Acquisitions (Tables)

6 Months Ended

Jun. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of assets acquired and liabilities assumed

The following table summarizes the net book values of the assets acquired and liabilities assumed as of the acquisition date. The initial accounting for the acquisition is incomplete. All amounts below could change, potentially materially, as there is significant additional information that we have to obtain to finalize the valuations of the assets acquired and liabilities assumed, and to establish the value of the potential intangible assets, primarily because of the proximity of the acquisition date to the balance sheet date of June 30, 2021.

Cash and cash equivalents	$	13
Accounts receivable, net of allowance for doubtful accounts (1)	44
Inventory	37
Rental equipment	481
Property and equipment	25
Operating lease right-of-use assets	79
Other assets	27
Total identifiable assets acquired	706
Current liabilities	(82)
Deferred taxes	(68)
Operating lease liabilities	(76)
Total liabilities assumed	(226)
Net identifiable assets acquired	480
Goodwill (2)	552
Net assets acquired	$	1,032

(1) The fair value of accounts receivables acquired was $44, and the gross contractual amount was $50. We estimated that $6 would be uncollectible.

(2)All of the goodwill was assigned to our specialty segment. As noted above, we have not yet obtained all the information required to finalize the valuations of the assets acquired and liabilities assumed, primarily because of the proximity of the acquisition date to the balance sheet date of June 30, 2021. As such, we expect that goodwill will change materially from the amount noted above. Once finalized, we expect that the goodwill that results from the acquisition will be primarily reflective of General Finance's going-concern value, the value of General Finance's assembled workforce, new customer relationships expected to arise from the acquisition, and operational synergies that we expect to achieve that would not be available to other market participants. $28 of goodwill is expected to be deductible for income tax purposes.

Summary of business acquisition, pro forma information

In future periods, we expect to provide pro forma revenue and income information.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
United Rentals historic revenues	$	2,287	$	1,939	$	4,344	$	4,064
General Finance historic revenues	55		84		144		173
Pro forma revenues	$	2,342	$	2,023	$	4,488	$	4,237