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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues:        
Revenues $ 2,287 $ 1,939 $ 4,344 $ 4,064
Cost of revenues:        
Cost of equipment rentals, excluding depreciation 815 647 1,530 1,394
Depreciation of rental equipment 385 395 760 821
Total cost of revenues 1,412 1,238 2,755 2,636
Gross profit 875 701 1,589 1,428
Selling, general and administrative expenses 301 222 551 489
Merger related costs 3 0 3 0
Restructuring charge 0 3 1 5
Non-rental depreciation and amortization 90 95 181 195
Operating income (loss) 481 381 853 739
Interest expense, net 100 130 199 266
Other expense (income), net 4 0 2 (4)
Income before provision for income taxes 377 251 652 477
Provision for income taxes 84 39 156 92
Net income $ 293 $ 212 $ 496 $ 385
Basic earnings per share (in dollars per share) $ 4.03 $ 2.94 $ 6.85 $ 5.26
Diluted earnings per share (in dollars per share) $ 4.02 $ 2.93 $ 6.82 $ 5.25
Equipment rentals        
Revenues:        
Revenues $ 1,951 $ 1,642 $ 3,618 $ 3,425
Sales of rental equipment        
Revenues:        
Revenue from contract with customer 194 176 461 384
Cost of revenues:        
Cost of goods and services sold 110 105 274 230
Sales of new equipment        
Revenues:        
Revenue from contract with customer 57 53 106 115
Cost of revenues:        
Cost of goods and services sold 48 46 90 100
Contractor supplies sales        
Revenues:        
Revenue from contract with customer 27 23 51 48
Cost of revenues:        
Cost of goods and services sold 19 16 36 34
Service and other revenues        
Revenues:        
Revenue from contract with customer 58 45 108 92
Cost of revenues:        
Cost of goods and services sold $ 35 $ 29 $ 65 $ 57