Condensed Consolidating Financial Information of Guarantor Subsidiaries (Tables)

6 Months Ended

Jun. 30, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

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

CONDENSED CONSOLIDATING BALANCE SHEET

June 30, 2016



	Parent		URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries					Eliminations			Total
	Parent		URNA			Guarantor Subsidiaries			Foreign			SPV		Eliminations			Total
ASSETS
Cash and cash equivalents	$	—	$	8		$	—		$	257		$	—	$	—		$	265
Accounts receivable, net	—		37			—			91			739		—			867
Intercompany receivable (payable)	252		(49		)	(189		)	(124		)	—		110			—
Inventory	—		64			—			7			—		—			71
Prepaid expenses and other assets	—		48			—			13			—		—			61
Total current assets	252		108			(189		)	244			739		110			1,264
Rental equipment, net	—		5,807			—			518			—		—			6,325
Property and equipment, net	40		329			21			47			—		—			437
Investments in subsidiaries	1,231		997			988			—			—		(3,216		)	—
Goodwill	—		3,004			—			255			—		—			3,259
Other intangible assets, net	—		760			—			65			—		—			825
Other long-term assets	3		7			—			—			—		—			10
Total assets	$	1,526	$	11,012		$	820		$	1,129		$	739	$	(3,106	)	$	12,120
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	$	1	$	28		$	—		$	3		$	544	$	—		$	576
Accounts payable	—		574			—			35			—		—			609
Accrued expenses and other liabilities	—		290			13			20			—		—			323
Total current liabilities	1		892			13			58			544		—			1,508
Long-term debt	3		7,138			115			9			—		—			7,265
Deferred taxes	20		1,696			—			74			—		—			1,790
Other long-term liabilities	—		55			—			—			—		—			55
Total liabilities	24		9,781			128			141			544		—			10,618
Total stockholders’ equity (deficit)	1,502		1,231			692			988			195		(3,106		)	1,502
Total liabilities and stockholders’ equity (deficit)	$	1,526	$	11,012		$	820		$	1,129		$	739	$	(3,106	)	$	12,120

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2015



	Parent		URNA		Guarantor Subsidiaries			Non-Guarantor Subsidiaries					Eliminations			Total
	Parent		URNA		Guarantor Subsidiaries			Foreign			SPV		Eliminations			Total
ASSETS
Cash and cash equivalents	$	—	$	18	$	—		$	161		$	—	$	—		$	179
Accounts receivable, net	—		41		—			104			785		—			930
Intercompany receivable (payable)	144		40		(176		)	(109		)	—		101			—
Inventory	—		62		—			7			—		—			69
Prepaid expenses and other assets	—		98		—			18			—		—			116
Total current assets	144		259		(176		)	181			785		101			1,294
Rental equipment, net	—		5,657		—			529			—		—			6,186
Property and equipment, net	45		334		20			46			—		—			445
Investments in subsidiaries	1,307		958		924			—			—		(3,189		)	—
Goodwill	—		3,000		—			243			—		—			3,243
Other intangible assets, net	—		838		—			67			—		—			905
Other long-term assets	3		7		—			—			—		—			10
Total assets	$	1,499	$	11,053	$	768		$	1,066		$	785	$	(3,088	)	$	12,083
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	$	1	$	34	$	—		$	—		$	572	$	—		$	607
Accounts payable	—		237		—			34			—		—			271
Accrued expenses and other liabilities	—		314		14			27			—		—			355
Total current liabilities	1		585		14			61			572		—			1,233
Long-term debt	4		7,430		110			11			—		—			7,555
Deferred taxes	18		1,677		—			70			—		—			1,765
Other long-term liabilities	—		54		—			—			—		—			54
Total liabilities	23		9,746		124			142			572		—			10,607
Total stockholders’ equity (deficit)	1,476		1,307		644			924			213		(3,088		)	1,476
Total liabilities and stockholders’ equity (deficit)	$	1,499	$	11,053	$	768		$	1,066		$	785	$	(3,088	)	$	12,083

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Three Months Ended June 30, 2016





	Parent			URNA		Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations			Total
									Foreign			SPV
Revenues:
Equipment rentals	$	—		$	1,103	$	—		$	101		$	—		$	—		$	1,204
Sales of rental equipment	—			117		—			17			—			—			134
Sales of new equipment	—			31		—			5			—			—			36
Contractor supplies sales	—			18		—			4			—			—			22
Service and other revenues	—			22		—			3			—			—			25
Total revenues	—			1,291		—			130			—			—			1,421
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			407		—			49			—			—			456
Depreciation of rental equipment	—			219		—			23			—			—			242
Cost of rental equipment sales	—			70		—			9			—			—			79
Cost of new equipment sales	—			25		—			4			—			—			29
Cost of contractor supplies sales	—			12		—			3			—			—			15
Cost of service and other revenues	—			10		—			—			—			—			10
Total cost of revenues	—			743		—			88			—			—			831
Gross profit	—			548		—			42			—			—			590
Selling, general and administrative expenses	2			155		—			18			2			—			177
Merger related costs	—			—		—			—			—			—			—
Restructuring charge	—			1		—			1			—			—			2
Non-rental depreciation and amortization	4			54		—			6			—			—			64
Operating (loss) income	(6		)	338		—			17			(2		)	—			347
Interest (income) expense, net	(1		)	133		—			—			1			(1		)	132
Other (income) expense, net (1)	(116		)	124		—			11			(21		)	—			(2		)
Income before provision for income taxes	111			81		—			6			18			1			217
Provision for income taxes	42			32		—			2			7			—			83
Income before equity in net earnings (loss) of subsidiaries	69			49		—			4			11			1			134
Equity in net earnings (loss) of subsidiaries	65			16		4			—			—			(85		)	—
Net income (loss)	134			65		4			4			11			(84		)	134
Other comprehensive (loss) income	—			—		(2		)	(2		)	—			4			—
Comprehensive income (loss)	$	134		$	65	$	2		$	2		$	11		$	(80	)	$	134


(1)	Other (income) expense, net includes the royalties Holdings receives from URNA and its subsidiaries as discussed below (see Item 2- Management’s Discussion and Analysis of Financial Condition and Results of Operations- Liquidity and Capital Resources- Relationship between Holdings and URNA).

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 income (loss)	—			355		—			28		(8		)	—			375
Interest expense (income), net	—			232		—			1		1			(2		)	232
Other (income) expense, net (1)	(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


(1)	Other (income) expense, net includes the royalties Holdings receives from URNA and its subsidiaries as discussed below (see Item 2- Management’s Discussion and Analysis of Financial Condition and Results of Operations- Liquidity and Capital Resources- Relationship between Holdings and URNA).

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Six Months Ended June 30, 2016




	Parent			URNA		Guarantor Subsidiaries			Non-Guarantor Subsidiaries					Eliminations			Total
									Foreign		SPV
Revenues:
Equipment rentals	$	—		$	2,127	$	—		$	194	$	—		$	—		$	2,321
Sales of rental equipment	—			221		—			28		—			—			249
Sales of new equipment	—			58		—			8		—			—			66
Contractor supplies sales	—			35		—			6		—			—			41
Service and other revenues	—			47		—			7		—			—			54
Total revenues	—			2,488		—			243		—			—			2,731
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			811		—			94		—			—			905
Depreciation of rental equipment	—			440		—			45		—			—			485
Cost of rental equipment sales	—			132		—			15		—			—			147
Cost of new equipment sales	—			48		—			6		—			—			54
Cost of contractor supplies sales	—			24		—			4		—			—			28
Cost of service and other revenues	—			19		—			3		—			—			22
Total cost of revenues	—			1,474		—			167		—			—			1,641
Gross profit	—			1,014		—			76		—			—			1,090
Selling, general and administrative expenses	8			299		—			37		10			—			354
Merger related costs	—			—		—			—		—			—			—
Restructuring charge	—			3		—			1		—			—			4
Non-rental depreciation and amortization	8			111		—			12		—			—			131
Operating (loss) income	(16		)	601		—			26		(10		)	—			601
Interest (income) expense, net	(3		)	239		1			1		3			(2		)	239
Other (income) expense, net (1)	(222		)	246		—			20		(46		)	—			(2		)
Income (loss) before provision for income taxes	209			116		(1		)	5		33			2			364
Provision for income taxes	79			45		—			1		13			—			138
Income (loss) before equity in net earnings (loss) of subsidiaries	130			71		(1		)	4		20			2			226
Equity in net earnings (loss) of subsidiaries	96			25		4			—		—			(125		)	—
Net income (loss)	226			96		3			4		20			(123		)	226
Other comprehensive income (loss)	63			63		60			48		—			(171		)	63
Comprehensive income (loss)	$	289		$	159	$	63		$	52	$	20		$	(294	)	$	289


(1)	Other (income) expense, net includes the royalties Holdings receives from URNA and its subsidiaries as discussed below (see Item 2- Management’s Discussion and Analysis of Financial Condition and Results of Operations- Liquidity and Capital Resources- Relationship between Holdings and URNA).

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 (1)	(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


(1)	Other (income) expense, net includes the royalties Holdings receives from URNA and its subsidiaries as discussed below (see Item 2- Management’s Discussion and Analysis of Financial Condition and Results of Operations- Liquidity and Capital Resources- Relationship between Holdings and URNA).

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the Six Months Ended June 30, 2016



	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	$	2		$	1,096		$	(1	)	$	84		$	66		$	—	$	1,247
Net cash (used in) provided by investing activities	(2		)	(522		)	—			2			—			—		(522		)
Net cash (used in) provided by financing activities	—			(584		)	1			(2		)	(66		)	—		(651		)
Effect of foreign exchange rates	—			—			—			12			—			—		12
Net (decrease) increase in cash and cash equivalents	—			(10		)	—			96			—			—		86
Cash and cash equivalents at beginning of period	—			18			—			161			—			—		179
Cash and cash equivalents at end of period	$	—		$	8		$	—		$	257		$	—		$	—	$	265

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