XML 23 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
Employee Retirement Benefits
 6 Months Ended
Jun. 30, 2017
Compensation and Retirement Disclosure [Abstract]  
Employee Retirement Benefits
Employee Retirement Benefits

In July 2016, the Company established the Herc Holdings Retirement Plan (the "Plan"). Prior to the Spin-Off, the Company participated in The Hertz Corporation Account Balance Defined Benefit Pension Plan (the "Hertz Plan"). The majority of assets and liabilities attributable to current and former employees of the equipment rental business were transferred from the Hertz Plan to the Plan following the Spin-Off based on a preliminary allocation. The final allocation and transfer was completed in April 2017 and was $4.0 million lower than the preliminary allocation, resulting in an increase to the pension liability funded status and a corresponding offset to additional paid-in capital.

The following table sets forth the net periodic pension cost (benefit) (in millions):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
Components of Net Periodic Pension Cost (Benefit):
 
 
 
 
 
 
 
Interest cost
$
1.5

 
$
1.5

 
$
3.0

 
$
3.1

Expected return on plan assets
(1.5
)
 
(2.0
)
 
(3.1
)
 
(4.0
)
Net amortizations of actuarial net loss
0.5

 
0.4

 
0.9

 
0.9

Net periodic pension cost (benefit)
$
0.5

 
$
(0.1
)
 
$
0.8

 
$
—