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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenues:                      
Total revenues $ 2,456 $ 2,488 $ 2,290 $ 2,117 $ 2,306 $ 2,116 $ 1,891 $ 1,734 $ 9,351 $ 8,047 $ 6,641
Cost of revenues:                      
Cost of equipment rentals, excluding depreciation                 3,126 2,614 2,151
Depreciation of rental equipment                 1,631 1,363 1,124
Total cost of revenues                 5,681 4,683 3,872
Gross profit 965 1,033 911 761 998 938 782 646 3,670 3,364 2,769
Selling, general and administrative expenses                 1,092 1,038 903
Merger related costs         22       1 36 50
Restructuring charge         16       18 31 50
Non-rental depreciation and amortization                 407 308 259
Operating income 599 656 529 368 563 578 470 340 2,152 1,951 1,507
Interest expense, net                 648 481 464
Other income, net                 (10) (6) (5)
Income before provision (benefit) for income taxes                 1,514 1,476 1,048
Provision (benefit) for income taxes (note 14)                 340 380 (298)
Net income $ 338 $ 391 $ 270 $ 175 $ 310 $ 333 $ 270 $ 183 $ 1,174 $ 1,096 $ 1,346
Basic earnings per share (in dollars per share) $ 4.51 $ 5.10 $ 3.45 $ 2.21 $ 3.84 $ 4.05 $ 3.22 $ 2.18 $ 15.18 $ 13.26 $ 15.91
Diluted earnings per share (in dollars per share) $ 4.49 $ 5.08 $ 3.44 $ 2.19 $ 3.80 $ 4.01 $ 3.20 $ 2.15 $ 15.11 $ 13.12 $ 15.73
Equipment rentals                      
Revenues:                      
Revenues                 $ 7,964 $ 6,940 $ 5,715
Total revenues                 7,964 6,940 5,715
Sales of rental equipment                      
Revenues:                      
Revenues                 831 664 550
Cost of revenues:                      
Cost of goods and services sold                 518 386 330
Sales of new equipment                      
Revenues:                      
Revenues                 268 208 178
Cost of revenues:                      
Cost of goods and services sold                 231 179 152
Contractor supplies sales                      
Revenues:                      
Revenues                 104 91 80
Cost of revenues:                      
Cost of goods and services sold                 73 60 56
Service and other revenues                      
Revenues:                      
Revenues                 184 144 118
Cost of revenues:                      
Cost of goods and services sold                 $ 102 $ 81 $ 59