Herc (HRI) 10-Q 24 Oct 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Oct. 20, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-33139
Entity Registrant Name	HERC HOLDINGS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-3530539
Entity Address, Address Line One	27500 Riverview Center Blvd.
Entity Address, City or Town	Bonita Springs
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	34134
City Area Code	239
Local Phone Number	301-1000
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	HRI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		28,267,711
Entity Central Index Key	0001364479
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 71	$ 54
Receivables, net of allowances of $21 and $18, respectively	595	523
Other current assets	63	67
Total current assets	729	644
Rental equipment, net	3,990	3,485
Property and equipment, net	473	392
Right-of-use lease assets	670	552
Intangible assets, net	468	431
Goodwill	508	419
Other long-term assets	55	34
Total assets	6,893	5,957
LIABILITIES AND EQUITY
Current maturities of long-term debt and financing obligations	18	16
Current maturities of operating lease liabilities	43	42
Accounts payable	247	318
Accrued liabilities	230	228
Total current liabilities	538	604
Long-term debt, net	3,665	2,922
Financing obligations, net	105	108
Operating lease liabilities	648	528
Deferred tax liabilities	693	647
Other long term liabilities	45	40
Total liabilities	5,694	4,849
Commitments and contingencies (Note 11)
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, 33.1 and 32.7 shares issued and 28.3 and 28.9 shares outstanding	0	0
Additional paid-in capital	1,816	1,820
Retained earnings	425	224
Accumulated other comprehensive loss	(128)	(129)
Treasury stock, at cost, 4.8 shares and 3.8 shares	(914)	(807)
Total equity	1,199	1,108
Total liabilities and equity	$ 6,893	$ 5,957

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts	$ 21	$ 18
Preferred Stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred Stock, shares authorized	13,300,000	13,300,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common Stock, par value (in USD per share)	$ 0.01	$ 0.01
Common Stock, shares authorized	133,300,000	133,300,000
Common Stock, shares issued	33,100,000	32,700,000
Common Stock, shares outstanding	28,300,000	28,900,000
Treasury Stock, shares	4,800,000	3,800,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Total revenues	$ 908	$ 745	$ 2,450	$ 1,953
Expenses:
Direct operating	288	278	851	752
Depreciation of rental equipment	167	140	480	389
Cost of sales of rental equipment	99	16	201	49
Cost of sales of new equipment, parts and supplies	7	6	19	16
Selling, general and administrative	115	112	332	298
Non-rental depreciation and amortization	29	25	83	69
Interest expense, net	60	33	162	81
Other expense (income), net	(3)	0	(2)	(1)
Total expenses	762	610	2,126	1,653
Income before income taxes	146	135	324	300
Income tax provision	(33)	(34)	(68)	(68)
Net income	$ 113	$ 101	$ 256	$ 232
Weighted average shares outstanding:
Basic (in shares)	28.3	29.7	28.5	29.8
Diluted (in shares)	28.5	30.2	28.8	30.3
Earnings per share:
Basic (in USD per share)	$ 3.99	$ 3.41	$ 8.98	$ 7.79
Diluted (in USD per share)	$ 3.96	$ 3.36	$ 8.89	$ 7.66
Equipment rental
Revenues:
Total revenues	$ 765	$ 706	$ 2,121	$ 1,838
Sales of rental equipment
Revenues:
Total revenues	124	21	278	68
Sales of new equipment, parts and supplies
Revenues:
Total revenues	11	10	29	27
Service and other revenue
Revenues:
Total revenues	$ 8	$ 8	$ 22	$ 20

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 113	$ 101	$ 256	$ 232
Other comprehensive income (loss):
Foreign currency translation adjustments	(6)	(16)	0	(21)
Pension and postretirement benefit liability adjustments:
Amortization of net losses included in net periodic pension cost	0	0	1	1
Income tax provision related to defined benefit pension plans	0	0	0	(1)
Total other comprehensive income (loss)	(6)	(16)	1	(21)
Total comprehensive income	$ 107	$ 85	$ 257	$ 211

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2021		29.7
Balance, beginning at Dec. 31, 2021	$ 977	$ 0	$ 1,822	$ (53)	$ (100)	$ (692)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	58			58
Other comprehensive income (loss)	2				2
Stock-based compensation charges	6		6
Dividends declared	(18)		(18)
Net settlement on vesting of equity awards (in shares)		0.2
Net settlement on vesting of equity awards	(15)		(15)
Employee stock purchase plan	1		1
Ending balance (in shares) at Mar. 31, 2022		29.9
Balance, ending at Mar. 31, 2022	1,011	$ 0	1,796	5	(98)	(692)
Beginning balance (in shares) at Dec. 31, 2021		29.7
Balance, beginning at Dec. 31, 2021	977	$ 0	1,822	(53)	(100)	(692)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	232
Ending balance (in shares) at Sep. 30, 2022		29.4
Balance, ending at Sep. 30, 2022	1,083	$ 0	1,812	143	(121)	(751)
Beginning balance (in shares) at Mar. 31, 2022		29.9
Balance, beginning at Mar. 31, 2022	1,011	$ 0	1,796	5	(98)	(692)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	73			73
Other comprehensive income (loss)	(7)				(7)
Stock-based compensation charges	5		5
Dividends declared	(18)			(18)
Employee stock purchase plan	1		1
Ending balance (in shares) at Jun. 30, 2022		29.9
Balance, ending at Jun. 30, 2022	1,065	$ 0	1,802	60	(105)	(692)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	101			101
Other comprehensive income (loss)	(16)				(16)
Stock-based compensation charges	9		9
Dividends declared	(18)			(18)
Employee stock purchase plan	1		1
Repurchase of common stock (in shares)		(0.5)
Repurchase of common stock	(59)					(59)
Ending balance (in shares) at Sep. 30, 2022		29.4
Balance, ending at Sep. 30, 2022	1,083	$ 0	1,812	143	(121)	(751)
Beginning balance (in shares) at Dec. 31, 2022		28.9
Balance, beginning at Dec. 31, 2022	1,108	$ 0	1,820	224	(129)	(807)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	67			67
Other comprehensive income (loss)	2				2
Stock-based compensation charges	4		4
Dividends declared	(19)			(19)
Net settlement on vesting of equity awards (in shares)		0.3
Net settlement on vesting of equity awards	(25)		(25)
Employee stock purchase plan	1		1
Exercise of stock options	1		1
Repurchase of common stock (in shares)		(0.4)
Repurchase of common stock	(52)					(52)
Ending balance (in shares) at Mar. 31, 2023		28.8
Balance, ending at Mar. 31, 2023	1,087	$ 0	1,801	272	(127)	(859)
Beginning balance (in shares) at Dec. 31, 2022		28.9
Balance, beginning at Dec. 31, 2022	1,108	$ 0	1,820	224	(129)	(807)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	256
Ending balance (in shares) at Sep. 30, 2023		28.3
Balance, ending at Sep. 30, 2023	1,199	$ 0	1,816	425	(128)	(914)
Beginning balance (in shares) at Mar. 31, 2023		28.8
Balance, beginning at Mar. 31, 2023	1,087	$ 0	1,801	272	(127)	(859)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	76			76
Other comprehensive income (loss)	5				5
Stock-based compensation charges	5		5
Dividends declared	(18)			(18)
Employee stock purchase plan	1		1
Exercise of stock options	1		1
Repurchase of common stock (in shares)		(0.5)
Repurchase of common stock	(55)					(55)
Ending balance (in shares) at Jun. 30, 2023		28.3
Balance, ending at Jun. 30, 2023	1,102	$ 0	1,808	330	(122)	(914)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	113			113
Other comprehensive income (loss)	(6)				(6)
Stock-based compensation charges	6		6
Dividends declared	(18)			(18)
Employee stock purchase plan	1		1
Exercise of stock options	1		1
Ending balance (in shares) at Sep. 30, 2023		28.3
Balance, ending at Sep. 30, 2023	$ 1,199	$ 0	$ 1,816	$ 425	$ (128)	$ (914)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared (in USD per share)	$ 0.6325	$ 0.6325	$ 0.6325	$ 0.575	$ 0.575	$ 0.575

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 256	$ 232
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of rental equipment	480	389
Depreciation of property and equipment	53	47
Amortization of intangible assets	30	22
Amortization of deferred debt and financing obligations costs	3	3
Stock-based compensation charges	15	20
Provision for receivables allowances	49	34
Deferred taxes	41	78
Gain on sale of rental equipment	(77)	(19)
Other	1	2
Changes in assets and liabilities:
Receivables	(79)	(156)
Other assets	(3)	(10)
Accounts payable	10	(2)
Accrued liabilities and other long-term liabilities	17	(17)
Net cash provided by operating activities	796	623
Cash flows from investing activities:
Rental equipment expenditures	(1,100)	(841)
Proceeds from disposal of rental equipment	231	67
Non-rental capital expenditures	(119)	(82)
Proceeds from disposal of property and equipment	11	4
Acquisitions, net of cash acquired	(332)	(441)
Other investing activities	(15)	(23)
Net cash used in investing activities	(1,324)	(1,316)
Cash flows from financing activities:
Proceeds from revolving lines of credit and securitization	1,755	2,080
Repayments on revolving lines of credit and securitization	(1,016)	(1,228)
Principal payments under finance lease and financing obligations	(12)	(12)
Payment of debt financing costs	0	(8)
Dividends paid	(56)	(51)
Net settlement on vesting of equity awards	(25)	(15)
Proceeds from employee stock purchase plan	3	3
Proceeds from exercise of stock options	3	0
Repurchase of common stock	(107)	(53)
Net cash provided by financing activities	545	716
Effect of foreign exchange rate changes on cash and cash equivalents	0	(1)
Net change in cash and cash equivalents during the period	17	22
Cash and cash equivalents at beginning of period	54	35
Cash and cash equivalents at end of period	71	57
Supplemental disclosure of cash flow information:
Cash paid for interest	175	92
Cash paid for income taxes, net	21	16
Supplemental disclosure of non-cash investing activity:
Purchases of rental equipment in accounts payable	0	39
Non-rental capital expenditures in accounts payable	0	6
Supplemental disclosure of non-cash investing and financing activity:
Equipment acquired through finance lease	$ 15	$ 13

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Herc Holdings Inc. ("we," "us," "our," "Herc Holdings," or "the Company") is one of the leading equipment rental suppliers with 379 locations in North America as of September 30, 2023. The Company conducts substantially all of its operations through subsidiaries, including Herc Rentals Inc. ("Herc"). With over 58 years of experience, the Company is a full-line equipment rental supplier offering a broad portfolio of equipment for rent. In addition to its principal business of equipment rental, the Company sells used equipment and contractor supplies such as construction consumables, tools, small equipment and safety supplies; provides repair, maintenance, equipment management services and safety training to certain of its customers; offers equipment re-rental services and provides on-site support to its customers; and provides ancillary services such as equipment transport, rental protection, cleaning, refueling and labor. The Company's fleet includes aerial, earthmoving, material handling, trucks and trailers, air compressors, compaction, lighting, trench shoring, and studio and production equipment. The Company's equipment rental business is supported by ProSolutions®, its industry-specific solutions-based services, which includes power generation, climate control, remediation and restoration, and pumps, and its ProContractor professional grade tools.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies 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, however, these condensed consolidated financial statements do not include all of the disclosures required for complete annual financial statements and, accordingly, certain information, footnotes and disclosures normally included in annual financial statements, prepared in accordance with U.S. GAAP, have been condensed or omitted in accordance with Securities and Exchange Commission ("SEC") rules and regulations. The Company believes that the disclosures made are adequate to make the information not misleading. Accordingly, the condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 14, 2023. 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 receivables allowances, depreciation of rental equipment, the recoverability of long-lived assets, useful lives and impairment of long-lived tangible and intangible assets including goodwill and trade name, valuation of acquired intangible assets, pension and postretirement benefits, valuation of stock-based compensation, reserves for litigation and other contingencies and accounting for income taxes, 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 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 As of September 30, 2023, the Company has implemented all applicable new accounting standards and updates issued by the Financial Accounting Standards Board ("FASB") that were in effect. There were no new standards or updates during the three and nine months ended September 30, 2023 that had a material impact on the condensed consolidated financial statements.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2023
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 operates in North America with revenue from the United States representing approximately 92.2% and 91.9% of total revenue for the three and nine months ended September 30, 2023, respectively, compared to 92.5% and 91.8% for the same periods in 2022. The Company’s rental transactions are accounted for under Accounting Standards Codification ("ASC") Topic 842, Leases ("Topic 842"). The Company’s sale of rental 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"). The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. The amount of revenue recognized reflects the consideration the Company expects to be entitled to in exchange for such products or services. The following summarizes the applicable accounting guidance for the Company’s revenues for the three and nine months ended September 30, 2023 and 2022 (in millions): Three Months Ended September 30, 2023 2022 Topic 842 Topic 606 Total Topic 842 Topic 606 Total Revenues: Equipment rental $ 684 $ — $ 684 $ 628 $ — $ 628 Other rental revenue: Delivery and pick-up — 52 52 — 50 50 Other 29 — 29 28 — 28 Total other rental revenues 29 52 81 28 50 78 Total equipment rental 713 52 765 656 50 706 Sales of rental equipment — 124 124 — 21 21 Sales of new equipment, parts and supplies — 11 11 — 10 10 Service and other revenues — 8 8 — 8 8 Total revenues $ 713 $ 195 $ 908 $ 656 $ 89 $ 745 Nine Months Ended September 30, 2023 2022 Topic 842 Topic 606 Total Topic 842 Topic 606 Total Revenues: Equipment rental $ 1,905 $ — $ 1,905 $ 1,646 $ — $ 1,646 Other rental revenue: Delivery and pick-up — 139 139 — 121 121 Other 77 — 77 71 — 71 Total other rental revenues 77 139 216 71 121 192 Total equipment rental 1,982 139 2,121 1,717 121 1,838 Sales of rental equipment — 278 278 — 68 68 Sales of new equipment, parts and supplies — 29 29 — 27 27 Service and other revenues — 22 22 — 20 20 Total revenues $ 1,982 $ 468 $ 2,450 $ 1,717 $ 236 $ 1,953 Topic 842 revenues Equipment Rental Revenue The Company offers a broad portfolio of equipment for rent on a hourly, daily, weekly or monthly basis, with substantially all rental agreements cancellable upon the return of the equipment. Virtually all customer contracts can be canceled by the customer with no penalty by returning the equipment within one day; therefore, the Company does not allocate the transaction price between the different contract elements. Equipment rental revenue includes revenue generated from renting equipment to customers and is recognized on a straight-line basis over the length of the rental contract. As part of this straight-line methodology, when the equipment is returned, the Company recognizes as incremental revenue the excess, if any, between the amount the customer is contractually required to pay, which is based on the rental contract period applicable to the actual number of days the equipment was out on rent, over the cumulative amount of revenue recognized to date. In any given accounting period, the Company will have customers return equipment and be contractually required to pay more than the cumulative amount of revenue recognized to date under the straight-line methodology. Also included in equipment rental revenue is re-rent revenue in which the Company will rent specific pieces of equipment from vendors and then re-rent that equipment to its customers. Provisions for discounts, rebates to customers and other adjustments are provided for in the period the related revenue is recorded. Other Other equipment rental revenue is primarily comprised of fees for the Company’s rental protection program and environmental charges. 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. Fees for the rental protection program and environmental recovery fees are recognized on a straight-line basis over the length of the rental contract. Topic 606 revenues Delivery and pick-up Delivery and pick-up revenue associated with renting equipment is recognized when the services are performed. Sales of Rental Equipment, New Equipment, Parts and Supplies The Company sells its used rental equipment, new equipment, parts and supplies. Revenues recorded for each category are as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Sales of rental equipment $ 124 $ 21 $ 278 $ 68 Sales of new equipment 5 2 10 6 Sales of parts and supplies 6 8 19 21 Total $ 135 $ 31 $ 307 $ 95 The Company recognizes revenue from the sale of rental 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. 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 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. Under Topic 606, the accounts receivable balance, prior to allowances for doubtful accounts, for the sale of rental equipment, new equipment, parts and supplies, was approximately $43 million and $9 million as of September 30, 2023 and December 31, 2022, respectively. 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, equipment and safety 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 842. The customers that are responsible for the remaining equipment rental 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 its customer base. 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 material contract assets or 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 and nine months ended September 30, 2023 and 2022 that was included in the contract liability balance as of the beginning of each 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 and nine months ended September 30, 2023 and 2022 was not material. We also do not expect to recognize material revenue in the future related to performance obligations that were unsatisfied (or partially unsatisfied) as of September 30, 2023. 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.

Rental Equipment

Rental Equipment	9 Months Ended
	Sep. 30, 2023
Rental Equipment [Abstract]
Rental Equipment	Rental Equipment Rental equipment consists of the following (in millions): September 30, 2023 December 31, 2022 Rental equipment $ 5,996 $ 5,408 Less: Accumulated depreciation (2,006) (1,923) Rental equipment, net $ 3,990 $ 3,485

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill The following summarizes the Company's goodwill (in millions): September 30, 2023 December 31, 2022 Balance at the beginning of the period: Goodwill $ 1,088 $ 907 Accumulated impairment losses (669) (675) 419 232 Additions 89 190 Currency translation — (3) Balance at the end of the period: Goodwill 1,177 1,088 Accumulated impairment losses (669) (669) $ 508 $ 419 Intangible Assets Intangible assets, net, consisted of the following major classes (in millions): September 30, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Value Finite-lived intangible assets: Customer-related and non-compete agreements $ 242 $ (62) $ 180 Internally developed software (a) 63 (45) 18 Total 305 (107) 198 Indefinite-lived intangible assets: Trade name 270 — 270 Total intangible assets, net $ 575 $ (107) $ 468 (a) Includes capitalized costs of $4 million yet to be placed into service. December 31, 2022 Gross Carrying Accumulated Net Carrying Value Finite-lived intangible assets: Customer-related and non-compete agreements $ 181 $ (38) $ 143 Internally developed software (a) 57 (39) 18 Total 238 (77) 161 Indefinite-lived intangible assets: Trade name 270 — 270 Total intangible assets, net $ 508 $ (77) $ 431 (a) Includes capitalized costs of $3 million yet to be placed into service.

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Leases	Leases The Company leases real estate, office equipment and service vehicles. The Company's leases have remaining lease terms of up to 20 years, some of which include options to extend the leases for up to 20 years. The Company determines the lease term used to record each lease by including the initial lease term and, in the case where there are options to extend, will include the option to extend if it has determined that it is reasonably certain that the Company would exercise those options. The Company also leases certain equipment that it rents to its customers where the payments vary based upon the amount of time the equipment is on rent. There are no fixed payments on these leases and, therefore, no lease liability or ROU assets have been recorded. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for these leases is recognized on a straight-line basis over the lease term. The components of lease expense consist of the following (in millions): Three Months Ended September 30, Nine Months Ended September 30, Classification 2023 2022 2023 2022 Operating lease cost (a) Direct operating $ 32 $ 37 $ 99 $ 103 Finance lease cost: Amortization of ROU assets Depreciation and amortization 6 6 17 16 Interest on lease liabilities Interest expense, net — — 1 1 Sublease income Equipment rental revenue (13) (23) (45) (62) Net lease cost $ 25 $ 20 $ 72 $ 58 (a) Includes short-term leases of $11 million and $39 million for the three and nine months ended September 30, 2023, respectively, and $18 million and $51 million for the three and nine months ended September 30, 2022, respectively, and variable lease costs of $1 million and $3 million for the three and nine months ended September 30, 2023, respectively, and $1 million and $2 million for the three and nine months ended September 30, 2022, respectively.
Leases	Leases The Company leases real estate, office equipment and service vehicles. The Company's leases have remaining lease terms of up to 20 years, some of which include options to extend the leases for up to 20 years. The Company determines the lease term used to record each lease by including the initial lease term and, in the case where there are options to extend, will include the option to extend if it has determined that it is reasonably certain that the Company would exercise those options. The Company also leases certain equipment that it rents to its customers where the payments vary based upon the amount of time the equipment is on rent. There are no fixed payments on these leases and, therefore, no lease liability or ROU assets have been recorded. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for these leases is recognized on a straight-line basis over the lease term. The components of lease expense consist of the following (in millions): Three Months Ended September 30, Nine Months Ended September 30, Classification 2023 2022 2023 2022 Operating lease cost (a) Direct operating $ 32 $ 37 $ 99 $ 103 Finance lease cost: Amortization of ROU assets Depreciation and amortization 6 6 17 16 Interest on lease liabilities Interest expense, net — — 1 1 Sublease income Equipment rental revenue (13) (23) (45) (62) Net lease cost $ 25 $ 20 $ 72 $ 58 (a) Includes short-term leases of $11 million and $39 million for the three and nine months ended September 30, 2023, respectively, and $18 million and $51 million for the three and nine months ended September 30, 2022, respectively, and variable lease costs of $1 million and $3 million for the three and nine months ended September 30, 2023, respectively, and $1 million and $2 million for the three and nine months ended September 30, 2022, respectively.

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt The Company's debt consists of the following (in millions): Weighted Average Effective Interest Rate at September 30, 2023 Weighted Average Stated Interest Rate at September 30, 2023 Fixed or Floating Interest Rate Maturity September 30, December 31, Senior Notes 2027 Notes 5.61% 5.50% Fixed 2027 $ 1,200 $ 1,200 Other Debt ABL Credit Facility N/A 6.92% Floating 2027 2,069 1,340 AR Facility N/A 6.15% Floating 2024 345 335 Finance lease liabilities 3.77% N/A Fixed 2023-2030 70 64 Unamortized Debt Issuance Costs (a) (5) (5) Total debt 3,679 2,934 Less: Current maturities of long-term debt (14) (12) Long-term debt, net $ 3,665 $ 2,922 (a) Unamortized debt issuance costs totaling $9 million and $10 million related to the ABL Credit Facility and AR Facility (as each is defined below) as of September 30, 2023 and December 31, 2022, respectively, are included in "Other long-term assets" in the condensed consolidated balance sheets. The effective interest rate for the fixed rate 2027 Notes (as defined below) includes the stated interest on the notes and the amortization of any debt issuance costs. Senior Notes On July 9, 2019, the Company issued $1.2 billion aggregate principal amount of its 5.50% Senior Notes due 2027 (the "2027 Notes"). Interest on the 2027 Notes accrues at the rate of 5.50% per annum and is payable semi-annually in arrears on January 15 and July 15. The 2027 Notes will mature on July 15, 2027. Additional information about the 2027 Notes is included in Note 11, "Debt" to the Company's financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2022. ABL Credit Facility On July 31, 2019, Herc Holdings, Herc and certain other subsidiaries of Herc Holdings entered into a credit agreement with respect to a senior secured asset-based revolving credit facility (the "ABL Credit Facility"), which was amended and extended on July 5, 2022. The ABL Credit Facility provides for aggregate maximum borrowings of up to $3.5 billion (subject to availability under a borrowing base). 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. Subject to the satisfaction of certain conditions and limitations, the ABL Credit Facility allows for the addition of incremental revolving commitments and/or incremental term loans. The ABL Credit Facility matures on July 5, 2027. Additional information about the ABL Credit Facility is included in Note 11, "Debt" to the Company's financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2022. Accounts Receivable Securitization Facility The accounts receivable securitization facility (the "AR Facility") was amended in August 2023 to extend the maturity date to August 31, 2024 and increase the aggregate commitments from $335 million to $370 million. In connection with the AR Facility, Herc sells its accounts receivables on an ongoing basis to Herc Receivables U.S. LLC, a wholly-owned special-purpose entity (the "SPE"). The SPE's sole business consists of the purchase by the SPE of accounts receivable from Herc and borrowing by the SPE against the eligible accounts receivable from the lenders under the facility. The borrowings are secured by liens on the accounts receivable and other assets of the SPE. Collections on the accounts receivable are used to service the borrowings. The SPE is a separate legal entity that is consolidated in the Company's financial statements. The SPE assets are owned by the SPE and are not available to settle the obligations of the Company or any of its other subsidiaries. Herc is the servicer of the accounts receivable under the AR Facility. All of the obligations of the servicer and certain indemnification obligations of the SPE under the agreements governing the AR Facility are guaranteed by Herc pursuant to a performance guarantee. The AR Facility is excluded from current maturities of long-term debt as the Company has the intent and ability to fund the AR Facility's borrowings on a long-term basis either by further extending the maturity date of the AR Facility or by utilizing the capacity available at the balance sheet date under the ABL Credit Facility. Borrowing Capacity and Availability After outstanding borrowings, the following was available to the Company under the ABL Credit Facility and AR Facility as of September 30, 2023 (in millions): Remaining Availability Under ABL Credit Facility $ 1,404 $ 1,404 AR Facility 25 25 Total $ 1,429 $ 1,429 Letters of Credit As of September 30, 2023, $27 million of standby letters of credit were issued and outstanding, none of which have been drawn upon. The ABL Credit Facility had $223 million available under the letter of credit facility sublimit, subject to borrowing base restrictions.

Financing Obligations

Financing Obligations	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Financing Obligations	Financing Obligations In prior years, Herc entered into sale-leaseback transactions pursuant to which it sold 44 properties located in the U.S. and certain service vehicles. The sale of the properties and service vehicles did not qualify for sale-leaseback accounting; therefore, the book value of the assets remain on the Company's consolidated balance sheet. The Company's financing obligations consist of the following (in millions): Weighted Average Effective Interest Rate at September 30, 2023 Maturities September 30, 2023 December 31, 2022 Financing obligations 5.30% 2026-2038 $ 111 $ 114 Unamortized financing issuance costs (2) (2) Total financing obligations 109 112 Less: Current maturities of financing obligations (4) (4) Financing obligations, net $ 105 $ 108

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax provision was $33 million, with an effective tax rate of 23%, for the three months ended September 30, 2023 compared to $34 million and 25% in 2022. The rate decrease was driven by certain non-deductible expenses and return to provision adjustments during 2023. Income tax provision for the nine months ended September 30, 2023 and 2022 was $68 million. The effective tax rate during 2023 was 21% compared to 23% in 2022. The rate decrease was driven by a benefit related to stock-based compensation of $12 million for the nine months ended September 30, 2023, compared to $8 million for the nine months ended September 30, 2022, certain non-deductible expenses and return to provision adjustments.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2023
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 nine months ended September 30, 2023 are presented in the table below (in millions). Pension and Other Post-Employment Benefits Foreign Currency Items Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2022 $ (25) $ (104) $ (129) Amounts reclassified from accumulated other comprehensive loss 1 — 1 Net current period other comprehensive income 1 — 1 Balance at September 30, 2023 $ (24) $ (104) $ (128)

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings 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, 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 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 or a financial transaction. These indemnification obligations might include claims relating to the following: accuracy of representations; compliance with covenants and agreements by the Company or third parties; 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

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
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 cash, accounts receivable, accounts payable and accrued liabilities, to the extent the underlying liability will be settled in cash, approximates the carrying values because of the short-term nature of these instruments. Cash Equivalents Cash equivalents 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 measures the fair value of cash equivalents using a market approach based on quoted prices in active markets. The Company had $31 million in cash equivalents at September 30, 2023 and $6 million at December 31, 2022. Debt Obligations The fair values of the Company's ABL Credit Facility, AR Facility and finance lease liabilities approximated their book values as of September 30, 2023 and December 31, 2022. The fair value of the Company's 2027 Notes 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). September 30, 2023 December 31, 2022 Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value 2027 Notes $ 1,200 $ 1,131 $ 1,200 $ 1,119

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share has been computed based upon the weighted average number of common shares outstanding. Diluted earnings 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 earnings per share (in millions, except per share data). Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Basic and diluted earnings per share: Numerator: Net income, basic and diluted $ 113 $ 101 $ 256 $ 232 Denominator: Basic weighted average common shares 28.3 29.7 28.5 29.8 Stock options, RSUs and PSUs 0.2 0.5 0.3 0.5 Weighted average shares used to calculate diluted earnings per share 28.5 30.2 28.8 30.3 Earnings per share: Basic $ 3.99 $ 3.41 $ 8.98 $ 7.79 Diluted $ 3.96 $ 3.36 $ 8.89 $ 7.66 Antidilutive stock options, RSUs and PSUs — 0.1 0.1 0.1

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Agreements with Carl C. Icahn The Company was party to the Nomination and Standstill Agreement, dated September 15, 2014 (the "Nomination Agreement"), with Carl C. Icahn and certain related entities and individuals. Pursuant to the Nomination Agreement, Hunter C. Gary, Steven D. Miller and Andrew J. Teno were Icahn Group designees and elected to the Company’s board of directors (the “Board”) at the 2022 annual meeting of stockholders. In March 2023, Messrs. Gary, Miller and Teno resigned from the Board as a result of the Icahn Group ceasing to hold a “net long position” above certain levels. As a result of their resignations, neither the Icahn Group nor the Company have any further duties or obligations under the Nomination Agreement, which is described below. While an Icahn Group designee was a member of the Board, the Board could not be expanded without approval from the Icahn designees then on the Board. In addition, pursuant to the Nomination Agreement, subject to certain restrictions and requirements, the Icahn Group had certain replacement rights in the event an Icahn designee resigned or was otherwise unable to serve as a director (other than as a result of not being nominated by the Board to stand for election at an annual meeting). In addition, until the date that no Icahn Group designee was a member of the Board (or otherwise deemed to be on the Board pursuant to the terms of the Nomination Agreement), the Icahn Group agreed to vote all of its shares of Company common stock in favor of the election of all of the Company’s director nominees at each annual or special meeting of stockholders and, subject to limited exceptions, the Icahn Group further agreed 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. Pursuant to the Nomination Agreement, the Company entered into a registration rights agreement, effective June 30, 2016 (the “Registration Rights Agreement”), with certain entities related to Carl C. Icahn, 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 provided for customary demand and piggyback registration rights and obligations. 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 and continues to operate its global vehicle rental business through its operating subsidiaries including The Hertz Corporation ("THC"). 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. Tax Matters Agreement The Company entered into a 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.

Arrangements with New Hertz

Arrangements with New Hertz	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Arrangements with New Hertz	Related Party Transactions Agreements with Carl C. Icahn The Company was party to the Nomination and Standstill Agreement, dated September 15, 2014 (the "Nomination Agreement"), with Carl C. Icahn and certain related entities and individuals. Pursuant to the Nomination Agreement, Hunter C. Gary, Steven D. Miller and Andrew J. Teno were Icahn Group designees and elected to the Company’s board of directors (the “Board”) at the 2022 annual meeting of stockholders. In March 2023, Messrs. Gary, Miller and Teno resigned from the Board as a result of the Icahn Group ceasing to hold a “net long position” above certain levels. As a result of their resignations, neither the Icahn Group nor the Company have any further duties or obligations under the Nomination Agreement, which is described below. While an Icahn Group designee was a member of the Board, the Board could not be expanded without approval from the Icahn designees then on the Board. In addition, pursuant to the Nomination Agreement, subject to certain restrictions and requirements, the Icahn Group had certain replacement rights in the event an Icahn designee resigned or was otherwise unable to serve as a director (other than as a result of not being nominated by the Board to stand for election at an annual meeting). In addition, until the date that no Icahn Group designee was a member of the Board (or otherwise deemed to be on the Board pursuant to the terms of the Nomination Agreement), the Icahn Group agreed to vote all of its shares of Company common stock in favor of the election of all of the Company’s director nominees at each annual or special meeting of stockholders and, subject to limited exceptions, the Icahn Group further agreed 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. Pursuant to the Nomination Agreement, the Company entered into a registration rights agreement, effective June 30, 2016 (the “Registration Rights Agreement”), with certain entities related to Carl C. Icahn, 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 provided for customary demand and piggyback registration rights and obligations. 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 and continues to operate its global vehicle rental business through its operating subsidiaries including The Hertz Corporation ("THC"). 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. Tax Matters Agreement The Company entered into a 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.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventOn October 13, 2023, management committed to a plan to explore strategic alternatives, including, but not limited to, the sale of its Cinelease studio entertainment and lighting and grip equipment rental business (“Cinelease”). The Company will reclassify the related assets and liabilities of Cinelease as held-for-sale during the fourth quarter of 2023 as the criteria for such presentation included in ASC Topic 360, “Property, Plant and Equipment” have been met. The potential disposition of Cinelease is not considered a strategic shift that will have a major effect on the Company’s consolidated results of operations, and therefore is not considered to be discontinued operations.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
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, however, these condensed consolidated financial statements do not include all of the disclosures required for complete annual financial statements and, accordingly, certain information, footnotes and disclosures normally included in annual financial statements, prepared in accordance with U.S. GAAP, have been condensed or omitted in accordance with Securities and Exchange Commission ("SEC") rules and regulations. The Company believes that the disclosures made are adequate to make the information not misleading. Accordingly, the condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 14, 2023. 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.
Principles of Consolidation	Principles of ConsolidationThe 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 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 As of September 30, 2023, the Company has implemented all applicable new accounting standards and updates issued by the Financial Accounting Standards Board ("FASB") that were in effect. There were no new standards or updates during the three and nine months ended September 30, 2023 that had a material impact on the condensed consolidated financial statements.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The following summarizes the applicable accounting guidance for the Company’s revenues for the three and nine months ended September 30, 2023 and 2022 (in millions): Three Months Ended September 30, 2023 2022 Topic 842 Topic 606 Total Topic 842 Topic 606 Total Revenues: Equipment rental $ 684 $ — $ 684 $ 628 $ — $ 628 Other rental revenue: Delivery and pick-up — 52 52 — 50 50 Other 29 — 29 28 — 28 Total other rental revenues 29 52 81 28 50 78 Total equipment rental 713 52 765 656 50 706 Sales of rental equipment — 124 124 — 21 21 Sales of new equipment, parts and supplies — 11 11 — 10 10 Service and other revenues — 8 8 — 8 8 Total revenues $ 713 $ 195 $ 908 $ 656 $ 89 $ 745 Nine Months Ended September 30, 2023 2022 Topic 842 Topic 606 Total Topic 842 Topic 606 Total Revenues: Equipment rental $ 1,905 $ — $ 1,905 $ 1,646 $ — $ 1,646 Other rental revenue: Delivery and pick-up — 139 139 — 121 121 Other 77 — 77 71 — 71 Total other rental revenues 77 139 216 71 121 192 Total equipment rental 1,982 139 2,121 1,717 121 1,838 Sales of rental equipment — 278 278 — 68 68 Sales of new equipment, parts and supplies — 29 29 — 27 27 Service and other revenues — 22 22 — 20 20 Total revenues $ 1,982 $ 468 $ 2,450 $ 1,717 $ 236 $ 1,953
Schedule of Disaggregation of Revenue	The Company sells its used rental equipment, new equipment, parts and supplies. Revenues recorded for each category are as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Sales of rental equipment $ 124 $ 21 $ 278 $ 68 Sales of new equipment 5 2 10 6 Sales of parts and supplies 6 8 19 21 Total $ 135 $ 31 $ 307 $ 95

Rental Equipment (Tables)

Rental Equipment (Tables)	9 Months Ended
	Sep. 30, 2023
Rental Equipment [Abstract]
Schedule of Rental Equipment	Rental equipment consists of the following (in millions): September 30, 2023 December 31, 2022 Rental equipment $ 5,996 $ 5,408 Less: Accumulated depreciation (2,006) (1,923) Rental equipment, net $ 3,990 $ 3,485

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following summarizes the Company's goodwill (in millions): September 30, 2023 December 31, 2022 Balance at the beginning of the period: Goodwill $ 1,088 $ 907 Accumulated impairment losses (669) (675) 419 232 Additions 89 190 Currency translation — (3) Balance at the end of the period: Goodwill 1,177 1,088 Accumulated impairment losses (669) (669) $ 508 $ 419
Schedule of Finite Lived Intangible Assets, Net	Intangible assets, net, consisted of the following major classes (in millions): September 30, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Value Finite-lived intangible assets: Customer-related and non-compete agreements $ 242 $ (62) $ 180 Internally developed software (a) 63 (45) 18 Total 305 (107) 198 Indefinite-lived intangible assets: Trade name 270 — 270 Total intangible assets, net $ 575 $ (107) $ 468 (a) Includes capitalized costs of $4 million yet to be placed into service. December 31, 2022 Gross Carrying Accumulated Net Carrying Value Finite-lived intangible assets: Customer-related and non-compete agreements $ 181 $ (38) $ 143 Internally developed software (a) 57 (39) 18 Total 238 (77) 161 Indefinite-lived intangible assets: Trade name 270 — 270 Total intangible assets, net $ 508 $ (77) $ 431
Schedule of Indefinite Lived Intangible Assets, Net	Intangible assets, net, consisted of the following major classes (in millions): September 30, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Value Finite-lived intangible assets: Customer-related and non-compete agreements $ 242 $ (62) $ 180 Internally developed software (a) 63 (45) 18 Total 305 (107) 198 Indefinite-lived intangible assets: Trade name 270 — 270 Total intangible assets, net $ 575 $ (107) $ 468 (a) Includes capitalized costs of $4 million yet to be placed into service. December 31, 2022 Gross Carrying Accumulated Net Carrying Value Finite-lived intangible assets: Customer-related and non-compete agreements $ 181 $ (38) $ 143 Internally developed software (a) 57 (39) 18 Total 238 (77) 161 Indefinite-lived intangible assets: Trade name 270 — 270 Total intangible assets, net $ 508 $ (77) $ 431

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Schedule of Lease Expense	The components of lease expense consist of the following (in millions): Three Months Ended September 30, Nine Months Ended September 30, Classification 2023 2022 2023 2022 Operating lease cost (a) Direct operating $ 32 $ 37 $ 99 $ 103 Finance lease cost: Amortization of ROU assets Depreciation and amortization 6 6 17 16 Interest on lease liabilities Interest expense, net — — 1 1 Sublease income Equipment rental revenue (13) (23) (45) (62) Net lease cost $ 25 $ 20 $ 72 $ 58 (a) Includes short-term leases of $11 million and $39 million for the three and nine months ended September 30, 2023, respectively, and $18 million and $51 million for the three and nine months ended September 30, 2022, respectively, and variable lease costs of $1 million and $3 million for the three and nine months ended September 30, 2023, respectively, and $1 million and $2 million for the three and nine months ended September 30, 2022, respectively.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	The Company's debt consists of the following (in millions): Weighted Average Effective Interest Rate at September 30, 2023 Weighted Average Stated Interest Rate at September 30, 2023 Fixed or Floating Interest Rate Maturity September 30, December 31, Senior Notes 2027 Notes 5.61% 5.50% Fixed 2027 $ 1,200 $ 1,200 Other Debt ABL Credit Facility N/A 6.92% Floating 2027 2,069 1,340 AR Facility N/A 6.15% Floating 2024 345 335 Finance lease liabilities 3.77% N/A Fixed 2023-2030 70 64 Unamortized Debt Issuance Costs (a) (5) (5) Total debt 3,679 2,934 Less: Current maturities of long-term debt (14) (12) Long-term debt, net $ 3,665 $ 2,922 (a) Unamortized debt issuance costs totaling $9 million and $10 million related to the ABL Credit Facility and AR Facility (as each is defined below) as of September 30, 2023 and December 31, 2022, respectively, are included in "Other long-term assets" in the condensed consolidated balance sheets.
Schedule of Borrowing Capacity and Availability on Line of Credit	After outstanding borrowings, the following was available to the Company under the ABL Credit Facility and AR Facility as of September 30, 2023 (in millions): Remaining Availability Under ABL Credit Facility $ 1,404 $ 1,404 AR Facility 25 25 Total $ 1,429 $ 1,429

Financing Obligations (Tables)

Financing Obligations (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Schedule of Financing Obligations, Net	The Company's financing obligations consist of the following (in millions): Weighted Average Effective Interest Rate at September 30, 2023 Maturities September 30, 2023 December 31, 2022 Financing obligations 5.30% 2026-2038 $ 111 $ 114 Unamortized financing issuance costs (2) (2) Total financing obligations 109 112 Less: Current maturities of financing obligations (4) (4) Financing obligations, net $ 105 $ 108

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2023
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 nine months ended September 30, 2023 are presented in the table below (in millions). Pension and Other Post-Employment Benefits Foreign Currency Items Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2022 $ (25) $ (104) $ (129) Amounts reclassified from accumulated other comprehensive loss 1 — 1 Net current period other comprehensive income 1 — 1 Balance at September 30, 2023 $ (24) $ (104) $ (128)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Debt	The fair value of the Company's 2027 Notes 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). September 30, 2023 December 31, 2022 Nominal Unpaid Principal Balance Aggregate Fair Value Nominal Unpaid Principal Balance Aggregate Fair Value 2027 Notes $ 1,200 $ 1,131 $ 1,200 $ 1,119

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share data). Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Basic and diluted earnings per share: Numerator: Net income, basic and diluted $ 113 $ 101 $ 256 $ 232 Denominator: Basic weighted average common shares 28.3 29.7 28.5 29.8 Stock options, RSUs and PSUs 0.2 0.5 0.3 0.5 Weighted average shares used to calculate diluted earnings per share 28.5 30.2 28.8 30.3 Earnings per share: Basic $ 3.99 $ 3.41 $ 8.98 $ 7.79 Diluted $ 3.96 $ 3.36 $ 8.89 $ 7.66 Antidilutive stock options, RSUs and PSUs — 0.1 0.1 0.1

Organization and Description _2

Organization and Description of Business (Details)	9 Months Ended
	Sep. 30, 2023 location
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of locations	379
Number of years of experience	58 years

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Period of time customer has to return equipment with no cancelation penalty			1 day
Prior to allowances for doubtful accounts	$ 43		$ 43		$ 9
United States | Geographic Concentration Risk | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	92.20%	92.50%	91.90%	91.80%

Revenue Recognition - Applicabl

Revenue Recognition - Applicable Accounting Guidance for Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Equipment rental	$ 684	$ 628	$ 1,905	$ 1,646
Total other rental revenues	81	78	216	192
Total equipment rental	765	706	2,121	1,838
Sales of rental equipment	124	21	278	68
Sales of new equipment, parts and supplies	11	10	29	27
Service and other revenues	8	8	22	20
Total revenues	908	745	2,450	1,953
Delivery and pick-up
Disaggregation of Revenue [Line Items]
Total other rental revenues	52	50	139	121
Other
Disaggregation of Revenue [Line Items]
Total other rental revenues	29	28	77	71
Topic 842
Disaggregation of Revenue [Line Items]
Equipment rental	684	628	1,905	1,646
Total other rental revenues	29	28	77	71
Total equipment rental	713	656	1,982	1,717
Sales of rental equipment	0	0	0	0
Sales of new equipment, parts and supplies	0	0	0	0
Service and other revenues	0	0	0	0
Total revenues	713	656	1,982	1,717
Topic 842 | Delivery and pick-up
Disaggregation of Revenue [Line Items]
Total other rental revenues	0	0	0	0
Topic 842 | Other
Disaggregation of Revenue [Line Items]
Total other rental revenues	29	28	77	71
Topic 606
Disaggregation of Revenue [Line Items]
Equipment rental	0	0	0	0
Total other rental revenues	52	50	139	121
Total equipment rental	52	50	139	121
Sales of rental equipment	124	21	278	68
Sales of new equipment, parts and supplies	11	10	29	27
Service and other revenues	8	8	22	20
Total revenues	195	89	468	236
Topic 606 | Delivery and pick-up
Disaggregation of Revenue [Line Items]
Total other rental revenues	52	50	139	121
Topic 606 | Other
Disaggregation of Revenue [Line Items]
Total other rental revenues	$ 0	$ 0	$ 0	$ 0

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Sales of rental equipment	$ 124	$ 21	$ 278	$ 68
Sales of new equipment	5	2	10	6
Sales of parts and supplies	6	8	19	21
Total	$ 135	$ 31	$ 307	$ 95

Rental Equipment (Details)

Rental Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Rental Equipment [Abstract]
Rental equipment	$ 5,996	$ 5,408
Less: Accumulated depreciation	(2,006)	(1,923)
Rental equipment, net	$ 3,990	$ 3,485

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill Rollforward (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Goodwill, beginning of the period	$ 1,088	$ 907
Accumulated impairment losses, beginning of the period	(669)	(675)
Goodwill, net beginning of the period	419	232
Additions	89	190
Currency translation	0	(3)
Goodwill, end of the period	1,177	1,088
Accumulated impairment losses, end of the period	(669)	(669)
Goodwill, net end of the period	$ 508	$ 419

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 305	$ 238
Accumulated Amortization	(107)	(77)
Net Carrying Value	198	161
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total intangible assets, gross	575	508
Accumulated Amortization	(107)	(77)
Total intangible assets, net	468	431
Trade name
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets:	270	270
Customer-related and non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	242	181
Accumulated Amortization	(62)	(38)
Net Carrying Value	180	143
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(62)	(38)
Internally developed software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	63	57
Accumulated Amortization	(45)	(39)
Net Carrying Value	18	18
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(45)	(39)
Software Development
Finite-Lived Intangible Assets [Line Items]
Net Carrying Value	$ 4	$ 3

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 10	$ 9	$ 30	$ 22

Leases - Narrative (Details)

Leases - Narrative (Details) - Maximum	9 Months Ended
	Sep. 30, 2023
Lessee, Lease, Description [Line Items]
Remaining lease term	20 years
Options to extend the leases	20 years

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease cost	$ 32	$ 37	$ 99	$ 103
Amortization of ROU assets	6	6	17	16
Interest on lease liabilities	0	0	1	1
Sublease income	(13)	(23)	(45)	(62)
Net lease cost	25	20	72	58
Short-term lease, cost	11	18	39	51
Variable lease, cost	$ 1	$ 1	$ 3	$ 2

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Jul. 09, 2019
Debt Instrument [Line Items]
Weighted Average Effective Interest Rate, Finance lease liabilities	3.77%
Finance lease liabilities	$ 70	$ 64
Unamortized Debt Issuance Costs	(5)	(5)
Total debt	3,679	2,934
Less: Current maturities of long-term debt	(14)	(12)
Long-term debt, net	$ 3,665	2,922
Senior Notes | 2027 Notes
Debt Instrument [Line Items]
Weighted Average Effective Interest Rate	5.61%
Weighted Average Stated Interest Rate	5.50%		5.50%
Long-term debt, gross	$ 1,200	1,200
Line of Credit | Revolving Credit Facility | Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Weighted Average Stated Interest Rate	6.92%
Long-term debt, gross	$ 2,069	1,340
Line of Credit | Revolving Credit Facility | Senior Secured Revolving Credit Facility | Other Long-term Assets
Debt Instrument [Line Items]
Unamortized debt issuance costs related to credit facility	$ 9	10
Line of Credit | AR Facility
Debt Instrument [Line Items]
Weighted Average Stated Interest Rate	6.15%
Long-term debt, gross	$ 345	$ 335

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Sep. 30, 2023	Aug. 31, 2023	Jul. 31, 2023	Jul. 05, 2022	Jul. 09, 2019
Debt Instrument [Line Items]
Remaining borrowing capacity	$ 1,429,000,000
Line of Credit | Letter of Credit
Debt Instrument [Line Items]
Letter of credit outstanding	$ 27,000,000
AR Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 370,000,000	$ 335,000,000
2027 Notes | Senior Notes
Debt Instrument [Line Items]
Face amount					$ 1,200,000,000
Stated interest rate	5.50%				5.50%
ABL Credit Facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 3,500,000,000
ABL Credit Facility | Line of Credit | Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 250,000,000
Remaining borrowing capacity	$ 223,000,000

Debt - Outstanding Borrowings (

Debt - Outstanding Borrowings (Details) $ in Millions	Sep. 30, 2023 USD ($)
Line of Credit Facility [Line Items]
Remaining Capacity	$ 1,429
Availability Under Borrowing Base Limitation	1,429
Line of Credit | ABL Credit Facility | Senior Secured Revolving Credit Facility
Line of Credit Facility [Line Items]
Remaining Capacity	1,404
Availability Under Borrowing Base Limitation	1,404
Line of Credit | AR Facility
Line of Credit Facility [Line Items]
Remaining Capacity	25
Availability Under Borrowing Base Limitation	$ 25

Financing Obligations (Details)

Financing Obligations (Details) $ in Millions	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($) property
Financing Obligation
Debt Instrument [Line Items]
Weighted Average Effective Interest Rate	5.30%
Financing obligations	$ 111	$ 114
Unamortized financing issuance costs	(2)	(2)
Total financing obligations	109	112
Less: Current maturities of financing obligations	(4)	(4)
Financing obligations, net	$ 105	$ 108
Financing Obligation
Debt Instrument [Line Items]
Sale leaseback transaction, number of properties | property		44

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax provision	$ 33	$ 34	$ 68	$ 68
Effective tax rate	23%	25%	21%	23%
Benefit related to stock-based compensation			$ 12	$ 8

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning	$ 1,102	$ 1,065	$ 1,108	$ 977
Amounts reclassified from accumulated other comprehensive loss			1
Total other comprehensive income (loss)	(6)	(16)	1	(21)
Balance, ending	1,199	1,083	1,199	1,083
Pension and Other Post-Employment Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning			(25)
Amounts reclassified from accumulated other comprehensive loss			1
Total other comprehensive income (loss)			1
Balance, ending	(24)		(24)
Foreign Currency Items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning			(104)
Amounts reclassified from accumulated other comprehensive loss			0
Total other comprehensive income (loss)			0
Balance, ending	(104)		(104)
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning	(122)	(105)	(129)	(100)
Balance, ending	$ (128)	$ (121)	$ (128)	$ (121)

Commitments and Contingencies (

Commitments and Contingencies (Details)	9 Months Ended
	Sep. 30, 2023
New Hertz
Loss Contingencies [Line Items]
Portion of shared liabilities	15%

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Level 1 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and investments	$ 31	$ 6

Fair Value Measurements - Borro

Fair Value Measurements - Borrowing Rates (Details) - 2027 Notes - Senior Notes - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nominal Unpaid Principal Balance	$ 1,200	$ 1,200
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate Fair Value	$ 1,131	$ 1,119

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net income, basic and diluted	$ 113	$ 76	$ 67	$ 101	$ 73	$ 58	$ 256	$ 232
Denominator:
Basic weighted average common shares (in shares)	28.3			29.7			28.5	29.8
Stock options, RSUs and PSUs (in shares)	0.2			0.5			0.3	0.5
Weighted average shares used to calculate diluted earnings per share (in shares)	28.5			30.2			28.8	30.3
Earnings per share:
Basic (in USD per share)	$ 3.99			$ 3.41			$ 8.98	$ 7.79
Diluted (in USD per share)	$ 3.96			$ 3.36			$ 8.89	$ 7.66
Antidilutive stock options, RSUs and PSUs
Earnings per share:
Antidilutive stock options, RSUs and PSUs (in shares)	0			0.1			0.1	0.1

Related Party Transactions (Det

Related Party Transactions (Details)	9 Months Ended
	Sep. 30, 2023
Nomination and Standstill Agreement | Icahn Group
Related Party Transaction [Line Items]
Ownership percentage limit (more than)	20%