XML 14 R4.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues:        
Revenues $ 3,051 $ 2,596 $ 8,346 $ 6,940
Cost of revenues:        
Cost of equipment rentals, excluding depreciation 1,053 886 2,961 2,416
Depreciation of rental equipment 470 412 1,362 1,172
Total cost of revenues 1,685 1,493 4,838 4,248
Gross profit 1,366 1,103 3,508 2,692
Selling, general and administrative expenses 356 326 1,022 877
Merger related costs 0 0 0 3
Restructuring charge (1) 0 0 1
Non-rental depreciation and amortization 90 98 278 279
Operating income (loss) 921 679 2,208 1,532
Interest expense, net 106 132 313 331
Other income, net (1) (3) (12) (1)
Income before provision for income taxes 816 550 1,907 1,202
Provision for income taxes 210 141 441 297
Net income $ 606 $ 409 $ 1,466 $ 905
Basic earnings per share (in dollars per share) $ 8.69 $ 5.65 $ 20.61 $ 12.49
Diluted earnings per share (in dollars per share) $ 8.66 $ 5.63 $ 20.56 $ 12.45
Equipment rentals        
Revenues:        
Revenues $ 2,732 $ 2,277 $ 7,369 $ 5,895
Sales of rental equipment        
Revenues:        
Revenues 181 183 556 644
Cost of revenues:        
Cost of goods and services sold 69 99 231 373
Sales of new equipment        
Revenues:        
Revenues 32 47 115 153
Cost of revenues:        
Cost of goods and services sold 25 38 93 128
Contractor supplies sales        
Revenues:        
Revenues 32 29 94 80
Cost of revenues:        
Cost of goods and services sold 23 21 66 57
Service and other revenues        
Revenues:        
Revenues 74 60 212 168
Cost of revenues:        
Cost of goods and services sold $ 45 $ 37 $ 125 $ 102