Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Cash, Cash Equivalents and Investments

The following table summarizes the ending balances of the Company's cash equivalents and investments.

	March 31, 2016								December 31, 2015
(In millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Money market funds	$	218	$	44	$	—	$	262	$	195	$	49	$	—	$	244
Equity and other securities	49		100		—		149		—		111		—		111
Total	$	267	$	144	$	—	$	411	$	195	$	160	$	—	$	355

Components of debt

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

Facility	Weighted Average Interest Rate at March 31, 2016	Fixed or Floating Interest Rate	Maturity	March 31, 2016			December 31, 2015
Corporate Debt
Senior Term Facility	3.26%	Floating	3/2018	$	2,056		$	2,062
Senior ABL Facility	N/A	Floating	3/2016–3/2017	—			—
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	3.92%	Fixed	Various	63			66
Unamortized Debt Issuance Costs and Net (Discount) Premium (Corporate)				(40		)	(44		)
Total Corporate Debt				6,006			6,011
Fleet Debt
HVF U.S. Fleet Medium Term Notes
HVF Series 2010-1(2)	4.96%	Fixed	2/2018	115			240
HVF Series 2011-1(2)	3.51%	Fixed	3/2017	230			230
HVF Series 2013-1(2)	1.70%	Fixed	8/2016–8/2018	896			950
				1,241			1,420
HVF II U.S. ABS Program
HVF II U.S. Fleet Variable Funding Notes
HVF II Series 2013-A	1.51%	Floating	10/2017	1,044			980
HVF II Series 2013-B	1.55%	Floating	10/2017	1,013			1,308
HVF II Series 2014-A	2.26%	Floating	10/2016	1,393			1,737
				3,450			4,025
HVF II U.S. Fleet Medium Term Notes
HVF II Series 2015-1(2)	2.93%	Fixed	3/2020	780			780
HVF II Series 2015-2(2)	2.30%	Fixed	9/2018	250			250
HVF II Series 2015-3(2)	2.96%	Fixed	9/2020	350			350
HVF II Series 2016-1(2)	2.72%	Fixed	3/2019	439			—
HVF II Series 2016-2(2)	3.25%	Fixed	3/2021	561			—
				2,380			1,380

Facility	Weighted Average Interest Rate at March 31, 2016	Fixed or Floating Interest Rate	Maturity	March 31, 2016			December 31, 2015
Donlen ABS Program
HFLF Variable Funding Notes
HFLF Series 2013-2 Notes(2)	1.52%	Floating	9/2017	450			370
				450			370
HFLF Medium Term Notes
HFLF Series 2013-3 Notes(2)	1.16%	Floating	9/2016–11/2016	217			270
HFLF Series 2014-1 Notes(2)	1.02%	Floating	12/2016–3/2017	245			288
HFLF Series 2015-1 Notes(2)	1.11%	Floating	3/2018–5/2018	295			295
				757			853
Other Fleet Debt
U.S. Fleet Financing Facility	3.19%	Floating	3/2017	157			190
European Revolving Credit Facility	2.41%	Floating	10/2017	283			273
European Fleet Notes	4.38%	Fixed	1/2019	480			464
European Securitization(2)	1.41%	Floating	10/2017	259			267
Canadian Securitization(2)	1.80%	Floating	1/2018	168			148
Australian Securitization(2)	3.75%	Floating	12/2016	97			98
Brazilian Fleet Financing Facility	17.93%	Floating	4/2016	8			7
Capitalized Leases	2.67%	Floating	5/2016–3/2020	376			362
				1,828			1,809
Unamortized Debt Issuance Costs and Net (Discount) Premium (Fleet)				(40		)	(34		)
Total Fleet Debt				10,066			9,823
Total Debt				$	16,072		$	15,834

N/A - Not Applicable

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

(In millions)	Outstanding Principal
Senior Notes	March 31, 2016		December 31, 2015
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 March 31, 2016				As of December 31, 2015
(In millions)	Nominal Unpaid Principal Balance		Aggregate Fair Value		Nominal Unpaid Principal Balance		Aggregate Fair Value
Corporate Debt	$	6,046	$	6,126	$	6,055	$	6,134
Fleet Debt	10,106		10,103		9,857		9,854
Total	$	16,152	$	16,229	$	15,912	$	15,988

Disclosure of Long Lived Assets Held-for-sale

Assets and liabilities measured at fair value during the three months ended March 31, 2016 are as follows:

(In millions)	Balance		Level 1		Level 2		Level 3		Total Loss Adjustments
Long-lived assets held for sale	$	21	$	—	$	—	$	21	$	3