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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Revenues:      
Revenues $ 8,530 $ 9,351 $ 8,047
Cost of revenues:      
Cost of equipment rentals, excluding depreciation 2,820 3,126 2,614
Depreciation of rental equipment 1,601 1,631 1,363
Total cost of revenues 5,347 5,681 4,683
Gross profit 3,183 3,670 3,364
Selling, general and administrative expenses 979 1,092 1,038
Merger related costs 0 1 36
Restructuring charge 17 18 31
Non-rental depreciation and amortization 387 407 308
Operating income 1,800 2,152 1,951
Interest expense, net 669 648 481
Other income, net (8) (10) (6)
Income before provision (benefit) for income taxes 1,139 1,514 1,476
Provision (benefit) for income taxes 249 340 380
Net income $ 890 $ 1,174 $ 1,096
Basic earnings per share (in dollars per share) $ 12.24 $ 15.18 $ 13.26
Diluted earnings per share (in dollars per share) $ 12.20 $ 15.11 $ 13.12
Equipment rentals      
Revenues:      
Revenues $ 7,140 $ 7,964 $ 6,940
Sales of rental equipment      
Revenues:      
Revenue from contract with customer, excluding assessed tax 858 831 664
Cost of revenues:      
Cost of goods and services sold 526 518 386
Sales of new equipment      
Revenues:      
Revenue from contract with customer, excluding assessed tax 247 268 208
Cost of revenues:      
Cost of goods and services sold 214 231 179
Contractor supplies sales      
Revenues:      
Revenue from contract with customer, excluding assessed tax 98 104 91
Cost of revenues:      
Cost of goods and services sold 69 73 60
Service and other revenues      
Revenues:      
Revenue from contract with customer, excluding assessed tax 187 184 144
Cost of revenues:      
Cost of goods and services sold $ 117 $ 102 $ 81