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Quarterly Financial Information (Unaudited)
 12 Months Ended
Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information (Unaudited) Quarterly Financial Information (Unaudited)  
First
Quarter		Second
Quarter
Third
Quarter 
Fourth
Quarter		Full
Year
For the year ended December 31, 2022 (1) (2):
Total revenues (1)$2,524 $2,771 $3,051 $3,296 $11,642 
Gross profit992 1,150 1,366 1,488 4,996 
Operating income572 715 921 1,024 3,232 
Net income (2)367 493 606 639 2,105 
Earnings per share—basic5.07 6.91 8.69 9.20 29.77 
Earnings per share—diluted (3)5.05 6.90 8.66 9.15 29.65 
For the year ended December 31, 2021 (1) (2):
Total revenues (1)$2,057 $2,287 $2,596 $2,776 $9,716 
Gross profit714 875 1,103 1,161 3,853 
Operating income372 481 679 745 2,277 
Net income (2)203 293 409 481 1,386 
Earnings per share—basic2.81 4.03 5.65 6.65 19.14 
Earnings per share—diluted (3)2.80 4.02 5.63 6.61 19.04 
 
(1)    As discussed in note 1 to the consolidated financial statements, COVID-19 has significantly disrupted supply chains and businesses around the world. We began to experience a decline in revenues in March 2020, when rental volume declined in response to shelter-in-place orders and other market restrictions. The volume declines were most pronounced in 2020. Beginning in 2021 and continuing through 2022, we have seen evidence of a continuing recovery of activity across our end-markets.
(2)    As discussed in note 12 to the consolidated financial statements, in the fourth quarter of 2022, we issued $1.5 billion principal amount of 6 percent Senior Secured Notes due 2029. The issued debt, together with drawings on our ABL facility, was used to fund the December 2022 Ahern Rentals acquisition that is discussed in note 4 to the consolidated financial statements. There were no unusual or infrequently occurring items recognized in the fourth quarter of 2021 that had a material impact on our financial statements.
(3)    Diluted earnings per share includes the after-tax impacts of the following:
First
Quarter		Second
Quarter
Third
Quarter 
Fourth
Quarter		Full
Year
For the year ended December 31, 2022:
Merger related intangible asset amortization (4)$(0.52)$(0.45)$(0.44)$(0.39)$(1.79)
Impact on depreciation related to acquired fleet and property and equipment (5)(0.10)(0.26)(0.12)(0.08)(0.56)
Impact of the fair value mark-up of acquired fleet (6)(0.06)(0.05)(0.05)(0.12)(0.29)
Restructuring charge (7)— — 0.01 — — 
Asset impairment charge (8)— (0.02)(0.01)— (0.03)
Loss on repurchase/redemption of debt securities (9)— (0.18)— — (0.18)
For the year ended December 31, 2021:
Merger related costs (10)$— $(0.03)$— $— $(0.03)
Merger related intangible asset amortization (4)(0.50)(0.48)(0.53)(0.47)(1.98)
Impact on depreciation related to acquired fleet and property and equipment (5)(0.02)(0.01)(0.01)(0.13)(0.16)
Impact of the fair value mark-up of acquired fleet (6)(0.12)(0.08)(0.08)(0.10)(0.38)
Restructuring charge (7)(0.01)— — — (0.02)
Asset impairment charge (8)— (0.04)(0.02)(0.08)(0.14)
Loss on repurchase/redemption of debt securities (9)— — (0.31)— (0.31)

(4)This reflects the amortization of the intangible assets acquired in the major acquisitions that significantly impact our operations (the "major acquisitions," each of which had annual revenues of over $200 prior to acquisition).
(5)This reflects the impact of extending the useful lives of equipment acquired in certain major acquisitions, net of the impact of additional depreciation associated with the fair value mark-up of such equipment.
(6)This reflects additional costs recorded in cost of rental equipment sales associated with the fair value mark-up of rental equipment acquired in certain major acquisitions that was subsequently sold.
(7)This primarily reflects severance costs and branch closure charges associated with our restructuring programs. As of December 31, 2022, there were no open restructuring programs.
(8)This reflects write-offs of leasehold improvements and other fixed assets.
(9)Reflects the difference between the net carrying amount and the total purchase price of the redeemed notes.
(10)This reflects transaction costs associated with the General Finance acquisition discussed in note 4 to our consolidated financial statements. Merger related costs only include costs associated with major acquisitions.