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Quarterly Financial Information (Unaudited)
 12 Months Ended
Dec. 31, 2021
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, 2021 (1) (2):
Total revenues (1)$2,057 $2,287 $2,596 $2,776 $9,716 
Gross profit714 875 1,103 1,161 3,853 
Operating income372 481 679 745 2,277 
Net income (2)203 293 409 481 1,386 
Earnings per share—basic2.81 4.03 5.65 6.65 19.14 
Earnings per share—diluted (3)2.80 4.02 5.63 6.61 19.04 
For the year ended December 31, 2020 (1) (2):
Total revenues (1)$2,125 $1,939 $2,187 $2,279 $8,530 
Gross profit727 701 886 869 3,183 
Operating income358 381 551 510 1,800 
Net income (2)173 212 208 297 890 
Earnings per share—basic2.33 2.94 2.88 4.11 12.24 
Earnings per share—diluted (3)2.33 2.93 2.87 4.09 12.20 
 
(1)    As discussed in note 1 to our consolidated financial statements, COVID-19 has significantly disrupted supply chains and businesses around the world. We began to experience a decline in revenues in March 2020, when rental volume declined in response to shelter-in-place orders and other market restrictions. The volume declines were more pronounced in 2020 than 2021, and we have seen recent evidence of recovery across our construction and industrial markets, as well as encouraging gains in end-market indicators, as reflected in our 2022 forecast.
(2)    There were no unusual or infrequently occurring items recognized in the fourth quarter of 2021 that had a material impact on our financial statements. In the fourth quarter of 2020, we redeemed all of our 4 5/8 percent Senior Notes due 2025, and recognized a redemption loss of $24 in interest expense, net. The loss represented the difference between the net carrying amount and the total purchase price of the redeemed notes.
(3)    Diluted earnings per share includes the after-tax impacts of the following:
First
Quarter		Second
Quarter
Third
Quarter 
Fourth
Quarter		Full
Year
For the year ended December 31, 2021:
Merger related costs (4)$— $(0.03)$— $— $(0.03)
Merger related intangible asset amortization (5)(0.50)(0.48)(0.53)(0.47)(1.98)
Impact on depreciation related to acquired fleet and property and equipment (6)(0.02)(0.01)(0.01)(0.13)(0.16)
Impact of the fair value mark-up of acquired fleet (7)(0.12)(0.08)(0.08)(0.10)(0.38)
Restructuring charge (8)(0.01)— — — (0.02)
Asset impairment charge (9)— (0.04)(0.02)(0.08)(0.14)
Loss on repurchase/redemption of debt securities (10)— — (0.31)— (0.31)
For the year ended December 31, 2020:
Merger related intangible asset amortization (5)$(0.59)$(0.59)$(0.55)$(0.52)$(2.22)
Impact on depreciation related to acquired fleet and property and equipment (6)(0.03)(0.02)(0.06)0.04 (0.08)
Impact of the fair value mark-up of acquired fleet (7)(0.12)(0.10)(0.12)(0.16)(0.51)
Restructuring charge (8)(0.02)(0.04)(0.06)(0.06)(0.18)
Asset impairment charge (9)(0.26)— (0.10)— (0.37)
Loss on repurchase/redemption of debt securities (10)— — (1.64)(0.25)(1.88)

(4)This reflects transaction costs associated with the General Finance acquisition discussed in note 4 to our consolidated financial statements. Merger related costs only include costs associated with major acquisitions that significantly impact our operations (the "major acquisitions," each of which had annual revenues of over $200 prior to acquisition). For additional information, see "Management’s Discussion and Analysis of Financial Condition and Results of Operations-Results of Operations-Other costs/(income)-merger related costs".
(5)This reflects the amortization of the intangible assets acquired in the major acquisitions.
(6)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.
(7)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.
(8)As discussed in note 6 to our consolidated financial statements, this primarily reflects severance costs and branch closure charges associated with our restructuring programs.
(9)This reflects write-offs of leasehold improvements and other fixed assets. As discussed in note 6 to our consolidated financial statements, the 2020 charges primarily reflect the discontinuation of certain equipment programs, and were not related to COVID-19.
(10)Reflects the difference between the net carrying amount and the total purchase price of the redeemed notes.