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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Statement of Comprehensive Income [Abstract]                      
Net income $ 140 [1] $ 143 [1] $ 83 [1] $ 21 [1] $ 41 [2] $ 73 [2] $ (52) [2] $ 13 [2] $ 387 [1] $ 75 [2] $ 101
Other comprehensive income (loss):                      
Foreign currency translation adjustments                 (65) 8 (11)
Fixed price diesel swaps                 0 1 (1)
Other comprehensive income (loss) (1)                 (65) [3] 9 [3] (12) [3]
Comprehensive income                 $ 322 $ 84 $ 89
[1] 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.
[2] During the fourth quarter of 2012, we recognized $13 of charges associated with the RSC acquisition. Additionally, during the quarter, we recognized restructuring charges of $6, primarily reflecting branch closure charges associated with the RSC acquisition. During the quarter, we also recognized asset impairment charges of $2 which are primarily reflected in non-rental depreciation and amortization and principally relate to write-offs of leasehold improvements and other fixed assets. During the fourth quarter of 2012, we redeemed our 10 7/8 percent Senior Notes and all of our outstanding 1 7/8 percent Convertible Senior Subordinated Notes were converted. Upon redemption/conversion, we recognized a loss of $72 in interest expense, net. The loss represents the difference between the net carrying amount and the total purchase/conversion price of these securities. During the quarter, we also recognized a benefit of $6 in cost of equipment rentals, excluding depreciation related to our provision for self-insurance reserves. Additionally, operating income for the fourth quarter 2012 included $8 of costs, in the aggregate, primarily related to the merger, which should have been recognized in the second and third quarters of 2012. There was no impact on 2012 full year operating income.
[3] There were no material reclassifications from accumulated other comprehensive income reflected in other comprehensive income (loss) during the years ended December 31, 2013, 2012 or 2011. There is no tax impact related to the foreign currency translation adjustments, as the earnings are considered permanently reinvested. There were no material taxes associated with other comprehensive income (loss) during the years ended December 31, 2013, 2012 or 2011.