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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues:        
Revenues $ 2,290 $ 1,891 $ 4,407 $ 3,625
Cost of revenues:        
Cost of equipment rentals, excluding depreciation 769 620 1,511 1,212
Depreciation of rental equipment 399 323 794 645
Total cost of revenues 1,379 1,109 2,735 2,197
Gross profit 911 782 1,672 1,428
Selling, general and administrative expenses 271 239 551 471
Merger related costs 0 2 1 3
Restructuring charge 6 4 14 6
Non-rental depreciation and amortization 105 67 209 138
Operating income (loss) 529 470 897 810
Interest expense, net 180 112 331 221
Other income, net (2) (1) (5) (2)
Income before provision for income taxes 351 359 571 591
Provision for income taxes 81 89 126 138
Net income $ 270 $ 270 $ 445 $ 453
Basic earnings per share (in dollars per share) $ 3.45 $ 3.22 $ 5.65 $ 5.40
Diluted earnings per share (in dollars per share) $ 3.44 $ 3.20 $ 5.62 $ 5.34
Equipment rentals        
Revenues:        
Revenues $ 1,960 $ 1,631 $ 3,755 $ 3,090
Sales of rental equipment        
Revenues:        
Revenue from contract with customer 197 157 389 338
Cost of revenues:        
Cost of goods and services sold 116 92 241 199
Sales of new equipment        
Revenues:        
Revenue from contract with customer 60 44 122 86
Cost of revenues:        
Cost of goods and services sold 51 38 105 75
Contractor supplies sales        
Revenues:        
Revenue from contract with customer 27 24 51 42
Cost of revenues:        
Cost of goods and services sold 19 16 36 28
Service and other revenues        
Revenues:        
Revenue from contract with customer 46 35 90 69
Cost of revenues:        
Cost of goods and services sold $ 25 $ 20 $ 48 $ 38