United Rentals North America 10-Q 22 Jul 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 20, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	UNITED RENTALS INC /DE
Entity Central Index Key	1,067,701
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		95,369,973

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Jun. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents		$ 200	$ 158
Accounts receivable, net of allowance for doubtful accounts of $45 at June 30, 2015 and $43 at December 31, 2014		894	940
Inventory		81	78
Prepaid expenses and other assets		74	122
Deferred taxes		187	248
Total current assets		1,436	1,546
Goodwill		3,253	3,272
Other intangible assets, net		1,000	1,106
Other long-term assets		95	97
Total assets		12,605	12,467
LIABILITIES AND STOCKHOLDERS’ EQUITY
Short-term debt and current maturities of long-term debt	[1]	590	618
Accounts payable		683	285
Accrued expenses and other liabilities		309	575
Total current liabilities		1,582	1,478
Long-term debt		7,820	7,434
Deferred taxes		1,696	1,692
Other long-term liabilities		55	65
Total liabilities		11,153	10,669
Temporary equity (note 7)		1	2
Common stock—$0.01 par value, 500,000,000 shares authorized, 110,963,906 and 95,368,939 shares issued and outstanding, respectively, at June 30, 2015 and 108,233,686 and 97,877,580 shares issued and outstanding, respectively, at December 31, 2014		1	1
Additional paid-in capital		2,165	2,168
Retained earnings		704	503
Treasury stock at cost—15,594,967 and 10,356,106 shares at June 30, 2015 and December 31, 2014, respectively		(1,273)	(802)
Accumulated other comprehensive loss		(146)	(74)
Total stockholders’ equity		1,451	1,796
Total liabilities and stockholders’ equity		12,605	12,467
Rental equipment, net
ASSETS
Property, plant and equipment, net		6,396	6,008
Property and equipment, net
ASSETS
Property, plant and equipment, net		$ 425	$ 438
[1]	As of June 30, 2015, our short-term debt primarily reflects $549 of borrowings under our accounts receivable securitization facility.

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 45	$ 43
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	110,963,906	108,233,686
Common stock, shares outstanding	95,368,939	97,877,580
Treasury stock, shares	15,594,967	10,356,106

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015		Jun. 30, 2014
Revenues:
Equipment rentals	$ 1,220	$ 1,179	$ 2,345		$ 2,184
Sales of rental equipment	124	138	240		248
Sales of new equipment	39	37	72		63
Contractor supplies sales	21	22	39		41
Service and other revenues	25	23	48		41
Total revenues	1,429	1,399	2,744		2,577
Cost of revenues:
Cost of equipment rentals, excluding depreciation	445	447	889		856
Depreciation of rental equipment	240	229	475		446
Cost of rental equipment sales	68	80	132		145
Cost of new equipment sales	33	31	60		51
Cost of contractor supplies sales	15	15	27		28
Cost of service and other revenues	10	8	19		14
Total cost of revenues	811	810	1,602		1,540
Gross profit	618	589	1,142		1,037
Selling, general and administrative expenses	175	187	356		355
Merger related costs	1	8	(26)		9
Restructuring charge	0	(1)	1	[1]	0
Non-rental depreciation and amortization	67	70	136		130
Operating income	375	325	675		543
Interest expense, net	232	187	353		312
Other income, net	(6)	(4)	(9)		(5)
Income before provision for income taxes	149	142	331		236
Provision for income taxes	63	48	130		82
Net income	$ 86	$ 94	$ 201		$ 154
Basic earnings per share (in dollars per share)	$ 0.89	$ 0.98	$ 2.07		$ 1.61
Diluted earnings per share (in dollars per share)	$ 0.88	$ 0.90	$ 2.04		$ 1.46
[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 COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income		$ 86	$ 94	$ 201	$ 154
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		16	35	(73)	(3)
Fixed price diesel swaps		1	1	1	0
Other comprehensive income (loss)		17	36	(72)	(3)
Comprehensive income	[1]	$ 103	$ 130	$ 129	$ 151
[1]	There were no material reclassifications from accumulated other comprehensive loss reflected in other comprehensive income (loss) during 2015 or 2014. 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 income (loss) during 2015 or 2014.

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED) - 6 months ended Jun. 30, 2015 - USD ($) shares in Millions, $ in Millions		Total	Common Stock		Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive (Loss) Income	[2]
Balance (in shares) at Dec. 31, 2014			98	[1]			10
Balance at Dec. 31, 2014		$ 1,796	$ 1		$ 2,168	$ 503	$ (802)	$ (74)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		201				201
Foreign currency translation adjustments		(73)						(73)
Fixed price diesel swaps		1						1
Stock compensation expense, net					25
Exercise of common stock options					1
4 percent Convertible Senior Notes (in shares)	[1],[3]		3
4 percent Convertible Senior Notes	[3]				1
Shares repurchased and retired					(30)
Repurchase of common stock (in shares)			(6)	[1]			6
Repurchase of common stock							$ (471)
Balance (in shares) at Jun. 30, 2015			95	[1]			16
Balance at Jun. 30, 2015		$ 1,451	$ 1		$ 2,165	$ 704	$ (1,273)	$ (146)
[1]	An aggregate of less than 5 million net shares were issued during the year ended December 31, 2014.
[2]	The Accumulated Other Comprehensive Loss balance primarily reflects foreign currency translation adjustments.
[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 six months ended June 30, 2015. See note 7 to our condensed consolidated financial statements for additional detail.

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED) (Footnotes) - shares shares in Millions	12 Months Ended
	Dec. 31, 2014
Shares issued during the year (less than 5 million shares)	5

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015		Jun. 30, 2014
Cash Flows From Operating Activities:
Net income	$ 201		$ 154
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	611		576
Amortization of deferred financing costs and original issue discounts	5		10
Gain on sales of rental equipment	(108)		(103)
Gain on sales of non-rental equipment	(4)		(4)
Stock compensation expense, net	25		31
Merger related costs	(26)		9
Restructuring charge	1	[1]	0
Loss on repurchase/redemption of debt securities and amendment of ABL facility	123		75
Increase in deferred taxes	70		57
Changes in operating assets and liabilities, net of amounts acquired:
Decrease in accounts receivable	37		8
Increase in inventory	(3)		(31)
Increase in prepaid expenses and other assets	(3)		(5)
Increase in accounts payable	401		315
Decrease in accrued expenses and other liabilities	(80)		(38)
Net cash provided by operating activities	1,250		1,054
Cash Flows From Investing Activities:
Purchases of rental equipment	(1,016)		(1,028)
Purchases of non-rental equipment	(50)		(52)
Proceeds from sales of rental equipment	240		248
Proceeds from sales of non-rental equipment	8		18
Purchases of other companies, net of cash acquired	(58)		(756)
Net cash used in investing activities	(876)		(1,570)
Cash Flows From Financing Activities:
Proceeds from debt	5,907		4,776
Payments of debt	(5,647)		(4,022)
Payment of contingent consideration	(52)		0
Proceeds from the exercise of common stock options	1		2
Common stock repurchased	(501)		(247)
Payments of financing costs	(26)		(22)
Cash received in connection with the 4 percent Convertible Senior Notes and related hedge, net	0		25
Net cash (used in) provided by financing activities	(318)		512
Effect of foreign exchange rates	(14)		(1)
Net increase (decrease) in cash and cash equivalents	42		(5)
Cash and cash equivalents at beginning of period	158		175
Cash and cash equivalents at end of period	200		170
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net	30		36
Cash paid for interest	$ 253		$ 224
[1]	Reflected in our condensed consolidated statements of income as “Restructuring charge.” These charges are not allocated to our reportable segments.

CONDENSED CONSOLIDATED STATEME9

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical)	Jun. 30, 2015	Jun. 30, 2014
Convertible senior notes | Convertible subordinated notes—4 percent
Stated interest rate	4.00%	4.00%

Organization, Description of Bu

Organization, Description of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2015
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, 2014 (the “ 2014 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 2014 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. New Accounting Pronouncements Revenue from Contracts with Customers . In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance to clarify the principles for recognizing revenue. This guidance includes the required steps to achieve the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The FASB has agreed to propose a one-year deferral of the original effective date of this guidance and as a result it will be effective for fiscal years and interim periods beginning after December 15, 2017. The FASB's proposed update would still allow entities to apply the new guidance as of the original effective date (for fiscal years and interim periods beginning after December 15, 2016). We expect to adopt this guidance when effective, and the impact on our financial statements is not currently estimable. Interest—Imputation of Interest . In April 2015, the FASB issued guidance on the presentation of debt issuance costs. This guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This guidance is effective for fiscal years and interim periods beginning after December 15, 2015, and requires retrospective application. We expect to adopt this guidance when effective, and do not expect this guidance to have a significant impact on our financial statements, although it will change the financial statement classification of our debt issuance costs. As of June 30, 2015 , $89 of net debt issuance costs were included in total assets in our condensed consolidated balance sheet. Under the new guidance, the net debt issuance costs would reduce our total debt.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Acquisitions	Acquisitions In April 2014, we completed the acquisition of 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”). National Pump was the second largest specialty pump rental company in North America. National Pump was 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, and had annual revenues of approximately $ 210 . 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 date fair value of the consideration transferred consisted of the following: Cash consideration (1) $ 773 Contingent consideration (2) 76 Total purchase consideration (3) $ 849 (1) Includes a ‘hold back’ of $ 58 that was paid in April 2015. (2) Reflects the acquisition date fair value of the contingent consideration that was paid in June 2015 as discussed in note 6 to our condensed consolidated financial statements. (3) Total purchase consideration excludes $ 15 of stock which was issued in connection with the acquisition and will be treated as compensation for book purposes but primarily represents deductible goodwill for income tax purposes. The following table summarizes the fair values of the assets acquired and liabilities assumed as of the acquisition date: Accounts receivable, net of allowance for doubtful accounts (1) $ 44 Inventory 19 Deferred taxes 6 Rental equipment 172 Property and equipment 10 Intangibles (2) 289 Other assets 1 Total identifiable assets acquired 541 Current liabilities (25 ) Total liabilities assumed (25 ) Net identifiable assets acquired 516 Goodwill (3) 333 Net assets acquired $ 849 (1) The fair value of accounts receivables acquired was $44 , and the gross contractual amount was $47 . We estimated that $3 would be uncollectible. (2) The following table reflects the estimated fair values and useful lives of the acquired intangible assets identified based on our purchase accounting assessments: Fair value Life (years) Customer relationships $ 274 10 Non-compete agreements 15 6 Total $ 289 (3) $321 of the goodwill was assigned to our trench, power and pump segment and $12 of the goodwill was assigned to our general rentals segment. The level of goodwill that resulted from the acquisition is primarily reflective of National Pump's going-concern value, the value of National Pump's assembled workforce, new customer relationships expected to arise from the acquisition, and operational synergies that we expect to achieve that would not be available to other market participants. $325 of goodwill is expected to be deductible for income tax purposes. The amount of goodwill that is expected to be deductible for income tax purposes declined during the six months ended June 30, 2015 due to a decline in the fair value of the contingent cash consideration component of the National Pump purchase price due to lower than expected financial performance compared to agreed upon financial targets, as discussed in note 6 to our condensed consolidated financial statements. The three months ended June 30, 2015 includes National Pump acquisition-related costs of $1 . The six months ended June 30, 2015 includes a National Pump acquisition-related cost reduction of $26 . The cost reduction reflects a decline in the fair value of the contingent cash consideration component of the National Pump purchase price due to lower than expected financial performance compared to agreed upon financial targets, as discussed in note 6 to our condensed consolidated financial statements. The cost reduction is included in “Merger related costs” in our condensed consolidated statements of income, which also include costs associated with the 2012 acquisition of RSC Holdings Inc. (“RSC”). The merger related costs are comprised of financial and legal advisory fees, and changes subsequent to the acquisition date to the fair value of the contingent cash consideration component of the National Pump purchase price as discussed in note 6 to our condensed consolidated financial statements. We do not expect to incur significant additional charges in connection with the acquisition subsequent to June 30, 2015 . In addition to the acquisition-related costs reflected in our condensed consolidated statements of income, we capitalized $22 of debt issuance costs associated with the issuance of debt to fund the acquisition, which are reflected, net of amortization subsequent to the acquisition date, in other long-term assets in our condensed consolidated balance sheets. The pro forma information below has been prepared using the purchase method of accounting, giving effect to the National Pump acquisition as if it had been completed on January 1, 2014 (“the pro forma acquisition date”). The pro forma information is not necessarily indicative of our results of operations had the acquisition been completed on the above date, nor is it necessarily indicative of our future results. The pro forma information does not reflect any cost savings from operating efficiencies or synergies that could result from the acquisition, and also does not reflect additional revenue opportunities following the acquisition. The table below presents unaudited pro forma consolidated income statement information as if National Pump had been included in our consolidated results for the entire periods reflected: Three Months Ended Six Months Ended June 30, June 30, 2014 2014 United Rentals historic revenues $ 1,399 $ 2,577 National Pump historic revenues — 62 Pro forma revenues 1,399 2,639 United Rentals historic pretax income 142 236 National Pump historic pretax income — 20 Combined pretax income 142 256 Pro forma adjustments to combined pretax income: Impact of fair value mark-ups/useful life changes on depreciation (1) — (1 ) Intangible asset amortization (2) 1 (11 ) Interest expense (3) 68 62 Elimination of merger costs (4) 8 9 Pro forma pretax income $ 219 $ 315 (1) Depreciation of rental equipment and non-rental depreciation were adjusted for the fair value mark-ups of equipment acquired in the National Pump acquisition. The useful lives assigned to such equipment didn’t change significantly from the lives historically used by National Pump. (2) The intangible assets acquired in the National Pump acquisition were amortized. (3) In connection with the National Pump acquisition, 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, and all our outstanding 9 1 / 4 percent Senior Notes were redeemed. Interest expense was adjusted to reflect these changes in our debt portfolio. For the pro forma presentation, the $ 64 loss recognized upon redemption of the 9 1 / 4 percent Senior Notes was removed from the three and six months ended June 30, 2014 as the loss was assumed to have been recognized prior to the pro forma acquisition date. (4) Merger related costs, primarily comprised of financial and legal advisory fees, associated with the National Pump acquisition were eliminated as they were assumed to have been recognized prior to the pro forma acquisition date. For the three and six months ended June 30, 2015 and 2014 National Pump revenue and pretax (loss) income included in our condensed consolidated financial statements were as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenue $ 54 $ 67 $ 111 $ 67 Pretax (loss) income (1) (2 ) 14 (4 ) 14 (1) Pretax (loss) income excludes merger related costs which are not allocated to our segments. Pretax loss for the three and six months ended June 30, 2015 primarily reflects volume and pricing pressure associated with upstream oil and gas customers, and the amortization of the intangible assets acquired in the National Pump acquisition.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Information	Segment Information Our reportable segments are general rentals and trench, power and pump. 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 11 geographic regions—Eastern Canada, Industrial (which serves the geographic Gulf region and has a strong industrial presence), Mid-Atlantic, Midwest, Mountain West, Northeast, Pacific West, South-Central, South, Southeast and Western Canada—and operates throughout the United States and Canada. The trench, power and pump segment includes the rental of specialty construction products and related services. The trench, power and pump 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, the Power and HVAC (heating, ventilating and air conditioning) region, which rents power and HVAC equipment such as portable diesel generators, electrical distribution equipment, and temperature control equipment including heating and cooling equipment, and the Pump Solutions region, which rents pumps primarily used by energy and petrochemical customers. The trench, power and pump 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 rentals Trench, power and pump Total Three Months Ended June 30, 2015 Equipment rentals $ 1,048 $ 172 $ 1,220 Sales of rental equipment 116 8 124 Sales of new equipment 35 4 39 Contractor supplies sales 18 3 21 Service and other revenues 23 2 25 Total revenue 1,240 189 1,429 Depreciation and amortization expense 264 43 307 Equipment rentals gross profit 456 79 535 Three Months Ended June 30, 2014 Equipment rentals $ 1,028 $ 151 $ 1,179 Sales of rental equipment 132 6 138 Sales of new equipment 25 12 37 Contractor supplies sales 19 3 22 Service and other revenues 17 6 23 Total revenue 1,221 178 1,399 Depreciation and amortization expense 263 36 299 Equipment rentals gross profit 426 77 503 Six Months Ended June 30, 2015 Equipment rentals $ 2,024 $ 321 $ 2,345 Sales of rental equipment 224 16 240 Sales of new equipment 61 11 72 Contractor supplies sales 33 6 39 Service and other revenues 42 6 48 Total revenue 2,384 360 2,744 Depreciation and amortization expense 526 85 611 Equipment rentals gross profit 839 142 981 Capital expenditures 949 117 1,066 Six Months Ended June 30, 2014 Equipment rentals $ 1,952 $ 232 $ 2,184 Sales of rental equipment 238 10 248 Sales of new equipment 49 14 63 Contractor supplies sales 36 5 41 Service and other revenues 34 7 41 Total revenue 2,309 268 2,577 Depreciation and amortization expense 522 54 576 Equipment rentals gross profit 770 112 882 Capital expenditures 981 99 1,080 June 30, December 31, Total reportable segment assets General rentals $ 11,053 $ 10,935 Trench, power and pump 1,552 1,532 Total assets $ 12,605 $ 12,467 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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 Total equipment rentals gross profit $ 535 $ 503 $ 981 $ 882 Gross profit from other lines of business 83 86 161 155 Selling, general and administrative expenses (175 ) (187 ) (356 ) (355 ) Merger related costs (1 ) (8 ) 26 (9 ) Restructuring charge — 1 (1 ) — Non-rental depreciation and amortization (67 ) (70 ) (136 ) (130 ) Interest expense, net (232 ) (187 ) (353 ) (312 ) Other income, net 6 4 9 5 Income before provision for income taxes $ 149 $ 142 $ 331 $ 236

Restructuring Charges

Restructuring Charges	6 Months Ended
	Jun. 30, 2015
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. The branch closure charges principally relate to continuing lease obligations at vacant facilities closed subsequent to the RSC acquisition. As of June 30, 2015 , our employee headcount is approximately 12,600 and our branch network has 896 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 six months ended June 30, 2015 : Reserve Balance at Charged to Payments Reserve Balance at Description December 31, 2014 June 30, 2015 Closed Restructuring Program Branch closure charges $ 9 $ 1 $ (3 ) $ 7 Severance costs — — — — Total $ 9 $ 1 $ (3 ) $ 7 RSC Merger Related Restructuring Program Branch closure charges $ 11 $ — $ (2 ) $ 9 Severance costs — — — — Total $ 11 $ — $ (2 ) $ 9 Total Branch closure charges $ 20 $ 1 $ (5 ) $ 16 Severance costs — — — — Total $ 20 $ 1 $ (5 ) $ 16 _________________ (1) Reflected in our condensed consolidated statements of income as “Restructuring charge.” These charges are not allocated to our reportable segments.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 , 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. As of June 30, 2015 , we do not have any derivative instruments that do not qualify for hedge accounting. We are exposed to certain risks related to our ongoing business operations. During the six months ended June 30, 2015 and 2014 , the primary risk we managed using derivative instruments was diesel price risk. At June 30, 2015 , 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. The outstanding forward contracts on diesel purchases were designated and qualify as cash flow hedges. Fixed Price Diesel Swaps The fixed price swap contracts on diesel purchases that were outstanding at June 30, 2015 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 June 30, 2015 , we had outstanding fixed price swap contracts covering 10.8 million gallons of diesel which will be purchased throughout 2015 and 2016 . Financial Statement Presentation As of June 30, 2015 and December 31, 2014 , immaterial amounts ( $4 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 and six months ended June 30, 2015 and 2014 was as follows: Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 Location of income (expense) recognized on derivative/hedged item Amount of income (expense) recognized on derivative Amount of income (expense) recognized on hedged item Amount of income (expense) recognized on derivative Amount of income (expense) recognized on hedged item Derivatives designated as hedging instruments: Fixed price diesel swaps Other income (expense), net (1) $ * $ * Cost of equipment rentals, excluding depreciation (2), (3) (1 ) $ (9 ) * $ (12 ) Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 Location of income (expense) recognized on derivative/hedged item Amount of income (expense) recognized on derivative Amount of income (expense) recognized on hedged item Amount of income (expense) recognized on derivative Amount of income (expense) recognized on hedged item Derivatives designated as hedging instruments: Fixed price diesel swaps Other income (expense), net (1) $ * $ * Cost of equipment rentals, excluding depreciation (2), (3) (3 ) $ (16 ) * $ (22 ) * 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 2.8 million and 3.0 million gallons of diesel covered by the fixed price swaps during the three months ended June 30, 2015 and 2014 , respectively, and the use of 5.4 million and 5.6 million gallons of diesel covered by the fixed price swaps during the six months ended June 30, 2015 and 2014 , respectively. These amounts are reflected, net of cash received from, or paid to, the counterparties to the fixed price swaps, in operating cash flows in our condensed consolidated statement of cash flows.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
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 or liabilities. Level 2- Observable inputs other than quoted prices in active markets for identical assets or liabilities include: a) quoted prices for similar assets or liabilities in active markets; b) quoted prices for identical or similar assets or liabilities in inactive markets; c) inputs other than quoted prices that are observable for the asset or liability; d) inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. 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 Our fixed price diesel swaps contracts are Level 2 derivatives measured at fair value on a recurring basis. As of June 30, 2015 and December 31, 2014 , immaterial amounts ( $4 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 5 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 June 30, 2015 , we have fixed price swap contracts that mature throughout 2015 and 2016 covering 10.8 million gallons of diesel which we will buy at the average contract price of $3.13 per gallon, while the average forward price for the hedged gallons was $3.02 per gallon as of June 30, 2015 . The fair value of the contingent cash consideration component of the National Pump purchase price discussed in note 2 to our condensed consolidated financial statements was $ 0 as of June 30, 2015 and $78 as of December 31, 2014 . In June 2015, we paid the contingent consideration and were relieved of further liabilities associated therewith. The contingent consideration was recorded in accrued expenses and other liabilities in our condensed consolidated balance sheets, and was a Level 3 liability that was measured at fair value on a recurring basis. Fair value was determined using a probability weighted discounted cash flow methodology. Key inputs to the valuation included: (i) discrete scenarios of potential payouts; (ii) probability weightings assigned to each of the scenarios; and (iii) a rate of return with which to discount the probability weighted payouts to present value. Changes to the fair value of the contingent cash consideration are reflected in our condensed consolidated statements of income as “Merger related costs” which included a $26 fair value reduction for the six months ended June 30, 2015 . In June 2015, we paid the liability remaining after recognizing the decline in fair value, and were relieved of further liabilities associated therewith. The decline in the fair value of the contingent cash consideration primarily relates to lower than expected financial performance compared to agreed upon financial targets. 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 June 30, 2015 and December 31, 2014 . The estimated fair values of our financial instruments as of June 30, 2015 and December 31, 2014 have been calculated based upon available market information, and are presented below by level in the fair value hierarchy: June 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Level 1: Senior and senior subordinated notes $ 5,991 $ 6,090 $ 6,063 $ 6,390 Level 2: 4 percent Convertible Senior Notes (1) 7 8 32 33 ___________________ (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 6.9 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 June 30, 2015 would be $60 .

Debt

Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt Debt consists of the following: June 30, 2015 December 31, 2014 URNA and subsidiaries debt: Accounts Receivable Securitization Facility (1) $ 549 $ 548 $2.5 billion ABL Facility (2) 1,771 1,304 5 3 / 4 percent Senior Secured Notes (3) — 750 7 3 / 8 percent Senior Notes 750 750 8 3 / 8 percent Senior Subordinated Notes (3) — 750 8 1 / 4 percent Senior Notes (4) 316 687 7 5 / 8 percent Senior Notes 1,325 1,325 6 1 / 8 percent Senior Notes 950 951 4 5 / 8 percent Senior Secured Notes (5) 1,000 — 5 3 / 4 percent Senior Notes 850 850 5 1 / 2 percent Senior Notes (6) 800 — Capital leases 92 105 Total URNA and subsidiaries debt 8,403 8,020 Holdings: 4 percent Convertible Senior Notes (7) 7 32 Total debt 8,410 8,052 Less short-term portion (8) (590 ) (618 ) Total long-term debt $ 7,820 $ 7,434 ___________________ (1) At June 30, 2015 , $1 was available under our accounts receivable securitization facility. The interest rate applicable to the accounts receivable securitization facility was 0.9 percent at June 30, 2015 . During the six months ended June 30, 2015 , the monthly average amount outstanding under the accounts receivable securitization facility was $456 , 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 six months ended June 30, 2015 was $550 . 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 June 30, 2015 , there were $ 627 of receivables, net of applicable reserves, in the collateral pool. (2) At June 30, 2015 , $680 was available under our ABL facility, net of $49 of letters of credit. The interest rate applicable to the ABL facility was 1.8 percent at June 30, 2015 . During the six months ended June 30, 2015 , the monthly average amount outstanding under the ABL facility was $1.2 billion, and the weighted-average interest rate thereon was 2.0 percent . The maximum month-end amount outstanding under the ABL facility during the six months ended June 30, 2015 was $1.8 billion . In March 2015, the ABL facility was amended, primarily to increase the facility size and to extend the maturity date. The size of the facility was increased to $2.5 billion . All amounts borrowed under the ABL facility must be repaid on or before March 2020. (3) In April 2015, we redeemed all of our 5 3 / 4 percent Senior Secured Notes and 8 3 / 8 percent Senior Subordinated Notes. Upon redemption, we recognized an aggregate loss of $ 106 in interest expense, net. The loss represented the difference between the net carrying amount and the total purchase price of the notes. (4) In April 2015, we redeemed $ 350 principal amount of our 8 1 / 4 percent Senior Notes. Upon redemption, we recognized a loss of $ 15 in interest expense, net. The loss represented the difference between the net carrying amount and the total purchase price of the redeemed notes. (5) In March 2015, URNA issued $ 1.0 billion aggregate principal amount of 4 5 / 8 percent Senior Secured Notes (the “4 5 / 8 percent Notes”) which are due July 15, 2023. The net proceeds from issuance were approximately $ 990 (after deducting offering expenses). The 4 5 / 8 percent Notes are guaranteed by Holdings and certain domestic subsidiaries of URNA and are secured on a second-priority basis by liens on substantially all of URNA’s and the guarantors’ assets that secure the ABL facility, subject to certain exceptions. The 4 5 / 8 percent Notes may be redeemed on or after July 15, 2018 , at specified redemption prices that range from 103.469 percent in 2018 , to 100 percent in 2021 and thereafter, plus accrued and unpaid interest, if any. The indenture governing the 4 5 / 8 percent Notes contains certain restrictive covenants, including, among others, limitations on (i) liens; (ii) additional indebtedness; (iii) mergers, consolidations and acquisitions; (iv) sales, transfers and other dispositions of assets; (v) loans and other investments; (vi) dividends and other distributions, stock repurchases and redemptions and other restricted payments; (vii) restrictions affecting subsidiaries; (viii) transactions with affiliates; and (ix) designations of unrestricted subsidiaries, as well as a requirement to timely file periodic reports with the SEC. The indenture also includes covenants relating to the grant of and maintenance of liens for the benefit of the notes collateral agent. Each of the restrictive covenants is subject to important exceptions and qualifications that would allow URNA and its subsidiaries 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), URNA must make an offer to purchase all of the then-outstanding 4 5 / 8 percent 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. (6) In March 2015, URNA issued $ 800 aggregate principal amount of 5 1 / 2 percent Senior Notes (the “5 1 / 2 percent Notes”) which are due July 15, 2025. The net proceeds from the issuance were approximately $ 792 (after deducting offering expenses). The 5 1 / 2 percent Notes are unsecured and are guaranteed by Holdings and certain domestic subsidiaries of URNA. The 5 1 / 2 percent Notes may be redeemed on or after July 15, 2020 , at specified redemption prices that range from 102.75 percent in 2020 , to 100 percent in 2023 and thereafter, plus accrued and unpaid interest, if any. The indenture governing the 5 1 / 2 percent Notes contains certain restrictive covenants, including, among others, limitations on (i) liens; (ii) additional indebtedness; (iii) mergers, consolidations and acquisitions; (iv) sales, transfers and other dispositions of assets; (v) loans and other investments; (vi) dividends and other distributions, stock repurchases and redemptions and other restricted payments; (vii) restrictions affecting subsidiaries; (viii) transactions with affiliates; and (ix) designations of unrestricted subsidiaries, as well as a requirement to timely file periodic reports with the SEC. Each of the restrictive covenants is subject to important exceptions and qualifications that would allow URNA and its subsidiaries 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), URNA must make an offer to purchase all of the then-outstanding 5 1 / 2 percent 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 June 30, 2015 carrying value of the 4 percent Convertible Senior Notes and the $8 principal amount reflects the $1 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 June 30, 2015 , an amount equal to the $1 unamortized portion of the original issue discount is separately classified in our condensed consolidated balance sheets and referred to as “temporary equity.” During the six months ended June 30, 2015 , $ 26 of our 4 percent Convertible Senior Notes were redeemed. We recognized a loss of approximately $ 1 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. Holders of the 4 percent Convertible Senior Notes have the right to redeem the notes prior to November 15, 2015 at a conversion price of $11.11 per share of common stock. Since July 1, 2015 (the beginning of the third quarter), none of the 4 percent Convertible Senior Notes have been redeemed. (8) As of June 30, 2015 , our short-term debt primarily reflects $ 549 of borrowings under our accounts receivable securitization facility. 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, 0.7 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. 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 $80.00 per share, assuming an effective conversion price of $15.56 per share, on a net basis, we would issue 0.6 million shares. Loan Covenants and Compliance As of June 30, 2015 , 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 March 2015, we amended the ABL facility. The only financial covenant which currently exists under the ABL facility relates to the fixed charge coverage ratio. As of June 30, 2015 , specified availability under the ABL facility exceeded the required threshold and, as a result, this maintenance covenant is inapplicable. Subject to certain limited exceptions specified in the amended ABL facility, the fixed charge coverage ratio covenant under the amended ABL facility will only apply in the future if specified availability under the amended ABL facility falls below 10 percent of the maximum revolver amount under the amended ABL facility. When certain conditions are met, cash and cash equivalents and borrowing base collateral in excess of the ABL facility size may be included when calculating specified availability under the amended ABL facility. 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	6 Months Ended
	Jun. 30, 2015
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, 2014 filed on Form 10-K on January 21, 2015, 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, 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	6 Months Ended
	Jun. 30, 2015
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. The following table sets forth the computation of basic and diluted earnings per share (shares in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Numerator: Net income available to common stockholders $ 86 $ 94 201 154 Denominator: Denominator for basic earnings per share—weighted-average common shares 96,647 97,002 96,896 96,118 Effect of dilutive securities: Employee stock options and warrants 298 413 318 425 4 percent Convertible Senior Notes 605 7,758 894 9,005 Restricted stock units 197 421 308 475 Denominator for diluted earnings per share—adjusted weighted-average common shares 97,747 105,594 98,416 106,023 Basic earnings per share $ 0.89 $ 0.98 $ 2.07 $ 1.61 Diluted earnings per share $ 0.88 $ 0.90 $ 2.04 $ 1.46

Condensed Consolidating Financi

Condensed Consolidating Financial Information of Guarantor Subsidiaries	6 Months Ended
	Jun. 30, 2015
Condensed Financial Information [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 facility (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 8 1 / 4 percent Senior Notes). Other than the guarantee by certain Canadian subsidiaries of URNA's indebtedness under the ABL facility, none of URNA’s indebtedness is guaranteed by URNA's foreign subsidiaries or the SPV (together, the “non-guarantor subsidiaries”). The receivable assets owned by the SPV have been sold by URNA to the SPV and are not available to satisfy the obligations of URNA or Parent’s other 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 guarantor subsidiary, the sale of all or substantially all of the guarantor subsidiary's assets, the requirements for legal defeasance or covenant defeasance under the applicable indenture being met or designating the guarantor subsidiary 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. 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 June 30, 2015 , the amount available for distribution under the most restrictive of these covenants was $ 252 . The condensed consolidating financial information of Parent and its subsidiaries is as follows: CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2015 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV ASSETS Cash and cash equivalents $ — $ 4 $ — $ 196 $ — $ — $ 200 Accounts receivable, net — 39 — 108 747 — 894 Intercompany receivable (payable) 144 55 (188 ) (126 ) — 115 — Inventory — 73 — 8 — — 81 Prepaid expenses and other assets — 67 — 7 — — 74 Deferred taxes — 186 — 1 — — 187 Total current assets 144 424 (188 ) 194 747 115 1,436 Rental equipment, net — 5,794 — 602 — — 6,396 Property and equipment, net 40 323 20 42 — — 425 Investments in subsidiaries 1,294 1,011 1,001 — — (3,306 ) — Goodwill — 3,000 — 253 — — 3,253 Other intangible assets, net — 923 — 77 — — 1,000 Other long-term assets — 95 — — — — 95 Total assets $ 1,478 $ 11,570 $ 833 $ 1,168 $ 747 $ (3,191 ) $ 12,605 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Short-term debt and current maturities of long-term debt $ 7 $ 583 $ — $ — $ — $ — $ 590 Accounts payable — 618 — 65 — — 683 Accrued expenses and other liabilities — 273 14 22 — — 309 Total current liabilities 7 1,474 14 87 — — 1,582 Long-term debt — 7,143 121 7 549 — 7,820 Deferred taxes 19 1,604 — 73 — — 1,696 Other long-term liabilities — 55 — — — — 55 Total liabilities 26 10,276 135 167 549 — 11,153 Temporary equity (note 7) 1 — — — — — 1 Total stockholders’ equity (deficit) 1,451 1,294 698 1,001 198 (3,191 ) 1,451 Total liabilities and stockholders’ equity (deficit) $ 1,478 $ 11,570 $ 833 $ 1,168 $ 747 $ (3,191 ) $ 12,605 CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2014 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV ASSETS Cash and cash equivalents $ — $ 8 $ — $ 150 $ — $ — $ 158 Accounts receivable, net — 37 — 144 759 — 940 Intercompany receivable (payable) 476 (428 ) (60 ) (109 ) — 121 — Inventory — 69 — 9 — — 78 Prepaid expenses and other assets — 113 1 8 — — 122 Deferred taxes — 246 — 2 — — 248 Total current assets 476 45 (59 ) 204 759 121 1,546 Rental equipment, net — 5,399 — 609 — — 6,008 Property and equipment, net 42 332 21 43 — — 438 Investments in subsidiaries 1,330 1,185 1,040 — — (3,555 ) — Goodwill — 3,000 — 272 — — 3,272 Other intangible assets, net — 1,014 — 92 — — 1,106 Other long-term assets 1 96 — — — — 97 Total assets $ 1,849 $ 11,071 $ 1,002 $ 1,220 $ 759 $ (3,434 ) $ 12,467 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Short-term debt and current maturities of long-term debt $ 32 $ 38 $ — $ — $ 548 $ — $ 618 Accounts payable — 248 — 37 — — 285 Accrued expenses and other liabilities — 499 19 57 — — 575 Total current liabilities 32 785 19 94 548 — 1,478 Long-term debt — 7,298 130 6 — — 7,434 Deferred taxes 19 1,594 — 79 — — 1,692 Other long-term liabilities — 64 — 1 — — 65 Total liabilities 51 9,741 149 180 548 — 10,669 Temporary equity (note 7) 2 — — — — — 2 Total stockholders’ equity (deficit) 1,796 1,330 853 1,040 211 (3,434 ) 1,796 Total liabilities and stockholders’ equity (deficit) $ 1,849 $ 11,071 $ 1,002 $ 1,220 $ 759 $ (3,434 ) $ 12,467 CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2015 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Revenues: Equipment rentals $ — $ 1,100 $ — $ 120 $ — $ — $ 1,220 Sales of rental equipment — 106 — 18 — — 124 Sales of new equipment — 34 — 5 — — 39 Contractor supplies sales — 18 — 3 — — 21 Service and other revenues — 22 — 3 — — 25 Total revenues — 1,280 — 149 — — 1,429 Cost of revenues: Cost of equipment rentals, excluding depreciation — 389 — 56 — — 445 Depreciation of rental equipment — 216 — 24 — — 240 Cost of rental equipment sales — 58 — 10 — — 68 Cost of new equipment sales — 29 — 4 — — 33 Cost of contractor supplies sales — 13 — 2 — — 15 Cost of service and other revenues — 9 — 1 — — 10 Total cost of revenues — 714 — 97 — — 811 Gross profit — 566 — 52 — — 618 Selling, general and administrative expenses (4 ) 153 — 18 8 — 175 Merger related costs — 1 — — — — 1 Restructuring charge — — — — — — — Non-rental depreciation and amortization 4 57 — 6 — — 67 Operating (loss) income — 355 — 28 (8 ) — 375 Interest (income) expense, net — 232 — 1 1 (2 ) 232 Other (income) expense, net (38 ) 55 — 2 (25 ) — (6 ) Income before provision for income taxes 38 68 — 25 16 2 149 Provision for income taxes 18 28 2 9 6 — 63 Income (loss) before equity in net earnings (loss) of subsidiaries 20 40 (2 ) 16 10 2 86 Equity in net earnings (loss) of subsidiaries 66 26 16 — — (108 ) — Net income (loss) 86 66 14 16 10 (106 ) 86 Other comprehensive income (loss) 17 17 16 13 — (46 ) 17 Comprehensive income (loss) $ 103 $ 83 $ 30 $ 29 $ 10 $ (152 ) $ 103 CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2014 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Revenues: Equipment rentals $ — $ 1,042 $ — $ 137 $ — $ — $ 1,179 Sales of rental equipment — 122 — 16 — — 138 Sales of new equipment — 31 — 6 — — 37 Contractor supplies sales — 19 — 3 — — 22 Service and other revenues — 17 — 6 — — 23 Total revenues — 1,231 — 168 — — 1,399 Cost of revenues: Cost of equipment rentals, excluding depreciation — 383 — 64 — — 447 Depreciation of rental equipment — 203 — 26 — — 229 Cost of rental equipment sales — 70 — 10 — — 80 Cost of new equipment sales — 27 — 4 — — 31 Cost of contractor supplies sales — 13 — 2 — — 15 Cost of service and other revenues — 5 — 3 — — 8 Total cost of revenues — 701 — 109 — — 810 Gross profit — 530 — 59 — — 589 Selling, general and administrative expenses (6 ) 171 2 23 (3 ) — 187 Merger related costs — 8 — — — — 8 Restructuring charge — (1 ) — — — — (1 ) Non-rental depreciation and amortization 5 58 — 7 — — 70 Operating income (loss) 1 294 (2 ) 29 3 — 325 Interest expense (income), net 1 182 2 2 1 (1 ) 187 Other (income) expense, net (37 ) 52 (3 ) 4 (20 ) — (4 ) Income (loss) before provision for income taxes 37 60 (1 ) 23 22 1 142 Provision for income taxes 1 32 — 6 9 — 48 Income (loss) before equity in net earnings (loss) of subsidiaries 36 28 (1 ) 17 13 1 94 Equity in net earnings (loss) of subsidiaries 58 30 17 — — (105 ) — Net income (loss) 94 58 16 17 13 (104 ) 94 Other comprehensive income (loss) 36 36 36 28 — (100 ) 36 Comprehensive income (loss) $ 130 $ 94 $ 52 $ 45 $ 13 $ (204 ) $ 130 CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2015 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Revenues: Equipment rentals $ — $ 2,098 $ — $ 247 $ — $ — $ 2,345 Sales of rental equipment — 212 — 28 — — 240 Sales of new equipment — 63 — 9 — — 72 Contractor supplies sales — 34 — 5 — — 39 Service and other revenues — 41 — 7 — — 48 Total revenues — 2,448 — 296 — — 2,744 Cost of revenues: Cost of equipment rentals, excluding depreciation — 773 — 116 — — 889 Depreciation of rental equipment — 427 — 48 — — 475 Cost of rental equipment sales — 117 — 15 — — 132 Cost of new equipment sales — 53 — 7 — — 60 Cost of contractor supplies sales — 24 — 3 — — 27 Cost of service and other revenues — 15 — 4 — — 19 Total cost of revenues — 1,409 — 193 — — 1,602 Gross profit — 1,039 — 103 — — 1,142 Selling, general and administrative expenses (1 ) 304 — 38 15 — 356 Merger related costs — (26 ) — — — — (26 ) Restructuring charge — 1 — — — — 1 Non-rental depreciation and amortization 8 116 — 12 — — 136 Operating (loss) income (7 ) 644 — 53 (15 ) — 675 Interest (income) expense, net (1 ) 351 2 2 2 (3 ) 353 Other (income) expense, net (73 ) 107 1 3 (47 ) — (9 ) Income (loss) before provision for income taxes 67 186 (3 ) 48 30 3 331 Provision for income taxes 31 71 — 16 12 — 130 Income (loss) before equity in net earnings (loss) of subsidiaries 36 115 (3 ) 32 18 3 201 Equity in net earnings (loss) of subsidiaries 165 50 32 — — (247 ) — Net income (loss) 201 165 29 32 18 (244 ) 201 Other comprehensive (loss) income (72 ) (72 ) (74 ) (58 ) — 204 (72 ) Comprehensive income (loss) $ 129 $ 93 $ (45 ) $ (26 ) $ 18 $ (40 ) $ 129 CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2014 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Revenues: Equipment rentals $ — $ 1,914 $ — $ 270 $ — $ — $ 2,184 Sales of rental equipment — 222 — 26 — — 248 Sales of new equipment — 52 — 11 — — 63 Contractor supplies sales — 34 — 7 — — 41 Service and other revenues — 32 — 9 — — 41 Total revenues — 2,254 — 323 — — 2,577 Cost of revenues: Cost of equipment rentals, excluding depreciation — 737 — 119 — — 856 Depreciation of rental equipment — 396 — 50 — — 446 Cost of rental equipment sales — 130 — 15 — — 145 Cost of new equipment sales — 43 — 8 — — 51 Cost of contractor supplies sales — 23 — 5 — — 28 Cost of service and other revenues — 10 — 4 — — 14 Total cost of revenues — 1,339 — 201 — — 1,540 Gross profit — 915 — 122 — — 1,037 Selling, general and administrative expenses 19 294 2 43 (3 ) — 355 Merger related costs — 9 — — — — 9 Non-rental depreciation and amortization 9 109 — 12 — — 130 Operating (loss) income (28 ) 503 (2 ) 67 3 — 543 Interest expense (income), net 7 300 3 3 2 (3 ) 312 Other (income) expense, net (69 ) 98 (1 ) 7 (40 ) — (5 ) Income (loss) before provision for income taxes 34 105 (4 ) 57 41 3 236 Provision for income taxes 1 50 — 15 16 — 82 Income (loss) before equity in net earnings (loss) of subsidiaries 33 55 (4 ) 42 25 3 154 Equity in net earnings (loss) of subsidiaries 121 66 42 — — (229 ) — Net income (loss) 154 121 38 42 25 (226 ) 154 Other comprehensive (loss) income (3 ) (3 ) (2 ) (2 ) — 7 (3 ) Comprehensive income (loss) $ 151 $ 118 $ 36 $ 40 $ 25 $ (219 ) $ 151 CONDENSED CONSOLIDATING CASH FLOW INFORMATION For the Six Months Ended June 30, 2015 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Net cash provided by operating activities $ 6 $ 1,069 $ 1 $ 144 $ 30 $ — $ 1,250 Net cash used in investing activities (6 ) (793 ) — (77 ) — — (876 ) Net cash used in financing activities — (280 ) (1 ) (7 ) (30 ) — (318 ) Effect of foreign exchange rates — — — (14 ) — — (14 ) Net (decrease) increase in cash and cash equivalents — (4 ) — 46 — — 42 Cash and cash equivalents at beginning of period — 8 — 150 — — 158 Cash and cash equivalents at end of period $ — $ 4 $ — $ 196 $ — $ — $ 200 CONDENSED CONSOLIDATING CASH FLOW INFORMATION For the Six Months Ended June 30, 2014 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Net cash provided by (used in) operating activities $ 10 $ 928 $ 2 $ 146 $ (32 ) $ — $ 1,054 Net cash used in investing activities (10 ) (1,402 ) — (158 ) — — (1,570 ) Net cash provided by (used in) financing activities — 483 (2 ) (1 ) 32 — 512 Effect of foreign exchange rates — — — (1 ) — — (1 ) Net increase (decrease) in cash and cash equivalents — 9 — (14 ) — — (5 ) Cash and cash equivalents at beginning of period — 17 — 158 — — 175 Cash and cash equivalents at end of period $ — $ 26 $ — $ 144 $ — $ — $ 170

Organization, Description of 20

Organization, Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Revenue from Contracts with Customers . In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance to clarify the principles for recognizing revenue. This guidance includes the required steps to achieve the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The FASB has agreed to propose a one-year deferral of the original effective date of this guidance and as a result it will be effective for fiscal years and interim periods beginning after December 15, 2017. The FASB's proposed update would still allow entities to apply the new guidance as of the original effective date (for fiscal years and interim periods beginning after December 15, 2016). We expect to adopt this guidance when effective, and the impact on our financial statements is not currently estimable. Interest—Imputation of Interest . In April 2015, the FASB issued guidance on the presentation of debt issuance costs. This guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This guidance is effective for fiscal years and interim periods beginning after December 15, 2015, and requires retrospective application. We expect to adopt this guidance when effective, and do not expect this guidance to have a significant impact on our financial statements, although it will change the financial statement classification of our debt issuance costs. As of June 30, 2015 , $89 of net debt issuance costs were included in total assets in our condensed consolidated balance sheet. Under the new guidance, the net debt issuance costs would reduce our total debt.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Schedule of business acquisitions purchase consideration	The acquisition date fair value of the consideration transferred consisted of the following: Cash consideration (1) $ 773 Contingent consideration (2) 76 Total purchase consideration (3) $ 849 (1) Includes a ‘hold back’ of $ 58 that was paid in April 2015. (2) Reflects the acquisition date fair value of the contingent consideration that was paid in June 2015 as discussed in note 6 to our condensed consolidated financial statements. (3) Total purchase consideration excludes $ 15 of stock which was issued in connection with the acquisition and will be treated as compensation for book purposes but primarily represents deductible goodwill for income tax purposes.
Schedule of assets acquired and liabilities assumed	The following table summarizes the fair values of the assets acquired and liabilities assumed as of the acquisition date: Accounts receivable, net of allowance for doubtful accounts (1) $ 44 Inventory 19 Deferred taxes 6 Rental equipment 172 Property and equipment 10 Intangibles (2) 289 Other assets 1 Total identifiable assets acquired 541 Current liabilities (25 ) Total liabilities assumed (25 ) Net identifiable assets acquired 516 Goodwill (3) 333 Net assets acquired $ 849 (1) The fair value of accounts receivables acquired was $44 , and the gross contractual amount was $47 . We estimated that $3 would be uncollectible. (2) The following table reflects the estimated fair values and useful lives of the acquired intangible assets identified based on our purchase accounting assessments: Fair value Life (years) Customer relationships $ 274 10 Non-compete agreements 15 6 Total $ 289 (3) $321 of the goodwill was assigned to our trench, power and pump segment and $12 of the goodwill was assigned to our general rentals segment. The level of goodwill that resulted from the acquisition is primarily reflective of National Pump's going-concern value, the value of National Pump's assembled workforce, new customer relationships expected to arise from the acquisition, and operational synergies that we expect to achieve that would not be available to other market participants. $325 of goodwill is expected to be deductible for income tax purposes. The amount of goodwill that is expected to be deductible for income tax purposes declined during the six months ended June 30, 2015 due to a decline in the fair value of the contingent cash consideration component of the National Pump purchase price due to lower than expected financial performance compared to agreed upon financial targets, as discussed in note 6 to our condensed consolidated financial statements.
Schedule of intangible assets acquired	The following table reflects the estimated fair values and useful lives of the acquired intangible assets identified based on our purchase accounting assessments: Fair value Life (years) Customer relationships $ 274 10 Non-compete agreements 15 6 Total $ 289
Summary of business acquisition, pro forma information	The table below presents unaudited pro forma consolidated income statement information as if National Pump had been included in our consolidated results for the entire periods reflected: Three Months Ended Six Months Ended June 30, June 30, 2014 2014 United Rentals historic revenues $ 1,399 $ 2,577 National Pump historic revenues — 62 Pro forma revenues 1,399 2,639 United Rentals historic pretax income 142 236 National Pump historic pretax income — 20 Combined pretax income 142 256 Pro forma adjustments to combined pretax income: Impact of fair value mark-ups/useful life changes on depreciation (1) — (1 ) Intangible asset amortization (2) 1 (11 ) Interest expense (3) 68 62 Elimination of merger costs (4) 8 9 Pro forma pretax income $ 219 $ 315 (1) Depreciation of rental equipment and non-rental depreciation were adjusted for the fair value mark-ups of equipment acquired in the National Pump acquisition. The useful lives assigned to such equipment didn’t change significantly from the lives historically used by National Pump. (2) The intangible assets acquired in the National Pump acquisition were amortized. (3) In connection with the National Pump acquisition, 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, and all our outstanding 9 1 / 4 percent Senior Notes were redeemed. Interest expense was adjusted to reflect these changes in our debt portfolio. For the pro forma presentation, the $ 64 loss recognized upon redemption of the 9 1 / 4 percent Senior Notes was removed from the three and six months ended June 30, 2014 as the loss was assumed to have been recognized prior to the pro forma acquisition date. (4) Merger related costs, primarily comprised of financial and legal advisory fees, associated with the National Pump acquisition were eliminated as they were assumed to have been recognized prior to the pro forma acquisition date. For the three and six months ended June 30, 2015 and 2014 National Pump revenue and pretax (loss) income included in our condensed consolidated financial statements were as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenue $ 54 $ 67 $ 111 $ 67 Pretax (loss) income (1) (2 ) 14 (4 ) 14 (1) Pretax (loss) income excludes merger related costs which are not allocated to our segments. Pretax loss for the three and six months ended June 30, 2015 primarily reflects volume and pricing pressure associated with upstream oil and gas customers, and the amortization of the intangible assets acquired in the National Pump acquisition.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Financial information by segment	The following tables set forth financial information by segment. General rentals Trench, power and pump Total Three Months Ended June 30, 2015 Equipment rentals $ 1,048 $ 172 $ 1,220 Sales of rental equipment 116 8 124 Sales of new equipment 35 4 39 Contractor supplies sales 18 3 21 Service and other revenues 23 2 25 Total revenue 1,240 189 1,429 Depreciation and amortization expense 264 43 307 Equipment rentals gross profit 456 79 535 Three Months Ended June 30, 2014 Equipment rentals $ 1,028 $ 151 $ 1,179 Sales of rental equipment 132 6 138 Sales of new equipment 25 12 37 Contractor supplies sales 19 3 22 Service and other revenues 17 6 23 Total revenue 1,221 178 1,399 Depreciation and amortization expense 263 36 299 Equipment rentals gross profit 426 77 503 Six Months Ended June 30, 2015 Equipment rentals $ 2,024 $ 321 $ 2,345 Sales of rental equipment 224 16 240 Sales of new equipment 61 11 72 Contractor supplies sales 33 6 39 Service and other revenues 42 6 48 Total revenue 2,384 360 2,744 Depreciation and amortization expense 526 85 611 Equipment rentals gross profit 839 142 981 Capital expenditures 949 117 1,066 Six Months Ended June 30, 2014 Equipment rentals $ 1,952 $ 232 $ 2,184 Sales of rental equipment 238 10 248 Sales of new equipment 49 14 63 Contractor supplies sales 36 5 41 Service and other revenues 34 7 41 Total revenue 2,309 268 2,577 Depreciation and amortization expense 522 54 576 Equipment rentals gross profit 770 112 882 Capital expenditures 981 99 1,080 June 30, December 31, Total reportable segment assets General rentals $ 11,053 $ 10,935 Trench, power and pump 1,552 1,532 Total assets $ 12,605 $ 12,467
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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 Total equipment rentals gross profit $ 535 $ 503 $ 981 $ 882 Gross profit from other lines of business 83 86 161 155 Selling, general and administrative expenses (175 ) (187 ) (356 ) (355 ) Merger related costs (1 ) (8 ) 26 (9 ) Restructuring charge — 1 (1 ) — Non-rental depreciation and amortization (67 ) (70 ) (136 ) (130 ) Interest expense, net (232 ) (187 ) (353 ) (312 ) Other income, net 6 4 9 5 Income before provision for income taxes $ 149 $ 142 $ 331 $ 236

Restructuring Charges (Tables)

Restructuring Charges (Tables)	6 Months Ended
	Jun. 30, 2015
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 six months ended June 30, 2015 : Reserve Balance at Charged to Payments Reserve Balance at Description December 31, 2014 June 30, 2015 Closed Restructuring Program Branch closure charges $ 9 $ 1 $ (3 ) $ 7 Severance costs — — — — Total $ 9 $ 1 $ (3 ) $ 7 RSC Merger Related Restructuring Program Branch closure charges $ 11 $ — $ (2 ) $ 9 Severance costs — — — — Total $ 11 $ — $ (2 ) $ 9 Total Branch closure charges $ 20 $ 1 $ (5 ) $ 16 Severance costs — — — — Total $ 20 $ 1 $ (5 ) $ 16 _________________ (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)	6 Months Ended
	Jun. 30, 2015
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 and six months ended June 30, 2015 and 2014 was as follows: Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 Location of income (expense) recognized on derivative/hedged item Amount of income (expense) recognized on derivative Amount of income (expense) recognized on hedged item Amount of income (expense) recognized on derivative Amount of income (expense) recognized on hedged item Derivatives designated as hedging instruments: Fixed price diesel swaps Other income (expense), net (1) $ * $ * Cost of equipment rentals, excluding depreciation (2), (3) (1 ) $ (9 ) * $ (12 ) Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 Location of income (expense) recognized on derivative/hedged item Amount of income (expense) recognized on derivative Amount of income (expense) recognized on hedged item Amount of income (expense) recognized on derivative Amount of income (expense) recognized on hedged item Derivatives designated as hedging instruments: Fixed price diesel swaps Other income (expense), net (1) $ * $ * Cost of equipment rentals, excluding depreciation (2), (3) (3 ) $ (16 ) * $ (22 ) * 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 2.8 million and 3.0 million gallons of diesel covered by the fixed price swaps during the three months ended June 30, 2015 and 2014 , respectively, and the use of 5.4 million and 5.6 million gallons of diesel covered by the fixed price swaps during the six months ended June 30, 2015 and 2014 , respectively. These amounts are reflected, net of cash received from, or paid to, the counterparties to the fixed price swaps, in operating cash flows in our condensed consolidated statement of cash flows.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair value of financial instruments	The estimated fair values of our financial instruments as of June 30, 2015 and December 31, 2014 have been calculated based upon available market information, and are presented below by level in the fair value hierarchy: June 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Level 1: Senior and senior subordinated notes $ 5,991 $ 6,090 $ 6,063 $ 6,390 Level 2: 4 percent Convertible Senior Notes (1) 7 8 32 33 ___________________ (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 6.9 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 June 30, 2015 would be $60 .

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	Debt consists of the following: June 30, 2015 December 31, 2014 URNA and subsidiaries debt: Accounts Receivable Securitization Facility (1) $ 549 $ 548 $2.5 billion ABL Facility (2) 1,771 1,304 5 3 / 4 percent Senior Secured Notes (3) — 750 7 3 / 8 percent Senior Notes 750 750 8 3 / 8 percent Senior Subordinated Notes (3) — 750 8 1 / 4 percent Senior Notes (4) 316 687 7 5 / 8 percent Senior Notes 1,325 1,325 6 1 / 8 percent Senior Notes 950 951 4 5 / 8 percent Senior Secured Notes (5) 1,000 — 5 3 / 4 percent Senior Notes 850 850 5 1 / 2 percent Senior Notes (6) 800 — Capital leases 92 105 Total URNA and subsidiaries debt 8,403 8,020 Holdings: 4 percent Convertible Senior Notes (7) 7 32 Total debt 8,410 8,052 Less short-term portion (8) (590 ) (618 ) Total long-term debt $ 7,820 $ 7,434 ___________________ (1) At June 30, 2015 , $1 was available under our accounts receivable securitization facility. The interest rate applicable to the accounts receivable securitization facility was 0.9 percent at June 30, 2015 . During the six months ended June 30, 2015 , the monthly average amount outstanding under the accounts receivable securitization facility was $456 , 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 six months ended June 30, 2015 was $550 . 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 June 30, 2015 , there were $ 627 of receivables, net of applicable reserves, in the collateral pool. (2) At June 30, 2015 , $680 was available under our ABL facility, net of $49 of letters of credit. The interest rate applicable to the ABL facility was 1.8 percent at June 30, 2015 . During the six months ended June 30, 2015 , the monthly average amount outstanding under the ABL facility was $1.2 billion, and the weighted-average interest rate thereon was 2.0 percent . The maximum month-end amount outstanding under the ABL facility during the six months ended June 30, 2015 was $1.8 billion . In March 2015, the ABL facility was amended, primarily to increase the facility size and to extend the maturity date. The size of the facility was increased to $2.5 billion . All amounts borrowed under the ABL facility must be repaid on or before March 2020. (3) In April 2015, we redeemed all of our 5 3 / 4 percent Senior Secured Notes and 8 3 / 8 percent Senior Subordinated Notes. Upon redemption, we recognized an aggregate loss of $ 106 in interest expense, net. The loss represented the difference between the net carrying amount and the total purchase price of the notes. (4) In April 2015, we redeemed $ 350 principal amount of our 8 1 / 4 percent Senior Notes. Upon redemption, we recognized a loss of $ 15 in interest expense, net. The loss represented the difference between the net carrying amount and the total purchase price of the redeemed notes. (5) In March 2015, URNA issued $ 1.0 billion aggregate principal amount of 4 5 / 8 percent Senior Secured Notes (the “4 5 / 8 percent Notes”) which are due July 15, 2023. The net proceeds from issuance were approximately $ 990 (after deducting offering expenses). The 4 5 / 8 percent Notes are guaranteed by Holdings and certain domestic subsidiaries of URNA and are secured on a second-priority basis by liens on substantially all of URNA’s and the guarantors’ assets that secure the ABL facility, subject to certain exceptions. The 4 5 / 8 percent Notes may be redeemed on or after July 15, 2018 , at specified redemption prices that range from 103.469 percent in 2018 , to 100 percent in 2021 and thereafter, plus accrued and unpaid interest, if any. The indenture governing the 4 5 / 8 percent Notes contains certain restrictive covenants, including, among others, limitations on (i) liens; (ii) additional indebtedness; (iii) mergers, consolidations and acquisitions; (iv) sales, transfers and other dispositions of assets; (v) loans and other investments; (vi) dividends and other distributions, stock repurchases and redemptions and other restricted payments; (vii) restrictions affecting subsidiaries; (viii) transactions with affiliates; and (ix) designations of unrestricted subsidiaries, as well as a requirement to timely file periodic reports with the SEC. The indenture also includes covenants relating to the grant of and maintenance of liens for the benefit of the notes collateral agent. Each of the restrictive covenants is subject to important exceptions and qualifications that would allow URNA and its subsidiaries 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), URNA must make an offer to purchase all of the then-outstanding 4 5 / 8 percent 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. (6) In March 2015, URNA issued $ 800 aggregate principal amount of 5 1 / 2 percent Senior Notes (the “5 1 / 2 percent Notes”) which are due July 15, 2025. The net proceeds from the issuance were approximately $ 792 (after deducting offering expenses). The 5 1 / 2 percent Notes are unsecured and are guaranteed by Holdings and certain domestic subsidiaries of URNA. The 5 1 / 2 percent Notes may be redeemed on or after July 15, 2020 , at specified redemption prices that range from 102.75 percent in 2020 , to 100 percent in 2023 and thereafter, plus accrued and unpaid interest, if any. The indenture governing the 5 1 / 2 percent Notes contains certain restrictive covenants, including, among others, limitations on (i) liens; (ii) additional indebtedness; (iii) mergers, consolidations and acquisitions; (iv) sales, transfers and other dispositions of assets; (v) loans and other investments; (vi) dividends and other distributions, stock repurchases and redemptions and other restricted payments; (vii) restrictions affecting subsidiaries; (viii) transactions with affiliates; and (ix) designations of unrestricted subsidiaries, as well as a requirement to timely file periodic reports with the SEC. Each of the restrictive covenants is subject to important exceptions and qualifications that would allow URNA and its subsidiaries 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), URNA must make an offer to purchase all of the then-outstanding 5 1 / 2 percent 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 June 30, 2015 carrying value of the 4 percent Convertible Senior Notes and the $8 principal amount reflects the $1 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 June 30, 2015 , an amount equal to the $1 unamortized portion of the original issue discount is separately classified in our condensed consolidated balance sheets and referred to as “temporary equity.” During the six months ended June 30, 2015 , $ 26 of our 4 percent Convertible Senior Notes were redeemed. We recognized a loss of approximately $ 1 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. Holders of the 4 percent Convertible Senior Notes have the right to redeem the notes prior to November 15, 2015 at a conversion price of $11.11 per share of common stock. Since July 1, 2015 (the beginning of the third quarter), none of the 4 percent Convertible Senior Notes have been redeemed. (8) As of June 30, 2015 , our short-term debt primarily reflects $ 549 of borrowings under our accounts receivable securitization facility.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 Numerator: Net income available to common stockholders $ 86 $ 94 201 154 Denominator: Denominator for basic earnings per share—weighted-average common shares 96,647 97,002 96,896 96,118 Effect of dilutive securities: Employee stock options and warrants 298 413 318 425 4 percent Convertible Senior Notes 605 7,758 894 9,005 Restricted stock units 197 421 308 475 Denominator for diluted earnings per share—adjusted weighted-average common shares 97,747 105,594 98,416 106,023 Basic earnings per share $ 0.89 $ 0.98 $ 2.07 $ 1.61 Diluted earnings per share $ 0.88 $ 0.90 $ 2.04 $ 1.46

Condensed Consolidating Finan28

Condensed Consolidating Financial Information of Guarantor Subsidiaries (Tables)	6 Months Ended
	Jun. 30, 2015
Condensed Financial Information [Abstract]
CONDENSED CONSOLIDATING BALANCE SHEET	CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2015 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV ASSETS Cash and cash equivalents $ — $ 4 $ — $ 196 $ — $ — $ 200 Accounts receivable, net — 39 — 108 747 — 894 Intercompany receivable (payable) 144 55 (188 ) (126 ) — 115 — Inventory — 73 — 8 — — 81 Prepaid expenses and other assets — 67 — 7 — — 74 Deferred taxes — 186 — 1 — — 187 Total current assets 144 424 (188 ) 194 747 115 1,436 Rental equipment, net — 5,794 — 602 — — 6,396 Property and equipment, net 40 323 20 42 — — 425 Investments in subsidiaries 1,294 1,011 1,001 — — (3,306 ) — Goodwill — 3,000 — 253 — — 3,253 Other intangible assets, net — 923 — 77 — — 1,000 Other long-term assets — 95 — — — — 95 Total assets $ 1,478 $ 11,570 $ 833 $ 1,168 $ 747 $ (3,191 ) $ 12,605 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Short-term debt and current maturities of long-term debt $ 7 $ 583 $ — $ — $ — $ — $ 590 Accounts payable — 618 — 65 — — 683 Accrued expenses and other liabilities — 273 14 22 — — 309 Total current liabilities 7 1,474 14 87 — — 1,582 Long-term debt — 7,143 121 7 549 — 7,820 Deferred taxes 19 1,604 — 73 — — 1,696 Other long-term liabilities — 55 — — — — 55 Total liabilities 26 10,276 135 167 549 — 11,153 Temporary equity (note 7) 1 — — — — — 1 Total stockholders’ equity (deficit) 1,451 1,294 698 1,001 198 (3,191 ) 1,451 Total liabilities and stockholders’ equity (deficit) $ 1,478 $ 11,570 $ 833 $ 1,168 $ 747 $ (3,191 ) $ 12,605 CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2014 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV ASSETS Cash and cash equivalents $ — $ 8 $ — $ 150 $ — $ — $ 158 Accounts receivable, net — 37 — 144 759 — 940 Intercompany receivable (payable) 476 (428 ) (60 ) (109 ) — 121 — Inventory — 69 — 9 — — 78 Prepaid expenses and other assets — 113 1 8 — — 122 Deferred taxes — 246 — 2 — — 248 Total current assets 476 45 (59 ) 204 759 121 1,546 Rental equipment, net — 5,399 — 609 — — 6,008 Property and equipment, net 42 332 21 43 — — 438 Investments in subsidiaries 1,330 1,185 1,040 — — (3,555 ) — Goodwill — 3,000 — 272 — — 3,272 Other intangible assets, net — 1,014 — 92 — — 1,106 Other long-term assets 1 96 — — — — 97 Total assets $ 1,849 $ 11,071 $ 1,002 $ 1,220 $ 759 $ (3,434 ) $ 12,467 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Short-term debt and current maturities of long-term debt $ 32 $ 38 $ — $ — $ 548 $ — $ 618 Accounts payable — 248 — 37 — — 285 Accrued expenses and other liabilities — 499 19 57 — — 575 Total current liabilities 32 785 19 94 548 — 1,478 Long-term debt — 7,298 130 6 — — 7,434 Deferred taxes 19 1,594 — 79 — — 1,692 Other long-term liabilities — 64 — 1 — — 65 Total liabilities 51 9,741 149 180 548 — 10,669 Temporary equity (note 7) 2 — — — — — 2 Total stockholders’ equity (deficit) 1,796 1,330 853 1,040 211 (3,434 ) 1,796 Total liabilities and stockholders’ equity (deficit) $ 1,849 $ 11,071 $ 1,002 $ 1,220 $ 759 $ (3,434 ) $ 12,467
CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME	CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2015 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Revenues: Equipment rentals $ — $ 1,100 $ — $ 120 $ — $ — $ 1,220 Sales of rental equipment — 106 — 18 — — 124 Sales of new equipment — 34 — 5 — — 39 Contractor supplies sales — 18 — 3 — — 21 Service and other revenues — 22 — 3 — — 25 Total revenues — 1,280 — 149 — — 1,429 Cost of revenues: Cost of equipment rentals, excluding depreciation — 389 — 56 — — 445 Depreciation of rental equipment — 216 — 24 — — 240 Cost of rental equipment sales — 58 — 10 — — 68 Cost of new equipment sales — 29 — 4 — — 33 Cost of contractor supplies sales — 13 — 2 — — 15 Cost of service and other revenues — 9 — 1 — — 10 Total cost of revenues — 714 — 97 — — 811 Gross profit — 566 — 52 — — 618 Selling, general and administrative expenses (4 ) 153 — 18 8 — 175 Merger related costs — 1 — — — — 1 Restructuring charge — — — — — — — Non-rental depreciation and amortization 4 57 — 6 — — 67 Operating (loss) income — 355 — 28 (8 ) — 375 Interest (income) expense, net — 232 — 1 1 (2 ) 232 Other (income) expense, net (38 ) 55 — 2 (25 ) — (6 ) Income before provision for income taxes 38 68 — 25 16 2 149 Provision for income taxes 18 28 2 9 6 — 63 Income (loss) before equity in net earnings (loss) of subsidiaries 20 40 (2 ) 16 10 2 86 Equity in net earnings (loss) of subsidiaries 66 26 16 — — (108 ) — Net income (loss) 86 66 14 16 10 (106 ) 86 Other comprehensive income (loss) 17 17 16 13 — (46 ) 17 Comprehensive income (loss) $ 103 $ 83 $ 30 $ 29 $ 10 $ (152 ) $ 103 CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2014 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Revenues: Equipment rentals $ — $ 1,042 $ — $ 137 $ — $ — $ 1,179 Sales of rental equipment — 122 — 16 — — 138 Sales of new equipment — 31 — 6 — — 37 Contractor supplies sales — 19 — 3 — — 22 Service and other revenues — 17 — 6 — — 23 Total revenues — 1,231 — 168 — — 1,399 Cost of revenues: Cost of equipment rentals, excluding depreciation — 383 — 64 — — 447 Depreciation of rental equipment — 203 — 26 — — 229 Cost of rental equipment sales — 70 — 10 — — 80 Cost of new equipment sales — 27 — 4 — — 31 Cost of contractor supplies sales — 13 — 2 — — 15 Cost of service and other revenues — 5 — 3 — — 8 Total cost of revenues — 701 — 109 — — 810 Gross profit — 530 — 59 — — 589 Selling, general and administrative expenses (6 ) 171 2 23 (3 ) — 187 Merger related costs — 8 — — — — 8 Restructuring charge — (1 ) — — — — (1 ) Non-rental depreciation and amortization 5 58 — 7 — — 70 Operating income (loss) 1 294 (2 ) 29 3 — 325 Interest expense (income), net 1 182 2 2 1 (1 ) 187 Other (income) expense, net (37 ) 52 (3 ) 4 (20 ) — (4 ) Income (loss) before provision for income taxes 37 60 (1 ) 23 22 1 142 Provision for income taxes 1 32 — 6 9 — 48 Income (loss) before equity in net earnings (loss) of subsidiaries 36 28 (1 ) 17 13 1 94 Equity in net earnings (loss) of subsidiaries 58 30 17 — — (105 ) — Net income (loss) 94 58 16 17 13 (104 ) 94 Other comprehensive income (loss) 36 36 36 28 — (100 ) 36 Comprehensive income (loss) $ 130 $ 94 $ 52 $ 45 $ 13 $ (204 ) $ 130 CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2015 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Revenues: Equipment rentals $ — $ 2,098 $ — $ 247 $ — $ — $ 2,345 Sales of rental equipment — 212 — 28 — — 240 Sales of new equipment — 63 — 9 — — 72 Contractor supplies sales — 34 — 5 — — 39 Service and other revenues — 41 — 7 — — 48 Total revenues — 2,448 — 296 — — 2,744 Cost of revenues: Cost of equipment rentals, excluding depreciation — 773 — 116 — — 889 Depreciation of rental equipment — 427 — 48 — — 475 Cost of rental equipment sales — 117 — 15 — — 132 Cost of new equipment sales — 53 — 7 — — 60 Cost of contractor supplies sales — 24 — 3 — — 27 Cost of service and other revenues — 15 — 4 — — 19 Total cost of revenues — 1,409 — 193 — — 1,602 Gross profit — 1,039 — 103 — — 1,142 Selling, general and administrative expenses (1 ) 304 — 38 15 — 356 Merger related costs — (26 ) — — — — (26 ) Restructuring charge — 1 — — — — 1 Non-rental depreciation and amortization 8 116 — 12 — — 136 Operating (loss) income (7 ) 644 — 53 (15 ) — 675 Interest (income) expense, net (1 ) 351 2 2 2 (3 ) 353 Other (income) expense, net (73 ) 107 1 3 (47 ) — (9 ) Income (loss) before provision for income taxes 67 186 (3 ) 48 30 3 331 Provision for income taxes 31 71 — 16 12 — 130 Income (loss) before equity in net earnings (loss) of subsidiaries 36 115 (3 ) 32 18 3 201 Equity in net earnings (loss) of subsidiaries 165 50 32 — — (247 ) — Net income (loss) 201 165 29 32 18 (244 ) 201 Other comprehensive (loss) income (72 ) (72 ) (74 ) (58 ) — 204 (72 ) Comprehensive income (loss) $ 129 $ 93 $ (45 ) $ (26 ) $ 18 $ (40 ) $ 129 CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2014 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Revenues: Equipment rentals $ — $ 1,914 $ — $ 270 $ — $ — $ 2,184 Sales of rental equipment — 222 — 26 — — 248 Sales of new equipment — 52 — 11 — — 63 Contractor supplies sales — 34 — 7 — — 41 Service and other revenues — 32 — 9 — — 41 Total revenues — 2,254 — 323 — — 2,577 Cost of revenues: Cost of equipment rentals, excluding depreciation — 737 — 119 — — 856 Depreciation of rental equipment — 396 — 50 — — 446 Cost of rental equipment sales — 130 — 15 — — 145 Cost of new equipment sales — 43 — 8 — — 51 Cost of contractor supplies sales — 23 — 5 — — 28 Cost of service and other revenues — 10 — 4 — — 14 Total cost of revenues — 1,339 — 201 — — 1,540 Gross profit — 915 — 122 — — 1,037 Selling, general and administrative expenses 19 294 2 43 (3 ) — 355 Merger related costs — 9 — — — — 9 Non-rental depreciation and amortization 9 109 — 12 — — 130 Operating (loss) income (28 ) 503 (2 ) 67 3 — 543 Interest expense (income), net 7 300 3 3 2 (3 ) 312 Other (income) expense, net (69 ) 98 (1 ) 7 (40 ) — (5 ) Income (loss) before provision for income taxes 34 105 (4 ) 57 41 3 236 Provision for income taxes 1 50 — 15 16 — 82 Income (loss) before equity in net earnings (loss) of subsidiaries 33 55 (4 ) 42 25 3 154 Equity in net earnings (loss) of subsidiaries 121 66 42 — — (229 ) — Net income (loss) 154 121 38 42 25 (226 ) 154 Other comprehensive (loss) income (3 ) (3 ) (2 ) (2 ) — 7 (3 ) Comprehensive income (loss) $ 151 $ 118 $ 36 $ 40 $ 25 $ (219 ) $ 151
CONDENSED CONSOLIDATING CASH FLOW INFORMATION	CONDENSED CONSOLIDATING CASH FLOW INFORMATION For the Six Months Ended June 30, 2015 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Net cash provided by operating activities $ 6 $ 1,069 $ 1 $ 144 $ 30 $ — $ 1,250 Net cash used in investing activities (6 ) (793 ) — (77 ) — — (876 ) Net cash used in financing activities — (280 ) (1 ) (7 ) (30 ) — (318 ) Effect of foreign exchange rates — — — (14 ) — — (14 ) Net (decrease) increase in cash and cash equivalents — (4 ) — 46 — — 42 Cash and cash equivalents at beginning of period — 8 — 150 — — 158 Cash and cash equivalents at end of period $ — $ 4 $ — $ 196 $ — $ — $ 200 CONDENSED CONSOLIDATING CASH FLOW INFORMATION For the Six Months Ended June 30, 2014 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Net cash provided by (used in) operating activities $ 10 $ 928 $ 2 $ 146 $ (32 ) $ — $ 1,054 Net cash used in investing activities (10 ) (1,402 ) — (158 ) — — (1,570 ) Net cash provided by (used in) financing activities — 483 (2 ) (1 ) 32 — 512 Effect of foreign exchange rates — — — (1 ) — — (1 ) Net increase (decrease) in cash and cash equivalents — 9 — (14 ) — — (5 ) Cash and cash equivalents at beginning of period — 17 — 158 — — 175 Cash and cash equivalents at end of period $ — $ 26 $ — $ 144 $ — $ — $ 170

Organization, Description of 29

Organization, Description of Business and Basis of Presentation (Details) $ in Millions	Jun. 30, 2015USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Debt issuance costs, net	$ 89

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2014USD ($)entitylocation	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)
Business Acquisition [Line Items]
Number of entities acquired | entity	4
Acquisition related costs		$ 1	$ 8	$ (26)	$ 9
National Pump
Business Acquisition [Line Items]
Number of rental locations | location	35
Revenue reported by acquired entity for last annual period	$ 210
Acquisition related costs		1
Western Canada | National Pump
Business Acquisition [Line Items]
Number of rental locations | location	4
Other long-term assets | National Pump
Business Acquisition [Line Items]
Capitalized debt issuance costs		$ 22		22
Merger related costs | National Pump
Business Acquisition [Line Items]
Acquisition related costs				$ (26)

Acquisitions (Consideration Tra

Acquisitions (Consideration Transferred) (Details) - Apr. 30, 2014 - National Pump - USD ($) $ in Millions		Total
Business Acquisition [Line Items]
Cash consideration	[1]	$ 773
Contingent consideration	[2]	76
Total purchase consideration	[3]	849
Cash consideration, hold back amount	[1]	58
Stock issued, excluded from purchase consideration		$ 15
[1]	a ‘hold back’ of $58 that was paid in April 2015.
[2]	Reflects the acquisition date fair value of the contingent consideration that was paid in June 2015 as discussed in note 6 to our condensed consolidated financial statements.
[3]	Total purchase consideration excludes $15 of stock which was issued in connection with the acquisition and will be treated as compensation for book purposes but primarily represents deductible goodwill for income tax purposes.

Acquisitions (Assets Acquired a

Acquisitions (Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Millions		Jun. 30, 2015	Dec. 31, 2014	Apr. 30, 2014
Business Acquisition [Line Items]
Goodwill		$ 3,253	$ 3,272
National Pump
Business Acquisition [Line Items]
Accounts receivable, net of allowance for doubtful accounts	[1]			$ 44
Inventory				19
Deferred taxes				6
Rental equipment				172
Property and equipment				10
Intangibles	[2]			289
Other assets				1
Total identifiable assets acquired				541
Current liabilities				(25)
Total liabilities assumed				(25)
Net identifiable assets acquired				516
Goodwill	[3]			333
Net assets acquired				849
Accounts receivable, gross				47
Goodwill, amount expected to be deductible for income tax purposes				325
Estimated uncollectible receivables				3
Trench, power and pump | National Pump
Business Acquisition [Line Items]
Goodwill	[3]			321
General rentals | National Pump
Business Acquisition [Line Items]
Goodwill	[3]			$ 12
[1]	The fair value of accounts receivables acquired was $44, and the gross contractual amount was $47. We estimated that $3 would be uncollectible.
[2]	The following table reflects the estimated fair values and useful lives of the acquired intangible assets identified based on our purchase accounting assessments: Fair value Life (years) Customer relationships$27410 Non-compete agreements156 Total$289
[3]	$321 of the goodwill was assigned to our trench, power and pump segment and $12 of the goodwill was assigned to our general rentals segment. The level of goodwill that resulted from the acquisition is primarily reflective of National Pump's going-concern value, the value of National Pump's assembled workforce, new customer relationships expected to arise from the acquisition, and operational synergies that we expect to achieve that would not be available to other market participants. $325 of goodwill is expected to be deductible for income tax purposes. The amount of goodwill that is expected to be deductible for income tax purposes declined during the six months ended June 30, 2015 due to a decline in the fair value of the contingent cash consideration component of the National Pump purchase price due to lower than expected financial performance compared to agreed upon financial targets, as discussed in note 6 to our condensed consolidated financial statements.

Acquisitions (Acquired Intangib

Acquisitions (Acquired Intangible Assets) (Details) - 1 months ended Apr. 30, 2014 - National Pump - USD ($) $ in Millions	Total
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value	$ 289
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value	$ 274
Life (years)	10 years
Non-compete agreements
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value	$ 15
Life (years)	6 years

Acquisitions (Pro Forma Informa

Acquisitions (Pro Forma Information) (Details) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Apr. 30, 2014
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenues			$ 1,399,000,000		$ 2,577,000,000
Pro forma revenues			1,399,000,000		2,639,000,000
Pretax income		$ 149,000,000	142,000,000	$ 331,000,000	236,000,000
Combined pretax income			142,000,000		256,000,000
Pro forma pretax income			219,000,000		315,000,000
Gain (loss) on redemption of debt				$ (123,000,000)	(75,000,000)
Impact of fair value mark-ups/useful life changes on depreciation
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Pro forma adjustments to combined pretax income	[1]		0		(1,000,000)
Intangible asset amortization
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Pro forma adjustments to combined pretax income	[2]		1,000,000		(11,000,000)
Interest expense
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Pro forma adjustments to combined pretax income	[3]		68,000,000		62,000,000
Elimination of merger costs
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Pro forma adjustments to combined pretax income	[4]		8,000,000		9,000,000
National Pump
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenues			0		62,000,000
Pretax income			0		20,000,000
5 3/4 percent Senior Notes
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Stated interest rate		5.75%		5.75%
9 1/4 percent Senior Notes
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Gain (loss) on redemption of debt			$ (64,000,000)		$ (64,000,000)
Senior notes | Add-on to 6 1/8 percent Senior Notes
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Face amount						$ 525,000,000
Senior notes | Add-on to 6 1/8 percent Senior Notes | National Pump
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Stated interest rate						6.125%
Senior notes | 5 3/4 percent Senior Notes
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Face amount						$ 850,000,000
Senior notes | 5 3/4 percent Senior Notes | National Pump
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Stated interest rate						5.75%
Senior notes | 9 1/4 percent Senior Notes | National Pump
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Stated interest rate						9.25%
[1]	Depreciation of rental equipment and non-rental depreciation were adjusted for the fair value mark-ups of equipment acquired in the National Pump acquisition. The useful lives assigned to such equipment didn’t change significantly from the lives historically used by National Pump.
[2]	The intangible assets acquired in the National Pump acquisition were amortized.
[3]	In connection with the National Pump acquisition, 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, and all our outstanding 9 1/4 percent Senior Notes were redeemed. Interest expense was adjusted to reflect these changes in our debt portfolio. For the pro forma presentation, the $64 loss recognized upon redemption of the 9 1/4 percent Senior Notes was removed from the three and six months ended June 30, 2014 as the loss was assumed to have been recognized prior to the pro forma acquisition date.
[4]	Merger related costs, primarily comprised of financial and legal advisory fees, associated with the National Pump acquisition were eliminated as they were assumed to have been recognized prior to the pro forma acquisition date.

Acquisitions (Revenue and Preta

Acquisitions (Revenue and Pretax Income of Acquiree) (Details) - National Pump - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Business Acquisition [Line Items]
Revenue		$ 54	$ 67	$ 111	$ 67
Pretax (loss) income	[1]	$ (2)	$ 14	$ (4)	$ 14
[1]	Pretax (loss) income excludes merger related costs which are not allocated to our segments. Pretax loss for the three and six months ended June 30, 2015 primarily reflects volume and pricing pressure associated with upstream oil and gas customers, and the amortization of the intangible assets acquired in the National Pump acquisition.

Segment Information (Financial

Segment Information (Financial information by segment) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)location	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)location	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Segment Reporting Information
Equipment rentals	$ 1,220	$ 1,179	$ 2,345	$ 2,184
Sales of rental equipment	124	138	240	248
Sales of new equipment	39	37	72	63
Contractor supplies sales	21	22	39	41
Service and other revenues	25	23	48	41
Total revenues	1,429	1,399	2,744	2,577
Gross profit	618	589	1,142	1,037
Assets	12,605		12,605		$ 12,467
Operating Segments
Segment Reporting Information
Equipment rentals	1,220	1,179	2,345	2,184
Sales of rental equipment	124	138	240	248
Sales of new equipment	39	37	72	63
Contractor supplies sales	21	22	39	41
Service and other revenues	25	23	48	41
Total revenues	1,429	1,399	2,744	2,577
Depreciation and amortization expense	307	299	611	576
Capital expenditures			1,066	1,080
Assets	$ 12,605		$ 12,605		12,467
Operating Segments | General rentals
Segment Reporting Information
Number of geographic regions entity operates in (locations) | location	11		11
Equipment rentals	$ 1,048	1,028	$ 2,024	1,952
Sales of rental equipment	116	132	224	238
Sales of new equipment	35	25	61	49
Contractor supplies sales	18	19	33	36
Service and other revenues	23	17	42	34
Total revenues	1,240	1,221	2,384	2,309
Depreciation and amortization expense	264	263	526	522
Capital expenditures			949	981
Assets	11,053		11,053		10,935
Operating Segments | Trench, power and pump
Segment Reporting Information
Equipment rentals	172	151	321	232
Sales of rental equipment	8	6	16	10
Sales of new equipment	4	12	11	14
Contractor supplies sales	3	3	6	5
Service and other revenues	2	6	6	7
Total revenues	189	178	360	268
Depreciation and amortization expense	43	36	85	54
Capital expenditures			117	99
Assets	1,552		1,552		$ 1,532
Equipment rentals
Segment Reporting Information
Gross profit	535	503	981	882
Equipment rentals | Operating Segments
Segment Reporting Information
Gross profit	535	503	981	882
Equipment rentals | Operating Segments | General rentals
Segment Reporting Information
Gross profit	456	426	839	770
Equipment rentals | Operating Segments | Trench, power and pump
Segment Reporting Information
Gross profit	$ 79	$ 77	$ 142	$ 112

Segment Information (Reconcilia

Segment Information (Reconciliation to income (loss) from continuing operations) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015		Jun. 30, 2014
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross profit	$ 618	$ 589	$ 1,142		$ 1,037
Selling, general and administrative expenses	(175)	(187)	(356)		(355)
Merger related costs	(1)	(8)	26		(9)
Restructuring charge	0	1	(1)	[1]	0
Non-rental depreciation and amortization	(67)	(70)	(136)		(130)
Interest expense, net	(232)	(187)	(353)		(312)
Other income, net	6	4	9		5
Income before provision for income taxes	149	142	331		236
Equipment rentals
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross profit	535	503	981		882
Other lines of business
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross profit	$ 83	$ 86	$ 161		$ 155
[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)	Jun. 30, 2015employeelocation	Dec. 31, 2011employeelocation	Jan. 01, 2008employeelocation
Closed Restructuring Program
Restructuring Cost and Reserve
Employee headcount		7,500	10,900
Number of locations | location		529	697
RSC Merger Related Restructuring Program
Restructuring Cost and Reserve
Employee headcount	12,600
Number of locations | location	896

Restructuring Charges (Schedule

Restructuring Charges (Schedule of restructuring charges) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015		Jun. 30, 2014
Restructuring Reserve [Roll Forward]
Beginning reserve balance				$ 20
Charged to Costs and Expenses		$ 0	$ (1)	1	[1]	$ 0
Payments and Other				(5)
Ending reserve balance		16		16
Branch closure charges
Restructuring Reserve [Roll Forward]
Beginning reserve balance				20
Charged to Costs and Expenses	[1]			1
Payments and Other				(5)
Ending reserve balance		16		16
Severance costs
Restructuring Reserve [Roll Forward]
Beginning reserve balance				0
Charged to Costs and Expenses	[1]			0
Payments and Other				0
Ending reserve balance		0		0
Closed Restructuring Program
Restructuring Reserve [Roll Forward]
Beginning reserve balance				9
Charged to Costs and Expenses	[1]			1
Payments and Other				(3)
Ending reserve balance		7		7
Closed Restructuring Program | Branch closure charges
Restructuring Reserve [Roll Forward]
Beginning reserve balance				9
Charged to Costs and Expenses	[1]			1
Payments and Other				(3)
Ending reserve balance		7		7
Closed Restructuring Program | Severance costs
Restructuring Reserve [Roll Forward]
Beginning reserve balance				0
Charged to Costs and Expenses	[1]			0
Payments and Other				0
Ending reserve balance		0		0
RSC Merger Related Restructuring Program
Restructuring Reserve [Roll Forward]
Beginning reserve balance				11
Charged to Costs and Expenses	[1]			0
Payments and Other				(2)
Ending reserve balance		9		9
RSC Merger Related Restructuring Program | Branch closure charges
Restructuring Reserve [Roll Forward]
Beginning reserve balance				11
Charged to Costs and Expenses	[1]			0
Payments and Other				(2)
Ending reserve balance		9		9
RSC Merger Related Restructuring Program | Severance costs
Restructuring Reserve [Roll Forward]
Beginning reserve balance				0
Charged to Costs and Expenses	[1]			0
Payments and Other				0
Ending reserve balance		$ 0		$ 0
[1]	Reflected in our condensed consolidated statements of income as “Restructuring charge.” These charges are not allocated to our reportable segments.

Derivatives (Narrative) (Detail

Derivatives (Narrative) (Details) gal in Millions	6 Months Ended
	Jun. 30, 2015gal
Diesel swap | Fixed price swap contracts
Derivative [Line Items]
Fixed price swap contract (in gallons)	10.8

Derivatives (Effect of derivati

Derivatives (Effect of derivatives on consolidated statements of income) (Details) gal in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2015USD ($)gal	Jun. 30, 2014USD ($)gal	Jun. 30, 2015USD ($)gal	Jun. 30, 2014USD ($)gal
Derivative Instruments, Gain (Loss) [Line Items]
Purchases of diesel covered by the fixed price swaps (in gallons) | gal		2.8	3	5.4	5.6
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 derivative	[1],[2]	$ (1)		$ (3)
Amount of income (expense) recognized on hedged item	[1],[2]	$ (9)	$ (12)	$ (16)	$ (22)
[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 2.8 million and 3.0 million gallons of diesel covered by the fixed price swaps during the three months ended June 30, 2015 and 2014, respectively, and the use of 5.4 million and 5.6 million gallons of diesel covered by the fixed price swaps during the six months ended June 30, 2015 and 2014, respectively. These amounts are reflected, net of cash received from, or paid to, the counterparties to the fixed price swaps, in operating cash flows in our condensed consolidated statement of cash flows.

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) gal in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)$ / galgal	Dec. 31, 2014USD ($)
Merger related costs
Derivatives, Fair Value [Line Items]
Change in contingent consideration	$ (26)
Diesel swap | Fixed price swap contracts
Derivatives, Fair Value [Line Items]
Fixed price swap contract (in gallons) | gal	10.8
Average contract price (in dollars per gallon) | $ / gal	3.13
Average forward price (in dollars per gallon) | $ / gal	3.02
Level 3 | National Pump | Accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Contingent consideration	$ 0	$ 78

Fair Value Measurements (Fair v

Fair Value Measurements (Fair value of financial instruments) (Details) - USD ($) $ in Millions		Jun. 30, 2015	Dec. 31, 2014
Level 1 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Senior and senior subordinated notes		$ 5,991	$ 6,063
Level 1 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Senior and senior subordinated notes		6,090	6,390
Level 2 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
4 percent Convertible Senior Notes	[1]	7	32
Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
4 percent Convertible Senior Notes	[1]	$ 8	$ 33
Convertible subordinated notes—4 percent
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Effective interest rate		6.90%
Debt instrument, convertible, if-converted value		$ 60
Convertible senior notes | Convertible subordinated notes—4 percent
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Stated interest rate		4.00%
[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 6.9 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 June 30, 2015 would be $60.

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions	1 Months Ended	6 Months Ended
	Nov. 30, 2009	Jun. 30, 2015	Jun. 30, 2014	Nov. 10, 2009
Convertible subordinated notes—4 percent
Debt Instrument
Hedge transactions cost	$ 26,000,000
Hedge transactions cost decrease in APIC	17,000,000
Convertible note hedge transactions shares (in shares)		0.7
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
Market price per share (in dollars per share)		$ 80
ABL Facility
Debt Instrument
Maximum revolving credit amount percentage		10.00%
Convertible senior notes | Convertible subordinated notes—4 percent
Debt Instrument
Face amount	$ 173,000,000	$ 8,000,000
Stated interest rate		4.00%	4.00%
Common stock | Convertible subordinated notes—4 percent
Debt Instrument
Convertible equity shares (in shares)		0.6

Debt (Schedule of long-term deb

Debt (Schedule of long-term debt instruments) (Details) - USD ($)

1 Months Ended

6 Months Ended

12 Months Ended

Apr. 30, 2015

Mar. 31, 2015

Jun. 30, 2015

Jun. 30, 2014

Dec. 31, 2023

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2018

Dec. 31, 2014

Apr. 30, 2014

Nov. 30, 2009

Debt Instrument

Total debt

$ 8,410,000,000

$ 8,052,000,000

Less short-term portion

[1]

(590,000,000)

(618,000,000)

Total long-term debt

7,820,000,000

7,434,000,000

Loss on repurchase/redemption of debt securities and amendment of ABL facility

$ 123,000,000

$ 75,000,000

Accounts Receivable Securitization Facility

Debt Instrument

Credit facility interest rate at period end

0.90%

5 3/4 percent Senior Secured Notes

Debt Instrument

Stated interest rate

5.75%

8 3/8 percent Senior Subordinated Notes

Debt Instrument

Stated interest rate

8.375%

7 3/8 percent Senior Notes

Debt Instrument

Stated interest rate

7.375%

8 1/4 percent Senior Notes

Debt Instrument

Stated interest rate

8.25%

Redemption notice, amount

$ 350,000,000

7 5/8 percent Senior Notes

Debt Instrument

Stated interest rate

7.625%

6 1/8 percent Senior Notes

Debt Instrument

Stated interest rate

6.125%

4 5/8 percent Senior Notes

Debt Instrument

Stated interest rate

4.625%

5 3/4 percent Senior Notes

Debt Instrument

Stated interest rate

5.75%

5 1/2 percent Senior Notes

Debt Instrument

Stated interest rate

5.50%

Credit facility | $2.5 billion ABL Facility

Debt Instrument

Current borrowing capacity under credit facility

$ 680,000,000

Credit facility interest rate at period end

1.80%

Letters of credit outstanding

$ 49,000,000

Average outstanding amount

$ 1,200,000,000

Weighted average interest rate, long-term

2.00%

ABL Facility maximum month-end outstanding amount

$ 1,800,000,000

Senior secured notes | 4 5/8 percent Senior Notes

Debt Instrument

Face amount

$ 1,000,000,000

Proceeds from issuance of long-term debt

$ 990,000,000

Redemption price, percentage

101.00%

Senior notes | 5 3/4 percent Senior Notes

Debt Instrument

Face amount

$ 850,000,000

Senior notes | 5 1/2 percent Senior Notes

Debt Instrument

Face amount

$ 800,000,000

Proceeds from issuance of long-term debt

$ 792,000,000

Redemption price, percentage

101.00%

Accounts receivable facility | Accounts Receivable Securitization Facility

Debt Instrument

Current borrowing capacity under credit facility

1,000,000

Average outstanding amount under facility

$ 456,000,000

Weighted average interest rate, short-term

0.80%

A/R Securitization maximum month-end outstanding amount

$ 550,000,000

Collateral amount

627,000,000

Convertible senior notes | Convertible subordinated notes—4 percent

Debt Instrument

Total debt

[2]

$ 7,000,000

32,000,000

Stated interest rate

4.00%

4.00%

Loss on repurchase/redemption of debt securities and amendment of ABL facility

$ 1,000,000

Face amount

8,000,000

$ 173,000,000

Unamortized discount

1,000,000

Extinguishment of debt, amount

$ 26,000,000

Convertible, conversion price (in dollars per share)

$ 11.11

URNA and subsidiaries

Debt Instrument

Total debt

$ 8,403,000,000

8,020,000,000

URNA and subsidiaries | $2.5 billion ABL Facility

Debt Instrument

Maximum borrowing capacity

$ 2,500,000,000

2,500,000,000

URNA and subsidiaries | Capital leases

Debt Instrument

Total debt

92,000,000

105,000,000

URNA and subsidiaries | Credit facility | $2.5 billion ABL Facility

Debt Instrument

Total debt

[3]

1,771,000,000

1,304,000,000

URNA and subsidiaries | Senior secured notes | 5 3/4 percent Senior Secured Notes

Debt Instrument

Total debt

[4]

0

750,000,000

URNA and subsidiaries | Senior secured notes | 4 5/8 percent Senior Notes

Debt Instrument

Total debt

[5]

1,000,000,000

0

URNA and subsidiaries | Senior notes | 7 3/8 percent Senior Notes

Debt Instrument

Total debt

750,000,000

750,000,000

URNA and subsidiaries | Senior notes | 8 1/4 percent Senior Notes

Debt Instrument

Total debt

[6]

316,000,000

687,000,000

URNA and subsidiaries | Senior notes | 7 5/8 percent Senior Notes

Debt Instrument

Total debt

1,325,000,000

1,325,000,000

URNA and subsidiaries | Senior notes | 6 1/8 percent Senior Notes

Debt Instrument

Total debt

950,000,000

951,000,000

URNA and subsidiaries | Senior notes | 5 3/4 percent Senior Notes

Debt Instrument

Total debt

850,000,000

850,000,000

URNA and subsidiaries | Senior notes | 5 1/2 percent Senior Notes

Debt Instrument

Total debt

[7]

800,000,000

0

URNA and subsidiaries | Senior subordinated notes | 8 3/8 percent Senior Subordinated Notes

Debt Instrument

Total debt

[4]

0

750,000,000

URNA and subsidiaries | Accounts receivable facility | Accounts Receivable Securitization Facility

Debt Instrument

Total debt

[8]

$ 549,000,000

$ 548,000,000

Forecast | Senior secured notes | 4 5/8 percent Senior Notes

Debt Instrument

Redemption price, percentage

100.00%

103.469%

Forecast | Senior notes | 5 1/2 percent Senior Notes

Debt Instrument

Redemption price, percentage

100.00%

102.75%

Interest expense, net | 5 3/4 percent Senior Secured Notes and 8 3/8 percent Senior Subordinated Notes

Debt Instrument

Loss on repurchase/redemption of debt securities and amendment of ABL facility

106,000,000

Interest expense, net | 8 1/4 percent Senior Notes

Debt Instrument

Loss on repurchase/redemption of debt securities and amendment of ABL facility

$ 15,000,000

[1]

As of June 30, 2015, our short-term debt primarily reflects $549 of borrowings under our accounts receivable securitization facility.

[2]

The difference between the June 30, 2015 carrying value of the 4 percent Convertible Senior Notes and the $8 principal amount reflects the $1 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 June 30, 2015, an amount equal to the $1 unamortized portion of the original issue discount is separately classified in our condensed consolidated balance sheets and referred to as “temporary equity.” During the six months ended June 30, 2015, $26 of our 4 percent Convertible Senior Notes were redeemed. We recognized a loss of approximately $1 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. Holders of the 4 percent Convertible Senior Notes have the right to redeem the notes prior to November 15, 2015 at a conversion price of $11.11 per share of common stock. Since July 1, 2015 (the beginning of the third quarter), none of the 4 percent Convertible Senior Notes have been redeemed.

[3]

At June 30, 2015, $680 was available under our ABL facility, net of $49 of letters of credit. The interest rate applicable to the ABL facility was 1.8 percent at June 30, 2015. During the six months ended June 30, 2015, the monthly average amount outstanding under the ABL facility was $1.2 billion, and the weighted-average interest rate thereon was 2.0 percent. The maximum month-end amount outstanding under the ABL facility during the six months ended June 30, 2015 was $1.8 billion. In March 2015, the ABL facility was amended, primarily to increase the facility size and to extend the maturity date. The size of the facility was increased to $2.5 billion. All amounts borrowed under the ABL facility must be repaid on or before March 2020.

[4]

In April 2015, we redeemed all of our 5 3/4 percent Senior Secured Notes and 8 3/8 percent Senior Subordinated Notes. Upon redemption, we recognized an aggregate loss of $106 in interest expense, net. The loss represented the difference between the net carrying amount and the total purchase price of the notes.

[5]

In March 2015, URNA issued $1.0 billion aggregate principal amount of 4 5/8 percent Senior Secured Notes (the “4 5/8 percent Notes”) which are due July 15, 2023. The net proceeds from issuance were approximately $990 (after deducting offering expenses). The 4 5/8 percent Notes are guaranteed by Holdings and certain domestic subsidiaries of URNA and are secured on a second-priority basis by liens on substantially all of URNA’s and the guarantors’ assets that secure the ABL facility, subject to certain exceptions. The 4 5/8 percent Notes may be redeemed on or after July 15, 2018, at specified redemption prices that range from 103.469 percent in 2018, to 100 percent in 2021 and thereafter, plus accrued and unpaid interest, if any. The indenture governing the 4 5/8 percent Notes contains certain restrictive covenants, including, among others, limitations on (i) liens; (ii) additional indebtedness; (iii) mergers, consolidations and acquisitions; (iv) sales, transfers and other dispositions of assets; (v) loans and other investments; (vi) dividends and other distributions, stock repurchases and redemptions and other restricted payments; (vii) restrictions affecting subsidiaries; (viii) transactions with affiliates; and (ix) designations of unrestricted subsidiaries, as well as a requirement to timely file periodic reports with the SEC. The indenture also includes covenants relating to the grant of and maintenance of liens for the benefit of the notes collateral agent. Each of the restrictive covenants is subject to important exceptions and qualifications that would allow URNA and its subsidiaries 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), URNA must make an offer to purchase all of the then-outstanding 4 5/8 percent 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.

[6]

In April 2015, we redeemed $350 principal amount of our 8 1/4 percent Senior Notes. Upon redemption, we recognized a loss of $15 in interest expense, net. The loss represented the difference between the net carrying amount and the total purchase price of the redeemed notes.

[7]

In March 2015, URNA issued $800 aggregate principal amount of 5 1/2 percent Senior Notes (the “5 1/2 percent Notes”) which are due July 15, 2025. The net proceeds from the issuance were approximately $792 (after deducting offering expenses). The 5 1/2 percent Notes are unsecured and are guaranteed by Holdings and certain domestic subsidiaries of URNA. The 5 1/2 percent Notes may be redeemed on or after July 15, 2020, at specified redemption prices that range from 102.75 percent in 2020, to 100 percent in 2023 and thereafter, plus accrued and unpaid interest, if any. The indenture governing the 5 1/2 percent Notes contains certain restrictive covenants, including, among others, limitations on (i) liens; (ii) additional indebtedness; (iii) mergers, consolidations and acquisitions; (iv) sales, transfers and other dispositions of assets; (v) loans and other investments; (vi) dividends and other distributions, stock repurchases and redemptions and other restricted payments; (vii) restrictions affecting subsidiaries; (viii) transactions with affiliates; and (ix) designations of unrestricted subsidiaries, as well as a requirement to timely file periodic reports with the SEC. Each of the restrictive covenants is subject to important exceptions and qualifications that would allow URNA and its subsidiaries 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), URNA must make an offer to purchase all of the then-outstanding 5 1/2 percent 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.

[8]

At June 30, 2015, $1 was available under our accounts receivable securitization facility. The interest rate applicable to the accounts receivable securitization facility was 0.9 percent at June 30, 2015. During the six months ended June 30, 2015, the monthly average amount outstanding under the accounts receivable securitization facility was $456, 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 six months ended June 30, 2015 was $550. 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 June 30, 2015, there were $627 of receivables, net of applicable reserves, in the collateral pool.

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator:
Net income available to common stockholders	$ 86	$ 94	$ 201	$ 154
Denominator:
Denominator for basic earnings per share—weighted-average common shares (in shares)	96,647	97,002	96,896	96,118
Effect of dilutive securities:
4 percent Convertible Senior Notes (in shares)	605	7,758	894	9,005
Denominator for diluted earnings per share—adjusted weighted-average common shares (in shares)	97,747	105,594	98,416	106,023
Basic earnings per share (in dollars per share)	$ 0.89	$ 0.98	$ 2.07	$ 1.61
Diluted earnings per share (in dollars per share)	$ 0.88	$ 0.90	$ 2.04	$ 1.46
Convertible senior notes | Convertible subordinated notes—4 percent
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Stated interest rate	4.00%	4.00%	4.00%	4.00%
Employee stock options and warrants
Effect of dilutive securities:
Effect of dilutive securities, share-based payment arrangements (in shares)	298	413	318	425
Restricted stock units
Effect of dilutive securities:
Effect of dilutive securities, share-based payment arrangements (in shares)	197	421	308	475

Condensed Consolidating Finan47

Condensed Consolidating Financial Information of Guarantor Subsidiaries - CONDENSED CONSOLIDATING BALANCE SHEET (Details) - USD ($) $ in Millions		Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
ASSETS
Cash and cash equivalents		$ 200	$ 158	$ 170	$ 175
Accounts receivable, net		894	940
Intercompany receivable (payable)		0	0
Inventory		81	78
Prepaid expenses and other assets		74	122
Deferred taxes		187	248
Total current assets		1,436	1,546
Investments in subsidiaries		0	0
Goodwill		3,253	3,272
Other intangible assets, net		1,000	1,106
Other long-term assets		95	97
Total assets		12,605	12,467
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	[1]	590	618
Accounts payable		683	285
Accrued expenses and other liabilities		309	575
Total current liabilities		1,582	1,478
Long-term debt		7,820	7,434
Deferred taxes		1,696	1,692
Other long-term liabilities		55	65
Total liabilities		11,153	10,669
Temporary equity		1	2
Total stockholders’ equity (deficit)		1,451	1,796
Total liabilities and stockholders’ equity		$ 12,605	12,467
Parent
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)		144	476
Inventory		0	0
Prepaid expenses and other assets		0	0
Deferred taxes		0	0
Total current assets		144	476
Investments in subsidiaries		1,294	1,330
Goodwill		0	0
Other intangible assets, net		0	0
Other long-term assets		0	1
Total assets		1,478	1,849
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt		7	32
Accounts payable		0	0
Accrued expenses and other liabilities		0	0
Total current liabilities		7	32
Long-term debt		0	0
Deferred taxes		19	19
Other long-term liabilities		0	0
Total liabilities		26	51
Temporary equity		1	2
Total stockholders’ equity (deficit)		1,451	1,796
Total liabilities and stockholders’ equity		1,478	1,849
URNA
ASSETS
Cash and cash equivalents		4	8	26	17
Accounts receivable, net		39	37
Intercompany receivable (payable)		55	(428)
Inventory		73	69
Prepaid expenses and other assets		67	113
Deferred taxes		186	246
Total current assets		424	45
Investments in subsidiaries		1,011	1,185
Goodwill		3,000	3,000
Other intangible assets, net		923	1,014
Other long-term assets		95	96
Total assets		11,570	11,071
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt		583	38
Accounts payable		618	248
Accrued expenses and other liabilities		273	499
Total current liabilities		1,474	785
Long-term debt		7,143	7,298
Deferred taxes		1,604	1,594
Other long-term liabilities		55	64
Total liabilities		10,276	9,741
Temporary equity		0	0
Total stockholders’ equity (deficit)		1,294	1,330
Total liabilities and stockholders’ equity		$ 11,570	11,071
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)		(188)	(60)
Inventory		0	0
Prepaid expenses and other assets		0	1
Deferred taxes		0	0
Total current assets		(188)	(59)
Investments in subsidiaries		1,001	1,040
Goodwill		0	0
Other intangible assets, net		0	0
Other long-term assets		0	0
Total assets		833	1,002
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		14	19
Total current liabilities		14	19
Long-term debt		121	130
Deferred taxes		0	0
Other long-term liabilities		0	0
Total liabilities		135	149
Temporary equity		0	0
Total stockholders’ equity (deficit)		698	853
Total liabilities and stockholders’ equity		833	1,002
Non Guarantor Subsidiaries - Foreign
ASSETS
Cash and cash equivalents		196	150	144	158
Accounts receivable, net		108	144
Intercompany receivable (payable)		(126)	(109)
Inventory		8	9
Prepaid expenses and other assets		7	8
Deferred taxes		1	2
Total current assets		194	204
Investments in subsidiaries		0	0
Goodwill		253	272
Other intangible assets, net		77	92
Other long-term assets		0	0
Total assets		1,168	1,220
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt		0	0
Accounts payable		65	37
Accrued expenses and other liabilities		22	57
Total current liabilities		87	94
Long-term debt		7	6
Deferred taxes		73	79
Other long-term liabilities		0	1
Total liabilities		167	180
Temporary equity		0	0
Total stockholders’ equity (deficit)		1,001	1,040
Total liabilities and stockholders’ equity		1,168	1,220
Non Guarantor Subsidiaries - SPV
ASSETS
Cash and cash equivalents		0	0	0	0
Accounts receivable, net		747	759
Intercompany receivable (payable)		0	0
Inventory		0	0
Prepaid expenses and other assets		0	0
Deferred taxes		0	0
Total current assets		747	759
Investments in subsidiaries		0	0
Goodwill		0	0
Other intangible assets, net		0	0
Other long-term assets		0	0
Total assets		747	759
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt		0	548
Accounts payable		0	0
Accrued expenses and other liabilities		0	0
Total current liabilities		0	548
Long-term debt		549	0
Deferred taxes		0	0
Other long-term liabilities		0	0
Total liabilities		549	548
Temporary equity		0	0
Total stockholders’ equity (deficit)		198	211
Total liabilities and stockholders’ equity		$ 747	759
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		$ 252
Eliminations
ASSETS
Cash and cash equivalents		0	0	$ 0	$ 0
Accounts receivable, net		0	0
Intercompany receivable (payable)		115	121
Inventory		0	0
Prepaid expenses and other assets		0	0
Deferred taxes		0	0
Total current assets		115	121
Investments in subsidiaries		(3,306)	(3,555)
Goodwill		0	0
Other intangible assets, net		0	0
Other long-term assets		0	0
Total assets		(3,191)	(3,434)
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)		(3,191)	(3,434)
Total liabilities and stockholders’ equity		(3,191)	(3,434)
Rental equipment, net
ASSETS
Property, plant and equipment, net		6,396	6,008
Rental equipment, net | Parent
ASSETS
Property, plant and equipment, net		0	0
Rental equipment, net | URNA
ASSETS
Property, plant and equipment, net		5,794	5,399
Rental equipment, net | Guarantor Subsidiaries
ASSETS
Property, plant and equipment, net		0	0
Rental equipment, net | Non Guarantor Subsidiaries - Foreign
ASSETS
Property, plant and equipment, net		602	609
Rental equipment, net | Non Guarantor Subsidiaries - SPV
ASSETS
Property, plant and equipment, net		0	0
Rental equipment, net | Eliminations
ASSETS
Property, plant and equipment, net		0	0
Property and equipment, net
ASSETS
Property, plant and equipment, net		425	438
Property and equipment, net | Parent
ASSETS
Property, plant and equipment, net		40	42
Property and equipment, net | URNA
ASSETS
Property, plant and equipment, net		323	332
Property and equipment, net | Guarantor Subsidiaries
ASSETS
Property, plant and equipment, net		20	21
Property and equipment, net | Non Guarantor Subsidiaries - Foreign
ASSETS
Property, plant and equipment, net		42	43
Property and equipment, net | Non Guarantor Subsidiaries - SPV
ASSETS
Property, plant and equipment, net		0	0
Property and equipment, net | Eliminations
ASSETS
Property, plant and equipment, net		$ 0	$ 0
[1]	As of June 30, 2015, our short-term debt primarily reflects $549 of borrowings under our accounts receivable securitization facility.

Condensed Consolidating Finan48

Condensed Consolidating Financial Information of Guarantor Subsidiaries - CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015		Jun. 30, 2014
Revenues:
Equipment rentals		$ 1,220	$ 1,179	$ 2,345		$ 2,184
Sales of rental equipment		124	138	240		248
Sales of new equipment		39	37	72		63
Contractor supplies sales		21	22	39		41
Service and other revenues		25	23	48		41
Total revenues		1,429	1,399	2,744		2,577
Cost of revenues:
Cost of equipment rentals, excluding depreciation		445	447	889		856
Depreciation of rental equipment		240	229	475		446
Cost of rental equipment sales		68	80	132		145
Cost of new equipment sales		33	31	60		51
Cost of contractor supplies sales		15	15	27		28
Cost of service and other revenues		10	8	19		14
Total cost of revenues		811	810	1,602		1,540
Gross profit		618	589	1,142		1,037
Selling, general and administrative expenses		175	187	356		355
Merger related costs		1	8	(26)		9
Restructuring charge		0	(1)	1	[1]	0
Non-rental depreciation and amortization		67	70	136		130
Operating (loss) income		375	325	675		543
Interest (income) expense, net		232	187	353		312
Other (income) expense, net		(6)	(4)	(9)		(5)
Income (loss) before provision for income taxes		149	142	331		236
Provision for income taxes		63	48	130		82
Income (loss) before equity in net earnings (loss) of subsidiaries		86	94	201		154
Equity in net earnings (loss) of subsidiaries		0	0	0		0
Net income		86	94	201		154
Other comprehensive income (loss)		17	36	(72)		(3)
Comprehensive income	[2]	103	130	129		151
Parent
Revenues:
Equipment rentals		0	0	0		0
Sales of rental equipment		0	0	0		0
Sales of new equipment		0	0	0		0
Contractor supplies sales		0	0	0		0
Service and other revenues		0	0	0		0
Total revenues		0	0	0		0
Cost of revenues:
Cost of equipment rentals, excluding depreciation		0	0	0		0
Depreciation of rental equipment		0	0	0		0
Cost of rental equipment sales		0	0	0		0
Cost of new equipment sales		0	0	0		0
Cost of contractor supplies sales		0	0	0		0
Cost of service and other revenues		0	0	0		0
Total cost of revenues		0	0	0		0
Gross profit		0	0	0		0
Selling, general and administrative expenses		(4)	(6)	(1)		19
Merger related costs		0	0	0		0
Restructuring charge		0	0	0
Non-rental depreciation and amortization		4	5	8		9
Operating (loss) income		0	1	(7)		(28)
Interest (income) expense, net		0	1	(1)		7
Other (income) expense, net		(38)	(37)	(73)		(69)
Income (loss) before provision for income taxes		38	37	67		34
Provision for income taxes		18	1	31		1
Income (loss) before equity in net earnings (loss) of subsidiaries		20	36	36		33
Equity in net earnings (loss) of subsidiaries		66	58	165		121
Net income		86	94	201		154
Other comprehensive income (loss)		17	36	(72)		(3)
Comprehensive income		103	130	129		151
URNA
Revenues:
Equipment rentals		1,100	1,042	2,098		1,914
Sales of rental equipment		106	122	212		222
Sales of new equipment		34	31	63		52
Contractor supplies sales		18	19	34		34
Service and other revenues		22	17	41		32
Total revenues		1,280	1,231	2,448		2,254
Cost of revenues:
Cost of equipment rentals, excluding depreciation		389	383	773		737
Depreciation of rental equipment		216	203	427		396
Cost of rental equipment sales		58	70	117		130
Cost of new equipment sales		29	27	53		43
Cost of contractor supplies sales		13	13	24		23
Cost of service and other revenues		9	5	15		10
Total cost of revenues		714	701	1,409		1,339
Gross profit		566	530	1,039		915
Selling, general and administrative expenses		153	171	304		294
Merger related costs		1	8	(26)		9
Restructuring charge		0	(1)	1
Non-rental depreciation and amortization		57	58	116		109
Operating (loss) income		355	294	644		503
Interest (income) expense, net		232	182	351		300
Other (income) expense, net		55	52	107		98
Income (loss) before provision for income taxes		68	60	186		105
Provision for income taxes		28	32	71		50
Income (loss) before equity in net earnings (loss) of subsidiaries		40	28	115		55
Equity in net earnings (loss) of subsidiaries		26	30	50		66
Net income		66	58	165		121
Other comprehensive income (loss)		17	36	(72)		(3)
Comprehensive income		83	94	93		118
Guarantor Subsidiaries
Revenues:
Equipment rentals		0	0	0		0
Sales of rental equipment		0	0	0		0
Sales of new equipment		0	0	0		0
Contractor supplies sales		0	0	0		0
Service and other revenues		0	0	0		0
Total revenues		0	0	0		0
Cost of revenues:
Cost of equipment rentals, excluding depreciation		0	0	0		0
Depreciation of rental equipment		0	0	0		0
Cost of rental equipment sales		0	0	0		0
Cost of new equipment sales		0	0	0		0
Cost of contractor supplies sales		0	0	0		0
Cost of service and other revenues		0	0	0		0
Total cost of revenues		0	0	0		0
Gross profit		0	0	0		0
Selling, general and administrative expenses		0	2	0		2
Merger related costs		0	0	0		0
Restructuring charge		0	0	0
Non-rental depreciation and amortization		0	0	0		0
Operating (loss) income		0	(2)	0		(2)
Interest (income) expense, net		0	2	2		3
Other (income) expense, net		0	(3)	1		(1)
Income (loss) before provision for income taxes		0	(1)	(3)		(4)
Provision for income taxes		2	0	0		0
Income (loss) before equity in net earnings (loss) of subsidiaries		(2)	(1)	(3)		(4)
Equity in net earnings (loss) of subsidiaries		16	17	32		42
Net income		14	16	29		38
Other comprehensive income (loss)		16	36	(74)		(2)
Comprehensive income		30	52	(45)		36
Non Guarantor Subsidiaries - Foreign
Revenues:
Equipment rentals		120	137	247		270
Sales of rental equipment		18	16	28		26
Sales of new equipment		5	6	9		11
Contractor supplies sales		3	3	5		7
Service and other revenues		3	6	7		9
Total revenues		149	168	296		323
Cost of revenues:
Cost of equipment rentals, excluding depreciation		56	64	116		119
Depreciation of rental equipment		24	26	48		50
Cost of rental equipment sales		10	10	15		15
Cost of new equipment sales		4	4	7		8
Cost of contractor supplies sales		2	2	3		5
Cost of service and other revenues		1	3	4		4
Total cost of revenues		97	109	193		201
Gross profit		52	59	103		122
Selling, general and administrative expenses		18	23	38		43
Merger related costs		0	0	0		0
Restructuring charge		0	0	0
Non-rental depreciation and amortization		6	7	12		12
Operating (loss) income		28	29	53		67
Interest (income) expense, net		1	2	2		3
Other (income) expense, net		2	4	3		7
Income (loss) before provision for income taxes		25	23	48		57
Provision for income taxes		9	6	16		15
Income (loss) before equity in net earnings (loss) of subsidiaries		16	17	32		42
Equity in net earnings (loss) of subsidiaries		0	0	0		0
Net income		16	17	32		42
Other comprehensive income (loss)		13	28	(58)		(2)
Comprehensive income		29	45	(26)		40
Non Guarantor Subsidiaries - SPV
Revenues:
Equipment rentals		0	0	0		0
Sales of rental equipment		0	0	0		0
Sales of new equipment		0	0	0		0
Contractor supplies sales		0	0	0		0
Service and other revenues		0	0	0		0
Total revenues		0	0	0		0
Cost of revenues:
Cost of equipment rentals, excluding depreciation		0	0	0		0
Depreciation of rental equipment		0	0	0		0
Cost of rental equipment sales		0	0	0		0
Cost of new equipment sales		0	0	0		0
Cost of contractor supplies sales		0	0	0		0
Cost of service and other revenues		0	0	0		0
Total cost of revenues		0	0	0		0
Gross profit		0	0	0		0
Selling, general and administrative expenses		8	(3)	15		(3)
Merger related costs		0	0	0		0
Restructuring charge		0	0	0
Non-rental depreciation and amortization		0	0	0		0
Operating (loss) income		(8)	3	(15)		3
Interest (income) expense, net		1	1	2		2
Other (income) expense, net		(25)	(20)	(47)		(40)
Income (loss) before provision for income taxes		16	22	30		41
Provision for income taxes		6	9	12		16
Income (loss) before equity in net earnings (loss) of subsidiaries		10	13	18		25
Equity in net earnings (loss) of subsidiaries		0	0	0		0
Net income		10	13	18		25
Other comprehensive income (loss)		0	0	0		0
Comprehensive income		10	13	18		25
Eliminations
Revenues:
Equipment rentals		0	0	0		0
Sales of rental equipment		0	0	0		0
Sales of new equipment		0	0	0		0
Contractor supplies sales		0	0	0		0
Service and other revenues		0	0	0		0
Total revenues		0	0	0		0
Cost of revenues:
Cost of equipment rentals, excluding depreciation		0	0	0		0
Depreciation of rental equipment		0	0	0		0
Cost of rental equipment sales		0	0	0		0
Cost of new equipment sales		0	0	0		0
Cost of contractor supplies sales		0	0	0		0
Cost of service and other revenues		0	0	0		0
Total cost of revenues		0	0	0		0
Gross profit		0	0	0		0
Selling, general and administrative expenses		0	0	0		0
Merger related costs		0	0	0		0
Restructuring charge		0	0	0
Non-rental depreciation and amortization		0	0	0		0
Operating (loss) income		0	0	0		0
Interest (income) expense, net		(2)	(1)	(3)		(3)
Other (income) expense, net		0	0	0		0
Income (loss) before provision for income taxes		2	1	3		3
Provision for income taxes		0	0	0		0
Income (loss) before equity in net earnings (loss) of subsidiaries		2	1	3		3
Equity in net earnings (loss) of subsidiaries		(108)	(105)	(247)		(229)
Net income		(106)	(104)	(244)		(226)
Other comprehensive income (loss)		(46)	(100)	204		7
Comprehensive income		$ (152)	$ (204)	$ (40)		$ (219)
[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 loss reflected in other comprehensive income (loss) during 2015 or 2014. 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 income (loss) during 2015 or 2014.

Condensed Consolidating Finan49

Condensed Consolidating Financial Information of Guarantor Subsidiaries - CONDENSED CONSOLIDATING CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	$ 1,250	$ 1,054
Net cash used in investing activities	(876)	(1,570)
Net cash used in financing activities	(318)	512
Effect of foreign exchange rates	(14)	(1)
Net increase (decrease) in cash and cash equivalents	42	(5)
Cash and cash equivalents at beginning of period	158	175
Cash and cash equivalents at end of period	200	170
Parent
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	6	10
Net cash used in investing activities	(6)	(10)
Net cash used in financing activities	0	0
Effect of foreign exchange rates	0	0
Net increase (decrease) 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 Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	1,069	928
Net cash used in investing activities	(793)	(1,402)
Net cash used in financing activities	(280)	483
Effect of foreign exchange rates	0	0
Net increase (decrease) in cash and cash equivalents	(4)	9
Cash and cash equivalents at beginning of period	8	17
Cash and cash equivalents at end of period	4	26
Guarantor Subsidiaries
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	1	2
Net cash used in investing activities	0	0
Net cash used in financing activities	(1)	(2)
Effect of foreign exchange rates	0	0
Net increase (decrease) 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 Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	144	146
Net cash used in investing activities	(77)	(158)
Net cash used in financing activities	(7)	(1)
Effect of foreign exchange rates	(14)	(1)
Net increase (decrease) in cash and cash equivalents	46	(14)
Cash and cash equivalents at beginning of period	150	158
Cash and cash equivalents at end of period	196	144
Non Guarantor Subsidiaries - SPV
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	30	(32)
Net cash used in investing activities	0	0
Net cash used in financing activities	(30)	32
Effect of foreign exchange rates	0	0
Net increase (decrease) 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 Cash Flow Statements, Captions [Line Items]
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 (decrease) 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