HERTZ GLOBAL HOLDINGS, INC, 10-K filed on 2/18/2025
Annual Report
v3.25.0.1
Cover page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Feb. 06, 2025
Jun. 30, 2024
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-37665    
Entity Registrant Name HERTZ GLOBAL HOLDINGS, INC    
Entity Address, Address Description 8501 Williams Road,    
Entity Address, City or Town Estero,    
Entity Address, State or Province FL    
Entity Address, Postal Zip Code 33928    
City Area Code (239)    
Local Phone Number 301-7000    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 61-1770902    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 438
Entity Bankruptcy Proceedings, Reporting Current true    
Entity Common Stock, Shares Outstanding   306,833,824  
Documents Incorporated by Reference
Certain information required by Items 10, 11, 12 and 13 of Part III of this Form 10-K is incorporated by reference to Hertz Global Holdings, Inc.'s definitive proxy statement for its 2025 Annual Meeting of Stockholders. Hertz Global Holdings, Inc. intends to file such definitive proxy statement with the Securities and Exchange Commission no later than 120 days after its fiscal year ended December 31, 2024.
    
Entity Central Index Key 0001657853    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
Common Stock      
Entity Information [Line Items]      
Title of 12(b) Security Common Stock    
Trading Symbol HTZ    
Security Exchange Name NASDAQ    
Warrants      
Entity Information [Line Items]      
Title of 12(b) Security Warrants to purchase Common Stock    
Trading Symbol HTZWW    
Security Exchange Name NASDAQ    
The Hertz Corporation      
Entity Information [Line Items]      
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Entity File Number 001-07541    
Entity Registrant Name THE HERTZ CORPORATION    
Entity Address, Address Description 8501 Williams Road,    
Entity Address, City or Town Estero,    
Entity Address, State or Province FL    
Entity Address, Postal Zip Code 33928    
City Area Code (239)    
Local Phone Number 301-7000    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 13-1938568    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers Yes    
Entity Current Reporting Status No    
Entity Interactive Data Current Yes    
Entity Filer Category Non-accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Common Stock, Shares Outstanding   100  
Documents Incorporated by Reference None    
Entity Central Index Key 0000047129    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.25.0.1
Audit Information
 12 Months Ended
Dec. 31, 2024
Auditor [Line Items]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location Tampa, Florida
The Hertz Corporation  
Auditor [Line Items]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location Tampa, Florida
v3.25.0.1
HGH - CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Cash and cash equivalents $ 592 $ 764
Restricted cash and cash equivalents 541 442
Total cash and cash equivalents and restricted cash and cash equivalents 1,133 1,206
Total receivables, net 1,205 1,191
Prepaid expenses and other assets 894 726
Revenue earning vehicles:    
Vehicles 12,714 16,806
Less: accumulated depreciation (751) (2,155)
Total revenue earning vehicles, net 11,963 14,651
Property and equipment, net 623 671
Operating lease right-of-use assets 2,088 2,253
Intangible assets, net 2,852 2,863
Goodwill 1,044 1,044
Total assets [1] 21,802 24,605
LIABILITIES AND STOCKHOLDER'S EQUITY    
Accounts Payable 642 701
Accrued liabilities 1,174 860
Accrued taxes, net 158 157
Debt 16,335 15,691
Public Warrants 178 453
Operating lease liabilities 2,073 2,142
Self-insured liabilities 617 471
Deferred income taxes, net 472 1,038
Total liabilities [1] 21,649 21,513
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.01 par value, no shares issued and outstanding 0 0
Common stock, $0.01 par value, 481,502,623 and 479,990,286 shares issued, respectively, and 306,690,579 and 305,178,242 shares outstanding, respectively 5 5
Treasury stock, at cost, 174,812,044 and 174,812,044 common shares, respectively (3,430) (3,430)
Additional paid-in capital 6,396 6,405
Retained earnings (Accumulated deficit) (2,502) 360
Accumulated other comprehensive income (loss) (316) (248)
Total stockholders' equity 153 3,092
Total liabilities and stockholder's equity 21,802 24,605
Vehicle    
LIABILITIES AND STOCKHOLDER'S EQUITY    
Accounts Payable 161 191
Debt 11,231 12,242
Non-Vehicle Debt    
LIABILITIES AND STOCKHOLDER'S EQUITY    
Accounts Payable 481 510
Debt 5,104 3,449
Vehicle Related Service    
ASSETS    
Restricted cash and cash equivalents 258 152
Total receivables, net 389 211
Non-vehicle    
ASSETS    
Restricted cash and cash equivalents 283 290
Total receivables, net $ 816 $ 980
[1] Hertz Global Holdings, Inc.'s consolidated total assets as of December 31, 2024 and December 31, 2023 include total assets of VIEs of $1.4 billion and $1.7 billion, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of December 31, 2024 and December 31, 2023 include total liabilities of VIEs of $1.4 billion and $1.7 billion, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing" in Note 7, "Debt," for further information.
v3.25.0.1
HGH - CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares issued (in shares) 481,502,623 479,990,286
Common stock, shares outstanding (in shares) 306,690,579 305,178,242
Treasury stock, shares (in shares) 174,812,044 174,812,044
Total assets [1] $ 21,802 $ 24,605
Total liabilities [1] $ 21,649 $ 21,513
The Hertz Corporation    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares issued (in shares) 100 100
Common stock, shares outstanding (in shares) 100 100
Total assets [2] $ 21,801 $ 24,604
Total liabilities [2] 21,475 21,061
Variable Interest Entity, Primary Beneficiary    
Total assets 1,400 1,700
Total liabilities 1,400 1,700
Non-vehicle    
Accounts receivable, allowance for credit loss 58 47
Non-vehicle | The Hertz Corporation    
Accounts receivable, allowance for credit loss $ 58 $ 47
[1] Hertz Global Holdings, Inc.'s consolidated total assets as of December 31, 2024 and December 31, 2023 include total assets of VIEs of $1.4 billion and $1.7 billion, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of December 31, 2024 and December 31, 2023 include total liabilities of VIEs of $1.4 billion and $1.7 billion, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing" in Note 7, "Debt," for further information.
[2] Hertz Corporation's consolidated total assets as of December 31, 2024 and December 31, 2023 include total assets of VIEs of $1.4 billion and $1.7 billion, respectively, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of December 31, 2024 and December 31, 2023 include total liabilities of VIEs of $1.4 billion and $1.7 billion, respectively, for which the creditors of the VIEs have no recourse to The Hertz Corporation. See "Pledges Related to Vehicle Financing" in Note 7, "Debt," for further information.
v3.25.0.1
THC - CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Cash and cash equivalents $ 592 $ 764
Restricted cash and cash equivalents 541 442
Total cash and cash equivalents and restricted cash and cash equivalents 1,133 1,206
Total receivables, net 1,205 1,191
Prepaid expenses and other assets 894 726
Revenue earning vehicles:    
Vehicles 12,714 16,806
Less: accumulated depreciation (751) (2,155)
Total revenue earning vehicles, net 11,963 14,651
Property and equipment, net 623 671
Operating lease right-of-use assets 2,088 2,253
Intangible assets, net 2,852 2,863
Goodwill 1,044 1,044
Total assets [1] 21,802 24,605
LIABILITIES AND STOCKHOLDER'S EQUITY    
Accounts Payable 642 701
Accrued liabilities 1,174 860
Accrued taxes, net 158 157
Debt 16,335 15,691
Operating lease liabilities 2,073 2,142
Self-insured liabilities 617 471
Deferred income taxes, net 472 1,038
Total liabilities [1] 21,649 21,513
Commitments and contingencies
Stockholders' equity:    
Common stock, $0.01 par value, 3,000 shares authorized and 100 shares issued and outstanding 5 5
Additional paid-in capital 6,396 6,405
Retained earnings (Accumulated deficit) (2,502) 360
Accumulated other comprehensive income (loss) (316) (248)
Total stockholders' equity 153 3,092
Total liabilities and stockholder's equity $ 21,802 $ 24,605
Common stock, shares outstanding (in shares) 306,690,579 305,178,242
Common stock, shares issued (in shares) 481,502,623 479,990,286
Vehicle Related Service    
ASSETS    
Restricted cash and cash equivalents $ 258 $ 152
Total receivables, net 389 211
Non-vehicle    
ASSETS    
Restricted cash and cash equivalents 283 290
Total receivables, net 816 980
The Hertz Corporation    
ASSETS    
Cash and cash equivalents 591 764
Restricted cash and cash equivalents 541 442
Total cash and cash equivalents and restricted cash and cash equivalents 1,132 1,206
Total receivables, net 1,205 1,191
Prepaid expenses and other assets 894 725
Revenue earning vehicles:    
Vehicles 12,714 16,806
Less: accumulated depreciation (751) (2,155)
Total revenue earning vehicles, net 11,963 14,651
Property and equipment, net 623 671
Operating lease right-of-use assets 2,088 2,253
Intangible assets, net 2,852 2,863
Goodwill 1,044 1,044
Total assets [2] 21,801 24,604
LIABILITIES AND STOCKHOLDER'S EQUITY    
Accounts Payable 642 701
Accrued liabilities 1,174 860
Accrued taxes, net 158 155
Debt 16,335 15,691
Operating lease liabilities 2,073 2,142
Self-insured liabilities 617 471
Deferred income taxes, net 476 1,041
Total liabilities [2] 21,475 21,061
Commitments and contingencies
Stockholders' equity:    
Common stock, $0.01 par value, 3,000 shares authorized and 100 shares issued and outstanding 0 0
Additional paid-in capital 4,598 4,610
Retained earnings (Accumulated deficit) (3,956) (819)
Accumulated other comprehensive income (loss) (316) (248)
Total stockholders' equity 326 3,543
Total liabilities and stockholder's equity $ 21,801 $ 24,604
Common stock, shares outstanding (in shares) 100 100
Common stock, shares issued (in shares) 100 100
The Hertz Corporation | Vehicle Related Service    
ASSETS    
Restricted cash and cash equivalents $ 258 $ 152
Total receivables, net 389 211
LIABILITIES AND STOCKHOLDER'S EQUITY    
Accounts Payable 161 191
Debt 11,231 12,242
The Hertz Corporation | Non-vehicle    
ASSETS    
Restricted cash and cash equivalents 283 290
Total receivables, net 816 980
LIABILITIES AND STOCKHOLDER'S EQUITY    
Accounts Payable 481 510
Debt $ 5,104 $ 3,449
[1] Hertz Global Holdings, Inc.'s consolidated total assets as of December 31, 2024 and December 31, 2023 include total assets of VIEs of $1.4 billion and $1.7 billion, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of December 31, 2024 and December 31, 2023 include total liabilities of VIEs of $1.4 billion and $1.7 billion, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing" in Note 7, "Debt," for further information.
[2] Hertz Corporation's consolidated total assets as of December 31, 2024 and December 31, 2023 include total assets of VIEs of $1.4 billion and $1.7 billion, respectively, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of December 31, 2024 and December 31, 2023 include total liabilities of VIEs of $1.4 billion and $1.7 billion, respectively, for which the creditors of the VIEs have no recourse to The Hertz Corporation. See "Pledges Related to Vehicle Financing" in Note 7, "Debt," for further information.
v3.25.0.1
THC - CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 481,502,623 479,990,286
Common stock, shares outstanding (in shares) 306,690,579 305,178,242
Total assets [1] $ 21,802 $ 24,605
Total liabilities [1] 21,649 21,513
Variable Interest Entity, Primary Beneficiary    
Total assets 1,400 1,700
Total liabilities 1,400 1,700
Non-vehicle    
Accounts receivable, allowance for credit loss $ 58 $ 47
The Hertz Corporation    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 3,000 3,000
Common stock, shares issued (in shares) 100 100
Common stock, shares outstanding (in shares) 100 100
Total assets [2] $ 21,801 $ 24,604
Total liabilities [2] 21,475 21,061
The Hertz Corporation | Non-vehicle    
Accounts receivable, allowance for credit loss $ 58 $ 47
[1] Hertz Global Holdings, Inc.'s consolidated total assets as of December 31, 2024 and December 31, 2023 include total assets of VIEs of $1.4 billion and $1.7 billion, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of December 31, 2024 and December 31, 2023 include total liabilities of VIEs of $1.4 billion and $1.7 billion, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing" in Note 7, "Debt," for further information.
[2] Hertz Corporation's consolidated total assets as of December 31, 2024 and December 31, 2023 include total assets of VIEs of $1.4 billion and $1.7 billion, respectively, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of December 31, 2024 and December 31, 2023 include total liabilities of VIEs of $1.4 billion and $1.7 billion, respectively, for which the creditors of the VIEs have no recourse to The Hertz Corporation. See "Pledges Related to Vehicle Financing" in Note 7, "Debt," for further information.
v3.25.0.1
HGH - CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues $ 9,049 $ 9,371 $ 8,685
Expenses:      
Direct vehicle and operating 5,689 5,455 4,808
Depreciation of revenue earning vehicles and lease charges, net 3,611 2,039 701
Non-vehicle depreciation and amortization 139 149 142
Selling, general and administrative 819 962 959
Interest expense, net 959 793 328
Other (income) expense, net 4 12 2
(Gain) on sale of non-vehicle capital assets 0 (162) 0
Bankruptcy-related litigation reserve 292 0 0
Long-Lived Assets impairment 1,048 0 0
Change in fair value of Public Warrants (275) (163) (704)
Total expenses 12,286 9,085 6,236
Income (loss) before income taxes (3,237) 286 2,449
Income tax (provision) benefit 375 330 (390)
Net income (loss) $ (2,862) $ 616 $ 2,059
Weighted-average common shares outstanding:      
Basic (in shares) 306 313 379
Diluted (in shares) 306 326 403
Earnings (loss) per common share:      
Basic (in dollars per share) $ (9.34) $ 1.97 $ 5.43
Diluted (in dollars per share) $ (9.34) $ 1.39 $ 3.36
Vehicle Related Service      
Expenses:      
Interest expense, net $ 590 $ 555 $ 159
Non-vehicle      
Expenses:      
Interest expense, net $ 369 $ 238 $ 169
v3.25.0.1
THC - CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues $ 9,049 $ 9,371 $ 8,685
Expenses:      
Direct vehicle and operating 5,689 5,455 4,808
Depreciation of revenue earning vehicles and lease charges, net 3,611 2,039 701
Non-vehicle depreciation and amortization 139 149 142
Selling, general and administrative 819 962 959
Interest expense, net 959 793 328
Other (income) expense, net 4 12 2
(Gain) on sale of non-vehicle capital assets 0 (162) 0
Bankruptcy-related litigation reserve 292 0 0
Long-Lived Assets impairment 1,048 0 0
Total expenses 12,286 9,085 6,236
Income (loss) before income taxes (3,237) 286 2,449
Income tax (provision) benefit 375 330 (390)
Net income (loss) (2,862) 616 2,059
Vehicle Related Service      
Expenses:      
Interest expense, net 590 555 159
Non-vehicle      
Expenses:      
Interest expense, net 369 238 169
The Hertz Corporation      
Revenues 9,049 9,371 8,685
Expenses:      
Direct vehicle and operating 5,689 5,455 4,808
Depreciation of revenue earning vehicles and lease charges, net 3,611 2,039 701
Non-vehicle depreciation and amortization 139 149 142
Selling, general and administrative 819 962 959
Interest expense, net 959 793 328
Other (income) expense, net 4 12 2
(Gain) on sale of non-vehicle capital assets 0 (162) 0
Bankruptcy-related litigation reserve 292 0 0
Long-Lived Assets impairment 1,048 0 0
Total expenses 12,561 9,248 6,940
Income (loss) before income taxes (3,512) 123 1,745
Income tax (provision) benefit 375 329 (390)
Net income (loss) (3,137) 452 1,355
The Hertz Corporation | Vehicle Related Service      
Expenses:      
Interest expense, net 590 555 159
The Hertz Corporation | Non-vehicle      
Expenses:      
Interest expense, net $ 369 $ 238 $ 169
v3.25.0.1
HGH - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ (2,862) $ 616 $ 2,059
Other comprehensive income (loss):      
Foreign currency translation adjustments (74) 49 (76)
Net gain (loss) on pension and postretirement benefit plans 4 (5) (17)
Reclassification from other comprehensive income (loss) to other (income) expense for amortization of actuarial net losses 4 4 7
Total other comprehensive income (loss) before income taxes (66) 48 (86)
Income tax (provision) benefit related to pension and postretirement benefit plans (1) (1) 7
Income tax (provision) benefit related to reclassified amounts of net periodic costs on pension and postretirement benefit plans (1) (1) (1)
Total other comprehensive income (loss) (68) 46 (80)
Total comprehensive income (loss) $ (2,930) $ 662 $ 1,979
v3.25.0.1
THC - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net income (loss) $ (2,862) $ 616 $ 2,059
Other comprehensive income (loss):      
Foreign currency translation adjustments (74) 49 (76)
Net gain (loss) on pension and postretirement benefit plans 4 (5) (17)
Reclassification from other comprehensive income (loss) to other (income) expense for amortization of actuarial net losses 4 4 7
Total other comprehensive income (loss) before income taxes (66) 48 (86)
Income tax (provision) benefit related to pension and postretirement benefit plans (1) (1) 7
Income tax (provision) benefit related to reclassified amounts of net periodic costs on pension and postretirement benefit plans (1) (1) (1)
Total other comprehensive income (loss) (68) 46 (80)
Total comprehensive income (loss) (2,930) 662 1,979
The Hertz Corporation      
Net income (loss) (3,137) 452 1,355
Other comprehensive income (loss):      
Foreign currency translation adjustments (74) 49 (76)
Net gain (loss) on pension and postretirement benefit plans 4 (5) (17)
Reclassification from other comprehensive income (loss) to other (income) expense for amortization of actuarial net losses 4 4 7
Total other comprehensive income (loss) before income taxes (66) 48 (86)
Income tax (provision) benefit related to pension and postretirement benefit plans (1) (1) 7
Income tax (provision) benefit related to reclassified amounts of net periodic costs on pension and postretirement benefit plans (1) (1) (1)
Total other comprehensive income (loss) (68) 46 (80)
Total comprehensive income (loss) $ (3,205) $ 498 $ 1,275
v3.25.0.1
HGH - CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Preferred Stock Shares
Common Stock Shares
Additional Paid-In Capital
Retained Earnings (Accumulated Deficit)
Accumulated Other Comprehensive Income (Loss)
Treasury Stock Shares
Increase (Decrease) in Temporary Equity [Roll Forward]              
Preferred stock, shares outstanding (in shares)   0          
Beginning balance at Dec. 31, 2021   $ 0          
Ending balance at Dec. 31, 2022   $ 0          
Beginning balance (in shares) at Dec. 31, 2021     450,000,000        
Beginning Balance at Dec. 31, 2021 $ 2,977   $ 5 $ 6,209 $ (2,315) $ (214) $ (708)
Beginning balance, Treasury stock (in shares) at Dec. 31, 2021             27,000,000
Increase (Decrease) in Stockholders' Equity              
Net income (loss) 2,059       2,059    
Other comprehensive income (loss) (80)         (80)  
Stock-based compensation charges 131     131      
Net settlement on vesting of restricted stock (20)     (20)      
Public Warrant exercises 6     6      
Share repurchases (in shares)     (127,000,000)       (128,000,000)
Shares repurchases (2,428)           $ (2,428)
Ending balance (in shares) at Dec. 31, 2022     323,000,000        
Ending Balance at Dec. 31, 2022 2,645   $ 5 6,326 (256) (294) $ (3,136)
Ending balance, Treasury stock (in shares) at Dec. 31, 2022             155,000,000
Increase (Decrease) in Temporary Equity [Roll Forward]              
Preferred stock, shares outstanding (in shares)   0          
Ending balance at Dec. 31, 2023 0 $ 0          
Increase (Decrease) in Stockholders' Equity              
Net income (loss) 616       616    
Other comprehensive income (loss) 46         46  
Stock-based compensation charges 87     87      
Net settlement on vesting of restricted stock (in shares)     1,000,000        
Net settlement on vesting of restricted stock (9)     (9)      
Public Warrant exercises 1     1      
Share repurchases (in shares) [1]     (19,000,000)       (20,000,000)
Shares repurchases [1] $ (294)           $ (294)
Ending balance (in shares) at Dec. 31, 2023 305,178,242   305,000,000        
Ending Balance at Dec. 31, 2023 $ 3,092   $ 5 6,405 360 (248) $ (3,430)
Ending balance, Treasury stock (in shares) at Dec. 31, 2023 174,812,044           175,000,000
Increase (Decrease) in Temporary Equity [Roll Forward]              
Preferred stock, shares outstanding (in shares) 0 0          
Ending balance at Dec. 31, 2024 $ 0 $ 0          
Increase (Decrease) in Stockholders' Equity              
Net income (loss) (2,862)       (2,862)    
Other comprehensive income (loss) (68)         (68)  
Stock-based compensation charges 63     63      
Net settlement on vesting of restricted stock (in shares)     2,000,000        
Net settlement on vesting of restricted stock (4)     (4)      
Stock-based compensation forfeitures [2] $ (68)     (68)      
Ending balance (in shares) at Dec. 31, 2024 306,690,579   307,000,000        
Ending Balance at Dec. 31, 2024 $ 153   $ 5 $ 6,396 $ (2,502) $ (316) $ (3,430)
Ending balance, Treasury stock (in shares) at Dec. 31, 2024 174,812,044           175,000,000
Increase (Decrease) in Temporary Equity [Roll Forward]              
Preferred stock, shares outstanding (in shares) 0 0          
[1] The amounts presented herein may be rounded to agree to amounts in the consolidated balance sheet. Also see "Share Repurchase Programs for Common Stock" in Note 17, "Equity and Earnings (Loss) Per Common Share – Hertz Global.
[2] Represents former CEO awards forfeited in March 2024. See also Note 9, "Stock-Based Compensation."
v3.25.0.1
THC - CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Millions
Total
The Hertz Corporation
Common Stock
Common Stock
The Hertz Corporation
Additional Paid-In Capital
Additional Paid-In Capital
The Hertz Corporation
Accumulated Deficit
Accumulated Deficit
The Hertz Corporation
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
The Hertz Corporation
Beginning balance (in shares) at Dec. 31, 2021     450,000,000 100,000,000            
Beginning Balance at Dec. 31, 2021 $ 2,977 $ 4,350 $ 5 $ 0 $ 6,209 $ 7,190 $ (2,315) $ (2,626) $ (214) $ (214)
Increase (Decrease) in Stockholders' Equity                    
Net income (loss) 2,059 1,355         2,059 1,355    
Other comprehensive income (loss) (80) (80)             (80) (80)
Stock-based compensation charges 131 131     131 131        
Dividends to Hertz Holdings   (2,477)       (2,477)        
Ending balance (in shares) at Dec. 31, 2022     323,000,000 100,000,000            
Ending Balance at Dec. 31, 2022 2,645 3,279 $ 5 $ 0 6,326 4,844 (256) (1,271) (294) (294)
Increase (Decrease) in Stockholders' Equity                    
Net income (loss) 616 452         616 452    
Other comprehensive income (loss) 46 46             46 46
Stock-based compensation charges $ 87 87     87 87        
Dividends to Hertz Holdings [1]   $ (321)       (321)        
Ending balance (in shares) at Dec. 31, 2023 305,178,242 100 305,000,000 100,000,000            
Ending Balance at Dec. 31, 2023 $ 3,092 $ 3,543 $ 5 $ 0 6,405 4,610 360 (819) (248) (248)
Increase (Decrease) in Stockholders' Equity                    
Net income (loss) (2,862) (3,137)         (2,862) (3,137)    
Other comprehensive income (loss) (68) (68)             (68) (68)
Stock-based compensation charges 63 63     63 63        
Stock-based compensation forfeitures $ (68) [2] (68) [3]     (68) [2] (68) [3]        
Dividends to Hertz Holdings   $ (7)       (7)        
Ending balance (in shares) at Dec. 31, 2024 306,690,579 100 307,000,000 100,000,000            
Ending Balance at Dec. 31, 2024 $ 153 $ 326 $ 5 $ 0 $ 6,396 $ 4,598 $ (2,502) $ (3,956) $ (316) $ (316)
[1] See "Share Repurchase Programs for Common Stock" in Note 17, "Equity and Earnings (Loss) Per Common Share – Hertz Global," for additional information
[2] Represents former CEO awards forfeited in March 2024. See also Note 9, "Stock-Based Compensation."
[3] Represents former CEO awards forfeited in March 2024. See also Note 9, "Stock-Based Compensation."
v3.25.0.1
HGH - CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income (loss) $ (2,862) $ 616 $ 2,059
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and reserves for revenue earning vehicles, net 3,983 2,422 809
Depreciation and amortization, non-vehicle 139 149 142
Amortization of deferred financing costs and debt discount (premium) 74 61 53
Stock-based compensation charges 63 87 130
Stock-based compensation forfeitures (68) 0 0
Provision for receivables allowance 120 93 57
Deferred income taxes, net (459) (380) 301
Long-Lived Assets impairment 1,048 0 0
(Gain) loss on sale of non-vehicle capital assets 3 (162) (5)
Change in fair value of Public Warrants (275) (163) (704)
Changes in financial instruments 7 117 (111)
Other (29) 5 11
Changes in assets and liabilities:      
Non-vehicle receivables 23 (216) (264)
Prepaid expenses and other assets 8 (39) (126)
Operating lease right-of-use assets 386 365 280
Non-vehicle accounts payable (14) (48) 43
Accrued liabilities 324 (39) 80
Accrued taxes, net 18 3 73
Operating lease liabilities (417) (391) (309)
Self-insured liabilities 152 (6) 19
Net cash provided by (used in) operating activities 2,224 2,474 2,538
Cash flows from investing activities:      
Revenue earning vehicles expenditures (10,524) (9,514) (10,596)
Proceeds from disposal of revenue earning vehicles 7,678 5,498 6,498
Non-vehicle capital asset expenditures (105) (188) (150)
Proceeds from disposal of non-vehicle capital assets 23 181 12
Collateral returned in exchange for letters of credit 0 0 19
Return of (investment in) equity investments (1) (1) (16)
Net cash provided by (used in) investing activities (2,929) (4,024) (4,233)
Cash flows from financing activities:      
Payment of financing costs (64) (41) (48)
Proceeds from exercises of Public Warrants 0 0 3
Share repurchases 0 (315) (2,461)
Other (4) (9) (20)
Net cash provided by (used in) financing activities 658 1,313 487
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents (26) 25 (25)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period (73) (212) (1,233)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 1,206 1,418 2,651
Cash and cash equivalents and restricted cash and cash equivalents at end of period 1,133 1,206 1,418
Cash paid during the period for:      
Income taxes, net of refunds 53 33 78
Operating lease liabilities 589 547 454
Supplemental disclosures of non-cash information:      
Purchases of revenue earning vehicles included in accounts payable, net of incentives (19) 171 53
Sales of revenue earning vehicles included in vehicle receivables 209 191 85
Purchases of non-vehicle capital assets included in accounts payable 3 16 23
Revenue earning vehicles and non-vehicle capital assets acquired through finance leases 57 69 15
Operating lease right-of-use assets obtained in exchange for lease liabilities 367 721 614
Public Warrant exercises 0 0 3
Accrual for purchases of treasury shares 0 0 21
Vehicle Related Service      
Cash flows from financing activities:      
Proceeds from issuance of debt 3,873 6,043 9,672
Repayments of debt (4,827) (4,837) (6,639)
Cash paid during the period for:      
Interest, net of amounts capitalized: 511 469 204
Non-vehicle      
Cash flows from financing activities:      
Proceeds from issuance of debt 4,646 2,490 0
Repayments of debt (2,966) (2,018) (20)
Cash paid during the period for:      
Interest, net of amounts capitalized: $ 287 $ 252 $ 168
v3.25.0.1
THC - CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income (loss) $ (2,862) $ 616 $ 2,059
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and reserves for revenue earning vehicles, net 3,983 2,422 809
Depreciation and amortization, non-vehicle 139 149 142
Amortization of deferred financing costs and debt discount (premium) 74 61 53
Stock-based compensation charges 63 87 130
Stock-based compensation forfeitures (68) 0 0
Provision for receivables allowance 120 93 57
Deferred income taxes, net (459) (380) 317
Long-Lived Assets impairment 1,048 0 0
Other (29) 5 11
Changes in assets and liabilities:      
Non-vehicle receivables 23 (216) (264)
Prepaid expenses and other assets 8 (39) (126)
Operating lease right-of-use assets 386 365 280
Non-vehicle accounts payable (14) (48) 43
Accrued liabilities 324 (39) 80
Accrued taxes, net 18 3 73
Operating lease liabilities (417) (391) (309)
Self-insured liabilities 152 (6) 19
Net cash provided by (used in) operating activities 2,224 2,474 2,538
Cash flows from investing activities:      
Revenue earning vehicles expenditures (10,524) (9,514) (10,596)
Proceeds from disposal of revenue earning vehicles 7,678 5,498 6,498
Non-vehicle capital asset expenditures (105) (188) (150)
Proceeds from disposal of non-vehicle capital assets 23 181 12
Collateral returned in exchange for letters of credit 0 0 19
Return of (investment in) equity investments (1) (1) (16)
Net cash provided by (used in) investing activities (2,929) (4,024) (4,233)
Cash flows from financing activities:      
Payment of financing costs (64) (41) (48)
Net cash provided by (used in) financing activities 658 1,313 487
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period (73) (212) (1,233)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 1,206 1,418 2,651
Cash and cash equivalents and restricted cash and cash equivalents at end of period 1,133 1,206 1,418
Cash paid during the period for:      
Income taxes, net of refunds 53 33 78
Operating lease liabilities 589 547 454
Supplemental disclosures of non-cash information:      
Purchases of revenue earning vehicles included in accounts payable, net of incentives (19) 171 53
Sales of revenue earning vehicles included in vehicle receivables 209 191 85
Purchases of non-vehicle capital assets included in accounts payable 3 16 23
Revenue earning vehicles and non-vehicle capital assets acquired through finance leases 57 69 15
Operating lease right-of-use assets obtained in exchange for lease liabilities 367 721 614
Vehicle Related Service      
Cash flows from financing activities:      
Proceeds from issuance of debt 3,873 6,043 9,672
Repayments of debt (4,827) (4,837) (6,639)
Cash paid during the period for:      
Interest, net of amounts capitalized: 511 469 204
Non-vehicle      
Cash flows from financing activities:      
Proceeds from issuance of debt 4,646 2,490 0
Repayments of debt (2,966) (2,018) (20)
Cash paid during the period for:      
Interest, net of amounts capitalized: 287 252 168
The Hertz Corporation      
Cash flows from operating activities:      
Net income (loss) (3,137) 452 1,355
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and reserves for revenue earning vehicles, net 3,983 2,422 809
Depreciation and amortization, non-vehicle 139 149 142
Amortization of deferred financing costs and debt discount (premium) 74 61 53
Stock-based compensation charges 63 87 130
Stock-based compensation forfeitures (68) 0 0
Provision for receivables allowance 120 93 57
Deferred income taxes, net (459) (380) 301
Long-Lived Assets impairment 1,048 0 0
(Gain) loss on sale of non-vehicle capital assets 3 (162) (5)
Changes in financial instruments 7 117 (111)
Other (30) 5 11
Changes in assets and liabilities:      
Non-vehicle receivables 23 (216) (264)
Prepaid expenses and other assets 8 (39) (126)
Operating lease right-of-use assets 386 365 280
Non-vehicle accounts payable (14) (48) 43
Accrued liabilities 324 (39) 80
Accrued taxes, net 21 1 73
Operating lease liabilities (417) (391) (309)
Self-insured liabilities 152 (6) 19
Net cash provided by (used in) operating activities 2,226 2,471 2,538
Cash flows from investing activities:      
Revenue earning vehicles expenditures (10,524) (9,514) (10,596)
Proceeds from disposal of revenue earning vehicles 7,678 5,498 6,498
Non-vehicle capital asset expenditures (105) (188) (150)
Proceeds from disposal of non-vehicle capital assets 23 181 12
Collateral returned in exchange for letters of credit 0 0 19
Return of (investment in) equity investments (1) (1) (16)
Net cash provided by (used in) investing activities (2,929) (4,024) (4,233)
Cash flows from financing activities:      
Payment of financing costs (64) (41) (48)
Dividends paid to Hertz Holdings (7) (321) (2,477)
Net cash provided by (used in) financing activities 655 1,316 488
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents (26) 25 (25)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period (74) (212) (1,232)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 1,206 1,418 2,650
Cash and cash equivalents and restricted cash and cash equivalents at end of period 1,132 1,206 1,418
Cash paid during the period for:      
Income taxes, net of refunds 53 33 78
Operating lease liabilities 589 547 454
Supplemental disclosures of non-cash information:      
Purchases of revenue earning vehicles included in accounts payable, net of incentives (19) 171 53
Sales of revenue earning vehicles included in vehicle receivables 209 191 85
Purchases of non-vehicle capital assets included in accounts payable 3 16 23
Revenue earning vehicles and non-vehicle capital assets acquired through finance leases 57 69 15
Operating lease right-of-use assets obtained in exchange for lease liabilities 367 721 614
The Hertz Corporation | Vehicle Related Service      
Cash flows from financing activities:      
Proceeds from issuance of debt 3,873 6,043 9,672
Repayments of debt (4,827) (4,837) (6,639)
Cash paid during the period for:      
Interest, net of amounts capitalized: 511 469 204
The Hertz Corporation | Non-vehicle      
Cash flows from financing activities:      
Proceeds from issuance of debt 4,646 2,490 0
Repayments of debt (2,966) (2,018) (20)
Cash paid during the period for:      
Interest, net of amounts capitalized: $ 287 $ 252 $ 168
v3.25.0.1
Background
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Background BackgroundHertz Global Holdings, Inc. 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 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-operated and franchisee locations in the U.S., Europe, Africa, Asia, Australia, Canada, the Caribbean, Latin America, the Middle East and New Zealand. The Company also sells vehicles through Hertz Car Sales.
v3.25.0.1
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
Accounting Principles

The Company’s consolidated financial statements have been prepared in accordance with U.S. GAAP.

Principles of Consolidation

The 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 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. All significant intercompany transactions have been eliminated in consolidation.

Use of Estimates and Assumptions

The use of estimates and assumptions as determined by management is required in the preparation of the consolidated financial statements in conformity with U.S. GAAP. These estimates are based on management’s evaluation of historical trends and other information available when the consolidated financial statements are prepared and may affect the amounts reported and related footnote disclosures. Actual results could differ from those estimates.

Significant estimates inherent in the preparation of the consolidated financial statements include depreciation of revenue earning vehicles, accounting for income taxes and related uncertain tax positions, self-insured liabilities and useful lives and impairment of long-lived tangible and indefinite-lived intangible assets including goodwill. Other estimates inherent in the preparation of the consolidated financial statements include reserves for litigation and other contingencies, pension costs and the valuation of stock-based compensation, among others.

Revenue Earning Vehicles

Revenue earning vehicles are stated at cost, net of related discounts and incentives from manufacturers. Holding periods typically range from six to sixty-six months. Generally, when revenue earning vehicles are acquired outside of a vehicle repurchase program (non-program), the Company estimates the period that the Company will hold the asset, primarily based on historical measures of the amount of rental activity (e.g., automobile mileage). The Company also estimates the residual value of the applicable revenue earning vehicles at the expected time of disposal, taking into consideration factors such as make, model and options, age, physical condition, mileage, sale location, time of the year and market conditions. Depreciation is recorded over the estimated holding period. Depreciation rates are reviewed on a quarterly basis based on management's ongoing assessment of present and estimated future market conditions, their effect on residual values at the expected time of disposal and the estimated holding periods. Gains and losses on the sale of vehicles, including the costs associated with disposals, are included in depreciation of revenue earning vehicles and lease charges in the accompanying consolidated statements of operations.
For program vehicles, the manufacturers agree to repurchase the vehicles at a specified price or guarantee the depreciation rate on the vehicles during established repurchase or auction periods, subject to, among other things, certain vehicle condition, mileage and holding period requirements. Vehicle repurchase programs guarantee on an aggregate basis the residual value of the program vehicle upon sale according to certain parameters which include the holding period, mileage and condition of the vehicles.

Long-lived Assets

Long-lived assets are amortized using the straight-line method over the estimated economic lives of the assets, which range from one to forty years. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of an impairment loss for long-lived assets that management expects to hold and use is based on the estimated fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying value or estimated fair value less costs to sell.
Income Taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Company recognizes deferred tax assets to the extent that the Company believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, carryback potential if permitted under the tax law, and results of recent operations.

The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (i) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.

The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statements of operations. Accrued interest and penalties are included in the related tax liability line in the accompany consolidated balance sheets.

The Company has elected to record tax on global intangible low-tax income (“GILTI”) on a current basis. GILTI is a U.S. tax on certain earnings of foreign subsidiaries that are subject to foreign tax below a certain threshold.
Self-insured Liabilities

Self-insured liabilities in the accompanying consolidated balance sheets primarily include public liability, property damage and liability insurance supplement. These represent 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 actuarially determined estimates using historical claims experience. The adequacy of the liability is monitored quarterly based on evolving accident claim history. 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.
Recoverability of Goodwill and Indefinite-lived Intangible Assets

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.

A goodwill impairment charge is calculated as the amount by which a reporting unit's carrying amount exceeds its fair value. For goodwill, fair value is determined using an income approach based on the discounted cash flows of each reporting unit. A reporting unit is an operating segment or a business one level below that operating segment (the component level) if discrete financial information is prepared and regularly reviewed by segment management. Components are aggregated into a single reporting unit when they have similar economic characteristics. The Company has identified two reporting units (operating segments): Americas RAC and International RAC. The fair values of the reporting units are estimated using the net present value of discounted cash flows generated by each reporting unit and incorporate various assumptions related to discount rates, growth rates, cash flow projections, tax rates and terminal value rates specific to the reporting unit to which they are applied. Discount rates are determined based on the reporting unit's WACC. The Company’s discounted cash flow projections are based upon reasonable and appropriate assumptions about the underlying business activities of the Company’s reporting units.

In the impairment analysis for an indefinite-lived intangible asset, the Company compares the carrying value of the asset to its estimated fair value and recognizes an impairment charge whenever the carrying amount of the asset exceeds its estimated fair value. The estimated fair value for a tradename utilizes a relief-from-royalty income approach, which includes the Company’s revenue projections for each asset, along with assumptions for royalty rates, tax rates and WACC.
Revenue Recognition

The Company recognizes two types of revenue: (i) lease revenue; and (ii) revenue from contracts with customers.

The Company reports revenues for taxes or non-concession fees collected from customers on behalf of governmental authorities on a net basis.

Vehicle Rental and Rental Related Revenues

The Company recognizes revenue from its vehicle rental operations when persuasive evidence of a contract exists, the performance obligations have been satisfied, the transaction price is fixed or determinable and collection is reasonably assured. Performance obligations associated with vehicle rental transactions are satisfied over the rental period, except for the portion associated with loyalty points, as further described below. Rental periods are short term in nature. Performance obligations associated with rental related activities, such as charges to the customer for the fueling and electric charging of vehicles and value-added services such as loss damage waivers, insurance products, navigation units, supplemental equipment and other consumables, are also satisfied over the rental period. Revenue from amounts that are charged to the customer, such as gasoline, vehicle licensing and airport concession fees, is recorded on a gross basis with a corresponding charge to direct vehicle and operating expense. The Company recognizes revenue related to collections from customers for vehicle damages. Sales commissions paid to third parties are generally expensed when incurred due to the short-term nature of the related transaction on which the commission was earned and are recorded within DOE. Payments are due from customers at the completion of the rental, except for customers with negotiated payment terms, generally net 30 days or less, which are invoiced and remain as accounts receivable until collected.

Loyalty Programs - The Company offers loyalty programs, primarily Hertz Gold Plus Rewards, wherein customers are eligible to earn loyalty points that are redeemable for free rental days or can be converted to loyalty points for redemption of products and services under loyalty programs of other companies. Each transaction that generates loyalty points results in the deferral of revenue equivalent to the retail value at the date the points are earned. The associated revenue is recognized when the customer redeems the loyalty points at some point in the future. The retail value of loyalty points is estimated based on the current retail value measured as of the date the loyalty points
are earned, less an estimated amount representing loyalty points that are not expected to be redeemed (“breakage”). Breakage is reviewed on a quarterly basis and includes significant assumptions such as historical breakage trends and internal Company forecasts.

Customer Rebates - The Company has business customers that rent vehicles based on terms that have been negotiated through contracts with their employers, or other entities with which they are associated (“commercial contracts”), which can differ substantially from the terms on which the Company rents vehicles to the general public. Some of the commercial contracts contain provisions which allow for rebates to the entity based on achieving a specific rental volume threshold. Rebates are treated as lease incentives and are recognized as a reduction of revenue at the time of the rental based on the rebate expected to be earned by the entity.

Licensee Revenue

The Company has franchise agreements which allow an independent entity to rent their vehicles under the Company’s brands, primarily Hertz, Dollar or Thrifty, for a franchise fee. Franchise fees are earned over time for the duration of the franchise agreement and are typically based on the larger of a minimum payment or an amount representing a percentage of net sales of the franchised business. Franchise fees that relate to a future contract term, such as initial fees or renewal fees, are deferred and recognized over the term of the franchise agreement.

Ancillary Retail Vehicle Sales Revenue

Ancillary retail vehicle sales represent revenues generated from the sale of warranty contracts, financing and title fees, and other ancillary services associated with vehicles disposed of at the Company’s retail outlets. These revenues are recorded at the point in time when the Company sells the product or provides the service to the customer. These revenues exclude the sale price of the vehicle, which is a component of the gain or loss on the disposition and is included in depreciation of revenue earning vehicles and lease charges, net in the accompanying consolidated statements of operations.

Contract Balances

The Company recognizes receivables and liabilities resulting from its contracts with customers. Contract receivables primarily consist of receivables from customers for vehicle rentals. Contract liabilities primarily consist of obligations to customers for prepaid vehicle rentals and related to the Company’s points-based loyalty programs.

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and highly liquid investments with an original maturity of three months or less. The Company's cash and cash equivalents are invested in various investment grade institutional money market funds, and bank money market and interest-bearing accounts.

Restricted cash and cash equivalents include cash and cash equivalents that are not readily available for use in the Company's operating activities. Restricted cash and cash equivalents are primarily comprised of proceeds from the disposition of vehicles pledged under the terms of vehicle debt financing arrangements and are restricted for the purchase of revenue earning vehicles and other specified uses under the vehicle debt facilities, cash utilized as credit enhancement under those arrangements, proceeds from the Term C Loan which are utilized to collateralize letters of credit, and certain cash accounts supporting regulatory reserve requirements related to the Company's self-insurance. These funds are primarily held in demand deposit and money market accounts or in highly rated money market funds with investments primarily in government and corporate obligations.

Deposits held at financial institutions may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. The Company limits exposure relating to financial instruments by diversifying the financial instruments among various counterparties, which consist of major financial institutions.
Receivables, Net of Allowance

Receivables are stated net of allowances and primarily represent credit extended to vehicle manufacturers, customers that satisfy defined credit criteria, and amounts due from customers resulting from damage to rental vehicles. The estimate of the allowance for doubtful accounts is based on the Company's future expected losses and its judgement as to the likelihood of ultimate payment. Actual receivables are written-off against the allowance for doubtful accounts when the Company determines the balance will not be collected. Estimates for future credit memos are based on historical experience and are reflected as reductions to revenue in the accompanying consolidated statements of operations.

Property and Equipment, Net

The Company's property and equipment, net consisted of the following:
(In millions)December 31, 2024December 31, 2023
Land, buildings and leasehold improvements$905 $1,014 
Service vehicles, equipment and furniture and fixtures450 430 
Less: accumulated depreciation(732)(773)
Total property and equipment, net$623 $671 

Land is stated at cost and reviewed for impairment as further disclosed above in "Long-lived Assets."

Property and equipment are stated at cost and are depreciated utilizing the straight-line method over the estimated useful lives of the related assets. Estimated useful lives are as follows:
Buildings
1 to 40 years
Furniture and fixtures
1 to 5 years
Service vehicles and equipment
1 to 25 years
Leasehold improvementsThe lesser of the economic life or the lease term

Depreciation expense for property and equipment, net for the years ended December 31, 2024, 2023 and 2022 was $115 million, $101 million and $97 million, respectively.

The Company follows the practice of expensing maintenance and repair costs for service vehicles, furniture and fixtures, and equipment, including the cost of minor replacements.

Finite-lived Intangible Assets

Finite-lived intangible assets include concession agreements, technology, customer relationships and other intangibles. Intangible assets with finite lives, including technology-related intangibles, are amortized using the straight-line method over the estimated economic lives of the assets, which range from two to fifteen years. Intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition.

Stock-Based Compensation

The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. That cost is to be recognized over the period during which the employee is required to provide service in exchange for the award. Forfeitures are accounted for when they occur. The Company has estimated the fair value of options issued at the date of grant using a Black-Scholes option-
pricing model, which includes assumptions related to volatility, expected term, dividend yield and risk-free interest rate.

The Company accounts for restricted stock unit ("RSU") and performance stock unit ("PSU") awards when granted as equity classified awards. For RSUs the expense is based on the grant-date fair value of the stock and the number of shares that vest, recognized over the service period. For any PSUs and performance share awards ("PSAs") granted, the expense is based on the grant-date fair value of the stock, recognized over a service period depending upon the applicable performance condition. For any PSUs and PSAs, the Company re-assesses the probability of achieving the applicable performance condition quarterly and adjusts the recognition of expense accordingly. The Company includes the excess tax benefit within income tax expense in the accompanying consolidated statements of operations when realized.

Fair Value Measurements

U.S. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market or, if none exists, the most advantageous market, for the specific asset or liability at the measurement date (referred to as the "exit price"). Fair value is a market-based measurement that is determined based upon assumptions that market participants would use in pricing an asset or liability, including consideration of nonperformance risk.

The Company assesses the inputs used to measure fair value using the three-tier hierarchy promulgated under U.S. GAAP. This hierarchy indicates the extent to which inputs used in measuring fair value are observable in the market.

Level 1: Inputs that reflect quoted prices for identical assets or liabilities in active markets that are observable.

Level 2: Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3: Inputs that are unobservable to the extent that observable inputs are not available for the asset or liability at the measurement date and include management's judgment about assumptions market participants would use in pricing the asset or liability.

Financial Instruments

The Company is exposed to a variety of market risks, including the effects of changes in interest rates, gasoline and diesel fuel prices and foreign currency exchange rates. The Company manages exposure to these market risks through regular operating and financing activities and, when deemed appropriate, through the use of derivative financial instruments. Financial instruments are viewed as risk management tools and have not been used for speculative or trading purposes. In addition, financial instruments are entered into with a diversified group of major financial institutions in order to manage the Company's exposure to counterparty nonperformance on such instruments. The Company measures all financial instruments at their fair value and does not offset the derivative assets and liabilities in its accompanying consolidated balance sheets. As the Company does not have financial instruments that are designated and qualify as hedging instruments, the changes in their fair value are recognized currently in the Company's operating results.

Foreign Currency Translation and Transactions

Assets and liabilities of international subsidiaries whose functional currency is the local currency are translated at the rate of exchange in effect on the balance sheet date; income and expenses are translated at the average exchange rates throughout the year. The related translation adjustments are reflected in accumulated other comprehensive income (loss) in the accompanying consolidated balance sheets. Foreign currency exchange rate
gains and losses resulting from transactions are included in selling, general and administrative expense in the accompanying consolidated statements of operations.

Advertising

Advertising production costs are deferred and expensed when the advertising first takes place. Advertising communication costs are expensed as incurred. Advertising costs are reflected as a component of selling, general and administrative expenses in the accompanying consolidated statements of operations and for the years ended December 31, 2024, 2023 and 2022 were $264 million, $285 million and $262 million, respectively.

Divestitures

The Company classifies long-lived assets and liabilities to be disposed of as held for sale in the period in which they are available for immediate sale in their present condition and the sale is probable and expected to be completed within one year. The Company initially measures assets and liabilities held for sale at the lower of their carrying value or fair value less costs to sell and assesses their fair value quarterly until disposed. When the divestiture represents a strategic shift that has (or will have) a major effect on the Company's operations and financial results, the disposal is presented as a discontinued operation.

Recently Issued Accounting Pronouncements

Adopted as of December 31, 2024

Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued guidance that modifies segment reporting disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024 using a retrospective transition method. Early adoption is permitted. The Company adopted the guidance on a retrospective basis when it became effective and has included the required disclosures in this 2024 Annual Report.

Not Yet Adopted as of December 31, 2024

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued guidance to enhance disclosures related to, among other items, specified information about certain costs and expenses for commonly presented expense captions included in the financial statements. The guidance is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027 using either a prospective or retrospective transition method. Early adoption is permitted. The Company is in the process of determining the timing of adoption and assessing the overall impact of adopting this guidance on its disclosures.

Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative

In October 2023, the FASB issued guidance that amends certain disclosure and presentation requirements related to the statement of cash flows, accounting changes and error corrections, earnings per share, interim reporting, commitments, debt, equity, derivatives, transfers and services and various industry specific guidance. For entities subject to the SEC’s existing disclosure requirements, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. However, if by June 30, 2027, the SEC has not removed the existing disclosure requirements, the amendments will not become effective. Early adoption is not permitted. The Company intends to adopt the guidance when it becomes effective and will include the required disclosures in its applicable Quarterly Report on Form 10-Q and or Annual Report on Form 10-K, dependent upon the timing of the SEC’s removal of the applicable disclosures from Regulation S-X or Regulation S-K.
Improvements to Income Tax Disclosures

In December 2023, the FASB issued guidance to enhance income tax disclosures related to, among other items, rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company intends to adopt the guidance when it becomes effective and will include the required disclosures in its Annual Report on Form 10-K for the year ending December 31, 2025.
v3.25.0.1
Long-Lived Assets Impairment
 12 Months Ended
Dec. 31, 2024
Asset Impairment Charges [Abstract]  
Long-Lived Assets Impairment Long-Lived Assets Impairment
During the third quarter of 2024, at the conclusion of the Company’s historical peak rental season, there was a reduction in the cash flow projections in the Americas RAC and International RAC segments, indicating that the carrying values of their long-lived assets may not be recoverable. The reduction was largely attributed to the acceleration of the rental fleet rotation in the segments, where shortening the useful life reduced the potential future cash flows expected to be earned from the fleet. Operating cash flow projections also deteriorated from delayed timing of operating cost improvements and longer timeframes associated with revenue maximization initiatives. As a result, the Company tested the recoverability of its long-lived assets, consisting of revenue earning vehicles, ROU assets and property and equipment (collectively, the “Long-Lived Assets”) in its Americas RAC and International RAC segments by comparing the carrying values against undiscounted future cash flow projections and determined that an impairment existed.

Effective August 31, 2024, the Long-Lived Assets were written down to their estimated fair values. The fair value for revenue earning vehicles was determined using a market approach utilizing prices for similar assets in active markets. Fair value for ROU assets was determined using a discounted cash flow income approach considering estimated market rent. The fair value for property and equipment was determined using a market approach, where available, and where not available, a cost approach utilizing estimated replacement cost. This resulted in recognizing impairment charges of $923 million and $125 million against the Company's revenue earning vehicles and ROU assets, respectively. No impairment was recognized for property and equipment assets. The total impairment charge of $1.0 billion is recorded in Long-Lived Assets impairment in the accompanying consolidated statement of operations for the year ended December 31, 2024, of which $865 million and $183 million related to the Americas RAC and International RAC segments, respectively.

Further changes in market conditions or the performance of our long-lived assets could result in an additional impairment charge.
v3.25.0.1
Divestitures
 12 Months Ended
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Divestitures Divestitures
Sales of Non-vehicle Capital Assets

In 2019, the Company substantially completed the sale of certain non-vehicle capital assets constituting real property, in an eminent domain proceeding, in its Americas RAC segment. In 2023, the Company received additional cash from the sale upon final resolution of the eminent domain proceeding and recognized an additional $29 million pre-tax gain on the sale, which is included in (gain) on sale of non-vehicle capital assets in the accompanying consolidated statement of operations for the year ended December 31, 2023.

In 2023, the Company sold and leased back its Los Angeles, California airport location in its Americas RAC segment. The transaction qualified for sale-leaseback accounting. The Company recognized a pre-tax gain of $133 million based on the difference in the sale amount of $143 million less $9 million net book value of assets sold and $1 million in selling costs, which is included in (gain) on sale of non-vehicle capital assets in the accompanying consolidated statement of operations for the year ended December 31, 2023. The leaseback is classified as an operating lease with a term of 36 months.
v3.25.0.1
Revenue Earning Vehicles
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Earning Vehicles Revenue Earning Vehicles
The components of revenue earning vehicles, net are as follows:
December 31,
(In millions)20242023
Revenue earning vehicles$12,424 $16,164 
Less accumulated depreciation(751)(2,155)
11,673 14,009 
Revenue earning vehicles held for sale, net(1)
290 642 
Revenue earning vehicles, net(2)
$11,963 $14,651 
(1)    Represents the carrying amount of vehicles classified as held for sale as of the respective balance sheet date. As of December 31, 2023, also includes the First EV Disposal Group, as defined and disclosed below.
(2)    As of December 31, 2024, includes an impairment charge recognized against the Company's revenue earnings vehicles in the third quarter of 2024. See Note 3, "Long-Lived Assets Impairment," for further details.

Depreciation of revenue earning vehicles and lease charges, net includes the following:
Years ended December 31,
(In millions)202420232022
Depreciation of revenue earning vehicles$2,896 $1,853 $1,806 
(Gain) loss on disposal of revenue earning vehicles(1)
673 157 (1,125)
Rents paid for vehicles leased42 29 20 
Depreciation of revenue earning vehicles and lease charges, net$3,611 $2,039 $701 
(1)    Includes the write-down to fair value for vehicles classified as held for sale, including the EV Disposal Groups, as defined and disclosed below, for the years ended December 31, 2024 and 2023.
Electric Vehicles Held for Sale
In December 2023, the Company identified a group of EVs in the Americas RAC segment (the "First EV Disposal Group") that it desired to sell. In March 2024, the Company identified an incremental group of EVs in the Americas RAC and International RAC segments (together with the First EV Disposal Group, the "EV Disposal Groups") that it also desired to sell. The EV Disposal Groups were in response to management's determination that the supply of EVs exceeded customer demand, elevated EV damage and collision costs, and a decline in EV residual values. As a result, the EV Disposal Groups were classified as held for sale. As of December 31, 2024, the sale of the EV Disposal Groups was substantially complete. During the year ended December 31, 2024, the Company incurred incremental charges, primarily in the first half of 2024, of $175 million for the write-down on the vehicles, of which $164 million and $11 million are associated with the Americas RAC and International RAC segments, respectively, and $48 million for losses incurred on the vehicles sold, primarily in the Americas RAC segment, which amounts are included in depreciation of revenue earning vehicles and lease charges, net in the accompanying consolidated statement of operations. The aggregate carrying value of the First EV Disposal Group of $542 million is included in revenue earning vehicles, net in the accompanying consolidated balance sheet as of December 31, 2023.
v3.25.0.1
Goodwill and Intangible Assets, Net
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net Goodwill and Intangible Assets, Net
Recoverability of Goodwill and Indefinite-lived Intangible Assets

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 ASC 350 - Intangibles, Goodwill and Other, the Company tests the recoverability of its goodwill and indefinite-lived intangible assets by performing an impairment analysis. An impairment is deemed to exist if the carrying value of goodwill or indefinite-lived intangible assets exceed their fair value as determined using Level 3
inputs under the U.S. GAAP fair value hierarchy. The reviews of fair value involve judgment and estimates, including projected revenues, long-term growth rates, royalty rates and discount rates.

The Company performed the goodwill impairment analyses using the income approach, a measurement using Level 3 inputs under the U.S. GAAP fair value hierarchy. In performing the impairment analyses, the weighted-average cost of capital used in the discounted cash flow model was calculated based upon the fair value of the Company's debt and share price with a debt-to-equity ratio comparable to the vehicle rental car industry. This present value model requires management to estimate future cash flows and forecasted EBITDA margins and capital investments of each reporting unit. The assumptions the Company used to estimate future cash flows and EBITDA margins are consistent with the assumptions that the reporting units use for internal planning purposes, which the Company believes would be generally consistent with that of a market participant. The discount rate used for each reporting unit ranged from 13.0% to 20.0%. Each of the Company's reporting units had a fair value that exceeded its respective carrying value, the lowest of which was greater than 25%.

The Company performed the intangible impairment analyses for indefinite-lived intangible assets using the relief-from-royalty income approach, a measurement using Level 3 inputs under the U.S. GAAP fair value hierarchy. The Company considered consistent factors as described above related to goodwill in addition to royalty rates. The assumptions the Company uses to estimate royalty rates are consistent with the assumptions that the reporting units use for internal planning purposes, which the Company believes would be generally consistent with that of a market participant. The discount rate used for each indefinite-lived intangible ranged from 12.0% to 20.0%. Each of the Company's indefinite-lived intangible assets had fair values that exceeded their respective carrying values by more than 25%, except for the Dollar and Thrifty tradename in the Company’s U.S. RAC segment which was in excess by 10% of the carrying value of $934 million.

Further deterioration in the Company’s cash flows 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 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.

Goodwill

The following summarizes the changes in the Company's goodwill by segment:
(In millions)Americas RAC segmentInternational RAC segmentTotal
Balance as of January 1, 2024
Goodwill$1,028 $236 $1,264 
Accumulated impairment losses
— (220)(220)
1,028 16 1,044 
Goodwill disposal and other changes during the period— — — 
Balance as of December 31, 2024
Goodwill1,028 236 1,264 
Accumulated impairment losses— (220)(220)
$1,028 $16 $1,044 
(In millions)Americas RAC segmentInternational RAC segmentTotal
Balance as of January 1, 2023
Goodwill$1,028 $236 $1,264 
Accumulated impairment losses
— (220)(220)
1,028 16 1,044 
Goodwill disposal and other changes during the period— — — 
Balance as of December 31, 2023
Goodwill1,028 236 1,264 
Accumulated impairment losses— (220)(220)
$1,028 $16 $1,044 

Intangible Assets, Net

Intangible assets, net, consists of the following major classes:
December 31, 2024
(In millions)Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Value
Amortizable intangible assets:
Customer-related$269 $(269)$— 
Concession rights407 (407)— 
Technology-related intangibles236 (202)34 
Other(1)
36 (35)1 
Total948 (913)35 
Indefinite-lived intangible assets:
Tradenames(2)
2,794 — 2,794 
Other(3)
23 — 23 
Total2,817 — 2,817 
Total intangible assets, net$3,765 $(913)$2,852 
December 31, 2023
(In millions)Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Value
Amortizable intangible assets:
Customer-related$269 $(269)$— 
Concession rights407 (406)1 
Technology-related intangibles342 (300)42 
Other(1)
38 (36)2 
Total1,056 (1,011)45 
Indefinite-lived intangible assets:
Tradenames(2)
2,794 — 2,794 
Other(3)
24 — 24 
Total2,818 — 2,818 
Total intangible assets, net$3,874 $(1,011)$2,863 
(1)    Other amortizable intangible assets primarily include reacquired franchise rights.
(2)    As of December 31, 2024 and 2023, $2.2 billion was recorded in the Company's Americas RAC segment and $600 million in the Company's International RAC segment.
(3)    Other indefinite-lived intangible assets primarily consist of reacquired franchise rights.


Years Ended December 31,
(In millions)202420232022
Amortization of intangible assets$25 $48 $45 

The following table summarizes the Company's expected amortization expense based on its amortizable intangible assets as of December 31, 2024:
(In millions)
2025$22 
202610 
20273 
2028— 
2029— 
After 2029— 
Total expected amortization expense35 
v3.25.0.1
Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
The Company's debt, including its available credit facilities, consists of the following ($ in millions) as of December 31, 2024 and 2023:
Facility
Weighted-Average Interest Rate as of December 31, 2024
Fixed or
Floating
Interest
Rate		MaturityDecember 31,
2024		December 31,
2023
Non-Vehicle Debt
First Lien RCF8.17%Floating6/2026$175 $— 
Term B Loan8.18%Floating6/20281,255 1,268 
Facility
Weighted-Average Interest Rate as of December 31, 2024
Fixed or
Floating
Interest
Rate		MaturityDecember 31,
2024		December 31,
2023
Incremental Term B Loan8.29%Floating6/2028495 500 
Term C Loan8.18%Floating6/2028245 245 
First Lien Senior Notes(1)
12.63%Fixed7/20291,250 — 
Exchangeable Notes(2)
8.00%Fixed7/2029250 — 
Senior Notes Due 20264.63%Fixed12/2026500 500 
Senior Notes Due 20295.00%Fixed12/20291,000 1,000 
Other Non-Vehicle Debt(3)
15.76%FixedVarious— 2 
Unamortized Debt Issuance Costs and Net (Discount) Premium(4)
(66)(66)
Total Non-Vehicle Debt5,104 3,449 
Vehicle Debt
HVF III U.S. ABS Program
HVF III U.S. Vehicle Variable Funding Notes
HVF III Series 2021-A Class A(5)
6.11%Floating4/20262,162 1,492 
HVF III Series 2021-A Class B(5)
9.44%Fixed8/2025188 188 
2,350 1,680 
HVF III U.S. Vehicle Medium Term Notes
HVF III Series 2021-1(5)
N/AFixed12/2024— 2,000 
HVF III Series 2021-2(5)
2.12%Fixed12/20262,000 2,000 
HVF III Series 2022-1(5)
2.44%Fixed6/2025750 750 
HVF III Series 2022-2(5)
2.78%Fixed6/2027750 750 
HVF III Series 2022-3(5)
N/AFixed3/2024— 192 
HVF III Series 2022-4(5)
4.22%Fixed9/2025667 667 
HVF III Series 2022-5(5)
4.39%Fixed9/2027364 364 
HVF III Series 2023-1(5)
6.17%Fixed6/2026500 500 
HVF III Series 2023-2(5)
6.30%Fixed9/2028300 300 
HVF III Series 2023-3(5)
6.46%Fixed2/2027500 500 
HVF III Series 2023-4(5)
6.66%Fixed3/2029500 500 
HVF III Series 2024-1(5)
5.98%Fixed1/2028375 — 
HVF III Series 2024-2(5)
6.03%Fixed1/2030375 — 
7,081 8,523 
Vehicle Debt - Other
European ABS(5)
4.71%Floating3/20261,037 1,205 
Hertz Canadian Securitization(5)
5.36%Floating4/2026292 350 
Australian Securitization(5)
5.98%Floating6/2026207 203 
New Zealand RCF7.35%Floating8/202663 70 
U.K. Financing Facility7.35%Floating1/2025 - 11/2028153 173 
Other Vehicle Debt(6)
6.69%Floating1/2025 - 7/202897 110 
1,849 2,111 
Unamortized Debt Issuance Costs and Net (Discount) Premium(49)(72)
Total Vehicle Debt11,231 12,242 
Total Debt$16,335 $15,691 
N/A - Not applicable
(1)The effective interest rate as of December 31, 2024, inclusive of the First Lien Senior Notes issued in June 2024 and December 2024, as disclosed below, was approximately 10.5%.
(2)The effective interest rate as of December 31, 2024, inclusive of the bifurcated Exchange Feature, as disclosed below, and PIK interest, was approximately 15.0%.
(3)Other non-vehicle debt is primarily comprised of $1 million in finance lease obligations as of December 31, 2023.
(4)Includes approximately $9 million of unamortized debt issuances costs associated with the Exchangeable Notes as of December 31, 2024.
(5)    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 expect the outstanding principal of the relevant indebtedness to be repaid in full. The legal final maturity date is the date on which the outstanding principal of the relevant indebtedness is legally due and payable in full.
(6)    Other vehicle debt is primarily comprised of $94 million and $104 million in finance lease obligations as of December 31, 2024 and 2023, respectively.
Non-Vehicle Debt

First Lien Credit Agreement

First Lien RCF: As of December 31, 2024, ABR Loans and Canadian Prime Rate Loans, as defined under the First Lien Credit Agreement, bear interest at the relevant benchmark rate plus an applicable margin of 2.50%. In addition, the pricing for U.S. dollar, Eurodollar, Sterling and Canadian dollar loans are equal to a local currency benchmark plus a margin of 3.50%. The above referenced margins are dependent upon Hertz's consolidated total corporate leverage ratio, as defined in the First Lien Credit Agreement. The First Lien RCF matures on June 30, 2026.

In April 2024, the First Lien Credit Agreement, which requires Hertz to comply with a financial covenant consisting of a ratio of first lien debt to Consolidated EBITDA, as defined within the First Lien Credit Agreement, which may be materially different than Adjusted Corporate EBITDA presented in Part II, Item 7 of this Annual Report, was amended. Amendment No. 8 required a ratio of less than or equal to 5.0x in the second and third quarters of 2024 and requires 4.75x in the fourth quarter of 2024 and the first quarter of 2025. Amendment No. 8 also contained a minimum liquidity covenant of $400 million for each month ending in the second and third quarters of 2024 and $500 million for each month ending in the fourth quarter of 2024 and the first quarter of 2025. Liquidity as defined in the First Lien Credit Agreement may be materially different than corporate liquidity presented in Part II, Item 7 of this 2024 Annual Report. Amendment No. 8 also adds certain limitations on Restricted Payments and Permitted Investments (each as defined in the First Lien Credit Agreement). Under the terms of Amendment No. 8, the increased First Lien Ratio, minimum liquidity covenant, and limitations on Restricted Payments and Permitted Investments will sunset on the first day of the second quarter of 2025.
In July 2024, consistent with obligations arising from the issuance of the First Lien Senior Notes and the Exchangeable Notes, as disclosed below, Hertz Holdings entered into a parent guarantee agreement with the administrative agent for the First Lien Credit Agreement. Prior to the issuance of each of the First Lien Senior Notes and the Exchangeable Notes, Hertz Holdings did not guarantee the obligations under the First Lien Credit Agreement.

First Lien Senior Notes

In June 2024, Hertz issued $750 million in aggregate principal amount of the First Lien Senior Notes, which are guaranteed by Hertz Holdings, Rental Car Intermediate Holdings, LLC and each of Hertz’s direct and indirect U.S. subsidiaries that are guarantors under the First Lien Credit Agreement. The First Lien Senior Notes bear interest at a rate of 12.625% per annum payable semi-annually in arrears on January 15 and July 15 of each year, beginning in January 2025. The First Lien Senior Notes mature July 2029.

In December 2024, Hertz issued an additional $500 million in aggregate principal amount of First Lien Senior Notes. The additional First Lien Senior Notes are the same class and series, and otherwise identical to, the First Lien Senior Notes issued in June 2024, as disclosed above.
Exchangeable Notes

In June 2024, Hertz issued $250 million in aggregate principal amount of the Exchangeable Notes, which are guaranteed by Hertz Holdings, Rental Car Intermediate Holdings, LLC and each of Hertz’s direct and indirect U.S. subsidiaries that are guarantors under the First Lien Credit Agreement. The Exchangeable Notes bear PIK interest payable semi-annually in arrears on July 15 and January 15 of each year, beginning in January 2025. The Exchangeable Notes mature in July 2029, unless repurchased, redeemed or exchanged, in accordance with their terms prior to the Maturity Date.

Prior to April 15, 2029, the Exchangeable Notes will be exchangeable only upon satisfaction of certain conditions and during certain periods. Thereafter, the Exchangeable Notes will be exchangeable at any time until the close of business on the second scheduled trading day immediately preceding the Maturity Date. The Exchangeable Notes will be exchangeable by holders into shares of Hertz Global common stock, cash or a combination of common stock and cash, at the Company's election, at an initial exchange rate of 150.9388 shares per $1,000 principal amount of Exchangeable Notes, corresponding to an initial exchange price of $6.6252 per share, subject to adjustment upon the occurrence of certain events.

The Company may redeem the Exchangeable Notes on or after July 20, 2027 and on or prior to the 31st scheduled trading day immediately preceding the Maturity Date, if the last reported sale price per share of Hertz Global common stock has been at least 250% of the exchange price for the Exchangeable Notes for certain specified periods. The Company may redeem all (but not part) of the Exchangeable Notes at a cash redemption price equal to the initial principal amount of the Exchangeable Notes to be redeemed plus PIK interest on such Exchangeable Notes for each interest payment date occurring on or prior to the redemption date plus accrued and unpaid PIK interest on such Exchangeable Notes to, but not including, the redemption date.

At the time of issuance, certain investors affiliated with CK Amarillo, which is an affiliate of Hertz Holdings, purchased approximately $44 million of the Exchangeable Notes. In addition, in December 2024, Hertz paid certain investors affiliated with CK Amarillo approximately $1 million in consent fees in exchange for such investors tendering their consents, in a consent solicitation of holders of the Exchangeable Notes, to amend certain provisions of the indenture governing the Exchangeable Notes. Refer to Note 16, "Related Party Transactions," for further details.

Upon issuance, the Company bifurcated the Exchange Feature from the Exchangeable Notes for accounting purposes utilizing applicable guidance. As a result, the Company recognized a debt discount of $68 million within non-vehicle debt, representing the initial fair value of the Exchange Feature. As of December 31, 2024, the fair value of the Exchange Feature was $61 million. Refer to Note 13, "Fair Value Measurements," for further details.

The net carrying amount of the Exchangeable Notes consists of the following:
(In millions)December 31, 2024
Principal$250 
Unamortized debt discount and debt issuance costs(1)
(71)
Net carrying amount$179 
(1)     The debt discount is amortized to non-vehicle interest expense over the term of the Exchangeable Notes using the effective interest method.
The Company recognized interest expense associated with the Exchangeable Notes as follows below for the year ended December 31, 2024. There was no interest expense recognized for the years ending December 31, 2023 and 2022.
Year ended December 31,
(In millions)2024
Contractual interest expense$10 
Amortization of debt discount and debt issuance costs4 
(Gain) loss on fair value of Exchange Feature(1)
(7)
Total$7 
(1)    Refer also to Note 13, "Fair Value Measurements."

Vehicle Debt

HVF III U.S. ABS Program

In June 2021, Hertz established the HVF III securitization platform (the "HVF III U.S. ABS Program") to facilitate its financing activities relating to vehicles used by Hertz in the U.S. vehicle rental operations. HVF III is the issuer of variable funding notes and medium-term notes under the HVF III U.S. ABS Program. HVF III entered into a base indenture that permits it to issue term and variable funding rental car asset-backed securities, secured by a collateral pool consisting primarily of the rental vehicles used in the Company's U.S. vehicle rental operations and the related incentive and repurchase program vehicle receivables. Within each series of HVF III U.S. Vehicle Medium Term Notes, the issued notes are subordinated based on class.

From time to time, Hertz or any of its subsidiaries (all affiliates of HVF III), at their discretion, may purchase and retain any part or portion of an issued notes’ series or class within a series under the HVF III U.S. ABS Program depending on market conditions and other factors at the time of issuance. In addition, any retained notes issued under the HVF III U.S. ABS Program may be sold to third parties at a subsequent date or may be sold and repurchased under the Repurchase Facilities, as disclosed below, in each case, depending on market conditions and other factors at the time.

References to the HVF III U.S. ABS Program include HVF III's U.S. Vehicle Variable Funding Notes and HVF III's U.S. Vehicle Medium Term Notes.

HVF III U.S. Vehicle Variable Funding Notes

HVF III Series 2021-A Notes

In April 2024, HVF III amended the HVF III Series 2021-A Notes to extend the maturity of the Class A Notes to April 2026.

In May 2024, HVF III amended the HVF III Series 2021-A Notes to reduce the Tesla concentration limit.

HVF III U.S. Vehicle Medium Term Notes

HVF III Series 2024-1 Notes and Series 2024-2 Notes

In July 2024, HVF III issued the Series 2024-1 Notes (Class A, Class B, Class C and Class D) and Series 2024-2 Notes (Class A, Class B, Class C and Class D) each in aggregate principal amounts of $375 million with maturity dates of January 2028 and January 2030, respectively. There is subordination within each of the preceding series based on class.
Vehicle Debt-Other

European ABS

The European ABS is the primary vehicle financing facility for the Company's vehicle rental operations in France, the Netherlands, Germany, Spain and Italy. The lenders under the European ABS have been granted a security interest in the owned rental vehicles used in the Company's vehicle rental operations in these countries and certain contractual rights related to such vehicles.

In April 2024, International Fleet Financing No. 2 BV ("IFF No. 2"), an indirect, special purpose subsidiary of Hertz, amended the European ABS to increase the aggregate maximum borrowings from €1.2 billion to €1.3 billion.

In June 2024, the European ABS was amended to (i) incorporate the Belgium fleet within the European ABS financing structure and (ii) make certain other administrative amendments and revisions for the incorporation of the Belgian fleet. The aggregate maximum borrowings available under the European ABS remain unchanged after giving effect to the aforementioned amendments and revisions.

Hertz Canadian Securitization

Hertz maintains a financing through TCL Funding Limited Partnership, a bankruptcy remote, indirect, wholly owned, special purpose subsidiary of Hertz, for the purpose of financing its rental car fleet operations in Canada (the "Hertz Canadian Securitization").

In April 2024, the Hertz Canadian Securitization was amended to extend the maturity date to April 2026.

Australian Securitization

Hertz maintains a financing through HA Fleet Pty. Limited, an indirect wholly owned subsidiary of Hertz, for the purpose of financing its rental car fleet operations in Australia (the "Australian Securitization"). HA Fleet Pty. Limited serves as the issuer under the Australian Securitization. The lender under the Australian Securitization has been granted a security interest primarily in the owned rental vehicles used in its vehicle rental operations in Australia and certain contractual rights related to such vehicles.

In July 2024, the Australian Securitization was amended to extend the maturity date to June 2026.

New Zealand RCF

Hertz maintains a financing through Hertz New Zealand Holdings Limited ("Hertz New Zealand"), an indirect wholly owned subsidiary of Hertz, for the purpose of financing its rental car fleet operations in New Zealand. Hertz New Zealand is the borrower under a credit agreement that provides for aggregate maximum borrowings on a revolving basis under an asset-based revolving credit facility (the “New Zealand RCF”).

In September 2024, the New Zealand RCF was amended to extend the maturity date to August 2026.

U.K. Financing Facility

In July 2024, the U.K. Financing Facility was amended to increase aggregate maximum borrowings from £135 million to £170 million and to extend the maturity date to May 2025.

U.K. ABS

In December 2024, HFF entered into the U.K. ABS, which provides for aggregate maximum borrowings of £145 million and matures in December 2026. The U.K. ABS is intended to be the primary vehicle financing facility for the Company's vehicle rental fleet in the U.K., in which the lenders under the U.K. ABS are granted a security
interest in the owned rental vehicles used in the Company's vehicle rental operations in the U.K. and certain contractual rights related to such vehicles. As of December 31, 2024, the U.K. ABS has not been funded and no capacity is available. As of January 31, 2025, the U.K. ABS has committed capacity of £145 million.
Maturities

As of December 31, 2024, the nominal amounts of maturities of debt for each of the years ending December 31 are as follows:
(In millions)20252026202720282029After 2029
Other Non-Vehicle Debt$18 $693 $18 $1,941 $2,250 $— 
Exchangeable Notes— — — — 250 — 
Total Non-Vehicle Debt18 693 18 1,941 2,500 — 
Vehicle Debt1,697 6,682 1,639 636 563 63 
Total$1,715 $7,375 $1,657 $2,577 $3,063 $63 

The Company has reviewed its debt facilities and determined that it is probable that the Company will be able, and has the intent, to refinance these facilities at such times as the Company determines appropriate prior to their respective maturities.

Borrowing Capacity and Availability

Borrowing capacity and availability comes from the Company's revolving credit facilities, which are a combination of variable funding asset-backed securitization facilities, cash-flow based revolving credit facilities, asset-based revolving credit facilities and the First Lien RCF. 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 and, in the case of the First Lien RCF, less any issued standby letters of credit. 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 December 31, 2024 and are presented net of any outstanding letters of credit:
(In millions)Remaining
Capacity		Availability Under
Borrowing Base
Limitation
Non-Vehicle Debt
First Lien RCF$1,251 $1,251 
Total Non-Vehicle Debt1,251 1,251 
Vehicle Debt  
HVF III Series 2021-A1,603 — 
European ABS307 — 
Hertz Canadian Securitization38 — 
Australian Securitization4 — 
New Zealand RCF5 — 
U.K. Financing Facility61 — 
Other Vehicle Debt49 — 
Total Vehicle Debt2,067 — 
Total$3,318 $1,251 

Letters of Credit

As of December 31, 2024, there were outstanding standby letters of credit totaling $835 million comprised primarily of $574 million issued under the First Lien RCF and $245 million issued under the Term C Loan. As of December 31, 2024, no capacity remained to issue additional letters of credit under the Term C Loan. Such letters of credit have been issued primarily to provide credit enhancement for the Company's asset-backed securitization facilities and to support the Company's insurance programs, as well as to support the Company's vehicle rental concessions and leaseholds. As of December 31, 2024, none of the issued letters of credit have been drawn upon.
Pledges Related to Vehicle Financing

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 or asset-backed securities programs. None of the value of such assets (including the assets owned by Hertz Vehicle Financing III LLC, TCL Funding LP and each of the domestic and international subsidiaries that pledge vehicle and vehicle related assets as part of the Company's securitization programs) will be available to satisfy the claims of non-vehicle secured or unsecured creditors unless the vehicle related secured creditors under the securitization programs are paid in full.

The Company has a 25% ownership interest in IFF No. 2, whose sole purpose is to provide commitments to lend under the European ABS 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 consolidated financial statements. As of December 31, 2024 and 2023, IFF No. 2 had total assets of $1.4 billion and $1.7 billion, respectively, comprised primarily of intercompany receivables, and total liabilities of $1.4 billion and $1.7 billion, respectively, comprised primarily of debt.

In November 2024, the Company incorporated HFF as a special purpose orphan entity. HFF provides a vehicle financing facility for the Company's vehicle rental fleet in the U.K. through the U.K. ABS, which was entered into in December 2024, as disclosed above. HFF is a VIE and the Company is the primary beneficiary, therefore, the assets, liabilities and results of operations of HFF are included in the accompanying consolidated financial
statements. As of December 31, 2024, HFF had total assets of $2 million comprised primarily of deferred financing costs and total liabilities of $2 million comprised primarily of accrued liabilities.

Covenant Compliance

The First Lien Credit Agreement requires Hertz to comply with the following financial covenant: a First Lien Ratio, which requires a ratio of less than or equal to 3.0x in the first and last quarters of the calendar year and 3.5x in the second and third quarters of the calendar year. Amendment No. 8 temporarily increases the First Lien Ratio and contains a minimum liquidity covenant for each fiscal quarter beginning in the second quarter of 2024 and sunsets on the first day of the second quarter of 2025, as disclosed above. As of December 31, 2024, Hertz was in compliance with the First Lien Ratio, as temporarily amended.

Additionally, the Corporate Indebtedness contains customary affirmative covenants including, among other things, the delivery of quarterly and annual financial statements and/or compliance certificates, and covenants related to conduct of business, maintenance of property and insurance, compliance with environmental laws and, where applicable, the granting of security interests for the benefit of the secured parties under the applicable agreements on after-acquired real property, fixtures and future subsidiaries.

The terms of the Corporate Indebtedness contain covenants limiting the ability of Hertz and its restricted subsidiaries to: incur or guarantee additional indebtedness; incur or guarantee secured indebtedness; pay dividends or distributions on, or redeem or repurchase, Hertz Global capital stock; make certain investments or other restricted payments; sell certain assets; transfer intellectual property to unrestricted subsidiaries; merge, consolidate or sell all or substantially all of its assets; and create restrictions on the ability of Hertz’s restricted subsidiaries to pay dividends or other amounts to Hertz. As per the terms of the Corporate Indebtedness, these covenants are subject to a number of important and significant limitations, qualifications and exceptions.

As of December 31, 2024, the Company was in compliance with all covenants under the terms of the agreements governing the respective Corporate Indebtedness.

Accrued Interest

As of December 31, 2024 and 2023, accrued interest was $103 million and $26 million, respectively, which is included in accrued liabilities in the accompanying consolidated balance sheets.

Restricted Net Assets

Hertz and certain of its subsidiaries are subject to contractual restrictions under the terms of its debt, including restrictions on the ability to pay dividends (directly or indirectly). As of December 31, 2024, the restricted net assets of the subsidiaries of Hertz and Hertz Global exceed 25% of their total consolidated net assets, respectively.
v3.25.0.1
Employee Retirement Benefits
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Employee Retirement Benefits Employee Retirement Benefits
The Company sponsors multiple domestic and international employee retirement benefit plans where benefits are based upon years of service and compensation. The Hertz Corporation Account Balance Defined Benefit Pension Plan (the “Hertz Retirement Plan”) is the Company's 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. The majority of union employees have since discontinued participation in the Hertz Retirement Plan as the result of collective bargaining. Some of the Company’s international subsidiaries have defined benefit retirement plans. In certain countries, when the subsidiaries make the required funding payments, they have no further obligations under such plans. The Company also sponsors defined contribution plans for certain eligible U.S. and international employees, where contributions are matched based on specific guidelines in the plans.

Management makes certain assumptions relating to discount rates, salary growth, long-term return on plan assets, retirement rates, mortality rates and other factors when determining amounts to be recognized. These assumptions
are reviewed annually by management, assisted by the enrolled actuary, and updated as warranted. The Company uses a December 31 measurement date for all of the plans and utilizes fair value to calculate the market-related value of pension assets for purposes of determining the expected return on plan assets and accounting for asset gains and losses.

Actual results that differ from the Company's assumptions are accumulated and amortized over future periods and, therefore, significant differences in actual experience or significant changes in assumptions would affect the Company's pension costs and obligations. The Company recognizes an asset for each over-funded plan and a liability for each underfunded plan in the consolidated balance sheets. Pension plan liabilities are revalued annually based on updated assumptions and information about the individuals covered by the plan. For pension plans, if accumulated actuarial gains and losses are in excess of a 10 percent corridor, the excess is amortized on a straight-line basis over the average remaining service period of active participants. Prior service cost is amortized on a straight-line basis from the date recognized over the average remaining service period of active participants, when applicable.

The tables below set forth the funded status and the net periodic pension cost of the Hertz Retirement Plan and the retirement plans for international operations (“Non-U.S.”), together with amounts included in the accompanying consolidated balance sheets and statements of operations.
Pension Benefits
U.S.Non-U.S.
(In millions)2024202320242023
Change in Benefit Obligation
Benefit obligation as of January 1$373 $371 $191 $172 
Service cost— — 1 1 
Interest cost18 19 8 8 
Plan settlements(28)(21)— — 
Benefits paid(3)(3)(8)(7)
Foreign currency exchange rate translation— — (6)10 
Actuarial (gain) loss(11)7 (17)7 
Benefit obligation as of December 31$349 $373 $169 $191 
Change in Plan Assets
Fair value of plan assets as of January 1$342 $338 $142 $131 
Actual return gain (loss) on plan assets5 28 (9)6 
Company contributions9 — 3 3 
Plan settlements(28)(21)— — 
Benefits paid(3)(3)(7)(7)
Foreign currency exchange rate translation— — (3)9 
Fair value of plan assets as of December 31
$325 $342 $126 $142 
Funded Status of the Plan
Plan assets (less than) in excess of the benefit obligation$(24)$(31)$(43)$(49)

In 2024, discount rates increased, resulting in actuarial gains for the U.S. and Non-U.S. pension plans. Additionally, changes in the mortality assumption contributed to actuarial gains for the U.K., partially offset by changes in the inflation assumption.

In 2023, discount rates decreased, resulting in actuarial losses for the U.S. and Non-U.S. pension plans, partially offset by changes in the inflation and mortality assumptions in the U.K.
Pension Benefits
U.S.Non-U.S.
($ in millions)2024202320242023
Amounts recognized in balance sheets:
Prepaid expenses and other assets$— $— $13 $11 
Accrued liabilities(24)(31)(56)(60)
Net asset (obligation) recognized in the balance sheets$(24)$(31)$(43)$(49)
Prior service credit
$— $— $(1)$(1)
Net gain (loss)(43)(47)(63)(66)
Accumulated other comprehensive income (loss)
(43)(47)(64)(67)
Funded/(Unfunded) accrued pension19 16 21 18 
Net asset (obligation) recognized in the balance sheets$(24)$(31)$(43)$(49)
Total recognized in other comprehensive loss (income)$(4)$(10)$(3)$11 
Total recognized in net periodic benefit cost and other comprehensive loss (income)$2 $(2)$— $14 
Accumulated Benefit Obligation as of December 31$349 $373 $169 $190 
Weighted-average assumptions as of December 31
Discount rate5.6 %5.1 %4.9 %4.4 %
Expected return on assets6.4 %6.2 %5.1 %5.2 %
Average rate of increase in compensation— %— %2.2 %2.2 %
Interest crediting rate3.8 %3.8 %N/AN/A
N/A - Not applicable

The discount rate used to determine the December 31, 2024 and 2023 benefit obligations for U.S. pension plans was based on the rate from the Mercer Pension Discount Curve-Above Mean Yield that is appropriate for the duration of the Company's plan liabilities. For its Non-U.S. plans, the discount rate reflected the market rates for an optimized subset of high-quality corporate bonds currently available with the discount rate in a country determined based on a yield curve constructed from high quality corporate bonds in that country. The rate selected from the yield curve has a duration that matches its plan.

The expected return on plan assets for each funded plan is based on expected future investment returns considering the target investment mix of plan assets.
The table below sets forth the net periodic pension expense charged to net income (loss). The components of net periodic pension expense (benefit), other than service cost, were included in other (income) expense, net in the accompanying consolidated statements of operations.
Pension Benefits
U.S.Non-U.S.
Years Ended December 31,
($ in millions)202420232022202420232022
Components of Net Periodic Pension and Postretirement Expense (Benefit)
Service cost$— $— $— $1 $1 $1 
Interest cost18 19 16 8 8 5 
Expected return on plan assets
(15)(14)(14)(7)(7)(7)
Net amortizations— — — 1 1 1 
Settlement loss3 3 4 — — 2 
Net pension and postretirement expense (benefit)
$6 $8 $6 $3 $3 $2 
Weighted-average discount rate for expense (January 1)
5.1 %5.4 %2.7 %4.4 %4.7 %1.7 %
Weighted-average assumed long-term rate of return on assets (January 1)
5.8 %6.0 %4.5 %5.2 %5.2 %3.0 %
Weighted-average interest crediting rate for expense
3.8 %3.8 %3.8 %N/AN/AN/A
N/A - Not applicable

The net of tax loss in accumulated other comprehensive income (loss) as of December 31, 2024 and 2023 relating to pension benefits of the Hertz Retirement Plan was $89 million and $95 million, respectively.

The provisions charged to net income (loss) for the years ended December 31, 2024, 2023 and 2022 for all other pension plans were approximately $8 million, $6 million and $6 million, respectively.

The provisions charged to net income (loss) for the years ended December 31, 2024, 2023 and 2022 for defined contribution plans were approximately $26 million, $20 million and $20 million, respectively.

Plan Assets

The Company has a long-term investment outlook for the assets held in the Company sponsored plans, which is consistent with the long-term nature of each plan's respective liabilities. The Company has two major plans which reside in the U.S. and the U.K.

The U.S. Plan

The Hertz Retirement Plan, the Company's U.S. qualified pension plan, has a target asset allocation mix of 55% in investments intended to hedge the impact of capital market movements ("Immunizing Portfolio Investments"), comprised primarily of fixed income securities, and 45% in investments intended to earn more than the pension liability growth over the long-term ("Growth Portfolio Investments"). The Growth Portfolio Investments are primarily invested in passively managed equity funds, international and emerging market funds that are actively managed and non-investment grade fixed income funds. The overall strategy and the Immunizing Portfolio Investments are managed by professional investment managers. The investments within these asset classes are diversified in order to minimize the risk of large losses. The Hertz Retirement Plan assumes a 6.4% expected long-term annual weighted-average rate of return on assets.
The fair value measurements of the Hertz Retirement Plan assets are based upon inputs that reflect quoted prices for identical assets or liabilities in active markets that are observable inputs (Level 1) and significant observable inputs (Level 2) that reflect quoted prices for similar assets or liabilities in active markets. The fair value measurements of the Hertz Retirement Plan assets relate to common collective trusts and other pooled investment vehicles consisting of the following asset categories:
(In millions)December 31, 2024December 31, 2023
Asset CategoryLevel 1Level 2
Measured at NAV(1)
Level 1Level 2
Measured at NAV(1)
Cash$7 $— $— $9 $— $— 
Short Term Investments— 23 — — 36 — 
Equity Funds(2):
U.S. Large Cap— — — — 45 — 
U.S. Small Cap— — — — 5 — 
International Large Cap— — — — 20 — 
International Small Cap— — — — 3 — 
International Emerging Markets— — — — 5 4 
Fixed Income Securities:
U.S. Treasuries— 9 — — 1 — 
Corporate Bonds— 108 33 — 155 32 
Government Bonds— 4 — — 4 — 
Municipal Bonds— 2 — — 4 — 
Non-Investment Grade Fixed Income(2)
— 139 — — 19 — 
Total fair value of pension plan assets$7 $285 $33 $9 $297 $36 
    
(1)    Includes certain investments where the fair value measurement utilizes the net asset value ("NAV"), and as such, are not classified in the fair value levels above.
(2)    The Level 2 investments relate to investment funds that publish daily NAV per unit. The daily NAV is available to participants in the funds and redemptions can be made daily at the current NAV. The fair value and units are determined and published and are the basis for current transactions. The investments are not eligible for the NAV practical expedient. However, they are measured at the published NAV because the quoted NAV per unit represents the price at which the investment would be sold in a transaction between independent market participants.

The U.K. Plan

The Company's U.K. pension plan (the "U.K. Plan") has a target allocation of 12% actively managed diversified growth and multi-asset credit funds, 8% passive equity funds and 80% protection portfolio that consists of liability driven investments, Sterling liquidity fund and U.K. corporate bonds. The actively managed diversified growth and multi-asset credit funds are intended to deliver a long-term equity-like return but with reduced levels of volatility. The protection portfolio is designed to partially hedge the interest rate and inflation expectation exposure of the liabilities which are measured on a local regulatory basis. The amount that is required to be invested in each fund to maintain target hedge ratios will vary over time as the value of the liabilities change and the allocations within the protection portfolio will be allowed to vary accordingly. All of the invested assets of the U.K. Plan are held via pooled funds managed by professional investment managers. The U.K. Plan assumes a 5.1% expected long-term weighted-average rate of return on assets for the Plan in total.

The U.K. Plan comprises $120 million of the $126 million in fair value of Non-U.S. plan assets as of December 31, 2024 and comprises $135 million of the $142 million in fair value of Non-U.S. plan assets as of December 31, 2023. The fair value measurements of the U.K. Plan assets are based upon inputs that reflect quoted prices for identical assets or liabilities in active markets that are observable inputs (Level 1) and significant observable inputs (Level 2) that reflect quoted prices for similar assets or liabilities in active markets. The fair value measurements of the U.K.
Plan assets relate to common collective trusts and other pooled investment vehicles consisting of the following asset categories:
(In millions)December 31, 2024December 31, 2023
Asset CategoryLevel 1Level 2
Measured at NAV(1)
Level 1Level 2
Measured at NAV(1)
Actively Managed Multi-Asset Funds:
Diversified Growth Funds(2)
$— $— $— $— $— $— 
Multi Asset Credit— — 16 — — 16 
Passive Equity Funds:
U.K. Equities(2)
5 — — 5 — — 
Overseas Equities(2)
6 — — 6 — — 
Passive Bond Funds:
Corporate Bonds4 — — 4 — — 
Liability Driven Investments(2)
88 — — 103 — — 
Liquidity Fund1 — — 1 — — 
Total fair value of pension plan assets$104 $— $16 $119 $— $16 
(1)    Includes certain investments where the fair value measurement utilizes NAV, and as such, are not classified in the fair value levels above.
(2)    The Level 2 investments relate to investment funds that publish daily NAV per unit. The daily NAV is available to participants in the funds and redemptions can be made daily at the current NAV. The fair value and units are determined and published and are the basis for current transactions. The investments are not eligible for the NAV practical expedient. However, they are measured at the published NAV because the quoted NAV per unit represents the price at which the investment would be sold in a transaction between independent market participants.

Contributions

The Company's policy for funded plans is to contribute annually, at a minimum, amounts required by applicable laws, regulations and union agreements. From time to time, the Company makes contributions beyond those legally required. In 2024, the Company made a $9 million contribution to the Hertz Retirement Plan and a $2 million contribution to the U.K. Plan. The Company did not make any contributions to the Hertz Retirement Plan or the U.K. Plan in 2023.

The Company does not currently anticipate contributing to the Hertz Retirement Plan during 2025. The Company anticipates contributing $1 million to the U.K. Plan and $2 million to its other Non-U.S. plans during 2025. The level of 2025 and future contributions will vary, and is dependent on a number of factors including investment returns, interest rate fluctuations, plan demographics, funding regulations and the results of the final actuarial valuation.

Estimated Future Benefit Payments

The following table presents estimated future benefit payments related primarily to the Hertz Retirement Plan and U.K. Plan:
(In millions)Pension Benefits
2025$33 
202635 
202738 
202840 
202941 
2030 to 2034218 
Total estimated future benefits payments$405 
v3.25.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The stock-based compensation expense associated with the Hertz Holdings stock-based compensation plans is pushed down from Hertz Global and recorded at Hertz.

2021 Omnibus Incentive Plan

During 2021, Hertz Global's Board approved the Hertz Global Holdings, Inc. 2021 Omnibus Incentive Plan (the “2021 Omnibus Plan"). Hertz Global initially authorized 62,250,055 shares of its common stock pursuant to awards granted under the 2021 Omnibus Plan. In addition, beginning on June 30, 2022, and ending on June 20, 2031 (the “Evergreen Date”), the total authorized shares under the 2021 Omnibus Plan will automatically increase by a number of shares equal to 2% of the total number of shares of Hertz Global's common stock outstanding on the June 29th immediately preceding the applicable Evergreen Date (the "Evergreen Increase"). Notwithstanding the foregoing, Hertz Global's Board may act prior to the Evergreen Date of a given year to provide that there will be no Evergreen Increase for such year, or that the increase for such year will be a lesser number of shares. As of December 31, 2024, 43,816,240 shares of the Hertz Global's common stock are authorized and remain available for future grants under the 2021 Omnibus Plan, which reflects application of the Evergreen Increase as prescribed by the 2021 Omnibus Plan in each of June 2024 and 2023. Vesting of the outstanding equity awards is also subject to accelerated vesting as set forth in the 2021 Omnibus Plan.

A summary of the total employee compensation expense and related income tax benefits recognized for grants made under the 2021 Omnibus Plan is as follows:
Years Ended December 31,
(In millions)202420232022
Employee compensation expense(1)
$(6)$85 $129 
Income tax benefit(7)(8)(7)
Employee compensation expense, net$(13)$77 $122 
1)    For the year ended December 31, 2024, includes $68 million of former CEO awards forfeited in March 2024.

As of December 31, 2024, there was $106 million of total unrecognized compensation cost expected to be recognized over the remaining 1.6 years, on a weighted average basis, of the requisite service period that began on the grant dates of outstanding awards.

The 2021 Omnibus Plan provides for the award of stock options, stock appreciation rights ("SARs"), performance stock, PSUs, performance units ("PUs"), restricted stock, RSUs, share awards and deferred stock units to eligible recipients. Under the 2021 Omnibus Plan, the Compensation Committee of the Board (the "Compensation Committee") has the authority to determine the eligible recipients to whom awards may be granted, the types of awards and their terms or conditions. The Board exercises these rights for certain executive officers.

Stock Options and SARs

The 2021 Omnibus Plan provides that stock option grants may be either incentive stock options or non-statutory stock options, however, the Company may not grant incentive stock options until such time as the plan has been approved by the Company's stockholders. Except in the case of replacement awards, stock options will have an exercise price per share that is no less than fair market value of the Company's common stock on the stock option grant date.

SARs may be granted to participants in tandem with stock options or on their own. Unless otherwise determined by the Compensation Committee or Board at or after the grant date, tandem SARs will have substantially similar terms as the stock options with which they are granted. Generally, each SAR will entitle the participant upon exercise to an amount (in cash, shares or a combination of cash and shares, as determined by the Compensation Committee or Board) equal to the product of (i) the excess of (A) the fair market value on the exercise date of one share of
common stock, over (B) the strike price per share, times (ii) the number of shares of common stock covered by the SAR.

The Company accounts for stock options as equity-classified awards and recognizes compensation cost on a straight-line basis over the vesting period. The value of each stock option award is estimated on the grant date using a Black-Scholes option valuation model that incorporates the assumptions noted in the following table.

The Company calculates the expected volatility based on the historical movement of its share price.
Grants
Assumption2021
Expected volatility75 %
Expected dividend yield— %
Expected term (years)6
Risk-free interest rate1.19 %
Weighted-average grant date fair value$17.12 

A summary of stock option activity under the 2021 Omnibus Plan as of December 31, 2024 is presented below:
OptionsSharesWeighted
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term (years)		Aggregate Intrinsic
Value (In millions)
Outstanding as of January 1, 20242,431,503 $26.17 6.7$— 
Granted— — 0.0— 
Exercised— — 0.0— 
Forfeited or Expired(729,085)26.17 0.0— 
Outstanding as of December 31, 20241,702,418 26.17 6.7— 
Exercisable as of December 31, 2024(1,702,418)26.17 6.7— 
Non-vested as of December 31, 2024— 
Performance Stock Awards, Performance Stock Units and Performance Units

PSAs, PSUs and PUs granted under the 2021 Omnibus Plan will vest based on the achievement of predetermined performance goals over performance periods determined by the Compensation Committee or Board or upon the occurrence of certain events, as determined by the Compensation Committee or Board. PSAs are awards of common stock that are subject to forfeiture until predetermined performance conditions have been achieved. A PSU is a contractual right to receive a stated number of shares of common stock, or if provided by the Compensation Committee or Board on or after the grant date, cash equal to the fair market value of such shares of common stock or any combination of shares of common stock and cash having an aggregate fair market value equal to such stated number of shares of common stock, which right is forfeitable until the achievement of predetermined performance conditions. PUs represent the right to receive a cash denominated award, payable in cash or shares of common stock or a combination thereof, and are forfeitable until the achievement of predetermined performance conditions.
A summary of the PSU activity as of December 31, 2024 under the 2021 Omnibus Plan is presented below:
Shares Weighted-
Average
Fair Value		Aggregate Intrinsic
Value (In millions)
Outstanding as of January 1, 20249,102,738 $17.52 $95 
Granted(1)
5,446,562 4.55 — 
Vested— — — 
Forfeited or Expired(2)
(9,351,387)17.11 — 
Outstanding as of December 31, 20245,197,913 4.67 19 
(1)    Presented assuming the issuance at the original target award amount (100%).
(2)    Includes former CEO awards forfeited in March 2024.

Compensation expense for PSUs is based on the grant date fair value of Hertz Global common stock. For grants issued in 2024, vesting eligibility is based on market, performance and service conditions of primarily two to five years. Accordingly, the number of shares issued at the end of the performance period could range between 0% and 200% of the original target award amount (100%) disclosed in the table above. Certain of these PSUs, which were granted during the months of April and June in the second quarter of 2024 and during the month of July in the third quarter of 2024, were valued on the respective grant date using a Monte Carlo simulation model that incorporates the assumptions noted in the following table:
Grants
AssumptionApril 2024June 2024July 2024
Expected volatility60 %65 %70 %
Expected dividend yield— %— %— %
Expected term (years)555
Risk-free interest rate4.34 %4.30 %4.17 %
Weighted-average grant date fair value$5.92 $1.71 $2.51 

As of December 31, 2024, there were no issued or outstanding grants of PSAs or PUs under the 2021 Omnibus Plan.

Restricted Stock and Restricted Stock Units

Restricted stock and RSUs granted under the 2021 Omnibus Plan vest based on a minimum period of service or the occurrence of events specified by the Compensation Committee or Board. Restricted stock and RSUs are subject to forfeiture until vested. Compensation expense for RSUs is based on the grant date fair value, and is recognized ratably over the vesting period. RSU grants issued in 2024 vest ratably over a period of primarily three years.

A summary of RSU activity as of and for the year ended December 31, 2024 under the 2021 Omnibus Plan is presented below:
Shares Weighted-
Average
Fair Value		Aggregate Intrinsic
Value (In millions)
Outstanding as of January 1, 20246,314,564 $15.71 $66 
Granted21,266,670 5.09 — 
Vested(2,176,283)14.29 — 
Forfeited or Expired(1)
(4,294,564)11.93 — 
Outstanding as of December 31, 202421,110,387 5.92 77 
(1)    Includes former CEO awards forfeited in March 2024.
Additional information pertaining to RSU activity under the 2021 Omnibus Plan is as follows:
Years Ended December 31,
202420232022
Total fair value of awards that vested (in millions)$31 $27 $49 
Weighted-average grant-date fair value of awards granted$5.09 $13.87 19.94 

Deferred Stock Units

Each deferred stock unit granted under the 2021 Omnibus Plan represents a contractual right to receive a stated number of shares of common stock of the Company or if provided by the Compensation Committee or Board in accordance with the 2021 Omnibus Plan on or after the grant date, cash equal to the fair value of such shares of common stock or any combination of shares of common stock and cash having an aggregate fair market value equal to such stated number of shares of common stock, on a specified future date. As of December 31, 2024 and 2023, there were approximately 234,000 and 114,000 outstanding shares, respectively, of deferred stock units under the 2021 Omnibus Plan.
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
The Company enters into certain agreements as a lessor under which it rents vehicles to customers. The Company enters into certain agreements as a lessee to rent real estate, vehicles and other equipment and to conduct its vehicle rental operations under concession agreements. If any of the following criteria are met, the Company classifies the lease as a financing lease (as a lessee) or as a direct financing or sales-type lease (both as a lessor):
•The lease transfers ownership of the underlying asset to the lessee by the end of the lease term;
•The lease grants the lessee an option to purchase the underlying asset that the Company is reasonably certain to exercise;
•The lease term is for 75% or more of the remaining economic life of the underlying asset, unless the commencement date falls within the last 25% of the economic life of the underlying asset;
•The present value of the sum of the lease payments equals or exceeds 90% of the fair value of the underlying asset; or
•The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.

Leases that do not meet any of the above criteria are accounted for as operating leases.

The Company combines lease and non-lease components in its contracts under ASC 842, Lease Accounting ("Topic 842"), when permissible.

The following further describes the Company's leasing transactions.

Lessor

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, refueling and recharging during the rental period, and for fees associated with the early or late termination of the vehicle lease. The Company
mitigates residual value risk of its revenue earning vehicles by utilizing manufacturer repurchase and guaranteed depreciation programs, using sophisticated vehicle diagnostic and repair equipment to maintain the condition of its vehicles and through periodic reviews of vehicle depreciation rates based on management's ongoing assessment of present and estimated future market conditions.

The following table summarizes the amount of operating lease income and other income included in total revenues in the accompanying consolidated statements of operations for each of the years ended December 31, 2024, 2023 and 2022:
(In millions)202420232022
Operating lease income from vehicle rentals$8,183 $8,546 8,243 
Variable operating lease income627 588 212 
Revenue accounted for under Topic 8428,810 9,134 8,455 
Revenue accounted for under Topic 606239 237 230 
Total revenues$9,049 $9,371 8,685 

Lessee

As a lessee, the Company has the following types of operating leases:
•Concession agreements which grant the Company the right to conduct its vehicle rental operations at airports, hotels and train stations and to use building space such as terminal counters and parking garages;
•Real estate leases for its off airport vehicle rental locations and other premises;
•Revenue earning vehicle leases; and
•Other equipment leases.

The Company's lease terms generally range from one month to thirty-five years and a number of agreements contain escalation clauses, which increase the payment obligation based on a fixed or variable rate and renewal options. The length of renewals vary and may result in different payment terms. Payment terms are based on fixed rates explicit in the lease, including guaranteed minimums and/or variable rates based on:
•Operating expenses, such as common area charges, real estate taxes and insurance;
•A percentage of revenues or sales arising at the relevant premises; and/or
•Periodic inflation adjustments.

The Company recognizes a ROU asset and lease liability in its accompanying consolidated balance sheets for leases with a term greater than twelve months. Options to extend or terminate a lease are included in the Company's ROU asset and lease liability when it is reasonably certain that such options will be exercised. The Company does not recognize ROU assets or lease liabilities for short-term leases (i.e., those with a term of twelve months or less) and recognizes lease expense on a straight-line basis over the lease term, as applicable.

In the third quarter of 2024, the Company recognized an impairment on the Long-Lived Assets, which included ROU assets, in the Americas RAC segment. See Note 3, "Long-Lived Assets Impairment," for further details.

To determine the present value of its lease payments, the Company utilizes the interest rate implicit in the lease agreement. If the implicit interest rate cannot be determined in the lease agreement, the Company utilizes the Company's collateralized incremental borrowing rate as of January 1, 2019, the adoption date of Topic 842, or the commencement date of the lease, whichever is later.
The following table summarizes the amount of lease costs incurred by the Company for each of the years ended December 31, 2024, 2023 and 2022:
Years ended December 31,
(In millions)202420232022
Minimum fixed lease costs:
Short-term lease costs$107 $92 $142 
Operating lease costs588 543 438 
Total695 635 580 
Variable lease costs$279 $339 $334 
Total lease costs
974 974 914 

The following summarizes the weighted-average remaining lease term and weighted-average discount rate for the Company's operating leases as a lessee as of December 31, 2024:
Weighted-average remaining lease term (in years)10.1
Weighted-average discount rate10.09 %

The following table summarizes the Company's minimum fixed lease obligations under existing agreements as a lessee, excluding variable concession obligations in excess of minimum annual guarantees and short-term leases, as of December 31, 2024:
(In millions)
2025561 
2026459 
2027388 
2028320 
2029261 
After 20291,430 
Total lease payments3,419 
Interest(1,346)
Operating lease liabilities as of December 31, 2024
2,073 
Leases Leases
The Company enters into certain agreements as a lessor under which it rents vehicles to customers. The Company enters into certain agreements as a lessee to rent real estate, vehicles and other equipment and to conduct its vehicle rental operations under concession agreements. If any of the following criteria are met, the Company classifies the lease as a financing lease (as a lessee) or as a direct financing or sales-type lease (both as a lessor):
•The lease transfers ownership of the underlying asset to the lessee by the end of the lease term;
•The lease grants the lessee an option to purchase the underlying asset that the Company is reasonably certain to exercise;
•The lease term is for 75% or more of the remaining economic life of the underlying asset, unless the commencement date falls within the last 25% of the economic life of the underlying asset;
•The present value of the sum of the lease payments equals or exceeds 90% of the fair value of the underlying asset; or
•The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.

Leases that do not meet any of the above criteria are accounted for as operating leases.

The Company combines lease and non-lease components in its contracts under ASC 842, Lease Accounting ("Topic 842"), when permissible.

The following further describes the Company's leasing transactions.

Lessor

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, refueling and recharging during the rental period, and for fees associated with the early or late termination of the vehicle lease. The Company
mitigates residual value risk of its revenue earning vehicles by utilizing manufacturer repurchase and guaranteed depreciation programs, using sophisticated vehicle diagnostic and repair equipment to maintain the condition of its vehicles and through periodic reviews of vehicle depreciation rates based on management's ongoing assessment of present and estimated future market conditions.

The following table summarizes the amount of operating lease income and other income included in total revenues in the accompanying consolidated statements of operations for each of the years ended December 31, 2024, 2023 and 2022:
(In millions)202420232022
Operating lease income from vehicle rentals$8,183 $8,546 8,243 
Variable operating lease income627 588 212 
Revenue accounted for under Topic 8428,810 9,134 8,455 
Revenue accounted for under Topic 606239 237 230 
Total revenues$9,049 $9,371 8,685 

Lessee

As a lessee, the Company has the following types of operating leases:
•Concession agreements which grant the Company the right to conduct its vehicle rental operations at airports, hotels and train stations and to use building space such as terminal counters and parking garages;
•Real estate leases for its off airport vehicle rental locations and other premises;
•Revenue earning vehicle leases; and
•Other equipment leases.

The Company's lease terms generally range from one month to thirty-five years and a number of agreements contain escalation clauses, which increase the payment obligation based on a fixed or variable rate and renewal options. The length of renewals vary and may result in different payment terms. Payment terms are based on fixed rates explicit in the lease, including guaranteed minimums and/or variable rates based on:
•Operating expenses, such as common area charges, real estate taxes and insurance;
•A percentage of revenues or sales arising at the relevant premises; and/or
•Periodic inflation adjustments.

The Company recognizes a ROU asset and lease liability in its accompanying consolidated balance sheets for leases with a term greater than twelve months. Options to extend or terminate a lease are included in the Company's ROU asset and lease liability when it is reasonably certain that such options will be exercised. The Company does not recognize ROU assets or lease liabilities for short-term leases (i.e., those with a term of twelve months or less) and recognizes lease expense on a straight-line basis over the lease term, as applicable.

In the third quarter of 2024, the Company recognized an impairment on the Long-Lived Assets, which included ROU assets, in the Americas RAC segment. See Note 3, "Long-Lived Assets Impairment," for further details.

To determine the present value of its lease payments, the Company utilizes the interest rate implicit in the lease agreement. If the implicit interest rate cannot be determined in the lease agreement, the Company utilizes the Company's collateralized incremental borrowing rate as of January 1, 2019, the adoption date of Topic 842, or the commencement date of the lease, whichever is later.
The following table summarizes the amount of lease costs incurred by the Company for each of the years ended December 31, 2024, 2023 and 2022:
Years ended December 31,
(In millions)202420232022
Minimum fixed lease costs:
Short-term lease costs$107 $92 $142 
Operating lease costs588 543 438 
Total695 635 580 
Variable lease costs$279 $339 $334 
Total lease costs
974 974 914 

The following summarizes the weighted-average remaining lease term and weighted-average discount rate for the Company's operating leases as a lessee as of December 31, 2024:
Weighted-average remaining lease term (in years)10.1
Weighted-average discount rate10.09 %

The following table summarizes the Company's minimum fixed lease obligations under existing agreements as a lessee, excluding variable concession obligations in excess of minimum annual guarantees and short-term leases, as of December 31, 2024:
(In millions)
2025561 
2026459 
2027388 
2028320 
2029261 
After 20291,430 
Total lease payments3,419 
Interest(1,346)
Operating lease liabilities as of December 31, 2024
2,073 
v3.25.0.1
Income Tax (Provision) Benefit
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Tax (Provision) Benefit Income Tax (Provision) Benefit
The components of income (loss) before income taxes for the Company's domestic and foreign operations are as follows:
Hertz Global
As of December 31,
(In millions)202420232022
Domestic$(2,876)$180 $2,120 
Foreign(361)106 329 
Total income (loss) before income taxes$(3,237)$286 $2,449 
Hertz
As of December 31,
(In millions)202420232022
Domestic$(3,151)$17 $1,416 
Foreign(361)106 329 
Total income (loss) before income taxes$(3,512)$123 $1,745 

The total income tax provision (benefit) consists of the following:
Hertz Global and Hertz
As of December 31,
(In millions)202420232022
Current:
Federal $11 $1 $— 
Foreign60 42 41 
State and local13 7 32 
Total current84 50 73 
Deferred:
Federal(551)(348)338 
Foreign42 (33)42 
State and local50 1 (63)
Total deferred(459)(380)317 
Total provision (benefit) - Hertz Global(375)(330)390 
Federal deferred tax (provision) benefit applicable to Hertz Holdings— 1 — 
Total provision (benefit) - Hertz$(375)$(329)$390 
The principal items of the U.S. and foreign net deferred tax assets and liabilities are as follows:
Hertz Global and Hertz
As of December 31,
(In millions)20242023
Deferred tax assets:
Employee benefit plans$16 $19 
Net operating loss carryforwards1,614 1,741 
Capital loss carryforwards4 3 
Federal and state tax credit carryforwards356 343 
Deferred interest expense371 240 
Accrued and prepaid expenses259 172 
Operating lease liabilities530 544 
Total deferred tax assets3,150 3,062 
Less: valuation allowance(839)(305)
Total net deferred tax assets2,311 2,757 
Deferred tax liabilities:
Depreciation on tangible assets(1,516)(2,388)
Intangible assets(715)(716)
Operating lease right-of-use assets(537)(576)
Total deferred tax liabilities(2,768)(3,680)
Net deferred tax liability - Hertz Global(457)(923)
Deferred tax asset - net operating loss applicable to Hertz Holdings(4)(3)
Net deferred tax liability - Hertz$(461)$(926)

Hertz Global and Hertz

In determining valuation allowances, an assessment of positive and negative evidence was performed regarding realization of the deferred tax assets. This assessment included the evaluation of cumulative earnings and losses in recent years, scheduled reversals of deferred tax liabilities, the availability of carryforwards and the remaining period of the respective carryforward, future taxable income and any applicable tax-planning strategies that are available.

As of December 31, 2024, the Company has approximately $1.1 billion of tax-effected U.S. federal net operating loss carryforwards ("Federal NOLs"), which have an indefinite carryforward period and may offset 80% of taxable income generate in any future year. The Company has approximately $320 million of federal tax credits which begin expiring in 2042. These credits are offset, in part, by a valuation allowance totaling $176 million. The Company has approximately $305 million of tax-effected federal deferred interest expense which has an indefinite carryforward period. The Company has not recorded a valuation allowance on its Federal NOLs or deferred interest expense as there were adequate U.S. deferred tax liabilities that could be realized within the carryforward periods.

As of December 31, 2024, the Company has approximately $262 million of tax-effected state net operating loss carryforwards. Some of these net operating losses have an indefinite carryforward period, and those that do not will begin to expire in 2025 if not utilized. These net operating losses are offset, in part, by a valuation allowance totaling $199 million. The Company has approximately $36 million in state tax credits for which a full valuation allowance is recorded. The state tax credits expire over various years beginning in 2028. The Company has approximately $54 million of tax-effected deferred interest expense which has an indefinite carryforward period and is offset, in part, by a valuation allowance totaling $31 million. The tax effected amounts for all state tax attributes are net of federal benefit.
As of December 31, 2024, the Company has approximately $207 million of tax-effected foreign net operating loss carryforwards. Some of the net operating losses have an indefinite carryforward period, and those that do not will begin to expire in 2035 if not utilized. These net operating losses are offset, in part, by a valuation allowance totaling $202 million. The Company has no tax credits in foreign jurisdictions. The Company has approximately $12 million of tax-effected foreign deferred interest which has an indefinite carryforward period. The deferred interest is offset, by a valuation allowance of $4 million. The Company has approximately $4 million of tax-effected foreign capital loss carryforwards for which a full valuation allowance has been recorded.

Due to the ownership changes before and upon emergence from bankruptcy in June 2021, the utilization of the Company's federal, state and foreign NOLs may be subject to limitations. Estimates of these limitations have been reflected in the tax provision.

The significant items in the reconciliation of the statutory and effective income tax rates consists of the following items in the table below. Percentages are calculated from the underlying numbers in thousands, and as a result, may not agree to the amount when calculated in millions.
Hertz Global and Hertz
Years Ended December 31,
202420232022
Statutory federal tax rate21 %21 %21 %
State and local income taxes, net of federal effect4 5 4 
Change in state rates, net of federal effect— (4)— 
Foreign tax rate differential— 2 — 
Federal and foreign permanent differences— (5)1 
Tax credits1 (70)(1)
Withholding taxes— 1 1 
Valuation allowance(17)(73)(6)
Change in fair value of Public Warrants & Exchangeable Notes2 (14)(7)
European reorganization— 6 — 
Uncertain tax positions— 1 — 
U.S. tax on foreign earnings— 9 1 
Nondeductible officer compensation
— 5 1 
Other1 1 1 
Effective tax rate - Hertz Global
12 (115)16 
Hertz Holdings exclusive items(1)
(1)(153)6 
Effective tax rate - Hertz
11 %(268)%22 %
(1)    Represents the tax rate differential due to the exclusion of the change in fair value of Public Warrants from Hertz's income (loss) before income taxes.

The change in tax provision in 2024 compared to 2023 is driven by lower pretax income, increases in valuation allowances in 2024 and lower EV credits generated in 2024.

The change in tax provision in 2023 compared to 2022 is driven by lower pre-tax income in 2023, benefits from EV credits generated in 2023, the release of valuation allowances in 2023 primarily related to the characterization of the loss on the restructuring of European operations (as disclosed below) and the non-taxable change in the fair value of Public Warrants.
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
Hertz Global and Hertz
Years Ended December 31,
(In millions)202420232022
Balance as of January 1$130 $298 $106 
Increase (decrease) attributable to tax positions taken during prior periods— (192)184 
Increase (decrease) attributable to tax positions taken during the current year29 24 9 
Decrease attributable to settlements with taxing authorities(3)— (1)
Balance as of December 31$156 $130 $298 

The total amount of unrecognized tax benefits that, if recognized, would favorably impact the effective tax rate is $4 million. Net, after-tax interest and penalties related to tax liabilities are classified as a component of income tax in the accompanying consolidated statements of operations which were not significant for the years ended December 31, 2024, 2023 and 2022. Net, after-tax interest and penalties were accrued as a component of tax in the Company's consolidated balance sheet in the amount of $8 million and $8 million as of December 31, 2024 and 2023, respectively.

It is reasonably possible our unrecognized tax benefits will decrease by approximately $52 million within 12 months of our reporting date if an agreement is reached between U.S. and foreign competent authorities regarding intercompany royalties for the periods 2011-2015.

During 2021, as part of a restructuring of European operations, we generated a tax loss of approximately $1.3 billion, which was initially characterized as a capital loss in the 2021 provision. On February 9, 2023, the Company and the IRS agreed to the amount and to the character of the loss as ordinary. This resulted in a reduction in the amount of loss and a release of valuation allowances for a net benefit of $163 million in 2023.

The Company is subject to examination by taxing authorities throughout the world. The tax years that are open for examination span from 2010 to 2024. Additionally, the Company is under audit in several U.S. states and other foreign jurisdictions, and it is reasonably possible that the amount of unrecognized tax benefits may change as the result of the completion of ongoing examinations, the expiration of the statute of limitations or unforeseen circumstances.

The Company's assumptions and estimates pertaining to uncertain tax positions require significant judgment. It is possible that the tax authorities could challenge the Company's estimates and assumptions used to assess the tax benefits, and the actual amount of the tax benefits related to uncertain tax positions may differ materially from these estimates.

The Company has provided for deferred taxes on undistributed earnings of foreign subsidiaries. However, it is not practicable to estimate the deferred taxes on other differences on investments in foreign subsidiaries.
Many countries have enacted or are in the process of enacting a 15% minimum tax rule based on the OECD framework, commonly referred to as "Pillar Two." The Company does not anticipate a material impact on taxes as a result of Pillar Two.
v3.25.0.1
Financial Instruments
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Financial Instruments Financial Instruments
The Company employs established risk management policies and procedures, and, under the terms of our ABS facilities, may be required to enter into interest rate derivatives, which seek to reduce the Company’s commercial risk exposure to fluctuations in interest rates and currency exchange rates. Although the instruments utilized involve varying degrees of credit, market and interest risk, the Company contracts with multiple counterparties to mitigate
concentrations of risk and the counterparties to the agreements are expected to perform fully under the terms of the agreements. The Company monitors counterparty credit risk, including lenders, on a regular basis, but cannot be certain that all risks will be discerned or that its risk management policies and procedures will always be effective. Additionally, upon the occurrence of an event of default under the Company’s International Swaps and Derivatives Association master derivative agreements, the non-defaulting party generally has the right, but not the obligation, to set-off any early termination amounts under any such agreements against any other amounts owed with regard to any other agreements between the parties to each such agreement.

None of the Company's financial instruments have been designated as hedging instruments as of December 31, 2024 and 2023. The Company classifies cash flows from financial instruments according to the classification of the cash flows of the economically hedged item(s).

Interest Rate Risk

The Company uses a combination of interest rate caps and swaps to manage its exposure to interest rate movements and to manage its mix of floating and fixed-rate debt.

Currency Exchange Rate Risk

The Company uses foreign currency exchange rate derivative financial instruments to manage its currency exposure resulting from intercompany transactions and other cross currency obligations.

Fair Value

The following table summarizes the estimated fair value of financial instruments:
Fair Value of Financial Instruments
Asset Derivatives(1)
Liability Derivatives(1)
December 31,December 31,
(In millions)2024202320242023
Interest rate instruments(1)
$2 $10 $— $— 
Foreign currency forward contracts(1)
1 5 6 2 
Exchange Feature related to Exchangeable Notes(2)
— — 61 — 
Total
$3 $15 $67 $2 
(1)    Asset derivatives are recorded in prepaid expenses and other assets and liability derivatives are recorded in accrued liabilities in the accompanying consolidated balance sheets.
(2)    The Exchange Feature was bifurcated as a derivative upon issuance of the Exchangeable Notes in June 2024, as disclosed in Note 7, "Debt," and is recorded in non-vehicle debt in the accompanying consolidated balance sheet as of December 31, 2024.
The following table summarizes the gains or (losses) on financial instruments for the period indicated:

Location of Gain (Loss) Recognized on DerivativesAmount of Gain (Loss) Recognized in Income on Derivatives
Years Ended December 31,
(In millions)202420232022
Interest rate instrumentsVehicle interest expense, net$(5)$(6)$127 
Foreign currency forward contracts
Selling, general and administrative expense(1)
(26)8 (2)
Exchange Feature related to Exchangeable Notes(2)
Non-vehicle interest expense, net7 — — 
Total
$(24)$2 $125 
(1)    In 2022, all gains (losses) on foreign currency forward contracts were recorded in other (income) expense, net.
(2)    The Exchange Feature was bifurcated as a derivative upon issuance of the Exchangeable Notes in June 2024, as further disclosed in Note 7, "Debt."

In the first quarter of 2023, the Company sold certain of its interest rate caps resulting in a net gain of $10 million based on the recognition of a $98 million realized gain on the unwind, of which $88 million was previously unrealized.

The Company's foreign currency forward contracts and certain interest rate instruments are subject to enforceable master netting agreements with their counterparties. The Company does not offset such derivative assets and liabilities in its consolidated balance sheets, and the potential effect of the Company’s use of the master netting arrangements is not material.
v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Under U.S. GAAP, entities are allowed to measure certain financial instruments and other items at fair value. The Company has not elected the fair value measurement option for any of its assets or liabilities that meet the criteria for this option. Irrespective of the fair value option previously described, U.S. GAAP requires certain financial and non-financial assets and liabilities of the Company to be measured on either a recurring basis or on a nonrecurring basis.

Fair Value Disclosures

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.
Debt Obligations

The fair value of the debt facilities 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).
December 31, 2024December 31, 2023
(In millions)Nominal Unpaid Principal BalanceAggregate Fair ValueNominal Unpaid Principal BalanceAggregate Fair Value
Other Non-Vehicle Debt$4,920 $4,399 $3,515 $3,285 
Exchangeable Notes(1)
250 289 — — 
Total Non-Vehicle Debt5,170 4,688 3,515 3,285 
Vehicle Debt11,280 11,100 12,314 11,878 
Total$16,450 $15,788 $15,829 $15,163 
(1)    As of December 31, 2024, the nominal unpaid principal balance and aggregate fair value of the Exchangeable Notes include $61 million related to the Exchange Feature, which is measured based on Level 3 inputs as disclosed below.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the Company's cash equivalents, restricted cash equivalents and Public Warrants that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy as follows:
December 31, 2024December 31, 2023
(In millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:
Cash equivalents and restricted cash equivalents$229 $— $— $229 $362 $— $— $362 
Liabilities:
Public Warrants$178 $— $— $178 $453 $— $— $453 
Exchange Feature$— $— $61 $61 $— $— $— $— 

Cash Equivalents and Restricted Cash Equivalents

The Company’s cash equivalents and restricted cash equivalents primarily consist of investments in money market funds and bank money market and interest-bearing accounts. The Company determines the fair value of cash equivalents and restricted cash equivalents using a market approach based on quoted prices in active markets (i.e., Level 1 inputs).

Public Warrants – Hertz Global

Hertz Global's Public Warrants are classified as liabilities and recorded at fair value in the accompanying consolidated balance sheets as of December 31, 2024 and 2023 in accordance with the provisions of ASC 480, Distinguishing Liabilities from Equity ("Topic 480"). See Note 18, "Public Warrants – Hertz Global," for further details. Upon issuance in June 2021, the initial fair value of the Public Warrants was $800 million. The Company calculates the fair value based on the end-of-day quoted market price, a Level 1 input of the fair value hierarchy. For the years ended December 31, 2024, 2023 and 2022, the fair value adjustments resulted in gains of $275 million, $163 million and $704 million, respectively, and were recorded in change in fair value of Public Warrants in the accompanying consolidated statements of operations for Hertz Global.
Exchange Feature

The Exchangeable Notes contain an embedded conversion feature, the Exchange Feature, that is required to be bifurcated and accounted for separately from the Exchangeable Notes as a derivative liability at fair value. See Note 7, "Debt," and Note 12, "Financial Instruments," for further information.

The fair value of the Exchange Feature was determined using a lattice model and a “with-and-without” valuation methodology. The inputs used to estimate the fair value of the Exchange Feature include the probability of potential settlement scenarios, the expected timing of such settlement and an expected volatility determined by reference to historical stock volatilities. As the expected volatility input is considered unobservable, the Company has categorized the Exchange Feature as Level 3 input in the fair value hierarchy.

The estimated fair value of the Exchange Feature was computed using the following key inputs as of December 31, 2024:
December 31, 2024
Hertz Global common share price$3.66 
Expected term (years)4.54
Risk-free interest rate4.35 %
Credit spread8.55 %
Expected volatility48.75 %

The significant unobservable input used in the fair value measurement of the Exchange Feature is expected volatility. Holding other inputs constant, an increase (decrease) in expected volatility would have resulted in a higher (lower) fair value measurement, respectively.

The following table summarizes the activity related to the Exchange Feature measured at fair value utilizing significant unobservable inputs (Level 3 input) as of December 31, 2024:
(In millions)
Balance as of December 31, 2023$— 
Initial recognition of derivative liability68 
(Gain) loss in fair value recognized in earnings(1)
(7)
Balance as of December 31, 2024$61 
(1)    Included in non-vehicle interest expense, net in the accompanying audited consolidated statement of operations for the year ended December 31, 2024.

Financial Instruments

The fair value of the Company's financial instruments as of December 31, 2024 and 2023 are disclosed in Note 12, "Financial Instruments." The Company's financial instruments, excluding the Exchange Feature as disclosed above, are priced using quoted market prices for similar assets or liabilities in active markets (i.e., Level 2 inputs).

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

During the third quarter of 2024, at the conclusion of the Company’s historical peak rental season, there was a reduction in the cash flow projections in the Americas RAC and International RAC segments, indicating that the carrying values of their long-lived assets may not be recoverable. As a result, the Company tested the recoverability of the “Long-Lived Assets” in its Americas RAC and International RAC segments and determined that an impairment existed. Effective August 31, 2024, the Long-Lived Assets were written down to their estimated fair values (determined using Level 2 inputs). See Note 3, "Long-Lived Assets Impairment," for additional information.
In December 2023, the Company identified the First EV Disposal Group, which was in response to management's determination that the supply of EVs exceeded customer demand, elevated EV damage and collision costs, and a decline in EV residual values. As a result, the First EV Disposal Group was classified as held for sale as of December 31, 2023 and recorded at the lower of carrying value or fair value (as determined using Level 2 inputs) less costs to sell. As of December 31, 2024, the sale of the First EV Group was substantially complete. See Note 5, "Revenue Earning Vehicles," for additional information.
v3.25.0.1
Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2024
Accumulated Other Comprehensive Income [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
Changes in the accumulated other comprehensive income (loss) balance by component (net of tax) is as follows:
(In millions)Pension and Other Post-Employment BenefitsForeign Currency ItemsUnrealized Losses from Currency Translation Adjustments on Terminated Net Investment HedgesAccumulated Other Comprehensive Income (Loss)
Balance as of January 1, 2024$(95)$(134)$(19)$(248)
Other comprehensive income (loss) before reclassification
3 (74)— (71)
Amounts reclassified from accumulated other comprehensive income (loss)
3 — — 3 
Balance as of December 31, 2024$(89)$(208)$(19)$(316)

(In millions)Pension and Other Post-Employment BenefitsForeign Currency ItemsUnrealized Losses from Currency Translation Adjustments on Terminated Net Investment HedgesAccumulated Other Comprehensive Income (Loss)
Balance as of January 1, 2023$(92)$(183)$(19)$(294)
Other comprehensive income (loss) before reclassification
(6)49 — 43 
Amounts reclassified from accumulated other comprehensive income (loss)
3 — — 3 
Balance as of December 31, 2023$(95)$(134)$(19)$(248)
v3.25.0.1
Contingencies and Off-Balance Sheet Commitments
 12 Months Ended
Dec. 31, 2024
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 consolidated balance sheets, represents an estimate for both reported accident claims not yet paid and claims incurred but not yet reported. The related liabilities are recorded on an undiscounted basis and are based on actuarially determined estimates using historical claims experience. These estimates include judgment about severity of claims, frequency and volume of claims. As of December 31, 2024 and December 31, 2023, the Company's liability recorded for self-insured liabilities was $617 million and $471 million, of which $491 million and $336 million relates to liabilities incurred by the Company's Americas RAC operations, 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 monitored quarterly
based on evolving accident claim history. 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. The Company has summarized below the material legal proceedings to which the Company was a party during the year ended December 31, 2024 or the period after December 31, 2024, but before the filing of this 2024 Annual Report.

Make-Whole and Post-Petition Interest Claims - On July 1, 2021, Wells Fargo Bank, N.A. ("Wells Fargo"), in its capacity as indenture trustee of (1) 6.250% Unsecured Notes due 2022 (the "2022 Notes"), (2) 5.500% Unsecured Notes due 2024 (the "2024 Notes"), (3) 7.125% Unsecured Notes due 2026 (the "2026 Notes") and (4) 6.000% Unsecured Notes due 2028 (the "2028 Notes") issued by The Hertz Corporation (collectively, the “Unsecured Notes”), filed a complaint against The Hertz Corporation and multiple direct and indirect subsidiaries thereof (collectively referred to in this paragraph summary as “defendants”). The filing of the complaint initiated the adversary proceeding captioned Wells Fargo Bank, N.A. v. The Hertz Corp., et al. in the United States Bankruptcy Court for the District of Delaware (the "Delaware Bankruptcy Court"), Adv. Pro. No. 21-50995 (MFW). The complaint seeks a declaratory judgment that the holders of the Unsecured Notes are entitled to payment of certain redemption premiums and post-petition interest that the holders assert total approximately $272 million or, in the alternative, are entitled to payment of post-petition interest at a contractual rate that they assert totals approximately $125 million. The complaint also asserts the right to pre-judgment interest from July 1, 2021 to the date of any judgment. On December 22, 2021, the Delaware Bankruptcy Court dismissed Wells Fargo’s claims with respect to (i) the redemption premium allegedly owed on the 2022 Notes and the 2024 Notes and (ii) post-petition interest at the contract rate. See Wells Fargo Bank, N.A. v. The Hertz Corp., et al., 637 B.R. 781 (Bankr. D. Del. Dec. 22, 2021). On November 9, 2022, the Delaware Bankruptcy Court ruled that the make-whole premium is the same as unmatured interest and is disallowed under the U.S. Bankruptcy Code, granting summary judgment in the defendants’ favor. The Delaware Bankruptcy Court certified the matter directly to the U.S. Court of Appeals for the Third Circuit (the “Third Circuit”) and, on January 25, 2023, the Third Circuit accepted Wells Fargo’s appeal. The Third Circuit held an oral argument for this appeal on October 25, 2023, and on September 10, 2024, the Third Circuit issued its opinion in Wells Fargo Bank, N.A. v. The Hertz Corp., et al., 117 F.4th 109 (3d Cir. 2024). In a 2-1 decision, a panel of the Third Circuit held that the "absolute priority rule" required Hertz to pay the make-whole premium on the 2026 Notes and on the 2028 Notes, and post-petition interest at the contract rate rather than the federal judgment rate on all Unsecured Notes, even though those amounts were disallowed under the Bankruptcy Code. As a result, the Company has accrued approximately $320 million for this litigation as of December 31, 2024, made up of approximately $260 million on the underlying claims and approximately $60 million in pre-judgment interest, which interest will continue to accrue until the date of any judgment that may be entered by the Delaware Bankruptcy Court. On October 15, 2024, the Company filed a petition with the Third Circuit for a rehearing en banc, which the Third Circuit denied on November 6, 2024. The case has now been remanded to the Delaware Bankruptcy Court for a determination of the exact amount owed by the Company. The Company and the Indenture Trustee do not agree on the proper calculation of the amounts owed, and that dispute remains to be resolved by the Delaware Bankruptcy Court. The Company has also announced its intent to seek review of the Third Circuit's decision by the Supreme Court of the United States (the "U.S. Supreme Court"). The Company's current deadline to file a petition for writ of certiorari with the U.S. Supreme Court is March 6, 2025. The Company has commenced negotiations with certain holders of the Unsecured Notes (the “Noteholders”) with respect to a possible settlement of this litigation (a “Potential Settlement”). The Company has not reached an agreement with the Noteholders, and there can be no assurance that a Potential Settlement will be agreed upon between the Noteholders and the Company. The Company cannot predict the ultimate outcome or timing of this litigation; if, however, the Delaware Bankruptcy Court were to enter judgment against Hertz, payment of such judgment could have a material adverse effect on the Company's financial condition, results of operations or cash flows.

Claims Related to Alleged False Arrests - A group of claims involving allegations that the police detained or arrested individuals in error after the Company reported rental cars as stolen were previously advanced against the Company. These claims first arose from actions allegedly taken by the Company prior to its emergence from
bankruptcy reorganization; some claims alleged post-emergence behavior by the Company. These claims have been the subject of press coverage, and the Company has received government inquiries on the matter. The Company has policies to help guide the proper treatment of its customers and to seek to protect itself against the theft of its services or assets, and the Company has taken significant steps to modernize and update those policies. In December 2022, the Company entered into settlement agreements with 364 claimants in full and final resolutions of their claims for an aggregated amount of approximately $168 million (the "Settlement"), all of which amount was paid by the Company during December 2022. The Settlement resolved nearly all of the false arrest-related claims being advanced in the U.S. Bankruptcy Court for the District of Delaware, Adv. Pro. No. 20-11247 (MFW) and state court in Delaware (captioned Flannery, et al. v. Hertz Global Holdings, Inc., et al., C.A. No. N22C-07-100 and Okoasia, et al. v. Hertz Global Holdings, Inc., et al., C.A. No. N22C-09-531). Also, as a result of the Settlements, state court matters pending in Pennsylvania, captioned Lovelace, et al. v. Hertz Global Holdings, Inc., et al., Case No. 220801729, and in Florida, captioned Lizasoain, et al. v. Hertz Global Holdings, Inc., et al., Case No. 2022-015316-CA-1, were dismissed with prejudice. The Company continues to vigorously defend itself and believes that the ultimate resolution of any remaining claims will not have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. Relatedly, in May 2022, the Company filed a complaint against several of its insurers seeking a determination of its rights under its commercial general liability, and directors and officers liability, insurance policies for these alleged claims in a declaratory judgment action pending in Delaware Superior Court, Hertz Global Holdings, Inc., et al. v. ACE American Insurance Co., et al., C.A. No. N22C-05-130 MMJ (CCLD). On June 30, 2023, Hertz entered into a confidential settlement agreement with ACE American Insurance Company. On July 10, 2024, the Delaware Superior Court held a hearing on cross-motions for partial summary judgment and summary judgment. The Company entered into confidential settlement agreements with some of the remaining insurers before and after the hearing. On October 8, 2024, the Delaware Superior Court denied the Company's motion for partial summary judgment and granted the cross-motions for summary judgment and partial summary judgment in favor of the remaining general liability insurers. Thereafter, Hertz entered into settlement agreements with the remaining directors' and officers' liability insurers.

Share Repurchase Program Litigation – On May 11, 2023, Angelo Cascia, a purported stockholder of Hertz Global, filed a putative class and derivative lawsuit in the Delaware Court of Chancery (the "Delaware Chancery Court") against certain current and former directors of Hertz Global, Knighthead Capital Management, LLC ("Knighthead"), Certares Opportunities LLC ("Certares") and CK Amarillo. The claims in the complaint relate to the Company’s share repurchase programs approved in November 2021 and June 2022. Among other allegations, the plaintiff claims Board members breached their fiduciary duties in approving these share repurchase programs and that Knighthead, Certares, and CK Amarillo were unjustly enriched because they gained a majority stake in Hertz Global as a result of share repurchases. Defendants filed their motion to dismiss the complaint on July 24, 2023. On March 11, 2024, the Delaware Chancery Court held a hearing on defendants' motion to dismiss. On June 20, 2024, the Delaware Chancery Court granted in part and denied in part the defendants' motion to dismiss. The Delaware Chancery Court dismissed the claims against directors Feikin, Fields, Intrieri and Vougessis with prejudice, dismissed the claims related to the 2021 buyback without prejudice and allowed the remaining claims to proceed. On August 26, 2024, the Board formed a Special Litigation Committee (the "SLC"), made up of two independent directors, to evaluate and take any necessary actions related to the remaining claims. On October 21, 2024, the Delaware Chancery Court granted a motion to stay the litigation, including all discovery, until March 21, 2025.

Securities Class Action Complaint – On May 31, 2024, a complaint was filed in the United States District Court for the Middle District of Florida (the "Florida Middle District Court"), captioned Edward M. Doller v. Hertz Global Holdings, Inc. et al. (No. 2:24-CV-00513). On September 30, 2024, an amended complaint was filed, following the Florida Middle District Court's appointment of a lead plaintiff and a lead counsel. The amended complaint asserts claims against Hertz Global, former Company CEO, Stephen M. Scherr, and former Company Chief Financial Officer, Alexandra Brooks, alleging violations of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder, including concerning statements regarding demand for EVs. Plaintiffs assert claims on behalf of a putative class, consisting of all persons and entities that purchased or otherwise acquired Hertz Global's securities between January 6, 2023 and April 24, 2024. The amended complaint seeks unspecified damages, together with interest, attorneys’ fees and other costs. Hertz Global filed a motion to dismiss the complaint on October 30, 2024. On December 19, 2024, the Florida Middle District Court stayed all proceedings, pending a ruling on the motion to dismiss.
Warrant Holder Litigation – The holders of approximately 11% of the outstanding Public Warrants issued by Hertz Global under the Warrant Agreement, dated as of June 30, 2021 (the “Warrant Agreement”), filed a lawsuit, captioned Discovery Global Opportunity Master Fund, Ltd. v. Hertz Global Holdings, Inc., Case No. 2024-0655 (the “Action”), in the Delaware Chancery Court, on June 14, 2024. The complaint in the Action alleges generally that a “Change of Control Event” (as defined in the Warrant Agreement) had occurred by virtue of Hertz Global's repurchase of shares between November 2021 and December 31, 2023 and Hertz Global's incurrence of indebtedness. The complaint further asserts that, as a result of the alleged Change of Control Event, the plaintiffs are entitled to a “Change of Control Payment Amount” (as defined in the Warrant Agreement) in the amount of $20.47 per Public Warrant, or approximately $188 million in the aggregate, for their 11% position. The complaint asserts three claims for breach of contract and seeks a declaration from the Delaware Chancery Court that a Change of Control Event has occurred and that Hertz Global breached the Warrant Agreement by failing to redeem the warrants, monetary damages of at least $188 million plus pre- and post-judgment interest, and an order of specific performance, requiring Hertz Global to comply with its contractual obligations under the Warrant Agreement. On June 17, 2024, Hertz Global filed a motion to dismiss the complaint. A hearing took place on November 12, 2024, and on February 7, 2025, the Delaware Chancery Court granted the Company's motion to dismiss.

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 and the bankruptcy-related litigation, none of those reserves are material. For matters 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 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 Company's consolidated financial condition, results of operations or cash flows in any particular reporting period.

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 separation of the car rental business in 2016, the Company executed an agreement with Herc Holdings Inc. 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.
v3.25.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Other Relationships

On June 19, 2024, Hertz entered into a Note Purchase Agreement (“NPA”) with Knighthead Annuity & Life Assurance Company, Knighthead Distressed Opportunities Fund, L.P., Knighthead (NY) Fund, L.P., Knighthead Master Fund, L.P. and CK Opportunities Fund I, LP (collectively, the “Investors”), which entities are investors affiliated with CK Amarillo, an affiliate of Hertz Holdings, in connection with a backstop for Hertz's Exchangeable Notes offering, as disclosed in Note 7, "Debt." Under the terms of the NPA, Hertz had the right, but not the obligation, to sell to the Investors up to approximately $44 million in aggregate principal amount of Exchangeable Notes at the same price paid by investors in the offering of Exchangeable Notes. At the time of issuance, the Investors purchased approximately $44 million of the Exchangeable Notes on terms no less favorable than those purchased by non-related parties in the offering.

On December 5, 2024, Hertz commenced consent solicitations with respect to its First Lien Senior Notes and its Exchangeable Notes to amend certain provisions of the indentures governing the First Lien Senior Notes and the Exchangeable Notes. On December 13, 2024, the Investors affiliated with CK Amarillo, an affiliate of Hertz Holdings, holding Exchangeable Notes, collectively received approximately $1 million in consent fees (the “CK Consent Fee”) in exchange for tendering their consents to amend certain provisions of the indenture governing the Exchangeable Notes. The CK Consent Fee paid to the Investors was at a consent fee level no greater than the consent fee level paid to non-related holders of the Exchangeable Notes.

In connection with its vehicle rental businesses, the Company enters into millions of rental transactions every year involving millions of customers. In order to conduct those businesses, the Company also procures goods and services from thousands of vendors. Some of those customers and vendors may be affiliated with members of the Company's Board. The Company believes that all such rental and procurement transactions involved terms no less favorable to the Company than those that it believes would have been obtained in the absence of such affiliation. The Company's Audit Committee oversees compliance through our Standards of Business Conduct, reviews conflicts of interest involving directors and determines whether to approve each transaction that involves the Company or any of its affiliates, on one hand, and (directly or indirectly) a director or member of his or her family or any entity managed by any such person, on the other hand.
v3.25.0.1
Equity and Earnings (Loss) Per Common Share – Hertz Global
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Equity and Earnings (Loss) Per Common Share – Hertz Global Equity and Earnings (Loss) Per Common Share – Hertz Global
Equity of Hertz Global Holdings, Inc.

As of December 31, 2024 and 2023, there were 100,000,000 shares of preferred stock authorized, par value $0.01 per share, and 1,000,000,000 shares of Hertz Global common stock authorized, par value $0.01 per share.

Public Warrants

In June 2021, Hertz Global issued 89,049,029 Public Warrants. See Note 18, "Public Warrants – Hertz Global," for attributes of the Public Warrants, which are classified at fair value as a liability for financial reporting purposes under U.S. GAAP.
Share Repurchase Programs for Common Stock

In June 2022, Hertz Global's independent Audit Committee recommended, and its Board approved the 2022 Share Repurchase Program that authorized repurchases of up to $2.0 billion worth of shares of Hertz Global's outstanding common stock. The 2022 Share Repurchase Program, announced on June 15, 2022, has no expiration date, does not obligate Hertz Global to acquire any particular amount of common stock and can be discontinued at any time. However, during the effective period of Amendment No. 8, as disclosed in Note 7, "Debt," in Part II, Item 8 of this 2024 Annual Report, the repurchase of Hertz Global's common stock is not permitted between April 16, 2024
through April 1, 2025. As of December 31, 2024, $874 million remains available under the 2022 Share Repurchase Program.

During the year ended December 31, 2023, a total of 19,381,160 shares of Hertz Global's common stock were repurchased in open-market transactions at an average share price of $15.01 for an aggregate purchase price of $291 million, excluding applicable excise tax. Since inception of the 2022 Share Repurchase Program a total of 66,684,169 shares of Hertz Global's common stock have been repurchased in open-market transactions at an average share price of $16.88 for an aggregate purchase price of $1.1 billion, excluding applicable excise tax. There were no share repurchases during the year ended December 31, 2024.

Common shares repurchased are included in treasury stock in the accompanying Hertz Global consolidated balance sheets as of December 31, 2024 and 2023. Hertz Global funded the share repurchases with available cash and dividend distributions from Hertz.

Subsequent to the expiration of Amendment No. 8, any future share repurchases will be made at the discretion of Hertz Global's management through a variety of methods, such as open-market transactions (including pre-set trading plans pursuant to Rule 10b5-1 under the Exchange Act), privately negotiated transactions, accelerated share repurchases, and other transactions in accordance with applicable securities laws. There can be no assurance as to the timing or number of any share repurchases.
Earnings (Loss) Per Common Share

Basic earnings (loss) per common share has been computed based upon the weighted-average number of common shares outstanding. Diluted earnings (loss) per common share has been computed based upon the weighted-average number of common shares outstanding plus the effect of all potentially dilutive common stock equivalents, including Public Warrants and Exchangeable Notes, except when the effect would be antidilutive. Dilutive shares for stock-based instruments and Public Warrants are computed using the treasury stock method and Exchangeable Notes are computed using the if-converted method. Additionally, the Company removes the income or expense impacts related to Public Warrants and Exchangeable Notes when computing diluted earnings (loss) per common share, when the impacts are dilutive.
The following table sets forth the computation of basic and diluted earnings (loss) per common share:
Years Ended December 31,
(In millions, except per share data)(1)
202420232022
Numerator:
Net income (loss) available to Hertz Global common stockholders, basic$(2,862)$616 2,059 
Change in fair value of Public Warrants— (163)(704)
Net income (loss) available to Hertz Global common stockholders, diluted$(2,862)$452 $1,355 
Denominator:
Basic weighted-average common shares outstanding306 313 379 
Dilutive effect of stock options, RSUs and PSUs— 1 1 
Dilutive effect of Public Warrants— 11 23 
Diluted weighted-average common shares outstanding306 326 403 
Antidilutive Public Warrants167 — — 
Antidilutive stock options, RSUs and PSUs13 6 6 
Antidilutive shares related to Exchangeable Notes19 — — 
Total antidilutive199 6 6 
Earnings (loss) per common share:
Basic$(9.34)$1.97 $5.43 
Diluted$(9.34)$1.39 $3.36 
(1)    The table above is denoted in millions, excluding earnings (loss) per common share. Amounts are calculated from the underlying numbers in thousands, and as a result, may not agree to the amounts shown in the table when calculated in millions.
Public Warrants – Hertz Global
The Company accounts for its Public Warrants in accordance with the provisions of Topic 480, under which the Public Warrants meet the definition of a freestanding financial instrument. Although these are publicly traded warrants, they are classified as liabilities due to certain settlement provisions that are only applicable in the event of change of control (as defined by the Public Warrant Agreement). The Public Warrants are recorded at fair value in the accompanying consolidated balance sheets as of December 31, 2024 and 2023. See Note 13, "Fair Value Measurements."

The Public Warrants entitle the holders to receive shares of Hertz Global common stock upon exercise. The Public Warrants have a 30-year term and are exercisable from the date of issuance until June 30, 2051, at which time any unexercised Public Warrants will expire, and the rights of the holders to purchase Hertz Global common stock will terminate. The exercise price of the Public Warrants is subject to adjustment from time to time upon any payment of cash dividends relating to Hertz Global's common stock and the occurrence of certain dilutive events as described in the Public Warrant Agreement.

In connection with the issuance of the Exchangeable Notes in June 2024, as disclosed in Note 7, "Debt," an anti-dilution provision in the Public Warrant Agreement required that the exercise price and warrant number be adjusted. This resulted in the exercise price of the Public Warrants decreasing from $13.80 to $13.61, effective upon the issuance of the Exchangeable Notes on June 28, 2024. Effective concurrently with the change in exercise price, the number of shares of Hertz Global common stock to which a holder of a Public Warrant is entitled upon exercise of a Public Warrant increased from one share to 1.0140 shares.

During the year ended December 31, 2024, approximately 12,500 Public Warrants were exercised, of which 8,000 were cashless exercises, 1,300 were exercised for $13.61 per share and 3,200 were exercised for $13.80 per share. As of December 31, 2023, approximately 49,000 Public Warrants were exercised, of which 31,000 were
cashless exercises and 18,000 were exercised for $13.80 per share. As of December 31, 2024, approximately 82,700,000 Public Warrants remain outstanding and the exercise price is $13.61.
v3.25.0.1
Public Warrants – Hertz Global
 12 Months Ended
Dec. 31, 2024
Warrants and Rights Note Disclosure [Abstract]  
Public Warrants – Hertz Global Equity and Earnings (Loss) Per Common Share – Hertz Global
Equity of Hertz Global Holdings, Inc.

As of December 31, 2024 and 2023, there were 100,000,000 shares of preferred stock authorized, par value $0.01 per share, and 1,000,000,000 shares of Hertz Global common stock authorized, par value $0.01 per share.

Public Warrants

In June 2021, Hertz Global issued 89,049,029 Public Warrants. See Note 18, "Public Warrants – Hertz Global," for attributes of the Public Warrants, which are classified at fair value as a liability for financial reporting purposes under U.S. GAAP.
Share Repurchase Programs for Common Stock

In June 2022, Hertz Global's independent Audit Committee recommended, and its Board approved the 2022 Share Repurchase Program that authorized repurchases of up to $2.0 billion worth of shares of Hertz Global's outstanding common stock. The 2022 Share Repurchase Program, announced on June 15, 2022, has no expiration date, does not obligate Hertz Global to acquire any particular amount of common stock and can be discontinued at any time. However, during the effective period of Amendment No. 8, as disclosed in Note 7, "Debt," in Part II, Item 8 of this 2024 Annual Report, the repurchase of Hertz Global's common stock is not permitted between April 16, 2024
through April 1, 2025. As of December 31, 2024, $874 million remains available under the 2022 Share Repurchase Program.

During the year ended December 31, 2023, a total of 19,381,160 shares of Hertz Global's common stock were repurchased in open-market transactions at an average share price of $15.01 for an aggregate purchase price of $291 million, excluding applicable excise tax. Since inception of the 2022 Share Repurchase Program a total of 66,684,169 shares of Hertz Global's common stock have been repurchased in open-market transactions at an average share price of $16.88 for an aggregate purchase price of $1.1 billion, excluding applicable excise tax. There were no share repurchases during the year ended December 31, 2024.

Common shares repurchased are included in treasury stock in the accompanying Hertz Global consolidated balance sheets as of December 31, 2024 and 2023. Hertz Global funded the share repurchases with available cash and dividend distributions from Hertz.

Subsequent to the expiration of Amendment No. 8, any future share repurchases will be made at the discretion of Hertz Global's management through a variety of methods, such as open-market transactions (including pre-set trading plans pursuant to Rule 10b5-1 under the Exchange Act), privately negotiated transactions, accelerated share repurchases, and other transactions in accordance with applicable securities laws. There can be no assurance as to the timing or number of any share repurchases.
Earnings (Loss) Per Common Share

Basic earnings (loss) per common share has been computed based upon the weighted-average number of common shares outstanding. Diluted earnings (loss) per common share has been computed based upon the weighted-average number of common shares outstanding plus the effect of all potentially dilutive common stock equivalents, including Public Warrants and Exchangeable Notes, except when the effect would be antidilutive. Dilutive shares for stock-based instruments and Public Warrants are computed using the treasury stock method and Exchangeable Notes are computed using the if-converted method. Additionally, the Company removes the income or expense impacts related to Public Warrants and Exchangeable Notes when computing diluted earnings (loss) per common share, when the impacts are dilutive.
The following table sets forth the computation of basic and diluted earnings (loss) per common share:
Years Ended December 31,
(In millions, except per share data)(1)
202420232022
Numerator:
Net income (loss) available to Hertz Global common stockholders, basic$(2,862)$616 2,059 
Change in fair value of Public Warrants— (163)(704)
Net income (loss) available to Hertz Global common stockholders, diluted$(2,862)$452 $1,355 
Denominator:
Basic weighted-average common shares outstanding306 313 379 
Dilutive effect of stock options, RSUs and PSUs— 1 1 
Dilutive effect of Public Warrants— 11 23 
Diluted weighted-average common shares outstanding306 326 403 
Antidilutive Public Warrants167 — — 
Antidilutive stock options, RSUs and PSUs13 6 6 
Antidilutive shares related to Exchangeable Notes19 — — 
Total antidilutive199 6 6 
Earnings (loss) per common share:
Basic$(9.34)$1.97 $5.43 
Diluted$(9.34)$1.39 $3.36 
(1)    The table above is denoted in millions, excluding earnings (loss) per common share. Amounts are calculated from the underlying numbers in thousands, and as a result, may not agree to the amounts shown in the table when calculated in millions.
Public Warrants – Hertz Global
The Company accounts for its Public Warrants in accordance with the provisions of Topic 480, under which the Public Warrants meet the definition of a freestanding financial instrument. Although these are publicly traded warrants, they are classified as liabilities due to certain settlement provisions that are only applicable in the event of change of control (as defined by the Public Warrant Agreement). The Public Warrants are recorded at fair value in the accompanying consolidated balance sheets as of December 31, 2024 and 2023. See Note 13, "Fair Value Measurements."

The Public Warrants entitle the holders to receive shares of Hertz Global common stock upon exercise. The Public Warrants have a 30-year term and are exercisable from the date of issuance until June 30, 2051, at which time any unexercised Public Warrants will expire, and the rights of the holders to purchase Hertz Global common stock will terminate. The exercise price of the Public Warrants is subject to adjustment from time to time upon any payment of cash dividends relating to Hertz Global's common stock and the occurrence of certain dilutive events as described in the Public Warrant Agreement.

In connection with the issuance of the Exchangeable Notes in June 2024, as disclosed in Note 7, "Debt," an anti-dilution provision in the Public Warrant Agreement required that the exercise price and warrant number be adjusted. This resulted in the exercise price of the Public Warrants decreasing from $13.80 to $13.61, effective upon the issuance of the Exchangeable Notes on June 28, 2024. Effective concurrently with the change in exercise price, the number of shares of Hertz Global common stock to which a holder of a Public Warrant is entitled upon exercise of a Public Warrant increased from one share to 1.0140 shares.

During the year ended December 31, 2024, approximately 12,500 Public Warrants were exercised, of which 8,000 were cashless exercises, 1,300 were exercised for $13.61 per share and 3,200 were exercised for $13.80 per share. As of December 31, 2023, approximately 49,000 Public Warrants were exercised, of which 31,000 were
cashless exercises and 18,000 were exercised for $13.80 per share. As of December 31, 2024, approximately 82,700,000 Public Warrants remain outstanding and the exercise price is $13.61.
v3.25.0.1
Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company's chief operating decision maker ("CODM") is its chief executive officer. The CODM uses Adjusted EBITDA to determine segment profitability in order to assess performance and allocate resources for the Company's reportable segments based on monitoring of budgeted versus actual results. The Company has identified two reportable segments, which are consistent with its operating segments and organized based primarily on the geographic areas in which business is conducted, as follows:
•Americas RAC - Rental of vehicles, as well as sales of value-added services, in the U.S., Canada, Latin America and the Caribbean. The Company maintains a network of company-operated rental locations in this segment and has franchisees and partners that operate rental locations under the Company's brands; and
•International RAC - Rental of vehicles, as well as sales of value-added services, in locations other than the U.S., Canada, Latin America and the Caribbean. The Company maintains a network of company-operated rental locations, a majority of which are in Europe, and has franchisees and partners that operate rental locations under the Company's brands.

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

The following tables provide revenue, significant expenses, other segment expenses and the segment measure of profitability, Adjusted EBITDA, by reportable segment, including a reconciliation of Adjusted EBITDA to consolidated income (loss) before income taxes for Hertz Global and Hertz.
Year Ended December 31, 2024
(In millions)Americas RACInternational RACTotal
Revenues$7,398 $1,651 $9,049 
Significant segment expenses:
Direct vehicle and operating4,726 971 5,697 
Depreciation of revenue earning vehicles and lease charges, net(1)
3,198 413 3,611 
Selling, general and administrative482 244 726 
Other segment items(2)
349 (8)341 
Segment profit (loss): Adjusted EBITDA$(1,357)$31 $(1,326)
Corporate(3)
(215)
Total Hertz Global and Hertz Adjusted EBITDA(1,541)
Adjustments:
Non-vehicle depreciation and amortization(139)
Non-vehicle debt interest, net(375)
Vehicle debt-related charges(4)
(45)
Restructuring and restructuring related charges(5)
(66)
Unrealized gains (losses) on financial instruments(6)
(7)
Non-cash stock-based compensation forfeitures(7)
64 
Bankruptcy-related litigation reserve(8)
(292)
Long-Lived Assets impairment(9)
(1,048)
Other items(10)
(63)
Income (loss) before income taxes - Hertz(3,512)
Year Ended December 31, 2024
(In millions)Americas RACInternational RACTotal
Change in fair value of Public Warrants(11)
275 
Income (loss) before income taxes - Hertz Global$(3,237)

Year Ended December 31, 2023
(In millions)Americas RACInternational RACTotal
Revenues$7,722 $1,649 $9,371 
Significant segment expenses:
Direct vehicle and operating4,582 880 5,462 
Depreciation of revenue earning vehicles and lease charges, net(1)
1,775 264 2,039 
Selling, general and administrative501 227 728 
Other segment items(2)
279 (24)255 
Segment profit (loss): Adjusted EBITDA$585 $302 $887 
Corporate(3)
(326)
Total Hertz Global and Hertz Adjusted EBITDA561 
Adjustments:
Non-vehicle depreciation and amortization(149)
Non-vehicle debt interest, net(238)
Vehicle debt-related charges(4)
(42)
Restructuring and restructuring related charges(5)
(17)
Unrealized gains (losses) on financial instruments(6)
(117)
Gain on sale of non-vehicle capital assets(12)
162 
Other items(10)
(37)
Income (loss) before income taxes - Hertz123 
Change in fair value of Public Warrants(11)
163 
Income (loss) before income taxes - Hertz Global$286 

Year Ended December 31, 2022
(In millions)Americas RACInternational RACTotal
Revenues$7,280 $1,405 $8,685 
Significant segment expenses:
Direct vehicle and operating4,080 728 4,808 
Depreciation of revenue earning vehicles and lease charges, net(1)
553 148 701 
Selling, general and administrative351 180 531 
Other segment items(2)
4 (1)3 
Segment profit (loss): Adjusted EBITDA$2,292 $350 $2,642 
Corporate(3)
(337)
Total Hertz Global and Hertz Adjusted EBITDA2,305 
Adjustments:
Non-vehicle depreciation and amortization(142)
Non-vehicle debt interest, net(169)
Vehicle debt-related charges(4)
(35)
Restructuring and restructuring related charges(5)
(45)
Year Ended December 31, 2022
(In millions)Americas RACInternational RACTotal
Unrealized gains (losses) on financial instruments(6)
111 
Litigation settlements(13)
(168)
Other items(10)
(112)
Income (loss) before income taxes - Hertz1,745 
Change in fair value of Public Warrants(11)
704 
Income (loss) before income taxes - Hertz Global$2,449 
(1)    Includes the write-down to carrying value of vehicles classified as held for sale. In 2024, also includes the EV Disposal Groups. In 2023, Americas RAC also includes the First EV Disposal Group. See Note 5, "Revenue Earning Vehicles."
(2)    Represents certain other segment items that are not deemed significant segment expenses, which primarily includes fleet interest expense, net and certain other adjustments reflected in the tables above, excluding adjustments in 2024 for Long-Lived Assets impairment and bankruptcy-related litigation reserve and in 2023 adjustment for a gain on sale of non-vehicle capital assets.
(3)    Represents other reconciling items primarily consisting of general corporate expenses and non-vehicle interest expense, net; as well as other business activities.
(4)    Represents vehicle debt-related charges relating to the amortization of deferred financing costs and debt discounts and premiums which are recorded within vehicle interest expense, net.
(5)    Represents charges incurred under restructuring actions as defined in U.S. GAAP. Also includes restructuring related charges such as incremental costs incurred related to personnel reductions, litigation and closure of underperforming locations. In 2024, charges are recorded within selling, general and administrative expense. In 2023 and 2022, charges are recorded within direct vehicle and operating expense and selling, general and administrative expense.
(6)    Represents unrealized gains (losses) on derivative financial instruments in which interest rate instrument gains (losses) are recorded within vehicle interest expense, net and foreign currency forward contract gains (losses) are recorded within selling, general and administrative expense. See Note 12, "Financial Instruments."
(7)    Represents former CEO awards forfeited in March 2024. See Note 9, "Stock-Based Compensation."
(8)    Represents an increase to an existing bankruptcy-related litigation reserve recorded in September 2024, including interest that continues to accrue during each subsequent reporting period. See Note 15, "Contingencies and Off-Balance Sheet Commitments."
(9)    Represents impairment charges recognized for certain long-lived assets in the third quarter of 2024. See Note 3, "Long-Lived Assets Impairment."
(10)    Represents miscellaneous items. For 2024, primarily includes certain IT-related charges, cloud computing costs and certain storm-related vehicle damages, partially offset by a loss recovery settlement and certain litigation settlements. For 2023, primarily includes certain IT-related costs, charges for certain storm-related vehicle damages and certain professional fees and charges related to the settlement of bankruptcy claims, partially offset by a loss recovery settlement. For 2022, primarily includes certain bankruptcy claims, certain professional fees and charges related to the settlement of bankruptcy claims and certain non-cash stock-based compensation charges.
(11)    Represents the change in fair value during the reporting period for Hertz Global's outstanding Public Warrants.
(12)    Represents gain on sale of certain non-vehicle capital assets sold in 2023. See Note 4, "Divestitures."
(13)    Represents payments made for the settlement of certain claims related to alleged false arrests. See Note 15, "Contingencies and Off-Balance Sheet Commitments."
The following tables provide other significant statement of operations, balance sheet and cash flow information by reportable segment for each of Hertz Global and Hertz.
Years Ended December 31,
(In millions)202420232022
Depreciation and amortization, non-vehicle assets
Americas RAC$109 $125 $114 
International RAC13 11 13 
Total reportable segments122 136 127 
Corporate
17 13 15 
Total Hertz Global and Hertz$139 $149 $142 
Vehicle interest expense, net
Americas RAC$479 $456 $140 
International RAC111 99 19 
Total Hertz Global and Hertz$590 $555 $159 
Non-vehicle interest expense, net
Americas RAC$(4)$(22)$(80)
International RAC(18)(10)— 
Total reportable segments(22)(32)(80)
Corporate
391 270 249 
Total Hertz Global and Hertz$369 $238 $169 

As of December 31,
(In millions)20242023
Revenue earning vehicles, net
Americas RAC(1)(2)
$10,253 $12,450 
International RAC(1)
1,710 2,201 
Total Hertz Global and Hertz$11,963 $14,651 
Property and equipment, net
Americas RAC$460 $501 
International RAC71 73 
Total reportable segments531 574 
Corporate
92 97 
Total Hertz Global and Hertz$623 $671 
Total assets
Americas RAC$17,386 $19,252 
International RAC3,456 4,245 
Total reportable segments20,842 23,497 
Corporate
960 1,108 
Total Hertz Global(3)
21,802 24,605 
Corporate - Hertz(1)(1)
Total Hertz(3)
$21,801 $24,604 
(1)    Includes the carrying amount of vehicles classified as held for sale as of the respective balance sheet date. See Note 5, "Revenue Earning Vehicles."
(2)    As of December 31, 2023, includes the carrying amount of vehicles classified as held for sale as of the respective balance sheet date, including the First EV Disposal Group. See Note 5, "Revenue Earning Vehicles."
(3)    The consolidated total assets of Hertz Global and Hertz as of December 31, 2024 and 2023 include total assets of VIEs of $1.4 billion and $1.7 billion, respectively, which can only be used to settle obligations of the VIEs. See "Pledges Related to Vehicle Financing" in Note 7, "Debt," for further information.

Years Ended December 31,
(In millions)202420232022
Revenue earning vehicles and non-vehicle capital assets
Americas RAC:
Expenditures
$(8,931)$(7,736)$(9,352)
Proceeds from disposals
6,105 4,376 5,768 
Net expenditures - Hertz Global and Hertz
$(2,826)$(3,360)$(3,584)
International RAC:
Expenditures
$(1,687)$(1,921)$(1,379)
Proceeds from disposals
1,594 1,298 741 
Net expenditures - Hertz Global and Hertz
$(93)$(623)$(638)
Corporate:
Expenditures
$(11)$(45)$(15)
Proceeds from disposals
2 5 1 
Net expenditures - Hertz Global and Hertz
$(9)$(40)$(14)

The Company operates in the U.S. and in international countries. International operations are substantially in Europe. The operations within major geographic areas for each of Hertz Global and Hertz are summarized below:
Years Ended December 31,
(In millions)202420232022
Revenues
U.S.$7,060 $7,392 $6,985 
International
1,989 1,979 1,700 
Total Hertz Global and Hertz
$9,049 $9,371 $8,685 

As of December 31,
(In millions)20242023
Revenue earning vehicles, net
U.S.(1)
$9,880 $11,980 
International
2,083 2,671 
Total Hertz Global and Hertz(1)(2)
$11,963 $14,651 
Property and equipment, net
U.S.$535 $577 
International
88 94 
Total Hertz Global and Hertz
$623 $671 
Operating lease right-of-use assets
U.S.$1,815 $1,995 
International
273 258 
Total Hertz Global and Hertz
$2,088 $2,253 
As of December 31,
(In millions)20242023
Total assets
U.S.
$17,670 $19,550 
International4,132 5,055 
Total Hertz Global21,802 24,605 
U.S. - Hertz(1)(1)
Total Hertz$21,801 $24,604 
(1)    In 2023, includes the carrying amount of the First EV Disposal Group. See Note 5, "Revenue Earning Vehicles."
(2)    Includes the carrying amount of vehicles classified as held for sale as of the respective balance sheet date. See Note 5, "Revenue Earning Vehicles."
v3.25.0.1
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT
PARENT COMPANY BALANCE SHEETS
(In millions, except par value and share data)
December 31,
20242023
ASSETS
Cash and cash equivalents$1 $— 
Restricted cash and cash equivalents— — 
Total cash and cash equivalents and restricted cash and cash equivalents1 — 
Prepaid expenses and other assets— 1 
Investments in subsidiaries, net326 3,543 
Deferred income taxes, net4 3 
Total assets$331 $3,547 
LIABILITIES AND STOCKHOLDERS' EQUITY
Accrued taxes, net— 2 
Public Warrants178 453 
Total liabilities178 455 
Stockholders' equity:
Preferred stock, $0.01 par value, no shares issued and outstanding
— — 
Common stock, $0.01 par value, 481,502,623 and 479,990,286 shares issued, respectively, and 306,690,579 and 305,178,242 shares outstanding, respectively
5 5 
Treasury stock, at cost, 174,812,044 and 174,812,044 common shares, respectively
(3,430)(3,430)
Additional paid-in capital6,396 6,405 
Retained earnings (Accumulated deficit)(2,502)360 
Accumulated other comprehensive income (loss)(316)(248)
Total stockholders' equity153 3,092 
Total liabilities and stockholders' equity$331 $3,547 

The accompanying notes are an integral part of these financial statements.
PARENT COMPANY STATEMENTS OF OPERATIONS
(In millions)
Years Ended December 31,
202420232022
Revenues$— $— $— 
Expenses:
Change in fair value of Public Warrants(275)(163)(704)
Total expenses
(275)(163)(704)
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries275 163 704 
Income tax (provision) benefit— 1 — 
Equity in earnings (losses) of subsidiaries, net of tax(3,137)452 1,355 
Net income (loss)$(2,862)$616 $2,059 
    

The accompanying notes are an integral part of these financial statements.
PARENT COMPANY STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions)
Years Ended December 31,
202420232022
Net income (loss)$(2,862)$616 $2,059 
Total other comprehensive income (loss)(68)46 (80)
Total comprehensive income (loss)$(2,930)$662 $1,979 

The accompanying notes are an integral part of these financial statements.
PARENT COMPANY STATEMENTS OF CASH FLOWS
(In millions)
Years Ended December 31,
202420232022
Net cash provided by (used in) operating activities$(2)$3 $— 
Cash flows from financing activities:
Proceeds from exercises of Public Warrants— — 3 
Share repurchases— (315)(2,461)
Dividends from Hertz7 321 2,477 
Other(4)(9)(20)
Net cash provided by (used in) financing activities3 (3)(1)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period1 — (1)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period— — 1 
Cash and cash equivalents and restricted cash and cash equivalents at end of period$1 $— $— 

The accompanying notes are an integral part of these financial statements.
Background and Basis of Presentation
Hertz Global Holdings, Inc. was incorporated in Delaware in 2015 and wholly owns Rental Car Intermediate Holdings, LLC which wholly owns Hertz, Hertz Global's primary operating company.

These condensed parent company financial statements reflect the activity of Hertz Holdings as the parent company to Hertz and have been prepared in accordance with Rule 12-04, Schedule 1 of Regulation S-X, as the restricted net assets of Hertz exceed 25% of the consolidated net assets of Hertz Holdings. This information should be read in conjunction with the consolidated financial statements of Hertz Global included in this 2024 Annual Report under the caption Item 8, "Financial Statements and Supplementary Data."
Dividends
In 2024, $7 million of cash dividends were paid by Hertz to Hertz Holdings. In 2023 and 2022, $321 million and $2.5 billion in cash dividends were paid by Hertz to Hertz Holdings to fund common stock repurchases, respectively. There were no non-cash dividends paid by Hertz in 2024, 2023 or 2022.
Share Repurchases
For a discussion of the share repurchase programs of Hertz Holdings, see Note 17, "Equity and Earnings (Loss) Per Common Share – Hertz Global" in Part II, Item 8 of this 2024 Annual Report. There were no share repurchases during the year ended December 31, 2024. In 2023, Hertz Holdings repurchased 19,381,160 shares, for $291 million, excluding applicable excise tax, which is included in treasury stock in the accompanying parent-only balance sheets of Hertz Holdings as of December 31, 2024 and 2023.
v3.25.0.1
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
SCHEDULE II
VALUATION AND QUALIFYING ACCOUNTS
HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
THE HERTZ CORPORATION AND SUBSIDIARIES
(In millions)

Balance at Beginning of
Period
Additions
Charges to Earnings
Translation
Adjustments
Deductions
Balance at
End of Period
Receivables allowances:
Year ended December 31, 2024$47 $120 $— $(108)
(1)
$59 
Year ended December 31, 202345 93 — (91)
(1)
47 
Year ended December 31, 202250 57 — (62)
(1)
45 
Tax valuation allowances:
Year ended December 31, 2024$305 $558 
(2)
$(15)$(9)
(3)
$839 
Year ended December 31, 2023511 22 10 (238)
(3)
305 
Year ended December 31, 2022690 — (33)(146)
(3)
511 
(1)    Amounts written off, net of recoveries.
(2)    Activity represents the establishment of $383 million and $175 million of domestic and foreign valuation allowances, respectively. See Note 11, "Income Tax (Provision) Benefit," for further information.
(3)    Activity represents the release of a valuation allowance.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income (loss) $ (2,862) $ 616 $ 2,059
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 3 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Hertz maintains an enterprise-wide risk management ("ERM") process to identify, assess and monitor risks that are or may become material to our business. Our ERM process includes participation by senior management, other leaders and employees across the business in surveys and discussions about the risk environment. An ERM Committee meets regularly to discuss the Company’s top risks. Through our ERM process, we have identified cybersecurity as among the material risks in our business.

One way we manage cybersecurity risks is through our Global Information Security and Compliance ("GISC") program. The GISC program is designed to protect the confidentiality, integrity and availability of our information systems and data. Our GISC program includes procedures that are specifically designed to assess, identify and manage material risks from cybersecurity threats. Our GISC program is designed to:
•monitor and track events on our network to appropriately respond;
•coordinate between the information security and physical security teams to identify and respond to threats;
•implement appropriate tools to help in the protection of our data and information technology;
•monitor government and industry sources for news of potential threats;
•maintain policies and procedures to address data security and privacy topics, such as password management; and
•provide cybersecurity awareness training for employees.

Our GISC program also addresses cybersecurity incident response and business continuity planning. Our cybersecurity incident response plan is designed to provide a dynamic and flexible framework for responding to cybersecurity incidents, including in the event of a cybersecurity incident that impacts business continuity. In addition to the cybersecurity incident response plan, individual functions and Hertz locations maintain business continuity plans that identify critical business services, establish recovery objectives and create methods for implementing such plans in the event of business interruption due to a cybersecurity incident or other event. One of the business continuity plans in place at the Company is a plan applicable to our data centers.
Given the dynamic nature of the cybersecurity threat environment, we engage third-party assessors, consultants and others from time to time to assist us with assessing, enhancing, implementing and monitoring our cybersecurity risk-management programs. We review the results of the assessments from these third parties and determine whether to adjust our cybersecurity policies and processes based thereon.

We also have a privacy and data security program, which covers the collection, transfer, storage and use of customer data. We take steps to prevent and detect cybersecurity threats in an effort to protect our information and systems, and in turn, to protect our customers’ privacy.
Additionally, we have taken steps to address material risks from cybersecurity threats at third parties, including service providers, licensees and franchisees, that handle, possess, process and store our material information. We require these third parties to maintain certain security controls and assess these third parties' compliance with such requirements.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Hertz maintains an enterprise-wide risk management ("ERM") process to identify, assess and monitor risks that are or may become material to our business. Our ERM process includes participation by senior management, other leaders and employees across the business in surveys and discussions about the risk environment. An ERM Committee meets regularly to discuss the Company’s top risks. Through our ERM process, we have identified cybersecurity as among the material risks in our business.

One way we manage cybersecurity risks is through our Global Information Security and Compliance ("GISC") program. The GISC program is designed to protect the confidentiality, integrity and availability of our information systems and data. Our GISC program includes procedures that are specifically designed to assess, identify and manage material risks from cybersecurity threats. Our GISC program is designed to:
•monitor and track events on our network to appropriately respond;
•coordinate between the information security and physical security teams to identify and respond to threats;
•implement appropriate tools to help in the protection of our data and information technology;
•monitor government and industry sources for news of potential threats;
•maintain policies and procedures to address data security and privacy topics, such as password management; and
•provide cybersecurity awareness training for employees.

Our GISC program also addresses cybersecurity incident response and business continuity planning. Our cybersecurity incident response plan is designed to provide a dynamic and flexible framework for responding to cybersecurity incidents, including in the event of a cybersecurity incident that impacts business continuity. In addition to the cybersecurity incident response plan, individual functions and Hertz locations maintain business continuity plans that identify critical business services, establish recovery objectives and create methods for implementing such plans in the event of business interruption due to a cybersecurity incident or other event. One of the business continuity plans in place at the Company is a plan applicable to our data centers.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] true
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our Board oversees significant risks facing the Company. For some categories of risk, the Board has empowered a committee to provide more focused oversight. In the case of cybersecurity and technology risk more broadly, the Board’s Audit Committee has that responsibility.

The Audit Committee is informed of risks from cybersecurity threats through regular reports from management and, from time to time, third parties that assist management in managing cybersecurity threats. The Audit Committee also receives regular reports on how management identifies, assesses and manages cybersecurity and broader technology risks. The Audit Committee reviews these reports and discusses them with management.

The Audit Committee provides a regular report to the full Board on key aspects of management’s presentations on cybersecurity and broader technology risks. All members of the Board have access to written cybersecurity reports that are provided to the Audit Committee. Audit Committee conversations on cybersecurity topics are open to any member of the Board.

While our Board and Audit Committee oversee risk, our senior leadership is responsible for identifying, assessing and managing our exposure to risk, including material risks from cybersecurity threats. Direct accountability of our cybersecurity program is housed within our Information Technology organization, which is led by our Chief Information Officer ("CIO"). Our CIO has served in this role since October 2021. Our CIO has 12 years of experience in senior technology roles with cybersecurity responsibilities. Prior to joining the Company, our CIO held various executive technology and operations positions, as well as various IT, consulting and commercial roles. Our CIO holds an Executive MBA and a Bachelor of Commerce degree.

Our Chief Information Security Officer ("CISO") is the individual that reports to our CIO and provides day-to-day oversight of our cybersecurity program; our CISO additionally leads our cybersecurity program's ongoing evolution. Our CISO is responsible for assessing and managing risks from cybersecurity threats, including monitoring the prevention, detection, mitigation and remediation of cybersecurity threats. Our CISO oversees direct reports and leverages a multi-disciplinary team that regularly communicates with respect to our prevention, detection, mitigation and remediation of cybersecurity threats and incidents. The team consists of individuals that represent various organizations and departments across the Company who have knowledge, skills and expertise to respond to a cybersecurity incident. Our CISO coordinates with the Company’s disclosure teams relating to potentially material cybersecurity incidents, attends the Company’s disclosure committee meetings, and regularly discusses with the Audit Committee the effectiveness of the Company’s technology security, capabilities for disaster recovery, data protection, cyber threat detection and cyber incident response and management of technology-related compliance risks. Our CISO has served in this role since March 2024. Our CISO has over 11 years of experience in senior technology roles with cybersecurity responsibilities, and more than 20 years of experience in technology and security. Our CISO holds an MBA; in addition, he holds a Bachelor of Computer Science degree and a Bachelor of Mathematics degree.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee is informed of risks from cybersecurity threats through regular reports from management and, from time to time, third parties that assist management in managing cybersecurity threats. The Audit Committee also receives regular reports on how management identifies, assesses and manages cybersecurity and broader technology risks. The Audit Committee reviews these reports and discusses them with management.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Audit Committee provides a regular report to the full Board on key aspects of management’s presentations on cybersecurity and broader technology risks. All members of the Board have access to written cybersecurity reports that are provided to the Audit Committee. Audit Committee conversations on cybersecurity topics are open to any member of the Board.
Cybersecurity Risk Role of Management [Text Block]
While our Board and Audit Committee oversee risk, our senior leadership is responsible for identifying, assessing and managing our exposure to risk, including material risks from cybersecurity threats. Direct accountability of our cybersecurity program is housed within our Information Technology organization, which is led by our Chief Information Officer ("CIO"). Our CIO has served in this role since October 2021. Our CIO has 12 years of experience in senior technology roles with cybersecurity responsibilities. Prior to joining the Company, our CIO held various executive technology and operations positions, as well as various IT, consulting and commercial roles. Our CIO holds an Executive MBA and a Bachelor of Commerce degree.

Our Chief Information Security Officer ("CISO") is the individual that reports to our CIO and provides day-to-day oversight of our cybersecurity program; our CISO additionally leads our cybersecurity program's ongoing evolution. Our CISO is responsible for assessing and managing risks from cybersecurity threats, including monitoring the prevention, detection, mitigation and remediation of cybersecurity threats. Our CISO oversees direct reports and leverages a multi-disciplinary team that regularly communicates with respect to our prevention, detection, mitigation and remediation of cybersecurity threats and incidents. The team consists of individuals that represent various organizations and departments across the Company who have knowledge, skills and expertise to respond to a cybersecurity incident. Our CISO coordinates with the Company’s disclosure teams relating to potentially material cybersecurity incidents, attends the Company’s disclosure committee meetings, and regularly discusses with the Audit Committee the effectiveness of the Company’s technology security, capabilities for disaster recovery, data protection, cyber threat detection and cyber incident response and management of technology-related compliance risks. Our CISO has served in this role since March 2024. Our CISO has over 11 years of experience in senior technology roles with cybersecurity responsibilities, and more than 20 years of experience in technology and security. Our CISO holds an MBA; in addition, he holds a Bachelor of Computer Science degree and a Bachelor of Mathematics degree.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our Chief Information Security Officer ("CISO") is the individual that reports to our CIO and provides day-to-day oversight of our cybersecurity program; our CISO additionally leads our cybersecurity program's ongoing evolution. Our CISO is responsible for assessing and managing risks from cybersecurity threats, including monitoring the prevention, detection, mitigation and remediation of cybersecurity threats.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]
Our Chief Information Security Officer ("CISO") is the individual that reports to our CIO and provides day-to-day oversight of our cybersecurity program; our CISO additionally leads our cybersecurity program's ongoing evolution. Our CISO is responsible for assessing and managing risks from cybersecurity threats, including monitoring the prevention, detection, mitigation and remediation of cybersecurity threats. Our CISO oversees direct reports and leverages a multi-disciplinary team that regularly communicates with respect to our prevention, detection, mitigation and remediation of cybersecurity threats and incidents. The team consists of individuals that represent various organizations and departments across the Company who have knowledge, skills and expertise to respond to a cybersecurity incident. Our CISO coordinates with the Company’s disclosure teams relating to potentially material cybersecurity incidents, attends the Company’s disclosure committee meetings, and regularly discusses with the Audit Committee the effectiveness of the Company’s technology security, capabilities for disaster recovery, data protection, cyber threat detection and cyber incident response and management of technology-related compliance risks. Our CISO has served in this role since March 2024. Our CISO has over 11 years of experience in senior technology roles with cybersecurity responsibilities, and more than 20 years of experience in technology and security. Our CISO holds an MBA; in addition, he holds a Bachelor of Computer Science degree and a Bachelor of Mathematics degree.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Our Chief Information Security Officer ("CISO") is the individual that reports to our CIO and provides day-to-day oversight of our cybersecurity program; our CISO additionally leads our cybersecurity program's ongoing evolution. Our CISO is responsible for assessing and managing risks from cybersecurity threats, including monitoring the prevention, detection, mitigation and remediation of cybersecurity threats. Our CISO oversees direct reports and leverages a multi-disciplinary team that regularly communicates with respect to our prevention, detection, mitigation and remediation of cybersecurity threats and incidents. The team consists of individuals that represent various organizations and departments across the Company who have knowledge, skills and expertise to respond to a cybersecurity incident. Our CISO coordinates with the Company’s disclosure teams relating to potentially material cybersecurity incidents, attends the Company’s disclosure committee meetings, and regularly discusses with the Audit Committee the effectiveness of the Company’s technology security, capabilities for disaster recovery, data protection, cyber threat detection and cyber incident response and management of technology-related compliance risks. Our CISO has served in this role since March 2024. Our CISO has over 11 years of experience in senior technology roles with cybersecurity responsibilities, and more than 20 years of experience in technology and security. Our CISO holds an MBA; in addition, he holds a Bachelor of Computer Science degree and a Bachelor of Mathematics degree.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation

The 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 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. All significant intercompany transactions have been eliminated in consolidation.
Use of Estimates and Assumptions
Use of Estimates and Assumptions

The use of estimates and assumptions as determined by management is required in the preparation of the consolidated financial statements in conformity with U.S. GAAP. These estimates are based on management’s evaluation of historical trends and other information available when the consolidated financial statements are prepared and may affect the amounts reported and related footnote disclosures. Actual results could differ from those estimates.

Significant estimates inherent in the preparation of the consolidated financial statements include depreciation of revenue earning vehicles, accounting for income taxes and related uncertain tax positions, self-insured liabilities and useful lives and impairment of long-lived tangible and indefinite-lived intangible assets including goodwill. Other estimates inherent in the preparation of the consolidated financial statements include reserves for litigation and other contingencies, pension costs and the valuation of stock-based compensation, among others.
Revenue Earning Vehicles
Revenue Earning Vehicles

Revenue earning vehicles are stated at cost, net of related discounts and incentives from manufacturers. Holding periods typically range from six to sixty-six months. Generally, when revenue earning vehicles are acquired outside of a vehicle repurchase program (non-program), the Company estimates the period that the Company will hold the asset, primarily based on historical measures of the amount of rental activity (e.g., automobile mileage). The Company also estimates the residual value of the applicable revenue earning vehicles at the expected time of disposal, taking into consideration factors such as make, model and options, age, physical condition, mileage, sale location, time of the year and market conditions. Depreciation is recorded over the estimated holding period. Depreciation rates are reviewed on a quarterly basis based on management's ongoing assessment of present and estimated future market conditions, their effect on residual values at the expected time of disposal and the estimated holding periods. Gains and losses on the sale of vehicles, including the costs associated with disposals, are included in depreciation of revenue earning vehicles and lease charges in the accompanying consolidated statements of operations.
For program vehicles, the manufacturers agree to repurchase the vehicles at a specified price or guarantee the depreciation rate on the vehicles during established repurchase or auction periods, subject to, among other things, certain vehicle condition, mileage and holding period requirements. Vehicle repurchase programs guarantee on an aggregate basis the residual value of the program vehicle upon sale according to certain parameters which include the holding period, mileage and condition of the vehicles.
Property and Equipment, Net

The Company's property and equipment, net consisted of the following:
(In millions)December 31, 2024December 31, 2023
Land, buildings and leasehold improvements$905 $1,014 
Service vehicles, equipment and furniture and fixtures450 430 
Less: accumulated depreciation(732)(773)
Total property and equipment, net$623 $671 

Land is stated at cost and reviewed for impairment as further disclosed above in "Long-lived Assets."

Property and equipment are stated at cost and are depreciated utilizing the straight-line method over the estimated useful lives of the related assets. Estimated useful lives are as follows:
Buildings
1 to 40 years
Furniture and fixtures
1 to 5 years
Service vehicles and equipment
1 to 25 years
Leasehold improvementsThe lesser of the economic life or the lease term

Depreciation expense for property and equipment, net for the years ended December 31, 2024, 2023 and 2022 was $115 million, $101 million and $97 million, respectively.

The Company follows the practice of expensing maintenance and repair costs for service vehicles, furniture and fixtures, and equipment, including the cost of minor replacements.
Long-lived Assets, Including Finite-lived Intangible Assets
Long-lived Assets

Long-lived assets are amortized using the straight-line method over the estimated economic lives of the assets, which range from one to forty years. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of an impairment loss for long-lived assets that management expects to hold and use is based on the estimated fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying value or estimated fair value less costs to sell.
Finite-lived Intangible Assets

Finite-lived intangible assets include concession agreements, technology, customer relationships and other intangibles. Intangible assets with finite lives, including technology-related intangibles, are amortized using the straight-line method over the estimated economic lives of the assets, which range from two to fifteen years. Intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition.
Income Taxes
Income Taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Company recognizes deferred tax assets to the extent that the Company believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, carryback potential if permitted under the tax law, and results of recent operations.

The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (i) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.

The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statements of operations. Accrued interest and penalties are included in the related tax liability line in the accompany consolidated balance sheets.
The Company has elected to record tax on global intangible low-tax income (“GILTI”) on a current basis. GILTI is a U.S. tax on certain earnings of foreign subsidiaries that are subject to foreign tax below a certain threshold.
Self-insured Liabilities
Self-insured Liabilities
Self-insured liabilities in the accompanying consolidated balance sheets primarily include public liability, property damage and liability insurance supplement. These represent 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 actuarially determined estimates using historical claims experience. The adequacy of the liability is monitored quarterly based on evolving accident claim history. 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.
Recoverability of Goodwill and Indefinite-lived Intangible Assets
Recoverability of Goodwill and Indefinite-lived Intangible Assets

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.

A goodwill impairment charge is calculated as the amount by which a reporting unit's carrying amount exceeds its fair value. For goodwill, fair value is determined using an income approach based on the discounted cash flows of each reporting unit. A reporting unit is an operating segment or a business one level below that operating segment (the component level) if discrete financial information is prepared and regularly reviewed by segment management. Components are aggregated into a single reporting unit when they have similar economic characteristics. The Company has identified two reporting units (operating segments): Americas RAC and International RAC. The fair values of the reporting units are estimated using the net present value of discounted cash flows generated by each reporting unit and incorporate various assumptions related to discount rates, growth rates, cash flow projections, tax rates and terminal value rates specific to the reporting unit to which they are applied. Discount rates are determined based on the reporting unit's WACC. The Company’s discounted cash flow projections are based upon reasonable and appropriate assumptions about the underlying business activities of the Company’s reporting units.

In the impairment analysis for an indefinite-lived intangible asset, the Company compares the carrying value of the asset to its estimated fair value and recognizes an impairment charge whenever the carrying amount of the asset exceeds its estimated fair value. The estimated fair value for a tradename utilizes a relief-from-royalty income approach, which includes the Company’s revenue projections for each asset, along with assumptions for royalty rates, tax rates and WACC.
Revenue Recognition
Revenue Recognition

The Company recognizes two types of revenue: (i) lease revenue; and (ii) revenue from contracts with customers.

The Company reports revenues for taxes or non-concession fees collected from customers on behalf of governmental authorities on a net basis.

Vehicle Rental and Rental Related Revenues

The Company recognizes revenue from its vehicle rental operations when persuasive evidence of a contract exists, the performance obligations have been satisfied, the transaction price is fixed or determinable and collection is reasonably assured. Performance obligations associated with vehicle rental transactions are satisfied over the rental period, except for the portion associated with loyalty points, as further described below. Rental periods are short term in nature. Performance obligations associated with rental related activities, such as charges to the customer for the fueling and electric charging of vehicles and value-added services such as loss damage waivers, insurance products, navigation units, supplemental equipment and other consumables, are also satisfied over the rental period. Revenue from amounts that are charged to the customer, such as gasoline, vehicle licensing and airport concession fees, is recorded on a gross basis with a corresponding charge to direct vehicle and operating expense. The Company recognizes revenue related to collections from customers for vehicle damages. Sales commissions paid to third parties are generally expensed when incurred due to the short-term nature of the related transaction on which the commission was earned and are recorded within DOE. Payments are due from customers at the completion of the rental, except for customers with negotiated payment terms, generally net 30 days or less, which are invoiced and remain as accounts receivable until collected.

Loyalty Programs - The Company offers loyalty programs, primarily Hertz Gold Plus Rewards, wherein customers are eligible to earn loyalty points that are redeemable for free rental days or can be converted to loyalty points for redemption of products and services under loyalty programs of other companies. Each transaction that generates loyalty points results in the deferral of revenue equivalent to the retail value at the date the points are earned. The associated revenue is recognized when the customer redeems the loyalty points at some point in the future. The retail value of loyalty points is estimated based on the current retail value measured as of the date the loyalty points
are earned, less an estimated amount representing loyalty points that are not expected to be redeemed (“breakage”). Breakage is reviewed on a quarterly basis and includes significant assumptions such as historical breakage trends and internal Company forecasts.

Customer Rebates - The Company has business customers that rent vehicles based on terms that have been negotiated through contracts with their employers, or other entities with which they are associated (“commercial contracts”), which can differ substantially from the terms on which the Company rents vehicles to the general public. Some of the commercial contracts contain provisions which allow for rebates to the entity based on achieving a specific rental volume threshold. Rebates are treated as lease incentives and are recognized as a reduction of revenue at the time of the rental based on the rebate expected to be earned by the entity.

Licensee Revenue

The Company has franchise agreements which allow an independent entity to rent their vehicles under the Company’s brands, primarily Hertz, Dollar or Thrifty, for a franchise fee. Franchise fees are earned over time for the duration of the franchise agreement and are typically based on the larger of a minimum payment or an amount representing a percentage of net sales of the franchised business. Franchise fees that relate to a future contract term, such as initial fees or renewal fees, are deferred and recognized over the term of the franchise agreement.

Ancillary Retail Vehicle Sales Revenue

Ancillary retail vehicle sales represent revenues generated from the sale of warranty contracts, financing and title fees, and other ancillary services associated with vehicles disposed of at the Company’s retail outlets. These revenues are recorded at the point in time when the Company sells the product or provides the service to the customer. These revenues exclude the sale price of the vehicle, which is a component of the gain or loss on the disposition and is included in depreciation of revenue earning vehicles and lease charges, net in the accompanying consolidated statements of operations.

Contract Balances

The Company recognizes receivables and liabilities resulting from its contracts with customers. Contract receivables primarily consist of receivables from customers for vehicle rentals. Contract liabilities primarily consist of obligations to customers for prepaid vehicle rentals and related to the Company’s points-based loyalty programs.
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and highly liquid investments with an original maturity of three months or less. The Company's cash and cash equivalents are invested in various investment grade institutional money market funds, and bank money market and interest-bearing accounts.

Restricted cash and cash equivalents include cash and cash equivalents that are not readily available for use in the Company's operating activities. Restricted cash and cash equivalents are primarily comprised of proceeds from the disposition of vehicles pledged under the terms of vehicle debt financing arrangements and are restricted for the purchase of revenue earning vehicles and other specified uses under the vehicle debt facilities, cash utilized as credit enhancement under those arrangements, proceeds from the Term C Loan which are utilized to collateralize letters of credit, and certain cash accounts supporting regulatory reserve requirements related to the Company's self-insurance. These funds are primarily held in demand deposit and money market accounts or in highly rated money market funds with investments primarily in government and corporate obligations.

Deposits held at financial institutions may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. The Company limits exposure relating to financial instruments by diversifying the financial instruments among various counterparties, which consist of major financial institutions.
Receivables, Net of Allowance
Receivables, Net of Allowance

Receivables are stated net of allowances and primarily represent credit extended to vehicle manufacturers, customers that satisfy defined credit criteria, and amounts due from customers resulting from damage to rental vehicles. The estimate of the allowance for doubtful accounts is based on the Company's future expected losses and its judgement as to the likelihood of ultimate payment. Actual receivables are written-off against the allowance for doubtful accounts when the Company determines the balance will not be collected. Estimates for future credit memos are based on historical experience and are reflected as reductions to revenue in the accompanying consolidated statements of operations.
Stock-Based Compensation
Stock-Based Compensation

The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. That cost is to be recognized over the period during which the employee is required to provide service in exchange for the award. Forfeitures are accounted for when they occur. The Company has estimated the fair value of options issued at the date of grant using a Black-Scholes option-
pricing model, which includes assumptions related to volatility, expected term, dividend yield and risk-free interest rate.

The Company accounts for restricted stock unit ("RSU") and performance stock unit ("PSU") awards when granted as equity classified awards. For RSUs the expense is based on the grant-date fair value of the stock and the number of shares that vest, recognized over the service period. For any PSUs and performance share awards ("PSAs") granted, the expense is based on the grant-date fair value of the stock, recognized over a service period depending upon the applicable performance condition. For any PSUs and PSAs, the Company re-assesses the probability of achieving the applicable performance condition quarterly and adjusts the recognition of expense accordingly. The Company includes the excess tax benefit within income tax expense in the accompanying consolidated statements of operations when realized.
Fair Value Measurements
Fair Value Measurements

U.S. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market or, if none exists, the most advantageous market, for the specific asset or liability at the measurement date (referred to as the "exit price"). Fair value is a market-based measurement that is determined based upon assumptions that market participants would use in pricing an asset or liability, including consideration of nonperformance risk.

The Company assesses the inputs used to measure fair value using the three-tier hierarchy promulgated under U.S. GAAP. This hierarchy indicates the extent to which inputs used in measuring fair value are observable in the market.

Level 1: Inputs that reflect quoted prices for identical assets or liabilities in active markets that are observable.

Level 2: Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3: Inputs that are unobservable to the extent that observable inputs are not available for the asset or liability at the measurement date and include management's judgment about assumptions market participants would use in pricing the asset or liability.
Financial Instruments
Financial Instruments

The Company is exposed to a variety of market risks, including the effects of changes in interest rates, gasoline and diesel fuel prices and foreign currency exchange rates. The Company manages exposure to these market risks through regular operating and financing activities and, when deemed appropriate, through the use of derivative financial instruments. Financial instruments are viewed as risk management tools and have not been used for speculative or trading purposes. In addition, financial instruments are entered into with a diversified group of major financial institutions in order to manage the Company's exposure to counterparty nonperformance on such instruments. The Company measures all financial instruments at their fair value and does not offset the derivative assets and liabilities in its accompanying consolidated balance sheets. As the Company does not have financial instruments that are designated and qualify as hedging instruments, the changes in their fair value are recognized currently in the Company's operating results.
Foreign Currency Translation and Transactions
Foreign Currency Translation and Transactions

Assets and liabilities of international subsidiaries whose functional currency is the local currency are translated at the rate of exchange in effect on the balance sheet date; income and expenses are translated at the average exchange rates throughout the year. The related translation adjustments are reflected in accumulated other comprehensive income (loss) in the accompanying consolidated balance sheets. Foreign currency exchange rate
gains and losses resulting from transactions are included in selling, general and administrative expense in the accompanying consolidated statements of operations.
Advertising
Advertising

Advertising production costs are deferred and expensed when the advertising first takes place. Advertising communication costs are expensed as incurred. Advertising costs are reflected as a component of selling, general and administrative expenses in the accompanying consolidated statements of operations and for the years ended December 31, 2024, 2023 and 2022 were $264 million, $285 million and $262 million, respectively.
Divestitures
Divestitures

The Company classifies long-lived assets and liabilities to be disposed of as held for sale in the period in which they are available for immediate sale in their present condition and the sale is probable and expected to be completed within one year. The Company initially measures assets and liabilities held for sale at the lower of their carrying value or fair value less costs to sell and assesses their fair value quarterly until disposed. When the divestiture represents a strategic shift that has (or will have) a major effect on the Company's operations and financial results, the disposal is presented as a discontinued operation.
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements

Adopted as of December 31, 2024

Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued guidance that modifies segment reporting disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024 using a retrospective transition method. Early adoption is permitted. The Company adopted the guidance on a retrospective basis when it became effective and has included the required disclosures in this 2024 Annual Report.

Not Yet Adopted as of December 31, 2024

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued guidance to enhance disclosures related to, among other items, specified information about certain costs and expenses for commonly presented expense captions included in the financial statements. The guidance is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027 using either a prospective or retrospective transition method. Early adoption is permitted. The Company is in the process of determining the timing of adoption and assessing the overall impact of adopting this guidance on its disclosures.

Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative

In October 2023, the FASB issued guidance that amends certain disclosure and presentation requirements related to the statement of cash flows, accounting changes and error corrections, earnings per share, interim reporting, commitments, debt, equity, derivatives, transfers and services and various industry specific guidance. For entities subject to the SEC’s existing disclosure requirements, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. However, if by June 30, 2027, the SEC has not removed the existing disclosure requirements, the amendments will not become effective. Early adoption is not permitted. The Company intends to adopt the guidance when it becomes effective and will include the required disclosures in its applicable Quarterly Report on Form 10-Q and or Annual Report on Form 10-K, dependent upon the timing of the SEC’s removal of the applicable disclosures from Regulation S-X or Regulation S-K.
Improvements to Income Tax Disclosures

In December 2023, the FASB issued guidance to enhance income tax disclosures related to, among other items, rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company intends to adopt the guidance when it becomes effective and will include the required disclosures in its Annual Report on Form 10-K for the year ending December 31, 2025.
v3.25.0.1
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Property, Plant and Equipment
The Company's property and equipment, net consisted of the following:
(In millions)December 31, 2024December 31, 2023
Land, buildings and leasehold improvements$905 $1,014 
Service vehicles, equipment and furniture and fixtures450 430 
Less: accumulated depreciation(732)(773)
Total property and equipment, net$623 $671 
Schedule of Estimated Useful Lives of Depreciable Assets
Property and equipment are stated at cost and are depreciated utilizing the straight-line method over the estimated useful lives of the related assets. Estimated useful lives are as follows:
Buildings
1 to 40 years
Furniture and fixtures
1 to 5 years
Service vehicles and equipment
1 to 25 years
Leasehold improvementsThe lesser of the economic life or the lease term
v3.25.0.1
Revenue Earning Vehicles (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Components of Revenue Earning Vehicles, Net
The components of revenue earning vehicles, net are as follows:
December 31,
(In millions)20242023
Revenue earning vehicles$12,424 $16,164 
Less accumulated depreciation(751)(2,155)
11,673 14,009 
Revenue earning vehicles held for sale, net(1)
290 642 
Revenue earning vehicles, net(2)
$11,963 $14,651 
(1)    Represents the carrying amount of vehicles classified as held for sale as of the respective balance sheet date. As of December 31, 2023, also includes the First EV Disposal Group, as defined and disclosed below.
(2)    As of December 31, 2024, includes an impairment charge recognized against the Company's revenue earnings vehicles in the third quarter of 2024. See Note 3, "Long-Lived Assets Impairment," for further details.
Schedule Of Depreciation Of Revenue Earning Vehicles And Lease Charges
Depreciation of revenue earning vehicles and lease charges, net includes the following:
Years ended December 31,
(In millions)202420232022
Depreciation of revenue earning vehicles$2,896 $1,853 $1,806 
(Gain) loss on disposal of revenue earning vehicles(1)
673 157 (1,125)
Rents paid for vehicles leased42 29 20 
Depreciation of revenue earning vehicles and lease charges, net$3,611 $2,039 $701 
(1)    Includes the write-down to fair value for vehicles classified as held for sale, including the EV Disposal Groups, as defined and disclosed below, for the years ended December 31, 2024 and 2023.
v3.25.0.1
Goodwill and Intangible Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Goodwill by Segment
The following summarizes the changes in the Company's goodwill by segment:
(In millions)Americas RAC segmentInternational RAC segmentTotal
Balance as of January 1, 2024
Goodwill$1,028 $236 $1,264 
Accumulated impairment losses
— (220)(220)
1,028 16 1,044 
Goodwill disposal and other changes during the period— — — 
Balance as of December 31, 2024
Goodwill1,028 236 1,264 
Accumulated impairment losses— (220)(220)
$1,028 $16 $1,044 
(In millions)Americas RAC segmentInternational RAC segmentTotal
Balance as of January 1, 2023
Goodwill$1,028 $236 $1,264 
Accumulated impairment losses
— (220)(220)
1,028 16 1,044 
Goodwill disposal and other changes during the period— — — 
Balance as of December 31, 2023
Goodwill1,028 236 1,264 
Accumulated impairment losses— (220)(220)
$1,028 $16 $1,044 
Schedule of Intangible Assets, Net
Intangible assets, net, consists of the following major classes:
December 31, 2024
(In millions)Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Value
Amortizable intangible assets:
Customer-related$269 $(269)$— 
Concession rights407 (407)— 
Technology-related intangibles236 (202)34 
Other(1)
36 (35)1 
Total948 (913)35 
Indefinite-lived intangible assets:
Tradenames(2)
2,794 — 2,794 
Other(3)
23 — 23 
Total2,817 — 2,817 
Total intangible assets, net$3,765 $(913)$2,852 
December 31, 2023
(In millions)Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Value
Amortizable intangible assets:
Customer-related$269 $(269)$— 
Concession rights407 (406)1 
Technology-related intangibles342 (300)42 
Other(1)
38 (36)2 
Total1,056 (1,011)45 
Indefinite-lived intangible assets:
Tradenames(2)
2,794 — 2,794 
Other(3)
24 — 24 
Total2,818 — 2,818 
Total intangible assets, net$3,874 $(1,011)$2,863 
(1)    Other amortizable intangible assets primarily include reacquired franchise rights.
(2)    As of December 31, 2024 and 2023, $2.2 billion was recorded in the Company's Americas RAC segment and $600 million in the Company's International RAC segment.
(3)    Other indefinite-lived intangible assets primarily consist of reacquired franchise rights.
Schedule of Finite-lived Intangible Assets Amortization Expense
Years Ended December 31,
(In millions)202420232022
Amortization of intangible assets$25 $48 $45 
Schedule of Amortization Expense Based on its Amortizable Intangible Assets
The following table summarizes the Company's expected amortization expense based on its amortizable intangible assets as of December 31, 2024:
(In millions)
2025$22 
202610 
20273 
2028— 
2029— 
After 2029— 
Total expected amortization expense35 
v3.25.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
The Company's debt, including its available credit facilities, consists of the following ($ in millions) as of December 31, 2024 and 2023:
Facility
Weighted-Average Interest Rate as of December 31, 2024
Fixed or
Floating
Interest
Rate		MaturityDecember 31,
2024		December 31,
2023
Non-Vehicle Debt
First Lien RCF8.17%Floating6/2026$175 $— 
Term B Loan8.18%Floating6/20281,255 1,268 
Facility
Weighted-Average Interest Rate as of December 31, 2024
Fixed or
Floating
Interest
Rate		MaturityDecember 31,
2024		December 31,
2023
Incremental Term B Loan8.29%Floating6/2028495 500 
Term C Loan8.18%Floating6/2028245 245 
First Lien Senior Notes(1)
12.63%Fixed7/20291,250 — 
Exchangeable Notes(2)
8.00%Fixed7/2029250 — 
Senior Notes Due 20264.63%Fixed12/2026500 500 
Senior Notes Due 20295.00%Fixed12/20291,000 1,000 
Other Non-Vehicle Debt(3)
15.76%FixedVarious— 2 
Unamortized Debt Issuance Costs and Net (Discount) Premium(4)
(66)(66)
Total Non-Vehicle Debt5,104 3,449 
Vehicle Debt
HVF III U.S. ABS Program
HVF III U.S. Vehicle Variable Funding Notes
HVF III Series 2021-A Class A(5)
6.11%Floating4/20262,162 1,492 
HVF III Series 2021-A Class B(5)
9.44%Fixed8/2025188 188 
2,350 1,680 
HVF III U.S. Vehicle Medium Term Notes
HVF III Series 2021-1(5)
N/AFixed12/2024— 2,000 
HVF III Series 2021-2(5)
2.12%Fixed12/20262,000 2,000 
HVF III Series 2022-1(5)
2.44%Fixed6/2025750 750 
HVF III Series 2022-2(5)
2.78%Fixed6/2027750 750 
HVF III Series 2022-3(5)
N/AFixed3/2024— 192 
HVF III Series 2022-4(5)
4.22%Fixed9/2025667 667 
HVF III Series 2022-5(5)
4.39%Fixed9/2027364 364 
HVF III Series 2023-1(5)
6.17%Fixed6/2026500 500 
HVF III Series 2023-2(5)
6.30%Fixed9/2028300 300 
HVF III Series 2023-3(5)
6.46%Fixed2/2027500 500 
HVF III Series 2023-4(5)
6.66%Fixed3/2029500 500 
HVF III Series 2024-1(5)
5.98%Fixed1/2028375 — 
HVF III Series 2024-2(5)
6.03%Fixed1/2030375 — 
7,081 8,523 
Vehicle Debt - Other
European ABS(5)
4.71%Floating3/20261,037 1,205 
Hertz Canadian Securitization(5)
5.36%Floating4/2026292 350 
Australian Securitization(5)
5.98%Floating6/2026207 203 
New Zealand RCF7.35%Floating8/202663 70 
U.K. Financing Facility7.35%Floating1/2025 - 11/2028153 173 
Other Vehicle Debt(6)
6.69%Floating1/2025 - 7/202897 110 
1,849 2,111 
Unamortized Debt Issuance Costs and Net (Discount) Premium(49)(72)
Total Vehicle Debt11,231 12,242 
Total Debt$16,335 $15,691 
N/A - Not applicable
(1)The effective interest rate as of December 31, 2024, inclusive of the First Lien Senior Notes issued in June 2024 and December 2024, as disclosed below, was approximately 10.5%.
(2)The effective interest rate as of December 31, 2024, inclusive of the bifurcated Exchange Feature, as disclosed below, and PIK interest, was approximately 15.0%.
(3)Other non-vehicle debt is primarily comprised of $1 million in finance lease obligations as of December 31, 2023.
(4)Includes approximately $9 million of unamortized debt issuances costs associated with the Exchangeable Notes as of December 31, 2024.
(5)    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 expect the outstanding principal of the relevant indebtedness to be repaid in full. The legal final maturity date is the date on which the outstanding principal of the relevant indebtedness is legally due and payable in full.
(6)    Other vehicle debt is primarily comprised of $94 million and $104 million in finance lease obligations as of December 31, 2024 and 2023, respectively.
Schedule of Net Carrying Amount
The net carrying amount of the Exchangeable Notes consists of the following:
(In millions)December 31, 2024
Principal$250 
Unamortized debt discount and debt issuance costs(1)
(71)
Net carrying amount$179 
(1)     The debt discount is amortized to non-vehicle interest expense over the term of the Exchangeable Notes using the effective interest method.
Schedule of Interest Expense Associated with Exchangeable Notes
The Company recognized interest expense associated with the Exchangeable Notes as follows below for the year ended December 31, 2024. There was no interest expense recognized for the years ending December 31, 2023 and 2022.
Year ended December 31,
(In millions)2024
Contractual interest expense$10 
Amortization of debt discount and debt issuance costs4 
(Gain) loss on fair value of Exchange Feature(1)
(7)
Total$7 
(1)    Refer also to Note 13, "Fair Value Measurements."
Components of Maturities of Debt
As of December 31, 2024, the nominal amounts of maturities of debt for each of the years ending December 31 are as follows:
(In millions)20252026202720282029After 2029
Other Non-Vehicle Debt$18 $693 $18 $1,941 $2,250 $— 
Exchangeable Notes— — — — 250 — 
Total Non-Vehicle Debt18 693 18 1,941 2,500 — 
Vehicle Debt1,697 6,682 1,639 636 563 63 
Total$1,715 $7,375 $1,657 $2,577 $3,063 $63 
Schedule of Outstanding Letters of Credit
The following facilities were available to the Company as of December 31, 2024 and are presented net of any outstanding letters of credit:
(In millions)Remaining
Capacity		Availability Under
Borrowing Base
Limitation
Non-Vehicle Debt
First Lien RCF$1,251 $1,251 
Total Non-Vehicle Debt1,251 1,251 
Vehicle Debt  
HVF III Series 2021-A1,603 — 
European ABS307 — 
Hertz Canadian Securitization38 — 
Australian Securitization4 — 
New Zealand RCF5 — 
U.K. Financing Facility61 — 
Other Vehicle Debt49 — 
Total Vehicle Debt2,067 — 
Total$3,318 $1,251 
v3.25.0.1
Employee Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Net Funded Status
The tables below set forth the funded status and the net periodic pension cost of the Hertz Retirement Plan and the retirement plans for international operations (“Non-U.S.”), together with amounts included in the accompanying consolidated balance sheets and statements of operations.
Pension Benefits
U.S.Non-U.S.
(In millions)2024202320242023
Change in Benefit Obligation
Benefit obligation as of January 1$373 $371 $191 $172 
Service cost— — 1 1 
Interest cost18 19 8 8 
Plan settlements(28)(21)— — 
Benefits paid(3)(3)(8)(7)
Foreign currency exchange rate translation— — (6)10 
Actuarial (gain) loss(11)7 (17)7 
Benefit obligation as of December 31$349 $373 $169 $191 
Change in Plan Assets
Fair value of plan assets as of January 1$342 $338 $142 $131 
Actual return gain (loss) on plan assets5 28 (9)6 
Company contributions9 — 3 3 
Plan settlements(28)(21)— — 
Benefits paid(3)(3)(7)(7)
Foreign currency exchange rate translation— — (3)9 
Fair value of plan assets as of December 31
$325 $342 $126 $142 
Funded Status of the Plan
Plan assets (less than) in excess of the benefit obligation$(24)$(31)$(43)$(49)
Schedule of Amounts Recognized in Balance Sheet
Pension Benefits
U.S.Non-U.S.
($ in millions)2024202320242023
Amounts recognized in balance sheets:
Prepaid expenses and other assets$— $— $13 $11 
Accrued liabilities(24)(31)(56)(60)
Net asset (obligation) recognized in the balance sheets$(24)$(31)$(43)$(49)
Prior service credit
$— $— $(1)$(1)
Net gain (loss)(43)(47)(63)(66)
Accumulated other comprehensive income (loss)
(43)(47)(64)(67)
Funded/(Unfunded) accrued pension19 16 21 18 
Net asset (obligation) recognized in the balance sheets$(24)$(31)$(43)$(49)
Total recognized in other comprehensive loss (income)$(4)$(10)$(3)$11 
Total recognized in net periodic benefit cost and other comprehensive loss (income)$2 $(2)$— $14 
Accumulated Benefit Obligation as of December 31$349 $373 $169 $190 
Weighted-average assumptions as of December 31
Discount rate5.6 %5.1 %4.9 %4.4 %
Expected return on assets6.4 %6.2 %5.1 %5.2 %
Average rate of increase in compensation— %— %2.2 %2.2 %
Interest crediting rate3.8 %3.8 %N/AN/A
N/A - Not applicable
Schedule of Net Benefit Costs
The table below sets forth the net periodic pension expense charged to net income (loss). The components of net periodic pension expense (benefit), other than service cost, were included in other (income) expense, net in the accompanying consolidated statements of operations.
Pension Benefits
U.S.Non-U.S.
Years Ended December 31,
($ in millions)202420232022202420232022
Components of Net Periodic Pension and Postretirement Expense (Benefit)
Service cost$— $— $— $1 $1 $1 
Interest cost18 19 16 8 8 5 
Expected return on plan assets
(15)(14)(14)(7)(7)(7)
Net amortizations— — — 1 1 1 
Settlement loss3 3 4 — — 2 
Net pension and postretirement expense (benefit)
$6 $8 $6 $3 $3 $2 
Weighted-average discount rate for expense (January 1)
5.1 %5.4 %2.7 %4.4 %4.7 %1.7 %
Weighted-average assumed long-term rate of return on assets (January 1)
5.8 %6.0 %4.5 %5.2 %5.2 %3.0 %
Weighted-average interest crediting rate for expense
3.8 %3.8 %3.8 %N/AN/AN/A
N/A - Not applicable
Schedule of Fair Value Measurements of the U.S. Pension Plan The fair value measurements of the Hertz Retirement Plan assets relate to common collective trusts and other pooled investment vehicles consisting of the following asset categories:
(In millions)December 31, 2024December 31, 2023
Asset CategoryLevel 1Level 2
Measured at NAV(1)
Level 1Level 2
Measured at NAV(1)
Cash$7 $— $— $9 $— $— 
Short Term Investments— 23 — — 36 — 
Equity Funds(2):
U.S. Large Cap— — — — 45 — 
U.S. Small Cap— — — — 5 — 
International Large Cap— — — — 20 — 
International Small Cap— — — — 3 — 
International Emerging Markets— — — — 5 4 
Fixed Income Securities:
U.S. Treasuries— 9 — — 1 — 
Corporate Bonds— 108 33 — 155 32 
Government Bonds— 4 — — 4 — 
Municipal Bonds— 2 — — 4 — 
Non-Investment Grade Fixed Income(2)
— 139 — — 19 — 
Total fair value of pension plan assets$7 $285 $33 $9 $297 $36 
    
(1)    Includes certain investments where the fair value measurement utilizes the net asset value ("NAV"), and as such, are not classified in the fair value levels above.
(2)    The Level 2 investments relate to investment funds that publish daily NAV per unit. The daily NAV is available to participants in the funds and redemptions can be made daily at the current NAV. The fair value and units are determined and published and are the basis for current transactions. The investments are not eligible for the NAV practical expedient. However, they are measured at the published NAV because the quoted NAV per unit represents the price at which the investment would be sold in a transaction between independent market participants.
The fair value measurements of the U.K. Plan assets are based upon inputs that reflect quoted prices for identical assets or liabilities in active markets that are observable inputs (Level 1) and significant observable inputs (Level 2) that reflect quoted prices for similar assets or liabilities in active markets. The fair value measurements of the U.K.
Plan assets relate to common collective trusts and other pooled investment vehicles consisting of the following asset categories:
(In millions)December 31, 2024December 31, 2023
Asset CategoryLevel 1Level 2
Measured at NAV(1)
Level 1Level 2
Measured at NAV(1)
Actively Managed Multi-Asset Funds:
Diversified Growth Funds(2)
$— $— $— $— $— $— 
Multi Asset Credit— — 16 — — 16 
Passive Equity Funds:
U.K. Equities(2)
5 — — 5 — — 
Overseas Equities(2)
6 — — 6 — — 
Passive Bond Funds:
Corporate Bonds4 — — 4 — — 
Liability Driven Investments(2)
88 — — 103 — — 
Liquidity Fund1 — — 1 — — 
Total fair value of pension plan assets$104 $— $16 $119 $— $16 
(1)    Includes certain investments where the fair value measurement utilizes NAV, and as such, are not classified in the fair value levels above.
(2)    The Level 2 investments relate to investment funds that publish daily NAV per unit. The daily NAV is available to participants in the funds and redemptions can be made daily at the current NAV. The fair value and units are determined and published and are the basis for current transactions. The investments are not eligible for the NAV practical expedient. However, they are measured at the published NAV because the quoted NAV per unit represents the price at which the investment would be sold in a transaction between independent market participants.
Schedule of Estimated Future Benefit Payments
The following table presents estimated future benefit payments related primarily to the Hertz Retirement Plan and U.K. Plan:
(In millions)Pension Benefits
2025$33 
202635 
202738 
202840 
202941 
2030 to 2034218 
Total estimated future benefits payments$405 
v3.25.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Total Employee Compensation Expense and Related Income Tax Benefits
A summary of the total employee compensation expense and related income tax benefits recognized for grants made under the 2021 Omnibus Plan is as follows:
Years Ended December 31,
(In millions)202420232022
Employee compensation expense(1)
$(6)$85 $129 
Income tax benefit(7)(8)(7)
Employee compensation expense, net$(13)$77 $122 
1)    For the year ended December 31, 2024, includes $68 million of former CEO awards forfeited in March 2024.
Schedule of Valuation Assumptions The value of each stock option award is estimated on the grant date using a Black-Scholes option valuation model that incorporates the assumptions noted in the following table.
The Company calculates the expected volatility based on the historical movement of its share price.
Grants
Assumption2021
Expected volatility75 %
Expected dividend yield— %
Expected term (years)6
Risk-free interest rate1.19 %
Weighted-average grant date fair value$17.12 
Certain of these PSUs, which were granted during the months of April and June in the second quarter of 2024 and during the month of July in the third quarter of 2024, were valued on the respective grant date using a Monte Carlo simulation model that incorporates the assumptions noted in the following table:
Grants
AssumptionApril 2024June 2024July 2024
Expected volatility60 %65 %70 %
Expected dividend yield— %— %— %
Expected term (years)555
Risk-free interest rate4.34 %4.30 %4.17 %
Weighted-average grant date fair value$5.92 $1.71 $2.51 
Schedule of Stock Option Activity
A summary of stock option activity under the 2021 Omnibus Plan as of December 31, 2024 is presented below:
OptionsSharesWeighted
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term (years)		Aggregate Intrinsic
Value (In millions)
Outstanding as of January 1, 20242,431,503 $26.17 6.7$— 
Granted— — 0.0— 
Exercised— — 0.0— 
Forfeited or Expired(729,085)26.17 0.0— 
Outstanding as of December 31, 20241,702,418 26.17 6.7— 
Exercisable as of December 31, 2024(1,702,418)26.17 6.7— 
Non-vested as of December 31, 2024— 
Schedule of PSU Activity
A summary of the PSU activity as of December 31, 2024 under the 2021 Omnibus Plan is presented below:
Shares Weighted-
Average
Fair Value		Aggregate Intrinsic
Value (In millions)
Outstanding as of January 1, 20249,102,738 $17.52 $95 
Granted(1)
5,446,562 4.55 — 
Vested— — — 
Forfeited or Expired(2)
(9,351,387)17.11 — 
Outstanding as of December 31, 20245,197,913 4.67 19 
(1)    Presented assuming the issuance at the original target award amount (100%).
(2)    Includes former CEO awards forfeited in March 2024.
Schedule of RSU Activity
A summary of RSU activity as of and for the year ended December 31, 2024 under the 2021 Omnibus Plan is presented below:
Shares Weighted-
Average
Fair Value		Aggregate Intrinsic
Value (In millions)
Outstanding as of January 1, 20246,314,564 $15.71 $66 
Granted21,266,670 5.09 — 
Vested(2,176,283)14.29 — 
Forfeited or Expired(1)
(4,294,564)11.93 — 
Outstanding as of December 31, 202421,110,387 5.92 77 
(1)    Includes former CEO awards forfeited in March 2024.
Additional information pertaining to RSU activity under the 2021 Omnibus Plan is as follows:
Years Ended December 31,
202420232022
Total fair value of awards that vested (in millions)$31 $27 $49 
Weighted-average grant-date fair value of awards granted$5.09 $13.87 19.94 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Operating Lease Income and Other Income
The following table summarizes the amount of operating lease income and other income included in total revenues in the accompanying consolidated statements of operations for each of the years ended December 31, 2024, 2023 and 2022:
(In millions)202420232022
Operating lease income from vehicle rentals$8,183 $8,546 8,243 
Variable operating lease income627 588 212 
Revenue accounted for under Topic 8428,810 9,134 8,455 
Revenue accounted for under Topic 606239 237 230 
Total revenues$9,049 $9,371 8,685 
Schedule of Operating Lease Costs
The following table summarizes the amount of lease costs incurred by the Company for each of the years ended December 31, 2024, 2023 and 2022:
Years ended December 31,
(In millions)202420232022
Minimum fixed lease costs:
Short-term lease costs$107 $92 $142 
Operating lease costs588 543 438 
Total695 635 580 
Variable lease costs$279 $339 $334 
Total lease costs
974 974 914 

The following summarizes the weighted-average remaining lease term and weighted-average discount rate for the Company's operating leases as a lessee as of December 31, 2024:
Weighted-average remaining lease term (in years)10.1
Weighted-average discount rate10.09 %
Schedule of Minimum Fixed Lease Obligations
The following table summarizes the Company's minimum fixed lease obligations under existing agreements as a lessee, excluding variable concession obligations in excess of minimum annual guarantees and short-term leases, as of December 31, 2024:
(In millions)
2025561 
2026459 
2027388 
2028320 
2029261 
After 20291,430 
Total lease payments3,419 
Interest(1,346)
Operating lease liabilities as of December 31, 2024
2,073 
v3.25.0.1
Income Tax (Provision) Benefit (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income (Loss) Before Income Taxes
The components of income (loss) before income taxes for the Company's domestic and foreign operations are as follows:
Hertz Global
As of December 31,
(In millions)202420232022
Domestic$(2,876)$180 $2,120 
Foreign(361)106 329 
Total income (loss) before income taxes$(3,237)$286 $2,449 
Hertz
As of December 31,
(In millions)202420232022
Domestic$(3,151)$17 $1,416 
Foreign(361)106 329 
Total income (loss) before income taxes$(3,512)$123 $1,745 
Schedule of Income Tax Provision (Benefit)
The total income tax provision (benefit) consists of the following:
Hertz Global and Hertz
As of December 31,
(In millions)202420232022
Current:
Federal $11 $1 $— 
Foreign60 42 41 
State and local13 7 32 
Total current84 50 73 
Deferred:
Federal(551)(348)338 
Foreign42 (33)42 
State and local50 1 (63)
Total deferred(459)(380)317 
Total provision (benefit) - Hertz Global(375)(330)390 
Federal deferred tax (provision) benefit applicable to Hertz Holdings— 1 — 
Total provision (benefit) - Hertz$(375)$(329)$390 
Schedule of Principal Items of the U.S. and Foreign Net Deferred Tax Assets and Liabilities
The principal items of the U.S. and foreign net deferred tax assets and liabilities are as follows:
Hertz Global and Hertz
As of December 31,
(In millions)20242023
Deferred tax assets:
Employee benefit plans$16 $19 
Net operating loss carryforwards1,614 1,741 
Capital loss carryforwards4 3 
Federal and state tax credit carryforwards356 343 
Deferred interest expense371 240 
Accrued and prepaid expenses259 172 
Operating lease liabilities530 544 
Total deferred tax assets3,150 3,062 
Less: valuation allowance(839)(305)
Total net deferred tax assets2,311 2,757 
Deferred tax liabilities:
Depreciation on tangible assets(1,516)(2,388)
Intangible assets(715)(716)
Operating lease right-of-use assets(537)(576)
Total deferred tax liabilities(2,768)(3,680)
Net deferred tax liability - Hertz Global(457)(923)
Deferred tax asset - net operating loss applicable to Hertz Holdings(4)(3)
Net deferred tax liability - Hertz$(461)$(926)
Schedule of Significant Items in the Reconciliation of the Statutory and Effective Income Tax Rates
The significant items in the reconciliation of the statutory and effective income tax rates consists of the following items in the table below. Percentages are calculated from the underlying numbers in thousands, and as a result, may not agree to the amount when calculated in millions.
Hertz Global and Hertz
Years Ended December 31,
202420232022
Statutory federal tax rate21 %21 %21 %
State and local income taxes, net of federal effect4 5 4 
Change in state rates, net of federal effect— (4)— 
Foreign tax rate differential— 2 — 
Federal and foreign permanent differences— (5)1 
Tax credits1 (70)(1)
Withholding taxes— 1 1 
Valuation allowance(17)(73)(6)
Change in fair value of Public Warrants & Exchangeable Notes2 (14)(7)
European reorganization— 6 — 
Uncertain tax positions— 1 — 
U.S. tax on foreign earnings— 9 1 
Nondeductible officer compensation
— 5 1 
Other1 1 1 
Effective tax rate - Hertz Global
12 (115)16 
Hertz Holdings exclusive items(1)
(1)(153)6 
Effective tax rate - Hertz
11 %(268)%22 %
(1)    Represents the tax rate differential due to the exclusion of the change in fair value of Public Warrants from Hertz's income (loss) before income taxes.
Schedule of a Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
Hertz Global and Hertz
Years Ended December 31,
(In millions)202420232022
Balance as of January 1$130 $298 $106 
Increase (decrease) attributable to tax positions taken during prior periods— (192)184 
Increase (decrease) attributable to tax positions taken during the current year29 24 9 
Decrease attributable to settlements with taxing authorities(3)— (1)
Balance as of December 31$156 $130 $298 
v3.25.0.1
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Financial Instruments
The following table summarizes the estimated fair value of financial instruments:
Fair Value of Financial Instruments
Asset Derivatives(1)
Liability Derivatives(1)
December 31,December 31,
(In millions)2024202320242023
Interest rate instruments(1)
$2 $10 $— $— 
Foreign currency forward contracts(1)
1 5 6 2 
Exchange Feature related to Exchangeable Notes(2)
— — 61 — 
Total
$3 $15 $67 $2 
(1)    Asset derivatives are recorded in prepaid expenses and other assets and liability derivatives are recorded in accrued liabilities in the accompanying consolidated balance sheets.
(2)    The Exchange Feature was bifurcated as a derivative upon issuance of the Exchangeable Notes in June 2024, as disclosed in Note 7, "Debt," and is recorded in non-vehicle debt in the accompanying consolidated balance sheet as of December 31, 2024.
Schedule of Gains or (Losses) on Financial Instruments
The following table summarizes the gains or (losses) on financial instruments for the period indicated:

Location of Gain (Loss) Recognized on DerivativesAmount of Gain (Loss) Recognized in Income on Derivatives
Years Ended December 31,
(In millions)202420232022
Interest rate instrumentsVehicle interest expense, net$(5)$(6)$127 
Foreign currency forward contracts
Selling, general and administrative expense(1)
(26)8 (2)
Exchange Feature related to Exchangeable Notes(2)
Non-vehicle interest expense, net7 — — 
Total
$(24)$2 $125 
(1)    In 2022, all gains (losses) on foreign currency forward contracts were recorded in other (income) expense, net.
(2)    The Exchange Feature was bifurcated as a derivative upon issuance of the Exchangeable Notes in June 2024, as further disclosed in Note 7, "Debt."
v3.25.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of the Debt Facilities
The fair value of the debt facilities 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).
December 31, 2024December 31, 2023
(In millions)Nominal Unpaid Principal BalanceAggregate Fair ValueNominal Unpaid Principal BalanceAggregate Fair Value
Other Non-Vehicle Debt$4,920 $4,399 $3,515 $3,285 
Exchangeable Notes(1)
250 289 — — 
Total Non-Vehicle Debt5,170 4,688 3,515 3,285 
Vehicle Debt11,280 11,100 12,314 11,878 
Total$16,450 $15,788 $15,829 $15,163 
(1)    As of December 31, 2024, the nominal unpaid principal balance and aggregate fair value of the Exchangeable Notes include $61 million related to the Exchange Feature, which is measured based on Level 3 inputs as disclosed below.
Schedule of Cash Equivalents, Restricted Cash Equivalents and Public Warrants
The following table summarizes the Company's cash equivalents, restricted cash equivalents and Public Warrants that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy as follows:
December 31, 2024December 31, 2023
(In millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:
Cash equivalents and restricted cash equivalents$229 $— $— $229 $362 $— $— $362 
Liabilities:
Public Warrants$178 $— $— $178 $453 $— $— $453 
Exchange Feature$— $— $61 $61 $— $— $— $— 
Schedule of Estimated Fair Value of the Exchange Feature
The estimated fair value of the Exchange Feature was computed using the following key inputs as of December 31, 2024:
December 31, 2024
Hertz Global common share price$3.66 
Expected term (years)4.54
Risk-free interest rate4.35 %
Credit spread8.55 %
Expected volatility48.75 %
Schedule of Fair Value Measurements
The following table summarizes the activity related to the Exchange Feature measured at fair value utilizing significant unobservable inputs (Level 3 input) as of December 31, 2024:
(In millions)
Balance as of December 31, 2023$— 
Initial recognition of derivative liability68 
(Gain) loss in fair value recognized in earnings(1)
(7)
Balance as of December 31, 2024$61 
(1)    Included in non-vehicle interest expense, net in the accompanying audited consolidated statement of operations for the year ended December 31, 2024.
v3.25.0.1
Accumulated Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2024
Accumulated Other Comprehensive Income [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
Changes in the accumulated other comprehensive income (loss) balance by component (net of tax) is as follows:
(In millions)Pension and Other Post-Employment BenefitsForeign Currency ItemsUnrealized Losses from Currency Translation Adjustments on Terminated Net Investment HedgesAccumulated Other Comprehensive Income (Loss)
Balance as of January 1, 2024$(95)$(134)$(19)$(248)
Other comprehensive income (loss) before reclassification
3 (74)— (71)
Amounts reclassified from accumulated other comprehensive income (loss)
3 — — 3 
Balance as of December 31, 2024$(89)$(208)$(19)$(316)

(In millions)Pension and Other Post-Employment BenefitsForeign Currency ItemsUnrealized Losses from Currency Translation Adjustments on Terminated Net Investment HedgesAccumulated Other Comprehensive Income (Loss)
Balance as of January 1, 2023$(92)$(183)$(19)$(294)
Other comprehensive income (loss) before reclassification
(6)49 — 43 
Amounts reclassified from accumulated other comprehensive income (loss)
3 — — 3 
Balance as of December 31, 2023$(95)$(134)$(19)$(248)
v3.25.0.1
Equity and Earnings (Loss) Per Common Share – Hertz Global (Tables)
 12 Months Ended
Dec. 31, 2024
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 common share:
Years Ended December 31,
(In millions, except per share data)(1)
202420232022
Numerator:
Net income (loss) available to Hertz Global common stockholders, basic$(2,862)$616 2,059 
Change in fair value of Public Warrants— (163)(704)
Net income (loss) available to Hertz Global common stockholders, diluted$(2,862)$452 $1,355 
Denominator:
Basic weighted-average common shares outstanding306 313 379 
Dilutive effect of stock options, RSUs and PSUs— 1 1 
Dilutive effect of Public Warrants— 11 23 
Diluted weighted-average common shares outstanding306 326 403 
Antidilutive Public Warrants167 — — 
Antidilutive stock options, RSUs and PSUs13 6 6 
Antidilutive shares related to Exchangeable Notes19 — — 
Total antidilutive199 6 6 
Earnings (loss) per common share:
Basic$(9.34)$1.97 $5.43 
Diluted$(9.34)$1.39 $3.36 
(1)    The table above is denoted in millions, excluding earnings (loss) per common share. Amounts are calculated from the underlying numbers in thousands, and as a result, may not agree to the amounts shown in the table when calculated in millions.
v3.25.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables provide revenue, significant expenses, other segment expenses and the segment measure of profitability, Adjusted EBITDA, by reportable segment, including a reconciliation of Adjusted EBITDA to consolidated income (loss) before income taxes for Hertz Global and Hertz.
Year Ended December 31, 2024
(In millions)Americas RACInternational RACTotal
Revenues$7,398 $1,651 $9,049 
Significant segment expenses:
Direct vehicle and operating4,726 971 5,697 
Depreciation of revenue earning vehicles and lease charges, net(1)
3,198 413 3,611 
Selling, general and administrative482 244 726 
Other segment items(2)
349 (8)341 
Segment profit (loss): Adjusted EBITDA$(1,357)$31 $(1,326)
Corporate(3)
(215)
Total Hertz Global and Hertz Adjusted EBITDA(1,541)
Adjustments:
Non-vehicle depreciation and amortization(139)
Non-vehicle debt interest, net(375)
Vehicle debt-related charges(4)
(45)
Restructuring and restructuring related charges(5)
(66)
Unrealized gains (losses) on financial instruments(6)
(7)
Non-cash stock-based compensation forfeitures(7)
64 
Bankruptcy-related litigation reserve(8)
(292)
Long-Lived Assets impairment(9)
(1,048)
Other items(10)
(63)
Income (loss) before income taxes - Hertz(3,512)
Year Ended December 31, 2024
(In millions)Americas RACInternational RACTotal
Change in fair value of Public Warrants(11)
275 
Income (loss) before income taxes - Hertz Global$(3,237)

Year Ended December 31, 2023
(In millions)Americas RACInternational RACTotal
Revenues$7,722 $1,649 $9,371 
Significant segment expenses:
Direct vehicle and operating4,582 880 5,462 
Depreciation of revenue earning vehicles and lease charges, net(1)
1,775 264 2,039 
Selling, general and administrative501 227 728 
Other segment items(2)
279 (24)255 
Segment profit (loss): Adjusted EBITDA$585 $302 $887 
Corporate(3)
(326)
Total Hertz Global and Hertz Adjusted EBITDA561 
Adjustments:
Non-vehicle depreciation and amortization(149)
Non-vehicle debt interest, net(238)
Vehicle debt-related charges(4)
(42)
Restructuring and restructuring related charges(5)
(17)
Unrealized gains (losses) on financial instruments(6)
(117)
Gain on sale of non-vehicle capital assets(12)
162 
Other items(10)
(37)
Income (loss) before income taxes - Hertz123 
Change in fair value of Public Warrants(11)
163 
Income (loss) before income taxes - Hertz Global$286 

Year Ended December 31, 2022
(In millions)Americas RACInternational RACTotal
Revenues$7,280 $1,405 $8,685 
Significant segment expenses:
Direct vehicle and operating4,080 728 4,808 
Depreciation of revenue earning vehicles and lease charges, net(1)
553 148 701 
Selling, general and administrative351 180 531 
Other segment items(2)
4 (1)3 
Segment profit (loss): Adjusted EBITDA$2,292 $350 $2,642 
Corporate(3)
(337)
Total Hertz Global and Hertz Adjusted EBITDA2,305 
Adjustments:
Non-vehicle depreciation and amortization(142)
Non-vehicle debt interest, net(169)
Vehicle debt-related charges(4)
(35)
Restructuring and restructuring related charges(5)
(45)
Year Ended December 31, 2022
(In millions)Americas RACInternational RACTotal
Unrealized gains (losses) on financial instruments(6)
111 
Litigation settlements(13)
(168)
Other items(10)
(112)
Income (loss) before income taxes - Hertz1,745 
Change in fair value of Public Warrants(11)
704 
Income (loss) before income taxes - Hertz Global$2,449 
(1)    Includes the write-down to carrying value of vehicles classified as held for sale. In 2024, also includes the EV Disposal Groups. In 2023, Americas RAC also includes the First EV Disposal Group. See Note 5, "Revenue Earning Vehicles."
(2)    Represents certain other segment items that are not deemed significant segment expenses, which primarily includes fleet interest expense, net and certain other adjustments reflected in the tables above, excluding adjustments in 2024 for Long-Lived Assets impairment and bankruptcy-related litigation reserve and in 2023 adjustment for a gain on sale of non-vehicle capital assets.
(3)    Represents other reconciling items primarily consisting of general corporate expenses and non-vehicle interest expense, net; as well as other business activities.
(4)    Represents vehicle debt-related charges relating to the amortization of deferred financing costs and debt discounts and premiums which are recorded within vehicle interest expense, net.
(5)    Represents charges incurred under restructuring actions as defined in U.S. GAAP. Also includes restructuring related charges such as incremental costs incurred related to personnel reductions, litigation and closure of underperforming locations. In 2024, charges are recorded within selling, general and administrative expense. In 2023 and 2022, charges are recorded within direct vehicle and operating expense and selling, general and administrative expense.
(6)    Represents unrealized gains (losses) on derivative financial instruments in which interest rate instrument gains (losses) are recorded within vehicle interest expense, net and foreign currency forward contract gains (losses) are recorded within selling, general and administrative expense. See Note 12, "Financial Instruments."
(7)    Represents former CEO awards forfeited in March 2024. See Note 9, "Stock-Based Compensation."
(8)    Represents an increase to an existing bankruptcy-related litigation reserve recorded in September 2024, including interest that continues to accrue during each subsequent reporting period. See Note 15, "Contingencies and Off-Balance Sheet Commitments."
(9)    Represents impairment charges recognized for certain long-lived assets in the third quarter of 2024. See Note 3, "Long-Lived Assets Impairment."
(10)    Represents miscellaneous items. For 2024, primarily includes certain IT-related charges, cloud computing costs and certain storm-related vehicle damages, partially offset by a loss recovery settlement and certain litigation settlements. For 2023, primarily includes certain IT-related costs, charges for certain storm-related vehicle damages and certain professional fees and charges related to the settlement of bankruptcy claims, partially offset by a loss recovery settlement. For 2022, primarily includes certain bankruptcy claims, certain professional fees and charges related to the settlement of bankruptcy claims and certain non-cash stock-based compensation charges.
(11)    Represents the change in fair value during the reporting period for Hertz Global's outstanding Public Warrants.
(12)    Represents gain on sale of certain non-vehicle capital assets sold in 2023. See Note 4, "Divestitures."
(13)    Represents payments made for the settlement of certain claims related to alleged false arrests. See Note 15, "Contingencies and Off-Balance Sheet Commitments."
The following tables provide other significant statement of operations, balance sheet and cash flow information by reportable segment for each of Hertz Global and Hertz.
Years Ended December 31,
(In millions)202420232022
Depreciation and amortization, non-vehicle assets
Americas RAC$109 $125 $114 
International RAC13 11 13 
Total reportable segments122 136 127 
Corporate
17 13 15 
Total Hertz Global and Hertz$139 $149 $142 
Vehicle interest expense, net
Americas RAC$479 $456 $140 
International RAC111 99 19 
Total Hertz Global and Hertz$590 $555 $159 
Non-vehicle interest expense, net
Americas RAC$(4)$(22)$(80)
International RAC(18)(10)— 
Total reportable segments(22)(32)(80)
Corporate
391 270 249 
Total Hertz Global and Hertz$369 $238 $169 

As of December 31,
(In millions)20242023
Revenue earning vehicles, net
Americas RAC(1)(2)
$10,253 $12,450 
International RAC(1)
1,710 2,201 
Total Hertz Global and Hertz$11,963 $14,651 
Property and equipment, net
Americas RAC$460 $501 
International RAC71 73 
Total reportable segments531 574 
Corporate
92 97 
Total Hertz Global and Hertz$623 $671 
Total assets
Americas RAC$17,386 $19,252 
International RAC3,456 4,245 
Total reportable segments20,842 23,497 
Corporate
960 1,108 
Total Hertz Global(3)
21,802 24,605 
Corporate - Hertz(1)(1)
Total Hertz(3)
$21,801 $24,604 
(1)    Includes the carrying amount of vehicles classified as held for sale as of the respective balance sheet date. See Note 5, "Revenue Earning Vehicles."
(2)    As of December 31, 2023, includes the carrying amount of vehicles classified as held for sale as of the respective balance sheet date, including the First EV Disposal Group. See Note 5, "Revenue Earning Vehicles."
(3)    The consolidated total assets of Hertz Global and Hertz as of December 31, 2024 and 2023 include total assets of VIEs of $1.4 billion and $1.7 billion, respectively, which can only be used to settle obligations of the VIEs. See "Pledges Related to Vehicle Financing" in Note 7, "Debt," for further information.

Years Ended December 31,
(In millions)202420232022
Revenue earning vehicles and non-vehicle capital assets
Americas RAC:
Expenditures
$(8,931)$(7,736)$(9,352)
Proceeds from disposals
6,105 4,376 5,768 
Net expenditures - Hertz Global and Hertz
$(2,826)$(3,360)$(3,584)
International RAC:
Expenditures
$(1,687)$(1,921)$(1,379)
Proceeds from disposals
1,594 1,298 741 
Net expenditures - Hertz Global and Hertz
$(93)$(623)$(638)
Corporate:
Expenditures
$(11)$(45)$(15)
Proceeds from disposals
2 5 1 
Net expenditures - Hertz Global and Hertz
$(9)$(40)$(14)

The Company operates in the U.S. and in international countries. International operations are substantially in Europe. The operations within major geographic areas for each of Hertz Global and Hertz are summarized below:
Years Ended December 31,
(In millions)202420232022
Revenues
U.S.$7,060 $7,392 $6,985 
International
1,989 1,979 1,700 
Total Hertz Global and Hertz
$9,049 $9,371 $8,685 

As of December 31,
(In millions)20242023
Revenue earning vehicles, net
U.S.(1)
$9,880 $11,980 
International
2,083 2,671 
Total Hertz Global and Hertz(1)(2)
$11,963 $14,651 
Property and equipment, net
U.S.$535 $577 
International
88 94 
Total Hertz Global and Hertz
$623 $671 
Operating lease right-of-use assets
U.S.$1,815 $1,995 
International
273 258 
Total Hertz Global and Hertz
$2,088 $2,253 
As of December 31,
(In millions)20242023
Total assets
U.S.
$17,670 $19,550 
International4,132 5,055 
Total Hertz Global21,802 24,605 
U.S. - Hertz(1)(1)
Total Hertz$21,801 $24,604 
(1)    In 2023, includes the carrying amount of the First EV Disposal Group. See Note 5, "Revenue Earning Vehicles."
(2)    Includes the carrying amount of vehicles classified as held for sale as of the respective balance sheet date. See Note 5, "Revenue Earning Vehicles."
v3.25.0.1
Significant Accounting Policies (Narrative) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2024
unit
Dec. 31, 2024
USD ($)
Dec. 31, 2024
employee
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Number of reportable segments   2   2    
Depreciation     $ 115   $ 101 $ 97
Advertising expense     $ 264   $ 285 $ 262
Minimum            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Long-lived assets, useful life 1 year 1 year 1 year 1 year    
Finite-lived intangible assets, useful life 2 years 2 years 2 years 2 years    
Minimum | Vehicles            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Holding period 6 months          
Maximum            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Long-lived assets, useful life 40 years 40 years 40 years 40 years    
Finite-lived intangible assets, useful life 15 years 15 years 15 years 15 years    
Maximum | Vehicles            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Holding period 66 months          
v3.25.0.1
Significant Accounting Policies (Property and Equipment, Including Useful Lives) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Less: accumulated depreciation $ (732) $ (773)
Total property and equipment, net $ 623 671
Minimum    
Property, Plant and Equipment [Line Items]    
Useful life 1 year  
Maximum    
Property, Plant and Equipment [Line Items]    
Useful life 40 years  
Land, buildings and leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 905 1,014
Service vehicles, equipment and furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 450 $ 430
Buildings | Minimum    
Property, Plant and Equipment [Line Items]    
Useful life 1 year  
Buildings | Maximum    
Property, Plant and Equipment [Line Items]    
Useful life 40 years  
Furniture and fixtures | Minimum    
Property, Plant and Equipment [Line Items]    
Useful life 1 year  
Furniture and fixtures | Maximum    
Property, Plant and Equipment [Line Items]    
Useful life 5 years  
Service vehicles and equipment | Minimum    
Property, Plant and Equipment [Line Items]    
Useful life 1 year  
Service vehicles and equipment | Maximum    
Property, Plant and Equipment [Line Items]    
Useful life 25 years  
v3.25.0.1
Long-Lived Assets Impairment (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Asset Impairment Charges [Line Items]        
Revenue earning vehicles impairment $ 923      
ROU assets impairment 125      
Long-Lived Assets impairment   $ 1,048 $ 0 $ 0
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]   Long-Lived Assets impairment Long-Lived Assets impairment  
Americas RAC segment        
Asset Impairment Charges [Line Items]        
Long-Lived Assets impairment   $ 865    
International RAC segment        
Asset Impairment Charges [Line Items]        
Long-Lived Assets impairment   $ 183    
Property, Plant and Equipment        
Asset Impairment Charges [Line Items]        
Long-Lived Assets impairment $ 0      
v3.25.0.1
Divestitures (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
(Gain) on sale of non-vehicle capital assets $ (3) $ 162 $ 5
Los Angeles, California Airport Location      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Sale and leaseback transaction, gain (loss), net   133  
Sale leaseback transaction, gross amount   143  
Sale leaseback transaction, net book value   9  
Sale and leaseback transaction, selling costs   $ 1  
Term of lease contract   36 months  
Non-vehicle Capital Assets | Americas RAC segment      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
(Gain) on sale of non-vehicle capital assets   $ 29  
v3.25.0.1
Revenue Earning Vehicles - Schedule of Components of Revenue Earning Vehicles (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Long-Lived Assets Held-for-sale [Line Items]    
Total revenue earning vehicles, net $ 11,963 $ 14,651
Vehicles Held For Sale    
Long-Lived Assets Held-for-sale [Line Items]    
Revenue earning vehicles held for sale, net 290 642
Vehicles, Including Held-For-Sale    
Long-Lived Assets Held-for-sale [Line Items]    
Revenue earning vehicles 12,424 16,164
Less accumulated depreciation (751) (2,155)
Revenue earning vehicles less accumulated depreciation $ 11,673 $ 14,009
v3.25.0.1
Revenue Earning Vehicles - Schedule of Depreciation of Revenue Earning Vehicles and Lease Charges (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]      
Depreciation of revenue earning vehicles $ 2,896 $ 1,853 $ 1,806
(Gain) loss on disposal of revenue earning vehicles 673 157 (1,125)
Rents paid for vehicles leased 42 29 20
Depreciation of revenue earning vehicles and lease charges, net $ 3,611 $ 2,039 $ 701
v3.25.0.1
Revenue Earning Vehicles - Narrative (Details) - EV Disposal Group - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Held-for-Sale    
Long-Lived Assets Held-for-sale [Line Items]    
Disposal group, not discontinued operation, loss (gain) on write-down $ 175  
Disposal group, including discontinued operation, property, plant and equipment, current   $ 542
Held-for-Sale | Americas RAC segment    
Long-Lived Assets Held-for-sale [Line Items]    
Disposal group, not discontinued operation, loss (gain) on write-down 164  
Held-for-Sale | International RAC segment    
Long-Lived Assets Held-for-sale [Line Items]    
Disposal group, not discontinued operation, loss (gain) on write-down 11  
Disposed of by Sale    
Long-Lived Assets Held-for-sale [Line Items]    
Disposal group, not discontinued operation, loss (gain) on write-down $ 48  
v3.25.0.1
Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Intangible assets $ 2,852 $ 2,863
Tradenames | Americas RAC segment    
Finite-Lived Intangible Assets [Line Items]    
Goodwill and intangible assets, percentage of fair value exceeding carrying value, minimum 0.10  
Intangible assets $ 934  
Minimum | Valuation, Income Approach    
Finite-Lived Intangible Assets [Line Items]    
Percentage of fair value in excess of carrying amount 25.00%  
Minimum | Measurement Input, Discount Rate | Valuation, Income Approach    
Finite-Lived Intangible Assets [Line Items]    
Goodwill, discount rate 13.00%  
Intangible assets, discount rate 12.00%  
Indefinite-lived intangible assets, percentage of fair value in excess of carrying amount 25.00%  
Maximum | Measurement Input, Discount Rate | Valuation, Income Approach    
Finite-Lived Intangible Assets [Line Items]    
Goodwill, discount rate 20.00%  
Intangible assets, discount rate 20.00%  
v3.25.0.1
Goodwill and Intangible Assets, Net - Schedule of Changes in Goodwill by Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill      
Beginning balance, Goodwill $ 1,264 $ 1,264  
Accumulated impairment losses, beginning balance (220) (220)  
Net goodwill, balance at the end of the period 1,044 1,044 $ 1,044
Goodwill disposal and other changes during the period 0 0  
Goodwill  
Accumulated impairment losses, ending balance (220) (220)  
End Balance, Goodwill 1,264 1,264  
Americas RAC segment      
Goodwill      
Beginning balance, Goodwill 1,028 1,028  
Accumulated impairment losses, beginning balance 0 0  
Net goodwill, balance at the end of the period 1,028 1,028 1,028
Goodwill disposal and other changes during the period 0 0  
Goodwill  
Accumulated impairment losses, ending balance 0 0  
End Balance, Goodwill 1,028 1,028  
International RAC segment      
Goodwill      
Beginning balance, Goodwill 236 236  
Accumulated impairment losses, beginning balance (220) (220)  
Net goodwill, balance at the end of the period 16 16 $ 16
Goodwill disposal and other changes during the period 0 0  
Goodwill  
Accumulated impairment losses, ending balance (220) (220)  
End Balance, Goodwill $ 236 $ 236  
v3.25.0.1
Goodwill and Intangible Assets, Net - Schedule of Intangible Assets, Net (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Amortizable intangible assets:    
Gross Carrying Amount $ 948 $ 1,056
Accumulated Amortization (913) (1,011)
Net Carrying Value 35 45
Indefinite-lived intangible assets:    
Carrying amount 2,817 2,818
Total Other intangible assets    
Gross Carrying Amount 948 1,056
Total intangible assets, net 3,765 3,874
Accumulated Amortization (913) (1,011)
Net Carrying Value 2,852 2,863
Tradenames    
Indefinite-lived intangible assets:    
Carrying amount 2,794 2,794
Tradenames | Americas RAC segment    
Indefinite-lived intangible assets:    
Carrying amount 2,200 2,200
Total Other intangible assets    
Net Carrying Value 934  
Tradenames | International RAC    
Indefinite-lived intangible assets:    
Carrying amount 600 600
Other    
Indefinite-lived intangible assets:    
Carrying amount 23 24
Customer-related    
Amortizable intangible assets:    
Gross Carrying Amount 269 269
Accumulated Amortization (269) (269)
Net Carrying Value 0 0
Total Other intangible assets    
Gross Carrying Amount 269 269
Accumulated Amortization (269) (269)
Concession rights    
Amortizable intangible assets:    
Gross Carrying Amount 407 407
Accumulated Amortization (407) (406)
Net Carrying Value 0 1
Total Other intangible assets    
Gross Carrying Amount 407 407
Accumulated Amortization (407) (406)
Technology-related intangibles    
Amortizable intangible assets:    
Gross Carrying Amount 236 342
Accumulated Amortization (202) (300)
Net Carrying Value 34 42
Total Other intangible assets    
Gross Carrying Amount 236 342
Accumulated Amortization (202) (300)
Other    
Amortizable intangible assets:    
Gross Carrying Amount 36 38
Accumulated Amortization (35) (36)
Net Carrying Value 1 2
Total Other intangible assets    
Gross Carrying Amount 36 38
Accumulated Amortization $ (35) $ (36)
v3.25.0.1
Goodwill and Intangible Assets, Net - Schedule of Amortization of Intangible Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization of intangible assets $ 25 $ 48 $ 45
v3.25.0.1
Goodwill and Intangible Assets, Net - Schedule of Amortization Expense Based on its Amortizable Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]    
2025 $ 22  
2026 10  
2027 3  
2028 0  
2029 0  
After 2029 0  
Total expected amortization expense $ 35 $ 45
v3.25.0.1
Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Debt Instrument      
Unamortized Debt Issuance Costs and Net (Discount) Premium $ (66)   $ (66)
Total Debt $ 16,335   $ 15,691
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]     Total Debt
Senior Notes      
Debt Instrument      
Effective interest rate 10.50%    
Non-Vehicle Debt      
Debt Instrument      
Total Debt $ 5,104   $ 3,449
First Lien RCF | Line of Credit | First Lien RCF      
Debt Instrument      
Weighted average interest rate 8.17%    
Outstanding principal $ 175   0
Term B Loan | Medium-Term Note      
Debt Instrument      
Weighted average interest rate 8.18%    
Outstanding principal $ 1,255   1,268
Incremental Term B Loan | Medium-Term Note      
Debt Instrument      
Weighted average interest rate 8.29%    
Outstanding principal $ 495   500
Term C Loan | Medium-Term Note      
Debt Instrument      
Weighted average interest rate 8.18%    
Outstanding principal $ 245   245
First Lien Senior Notes | Senior Notes      
Debt Instrument      
Weighted average interest rate 12.63%    
Outstanding principal $ 1,250   0
Exchangeable Notes      
Debt Instrument      
Unamortized Debt Issuance Costs and Net (Discount) Premium $ (9)    
Exchangeable Notes | Senior Notes      
Debt Instrument      
Weighted average interest rate 8.00%    
Outstanding principal $ 250 $ 250 0
Effective interest rate 15.00%    
Senior Notes Due 2026 | Senior Notes      
Debt Instrument      
Weighted average interest rate 4.63%    
Outstanding principal $ 500   500
Senior Notes Due 2029 | Senior Notes      
Debt Instrument      
Weighted average interest rate 5.00%    
Outstanding principal $ 1,000   1,000
Other Non-Vehicle Debt      
Debt Instrument      
Weighted average interest rate 15.76%    
Outstanding principal $ 0   2
Finance lease liability     1
Vehicle Debt      
Debt Instrument      
Unamortized Debt Issuance Costs and Net (Discount) Premium (49)   (72)
Total Debt 11,231   12,242
HVF III U.S. Vehicle Variable Funding Notes      
Debt Instrument      
Outstanding principal $ 2,350   1,680
HVF III Series 2021-A Class A      
Debt Instrument      
Weighted average interest rate 6.11%    
Outstanding principal $ 2,162   1,492
HVF III Series 2021-A Class B      
Debt Instrument      
Weighted average interest rate 9.44%    
Outstanding principal $ 188   188
HVF III U.S. Vehicle Medium Term Notes      
Debt Instrument      
Outstanding principal 7,081   8,523
HVF III Series 2021-1 | Medium-Term Note      
Debt Instrument      
Outstanding principal $ 0   2,000
HVF III Series 2021-2 | Medium-Term Note      
Debt Instrument      
Weighted average interest rate 2.12%    
Outstanding principal $ 2,000   2,000
HVF III Series 2022-1 | Medium-Term Note      
Debt Instrument      
Weighted average interest rate 2.44%    
Outstanding principal $ 750   750
HVF III Series 2022-2 | Medium-Term Note      
Debt Instrument      
Weighted average interest rate 2.78%    
Outstanding principal $ 750   750
HVF III Series 2022-3 | Medium-Term Note      
Debt Instrument      
Outstanding principal $ 0   192
HVF III Series 2022-4 | Medium-Term Note      
Debt Instrument      
Weighted average interest rate 4.22%    
Outstanding principal $ 667   667
HVF III Series 2022-5 | Medium-Term Note      
Debt Instrument      
Weighted average interest rate 4.39%    
Outstanding principal $ 364   364
HVF III Series 2023-1 | Medium-Term Note      
Debt Instrument      
Weighted average interest rate 6.17%    
Outstanding principal $ 500   500
HVF III Series 2023-2 | Medium-Term Note      
Debt Instrument      
Weighted average interest rate 6.30%    
Outstanding principal $ 300   300
HVF III Series 2023-3 | Medium-Term Note      
Debt Instrument      
Weighted average interest rate 6.46%    
Outstanding principal $ 500   500
HVF III Series 2023-4 | Medium-Term Note      
Debt Instrument      
Weighted average interest rate 6.66%    
Outstanding principal $ 500   500
HVF III Series 2024-1 | Medium-Term Note      
Debt Instrument      
Weighted average interest rate 5.98%    
Outstanding principal $ 375   0
HVF III Series 2024-2 | Medium-Term Note      
Debt Instrument      
Weighted average interest rate 6.03%    
Outstanding principal $ 375   0
Vehicle Debt - Other      
Debt Instrument      
Outstanding principal $ 1,849   2,111
European ABS      
Debt Instrument      
Weighted average interest rate 4.71%    
Outstanding principal $ 1,037   1,205
Hertz Canadian Securitization      
Debt Instrument      
Weighted average interest rate 5.36%    
Outstanding principal $ 292   350
Australian Securitization      
Debt Instrument      
Weighted average interest rate 5.98%    
Outstanding principal $ 207   203
New Zealand RCF      
Debt Instrument      
Weighted average interest rate 7.35%    
New Zealand RCF | Line of Credit | First Lien RCF      
Debt Instrument      
Outstanding principal $ 63   70
U.K. Financing Facility      
Debt Instrument      
Weighted average interest rate 7.35%    
Outstanding principal $ 153   173
Other Vehicle Debt      
Debt Instrument      
Weighted average interest rate 6.69%    
Outstanding principal $ 97   110
Finance lease liability $ 94   $ 104
v3.25.0.1
Debt - Narrative (Details)
$ / shares in Units, £ in Millions, € in Billions
 1 Months Ended 3 Months Ended 12 Months Ended
Jun. 30, 2024
USD ($)
$ / shares
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Sep. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
$ / shares
Dec. 31, 2024
USD ($)
Jan. 31, 2025
USD ($)
Dec. 31, 2024
GBP (£)
Jul. 31, 2024
USD ($)
Jul. 31, 2024
GBP (£)
Jun. 30, 2024
GBP (£)
Apr. 01, 2024
EUR (€)
Mar. 31, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Debt Instrument                            
Remaining Capacity     $ 3,318,000,000     $ 3,318,000,000                
Total assets [1]     21,802,000,000     21,802,000,000               $ 24,605,000,000
Total liabilities [1]     $ 21,649,000,000     $ 21,649,000,000               21,513,000,000
Restricted net assets of subsidiaries as percentage of total consolidated net assets, greater than     25.00%     25.00%   25.00%            
Accrued liabilities                            
Debt Instrument                            
Accrued interest     $ 103,000,000     $ 103,000,000               26,000,000
Variable Interest Entity, Primary Beneficiary                            
Debt Instrument                            
Minority ownership interest, percent           25.00%                
Total assets     1,400,000,000     $ 1,400,000,000               1,700,000,000
Total liabilities     1,400,000,000     1,400,000,000               1,700,000,000
HFF                            
Debt Instrument                            
Total assets     2,000,000     2,000,000                
Total liabilities     $ 2,000,000     2,000,000                
First Lien RCF                            
Debt Instrument                            
Debt instrument, covenant, debt to consolidated EBITDA ratio, period one       5.0 5.0                  
Debt instrument, covenant, debt to consolidated EBITDA ratio, period two     4.75                      
Debt instrument, covenant, liquidity, monthly minimum $ 400,000,000   $ 500,000,000 $ 400,000,000 $ 400,000,000 500,000,000                
Remaining Capacity     $ 1,251,000,000     $ 1,251,000,000                
Maximum consolidated leverage ratio 3.5   3.0 3.5 3.5 3.0   3.0     3.5   3.0  
First Lien RCF | Forecast                            
Debt Instrument                            
Debt instrument, covenant, debt to consolidated EBITDA ratio, period two   4.75                        
Debt instrument, covenant, liquidity, monthly minimum   $ 500,000,000                        
First Lien Senior Notes | Senior Notes                            
Debt Instrument                            
Outstanding principal     $ 1,250,000,000     $ 1,250,000,000               0
First Lien Senior Notes, June 2024 | Senior Notes                            
Debt Instrument                            
Outstanding principal $ 750,000,000       $ 750,000,000                  
Interest rate 12.625%       12.625%           12.625%      
First Lien Senior Notes, December 2024 | Senior Notes                            
Debt Instrument                            
Outstanding principal     500,000,000     500,000,000                
Exchangeable Notes | Senior Notes                            
Debt Instrument                            
Outstanding principal $ 250,000,000   250,000,000   $ 250,000,000 250,000,000               0
Debt instrument, conversion price (in dollars per share) | $ / shares $ 6.6252       $ 6.6252                  
Debt instrument, threshold percentage of exchange price 250.00%                          
Long-term debt     179,000,000     179,000,000                
Exchangeable Notes | Senior Notes | Level 3                            
Debt Instrument                            
Aggregate Fair Value $ 68,000,000   61,000,000   $ 68,000,000 61,000,000                
Exchangeable Notes | Senior Notes | CK Amarillo Investors | Hertz Holdings                            
Debt Instrument                            
Proceeds from exchangeable notes $ 44,000,000                          
Consent Fees     1,000,000     1,000,000                
Exchangeable Notes | Medium-Term Note                            
Debt Instrument                            
Debt instrument, conversion ratio 0.1509388                          
HVF III U.S. Vehicle Medium Term Notes                            
Debt Instrument                            
Outstanding principal     7,081,000,000     7,081,000,000               8,523,000,000
Long-term debt                 $ 375,000,000          
European ABS                            
Debt Instrument                            
Outstanding principal     1,037,000,000     1,037,000,000               1,205,000,000
Aggregate maximum borrowings | €                       € 1.3 € 1.2  
Remaining Capacity     307,000,000     307,000,000                
U.K. Financing Facility                            
Debt Instrument                            
Remaining Capacity     61,000,000     61,000,000                
Term C Loan | Medium-Term Note                            
Debt Instrument                            
Outstanding principal     245,000,000     245,000,000               $ 245,000,000
Remaining Capacity     0     0                
Term C Loan and First Lien Revolving Credit Facility | Medium-Term Note                            
Debt Instrument                            
Long-term debt     0     0                
First Lien RCF | First Lien RCF                            
Debt Instrument                            
Outstanding standby letters of credit     245,000,000     $ 245,000,000                
First Lien RCF | First Lien RCF | Base Rate                            
Debt Instrument                            
Basis spread on variable rate (percent)           2.50%                
First Lien RCF | First Lien RCF | Secured Overnight Financing Rate (SOFR)                            
Debt Instrument                            
Basis spread on variable rate (percent)           3.50%                
First Lien RCF | U.K. Financing Facility                            
Debt Instrument                            
Aggregate maximum borrowings | £                   £ 170 £ 135      
First Lien RCF | U.K. ABS                            
Debt Instrument                            
Aggregate maximum borrowings | £               £ 145            
Remaining Capacity     0     $ 0                
First Lien RCF | U.K. ABS | Subsequent Event                            
Debt Instrument                            
Remaining Capacity             $ 145,000,000              
Letters of credit facility                            
Debt Instrument                            
Outstanding standby letters of credit     835,000,000     835,000,000                
Letters of credit facility | Term C Loan                            
Debt Instrument                            
Outstanding standby letters of credit     $ 574,000,000     $ 574,000,000                
[1] Hertz Global Holdings, Inc.'s consolidated total assets as of December 31, 2024 and December 31, 2023 include total assets of VIEs of $1.4 billion and $1.7 billion, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of December 31, 2024 and December 31, 2023 include total liabilities of VIEs of $1.4 billion and $1.7 billion, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing" in Note 7, "Debt," for further information.
v3.25.0.1
Debt - Schedule of Net Carrying Amount (Details) - Exchangeable Notes - Senior Notes
$ in Millions
Dec. 31, 2024
USD ($)
Debt Instrument  
Principal $ 250
Unamortized debt discount and debt issuance costs (71)
Net carrying amount $ 179
v3.25.0.1
Debt - Schedule of Interest Expense Associated with Exchangeable Notes (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument      
Total   $ 0 $ 0
Exchangeable Notes | Senior Notes      
Debt Instrument      
Contractual interest expense $ 10,000,000    
Amortization of debt discount and debt issuance costs 4,000,000    
(Gain) loss on fair value of Exchange Feature (7,000,000)    
Total $ 7,000,000    
v3.25.0.1
Debt - Schedule of Maturities of Debt (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Maturities of Long-term Debt [Abstract]  
2025 $ 1,715
2026 7,375
2027 1,657
2028 2,577
2029 3,063
After 2029 63
Non-Vehicle Debt  
Maturities of Long-term Debt [Abstract]  
2025 18
2026 693
2027 18
2028 1,941
2029 2,500
After 2029 0
Other Non-Vehicle Debt  
Maturities of Long-term Debt [Abstract]  
2025 18
2026 693
2027 18
2028 1,941
2029 2,250
After 2029 0
Exchangeable Notes  
Maturities of Long-term Debt [Abstract]  
2025 0
2026 0
2027 0
2028 0
2029 250
After 2029 0
Vehicle Debt  
Maturities of Long-term Debt [Abstract]  
2025 1,697
2026 6,682
2027 1,639
2028 636
2029 563
After 2029 $ 63
v3.25.0.1
Debt - Schedule of Outstanding Letters of Credit (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Debt Instrument  
Remaining Capacity $ 3,318
Availability Under Borrowing Base Limitation 1,251
Non-Vehicle Debt  
Debt Instrument  
Remaining Capacity 1,251
Availability Under Borrowing Base Limitation 1,251
First Lien RCF  
Debt Instrument  
Remaining Capacity 1,251
Availability Under Borrowing Base Limitation 1,251
Vehicle Debt  
Debt Instrument  
Remaining Capacity 2,067
Availability Under Borrowing Base Limitation 0
HVF III Series 2021-A  
Debt Instrument  
Remaining Capacity 1,603
Availability Under Borrowing Base Limitation 0
European ABS  
Debt Instrument  
Remaining Capacity 307
Availability Under Borrowing Base Limitation 0
Hertz Canadian Securitization  
Debt Instrument  
Remaining Capacity 38
Availability Under Borrowing Base Limitation 0
Australian Securitization  
Debt Instrument  
Remaining Capacity 4
Availability Under Borrowing Base Limitation 0
New Zealand RCF  
Debt Instrument  
Remaining Capacity 5
Availability Under Borrowing Base Limitation 0
U.K. Financing Facility  
Debt Instrument  
Remaining Capacity 61
Availability Under Borrowing Base Limitation 0
Other Vehicle Debt  
Debt Instrument  
Remaining Capacity 49
Availability Under Borrowing Base Limitation $ 0
v3.25.0.1
Employee Retirement Benefits - Schedule of Net Funded Status (Details) - Pension Benefits - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
U.S.      
Change in Benefit Obligation      
Benefit obligation, beginning balance $ 373 $ 371  
Service cost 0 0 $ 0
Interest cost 18 19 16
Plan settlements (28) (21)  
Benefits paid (3) (3)  
Foreign currency exchange rate translation 0 0  
Actuarial (gain) loss (11) 7  
Benefit obligation, ending balance 349 373 371
Change in Plan Assets      
Fair value of plan assets, beginning balance 342 338  
Actual return gain (loss) on plan assets 5 28  
Company contributions 9 0  
Plan settlements (28) (21)  
Benefits paid (3) (3)  
Foreign currency exchange rate translation 0 0  
Fair value of plan assets, ending balance 325 342 338
Funded Status of the Plan      
Plan assets (less than) in excess of the benefit obligation (24) (31)  
Non-U.S.      
Change in Benefit Obligation      
Benefit obligation, beginning balance 191 172  
Service cost 1 1 1
Interest cost 8 8 5
Plan settlements 0 0  
Benefits paid (8) (7)  
Foreign currency exchange rate translation (6) 10  
Actuarial (gain) loss (17) 7  
Benefit obligation, ending balance 169 191 172
Change in Plan Assets      
Fair value of plan assets, beginning balance 142 131  
Actual return gain (loss) on plan assets (9) 6  
Company contributions 3 3  
Plan settlements 0 0  
Benefits paid (7) (7)  
Foreign currency exchange rate translation (3) 9  
Fair value of plan assets, ending balance 126 142 $ 131
Funded Status of the Plan      
Plan assets (less than) in excess of the benefit obligation $ (43) $ (49)  
v3.25.0.1
Employee Retirement Benefits - Schedule of Amounts Recognized in Balance Sheet (Details) - Pension Benefits - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
U.S.      
Amounts recognized in balance sheets:      
Net asset (obligation) recognized in the balance sheets $ (24) $ (31)  
Prior service credit 0 0  
Net gain (loss) (43) (47)  
Accumulated other comprehensive income (loss) (43) (47)  
Funded/(Unfunded) accrued pension 19 16  
Net asset (obligation) recognized in the balance sheets (24) (31)  
Total recognized in other comprehensive loss (income) (4) (10)  
Total recognized in net periodic benefit cost and other comprehensive loss (income) 2 (2)  
Accumulated Benefit Obligation $ 349 $ 373  
Weighted-average assumptions as of December 31      
Discount rate 5.60% 5.10%  
Expected return on assets 6.40% 6.20%  
Average rate of increase in compensation 0.00% 0.00%  
Interest crediting rate 3.80% 3.80% 3.80%
U.S. | Prepaid expenses and other assets      
Amounts recognized in balance sheets:      
Net asset (obligation) recognized in the balance sheets $ 0 $ 0  
U.S. | Accrued liabilities      
Amounts recognized in balance sheets:      
Net asset (obligation) recognized in the balance sheets (24) (31)  
Non-U.S.      
Amounts recognized in balance sheets:      
Net asset (obligation) recognized in the balance sheets (43) (49)  
Prior service credit (1) (1)  
Net gain (loss) (63) (66)  
Accumulated other comprehensive income (loss) (64) (67)  
Funded/(Unfunded) accrued pension 21 18  
Net asset (obligation) recognized in the balance sheets (43) (49)  
Total recognized in other comprehensive loss (income) (3) 11  
Total recognized in net periodic benefit cost and other comprehensive loss (income) 0 14  
Accumulated Benefit Obligation $ 169 $ 190  
Weighted-average assumptions as of December 31      
Discount rate 4.90% 4.40%  
Expected return on assets 5.10% 5.20%  
Average rate of increase in compensation 2.20% 2.20%  
Non-U.S. | Prepaid expenses and other assets      
Amounts recognized in balance sheets:      
Net asset (obligation) recognized in the balance sheets $ 13 $ 11  
Non-U.S. | Accrued liabilities      
Amounts recognized in balance sheets:      
Net asset (obligation) recognized in the balance sheets $ (56) $ (60)  
v3.25.0.1
Employee Retirement Benefits - Schedule of Net Benefit Costs (Details) - Pension Benefits - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
U.S.      
Components of Net Periodic Pension and Postretirement Expense (Benefit)      
Service cost $ 0 $ 0 $ 0
Interest cost 18 19 16
Expected return on plan assets (15) (14) (14)
Net amortizations 0 0 0
Settlement loss 3 3 4
Net pension and postretirement expense (benefit) $ 6 $ 8 $ 6
Weighted-average discount rate for expense 5.10% 5.40% 2.70%
Weighted-average assumed long-term rate of return on assets 5.80% 6.00% 4.50%
Weighted-average interest crediting rate for expense 3.80% 3.80% 3.80%
Non-U.S.      
Components of Net Periodic Pension and Postretirement Expense (Benefit)      
Service cost $ 1 $ 1 $ 1
Interest cost 8 8 5
Expected return on plan assets (7) (7) (7)
Net amortizations 1 1 1
Settlement loss 0 0 2
Net pension and postretirement expense (benefit) $ 3 $ 3 $ 2
Weighted-average discount rate for expense 4.40% 4.70% 1.70%
Weighted-average assumed long-term rate of return on assets 5.20% 5.20% 3.00%
v3.25.0.1
Employee Retirement Benefits - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
plan
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Defined Benefit Plan Disclosure [Line Items]      
Defined contribution plan $ 26,000,000 $ 20,000,000 $ 20,000,000
Number of plans | plan 2    
Other Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Provisions charged to income $ 8,000,000 6,000,000 6,000,000
Other Pension Plan | Non-U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Expected return on plan assets, percent 5.10%    
Company contributions $ 2,000,000 0  
Estimated future contributions $ 1,000,000    
Other Pension Plan | Actively Managed Multi-Asset Funds | Non-U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Target plan asset allocations 12.00%    
Other Pension Plan | Passive Equity Funds | Non-U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Target plan asset allocations 8.00%    
Other Pension Plan | Passive Bond Funds | Non-U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Target plan asset allocations 80.00%    
Pension Benefits | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Expected return on plan assets, percent 6.40%    
Fair value of plan assets $ 325,000,000 342,000,000 338,000,000
Company contributions 9,000,000 0  
Pension Benefits | Non-U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 126,000,000 142,000,000 131,000,000
Company contributions 3,000,000 3,000,000  
Estimated future contributions 2,000,000    
Pension Benefits | Non-U.S. | U.K. Plan      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 120,000,000 135,000,000  
Pension Benefits | Cash | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Company contributions 9,000,000 0  
Estimated future contributions $ 0    
Pension Benefits | Fixed Income Funds | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Target plan asset allocations 55.00%    
Pension Benefits | Equity Securities | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Target plan asset allocations 45.00%    
Pension and Other Post-Employment Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Pension benefits of retirement plan $ (89,000,000) $ (95,000,000) $ (92,000,000)
v3.25.0.1
Employee Retirement Benefits - Schedule of Fair Value Measurements of the U.S. Pension Plan (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
U.S. | Level 1    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets $ 7 $ 9
U.S. | Level 2    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 285 297
U.S. | Measured at NAV    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 33 36
U.S. | Cash | Level 1    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 7 9
U.S. | Cash | Level 2    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
U.S. | Cash | Measured at NAV    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
U.S. | Short Term Investments | Level 1    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
U.S. | Short Term Investments | Level 2    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 23 36
U.S. | Short Term Investments | Measured at NAV    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
U.S. | U.S. Large Cap | Level 1    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
U.S. | U.S. Large Cap | Level 2    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 45
U.S. | U.S. Large Cap | Measured at NAV    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
U.S. | U.S. Small Cap | Level 1    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
U.S. | U.S. Small Cap | Level 2    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 5
U.S. | U.S. Small Cap | Measured at NAV    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
U.S. | International Large Cap | Level 1    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
U.S. | International Large Cap | Level 2    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 20
U.S. | International Large Cap | Measured at NAV    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
U.S. | International Small Cap | Level 1    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
U.S. | International Small Cap | Level 2    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 3
U.S. | International Small Cap | Measured at NAV    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
U.S. | International Emerging Markets | Level 1    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
U.S. | International Emerging Markets | Level 2    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 5
U.S. | International Emerging Markets | Measured at NAV    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 4
U.S. | U.S. Treasuries | Level 1    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
U.S. | U.S. Treasuries | Level 2    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 9 1
U.S. | U.S. Treasuries | Measured at NAV    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
U.S. | Corporate Bonds | Level 1    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
U.S. | Corporate Bonds | Level 2    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 108 155
U.S. | Corporate Bonds | Measured at NAV    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 33 32
U.S. | Government Bonds | Level 1    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
U.S. | Government Bonds | Level 2    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 4 4
U.S. | Government Bonds | Measured at NAV    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
U.S. | Municipal Bonds | Level 1    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
U.S. | Municipal Bonds | Level 2    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 2 4
U.S. | Municipal Bonds | Measured at NAV    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
U.S. | Non-Investment Grade Fixed Income | Level 1    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
U.S. | Non-Investment Grade Fixed Income | Level 2    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 139 19
U.S. | Non-Investment Grade Fixed Income | Measured at NAV    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
Non-U.S. | Level 1    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 104 119
Non-U.S. | Level 2    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
Non-U.S. | Measured at NAV    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 16 16
Non-U.S. | Diversified Growth Funds | Level 1    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
Non-U.S. | Diversified Growth Funds | Level 2    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
Non-U.S. | Diversified Growth Funds | Measured at NAV    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
Non-U.S. | Multi Asset Credit | Level 1    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
Non-U.S. | Multi Asset Credit | Level 2    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
Non-U.S. | Multi Asset Credit | Measured at NAV    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 16 16
Non-U.S. | U.K. Equities | Level 1    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 5 5
Non-U.S. | U.K. Equities | Level 2    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
Non-U.S. | U.K. Equities | Measured at NAV    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
Non-U.S. | Overseas Equities | Level 1    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 6 6
Non-U.S. | Overseas Equities | Level 2    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
Non-U.S. | Overseas Equities | Measured at NAV    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
Non-U.S. | Corporate Bonds | Level 1    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 4 4
Non-U.S. | Corporate Bonds | Level 2    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
Non-U.S. | Corporate Bonds | Measured at NAV    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
Non-U.S. | Liability Driven Investments | Level 1    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 88 103
Non-U.S. | Liability Driven Investments | Level 2    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
Non-U.S. | Liability Driven Investments | Measured at NAV    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
Non-U.S. | Liquidity Fund | Level 1    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 1 1
Non-U.S. | Liquidity Fund | Level 2    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets 0 0
Non-U.S. | Liquidity Fund | Measured at NAV    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Total fair value of pension plan assets $ 0 $ 0
v3.25.0.1
Employee Retirement Benefits - Schedule of Estimated Future Benefit Payments (Details) - Pension Benefits
$ in Millions
Dec. 31, 2024
USD ($)
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]  
2025 $ 33
2026 35
2027 38
2028 40
2029 41
2030 to 2034 218
Total estimated future benefits payments $ 405
v3.25.0.1
Stock-Based Compensation - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Jun. 30, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2021
Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award requisite service period   2 years    
Purchase price of common stock, percent   0.00%    
Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award requisite service period   5 years    
Purchase price of common stock, percent   200.00%    
2021 Omnibus Incentive Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares authorized (in shares)       62,250,055
Percent of outstanding stock maximum 2.00%      
Shares available for grant (in shares)   43,816,240    
Unrecognized compensation cost   $ 106    
Period for recognition of total unrecognized compensation cost   1 year 7 months 6 days    
2021 Omnibus Incentive Plan | Performance Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Purchase price of common stock, percent   100.00%    
Shares outstanding (in shares)   5,197,913 9,102,738  
2021 Omnibus Incentive Plan | Performance Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares outstanding (in shares)   0    
2021 Omnibus Incentive Plan | Performance Stock Awards        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares outstanding (in shares)   0    
2021 Omnibus Incentive Plan | Restricted Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares outstanding (in shares)   21,110,387 6,314,564  
Award vesting period   3 years    
2021 Omnibus Incentive Plan | Deferred Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares outstanding (in shares)   234,000 114,000  
v3.25.0.1
Stock-Based Compensation - Schedule of Total Employee Compensation Expense and Related Income Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Employee compensation expense $ 63 $ 87 $ 130
Stock-based compensation forfeitures 68 0 0
2021 Omnibus Incentive Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Employee compensation expense (6) 85 129
Income tax benefit (7) (8) (7)
Employee compensation expense, net (13) $ 77 $ 122
Stock-based compensation forfeitures $ 68    
v3.25.0.1
Stock-Based Compensation - Schedule of Valuation Assumptions (Details) - 2021 Omnibus Incentive Plan - $ / shares
 1 Months Ended 12 Months Ended
Jul. 31, 2024
Jun. 30, 2024
Apr. 30, 2024
Dec. 31, 2021
Stock Option        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Expected volatility       75.00%
Expected dividend yield       0.00%
Expected term (years)       6 years
Risk-free interest rate       1.19%
Weighted-average grant date fair value (in dollars per share)       $ 17.12
Performance Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Expected volatility 70.00% 65.00% 60.00%  
Expected dividend yield 0.00% 0.00% 0.00%  
Expected term (years) 5 years 5 years 5 years  
Risk-free interest rate 4.17% 4.30% 4.34%  
Weighted-average grant date fair value (in dollars per share) $ 2.51 $ 1.71 $ 5.92  
v3.25.0.1
Stock-Based Compensation - Schedule of Stock Option Activity (Details) - 2021 Omnibus Incentive Plan - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Shares    
Outstanding, beginning balance (in shares) 2,431,503  
Granted (in shares) 0  
Exercised (in shares) 0  
Forfeited or Expired (in shares) (729,085)  
Outstanding, ending balance (in shares) 1,702,418 2,431,503
Exercisable (in shares) (1,702,418)  
Non-vested (in shares) 0  
Weighted Average Exercise Price    
Outstanding, beginning balance (in dollars per share) $ 26.17  
Granted (in dollars per share) 0  
Exercised (in dollars per share) 0  
Forfeited or Expired (in dollars per share) 26.17  
Outstanding, ending balance (in dollars per share) 26.17 $ 26.17
Exercisable (in dollars per share) $ 26.17  
Weighted-Average Remaining Contractual Term (years)/ Aggregate intrinsic Value (In Millions)    
Weighted average remaining contractual term, beginning and ending balance 6 years 8 months 12 days 6 years 8 months 12 days
Weighted average remaining contractual term, exercisable 6 years 8 months 12 days  
Aggregate intrinsic value, beginning and ending balance $ 0 $ 0
Aggregate intrinsic value, exercisable $ 0  
v3.25.0.1
Stock-Based Compensation - Schedule of PSA and PSU Activity (Details) - 2021 Omnibus Incentive Plan - Performance Stock Units
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
$ / shares
shares
Shares  
Outstanding, beginning balance (in shares) | shares 9,102,738
Granted (in shares) | shares 5,446,562
Vested (in shares) | shares 0
Forfeited or expired (in shares) | shares (9,351,387)
Outstanding, ending balance (in shares) | shares 5,197,913
Weighted- Average Fair Value  
Outstanding, beginning balance (in dollars per share) | $ / shares $ 17.52
Granted (in dollars per share) | $ / shares 4.55
Vested (in dollars per share) | $ / shares 0
Forfeited or expired (in dollars per share) | $ / shares 17.11
Outstanding, ending balance (in dollars per share) | $ / shares $ 4.67
Aggregate Intrinsic Value (In millions)  
Beginning balance | $ $ 95
Ending Balance | $ $ 19
Target award amount 100.00%
v3.25.0.1
Stock-Based Compensation - Schedule of RSU Activity (Details) - 2021 Omnibus Incentive Plan - Restricted Stock Units - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Shares      
Outstanding, beginning balance (in shares) 6,314,564    
Granted (in shares) 21,266,670    
Vested (in shares) (2,176,283)    
Forfeited or Expired (in shares) (4,294,564)    
Outstanding, ending balance (in shares) 21,110,387 6,314,564  
Weighted- Average Fair Value      
Outstanding, beginning balance (in dollars per share) $ 15.71    
Granted (in dollars per share) 5.09 $ 13.87 $ 19.94
Vested (in dollars per share) 14.29    
Forfeited or expired (in dollars per share) 11.93    
Outstanding, ending balance (in dollars per share) $ 5.92 $ 15.71  
Aggregate Intrinsic Value (In millions)      
Beginning balance $ 66    
Ending Balance $ 77 $ 66  
v3.25.0.1
Stock-Based Compensation - Schedule of Additional RSU Activity (Details) - Restricted Stock Units - 2021 Omnibus Incentive Plan - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total fair value of awards that vested (in millions) $ 31 $ 27 $ 49
Weighted-average grant-date fair value of awards granted (in dollars per share) $ 5.09 $ 13.87 $ 19.94
v3.25.0.1
Leases (Narrative) (Details)
 12 Months Ended
Dec. 31, 2024
Lessee, Lease, Description [Line Items]  
Remaining economic life of underlying asset (as a percent) 75.00%
Economic life of underlying asset (as a percent) 25.00%
Fair value of underlying asset (as a percent) 90.00%
Lessor, operating lease, renewal term 1 month
Minimum  
Lessee, Lease, Description [Line Items]  
Term of lease contract 1 month
Maximum  
Lessee, Lease, Description [Line Items]  
Term of lease contract 35 years
v3.25.0.1
Leases - Schedule of Operating Lease Income and Other Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Lessee, Lease, Description [Line Items]      
Revenue accounted for under Topic 842 $ 8,810 $ 9,134 $ 8,455
Variable operating lease income 627 588 212
Revenue accounted for under Topic 606 239 237 230
Total revenues 9,049 9,371 8,685
Operating lease income from vehicle rentals      
Lessee, Lease, Description [Line Items]      
Revenue accounted for under Topic 842 $ 8,183 $ 8,546 $ 8,243
v3.25.0.1
Leases - Schedule of Operating Lease Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Short-term lease costs $ 107 $ 92 $ 142
Operating lease costs 588 543 438
Total 695 635 580
Variable lease costs 279 339 334
Total lease costs $ 974 $ 974 $ 914
v3.25.0.1
Leases - Schedule of Weighted-average Remaining Lease Term and Weighted-average Discount Rate) (Details)
Dec. 31, 2024
Leases [Abstract]  
Weighted-average remaining lease term (in years) 10 years 1 month 6 days
Weighted-average discount rate 10.09%
v3.25.0.1
Leases - Schedule of Minimum Fixed Lease Obligations (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
2025 $ 561  
2026 459  
2027 388  
2028 320  
2029 261  
After 2029 1,430  
Total lease payments 3,419  
Interest (1,346)  
Operating lease liabilities $ 2,073 $ 2,142
v3.25.0.1
Income Tax (Provision) Benefit - Schedule of Components of Income (Loss) Before Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Contingency [Line Items]      
Domestic $ (2,876) $ 180 $ 2,120
Foreign (361) 106 329
Income (loss) before income taxes (3,237) 286 2,449
The Hertz Corporation      
Income Tax Contingency [Line Items]      
Domestic (3,151) 17 1,416
Foreign (361) 106 329
Income (loss) before income taxes $ (3,512) $ 123 $ 1,745
v3.25.0.1
Income Tax (Provision) Benefit - Schedule of Income Tax Provision (Benefit) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current:      
Federal $ 11 $ 1 $ 0
Foreign 60 42 41
State and local 13 7 32
Total current 84 50 73
Deferred:      
Federal (551) (348) 338
Foreign 42 (33) 42
State and local 50 1 (63)
Total deferred (459) (380) 317
Total provision (benefit) (375) (330) 390
The Hertz Corporation      
Deferred:      
Federal 0 1 0
Total deferred (459) (380) 301
Total provision (benefit) $ (375) $ (329) $ 390
v3.25.0.1
Income Tax (Provision) Benefit - Schedule of Principal Items of the U.S. and Foreign Net Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Employee benefit plans $ 16 $ 19
Net operating loss carryforwards (1,614) (1,741)
Capital loss carryforwards 4 3
Federal and state tax credit carryforwards 356 343
Deferred interest expense 371 240
Accrued and prepaid expenses 259 172
Operating lease liabilities 530 544
Total deferred tax assets 3,150 3,062
Less: valuation allowance (839) (305)
Total net deferred tax assets 2,311 2,757
Deferred tax liabilities:    
Depreciation on tangible assets (1,516) (2,388)
Intangible assets (715) (716)
Operating lease right-of-use assets (537) (576)
Total deferred tax liabilities (2,768) (3,680)
Net deferred tax liability (457) (923)
Hertz Holdings    
Deferred tax assets:    
Net operating loss carryforwards (4) (3)
The Hertz Corporation    
Deferred tax liabilities:    
Net deferred tax liability $ (461) $ (926)
v3.25.0.1
Income Tax (Provision) Benefit - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2024
Dec. 31, 2023
Operating Loss Carryforwards [Line Items]      
Valuation allowance recorded against deferred tax assets   $ 839 $ 305
Capital loss carryforwards   4 3
Unrecognized tax benefits that would impact effective tax rate, net   4  
Net, after-tax interest and penalties accrued   8 8
Decrease in unrecognized tax benefits is reasonably possible   52  
Tax loss on restructuring $ 1,300    
Tax Year 2021 | The Hertz Corporation      
Operating Loss Carryforwards [Line Items]      
Operating loss carry forwards     $ 163
Domestic Tax Jurisdiction      
Operating Loss Carryforwards [Line Items]      
NOL carry forwards   1,100  
Tax credits   320  
Federal deferred interest expense   305  
Valuation allowance recorded against deferred tax assets   176  
State and Local Jurisdiction      
Operating Loss Carryforwards [Line Items]      
NOL carry forwards   262  
Tax credits   36  
Federal deferred interest expense   54  
Valuation allowance recorded against deferred tax assets   31  
NOL carry forward, valuation allowance   199  
Foreign Tax Jurisdiction      
Operating Loss Carryforwards [Line Items]      
NOL carry forwards   207  
Federal deferred interest expense   12  
Valuation allowance recorded against deferred tax assets   4  
NOL carry forward, valuation allowance   202  
Capital loss carryforwards   $ 4  
v3.25.0.1
Income Tax (Provision) Benefit - Schedule of Significant Items in the Reconciliation of the Statutory and Effective Income Tax Rates (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Contingency [Line Items]      
Statutory federal tax rate 21.00% 21.00% 21.00%
State and local income taxes, net of federal effect 4.00% 5.00% 4.00%
Change in state rates, net of federal effect 0.00% (4.00%) 0.00%
Foreign tax rate differential 0.00% 2.00% 0.00%
Federal and foreign permanent differences 0.00% (5.00%) 1.00%
Tax credits 1.00% (70.00%) (1.00%)
Withholding taxes 0.00% 1.00% 1.00%
Valuation allowance (17.00%) (73.00%) (6.00%)
Change in fair value of Public Warrants & Exchangeable Notes 2.00% (14.00%) (7.00%)
European reorganization 0.00% 6.00% 0.00%
Uncertain tax positions 0.00% 1.00% 0.00%
U.S. tax on foreign earnings 0.00% 9.00% 1.00%
Nondeductible officer compensation 0.00% 5.00% 1.00%
Other 1.00% 1.00% 1.00%
Effective tax rate 12.00% (115.00%) 16.00%
Hertz Holdings      
Income Tax Contingency [Line Items]      
Other (1.00%) (153.00%) 6.00%
The Hertz Corporation      
Income Tax Contingency [Line Items]      
Effective tax rate 11.00% (268.00%) 22.00%
v3.25.0.1
Income Tax (Provision) Benefit - Schedule of a Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]      
Beginning Balance $ 130 $ 298 $ 106
Increase (decrease) attributable to tax positions taken during prior periods 0   184
Increase (decrease) attributable to tax positions taken during prior periods   (192)  
Increase (decrease) attributable to tax positions taken during the current year 29 24 9
Decrease attributable to settlements with taxing authorities (3) 0 (1)
Ending Balance $ 156 $ 130 $ 298
v3.25.0.1
Financial Instruments - Narrative (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2023
USD ($)
Dec. 31, 2024
USD ($)
instrument
Dec. 31, 2023
USD ($)
instrument
Dec. 31, 2022
USD ($)
The Hertz Corporation        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain (loss) on sale of derivatives $ 98      
Unrealized gains (losses) on financial instruments 88 $ (7) $ (117) $ 111
Interest rate instruments        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain (loss) on sale of interest rate caps $ 10      
Designated as Hedging Instrument        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Derivative, number of instruments held | instrument   0 0  
v3.25.0.1
Financial Instruments - Schedule of Estimated Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]    
Asset derivatives $ 3 $ 15
Liability derivatives 67 2
Interest rate instruments    
Derivative [Line Items]    
Asset derivatives 2 10
Liability derivatives 0 0
Foreign currency forward contracts    
Derivative [Line Items]    
Asset derivatives 1 5
Liability derivatives 6 2
Exchange Feature    
Derivative [Line Items]    
Asset derivatives 0 0
Liability derivatives $ 61 $ 0
v3.25.0.1
Financial Instruments - Schedule of Gains or (Losses) on Financial Instruments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives $ (24) $ 2 $ 125
Interest rate instruments      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives (5) (6) 127
Foreign currency forward contracts      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives (26) 8 (2)
Exchange Feature      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives $ 7 $ 0 $ 0
v3.25.0.1
Fair Value Measurements - Schedule of Fair Value of the Debt Facilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Exchangeable Notes | Exchangeable Notes      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Nominal Unpaid Principal Balance $ 250    
Level 3 | Exchangeable Notes | Exchangeable Notes      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Aggregate Fair Value 61 $ 68  
Fair Value, Measurements, Recurring | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Nominal Unpaid Principal Balance 16,450   $ 15,829
Aggregate Fair Value 15,788   15,163
Fair Value, Measurements, Recurring | Other Non-Vehicle Debt | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Nominal Unpaid Principal Balance 5,170   3,515
Aggregate Fair Value 4,688   3,285
Fair Value, Measurements, Recurring | Other Non-Vehicle Debt | Level 2 | Other Non-Vehicle Debt      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Nominal Unpaid Principal Balance 4,920   3,515
Aggregate Fair Value 4,399   3,285
Fair Value, Measurements, Recurring | Other Non-Vehicle Debt | Level 2 | Exchangeable Notes      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Nominal Unpaid Principal Balance 250   0
Aggregate Fair Value 289   0
Fair Value, Measurements, Recurring | Vehicle Debt | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Nominal Unpaid Principal Balance 11,280   12,314
Aggregate Fair Value $ 11,100   $ 11,878
v3.25.0.1
Fair Value Measurements - Schedule of Cash Equivalents, Restricted Cash Equivalents and Public Warrants (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents and restricted cash equivalents $ 229 $ 362
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents and restricted cash equivalents 229 362
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents and restricted cash equivalents 0 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents and restricted cash equivalents 0 0
Public Warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Public Warrants 178 453
Public Warrants | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Public Warrants 178 453
Public Warrants | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Public Warrants 0 0
Public Warrants | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Public Warrants 0 0
Exchange Feature    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Exchange Feature 61 0
Exchange Feature | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Exchange Feature 0 0
Exchange Feature | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Exchange Feature 0 0
Exchange Feature | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Exchange Feature $ 61 $ 0
v3.25.0.1
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jun. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Public Warrants $ (178) $ (453)    
Change in fair value of Public Warrants $ (275) $ (163) $ (704)  
Level 1 | Fair Value, Measurements, Recurring | Antidilutive Public Warrants        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Public Warrants       $ (800)
v3.25.0.1
Fair Value Measurements - Schedule of Estimated Fair Value of the Exchange Feature (Details)
Dec. 31, 2024
Hertz Global common share price  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Derivative liability, measurement input 3.66
Expected term (years)  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Derivative liability, measurement input 4.54
Risk-free interest rate  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Derivative liability, measurement input 0.0435
Credit spread  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Derivative liability, measurement input 0.0855
Expected volatility  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Derivative liability, measurement input 0.4875
v3.25.0.1
Fair Value Measurements - Schedule of Fair Value Measurement (Details) - Exchange Feature
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Beginning Balance $ 0
Initial recognition of derivative liability 68
(Gain) loss in fair value recognized in earnings (7)
Ending Balance $ 61
v3.25.0.1
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Other comprehensive income (loss) before reclassification $ (71) $ 43
Amounts reclassified from accumulated other comprehensive income (loss) 3 3
Accumulated Other Comprehensive Income (Loss)    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning balance (248) (294)
Ending balance (316) (248)
Pension and Other Post-Employment Benefits    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning balance (95) (92)
Other comprehensive income (loss) before reclassification 3 (6)
Amounts reclassified from accumulated other comprehensive income (loss) 3 3
Ending balance (89) (95)
Foreign Currency Items    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning balance (134) (183)
Other comprehensive income (loss) before reclassification (74) 49
Amounts reclassified from accumulated other comprehensive income (loss) 0 0
Ending balance (208) (134)
Unrealized Losses from Currency Translation Adjustments on Terminated Net Investment Hedges    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning balance (19) (19)
Other comprehensive income (loss) before reclassification 0 0
Amounts reclassified from accumulated other comprehensive income (loss) 0 0
Ending balance $ (19) $ (19)
v3.25.0.1
Contingencies and Off-Balance Sheet Commitments (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Jun. 14, 2024
USD ($)
claim
$ / shares
Jul. 01, 2021
USD ($)
Dec. 31, 2022
USD ($)
claimant
Dec. 31, 2024
USD ($)
Aug. 26, 2024
director
Dec. 31, 2023
USD ($)
Loss Contingencies [Line Items]            
Self-insured liabilities       $ 617   $ 471
Litigation settlement     $ 168      
Settlement agreements, number of claimants | claimant     364      
Number of independent directors | director         2  
Wells Fargo Bank, National Association v. The Hertz Corporation | Pending Litigation | Hertz Global            
Loss Contingencies [Line Items]            
Litigation settlement       320    
Wells Fargo Bank, National Association v. The Hertz Corporation | Pending Litigation | Payment of Certain Redemption Premiums And Post-Petition Interest            
Loss Contingencies [Line Items]            
Damages sought, value   $ 272        
Wells Fargo Bank, National Association v. The Hertz Corporation | Pending Litigation | Payment of Post-Petition Interest            
Loss Contingencies [Line Items]            
Damages sought, value   $ 125        
Wells Fargo Bank, National Association v. The Hertz Corporation | Pending Litigation | Underlying Claims | Hertz Global            
Loss Contingencies [Line Items]            
Litigation settlement       260    
Wells Fargo Bank, National Association v. The Hertz Corporation | Pending Litigation | Pre-Judgment Interest | Hertz Global            
Loss Contingencies [Line Items]            
Litigation settlement       60    
Discovery Global Opportunity Master Fund, Ltd. v. Hertz Global Holdings | Pending Litigation | Hertz Global            
Loss Contingencies [Line Items]            
Damages sought, value $ 188          
Class of warrant or right, outstanding, percentage 0.11          
Class of warrant or right, change of control payment amount, per share (in dollars per share) | $ / shares $ 20.47          
Class of warrant or right, change of control amount $ 188          
Loss contingency, number of claims for breach of contract | claim 3          
6.250% Senior Notes due October 2022            
Loss Contingencies [Line Items]            
Interest rate   6.25%        
5.500% Senior Notes due October 2024            
Loss Contingencies [Line Items]            
Interest rate   5.50%        
7.125% Senior Notes due August 2026            
Loss Contingencies [Line Items]            
Interest rate   7.125%        
6.000% Senior Notes due January 2028            
Loss Contingencies [Line Items]            
Interest rate   6.00%        
Operating Segments | Americas RAC segment            
Loss Contingencies [Line Items]            
Self-insured liabilities       $ 491   $ 336
v3.25.0.1
Related Party Transactions (Details) - Exchangeable Notes - Senior Notes - CK Amarillo Investors - USD ($)
$ in Millions
 1 Months Ended
Jun. 30, 2024
Dec. 31, 2024
Jun. 19, 2024
Related Party Transaction [Line Items]      
Debt instrument, maximum principal amount available for sale     $ 44
Hertz Holdings      
Related Party Transaction [Line Items]      
Proceeds from exchangeable notes $ 44    
Consent Fees   $ 1  
v3.25.0.1
Equity and Earnings (Loss) Per Common Share – Hertz Global - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended 31 Months Ended
Jun. 30, 2021
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2024
Jun. 30, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]            
Preferred stock, shares authorized (in shares)   100,000,000 100,000,000   100,000,000  
Preferred stock, par value (in dollars per share)   $ 0.01 $ 0.01   $ 0.01  
Common stock, shares authorized (in shares)   1,000,000,000 1,000,000,000   1,000,000,000  
Common stock, par value (in dollars per share)   $ 0.01 $ 0.01   $ 0.01  
Stock repurchase program, remaining authorized repurchase amount   $ 874     $ 874  
Shares repurchased (in shares)   0        
Share repurchases   $ 0 $ 315 $ 2,461    
Hertz Global Holdings            
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]            
Preferred stock, par value (in dollars per share)   $ 0.01 $ 0.01   $ 0.01  
Common stock, par value (in dollars per share)   $ 0.01 $ 0.01   $ 0.01  
Shares repurchased (in shares)   0        
Share repurchases   $ 0 $ 315 $ 2,461    
Share Repurchase Program 2022            
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]            
Stock repurchase program, authorized amount           $ 2,000
Shares repurchased (in shares)         66,684,169  
Average share repurchase price (in dollars per share)     $ 15.01   $ 16.88  
Share repurchases         $ 1,100  
Share Repurchase Program 2022 | Hertz Global Holdings            
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]            
Shares repurchased (in shares)     19,381,160      
Share repurchases     $ 291      
Plan of Reorganization | Antidilutive Public Warrants            
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]            
Rights offering, net (in shares) 89,049,029          
v3.25.0.1
Equity and Earnings (Loss) Per Common Share – Hertz Global - Schedule of Basic and Diluted Earnings (Loss) Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Numerator:      
Net income (loss) available to Hertz Global common stockholders, basic $ (2,862) $ 616 $ 2,059
Change in fair value of Public Warrants 0 (163) (704)
Net income (loss) available to Hertz Global common stockholders, diluted $ (2,862) $ 452 $ 1,355
Denominator:      
Basic weighted-average common shares outstanding (in shares) 306 313 379
Dilutive effect of stock options, RSUs and PSUs (in shares) 0 1 1
Dilutive effect of Public Warrants (in shares) 0 11 23
Diluted weighted-average common shares outstanding (in shares) 306 326 403
Antidilutive stock options, RSUs, PSUs, and PSAs (in shares) 199 6 6
Earnings (loss) per common share:      
Basic (in dollars per share) $ (9.34) $ 1.97 $ 5.43
Diluted (in dollars per share) $ (9.34) $ 1.39 $ 3.36
Antidilutive Public Warrants      
Denominator:      
Antidilutive stock options, RSUs, PSUs, and PSAs (in shares) 167 0 0
Antidilutive stock options, RSUs and PSUs      
Denominator:      
Antidilutive stock options, RSUs, PSUs, and PSAs (in shares) 13 6 6
Antidilutive shares related to Exchangeable Notes      
Denominator:      
Antidilutive stock options, RSUs, PSUs, and PSAs (in shares) 19 0 0
v3.25.0.1
Public Warrants – Hertz Global (Details) - $ / shares
 12 Months Ended
Jun. 28, 2024
Jun. 27, 2024
Dec. 31, 2024
Dec. 31, 2023
Jun. 30, 2021
Class of Warrant or Right [Line Items]          
Exercise price of public warrants or rights (in dollars per share) $ 13.61 $ 13.80 $ 13.61 $ 13.80  
Number of securities called by warrants (in shares) 1.0140 1      
Warrants exercised (in shares)     12,500 49,000  
Warrants exercised, cashless (in shares)     8,000 31,000  
Warrants exercised, cash (in shares)       18,000  
Class of warrant or right, outstanding (in shares)     82,700,000    
Public Warrants One          
Class of Warrant or Right [Line Items]          
Exercise price of public warrants or rights (in dollars per share)     $ 13.61    
Warrants exercised, cash (in shares)     1,300    
Public Warrants Two          
Class of Warrant or Right [Line Items]          
Exercise price of public warrants or rights (in dollars per share)     $ 13.80    
Warrants exercised, cash (in shares)     3,200    
Plan of Reorganization          
Class of Warrant or Right [Line Items]          
Warrant term (in years)         30 years
v3.25.0.1
Segment Information - Narrative (Details) - 12 months ended Dec. 31, 2024
unit
employee
Segment Reporting [Abstract]    
Number of reportable segments 2 2
Number of operating segments   2
v3.25.0.1
Segment Information - Schedule of Revenue, Significant Expenses and Segment Measure of Profitability (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]        
Revenues   $ 9,049 $ 9,371 $ 8,685
Significant segment expenses:        
Direct vehicle and operating   5,689 5,455 4,808
Depreciation of revenue earning vehicles and lease charges, net   3,611 2,039 701
Selling, general and administrative   819 962 959
Non-vehicle depreciation and amortization   (139) (149) (142)
Interest expense, net   (959) (793) (328)
Bankruptcy-related litigation reserve   (292) 0 0
Long-Lived Assets impairment   (1,048) 0 0
Gain on sale of non-vehicle capital assets   (3) 162 5
Change in fair value of Public Warrants   275 163 704
Income (loss) before income taxes   (3,237) 286 2,449
Non-Vehicle Debt        
Significant segment expenses:        
Non-vehicle depreciation and amortization   (139)    
Non-vehicle Capital Assets        
Significant segment expenses:        
Gain on sale of non-vehicle capital assets     162  
The Hertz Corporation        
Segment Reporting Information [Line Items]        
Revenues   9,049 9,371 8,685
Significant segment expenses:        
Direct vehicle and operating   5,689 5,455 4,808
Selling, general and administrative   819 962 959
Non-vehicle depreciation and amortization   (139) (149) (142)
Interest expense, net   (959) (793) (328)
Restructuring and restructuring related charges   (66) (17) (45)
Unrealized gains (losses) on financial instruments $ 88 (7) (117) 111
Non-cash stock-based compensation forfeitures   64    
Bankruptcy-related litigation reserve   (292) 0 0
Long-Lived Assets impairment   (1,048) 0 0
Litigation settlements       (168)
Other segment items   (63) (37) (112)
Segment profit (loss): Adjusted EBITDA   (1,541) 561 2,305
Change in fair value of Public Warrants   275 163 704
Income (loss) before income taxes   (3,512) 123 1,745
The Hertz Corporation | Non-Vehicle Debt        
Significant segment expenses:        
Non-vehicle depreciation and amortization     (149) (142)
Interest expense, net   (375) (238) (169)
The Hertz Corporation | Vehicle        
Significant segment expenses:        
Vehicle debt-related charges   (45) (42) (35)
Americas RAC        
Significant segment expenses:        
Long-Lived Assets impairment   (865)    
International RAC        
Significant segment expenses:        
Long-Lived Assets impairment   (183)    
Operating Segments | The Hertz Corporation        
Segment Reporting Information [Line Items]        
Revenues   9,049 9,371 8,685
Significant segment expenses:        
Direct vehicle and operating   5,697 5,462 4,808
Depreciation of revenue earning vehicles and lease charges, net   3,611 2,039 701
Selling, general and administrative   726 728 531
Other segment items   341 255 3
Segment profit (loss): Adjusted EBITDA   (1,326) 887 2,642
Operating Segments | Americas RAC | The Hertz Corporation        
Segment Reporting Information [Line Items]        
Revenues   7,398 7,722 7,280
Significant segment expenses:        
Direct vehicle and operating   4,726 4,582 4,080
Depreciation of revenue earning vehicles and lease charges, net   3,198 1,775 553
Selling, general and administrative   482 501 351
Other segment items   349 279 4
Segment profit (loss): Adjusted EBITDA   (1,357) 585 2,292
Operating Segments | International RAC | The Hertz Corporation        
Segment Reporting Information [Line Items]        
Revenues   1,651 1,649 1,405
Significant segment expenses:        
Direct vehicle and operating   971 880 728
Depreciation of revenue earning vehicles and lease charges, net   413 264 148
Selling, general and administrative   244 227 180
Other segment items   (8) (24) (1)
Segment profit (loss): Adjusted EBITDA   31 302 350
Corporate | The Hertz Corporation        
Significant segment expenses:        
Segment profit (loss): Adjusted EBITDA   $ (215) $ (326) $ (337)
v3.25.0.1
Segment Information - Schedule of Reportable Segments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Depreciation and amortization, non-vehicle assets $ 139 $ 149 $ 142
Interest expense, net (959) (793) (328)
Revenue earning vehicles, net 11,963 14,651  
Property and equipment, net 623 671  
Operating lease right-of-use assets 2,088 2,253  
Total assets [1] 21,802 24,605  
Revenue earning vehicles and non-vehicle capital assets      
Revenues 9,049 9,371 8,685
Vehicle Related Service      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Interest expense, net (590) (555) (159)
Non-vehicle      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Interest expense, net (369) (238) (169)
U.S.      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Revenue earning vehicles, net 9,880 11,980  
Property and equipment, net 535 577  
Operating lease right-of-use assets 1,815 1,995  
Total assets 17,670 19,550  
Revenue earning vehicles and non-vehicle capital assets      
Revenues 7,060 7,392 6,985
International      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Revenue earning vehicles, net 2,083 2,671  
Property and equipment, net 88 94  
Operating lease right-of-use assets 273 258  
Total assets 4,132 5,055  
Revenue earning vehicles and non-vehicle capital assets      
Revenues 1,989 1,979 1,700
Variable Interest Entity, Primary Beneficiary      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Total assets 1,400 1,700  
The Hertz Corporation      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Depreciation and amortization, non-vehicle assets 139 149 142
Interest expense, net (959) (793) (328)
Revenue earning vehicles, net 11,963 14,651  
Operating lease right-of-use assets 2,088 2,253  
Total assets [2] 21,801 24,604  
Revenue earning vehicles and non-vehicle capital assets      
Revenues 9,049 9,371 8,685
The Hertz Corporation | Vehicle Related Service      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Interest expense, net (590) (555) (159)
The Hertz Corporation | Non-vehicle      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Interest expense, net (369) (238) (169)
The Hertz Corporation | U.S.      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Total assets (1) (1)  
Americas RAC      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Revenue earning vehicles, net 10,253 12,450  
International RAC      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Revenue earning vehicles, net 1,710 2,201  
Operating Segments      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Depreciation and amortization, non-vehicle assets 122 136 127
Property and equipment, net 531 574  
Total assets 20,842 23,497  
Operating Segments | Non-vehicle      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Interest expense, net 22 32 80
Operating Segments | The Hertz Corporation      
Revenue earning vehicles and non-vehicle capital assets      
Revenues 9,049 9,371 8,685
Operating Segments | The Hertz Corporation | Vehicle Related Service      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Interest expense, net 590 555 159
Operating Segments | Americas RAC      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Depreciation and amortization, non-vehicle assets 109 125 114
Property and equipment, net 460 501  
Total assets 17,386 19,252  
Revenue earning vehicles and non-vehicle capital assets      
Expenditures (8,931) (7,736) (9,352)
Proceeds from disposals 6,105 4,376 5,768
Net expenditures - Hertz Global and Hertz (2,826) (3,360) (3,584)
Operating Segments | Americas RAC | Non-vehicle      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Interest expense, net 4 22 80
Operating Segments | Americas RAC | The Hertz Corporation      
Revenue earning vehicles and non-vehicle capital assets      
Revenues 7,398 7,722 7,280
Operating Segments | Americas RAC | The Hertz Corporation | Vehicle Related Service      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Interest expense, net 479 456 140
Operating Segments | International RAC      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Depreciation and amortization, non-vehicle assets 13 11 13
Property and equipment, net 71 73  
Total assets 3,456 4,245  
Revenue earning vehicles and non-vehicle capital assets      
Expenditures (1,687) (1,921) (1,379)
Proceeds from disposals 1,594 1,298 741
Net expenditures - Hertz Global and Hertz (93) (623) (638)
Operating Segments | International RAC | Non-vehicle      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Interest expense, net 18 10 0
Operating Segments | International RAC | The Hertz Corporation      
Revenue earning vehicles and non-vehicle capital assets      
Revenues 1,651 1,649 1,405
Operating Segments | International RAC | The Hertz Corporation | Vehicle Related Service      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Interest expense, net 111 99 19
Corporate      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Depreciation and amortization, non-vehicle assets 17 13 15
Property and equipment, net 92 97  
Total assets 960 1,108  
Revenue earning vehicles and non-vehicle capital assets      
Expenditures (11) (45) (15)
Proceeds from disposals 2 5 1
Net expenditures - Hertz Global and Hertz (9) (40) (14)
Corporate | Non-vehicle      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Interest expense, net (391) (270) $ (249)
Corporate | The Hertz Corporation      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Total assets $ (1) $ (1)  
[1] Hertz Global Holdings, Inc.'s consolidated total assets as of December 31, 2024 and December 31, 2023 include total assets of VIEs of $1.4 billion and $1.7 billion, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of December 31, 2024 and December 31, 2023 include total liabilities of VIEs of $1.4 billion and $1.7 billion, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing" in Note 7, "Debt," for further information.
[2] Hertz Corporation's consolidated total assets as of December 31, 2024 and December 31, 2023 include total assets of VIEs of $1.4 billion and $1.7 billion, respectively, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of December 31, 2024 and December 31, 2023 include total liabilities of VIEs of $1.4 billion and $1.7 billion, respectively, for which the creditors of the VIEs have no recourse to The Hertz Corporation. See "Pledges Related to Vehicle Financing" in Note 7, "Debt," for further information.
v3.25.0.1
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT - PARENT COMPANY BALANCE SHEETS (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
ASSETS        
Cash and cash equivalents $ 592 $ 764    
Restricted cash and cash equivalents 541 442    
Total cash and cash equivalents and restricted cash and cash equivalents 1,133 1,206    
Prepaid expenses and other assets 894 726    
Total assets [1] 21,802 24,605    
LIABILITIES AND STOCKHOLDERS' EQUITY        
Accrued taxes, net 158 157    
Public Warrants 178 453    
Total liabilities [1] 21,649 21,513    
Stockholder's equity:        
Preferred stock, $0.01 par value, no shares issued and outstanding 0 0    
Common stock, $0.01 par value, 481,502,623 and 479,990,286 shares issued, respectively, and 306,690,579 and 305,178,242 shares outstanding, respectively 5 5    
Treasury stock, at cost, 174,812,044 and 174,812,044 common shares, respectively (3,430) (3,430)    
Additional paid-in capital 6,396 6,405    
Retained earnings (Accumulated deficit) (2,502) 360    
Accumulated other comprehensive income (loss) (316) (248)    
Total stockholders' equity 153 3,092 $ 2,645 $ 2,977
Total liabilities and stockholder's equity 21,802 24,605    
Hertz Global Holdings        
ASSETS        
Cash and cash equivalents 1 0    
Restricted cash and cash equivalents 0 0    
Total cash and cash equivalents and restricted cash and cash equivalents 1 0    
Prepaid expenses and other assets 0 1    
Investments in subsidiaries, net 326 3,543    
Deferred income taxes, net 4 3    
Total assets 331 3,547    
LIABILITIES AND STOCKHOLDERS' EQUITY        
Accrued taxes, net 0 2    
Public Warrants 178 453    
Total liabilities 178 455    
Stockholder's equity:        
Preferred stock, $0.01 par value, no shares issued and outstanding 0 0    
Common stock, $0.01 par value, 481,502,623 and 479,990,286 shares issued, respectively, and 306,690,579 and 305,178,242 shares outstanding, respectively 5 5    
Treasury stock, at cost, 174,812,044 and 174,812,044 common shares, respectively (3,430) (3,430)    
Additional paid-in capital 6,396 6,405    
Retained earnings (Accumulated deficit) (2,502) 360    
Accumulated other comprehensive income (loss) (316) (248)    
Total stockholders' equity 153 3,092    
Total liabilities and stockholder's equity $ 331 $ 3,547    
[1] Hertz Global Holdings, Inc.'s consolidated total assets as of December 31, 2024 and December 31, 2023 include total assets of VIEs of $1.4 billion and $1.7 billion, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of December 31, 2024 and December 31, 2023 include total liabilities of VIEs of $1.4 billion and $1.7 billion, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing" in Note 7, "Debt," for further information.
v3.25.0.1
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY BALANCE SHEETS) (Parentheticals) (Details) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
Condensed Financial Statements, Captions [Line Items]    
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares outstanding (in shares) 0 0
Preferred stock, shares issued (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares issued (in shares) 481,502,623 479,990,286
Common stock, shares outstanding (in shares) 306,690,579 305,178,242
Treasury stock, shares (in shares) 174,812,044 174,812,044
Hertz Global Holdings    
Condensed Financial Statements, Captions [Line Items]    
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares outstanding (in shares) 0 0
Preferred stock, shares issued (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares issued (in shares) 481,502,623 479,990,286
Common stock, shares outstanding (in shares) 306,690,579 305,178,242
Treasury stock, shares (in shares) 174,812,044 174,812,044
v3.25.0.1
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT - PARENT COMPANY STATEMENTS OF OPERATIONS (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]      
Revenues $ 9,049 $ 9,371 $ 8,685
Expenses:      
Total expenses (275) (163) (704)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest (3,237) 286 2,449
Income tax (provision) benefit 375 330 (390)
Net income (loss) (2,862) 616 2,059
Hertz Global Holdings      
Condensed Financial Statements, Captions [Line Items]      
Revenues 0 0 0
Expenses:      
Total expenses (275) (163) (704)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest 275 163 704
Income tax (provision) benefit 0 1 0
Equity in earnings (losses) of subsidiaries, net of tax (3,137) 452 1,355
Net income (loss) $ (2,862) $ 616 $ 2,059
v3.25.0.1
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT - PARENT COMPANY STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]      
Net income (loss) $ (2,862) $ 616 $ 2,059
Total other comprehensive income (loss) (68) 46 (80)
Total comprehensive income (loss) (2,930) 662 1,979
Hertz Global Holdings      
Condensed Financial Statements, Captions [Line Items]      
Net income (loss) (2,862) 616 2,059
Total other comprehensive income (loss) (68) 46 (80)
Total comprehensive income (loss) $ (2,930) $ 662 $ 1,979
v3.25.0.1
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT - PARENT COMPANY STATEMENTS OF CASH FLOWS (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]      
Net cash provided by (used in) operating activities $ 2,224 $ 2,474 $ 2,538
Cash flows from financing activities:      
Proceeds from exercises of Public Warrants 0 0 3
Share repurchases 0 (315) (2,461)
Other (4) (9) (20)
Net cash provided by (used in) financing activities 658 1,313 487
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period (73) (212) (1,233)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 1,206 1,418 2,651
Cash and cash equivalents and restricted cash and cash equivalents at end of period 1,133 1,206 1,418
Hertz Global Holdings      
Condensed Financial Statements, Captions [Line Items]      
Net cash provided by (used in) operating activities (2) 3 0
Cash flows from financing activities:      
Proceeds from exercises of Public Warrants 0 0 3
Share repurchases 0 (315) (2,461)
Payments of dividends 7 321 2,477
Other (4) (9) (20)
Net cash provided by (used in) financing activities 3 (3) (1)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period 1 0 (1)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 0 0 1
Cash and cash equivalents and restricted cash and cash equivalents at end of period $ 1 $ 0 $ 0
v3.25.0.1
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT - Dividends (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Hertz Global Holdings      
Condensed Financial Statements, Captions [Line Items]      
Dividends, non-cash $ 0 $ 0 $ 0
The Hertz Corporation      
Condensed Financial Statements, Captions [Line Items]      
Dividends, cash $ 7,000,000 $ 321,000,000 $ 2,500,000,000
v3.25.0.1
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT - Share Repurchase (Details) - USD ($)
$ in Millions
 12 Months Ended 31 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2024
Condensed Financial Statements, Captions [Line Items]        
Shares repurchased (in shares) 0      
Share repurchases $ 0 $ 315 $ 2,461  
Hertz Global Holdings        
Condensed Financial Statements, Captions [Line Items]        
Shares repurchased (in shares) 0      
Share repurchases $ 0 $ 315 $ 2,461  
Share Repurchase Program 2022        
Condensed Financial Statements, Captions [Line Items]        
Shares repurchased (in shares)       66,684,169
Share repurchases       $ 1,100
Share Repurchase Program 2022 | Hertz Global Holdings        
Condensed Financial Statements, Captions [Line Items]        
Shares repurchased (in shares)   19,381,160    
Share repurchases   $ 291    
v3.25.0.1
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward]      
Valuation allowances domestic $ 383    
Valuation allowances foreign 175    
Receivables allowances:      
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward]      
Beginning Balance 47 $ 45 $ 50
Charges to Earnings 120 93 57
Translation Adjustments 0 0 0
Deductions (108) (91) (62)
Ending Balance 59 47 45
Tax valuation allowances:      
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward]      
Beginning Balance 305 511 690
Charges to Earnings 558 22 0
Translation Adjustments (15) 10 (33)
Deductions (9) (238) (146)
Ending Balance $ 839 $ 305 $ 511