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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Revenues:        
Equipment rentals $ 1,179 $ 1,009 $ 2,184 $ 1,925
Sales of rental equipment 138 131 248 254
Sales of new equipment 37 24 63 45
Contractor supplies sales 22 23 41 43
Service and other revenues 23 19 41 39
Total revenues 1,399 1,206 2,577 2,306
Cost of revenues:        
Cost of equipment rentals, excluding depreciation 447 399 856 792
Depreciation of rental equipment 229 208 446 410
Cost of rental equipment sales 80 87 145 170
Cost of new equipment sales 31 19 51 36
Cost of contractor supplies sales 15 16 28 29
Cost of service and other revenues 8 6 14 13
Total cost of revenues 810 735 1,540 1,450
Gross profit 589 471 1,037 856
Selling, general and administrative expenses 187 152 355 312
Merger related costs 8 2 9 8
Restructuring charge (1) 5 0 [1] 11
Non-rental depreciation and amortization 70 62 130 126
Operating income 325 250 543 399
Interest expense, net 187 118 312 236
Interest expense—subordinated convertible debentures 0 1 0 3
Other income, net (4) 0 (5) (1)
Income before provision for income taxes 142 131 236 161
Provision for income taxes 48 48 82 57
Net income $ 94 $ 83 $ 154 $ 104
Basic earnings per share (in dollars per share) $ 0.98 $ 0.89 $ 1.61 $ 1.12
Diluted earnings per share (in dollars per share) $ 0.90 $ 0.78 $ 1.46 $ 0.98
[1] Reflected in our condensed consolidated statements of income as “Restructuring charge.” These charges are not allocated to our reportable segments.