United Rentals North America 10-Q 20 Apr 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 18, 2016
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	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		88,502,401

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 219	$ 179
Accounts receivable, net of allowance for doubtful accounts of $57 at March 31, 2016 and $55 at December 31, 2015	833	930
Inventory	74	69
Prepaid expenses and other assets	56	116
Total current assets	1,182	1,294
Goodwill	3,262	3,243
Other intangible assets, net	864	905
Other long-term assets	9	10
Total assets	11,784	12,083
LIABILITIES AND STOCKHOLDERS’ EQUITY
Short-term debt and current maturities of long-term debt	550	607
Accounts payable	330	271
Accrued expenses and other liabilities	349	355
Total current liabilities	1,229	1,233
Long-term debt	7,203	7,555
Deferred taxes	1,797	1,765
Other long-term liabilities	54	54
Total liabilities	10,283	10,607
Common stock—$0.01 par value, 500,000,000 shares authorized, 111,892,071 and 89,376,656 shares issued and outstanding, respectively, at March 31, 2016 and 111,586,585 and 91,776,436 shares issued and outstanding, respectively, at December 31, 2015	1	1
Additional paid-in capital	2,221	2,197
Retained earnings	1,180	1,088
Treasury stock at cost—22,515,415 and 19,810,149 shares at March 31, 2016 and December 31, 2015, respectively	(1,714)	(1,560)
Accumulated other comprehensive loss	(187)	(250)
Total stockholders’ equity	1,501	1,476
Total liabilities and stockholders’ equity	11,784	12,083
Rental equipment, net
ASSETS
Property, plant and equipment, net	6,025	6,186
Property and equipment, net
ASSETS
Property, plant and equipment, net	$ 442	$ 445

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 57	$ 55
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	111,892,071	111,586,585
Common stock, shares outstanding	89,376,656	91,776,436
Treasury stock, shares	22,515,415	19,810,149

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Equipment rentals	$ 1,117	$ 1,125
Sales of rental equipment	115	116
Sales of new equipment	30	33
Contractor supplies sales	19	18
Service and other revenues	29	23
Total revenues	1,310	1,315
Cost of revenues:
Cost of equipment rentals, excluding depreciation	449	444
Depreciation of rental equipment	243	235
Cost of rental equipment sales	68	64
Cost of new equipment sales	25	27
Cost of contractor supplies sales	13	12
Cost of service and other revenues	12	9
Total cost of revenues	810	791
Gross profit	500	524
Selling, general and administrative expenses	177	181
Merger related costs	0	(27)
Restructuring charge	2	1
Non-rental depreciation and amortization	67	69
Operating income	254	300
Interest expense, net	107	121
Other income, net	0	(3)
Income before provision for income taxes	147	182
Provision for income taxes	55	67
Net income	$ 92	$ 115
Basic earnings per share (in dollars per share)	$ 1.01	$ 1.19
Diluted earnings per share (in dollars per share)	$ 1.01	$ 1.16

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income		$ 92	$ 115
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		62	(89)
Fixed price diesel swaps		1	0
Other comprehensive income (loss)		63	(89)
Comprehensive income	[1]	$ 155	$ 26
[1]	There were no material reclassifications from accumulated other comprehensive loss reflected in other comprehensive income (loss) during 2016 or 2015. 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 2016 or 2015.

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED) - 3 months ended Mar. 31, 2016 - 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, 2015		92	[1]			20
Balance at Dec. 31, 2015	$ 1,476	$ 1		$ 2,197	$ 1,088	$ (1,560)	$ (250)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	92				92
Foreign currency translation adjustments	62						62
Fixed price diesel swaps	1						1
Stock compensation expense, net				9
Shares repurchased and retired				(10)
Repurchase of common stock (in shares)		(3)	[1]			3
Repurchase of common stock						$ (154)
Excess tax benefits from share-based payment arrangements, net				25
Balance (in shares) at Mar. 31, 2016		89	[1]			23
Balance at Mar. 31, 2016	$ 1,501	$ 1		$ 2,221	$ 1,180	$ (1,714)	$ (187)
[1]	Common stock outstanding decreased by approximately 6 million net shares during the year ended December 31, 2015.
[2]	The Accumulated Other Comprehensive Loss balance primarily reflects foreign currency translation adjustments.

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) shares in Millions	12 Months Ended
	Dec. 31, 2015shares
Statement of Stockholders' Equity [Abstract]
Increase (decrease) in common stock outstanding (shares)	(6)

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows From Operating Activities:
Net income	$ 92	$ 115
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	310	304
Amortization of deferred financing costs and original issue discounts	2	3
Gain on sales of rental equipment	(47)	(52)
Gain on sales of non-rental equipment	(1)	(2)
Stock compensation expense, net	9	14
Merger related costs	0	(27)
Restructuring charge	2	1
Loss on repurchase/redemption of debt securities and amendment of ABL facility	0	2
Excess tax benefits from share-based payment arrangements	(27)	0
Increase in deferred taxes	25	39
Changes in operating assets and liabilities, net of amounts acquired:
Decrease in accounts receivable	103	81
Increase in inventory	(4)	(4)
Decrease in prepaid expenses and other assets	64	18
Increase in accounts payable	56	184
Increase (decrease) in accrued expenses and other liabilities	20	(1)
Net cash provided by operating activities	604	675
Cash Flows From Investing Activities:
Purchases of rental equipment	(100)	(323)
Purchases of non-rental equipment	(23)	(22)
Proceeds from sales of rental equipment	115	116
Proceeds from sales of non-rental equipment	4	4
Purchases of other companies, net of cash acquired	(13)	0
Net cash used in investing activities	(17)	(225)
Cash Flows From Financing Activities:
Proceeds from debt	914	2,736
Payments of debt	(1,337)	(2,704)
Common stock repurchased	(164)	(343)
Payments of financing costs	0	(24)
Excess tax benefits from share-based payment arrangements	27	0
Net cash used in financing activities	(560)	(335)
Effect of foreign exchange rates	13	(16)
Net increase in cash and cash equivalents	40	99
Cash and cash equivalents at beginning of period	179	158
Cash and cash equivalents at end of period	219	257
Supplemental disclosure of cash flow information:
Cash received for income taxes, net	(53)	(35)
Cash paid for interest	$ 69	$ 91

Organization, Description of Bu

Organization, Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2016
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, 2015 (the “ 2015 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 2015 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, and in subsequent updates, 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 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 update allows 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. Leases . In March 2016, the FASB issued guidance (“Topic 842”) to increase transparency and comparability among organizations by requiring i) recognition of lease assets and lease liabilities on the balance sheet and ii) disclosure of key information about leasing arrangements. The accounting applied by lessors under Topic 842 is largely unchanged from previous GAAP. Some changes to the lessor accounting guidance were made to align both of the following: i) the lessor accounting guidance with certain changes made to the lessee accounting guidance and ii) key aspects of the lessor accounting model with revenue recognition guidance. Topic 842 will be effective for fiscal years and interim periods beginning after December 15, 2018, and early adoption is permitted. A modified retrospective approach is required for adoption for all leases that exist at or commence after the date of initial application with an option to use certain practical expedients. We are currently assessing whether we will early adopt, and the impact on our financial statements is not currently estimable. Improvements to Employee Share-Based Payment Accounting . In March 2016, the FASB issued guidance to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The guidance will be effective for fiscal years and interim periods beginning after December 15, 2016, and early adoption is permitted. Different components of the guidance require prospective, retrospective and/or modified retrospective adoption. We are currently assessing whether we will early adopt, and the impact on our financial statements is not currently estimable.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment Information	Segment Information Our reportable segments are i) general rentals and ii) trench, power and pump. The general rentals segment includes the rental of i) general construction and industrial equipment, such as backhoes, skid-steer loaders, forklifts, earthmoving equipment and material handling equipment, ii) aerial work platforms, such as boom lifts and scissor lifts and iii) general tools and light equipment, such as pressure washers, water pumps and power tools. The general rentals segment reflects the aggregation of nine geographic regions—Industrial (which serves the geographic Gulf region and has a strong industrial presence), Mid-Atlantic, Midwest, 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 such as i) trench safety equipment, such as trench shields, aluminum hydraulic shoring systems, slide rails, crossing plates, construction lasers and line testing equipment for underground work, ii) power and HVAC equipment, such as portable diesel generators, electrical distribution equipment, and temperature control equipment and iii) pumps primarily used by energy and petrochemical customers. The trench, power and pump segment is comprised of the following regions, each of which primarily rents the corresponding equipment type described above: (i) the Trench Safety region, (ii) the Power and HVAC region, and (iii) the Pump Solutions region. 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 March 31, 2016 Equipment rentals $ 955 $ 162 $ 1,117 Sales of rental equipment 106 9 115 Sales of new equipment 26 4 30 Contractor supplies sales 16 3 19 Service and other revenues 26 3 29 Total revenue 1,129 181 1,310 Depreciation and amortization expense 266 44 310 Equipment rentals gross profit 357 68 425 Capital expenditures 104 19 123 Three Months Ended March 31, 2015 Equipment rentals $ 976 $ 149 $ 1,125 Sales of rental equipment 108 8 116 Sales of new equipment 26 7 33 Contractor supplies sales 15 3 18 Service and other revenues 19 4 23 Total revenue 1,144 171 1,315 Depreciation and amortization expense 262 42 304 Equipment rentals gross profit 383 63 446 Capital expenditures 311 34 345 March 31, December 31, Total reportable segment assets General rentals $ 10,281 $ 10,561 Trench, power and pump 1,503 1,522 Total assets $ 11,784 $ 12,083 Equipment rentals gross profit is the primary measure management reviews to make operating decisions and assess segment performance. The following is a reconciliation of equipment rentals gross profit to income before provision for income taxes: Three Months Ended March 31, 2016 2015 Total equipment rentals gross profit $ 425 $ 446 Gross profit from other lines of business 75 78 Selling, general and administrative expenses (177 ) (181 ) Merger related costs — 27 Restructuring charge (2 ) (1 ) Non-rental depreciation and amortization (67 ) (69 ) Interest expense, net (107 ) (121 ) Other income, net — 3 Income before provision for income taxes $ 147 $ 182

Restructuring Charges

Restructuring Charges	3 Months Ended
	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Restructuring Charges	Restructuring Charges Closed Restructuring Programs We have two closed restructuring programs. The first was initiated in 2008 in recognition of a challenging economic environment and was completed in 2011. The second closed restructuring program was initiated following the April 30, 2012 acquisition of RSC Holdings Inc. ("RSC"), and was completed in 2013. The restructuring charges under the closed restructuring programs include severance costs associated with headcount reductions, as well as branch closure charges which principally relate to continuing lease obligations at vacant facilities. 2015-2016 Cost Savings Restructuring Program In the fourth quarter of 2015, we initiated a restructuring program in response to challenges in our operating environment. In particular, during 2015, we experienced volume and pricing pressure in our general rental business and our Pump Solutions region associated with upstream oil and gas customers. Additionally, our Lean initiatives did not fully generate the anticipated cost savings due to lower than expected growth. Though we expect solid industry growth in 2016 and in the foreseeable future, the restructuring program was initiated in an effort to reduce costs in an environment with continuing pressures on volume and pricing. We expect to complete the restructuring program in 2016. The total costs expected to be incurred in connection with the program are not currently estimable, as we are still identifying the actions that will be undertaken. The table below provides certain information concerning our restructuring charges for the three months ended March 31, 2016 : Reserve Balance at Charged to Payments Reserve Balance at Description December 31, 2015 March 31, 2016 Closed Restructuring Programs Branch closure charges $ 13 $ — $ (1 ) $ 12 Severance costs — — — — Total $ 13 $ — $ (1 ) $ 12 2015-2016 Cost Savings Restructuring Program Branch closure charges $ — $ 1 $ — $ 1 Severance costs 3 1 (1 ) 3 Total $ 3 $ 2 $ (1 ) $ 4 Total Branch closure charges $ 13 $ 1 $ (1 ) $ 13 Severance costs 3 1 (1 ) 3 Total $ 16 $ 2 $ (2 ) $ 16 _________________ (1) Reflected in our condensed consolidated statements of income as “Restructuring charge.” These charges are not allocated to our reportable segments.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2016
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. We are exposed to certain risks relating to our ongoing business operations. During the three months ended March 31, 2016 and 2015 , the only risk we managed using derivative instruments was diesel price risk. At March 31, 2016 , 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. Fixed Price Diesel Swaps The fixed price swap contracts on diesel purchases that were outstanding at March 31, 2016 were designated and qualify as cash flow hedges and the effective portion of the gain or loss on these contracts is reported as a component of accumulated other comprehensive income and is reclassified into earnings in the period during which the hedged transaction affects earnings (i.e., when the hedged gallons of diesel are used). The remaining gain or loss on the fixed price swap contracts in excess of the cumulative change in the present value of future cash flows of the hedged item, if any (i.e., the ineffective portion), is recognized in our condensed consolidated statements of income during the current period. As of March 31, 2016 , we had outstanding fixed price swap contracts covering 9.7 million gallons of diesel which will be purchased throughout 2016 and 2017 . Financial Statement Presentation As of March 31, 2016 and December 31, 2015 , immaterial amounts ( $6 or less) were reflected in prepaid expenses and other assets, accrued expenses and other liabilities, and accumulated other comprehensive income in our condensed consolidated balance sheets associated with the outstanding fixed price swap contracts that were designated and qualify as cash flow hedges. The effect of our derivative instruments on our condensed consolidated statements of income for the three months ended March 31, 2016 and 2015 was as follows: Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 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) (2 ) $ (5 ) (2 ) $ (7 ) * Amounts are insignificant (less than $1 ). (1) Represents the ineffective portion of the fixed price diesel swaps. (2) Amounts recognized on derivative represent the effective portion of the fixed price diesel swaps. (3) Amounts recognized on hedged item reflect the use of 2.6 million gallons and of diesel covered by the fixed price swaps during the three months ended March 31, 2016 and 2015 . 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	3 Months Ended
	Mar. 31, 2016
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 As of March 31, 2016 and December 31, 2015 , our only assets and liabilities measured at fair value were our fixed price diesel swaps contracts, which are Level 2 derivatives measured at fair value on a recurring basis. As of March 31, 2016 and December 31, 2015 , immaterial amounts ( $6 or less) were reflected in prepaid expenses and other assets, and accrued expenses and other liabilities in our condensed consolidated balance sheets, reflecting the fair values of the fixed price diesel swaps contracts. As discussed in note 4 to the condensed consolidated financial statements, we entered into the fixed price swap contracts on diesel purchases to mitigate the price risk associated with forecasted purchases of diesel. Fair value is determined based on observable market data. As of March 31, 2016 , we have fixed price swap contracts that mature throughout 2016 and 2017 covering 9.7 million gallons of diesel which we will buy at the average contract price of $2.79 per gallon, while the average forward price for the hedged gallons was $2.30 per gallon as of March 31, 2016 . 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 senior secured asset-based revolving credit facility (“ABL facility”), accounts receivable securitization facility and capital leases approximated their book values as of March 31, 2016 and December 31, 2015 . The estimated fair values of our financial instruments, all of which are categorized in Level 1 of the fair value hierarchy, as of March 31, 2016 and December 31, 2015 have been calculated based upon available market information, and were as follows: March 31, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Senior and senior subordinated notes $ 5,918 $ 6,078 $ 5,916 $ 6,030

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	Debt Debt, net of unamortized original issue discounts or premiums, and unamortized debt issuance costs, consists of the following: March 31, 2016 December 31, 2015 Accounts Receivable Securitization Facility (1) $ 516 $ 571 $2.5 billion ABL Facility (2) 1,228 1,579 7 3 / 8 percent Senior Notes 741 740 8 1 / 4 percent Senior Notes 314 315 7 5 / 8 percent Senior Notes 1,307 1,306 6 1 / 8 percent Senior Notes 937 937 4 5 / 8 percent Senior Secured Notes 990 989 5 3 / 4 percent Senior Notes 838 838 5 1 / 2 percent Senior Notes 791 791 Capital leases 91 96 Total debt 7,753 8,162 Less short-term portion (3) (550 ) (607 ) Total long-term debt $ 7,203 $ 7,555 ___________________ (1) At March 31, 2016 , $14 was available under our accounts receivable securitization facility. The interest rate applicable to the accounts receivable securitization facility was 1.1 percent at March 31, 2016 . During the three months ended March 31, 2016 , the monthly average amount outstanding under the accounts receivable securitization facility was $502 , and the weighted-average interest rate thereon was 1.1 percent . The maximum month-end amount outstanding under the accounts receivable securitization facility during the three months ended March 31, 2016 was $516 . Borrowings under the accounts receivable securitization facility are permitted only to the extent that the face amount of the receivables in the collateral pool, net of applicable reserves, exceeds the outstanding loans. As of March 31, 2016 , there were $ 530 of receivables, net of applicable reserves, in the collateral pool. (2) At March 31, 2016 , $1.2 billion was available under our ABL facility, net of $38 of letters of credit. The interest rate applicable to the ABL facility was 2.3 percent at March 31, 2016 . During the three months ended March 31, 2016 , the monthly average amount outstanding under the ABL facility was $1.4 billion, and the weighted-average interest rate thereon was 2.3 percent . The maximum month-end amount outstanding under the ABL facility during the three months ended March 31, 2016 was $1.6 billion . (3) As of March 31, 2016 , our short-term debt primarily reflects $ 516 of borrowings under our accounts receivable securitization facility. Loan Covenants and Compliance As of March 31, 2016 , 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. The only financial covenant that currently exists under the ABL facility is the fixed charge coverage ratio. Subject to certain limited exceptions specified in the ABL facility, the fixed charge coverage ratio covenant under the ABL facility will only apply in the future if specified availability under the ABL facility falls below 10 percent of the maximum revolver amount under the 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 ABL facility. As of March 31, 2016 , specified availability under the ABL facility exceeded the required threshold and, as a result, this maintenance covenant was inapplicable. 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. The accounts receivable securitization facility also requires us to comply with the fixed charge coverage ratio under the ABL facility, to the extent the ratio is applicable under the ABL facility.

Legal and Regulatory Matters

Legal and Regulatory Matters	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Legal and Regulatory Matters	Legal and Regulatory Matters We are subject to a number of claims and proceedings that generally arise in the ordinary course 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, contract and real estate matters, and other general business litigation. 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 such claims and proceedings will not, individually or in the aggregate, have a material adverse effect on our consolidated financial condition, results of operations or cash flows.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 Numerator: Net income available to common stockholders 92 115 Denominator: Denominator for basic earnings per share—weighted-average common shares 90,510 97,007 Effect of dilutive securities: Employee stock options 263 336 4 percent Convertible Senior Notes — 1,185 Restricted stock units 170 537 Denominator for diluted earnings per share—adjusted weighted-average common shares 90,943 99,065 Basic earnings per share $ 1.01 $ 1.19 Diluted earnings per share $ 1.01 $ 1.16

Condensed Consolidating Financi

Condensed Consolidating Financial Information of Guarantor Subsidiaries	3 Months Ended
	Mar. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Financial Information of Guarantor Subsidiaries	Condensed Consolidating Financial Information of Guarantor Subsidiaries URNA is 100 percent owned by Holdings (“Parent”) and has outstanding (i) certain indebtedness that is guaranteed by 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 (ii) 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 make share repurchases and dividend payments. As of March 31, 2016 , the amount available for distribution under the most restrictive of these covenants was $ 300 . The Company’s total available capacity for making share repurchases and dividend payments includes the intercompany receivable balance of Parent. As of March 31, 2016 , our total available capacity for making share repurchases and dividend payments, which includes URNA’s capacity to make restricted payments and the intercompany receivable balance of Parent, was $566 . The condensed consolidating financial information of Parent and its subsidiaries is as follows: CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2016 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV ASSETS Cash and cash equivalents $ — $ 4 $ — $ 215 $ — $ — $ 219 Accounts receivable, net — 43 — 90 700 — 833 Intercompany receivable (payable) 266 (72 ) (187 ) (116 ) — 109 — Inventory — 66 — 8 — — 74 Prepaid expenses and other assets — 41 — 15 — — 56 Total current assets 266 82 (187 ) 212 700 109 1,182 Rental equipment, net — 5,484 — 541 — — 6,025 Property and equipment, net 42 332 20 48 — — 442 Investments in subsidiaries 1,215 983 986 — — (3,184 ) — Goodwill — 3,007 — 255 — — 3,262 Other intangible assets, net — 796 — 68 — — 864 Other long-term assets 2 7 — — — — 9 Total assets $ 1,525 $ 10,691 $ 819 $ 1,124 $ 700 $ (3,075 ) $ 11,784 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Short-term debt and current maturities of long-term debt $ 1 $ 30 $ — $ 3 $ 516 $ — $ 550 Accounts payable — 300 — 30 — — 330 Accrued expenses and other liabilities — 314 12 22 1 — 349 Total current liabilities 1 644 12 55 517 — 1,229 Long-term debt 3 7,075 116 9 — — 7,203 Deferred taxes 20 1,703 — 74 — — 1,797 Other long-term liabilities — 54 — — — — 54 Total liabilities 24 9,476 128 138 517 — 10,283 Total stockholders’ equity (deficit) 1,501 1,215 691 986 183 (3,075 ) 1,501 Total liabilities and stockholders’ equity (deficit) $ 1,525 $ 10,691 $ 819 $ 1,124 $ 700 $ (3,075 ) $ 11,784 CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2015 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV ASSETS Cash and cash equivalents $ — $ 18 $ — $ 161 $ — $ — $ 179 Accounts receivable, net — 41 — 104 785 — 930 Intercompany receivable (payable) 144 40 (176 ) (109 ) — 101 — Inventory — 62 — 7 — — 69 Prepaid expenses and other assets — 98 — 18 — — 116 Total current assets 144 259 (176 ) 181 785 101 1,294 Rental equipment, net — 5,657 — 529 — — 6,186 Property and equipment, net 45 334 20 46 — — 445 Investments in subsidiaries 1,307 958 924 — — (3,189 ) — Goodwill — 3,000 — 243 — — 3,243 Other intangible assets, net — 838 — 67 — — 905 Other long-term assets 3 7 — — — — 10 Total assets $ 1,499 $ 11,053 $ 768 $ 1,066 $ 785 $ (3,088 ) $ 12,083 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Short-term debt and current maturities of long-term debt $ 1 $ 34 $ — $ — $ 572 $ — $ 607 Accounts payable — 237 — 34 — — 271 Accrued expenses and other liabilities — 314 14 27 — — 355 Total current liabilities 1 585 14 61 572 — 1,233 Long-term debt 4 7,430 110 11 — — 7,555 Deferred taxes 18 1,677 — 70 — — 1,765 Other long-term liabilities — 54 — — — — 54 Total liabilities 23 9,746 124 142 572 — 10,607 Total stockholders’ equity (deficit) 1,476 1,307 644 924 213 (3,088 ) 1,476 Total liabilities and stockholders’ equity (deficit) $ 1,499 $ 11,053 $ 768 $ 1,066 $ 785 $ (3,088 ) $ 12,083 CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended March 31, 2016 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Revenues: Equipment rentals $ — $ 1,024 $ — $ 93 $ — $ — $ 1,117 Sales of rental equipment — 104 — 11 — — 115 Sales of new equipment — 27 — 3 — — 30 Contractor supplies sales — 17 — 2 — — 19 Service and other revenues — 25 — 4 — — 29 Total revenues — 1,197 — 113 — — 1,310 Cost of revenues: Cost of equipment rentals, excluding depreciation — 404 — 45 — — 449 Depreciation of rental equipment — 221 — 22 — — 243 Cost of rental equipment sales — 62 — 6 — — 68 Cost of new equipment sales — 23 — 2 — — 25 Cost of contractor supplies sales — 12 — 1 — — 13 Cost of service and other revenues — 9 — 3 — — 12 Total cost of revenues — 731 — 79 — — 810 Gross profit — 466 — 34 — — 500 Selling, general and administrative expenses 6 144 — 19 8 — 177 Merger related costs — — — — — — — Restructuring charge — 2 — — — — 2 Non-rental depreciation and amortization 4 57 — 6 — — 67 Operating (loss) income (10 ) 263 — 9 (8 ) — 254 Interest (income) expense, net (2 ) 106 1 1 2 (1 ) 107 Other (income) expense, net (1) (106 ) 122 — 9 (25 ) — — Income (loss) before provision (benefit) for income taxes 98 35 (1 ) (1 ) 15 1 147 Provision (benefit) for income taxes 37 13 — (1 ) 6 — 55 Income (loss) before equity in net earnings (loss) of subsidiaries 61 22 (1 ) — 9 1 92 Equity in net earnings (loss) of subsidiaries 31 9 — — — (40 ) — Net income (loss) 92 31 (1 ) — 9 (39 ) 92 Other comprehensive income (loss) 63 63 62 50 — (175 ) 63 Comprehensive income (loss) $ 155 $ 94 $ 61 $ 50 $ 9 $ (214 ) $ 155 (1) Other (income) expense, net includes the royalties Holdings receives from URNA and its subsidiaries as discussed below (see Item 2- Management’s Discussion and Analysis of Financial Condition and Results of Operations- Liquidity and Capital Resources- Relationship between Holdings and URNA). CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended March 31, 2015 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Revenues: Equipment rentals $ — $ 998 $ — $ 127 $ — $ — $ 1,125 Sales of rental equipment — 106 — 10 — — 116 Sales of new equipment — 29 — 4 — — 33 Contractor supplies sales — 16 — 2 — — 18 Service and other revenues — 19 — 4 — — 23 Total revenues — 1,168 — 147 — — 1,315 Cost of revenues: Cost of equipment rentals, excluding depreciation — 384 — 60 — — 444 Depreciation of rental equipment — 211 — 24 — — 235 Cost of rental equipment sales — 59 — 5 — — 64 Cost of new equipment sales — 24 — 3 — — 27 Cost of contractor supplies sales — 11 — 1 — — 12 Cost of service and other revenues — 6 — 3 — — 9 Total cost of revenues — 695 — 96 — — 791 Gross profit — 473 — 51 — — 524 Selling, general and administrative expenses 3 151 — 20 7 — 181 Merger related costs — (27 ) — — — — (27 ) Restructuring charge — 1 — — — — 1 Non-rental depreciation and amortization 4 59 — 6 — — 69 Operating (loss) income (7 ) 289 — 25 (7 ) — 300 Interest (income) expense, net (1 ) 119 2 1 1 (1 ) 121 Other (income) expense, net (1) (35 ) 52 1 1 (22 ) — (3 ) Income (loss) before provision (benefit) for income taxes 29 118 (3 ) 23 14 1 182 Provision (benefit) for income taxes 13 43 (2 ) 7 6 — 67 Income (loss) before equity in net earnings (loss) of subsidiaries 16 75 (1 ) 16 8 1 115 Equity in net earnings (loss) of subsidiaries 99 24 16 — — (139 ) — Net income (loss) 115 99 15 16 8 (138 ) 115 Other comprehensive (loss) income (89 ) (89 ) (90 ) (71 ) — 250 (89 ) Comprehensive income (loss) $ 26 $ 10 $ (75 ) $ (55 ) $ 8 $ 112 $ 26 (1) Other (income) expense, net includes the royalties Holdings receives from URNA and its subsidiaries as discussed below (see Item 2- Management’s Discussion and Analysis of Financial Condition and Results of Operations- Liquidity and Capital Resources- Relationship between Holdings and URNA). CONDENSED CONSOLIDATING CASH FLOW INFORMATION For the Three Months Ended March 31, 2016 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Net cash provided by operating activities $ — $ 469 $ — $ 41 $ 94 $ — $ 604 Net cash used in investing activities — (17 ) — — — — (17 ) Net cash used in financing activities — (466 ) — — (94 ) — (560 ) Effect of foreign exchange rates — — — 13 — — 13 Net (decrease) increase in cash and cash equivalents — (14 ) — 54 — — 40 Cash and cash equivalents at beginning of period — 18 — 161 — — 179 Cash and cash equivalents at end of period $ — $ 4 $ — $ 215 $ — $ — $ 219 CONDENSED CONSOLIDATING CASH FLOW INFORMATION For the Three Months Ended March 31, 2015 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Net cash provided by operating activities $ 3 $ 507 $ 1 $ 95 $ 69 $ — $ 675 Net cash used in investing activities (3 ) (193 ) — (29 ) — — (225 ) Net cash used in financing activities — (264 ) (1 ) (1 ) (69 ) — (335 ) Effect of foreign exchange rates — — — (16 ) — — (16 ) Net increase in cash and cash equivalents — 50 — 49 — — 99 Cash and cash equivalents at beginning of period — 8 — 150 — — 158 Cash and cash equivalents at end of period $ — $ 58 $ — $ 199 $ — $ — $ 257

Organization, Description of 18

Organization, Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Revenue from Contracts with Customers . In May 2014, and in subsequent updates, 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 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 update allows 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. Leases . In March 2016, the FASB issued guidance (“Topic 842”) to increase transparency and comparability among organizations by requiring i) recognition of lease assets and lease liabilities on the balance sheet and ii) disclosure of key information about leasing arrangements. The accounting applied by lessors under Topic 842 is largely unchanged from previous GAAP. Some changes to the lessor accounting guidance were made to align both of the following: i) the lessor accounting guidance with certain changes made to the lessee accounting guidance and ii) key aspects of the lessor accounting model with revenue recognition guidance. Topic 842 will be effective for fiscal years and interim periods beginning after December 15, 2018, and early adoption is permitted. A modified retrospective approach is required for adoption for all leases that exist at or commence after the date of initial application with an option to use certain practical expedients. We are currently assessing whether we will early adopt, and the impact on our financial statements is not currently estimable. Improvements to Employee Share-Based Payment Accounting . In March 2016, the FASB issued guidance to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The guidance will be effective for fiscal years and interim periods beginning after December 15, 2016, and early adoption is permitted. Different components of the guidance require prospective, retrospective and/or modified retrospective adoption. We are currently assessing whether we will early adopt, and the impact on our financial statements is not currently estimable.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 Equipment rentals $ 955 $ 162 $ 1,117 Sales of rental equipment 106 9 115 Sales of new equipment 26 4 30 Contractor supplies sales 16 3 19 Service and other revenues 26 3 29 Total revenue 1,129 181 1,310 Depreciation and amortization expense 266 44 310 Equipment rentals gross profit 357 68 425 Capital expenditures 104 19 123 Three Months Ended March 31, 2015 Equipment rentals $ 976 $ 149 $ 1,125 Sales of rental equipment 108 8 116 Sales of new equipment 26 7 33 Contractor supplies sales 15 3 18 Service and other revenues 19 4 23 Total revenue 1,144 171 1,315 Depreciation and amortization expense 262 42 304 Equipment rentals gross profit 383 63 446 Capital expenditures 311 34 345 March 31, December 31, Total reportable segment assets General rentals $ 10,281 $ 10,561 Trench, power and pump 1,503 1,522 Total assets $ 11,784 $ 12,083
Reconciliation to equipment rentals gross profit	The following is a reconciliation of equipment rentals gross profit to income before provision for income taxes: Three Months Ended March 31, 2016 2015 Total equipment rentals gross profit $ 425 $ 446 Gross profit from other lines of business 75 78 Selling, general and administrative expenses (177 ) (181 ) Merger related costs — 27 Restructuring charge (2 ) (1 ) Non-rental depreciation and amortization (67 ) (69 ) Interest expense, net (107 ) (121 ) Other income, net — 3 Income before provision for income taxes $ 147 $ 182

Restructuring Charges (Tables)

Restructuring Charges (Tables)	3 Months Ended
	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Schedule of restructuring reserve by type of cost	The table below provides certain information concerning our restructuring charges for the three months ended March 31, 2016 : Reserve Balance at Charged to Payments Reserve Balance at Description December 31, 2015 March 31, 2016 Closed Restructuring Programs Branch closure charges $ 13 $ — $ (1 ) $ 12 Severance costs — — — — Total $ 13 $ — $ (1 ) $ 12 2015-2016 Cost Savings Restructuring Program Branch closure charges $ — $ 1 $ — $ 1 Severance costs 3 1 (1 ) 3 Total $ 3 $ 2 $ (1 ) $ 4 Total Branch closure charges $ 13 $ 1 $ (1 ) $ 13 Severance costs 3 1 (1 ) 3 Total $ 16 $ 2 $ (2 ) $ 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)	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Effect of derivatives on consolidated statements of income	The effect of our derivative instruments on our condensed consolidated statements of income for the three months ended March 31, 2016 and 2015 was as follows: Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 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) (2 ) $ (5 ) (2 ) $ (7 ) * Amounts are insignificant (less than $1 ). (1) Represents the ineffective portion of the fixed price diesel swaps. (2) Amounts recognized on derivative represent the effective portion of the fixed price diesel swaps. (3) Amounts recognized on hedged item reflect the use of 2.6 million gallons and of diesel covered by the fixed price swaps during the three months ended March 31, 2016 and 2015 . 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)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair value of financial instruments	The estimated fair values of our financial instruments, all of which are categorized in Level 1 of the fair value hierarchy, as of March 31, 2016 and December 31, 2015 have been calculated based upon available market information, and were as follows: March 31, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Senior and senior subordinated notes $ 5,918 $ 6,078 $ 5,916 $ 6,030

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	Debt, net of unamortized original issue discounts or premiums, and unamortized debt issuance costs, consists of the following: March 31, 2016 December 31, 2015 Accounts Receivable Securitization Facility (1) $ 516 $ 571 $2.5 billion ABL Facility (2) 1,228 1,579 7 3 / 8 percent Senior Notes 741 740 8 1 / 4 percent Senior Notes 314 315 7 5 / 8 percent Senior Notes 1,307 1,306 6 1 / 8 percent Senior Notes 937 937 4 5 / 8 percent Senior Secured Notes 990 989 5 3 / 4 percent Senior Notes 838 838 5 1 / 2 percent Senior Notes 791 791 Capital leases 91 96 Total debt 7,753 8,162 Less short-term portion (3) (550 ) (607 ) Total long-term debt $ 7,203 $ 7,555 ___________________ (1) At March 31, 2016 , $14 was available under our accounts receivable securitization facility. The interest rate applicable to the accounts receivable securitization facility was 1.1 percent at March 31, 2016 . During the three months ended March 31, 2016 , the monthly average amount outstanding under the accounts receivable securitization facility was $502 , and the weighted-average interest rate thereon was 1.1 percent . The maximum month-end amount outstanding under the accounts receivable securitization facility during the three months ended March 31, 2016 was $516 . Borrowings under the accounts receivable securitization facility are permitted only to the extent that the face amount of the receivables in the collateral pool, net of applicable reserves, exceeds the outstanding loans. As of March 31, 2016 , there were $ 530 of receivables, net of applicable reserves, in the collateral pool. (2) At March 31, 2016 , $1.2 billion was available under our ABL facility, net of $38 of letters of credit. The interest rate applicable to the ABL facility was 2.3 percent at March 31, 2016 . During the three months ended March 31, 2016 , the monthly average amount outstanding under the ABL facility was $1.4 billion, and the weighted-average interest rate thereon was 2.3 percent . The maximum month-end amount outstanding under the ABL facility during the three months ended March 31, 2016 was $1.6 billion . (3) As of March 31, 2016 , our short-term debt primarily reflects $ 516 of borrowings under our accounts receivable securitization facility.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of earnings per share	The following table sets forth the computation of basic and diluted earnings per share (shares in thousands): Three Months Ended March 31, 2016 2015 Numerator: Net income available to common stockholders 92 115 Denominator: Denominator for basic earnings per share—weighted-average common shares 90,510 97,007 Effect of dilutive securities: Employee stock options 263 336 4 percent Convertible Senior Notes — 1,185 Restricted stock units 170 537 Denominator for diluted earnings per share—adjusted weighted-average common shares 90,943 99,065 Basic earnings per share $ 1.01 $ 1.19 Diluted earnings per share $ 1.01 $ 1.16

Condensed Consolidating Finan25

Condensed Consolidating Financial Information of Guarantor Subsidiaries (Tables)	3 Months Ended
	Mar. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
CONDENSED CONSOLIDATING BALANCE SHEET	The condensed consolidating financial information of Parent and its subsidiaries is as follows: CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2016 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV ASSETS Cash and cash equivalents $ — $ 4 $ — $ 215 $ — $ — $ 219 Accounts receivable, net — 43 — 90 700 — 833 Intercompany receivable (payable) 266 (72 ) (187 ) (116 ) — 109 — Inventory — 66 — 8 — — 74 Prepaid expenses and other assets — 41 — 15 — — 56 Total current assets 266 82 (187 ) 212 700 109 1,182 Rental equipment, net — 5,484 — 541 — — 6,025 Property and equipment, net 42 332 20 48 — — 442 Investments in subsidiaries 1,215 983 986 — — (3,184 ) — Goodwill — 3,007 — 255 — — 3,262 Other intangible assets, net — 796 — 68 — — 864 Other long-term assets 2 7 — — — — 9 Total assets $ 1,525 $ 10,691 $ 819 $ 1,124 $ 700 $ (3,075 ) $ 11,784 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Short-term debt and current maturities of long-term debt $ 1 $ 30 $ — $ 3 $ 516 $ — $ 550 Accounts payable — 300 — 30 — — 330 Accrued expenses and other liabilities — 314 12 22 1 — 349 Total current liabilities 1 644 12 55 517 — 1,229 Long-term debt 3 7,075 116 9 — — 7,203 Deferred taxes 20 1,703 — 74 — — 1,797 Other long-term liabilities — 54 — — — — 54 Total liabilities 24 9,476 128 138 517 — 10,283 Total stockholders’ equity (deficit) 1,501 1,215 691 986 183 (3,075 ) 1,501 Total liabilities and stockholders’ equity (deficit) $ 1,525 $ 10,691 $ 819 $ 1,124 $ 700 $ (3,075 ) $ 11,784 CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2015 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV ASSETS Cash and cash equivalents $ — $ 18 $ — $ 161 $ — $ — $ 179 Accounts receivable, net — 41 — 104 785 — 930 Intercompany receivable (payable) 144 40 (176 ) (109 ) — 101 — Inventory — 62 — 7 — — 69 Prepaid expenses and other assets — 98 — 18 — — 116 Total current assets 144 259 (176 ) 181 785 101 1,294 Rental equipment, net — 5,657 — 529 — — 6,186 Property and equipment, net 45 334 20 46 — — 445 Investments in subsidiaries 1,307 958 924 — — (3,189 ) — Goodwill — 3,000 — 243 — — 3,243 Other intangible assets, net — 838 — 67 — — 905 Other long-term assets 3 7 — — — — 10 Total assets $ 1,499 $ 11,053 $ 768 $ 1,066 $ 785 $ (3,088 ) $ 12,083 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Short-term debt and current maturities of long-term debt $ 1 $ 34 $ — $ — $ 572 $ — $ 607 Accounts payable — 237 — 34 — — 271 Accrued expenses and other liabilities — 314 14 27 — — 355 Total current liabilities 1 585 14 61 572 — 1,233 Long-term debt 4 7,430 110 11 — — 7,555 Deferred taxes 18 1,677 — 70 — — 1,765 Other long-term liabilities — 54 — — — — 54 Total liabilities 23 9,746 124 142 572 — 10,607 Total stockholders’ equity (deficit) 1,476 1,307 644 924 213 (3,088 ) 1,476 Total liabilities and stockholders’ equity (deficit) $ 1,499 $ 11,053 $ 768 $ 1,066 $ 785 $ (3,088 ) $ 12,083
CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME	CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended March 31, 2016 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Revenues: Equipment rentals $ — $ 1,024 $ — $ 93 $ — $ — $ 1,117 Sales of rental equipment — 104 — 11 — — 115 Sales of new equipment — 27 — 3 — — 30 Contractor supplies sales — 17 — 2 — — 19 Service and other revenues — 25 — 4 — — 29 Total revenues — 1,197 — 113 — — 1,310 Cost of revenues: Cost of equipment rentals, excluding depreciation — 404 — 45 — — 449 Depreciation of rental equipment — 221 — 22 — — 243 Cost of rental equipment sales — 62 — 6 — — 68 Cost of new equipment sales — 23 — 2 — — 25 Cost of contractor supplies sales — 12 — 1 — — 13 Cost of service and other revenues — 9 — 3 — — 12 Total cost of revenues — 731 — 79 — — 810 Gross profit — 466 — 34 — — 500 Selling, general and administrative expenses 6 144 — 19 8 — 177 Merger related costs — — — — — — — Restructuring charge — 2 — — — — 2 Non-rental depreciation and amortization 4 57 — 6 — — 67 Operating (loss) income (10 ) 263 — 9 (8 ) — 254 Interest (income) expense, net (2 ) 106 1 1 2 (1 ) 107 Other (income) expense, net (1) (106 ) 122 — 9 (25 ) — — Income (loss) before provision (benefit) for income taxes 98 35 (1 ) (1 ) 15 1 147 Provision (benefit) for income taxes 37 13 — (1 ) 6 — 55 Income (loss) before equity in net earnings (loss) of subsidiaries 61 22 (1 ) — 9 1 92 Equity in net earnings (loss) of subsidiaries 31 9 — — — (40 ) — Net income (loss) 92 31 (1 ) — 9 (39 ) 92 Other comprehensive income (loss) 63 63 62 50 — (175 ) 63 Comprehensive income (loss) $ 155 $ 94 $ 61 $ 50 $ 9 $ (214 ) $ 155 (1) Other (income) expense, net includes the royalties Holdings receives from URNA and its subsidiaries as discussed below (see Item 2- Management’s Discussion and Analysis of Financial Condition and Results of Operations- Liquidity and Capital Resources- Relationship between Holdings and URNA). CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended March 31, 2015 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Revenues: Equipment rentals $ — $ 998 $ — $ 127 $ — $ — $ 1,125 Sales of rental equipment — 106 — 10 — — 116 Sales of new equipment — 29 — 4 — — 33 Contractor supplies sales — 16 — 2 — — 18 Service and other revenues — 19 — 4 — — 23 Total revenues — 1,168 — 147 — — 1,315 Cost of revenues: Cost of equipment rentals, excluding depreciation — 384 — 60 — — 444 Depreciation of rental equipment — 211 — 24 — — 235 Cost of rental equipment sales — 59 — 5 — — 64 Cost of new equipment sales — 24 — 3 — — 27 Cost of contractor supplies sales — 11 — 1 — — 12 Cost of service and other revenues — 6 — 3 — — 9 Total cost of revenues — 695 — 96 — — 791 Gross profit — 473 — 51 — — 524 Selling, general and administrative expenses 3 151 — 20 7 — 181 Merger related costs — (27 ) — — — — (27 ) Restructuring charge — 1 — — — — 1 Non-rental depreciation and amortization 4 59 — 6 — — 69 Operating (loss) income (7 ) 289 — 25 (7 ) — 300 Interest (income) expense, net (1 ) 119 2 1 1 (1 ) 121 Other (income) expense, net (1) (35 ) 52 1 1 (22 ) — (3 ) Income (loss) before provision (benefit) for income taxes 29 118 (3 ) 23 14 1 182 Provision (benefit) for income taxes 13 43 (2 ) 7 6 — 67 Income (loss) before equity in net earnings (loss) of subsidiaries 16 75 (1 ) 16 8 1 115 Equity in net earnings (loss) of subsidiaries 99 24 16 — — (139 ) — Net income (loss) 115 99 15 16 8 (138 ) 115 Other comprehensive (loss) income (89 ) (89 ) (90 ) (71 ) — 250 (89 ) Comprehensive income (loss) $ 26 $ 10 $ (75 ) $ (55 ) $ 8 $ 112 $ 26 (1) Other (income) expense, net includes the royalties Holdings receives from URNA and its subsidiaries as discussed below (see Item 2- Management’s Discussion and Analysis of Financial Condition and Results of Operations- Liquidity and Capital Resources- Relationship between Holdings and URNA).
CONDENSED CONSOLIDATING CASH FLOW INFORMATION	CONDENSED CONSOLIDATING CASH FLOW INFORMATION For the Three Months Ended March 31, 2016 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Net cash provided by operating activities $ — $ 469 $ — $ 41 $ 94 $ — $ 604 Net cash used in investing activities — (17 ) — — — — (17 ) Net cash used in financing activities — (466 ) — — (94 ) — (560 ) Effect of foreign exchange rates — — — 13 — — 13 Net (decrease) increase in cash and cash equivalents — (14 ) — 54 — — 40 Cash and cash equivalents at beginning of period — 18 — 161 — — 179 Cash and cash equivalents at end of period $ — $ 4 $ — $ 215 $ — $ — $ 219 CONDENSED CONSOLIDATING CASH FLOW INFORMATION For the Three Months Ended March 31, 2015 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Net cash provided by operating activities $ 3 $ 507 $ 1 $ 95 $ 69 $ — $ 675 Net cash used in investing activities (3 ) (193 ) — (29 ) — — (225 ) Net cash used in financing activities — (264 ) (1 ) (1 ) (69 ) — (335 ) Effect of foreign exchange rates — — — (16 ) — — (16 ) Net increase in cash and cash equivalents — 50 — 49 — — 99 Cash and cash equivalents at beginning of period — 8 — 150 — — 158 Cash and cash equivalents at end of period $ — $ 58 $ — $ 199 $ — $ — $ 257

Segment Information (Financial

Segment Information (Financial information by segment) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)location	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Segment Reporting Information
Equipment rentals	$ 1,117	$ 1,125
Sales of rental equipment	115	116
Sales of new equipment	30	33
Contractor supplies sales	19	18
Service and other revenues	29	23
Total revenues	1,310	1,315
Depreciation and amortization expense	310	304
Gross profit	500	524
Capital expenditures	123	345
Assets	11,784		$ 12,083
Operating Segments
Segment Reporting Information
Assets	$ 11,784		12,083
Operating Segments | General rentals
Segment Reporting Information
Number of geographic regions entity operates in (locations) | location	9
Equipment rentals	$ 955	976
Sales of rental equipment	106	108
Sales of new equipment	26	26
Contractor supplies sales	16	15
Service and other revenues	26	19
Total revenues	1,129	1,144
Depreciation and amortization expense	266	262
Capital expenditures	104	311
Assets	10,281		10,561
Operating Segments | Trench, power and pump
Segment Reporting Information
Equipment rentals	162	149
Sales of rental equipment	9	8
Sales of new equipment	4	7
Contractor supplies sales	3	3
Service and other revenues	3	4
Total revenues	181	171
Depreciation and amortization expense	44	42
Capital expenditures	19	34
Assets	1,503		$ 1,522
Equipment rentals
Segment Reporting Information
Gross profit	425	446
Equipment rentals | Operating Segments | General rentals
Segment Reporting Information
Gross profit	357	383
Equipment rentals | Operating Segments | Trench, power and pump
Segment Reporting Information
Gross profit	$ 68	$ 63

Segment Information (Reconcilia

Segment Information (Reconciliation to income (loss) from continuing operations) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross profit	$ 500	$ 524
Selling, general and administrative expenses	(177)	(181)
Merger related costs	0	27
Restructuring charge	(2)	(1)
Non-rental depreciation and amortization	(67)	(69)
Interest expense, net	(107)	(121)
Other income, net	0	3
Income before provision for income taxes	147	182
Equipment rentals
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross profit	425	446
Other lines of business
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross profit	$ 75	$ 78

Restructuring Charges (Narrativ

Restructuring Charges (Narrative) (Details)	Mar. 31, 2016restructuring_program
Closed Restructuring Programs
Restructuring Cost and Reserve
Number of restructuring programs	2

Restructuring Charges (Schedule

Restructuring Charges (Schedule of restructuring charges) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restructuring Reserve [Roll Forward]
Beginning reserve balance	$ 16
Charged to Costs and Expenses	2	$ 1
Payments and Other	(2)
Ending reserve balance	16
Branch closure charges
Restructuring Reserve [Roll Forward]
Beginning reserve balance	13
Charged to Costs and Expenses	1
Payments and Other	(1)
Ending reserve balance	13
Severance costs
Restructuring Reserve [Roll Forward]
Beginning reserve balance	3
Charged to Costs and Expenses	1
Payments and Other	(1)
Ending reserve balance	3
Closed Restructuring Programs
Restructuring Reserve [Roll Forward]
Beginning reserve balance	13
Charged to Costs and Expenses	0
Payments and Other	(1)
Ending reserve balance	12
Closed Restructuring Programs | Branch closure charges
Restructuring Reserve [Roll Forward]
Beginning reserve balance	13
Charged to Costs and Expenses	0
Payments and Other	(1)
Ending reserve balance	12
Closed Restructuring Programs | Severance costs
Restructuring Reserve [Roll Forward]
Beginning reserve balance	0
Charged to Costs and Expenses	0
Payments and Other	0
Ending reserve balance	0
2015-2016 Cost Savings Restructuring Program
Restructuring Reserve [Roll Forward]
Beginning reserve balance	3
Charged to Costs and Expenses	2
Payments and Other	(1)
Ending reserve balance	4
2015-2016 Cost Savings Restructuring Program | Branch closure charges
Restructuring Reserve [Roll Forward]
Beginning reserve balance	0
Charged to Costs and Expenses	1
Payments and Other	0
Ending reserve balance	1
2015-2016 Cost Savings Restructuring Program | Severance costs
Restructuring Reserve [Roll Forward]
Beginning reserve balance	3
Charged to Costs and Expenses	1
Payments and Other	(1)
Ending reserve balance	$ 3

Derivatives (Narrative) (Detail

Derivatives (Narrative) (Details) gal in Millions	3 Months Ended
	Mar. 31, 2016gal
Diesel swap
Derivative [Line Items]
Fixed price swap contract (in gallons)	9.7

Derivatives (Effect of derivati

Derivatives (Effect of derivatives on consolidated statements of income) (Details) - Fixed price swap contracts gal in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)gal	Mar. 31, 2015USD ($)gal
Derivative Instruments, Gain (Loss) [Line Items]
Purchases of diesel covered by the fixed price swaps (in gallons) | gal	2.6	2.6
Designated as hedging instruments | Cost of equipment rentals, excluding depreciation
Derivative Instruments, Gain (Loss) [Line Items]
Amount of income (expense) recognized on derivative	$ (2)	$ (2)
Amount of income (expense) recognized on hedged item	$ (5)	$ (7)

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - Diesel swap gal in Millions	3 Months Ended
	Mar. 31, 2016$ / galgal
Derivatives, Fair Value [Line Items]
Fixed price swap contract (in gallons) | gal	9.7
Average contract price (in dollars per gallon)	2.79
Average forward price (in dollars per gallon)	2.30

Fair Value Measurements (Fair v

Fair Value Measurements (Fair value of financial instruments) (Details) - Level 1 - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Senior and senior subordinated notes	$ 5,918	$ 5,916
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Senior and senior subordinated notes	$ 6,078	$ 6,030

Debt (Narrative) (Details)

Debt (Narrative) (Details)	3 Months Ended
	Mar. 31, 2016
ABL Facility
Debt Instrument
Maximum revolving credit amount percentage	10.00%

Debt (Schedule of long-term deb

Debt (Schedule of long-term debt instruments) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument
Total debt	$ 7,753,000,000	$ 8,162,000,000
Less short-term portion	(550,000,000)	(607,000,000)
Total long-term debt	$ 7,203,000,000	$ 7,555,000,000
Accounts Receivable Securitization Facility
Debt Instrument
Credit facility interest rate at period end	1.10%
7 3/8 percent Senior Notes
Debt Instrument
Stated interest rate	7.375%	7.375%
8 1/4 percent Senior Notes
Debt Instrument
Stated interest rate	8.25%	8.25%
7 5/8 percent Senior Notes
Debt Instrument
Stated interest rate	7.625%	7.625%
6 1/8 percent Senior Notes
Debt Instrument
Stated interest rate	6.125%	6.125%
4 5/8 percent Senior Notes
Debt Instrument
Stated interest rate	4.625%	4.625%
5 3/4 percent Senior Notes
Debt Instrument
Stated interest rate	5.75%	5.75%
5 1/2 percent Senior Notes
Debt Instrument
Stated interest rate	5.50%	5.50%
Credit facility | $2.5 billion ABL Facility
Debt Instrument
Current borrowing capacity under credit facility	$ 1,200,000,000
Credit facility interest rate at period end	2.30%
Letters of credit outstanding	$ 38,000,000
Average outstanding amount	$ 1,400,000,000
Weighted average interest rate, long-term	2.30%
ABL Facility maximum month-end outstanding amount	$ 1,600,000,000
Accounts receivable facility | Accounts Receivable Securitization Facility
Debt Instrument
Current borrowing capacity under credit facility	14,000,000
Average outstanding amount under facility	$ 502,000,000
Weighted average interest rate, short-term	1.10%
A/R Securitization maximum month-end outstanding amount	$ 516,000,000
Collateral amount	530,000,000
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	91,000,000	96,000,000
URNA and subsidiaries | Credit facility | $2.5 billion ABL Facility
Debt Instrument
Total debt	1,228,000,000	1,579,000,000
URNA and subsidiaries | Senior notes | 7 3/8 percent Senior Notes
Debt Instrument
Total debt	741,000,000	740,000,000
URNA and subsidiaries | Senior notes | 8 1/4 percent Senior Notes
Debt Instrument
Total debt	314,000,000	315,000,000
URNA and subsidiaries | Senior notes | 7 5/8 percent Senior Notes
Debt Instrument
Total debt	1,307,000,000	1,306,000,000
URNA and subsidiaries | Senior notes | 6 1/8 percent Senior Notes
Debt Instrument
Total debt	937,000,000	937,000,000
URNA and subsidiaries | Senior notes | 5 3/4 percent Senior Notes
Debt Instrument
Total debt	838,000,000	838,000,000
URNA and subsidiaries | Senior notes | 5 1/2 percent Senior Notes
Debt Instrument
Total debt	791,000,000	791,000,000
URNA and subsidiaries | Senior secured notes | 4 5/8 percent Senior Notes
Debt Instrument
Total debt	990,000,000	989,000,000
URNA and subsidiaries | Accounts receivable facility | Accounts Receivable Securitization Facility
Debt Instrument
Total debt	$ 516,000,000	$ 571,000,000

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Numerator:
Net income available to common stockholders	$ 92	$ 115
Denominator:
Denominator for basic earnings per share—weighted-average common shares (in shares)	90,510	97,007
Effect of dilutive securities:
4 percent Convertible Senior Notes (in shares)	0	1,185
Denominator for diluted earnings per share—adjusted weighted-average common shares (in shares)	90,943	99,065
Basic earnings per share (in dollars per share)	$ 1.01	$ 1.19
Diluted earnings per share (in dollars per share)	$ 1.01	$ 1.16
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%
Employee stock options
Effect of dilutive securities:
Effect of dilutive securities, share-based payment arrangements (in shares)	263	336
Restricted stock units
Effect of dilutive securities:
Effect of dilutive securities, share-based payment arrangements (in shares)	170	537

Condensed Consolidating Finan37

Condensed Consolidating Financial Information of Guarantor Subsidiaries - CONDENSED CONSOLIDATING BALANCE SHEET (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 219	$ 179	$ 257	$ 158
Accounts receivable, net	833	930
Intercompany receivable (payable)	0	0
Inventory	74	69
Prepaid expenses and other assets	56	116
Total current assets	1,182	1,294
Investments in subsidiaries	0	0
Goodwill	3,262	3,243
Other intangible assets, net	864	905
Other long-term assets	9	10
Total assets	11,784	12,083
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	550	607
Accounts payable	330	271
Accrued expenses and other liabilities	349	355
Total current liabilities	1,229	1,233
Long-term debt	7,203	7,555
Deferred taxes	1,797	1,765
Other long-term liabilities	54	54
Total liabilities	10,283	10,607
Total stockholders’ equity (deficit)	1,501	1,476
Total liabilities and stockholders’ equity	$ 11,784	12,083
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)	266	144
Inventory	0	0
Prepaid expenses and other assets	0	0
Total current assets	266	144
Investments in subsidiaries	1,215	1,307
Goodwill	0	0
Other intangible assets, net	0	0
Other long-term assets	2	3
Total assets	1,525	1,499
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	1	1
Accounts payable	0	0
Accrued expenses and other liabilities	0	0
Total current liabilities	1	1
Long-term debt	3	4
Deferred taxes	20	18
Other long-term liabilities	0	0
Total liabilities	24	23
Total stockholders’ equity (deficit)	1,501	1,476
Total liabilities and stockholders’ equity	1,525	1,499
URNA
ASSETS
Cash and cash equivalents	4	18	58	8
Accounts receivable, net	43	41
Intercompany receivable (payable)	(72)	40
Inventory	66	62
Prepaid expenses and other assets	41	98
Total current assets	82	259
Investments in subsidiaries	983	958
Goodwill	3,007	3,000
Other intangible assets, net	796	838
Other long-term assets	7	7
Total assets	10,691	11,053
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	30	34
Accounts payable	300	237
Accrued expenses and other liabilities	314	314
Total current liabilities	644	585
Long-term debt	7,075	7,430
Deferred taxes	1,703	1,677
Other long-term liabilities	54	54
Total liabilities	9,476	9,746
Total stockholders’ equity (deficit)	1,215	1,307
Total liabilities and stockholders’ equity	$ 10,691	11,053
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)	(187)	(176)
Inventory	0	0
Prepaid expenses and other assets	0	0
Total current assets	(187)	(176)
Investments in subsidiaries	986	924
Goodwill	0	0
Other intangible assets, net	0	0
Other long-term assets	0	0
Total assets	819	768
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	12	14
Total current liabilities	12	14
Long-term debt	116	110
Deferred taxes	0	0
Other long-term liabilities	0	0
Total liabilities	128	124
Total stockholders’ equity (deficit)	691	644
Total liabilities and stockholders’ equity	819	768
Non Guarantor Subsidiaries - Foreign
ASSETS
Cash and cash equivalents	215	161	199	150
Accounts receivable, net	90	104
Intercompany receivable (payable)	(116)	(109)
Inventory	8	7
Prepaid expenses and other assets	15	18
Total current assets	212	181
Investments in subsidiaries	0	0
Goodwill	255	243
Other intangible assets, net	68	67
Other long-term assets	0	0
Total assets	1,124	1,066
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	3	0
Accounts payable	30	34
Accrued expenses and other liabilities	22	27
Total current liabilities	55	61
Long-term debt	9	11
Deferred taxes	74	70
Other long-term liabilities	0	0
Total liabilities	138	142
Total stockholders’ equity (deficit)	986	924
Total liabilities and stockholders’ equity	1,124	1,066
Non Guarantor Subsidiaries - SPV
ASSETS
Cash and cash equivalents	0	0	0	0
Accounts receivable, net	700	785
Intercompany receivable (payable)	0	0
Inventory	0	0
Prepaid expenses and other assets	0	0
Total current assets	700	785
Investments in subsidiaries	0	0
Goodwill	0	0
Other intangible assets, net	0	0
Other long-term assets	0	0
Total assets	700	785
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	516	572
Accounts payable	0	0
Accrued expenses and other liabilities	1	0
Total current liabilities	517	572
Long-term debt	0	0
Deferred taxes	0	0
Other long-term liabilities	0	0
Total liabilities	517	572
Total stockholders’ equity (deficit)	183	213
Total liabilities and stockholders’ equity	$ 700	$ 785
8 1/4 percent Senior Notes
Condensed Financial Information Other Details [Abstract]
Stated interest rate	8.25%	8.25%
ABL Facility, Accounts Receivable Securitization Facility, and Other Agreements
Condensed Financial Information Other Details [Abstract]
Line of credit facility, restricted payment capacity	$ 566
ABL Facility, Accounts Receivable Securitization Facility, and Other Agreements | URNA
Condensed Financial Information Other Details [Abstract]
Line of credit facility, restricted payment capacity	300
Eliminations
ASSETS
Cash and cash equivalents	0	$ 0	$ 0	$ 0
Accounts receivable, net	0	0
Intercompany receivable (payable)	109	101
Inventory	0	0
Prepaid expenses and other assets	0	0
Total current assets	109	101
Investments in subsidiaries	(3,184)	(3,189)
Goodwill	0	0
Other intangible assets, net	0	0
Other long-term assets	0	0
Total assets	(3,075)	(3,088)
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
Total stockholders’ equity (deficit)	(3,075)	(3,088)
Total liabilities and stockholders’ equity	(3,075)	(3,088)
Rental equipment, net
ASSETS
Property, plant and equipment, net	6,025	6,186
Rental equipment, net | Parent
ASSETS
Property, plant and equipment, net	0	0
Rental equipment, net | URNA
ASSETS
Property, plant and equipment, net	5,484	5,657
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	541	529
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	442	445
Property and equipment, net | Parent
ASSETS
Property, plant and equipment, net	42	45
Property and equipment, net | URNA
ASSETS
Property, plant and equipment, net	332	334
Property and equipment, net | Guarantor Subsidiaries
ASSETS
Property, plant and equipment, net	20	20
Property and equipment, net | Non Guarantor Subsidiaries - Foreign
ASSETS
Property, plant and equipment, net	48	46
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

Condensed Consolidating Finan38

Condensed Consolidating Financial Information of Guarantor Subsidiaries - CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Revenues:
Equipment rentals		$ 1,117	$ 1,125
Sales of rental equipment		115	116
Sales of new equipment		30	33
Contractor supplies sales		19	18
Service and other revenues		29	23
Total revenues		1,310	1,315
Cost of revenues:
Cost of equipment rentals, excluding depreciation		449	444
Depreciation of rental equipment		243	235
Cost of rental equipment sales		68	64
Cost of new equipment sales		25	27
Cost of contractor supplies sales		13	12
Cost of service and other revenues		12	9
Total cost of revenues		810	791
Gross profit		500	524
Selling, general and administrative expenses		177	181
Merger related costs		0	(27)
Restructuring charge		2	1
Non-rental depreciation and amortization		67	69
Operating income		254	300
Interest (income) expense, net		107	121
Other (income) expense, net		0	(3)
Income before provision for income taxes		147	182
Provision (benefit) for income taxes		55	67
Income (loss) before equity in net earnings (loss) of subsidiaries		92	115
Equity in net earnings (loss) of subsidiaries		0	0
Net income		92	115
Other comprehensive (loss) income		63	(89)
Comprehensive income	[1]	155	26
Parent
Revenues:
Equipment rentals		0	0
Sales of rental equipment		0	0
Sales of new equipment		0	0
Contractor supplies sales		0	0
Service and other revenues		0	0
Total revenues		0	0
Cost of revenues:
Cost of equipment rentals, excluding depreciation		0	0
Depreciation of rental equipment		0	0
Cost of rental equipment sales		0	0
Cost of new equipment sales		0	0
Cost of contractor supplies sales		0	0
Cost of service and other revenues		0	0
Total cost of revenues		0	0
Gross profit		0	0
Selling, general and administrative expenses		6	3
Merger related costs		0	0
Restructuring charge		0	0
Non-rental depreciation and amortization		4	4
Operating income		(10)	(7)
Interest (income) expense, net		(2)	(1)
Other (income) expense, net		(106)	(35)
Income before provision for income taxes		98	29
Provision (benefit) for income taxes		37	13
Income (loss) before equity in net earnings (loss) of subsidiaries		61	16
Equity in net earnings (loss) of subsidiaries		31	99
Net income		92	115
Other comprehensive (loss) income		63	(89)
Comprehensive income		155	26
URNA
Revenues:
Equipment rentals		1,024	998
Sales of rental equipment		104	106
Sales of new equipment		27	29
Contractor supplies sales		17	16
Service and other revenues		25	19
Total revenues		1,197	1,168
Cost of revenues:
Cost of equipment rentals, excluding depreciation		404	384
Depreciation of rental equipment		221	211
Cost of rental equipment sales		62	59
Cost of new equipment sales		23	24
Cost of contractor supplies sales		12	11
Cost of service and other revenues		9	6
Total cost of revenues		731	695
Gross profit		466	473
Selling, general and administrative expenses		144	151
Merger related costs		0	(27)
Restructuring charge		2	1
Non-rental depreciation and amortization		57	59
Operating income		263	289
Interest (income) expense, net		106	119
Other (income) expense, net		122	52
Income before provision for income taxes		35	118
Provision (benefit) for income taxes		13	43
Income (loss) before equity in net earnings (loss) of subsidiaries		22	75
Equity in net earnings (loss) of subsidiaries		9	24
Net income		31	99
Other comprehensive (loss) income		63	(89)
Comprehensive income		94	10
Guarantor Subsidiaries
Revenues:
Equipment rentals		0	0
Sales of rental equipment		0	0
Sales of new equipment		0	0
Contractor supplies sales		0	0
Service and other revenues		0	0
Total revenues		0	0
Cost of revenues:
Cost of equipment rentals, excluding depreciation		0	0
Depreciation of rental equipment		0	0
Cost of rental equipment sales		0	0
Cost of new equipment sales		0	0
Cost of contractor supplies sales		0	0
Cost of service and other revenues		0	0
Total cost of revenues		0	0
Gross profit		0	0
Selling, general and administrative expenses		0	0
Merger related costs		0	0
Restructuring charge		0	0
Non-rental depreciation and amortization		0	0
Operating income		0	0
Interest (income) expense, net		1	2
Other (income) expense, net		0	1
Income before provision for income taxes		(1)	(3)
Provision (benefit) for income taxes		0	(2)
Income (loss) before equity in net earnings (loss) of subsidiaries		(1)	(1)
Equity in net earnings (loss) of subsidiaries		0	16
Net income		(1)	15
Other comprehensive (loss) income		62	(90)
Comprehensive income		61	(75)
Non Guarantor Subsidiaries - Foreign
Revenues:
Equipment rentals		93	127
Sales of rental equipment		11	10
Sales of new equipment		3	4
Contractor supplies sales		2	2
Service and other revenues		4	4
Total revenues		113	147
Cost of revenues:
Cost of equipment rentals, excluding depreciation		45	60
Depreciation of rental equipment		22	24
Cost of rental equipment sales		6	5
Cost of new equipment sales		2	3
Cost of contractor supplies sales		1	1
Cost of service and other revenues		3	3
Total cost of revenues		79	96
Gross profit		34	51
Selling, general and administrative expenses		19	20
Merger related costs		0	0
Restructuring charge		0	0
Non-rental depreciation and amortization		6	6
Operating income		9	25
Interest (income) expense, net		1	1
Other (income) expense, net		9	1
Income before provision for income taxes		(1)	23
Provision (benefit) for income taxes		(1)	7
Income (loss) before equity in net earnings (loss) of subsidiaries		0	16
Equity in net earnings (loss) of subsidiaries		0	0
Net income		0	16
Other comprehensive (loss) income		50	(71)
Comprehensive income		50	(55)
Non Guarantor Subsidiaries - SPV
Revenues:
Equipment rentals		0	0
Sales of rental equipment		0	0
Sales of new equipment		0	0
Contractor supplies sales		0	0
Service and other revenues		0	0
Total revenues		0	0
Cost of revenues:
Cost of equipment rentals, excluding depreciation		0	0
Depreciation of rental equipment		0	0
Cost of rental equipment sales		0	0
Cost of new equipment sales		0	0
Cost of contractor supplies sales		0	0
Cost of service and other revenues		0	0
Total cost of revenues		0	0
Gross profit		0	0
Selling, general and administrative expenses		8	7
Merger related costs		0	0
Restructuring charge		0	0
Non-rental depreciation and amortization		0	0
Operating income		(8)	(7)
Interest (income) expense, net		2	1
Other (income) expense, net		(25)	(22)
Income before provision for income taxes		15	14
Provision (benefit) for income taxes		6	6
Income (loss) before equity in net earnings (loss) of subsidiaries		9	8
Equity in net earnings (loss) of subsidiaries		0	0
Net income		9	8
Other comprehensive (loss) income		0	0
Comprehensive income		9	8
Eliminations
Revenues:
Equipment rentals		0	0
Sales of rental equipment		0	0
Sales of new equipment		0	0
Contractor supplies sales		0	0
Service and other revenues		0	0
Total revenues		0	0
Cost of revenues:
Cost of equipment rentals, excluding depreciation		0	0
Depreciation of rental equipment		0	0
Cost of rental equipment sales		0	0
Cost of new equipment sales		0	0
Cost of contractor supplies sales		0	0
Cost of service and other revenues		0	0
Total cost of revenues		0	0
Gross profit		0	0
Selling, general and administrative expenses		0	0
Merger related costs		0	0
Restructuring charge		0	0
Non-rental depreciation and amortization		0	0
Operating income		0	0
Interest (income) expense, net		(1)	(1)
Other (income) expense, net		0	0
Income before provision for income taxes		1	1
Provision (benefit) for income taxes		0	0
Income (loss) before equity in net earnings (loss) of subsidiaries		1	1
Equity in net earnings (loss) of subsidiaries		(40)	(139)
Net income		(39)	(138)
Other comprehensive (loss) income		(175)	250
Comprehensive income		$ (214)	$ 112
[1]	There were no material reclassifications from accumulated other comprehensive loss reflected in other comprehensive income (loss) during 2016 or 2015. 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 2016 or 2015.

Condensed Consolidating Finan39

Condensed Consolidating Financial Information of Guarantor Subsidiaries - CONDENSED CONSOLIDATING CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	$ 604	$ 675
Net cash used in investing activities	(17)	(225)
Net cash used in financing activities	(560)	(335)
Effect of foreign exchange rates	13	(16)
Net increase in cash and cash equivalents	40	99
Cash and cash equivalents at beginning of period	179	158
Cash and cash equivalents at end of period	219	257
Parent
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	0	3
Net cash used in investing activities	0	(3)
Net cash used in financing activities	0	0
Effect of foreign exchange rates	0	0
Net increase in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
URNA
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	469	507
Net cash used in investing activities	(17)	(193)
Net cash used in financing activities	(466)	(264)
Effect of foreign exchange rates	0	0
Net increase in cash and cash equivalents	(14)	50
Cash and cash equivalents at beginning of period	18	8
Cash and cash equivalents at end of period	4	58
Guarantor Subsidiaries
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	0	1
Net cash used in investing activities	0	0
Net cash used in financing activities	0	(1)
Effect of foreign exchange rates	0	0
Net increase in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Non Guarantor Subsidiaries - Foreign
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	41	95
Net cash used in investing activities	0	(29)
Net cash used in financing activities	0	(1)
Effect of foreign exchange rates	13	(16)
Net increase in cash and cash equivalents	54	49
Cash and cash equivalents at beginning of period	161	150
Cash and cash equivalents at end of period	215	199
Non Guarantor Subsidiaries - SPV
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	94	69
Net cash used in investing activities	0	0
Net cash used in financing activities	(94)	(69)
Effect of foreign exchange rates	0	0
Net increase in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Eliminations
Condensed 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 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