Delaware Delaware | 06-1522496 06-1493538 |
(States of Incorporation) | (I.R.S. Employer Identification Nos.) |
Five Greenwich Office Park, Greenwich, Connecticut | 06831 |
(Address of Principal Executive Offices) | (Zip Code) |
Title of Each Class | Name of Each Exchange on Which Registered |
Common Stock, $.01 par value, of United Rentals, Inc. | New York Stock Exchange |
Large Accelerated Filer þ | Accelerated Filer o | Non-Accelerated Filer o | Smaller Reporting Company o |
Exhibit Number | Description of Exhibit | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | XBRL Taxonomy Definition Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |
UNITED RENTALS, INC. | ||||
Date: | February 6, 2012 | By: | /s/ JOHN J. FAHEY | |
Vice President, Controller and Principal Accounting Officer |
Income Taxes (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Income Taxes Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision (benefit) for income taxes from continuing operations for each of the three years in the period ended December 31, 2011 are as follows:
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Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the provision (benefit) for income taxes and the amount computed by applying the statutory federal income tax rate of 35 percent to the income (loss) from continuing operations before provision (benefit) for income taxes for each of the three years in the period ended December 31, 2011 is as follows:
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Schedule of Deferred Tax Assets and Liabilities | The components of deferred income tax assets (liabilities) are as follows:
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Schedule of Unrecognized Tax Benefits Rollforward | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
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Rental Equipment (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Rental equipment | $ 667 | $ 673 |
Less accumulated depreciation | (301) | (280) |
Rental equipment, net | 2,617 | 2,280 |
Rental Equipment [Member]
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||
Property, Plant and Equipment [Line Items] | ||
Rental equipment | 4,209 | 3,787 |
Less accumulated depreciation | (1,592) | (1,507) |
Rental equipment, net | $ 2,617 | $ 2,280 |
Segment Information (Narrative) (Details)
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12 Months Ended |
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Dec. 31, 2011
Region
|
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General Rentals [Member]
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Product Information [Line Items] | |
Number of Geographic Regions Entity Operates In | 7 |
General Construction And Industrial Equipment [Member] | General Rentals [Member]
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Product Information [Line Items] | |
Revenue Rentals Net Percentage | 41.00% |
Aerial Work Platforms [Member] | General Rentals [Member]
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Product Information [Line Items] | |
Revenue Rentals Net Percentage | 39.00% |
General Tools And Light Equipment [Member] | General Rentals [Member]
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Product Information [Line Items] | |
Revenue Rentals Net Percentage | 8.00% |
Trench Safety Equipment [Member] | Trench Safety, Power and HVAC [Member]
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Product Information [Line Items] | |
Revenue Rentals Net Percentage | 6.00% |
Power And HVAC Equipment [Member] | Trench Safety, Power and HVAC [Member]
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Product Information [Line Items] | |
Revenue Rentals Net Percentage | 6.00% |
Property and Equipment (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 667 | $ 673 |
Less accumulated depreciation and amortization | (301) | (280) |
Property and equipment, net | 366 | 393 |
Land [Member]
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Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 109 | 112 |
Building [Member]
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Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 223 | 227 |
Vehicles [Member]
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Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 15 | 20 |
Machinery and Equipment [Member]
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Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 39 | 39 |
Furniture and Fixtures [Member]
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Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 123 | 109 |
Leasehold Improvements [Member]
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Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 158 | $ 166 |
Quarterly Financial Information (Unaudited) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
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Sep. 30, 2011
|
Jun. 30, 2011
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Mar. 31, 2011
|
Dec. 31, 2010
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Sep. 30, 2010
|
Jun. 30, 2010
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Mar. 31, 2010
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Dec. 31, 2011
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Dec. 31, 2010
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Dec. 31, 2009
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Selected Quarterly Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||
Total revenues | $ 746 | [1] | $ 713 | $ 629 | $ 523 | $ 597 | [2] | $ 605 | $ 557 | $ 478 | $ 2,611 | $ 2,237 | $ 2,358 | ||||||||||||||||||||||
Gross profit | 275 | [1] | 274 | 211 | 138 | 175 | [2] | 209 | 171 | 103 | 898 | 658 | 610 | ||||||||||||||||||||||
Operating income | 115 | [1] | 156 | 95 | 30 | 47 | [2] | 93 | 59 | (2) | 396 | 197 | 114 | ||||||||||||||||||||||
Income (loss) from continuing operations | 28 | [1] | 65 | 28 | (20) | (17) | [2] | 23 | 12 | (40) | 101 | (22) | (60) | ||||||||||||||||||||||
Income (loss) from continuing operations - basic (in dollars per share) | $ 0.45 | [1] | $ 1.04 | $ 0.45 | $ (0.34) | $ (0.29) | [2] | $ 0.37 | $ 0.20 | $ (0.67) | $ 1.62 | $ (0.38) | $ (0.98) | ||||||||||||||||||||||
Income (loss) from continuing operations - diluted (in dollars per share) | $ 0.39 | [1],[3] | $ 0.91 | [3] | $ 0.38 | [3] | $ (0.34) | [3] | $ (0.29) | [2],[3] | $ 0.33 | [3] | $ 0.18 | [3] | $ (0.67) | [3] | $ 1.38 | [3] | $ (0.38) | [3] | $ (0.98) | ||||||||||||||
Net income (loss) | $ 29 | [1] | $ 65 | $ 27 | $ (20) | $ (21) | [2] | $ 23 | $ 12 | $ (40) | $ 101 | $ (26) | $ (62) | ||||||||||||||||||||||
Earnings Per Share, Diluted, Other Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||
RSC merger relatd costs (in dollars per share) | $ (0.25) | [4] | $ 0.00 | $ 0.00 | $ 0.00 | $ (0.25) | [4] | ||||||||||||||||||||||||||||
Restructuring charge (in dollars per share) | $ (0.12) | [5] | $ (0.01) | [5] | $ (0.01) | [5] | $ (0.01) | [5] | $ (0.15) | [5] | $ (0.06) | [5] | $ (0.06) | [5] | $ (0.06) | [5] | $ (0.16) | [5] | $ (0.34) | [5] | |||||||||||||||
Losses on repurchase/retirement of debt securities and subordinated convertible debentures, and ABL amendment (in dollars per share) | $ (0.03) | [6] | $ 0.00 | [6] | $ 0.00 | [6] | $ (0.01) | [6] | $ (0.24) | [6] | $ 0.00 | [6] | $ 0.01 | [6] | $ (0.04) | [6] | $ (0.04) | [6] | $ (0.28) | [6] | |||||||||||||||
Asset impairment charge (in dollars per share) | $ (0.03) | [7] | $ 0.00 | [7] | $ (0.01) | [7] | $ 0.00 | [7] | $ (0.06) | [7] | $ (0.01) | [7] | $ (0.02) | [7] | $ 0.00 | [7] | $ (0.04) | [7] | $ (0.09) | [7] | |||||||||||||||
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Property and Equipment (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Property and Equipment Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property and equipment consist of the following:
|
Quarterly Financial Information (Unaudited) (Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
branches
|
Dec. 31, 2010
branches
employees
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
||||
Selected Quarterly Financial Information [Abstract] | ||||||||
RSC merger related costs | $ 19 | $ 0 | $ 0 | |||||
Restructuring, Number of Locations Eliminated | 18 | 22 | ||||||
Restructuring Charges | 15 | 19 | 34 | 31 | ||||
Asset Impairment Charges | 6 | |||||||
Gains (Losses) on Extinguishment of Debt | 25 | 3 | 28 | [1] | (7) | |||
Write off of Deferred Debt Issuance Cost | 12 | |||||||
Self Insurance Reserve Benefit | 8 | 24 | ||||||
Extinguishment of Debt, Amount | 814 | 5 | 1,273 | |||||
Repayments of Debt and Capital Lease Obligations | 1,813 | 3,606 | 3,658 | |||||
Repayments of Long-term Debt | 827 | |||||||
Write Off Previously Terminated Derivative Transaction | 4 | 4 | ||||||
Restructuring and Related Cost, Number of Positions Eliminated | 100 | |||||||
Tax Adjustments, Settlements, and Unusual Provisions | 7 | (3) | 7 | |||||
RSC [Member]
|
||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||
RSC merger related costs | 19 | |||||||
Non Rental Depreciation And Amortization [Member]
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||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||
Asset Impairment Charges | 3 | |||||||
Cost Of Equipment Rentals Excluding Depreciation [Member]
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Selected Quarterly Financial Information [Abstract] | ||||||||
Self Insurance Reserve Benefit | 18 | |||||||
Discontinued Operation or Asset Disposal [Member]
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Selected Quarterly Financial Information [Abstract] | ||||||||
Self Insurance Reserve Benefit | 6 | |||||||
QUIPS [Member] | Unconsolidated Subsidiaries [Member]
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Selected Quarterly Financial Information [Abstract] | ||||||||
Extinguishment of Debt, Amount | 32 | 69 | 22 | |||||
Repayments of Debt and Capital Lease Obligations | 32 | 68 | 9 | |||||
Six Point Five Percent Subordinated Convertible Debentures [Member]
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||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||
Gains (Losses) on Extinguishment of Debt | (1) | 2 | (13) | |||||
Extinguishment of Debt, Amount | 69 | 22 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% | ||||||
7 3/4 percent Senior Subordinated Notes
|
||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.75% | 7.75% | ||||||
7 percent Senior Subordinated Notes
|
||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% | ||||||
1 7/8 percent Convertible Senior Subordinated Notes
|
||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||
Extinguishment of Debt, Amount | 93 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.875% | 1.875% | ||||||
Facility Closing [Member]
|
||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||
Restructuring Charges | $ 14 | |||||||
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Commitments and Contingencies (Future minimum lease payments) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
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Operating Leased Assets [Line Items] | |||
Operating Leases, Rent Expense, Minimum Rentals | $ 122 | $ 129 | $ 136 |
Real estate
|
|||
Operating Leased Assets [Line Items] | |||
2012 | 76 | ||
2013 | 64 | ||
2014 | 53 | ||
2015 | 42 | ||
2016 | 31 | ||
Thereafter | 73 | ||
Total | 339 | ||
Non-rental equipment
|
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Operating Leased Assets [Line Items] | |||
2012 | 37 | ||
2013 | 17 | ||
2014 | 12 | ||
2015 | 10 | ||
2016 | 6 | ||
Thereafter | 10 | ||
Total | $ 92 |
Goodwill and Other Intangible Assets (Other intangible assets) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2011
Noncompete Agreements [Member]
|
Dec. 31, 2010
Noncompete Agreements [Member]
|
Dec. 31, 2011
Customer Relationships [Member]
|
Dec. 31, 2010
Customer Relationships [Member]
|
Dec. 15, 2011
Noncompete Agreements [Member]
Months
|
Dec. 31, 2011
Noncompete Agreements [Member]
|
Dec. 15, 2011
Customer Relationships [Member]
Years
|
Dec. 31, 2011
Customer Relationships [Member]
|
|
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Weighted-Average Remaining Amortization Period (in years or months) | 46 months | 27 months | 9 years | 5 years | |||||||
Gross Carrying Amount | $ 30 | $ 25 | $ 121 | $ 64 | |||||||
Accumulated amortization | 25 | 24 | 43 | 36 | |||||||
Net amount | 5 | 1 | 78 | 28 | |||||||
Acquired intangible assets | 4 | 56 | |||||||||
Acquired intangible assets, weighted average life (in years or months) | 55 | 11.6 | |||||||||
Amortization expense | 8 | 7 | 8 | ||||||||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||||||||||
2012 | 12 | ||||||||||
2013 | 12 | ||||||||||
2014 | 10 | ||||||||||
2015 | 9 | ||||||||||
2016 | 8 | ||||||||||
Thereafter | 32 | ||||||||||
Total | $ 83 |
Common Stock (Options) (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2008
|
Dec. 31, 2011
$0.01 - $5.00
Years
|
Dec. 31, 2011
$5.01 - $10.00
Years
|
Dec. 31, 2011
$10.01 - 15.00
Years
|
Dec. 31, 2011
$15.01 - $20.00
Years
|
Dec. 31, 2011
$20.01 - $25.00
Years
|
Dec. 31, 2011
$25.01 - $30.00
Years
|
Dec. 31, 2011
$30.01 - $35.00
Years
|
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Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||||||||||
Range of Exercise Prices, Low (in dollars per share) | $ 0.01 | $ 5.01 | $ 10.01 | $ 15.01 | $ 20.01 | $ 25.01 | $ 30.01 | ||||
Range of Exercise Prices, Upper (in dollars per share) | $ 5.00 | $ 10.00 | $ 15.00 | $ 20.00 | $ 25.00 | $ 30.00 | $ 35.00 | ||||
Amount Outstanding (in shares) | 1,536 | 3,353 | 2,782 | 2,341 | 523 | 718 | 33 | 84 | 92 | 20 | 66 |
Weighted Average Remaining Contractual Life (in years) | 7.2 | 8.2 | 7.5 | 2.8 | 2.1 | 5.0 | 9.0 | ||||
Weighted Average Exercise Price (in dollars per share) | $ 9.30 | $ 14.30 | $ 15.40 | $ 21.94 | $ 3.40 | $ 8.38 | $ 11.44 | $ 17.91 | $ 21.93 | $ 25.68 | $ 31.64 |
Amoun Exercisable (in shares) | 674 | 1,932 | 1,869 | 272 | 184 | 19 | 84 | 92 | 20 | 3 | |
Weighted Average Exercise Price (in dollars per share) | $ 10.14 | $ 19.98 | $ 21.03 | $ 3.39 | $ 8.40 | $ 11.45 | $ 17.91 | $ 21.93 | $ 25.68 | $ 34.86 |
Income Taxes (Unrecognized tax benefits) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |
---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Income Tax Contingency [Line Items] | ||
Balance at January 1 | $ 4 | $ 6 |
Settlements | 0 | (2) |
Balance at December 31 | $ 4 | $ 4 |
Quarterly Financial Information (Unaudited)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Quarterly Financial Information (Unaudited) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information | Quarterly Financial Information (Unaudited)
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Segment Information (Reconciliation to consolidated totals) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
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Sep. 30, 2011
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Jun. 30, 2011
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Mar. 31, 2011
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Dec. 31, 2010
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Sep. 30, 2010
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Jun. 30, 2010
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Mar. 31, 2010
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Dec. 31, 2011
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Dec. 31, 2010
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Dec. 31, 2009
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|||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||
Operating income | $ 115 | [1] | $ 156 | $ 95 | $ 30 | $ 47 | [2] | $ 93 | $ 59 | $ (2) | $ 396 | $ 197 | $ 114 | ||||
Restructuring Charges | (15) | (19) | (34) | (31) | |||||||||||||
Operating Segments [Member]
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|||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||
Operating income | 434 | 231 | 145 | ||||||||||||||
Unallocated Amount to Segment [Member]
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|||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||
Unallocated RSC merger related costs | (19) | 0 | 0 | ||||||||||||||
Restructuring Charges | $ (19) | $ (34) | $ (31) | ||||||||||||||
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Quarterly Financial Information (Unaudited) (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Quarterly Financial Information (Unaudited) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information |
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After Tax Impact On Diluted Earnings Per Share |
|
Common Stock (Narrative) (Details) (USD $)
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2011
Employee Stock Option [Member]
|
Dec. 31, 2010
Employee Stock Option [Member]
|
Dec. 31, 2011
QUIPS [Member]
|
Dec. 31, 2010
QUIPS [Member]
|
Dec. 31, 2011
Convertible subordinated notes - 1 7/8 percent
|
Dec. 31, 2010
Convertible subordinated notes - 1 7/8 percent
|
Dec. 31, 2011
Convertible Subordinated Notes Four Percent [Member]
|
Dec. 31, 2010
Convertible Subordinated Notes Four Percent [Member]
|
Dec. 31, 2011
Convertible Subordinated Notes Four Percent [Member]
|
Nov. 30, 2009
Convertible Subordinated Notes Four Percent [Member]
|
Dec. 31, 2011
1 7/8 percent Convertible Senior Subordinated Notes
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class of Stock [Line Items] | |||||||||||||
Common Stock, Shares Authorized (in shares) | 500,000,000 | 500,000,000 | |||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,500,000 | 3,400,000 | 1,300,000 | 3,000,000 | 1,000,000 | 1,000,000 | 18,900,000 | 19,400,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.00% | 1.875% | ||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 11.11 | $ 29.55 | |||||||||||
Share-based Compensation, Not Yet Vested (in shares) | 1,000,000 | ||||||||||||
Share-based Compensation Arrangement, Number of Shares Available for Grant (in shares) | 1,700,000 |
Fair Value Measurements (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | The estimated fair values of our other financial instruments at December 31, 2011 and 2010 have been calculated based upon available market information or an appropriate valuation technique, and are as follows:
(1) The fair value of capital leases is determined using the expected present value of the leases. |
Restructuring And Asset Impairment Charges (Schedule Of Restructuring Charges Table) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Beginning reserve balance | $ 28 | [1] | $ 21 | $ 13 | ||||||
Charged to costs and expenses | 19 | [2] | 34 | [2] | 31 | [2] | ||||
Payments and other | (19) | (27) | (23) | |||||||
Ending reserve balance | 28 | [1] | 28 | [1] | 21 | |||||
Branch closure charges
|
||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Beginning reserve balance | 26 | 20 | 11 | |||||||
Charged to costs and expenses | 17 | [2] | 28 | [2] | 24 | [2] | ||||
Payments and other | (16) | (22) | (15) | |||||||
Ending reserve balance | 27 | 26 | 20 | |||||||
Severance costs
|
||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Beginning reserve balance | 2 | 1 | 2 | |||||||
Charged to costs and expenses | 2 | [2] | 6 | [2] | 7 | [2] | ||||
Payments and other | (3) | (5) | (8) | |||||||
Ending reserve balance | $ 1 | $ 2 | $ 1 | |||||||
|
Debt (Maturity profile of long term debt) (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2011
|
---|---|
Maturity profile: | |
2012 | $ 266 |
2013 | 7 |
2014 | 7 |
2015 | 173 |
2016 | 1,312 |
Thereafter | 1,279 |
Total | $ 3,044 |
Fair Value Measurements (Assets and Liabilities Measured at Fair Value) (Details) (USD $)
|
Dec. 31, 2011
|
Dec. 31, 2010
|
---|---|---|
1 7/8 percent Convertible Senior Subordinated Notes
|
||
Derivative [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.875% | |
Swap [Member]
|
||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount (in gallons) | 4,200,000 | |
Derivative, Nonmonetary Notional Amount, Price Per Gallon | 3.98 | |
Derivative, Average Forward Price | 3.79 | |
Prepaid Expenses And Other Assets [Member]
|
||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 0 | |
Prepaid Expenses And Other Assets [Member] | Maximum [Member]
|
||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1,000,000 | |
Prepaid Expenses And Other Assets [Member] | Maximum [Member] | Swap [Member]
|
||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 1,000,000 |
Accrued Expenses And Other Liabilities [Member]
|
||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | |
Accrued Expenses And Other Liabilities [Member] | Swap [Member]
|
||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 1,000,000 | |
Accrued Expenses And Other Liabilities [Member] | Maximum [Member] | Swap [Member]
|
||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 1,000,000 |
Discontinued Operation (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Feb. 28, 2007
Traffic Control Business [Member]
|
Dec. 31, 2010
Traffic Control Business [Member]
|
Dec. 31, 2009
Traffic Control Business [Member]
|
Dec. 31, 2011
Traffic Control Business [Member]
|
Dec. 31, 2011
Maximum [Member]
Traffic Control Business [Member]
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Net proceeds from sale of discontinued operations | $ 66 | |||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Gross | 12 | 8 | ||||||
Loss from discontinued operation, net of taxes | $ 0 | $ 4 | $ 2 | $ 4 | $ 2 | $ 1 |
Organization, Description Of Business And Consolidation
|
12 Months Ended |
---|---|
Dec. 31, 2011
|
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Description of Business and Consolidation | Organization, Description of Business and Consolidation United Rentals, Inc. ("Holdings") is principally a holding company and conducts its operations primarily through its wholly owned subsidiary, United Rentals (North America), Inc. (“URNA”), and subsidiaries of URNA. Holdings’ primary asset is its sole ownership of all issued and outstanding shares of common stock of URNA. URNA’s various credit agreements and debt instruments place restrictions on its ability to transfer funds to its stockholder. As used in this report, the terms the “Company,” “United Rentals,” “we,” “us,” and “our” refer to United Rentals, Inc. and its subsidiaries, unless otherwise indicated. We rent equipment to a diverse customer base that includes construction and industrial companies, manufacturers, utilities, municipalities, homeowners and others in the United States and Canada. In addition to renting equipment, we sell new and used rental equipment, as well as related contractor supplies, parts and service. During the year ended December 31, 2011, we completed the acquisitions of Venetor Group (“Venetor”), a seven location equipment rental company in Canada located in the province of Ontario, GulfStar Rental Solutions, LP (“GulfStar”), a three location power and HVAC (“heating, ventilating and air conditioning”) equipment rental company located in Texas and Louisiana, Ontario Laser Rentals Ltd. (“Ontario Laser”), a two location trench safety equipment rental company in Canada located in the province of Ontario, and Blue Mountain Equipment Rental Corporation (“Blue Mountain”), a company primarily focused on the industrial segment with three locations in Pennsylvania and West Virginia. Venetor, GulfStar, Ontario Laser and Blue Mountain had annual revenues of approximately $50, $15, $20 and $40, respectively. Our cash flows for the year ended December 31, 2011 reflect an aggregate of $276 paid to purchase these companies. The purchase price allocations for these acquisitions are based on preliminary valuations and are subject to change as we obtain additional information during each acquisition’s measurement period. In addition, on December 15, 2011, we entered into a definitive merger agreement with RSC Holdings, Inc. (“RSC”), pursuant to which we have agreed to acquire RSC in a cash-and-stock transaction that ascribes a total enterprise value of $4.2 billion to RSC. Total cash consideration paid to holders of RSC common stock is expected to be approximately $1.1 billion and we anticipate issuing approximately 29 million shares of common stock in the merger. The cash portion of the merger will be financed through new debt issuances and drawing on current loan facilities. In connection with the proposed transaction, we intend to re-pay the outstanding amounts on RSC's existing senior secured credit facilities and senior secured notes due 2017, which totaled $854 as of September 30, 2011, and assume all of RSC's remaining $1.4 billion of unsecured debt after such repayment. The proposed merger is subject to approval by our stockholders and RSC stockholders, regulatory approvals and other mutual conditions of the parties. We expect the merger to close in the first half of 2012. The accompanying consolidated financial statements include our accounts and those of our controlled subsidiary companies. All significant intercompany accounts and transactions have been eliminated. We consolidate variable interest entities if we are deemed the primary beneficiary of the entity. |
Fair Value Measurements (Financial Instruments) (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
||||
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Carrying (Reported) Amount, Fair Value Disclosure [Member]
|
||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Subordinated convertible debentures | $ 55 | $ 124 | ||||
Senior and senior subordinated notes | 1,861 | 1,854 | ||||
Capital leases | 39 | 25 | ||||
Estimate of Fair Value, Fair Value Disclosure [Member]
|
||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Subordinated convertible debentures | 49 | 92 | ||||
Senior and senior subordinated notes | 1,933 | 2,020 | ||||
Capital leases | $ 33 | [1] | $ 20 | [1] | ||
|
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