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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues:        
Revenues $ 2,187 $ 2,488 $ 6,251 $ 6,895
Cost of revenues:        
Cost of equipment rentals, excluding depreciation 689 813 2,083 2,324
Depreciation of rental equipment 395 417 1,216 1,211
Total cost of revenues 1,301 1,455 3,937 4,190
Gross profit 886 1,033 2,314 2,705
Selling, general and administrative expenses 232 273 721 824
Merger related costs 0 0 0 1
Restructuring charge 6 2 11 16
Non-rental depreciation and amortization 97 102 292 311
Operating income (loss) 551 656 1,290 1,553
Interest expense, net 278 147 544 478
Other income, net (2) (1) (6) (6)
Income before provision for income taxes 275 510 752 1,081
Provision for income taxes 67 119 159 245
Net income $ 208 $ 391 $ 593 $ 836
Basic earnings per share (in dollars per share) $ 2.88 $ 5.10 $ 8.14 $ 10.70
Diluted earnings per share (in dollars per share) $ 2.87 $ 5.08 $ 8.12 $ 10.66
Equipment rentals        
Revenues:        
Revenues $ 1,861 $ 2,147 $ 5,286 $ 5,902
Sales of rental equipment        
Revenues:        
Revenue from contract with customer 199 198 583 587
Cost of revenues:        
Cost of goods and services sold 123 122 353 363
Sales of new equipment        
Revenues:        
Revenue from contract with customer 54 67 169 189
Cost of revenues:        
Cost of goods and services sold 47 58 147 163
Contractor supplies sales        
Revenues:        
Revenue from contract with customer 25 27 73 78
Cost of revenues:        
Cost of goods and services sold 18 18 52 54
Service and other revenues        
Revenues:        
Revenue from contract with customer 48 49 140 139
Cost of revenues:        
Cost of goods and services sold $ 29 $ 27 $ 86 $ 75