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(5) Primarily reflects severance and branch closure charges associated with our restructuring programs. We only include such costs that are part of a restructuring program as restructuring charges. The designated restructuring programs generally involve the closure of a large number of branches over a short period of time, often in periods following a major acquisition, and result in significant costs that we would not normally incur absent a major acquisition or other triggering event that results in the initiation of a restructuring program. The amounts above primarily reflect charges associated with the restructuring program initiated following the closing of the Ahern Rentals acquisition. Since the first such restructuring program was initiated in 2008, we have completed seven restructuring programs and have cumulatively incurred total restructuring charges of $383 million under our restructuring programs. We currently have no open restructuring programs.
Read in the filing ↗ Also in 8-K of Jan 29, 2025, 8-K of Jan 29, 2025, 8-K of Apr 24, 2024, 8-K of Apr 24, 2024, 8-K of Apr 24, 2024, 8-K of Apr 23, 2025, 8-K of Apr 23, 2025, 8-K of Apr 23, 2025, 8-K of Jul 23, 2025, 8-K of Jul 23, 2025, 8-K of Jul 23, 2025, 8-K of Oct 22, 2025, 8-K of Oct 22, 2025, 8-K of Oct 22, 2025, 8-K of Jul 24, 2024, 8-K of Jul 24, 2024, 8-K of Jul 24, 2024, 8-K of Oct 23, 2024, 8-K of Oct 23, 2024, 8-K of Oct 23, 2024, 8-K of Jan 24, 2024, 8-K of Jan 24, 2024, 8-K of Jan 24, 2024, 8-K of Jan 24, 2024, 8-K of Apr 22, 2026, 8-K of Apr 22, 2026, 8-K of Jul 22, 2026, 8-K of Jul 22, 2026, 8-K of Jul 22, 2026, 8-K of Oct 21, 2026, 8-K of Oct 21, 2026, 8-K of Oct 21, 2026, 8-K of Apr 22, 2026, 8-K of Jan 28, 2026, 8-K of Jan 28, 2026, 8-K of Jan 28, 2026
The restructuring charges primarily reflect severance and branch closure charges associated with our restructuring programs. We incur severance costs and branch closure charges in the ordinary course of our business. We only include such costs that are part of a restructuring program as restructuring charges. The designated restructuring programs generally involve
Read in the filing ↗ Also in 10-K of Jan 29, 2025, 10-Q of Oct 22, 2025, 10-K of Jan 28, 2026, 10-Q of Apr 22, 2026, 10-Q of Oct 21, 2026
Restructuring charges primarily include severance costs associated with headcount reductions, as well as branch closure charges. We incur severance costs and branch closure charges in the ordinary course of our business. We only include such costs that are part of a restructuring program as restructuring charges. Since the first such program was initiated in 2008, we have completed seven restructuring programs and have incurred total restructuring charges of $ 384.
Read in the filing ↗ Also in 10-Q of Apr 22, 2026, 10-Q of Jul 22, 2026, 10-Q of Oct 21, 2026
(1) Reflected in our condensed consolidated statements of income as “Restructuring charge” (such charge also includes activity under our closed restructuring programs). The restructuring charges are not allocated to our segments. A s we first incurred costs under the 2026 Cost Savings Restructuring Program in 2026, the amounts above reflect the cumulative charges recognized through March 31, 2026.
Read in the filing ↗ Also in 10-Q of Jul 22, 2026, 10-Q of Oct 21, 2026
(4) This primarily reflects severance and branch closure charges associated with our restructuring programs. For additional information on the restructuring charges, which generally involve the closure of a large number of branches over a short period of time, often in periods following a major acquisition, see “Results of Operations-Other costs/(income)-restructuring charges” below. The amounts above primarily reflect charges associated with a restructuring program initiated following the closing of the Ahern Rentals acquisition. As of December 31, 2024, there were no open restructuring programs.
Read in the filing ↗ Also in 10-K of Jan 29, 2025, 10-K of Jan 28, 2026, 10-K of Jan 28, 2026, 10-Q of Apr 22, 2026, 10-Q of Apr 22, 2026, 10-Q of Jul 22, 2026, 10-Q of Jul 22, 2026, 10-Q of Oct 21, 2026, 10-Q of Oct 21, 2026, 10-Q of Oct 22, 2025, 10-Q of Oct 22, 2025
(6) This primarily reflects severance costs and branch closure charges associated with our restructuring programs. The amounts above primarily reflect charges associated with a restructuring program initiated following the closing of the Ahern Rentals acquisition. As of December 31, 2024, there were no open restructuring programs.
Read in the filing ↗ Also in 10-K of Jan 28, 2026
(5) Primarily reflects severance and branch closure charges associated with our restructuring programs. The restructuring charges generally involve the closure of a large number of branches over a short period of time, often in periods following a major acquisition. The amounts above primarily reflect charges associated with the restructuring program initiated following the December 2022 acquisition of Ahern Rentals. As of December 31, 2024, there were no open restructuring programs.
Read in the filing ↗ Also in 10-Q of Apr 22, 2026, 10-Q of Jul 22, 2026, 10-Q of Oct 21, 2026, 10-K of Jan 28, 2026, 10-Q of Oct 22, 2025
The table below provides certain information concerning restructuring activity under the 2026 Cost Savings Restructuring Program during the three months ended March 31, 2026:
Read in the filing ↗ Also in 10-Q of Jul 22, 2026, 10-Q of Oct 21, 2026
(1) Primarily relates to branch closure charges and severance costs associated with our closed restructuring programs. As of December 31, 2024, there were no open restructuring programs.
Read in the filing ↗
the closure of a large number of branches over a short period of time, often in periods following a major acquisition, and result in significant costs that we would not normally incur absent a major acquisition or other triggering event that results in the initiation of a restructuring program. The amounts above primarily reflect charges associated with the restructuring program that was initiated in the fourth quarter of 2025 (see note 4 to the condensed consolidated financial statements for additional detail on our restructuring programs). Since the first such program was initiated in 2008, we have completed seven restructuring programs and have incurred total restructuring charges of $435.
Read in the filing ↗
8. Free cash flow excludes merger and restructuring related payments, which cannot be reasonably predicted for the 2024 outlook. Merger and restructuring related payments were $8 million in 2023.
Read in the filing ↗ Also in 8-K of Jan 29, 2025, 8-K of Jan 28, 2026, 8-K of Apr 24, 2024, 8-K of Jul 24, 2024, 8-K of Oct 23, 2024, 8-K of Apr 23, 2025, 8-K of Jul 23, 2025, 8-K of Oct 22, 2025
8. Free cash flow excludes restructuring related payments, which cannot be reasonably predicted for the 2026 outlook. Restructuring related payments were $13 million for the three months ended March 31, 2026.
Read in the filing ↗ Also in 8-K of Jul 22, 2026, 8-K of Oct 21, 2026
In the fourth quarter of 2025, we initiated a restructuring program (the “2026 Cost Savings Restructuring Program”) associated with the consolidation of certain common functions and certain other cost reduction measures. We did not recognize material costs associated with this program in 2025. We expect to complete this program in 2026, and expect to recognize between $ 30 and $ 60 of total costs, primarily comprised of severance and branch closure costs, under the program. As of December 31, 2025, the total liability associated with our restructuring programs was $ 13 (such amount relates only to our closed restructuring programs, as we have no t yet recognized any liabilities associated with the 2026 Cost Savings Restructuring Program).
Read in the filing ↗ Also in 10-Q of Oct 21, 2026, 10-Q of Apr 22, 2026
Our closed restructuring programs were generally initiated either in recognition of a challenging economic environment or following the completion of certain significant acquisitions. As of March 31, 2026, the total liability associated with the closed restructuring programs was $ 13.
Read in the filing ↗ Also in 10-Q of Jul 22, 2026, 10-Q of Oct 21, 2026
(1) Primarily relates to branch closure charges associated with our closed restructuring programs. See note 5 for additional detail.
Read in the filing ↗
(2) The amounts above primarily reflect charges associated with a restructuring program initiated following the closing of the Ahern Rentals acquisition.
Read in the filing ↗ Also in 10-K of Jan 28, 2026
initiated in the fourth quarter of 2025 (see note 4 to the condensed consolidated financial statements for additional detail on our restructuring programs).
Read in the filing ↗
(2) Free cash flow included restructuring related payments of $13 million and $1 million for the three months ended March 31, 2026 and 2025, respectively.
Read in the filing ↗
(1) Free cash flow included aggregate merger and restructuring related payments of $2 million and $1 million for the three months ended March 31, 2024 and 2023, respectively.
Read in the filing ↗ Also in 8-K of Apr 23, 2025