Condensed Consolidating Financial Information of Guarantor Subsidiaries (Tables)

9 Months Ended

Sep. 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

September 30, 2016



	Parent		URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries					Eliminations			Total
	Parent		URNA			Guarantor Subsidiaries			Foreign			SPV		Eliminations			Total
ASSETS
Cash and cash equivalents	$	—	$	20		$	—		$	277		$	—	$	—		$	297
Accounts receivable, net	—		25			—			97			807		—			929
Intercompany receivable (payable)	229		(29		)	(190		)	(121		)	—		111			—
Inventory	—		65			—			7			—		—			72
Prepaid expenses and other assets	—		47			—			9			—		—			56
Total current assets	229		128			(190		)	269			807		111			1,354
Rental equipment, net	—		5,929			—			498			—		—			6,427
Property and equipment, net	38		329			23			45			—		—			435
Investments in subsidiaries	1,293		1,033			990			—			—		(3,316		)	—
Goodwill	—		3,014			—			253			—		—			3,267
Other intangible assets, net	—		721			—			61			—		—			782
Other long-term assets	3		7			—			—			—		—			10
Total assets	$	1,563	$	11,161		$	823		$	1,126		$	807	$	(3,205	)	$	12,275
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	$	1	$	26		$	—		$	3		$	579	$	—		$	609
Accounts payable	—		378			—			31			—		—			409
Accrued expenses and other liabilities	—		368			14			19			1		—			402
Total current liabilities	1		772			14			53			580		—			1,420
Long-term debt	3		7,268			114			8			—		—			7,393
Deferred taxes	20		1,768			—			75			—		—			1,863
Other long-term liabilities	—		60			—			—			—		—			60
Total liabilities	24		9,868			128			136			580		—			10,736
Total stockholders’ equity (deficit)	1,539		1,293			695			990			227		(3,205		)	1,539
Total liabilities and stockholders’ equity (deficit)	$	1,563	$	11,161		$	823		$	1,126		$	807	$	(3,205	)	$	12,275

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 September 30, 2016





	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations			Total
										Foreign			SPV
Revenues:
Equipment rentals	$	—		$	1,208		$	—		$	114		$	—		$	—		$	1,322
Sales of rental equipment	—			99			—			13			—			—			112
Sales of new equipment	—			28			—			2			—			—			30
Contractor supplies sales	—			17			—			2			—			—			19
Service and other revenues	—			22			—			3			—			—			25
Total revenues	—			1,374			—			134			—			—			1,508
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			435			—			51			—			—			486
Depreciation of rental equipment	—			227			—			23			—			—			250
Cost of rental equipment sales	—			61			—			7			—			—			68
Cost of new equipment sales	—			23			—			2			—			—			25
Cost of contractor supplies sales	—			11			—			2			—			—			13
Cost of service and other revenues	—			11			—			(1		)	—			—			10
Total cost of revenues	—			768			—			84			—			—			852
Gross profit	—			606			—			50			—			—			656
Selling, general and administrative expenses	2			151			—			18			8			—			179
Restructuring charge	—			4			—			—			—			—			4
Non-rental depreciation and amortization	3			52			—			6			—			—			61
Operating (loss) income	(5		)	399			—			26			(8		)	—			412
Interest (income) expense, net	(1		)	109			1			1			2			(2		)	110
Other (income) expense, net	(123		)	136			—			9			(23		)	—			(1		)
Income (loss) before provision for income taxes	119			154			(1		)	16			13			2			303
Provision for income taxes	42			64			—			5			5			—			116
Income (loss) before equity in net earnings (loss) of subsidiaries	77			90			(1		)	11			8			2			187
Equity in net earnings (loss) of subsidiaries	110			20			11			—			—			(141		)	—
Net income (loss)	187			110			10			11			8			(139		)	187
Other comprehensive (loss) income	(9		)	(9		)	(9		)	(7		)	—			25			(9		)
Comprehensive income (loss)	$	178		$	101		$	1		$	4		$	8		$	(114	)	$	178

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Three Months Ended September 30, 2015




	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations			Total
										Foreign			SPV
Revenues:
Equipment rentals	$	—		$	1,200		$	—		$	126		$	—		$	—		$	1,326
Sales of rental equipment	—			124			—			17			—			—			141
Sales of new equipment	—			32			—			6			—			—			38
Contractor supplies sales	—			18			—			3			—			—			21
Service and other revenues	—			20			—			4			—			—			24
Total revenues	—			1,394			—			156			—			—			1,550
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			421			—			49			—			—			470
Depreciation of rental equipment	—			225			—			24			—			—			249
Cost of rental equipment sales	—			75			—			10			—			—			85
Cost of new equipment sales	—			26			—			5			—			—			31
Cost of contractor supplies sales	—			12			—			3			—			—			15
Cost of service and other revenues	—			10			—			—			—			—			10
Total cost of revenues	—			769			—			91			—			—			860
Gross profit	—			625			—			65			—			—			690
Selling, general and administrative expenses	(10		)	160			2			21			5			—			178
Non-rental depreciation and amortization	4			55			1			6			—			—			66
Operating income (loss)	6			410			(3		)	38			(5		)	—			446
Interest (income) expense, net	(1		)	106			1			—			2			(1		)	107
Other (income) expense, net (1)	(275		)	273			(2		)	30			(27		)	—			(1		)
Income (loss) before provision (benefit) for income taxes	282			31			(2		)	8			20			1			340
Provision (benefit) for income taxes	118			(2		)	—			2			7			—			125
Income (loss) before equity in net earnings (loss) of subsidiaries	164			33			(2		)	6			13			1			215
Equity in net earnings (loss) of subsidiaries	51			18			6			—			—			(75		)	—
Net income (loss)	215			51			4			6			13			(74		)	215
Other comprehensive (loss) income	(72		)	(72		)	(70		)	(56		)	—			198			(72		)
Comprehensive income (loss)	$	143		$	(21	)	$	(66	)	$	(50	)	$	13		$	124		$	143


(1)	Other (income) expense, net includes an adjustment to the amount of 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 Nine Months Ended September 30, 2016




	Parent			URNA		Guarantor Subsidiaries			Non-Guarantor Subsidiaries					Eliminations			Total
									Foreign		SPV
Revenues:
Equipment rentals	$	—		$	3,335	$	—		$	308	$	—		$	—		$	3,643
Sales of rental equipment	—			320		—			41		—			—			361
Sales of new equipment	—			86		—			10		—			—			96
Contractor supplies sales	—			52		—			8		—			—			60
Service and other revenues	—			69		—			10		—			—			79
Total revenues	—			3,862		—			377		—			—			4,239
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			1,246		—			145		—			—			1,391
Depreciation of rental equipment	—			667		—			68		—			—			735
Cost of rental equipment sales	—			193		—			22		—			—			215
Cost of new equipment sales	—			71		—			8		—			—			79
Cost of contractor supplies sales	—			35		—			6		—			—			41
Cost of service and other revenues	—			30		—			2		—			—			32
Total cost of revenues	—			2,242		—			251		—			—			2,493
Gross profit	—			1,620		—			126		—			—			1,746
Selling, general and administrative expenses	10			450		—			55		18			—			533
Merger related costs	—			—		—			—		—			—			—
Restructuring charge	—			7		—			1		—			—			8
Non-rental depreciation and amortization	11			163		—			18		—			—			192
Operating (loss) income	(21		)	1,000		—			52		(18		)	—			1,013
Interest (income) expense, net	(4		)	348		2			2		5			(4		)	349
Other (income) expense, net	(345		)	382		—			29		(69		)	—			(3		)
Income (loss) before provision for income taxes	328			270		(2		)	21		46			4			667
Provision for income taxes	121			109		—			6		18			—			254
Income (loss) before equity in net earnings (loss) of subsidiaries	207			161		(2		)	15		28			4			413
Equity in net earnings (loss) of subsidiaries	206			45		15			—		—			(266		)	—
Net income (loss)	413			206		13			15		28			(262		)	413
Other comprehensive income (loss)	54			54		51			41		—			(146		)	54
Comprehensive income (loss)	$	467		$	260	$	64		$	56	$	28		$	(408	)	$	467

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Nine Months Ended September 30, 2015




	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations			Total
										Foreign			SPV
Revenues:
Equipment rentals	$	—		$	3,298		$	—		$	373		$	—		$	—		$	3,671
Sales of rental equipment	—			336			—			45			—			—			381
Sales of new equipment	—			95			—			15			—			—			110
Contractor supplies sales	—			52			—			8			—			—			60
Service and other revenues	—			61			—			11			—			—			72
Total revenues	—			3,842			—			452			—			—			4,294
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			1,194			—			165			—			—			1,359
Depreciation of rental equipment	—			652			—			72			—			—			724
Cost of rental equipment sales	—			192			—			25			—			—			217
Cost of new equipment sales	—			79			—			12			—			—			91
Cost of contractor supplies sales	—			36			—			6			—			—			42
Cost of service and other revenues	—			25			—			4			—			—			29
Total cost of revenues	—			2,178			—			284			—			—			2,462
Gross profit	—			1,664			—			168			—			—			1,832
Selling, general and administrative expenses	(11		)	464			2			59			20			—			534
Merger related costs	—			(26		)	—			—			—			—			(26		)
Restructuring charge	—			1			—			—			—			—			1
Non-rental depreciation and amortization	12			171			1			18			—			—			202
Operating (loss) income	(1		)	1,054			(3		)	91			(20		)	—			1,121
Interest (income) expense, net	(2		)	457			3			2			4			(4		)	460
Other (income) expense, net	(348		)	380			(1		)	33			(74		)	—			(10		)
Income (loss) before provision for income taxes	349			217			(5		)	56			50			4			671
Provision for income taxes	149			69			—			18			19			—			255
Income (loss) before equity in net earnings (loss) of subsidiaries	200			148			(5		)	38			31			4			416
Equity in net earnings (loss) of subsidiaries	216			68			38			—			—			(322		)	—
Net income (loss)	416			216			33			38			31			(318		)	416
Other comprehensive (loss) income	(144		)	(144		)	(144		)	(114		)	—			402			(144		)
Comprehensive income (loss)	$	272		$	72		$	(111	)	$	(76	)	$	31		$	84		$	272

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the Nine Months Ended September 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	$	4		$	1,513		$	(2	)	$	108		$	7		$	—	$	1,630
Net cash (used in) provided by investing activities	(4		)	(862		)	—			1			—			—		(865		)
Net cash (used in) provided by financing activities	—			(649		)	2			(2		)	(7		)	—		(656		)
Effect of foreign exchange rates	—			—			—			9			—			—		9
Net increase in cash and cash equivalents	—			2			—			116			—			—		118
Cash and cash equivalents at beginning of period	—			18			—			161			—			—		179
Cash and cash equivalents at end of period	$	—		$	20		$	—		$	277		$	—		$	—	$	297

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the Nine Months Ended September 30, 2015



	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	$	9		$	1,440		$	(2	)	$	157		$	(47	)	$	—	$	1,557
Net cash used in investing activities	(9		)	(1,062		)	—			(121		)	—			—		(1,192		)
Net cash (used in) provided by financing activities	—			(370		)	2			(7		)	47			—		(328		)
Effect of foreign exchange rates	—			—			—			(24		)	—			—		(24		)
Net increase in cash and cash equivalents	—			8			—			5			—			—		13
Cash and cash equivalents at beginning of period	—			8			—			150			—			—		158
Cash and cash equivalents at end of period	$	—		$	16		$	—		$	155		$	—		$	—	$	171