Condensed Consolidating Financial Information of Guarantor Subsidiaries (Tables)

3 Months Ended

Mar. 31, 2018

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

CONDENSED CONSOLIDATING BALANCE SHEET

March 31, 2018



	Parent		URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries					Eliminations			Total
	Parent		URNA			Guarantor Subsidiaries			Foreign			SPV		Eliminations			Total
ASSETS
Cash and cash equivalents	$	—	$	49		$	—		$	229		$	—	$	—		$	278
Accounts receivable, net	—		69			—			109			976		—			1,154
Intercompany receivable (payable)	982		(878		)	(92		)	(12		)	—		—			—
Inventory	—		76			—			8			—		—			84
Prepaid expenses and other assets	—		73			—			1			—		—			74
Total current assets	982		(611		)	(92		)	335			976		—			1,590
Rental equipment, net	—		7,140			—			538			—		—			7,678
Property and equipment, net	42		351			34			40			—		—			467
Investments in subsidiaries	2,051		1,154			1,065			—			—		(4,270		)	—
Goodwill	—		3,855			—			260			—		—			4,115
Other intangible assets, net	—		781			—			44			—		—			825
Other long-term assets	6		7			—			—			—		—			13
Total assets	$	3,081	$	12,677		$	1,007		$	1,217		$	976	$	(4,270	)	$	14,688
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	$	1	$	24		$	—		$	2		$	699	$	—		$	726
Accounts payable	—		470			—			43			—		—			513
Accrued expenses and other liabilities	—		354			14			32			2		—			402
Total current liabilities	1		848			14			77			701		—			1,641
Long-term debt	1		8,294			114			3			—		—			8,412
Deferred taxes	21		1,362			—			72			—		—			1,455
Other long-term liabilities	—		122			—			—			—		—			122
Total liabilities	23		10,626			128			152			701		—			11,630
Total stockholders’ equity (deficit)	3,058		2,051			879			1,065			275		(4,270		)	3,058
Total liabilities and stockholders’ equity (deficit)	$	3,081	$	12,677		$	1,007		$	1,217		$	976	$	(4,270	)	$	14,688

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2017



	Parent		URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries					Eliminations			Total
	Parent		URNA			Guarantor Subsidiaries			Foreign			SPV		Eliminations			Total
ASSETS
Cash and cash equivalents	$	—	$	23		$	—		$	329		$	—	$	—		$	352
Accounts receivable, net	—		56			—			119			1,058		—			1,233
Intercompany receivable (payable)	887		(677		)	(198		)	(124		)	—		112			—
Inventory	—		68			—			7			—		—			75
Prepaid expenses and other assets	4		219			111			2			—		(224		)	112
Total current assets	891		(311		)	(87		)	333			1,058		(112		)	1,772
Rental equipment, net	—		7,264			—			560			—		—			7,824
Property and equipment, net	41		352			32			42			—		—			467
Investments in subsidiaries	2,194		1,148			1,087			—			—		(4,429		)	—
Goodwill	—		3,815			—			267			—		—			4,082
Other intangible assets, net	—		827			—			48			—		—			875
Other long-term assets	3		7			—			—			—		—			10
Total assets	$	3,129	$	13,102		$	1,032		$	1,250		$	1,058	$	(4,541	)	$	15,030
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	$	1	$	25		$	—		$	2		$	695	$	—		$	723
Accounts payable	—		366			—			43			—		—			409
Accrued expenses and other liabilities	—		477			17			41			1		—			536
Total current liabilities	1		868			17			86			696		—			1,668
Long-term debt	1		8,596			117			3			—		—			8,717
Deferred taxes	21		1,324			—			74			—		—			1,419
Other long-term liabilities	—		120			—			—			—		—			120
Total liabilities	23		10,908			134			163			696		—			11,924
Total stockholders’ equity (deficit)	3,106		2,194			898			1,087			362		(4,541		)	3,106
Total liabilities and stockholders’ equity (deficit)	$	3,129	$	13,102		$	1,032		$	1,250		$	1,058	$	(4,541	)	$	15,030

For the Three Months Ended March 31, 2018




	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations			Total
										Foreign			SPV
Revenues:
Equipment rentals	$	—		$	1,346		$	—		$	113		$	—		$	—		$	1,459
Sales of rental equipment	—			164			—			17			—			—			181
Sales of new equipment	—			37			—			5			—			—			42
Contractor supplies sales	—			15			—			3			—			—			18
Service and other revenues	—			31			—			3			—			—			34
Total revenues	—			1,593			—			141			—			—			1,734
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			535			—			57			—			—			592
Depreciation of rental equipment	—			297			—			25			—			—			322
Cost of rental equipment sales	—			98			—			9			—			—			107
Cost of new equipment sales	—			33			—			4			—			—			37
Cost of contractor supplies sales	—			10			—			2			—			—			12
Cost of service and other revenues	—			17			—			1			—			—			18
Total cost of revenues	—			990			—			98			—			—			1,088
Gross profit	—			603			—			43			—			—			646
Selling, general and administrative expenses	40			165			—			19			8			—			232
Merger related costs	—			1			—			—			—			—			1
Restructuring charge	—			2			—			—			—			—			2
Non-rental depreciation and amortization	4			62			—			5			—			—			71
Operating (loss) income	(44		)	373			—			19			(8		)	—			340
Interest (income) expense, net	(7		)	112			1			(1		)	5			(1		)	109
Other (income) expense, net	(141		)	161			—			11			(32		)	—			(1		)
Income (loss) before provision for income taxes	104			100			(1		)	9			19			1			232
Provision for income taxes	17			24			—			3			5			—			49
Income (loss) before equity in net earnings (loss) of subsidiaries	87			76			(1		)	6			14			1			183
Equity in net earnings (loss) of subsidiaries	96			20			6			—			—			(122		)	—
Net income (loss)	183			96			5			6			14			(121		)	183
Other comprehensive (loss) income	(25		)	(25		)	(25		)	(23		)	—			73			(25		)
Comprehensive income (loss)	$	158		$	71		$	(20	)	$	(17	)	$	14		$	(48	)	$	158

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2017




	Parent			URNA		Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations			Total
									Foreign			SPV
Revenues:
Equipment rentals	$	—		$	1,070	$	—		$	96		$	—		$	—		$	1,166
Sales of rental equipment	—			95		—			11			—			—			106
Sales of new equipment	—			35		—			4			—			—			39
Contractor supplies sales	—			16		—			2			—			—			18
Service and other revenues	—			24		—			3			—			—			27
Total revenues	—			1,240		—			116			—			—			1,356
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			423		—			51			—			—			474
Depreciation of rental equipment	—			227		—			21			—			—			248
Cost of rental equipment sales	—			54		—			6			—			—			60
Cost of new equipment sales	—			31		—			3			—			—			34
Cost of contractor supplies sales	—			12		—			1			—			—			13
Cost of service and other revenues	—			11		—			2			—			—			13
Total cost of revenues	—			758		—			84			—			—			842
Gross profit	—			482		—			32			—			—			514
Selling, general and administrative expenses	23			145		—			17			8			—			193
Merger related costs	—			2		—			—			—			—			2
Non-rental depreciation and amortization	4			52		—			6			—			—			62
Operating (loss) income	(27		)	283		—			9			(8		)	—			257
Interest (income) expense, net	(2		)	93		1			1			2			(1		)	94
Other (income) expense, net	(112		)	124		—			12			(22		)	—			2
Income (loss) before provision (benefit) for income taxes	87			66		(1		)	(4		)	12			1			161
Provision (benefit) for income taxes	21			28		—			(2		)	5			—			52
Income (loss) before equity in net earnings (loss) of subsidiaries	66			38		(1		)	(2		)	7			1			109
Equity in net earnings (loss) of subsidiaries	43			5		(2		)	—			—			(46		)	—
Net income (loss)	109			43		(3		)	(2		)	7			(45		)	109
Other comprehensive income (loss)	8			8		8			7			—			(23		)	8
Comprehensive income (loss)	$	117		$	51	$	5		$	5		$	7		$	(68	)	$	117

For the Three Months Ended March 31, 2018



	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	$	5		$	626		$	(1	)	$	(84	)	$	96		$	—	$	642
Net cash used in investing activities	(5		)	(164		)	—			(9		)	—			—		(178		)
Net cash (used in) provided by financing activities	—			(436		)	1			(1		)	(96		)	—		(532		)
Effect of foreign exchange rates	—			—			—			(6		)	—			—		(6		)
Net increase (decrease) in cash and cash equivalents	—			26			—			(100		)	—			—		(74		)
Cash and cash equivalents at beginning of period	—			23			—			329			—			—		352
Cash and cash equivalents at end of period	$	—		$	49		$	—		$	229		$	—		$	—	$	278

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the Three Months Ended March 31, 2017



	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		$	515		$	(1	)	$	39		$	65		$	—	$	622
Net cash used in investing activities	(4		)	(120		)	—			(9		)	—			—		(133		)
Net cash (used in) provided by financing activities	—			(402		)	1			—			(65		)	—		(466		)
Effect of foreign exchange rates	—			—			—			2			—			—		2
Net (decrease) increase in cash and cash equivalents	—			(7		)	—			32			—			—		25
Cash and cash equivalents at beginning of period	—			21			—			291			—			—		312
Cash and cash equivalents at end of period	$	—		$	14		$	—		$	323		$	—		$	—	$	337