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Financing Obligations | 12 Months Ended
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Dec. 31, 2022
Financing Obligation [Abstract] |
Financing Obligations | Financing Obligations In October 2017, Herc consummated a sale-leaseback transaction pursuant to which it sold 42 of its properties located in the U.S. for gross proceeds of approximately $119.5 million, and during the fourth quarter of 2018, entered into sale-leaseback transactions with respect to two additional properties for gross proceeds of $6.4 million. The sale of the properties did not qualify for sale-leaseback accounting due to continuing involvement with the properties. Therefore, the book value of the buildings and land remains on the Company's consolidated balance sheet. During March 2019, Herc entered into a sale-leaseback transaction for certain service vehicles that did not qualify for sale-leaseback accounting, therefore the book value of the vehicles remains on the Company's consolidated balance sheet. Gross proceeds from the sale-leaseback transaction were $4.7 million. The Company's financing obligations consist of the following (in millions):
|  | Weighted Average Effective Interest Rate at December 31, 2022 |  | Maturity |  | December 31, 2022 |  | December 31, 2021
Financing obligations |  | 5.29% |  | 2026-2038 |  | $ | 113.9 |  |  | $ | 117.2 |
Unamortized financing issuance costs |  |  |  |  |  | (2.1) |  |  | (2.2) |
Total financing obligations |  |  |  |  |  | 111.8 |  |  | 115.0 |
Less: Current maturities of financing obligations |  |  |  |  |  | (4.0) |  |  | (3.8) |
Financing obligations, net |  |  |  |  |  | $ | 107.8 |  |  | $ | 111.2 |
As of December 31, 2022, future minimum financing payments for the agreements referred to above are as follows (in millions):
2023 |  | $ | 9.8 |
2024 |  | 9.8 |
2025 |  | 9.8 |
2026 |  | 9.4 |
2027 |  | 9.0 |
Thereafter |  | 88.0 |
Total minimum financing obligations payments |  | 135.8 |
Obligations subject to non-cash gain on future sale of property |  | 34.6 |
Less amount representing interest (at a weighted-average interest rate of 5.29%) |  | (56.5) |
Total financing obligations |  | $ | 113.9 |

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- Definition Financing Obligation + References No definition available. + Details
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- Definition The entire disclosure for sale leaseback transaction. Includes, but is not limited to, terms and conditions of transaction and gain (loss) from transaction. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 40 -URI https://asc.fasb.org/subtopic&trid=2209073 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 40 -URI https://asc.fasb.org/subtopic&trid=77888253 + Details
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