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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues:        
Equipment rentals $ 1,631 $ 1,367 $ 3,090 $ 2,533
Service and other revenues 35 29 69 56
Total revenues 1,891 1,597 3,625 2,953
Cost of revenues:        
Cost of equipment rentals, excluding depreciation 620 525 1,212 999
Depreciation of rental equipment 323 266 645 514
Cost of service and other revenues 20 15 38 28
Total cost of revenues 1,109 942 2,197 1,784
Gross profit 782 655 1,428 1,169
Selling, general and administrative expenses 239 218 471 411
Merger related costs 2 14 3 16
Restructuring charge 4 19 6 19
Non-rental depreciation and amortization 67 64 138 126
Operating income (loss) 470 340 810 597
Interest expense, net 112 113 221 207
Other income, net (1) (2) (2) 0
Income before provision for income taxes 359 229 591 390
Provision for income taxes 89 88 138 140
Net income $ 270 $ 141 $ 453 $ 250
Basic earnings per share (in dollars per share) $ 3.22 $ 1.67 $ 5.40 $ 2.95
Diluted earnings per share (in dollars per share) $ 3.20 $ 1.65 $ 5.34 $ 2.92
Rental equipment        
Revenues:        
Sales revenue $ 157 $ 133 $ 338 $ 239
Cost of revenues:        
Cost of goods sold 92 81 199 141
New equipment        
Revenues:        
Sales revenue 44 47 86 86
Cost of revenues:        
Cost of goods sold 38 40 75 74
Contractor supplies        
Revenues:        
Sales revenue 24 21 42 39
Cost of revenues:        
Cost of goods sold $ 16 $ 15 $ 28 $ 28