Condensed Consolidating Financial Information of Guarantor Subsidiaries (Tables)

3 Months Ended

Mar. 31, 2020

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

March 31, 2020  

	Parent		URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries					Eliminations			Total
									Foreign			SPV
ASSETS
Cash and cash equivalents	$	—	$	473		$	—		$	40		$	—	$	—		$	513
Accounts receivable, net	—		—			—			143			1,270		—			1,413
Intercompany receivable (payable)	2,461		(2,351		)	(107		)	(4		)	1		—			—
Inventory	—		105			—			10			—		—			115
Prepaid expenses and other assets	—		158			—			15			—		—			173
Total current assets	2,461		(1,615		)	(107		)	204			1,271		—			2,214
Rental equipment, net	—		8,713			—			709			—		—			9,422
Property and equipment, net	90		395			71			44			—		—			600
Investments in subsidiaries	1,093		1,592			985			—			—		(3,670		)	—
Goodwill	—		4,756			—			366			—		—			5,122
Other intangible assets, net	—		770			—			53			—		—			823
Operating lease right-of-use assets	—		187			415			64			—		—			666
Other long-term assets	13		8			—			—			—		—			21
Total assets	$	3,657	$	14,806		$	1,364		$	1,440		$	1,271	$	(3,670	)	$	18,868
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	$	—	$	57		$	—		$	2		$	795	$	—		$	854
Accounts payable	—		437			—			47			—		—			484
Accrued expenses and other liabilities	—		496			118			43			1		—			658
Total current liabilities	—		990			118			92			796		—			1,996
Long-term debt	—		10,728			7			8			—		—			10,743
Deferred taxes	21		1,766			—			91			—		—			1,878
Operating lease liabilities	—		144			333			53			—		—			530
Other long-term liabilities	1		85			—			—			—		—			86
Total liabilities	22		13,713			458			244			796		—			15,233
Total stockholders’ equity (deficit)	3,635		1,093			906			1,196			475		(3,670		)	3,635
Total liabilities and stockholders’ equity (deficit)	$	3,657	$	14,806		$	1,364		$	1,440		$	1,271	$	(3,670	)	$	18,868

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2019

	Parent		URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries					Eliminations			Total
									Foreign			SPV
ASSETS
Cash and cash equivalents	$	—	$	28		$	—		$	24		$	—	$	—		$	52
Accounts receivable, net	—		—			—			171			1,359		—			1,530
Intercompany receivable (payable)	2,255		(2,130		)	(112		)	(14		)	1		—			—
Inventory	—		108			—			12			—		—			120
Prepaid expenses and other assets	—		124			—			16			—		—			140
Total current assets	2,255		(1,870		)	(112		)	209			1,360		—			1,842
Rental equipment, net	—		8,995			—			792			—		—			9,787
Property and equipment, net	76		400			78			50			—		—			604
Investments in subsidiaries	1,509		1,636			1,069			—			—		(4,214		)	—
Goodwill	—		4,759			—			395			—		—			5,154
Other intangible assets, net	—		833			—			62			—		—			895
Operating lease right-of-use assets	—		194			403			72			—		—			669
Other long-term assets	12		7			—			—			—		—			19
Total assets	$	3,852	$	14,954		$	1,438		$	1,580		$	1,360	$	(4,214	)	$	18,970
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	$	—	$	66		$	—		$	2		$	929	$	—		$	997
Accounts payable	—		395			—			59			—		—			454
Accrued expenses and other liabilities	—		572			118			55			2		—			747
Total current liabilities	—		1,033			118			116			931		—			2,198
Long-term debt	—		10,402			7			22			—		—			10,431
Deferred taxes	22		1,768			—			97			—		—			1,887
Operating lease liabilities	—		151			323			59			—		—			533
Other long-term liabilities	—		91			—			—			—		—			91
Total liabilities	22		13,445			448			294			931		—			15,140
Total stockholders’ equity (deficit)	3,830		1,509			990			1,286			429		(4,214		)	3,830
Total liabilities and stockholders’ equity (deficit)	$	3,852	$	14,954		$	1,438		$	1,580		$	1,360	$	(4,214	)	$	18,970

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

 CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2020

	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations			Total
										Foreign			SPV
Revenues:
Equipment rentals	$	—		$	1,630		$	—		$	153		$	—		$	—		$	1,783
Sales of rental equipment	—			189			—			19			—			—			208
Sales of new equipment	—			53			—			9			—			—			62
Contractor supplies sales	—			22			—			3			—			—			25
Service and other revenues	—			42			—			5			—			—			47
Total revenues	—			1,936			—			189			—			—			2,125
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			676			—			71			—			—			747
Depreciation of rental equipment	—			393			—			33			—			—			426
Cost of rental equipment sales	—			116			—			9			—			—			125
Cost of new equipment sales	—			46			—			8			—			—			54
Cost of contractor supplies sales	—			16			—			2			—			—			18
Cost of service and other revenues	—			25			—			3			—			—			28
Total cost of revenues	—			1,272			—			126			—			—			1,398
Gross profit	—			664			—			63			—			—			727
Selling, general and administrative expenses	37			190			—			25			16			(1		)	267
Restructuring charge	—			2			—			—			—			—			2
Non-rental depreciation and amortization	5			87			—			8			—			—			100
Operating (loss) income	(42		)	385			—			30			(16		)	1			358
Interest (income) expense, net	(17		)	148			—			—			5			—			136
Other (income) expense, net	(172		)	196			—			14			(43		)	1			(4		)
Income before provision for income taxes	147			41			—			16			22			—			226
Provision for income taxes	34			9			—			4			6			—			53
Income before equity in net earnings (loss) of subsidiaries	113			32			—			12			16			—			173
Equity in net earnings (loss) of subsidiaries	60			28			11			—			—			(99		)	—
Net income (loss)	173			60			11			12			16			(99		)	173
Other comprehensive (loss) income	(106		)	(106		)	(95		)	(102		)	—			303			(106		)
Comprehensive income (loss)	$	67		$	(46	)	$	(84	)	$	(90	)	$	16		$	204		$	67

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2019

	Parent			URNA		Guarantor Subsidiaries		Non-Guarantor Subsidiaries						Eliminations			Total
								Foreign			SPV
Revenues:
Equipment rentals	$	—		$	1,638	$	—	$	157		$	—		$	—		$	1,795
Sales of rental equipment	—			173		—		19			—			—			192
Sales of new equipment	—			53		—		9			—			—			62
Contractor supplies sales	—			22		—		2			—			—			24
Service and other revenues	—			39		—		5			—			—			44
Total revenues	—			1,925		—		192			—			—			2,117
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			657		—		85			—			—			742
Depreciation of rental equipment	—			364		—		31			—			—			395
Cost of rental equipment sales	—			113		—		12			—			—			125
Cost of new equipment sales	—			46		—		8			—			—			54
Cost of contractor supplies sales	—			16		—		1			—			—			17
Cost of service and other revenues	—			21		—		2			—			—			23
Total cost of revenues	—			1,217		—		139			—			—			1,356
Gross profit	—			708		—		53			—			—			761
Selling, general and administrative expenses	53			183		—		27			17			—			280
Merger related costs	—			1		—		—			—			—			1
Restructuring charge	—			9		—		(1		)	—			—			8
Non-rental depreciation and amortization	4			91		—		9			—			—			104
Operating (loss) income	(57		)	424		—		18			(17		)	—			368
Interest (income) expense, net	(16		)	159		—		—			8			—			151
Other (income) expense, net	(172		)	197		—		14			(42		)	—			(3		)
Income before provision for income taxes	131			68		—		4			17			—			220
Provision for income taxes	23			16		—		1			5			—			45
Income before equity in net earnings (loss) of subsidiaries	108			52		—		3			12			—			175
Equity in net earnings (loss) of subsidiaries	67			15		2		—			—			(84		)	—
Net income (loss)	175			67		2		3			12			(84		)	175
Other comprehensive income (loss)	21			21		21		19			—			(61		)	21
Comprehensive income (loss)	$	196		$	88	$	23	$	22		$	12		$	(145	)	$	196

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the Three Months Ended March 31, 2020

	Parent			URNA			Guarantor Subsidiaries		Non-Guarantor Subsidiaries						Eliminations		Total
									Foreign			SPV
Net cash provided by operating activities	$	18		$	483		$	—	$	39		$	104		$	—	$	644
Net cash used in investing activities	(18		)	(15		)	—		(6		)	—			—		(39		)
Net cash used in financing activities	—			(23		)	—		(15		)	(104		)	—		(142		)
Effect of foreign exchange rates	—			—			—		(2		)	—			—		(2		)
Net increase in cash and cash equivalents	—			445			—		16			—			—		461
Cash and cash equivalents at beginning of period	—			28			—		24			—			—		52
Cash and cash equivalents at end of period	$	—		$	473		$	—	$	40		$	—		$	—	$	513

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the Three Months Ended March 31, 2019

	Parent			URNA			Guarantor Subsidiaries		Non-Guarantor Subsidiaries						Eliminations		Total
									Foreign			SPV
Net cash provided by operating activities	$	5		$	566		$	—	$	35		$	61		$	—	$	667
Net cash used in investing activities	(5		)	(256		)	—		(4		)	—			—		(265		)
Net cash used in financing activities	—			(287		)	—		(45		)	(61		)	—		(393		)
Effect of foreign exchange rates	—			—			—		—			—			—		—
Net increase (decrease) in cash and cash equivalents	—			23			—		(14		)	—			—		9
Cash and cash equivalents at beginning of period	—			1			—		42			—			—		43
Cash and cash equivalents at end of period	$	—		$	24		$	—	$	28		$	—		$	—	$	52