Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 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 each of the three years in the period ended December 31, 2024:

	General rentals		Specialty		Total
Balance at January 1, 2022 (1)	$	4,445	$	1,083	$	5,528
Goodwill related to acquisitions (2) (3)	549		(20)		529
Foreign currency translation and other adjustments	(14)		(17)		(31)
Balance at December 31, 2022 (1)	4,980		1,046		6,026
Goodwill related to acquisitions (2) (3)	(209)		111		(98)
Foreign currency translation and other adjustments	4		8		12
Balance at December 31, 2023 (1)	4,775		1,165		5,940
Goodwill related to acquisitions (2) (3)	124		881		1,005
Foreign currency translation and other adjustments	(16)		(29)		(45)
Balance at December 31, 2024 (1)	$	4,883	$	2,017	$	6,900

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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, which were not significant to our previously reported operating results or financial condition. Decreases in goodwill related to acquisitions above primarily reflect such measurement period adjustments.

(3)    The December 2022 acquisition of Ahern Rentals was assigned to our general rentals segment and accounted for most of the goodwill related to acquisitions in 2022. The decrease in goodwill related to acquisitions for the general rentals segment in 2023 primarily reflected measurement period adjustments associated with the Ahern Rentals acquisition, partially offset by other acquisition activity. For additional detail on the March 2024 acquisition of Yak, which was assigned to our specialty segment and accounted for most of the goodwill related to acquisitions in 2024, see note 4 to our consolidated financial statements.

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

	December 31, 2024
	Weighted-Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Amount
Non-compete agreements	3 years	$	170	$	85	$	85
Customer relationships	6 years	$	2,674	$	2,100	$	574
Trade names and associated trademarks	2 years	$	12	$	8	$	4

	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 December 31, 2024 include the assets set forth in the table below associated with the acquisition of Yak that is discussed in note 4 to our consolidated financial statements. No residual value has been assigned to these assets. The non-compete agreements are being amortized on a straight-line basis and the customer relationships are being amortized using the sum of the years' digits method, and we believe that such methods best reflect the estimated pattern in which the economic benefits will be consumed.

	December 31, 2024
	Weighted-Average Remaining Amortization Period	Net Carrying Amount
Customer relationships	5 years	118

Amortization expense for other intangible assets was $258, $271 and $219 for the years ended December 31, 2024, 2023 and 2022, respectively.

As of December 31, 2024, estimated amortization expense for other intangible assets for each of the next five years and thereafter was as follows: 

2025	$	227
2026	173
2027	119
2028	66
2029	43
Thereafter	35
Total	$	663