Condensed Consolidating Financial Information of Guarantor Subsidiaries (Tables)

6 Months Ended

Jun. 30, 2020

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

June 30, 2020  

	Parent		URNA		Guarantor Subsidiaries		Non-Guarantor Subsidiaries				Eliminations		Total
							Foreign		SPV
ASSETS
Cash and cash equivalents	$	—	$	36	$	—	$	91	$	—	$	—	$	127
Accounts receivable, net	—		—		—		119		1,107		—		1,226
Intercompany receivable (payable)	2,684		(2,577)		(99)		(9)		1		—		—
Inventory	—		97		—		10		—		—		107
Prepaid expenses and other assets	—		135		—		27		—		—		162
Total current assets	2,684		(2,309)		(99)		238		1,108		—		1,622
Rental equipment, net	—		8,383		—		703		—		—		9,086
Property and equipment, net	107		393		64		45		—		—		609
Investments in subsidiaries	1,125		1,524		1,023		—		—		(3,672)		—
Goodwill	—		4,756		—		379		—		—		5,135
Other intangible assets, net	—		712		—		49		—		—		761
Operating lease right-of-use assets	—		182		418		66		—		—		666
Other long-term assets	13		8		—		—		—		—		21
Total assets	$	3,929	$	13,649	$	1,406	$	1,480	$	1,108	$	(3,672)	$	17,900
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	$	—	$	61	$	—	$	2	$	743	$	—	$	806
Accounts payable	—		280		—		36		—		—		316
Accrued expenses and other liabilities	—		632		121		45		1		—		799
Total current liabilities	—		973		121		83		744		—		1,921
Long-term debt	—		9,583		7		9		—		—		9,599
Deferred taxes	22		1,703		—		95		—		—		1,820
Operating lease liabilities	—		144		334		54		—		—		532
Other long-term liabilities	—		121		—		—		—		—		121
Total liabilities	22		12,524		462		241		744		—		13,993
Total stockholders’ equity (deficit)	3,907		1,125		944		1,239		364		(3,672)		3,907
Total liabilities and stockholders’ equity (deficit)	$	3,929	$	13,649	$	1,406	$	1,480	$	1,108	$	(3,672)	$	17,900

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2019

	Parent		URNA		Guarantor Subsidiaries		Non-Guarantor Subsidiaries				Eliminations		Total
							Foreign		SPV
ASSETS
Cash and cash equivalents	$	—	$	28	$	—	$	24	$	—	$	—	$	52
Accounts receivable, net	—		—		—		171		1,359		—		1,530
Intercompany receivable (payable)	2,255		(2,130)		(112)		(14)		1		—		—
Inventory	—		108		—		12		—		—		120
Prepaid expenses and other assets	—		124		—		16		—		—		140
Total current assets	2,255		(1,870)		(112)		209		1,360		—		1,842
Rental equipment, net	—		8,995		—		792		—		—		9,787
Property and equipment, net	76		400		78		50		—		—		604
Investments in subsidiaries	1,509		1,636		1,069		—		—		(4,214)		—
Goodwill	—		4,759		—		395		—		—		5,154
Other intangible assets, net	—		833		—		62		—		—		895
Operating lease right-of-use assets	—		194		403		72		—		—		669
Other long-term assets	12		7		—		—		—		—		19
Total assets	$	3,852	$	14,954	$	1,438	$	1,580	$	1,360	$	(4,214)	$	18,970
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	$	—	$	66	$	—	$	2	$	929	$	—	$	997
Accounts payable	—		395		—		59		—		—		454
Accrued expenses and other liabilities	—		572		118		55		2		—		747
Total current liabilities	—		1,033		118		116		931		—		2,198
Long-term debt	—		10,402		7		22		—		—		10,431
Deferred taxes	22		1,768		—		97		—		—		1,887
Operating lease liabilities	—		151		323		59		—		—		533
Other long-term liabilities	—		91		—		—		—		—		91
Total liabilities	22		13,445		448		294		931		—		15,140
Total stockholders’ equity (deficit)	3,830		1,509		990		1,286		429		(4,214)		3,830
Total liabilities and stockholders’ equity (deficit)	$	3,852	$	14,954	$	1,438	$	1,580	$	1,360	$	(4,214)	$	18,970

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

	Parent		URNA		Guarantor Subsidiaries		Non-Guarantor Subsidiaries				Eliminations		Total
							Foreign		SPV
Revenues:
Equipment rentals	$	—	$	1,521	$	—	$	120	$	1	$	—	$	1,642
Sales of rental equipment	—		161		—		15		—		—		176
Sales of new equipment	—		48		—		5		—		—		53
Contractor supplies sales	—		20		—		3		—		—		23
Service and other revenues	—		41		—		4		—		—		45
Total revenues	—		1,791		—		147		1		—		1,939
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—		590		—		56		1		—		647
Depreciation of rental equipment	—		363		—		32		—		—		395
Cost of rental equipment sales	—		97		—		8		—		—		105
Cost of new equipment sales	—		42		—		4		—		—		46
Cost of contractor supplies sales	—		14		—		2		—		—		16
Cost of service and other revenues	—		27		—		2		—		—		29
Total cost of revenues	—		1,133		—		104		1		—		1,238
Gross profit	—		658		—		43		—		—		701
Selling, general and administrative expenses	(31)		225		—		25		7		(4)		222
Restructuring charge	—		3		—		—		—		—		3
Non-rental depreciation and amortization	6		81		—		8		—		—		95
Operating income (loss)	25		349		—		10		(7)		4		381
Interest (income) expense, net	(10)		137		—		—		3		—		130
Other (income) expense, net	(158)		180		—		12		(38)		4		—
Income (loss) before provision (benefit) for income taxes	193		32		—		(2)		28		—		251
Provision (benefit) for income taxes	46		(12)		—		(1)		6		—		39
Income (loss) before equity in net earnings (loss) of subsidiaries	147		44		—		(1)		22		—		212
Equity in net earnings (loss) of subsidiaries	65		21		(2)		—		—		(84)		—
Net income (loss)	212		65		(2)		(1)		22		(84)		212
Other comprehensive income (loss)	45		45		40		43		—		(128)		45
Comprehensive income (loss)	$	257	$	110	$	38	$	42	$	22	$	(212)	$	257

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Three Months Ended June 30, 2019

	Parent		URNA		Guarantor Subsidiaries		Non-Guarantor Subsidiaries				Eliminations		Total
							Foreign		SPV
Revenues:
Equipment rentals	$	—	$	1,798	$	—	$	161	$	1	$	—	$	1,960
Sales of rental equipment	—		181		—		16		—		—		197
Sales of new equipment	—		53		—		7		—		—		60
Contractor supplies sales	—		24		—		3		—		—		27
Service and other revenues	—		39		—		7		—		—		46
Total revenues	—		2,095		—		194		1		—		2,290
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—		692		—		76		1		—		769
Depreciation of rental equipment	—		367		—		32		—		—		399
Cost of rental equipment sales	—		108		—		8		—		—		116
Cost of new equipment sales	—		45		—		6		—		—		51
Cost of contractor supplies sales	—		17		—		2		—		—		19
Cost of service and other revenues	—		20		—		5		—		—		25
Total cost of revenues	—		1,249		—		129		1		—		1,379
Gross profit	—		846		—		65		—		—		911
Selling, general and administrative expenses	(32)		259		—		32		12		—		271
Restructuring charge	—		6		—		—		—		—		6
Non-rental depreciation and amortization	6		91		—		8		—		—		105
Operating income (loss)	26		490		—		25		(12)		—		529
Interest (income) expense, net	(17)		189		—		—		8		—		180
Other (income) expense, net	(187)		213		—		15		(43)		—		(2)
Income before provision (benefit) for income taxes	230		88		—		10		23		—		351
Provision (benefit) for income taxes	53		26		—		(3)		5		—		81
Income before equity in net earnings (loss) of subsidiaries	177		62		—		13		18		—		270
Equity in net earnings (loss) of subsidiaries	93		31		10		—		—		(134)		—
Net income (loss)	270		93		10		13		18		(134)		270
Other comprehensive income (loss)	22		22		21		22		—		(65)		22
Comprehensive income (loss)	$	292	$	115	$	31	$	35	$	18	$	(199)	$	292

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Six Months Ended June 30, 2020

	Parent		URNA		Guarantor Subsidiaries		Non-Guarantor Subsidiaries				Eliminations		Total
							Foreign		SPV
Revenues:
Equipment rentals	$	—	$	3,151	$	—	$	273	$	1	$	—	$	3,425
Sales of rental equipment	—		350		—		34		—		—		384
Sales of new equipment	—		101		—		14		—		—		115
Contractor supplies sales	—		42		—		6		—		—		48
Service and other revenues	—		83		—		9		—		—		92
Total revenues	—		3,727		—		336		1		—		4,064
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—		1,266		—		127		1		—		1,394
Depreciation of rental equipment	—		756		—		65		—		—		821
Cost of rental equipment sales	—		213		—		17		—		—		230
Cost of new equipment sales	—		88		—		12		—		—		100
Cost of contractor supplies sales	—		30		—		4		—		—		34
Cost of service and other revenues	—		52		—		5		—		—		57
Total cost of revenues	—		2,405		—		230		1		—		2,636
Gross profit	—		1,322		—		106		—		—		1,428
Selling, general and administrative expenses	6		415		—		50		23		(5)		489
Restructuring charge	—		5		—		—		—		—		5
Non-rental depreciation and amortization	11		168		—		16		—		—		195
Operating (loss) income	(17)		734		—		40		(23)		5		739
Interest (income) expense, net	(27)		285		—		—		8		—		266
Other (income) expense, net	(330)		376		—		26		(81)		5		(4)
Income before provision (benefit) for income taxes	340		73		—		14		50		—		477
Provision (benefit) for income taxes	80		(3)		—		3		12		—		92
Income before equity in net earnings (loss) of subsidiaries	260		76		—		11		38		—		385
Equity in net earnings (loss) of subsidiaries	125		49		9		—		—		(183)		—
Net income (loss)	385		125		9		11		38		(183)		385
Other comprehensive (loss) income	(61)		(61)		(55)		(59)		—		175		(61)
Comprehensive income (loss)	$	324	$	64	$	(46)	$	(48)	$	38	$	(8)	$	324

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Six Months Ended June 30, 2019

	Parent		URNA		Guarantor Subsidiaries		Non-Guarantor Subsidiaries				Eliminations		Total
							Foreign		SPV
Revenues:
Equipment rentals	$	—	$	3,436	$	—	$	318	$	1	$	—	$	3,755
Sales of rental equipment	—		354		—		35		—		—		389
Sales of new equipment	—		106		—		16		—		—		122
Contractor supplies sales	—		46		—		5		—		—		51
Service and other revenues	—		78		—		12		—		—		90
Total revenues	—		4,020		—		386		1		—		4,407
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—		1,349		—		161		1		—		1,511
Depreciation of rental equipment	—		731		—		63		—		—		794
Cost of rental equipment sales	—		221		—		20		—		—		241
Cost of new equipment sales	—		91		—		14		—		—		105
Cost of contractor supplies sales	—		33		—		3		—		—		36
Cost of service and other revenues	—		41		—		7		—		—		48
Total cost of revenues	—		2,466		—		268		1		—		2,735
Gross profit	—		1,554		—		118		—		—		1,672
Selling, general and administrative expenses	21		442		—		59		29		—		551
Merger related costs	—		1		—		—		—		—		1
Restructuring charge	—		15		—		(1)		—		—		14
Non-rental depreciation and amortization	10		182		—		17		—		—		209
Operating (loss) income	(31)		914		—		43		(29)		—		897
Interest (income) expense, net	(33)		348		—		—		16		—		331
Other (income) expense, net	(359)		410		—		29		(85)		—		(5)
Income before provision (benefit) for income taxes	361		156		—		14		40		—		571
Provision for (benefit) income taxes	76		42		—		(2)		10		—		126
Income before equity in net earnings (loss) of subsidiaries	285		114		—		16		30		—		445
Equity in net earnings (loss) of subsidiaries	160		46		12		—		—		(218)		—
Net income (loss)	445		160		12		16		30		(218)		445
Other comprehensive income (loss)	43		43		42		41		—		(126)		43
Comprehensive income (loss)	$	488	$	203	$	54	$	57	$	30	$	(344)	$	488

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the Six Months Ended June 30, 2020

	Parent		URNA		Guarantor Subsidiaries		Non-Guarantor Subsidiaries				Eliminations		Total
							Foreign		SPV
Net cash provided by operating activities	$	40	$	1,047	$	—	$	86	$	288	$	—	$	1,461
Net cash (used in) provided by investing activities	(40)		2		—		(3)		—		—		(41)
Net cash used in financing activities	—		(1,041)		—		(16)		(288)		—		(1,345)
Effect of foreign exchange rates	—		—		—		—		—		—		—
Net increase in cash and cash equivalents	—		8		—		67		—		—		75
Cash and cash equivalents at beginning of period	—		28		—		24		—		—		52
Cash and cash equivalents at end of period	$	—	$	36	$	—	$	91	$	—	$	—	$	127

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the Six Months Ended June 30, 2019

	Parent		URNA		Guarantor Subsidiaries		Non-Guarantor Subsidiaries				Eliminations		Total
							Foreign		SPV
Net cash provided by operating activities	$	9	$	1,457	$	—	$	83	$	41	$	—	$	1,590
Net cash used in investing activities	(9)		(943)		—		(54)		—		—		(1,006)
Net cash used in financing activities	—		(464)		—		(47)		(41)		—		(552)
Effect of foreign exchange rates	—		—		—		—		—		—		—
Net increase (decrease) in cash and cash equivalents	—		50		—		(18)		—		—		32
Cash and cash equivalents at beginning of period	—		1		—		42		—		—		43
Cash and cash equivalents at end of period	$	—	$	51	$	—	$	24	$	—	$	—	$	75