Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Cash, Cash Equivalents and Investments [Table Text Block]

	June 30, 2015								December 31, 2014
(in millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Money market funds	$	132	$	—	$	—	$	132	$	146	$	—	$	—	$	146
Equity and other securities	—		64		—		64		—		96		—		96
Total	$	132	$	64	$	—	$	196	$	146	$	96	$	—	$	242

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table summarizes the changes in fair value of CAR, Inc. convertible debt securities prior to conversion in April 2014, using Level 3 inputs (binomial valuation model) for the six months ended June 30, 2014 (in millions):

	Six Months Ended June 30, 2014
Balance at the beginning of period	$	151
Reclassification of net unrealized gain on securities to prepaid expenses and other assets	(7		)
Unrealized losses related to investments	(14		)
Settlements	(130		)
Balance at the end of period	$	—

Components of debt

The Company's debt consists of the following (in millions):

Facility	Average Interest Rate at June 30, 2015	Fixed or Floating Interest Rate	Maturity	June 30, 2015		December 31, 2014
Corporate Debt
Senior Term Facility	3.68%	Floating	3/2018	$	2,072	$	2,083
Senior ABL Facility	2.42%	Floating	3/2016 - 3/2017	547		344
Senior Notes(1)	6.58%	Fixed	4/2018–10/2022	3,900		3,900
Promissory Notes	7.00%	Fixed	1/2028	27		27
Other Corporate Debt	3.86%	Floating	Various	69		74
Unamortized Net (Discount) Premium (Corporate)				3		3
Total Corporate Debt				6,618		6,431
Fleet Debt
HVF U.S. Fleet Medium Term Notes
HVF Series 2009-2	N/A	N/A	N/A	—		404
HVF Series 2010-1(2)	4.23%	Fixed	2/2014–2/2018	490		490
HVF Series 2011-1(2)	3.51%	Fixed	3/2015–3/2017	230		414
HVF Series 2013-1(2)	1.68%	Fixed	8/2016–8/2018	950		950
				1,670		2,258
RCFC U.S. ABS Program
RCFC U.S. Fleet Medium Term Notes
RCFC Series 2011-1 Notes	N/A	N/A	N/A	—		167
RCFC Series 2011-2 Notes	N/A	N/A	N/A	—		266
				—		433
HVF II U.S. ABS Program
HVF II U.S. Fleet Variable Funding Notes
HVF II Series 2013-A(2)	1.12%	Floating	10/2016	1,374		1,999
HVF II Series 2013-B(2)	1.12%	Floating	10/2016	1,400		976
HVF II Series 2014-A(2)	1.42%	Floating	10/2016	2,446		869
				5,220		3,844
HVF II U.S. Fleet Medium Term Notes
HVF II Series 2015-1(2)	2.93%	Fixed	3/2020	780		—
				780		—
Donlen ABS Program
HFLF Variable Funding Notes
HFLF Series 2013-2 Notes(2)	1.05%	Floating	9/2016	160		247
				160		247
HFLF Medium Term Notes
HFLF Series 2013-3 Notes(2)	0.83%	Floating	9/2016–11/2016	370		500
HFLF Series 2014-1 Notes(2)	0.71%	Floating	12/2016–3/2017	368		400
HFLF Series 2015-1 Notes(2)	0.83%	Floating	3/2018–5/2018	289		—
				1,027		900

Facility	Average Interest Rate at June 30, 2015	Fixed or Floating Interest Rate	Maturity	June 30, 2015			December 31, 2014
Other Fleet Debt
U.S. Fleet Financing Facility	2.94%	Floating	3/2017	190			164
European Revolving Credit Facility	2.55%	Floating	10/2017	380			304
European Fleet Notes	4.375%	Fixed	1/2019	475			517
European Securitization(2)	1.90%	Floating	10/2016	365			270
Hertz-Sponsored Canadian Securitization(2)	1.93%	Floating	10/2016	142			105
Dollar Thrifty-Sponsored Canadian Securitization(2)	1.95%	Floating	10/2016	61			40
Australian Securitization(2)	3.71%	Floating	12/2016	93			112
Brazilian Fleet Financing Facility	17.55%	Floating	10/2015	9			11
Capitalized Leases	3.19%	Floating	2/2015 - 10/2017	501			364
Unamortized Net (Discount) Premium (Fleet)				(9		)	(7		)
				2,207			1,880
Total Fleet Debt				11,064			9,562
Total Debt				$	17,682		$	15,993

N/A - Not Applicable

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

(In millions)	Outstanding Principal
Senior Notes	June 30, 2015		December 31, 2014
4.25% Senior Notes due April 2018	$	250	$	250
7.50% Senior Notes due October 2018	700		700
6.75% Senior Notes due April 2019	1,250		1,250
5.875% Senior Notes due October 2020	700		700
7.375% Senior Notes due January 2021	500		500
6.25% Senior Notes due October 2022	500		500
	$	3,900	$	3,900

(2) Maturity reference is to the "expected final maturity date" as opposed to the subsequent "legal maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness expect the relevant indebtedness to be repaid, which in the case of the HFLF Medium Term Notes was based upon various assumptions made at the time of the pricing of such notes. The legal final maturity date is the date on which the relevant indebtedness is legally due and payable.

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

	As of June 30, 2015				As of December 31, 2014
(in millions)	Nominal Unpaid Principal Balance		Aggregate Fair Value		Nominal Unpaid Principal Balance		Aggregate Fair Value
Corporate Debt	$	6,615	$	6,712	$	6,428	$	6,468
Fleet Debt	11,073		11,091		9,569		9,595
Total	$	17,688	$	17,803	$	15,997	$	16,063

Disclosure of Long Lived Assets Held-for-sale

Assets and liabilities measured at fair value during the six months ended June 30, 2015 are as follows:

(In millions)	Balance		Level 1		Level 2		Level 3		Total Loss Adjustments
Long-lived assets held for sale	$	5	$	—	$	—	$	5	$	6