Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

The following table presents the changes in the carrying amount of goodwill for the six months ended June 30, 2024:

	General rentals		Specialty		Total
Balance at January 1, 2024 (1)	$	4,775	$	1,165	$	5,940
Goodwill related to acquisitions (2)	5		820		825
Foreign currency translation and other adjustments	(7)		(9)		(16)
Balance at June 30, 2024 (1)	$	4,773	$	1,976	$	6,749

 

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(1)The total carrying amount of goodwill for all periods in the table above is reflected net of $1.557 billion of accumulated impairment charges, which were primarily recorded in our general rentals segment.

(2)Includes goodwill adjustments for the effect on goodwill of changes to net assets acquired during the measurement period. The goodwill related to acquisitions above primarily reflects the March 2024 acquisition of Yak, which is discussed note 3 to our condensed consolidated financial statements.

Other intangible assets were comprised of the following at June 30, 2024 and December 31, 2023:  

	June 30, 2024
	Weighted-Average Remaining Amortization Period	Gross Carrying Amount			Accumulated Amortization			Net Amount
Non-compete agreements	3 years		$	169		$	70		$	99
Customer relationships	6 years		$	2,666		$	2,023		$	643
Trade names and associated trademarks	2 years		$	8		$	6		$	2

	December 31, 2023
	Weighted-Average Remaining Amortization Period	Gross Carrying Amount			Accumulated Amortization			Net Amount
Non-compete agreements	4 years		$	176		$	58		$	118
Customer relationships	6 years		$	2,468		$	1,919		$	549
Trade names and associated trademarks	2 years		$	9		$	6		$	3

Our other intangibles assets, net at June 30, 2024 includes the assets in the table below associated with the acquisition of Yak that is discussed in note 3 to our condensed consolidated financial statements. No residual value has been assigned to these assets. The customer relationships are being amortized using the sum of the years' digits method, and we believe that this method best reflects the estimated pattern in which the economic benefits will be consumed. The intangible asset values are based on preliminary valuations and are subject to change as we obtain additional information during the acquisition measurement period.

	June 30, 2024
	Weighted-Average Remaining Amortization Period	Net Carrying Amount
Customer relationships	6 years	139

Amortization expense for other intangible assets was $66 and $65 for the three months ended June 30, 2024 and 2023, respectively, and $126 and $144 for the six months ended June 30, 2024 and 2023, respectively.

As of June 30, 2024, estimated amortization expense for other intangible assets for each of the next five years and thereafter is as follows:  

2024		$	125
2025	213
2026	162
2027	111
2028	61
Thereafter	72
Total		$	744