Condensed Consolidating Financial Information of Guarantor Subsidiaries (Tables)

3 Months Ended

Mar. 31, 2019

Condensed Financial Information Disclosure [Abstract]

CONDENSED CONSOLIDATING BALANCE SHEET

The condensed consolidating financial information of Parent and its subsidiaries is as follows:

CONDENSED CONSOLIDATING BALANCE SHEET

March 31, 2019  

	Parent		URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries					Eliminations			Total
									Foreign			SPV
ASSETS
Cash and cash equivalents	$	—	$	24		$	—		$	28		$	—	$	—		$	52
Accounts receivable, net	—		—			—			149			1,338		—			1,487
Intercompany receivable (payable)	1,661		(1,552		)	(99		)	(11		)	1		—			—
Inventory	—		111			—			12			—		—			123
Prepaid expenses and other assets	—		53			—			5			—		—			58
Total current assets	1,661		(1,364		)	(99		)	183			1,339		—			1,720
Rental equipment, net	—		8,736			—			702			—		—			9,438
Property and equipment, net	59		421			39			61			—		—			580
Investments in subsidiaries	1,668		1,588			1,003			—			—		(4,259		)	—
Goodwill	—		4,743			—			378			—		—			5,121
Other intangible assets, net	—		1,010			—			79			—		—			1,089
Operating lease right-of-use assets	—		548			—			74			—		—			622
Other long-term assets	9		7			—			—			—		—			16
Total assets	$	3,397	$	15,689		$	943		$	1,477		$	1,339	$	(4,259	)	$	18,586
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	$	—	$	47		$	—		$	2		$	881	$	—		$	930
Accounts payable	—		504			—			53			—		—			557
Accrued expenses and other liabilities	—		686			10			52			3		—			751
Total current liabilities	—		1,237			10			107			884		—			2,238
Long-term debt	—		10,654			9			13			—		—			10,676
Deferred taxes	21		1,609			—			84			—		—			1,714
Operating lease liabilities	—		436			—			61			—		—			497
Other long-term liabilities	1		85			—			—			—		—			86
Total liabilities	22		14,021			19			265			884		—			15,211
Total stockholders’ equity (deficit)	3,375		1,668			924			1,212			455		(4,259		)	3,375
Total liabilities and stockholders’ equity (deficit)	$	3,397	$	15,689		$	943		$	1,477		$	1,339	$	(4,259	)	$	18,586

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2018

	Parent		URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries					Eliminations			Total
									Foreign			SPV
ASSETS
Cash and cash equivalents	$	—	$	1		$	—		$	42		$	—	$	—		$	43
Accounts receivable, net	—		—			—			159			1,386		—			1,545
Intercompany receivable (payable)	1,534		(1,423		)	(96		)	(15		)	—		—			—
Inventory	—		96			—			13			—		—			109
Prepaid expenses and other assets	—		60			—			4			—		—			64
Total current assets	1,534		(1,266		)	(96		)	203			1,386		—			1,761
Rental equipment, net	—		8,910			—			690			—		—			9,600
Property and equipment, net	57		462			40			55			—		—			614
Investments in subsidiaries	1,826		1,646			980			—			—		(4,452		)	—
Goodwill	—		4,661			—			397			—		—			5,058
Other intangible assets, net	—		1,004			—			80			—		—			1,084
Other long-term assets	9		7			—			—			—		—			16
Total assets	$	3,426	$	15,424		$	924		$	1,425		$	1,386	$	(4,452	)	$	18,133
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	$	1	$	50		$	—		$	2		$	850	$	—		$	903
Accounts payable	—		481			—			55			—		—			536
Accrued expenses and other liabilities	—		619			14			42			2		—			677
Total current liabilities	1		1,150			14			99			852		—			2,116
Long-term debt	—		10,778			9			57			—		—			10,844
Deferred taxes	22		1,587			—			78			—		—			1,687
Other long-term liabilities	—		83			—			—			—		—			83
Total liabilities	23		13,598			23			234			852		—			14,730
Total stockholders’ equity (deficit)	3,403		1,826			901			1,191			534		(4,452		)	3,403
Total liabilities and stockholders’ equity (deficit)	$	3,426	$	15,424		$	924		$	1,425		$	1,386	$	(4,452	)	$	18,133

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

 

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2019

	Parent			URNA		Guarantor Subsidiaries		Non-Guarantor Subsidiaries						Eliminations			Total
								Foreign			SPV
Revenues:
Equipment rentals	$	—		$	1,638	$	—	$	157		$	—		$	—		$	1,795
Sales of rental equipment	—			173		—		19			—			—			192
Sales of new equipment	—			53		—		9			—			—			62
Contractor supplies sales	—			22		—		2			—			—			24
Service and other revenues	—			39		—		5			—			—			44
Total revenues	—			1,925		—		192			—			—			2,117
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			657		—		85			—			—			742
Depreciation of rental equipment	—			364		—		31			—			—			395
Cost of rental equipment sales	—			113		—		12			—			—			125
Cost of new equipment sales	—			46		—		8			—			—			54
Cost of contractor supplies sales	—			16		—		1			—			—			17
Cost of service and other revenues	—			21		—		2			—			—			23
Total cost of revenues	—			1,217		—		139			—			—			1,356
Gross profit	—			708		—		53			—			—			761
Selling, general and administrative expenses	53			183		—		27			17			—			280
Merger related costs	—			1		—		—			—			—			1
Restructuring charge	—			9		—		(1		)	—			—			8
Non-rental depreciation and amortization	4			91		—		9			—			—			104
Operating (loss) income	(57		)	424		—		18			(17		)	—			368
Interest (income) expense, net	(16		)	159		—		—			8			—			151
Other (income) expense, net	(172		)	197		—		14			(42		)	—			(3		)
Income before provision for income taxes	131			68		—		4			17			—			220
Provision for income taxes	23			16		—		1			5			—			45
Income before equity in net earnings (loss) of subsidiaries	108			52		—		3			12			—			175
Equity in net earnings (loss) of subsidiaries	67			15		2		—			—			(84		)	—
Net income (loss)	175			67		2		3			12			(84		)	175
Other comprehensive income (loss)	21			21		21		19			—			(61		)	21
Comprehensive income (loss)	$	196		$	88	$	23	$	22		$	12		$	(145	)	$	196

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2018

	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations			Total
										Foreign			SPV
Revenues:
Equipment rentals	$	—		$	1,346		$	—		$	113		$	—		$	—		$	1,459
Sales of rental equipment	—			164			—			17			—			—			181
Sales of new equipment	—			37			—			5			—			—			42
Contractor supplies sales	—			15			—			3			—			—			18
Service and other revenues	—			31			—			3			—			—			34
Total revenues	—			1,593			—			141			—			—			1,734
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			535			—			57			—			—			592
Depreciation of rental equipment	—			297			—			25			—			—			322
Cost of rental equipment sales	—			98			—			9			—			—			107
Cost of new equipment sales	—			33			—			4			—			—			37
Cost of contractor supplies sales	—			10			—			2			—			—			12
Cost of service and other revenues	—			17			—			1			—			—			18
Total cost of revenues	—			990			—			98			—			—			1,088
Gross profit	—			603			—			43			—			—			646
Selling, general and administrative expenses	40			165			—			19			8			—			232
Merger related costs	—			1			—			—			—			—			1
Restructuring charge	—			2			—			—			—			—			2
Non-rental depreciation and amortization	4			62			—			5			—			—			71
Operating (loss) income	(44		)	373			—			19			(8		)	—			340
Interest (income) expense, net	(7		)	112			1			(1		)	5			(1		)	109
Other (income) expense, net	(141		)	161			—			11			(32		)	—			(1		)
Income (loss) before provision for income taxes	104			100			(1		)	9			19			1			232
Provision for income taxes	17			24			—			3			5			—			49
Income (loss) before equity in net earnings (loss) of subsidiaries	87			76			(1		)	6			14			1			183
Equity in net earnings (loss) of subsidiaries	96			20			6			—			—			(122		)	—
Net income (loss)	183			96			5			6			14			(121		)	183
Other comprehensive (loss) income	(25		)	(25		)	(25		)	(23		)	—			73			(25		)
Comprehensive income (loss)	$	158		$	71		$	(20	)	$	(17	)	$	14		$	(48	)	$	158

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the Three Months Ended March 31, 2019

	Parent			URNA			Guarantor Subsidiaries		Non-Guarantor Subsidiaries						Eliminations		Total
									Foreign			SPV
Net cash provided by operating activities	$	5		$	566		$	—	$	35		$	61		$	—	$	667
Net cash used in investing activities	(5		)	(256		)	—		(4		)	—			—		(265		)
Net cash used in financing activities	—			(287		)	—		(45		)	(61		)	—		(393		)
Effect of foreign exchange rates	—			—			—		—			—			—		—
Net increase (decrease) in cash and cash equivalents	—			23			—		(14		)	—			—		9
Cash and cash equivalents at beginning of period	—			1			—		42			—			—		43
Cash and cash equivalents at end of period	$	—		$	24		$	—	$	28		$	—		$	—	$	52

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the Three Months Ended March 31, 2018

	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations		Total
										Foreign			SPV
Net cash provided by (used in) operating activities	$	5		$	626		$	(1	)	$	(84	)	$	96		$	—	$	642
Net cash used in investing activities	(5		)	(164		)	—			(9		)	—			—		(178		)
Net cash (used in) provided by financing activities	—			(436		)	1			(1		)	(96		)	—		(532		)
Effect of foreign exchange rates	—			—			—			(6		)	—			—		(6		)
Net increase (decrease) in cash and cash equivalents	—			26			—			(100		)	—			—		(74		)
Cash and cash equivalents at beginning of period	—			23			—			329			—			—		352
Cash and cash equivalents at end of period	$	—		$	49		$	—		$	229		$	—		$	—	$	278