Derivatives (Tables)

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Effect of derivatives on consolidated statements of income

The effect of our derivative instruments on our consolidated statements of income for the years ended December 31, 2017, 2016 and 2015 was as follows:

	Location of income (expense) recognized on derivative/hedged item	Amount of income (expense) recognized on derivative		Amount of income (expense) recognized on hedged item
Year ended December 31, 2017:
Derivatives designated as hedging instruments:
Fixed price diesel swaps	Other income (expense), net (1)	$ *
	Cost of equipment rentals, excluding depreciation (2), (3)	*		(18	)
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other income (expense), net	13		(13	)
Year ended December 31, 2016:
Derivatives designated as hedging instruments:
Fixed price diesel swaps	Other income (expense), net (1)	$ *
	Cost of equipment rentals, excluding depreciation (2), (3)	(6	)	(23	)
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other income (expense), net	(3	)	3
Year ended December 31, 2015:
Derivatives designated as hedging instruments:
Fixed price diesel swaps	Other income (expense), net (1)	$ *
	Cost of equipment rentals, excluding depreciation (2), (3)	(7	)	(29	)
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other income (expense), net	(5	)	5

* Amounts are insignificant (less than $1).

(1) Represents the ineffective portion of the fixed price diesel swaps.

(2) Amounts recognized on derivative represent the effective portion of the fixed price diesel swaps.

(3) Amounts recognized on hedged item reflect the use of 6.7 million, 10.1 million and 10.6 million gallons of diesel covered by the fixed price swaps during the years ended December 31, 2017, 2016 and 2015, respectively.