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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenues:        
Revenues $ 2,596 $ 2,187 $ 6,940 $ 6,251
Cost of revenues:        
Cost of equipment rentals, excluding depreciation 886 689 2,416 2,083
Depreciation of rental equipment 412 395 1,172 1,216
Total cost of revenues 1,493 1,301 4,248 3,937
Gross profit 1,103 886 2,692 2,314
Selling, general and administrative expenses 326 232 877 721
Merger related costs 0 0 3 0
Restructuring charge 0 6 1 11
Non-rental depreciation and amortization 98 97 279 292
Operating income (loss) 679 551 1,532 1,290
Interest expense, net 132 278 331 544
Other income, net (3) (2) (1) (6)
Income before provision for income taxes 550 275 1,202 752
Provision for income taxes 141 67 297 159
Net income $ 409 $ 208 $ 905 $ 593
Basic earnings per share (in dollars per share) $ 5.65 $ 2.88 $ 12.49 $ 8.14
Diluted earnings per share (in dollars per share) $ 5.63 $ 2.87 $ 12.45 $ 8.12
Equipment rentals        
Revenues:        
Revenues $ 2,277 $ 1,861 $ 5,895 $ 5,286
Sales of rental equipment        
Revenues:        
Revenues 183 199 644 583
Cost of revenues:        
Cost of goods and services sold 99 123 373 353
Sales of new equipment        
Revenues:        
Revenues 47 54 153 169
Cost of revenues:        
Cost of goods and services sold 38 47 128 147
Contractor supplies sales        
Revenues:        
Revenues 29 25 80 73
Cost of revenues:        
Cost of goods and services sold 21 18 57 52
Service and other revenues        
Revenues:        
Revenues 60 48 168 140
Cost of revenues:        
Cost of goods and services sold $ 37 $ 29 $ 102 $ 86