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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues:        
Total revenues $ 3,992 $ 3,765 $ 11,250 $ 10,604
Cost of revenues:        
Cost of equipment rentals, excluding depreciation 1,392 1,286 3,958 3,664
Depreciation of rental equipment 629 588 1,819 1,755
Total cost of revenues 2,344 2,180 6,738 6,353
Gross profit 1,648 1,585 4,512 4,251
Selling, general and administrative expenses 416 374 1,209 1,134
Restructuring charge 1 5 3 24
Non-rental depreciation and amortization 109 107 322 329
Operating income 1,122 1,099 2,978 2,764
Interest expense, net 178 163 511 474
Other income, net (5) (7) (12) (19)
Income before provision for income taxes 949 943 2,479 2,309
Provision for income taxes 241 240 593 564
Net income $ 708 $ 703 $ 1,886 $ 1,745
Basic earnings per share (in dollars per share) $ 10.73 $ 10.30 $ 28.33 $ 25.37
Diluted earnings per share (in dollars per share) $ 10.70 $ 10.29 $ 28.25 $ 25.30
Equipment rentals        
Revenues:        
Total revenues $ 3,463 $ 3,224 $ 9,607 $ 8,945
Sales of rental equipment        
Revenues:        
Total revenues 321 366 1,069 1,136
Cost of revenues:        
Cost of goods and services sold 176 185 564 569
Sales of new equipment        
Revenues:        
Total revenues 77 52 186 166
Cost of revenues:        
Cost of goods and services sold 65 43 152 137
Contractor supplies sales        
Revenues:        
Total revenues 38 39 116 110
Cost of revenues:        
Cost of goods and services sold 26 28 80 78
Service and other revenues        
Revenues:        
Total revenues 93 84 272 247
Cost of revenues:        
Cost of goods and services sold $ 56 $ 50 $ 165 $ 150