Herc (HRI) 10-Q 9 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 04, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	HERC HOLDINGS INC.
Entity Central Index Key	1,364,479
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		28,422,031

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 43	$ 41.5
Receivables, net of allowances of $24.4 and $26.9, respectively	347	386.3
Inventory	22.2	23.7
Prepaid and other current assets	24	23
Total current assets	436.2	474.5
Revenue earning equipment, net	2,435.2	2,374.6
Property and equipment, net	283.1	286.3
Intangible assets, net	286.3	283.9
Goodwill	91	91
Other long-term assets	42.1	39.4
Total assets	3,573.9	3,549.7
LIABILITIES AND EQUITY
Current maturities of long-term debt and financing obligations	23.7	25.4
Accounts payable	266.6	152
Accrued liabilities	123.4	113.3
Total current liabilities	413.7	290.7
Long-term debt, net	2,054.7	2,137.1
Financing obligations, net	112.2	112.9
Deferred tax liabilities	456.7	462.8
Other long-term liabilities	36.3	35.8
Total liabilities	3,073.6	3,039.3
Commitments and contingencies (Note 10)
Equity:
Preferred stock, $0.01 par value, 13.3 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.01 par value, 133.3 shares authorized, 31.1 and 31.1 shares issued and 28.4 and 28.3 shares outstanding	0.3	0.3
Additional paid-in capital	1,766.6	1,763.1
Accumulated deficit	(472.5)	(462.4)
Accumulated other comprehensive loss	(102.1)	(98.6)
Treasury stock, at cost, 2.7 shares and 2.7 shares	(692)	(692)
Total equity	500.3	510.4
Total liabilities and equity	$ 3,573.9	$ 3,549.7

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts	$ 24.4	$ 26.9
Preferred Stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred Stock, shares authorized (in shares)	13,300,000	13,300,000
Preferred Stock, shares issued (in shares)	0	0
Preferred Stock, shares outstanding (in shares)	0	0
Common Stock, par value (in USD per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	133,300,000	133,300,000
Common Stock, shares issued (in shares)	31,100,000	31,100,000
Common Stock, shares outstanding (in shares)	28,400,000	28,300,000
Treasury Stock, shares (in shares)	2,700,000	2,700,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Equipment rental	$ 369.1	$ 320.6
Sale of revenue earning equipment	47.3	54.4
Sales of new equipment, parts and supplies	11.4	11.5
Service and other revenue	3.5	2.9
Total revenues	431.3	389.4
Expenses:
Direct operating	196	168.9
Depreciation of revenue earning equipment	93.3	92.9
Cost of sales of revenue earning equipment	42	54.9
Cost of sales of new equipment, parts and supplies	9	8.4
Selling, general and administrative	74.5	81.1
Interest expense, net	32	37.8
Other income, net	(0.3)	(0.3)
Total expenses	446.5	443.7
Loss before income taxes	(15.2)	(54.3)
Income tax benefit	5.1	15.1
Net loss	$ (10.1)	$ (39.2)
Weighted average shares outstanding:
Basic (in shares)	28.4	28.3
Diluted (in shares)	28.4	28.3
Loss per share:
Basic (in USD per share)	$ (0.36)	$ (1.39)
Diluted (in USD per share)	$ (0.36)	$ (1.39)

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net loss	$ (10.1)	$ (39.2)
Other comprehensive income (loss):
Foreign currency translation adjustments	(5.4)	1.7
Unrealized gains and losses on hedging instruments:
Unrealized gains (losses) on hedging instruments	2.3	(0.4)
Income tax (provision) benefit related to hedging instruments	(0.6)	0.2
Pension and postretirement benefit liability adjustments:
Amortization of net losses included in net periodic pension cost	0.3	0.4
Income tax provision related to defined benefit pension plans	(0.1)	(0.2)
Total other comprehensive income (loss)	(3.5)	1.7
Total comprehensive loss	$ (13.6)	$ (37.5)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) - 3 months ended Mar. 31, 2018 - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2017		28.3
Beginning balance at Dec. 31, 2017	$ 510.4	$ 0.3	$ 1,763.1	$ (462.4)	$ (98.6)	$ (692)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(10.1)			(10.1)
Other comprehensive loss	(3.5)				(3.5)
Net settlement on vesting of equity awards	(0.1)		(0.1)
Stock-based compensation charges	2.8		2.8
Employee stock purchase plan	0.4		0.4
Exercise of stock options, shares		0.1
Exercise of stock options	0.4		0.4
Ending balance at Mar. 31, 2018	$ 500.3	$ 0.3	$ 1,766.6	$ (472.5)	$ (102.1)	$ (692)
Ending balance (in shares) at Mar. 31, 2018		28.4

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net loss	$ (10.1)	$ (39.2)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation of revenue earning equipment	93.3	92.9
Depreciation of property and equipment	12.7	10.5
Amortization of intangible assets	1.1	1.2
Amortization of deferred debt and financing obligations costs	1.5	1.6
Stock-based compensation charges	2.8	1.5
Provision for receivables allowance	10.1	10.6
Deferred taxes	(5.1)	(15.1)
(Gain) loss on sale of revenue earning equipment	(5.3)	0.5
Income from joint ventures	(0.5)	(0.6)
Other	2.3	2.2
Changes in assets and liabilities:
Receivables	19.8	2.4
Inventory, prepaid and other assets	(1.8)	(3.4)
Accounts payable	(0.3)	3.6
Accrued liabilities and other long-term liabilities	8.7	21.2
Net cash provided by operating activities	129.2	89.9
Cash flows from investing activities:
Revenue earning equipment expenditures	(82.5)	(56.2)
Proceeds from disposal of revenue earning equipment	52.9	44.7
Non-rental capital expenditures	(14.4)	(17.9)
Proceeds from disposal of property and equipment	1.2	0.5
Net cash used in investing activities	(42.8)	(28.9)
Cash flows from financing activities:
Repayments of long-term debt	0	(123.5)
Proceeds from revolving lines of credit	51	173.8
Repayments on revolving lines of credit	(131.6)	(105)
Principal payments under capital lease and financing obligations	(4.5)	(3.8)
Debt extinguishment costs	0	(3.7)
Proceeds from exercise of stock options and other	0.4	0
Proceeds from employee stock purchase plan	0.4	0
Net settlement on vesting of equity awards	(0.1)	0
Net cash used in financing activities	(84.4)	(62.2)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(0.5)	0.1
Net increase (decrease) in cash, cash equivalents and restricted cash during the period	1.5	(1.1)
Cash, cash equivalents and restricted cash at beginning of period	41.5	31
Cash, cash equivalents and restricted cash at end of period	43	29.9
Supplemental disclosures of cash flow information:
Cash paid for interest	11.7	13.4
Cash paid for income taxes, net	3.5	1.4
Supplemental disclosure of non-cash investing activity:
Purchases of revenue earning equipment in accounts payable	114.9	63
Disposals of revenue earning equipment in accounts receivable	0	5.5
Non-rental capital expenditures in accounts payable	0.3	0
Supplemental disclosure of non-cash investing and financing activity:
Equipment acquired through capital lease	$ 0.1	$ 0

Background

Background	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background	Background Herc Holdings Inc. ("we," "us," "our," "Herc Holdings," "the Company" or, as the context requires, "its") is one of the leading equipment rental suppliers with approximately 275 locations at March 31, 2018 , principally in North America. The Company conducts substantially all of its operations through subsidiaries, including Herc Rentals Inc. ("Herc"). Operations are conducted under the Herc Rentals brand in the United States and under the Hertz Equipment Rental brand in Canada and other international locations. With over 50 years of experience, we are a full-line equipment rental supplier offering a broad portfolio of equipment for rent. In addition to our principal business of equipment rental, we sell used equipment and contractor supplies such as construction consumables, tools, small equipment and safety supplies; provide repair, maintenance, equipment management services and safety training to certain of our customers; offer equipment re-rental services and provide on-site support to our customers; and provide ancillary services such as equipment transport, rental protection, cleaning, refueling and labor. Our classic fleet includes aerial, earthmoving, material handling, trucks and trailers, air compressors, compaction and lighting. Our equipment rental business is supported by ProSolutions TM , our industry-specific solutions-based services which includes pumping solutions, power generation, climate control, remediation and restoration, and studio and production equipment, and our ProContractor professional grade tools. On June 30, 2016, the Company, in its previous form as the holding company of both the existing equipment rental operations as well as the former vehicle rental operations (in its form prior to the Spin-Off, "Hertz Holdings"), completed a spin-off (the "Spin-Off") of its global vehicle rental business through a dividend to stockholders of all of the issued and outstanding common stock of Hertz Rental Car Holding Company, Inc., which was re-named Hertz Global Holdings, Inc. ("New Hertz") in connection with the Spin-Off. New Hertz is an independent public company that trades on the New York Stock Exchange under the symbol "HTZ" and continues to operate its global vehicle rental business through its operating subsidiaries including The Hertz Corporation ("THC"). The Company changed its name to Herc Holdings Inc. on June 30, 2016, and trades on the New York Stock Exchange under the symbol “HRI.”

Basis of Presentation and Recen

Basis of Presentation and Recently Issued Accounting Pronouncements	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Recently Issued Accounting Pronouncements	Basis of Presentation and Recently Issued Accounting Pronouncements Basis of Presentation The Company prepares its condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). In the opinion of management, the condensed consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes. Actual results could differ materially from those estimates. Significant estimates inherent in the preparation of the condensed consolidated financial statements include depreciation of revenue earning equipment, pension and postretirement benefits, the recoverability of long-lived assets, useful lives and impairment of long-lived tangible and intangible assets including goodwill and trade name, accounting for income taxes, valuation of stock-based compensation, reserves for litigation and other contingencies and allowances for receivables, among others. Principles of Consolidation The condensed consolidated financial statements include the accounts of Herc Holdings and its wholly owned subsidiaries. In the event that the Company is a primary beneficiary of a variable interest entity, the assets, liabilities and results of operations of the variable interest entity are included in the Company's condensed consolidated financial statements. The Company accounts for its investments in joint ventures using the equity method when it has significant influence but not control and is not the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation. Recently Issued Accounting Pronouncements Adopted Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board ("FASB") issued guidance that replaced existing revenue recognition guidance in U.S. GAAP. The new guidance requires entities to recognize revenue when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. On January 1, 2018, the Company adopted the guidance using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. The Company did not record any amount to the opening balance of retained earnings as of January 1, 2018 as the cumulative impact of adopting the guidance was not material. The comparative financial statement information has not been restated and continues to be reported under the accounting standards in effect for those periods. The adoption of the guidance had no material impact on the Company’s consolidated balance sheet as of January 1, 2018. The Company's accounting for equipment rental revenue is primarily outside the scope of this new revenue guidance and will be evaluated under the new lease guidance which is described further under the subheading "Leases" below. Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments In August 2016, the FASB issued guidance to eliminate the diversity in practice related to the classification of certain cash receipts and payments in the statement of cash flows, by adding or clarifying guidance on eight specific cash flow issues. The Company adopted this guidance on January 1, 2018 in accordance with the effective date and has amended its statement of cash flows for the three months ended March 31, 2017 by reclassifying $3.7 million of debt extinguishment costs from cash used in operating activities to cash used in financing activities. Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory In October 2016, the FASB issued guidance requiring an entity to recognize upon transfer the income tax consequences of an intra-entity transfer of an asset other than inventory, eliminating the current recognition exception. Two common examples of assets included in the scope of this standard are intellectual property and property, plant and equipment. The Company adopted this guidance on January 1, 2018 in accordance with the effective date. Adoption of this guidance did not have a significant impact on the Company's financial position, results of operations or cash flows. Statement of Cash Flows: Restricted Cash In November 2016, the FASB issued guidance requiring restricted cash and cash equivalents to be included with cash and cash equivalents on the statement of cash flows. The Company adopted this guidance on January 1, 2018 in accordance with the effective date and has amended its statement of cash flows for the three months ended March 31, 2017 accordingly. Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Costs In March 2017, the FASB issued guidance on the presentation of net periodic pension and postretirement benefit costs in the income statement and on the components eligible for capitalization. The guidance requires the reporting of the service cost component of the net periodic benefit costs in the same income statement line item as other components of net periodic costs arising from services rendered by an employee during the period, and that non-service-cost components be presented in the income statement separately from the service cost components and outside a subtotal of income from operations. The guidance also allows for the capitalization of the service cost components, when applicable. The Company adopted this guidance on January 1, 2018 in accordance with the effective date. Adoption of this guidance resulted in an immaterial reclassification of costs from "Direct operating" and "Selling, general and administrative" expense into "Other income, net" in the Company's statement of operations. Compensation - Stock Compensation In May 2017, the FASB issued guidance pursuant to which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. Under the updated guidance, a modification is defined as a change in the terms or conditions of a share-based payment award, and an entity should account for the effects of a modification unless all of the following are met: 1. The fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified. If the modification does not affect any of the inputs to the valuation techniques that the entity uses to value the award, the entity is not required to estimate the value immediately before and after the modification. 2. The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified. 3. The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The guidance requires prospective application to an award modified on or after the adoption date. The Company adopted the new guidance on January 1, 2018 in accordance with the effective date and will apply the guidance to any future changes to the term or conditions of its share-based payment awards. Not Yet Adopted Leases In February 2016, the FASB issued guidance that replaces the existing lease guidance. The new guidance establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. This guidance also expands the requirements for lessees to record leases embedded in other arrangements and the required quantitative and qualitative disclosures surrounding leases. Accounting guidance for lessors is largely unchanged. This guidance is effective for annual periods beginning after December 15, 2018 and interim periods within those annual periods using a modified retrospective transition approach. As discussed in Note 3 , " Revenue Recognition ," most of the Company's equipment rental revenues will be accounted for under the current lease accounting standard, Accounting Standards Codification (“ASC”) Topic 840, Leases ("Topic 840") until the adoption of the new lease accounting standard ("Topic 842"). Also, under Topic 842, our operating leases, which include both real estate and non-rental equipment, will result in lease assets and lease liabilities being recognized on the Company's balance sheet. The Company expects that the quantification of the amount of the lease assets and lease liabilities that it will recognize on the balance sheet will take a significant amount of time. As such, the Company is currently in the process of assessing the potential impacts of adopting this guidance on its financial position, results of operations and cash flows. Income Statement - Reporting Comprehensive Income In February 2018, the FASB issued guidance that allows reclassification from accumulated other comprehensive income to retained earnings for certain tax effects resulting from the Tax Cuts and Jobs Act of 2017 (the "2017 Tax Act") that would otherwise be stranded in accumulated other comprehensive income. This guidance is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. The Company is in the process of assessing the potential impacts of adopting this guidance on its financial position, results of operations and cash flows.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The Company is principally engaged in the business of renting equipment. Ancillary to the Company’s principal equipment rental business, the Company also sells used rental equipment, new equipment and parts and supplies and offers certain services to support its customers. The Company’s business is primarily focused in North America with approximately 87.5% and 88.2% of total revenue for the three months ended March 31, 2018 and 2017, respectively, representing revenue from the United States. The Company’s rental transactions are principally accounted for under Topic 840. The Company’s sale of revenue earning and new equipment, parts and supplies along with certain services provided to customers are accounted for under ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”). Prior to the adoption of Topic 606, the Company accounted for these non-rental transactions under ASC Topic 605, Revenue Recognition ("Topic 605"). The following table summarizes the applicable accounting guidance for the Company’s revenues for the three months ended March 31, 2018 and 2017, respectively (in millions): Three Months Ended March 31, 2018 2017 Topic 840 Topic 606 Total Topic 840 Topic 605 Total Revenues: Equipment rental $ 340.7 $ — $ 340.7 $ 297.0 $ — $ 297.0 Other rental revenue: Delivery and pick-up — 17.2 17.2 — 14.9 14.9 Other 11.2 — 11.2 8.7 — 8.7 Total other rental revenues 11.2 17.2 28.4 8.7 14.9 23.6 Total equipment rentals 351.9 17.2 369.1 305.7 14.9 320.6 Sales of revenue earning equipment — 47.3 47.3 — 54.4 54.4 Sales of new equipment, parts and supplies — 11.4 11.4 — 11.5 11.5 Service and other revenues — 3.5 3.5 — 2.9 2.9 Total revenues $ 351.9 $ 79.4 $ 431.3 $ 305.7 $ 83.7 $ 389.4 Equipment Rental Revenue The Company offers a broad portfolio of equipment for rent on a daily, weekly or monthly basis with most rental agreements cancelable upon the return of the equipment. Equipment rental revenue represented 85.6% and 82.3% of the Company’s total revenues for the three months ended March 31, 2018 and 2017, respectively. Equipment rental revenue includes revenue generated from renting equipment to customers, including re-rent revenue in which the Company will rent specific pieces of equipment from vendors and then rent that equipment to its customers. Also included in equipment rental revenue are fees for delivery and pick up of rental equipment to and from customer locations, fees for the Company’s rental protection program, environmental charges, discounts, rebates to customers and other revenue adjustments. Fees paid for the rental protection program allow customers to limit the risk of financial loss in the event the Company’s equipment is damaged or lost. Total non-rental rate fees charged to customers represent approximately 7.7% and 7.4% of the total equipment rental revenue for the three months ended March 31, 2018 and 2017, respectively. Equipment rental revenue is recognized on a straight-line basis over the length of the rental contract. Virtually all customer contracts can be canceled with no penalty by the customer by returning the equipment within one day, therefore, the Company does not allocate the transaction price between the different contract elements. Provisions for discounts, rebates to customers and other adjustments are provided for in the period the related revenue is recorded. Fees for the rental protection program and environmental recovery fees are recognized on a straight-line basis over the length of the rental contract. Other fees are recognized when related services are provided. Sales of Revenue Earning Equipment, New Equipment, Parts and Supplies The Company sells its used revenue earning equipment, new equipment, parts and supplies. Revenues recorded for each category are as follows (in millions): Three months ended March 31, 2018 2017 Sales of revenue earning equipment $ 47.3 $ 54.4 Sales of new equipment 5.8 5.2 Sales of parts and supplies 5.6 6.3 Total $ 58.7 $ 65.9 Sales of revenue earning equipment represents 11.0% and 14.0% of the Company’s total revenue for the three months ended March 31, 2018 and 2017, respectively. The Company routinely sells its used rental equipment in order to manage repair and maintenance costs, as well as the composition, age and size of its fleet. The Company disposes of used equipment through a variety of channels including retail sales to customers and other third parties, sales to wholesalers, brokered sales and auctions. The Company sold its used revenue earning equipment through the following channels: Three Months Ended March 31, 2018 2017 Wholesale 45 % 45 % Retail 28 27 Auction 27 28 Total 100 % 100 % The Company also sells new equipment, parts and supplies. The types of new equipment that the Company sells vary by location and include a variety of ProContractor tools and supplies, small equipment (such as work lighting, generators, pumps, compaction equipment and power trowels), safety supplies and expendables. The Company recognizes revenue for the sale of revenue earning equipment, new equipment, parts and supplies when control of the asset transfers to the customer, which is typically when the asset is picked up by or delivered to the customer and when significant risks and rewards of ownership have passed to the customer. Sales and other tax amounts collected from customers and remitted to government authorities are accounted for on a net basis and, therefore, excluded from revenue. Under Topic 606, the accounts receivable balance, prior to allowances for doubtful accounts, for the sale of revenue earning equipment, new equipment, parts and supplies, was approximately $33.7 million as of March 31, 2018 . Service and other revenues Service and other revenues primarily include revenue earned from equipment management and similar services for rental customers which includes providing customer support functions such as dedicated in-plant operations, plant management services, training, and repair and maintenance services particularly to industrial customers who request such services. The Company recognizes revenue for service and other revenues as the services are provided. Service and other revenues are typically invoiced together with a customer’s rental amounts and, therefore, it is not practical for the Company to separate the accounts receivable amount related to services and other revenues that are accounted for under Topic 606; however, such amount is not considered material. Receivables and contract assets and liabilities Most of the Company's equipment rental revenue is accounted for under Topic 840. The customers that are responsible for the remaining revenue that is accounted for under Topic 606 are generally the same customers that rent the Company's equipment. Concentration of credit risk with respect to the Company's accounts receivable is limited because a large number of geographically diverse customers makes up our customer base. No single customer makes up more than 3% of the Company's equipment rental revenue or accounts receivable balance for the last three years. The Company manages credit risk associated with its accounts receivable at the customer level through credit approvals, credit limits and other monitoring procedures. The Company maintains allowances for doubtful accounts that reflect the Company's estimate of the amount of receivables that the Company will be unable to collect based on its historical write-off experience. The Company does not have contract assets or material contract liabilities associated with customer contracts. The Company's contracts with customers do not generally result in material amounts billed to customers in excess of recognizable revenue. The Company did not recognize material revenue during the three months ended March 31, 2018 that was included in the contract liability balance as of the beginning of such period. Performance obligations Most of the Company's revenue recognized under Topic 606 is recognized at a point-in-time, rather than over time. Accordingly, in any particular period, the Company does not generally recognize a significant amount of revenue from performance obligations satisfied (or partially satisfied) in previous periods, and the amount of such revenue recognized during the three months ended March 31, 2018 was not material. We also do not expect to recognize material revenue in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2018 . Contract estimates and judgments The Company's revenues accounted for under Topic 606 generally do not require significant estimates or judgments, primarily for the following reasons: • The transaction price is generally fixed and stated on the Company's contracts; • As noted above, the Company's contracts generally do not include multiple performance obligations, and accordingly do not generally require estimates of the standalone selling price for each performance obligation; • The Company's revenues do not include material amounts of variable consideration; and • Most of the Company's revenue is recognized as of a point-in-time and the timing of the satisfaction of the applicable performance obligations is readily determinable. As noted above, the revenue recognized under Topic 606 is generally recognized at the time of delivery to, or pick-up by, the customer. The Company monitors and reviews its estimated standalone selling prices on a regular basis.

Revenue Earning Equipment

Revenue Earning Equipment	3 Months Ended
	Mar. 31, 2018
Property Subject to or Available for Operating Lease, Net [Abstract]
Revenue Earning Equipment	Revenue Earning Equipment Revenue earning equipment consists of the following (in millions): March 31, 2018 December 31, 2017 Revenue earning equipment $ 3,833.1 $ 3,757.2 Less: Accumulated depreciation (1,397.9 ) (1,382.6 ) Revenue earning equipment, net $ 2,435.2 $ 2,374.6

Debt

Debt	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt	Debt The Company's debt consists of the following (in millions): Weighted Average Effective Interest Rate at March 31, 2018 Weighted Average Stated Interest Rate at March 31, 2018 Fixed or Floating Interest Rate Maturity March 31, December 31, Senior Secured Second Priority Notes 2022 Notes 7.88% 7.50% Fixed 2022 $ 488.0 $ 488.0 2024 Notes 8.06% 7.75% Fixed 2024 500.0 500.0 Other Debt ABL Credit Facility N/A 3.54% Floating 2021 1,050.0 1,130.0 Capital leases 4.03% N/A Fixed 2018-2022 49.5 53.7 Other borrowings N/A 4.79% Floating 2018 2.2 2.6 Unamortized Debt Issuance Costs (a) (14.0 ) (14.5 ) Total debt 2,075.7 2,159.8 Less: Current maturities of long-term debt (21.0 ) (22.7 ) Long-term debt, net $ 2,054.7 $ 2,137.1 (a) Unamortized debt issuance costs totaling $12.3 million and $13.3 million related to the ABL Credit Facility (as defined below) are included in "Other long-term assets" in the condensed consolidated balance sheets as of March 31, 2018 and December 31, 2017 , respectively. The effective interest rates for the fixed rate 2022 Notes and 2024 Notes (as defined below) include the stated interest on the notes and the amortization of any debt issuance costs. Senior Secured Second Priority Notes In June 2016 , Herc issued $610.0 million aggregate principal amount of 7.50% senior secured second priority notes due 2022 (the "2022 Notes") and $625.0 million aggregate principal amount of 7.75% senior secured second priority notes due 2024 (the "2024 Notes" and, together with the 2022 Notes, the "Notes"). In March and October 2017, Herc drew down on its ABL Credit Facility (as defined below) and cumulatively redeemed $122.0 million in aggregate principal amount of the 2022 Notes and $125.0 million in aggregate principal amount of the 2024 Notes. Additional information about the Notes is included in Note 9 to our financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2017. ABL Credit Facility The Company's asset-based revolving credit agreement, executed by its Herc subsidiary, provides for senior secured revolving loans up to a maximum aggregate principal amount of $1,750 million (subject to availability under a borrowing base), including revolving loans in an aggregate principal amount of $350 million available to Canadian borrowers and U.S. borrowers (the "ABL Credit Facility"). Up to $250 million of the revolving loan facility is available for the issuance of letters of credit, subject to certain conditions including issuing lender participation. Extensions of credit under the ABL Credit Facility are limited by a borrowing base calculated periodically based on specified percentages of the value of eligible rental equipment, eligible service vehicles, eligible spare parts and merchandise, eligible accounts receivable, and eligible unbilled accounts subject to certain reserves and other adjustments. Subject to the satisfaction of certain conditions and limitations, the ABL Credit Facility allows for the addition of incremental revolving and/or term loan commitments. In addition, the ABL Credit Facility permits Herc to increase the amount of commitments under the ABL Credit Facility with the consent of each lender providing an additional commitment, subject to satisfaction of certain conditions. Additional information about the ABL Credit Facility is included in Note 9 to our financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2017. Other Borrowings The Company's subsidiary in China has uncommitted credit agreements with a bank for up to the aggregate principal amount of $10.0 million . Interest accrues on the loans drawn under these facilities at a rate of 110% of the prevailing base lending rates published by People's Bank of China and is payable quarterly. As of March 31, 2018 , the Company had short-term borrowings under these facilities totaling $2.2 million . Borrowing Capacity and Availability After outstanding borrowings, the following was available to the Company under the ABL Credit Facility as of March 31, 2018 (in millions): Remaining Capacity Availability Under Borrowing Base Limitation ABL Credit Facility $ 677.2 $ 677.2 In addition, as of March 31, 2018 , the Company's subsidiary in China had uncommitted credit facilities of which $7.8 million was available for borrowing. Letters of Credit As of March 31, 2018 , the ABL Credit Facility had $227.2 million available under the letter of credit facility sublimit, subject to borrowing base restrictions, as $22.8 million of standby letters of credit were issued and outstanding, none of which have been drawn upon.

Financing Obligations

Financing Obligations	3 Months Ended
	Mar. 31, 2018
Leases [Abstract]
Financing Obligations	Financing Obligations In October 2017, Herc consummated a sale-leaseback transaction pursuant to which it sold 42 of its properties located in the U.S. for gross proceeds of approximately $119.5 million , and entered into a master lease agreement pursuant to which it will continue operations at those properties as a tenant. The triple net lease agreement has an initial term of 20 years, subject to extension, at Herc's option, for up to five additional periods of five years each. The sale of the properties did not qualify for sale-leaseback accounting due to continuing involvement with the properties. Therefore, the book value of the building and land remains on the Company's condensed consolidated balance sheet. The Company's financing obligations consist of the following (in millions): Weighted Average Effective Interest Rate at March 31, 2018 Maturity March 31, 2018 December 31, 2017 Financing obligations 4.62% 2037 $ 117.4 $ 118.2 Unamortized financing issuance costs (2.5 ) (2.6 ) Total financing obligations 114.9 115.6 Less: Current maturities of financing obligations (2.7 ) (2.7 ) Financing obligations, net $ 112.2 $ 112.9

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation During the three months ended March 31, 2018 , the Company granted 105,995 restricted stock units ("RSUs") at a weighted average grant date fair value of $66.63 per unit and 90,356 performance stock units ("PSUs") at a weighted average grant date fair value of $66.67 per unit, under the Herc Holdings Inc. 2008 Omnibus Incentive Plan (the "Omnibus Plan"). A summary of the total compensation expense and associated income tax benefits recognized for RSUs, PSUs, stock options and the employee stock purchase plan under the Omnibus Plan are as follows (in millions): Three Months Ended March 31, 2018 2017 Compensation expense $ 2.8 $ 1.5 Income tax benefit (0.7 ) (0.6 ) Total $ 2.1 $ 0.9 As of March 31, 2018 , there was $28.9 million of total unrecognized compensation cost related to non-vested stock options, RSUs and PSUs granted under the Omnibus Plan. The total unrecognized compensation cost is expected to be recognized over the remaining 2.0 years, on a weighted average basis, of the requisite service period that began on the grant dates.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax benefit was $5.1 million and $15.1 million for the three months ended March 31, 2018 and 2017 , respectively. The benefit in each period was primarily driven by pre-tax losses, partially offset by non-deductible expenses, foreign taxes and valuation allowances recorded on losses generated by certain foreign loss jurisdictions. The effective tax rate for the 2018 fiscal year is expected to be approximately 30% . Tax Cuts and Jobs Act The 2017 Tax Act was enacted in December 2017 which reduced the U.S. federal corporate tax rate from 35% to 21%, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and creates new taxes on certain foreign sourced earnings. As of December 31, 2017, the Company determined a reasonable estimate of (i) the effects on existing deferred tax balances and (ii) the one-time transition tax. The Company recognized a provisional income tax benefit of $207.1 million in the year ended December 31, 2017 associated with these items that it reasonably estimated. As of March 31, 2018 , the Company has not changed the provisional estimates recognized in 2017. Given the complexity of the 2017 Tax Act, the Company is still evaluating the tax impact and the date the Company expects to complete the accounting is not currently determinable while it continues to obtain the information required to complete the accounting. Given the provisional amounts recognized in 2017, and the fact that the Company has not changed its provisional estimates, the impact of measurement period adjustments was not material during the three months ended March 31, 2018 . The 2017 Tax Act subjects U.S. shareholders to a tax on global intangible low-taxed income ("GILTI") earned by certain foreign subsidiaries. Entities can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred. Given the complexity of the GILTI provisions, the Company is still evaluating the tax impact and has not yet made the accounting policy election.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The changes in the accumulated other comprehensive income (loss) balance by component (net of tax) for the three months ended March 31, 2018 are presented in the table below (in millions). Pension and Other Post-Employment Benefits Unrealized Losses on Hedging Instruments Foreign Currency Items Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2017 $ (13.5 ) $ 1.3 $ (86.4 ) $ (98.6 ) Other comprehensive income (loss) before reclassification — 1.7 (5.4 ) (3.7 ) Amounts reclassified from accumulated other comprehensive loss 0.2 — — 0.2 Net current period other comprehensive income (loss) 0.2 1.7 (5.4 ) (3.5 ) Balance at March 31, 2018 $ (13.3 ) $ 3.0 $ (91.8 ) $ (102.1 ) Amounts reclassified from accumulated other comprehensive income (loss) to net loss were as follows (in millions): Three Months Ended March 31, Pension and other postretirement benefit plans Statement of Operations Caption 2018 2017 Amortization of actuarial losses Selling, general and administrative $ 0.3 $ 0.4 Tax benefit Income tax benefit (0.1 ) (0.2 ) Total reclassifications for the period $ 0.2 $ 0.2

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings From time to time the Company is a party to various legal proceedings. Summarized below are the most significant legal proceedings to which the Company is a party. In re Hertz Global Holdings, Inc. Securities Litigation - In November 2013, a putative shareholder class action, Pedro Ramirez, Jr. v. Hertz Global Holdings, Inc., et al., was commenced in the U.S. District Court for the District of New Jersey naming Hertz Holdings and certain of its officers as defendants and alleging violations of the federal securities laws. The complaint alleged that Hertz Holdings made material misrepresentations and/or omission of material fact in its public disclosures during the period from February 25, 2013 through November 4, 2013, in violation of Section 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Rule 10b-5 promulgated thereunder. The complaint sought unspecified monetary damages on behalf of the purported class and an award of costs and expenses, including counsel fees and expert fees. In June 2014, Hertz Holdings moved to dismiss the amended complaint. In October 2014, the court granted Hertz Holdings’ motion to dismiss without prejudice, allowing the plaintiff to amend the complaint a second time. In November 2014, plaintiff filed a second amended complaint which shortened the putative class period and made allegations that were not substantively very different than the allegations in the prior complaint. In early 2015, Hertz Holdings moved to dismiss the second amended complaint. In July 2015, the court granted Hertz Holdings’ motion to dismiss without prejudice, allowing plaintiff to file a third amended complaint. In August 2015, plaintiff filed a third amended complaint which included additional allegations, named additional then-current and former officers as defendants and expanded the putative class period to extend from February 14, 2013 to July 16, 2015. In November 2015, Hertz Holdings moved to dismiss the third amended complaint. The plaintiff then sought leave to add a new plaintiff because of challenges to the standing of the first plaintiff. The court granted plaintiff leave to file a fourth amended complaint to add the new plaintiff, and the new complaint was filed on March 1, 2016. Hertz Holdings and the individual defendants moved to dismiss the fourth amended complaint with prejudice on March 24, 2016. In April 2017, the court granted Hertz Holdings' and the individual defendants' motions to dismiss and dismissed the action with prejudice. In May 2017, plaintiff filed a notice of appeal and, in October 2017, the U.S. Court of Appeals for the Third Circuit issued a briefing schedule. Briefing was completed in February 2018, and consideration of the matter has tentatively been scheduled for June 12, 2018. Governmental Investigations - In June 2014, Hertz Holdings was advised by the staff of the New York Regional Office of the Securities and Exchange Commission ("SEC") that it is investigating the events disclosed in certain of Hertz Holdings’ filings with the SEC. In addition, in December 2014 a state securities regulator requested information from Hertz Holdings regarding the same or similar events. In May 2017, the state securities regulator advised New Hertz that it had closed its investigation. Starting in June 2016, Hertz Holdings and New Hertz have had communications with the United States Attorney’s Office for the District of New Jersey regarding the same or similar events. New Hertz is responsible for managing these matters. The investigations and communications generally involve the restatements included in Hertz Holdings’ 2014 Form 10-K and related accounting for prior periods. Among other matters, the restatements included in Hertz Holdings’ 2014 Form 10-K addressed a variety of accounting matters involving THC's former Brazil vehicle rental operations. Hertz Holdings identified certain activities by THC's former vehicle rental operations in Brazil that may raise issues under the Foreign Corrupt Practices Act and other federal and local laws. THC has self-reported these issues to appropriate government entities, and these issues continue to be investigated. The Company has and intends to continue to cooperate with all governmental requests related to the foregoing. At this time, the Company is currently unable to predict the outcome of these proceedings and issues or to reasonably estimate the range of possible losses, which could be material. In addition, the Company is subject to a number of claims and proceedings that generally arise in the ordinary conduct of its business. These matters include, but are not limited to, claims arising from the operation of rented equipment and workers' compensation claims. The Company does not believe that the liabilities arising from such ordinary course claims and proceedings will have a material adverse effect on the Company's consolidated financial position, results of operations or cash flows. The Company has established reserves for matters where the Company believes the losses are probable and can be reasonably estimated. For matters where a reserve has not been established, including certain of those described above, the ultimate outcome or resolution cannot be predicted at this time, or the amount of ultimate loss, if any, cannot be reasonably estimated. Litigation is subject to many uncertainties and there can be no assurance as to the outcome of the individual litigated matters. It is possible that certain of the actions, claims, inquiries or proceedings, including those discussed above, 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. Off-Balance Sheet Commitments Indemnification Obligations In the ordinary course of business, the Company executes contracts involving indemnification obligations customary in the relevant industry and indemnifications specific to a transaction such as the sale of a business or assets. These indemnification obligations might include claims relating to the following: environmental matters; intellectual property rights; governmental regulations; employment-related matters; customer, supplier and other commercial contractual relationships; condition of assets; and financial or other matters. Performance under these indemnification obligations would generally be triggered by a breach of terms of the contract or by a third party claim. 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. The types of indemnification obligations for which payments are possible include the following: The Spin-Off In connection with the Spin-Off, pursuant to the separation and distribution agreement (as discussed in Note 15 , " Arrangements with New Hertz "), the Company has assumed the liability for, and control of, all pending and threatened legal matters related to its equipment rental business and related assets, as well as assumed or retained liabilities, and will indemnify New Hertz for any liability arising out of or resulting from such assumed legal matters. The separation and distribution agreement also provides for certain liabilities to be shared by the parties. The Company is responsible for a portion of these shared liabilities (typically 15% ), as set forth in that agreement. New Hertz is responsible for managing the settlement or other disposition of such shared liabilities. Pursuant to the tax matters agreement, the Company has agreed to indemnify New Hertz for any resulting taxes and related losses if the Company takes or fails to take any action (or permits any of its affiliates to take or fail to take any action) that causes the Spin-Off and related transactions to be taxable, or if there is an acquisition of the equity securities or assets of the Company or of any member of the Company’s group that causes the Spin-Off and related transactions to be taxable. Environmental 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. The probable expenses that the Company expects to incur for such matters have been accrued, and those expenses are reflected in the Company's consolidated financial statements. As of March 31, 2018 and December 31, 2017 , the aggregate amounts accrued for environmental liabilities, including liability for environmental indemnities, reflected in the Company's consolidated balance sheets in "Accrued liabilities" were $0.1 million . The accrual generally represents the estimated cost to study potential environmental issues at sites deemed to require investigation or clean-up activities, and the estimated cost to implement remediation actions, including on-going maintenance, as required. Cost estimates are developed by site. Initial cost estimates are based on historical experience at similar sites and are refined over time on the basis of in-depth studies of the sites. For many sites, the remediation costs and other damages for which the Company ultimately may be responsible cannot be reasonably estimated because of uncertainties with respect to factors such as the Company's connection to the site, the materials there, the involvement of other potentially responsible parties, the application of laws and other standards or regulations, site conditions, and the nature and scope of investigations, studies, and remediation to be undertaken (including the technologies to be required and the extent, duration, and success of remediation).

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	Financial Instruments The Company established risk management policies and procedures, which seek to reduce the Company’s risk exposure to fluctuations in foreign currency exchange rates and interest rates. However, there can be no assurance that these policies and procedures will be successful. Although the instruments utilized involve varying degrees of credit, market and interest risk, 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, in the event of default under the Company’s master derivative agreements, the non-defaulting party has the option to set-off any amounts owed with regard to open derivative positions. Foreign Currency Exchange Rate Risk The Company’s objective in managing exposure to foreign currency fluctuations is to limit the exposure of certain cash flows and earnings to foreign currency exchange rate changes through the use of various derivative contracts. The Company experiences foreign currency risks in its global operations as a result of various factors, including intercompany local currency denominated loans, rental operations in various currencies and purchasing fleet in various currencies. Interest Rate Swap Arrangement In March 2017, the Company entered into a three -year LIBOR-based interest rate swap arrangement on a portion of its outstanding ABL Credit Facility. The aggregate amount of the swap is equal to a portion of the U.S. dollar principal amount of the ABL Credit Facility and the payment dates of the swap coincide with the interest payment dates of the ABL Credit Facility. The swap contract provides for the Company to pay a fixed interest rate and receive a floating rate. The variable interest rate resets monthly. The swap has been accounted for as cash flow hedge of a portion of the ABL Credit Facility. The following table summarizes the outstanding interest rate swap arrangement as of March 31, 2018 (dollars in millions): Aggregate Notional Amount Receive Rate Receive Rate as of March 31, 2018 Pay Rate ABL Credit Facility $ 350.0 1 month LIBOR + 1.75% 3.6 % 3.5 % The following table summarizes the estimated fair value of the Company's financial instruments (in millions): Fair Value of Financial Instruments Other Long-Term Assets Accrued Liabilities March 31, December 31, March 31, December 31, Derivatives Designated as Hedging Instruments Interest rate swap $ 4.4 $ 2.1 $ — $ — The following table summarizes the gains and losses on derivative instruments for the periods indicated. Gains and losses recognized on foreign currency forward contracts and the effective portion of interest rate swaps are included in the condensed consolidated statements of operations together with the corresponding offsetting gains and losses on the underlying hedged transactions. All gains and losses recognized are included in "Selling, general and administrative" in the condensed consolidated statements of operations (in millions). Loss Recognized Three Months Ended March 31, 2018 2017 Derivatives Not Designated as Hedging Instruments Foreign currency forward contracts $ (0.6 ) $ (3.2 )

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis The fair value of 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. Cash Equivalents Cash equivalents, when held, primarily consist of money market accounts which are classified as Level 1 assets which the Company measures at fair value on a recurring basis. The Company determines the fair value of cash equivalents using a market approach based on quoted prices in active markets. The Company had no cash equivalents at March 31, 2018 or December 31, 2017 . Financial Instruments The fair value of the Company's financial instruments as of March 31, 2018 and December 31, 2017 is shown in Note 11 , " Financial Instruments ." The Company's financial instruments are classified as Level 2 assets and liabilities and are priced using quoted market prices for similar assets or liabilities in active markets. Debt Obligations 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) (in millions). March 31, 2018 December 31, 2017 Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Debt $ 2,089.7 $ 2,163.8 $ 2,174.3 $ 2,260.9

Loss Per Share

Loss Per Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Loss Per Share	Loss Per Share Basic loss per share has been computed based upon the weighted average number of common shares outstanding. Diluted loss per share has been computed based upon the weighted average number of common shares outstanding plus the effect of all potentially dilutive common stock equivalents, except when the effect would be anti-dilutive. The following table sets forth the computation of basic and diluted loss per share (in millions, except per share data). Three Months Ended March 31, 2018 2017 Basic and diluted loss per share: Numerator: Net loss, basic and diluted $ (10.1 ) $ (39.2 ) Denominator: Basic weighted average common shares 28.4 28.3 Stock options, RSUs and PSUs — — Weighted average shares used to calculate diluted loss per share 28.4 28.3 Loss per share: Basic $ (0.36 ) $ (1.39 ) Diluted $ (0.36 ) $ (1.39 ) Antidilutive stock options, RSUs and PSUs 0.6 0.7

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Agreements with Carl C. Icahn The Company is subject to the Nomination and Standstill Agreement, dated September 15, 2014 (the "Nomination and Standstill Agreement"), with Carl C. Icahn, High River Limited Partnership, Hopper Investments LLC, Barberry Corp., Icahn Partners LP, Icahn Partners Master Fund LP, Icahn Enterprises G.P. Inc., Icahn Enterprises Holdings L.P., IPH GP LLC, Icahn Capital LP, Icahn Onshore LP, Icahn Offshore LP, Beckton Corp., Vincent J. Intrieri, Samuel Merksamer and Daniel A. Ninivaggi (collectively, the "Original Icahn Group"). In connection with their appointments or nomination, as applicable, to the Company’s board of directors (the "Board"), each of Courtney Mather, Louis J. Pastor, Stephen A. Mongillo and Nicholas F. Graziano (collectively, the "Icahn Designees," and, together with the Original Icahn Group, the "Icahn Group") executed a Joinder Agreement agreeing to become bound as a party to the terms and conditions of the Nomination and Standstill Agreement (such Joinder Agreements, together with the Nomination and Standstill Agreement, are collectively referred to herein as the "Icahn Agreements"). Pursuant to the Icahn Agreements, Messrs, Mather, Pastor and Mongillo were appointed to the Company’s Board effective June 30, 2016 and Mr. Graziano has been nominated for election at the Company's 2018 annual meeting of stockholders in place of Mr. Mongillo. Pursuant to the Icahn Agreements, so long as an Icahn Designee is a member of the Board, the Board will not be expanded beyond its current size of 11 members without approval from the Icahn Designees then on the Board. In addition, pursuant to the Icahn Agreements, subject to certain restrictions and requirements, the Icahn Group will have certain replacement rights in the event an Icahn Designee resigns or is otherwise unable to serve as a director (other than as a result of not being nominated by the Company for an annual meeting). In addition, until the date that no Icahn Designee is a member of the Board (or otherwise deemed to be on the Board pursuant to the terms of the Icahn Agreements) (the “Board Representation Period”), the Icahn Group agrees to vote all of its shares of the Company’s common stock in favor of the election of all of the Company’s director nominees at each annual or special meeting of the Company’s stockholders, and, subject to limited exceptions, the Icahn Group further agrees to (i) adhere to certain standstill obligations, including the obligation to not solicit proxies or consents or influence others with respect to the same, and (ii) not acquire or otherwise beneficially own more than 20% of the Company’s outstanding voting securities. Under the Icahn Agreements, if the Icahn Group ceases to hold a “net long position,” as defined in the Nomination and Standstill Agreement, in at least 1,900,000 shares of the Company’s common stock, the Icahn Group will cause one Icahn Designee to resign from the Board; if the Icahn Group’s holdings are further reduced to specified levels, additional Icahn Designees are required to resign. In addition, pursuant to the Icahn Agreements, the Company entered into a registration rights agreement, effective June 30, 2016 (the "Registration Rights Agreement"), with High River Limited Partnership, Icahn Partners LP and Icahn Partners Master Fund LP, on behalf of any person who is a member of the "Icahn group" (as such term is defined therein) who owns applicable securities at the relevant time and is or has become a party to the Registration Rights Agreement. The Registration Rights Agreement provides for customary demand and piggyback registration rights and obligations. Arrangements with New Hertz In connection with the Spin-Off, the Company entered into a separation and distribution agreement (the "Separation Agreement") with New Hertz. In connection therewith, the Company also entered into various other ancillary agreements with New Hertz to effect the Spin-Off and provide a framework for its relationship with New Hertz. The following summarizes some of the most significant agreements and relationships that Herc Holdings continues to have with New Hertz. Separation and Distribution Agreement The Separation Agreement sets forth the Company's agreements with New Hertz regarding the principal actions taken in connection with the Spin-Off. It also sets forth other agreements that govern aspects of the Company's relationship with New Hertz following the Spin-Off including (i) the manner in which legal matters and claims are allocated and certain liabilities are shared between the Company and New Hertz; (ii) other matters including transfers of assets and liabilities, treatment or termination of intercompany arrangements and releases of certain claims between the parties and their affiliates; (iii) mutual indemnification clauses; and (iv) allocation of Spin-Off expenses between the parties. Transition Services Agreement The Company entered into a transition services agreement ("TSA"), pursuant to which New Hertz or its affiliates provide specified services, primarily consisting of IT support, to the Company on a transitional basis to help ensure an orderly transition following the Spin-Off. The TSA generally provides for a term of up to two years following the Spin-Off, though the recipient of the services may elect to terminate a service at any time upon advance written notice and, under certain circumstances, may extend the period during which services are provided. During the three months ended March 31, 2018 and 2017 , the Company incurred expenses of $2.9 million and $5.2 million , respectively, under the TSA which are included in "Direct operating" and "Selling, general and administrative" expenses in the Company's condensed consolidated statements of operations. Tax Matters Agreement The Company entered into a tax matters agreement (the "Tax Matters Agreement") with New Hertz that governs the parties' rights, responsibilities and obligations after the Spin-Off with respect to tax liabilities and benefits, tax attributes, tax contests and other tax matters regarding income taxes, other taxes and related tax returns. Employee Matters Agreement The Company and New Hertz entered into an employee matters agreement to allocate liabilities and responsibilities relating to employment matters, employee compensation, benefit plans and programs and other related matters for current and former employees of the vehicle rental business and the equipment rental business. Intellectual Property Agreement The Company and New Hertz entered into an intellectual property agreement (the “Intellectual Property Agreement”) that provides for ownership, licensing and other arrangements regarding the trademarks and related intellectual property that New Hertz and the Company use in conducting their businesses. The Intellectual Property Agreement allocates ownership between New Hertz and the Company of all trademarks, domain names and certain copyrights that Hertz Holdings or its subsidiaries owned immediately prior to the Spin-Off. Real Estate Arrangements The Company and New Hertz entered into certain real estate lease agreements pursuant to which the Company leases certain office space from New Hertz and, through April 30, 2018, New Hertz leased certain rental facilities space from the Company. Rent payments were negotiated based on comparable fair market rental rates.

Arrangements With New Hertz

Arrangements With New Hertz	3 Months Ended
	Mar. 31, 2018
Restructuring and Related Activities [Abstract]
Arrangements With New Hertz	Related Party Transactions Agreements with Carl C. Icahn The Company is subject to the Nomination and Standstill Agreement, dated September 15, 2014 (the "Nomination and Standstill Agreement"), with Carl C. Icahn, High River Limited Partnership, Hopper Investments LLC, Barberry Corp., Icahn Partners LP, Icahn Partners Master Fund LP, Icahn Enterprises G.P. Inc., Icahn Enterprises Holdings L.P., IPH GP LLC, Icahn Capital LP, Icahn Onshore LP, Icahn Offshore LP, Beckton Corp., Vincent J. Intrieri, Samuel Merksamer and Daniel A. Ninivaggi (collectively, the "Original Icahn Group"). In connection with their appointments or nomination, as applicable, to the Company’s board of directors (the "Board"), each of Courtney Mather, Louis J. Pastor, Stephen A. Mongillo and Nicholas F. Graziano (collectively, the "Icahn Designees," and, together with the Original Icahn Group, the "Icahn Group") executed a Joinder Agreement agreeing to become bound as a party to the terms and conditions of the Nomination and Standstill Agreement (such Joinder Agreements, together with the Nomination and Standstill Agreement, are collectively referred to herein as the "Icahn Agreements"). Pursuant to the Icahn Agreements, Messrs, Mather, Pastor and Mongillo were appointed to the Company’s Board effective June 30, 2016 and Mr. Graziano has been nominated for election at the Company's 2018 annual meeting of stockholders in place of Mr. Mongillo. Pursuant to the Icahn Agreements, so long as an Icahn Designee is a member of the Board, the Board will not be expanded beyond its current size of 11 members without approval from the Icahn Designees then on the Board. In addition, pursuant to the Icahn Agreements, subject to certain restrictions and requirements, the Icahn Group will have certain replacement rights in the event an Icahn Designee resigns or is otherwise unable to serve as a director (other than as a result of not being nominated by the Company for an annual meeting). In addition, until the date that no Icahn Designee is a member of the Board (or otherwise deemed to be on the Board pursuant to the terms of the Icahn Agreements) (the “Board Representation Period”), the Icahn Group agrees to vote all of its shares of the Company’s common stock in favor of the election of all of the Company’s director nominees at each annual or special meeting of the Company’s stockholders, and, subject to limited exceptions, the Icahn Group further agrees to (i) adhere to certain standstill obligations, including the obligation to not solicit proxies or consents or influence others with respect to the same, and (ii) not acquire or otherwise beneficially own more than 20% of the Company’s outstanding voting securities. Under the Icahn Agreements, if the Icahn Group ceases to hold a “net long position,” as defined in the Nomination and Standstill Agreement, in at least 1,900,000 shares of the Company’s common stock, the Icahn Group will cause one Icahn Designee to resign from the Board; if the Icahn Group’s holdings are further reduced to specified levels, additional Icahn Designees are required to resign. In addition, pursuant to the Icahn Agreements, the Company entered into a registration rights agreement, effective June 30, 2016 (the "Registration Rights Agreement"), with High River Limited Partnership, Icahn Partners LP and Icahn Partners Master Fund LP, on behalf of any person who is a member of the "Icahn group" (as such term is defined therein) who owns applicable securities at the relevant time and is or has become a party to the Registration Rights Agreement. The Registration Rights Agreement provides for customary demand and piggyback registration rights and obligations. Arrangements with New Hertz In connection with the Spin-Off, the Company entered into a separation and distribution agreement (the "Separation Agreement") with New Hertz. In connection therewith, the Company also entered into various other ancillary agreements with New Hertz to effect the Spin-Off and provide a framework for its relationship with New Hertz. The following summarizes some of the most significant agreements and relationships that Herc Holdings continues to have with New Hertz. Separation and Distribution Agreement The Separation Agreement sets forth the Company's agreements with New Hertz regarding the principal actions taken in connection with the Spin-Off. It also sets forth other agreements that govern aspects of the Company's relationship with New Hertz following the Spin-Off including (i) the manner in which legal matters and claims are allocated and certain liabilities are shared between the Company and New Hertz; (ii) other matters including transfers of assets and liabilities, treatment or termination of intercompany arrangements and releases of certain claims between the parties and their affiliates; (iii) mutual indemnification clauses; and (iv) allocation of Spin-Off expenses between the parties. Transition Services Agreement The Company entered into a transition services agreement ("TSA"), pursuant to which New Hertz or its affiliates provide specified services, primarily consisting of IT support, to the Company on a transitional basis to help ensure an orderly transition following the Spin-Off. The TSA generally provides for a term of up to two years following the Spin-Off, though the recipient of the services may elect to terminate a service at any time upon advance written notice and, under certain circumstances, may extend the period during which services are provided. During the three months ended March 31, 2018 and 2017 , the Company incurred expenses of $2.9 million and $5.2 million , respectively, under the TSA which are included in "Direct operating" and "Selling, general and administrative" expenses in the Company's condensed consolidated statements of operations. Tax Matters Agreement The Company entered into a tax matters agreement (the "Tax Matters Agreement") with New Hertz that governs the parties' rights, responsibilities and obligations after the Spin-Off with respect to tax liabilities and benefits, tax attributes, tax contests and other tax matters regarding income taxes, other taxes and related tax returns. Employee Matters Agreement The Company and New Hertz entered into an employee matters agreement to allocate liabilities and responsibilities relating to employment matters, employee compensation, benefit plans and programs and other related matters for current and former employees of the vehicle rental business and the equipment rental business. Intellectual Property Agreement The Company and New Hertz entered into an intellectual property agreement (the “Intellectual Property Agreement”) that provides for ownership, licensing and other arrangements regarding the trademarks and related intellectual property that New Hertz and the Company use in conducting their businesses. The Intellectual Property Agreement allocates ownership between New Hertz and the Company of all trademarks, domain names and certain copyrights that Hertz Holdings or its subsidiaries owned immediately prior to the Spin-Off. Real Estate Arrangements The Company and New Hertz entered into certain real estate lease agreements pursuant to which the Company leases certain office space from New Hertz and, through April 30, 2018, New Hertz leased certain rental facilities space from the Company. Rent payments were negotiated based on comparable fair market rental rates.

Basis of Presentation and Rec23

Basis of Presentation and Recently Issued Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The Company prepares its condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). In the opinion of management, the condensed consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes. Actual results could differ materially from those estimates. Significant estimates inherent in the preparation of the condensed consolidated financial statements include depreciation of revenue earning equipment, pension and postretirement benefits, the recoverability of long-lived assets, useful lives and impairment of long-lived tangible and intangible assets including goodwill and trade name, accounting for income taxes, valuation of stock-based compensation, reserves for litigation and other contingencies and allowances for receivables, among others.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of Herc Holdings and its wholly owned subsidiaries. In the event that the Company is a primary beneficiary of a variable interest entity, the assets, liabilities and results of operations of the variable interest entity are included in the Company's condensed consolidated financial statements. The Company accounts for its investments in joint ventures using the equity method when it has significant influence but not control and is not the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Adopted Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board ("FASB") issued guidance that replaced existing revenue recognition guidance in U.S. GAAP. The new guidance requires entities to recognize revenue when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. On January 1, 2018, the Company adopted the guidance using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. The Company did not record any amount to the opening balance of retained earnings as of January 1, 2018 as the cumulative impact of adopting the guidance was not material. The comparative financial statement information has not been restated and continues to be reported under the accounting standards in effect for those periods. The adoption of the guidance had no material impact on the Company’s consolidated balance sheet as of January 1, 2018. The Company's accounting for equipment rental revenue is primarily outside the scope of this new revenue guidance and will be evaluated under the new lease guidance which is described further under the subheading "Leases" below. Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments In August 2016, the FASB issued guidance to eliminate the diversity in practice related to the classification of certain cash receipts and payments in the statement of cash flows, by adding or clarifying guidance on eight specific cash flow issues. The Company adopted this guidance on January 1, 2018 in accordance with the effective date and has amended its statement of cash flows for the three months ended March 31, 2017 by reclassifying $3.7 million of debt extinguishment costs from cash used in operating activities to cash used in financing activities. Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory In October 2016, the FASB issued guidance requiring an entity to recognize upon transfer the income tax consequences of an intra-entity transfer of an asset other than inventory, eliminating the current recognition exception. Two common examples of assets included in the scope of this standard are intellectual property and property, plant and equipment. The Company adopted this guidance on January 1, 2018 in accordance with the effective date. Adoption of this guidance did not have a significant impact on the Company's financial position, results of operations or cash flows. Statement of Cash Flows: Restricted Cash In November 2016, the FASB issued guidance requiring restricted cash and cash equivalents to be included with cash and cash equivalents on the statement of cash flows. The Company adopted this guidance on January 1, 2018 in accordance with the effective date and has amended its statement of cash flows for the three months ended March 31, 2017 accordingly. Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Costs In March 2017, the FASB issued guidance on the presentation of net periodic pension and postretirement benefit costs in the income statement and on the components eligible for capitalization. The guidance requires the reporting of the service cost component of the net periodic benefit costs in the same income statement line item as other components of net periodic costs arising from services rendered by an employee during the period, and that non-service-cost components be presented in the income statement separately from the service cost components and outside a subtotal of income from operations. The guidance also allows for the capitalization of the service cost components, when applicable. The Company adopted this guidance on January 1, 2018 in accordance with the effective date. Adoption of this guidance resulted in an immaterial reclassification of costs from "Direct operating" and "Selling, general and administrative" expense into "Other income, net" in the Company's statement of operations. Compensation - Stock Compensation In May 2017, the FASB issued guidance pursuant to which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. Under the updated guidance, a modification is defined as a change in the terms or conditions of a share-based payment award, and an entity should account for the effects of a modification unless all of the following are met: 1. The fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified. If the modification does not affect any of the inputs to the valuation techniques that the entity uses to value the award, the entity is not required to estimate the value immediately before and after the modification. 2. The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified. 3. The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The guidance requires prospective application to an award modified on or after the adoption date. The Company adopted the new guidance on January 1, 2018 in accordance with the effective date and will apply the guidance to any future changes to the term or conditions of its share-based payment awards. Not Yet Adopted Leases In February 2016, the FASB issued guidance that replaces the existing lease guidance. The new guidance establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. This guidance also expands the requirements for lessees to record leases embedded in other arrangements and the required quantitative and qualitative disclosures surrounding leases. Accounting guidance for lessors is largely unchanged. This guidance is effective for annual periods beginning after December 15, 2018 and interim periods within those annual periods using a modified retrospective transition approach. As discussed in Note 3 , " Revenue Recognition ," most of the Company's equipment rental revenues will be accounted for under the current lease accounting standard, Accounting Standards Codification (“ASC”) Topic 840, Leases ("Topic 840") until the adoption of the new lease accounting standard ("Topic 842"). Also, under Topic 842, our operating leases, which include both real estate and non-rental equipment, will result in lease assets and lease liabilities being recognized on the Company's balance sheet. The Company expects that the quantification of the amount of the lease assets and lease liabilities that it will recognize on the balance sheet will take a significant amount of time. As such, the Company is currently in the process of assessing the potential impacts of adopting this guidance on its financial position, results of operations and cash flows. Income Statement - Reporting Comprehensive Income In February 2018, the FASB issued guidance that allows reclassification from accumulated other comprehensive income to retained earnings for certain tax effects resulting from the Tax Cuts and Jobs Act of 2017 (the "2017 Tax Act") that would otherwise be stranded in accumulated other comprehensive income. This guidance is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. The Company is in the process of assessing the potential impacts of adopting this guidance on its financial position, results of operations and cash flows.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Schedule of Prospective Adoption of New Accounting Pronouncements	Three Months Ended March 31, 2018 2017 Topic 840 Topic 606 Total Topic 840 Topic 605 Total Revenues: Equipment rental $ 340.7 $ — $ 340.7 $ 297.0 $ — $ 297.0 Other rental revenue: Delivery and pick-up — 17.2 17.2 — 14.9 14.9 Other 11.2 — 11.2 8.7 — 8.7 Total other rental revenues 11.2 17.2 28.4 8.7 14.9 23.6 Total equipment rentals 351.9 17.2 369.1 305.7 14.9 320.6 Sales of revenue earning equipment — 47.3 47.3 — 54.4 54.4 Sales of new equipment, parts and supplies — 11.4 11.4 — 11.5 11.5 Service and other revenues — 3.5 3.5 — 2.9 2.9 Total revenues $ 351.9 $ 79.4 $ 431.3 $ 305.7 $ 83.7 $ 389.4
Disaggregation of Revenue	Revenues recorded for each category are as follows (in millions): Three months ended March 31, 2018 2017 Sales of revenue earning equipment $ 47.3 $ 54.4 Sales of new equipment 5.8 5.2 Sales of parts and supplies 5.6 6.3 Total $ 58.7 $ 65.9 The Company sold its used revenue earning equipment through the following channels: Three Months Ended March 31, 2018 2017 Wholesale 45 % 45 % Retail 28 27 Auction 27 28 Total 100 % 100 %

Revenue Earning Equipment (Tabl

Revenue Earning Equipment (Tables)	3 Months Ended
	Mar. 31, 2018
Property Subject to or Available for Operating Lease, Net [Abstract]
Components of Revenue Earning Equipment	Revenue earning equipment consists of the following (in millions): March 31, 2018 December 31, 2017 Revenue earning equipment $ 3,833.1 $ 3,757.2 Less: Accumulated depreciation (1,397.9 ) (1,382.6 ) Revenue earning equipment, net $ 2,435.2 $ 2,374.6

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of Debt	The Company's debt consists of the following (in millions): Weighted Average Effective Interest Rate at March 31, 2018 Weighted Average Stated Interest Rate at March 31, 2018 Fixed or Floating Interest Rate Maturity March 31, December 31, Senior Secured Second Priority Notes 2022 Notes 7.88% 7.50% Fixed 2022 $ 488.0 $ 488.0 2024 Notes 8.06% 7.75% Fixed 2024 500.0 500.0 Other Debt ABL Credit Facility N/A 3.54% Floating 2021 1,050.0 1,130.0 Capital leases 4.03% N/A Fixed 2018-2022 49.5 53.7 Other borrowings N/A 4.79% Floating 2018 2.2 2.6 Unamortized Debt Issuance Costs (a) (14.0 ) (14.5 ) Total debt 2,075.7 2,159.8 Less: Current maturities of long-term debt (21.0 ) (22.7 ) Long-term debt, net $ 2,054.7 $ 2,137.1 (a) Unamortized debt issuance costs totaling $12.3 million and $13.3 million related to the ABL Credit Facility (as defined below) are included in "Other long-term assets" in the condensed consolidated balance sheets as of March 31, 2018 and December 31, 2017 , respectively.
Borrowing Capacity and Availability on Line of Credit	After outstanding borrowings, the following was available to the Company under the ABL Credit Facility as of March 31, 2018 (in millions): Remaining Capacity Availability Under Borrowing Base Limitation ABL Credit Facility $ 677.2 $ 677.2

Financing Obligations (Tables)

Financing Obligations (Tables)	3 Months Ended
	Mar. 31, 2018
Leases [Abstract]
Capital Leases in Financial Statements of Lessee Disclosure	The Company's financing obligations consist of the following (in millions): Weighted Average Effective Interest Rate at March 31, 2018 Maturity March 31, 2018 December 31, 2017 Financing obligations 4.62% 2037 $ 117.4 $ 118.2 Unamortized financing issuance costs (2.5 ) (2.6 ) Total financing obligations 114.9 115.6 Less: Current maturities of financing obligations (2.7 ) (2.7 ) Financing obligations, net $ 112.2 $ 112.9

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Components of Stock-Based Compensation Expense	A summary of the total compensation expense and associated income tax benefits recognized for RSUs, PSUs, stock options and the employee stock purchase plan under the Omnibus Plan are as follows (in millions): Three Months Ended March 31, 2018 2017 Compensation expense $ 2.8 $ 1.5 Income tax benefit (0.7 ) (0.6 ) Total $ 2.1 $ 0.9

Accumulated Other Comprehensi29

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The changes in the accumulated other comprehensive income (loss) balance by component (net of tax) for the three months ended March 31, 2018 are presented in the table below (in millions). Pension and Other Post-Employment Benefits Unrealized Losses on Hedging Instruments Foreign Currency Items Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2017 $ (13.5 ) $ 1.3 $ (86.4 ) $ (98.6 ) Other comprehensive income (loss) before reclassification — 1.7 (5.4 ) (3.7 ) Amounts reclassified from accumulated other comprehensive loss 0.2 — — 0.2 Net current period other comprehensive income (loss) 0.2 1.7 (5.4 ) (3.5 ) Balance at March 31, 2018 $ (13.3 ) $ 3.0 $ (91.8 ) $ (102.1 )
Reclassification out of Accumulated Other Comprehensive Income	Amounts reclassified from accumulated other comprehensive income (loss) to net loss were as follows (in millions): Three Months Ended March 31, Pension and other postretirement benefit plans Statement of Operations Caption 2018 2017 Amortization of actuarial losses Selling, general and administrative $ 0.3 $ 0.4 Tax benefit Income tax benefit (0.1 ) (0.2 ) Total reclassifications for the period $ 0.2 $ 0.2

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Outstanding Interest Rate Swap Arrangement	The following table summarizes the outstanding interest rate swap arrangement as of March 31, 2018 (dollars in millions): Aggregate Notional Amount Receive Rate Receive Rate as of March 31, 2018 Pay Rate ABL Credit Facility $ 350.0 1 month LIBOR + 1.75% 3.6 % 3.5 %
Estimated Fair Value of Financial Instruments	The following table summarizes the estimated fair value of the Company's financial instruments (in millions): Fair Value of Financial Instruments Other Long-Term Assets Accrued Liabilities March 31, December 31, March 31, December 31, Derivatives Designated as Hedging Instruments Interest rate swap $ 4.4 $ 2.1 $ — $ —
Derivative Instruments, Gain (Loss)	The following table summarizes the gains and losses on derivative instruments for the periods indicated. Gains and losses recognized on foreign currency forward contracts and the effective portion of interest rate swaps are included in the condensed consolidated statements of operations together with the corresponding offsetting gains and losses on the underlying hedged transactions. All gains and losses recognized are included in "Selling, general and administrative" in the condensed consolidated statements of operations (in millions). Loss Recognized Three Months Ended March 31, 2018 2017 Derivatives Not Designated as Hedging Instruments Foreign currency forward contracts $ (0.6 ) $ (3.2 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value of Debt	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) (in millions). March 31, 2018 December 31, 2017 Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value Debt $ 2,089.7 $ 2,163.8 $ 2,174.3 $ 2,260.9

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted loss per share (in millions, except per share data). Three Months Ended March 31, 2018 2017 Basic and diluted loss per share: Numerator: Net loss, basic and diluted $ (10.1 ) $ (39.2 ) Denominator: Basic weighted average common shares 28.4 28.3 Stock options, RSUs and PSUs — — Weighted average shares used to calculate diluted loss per share 28.4 28.3 Loss per share: Basic $ (0.36 ) $ (1.39 ) Diluted $ (0.36 ) $ (1.39 ) Antidilutive stock options, RSUs and PSUs 0.6 0.7

Background (Details)

Background (Details)	3 Months Ended
	Mar. 31, 2018company_operated_branch
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company owned locations	275

Basis of Presentation and Rec34

Basis of Presentation and Recently Issued Accounting Pronouncements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash provided by operating activities	$ 129.2	$ 89.9
Net cash provided by (used in) in financing activities	$ (84.4)	(62.2)
Accounting Standards Update 2016-15
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash provided by operating activities		3.7
Net cash provided by (used in) in financing activities		$ 3.7

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
United States
Concentration Risk [Line Items]
Concentration risk, percentage	87.50%	88.20%
Accounting Standards Update 2014-09
Concentration Risk [Line Items]
Accounts receivable	$ 34
Equipment Rental Revenue
Concentration Risk [Line Items]
Concentration risk, percentage	85.60%	82.30%
Non-Rental Rate Fees
Concentration Risk [Line Items]
Concentration risk, percentage	7.70%	7.40%
Sales of Revenue Earning Equipment
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%	14.00%

Revenue Recognition - Applicabl

Revenue Recognition - Applicable Accounting Guidance for Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Equipment rental	$ 340.7	$ 297
Total other rental revenues	28.4	23.6
Equipment rental	369.1	320.6
Sale of revenue earning equipment	47.3	54.4
Sales of new equipment, parts and supplies	11.4	11.5
Service and other revenue	3.5	2.9
Total revenues	431.3	389.4
Topic 840
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Equipment rental	340.7	297
Total other rental revenues	11.2	8.7
Equipment rental	351.9	305.7
Sale of revenue earning equipment	0	0
Sales of new equipment, parts and supplies	0	0
Service and other revenue	0	0
Total revenues	351.9	305.7
Topic 605
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Equipment rental	0	0
Total other rental revenues	17.2	14.9
Equipment rental	17.2	14.9
Sale of revenue earning equipment	47.3	54.4
Sales of new equipment, parts and supplies	11.4	11.5
Service and other revenue	3.5	2.9
Total revenues	79.4	83.7
Delivery and Pick-up
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total other rental revenues	17.2	14.9
Delivery and Pick-up | Topic 840
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total other rental revenues	0	0
Delivery and Pick-up | Topic 605
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total other rental revenues	17.2	14.9
Other Revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total other rental revenues	11.2	8.7
Other Revenue | Topic 840
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total other rental revenues	11.2	8.7
Other Revenue | Topic 605
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total other rental revenues	$ 0	$ 0

Revenue Recognition - Revenue E

Revenue Recognition - Revenue Earning Equipment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue from Contract with Customer [Abstract]
Sale of revenue earning equipment	$ 47.3	$ 54.4
Sale of new equipment	5.8	5.2
Sale of parts and supplies	5.6	6.3
Total	$ 58.7	$ 65.9

Revenue Recognition - Contract

Revenue Recognition - Contract with Customer, Sales Channel (Details)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Percentage of revenue earning equipment sold	100.00%	100.00%
Wholesale
Disaggregation of Revenue [Line Items]
Percentage of revenue earning equipment sold	45.00%	45.00%
Retail
Disaggregation of Revenue [Line Items]
Percentage of revenue earning equipment sold	28.00%	27.00%
Auction
Disaggregation of Revenue [Line Items]
Percentage of revenue earning equipment sold	27.00%	28.00%

Revenue Earning Equipment - Rev

Revenue Earning Equipment - Revenue Earning Equipment Components (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Property Subject to or Available for Operating Lease, Net [Abstract]
Revenue earning equipment	$ 3,833.1	$ 3,757.2
Less: Accumulated depreciation	(1,397.9)	(1,382.6)
Revenue earning equipment, net	$ 2,435.2	$ 2,374.6

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs	$ (14)	$ (14.5)
Total debt	2,075.7	2,159.8
Less: Current maturities of long-term debt	(21)	(22.7)
Long-term debt, net	2,054.7	$ 2,137.1
Capital leases
Debt Instrument [Line Items]
Weighted Average Effective Interest Rate at March 31, 2018		4.62%
Debt, gross	$ 117.4	$ 118.2
2022 Notes | Senior Secured Second Priority Notes
Debt Instrument [Line Items]
Weighted Average Effective Interest Rate at March 31, 2018	7.88%
Weighted Average Stated Interest Rate at March 31, 2018	7.50%
Debt, gross	$ 488	488
2024 Notes | Senior Secured Second Priority Notes
Debt Instrument [Line Items]
Weighted Average Effective Interest Rate at March 31, 2018	8.06%
Weighted Average Stated Interest Rate at March 31, 2018	7.75%
Debt, gross	$ 500	500
ABL Credit Facility | Line of Credit | Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Weighted Average Stated Interest Rate at March 31, 2018	3.54%
Debt, gross	$ 1,050	1,130
ABL Credit Facility | Line of Credit | Senior Secured Revolving Credit Facility | Other long-term assets
Debt Instrument [Line Items]
Unamortized debt issuance costs related to credit facility	$ 12.3	13.3
Capital leases | Capital leases
Debt Instrument [Line Items]
Weighted Average Effective Interest Rate at March 31, 2018	4.03%
Debt, gross	$ 49.5	53.7
Other borrowings | Line of Credit
Debt Instrument [Line Items]
Weighted Average Stated Interest Rate at March 31, 2018	4.79%
Debt, gross	$ 2.2	$ 2.6

Debt - Senior Secured Second Pr

Debt - Senior Secured Second Priority Notes (Details) - Senior Secured Second Priority Notes - USD ($)	Mar. 31, 2017	Jun. 30, 2016
7.50% Senior Notes, Due 2022
Debt Instrument [Line Items]
Aggregate principal amount		$ 610,000,000
Stated rate		7.50%
Aggregate principal amount redeemed	$ 122,000,000
7.75% Senior Notes, Due 2024
Debt Instrument [Line Items]
Aggregate principal amount		$ 625,000,000
Stated rate		7.75%
Aggregate principal amount redeemed	$ 125,000,000

Debt - ABL Credit Facility & Ot

Debt - ABL Credit Facility & Other Borrowings (Details) - Line of Credit - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
ABL Credit Facility
Line of Credit Facility [Line Items]
Letter of credit outstanding	$ 0
ABL Credit Facility | Senior Secured Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 1,750,000,000
Debt, gross	1,050,000,000	$ 1,130,000,000
Remaining Capacity	677,200,000
Availability Under Borrowing Base Limitation	677,200,000
ABL Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity				350,000,000
ABL Credit Facility | Letter of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 250,000,000
Remaining Capacity	227,200,000
Letter of credit outstanding	$ 22,800,000
Other borrowings
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 10,000,000
Line of credit facility, percentage ratio of interest rate to prevailing base lending rates	110.00%
Debt, gross	$ 2,200,000	$ 2,600,000
Remaining Capacity	$ 7,800,000

Financing Obligations - Narrati

Financing Obligations - Narrative (Details) $ in Millions	Oct. 10, 2017USD ($)propertyperiod
Leases [Abstract]
Sale leaseback transaction, number of properties | property	42
Sale leaseback transaction, gross proceeds | $	$ 119.5
Sale leaseback transaction, lease term (in years)	20 years
Sale leaseback transaction, number of additional periods | period	5
Sale leaseback transaction, length of each additional period (in years)	5 years

Financing Obligations - Obligat

Financing Obligations - Obligations (Details) - Capital leases - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Weighted Average Effective Interest Rate at March 31, 2018		4.62%
Financing obligations	$ 117.4	$ 118.2
Unamortized financing issuance costs	(2.5)	(2.6)
Total financing obligations	114.9	115.6
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Net	(2.7)	(2.7)
Financing obligations, net	$ 112.2	$ 112.9

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - Omnibus Plan $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $	$ 28.9
Compensation cost not yet recognized, period for recognition	2 years
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants (in shares) | shares	105,995
Weighted average grant date fair value (in USD per share) | $ / shares	$ 66.63
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants (in shares) | shares	90,356
Weighted average grant date fair value (in USD per share) | $ / shares	$ 66.67

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - Omnibus Plan - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Compensation expense	$ 2.8	$ 1.5
Income tax benefit	(0.7)	(0.6)
Total	$ 2.1	$ 0.9

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2018
Income Tax Contingency [Line Items]
Income tax expense (benefit)	$ (5.1)	$ (15.1)
Forecast
Income Tax Contingency [Line Items]
Effective income tax rate reconciliation, percent			30.00%

Accumulated Other Comprehensi48

Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 510.4
Total other comprehensive income (loss)	(3.5)	$ 1.7
Ending balance	500.3
Pension and Other Post-Employment Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(13.5)
Other comprehensive income (loss) before reclassification	0
Amounts reclassified from accumulated other comprehensive loss	0.2
Total other comprehensive income (loss)	0.2
Ending balance	(13.3)
Unrealized Losses on Hedging Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	1.3
Other comprehensive income (loss) before reclassification	1.7
Amounts reclassified from accumulated other comprehensive loss	0
Total other comprehensive income (loss)	1.7
Ending balance	3
Foreign Currency Items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(86.4)
Other comprehensive income (loss) before reclassification	(5.4)
Amounts reclassified from accumulated other comprehensive loss	0
Total other comprehensive income (loss)	(5.4)
Ending balance	(91.8)
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(98.6)
Other comprehensive income (loss) before reclassification	(3.7)
Amounts reclassified from accumulated other comprehensive loss	0.2
Total other comprehensive income (loss)	(3.5)
Ending balance	$ (102.1)

Accumulated Other Comprehensi49

Accumulated Other Comprehensive Income (Loss) - Reclassification out of AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Amortization of actuarial (gain) losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Selling, general and administrative	$ 0.3	$ 0.4
Pension and Other Post-Employment Benefits
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax benefit	(0.1)	(0.2)
Total reclassifications for the period	$ 0.2	$ 0.2

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Loss Contingencies [Line Items]
Accrual for environmental liabilities	$ 0.1	$ 0.1
New Hertz
Loss Contingencies [Line Items]
Portion of shared liabilities	15.00%

Financial Instruments - Summary

Financial Instruments - Summary of Outstanding Interest Rate Swap Agreement (Details) - Interest rate swap - Cash Flow Hedge $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative contract term	3 years
Aggregate Notional Amount	$ 350
LIBOR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Spread on receive rate	1.75%
Receive Rate as of March 31, 2018	3.63%
Pay Rate	3.50%

Financial Instruments - Estimat

Financial Instruments - Estimated Fair Value of Financial Instruments (Details) - Fair Value, Measurements, Recurring - Derivatives Designated as Hedging Instruments - Interest rate swap - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Prepaid Expenses and Other Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	$ 4.4	$ 2.1
Accrued Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability Derivatives	$ 0	$ 0

Financial Instruments - Gains (

Financial Instruments - Gains (Losses) on Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Selling, General and Administrative Expenses | Foreign currency forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Loss on cash flow hedge	$ (0.6)	$ (3.2)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and investments	$ 0
Carrying value
Fair Value of Financial Instruments [Abstract]
Debt	2,089,700,000	$ 2,174,300,000
Fair Value | Level 2
Fair Value of Financial Instruments [Abstract]
Debt	$ 2,163,800,000	$ 2,260,900,000

Loss Per Share - Computation of

Loss Per Share - Computation of Basic and Diluted Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Numerator:
Net loss, basic and diluted	$ (10.1)	$ (39.2)
Denominator:
Basic weighted average common shares (in shares)	28.4	28.3
Stock options, RSUs and PSUs (in shares)	0	0
Weighted average shares used to calculate diluted loss per share (in shares)	28.4	28.3
Loss per share:
Basic (in USD per share)	$ (0.36)	$ (1.39)
Diluted (in USD per share)	$ (0.36)	$ (1.39)
Antidilutive stock options, RSUs and PSUs
Loss per share:
Antidilutive stock options, RSUs and PSUs (in shares)	0.6	0.7

Related Party Transactions - Ag

Related Party Transactions - Agreements with Carl Icahn (Details) - Nomination and Standstill Agreement - Icahn Group - shares	Sep. 15, 2014	Mar. 31, 2018
Related Party Transaction [Line Items]
Ownership percentage limit (more than)	20.00%
Net long position shares held, tranche one (at least) (in shares)		1,900,000

Arrangements With New Hertz Arr

Arrangements With New Hertz Arrangements With New Hertz (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Related Party Transaction [Line Items]
Transition Services Agreement period (up to)	2 years
Transition Services Agreement | New Hertz
Related Party Transaction [Line Items]
Incurred expenses	$ 2.9	$ 5.2