Condensed Consolidating Financial Information of Guarantor Subsidiaries | 9 Months Ended |
Sep. 30, 2013 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Information of Guarantor Subsidiaries | Condensed Consolidating Financial Information of Guarantor Subsidiaries |
URNA is 100 percent owned by Holdings (“Parent”) and has outstanding (i) certain indebtedness that is guaranteed by Parent, (ii) certain indebtedness that is guaranteed by both Parent and, with the exception of its U.S. special purpose vehicle which holds receivable assets relating to the Company’s accounts receivable securitization (the “SPV”), all of URNA’s U.S. subsidiaries (the “guarantor subsidiaries”) and (iii) certain indebtedness that is guaranteed by the guarantor subsidiaries. However, this indebtedness is not guaranteed by URNA’s foreign subsidiaries and the SPV (together, the “non-guarantor subsidiaries”). The guarantor subsidiaries are all 100 percent-owned and the guarantees are made on a joint and several basis. The guarantees are not full and unconditional because a guarantor subsidiary can be automatically released and relieved of its obligations under certain circumstances, including sale of the subsidiary guarantor, the sale of all or substantially all of the subsidiary guarantor's assets, the requirements for legal defeasance or covenant defeasance under the applicable indenture being met or designating the subsidiary guarantor as an unrestricted subsidiary for purposes of the applicable covenants. The guarantees are also subject to subordination provisions (to the same extent that the obligations of the issuer under the relevant notes are subordinated to other debt of the issuer) and to a standard limitation which provides that the maximum amount guaranteed by each guarantor will not exceed the maximum amount that can be guaranteed without making the guarantee void under fraudulent conveyance laws. Based on our understanding of Rule 3-10 of Regulation S-X ("Rule 3-10"), we believe that the guarantees of the guarantor subsidiaries comply with the conditions set forth in Rule 3-10 and therefore continue to utilize Rule 3-10 to present condensed consolidating financial information for Holdings, URNA, the guarantor subsidiaries and the non-guarantor subsidiaries. Separate consolidated financial statements of the guarantor subsidiaries have not been presented because management believes that such information would not be material to investors. However, condensed consolidating financial information is presented. The condensed consolidating financial information of Parent and its subsidiaries is as follows: |
CONDENSED CONSOLIDATING BALANCE SHEET |
September 30, 2013 |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Parent | | URNA | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
Subsidiaries | Subsidiaries |
| | Foreign | | SPV | |
ASSETS | | | | | | | | | | | | | |
Cash and cash equivalents | $ | — | | | $ | 16 | | | $ | — | | | $ | 109 | | | $ | — | | | $ | — | | | $ | 125 | |
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Accounts receivable, net | — | | | 27 | | | — | | | 136 | | | 644 | | | — | | | 807 | |
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Intercompany receivable (payable) | 215 | | | (164 | ) | | (42 | ) | | (159 | ) | | — | | | 150 | | | — | |
|
Inventory | — | | | 81 | | | — | | | 10 | | | — | | | — | | | 91 | |
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Prepaid expenses and other assets | — | | | 110 | | | 2 | | | 17 | | | — | | | — | | | 129 | |
|
Deferred taxes | — | | | 260 | | | — | | | 2 | | | — | | | — | | | 262 | |
|
Total current assets | 215 | | | 330 | | | (40 | ) | | 115 | | | 644 | | | 150 | | | 1,414 | |
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Rental equipment, net | — | | | 4,956 | | | — | | | 643 | | | — | | | — | | | 5,599 | |
|
Property and equipment, net | 47 | | | 320 | | | 14 | | | 39 | | | — | | | — | | | 420 | |
|
Investments in subsidiaries | 1,622 | | | 1,107 | | | 975 | | | — | | | — | | | (3,704 | ) | | — | |
|
Goodwill, net | — | | | 2,707 | | | — | | | 254 | | | — | | | — | | | 2,961 | |
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Other intangible assets, net | — | | | 971 | | | — | | | 93 | | | — | | | — | | | 1,064 | |
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Other long-term assets | 3 | | | 102 | | | — | | | — | | | — | | | — | | | 105 | |
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Total assets | $ | 1,887 | | | $ | 10,493 | | | $ | 949 | | | $ | 1,144 | | | $ | 644 | | | $ | (3,554 | ) | | $ | 11,563 | |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | | | | | | | | | | | | | |
Short-term debt and current maturities of long-term debt | $ | 134 | | | $ | 34 | | | $ | — | | | $ | — | | | $ | 462 | | | $ | — | | | $ | 630 | |
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Accounts payable | — | | | 319 | | | — | | | 47 | | | — | | | — | | | 366 | |
|
Accrued expenses and other liabilities | 2 | | | 361 | | | 29 | | | 30 | | | — | | | — | | | 422 | |
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Total current liabilities | 136 | | | 714 | | | 29 | | | 77 | | | 462 | | | — | | | 1,418 | |
|
Long-term debt | — | | | 6,799 | | | 145 | | | 8 | | | — | | | — | | | 6,952 | |
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Deferred taxes | 22 | | | 1,293 | | | — | | | 80 | | | — | | | — | | | 1,395 | |
|
Other long-term liabilities | — | | | 65 | | | — | | | 4 | | | — | | | — | | | 69 | |
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Total liabilities | 158 | | | 8,871 | | | 174 | | | 169 | | | 462 | | | — | | | 9,834 | |
|
Temporary equity (note 6) | 22 | | | — | | | — | | | — | | | — | | | — | | | 22 | |
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Total stockholders’ equity (deficit) | 1,707 | | | 1,622 | | | 775 | | | 975 | | | 182 | | | (3,554 | ) | | 1,707 | |
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Total liabilities and stockholders’ equity (deficit) | $ | 1,887 | | | $ | 10,493 | | | $ | 949 | | | $ | 1,144 | | | $ | 644 | | | $ | (3,554 | ) | | $ | 11,563 | |
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CONDENSED CONSOLIDATING BALANCE SHEET |
December 31, 2012 |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Parent | | URNA | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
Subsidiaries | Subsidiaries |
| | Foreign | | SPV | |
ASSETS | | | | | | | | | | | | | |
Cash and cash equivalents | $ | — | | | $ | 20 | | | $ | — | | | $ | 86 | | | $ | — | | | $ | — | | | $ | 106 | |
|
Accounts receivable, net | — | | | 43 | | | — | | | 146 | | | 604 | | | — | | | 793 | |
|
Intercompany receivable (payable) | 168 | | | (108 | ) | | (49 | ) | | (163 | ) | | — | | | 152 | | | — | |
|
Inventory | — | | | 60 | | | — | | | 8 | | | — | | | — | | | 68 | |
|
Prepaid expenses and other assets | — | | | 87 | | | 10 | | | 14 | | | — | | | — | | | 111 | |
|
Deferred taxes | — | | | 263 | | | — | | | 2 | | | — | | | — | | | 265 | |
|
Total current assets | 168 | | | 365 | | | (39 | ) | | 93 | | | 604 | | | 152 | | | 1,343 | |
|
Rental equipment, net | — | | | 4,357 | | | — | | | 609 | | | — | | | — | | | 4,966 | |
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Property and equipment, net | 41 | | | 333 | | | 16 | | | 38 | | | — | | | — | | | 428 | |
|
Investments in subsidiaries | 1,575 | | | 1,029 | | | 932 | | | — | | | — | | | (3,536 | ) | | — | |
|
Goodwill, net | — | | | 2,710 | | | — | | | 260 | | | — | | | — | | | 2,970 | |
|
Other intangible assets, net | — | | | 1,094 | | | — | | | 106 | | | — | | | — | | | 1,200 | |
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Other long-term assets | 4 | | | 115 | | | — | | | — | | | — | | | — | | | 119 | |
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Total assets | $ | 1,788 | | | $ | 10,003 | | | $ | 909 | | | $ | 1,106 | | | $ | 604 | | | $ | (3,384 | ) | | $ | 11,026 | |
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LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | | | | | | | | | | | | | |
Short-term debt and current maturities of long-term debt | $ | 137 | | | $ | 40 | | | $ | — | | | $ | — | | | $ | 453 | | | $ | — | | | $ | 630 | |
|
Accounts payable | — | | | 243 | | | — | | | 43 | | | — | | | — | | | 286 | |
|
Accrued expenses and other liabilities | 1 | | | 361 | | | 33 | | | 40 | | | — | | | — | | | 435 | |
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Total current liabilities | 138 | | | 644 | | | 33 | | | 83 | | | 453 | | | — | | | 1,351 | |
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Long-term debt | — | | | 6,522 | | | 150 | | | 7 | | | — | | | — | | | 6,679 | |
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Subordinated convertible debentures | 55 | | | — | | | — | | | — | | | — | | | — | | | 55 | |
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Deferred taxes | 21 | | | 1,199 | | | — | | | 82 | | | — | | | — | | | 1,302 | |
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Other long-term liabilities | — | | | 63 | | | — | | | 2 | | | — | | | — | | | 65 | |
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Total liabilities | 214 | | | 8,428 | | | 183 | | | 174 | | | 453 | | | — | | | 9,452 | |
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Temporary equity (note 6) | 31 | | | — | | | — | | | — | | | — | | | — | | | 31 | |
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Total stockholders’ equity (deficit) | 1,543 | | | 1,575 | | | 726 | | | 932 | | | 151 | | | (3,384 | ) | | 1,543 | |
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Total liabilities and stockholders’ equity (deficit) | $ | 1,788 | | | $ | 10,003 | | | $ | 909 | | | $ | 1,106 | | | $ | 604 | | | $ | (3,384 | ) | | $ | 11,026 | |
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CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME |
For the Three Months Ended September 30, 2013 |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Parent | | URNA | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
Subsidiaries | Subsidiaries |
| Foreign | | SPV | |
Revenues: | | | | | | | | | | | | | |
Equipment rentals | $ | — | | | $ | 990 | | | $ | — | | | $ | 148 | | | $ | — | | | $ | — | | | $ | 1,138 | |
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Sales of rental equipment | — | | | 91 | | | — | | | 11 | | | — | | | — | | | 102 | |
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Sales of new equipment | — | | | 24 | | | — | | | 5 | | | — | | | — | | | 29 | |
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Contractor supplies sales | — | | | 19 | | | — | | | 4 | | | — | | | — | | | 23 | |
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Service and other revenues | — | | | 15 | | | — | | | 4 | | | — | | | — | | | 19 | |
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Total revenues | — | | | 1,139 | | | — | | | 172 | | | — | | | — | | | 1,311 | |
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Cost of revenues: | | | | | | | | | | | | | |
Cost of equipment rentals, excluding depreciation | — | | | 366 | | | — | | | 56 | | | — | | | — | | | 422 | |
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Depreciation of rental equipment | — | | | 193 | | | — | | | 26 | | | — | | | — | | | 219 | |
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Cost of rental equipment sales | — | | | 56 | | | — | | | 6 | | | — | | | — | | | 62 | |
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Cost of new equipment sales | — | | | 20 | | | — | | | 3 | | | — | | | — | | | 23 | |
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Cost of contractor supplies sales | — | | | 12 | | | — | | | 3 | | | — | | | — | | | 15 | |
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Cost of service and other revenues | — | | | 4 | | | — | | | 2 | | | — | | | — | | | 6 | |
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Total cost of revenues | — | | | 651 | | | — | | | 96 | | | — | | | — | | | 747 | |
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Gross profit | — | | | 488 | | | — | | | 76 | | | — | | | — | | | 564 | |
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Selling, general and administrative expenses | 7 | | | 114 | | | — | | | 23 | | | 23 | | -1 | — | | | 167 | |
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Restructuring charge | — | | | 1 | | | — | | | — | | | — | | | — | | | 1 | |
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Non-rental depreciation and amortization | 5 | | | 49 | | | — | | | 5 | | | — | | | — | | | 59 | |
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Operating (loss) income | (12 | ) | | 324 | | | — | | | 48 | | | (23 | ) | | — | | | 337 | |
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Interest expense (income), net | 3 | | | 115 | | | 1 | | | 1 | | | 2 | | | (1 | ) | | 121 | |
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Other (income) expense, net | (35 | ) | | 50 | | | — | | | 5 | | | (22 | ) | | — | | | (2 | ) |
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Income (loss) before provision (benefit) for income taxes | 20 | | | 159 | | | (1 | ) | | 42 | | | (3 | ) | | 1 | | | 218 | |
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Provision (benefit) for income taxes | 12 | | | 53 | | | (1 | ) | | 11 | | | — | | | — | | | 75 | |
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Income before equity in net earnings (loss) of subsidiaries | 8 | | | 106 | | | — | | | 31 | | | (3 | ) | | 1 | | | 143 | |
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Equity in net earnings (loss) of subsidiaries | 135 | | | 29 | | | 31 | | | — | | | — | | | (195 | ) | | — | |
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Net income (loss) | 143 | | | 135 | | | 31 | | | 31 | | | (3 | ) | | (194 | ) | | 143 | |
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Other comprehensive income (loss) | 21 | | | 21 | | | 22 | | | 16 | | | — | | | (59 | ) | | 21 | |
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Comprehensive income (loss) | $ | 164 | | | $ | 156 | | | $ | 53 | | | $ | 47 | | | $ | (3 | ) | | $ | (253 | ) | | $ | 164 | |
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-1 | Includes $23 of bad debt expense which was previously reflected within URNA, $17 of which relates to prior periods. | | | | | | | | | | | | | | | | | | | | | | | | | | |
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CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME |
For the Three Months Ended September 30, 2012 |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Parent | | URNA | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
Subsidiaries | Subsidiaries |
| | Foreign | | SPV | |
Revenues: | | | | | | | | | | | | | |
Equipment rentals | $ | — | | | $ | 906 | | | $ | — | | | $ | 145 | | | $ | — | | | $ | — | | | $ | 1,051 | |
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Sales of rental equipment | — | | | 89 | | | — | | | 12 | | | — | | | — | | | 101 | |
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Sales of new equipment | — | | | 18 | | | — | | | 6 | | | — | | | — | | | 24 | |
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Contractor supplies sales | — | | | 19 | | | — | | | 4 | | | — | | | — | | | 23 | |
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Service and other revenues | — | | | 16 | | | — | | | 4 | | | — | | | — | | | 20 | |
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Total revenues | — | | | 1,048 | | | — | | | 171 | | | — | | | — | | | 1,219 | |
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Cost of revenues: | | | | | | | | | | | | | |
Cost of equipment rentals, excluding depreciation | — | | | 343 | | | — | | | 52 | | | — | | | — | | | 395 | |
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Depreciation of rental equipment | — | | | 180 | | | — | | | 24 | | | — | | | — | | | 204 | |
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Cost of rental equipment sales | — | | | 65 | | | — | | | 7 | | | — | | | — | | | 72 | |
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Cost of new equipment sales | — | | | 14 | | | — | | | 5 | | | — | | | — | | | 19 | |
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Cost of contractor supplies sales | — | | | 15 | | | — | | | 2 | | | — | | | — | | | 17 | |
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Cost of service and other revenues | — | | | 6 | | | (1 | ) | | 2 | | | — | | | — | | | 7 | |
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Total cost of revenues | — | | | 623 | | | (1 | ) | | 92 | | | — | | | — | | | 714 | |
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Gross profit | — | | | 425 | | | 1 | | | 79 | | | — | | | — | | | 505 | |
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Selling, general and administrative expenses | 7 | | | 133 | | | — | | | 23 | | | 1 | | | — | | | 164 | |
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RSC merger related costs | — | | | 8 | | | — | | | — | | | — | | | — | | | 8 | |
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Restructuring charge | — | | | 38 | | | — | | | 2 | | | — | | | — | | | 40 | |
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Non-rental depreciation and amortization | 5 | | | 60 | | | — | | | 6 | | | — | | | — | | | 71 | |
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Operating (loss) income | (12 | ) | | 186 | | | 1 | | | 48 | | | (1 | ) | | — | | | 222 | |
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Interest expense (income), net | 3 | | | 122 | | | 1 | | | 1 | | | 1 | | | (1 | ) | | 127 | |
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Interest expense-subordinated convertible debentures | 1 | | | — | | | — | | | — | | | — | | | — | | | 1 | |
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Other (income) expense, net | (23 | ) | | 49 | | | 1 | | | 2 | | | (29 | ) | | — | | | — | |
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Income (loss) before provision for income taxes | 7 | | | 15 | | | (1 | ) | | 45 | | | 27 | | | 1 | | | 94 | |
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Provision for income taxes | — | | | 2 | | | — | | | 8 | | | 11 | | | — | | | 21 | |
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Income (loss) before equity in net earnings (loss) of subsidiaries | 7 | | | 13 | | | (1 | ) | | 37 | | | 16 | | | 1 | | | 73 | |
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Equity in net earnings (loss) of subsidiaries | 66 | | | 53 | | | 37 | | | — | | | — | | | (156 | ) | | — | |
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Net income (loss) | 73 | | | 66 | | | 36 | | | 37 | | | 16 | | | (155 | ) | | 73 | |
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Other comprehensive income (loss) | 21 | | | 21 | | | 20 | | | 12 | | | — | | | (53 | ) | | 21 | |
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Comprehensive income (loss) | $ | 94 | | | $ | 87 | | | $ | 56 | | | $ | 49 | | | $ | 16 | | | $ | (208 | ) | | $ | 94 | |
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CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME |
For the Nine Months Ended September 30, 2013 |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Parent | | URNA | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
Subsidiaries | Subsidiaries |
| Foreign | | SPV | |
Revenues: | | | | | | | | | | | | | |
Equipment rentals | $ | — | | | $ | 2,641 | | | $ | — | | | $ | 422 | | | $ | — | | | $ | — | | | $ | 3,063 | |
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Sales of rental equipment | — | | | 319 | | | — | | | 37 | | | — | | | — | | | 356 | |
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Sales of new equipment | — | | | 58 | | | — | | | 16 | | | — | | | — | | | 74 | |
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Contractor supplies sales | — | | | 53 | | | — | | | 13 | | | — | | | — | | | 66 | |
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Service and other revenues | — | | | 46 | | | — | | | 12 | | | — | | | — | | | 58 | |
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Total revenues | — | | | 3,117 | | | — | | | 500 | | | — | | | — | | | 3,617 | |
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Cost of revenues: | | | | | | | | | | | | | |
Cost of equipment rentals, excluding depreciation | — | | | 1,035 | | | — | | | 179 | | | — | | | — | | | 1,214 | |
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Depreciation of rental equipment | — | | | 555 | | | — | | | 74 | | | — | | | — | | | 629 | |
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Cost of rental equipment sales | — | | | 210 | | | — | | | 22 | | | — | | | — | | | 232 | |
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Cost of new equipment sales | — | | | 47 | | | — | | | 12 | | | — | | | — | | | 59 | |
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Cost of contractor supplies sales | — | | | 35 | | | — | | | 9 | | | — | | | — | | | 44 | |
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Cost of service and other revenues | — | | | 14 | | | — | | | 5 | | | — | | | — | | | 19 | |
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Total cost of revenues | — | | | 1,896 | | | — | | | 301 | | | — | | | — | | | 2,197 | |
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Gross profit | — | | | 1,221 | | | — | | | 199 | | | — | | | — | | | 1,420 | |
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Selling, general and administrative expenses | 16 | | | 370 | | | — | | | 68 | | | 25 | | -1 | — | | | 479 | |
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RSC merger related costs | — | | | 8 | | | — | | | — | | | — | | | — | | | 8 | |
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Restructuring charge | — | | | 12 | | | — | | | — | | | — | | | — | | | 12 | |
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Non-rental depreciation and amortization | 13 | | | 157 | | | — | | | 15 | | | — | | | — | | | 185 | |
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Operating (loss) income | (29 | ) | | 674 | | | — | | | 116 | | | (25 | ) | | — | | | 736 | |
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Interest expense (income), net | 9 | | | 341 | | | 4 | | | 2 | | | 4 | | | (3 | ) | | 357 | |
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Interest expense-subordinated convertible debentures | 3 | | | — | | | — | | | — | | | — | | | — | | | 3 | |
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Other (income) expense, net | (100 | ) | | 143 | | | — | | | 14 | | | (60 | ) | | — | | | (3 | ) |
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Income (loss) before provision (benefit) for income taxes | 59 | | | 190 | | | (4 | ) | | 100 | | | 31 | | | 3 | | | 379 | |
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Provision (benefit) for income taxes | 21 | | | 72 | | | (1 | ) | | 27 | | | 13 | | | — | | | 132 | |
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Income (loss) before equity in net earnings (loss) of subsidiaries | 38 | | | 118 | | | (3 | ) | | 73 | | | 18 | | | 3 | | | 247 | |
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Equity in net earnings (loss) of subsidiaries | 209 | | | 91 | | | 73 | | | — | | | — | | | (373 | ) | | — | |
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Net income (loss) | 247 | | | 209 | | | 70 | | | 73 | | | 18 | | | (370 | ) | | 247 | |
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Other comprehensive (loss) income | (31 | ) | | (31 | ) | | (30 | ) | | (24 | ) | | — | | | 85 | | | (31 | ) |
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Comprehensive income (loss) | $ | 216 | | | $ | 178 | | | $ | 40 | | | $ | 49 | | | $ | 18 | | | $ | (285 | ) | | $ | 216 | |
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-1 | Includes $23 of bad debt expense which was previously reflected within URNA, $6 of which relates to prior periods. | | | | | | | | | | | | | | | | | | | | | | | | | | |
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CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME |
For the Nine Months Ended September 30, 2012 |
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| Parent | | URNA | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
Subsidiaries | Subsidiaries |
| | Foreign | | SPV (1) | |
Revenues: | | | | | | | | | | | | | |
Equipment rentals | $ | — | | | $ | 1,821 | | | $ | 249 | | | $ | 349 | | | $ | — | | | $ | — | | | $ | 2,419 | |
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Sales of rental equipment | — | | | 194 | | | 32 | | | 32 | | | — | | | — | | | 258 | |
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Sales of new equipment | — | | | 39 | | | 7 | | | 18 | | | — | | | — | | | 64 | |
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Contractor supplies sales | — | | | 43 | | | 7 | | | 14 | | | — | | | — | | | 64 | |
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Service and other revenues | — | | | 41 | | | 8 | | | 14 | | | — | | | — | | | 63 | |
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Total revenues | — | | | 2,138 | | | 303 | | | 427 | | | — | | | — | | | 2,868 | |
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Cost of revenues: | | | | | | | | | | | | | |
Cost of equipment rentals, excluding depreciation | — | | | 730 | | | 117 | | | 144 | | | — | | | — | | | 991 | |
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Depreciation of rental equipment | — | | | 375 | | | 50 | | | 66 | | | — | | | — | | | 491 | |
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Cost of rental equipment sales | — | | | 136 | | | 20 | | | 19 | | | — | | | — | | | 175 | |
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Cost of new equipment sales | — | | | 31 | | | 6 | | | 14 | | | — | | | — | | | 51 | |
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Cost of contractor supplies sales | — | | | 31 | | | 5 | | | 9 | | | — | | | — | | | 45 | |
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Cost of service and other revenues | — | | | 16 | | | 2 | | | 5 | | | — | | | — | | | 23 | |
|
Total cost of revenues | — | | | 1,319 | | | 200 | | | 257 | | | — | | | — | | | 1,776 | |
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Gross profit | — | | | 819 | | | 103 | | | 170 | | | — | | | — | | | 1,092 | |
|
Selling, general and administrative expenses | 26 | | | 271 | | | 47 | | | 57 | | | 11 | | | — | | | 412 | |
|
RSC merger related costs | — | | | 98 | | | — | | | — | | | — | | | — | | | 98 | |
|
Restructuring charge | — | | | 90 | | | — | | | 3 | | | — | | | — | | | 93 | |
|
Non-rental depreciation and amortization | 12 | | | 105 | | | 5 | | | 12 | | | — | | | — | | | 134 | |
|
Operating (loss) income | (38 | ) | | 255 | | | 51 | | | 98 | | | (11 | ) | | — | | | 355 | |
|
Interest expense (income), net | 9 | | | 241 | | | 34 | | | 3 | | | 32 | | | (3 | ) | | 316 | |
|
Interest expense-subordinated convertible debentures | 3 | | | — | | | — | | | — | | | — | | | — | | | 3 | |
|
Other (income) expense, net | (61 | ) | | 79 | | | 10 | | | 9 | | | (50 | ) | | — | | | (13 | ) |
|
Income (loss) before provision (benefit) for income taxes | 11 | | | (65 | ) | | 7 | | | 86 | | | 7 | | | 3 | | | 49 | |
|
Provision (benefit) for income taxes | 1 | | | (23 | ) | | 17 | | | 17 | | | 3 | | | — | | | 15 | |
|
Income (loss) before equity in net earnings (loss) of subsidiaries | 10 | | | (42 | ) | | (10 | ) | | 69 | | | 4 | | | 3 | | | 34 | |
|
Equity in net earnings (loss) of subsidiaries | 24 | | | 66 | | | 70 | | | — | | | — | | | (160 | ) | | — | |
|
Net income (loss) | 34 | | | 24 | | | 60 | | | 69 | | | 4 | | | (157 | ) | | 34 | |
|
Other comprehensive income (loss) | 19 | | | 19 | | | 19 | | | 11 | | | — | | | (49 | ) | | 19 | |
|
Comprehensive income (loss) | $ | 53 | | | $ | 43 | | | $ | 79 | | | $ | 80 | | | $ | 4 | | | $ | (206 | ) | | $ | 53 | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
-1 | Includes interest expense prior to the April 30, 2012 RSC acquisition date on debt issued in connection with the RSC acquisition discussed in note 1 to our condensed consolidated financial statements. | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
CONDENSED CONSOLIDATING CASH FLOW INFORMATION |
For the Nine Months Ended September 30, 2013 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Parent | | URNA | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
Subsidiaries | Subsidiaries |
| Foreign | | SPV | |
Net cash provided by (used in) operating activities | $ | 21 | | | $ | 948 | | | $ | 3 | | | $ | 150 | | | $ | (7 | ) | | $ | — | | | $ | 1,115 | |
|
Net cash used in investing activities | (21 | ) | | (1,065 | ) | | — | | | (122 | ) | | — | | | — | | | (1,208 | ) |
|
Net cash provided by (used in) financing activities | — | | | 113 | | | (3 | ) | | (1 | ) | | 7 | | | — | | | 116 | |
|
Effect of foreign exchange rates | — | | | — | | | — | | | (4 | ) | | — | | | — | | | (4 | ) |
|
Net (decrease) increase in cash and cash equivalents | — | | | (4 | ) | | — | | | 23 | | | — | | | — | | | 19 | |
|
Cash and cash equivalents at beginning of period | — | | | 20 | | | — | | | 86 | | | — | | | — | | | 106 | |
|
Cash and cash equivalents at end of period | $ | — | | | $ | 16 | | | $ | — | | | $ | 109 | | | $ | — | | | $ | — | | | $ | 125 | |
|
CONDENSED CONSOLIDATING CASH FLOW INFORMATION |
For the Nine Months Ended September 30, 2012 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Parent | | URNA | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
Subsidiaries | Subsidiaries |
| | | | | Foreign | | SPV | | |
Net cash provided by (used in) operating activities | $ | 8 | | | $ | 515 | | | $ | 150 | | | $ | 111 | | | $ | (289 | ) | | $ | — | | | $ | 495 | |
|
Net cash used in investing activities | (8 | ) | | (1,820 | ) | | (154 | ) | | (84 | ) | | — | | | — | | | (2,066 | ) |
|
Net cash provided by (used in) financing activities | — | | | 1,315 | | | 4 | | | (6 | ) | | 289 | | | — | | | 1,602 | |
|
Effect of foreign exchange rates | — | | | — | | | — | | | 1 | | | — | | | — | | | 1 | |
|
Net increase in cash and cash equivalents | — | | | 10 | | | — | | | 22 | | | — | | | — | | | 32 | |
|
Cash and cash equivalents at beginning of period | — | | | 6 | | | — | | | 30 | | | — | | | — | | | 36 | |
|
Cash and cash equivalents at end of period | $ | — | | | $ | 16 | | | $ | — | | | $ | 52 | | | $ | — | | | $ | — | | | $ | 68 | |
|