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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Revenues:        
Equipment rentals $ 1,220 $ 1,179 $ 2,345 $ 2,184
Sales of rental equipment 124 138 240 248
Sales of new equipment 39 37 72 63
Contractor supplies sales 21 22 39 41
Service and other revenues 25 23 48 41
Total revenues 1,429 1,399 2,744 2,577
Cost of revenues:        
Cost of equipment rentals, excluding depreciation 445 447 889 856
Depreciation of rental equipment 240 229 475 446
Cost of rental equipment sales 68 80 132 145
Cost of new equipment sales 33 31 60 51
Cost of contractor supplies sales 15 15 27 28
Cost of service and other revenues 10 8 19 14
Total cost of revenues 811 810 1,602 1,540
Gross profit 618 589 1,142 1,037
Selling, general and administrative expenses 175 187 356 355
Merger related costs 1 8 (26) 9
Restructuring charge 0 (1) 1 [1] 0
Non-rental depreciation and amortization 67 70 136 130
Operating income 375 325 675 543
Interest expense, net 232 187 353 312
Other income, net (6) (4) (9) (5)
Income before provision for income taxes 149 142 331 236
Provision for income taxes 63 48 130 82
Net income $ 86 $ 94 $ 201 $ 154
Basic earnings per share (in dollars per share) $ 0.89 $ 0.98 $ 2.07 $ 1.61
Diluted earnings per share (in dollars per share) $ 0.88 $ 0.90 $ 2.04 $ 1.46
[1] Reflected in our condensed consolidated statements of income as “Restructuring charge.” These charges are not allocated to our reportable segments.