XML 67 R55.htm IDEA: XBRL DOCUMENT v3.19.3
Condensed Consolidating Financial Information of Guarantor Subsidiaries - CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues:        
Revenues $ 2,488 $ 2,116 $ 6,895 $ 5,741
Cost of revenues:        
Cost of equipment rentals, excluding depreciation 813 671 2,324 1,883
Depreciation of rental equipment 417 343 1,211 988
Total cost of revenues 1,455 1,178 4,190 3,375
Gross profit 1,033 938 2,705 2,366
Selling, general and administrative expenses 273 265 824 736
Merger related costs 0 11 1 14
Restructuring charge 2 9 16 15
Non-rental depreciation and amortization 102 75 311 213
Operating income (loss) 656 578 1,553 1,388
Interest (income) expense, net 147 118 478 339
Other (income) expense, net (1) 0 (6) (2)
Income before provision for income taxes 510 460 1,081 1,051
Provision for income taxes 119 127 245 265
Income before equity in net earnings (loss) of subsidiaries 391 333 836 786
Equity in net earnings (loss) of subsidiaries 0 0 0 0
Net income 391 333 836 786
Other comprehensive income (loss) (23) 18 20 (27)
Comprehensive income (loss) [1] 368 351 856 759
Eliminations        
Revenues:        
Revenues 0 0 0 0
Cost of revenues:        
Cost of equipment rentals, excluding depreciation 0 0 0 0
Depreciation of rental equipment 0 0 0 0
Total cost of revenues 0 0 0 0
Gross profit 0 0 0 0
Selling, general and administrative expenses 0 0 0 0
Merger related costs 0 0 0 0
Restructuring charge 0 0 0 0
Non-rental depreciation and amortization 0 0 0 0
Operating income (loss) 0 0 0 0
Interest (income) expense, net 0 0 0 (1)
Other (income) expense, net 0 0 0 0
Income before provision for income taxes 0 0 0 1
Provision for income taxes 0 0 0 0
Income before equity in net earnings (loss) of subsidiaries 0 0 0 1
Equity in net earnings (loss) of subsidiaries (280) (272) (498) (538)
Net income (280) (272) (498) (537)
Other comprehensive income (loss) 56 (54) (70) 150
Comprehensive income (loss) (224) (326) (568) (387)
Parent | Reportable Legal Entities        
Revenues:        
Revenues 0 0 0 0
Cost of revenues:        
Cost of equipment rentals, excluding depreciation 0 0 0 0
Depreciation of rental equipment 0 0 0 0
Total cost of revenues 0 0 0 0
Gross profit 0 0 0 0
Selling, general and administrative expenses (7) 28 14 33
Merger related costs 0 0 0 0
Restructuring charge 0 0 0 0
Non-rental depreciation and amortization 4 3 14 11
Operating income (loss) 3 (31) (28) (44)
Interest (income) expense, net (18) (11) (51) (26)
Other (income) expense, net (201) (172) (560) (469)
Income before provision for income taxes 222 152 583 451
Provision for income taxes 56 45 132 105
Income before equity in net earnings (loss) of subsidiaries 166 107 451 346
Equity in net earnings (loss) of subsidiaries 225 226 385 440
Net income 391 333 836 786
Other comprehensive income (loss) (23) 18 20 (27)
Comprehensive income (loss) 368 351 856 759
URNA | Reportable Legal Entities        
Revenues:        
Revenues 2,282 1,943 6,302 5,276
Cost of revenues:        
Cost of equipment rentals, excluding depreciation 737 614 2,086 1,710
Depreciation of rental equipment 378 316 1,109 911
Total cost of revenues 1,322 1,076 3,788 3,074
Gross profit 960 867 2,514 2,202
Selling, general and administrative expenses 251 197 693 604
Merger related costs 0 11 1 14
Restructuring charge 2 8 17 14
Non-rental depreciation and amortization 89 65 271 185
Operating income (loss) 618 586 1,532 1,385
Interest (income) expense, net 158 122 506 349
Other (income) expense, net 230 196 640 529
Income before provision for income taxes 230 268 386 507
Provision for income taxes 48 71 90 135
Income before equity in net earnings (loss) of subsidiaries 182 197 296 372
Equity in net earnings (loss) of subsidiaries 43 29 89 68
Net income 225 226 385 440
Other comprehensive income (loss) (23) 18 20 (27)
Comprehensive income (loss) 202 244 405 413
Guarantor Subsidiaries | Reportable Legal Entities        
Revenues:        
Revenues 0 0 0 0
Cost of revenues:        
Cost of equipment rentals, excluding depreciation 0 0 0 0
Depreciation of rental equipment 0 0 0 0
Total cost of revenues 0 0 0 0
Gross profit 0 0 0 0
Selling, general and administrative expenses 0 0 0 0
Merger related costs 0 0 0 0
Restructuring charge 0 0 0 0
Non-rental depreciation and amortization 0 0 0 0
Operating income (loss) 0 0 0 0
Interest (income) expense, net 0 (1) 0 0
Other (income) expense, net 0 0 0 0
Income before provision for income taxes 0 1 0 0
Provision for income taxes 0 0 0 0
Income before equity in net earnings (loss) of subsidiaries 0 1 0 0
Equity in net earnings (loss) of subsidiaries 12 17 24 30
Net income 12 18 24 30
Other comprehensive income (loss) (12) 18 30 (28)
Comprehensive income (loss) 0 36 54 2
Non-Guarantor Subsidiaries - Foreign | Reportable Legal Entities        
Revenues:        
Revenues 206 173 592 465
Cost of revenues:        
Cost of equipment rentals, excluding depreciation 76 57 237 173
Depreciation of rental equipment 39 27 102 77
Total cost of revenues 133 102 401 301
Gross profit 73 71 191 164
Selling, general and administrative expenses 25 24 84 66
Merger related costs 0 0 0 0
Restructuring charge 0 1 (1) 1
Non-rental depreciation and amortization 9 7 26 17
Operating income (loss) 39 39 82 80
Interest (income) expense, net 0 1 0 0
Other (income) expense, net 15 13 44 37
Income before provision for income taxes 24 25 38 43
Provision for income taxes 6 8 4 13
Income before equity in net earnings (loss) of subsidiaries 18 17 34 30
Equity in net earnings (loss) of subsidiaries 0 0 0 0
Net income 18 17 34 30
Other comprehensive income (loss) (21) 18 20 (95)
Comprehensive income (loss) (3) 35 54 (65)
Non Guarantor Subsidiaries - SPV | Reportable Legal Entities        
Revenues:        
Revenues 0 0 1 0
Cost of revenues:        
Cost of equipment rentals, excluding depreciation 0 0 1 0
Depreciation of rental equipment 0 0 0 0
Total cost of revenues 0 0 1 0
Gross profit 0 0 0 0
Selling, general and administrative expenses 4 16 33  
Merger related costs 0 0 0  
Restructuring charge 0 0 0  
Non-rental depreciation and amortization 0 0 0  
Operating income (loss) (4) (16) (33)  
Interest (income) expense, net 7 7 23  
Other (income) expense, net (45) (37) (130)  
Income before provision for income taxes 34 14 74  
Provision for income taxes 9 3 19  
Income before equity in net earnings (loss) of subsidiaries 25 11 55  
Equity in net earnings (loss) of subsidiaries 0 0 0  
Net income 25 11 55  
Other comprehensive income (loss) 0 0 0  
Comprehensive income (loss) 25 11 55  
Equipment rentals        
Revenues:        
Revenues 2,147 1,861 5,902 4,951
Equipment rentals | Eliminations        
Revenues:        
Revenues 0 0 0 0
Equipment rentals | Parent | Reportable Legal Entities        
Revenues:        
Revenues 0 0 0 0
Equipment rentals | URNA | Reportable Legal Entities        
Revenues:        
Revenues 1,971 1,715 5,407 4,568
Equipment rentals | Guarantor Subsidiaries | Reportable Legal Entities        
Revenues:        
Revenues 0 0 0 0
Equipment rentals | Non-Guarantor Subsidiaries - Foreign | Reportable Legal Entities        
Revenues:        
Revenues 176 146 494 383
Equipment rentals | Non Guarantor Subsidiaries - SPV | Reportable Legal Entities        
Revenues:        
Revenues 0 0 1 0
Sales of rental equipment        
Revenues:        
Revenue from contract with customer 198 140 587 478
Cost of revenues:        
Cost of Goods and Services Sold 122 83 363 282
Sales of rental equipment | Eliminations        
Revenues:        
Revenue from contract with customer 0 0 0 0
Cost of revenues:        
Cost of Goods and Services Sold 0 0 0 0
Sales of rental equipment | Parent | Reportable Legal Entities        
Revenues:        
Revenue from contract with customer 0 0 0 0
Cost of revenues:        
Cost of Goods and Services Sold 0 0 0 0
Sales of rental equipment | URNA | Reportable Legal Entities        
Revenues:        
Revenue from contract with customer 181 128 535 435
Cost of revenues:        
Cost of Goods and Services Sold 113 76 334 259
Sales of rental equipment | Guarantor Subsidiaries | Reportable Legal Entities        
Revenues:        
Revenue from contract with customer 0 0 0 0
Cost of revenues:        
Cost of Goods and Services Sold 0 0 0 0
Sales of rental equipment | Non-Guarantor Subsidiaries - Foreign | Reportable Legal Entities        
Revenues:        
Revenue from contract with customer 17 12 52 43
Cost of revenues:        
Cost of Goods and Services Sold 9 7 29 23
Sales of rental equipment | Non Guarantor Subsidiaries - SPV | Reportable Legal Entities        
Revenues:        
Revenue from contract with customer 0 0 0 0
Cost of revenues:        
Cost of Goods and Services Sold 0 0 0 0
Sales of new equipment        
Revenues:        
Revenue from contract with customer 67 54 189 140
Cost of revenues:        
Cost of Goods and Services Sold 58 46 163 121
Sales of new equipment | Eliminations        
Revenues:        
Revenue from contract with customer 0 0 0 0
Cost of revenues:        
Cost of Goods and Services Sold 0 0 0 0
Sales of new equipment | Parent | Reportable Legal Entities        
Revenues:        
Revenue from contract with customer 0 0 0 0
Cost of revenues:        
Cost of Goods and Services Sold 0 0 0 0
Sales of new equipment | URNA | Reportable Legal Entities        
Revenues:        
Revenue from contract with customer 60 46 166 123
Cost of revenues:        
Cost of Goods and Services Sold 52 40 143 107
Sales of new equipment | Guarantor Subsidiaries | Reportable Legal Entities        
Revenues:        
Revenue from contract with customer 0 0 0 0
Cost of revenues:        
Cost of Goods and Services Sold 0 0 0 0
Sales of new equipment | Non-Guarantor Subsidiaries - Foreign | Reportable Legal Entities        
Revenues:        
Revenue from contract with customer 7 8 23 17
Cost of revenues:        
Cost of Goods and Services Sold 6 6 20 14
Sales of new equipment | Non Guarantor Subsidiaries - SPV | Reportable Legal Entities        
Revenues:        
Revenue from contract with customer 0 0 0 0
Cost of revenues:        
Cost of Goods and Services Sold 0 0 0 0
Contractor supplies sales        
Revenues:        
Revenue from contract with customer 27 24 78 66
Cost of revenues:        
Cost of Goods and Services Sold 18 15 54 43
Contractor supplies sales | Eliminations        
Revenues:        
Revenue from contract with customer 0 0 0 0
Cost of revenues:        
Cost of Goods and Services Sold 0 0 0 0
Contractor supplies sales | Parent | Reportable Legal Entities        
Revenues:        
Revenue from contract with customer 0 0 0 0
Cost of revenues:        
Cost of Goods and Services Sold 0 0 0 0
Contractor supplies sales | URNA | Reportable Legal Entities        
Revenues:        
Revenue from contract with customer 24 22 70 58
Cost of revenues:        
Cost of Goods and Services Sold 16 14 49 38
Contractor supplies sales | Guarantor Subsidiaries | Reportable Legal Entities        
Revenues:        
Revenue from contract with customer 0 0 0 0
Cost of revenues:        
Cost of Goods and Services Sold 0 0 0 0
Contractor supplies sales | Non-Guarantor Subsidiaries - Foreign | Reportable Legal Entities        
Revenues:        
Revenue from contract with customer 3 2 8 8
Cost of revenues:        
Cost of Goods and Services Sold 2 1 5 5
Contractor supplies sales | Non Guarantor Subsidiaries - SPV | Reportable Legal Entities        
Revenues:        
Revenue from contract with customer 0 0 0 0
Cost of revenues:        
Cost of Goods and Services Sold 0 0 0 0
Service and other revenues        
Revenues:        
Revenue from contract with customer 49 37 139 106
Cost of revenues:        
Cost of Goods and Services Sold 27 20 75 58
Service and other revenues | Eliminations        
Revenues:        
Revenue from contract with customer 0 0 0 0
Cost of revenues:        
Cost of Goods and Services Sold 0 0 0 0
Service and other revenues | Parent | Reportable Legal Entities        
Revenues:        
Revenue from contract with customer 0 0 0 0
Cost of revenues:        
Cost of Goods and Services Sold 0 0 0 0
Service and other revenues | URNA | Reportable Legal Entities        
Revenues:        
Revenue from contract with customer 46 32 124 92
Cost of revenues:        
Cost of Goods and Services Sold 26 16 67 49
Service and other revenues | Guarantor Subsidiaries | Reportable Legal Entities        
Revenues:        
Revenue from contract with customer 0 0 0 0
Cost of revenues:        
Cost of Goods and Services Sold 0 0 0 0
Service and other revenues | Non-Guarantor Subsidiaries - Foreign | Reportable Legal Entities        
Revenues:        
Revenue from contract with customer 3 5 15 14
Cost of revenues:        
Cost of Goods and Services Sold 1 4 8 9
Service and other revenues | Non Guarantor Subsidiaries - SPV | Reportable Legal Entities        
Revenues:        
Revenue from contract with customer 0 0 0 0
Cost of revenues:        
Cost of Goods and Services Sold $ 0 $ 0 $ 0 0
Selling, general and administrative expenses       33
Merger related costs       0
Restructuring charge       0
Non-rental depreciation and amortization       0
Operating income (loss)       (33)
Interest (income) expense, net       17
Other (income) expense, net       (99)
Income before provision for income taxes       49
Provision for income taxes       12
Income before equity in net earnings (loss) of subsidiaries       37
Equity in net earnings (loss) of subsidiaries       0
Net income       37
Other comprehensive income (loss)       0
Comprehensive income (loss)       $ 37
[1] There were no material reclassifications from accumulated other comprehensive loss reflected in other comprehensive income (loss) during 2019 or 2018. There is no tax impact related to the foreign currency translation adjustments, as the earnings are considered permanently reinvested. We have historically considered the undistributed earnings of our foreign subsidiaries to be indefinitely reinvested. We have not repatriated funds to the U.S. to satisfy domestic liquidity needs, nor do we anticipate the need to do so. If we determine that all or a portion of our foreign earnings are no longer indefinitely reinvested, we may be subject to additional foreign withholding taxes and U.S. state income taxes. There were no material taxes associated with other comprehensive income (loss) during 2019 or 2018.