Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 14, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'UNITED RENTALS INC /DE | ' |
Entity Central Index Key | '0001067701 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 97,270,783 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Cash and cash equivalents | $227 | $175 | ||
Accounts receivable, net of allowance for doubtful accounts of $44 at March 31, 2014 and $49 at December 31, 2013 | 752 | 804 | ||
Inventory | 102 | 70 | ||
Prepaid expenses and other assets | 59 | 53 | ||
Deferred taxes | 260 | 260 | ||
Total current assets | 1,400 | 1,362 | ||
Rental equipment, net | 5,406 | 5,374 | ||
Property and equipment, net | 408 | 421 | ||
Goodwill, net | 2,944 | 2,953 | ||
Other intangible assets, net | 972 | 1,018 | ||
Other long-term assets | 117 | 103 | ||
Total assets | 11,247 | 11,231 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ' | ' | ||
Short-term debt and current maturities of long-term debt | 265 | [1] | 604 | [1] |
Accounts payable | 454 | 292 | ||
Accrued expenses and other liabilities | 382 | 390 | ||
Total current liabilities | 1,101 | 1,286 | ||
Long-term debt | 6,774 | 6,569 | ||
Deferred taxes | 1,481 | 1,459 | ||
Other long-term liabilities | 67 | 69 | ||
Total liabilities | 9,423 | 9,383 | ||
Temporary equity (note 6) | 11 | 20 | ||
Common stock—$0.01 par value, 500,000,000 shares authorized, 102,707,899 and 97,527,696 shares issued and outstanding, respectively, at March 31, 2014 and 97,966,802 and 93,288,936 shares issued and outstanding, respectively, at December 31, 2013 | 1 | 1 | ||
Additional paid-in capital | 2,061 | 2,054 | ||
Retained earnings (accumulated deficit) | 23 | -37 | ||
Treasury stock at cost—5,180,203 and 4,677,866 shares at March 31, 2014 and December 31, 2013, respectively | -252 | -209 | ||
Accumulated other comprehensive (loss) income | -20 | 19 | ||
Total stockholders’ equity | 1,813 | 1,828 | ||
Total liabilities and stockholders’ equity | $11,247 | $11,231 | ||
[1] | As of March 31, 2014, our short-term debt primarily reflects $140 of borrowings under our accounts receivable securitization facility and $89 of 4 percent Convertible Senior Notes. The 4 percent Convertible Senior Notes mature in November 2015, but are reflected as short-term debt because they are redeemable at March 31, 2014. |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $44 | $49 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 102,707,899 | 97,966,802 |
Common stock, shares outstanding | 97,527,696 | 93,288,936 |
Treasury stock, shares | 5,180,203 | 4,677,866 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (USD $) | 3 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Revenues: | ' | ' | |
Equipment rentals | $1,005 | $916 | |
Sales of rental equipment | 110 | 123 | |
Sales of new equipment | 26 | 21 | |
Contractor supplies sales | 19 | 20 | |
Service and other revenues | 18 | 20 | |
Total revenues | 1,178 | 1,100 | |
Cost of revenues: | ' | ' | |
Cost of equipment rentals, excluding depreciation | 409 | 393 | |
Depreciation of rental equipment | 217 | 202 | |
Cost of rental equipment sales | 65 | 83 | |
Cost of new equipment sales | 20 | 17 | |
Cost of contractor supplies sales | 13 | 13 | |
Cost of service and other revenues | 6 | 7 | |
Total cost of revenues | 730 | 715 | |
Gross profit | 448 | 385 | |
Selling, general and administrative expenses | 168 | 160 | |
Merger related costs | 1 | 6 | |
Restructuring charge | 1 | [1] | 6 |
Non-rental depreciation and amortization | 60 | 64 | |
Operating income | 218 | 149 | |
Interest expense, net | 125 | 118 | |
Interest expense—subordinated convertible debentures | 0 | 2 | |
Other income, net | -1 | -1 | |
Income before provision for income taxes | 94 | 30 | |
Provision for income taxes | 34 | 9 | |
Net income | $60 | $21 | |
Basic earnings per share (in dollars per share) | $0.63 | $0.22 | |
Diluted earnings per share (in dollars per share) | $0.56 | $0.19 | |
[1] | Reflected in our condensed consolidated statements of income as “Restructuring charge.†These charges are not allocated to our reportable segments. |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Statement of Comprehensive Income [Abstract] | ' | ' | ||
Net income | $60 | $21 | ||
Other comprehensive loss, net of tax: | ' | ' | ||
Foreign currency translation adjustments | -38 | -20 | ||
Fixed price diesel swaps | -1 | 0 | ||
Other comprehensive loss | -39 | -20 | ||
Comprehensive income | $21 | [1] | $1 | [1] |
[1] | There were no material reclassifications from accumulated other comprehensive income (loss) reflected in other comprehensive loss during 2014 or 2013. There is no tax impact related to the foreign currency translation adjustments, as the earnings are considered permanently reinvested. There were no material taxes associated with other comprehensive loss during 2014 or 2013. |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED) (USD $) | Total | Common Stock | Additional Paid-In Capital | (Accumulated Deficit) Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | |||
In Millions, except Share data, unless otherwise specified | |||||||||
Balance at Dec. 31, 2013 | $1,828 | $1 | $2,054 | ($37) | ($209) | $19 | [1] | ||
Balance (in shares) at Dec. 31, 2013 | 93,288,936 | 93,288,936 | [2] | ' | ' | 4,677,866 | ' | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | |||
Net income | 60 | ' | ' | 60 | ' | ' | |||
Foreign currency translation adjustments | -38 | ' | ' | ' | ' | -38 | [1] | ||
Fixed price diesel swaps | -1 | ' | ' | ' | ' | -1 | [1] | ||
Stock compensation expense, net | ' | ' | 12 | ' | ' | ' | |||
Exercise of common stock options | ' | ' | 1 | ' | ' | ' | |||
4 percent Convertible Senior Notes (in shares) | [2],[3] | ' | 5,000,000 | ' | ' | ' | ' | ||
4 percent Convertible Senior Notes | [3] | ' | ' | 12 | ' | ' | ' | ||
Shares repurchased and retired | ' | ' | -18 | ' | ' | ' | |||
Repurchase of common stock | ' | ' | ' | ' | -43 | ' | |||
Balance at Mar. 31, 2014 | $1,813 | $1 | $2,061 | $23 | ($252) | ($20) | [1] | ||
Balance (in shares) at Mar. 31, 2014 | 97,527,696 | 97,527,696 | [2] | ' | ' | 5,180,203 | ' | ||
[1] | The Accumulated Other Comprehensive Income (Loss) balance primarily reflects foreign currency translation adjustments. | ||||||||
[2] | An aggregate of less than 1 million net shares were issued during the year ended December 31, 2013. | ||||||||
[3] | Reflects amortization of the original issue discount on the 4 percent Convertible Senior Notes (an amount equal to the unamortized portion of the original issue discount is reflected as “temporary equity†in our consolidated balance sheet) and the conversion of a portion of the 4 percent Convertible Senior Notes during the three months ended March 31, 2014, net of cash received from the option counterparties to our convertible note hedges upon the conversion. See note 6 to our condensed consolidated financial statements for additional detail. |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Shares issued during the year (less than 1 million shares) | 1 |
CONDENSED_CONSOLIDATED_STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Cash Flows From Operating Activities: | ' | ' | |
Net income | $60 | $21 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | |
Depreciation and amortization | 277 | 266 | |
Amortization of deferred financing costs and original issue discounts | 5 | 6 | |
Gain on sales of rental equipment | -45 | -40 | |
Gain on sales of non-rental equipment | -1 | -1 | |
Stock compensation expense, net | 12 | 9 | |
Merger related costs | 1 | 6 | |
Restructuring charge | 1 | [1] | 6 |
Loss on extinguishment of debt securities | 11 | 0 | |
Loss on retirement of subordinated convertible debentures | 0 | 1 | |
Increase in deferred taxes | 22 | 3 | |
Changes in operating assets and liabilities, net of amounts acquired: | ' | ' | |
Decrease in accounts receivable | 47 | 65 | |
Increase in inventory | -32 | -34 | |
(Increase) decrease in prepaid expenses and other assets | -4 | 30 | |
Increase in accounts payable | 163 | 121 | |
Decrease in accrued expenses and other liabilities | -9 | -50 | |
Net cash provided by operating activities | 508 | 409 | |
Cash Flows From Investing Activities: | ' | ' | |
Purchases of rental equipment | -333 | -289 | |
Purchases of non-rental equipment | -18 | -14 | |
Proceeds from sales of rental equipment | 110 | 123 | |
Proceeds from sales of non-rental equipment | 11 | 5 | |
Purchases of other companies, net of cash acquired | -1 | 0 | |
Net cash used in investing activities | -231 | -175 | |
Cash Flows From Financing Activities: | ' | ' | |
Proceeds from debt | 2,398 | 631 | |
Payments of debt, including subordinated convertible debentures | -2,543 | -795 | |
Proceeds from the exercise of common stock options | 1 | 3 | |
Common stock repurchased | -61 | -30 | |
Payments of financing costs | -20 | 0 | |
Cash received in connection with the 4 percent Convertible Senior Notes and related hedge, net | 7 | 0 | |
Net cash used in financing activities | -218 | -191 | |
Effect of foreign exchange rates | -7 | -2 | |
Net increase in cash and cash equivalents | 52 | 41 | |
Cash and cash equivalents at beginning of period | 175 | 106 | |
Cash and cash equivalents at end of period | 227 | 147 | |
Supplemental disclosure of cash flow information: | ' | ' | |
Cash paid for income taxes, net | 9 | 15 | |
Cash paid for interest, including subordinated convertible debentures | $84 | $90 | |
[1] | Reflected in our condensed consolidated statements of income as “Restructuring charge.†These charges are not allocated to our reportable segments. |
CONDENSED_CONSOLIDATED_STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) | Mar. 31, 2014 |
Stated interest rate | 4.00% |
Convertible subordinated notes—4 percent | ' |
Stated interest rate | 4.00% |
Organization_Description_of_Bu
Organization, Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization, Description of Business and Basis of Presentation | ' |
Organization, Description of Business and Basis of Presentation | |
United Rentals, Inc. (“Holdings,” “URI” or the “Company”) is principally a holding company and conducts its operations primarily through its wholly owned subsidiary, United Rentals (North America), Inc. (“URNA”), and subsidiaries of URNA. Holdings’ primary asset is its sole ownership of all issued and outstanding shares of common stock of URNA. URNA’s various credit agreements and debt instruments place restrictions on its ability to transfer funds to its shareholder. | |
We rent equipment to a diverse customer base that includes construction and industrial companies, manufacturers, utilities, municipalities, homeowners and government entities in the United States and Canada. In addition to renting equipment, we sell new and used rental equipment, as well as related contractor supplies, parts and service. | |
We have prepared the accompanying unaudited condensed consolidated financial statements in accordance with the accounting policies described in our annual report on Form 10-K for the year ended December 31, 2013 (the “2013 Form 10-K”) and the interim reporting requirements of Form 10-Q. Accordingly, certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the 2013 Form 10-K. | |
In our opinion, all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of financial condition, operating results and cash flows for the interim periods presented have been made. Interim results of operations are not necessarily indicative of the results of the full year. Certain reclassifications of prior year's amounts have been made to conform to the current year’s presentation. |
Segment_Information
Segment Information | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ' | |||||||||||
Segment Information | ' | |||||||||||
Segment Information | ||||||||||||
Our reportable segments are general rentals and trench safety, power and HVAC (“heating, ventilating and air conditioning”). The general rentals segment includes the rental of construction, infrastructure, industrial and homeowner equipment and related services and activities. The general rentals segment’s customers include construction and industrial companies, manufacturers, utilities, municipalities, homeowners and government entities. The general rentals segment comprises 12 geographic regions—Eastern Canada, Gulf South, Industrial (which serves the geographic Gulf region and has a strong industrial presence), Mid-Atlantic, Mid-Central, Midwest, Mountain West, Northeast, Pacific West, South, Southeast and Western Canada—and operates throughout the United States and Canada. The trench safety, power and HVAC segment includes the rental of specialty construction products and related services. The trench safety, power and HVAC segment is comprised of the Trench Safety region, which rents trench safety equipment such as trench shields, aluminum hydraulic shoring systems, slide rails, crossing plates, construction lasers and line testing equipment for underground work, and the Power and HVAC region, which rents power and HVAC equipment such as portable diesel generators, electrical distribution equipment, and temperature control equipment including heating and cooling equipment. The trench safety, power and HVAC segment’s customers include construction companies involved in infrastructure projects, municipalities and industrial companies. This segment operates throughout the United States and in Canada. These segments align our external segment reporting with how management evaluates and allocates resources. We evaluate segment performance based on segment equipment rentals gross profit. | ||||||||||||
The following tables set forth financial information by segment. | ||||||||||||
General | Trench safety, | Total | ||||||||||
rentals | power and HVAC | |||||||||||
Three Months Ended March 31, 2014 | ||||||||||||
Equipment rentals | $ | 924 | $ | 81 | $ | 1,005 | ||||||
Sales of rental equipment | 106 | 4 | 110 | |||||||||
Sales of new equipment | 24 | 2 | 26 | |||||||||
Contractor supplies sales | 17 | 2 | 19 | |||||||||
Service and other revenues | 17 | 1 | 18 | |||||||||
Total revenue | 1,088 | 90 | 1,178 | |||||||||
Depreciation and amortization expense | 259 | 18 | 277 | |||||||||
Equipment rentals gross profit | 344 | 35 | 379 | |||||||||
Capital expenditures | 331 | 20 | 351 | |||||||||
Three Months Ended March 31, 2013 | ||||||||||||
Equipment rentals | $ | 854 | $ | 62 | $ | 916 | ||||||
Sales of rental equipment | 119 | 4 | 123 | |||||||||
Sales of new equipment | 20 | 1 | 21 | |||||||||
Contractor supplies sales | 18 | 2 | 20 | |||||||||
Service and other revenues | 19 | 1 | 20 | |||||||||
Total revenue | 1,030 | 70 | 1,100 | |||||||||
Depreciation and amortization expense | 252 | 14 | 266 | |||||||||
Equipment rentals gross profit | 295 | 26 | 321 | |||||||||
Capital expenditures | 288 | 15 | 303 | |||||||||
March 31, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Total reportable segment assets | ||||||||||||
General rentals | $ | 10,696 | $ | 10,677 | ||||||||
Trench safety, power and HVAC | 551 | 554 | ||||||||||
Total assets | $ | 11,247 | $ | 11,231 | ||||||||
Equipment rentals gross profit is the primary measure management reviews to make operating decisions and assess segment performance. The following is a reconciliation of equipment rentals gross profit to income before provision for income taxes: | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
2014 | 2013 | |||||||||||
Total equipment rentals gross profit | $ | 379 | $ | 321 | ||||||||
Gross profit from other lines of business | 69 | 64 | ||||||||||
Selling, general and administrative expenses | (168 | ) | (160 | ) | ||||||||
Merger related costs | (1 | ) | (6 | ) | ||||||||
Restructuring charge | (1 | ) | (6 | ) | ||||||||
Non-rental depreciation and amortization | (60 | ) | (64 | ) | ||||||||
Interest expense, net | (125 | ) | (118 | ) | ||||||||
Interest expense- subordinated convertible debentures | — | (2 | ) | |||||||||
Other income, net | 1 | 1 | ||||||||||
Income before provision for income taxes | $ | 94 | $ | 30 | ||||||||
Restructuring_Charges
Restructuring Charges | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||
Restructuring Charges | ' | ||||||||||||||||
Restructuring Charges | |||||||||||||||||
Closed Restructuring Program | |||||||||||||||||
Between 2008 and 2011 and in recognition of the very challenging economic environment, we were intensely focused on reducing our operating costs. During this period, we reduced our employee headcount from approximately 10,900 at January 1, 2008 (the beginning of the restructuring period) to approximately 7,500 at December 31, 2011 (the end of the restructuring period). Additionally, we reduced our branch network from 697 locations at January 1, 2008 to 529 locations at December 31, 2011. | |||||||||||||||||
RSC Merger Related Restructuring Program | |||||||||||||||||
In the second quarter of 2012, we initiated a restructuring program related to severance costs and branch closure charges associated with the April 2012 acquisition of RSC Holdings Inc. ("RSC"). The branch closure charges principally relate to continuing lease obligations at vacant facilities closed subsequent to the RSC acquisition. As of March 31, 2014, our employee headcount is approximately 11,800 and our branch network has 839 rental locations. We do not expect to incur significant additional charges in connection with the restructuring, which was complete as of June 30, 2013 (the end of the restructuring period). | |||||||||||||||||
The table below provides certain information concerning our restructuring charges for the three months ended March 31, 2014: | |||||||||||||||||
Reserve Balance at | Charged to | Payments | Reserve Balance at | ||||||||||||||
Costs and | and Other | ||||||||||||||||
Description | 31-Dec-13 | Expenses(1) | 31-Mar-14 | ||||||||||||||
Closed Restructuring Program | |||||||||||||||||
Branch closure charges | $ | 13 | $ | — | $ | (1 | ) | $ | 12 | ||||||||
Severance costs | — | — | — | — | |||||||||||||
Total | $ | 13 | $ | — | $ | (1 | ) | $ | 12 | ||||||||
RSC Merger Related Restructuring Program | |||||||||||||||||
Branch closure charges | $ | 20 | $ | 1 | $ | (3 | ) | $ | 18 | ||||||||
Severance costs | 2 | — | (1 | ) | 1 | ||||||||||||
Total | $ | 22 | $ | 1 | $ | (4 | ) | $ | 19 | ||||||||
Total | |||||||||||||||||
Branch closure charges | $ | 33 | $ | 1 | $ | (4 | ) | $ | 30 | ||||||||
Severance costs | 2 | — | (1 | ) | 1 | ||||||||||||
Total | $ | 35 | $ | 1 | $ | (5 | ) | $ | 31 | ||||||||
_________________ | |||||||||||||||||
-1 | Reflected in our condensed consolidated statements of income as “Restructuring charge.” These charges are not allocated to our reportable segments. |
Derivatives
Derivatives | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Derivatives | ' | |||||||||||||||
Derivatives | ||||||||||||||||
We recognize all derivative instruments as either assets or liabilities at fair value, and recognize changes in the fair value of the derivative instruments based on the designation of the derivative. For derivative instruments that are designated and qualify as hedging instruments, we designate the hedging instrument, based upon the exposure being hedged, as either a fair value hedge or a cash flow hedge. As of March 31, 2014, we do not have any outstanding derivative instruments designated as fair value hedges. The effective portion of the changes in fair value of derivatives that are designated as cash flow hedges is recorded as a component of accumulated other comprehensive income. Amounts included in accumulated other comprehensive income for cash flow hedges are reclassified into earnings in the same period that the hedged item is recognized in earnings. The ineffective portion of changes in the fair value of derivatives designated as cash flow hedges is recorded currently in earnings. For derivative instruments that do not qualify for hedge accounting, we recognize gains or losses due to changes in fair value in our condensed consolidated statements of income during the period in which the changes in fair value occur. | ||||||||||||||||
We are exposed to certain risks related to our ongoing business operations. During the three months ended March 31, 2014 and 2013, the primary risks we managed using derivative instruments were diesel price risk and foreign currency exchange rate risk. At March 31, 2014, we had outstanding fixed price swap contracts on diesel purchases which were entered into to mitigate the price risk associated with forecasted purchases of diesel. During the three months ended March 31, 2013, we entered into forward contracts to purchase Canadian dollars to mitigate the foreign currency exchange rate risk associated with certain Canadian dollar denominated intercompany loans. At March 31, 2014 and December 31, 2013, there were no outstanding forward contracts to purchase Canadian dollars. The outstanding forward contracts on diesel purchases were designated and qualify as cash flow hedges and the forward contracts to purchase Canadian dollars represented derivative instruments not designated as hedging instruments. | ||||||||||||||||
Fixed Price Diesel Swaps | ||||||||||||||||
The fixed price swap contracts on diesel purchases that were outstanding at March 31, 2014 were designated and qualify as cash flow hedges and the effective portion of the gain or loss on these contracts is reported as a component of accumulated other comprehensive income and is reclassified into earnings in the period during which the hedged transaction affects earnings (i.e., when the hedged gallons of diesel are used). The remaining gain or loss on the fixed price swap contracts in excess of the cumulative change in the present value of future cash flows of the hedged item, if any (i.e., the ineffective portion), is recognized in our condensed consolidated statements of income during the current period. As of March 31, 2014, we had outstanding fixed price swap contracts covering 6.4 million gallons of diesel which will be purchased throughout 2014 and 2015. | ||||||||||||||||
Foreign Currency Forward Contracts | ||||||||||||||||
The forward contracts to purchase Canadian dollars represent derivative instruments not designated as hedging instruments and gains or losses due to changes in the fair value of the forward contracts are recognized in our condensed consolidated statements of income during the period in which the changes in fair value occur. | ||||||||||||||||
Financial Statement Presentation | ||||||||||||||||
As of March 31, 2014 and December 31, 2013, immaterial amounts ($1 or less) were reflected in prepaid expenses and other assets, accrued expenses and other liabilities, and accumulated other comprehensive income in our condensed consolidated balance sheets associated with the outstanding fixed price swap contracts that were designated and qualify as cash flow hedges. | ||||||||||||||||
The effect of our derivative instruments on our condensed consolidated statements of income for the three months ended March 31, 2014 and 2013 was as follows: | ||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||
Location of income | Amount of income | Amount of income | Amount of income | Amount of income | ||||||||||||
(expense) | (expense) | (expense) | (expense) | (expense) | ||||||||||||
recognized on | recognized | recognized | recognized | recognized | ||||||||||||
derivative/hedged item | on derivative | on hedged item | on derivative | on hedged item | ||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Fixed price diesel swaps | Other income | $ * | $ * | |||||||||||||
(expense), net (1) | ||||||||||||||||
Cost of equipment | * | $ | (10 | ) | * | $ | (9 | ) | ||||||||
rentals, excluding | ||||||||||||||||
depreciation (2), | ||||||||||||||||
-3 | ||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||
Foreign currency forward contracts (4) | Other income | — | — | (2 | ) | 2 | ||||||||||
(expense), net | ||||||||||||||||
* | Amounts are insignificant (less than $1). | |||||||||||||||
-1 | Represents the ineffective portion of the fixed price diesel swaps. | |||||||||||||||
-2 | Amounts recognized on derivative represent the effective portion of the fixed price diesel swaps. | |||||||||||||||
-3 | Amounts recognized on hedged item reflect the use of 2.6 million and 2.2 million gallons of diesel covered by the fixed price swaps during the three months ended March 31, 2014 and 2013, respectively. These amounts are reflected, net of cash received from the counterparties to the fixed price swaps, in operating cash flows in our condensed consolidated statement of cash flows. | |||||||||||||||
-4 | Insignificant amounts were reflected in our condensed consolidated statement of cash flows associated with the forward contracts to purchase Canadian dollars, as the cash impact of the gains/losses recognized on the derivatives were offset by the gains/losses recognized on the hedged items. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
We account for certain assets and liabilities at fair value. We categorize each of our fair value measurements in one of the following three levels based on the lowest level input that is significant to the fair value measurement in its entirety: | ||||||||||||||||
Level 1- Inputs to the valuation methodology are unadjusted quoted prices in active markets for identical assets. | ||||||||||||||||
Level 2- Observable inputs other than quoted prices in active markets for identical assets and liabilities include: | ||||||||||||||||
a) | quoted prices for similar assets in active markets; | |||||||||||||||
b) | quoted prices for identical or similar assets in inactive markets; | |||||||||||||||
c) | inputs other than quoted prices that are observable for the asset; | |||||||||||||||
d) | inputs that are derived principally from or corroborated by observable market data by correlation or other means. | |||||||||||||||
If the asset has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset. | ||||||||||||||||
Level 3- Inputs to the valuation methodology are unobservable (i.e., supported by little or no market activity) and significant to the fair value measure. | ||||||||||||||||
Assets and Liabilities Measured at Fair Value | ||||||||||||||||
As of March 31, 2014 and December 31, 2013, our only assets and liabilities measured at fair value were our fixed price diesel swaps contracts, which are Level 2 derivatives measured at fair value on a recurring basis. As of March 31, 2014 and December 31, 2013, immaterial amounts ($1 or less) were reflected in prepaid expenses and other assets, and accrued expenses and other liabilities in our condensed consolidated balance sheets, reflecting the fair values of the fixed price diesel swaps contracts. | ||||||||||||||||
As discussed in note 4 to the condensed consolidated financial statements, we entered into the fixed price swap contracts on diesel purchases to mitigate the price risk associated with forecasted purchases of diesel. Fair value is determined based on observable market data. As of March 31, 2014, we have fixed price swap contracts that mature throughout 2014 and 2015 covering 6.4 million gallons of diesel which we will buy at the average contract price of $3.89 per gallon, while the average forward price for the hedged gallons was $3.88 per gallon as of March 31, 2014. | ||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
The carrying amounts reported in our condensed consolidated balance sheets for accounts receivable, accounts payable and accrued expenses and other liabilities approximate fair value due to the immediate to short-term maturity of these financial instruments. The fair values of our ABL facility, accounts receivable securitization facility and capital leases approximate their book values as of March 31, 2014 and December 31, 2013. The estimated fair values of our financial instruments as of March 31, 2014 and December 31, 2013 have been calculated based upon available market information, and are presented below by level in the fair value hierarchy: | ||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Level 1: | ||||||||||||||||
Senior and senior subordinated notes | $ | 6,563 | $ | 7,051 | $ | 5,381 | $ | 5,848 | ||||||||
Level 2: | ||||||||||||||||
4 percent Convertible Senior Notes (1) | 89 | 96 | 136 | 149 | ||||||||||||
___________________ | ||||||||||||||||
-1 | The fair value of the 4 percent Convertible Senior Notes is based on the market value of comparable notes. Consistent with the carrying amount, the fair value excludes the equity component of the notes. To exclude the equity component and calculate the fair value, we used an effective interest rate of 6.6 percent. As discussed below (see Item 3- Quantitative and Qualitative Disclosures about Market Risk), the total cost to settle the notes based on the closing price of our common stock on March 31, 2014 would be $857. |
Debt_and_Subordinated_Converti
Debt and Subordinated Convertible Debentures | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt and Subordinated Convertible Debentures | ' | |||||||
Debt and Subordinated Convertible Debentures | ||||||||
Debt consists of the following: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
URNA and subsidiaries debt: | ||||||||
Accounts Receivable Securitization Facility (1) | $ | 140 | $ | 430 | ||||
$2.3 billion ABL Facility (2) | 135 | 1,106 | ||||||
5 3/4 percent Senior Secured Notes | 750 | 750 | ||||||
10 1/4 percent Senior Notes (3) | — | 220 | ||||||
9 1/4 percent Senior Notes (4) | 494 | 494 | ||||||
7 3/8 percent Senior Notes | 750 | 750 | ||||||
8 3/8 percent Senior Subordinated Notes | 750 | 750 | ||||||
8 1/4 percent Senior Notes | 691 | 692 | ||||||
7 5/8 percent Senior Notes | 1,325 | 1,325 | ||||||
6 1/8 percent Senior Notes (5) | 953 | 400 | ||||||
5 3/4 percent Senior Notes (6) | 850 | — | ||||||
Capital leases | 112 | 120 | ||||||
Total URNA and subsidiaries debt | 6,950 | 7,037 | ||||||
Holdings: | ||||||||
4 percent Convertible Senior Notes (7) | 89 | 136 | ||||||
Total debt | 7,039 | 7,173 | ||||||
Less short-term portion (8) | (265 | ) | (604 | ) | ||||
Total long-term debt | $ | 6,774 | $ | 6,569 | ||||
___________________ | ||||||||
-1 | At March 31, 2014, $313 was available under our accounts receivable securitization facility. The interest rate applicable to the accounts receivable securitization facility was 0.8 percent at March 31, 2014. During the three months ended March 31, 2014, the monthly average amount outstanding under the accounts receivable securitization facility was $331, and the weighted-average interest rate thereon was 0.8 percent. The maximum month-end amount outstanding under the accounts receivable securitization facility during the three months ended March 31, 2014 was $427. Borrowings under the accounts receivable securitization facility are permitted only to the extent that the face amount of the receivables in the collateral pool, net of applicable reserves, exceeds the outstanding loans. As of March 31, 2014, there were $453 of receivables, net of applicable reserves, in the collateral pool. | |||||||
-2 | At March 31, 2014, $2.1 billion was available under our ABL facility, net of $52 of letters of credit. The interest rate applicable to the ABL facility was 3.4 percent at March 31, 2014. During the three months ended March 31, 2014, the monthly average amount outstanding under the ABL facility was $873, and the weighted-average interest rate thereon was 2.5 percent. The maximum month-end amount outstanding under the ABL facility during the three months ended March 31, 2014 was $1.3 billion. | |||||||
-3 | In January 2014, we redeemed all of our 10 1/4 percent Senior Notes. We paid a call premium of $26 in connection with the redemption, and recognized a loss of approximately $6 in interest expense, net upon redemption. The loss represented the difference between the net carrying amount and the total purchase price of the notes. | |||||||
-4 | As discussed in note 10 to the condensed consolidated financial statements, in March 2014, we announced that we were acquiring assets of the following four entities: National Pump & Compressor, Ltd., Canadian Pump and Compressor Ltd., GulfCo Industrial Equipment, LP and LD Services, LLC (collectively “National Pump”). Using proceeds from debt issued contemporaneous with the National Pump acquisition, as discussed below, and cash on hand, we redeemed all the outstanding 9 1/4 percent Senior Notes in April 2014. We paid a call premium of approximately $52 in connection with the redemption and recognized a loss of approximately $65 in interest expense upon redemption. The loss represented the difference between the net carrying amount and the total purchase price of the notes. | |||||||
-5 | Contemporaneous with the National Pump acquisition described in note 10 to the condensed consolidated financial statements, in March 2014, URNA issued $525 principal amount of 6 1/8 percent Senior Notes as an add on to our existing 6 1/8 percent Senior Notes. The net proceeds from the issuance were $546 (after deducting offering expenses). The newly issued notes have identical terms, and are fungible, with the 6 1/8 percent Senior Notes outstanding at December 31, 2013. The difference between the carrying value of the 6 1/8 percent Senior Notes and the $925 principal amount relates to the $28 unamortized portion of the original issue premium recognized in conjunction with the March 2014 issuance, which is being amortized through the maturity date in 2023. The effective interest rate on the 6 1/8 percent Senior Notes is 5.7 percent. | |||||||
-6 | In connection with the National Pump acquisition described in note 10 to the condensed consolidated financial statements, in March 2014, URNA issued $850 principal amount of 5 3/4 percent Senior Notes which are due November 15, 2024. The net proceeds from the issuance were $837 (after deducting offering expenses). The net proceeds were used to finance in part the cash purchase price of the National Pump acquisition which closed in April 2014. The 5 3/4 percent Senior Notes are unsecured and are guaranteed by Holdings and, subject to limited exceptions, URNA's domestic subsidiaries. The 5 3/4 percent Senior Notes may be redeemed on or after May 15, 2019, at specified redemption prices that range from 102.875 percent in the 12-month period commencing on May 15, 2019, to 100 percent in the 12-month period commencing on May 15, 2022 and thereafter, plus accrued and unpaid interest. The indenture governing the 5 3/4 percent Senior Notes contains certain restrictive covenants, including, among others, limitations on (1) liens; (2) additional indebtedness; (3) mergers, consolidations and acquisitions; (4) sales, transfers and other dispositions of assets; (5) loans and other investments; (6) dividends and other distributions, stock repurchases and redemptions and other restricted payments; (7) restrictions affecting subsidiaries; (8) transactions with affiliates; and (9) designations of unrestricted subsidiaries, as well as a requirement to timely file periodic reports with the SEC. Each of these covenants is subject to important exceptions and qualifications that would allow URI to engage in these activities under certain conditions. The indenture also requires that, in the event of a change of control (as defined in the indenture), URI must make an offer to purchase all of the then-outstanding 5 3/4 percent Senior Notes tendered at a purchase price in cash equal to 101 percent of the principal amount thereof, plus accrued and unpaid interest, if any, thereon. | |||||||
-7 | The difference between the March 31, 2014 carrying value of the 4 percent Convertible Senior Notes and the $100 principal amount reflects the $11 unamortized portion of the original issue discount recognized upon issuance of the notes, which is being amortized through the maturity date of November 15, 2015. Because the 4 percent Convertible Senior Notes were redeemable at March 31, 2014, an amount equal to the $11 unamortized portion of the original issue discount is separately classified in our condensed consolidated balance sheets and referred to as “temporary equity.” During the three months ended March 31, 2014, $56 of our 4 percent Convertible Notes were redeemed. We recognized a loss of approximately $5 in interest expense, net upon redemption. The loss represented the difference between the net carrying amount and the fair value of the debt component of the notes. Based on the price of our common stock during the first quarter of 2014, holders of the 4 percent Convertible Senior Notes have the right to redeem the notes during the second quarter of 2014 at a conversion price of $11.11 per share of common stock. Since April 1, 2014 (the beginning of the second quarter), $4 of the 4 percent Convertible Senior Notes were redeemed. | |||||||
-8 | As of March 31, 2014, our short-term debt primarily reflects $140 of borrowings under our accounts receivable securitization facility and $89 of 4 percent Convertible Senior Notes. The 4 percent Convertible Senior Notes mature in November 2015, but are reflected as short-term debt because they are redeemable at March 31, 2014. | |||||||
Convertible Note Hedge Transactions | ||||||||
In connection with the November 2009 issuance of $173 aggregate principal amount of 4 percent Convertible Senior Notes, Holdings entered into convertible note hedge transactions with option counterparties. The convertible note hedge transactions cost $26, and decreased additional paid-in capital by $17, net of taxes, in our accompanying condensed consolidated statements of stockholders’ equity. The convertible note hedge transactions cover, subject to anti-dilution adjustments, 8.7 million shares of our common stock. The convertible note hedge transactions are intended to reduce, subject to a limit, the potential dilution with respect to our common stock upon conversion of the 4 percent Convertible Senior Notes. The effect of the convertible note hedge transactions is to increase the effective conversion price to $15.56 per share, equal to an approximately 75 percent premium over the $8.89 closing price of our common stock at issuance. The effective conversion price is subject to change in certain circumstances, such as if the 4 percent Convertible Senior Notes are converted prior to May 15, 2015. In the event the market value of our common stock exceeds the effective conversion price per share, the settlement amount received from such transactions will only partially offset the potential dilution. For example, if, at the time of exercise of the conversion right, the price of our common stock was $90.00 or $95.00 per share, assuming an effective conversion price of $15.56 per share, on a net basis, we would issue 7.5 million or 7.6 million shares, respectively. | ||||||||
Loan Covenants and Compliance | ||||||||
As of March 31, 2014, we were in compliance with the covenants and other provisions of the ABL facility, the accounts receivable securitization facility and the senior notes. Any failure to be in compliance with any material provision or covenant of these agreements could have a material adverse effect on our liquidity and operations. | ||||||||
In October 2011, we amended the ABL facility. The only material financial covenants which currently exist relate to the fixed charge coverage ratio and the senior secured leverage ratio under the ABL facility. Since the October 2011 amendment of the ABL facility and through March 31, 2014, availability under the ABL facility has exceeded the required threshold and, as a result, these maintenance covenants have been inapplicable. Subject to certain limited exceptions specified in the amended ABL facility, the fixed charge coverage ratio and the senior secured leverage ratio under the amended ABL facility will only apply in the future if availability under the amended ABL facility falls below the greater of 10 percent of the maximum revolver amount under the amended ABL facility and $150. Under our accounts receivable securitization facility, we are required, among other things, to maintain certain financial tests relating to: (i) the default ratio, (ii) the delinquency ratio, (iii) the dilution ratio and (iv) days sales outstanding. |
Legal_and_Regulatory_Matters
Legal and Regulatory Matters | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Legal and Regulatory Matters | ' |
Legal and Regulatory Matters | |
In addition to the disclosures provided in note 14 to our consolidated financial statements for the year ended December 31, 2013 filed on Form 10-K on January 22, 2014, we are also subject to a number of claims and proceedings that generally arise in the ordinary conduct of our business. These matters include, but are not limited to, general liability claims (including personal injury, product liability, and property and auto claims), indemnification and guarantee obligations, employee injuries and employment-related claims, self-insurance obligations and contract and real estate matters. Based on advice of counsel and available information, including current status or stage of proceeding, and taking into account accruals for matters where we have established them, we currently believe that any liabilities ultimately resulting from these ordinary course claims and proceedings will not, individually or in the aggregate, have a material adverse effect on our consolidated financial condition, results of operations or cash flows. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share | ' | |||||||
Earnings Per Share | ||||||||
Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of common shares plus the effect of dilutive potential common shares outstanding during the period. Diluted earnings per share for the three months ended March 31, 2013 excludes the impact of approximately 1.2 million common stock equivalents since the effect of including these securities would be anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share (shares in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Net income available to common stockholders | $ | 60 | $ | 21 | ||||
Denominator: | ||||||||
Denominator for basic earnings per share—weighted-average common shares | 95,225 | 93,310 | ||||||
Effect of dilutive securities: | ||||||||
Employee stock options and warrants | 435 | 619 | ||||||
Convertible subordinated notes—4 percent | 10,224 | 11,866 | ||||||
Restricted stock units | 540 | 585 | ||||||
Denominator for diluted earnings per share—adjusted weighted-average common shares | 106,424 | 106,380 | ||||||
Basic earnings per share | $ | 0.63 | $ | 0.22 | ||||
Diluted earnings per share | $ | 0.56 | $ | 0.19 | ||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information of Guarantor Subsidiaries | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
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 only by the guarantor subsidiaries (specifically, the 10 1/4 percent Senior Notes and the 8 1/4 percent Senior Notes). 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. Certain reclassifications of prior year's amounts have been made to conform to the current year’s presentation. | ||||||||||||||||||||||||||||
URNA covenants in the ABL facility, accounts receivable securitization facility and the other agreements governing our debt impose operating and financial restrictions on URNA, Parent and the guarantor subsidiaries, including limitations on the ability to pay dividends. As of March 31, 2014, the amount available for distribution under the most restrictive of these covenants was $448. | ||||||||||||||||||||||||||||
The condensed consolidating financial information of Parent and its subsidiaries is as follows: | ||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||
Parent | URNA | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||
Foreign | SPV | |||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 23 | $ | — | $ | 204 | $ | — | $ | — | $ | 227 | ||||||||||||||
Accounts receivable, net | — | 37 | — | 126 | 589 | — | 752 | |||||||||||||||||||||
Intercompany receivable (payable) | 261 | (199 | ) | (55 | ) | (135 | ) | — | 128 | — | ||||||||||||||||||
Inventory | — | 92 | — | 10 | — | — | 102 | |||||||||||||||||||||
Prepaid expenses and other assets | — | 48 | 2 | 9 | — | — | 59 | |||||||||||||||||||||
Deferred taxes | — | 258 | — | 2 | — | — | 260 | |||||||||||||||||||||
Total current assets | 261 | 259 | (53 | ) | 216 | 589 | 128 | 1,400 | ||||||||||||||||||||
Rental equipment, net | — | 4,838 | — | 568 | — | — | 5,406 | |||||||||||||||||||||
Property and equipment, net | 46 | 302 | 20 | 40 | — | — | 408 | |||||||||||||||||||||
Investments in subsidiaries | 1,629 | 1,372 | 984 | — | — | (3,985 | ) | — | ||||||||||||||||||||
Goodwill, net | — | 2,708 | — | 236 | — | — | 2,944 | |||||||||||||||||||||
Other intangible assets, net | — | 892 | — | 80 | — | — | 972 | |||||||||||||||||||||
Other long-term assets | 1 | 116 | — | — | — | — | 117 | |||||||||||||||||||||
Total assets | $ | 1,937 | $ | 10,487 | $ | 951 | $ | 1,140 | $ | 589 | $ | (3,857 | ) | $ | 11,247 | |||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||||||||||||||||||||||
Short-term debt and current maturities of long-term debt | $ | 89 | $ | 36 | $ | — | $ | — | $ | 140 | $ | — | $ | 265 | ||||||||||||||
Accounts payable | — | 413 | — | 41 | — | — | 454 | |||||||||||||||||||||
Accrued expenses and other liabilities | 2 | 329 | 21 | 30 | — | — | 382 | |||||||||||||||||||||
Total current liabilities | 91 | 778 | 21 | 71 | 140 | — | 1,101 | |||||||||||||||||||||
Long-term debt | — | 6,632 | 135 | 7 | — | — | 6,774 | |||||||||||||||||||||
Deferred taxes | 22 | 1,381 | — | 78 | — | — | 1,481 | |||||||||||||||||||||
Other long-term liabilities | — | 67 | — | — | — | — | 67 | |||||||||||||||||||||
Total liabilities | 113 | 8,858 | 156 | 156 | 140 | — | 9,423 | |||||||||||||||||||||
Temporary equity (note 6) | 11 | — | — | — | — | — | 11 | |||||||||||||||||||||
Total stockholders’ equity (deficit) | 1,813 | 1,629 | 795 | 984 | 449 | (3,857 | ) | 1,813 | ||||||||||||||||||||
Total liabilities and stockholders’ equity (deficit) | $ | 1,937 | $ | 10,487 | $ | 951 | $ | 1,140 | $ | 589 | $ | (3,857 | ) | $ | 11,247 | |||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Parent | URNA | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||
Foreign | SPV | |||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 17 | $ | — | $ | 158 | $ | — | $ | — | $ | 175 | ||||||||||||||
Accounts receivable, net | — | 36 | — | 140 | 628 | — | 804 | |||||||||||||||||||||
Intercompany receivable (payable) | 308 | (257 | ) | (51 | ) | (132 | ) | — | 132 | — | ||||||||||||||||||
Inventory | — | 62 | — | 8 | — | — | 70 | |||||||||||||||||||||
Prepaid expenses and other assets | — | 42 | 1 | 10 | — | — | 53 | |||||||||||||||||||||
Deferred taxes | — | 258 | — | 2 | — | — | 260 | |||||||||||||||||||||
Total current assets | 308 | 158 | (50 | ) | 186 | 628 | 132 | 1,362 | ||||||||||||||||||||
Rental equipment, net | — | 4,768 | — | 606 | — | — | 5,374 | |||||||||||||||||||||
Property and equipment, net | 48 | 313 | 20 | 40 | — | — | 421 | |||||||||||||||||||||
Investments in subsidiaries | 1,648 | 1,132 | 997 | — | — | (3,777 | ) | — | ||||||||||||||||||||
Goodwill, net | — | 2,708 | — | 245 | — | — | 2,953 | |||||||||||||||||||||
Other intangible assets, net | — | 931 | — | 87 | — | — | 1,018 | |||||||||||||||||||||
Other long-term assets | 2 | 100 | — | — | 1 | — | 103 | |||||||||||||||||||||
Total assets | $ | 2,006 | $ | 10,110 | $ | 967 | $ | 1,164 | $ | 629 | $ | (3,645 | ) | $ | 11,231 | |||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||||||||||||||||||||||
Short-term debt and current maturities of long-term debt | $ | 136 | $ | 38 | $ | — | $ | — | $ | 430 | $ | — | $ | 604 | ||||||||||||||
Accounts payable | — | 254 | — | 38 | — | — | 292 | |||||||||||||||||||||
Accrued expenses and other liabilities | 1 | 327 | 25 | 36 | 1 | — | 390 | |||||||||||||||||||||
Total current liabilities | 137 | 619 | 25 | 74 | 431 | — | 1,286 | |||||||||||||||||||||
Long-term debt | — | 6,421 | 140 | 8 | — | — | 6,569 | |||||||||||||||||||||
Deferred taxes | 21 | 1,357 | — | 81 | — | — | 1,459 | |||||||||||||||||||||
Other long-term liabilities | — | 65 | — | 4 | — | — | 69 | |||||||||||||||||||||
Total liabilities | 158 | 8,462 | 165 | 167 | 431 | — | 9,383 | |||||||||||||||||||||
Temporary equity (note 6) | 20 | — | — | — | — | — | 20 | |||||||||||||||||||||
Total stockholders’ equity (deficit) | 1,828 | 1,648 | 802 | 997 | 198 | (3,645 | ) | 1,828 | ||||||||||||||||||||
Total liabilities and stockholders’ equity (deficit) | $ | 2,006 | $ | 10,110 | $ | 967 | $ | 1,164 | $ | 629 | $ | (3,645 | ) | $ | 11,231 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
Parent | URNA | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||
Foreign | SPV | |||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||
Equipment rentals | $ | — | $ | 872 | $ | — | $ | 133 | $ | — | $ | — | $ | 1,005 | ||||||||||||||
Sales of rental equipment | — | 100 | — | 10 | — | — | 110 | |||||||||||||||||||||
Sales of new equipment | — | 21 | — | 5 | — | — | 26 | |||||||||||||||||||||
Contractor supplies sales | — | 15 | — | 4 | — | — | 19 | |||||||||||||||||||||
Service and other revenues | — | 15 | — | 3 | — | — | 18 | |||||||||||||||||||||
Total revenues | — | 1,023 | — | 155 | — | — | 1,178 | |||||||||||||||||||||
Cost of revenues: | ||||||||||||||||||||||||||||
Cost of equipment rentals, excluding depreciation | — | 354 | — | 55 | — | — | 409 | |||||||||||||||||||||
Depreciation of rental equipment | — | 193 | — | 24 | — | — | 217 | |||||||||||||||||||||
Cost of rental equipment sales | — | 60 | — | 5 | — | — | 65 | |||||||||||||||||||||
Cost of new equipment sales | — | 16 | — | 4 | — | — | 20 | |||||||||||||||||||||
Cost of contractor supplies sales | — | 10 | — | 3 | — | — | 13 | |||||||||||||||||||||
Cost of service and other revenues | — | 5 | — | 1 | — | — | 6 | |||||||||||||||||||||
Total cost of revenues | — | 638 | — | 92 | — | — | 730 | |||||||||||||||||||||
Gross profit | — | 385 | — | 63 | — | — | 448 | |||||||||||||||||||||
Selling, general and administrative expenses | 25 | 123 | — | 20 | — | — | 168 | |||||||||||||||||||||
Merger related costs | — | 1 | — | — | — | — | 1 | |||||||||||||||||||||
Restructuring charge | — | 1 | — | — | — | — | 1 | |||||||||||||||||||||
Non-rental depreciation and amortization | 4 | 51 | — | 5 | — | — | 60 | |||||||||||||||||||||
Operating (loss) income | (29 | ) | 209 | — | 38 | — | — | 218 | ||||||||||||||||||||
Interest expense (income), net | 6 | 118 | 1 | 1 | 1 | (2 | ) | 125 | ||||||||||||||||||||
Other (income) expense, net | (32 | ) | 46 | 2 | 3 | (20 | ) | — | (1 | ) | ||||||||||||||||||
(Loss) income before provision for income taxes | (3 | ) | 45 | (3 | ) | 34 | 19 | 2 | 94 | |||||||||||||||||||
Provision for income taxes | — | 18 | — | 9 | 7 | — | 34 | |||||||||||||||||||||
(Loss) income before equity in net earnings (loss) of subsidiaries | (3 | ) | 27 | (3 | ) | 25 | 12 | 2 | 60 | |||||||||||||||||||
Equity in net earnings (loss) of subsidiaries | 63 | 36 | 25 | — | — | (124 | ) | — | ||||||||||||||||||||
Net income (loss) | 60 | 63 | 22 | 25 | 12 | (122 | ) | 60 | ||||||||||||||||||||
Other comprehensive (loss) income | (39 | ) | (39 | ) | (38 | ) | (30 | ) | — | 107 | (39 | ) | ||||||||||||||||
Comprehensive income (loss) | $ | 21 | $ | 24 | $ | (16 | ) | $ | (5 | ) | $ | 12 | $ | (15 | ) | $ | 21 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||||||||||||
Parent | URNA | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||
Foreign | SPV | |||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||
Equipment rentals | $ | — | $ | 781 | $ | — | $ | 135 | $ | — | $ | — | $ | 916 | ||||||||||||||
Sales of rental equipment | — | 112 | — | 11 | — | — | 123 | |||||||||||||||||||||
Sales of new equipment | — | 16 | — | 5 | — | — | 21 | |||||||||||||||||||||
Contractor supplies sales | — | 16 | — | 4 | — | — | 20 | |||||||||||||||||||||
Service and other revenues | — | 15 | — | 5 | — | — | 20 | |||||||||||||||||||||
Total revenues | — | 940 | — | 160 | — | — | 1,100 | |||||||||||||||||||||
Cost of revenues: | ||||||||||||||||||||||||||||
Cost of equipment rentals, excluding depreciation | — | 333 | — | 60 | — | — | 393 | |||||||||||||||||||||
Depreciation of rental equipment | — | 178 | — | 24 | — | — | 202 | |||||||||||||||||||||
Cost of rental equipment sales | — | 76 | — | 7 | — | — | 83 | |||||||||||||||||||||
Cost of new equipment sales | — | 13 | — | 4 | — | — | 17 | |||||||||||||||||||||
Cost of contractor supplies sales | — | 10 | — | 3 | — | — | 13 | |||||||||||||||||||||
Cost of service and other revenues | — | 6 | — | 1 | — | — | 7 | |||||||||||||||||||||
Total cost of revenues | — | 616 | — | 99 | — | — | 715 | |||||||||||||||||||||
Gross profit | — | 324 | — | 61 | — | — | 385 | |||||||||||||||||||||
Selling, general and administrative expenses | 19 | 117 | — | 22 | 2 | — | 160 | |||||||||||||||||||||
Merger related costs | — | 6 | — | — | — | — | 6 | |||||||||||||||||||||
Restructuring charge | — | 6 | — | — | — | — | 6 | |||||||||||||||||||||
Non-rental depreciation and amortization | 4 | 55 | — | 5 | — | — | 64 | |||||||||||||||||||||
Operating (loss) income | (23 | ) | 140 | — | 34 | (2 | ) | — | 149 | |||||||||||||||||||
Interest expense (income), net | 2 | 114 | 1 | 1 | 1 | (1 | ) | 118 | ||||||||||||||||||||
Interest expense-subordinated convertible debentures | 2 | — | — | — | — | — | 2 | |||||||||||||||||||||
Other (income) expense, net | (30 | ) | 45 | — | 3 | (19 | ) | — | (1 | ) | ||||||||||||||||||
Income (loss) before provision (benefit) for income taxes | 3 | (19 | ) | (1 | ) | 30 | 16 | 1 | 30 | |||||||||||||||||||
Provision (benefit) for income taxes | 1 | (7 | ) | — | 9 | 6 | — | 9 | ||||||||||||||||||||
Income (loss) before equity in net earnings (loss) of subsidiaries | 2 | (12 | ) | (1 | ) | 21 | 10 | 1 | 21 | |||||||||||||||||||
Equity in net earnings (loss) of subsidiaries | 19 | 31 | 21 | — | — | (71 | ) | — | ||||||||||||||||||||
Net income (loss) | 21 | 19 | 20 | 21 | 10 | (70 | ) | 21 | ||||||||||||||||||||
Other comprehensive (loss) income | (20 | ) | (20 | ) | (20 | ) | (15 | ) | — | 55 | (20 | ) | ||||||||||||||||
Comprehensive income (loss) | $ | 1 | $ | (1 | ) | $ | — | $ | 6 | $ | 10 | $ | (15 | ) | $ | 1 | ||||||||||||
CONDENSED CONSOLIDATING CASH FLOW INFORMATION | ||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
Parent | URNA | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||
Foreign | SPV | |||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 3 | $ | 390 | $ | 1 | $ | 62 | $ | 52 | $ | — | $ | 508 | ||||||||||||||
Net cash used in investing activities | (3 | ) | (219 | ) | — | (9 | ) | — | — | (231 | ) | |||||||||||||||||
Net cash used in financing activities | — | (165 | ) | (1 | ) | — | (52 | ) | — | (218 | ) | |||||||||||||||||
Effect of foreign exchange rates | — | — | — | (7 | ) | — | — | (7 | ) | |||||||||||||||||||
Net increase in cash and cash equivalents | — | 6 | — | 46 | — | — | 52 | |||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 17 | — | 158 | — | — | 175 | |||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 23 | $ | — | $ | 204 | $ | — | $ | — | $ | 227 | ||||||||||||||
CONDENSED CONSOLIDATING CASH FLOW INFORMATION | ||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||||||||||||
Parent | URNA | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||
Foreign | SPV | |||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 16 | $ | 295 | $ | (1 | ) | $ | 50 | $ | 49 | $ | — | $ | 409 | |||||||||||||
Net cash used in investing activities | (16 | ) | (148 | ) | — | (11 | ) | — | — | (175 | ) | |||||||||||||||||
Net cash (used in) provided by financing activities | — | (143 | ) | 1 | — | (49 | ) | — | (191 | ) | ||||||||||||||||||
Effect of foreign exchange rates | — | — | — | (2 | ) | — | — | (2 | ) | |||||||||||||||||||
Net increase in cash and cash equivalents | — | 4 | — | 37 | — | — | 41 | |||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 20 | — | 86 | — | — | 106 | |||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 24 | $ | — | $ | 123 | $ | — | $ | — | $ | 147 | ||||||||||||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
In March 2014, we announced that we had entered into a definitive asset purchase agreement to acquire National Pump, the second largest specialty pump rental company in North America. National Pump is a leading supplier of pumps for energy and petrochemical customers, with upstream oil and gas customers representing about half of its revenue. National Pump had a total of 35 branches, including four branches in western Canada. The acquisition is expected to expand our product offering, and supports our strategy of expanding our presence in industrial and specialty rental markets. The acquisition closed in April 2014. The total original equipment cost (“OEC”) of the acquired fleet was approximately $215 and National Pump had annual revenues of approximately $210. The purchase price was approximately $780, comprised of $765 in cash and $15 in stock. The acquisition also provides for the following additional cash consideration to be paid based on the achievement of the following financial targets: | |
1.A maximum payout of $75 if National Pump's trailing twelve months adjusted EBITDA (as defined below in “Management’s Discussion and Analysis of Financial Condition and Results of Operations- Financial Overview”) reaches $134 twelve months post-closing; and | |
2.An additional maximum payout of $50 if National Pump's trailing twelve months adjusted EBITDA reaches $161 eighteen months post-closing. | |
Contemporaneous with the National Pump acquisition, in March 2014, URNA issued $525 principal amount of 6 1/8 percent Senior Notes (as an add on to our existing 6 1/8 percent Senior Notes) and $850 principal amount of 5 3/4 percent Senior Notes, as discussed in note 6 to the condensed consolidated financial statements. In March 2014, the net proceeds from the debt issuances were used to temporarily reduce the outstanding balance under our ABL facility, and in April 2014, the net proceeds from the issuance of the 6 1/8 percent Senior Notes and cash on hand were used to redeem all our outstanding 9 1/4 percent Senior Notes. We paid a call premium of approximately $52 in connection with the redemption and recognized a loss of approximately $65 in interest expense upon redemption. The loss represented the difference between the net carrying amount and the total purchase price of the notes. |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ' | |||||||||||
Financial information by segment | ' | |||||||||||
The following tables set forth financial information by segment. | ||||||||||||
General | Trench safety, | Total | ||||||||||
rentals | power and HVAC | |||||||||||
Three Months Ended March 31, 2014 | ||||||||||||
Equipment rentals | $ | 924 | $ | 81 | $ | 1,005 | ||||||
Sales of rental equipment | 106 | 4 | 110 | |||||||||
Sales of new equipment | 24 | 2 | 26 | |||||||||
Contractor supplies sales | 17 | 2 | 19 | |||||||||
Service and other revenues | 17 | 1 | 18 | |||||||||
Total revenue | 1,088 | 90 | 1,178 | |||||||||
Depreciation and amortization expense | 259 | 18 | 277 | |||||||||
Equipment rentals gross profit | 344 | 35 | 379 | |||||||||
Capital expenditures | 331 | 20 | 351 | |||||||||
Three Months Ended March 31, 2013 | ||||||||||||
Equipment rentals | $ | 854 | $ | 62 | $ | 916 | ||||||
Sales of rental equipment | 119 | 4 | 123 | |||||||||
Sales of new equipment | 20 | 1 | 21 | |||||||||
Contractor supplies sales | 18 | 2 | 20 | |||||||||
Service and other revenues | 19 | 1 | 20 | |||||||||
Total revenue | 1,030 | 70 | 1,100 | |||||||||
Depreciation and amortization expense | 252 | 14 | 266 | |||||||||
Equipment rentals gross profit | 295 | 26 | 321 | |||||||||
Capital expenditures | 288 | 15 | 303 | |||||||||
March 31, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Total reportable segment assets | ||||||||||||
General rentals | $ | 10,696 | $ | 10,677 | ||||||||
Trench safety, power and HVAC | 551 | 554 | ||||||||||
Total assets | $ | 11,247 | $ | 11,231 | ||||||||
Reconciliation to equipment rentals gross profit | ' | |||||||||||
Equipment rentals gross profit is the primary measure management reviews to make operating decisions and assess segment performance. The following is a reconciliation of equipment rentals gross profit to income before provision for income taxes: | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
2014 | 2013 | |||||||||||
Total equipment rentals gross profit | $ | 379 | $ | 321 | ||||||||
Gross profit from other lines of business | 69 | 64 | ||||||||||
Selling, general and administrative expenses | (168 | ) | (160 | ) | ||||||||
Merger related costs | (1 | ) | (6 | ) | ||||||||
Restructuring charge | (1 | ) | (6 | ) | ||||||||
Non-rental depreciation and amortization | (60 | ) | (64 | ) | ||||||||
Interest expense, net | (125 | ) | (118 | ) | ||||||||
Interest expense- subordinated convertible debentures | — | (2 | ) | |||||||||
Other income, net | 1 | 1 | ||||||||||
Income before provision for income taxes | $ | 94 | $ | 30 | ||||||||
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||
Schedule of restructuring reserve by type of cost | ' | ||||||||||||||||
The table below provides certain information concerning our restructuring charges for the three months ended March 31, 2014: | |||||||||||||||||
Reserve Balance at | Charged to | Payments | Reserve Balance at | ||||||||||||||
Costs and | and Other | ||||||||||||||||
Description | 31-Dec-13 | Expenses(1) | 31-Mar-14 | ||||||||||||||
Closed Restructuring Program | |||||||||||||||||
Branch closure charges | $ | 13 | $ | — | $ | (1 | ) | $ | 12 | ||||||||
Severance costs | — | — | — | — | |||||||||||||
Total | $ | 13 | $ | — | $ | (1 | ) | $ | 12 | ||||||||
RSC Merger Related Restructuring Program | |||||||||||||||||
Branch closure charges | $ | 20 | $ | 1 | $ | (3 | ) | $ | 18 | ||||||||
Severance costs | 2 | — | (1 | ) | 1 | ||||||||||||
Total | $ | 22 | $ | 1 | $ | (4 | ) | $ | 19 | ||||||||
Total | |||||||||||||||||
Branch closure charges | $ | 33 | $ | 1 | $ | (4 | ) | $ | 30 | ||||||||
Severance costs | 2 | — | (1 | ) | 1 | ||||||||||||
Total | $ | 35 | $ | 1 | $ | (5 | ) | $ | 31 | ||||||||
_________________ | |||||||||||||||||
-1 | Reflected in our condensed consolidated statements of income as “Restructuring charge.” These charges are not allocated to our reportable segments. |
Derivatives_Tables
Derivatives (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Effect of derivatives on consolidated statements of income | ' | |||||||||||||||
The effect of our derivative instruments on our condensed consolidated statements of income for the three months ended March 31, 2014 and 2013 was as follows: | ||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||
Location of income | Amount of income | Amount of income | Amount of income | Amount of income | ||||||||||||
(expense) | (expense) | (expense) | (expense) | (expense) | ||||||||||||
recognized on | recognized | recognized | recognized | recognized | ||||||||||||
derivative/hedged item | on derivative | on hedged item | on derivative | on hedged item | ||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Fixed price diesel swaps | Other income | $ * | $ * | |||||||||||||
(expense), net (1) | ||||||||||||||||
Cost of equipment | * | $ | (10 | ) | * | $ | (9 | ) | ||||||||
rentals, excluding | ||||||||||||||||
depreciation (2), | ||||||||||||||||
-3 | ||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||
Foreign currency forward contracts (4) | Other income | — | — | (2 | ) | 2 | ||||||||||
(expense), net | ||||||||||||||||
* | Amounts are insignificant (less than $1). | |||||||||||||||
-1 | Represents the ineffective portion of the fixed price diesel swaps. | |||||||||||||||
-2 | Amounts recognized on derivative represent the effective portion of the fixed price diesel swaps. | |||||||||||||||
-3 | Amounts recognized on hedged item reflect the use of 2.6 million and 2.2 million gallons of diesel covered by the fixed price swaps during the three months ended March 31, 2014 and 2013, respectively. These amounts are reflected, net of cash received from the counterparties to the fixed price swaps, in operating cash flows in our condensed consolidated statement of cash flows. | |||||||||||||||
-4 | Insignificant amounts were reflected in our condensed consolidated statement of cash flows associated with the forward contracts to purchase Canadian dollars, as the cash impact of the gains/losses recognized on the derivatives were offset by the gains/losses recognized on the hedged items. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair value of financial instruments | ' | |||||||||||||||
The estimated fair values of our financial instruments as of March 31, 2014 and December 31, 2013 have been calculated based upon available market information, and are presented below by level in the fair value hierarchy: | ||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Level 1: | ||||||||||||||||
Senior and senior subordinated notes | $ | 6,563 | $ | 7,051 | $ | 5,381 | $ | 5,848 | ||||||||
Level 2: | ||||||||||||||||
4 percent Convertible Senior Notes (1) | 89 | 96 | 136 | 149 | ||||||||||||
___________________ | ||||||||||||||||
-1 | The fair value of the 4 percent Convertible Senior Notes is based on the market value of comparable notes. Consistent with the carrying amount, the fair value excludes the equity component of the notes. To exclude the equity component and calculate the fair value, we used an effective interest rate of 6.6 percent. As discussed below (see Item 3- Quantitative and Qualitative Disclosures about Market Risk), the total cost to settle the notes based on the closing price of our common stock on March 31, 2014 would be $857. |
Debt_and_Subordinated_Converti1
Debt and Subordinated Convertible Debentures (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of long-term debt instruments | ' | |||||||
Debt consists of the following: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
URNA and subsidiaries debt: | ||||||||
Accounts Receivable Securitization Facility (1) | $ | 140 | $ | 430 | ||||
$2.3 billion ABL Facility (2) | 135 | 1,106 | ||||||
5 3/4 percent Senior Secured Notes | 750 | 750 | ||||||
10 1/4 percent Senior Notes (3) | — | 220 | ||||||
9 1/4 percent Senior Notes (4) | 494 | 494 | ||||||
7 3/8 percent Senior Notes | 750 | 750 | ||||||
8 3/8 percent Senior Subordinated Notes | 750 | 750 | ||||||
8 1/4 percent Senior Notes | 691 | 692 | ||||||
7 5/8 percent Senior Notes | 1,325 | 1,325 | ||||||
6 1/8 percent Senior Notes (5) | 953 | 400 | ||||||
5 3/4 percent Senior Notes (6) | 850 | — | ||||||
Capital leases | 112 | 120 | ||||||
Total URNA and subsidiaries debt | 6,950 | 7,037 | ||||||
Holdings: | ||||||||
4 percent Convertible Senior Notes (7) | 89 | 136 | ||||||
Total debt | 7,039 | 7,173 | ||||||
Less short-term portion (8) | (265 | ) | (604 | ) | ||||
Total long-term debt | $ | 6,774 | $ | 6,569 | ||||
___________________ | ||||||||
-1 | At March 31, 2014, $313 was available under our accounts receivable securitization facility. The interest rate applicable to the accounts receivable securitization facility was 0.8 percent at March 31, 2014. During the three months ended March 31, 2014, the monthly average amount outstanding under the accounts receivable securitization facility was $331, and the weighted-average interest rate thereon was 0.8 percent. The maximum month-end amount outstanding under the accounts receivable securitization facility during the three months ended March 31, 2014 was $427. Borrowings under the accounts receivable securitization facility are permitted only to the extent that the face amount of the receivables in the collateral pool, net of applicable reserves, exceeds the outstanding loans. As of March 31, 2014, there were $453 of receivables, net of applicable reserves, in the collateral pool. | |||||||
-2 | At March 31, 2014, $2.1 billion was available under our ABL facility, net of $52 of letters of credit. The interest rate applicable to the ABL facility was 3.4 percent at March 31, 2014. During the three months ended March 31, 2014, the monthly average amount outstanding under the ABL facility was $873, and the weighted-average interest rate thereon was 2.5 percent. The maximum month-end amount outstanding under the ABL facility during the three months ended March 31, 2014 was $1.3 billion. | |||||||
-3 | In January 2014, we redeemed all of our 10 1/4 percent Senior Notes. We paid a call premium of $26 in connection with the redemption, and recognized a loss of approximately $6 in interest expense, net upon redemption. The loss represented the difference between the net carrying amount and the total purchase price of the notes. | |||||||
-4 | As discussed in note 10 to the condensed consolidated financial statements, in March 2014, we announced that we were acquiring assets of the following four entities: National Pump & Compressor, Ltd., Canadian Pump and Compressor Ltd., GulfCo Industrial Equipment, LP and LD Services, LLC (collectively “National Pump”). Using proceeds from debt issued contemporaneous with the National Pump acquisition, as discussed below, and cash on hand, we redeemed all the outstanding 9 1/4 percent Senior Notes in April 2014. We paid a call premium of approximately $52 in connection with the redemption and recognized a loss of approximately $65 in interest expense upon redemption. The loss represented the difference between the net carrying amount and the total purchase price of the notes. | |||||||
-5 | Contemporaneous with the National Pump acquisition described in note 10 to the condensed consolidated financial statements, in March 2014, URNA issued $525 principal amount of 6 1/8 percent Senior Notes as an add on to our existing 6 1/8 percent Senior Notes. The net proceeds from the issuance were $546 (after deducting offering expenses). The newly issued notes have identical terms, and are fungible, with the 6 1/8 percent Senior Notes outstanding at December 31, 2013. The difference between the carrying value of the 6 1/8 percent Senior Notes and the $925 principal amount relates to the $28 unamortized portion of the original issue premium recognized in conjunction with the March 2014 issuance, which is being amortized through the maturity date in 2023. The effective interest rate on the 6 1/8 percent Senior Notes is 5.7 percent. | |||||||
-6 | In connection with the National Pump acquisition described in note 10 to the condensed consolidated financial statements, in March 2014, URNA issued $850 principal amount of 5 3/4 percent Senior Notes which are due November 15, 2024. The net proceeds from the issuance were $837 (after deducting offering expenses). The net proceeds were used to finance in part the cash purchase price of the National Pump acquisition which closed in April 2014. The 5 3/4 percent Senior Notes are unsecured and are guaranteed by Holdings and, subject to limited exceptions, URNA's domestic subsidiaries. The 5 3/4 percent Senior Notes may be redeemed on or after May 15, 2019, at specified redemption prices that range from 102.875 percent in the 12-month period commencing on May 15, 2019, to 100 percent in the 12-month period commencing on May 15, 2022 and thereafter, plus accrued and unpaid interest. The indenture governing the 5 3/4 percent Senior Notes contains certain restrictive covenants, including, among others, limitations on (1) liens; (2) additional indebtedness; (3) mergers, consolidations and acquisitions; (4) sales, transfers and other dispositions of assets; (5) loans and other investments; (6) dividends and other distributions, stock repurchases and redemptions and other restricted payments; (7) restrictions affecting subsidiaries; (8) transactions with affiliates; and (9) designations of unrestricted subsidiaries, as well as a requirement to timely file periodic reports with the SEC. Each of these covenants is subject to important exceptions and qualifications that would allow URI to engage in these activities under certain conditions. The indenture also requires that, in the event of a change of control (as defined in the indenture), URI must make an offer to purchase all of the then-outstanding 5 3/4 percent Senior Notes tendered at a purchase price in cash equal to 101 percent of the principal amount thereof, plus accrued and unpaid interest, if any, thereon. | |||||||
-7 | The difference between the March 31, 2014 carrying value of the 4 percent Convertible Senior Notes and the $100 principal amount reflects the $11 unamortized portion of the original issue discount recognized upon issuance of the notes, which is being amortized through the maturity date of November 15, 2015. Because the 4 percent Convertible Senior Notes were redeemable at March 31, 2014, an amount equal to the $11 unamortized portion of the original issue discount is separately classified in our condensed consolidated balance sheets and referred to as “temporary equity.” During the three months ended March 31, 2014, $56 of our 4 percent Convertible Notes were redeemed. We recognized a loss of approximately $5 in interest expense, net upon redemption. The loss represented the difference between the net carrying amount and the fair value of the debt component of the notes. Based on the price of our common stock during the first quarter of 2014, holders of the 4 percent Convertible Senior Notes have the right to redeem the notes during the second quarter of 2014 at a conversion price of $11.11 per share of common stock. Since April 1, 2014 (the beginning of the second quarter), $4 of the 4 percent Convertible Senior Notes were redeemed. | |||||||
-8 | As of March 31, 2014, our short-term debt primarily reflects $140 of borrowings under our accounts receivable securitization facility and $89 of 4 percent Convertible Senior Notes. The 4 percent Convertible Senior Notes mature in November 2015, but are reflected as short-term debt because they are redeemable at March 31, 2014. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Schedule of earnings per share | ' | |||||||
The following table sets forth the computation of basic and diluted earnings per share (shares in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Net income available to common stockholders | $ | 60 | $ | 21 | ||||
Denominator: | ||||||||
Denominator for basic earnings per share—weighted-average common shares | 95,225 | 93,310 | ||||||
Effect of dilutive securities: | ||||||||
Employee stock options and warrants | 435 | 619 | ||||||
Convertible subordinated notes—4 percent | 10,224 | 11,866 | ||||||
Restricted stock units | 540 | 585 | ||||||
Denominator for diluted earnings per share—adjusted weighted-average common shares | 106,424 | 106,380 | ||||||
Basic earnings per share | $ | 0.63 | $ | 0.22 | ||||
Diluted earnings per share | $ | 0.56 | $ | 0.19 | ||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information of Guarantor Subsidiaries (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ' | |||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||
Parent | URNA | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||
Foreign | SPV | |||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 23 | $ | — | $ | 204 | $ | — | $ | — | $ | 227 | ||||||||||||||
Accounts receivable, net | — | 37 | — | 126 | 589 | — | 752 | |||||||||||||||||||||
Intercompany receivable (payable) | 261 | (199 | ) | (55 | ) | (135 | ) | — | 128 | — | ||||||||||||||||||
Inventory | — | 92 | — | 10 | — | — | 102 | |||||||||||||||||||||
Prepaid expenses and other assets | — | 48 | 2 | 9 | — | — | 59 | |||||||||||||||||||||
Deferred taxes | — | 258 | — | 2 | — | — | 260 | |||||||||||||||||||||
Total current assets | 261 | 259 | (53 | ) | 216 | 589 | 128 | 1,400 | ||||||||||||||||||||
Rental equipment, net | — | 4,838 | — | 568 | — | — | 5,406 | |||||||||||||||||||||
Property and equipment, net | 46 | 302 | 20 | 40 | — | — | 408 | |||||||||||||||||||||
Investments in subsidiaries | 1,629 | 1,372 | 984 | — | — | (3,985 | ) | — | ||||||||||||||||||||
Goodwill, net | — | 2,708 | — | 236 | — | — | 2,944 | |||||||||||||||||||||
Other intangible assets, net | — | 892 | — | 80 | — | — | 972 | |||||||||||||||||||||
Other long-term assets | 1 | 116 | — | — | — | — | 117 | |||||||||||||||||||||
Total assets | $ | 1,937 | $ | 10,487 | $ | 951 | $ | 1,140 | $ | 589 | $ | (3,857 | ) | $ | 11,247 | |||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||||||||||||||||||||||
Short-term debt and current maturities of long-term debt | $ | 89 | $ | 36 | $ | — | $ | — | $ | 140 | $ | — | $ | 265 | ||||||||||||||
Accounts payable | — | 413 | — | 41 | — | — | 454 | |||||||||||||||||||||
Accrued expenses and other liabilities | 2 | 329 | 21 | 30 | — | — | 382 | |||||||||||||||||||||
Total current liabilities | 91 | 778 | 21 | 71 | 140 | — | 1,101 | |||||||||||||||||||||
Long-term debt | — | 6,632 | 135 | 7 | — | — | 6,774 | |||||||||||||||||||||
Deferred taxes | 22 | 1,381 | — | 78 | — | — | 1,481 | |||||||||||||||||||||
Other long-term liabilities | — | 67 | — | — | — | — | 67 | |||||||||||||||||||||
Total liabilities | 113 | 8,858 | 156 | 156 | 140 | — | 9,423 | |||||||||||||||||||||
Temporary equity (note 6) | 11 | — | — | — | — | — | 11 | |||||||||||||||||||||
Total stockholders’ equity (deficit) | 1,813 | 1,629 | 795 | 984 | 449 | (3,857 | ) | 1,813 | ||||||||||||||||||||
Total liabilities and stockholders’ equity (deficit) | $ | 1,937 | $ | 10,487 | $ | 951 | $ | 1,140 | $ | 589 | $ | (3,857 | ) | $ | 11,247 | |||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Parent | URNA | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||
Foreign | SPV | |||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 17 | $ | — | $ | 158 | $ | — | $ | — | $ | 175 | ||||||||||||||
Accounts receivable, net | — | 36 | — | 140 | 628 | — | 804 | |||||||||||||||||||||
Intercompany receivable (payable) | 308 | (257 | ) | (51 | ) | (132 | ) | — | 132 | — | ||||||||||||||||||
Inventory | — | 62 | — | 8 | — | — | 70 | |||||||||||||||||||||
Prepaid expenses and other assets | — | 42 | 1 | 10 | — | — | 53 | |||||||||||||||||||||
Deferred taxes | — | 258 | — | 2 | — | — | 260 | |||||||||||||||||||||
Total current assets | 308 | 158 | (50 | ) | 186 | 628 | 132 | 1,362 | ||||||||||||||||||||
Rental equipment, net | — | 4,768 | — | 606 | — | — | 5,374 | |||||||||||||||||||||
Property and equipment, net | 48 | 313 | 20 | 40 | — | — | 421 | |||||||||||||||||||||
Investments in subsidiaries | 1,648 | 1,132 | 997 | — | — | (3,777 | ) | — | ||||||||||||||||||||
Goodwill, net | — | 2,708 | — | 245 | — | — | 2,953 | |||||||||||||||||||||
Other intangible assets, net | — | 931 | — | 87 | — | — | 1,018 | |||||||||||||||||||||
Other long-term assets | 2 | 100 | — | — | 1 | — | 103 | |||||||||||||||||||||
Total assets | $ | 2,006 | $ | 10,110 | $ | 967 | $ | 1,164 | $ | 629 | $ | (3,645 | ) | $ | 11,231 | |||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||||||||||||||||||||||
Short-term debt and current maturities of long-term debt | $ | 136 | $ | 38 | $ | — | $ | — | $ | 430 | $ | — | $ | 604 | ||||||||||||||
Accounts payable | — | 254 | — | 38 | — | — | 292 | |||||||||||||||||||||
Accrued expenses and other liabilities | 1 | 327 | 25 | 36 | 1 | — | 390 | |||||||||||||||||||||
Total current liabilities | 137 | 619 | 25 | 74 | 431 | — | 1,286 | |||||||||||||||||||||
Long-term debt | — | 6,421 | 140 | 8 | — | — | 6,569 | |||||||||||||||||||||
Deferred taxes | 21 | 1,357 | — | 81 | — | — | 1,459 | |||||||||||||||||||||
Other long-term liabilities | — | 65 | — | 4 | — | — | 69 | |||||||||||||||||||||
Total liabilities | 158 | 8,462 | 165 | 167 | 431 | — | 9,383 | |||||||||||||||||||||
Temporary equity (note 6) | 20 | — | — | — | — | — | 20 | |||||||||||||||||||||
Total stockholders’ equity (deficit) | 1,828 | 1,648 | 802 | 997 | 198 | (3,645 | ) | 1,828 | ||||||||||||||||||||
Total liabilities and stockholders’ equity (deficit) | $ | 2,006 | $ | 10,110 | $ | 967 | $ | 1,164 | $ | 629 | $ | (3,645 | ) | $ | 11,231 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME | ' | |||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
Parent | URNA | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||
Foreign | SPV | |||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||
Equipment rentals | $ | — | $ | 872 | $ | — | $ | 133 | $ | — | $ | — | $ | 1,005 | ||||||||||||||
Sales of rental equipment | — | 100 | — | 10 | — | — | 110 | |||||||||||||||||||||
Sales of new equipment | — | 21 | — | 5 | — | — | 26 | |||||||||||||||||||||
Contractor supplies sales | — | 15 | — | 4 | — | — | 19 | |||||||||||||||||||||
Service and other revenues | — | 15 | — | 3 | — | — | 18 | |||||||||||||||||||||
Total revenues | — | 1,023 | — | 155 | — | — | 1,178 | |||||||||||||||||||||
Cost of revenues: | ||||||||||||||||||||||||||||
Cost of equipment rentals, excluding depreciation | — | 354 | — | 55 | — | — | 409 | |||||||||||||||||||||
Depreciation of rental equipment | — | 193 | — | 24 | — | — | 217 | |||||||||||||||||||||
Cost of rental equipment sales | — | 60 | — | 5 | — | — | 65 | |||||||||||||||||||||
Cost of new equipment sales | — | 16 | — | 4 | — | — | 20 | |||||||||||||||||||||
Cost of contractor supplies sales | — | 10 | — | 3 | — | — | 13 | |||||||||||||||||||||
Cost of service and other revenues | — | 5 | — | 1 | — | — | 6 | |||||||||||||||||||||
Total cost of revenues | — | 638 | — | 92 | — | — | 730 | |||||||||||||||||||||
Gross profit | — | 385 | — | 63 | — | — | 448 | |||||||||||||||||||||
Selling, general and administrative expenses | 25 | 123 | — | 20 | — | — | 168 | |||||||||||||||||||||
Merger related costs | — | 1 | — | — | — | — | 1 | |||||||||||||||||||||
Restructuring charge | — | 1 | — | — | — | — | 1 | |||||||||||||||||||||
Non-rental depreciation and amortization | 4 | 51 | — | 5 | — | — | 60 | |||||||||||||||||||||
Operating (loss) income | (29 | ) | 209 | — | 38 | — | — | 218 | ||||||||||||||||||||
Interest expense (income), net | 6 | 118 | 1 | 1 | 1 | (2 | ) | 125 | ||||||||||||||||||||
Other (income) expense, net | (32 | ) | 46 | 2 | 3 | (20 | ) | — | (1 | ) | ||||||||||||||||||
(Loss) income before provision for income taxes | (3 | ) | 45 | (3 | ) | 34 | 19 | 2 | 94 | |||||||||||||||||||
Provision for income taxes | — | 18 | — | 9 | 7 | — | 34 | |||||||||||||||||||||
(Loss) income before equity in net earnings (loss) of subsidiaries | (3 | ) | 27 | (3 | ) | 25 | 12 | 2 | 60 | |||||||||||||||||||
Equity in net earnings (loss) of subsidiaries | 63 | 36 | 25 | — | — | (124 | ) | — | ||||||||||||||||||||
Net income (loss) | 60 | 63 | 22 | 25 | 12 | (122 | ) | 60 | ||||||||||||||||||||
Other comprehensive (loss) income | (39 | ) | (39 | ) | (38 | ) | (30 | ) | — | 107 | (39 | ) | ||||||||||||||||
Comprehensive income (loss) | $ | 21 | $ | 24 | $ | (16 | ) | $ | (5 | ) | $ | 12 | $ | (15 | ) | $ | 21 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||||||||||||
Parent | URNA | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||
Foreign | SPV | |||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||
Equipment rentals | $ | — | $ | 781 | $ | — | $ | 135 | $ | — | $ | — | $ | 916 | ||||||||||||||
Sales of rental equipment | — | 112 | — | 11 | — | — | 123 | |||||||||||||||||||||
Sales of new equipment | — | 16 | — | 5 | — | — | 21 | |||||||||||||||||||||
Contractor supplies sales | — | 16 | — | 4 | — | — | 20 | |||||||||||||||||||||
Service and other revenues | — | 15 | — | 5 | — | — | 20 | |||||||||||||||||||||
Total revenues | — | 940 | — | 160 | — | — | 1,100 | |||||||||||||||||||||
Cost of revenues: | ||||||||||||||||||||||||||||
Cost of equipment rentals, excluding depreciation | — | 333 | — | 60 | — | — | 393 | |||||||||||||||||||||
Depreciation of rental equipment | — | 178 | — | 24 | — | — | 202 | |||||||||||||||||||||
Cost of rental equipment sales | — | 76 | — | 7 | — | — | 83 | |||||||||||||||||||||
Cost of new equipment sales | — | 13 | — | 4 | — | — | 17 | |||||||||||||||||||||
Cost of contractor supplies sales | — | 10 | — | 3 | — | — | 13 | |||||||||||||||||||||
Cost of service and other revenues | — | 6 | — | 1 | — | — | 7 | |||||||||||||||||||||
Total cost of revenues | — | 616 | — | 99 | — | — | 715 | |||||||||||||||||||||
Gross profit | — | 324 | — | 61 | — | — | 385 | |||||||||||||||||||||
Selling, general and administrative expenses | 19 | 117 | — | 22 | 2 | — | 160 | |||||||||||||||||||||
Merger related costs | — | 6 | — | — | — | — | 6 | |||||||||||||||||||||
Restructuring charge | — | 6 | — | — | — | — | 6 | |||||||||||||||||||||
Non-rental depreciation and amortization | 4 | 55 | — | 5 | — | — | 64 | |||||||||||||||||||||
Operating (loss) income | (23 | ) | 140 | — | 34 | (2 | ) | — | 149 | |||||||||||||||||||
Interest expense (income), net | 2 | 114 | 1 | 1 | 1 | (1 | ) | 118 | ||||||||||||||||||||
Interest expense-subordinated convertible debentures | 2 | — | — | — | — | — | 2 | |||||||||||||||||||||
Other (income) expense, net | (30 | ) | 45 | — | 3 | (19 | ) | — | (1 | ) | ||||||||||||||||||
Income (loss) before provision (benefit) for income taxes | 3 | (19 | ) | (1 | ) | 30 | 16 | 1 | 30 | |||||||||||||||||||
Provision (benefit) for income taxes | 1 | (7 | ) | — | 9 | 6 | — | 9 | ||||||||||||||||||||
Income (loss) before equity in net earnings (loss) of subsidiaries | 2 | (12 | ) | (1 | ) | 21 | 10 | 1 | 21 | |||||||||||||||||||
Equity in net earnings (loss) of subsidiaries | 19 | 31 | 21 | — | — | (71 | ) | — | ||||||||||||||||||||
Net income (loss) | 21 | 19 | 20 | 21 | 10 | (70 | ) | 21 | ||||||||||||||||||||
Other comprehensive (loss) income | (20 | ) | (20 | ) | (20 | ) | (15 | ) | — | 55 | (20 | ) | ||||||||||||||||
Comprehensive income (loss) | $ | 1 | $ | (1 | ) | $ | — | $ | 6 | $ | 10 | $ | (15 | ) | $ | 1 | ||||||||||||
CONDENSED CONSOLIDATING CASH FLOW INFORMATION | ' | |||||||||||||||||||||||||||
CONDENSED CONSOLIDATING CASH FLOW INFORMATION | ||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
Parent | URNA | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||
Foreign | SPV | |||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 3 | $ | 390 | $ | 1 | $ | 62 | $ | 52 | $ | — | $ | 508 | ||||||||||||||
Net cash used in investing activities | (3 | ) | (219 | ) | — | (9 | ) | — | — | (231 | ) | |||||||||||||||||
Net cash used in financing activities | — | (165 | ) | (1 | ) | — | (52 | ) | — | (218 | ) | |||||||||||||||||
Effect of foreign exchange rates | — | — | — | (7 | ) | — | — | (7 | ) | |||||||||||||||||||
Net increase in cash and cash equivalents | — | 6 | — | 46 | — | — | 52 | |||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 17 | — | 158 | — | — | 175 | |||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 23 | $ | — | $ | 204 | $ | — | $ | — | $ | 227 | ||||||||||||||
CONDENSED CONSOLIDATING CASH FLOW INFORMATION | ||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||||||||||||
Parent | URNA | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||
Foreign | SPV | |||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 16 | $ | 295 | $ | (1 | ) | $ | 50 | $ | 49 | $ | — | $ | 409 | |||||||||||||
Net cash used in investing activities | (16 | ) | (148 | ) | — | (11 | ) | — | — | (175 | ) | |||||||||||||||||
Net cash (used in) provided by financing activities | — | (143 | ) | 1 | — | (49 | ) | — | (191 | ) | ||||||||||||||||||
Effect of foreign exchange rates | — | — | — | (2 | ) | — | — | (2 | ) | |||||||||||||||||||
Net increase in cash and cash equivalents | — | 4 | — | 37 | — | — | 41 | |||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 20 | — | 86 | — | — | 106 | |||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 24 | $ | — | $ | 123 | $ | — | $ | — | $ | 147 | ||||||||||||||
Segment_Information_Financial_
Segment Information (Financial information by segment) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Segment Reporting Information | ' | ' | ' |
Equipment rentals | $1,005 | $916 | ' |
Sales of rental equipment | 110 | 123 | ' |
Sales of new equipment | 26 | 21 | ' |
Contractor supplies sales | 19 | 20 | ' |
Service and other revenues | 18 | 20 | ' |
Total revenues | 1,178 | 1,100 | ' |
Depreciation and amortization expense | 277 | 266 | ' |
Equipment rentals gross profit | 379 | 321 | ' |
Assets | 11,247 | ' | 11,231 |
Operating Segments | ' | ' | ' |
Segment Reporting Information | ' | ' | ' |
Equipment rentals | 1,005 | 916 | ' |
Sales of rental equipment | 110 | 123 | ' |
Sales of new equipment | 26 | 21 | ' |
Contractor supplies sales | 19 | 20 | ' |
Service and other revenues | 18 | 20 | ' |
Total revenues | 1,178 | 1,100 | ' |
Depreciation and amortization expense | 277 | 266 | ' |
Equipment rentals gross profit | 379 | 321 | ' |
Capital expenditures | 351 | 303 | ' |
Assets | 11,247 | ' | 11,231 |
Operating Segments | General rentals | ' | ' | ' |
Segment Reporting Information | ' | ' | ' |
Number of geographic regions entity operates in (in locations) | 12 | ' | ' |
Equipment rentals | 924 | 854 | ' |
Sales of rental equipment | 106 | 119 | ' |
Sales of new equipment | 24 | 20 | ' |
Contractor supplies sales | 17 | 18 | ' |
Service and other revenues | 17 | 19 | ' |
Total revenues | 1,088 | 1,030 | ' |
Depreciation and amortization expense | 259 | 252 | ' |
Equipment rentals gross profit | 344 | 295 | ' |
Capital expenditures | 331 | 288 | ' |
Assets | 10,696 | ' | 10,677 |
Operating Segments | Trench safety, power and HVAC | ' | ' | ' |
Segment Reporting Information | ' | ' | ' |
Equipment rentals | 81 | 62 | ' |
Sales of rental equipment | 4 | 4 | ' |
Sales of new equipment | 2 | 1 | ' |
Contractor supplies sales | 2 | 2 | ' |
Service and other revenues | 1 | 1 | ' |
Total revenues | 90 | 70 | ' |
Depreciation and amortization expense | 18 | 14 | ' |
Equipment rentals gross profit | 35 | 26 | ' |
Capital expenditures | 20 | 15 | ' |
Assets | $551 | ' | $554 |
Segment_Information_Reconcilia
Segment Information (Reconciliation to income (loss) from continuing operations) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Segment Reporting, Measurement Disclosures [Abstract] | ' | ' | |
Total equipment rentals gross profit | $379 | $321 | |
Gross profit from other lines of business | 69 | 64 | |
Selling, general and administrative expenses | -168 | -160 | |
Merger related costs | -1 | -6 | |
Restructuring charge | -1 | [1] | -6 |
Non-rental depreciation and amortization | -60 | -64 | |
Interest expense, net | -125 | -118 | |
Interest expense- subordinated convertible debentures | 0 | -2 | |
Other income, net | 1 | 1 | |
Income before provision for income taxes | $94 | $30 | |
[1] | Reflected in our condensed consolidated statements of income as “Restructuring charge.†These charges are not allocated to our reportable segments. |
Restructuring_Charges_Narrativ
Restructuring Charges (Narrative) (Details) | Dec. 31, 2011 | Dec. 31, 2007 | Mar. 31, 2014 |
Closed Restructuring Program | Closed Restructuring Program | RSC Merger Related Restructuring Program | |
employees | Locations | Locations | |
Locations | employees | employees | |
Restructuring Cost and Reserve | ' | ' | ' |
Employee headcount | 7,500 | 10,900 | 11,800 |
Number of locations | 529 | 697 | 839 |
Restructuring_Charges_Schedule
Restructuring Charges (Schedule of restructuring charges) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Restructuring Reserve [Roll Forward] | ' | ' | |
Beginning reserve balance | $35 | ' | |
Charged to Costs and Expenses | 1 | [1] | 6 |
Payments and Other | -5 | ' | |
Ending reserve balance | 31 | ' | |
Branch closure charges | ' | ' | |
Restructuring Reserve [Roll Forward] | ' | ' | |
Beginning reserve balance | 33 | ' | |
Charged to Costs and Expenses | 1 | [1] | ' |
Payments and Other | -4 | ' | |
Ending reserve balance | 30 | ' | |
Severance costs | ' | ' | |
Restructuring Reserve [Roll Forward] | ' | ' | |
Beginning reserve balance | 2 | ' | |
Charged to Costs and Expenses | 0 | [1] | ' |
Payments and Other | -1 | ' | |
Ending reserve balance | 1 | ' | |
Closed Restructuring Program | ' | ' | |
Restructuring Reserve [Roll Forward] | ' | ' | |
Beginning reserve balance | 13 | ' | |
Charged to Costs and Expenses | 0 | [1] | ' |
Payments and Other | -1 | ' | |
Ending reserve balance | 12 | ' | |
Closed Restructuring Program | Branch closure charges | ' | ' | |
Restructuring Reserve [Roll Forward] | ' | ' | |
Beginning reserve balance | 13 | ' | |
Charged to Costs and Expenses | 0 | [1] | ' |
Payments and Other | -1 | ' | |
Ending reserve balance | 12 | ' | |
Closed Restructuring Program | Severance costs | ' | ' | |
Restructuring Reserve [Roll Forward] | ' | ' | |
Beginning reserve balance | 0 | ' | |
Charged to Costs and Expenses | 0 | [1] | ' |
Payments and Other | 0 | ' | |
Ending reserve balance | 0 | ' | |
RSC Merger Related Restructuring Program | ' | ' | |
Restructuring Reserve [Roll Forward] | ' | ' | |
Beginning reserve balance | 22 | ' | |
Charged to Costs and Expenses | 1 | [1] | ' |
Payments and Other | -4 | ' | |
Ending reserve balance | 19 | ' | |
RSC Merger Related Restructuring Program | Branch closure charges | ' | ' | |
Restructuring Reserve [Roll Forward] | ' | ' | |
Beginning reserve balance | 20 | ' | |
Charged to Costs and Expenses | 1 | [1] | ' |
Payments and Other | -3 | ' | |
Ending reserve balance | 18 | ' | |
RSC Merger Related Restructuring Program | Severance costs | ' | ' | |
Restructuring Reserve [Roll Forward] | ' | ' | |
Beginning reserve balance | 2 | ' | |
Charged to Costs and Expenses | 0 | [1] | ' |
Payments and Other | -1 | ' | |
Ending reserve balance | $1 | ' | |
[1] | Reflected in our condensed consolidated statements of income as “Restructuring charge.†These charges are not allocated to our reportable segments. |
Derivatives_Narrative_Details
Derivatives (Narrative) (Details) (Fixed price swap contracts, USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Derivative [Line Items] | ' | ' |
Fixed price swap contract (in gallons) | 6,400,000 | ' |
Prepaid Expenses and Other Assets | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative asset (Less than $1 as of March 31, 2014 and December 31, 2013) | $1,000,000 | $1,000,000 |
Accrued Expenses and Other Liabilities | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative liability (Less than $1 as of March 31, 2014 and December 31, 2013) | 1,000,000 | 1,000,000 |
Accumulated Other Comprehensive Income (Loss) | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative accumulated other comprehensive income (Less than $1 as of March 31, 2014 and December 31, 2013) | $1,000,000 | $1,000,000 |
Derivatives_Effect_of_derivati
Derivatives (Effect of derivatives on consolidated statements of income) (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Threshold for inclusion (less than $1 million) | $1,000,000 | $1,000,000 | ||
Fixed price swap contracts | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Purchases of diesel covered by the fixed price swaps (in gallons) | 2,600,000 | 2,200,000 | ||
Fixed price swap contracts | Designated as hedging instruments | Cost of equipment rentals, excluding depreciation | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of income (expense) recognized on hedged item | -10,000,000 | [1],[2] | -9,000,000 | [1],[2] |
Foreign currency forward contracts | Designated as hedging instruments | Cost of equipment rentals, excluding depreciation | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of income (expense) recognized on derivative | ' | [1],[2] | ' | [1],[2] |
Foreign currency forward contracts | Designated as hedging instruments | Other income (expense), net | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of income (expense) recognized on derivative | ' | [3] | ' | [3] |
Foreign currency forward contracts | Not designated as hedging instruments | Other income (expense), net | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of income (expense) recognized on derivative | 0 | [4] | -2,000,000 | [4] |
Amount of income (expense) recognized on hedged item | $0 | [4] | $2,000,000 | [4] |
[1] | Amounts recognized on derivative represent the effective portion of the fixed price diesel swaps. | |||
[2] | Amounts recognized on hedged item reflect the use of 2.6 million and 2.2 million gallons of diesel covered by the fixed price swaps during the three months ended March 31, 2014 and 2013, respectively. These amounts are reflected, net of cash received from the counterparties to the fixed price swaps, in operating cash flows in our condensed consolidated statement of cash flows. | |||
[3] | Represents the ineffective portion of the fixed price diesel swaps. | |||
[4] | Insignificant amounts were reflected in our condensed consolidated statement of cash flows associated with the forward contracts to purchase Canadian dollars, as the cash impact of the gains/losses recognized on the derivatives were offset by the gains/losses recognized on the hedged items. |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (Fixed price swap contracts, USD $) | 3 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
gal | Prepaid Expenses and Other Assets | Prepaid Expenses and Other Assets | Accrued Expenses and Other Liabilities | Accrued Expenses and Other Liabilities | |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Derivative asset (Less than $1 as of March 31, 2014 and December 31, 2013) | ' | $1,000,000 | $1,000,000 | ' | ' |
Derivative liability (Less than $1 as of March 31, 2014 and December 31, 2013) | ' | ' | ' | $1,000,000 | $1,000,000 |
Fixed price swap contract (in gallons) | 6,400,000 | ' | ' | ' | ' |
Average contract price (in dollars per gallon) | 3.89 | ' | ' | ' | ' |
Average forward price (in dollars per gallon) | 3.88 | ' | ' | ' | ' |
Fair_Value_Measurements_Fair_v
Fair Value Measurements (Fair value of financial instruments) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Level 2: | ' | ' | ||
Stated interest rate | 4.00% | ' | ||
Level 1 | Carrying Amount | ' | ' | ||
Level 1: | ' | ' | ||
Senior and senior subordinated notes | $6,563 | $5,381 | ||
Level 1 | Fair Value | ' | ' | ||
Level 1: | ' | ' | ||
Senior and senior subordinated notes | 7,051 | 5,848 | ||
Level 2 | Carrying Amount | ' | ' | ||
Level 2: | ' | ' | ||
4 percent Convertible Senior Notes | 89 | [1] | 136 | [1] |
Level 2 | Fair Value | ' | ' | ||
Level 2: | ' | ' | ||
4 percent Convertible Senior Notes | 96 | [1] | 149 | [1] |
Convertible subordinated notes—4 percent | ' | ' | ||
Level 2: | ' | ' | ||
Stated interest rate | 4.00% | ' | ||
Effective interest rate | 6.60% | ' | ||
Debt instrument, convertible if converted value | $857 | ' | ||
[1] | The fair value of the 4 percent Convertible Senior Notes is based on the market value of comparable notes. Consistent with the carrying amount, the fair value excludes the equity component of the notes. To exclude the equity component and calculate the fair value, we used an effective interest rate of 6.6 percent. As discussed below (see Item 3- Quantitative and Qualitative Disclosures about Market Risk), the total cost to settle the notes based on the closing price of our common stock on March 31, 2014 would be $857. |
Debt_and_Subordinated_Converti2
Debt and Subordinated Convertible Debentures (Schedule of long-term debt instruments) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Nov. 30, 2009 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Apr. 16, 2014 | Apr. 16, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Apr. 16, 2014 | |||||||||||||||||
Accounts Receivable Securitization Facility | $2.3 billion ABL Facility | 5 3/4 percent Senior Secured Notes | 10 1/4 percent Senior Notes | 10 1/4 percent Senior Notes | 9 1/4 percent Senior Notes | 7 3/8 percent Senior Notes | 8 3/8 percent Senior Subordinated Notes | 8 1/4 percent Senior Notes | 7 5/8 percent Senior Notes | 6 1/8 percent Senior Notes | Add-on to 6 1/8 percent Senior Notes | 5 3/4 percent Senior Notes | Convertible subordinated notes—4 percent | Convertible subordinated notes—4 percent | Subsidiaries | Subsidiaries | Subsidiaries | Subsidiaries | Subsidiaries | Subsidiaries | Subsidiaries | Subsidiaries | Subsidiaries | Subsidiaries | Subsidiaries | Subsidiaries | Subsidiaries | Subsidiaries | Subsidiaries | Subsidiaries | Subsidiaries | Subsidiaries | Subsidiaries | Subsidiaries | Subsidiaries | Subsidiaries | Subsidiaries | Subsidiaries | Subsidiaries | Subsidiaries | Parent Company | Parent Company | Parent Company | Parent Company | Subsequent Event | Subsequent Event | On or after May 15, 2019 | On or after May 15, 2022 | Interest Expense | Interest Expense | ||||||||||||||||||||
Accounts Receivable Securitization Facility | Accounts Receivable Securitization Facility | $2.3 billion ABL Facility | $2.3 billion ABL Facility | 5 3/4 percent Senior Secured Notes | 5 3/4 percent Senior Secured Notes | 10 1/4 percent Senior Notes | 10 1/4 percent Senior Notes | 9 1/4 percent Senior Notes | 9 1/4 percent Senior Notes | 7 3/8 percent Senior Notes | 7 3/8 percent Senior Notes | 8 3/8 percent Senior Subordinated Notes | 8 3/8 percent Senior Subordinated Notes | 8 1/4 percent Senior Notes | 8 1/4 percent Senior Notes | 7 5/8 percent Senior Notes | 7 5/8 percent Senior Notes | 6 1/8 percent Senior Notes | 6 1/8 percent Senior Notes | 5 3/4 percent Senior Notes | 5 3/4 percent Senior Notes | Capital leases | Capital leases | Total URNA and subsidiaries debt | Total URNA and subsidiaries debt | Convertible subordinated notes—4 percent | Convertible subordinated notes—4 percent | 9 1/4 percent Senior Notes | Convertible subordinated notes—4 percent | 5 3/4 percent Senior Notes | 5 3/4 percent Senior Notes | 10 1/4 percent Senior Notes | Subsequent Event | |||||||||||||||||||||||||||||||||||||
9 1/4 percent Senior Notes | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Total debt | $7,039,000,000 | ' | $7,173,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $140,000,000 | [1] | $430,000,000 | [1] | $135,000,000 | [2] | $1,106,000,000 | [2] | $750,000,000 | $750,000,000 | $0 | [3] | $220,000,000 | [3] | $494,000,000 | [4] | $494,000,000 | [4] | $750,000,000 | $750,000,000 | $750,000,000 | $750,000,000 | $691,000,000 | $692,000,000 | $1,325,000,000 | $1,325,000,000 | $953,000,000 | [5] | $400,000,000 | [5] | $850,000,000 | [6] | $0 | [6] | $112,000,000 | $120,000,000 | $6,950,000,000 | $7,037,000,000 | ' | ' | $89,000,000 | [7] | $136,000,000 | [7] | ' | ' | ' | ' | ' | ' | ||
Less short-term portion | -265,000,000 | [8] | ' | -604,000,000 | [8] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -89,000,000 | -136,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Total long-term debt | 6,774,000,000 | ' | 6,569,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Stated interest rate | 4.00% | ' | ' | ' | ' | 5.75% | 10.25% | ' | 9.25% | 7.38% | 8.38% | 8.25% | 7.63% | 6.13% | ' | 5.75% | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Unused borrowing capacity under facility | ' | ' | ' | 313,000,000 | 2,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Interest rate at end of period | ' | ' | ' | 0.80% | 3.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Average outstanding amount under facility | ' | ' | ' | 331,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Weighted average interest rate | ' | ' | ' | 0.80% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
A/R Securitization maximum month-end outstanding amount | ' | ' | ' | 427,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Collateral amount | ' | ' | ' | 453,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Letters of credit outstanding | ' | ' | ' | ' | 52,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Average outstanding amount | ' | ' | ' | ' | 873,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
ABL Facility maximum month-end outstanding amount | ' | ' | ' | ' | 1,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Debt redemption, call premium amount | ' | ' | ' | ' | ' | ' | ' | 26,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,000,000 | ' | ' | ' | ' | ' | ||||||||||||||||
Face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 925,000,000 | 525,000,000 | 850,000,000 | 100,000,000 | 173,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Unamortized premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Effective interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.70% | ' | ' | 6.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Proceeds from debt | 2,398,000,000 | 631,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 546,000,000 | 837,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Debt redemption price, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102.88% | 100.00% | ' | ' | ||||||||||||||||
Unamortized discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Extinguishment of debt, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ||||||||||||||||
Gain (loss) on extinguishment of debt securities | ($11,000,000) | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($5,000,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($6,000,000) | ($65,000,000) | ||||||||||||||||
Convertible, conversion price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11.11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
[1] | At March 31, 2014, $313 was available under our accounts receivable securitization facility. The interest rate applicable to the accounts receivable securitization facility was 0.8 percent at March 31, 2014. During the three months ended March 31, 2014, the monthly average amount outstanding under the accounts receivable securitization facility was $331, and the weighted-average interest rate thereon was 0.8 percent. The maximum month-end amount outstanding under the accounts receivable securitization facility during the three months ended March 31, 2014 was $427. Borrowings under the accounts receivable securitization facility are permitted only to the extent that the face amount of the receivables in the collateral pool, net of applicable reserves, exceeds the outstanding loans. As of March 31, 2014, there were $453 of receivables, net of applicable reserves, in the collateral pool. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | At March 31, 2014, $2.1 billion was available under our ABL facility, net of $52 of letters of credit. The interest rate applicable to the ABL facility was 3.4 percent at March 31, 2014. During the three months ended March 31, 2014, the monthly average amount outstanding under the ABL facility was $873, and the weighted-average interest rate thereon was 2.5 percent. The maximum month-end amount outstanding under the ABL facility during the three months ended March 31, 2014 was $1.3 billion. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | In January 2014, we redeemed all of our 10Â 1/4Â percent Senior Notes. We paid a call premium of $26 in connection with the redemption, and recognized a loss of approximately $6 in interest expense, net upon redemption. The loss represented the difference between the net carrying amount and the total purchase price of the notes. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | As discussed in note 10 to the condensed consolidated financial statements, in March 2014, we announced that we were acquiring assets of the following four entities: National Pump & Compressor, Ltd., Canadian Pump and Compressor Ltd., GulfCo Industrial Equipment, LP and LD Services, LLC (collectively “National Pumpâ€). Using proceeds from debt issued contemporaneous with the National Pump acquisition, as discussed below, and cash on hand, we redeemed all the outstanding 9 1/4 percent Senior Notes in April 2014. We paid a call premium of approximately $52 in connection with the redemption and recognized a loss of approximately $65 in interest expense upon redemption. The loss represented the difference between the net carrying amount and the total purchase price of the notes. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Contemporaneous with the National Pump acquisition described in note 10 to the condensed consolidated financial statements, in March 2014, URNA issued $525 principal amount of 6 1/8 percent Senior Notes as an add on to our existing 6 1/8 percent Senior Notes. The net proceeds from the issuance were $546 (after deducting offering expenses). The newly issued notes have identical terms, and are fungible, with the 6 1/8 percent Senior Notes outstanding at December 31, 2013. The difference between the carrying value of the 6 1/8 percent Senior Notes and the $925 principal amount relates to the $28 unamortized portion of the original issue premium recognized in conjunction with the March 2014 issuance, which is being amortized through the maturity date in 2023. The effective interest rate on the 6 1/8 percent Senior Notes is 5.7 percent. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | In connection with the National Pump acquisition described in note 10 to the condensed consolidated financial statements, in March 2014, URNA issued $850 principal amount of 5 3/4 percent Senior Notes which are due November 15, 2024. The net proceeds from the issuance were $837 (after deducting offering expenses). The net proceeds were used to finance in part the cash purchase price of the National Pump acquisition which closed in April 2014. The 5 3/4 percent Senior Notes are unsecured and are guaranteed by Holdings and, subject to limited exceptions, URNA's domestic subsidiaries. The 5 3/4 percent Senior Notes may be redeemed on or after May 15, 2019, at specified redemption prices that range from 102.875 percent in the 12-month period commencing on May 15, 2019, to 100 percent in the 12-month period commencing on May 15, 2022 and thereafter, plus accrued and unpaid interest. The indenture governing the 5 3/4 percent Senior Notes contains certain restrictive covenants, including, among others, limitations on (1) liens; (2) additional indebtedness; (3) mergers, consolidations and acquisitions; (4) sales, transfers and other dispositions of assets; (5) loans and other investments; (6) dividends and other distributions, stock repurchases and redemptions and other restricted payments; (7) restrictions affecting subsidiaries; (8) transactions with affiliates; and (9) designations of unrestricted subsidiaries, as well as a requirement to timely file periodic reports with the SEC. Each of these covenants is subject to important exceptions and qualifications that would allow URI to engage in these activities under certain conditions. The indenture also requires that, in the event of a change of control (as defined in the indenture), URI must make an offer to purchase all of the then-outstanding 5 3/4 percent Senior Notes tendered at a purchase price in cash equal to 101 percent of the principal amount thereof, plus accrued and unpaid interest, if any, thereon. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | The difference between the March 31, 2014 carrying value of the 4 percent Convertible Senior Notes and the $100 principal amount reflects the $11 unamortized portion of the original issue discount recognized upon issuance of the notes, which is being amortized through the maturity date of November 15, 2015. Because the 4 percent Convertible Senior Notes were redeemable at March 31, 2014, an amount equal to the $11 unamortized portion of the original issue discount is separately classified in our condensed consolidated balance sheets and referred to as “temporary equity.†During the three months ended March 31, 2014, $56 of our 4 percent Convertible Notes were redeemed. We recognized a loss of approximately $5 in interest expense, net upon redemption. The loss represented the difference between the net carrying amount and the fair value of the debt component of the notes. Based on the price of our common stock during the first quarter of 2014, holders of the 4 percent Convertible Senior Notes have the right to redeem the notes during the second quarter of 2014 at a conversion price of $11.11 per share of common stock. Since April 1, 2014 (the beginning of the second quarter), $4 of the 4 percent Convertible Senior Notes were redeemed. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | As of March 31, 2014, our short-term debt primarily reflects $140 of borrowings under our accounts receivable securitization facility and $89 of 4 percent Convertible Senior Notes. The 4 percent Convertible Senior Notes mature in November 2015, but are reflected as short-term debt because they are redeemable at March 31, 2014. |
Debt_and_Subordinated_Converti3
Debt and Subordinated Convertible Debentures (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended |
Share data in Millions, except Per Share data, unless otherwise specified | Nov. 30, 2009 | Mar. 31, 2014 |
Debt Instrument | ' | ' |
Stated interest rate | ' | 4.00% |
Convertible subordinated notes—4 percent | ' | ' |
Debt Instrument | ' | ' |
Face amount | $173,000,000 | $100,000,000 |
Stated interest rate | ' | 4.00% |
Hedge transactions cost | 26,000,000 | ' |
Hedge transactions cost decreased APIC | 17,000,000 | ' |
Convertible note hedge transactions shares (in shares) | ' | 8.7 |
Effective conversion price (in dollars per share) | ' | $15.56 |
Percentage premium over price at issuance | ' | 75.00% |
Closing price at issuance (in dollars per share) | ' | $8.89 |
ABL Facility | ' | ' |
Debt Instrument | ' | ' |
Maximum revolving credit amount percentage | ' | 10.00% |
Debt terms reference amount to maximum revolving credit | ' | $150,000,000 |
Minimum | Convertible subordinated notes—4 percent | ' | ' |
Debt Instrument | ' | ' |
Market price per share (in dollars per share) | ' | $90 |
Convertible equity shares (in shares) | ' | 7.5 |
Maximum | Convertible subordinated notes—4 percent | ' | ' |
Debt Instrument | ' | ' |
Market price per share (in dollars per share) | ' | $95 |
Convertible equity shares (in shares) | ' | 7.6 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Antidilutive securities excluded (in shares) | ' | 1,200,000 |
Stated interest rate | 4.00% | ' |
Numerator: | ' | ' |
Net income available to common stockholders | $60 | $21 |
Denominator: | ' | ' |
Denominator for basic earnings per share—weighted-average common shares (in shares) | 95,225,000 | 93,310,000 |
Effect of dilutive securities: | ' | ' |
Employee stock options and warrants (in shares) | 435,000 | 619,000 |
Convertible subordinated notes—4 percent (in shares) | 10,224,000 | 11,866,000 |
Restricted stock units (in shares) | 540,000 | 585,000 |
Denominator for diluted earnings per share—adjusted weighted-average common shares (in shares) | 106,424,000 | 106,380,000 |
Basic earnings per share (in dollars per share) | $0.63 | $0.22 |
Diluted earnings per share (in dollars per share) | $0.56 | $0.19 |
Convertible subordinated notes—4 percent | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Stated interest rate | 4.00% | ' |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information of Guarantor Subsidiaries CONDENSED CONSOLIDATING BALANCE SHEET (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||||
Condensed Financial Information Other Details [Abstract] | ' | ' | ' | ' | ||
Stated interest rate | 4.00% | ' | ' | ' | ||
ASSETS | ' | ' | ' | ' | ||
Cash and cash equivalents | $227 | $175 | $147 | $106 | ||
Accounts receivable, net | 752 | 804 | ' | ' | ||
Intercompany receivable (payable) | 0 | 0 | ' | ' | ||
Inventory | 102 | 70 | ' | ' | ||
Prepaid expenses and other assets | 59 | 53 | ' | ' | ||
Deferred taxes | 260 | 260 | ' | ' | ||
Total current assets | 1,400 | 1,362 | ' | ' | ||
Rental equipment, net | 5,406 | 5,374 | ' | ' | ||
Property and equipment, net | 408 | 421 | ' | ' | ||
Investments in subsidiaries | 0 | 0 | ' | ' | ||
Goodwill, net | 2,944 | 2,953 | ' | ' | ||
Other intangible assets, net | 972 | 1,018 | ' | ' | ||
Other long-term assets | 117 | 103 | ' | ' | ||
Total assets | 11,247 | 11,231 | ' | ' | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ' | ' | ' | ' | ||
Short-term debt and current maturities of long-term debt | 265 | [1] | 604 | [1] | ' | ' |
Accounts payable | 454 | 292 | ' | ' | ||
Accrued expenses and other liabilities | 382 | 390 | ' | ' | ||
Total current liabilities | 1,101 | 1,286 | ' | ' | ||
Long-term debt | 6,774 | 6,569 | ' | ' | ||
Deferred taxes | 1,481 | 1,459 | ' | ' | ||
Other long-term liabilities | 67 | 69 | ' | ' | ||
Total liabilities | 9,423 | 9,383 | ' | ' | ||
Temporary equity | 11 | 20 | ' | ' | ||
Total stockholders’ equity (deficit) | 1,813 | 1,828 | ' | ' | ||
Total liabilities and stockholders’ equity | 11,247 | 11,231 | ' | ' | ||
Parent | ' | ' | ' | ' | ||
ASSETS | ' | ' | ' | ' | ||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ' | ' | ||
Intercompany receivable (payable) | 261 | 308 | ' | ' | ||
Inventory | 0 | 0 | ' | ' | ||
Prepaid expenses and other assets | 0 | 0 | ' | ' | ||
Deferred taxes | 0 | 0 | ' | ' | ||
Total current assets | 261 | 308 | ' | ' | ||
Rental equipment, net | 0 | 0 | ' | ' | ||
Property and equipment, net | 46 | 48 | ' | ' | ||
Investments in subsidiaries | 1,629 | 1,648 | ' | ' | ||
Goodwill, net | 0 | 0 | ' | ' | ||
Other intangible assets, net | 0 | 0 | ' | ' | ||
Other long-term assets | 1 | 2 | ' | ' | ||
Total assets | 1,937 | 2,006 | ' | ' | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ' | ' | ' | ' | ||
Short-term debt and current maturities of long-term debt | 89 | 136 | ' | ' | ||
Accounts payable | 0 | 0 | ' | ' | ||
Accrued expenses and other liabilities | 2 | 1 | ' | ' | ||
Total current liabilities | 91 | 137 | ' | ' | ||
Long-term debt | 0 | 0 | ' | ' | ||
Deferred taxes | 22 | 21 | ' | ' | ||
Other long-term liabilities | 0 | 0 | ' | ' | ||
Total liabilities | 113 | 158 | ' | ' | ||
Temporary equity | 11 | 20 | ' | ' | ||
Total stockholders’ equity (deficit) | 1,813 | 1,828 | ' | ' | ||
Total liabilities and stockholders’ equity | 1,937 | 2,006 | ' | ' | ||
URNA | ' | ' | ' | ' | ||
Condensed Financial Information Other Details [Abstract] | ' | ' | ' | ' | ||
Ownership percentage in subsidiaries | 100.00% | ' | ' | ' | ||
ASSETS | ' | ' | ' | ' | ||
Cash and cash equivalents | 23 | 17 | 24 | 20 | ||
Accounts receivable, net | 37 | 36 | ' | ' | ||
Intercompany receivable (payable) | -199 | -257 | ' | ' | ||
Inventory | 92 | 62 | ' | ' | ||
Prepaid expenses and other assets | 48 | 42 | ' | ' | ||
Deferred taxes | 258 | 258 | ' | ' | ||
Total current assets | 259 | 158 | ' | ' | ||
Rental equipment, net | 4,838 | 4,768 | ' | ' | ||
Property and equipment, net | 302 | 313 | ' | ' | ||
Investments in subsidiaries | 1,372 | 1,132 | ' | ' | ||
Goodwill, net | 2,708 | 2,708 | ' | ' | ||
Other intangible assets, net | 892 | 931 | ' | ' | ||
Other long-term assets | 116 | 100 | ' | ' | ||
Total assets | 10,487 | 10,110 | ' | ' | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ' | ' | ' | ' | ||
Short-term debt and current maturities of long-term debt | 36 | 38 | ' | ' | ||
Accounts payable | 413 | 254 | ' | ' | ||
Accrued expenses and other liabilities | 329 | 327 | ' | ' | ||
Total current liabilities | 778 | 619 | ' | ' | ||
Long-term debt | 6,632 | 6,421 | ' | ' | ||
Deferred taxes | 1,381 | 1,357 | ' | ' | ||
Other long-term liabilities | 67 | 65 | ' | ' | ||
Total liabilities | 8,858 | 8,462 | ' | ' | ||
Temporary equity | 0 | 0 | ' | ' | ||
Total stockholders’ equity (deficit) | 1,629 | 1,648 | ' | ' | ||
Total liabilities and stockholders’ equity | 10,487 | 10,110 | ' | ' | ||
Guarantor Subsidiaries | ' | ' | ' | ' | ||
Condensed Financial Information Other Details [Abstract] | ' | ' | ' | ' | ||
Ownership percentage in subsidiaries | 100.00% | ' | ' | ' | ||
ASSETS | ' | ' | ' | ' | ||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ' | ' | ||
Intercompany receivable (payable) | -55 | -51 | ' | ' | ||
Inventory | 0 | 0 | ' | ' | ||
Prepaid expenses and other assets | 2 | 1 | ' | ' | ||
Deferred taxes | 0 | 0 | ' | ' | ||
Total current assets | -53 | -50 | ' | ' | ||
Rental equipment, net | 0 | 0 | ' | ' | ||
Property and equipment, net | 20 | 20 | ' | ' | ||
Investments in subsidiaries | 984 | 997 | ' | ' | ||
Goodwill, net | 0 | 0 | ' | ' | ||
Other intangible assets, net | 0 | 0 | ' | ' | ||
Other long-term assets | 0 | 0 | ' | ' | ||
Total assets | 951 | 967 | ' | ' | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ' | ' | ' | ' | ||
Short-term debt and current maturities of long-term debt | 0 | 0 | ' | ' | ||
Accounts payable | 0 | 0 | ' | ' | ||
Accrued expenses and other liabilities | 21 | 25 | ' | ' | ||
Total current liabilities | 21 | 25 | ' | ' | ||
Long-term debt | 135 | 140 | ' | ' | ||
Deferred taxes | 0 | 0 | ' | ' | ||
Other long-term liabilities | 0 | 0 | ' | ' | ||
Total liabilities | 156 | 165 | ' | ' | ||
Temporary equity | 0 | 0 | ' | ' | ||
Total stockholders’ equity (deficit) | 795 | 802 | ' | ' | ||
Total liabilities and stockholders’ equity | 951 | 967 | ' | ' | ||
Non Guarantor Subsidiaries Foreign | ' | ' | ' | ' | ||
ASSETS | ' | ' | ' | ' | ||
Cash and cash equivalents | 204 | 158 | 123 | 86 | ||
Accounts receivable, net | 126 | 140 | ' | ' | ||
Intercompany receivable (payable) | -135 | -132 | ' | ' | ||
Inventory | 10 | 8 | ' | ' | ||
Prepaid expenses and other assets | 9 | 10 | ' | ' | ||
Deferred taxes | 2 | 2 | ' | ' | ||
Total current assets | 216 | 186 | ' | ' | ||
Rental equipment, net | 568 | 606 | ' | ' | ||
Property and equipment, net | 40 | 40 | ' | ' | ||
Investments in subsidiaries | 0 | 0 | ' | ' | ||
Goodwill, net | 236 | 245 | ' | ' | ||
Other intangible assets, net | 80 | 87 | ' | ' | ||
Other long-term assets | 0 | 0 | ' | ' | ||
Total assets | 1,140 | 1,164 | ' | ' | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ' | ' | ' | ' | ||
Short-term debt and current maturities of long-term debt | 0 | 0 | ' | ' | ||
Accounts payable | 41 | 38 | ' | ' | ||
Accrued expenses and other liabilities | 30 | 36 | ' | ' | ||
Total current liabilities | 71 | 74 | ' | ' | ||
Long-term debt | 7 | 8 | ' | ' | ||
Deferred taxes | 78 | 81 | ' | ' | ||
Other long-term liabilities | 0 | 4 | ' | ' | ||
Total liabilities | 156 | 167 | ' | ' | ||
Temporary equity | 0 | 0 | ' | ' | ||
Total stockholders’ equity (deficit) | 984 | 997 | ' | ' | ||
Total liabilities and stockholders’ equity | 1,140 | 1,164 | ' | ' | ||
Non Guarantor Subsidiaries SPV | ' | ' | ' | ' | ||
ASSETS | ' | ' | ' | ' | ||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Accounts receivable, net | 589 | 628 | ' | ' | ||
Intercompany receivable (payable) | 0 | 0 | ' | ' | ||
Inventory | 0 | 0 | ' | ' | ||
Prepaid expenses and other assets | 0 | 0 | ' | ' | ||
Deferred taxes | 0 | 0 | ' | ' | ||
Total current assets | 589 | 628 | ' | ' | ||
Rental equipment, net | 0 | 0 | ' | ' | ||
Property and equipment, net | 0 | 0 | ' | ' | ||
Investments in subsidiaries | 0 | 0 | ' | ' | ||
Goodwill, net | 0 | 0 | ' | ' | ||
Other intangible assets, net | 0 | 0 | ' | ' | ||
Other long-term assets | 0 | 1 | ' | ' | ||
Total assets | 589 | 629 | ' | ' | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ' | ' | ' | ' | ||
Short-term debt and current maturities of long-term debt | 140 | 430 | ' | ' | ||
Accounts payable | 0 | 0 | ' | ' | ||
Accrued expenses and other liabilities | 0 | 1 | ' | ' | ||
Total current liabilities | 140 | 431 | ' | ' | ||
Long-term debt | 0 | 0 | ' | ' | ||
Deferred taxes | 0 | 0 | ' | ' | ||
Other long-term liabilities | 0 | 0 | ' | ' | ||
Total liabilities | 140 | 431 | ' | ' | ||
Temporary equity | 0 | 0 | ' | ' | ||
Total stockholders’ equity (deficit) | 449 | 198 | ' | ' | ||
Total liabilities and stockholders’ equity | 589 | 629 | ' | ' | ||
Eliminations | ' | ' | ' | ' | ||
ASSETS | ' | ' | ' | ' | ||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ' | ' | ||
Intercompany receivable (payable) | 128 | 132 | ' | ' | ||
Inventory | 0 | 0 | ' | ' | ||
Prepaid expenses and other assets | 0 | 0 | ' | ' | ||
Deferred taxes | 0 | 0 | ' | ' | ||
Total current assets | 128 | 132 | ' | ' | ||
Rental equipment, net | 0 | 0 | ' | ' | ||
Property and equipment, net | 0 | 0 | ' | ' | ||
Investments in subsidiaries | -3,985 | -3,777 | ' | ' | ||
Goodwill, net | 0 | 0 | ' | ' | ||
Other intangible assets, net | 0 | 0 | ' | ' | ||
Other long-term assets | 0 | 0 | ' | ' | ||
Total assets | -3,857 | -3,645 | ' | ' | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ' | ' | ' | ' | ||
Short-term debt and current maturities of long-term debt | 0 | 0 | ' | ' | ||
Accounts payable | 0 | 0 | ' | ' | ||
Accrued expenses and other liabilities | 0 | 0 | ' | ' | ||
Total current liabilities | 0 | 0 | ' | ' | ||
Long-term debt | 0 | 0 | ' | ' | ||
Deferred taxes | 0 | 0 | ' | ' | ||
Other long-term liabilities | 0 | 0 | ' | ' | ||
Total liabilities | 0 | 0 | ' | ' | ||
Temporary equity | 0 | 0 | ' | ' | ||
Total stockholders’ equity (deficit) | -3,857 | -3,645 | ' | ' | ||
Total liabilities and stockholders’ equity | -3,857 | -3,645 | ' | ' | ||
10 1/4 percent Senior Notes | ' | ' | ' | ' | ||
Condensed Financial Information Other Details [Abstract] | ' | ' | ' | ' | ||
Stated interest rate | 10.25% | ' | ' | ' | ||
8 1/4 percent Senior Notes | ' | ' | ' | ' | ||
Condensed Financial Information Other Details [Abstract] | ' | ' | ' | ' | ||
Stated interest rate | 8.25% | ' | ' | ' | ||
ABL Facility, Accounts Receivable Securitization Facility, and Other Agreements | URNA | ' | ' | ' | ' | ||
Condensed Financial Information Other Details [Abstract] | ' | ' | ' | ' | ||
Line of credit facility, restricted payment capacity | $448 | ' | ' | ' | ||
[1] | As of March 31, 2014, our short-term debt primarily reflects $140 of borrowings under our accounts receivable securitization facility and $89 of 4 percent Convertible Senior Notes. The 4 percent Convertible Senior Notes mature in November 2015, but are reflected as short-term debt because they are redeemable at March 31, 2014. |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information of Guarantor Subsidiaries CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Revenues: | ' | ' | ||
Equipment rentals | $1,005 | $916 | ||
Sales of rental equipment | 110 | 123 | ||
Sales of new equipment | 26 | 21 | ||
Contractor supplies sales | 19 | 20 | ||
Service and other revenues | 18 | 20 | ||
Total revenues | 1,178 | 1,100 | ||
Cost of revenues: | ' | ' | ||
Cost of equipment rentals, excluding depreciation | 409 | 393 | ||
Depreciation of rental equipment | 217 | 202 | ||
Cost of rental equipment sales | 65 | 83 | ||
Cost of new equipment sales | 20 | 17 | ||
Cost of contractor supplies sales | 13 | 13 | ||
Cost of service and other revenues | 6 | 7 | ||
Total cost of revenues | 730 | 715 | ||
Gross profit | 448 | 385 | ||
Selling, general and administrative expenses | 168 | 160 | ||
Merger related costs | 1 | 6 | ||
Restructuring charge | 1 | [1] | 6 | |
Non-rental depreciation and amortization | 60 | 64 | ||
Operating (loss) income | 218 | 149 | ||
Interest expense (income), net | 125 | 118 | ||
Interest expense-subordinated convertible debentures | 0 | 2 | ||
Other (income) expense, net | -1 | -1 | ||
(Loss) income before provision for income taxes | 94 | 30 | ||
Provision for income taxes | 34 | 9 | ||
Income (loss) before equity in net earnings (loss) of subsidiaries | 60 | 21 | ||
Equity in net earnings (loss) of subsidiaries | 0 | 0 | ||
Net income | 60 | 21 | ||
Other comprehensive income (loss) | -39 | -20 | ||
Comprehensive income | 21 | [2] | 1 | [2] |
Parent | ' | ' | ||
Revenues: | ' | ' | ||
Equipment rentals | 0 | 0 | ||
Sales of rental equipment | 0 | 0 | ||
Sales of new equipment | 0 | 0 | ||
Contractor supplies sales | 0 | 0 | ||
Service and other revenues | 0 | 0 | ||
Total revenues | 0 | 0 | ||
Cost of revenues: | ' | ' | ||
Cost of equipment rentals, excluding depreciation | 0 | 0 | ||
Depreciation of rental equipment | 0 | 0 | ||
Cost of rental equipment sales | 0 | 0 | ||
Cost of new equipment sales | 0 | 0 | ||
Cost of contractor supplies sales | 0 | 0 | ||
Cost of service and other revenues | 0 | 0 | ||
Total cost of revenues | 0 | 0 | ||
Gross profit | 0 | 0 | ||
Selling, general and administrative expenses | 25 | 19 | ||
Merger related costs | 0 | 0 | ||
Restructuring charge | 0 | 0 | ||
Non-rental depreciation and amortization | 4 | 4 | ||
Operating (loss) income | -29 | -23 | ||
Interest expense (income), net | 6 | 2 | ||
Interest expense-subordinated convertible debentures | ' | 2 | ||
Other (income) expense, net | -32 | -30 | ||
(Loss) income before provision for income taxes | -3 | 3 | ||
Provision for income taxes | 0 | 1 | ||
Income (loss) before equity in net earnings (loss) of subsidiaries | -3 | 2 | ||
Equity in net earnings (loss) of subsidiaries | 63 | 19 | ||
Net income | 60 | 21 | ||
Other comprehensive income (loss) | -39 | -20 | ||
Comprehensive income | 21 | 1 | ||
URNA | ' | ' | ||
Revenues: | ' | ' | ||
Equipment rentals | 872 | 781 | ||
Sales of rental equipment | 100 | 112 | ||
Sales of new equipment | 21 | 16 | ||
Contractor supplies sales | 15 | 16 | ||
Service and other revenues | 15 | 15 | ||
Total revenues | 1,023 | 940 | ||
Cost of revenues: | ' | ' | ||
Cost of equipment rentals, excluding depreciation | 354 | 333 | ||
Depreciation of rental equipment | 193 | 178 | ||
Cost of rental equipment sales | 60 | 76 | ||
Cost of new equipment sales | 16 | 13 | ||
Cost of contractor supplies sales | 10 | 10 | ||
Cost of service and other revenues | 5 | 6 | ||
Total cost of revenues | 638 | 616 | ||
Gross profit | 385 | 324 | ||
Selling, general and administrative expenses | 123 | 117 | ||
Merger related costs | 1 | 6 | ||
Restructuring charge | 1 | 6 | ||
Non-rental depreciation and amortization | 51 | 55 | ||
Operating (loss) income | 209 | 140 | ||
Interest expense (income), net | 118 | 114 | ||
Interest expense-subordinated convertible debentures | ' | 0 | ||
Other (income) expense, net | 46 | 45 | ||
(Loss) income before provision for income taxes | 45 | -19 | ||
Provision for income taxes | 18 | -7 | ||
Income (loss) before equity in net earnings (loss) of subsidiaries | 27 | -12 | ||
Equity in net earnings (loss) of subsidiaries | 36 | 31 | ||
Net income | 63 | 19 | ||
Other comprehensive income (loss) | -39 | -20 | ||
Comprehensive income | 24 | -1 | ||
Guarantor Subsidiaries | ' | ' | ||
Revenues: | ' | ' | ||
Equipment rentals | 0 | 0 | ||
Sales of rental equipment | 0 | 0 | ||
Sales of new equipment | 0 | 0 | ||
Contractor supplies sales | 0 | 0 | ||
Service and other revenues | 0 | 0 | ||
Total revenues | 0 | 0 | ||
Cost of revenues: | ' | ' | ||
Cost of equipment rentals, excluding depreciation | 0 | 0 | ||
Depreciation of rental equipment | 0 | 0 | ||
Cost of rental equipment sales | 0 | 0 | ||
Cost of new equipment sales | 0 | 0 | ||
Cost of contractor supplies sales | 0 | 0 | ||
Cost of service and other revenues | 0 | 0 | ||
Total cost of revenues | 0 | 0 | ||
Gross profit | 0 | 0 | ||
Selling, general and administrative expenses | 0 | 0 | ||
Merger related costs | 0 | 0 | ||
Restructuring charge | 0 | 0 | ||
Non-rental depreciation and amortization | 0 | 0 | ||
Operating (loss) income | 0 | 0 | ||
Interest expense (income), net | 1 | 1 | ||
Interest expense-subordinated convertible debentures | ' | 0 | ||
Other (income) expense, net | 2 | 0 | ||
(Loss) income before provision for income taxes | -3 | -1 | ||
Provision for income taxes | 0 | 0 | ||
Income (loss) before equity in net earnings (loss) of subsidiaries | -3 | -1 | ||
Equity in net earnings (loss) of subsidiaries | 25 | 21 | ||
Net income | 22 | 20 | ||
Other comprehensive income (loss) | -38 | -20 | ||
Comprehensive income | -16 | 0 | ||
Non Guarantor Subsidiaries Foreign | ' | ' | ||
Revenues: | ' | ' | ||
Equipment rentals | 133 | 135 | ||
Sales of rental equipment | 10 | 11 | ||
Sales of new equipment | 5 | 5 | ||
Contractor supplies sales | 4 | 4 | ||
Service and other revenues | 3 | 5 | ||
Total revenues | 155 | 160 | ||
Cost of revenues: | ' | ' | ||
Cost of equipment rentals, excluding depreciation | 55 | 60 | ||
Depreciation of rental equipment | 24 | 24 | ||
Cost of rental equipment sales | 5 | 7 | ||
Cost of new equipment sales | 4 | 4 | ||
Cost of contractor supplies sales | 3 | 3 | ||
Cost of service and other revenues | 1 | 1 | ||
Total cost of revenues | 92 | 99 | ||
Gross profit | 63 | 61 | ||
Selling, general and administrative expenses | 20 | 22 | ||
Merger related costs | 0 | 0 | ||
Restructuring charge | 0 | 0 | ||
Non-rental depreciation and amortization | 5 | 5 | ||
Operating (loss) income | 38 | 34 | ||
Interest expense (income), net | 1 | 1 | ||
Interest expense-subordinated convertible debentures | ' | 0 | ||
Other (income) expense, net | 3 | 3 | ||
(Loss) income before provision for income taxes | 34 | 30 | ||
Provision for income taxes | 9 | 9 | ||
Income (loss) before equity in net earnings (loss) of subsidiaries | 25 | 21 | ||
Equity in net earnings (loss) of subsidiaries | 0 | 0 | ||
Net income | 25 | 21 | ||
Other comprehensive income (loss) | -30 | -15 | ||
Comprehensive income | -5 | 6 | ||
Non Guarantor Subsidiaries SPV | ' | ' | ||
Revenues: | ' | ' | ||
Equipment rentals | 0 | 0 | ||
Sales of rental equipment | 0 | 0 | ||
Sales of new equipment | 0 | 0 | ||
Contractor supplies sales | 0 | 0 | ||
Service and other revenues | 0 | 0 | ||
Total revenues | 0 | 0 | ||
Cost of revenues: | ' | ' | ||
Cost of equipment rentals, excluding depreciation | 0 | 0 | ||
Depreciation of rental equipment | 0 | 0 | ||
Cost of rental equipment sales | 0 | 0 | ||
Cost of new equipment sales | 0 | 0 | ||
Cost of contractor supplies sales | 0 | 0 | ||
Cost of service and other revenues | 0 | 0 | ||
Total cost of revenues | 0 | 0 | ||
Gross profit | 0 | 0 | ||
Selling, general and administrative expenses | 0 | 2 | ||
Merger related costs | 0 | 0 | ||
Restructuring charge | 0 | 0 | ||
Non-rental depreciation and amortization | 0 | 0 | ||
Operating (loss) income | 0 | -2 | ||
Interest expense (income), net | 1 | 1 | ||
Interest expense-subordinated convertible debentures | ' | 0 | ||
Other (income) expense, net | -20 | -19 | ||
(Loss) income before provision for income taxes | 19 | 16 | ||
Provision for income taxes | 7 | 6 | ||
Income (loss) before equity in net earnings (loss) of subsidiaries | 12 | 10 | ||
Equity in net earnings (loss) of subsidiaries | 0 | 0 | ||
Net income | 12 | 10 | ||
Other comprehensive income (loss) | 0 | 0 | ||
Comprehensive income | 12 | 10 | ||
Eliminations | ' | ' | ||
Revenues: | ' | ' | ||
Equipment rentals | 0 | 0 | ||
Sales of rental equipment | 0 | 0 | ||
Sales of new equipment | 0 | 0 | ||
Contractor supplies sales | 0 | 0 | ||
Service and other revenues | 0 | 0 | ||
Total revenues | 0 | 0 | ||
Cost of revenues: | ' | ' | ||
Cost of equipment rentals, excluding depreciation | 0 | 0 | ||
Depreciation of rental equipment | 0 | 0 | ||
Cost of rental equipment sales | 0 | 0 | ||
Cost of new equipment sales | 0 | 0 | ||
Cost of contractor supplies sales | 0 | 0 | ||
Cost of service and other revenues | 0 | 0 | ||
Total cost of revenues | 0 | 0 | ||
Gross profit | 0 | 0 | ||
Selling, general and administrative expenses | 0 | 0 | ||
Merger related costs | 0 | 0 | ||
Restructuring charge | 0 | 0 | ||
Non-rental depreciation and amortization | 0 | 0 | ||
Operating (loss) income | 0 | 0 | ||
Interest expense (income), net | -2 | -1 | ||
Interest expense-subordinated convertible debentures | ' | 0 | ||
Other (income) expense, net | 0 | 0 | ||
(Loss) income before provision for income taxes | 2 | 1 | ||
Provision for income taxes | 0 | 0 | ||
Income (loss) before equity in net earnings (loss) of subsidiaries | 2 | 1 | ||
Equity in net earnings (loss) of subsidiaries | -124 | -71 | ||
Net income | -122 | -70 | ||
Other comprehensive income (loss) | 107 | 55 | ||
Comprehensive income | ($15) | ($15) | ||
[1] | Reflected in our condensed consolidated statements of income as “Restructuring charge.†These charges are not allocated to our reportable segments. | |||
[2] | There were no material reclassifications from accumulated other comprehensive income (loss) reflected in other comprehensive loss during 2014 or 2013. There is no tax impact related to the foreign currency translation adjustments, as the earnings are considered permanently reinvested. There were no material taxes associated with other comprehensive loss during 2014 or 2013. |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information of Guarantor Subsidiaries CONDENSED CONSOLIDATING CASH FLOW INFORMATION (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed Financial Statements, Captions | ' | ' |
Net cash provided by operating activities | $508 | $409 |
Net cash used in investing activities | -231 | -175 |
Net cash used in financing activities | -218 | -191 |
Effect of foreign exchange rates | -7 | -2 |
Net increase in cash and cash equivalents | 52 | 41 |
Cash and cash equivalents at beginning of period | 175 | 106 |
Cash and cash equivalents at end of period | 227 | 147 |
Parent | ' | ' |
Condensed Financial Statements, Captions | ' | ' |
Net cash provided by operating activities | 3 | 16 |
Net cash used in investing activities | -3 | -16 |
Net cash used in financing activities | 0 | 0 |
Effect of foreign exchange rates | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
URNA | ' | ' |
Condensed Financial Statements, Captions | ' | ' |
Net cash provided by operating activities | 390 | 295 |
Net cash used in investing activities | -219 | -148 |
Net cash used in financing activities | -165 | -143 |
Effect of foreign exchange rates | 0 | 0 |
Net increase in cash and cash equivalents | 6 | 4 |
Cash and cash equivalents at beginning of period | 17 | 20 |
Cash and cash equivalents at end of period | 23 | 24 |
Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions | ' | ' |
Net cash provided by operating activities | 1 | -1 |
Net cash used in investing activities | 0 | 0 |
Net cash used in financing activities | -1 | 1 |
Effect of foreign exchange rates | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Non Guarantor Subsidiaries Foreign | ' | ' |
Condensed Financial Statements, Captions | ' | ' |
Net cash provided by operating activities | 62 | 50 |
Net cash used in investing activities | -9 | -11 |
Net cash used in financing activities | 0 | 0 |
Effect of foreign exchange rates | -7 | -2 |
Net increase in cash and cash equivalents | 46 | 37 |
Cash and cash equivalents at beginning of period | 158 | 86 |
Cash and cash equivalents at end of period | 204 | 123 |
Non Guarantor Subsidiaries SPV | ' | ' |
Condensed Financial Statements, Captions | ' | ' |
Net cash provided by operating activities | 52 | 49 |
Net cash used in investing activities | 0 | 0 |
Net cash used in financing activities | -52 | -49 |
Effect of foreign exchange rates | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Eliminations | ' | ' |
Condensed Financial Statements, Captions | ' | ' |
Net cash provided by operating activities | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Net cash used in financing activities | 0 | 0 |
Effect of foreign exchange rates | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | $0 | $0 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Apr. 16, 2014 | Apr. 16, 2014 | Apr. 16, 2014 | Apr. 16, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 16, 2014 | Apr. 16, 2014 | |
National Pump | Western Canada | Adjusted EBITDA 12 Months Post-Closing | Adjusted EBITDA 18 Months Post-Closing | 6 1/8 percent Senior Notes | Add-on to 6 1/8 percent Senior Notes | 5 3/4 percent Senior Notes | 9 1/4 percent Senior Notes | 9 1/4 percent Senior Notes | Interest Expense | |||
Subsequent Event | National Pump | National Pump | National Pump | Subsequent Event | 9 1/4 percent Senior Notes | |||||||
Locations | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | ||||||||
Locations | ||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of rental locations | ' | ' | 35 | 4 | ' | ' | ' | ' | ' | ' | ' | ' |
Original equipment cost (OEC) | ' | ' | $215,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue reported by acquired entity for last annual period | ' | ' | 210,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business combination, consideration transferred | ' | ' | 780,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business combination, cash | ' | ' | 765,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business combination, stock | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum payout | ' | ' | ' | ' | 75,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' |
Trailing EBITDA period | ' | ' | ' | ' | '12 months | '12 months | ' | ' | ' | ' | ' | ' |
Adjusted EBITDA | ' | ' | ' | ' | 134,000,000 | 161,000,000 | ' | ' | ' | ' | ' | ' |
Post-closing period | ' | ' | ' | ' | '12 months | '18 months | ' | ' | ' | ' | ' | ' |
Face amount | ' | ' | ' | ' | ' | ' | 925,000,000 | 525,000,000 | 850,000,000 | ' | ' | ' |
Stated interest rate | 4.00% | ' | ' | ' | ' | ' | 6.13% | ' | 5.75% | 9.25% | ' | ' |
Debt redemption, call premium amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,000,000 | ' |
Gain (loss) on extinguishment of debt securities | ($11,000,000) | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($65,000,000) |