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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues:        
Equipment rentals $ 1,536 $ 1,322 $ 4,069 $ 3,643
Service and other revenues 30 25 86 79
Total revenues 1,766 1,508 4,719 4,239
Cost of revenues:        
Cost of equipment rentals, excluding depreciation 557 486 1,556 1,391
Depreciation of rental equipment 290 250 804 735
Cost of service and other revenues 14 10 42 32
Total cost of revenues 993 852 2,777 2,493
Gross profit 773 656 1,942 1,746
Selling, general and administrative expenses 237 179 648 533
Merger related costs 16 0 32 0
Restructuring charge 9 4 28 8
Non-rental depreciation and amortization 63 61 189 192
Operating (loss) income 448 412 1,045 1,013
Interest expense, net 131 110 338 349
Other income, net (5) (1) (5) (3)
Income before provision for income taxes 322 303 712 667
Provision for income taxes 123 116 263 254
Net income $ 199 $ 187 $ 449 $ 413
Basic earnings per share (in dollars per share) $ 2.36 $ 2.18 $ 5.31 $ 4.68
Diluted earnings per share (in dollars per share) $ 2.33 $ 2.16 $ 5.26 $ 4.66
Rental equipment        
Revenues:        
Sales revenue $ 139 $ 112 $ 378 $ 361
Cost of revenues:        
Cost of goods sold 84 68 225 215
New equipment        
Revenues:        
Sales revenue 40 30 126 96
Cost of revenues:        
Cost of goods sold 34 25 108 79
Contractor supplies        
Revenues:        
Sales revenue 21 19 60 60
Cost of revenues:        
Cost of goods sold $ 14 $ 13 $ 42 $ 41