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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues:        
Revenues $ 2,771 $ 2,287 $ 5,295 $ 4,344
Cost of revenues:        
Cost of equipment rentals, excluding depreciation 1,002 815 1,908 1,530
Depreciation of rental equipment 457 385 892 760
Total cost of revenues 1,621 1,412 3,153 2,755
Gross profit 1,150 875 2,142 1,589
Selling, general and administrative expenses 343 301 666 551
Merger related costs 0 3 0 3
Restructuring charge 1 0 1 1
Non-rental depreciation and amortization 91 90 188 181
Operating income (loss) 715 481 1,287 853
Interest expense, net 113 100 207 199
Other (income) expense, net (6) 4 (11) 2
Income before provision for income taxes 608 377 1,091 652
Provision for income taxes 115 84 231 156
Net income $ 493 $ 293 $ 860 $ 496
Basic earnings per share (in dollars per share) $ 6.91 $ 4.03 $ 11.97 $ 6.85
Diluted earnings per share (in dollars per share) $ 6.90 $ 4.02 $ 11.93 $ 6.82
Equipment rentals        
Revenues:        
Revenues $ 2,462 $ 1,951 $ 4,637 $ 3,618
Sales of rental equipment        
Revenues:        
Revenues 164 194 375 461
Cost of revenues:        
Cost of goods and services sold 67 110 162 274
Sales of new equipment        
Revenues:        
Revenues 38 57 83 106
Cost of revenues:        
Cost of goods and services sold 31 48 68 90
Contractor supplies sales        
Revenues:        
Revenues 33 27 62 51
Cost of revenues:        
Cost of goods and services sold 23 19 43 36
Service and other revenues        
Revenues:        
Revenues 74 58 138 108
Cost of revenues:        
Cost of goods and services sold $ 41 $ 35 $ 80 $ 65