View Filing Data

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

392

495

1,409

1,360

Prepaid expenses and other assets

2,095

1,840

1,121

689

Revenue earning vehicles:

Less: accumulated depreciation

17,646

17,085

(3,337)

(3,296)

Total revenue earning vehicles, net

14,309

13,789

Property and equipment, net

765

757

Operating lease right-of-use assets

1,832

1,871

Intangible assets, net

3,231

3,238

Goodwill

1,080

1,083

^[1]

25,842

24,627

998

943

Accrued liabilities

982

1,032

Accrued taxes, net

133

150

Operating lease liabilities

18,754

17,089

1,844

1,848

Self-insured liabilities

532

553

Deferred income taxes, net

1,108

1,124

Total liabilities

^[1]

24,351

22,739

Commitments and contingencies

Stockholders' equity:

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

Common Stock

Additional paid-in capital

3,022

3,024

Accumulated deficit

(1,323)

(967)

Accumulated other comprehensive income (loss)

(228)

(189)

Treasury stock, at cost, 2,028,932 and 2,028,932 shares, respectively

(100)

Total equity

1,372

1,769

Noncontrolling interests

119

Total stockholders' equity

1,491

1,888

Total liabilities and stockholders' equity

25,842

24,627

ASSETS

368

466

1,286

791

443

289

14,438

13,368

Non-vehicle

ASSETS

809

1,049

555

654

Cash and cash equivalents

4,316

3,721

The Hertz Corporation

ASSETS

1,017

865

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

392

495

1,409

1,360

Prepaid expenses and other assets

2,095

1,840

1,121

689

Revenue earning vehicles:

Less: accumulated depreciation

17,646

17,085

(3,337)

(3,296)

Total revenue earning vehicles, net

14,309

13,789

Property and equipment, net

765

757

Operating lease right-of-use assets

1,832

1,871

Intangible assets, net

3,231

3,238

Goodwill

1,080

1,083

^[2]

25,842

24,627

998

943

Accrued liabilities

982

1,032

Accrued taxes, net

133

150

Operating lease liabilities

18,754

17,089

1,844

1,848

Self-insured liabilities

532

553

Deferred income taxes, net

1,112

1,128

Total liabilities

^[2]

24,355

22,743

Commitments and contingencies

Stockholders' equity:

Common Stock

Additional paid-in capital

3,955

Due from affiliate

(67)

(64)

Accumulated deficit

(2,292)

(1,937)

Accumulated other comprehensive income (loss)

(228)

(189)

Total equity

1,368

1,765

Noncontrolling interests

119

Total stockholders' equity

1,487

1,884

Total liabilities and stockholders' equity

25,842

24,627

The Hertz Corporation | Vehicles

ASSETS

368

466

1,286

791

443

289

The Hertz Corporation | Non-vehicle

14,438

13,368

ASSETS

809

1,049

555

654

Earnings (Loss) Per Share - Hertz Global

$ 4,316

$ 3,721

[1]

Hertz Global Holdings, Inc.'s consolidated total assets as of March 31, 2020 and December 31, 2019 include total assets of variable interest entities (“VIEs”) of $1.1 billion and $1.3 billion, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of March 31, 2020 and December 31, 2019 include total liabilities of VIEs of $981 million and $1.1 billion, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Special Purpose Entities" in Note 4, "Debt," and "767 Auto Leasing LLC" in Note 10, "Related Party Transactions," for further information.

[2]

The Hertz Corporation's consolidated total assets as of March 31, 2020 and December 31, 2019 include total assets of variable interest entities (“VIEs”) of $1.1 billion and $1.3 billion, respectively, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of March 31, 2020 and December 31, 2019 include total liabilities of VIEs of $981 million and $1.1 billion, respectively, for which the creditors of the VIEs have no recourse to The Hertz Corporation. See "Special Purpose Entities" in Note 4, "Debt," and "767 Auto Leasing LLC" in Note 10, "Related Party Transactions," for further information.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net income (loss)	$ (357)	$ (148)
Other comprehensive income (loss):
Foreign currency translation adjustments	(41)	8
Net gain (loss) on defined benefit pension plans	1	(1)
Reclassification to other (income) expense for amortization of actuarial (gains) losses on defined benefit pension plans	1	1
Total other comprehensive income (loss) before income taxes	(39)	8
Income tax (provision) benefit related to reclassified amounts of net periodic costs on defined benefit pension plans	0	(1)
Total other comprehensive income (loss)	(39)	7
Total comprehensive income (loss)	(396)	(141)
Comprehensive (income) loss attributable to noncontrolling interests	1	1
Comprehensive income (loss) attributable to Hertz Global	(395)	(140)
The Hertz Corporation
Net income (loss)	(356)	(146)
Other comprehensive income (loss):
Foreign currency translation adjustments	(41)	8
Net gain (loss) on defined benefit pension plans	1	(1)
Reclassification to other (income) expense for amortization of actuarial (gains) losses on defined benefit pension plans	1	1
Total other comprehensive income (loss) before income taxes	(39)	8
Income tax (provision) benefit related to reclassified amounts of net periodic costs on defined benefit pension plans	0	(1)
Total other comprehensive income (loss)	(39)	7
Total comprehensive income (loss)	(395)	(139)
Comprehensive (income) loss attributable to noncontrolling interests	1	1
Comprehensive income (loss) attributable to Hertz Global	$ (394)	$ (138)

Background	3 Months Ended
Background	Mar. 31, 2020
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 United States ("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. In March 2020, the World Health Organization declared a pandemic resulting from the COVID-19 viral disease ("COVID-19"). In response to COVID-19, local and national governments around the world instituted shelter-in-place and similar orders and travel restrictions, and airline travel decreased suddenly and dramatically. Despite a strong start to the year, as a result of the impact on travel demand, late in the first quarter, the Company began experiencing a high level of rental cancellations and a significant decline in forward bookings. In response, during a time in which the Company would normally be increasing its fleet for the peak summer season, the Company sought to adjust its fleet level to reflect the reduced level of demand by leveraging its multiple used-vehicle channels and negotiating with suppliers to reduce fleet commitments. The Company expects a material reduction in commitments to purchase vehicles with approximately a $4.0 billion reduction from original commitments in our U.S. rental car segment during the remainder of 2020. The Company additionally began aggressively managing costs, including the implementation of employee furlough programs affecting approximately 20,000 employees worldwide to align staffing levels with the slowdown in demand, actively negotiating to abate or defer our airport rent and concession payments, substantially reducing capital expenditures and eliminating discretionary marketing spend. Also, the Company borrowed substantially all available funds under its senior revolving credit facility (the “Senior RCF”) to ensure access to its committed liquidity under the Senior RCF, and as of March 31, 2020, the Company had $595 million of principal outstanding under its Senior RCF and $748 million in outstanding standby letters of credit. As of March 31, 2020, the Company's unrestricted cash and cash equivalents balance was approximately $1.0 billion. In April 2020, as a result of the continued impact from COVID-19, the Company initiated a restructuring program affecting approximately 10,000 employees in its U.S. RAC segment and U.S. corporate operations, the majority of which were previously furloughed, and expects to incur approximately $30 million of severance and healthcare-related charges to be paid over the next twelve months. Although the Company has taken aggressive action to eliminate costs, it faces significant ongoing expenses, including monthly payments under its Amended and Restated Master Motor Vehicle Operating Lease and Servicing Agreement (Series 2013-G1) (the "Operating Lease") with Hertz Vehicle Financing LLC ("HVF"), pursuant to which Hertz leases from HVF vehicles used in Hertz's U.S. rental car operations. Hertz Vehicle Financing II LP ("HVF II"), a special purpose financing subsidiary, issues asset-backed notes and lends the proceeds thereof to HVF to finance the acquisition of vehicles, which are then leased to Hertz pursuant to the Operating Lease. Monthly payments under the operating lease are variable and significant and have increased because declining vehicle values resulting from a disrupted used-vehicle market require Hertz to make additional payments to offset such value declines in order to continue using the vehicles. During April 2020, the Company engaged in discussions with various creditors to obtain relief from its obligations to make full rent payments under its Operating Lease. While such discussions were ongoing, to preserve liquidity, on April 27, 2020, Hertz did not make certain payments in accordance with the Operating Lease. As a result of the failure to make the full rent payments on April 27th, as of May 5, 2020 an amortization event was in effect for all series of notes issued by HVF II and a liquidation event was in effect with respect to the variable funding notes (“Series 2013-A Notes”) issued by HVF II. As a result of the amortization event, and notwithstanding the forbearance agreement described below, proceeds of the sales of vehicles that collateralize the notes issued by HVF II must be applied to the payment of principal and interest under those notes and will not be available to finance new vehicle acquisitions for Hertz. However, in light of the impact of the COVID-19 global pandemic on the travel industry, Hertz believes it will not need to acquire new vehicles for its fleet through the remainder of 2020. A liquidation event means that, unless the affected noteholders otherwise agree, the affected noteholders can direct the liquidation of vehicles serving as collateral for their notes. On May 4, 2020, prior to the occurrence of the liquidation event with respect to the Series 2013-A Notes, Hertz, HVF, HVF II and DTG Operations, Inc. entered into a forbearance agreement (the “Forbearance Agreement”) with holders (the “VFN Noteholders”) of the Series 2013-A Notes representing approximately 77% in aggregate principal amount of the Series 2013-A Notes. Pursuant to the Forbearance Agreement that is effective against all VFN Noteholders, the VFN Noteholders agreed to forbear from exercising their liquidation remedy. The agreement with the VFN Noteholders is set to expire on May 22, 2020 or, if sooner, the date on which Hertz fails to comply with certain agreements contained in the Forbearance Agreement or any other amortization event occurs under HVF II's financing documents. Concurrently with entering into the Forbearance Agreement, on May 4, 2020, Hertz entered into limited waiver agreements (collectively, the “Waiver Agreements”) with certain of the lenders (the “Lenders”) under its (i) Senior RCF/senior term loan facility, (ii) letter of credit facility, (iii) alternative letter of credit facility and (iv) U.S. Vehicle RCF (collectively, the “Facilities”). Pursuant to the Waiver Agreements, the Lenders agreed to (a) waive any default or event of default that could have resulted from the above referenced missed payment under the Operating Lease, (b) waive any default or event of default that has arisen as a result of Hertz’s failure to deliver its 2020 operating budget on a timely basis in accordance with the Facilities and (c) extend the grace period to cure a default with respect to Hertz’s obligation to reimburse drawings that occur under certain letters of credit during the waiver period. The Waiver Agreements are effective across the Facilities and are set to expire on May 22, 2020 or, if sooner, the date on which Hertz fails to comply with certain agreements contained in the Waiver Agreements, which include certain limitations on the Company’s ability to incur corporate indebtedness and to make certain restricted payments, investments and prepayments of indebtedness during the waiver period and a requirement to deliver certain financial information to the Lenders during the waiver period. In accordance with the Forbearance Agreement and the Waiver Agreements, the Company made a payment of approximately $30 million reflecting certain variable payment elements of monthly rent under the Operating Lease, including an interest component. There can be no assurance that the Company will be able to successfully negotiate any relief past May 22, 2020. If additional relief cannot be negotiated, it is possible that the VFN Noteholders could seek to exercise liquidation remedies and that other liquidation events could occur providing a similar right to other holders of notes issued by HVF II. Management has determined that the Company may not be able to repay or refinance its debt facilities prior to their respective maturities and may not have sufficient cash flows from operations or liquidity to sustain its operating needs or to meet the Company's obligations as they become due over the twelve months following this Quarterly Report on Form 10-Q. As such, management has concluded there is substantial doubt regarding the Company's ability to continue as a going concern within one year from the issuance date of this Quarterly Report on Form 10-Q. The Company’s consolidated financial statements as of March 31, 2020 have been prepared on a going concern basis.

Earnings (Loss) Per Share - Hertz Global

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

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 (the "Rights Offering"). Upon closing in July 2019, the Rights Offering was fully subscribed resulting in Hertz Global selling 57,915,055 shares of its common stock for gross proceeds of $750 million. Basic weighted-average shares outstanding and weighted-average shares used to calculate diluted earnings (loss) per share for the three months ended March 31, 2019 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:



	Three Months Ended March 31,
(In millions, except per share data)	2020			2019
Numerator:
Net income (loss) attributable to Hertz Global	$	(356	)	$	(147	)
Denominator:
Basic weighted-average shares outstanding (excluding the impact of the Rights Offering)	142			84
Rights Offering adjustment⁽¹⁾	—			12
Basic weighted-average shares outstanding	142			96
Dilutive stock options, RSUs and PSUs	—			—
Diluted weighted-average shares outstanding	142			96
Antidilutive stock options, RSUs, PSUs and PSAs	2			2
Earnings (loss) per share:
Basic earnings (loss) per share	$	(2.50	)	$	(1.54	)
Diluted earnings (loss) per share	$	(2.50	)	$	(1.54	)

(1)

Reflects the impact of the Rights Offering subscription period.

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

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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



	Three Months Ended March 31,
(In millions, except per share data)	2020			2019
Numerator:
Net income (loss) attributable to Hertz Global	$	(356	)	$	(147	)
Denominator:
Basic weighted-average shares outstanding (excluding the impact of the Rights Offering)	142			84
Rights Offering adjustment⁽¹⁾	—			12
Basic weighted-average shares outstanding	142			96
Dilutive stock options, RSUs and PSUs	—			—
Diluted weighted-average shares outstanding	142			96
Antidilutive stock options, RSUs, PSUs and PSAs	2			2
Earnings (loss) per share:
Basic earnings (loss) per share	$	(2.50	)	$	(1.54	)
Diluted earnings (loss) per share	$	(2.50	)	$	(1.54	)

(1)

Reflects the impact of the Rights Offering subscription period.

Leases (Tables)

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Operating Lease, Lease Income

The following table summarizes the amount of operating lease income and other income included in total revenues in the accompanying condensed consolidated statements of operations for the three months ended March 31, 2020 and 2019:



	Three Months Ended March 31,
(In millions)	2020		2019
Operating lease income from vehicle rentals	$	1,637	$	1,800
Operating lease income from fleet leasing	169		158
Variable operating lease income	33		67
Revenue accounted for under Topic 842	1,839		2,025
Revenue accounted for under Topic 606	84		82
Total revenues	$	1,923	$	2,107

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Agreements with 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 three months ended March 31, 2020 and 2019, the Company purchased approximately $17 million and $12 million, respectively, worth of goods and services from these related parties. Transactions and Agreements between Hertz Holdings and Hertz In June 2018, 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"). The interest rate is based on the U.S. Dollar LIBOR rate plus a margin. 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 March 31, 2020 and December 31, 2019, there was $132 million and $129 million, respectively, outstanding under the 2019 Master Loan representing advances and any accrued but unpaid interest. Additionally, Hertz has a loan due to an affiliate in the amount of $65 million as of March 31, 2020 and December 31, 2019, 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 unaudited condensed consolidated balance sheets of Hertz. 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 transportation network companies ("TNC") 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 the three months ended March 31, 2019, AEPC contributed $25 million to 767 along with certain services. There were no cash contributions from AEPC to 767 during the three months ended March 31, 2020, except for 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.

Leases

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases

The Company enters into certain agreements as a lessor under which it rents vehicles and leases fleets to customers.

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'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.



	Three Months Ended March 31,
(In millions)	2020		2019
Operating lease income from vehicle rentals	$	1,637	$	1,800
Operating lease income from fleet leasing	169		158
Variable operating lease income	33		67
Revenue accounted for under Topic 842	1,839		2,025
Revenue accounted for under Topic 606	84		82
Total revenues	$	1,923	$	2,107

Basis of Presentation and Recently Issued Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation The unaudited condensed consolidated financial statements of Hertz Global include the accounts of Hertz Global, its wholly owned and majority owned U.S. and international subsidiaries and its VIEs, as applicable. The unaudited condensed consolidated financial statements of Hertz include the accounts of Hertz, its wholly owned and majority owned U.S. and international subsidiaries and its VIEs, as applicable. The Company consolidates a VIE when it is deemed the primary beneficiary of the VIE. The Company accounts for its investment in joint ventures using the equity method when it has significant influence but not control and is not the primary beneficiary of the joint venture. All significant intercompany transactions have been eliminated in consolidation.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Adopted 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 issued amendments and updates to the new standard in 2018 and 2019. 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. The Company adopted this guidance when effective, on January 1, 2020, using a modified retrospective transition method. The adoption of this guidance did not 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 Company adopted this guidance when effective, on January 1, 2020, using a prospective transition method. The adoption of this guidance did not have a material impact on the Company's financial position, results of operations or cash flows. The Company has hosting arrangements in connection with its Enterprise Resource Planning systems. Prior to the adoption of this guidance, the Company capitalized certain implementation costs for its hosting arrangements in intangible assets, net, in the accompanying unaudited condensed consolidated balance sheet as of December 31, 2019. Subsequent to the adoption of this guidance on January 1, 2020, the Company records implementation fees incurred in connection with its hosting arrangements in prepaid expenses and other assets in the accompanying unaudited condensed consolidated balance sheet as of March 31, 2020. Not Yet Adopted 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. Facilitation of the Effects of Reference Rate Reform In March 2020, the FASB issued guidance that provides optional expedients and exceptions for contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform initiatives. This guidance is effective beginning March 12, 2020 through December 31, 2022 where the transition method varies depending upon the specific expedient or exception. The Company is in the process of assessing the available expedients and exceptions and, if applicable, the method and timing of adoption.

Income Tax (Provision) Benefit	3 Months Ended
Income Tax (Provision) Benefit	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Tax (Provision) Benefit	Income Tax (Provision) Benefit On March 27, 2020, the U.S. federal government passed the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"). The CARES Act contains many tax provisions including, but not limited to, accelerated alternative minimum tax ("AMT") refunds, payroll tax payment deferrals, employee retention credits, enhanced net operating loss ("NOL") carryback rules and an increase to the interest deduction limitation. The Company has considered the income tax provisions of the CARES Act in the tax benefit calculation for the three months ended March 31, 2020. The Company continues to monitor and analyze the CARES Act along with global legislation issued in response to the COVID-19 pandemic. Hertz Global The effective tax rate is 1% for the three months ended March 31, 2020 and 2019. The Company recorded a tax benefit of $4 million for the three months ended March 31, 2020, compared to $1 million for the three months ended March 31, 2019. The tax provision is higher for the three months ended March 31, 2020 compared to 2019 due to increased losses on the Company's operations, primarily offset by the impact of valuation allowances on net deferred tax assets for Spain, Italy and U.S. states. Additionally, Hertz Global no longer asserts permanent reinvestment of foreign earnings, due to the impact from COVID-19 as disclosed in Note 1, "Background." The Company does not anticipate that the change in its assertion will have a material impact on its cash flows during the next twelve months, between April 1, 2020 and March 31, 2021. Hertz The effective tax rate 1% for the three months ended March 31, 2020 and 2019. The Company recorded a tax benefit of $3 million for the three months ended March 31, 2020, compared to $1 million for the three months ended March 31, 2019. The tax provision is higher for the three months ended March 31, 2020 compared to 2019 due to increased losses on the Company's operations, primarily offset by the impact of valuation allowances on net deferred tax assets for Spain, Italy and U.S. states. Additionally, Hertz no longer asserts permanent reinvestment of foreign earnings, due to the impact from COVID-19 as disclosed in Note 1, "Background." The Company does not anticipate that the change in its assertion will have a material impact on its cash flows during the next twelve months, between April 1, 2020 and March 31, 2021.

Fair Value Measurements (Financial Instruments) (Details) - Fair Value, Measurements, Recurring - Level 2 - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Fair Value of Financial Instruments [Abstract]
Nominal Unpaid Principal Balance	$ 18,870	$ 17,170
Aggregate Fair Value (1)	16,655	17,369
Non-Vehicle Debt
Fair Value of Financial Instruments [Abstract]
Nominal Unpaid Principal Balance	4,349	3,755
Aggregate Fair Value (1)	2,872	3,840
Total Vehicle Debt
Fair Value of Financial Instruments [Abstract]
Nominal Unpaid Principal Balance	14,521	13,415
Aggregate Fair Value (1)	$ 13,783	$ 13,529

Debt (Debt Eliminated in Consolidation) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($)
HVF II Series 2017-2 Class D
Debt Instrument [Line Items]
Amounts of transaction	$ 20
HVF II Series 2018-1 Class D
Debt Instrument [Line Items]
Amounts of transaction	58
HVF II Series 2018-2 Class D Notes
Debt Instrument [Line Items]
Amounts of transaction	13
HVF II Series 2018-3 Class D Notes
Debt Instrument [Line Items]
Amounts of transaction	13
HVF II Series 2019-1 Class D Notes
Debt Instrument [Line Items]
Amounts of transaction	45
HVF II Series 2019-2 Class D Notes
Debt Instrument [Line Items]
Amounts of transaction	49
HVF II Series Class D Notes
Debt Instrument [Line Items]
Amounts of transaction	$ 198

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Jun. 30, 2019	Jun. 30, 2018
Related Party Transaction [Line Items]
Sales of marketable securities	$ 74	$ 0
Due from related parties				$ 425	$ 425
Contributions from noncontrolling interests	0	25
Master Loan Agreement
Related Party Transaction [Line Items]
Due from related parties	132		$ 129
Tax Related Liability
Related Party Transaction [Line Items]
Due from related parties	65		$ 65
Mr. Icahn
Related Party Transaction [Line Items]
Purchases from related party	$ 17	12
767 Auto Leasing, LLC
Related Party Transaction [Line Items]
Lease, initial term	22 months
Lease, renewal term	6 months
767 Auto Leasing, LLC \| Master Motor Vehicle Lease and Management Agreement
Related Party Transaction [Line Items]
Operating income or loss, percent	25.00%
The Hertz Corporation
Related Party Transaction [Line Items]
Sales of marketable securities	$ 74	0
Contributions from noncontrolling interests	$ 0	25
The Hertz Corporation \| 767 Auto Leasing, LLC
Related Party Transaction [Line Items]
Contributions from noncontrolling interests		$ 25

Cover page - shares	3 Months Ended
Cover page - shares	Mar. 31, 2020	Apr. 29, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
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 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 Common Stock, Shares Outstanding		142,285,475
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001657853
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
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 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
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000047129
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

Debt (Narrative) (Details) - USD ($)

1 Months Ended

3 Months Ended

Feb. 29, 2020

Feb. 25, 2020

Jan. 31, 2020

Mar. 31, 2020

Mar. 31, 2019

Dec. 31, 2019

$ (361,000,000)

$ (149,000,000)

177,000,000

HFLF Variable Funding Notes

^[1]

25,842,000,000

$ 24,627,000,000

Liabilities

^[1]

24,351,000,000

22,739,000,000

1,188,000,000

1,375,000,000

9,000,000

European Vehicle Notes

Senior Notes, 7.125%, Due 2026

808,000,000

810,000,000

$ 500,000,000

500,000,000

7.125%

European ABS

$ 530,000,000

766,000,000

138,000,000

UK Leveraged Financing

201,000,000

247,000,000

New Zealand RCF

45,000,000

50,000,000

Hertz Canadian Securitization

214,000,000

241,000,000

Senior RCF

Fixed charge coverage ratio, number of quarters

$ 25,000,000

1 year

Senior RCF

$ 595,000,000

Senior Term Loan

5.500% Senior Notes due October 2024

656,000,000

660,000,000

$ 800,000,000

800,000,000

5.50%

U.S. Vehicle RCF

$ 146,000,000

146,000,000

Total Vehicle Debt

147,000,000

HFLF Series 2013-2 Notes

Debt Instrument, Increase (Decrease), Net

$ 100,000,000

HFLF Series 2013-2 Notes, Due March 2022

450,000,000

286,000,000

600,000,000

HFLF Series 2017-1

174,000,000

229,000,000

HFLF Series 2016-1

4.125% Senior Notes due October 2021

34,000,000

$ 251,000,000

251,000,000

4.125%

Senior Notes

$ 2,700,000,000

2,700,000,000

HVF II Series 2013-A

Debt Instrument, Increase (Decrease), Net

$ 750,000,000

HVF II Series 2013-A Notes, Due March 2021

4,900,000,000

4,704,000,000

2,644,000,000

$ 200,000,000

HFLF Series 2018-1

European Fleet Notes, 5.500%, Due March 2023

401,000,000

462,000,000

$ 557,000,000

559,000,000

5.50%

Letter of Credit

Outstanding standby letters of credit

$ 748,000,000

Repayments of principal in next twelve months

2,500,000,000

Repayments of debt

2,538,000,000

2,736,000,000

Proceeds from issuance of debt

3,661,000,000

3,667,000,000

Non-vehicle

Repayments of principal in next twelve months

19,000,000

Repayments of debt

851,000,000

344,000,000

Proceeds from issuance of debt

1,440,000,000

$ 341,000,000

Revolving Credit Facility | Senior RCF

Outstanding standby letters of credit

242,000,000

Letter of Credit

Line of credit facility, maximum borrowing capacity

400,000,000

Alternative Letter of Credit Facility

300,000,000

Line of credit facility, maximum borrowing capacity

250,000,000

Line of credit facility, increase (decrease), net

$ 100,000,000

International Fleet Financing No. 2 B.V.

$ 200,000,000

Variable Interest Entity, Primary Beneficiary | International Fleet Financing No. 2 B.V.

Ownership percentage

25.00%

Preferred Stock, par value (in dollars per share)

$ 981,000,000

1,100,000,000

Liabilities

$ 981,000,000

$ 1,100,000,000

[1]

Subsequent Events Subsequent Events	3 Months Ended
Subsequent Events Subsequent Events	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;"></font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Subsequent Events</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#d9c6f9;">[OPEN.]</font></div></div>

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

Mar. 31, 2020

Dec. 31, 2019

$ 0.01

Preferred Stock, shares issued

Preferred Stock, shares outstanding

Common Stock, par value (in dollars per share)

$ 0.01

Common Stock, shares issued

144,308,001

144,153,444

Common Stock, shares outstanding

142,279,069

142,124,512

Treasury Stock, shares repurchased

2,000,000

Receivables, allowance for doubtful accounts (in dollars)

^[1]

$ 25,842

$ 24,627

VIE, total liabilities

^[1]

24,351

22,739

Non-vehicle

The Hertz Corporation

Receivables, allowance for doubtful accounts (in dollars)

$ 31

$ 35

Common Stock, par value (in dollars per share)

$ 0.01

Common Stock, shares issued

100

Common Stock, shares outstanding

100

Variable Interest Entity, Primary Beneficiary | The Hertz Corporation

^[2]

$ 25,842

$ 24,627

VIE, total liabilities

^[2]

24,355

22,743

Cash, Cash Equivalents and Investments

1,100

1,300

VIE, total liabilities

$ 981

$ 1,100

[1]

[2]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ (357)	$ (148)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and reserves for revenue earning vehicles	733	644
Depreciation and amortization, non-vehicle	53	48
Amortization of deferred financing costs and debt discount (premium)	12	14
Stock-based compensation charges	0	3
Provision for receivables allowance	15	10
Deferred income taxes, net	(13)	(4)
(Gain) loss on marketable securities	0	(11)
(Gain) loss on sale of non-vehicle capital assets	(21)	(8)
(Gain) loss on derivatives	0	(5)
Other	4	0
Changes in assets and liabilities:
Non-vehicle receivables	226	(33)
Prepaid expenses and other assets	(61)	(55)
Operating lease right-of-use assets	100	90
Non-vehicle accounts payable	(86)	32
Accrued liabilities	(59)	25
Accrued taxes, net	(14)	10
Operating lease liabilities	(66)	(94)
Self-insured liabilities	(17)	(4)
Net cash provided by (used in) operating activities	449	514
Cash flows from investing activities:
Revenue earning vehicles expenditures	(4,346)	(3,973)
Proceeds from disposal of revenue earning vehicles	2,212	2,153
Non-vehicle capital asset expenditures	(59)	(54)
Proceeds from non-vehicle capital assets disposed of or to be disposed of	23	19
Sales of marketable securities	74	0
Other	(1)	0
Net cash provided by (used in) investing activities	(2,097)	(1,855)
Cash flows from financing activities:
Payment of financing costs	(9)	(12)
Contributions from noncontrolling interests	0	25
Other	(2)	(2)
Net cash provided by (used in) financing activities	1,701	939
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	(4)	(2)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	49	(404)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	1,360	1,410
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	1,409	1,006
Cash paid during the period for:
Income taxes, net of refunds	5	6
Supplemental disclosures of non-cash flow information:
Purchases of revenue earning vehicles included in accounts payable, net of incentives	200	431
Sales of revenue earning vehicles included in vehicle receivables	1,043	365
Purchases of non-vehicle capital assets included in accounts payable	32	45
Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	3,661	3,667
Repayments of debt	(2,538)	(2,736)
Cash paid during the period for:
Interest, net of amounts capitalized:	103	87
Non-vehicle
Cash flows from financing activities:
Proceeds from issuance of debt	1,440	341
Repayments of debt	(851)	(344)
Cash paid during the period for:
Interest, net of amounts capitalized:	26	29
The Hertz Corporation
Cash flows from operating activities:
Net income (loss)	(356)	(146)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and reserves for revenue earning vehicles	733	644
Depreciation and amortization, non-vehicle	53	48
Amortization of deferred financing costs and debt discount (premium)	12	14
Stock-based compensation charges	0	3
Provision for receivables allowance	15	10
Deferred income taxes, net	(12)	(4)
(Gain) loss on marketable securities	0	(11)
(Gain) loss on sale of non-vehicle capital assets	(21)	(8)
(Gain) loss on derivatives	0	(5)
Other	3	0
Changes in assets and liabilities:
Non-vehicle receivables	226	(33)
Prepaid expenses and other assets	(61)	(55)
Operating lease right-of-use assets	100	90
Non-vehicle accounts payable	(86)	32
Accrued liabilities	(59)	25
Accrued taxes, net	(14)	10
Operating lease liabilities	(66)	(94)
Self-insured liabilities	(17)	(4)
Net cash provided by (used in) operating activities	450	516
Cash flows from investing activities:
Revenue earning vehicles expenditures	(4,346)	(3,973)
Proceeds from disposal of revenue earning vehicles	2,212	2,153
Non-vehicle capital asset expenditures	(59)	(54)
Proceeds from non-vehicle capital assets disposed of or to be disposed of	23	19
Sales of marketable securities	74	0
Other	(1)	0
Net cash provided by (used in) investing activities	(2,097)	(1,855)
Cash flows from financing activities:
Payment of financing costs	(9)	(12)
Advances to Hertz Holdings	(3)	(4)
Contributions from noncontrolling interests	0	25
Net cash provided by (used in) financing activities	1,700	937
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	(4)	(2)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	49	(404)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	1,360	1,410
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	1,409	1,006
Cash paid during the period for:
Income taxes, net of refunds	5	6
Supplemental disclosures of non-cash flow information:
Purchases of revenue earning vehicles included in accounts payable, net of incentives	200	431
Purchases of non-vehicle capital assets included in accounts payable	32	45
The Hertz Corporation \| Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	3,661	3,667
Repayments of debt	(2,538)	(2,736)
Cash paid during the period for:
Interest, net of amounts capitalized:	103	87
Supplemental disclosures of non-cash flow information:
Sales of revenue earning vehicles included in vehicle receivables	1,043	365
The Hertz Corporation \| Non-vehicle
Cash flows from financing activities:
Proceeds from issuance of debt	1,440	341
Repayments of debt	(851)	(344)
Cash paid during the period for:
Interest, net of amounts capitalized:	$ 26	$ 29

Fair Value Measurements (Cash and Cash Equivalents and Investments) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Money market funds and time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 706	$ 531
Money market funds and time deposits \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	706	531
Money market funds and time deposits \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and 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 and cash equivalents	0	0
Marketable securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	74
Marketable securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	74
Marketable securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Marketable securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 0	$ 0

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

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



	March 31, 2020								December 31, 2019
(In millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Money market funds and time deposits	$	706	$	—	$	—	$	706	$	531	$	—	$	—	$	531
Marketable securities	—		—		—		—		74		—		—		74

Components of debt

In March 2020, HVF II sold the below notes, which it had acquired at the time of the respective initial offerings and which were previously eliminated in consolidation, to third parties.



(In millions)	Aggregate Principal Amount
HVF II Series 2017-2 Class D Notes	$	20
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	$	198

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



Facility	Weighted-Average Interest Rate as of March 31, 2020	Fixed or Floating Interest Rate	Maturity	March 31, 2020			December 31, 2019
Non-Vehicle Debt
Senior Term Loan	3.74%	Floating	6/2023	$	656		$	660
Senior RCF	3.99%	Floating	6/2021	595			—
Senior Notes⁽¹⁾	6.11%	Fixed	10/2022-1/2028	2,700			2,700
Senior Second Priority Secured Notes	7.63%	Fixed	6/2022	350			350
Promissory Notes	7.00%	Fixed	1/2028	27			27
Other Non-Vehicle Debt	5.71%	Fixed	Various	21			18
Unamortized Debt Issuance Costs and Net (Discount) Premium				(33		)	(34		)
Total Non-Vehicle Debt				4,316			3,721
Vehicle Debt
HVF II U.S. ABS Program
HVF II U.S. Vehicle Variable Funding Notes
HVF II Series 2013-A⁽²⁾	2.71%	Floating	3/2022	4,704			2,644
				4,704			2,644
HVF II U.S. Vehicle Medium Term Notes
HVF II Series 2015-1⁽²⁾	N/A	Fixed	3/2020	—			780
HVF II Series 2015-3⁽²⁾	3.10%	Fixed	9/2020	371			371
HVF II Series 2016-2⁽²⁾	3.41%	Fixed	3/2021	595			595
HVF II Series 2016-4⁽²⁾	3.09%	Fixed	7/2021	424			424
HVF II Series 2017-1⁽²⁾	3.38%	Fixed	10/2020	450			450
HVF II Series 2017-2⁽²⁾	3.74%	Fixed	10/2022	370			350
HVF II Series 2018-1⁽²⁾	3.54%	Fixed	2/2023	1,058			1,000
HVF II Series 2018-2⁽²⁾	3.94%	Fixed	6/2021	213			200
HVF II Series 2018-3⁽²⁾	4.29%	Fixed	7/2023	213			200
HVF II Series 2019-1⁽²⁾	4.00%	Fixed	3/2022	745			700
HVF II Series 2019-2⁽²⁾	3.67%	Fixed	5/2024	799			750
HVF II Series 2019-3⁽²⁾	2.91%	Fixed	12/2024	800			800
				6,038			6,620
Donlen U.S. ABS Program
HFLF Variable Funding Notes
HFLF Series 2013-2⁽²⁾	2.56%	Floating	3/2022	450			286
				450			286
HFLF Medium Term Notes
HFLF Series 2016-1⁽³⁾	N/A	Both	1/2020-2/2020	—			34
HFLF Series 2017-1⁽³⁾	2.54%	Both	4/2020-2/2021	174			229
HFLF Series 2018-1⁽³⁾	2.78%	Both	4/2020-4/2022	401			462
HFLF Series 2019-1⁽³⁾	2.41%	Both	4/2020-1/2023	613			650
				1,188			1,375



Facility	Weighted-Average Interest Rate as of March 31, 2020	Fixed or Floating Interest Rate	Maturity	March 31, 2020			December 31, 2019
Vehicle Debt - Other
U.S. Vehicle RCF	3.61%	Floating	6/2021	146			146
European Vehicle Notes⁽⁴⁾	5.07%	Fixed	10/2021-3/2023	808			810
European ABS⁽²⁾	1.60%	Floating	11/2021	530			766
Hertz Canadian Securitization⁽²⁾	3.10%	Floating	3/2021	214			241
Donlen Canadian Securitization⁽²⁾	2.59%	Floating	12/2022	27			24
Australian Securitization⁽²⁾	2.11%	Floating	6/2021	147			177
New Zealand RCF	3.82%	Floating	6/2021	45			50
U.K. Financing Facility	2.59%	Floating	4/2020-2/2023	201			247
Other Vehicle Debt	3.78%	Floating	4/2020-11/2024	23			29
				2,141			2,490
Unamortized Debt Issuance Costs and Net (Discount) Premium				(83		)	(47		)
Total Vehicle Debt				14,438			13,368
Total Debt				$	18,754		$	17,089

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	March 31, 2020		December 31, 2019
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		500
6.000% Senior Notes due January 2028	900		900
	$	2,700	$	2,700

(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 April 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 1.11 to 1 and 1.12 to 1 as of March 31, 2020 and December 31, 2019, 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	March 31, 2020		December 31, 2019
4.125% Senior Notes due October 2021	$	251	$	251
5.500% Senior Notes due March 2023	557		559
	$	808	$	810

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 March 31, 2020				As of December 31, 2019
(In millions)	Nominal Unpaid Principal Balance		Aggregate Fair Value⁽¹⁾		Nominal Unpaid Principal Balance		Aggregate Fair Value
Non-Vehicle Debt	$	4,349	$	2,872	$	3,755	$	3,840
Vehicle Debt	14,521		13,783		13,415		13,529
Total	$	18,870	$	16,655	$	17,170	$	17,369

Debt (Covenant Ratios) (Details)	Mar. 31, 2020
Senior Revolving Credit Facility and Letter of Credit Facility
Debt Instrument [Line Items]
Maximum consolidated leverage ratio	3.00

Contingencies and Off-Balance Sheet Commitments	3 Months Ended
Contingencies and Off-Balance Sheet Commitments	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Off-Balance Sheet Commitments	Contingencies and Off-Balance Sheet Commitments Legal Proceedings Self-insured Liabilities The Company is currently a defendant in numerous actions and has received numerous claims on which actions have not yet commenced for self-insured liabilities arising from the operation of motor vehicles rented from the Company. The obligation for self-insured liabilities on self-insured U.S. and international vehicles, as stated in the accompanying unaudited condensed consolidated balance sheets, represents an estimate for both reported accident claims not yet paid and claims incurred but not yet reported 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, premiums and administrative costs. As of March 31, 2020 and December 31, 2019, the Company's liability recorded for self-insured liabilities is $532 million and $553 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 as of March 31, 2020 or the period after March 31, 2020, but before the filing of this Quarterly Report on Form 10‑Q. 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 (as defined in the Company's 2019 Form 10-K) 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 a related motion to allow the filing of a proposed fifth amended complaint. On October 30, 2019, the plaintiffs filed a notice of appeal as to the September 30, 2019 order. The parties have now fully briefed the appeal. Oral argument on the appeal has not yet been scheduled. The Company has established reserves for matters where the Company believes that losses are probable and can be reasonably estimated. Other than the aggregate reserve established for claims for self-insured liabilities, none of those reserves are material. For matters, 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 the New Jersey action and discovery and depositions have commenced in the Florida action. 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 (as defined in the Company's 2019 Form 10-K), 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.

Segment Information (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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



	Three Months Ended March 31,
(In millions)	2020			2019
Revenues
U.S. Rental Car	$	1,381		$	1,520
International Rental Car	368			433
All Other Operations	174			154
Total Hertz Global and Hertz	$	1,923		$	2,107
Depreciation of revenue earning vehicles and lease charges
U.S. Rental Car	$	463		$	386
International Rental Car	89			97
All Other Operations	125			109
Total Hertz Global and Hertz	$	677		$	592
Adjusted EBITDA
U.S. Rental Car	$	(199	)	$	7
International Rental Car	(45		)	(13		)
All Other Operations	24			22
Corporate	(23		)	(20		)
Total Hertz Global and Hertz	$	(243	)	$	(4	)



(In millions)	March 31, 2020		December 31, 2019
Total assets
U.S. Rental Car	$	17,833	$	16,459
International Rental Car	4,216		4,563
All Other Operations	2,095		2,115
Corporate	1,698		1,490
Total Hertz Global and Hertz⁽¹⁾	$	25,842	$	24,627


(1)	The consolidated total assets of Hertz Global and Hertz as of March 31, 2020 and December 31, 2019 include total assets of VIEs of $1.1 billion and $1.3 billion, respectively, which can only be used to settle obligations of the VIEs. See "Special Purpose Entities" in Note 4, "Debt," and "767 Auto Leasing LLC" in Note 10, "Related Party Transactions," for further information.

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

Hertz Global



	Three Months Ended March 31,
(In millions)	2020			2019
Adjusted EBITDA:
U.S. Rental Car	$	(199	)	$	7
International Rental Car	(45		)	(13		)
All Other Operations	24			22
Total reportable segments	(220		)	16
Corporate⁽¹⁾	(23		)	(20		)
Total Hertz Global	(243		)	(4		)
Adjustments:
Non-vehicle depreciation and amortization	(53		)	(49		)
Non-vehicle debt interest, net	(57		)	(71		)
Vehicle debt-related charges⁽²⁾	(9		)	(10		)
Restructuring and restructuring related charges⁽³⁾	(7		)	(7		)
Information technology and finance transformation costs⁽⁴⁾	(17		)	(23		)
Other items⁽⁵⁾	25			15
Income (loss) before income taxes	$	(361	)	$	(149	)

Hertz



	Three Months Ended March 31,
(In millions)	2020			2019
Adjusted EBITDA:
U.S. Rental Car	$	(199	)	$	7
International Rental Car	(45		)	(13		)
All Other Operations	24			22
Total reportable segments	(220		)	16
Corporate⁽¹⁾	(23		)	(20		)
Total Hertz	(243		)	(4		)
Adjustments:
Non-vehicle depreciation and amortization	(53		)	(49		)
Non-vehicle debt interest, net	(55		)	(69		)
Vehicle debt-related charges⁽²⁾	(9		)	(10		)
Restructuring and restructuring related charges⁽³⁾	(7		)	(7		)
Information technology and finance transformation costs⁽⁴⁾	(17		)	(23		)
Other items⁽⁵⁾	25			15
Income (loss) before income taxes	$	(359	)	$	(147	)


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


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


(3)	Represents charges incurred under restructuring actions as defined in U.S. GAAP, excluding impairments and asset write-downs. Also includes restructuring related charges such as incremental costs incurred directly supporting business transformation initiatives.


(4)	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.

(5)

Represents miscellaneous items, including non-cash stock-based compensation charges, and amounts attributable to noncontrolling interests. In 2020, includes a $20 million gain on the sale of non-vehicle capital assets and $13 million in unrealized gains on derivative financial instruments. In 2019, includes an $11 million gain on marketable securities and an $8 million gain on the sale of non-vehicle capital assets.

Fair Value Measurements

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

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.

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 consisted of marketable securities as of December 31, 2019. See Note 3, "Divestitures." for further information.

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



	March 31, 2020								December 31, 2019
(In millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Money market funds and time deposits	$	706	$	—	$	—	$	706	$	531	$	—	$	—	$	531
Marketable securities	—		—		—		—		74		—		—		74

Debt Obligations



	As of March 31, 2020				As of December 31, 2019
(In millions)	Nominal Unpaid Principal Balance		Aggregate Fair Value⁽¹⁾		Nominal Unpaid Principal Balance		Aggregate Fair Value
Non-Vehicle Debt	$	4,349	$	2,872	$	3,755	$	3,840
Vehicle Debt	14,521		13,783		13,415		13,529
Total	$	18,870	$	16,655	$	17,170	$	17,369

(1)

The decrease in the aggregate fair value of the Company's debt is due to the impact from COVID-19, as disclosed in Note 1, "Background."

- Definition

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

+ References + Details

Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Components of debt

In March 2020, HVF II sold the below notes, which it had acquired at the time of the respective initial offerings and which were previously eliminated in consolidation, to third parties.



(In millions)	Aggregate Principal Amount
HVF II Series 2017-2 Class D Notes	$	20
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	$	198

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



Facility	Weighted-Average Interest Rate as of March 31, 2020	Fixed or Floating Interest Rate	Maturity	March 31, 2020			December 31, 2019
Non-Vehicle Debt
Senior Term Loan	3.74%	Floating	6/2023	$	656		$	660
Senior RCF	3.99%	Floating	6/2021	595			—
Senior Notes⁽¹⁾	6.11%	Fixed	10/2022-1/2028	2,700			2,700
Senior Second Priority Secured Notes	7.63%	Fixed	6/2022	350			350
Promissory Notes	7.00%	Fixed	1/2028	27			27
Other Non-Vehicle Debt	5.71%	Fixed	Various	21			18
Unamortized Debt Issuance Costs and Net (Discount) Premium				(33		)	(34		)
Total Non-Vehicle Debt				4,316			3,721
Vehicle Debt
HVF II U.S. ABS Program
HVF II U.S. Vehicle Variable Funding Notes
HVF II Series 2013-A⁽²⁾	2.71%	Floating	3/2022	4,704			2,644
				4,704			2,644
HVF II U.S. Vehicle Medium Term Notes
HVF II Series 2015-1⁽²⁾	N/A	Fixed	3/2020	—			780
HVF II Series 2015-3⁽²⁾	3.10%	Fixed	9/2020	371			371
HVF II Series 2016-2⁽²⁾	3.41%	Fixed	3/2021	595			595
HVF II Series 2016-4⁽²⁾	3.09%	Fixed	7/2021	424			424
HVF II Series 2017-1⁽²⁾	3.38%	Fixed	10/2020	450			450
HVF II Series 2017-2⁽²⁾	3.74%	Fixed	10/2022	370			350
HVF II Series 2018-1⁽²⁾	3.54%	Fixed	2/2023	1,058			1,000
HVF II Series 2018-2⁽²⁾	3.94%	Fixed	6/2021	213			200
HVF II Series 2018-3⁽²⁾	4.29%	Fixed	7/2023	213			200
HVF II Series 2019-1⁽²⁾	4.00%	Fixed	3/2022	745			700
HVF II Series 2019-2⁽²⁾	3.67%	Fixed	5/2024	799			750
HVF II Series 2019-3⁽²⁾	2.91%	Fixed	12/2024	800			800
				6,038			6,620
Donlen U.S. ABS Program
HFLF Variable Funding Notes
HFLF Series 2013-2⁽²⁾	2.56%	Floating	3/2022	450			286
				450			286
HFLF Medium Term Notes
HFLF Series 2016-1⁽³⁾	N/A	Both	1/2020-2/2020	—			34
HFLF Series 2017-1⁽³⁾	2.54%	Both	4/2020-2/2021	174			229
HFLF Series 2018-1⁽³⁾	2.78%	Both	4/2020-4/2022	401			462
HFLF Series 2019-1⁽³⁾	2.41%	Both	4/2020-1/2023	613			650
				1,188			1,375



Facility	Weighted-Average Interest Rate as of March 31, 2020	Fixed or Floating Interest Rate	Maturity	March 31, 2020			December 31, 2019
Vehicle Debt - Other
U.S. Vehicle RCF	3.61%	Floating	6/2021	146			146
European Vehicle Notes⁽⁴⁾	5.07%	Fixed	10/2021-3/2023	808			810
European ABS⁽²⁾	1.60%	Floating	11/2021	530			766
Hertz Canadian Securitization⁽²⁾	3.10%	Floating	3/2021	214			241
Donlen Canadian Securitization⁽²⁾	2.59%	Floating	12/2022	27			24
Australian Securitization⁽²⁾	2.11%	Floating	6/2021	147			177
New Zealand RCF	3.82%	Floating	6/2021	45			50
U.K. Financing Facility	2.59%	Floating	4/2020-2/2023	201			247
Other Vehicle Debt	3.78%	Floating	4/2020-11/2024	23			29
				2,141			2,490
Unamortized Debt Issuance Costs and Net (Discount) Premium				(83		)	(47		)
Total Vehicle Debt				14,438			13,368
Total Debt				$	18,754		$	17,089

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	March 31, 2020		December 31, 2019
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		500
6.000% Senior Notes due January 2028	900		900
	$	2,700	$	2,700

(2)

(3)

(4)



(In millions)	Outstanding Principal
European Vehicle Notes	March 31, 2020		December 31, 2019
4.125% Senior Notes due October 2021	$	251	$	251
5.500% Senior Notes due March 2023	557		559
	$	808	$	810



	As of March 31, 2020				As of December 31, 2019
(In millions)	Nominal Unpaid Principal Balance		Aggregate Fair Value⁽¹⁾		Nominal Unpaid Principal Balance		Aggregate Fair Value
Non-Vehicle Debt	$	4,349	$	2,872	$	3,755	$	3,840
Vehicle Debt	14,521		13,783		13,415		13,529
Total	$	18,870	$	16,655	$	17,170	$	17,369

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

The following facilities were available to the Company as of March 31, 2020 and are presented net of any outstanding letters of credit:



(In millions)	Remaining Capacity		Availability Under Borrowing Base Limitation
Non-Vehicle Debt
Senior RCF	$	25	$	25
Letter of Credit Facility	5		5
Alternative Letter of Credit Facility	—		—
Total Non-Vehicle Debt	30		30
Vehicle Debt
U.S. Vehicle RCF	—		—
HVF II U.S. Vehicle Variable Funding Notes	151		—
HFLF Variable Funding Notes	50		9
European ABS	695		138
Hertz Canadian Securitization	37		—
Donlen Canadian Securitization	9		—
Australian Securitization	19		—
U.K. Financing Facility	110		—
New Zealand RCF	—		—
Total Vehicle Debt	1,071		147
Total	$	1,101	$	177

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Worldwide vehicle rental	$ 1,749	$ 1,953
All other operations	174	154
Revenues	1,923	2,107
Expenses:
Direct vehicle and operating	1,241	1,266
Depreciation of revenue earning vehicles and lease charges	677	592
Selling, general and administrative	208	234
Total interest expense, net	175	183
Other (income) expense, net	(17)	(19)
Total expenses	2,284	2,256
Income (loss) before income taxes	(361)	(149)
Income tax (provision) benefit	4	1
Net income (loss)	(357)	(148)
Net (income) loss attributable to noncontrolling interests	1	1
Net income (loss) attributable to Hertz	$ (356)	$ (147)
Weighted-average shares outstanding:
Basic (in shares)	142	96
Diluted (in shares)	142	96
Earnings (loss) per share:
Basic earnings (loss) per share (in dollars per share)	$ (2.50)	$ (1.54)
Diluted earnings (loss) per share (in dollars per share)	$ (2.50)	$ (1.54)
Vehicles
Expenses:
Total interest expense, net	$ 118	$ 112
Non-vehicle
Expenses:
Total interest expense, net	57	71
The Hertz Corporation
Revenues:
Worldwide vehicle rental	1,749	1,953
All other operations	174	154
Revenues	1,923	2,107
Expenses:
Direct vehicle and operating	1,241	1,266
Depreciation of revenue earning vehicles and lease charges	677	592
Selling, general and administrative	208	234
Total interest expense, net	173	181
Other (income) expense, net	(17)	(19)
Total expenses	2,282	2,254
Income (loss) before income taxes	(359)	(147)
Income tax (provision) benefit	3	1
Net income (loss)	(356)	(146)
Net (income) loss attributable to noncontrolling interests	1	1
Net income (loss) attributable to Hertz	(355)	(145)
The Hertz Corporation \| Vehicles
Expenses:
Total interest expense, net	118	112
The Hertz Corporation \| Non-vehicle
Expenses:
Total interest expense, net	$ 55	$ 69

Segment Information

3 Months Ended

Mar. 31, 2020

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, vans 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. 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 2019 segment results to reflect the new segment measure of profitability.

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



	Three Months Ended March 31,
(In millions)	2020			2019
Revenues
U.S. Rental Car	$	1,381		$	1,520
International Rental Car	368			433
All Other Operations	174			154
Total Hertz Global and Hertz	$	1,923		$	2,107
Depreciation of revenue earning vehicles and lease charges
U.S. Rental Car	$	463		$	386
International Rental Car	89			97
All Other Operations	125			109
Total Hertz Global and Hertz	$	677		$	592
Adjusted EBITDA
U.S. Rental Car	$	(199	)	$	7
International Rental Car	(45		)	(13		)
All Other Operations	24			22
Corporate	(23		)	(20		)
Total Hertz Global and Hertz	$	(243	)	$	(4	)



(In millions)	March 31, 2020		December 31, 2019
Total assets
U.S. Rental Car	$	17,833	$	16,459
International Rental Car	4,216		4,563
All Other Operations	2,095		2,115
Corporate	1,698		1,490
Total Hertz Global and Hertz⁽¹⁾	$	25,842	$	24,627


(1)	The consolidated total assets of Hertz Global and Hertz as of March 31, 2020 and December 31, 2019 include total assets of VIEs of $1.1 billion and $1.3 billion, respectively, which can only be used to settle obligations of the VIEs. See "Special Purpose Entities" in Note 4, "Debt," and "767 Auto Leasing LLC" in Note 10, "Related Party Transactions," for further information.

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

Hertz Global



	Three Months Ended March 31,
(In millions)	2020			2019
Adjusted EBITDA:
U.S. Rental Car	$	(199	)	$	7
International Rental Car	(45		)	(13		)
All Other Operations	24			22
Total reportable segments	(220		)	16
Corporate⁽¹⁾	(23		)	(20		)
Total Hertz Global	(243		)	(4		)
Adjustments:
Non-vehicle depreciation and amortization	(53		)	(49		)
Non-vehicle debt interest, net	(57		)	(71		)
Vehicle debt-related charges⁽²⁾	(9		)	(10		)
Restructuring and restructuring related charges⁽³⁾	(7		)	(7		)
Information technology and finance transformation costs⁽⁴⁾	(17		)	(23		)
Other items⁽⁵⁾	25			15
Income (loss) before income taxes	$	(361	)	$	(149	)

Hertz



	Three Months Ended March 31,
(In millions)	2020			2019
Adjusted EBITDA:
U.S. Rental Car	$	(199	)	$	7
International Rental Car	(45		)	(13		)
All Other Operations	24			22
Total reportable segments	(220		)	16
Corporate⁽¹⁾	(23		)	(20		)
Total Hertz	(243		)	(4		)
Adjustments:
Non-vehicle depreciation and amortization	(53		)	(49		)
Non-vehicle debt interest, net	(55		)	(69		)
Vehicle debt-related charges⁽²⁾	(9		)	(10		)
Restructuring and restructuring related charges⁽³⁾	(7		)	(7		)
Information technology and finance transformation costs⁽⁴⁾	(17		)	(23		)
Other items⁽⁵⁾	25			15
Income (loss) before income taxes	$	(359	)	$	(147	)


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


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


(3)	Represents charges incurred under restructuring actions as defined in U.S. GAAP, excluding impairments and asset write-downs. Also includes restructuring related charges such as incremental costs incurred directly supporting business transformation initiatives.


(4)	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.

(5)

Divestitures (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
Divestitures (Details) - USD ($) $ in Millions	Mar. 31, 2020	Mar. 31, 2020	Mar. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Marketable Securities, Gain (Loss)		$ 0	$ 11
Other Operating Income (Expense)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Marketable Securities, Gain (Loss)	$ (74)
The Hertz Corporation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of productive assets		13	11
Marketable Securities, Gain (Loss)		$ 0	11
The Hertz Corporation \| Non-vehicle Capital Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of productive assets			$ 8

Basis of Presentation and Recently Issued Accounting Pronouncements	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Recently Issued Accounting Pronouncements	Basis of Presentation and Recently Issued Accounting Pronouncements Basis of Presentation This Quarterly Report on Form 10-Q combines the quarterly reports on Form 10-Q for the quarterly period ended March 31, 2020 of Hertz Global and Hertz. Hertz Global consolidates Hertz for financial statement purposes, therefore, disclosures that relate to activities of Hertz also apply to Hertz Global. In the sections that combine disclosure of Hertz Global and Hertz, this report refers to actions as being actions of the Company, or Hertz Global, which is appropriate because the business is one enterprise and Hertz Global operates the business through Hertz. When appropriate, Hertz Global and Hertz are named specifically for their individual disclosures and any significant differences between the operations and results of Hertz Global and Hertz are separately disclosed and explained. The Company's unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The Company’s consolidated financial statements as of March 31, 2020 have been prepared on a going concern basis. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes. Actual results could differ materially from those estimates. The December 31, 2019 unaudited condensed consolidated balance sheet data is derived from the audited financial statements at that date but does not include all disclosures required by U.S. GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with information included in the Company's Form 10‑K for the year ended December 31, 2019 (the "2019 Form 10‑K"), as filed with the Securities and Exchange Commission ("SEC") on February 25, 2020. Certain prior period amounts have been reclassified to conform to current period presentation. Principles of Consolidation The unaudited condensed consolidated financial statements of Hertz Global include the accounts of Hertz Global, its wholly owned and majority owned U.S. and international subsidiaries and its VIEs, as applicable. The unaudited condensed consolidated financial statements of Hertz include the accounts of Hertz, its wholly owned and majority owned U.S. and international subsidiaries and its VIEs, as applicable. The Company consolidates a VIE when it is deemed the primary beneficiary of the VIE. The Company accounts for its investment in joint ventures using the equity method when it has significant influence but not control and is not the primary beneficiary of the joint venture. All significant intercompany transactions have been eliminated in consolidation. Recently Issued Accounting Pronouncements Adopted 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 issued amendments and updates to the new standard in 2018 and 2019. 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. The Company adopted this guidance when effective, on January 1, 2020, using a modified retrospective transition method. The adoption of this guidance did not 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 Company adopted this guidance when effective, on January 1, 2020, using a prospective transition method. The adoption of this guidance did not have a material impact on the Company's financial position, results of operations or cash flows. The Company has hosting arrangements in connection with its Enterprise Resource Planning systems. Prior to the adoption of this guidance, the Company capitalized certain implementation costs for its hosting arrangements in intangible assets, net, in the accompanying unaudited condensed consolidated balance sheet as of December 31, 2019. Subsequent to the adoption of this guidance on January 1, 2020, the Company records implementation fees incurred in connection with its hosting arrangements in prepaid expenses and other assets in the accompanying unaudited condensed consolidated balance sheet as of March 31, 2020. Not Yet Adopted 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. Facilitation of the Effects of Reference Rate Reform In March 2020, the FASB issued guidance that provides optional expedients and exceptions for contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform initiatives. This guidance is effective beginning March 12, 2020 through December 31, 2022 where the transition method varies depending upon the specific expedient or exception. The Company is in the process of assessing the available expedients and exceptions and, if applicable, the method and timing of adoption.

Goodwill and Intangible Assets	3 Months Ended
Goodwill and Intangible Assets	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;"></font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Goodwill and Intangible Assets</font><font style="font-family:Arial;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">As a result of declines in revenue and profitability of the Company and a decline in the share price of Hertz Global's common stock which are related to the COVID-19 virus as described in </font><font style="font-family:Arial;font-size:10pt;">Note 1</font><font style="font-family:Arial;font-size:10pt;">, "</font><font style="font-family:Arial;font-size:10pt;">Background</font><font style="font-family:Arial;font-size:10pt;">," the Company tested the recoverability of its goodwill and indefinite-lived intangible assets as of March 31, 2020 as further described below.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#d9c6f9;font-style:italic;font-weight:bold;">Goodwill</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#d9c6f9;">The Company performed a goodwill impairment analysis using the income approach, a measurement using level 3 inputs under the GAAP fair value hierarchy. In performing the impairment analysis, the Company leveraged long-term strategic plans, which are based on strategic initiatives for future profitability growth. The weighted average cost of capital used in the discounted cash flow model was calculated based upon the fair value of the Company's debt and stock price with a debt to equity ratio comparable to the vehicle rental car industry. The results of the Company's analysis indicated that there was an impairment of goodwill in its International Rental Car segment and recorded a charge of </font><font style="font-family:Arial;font-size:10pt;background-color:#d9c6f9;">$2 million</font><font style="font-family:Arial;font-size:10pt;background-color:#d9c6f9;"> which is included in other (income) expense, net in its condensed consolidated statement of operations for the three months ended March 31, 2020.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#d9c6f9;font-style:italic;font-weight:bold;">Intangible Assets</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#d9c6f9;">The Company performed an impairment analysis of its indefinite-lived intangible assets using [the relief from royalty method], a measurement using level 3 inputs under the GAAP fair value hierarchy. As a result of the analysis, the Company concluded that there was an impairment of certain technology-related intangibles in its corporate operations and recorded a charge of </font><font style="font-family:Arial;font-size:10pt;background-color:#d9c6f9;">$0 million</font><font style="font-family:Arial;font-size:10pt;background-color:#d9c6f9;"> which is included in other (income) expense, net in its condensed consolidated statement of operations for the three months ended March 31, 2020. The impairment was largely due to a decrease in long-term revenue projections </font><font style="font-family:Arial;font-size:10pt;background-color:#d9c6f9;text-decoration:line-through;">[coupled with an increase in the weighted average cost of capital]</font><font style="font-family:Arial;font-size:10pt;background-color:#d9c6f9;">. The carrying value of the technology-related intangibles as of March 31, 2020 is approximately </font><font style="font-family:Arial;font-size:10pt;background-color:#d9c6f9;">$0 million</font><font style="font-family:Arial;font-size:10pt;background-color:#d9c6f9;">, representing its estimated fair value. A change of 1 percentage point to the weighted average cost of capital assumption used in the impairment analysis could impact the impairment charge by approximately </font><font style="font-family:Arial;font-size:10pt;background-color:#d9c6f9;">$0 million</font><font style="font-family:Arial;font-size:10pt;background-color:#d9c6f9;">.</font></div></div>

Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 1,080	$ 1,083
International Rental Car
Finite-Lived Intangible Assets [Line Items]
Goodwill	2
Trade Names \| U.S. Rental Car
Finite-Lived Intangible Assets [Line Items]
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	0
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of Other than 10 or 20 Percent Adverse Change in Other Assumption	$ 0

Background (Details) $ in Millions	1 Months Ended
Background (Details) $ in Millions	Apr. 30, 2020 USD ($) employee	Mar. 31, 2020 USD ($) employee	May 04, 2020 USD ($)	Feb. 25, 2020 USD ($)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Cash and cash equivalents		$ 1,017.0			$ 865.0
Senior RCF
Debt Instrument [Line Items]
Outstanding principal		595.0			0.0
HVF II Series 2013-A
Debt Instrument [Line Items]
Outstanding principal		4,704.0		$ 4,900.0	$ 2,644.0
Letter of Credit
Debt Instrument [Line Items]
Outstanding standby letters of credit		748.0
Subsequent Event
Debt Instrument [Line Items]
Forbearance and Waiver Agreement payment			$ 30.0
Subsequent Event \| HVF II Series 2013-A
Debt Instrument [Line Items]
Forbearance agreement, aggregate principal amount of notes, percent			77.00%
Restructuring Plan, Impact of COVID-19 \| Other Restructuring
Debt Instrument [Line Items]
Reduction in original commitments		$ 4,000.0
Number of positions eliminated \| employee		20,000
Restructuring Plan, Impact of COVID-19 \| Other Restructuring \| Subsequent Event
Debt Instrument [Line Items]
Number of positions eliminated \| employee	10,000
Employees active contracts with local unions \| Restructuring Plan, Impact of COVID-19 \| Other Restructuring \| Subsequent Event
Debt Instrument [Line Items]
Expected restructuring costs	$ 30.0

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S 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 (Shares) at Dec. 31, 2018					0	84,000,000	100,000,000								2,000,000
Beginning 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)	(148)	(146)	(147)	(145)							(147)	(145)				(1)	(1)
Due from Hertz Holdings		(4)		(4)						(4)
Other comprehensive income (loss)	7	7	7	7									7	7
Net settlement on vesting of restricted stock	(2)		(2)					(2)
Stock-based compensation charges	3	3	3	3				3	3
Contributions from noncontrolling interests	25	25														25	25
Ending Balance (Shares) at Mar. 31, 2019					0	84,000,000	100,000,000								2,000,000
Ending Balance at Mar. 31, 2019	1,005	1,003	922	920		$ 1	$ 0	2,262	3,190	(56)	(1,056)	(2,029)	(185)	(185)	$ (100)	83	83
Beginning Balance (Shares) at Dec. 31, 2019					0	142,000,000	100,000,000								2,000,000
Beginning Balance at Dec. 31, 2019	1,888	1,884	1,769	1,765		$ 1	$ 0	3,024	3,955	(64)	(967)	(1,937)	(189)	(189)	$ (100)	119	119
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(357)	(356)	(356)	(355)							(356)	(355)				(1)	(1)
Due from Hertz Holdings		(3)		(3)						(3)
Other comprehensive income (loss)	(39)	(39)	(39)	(39)									(39)	(39)
Net settlement on vesting of restricted stock	(2)		(2)					(2)
Contributions from noncontrolling interests	1	1														1	1
Ending Balance (Shares) at Mar. 31, 2020					0	142,000,000	100,000,000								2,000,000
Ending Balance at Mar. 31, 2020	$ 1,491	$ 1,487	$ 1,372	$ 1,368		$ 1	$ 0	$ 3,022	$ 3,955	$ (67)	$ (1,323)	$ (2,292)	$ (228)	$ (228)	$ (100)	$ 119	$ 119

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Section 45
-Paragraph 1A
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 810
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-Section 50
-Paragraph 1A
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-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669625-108580

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 810
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-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Topic 810
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Topic 810
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-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591552-111686

+ Details

Contingencies and Off-Balance Sheet Commitments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Self-insured liabilities	$ 532	$ 553
Net proceeds from repayment or recovery	15.00%

Debt (Borrowing Capacity) (Details) $ in Millions	Mar. 31, 2020 USD ($)
Debt Instrument [Line Items]
Remaining capacity	$ 1,101
Availability under borrowing base limitation	177
Total Non-Vehicle Debt
Debt Instrument [Line Items]
Remaining capacity	30
Availability under borrowing base limitation	30
Senior RCF
Debt Instrument [Line Items]
Remaining capacity	25
Availability under borrowing base limitation	25
Letter of Credit Facility
Debt Instrument [Line Items]
Remaining capacity	5
Availability under borrowing base limitation	5
Alternative Letter of Credit Facility
Debt Instrument [Line Items]
Remaining capacity	0
Availability under borrowing base limitation	0
Total Vehicle Debt
Debt Instrument [Line Items]
Remaining capacity	1,071
Availability under borrowing base limitation	147
U.S. 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	151
Availability under borrowing base limitation	0
HFLF Variable Funding Notes
Debt Instrument [Line Items]
Remaining capacity	50
Availability under borrowing base limitation	9
European ABS
Debt Instrument [Line Items]
Remaining capacity	695
Availability under borrowing base limitation	138
Hertz Canadian Securitization
Debt Instrument [Line Items]
Remaining capacity	37
Availability under borrowing base limitation	0
Donlen Canadian Securitization
Debt Instrument [Line Items]
Remaining capacity	9
Availability under borrowing base limitation	0
Australian Securitization
Debt Instrument [Line Items]
Remaining capacity	19
Availability under borrowing base limitation	0
U.K. Financing Facility
Debt Instrument [Line Items]
Remaining capacity	110
Availability under borrowing base limitation	0
New Zealand RCF
Debt Instrument [Line Items]
Remaining capacity	0
Availability under borrowing base limitation	$ 0

Segment Information (Details)
$ in Millions

3 Months Ended

Mar. 31, 2020

USD ($)

segment

Mar. 31, 2019

USD ($)

Dec. 31, 2019

USD ($)

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

Number of reportable segments | segment

Depreciation of revenue earning vehicles and lease charges

$ 1,923

$ 2,107

677

592

(243)

(4)

^[1]

25,842

$ 24,627

Gain on sale of non-vehicle capital assets

(361)

(149)

Restructuring and restructuring related charges

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

Finance and Information Technology Transformation Costs

(7)

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

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

(17)

(23)

Other

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

Operating Segments

Operating Segments | U.S. Rental Car

(220)

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

Depreciation of revenue earning vehicles and lease charges

1,381

1,520

463

386

(199)

Operating Segments | International Rental Car

17,833

16,459

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

Depreciation of revenue earning vehicles and lease charges

368

433

(45)

(13)

Operating Segments | All Other Operations

4,216

4,563

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

Depreciation of revenue earning vehicles and lease charges

174

154

125

109

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

2,095

2,115

Corporate, Non-Segment

(23)

(20)

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

1,698

1,490

The Hertz Corporation

Proceeds from sale of productive assets

(13)

(11)

Depreciation of revenue earning vehicles and lease charges

1,923

2,107

677

592

(243)

(4)

^[2]

25,842

$ 24,627

Gain on sale of non-vehicle capital assets

(359)

(147)

The Hertz Corporation | Debt-related charges

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

The Hertz Corporation | Restructuring and restructuring related charges

(9)

(10)

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

The Hertz Corporation | Finance and Information Technology Transformation Costs

(7)

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

The Hertz Corporation | Other

(17)

(23)

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

The Hertz Corporation | Operating Segments

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

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

(220)

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

The Hertz Corporation | Operating Segments | International Rental Car

(199)

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

The Hertz Corporation | Operating Segments | All Other Operations

(45)

(13)

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

The Hertz Corporation | Corporate, Non-Segment

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

Product Concentration Risk | Cost of Goods, Segment | All Other Operations

$ (23)

(20)

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

Concentration risk, percentage (less than)

1.00%

Product Concentration Risk | Revenues | All Other Operations

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

Concentration risk, percentage (less than)

1.00%

Non-vehicle | Non-vehicle Deprecation and Amortization

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

Non-vehicle | Debt-related charges

$ (53)

(49)

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

Non-vehicle | The Hertz Corporation | Non-vehicle Deprecation and Amortization

(57)

(71)

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

Non-vehicle | The Hertz Corporation | Debt-related charges

(53)

(49)

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

Vehicles | Debt-related charges

(55)

(69)

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