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Quarterly Financial Information (Unaudited)
 12 Months Ended
Dec. 31, 2024
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, 2024 (1):
Total revenues$3,485 $3,773 $3,992 $4,095 $15,345 
Gross profit1,346 1,518 1,648 1,638 6,150 
Operating income852 1,004 1,122 1,087 4,065 
Net income (1)542 636 708 689 2,575 
Earnings per share—basic8.06 9.56 10.73 10.50 38.82 
Earnings per share—diluted (2)8.04 9.54 10.70 10.47 38.69 
For the year ended December 31, 2023 (1):
Total revenues$3,285 $3,554 $3,765 $3,728 $14,332 
Gross profit1,241 1,425 1,585 1,562 5,813 
Operating income740 925 1,099 1,063 3,827 
Net income (1)451 591 703 679 2,424 
Earnings per share—basic6.50 8.60 10.30 10.04 35.40 
Earnings per share—diluted (2)6.47 8.58 10.29 10.01 35.28 
 
(1)    There were no unusual or infrequently occurring items recognized in the fourth quarter of 2024 or 2023 that had a material impact on our financial statements.
(2)    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, 2024:
Merger related intangible asset amortization (3)$(0.49)$(0.58)$(0.53)$(0.55)$(2.14)
Impact on depreciation related to acquired fleet and property and equipment (4)(0.40)(0.39)(0.38)(0.36)(1.53)
Impact of the fair value mark-up of acquired fleet (5)(0.19)(0.18)(0.15)(0.19)(0.71)
Restructuring charge (6)(0.01)(0.01)(0.01)(0.01)(0.04)
Asset impairment charge (7)(0.01)— (0.03)(0.01)(0.05)
Loss on repurchase/redemption/amendment of debt(0.01)— — — (0.01)
For the year ended December 31, 2023:
Merger related intangible asset amortization (3)$(0.70)$(0.55)$(0.57)$(0.52)$(2.33)
Impact on depreciation related to acquired fleet and property and equipment (4)(0.32)(0.30)(0.59)(0.44)(1.65)
Impact of the fair value mark-up of acquired fleet (5)(0.44)(0.25)(0.23)(0.25)(1.17)
Restructuring charge (6)(0.02)(0.20)(0.05)(0.04)(0.31)
(3)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).
(4)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.
(5)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. The decrease in 2024 primarily reflects the impact of the Ahern Rentals acquisition.
(6)This primarily reflects severance costs and branch closure charges associated with our restructuring programs. The amounts above primarily reflect charges associated with a restructuring program initiated following the closing of the Ahern Rentals acquisition. As of December 31, 2024, there were no open restructuring programs.
(7)This reflects write-offs of leasehold improvements and other fixed assets.