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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues:        
Equipment rentals $ 1,367 $ 1,204 $ 2,533 $ 2,321
Sales of rental equipment 133 134 239 249
Sales of new equipment 47 36 86 66
Contractor supplies sales 21 22 39 41
Service and other revenues 29 25 56 54
Total revenues 1,597 1,421 2,953 2,731
Cost of revenues:        
Cost of equipment rentals, excluding depreciation 525 456 999 905
Depreciation of rental equipment 266 242 514 485
Cost of rental equipment sales 81 79 141 147
Cost of new equipment sales 40 29 74 54
Cost of contractor supplies sales 15 15 28 28
Cost of service and other revenues 15 10 28 22
Total cost of revenues 942 831 1,784 1,641
Gross profit 655 590 1,169 1,090
Selling, general and administrative expenses 218 177 411 354
Merger related costs 14 0 16 0
Restructuring charge 19 2 19 4
Non-rental depreciation and amortization 64 64 126 131
Operating (loss) income 340 347 597 601
Interest expense, net 113 132 207 239
Other income, net (2) (2) 0 (2)
Income before provision for income taxes 229 217 390 364
Provision for income taxes 88 83 140 138
Net income $ 141 $ 134 $ 250 $ 226
Basic earnings per share (in dollars per share) $ 1.67 $ 1.52 $ 2.95 $ 2.53
Diluted earnings per share (in dollars per share) $ 1.65 $ 1.52 $ 2.92 $ 2.52