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Guarantor and Non-Guarantor Condensed Consolidating Financial Statements (Tables)
 3 Months Ended
Mar. 31, 2015
Guarantor and Non-Guarantor Condensed Consolidating Financial Statements Disclosure [Abstract]  
Condensed Balance Sheet
CONDENSED CONSOLIDATING BALANCE SHEET
March 31, 2015
(In millions)

 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
121

 
$
22

 
$
442

 
$
—

 
$
585

Restricted cash and cash equivalents
151

 
14

 
246

 
—

 
411

Receivables, less allowance for doubtful accounts
316

 
409

 
579

 
—

 
1,304

Due from Hertz Global Holdings, Inc.
3,004

 
1,619

 
5,005

 
(9,527
)
 
101

Inventories, net
20

 
26

 
25

 
—

 
71

Prepaid expenses and other assets
4,074

 
912

 
69

 
(4,066
)
 
989

Revenue earning equipment, net
548

 
2,050

 
11,995

 
—

 
14,593

Property and equipment, net
767

 
295

 
252

 
—

 
1,314

Investment in subsidiaries, net
7,004

 
1,512

 
—

 
(8,516
)
 
—

Other intangible assets, net
157

 
3,196

 
625

 
—

 
3,978

Goodwill
104

 
1,033

 
219

 
—

 
1,356

Total assets
$
16,266

 
$
11,088

 
$
19,457

 
$
(22,109
)
 
$
24,702

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Due to Hertz Global Holdings, Inc.
$
6,429

 
$
948

 
$
2,150

 
$
(9,527
)
 
$
—

Accounts payable
144

 
309

 
948

 
—

 
1,401

Accrued liabilities
661

 
239

 
261

 
—

 
1,161

Accrued taxes
75

 
33

 
2,147

 
(2,119
)
 
136

Debt
6,435

 
71

 
9,845

 
—

 
16,351

Public liability and property damage
139

 
57

 
173

 
—

 
369

Deferred taxes on income
—

 
2,642

 
2,206

 
(1,947
)
 
2,901

Total liabilities
13,883

 
4,299

 
17,730

 
(13,593
)
 
22,319

Equity:
 
 
 
 
 
 
 
 
 
The Hertz Corporation and Subsidiaries stockholder's equity
2,383

 
6,789

 
1,727

 
(8,516
)
 
2,383

Total liabilities and equity
$
16,266

 
$
11,088

 
$
19,457

 
$
(22,109
)
 
$
24,702

CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2014
(In millions)
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
2

 
$
14

 
$
474

 
$
—

 
$
490

Restricted cash and cash equivalents
84

 
26

 
461

 
—

 
571

Receivables, less allowance for doubtful accounts
272

 
419

 
906

 
—

 
1,597

Due from Hertz Global Holdings, Inc.
2,957

 
1,528

 
4,395

 
(8,785
)
 
95

Inventories, net
20

 
25

 
22

 
—

 
67

Prepaid expenses and other assets
3,900

 
831

 
87

 
(3,901
)
 
917

Revenue earning equipment, net
306

 
1,988

 
11,359

 
—

 
13,653

Property and equipment, net
730

 
308

 
284

 
—

 
1,322

Investment in subsidiaries, net
6,897

 
1,513

 
—

 
(8,410
)
 
—

Other intangible assets, net
179

 
3,213

 
617

 
—

 
4,009

Goodwill
104

 
1,033

 
222

 
—

 
1,359

Total assets
$
15,451

 
$
10,898

 
$
18,827

 
$
(21,096
)
 
$
24,080

LIABILITIES AND EQUITY

 

 

 

 
 
Due to Hertz Global Holdings, Inc.
$
5,702

 
$
1,005

 
$
2,078

 
$
(8,785
)
 
$
—

Accounts payable
65

 
212

 
731

 
—

 
1,008

Accrued liabilities
599

 
231

 
318

 
—

 
1,148

Accrued taxes
62

 
31

 
2,252

 
(2,211
)
 
134

Debt
6,393

 
74

 
9,526

 
—

 
15,993

Public liability and property damage
135

 
57

 
193

 
—

 
385

Deferred taxes on income
—

 
2,541

 
2,066

 
(1,690
)
 
2,917

Total liabilities
12,956

 
4,151

 
17,164

 
(12,686
)
 
21,585

Equity:

 

 

 

 
 
The Hertz Corporation and Subsidiaries stockholder's equity
2,495

 
6,747

 
1,663

 
(8,410
)
 
2,495

Total liabilities and equity
$
15,451

 
$
10,898

 
$
18,827

 
$
(21,096
)
 
$
24,080
Condensed Income Statement
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the Three Months Ended March 31, 2015
(In millions)
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Total revenues
$
1,115

 
$
657

 
$
1,278

 
$
(596
)
 
$
2,454

Expenses:
 
 
 
 
 
 
 
 
 
Direct operating
694

 
378

 
337

 
(1
)
 
1,408

Depreciation of revenue earning equipment and lease charges
455

 
184

 
663

 
(595
)
 
707

Selling, general and administrative
114

 
62

 
90

 

 
266

Interest expense, net
91

 
5

 
58

 
—

 
154

Other (income) expense, net
—

 
—

 
5

 
—

 
5

Total expenses
1,354

 
629

 
1,153

 
(596
)
 
2,540

Income (loss) before income taxes
(239
)
 
28

 
125

 
—

 
(86
)
(Provision) benefit for taxes on income
(32
)
 
2

 
46

 
—

 
16

Equity in earnings (losses) of subsidiaries (net of tax)
201

 
46

 
—

 
(247
)
 
—

Net income (loss)
(70
)
 
76

 
171

 
(247
)
 
(70
)
Other comprehensive income (loss), net of tax
(46
)
 
(4
)
 
(46
)
 
50

 
(46
)
Comprehensive income (loss)
$
(116
)
 
$
72

 
$
125

 
$
(197
)
 
$
(116
)





























CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the Three Months Ended March 31, 2014
(In millions)

 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Total revenues
$
1,122

 
$
656

 
$
1,527

 
$
(769
)
 
$
2,536

Expenses:
 
 
 
 
 
 
 
 
 
Direct operating
682

 
358

 
404

 
(1
)
 
1,443

Depreciation of revenue earning equipment and lease charges
663

 
169

 
662

 
(768
)
 
726

Selling, general and administrative
135

 
49

 
92

 
—

 
276

Interest expense, net
83

 
6

 
64

 
—

 
153

Other (income) expense, net
(7
)
 
—

 
4

 
—

 
(3
)
Total expenses
1,556

 
582

 
1,226

 
(769
)
 
2,595

Income (loss) before income taxes
(434
)
 
74

 
301

 
—

 
(59
)
(Provision) benefit for taxes on income (loss)
160

 
(28
)
 
(140
)
 
—

 
(8
)
Equity in earnings (losses) of subsidiaries (net of tax)
207

 
19

 
—

 
(226
)
 
—

Net income (loss)
(67
)
 
65

 
161

 
(226
)
 
(67
)
Other comprehensive income (loss), net of tax
(19
)
 
(2
)
 
(17
)
 
19

 
(19
)
Comprehensive income (loss)
$
(86
)
 
$
63

 
$
144

 
$
(207
)
 
$
(86
)
Condensed Cash Flow Statement
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Three Months Ended March 31, 2015
(In millions)

 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Net cash provided by (used in) operating activities
$
179

 
$
(2
)
 
$
1,271

 
$
(665
)
 
$
783

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Net change in restricted cash and cash equivalents
(67
)
 
12

 
209

 
—

 
154

Revenue earning equipment expenditures
(234
)
 
(51
)
 
(3,153
)
 
—

 
(3,438
)
Proceeds from disposal of revenue earning equipment
75

 
69

 
2,145

 
—

 
2,289

Capital asset expenditures, non-fleet
(36
)
 
(15
)
 
(46
)
 
—

 
(97
)
Proceeds from disposal of property and equipment
14

 
2

 
6

 
—

 
22

Capital contributions to subsidiaries
(713
)
 
—

 
—

 
713

 
—

Return of capital from subsidiaries
452

 
—

 
—

 
(452
)
 
—

Loan to Parent / Guarantor from Non-Guarantor
—

 
—

 
(432
)
 
432

 
—

Acquisitions, net of cash acquired
(18
)
 
(5
)
 
(73
)
 
—

 
(96
)
Repayments of loans with Hertz Global Holdings, Inc.
(5
)
 
—

 
—

—

—

 
(5
)
Net cash used in investing activities
(532
)
 
12

 
(1,344
)
 
693

 
(1,171
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from issuance of long-term debt
—

 
—

 
—

 
—

 
—

Repayment of long-term debt
(6
)
 
—

 
(1,021
)
 
—

 
(1,027
)
Short-term borrowings:
 
 
 
 
 
 
 
 
 
Proceeds
—

 
—

 
175

 
—

 
175

Payments
—

 
—

 
(142
)
 
—

 
(142
)
  Proceeds under the revolving lines of credit
656

 
—

 
2,670

 
—

 
3,326

  Payments under the revolving lines of credit
(610
)
 
(2
)
 
(1,216
)
 
—

 
(1,828
)
Capital contributions received from parent
—

 
—

 
713

 
(713
)
 
—

Loan to Parent / Guarantor from Non-Guarantor
432

 
—

 
—

 
(432
)
 
—

Payment of dividends and return of capital
—

 
—

 
(1,117
)
 
1,117

 
—

Payment of financing costs
—

 
—

 
(1
)
 
—

 
(1
)
Net cash provided by (used in) financing activities
472

 
(2
)
 
61

 
(28
)
 
503

Effect of foreign exchange rate changes on cash and cash equivalents
—

 
—

 
(20
)
 
—

 
(20
)
Net change in cash and cash equivalents during the period
119

 
8

 
(32
)
 
—

 
95

Cash and cash equivalents at beginning of period
2

 
14

 
474

 
—

 
490

Cash and cash equivalents at end of period
$
121

 
$
22

 
$
442

 
$
—

 
$
585



CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Three Months Ended March 31, 2014
(In millions)

 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Net cash provided by (used in) operating activities
$
30

 
$
115

 
$
793

 
$
(178
)
 
$
760

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 

Net change in restricted cash and cash equivalents
(96
)
 
54

 
449

 
—

 
407

Revenue earning equipment expenditures
(30
)
 
(130
)
 
(2,422
)
 
—

 
(2,582
)
Proceeds from disposal of revenue earning equipment
22

 
68

 
1,769

 
—

 
1,859

Capital assets expenditures, non-fleet
(30
)
 
(7
)
 
(38
)
 
—

 
(75
)
Proceeds from disposal of property and equipment
6

 
4

 
15

 
—

 
25

Capital contributions to subsidiaries
(414
)
 
(37
)
 
—

 
451

 
—

Return of capital from subsidiaries
436

 
—

 
—

 
(436
)
 
—

Acquisitions, net of cash acquired
—

 
(2
)
 
(4
)
 
—

 
(6
)
Loan to Parent / Guarantor from Non-Guarantor
—

 
(43
)
 
42

 
1

 
—

Repayments of loans with Hertz Global Holdings, Inc.
(14
)
 
—

 
—

 
—

 
(14
)
Net cash used in investing activities
(120
)
 
(93
)
 
(189
)
 
16

 
(386
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from issuance of long-term debt
—

 
—

 
400

 
—

 
400

Payment of long-term debt
(5
)
 
—

 
(87
)
 
—

 
(92
)
Short-term borrowings:
 
 
 
 
 
 
 
 
 
Proceeds
—

 
—

 
169

 
—

 
169

Payments
—

 
—

 
(259
)
 
—

 
(259
)
  Proceeds under the revolving lines of credit
669

 
—

 
412

 
—

 
1,081

  Payments under the revolving lines of credit
(590
)
 
(2
)
 
(990
)
 
—

 
(1,582
)
Capital contributions received from parent
—

 
—

 
451

 
(451
)
 
—

Loan to Parent / Guarantor from Non-Guarantor
(42
)
 
—

 
43

 
(1
)
 
—

Payment of dividends and return of capital
—

 
—

 
(614
)
 
614

 
—

Payment of financing costs
—

 
(2
)
 
(5
)
 
—

 
(7
)
Other
3

 
—

 
—

 
—

 
3

Net cash provided by (used in) financing activities
35

 
(4
)
 
(480
)
 
162

 
(287
)
Effect of foreign exchange rate changes on cash and cash equivalents
—

 
—

 
—

 
—

 
—

Net change in cash and cash equivalents during the period
(55
)
 
18

 
124

 
—

 
87

Cash and cash equivalents at beginning of period
62

 
6

 
343

 
—

 
411

Cash and cash equivalents at end of period
$
7

 
$
24

 
$
467

 
$
—

 
$
498