Condensed Consolidating Financial Information of Guarantor Subsidiaries (Tables)

9 Months Ended

Sep. 30, 2014

Condensed Financial Information [Abstract]

September 30, 2014



	Parent		URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries					Eliminations			Total
	Parent		URNA			Guarantor Subsidiaries			Foreign			SPV		Eliminations			Total
ASSETS
Cash and cash equivalents	$	—	$	39		$	—		$	129		$	—	$	—		$	168
Accounts receivable, net	—		36			—			142			763		—			941
Intercompany receivable (payable)	314		(244		)	(59		)	(141		)	—		130			—
Inventory	—		100			—			12			—		—			112
Prepaid expenses and other assets	—		46			1			17			—		—			64
Deferred taxes	—		91			—			2			—		—			93
Total current assets	314		68			(58		)	161			763		130			1,378
Rental equipment, net	—		5,515			—			631			—		—			6,146
Property and equipment, net	45		314			21			43			—		—			423
Investments in subsidiaries	1,510		1,174			1,021			—			—		(3,705		)	—
Goodwill	—		2,990			—			280			—		—			3,270
Other intangible assets, net	—		1,061			—			104			—		—			1,165
Other long-term assets	—		101			—			—			—		—			101
Total assets	$	1,869	$	11,223		$	984		$	1,219		$	763	$	(3,575	)	$	12,483
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	$	31	$	37		$	—		$	—		$	550	$	—		$	618
Accounts payable	—		447			—			58			—		—			505
Accrued expenses and other liabilities	—		503			19			50			—		—			572
Total current liabilities	31		987			19			108			550		—			1,695
Long-term debt	—		7,336			134			7			—		—			7,477
Deferred taxes	22		1,310			—			80			—		—			1,412
Other long-term liabilities	—		80			—			3			—		—			83
Total liabilities	53		9,713			153			198			550		—			10,667
Temporary equity (note 8)	3		—			—			—			—		—			3
Total stockholders’ equity (deficit)	1,813		1,510			831			1,021			213		(3,575		)	1,813
Total liabilities and stockholders’ equity (deficit)	$	1,869	$	11,223		$	984		$	1,219		$	763	$	(3,575	)	$	12,483

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2013



	Parent		URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries					Eliminations			Total
	Parent		URNA			Guarantor Subsidiaries			Foreign			SPV		Eliminations			Total
ASSETS
Cash and cash equivalents	$	—	$	17		$	—		$	158		$	—	$	—		$	175
Accounts receivable, net	—		36			—			140			628		—			804
Intercompany receivable (payable)	308		(257		)	(51		)	(132		)	—		132			—
Inventory	—		62			—			8			—		—			70
Prepaid expenses and other assets	—		42			1			10			—		—			53
Deferred taxes	—		258			—			2			—		—			260
Total current assets	308		158			(50		)	186			628		132			1,362
Rental equipment, net	—		4,768			—			606			—		—			5,374
Property and equipment, net	48		313			20			40			—		—			421
Investments in subsidiaries	1,648		1,132			997			—			—		(3,777		)	—
Goodwill	—		2,708			—			245			—		—			2,953
Other intangible assets, net	—		931			—			87			—		—			1,018
Other long-term assets	2		100			—			—			1		—			103
Total assets	$	2,006	$	10,110		$	967		$	1,164		$	629	$	(3,645	)	$	11,231
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	$	136	$	38		$	—		$	—		$	430	$	—		$	604
Accounts payable	—		254			—			38			—		—			292
Accrued expenses and other liabilities	1		327			25			36			1		—			390
Total current liabilities	137		619			25			74			431		—			1,286
Long-term debt	—		6,421			140			8			—		—			6,569
Deferred taxes	21		1,357			—			81			—		—			1,459
Other long-term liabilities	—		65			—			4			—		—			69
Total liabilities	158		8,462			165			167			431		—			9,383
Temporary equity (note 8)	20		—			—			—			—		—			20
Total stockholders’ equity (deficit)	1,828		1,648			802			997			198		(3,645		)	1,828
Total liabilities and stockholders’ equity (deficit)	$	2,006	$	10,110		$	967		$	1,164		$	629	$	(3,645	)	$	11,231

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Three Months Ended September 30, 2014





	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations			Total
										Foreign			SPV
Revenues:
Equipment rentals	$	—		$	1,155		$	—		$	160		$	—		$	—		$	1,315
Sales of rental equipment	—			125			—			15			—			—			140
Sales of new equipment	—			35			—			7			—			—			42
Contractor supplies sales	—			20			—			3			—			—			23
Service and other revenues	—			20			—			4			—			—			24
Total revenues	—			1,355			—			189			—			—			1,544
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			418			—			62			—			—			480
Depreciation of rental equipment	—			210			—			26			—			—			236
Cost of rental equipment sales	—			73			—			9			—			—			82
Cost of new equipment sales	—			27			—			6			—			—			33
Cost of contractor supplies sales	—			14			—			2			—			—			16
Cost of service and other revenues	—			8			—			1			—			—			9
Total cost of revenues	—			750			—			106			—			—			856
Gross profit	—			605			—			83			—			—			688
Selling, general and administrative expenses	40			127			—			23			4			—			194
Merger related costs	—			4			—			—			—			—			4
Restructuring charge	—			(2		)	—			—			—			—			(2		)
Non-rental depreciation and amortization	4			58			1			7			—			—			70
Operating (loss) income	(44		)	418			(1		)	53			(4		)	—			422
Interest expense (income), net	3			122			—			—			1			(2		)	124
Other (income) expense, net	(39		)	54			(1		)	6			(25		)	—			(5		)
(Loss) income before provision for income taxes	(8		)	242			—			47			20			2			303
Provision for income taxes	—			91			—			12			8			—			111
(Loss) income before equity in net earnings (loss) of subsidiaries	(8		)	151			—			35			12			2			192
Equity in net earnings (loss) of subsidiaries	200			49			35			—			—			(284		)	—
Net income (loss)	192			200			35			35			12			(282		)	192
Other comprehensive (loss) income	(51		)	(51		)	(51		)	(40		)	—			142			(51		)
Comprehensive income (loss)	$	141		$	149		$	(16	)	$	(5	)	$	12		$	(140	)	$	141

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Three Months Ended September 30, 2013




	Parent			URNA		Guarantor Subsidiaries			Non-Guarantor Subsidiaries					Eliminations			Total
									Foreign		SPV
Revenues:
Equipment rentals	$	—		$	990	$	—		$	148	$	—		$	—		$	1,138
Sales of rental equipment	—			91		—			11		—			—			102
Sales of new equipment	—			24		—			5		—			—			29
Contractor supplies sales	—			19		—			4		—			—			23
Service and other revenues	—			15		—			4		—			—			19
Total revenues	—			1,139		—			172		—			—			1,311
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			366		—			56		—			—			422
Depreciation of rental equipment	—			193		—			26		—			—			219
Cost of rental equipment sales	—			56		—			6		—			—			62
Cost of new equipment sales	—			20		—			3		—			—			23
Cost of contractor supplies sales	—			12		—			3		—			—			15
Cost of service and other revenues	—			4		—			2		—			—			6
Total cost of revenues	—			651		—			96		—			—			747
Gross profit	—			488		—			76		—			—			564
Selling, general and administrative expenses	7			134		—			23		3			—			167
Restructuring charge	—			1		—			—		—			—			1
Non-rental depreciation and amortization	5			49		—			5		—			—			59
Operating (loss) income	(12		)	304		—			48		(3		)	—			337
Interest expense (income), net	3			115		1			1		2			(1		)	121
Other (income) expense, net	(35		)	50		—			5		(22		)	—			(2		)
Income (loss) before provision (benefit) for income taxes	20			139		(1		)	42		17			1			218
Provision (benefit) for income taxes	12			47		(1		)	11		6			—			75
Income before equity in net earnings (loss) of subsidiaries	8			92		—			31		11			1			143
Equity in net earnings (loss) of subsidiaries	135			43		31			—		—			(209		)	—
Net income (loss)	143			135		31			31		11			(208		)	143
Other comprehensive income (loss)	21			21		22			16		—			(59		)	21
Comprehensive income (loss)	$	164		$	156	$	53		$	47	$	11		$	(267	)	$	164

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Nine Months Ended September 30, 2014




	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations			Total
										Foreign			SPV
Revenues:
Equipment rentals	$	—		$	3,069		$	—		$	430		$	—		$	—		$	3,499
Sales of rental equipment	—			347			—			41			—			—			388
Sales of new equipment	—			87			—			18			—			—			105
Contractor supplies sales	—			54			—			10			—			—			64
Service and other revenues	—			52			—			13			—			—			65
Total revenues	—			3,609			—			512			—			—			4,121
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			1,155			—			181			—			—			1,336
Depreciation of rental equipment	—			606			—			76			—			—			682
Cost of rental equipment sales	—			203			—			24			—			—			227
Cost of new equipment sales	—			70			—			14			—			—			84
Cost of contractor supplies sales	—			37			—			7			—			—			44
Cost of service and other revenues	—			18			—			5			—			—			23
Total cost of revenues	—			2,089			—			307			—			—			2,396
Gross profit	—			1,520			—			205			—			—			1,725
Selling, general and administrative expenses	59			421			2			66			1			—			549
Merger related costs	—			13			—			—			—			—			13
Restructuring charge	—			(2		)	—			—			—			—			(2		)
Non-rental depreciation and amortization	13			167			1			19			—			—			200
Operating (loss) income	(72		)	921			(3		)	120			(1		)	—			965
Interest expense (income), net	10			422			3			3			3			(5		)	436
Other (income) expense, net	(108		)	152			(2		)	13			(65		)	—			(10		)
Income (loss) before provision for income taxes	26			347			(4		)	104			61			5			539
Provision for income taxes	1			141			—			27			24			—			193
Income (loss) before equity in net earnings (loss) of subsidiaries	25			206			(4		)	77			37			5			346
Equity in net earnings (loss) of subsidiaries	321			115			77			—			—			(513		)	—
Net income (loss)	346			321			73			77			37			(508		)	346
Other comprehensive (loss) income	(54		)	(54		)	(53		)	(42		)	—			149			(54		)
Comprehensive income (loss)	$	292		$	267		$	20		$	35		$	37		$	(359	)	$	292

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Nine Months Ended September 30, 2013




	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations			Total
										Foreign			SPV
Revenues:
Equipment rentals	$	—		$	2,641		$	—		$	422		$	—		$	—		$	3,063
Sales of rental equipment	—			319			—			37			—			—			356
Sales of new equipment	—			58			—			16			—			—			74
Contractor supplies sales	—			53			—			13			—			—			66
Service and other revenues	—			46			—			12			—			—			58
Total revenues	—			3,117			—			500			—			—			3,617
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			1,035			—			179			—			—			1,214
Depreciation of rental equipment	—			555			—			74			—			—			629
Cost of rental equipment sales	—			210			—			22			—			—			232
Cost of new equipment sales	—			47			—			12			—			—			59
Cost of contractor supplies sales	—			35			—			9			—			—			44
Cost of service and other revenues	—			14			—			5			—			—			19
Total cost of revenues	—			1,896			—			301			—			—			2,197
Gross profit	—			1,221			—			199			—			—			1,420
Selling, general and administrative expenses	16			393			—			68			2			—			479
Merger related costs	—			8			—			—			—			—			8
Restructuring charge	—			12			—			—			—			—			12
Non-rental depreciation and amortization	13			157			—			15			—			—			185
Operating (loss) income	(29		)	651			—			116			(2		)	—			736
Interest expense (income), net	9			341			4			2			4			(3		)	357
Interest expense-subordinated convertible debentures	3			—			—			—			—			—			3
Other (income) expense, net	(100		)	143			—			14			(60		)	—			(3		)
Income (loss) before provision (benefit) for income taxes	59			167			(4		)	100			54			3			379
Provision (benefit) for income taxes	21			64			(1		)	27			21			—			132
Income (loss) before equity in net earnings (loss) of subsidiaries	38			103			(3		)	73			33			3			247
Equity in net earnings (loss) of subsidiaries	209			106			73			—			—			(388		)	—
Net income (loss)	247			209			70			73			33			(385		)	247
Other comprehensive (loss) income	(31		)	(31		)	(30		)	(24		)	—			85			(31		)
Comprehensive income (loss)	$	216		$	178		$	40		$	49		$	33		$	(300	)	$	216

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the Nine Months Ended September 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	$	11		$	1,369		$	3		$	180		$	(97	)	$	—	$	1,466
Net cash used in investing activities	(11		)	(1,696		)	—			(199		)	—			—		(1,906		)
Net cash provided by (used in) financing activities	—			349			(3		)	(2		)	97			—		441
Effect of foreign exchange rates	—			—			—			(8		)	—			—		(8		)
Net increase (decrease) in cash and cash equivalents	—			22			—			(29		)	—			—		(7		)
Cash and cash equivalents at beginning of period	—			17			—			158			—			—		175
Cash and cash equivalents at end of period	$	—		$	39		$	—		$	129		$	—		$	—	$	168

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the Nine Months Ended September 30, 2013



	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	$	21		$	948		$	3		$	150		$	(7	)	$	—	$	1,115
Net cash used in investing activities	(21		)	(1,065		)	—			(122		)	—			—		(1,208		)
Net cash provided by (used in) financing activities	—			113			(3		)	(1		)	7			—		116
Effect of foreign exchange rates	—			—			—			(4		)	—			—		(4		)
Net (decrease) increase in cash and cash equivalents	—			(4		)	—			23			—			—		19
Cash and cash equivalents at beginning of period	—			20			—			86			—			—		106
Cash and cash equivalents at end of period	$	—		$	16		$	—		$	109		$	—		$	—	$	125