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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues:        
Revenues $ 3,554 $ 2,771 $ 6,839 $ 5,295
Cost of revenues:        
Cost of equipment rentals, excluding depreciation 1,216 1,002 2,378 1,908
Depreciation of rental equipment 592 457 1,167 892
Total cost of revenues 2,129 1,621 4,173 3,153
Gross profit 1,425 1,150 2,666 2,142
Selling, general and administrative expenses 378 343 760 666
Restructuring charge 18 1 19 1
Non-rental depreciation and amortization 104 91 222 188
Operating income (loss) 925 715 1,665 1,287
Interest expense, net 161 113 311 207
Other income, net (8) (6) (12) (11)
Income before provision for income taxes 772 608 1,366 1,091
Provision for income taxes 181 115 324 231
Net income $ 591 $ 493 $ 1,042 $ 860
Basic earnings per share (in dollars per share) $ 8.60 $ 6.91 $ 15.09 $ 11.97
Diluted earnings per share (in dollars per share) $ 8.58 $ 6.90 $ 15.04 $ 11.93
Equipment rentals        
Revenues:        
Revenues $ 2,981 $ 2,462 $ 5,721 $ 4,637
Sales of rental equipment        
Revenues:        
Revenues 382 164 770 375
Cost of revenues:        
Cost of goods and services sold 186 67 384 162
Sales of new equipment        
Revenues:        
Revenues 70 38 114 83
Cost of revenues:        
Cost of goods and services sold 58 31 94 68
Contractor supplies sales        
Revenues:        
Revenues 37 33 71 62
Cost of revenues:        
Cost of goods and services sold 26 23 50 43
Service and other revenues        
Revenues:        
Revenues 84 74 163 138
Cost of revenues:        
Cost of goods and services sold $ 51 $ 41 $ 100 $ 80