Condensed Consolidating Financial Information of Guarantor Subsidiaries (Tables)

6 Months Ended

Jun. 30, 2019

Condensed Financial Information Disclosure [Abstract]

CONDENSED CONSOLIDATING BALANCE SHEET

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

CONDENSED CONSOLIDATING BALANCE SHEET

June 30, 2019  

	Parent		URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries					Eliminations			Total
									Foreign			SPV
ASSETS
Cash and cash equivalents	$	—	$	51		$	—		$	24		$	—	$	—		$	75
Accounts receivable, net	—		—			—			150			1,375		—			1,525
Intercompany receivable (payable)	1,923		(1,807		)	(109		)	(8		)	1		—			—
Inventory	—		123			—			12			—		—			135
Prepaid expenses and other assets	—		87			—			18			—		—			105
Total current assets	1,923		(1,546		)	(109		)	196			1,376		—			1,840
Rental equipment, net	—		9,091			—			748			—		—			9,839
Property and equipment, net	59		420			49			50			—		—			578
Investments in subsidiaries	1,507		1,598			1,034			—			—		(4,139		)	—
Goodwill	—		4,749			—			385			—		—			5,134
Other intangible assets, net	—		946			—			73			—		—			1,019
Operating lease right-of-use assets	—		550			—			69			—		—			619
Other long-term assets	10		8			—			—			—		—			18
Total assets	$	3,499	$	15,816		$	974		$	1,521		$	1,376	$	(4,139	)	$	19,047
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	$	—	$	48		$	—		$	2		$	945	$	—		$	995
Accounts payable	—		687			—			65			—		—			752
Accrued expenses and other liabilities	—		729			11			46			2		—			788
Total current liabilities	—		1,464			11			113			947		—			2,535
Long-term debt	—		10,680			8			12			—		—			10,700
Deferred taxes	21		1,632			—			90			—		—			1,743
Operating lease liabilities	—		439			—			58			—		—			497
Other long-term liabilities	—		94			—			—			—		—			94
Total liabilities	21		14,309			19			273			947		—			15,569
Total stockholders’ equity (deficit)	3,478		1,507			955			1,248			429		(4,139		)	3,478
Total liabilities and stockholders’ equity (deficit)	$	3,499	$	15,816		$	974		$	1,521		$	1,376	$	(4,139	)	$	19,047

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2018

	Parent		URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries					Eliminations			Total
									Foreign			SPV
ASSETS
Cash and cash equivalents	$	—	$	1		$	—		$	42		$	—	$	—		$	43
Accounts receivable, net	—		—			—			159			1,386		—			1,545
Intercompany receivable (payable)	1,534		(1,423		)	(96		)	(15		)	—		—			—
Inventory	—		96			—			13			—		—			109
Prepaid expenses and other assets	—		60			—			4			—		—			64
Total current assets	1,534		(1,266		)	(96		)	203			1,386		—			1,761
Rental equipment, net	—		8,910			—			690			—		—			9,600
Property and equipment, net	57		462			40			55			—		—			614
Investments in subsidiaries	1,826		1,646			980			—			—		(4,452		)	—
Goodwill	—		4,661			—			397			—		—			5,058
Other intangible assets, net	—		1,004			—			80			—		—			1,084
Other long-term assets	9		7			—			—			—		—			16
Total assets	$	3,426	$	15,424		$	924		$	1,425		$	1,386	$	(4,452	)	$	18,133
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	$	1	$	50		$	—		$	2		$	850	$	—		$	903
Accounts payable	—		481			—			55			—		—			536
Accrued expenses and other liabilities	—		619			14			42			2		—			677
Total current liabilities	1		1,150			14			99			852		—			2,116
Long-term debt	—		10,778			9			57			—		—			10,844
Deferred taxes	22		1,587			—			78			—		—			1,687
Other long-term liabilities	—		83			—			—			—		—			83
Total liabilities	23		13,598			23			234			852		—			14,730
Total stockholders’ equity (deficit)	3,403		1,826			901			1,191			534		(4,452		)	3,403
Total liabilities and stockholders’ equity (deficit)	$	3,426	$	15,424		$	924		$	1,425		$	1,386	$	(4,452	)	$	18,133

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Three Months Ended June 30, 2019

	Parent			URNA		Guarantor Subsidiaries		Non-Guarantor Subsidiaries						Eliminations			Total
								Foreign			SPV
Revenues:
Equipment rentals	$	—		$	1,798	$	—	$	161		$	1		$	—		$	1,960
Sales of rental equipment	—			181		—		16			—			—			197
Sales of new equipment	—			53		—		7			—			—			60
Contractor supplies sales	—			24		—		3			—			—			27
Service and other revenues	—			39		—		7			—			—			46
Total revenues	—			2,095		—		194			1			—			2,290
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			692		—		76			1			—			769
Depreciation of rental equipment	—			367		—		32			—			—			399
Cost of rental equipment sales	—			108		—		8			—			—			116
Cost of new equipment sales	—			45		—		6			—			—			51
Cost of contractor supplies sales	—			17		—		2			—			—			19
Cost of service and other revenues	—			20		—		5			—			—			25
Total cost of revenues	—			1,249		—		129			1			—			1,379
Gross profit	—			846		—		65			—			—			911
Selling, general and administrative expenses	(32		)	259		—		32			12			—			271
Merger related costs	—			—		—		—			—			—			—
Restructuring charge	—			6		—		—			—			—			6
Non-rental depreciation and amortization	6			91		—		8			—			—			105
Operating income (loss)	26			490		—		25			(12		)	—			529
Interest (income) expense, net	(17		)	189		—		—			8			—			180
Other (income) expense, net	(187		)	213		—		15			(43		)	—			(2		)
Income before provision (benefit) for income taxes	230			88		—		10			23			—			351
Provision (benefit) for income taxes	53			26		—		(3		)	5			—			81
Income before equity in net earnings (loss) of subsidiaries	177			62		—		13			18			—			270
Equity in net earnings (loss) of subsidiaries	93			31		10		—			—			(134		)	—
Net income (loss)	270			93		10		13			18			(134		)	270
Other comprehensive income (loss)	22			22		21		22			—			(65		)	22
Comprehensive income (loss)	$	292		$	115	$	31	$	35		$	18		$	(199	)	$	292

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Three Months Ended June 30, 2018

	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations			Total
										Foreign			SPV
Revenues:
Equipment rentals	$	—		$	1,507		$	—		$	124		$	—		$	—		$	1,631
Sales of rental equipment	—			143			—			14			—			—			157
Sales of new equipment	—			40			—			4			—			—			44
Contractor supplies sales	—			21			—			3			—			—			24
Service and other revenues	—			29			—			6			—			—			35
Total revenues	—			1,740			—			151			—			—			1,891
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			561			—			59			—			—			620
Depreciation of rental equipment	—			298			—			25			—			—			323
Cost of rental equipment sales	—			85			—			7			—			—			92
Cost of new equipment sales	—			34			—			4			—			—			38
Cost of contractor supplies sales	—			14			—			2			—			—			16
Cost of service and other revenues	—			16			—			4			—			—			20
Total cost of revenues	—			1,008			—			101			—			—			1,109
Gross profit	—			732			—			50			—			—			782
Selling, general and administrative expenses	(35		)	242			—			23			9			—			239
Merger related costs	—			2			—			—			—			—			2
Restructuring charge	—			4			—			—			—			—			4
Non-rental depreciation and amortization	4			58			—			5			—			—			67
Operating income (loss)	31			426			—			22			(9		)	—			470
Interest (income) expense, net	(8		)	115			—			—			5			—			112
Other (income) expense, net	(156		)	172			—			13			(30		)	—			(1		)
Income before provision for income taxes	195			139			—			9			16			—			359
Provision for income taxes	43			40			—			2			4			—			89
Income before equity in net earnings (loss) of subsidiaries	152			99			—			7			12			—			270
Equity in net earnings (loss) of subsidiaries	118			19			7			—			—			(144		)	—
Net income (loss)	270			118			7			7			12			(144		)	270
Other comprehensive (loss) income	(20		)	(20		)	(21		)	(90		)	—			131			(20		)
Comprehensive income (loss)	$	250		$	98		$	(14	)	$	(83	)	$	12		$	(13	)	$	250

 

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Six Months Ended June 30, 2019

	Parent			URNA		Guarantor Subsidiaries		Non-Guarantor Subsidiaries						Eliminations			Total
								Foreign			SPV
Revenues:
Equipment rentals	$	—		$	3,436	$	—	$	318		$	1		$	—		$	3,755
Sales of rental equipment	—			354		—		35			—			—			389
Sales of new equipment	—			106		—		16			—			—			122
Contractor supplies sales	—			46		—		5			—			—			51
Service and other revenues	—			78		—		12			—			—			90
Total revenues	—			4,020		—		386			1			—			4,407
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			1,349		—		161			1			—			1,511
Depreciation of rental equipment	—			731		—		63			—			—			794
Cost of rental equipment sales	—			221		—		20			—			—			241
Cost of new equipment sales	—			91		—		14			—			—			105
Cost of contractor supplies sales	—			33		—		3			—			—			36
Cost of service and other revenues	—			41		—		7			—			—			48
Total cost of revenues	—			2,466		—		268			1			—			2,735
Gross profit	—			1,554		—		118			—			—			1,672
Selling, general and administrative expenses	21			442		—		59			29			—			551
Merger related costs	—			1		—		—			—			—			1
Restructuring charge	—			15		—		(1		)	—			—			14
Non-rental depreciation and amortization	10			182		—		17			—			—			209
Operating (loss) income	(31		)	914		—		43			(29		)	—			897
Interest (income) expense, net	(33		)	348		—		—			16			—			331
Other (income) expense, net	(359		)	410		—		29			(85		)	—			(5		)
Income before provision (benefit) for income taxes	361			156		—		14			40			—			571
Provision (benefit) for income taxes	76			42		—		(2		)	10			—			126
Income before equity in net earnings (loss) of subsidiaries	285			114		—		16			30			—			445
Equity in net earnings (loss) of subsidiaries	160			46		12		—			—			(218		)	—
Net income (loss)	445			160		12		16			30			(218		)	445
Other comprehensive income (loss)	43			43		42		41			—			(126		)	43
Comprehensive income (loss)	$	488		$	203	$	54	$	57		$	30		$	(344	)	$	488

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Six Months Ended June 30, 2018

	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations			Total
										Foreign			SPV
Revenues:
Equipment rentals	$	—		$	2,853		$	—		$	237		$	—		$	—		$	3,090
Sales of rental equipment	—			307			—			31			—			—			338
Sales of new equipment	—			77			—			9			—			—			86
Contractor supplies sales	—			36			—			6			—			—			42
Service and other revenues	—			60			—			9			—			—			69
Total revenues	—			3,333			—			292			—			—			3,625
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			1,096			—			116			—			—			1,212
Depreciation of rental equipment	—			595			—			50			—			—			645
Cost of rental equipment sales	—			183			—			16			—			—			199
Cost of new equipment sales	—			67			—			8			—			—			75
Cost of contractor supplies sales	—			24			—			4			—			—			28
Cost of service and other revenues	—			33			—			5			—			—			38
Total cost of revenues	—			1,998			—			199			—			—			2,197
Gross profit	—			1,335			—			93			—			—			1,428
Selling, general and administrative expenses	5			407			—			42			17			—			471
Merger related costs	—			3			—			—			—			—			3
Restructuring charge	—			6			—			—			—			—			6
Non-rental depreciation and amortization	8			120			—			10			—			—			138
Operating (loss) income	(13		)	799			—			41			(17		)	—			810
Interest (income) expense, net	(15		)	227			1			(1		)	10			(1		)	221
Other (income) expense, net	(297		)	333			—			24			(62		)	—			(2		)
Income (loss) before provision for income taxes	299			239			(1		)	18			35			1			591
Provision for income taxes	60			64			—			5			9			—			138
Income (loss) before equity in net earnings (loss) of subsidiaries	239			175			(1		)	13			26			1			453
Equity in net earnings (loss) of subsidiaries	214			39			13			—			—			(266		)	—
Net income (loss)	453			214			12			13			26			(265		)	453
Other comprehensive (loss) income	(45		)	(45		)	(46		)	(113		)	—			204			(45		)
Comprehensive income (loss)	$	408		$	169		$	(34	)	$	(100	)	$	26		$	(61	)	$	408

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the Six Months Ended June 30, 2019

	Parent			URNA			Guarantor Subsidiaries		Non-Guarantor Subsidiaries						Eliminations		Total
									Foreign			SPV
Net cash provided by operating activities	$	9		$	1,457		$	—	$	83		$	41		$	—	$	1,590
Net cash used in investing activities	(9		)	(943		)	—		(54		)	—			—		(1,006		)
Net cash used in financing activities	—			(464		)	—		(47		)	(41		)	—		(552		)
Net increase (decrease) in cash and cash equivalents	—			50			—		(18		)	—			—		32
Cash and cash equivalents at beginning of period	—			1			—		42			—			—		43
Cash and cash equivalents at end of period	$	—		$	51		$	—	$	24		$	—		$	—	$	75

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the Six Months Ended June 30, 2018

	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations		Total
										Foreign			SPV
Net cash provided by (used in) operating activities	$	12		$	1,714		$	(1	)	$	(66	)	$	(10	)	$	—	$	1,649
Net cash used in investing activities	(12		)	(920		)	—			(73		)	—			—		(1,005		)
Net cash (used in) provided by financing activities	—			(773		)	1			(108		)	10			—		(870		)
Effect of foreign exchange rates	—			—			—			(9		)	—			—		(9		)
Net increase (decrease) in cash and cash equivalents	—			21			—			(256		)	—			—		(235		)
Cash and cash equivalents at beginning of period	—			23			—			329			—			—		352
Cash and cash equivalents at end of period	$	—		$	44		$	—		$	73		$	—		$	—	$	117