14 unchanged sentences
These shares were not acquired pursuant to any repurchase plan or program.
−Removed: (2) On January 28, 2020, our Board authorized a $500 million share repurchase program, which commenced in the first quarter of 2020 and was intended to run for 12 months.
−Removed: The program was paused on March 18, 2020 due to the COVID-19 pandemic.
−Removed: We are currently unable to estimate when, or if, the program will be restarted, and we expect to provide an update at a future date.
+Added: (2) On January 25, 2022, our Board authorized a $1 billion share repurchase program, which is expected to commence in the first quarter of 2022 and be completed in 2022.
+Added: This program replaces the prior $500 million program which was paused in March 2020 due to the COVID-19 pandemic.
+Added: The amount in the table above reflects the remaining authorization as of December 31, 2021 under the $500 million program that ended in January 2022 upon authorization of the new $1 billion program.
Equity Compensation Plans
1 unchanged sentence
Selected Financial Data
−Removed: The following selected financial data reflects the results of operations and balance sheet data as of and for the years ended December 31, 2016 to 2020.
−Removed: The following acquired companies are reflected in our results of operations for all periods subsequent to the noted acquisition dates:
−Removed: • In April 2017, we completed the acquisition of NES Rentals Holdings II, Inc.
−Removed: NES had annual revenues of approximately $369;
−Removed: • In October 2017, we completed the acquisition of Neff Corporation ("Neff").
−Removed: Neff had annual revenues of approximately $413;
−Removed: • In July 2018, we completed the acquisition of BakerCorp International Holdings, Inc.
−Removed: (“BakerCorp”).
−Removed: BakerCorp had annual revenues of approximately $295;
−Removed: • In October 2018, we completed the acquisition of Vander Holding Corporation and its subsidiaries (“BlueLine”).
−Removed: BlueLine had annual revenues of approximately $786.
−Removed: The data below should be read in conjunction with, and is qualified by reference to, our Management’s Discussion and Analysis and our consolidated financial statements and notes thereto contained elsewhere in this report.
−Removed: Year Ended December 31,
−Removed: 2020 2019 2018 2017 2016
−Removed: (in millions, except per share data)
−Removed: Income statement data:
−Removed: Total revenues (1) $ 8,530 $ 9,351 $ 8,047 $ 6,641 $ 5,762
−Removed: Total cost of revenues 5,347 5,681 4,683 3,872 3,359
−Removed: Gross profit 3,183 3,670 3,364 2,769 2,403
−Removed: Selling, general and administrative expenses 979 1,092 1,038 903 719
−Removed: Merger related costs — 1 36 50 —
−Removed: Restructuring charge 17 18 31 50 14
−Removed: Non-rental depreciation and amortization 387 407 308 259 255
−Removed: Operating income 1,800 2,152 1,951 1,507 1,415
−Removed: Interest expense, net 669 648 481 464 511
−Removed: Other income, net (8) (10) (6) (5) (5)
−Removed: Income before provision (benefit) for income taxes 1,139 1,514 1,476 1,048 909
−Removed: Provision (benefit) for income taxes (2) 249 340 380 (298) 343
−Removed: Net income (2) 890 1,174 1,096 1,346 566
−Removed: Basic earnings per share (2) $ 12.24 $ 15.18 $ 13.26 $ 15.91 $ 6.49
−Removed: Diluted earnings per share (2) $ 12.20 $ 15.11 $ 13.12 $ 15.73 $ 6.45
−Removed: (1) As discussed in more detail throughout “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, the 2020 decline in revenue includes the impact of the novel coronavirus (“COVID-19”), which resulted in volume declines in response to shelter-in-place orders and other market restrictions.
−Removed: (2) 2017 includes the significant impact of the enactment of the Tax Cuts and Jobs Act (the "Tax Act").
−Removed: The enactment of the Tax Act resulted in an estimated net income increase for the year ended December 31, 2017 of $689, or $8.05 per diluted share, primarily due to a one-time revaluation of our net deferred tax liability based on a U.S.
−Removed: federal tax rate of 21 percent, which was partially offset by the impact of a one-time transition tax on our unremitted foreign earnings and profits, which we elected to pay over an eight-year period.
−Removed: The Tax Act reduced the U.S.
−Removed: federal statutory tax rate from 35 percent to 21 percent, and years subsequent to 2017 reflect the lower tax rate.
−Removed: 2020 2019 2018 2017 2016
−Removed: (in millions)
−Removed: Balance sheet data:
−Removed: Total assets $ 17,868 $ 18,970 $ 18,133 $ 15,030 $ 11,988
−Removed: Total debt 9,682 11,428 11,747 9,440 7,790
−Removed: Stockholders’ equity 4,545 3,830 3,403 3,106 1,648
+Added: Not applicable.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.