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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues:        
Revenues $ 2,488 $ 2,116 $ 6,895 $ 5,741
Cost of revenues:        
Cost of equipment rentals, excluding depreciation 813 671 2,324 1,883
Depreciation of rental equipment 417 343 1,211 988
Total cost of revenues 1,455 1,178 4,190 3,375
Gross profit 1,033 938 2,705 2,366
Selling, general and administrative expenses 273 265 824 736
Merger related costs 0 11 1 14
Restructuring charge 2 9 16 15
Non-rental depreciation and amortization 102 75 311 213
Operating income (loss) 656 578 1,553 1,388
Interest expense, net 147 118 478 339
Other income, net (1) 0 (6) (2)
Income before provision for income taxes 510 460 1,081 1,051
Provision for income taxes 119 127 245 265
Net income $ 391 $ 333 $ 836 $ 786
Basic earnings per share (in dollars per share) $ 5.10 $ 4.05 $ 10.70 $ 9.44
Diluted earnings per share (in dollars per share) $ 5.08 $ 4.01 $ 10.66 $ 9.34
Equipment rentals        
Revenues:        
Revenues $ 2,147 $ 1,861 $ 5,902 $ 4,951
Sales of rental equipment        
Revenues:        
Revenue from contract with customer 198 140 587 478
Cost of revenues:        
Cost of goods and services sold 122 83 363 282
Sales of new equipment        
Revenues:        
Revenue from contract with customer 67 54 189 140
Cost of revenues:        
Cost of goods and services sold 58 46 163 121
Contractor supplies sales        
Revenues:        
Revenue from contract with customer 27 24 78 66
Cost of revenues:        
Cost of goods and services sold 18 15 54 43
Service and other revenues        
Revenues:        
Revenue from contract with customer 49 37 139 106
Cost of revenues:        
Cost of goods and services sold $ 27 $ 20 $ 75 $ 58