0001657853-20-000114 | 10-Q | XBRL Viewer | Hertz Global Holdings INC

$ 1,137

$ 865

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

745

495

1,882

1,360

1,416

1,840

429

689

Revenue earning vehicles:

Less: accumulated depreciation

11,462

17,085

(3,011)

(3,296)

Total revenue earning vehicles, net

8,451

13,789

699

757

1,737

1,871

3,062

3,238

1,081

1,083

^[1]

18,757

24,627

585

943

Accrued liabilities

810

1,032

Accrued taxes, net

119

150

8,771

17,089

1,703

1,848

481

553

887

1,124

13,356

22,739

Commitments and contingencies

5,001

Total Liabilities

18,357

22,739

Stockholders' equity:

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

Common stock, $0.01 par value, 158,235,410 and 144,153,444 shares issued, respectively and 156,206,478 and 142,124,512 shares outstanding, respectively

Additional paid-in capital

3,047

3,024

Accumulated deficit

(2,392)

(967)

Accumulated other comprehensive income (loss)

(216)

(189)

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

(100)

Stockholders' equity attributable to Hertz Global

341

1,769

Noncontrolling interests

119

Total stockholders' equity

400

1,888

18,757

24,627

Vehicles

ASSETS

382

466

629

791

289

8,753

13,368

Non-vehicle

ASSETS

363

787

1,049

501

654

3,721

The Hertz Corporation

ASSETS

1,137

865

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

717

495

1,854

1,360

1,416

1,840

428

689

Revenue earning vehicles:

Less: accumulated depreciation

11,462

17,085

(3,011)

(3,296)

Total revenue earning vehicles, net

8,451

13,789

699

757

1,737

1,871

3,062

3,238

1,081

1,083

^[2]

18,729

24,627

585

943

Accrued liabilities

812

1,032

Accrued taxes, net

119

150

8,771

17,089

1,703

1,848

481

553

862

1,128

13,333

22,743

Commitments and contingencies

5,066

Total Liabilities

^[2]

18,399

22,743

Stockholders' equity:

Common stock, $0.01 par value, 158,235,410 and 144,153,444 shares issued, respectively and 156,206,478 and 142,124,512 shares outstanding, respectively

Additional paid-in capital

3,953

3,955

Due from affiliate

(64)

Accumulated deficit

(3,466)

(1,937)

Accumulated other comprehensive income (loss)

(216)

(189)

Stockholders' equity attributable to Hertz Global

271

1,765

Noncontrolling interests

119

Total stockholders' equity

330

1,884

The Hertz Corporation | Variable Interest Entity, Primary Beneficiary

18,729

24,627

Revenue earning vehicles:

705

1,300

The Hertz Corporation | Vehicles

Total Liabilities

647

1,100

ASSETS

382

466

629

791

289

The Hertz Corporation | Non-vehicle

8,753

13,368

ASSETS

335

787

1,049

501

654

Beginning Balance (Shares) at Dec. 31, 2018

$ 18

$ 3,721

[1]

Hertz Global Holdings, Inc.'s consolidated total assets as of September 30, 2020 and December 31, 2019 include total assets of variable interest entities (“VIEs”) of $705 million 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 September 30, 2020 and December 31, 2019 include total liabilities of VIEs of $647 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 6, "Debt," and "767 Auto Leasing LLC" in Note 14, "Related Party Transactions," for further information.

[2]

The Hertz Corporation's consolidated total assets as of September 30, 2020 and December 31, 2019 include total assets of variable interest entities (“VIEs”) of $705 million 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 September 30, 2020 and December 31, 2019 include total liabilities of VIEs of $647 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 6, "Debt," and "767 Auto Leasing LLC" in Note 14, "Related Party Transactions," for further information.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares issued	158,235,410	144,153,444
Common Stock, shares outstanding	156,206,478	142,124,512
Treasury Stock, shares repurchased	2,028,932	2,028,932
Non-vehicle
Receivables, allowance for doubtful accounts (in dollars)	$ 63	$ 35
The Hertz Corporation
Receivables, allowance for doubtful accounts (in dollars)	$ 63	$ 35
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares issued	100	100
Common Stock, shares outstanding	100	100

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Worldwide vehicle rental	$ 1,119	$ 2,664	$ 3,535	$ 6,961
All other operations	149	172	488	493
Total revenues	1,268	2,836	4,023	7,454
Expenses:
Direct vehicle and operating	832	1,492	2,777	4,147
Depreciation of revenue earning vehicles and lease charges	347	667	1,634	1,892
Selling, general and administrative	143	232	519	723
Total interest expense, net	127	204	478	586
Write-off of inter-company loan			(133)	0
Other (income) expense, net	0	(6)	(15)	(37)
Reorganization Items	78	0	101	0
Total expenses	1,527	2,589	5,687	7,311
Income (loss) before income taxes	(259)	247	(1,664)	143
Income tax (provision) benefit	36	(74)	232	(78)
Net income (loss)	(223)	173	(1,432)	65
Net (income) loss attributable to noncontrolling interests	1	(4)	7	(4)
Net income (loss) attributable to Hertz	$ (222)	$ 169	$ (1,425)	$ 61
Weighted-average shares outstanding:
Basic (in shares)	156	133	148	109
Diluted (in shares)	156	134	148	109
Earnings (loss) per share:
Basic earnings (loss) per share (in dollars per share)	$ (1.42)	$ 1.26	$ (9.65)	$ 0.56
Diluted earnings (loss) per share (in dollars per share)	$ (1.42)	$ 1.26	$ (9.65)	$ 0.56
U.S. Rental Car
Expenses:
Impairment charge	$ 0	$ 0	$ 193	$ 0
Vehicles
Expenses:
Total interest expense, net	110	134	360	372
Non-vehicle
Expenses:
Total interest expense, net	17	70	118	214
Contractual Interest	53		75
The Hertz Corporation
Revenues:
Worldwide vehicle rental	1,119	2,664	3,535	6,961
All other operations	149	172	488	493
Total revenues	1,268	2,836	4,023	7,454
Expenses:
Direct vehicle and operating	832	1,492	2,777	4,147
Depreciation of revenue earning vehicles and lease charges	347	667	1,634	1,892
Selling, general and administrative	143	232	519	723
Total interest expense, net	127	202	476	581
Write-off of inter-company loan	0	0	133	0
Other (income) expense, net	0	(6)	(15)	(37)
Reorganization Items	78	0	101	0
Total expenses	1,527	2,587	5,818	7,306
Income (loss) before income taxes	(259)	249	(1,795)	148
Income tax (provision) benefit	36	(75)	259	(79)
Net income (loss)	(223)	174	(1,536)	69
Net (income) loss attributable to noncontrolling interests	1	(4)	7	(4)
Net income (loss) attributable to Hertz	(222)	170	(1,529)	65
The Hertz Corporation \| U.S. Rental Car
Expenses:
Impairment charge	0	0	193	0
The Hertz Corporation \| Vehicles
Expenses:
Total interest expense, net	110	134	360	372
The Hertz Corporation \| Non-vehicle
Expenses:
Total interest expense, net	17	$ 68	116	$ 209
Contractual Interest	$ 53		$ 75

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net income (loss)	$ (223)	$ 173	$ (1,432)	$ 65
Other comprehensive income (loss):
Foreign currency translation adjustments	(6)	(13)	(32)	(11)
Net gain (loss) on defined benefit pension plans	15	1	1	1
Reclassification to other (income) expense for amortization of actuarial (gains) losses on defined benefit pension plans	1	2	6	5
Total other comprehensive income (loss) before income taxes	10	(10)	(25)	(5)
Income tax (provision) benefit related to net gains and losses on defined benefit pension plans	(4)	0	0	0
Income tax (provision) benefit related to reclassified amounts of net periodic costs on defined benefit pension plans	(1)	(1)	(2)	(1)
Other comprehensive income (loss)	5	(11)	(27)	(6)
Total comprehensive income (loss)	(218)	162	(1,459)	59
Comprehensive (income) loss attributable to noncontrolling interests	1	(4)	7	(4)
Comprehensive income (loss) attributable to Hertz Global	(217)	158	(1,452)	55
The Hertz Corporation
Net income (loss)	(223)	174	(1,536)	69
Other comprehensive income (loss):
Foreign currency translation adjustments	(6)	(13)	(32)	(11)
Net gain (loss) on defined benefit pension plans	15	1	1	1
Reclassification to other (income) expense for amortization of actuarial (gains) losses on defined benefit pension plans	1	2	6	5
Total other comprehensive income (loss) before income taxes	10	(10)	(25)	(5)
Income tax (provision) benefit related to net gains and losses on defined benefit pension plans	(4)	0	0	0
Income tax (provision) benefit related to reclassified amounts of net periodic costs on defined benefit pension plans	(1)	(1)	(2)	(1)
Other comprehensive income (loss)	5	(11)	(27)	(6)
Total comprehensive income (loss)	(218)	163	(1,563)	63
Comprehensive (income) loss attributable to noncontrolling interests	1	(4)	7	(4)
Comprehensive income (loss) attributable to Hertz Global	$ (217)	$ 159	$ (1,556)	$ 59

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY - USD ($)
$ in Millions

Total

The Hertz Corporation

Stockholders' Equity Attributable to Hertz Global

The Hertz Corporation

Preferred Stock Shares

Common Stock Shares

The Hertz Corporation

Additional Paid-In Capital

The Hertz Corporation

Due From Affiliate

The Hertz Corporation

Accumulated Deficit

The Hertz Corporation

Accumulated Other Comprehensive Income (Loss)

The Hertz Corporation

Treasury Stock

Non- controlling Interests

The Hertz Corporation

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]

$ (1,884)

^[1],[2]

$ (192)

$ (100)

$ 59

^[1]

$ 59

^[2]

(148)

(146)

(147)

(145)

(147)

^[1]

(145)

^[2]

(1)

^[1]

(1)

^[2]

(4)

(2)

Ending Balance (Shares) at Mar. 31, 2019

^[1]

^[2]

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)

^[1]

(2,029)

^[2]

(185)

$ (100)

^[1]

^[2]

Beginning Balance (Shares) at Dec. 31, 2018

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]

(1,884)

^[1],[2]

(192)

$ (100)

^[1]

^[2]

Ending Balance (Shares) at Sep. 30, 2019

(6)

142,000,000

100,000,000

2,000,000

Ending Balance at Sep. 30, 2019

1,989

1,987

1,874

1,872

$ 1

$ 0

3,019

3,951

(62)

(848)

^[1]

(1,819)

^[2]

(198)

$ (100)

115

^[1]

115

^[2]

Beginning Balance (Shares) at Mar. 31, 2019

84,000,000

100,000,000

2,000,000

Beginning Balance at Mar. 31, 2019

1,005

1,003

922

920

$ 1

$ 0

2,262

3,190

(56)

(1,056)

^[1]

(2,029)

^[2]

(185)

$ (100)

^[1]

^[2]

^[1]

^[2]

^[1]

^[2]

(2)

(2)

Ending Balance (Shares) at Jun. 30, 2019

^[1]

^[2]

84,000,000

100,000,000

2,000,000

Ending Balance at Jun. 30, 2019

1,070

1,066

964

960

$ 1

$ 0

2,267

3,195

(58)

(1,017)

^[1]

(1,990)

^[2]

(187)

$ (100)

106

^[1]

106

^[2]

Net income (loss) including adjustments

173

174

169

171

169

^[1]

171

^[2]

^[1]

^[2]

175

(4)

(11)

(2)

Stock issued (in shares)

58,000,000

Stock issuance, net

748

Contributions from Hertz Holdings

^[1]

^[2]

750

Ending Balance (Shares) at Sep. 30, 2019

142,000,000

100,000,000

2,000,000

Ending Balance at Sep. 30, 2019

1,989

1,987

1,874

1,872

$ 1

$ 0

3,019

3,951

(62)

(848)

^[1]

(1,819)

^[2]

(198)

$ (100)

115

^[1]

115

^[2]

Beginning Balance (Shares) at Dec. 31, 2019

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)

^[3]

(189)

$ (100)

119

^[3]

(357)

(356)

(355)

(356)

(355)

^[3]

(1)

^[3]

(3)

(39)

(2)

Ending Balance (Shares) at Mar. 31, 2020

^[3]

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)

^[3]

(228)

$ (100)

119

^[3]

Beginning Balance (Shares) at Dec. 31, 2019

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)

^[3]

(189)

$ (100)

119

^[3]

(1,432)

(1,536)

(133)

133

Ending Balance (Shares) at Sep. 30, 2020

(27)

156,000,000

100,000,000

2,000,000

Ending Balance at Sep. 30, 2020

400

330

341

271

$ 2

$ 0

3,047

3,953

(2,392)

(3,466)

^[3]

(216)

$ (100)

^[3]

Beginning Balance (Shares) at Mar. 31, 2020

142,000,000

100,000,000

2,000,000

Beginning Balance at Mar. 31, 2020

1,491

1,487

1,372

1,368

$ 1

$ 0

3,022

3,955

(67)

(1,323)

(2,292)

^[3]

(228)

$ (100)

119

^[3]

(852)

(956)

(847)

(951)

(847)

(951)

^[3]

(5)

^[3]

(1)

^[4]

(65)

^[5]

133

Ending Balance (Shares) at Jun. 30, 2020

(2)

Stock issued (in shares)

14,000,000

Stock issuance, net

$ 1

156,000,000

100,000,000

2,000,000

Ending Balance at Jun. 30, 2020

673

603

559

489

$ 2

$ 0

3,048

3,953

(2,170)

(3,243)

^[3]

(221)

$ (100)

114

^[3]

Net income (loss) including adjustments

(223)

(222)

(223)

(222)

(223)

^[3]

(1)

^[3]

(224)

Distributions to noncontrolling interests

(1)

(54)

^[3]

Ending Balance (Shares) at Sep. 30, 2020

156,000,000

100,000,000

2,000,000

Ending Balance at Sep. 30, 2020

$ 400

$ 330

$ 341

$ 271

$ 2

$ 0

$ 3,047

$ 3,953

$ 0

$ (2,392)

$ (3,466)

^[3]

$ (216)

$ (100)

$ 59

^[3]

[1]	Net income (loss) and Net income (loss) attributable to noncontrolling interests are computed independently each quarter. As a result, the quarter amounts presented herein may be rounded to agree to amounts in the accompanying unaudited condensed consolidated balance sheet.
[2]	Net income (loss) and Net income (loss) attributable to noncontrolling interests are computed independently each quarter. As a result, the quarter amounts presented herein may be rounded to agree to amounts in the accompanying unaudited condensed consolidated balance sheet.
[3]	Net income (loss) is computed independently each quarter. As a result, the quarter amounts presented herein may be rounded to agree to accumulated deficit in the accompanying unaudited condensed consolidated balance sheet.
[4]	As a result of filing the Chapter 11 Cases, a Pre-petition loan due to an affiliate was classified as liabilities subject to compromise in the accompanying unaudited condensed consolidated balance sheet as of September 30, 2020. See Note 16, "Liabilities Subject to Compromise."
[5]	As a result of filing the Chapter 11 Cases, the full amount outstanding under a loan due from affiliate was deemed uncollectible and written off. See Note 14, "Related Party Transactions."

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income (loss)	$ (1,432)	$ 65
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and reserves for revenue earning vehicles	1,809	2,056
Depreciation and amortization, non-vehicle	168	151
Amortization of deferred financing costs and debt discount (premium)	37	40
Stock-based compensation charges	(2)	14
Provision for receivables allowance	66	35
Write-off of intercompany loan	133	0
Deferred income taxes, net	(243)	58
Technology-related intangible and other asset impairments	193	0
(Gain) loss on marketable securities	0	(26)
(Gain) loss on sale of non-vehicle capital assets	(24)	(15)
(Gain) loss on derivatives	(3)	(10)
Other	7	6
Changes in assets and liabilities:
Non-vehicle receivables	231	(132)
Prepaid expenses and other assets	33	(44)
Operating lease right-of-use assets	277	305
Non-vehicle accounts payable	224	72
Accrued liabilities	(47)	(48)
Accrued taxes, net	(4)	25
Operating lease liabilities	(287)	(323)
Self-insured liabilities	(75)	4
Net cash provided by (used in) operating activities	928	2,233
Cash flows from investing activities:
Revenue earning vehicles expenditures	(5,188)	(11,536)
Proceeds from disposal of revenue earning vehicles	8,770	6,193
Non-vehicle capital asset expenditures	(89)	(170)
Proceeds from non-vehicle capital assets disposed of or to be disposed of	56	21
Sales of marketable securities	74	0
Other	(1)	0
Net cash provided by (used in) investing activities	3,622	(5,492)
Cash flows from financing activities:
Payment of financing costs	(11)	(33)
Proceeds from the issuance of stock, net	28	0
Contributions from (distributions to) noncontrolling interests	(55)	49
Proceeds from Rights Offering, net	0	748
Other	(2)	(3)
Net cash provided by (used in) financing activities	(4,046)	2,551
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	18	(7)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	522	(715)
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	1,882	695
Cash paid during the period for:
Income taxes, net of refunds	(13)	12
Supplemental disclosures of non-cash information:
Purchases of revenue earning vehicles included in accounts payable, net of incentives	30	43
Sales of revenue earning vehicles included in vehicle receivables	575	712
Fleet payables included in liabilities subject to compromise	11	0
Purchases of non-vehicle capital assets included in accounts payable	7	48
Purchases of non-vehicle capital assets included in liabilities subject to compromise	20	0
Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	4,226	11,039
Repayments of debt	(8,931)	(8,538)
Cash paid during the period for:
Interest, net of amounts capitalized:	275	331
Non-vehicle
Cash flows from financing activities:
Proceeds from issuance of debt	1,553	1,726
Repayments of debt	(854)	(2,437)
Cash paid during the period for:
Interest, net of amounts capitalized:	78	182
The Hertz Corporation
Cash flows from operating activities:
Net income (loss)	(1,536)	69
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and reserves for revenue earning vehicles	1,809	2,056
Depreciation and amortization, non-vehicle	168	151
Amortization of deferred financing costs and debt discount (premium)	37	40
Stock-based compensation charges	(2)	14
Provision for receivables allowance	66	35
Write-off of intercompany loan	(133)	0
Deferred income taxes, net	(271)	59
Technology-related intangible and other asset impairments	193	0
(Gain) loss on marketable securities	0	(26)
(Gain) loss on sale of non-vehicle capital assets	(24)	(15)
(Gain) loss on derivatives	(3)	(10)
Other	9	6
Changes in assets and liabilities:
Non-vehicle receivables	231	(132)
Prepaid expenses and other assets	33	(44)
Operating lease right-of-use assets	277	305
Non-vehicle accounts payable	224	72
Accrued liabilities	(47)	(48)
Accrued taxes, net	(4)	25
Operating lease liabilities	(287)	(323)
Self-insured liabilities	(75)	4
Net cash provided by (used in) operating activities	931	2,238
Cash flows from investing activities:
Revenue earning vehicles expenditures	(5,188)	(11,536)
Proceeds from disposal of revenue earning vehicles	8,770	6,193
Non-vehicle capital asset expenditures	(89)	(170)
Proceeds from non-vehicle capital assets disposed of or to be disposed of	56	21
Sales of marketable securities	74	0
Other	(1)	0
Net cash provided by (used in) investing activities	3,622	(5,492)
Cash flows from financing activities:
Payment of financing costs	(11)	(33)
Advances to Hertz Holdings	(5)	(10)
Contributions from (distributions to) noncontrolling interests	(55)	49
Contributions from Hertz Holdings	0	750
Net cash provided by (used in) financing activities	(4,077)	2,546
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	18	(7)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	494	(715)
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	1,854	695
Cash paid during the period for:
Income taxes, net of refunds	(13)	12
Supplemental disclosures of non-cash information:
Purchases of revenue earning vehicles included in accounts payable, net of incentives	30	43
Purchases of non-vehicle capital assets included in accounts payable	7	48
Purchases of non-vehicle capital assets included in liabilities subject to compromise	20	0
The Hertz Corporation \| Vehicles
Cash flows from financing activities:
Proceeds from issuance of debt	4,226	11,039
Repayments of debt	(8,931)	(8,538)
Cash paid during the period for:
Interest, net of amounts capitalized:	275	331
Supplemental disclosures of non-cash information:
Sales of revenue earning vehicles included in vehicle receivables	575	712
Fleet payables included in liabilities subject to compromise	11	0
The Hertz Corporation \| Non-vehicle
Cash flows from financing activities:
Proceeds from issuance of debt	1,553	1,726
Repayments of debt	(854)	(2,437)
Cash paid during the period for:
Interest, net of amounts capitalized:	$ 78	$ 182

Background	9 Months Ended
Background	Sep. 30, 2020
Background Disclosure [Abstract]
Background	Background Hertz Global Holdings, Inc. (Hertz Global when including its subsidiaries and VIEs and "Hertz Holdings" when excluding its subsidiaries and VIEs) was incorporated in Delaware in 2015 to serve as the top-level holding company for Rental Car Intermediate Holdings, LLC, which wholly owns The Hertz Corporation ("Hertz" and interchangeably with Hertz Global, the "Company"), Hertz Global's primary operating company. Hertz was incorporated in Delaware in 1967 and is a successor to corporations that have been engaged in the vehicle rental and leasing business since 1918. Hertz operates its vehicle rental business globally primarily through the Hertz, Dollar and Thrifty brands from company-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. Voluntary Petitions for Bankruptcy In connection with the expiration of the Forbearance Agreement and the Waiver Agreements described above and the continuing economic impact from COVID-19, on May 22, 2020 (the "Petition Date"), Hertz Global, Hertz and certain of their direct and indirect subsidiaries in the U.S. and Canada (collectively the "Debtors" and the "Debtors- in-Possession") filed voluntary petitions for relief (collectively, the "Petitions") under chapter 11 of title 11 ("Chapter 11") of the U.S. Bankruptcy Code (the "Bankruptcy Code") in the U.S. Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). The Chapter 11 cases (the "Chapter 11 Cases") are being jointly administered under the caption In re: the Hertz Corporation, et al., Case No. 20-11218 (MFW). Additional information about the Chapter 11 Cases, including access to documents filed with the Bankruptcy Court, is available online at https://restructuring.primeclerk.com/hertz, a website administered by Prime Clerk, LLC ("Prime Clerk"), a third-party bankruptcy claims and noticing agent. The information on this web site is not incorporated by reference and does not constitute part of this Form 10-Q. In May 2020, the Bankruptcy Court approved motions filed by the Debtors that were designed primarily to mitigate the impact of the Chapter 11 Cases on the Company’s operations, customers and employees. The Debtors are authorized to conduct their business activities in the ordinary course, and pursuant to orders entered by the Bankruptcy Court, the Debtors are authorized to, among other things and subject to the terms and conditions of such orders (i) pay employees’ wages and related obligations; (ii) pay certain taxes; (iii) pay critical vendors and certain fees to airport authorities and provide adequate protection; (iv) continue to maintain certain customer programs; (v) maintain their insurance program; (vi) use certain cash collateral on an interim basis; and (vii) continue their cash management system. On July 24, 2020, the Bankruptcy Court entered an order related to the Operating Lease (the "Interim Lease Order") which, among other things, directed the Debtors to (i) make $650 million of base rent payments under the Operating Lease to the HVF trustee in the amount of six equal monthly payments of approximately $108 million commencing in July 2020 through December 2020; (ii) dispose of at least 182,521 lease vehicles between June 1, 2020 and December 31, 2020, inclusive, where the proceeds of the dispositions, subject to certain exclusions set forth in the Interim Lease Order, will be used to make payments under the Operating Lease; (iii) fund interest payments on the Operating Lease from draws on certain existing letters of credit, which are reimbursable by the Debtors; and (iv) suspend litigation relating to the Operating Lease until January 15, 2021 with all parties reserving all rights with respect to future litigation claims. For the period from June 1, 2020 through September 30, 2020, the Company disposed of approximately 165,000 vehicles which are associated with the Interim Lease Order. In September 2020, the Bankruptcy Court authorized the rejection of certain unexpired leases (the "Lease Rejection Orders") comprised of 257 off airport and 15 airport locations in the Company's U.S. RAC segment. In October 2020, the Bankruptcy Court authorized the rejection of certain unexpired leases (the "October Lease Rejections Orders") comprised of 29 airport and 24 off airport locations in the Company's U.S. RAC segment. See Note 7, "Leases" for further details. Debtors-In-Possession The Debtors are currently operating as debtors-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. In general, as debtors-in-possession under the Bankruptcy Code, the Debtors are authorized to continue to operate as an ongoing business but may not engage in transactions outside the ordinary course of business without the prior approval of the Bankruptcy Court. Automatic Stay Subject to certain specific exceptions under the Bankruptcy Code, the Petitions automatically stayed most judicial or administrative actions against the Debtors and efforts by creditors to collect on or otherwise exercise rights or remedies with respect to obligations of the Debtors incurred prior to the Petition Date ("Pre-petition"). Absent an order from the Bankruptcy Court, substantially all of the Debtors’ Pre-petition liabilities are subject to settlement under the Bankruptcy Code. Potential Claims The Debtors have filed with the Bankruptcy Court schedules and statements setting forth, among other things, the assets and liabilities of each of the Debtors, subject to the assumptions filed in connection therewith. These schedules and statements may be subject to further amendment or modification after filing. As part of the Chapter 11 Cases, parties believing that they have claims or causes of action against the Debtors may file proofs of claim evidencing such claims. Certain holders of Pre-petition claims that are not governmental units were required to file proofs of claim by the deadline for general claims, which was on October 21, 2020 (the “Bar Date”). The Debtors' have received approximately 13,400 proofs of claim for an amount of approximately $104.9 billion. Such amount includes duplicate claims across multiple debtor legal entities. These claims will be reconciled to amounts recorded in the Company's accounting records. Differences in amounts recorded and claims filed by creditors will be investigated and resolved, including through the filing of objections with the Bankruptcy Court, where appropriate. The Company may ask the Bankruptcy Court to disallow claims that the Company believes are duplicative, have been later amended or superseded, are without merit, are overstated or should be disallowed for other reasons. As a result of this process, the Company may identify additional liabilities that will need to be recorded or reclassified to liabilities subject to compromise. As of the date of this Quarterly Report on Form 10-Q, the Company’s assessment of the validity of claims received has not been completed. In light of the substantial number of claims filed, and expected to be filed, the claims resolution process may take considerable time to complete and likely will continue after the Debtors emerge from bankruptcy. Borrowing Capacity and Availability The filing of the Chapter 11 Cases constituted defaults, termination events and/or amortization events with respect to certain of the Company's existing debt obligations. As a result of the filing of the Chapter 11 Cases, the remaining capacity under almost all of the Company's revolving credit facilities was terminated, as disclosed in Note 6, "Debt." Consequently, the proceeds of sales of vehicles which serve as collateral for such vehicle finance facilities must be applied to the payment of the related indebtedness of the Non-Debtor Financing Subsidiaries (as defined in Note 6, "Debt") and are not otherwise available to fund the Company’s operations. Additionally, the Company is precluded from accessing any of its subordinated investment in the vehicle collateral until the related defaults are waived or the third party funding under those facilities has been retired, either through the monetization of the underlying collateral or the refinancing of the related indebtedness. Additionally, proceeds from vehicle receivables, excluding manufacturer rebates, as of September 30, 2020 and ongoing vehicle sales must be applied to vehicle debt in amortization. The Company currently has waivers related to the filing of the Chapter 11 Cases under its European Vehicle Notes, European ABS and U.K. Fleet Financing facility that were extended to December 31, 2020, as disclosed in Note 6, "Debt." The Company's inability to access its Senior RCF facility or retain any proceeds from the sale of vehicles under its U.S. ABS programs means that its source of liquidity is almost entirely its cash and cash equivalents on hand, cash generated from its operations and other new financing opportunities to the extent available. As of September 30, 2020, the Company had $1.1 billion of unrestricted cash and unrestricted cash equivalents which the Company believes will be sufficient to fund its operations through approximately December 31, 2020, assuming it does not experience any unforeseen liquidity needs before then, which could result in the utilization of the liquidity in advance of December 31, 2020. The Company believes, however, that if, among other things, (i) it cannot successfully extend the international vehicle debt waivers that expire on December 31, 2020, as disclosed in Note 6, "Debt," (ii) it cannot successfully implement a plan of reorganization, and (iii) there is not a significant recovery in the economic conditions in its major markets, its available cash and cash equivalents and cash generated by its operations will not be sufficient to fund operating requirements for the next twelve months. Consequently, the Debtors pursued vehicle financing for certain of their operations, either through waivers on existing facilities or entering into new arrangements to fund vehicles and vehicle leases, to supplement their sources of funding. On October 12, 2020, the Bankruptcy Court entered an order authorizing Hertz and Donlen Corporation to enter into certain agreements in connection with a new asset-based securitization facility with a newly formed non-Debtor special purpose entity, Donlen Fleet Lease Funding LLC ("DFLF"). On October 16, 2020, DFLF issued the Series 2020-1 Notes in an aggregate principal amount up to $400 million pursuant to this new facility, as disclosed in Note 6, "Debt." On October 29, 2020, the Bankruptcy Court entered an order authorizing the Debtors to obtain certain debtor-in-possession financing. In accordance with the Bankruptcy Court’s order, on October 30, 2020, Hertz, as borrower, and Hertz Global and certain of its subsidiaries located in the United States and Canada, in each case that are debtors in these Chapter 11 Cases, as guarantors, entered into a Senior Secured Superpriority Debtor-in-Possession Credit Agreement (the “DIP Credit Agreement”). The DIP Credit Agreement provides for a superpriority secured debtor-in-possession credit facility comprised of delayed-draw term loans in an aggregate amount of up to $1.65 billion (the “DIP Loans”), of which (i) up to $1.0 billion can be used as equity for new interim fleet financing, giving the Debtors the ability to replenish their vehicle fleet in the future, and (ii) up to $800 million can be used for working capital and general corporate purposes. The DIP Loans are available in multiple draws of at least (i) $250 million each, or (ii) the remaining available commitments if such commitments are less than $250 million. The DIP Loans bear interest at a rate of LIBOR plus 7.25% (subject to a 1.00% floor), which is reduced to LIBOR plus 6.75% upon a significant repayment of Pre-petition first lien debt. See Note 6, "Debt" for further details. On November 5, 2020, Hertz Global issued a press release announcing that it secured commitments for fleet financing totaling $4 billion and has filed a motion for approval of Hertz entering into the documentation for the financing by the Bankruptcy Court. Upon approval, and together with the up to $1 billion of the Company's debtor-in-possession financing that may be used for equity in the fleet financing subsidiary, the Company will have access to up to $5 billion in total funding to support its fleet financing needs. Going Concern The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern and contemplate the realization of assets and the satisfaction of liabilities in the normal course of business. The Company’s ability to continue as a going concern is contingent upon its ability to successfully implement a plan of reorganization, among other factors, and the realization of assets and the satisfaction of liabilities are subject to uncertainty. Further, any plan of reorganization could materially change the amounts of assets and liabilities reported in the accompanying condensed consolidated financial statements. The accompanying condensed consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern or as a consequence of the Chapter 11 Cases. As a result of the Company's financial condition, defaults under certain debt agreements as disclosed in Note 6, "Debt," and the risks and uncertainties surrounding the Chapter 11 Cases, substantial doubt exists that the Company will be able to continue as a going concern for one year from the issuance date of this Quarterly Report on Form 10-Q. NYSE Delisting and Transfer to the Over-the-Counter ("OTC") Market On May 26, 2020, the Company received a letter from the staff of NYSE Regulation, Inc. that it had determined to commence proceedings to delist the common stock of Hertz Global from the NYSE in light of the Company’s disclosure on May 22, 2020 that it had commenced voluntary petitions for reorganization under Chapter 11. The Company appealed the determination in a timely manner and requested a hearing before the NYSE. On October 15, 2020, the NYSE heard the Company’s appeal. On October 29, 2020, the NYSE informed the Company, and publicly announced its determination following such appeal, that Hertz Global common stock is no longer suitable for listing on the NYSE and that the NYSE has suspended trading in Hertz Global's common stock (NYSE ticker symbol: HTZ) after the market close on October 29, 2020. On October 30, 2020, the NYSE applied to the Securities and Exchange Commission pursuant to Form 25 to remove the common stock of Hertz Global from listing and registration on the NYSE at the opening of business on November 10, 2020. As a result of the suspension and expected delisting, Hertz Global's common stock began trading exclusively on the OTC market on October 30, 2020 under the symbol HTZGQ.

Basis of Presentation and Recently Issued Accounting Pronouncements	9 Months Ended
	Sep. 30, 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 September 30, 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 accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year. Effective on the Petition Date, the Company applied accounting standards applicable to reorganizations, Accounting Standards Codification 852 - Reorganizations, in preparing the accompanying condensed consolidated financial statements as of and for the three and nine months ended September 30, 2020 which requires the financial statements, for periods subsequent to the commencement of the Chapter 11 Cases, to distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Accordingly, Pre-petition obligations of the Debtors that may be impacted by the Chapter 11 Cases have been classified as liabilities subject to compromise in the accompanying unaudited condensed consolidated balance sheet as of September 30, 2020. These liabilities are reported at the amounts the Company anticipates will be allowed by the Bankruptcy Court, even if they may be settled for lesser amounts. See Note 16, "Liabilities Subject to Compromise," for additional information. In addition, certain charges related to the Chapter 11 Cases are recorded as reorganization items, net in the accompanying unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2020. See Note 17, "Reorganization Items, Net," for additional information. 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 Financial Accounting Standards Board (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 September 30, 2020. 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. On July 1, 2020, the Company adopted this guidance early, as permitted, on a prospective basis, where adjustments as of January 1, 2020 were not material; therefore adoption of this guidance had no material impact on the Company's financial position, results of operations or cash flows. Not Yet Adopted 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.

Divestitures	9 Months Ended
Divestitures	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Divestitures	Divestitures Sale of Non-vehicle Capital Assets During the first quarter of 2020, the Company received additional cash from the sale of certain non-vehicle capital assets in its U.S. Rental Car segment, which was completed in the fourth quarter of 2019, and recognized an additional $20 million pre-tax gain on the sale, which is included in other (income) expense, net in the accompanying unaudited condensed consolidated statement of operations for the nine months ended September 30, 2020. Sale of Marketable Securities During the first quarter of 2020, the Company sold marketable securities for $74 million and recognized an immaterial gain on the sale in its corporate operations, which is included in other (income) expense, net in the accompanying unaudited condensed consolidated statement of operations for the nine months ended September 30, 2020.

Revenue Earning Vehicles

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue Earning Vehicles

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


(In millions)	September 30, 2020		December 31, 2019
Revenue earning vehicles	$	11,060	$	16,626
Less accumulated depreciation	(2,892)		(3,159)
	8,168		13,467
Revenue earning vehicles held for sale, net	283		322
Revenue earning vehicles, net	$	8,451	$	13,789

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2020		2019		2020		2019
Depreciation of revenue earning vehicles	$	525	$	681	$	1,687	$	1,906
(Gain) loss on disposal of revenue earning vehicles, net	(187)		(33)		(81)		(73)
Lease charges	9		19		28		59
Depreciation of revenue earning vehicles and lease charges	$	347	$	667	$	1,634	$	1,892

Goodwill and Intangible Assets	9 Months Ended
Goodwill and Intangible Assets	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets, Net Technology-related Intangible and Other Assets Due to uncertainty surrounding the Company's financial ability to complete certain information technology projects as a result of COVID-19 and the filing of the Chapter 11 Cases as disclosed in Note 1, "Background," the Company concluded in the second quarter of 2020 that there was an impairment of such technology-related intangible assets and capitalized cloud computing implementation costs. In the second quarter of 2020, the Company recorded an impairment charge of $193 million in its corporate operations, representing a full impairment of the carrying value of such assets as of June 30, 2020 of $124 million and $69 million of technology-related intangible assets and other assets, respectively. Recoverability of Goodwill and Indefinite-lived Intangible Assets Due to the impact related to COVID-19, the Company's reduction in cash flow projections, the filing of the Chapter 11 Cases and declines in the stock price of Hertz Global, the Company tested the recoverability of its goodwill and indefinite-lived intangible assets as of June 30, 2020, and based on the quantitative test, no impairment was recorded in the second quarter of 2020. However, the fair values of certain tradenames, which are indefinite-lived intangible assets, in the Company's U.S. RAC and International RAC segments were in excess by 3% and 18% of the carrying values of $934 million and $560 million, respectively. The Company tests the recoverability of its goodwill and indefinite-lived intangible assets by performing an impairment analysis on an annual basis, as of October 1, and at interim periods when circumstances require as a result of a triggering event, as defined by Accounting Standards Codification 350 – Intangibles, Goodwill and Other (“ASC 350”). The Company determined that the projected revenues, expenses and cash flows, reflecting the expected duration and extent of impact to its business, customers, economy and the travel industry from COVID-19, and the impact of the Chapter 11 Cases, were materially consistent with the assumptions utilized in the Company’s June 30, 2020 quantitative impairment assessment. As a result of the foregoing considerations, along with the consideration of other indicators noted in ASC 350, the Company concluded there were no indicators of impairment triggered in accordance with ASC 350 in the third quarter of 2020. Further deterioration in the general economic conditions in the travel industry, the Company’s cash flows and the Company's ability to obtain future financing to maintain its fleet or the weighted average cost of capital assumptions may result in an impairment charge to earnings in future quarters. The Company will continue to closely monitor actual results versus its expectations as well as any significant changes in market events or conditions, including the impact of COVID-19 on the Company's business and the travel industry, and the resulting impact to its assumptions about future estimated cash flows and the weighted average cost of capital. If the Company's expectations of the operating results, both in magnitude or timing, do not materialize, or if its weighted average cost of capital increases, the Company may be required to record goodwill and indefinite-lived intangible asset impairment charges, which could be material.

Debt

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Debt

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


Facility	Weighted-Average Interest Rate as of September 30, 2020	Fixed or Floating Interest Rate	Maturity	September 30, 2020		December 31, 2019
Non-Vehicle Debt
Senior Term Loan(1)		Floating	6/2023	$	—	$	660
Senior RCF(1)		Floating	6/2021	—		—
Senior Notes(1)(2)		Fixed	10/2022-1/2028	—		2,700
Senior Second Priority Secured Notes(1)		Fixed	6/2022	—		350
Promissory Notes(1)		Fixed	1/2028	—		27
Alternative Letter of Credit Facility(1)		Floating	11/2023	—		—
Senior RCF Letter of Credit Facility(1)		Floating	6/2021	—		—
Other Non-Vehicle Debt	7.26%	Fixed	Various	18		18
Unamortized Debt Issuance Costs and Net (Discount) Premium				—		(34)
Total Non-Vehicle Debt Not Subject to Compromise				18		3,721
Non-Vehicle Debt Subject to Compromise
Senior Term Loan	3.50%	Floating	6/2023	656		—
Senior RCF	3.41%	Floating	6/2021	615		—
Senior Notes(2)	6.11%	Fixed	10/2022-1/2028	2,700		—
Senior Second Priority Secured Notes	7.63%	Fixed	6/2022	350		—
Promissory Notes	7.00%	Fixed	1/2028	27		—
Alternative Letter of Credit Facility(6)	5.25%	Floating	11/2023	82		—
Senior RCF Letter of Credit Facility	5.50%	Floating	6/2021	11		—
Unamortized Debt Issuance Costs and Net (Discount) Premium				(37)		—
Total Non-Vehicle Debt Subject to Compromise				4,404		—


Facility	Weighted-Average Interest Rate as of September 30, 2020	Fixed or Floating Interest Rate	Maturity	September 30, 2020	December 31, 2019
Vehicle Debt
HVF II U.S. ABS Program
HVF II U.S. Vehicle Variable Funding Notes
HVF II Series 2013-A(3)(6)	3.36%	Floating	3/2022	2,501	2,644
				2,501	2,644
HVF II U.S. Vehicle Medium Term Notes
HVF II Series 2015-1(3)	N/A	Fixed	3/2020	—	780
HVF II Series 2015-3(3)	3.44%	Fixed	9/2020	207	371
HVF II Series 2016-2(3)	3.76%	Fixed	3/2021	333	595
HVF II Series 2016-4(3)	3.44%	Fixed	7/2021	237	424
HVF II Series 2017-1(3)	3.71%	Fixed	10/2020	252	450
HVF II Series 2017-2(3)	4.10%	Fixed	10/2022	207	350
HVF II Series 2018-1(3)	3.74%	Fixed	2/2023	592	1,000
HVF II Series 2018-2(3)	4.17%	Fixed	6/2021	119	200
HVF II Series 2018-3(3)	4.49%	Fixed	7/2023	120	200
HVF II Series 2019-1(3)	4.23%	Fixed	3/2022	418	700
HVF II Series 2019-2(3)	3.86%	Fixed	5/2024	447	750
HVF II Series 2019-3(3)	3.11%	Fixed	12/2024	446	800
				3,378	6,620
Donlen U.S. ABS Program
HFLF Variable Funding Notes
HFLF Series 2013-2(4)(6)	6.11%	Floating	10/2020-7/2022	382	286
				382	286
HFLF Medium Term Notes
HFLF Series 2016-1(4)	N/A	Both	1/2020-2/2020	—	34
HFLF Series 2017-1(4)	2.72%	Both	10/2020-9/2022	115	229
HFLF Series 2018-1(4)	2.66%	Both	10/2020-9/2022	292	462
HFLF Series 2019-1(4)	2.27%	Both	10/2020-9/2022	456	650
				863	1,375
Vehicle Debt - Other
U.S. Vehicle RCF	N/A	Floating	6/2021	—	146
European Vehicle Notes(5)	5.07%	Fixed	10/2021-3/2023	846	810
European ABS(3)	1.60%	Floating	11/2021	410	766
Hertz Canadian Securitization(3)(6)	3.68%	Floating	3/2021	119	241
Donlen Canadian Securitization(3)	1.63%	Floating	12/2022	27	24
Australian Securitization(3)	1.74%	Floating	6/2021	106	177
New Zealand RCF	2.94%	Floating	6/2021	37	50
U.K. Financing Facility	3.00%	Floating	10/2020-8/2023	122	247
Other Vehicle Debt	3.60%	Floating	10/2020-11/2024	28	29


Facility	Weighted-Average Interest Rate as of September 30, 2020	Fixed or Floating Interest Rate	Maturity	September 30, 2020		December 31, 2019
				1,695		2,490
Unamortized Debt Issuance Costs and Net (Discount) Premium				(66)		(47)




Total Vehicle Debt Not Subject to Compromise				8,753		13,368
Total Debt Not Subject to Compromise				$	8,771	$	17,089

N/A - Not applicable

(1)As a result of filing the Chapter 11 Cases, certain debt was classified as liabilities subject to compromise in the accompanying unaudited condensed consolidated balance sheet as of September 30, 2020. The weighted-average interest rate for such debt is disclosed in subsequent rows under "non-vehicle debt subject to compromise".

(2)References to the "Senior Notes" include the series of Hertz's unsecured senior notes set forth in the table below which are included in liabilities subject to compromise in the accompanying unaudited condensed consolidated balance sheet as of September 30, 2020. Outstanding principal amounts for each such series of the Senior Notes is also specified below:


(In millions)	Outstanding Principal
Senior Notes	September 30, 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

(3)Maturity reference is to the earlier "expected final maturity date" as opposed to the subsequent "legal final maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness originally expected 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. Refer to the HVF II amortization event as described below, where the expected maturity is based on the sale of the underlying vehicles and payments under the Interim Lease Order or the refinancing of the current debt.

(4)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. As a result of the Chapter 11 Cases and the resulting amortization events, as described below, the revolving period for all series were terminated, and are amortizing monthly by an amount equal to the lease collections payable to that series and the maturity date referenced for each series of HFLF Medium Term Notes represents the date by which Hertz expects such series of notes to be repaid in full, which is based upon 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.

(5)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, unsecured senior notes (converted from Euros to U.S. dollars at a rate of 1.17 to 1 and 1.12 to 1 as of September 30, 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	September 30, 2020		December 31, 2019
4.125% Senior Notes due October 2021	$	263	$	251
5.500% Senior Notes due March 2023	583		559
	$	846	$	810

(6) Includes default interest which is comprised of an increase in the contractual spread and may also include a change in the benchmark rate from the U.S. Dollar LIBOR rate to the prime rate.

Chapter 11

As a result of filing the Chapter 11 Cases, as disclosed in Note 1, "Background," the Company reclassified certain of its non-vehicle debt instruments, net of deferred financing costs, discounts and premiums, as applicable, to liabilities subject to compromise in the accompanying condensed consolidated balance sheet as of September 30, 2020. The Company has suspended accruing and paying interest and amortizing deferred financing costs, discounts and premiums, as applicable, on the Senior Notes, Promissory Notes and Alternative Letter of Credit Facility, as of the Petition Date. The Company is continuing to pay in cash an amount equal to the monthly interest at the non-default rate for the Senior Term Loan and Senior RCF (collectively, "the First Lien Facilities"), and has suspended amortizing the associated deferred financing costs, discounts and premiums for the First Lien Facilities, as applicable, as of the Petition Date. Additionally, the Company is continuing to pay in kind an amount equal to the monthly interest at the non-default rate for the Senior Second Priority Secured Notes as of July 1, 2020. On August 25, 2020, the Bankruptcy Court entered an order, which among other things, directed that on December 1, 2020, the Company is to pay in cash an amount equal to half of the interest that would have accrued on the Senior Second Priority Secured Notes during the period July 1, 2020 through November 30, 2020. On October 29, 2020, the Bankruptcy Court entered an order, which among other things, directed the Company to pay in cash an amount equal to the monthly interest that would have accrued on the First Lien Facilities during the period May 1, 2020 through June 30, 2020 upon entry of the DIP Order as defined below.

The filing of the Chapter 11 Cases constituted an event of default that accelerated the Debtors’ obligations under the Senior Term Loan, the Senior RCF, the U.S. Vehicle RCF, the Letter of Credit Facility and the Alternative Letter of Credit Facility. Additionally, the filing triggered defaults, termination events and/or amortization events under certain obligations of (i) Hertz International Limited, Hertz Holdings Netherlands BV ("Hertz Netherlands") and the direct and indirect subsidiary companies located outside of the United States and Canada (collectively the "International Subsidiaries") (some of which were waived or amended, subject to certain time limitations, as disclosed further below), and (ii) HVF, HVF II, HFLF and certain other vehicle financing subsidiaries (collectively the "Non-Debtor Financing Subsidiaries").

Non-Vehicle Debt

Senior Secured Superpriority Debtor-in-Possession Credit Agreement

On October 15, 2020, Hertz entered into a commitment letter for debtor-in-possession financing (the “DIP Commitment Letter”) with the holders of a majority in aggregate outstanding amount of its Pre-petition first-lien debt (collectively, the “Initial Commitment Parties”) pursuant to which the Initial Commitment Parties committed to backstop a superpriority senior secured debtor-in-possession, non-amortizing, delayed draw term loan facility (the “DIP Facility”) in an aggregate amount of $1.65 billion under Section 364 of the Bankruptcy Code, subject to the terms and conditions set forth in the Initial Commitment Letter. The Initial Commitment Letter was amended on October 28, 2020 to add certain additional commitment parties (together with the Initial Commitment Parties, the “Commitment Parties”).

On October 29, 2020, the Bankruptcy Court entered an order authorizing the Debtors to obtain certain debtor-in-possession financing (the "DIP Order"). In accordance with the Bankruptcy Court's order, on October 30, 2020, Hertz, as borrower, and Hertz Global and certain of its subsidiaries located in the United States and Canada, in each case that are debtors in these Chapter 11 Cases, as guarantors (collectively, the “DIP Debtors”), entered into the DIP Credit Agreement with the financial institutions identified therein as lenders and Barclays Bank PLC as administrative agent. The DIP Credit Agreement provides for DIP Loans, of which (i) up to $1.0 billion can be used as equity for new interim fleet financing, giving the DIP Debtors the ability to replenish their vehicle fleet in the future, and (ii) up to $800 million can be used for working capital and general corporate purposes. The DIP Loans are available in multiple draws of at least (i) $250 million each, or (ii) the remaining available commitments if such commitments are less than $250 million. The DIP Loans bear interest at a rate of LIBOR plus 7.25% (subject to a 1.00% floor), which is reduced to LIBOR plus 6.75% upon a significant repayment of Pre-petition first lien debt.

The DIP Facility matures on December 31, 2021 and has limited covenants and events of default, including one milestone requiring the filing of a plan of reorganization by August 1, 2021. The DIP Facility will be secured by first priority liens on substantially all of the DIP Debtors’ assets (subject to certain exclusions) and has the support of the requisite majority of the DIP Debtors’ first lien Pre-petition debt to allow for consensual priming of existing liens. The DIP Facility does not contain a roll-up or cross-collateralization of Pre-petition debt or otherwise dictate how Pre-petition claims will be addressed in a plan of reorganization.

The DIP Credit Agreement includes customary negative covenants for debtor-in-possession loan agreements of this type, including covenants limiting the loan parties and their subsidiaries’ ability to, among other things, incur additional indebtedness, create liens on assets, make investments, loans or advances, engage in mergers, consolidations, sales of assets and acquisitions, pay dividends and distributions and make payments in respect of junior or Pre-petition indebtedness, in each case subject to customary exceptions for debtor-in-possession loan agreements of this type. The DIP Credit Agreement also includes conditions precedent, representations and warranties, mandatory prepayments, affirmative covenants and events of default customary for financings of this type. Certain bankruptcy-related events are also events of default, including, but not limited to, the dismissal by the Bankruptcy Court of any of the Chapter 11 Cases, the conversion of any of the Chapter 11 Cases to a case under chapter 7 of title 11 of the United States Code, the appointment of a trustee pursuant to chapter 11 of title 11 of the United States Code, and certain other events related to the impairment of the lenders’ rights or liens granted under the DIP Credit Agreement.

Vehicle Debt

HVF II U.S. ABS Program

HVF II U.S. Vehicle Variable Funding Notes

HVF II Series 2013-A Notes: In February 2020, HVF II extended the maturity of the Series 2013-A Notes from March 2021 to March 2022 and increased the commitments thereunder by $750 million. After giving effect to the transactions, the aggregate maximum principal amount of the Series 2013-A Notes was $4.9 billion, where $0.2 billion of commitments have a maturity of March 2021.

As a result of the failure to make the full rent payments on April 27, 2020, an amortization event was in effect as of May 5, 2020 for all series of notes issued by HVF II and a liquidation event was in effect with respect to the Series 2013-A Notes issued by HVF II. As a result of the amortization event, proceeds from the sales of vehicles that collateralize the notes issued by HVF II must be primarily applied to the payment of principal and are allocated on what approximates a pro rata basis to the reduction of principal on the basis of seniority by class. As disclosed in Note 1, "Background," per the terms of the Interim Lease Order entered on July 24, 2020, the Debtors were directed, among other things, to make $650 million of base rent payments under the Operating Lease to the HVF trustee in the amount of six equal monthly payments of approximately $108 million commencing in July 2020 through December 2020. The parties have agreed to defer litigation related to the Operating Lease until January 15, 2021. HVF II is accruing default interest, while non-default interest is being paid on the HVF II Variable Funding Notes and the U.S. Vehicle Medium Term Notes from funds drawn on existing letter of credit facilities, as described below.

HVF II U.S. Vehicle Medium Term Notes

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

New Facility - Fleet Financing

On November 5, 2020, Hertz Global issued a press release announcing that it secured commitments for fleet financing totaling $4 billion and has filed a motion for approval of Hertz entering into the documentation for the financing by the Bankruptcy Court. Upon approval, and together with the up to $1 billion of the Company's debtor-in-possession financing that may be used for equity in the fleet financing subsidiary, the Company will have access to up to $5 billion in total funding to support its fleet financing needs.

Donlen U.S. ABS Program

HFLF Variable Funding Notes

HFLF Series 2013-2 Notes: In February 2020, HFLF amended the HFLF Series 2013-2 Notes ("2013-2 Notes") to extend the end of the revolving period from March 2021 to March 2022 and increased the commitments thereunder by $100 million, such that the aggregate maximum borrowings of the 2013-2 Notes increased to $600 million.

The filing of the Chapter 11 Cases triggered an amortization event under the HFLF Variable Funding Notes and the HFLF Medium Term Notes. As a result, the remaining commitments under the HFLF Series 2013-2 Notes were terminated and, while the amortization events continue, proceeds from lease payments and from the sales of vehicles that collateralize the notes issued by HFLF must be applied to the reduction of principal and payment of interest on the notes. The principal will be allocated on approximately a pro rata basis and distributed to the note holders on the basis of seniority by class. HFLF is accruing default interest, while non-default interest is being paid on the HFLF Variable Funding Notes and the HFLF Medium Term Notes.

DFLF Variable Funding Notes

On October 12, 2020, the Bankruptcy Court entered an order authorizing Hertz and Donlen Corporation to enter into certain agreements in connection with a new asset-based securitization facility with a newly formed non-Debtor special purpose entity, DFLF. On October 16, 2020, DFLF issued the Series 2020-1 Notes to offset funding needs created by the amortization of the HFLF Variable Funding Notes disclosed above, where DFLF will fund lease originations going forward. As of the closing date in October 2020, DFLF will have access to up to up to $400 million of available funding subject to certain conditions. Currently, DFLF has $200 million of committed funding available, subject to the payment of incremental up-front fees.

Vehicle Debt-Other

The filing of the Chapter 11 Cases constituted defaults, termination events and/or amortization events with respect to certain of the Company's existing debt obligations, as described below.

U.S. Vehicle Revolving Credit Facility

In August 2020, Hertz terminated the U.S. Vehicle Revolving Credit Facility by utilizing available cash to pay in full amounts outstanding of $93 million.

European Vehicle Notes

Hertz Netherlands and certain other international subsidiaries entered into a limited waiver agreement in respect of the European Vehicle Notes pursuant to which the majority noteholders agreed to waive any default or event of default that could have resulted from the Chapter 11 Cases with an expiration of September 30, 2020.

On September 30, 2020, Hertz Netherlands and certain other international subsidiaries entered into an extension of the waiver agreement with respect to the European Vehicle Notes which expires on December 31, 2020, or earlier if certain conditions are not met.

European ABS

An amortization event that would have arisen under the European ABS as a result of filing the Chapter 11 Cases was waived in May 2020 as International Fleet Financing No.2 B.V (“IFF No. 2”) entered into a waiver agreement with an expiration of September 30, 2020 such that the aggregate maximum borrowings were reduced from €1.1 billion to €600 million.

Effective October 1, 2020, IFF No. 2 entered into an extension of the waiver agreement under the European ABS (the "European Waiver") through December 31, 2020, or earlier if certain conditions are not met. Under the European Waiver, aggregate maximum borrowings cannot exceed (i) €351 million from September 30, 2020 to October 30, 2020, (ii) €310 million from October 31, 2020 to November 5, 2020, (iii) €300 million from November 6, 2020 to November 29, 2020, (iv) €280 million from November 30, 2020 to December 3, 2020 and (v) €270 million from and including December 4, 2020.

Hertz Canadian Securitization

The filing of the Chapter 11 Cases triggered an amortization event under the Hertz Canadian Securitization. As a result, the remaining committed available borrowings were terminated and proceeds from the sales of vehicles and receipt of vehicle receivables that collateralize the Hertz Canadian Securitization must be applied to the payment of principal.

On September 23, 2020, TCL Funding Limited Partnership, a bankruptcy remote, indirect, wholly-owned, special purpose subsidiary of Hertz entered into an interim agreement under the Hertz Canadian Securitization in which default interest will be paid.

Donlen Canadian Securitization

The filing of the Chapter 11 Cases triggered an event of default under the Donlen Canadian Securitization. In June 2020, Donlen entered into a waiver agreement under the Donlen Canadian Securitization with an expiration of August 28, 2020 such that the aggregate maximum borrowings were reduced from CAD$50 million to CAD$37 million.

In August 2020, Donlen entered into an extension of the waiver agreement under the Donlen Canadian Securitization with an expiration of October 29, 2020. In October 2020, the waiver agreement was extended an additional 60 days and expires on December 29, 2020.

Australian Securitization

An amortization event that would have arisen under the Australian Securitization as a result of filing the Chapter 11 Cases was waived in May 2020 as HA Fleet Pty Limited, an indirect, wholly-owned subsidiary of Hertz, entered into a permanent waiver agreement under the Australian Securitization such that the aggregate maximum borrowing capacity was reduced from AUD$270 million to AUD$210 million.

U.K. Financing Facility

In April 2020, the aggregate maximum borrowing capacity under the U.K. Financing Facility was reduced from £250 million to £200 million as result of a downgrade in the credit rating of Hertz. Events of default that would have arisen under the U.K. Financing Facility as a result of filing the Chapter 11 Cases were waived in May 2020 as Hertz U.K. Limited entered into a waiver agreement under the U.K. Financing Facility which expired on September 30, 2020, and on October 1, 2020, Hertz U.K. Limited entered into an extension of the waiver agreement under the U.K. Financing Facility which expires on December 31, 2020, or earlier if certain conditions are not met. Under the waiver agreement, the aggregate maximum borrowing capacity under the U.K. Financing Facility was reduced to £110 million.

Borrowing Capacity and Availability

Borrowing capacity and availability comes from the Company's "revolving credit facilities." As a result of the filing of the Chapter 11 Cases, almost all of the Company's "revolving credit facilities" were terminated, as disclosed in the following table. The remaining "revolving credit facilities" are a combination of cash-flow-based revolving credit facilities and asset-based revolving credit facilities. Creditors under each such asset-backed securitization facility and asset-based revolving credit facility have a claim on a specific pool of assets as collateral. With respect to each such asset-backed securitization facility and asset-based revolving credit facility, the Company refers to the amount of debt it can borrow given a certain pool of assets as the borrowing base.

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

The following facilities were available to the Company as of September 30, 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(1)	$	—	$	—
Letter of Credit Facility(1)	—		—
Alternative Letter of Credit Facility(1)	—		—
Total Non-Vehicle Debt	—		—
Vehicle Debt

HVF II U.S. Vehicle Variable Funding Notes(1)	—		—
HFLF Variable Funding Notes(1)	—		—
European ABS	291		—
Hertz Canadian Securitization(1)	—		—
Donlen Canadian Securitization	1		—
Australian Securitization	42		—
U.K. Financing Facility	134		—
New Zealand RCF	12		2
Total Vehicle Debt	480		2
Total	$	480	$	2

(1) As a result of the filing of the Chapter 11 Cases, there is no longer remaining capacity or availability under these facilities, as such unused commitments were terminated.

Letters of Credit

As of September 30, 2020, there were outstanding standby letters of credit totaling $736 million. Such letters of credit have been issued primarily to support the Company's insurance programs, vehicle rental concessions and leaseholds as well as to provide credit enhancement for its asset-backed securitization facilities. Of this amount, $231 million were issued under the Senior RCF, $299 million were issued under the Letter of Credit Facility and $200 million were issued under the Alternative Letter of Credit Facility. As of September 30, 2020, $11 million and $82 million of the issued letters of credit have been drawn upon under the Senior RCF and Alternative Letter of Credit Facility, respectively, to fund interest payments due under the HVF II Notes. The draws remain unreimbursed by the Company, and, except as otherwise set forth in orders from the Bankruptcy Court, as a result are accruing interest at the non-default rate.

Special Purpose Entities

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

The Company has a 25% ownership interest in IFF No. 2, whose sole purpose is to provide commitments to lend in various currencies subject to borrowing bases comprised of revenue earning vehicles and related assets of certain of Hertz International, Ltd.'s subsidiaries. IFF No. 2 is a VIE and the Company is the primary beneficiary, therefore, the assets, liabilities and results of operations of IFF No. 2 are included in the accompanying unaudited condensed consolidated financial statements. As of September 30, 2020 and December 31, 2019, IFF No. 2 had total assets of $640 million and $1.1 billion, respectively, primarily comprised of loans receivable, and total liabilities of $640 million and $1.1 billion, respectively, primarily comprised of debt.

Covenant Compliance

Prior to the filing of the Chapter 11 Cases, the financial covenant provided that Hertz’s consolidated first lien net leverage ratio (the "Leverage Ratio"), as defined in the credit agreements governing the Senior RCF, the Letter of Credit Facility and the Alternative Letter of Credit Facility, as of the last day of any fiscal quarter may not exceed a ratio of 3.00 to 1.00. As a result of the filing of the Chapter 11 Cases, the Company is currently in default under its Senior RCF, the Letter of Credit Facility and the Alternative Letter of Credit Facility, and the Company is in breach of the Leverage Ratio.

Leases

9 Months Ended

Sep. 30, 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.

As a result of the impact from COVID-19 as disclosed in Note 1, "Background," the Company received rent concessions in the form of abatement and payment deferrals of fixed and variable rent payments for its airport and off airport locations in the amount of $84 million and $221 million for the three and nine months ended September 30, 2020, respectively, which represent amounts previously due in the period between March 1, 2020 and September 30, 2020. The Company elected to apply the accounting relief provided by the FASB and elected to not evaluate whether the concession is a modification. The Company will account for the concession as if it were part of the existing contract.

In September 2020, the Bankruptcy Court approved the Lease Rejection Orders which authorized the rejection of certain unexpired leases comprised of 257 off airport and 15 airport locations in the Company's U.S. RAC segment. In October 2020, the Bankruptcy Court approved the October Lease Rejection Orders which authorized the rejection of certain unexpired leases comprised of 29 airport and 24 off airport locations in the Company's U.S. RAC segment.

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:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2020		2019		2020		2019
Operating lease income from vehicle rentals	$	1,037	$	2,516	$	3,278	$	6,555
Operating lease income from fleet leasing	155		174		485		499
Variable operating lease income	—		46		34		124
Revenue accounted for under Topic 842	1,192		2,736		3,797		7,178
Revenue accounted for under Topic 606	76		100		226		276
Total revenues	$	1,268	$	2,836	$	4,023	$	7,454

Restructuring

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

Restructuring

Due to the impact from COVID-19 as disclosed in Note 1, "Background," the Company initiated a restructuring program, beginning in April 2020, affecting approximately 11,000 employees in its U.S. Rental Car segment and corporate operations and incurred approximately $37 million of charges for termination benefits during the second quarter of 2020, where $7 million was classified as liabilities subject to compromise in the accompanying unaudited condensed consolidated balance sheet as of September 30, 2020 as disclosed below. This program is expected to be completed within the next twelve months.

No termination charges were incurred during the three months ended September 30, 2020. The following tables summarize restructuring charges under this program incurred during the nine months ended September 30, 2020:


(In millions)	Nine Months Ended September 30, 2020
Termination charges:
Direct vehicle and operating	$	25
Selling, general and administrative	12
Total	$	37


(In millions)	Nine Months Ended September 30, 2020
Termination charges:
U.S. Rental Car Segment	$	34


Corporate operations	3
Total	$	37

The tables above do not include pension-related settlement charges incurred during the nine months ended September 30, 2020. See Note 11, "Employee Retirement Benefits".

The following table summarizes the activity affecting the restructuring accrual, which is recorded in accrued liabilities or was reclassified to liabilities subject to compromise in the accompanying unaudited condensed consolidated balance sheet, during the nine months ended September 30, 2020.


(In millions)	Termination Benefits
Balance as of December 31, 2019	$	1
Charges incurred	37
Cash payments	(28)
Liabilities subject to compromise(1)	(7)
Balance as of September 30, 2020	$	3

(1) As a result of filing the Chapter 11 Cases, as disclosed in Note 1, "Background," the Company classified $7 million of restructuring charges as liabilities subject to compromise in the accompanying unaudited condensed consolidated balance sheet as of September 30, 2020. See Note 16, "Liabilities Subject to Compromise".

Income Tax (Provision) Benefit	9 Months Ended
Income Tax (Provision) Benefit	Sep. 30, 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 and nine months ended September 30, 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 14% and 30% for the three months ended September 30, 2020 and 2019, respectively. The effective tax rate is 14% and 54% for the nine months ended September 30, 2020 and 2019, respectively. Hertz Global recorded a tax benefit of $36 million and $232 million for the three and nine months ended September 30, 2020, respectively, compared to a tax provision of $74 million and $78 million for the three and nine months ended September 30, 2019, respectively. The tax benefit for the three and nine months ended September 30, 2020 compared to 2019 is due to increased losses on Hertz Global's operations due to the effect of COVID-19, primarily offset by the impact of valuation allowances on net deferred tax assets for certain foreign and domestic jurisdictions. Additionally, Hertz Global no longer asserts permanent reinvestment of foreign earnings, due to the impact from COVID-19 as disclosed in Note 1, "Background." Hertz Global does not anticipate that the change in its assertion will have a material impact on its cash flows during the next twelve months, between October 1, 2020 and September 30, 2021. Hertz The effective tax rate is 14% and 30% for the three months ended September 30, 2020 and 2019, respectively. The effective tax rate is 14% and 53% for the nine months ended September 30, 2020 and 2019, respectively. Hertz recorded a tax benefit of $36 million and $259 million for the three and nine months ended September 30, 2020, respectively, compared to a tax provision of $75 million and $79 million for the three months ended September 30, 2019, respectively. The tax benefit for the three and nine months ended September 30, 2020 compared to 2019 is due to increased losses on Hertz's operations due to the effect of COVID-19, primarily offset by the impact of valuation allowances on net deferred tax assets for certain foreign and domestic jurisdictions. Additionally, Hertz no longer asserts permanent reinvestment of foreign earnings, due to the impact from COVID-19 as disclosed in Note 1, "Background." Hertz does not anticipate that the change in its assertion will have a material impact on its cash flows during the next twelve months, between October 1, 2020 and September 30, 2021.

Earnings (Loss) Per Share - Hertz Global

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

+ References + Details

Earnings (Loss) Per Share - Hertz Global

9 Months Ended

Sep. 30, 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 (the "Registration Statement") 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.

Open Market Sale Agreement

In June 2020, subsequent to approval from the Bankruptcy Court and pursuant to a prospectus supplement to the Registration Statement, Hertz Global entered into an open market sale agreement under which it may offer and sell, from time to time, shares of its common stock, par value $0.01 per share, having an aggregate offering price of up to $500 million ("ATM Program"). Prior to its suspension on June 15, 2020 and ultimate termination on June 18, 2020, Hertz Global issued 13,912,368 shares under the ATM Program for net proceeds of approximately $28 million, which is included in non-vehicle restricted cash in the accompanying unaudited condensed consolidated balance sheet as of September 30, 2020.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions, except per share data)	2020		2019		2020		2019
Numerator:
Net income (loss) attributable to Hertz Global	$	(222)	$	169	$	(1,425)	$	61
Denominator:
Basic weighted-average shares outstanding (excluding the impact of the Rights Offering)	156		84		148		84
Rights Offering adjustment(1)	—		49		—		25
Basic weighted-average shares outstanding	156		133		148		109
Dilutive stock options, RSUs and PSUs	—		1		—		—
Diluted weighted-average shares outstanding	156		134		148		109
Antidilutive stock options, RSUs, PSUs and PSAs	2		1		2		1
Earnings (loss) per share:
Basic earnings (loss) per share	$	(1.42)	$	1.26	$	(9.65)	$	0.56
Diluted earnings (loss) per share	$	(1.42)	$	1.26	$	(9.65)	$	0.56

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

Employee Retirement Benefits

9 Months Ended

Sep. 30, 2020

Postemployment Benefits [Abstract]

Employee Retirement Benefits

The Company sponsors several employee retirement plans for its U.S. employees. The Hertz Corporation Account Balance Defined Benefit Pension Plan (the "Hertz Retirement Plan") is a U.S. cash balance plan which was amended in 2014 to permanently discontinue future benefit accruals and participation under the plan for non-union employees. Additionally, the Company sponsors the Hertz Corporation Benefit Equalization Plan ("BEP") and the Hertz Corporation Supplemental Executive Retirement Plans (together with the BEP, the "Supplemental Plans"), where benefit accruals and participation under the Supplemental Plans were discontinued by the Company effective December 31, 2014, although service continues to vest.

As a result of filing the Chapter 11 Cases, as disclosed in Note 1, "Background," participants of the Supplemental Plans are no longer entitled to benefit payments and are considered general creditors of the Company. As such, the Company classified $24 million of its U.S. pension benefit obligation as liabilities subject to compromise in the accompanying unaudited consolidated balance sheet as of September 30, 2020. Also, amounts accrued for benefit payments under the Company's multiemployer pension plans of $4 million have been classified as liabilities subject to compromise in the accompanying unaudited consolidated balance sheet as of September 30, 2020.

The following table sets forth the net periodic pension cost of the Hertz Retirement Plan and the Supplemental Plans (collectively, the "U.S. Plan"), which is included in other (income) expense, net in the accompanying unaudited condensed consolidated statements of operations, excluding service cost which is included in direct vehicle and operating expense. Due to settlement accounting, the discount rate for the U.S. Plan has been revised from a weighted average rate of 3.1% as of December 31, 2019 to 2.4% as of October 1, 2020.


	U.S. Plan
	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2020		2019		2020		2019

Interest cost	$	3	$	5	$	12	$	16
Expected return on plan assets	(5)		(6)		(15)		(17)
Net amortizations	—		2		1		5
Settlement loss(1)	1		1		5		1
Net pension expense (benefit)	$	(1)	$	2	$	3	$	5

(1) The Company incurred $4 million for the nine months ended September 30, 2020 in settlement charges primarily associated with a restructuring program that commenced in the second quarter of 2020. See Note 8, "Restructuring."

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Fair Value Measurements

9 Months Ended

Sep. 30, 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:


	September 30, 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	$	780	$	—	$	—	$	780	$	531	$	—	$	—	$	531
Marketable securities	—		—		—		—		74		—		—		74

Debt Obligations

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


	As of September 30, 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(2)	$	4,459	$	2,859	$	3,755	$	3,840
Vehicle Debt	8,819		8,683		13,415		13,529
Total	$	13,278	$	11,542	$	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 and the filing of the Chapter 11 Cases, as disclosed in Note 1, "Background."

(2)Includes Non-Vehicle Debt included in liabilities subject to compromise in the accompanying unaudited condensed consolidated balance sheet as of September 30, 2020. See Note 6, "Debt."

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

In the second quarter of 2020, as disclosed in Note 5, Goodwill and Intangible Assets, Net, the Company recorded impairment charges for certain technology-related intangible assets and other assets.

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

+ References + Details

Contingencies and Off-Balance Sheet Commitments	9 Months Ended
Contingencies and Off-Balance Sheet Commitments	Sep. 30, 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 September 30, 2020 and December 31, 2019, the Company's liability recorded for self-insured liabilities is $481 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 September 30, 2020 or the period after September 30, 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 were previously resolved without further action by the applicable U.S. government entities. The Company entered into a leniency agreement in August 2020 with the Brazilian authorities for a monetary sanction against a Hertz non-Debtor subsidiary, and the matters under local Brazilian laws are now closed. 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 district court’s latest denial with the U. S. Court of Appeals for the Third Circuit. The parties fully briefed the appeal and oral argument had been scheduled for June 19, 2020. As a result of the Company's bankruptcy, the appeal was stayed as to the Company, but the plaintiffs advocated that the appeal could proceed against the individual defendants. On October 13, 2020, the Third Circuit affirmed the District Court’s dismissal of the plaintiffs’ motion for relief since the motion was not timely filed and the appeal as to the Company remains stayed. 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. In September and October 2020, the judge in the New Jersey action entered orders requiring the parties and applicable insurers to attend and participate in mediation. The attorneys in the Florida action voluntarily agreed to participate in the same mediation which is now scheduled for the end of November 2020. 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.

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 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"). In May 2020, the Icahn Group fully divested all owned shares of Hertz Global common stock (the "Icahn Divestiture"). During the five months ended May 31, 2020, the Company purchased approximately $23 million worth of goods and services from these related parties. During the three months and nine months ended September 30, 2019, the Company purchased approximately $15 million and $39 million, respectively, worth of goods and services from these related parties. As a result of the Icahn Divestiture, the Icahn Group is no longer a related party of the Company. Subsequent to the Icahn Divestiture, there continue to be arms-length transactions between the Company and the Icahn Group. Transactions and Agreements between Hertz Holdings and Hertz In June 2019, Hertz entered into a master loan agreement with Hertz Holdings for a facility size of $425 million with an expiration in June 2020 (the "2019 Master Loan"). The interest rate is based on the U.S. Dollar LIBOR rate plus a margin. As of December 31, 2019, the amount outstanding under the 2019 Master Loan was $129 million, representing advances and any accrued but unpaid interest. Additionally, Hertz had a loan due to an affiliate in the amount of $65 million as of December 31, 2019 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 sheet of Hertz as of December 31, 2019. As a result of filing the Chapter 11 Cases, as disclosed in Note 1, "Background," the full amount outstanding under the 2019 Master Loan was deemed uncollectible, resulting in a charge of $133 million during the second quarter of 2020, which is included in the accompanying unaudited condensed consolidated statement of operations for Hertz for the nine months ended September 30, 2020. Additionally, the loan due to an affiliate, which represents a tax-related liability from Hertz to Hertz Holdings, in the amount of $65 million was classified as liabilities subject to compromise in the accompanying unaudited condensed consolidated balance sheet of Hertz as of September 30, 2020. See Note 16, "Liabilities Subject to Compromise". On May 23, 2020, Hertz entered into a new master loan agreement with Hertz Holdings for a facility size of $25 million with an expiration in May 2021 (the "New Loan"). The interest rate is based on the U.S. Dollar LIBOR rate plus a margin. As of September 30, 2020, there is $1 million outstanding under the New Loan representing additional charges incurred in the third quarter of 2020 associated with the ATM Program, as disclosed in Note 10, "Earnings (Loss) Per Share - Hertz Global," paid by Hertz on behalf of Hertz Holdings. 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. As disclosed above, due to the Icahn Divestiture, the Icahn Group is no longer a related party of the Company. 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 and nine months ended September 30, 2020, 767 distributed $55 million to AEPC, and there were no cash contributions from AEPC to 767, except for certain services. During the three and nine months ended September 30, 2019, AEPC contributed $5 million and $50 million, respectively, to 767 along with certain services. The Company is entitled to 25% of the profit from the rental of the leased vehicles, as specified in the 767 Lease Agreement, which is variable and based primarily on the rental revenue, less certain vehicle-related costs, such as depreciation, licensing and maintenance expenses. The Company has determined that it is the primary beneficiary of 767 due to its power to direct the activities of 767 that most significantly impact 767's economic performance and the Company's obligation to absorb 25% of 767's gains/losses. Accordingly, 767 is consolidated by the Company as a VIE. In October 2019, the 767 Lease Agreement was amended such that, among other changes, 767 vehicles will be available for rent from Hertz locations that are opened in replacement of closed Icahn Locations, and the 767 vehicles may be available for rent to traditional off airport customers in addition to TNC drivers, when certain conditions apply.

Segment Information

9 Months Ended

Sep. 30, 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 (i.e., 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 (i.e., 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.

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.

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 September 30,				Nine Months Ended September 30,
(In millions)	2020		2019		2020		2019
Revenues
U.S. Rental Car	$	866	$	1,962	$	2,780	$	5,266
International Rental Car	253		702		755		1,695
All Other Operations	149		172		488		493
Total Hertz Global and Hertz	$	1,268	$	2,836	$	4,023	$	7,454
Depreciation of revenue earning vehicles and lease charges
U.S. Rental Car	$	182	$	420	$	1,054	$	1,217
International Rental Car	59		126		228		329
All Other Operations	106		121		352		346
Total Hertz Global and Hertz	$	347	$	667	$	1,634	$	1,892
Adjusted EBITDA
U.S. Rental Car	$	(10)	$	269	$	(678)	$	432
International Rental Car	(35)		115		(207)		157
All Other Operations	24		24		71		70
Corporate	(5)		(16)		(41)		(64)
Total Hertz Global and Hertz	$	(26)	$	392	$	(855)	$	595


(In millions)	September 30, 2020		December 31, 2019
Total assets
U.S. Rental Car	$	12,066	$	16,459
International Rental Car	3,355		4,563
All Other Operations	1,853		2,115
Corporate	1,483		1,490
Total Hertz Global(1)	18,757		24,627
Corporate - Hertz(2)	(28)		—
Total Hertz(1)	$	18,729	$	24,627

(1) The consolidated total assets of Hertz Global and Hertz as of September 30, 2020 and December 31, 2019 include total assets of VIEs of $705 million and $1.3 billion, respectively, which can only be used to settle obligations of the VIEs. See "Special Purpose Entities" in Note 6, "Debt," and "767 Auto Leasing LLC" in Note 14, "Related Party Transactions," for further information.

(2) Excludes net proceeds from the ATM Program of $28 million as disclosed in Note 10, "Earnings (Loss) Per Share - Hertz Global."

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

Hertz Global


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2020		2019		2020		2019
Adjusted EBITDA:
U.S. Rental Car	$	(10)	$	269	$	(678)	$	432
International Rental Car	(35)		115		(207)		157
All Other Operations	24		24		71		70
Total reportable segments	(21)		408		(814)		659
Corporate(1)	(5)		(16)		(41)		(64)
Total Hertz Global	(26)		392		(855)		595
Adjustments:
Non-vehicle depreciation and amortization	(58)		(51)		(168)		(151)
Non-vehicle debt interest, net	(17)		(70)		(118)		(214)
Vehicle debt-related charges(2)	(13)		(10)		(37)		(29)

Restructuring and restructuring related charges(3)	(7)		(1)		(54)		(11)
Technology-related intangible and other asset impairments(4)	—		—		(193)		—
Information technology and finance transformation costs(5)	(8)		(17)		(34)		(77)
Reorganization items, net(6)	(78)		—		(101)		—
Pre-reorganization charges and non-debtor financing charges(7)	(44)		—		(89)		—
Other items(8)	(8)		4		(15)		30
Income (loss) before income taxes	$	(259)	$	247	$	(1,664)	$	143

Hertz


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2020		2019		2020		2019
Adjusted EBITDA:
U.S. Rental Car	$	(10)	$	269	$	(678)	$	432
International Rental Car	(35)		115		(207)		157
All Other Operations	24		24		71		70
Total reportable segments	(21)		408		(814)		659
Corporate(1)	(5)		(16)		(41)		(64)
Total Hertz Global	(26)		392		(855)		595
Adjustments:
Non-vehicle depreciation and amortization	(58)		(51)		(168)		(151)
Non-vehicle debt interest, net	(17)		(68)		(116)		(209)
Vehicle debt-related charges(2)	(13)		(10)		(37)		(29)

Restructuring and restructuring related charges(3)	(7)		(1)		(54)		(11)
Technology-related intangible and other asset impairments(4)	—		—		(193)		—
Write-off of intercompany loan(9)	—		—		(133)		—
Information technology and finance transformation costs(5)	(8)		(17)		(34)		(77)
Reorganization items, net(6)	(78)		—		(101)		—
Pre-reorganization charges and non-debtor financing charges(7)	(44)		—		(89)		—
Other items(8)	(8)		4		(15)		30
Income (loss) before income taxes	$	(259)	$	249	$	(1,795)	$	148

(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. See Note 8, "Restructuring" for further information. Also includes restructuring related charges such as incremental costs incurred directly supporting business transformation initiatives.

(4)Represents the impairment of technology-related intangible assets and capitalized cloud computing implementation costs, as disclosed in Note 5, "Goodwill and Intangible Assets, Net."

(5)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.

(6)Represents charges incurred associated with the filing of the Chapter 11 Cases, as disclosed in Note 17, "Reorganization Items, Net," including professional fees.

(7)Represents charges incurred prior to the filing of the Chapter 11 Cases, as disclosed in Note 1, "Background," in the second quarter of 2020 which are comprised of preparation charges for the reorganization, such as professional fees. Also, includes certain non-debtor financing and professional fee charges.

(8)Represents miscellaneous items, including non-cash stock-based compensation charges, and amounts attributable to noncontrolling interests. In 2020, also includes $18 million for losses associated with certain vehicle damages, which were recorded in the second quarter, partially offset by a $20 million gain on the sale of non-vehicle capital assets, which was recorded in the first quarter. In 2019, includes a $26 million gain on marketable securities, of which $6 million was recorded in the third quarter, and a $15 million gain on the sale of non-vehicle capital assets, of which $3 million was recorded in the third quarter.

(9)Represents the write-off of the 2019 Master Loan between Hertz and Hertz Holdings, which was recorded in the second quarter 2020, as disclosed in Note 14, "Related Party Transactions."

Liabilities Subject to Compromise

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Liabilities Subject to Compromise

9 Months Ended

Sep. 30, 2020

Reorganizations [Abstract]

The accompanying unaudited condensed consolidated balance sheet as of September 30, 2020 includes amounts classified as liabilities subject to compromise, which represent Pre-petition liabilities the Company anticipates will be allowed as claims in the Chapter 11 Cases. These amounts represent the Debtors' current estimate of known or potential obligations to be resolved in connection with the Chapter 11 Cases and may differ from actual future settlement amounts. The Company will continue to evaluate these liabilities throughout the Chapter 11 process and adjust amounts as necessary. Such adjustments could be material and will be recorded in reorganization items, net in the accompanying unaudited condensed consolidated statements of operations.

The following table summarizes liabilities subject to compromise:


(In millions)	September 30, 2020

Accounts payable	$	300

Accrued liabilities	199
Accrued taxes, net	23
Accrued interest on debt subject to compromise	75

Debt subject to compromise(1)	4,404


Liabilities subject to compromise - Hertz Global	$	5,001
Due from Affiliate - Hertz(2)	65
Liabilities subject to compromise - Hertz	$	5,066

(1) See Note 6, "Debt" for details of Pre-petition, non-vehicle debt reported as liabilities subject to compromise as of September 30, 2020.

(2) See Note 14, "Related Party Transactions" for details of a Pre-petition intercompany loan due to an affiliate reported as liabilities subject to compromise as of September 30, 2020.

Reorganization Items, NetThe Debtors have incurred and will continue to incur costs associated with the reorganization, including professional and consulting fees. Charges associated with the Chapter 11 Cases have been recorded as reorganization items, net in the accompanying unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2020. For the three and nine months ended September 30, 2020, the Company incurred $78 million and $101 million, respectively, of charges primarily for professional fees, of which $35 million was paid as of September 30, 2020, and $57 million and $9 million were recorded in accrued liabilities and accounts payable, respectively, in the accompanying unaudited condensed consolidated balance sheet as of September 30, 2020.

Reorganization Items, Net

9 Months Ended

Sep. 30, 2020

Reorganizations [Abstract]

Reorganization Items, Net

Liabilities Subject to Compromise

The following table summarizes liabilities subject to compromise:


(In millions)	September 30, 2020

Accounts payable	$	300

Accrued liabilities	199
Accrued taxes, net	23
Accrued interest on debt subject to compromise	75

Debt subject to compromise(1)	4,404


Liabilities subject to compromise - Hertz Global	$	5,001
Due from Affiliate - Hertz(2)	65
Liabilities subject to compromise - Hertz	$	5,066

(1) See Note 6, "Debt" for details of Pre-petition, non-vehicle debt reported as liabilities subject to compromise as of September 30, 2020.

(2) See Note 14, "Related Party Transactions" for details of a Pre-petition intercompany loan due to an affiliate reported as liabilities subject to compromise as of September 30, 2020.

Condensed Combined Debtor in Possession Financial Information

9 Months Ended

Sep. 30, 2020

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

Condensed Combined Debtor in Possession Financial Information

Condensed Combined Debtor-in-Possession Financial Information The following financial statements represent the unaudited condensed combined financial statements of the Debtors. The results of the non-debtor entities are not included in these financial statements. Intercompany transactions among the Debtors have been eliminated in the following financial statements. Intercompany transactions among the Debtor and non-debtor entities have not been eliminated in the following financial statements.

THE DEBTORS

CONDENSED COMBINED BALANCE SHEET

(in millions)


	September 30, 2020
ASSETS
Cash and cash equivalents	$	595
Restricted cash and cash equivalents	338
Total cash, cash equivalents, restricted cash and restricted cash equivalents	933
Receivables, net	448
Due from non-debtor affiliates	50,189
Prepaid expenses and other assets	652
Revenue earning vehicles, net	59
Property and equipment, net	579
Operating lease right-of-use assets	1,482
Investment in subsidiaries, net	4,567
Intangible assets, net	3,059
Goodwill	524
Total assets	$	62,492

LIABILITIES AND EQUITY
Accounts payable	$	283
Due to non-debtor affiliates	—
Accrued liabilities	466
Accrued taxes, net	59
Debt	18
Operating lease liabilities	1,449
Self-insured liabilities	252
Deferred income taxes, net	—
Total liabilities not subject to compromise	2,527
Liabilities subject to compromise	59,624
Total liabilities	62,151
Total equity attributable to the Debtors	341


Total liabilities and equity	$	62,492

THE DEBTORS

CONDENSED COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(in millions)


	Three Months Ended September 30, 2020		Nine Months Ended September 30, 2020
Total revenues	$	864	$	2,737
Expenses:
Direct vehicle and operating	660		2,214
Depreciation of revenue earning vehicles and lease charges	403		2,767
Selling, general and administrative	90		387
Interest (income) expense, net	8		96
Technology-related intangible and other asset impairments	—		193
Other (income) expense, net	—		(18)
Reorganization items, net	78		101
Total expenses	1,239		5,740
Income (loss) before income taxes and equity in earnings (losses) of non-debtor entities	(375)		(3,003)
Income tax (provision) benefit	63		590
Equity in earnings (losses) of non-debtor entities	90		988
Net income (loss)	(222)		(1,425)


Total other comprehensive income (loss), net of tax	5		(27)
Comprehensive income (loss) attributable to the Debtors	$	(217)	$	(1,452)

THE DEBTORS

CONDENSED COMBINED STATEMENT OF CASH FLOWS

(in millions)


	Nine Months Ended September 30, 2020

























Net cash provided by (used in) operating activities	$	(459)
Cash flows from investing activities:
Revenue earning vehicles expenditures	(466)
Proceeds from disposal of revenue earning vehicles	596
Non-vehicle capital asset expenditures	(71)
Proceeds from non-vehicle capital assets disposed of	48
Sales of marketable securities	74
Capital contributions to non-debtor entities	(741)
Return of capital from non-debtor entities	838
Loan to non-debtor entity	(180)
Loan repayment from non-debtor entity	189

Net cash provided by (used in) investing activities	287
Cash flows from financing activities:
Proceeds from issuance of vehicle debt	321
Repayments of vehicle debt	(467)
Proceeds from issuance of non-vehicle debt	1,553
Repayments of non-vehicle debt	(854)
Proceeds from the issuance of stock, net	28





Other	(2)
Net cash provided by (used in) financing activities	579

Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	407
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	526
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$	933

Basis of Presentation and Recently Issued Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of ConsolidationThe unaudited condensed consolidated financial statements of Hertz Global include the accounts of Hertz Global, its wholly owned and majority owned U.S. and international subsidiaries and its VIEs, as applicable. The unaudited condensed consolidated financial statements of Hertz include the accounts of Hertz, its wholly owned and majority owned U.S. and international subsidiaries and its VIEs, as applicable. The Company consolidates a VIE when it is deemed the primary beneficiary of the VIE. The Company accounts for its investment in joint ventures using the equity method when it has significant influence but not control and is not the primary beneficiary of the joint venture. All significant intercompany transactions have been eliminated in consolidation.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Adopted Measurement of Credit Losses on Financial Instruments In June 2016, the Financial Accounting Standards Board (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 September 30, 2020. 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. On July 1, 2020, the Company adopted this guidance early, as permitted, on a prospective basis, where adjustments as of January 1, 2020 were not material; therefore adoption of this guidance had no material impact on the Company's financial position, results of operations or cash flows. Not Yet Adopted 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.

Revenue Earning Vehicles (Tables)

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Schedule of Components of Revenue Earning Vehicles, Net

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


(In millions)	September 30, 2020		December 31, 2019
Revenue earning vehicles	$	11,060	$	16,626
Less accumulated depreciation	(2,892)		(3,159)
	8,168		13,467
Revenue earning vehicles held for sale, net	283		322
Revenue earning vehicles, net	$	8,451	$	13,789

Depreciation on Revenue Earning Vehicles and Lease Charges

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2020		2019		2020		2019
Depreciation of revenue earning vehicles	$	525	$	681	$	1,687	$	1,906
(Gain) loss on disposal of revenue earning vehicles, net	(187)		(33)		(81)		(73)
Lease charges	9		19		28		59
Depreciation of revenue earning vehicles and lease charges	$	347	$	667	$	1,634	$	1,892

Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Components of debt

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


Facility	Weighted-Average Interest Rate as of September 30, 2020	Fixed or Floating Interest Rate	Maturity	September 30, 2020		December 31, 2019
Non-Vehicle Debt
Senior Term Loan(1)		Floating	6/2023	$	—	$	660
Senior RCF(1)		Floating	6/2021	—		—
Senior Notes(1)(2)		Fixed	10/2022-1/2028	—		2,700
Senior Second Priority Secured Notes(1)		Fixed	6/2022	—		350
Promissory Notes(1)		Fixed	1/2028	—		27
Alternative Letter of Credit Facility(1)		Floating	11/2023	—		—
Senior RCF Letter of Credit Facility(1)		Floating	6/2021	—		—
Other Non-Vehicle Debt	7.26%	Fixed	Various	18		18
Unamortized Debt Issuance Costs and Net (Discount) Premium				—		(34)
Total Non-Vehicle Debt Not Subject to Compromise				18		3,721
Non-Vehicle Debt Subject to Compromise
Senior Term Loan	3.50%	Floating	6/2023	656		—
Senior RCF	3.41%	Floating	6/2021	615		—
Senior Notes(2)	6.11%	Fixed	10/2022-1/2028	2,700		—
Senior Second Priority Secured Notes	7.63%	Fixed	6/2022	350		—
Promissory Notes	7.00%	Fixed	1/2028	27		—
Alternative Letter of Credit Facility(6)	5.25%	Floating	11/2023	82		—
Senior RCF Letter of Credit Facility	5.50%	Floating	6/2021	11		—
Unamortized Debt Issuance Costs and Net (Discount) Premium				(37)		—
Total Non-Vehicle Debt Subject to Compromise				4,404		—


Facility	Weighted-Average Interest Rate as of September 30, 2020	Fixed or Floating Interest Rate	Maturity	September 30, 2020	December 31, 2019
Vehicle Debt
HVF II U.S. ABS Program
HVF II U.S. Vehicle Variable Funding Notes
HVF II Series 2013-A(3)(6)	3.36%	Floating	3/2022	2,501	2,644
				2,501	2,644
HVF II U.S. Vehicle Medium Term Notes
HVF II Series 2015-1(3)	N/A	Fixed	3/2020	—	780
HVF II Series 2015-3(3)	3.44%	Fixed	9/2020	207	371
HVF II Series 2016-2(3)	3.76%	Fixed	3/2021	333	595
HVF II Series 2016-4(3)	3.44%	Fixed	7/2021	237	424
HVF II Series 2017-1(3)	3.71%	Fixed	10/2020	252	450
HVF II Series 2017-2(3)	4.10%	Fixed	10/2022	207	350
HVF II Series 2018-1(3)	3.74%	Fixed	2/2023	592	1,000
HVF II Series 2018-2(3)	4.17%	Fixed	6/2021	119	200
HVF II Series 2018-3(3)	4.49%	Fixed	7/2023	120	200
HVF II Series 2019-1(3)	4.23%	Fixed	3/2022	418	700
HVF II Series 2019-2(3)	3.86%	Fixed	5/2024	447	750
HVF II Series 2019-3(3)	3.11%	Fixed	12/2024	446	800
				3,378	6,620
Donlen U.S. ABS Program
HFLF Variable Funding Notes
HFLF Series 2013-2(4)(6)	6.11%	Floating	10/2020-7/2022	382	286
				382	286
HFLF Medium Term Notes
HFLF Series 2016-1(4)	N/A	Both	1/2020-2/2020	—	34
HFLF Series 2017-1(4)	2.72%	Both	10/2020-9/2022	115	229
HFLF Series 2018-1(4)	2.66%	Both	10/2020-9/2022	292	462
HFLF Series 2019-1(4)	2.27%	Both	10/2020-9/2022	456	650
				863	1,375
Vehicle Debt - Other
U.S. Vehicle RCF	N/A	Floating	6/2021	—	146
European Vehicle Notes(5)	5.07%	Fixed	10/2021-3/2023	846	810
European ABS(3)	1.60%	Floating	11/2021	410	766
Hertz Canadian Securitization(3)(6)	3.68%	Floating	3/2021	119	241
Donlen Canadian Securitization(3)	1.63%	Floating	12/2022	27	24
Australian Securitization(3)	1.74%	Floating	6/2021	106	177
New Zealand RCF	2.94%	Floating	6/2021	37	50
U.K. Financing Facility	3.00%	Floating	10/2020-8/2023	122	247
Other Vehicle Debt	3.60%	Floating	10/2020-11/2024	28	29


Facility	Weighted-Average Interest Rate as of September 30, 2020	Fixed or Floating Interest Rate	Maturity	September 30, 2020		December 31, 2019
				1,695		2,490
Unamortized Debt Issuance Costs and Net (Discount) Premium				(66)		(47)




Total Vehicle Debt Not Subject to Compromise				8,753		13,368
Total Debt Not Subject to Compromise				$	8,771	$	17,089

N/A - Not applicable


(In millions)	Outstanding Principal
Senior Notes	September 30, 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


(In millions)	Outstanding Principal
European Vehicle Notes	September 30, 2020		December 31, 2019
4.125% Senior Notes due October 2021	$	263	$	251
5.500% Senior Notes due March 2023	583		559
	$	846	$	810

(6) Includes default interest which is comprised of an increase in the contractual spread and may also include a change in the benchmark rate from the U.S. Dollar LIBOR rate to the prime rate.

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


	As of September 30, 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(2)	$	4,459	$	2,859	$	3,755	$	3,840
Vehicle Debt	8,819		8,683		13,415		13,529
Total	$	13,278	$	11,542	$	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 and the filing of the Chapter 11 Cases, as disclosed in Note 1, "Background."

(2)Includes Non-Vehicle Debt included in liabilities subject to compromise in the accompanying unaudited condensed consolidated balance sheet as of September 30, 2020. See Note 6, "Debt."

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

In the second quarter of 2020, as disclosed in Note 5, Goodwill and Intangible Assets, Net, the Company recorded impairment charges for certain technology-related intangible assets and other assets.

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

The following facilities were available to the Company as of September 30, 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(1)	$	—	$	—
Letter of Credit Facility(1)	—		—
Alternative Letter of Credit Facility(1)	—		—
Total Non-Vehicle Debt	—		—
Vehicle Debt

HVF II U.S. Vehicle Variable Funding Notes(1)	—		—
HFLF Variable Funding Notes(1)	—		—
European ABS	291		—
Hertz Canadian Securitization(1)	—		—
Donlen Canadian Securitization	1		—
Australian Securitization	42		—
U.K. Financing Facility	134		—
New Zealand RCF	12		2
Total Vehicle Debt	480		2
Total	$	480	$	2

(1) As a result of the filing of the Chapter 11 Cases, there is no longer remaining capacity or availability under these facilities, as such unused commitments were terminated.

Leases (Tables)

9 Months Ended

Sep. 30, 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:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2020		2019		2020		2019
Operating lease income from vehicle rentals	$	1,037	$	2,516	$	3,278	$	6,555
Operating lease income from fleet leasing	155		174		485		499
Variable operating lease income	—		46		34		124
Revenue accounted for under Topic 842	1,192		2,736		3,797		7,178
Revenue accounted for under Topic 606	76		100		226		276
Total revenues	$	1,268	$	2,836	$	4,023	$	7,454

Restructuring (Tables)

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

The following tables summarize restructuring charges under this program incurred during the nine months ended September 30, 2020:


(In millions)	Nine Months Ended September 30, 2020
Termination charges:
Direct vehicle and operating	$	25
Selling, general and administrative	12
Total	$	37


(In millions)	Nine Months Ended September 30, 2020
Termination charges:
U.S. Rental Car Segment	$	34


Corporate operations	3
Total	$	37


(In millions)	Termination Benefits
Balance as of December 31, 2019	$	1
Charges incurred	37
Cash payments	(28)
Liabilities subject to compromise(1)	(7)
Balance as of September 30, 2020	$	3

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

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
(In millions, except per share data)	2020		2019		2020		2019
Numerator:
Net income (loss) attributable to Hertz Global	$	(222)	$	169	$	(1,425)	$	61
Denominator:
Basic weighted-average shares outstanding (excluding the impact of the Rights Offering)	156		84		148		84
Rights Offering adjustment(1)	—		49		—		25
Basic weighted-average shares outstanding	156		133		148		109
Dilutive stock options, RSUs and PSUs	—		1		—		—
Diluted weighted-average shares outstanding	156		134		148		109
Antidilutive stock options, RSUs, PSUs and PSAs	2		1		2		1
Earnings (loss) per share:
Basic earnings (loss) per share	$	(1.42)	$	1.26	$	(9.65)	$	0.56
Diluted earnings (loss) per share	$	(1.42)	$	1.26	$	(9.65)	$	0.56

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

Employee Retirement Benefits (Tables)

9 Months Ended

Sep. 30, 2020

Postemployment Benefits [Abstract]

Schedule of Net Benefit Costs


	U.S. Plan
	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2020		2019		2020		2019

Interest cost	$	3	$	5	$	12	$	16
Expected return on plan assets	(5)		(6)		(15)		(17)
Net amortizations	—		2		1		5
Settlement loss(1)	1		1		5		1
Net pension expense (benefit)	$	(1)	$	2	$	3	$	5

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Cash, Cash Equivalents and Investments

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


	September 30, 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	$	780	$	—	$	—	$	780	$	531	$	—	$	—	$	531
Marketable securities	—		—		—		—		74		—		—		74

Components of debt

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


Facility	Weighted-Average Interest Rate as of September 30, 2020	Fixed or Floating Interest Rate	Maturity	September 30, 2020		December 31, 2019
Non-Vehicle Debt
Senior Term Loan(1)		Floating	6/2023	$	—	$	660
Senior RCF(1)		Floating	6/2021	—		—
Senior Notes(1)(2)		Fixed	10/2022-1/2028	—		2,700
Senior Second Priority Secured Notes(1)		Fixed	6/2022	—		350
Promissory Notes(1)		Fixed	1/2028	—		27
Alternative Letter of Credit Facility(1)		Floating	11/2023	—		—
Senior RCF Letter of Credit Facility(1)		Floating	6/2021	—		—
Other Non-Vehicle Debt	7.26%	Fixed	Various	18		18
Unamortized Debt Issuance Costs and Net (Discount) Premium				—		(34)
Total Non-Vehicle Debt Not Subject to Compromise				18		3,721
Non-Vehicle Debt Subject to Compromise
Senior Term Loan	3.50%	Floating	6/2023	656		—
Senior RCF	3.41%	Floating	6/2021	615		—
Senior Notes(2)	6.11%	Fixed	10/2022-1/2028	2,700		—
Senior Second Priority Secured Notes	7.63%	Fixed	6/2022	350		—
Promissory Notes	7.00%	Fixed	1/2028	27		—
Alternative Letter of Credit Facility(6)	5.25%	Floating	11/2023	82		—
Senior RCF Letter of Credit Facility	5.50%	Floating	6/2021	11		—
Unamortized Debt Issuance Costs and Net (Discount) Premium				(37)		—
Total Non-Vehicle Debt Subject to Compromise				4,404		—


Facility	Weighted-Average Interest Rate as of September 30, 2020	Fixed or Floating Interest Rate	Maturity	September 30, 2020	December 31, 2019
Vehicle Debt
HVF II U.S. ABS Program
HVF II U.S. Vehicle Variable Funding Notes
HVF II Series 2013-A(3)(6)	3.36%	Floating	3/2022	2,501	2,644
				2,501	2,644
HVF II U.S. Vehicle Medium Term Notes
HVF II Series 2015-1(3)	N/A	Fixed	3/2020	—	780
HVF II Series 2015-3(3)	3.44%	Fixed	9/2020	207	371
HVF II Series 2016-2(3)	3.76%	Fixed	3/2021	333	595
HVF II Series 2016-4(3)	3.44%	Fixed	7/2021	237	424
HVF II Series 2017-1(3)	3.71%	Fixed	10/2020	252	450
HVF II Series 2017-2(3)	4.10%	Fixed	10/2022	207	350
HVF II Series 2018-1(3)	3.74%	Fixed	2/2023	592	1,000
HVF II Series 2018-2(3)	4.17%	Fixed	6/2021	119	200
HVF II Series 2018-3(3)	4.49%	Fixed	7/2023	120	200
HVF II Series 2019-1(3)	4.23%	Fixed	3/2022	418	700
HVF II Series 2019-2(3)	3.86%	Fixed	5/2024	447	750
HVF II Series 2019-3(3)	3.11%	Fixed	12/2024	446	800
				3,378	6,620
Donlen U.S. ABS Program
HFLF Variable Funding Notes
HFLF Series 2013-2(4)(6)	6.11%	Floating	10/2020-7/2022	382	286
				382	286
HFLF Medium Term Notes
HFLF Series 2016-1(4)	N/A	Both	1/2020-2/2020	—	34
HFLF Series 2017-1(4)	2.72%	Both	10/2020-9/2022	115	229
HFLF Series 2018-1(4)	2.66%	Both	10/2020-9/2022	292	462
HFLF Series 2019-1(4)	2.27%	Both	10/2020-9/2022	456	650
				863	1,375
Vehicle Debt - Other
U.S. Vehicle RCF	N/A	Floating	6/2021	—	146
European Vehicle Notes(5)	5.07%	Fixed	10/2021-3/2023	846	810
European ABS(3)	1.60%	Floating	11/2021	410	766
Hertz Canadian Securitization(3)(6)	3.68%	Floating	3/2021	119	241
Donlen Canadian Securitization(3)	1.63%	Floating	12/2022	27	24
Australian Securitization(3)	1.74%	Floating	6/2021	106	177
New Zealand RCF	2.94%	Floating	6/2021	37	50
U.K. Financing Facility	3.00%	Floating	10/2020-8/2023	122	247
Other Vehicle Debt	3.60%	Floating	10/2020-11/2024	28	29


Facility	Weighted-Average Interest Rate as of September 30, 2020	Fixed or Floating Interest Rate	Maturity	September 30, 2020		December 31, 2019
				1,695		2,490
Unamortized Debt Issuance Costs and Net (Discount) Premium				(66)		(47)




Total Vehicle Debt Not Subject to Compromise				8,753		13,368
Total Debt Not Subject to Compromise				$	8,771	$	17,089

N/A - Not applicable


(In millions)	Outstanding Principal
Senior Notes	September 30, 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


(In millions)	Outstanding Principal
European Vehicle Notes	September 30, 2020		December 31, 2019
4.125% Senior Notes due October 2021	$	263	$	251
5.500% Senior Notes due March 2023	583		559
	$	846	$	810

(6) Includes default interest which is comprised of an increase in the contractual spread and may also include a change in the benchmark rate from the U.S. Dollar LIBOR rate to the prime rate.

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


	As of September 30, 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(2)	$	4,459	$	2,859	$	3,755	$	3,840
Vehicle Debt	8,819		8,683		13,415		13,529
Total	$	13,278	$	11,542	$	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 and the filing of the Chapter 11 Cases, as disclosed in Note 1, "Background."

(2)Includes Non-Vehicle Debt included in liabilities subject to compromise in the accompanying unaudited condensed consolidated balance sheet as of September 30, 2020. See Note 6, "Debt."

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

In the second quarter of 2020, as disclosed in Note 5, Goodwill and Intangible Assets, Net, the Company recorded impairment charges for certain technology-related intangible assets and other assets.

Segment Information (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2020		2019		2020		2019
Revenues
U.S. Rental Car	$	866	$	1,962	$	2,780	$	5,266
International Rental Car	253		702		755		1,695
All Other Operations	149		172		488		493
Total Hertz Global and Hertz	$	1,268	$	2,836	$	4,023	$	7,454
Depreciation of revenue earning vehicles and lease charges
U.S. Rental Car	$	182	$	420	$	1,054	$	1,217
International Rental Car	59		126		228		329
All Other Operations	106		121		352		346
Total Hertz Global and Hertz	$	347	$	667	$	1,634	$	1,892
Adjusted EBITDA
U.S. Rental Car	$	(10)	$	269	$	(678)	$	432
International Rental Car	(35)		115		(207)		157
All Other Operations	24		24		71		70
Corporate	(5)		(16)		(41)		(64)
Total Hertz Global and Hertz	$	(26)	$	392	$	(855)	$	595


(In millions)	September 30, 2020		December 31, 2019
Total assets
U.S. Rental Car	$	12,066	$	16,459
International Rental Car	3,355		4,563
All Other Operations	1,853		2,115
Corporate	1,483		1,490
Total Hertz Global(1)	18,757		24,627
Corporate - Hertz(2)	(28)		—
Total Hertz(1)	$	18,729	$	24,627

(2) Excludes net proceeds from the ATM Program of $28 million as disclosed in Note 10, "Earnings (Loss) Per Share - Hertz Global."

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

Hertz Global


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2020		2019		2020		2019
Adjusted EBITDA:
U.S. Rental Car	$	(10)	$	269	$	(678)	$	432
International Rental Car	(35)		115		(207)		157
All Other Operations	24		24		71		70
Total reportable segments	(21)		408		(814)		659
Corporate(1)	(5)		(16)		(41)		(64)
Total Hertz Global	(26)		392		(855)		595
Adjustments:
Non-vehicle depreciation and amortization	(58)		(51)		(168)		(151)
Non-vehicle debt interest, net	(17)		(70)		(118)		(214)
Vehicle debt-related charges(2)	(13)		(10)		(37)		(29)

Restructuring and restructuring related charges(3)	(7)		(1)		(54)		(11)
Technology-related intangible and other asset impairments(4)	—		—		(193)		—
Information technology and finance transformation costs(5)	(8)		(17)		(34)		(77)
Reorganization items, net(6)	(78)		—		(101)		—
Pre-reorganization charges and non-debtor financing charges(7)	(44)		—		(89)		—
Other items(8)	(8)		4		(15)		30
Income (loss) before income taxes	$	(259)	$	247	$	(1,664)	$	143

Hertz


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2020		2019		2020		2019
Adjusted EBITDA:
U.S. Rental Car	$	(10)	$	269	$	(678)	$	432
International Rental Car	(35)		115		(207)		157
All Other Operations	24		24		71		70
Total reportable segments	(21)		408		(814)		659
Corporate(1)	(5)		(16)		(41)		(64)
Total Hertz Global	(26)		392		(855)		595
Adjustments:
Non-vehicle depreciation and amortization	(58)		(51)		(168)		(151)
Non-vehicle debt interest, net	(17)		(68)		(116)		(209)
Vehicle debt-related charges(2)	(13)		(10)		(37)		(29)

Restructuring and restructuring related charges(3)	(7)		(1)		(54)		(11)
Technology-related intangible and other asset impairments(4)	—		—		(193)		—
Write-off of intercompany loan(9)	—		—		(133)		—
Information technology and finance transformation costs(5)	(8)		(17)		(34)		(77)
Reorganization items, net(6)	(78)		—		(101)		—
Pre-reorganization charges and non-debtor financing charges(7)	(44)		—		(89)		—
Other items(8)	(8)		4		(15)		30
Income (loss) before income taxes	$	(259)	$	249	$	(1,795)	$	148

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

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

(4)Represents the impairment of technology-related intangible assets and capitalized cloud computing implementation costs, as disclosed in Note 5, "Goodwill and Intangible Assets, Net."

(6)Represents charges incurred associated with the filing of the Chapter 11 Cases, as disclosed in Note 17, "Reorganization Items, Net," including professional fees.

(9)Represents the write-off of the 2019 Master Loan between Hertz and Hertz Holdings, which was recorded in the second quarter 2020, as disclosed in Note 14, "Related Party Transactions."

Liabilities Subject to Compromise (Tables)

9 Months Ended

Sep. 30, 2020

Reorganizations [Abstract]

Schedule of Liabilities Subject to Compromise

The following table summarizes liabilities subject to compromise:


(In millions)	September 30, 2020

Accounts payable	$	300

Accrued liabilities	199
Accrued taxes, net	23
Accrued interest on debt subject to compromise	75

Debt subject to compromise(1)	4,404


Liabilities subject to compromise - Hertz Global	$	5,001
Due from Affiliate - Hertz(2)	65
Liabilities subject to compromise - Hertz	$	5,066

(1) See Note 6, "Debt" for details of Pre-petition, non-vehicle debt reported as liabilities subject to compromise as of September 30, 2020.

(2) See Note 14, "Related Party Transactions" for details of a Pre-petition intercompany loan due to an affiliate reported as liabilities subject to compromise as of September 30, 2020.

Condensed Combined Debtor in Possession Financial Information (Tables)

9 Months Ended

Sep. 30, 2020

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

Condensed Balance Sheet

THE DEBTORS

CONDENSED COMBINED BALANCE SHEET

(in millions)


	September 30, 2020
ASSETS
Cash and cash equivalents	$	595
Restricted cash and cash equivalents	338
Total cash, cash equivalents, restricted cash and restricted cash equivalents	933
Receivables, net	448
Due from non-debtor affiliates	50,189
Prepaid expenses and other assets	652
Revenue earning vehicles, net	59
Property and equipment, net	579
Operating lease right-of-use assets	1,482
Investment in subsidiaries, net	4,567
Intangible assets, net	3,059
Goodwill	524
Total assets	$	62,492

LIABILITIES AND EQUITY
Accounts payable	$	283
Due to non-debtor affiliates	—
Accrued liabilities	466
Accrued taxes, net	59
Debt	18
Operating lease liabilities	1,449
Self-insured liabilities	252
Deferred income taxes, net	—
Total liabilities not subject to compromise	2,527
Liabilities subject to compromise	59,624
Total liabilities	62,151
Total equity attributable to the Debtors	341


Total liabilities and equity	$	62,492

Condensed Income Statement

THE DEBTORS

CONDENSED COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(in millions)


	Three Months Ended September 30, 2020		Nine Months Ended September 30, 2020
Total revenues	$	864	$	2,737
Expenses:
Direct vehicle and operating	660		2,214
Depreciation of revenue earning vehicles and lease charges	403		2,767
Selling, general and administrative	90		387
Interest (income) expense, net	8		96
Technology-related intangible and other asset impairments	—		193
Other (income) expense, net	—		(18)
Reorganization items, net	78		101
Total expenses	1,239		5,740
Income (loss) before income taxes and equity in earnings (losses) of non-debtor entities	(375)		(3,003)
Income tax (provision) benefit	63		590
Equity in earnings (losses) of non-debtor entities	90		988
Net income (loss)	(222)		(1,425)


Total other comprehensive income (loss), net of tax	5		(27)
Comprehensive income (loss) attributable to the Debtors	$	(217)	$	(1,452)

Condensed Cash Flow Statement

THE DEBTORS

CONDENSED COMBINED STATEMENT OF CASH FLOWS

(in millions)


	Nine Months Ended September 30, 2020

























Net cash provided by (used in) operating activities	$	(459)
Cash flows from investing activities:
Revenue earning vehicles expenditures	(466)
Proceeds from disposal of revenue earning vehicles	596
Non-vehicle capital asset expenditures	(71)
Proceeds from non-vehicle capital assets disposed of	48
Sales of marketable securities	74
Capital contributions to non-debtor entities	(741)
Return of capital from non-debtor entities	838
Loan to non-debtor entity	(180)
Loan repayment from non-debtor entity	189

Net cash provided by (used in) investing activities	287
Cash flows from financing activities:
Proceeds from issuance of vehicle debt	321
Repayments of vehicle debt	(467)
Proceeds from issuance of non-vehicle debt	1,553
Repayments of non-vehicle debt	(854)
Proceeds from the issuance of stock, net	28





Other	(2)
Net cash provided by (used in) financing activities	579

Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	407
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	526
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$	933

Background (Details)		1 Months Ended			3 Months Ended	4 Months Ended	6 Months Ended	7 Months Ended
Background (Details)	Oct. 30, 2020 USD ($) debtorClaims	Oct. 31, 2020 numberOfLeases	Sep. 30, 2020 USD ($) numberOfLeases	Mar. 31, 2020 employee	Jun. 30, 2020 USD ($)	Sep. 30, 2020 USD ($) numberOfVehicles	Dec. 31, 2020 USD ($) employee	Dec. 31, 2020 numberOfVehicles	Nov. 05, 2020 USD ($)	Oct. 16, 2020 USD ($)	Jul. 24, 2020 USD ($)	May 04, 2020 USD ($)	Feb. 25, 2020 USD ($)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Forbearance and waiver agreement payment												$ 30,000,000
Payments under bankruptcy court order for operating lease											$ 650,000,000
Number of vehicles disposed under bankruptcy court order, actual \| numberOfVehicles						165,000
Off airport leases rejected \| numberOfLeases			257
Airport leases rejected \| numberOfLeases			15
Cash and cash equivalents			$ 1,137,000,000			$ 1,137,000,000								$ 865,000,000
Non-vehicle
Debt Instrument [Line Items]
Outstanding principal			18,000,000			18,000,000								3,721,000,000
U.S. Rental Car
Debt Instrument [Line Items]
Decrease in purchase commitments					$ 4,000,000,000.0
Forecast
Debt Instrument [Line Items]
Number of payments under bankruptcy court Order for operating lease \| employee							6
Monthly payments under bankruptcy court order for operating lease							$ 108,000,000
Number of vehicles required to be disposed of under bankruptcy court order \| numberOfVehicles								182,521
Senior RCF \| Non-vehicle
Debt Instrument [Line Items]
Outstanding principal			0			0								0
HVF II Series 2013-A
Debt Instrument [Line Items]
Forbearance agreement, aggregate principal amount of notes, percent												77.00%
Outstanding principal													$ 4,900,000,000
HVF II Series 2013-A \| Non-vehicle
Debt Instrument [Line Items]
Outstanding principal			2,501,000,000			2,501,000,000								2,644,000,000
HFLF Series 2013-2 Notes \| Non-vehicle
Debt Instrument [Line Items]
Outstanding principal			382,000,000			382,000,000								286,000,000
HFLF Series 2019-1 \| Non-vehicle
Debt Instrument [Line Items]
Outstanding principal			$ 456,000,000			$ 456,000,000								$ 650,000,000
Subsequent Event
Debt Instrument [Line Items]
Off airport leases rejected \| numberOfLeases		24
Airport leases rejected \| numberOfLeases		29
Number of proofs of claims filed \| debtorClaims	13,400
Number of proofs of claims filed, amount	$ 104,900,000,000
Subsequent Event \| DFLF Series 2020-1 Notes \| Vehicles
Debt Instrument [Line Items]
Outstanding principal										$ 400,000,000
Subsequent Event \| Debtor In Possession Credit Agreement and Secured Fleet Financing \| Vehicles
Debt Instrument [Line Items]
DIP credit agreement, amount									$ 5,000,000,000
Subsequent Event \| Debtor In Possession Credit Agreement
Debt Instrument [Line Items]
DIP credit agreement, amount	1,650,000,000
DIP credit agreement, minimum draw amount	$ 250,000,000
Subsequent Event \| Debtor In Possession Credit Agreement \| LIBOR
Debt Instrument [Line Items]
DIP credit agreement, interest rate (percent)	7.25%
DIP credit agreement, interest rate floor (percent)	0.0100
DIP credit agreement, interest rate after significant repayment of pre-petition first lien debt	0.0675
Subsequent Event \| Debtor In Possession Credit Agreement \| Non-vehicle
Debt Instrument [Line Items]
DIP credit agreement, amount	$ 800,000,000
Subsequent Event \| Debtor In Possession Credit Agreement \| Vehicles
Debt Instrument [Line Items]
DIP credit agreement, amount	$ 1,000,000,000.0
Subsequent Event \| Secured Fleet Financing \| Vehicles
Debt Instrument [Line Items]
DIP credit agreement, amount									$ 4,000,000,000
Restructuring Plan, Impact of COVID-19 \| Other Restructuring
Debt Instrument [Line Items]
Number of positions eliminated \| employee				20,000
Restructuring Plan, Impact of COVID-19 \| Other Restructuring \| U.S. Rental Car Segment and US Corporate Operations
Debt Instrument [Line Items]
Number of positions eliminated \| employee				11,000

Divestitures (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Divestitures (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Marketable securities, gain (loss)			$ 0	$ 26
Other Operating Income (Expense)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Marketable securities, gain (loss)	$ 74
Non-vehicle Capital Assets \| Other Operating Income (Expense)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of productive assets		$ 20

Revenue Earning Vehicles (Components of Revenue Earning Vehicles) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue earning vehicles	$ 11,060		$ 11,060		$ 16,626
Less accumulated depreciation	(2,892)		(2,892)		(3,159)
Subtotal	8,168		8,168		13,467
Revenue earning vehicles held for sale, net	283		283		322
Revenue earning vehicles, net	8,451		8,451		$ 13,789
Depreciation of revenue earning vehicles	525	$ 681	1,687	$ 1,906
(Gain) loss on disposal of revenue earning vehicles, net	(187)	(33)	(81)	(73)
Lease charges	9	19	28	59
Depreciation of revenue earning vehicles and lease charges	$ 347	$ 667	$ 1,634	$ 1,892

Goodwill and Intangible Assets (Details) $ in Millions	3 Months Ended
Goodwill and Intangible Assets (Details) $ in Millions	Jun. 30, 2020 USD ($)
U.S. Rental Car
Finite-Lived Intangible Assets [Line Items]
Impairment charge	$ 193
Trade Names \| U.S. Rental Car
Finite-Lived Intangible Assets [Line Items]
Fair value in excess of carrying amount	3.00%
Reporting unit, amount of fair value in excess of carrying amount	$ 934
Trade Names \| International Rental Car
Finite-Lived Intangible Assets [Line Items]
Fair value in excess of carrying amount	18.00%
Reporting unit, amount of fair value in excess of carrying amount	$ 560
Technology-Related Intangible Assets \| U.S. Rental Car
Finite-Lived Intangible Assets [Line Items]
Impairment charge	124
Other Assets \| U.S. Rental Car
Finite-Lived Intangible Assets [Line Items]
Impairment charge	$ 69

Debt (Schedule of Debt) (Details) $ in Millions	Sep. 30, 2020 USD ($) € / $	Feb. 25, 2020 USD ($)	Dec. 31, 2019 USD ($) € / $
Debt Instrument [Line Items]
Debt:	$ 8,771		$ 17,089
Debt subject to compromise	4,404
Total liabilities not subject to compromise	13,356		22,739
Vehicles
Debt Instrument [Line Items]
Debt:	8,753		13,368
Non-vehicle
Debt Instrument [Line Items]
Outstanding principal	18		3,721
Debt:	18		3,721
Unamortized Debt Issuance Costs and Net (Discount) Premium	(37)		0
Debt subject to compromise	4,404		0
Corporate Debt Securities \| Non-vehicle
Debt Instrument [Line Items]
Unamortized Net Discount	$ 0		(34)
Senior Term Loan \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.50%
Outstanding principal	$ 0		660
Liabilities subject to compromise	$ 656		0
Senior RCF \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.41%
Outstanding principal	$ 0		0
Liabilities subject to compromise	615		0
Senior Notes
Debt Instrument [Line Items]
Outstanding principal	$ 2,700		2,700
Senior Notes \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	6.11%
Outstanding principal	$ 0		2,700
Liabilities subject to compromise	$ 2,700		0
Promissory Notes \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	7.00%
Outstanding principal	$ 0		27
Liabilities subject to compromise	$ 27		0
Senior Second Priority Secured Notes \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	7.63%
Outstanding principal	$ 0		350
Liabilities subject to compromise	$ 350		0
Alternative Letter of Credit Facility \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	5.25%
Outstanding principal	$ 0		0
Liabilities subject to compromise	$ 82		0
Senior RCF Letter of Credit Facility \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	5.50%
Outstanding principal	$ 0		0
Liabilities subject to compromise	$ 11		0
Non-Vehicle Debt \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	7.26%
Outstanding principal	$ 18		18
Senior Notes, 7.125%, Due 2026
Debt Instrument [Line Items]
Outstanding principal	$ 500		500
Interest rate	7.125%
Senior Notes, 6.00%, Due January 2028
Debt Instrument [Line Items]
Outstanding principal	$ 900		900
Fleet Debt
Debt Instrument [Line Items]
Unamortized Net Discount	(66)		(47)
Debt:	8,753		13,368
Total \| Non-vehicle
Debt Instrument [Line Items]
Outstanding principal	$ 2,501		2,644
HVF II Series 2013-A
Debt Instrument [Line Items]
Outstanding principal		$ 4,900
HVF II Series 2013-A \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.36%
Outstanding principal	$ 2,501		2,644
HVF II U.S. Fleet Variable Medium Term Notes \| Non-vehicle
Debt Instrument [Line Items]
Outstanding principal	3,378		6,620
U.S. Fleet Medium Term Notes 2015 Series 1 \| Non-vehicle
Debt Instrument [Line Items]
Outstanding principal	$ 0		780
U.S. Fleet Medium Term Notes 2015 Series 3 \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.44%
Outstanding principal	$ 207		371
U.S. Fleet Medium Term Notes 2016 Series 2 \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.76%
Outstanding principal	$ 333		595
U.S. Fleet Medium Term Notes 2016 Series 4 \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.44%
Outstanding principal	$ 237		424
U.S. Fleet Medium Term Notes 2017 Series 1 \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.71%
Outstanding principal	$ 252		450
U.S. Fleet Medium Term Notes 2017 Series 2 \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.10%
Outstanding principal	$ 207		350
U.S. Fleet Medium Term Notes 2018 Series 1 \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.74%
Outstanding principal	$ 592		1,000
U.S. Fleet Medium Term Notes 2018 Series 2 \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.17%
Outstanding principal	$ 119		200
U.S. Fleet Medium Term Notes 2018 Series 3 \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.49%
Outstanding principal	$ 120		200
U.S. Fleet Medium Term Notes 2019 Series 1 \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	4.23%
Outstanding principal	$ 418		700
U.S. Fleet Medium Term Notes 2019 Series 2 \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.86%
Outstanding principal	$ 447		750
U.S Fleet Medium Term Notes 2019 Series 3 \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.11%
Outstanding principal	$ 446		800
Donlen ABS Program \| Non-vehicle
Debt Instrument [Line Items]
Outstanding principal	$ 382		286
HFLF Series 2013-2 Notes \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	6.11%
Outstanding principal	$ 382		286
HFLF Medium Term Notes \| Non-vehicle
Debt Instrument [Line Items]
Outstanding principal	863		1,375
HFLF Series 2016-1 \| Non-vehicle
Debt Instrument [Line Items]
Outstanding principal	$ 0		34
HFLF Series 2017-1 \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.72%
Outstanding principal	$ 115		229
HFLF Series 2018-1 \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.66%
Outstanding principal	$ 292		462
HFLF Series 2019-1 \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.27%
Outstanding principal	$ 456		650
Other Fleet Debt \| Non-vehicle
Debt Instrument [Line Items]
Outstanding principal	1,695		2,490
US Vehicle RCF \| Non-vehicle
Debt Instrument [Line Items]
Outstanding principal	0		146
European Fleet Notes
Debt Instrument [Line Items]
Outstanding principal	$ 846		$ 810
Foreign currency exchange rate (EURO to USD) \| € / $	1.17		1.12
European Fleet Notes \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	5.07%
Outstanding principal	$ 846		$ 810
4.125% Senior Notes due October 2021
Debt Instrument [Line Items]
Outstanding principal	$ 263		251
Interest rate	4.125%
European Fleet Notes, 5.500%, Due March 2023
Debt Instrument [Line Items]
Outstanding principal	$ 583		559
Interest rate	5.50%
European Securitization \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.60%
Outstanding principal	$ 410		766
Canadian Securitization \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.68%
Outstanding principal	$ 119		241
Donlen Canadian Securitization, Due December 2022 \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.63%
Outstanding principal	$ 27		24
Australian Securitization \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	1.74%
Outstanding principal	$ 106		177
New Zealand Revolving Credit Facility \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	2.94%
Outstanding principal	$ 37		50
UK Leveraged Financing \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.00%
Outstanding principal	$ 122		247
Other Vehicle Debt \| Non-vehicle
Debt Instrument [Line Items]
Average interest rate (as a percent)	3.60%
Outstanding principal	$ 28		29
Senior Notes 6.250% Due 2022
Debt Instrument [Line Items]
Outstanding principal	$ 500		500
Interest rate	6.25%
5.500% Senior Notes due October 2024
Debt Instrument [Line Items]
Outstanding principal	$ 800		$ 800
Interest rate	5.50%
Senior Notes, 6 Point 000 Percent, Due 2028
Debt Instrument [Line Items]
Interest rate	6.00%

Debt (Narrative) (Details)

1 Months Ended

3 Months Ended

9 Months Ended

Dec. 04, 2020

USD ($)

Dec. 03, 2020

EUR (€)

Nov. 05, 2020

EUR (€)

Nov. 29, 2020

EUR (€)

Oct. 30, 2020

EUR (€)

Aug. 31, 2020

USD ($)

Feb. 29, 2020

USD ($)

Feb. 25, 2020

USD ($)

Sep. 30, 2020

USD ($)

Sep. 30, 2019

USD ($)

Sep. 30, 2020

USD ($)

Sep. 30, 2019

USD ($)

Nov. 05, 2020

USD ($)

Oct. 30, 2020

USD ($)

Oct. 16, 2020

USD ($)

Oct. 02, 2020

GBP (£)

Sep. 30, 2020

CAD ($)

Sep. 30, 2020

AUD ($)

Sep. 30, 2020

GBP (£)

May 31, 2020

EUR (€)

May 31, 2020

CAD ($)

May 31, 2020

AUD ($)

May 31, 2020

GBP (£)

Apr. 30, 2020

EUR (€)

Dec. 31, 2019

USD ($)

$ (259,000,000)

$ 247,000,000

$ (1,664,000,000)

$ 143,000,000

2,000,000

^[1]

18,757,000,000

$ 24,627,000,000

Liabilities

18,357,000,000

22,739,000,000

HFLF Medium Term Notes

European Vehicle Notes

Senior Notes, 7.125%, Due 2026

846,000,000

810,000,000

$ 500,000,000

500,000,000

7.125%

European Securitization

$ 0

UK Leveraged Financing

Debt instrument, face amount | £

£ 200,000,000

£ 250,000,000

UK Leveraged Financing | Subsequent Event

Debt instrument, face amount | £

£ 110,000,000

New Zealand Revolving Credit Facility

2,000,000

Canadian Securitization

Debt instrument, face amount

$ 37,000,000

$ 50,000,000

Senior Assets Based Line of Credit Facility

5.500% Senior Notes due October 2024

$ 800,000,000

800,000,000

5.50%

Fleet Debt

$ 2,000,000

HFLF Series 2013-2 Notes

Debt instrument, increase (decrease), net

$ 100,000,000

HFLF Series 2013-2 Notes, Due March 2022

4.125% Senior Notes due October 2021

600,000,000

$ 263,000,000

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

European Fleet Notes, 5.500%, Due March 2023

$ 200,000,000

$ 583,000,000

559,000,000

Debt instrument, face amount | €

5.50%

€ 600,000,000

€ 1,100,000,000

Australian Securitization

Debt instrument, face amount

$ 0

$ 210,000,000

$ 270,000,000

European Waiver | Subsequent Event | Forecast

Maximum amount outstanding during period

$ 270,000,000

€ 280,000,000

€ 310,000,000

€ 300,000,000

€ 351,000,000

Debtor In Possession Credit Agreement | Subsequent Event

$ 1,650,000,000

Letter of Credit

736,000,000

Vehicles

Proceeds from issuance of debt

Repayments of debt

8,931,000,000

8,538,000,000

4,226,000,000

11,039,000,000

Vehicles | DFLF Series 2020-1 Notes | Subsequent Event

Committed funding available

$ 400,000,000

200,000,000

Vehicles | DFLF Series 2020-1 Notes | Maximum | Subsequent Event

Vehicles | Secured Fleet Financing | Subsequent Event

$ 400,000,000

Vehicles | Debtor In Possession Credit Agreement | Subsequent Event

$ 4,000,000,000

Vehicles | Debtor In Possession Credit Agreement and Secured Fleet Financing | Subsequent Event

1,000,000,000.0

$ 5,000,000,000

Non-vehicle

Proceeds from issuance of debt

18,000,000

3,721,000,000

Repayments of debt

854,000,000

2,437,000,000

1,553,000,000

$ 1,726,000,000

Non-vehicle | HFLF Medium Term Notes

Non-vehicle | European Vehicle Notes

863,000,000

1,375,000,000

Non-vehicle | European Securitization

846,000,000

810,000,000

Non-vehicle | UK Leveraged Financing

410,000,000

766,000,000

Non-vehicle | New Zealand Revolving Credit Facility

122,000,000

247,000,000

Non-vehicle | Canadian Securitization

37,000,000

50,000,000

119,000,000

241,000,000

Non-vehicle | Senior RCF

Non-vehicle | Senior Term Loan

Non-vehicle | US Vehicle RCF

660,000,000

Non-vehicle | HFLF Series 2013-2 Notes

146,000,000

Non-vehicle | HFLF Series 2017-1

382,000,000

286,000,000

Non-vehicle | HFLF Series 2016-1

115,000,000

229,000,000

Non-vehicle | Senior Notes

34,000,000

Non-vehicle | HVF II Series 2013-A

2,700,000,000

Non-vehicle | HFLF Series 2018-1

2,501,000,000

2,644,000,000

Non-vehicle | Australian Securitization

292,000,000

462,000,000

Non-vehicle | Debtor In Possession Credit Agreement | Subsequent Event

106,000,000

177,000,000

Revolving Credit Facility | Senior RCF

$ 800,000,000

Revolving Credit Facility | US Vehicle RCF

231,000,000

Alternative Letter of Credit Facility

Repayments of debt

$ 93,000,000

Outstanding standby letters of credit

82,000,000

Letter of Credit Facility

200,000,000

Outstanding standby letters of credit

11,000,000

International Fleet Financing No. 2 B.V.

299,000,000

$ 299,000,000

Ownership percentage

25.00%

640,000,000

$ 640,000,000

1,100,000,000

Liabilities

$ 640,000,000

$ 1,100,000,000

[1]

Debt (Borrowing Capacity) (Details) $ in Millions	Sep. 30, 2020 USD ($)
Debt Instrument [Line Items]
Remaining capacity	$ 480
Availability under borrowing base limitation	2
Corporate Debt Securities
Debt Instrument [Line Items]
Remaining capacity	0
Availability under borrowing base limitation	0
Senior Assets Based Line of Credit Facility
Debt Instrument [Line Items]
Remaining capacity	0
Availability under borrowing base limitation	0
Letter of Credit
Debt Instrument [Line Items]
Remaining capacity	0
Availability under borrowing base limitation	0
Alternative Letter of Credit Facility
Debt Instrument [Line Items]
Remaining capacity	0
Availability under borrowing base limitation	0
Fleet Debt
Debt Instrument [Line Items]
Remaining capacity	480
Availability under borrowing base limitation	2
HVF II U.S. ABS Program
Debt Instrument [Line Items]
Remaining capacity	0
Availability under borrowing base limitation	0
HFLF Medium Term Notes
Debt Instrument [Line Items]
Remaining capacity	0
Availability under borrowing base limitation	0
European Securitization
Debt Instrument [Line Items]
Remaining capacity	291
Availability under borrowing base limitation	0
Canadian Securitization
Debt Instrument [Line Items]
Remaining capacity	0
Availability under borrowing base limitation	0
Donlen Canadian Securitization
Debt Instrument [Line Items]
Remaining capacity	1
Availability under borrowing base limitation	0
Australian Securitization
Debt Instrument [Line Items]
Remaining capacity	42
Availability under borrowing base limitation	0
Us Fleet Financing Facility
Debt Instrument [Line Items]
Remaining capacity	134
Availability under borrowing base limitation	0
New Zealand Revolving Credit Facility
Debt Instrument [Line Items]
Remaining capacity	12
Availability under borrowing base limitation	$ 2

Debt (Covenant Ratios) (Details)	Sep. 30, 2020
Senior Revolving Credit Facility and Letter of Credit Facility
Debt Instrument [Line Items]
Maximum consolidated leverage ratio	3.00

Debt (Eliminated in Consolidation) (Details) $ in Millions	9 Months Ended
Debt (Eliminated in Consolidation) (Details) $ in Millions	Sep. 30, 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

Leases - Lease Income (Details) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
Leases - Lease Income (Details) $ in Millions	Sep. 30, 2020 numberOfLeases	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Off airport leases rejected \| numberOfLeases	257
Airport leases rejected \| numberOfLeases	15
Operating Lease, Lease Income [Abstract]
Revenue accounted for under Topic 842		$ 1,192	$ 2,736	$ 3,797	$ 7,178
Revenue accounted for under Topic 606		76	100	226	276
Total revenues		1,268	2,836	4,023	7,454
Restructuring Plan, Impact of COVID-19 \| Rent Abatement and Payment Deferrals
Lessee, Lease, Description [Line Items]
Decrease in rent expense from concessions, abatement and payment deferrals		84		221
Vehicle Rentals, Operating Lease
Operating Lease, Lease Income [Abstract]
Revenue accounted for under Topic 842		1,037	2,516	3,278	6,555
Fleet Leasing, Operating Lease
Operating Lease, Lease Income [Abstract]
Revenue accounted for under Topic 842		155	174	485	499
Variable, Operating Lease
Operating Lease, Lease Income [Abstract]
Revenue accounted for under Topic 842		$ 0	$ 46	$ 34	$ 124

Restructuring - Narrative (Details) - Restructuring Plan, Impact of COVID-19 employee in Thousands, $ in Millions	1 Months Ended	6 Months Ended	9 Months Ended
	Mar. 31, 2020 employee	Sep. 30, 2020 USD ($)	Sep. 30, 2020 USD ($)
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs			$ 37
Severance Costs		$ 37
Employee Severance \| Direct Vehicle and Operating
Restructuring Cost and Reserve [Line Items]
Restructuring costs			25
Employee Severance \| Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring costs			12
Employee Severance \| Corporate, Non-Segment
Restructuring Cost and Reserve [Line Items]
Restructuring costs			3
Employee Severance \| U.S. Rental Car
Restructuring Cost and Reserve [Line Items]
Restructuring costs			$ 34
Other Restructuring
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated \| employee	20
Other Restructuring \| U.S. Rental Car Segment and US Corporate Operations
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated \| employee	11

Restructuring - Termination Charges (Details) - Restructuring Plan, Impact of COVID-19 - Employee Severance $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 37
Corporate, Non-Segment
Restructuring Cost and Reserve [Line Items]
Restructuring costs	3
U.S. Rental Car
Restructuring Cost and Reserve [Line Items]
Restructuring costs	34
Direct Vehicle and Operating
Restructuring Cost and Reserve [Line Items]
Restructuring costs	25
Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 12

Restructuring - Accrued Liabilities (Details) - Employee Severance - Restructuring Plan, Impact of COVID-19 $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 1
Restructuring Charges	37
Payments for Restructuring	(28)
Liabilities subject to compromise	(7)
Ending balance	$ 3

Income Tax (Provision) Benefit (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Contingency [Line Items]
Effective tax rate (as percent)	14.00%	(30.00%)	14.00%	(54.00%)
Income tax (provision) benefit	$ 36	$ (74)	$ 232	$ (78)
The Hertz Corporation
Income Tax Contingency [Line Items]
Effective tax rate (as percent)	14.00%	(30.00%)	14.00%	(53.00%)
Income tax (provision) benefit	$ 36	$ (75)	$ 259	$ (79)

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

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

+ References + Details

Earnings (Loss) Per Share - Hertz Global (Details) - USD ($)		1 Months Ended	3 Months Ended			9 Months Ended
	Jun. 18, 2020	Jul. 31, 2019	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 15, 2020	Dec. 31, 2019	Jun. 12, 2019
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Subscription amount										$ 750,000,000
Aggregate subscriptions unissued										57,915,055
Stock issued (in shares)		57,915,055
Stock issued amount		$ 750,000,000		$ 29,000,000	$ 748,000,000
Common stock, par value (in dollars per share)			$ 0.01			$ 0.01			$ 0.01
Numerator:
Net income (loss) attributable to Hertz Global			$ (222,000,000)		$ 169,000,000	$ (1,425,000,000)	$ 61,000,000
Denominator:
Basic weighted-average shares outstanding (excluding the impact of the Rights Offering)			156,000,000		84,000,000	148,000,000	84,000,000
Rights Offering adjustment(1)			0		49,000,000	0	25,000,000
Basic weighted-average shares outstanding			156,000,000		133,000,000	148,000,000	109,000,000
Dilutive stock options, RSUs and PSUs			0		1,000,000	0	0
Diluted weighted-average shares outstanding			156,000,000		134,000,000	148,000,000	109,000,000
Earnings (loss) per share:
Basic earnings (loss) per share (in dollars per share)			$ (1.42)		$ 1.26	$ (9.65)	$ 0.56
Diluted earnings (loss) per share (in dollars per share)			$ (1.42)		$ 1.26	$ (9.65)	$ 0.56
ATM Program
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Subscription amount								$ 500,000,000
Stock issued (in shares)	13,912,368
Stock issued amount	$ 28,000,000
Common stock, par value (in dollars per share)								$ 0.01
Antidilutive stock options, RSUs and PSUs
Denominator:
Antidilutive stock options, RSUs, PSUs and PSAs			2,000,000		1,000,000	2,000,000	1,000,000

Employee Retirement Benefits (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 01, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Discount rate						3.10%
Liabilities subject to compromise		$ 5,001		$ 5,001		$ 0
Subsequent Event
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.40%
U.S. Plan \| Pension Plan \| Restructuring and restructuring related charges
Defined Benefit Plan Disclosure [Line Items]
Liabilities subject to compromise		24		24
U.S. Plan \| Pension Plan \| Continuing Operations
Defined Benefit Plan Disclosure [Line Items]
Interest cost		3	$ 5	12	$ 16
Expected return on plan assets		(5)	(6)	(15)	(17)
Net amortizations		0	2	1	5
Settlement loss		1	1	5	1
Net pension expense (benefit)		(1)	$ 2	3	$ 5
U.S. Plan \| Multiemployer pension plans \| Restructuring and restructuring related charges
Defined Benefit Plan Disclosure [Line Items]
Liabilities subject to compromise		$ 4		$ 4

Fair Value Measurements (Cash and Cash Equivalents and Investments) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Sep. 30, 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	$ 780	$ 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	780	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 (Financial Instruments) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Fair Value of Financial Instruments [Abstract]
Liabilities subject to compromise	$ 5,001	$ 0
Fair Value, Measurements, Recurring \| Level 2
Fair Value of Financial Instruments [Abstract]
Nominal Unpaid Principal Balance	13,278	17,170
Aggregate Fair Value	11,542	17,369
Fair Value, Measurements, Recurring \| Level 2 \| Non-Vehicle Debt
Fair Value of Financial Instruments [Abstract]
Nominal Unpaid Principal Balance	4,459	3,755
Aggregate Fair Value	2,859	3,840
Fair Value, Measurements, Recurring \| Level 2 \| Fleet Debt
Fair Value of Financial Instruments [Abstract]
Nominal Unpaid Principal Balance	8,819	13,415
Aggregate Fair Value	$ 8,683	$ 13,529

Contingencies and Off-Balance Sheet Commitments (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Self-insured liabilities	$ 481	$ 553
Net proceeds from repayment or recovery, percent	15.00%

Related Party Transactions (Details) - USD ($)	3 Months Ended		5 Months Ended	9 Months Ended
Related Party Transactions (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019	May 31, 2020	Sep. 30, 2020	Sep. 30, 2019	May 23, 2020	May 22, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Due from related parties		$ 425,000,000			$ 425,000,000
Master Loan Agreement
Related Party Transaction [Line Items]
Due from related parties							$ 133,000,000	$ 129,000,000
Tax Related Liability
Related Party Transaction [Line Items]
Due from related parties	$ 65,000,000			$ 65,000,000
Master Loan Agreement, Due May 2021
Related Party Transaction [Line Items]
Due from related parties	$ 1,000,000			1,000,000		$ 25,000,000
Mr. Icahn
Related Party Transaction [Line Items]
Purchases from related party		15,000,000	$ 23,000,000	$ 39,000,000
767 Auto Leasing, LLC
Related Party Transaction [Line Items]
Lease, initial term	22 months			22 months
Lease, renewal term	6 months			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]
Due from related parties	$ 65,000,000			$ 65,000,000
The Hertz Corporation \| 767 Auto Leasing, LLC
Related Party Transaction [Line Items]
Contributions from (distributions to) noncontrolling interests	$ (55,000,000)	$ (5,000,000)		$ (55,000,000)	$ (50,000,000)

Segment Information (Details)

1 Months Ended

3 Months Ended

9 Months Ended

Jun. 18, 2020

USD ($)

Jul. 31, 2019

USD ($)

Sep. 30, 2020

USD ($)

Jun. 30, 2020

USD ($)

Mar. 31, 2020

USD ($)

Sep. 30, 2019

USD ($)

Sep. 30, 2020

USD ($)

segment

Sep. 30, 2019

USD ($)

Dec. 31, 2019

USD ($)

Number of reportable segments | segment

Depreciation of revenue earning vehicles and lease charges

$ 1,268,000,000

$ 2,836,000,000

$ 4,023,000,000

$ 7,454,000,000

347,000,000

667,000,000

1,634,000,000

1,892,000,000

(26,000,000)

392,000,000

(855,000,000)

595,000,000

^[1]

18,757,000,000

$ 24,627,000,000

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

(259,000,000)

247,000,000

(1,664,000,000)

143,000,000

Stock issued amount

$ 750,000,000

$ 29,000,000

748,000,000

ATM Program

Stock issued amount

$ 28,000,000

Restructuring and restructuring related charges

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

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

(7,000,000)

(1,000,000)

(54,000,000)

(11,000,000)

Information technology and finance transformation costs

(193,000,000)

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

Reorganization items, net

(8,000,000)

(17,000,000)

(34,000,000)

(77,000,000)

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

Pre-reorganization charges and non-debtor financing charges

(78,000,000)

(101,000,000)

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

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

(44,000,000)

(89,000,000)

Other

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

(8,000,000)

4,000,000

(15,000,000)

30,000,000

Operating Segments

Operating Segments | U.S. Rental Car

(21,000,000)

408,000,000

(814,000,000)

659,000,000

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

Depreciation of revenue earning vehicles and lease charges

866,000,000

1,962,000,000

2,780,000,000

5,266,000,000

182,000,000

420,000,000

1,054,000,000

1,217,000,000

(10,000,000)

269,000,000

(678,000,000)

432,000,000

Operating Segments | International Rental Car

12,066,000,000

16,459,000,000

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

Depreciation of revenue earning vehicles and lease charges

253,000,000

702,000,000

755,000,000

1,695,000,000

59,000,000

126,000,000

228,000,000

329,000,000

(35,000,000)

115,000,000

(207,000,000)

157,000,000

Operating Segments | All Other Operations

3,355,000,000

4,563,000,000

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

Depreciation of revenue earning vehicles and lease charges

149,000,000

172,000,000

488,000,000

493,000,000

106,000,000

121,000,000

352,000,000

346,000,000

24,000,000

71,000,000

70,000,000

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

1,853,000,000

2,115,000,000

Corporate, Non-Segment

(5,000,000)

(16,000,000)

(41,000,000)

(64,000,000)

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

1,483,000,000

1,490,000,000

The Hertz Corporation

Depreciation of revenue earning vehicles and lease charges

1,268,000,000

2,836,000,000

4,023,000,000

7,454,000,000

347,000,000

667,000,000

1,634,000,000

1,892,000,000

(26,000,000)

392,000,000

(855,000,000)

595,000,000

^[2]

18,729,000,000

24,627,000,000

Proceeds from sale of productive assets

(259,000,000)

249,000,000

(1,795,000,000)

148,000,000

(6,000,000)

$ (18,000,000)

$ (20,000,000)

(26,000,000)

The Hertz Corporation | Variable Interest Entity, Primary Beneficiary

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

The Hertz Corporation | Debt-related charges

705,000,000

1,300,000,000

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

The Hertz Corporation | Restructuring and restructuring related charges

(13,000,000)

(10,000,000)

(37,000,000)

(29,000,000)

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

The Hertz Corporation | Technology-related intangible and other asset impairments

(7,000,000)

(1,000,000)

(54,000,000)

(11,000,000)

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

The Hertz Corporation | Write-off intercompany loan

(193,000,000)

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

The Hertz Corporation | Information technology and finance transformation costs

(133,000,000)

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

The Hertz Corporation | Reorganization items, net

(8,000,000)

(17,000,000)

(34,000,000)

(77,000,000)

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

The Hertz Corporation | Pre-reorganization charges and non-debtor financing charges

(78,000,000)

(101,000,000)

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

The Hertz Corporation | Other

(44,000,000)

(89,000,000)

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

The Hertz Corporation | Operating Segments

(8,000,000)

4,000,000

(15,000,000)

30,000,000

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

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

(21,000,000)

408,000,000

(814,000,000)

659,000,000

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

The Hertz Corporation | Operating Segments | International Rental Car

(10,000,000)

269,000,000

(678,000,000)

432,000,000

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

The Hertz Corporation | Operating Segments | All Other Operations

(35,000,000)

115,000,000

(207,000,000)

157,000,000

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

The Hertz Corporation | Corporate, Non-Segment

24,000,000

71,000,000

70,000,000

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

(5,000,000)

(16,000,000)

(41,000,000)

(64,000,000)

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

(28,000,000)

$ (28,000,000)

$ 0

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

(58,000,000)

(51,000,000)

$ (168,000,000)

(151,000,000)

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

Non-vehicle | The Hertz Corporation | Non-vehicle deprecation and amortization

(17,000,000)

(70,000,000)

(118,000,000)

(214,000,000)

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

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

(58,000,000)

(51,000,000)

(168,000,000)

(151,000,000)

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

Vehicles | Debt-related charges

(17,000,000)

(68,000,000)

(116,000,000)

(209,000,000)

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

Non-vehicle Capital Assets | The Hertz Corporation

$ (13,000,000)

(10,000,000)

$ (37,000,000)

(29,000,000)

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

Proceeds from sale of productive assets

$ (3,000,000)

$ (15,000,000)

[1]

[2]

Liabilities Subject to Compromise (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Fresh-Start Adjustment [Line Items]
Accounts payable	$ 300,000,000
Accrued liabilities	199,000,000
Accrued taxes, net	23,000,000
Accrued interest on debt subject to compromise	75,000,000
Debt subject to compromise	4,404,000,000
Liabilities subject to compromise, Total	5,001,000,000	$ 0
Due from related parties			$ 425,000,000
The Hertz Corporation
Fresh-Start Adjustment [Line Items]
Liabilities subject to compromise, Total	5,066,000,000	$ 0
Due from related parties	$ 65,000,000

Reorganizations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Reorganizations (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fresh-Start Adjustment [Line Items]
Reorganization Items	$ 78	$ 0	$ 101	$ 0
Accrued Liabilities
Fresh-Start Adjustment [Line Items]
Reorganization Items	78		101
Payment of professional fees			35
Accrued professional fees	57		57
Accounts Payable
Fresh-Start Adjustment [Line Items]
Accrued professional fees	$ 9		$ 9

Condensed Combined Debtor in Possession Financial Information (Balance Sheet) (Details) - USD ($)

Sep. 30, 2020

Dec. 31, 2019

Sep. 30, 2019

Dec. 31, 2018

ASSETS

$ 1,137,000,000

$ 865,000,000

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

745,000,000

495,000,000

1,882,000,000

1,360,000,000

$ 695,000,000

$ 1,410,000,000

Receivables, net of allowance

1,416,000,000

1,840,000,000

Due from affiliates

$ 425,000,000

429,000,000

689,000,000

11,462,000,000

17,085,000,000

699,000,000

757,000,000

1,737,000,000

1,871,000,000

3,062,000,000

3,238,000,000

1,081,000,000

1,083,000,000

^[1]

18,757,000,000

24,627,000,000

Total accounts payable

585,000,000

943,000,000

Accrued liabilities

810,000,000

1,032,000,000

Accrued taxes, net

119,000,000

150,000,000

Debt

8,771,000,000

17,089,000,000

1,703,000,000

1,848,000,000

481,000,000

553,000,000

887,000,000

1,124,000,000

13,356,000,000

22,739,000,000

5,001,000,000

Total liabilities

18,357,000,000

22,739,000,000

Hertz Global Holdings and Subsidiaries in Bankruptcy Proceedings

18,757,000,000

24,627,000,000

ASSETS

595,000,000

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

338,000,000

933,000,000

$ 526,000,000

Receivables, net of allowance

448,000,000

Due from affiliates

50,189,000,000

652,000,000

59,000,000

579,000,000

Investment in subsidiaries, net

1,482,000,000

4,567,000,000

3,059,000,000

524,000,000

62,492,000,000

Total accounts payable

283,000,000

466,000,000

59,000,000

18,000,000

1,449,000,000

252,000,000

2,527,000,000

Total equity attributable to the Debtors

59,624,000,000

Total liabilities

62,151,000,000

341,000,000