Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2011

Goodwill and Other Intangible Assets [Abstract]

Goodwill and Other Intangible Assets Disclosure

Goodwill and Other Intangible Assets

We have made acquisitions over the years, principally during the period from 1997 to 2000, which included the recognition of a significant amount of goodwill. Goodwill is tested for impairment annually or more frequently if an event or circumstance indicates that an impairment loss may have been incurred.

In September 2011, the FASB issued guidance that simplified how entities test for goodwill impairment. This guidance permits entities to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform a two-step goodwill impairment test. We early adopted this guidance for our annual goodwill impairment test that was conducted as of October 1, 2011. In performing the 2011 goodwill impairment test, we assessed the relevant qualitative factors and concluded that it is more likely than not that the fair values of our reporting units (our regions) are greater than their carrying amounts. After reaching this conclusion, no further testing was performed. The qualitative factors we considered included, but were not limited to, general economic conditions, our outlook for construction activity, our recent and forecasted financial performance and the price of the Company's common stock.

The following table presents the changes in the carrying amount of goodwill for each of the three years in the period ended December 31, 2011:



	General rentals			Trench safety, power and HVAC			Total
Balance at January 1, 2009 (1)	$	97		$	93		$	190
Goodwill related to acquisitions	1			—			1
Foreign currency translation and other adjustments	5			—			5
Balance at December 31, 2009 (1)	103			93			196
Foreign currency translation and other adjustments	2			—			2
Balance at December 31, 2010 (1)	105			93			198
Goodwill related to acquisitions	65			31			96
Foreign currency translation and other adjustments	(3		)	(2		)	(5		)
Balance at December 31, 2011 (1)	$	167		$	122		$	289

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(1)	The total carrying amount of goodwill for all periods in the table above is reflected net of $1,557 of accumulated impairment charges, which were primarily recorded in our general rentals segment.

Other intangible assets primarily consist of customer relationships and non-compete agreements. Intangible assets were comprised of the following at December 31, 2011 and 2010:



	As of December 31, 2011
	Weighted-Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Amount
Non-compete agreements	46 months	$	30	$	25	$	5
Customer relationships	9 years	$	121	$	43	$	78



	As of December 31, 2010
	Weighted-Average Remaining Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Amount
Non-compete agreements	27 months	$	25	$	24	$	1
Customer relationships	5 years	$	64	$	36	$	28

Our other intangibles assets, net at December 31, 2011 include customer relationships and non-compete agreements of $56 and $4, respectively, associated with the 2011 acquisitions discussed above (see note 1, "Organization, Description of Business and Consolidation"). No residual value has been assigned to these intangible assets. The weighted-average initial amortization periods for the acquired customer relationships and non-compete agreements are 11.6 years and 55 months, respectively.

Amortization expense for other intangible assets was $8, $7 and $8 for the years ended December 31, 2011, 2010 and 2009, respectively.

As of December 31, 2011, estimated amortization expense for other intangible assets for each of the next five years and thereafter is as follows:



2012	$	12
2013	12
2014	10
2015	9
2016	8
Thereafter	32
Total	$	83

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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