Condensed Consolidating Financial Information of Guarantor Subsidiaries (Tables)

9 Months Ended

Sep. 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

September 30, 2019  

	Parent		URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries					Eliminations			Total
									Foreign			SPV
ASSETS
Cash and cash equivalents	$	—	$	35		$	—		$	25		$	—	$	—		$	60
Accounts receivable, net	—		—			—			159			1,436		—			1,595
Intercompany receivable (payable)	2,107		(1,980		)	(111		)	(16		)	—		—			—
Inventory	—		118			—			12			—		—			130
Prepaid expenses and other assets	—		80			—			16			—		—			96
Total current assets	2,107		(1,747		)	(111		)	196			1,436		—			1,881
Rental equipment, net	—		9,370			—			794			—		—			10,164
Property and equipment, net	65		389			82			51			—		—			587
Investments in subsidiaries	1,488		1,675			1,033			—			—		(4,196		)	—
Goodwill	—		4,760			—			383			—		—			5,143
Other intangible assets, net	—		895			—			66			—		—			961
Operating lease right-of-use assets	—		193			387			70			—		—			650
Other long-term assets	11		8			—			—			—		—			19
Total assets	$	3,671	$	15,543		$	1,391		$	1,560		$	1,436	$	(4,196	)	$	19,405
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	$	—	$	46		$	—		$	2		$	925	$	—		$	973
Accounts payable	—		751			—			88			—		—			839
Accrued expenses and other liabilities	—		661			115			53			2		—			831
Total current liabilities	—		1,458			115			143			927		—			2,643
Long-term debt	—		10,656			8			27			—		—			10,691
Deferred taxes	21		1,692			—			87			—		—			1,800
Operating lease liabilities	—		151			313			58			—		—			522
Other long-term liabilities	—		98			—			1			—		—			99
Total liabilities	21		14,055			436			316			927		—			15,755
Total stockholders’ equity (deficit)	3,650		1,488			955			1,244			509		(4,196		)	3,650
Total liabilities and stockholders’ equity (deficit)	$	3,671	$	15,543		$	1,391		$	1,560		$	1,436	$	(4,196	)	$	19,405

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 September 30, 2019

	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations			Total
										Foreign			SPV
Revenues:
Equipment rentals	$	—		$	1,971		$	—		$	176		$	—		$	—		$	2,147
Sales of rental equipment	—			181			—			17			—			—			198
Sales of new equipment	—			60			—			7			—			—			67
Contractor supplies sales	—			24			—			3			—			—			27
Service and other revenues	—			46			—			3			—			—			49
Total revenues	—			2,282			—			206			—			—			2,488
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			737			—			76			—			—			813
Depreciation of rental equipment	—			378			—			39			—			—			417
Cost of rental equipment sales	—			113			—			9			—			—			122
Cost of new equipment sales	—			52			—			6			—			—			58
Cost of contractor supplies sales	—			16			—			2			—			—			18
Cost of service and other revenues	—			26			—			1			—			—			27
Total cost of revenues	—			1,322			—			133			—			—			1,455
Gross profit	—			960			—			73			—			—			1,033
Selling, general and administrative expenses	(7		)	251			—			25			4			—			273
Merger related costs	—			—			—			—			—			—			—
Restructuring charge	—			2			—			—			—			—			2
Non-rental depreciation and amortization	4			89			—			9			—			—			102
Operating income (loss)	3			618			—			39			(4		)	—			656
Interest (income) expense, net	(18		)	158			—			—			7			—			147
Other (income) expense, net	(201		)	230			—			15			(45		)	—			(1		)
Income before provision for income taxes	222			230			—			24			34			—			510
Provision for income taxes	56			48			—			6			9			—			119
Income before equity in net earnings (loss) of subsidiaries	166			182			—			18			25			—			391
Equity in net earnings (loss) of subsidiaries	225			43			12			—			—			(280		)	—
Net income (loss)	391			225			12			18			25			(280		)	391
Other comprehensive (loss) income	(23		)	(23		)	(12		)	(21		)	—			56			(23		)
Comprehensive income (loss)	$	368		$	202		$	—		$	(3	)	$	25		$	(224	)	$	368

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Three Months Ended September 30, 2018

	Parent			URNA		Guarantor Subsidiaries			Non-Guarantor Subsidiaries					Eliminations			Total
									Foreign		SPV
Revenues:
Equipment rentals	$	—		$	1,715	$	—		$	146	$	—		$	—		$	1,861
Sales of rental equipment	—			128		—			12		—			—			140
Sales of new equipment	—			46		—			8		—			—			54
Contractor supplies sales	—			22		—			2		—			—			24
Service and other revenues	—			32		—			5		—			—			37
Total revenues	—			1,943		—			173		—			—			2,116
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			614		—			57		—			—			671
Depreciation of rental equipment	—			316		—			27		—			—			343
Cost of rental equipment sales	—			76		—			7		—			—			83
Cost of new equipment sales	—			40		—			6		—			—			46
Cost of contractor supplies sales	—			14		—			1		—			—			15
Cost of service and other revenues	—			16		—			4		—			—			20
Total cost of revenues	—			1,076		—			102		—			—			1,178
Gross profit	—			867		—			71		—			—			938
Selling, general and administrative expenses	28			197		—			24		16			—			265
Merger related costs	—			11		—			—		—			—			11
Restructuring charge	—			8		—			1		—			—			9
Non-rental depreciation and amortization	3			65		—			7		—			—			75
Operating (loss) income	(31		)	586		—			39		(16		)	—			578
Interest (income) expense, net	(11		)	122		(1		)	1		7			—			118
Other (income) expense, net	(172		)	196		—			13		(37		)	—			—
Income before provision for income taxes	152			268		1			25		14			—			460
Provision for income taxes	45			71		—			8		3			—			127
Income before equity in net earnings (loss) of subsidiaries	107			197		1			17		11			—			333
Equity in net earnings (loss) of subsidiaries	226			29		17			—		—			(272		)	—
Net income (loss)	333			226		18			17		11			(272		)	333
Other comprehensive income (loss)	18			18		18			18		—			(54		)	18
Comprehensive income (loss)	$	351		$	244	$	36		$	35	$	11		$	(326	)	$	351

 

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Nine Months Ended September 30, 2019

	Parent			URNA		Guarantor Subsidiaries		Non-Guarantor Subsidiaries						Eliminations			Total
								Foreign			SPV
Revenues:
Equipment rentals	$	—		$	5,407	$	—	$	494		$	1		$	—		$	5,902
Sales of rental equipment	—			535		—		52			—			—			587
Sales of new equipment	—			166		—		23			—			—			189
Contractor supplies sales	—			70		—		8			—			—			78
Service and other revenues	—			124		—		15			—			—			139
Total revenues	—			6,302		—		592			1			—			6,895
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			2,086		—		237			1			—			2,324
Depreciation of rental equipment	—			1,109		—		102			—			—			1,211
Cost of rental equipment sales	—			334		—		29			—			—			363
Cost of new equipment sales	—			143		—		20			—			—			163
Cost of contractor supplies sales	—			49		—		5			—			—			54
Cost of service and other revenues	—			67		—		8			—			—			75
Total cost of revenues	—			3,788		—		401			1			—			4,190
Gross profit	—			2,514		—		191			—			—			2,705
Selling, general and administrative expenses	14			693		—		84			33			—			824
Merger related costs	—			1		—		—			—			—			1
Restructuring charge	—			17		—		(1		)	—			—			16
Non-rental depreciation and amortization	14			271		—		26			—			—			311
Operating (loss) income	(28		)	1,532		—		82			(33		)	—			1,553
Interest (income) expense, net	(51		)	506		—		—			23			—			478
Other (income) expense, net	(560		)	640		—		44			(130		)	—			(6		)
Income before provision for income taxes	583			386		—		38			74			—			1,081
Provision for income taxes	132			90		—		4			19			—			245
Income before equity in net earnings (loss) of subsidiaries	451			296		—		34			55			—			836
Equity in net earnings (loss) of subsidiaries	385			89		24		—			—			(498		)	—
Net income (loss)	836			385		24		34			55			(498		)	836
Other comprehensive income (loss)	20			20		30		20			—			(70		)	20
Comprehensive income (loss)	$	856		$	405	$	54	$	54		$	55		$	(568	)	$	856

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Nine Months Ended September 30, 2018

	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations			Total
										Foreign			SPV
Revenues:
Equipment rentals	$	—		$	4,568		$	—		$	383		$	—		$	—		$	4,951
Sales of rental equipment	—			435			—			43			—			—			478
Sales of new equipment	—			123			—			17			—			—			140
Contractor supplies sales	—			58			—			8			—			—			66
Service and other revenues	—			92			—			14			—			—			106
Total revenues	—			5,276			—			465			—			—			5,741
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			1,710			—			173			—			—			1,883
Depreciation of rental equipment	—			911			—			77			—			—			988
Cost of rental equipment sales	—			259			—			23			—			—			282
Cost of new equipment sales	—			107			—			14			—			—			121
Cost of contractor supplies sales	—			38			—			5			—			—			43
Cost of service and other revenues	—			49			—			9			—			—			58
Total cost of revenues	—			3,074			—			301			—			—			3,375
Gross profit	—			2,202			—			164			—			—			2,366
Selling, general and administrative expenses	33			604			—			66			33			—			736
Merger related costs	—			14			—			—			—			—			14
Restructuring charge	—			14			—			1			—			—			15
Non-rental depreciation and amortization	11			185			—			17			—			—			213
Operating (loss) income	(44		)	1,385			—			80			(33		)	—			1,388
Interest (income) expense, net	(26		)	349			—			—			17			(1		)	339
Other (income) expense, net	(469		)	529			—			37			(99		)	—			(2		)
Income before provision for income taxes	451			507			—			43			49			1			1,051
Provision for income taxes	105			135			—			13			12			—			265
Income before equity in net earnings (loss) of subsidiaries	346			372			—			30			37			1			786
Equity in net earnings (loss) of subsidiaries	440			68			30			—			—			(538		)	—
Net income (loss)	786			440			30			30			37			(537		)	786
Other comprehensive (loss) income	(27		)	(27		)	(28		)	(95		)	—			150			(27		)
Comprehensive income (loss)	$	759		$	413		$	2		$	(65	)	$	37		$	(387	)	$	759

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the Nine Months Ended September 30, 2019

	Parent			URNA			Guarantor Subsidiaries		Non-Guarantor Subsidiaries						Eliminations		Total
									Foreign			SPV
Net cash provided by operating activities	$	21		$	2,403		$	—	$	151		$	7		$	—	$	2,582
Net cash used in investing activities	(21		)	(1,592		)	—		(136		)	—			—		(1,749		)
Net cash used in financing activities	—			(777		)	—		(32		)	(7		)	—		(816		)
Net increase (decrease) in cash and cash equivalents	—			34			—		(17		)	—			—		17
Cash and cash equivalents at beginning of period	—			1			—		42			—			—		43
Cash and cash equivalents at end of period	$	—		$	35		$	—	$	25		$	—		$	—	$	60

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the Nine Months Ended September 30, 2018

	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations		Total
										Foreign			SPV
Net cash provided by (used in) operating activities	$	22		$	2,354		$	(1	)	$	(50	)	$	(202	)	$	—	$	2,123
Net cash used in investing activities	(22		)	(2,259		)	—			(112		)	—			—		(2,393		)
Net cash (used in) provided by financing activities	—			(101		)	1			(109		)	202			—		(7		)
Effect of foreign exchange rates	—			—			—			(10		)	—			—		(10		)
Net decrease in cash and cash equivalents	—			(6		)	—			(281		)	—			—		(287		)
Cash and cash equivalents at beginning of period	—			23			—			329			—			—		352
Cash and cash equivalents at end of period	$	—		$	17		$	—		$	48		$	—		$	—	$	65