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Debt (Tables)
3 Months Ended
Mar. 31, 2016
Debt Disclosure [Abstract]  
Components of debt
The Company's debt consists of the following (in millions):
Facility
 
Weighted Average Interest Rate at March 31, 2016
 
Fixed or
Floating
Interest
Rate
 
Maturity
 
March 31,
2016
 
December 31,
2015
Corporate Debt
 
 
 
 
 
 
 
 
 
 
Senior Term Facility
 
3.26%
 
Floating
 
3/2018
 
$
2,056

 
$
2,062

Senior ABL Facility
 
N/A
 
Floating
 
3/2016–3/2017
 

 

Senior Notes(1)
 
6.58%
 
Fixed
 
4/2018–10/2022
 
3,900

 
3,900

Promissory Notes
 
7.00%
 
Fixed
 
1/2028
 
27

 
27

Other Corporate Debt
 
3.92%
 
Fixed
 
Various
 
63

 
66

Unamortized Debt Issuance Costs and Net (Discount) Premium (Corporate)
 
 
 
 
 
 
 
(40
)
 
(44
)
Total Corporate Debt
 
 
 
 
 
 
 
6,006

 
6,011

Facility
 
Weighted Average Interest Rate at March 31, 2016
 
Fixed or
Floating
Interest
Rate
 
Maturity
 
March 31,
2016
 
December 31,
2015
Fleet Debt
 
 
 
 
 
 
 
 
 
 
HVF U.S. Fleet Medium Term Notes
 
 
 
 
 
 
 
 
 
 
HVF Series 2010-1(2)
 
4.96%
 
Fixed
 
2/2018
 
115

 
240

HVF Series 2011-1(2)
 
3.51%
 
Fixed
 
3/2017
 
230

 
230

HVF Series 2013-1(2)
 
1.70%
 
Fixed
 
8/2016–8/2018
 
896

 
950

 
 
 
 
 
 
 
 
1,241

 
1,420

HVF II U.S. ABS Program
 
 
 
 
 
 
 
 
 
 
HVF II U.S. Fleet Variable Funding Notes
 
 
 
 
 
 
 
 
 
 
HVF II Series 2013-A
 
1.51%
 
Floating
 
10/2017
 
1,044

 
980

HVF II Series 2013-B
 
1.55%
 
Floating
 
10/2017
 
1,013

 
1,308

HVF II Series 2014-A
 
2.26%
 
Floating
 
10/2016
 
1,393

 
1,737

 
 
 
 
 
 
 
 
3,450

 
4,025

HVF II U.S. Fleet Medium Term Notes
 
 
 
 
 
 
 
 
 
 
HVF II Series 2015-1(2)
 
2.93%
 
Fixed
 
3/2020
 
780

 
780

HVF II Series 2015-2(2)
 
2.30%
 
Fixed
 
9/2018
 
250

 
250

HVF II Series 2015-3(2)
 
2.96%
 
Fixed
 
9/2020
 
350

 
350

HVF II Series 2016-1(2)
 
2.72%
 
Fixed
 
3/2019
 
439

 

HVF II Series 2016-2(2)
 
3.25%
 
Fixed
 
3/2021
 
561

 

 
 
 
 
 
 
 
 
2,380

 
1,380

Donlen ABS Program
 
 
 
 
 
 
 
 
 
 
HFLF Variable Funding Notes
 
 
 
 
 
 
 
 
 
 
HFLF Series 2013-2 Notes(2)
 
1.52%
 
Floating
 
9/2017
 
450

 
370

 
 
 
 
 
 
 
 
450

 
370

HFLF Medium Term Notes
 
 
 
 
 
 
 
 
 
 
HFLF Series 2013-3 Notes(2)
 
1.16%
 
Floating
 
9/2016–11/2016
 
217

 
270

HFLF Series 2014-1 Notes(2)
 
1.02%
 
Floating
 
12/2016–3/2017
 
245

 
288

HFLF Series 2015-1 Notes(2)
 
1.11%
 
Floating
 
3/2018–5/2018
 
295

 
295

 
 
 
 
 
 
 
 
757

 
853

Facility
 
Weighted Average Interest Rate at March 31, 2016
 
Fixed or
Floating
Interest
Rate
 
Maturity
 
March 31,
2016
 
December 31,
2015
Other Fleet Debt
 
 
 
 
 
 
 
 
 
 
U.S. Fleet Financing Facility
 
3.19%
 
Floating
 
3/2017
 
157

 
190

European Revolving Credit Facility
 
2.41%
 
Floating
 
10/2017
 
283

 
273

European Fleet Notes
 
4.38%
 
Fixed
 
1/2019
 
480

 
464

European Securitization(2)
 
1.41%
 
Floating
 
10/2017
 
259

 
267

Canadian Securitization(2)

1.80%

Floating

1/2018

168


148

Australian Securitization(2)
 
3.75%
 
Floating
 
12/2016
 
97

 
98

Brazilian Fleet Financing Facility
 
17.93%
 
Floating
 
4/2016
 
8

 
7

Capitalized Leases
 
2.67%
 
Floating
 
5/2016–3/2020
 
376

 
362

 
 
 
 
 
 
 
 
1,828

 
1,809

Unamortized Debt Issuance Costs and Net (Discount) Premium (Fleet)
 
 
 
 
 
 
 
(40
)
 
(34
)
Total Fleet Debt
 
 
 
 
 
 
 
10,066

 
9,823

Total Debt
 
 
 
 
 
 
 
$
16,072

 
$
15,834


N/A - Not Applicable

(1)
References to the "Senior Notes" include the series of Hertz's unsecured senior notes set forth on the table below. Outstanding principal amounts for each such series of the Senior Notes is also specified below:
(In millions)
Outstanding Principal 
Senior Notes
March 31, 2016
 
December 31, 2015
4.25% Senior Notes due April 2018
$
250

 
$
250

7.50% Senior Notes due October 2018
700

 
700

6.75% Senior Notes due April 2019
1,250

 
1,250

5.875% Senior Notes due October 2020
700

 
700

7.375% Senior Notes due January 2021
500

 
500

6.25% Senior Notes due October 2022
500

 
500

 
$
3,900

 
$
3,900



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

The fair value of debt is estimated based on quoted market rates as well as borrowing rates currently available to the Company for loans with similar terms and average maturities (Level 2 inputs).
 
As of March 31, 2016
 
As of December 31, 2015
(In millions)
Nominal Unpaid Principal Balance
 
Aggregate Fair Value
 
Nominal Unpaid Principal Balance
 
Aggregate Fair Value
Corporate Debt
$
6,046

 
$
6,126

 
$
6,055

 
$
6,134

Fleet Debt
10,106

 
10,103

 
9,857

 
9,854

Total
$
16,152

 
$
16,229

 
$
15,912

 
$
15,988

Schedule of facilities available for the use of the company and its subsidiaries
The following facilities were available to the Company as of March 31, 2016:
(In millions)
Remaining
Capacity
 
Availability Under
Borrowing Base
Limitation
Corporate Debt
 
 
 
Senior ABL Facility
$
1,488

 
$
1,481

Total Corporate Debt
1,488

 
1,481

Fleet Debt
 
 
 
HVF II U.S. Fleet Variable Funding Notes
2,125

 

HFLF Variable Funding Notes
50

 

European Revolving Credit Facility

 

European Securitization
192

 
4

Canadian Securitization
99

 

Australian Securitization
94

 

Capitalized Leases
50

 
1

Total Fleet Debt
2,610

 
5

Total
$
4,098

 
$
1,486