Condensed Consolidating Financial Information of Guarantor Subsidiaries (Tables)

6 Months Ended

Jun. 30, 2015

Condensed Financial Information [Abstract]

June 30, 2015



	Parent		URNA		Guarantor Subsidiaries			Non-Guarantor Subsidiaries					Eliminations			Total
	Parent		URNA		Guarantor Subsidiaries			Foreign			SPV		Eliminations			Total
ASSETS
Cash and cash equivalents	$	—	$	4	$	—		$	196		$	—	$	—		$	200
Accounts receivable, net	—		39		—			108			747		—			894
Intercompany receivable (payable)	144		55		(188		)	(126		)	—		115			—
Inventory	—		73		—			8			—		—			81
Prepaid expenses and other assets	—		67		—			7			—		—			74
Deferred taxes	—		186		—			1			—		—			187
Total current assets	144		424		(188		)	194			747		115			1,436
Rental equipment, net	—		5,794		—			602			—		—			6,396
Property and equipment, net	40		323		20			42			—		—			425
Investments in subsidiaries	1,294		1,011		1,001			—			—		(3,306		)	—
Goodwill	—		3,000		—			253			—		—			3,253
Other intangible assets, net	—		923		—			77			—		—			1,000
Other long-term assets	—		95		—			—			—		—			95
Total assets	$	1,478	$	11,570	$	833		$	1,168		$	747	$	(3,191	)	$	12,605
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	$	7	$	583	$	—		$	—		$	—	$	—		$	590
Accounts payable	—		618		—			65			—		—			683
Accrued expenses and other liabilities	—		273		14			22			—		—			309
Total current liabilities	7		1,474		14			87			—		—			1,582
Long-term debt	—		7,143		121			7			549		—			7,820
Deferred taxes	19		1,604		—			73			—		—			1,696
Other long-term liabilities	—		55		—			—			—		—			55
Total liabilities	26		10,276		135			167			549		—			11,153
Temporary equity (note 7)	1		—		—			—			—		—			1
Total stockholders’ equity (deficit)	1,451		1,294		698			1,001			198		(3,191		)	1,451
Total liabilities and stockholders’ equity (deficit)	$	1,478	$	11,570	$	833		$	1,168		$	747	$	(3,191	)	$	12,605

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2014



	Parent		URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries					Eliminations			Total
	Parent		URNA			Guarantor Subsidiaries			Foreign			SPV		Eliminations			Total
ASSETS
Cash and cash equivalents	$	—	$	8		$	—		$	150		$	—	$	—		$	158
Accounts receivable, net	—		37			—			144			759		—			940
Intercompany receivable (payable)	476		(428		)	(60		)	(109		)	—		121			—
Inventory	—		69			—			9			—		—			78
Prepaid expenses and other assets	—		113			1			8			—		—			122
Deferred taxes	—		246			—			2			—		—			248
Total current assets	476		45			(59		)	204			759		121			1,546
Rental equipment, net	—		5,399			—			609			—		—			6,008
Property and equipment, net	42		332			21			43			—		—			438
Investments in subsidiaries	1,330		1,185			1,040			—			—		(3,555		)	—
Goodwill	—		3,000			—			272			—		—			3,272
Other intangible assets, net	—		1,014			—			92			—		—			1,106
Other long-term assets	1		96			—			—			—		—			97
Total assets	$	1,849	$	11,071		$	1,002		$	1,220		$	759	$	(3,434	)	$	12,467
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	$	32	$	38		$	—		$	—		$	548	$	—		$	618
Accounts payable	—		248			—			37			—		—			285
Accrued expenses and other liabilities	—		499			19			57			—		—			575
Total current liabilities	32		785			19			94			548		—			1,478
Long-term debt	—		7,298			130			6			—		—			7,434
Deferred taxes	19		1,594			—			79			—		—			1,692
Other long-term liabilities	—		64			—			1			—		—			65
Total liabilities	51		9,741			149			180			548		—			10,669
Temporary equity (note 7)	2		—			—			—			—		—			2
Total stockholders’ equity (deficit)	1,796		1,330			853			1,040			211		(3,434		)	1,796
Total liabilities and stockholders’ equity (deficit)	$	1,849	$	11,071		$	1,002		$	1,220		$	759	$	(3,434	)	$	12,467

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Three Months Ended June 30, 2015





	Parent			URNA		Guarantor Subsidiaries			Non-Guarantor Subsidiaries					Eliminations			Total
									Foreign		SPV
Revenues:
Equipment rentals	$	—		$	1,100	$	—		$	120	$	—		$	—		$	1,220
Sales of rental equipment	—			106		—			18		—			—			124
Sales of new equipment	—			34		—			5		—			—			39
Contractor supplies sales	—			18		—			3		—			—			21
Service and other revenues	—			22		—			3		—			—			25
Total revenues	—			1,280		—			149		—			—			1,429
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			389		—			56		—			—			445
Depreciation of rental equipment	—			216		—			24		—			—			240
Cost of rental equipment sales	—			58		—			10		—			—			68
Cost of new equipment sales	—			29		—			4		—			—			33
Cost of contractor supplies sales	—			13		—			2		—			—			15
Cost of service and other revenues	—			9		—			1		—			—			10
Total cost of revenues	—			714		—			97		—			—			811
Gross profit	—			566		—			52		—			—			618
Selling, general and administrative expenses	(4		)	153		—			18		8			—			175
Merger related costs	—			1		—			—		—			—			1
Restructuring charge	—			—		—			—		—			—			—
Non-rental depreciation and amortization	4			57		—			6		—			—			67
Operating (loss) income	—			355		—			28		(8		)	—			375
Interest (income) expense, net	—			232		—			1		1			(2		)	232
Other (income) expense, net	(38		)	55		—			2		(25		)	—			(6		)
Income before provision for income taxes	38			68		—			25		16			2			149
Provision for income taxes	18			28		2			9		6			—			63
Income (loss) before equity in net earnings (loss) of subsidiaries	20			40		(2		)	16		10			2			86
Equity in net earnings (loss) of subsidiaries	66			26		16			—		—			(108		)	—
Net income (loss)	86			66		14			16		10			(106		)	86
Other comprehensive income (loss)	17			17		16			13		—			(46		)	17
Comprehensive income (loss)	$	103		$	83	$	30		$	29	$	10		$	(152	)	$	103

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Three Months Ended June 30, 2014




	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries					Eliminations			Total
										Foreign		SPV
Revenues:
Equipment rentals	$	—		$	1,042		$	—		$	137	$	—		$	—		$	1,179
Sales of rental equipment	—			122			—			16		—			—			138
Sales of new equipment	—			31			—			6		—			—			37
Contractor supplies sales	—			19			—			3		—			—			22
Service and other revenues	—			17			—			6		—			—			23
Total revenues	—			1,231			—			168		—			—			1,399
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			383			—			64		—			—			447
Depreciation of rental equipment	—			203			—			26		—			—			229
Cost of rental equipment sales	—			70			—			10		—			—			80
Cost of new equipment sales	—			27			—			4		—			—			31
Cost of contractor supplies sales	—			13			—			2		—			—			15
Cost of service and other revenues	—			5			—			3		—			—			8
Total cost of revenues	—			701			—			109		—			—			810
Gross profit	—			530			—			59		—			—			589
Selling, general and administrative expenses	(6		)	171			2			23		(3		)	—			187
Merger related costs	—			8			—			—		—			—			8
Restructuring charge	—			(1		)	—			—		—			—			(1		)
Non-rental depreciation and amortization	5			58			—			7		—			—			70
Operating income (loss)	1			294			(2		)	29		3			—			325
Interest expense (income), net	1			182			2			2		1			(1		)	187
Other (income) expense, net	(37		)	52			(3		)	4		(20		)	—			(4		)
Income (loss) before provision for income taxes	37			60			(1		)	23		22			1			142
Provision for income taxes	1			32			—			6		9			—			48
Income (loss) before equity in net earnings (loss) of subsidiaries	36			28			(1		)	17		13			1			94
Equity in net earnings (loss) of subsidiaries	58			30			17			—		—			(105		)	—
Net income (loss)	94			58			16			17		13			(104		)	94
Other comprehensive income (loss)	36			36			36			28		—			(100		)	36
Comprehensive income (loss)	$	130		$	94		$	52		$	45	$	13		$	(204	)	$	130

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Six Months Ended June 30, 2015




	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations			Total
										Foreign			SPV
Revenues:
Equipment rentals	$	—		$	2,098		$	—		$	247		$	—		$	—		$	2,345
Sales of rental equipment	—			212			—			28			—			—			240
Sales of new equipment	—			63			—			9			—			—			72
Contractor supplies sales	—			34			—			5			—			—			39
Service and other revenues	—			41			—			7			—			—			48
Total revenues	—			2,448			—			296			—			—			2,744
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			773			—			116			—			—			889
Depreciation of rental equipment	—			427			—			48			—			—			475
Cost of rental equipment sales	—			117			—			15			—			—			132
Cost of new equipment sales	—			53			—			7			—			—			60
Cost of contractor supplies sales	—			24			—			3			—			—			27
Cost of service and other revenues	—			15			—			4			—			—			19
Total cost of revenues	—			1,409			—			193			—			—			1,602
Gross profit	—			1,039			—			103			—			—			1,142
Selling, general and administrative expenses	(1		)	304			—			38			15			—			356
Merger related costs	—			(26		)	—			—			—			—			(26		)
Restructuring charge	—			1			—			—			—			—			1
Non-rental depreciation and amortization	8			116			—			12			—			—			136
Operating (loss) income	(7		)	644			—			53			(15		)	—			675
Interest (income) expense, net	(1		)	351			2			2			2			(3		)	353
Other (income) expense, net	(73		)	107			1			3			(47		)	—			(9		)
Income (loss) before provision for income taxes	67			186			(3		)	48			30			3			331
Provision for income taxes	31			71			—			16			12			—			130
Income (loss) before equity in net earnings (loss) of subsidiaries	36			115			(3		)	32			18			3			201
Equity in net earnings (loss) of subsidiaries	165			50			32			—			—			(247		)	—
Net income (loss)	201			165			29			32			18			(244		)	201
Other comprehensive (loss) income	(72		)	(72		)	(74		)	(58		)	—			204			(72		)
Comprehensive income (loss)	$	129		$	93		$	(45	)	$	(26	)	$	18		$	(40	)	$	129

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Six Months Ended June 30, 2014




	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations			Total
										Foreign			SPV
Revenues:
Equipment rentals	$	—		$	1,914		$	—		$	270		$	—		$	—		$	2,184
Sales of rental equipment	—			222			—			26			—			—			248
Sales of new equipment	—			52			—			11			—			—			63
Contractor supplies sales	—			34			—			7			—			—			41
Service and other revenues	—			32			—			9			—			—			41
Total revenues	—			2,254			—			323			—			—			2,577
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			737			—			119			—			—			856
Depreciation of rental equipment	—			396			—			50			—			—			446
Cost of rental equipment sales	—			130			—			15			—			—			145
Cost of new equipment sales	—			43			—			8			—			—			51
Cost of contractor supplies sales	—			23			—			5			—			—			28
Cost of service and other revenues	—			10			—			4			—			—			14
Total cost of revenues	—			1,339			—			201			—			—			1,540
Gross profit	—			915			—			122			—			—			1,037
Selling, general and administrative expenses	19			294			2			43			(3		)	—			355
Merger related costs	—			9			—			—			—			—			9
Non-rental depreciation and amortization	9			109			—			12			—			—			130
Operating (loss) income	(28		)	503			(2		)	67			3			—			543
Interest expense (income), net	7			300			3			3			2			(3		)	312
Other (income) expense, net	(69		)	98			(1		)	7			(40		)	—			(5		)
Income (loss) before provision for income taxes	34			105			(4		)	57			41			3			236
Provision for income taxes	1			50			—			15			16			—			82
Income (loss) before equity in net earnings (loss) of subsidiaries	33			55			(4		)	42			25			3			154
Equity in net earnings (loss) of subsidiaries	121			66			42			—			—			(229		)	—
Net income (loss)	154			121			38			42			25			(226		)	154
Other comprehensive (loss) income	(3		)	(3		)	(2		)	(2		)	—			7			(3		)
Comprehensive income (loss)	$	151		$	118		$	36		$	40		$	25		$	(219	)	$	151

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the Six Months Ended June 30, 2015



	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations		Total
	Parent			URNA			Guarantor Subsidiaries			Foreign			SPV			Eliminations		Total
Net cash provided by operating activities	$	6		$	1,069		$	1		$	144		$	30		$	—	$	1,250
Net cash used in investing activities	(6		)	(793		)	—			(77		)	—			—		(876		)
Net cash used in financing activities	—			(280		)	(1		)	(7		)	(30		)	—		(318		)
Effect of foreign exchange rates	—			—			—			(14		)	—			—		(14		)
Net (decrease) increase in cash and cash equivalents	—			(4		)	—			46			—			—		42
Cash and cash equivalents at beginning of period	—			8			—			150			—			—		158
Cash and cash equivalents at end of period	$	—		$	4		$	—		$	196		$	—		$	—	$	200

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the Six Months Ended June 30, 2014



	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations		Total
	Parent			URNA			Guarantor Subsidiaries			Foreign			SPV			Eliminations		Total
Net cash provided by (used in) operating activities	$	10		$	928		$	2		$	146		$	(32	)	$	—	$	1,054
Net cash used in investing activities	(10		)	(1,402		)	—			(158		)	—			—		(1,570		)
Net cash provided by (used in) financing activities	—			483			(2		)	(1		)	32			—		512
Effect of foreign exchange rates	—			—			—			(1		)	—			—		(1		)
Net increase (decrease) in cash and cash equivalents	—			9			—			(14		)	—			—		(5		)
Cash and cash equivalents at beginning of period	—			17			—			158			—			—		175
Cash and cash equivalents at end of period	$	—		$	26		$	—		$	144		$	—		$	—	$	170