CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Millions, except Per Share data, unless otherwise specified
 3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Revenues:                      
Equipment rentals                 $ 4,819 $ 4,196 $ 3,455
Sales of rental equipment                 544 490 399
Sales of new equipment                 149 104 93
Contractor supplies sales                 85 87 87
Service and other revenues                 88 78 83
Total revenues 1,564 [1] 1,544 [1] 1,399 [1] 1,178 [1] 1,338 [2] 1,311 [2] 1,206 [2] 1,100 [2] 5,685 [1] 4,955 [2] 4,117
Cost of revenues:                      
Cost of equipment rentals, excluding depreciation                 1,806 1,634 1,392
Depreciation of rental equipment                 921 852 699
Cost of rental equipment sales                 315 314 274
Cost of new equipment sales                 120 84 74
Cost of contractor supplies sales                 59 59 62
Cost of service and other revenues                 32 25 29
Total cost of revenues                 3,253 2,968 2,530
Gross profit 707 [1] 688 [1] 589 [1] 448 [1] 567 [2] 564 [2] 471 [2] 385 [2] 2,432 [1] 1,987 [2] 1,587
Selling, general and administrative expenses                 758 642 588
Merger related costs                 11 9 111
Restructuring charge                 (1) 12 99
Non-rental depreciation and amortization                 273 246 198
Operating income 426 [1] 422 [1] 325 [1] 218 [1] 342 [2] 337 [2] 250 [2] 149 [2] 1,391 [1] 1,078 [2] 591
Interest expense, net                 555 475 512
Interest expense—subordinated convertible debentures                 0 3 4
Other income, net                 (14) (5) (13)
Income before provision for income taxes                 850 605 88
Provision for income taxes                 310 218 13
Net income $ 194 [1] $ 192 [1] $ 94 [1] $ 60 [1] $ 140 [2] $ 143 [2] $ 83 [2] $ 21 [2] $ 540 [1] $ 387 [2] $ 75
Basic earnings per share (in dollars per share) $ 1.96 [1] $ 1.95 [1] $ 0.98 [1] $ 0.63 [1] $ 1.49 [2] $ 1.53 [2] $ 0.89 [2] $ 0.22 [2] $ 5.54 [1] $ 4.14 [2] $ 0.91
Diluted earnings per share (in dollars per share) $ 1.88 [1],[3] $ 1.84 [1],[3] $ 0.90 [1],[3] $ 0.56 [1],[3] $ 1.31 [2],[3] $ 1.35 [2],[3] $ 0.78 [2],[3] $ 0.19 [2],[3] $ 5.15 [1],[3] $ 3.64 [2],[3] $ 0.79
[1] The fourth quarter of 2014 includes an increase in bad debt expense of $8 as compared to the fourth quarter of 2013 primarily due to improved receivable aging which reduced the expense in the fourth quarter of 2013. Additionally, the fourth quarter of 2014 includes an increase in stock compensation, net of $14 as compared to the fourth quarter of 2013 primarily due to improved profitability which resulted in increased performance based stock compensation.
[2] The fourth quarter of 2013 includes a reduction in bad debt expense of $17 as compared to the fourth quarter of 2012 primarily due to improved receivable aging. In the fourth quarter of 2013, we recognized a benefit of $3 in cost of equipment rentals, excluding depreciation related to our provision for self-insurance reserves.
[3] Diluted earnings per share includes the after-tax impacts of the following: First Quarter Second Quarter Third Quarter Fourth Quarter Full YearFor the year ended December 31, 2014: Merger related costs (4)$(0.01) $(0.05) $(0.02) $0.02 $(0.06)Merger related intangible asset amortization (5)(0.22) (0.29) (0.29) (0.30) (1.10)Impact on depreciation related to acquired RSC fleet and property and equipment (6)— 0.01 0.01 0.01 0.03Impact of the fair value mark-up of acquired RSC fleet (7)(0.05) (0.06) (0.05) (0.05) (0.21)Impact on interest expense related to fair value adjustment of acquired RSC indebtedness (8)0.01 0.01 — 0.01 0.03Restructuring charge (9)(0.01) 0.01 0.01 — 0.01Loss on extinguishment of debt securities(0.06) (0.38) (0.02) — (0.46)For the year ended December 31, 2013: Merger related costs (4)$(0.03) $(0.01) $— $— $(0.05)Merger related intangible asset amortization (5)(0.24) (0.24) (0.23) (0.24) (0.94)Impact on depreciation related to acquired RSC fleet and property and equipment (6)0.01 0.01 0.01 0.01 0.04Impact of the fair value mark-up of acquired RSC fleet (7)(0.08) (0.07) (0.05) (0.06) (0.25)Impact on interest expense related to fair value adjustment of acquired RSC indebtedness (8)0.01 0.01 0.01 0.01 0.04Restructuring charge (9)(0.04) (0.03) (0.01) — (0.07)Asset impairment charge (10)(0.01) (0.01) — — (0.02)Loss on extinguishment of debt securities, including subordinated convertible debentures(0.01) — (0.01) — (0.02)