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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Revenues:                      
Equipment rentals                 $ 4,949 $ 4,819 $ 4,196
Sales of rental equipment                 538 544 490
Sales of new equipment                 157 149 104
Contractor supplies sales                 79 85 87
Service and other revenues                 94 88 78
Total revenues $ 1,523 $ 1,550 $ 1,429 $ 1,315 $ 1,564 $ 1,544 $ 1,399 $ 1,178 5,817 5,685 4,955
Cost of revenues:                      
Cost of equipment rentals, excluding depreciation                 1,826 1,806 1,634
Depreciation of rental equipment                 976 921 852
Cost of rental equipment sales                 311 315 314
Cost of new equipment sales                 131 120 84
Cost of contractor supplies sales                 55 59 59
Cost of service and other revenues                 38 32 25
Total cost of revenues                 3,337 3,253 2,968
Gross profit 648 690 618 524 707 688 589 448 2,480 2,432 1,987
Selling, general and administrative expenses                 714 758 642
Merger related costs                 (26) 11 9
Restructuring charge                 6 (1) 12
Non-rental depreciation and amortization                 268 273 246
Operating income 397 446 375 300 426 422 325 218 1,518 1,391 1,078
Interest expense, net                 567 555 475
Interest expense—subordinated convertible debentures                 0 0 3
Other income, net                 (12) (14) (5)
Income before provision for income taxes                 963 850 605
Provision for income taxes                 378 310 218
Net income $ 169 $ 215 $ 86 $ 115 $ 194 $ 192 $ 94 $ 60 $ 585 $ 540 $ 387
Basic earnings per share (in dollars per share) $ 1.82 $ 2.28 $ 0.89 $ 1.19 $ 1.96 $ 1.95 $ 0.98 $ 0.63 $ 6.14 $ 5.54 $ 4.14
Diluted earnings per share (in dollars per share) $ 1.81 $ 2.25 $ 0.88 $ 1.16 $ 1.88 $ 1.84 $ 0.90 $ 0.56 $ 6.07 $ 5.15 $ 3.64