Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2024	Feb. 07, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-33139
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 3,350
Entity Common Stock, Shares Outstanding		28,455,466
Documents Incorporated by Reference	Certain portions, as expressly described in this report, of the Registrant's Proxy Statement for its 2025 annual meeting of stockholders, to be filed within 120 days of December 31, 2024 (the "Proxy Statement"), are incorporated by reference into Part III.
Entity Central Index Key	0001364479
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2024
Amendment Flag	false

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Tampa, Florida
Auditor Firm ID	238

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 83	$ 71
Receivables, net of allowances of $22 and $20, respectively	589	563
Prepaid expenses	47	30
Other current assets	40	47
Assets held for sale	17	21
Total current assets	776	732
Rental equipment, net	4,225	3,831
Property and equipment, net	554	465
Right-of-use lease assets	852	665
Intangible assets, net	572	467
Goodwill	670	483
Other long-term assets	8	10
Assets held for sale	220	408
Total assets	7,877	7,061
Current liabilities:
Current maturities of long-term debt and financing obligations	21	19
Current maturities of operating lease liabilities	39	37
Accounts payable	248	212
Accrued liabilities	239	221
Liabilities held for sale	15	19
Total current liabilities	562	508
Long-term debt, net	4,069	3,673
Financing obligations, net	101	104
Operating lease liabilities	842	646
Deferred tax liabilities	800	743
Other long-term liabilities	47	46
Liabilities held for sale	60	68
Total liabilities	6,481	5,788
Commitments and contingencies (Note 17)
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, 33.3 and 33.1 shares issued and 28.4 and 28.2 shares outstanding	0	0
Additional paid-in capital	1,832	1,820
Retained earnings	633	498
Accumulated other comprehensive loss	(142)	(118)
Treasury stock, at cost, 4.9 shares and 4.9 shares	(927)	(927)
Total equity	1,396	1,273
Total liabilities and equity	$ 7,877	$ 7,061

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts	$ 22	$ 20
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)	33,300,000	33,100,000
Common stock, shares outstanding (in shares)	28,400,000	28,200,000
Treasury stock, shares (in shares)	4,900,000	4,900,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Total revenues	$ 3,568	$ 3,282	$ 2,740
Expenses:
Direct operating	1,291	1,139	1,029
Depreciation of rental equipment	679	643	536
Cost of sales of rental equipment	224	252	89
Cost of sales of new equipment, parts and supplies	24	25	21
Selling, general and administrative	480	448	411
Non-rental depreciation and amortization	127	112	95
Interest expense, net	260	224	122
Loss on assets held for sale	194	0	0
Other expense (income), net	(2)	(8)	3
Total expenses	3,277	2,835	2,306
Income before income taxes	291	447	434
Income tax provision	(80)	(100)	(104)
Net income	$ 211	$ 347	$ 330
Weighted average shares outstanding:
Basic (in shares)	28.4	28.5	29.6
Diluted (in shares)	28.5	28.7	30.2
Earnings per share:
Basic (in USD per share)	$ 7.43	$ 12.18	$ 11.15
Diluted (in USD per share)	$ 7.40	$ 12.09	$ 10.92
Equipment rental
Revenues:
Total revenues	$ 3,189	$ 2,870	$ 2,552
Sales of rental equipment
Revenues:
Total revenues	311	346	125
Sales of new equipment, parts and supplies
Revenues:
Total revenues	37	38	36
Service and other revenue
Revenues:
Total revenues	$ 31	$ 28	$ 27

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 211	$ 347	$ 330
Other comprehensive income (loss):
Foreign currency translation adjustments	(25)	7	(17)
Pension and postretirement benefit liability adjustments:
Amortization of net losses and settlement losses included in net periodic pension cost	2	1	2
Pension and postretirement benefit liability adjustments arising during the period	(1)	3	(13)
Income tax provision related to pension and postretirement plans	0	0	(1)
Total other comprehensive income (loss)	(24)	11	(29)
Total comprehensive income	$ 187	$ 358	$ 301

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ 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		29,700,000
Beginning balance at Dec. 31, 2021	$ 977	$ 0	$ 1,822	$ (53)	$ (100)	$ (692)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	330			330
Other comprehensive income (loss)	(29)				(29)
Stock-based compensation charges	27		27
Dividends declared	(71)		(18)	(53)
Net settlement on vesting of equity awards (in shares)		300,000
Net settlement on vesting of equity awards	(15)		(15)
Employee stock purchase plan	4		4
Repurchase of common stock (in shares)		(1,100,000)
Repurchase of common stock	(115)					(115)
Ending balance (in shares) at Dec. 31, 2022		28,900,000
Ending balance at Dec. 31, 2022	1,108	$ 0	1,820	224	(129)	(807)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	347			347
Other comprehensive income (loss)	11				11
Stock-based compensation charges	18		18
Dividends declared	(73)			(73)
Net settlement on vesting of equity awards (in shares)		300,000
Net settlement on vesting of equity awards	(25)		(25)
Employee stock purchase plan	4		4
Exercise of stock options (in shares)		100,000
Exercise of stock options	3		3
Repurchase of common stock (in shares)		(1,100,000)
Repurchase of common stock	$ (120)					(120)
Ending balance (in shares) at Dec. 31, 2023	28,200,000	28,200,000
Ending balance at Dec. 31, 2023	$ 1,273	$ 0	1,820	498	(118)	(927)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	211			211
Other comprehensive income (loss)	(24)				(24)
Stock-based compensation charges	17		17
Dividends declared	(76)			(76)
Net settlement on vesting of equity awards (in shares)		100,000
Net settlement on vesting of equity awards	(12)		(12)
Employee stock purchase plan	$ 5		5
Exercise of stock options (in shares)	14,484	100,000
Exercise of stock options	$ 2		2
Ending balance (in shares) at Dec. 31, 2024	28,400,000	28,400,000
Ending balance at Dec. 31, 2024	$ 1,396	$ 0	$ 1,832	$ 633	$ (142)	$ (927)

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared (in USD per share)	$ 2.66	$ 2.53	$ 2.30

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 211	$ 347	$ 330
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of rental equipment	679	643	536
Depreciation of property and equipment	82	71	64
Amortization of intangible assets	45	41	31
Amortization of deferred debt and financing obligations costs	5	4	4
Stock-based compensation charges	17	18	27
Provision for receivables allowance	70	65	52
Loss on assets held for sale	194	0	0
Deferred taxes	59	89	83
Gain on sale of rental equipment	(87)	(94)	(36)
Other	12	1	5
Changes in assets and liabilities:
Receivables	(62)	(98)	(172)
Other assets	(26)	(22)	(15)
Accounts payable	2	7	(23)
Accrued liabilities and other long-term liabilities	24	14	31
Net cash provided by operating activities	1,225	1,086	917
Cash flows from investing activities:
Rental equipment expenditures	(1,048)	(1,320)	(1,168)
Proceeds from disposal of rental equipment	288	325	121
Non-rental capital expenditures	(161)	(156)	(104)
Proceeds from disposal of property and equipment	10	15	7
Acquisitions, net of cash acquired	(600)	(430)	(515)
Other investing activities	0	(15)	(23)
Net cash used in investing activities	(1,511)	(1,581)	(1,682)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	800	0	0
Proceeds from revolving lines of credit and securitization	2,008	2,127	2,618
Repayments on revolving lines of credit and securitization	(2,399)	(1,387)	(1,616)
Principal payments under finance lease and financing obligations	(19)	(16)	(15)
Payment of debt financing costs	(9)	(1)	(8)
Dividends paid	(77)	(73)	(68)
Net settlement on vesting of equity awards	(12)	(25)	(15)
Proceeds from employee stock purchase plan	5	4	4
Proceeds from exercise of stock options	2	3	0
Repurchase of common stock	0	(120)	(115)
Net cash provided by financing activities	299	512	785
Effect of foreign exchange rate changes on cash and cash equivalents	(1)	0	(1)
Net change in cash and cash equivalents during the period	12	17	19
Cash and cash equivalents at beginning of period	71	54	35
Cash and cash equivalents at end of period	83	71	54
Supplemental disclosures of cash flow information:
Cash paid for interest	258	221	114
Cash paid for income taxes, net	12	30	22
Supplemental disclosures of non-cash investing activity:
Purchases of rental equipment in accounts payable	30	0	38
Non-rental capital expenditures in accounts payable	2	0	17
Disposals of rental equipment in accounts receivable	6	0	0
Supplemental disclosures of non-cash investing and financing activity:
Equipment acquired through finance lease	$ 17	$ 24	$ 24

Organization and Description of Business	12 Months Ended
Organization and Description of Business	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Herc Holdings Inc. ("Herc Holdings" or the "Company") is one of the leading equipment rental suppliers with 451 locations in North America as of December 31, 2024. The Company conducts substantially all of its operations through subsidiaries, including Herc Rentals Inc. ("Herc"). With over 59 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 Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The Company prepares its consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("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 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.

Reclassifications

Certain amounts on the balance sheet in prior years have been reclassified to conform with the presentation in the current year.

Principles of Consolidation

The 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 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.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and highly liquid investments with an original maturity of three months or less.

Concentration of Credit Risk

The Company's cash and cash equivalents are held in checking accounts, various investment grade institutional money market accounts or bank term deposits. Deposits held at banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. The Company seeks to mitigate such risks by spreading the risk across multiple counterparties and monitoring the risk profiles of these counterparties. In addition, the Company has credit risk from financial

instruments used in hedging activities, when appropriate. The Company limits its exposure relating to financial instruments by diversifying the financial instruments among various counterparties, which consist of major financial institutions.

No single customer accounted for more than 3% of the Company’s equipment rental revenue during the years ended December 31, 2024, 2023 and 2022. As of December 31, 2024 and 2023, no single customer accounted for more than 5% of accounts receivable.

Receivables

Receivables are stated net of allowances and represent credit extended to customers and manufacturers that satisfy defined credit criteria. The estimate of the allowance for credit losses is based on the Company's historical experience and its judgment as to the likelihood of ultimate collection. Actual receivables are written-off against the allowance for credit losses when the Company determines the balance will not be collected. Estimates for future credit memos are based on historical experience and are reflected as reductions to revenue, while the provision for credit losses for rental transactions is reflected as a component of "Selling, general and administrative expenses" in the Company's consolidated statements of operations.

Rental Equipment

Rental equipment is stated at cost, net of related discounts, with holding periods ranging from one year to 15 years. Generally, when rental equipment is acquired, the Company estimates the period that it will hold the asset, primarily based on historical measures of the amount of rental activity (e.g. equipment usage) and the targeted age of equipment at the time of disposal. The Company also estimates the residual value of the applicable rental equipment at the expected time of disposal. The residual value for rental equipment is affected by factors which include equipment age and amount of usage. Depreciation is recorded over the estimated holding period. Depreciation rates are reviewed on a quarterly basis based on management's ongoing assessment of present and estimated future market conditions, their effect on residual values at the time of disposal and the estimated holding periods. Market conditions for used equipment sales can also be affected by external factors such as the economy, natural disasters, fuel prices, supply of similar used equipment, the market price for similar new equipment and incentives offered by manufacturers of new equipment. These key factors are considered when estimating future residual values and assessing depreciation rates. As a result of this ongoing assessment, the Company makes periodic adjustments to depreciation rates of rental equipment in response to changed market conditions.

Property and Equipment

Property and equipment are stated at cost and are depreciated utilizing the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the estimated useful lives of the related assets or leases, whichever is shorter.

Useful lives are as follows:


Buildings			8 to 33 years
Service vehicles			3 to 13 years
Machinery and equipment			1 to 15 years
Computer equipment			1 to 5 years
Furniture and fixtures			2 to 10 years
Leasehold improvements			The lesser of the asset life or expected lease term including lease extension options.

The Company follows the practice of charging routine maintenance and repairs, including the cost of minor replacements, to maintenance expense. Costs of major replacements are capitalized and depreciated.

Leases

Leases are classified as either finance or operating at inception of the lease, with classification affecting the pattern of expense recognition in the income statement. Operating and finance leases result in the recognition of right-of-use ("ROU") assets and lease liabilities on the balance sheet. ROU assets represent the Company's right to use the leased asset for the lease term and lease liabilities represent the obligation to make lease payments. The liability is calculated as the present value of the remaining minimum lease payments for existing operating leases using either the rate implicit in the lease or, if none exists, the Company's incremental borrowing rate. Operating lease cost is recorded on a straight-line basis over the remaining lease term. Finance lease cost includes amortization of the ROU assets on a straight-line basis and interest on the lease liabilities using the effective interest method.

In certain instances, the Company may sell property and enter into an arrangement to lease the property back from the landlord. In these instances, the Company performs a sale-leaseback analysis to determine if the assets can be removed from the balance sheet. If certain criteria are met, the Company recognizes the transaction as a sale, removes the assets from its balance sheet and reflects the future lease payments as rent expense. If the criteria for sale is not met, such as available repurchase options or continuing involvement with the property, the Company is considered the owner for accounting purposes. In these instances, the Company is precluded from derecognizing the assets from its balance sheet and will continue to depreciate the assets over the expected lease term. In conjunction with these arrangements, the Company records a financing obligation equal to the cash proceeds or fair market value of the assets received from the landlord. Lease payments for these properties are recognized as interest expense and a reduction of the financing obligation using the effective interest method. At the end of the lease term, including exercise of any renewal options, the net remaining financing obligation over the net carrying value of the fixed asset will be recognized as a non-cash gain on sale of the property.

Reserves for Self-Insured Claims

The obligation for public liability and property damage on self-insured equipment represents an estimate for both reported accident claims not yet paid, and claims incurred but not yet reported. The related liabilities are recorded on a non-discounted basis. Reserve requirements are based on actuarial evaluations of historical accident claim experience and trends, as well as future projections of ultimate losses, expenses, premiums and administrative costs. The adequacy of the liability is regularly monitored based on evolving accident claim history and insurance-related state legislation changes. If the Company's estimates change or if actual results differ from these assumptions, the amount of the recorded liability is adjusted to reflect these results.

The Company is exposed to various claims relating to our business, including those for which we provide self-insurance. Claims for which we self-insure include: (i) workers compensation claims; (ii) general liability claims by third parties for injury or property damage caused by our equipment or personnel; (iii) automobile liability claims; and (iv) employee health insurance claims. These types of claims may take a substantial amount of time to resolve and, accordingly, the ultimate liability associated with a particular claim, including claims incurred but not reported as of a period-end reporting date, may not be known for an extended period of time. The Company's methodology for developing self-insurance reserves is based on management estimates and independent third party actuarial estimates. The estimation process considers, among other matters, the cost of known claims over time, cost inflation and incurred but not reported claims. These estimates may change based on, among other things, changes in the Company's claim history or receipt of additional information relevant to assessing the claims and the amount of the recorded liability is adjusted to reflect these changes. The long-term portion of our self-insurance reserves is included in "Other long-term liabilities" in the consolidated balance sheet.

Defined Benefit Pension Plans and Other Employee Benefits

The Company's employee pension costs and obligations are developed from actuarial valuations. Inherent in these valuations are key assumptions, including discount rates, salary growth, long-term return on plan assets, retirement rates, mortality rates and other factors. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by actuaries. However, actual results may differ substantially from the estimates that were based on the assumptions. The Company uses a December 31 measurement date for all of the plans.

Actual results that differ from the Company's assumptions are accumulated and amortized over future periods and, therefore, generally affect its recognized expense in such future periods. While management believes that the assumptions used are appropriate, significant differences in actual experience or significant changes in assumptions would affect the Company's pension costs and obligations.

Foreign Currency Translation and Transactions

Assets and liabilities of international subsidiaries whose functional currency is the local currency are translated at the rate of exchange in effect on the balance sheet date; income and expenses are translated at the average exchange rates throughout the year. The related translation adjustments are reflected in “Accumulated other comprehensive income (loss)” in the equity section of the Company's consolidated balance sheets. Foreign currency gains and losses resulting from transactions are included in earnings.

Business Combinations

The Company has made multiple acquisitions and may continue to make acquisitions in the future. The assets acquired and liabilities assumed are recorded based on their respective fair values at the date of acquisition. Long-lived assets (principally rental equipment), goodwill and other intangible assets generally represent the largest components of the acquisitions. Rental equipment is valued utilizing either a cost or market approach, or a combination of these methods, depending on the asset being valued and the availability of market data. The intangible assets that the Company has acquired are non-compete agreements, customer relationships, and trade names and associated trademarks. The estimated fair values of these intangible assets reflect various assumptions about discount rates, revenue growth rates, operating margins, terminal values, useful lives and other prospective financial information. Goodwill is calculated as the excess of the cost of the acquired entity over the net of the fair value of the assets acquired and the liabilities assumed. Non-compete agreements, customer relationships, and trade names and associated trademarks are valued based on an excess earnings or income approach based on projected cash flows and may be amortized over the useful life if they are determined to be finite-lived intangible assets. Determining the fair value of the assets and liabilities acquired is judgmental in nature and can involve the use of significant estimates and assumptions.

As part of an acquisition, the Company will also acquire other assets and assume liabilities. These other assets and liabilities typically include, but are not limited to, parts inventory, accounts receivable, accounts payable and other working capital items. Because of their short-term nature, the fair values of these other assets and liabilities generally approximate the book values on the acquired entities' balance sheets.

Goodwill and Indefinite-Lived Intangible Assets

On an annual basis and at interim periods when circumstances require, the Company tests the recoverability of its goodwill. The analysis is conducted as of October 1 each year. The Company has two reporting units and compares the carrying value of its reporting units to the fair value. If the carrying value of the reporting unit is greater than its fair value, the Company recognizes an impairment charge for the amount equal to that excess.

The Company may first assess qualitative factors to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test. If a quantitative impairment test is performed, the fair value of the reporting unit is estimated using a combination of an income approach on the present value of estimated future cash flows and a market approach based on published earnings multiples of comparable entities with similar operations and economic characteristics as well as acquisition multiples paid in recent transactions. The Company’s discounted cash flows are based upon reasonable and appropriate assumptions, which are weighted for their likely probability of occurrence, about the underlying business activities of the Company.

Indefinite-lived intangible assets, primarily the Company's trade name, are not amortized but are evaluated annually for impairment and whenever events or changes in circumstances indicate that the carrying amount of this asset may exceed its fair value. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, an impairment charge is recognized in an amount equal to that excess.

Finite-Lived Intangible and Long-Lived Assets

Intangible assets include technology, customer relationships and other intangibles. Intangible assets with finite lives are amortized over the estimated economic lives of the assets, which range from five to 14 years. These assets are primarily amortized using the straight-line method, however, certain assets may be amortized using an accelerated method that reflects the economic benefit to the Company. Long-lived assets, including intangible assets with finite lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of an impairment loss for long-lived assets that management expects to hold and use is based on the estimated fair value of the asset.

Long-lived assets, or disposal groups comprising assets and liabilities, that are expected to be recovered primarily through sale rather than through continuing use are classified as assets held for sale. Upon designation as an asset held for sale, the carrying value of each long-lived asset or disposal group is recorded at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and depreciation expense is no longer recorded.

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 rental transactions are accounted for under ASC Topic 842, Leases, ("Topic 842"). Equipment rental revenue includes revenue generated from renting equipment to customers, including re-rent revenue, and is recognized on a straight-line basis over the length of the rental contract. Other equipment rental revenues include fees for the Company's rental protection program and environmental charges and are recognized on a straight-line basis over the length of the rental contract.

The Company’s sale of rental and new equipment, parts and supplies along with certain services provided to customers are recognized 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.

See Note 3, "Revenue Recognition" for further discussion of the Company's revenue accounting.

Stock Based Compensation

Under the Company's stock based compensation plans, certain employees and members of the Company's board of directors have received grants of restricted stock units, performance stock units and stock options for Herc Holdings common stock.

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

The Company accounts for restricted stock unit and performance stock unit awards as equity classified awards. For restricted stock units, the expense is based on the grant date fair value of the stock and the number of shares that vest, recognized over the service period. For performance stock units, the expense is based on the grant date fair value of the stock, recognized over a service period depending upon the applicable performance condition. For performance stock units, the Company re-assesses the probability of achieving the applicable performance condition each reporting period and adjusts the recognition of expense accordingly.

Income Taxes

The Company applies the provisions of ASC Topic 740, Income Taxes, ("Topic 740"), and computes the provision for income taxes on a Separate Return Basis. Under Topic 740, deferred tax assets and liabilities are determined based on differences

between the financial statement carrying amounts and tax bases of assets and liabilities and are measured using the enacted tax rates that are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates is recognized in the statement of operations in the period that includes the enactment date. The Company records valuation allowances to reduce its deferred tax assets by the amount that is more likely than not to be realized. Subsequent changes to enacted tax rates and changes in the interpretations thereof will result in deferred taxes and changes to any related valuation allowances. Provisions are not made for income taxes on undistributed earnings of international subsidiaries that are intended to be indefinitely reinvested outside of the United States or are expected to be remitted free of taxes. Future distributions, if any, from these international subsidiaries to the United States or changes in U.S. tax rules may require a charge to reflect tax on these amounts.

In accordance with Topic 740, the Company recognizes, in its consolidated financial statements, the impact of the Company's tax positions that are more likely than not to be sustained upon examination. The Company will determine whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, the Company presumes that the position will be examined by the appropriate taxing authority with full knowledge of all relevant information. Upon determination that a tax position meets the more-likely-than-not recognition threshold, it is measured to determine the amount of benefit to recognize in the financial statements. The Company recognizes interest and penalties for uncertain tax positions in income tax expense.

Recently Issued Accounting Pronouncements

Adopted

Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued Accounting Standards Update No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The Company adopted this guidance effective January 1, 2024 and has made the appropriate disclosures in Note 21, "Segment Information."

Not Yet Adopted

Improvements to Income Tax Disclosures

In December 2023, the FASB issued Accounting Standards Update No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and related disclosures.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued Accounting Standards Update No. 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)" ("ASU 2024-03"), which is intended to improve the disclosures about a public entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2024-03 should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and related disclosures.

Revenue Recognition

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

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 92.9%, 92.0% and 91.2% of total revenue for the years ended December 31, 2024, 2023 and 2022, respectively.

The Company’s rental transactions are accounted for under 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 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 (in millions):


	Years Ended December 31,
	2024						2023						2022
	Topic 842		Topic 606		Total		Topic 842		Topic 606		Total		Topic 842		Topic 606		Total
Revenues:
Equipment rental	$	2,862	$	—	$	2,862	$	2,577	$	—	$	2,577	$	2,284	$	—	$	2,284
Other rental revenue:
Delivery and pick-up	—		213		213		—		188		188		—		170		170
Other	114		—		114		105		—		105		98		—		98
Total other rental revenues	114		213		327		105		188		293		98		170		268
Total equipment rentals	2,976		213		3,189		2,682		188		2,870		2,382		170		2,552
Sales of rental equipment	—		311		311		—		346		346		—		125		125
Sales of new equipment, parts and supplies	—		37		37		—		38		38		—		36		36
Service and other revenues	—		31		31		—		28		28		—		27		27
Total revenues	$	2,976	$	592	$	3,568	$	2,682	$	600	$	3,282	$	2,382	$	358	$	2,740

Topic 842 revenues

Equipment Rental Revenue

The Company offers a broad portfolio of equipment for rent on a 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):


	Years Ended December 31,
	2024		2023		2022
Sales of rental equipment	$	311	$	346	$	125
Sales of new equipment	12		14		8
Sales of parts and supplies	25		24		28
Total	$	348	$	384	$	161

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 credit losses, for the sale of rental equipment, new equipment, parts and supplies, was approximately $17 million and $11 million as of December 31, 2024 and 2023, 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. No single customer makes up more than 3% of the Company's equipment rental revenue or more than 5% of its 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 credit losses 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 years ended December 31, 2024, 2023 or 2022 that was included in the contract liability balance as of the beginning of each 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 years ended December 31, 2024, 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 December 31, 2024.

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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Rental Equipment

12 Months Ended

Dec. 31, 2024

Rental Equipment [Abstract]

Rental Equipment

Rental equipment consists of the following (in millions):


	December 31, 2024		December 31, 2023
Rental equipment	$	6,423	$	5,785
Less: Accumulated depreciation	(2,198)		(1,954)
Rental equipment, net	$	4,225	$	3,831

Property and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consists of the following (in millions):


	December 31, 2024		December 31, 2023
Land and buildings	$	136	$	131
Service vehicles	591		488
Leasehold improvements	142		122
Machinery and equipment	33		27
Computer equipment and software	16		81
Furniture and fixtures	19		18
Construction in progress	22		20
Property and equipment, gross	959		887
Less: accumulated depreciation	(405)		(422)
Property and equipment, net	$	554	$	465

Depreciation expense for the years ended December 31, 2024, 2023 and 2022 was $82 million, $71 million and $64 million, respectively, and is included in "Non-rental depreciation and amortization" in the Company's consolidated statements of operations.

The Company leases certain of its service vehicles and office equipment under finance leases. Depreciation of assets held under finance leases is included in depreciation expense. The gross amounts of property and equipment and related depreciation recorded under finance leases, included in the table above, were as follows (in millions):


	December 31, 2024		December 31, 2023
Service vehicles	$	124	$	109
Furniture and fixtures	2		2
Finance lease assets, gross	126		111
Less: accumulated depreciation	(52)		(37)
Finance lease assets, net	$	74	$	74

The Company has entered into financing obligations to lease certain of its properties as discussed further in Note 12, "Financing Obligations." Depreciation of assets held under financing obligations is included in depreciation expense. The gross amounts of land, building and leasehold improvements and related depreciation recorded under financing obligations, included in the table above, were as follows (in millions):


	December 31, 2024		December 31, 2023
Land, building and leasehold improvements	$	72	$	72
Less: accumulated depreciation	(42)		(40)
Net assets under financing obligations	$	30	$	32

Business Combinations

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Business Combinations

On July 16, 2024, the Company completed the acquisition of substantially all of the assets of Otay Mesa Sales ("Otay"). Otay was a full-service general equipment rental company comprised of approximately 135 employees and 4 locations serving construction and industrial customers throughout the metropolitan areas of San Diego, California and Phoenix and Yuma, Arizona. The aggregate consideration for the acquisition was approximately $273 million. The acquisition and related fees and expenses were funded through available cash and drawings on the senior secured asset-based revolving credit facility.

The following table summarizes the purchase price allocation of the assets acquired and liabilities assumed (in millions):



Accounts receivable	$	15

Rental equipment	129
Property and equipment	9
Intangibles(a)	65
Total identifiable assets acquired	218
Current liabilities	1

Net identifiable assets acquired	217
Goodwill(b)	56
Net assets acquired	$	273

(a) The following table reflects the fair values and useful lives of the acquired intangible assets identified (in millions):


	Otay		Life (years)
Customer relationships	$	61	14
Non-compete agreements	4		5
Total acquired intangible assets	$	65

(b) The level of goodwill that resulted from the acquisition is primarily reflective of operational synergies that the Company expects to achieve that are not associated with identifiable assets, the value of Otay's assembled workforce and new customer relationships expected to arise from the acquisition. All of the goodwill is expected to be deductible for income tax purposes.

The assets and liabilities for Otay were recorded as of July 16, 2024 and the results of operations have been included in the Company's consolidated results of operations since that date. Total revenue and income before taxes for Otay included in the consolidated statement of operations since the acquisition date are $35 million and $6 million, respectively.

Pro Forma Supplementary Data

The unaudited pro forma supplementary data presented in the table below (in millions) gives effect to the acquisition of Otay as if it had been included in the Company's condensed consolidated results for the entire period reflected. The unaudited pro forma supplementary data is provided for informational purposes only and is not indicative of the Company's results of operations had the acquisitions been included for the period presented, nor is it indicative of the Company's future results.


	Year Ended December 31, 2024					Year Ended December 31, 2023
	Herc	Otay		Total		Herc		Otay		Total
Historic/pro forma total revenues	3,568	$	41	$	3,609	$	3,282	$	73	$	3,355
Historic/combined pretax income	291	4		295		447		10		457
Pro forma adjustments to consolidated pretax income:
Impact of fair value adjustments/useful life changes on depreciation(a)		3		3				3		3
Intangible asset amortization(b)		(5)		(5)				(8)		(8)
Interest expense(c)		(10)		(10)				(18)		(18)
Elimination of historic interest(d)		3		3				5		5
Elimination of merger related costs(e)		2		2				—		—
Pro forma pretax income				$	288					$	439

(a) Depreciation of rental equipment was adjusted for the fair value at acquisition and changes in useful lives of equipment acquired.

(b) Intangible asset amortization was adjusted to include amortization of the acquired intangible assets.

(c) As discussed above, the Company funded the Otay acquisition primarily using drawings on its senior secured asset-based revolving credit facility. Interest expense was adjusted to reflect interest on such borrowings.

(d) Historic interest on debt that is not part of the combined entity was eliminated.

(e) Merger related direct costs primarily comprised of financial and legal advisory fees associated with the Otay acquisition were eliminated as they were assumed to have been recognized prior to the pro forma acquisition date.

Other Acquisitions

In addition to the acquisition of Otay disclosed above, during the year ended December 31, 2024, the Company acquired eight companies with a total of 24 branches. During the year ended December 31, 2023, the Company acquired 12 companies totaling 21 branches.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The Company performed its annual goodwill impairment test as of October 1 and determined that no impairment existed at such date. Subsequent to the annual impairment test, it was determined that goodwill classified as assets held for sale was fully impaired, see Note 8, "Assets Held for Sale" for further discussion. There was no impairment during the year ended December 31, 2023.

The following summarizes the Company's goodwill (in millions):


	Years Ended December 31,
	2024		2023
Balance at the beginning of the period:
Goodwill, gross	$	1,154	$	1,088
Accumulated impairment losses	(671)		(669)
Goodwill	483		419

Goodwill classified as held for sale	—		(65)
Additions	190		128
Currency translation	(3)		1

Balance at the end of the period:
Goodwill, gross	1,334		1,154
Accumulated impairment losses	(664)		(671)
Goodwill	$	670	$	483

Intangible Assets

The Company performed its annual impairment test of indefinite-lived intangible assets as of October 1 and assessed finite-lived intangible assets for impairment triggers and determined that no impairment existed at such date. Subsequent to the annual impairment test, it was determined that certain finite-lived intangible assets classified as assets held for sale were impaired, see Note 8, "Assets Held for Sale" for further discussion. There was no impairment during the year ended December 31, 2023.

Intangible assets, net, consisted of the following major classes (in millions):


	December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Finite-lived intangible assets:
Customer-related and non-compete agreements	$	382	$	(106)	$	276
Internally developed software(a)	39		(14)		25
Total	421		(120)		301
Indefinite-lived intangible assets:
Trade name	271		—		271
Total intangible assets, net	$	692	$	(120)	$	572

(a) Includes capitalized costs of $14 million yet to be placed into service.


	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Finite-lived intangible assets:
Customer-related and non-compete agreements	$	248	$	(69)	$	179
Internally developed software(a)	64		(47)		17
Total	312		(116)		196
Indefinite-lived intangible assets:
Trade name	271		—		271
Total intangible assets, net	$	583	$	(116)	$	467

(a) Includes capitalized costs of $3 million yet to be placed into service.

For all intangible assets acquired during the year ended December 31, 2024, customer relationships have a weighted-average useful life of 12.7 years and non-compete agreements have a weighted-average useful life of 5.0 years.

Amortization of intangible assets for the years ended December 31, 2024, 2023 and 2022 was $45 million, $41 million and $31 million, respectively. Based on the amortizable assets in-service as of December 31, 2024, the Company expects amortization expense to be approximately $48 million in 2025, $41 million in 2026, $27 million in 2027, $24 million in 2028, $22 million in 2029, and $125 million thereafter.

Assets Held for Sale

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale

The Company's assets held for sale consist of the Cinelease studio entertainment and lighting and grip equipment rental business ("Cinelease"). The film and studio entertainment industry has shifted to a studio centric model where owning or managing a large footprint of studios is becoming more important to be a competitive equipment rental provider, requiring significant investment in fully managed studios. This business model is a departure from the Company's stated growth strategy.

During the fourth quarter of 2023, it was determined that Cinelease met all criteria to be classified as assets held for sale with the expectation of a transaction to be completed within 12 months. Since the determination was made, market conditions changed due to labor strikes within the industry that had impacts to Cinelease which slowed the process of exploring strategic alternatives. Cinelease continues to be actively marketed for sale and management expects a transaction to be completed in 2025.

The Company assesses the fair value, less estimated costs to sell, each reporting period it remains classified as held for sale. During the fourth quarter of 2024, there was indication that the carrying value of Cinelease was greater than the fair value, less estimated costs to sell, based on slower than anticipated return of business subsequent to settlement of actual and potential labor strikes, therefore an impairment analysis was performed. The fair value was estimated using a market approach based on offers received through a competitive bid process, exclusive of potential earnouts for future performance. Accordingly, the Company recorded a loss on assets held for sale of approximately $194 million.

The following table summarizes the assets and liabilities held for sale (in millions):


	December 31, 2024		December 31, 2023
Assets held for sale:
Cash and cash equivalents	$	—	$	1
Receivables	6		8
Other current assets	11		12
Total current assets held for sale	$	17	$	21

Rental equipment, net	$	124	$	183
Property and equipment, net	23		34
Right-of-use lease assets	47		75
Intangible assets, net	2		4
Goodwill	—		65
Other long-term assets	24		47
Total long-term assets held for sale	$	220	$	408

Liabilities held for sale:
Current maturities of operating lease liabilities	$	7	$	8
Accounts payable	5		6
Accrued liabilities	3		5
Total current liabilities held for sale	$	15	$	19

Operating lease liabilities	$	60	$	68
Total long-term liabilities held for sale	$	60	$	68

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

The Company leases real estate, office equipment and service vehicles. The Company's leases have remaining lease terms of up to 23 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 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):


		Years Ended December 31,
	Classification	2024		2023
Operating lease cost(a)	Direct operating	$	158	$	132
Finance lease cost:
Amortization of ROU assets	Depreciation and amortization	16		14
Interest on lease liabilities	Interest expense, net	3		2
Sublease income	Equipment rental revenue	(77)		(61)
Net lease cost		$	100	$	87

(a) Includes short-term leases of $62 million and $52 million for the year ended December 31, 2024 and 2023, respectively, and variable lease costs of $6 million and $3 million for the year ended December 31, 2024 and 2023, respectively.

Balance sheet information related to leases consists of the following (in millions):


	Classification	December 31, 2024		December 31, 2023
Assets
Operating lease ROU assets	Right-of-use assets	$	852	$	665
Finance lease ROU assets	Property and equipment, net(a)	74		74
Total leased assets		$	926	$	739
Liabilities
Current:
Operating	Current maturities of operating lease liabilities	$	39	$	37
Finance	Current maturities of long-term debt and financing obligations	17		15
Non-current:
Operating	Operating lease liabilities	842		646
Finance	Long-term debt, net	60		61
Total lease liabilities		$	958	$	759

(a) Finance lease right-of-use assets are recorded net of accumulated amortization of $52 million and $37 million for the years ended December 31, 2024 and 2023, respectively.


	Years Ended December 31,
	2024		2023
Weighted average remaining lease term:
Operating leases	17.1		16.8
Finance leases	5.1		5.4
Weighted average discount rate:
Operating leases	4.31	%	3.95	%
Finance leases	4.29	%	4.01	%

Cash flow information related to leases consists of the following (in millions):


	Years Ended December 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	51	$	49
Operating cash flows from finance leases	3		2
Financing cash flows from finance leases	16		12
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	300		291
Finance leases	17		24

Maturities of lease liabilities are as follows (in millions):


	Operating Leases		Finance Leases
2025	$	76	$	20
2026	82		18
2027	78		14
2028	75		13
2029	72		11
Thereafter	942		11
Total lease payments	1,325		87
Less: Interest	(444)		(10)
Present value of lease liabilities	$	881	$	77

Leases

The Company leases real estate, office equipment and service vehicles. The Company's leases have remaining lease terms of up to 23 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 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):


		Years Ended December 31,
	Classification	2024		2023
Operating lease cost(a)	Direct operating	$	158	$	132
Finance lease cost:
Amortization of ROU assets	Depreciation and amortization	16		14
Interest on lease liabilities	Interest expense, net	3		2
Sublease income	Equipment rental revenue	(77)		(61)
Net lease cost		$	100	$	87

(a) Includes short-term leases of $62 million and $52 million for the year ended December 31, 2024 and 2023, respectively, and variable lease costs of $6 million and $3 million for the year ended December 31, 2024 and 2023, respectively.

Balance sheet information related to leases consists of the following (in millions):


	Classification	December 31, 2024		December 31, 2023
Assets
Operating lease ROU assets	Right-of-use assets	$	852	$	665
Finance lease ROU assets	Property and equipment, net(a)	74		74
Total leased assets		$	926	$	739
Liabilities
Current:
Operating	Current maturities of operating lease liabilities	$	39	$	37
Finance	Current maturities of long-term debt and financing obligations	17		15
Non-current:
Operating	Operating lease liabilities	842		646
Finance	Long-term debt, net	60		61
Total lease liabilities		$	958	$	759

(a) Finance lease right-of-use assets are recorded net of accumulated amortization of $52 million and $37 million for the years ended December 31, 2024 and 2023, respectively.


	Years Ended December 31,
	2024		2023
Weighted average remaining lease term:
Operating leases	17.1		16.8
Finance leases	5.1		5.4
Weighted average discount rate:
Operating leases	4.31	%	3.95	%
Finance leases	4.29	%	4.01	%

Cash flow information related to leases consists of the following (in millions):


	Years Ended December 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	51	$	49
Operating cash flows from finance leases	3		2
Financing cash flows from finance leases	16		12
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	300		291
Finance leases	17		24

Maturities of lease liabilities are as follows (in millions):


	Operating Leases		Finance Leases
2025	$	76	$	20
2026	82		18
2027	78		14
2028	75		13
2029	72		11
Thereafter	942		11
Total lease payments	1,325		87
Less: Interest	(444)		(10)
Present value of lease liabilities	$	881	$	77

Accrued Liabilities

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued liabilities consists of the following (in millions):


	December 31, 2024		December 31, 2023
Accrued compensation and benefit costs	$	58	$	51
Rebate accrual	43		56
Taxes payable	30		28
Accrued interest	38		37
Customer related deferrals	19		18
Insurance reserves	31		18
Acquisition holdbacks	13		3
Other	7		10
Total accrued liabilities	$	239	$	221

Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

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


	Weighted Average Effective Interest Rate at December 31, 2024	Weighted Average Stated Interest Rate at December 31, 2024	Fixed or Floating Interest Rate	Maturity	December 31, 2024		December 31, 2023
Senior Notes
2027 Notes	5.61%	5.50%	Fixed	2027	$	1,200	$	1,200
2029 Notes	6.91%	6.63%	Fixed	2029	$	800	—
Other Debt
ABL Credit Facility	N/A	5.83%	Floating	2027	1,621		2,072
AR Facility	N/A	5.36%	Floating	2025	400		345
Finance lease liabilities	4.29%	N/A	Fixed	2025-2032	77		76
Unamortized Debt Issuance Costs(a)					(12)		(5)
Total debt					4,086		3,688
Less: Current maturities of long-term debt					(17)		(15)
Long-term debt, net					$	4,069	$	3,673

(a) Unamortized debt issuance costs totaling $6 million and $8 million related to the ABL Credit Facility and AR Facility (as each is defined below) as of December 31, 2024 and 2023, respectively, are included in "Other long-term assets" in the consolidated balance sheets.

The effective interest rate for the fixed rate 2027 Notes and 2029 Notes (as defined below) includes the stated interest on the notes and the amortization of any debt issuance costs.

Maturities

The nominal principal amounts of maturities of debt for each of the periods ending December 31 are as follows (in millions):


2025	$	17
2026	16
2027	3,233
2028	12
2029	810
Thereafter	10
Total	$	4,098

The Company's liquidity needs arise from the funding of its costs of operations and capital expenditures, debt service on its indebtedness, funding acquisitions, payment of dividends and repurchases of its shares. The Company believes that cash generated from operations and cash received from the disposal of rental and other equipment, together with amounts available under its senior secured asset-based revolving credit facility (the "ABL Credit Facility") and AR Facility (as defined below) will be adequate to permit the Company to meet its obligations over the next 12 months.

Senior Notes—2027 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.

Ranking; Guarantees

The 2027 Notes are the Company’s senior unsecured obligations, ranking equally in right of payment with all of the Company’s existing and future senior indebtedness, effectively junior to any of the Company’s existing and future secured indebtedness, including the ABL Credit Facility, to the extent of the value of the assets securing such indebtedness, and senior in right of payment to any of the Company’s existing and future subordinated indebtedness. The 2027 Notes are guaranteed on a senior

unsecured basis, subject to limited exceptions including special purpose securitization subsidiaries, by the Company’s current and future domestic subsidiaries.

Redemption

The Company may redeem the 2027 Notes, in whole or in part, at any time (i) on or after July 15, 2024 and prior to July 15, 2025, at a price equal to 100.917% of the principal amount of the 2027 Notes and (ii) on or after July 15, 2025, at a price equal to 100.000% of the principal amount of the 2027 Notes, in each case, plus accrued and unpaid interest, if any, to, but not including, the applicable redemption date.

Covenants

The indenture governing the 2027 Notes contains certain covenants applicable to the Company and its restricted subsidiaries, including limitations on liens, indebtedness, mergers, consolidations and acquisitions, sales, transfers and other dispositions of assets, loans and other investments, dividends and other distributions, stock repurchases and redemptions and other restricted payments, restrictions affecting subsidiaries, transactions with affiliates and designations of unrestricted subsidiaries. Upon the occurrence of certain events constituting a change of control triggering event, the Company is required to make an offer to repurchase all of the 2027 Notes (unless otherwise redeemed) at a purchase price equal to 101% of their principal amount, plus accrued and unpaid interest, if any to (but excluding) the repurchase date. If the Company sells assets under certain circumstances, it must use the proceeds to make an offer to purchase the 2027 Notes at a price equal to 100% of their principal amount, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date.

Events of Default

The indenture also provides for customary events of default, including the following (subject to any applicable cure period): nonpayment, breach of covenants in the indenture, payment defaults under or acceleration of certain other indebtedness, failure to discharge certain judgments and certain events of bankruptcy, insolvency and reorganization. If an event of default occurs or is continuing, the trustee or the holders of at least 30% in aggregate principal amount of the 2027 Notes then outstanding may declare the principal of, premium, if any, and accrued and unpaid interest, if any, to be due and payable immediately.

Senior Notes—2029 Notes

On June 7, 2024, the Company issued $800 million aggregate principal amount of its 6.625% Senior Notes due 2029 (the "2029 Notes" and, together with the 2027 Notes, the "Notes"). The net proceeds were used to repay a portion of the indebtedness outstanding under the ABL Credit Facility and to pay related fees and expenses. Interest on the 2029 Notes accrues at the rate of 6.625% per annum and will be payable semi-annually in arrears on June 15 and December 15 of each year, commencing on December 15, 2024. The 2029 Notes will mature on June 15, 2029.

Ranking; Guarantees

The 2029 Notes are the Company's senior unsecured obligations, ranking equally in right of payment with all of the Company's existing and future senior indebtedness, effectively junior to any of the Company's existing and future indebtedness, including the ABL Credit Facility, to the extent of the value of the assets securing such indebtedness, and senior in right of payment to any of the Company's existing and future subordinated indebtedness. The 2029 Notes are guaranteed on a senior unsecured basis, subject to limited exceptions including special purpose securitization subsidiaries, by the Company's current and future domestic subsidiaries.

Redemption

The Company may, at its option, redeem the 2029 Notes, in whole or in part, at any time prior to June 15, 2026, at a price equal to 100% of the aggregate principal amount of the 2029 Notes, plus the applicable make-whole premium and accrued and unpaid interest, if any, to, but excluding, the redemption date. The Company may, at its option, redeem the 2029 Notes, in whole or in part, at any time (i) on or after June 15, 2026 and prior to June 15, 2027, at a price equal to 103.313% of the principal amount of the 2029 Notes, (ii) on or after June 15, 2027 and prior to June 15, 2028, at a price equal to 101.656% of the principal amount of the 2029 Notes and (iii) on or after June 15, 2028, at a price equal to 100.000% of the principal amount of the 2029 Notes, in each case, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. In addition, at any time on

or prior to June 15, 2026, the Company may, at its option, redeem up to 40% of the aggregate principal amount of the 2029 Notes with the net cash proceeds of one or more equity offerings at a redemption price equal to 106.625% of the principal amount of the 2029 Notes, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

Covenants

The indenture governing the 2029 Notes contains certain covenants applicable to the Company and its restricted subsidiaries, including limitations on: indebtedness; restricted payments; liens; dispositions of proceeds from asset sales; transactions with affiliates; dividends and other payment restrictions affecting restricted subsidiaries; designations of unrestricted subsidiaries; and mergers, consolidations and sale of assets. Upon the occurrence of certain events constituting a change of control triggering event, the Company is required to make an offer to repurchase all of the 2029 Notes (unless otherwise redeemed) at a purchase price equal to 101% of their principal amount, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. If the Company sells assets under certain circumstances, it must use the proceeds to make an offer to purchase the 2029 Notes at a price equal to 100% of their principal amount, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date.

Events of Default

The indenture also provides for customary events of default, including the following (subject to any applicable cure period): nonpayment, breach of covenants in the indenture, payment defaults under or acceleration of certain other indebtedness, failure to discharge certain judgments and certain events of bankruptcy, insolvency and reorganization. If an event of default occurs or is continuing, the trustee or the holders of at least 30% in aggregate principal amount of the 2029 Notes then outstanding may declare the principal of, premium, if any, and accrued and unpaid interest, if any, to be due and payable immediately.

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, which was amended and extended on July 5, 2022. The aggregate amount of the revolving credit commitments is $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 was also amended to include a provision that the Company, in consultation with a Sustainability Coordinator, may establish key performance indicators (“KPIs”) with respect to certain environmental, social and governance targets of the Company and its subsidiaries, which if mutually agreed, may be incorporated into the ABL Credit Facility through an amendment (an “ESG Amendment”). Upon the effectiveness of an ESG Amendment, the commitment fee and the spreads applicable to revolving loans may be increased or decreased within certain limits based on performance against the KPIs.

Maturity

The ABL Credit Facility matures on July 5, 2027.

Guarantees; Collateral/Security

The obligations of each of the borrowers under the ABL Credit Facility are guaranteed by each of Herc Holdings’ direct and indirect U.S. and Canadian subsidiaries, with certain exceptions, including special purpose securitization subsidiaries. The obligations of the borrowers under the ABL Credit Facility and the guarantees thereof are secured by security interests in substantially all of the assets of each borrower and guarantor, including pledges of all the capital stock of all of their direct subsidiaries, with certain exceptions. The liens securing the ABL Credit Facility are subject to certain exceptions. Also, subject to certain limitations and conditions, the ABL Credit Facility permits the incurrence of future secured debt on a basis either pari passu with, or subordinated to, the liens securing the ABL Credit Facility.

Interest

The interest rates applicable to any loans under the ABL Credit Facility are based, at the option of the borrowers, on (i) a floating rate based on Term SOFR (for loans denominated in U.S. dollars) or CORRA (for loans denominated in Canadian dollars) plus an initial margin of 1.375% and a SOFR adjustment of 0.10% per annum or (ii) a base rate plus an initial margin of 0.50%, in each case, where margin is adjusted under the ABL Credit Facility based on the quarterly average excess availability under the ABL Credit Facility.

Covenants

The ABL Credit Facility contains a number of covenants that, among other things, limit or restrict the ability of the borrowers and their subsidiaries to incur additional indebtedness, prepay other indebtedness, make dividends and other restricted payments, create or incur liens, make acquisitions and other investments, engage in mergers, consolidations or sales of assets, engage in certain transactions with affiliates, and enter into certain restrictive agreements limiting the ability to create or incur liens. In addition, under the ABL Credit Facility, upon excess availability falling below certain levels, the borrowers will be required to comply with a minimum fixed charge coverage ratio of no less than 1.00:1.00. As of December 31, 2024, the appropriate levels of liquidity have been maintained, therefore this financial maintenance covenant is not applicable.

Events of Default

The ABL Credit Facility provides that the occurrence of any of the following events will constitute an event of default: payment default, breach of representation or warranty, covenant breach, cross default to other material indebtedness, certain bankruptcy events, dissolution, invalidity of the credit agreement or any intercreditor agreement (if any), judgment in excess of a certain monetary threshold, any security or guarantee documents cease to be in effect, an ERISA event, pension event or a change of control. Upon the occurrence and during the continuation of an event of default, the agent may exercise remedies on behalf of the lenders, including accelerating the repayment of outstanding loans under the ABL Credit Facility.

Accounts Receivable Securitization Facility

The accounts receivable securitization facility (the "AR Facility") was amended in August 2024 to extend the maturity date to August 31, 2025 and increase the aggregate commitments from $370 million to $400 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.

The agreements governing the AR Facility contain restrictions and covenants which include limitations applicable to Herc and the SPE on the creation of certain liens, and restrictions and covenants which include limitations applicable to the SPE on the making of certain restricted payments, and limitations applicable to Herc and the SPE with respect to certain corporate acts such as mergers, consolidations and the sale of substantially all assets, with certain exceptions. The Company was in compliance with all such covenants as of December 31, 2024.

The financing agreement with the lenders provides for customary events of default (subject to customary exceptions, thresholds and grace periods) including, without limitation, failure to perform covenants, ineffectiveness of transaction documents, invalidity of security interests or failure to cooperate in the administrative agent's assumption of control of accounts, material inaccuracy of representations or warranties, failure of certain ratios related to the accounts receivables, specified cross default and cross acceleration to other material indebtedness, certain bankruptcy events, certain ERISA events, material judgments, material adverse effect and change in control.

Borrowing Capacity and Availability

After outstanding borrowings, the following was available to the Company under the ABL Credit Facility and AR Facility as of December 31, 2024 (in millions):


	Remaining Capacity		Availability Under Borrowing Base Limitation
ABL Credit Facility	$	1,845	$	1,845
AR Facility	—		—
Total	$	1,845	$	1,845

Letters of Credit

As of December 31, 2024, $34 million of standby letters of credit were issued and outstanding, none of which have been drawn upon. The ABL Credit Facility had $216 million available under the letter of credit facility sublimit, subject to borrowing base restrictions.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Financing Obligations

12 Months Ended

Dec. 31, 2024

Financing Obligation [Abstract]

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 December 31, 2024	Maturity	December 31, 2024		December 31, 2023
Financing obligations	5.45%	2026-2038	$	107	$	110
Unamortized financing issuance costs			(2)		(2)
Total financing obligations			105		108
Less: Current maturities of financing obligations			(4)		(4)
Financing obligations, net			$	101	$	104

As of December 31, 2024, future minimum financing payments for the agreements referred to above are as follows (in millions):


2025	$	10
2026	10
2027	10
2028	9
2029	9
Thereafter	72
Total minimum financing obligations payments	120
Obligations subject to non-cash gain on future sale of property	35
Less amount representing interest (at a weighted-average interest rate of 5.45%)	(48)
Total financing obligations	$	107

Employee Retirement Benefits

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Employee Retirement Benefits

401(k) Savings Plan and Other Defined Contribution Plan

On July 1, 2016, the Company established the Herc Holdings Savings Plan covering all of its U.S. employees. Contributions to the plans are made by both the employee and the Company. Company contributions to these plans are based on the level of employee contributions and formulas determined by the Company. Expenses for the defined contribution plans for the years ended December 31, 2024, 2023 and 2022 were approximately $23 million, $20 million and $16 million, respectively.

Defined Benefit Pension and Postretirement Plans

The Company sponsors the Herc Holdings Retirement Plan (the "Plan"), a U.S. qualified pension plan. The Plan has been frozen to new participants since it was established in July 2016.

Postretirement benefits, other than pensions, provide healthcare benefits, and in some instances, life insurance benefits for certain eligible retired employees in the U.S.

The Company reflects the funded status of defined benefit pension and other postretirement benefit plans as an asset or liability. This amount is defined as the difference between the fair value of plan assets and the benefit obligation. The Company is required to recognize as a component of other comprehensive income (loss), net of tax, the actuarial gains/losses and prior service credits that arise but were not previously required to be recognized as components of net periodic benefit cost. Other comprehensive income (loss) is adjusted as these amounts are later recognized in the statement of operations as components of net periodic benefit cost.

The Company’s policy for funded plans is to contribute, at a minimum, amounts required by applicable laws, regulations and union agreements. The Plan represents approximately 99% of the Company's defined benefit plan obligations and 100% of its plan assets. The Company made cash contributions to the Plan of $4 million for each of 2024 and 2023, and no contributions for 2022. The level of future contributions will vary and is dependent on a number of factors including investment returns, interest rate fluctuations, plan demographics, funding regulations and the results of the final actuarial valuation.

Additionally, pursuant to various collective bargaining agreements, certain union-represented employees participate in multiemployer pension plans.

The following table provides a reconciliation of benefit obligations and plan assets of the Company’s pension plans and postretirement benefit plans (in millions):


	Pension				Postretirement
	2024		2023		2024		2023
Change in Projected Benefit Obligations
Benefit obligations at beginning of year	$	137	$	134	$	1	$	1
Interest cost	7		7		—		—
Plan settlements	(7)		—		—		—
Benefits paid	—		(7)		—		—
Actuarial (gain) loss	(4)		3		—		—
Benefit obligations at end of year	$	133	$	137	$	1	$	1

Change in Fair Value of Plan Assets
Fair value of plan assets at beginning of year	$	119	$	113	$	—	$	—
Actual return on plan assets	2		9		—		—
Employer contribution	4		4		—		—
Plan settlements	(7)		—		—		—
Benefits paid	—		(7)		—		—
Fair value of plan assets at end of year	$	118	$	119	$	—	$	—

Funded Status	$	(15)	$	(18)	$	(1)	$	(1)

Accumulated benefit obligations	$	133	$	137


	Pension						Postretirement
	2024			2023			2024			2023
Amounts Recognized in Balance Sheet

Other long-term liabilities	$	(15)		$	(18)		$	(1)		$	(1)
Net amount recognized	$	(15)		$	(18)		$	(1)		$	(1)

Amounts Recognized in Accumulated Other Comprehensive Loss
Net actuarial (loss) gain	$	(18)		$	(19)		$	—		$	1

Net amount recognized	$	(18)		$	(19)		$	—		$	1

Weighted‑Average Assumptions Used to Determine Projected Benefit Obligations
Discount rate	5.5		%	5.1		%	5.5		%	5.1		%
Average rate of increase in compensation	—		%	—		%	—		%	—		%
Interest credit rate	3.8		%	3.8		%	—		%	—		%
Initial healthcare cost trend rate	N/A			N/A			6.9		%	6.1		%
Ultimate healthcare cost trend rate	N/A			N/A			4.0		%	4.0		%

The benefit obligations and fair value of plan assets for the Company’s qualified and non-qualified pension and postretirement plans with projected benefit obligations or accumulated benefit obligations in excess of plan assets are as follows (in millions):


	Pension				Postretirement
	2024		2023		2024		2023
Plans with Benefit Obligations in Excess of Plan Assets
Projected benefit obligations	$	133	$	137	$	1	$	1
Accumulated benefit obligations	133		137		—		—
Fair value of plan assets	118		119		—		—

The following table sets forth the net periodic pension cost (benefit) (in millions):


	Years Ended December 31,
	2024			2023			2022
Components of Net Periodic Pension Cost (Benefit)
Interest cost	$	7		$	7		$	5
Expected return on plan assets	(6)			(3)			(6)
Net amortization of actuarial net loss	1			1			—
Settlement loss	1			—			2
Net periodic pension cost (benefit)	$	3		$	5		$	1

Weighted‑Average Assumptions Used to Determine Net Periodic Pension Cost (Benefit)
Discount rate	5.1		%	5.4		%	2.7		%
Expected return on assets	6.3		%	6.0		%	4.6		%
Average rate of increase in compensation	—		%	—		%	—		%
Interest credit rate	3.8		%	3.8		%	3.8		%

The net periodic postretirement cost was immaterial in 2024, 2023 and 2022.

The discount rate reflects the rate the Company would have to pay to purchase high-quality investments that would provide cash sufficient to settle its current pension obligations. The discount rate is determined based on a range of factors, including the rates of return on high-quality, fixed-income corporate bonds and the related expected duration of the obligations. The discount rate for the Plan is based on the rate from the Mercer Pension Discount Curve-Above Mean Yield that is appropriate for the duration of the obligations. The discount rate used to measure the pension obligation at the end of the year is also used to measure pension cost in the following year.

The expected return on plan assets for the U.S. qualified plan is based on expected future investment returns considering the target investment mix of plan assets. It reflects the average rate of earnings expected on the funds invested, or to be invested, to provide for the benefits included in the projected benefit obligations. In determining the expected long-term rate of return on plan assets, the Company considers the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance.

There was no average rate of increase in compensation for 2024, 2023 or 2022 as there are no longer any employees in the Plan accruing benefits.

The ultimate healthcare cost trend rates for the postretirement benefit plans are expected to be reached in 2049.

Plan Assets

The Company has a long-term investment outlook for its Plan assets, which is consistent with the long-term nature of the Plan's respective liabilities.

The Plan currently has a target asset allocation of 25% equity, 65% fixed income, and 10% in real assets. The equity portion of the assets are invested in a diversified public equity fund, including domestic and international holdings, that is both actively and passively managed. The fixed income portion of the assets are primarily invested in passively managed government bonds, actively managed treasury bond portfolios, and actively managed intermediate duration corporate credit fund. Additionally, monies are invested in corporate credit, securitized bonds, emerging market debt and other opportunistic bonds that are both public and private. The real assets portion of the assets are in an actively managed fund which allocates to both public and private real estate, infrastructure, and natural resources. A modest amount of cash is maintained to facilitate payment of benefits and plan expenses.

The fair value measurements of most plan assets are based upon significant other observable inputs (Level 2), except for the high yield mutual fund and cash which are based upon quoted market prices in active markets for identical assets (Level 1). The following represents the Company's pension plan assets (in millions):


Asset Category	December 31, 2024		December 31, 2023
Cash	$	7	$	2

Equity Securities:
U.S. Large Cap	17		13
U.S. Mid Cap	1		2

International Developed	6		12
International Emerging Markets	3		2
Fixed Income Securities:
U.S. Treasuries	40		23
Corporate Bonds	17		38
Government Bonds	1		7
Municipal Bonds	—		2
Mortgage-Backed Securities	8		1
Asset-Backed Securities	1		2
Bank Loans	—		6
Preferreds	—		6
Other	17		3
Total fair value of pension plan assets	$	118	$	119

Estimated Future Benefit Payments

The following table presents estimated future benefit payments (in millions):


	Pension		Postretirement
2025	$	9	$	—
2026	11		—
2027	12		—
2028	13		—
2029	14		—
2030-2034	70		—
	$	129	$	—

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

On May 17, 2018, the Herc Holdings Inc. 2018 Omnibus Incentive Plan (the "2018 Omnibus Plan") was approved and provides for grants of both equity and cash awards, including non-qualified stock options, incentive stock options, stock appreciation rights, performance awards (shares and units), restricted awards (shares and units) and deferred stock units to key executives, employees, non-management directors and non-employee consultants. The total number of common shares authorized for issuance under the 2018 Omnibus Plan is 2,200,000, of which approximately 1,140,000 remains available as of December 31, 2024 for future incentive awards.

Stock-based compensation awards are measured on their grant date using a fair value method and are recognized in the statement of operations over the requisite service period. The Company's stock-based compensation expense is included in “Selling, general and administrative” expense in the Company's consolidated statements of operations.

The following table summarizes the expenses and associated income tax benefits recognized (in millions):


	Years Ended December 31,
	2024		2023		2022
Compensation expense	$	17	$	18	$	27
Income tax benefit	(4)		(5)		(7)
Total	$	13	$	13	$	20

As of December 31, 2024, there was $16 million of total unrecognized compensation cost related to non-vested restricted stock units ("RSUs") and performance stock units ("PSUs"). The total unrecognized compensation cost is expected to be recognized over the remaining 1.4 years, on a weighted average basis, of the requisite service period that began on the grant dates.

Stock Options

All stock options granted had a per-share exercise price of not less than the fair market value of one share of common stock on the grant date. Stock options vested based on a minimum period of service or the occurrence of events (such as a change in control, as defined in the 2018 Omnibus Plan). No stock options were exercisable after ten years from the grant date. There were no stock options granted during 2024, 2023 or 2022.

A summary of option activity is presented below.


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in millions of dollars)
Outstanding at December 31, 2023	14,484	$	64.96
Granted	—	—
Exercised	(14,484)	64.96
Forfeited or expired	—	—
Outstanding at December 31, 2024	—	$	—
Expected to Vest at December 31, 2024	—	$	—	—	$	—
Exercisable at December 31, 2024	—	$	—	—	$	—

Additional information pertaining to stock option activity is as follows (in millions):


	Years Ended December 31,
	2024		2023		2022
Aggregate intrinsic value of stock options exercised	$	2	$	7	$	1
Cash received from the exercise of stock options	2		3		—
Tax benefit realized on exercise of stock options	—		2		—

Performance Stock Units

PSUs will vest based on the achievement of pre-determined performance goals over performance periods determined by the Company's Compensation Committee. Each of the units granted represent the right to receive one share of the Company's common stock on a specified future date. Compensation expense for PSUs is based on the grant date fair value and is recognized ratably over the approved vesting period. In addition to the service vesting condition, the PSUs have an additional vesting condition which stipulates the number of units to be awarded being based on the achievement of certain performance measures over the applicable measurement period and can range from 0% to 200% of the target.

A summary of the PSU activity is presented below.


	Units	Weighted Average Grant Date Fair Value
Nonvested at December 31, 2023	188,758	$	123.21
Granted	68,848	148.01
Vested	(153,169)	77.10
Performance change	70,509	77.10
Forfeited	(873)	129.16
Nonvested at December 31, 2024	174,073	$	154.89

The weighted average per share grant-date fair values of PSUs granted during 2024, 2023 and 2022 were $148.01, $155.80 and $164.43, respectively. The total fair value of PSUs that vested during 2024, 2023 and 2022 were $12 million, $13 million and $5 million, respectively.

Almost all PSUs granted in 2024, 2023 and 2022 include vesting conditions based on the achievement of the Company's return on invested capital ("ROIC") and average rental adjusted EBITDA performance measured over a three-year period starting from the year of grant.

Restricted Stock Units

RSUs granted under the 2018 Omnibus Plan will vest based on a minimum period of service or the occurrence of events (such as a change in control, as defined in the 2018 Omnibus Plan) specified by the Compensation Committee. Compensation expense for RSUs is based on the grant date fair value and is recognized ratably over the vesting period which generally ranges from one year to three years.

A summary of the RSU activity is presented below.


	Units	Weighted Average Grant Date Fair Value
Nonvested at December 31, 2023	200,139	$	123.82
Granted	108,138	152.88
Vested	(81,543)	125.03
Forfeited	(2,353)	150.68
Nonvested at December 31, 2024	224,381	$	137.10

The weighted average per share grant date fair values of RSUs granted during 2024, 2023 and 2022 were $152.88, $150.58 and $155.68, respectively. The total fair value of RSUs that vested during 2024, 2023 and 2022 was $10 million, $9 million and $9 million, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The components of income before income taxes for the periods were as follows (in millions):


	Years Ended December 31,
	2024		2023		2022
Domestic	$	302	$	443	$	426
Foreign	(11)		4		8
Income before income taxes	$	291	$	447	$	434

The provision for income taxes consists of the following (in millions):


	Years Ended December 31,
	2024		2023		2022
Current:
Federal	$	8	$	—	$	—
Foreign	4		4		5
State and local	9		7		15
Total current	21		11		20
Deferred:
Federal	63		86		82
Foreign	(6)		(1)		—
State and local	2		4		2
Total deferred	59		89		84
Total income tax provision	$	80	$	100	$	104

The principal items of the U.S. and foreign net deferred tax assets (liabilities) are as follows (in millions):


	December 31, 2024		December 31, 2023
Deferred tax assets:
Employee benefit plans	$	4	$	6
Tax credit carryforwards	5		3
Right-of-use assets	230		185
Deferred interest	80		58
Accrued expenses	59		55
Net operating loss carryforwards	42		108
Total deferred tax assets	420		415
Less: valuation allowance	(5)		(2)
Total net deferred tax assets	415		413
Deferred tax liabilities:
Lease liabilities	(218)		(179)
Prepaid expenses	(4)		(3)
Depreciation on tangible assets	(913)		(899)
Intangible assets	(80)		(75)
Total deferred tax liabilities	(1,215)		(1,156)
Net deferred tax liability	$	(800)	$	(743)

Management also records deferred tax assets for unutilized net operating loss carryforwards in various tax jurisdictions. As of December 31, 2024, a deferred tax asset of $26 million was recorded for unutilized federal net operating loss carryforwards ("NOL carryforwards"). The total federal NOL carryforwards are $136 million and have an indefinite carryforward period. State NOL carryforwards have generated a deferred tax asset of $16 million and expire over various years beginning in 2025.

As of December 31, 2024, deferred tax assets of $5 million were recorded for federal and various state tax credit carryforwards and expire in various years beginning in 2036.

In determining the valuation allowance, an assessment of positive and negative evidence was performed regarding realization of the net deferred tax assets in accordance with Topic 740. This assessment included the evaluation of scheduled reversals of deferred tax liabilities, the availability of carryforwards and estimates of projected future taxable income. Based on the assessment, as of December 31, 2024, total valuation allowances of $5 million were recorded against deferred tax assets. Although realization is not assured, the Company has concluded that it is more likely than not the remaining deferred tax assets of $415 million will be realized and as such no valuation allowance has been provided on these assets.

The income tax in the accompanying consolidated statements of operations differs from the income tax calculated by applying the statutory federal income tax rate to income before income taxes due to the following (in millions):


	Years Ended December 31,
	2024		2023		2022
Income tax provision at statutory rate	$	61	$	93	$	91
Increases (decreases) resulting from:
Foreign taxes	—		5		—
State and local income taxes, net of federal income tax	9		10		14
Federal and foreign permanent items	2		(1)		(1)
Change in valuation allowance	—		(2)		—
Goodwill impairment(a)	14		—		—
Tax credits	(6)		(6)		(1)
All other items, net	—		1		1
Income tax provision	$	80	$	100	$	104

(a) Relates to non-deductible goodwill impairment on Cinelease assets held for sale.

As a result of the Tax Cuts and Jobs Act of 2017, previously undistributed earnings from foreign subsidiaries are deemed to have been repatriated as of December 31, 2017 for federal income tax purposes. Beginning in 2018, companies are generally able to repatriate earnings from foreign subsidiaries with no U.S. federal income tax impact. As of December 31, 2024, the Company continues to assert that earnings from foreign operations are not permanently invested. The Company, as a matter of policy, looks to repatriate foreign earnings in a tax efficient manner. Many foreign jurisdictions impose taxes on distributions to other jurisdictions. Due to the variations and complexities of these laws, the Company believes it would be impractical to calculate and accrue these taxes beyond the normal earnings and profits standard for U.S. tax purposes.

As of December 31, 2024, the Company is maintaining the assertion that future earnings associated with the potential stock sale or liquidation of foreign subsidiaries are permanently reinvested. Accordingly, the Company has not recorded any deferred tax liabilities associated with these book-to-tax differences. The Company has analyzed the potential tax liability associated with these differences to be approximately $67 million.

The total cumulative amount of unrecognized tax benefits is $15 million and $12 million as of December 31, 2024 and 2023, respectively.

The Company files one or more income tax returns in the U.S. and non-U.S. jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities and open tax years span from 2014 to 2023. The Company is currently under audit for the 2014 through 2016 income tax years. Several U.S. state and non-U.S. jurisdictions are under audit. The IRS completed its audit of the Company's 2016 consolidated income tax return, in which Herc was included, and had no changes to the previously filed tax return. The Company is under audit for 2024 as part of the IRS Compliance Assurance Program. The Company does not expect any material assessments resulting from these audits.

The Organization for Economic Co-operation and Development (OECD) has a framework to implement a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds (referred to as "Pillar 2"), with certain aspects of Pillar 2 effective January 1, 2024 and other aspects effective January 1, 2025. While it is uncertain whether the U.S. will enact legislation to adopt Pillar 2, certain countries have adopted legislation, and other countries are in the process of introducing legislation to implement Pillar 2. We have evaluated the impact of Pillar 2 on our effective tax rate, our consolidated results of operation, financial position, and cash flows and have determined there is no impact to the Company in 2024.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

The changes in the accumulated other comprehensive income (loss) balance by component (net of tax) are presented in the tables below (in millions):


	Pension and Other Post-Employment Benefits		Foreign Currency Items		Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2023	$	(20)	$	(98)	$	(118)
Other comprehensive loss before reclassification	—		(25)		(25)
Amounts reclassified from accumulated other comprehensive loss	1		—		1
Net current period other comprehensive loss	1		(25)		(24)
Balance at December 31, 2024	$	(19)	$	(123)	$	(142)


	Pension and Other Post-Employment Benefits		Foreign Currency Items		Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2022	$	(24)	$	(105)	$	(129)
Other comprehensive income before reclassification	3		7		10
Amounts reclassified from accumulated other comprehensive loss	1		—		1
Net current period other comprehensive income	4		7		11
Balance at December 31, 2023	$	(20)	$	(98)	$	(118)

Amounts reclassified from accumulated other comprehensive income (loss) to net income were as follows (in millions):


	Years Ended December 31,
Pension and other postretirement benefit plans	2024		2023		2022		Statement of Operations Caption
Amortization of actuarial losses	$	1	$	1	$	—	Selling, general and administrative
Settlement loss	1		—		2		Selling, general and administrative
Total	2		1		2
Tax provision	(1)		—		(1)		Income tax provision








Total reclassifications for the period	$	1	$	1	$	1

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2024
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 In connection with the Spin-Off, pursuant to the separation and distribution agreement (agreements and defined terms are discussed in Note 20, "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.

Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

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

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

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

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

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

Under U.S. GAAP, entities are allowed to measure certain financial instruments and other items at fair value. The Company has not elected the fair value measurement option for any of its assets or liabilities that meet the criteria for this option. Irrespective of the fair value option previously described, U.S. GAAP requires certain financial and non-financial assets and liabilities of the Company to be measured on either a recurring basis or on a nonrecurring basis as shown in the sections that follow.

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. The Company's assessment of goodwill and other intangible assets for impairment includes an assessment using various Level 2 (EBITDA multiples and discount rate) and Level 3 (forecasted cash flows) inputs. See Note 2, "Basis of Presentation and Significant Accounting Policies," for more information on the application of the use of fair value methodology.

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 $27 million and $31 million in cash equivalents at December 31, 2024 and 2023, respectively.

Debt Obligations

The fair values of the Company's ABL Credit Facility, AR Facility and finance lease liabilities approximated their book values as of December 31, 2024 and 2023. The fair value of the Company's 2027 Notes and 2029 Notes are 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).


	December 31, 2024				December 31, 2023
	Nominal Unpaid Principal Balance		Aggregate Fair Value		Nominal Unpaid Principal Balance		Aggregate Fair Value
2027 Notes	$	1,200	$	1,182	$	1,200	$	1,180
2029 Notes	800		809		—		—
Notes	$	2,000	$	1,991	$	1,200	$	1,180

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

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).


	Years Ended December 31,
	2024		2023		2022
Basic and diluted earnings per share:
Numerator:
Net income, basic and diluted	$	211	$	347	$	330
Denominator:
Basic weighted average common shares	28.4		28.5		29.6
Stock options, RSUs and PSUs	0.1		0.2		0.6
Weighted average shares used to calculate diluted earnings per share	28.5		28.7		30.2
Earnings per share:
Basic	$	7.43	$	12.18	$	11.15
Diluted	$	7.40	$	12.09	$	10.92
Antidilutive stock options, RSUs and PSUs	—		0.1		0.1

Arrangements with New Hertz	12 Months Ended
Arrangements with New Hertz	Dec. 31, 2024
Related Party Transactions [Abstract]
Arrangements with New Hertz	Arrangements with New Hertz 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. There have been no material claims or expenses incurred with respect to these agreements in any of the periods presented. 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.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details

Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the chief operating decision maker in deciding how to allocate resources to an individual segment and in assessing performance. The Company's Chief Operating Decision Maker (“CODM”) has been identified as its chief executive officer ("CEO").

The Company considered guidance in ASC Topic 280, Segment Reporting, and used the management approach in determining its reportable segments. The Company has determined that it has two operating segments that are aggregated into one reportable segment: equipment rental.

The equipment rental segment derives revenues from customers by renting equipment from the Company's fleet, which includes aerial, earthmoving, material handling, trucks and trailers, air compressors, compaction, lighting, trench shoring, and studio and production equipment. The Company’s broad portfolio of equipment for rent is fungible and can be deployed throughout the geographies where the Company does business.

Performance and resource allocation, particularly the amount and timing of new equipment purchases, are evaluated by the CODM using net income. Net income is also used when determining other capital allocation priorities such as completing acquisitions, paying dividends or repurchasing Company shares. Net income of the equipment rental segment is reported on the consolidated statement of operations as consolidated net income. Additionally, the measures of segment assets are reported on the consolidated balance sheet as total consolidated assets and rental equipment, which is also disclosed in Note 4, "Rental Equipment."

There are no significant segment expenses other than those presented on the consolidated statement of operations and the Company does not have intra-entity sales.

The Company generates substantially all of its equipment rental revenue in North America. For each of the last three fiscal years, revenues from external customers attributed to the U.S. and all foreign countries (primarily Canada) in total are set forth below:


	Years Ended December 31,
	2024		2023		2022
United States	$	3,314	$	3,019	$	2,499
International	254		263		241
Total revenue	$	3,568	$	3,282	$	2,740

Geographic information for long-lived assets, which consist primarily of rental equipment and property and equipment, was as follows (in millions):


	December 31, 2024		December 31, 2023
Total assets
United States	$	7,375	$	6,531
International	502		530
Total	$	7,877	$	7,061
Rental equipment, net
United States	$	3,962	$	3,546
International	263		285
Total	$	4,225	$	3,831
Property and equipment, net
United States	$	525	$	436
International	29		29
Total	$	554	$	465

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

SCHEDULE II

VALUATION AND QUALIFYING ACCOUNTS

HERC HOLDINGS INC. AND SUBSIDIARIES

(In millions)


	Beginning Balance		Provisions		Translation Adjustments		Deductions		Ending Balance
Receivables allowances:
Year to date December 31, 2024	$	20	$	70	$	—	$	(68)	$	22
Year to date December 31, 2023	18		65		—		(63)		20
Year to date December 31, 2022	14		52		—		(48)		18

Tax valuation allowances:
Year to date December 31, 2024	$	2	$	3	$	—	$	—	$	5
Year to date December 31, 2023	4		1		—		(3)		2
Year to date December 31, 2022	3		1		—		—		4

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income, basic and diluted	$ 211	$ 347	$ 330

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Insider Trading Arrangements - W. Mark Humphrey [Member]	3 Months Ended	12 Months Ended
	Dec. 31, 2024 shares	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On November 8, 2024, W. Mark Humphrey, our Chief Financial Officer, adopted a trading plan intended to satisfy Rule 10b5-1(c) under the Exchange Act (the “Trading Plan”). The Trading Plan provides for the potential sale of (1) up to 852 shares of Herc Holdings Inc. common stock and (2) additional net shares acquired through vesting of restricted stock units and performance stock units between February 6, 2025 and March 13, 2025 may be sold so long as the market price of the Herc Holdings Inc. common stock satisfies certain threshold prices specified in the Trading Plan. The Trading Plan will expire on October 31, 2025, subject to early termination for certain specified events set forth in the Trading Plan.
Name	W. Mark Humphrey
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 8, 2024
Expiration Date	March 13, 2025
Arrangement Duration	35 days
Aggregate Available	852	852

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Our executive management team has established an enterprise risk management (“ERM”) program, which includes an evaluation of our cybersecurity program as well as associated risks and risk mitigation strategies. Our ERM program is led by the Vice President of Internal Audit and our ERM Committee, which is comprised of members of senior management, including our CEO, Chief Financial Officer, Chief Information Officer ("CIO"), Chief Information Security Officer ("CISO") and Chief Legal Officer. Our cybersecurity policies, standards, processes and practices are integrated into our ERM program and leverage the National Institute of Standards and Technology guidelines. Generally, we seek to address cybersecurity risk through a cross-functional approach in an effort to preserve the confidentiality, security and availability of information that we collect, store and otherwise process. For a description of the risks from cybersecurity threats that could materially and adversely impact us and how they may do so, see our risk factors under Part I, Item 1A "Risk Factors—Risks Related to Our Business" of this Report. Risk Management and Strategy As one of the critical elements of our overall ERM approach, our cybersecurity program is focused on the following key areas: Governance—In 2024, the Board of Directors (the "Board") assumed direct oversight of our cybersecurity program and management of the associated risks. The Board periodically receives updates regarding our cybersecurity program through meetings with and reports from our CIO and CISO (or their designees). Our management team has established a cybersecurity crisis management team, led by our CIO and CISO, that includes other members of management depending on the origin, severity and other factors related to any cybersecurity incident identified. The cybersecurity crisis management team is responsible for communication of significant incidents to the Board and provides updates to the Board through incident resolution. Materiality of incidents are evaluated and determined by our cyber incident disclosure committee that includes certain cybersecurity crisis management team members and which may receive input from relevant stakeholders. Operating Model—We have adopted a cross-functional operating model designed to identify, prevent, assess, manage and mitigate cybersecurity threats and incidents. We have established controls and procedures intended to promptly escalate certain cybersecurity incidents so that decisions regarding the public disclosure and reporting of such incidents can be made by the cyber incident disclosure committee in a timely manner. Technical Safeguards—We have deployed technical safeguards that are designed to protect our information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality and access controls. We evaluate and strive to improve upon these safeguards through vulnerability assessments and cybersecurity threat intelligence. Incident Response and Recovery Planning—We have established and maintain an incident response program that governs our response to a cybersecurity incident from detection and initial assessments to incident resolution and recovery. We have a dedicated cybersecurity team led by our CISO that monitors our information systems for indications of cybersecurity threats and will employ our cybersecurity operational model within the incident response program promptly upon threat detection. Our incident response program is tested and evaluated on a regular basis. Third-Party Risk Management—We maintain a risk-based approach to identifying and overseeing cybersecurity risks presented by third parties (including vendors, service providers and other external users of our systems) as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems. Education and Training—We conduct mandatory training for all employees to communicate our policies and procedures regarding cybersecurity and to assist employees in learning how to identify potential cybersecurity threats. Assessment and Testing—We engage in periodic assessments and testing of our policies and procedures that are designed to address cybersecurity threats and incidents. We use a range of activities such as audits, assessments, tabletop exercises, threat modeling, vulnerability testing and other exercises focused on evaluating the effectiveness of our cybersecurity measures and planning. On occasion, we use third parties (such as outside counsel, information security consultants, and software providers) to assist in these assessment and testing exercises.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our executive management team has established an enterprise risk management (“ERM”) program, which includes an evaluation of our cybersecurity program as well as associated risks and risk mitigation strategies. Our ERM program is led by the Vice President of Internal Audit and our ERM Committee, which is comprised of members of senior management, including our CEO, Chief Financial Officer, Chief Information Officer ("CIO"), Chief Information Security Officer ("CISO") and Chief Legal Officer. Our cybersecurity policies, standards, processes and practices are integrated into our ERM program and leverage the National Institute of Standards and Technology guidelines. Generally, we seek to address cybersecurity risk through a cross-functional approach in an effort to preserve the confidentiality, security and availability of information that we collect, store and otherwise process.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	In 2024, the Board of Directors assumed direct oversight of our cybersecurity program and management of the associated risks. The Board periodically receives presentations and reports on cybersecurity risks on a wide range of topics including recent developments, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations. The Board also receives reports regarding cybersecurity incidents that meet established reporting thresholds through the process described above, as well as updates regarding any such incident. The CIO and CISO are responsible for the maintenance of the incident response program that is designed to protect our information systems and information from cybersecurity threats and oversee the incident response team which responds to any cybersecurity threats or incidents in accordance with our cybersecurity incident response plan. The cybersecurity incident response team is responsible for monitoring, preventing, detecting, mitigating and remediating cybersecurity threats and incidents and reports such threats and incidents to the CISO (or other relevant stakeholders). Depending on the threat or incident level, the CISO will engage the cybersecurity crisis management team and the cyber incident disclosure committee to determine proper escalation with significant incidents being reported to the Board. The CISO has served in various roles of increasing responsibility in information technology and information security for over 30 years and has attained several relevant professional certifications. The CIO has also served in various roles in information technology for over 25 years, including as chief information officer at another public company, and has extensive experience managing cybersecurity threats.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	he Board of Directors (the "Board") assumed direct oversight of our cybersecurity program and management of the associated risks. The Board periodically receives updates regarding our cybersecurity program through meetings with and reports from our CIO and CISO (or their designees)
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our management team has established a cybersecurity crisis management team, led by our CIO and CISO, that includes other members of management depending on the origin, severity and other factors related to any cybersecurity incident identified. The cybersecurity crisis management team is responsible for communication of significant incidents to the Board and provides updates to the Board through incident resolution. Materiality of incidents are evaluated and determined by our cyber incident disclosure committee that includes certain cybersecurity crisis management team members and which may receive input from relevant stakeholders.
Cybersecurity Risk Role of Management [Text Block]	The CIO and CISO are responsible for the maintenance of the incident response program that is designed to protect our information systems and information from cybersecurity threats and oversee the incident response team which responds to any cybersecurity threats or incidents in accordance with our cybersecurity incident response plan. The cybersecurity incident response team is responsible for monitoring, preventing, detecting, mitigating and remediating cybersecurity threats and incidents and reports such threats and incidents to the CISO (or other relevant stakeholders). Depending on the threat or incident level, the CISO will engage the cybersecurity crisis management team and the cyber incident disclosure committee to determine proper escalation with significant incidents being reported to the Board. The CISO has served in various roles of increasing responsibility in information technology and information security for over 30 years and has attained several relevant professional certifications. The CIO has also served in various roles in information technology for over 25 years, including as chief information officer at another public company, and has extensive experience managing cybersecurity threats.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	he Board of Directors (the "Board") assumed direct oversight of our cybersecurity program and management of the associated risks. The Board periodically receives updates regarding our cybersecurity program through meetings with and reports from our CIO and CISO (or their designees). Our management team has established a cybersecurity crisis management team, led by our CIO and CISO, that includes other members of management depending on the origin, severity and other factors related to any cybersecurity incident identified. The cybersecurity crisis management team is responsible for communication of significant incidents to the Board and provides updates to the Board through incident resolution
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The CISO has served in various roles of increasing responsibility in information technology and information security for over 30 years and has attained several relevant professional certifications. The CIO has also served in various roles in information technology for over 25 years, including as chief information officer at another public company, and has extensive experience managing cybersecurity threats.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	he Board of Directors (the "Board") assumed direct oversight of our cybersecurity program and management of the associated risks. The Board periodically receives updates regarding our cybersecurity program through meetings with and reports from our CIO and CISO (or their designees). Our management team has established a cybersecurity crisis management team, led by our CIO and CISO, that includes other members of management depending on the origin, severity and other factors related to any cybersecurity incident identified. The cybersecurity crisis management team is responsible for communication of significant incidents to the Board and provides updates to the Board through incident resolution. Materiality of incidents are evaluated and determined by our cyber incident disclosure committee that includes certain cybersecurity crisis management team members and which may receive input from relevant stakeholders.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Basis of Presentation and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

The Company prepares its consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("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 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.

Reclassifications

Certain amounts on the balance sheet in prior years have been reclassified to conform with the presentation in the current year.

Principles of Consolidation

The 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 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.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and highly liquid investments with an original maturity of three months or less.

Concentration of Credit Risk

The Company's cash and cash equivalents are held in checking accounts, various investment grade institutional money market accounts or bank term deposits. Deposits held at banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. The Company seeks to mitigate such risks by spreading the risk across multiple counterparties and monitoring the risk profiles of these counterparties. In addition, the Company has credit risk from financial

instruments used in hedging activities, when appropriate. The Company limits its exposure relating to financial instruments by diversifying the financial instruments among various counterparties, which consist of major financial institutions.

Receivables

Receivables are stated net of allowances and represent credit extended to customers and manufacturers that satisfy defined credit criteria. The estimate of the allowance for credit losses is based on the Company's historical experience and its judgment as to the likelihood of ultimate collection. Actual receivables are written-off against the allowance for credit losses when the Company determines the balance will not be collected. Estimates for future credit memos are based on historical experience and are reflected as reductions to revenue, while the provision for credit losses for rental transactions is reflected as a component of "Selling, general and administrative expenses" in the Company's consolidated statements of operations.

Rental Equipment

Rental equipment is stated at cost, net of related discounts, with holding periods ranging from one year to 15 years. Generally, when rental equipment is acquired, the Company estimates the period that it will hold the asset, primarily based on historical measures of the amount of rental activity (e.g. equipment usage) and the targeted age of equipment at the time of disposal. The Company also estimates the residual value of the applicable rental equipment at the expected time of disposal. The residual value for rental equipment is affected by factors which include equipment age and amount of usage. Depreciation is recorded over the estimated holding period. Depreciation rates are reviewed on a quarterly basis based on management's ongoing assessment of present and estimated future market conditions, their effect on residual values at the time of disposal and the estimated holding periods. Market conditions for used equipment sales can also be affected by external factors such as the economy, natural disasters, fuel prices, supply of similar used equipment, the market price for similar new equipment and incentives offered by manufacturers of new equipment. These key factors are considered when estimating future residual values and assessing depreciation rates. As a result of this ongoing assessment, the Company makes periodic adjustments to depreciation rates of rental equipment in response to changed market conditions.

Property and Equipment

Property and equipment are stated at cost and are depreciated utilizing the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the estimated useful lives of the related assets or leases, whichever is shorter.

Useful lives are as follows:


Buildings			8 to 33 years
Service vehicles			3 to 13 years
Machinery and equipment			1 to 15 years
Computer equipment			1 to 5 years
Furniture and fixtures			2 to 10 years
Leasehold improvements			The lesser of the asset life or expected lease term including lease extension options.

The Company follows the practice of charging routine maintenance and repairs, including the cost of minor replacements, to maintenance expense. Costs of major replacements are capitalized and depreciated.

Leases

Leases are classified as either finance or operating at inception of the lease, with classification affecting the pattern of expense recognition in the income statement. Operating and finance leases result in the recognition of right-of-use ("ROU") assets and lease liabilities on the balance sheet. ROU assets represent the Company's right to use the leased asset for the lease term and lease liabilities represent the obligation to make lease payments. The liability is calculated as the present value of the remaining minimum lease payments for existing operating leases using either the rate implicit in the lease or, if none exists, the Company's incremental borrowing rate. Operating lease cost is recorded on a straight-line basis over the remaining lease term. Finance lease cost includes amortization of the ROU assets on a straight-line basis and interest on the lease liabilities using the effective interest method.

In certain instances, the Company may sell property and enter into an arrangement to lease the property back from the landlord. In these instances, the Company performs a sale-leaseback analysis to determine if the assets can be removed from the balance sheet. If certain criteria are met, the Company recognizes the transaction as a sale, removes the assets from its balance sheet and reflects the future lease payments as rent expense. If the criteria for sale is not met, such as available repurchase options or continuing involvement with the property, the Company is considered the owner for accounting purposes. In these instances, the Company is precluded from derecognizing the assets from its balance sheet and will continue to depreciate the assets over the expected lease term. In conjunction with these arrangements, the Company records a financing obligation equal to the cash proceeds or fair market value of the assets received from the landlord. Lease payments for these properties are recognized as interest expense and a reduction of the financing obligation using the effective interest method. At the end of the lease term, including exercise of any renewal options, the net remaining financing obligation over the net carrying value of the fixed asset will be recognized as a non-cash gain on sale of the property.

Reserves for Self-Insured Claims

The obligation for public liability and property damage on self-insured equipment represents an estimate for both reported accident claims not yet paid, and claims incurred but not yet reported. The related liabilities are recorded on a non-discounted basis. Reserve requirements are based on actuarial evaluations of historical accident claim experience and trends, as well as future projections of ultimate losses, expenses, premiums and administrative costs. The adequacy of the liability is regularly monitored based on evolving accident claim history and insurance-related state legislation changes. If the Company's estimates change or if actual results differ from these assumptions, the amount of the recorded liability is adjusted to reflect these results.

Reserves for Claims

The Company is exposed to various claims relating to our business, including those for which we provide self-insurance. Claims for which we self-insure include: (i) workers compensation claims; (ii) general liability claims by third parties for injury or property damage caused by our equipment or personnel; (iii) automobile liability claims; and (iv) employee health insurance claims. These types of claims may take a substantial amount of time to resolve and, accordingly, the ultimate liability associated with a particular claim, including claims incurred but not reported as of a period-end reporting date, may not be known for an extended period of time. The Company's methodology for developing self-insurance reserves is based on management estimates and independent third party actuarial estimates. The estimation process considers, among other matters, the cost of known claims over time, cost inflation and incurred but not reported claims. These estimates may change based on, among other things, changes in the Company's claim history or receipt of additional information relevant to assessing the claims and the amount of the recorded liability is adjusted to reflect these changes. The long-term portion of our self-insurance reserves is included in "Other long-term liabilities" in the consolidated balance sheet.

Defined Benefit Pension Plans and Other Employee Benefits

The Company's employee pension costs and obligations are developed from actuarial valuations. Inherent in these valuations are key assumptions, including discount rates, salary growth, long-term return on plan assets, retirement rates, mortality rates and other factors. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by actuaries. However, actual results may differ substantially from the estimates that were based on the assumptions. The Company uses a December 31 measurement date for all of the plans.

Actual results that differ from the Company's assumptions are accumulated and amortized over future periods and, therefore, generally affect its recognized expense in such future periods. While management believes that the assumptions used are appropriate, significant differences in actual experience or significant changes in assumptions would affect the Company's pension costs and obligations.

Foreign Currency Translation and Transactions

Assets and liabilities of international subsidiaries whose functional currency is the local currency are translated at the rate of exchange in effect on the balance sheet date; income and expenses are translated at the average exchange rates throughout the year. The related translation adjustments are reflected in “Accumulated other comprehensive income (loss)” in the equity section of the Company's consolidated balance sheets. Foreign currency gains and losses resulting from transactions are included in earnings.

Business Combinations

The Company has made multiple acquisitions and may continue to make acquisitions in the future. The assets acquired and liabilities assumed are recorded based on their respective fair values at the date of acquisition. Long-lived assets (principally rental equipment), goodwill and other intangible assets generally represent the largest components of the acquisitions. Rental equipment is valued utilizing either a cost or market approach, or a combination of these methods, depending on the asset being valued and the availability of market data. The intangible assets that the Company has acquired are non-compete agreements, customer relationships, and trade names and associated trademarks. The estimated fair values of these intangible assets reflect various assumptions about discount rates, revenue growth rates, operating margins, terminal values, useful lives and other prospective financial information. Goodwill is calculated as the excess of the cost of the acquired entity over the net of the fair value of the assets acquired and the liabilities assumed. Non-compete agreements, customer relationships, and trade names and associated trademarks are valued based on an excess earnings or income approach based on projected cash flows and may be amortized over the useful life if they are determined to be finite-lived intangible assets. Determining the fair value of the assets and liabilities acquired is judgmental in nature and can involve the use of significant estimates and assumptions.

As part of an acquisition, the Company will also acquire other assets and assume liabilities. These other assets and liabilities typically include, but are not limited to, parts inventory, accounts receivable, accounts payable and other working capital items. Because of their short-term nature, the fair values of these other assets and liabilities generally approximate the book values on the acquired entities' balance sheets.

Goodwill and Indefinite-Lived Intangible Assets

On an annual basis and at interim periods when circumstances require, the Company tests the recoverability of its goodwill. The analysis is conducted as of October 1 each year. The Company has two reporting units and compares the carrying value of its reporting units to the fair value. If the carrying value of the reporting unit is greater than its fair value, the Company recognizes an impairment charge for the amount equal to that excess.

The Company may first assess qualitative factors to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test. If a quantitative impairment test is performed, the fair value of the reporting unit is estimated using a combination of an income approach on the present value of estimated future cash flows and a market approach based on published earnings multiples of comparable entities with similar operations and economic characteristics as well as acquisition multiples paid in recent transactions. The Company’s discounted cash flows are based upon reasonable and appropriate assumptions, which are weighted for their likely probability of occurrence, about the underlying business activities of the Company.

Indefinite-lived intangible assets, primarily the Company's trade name, are not amortized but are evaluated annually for impairment and whenever events or changes in circumstances indicate that the carrying amount of this asset may exceed its fair value. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, an impairment charge is recognized in an amount equal to that excess.

Finite-Lived Intangible and Long-Lived Assets

Intangible assets include technology, customer relationships and other intangibles. Intangible assets with finite lives are amortized over the estimated economic lives of the assets, which range from five to 14 years. These assets are primarily amortized using the straight-line method, however, certain assets may be amortized using an accelerated method that reflects the economic benefit to the Company. Long-lived assets, including intangible assets with finite lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of an impairment loss for long-lived assets that management expects to hold and use is based on the estimated fair value of the asset.

Long-lived assets, or disposal groups comprising assets and liabilities, that are expected to be recovered primarily through sale rather than through continuing use are classified as assets held for sale. Upon designation as an asset held for sale, the carrying value of each long-lived asset or disposal group is recorded at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and depreciation expense is no longer recorded.

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 rental transactions are accounted for under ASC Topic 842, Leases, ("Topic 842"). Equipment rental revenue includes revenue generated from renting equipment to customers, including re-rent revenue, and is recognized on a straight-line basis over the length of the rental contract. Other equipment rental revenues include fees for the Company's rental protection program and environmental charges and are recognized on a straight-line basis over the length of the rental contract.

The Company’s sale of rental and new equipment, parts and supplies along with certain services provided to customers are recognized 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.

Stock Based Compensation

Under the Company's stock based compensation plans, certain employees and members of the Company's board of directors have received grants of restricted stock units, performance stock units and stock options for Herc Holdings common stock.

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

The Company accounts for restricted stock unit and performance stock unit awards as equity classified awards. For restricted stock units, the expense is based on the grant date fair value of the stock and the number of shares that vest, recognized over the service period. For performance stock units, the expense is based on the grant date fair value of the stock, recognized over a service period depending upon the applicable performance condition. For performance stock units, the Company re-assesses the probability of achieving the applicable performance condition each reporting period and adjusts the recognition of expense accordingly.

Income Taxes

The Company applies the provisions of ASC Topic 740, Income Taxes, ("Topic 740"), and computes the provision for income taxes on a Separate Return Basis. Under Topic 740, deferred tax assets and liabilities are determined based on differences

between the financial statement carrying amounts and tax bases of assets and liabilities and are measured using the enacted tax rates that are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates is recognized in the statement of operations in the period that includes the enactment date. The Company records valuation allowances to reduce its deferred tax assets by the amount that is more likely than not to be realized. Subsequent changes to enacted tax rates and changes in the interpretations thereof will result in deferred taxes and changes to any related valuation allowances. Provisions are not made for income taxes on undistributed earnings of international subsidiaries that are intended to be indefinitely reinvested outside of the United States or are expected to be remitted free of taxes. Future distributions, if any, from these international subsidiaries to the United States or changes in U.S. tax rules may require a charge to reflect tax on these amounts.

In accordance with Topic 740, the Company recognizes, in its consolidated financial statements, the impact of the Company's tax positions that are more likely than not to be sustained upon examination. The Company will determine whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, the Company presumes that the position will be examined by the appropriate taxing authority with full knowledge of all relevant information. Upon determination that a tax position meets the more-likely-than-not recognition threshold, it is measured to determine the amount of benefit to recognize in the financial statements. The Company recognizes interest and penalties for uncertain tax positions in income tax expense.

Recently Issued Accounting Pronouncements

Adopted

Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued Accounting Standards Update No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The Company adopted this guidance effective January 1, 2024 and has made the appropriate disclosures in Note 21, "Segment Information."

Not Yet Adopted

Improvements to Income Tax Disclosures

In December 2023, the FASB issued Accounting Standards Update No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and related disclosures.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued Accounting Standards Update No. 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)" ("ASU 2024-03"), which is intended to improve the disclosures about a public entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2024-03 should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and related disclosures.

Basis of Presentation and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Useful Lives

Useful lives are as follows:


Buildings			8 to 33 years
Service vehicles			3 to 13 years
Machinery and equipment			1 to 15 years
Computer equipment			1 to 5 years
Furniture and fixtures			2 to 10 years
Leasehold improvements			The lesser of the asset life or expected lease term including lease extension options.

Property and equipment consists of the following (in millions):


	December 31, 2024		December 31, 2023
Land and buildings	$	136	$	131
Service vehicles	591		488
Leasehold improvements	142		122
Machinery and equipment	33		27
Computer equipment and software	16		81
Furniture and fixtures	19		18
Construction in progress	22		20
Property and equipment, gross	959		887
Less: accumulated depreciation	(405)		(422)
Property and equipment, net	$	554	$	465

The Company leases certain of its service vehicles and office equipment under finance leases. Depreciation of assets held under finance leases is included in depreciation expense. The gross amounts of property and equipment and related depreciation recorded under finance leases, included in the table above, were as follows (in millions):


	December 31, 2024		December 31, 2023
Service vehicles	$	124	$	109
Furniture and fixtures	2		2
Finance lease assets, gross	126		111
Less: accumulated depreciation	(52)		(37)
Finance lease assets, net	$	74	$	74

The Company has entered into financing obligations to lease certain of its properties as discussed further in Note 12, "Financing Obligations." Depreciation of assets held under financing obligations is included in depreciation expense. The gross amounts of land, building and leasehold improvements and related depreciation recorded under financing obligations, included in the table above, were as follows (in millions):


	December 31, 2024		December 31, 2023
Land, building and leasehold improvements	$	72	$	72
Less: accumulated depreciation	(42)		(40)
Net assets under financing obligations	$	30	$	32

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Accounting Guidance for the Company’s Revenues

The following summarizes the applicable accounting guidance for the Company’s revenues (in millions):


	Years Ended December 31,
	2024						2023						2022
	Topic 842		Topic 606		Total		Topic 842		Topic 606		Total		Topic 842		Topic 606		Total
Revenues:
Equipment rental	$	2,862	$	—	$	2,862	$	2,577	$	—	$	2,577	$	2,284	$	—	$	2,284
Other rental revenue:
Delivery and pick-up	—		213		213		—		188		188		—		170		170
Other	114		—		114		105		—		105		98		—		98
Total other rental revenues	114		213		327		105		188		293		98		170		268
Total equipment rentals	2,976		213		3,189		2,682		188		2,870		2,382		170		2,552
Sales of rental equipment	—		311		311		—		346		346		—		125		125
Sales of new equipment, parts and supplies	—		37		37		—		38		38		—		36		36
Service and other revenues	—		31		31		—		28		28		—		27		27
Total revenues	$	2,976	$	592	$	3,568	$	2,682	$	600	$	3,282	$	2,382	$	358	$	2,740

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):


	Years Ended December 31,
	2024		2023		2022
Sales of rental equipment	$	311	$	346	$	125
Sales of new equipment	12		14		8
Sales of parts and supplies	25		24		28
Total	$	348	$	384	$	161

Rental Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Rental Equipment [Abstract]

Schedule of Rental Equipment

Rental equipment consists of the following (in millions):


	December 31, 2024		December 31, 2023
Rental equipment	$	6,423	$	5,785
Less: Accumulated depreciation	(2,198)		(1,954)
Rental equipment, net	$	4,225	$	3,831

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Useful lives are as follows:


Buildings			8 to 33 years
Service vehicles			3 to 13 years
Machinery and equipment			1 to 15 years
Computer equipment			1 to 5 years
Furniture and fixtures			2 to 10 years
Leasehold improvements			The lesser of the asset life or expected lease term including lease extension options.

Property and equipment consists of the following (in millions):


	December 31, 2024		December 31, 2023
Land and buildings	$	136	$	131
Service vehicles	591		488
Leasehold improvements	142		122
Machinery and equipment	33		27
Computer equipment and software	16		81
Furniture and fixtures	19		18
Construction in progress	22		20
Property and equipment, gross	959		887
Less: accumulated depreciation	(405)		(422)
Property and equipment, net	$	554	$	465

The Company leases certain of its service vehicles and office equipment under finance leases. Depreciation of assets held under finance leases is included in depreciation expense. The gross amounts of property and equipment and related depreciation recorded under finance leases, included in the table above, were as follows (in millions):


	December 31, 2024		December 31, 2023
Service vehicles	$	124	$	109
Furniture and fixtures	2		2
Finance lease assets, gross	126		111
Less: accumulated depreciation	(52)		(37)
Finance lease assets, net	$	74	$	74

The Company has entered into financing obligations to lease certain of its properties as discussed further in Note 12, "Financing Obligations." Depreciation of assets held under financing obligations is included in depreciation expense. The gross amounts of land, building and leasehold improvements and related depreciation recorded under financing obligations, included in the table above, were as follows (in millions):


	December 31, 2024		December 31, 2023
Land, building and leasehold improvements	$	72	$	72
Less: accumulated depreciation	(42)		(40)
Net assets under financing obligations	$	30	$	32

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Purchase Price Allocation and Fair value and Useful Lives - 2021

The following table summarizes the purchase price allocation of the assets acquired and liabilities assumed (in millions):



Accounts receivable	$	15

Rental equipment	129
Property and equipment	9
Intangibles(a)	65
Total identifiable assets acquired	218
Current liabilities	1

Net identifiable assets acquired	217
Goodwill(b)	56
Net assets acquired	$	273

(a) The following table reflects the fair values and useful lives of the acquired intangible assets identified (in millions):


	Otay		Life (years)
Customer relationships	$	61	14
Non-compete agreements	4		5
Total acquired intangible assets	$	65

(b) The level of goodwill that resulted from the acquisition is primarily reflective of operational synergies that the Company expects to achieve that are not associated with identifiable assets, the value of Otay's assembled workforce and new customer relationships expected to arise from the acquisition. All of the goodwill is expected to be deductible for income tax purposes.

Schedule of Pro Forma Supplementary Data

The unaudited pro forma supplementary data presented in the table below (in millions) gives effect to the acquisition of Otay as if it had been included in the Company's condensed consolidated results for the entire period reflected. The unaudited pro forma supplementary data is provided for informational purposes only and is not indicative of the Company's results of operations had the acquisitions been included for the period presented, nor is it indicative of the Company's future results.


	Year Ended December 31, 2024					Year Ended December 31, 2023
	Herc	Otay		Total		Herc		Otay		Total
Historic/pro forma total revenues	3,568	$	41	$	3,609	$	3,282	$	73	$	3,355
Historic/combined pretax income	291	4		295		447		10		457
Pro forma adjustments to consolidated pretax income:
Impact of fair value adjustments/useful life changes on depreciation(a)		3		3				3		3
Intangible asset amortization(b)		(5)		(5)				(8)		(8)
Interest expense(c)		(10)		(10)				(18)		(18)
Elimination of historic interest(d)		3		3				5		5
Elimination of merger related costs(e)		2		2				—		—
Pro forma pretax income				$	288					$	439

(a) Depreciation of rental equipment was adjusted for the fair value at acquisition and changes in useful lives of equipment acquired.

(b) Intangible asset amortization was adjusted to include amortization of the acquired intangible assets.

(c) As discussed above, the Company funded the Otay acquisition primarily using drawings on its senior secured asset-based revolving credit facility. Interest expense was adjusted to reflect interest on such borrowings.

(d) Historic interest on debt that is not part of the combined entity was eliminated.

(e) Merger related direct costs primarily comprised of financial and legal advisory fees associated with the Otay acquisition were eliminated as they were assumed to have been recognized prior to the pro forma acquisition date.

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following summarizes the Company's goodwill (in millions):


	Years Ended December 31,
	2024		2023
Balance at the beginning of the period:
Goodwill, gross	$	1,154	$	1,088
Accumulated impairment losses	(671)		(669)
Goodwill	483		419

Goodwill classified as held for sale	—		(65)
Additions	190		128
Currency translation	(3)		1

Balance at the end of the period:
Goodwill, gross	1,334		1,154
Accumulated impairment losses	(664)		(671)
Goodwill	$	670	$	483

Schedule of Intangible Assets, Net (Finite Lived)

Intangible assets, net, consisted of the following major classes (in millions):


	December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Finite-lived intangible assets:
Customer-related and non-compete agreements	$	382	$	(106)	$	276
Internally developed software(a)	39		(14)		25
Total	421		(120)		301
Indefinite-lived intangible assets:
Trade name	271		—		271
Total intangible assets, net	$	692	$	(120)	$	572

(a) Includes capitalized costs of $14 million yet to be placed into service.


	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Finite-lived intangible assets:
Customer-related and non-compete agreements	$	248	$	(69)	$	179
Internally developed software(a)	64		(47)		17
Total	312		(116)		196
Indefinite-lived intangible assets:
Trade name	271		—		271
Total intangible assets, net	$	583	$	(116)	$	467

(a) Includes capitalized costs of $3 million yet to be placed into service.

Schedule of Intangible Assets, Net (Indefinite-Lived)

Intangible assets, net, consisted of the following major classes (in millions):


	December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Finite-lived intangible assets:
Customer-related and non-compete agreements	$	382	$	(106)	$	276
Internally developed software(a)	39		(14)		25
Total	421		(120)		301
Indefinite-lived intangible assets:
Trade name	271		—		271
Total intangible assets, net	$	692	$	(120)	$	572

(a) Includes capitalized costs of $14 million yet to be placed into service.


	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Finite-lived intangible assets:
Customer-related and non-compete agreements	$	248	$	(69)	$	179
Internally developed software(a)	64		(47)		17
Total	312		(116)		196
Indefinite-lived intangible assets:
Trade name	271		—		271
Total intangible assets, net	$	583	$	(116)	$	467

(a) Includes capitalized costs of $3 million yet to be placed into service.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Assets Held for Sale (Tables)

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Assets and Liabilities Held for Sale

The following table summarizes the assets and liabilities held for sale (in millions):


	December 31, 2024		December 31, 2023
Assets held for sale:
Cash and cash equivalents	$	—	$	1
Receivables	6		8
Other current assets	11		12
Total current assets held for sale	$	17	$	21

Rental equipment, net	$	124	$	183
Property and equipment, net	23		34
Right-of-use lease assets	47		75
Intangible assets, net	2		4
Goodwill	—		65
Other long-term assets	24		47
Total long-term assets held for sale	$	220	$	408

Liabilities held for sale:
Current maturities of operating lease liabilities	$	7	$	8
Accounts payable	5		6
Accrued liabilities	3		5
Total current liabilities held for sale	$	15	$	19

Operating lease liabilities	$	60	$	68
Total long-term liabilities held for sale	$	60	$	68

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense consist of the following (in millions):


		Years Ended December 31,
	Classification	2024		2023
Operating lease cost(a)	Direct operating	$	158	$	132
Finance lease cost:
Amortization of ROU assets	Depreciation and amortization	16		14
Interest on lease liabilities	Interest expense, net	3		2
Sublease income	Equipment rental revenue	(77)		(61)
Net lease cost		$	100	$	87

(a) Includes short-term leases of $62 million and $52 million for the year ended December 31, 2024 and 2023, respectively, and variable lease costs of $6 million and $3 million for the year ended December 31, 2024 and 2023, respectively.

Schedule of Balance sheet Information Related to Leases

Balance sheet information related to leases consists of the following (in millions):


	Classification	December 31, 2024		December 31, 2023
Assets
Operating lease ROU assets	Right-of-use assets	$	852	$	665
Finance lease ROU assets	Property and equipment, net(a)	74		74
Total leased assets		$	926	$	739
Liabilities
Current:
Operating	Current maturities of operating lease liabilities	$	39	$	37
Finance	Current maturities of long-term debt and financing obligations	17		15
Non-current:
Operating	Operating lease liabilities	842		646
Finance	Long-term debt, net	60		61
Total lease liabilities		$	958	$	759

(a) Finance lease right-of-use assets are recorded net of accumulated amortization of $52 million and $37 million for the years ended December 31, 2024 and 2023, respectively.


	Years Ended December 31,
	2024		2023
Weighted average remaining lease term:
Operating leases	17.1		16.8
Finance leases	5.1		5.4
Weighted average discount rate:
Operating leases	4.31	%	3.95	%
Finance leases	4.29	%	4.01	%

Schedule of Cash Flow Information Related to Leases

Cash flow information related to leases consists of the following (in millions):


	Years Ended December 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	51	$	49
Operating cash flows from finance leases	3		2
Financing cash flows from finance leases	16		12
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	300		291
Finance leases	17		24

Schedule of Lessee, Operating Lease, Liability, Maturity

Maturities of lease liabilities are as follows (in millions):


	Operating Leases		Finance Leases
2025	$	76	$	20
2026	82		18
2027	78		14
2028	75		13
2029	72		11
Thereafter	942		11
Total lease payments	1,325		87
Less: Interest	(444)		(10)
Present value of lease liabilities	$	881	$	77

Schedule of Finance Lease, Liability, Maturity

Maturities of lease liabilities are as follows (in millions):


	Operating Leases		Finance Leases
2025	$	76	$	20
2026	82		18
2027	78		14
2028	75		13
2029	72		11
Thereafter	942		11
Total lease payments	1,325		87
Less: Interest	(444)		(10)
Present value of lease liabilities	$	881	$	77

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consists of the following (in millions):


	December 31, 2024		December 31, 2023
Accrued compensation and benefit costs	$	58	$	51
Rebate accrual	43		56
Taxes payable	30		28
Accrued interest	38		37
Customer related deferrals	19		18
Insurance reserves	31		18
Acquisition holdbacks	13		3
Other	7		10
Total accrued liabilities	$	239	$	221

Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

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


	Weighted Average Effective Interest Rate at December 31, 2024	Weighted Average Stated Interest Rate at December 31, 2024	Fixed or Floating Interest Rate	Maturity	December 31, 2024		December 31, 2023
Senior Notes
2027 Notes	5.61%	5.50%	Fixed	2027	$	1,200	$	1,200
2029 Notes	6.91%	6.63%	Fixed	2029	$	800	—
Other Debt
ABL Credit Facility	N/A	5.83%	Floating	2027	1,621		2,072
AR Facility	N/A	5.36%	Floating	2025	400		345
Finance lease liabilities	4.29%	N/A	Fixed	2025-2032	77		76
Unamortized Debt Issuance Costs(a)					(12)		(5)
Total debt					4,086		3,688
Less: Current maturities of long-term debt					(17)		(15)
Long-term debt, net					$	4,069	$	3,673

(a) Unamortized debt issuance costs totaling $6 million and $8 million related to the ABL Credit Facility and AR Facility (as each is defined below) as of December 31, 2024 and 2023, respectively, are included in "Other long-term assets" in the consolidated balance sheets.

Schedule of Nominal Principal Amounts of Maturities of Debt

The nominal principal amounts of maturities of debt for each of the periods ending December 31 are as follows (in millions):


2025	$	17
2026	16
2027	3,233
2028	12
2029	810
Thereafter	10
Total	$	4,098

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 December 31, 2024 (in millions):


	Remaining Capacity		Availability Under Borrowing Base Limitation
ABL Credit Facility	$	1,845	$	1,845
AR Facility	—		—
Total	$	1,845	$	1,845

Financing Obligations (Tables)

12 Months Ended

Dec. 31, 2024

Financing Obligation [Abstract]

Schedule of Company's Financing Obligations

The Company's financing obligations consist of the following (in millions):


	Weighted Average Effective Interest Rate at December 31, 2024	Maturity	December 31, 2024		December 31, 2023
Financing obligations	5.45%	2026-2038	$	107	$	110
Unamortized financing issuance costs			(2)		(2)
Total financing obligations			105		108
Less: Current maturities of financing obligations			(4)		(4)
Financing obligations, net			$	101	$	104

Schedule of Future Minimum Financing Payments

As of December 31, 2024, future minimum financing payments for the agreements referred to above are as follows (in millions):


2025	$	10
2026	10
2027	10
2028	9
2029	9
Thereafter	72
Total minimum financing obligations payments	120
Obligations subject to non-cash gain on future sale of property	35
Less amount representing interest (at a weighted-average interest rate of 5.45%)	(48)
Total financing obligations	$	107

Employee Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Schedule of Reconciliation of Benefit Obligations and Plan Assets

The following table provides a reconciliation of benefit obligations and plan assets of the Company’s pension plans and postretirement benefit plans (in millions):


	Pension				Postretirement
	2024		2023		2024		2023
Change in Projected Benefit Obligations
Benefit obligations at beginning of year	$	137	$	134	$	1	$	1
Interest cost	7		7		—		—
Plan settlements	(7)		—		—		—
Benefits paid	—		(7)		—		—
Actuarial (gain) loss	(4)		3		—		—
Benefit obligations at end of year	$	133	$	137	$	1	$	1

Change in Fair Value of Plan Assets
Fair value of plan assets at beginning of year	$	119	$	113	$	—	$	—
Actual return on plan assets	2		9		—		—
Employer contribution	4		4		—		—
Plan settlements	(7)		—		—		—
Benefits paid	—		(7)		—		—
Fair value of plan assets at end of year	$	118	$	119	$	—	$	—

Funded Status	$	(15)	$	(18)	$	(1)	$	(1)

Accumulated benefit obligations	$	133	$	137

Schedule of Amounts Recognized in Balance Sheet


	Pension						Postretirement
	2024			2023			2024			2023
Amounts Recognized in Balance Sheet

Other long-term liabilities	$	(15)		$	(18)		$	(1)		$	(1)
Net amount recognized	$	(15)		$	(18)		$	(1)		$	(1)

Amounts Recognized in Accumulated Other Comprehensive Loss
Net actuarial (loss) gain	$	(18)		$	(19)		$	—		$	1

Net amount recognized	$	(18)		$	(19)		$	—		$	1

Weighted‑Average Assumptions Used to Determine Projected Benefit Obligations
Discount rate	5.5		%	5.1		%	5.5		%	5.1		%
Average rate of increase in compensation	—		%	—		%	—		%	—		%
Interest credit rate	3.8		%	3.8		%	—		%	—		%
Initial healthcare cost trend rate	N/A			N/A			6.9		%	6.1		%
Ultimate healthcare cost trend rate	N/A			N/A			4.0		%	4.0		%

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)


	Pension						Postretirement
	2024			2023			2024			2023
Amounts Recognized in Balance Sheet

Other long-term liabilities	$	(15)		$	(18)		$	(1)		$	(1)
Net amount recognized	$	(15)		$	(18)		$	(1)		$	(1)

Amounts Recognized in Accumulated Other Comprehensive Loss
Net actuarial (loss) gain	$	(18)		$	(19)		$	—		$	1

Net amount recognized	$	(18)		$	(19)		$	—		$	1

Weighted‑Average Assumptions Used to Determine Projected Benefit Obligations
Discount rate	5.5		%	5.1		%	5.5		%	5.1		%
Average rate of increase in compensation	—		%	—		%	—		%	—		%
Interest credit rate	3.8		%	3.8		%	—		%	—		%
Initial healthcare cost trend rate	N/A			N/A			6.9		%	6.1		%
Ultimate healthcare cost trend rate	N/A			N/A			4.0		%	4.0		%

Schedule of Assumptions Used


	Pension						Postretirement
	2024			2023			2024			2023
Amounts Recognized in Balance Sheet

Other long-term liabilities	$	(15)		$	(18)		$	(1)		$	(1)
Net amount recognized	$	(15)		$	(18)		$	(1)		$	(1)

Amounts Recognized in Accumulated Other Comprehensive Loss
Net actuarial (loss) gain	$	(18)		$	(19)		$	—		$	1

Net amount recognized	$	(18)		$	(19)		$	—		$	1

Weighted‑Average Assumptions Used to Determine Projected Benefit Obligations
Discount rate	5.5		%	5.1		%	5.5		%	5.1		%
Average rate of increase in compensation	—		%	—		%	—		%	—		%
Interest credit rate	3.8		%	3.8		%	—		%	—		%
Initial healthcare cost trend rate	N/A			N/A			6.9		%	6.1		%
Ultimate healthcare cost trend rate	N/A			N/A			4.0		%	4.0		%

Schedule of Benefit Obligations in Excess of Plan Assets

The benefit obligations and fair value of plan assets for the Company’s qualified and non-qualified pension and postretirement plans with projected benefit obligations or accumulated benefit obligations in excess of plan assets are as follows (in millions):


	Pension				Postretirement
	2024		2023		2024		2023
Plans with Benefit Obligations in Excess of Plan Assets
Projected benefit obligations	$	133	$	137	$	1	$	1
Accumulated benefit obligations	133		137		—		—
Fair value of plan assets	118		119		—		—

Schedule of Net Periodic Costs

The following table sets forth the net periodic pension cost (benefit) (in millions):


	Years Ended December 31,
	2024			2023			2022
Components of Net Periodic Pension Cost (Benefit)
Interest cost	$	7		$	7		$	5
Expected return on plan assets	(6)			(3)			(6)
Net amortization of actuarial net loss	1			1			—
Settlement loss	1			—			2
Net periodic pension cost (benefit)	$	3		$	5		$	1

Weighted‑Average Assumptions Used to Determine Net Periodic Pension Cost (Benefit)
Discount rate	5.1		%	5.4		%	2.7		%
Expected return on assets	6.3		%	6.0		%	4.6		%
Average rate of increase in compensation	—		%	—		%	—		%
Interest credit rate	3.8		%	3.8		%	3.8		%

Schedule of Pension Plan Assets

The fair value measurements of most plan assets are based upon significant other observable inputs (Level 2), except for the high yield mutual fund and cash which are based upon quoted market prices in active markets for identical assets (Level 1). The following represents the Company's pension plan assets (in millions):


Asset Category	December 31, 2024		December 31, 2023
Cash	$	7	$	2

Equity Securities:
U.S. Large Cap	17		13
U.S. Mid Cap	1		2

International Developed	6		12
International Emerging Markets	3		2
Fixed Income Securities:
U.S. Treasuries	40		23
Corporate Bonds	17		38
Government Bonds	1		7
Municipal Bonds	—		2
Mortgage-Backed Securities	8		1
Asset-Backed Securities	1		2
Bank Loans	—		6
Preferreds	—		6
Other	17		3
Total fair value of pension plan assets	$	118	$	119

Schedule of Expected Benefit Payments

The following table presents estimated future benefit payments (in millions):


	Pension		Postretirement
2025	$	9	$	—
2026	11		—
2027	12		—
2028	13		—
2029	14		—
2030-2034	70		—
	$	129	$	—

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Expenses and Associated Income Tax Benefits

The following table summarizes the expenses and associated income tax benefits recognized (in millions):


	Years Ended December 31,
	2024		2023		2022
Compensation expense	$	17	$	18	$	27
Income tax benefit	(4)		(5)		(7)
Total	$	13	$	13	$	20

Schedule of Stock Option Activity

A summary of option activity is presented below.


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in millions of dollars)
Outstanding at December 31, 2023	14,484	$	64.96
Granted	—	—
Exercised	(14,484)	64.96
Forfeited or expired	—	—
Outstanding at December 31, 2024	—	$	—
Expected to Vest at December 31, 2024	—	$	—	—	$	—
Exercisable at December 31, 2024	—	$	—	—	$	—

Schedule of Additional Information Pertaining to Option Activity

Additional information pertaining to stock option activity is as follows (in millions):


	Years Ended December 31,
	2024		2023		2022
Aggregate intrinsic value of stock options exercised	$	2	$	7	$	1
Cash received from the exercise of stock options	2		3		—
Tax benefit realized on exercise of stock options	—		2		—

Schedule of Performance Stock Units Activity

A summary of the PSU activity is presented below.


	Units	Weighted Average Grant Date Fair Value
Nonvested at December 31, 2023	188,758	$	123.21
Granted	68,848	148.01
Vested	(153,169)	77.10
Performance change	70,509	77.10
Forfeited	(873)	129.16
Nonvested at December 31, 2024	174,073	$	154.89

Schedule of Restricted Stock Units Activity

A summary of the RSU activity is presented below.


	Units	Weighted Average Grant Date Fair Value
Nonvested at December 31, 2023	200,139	$	123.82
Granted	108,138	152.88
Vested	(81,543)	125.03
Forfeited	(2,353)	150.68
Nonvested at December 31, 2024	224,381	$	137.10

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income before Income Taxes

The components of income before income taxes for the periods were as follows (in millions):


	Years Ended December 31,
	2024		2023		2022
Domestic	$	302	$	443	$	426
Foreign	(11)		4		8
Income before income taxes	$	291	$	447	$	434

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following (in millions):


	Years Ended December 31,
	2024		2023		2022
Current:
Federal	$	8	$	—	$	—
Foreign	4		4		5
State and local	9		7		15
Total current	21		11		20
Deferred:
Federal	63		86		82
Foreign	(6)		(1)		—
State and local	2		4		2
Total deferred	59		89		84
Total income tax provision	$	80	$	100	$	104

Schedule of U.S. and Foreign Net Deferred Tax Assets (Liabilities)

The principal items of the U.S. and foreign net deferred tax assets (liabilities) are as follows (in millions):


	December 31, 2024		December 31, 2023
Deferred tax assets:
Employee benefit plans	$	4	$	6
Tax credit carryforwards	5		3
Right-of-use assets	230		185
Deferred interest	80		58
Accrued expenses	59		55
Net operating loss carryforwards	42		108
Total deferred tax assets	420		415
Less: valuation allowance	(5)		(2)
Total net deferred tax assets	415		413
Deferred tax liabilities:
Lease liabilities	(218)		(179)
Prepaid expenses	(4)		(3)
Depreciation on tangible assets	(913)		(899)
Intangible assets	(80)		(75)
Total deferred tax liabilities	(1,215)		(1,156)
Net deferred tax liability	$	(800)	$	(743)

Schedule of Statutory Federal Income Tax Rate to Income Before Income Taxes

The income tax in the accompanying consolidated statements of operations differs from the income tax calculated by applying the statutory federal income tax rate to income before income taxes due to the following (in millions):


	Years Ended December 31,
	2024		2023		2022
Income tax provision at statutory rate	$	61	$	93	$	91
Increases (decreases) resulting from:
Foreign taxes	—		5		—
State and local income taxes, net of federal income tax	9		10		14
Federal and foreign permanent items	2		(1)		(1)
Change in valuation allowance	—		(2)		—
Goodwill impairment(a)	14		—		—
Tax credits	(6)		(6)		(1)
All other items, net	—		1		1
Income tax provision	$	80	$	100	$	104

(a) Relates to non-deductible goodwill impairment on Cinelease assets held for sale.

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Changes in the Accumulated Other Comprehensive Income (Loss)

The changes in the accumulated other comprehensive income (loss) balance by component (net of tax) are presented in the tables below (in millions):


	Pension and Other Post-Employment Benefits		Foreign Currency Items		Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2023	$	(20)	$	(98)	$	(118)
Other comprehensive loss before reclassification	—		(25)		(25)
Amounts reclassified from accumulated other comprehensive loss	1		—		1
Net current period other comprehensive loss	1		(25)		(24)
Balance at December 31, 2024	$	(19)	$	(123)	$	(142)


	Pension and Other Post-Employment Benefits		Foreign Currency Items		Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2022	$	(24)	$	(105)	$	(129)
Other comprehensive income before reclassification	3		7		10
Amounts reclassified from accumulated other comprehensive loss	1		—		1
Net current period other comprehensive income	4		7		11
Balance at December 31, 2023	$	(20)	$	(98)	$	(118)

Schedule of Reclassification from Accumulated Other Comprehensive Income (Loss)

Amounts reclassified from accumulated other comprehensive income (loss) to net income were as follows (in millions):


	Years Ended December 31,
Pension and other postretirement benefit plans	2024		2023		2022		Statement of Operations Caption
Amortization of actuarial losses	$	1	$	1	$	—	Selling, general and administrative
Settlement loss	1		—		2		Selling, general and administrative
Total	2		1		2
Tax provision	(1)		—		(1)		Income tax provision








Total reclassifications for the period	$	1	$	1	$	1

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The fair value of the Company's 2027 Notes and 2029 Notes are 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).


	December 31, 2024				December 31, 2023
	Nominal Unpaid Principal Balance		Aggregate Fair Value		Nominal Unpaid Principal Balance		Aggregate Fair Value
2027 Notes	$	1,200	$	1,182	$	1,200	$	1,180
2029 Notes	800		809		—		—
Notes	$	2,000	$	1,991	$	1,200	$	1,180

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2024

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).


	Years Ended December 31,
	2024		2023		2022
Basic and diluted earnings per share:
Numerator:
Net income, basic and diluted	$	211	$	347	$	330
Denominator:
Basic weighted average common shares	28.4		28.5		29.6
Stock options, RSUs and PSUs	0.1		0.2		0.6
Weighted average shares used to calculate diluted earnings per share	28.5		28.7		30.2
Earnings per share:
Basic	$	7.43	$	12.18	$	11.15
Diluted	$	7.40	$	12.09	$	10.92
Antidilutive stock options, RSUs and PSUs	—		0.1		0.1

Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Revenues from our External Customers and Geographical Information for Long-Lived Assets

The Company generates substantially all of its equipment rental revenue in North America. For each of the last three fiscal years, revenues from external customers attributed to the U.S. and all foreign countries (primarily Canada) in total are set forth below:


	Years Ended December 31,
	2024		2023		2022
United States	$	3,314	$	3,019	$	2,499
International	254		263		241
Total revenue	$	3,568	$	3,282	$	2,740

Geographic information for long-lived assets, which consist primarily of rental equipment and property and equipment, was as follows (in millions):


	December 31, 2024		December 31, 2023
Total assets
United States	$	7,375	$	6,531
International	502		530
Total	$	7,877	$	7,061
Rental equipment, net
United States	$	3,962	$	3,546
International	263		285
Total	$	4,225	$	3,831
Property and equipment, net
United States	$	525	$	436
International	29		29
Total	$	554	$	465

Organization and Description of Business (Details)	12 Months Ended
Organization and Description of Business (Details)	Dec. 31, 2024 location
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of locations	451
Number of experience	59 years

Basis of Presentation and Significant Accounting Policies - Concentration of Credit Risk (Details) - Customer concentration risk	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue Benchmark
Concentration Risk [Line Items]
Concentration risk, percentage	3.00%	3.00%	3.00%
Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage	5.00%	5.00%

Basis of Presentation and Significant Accounting Policies - Rental Equipment (Details)	12 Months Ended
	Dec. 31, 2024
Minimum
Rental Equipment [Line Items]
Holding period for revenue earning equipment	1 year
Maximum
Rental Equipment [Line Items]
Holding period for revenue earning equipment	15 years

Basis of Presentation and Significant Accounting Policies - Schedule of Useful Lives (Details)	Dec. 31, 2024
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	8 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	33 years
Service vehicles \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	3 years
Service vehicles \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	13 years
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	1 year
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	15 years
Computer equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	1 year
Computer equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	5 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	2 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	10 years

Basis of Presentation and Significant Accounting Policies - Goodwill and Indefinite-Lived Intangible Assets and Finite-Lived Intangible and Long-Lived Assets (Details)	12 Months Ended
	Dec. 31, 2024 reporting_unit
Accounting Policies [Abstract]
Number of reporting units	2
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated economic lives	5 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated economic lives	14 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Concentration Risk [Line Items]
Period of time customer has to return equipment with no cancelation penalty	1 day
Contract with customer, asset, after allowance for credit loss, current	$ 17	$ 11
Customer concentration risk \| Revenue Benchmark
Concentration Risk [Line Items]
Concentration risk, threshold, percentage	3.00%	3.00%	3.00%
Customer concentration risk \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, threshold, percentage	5.00%	5.00%
United States \| Geographic Concentration Risk \| Revenue Benchmark
Concentration Risk [Line Items]
Concentration risk, percentage	92.90%	92.00%	91.20%

Revenue Recognition - Schedule of Accounting Guidance for the Company’s Revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Topic 842 revenues	$ 2,976	$ 2,682	$ 2,382
Topic 606 revenues	592	600	358
Total revenues	$ 3,568	$ 3,282	$ 2,740
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total revenues	Total revenues	Total revenues
Equipment rental, excluding other
Disaggregation of Revenue [Line Items]
Topic 842 revenues	$ 2,862	$ 2,577	$ 2,284
Total revenues	2,862	2,577	2,284
Delivery and pick-up
Disaggregation of Revenue [Line Items]
Topic 606 revenues	213	188	170
Total revenues	213	188	170
Other
Disaggregation of Revenue [Line Items]
Topic 842 revenues	114	105	98
Total revenues	114	105	98
Other rental
Disaggregation of Revenue [Line Items]
Topic 842 revenues	114	105	98
Topic 606 revenues	213	188	170
Total revenues	327	293	268
Equipment rental
Disaggregation of Revenue [Line Items]
Topic 842 revenues	2,976	2,682	2,382
Topic 606 revenues	213	188	170
Total revenues	3,189	2,870	2,552
Sales of rental equipment
Disaggregation of Revenue [Line Items]
Topic 606 revenues	311	346	125
Total revenues	311	346	125
Sales of new equipment, parts and supplies
Disaggregation of Revenue [Line Items]
Topic 606 revenues	37	38	36
Total revenues	37	38	36
Service and other revenue
Disaggregation of Revenue [Line Items]
Topic 606 revenues	31	28	27
Total revenues	$ 31	$ 28	$ 27

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Topic 606 revenues	$ 592	$ 600	$ 358
Sales of rental equipment
Disaggregation of Revenue [Line Items]
Topic 606 revenues	311	346	125
Sales of new equipment
Disaggregation of Revenue [Line Items]
Topic 606 revenues	12	14	8
Sales of parts and supplies
Disaggregation of Revenue [Line Items]
Topic 606 revenues	25	24	28
Sales of rental equipment, New equipment, Parts and supplies
Disaggregation of Revenue [Line Items]
Topic 606 revenues	$ 348	$ 384	$ 161

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Rental Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Rental Equipment [Abstract]
Rental equipment	$ 6,423	$ 5,785
Less: Accumulated depreciation	(2,198)	(1,954)
Rental equipment, net	$ 4,225	$ 3,831

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 959	$ 887
Less: accumulated depreciation	(405)	(422)
Property and equipment, net	554	465
Land and buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	136	131
Service vehicles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	591	488
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	142	122
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	33	27
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	16	81
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	19	18
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 22	$ 20

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 82	$ 71	$ 64

Property and Equipment - Schedule of Property and Equipment and Related Depreciation Recorded Under Finance Leases (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Finance lease assets, gross	$ 126	$ 111
Less: accumulated depreciation	(52)	(37)
Finance lease assets, net	74	74
Service vehicles
Property, Plant and Equipment [Line Items]
Finance lease assets, gross	124	109
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Finance lease assets, gross	$ 2	$ 2

Property and Equipment - Schedule of Gross Amounts of Land, Building and Leasehold Improvements and Related Depreciation Recorded Under Financing Obligations (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 959	$ 887
Less: accumulated depreciation	(405)	(422)
Property and equipment, net	554	465
Land, building and leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	72	72
Less: accumulated depreciation	(42)	(40)
Property and equipment, net	$ 30	$ 32

Business Combinations - Narrative (Details) $ in Millions		12 Months Ended
Business Combinations - Narrative (Details) $ in Millions	Jul. 16, 2024 USD ($) employee location	Dec. 31, 2024 branch company	Dec. 31, 2023 branch company
Otay
Business Acquisition [Line Items]
Number of employees \| employee	135
Number of locations acquired \| location	4
Acquisition price	$ 273
Total revenue since acquisition date	35
Earnings since acquisition date	$ 6
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Number of companies \| company		8	12
Number of businesses acquired, branches \| branch		24	21

Business Combinations - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Millions	Dec. 31, 2024	Jul. 16, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 670		$ 483	$ 419
Otay
Business Acquisition [Line Items]
Accounts receivable		$ 15
Rental equipment		129
Property and equipment		9
Intangibles		65
Total identifiable assets acquired		218
Current liabilities		1
Net identifiable assets acquired		217
Goodwill		56
Net assets acquired		$ 273

Business Combinations - Schedule of Fair Value and Useful Lives (Details) - USD ($) $ in Millions		12 Months Ended
	Jul. 16, 2024	Dec. 31, 2024
Business Acquisition [Line Items]
Weighted average useful life		5 years
Customer relationships
Business Acquisition [Line Items]
Weighted average useful life		12 years 8 months 12 days
Otay
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 65
Otay \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 61
Weighted average useful life	14 years
Otay \| Non-compete agreements
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 4
Weighted average useful life	5 years

Business Combinations - Schedule of Pro Forma Supplementary Data (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Asset Acquisition [Line Items]
Historic/pro forma total revenues	$ 3,609	$ 3,355
Historic/combined pretax income	295	457
Impact of fair value adjustments/useful life changes on depreciation	3	3
Intangible asset amortization	(5)	(8)
Interest expense	(10)	(18)
Elimination of historic interest	3	5
Elimination of merger related costs	2	0
Pro forma pretax income	288	439
Herc
Asset Acquisition [Line Items]
Historic/pro forma total revenues	3,568	3,282
Historic/combined pretax income	291	447
Otay
Asset Acquisition [Line Items]
Historic/pro forma total revenues	41	73
Historic/combined pretax income	4	10
Impact of fair value adjustments/useful life changes on depreciation	3	3
Intangible asset amortization	(5)	(8)
Interest expense	(10)	(18)
Elimination of historic interest	3	5
Elimination of merger related costs	$ 2	$ 0

Goodwill and Intangible Assets - Narrative (Details) - USD ($)		12 Months Ended
	Oct. 01, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment	$ 0		$ 0
Impairment of intangible assets (Excluding goodwill)	$ 0		0
Weighted average useful life		5 years
Amortization of intangible assets		$ 45,000,000	$ 41,000,000	$ 31,000,000
Customer-related and non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life		12 years 8 months 12 days
Intangible assets, excluding internally developed software yet to be placed into service
Finite-Lived Intangible Assets [Line Items]
2024		$ 48,000,000
2025		41,000,000
2026		27,000,000
2027		24,000,000
2028		22,000,000
Thereafter		$ 125,000,000

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, beginning of the period	$ 1,154	$ 1,088
Accumulated impairment losses, beginning of the period	(671)	(669)
Goodwill, net, beginning of the period	483	419
Goodwill classified as held for sale	0	(65)
Additions	190	128
Currency translation	(3)	1
Goodwill, end of the period	1,334	1,154
Accumulated impairment losses, end of the period	(664)	(671)
Goodwill, net, end of the period	$ 670	$ 483

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 421	$ 312
Accumulated Amortization	(120)	(116)
Net Carrying Value	301	196
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total intangible assets, net	692	583
Accumulated Amortization	(120)	(116)
Intangible assets, net	572	467
Trade name
Indefinite-lived Intangible Assets [Line Items]
Trade name	271	271
Customer-related and non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	382	248
Accumulated Amortization	(106)	(69)
Net Carrying Value	276	179
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(106)	(69)
Internally developed software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	39	64
Accumulated Amortization	(14)	(47)
Net Carrying Value	25	17
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(14)	(47)
Software development
Finite-Lived Intangible Assets [Line Items]
Net Carrying Value	$ 14	$ 3

Assets Held for Sale - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on assets held for sale		$ (194)	$ 0	$ 0
Disposal Group, Held-for-Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on assets held for sale	$ 194

Assets Held for Sale - Schedule of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets held for sale:
Total current assets held for sale	$ 17	$ 21
Total long-term assets held for sale	220	408
Liabilities held for sale:
Total current liabilities held for sale	15	19
Total long-term liabilities held for sale	60	68
Disposal Group, Held-for-Sale, Not Discontinued Operations
Assets held for sale:
Cash and cash equivalents	0	1
Receivables	6	8
Other current assets	11	12
Total current assets held for sale	17	21
Rental equipment, net	124	183
Property and equipment, net	23	34
Right-of-use lease assets	47	75
Intangible assets, net	2	4
Goodwill	0	65
Other long-term assets	24	47
Total long-term assets held for sale	220	408
Liabilities held for sale:
Current maturities of operating lease liabilities	7	8
Accounts payable	5	6
Accrued liabilities	3	5
Total current liabilities held for sale	15	19
Operating lease liabilities	60	68
Total long-term liabilities held for sale	$ 60	$ 68

Leases - Narrative (Details) - Maximum	12 Months Ended
Leases - Narrative (Details) - Maximum	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
Remaining lease term	23 years
Lessee, renewal term	20 years

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease, cost	$ 158	$ 132
Amortization of ROU assets	16	14
Interest on lease liabilities	3	2
Sublease income	(77)	(61)
Net lease cost	100	87
Short-term lease, cost	62	52
Variable lease, cost	$ 6	$ 3

Leases - Schedule of Balance sheet Information Related to Leases (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Operating lease ROU assets	$ 852	$ 665
Finance lease, right-of-use asset, statement of financial position [extensible list]	Property and equipment, net	Property and equipment, net
Finance lease ROU assets	$ 74	$ 74
Total leased assets	926	739
Liabilities
Operating lease, liability, current	$ 39	$ 37
Finance lease, liability, current, statement of financial position [Extensible List]	Current maturities of long-term debt and financing obligations	Current maturities of long-term debt and financing obligations
Finance lease, current	$ 17	$ 15
Non-current:
Operating lease, liability, noncurrent	$ 842	$ 646
Finance lease, liability, noncurrent, statement of financial position [Extensible List]	Long-term debt, net	Long-term debt, net
Finance lease, liability, noncurrent	$ 60	$ 61
Total lease liabilities	958	759
Accumulated amortization	$ 52	$ 37
Weighted average remaining lease term:
Operating leases	17 years 1 month 6 days	16 years 9 months 18 days
Finance leases	5 years 1 month 6 days	5 years 4 months 24 days
Weighted average discount rate:
Operating leases	4.31%	3.95%
Finance leases	4.29%	4.01%

Leases - Schedule of Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 51	$ 49
Operating cash flows from finance leases	3	2
Financing cash flows from finance leases	16	12
Operating leases	300	291
Finance leases	$ 17	$ 24	$ 24

Leases - Schedule of Maturities of Operating and Financing Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Operating Leases
2025	$ 76
2026	82
2027	78
2028	75
2029	72
Thereafter	942
Total lease payments	1,325
Less: Interest	(444)
Present value of lease liabilities	881
Finance Leases
2025	20
2026	18
2027	14
2028	13
2029	11
Thereafter	11
Total lease payments	87
Less: Interest	(10)
Present value of lease liabilities	$ 77	$ 76

Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued compensation and benefit costs	$ 58	$ 51
Rebate accrual	43	56
Taxes payable	30	28
Accrued interest	38	37
Customer related deferrals	19	18
Insurance reserves	31	18
Acquisition holdbacks	13	3
Other	7	10
Total accrued liabilities	$ 239	$ 221

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2024	Jun. 07, 2024	Dec. 31, 2023	Jul. 09, 2019
Debt Instrument [Line Items]
Weighted Average Effective Interest Rate, Finance lease liabilities	4.29%		4.01%
Finance lease liabilities	$ 77		$ 76
Unamortized debt issuance costs	(12)		(5)
Total debt	4,086		3,688
Less: Current maturities of long-term debt	(17)		(15)
Long-term debt, net	4,069		3,673
Senior Notes
Debt Instrument [Line Items]
Nominal Unpaid Principal Balance	$ 2,000		1,200
2027 Notes \| Senior Notes
Debt Instrument [Line Items]
Weighted Average Effective Interest Rate	5.61%
Weighted Average Stated Interest Rate	5.50%			5.50%
Nominal Unpaid Principal Balance	$ 1,200		1,200
2029 Notes \| Senior Notes
Debt Instrument [Line Items]
Weighted Average Effective Interest Rate	6.91%
Weighted Average Stated Interest Rate	6.63%	6.625%
Nominal Unpaid Principal Balance	$ 800		0
ABL Credit Facility \| Line of credit \| Senior secured revolving credit facility
Debt Instrument [Line Items]
Weighted Average Stated Interest Rate	5.83%
Nominal Unpaid Principal Balance	$ 1,621		2,072
ABL Credit Facility \| Line of credit \| Senior secured revolving credit facility \| Other long- term assets
Debt Instrument [Line Items]
Debt issuance costs, line of credit arrangements, net	$ 6		8
AR Facility \| Line of credit
Debt Instrument [Line Items]
Weighted Average Stated Interest Rate	5.36%
Nominal Unpaid Principal Balance	$ 400		$ 345

Debt - Schedule of Nominal Principal Amounts of Maturities of Debt (Details) $ in Millions	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 17
2026	16
2027	3,233
2028	12
2029	810
Thereafter	10
Total	$ 4,098

Debt - Senior Notes - 2027 Notes (Details) - 2027 Notes - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Jul. 09, 2019
Debt instrument, redemption, period two
Debt Instrument [Line Items]
Redemption price percentage	100.917%
Debt instrument, redemption, period three
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Debt instrument, redemption, period four
Debt Instrument [Line Items]
Redemption price percentage	101.00%
Debt instrument, redemption, period five
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Debt instrument, redemption, period six
Debt Instrument [Line Items]
Ownership percentage threshold to call debt in the event of default	30.00%
Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount		$ 1.2
Stated rate	5.50%	5.50%

Debt - Senior Notes - 2029 Notes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Jun. 07, 2024
Debt Instrument, Redemption, Period Seven
Debt Instrument [Line Items]
Ownership percentage threshold to call debt in the event of default	30.00%
2029 Notes \| Debt instrument, redemption, period one
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	103.313%
2029 Notes \| Debt instrument, redemption, period two
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	101.656%
2029 Notes \| Debt instrument, redemption, period three
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	100.00%
2029 Notes \| Debt instrument, redemption, period four
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	106.625%
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed	40.00%
2029 Notes \| Debt instrument, redemption, period five
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	101.00%
2029 Notes \| Debt instrument, redemption, period six
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	100.00%
2029 Notes \| Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount		$ 800
Weighted Average Stated Interest Rate	6.63%	6.625%
Debt Instrument, Redemption Price, Percentage	100.00%

Debt - ABL Credit Facility (Details) $ in Millions		12 Months Ended
Debt - ABL Credit Facility (Details) $ in Millions	Jul. 31, 2019	Dec. 31, 2024	Jul. 05, 2022 USD ($)
Debt Instrument [Line Items]
Fixed charge coverage ratio, minimum		1.00
Letter of credit \| ABL Credit Facility \| Line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 250
Revolving Credit Facility \| ABL Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 3,500
Senior secured revolving credit facility \| Revolving Credit Facility \| Line of credit \| Canadian Dealer Offered Rates
Debt Instrument [Line Items]
Interest rate	1.375%
Senior secured revolving credit facility \| Revolving Credit Facility \| Line of credit \| SOFR
Debt Instrument [Line Items]
Interest rate	0.10%
Senior secured revolving credit facility \| Revolving Credit Facility \| Line of credit \| Base Rate
Debt Instrument [Line Items]
Interest rate	0.50%

Debt - Accounts Receivable Securitization Facility (Details) - USD ($)	Aug. 31, 2024	Jul. 31, 2024
AR Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 400,000,000	$ 370,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
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-Section 55
-Paragraph 8
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-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt - Schedule of Borrowing Capacity and Availability on Line of Credit (Details) $ in Millions	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Remaining Capacity	$ 1,845
Availability Under Borrowing Base Limitation	1,845
AR Facility \| Line of credit
Debt Instrument [Line Items]
Remaining Capacity	0
Availability Under Borrowing Base Limitation	0
Senior secured revolving credit facility \| ABL Credit Facility \| Line of credit
Debt Instrument [Line Items]
Remaining Capacity	1,845
Availability Under Borrowing Base Limitation	$ 1,845

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
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+ Details

Debt - Letters of Credit (Details)	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Remaining Capacity	$ 1,845,000,000
Letter of credit \| Line of credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	34,000,000
Line of credit	0
Letter of credit \| Line of credit \| ABL Credit Facility
Debt Instrument [Line Items]
Remaining Capacity	$ 216,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Financing Obligations - Narrative (Details)	Dec. 31, 2024 property
Financing Obligation
Sale Leaseback Transaction [Line Items]
Sale leaseback transaction, number of properties sold in prior years	44

Financing Obligations - Schedule of Company's Financing Obligations (Details) - Financing Obligation - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Weighted Average Effective Interest Rate	5.45%
Financing obligations	$ 107	$ 110
Unamortized financing issuance costs	(2)	(2)
Total financing obligations	105	108
Less: Current maturities of financing obligations	(4)	(4)
Financing obligations, net	$ 101	$ 104

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Financing Obligations - Schedule of Future Minimum Financing Payments (Details) - Financing Obligation $ in Millions	Dec. 31, 2024 USD ($)
Sale Leaseback Transaction [Line Items]
2025	$ 10
2026	10
2027	10
2028	9
2029	9
Thereafter	72
Total minimum financing obligations payments	120
Obligations subject to non-cash gain on future sale of property	35
Less amount representing interest (at a weighted-average interest rate of 5.45%)	(48)
Total financing obligations	$ 107
Weighted Average Effective Interest Rate	5.45%

Employee Retirement Benefits - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Provision for defined contribution plans	$ 23	$ 20	$ 16
Defined benefit plan, actual benefit plan obligation allocations	99.00%
Asset allocation percentage	100.00%
Equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Asset allocation percentage	25.00%
Fixed income securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Asset allocation percentage	65.00%
Real Assets
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Asset allocation percentage	10.00%
Qualified pension plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contribution	$ 4	$ 4	$ 0

Employee Retirement Benefits - Schedule of Reconciliation of Benefit Obligations and Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pension
Change in Projected Benefit Obligations
Benefit obligations at beginning of year	$ 137	$ 134
Interest cost	7	7	$ 5
Plan settlements	(7)	0
Benefits paid	0	(7)
Actuarial (gain) loss	(4)	3
Benefit obligations at end of year	133	137	134
Change in Fair Value of Plan Assets
Fair value of plan assets at beginning of year	119	113
Actual return on plan assets	2	9
Employer contribution	4	4	0
Plan settlements	(7)	0
Benefits paid	0	(7)
Fair value of plan assets at end of year	118	119	113
Funded Status	(15)	(18)
Accumulated benefit obligations	133	137
Postretirement
Change in Projected Benefit Obligations
Benefit obligations at beginning of year	1	1
Interest cost	0	0
Plan settlements	0	0
Benefits paid	0	0
Actuarial (gain) loss	0	0
Benefit obligations at end of year	1	1	1
Change in Fair Value of Plan Assets
Fair value of plan assets at beginning of year	0	0
Actual return on plan assets	0	0
Employer contribution	0	0
Plan settlements	0	0
Benefits paid	0	0
Fair value of plan assets at end of year	0	0	$ 0
Funded Status	$ (1)	$ (1)

Employee Retirement Benefits - Schedule of Amounts Recognized in Balance Sheet and Other Comprehensive Income and Assumptions Used (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Pension
Amounts Recognized in Balance Sheet
Other long-term liabilities	$ (15)	$ (18)
Net amount recognized	(15)	(18)
Amounts Recognized in Accumulated Other Comprehensive Loss
Net actuarial (loss) gain	(18)	(19)
Net amount recognized	$ (18)	$ (19)
Weighted‑Average Assumptions Used to Determine Projected Benefit Obligations
Discount rate	5.50%	5.10%
Average rate of increase in compensation	0.00%	0.00%
Interest credit rate	3.80%	3.80%
Postretirement
Amounts Recognized in Balance Sheet
Other long-term liabilities	$ (1)	$ (1)
Net amount recognized	(1)	(1)
Amounts Recognized in Accumulated Other Comprehensive Loss
Net actuarial (loss) gain	0	1
Net amount recognized	$ 0	$ 1
Weighted‑Average Assumptions Used to Determine Projected Benefit Obligations
Discount rate	5.50%	5.10%
Average rate of increase in compensation	0.00%	0.00%
Interest credit rate	0.00%	0.00%
Initial healthcare cost trend rate	6.90%	6.10%
Ultimate healthcare cost trend rate	4.00%	4.00%

Employee Retirement Benefits - Schedule of Benefit Obligations in Excess of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Projected benefit obligations	$ 133	$ 137
Accumulated benefit obligations	133	137
Fair value of plan assets	118	119
Postretirement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Projected benefit obligations	1	1
Accumulated benefit obligations	0	0
Fair value of plan assets	$ 0	$ 0

Employee Retirement Benefits - Schedule of Net Periodic Costs (Details) - Pension - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 7	$ 7	$ 5
Expected return on plan assets	(6)	(3)	(6)
Net amortization of actuarial net loss	1	1	0
Settlement loss	1	0	2
Net periodic pension cost (benefit)	$ 3	$ 5	$ 1
Weighted‑Average Assumptions Used to Determine Net Periodic Pension Cost (Benefit)
Discount rate	5.10%	5.40%	2.70%
Expected return on assets	6.30%	6.00%	4.60%
Average rate of increase in compensation	0.00%	0.00%	0.00%
Interest credit rate	3.80%	3.80%	3.80%

Employee Retirement Benefits - Schedule of Pension Plan Assets (Details) - Pension - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, amount	$ 118	$ 119	$ 113
Level 1 \| Cash
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, amount	7	2
Level 2 \| U.S. Large Cap
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, amount	17	13
Level 2 \| U.S. Mid Cap
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, amount	1	2
Level 2 \| International Developed
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, amount	6	12
Level 2 \| International Emerging Markets
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, amount	3	2
Level 2 \| U.S. Treasuries
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, amount	40	23
Level 2 \| Corporate Bonds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, amount	17	38
Level 2 \| Government Bonds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, amount	1	7
Level 2 \| Municipal Bonds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, amount	0	2
Level 2 \| Mortgage-Backed Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, amount	8	1
Level 2 \| Asset-Backed Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, amount	1	2
Level 2 \| Bank Loans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, amount	0	6
Level 2 \| Preferreds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, amount	0	6
Level 2 \| Other
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, amount	17	3
Level 2 \| Total fair value of pension plan assets
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, amount	$ 118	$ 119

Employee Retirement Benefits - Schedule of Estimated Benefit Payments (Details) $ in Millions	Dec. 31, 2024 USD ($)
Pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2025	$ 9
2026	11
2027	12
2028	13
2029	14
2030-2034	70
Total expected future benefit payments	129
Postretirement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2025	0
2026	0
2027	0
2028	0
2029	0
2030-2034	0
Total expected future benefit payments	$ 0

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	2,200,000
Number of shares available for grant (in shares)	1,140,000
Unrecognized compensation cost	$ 16
Compensation cost not yet recognized, period for recognition	1 year 4 months 24 days
Granted (in shares)	0	0	0
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Right to receive, common stock (in shares)	1
Weighted average grant date fair value (in USD per share)	$ 148.01	$ 155.80	$ 164.43
Fair value of PSUs	$ 12	$ 13	$ 5
Performance period	3 years	3 years	3 years
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in USD per share)	$ 152.88	$ 150.58	$ 155.68
Fair value of PSUs	$ 10	$ 9	$ 9
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights, percentage	200.00%
Maximum \| Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Maximum \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights, percentage	0.00%
Minimum \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year

Stock-Based Compensation - Schedule of Expenses and Associated Income Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Compensation expense	$ 17	$ 18	$ 27
Income tax benefit	(4)	(5)	(7)
Total	$ 13	$ 13	$ 20

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Options
Outstanding at beginning of period (in shares)	14,484
Granted (in shares)	0	0	0
Exercised (in shares)	(14,484)
Forfeited or expired (in shares)	0
Outstanding at end of period (in shares)	0	14,484
Expected to vest at end of period (in shares)	0
Exercisable at end of period (in shares)	0
Weighted Average Exercise Price
Outstanding at the beginning of the period (in USD per share)	$ 64.96
Granted (in USD per share)	0
Exercised (in USD per share)	64.96
Forfeited or expired (in USD per share)	0
Outstanding at the end of the period (in USD per share)	0	$ 64.96
Expected to Vest at end of period (in USD per share)	0
Exercisable at end of period (in USD per share)	$ 0

Stock-Based Compensation - Schedule of Additional Information Pertaining to Option Activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Aggregate intrinsic value of stock options exercised	$ 2	$ 7	$ 1
Cash received from the exercise of stock options	2	3	0
Tax benefit realized on exercise of stock options	$ 0	$ 2	$ 0

Stock-Based Compensation - Schedule of Performance Stock Units Activity (Details) - Performance stock units - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Units
Nonvested at beginning of period (in shares)	188,758
Granted (in shares)	68,848
Vested (in shares)	(153,169)
Performance change (in shares)	70,509
Forfeited (in shares)	(873)
Nonvested at end of period (in shares)	174,073	188,758
Weighted Average Grant Date Fair Value
Nonvested at beginning of period (in USD per share)	$ 123.21
Granted (in USD per share)	148.01	$ 155.80	$ 164.43
Vested (in USD per share)	77.10
Performance change (in USD per share)	77.10
Forfeited (in USD per share)	129.16
Nonvested at end of period (in USD per share)	$ 154.89	$ 123.21

Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details) - Restricted stock units - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Units
Nonvested at beginning of period (in shares)	200,139
Granted (in shares)	108,138
Vested (in shares)	(81,543)
Forfeited (in shares)	(2,353)
Nonvested at end of period (in shares)	224,381	200,139
Weighted Average Grant Date Fair Value
Nonvested at beginning of period (in USD per share)	$ 123.82
Granted (in USD per share)	152.88	$ 150.58	$ 155.68
Vested (in USD per share)	125.03
Forfeited (in USD per share)	150.68
Nonvested at end of period (in USD per share)	$ 137.10	$ 123.82

Income Taxes - Schedule of Components of Income before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Domestic	$ 302	$ 443	$ 426
Foreign	(11)	4	8
Income before income taxes	$ 291	$ 447	$ 434

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
-Section 55
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 8.0	$ 0.0	$ 0.0
Foreign	4.0	4.0	5.0
State and local	9.0	7.0	15.0
Total current	21.0	11.0	20.0
Deferred:
Federal	63.0	86.0	82.0
Foreign	(6.0)	(1.0)	0.0
State and local	2.0	4.0	2.0
Total deferred	59.0	89.0	84.0
Total income tax provision	$ 80.0	$ 100.0	$ 104.0

Income Taxes - Schedule of U.S. and Foreign Net Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Employee benefit plans	$ 4	$ 6
Tax credit carryforwards	5	3
Right-of-use assets	230	185
Deferred interest	80	58
Accrued expenses	59	55
Net operating loss carryforwards	42	108
Total deferred tax assets	420	415
Less: valuation allowance	(5)	(2)
Total net deferred tax assets	415	413
Deferred tax liabilities:
Lease liabilities	(218)	(179)
Prepaid expenses	(4)	(3)
Depreciation on tangible assets	(913)	(899)
Intangible assets	(80)	(75)
Total deferred tax liabilities	(1,215)	(1,156)
Net deferred tax liability	$ (800)	$ (743)

Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Income Tax Contingency [Line Items]
Deferred tax assets for federal alternative minimum tax	$ 5
Valuation allowance against deferred tax assets	5	$ 2
Deferred tax assets, net	415	413
Potential tax liability	67
Unrecognized tax benefits	15	$ 12
Federal
Income Tax Contingency [Line Items]
Deferred tax assets unutilized for net operating losses	26
NOL subject to expiration	136
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Deferred tax assets associated with operating loss carryforwards subject to expiration	$ 16

Income Taxes - Schedule of Statutory Federal Income Tax Rate to Income Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax provision at statutory rate	$ 61	$ 93	$ 91
Foreign taxes	0	5	0
State and local income taxes, net of federal income tax	9	10	14
Federal and foreign permanent items	2	(1)	(1)
Change in valuation allowance	0	(2)	0
Goodwill impairment	14	0	0
Tax credits	(6)	(6)	(1)
All other items, net	0	1	1
Total income tax provision	$ 80	$ 100	$ 104

Accumulated Other Comprehensive Income (Loss) - Schedule of Changes in the Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,273	$ 1,108	$ 977
Other comprehensive income (loss) before reclassification	(25)	10
Amounts reclassified from accumulated other comprehensive loss	1	1
Total other comprehensive income (loss)	(24)	11	(29)
Ending balance	1,396	1,273	1,108
Pension and Other Post-Employment Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(20)	(24)
Other comprehensive income (loss) before reclassification	0	3
Amounts reclassified from accumulated other comprehensive loss	1	1
Total other comprehensive income (loss)	1	4
Ending balance	(19)	(20)	(24)
Foreign Currency Items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(98)	(105)
Other comprehensive income (loss) before reclassification	(25)	7
Amounts reclassified from accumulated other comprehensive loss	0	0
Total other comprehensive income (loss)	(25)	7
Ending balance	(123)	(98)	(105)
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(118)	(129)	(100)
Ending balance	$ (142)	$ (118)	$ (129)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Accumulated Other Comprehensive Income (Loss) - Schedule of Reclassification from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Selling, general and administrative	$ 480	$ 448	$ 411
Total	(291)	(447)	(434)
Tax provision	80	100	104
Total reclassifications for the period	(211)	(347)	(330)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications for the period	1	1	1
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of actuarial losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Selling, general and administrative	1	1	0
Reclassification out of Accumulated Other Comprehensive Income \| Settlement loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Selling, general and administrative	1	0	2
Reclassification out of Accumulated Other Comprehensive Income \| Pension and other postretirement benefit plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total	2	1	2
Tax provision	$ (1)	$ 0	$ (1)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Commitments and Contingencies (Details)	12 Months Ended
Commitments and Contingencies (Details)	Dec. 31, 2024
THC
Loss Contingencies [Line Items]
Related party indemnification percentage	15.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Level 1 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 27	$ 31

Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - Senior Notes - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Nominal Unpaid Principal Balance	$ 2,000	$ 1,200
Estimate of fair value measurement
Derivatives, Fair Value [Line Items]
Aggregate Fair Value	1,991	1,180
2027 Notes
Derivatives, Fair Value [Line Items]
Nominal Unpaid Principal Balance	1,200	1,200
2027 Notes \| Estimate of fair value measurement
Derivatives, Fair Value [Line Items]
Aggregate Fair Value	1,182	1,180
2029 Notes
Derivatives, Fair Value [Line Items]
Nominal Unpaid Principal Balance	800	0
2029 Notes \| Estimate of fair value measurement
Derivatives, Fair Value [Line Items]
Aggregate Fair Value	$ 809	$ 0

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

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+ Details

Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income, basic and diluted	$ 211	$ 347	$ 330
Denominator:
Basic weighted average common shares (in shares)	28.4	28.5	29.6
Stock options, RSUs and PSUs (in shares)	0.1	0.2	0.6
Weighted average shares used to calculate diluted earnings per share (in shares)	28.5	28.7	30.2
Earnings per share:
Basic (in USD per share)	$ 7.43	$ 12.18	$ 11.15
Diluted (in USD per share)	$ 7.40	$ 12.09	$ 10.92
Antidilutive stock options, RSUs and PSUs
Earnings per share:
Antidilutive stock options, RSUs and PSUs (in shares)	0.0	0.1	0.1

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of Operating Segments	2

Segment Information - Schedule of Revenues from our External Customers (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 3,568	$ 3,282	$ 2,740
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	3,314	3,019	2,499
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 254	$ 263	$ 241

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Segment Information - Schedule of Geographical Information for Long-Lived Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets	$ 7,877	$ 7,061
Rental equipment, net	4,225	3,831
Property and equipment, net	554	465
United States
Segment Reporting Information [Line Items]
Total assets	7,375	6,531
Rental equipment, net	3,962	3,546
Property and equipment, net	525	436
International
Segment Reporting Information [Line Items]
Total assets	502	530
Rental equipment, net	263	285
Property and equipment, net	$ 29	$ 29

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

Schedule II - Valuation of Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Receivables allowances:
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance	$ 20	$ 18	$ 14
Provisions	70	65	52
Translation Adjustments	0	0	0
Deductions	(68)	(63)	(48)
Ending Balance	22	20	18
Tax valuation allowances:
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance	2	4	3
Provisions	3	1	1
Translation Adjustments	0	0	0
Deductions	0	(3)	0
Ending Balance	$ 5	$ 2	$ 4