UNITED RENTALS, INC.URI

UNITED RENTALS, INC. Goodwill & Intangibles Disclosure

10-KFiled Jan 28, 20262 min read
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, 2025:
General rentalsSpecialtyTotal
Balance at January 1, 2023 (1)$4,980 $1,046 $6,026 
Goodwill related to acquisitions (2) (3)(209)111 (98)
Foreign currency translation and other adjustments4 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 
Goodwill related to acquisitions (2)14 155 169 
Foreign currency translation and other adjustments10 40 50 
Balance at December 31, 2025 (1)$4,907$2,212$7,119
 
_________________
(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. 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. The March 2024 acquisition of Yak was assigned to our specialty segment and accounted for most of the goodwill related to acquisitions in 2024.
Other intangible assets were comprised of the following at December 31, 2025 and 2024:  
December 31, 2025
Weighted-Average Remaining
Amortization Period 		Gross
Carrying
Amount		Accumulated
Amortization		Net
Amount
Non-compete agreements2 years$184 $122 $62 
Customer relationships5 years$2,487 $2,074 $413 
Trade names and associated trademarks1 year$11 $9 $2 
 
December 31, 2024
Weighted-Average Remaining
Amortization Period 		Gross
Carrying
Amount
Accumulated
Amortization 
Net
Amount 
Non-compete agreements3 years$170 $85 $85 
Customer relationships6 years$2,674 $2,100 $574 
Trade names and associated trademarks2 years$12 $8 $4 
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. Amortization expense for other intangible assets was $238, $258 and $271 for the years ended December 31, 2025, 2024 and 2023, respectively.
As of December 31, 2025, estimated amortization expense for other intangible assets for each of the next five years and thereafter was as follows: 
2026$183 
2027128 
202874 
202949 
203026 
Thereafter
17 
Total
$477 

Historical Timeline

Fiscal YearFiled
2025Jan 28, 2026Showing above
2024Jan 29, 2025
2023Jan 24, 2024
2022Jan 25, 2023
2021Jan 26, 2022
2020Jan 27, 2021
2019Jan 29, 2020
2018Jan 23, 2019
2017Jan 24, 2018
2016Jan 25, 2017
2015Jan 27, 2016

About Goodwill & Intangibles Disclosures

Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.

Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.

Other Available Disclosures

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