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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues:        
Revenues $ 1,939 $ 2,290 $ 4,064 $ 4,407
Cost of revenues:        
Cost of equipment rentals, excluding depreciation 647 769 1,394 1,511
Depreciation of rental equipment 395 399 821 794
Total cost of revenues 1,238 1,379 2,636 2,735
Gross profit 701 911 1,428 1,672
Selling, general and administrative expenses 222 271 489 551
Merger related costs 0 0 0 1
Restructuring charge 3 6 5 14
Non-rental depreciation and amortization 95 105 195 209
Operating income (loss) 381 529 739 897
Interest expense, net 130 180 266 331
Other income, net 0 (2) (4) (5)
Income before provision for income taxes 251 351 477 571
Provision for income taxes 39 81 92 126
Net income $ 212 $ 270 $ 385 $ 445
Basic earnings per share (in dollars per share) $ 2.94 $ 3.45 $ 5.26 $ 5.65
Diluted earnings per share (in dollars per share) $ 2.93 $ 3.44 $ 5.25 $ 5.62
Equipment rentals        
Revenues:        
Revenues $ 1,642 $ 1,960 $ 3,425 $ 3,755
Sales of rental equipment        
Revenues:        
Revenue from contract with customer 176 197 384 389
Cost of revenues:        
Cost of goods and services sold 105 116 230 241
Sales of new equipment        
Revenues:        
Revenue from contract with customer 53 60 115 122
Cost of revenues:        
Cost of goods and services sold 46 51 100 105
Contractor supplies sales        
Revenues:        
Revenue from contract with customer 23 27 48 51
Cost of revenues:        
Cost of goods and services sold 16 19 34 36
Service and other revenues        
Revenues:        
Revenue from contract with customer 45 46 92 90
Cost of revenues:        
Cost of goods and services sold $ 29 $ 25 $ 57 $ 48