interests		0
Capital contributions received from parent		0	0
Payment of dividends and return of capital		0	0
Other			0
Loan to Parent/Guarantor from Non-Guarantor			0
Net cash provided by (used in) financing activities		0	(4)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents		0	0
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period		(5)	(2)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	11	16	18
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period		11	16
Sales of marketable securities		0
The Hertz Corporation \| Guarantor Subsidiaries \| Reportable Legal Entities \| Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt			0
Repayments of debt			0
The Hertz Corporation \| Guarantor Subsidiaries \| Reportable Legal Entities \| Non-Vehicle
Cash flows from investing activities:
Revenue earning vehicles expenditures		0
Cash flows from financing activities:
Proceeds from issuance of debt			0
Repayments of debt			0
Payment of financing costs			(4)
The Hertz Corporation \| Non-Guarantor Subsidiaries \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		4,684	3,501
Cash flows from investing activities:
Revenue earning vehicles expenditures			(10,277)
Proceeds from disposal of revenue earning vehicles		8,176	7,440
Non-vehicle capital asset expenditures		(33)	(40)
Proceeds from non-vehicle capital assets disposed of or to be disposed of		15	14
Proceeds from sale of Brazil Operations, net of retained cash			94
Sales of marketable securities			9
Return of (investment in) equity investment			0
Acquisitions, net of cash acquired		0	(5)
Other		(4)
Capital contributions to subsidiaries		0	0
Return of capital from subsidiaries		0	0
Loan to Parent/Guarantor from Non-Guarantor			19
Net cash provided by (used in) investing activities		(3,931)	(2,746)
Cash flows from financing activities:
Payment of financing costs		(46)
Early redemption premium payment		(19)	0
Advances to Hertz Global/Old Hertz Holdings		0	0
Contributions from noncontrolling interests		60
Capital contributions received from parent		3,178	2,979
Payment of dividends and return of capital		(5,426)	(4,237)
Other			0
Loan to Parent/Guarantor from Non-Guarantor			0
Net cash provided by (used in) financing activities		(630)	(771)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents		(14)	28
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period		109	12
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	$ 686	577	565
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period		686	577
Sales of marketable securities		0
The Hertz Corporation \| Non-Guarantor Subsidiaries \| Reportable Legal Entities \| Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt			8,967
Repayments of debt			(8,448)
The Hertz Corporation \| Non-Guarantor Subsidiaries \| Reportable Legal Entities \| Non-Vehicle
Cash flows from investing activities:
Revenue earning vehicles expenditures		$ (12,085)
Cash flows from financing activities:
Proceeds from issuance of debt			0
Repayments of debt			0
Payment of financing costs			$ (32)

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2019

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 from Currency Translation Adjustments on Terminated Net Investment Hedges			Accumulated Other Comprehensive Income (Loss)
Balance as of January 1, 2019	$	(115	)	$	(58	)	$	(19	)	$	(192	)
Other comprehensive income (loss) before reclassification	(12		)	6			—			(6		)
Amounts reclassified from accumulated other comprehensive income (loss)	9			—			—			9
Balance as of December 31, 2019	$	(118	)	$	(52	)	$	(19	)	$	(189	)



(In millions)	Pension and Other Post-Employment Benefits			Foreign Currency Items			Unrealized Losses from Currency Translation Adjustments on Terminated Net Investment Hedges			Accumulated Other Comprehensive Income (Loss)
Balance as of January 1, 2018	$	(76	)	$	(23	)	$	(19	)	$	(118	)
Other comprehensive income (loss) before reclassification	(32		)	(34		)	—			(66		)
Amounts reclassified from accumulated other comprehensive income (loss)	4			(1		)	—			3
Reclassification of income tax effects to accumulated deficit resulting from the Tax Cuts and Job Act	(11		)	—			—			(11		)
Balance as of December 31, 2018	$	(115	)	$	(58	)	$	(19	)	$	(192	)

Cover page - USD ($) $ in Millions	12 Months Ended
Cover page - USD ($) $ in Millions	Dec. 31, 2019	Feb. 13, 2020	Jun. 30, 2018
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity Registrant Name	HERTZ GLOBAL HOLDINGS, INC
Entity Incorporation, State or Country Code	DE
Entity File Number	001-37665
Entity Tax Identification Number	61-1770902
Entity Address, Address Description	8501 Williams Road
Entity Address, City or Town	Estero,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33928
City Area Code	239
Local Phone Number	301-7000
Title of 12(b) Security	Common Stock
Trading Symbol	HTZ
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 897
Entity Common Stock, Shares Outstanding		142,125,191
Entity Central Index Key	0001657853
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
The Hertz Corporation
Entity Information [Line Items]
Entity Registrant Name	HERTZ CORP
Entity Incorporation, State or Country Code	DE
Entity File Number	001-07541
Entity Tax Identification Number	13-1938568
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		100
Entity Central Index Key	0000047129
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Schedule of Property, Plant and Equipment

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



	December 31, 2019			December 31, 2018
Land, buildings and leasehold improvements	$	1,271		$	1,220
Service vehicles, equipment and furniture and fixtures	798			782
Less: accumulated depreciation	(1,312		)	(1,224		)
Total property and equipment, net	$	757		$	778

The following table presents revenues from contracts with customers by reportable segment and disaggregated by product/service and type of location and customer for the year ended December 31, 2018:



	Year Ended December 31, 2018
(In millions)	U.S. Rental Car		International Rental Car		All Other Operations		Consolidated
Vehicle rental and rental related:
Airport	$	4,465	$	1,288	$	—	$	5,753
Off airport	1,881		842		—		2,723
Total vehicle rental and rental related	6,346		2,130		—		8,476

Other:
Licensee revenue	32		145		—		177
Ancillary retail vehicle sales	102		1		—		103
Fleet management	—		—		45		45
Total other	134		146		45		325
Total revenue from contracts with customers	$	6,480	$	2,276	$	45	$	8,801

Schedule of Estimated Useful Lives of Depreciable Assets

Property and equipment are stated at cost and are depreciated utilizing the straight-line method over the estimated useful lives of the related assets. 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 cumulative effect of applying the new guidance to all leases as of January 1, 2019 that were not completed and with lease terms in excess of twelve months has been recorded as of the adoption date as follows:

Hertz Global



(In millions)	Operating Lease Right-of-Use Assets		Prepaid and Other Assets			Total Assets		Operating Lease Liabilities		Accrued Liabilities			Total Liabilities		Total Liabilities and Stockholders' Equity
As of December 31, 2018	$	—	$	902		$	21,382	$	—	$	1,304		$	20,262	$	21,382
Effect of Adopting Topic 842	1,585		(45		)	1,540		1,588		(48		)	1,540		1,540
As of January 1, 2019	$	1,585	$	857		$	22,922	$	1,588	$	1,256		$	21,802	$	22,922

Hertz



(In millions)	Operating Lease Right-of-Use Assets		Prepaid and Other Assets			Total Assets		Operating Lease Liabilities		Accrued Liabilities			Total Liabilities		Total Liabilities and Stockholder's Equity
As of December 31, 2018	$	—	$	902		$	21,382	$	—	$	1,304		$	20,264	$	21,382
Effect of Adopting Topic 842	1,585		(45		)	1,540		1,588		(48		)	1,540		1,540
As of January 1, 2019	$	1,585	$	857		$	22,922	$	1,588	$	1,256		$	21,804	$	22,922

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2019

Accumulated Other Comprehensive Income [Abstract]

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 from Currency Translation Adjustments on Terminated Net Investment Hedges			Accumulated Other Comprehensive Income (Loss)
Balance as of January 1, 2019	$	(115	)	$	(58	)	$	(19	)	$	(192	)
Other comprehensive income (loss) before reclassification	(12		)	6			—			(6		)
Amounts reclassified from accumulated other comprehensive income (loss)	9			—			—			9
Balance as of December 31, 2019	$	(118	)	$	(52	)	$	(19	)	$	(189	)



(In millions)	Pension and Other Post-Employment Benefits			Foreign Currency Items			Unrealized Losses from Currency Translation Adjustments on Terminated Net Investment Hedges			Accumulated Other Comprehensive Income (Loss)
Balance as of January 1, 2018	$	(76	)	$	(23	)	$	(19	)	$	(118	)
Other comprehensive income (loss) before reclassification	(32		)	(34		)	—			(66		)
Amounts reclassified from accumulated other comprehensive income (loss)	4			(1		)	—			3
Reclassification of income tax effects to accumulated deficit resulting from the Tax Cuts and Job Act	(11		)	—			—			(11		)
Balance as of December 31, 2018	$	(115	)	$	(58	)	$	(19	)	$	(192	)

Leases (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
Leases (Details) - USD ($) $ in Millions	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Lease and Concession Agreements
Remaining economic life of underlying asset									75.00%
Economic life of underlying asset									25.00%
Fair value of underlying asset									90.00%
Operating Lease, Lease Income									$ 9,417
Revenue accounted for under Topic 842									362	$ 8,801
Revenues	$ 2,326	$ 2,836	$ 2,511	$ 2,107	$ 2,294	$ 2,758	$ 2,389	$ 2,063	9,779	9,504	$ 8,803
Short-term Lease, Cost									130
Other operating lease costs									545
Total									675	577	515
Variable lease costs									326	438	430
Lease, cost									$ 1,001	$ 1,015	$ 945
Operating lease, weighted average remaining lease term	9 years 3 months 18 days								9 years 3 months 18 days
Operating lease, weighted average discount rate, percent	9.80%								9.80%
Minimum obligations under existing agreements
2020	$ 494								$ 494
2021	432								432
2022	342								342
2023	271								271
2024	209								209
After 2024	1,167								1,167
Total lease payments	2,915								2,915
Interest	(1,067)								(1,067)
Operating lease liabilities at December 31, 2019	$ 1,848								$ 1,848
Minimum
Lease and Concession Agreements
Operating lease terms	1 month								1 month
Maximum
Lease and Concession Agreements
Operating lease terms	35 years								35 years
Vehicle Rentals, Operating Lease
Lease and Concession Agreements
Operating Lease, Lease Income									$ 8,579
Fleet Leasing, Operating Lease
Lease and Concession Agreements
Operating Lease, Lease Income									674
Variable, Operating Lease
Lease and Concession Agreements
Operating Lease, Lease Income									$ 164

Subsequent Events Subsequent Events (Details) - USD ($) $ in Millions	1 Months Ended
	Feb. 25, 2020	Jan. 31, 2020	Dec. 31, 2019	May 31, 2019	Feb. 28, 2019	Dec. 31, 2018	Apr. 30, 2018
Subsequent Event [Line Items]
Outstanding principal			$ 2,700			$ 2,500
HVF II Series 2013-A Notes
Subsequent Event [Line Items]
Outstanding principal							$ 3,400
HVF II Series 2013-A Notes \| Subsequent Event
Subsequent Event [Line Items]
Debt instrument, net change	$ 750
Outstanding principal	4,900
HVF II Series 2013-A Notes, Due March 2021
Subsequent Event [Line Items]
Outstanding principal				$ 4,100	$ 3,400
HVF II Series 2013-A Notes, Due March 2021 \| Subsequent Event
Subsequent Event [Line Items]
Outstanding principal	200
HVF II Series 2013-2 Notes \| Subsequent Event
Subsequent Event [Line Items]
Debt instrument, net change	100
Outstanding principal	$ 600
Letters of credit facility \| Alternative Senior Credit Facility
Subsequent Event [Line Items]
Outstanding standby letters of credit			$ 100
Letters of credit facility \| Alternative Senior Credit Facility \| Subsequent Event
Subsequent Event [Line Items]
Letters of credit outstanding, period increase		$ 100
Outstanding standby letters of credit		$ 200

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Receivables, allowance for doubtful accounts (in dollars)	$ 35	$ 27
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	144,000,000	86,000,000
Common Stock, shares outstanding	142,000,000	84,000,000
Treasury stock, shares	2,000,000,000,000	2,000,000
VIE, total assets	$ 1,100	$ 946
VIE, total liabilities	1,100	946
The Hertz Corporation
Receivables, allowance for doubtful accounts (in dollars)	$ 35	$ 27
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
VIE, total assets	$ 1,300	$ 1,000
VIE, total liabilities	$ 1,100	$ 947

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net income (loss)	$ (50)	$ (227)	$ 327
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and reserves for revenue earning vehicles	2,791	2,546	2,722
Depreciation and amortization, non-vehicle	203	218	240
Amortization of deferred financing costs and debt discount (premium)	52	50	46
Loss on extinguishment of debt	43	22	13
Stock-based compensation charges	18	14	19
Provision for receivables allowance	53	35	33
Deferred income taxes, net	27	(66)	(922)
(Gain) loss on marketable securities	(30)	(20)	(3)
(Gain) loss on sale of non-vehicle capital assets	(39)	(1)	(2)
(Gain) loss on derivatives	(12)	7	0
Impairment charges and asset write-downs	0	0	116
Other	3	0	(5)
Changes in assets and liabilities:
Non-vehicle receivables	(88)	(136)	(75)
Prepaid expenses and other assets	(8)	(23)	(22)
Operating lease right-of-use assets	402
Non-vehicle accounts payable	65	70	20
Accrued liabilities	(88)	75	(86)
Accrued taxes, net	14	(8)	(23)
Operating lease liabilities	(428)
Public liability and property damage	(28)	0	(4)
Net cash provided by (used in) operating activities	2,900	2,556	2,394
Cash flows from investing activities:
Revenue earning vehicles expenditures	(13,714)	(12,493)	(10,596)
Proceeds from disposal of revenue earning vehicles	9,486	8,452	7,653
Non-vehicle capital asset expenditures	(224)	(177)	(173)
Proceeds from non-vehicle capital assets disposed of or to be disposed of	27	51	21
Proceeds from sale of Brazil Operations, net of retained cash	0	0	94
Acquisitions, net of cash acquired	(1)	(2)	(15)
Purchases of marketable securities	0	(60)	0
Sales of marketable securities	0	36	9
Return of (investment in) equity investment	0	0	7
Other	1	(4)	0
Net cash provided by (used in) investing activities	(4,425)	(4,197)	(3,000)
Cash flows from financing activities:
Payment of financing costs	(53)	(47)	(59)
Early redemption premium payment	(34)	(19)	(5)
Contributions from noncontrolling interests	49	60	0
Proceeds from Rights Offering, net	748	0	0
Other	(3)	(2)	0
Net cash provided by (used in) financing activities	1,474	1,561	988
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	1	(14)	28
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	(50)	(94)	410
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	1,410	1,504	1,094
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	1,360	1,410	1,504
Cash paid during the period for:
Income taxes, net of refunds	21	26	54
Operating lease liabilities	575
Supplemental disclosures of non-cash information:
Purchases of revenue earning vehicles included in accounts payable, net of incentives	165	169	194
Sales of revenue earning vehicles included in receivables	667	510	431
Sales of property and other equipment included in receivables	0	75	0
Purchases of non-vehicle capital assets included in accounts payable	40	42	65
Revenue earning vehicles and non-vehicle capital assets acquired through capital lease	23	21	35
Receivable on sale of Brazil Operations	0	0	13
Operating lease right-of-use assets obtained in exchange for lease liabilities	680	0	0
The Hertz Corporation
Cash flows from operating activities:
Net income (loss)	(45)	(222)	332
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and reserves for revenue earning vehicles	2,791	2,546	2,722
Depreciation and amortization, non-vehicle	203	218	240
Amortization of deferred financing costs and debt discount (premium)	52	50	46
Loss on extinguishment of debt	43	22	13
Stock-based compensation charges	18	14	19
Provision for receivables allowance	53	35	33
Deferred income taxes, net	28	(64)	(922)
(Gain) loss on marketable securities	(30)	(20)	(3)
(Gain) loss on sale of non-vehicle capital assets	(39)	(1)	(2)
(Gain) loss on derivatives	(12)	7	0
Impairment charges and asset write-downs	0	0	116
Other	4	0	(4)
Changes in assets and liabilities:
Non-vehicle receivables	(88)	(136)	(75)
Prepaid expenses and other assets	(8)	(23)	(22)
Operating lease right-of-use assets	402
Non-vehicle accounts payable	65	70	20
Accrued liabilities	(88)	75	(86)
Accrued taxes, net	14	(8)	(24)
Operating lease liabilities	(428)
Public liability and property damage	(28)	0	(4)
Net cash provided by (used in) operating activities	2,907	2,563	2,399
Cash flows from investing activities:
Revenue earning vehicles expenditures	(13,714)	(12,493)	(10,596)
Proceeds from disposal of revenue earning vehicles	9,486	8,452	7,653
Non-vehicle capital asset expenditures	(224)	(177)	(173)
Proceeds from non-vehicle capital assets disposed of or to be disposed of	27	51	21
Proceeds from sale of Brazil Operations, net of retained cash	0	0	94
Acquisitions, net of cash acquired	(1)	(2)	(15)
Purchases of marketable securities	0	(60)
Sales of marketable securities	0	36	9
Return of (investment in) equity investment	0	0	7
Other	1	(4)	0
Net cash provided by (used in) investing activities	(4,425)	(4,197)	(3,000)
Cash flows from financing activities:
Payment of financing costs	(53)	(47)	(59)
Early redemption premium payment	(34)	(19)	(5)
Advances to Hertz Global/Old Hertz Holdings	(12)	(9)	(6)
Contributions from noncontrolling interests	49	60	0
Proceeds from Rights Offering, net	750
Other	0	0	1
Net cash provided by (used in) financing activities	1,467	1,554	983
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	1	(14)	28
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	(50)	(94)	410
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	1,410	1,504	1,094
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	1,360	1,410	1,504
Cash paid during the period for:
Income taxes, net of refunds	21	26	54
Operating lease liabilities	575
Supplemental disclosures of non-cash information:
Purchases of revenue earning vehicles included in accounts payable, net of incentives	165	169	194
Sales of revenue earning vehicles included in receivables	667	510	431
Purchases of non-vehicle capital assets included in accounts payable	40	42	65
Revenue earning vehicles and non-vehicle capital assets acquired through capital lease	23	21	35
Receivable on sale of Brazil Operations	0	0	13
Operating lease right-of-use assets obtained in exchange for lease liabilities	680	0	0
Vehicles
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Loss on extinguishment of debt	0	22	0
Cash flows from financing activities:
Proceeds from issuance of debt	13,013	14,009	10,756
Repayments of debt	(11,530)	(12,426)	(10,244)
Cash paid during the period for:
Interest, net of amounts capitalized:	431	379	291
Vehicles \| The Hertz Corporation
Cash flows from financing activities:
Proceeds from issuance of debt	13,013	14,009	10,756
Repayments of debt	(11,530)	(12,426)	(10,244)
Cash paid during the period for:
Interest, net of amounts capitalized:	431	379	291
Non-Vehicle
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Loss on extinguishment of debt	43	0	13
Cash flows from financing activities:
Proceeds from issuance of debt	3,016	557	2,100
Repayments of debt	(3,732)	(571)	(1,560)
Cash paid during the period for:
Interest, net of amounts capitalized:	272	286	291
Non-Vehicle \| The Hertz Corporation
Cash flows from financing activities:
Proceeds from issuance of debt	3,016	557	2,100
Repayments of debt	(3,732)	(571)	(1,560)
Cash paid during the period for:
Interest, net of amounts capitalized:	$ 272	$ 286	$ 291

Income Tax (Provision) Benefit (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of components of income before income taxes

The components of income (loss) before income taxes for the Company's domestic and foreign operations were as follows (in millions):

Hertz Global



	As of December 31,
	2019			2018			2017
Domestic	$	28		$	(293	)	$	(680	)
Foreign	(15		)	36			105
Total income (loss) before income taxes	$	13		$	(257	)	$	(575	)

Hertz



	As of December 31,
	2019			2018			2017
Domestic	$	35		$	(286	)	$	(675	)
Foreign	(15		)	36			105
Total income (loss) before income taxes	$	20		$	(250	)	$	(570	)

Schedule of total provision for taxes on income

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

Hertz Global and Hertz



	As of December 31,
	2019			2018			2017
Current:
Federal	$	—		$	(3	)	$	—
Foreign	20			32			19
State and local	16			7			1
Total current	36			36			20
Deferred:
Federal	1			(66		)	(900		)
Foreign	(1		)	11			10
State and local	27			(11		)	(32		)
Total deferred	27			(66		)	(922		)
Total provision (benefit) - Hertz Global	63			(30		)	(902		)
Federal deferred tax expense applicable to Hertz only	2			2			—
Total provision (benefit) - Hertz	$	65		$	(28	)	$	(902	)

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



	As of December 31,
	2019			2018
Deferred tax assets:
Employee benefit plans	$	44		$	34
Net operating loss carry forwards	2,386			1,937
Federal, state and foreign local tax credit carry forwards	43			42
Accrued and prepaid expenses	127			163
Operating lease liabilities	410			—
Total deferred tax assets	3,010			2,176
Less: valuation allowance	(396		)	(318		)
Total net deferred tax assets	2,614			1,858
Deferred tax liabilities:
Depreciation on tangible assets	(2,518		)	(2,130		)
Intangible assets	(738		)	(761		)
Operating lease right-of-use assets	(422		)	—
Total deferred tax liabilities	(3,678		)	(2,891		)
Net deferred tax liability - Hertz Global	$	(1,064	)	$	(1,033	)
Deferred tax asset - net operating loss not applicable to Hertz	(3		)	(3		)
Net deferred tax liability - Hertz	$	(1,067	)	$	(1,036	)

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 in the table below. Percentages are calculated from the underlying numbers in thousands, and as a result, may not agree to the amount when calculated in millions.

Hertz Global and Hertz



	Years Ended December 31,
	2019		2018		2017
Statutory federal tax rate	21	%	21	%	35	%
Foreign tax rate differential	(31	)	(1	)	2
State and local income taxes, net of federal income tax benefit	(102	)	7		6
Change in state apportionment and statutory rates, net of federal income tax benefit	(17	)	1		6
Tax reform	—		(9	)	118
Federal and foreign permanent differences	(3	)	—		—
Withholding taxes	62		(3	)	(2	)
Uncertain tax positions	29		(3	)	—
Change in valuation allowance	591		(5	)	(7	)
Change in foreign statutory rates	15		(3	)	—
Tax credits	(75	)	7		(1	)
Stock option shortfalls	7		(1	)	(1	)
All other items, net	3		1		1
Effective tax rate - Hertz Global	500	%	12	%	157	%
All other items, net rate impact not applicable to Hertz	(174	)	(1	)	1
Effective tax rate - Hertz	326	%	11	%	158	%

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:

Hertz Global and Hertz



	Years Ended December 31,
(In millions)	2019			2018			2017
Balance as of January 1	$	49		$	43		$	45
Increase (decrease) attributable to tax positions taken during prior periods	5			3			(2		)
Increase (decrease) attributable to tax positions taken during the current year	1			5			3
Decrease attributable to settlements with taxing authorities	(7		)	(2		)	(3		)
Balance as of December 31	$	48		$	49		$	43

Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (Unaudited)

Hertz Global



	First Quarter ⁽¹⁾			Second Quarter		Third Quarter		Fourth Quarter
(In millions, except per share data)	2019			2019		2019		2019
Total revenues	$	2,107		$	2,511	$	2,836	$	2,326
Income (loss) before income taxes	(149		)	44		247		(130		)
Net income (loss) attributable to Hertz Global	(147		)	38		169		(118		)
Earnings (loss) per share:
Basic	(1.54		)	0.40		1.26		(0.83		)
Diluted	(1.54		)	0.40		1.26		(0.83		)



	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
(In millions, except per share data)	2018			2018			2018		2018
Total revenues	$	2,063		$	2,389		$	2,758	$	2,294
Income (loss) before income taxes	(231		)	(86		)	181		(120		)
Net income (loss) attributable to Hertz Global	(202		)	(63		)	141		(101		)
Earnings (loss) per share⁽¹⁾:
Basic	(2.13		)	(0.66		)	1.47		(1.05		)
Diluted	(2.13		)	(0.66		)	1.47		(1.05		)


(1)	Basic and Diluted earnings (loss) per share for the first quarter of 2019 and for all quarters in 2018 have been adjusted retrospectively to give effect to the Rights Offering, as further disclosed in Note 16, "Equity and Earnings (Loss) Per Share - Hertz Global."

Hertz



	First Quarter			Second Quarter		Third Quarter		Fourth Quarter
(In millions)	2019			2019		2019		2019
Total revenues	$	2,107		$	2,511	$	2,836	$	2,326
Income (loss) before income taxes	(147		)	46		249		(128		)
Net income (loss) attributable to Hertz	(145		)	39		170		(117		)



	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
(In millions)	2018			2018			2018		2018
Total revenues	$	2,063		$	2,389		$	2,758	$	2,294
Income (loss) before income taxes	(230		)	(84		)	183		(118		)
Net income (loss) attributable to Hertz	(201		)	(61		)	142		(99		)

Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Components of Debt

Accordingly, the related principal amounts below are eliminated in consolidation as of December 31, 2019.



(In millions)	Aggregate Principal Amount
HVF II Series 2018-1 Class D Notes	$	58
HVF II Series 2018-2 Class D Notes	13
HVF II Series 2018-3 Class D Notes	13
HVF II Series 2019-1 Class D Notes	45
HVF II Series 2019-2 Class D Notes	49
Total	$	178

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



Facility	Weighted-Average Interest Rate as of December 31, 2019	Fixed or Floating Interest Rate	Maturity	December 31, 2019			December 31, 2018
Non-Vehicle Debt
Senior Term Loan	4.45%	Floating	6/2023	$	660		$	674
Senior RCF	N/A	Floating	6/2021	—			—
Senior Notes⁽¹⁾	6.11%	Fixed	10/2022-1/2028	2,700			2,500
Senior Second Priority Secured Notes	7.63%	Fixed	6/2022	350			1,250
Promissory Notes	7.00%	Fixed	1/2028	27			27
Other Non-Vehicle Debt	5.70%	Fixed	Various	18			4
Unamortized Debt Issuance Costs and Net (Discount) Premium				(34		)	(33		)
Total Non-Vehicle Debt				3,721			4,422
Vehicle Debt
HVF II U.S. ABS Program
HVF II U.S. Vehicle Variable Funding Notes
HVF II Series 2013-A⁽²⁾	3.09%	Floating	3/2021	2,644			2,940
				2,644			2,940
HVF II U.S. Vehicle Medium Term Notes
HVF II Series 2015-1⁽²⁾	2.93%	Fixed	3/2020	780			780
HVF II Series 2015-3⁽²⁾	3.10%	Fixed	9/2020	371			371
HVF II Series 2016-1⁽²⁾	N/A	N/A	N/A	—			466
HVF II Series 2016-2⁽²⁾	3.41%	Fixed	3/2021	595			595
HVF II Series 2016-3⁽²⁾	N/A	N/A	N/A	—			424
HVF II Series 2016-4⁽²⁾	3.09%	Fixed	7/2021	424			424



Facility	Weighted-Average Interest Rate as of December 31, 2019	Fixed or Floating Interest Rate	Maturity	December 31, 2019			December 31, 2018
HVF II Series 2017-1⁽²⁾	3.38%	Fixed	10/2020	450			450
HVF II Series 2017-2⁽²⁾	3.57%	Fixed	10/2022	350			350
HVF II Series 2018-1⁽²⁾	3.41%	Fixed	2/2023	1,000			1,000
HVF II Series 2018-2⁽²⁾	3.80%	Fixed	6/2021	200			200
HVF II Series 2018-3⁽²⁾	4.15%	Fixed	7/2023	200			200
HVF II Series 2019-1⁽²⁾	3.85%	Fixed	3/2022	700			—
HVF II Series 2019-2⁽²⁾	3.51%	Fixed	5/2024	750			—
HVF II Series 2019-3⁽²⁾	2.91%	Fixed	12/2024	800			—
				6,620			5,260
Donlen U.S. ABS Program
HFLF Variable Funding Notes
HFLF Series 2013-2⁽²⁾	2.67%	Floating	3/2021	286			320
				286			320
HFLF Medium Term Notes
HFLF Series 2015-1⁽³⁾	N/A	N/A	N/A	—			33
HFLF Series 2016-1⁽³⁾	4.89%	Both	1/2020-2/2020	34			171
HFLF Series 2017-1⁽³⁾	2.69%	Both	1/2020-5/2021	229			397
HFLF Series 2018-1⁽³⁾	3.03%	Both	1/2020-9/2022	462			550
HFLF Series 2019-1⁽³⁾	2.65%	Both	2/2020-11/2022	650			—
				1,375			1,151
Vehicle Debt - Other
U.S. Vehicle RCF	4.23%	Floating	6/2021	146			146
European Vehicle Notes⁽⁴⁾	5.07%	Fixed	10/2021-3/2023	810			829
European ABS⁽²⁾	1.60%	Floating	11/2021	766			600
Hertz Canadian Securitization⁽²⁾	3.09%	Floating	3/2021	241			220
Donlen Canadian Securitization⁽²⁾	2.97%	Floating	12/2022	24			—
Australian Securitization⁽²⁾	2.52%	Floating	6/2021	177			155
New Zealand RCF	3.81%	Floating	6/2021	50			40
U.K. Financing Facility	3.06%	Floating	1/2020-9/2022	247			242
Other Vehicle Debt	3.83%	Floating	1/2020-11/2024	29			42
				2,490			2,274
Unamortized Debt Issuance Costs and Net (Discount) Premium				(47		)	(43		)
Total Vehicle Debt				13,368			11,902
Total Debt				$	17,089		$	16,324

N/A - Not applicable


(1)	References to the "Senior Notes" include the series of Hertz's unsecured senior notes set forth in 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, 2019		December 31, 2018
5.875% Senior Notes due October 2020	$	—	$	700
7.375% Senior Notes due January 2021	—		500
6.250% Senior Notes due October 2022	500		500
5.500% Senior Notes due October 2024	800		800
7.125% Senior Notes due August 2026	500		—
6.000% Senior Notes due January 2028	900		—
	$	2,700	$	2,500

(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)

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 2020. 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.

(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 1.12 to 1 and 1.14 to 1 as of December 31, 2019 and 2018, respectively) set forth in the table below. Outstanding principal amounts for each such series of the European Vehicle Notes is also specified below:



(In millions)	Outstanding Principal
European Vehicle Notes	December 31, 2019		December 31, 2018
4.125% Senior Notes due October 2021	$	251	$	257
5.500% Senior Notes due March 2023	559		572
	$	810	$	829

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 (i.e., Level 2 inputs).



	As of December 31, 2019				As of December 31, 2018
(In millions)	Nominal Unpaid Principal Balance		Aggregate Fair Value		Nominal Unpaid Principal Balance		Aggregate Fair Value
Non-Vehicle Debt	$	3,755	$	3,840	$	4,455	$	4,011
Vehicle Debt	13,415		13,529		11,945		11,891
Total	$	17,170	$	17,369	$	16,400	$	15,902

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)	2019		2018		2017
Non-Vehicle Debt:
Senior RCF	$	—	$	—	$	7
4.250% Senior Notes due 2018	—		—		6
5.875% Senior Notes due 2020	2		—		—
7.375% Senior Notes due 2021	2		—		—
7.625% Senior Second Priority Secured Notes due 2022	39		—		—
Total Non-Vehicle Debt	43		—		13
Vehicle Debt:
HVF II Series 2017-A	—		2		—
4.375% European Vehicle Notes due 2019	—		20		—
Total Vehicle Debt	—		22		—
Total Loss on Extinguishment of Debt	$	43	$	22	$	13

Components of maturities of debt

At December 31, 2019, the nominal amounts of maturities of debt for each of the years ending December 31 are as follows:



(In millions)	2020		2021		2022		2023		2024		After 2024
Non-Vehicle Debt	$	20	$	19	$	868	$	620	$	801	$	1,427
Vehicle Debt	2,418		6,275		1,413		1,759		1,550		—
Total	$	2,438	$	6,294	$	2,281	$	2,379	$	2,351	$	1,427

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

The following facilities were available to the Company as of December 31, 2019 and are presented net of any outstanding letters of credit:



(In millions)	Remaining Capacity		Availability Under Borrowing Base Limitation
Non-Vehicle Debt
Senior RCF	$	526	$	526
Letter of Credit Facility	5		5
Alternative Letter of Credit Facility	—		—
Total Non-Vehicle Debt	531		531
Vehicle Debt
U.S. Vehicle RCF	—		—
HVF II U.S. Vehicle Variable Funding Notes	1,461		—
HFLF Variable Funding Notes	214		4
European ABS	464		—
Hertz Canadian Securitization	27		—
Donlen Canadian Securitization	14		—
Australian Securitization	11		—
U.K. Financing Facility	80		—
New Zealand RCF	—		—
Total Vehicle Debt	2,271		4
Total	$	2,802	$	535

Income Tax (Provision) Benefit

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Tax (Provision) Benefit

On December 22, 2017, the U.S. enacted the TCJA, which made substantial changes to corporate income tax laws. Among the key provisions were a U.S. corporate tax rate reduction from 35% to 21% effective for tax years beginning January 1, 2018; an acceleration of expensing for certain business assets; a repeal of the LKE deferral rules as applicable to personal property, including rental vehicles; a one-time transition tax on the deemed repatriation of cumulative earnings from foreign subsidiaries; and changes to U.S. taxation of foreign earnings from a worldwide to a territorial tax system effective for tax years beginning January 1, 2018. The Company has reflected the adoption and impact of TCJA in its financial results for the years ended December 31, 2017, 2018 and 2019.

Under TCJA, Alternative Minimum Tax ("AMT") credits are fully refundable in tax returns through the year 2021. As of December 31, 2019, the Company recovered AMT refunds of $20 million and estimates it will recover an additional

$10 million, $5 million and $5 million for tax years ending 2019, 2020 and 2021, respectively. These tax returns will be filed in 2020, 2021 and 2022, respectively.

The components of income (loss) before income taxes for the Company's domestic and foreign operations were as follows (in millions):

Hertz Global



	As of December 31,
	2019			2018			2017
Domestic	$	28		$	(293	)	$	(680	)
Foreign	(15		)	36			105
Total income (loss) before income taxes	$	13		$	(257	)	$	(575	)

Hertz



	As of December 31,
	2019			2018			2017
Domestic	$	35		$	(286	)	$	(675	)
Foreign	(15		)	36			105
Total income (loss) before income taxes	$	20		$	(250	)	$	(570	)

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

Hertz Global and Hertz



	As of December 31,
	2019			2018			2017
Current:
Federal	$	—		$	(3	)	$	—
Foreign	20			32			19
State and local	16			7			1
Total current	36			36			20
Deferred:
Federal	1			(66		)	(900		)
Foreign	(1		)	11			10
State and local	27			(11		)	(32		)
Total deferred	27			(66		)	(922		)
Total provision (benefit) - Hertz Global	63			(30		)	(902		)
Federal deferred tax expense applicable to Hertz only	2			2			—
Total provision (benefit) - Hertz	$	65		$	(28	)	$	(902	)

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

Hertz Global and Hertz



	As of December 31,
	2019			2018
Deferred tax assets:
Employee benefit plans	$	44		$	34
Net operating loss carry forwards	2,386			1,937
Federal, state and foreign local tax credit carry forwards	43			42
Accrued and prepaid expenses	127			163
Operating lease liabilities	410			—
Total deferred tax assets	3,010			2,176
Less: valuation allowance	(396		)	(318		)
Total net deferred tax assets	2,614			1,858
Deferred tax liabilities:
Depreciation on tangible assets	(2,518		)	(2,130		)
Intangible assets	(738		)	(761		)
Operating lease right-of-use assets	(422		)	—
Total deferred tax liabilities	(3,678		)	(2,891		)
Net deferred tax liability - Hertz Global	$	(1,064	)	$	(1,033	)
Deferred tax asset - net operating loss not applicable to Hertz	(3		)	(3		)
Net deferred tax liability - Hertz	$	(1,067	)	$	(1,036	)

Hertz Global and Hertz

In determining valuation allowances, an assessment of positive and negative evidence was performed regarding realization of the net deferred tax assets. 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.

As of December 31, 2019, the Company had U.S. federal net operating loss carry forwards ("Federal NOLs") of approximately $9.0 billion, which generated a deferred tax asset of $1.9 billion. Such Federal NOLs are primarily related to accelerated depreciation of the Company's U.S. vehicles and will begin to expire in 2029, except for those losses incurred after 2017 which have an indefinite utilization period and which may offset 80% of taxable income. Currently, the Company does not record valuation allowances on its U.S. federal tax loss carry forwards as there are adequate deferred tax liabilities that could be realized within the carry forward period. As of December 31, 2019, the Company had state net operating loss carry forwards ("State NOLs") of approximately $5.3 billion of which $326 million have an indefinite utilization period with remaining State NOLs beginning to expire in 2020. The State NOLs generated a deferred tax asset of $293 million. The Company has recorded a valuation allowance against its state net deferred tax assets of $194 million. As of December 31, 2019, the Company had foreign net operating loss carry forwards ("Foreign NOLs") of approximately $989 million, of which $828 million have an indefinite utilization period with the remaining Foreign NOLs beginning to expire in 2024. The Foreign NOLs generated a deferred tax asset of $244 million. The Company has recorded a valuation allowance against its foreign net deferred tax assets of $218 million.

As of December 31, 2019, deferred tax assets of $46 million were recorded for various U.S. federal and state credits. The Company recorded $22 million and $24 million of U.S. federal and state credits, respectively, of which state credits are fully offset by a valuation allowance of $24 million. The state tax credits expire over various years beginning in

2020 depending upon when they were generated and the particular jurisdiction. The federal tax credits begin expiring in 2035.

Hertz Global and Hertz



	Years Ended December 31,
	2019		2018		2017
Statutory federal tax rate	21	%	21	%	35	%
Foreign tax rate differential	(31	)	(1	)	2
State and local income taxes, net of federal income tax benefit	(102	)	7		6
Change in state apportionment and statutory rates, net of federal income tax benefit	(17	)	1		6
Tax reform	—		(9	)	118
Federal and foreign permanent differences	(3	)	—		—
Withholding taxes	62		(3	)	(2	)
Uncertain tax positions	29		(3	)	—
Change in valuation allowance	591		(5	)	(7	)
Change in foreign statutory rates	15		(3	)	—
Tax credits	(75	)	7		(1	)
Stock option shortfalls	7		(1	)	(1	)
All other items, net	3		1		1
Effective tax rate - Hertz Global	500	%	12	%	157	%
All other items, net rate impact not applicable to Hertz	(174	)	(1	)	1
Effective tax rate - Hertz	326	%	11	%	158	%

The Company recorded a tax provision in 2019 versus a tax benefit in 2018. The change is primarily due to an increase in the valuation allowance relating to losses in certain U.S. and non-U.S. jurisdictions and an increase in pretax operating results.

The decrease in the tax benefit in 2018 versus 2017 is due to the one-time remeasurement of net deferred tax liabilities as a result of TCJA in 2017, the reduction in the statutory federal tax rate from 35% to 21% and an increase in pretax operating results.

As of December 31, 2019, total unrecognized tax benefits were $48 million, of which $5 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:

Hertz Global and Hertz



	Years Ended December 31,
(In millions)	2019			2018			2017
Balance as of January 1	$	49		$	43		$	45
Increase (decrease) attributable to tax positions taken during prior periods	5			3			(2		)
Increase (decrease) attributable to tax positions taken during the current year	1			5			3
Decrease attributable to settlements with taxing authorities	(7		)	(2		)	(3		)
Balance as of December 31	$	48		$	49		$	43

The Company conducts business globally and, as a result, files 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 2019. Currently, the Company's 2014, 2015 and 2016 tax years are under audit by the Internal Revenue Service. Several U.S. states and other non-U.S. jurisdictions are under audit, and 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 changes cannot be made. The Company entered the competent authority process for certain audits and projects this process will conclude within the next two years. It is reasonable that approximately $4 million of unrecognized tax benefits may reverse within the next twelve months due to settlement with the relevant U.S. and non-U.S. taxing authorities.

Net, after-tax interest and penalties related to tax liabilities are classified as a component of income tax in the accompanying consolidated statements of operations. Income tax expense of $0.4 million and $1 million was recognized for such interest and penalties during the years ended December 31, 2019 and 2018, respectively, and during the year ended December 31, 2017, a benefit of $1 million was recognized for such interest and penalties. Net, after-tax interest and penalties accrued in the Company's consolidated balance sheets within accrued taxes, net were $8 million as of December 31, 2019 and 2018, respectively.

The Company asserts its intent to reinvest its foreign earnings in jurisdictions for which significant taxes would be incurred if the earnings were distributed.

Guarantor and Non-Guarantor Annual Condensed Consolidating Financial Information

12 Months Ended

Dec. 31, 2019

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 tables present the Condensed Consolidating Balance Sheets as of December 31, 2019 and 2018 and the Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) and Statements of Cash Flows for the years ended December 31, 2019, 2018 and 2017, 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 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.

THE HERTZ CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2018

(In millions)



	Parent (The Hertz Corporation)		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			The Hertz Corporation & Subsidiaries
ASSETS
Cash and cash equivalents	$	576	$	3	$	548	$	—		$	1,127
Restricted cash and cash equivalents	137		8		138		—			283
Total cash, cash equivalents, restricted cash and restricted cash equivalents	713		11		686		—			1,410
Receivables, net of allowance	421		174		992		—			1,587
Due from affiliates	3,522		5,312		9,101		(17,935		)	—
Prepaid expenses and other assets	4,863		34		269		(4,264		)	902
Revenue earning vehicles, net	421		1		11,997		—			12,419
Property and equipment, net	590		64		124		—			778
Investment in subsidiaries, net	7,648		1,526		—		(9,174		)	—
Intangible assets, net	160		3,039		4		—			3,203
Goodwill	102		943		38		—			1,083
Total assets	$	18,440	$	11,104	$	23,211	$	(31,373	)	$	21,382
LIABILITIES AND STOCKHOLDER'S EQUITY
Due to affiliates	$	11,351	$	2,306	$	4,278	$	(17,935	)	$	—
Accounts payable	388		97		503		—			988
Accrued liabilities	823		69		412		—			1,304
Accrued taxes, net	67		15		2,359		(2,305		)	136
Debt	4,567		—		11,757		—			16,324
Public liability and property damage	185		41		192		—			418
Deferred income taxes, net	—		1,729		1,324		(1,959		)	1,094
Total liabilities	17,381		4,257		20,825		(22,199		)	20,264
Stockholder's equity:
Total stockholder's equity attributable to Hertz	1,059		6,847		2,327		(9,174		)	1,059
Noncontrolling interests	—		—		59		—			59
Total stockholder's equity	1,059		6,847		2,386		(9,174		)	1,118
Total liabilities and stockholder's equity	$	18,440	$	11,104	$	23,211	$	(31,373	)	$	21,382

For the Year Ended December 31, 2018

(In millions)



	Parent (The Hertz Corporation)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			The Hertz Corporation & Subsidiaries
Total revenues	$	4,769		$	1,448		$	7,785		$	(4,498	)	$	9,504
Expenses:
Direct vehicle and operating	3,286			711			1,358			—			5,355
Depreciation of revenue earning vehicles and lease charges	4,268			354			2,566			(4,498		)	2,690
Selling, general and administrative	681			69			267			—			1,017
Interest (income) expense, net	416			(155		)	471			—			732
Other (income) expense, net	(33		)	—			(7		)	—			(40		)
Total expenses	8,618			979			4,655			(4,498		)	9,754
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries	(3,849		)	469			3,130			—			(250		)
Income tax (provision) benefit	807			(102		)	(677		)	—			28
Equity in earnings (losses) of subsidiaries, net of tax	2,822			291			—			(3,113		)	—
Net income (loss)	(220		)	658			2,453			(3,113		)	(222		)
Net (income) loss attributable to noncontrolling interests	—			—			2			—			2
Net income (loss) attributable to Hertz	(220		)	658			2,455			(3,113		)	(220		)
Total other comprehensive income (loss), net of tax	(63		)	(7		)	(33		)	40			(63		)
Comprehensive income (loss) attributable to Hertz	$	(283	)	$	651		$	2,422		$	(3,073	)	$	(283	)

THE HERTZ CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Year Ended December 31, 2017

(In millions)



	Parent (The Hertz Corporation)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			The Hertz Corporation & Subsidiaries
Total revenues	$	4,361		$	1,381		$	6,442		$	(3,381	)	$	8,803
Expenses:
Direct vehicle and operating	2,937			698			1,323			—			4,958
Depreciation of revenue earning vehicles and lease charges	3,157			413			2,609			(3,381		)	2,798
Selling, general and administrative	612			37			231			—			880
Interest (income) expense, net	400			(105		)	337			—			632
Goodwill and intangible asset impairments	—			86			—			—			86
Other (income) expense, net	30			—			(11		)	—			19
Total expenses	7,136			1,129			4,489			(3,381		)	9,373
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries	(2,775		)	252			1,953			—			(570		)
Income tax (provision) benefit	(925		)	311			1,516			—			902
Equity in earnings (losses) of subsidiaries, net of tax	4,032			629			—			(4,661		)	—
Net income (loss) attributable to Hertz	332			1,192			3,469			(4,661		)	332
Total other comprehensive income (loss), net of tax	53			6			22			(28		)	53
Comprehensive income (loss) attributable to Hertz	$	385		$	1,198		$	3,491		$	(4,689	)	$	385

THE HERTZ CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2018

(In millions)



	Parent (The Hertz Corporation)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			The Hertz Corporation & Subsidiaries
Net cash provided by (used in) operating activities	$	468		$	5		$	4,684		$	(2,594	)	$	2,563
Cash flows from investing activities:
Revenue earning vehicles expenditures	(408		)	—			(12,085		)	—			(12,493		)
Proceeds from disposal of revenue earning vehicles	276			—			8,176			—			8,452
Non-vehicle capital asset expenditures	(134		)	(10		)	(33		)	—			(177		)
Proceeds from non-vehicle capital assets disposed of or to be disposed of	36			—			15			—			51
Purchase of marketable securities	(60		)	—			—			—			(60		)
Sales of marketable securities	36			—			—			—			36
Acquisitions, net of cash acquired	(2		)	—			—			—			(2		)
Other	—			—			(4		)	—			(4		)
Capital contributions to subsidiaries	(3,178		)	—			—			3,178			—
Return of capital from subsidiaries	2,832			—			—			(2,832		)	—
Net cash provided by (used in) investing activities	(602		)	(10		)	(3,931		)	346			(4,197		)
Cash flows from financing activities:
Proceeds from issuance of vehicle debt	2,328			—			11,681			—			14,009
Repayments of vehicle debt	(2,368		)	—			(10,058		)	—			(12,426		)
Proceeds from issuance of non-vehicle debt	557			—			—			—			557
Repayments of non-vehicle debt	(571		)	—			—			—			(571		)
Payment of financing costs	(1		)	—			(46		)	—			(47		)
Early redemption premium payment	—			—			(19		)	—			(19		)
Advances to Hertz Holdings	(9		)	—			—			—			(9		)
Contributions from noncontrolling interests	—			—			60			—			60
Capital contributions received from parent	—			—			3,178			(3,178		)	—
Payment of dividends and return of capital	—			—			(5,426		)	5,426			—
Net cash provided by (used in) financing activities	(64		)	—			(630		)	2,248			1,554
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	—			—			(14		)	—			(14		)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	(198		)	(5		)	109			—			(94		)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	911			16			577			—			1,504
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$	713		$	11		$	686		$	—		$	1,410

THE HERTZ CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2017

(In millions)



	Parent (The Hertz Corporation)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			The Hertz Corporation & Subsidiaries
Net cash provided by (used in) operating activities	$	246		$	28		$	3,501		$	(1,376	)	$	2,399
Cash flows from investing activities:
Revenue earning vehicles expenditures	(314		)	(5		)	(10,277		)	—			(10,596		)
Proceeds from disposal of revenue earning vehicles	213			—			7,440			—			7,653
Non-vehicle capital asset expenditures	(122		)	(11		)	(40		)	—			(173		)
Proceeds from non-vehicle capital assets disposed of or to be disposed of	7			—			14			—			21
Proceeds from sale of Brazil Operations, net of retained cash	—			—			94			—			94
Sales of marketable securities	—			—			9			—			9
Return of (investment in) equity investment	7			—			—			—			7
Acquisitions, net of cash acquired	—			(10		)	(5		)	—			(15		)
Capital contributions to subsidiaries	(2,979		)	—			—			2,979			—
Return of capital from subsidiaries	2,861			—			—			(2,861		)	—
Proceeds from/repayments of intercompany loan	—			—			19			(19		)	—
Net cash provided by (used in) investing activities	(327		)	(26		)	(2,746		)	99			(3,000		)
Cash flows from financing activities:
Proceeds from issuance of vehicle debt	1,789			—			8,967			—			10,756
Repayments of vehicle debt	(1,796		)	—			(8,448		)	—			(10,244		)
Proceeds from issuance of non-vehicle debt	2,100			—			—			—			2,100
Repayments of non-vehicle debt	(1,560		)	—			—			—			(1,560		)
Payment of financing costs	(23		)	(4		)	(32		)	—			(59		)
Early redemption premium payment	(5		)	—			—			—			(5		)
Advances to Hertz Holdings	(6		)	—			—			—			(6		)
Other	1			—			—			—			1
Capital contributions received from parent	—			—			2,979			(2,979		)	—
Payment of dividends and return of capital	—			—			(4,237		)	4,237			—
Proceeds from/repayments of intercompany loan	(19		)	—			—			19			—
Net cash provided by (used in) financing activities	481			(4		)	(771		)	1,277			983
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	—			—			28			—			28
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	400			(2		)	12			—			410
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	511			18			565			—			1,094
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$	911		$	16		$	577		$	—		$	1,504

Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

As disclosed in the Leases section of Note 2, the Company adopted Topic 842 in accordance with the effective date on January 1, 2019. Note 2 includes disclosures regarding the Company’s method of adoption and the impact upon adoption to its financial position, results of operations and cash flows. In the Revenue Recognition section of Note 2, the Company discloses that revenue earned from vehicle rentals, 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 accounted for under Topic 842 upon adoption. Prior to the adoption of Topic 842, the Company accounted for such revenue under Topic 606 for the year ended December 31, 2018 and under Topic 605 for the year ended December 31, 2017.

The Company enters into certain agreements as a lessor under which it rents vehicles and leases fleets to customers. The Company enters into certain agreements as a lessee to rent real estate, vehicles and other equipment and to conduct its vehicle rental operations under concession agreements. If any of the following criteria are met, the Company classifies the lease as a financing lease (as a lessee) or as a direct financing or sales-type lease (both as a lessor):


•	The lease transfers ownership of the underlying asset to the lessee by the end of the lease term;


•	The lease grants the lessee an option to purchase the underlying asset that the Company is reasonably certain to exercise;


•	The lease term is for 75% or more of the remaining economic life of the underlying asset, unless the commencement date falls within the last 25% of the economic life of the underlying asset;


•	The present value of the sum of the lease payments equals or exceeds 90% of the fair value of the underlying asset; or


•	The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.

Leases that do not meet any of the above criteria are accounted for as operating leases.

The Company combines lease and non-lease components in its contracts under Topic 842, when permissible.

The following further describes the Company's leasing transactions.

Lessor

The Company's operating leases for vehicle rentals have rental periods that are typically short term (e.g., daily or weekly) and can generally be extended for up to one month or terminated at the customer's discretion. Rental charges are computed on a limited or unlimited mileage rate, or on a time rate plus a mileage charge. In connection with the vehicle rental, the Company offers supplemental equipment rentals (e.g., child seats and ski racks) which are deemed lease components. The Company also offers value-added services in connection with the vehicle rental, which are deemed non-lease components, such as loss or collision damage waiver, theft protection, liability and personal accident/

effects insurance coverage, premium emergency roadside service and satellite radio. Additionally, the Company charges for variable services primarily consisting of tolls and refueling charges incurred during the rental period, and for fees associated with the early or late termination of the vehicle lease. The Company mitigates residual value risk of its revenue earning vehicles by utilizing manufacturer repurchase and guaranteed depreciation programs, using sophisticated vehicle diagnostic and repair equipment to maintain the condition of its vehicles, and through periodic reviews of vehicle depreciation rates based on management's ongoing assessment of present and estimated future market conditions.

The Company's operating leases for fleets have lease periods that are typically for twelve months, after which the lease converts to a month-to-month lease, allowing the vehicle to be surrendered any time thereafter. The Company's fleet leases contain a terminal rental adjustment clause which are considered variable charges.

The following table summarizes the amount of operating lease income and other income included in total revenues in the accompanying consolidated statements of operations for the year ended December 31, 2019:



(In millions)	2019
Operating lease income from vehicle rentals	$	8,579
Operating lease income from fleet leasing	674
Variable operating lease income	164
Revenue accounted for under Topic 842	9,417
Revenue accounted for under Topic 606	362
Total revenues	$	9,779

Lessee

As a lessee, the Company has the following types of operating leases:


•	Concession agreements which grant the Company the right to conduct its vehicle rental operations at airports, hotels and train stations and to use building space such as terminal counters and parking garages;


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


•	Revenue earning vehicle leases; and


•	Other equipment leases.

The Company's lease terms generally range from one month to thirty-five years and a number of agreements contain escalation clauses, which increase the payment obligation based on a fixed or variable rate, and renewal options. The length of renewals vary and may result in different payment terms. Payment terms are based on fixed rates explicit in the lease, including guaranteed minimums, and/or variable rates based on:


•	Operating expenses, such as common area charges, real estate taxes and insurance;


•	A percentage of revenues or sales arising at the relevant premises; and/or


•	Periodic inflation adjustments.

The Company recognizes a ROU asset and lease liability in its accompanying consolidated balance sheets for leases with a term greater than twelve months. Options to extend or terminate a lease are included in the Company's ROU asset and lease liability when it is reasonably certain that such options will be exercised. The Company does not recognize ROU assets or lease liabilities for short-term leases (i.e., those with a term of twelve months or less) and recognizes lease expense on a straight-line basis over the lease term, as applicable.

To determine the present value of its lease payments, the Company utilizes the interest rate implicit in the lease agreement. If the implicit interest rate was not provided in the lease agreement, the Company utilizes the Company's

collateralized incremental borrowing rate as of the date of adoption, January 1, 2019, or the commencement date of the lease, whichever is later.

The following table summarizes the amount of lease costs incurred by the Company:



	Years ended December 31,
(In millions)	2019		2018		2017
Minimum fixed lease costs⁽¹⁾:
Short-term lease costs	$	130	N/A		N/A
Operating lease costs	545		N/A		N/A
Total	$	675	$	577	$	515
Variable lease costs	326		438		430
Total lease costs	$	1,001	$	1,015	$	945


(1)	Topic 842, which was adopted on January 1, 2019, requires the Company to disclose the short-term portion of minimum fixed lease costs. For the years ended December 31, 2018 and 2017, under the then existing guidance in Topic 840, the Company was only required to disclose minimum fixed costs in total.

The following summarizes the weighted-average remaining lease term and weighted-average discount rate for the Company's operating leases as a lessee:



	December 31, 2019
Weighted-average remaining lease term (in years)	9.3
Weighted-average discount rate	9.8	%

The following table summarizes the Company's minimum fixed lease obligations under existing agreements as a lessee, excluding variable concession obligations and short-term leases, as of December 31, 2019:



(In millions)
2020	$	494
2021	432
2022	342
2023	271
2024	209
After 2024	1,167
Total lease payments	2,915
Interest	(1,067		)
Operating lease liabilities at December 31, 2019	$	1,848

Leases


•	The lease transfers ownership of the underlying asset to the lessee by the end of the lease term;


•	The lease grants the lessee an option to purchase the underlying asset that the Company is reasonably certain to exercise;


•	The lease term is for 75% or more of the remaining economic life of the underlying asset, unless the commencement date falls within the last 25% of the economic life of the underlying asset;


•	The present value of the sum of the lease payments equals or exceeds 90% of the fair value of the underlying asset; or


•	The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.

Leases that do not meet any of the above criteria are accounted for as operating leases.

The Company combines lease and non-lease components in its contracts under Topic 842, when permissible.

The following further describes the Company's leasing transactions.

Lessor



(In millions)	2019
Operating lease income from vehicle rentals	$	8,579
Operating lease income from fleet leasing	674
Variable operating lease income	164
Revenue accounted for under Topic 842	9,417
Revenue accounted for under Topic 606	362
Total revenues	$	9,779

Lessee

As a lessee, the Company has the following types of operating leases:


•	Concession agreements which grant the Company the right to conduct its vehicle rental operations at airports, hotels and train stations and to use building space such as terminal counters and parking garages;


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


•	Revenue earning vehicle leases; and


•	Other equipment leases.


•	Operating expenses, such as common area charges, real estate taxes and insurance;


•	A percentage of revenues or sales arising at the relevant premises; and/or


•	Periodic inflation adjustments.

collateralized incremental borrowing rate as of the date of adoption, January 1, 2019, or the commencement date of the lease, whichever is later.

The following table summarizes the amount of lease costs incurred by the Company:



	Years ended December 31,
(In millions)	2019		2018		2017
Minimum fixed lease costs⁽¹⁾:
Short-term lease costs	$	130	N/A		N/A
Operating lease costs	545		N/A		N/A
Total	$	675	$	577	$	515
Variable lease costs	326		438		430
Total lease costs	$	1,001	$	1,015	$	945


(1)	Topic 842, which was adopted on January 1, 2019, requires the Company to disclose the short-term portion of minimum fixed lease costs. For the years ended December 31, 2018 and 2017, under the then existing guidance in Topic 840, the Company was only required to disclose minimum fixed costs in total.

The following summarizes the weighted-average remaining lease term and weighted-average discount rate for the Company's operating leases as a lessee:



	December 31, 2019
Weighted-average remaining lease term (in years)	9.3
Weighted-average discount rate	9.8	%



(In millions)
2020	$	494
2021	432
2022	342
2023	271
2024	209
After 2024	1,167
Total lease payments	2,915
Interest	(1,067		)
Operating lease liabilities at December 31, 2019	$	1,848

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2019
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 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 J. 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 permitted to disclose confidential information to representatives of the Icahn Group. 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 (collectively, the "Icahn Group"). During the years ended December 31, 2019, 2018 and 2017, the Company purchased approximately $57 million, $39 million and $13 million, respectively worth of goods and services from these related parties. In May 2018, the Company sold approximately $36 million of marketable securities to the Icahn Group at the then current market price of such securities. Transactions and Agreements between Hertz Holdings and Hertz In June 2017, Hertz entered into a master loan agreement with Hertz Holdings for a facility size of up to $425 million at an interest rate based on the U.S. Dollar LIBOR rate plus a margin (the "2017 Master Loan"). In June 2018, upon expiration of the 2017 Master Loan, Hertz entered into a master loan agreement with Hertz Holdings for a facility size of $425 million with an expiration in June 2019 (the "2018 Master Loan") where amounts outstanding under the 2017 Master Loan were transferred to the 2018 Master Loan. In June 2019, upon expiration of the 2018 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 2020 (the "2019 Master Loan") where amounts outstanding under the 2018 Master Loan were transferred to the 2019 Master Loan. The interest rate is based on the U.S. Dollar LIBOR rate plus a margin. As of December 31, 2019 and 2018, there was $129 million and $117 million outstanding under the 2019 Master Loan and 2018 Master Loan, respectively, representing advances and any accrued but unpaid interest. Additionally, Hertz has a due to an affiliate in the amount of $65 million as of December 31, 2019 and 2018, respectively which represents a tax-related liability to Hertz Holdings. The net impact of the above amounts are included in stockholder's 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 of directors. 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. The Company's Nominating and Governance Committee oversees compliance through our Standards of Business Conduct, reviews conflicts of interest involving directors and determines whether to approve each transaction that involves the Company or any of its affiliates, on one hand, and (directly or indirectly) a director or member of his or her family or any entity managed by any such person, on the other hand. 767 Auto Leasing LLC In January 2018, Hertz entered into a Master Motor Vehicle Lease and Management Agreement (the “767 Lease Agreement”) pursuant to which Hertz granted 767 Auto Leasing LLC (“767”), an entity affiliated with 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 leases the vehicles purchased by 767 under the 767 Lease Agreement or from third parties, under a mutually developed fleet plan and Hertz manages, services, repairs, sells and maintains those leased vehicles on behalf of 767. Hertz currently rents the leased vehicles to drivers of TNCs from rental counters within locations leased or owned by affiliates of 767 ("Icahn Locations"), including locations operated under a master lease agreement with The Pep Boys - Manny, Joe & Jack. The 767 Lease Agreement had an initial term, as extended, of approximately 22 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. ("AEPC"), an entity affiliated with the Icahn Group. During 2019 and 2018, AEPC contributed $49 million and $60 million, respectively to 767 along with certain services. The Company is entitled to 25% of the profit from the rental of the leased vehicles, as specified in the 767 Lease Agreement, which is variable and based primarily on the rental revenue, less certain vehicle-related costs, such as depreciation, licensing and maintenance expenses. The Company has determined that it is the primary beneficiary of 767 due to its power to direct the activities of 767 that most significantly impact 767's economic performance and the Company's obligation to absorb 25% of 767's gains/losses. Accordingly, 767 is consolidated by the Company as a VIE. In October 2019, the 767 Lease Agreement was amended such that, among other changes, 767 vehicles will be available for rent from Hertz locations that are opened in replacement of closed Icahn Locations, and the 767 vehicles may be available for rent to traditional off-airport customers in addition to TNC drivers, when certain conditions apply.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Worldwide vehicle rental	$ 9,107	$ 8,756	$ 8,163
All other operations	672	748	640
Total revenues	9,779	9,504	8,803
Expenses:
Direct vehicle and operating	5,486	5,355	4,958
Depreciation of revenue earning vehicles and lease charges	2,565	2,690	2,798
Selling, general and administrative	969	1,017	880
Interest expense, net:
Total interest expense, net	805	739	637
Goodwill and intangible asset impairments	0	0	86
Other (income) expense, net	(59)	(40)	19
Total expenses	9,766	9,761	9,378
Income (loss) before income taxes	13	(257)	(575)
Income tax (provision) benefit	(63)	30	902
Net income (loss)	(50)	(227)	327
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	8	(2)	0
Net (income) loss attributable to noncontrolling interests		(2)	0
Net income (loss) attributable to Hertz Global	$ (58)	$ (225)	$ 327
Weighted-average shares outstanding:
Basic (in shares)	117	96	95
Diluted (in shares)	117	96	95
Earnings (loss) per share:
Basic earnings (loss) per share (in dollars per share)	$ (0.49)	$ (2.35)	$ 3.44
Diluted earnings (loss) per share (in dollars per share)	$ (0.49)	$ (2.35)	$ 3.44
The Hertz Corporation
Revenues:
Worldwide vehicle rental	$ 9,107	$ 8,756	$ 8,163
All other operations	672	748	640
Total revenues	9,779	9,504	8,803
Expenses:
Direct vehicle and operating	5,486	5,355	4,958
Depreciation of revenue earning vehicles and lease charges	2,565	2,690	2,798
Selling, general and administrative	969	1,017	880
Interest expense, net:
Total interest expense, net	798	732	632
Goodwill and intangible asset impairments	0	0	86
Other (income) expense, net	(59)	(40)	19
Total expenses	9,759	9,754	9,373
Income (loss) before income taxes	20	(250)	(570)
Income tax (provision) benefit	(65)	28	902
Net income (loss)	(45)	(222)	332
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	8	(2)	0
Net income (loss) attributable to Hertz Global	(53)	(220)	332
Vehicles
Interest expense, net:
Total interest expense, net	(494)	(448)	(331)
Vehicles \| The Hertz Corporation
Interest expense, net:
Total interest expense, net	(494)	(448)	(331)
Non-Vehicle
Interest expense, net:
Total interest expense, net	(311)	(291)	(306)
Non-Vehicle \| The Hertz Corporation
Interest expense, net:
Total interest expense, net	$ (304)	$ (284)	$ (301)

Debt (Debt Eliminated in Consolidation) (Details) - Eliminations $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
HVF II Series 2018-1 Class D Notes
Debt Instrument [Line Items]
Related party transaction, amount	$ 58
HVF II Series 2018-2 Class D Notes
Debt Instrument [Line Items]
Related party transaction, amount	13
HVF II Series 2018-3 Class D Notes
Debt Instrument [Line Items]
Related party transaction, amount	13
HVF II Series 2019-1 Class D Notes
Debt Instrument [Line Items]
Related party transaction, amount	45
HVF II Series 2019-2 Class D Notes
Debt Instrument [Line Items]
Related party transaction, amount	49
Total
Debt Instrument [Line Items]
Related party transaction, amount	$ 178

Stock-Based Compensation (Summary of PSU and RSU activity under the omnibus plan) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Performance Stock Units \| Common Stock, Basic Subscription Right
Options, Outstanding [Roll Forward]
Granted (in shares)	166,248
Restricted Stock Units \| Common Stock, Basic Subscription Right
Options, Outstanding [Roll Forward]
Granted (in shares)	85,453
Omnibus Plan \| Performance Stock Units
Options, Outstanding [Roll Forward]
Outstanding beginning balance (in shares)	1,567,126
Granted (in shares)	1,295,113
Vested (in shares)	(94,686)
Forfeited or Expired (in shares)	(519,910)
Outstanding ending balance (in shares)	2,247,643	1,567,126
Weighted-Average Fair Value
Outstanding beginning balance (in dollars per share)	$ 21.61
Granted (in dollars per share)	19.05
Vested (in dollars per share)	30.59
Forfeited or Expired (In dollars per share)	24.55
Outstanding ending balance (in dollars per share)	$ 19.08	$ 21.61
Aggregate intrinsic value, Outstanding	$ 21	$ 12
Omnibus Plan \| Restricted Stock Units
Options, Outstanding [Roll Forward]
Outstanding beginning balance (in shares)	1,122,233
Granted (in shares)	677,479
Vested (in shares)	(536,802)
Forfeited or Expired (in shares)	(218,641)
Outstanding ending balance (in shares)	1,044,269	1,122,233
Weighted-Average Fair Value
Outstanding beginning balance (in dollars per share)	$ 20.11
Granted (in dollars per share)	18.66
Vested (in dollars per share)	22.00
Forfeited or Expired (In dollars per share)	18.81
Outstanding ending balance (in dollars per share)	$ 18.43	$ 20.11
Aggregate intrinsic value, Outstanding	$ 16	$ 15

Stock-Based Compensation (Summary of the total compensation expense and associated recognized income tax benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Compensation Expense and Tax Benefit
Compensation expense	$ 18	$ 14	$ 19
Income tax benefit	(2)	(3)	(8)
Total	$ 16	$ 11	$ 11

Fair Value Measurements

12 Months Ended

Dec. 31, 2019

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.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

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

Cash Equivalents, Restricted Cash Equivalents and Investments

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

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

The following table summarizes the ending balances of the Company's cash equivalents, restricted cash equivalents and investments:



	December 31, 2019								December 31, 2018
(In millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Money market funds and time deposits	$	531	$	—	$	—	$	531	$	701	$	—	$	—	$	701
Marketable securities	74		—		—		74		44		—		—		44

Debt Obligations



	As of December 31, 2019				As of December 31, 2018
(In millions)	Nominal Unpaid Principal Balance		Aggregate Fair Value		Nominal Unpaid Principal Balance		Aggregate Fair Value
Non-Vehicle Debt	$	3,755	$	3,840	$	4,455	$	4,011
Vehicle Debt	13,415		13,529		11,945		11,891
Total	$	17,170	$	17,369	$	16,400	$	15,902

Financial Instruments

The fair value of the Company's financial instruments as of December 31, 2019 and 2018 are disclosed in Note 11, "Financial Instruments." The Company's financial instruments are classified as Level 2 assets and liabilities and are priced using quoted market prices for similar assets or liabilities in active markets.

Condensed Financial Information Disclosure [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

Debt (Debt Maturities) (Details) - USD ($) $ in Millions	12 Months Ended
Debt (Debt Maturities) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2019
Maturities of Long-term Debt [Abstract]
2020		$ 2,438
2021		6,294
2022		2,281
2023		2,379
2024		2,351
After 2024		1,427
Senior ABL Facility
Debt Instrument [Line Items]
Fixed charge coverage ratio number of quarters	1 year
Corporate Debt
Maturities of Long-term Debt [Abstract]
2020		20
2021		19
2022		868
2023		620
2024		801
After 2024		1,427
Fleet Debt
Maturities of Long-term Debt [Abstract]
2020		2,418
2021		6,275
2022		1,413
2023		1,759
2024		1,550
After 2024		$ 0

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT

12 Months Ended

Dec. 31, 2019

Schedule I Condensed Financial Information of Registrant

PARENT COMPANY BALANCE SHEETS

(In millions, except par value)



	December 31,
	2019			2018
ASSETS
Investments in subsidiaries, net	$	1,765		$	1,059
Deferred income taxes, net	4			2
Total assets	$	1,769		$	1,061
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value, no shares issued and outstanding	$	—		$	—
Common stock, $0.01 par value, 144 and 86 shares issued, respectively and 142 and 84 shares outstanding, respectively	1			1
Additional paid-in capital	3,024			2,261
Accumulated deficit	(967		)	(909		)
Accumulated other comprehensive income (loss)	(189		)	(192		)
	1,869			1,161
Treasury stock, at cost, 2 shares and 2 shares, respectively	(100		)	(100		)
Total stockholders' equity	$	1,769		$	1,061

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

PARENT COMPANY STATEMENTS OF OPERATIONS

(In millions)



	Years Ended December 31,
	2019			2018			2017
Total Revenues	$	—		$	—		$	—
Expenses:
Interest expense, net	7			7			5
Total expenses	7			7			5
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries	(7		)	(7		)	(5		)
Income tax (provision) benefit	2			2			—
Equity in earnings (losses) of subsidiaries, net of tax	(53		)	(220		)	332
Net income (loss)	$	(58	)	$	(225	)	$	327

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,
	2019			2018			2017
Net income (loss)	$	(58	)	$	(225	)	$	327
Total other comprehensive income (loss)	3			(63		)	53
Total comprehensive income (loss)	$	(55	)	$	(288	)	$	380

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

PARENT COMPANY STATEMENTS OF CASH FLOWS

(In millions)



	Years Ended December 31,
	2019			2018			2017
Net cash provided by (used in) operating activities	$	(7	)	$	(7	)	$	(5	)
Cash flows from financing activities:
Proceeds from loans with Hertz	12			9			6
Proceeds from Rights Offering, net	748			—			—
Contributions to Hertz	(750		)	—			—
Other	(3		)	(2		)	(1		)
Net cash provided by (used in) financing activities	7			7			5
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	$	—		$	—		$	—

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 Global's primary operating company.

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 2019 Annual Report under the caption Item 8, "Financial Statements and Supplementary Data."

On January 1, 2018, Hertz Holdings adopted guidance issued by the FASB on Revenue from Contracts with Customers and, during the fourth fiscal quarter of 2018, adopted guidance on Reporting Comprehensive Income. This resulted in a net adjustment recorded to accumulated deficit of $178 million in the accompanying parent-only balance sheets of Hertz Holdings.Contingencies

For a discussion of the commitments and contingencies of Hertz Holdings, refer to the sections below included in Note 14, "Contingencies and Off-Balance Sheet Commitments," to the Notes to its consolidated financial statements included in this 2019 Annual Report under the caption Item 8, "Financial Statements and Supplementary Data."


•	In re Hertz Global Holdings, Inc. Securities Litigation


•	Litigation Against Former Executives

The remaining sections of Note 14, "Contingencies and Off-Balance Sheet Commitments," and Note 9, "Leases," describe the commitments and contingencies of Hertz Holdings, including its subsidiaries.Dividends

There were no non-cash dividends paid by Hertz in 2019, 2018, or 2017.

Share Repurchase

For a discussion of the share repurchase program of Hertz Holdings, refer to Note 16, "Equity and Earnings (Loss) Per Share - Hertz Global" to the notes to the Company's consolidated financial statements in this 2019 Annual Report under the caption Item 8, "Financial Statements and Supplementary Data." As of December 31, 2019, 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, 2019 and 2018.Transactions with Affiliates

For a discussion of Hertz Holdings transactions with Hertz under the master loan, refer to Note 15, "Related Party Transactions," to the notes to the Company's consolidated financial statements in this 2019 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.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Significant Accounting Policies

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, its wholly owned and majority owned U.S. and international subsidiaries, and its VIEs, as applicable. The consolidated financial statements of Hertz include the accounts of Hertz, its wholly owned and majority owned U.S. and international subsidiaries, and its VIEs, as applicable. The Company consolidates a VIE when it is deemed the primary beneficiary. The Company accounts for its investment in joint ventures using the equity method when it has significant influence but not control and is not the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation.

Out of Period Adjustments

The Company identified a misstatement in its prior period consolidated financial statements related to the income tax provision that it corrected during the fourth quarter of 2019. This error was the result of an incorrect apportionment factor applied in the valuation allowance calculation during 2017; the cumulative impact of the adjustment was an increase in net loss of approximately $27 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, 2019.

Use of Estimates and Assumptions

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

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

Revenue Earning Vehicles

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

For 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 in accumulated depreciation for excess mileage and vehicle condition, as necessary, during the holding period.

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 bear the risk of 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 residual value or holding period.

Self-insured Liabilities

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

A goodwill impairment charge is calculated as the amount by which a reporting unit's carrying amount exceeds its fair value. For goodwill, fair value is determined using an income approach based on the discounted cash flows of each reporting unit. A reporting unit is an operating segment or a business one level below that operating segment (the component level) if discrete financial information is prepared and regularly reviewed by segment management. Components are aggregated into a single reporting unit when they have similar economic characteristics. The Company has 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 about the underlying business activities of the Company’s reporting units.

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

Subrogation Receivables

The Company records receivables for vehicle damage caused while a vehicle is on rent with a customer based on billed and unbilled recoveries and represents the amount of damage the Company expects to recover. Amounts recorded are estimated using a combination of actual historical data with respect to damage expense and collections and other facts and circumstances. Subrogation receivables are recorded as a contra-expense (i.e. a credit to direct vehicle and operating expense in the accompanying consolidated statements of operations) in the period in which the expense was incurred. The Company had net subrogation receivables of $109 million and $84 million which are included in non-vehicle receivables, net in the accompanying consolidated balance sheets as of December 31, 2019 and 2018, respectively.

Income Taxes

The Company recognized the effects of income tax reform, the TCJA, when enacted 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. As of December 31, 2018, the Company completed its accounting for and recorded the tax effects of the TCJA and elected to account for taxes on Global Intangible Low-Taxed Income ("GILTI") as incurred. In 2018 and 2019, the Company asserted indefinite reinvestment on certain of its foreign earnings.

Revenue Recognition

In February 2016, the Financial Accounting Standards Board (the "FASB") issued guidance that replaced the existing lease guidance in U.S. GAAP and in 2018 and 2019 issued amendments and updates to the new lease standard (collectively "Topic 842"). The impact of the adoption of Topic 842 is disclosed below in "Recently Issued Accounting Pronouncements." Upon adoption of Topic 842, on January 1, 2019, the Company accounts for revenue earned from vehicle rentals and rental related activities wherein an identified asset is transferred to the customer and the customer has the ability to control that asset under Topic 842. Prior to the adoption of Topic 842, the Company accounted for such revenue under Revenue from Contracts with Customers ("Topic 606"), and prior to the adoption of Topic 606 the Company recognized revenue under existing guidance under U.S. GAAP ("Topic 605"). As such, vehicle rental and rental related revenue is recognized under Topic 842 for the year ended December 31, 2019, under Topic 606 for the year ended December 31, 2018 and under Topic 605 for the year ended December 31, 2017. The policy that follows herein is applicable under Topics 842, 606 and 605 unless otherwise noted.

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

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

Vehicle Rental and Rental Related Revenues

The Company recognizes revenue from its vehicle rental operations when persuasive evidence of a contract exists, the performance obligations have been satisfied, the transaction price is fixed or determinable and collection is

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

Loyalty Programs - The Company offers loyalty programs, primarily Hertz Gold Plus Rewards, wherein customers are eligible to earn loyalty points that are redeemable for free rental days or can be converted to loyalty points for redemption of products and services under loyalty programs of other companies. Upon adoption of Topic 606, each transaction that generates loyalty points results in the deferral of revenue equivalent to the retail value at the date the points are earned. The associated revenue is recognized when the customer redeems the loyalty points at some point in the future. The retail value of loyalty points is estimated based on the current retail value measured as of the date the loyalty points are earned, less an estimated amount representing loyalty points that are not expected to be redeemed (“breakage”). Breakage is reviewed on a quarterly basis and includes significant assumptions such as historical breakage trends and internal Company forecasts. Under Topic 605, for each transaction that generated loyalty points, the Company would accrue an expense associated with the incremental cost of providing the rental when the reward points were earned.

Customer Rebates - The Company has business customers that rent vehicles based on terms that have been negotiated through contracts with their employers, or other entities with which they are associated (“commercial contracts”), which can differ substantially from the terms on which the Company rents vehicles to the general public. Some of the commercial contracts contain provisions which allow for rebates to the entity based on achieving a specific rental volume threshold. Rebates are treated as lease incentives under Topic 842 and variable consideration under Topic 606, and are recognized as a reduction of revenue at the time of the rental based on the rebate expected to be earned by the entity.

Licensee Revenue

The Company has franchise agreements which allow an independent entity to rent their vehicles under the Company’s brands, primarily Hertz, Dollar or Thrifty, for a fee (“franchise fee”). Franchise fees are earned over time for the duration of the franchise agreement and are typically based on the larger of a minimum payment or an amount representing a percentage of net sales of the franchised business. Under Topic 606, franchise fees are recognized as earned and when collectability is reasonably assured. Franchise fees that relate to a future contract term, such as initial fees or renewal fees, are deferred and recognized over the term of the franchise agreement. Under Topic 605, initial franchise fees were recorded as deferred income when received and were recognized as revenue when all material services and conditions related to the franchise fee had been substantially performed. Renewal franchise fees were recognized as revenue when the license agreements were effective and collectability was reasonably assured.

Ancillary Retail Vehicle Sales Revenue

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

Fleet Management Revenue

The Company's Donlen subsidiary generates revenue from various fleet leasing and fleet management services. Donlen’s operating leases for fleets have lease periods that are typically for twelve months, after which the lease converts to a month-to-month lease, allowing the vehicle to be surrendered any time thereafter. The Company's fleet leases contain a terminal rental adjustment clause ("TRAC") where, upon sale of the vehicle following the termination of the lease, a TRAC adjustment may result through which the lessee is credited or charged with the gain or loss on the vehicle's disposal. Such TRAC adjustments are considered variable charges. Fleet management services are comprised of fuel purchasing and management, preventive vehicle maintenance, repair consultation, toll management and accident management. Fleet management revenue is recognized net of any fees collected from customers on behalf of third-party service providers, as services are rendered.

Contract Balances

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

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

Restricted cash and restricted cash equivalents includes cash and cash equivalents that are not readily available for use in the Company's operating activities. Restricted cash and restricted cash equivalents are primarily comprised of proceeds from the disposition of vehicles pledged under the terms of vehicle debt financing arrangements and is restricted for the purchase of revenue earning vehicles and other specified uses under the vehicle debt facilities and the LKE program, 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.

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

Receivables, Net of Allowance

Receivables are stated net of allowances and primarily represent credit extended to vehicle manufacturers, customers that satisfy defined credit criteria, and amounts due from customers resulting from damage to rental vehicles. The estimate of the allowance for doubtful accounts is based on the Company's 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 expense in the accompanying consolidated statements of operations.

Property and Equipment, Net

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



	December 31, 2019			December 31, 2018
Land, buildings and leasehold improvements	$	1,271		$	1,220
Service vehicles, equipment and furniture and fixtures	798			782
Less: accumulated depreciation	(1,312		)	(1,224		)
Total property and equipment, net	$	757		$	778

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

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



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

Depreciation expense for property and equipment, net for the years ended December 31, 2019, 2018 and 2017 was $122 million, $129 million and $143 million, respectively.

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

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.

Stock-Based Compensation

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

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

Fair Value Measurements

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.

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.

Foreign Currency Translation and Transactions

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

Advertising

Advertising 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, 2019, 2018 and 2017 were $318 million, $238 million and $191 million, respectively.

Divestitures

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

Recently Issued Accounting Pronouncements

Adopted

Leases

In February 2016, the Financial Accounting Standards Board (the "FASB") issued guidance that replaced the existing lease guidance in U.S. GAAP and in 2018 and 2019 issued amendments and updates to the new lease standard (collectively "Topic 842"). Topic 842 established 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. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Topic 842 also expanded 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.

The Company adopted this guidance effective January 1, 2019 using a simplified transition approach for both lessees and lessors. Prior periods have not been retrospectively adjusted and are in conformance with the then existing guidance under U.S. GAAP for the Company as a lessee ("Topic 840"). Then existing guidance for the Company as a lessor is disclosed above in "Revenue Recognition". The Company utilized the package of practical expedients for existing or expired contracts and did not reassess whether such contracts contain leases, the lease classification or the initial direct costs. Additionally, the Company utilized the historical lease term and did not utilize the practical expedient allowing the use of hindsight in determining the lease term and in assessing impairment of its ROU assets. To determine the present value of its lease payments as of January 1, 2019, the Company utilized the interest rate implicit in the lease agreement. If the Company was unable to determine the implicit interest rate, the collateralized incremental borrowing rate as of January 1, 2019 was utilized. Also, with respect to the Company's real estate leases, vehicle leases and fleet leases, the Company availed itself of the practical expedient for lessees and lessors and elected an accounting policy by class of underlying asset to combine lease and non-lease components, where permissible.

As of January 1, 2019, the Company accounts for revenue earned from vehicle rentals and rental related activities wherein an identified asset is transferred to the customer and the customer has the ability to control that asset under Topic 842. Prior to the adoption of Topic 842, the Company accounted for such revenue under Topic 606, as disclosed above in "Revenue Recognition".

Hertz Global



(In millions)	Operating Lease Right-of-Use Assets		Prepaid and Other Assets			Total Assets		Operating Lease Liabilities		Accrued Liabilities			Total Liabilities		Total Liabilities and Stockholders' Equity
As of December 31, 2018	$	—	$	902		$	21,382	$	—	$	1,304		$	20,262	$	21,382
Effect of Adopting Topic 842	1,585		(45		)	1,540		1,588		(48		)	1,540		1,540
As of January 1, 2019	$	1,585	$	857		$	22,922	$	1,588	$	1,256		$	21,802	$	22,922

Hertz



(In millions)	Operating Lease Right-of-Use Assets		Prepaid and Other Assets			Total Assets		Operating Lease Liabilities		Accrued Liabilities			Total Liabilities		Total Liabilities and Stockholder's Equity
As of December 31, 2018	$	—	$	902		$	21,382	$	—	$	1,304		$	20,264	$	21,382
Effect of Adopting Topic 842	1,585		(45		)	1,540		1,588		(48		)	1,540		1,540
As of January 1, 2019	$	1,585	$	857		$	22,922	$	1,588	$	1,256		$	21,804	$	22,922

Adoption of Topic 842 did not impact the Company's results of operations or cash flows. See Note 9, "Leases," for information regarding the Company’s accounting policies for leases, as well as other required disclosures under Topic 842.

Changes to Disclosure Requirements for Defined Benefit Plans

In August 2018, the FASB issued guidance that modifies disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans to remove disclosures no longer considered cost beneficial, add disclosures identified as relevant and clarify certain disclosure requirements. The guidance is effective for annual periods beginning after December 15, 2020 using a retrospective transition method. The Company adopted this guidance early, as permitted, on December 31, 2019, using a retrospective basis. The adoption of this guidance did not impact the Company's financial position, results of operations or cash flows. See Note 7 , Employee Retirement Benefits for revised disclosures in accordance with this guidance.

Not Yet Adopted as of December 31, 2019

Measurement of Credit Losses on Financial Instruments

In June 2016, the FASB issued guidance that sets forth a current expected credit loss impairment model for financial assets, which replaces the current incurred loss model, and in 2018 and 2019 issued amendments and updates to the new standard. This model requires a financial asset (or group of financial assets), including trade receivables, measured at amortized cost to be presented at the net amount expected to be collected with an allowance for credit losses deducted from the amortized cost basis. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. This guidance is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods using a modified retrospective transition method. The Company completed its analysis and adoption of this guidance is not expected to have a material impact on the Company's financial position, results of operations or cash flows.

Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement

In August 2018, the FASB issued guidance on a customer's accounting for implementation fees paid in a cloud computing service contract arrangement that addresses which implementation costs to capitalize as an asset and which costs to expense. Capitalized implementation fees are to be expensed over the term of the cloud computing arrangement, and the expense is required to be recognized in the same line item in the income statement as the associated hosting service expenses. The entity is also required to present the capitalized implementation fees on the balance sheet in the same line item as the prepayment for hosting service fees associated with the cloud computing arrangement.

The guidance is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods using a retrospective or prospective transition method. Early adoption is permitted, including adoption in any interim period. The Company intends to adopt this guidance when effective, on January 1, 2020, using a prospective transition method. The Company completed its analysis and adoption of this guidance is not expected to have a material impact on the Company's financial position, results of operations or cash flows.

Simplifying the Accounting for Income Taxes

In December 2019, the FASB issued guidance that simplifies the accounting for income taxes by removing certain exceptions in existing guidance and improves consistency in application by clarifying and amending existing guidance. This guidance is effective for annual periods beginning after December 15, 2020, and interim periods within those annual periods, where the transition method varies depending upon the specific amendment. Early adoption is permitted, including adoption in any interim period. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period, and all amendments must be adopted in the same period. The Company is in the process of assessing the overall impact of adopting this guidance on its financial position, results of operations and cash flows.

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Receivables allowances:
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward]
Balance at Beginning of Period	$ 27	$ 33	$ 42
Additions, Charged to Expense	53	35	33
Additions, Translation Adjustments	0	(1)	3
Deductions	(45)	(40)	(45)
Balance at End of Period	35	27	33
Tax valuation allowances:
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward]
Balance at Beginning of Period	318	305	230
Additions, Charged to Expense	75	21	57
Additions, Translation Adjustments	3	1	18
Deductions	0	(9)	0
Balance at End of Period	$ 396	$ 318	$ 305

Goodwill and Intangible Assets, Net

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Goodwill

At October 1, 2018 and 2019, the Company performed its annual goodwill impairment test, and the results of which 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 for the years ended December 31, 2018 and 2019.

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 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, 2019
Goodwill	$	1,029	$	236		$	36	$	1,301
Accumulated impairment losses	—		(218		)	—		(218		)
	1,029		18			36		1,083
Goodwill acquired and other changes during the period	—		—			—		—
	—		—			—		—
Balance as of December 31, 2019
Goodwill	1,029		236			36		1,301
Accumulated impairment losses	—		(218		)	—		(218		)
	$	1,029	$	18		$	36	$	1,083



(In millions)	U.S. Rental Car		International Rental Car			All Other Operations		Total
Balance as of January 1, 2018
Goodwill	$	1,029	$	237		$	36	$	1,302
Accumulated impairment losses	—		(218		)	—		(218		)
	1,029		19			36		1,084
Goodwill acquired and other changes during the period⁽¹⁾	—		(1		)	—		(1		)
	—		(1		)	—		(1		)
Balance as of December 31, 2018
Goodwill	1,029		236			36		1,301
Accumulated impairment losses	—		(218		)	—		(218		)
	$	1,029	$	18		$	36	$	1,083


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

Intangible Assets, Net

The Company's indefinite-lived intangible assets primarily consist of the Hertz and Dollar Thrifty tradenames. In 2017, as a result of declines in revenues 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 tradename 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. The Company also tested the recoverability of its indefinite-lived intangible assets as of its annual test date of October 1, 2017 and concluded there was no impairment of either tradename. Additionally, the Company tested the recoverability of its indefinite-lived intangible assets as of its annual test dates of October 1, 2018 and 2019 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 impairment in 2017 was largely due to a decrease 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, 2019
(In millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Value
Amortizable intangible assets:
Customer-related	$	333	$	(313	)	$	20
Concession rights	414		(324		)	90
Technology-related intangibles⁽¹⁾	515		(236		)	279
Other⁽²⁾	74		(64		)	10
Total	1,336		(937		)	399
Indefinite-lived intangible assets:
Tradenames	2,814		—			2,814
Other⁽³⁾	25		—			25
Total	2,839		—			2,839
Total intangible assets, net	$	4,175	$	(937	)	$	3,238



	December 31, 2018
(In millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Value
Amortizable intangible assets:
Customer-related	$	333	$	(309	)	$	24
Concession rights	413		(279		)	134
Technology-related intangibles⁽¹⁾	412		(219		)	193
Other⁽²⁾	82		(69		)	13
Total	1,240		(876		)	364
Indefinite-lived intangible assets:
Tradenames	2,814		—			2,814
Other⁽³⁾	25		—			25
Total	2,839		—			2,839
Total intangible assets, net	$	4,079	$	(876	)	$	3,203


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


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


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



	Years Ended December 31,
(In millions)	2019		2018		2017
Amortization of intangible assets	$	81	$	89	$	97

The following table summarizes the Company's expected amortization expense based on its amortizable intangible assets as of December 31, 2019:



(In millions)
2020	$	105
2021	94
2022	50
2023	43
2024	40
After 2024	67
Total expected amortization expense	$	399

Debt (Loss on Extinguishment of Debt) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	$ 43	$ 22	$ 13
Non-Vehicle
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	43	0	13
Vehicles
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	0	22	0
Senior Revolving Credit Facility \| Non-Vehicle
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	0	0	7
4.25% Senior Notes due April 2018 \| Non-Vehicle
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	0	0	6
5.875% Senior Notes due October 2020 \| Non-Vehicle
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	2	0	0
7.375% Senior Notes due January 2021 \| Non-Vehicle
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	2	0	0
Senior Second Priority Secured Notes, 7.625%, Due 2022 \| Non-Vehicle
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	39	0	0
HVF II Series 2017-A \| Vehicles
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	0	2	0
4.375% Senior Notes due January 2019 \| Vehicles
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	$ 0	$ 20	$ 0

Equity and Earnings (Loss) Per Share - Hertz Global (Computatin of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Numerator:
Net income (loss) attributable to Hertz Global									$ (58)	$ (225)	$ 327
Denominator:
Basic weighted average common shares (in shares)									117	96	95
Unadjusted Basic Weighted Average Shares Outstanding									84	84	83
Rights Offering Adjustment									6	12	12
Stock Issued During Period, Shares, Issued Under Rights Offering									27	0	0
Stock options, RSUs and PSUs (in shares)									0	0	0
Weighted average shares used to calculate diluted earnings per share (in shares)									117	96	95
Weighted Average Number of Shares Outstanding, Basic and Diluted									117	96	95
Antidilutive stock options, RSUs, PSUs and conversion shares (in shares)									2	1	3
Earnings (loss) per share:
Basic earnings (loss) per share (in dollars per share)	$ (0.83)	$ 1.26	$ 0.40	$ (1.54)	$ (1.05)	$ 1.47	$ (0.66)	$ (2.13)	$ (0.49)	$ (2.35)	$ 3.44
Diluted earnings (loss) per share (in dollars per share)	$ (0.83)	$ 1.26	$ 0.40	$ (1.54)	$ (1.05)	$ 1.47	$ (0.66)	$ (2.13)	$ (0.49)	$ (2.35)	$ 3.44

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

12 Months Ended

Dec. 31, 2019

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

Condensed Balance Sheet

THE HERTZ CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2018

(In millions)



	Parent (The Hertz Corporation)		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			The Hertz Corporation & Subsidiaries
ASSETS
Cash and cash equivalents	$	576	$	3	$	548	$	—		$	1,127
Restricted cash and cash equivalents	137		8		138		—			283
Total cash, cash equivalents, restricted cash and restricted cash equivalents	713		11		686		—			1,410
Receivables, net of allowance	421		174		992		—			1,587
Due from affiliates	3,522		5,312		9,101		(17,935		)	—
Prepaid expenses and other assets	4,863		34		269		(4,264		)	902
Revenue earning vehicles, net	421		1		11,997		—			12,419
Property and equipment, net	590		64		124		—			778
Investment in subsidiaries, net	7,648		1,526		—		(9,174		)	—
Intangible assets, net	160		3,039		4		—			3,203
Goodwill	102		943		38		—			1,083
Total assets	$	18,440	$	11,104	$	23,211	$	(31,373	)	$	21,382
LIABILITIES AND STOCKHOLDER'S EQUITY
Due to affiliates	$	11,351	$	2,306	$	4,278	$	(17,935	)	$	—
Accounts payable	388		97		503		—			988
Accrued liabilities	823		69		412		—			1,304
Accrued taxes, net	67		15		2,359		(2,305		)	136
Debt	4,567		—		11,757		—			16,324
Public liability and property damage	185		41		192		—			418
Deferred income taxes, net	—		1,729		1,324		(1,959		)	1,094
Total liabilities	17,381		4,257		20,825		(22,199		)	20,264
Stockholder's equity:
Total stockholder's equity attributable to Hertz	1,059		6,847		2,327		(9,174		)	1,059
Noncontrolling interests	—		—		59		—			59
Total stockholder's equity	1,059		6,847		2,386		(9,174		)	1,118
Total liabilities and stockholder's equity	$	18,440	$	11,104	$	23,211	$	(31,373	)	$	21,382

Condensed Income Statement

For the Year Ended December 31, 2018

(In millions)



	Parent (The Hertz Corporation)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			The Hertz Corporation & Subsidiaries
Total revenues	$	4,769		$	1,448		$	7,785		$	(4,498	)	$	9,504
Expenses:
Direct vehicle and operating	3,286			711			1,358			—			5,355
Depreciation of revenue earning vehicles and lease charges	4,268			354			2,566			(4,498		)	2,690
Selling, general and administrative	681			69			267			—			1,017
Interest (income) expense, net	416			(155		)	471			—			732
Other (income) expense, net	(33		)	—			(7		)	—			(40		)
Total expenses	8,618			979			4,655			(4,498		)	9,754
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries	(3,849		)	469			3,130			—			(250		)
Income tax (provision) benefit	807			(102		)	(677		)	—			28
Equity in earnings (losses) of subsidiaries, net of tax	2,822			291			—			(3,113		)	—
Net income (loss)	(220		)	658			2,453			(3,113		)	(222		)
Net (income) loss attributable to noncontrolling interests	—			—			2			—			2
Net income (loss) attributable to Hertz	(220		)	658			2,455			(3,113		)	(220		)
Total other comprehensive income (loss), net of tax	(63		)	(7		)	(33		)	40			(63		)
Comprehensive income (loss) attributable to Hertz	$	(283	)	$	651		$	2,422		$	(3,073	)	$	(283	)

THE HERTZ CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Year Ended December 31, 2017

(In millions)



	Parent (The Hertz Corporation)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			The Hertz Corporation & Subsidiaries
Total revenues	$	4,361		$	1,381		$	6,442		$	(3,381	)	$	8,803
Expenses:
Direct vehicle and operating	2,937			698			1,323			—			4,958
Depreciation of revenue earning vehicles and lease charges	3,157			413			2,609			(3,381		)	2,798
Selling, general and administrative	612			37			231			—			880
Interest (income) expense, net	400			(105		)	337			—			632
Goodwill and intangible asset impairments	—			86			—			—			86
Other (income) expense, net	30			—			(11		)	—			19
Total expenses	7,136			1,129			4,489			(3,381		)	9,373
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries	(2,775		)	252			1,953			—			(570		)
Income tax (provision) benefit	(925		)	311			1,516			—			902
Equity in earnings (losses) of subsidiaries, net of tax	4,032			629			—			(4,661		)	—
Net income (loss) attributable to Hertz	332			1,192			3,469			(4,661		)	332
Total other comprehensive income (loss), net of tax	53			6			22			(28		)	53
Comprehensive income (loss) attributable to Hertz	$	385		$	1,198		$	3,491		$	(4,689	)	$	385

Condensed Cash Flow Statement

THE HERTZ CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2018

(In millions)



	Parent (The Hertz Corporation)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			The Hertz Corporation & Subsidiaries
Net cash provided by (used in) operating activities	$	468		$	5		$	4,684		$	(2,594	)	$	2,563
Cash flows from investing activities:
Revenue earning vehicles expenditures	(408		)	—			(12,085		)	—			(12,493		)
Proceeds from disposal of revenue earning vehicles	276			—			8,176			—			8,452
Non-vehicle capital asset expenditures	(134		)	(10		)	(33		)	—			(177		)
Proceeds from non-vehicle capital assets disposed of or to be disposed of	36			—			15			—			51
Purchase of marketable securities	(60		)	—			—			—			(60		)
Sales of marketable securities	36			—			—			—			36
Acquisitions, net of cash acquired	(2		)	—			—			—			(2		)
Other	—			—			(4		)	—			(4		)
Capital contributions to subsidiaries	(3,178		)	—			—			3,178			—
Return of capital from subsidiaries	2,832			—			—			(2,832		)	—
Net cash provided by (used in) investing activities	(602		)	(10		)	(3,931		)	346			(4,197		)
Cash flows from financing activities:
Proceeds from issuance of vehicle debt	2,328			—			11,681			—			14,009
Repayments of vehicle debt	(2,368		)	—			(10,058		)	—			(12,426		)
Proceeds from issuance of non-vehicle debt	557			—			—			—			557
Repayments of non-vehicle debt	(571		)	—			—			—			(571		)
Payment of financing costs	(1		)	—			(46		)	—			(47		)
Early redemption premium payment	—			—			(19		)	—			(19		)
Advances to Hertz Holdings	(9		)	—			—			—			(9		)
Contributions from noncontrolling interests	—			—			60			—			60
Capital contributions received from parent	—			—			3,178			(3,178		)	—
Payment of dividends and return of capital	—			—			(5,426		)	5,426			—
Net cash provided by (used in) financing activities	(64		)	—			(630		)	2,248			1,554
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	—			—			(14		)	—			(14		)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	(198		)	(5		)	109			—			(94		)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	911			16			577			—			1,504
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$	713		$	11		$	686		$	—		$	1,410

THE HERTZ CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2017

(In millions)



	Parent (The Hertz Corporation)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			The Hertz Corporation & Subsidiaries
Net cash provided by (used in) operating activities	$	246		$	28		$	3,501		$	(1,376	)	$	2,399
Cash flows from investing activities:
Revenue earning vehicles expenditures	(314		)	(5		)	(10,277		)	—			(10,596		)
Proceeds from disposal of revenue earning vehicles	213			—			7,440			—			7,653
Non-vehicle capital asset expenditures	(122		)	(11		)	(40		)	—			(173		)
Proceeds from non-vehicle capital assets disposed of or to be disposed of	7			—			14			—			21
Proceeds from sale of Brazil Operations, net of retained cash	—			—			94			—			94
Sales of marketable securities	—			—			9			—			9
Return of (investment in) equity investment	7			—			—			—			7
Acquisitions, net of cash acquired	—			(10		)	(5		)	—			(15		)
Capital contributions to subsidiaries	(2,979		)	—			—			2,979			—
Return of capital from subsidiaries	2,861			—			—			(2,861		)	—
Proceeds from/repayments of intercompany loan	—			—			19			(19		)	—
Net cash provided by (used in) investing activities	(327		)	(26		)	(2,746		)	99			(3,000		)
Cash flows from financing activities:
Proceeds from issuance of vehicle debt	1,789			—			8,967			—			10,756
Repayments of vehicle debt	(1,796		)	—			(8,448		)	—			(10,244		)
Proceeds from issuance of non-vehicle debt	2,100			—			—			—			2,100
Repayments of non-vehicle debt	(1,560		)	—			—			—			(1,560		)
Payment of financing costs	(23		)	(4		)	(32		)	—			(59		)
Early redemption premium payment	(5		)	—			—			—			(5		)
Advances to Hertz Holdings	(6		)	—			—			—			(6		)
Other	1			—			—			—			1
Capital contributions received from parent	—			—			2,979			(2,979		)	—
Payment of dividends and return of capital	—			—			(4,237		)	4,237			—
Proceeds from/repayments of intercompany loan	(19		)	—			—			19			—
Net cash provided by (used in) financing activities	481			(4		)	(771		)	1,277			983
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	—			—			28			—			28
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	400			(2		)	12			—			410
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	511			18			565			—			1,094
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$	911		$	16		$	577		$	—		$	1,504

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

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, 2019	$	27	$	53	$	—		$	(45	)	⁽¹⁾	$	35
Year Ended December 31, 2018	33		35		(1		)	(40		)	⁽¹⁾	27
Year Ended December 31, 2017	42		33		3			(45		)	⁽¹⁾	33

Tax valuation allowances:
Year Ended December 31, 2019	$	318	$	75	$	3		$	—			$	396
Year Ended December 31, 2018	305		21		1			(9		)	⁽²⁾	318
Year Ended December 31, 2017	230		57		18			—				305


(1)	Amounts written off, net of recoveries.

(2)

The release of the valuation allowance during 2018 was due to the sales or anticipated sales of properties which would generate capital gain.

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Dividends) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Hertz Global Holdings
Condensed Financial Statements, Captions [Line Items]
Settlement of amount due to affiliate	$ 0	$ 0	$ 0
The Hertz Corporation
Condensed Financial Statements, Captions [Line Items]
Settlement of amount due to affiliate	$ 0	$ 0	$ 0

Debt (Debt Sold) (Details)	Dec. 31, 2019
Us Fleet Medium Term Notes 2017 Series 2
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	3.57%

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Alternative Letter of Credit Facility In January 2020, under the terms of the Alternative Letter of Credit Facility, Hertz increased the commitments thereunder by $100 million, such that after giving effect to such increase, there are $200 million of standby letters of credit issued under the facility. HVF II Series 2013-A Notes In February 2020, HVF II extended the maturity of the HVF II Series 2013-A Notes ("2013-A Notes") from March 2021 to March 2022 and increased the commitments thereunder by $750 million. After giving effect to the transactions, the aggregate maximum principal amount of the 2013-A Notes was $4.9 billion, where $0.2 billion of commitments have a maturity of March 2021. HFLF Series 2013-2 Notes In February 2020, HFLF amended the HFLF Series 2013-2 Notes ("2013-2 Notes") to extend the end of the revolving period from March 2021 to March 2022 and increased the commitments thereunder by $100 million, such that the aggregate maximum borrowings of the 2013-2 Notes increased to $600 million.

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

Dec. 31, 2019

Jun. 30, 2019

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

ASSETS

$ 865

$ 1,127

Total cash, cash equivalents, restricted cash and restricted cash equivalents

495

283

1,360

1,410

$ 1,504

$ 1,094

1,840

1,587

$ 425

689

902

13,789

12,419

757

778

1,871

3,238

3,203

1,083

1,084

^[1]

24,627

21,382

943

988

1,186

1,304

150

136

17,089

16,324

1,848

399

418

^[1]

22,739

20,262

1,769

1,061

119

1,888

1,120

1,520

1,075

24,627

21,382

Eliminations

ASSETS

Total cash, cash equivalents, restricted cash and restricted cash equivalents

(17,198)

(17,935)

(5,389)

(4,264)

(8,552)

(9,174)

(31,139)

(31,373)

(17,198)

(17,935)

(3,605)

(2,305)

(1,784)

(1,959)

(22,587)

(22,199)

(8,552)

(9,174)

(8,552)

(9,174)

Parent (The Hertz Corporation) | Reportable Legal Entities

(31,139)

(31,373)

ASSETS

437

576

Total cash, cash equivalents, restricted cash and restricted cash equivalents

137

509

713

424

421

4,099

3,522

5,793

4,863

472

421

597

590

1,282

6,921

7,648

247

160

102

20,446

18,440

12,266

11,351

375

388

670

823

3,867

4,567

1,259

170

185

18,681

17,381

1,765

1,059

1,765

1,059

Guarantor Subsidiaries | Reportable Legal Entities

20,446

18,440

ASSETS

Total cash, cash equivalents, restricted cash and restricted cash equivalents

184

174

4,911

5,312

208

1,631

1,526

2,987

3,039

943

10,966

11,104

1,370

2,306

131

205

1,939

1,729

3,749

4,257

7,217

6,847

7,217

6,847

Non-Guarantor Subsidiaries | Reportable Legal Entities

10,966

11,104

ASSETS

426

548

Total cash, cash equivalents, restricted cash and restricted cash equivalents

418

138

844

686

1,232

992

8,188

9,101

251

269

13,317

11,997

124

381

24,354

23,211

3,562

4,278

437

503

464

412

3,665

2,359

13,222

11,757

384

193

192

973

1,324

22,900

20,825

1,335

2,327

119

1,454

2,386

24,354

23,211

ASSETS

865

1,127

Total cash, cash equivalents, restricted cash and restricted cash equivalents

495

283

1,360

1,410

1,504

1,094

1,840

1,587

689

902

13,789

12,419

757

778

1,871

3,238

3,203

1,083

^[2]

24,627

21,382

943

988

1,186

1,304

150

136

17,089

16,324

1,848

399

418

1,128

1,094

^[2]

22,743

20,264

1,765

1,059

119

1,884

1,118

1,520

1,075

The Hertz Corporation | Eliminations

$ 24,627

21,382

ASSETS

Total cash, cash equivalents, restricted cash and restricted cash equivalents

The Hertz Corporation | Parent (The Hertz Corporation) | Reportable Legal Entities

ASSETS

Total cash, cash equivalents, restricted cash and restricted cash equivalents

713

911

511

The Hertz Corporation | Guarantor Subsidiaries | Reportable Legal Entities

ASSETS

Total cash, cash equivalents, restricted cash and restricted cash equivalents

The Hertz Corporation | Non-Guarantor Subsidiaries | Reportable Legal Entities

ASSETS

Total cash, cash equivalents, restricted cash and restricted cash equivalents

$ 686

$ 577

$ 565

[1]

[2]

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	The Hertz Corporation	Stockholders' Equity Attributable to Hertz Global	Stockholders' Equity Attributable to Hertz Global The Hertz Corporation	Preferred Stock Shares	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	Non- controlling Interests	Non- controlling Interests The Hertz Corporation
Beginning Balance (in shares) at Dec. 31, 2016					0	83,000,000	100								2,000,000
Beginning Balance at Dec. 31, 2016	$ 1,075	$ 1,075	$ 1,075	$ 1,075		$ 1	$ 0	$ 2,227	$ 3,150	$ (37)	$ (882)	$ (1,867)	$ (171)	$ (171)	$ (100)	$ 0
Increase (Decrease) in Stockholders' Equity
Net income (loss)	327	332	327	332							327	332
Due from Hertz Holdings		(5)		(5)						(5)
Other comprehensive income (loss)	53	53	53	53									53	53
Net settlement on vesting of restricted stock (in shares)						1,000,000
Net settlement on vesting of restricted stock	0
Stock-based compensation charges	13	13	13	13				13	13
Other	3	3	3	3				3	3
Ending Balance (in shares) at Dec. 31, 2017					0	84,000,000	100								2,000,000
Ending Balance at Dec. 31, 2017	1,520	1,520	1,520	1,520		$ 1	$ 0	2,243	3,166	(42)	(506)	(1,486)	(118)	(118)	$ (100)	0
Increase (Decrease) in Stockholders' Equity
Adjusted Beginning Balance																	$ 0
Net income (loss)	(227)	(222)	(225)	(220)							(225)	(220)				(2)	(2)
Due from Hertz Holdings		(10)		(10)						(10)
Other comprehensive income (loss)	(63)	(63)	(63)	(63)									(63)	(63)
Net settlement on vesting of restricted stock	(3)		(3)					(3)
Stock-based compensation charges	21	21	21	21				21	21
Reclassification of income tax effects resulting from the Tax Cuts and Jobs Act	0										11	11	(11)	(11)
Contributions from noncontrolling interests	61	61														61	61
Ending Balance (in shares) at Dec. 31, 2018					0	84,000,000	100								2,000,000
Ending Balance at Dec. 31, 2018	1,120	1,118	1,061	1,059		$ 1	$ 0	2,261	3,187	(52)	(909)	(1,884)	(192)	(192)	$ (100)	59	59
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(50)	(45)	(58)	(53)							(58)	(53)				8	8
Due from Hertz Holdings		(12)		(12)						(12)
Other comprehensive income (loss)	3	3	3	3									3	3
Net settlement on vesting of restricted stock	(3)		(3)					(3)
Stock-based compensation charges	18	52	18					18									52
Contributions from noncontrolling interests	52	18		18					18							52
Rights offering, net (in shares)						58,000,000
Rights Offering, net	748	750	748	750				748	750
Ending Balance (in shares) at Dec. 31, 2019					0	142,000,000	100								2,000,000
Ending Balance at Dec. 31, 2019	$ 1,888	$ 1,884	$ 1,769	$ 1,765		$ 1	$ 0	$ 3,024	$ 3,955	$ (64)	$ (967)	$ (1,937)	$ (189)	$ (189)	$ (100)	$ 119	$ 119

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Company's Cash Equivalents and Investments

The following table summarizes the ending balances of the Company's cash equivalents, restricted cash equivalents and investments:



	December 31, 2019								December 31, 2018
(In millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Money market funds and time deposits	$	531	$	—	$	—	$	531	$	701	$	—	$	—	$	701
Marketable securities	74		—		—		74		44		—		—		44

Components of Debt

Accordingly, the related principal amounts below are eliminated in consolidation as of December 31, 2019.



(In millions)	Aggregate Principal Amount
HVF II Series 2018-1 Class D Notes	$	58
HVF II Series 2018-2 Class D Notes	13
HVF II Series 2018-3 Class D Notes	13
HVF II Series 2019-1 Class D Notes	45
HVF II Series 2019-2 Class D Notes	49
Total	$	178

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



Facility	Weighted-Average Interest Rate as of December 31, 2019	Fixed or Floating Interest Rate	Maturity	December 31, 2019			December 31, 2018
Non-Vehicle Debt
Senior Term Loan	4.45%	Floating	6/2023	$	660		$	674
Senior RCF	N/A	Floating	6/2021	—			—
Senior Notes⁽¹⁾	6.11%	Fixed	10/2022-1/2028	2,700			2,500
Senior Second Priority Secured Notes	7.63%	Fixed	6/2022	350			1,250
Promissory Notes	7.00%	Fixed	1/2028	27			27
Other Non-Vehicle Debt	5.70%	Fixed	Various	18			4
Unamortized Debt Issuance Costs and Net (Discount) Premium				(34		)	(33		)
Total Non-Vehicle Debt				3,721			4,422
Vehicle Debt
HVF II U.S. ABS Program
HVF II U.S. Vehicle Variable Funding Notes
HVF II Series 2013-A⁽²⁾	3.09%	Floating	3/2021	2,644			2,940
				2,644			2,940
HVF II U.S. Vehicle Medium Term Notes
HVF II Series 2015-1⁽²⁾	2.93%	Fixed	3/2020	780			780
HVF II Series 2015-3⁽²⁾	3.10%	Fixed	9/2020	371			371
HVF II Series 2016-1⁽²⁾	N/A	N/A	N/A	—			466
HVF II Series 2016-2⁽²⁾	3.41%	Fixed	3/2021	595			595
HVF II Series 2016-3⁽²⁾	N/A	N/A	N/A	—			424
HVF II Series 2016-4⁽²⁾	3.09%	Fixed	7/2021	424			424



Facility	Weighted-Average Interest Rate as of December 31, 2019	Fixed or Floating Interest Rate	Maturity	December 31, 2019			December 31, 2018
HVF II Series 2017-1⁽²⁾	3.38%	Fixed	10/2020	450			450
HVF II Series 2017-2⁽²⁾	3.57%	Fixed	10/2022	350			350
HVF II Series 2018-1⁽²⁾	3.41%	Fixed	2/2023	1,000			1,000
HVF II Series 2018-2⁽²⁾	3.80%	Fixed	6/2021	200			200
HVF II Series 2018-3⁽²⁾	4.15%	Fixed	7/2023	200			200
HVF II Series 2019-1⁽²⁾	3.85%	Fixed	3/2022	700			—
HVF II Series 2019-2⁽²⁾	3.51%	Fixed	5/2024	750			—
HVF II Series 2019-3⁽²⁾	2.91%	Fixed	12/2024	800			—
				6,620			5,260
Donlen U.S. ABS Program
HFLF Variable Funding Notes
HFLF Series 2013-2⁽²⁾	2.67%	Floating	3/2021	286			320
				286			320
HFLF Medium Term Notes
HFLF Series 2015-1⁽³⁾	N/A	N/A	N/A	—			33
HFLF Series 2016-1⁽³⁾	4.89%	Both	1/2020-2/2020	34			171
HFLF Series 2017-1⁽³⁾	2.69%	Both	1/2020-5/2021	229			397
HFLF Series 2018-1⁽³⁾	3.03%	Both	1/2020-9/2022	462			550
HFLF Series 2019-1⁽³⁾	2.65%	Both	2/2020-11/2022	650			—
				1,375			1,151
Vehicle Debt - Other
U.S. Vehicle RCF	4.23%	Floating	6/2021	146			146
European Vehicle Notes⁽⁴⁾	5.07%	Fixed	10/2021-3/2023	810			829
European ABS⁽²⁾	1.60%	Floating	11/2021	766			600
Hertz Canadian Securitization⁽²⁾	3.09%	Floating	3/2021	241			220
Donlen Canadian Securitization⁽²⁾	2.97%	Floating	12/2022	24			—
Australian Securitization⁽²⁾	2.52%	Floating	6/2021	177			155
New Zealand RCF	3.81%	Floating	6/2021	50			40
U.K. Financing Facility	3.06%	Floating	1/2020-9/2022	247			242
Other Vehicle Debt	3.83%	Floating	1/2020-11/2024	29			42
				2,490			2,274
Unamortized Debt Issuance Costs and Net (Discount) Premium				(47		)	(43		)
Total Vehicle Debt				13,368			11,902
Total Debt				$	17,089		$	16,324

N/A - Not applicable


(1)	References to the "Senior Notes" include the series of Hertz's unsecured senior notes set forth in 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, 2019		December 31, 2018
5.875% Senior Notes due October 2020	$	—	$	700
7.375% Senior Notes due January 2021	—		500
6.250% Senior Notes due October 2022	500		500
5.500% Senior Notes due October 2024	800		800
7.125% Senior Notes due August 2026	500		—
6.000% Senior Notes due January 2028	900		—
	$	2,700	$	2,500

(2)

(3)

(4)



(In millions)	Outstanding Principal
European Vehicle Notes	December 31, 2019		December 31, 2018
4.125% Senior Notes due October 2021	$	251	$	257
5.500% Senior Notes due March 2023	559		572
	$	810	$	829



	As of December 31, 2019				As of December 31, 2018
(In millions)	Nominal Unpaid Principal Balance		Aggregate Fair Value		Nominal Unpaid Principal Balance		Aggregate Fair Value
Non-Vehicle Debt	$	3,755	$	3,840	$	4,455	$	4,011
Vehicle Debt	13,415		13,529		11,945		11,891
Total	$	17,170	$	17,369	$	16,400	$	15,902

Goodwill and Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019
Goodwill	$	1,029	$	236		$	36	$	1,301
Accumulated impairment losses	—		(218		)	—		(218		)
	1,029		18			36		1,083
Goodwill acquired and other changes during the period	—		—			—		—
	—		—			—		—
Balance as of December 31, 2019
Goodwill	1,029		236			36		1,301
Accumulated impairment losses	—		(218		)	—		(218		)
	$	1,029	$	18		$	36	$	1,083



(In millions)	U.S. Rental Car		International Rental Car			All Other Operations		Total
Balance as of January 1, 2018
Goodwill	$	1,029	$	237		$	36	$	1,302
Accumulated impairment losses	—		(218		)	—		(218		)
	1,029		19			36		1,084
Goodwill acquired and other changes during the period⁽¹⁾	—		(1		)	—		(1		)
	—		(1		)	—		(1		)
Balance as of December 31, 2018
Goodwill	1,029		236			36		1,301
Accumulated impairment losses	—		(218		)	—		(218		)
	$	1,029	$	18		$	36	$	1,083


(1)	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

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



	December 31, 2019
(In millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Value
Amortizable intangible assets:
Customer-related	$	333	$	(313	)	$	20
Concession rights	414		(324		)	90
Technology-related intangibles⁽¹⁾	515		(236		)	279
Other⁽²⁾	74		(64		)	10
Total	1,336		(937		)	399
Indefinite-lived intangible assets:
Tradenames	2,814		—			2,814
Other⁽³⁾	25		—			25
Total	2,839		—			2,839
Total intangible assets, net	$	4,175	$	(937	)	$	3,238



	December 31, 2018
(In millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Value
Amortizable intangible assets:
Customer-related	$	333	$	(309	)	$	24
Concession rights	413		(279		)	134
Technology-related intangibles⁽¹⁾	412		(219		)	193
Other⁽²⁾	82		(69		)	13
Total	1,240		(876		)	364
Indefinite-lived intangible assets:
Tradenames	2,814		—			2,814
Other⁽³⁾	25		—			25
Total	2,839		—			2,839
Total intangible assets, net	$	4,079	$	(876	)	$	3,203


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


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

(3)

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

Finite-lived Intangible Assets Amortization Expense



	Years Ended December 31,
(In millions)	2019		2018		2017
Amortization of intangible assets	$	81	$	89	$	97

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table summarizes the Company's expected amortization expense based on its amortizable intangible assets as of December 31, 2019:



(In millions)
2020	$	105
2021	94
2022	50
2023	43
2024	40
After 2024	67
Total expected amortization expense	$	399

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Background and Basis of Presentation) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2018
Condensed Financial Statements, Captions [Line Items]
Accumulated deficit	$ (967)	$ (909)
Herc Holdings \| Difference between Revenue Guidance in Effect before and after Topic 606 \| Accounting Standards Update 2014-09
Condensed Financial Statements, Captions [Line Items]
Accumulated deficit			$ 178

Financial Instruments (Gain (Loss) Recognized on Derivatives) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income derivatives	$ 12	$ (7)	$ 0
Derivative, Gain on Derivative	12	1	4
Interest rate instruments \| Selling, General and Administrative Expenses
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income derivatives	3	1	(5)
Foreign currency forward contracts \| Selling, General and Administrative Expenses
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income derivatives	$ 9	$ 0	$ 9

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

12 Months Ended

Dec. 31, 2019

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)	2019			2018			2017
Numerator:
Net income (loss) attributable to Hertz Global	$	(58	)	$	(225	)	$	327
Denominator:
Basic weighted-average shares outstanding (excluding the impact of the Rights Offering)	84			84			83
Rights Offering adjustment⁽¹⁾	6			12			12
New shares issued under the Rights Offering⁽²⁾	27			—			—
Basic weighted-average shares outstanding	117			96			95
Dilutive stock options, RSUs and PSUs	—			—			—
Diluted weighted-average shares outstanding	117			96			95
Antidilutive stock options, RSUs, PSUs and PSAs	2			1			3
Earnings (loss) per share:
Basic earnings (loss) per share	$	(0.49	)	$	(2.35	)	$	3.44
Diluted earnings (loss) per share	$	(0.49	)	$	(2.35	)	$	3.44


(1)	Reflects the impact of the Rights Offering subscription period.

(2)

Reflects the weighted-average impact of the issuance of 57,915,055 shares from the Rights Offering on July 18, 2019.

Income Tax (Provision) Benefit (Schedule of Total Provision for Taxes on Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current:
Federal	$ 0	$ (3)	$ 0
Foreign	20	32	19
State and local	16	7	1
Total current	36	36	20
Deferred:
Federal	1	(66)	(900)
Foreign	(1)	11	10
State and local	27	(11)	(32)
Total deferred	27	(66)	(922)
Total provision	63	(30)	(902)
The Hertz Corporation
Deferred:
Federal	2	2	0
Total provision	$ 65	$ (28)	$ (902)

Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Entity Information [Line Items]
Revenues	$ 2,326	$ 2,836	$ 2,511	$ 2,107	$ 2,294	$ 2,758	$ 2,389	$ 2,063	$ 9,779	$ 9,504	$ 8,803
Income (loss) from continuing operations before income taxes	(130)	247	44	(149)	(120)	181	(86)	(231)	13	(257)	(575)
Net income (loss)	$ (118)	$ 169	$ 38	$ (147)	$ (101)	$ 141	$ (63)	$ (202)	$ (50)	$ (227)	$ 327
Earnings (loss) per share:
Basic (in dollars per share)	$ (0.83)	$ 1.26	$ 0.40	$ (1.54)	$ (1.05)	$ 1.47	$ (0.66)	$ (2.13)	$ (0.49)	$ (2.35)	$ 3.44
Diluted (in dollars per share)	$ (0.83)	$ 1.26	$ 0.40	$ (1.54)	$ (1.05)	$ 1.47	$ (0.66)	$ (2.13)	$ (0.49)	$ (2.35)	$ 3.44
The Hertz Corporation
Entity Information [Line Items]
Revenues	$ 2,326	$ 2,836	$ 2,511	$ 2,107	$ 2,294	$ 2,758	$ 2,389	$ 2,063	$ 9,779	$ 9,504	$ 8,803
Income (loss) from continuing operations before income taxes	(128)	249	46	(147)	(118)	183	(84)	(230)	20	(250)	(570)
Net income (loss)	$ (117)	$ 170	$ 39	$ (145)	$ (99)	$ 142	$ (61)	$ (201)	$ (45)	$ (222)	$ 332

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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

Share-based Payment Arrangement [Abstract]

Employee Retirement Benefits (Change in Benefit Obligation) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Pension Benefits \| Non-U.S.
Change in Benefit Obligation
Benefit obligation at the beginning of the year	$ 246	$ 279
Service cost	1	1
Interest cost	6	7
Plan amendments	0	1
Plan settlements	0	0
Benefits paid	(5)	(6)
Foreign currency exchange rate translation	5	(13)
Actuarial loss (gain)	33	(23)
Transfers in connection with the Spin-Off	0	0
Benefit obligation at the end of the year	286	246
Change in Plan Assets
Fair value of plan assets at the beginning of the year	192	217
Actual return (loss) gain on plan assets	29	(12)
Company contributions	5	4
Plan settlements	0	0
Benefits paid	(5)	(6)
Foreign currency exchange rate translation	7	(11)
Amounts associated with the Spin-Off	0	0
Fair value of plan assets at the end of the year	228	192
Funded Status of the Plan
Plan assets less than benefit obligation	(58)	(54)
Pension Benefits \| U.S. plan
Change in Benefit Obligation
Benefit obligation at the beginning of the year	516	555
Service cost	0	1
Interest cost	21	19
Plan amendments	0	0
Plan settlements	(33)	(31)
Benefits paid	(4)	(4)
Foreign currency exchange rate translation	0	0
Actuarial loss (gain)	59	(23)
Transfers in connection with the Spin-Off	0	(1)
Benefit obligation at the end of the year	559	516
Change in Plan Assets
Fair value of plan assets at the beginning of the year	452	526
Actual return (loss) gain on plan assets	84	(42)
Company contributions	4	5
Plan settlements	(33)	(31)
Benefits paid	(4)	(4)
Foreign currency exchange rate translation	0	0
Amounts associated with the Spin-Off	0	(2)
Fair value of plan assets at the end of the year	503	452
Funded Status of the Plan
Plan assets less than benefit obligation	(56)	(64)
Postretirement \| U.S. plan
Change in Benefit Obligation
Benefit obligation at the beginning of the year	12	14
Service cost	0	0
Interest cost	0	1
Plan amendments	0	0
Plan settlements	0	0
Benefits paid	(1)	(1)
Foreign currency exchange rate translation	0	0
Actuarial loss (gain)	1	(2)
Transfers in connection with the Spin-Off	0	0
Benefit obligation at the end of the year	12	12
Change in Plan Assets
Fair value of plan assets at the beginning of the year	0	0
Actual return (loss) gain on plan assets	0	0
Company contributions	1	1
Plan settlements	0	0
Benefits paid	(1)	(1)
Foreign currency exchange rate translation	0	0
Amounts associated with the Spin-Off	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	$ (12)	$ (12)

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, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Total revenues	$ 2,326	$ 2,836	$ 2,511	$ 2,107	$ 2,294	$ 2,758	$ 2,389	$ 2,063	$ 9,779	$ 9,504	$ 8,803
Expenses:
Direct vehicle and operating									5,486	5,355	4,958
Depreciation of revenue earning vehicles and lease charges									2,565	2,690	2,798
Selling, general and administrative									969	1,017	880
Interest expense, net									805	739	637
Goodwill and intangible asset impairments									0	0	86
Other (income) expense, net									(59)	(40)	19
Total expenses									9,766	9,761	9,378
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries	(130)	247	44	(149)	(120)	181	(86)	(231)	13	(257)	(575)
Income tax (provision) benefit									(63)	30	902
Net income (loss)	(118)	169	38	(147)	(101)	141	(63)	(202)	(50)	(227)	327
Net (income) loss attributable to noncontrolling interests										2	0
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest									8	(2)	0
Net income (loss) attributable to Hertz Global									(58)	(225)	327
Other comprehensive income (loss), net of tax									3	(63)	53
Comprehensive income (loss) attributable to Hertz Global									(55)	(288)	380
Total comprehensive income (loss)									(47)	(290)	380
The Hertz Corporation
Condensed Financial Statements, Captions [Line Items]
Total revenues	2,326	2,836	2,511	2,107	2,294	2,758	2,389	2,063	9,779	9,504	8,803
Expenses:
Direct vehicle and operating									5,486	5,355	4,958
Depreciation of revenue earning vehicles and lease charges									2,565	2,690	2,798
Selling, general and administrative									969	1,017	880
Interest expense, net									798	732	632
Goodwill and intangible asset impairments									0	0	86
Other (income) expense, net									(59)	(40)	19
Total expenses									9,759	9,754	9,373
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries	(128)	249	46	(147)	(118)	183	(84)	(230)	20	(250)	(570)
Income tax (provision) benefit									(65)	28	902
Equity in earnings (losses) of subsidiaries, net of tax									0	0	0
Net income (loss)	$ (117)	$ 170	$ 39	$ (145)	$ (99)	$ 142	$ (61)	$ (201)	(45)	(222)	332
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest									8	(2)	0
Net income (loss) attributable to Hertz Global									(53)	(220)	332
Other comprehensive income (loss), net of tax									3	(63)	53
Comprehensive income (loss) attributable to Hertz Global									(50)	(283)	385
Total comprehensive income (loss)									(42)	(285)	385
Eliminations
Condensed Financial Statements, Captions [Line Items]
Total revenues									(5,667)	(4,498)	(3,381)
Expenses:
Direct vehicle and operating									0	0	0
Depreciation of revenue earning vehicles and lease charges									(5,667)	(4,498)	(3,381)
Selling, general and administrative									0	0	0
Interest expense, net									0	0	0
Goodwill and intangible asset impairments											0
Other (income) expense, net									0	0	0
Total expenses									(5,667)	(4,498)	(3,381)
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries									0	0	0
Income tax (provision) benefit									0	0	0
Equity in earnings (losses) of subsidiaries, net of tax									(4,640)	(3,113)	(4,661)
Net income (loss)									(4,640)	(3,113)	(4,661)
Net (income) loss attributable to noncontrolling interests									0	0
Net income (loss) attributable to Hertz Global									(4,640)	(3,113)
Other comprehensive income (loss), net of tax									1	40	(28)
Comprehensive income (loss) attributable to Hertz Global									(4,639)	(3,073)
Total comprehensive income (loss)											(4,689)
Parent (The Hertz Corporation) \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Total revenues									5,065	4,769	4,361
Expenses:
Direct vehicle and operating									3,100	3,286	2,937
Depreciation of revenue earning vehicles and lease charges									5,534	4,268	3,157
Selling, general and administrative									601	681	612
Interest expense, net									460	416	400
Goodwill and intangible asset impairments											0
Other (income) expense, net									(59)	(33)	30
Total expenses									9,636	8,618	7,136
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries									(4,571)	(3,849)	(2,775)
Income tax (provision) benefit									(34)	807	(925)
Equity in earnings (losses) of subsidiaries, net of tax									4,552	2,822	4,032
Net income (loss)									(53)	(220)	332
Net (income) loss attributable to noncontrolling interests									0	0
Net income (loss) attributable to Hertz Global									(53)	(220)
Other comprehensive income (loss), net of tax									3	(63)	53
Comprehensive income (loss) attributable to Hertz Global									(50)	(283)
Total comprehensive income (loss)											385
Guarantor Subsidiaries \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Total revenues									1,541	1,448	1,381
Expenses:
Direct vehicle and operating									970	711	698
Depreciation of revenue earning vehicles and lease charges									337	354	413
Selling, general and administrative									125	69	37
Interest expense, net									(193)	(155)	(105)
Goodwill and intangible asset impairments											86
Other (income) expense, net									0	0	0
Total expenses									1,239	979	1,129
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries									302	469	252
Income tax (provision) benefit									(82)	(102)	311
Equity in earnings (losses) of subsidiaries, net of tax									88	291	629
Net income (loss)									308	658	1,192
Net (income) loss attributable to noncontrolling interests									0	0
Net income (loss) attributable to Hertz Global									308	658
Other comprehensive income (loss), net of tax									4	(7)	6
Comprehensive income (loss) attributable to Hertz Global									312	651
Total comprehensive income (loss)											1,198
Non-Guarantor Subsidiaries \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Total revenues									8,840	7,785	6,442
Expenses:
Direct vehicle and operating									1,416	1,358	1,323
Depreciation of revenue earning vehicles and lease charges									2,361	2,566	2,609
Selling, general and administrative									243	267	231
Interest expense, net									531	471	337
Goodwill and intangible asset impairments											0
Other (income) expense, net									0	(7)	(11)
Total expenses									4,551	4,655	4,489
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries									4,289	3,130	1,953
Income tax (provision) benefit									51	(677)	1,516
Equity in earnings (losses) of subsidiaries, net of tax									0	0	0
Net income (loss)									4,340	2,453	3,469
Net (income) loss attributable to noncontrolling interests									(8)	2
Net income (loss) attributable to Hertz Global									4,332	2,455
Other comprehensive income (loss), net of tax									(5)	(33)	22
Comprehensive income (loss) attributable to Hertz Global									$ 4,327	$ 2,422
Total comprehensive income (loss)											$ 3,491

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

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

A summary of the total compensation expense and associated income tax benefits recognized, including the cost of stock options, RSUs, PSUs, and PSAs is as follows:



	Years Ended December 31,
(In millions)	2019			2018			2017
Compensation expense	$	18		$	14		$	19
Income tax benefit	(2		)	(3		)	(8		)
Total	$	16		$	11		$	11

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	2019⁽¹⁾			2018			2017
Expected volatility	68.5		%	56.7		%	47.8		%
Expected dividend yield	—		%	—		%	—		%
Expected term (years)	7			5			7
Risk-free interest rate	1.93		%	2.57		%	1.95		%
Weighted-average grant date fair value	$	9.19		$	8.92		$	9.44

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

A summary of option activity as of December 31, 2019 is presented below:



Options	Shares		Weighted Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (In millions)
Outstanding as of January 1, 2019	1,170,318		$	30.44	4.8	$	—
Granted⁽¹⁾	80,593		29.58		—	—
Exercised	(599	)	12.84		—	—
Forfeited or Expired	(194,358	)	41.42		—	—
Outstanding as of December 31, 2019	1,055,954		28.36		4.0	—
Exercisable as of December 31, 2019	578,516		36.66		3.0	—

Summary of non-vested options and changes during the year

A summary of non-vested option activity as of December 31, 2019 is presented below:



	Non-vested Shares		Weighted- Average Exercise Price		Weighted-Average Grant-Date Fair Value
Non-vested as of January 1, 2019	929,693		$	22.20	$	9.92
Granted	80,593		29.58		9.19
Vested	(461,079	)	27.92		10.52
Forfeited	(71,769	)	19.57		8.94
Non-vested as of December 31, 2019	477,438		18.31		9.35

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)	2019		2018		2017
Aggregate intrinsic value of stock options exercised	$	—	$	—	$	—
Cash received from the exercise of stock options	—		—		—
Fair value of options that vested	5		3		3
Tax benefit realized on exercise of stock options	—		—		—

Summary of PSU and RSU activity under the omnibus plan

A summary of the PSU and PSA activity as of December 31, 2019 is presented below:



	Shares		Weighted- Average Fair Value		Aggregate Intrinsic Value (In millions)
Outstanding as of January 1, 2019	1,567,126		$	21.61	$	12
Granted⁽¹⁾	1,295,113		19.05		—
Vested	(94,686	)	30.59		—
Forfeited or Expired	(519,910	)	24.55		—
Outstanding as of December 31, 2019	2,247,643		19.08		21


(1)	Includes 166,248 awards granted in connection with the Rights Offering, as disclosed in Note 16, "Equity and Earnings (Loss) Per Share - Hertz Global."

A summary of RSU activity as of December 31, 2019 is presented below:



	Shares		Weighted- Average Fair Value		Aggregate Intrinsic Value (In millions)
Outstanding as of January 1, 2019	1,122,233		$	20.11	$	15
Granted⁽¹⁾	677,479		18.66		—
Vested	(536,802	)	22.00		—
Forfeited or Expired	(218,641	)	18.81		—
Outstanding as of December 31, 2019	1,044,269		18.43		16

Schedule of additional information pertaining to RSU activity

Additional information pertaining to RSU activity is as follows:



	Years Ended December 31,
	2019		2018		2017
Total fair value of awards that vested (In millions)	$	12	$	5	$	6
Weighted-average grant date fair value of awards	18.66		17.40		19.27

Goodwill and Intangible Assets, Net (Summary of changes in goodwill, by segment) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019
Goodwill
Balance at the beginning of the period, Goodwill	$ 1,301	$ 1,302
Accumulated impairment losses at the beginning of the period	(218)	(218)
Net goodwill, balance at the beginning of the period	1,083	1,084
Goodwill acquired and other changes during the period	0	1
Total	0	(1)
Balance at the end of the period, Goodwill	1,301	1,301
Accumulated impairment losses at the end of the period	(218)	(218)
Net goodwill, balance at the end of the period	1,083	1,084	$ 1,083
U.S. Car Rental
Goodwill
Balance at the beginning of the period, Goodwill	1,029	1,029
Accumulated impairment losses at the beginning of the period	0	0
Net goodwill, balance at the beginning of the period	1,029	1,029
Goodwill acquired and other changes during the period	0	0
Total	0	0
Balance at the end of the period, Goodwill	1,029	1,029
Accumulated impairment losses at the end of the period	0	0
Net goodwill, balance at the end of the period	1,029	1,029	1,029
International Car Rental
Goodwill
Balance at the beginning of the period, Goodwill	236	237
Accumulated impairment losses at the beginning of the period	(218)	(218)
Net goodwill, balance at the beginning of the period	18	19
Goodwill acquired and other changes during the period	0	1
Total	0	(1)
Balance at the end of the period, Goodwill	236	236
Accumulated impairment losses at the end of the period	(218)	(218)
Net goodwill, balance at the end of the period	18	19	18
All Other Operations
Goodwill
Balance at the beginning of the period, Goodwill	36	36
Accumulated impairment losses at the beginning of the period	0	0
Net goodwill, balance at the beginning of the period	36	36
Goodwill acquired and other changes during the period	0	0
Total	0	0
Balance at the end of the period, Goodwill	36	36
Accumulated impairment losses at the end of the period	0	0
Net goodwill, balance at the end of the period	$ 36	$ 36	$ 36

Debt (Borrowing Capacity) (Details) $ in Millions	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Remaining capacity	$ 2,802
Availability under borrowing base limitation	535
Senior ABL Facility
Debt Instrument [Line Items]
Remaining capacity	526
Availability under borrowing base limitation	526
Letters of credit facility
Debt Instrument [Line Items]
Remaining capacity	5
Availability under borrowing base limitation	5
Corporate Debt
Debt Instrument [Line Items]
Remaining capacity	531
Availability under borrowing base limitation	531
US Vehicle RCF
Debt Instrument [Line Items]
Remaining capacity	0
Availability under borrowing base limitation	0
HVF II U.S. Vehicle Variable Funding Notes
Debt Instrument [Line Items]
Remaining capacity	1,461
Availability under borrowing base limitation	0
HFLF Variable Funding Notes
Debt Instrument [Line Items]
Remaining capacity	214
Availability under borrowing base limitation	4
European Securitization
Debt Instrument [Line Items]
Remaining capacity	464
Availability under borrowing base limitation	0
Canadian Securitization
Debt Instrument [Line Items]
Remaining capacity	27
Availability under borrowing base limitation	0
Donlen Canadian Securitization
Debt Instrument [Line Items]
Remaining capacity	14
Availability under borrowing base limitation	0
Australian Securitization
Debt Instrument [Line Items]
Remaining capacity	11
Availability under borrowing base limitation	0
Capitalized Leases
Debt Instrument [Line Items]
Remaining capacity	80
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	2,271
Availability under borrowing base limitation	$ 4

Divestitures	12 Months Ended
Divestitures	Dec. 31, 2019
Business Combinations [Abstract]
Divestitures	Divestitures Investment in Additional Equity In March 2017, the Company determined it had an other than temporary loss in value of an equity method investment and recorded an impairment charge of $30 million based on the fair value of the investment determined using level 3 inputs under the fair value hierarchy. 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. Brazil Operations In August 2017, the Company completed the sale of 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, 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 statement 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. Sale of Non-vehicle Capital Assets In 2019, the Company completed the sale of certain non-vehicle capital assets in its U.S. Rental Car Segment and recognized a $39 million pre-tax gain on the sale which is included in other (income) expense, net in the accompanying consolidated statement of operations for the year ended December 31, 2019.

Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Operating lease, lease income



(In millions)	2019
Operating lease income from vehicle rentals	$	8,579
Operating lease income from fleet leasing	674
Variable operating lease income	164
Revenue accounted for under Topic 842	9,417
Revenue accounted for under Topic 606	362
Total revenues	$	9,779

Schedule of Operating Lease Costs

The following table summarizes the amount of lease costs incurred by the Company:



	Years ended December 31,
(In millions)	2019		2018		2017
Minimum fixed lease costs⁽¹⁾:
Short-term lease costs	$	130	N/A		N/A
Operating lease costs	545		N/A		N/A
Total	$	675	$	577	$	515
Variable lease costs	326		438		430
Total lease costs	$	1,001	$	1,015	$	945

(1)

Topic 842, which was adopted on January 1, 2019, requires the Company to disclose the short-term portion of minimum fixed lease costs. For the years ended December 31, 2018 and 2017, under the then existing guidance in Topic 840, the Company was only required to disclose minimum fixed costs in total.

Lessee, Operating Lease, Disclosure

The following summarizes the weighted-average remaining lease term and weighted-average discount rate for the Company's operating leases as a lessee:



	December 31, 2019
Weighted-average remaining lease term (in years)	9.3
Weighted-average discount rate	9.8	%

Lessee, Operating Lease, Liability, Maturity



(In millions)
2020	$	494
2021	432
2022	342
2023	271
2024	209
After 2024	1,167
Total lease payments	2,915
Interest	(1,067		)
Operating lease liabilities at December 31, 2019	$	1,848

Employee Retirement Benefits (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2015	Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Pension benefits of retirement plan	$ 1,888	$ 1,120	$ 1,520		$ 1,075
Defined contribution plan	27	26	23
Pension benefits \| Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	228	192	217
Company contributions	$ 5	4
Pension benefits \| U.S. plan
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets, percent	4.80%
Fair value of plan assets	$ 503	452	526
Company contributions	4	5
Pension benefits \| U.K. plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	221	186
Estimated future contributions	3
United States non-qualified pension plan of US entity
Defined Benefit Plan Disclosure [Line Items]
Company contributions	4	5
U.K. plan
Defined Benefit Plan Disclosure [Line Items]
Provisions charged to income	11	10	10
Company contributions				$ 3
U.K. plan \| Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Company contributions	$ 3	2
U.K. plan \| U.K. plan
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets, percent	3.20%
Equity securities \| Pension benefits \| U.S. plan
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	35.00%
Fixed income funds \| Pension benefits \| U.S. plan
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	65.00%
Actively managed multi-asset funds \| U.K. plan \| U.K. plan
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	30.00%
Passive equity funds \| U.K. plan \| U.K. plan
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	10.00%
Passive bond funds \| U.K. plan \| U.K. plan
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	60.00%
Pension and Other Post-Employment Benefits
Defined Benefit Plan Disclosure [Line Items]
Pension benefits of retirement plan	$ (118)	$ (115)	$ (76)

Revenue Narrative (Details) $ in Millions	12 Months Ended
Revenue Narrative (Details) $ in Millions	Dec. 31, 2018 USD ($)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Customer loyalty program point balance liability, revenue recognized	$ (7)
Outstanding point balance amount	272
Calculated under Revenue Guidance in Effect before Topic 606 \| Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract with customer liability	341
Loyalty points revenue recognized	$ 127

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

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 Vehicles

The Company continually evaluates revenue earning vehicles to determine whether events or changes in circumstances have occurred that may warrant revision of the residual value or holding period.

Self-insured Liabilities

Recoverability of Goodwill and Intangible Assets

Recoverability of Goodwill and Indefinite-lived Intangible Assets

Income Taxes

Revenue Recognition

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

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

Vehicle Rental and Rental Related Revenues

Licensee Revenue

Ancillary Retail Vehicle Sales Revenue

Fleet Management Revenue

Contract Balances

Cash, Restricted Cash, Cash Equivalents and Restricted Cash Equivalents

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

Receivables

Receivables, Net of Allowance

Stock-Based Compensation

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

Divestitures

Recently issued accounting pronouncements

Recently Issued Accounting Pronouncements

Adopted

Leases

In February 2016, the Financial Accounting Standards Board (the "FASB") issued guidance that replaced the existing lease guidance in U.S. GAAP and in 2018 and 2019 issued amendments and updates to the new lease standard (collectively "Topic 842"). Topic 842 established 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. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Topic 842 also expanded 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.

Hertz Global



(In millions)	Operating Lease Right-of-Use Assets		Prepaid and Other Assets			Total Assets		Operating Lease Liabilities		Accrued Liabilities			Total Liabilities		Total Liabilities and Stockholders' Equity
As of December 31, 2018	$	—	$	902		$	21,382	$	—	$	1,304		$	20,262	$	21,382
Effect of Adopting Topic 842	1,585		(45		)	1,540		1,588		(48		)	1,540		1,540
As of January 1, 2019	$	1,585	$	857		$	22,922	$	1,588	$	1,256		$	21,802	$	22,922

Hertz



(In millions)	Operating Lease Right-of-Use Assets		Prepaid and Other Assets			Total Assets		Operating Lease Liabilities		Accrued Liabilities			Total Liabilities		Total Liabilities and Stockholder's Equity
As of December 31, 2018	$	—	$	902		$	21,382	$	—	$	1,304		$	20,264	$	21,382
Effect of Adopting Topic 842	1,585		(45		)	1,540		1,588		(48		)	1,540		1,540
As of January 1, 2019	$	1,585	$	857		$	22,922	$	1,588	$	1,256		$	21,804	$	22,922

Changes to Disclosure Requirements for Defined Benefit Plans

Not Yet Adopted as of December 31, 2019

Measurement of Credit Losses on Financial Instruments

Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement

Debt

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]