United Rentals North America 10-Q 19 Oct 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 17, 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	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		84,224,499

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 297	$ 179
Accounts receivable, net of allowance for doubtful accounts of $55 at September 30, 2016 and December 31, 2015	929	930
Inventory	72	69
Prepaid expenses and other assets	56	116
Total current assets	1,354	1,294
Goodwill	3,267	3,243
Other intangible assets, net	782	905
Other long-term assets	10	10
Total assets	12,275	12,083
LIABILITIES AND STOCKHOLDERS’ EQUITY
Short-term debt and current maturities of long-term debt	609	607
Accounts payable	409	271
Accrued expenses and other liabilities	402	355
Total current liabilities	1,420	1,233
Long-term debt	7,393	7,555
Deferred taxes	1,863	1,765
Other long-term liabilities	60	54
Total liabilities	10,736	10,607
Common stock—$0.01 par value, 500,000,000 shares authorized, 111,944,470 and 84,687,234 shares issued and outstanding, respectively, at September 30, 2016 and 111,586,585 and 91,776,436 shares issued and outstanding, respectively, at December 31, 2015	1	1
Additional paid-in capital	2,270	2,197
Retained earnings	1,501	1,088
Treasury stock at cost—27,257,236 and 19,810,149 shares at September 30, 2016 and December 31, 2015, respectively	(2,037)	(1,560)
Accumulated other comprehensive loss	(196)	(250)
Total stockholders’ equity (deficit)	1,539	1,476
Total liabilities and stockholders’ equity	12,275	12,083
Rental equipment, net
ASSETS
Property, plant and equipment, net	6,427	6,186
Property and equipment, net
ASSETS
Property, plant and equipment, net	$ 435	$ 445

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 55	$ 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	111,944,470	111,586,585
Common stock, shares outstanding	84,687,234	91,776,436
Treasury stock, shares	27,257,236	19,810,149

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Equipment rentals	$ 1,322	$ 1,326	$ 3,643	$ 3,671
Sales of rental equipment	112	141	361	381
Sales of new equipment	30	38	96	110
Contractor supplies sales	19	21	60	60
Service and other revenues	25	24	79	72
Total revenues	1,508	1,550	4,239	4,294
Cost of revenues:
Cost of equipment rentals, excluding depreciation	486	470	1,391	1,359
Depreciation of rental equipment	250	249	735	724
Cost of rental equipment sales	68	85	215	217
Cost of new equipment sales	25	31	79	91
Cost of contractor supplies sales	13	15	41	42
Cost of service and other revenues	10	10	32	29
Total cost of revenues	852	860	2,493	2,462
Gross profit	656	690	1,746	1,832
Selling, general and administrative expenses	179	178	533	534
Merger related costs	0	0	0	(26)
Restructuring charge	4	0	8	1
Non-rental depreciation and amortization	61	66	192	202
Operating income	412	446	1,013	1,121
Interest expense, net	110	107	349	460
Other income, net	(1)	(1)	(3)	(10)
Income before provision for income taxes	303	340	667	671
Provision for income taxes	116	125	254	255
Net income	$ 187	$ 215	$ 413	$ 416
Basic earnings per share (in dollars per share)	$ 2.18	$ 2.28	$ 4.68	$ 4.33
Diluted earnings per share (in dollars per share)	$ 2.16	$ 2.25	$ 4.66	$ 4.27

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income		$ 187	$ 215	$ 413	$ 416
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		(9)	(71)	51	(144)
Fixed price diesel swaps		0	(1)	3	0
Other comprehensive (loss) income		(9)	(72)	54	(144)
Comprehensive income	[1]	$ 178	$ 143	$ 467	$ 272
[1]	There were no material reclassifications from accumulated other comprehensive loss reflected in other comprehensive (loss) income 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 (loss) income during 2016 or 2015.

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED) - 9 months ended Sep. 30, 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	413				413
Foreign currency translation adjustments	51						51
Fixed price diesel swaps	3						3
Stock compensation expense, net				33
Shares repurchased and retired				(11)
Repurchase of common stock (in shares)		(7)	[1]			7
Repurchase of common stock						$ (477)
Excess tax benefits from share-based payment arrangements, net				51
Balance (in shares) at Sep. 30, 2016		85	[1]			27
Balance at Sep. 30, 2016	$ 1,539	$ 1		$ 2,270	$ 1,501	$ (2,037)	$ (196)
[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 (in shares)	(6)

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash Flows From Operating Activities:
Net income	$ 413	$ 416
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	927	926
Amortization of deferred financing costs and original issue discounts	7	8
Gain on sales of rental equipment	(146)	(164)
Gain on sales of non-rental equipment	(3)	(6)
Stock compensation expense, net	33	37
Merger related costs	0	(26)
Restructuring charge	8	1
Loss on repurchase/redemption of debt securities and amendment of ABL facility	36	123
Excess tax benefits from share-based payment arrangements	(53)	(57)
Increase in deferred taxes	90	94
Changes in operating assets and liabilities, net of amounts acquired:
Decrease (increase) in accounts receivable	7	(72)
Increase in inventory	(3)	0
Decrease in prepaid expenses and other assets	75	17
Increase in accounts payable	137	195
Increase in accrued expenses and other liabilities	102	65
Net cash provided by operating activities	1,630	1,557
Cash Flows From Investing Activities:
Purchases of other companies, net of cash acquired	(28)	(86)
Net cash used in investing activities	(865)	(1,192)
Cash Flows From Financing Activities:
Proceeds from debt	5,812	7,453
Payments of debt	(6,021)	(7,093)
Payment of contingent consideration	0	(52)
Proceeds from the exercise of common stock options	0	1
Common stock repurchased	(488)	(667)
Payments of financing costs	(12)	(27)
Excess tax benefits from share-based payment arrangements	53	57
Net cash used in financing activities	(656)	(328)
Effect of foreign exchange rates	9	(24)
Net increase in cash and cash equivalents	118	13
Cash and cash equivalents at beginning of period	179	158
Cash and cash equivalents at end of period	297	171
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net	14	55
Cash paid for interest	294	304
Rental equipment
Cash Flows From Investing Activities:
Purchases of equipment	(1,145)	(1,425)
Proceeds from sales of equipment	361	381
Nonrental equipment
Cash Flows From Investing Activities:
Purchases of equipment	(65)	(76)
Proceeds from sales of equipment	$ 12	$ 14

Organization, Description of Bu

Organization, Description of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 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 expect to adopt this guidance when effective, and do not expect the guidance to have a significant impact on our financial statements. Statement of Cash Flows. In August 2016, the FASB issued guidance to reduce the diversity in the presentation of certain cash receipts and cash payments presented and classified in the statement of cash flows. The guidance addresses the following eight specific cash flow issues: (1) debt prepayment or debt extinguishment costs, (2) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (6) distributions received from equity method investees, (7) beneficial interests in securitization transitions and (8) separately identifiable cash flows and application of predominance principle. The guidance will be effective for fiscal years and interim periods beginning after December 15, 2017, and early adoption is permitted. The guidance requires 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	9 Months Ended
	Sep. 30, 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 municipalities, industrial plants, and mining, construction, and agribusiness 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 September 30, 2016 Equipment rentals $ 1,097 $ 225 $ 1,322 Sales of rental equipment 103 9 112 Sales of new equipment 27 3 30 Contractor supplies sales 16 3 19 Service and other revenues 23 2 25 Total revenue 1,266 242 1,508 Depreciation and amortization expense 266 45 311 Equipment rentals gross profit 469 117 586 Three Months Ended September 30, 2015 Equipment rentals $ 1,120 $ 206 $ 1,326 Sales of rental equipment 132 9 141 Sales of new equipment 33 5 38 Contractor supplies sales 18 3 21 Service and other revenues 23 1 24 Total revenue 1,326 224 1,550 Depreciation and amortization expense 272 43 315 Equipment rentals gross profit 500 107 607 Nine Months Ended September 30, 2016 Equipment rentals $ 3,067 $ 576 $ 3,643 Sales of rental equipment 334 27 361 Sales of new equipment 84 12 96 Contractor supplies sales 49 11 60 Service and other revenues 71 8 79 Total revenue 3,605 634 4,239 Depreciation and amortization expense 791 136 927 Equipment rentals gross profit 1,243 274 1,517 Capital expenditures 1,086 124 1,210 Nine Months Ended September 30, 2015 Equipment rentals $ 3,144 $ 527 $ 3,671 Sales of rental equipment 356 25 381 Sales of new equipment 94 16 110 Contractor supplies sales 51 9 60 Service and other revenues 65 7 72 Total revenue 3,710 584 4,294 Depreciation and amortization expense 798 128 926 Equipment rentals gross profit 1,339 249 1,588 Capital expenditures 1,325 176 1,501 September 30, December 31, Total reportable segment assets General rentals $ 10,731 $ 10,561 Trench, power and pump 1,544 1,522 Total assets $ 12,275 $ 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 Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Total equipment rentals gross profit $ 586 $ 607 $ 1,517 $ 1,588 Gross profit from other lines of business 70 83 229 244 Selling, general and administrative expenses (179 ) (178 ) (533 ) (534 ) Merger related costs — — — 26 Restructuring charge (4 ) — (8 ) (1 ) Non-rental depreciation and amortization (61 ) (66 ) (192 ) (202 ) Interest expense, net (110 ) (107 ) (349 ) (460 ) Other income, net 1 1 3 10 Income before provision for income taxes $ 303 $ 340 $ 667 $ 671

Restructuring Charges

Restructuring Charges	9 Months Ended
	Sep. 30, 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 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, and expect the total costs incurred under the program to be approximately $20 , including $11 recognized through September 30, 2016 . The table below provides certain information concerning our restructuring charges for the nine months ended September 30, 2016 : Reserve Balance at Charged to Payments Reserve Balance at Description December 31, 2015 September 30, 2016 Closed Restructuring Programs Branch closure charges $ 13 $ 1 $ (5 ) $ 9 Severance costs — — — — Total $ 13 $ 1 $ (5 ) $ 9 2015-2016 Cost Savings Restructuring Program Branch closure charges $ — $ 3 $ — $ 3 Severance costs 3 4 (6 ) 1 Total $ 3 $ 7 $ (6 ) $ 4 Total Branch closure charges $ 13 $ 4 $ (5 ) $ 12 Severance costs 3 4 (6 ) 1 Total $ 16 $ 8 $ (11 ) $ 13 _________________ (1) Reflected in our condensed consolidated statements of income as “Restructuring charge.” These charges are not allocated to our reportable segments.

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2016 and 2015 , the risks we managed using derivative instruments were diesel price risk and foreign currency exchange rate risk. At September 30, 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. During the nine months ended September 30, 2016 , we entered into forward contracts to purchase Canadian dollars to mitigate the foreign currency exchange rate risk associated with certain Canadian dollar denominated intercompany loans. There were no outstanding forward contracts to purchase Canadian dollars at September 30, 2016 . Fixed Price Diesel Swaps The fixed price swap contracts on diesel purchases that were outstanding at September 30, 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 September 30, 2016 , we had outstanding fixed price swap contracts covering 9.8 million gallons of diesel which will be purchased throughout 2016 , 2017 and 2018. Foreign Currency Forward Contracts The forward contracts to purchase Canadian dollars, which were all settled as of September 30, 2016 , represented derivative instruments not designated as hedging instruments and gains or losses due to changes in the fair value of the forward contracts were recognized in our condensed consolidated statements of income during the period in which the changes in fair value occurred. During the three and nine months ended September 30, 2016 , forward contracts were used to purchase $ 301 and $ 552 Canadian dollars, respectively, representing the total amount due at maturity for certain Canadian dollar denominated intercompany loans that were settled during the three and nine months ended September 30, 2016 . Upon maturity, the proceeds from the forward contracts were used to pay down the Canadian dollar denominated intercompany loans. Financial Statement Presentation As of September 30, 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 and nine months ended September 30, 2016 and 2015 was as follows: Three Months Ended September 30, 2016 Three Months Ended September 30, 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) (1 ) $ (6 ) (2 ) $ (7 ) Derivatives not designated as hedging instruments: Foreign currency forward contracts (4) Other income (expense), net (4 ) 4 (5 ) 5 Nine Months Ended September 30, 2016 Nine Months Ended September 30, 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) (5 ) $ (17 ) (5 ) $ (23 ) Derivatives not designated as hedging instruments: Foreign currency forward contracts (4) Other income (expense), net (1 ) 1 (5 ) 5 * 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 2.7 million and 2.8 million gallons of diesel covered by the fixed price swaps during the three months ended September 30, 2016 and 2015 , respectively, and the use of 7.7 million and 8.2 million gallons and of diesel covered by the fixed price swaps during the nine months ended September 30, 2016 and 2015 , respectively. These amounts are reflected, net of cash received from, or paid to, the counterparties to the fixed price swaps, in operating cash flows in our condensed consolidated statement of cash flows. (4) Insignificant amounts were reflected in our condensed consolidated statement of cash flows associated with the forward contracts to purchase Canadian dollars, as the cash impact of the gains/losses recognized on the derivatives were offset by the gains/losses recognized on the hedged items.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 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 September 30, 2016 , we have fixed price swap contracts that mature throughout 2016 , 2017 and 2018 covering 9.8 million gallons of diesel which we will buy at the average contract price of $2.60 per gallon, while the average forward price for the hedged gallons was $2.56 per gallon as of September 30, 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 September 30, 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 September 30, 2016 and December 31, 2015 have been calculated based upon available market information, and were as follows: September 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Senior notes $ 5,605 $ 5,855 $ 5,916 $ 6,030

Debt

Debt	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Debt	Debt Debt, net of unamortized original issue discounts or premiums, and unamortized debt issuance costs, consists of the following: September 30, 2016 December 31, 2015 Accounts Receivable Securitization Facility (1) $ 579 $ 571 $2.5 billion ABL Facility (2) 1,737 1,579 7 3 / 8 percent Senior Notes (3) — 740 8 1 / 4 percent Senior Notes (3) — 315 7 5 / 8 percent Senior Notes 1,308 1,306 6 1 / 8 percent Senior Notes 936 937 4 5 / 8 percent Senior Secured Notes 990 989 5 3 / 4 percent Senior Notes 839 838 5 1 / 2 percent Senior Notes 792 791 5 7 / 8 percent Senior Notes (4) 740 — Capital leases 81 96 Total debt 8,002 8,162 Less short-term portion (5) (609 ) (607 ) Total long-term debt $ 7,393 $ 7,555 ___________________ (1) In August 2016, the accounts receivable securitization facility was amended, primarily to extend the maturity date. The amended facility expires on August 29, 2017 and may be further extended on a 364 -day basis by mutual agreement with the purchasers under the accounts receivable securitization facility. At September 30, 2016 , $44 was available under our accounts receivable securitization facility. The interest rate applicable to the accounts receivable securitization facility was 1.4 percent at September 30, 2016 . During the nine months ended September 30, 2016 , the monthly average amount outstanding under the accounts receivable securitization facility was $539 , and the weighted-average interest rate thereon was 1.2 percent . The maximum month-end amount outstanding under the accounts receivable securitization facility during the nine months ended September 30, 2016 was $580 . 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 September 30, 2016 , there were $ 623 of receivables, net of applicable reserves, in the collateral pool. (2) At September 30, 2016 , $716 was available under our ABL facility, net of $37 of letters of credit. The interest rate applicable to the ABL facility was 2.0 percent at September 30, 2016 . During the nine months ended September 30, 2016 , the monthly average amount outstanding under the ABL facility was $1.4 billion, and the weighted-average interest rate thereon was 2.1 percent . The maximum month-end amount outstanding under the ABL facility during the nine months ended September 30, 2016 was $1.7 billion . In June 2016, the ABL facility was amended, primarily to extend the maturity date. All amounts borrowed under the ABL facility must be repaid by June 2021. (3) In May 2016, we redeemed all of our 8 1 / 4 percent Senior Notes and $ 550 principal amount of our 7 3 / 8 percent Senior Notes. Upon redemption, we recognized an aggregate loss of $ 25 in interest expense, net. The loss represented the difference between the net carrying amount and the total purchase price of the notes. In August 2016, we redeemed the remaining $ 200 principal amount of our 7 3 / 8 percent Senior Notes using borrowings available under our ABL facility. We recognized a loss representing the difference between the net carrying amount and the total purchase price of the notes of $ 10 in interest expense, net upon redemption. (4) In May 2016, URNA issued $ 750 aggregate principal amount of 5 7 / 8 percent Senior Notes (the “5 7 / 8 percent Notes”) which are due September 15, 2026. The net proceeds from the issuance were approximately $ 741 (after deducting offering expenses). The 5 7 / 8 percent Notes are unsecured and are guaranteed by Holdings and certain domestic subsidiaries of URNA. The 5 7 / 8 percent Notes may be redeemed on or after September 15, 2021 , at specified redemption prices that range from 102.938 percent in 2021, to 100 percent in 2024 and thereafter, plus accrued and unpaid interest, if any. The indenture governing the 5 7 / 8 percent Notes contains certain restrictive covenants, including, among others, limitations on (i) liens; (ii) additional indebtedness; (iii) mergers, consolidations and acquisitions; (iv) sales, transfers and other dispositions of assets; (v) loans and other investments; (vi) dividends and other distributions, stock repurchases and redemptions and other restricted payments; (vii) restrictions affecting subsidiaries; (viii) transactions with affiliates; and (ix) designations of unrestricted subsidiaries, as well as a requirement to timely file periodic reports with the SEC. Each of the restrictive covenants is subject to important exceptions and qualifications that would allow URNA and its subsidiaries to engage in these activities under certain conditions. The indenture also requires that, in the event of a change of control (as defined in the indenture), URNA must make an offer to purchase all of the then-outstanding 5 7 / 8 percent Notes tendered at a purchase price in cash equal to 101 percent of the principal amount thereof, plus accrued and unpaid interest, if any, thereon. (5) As of September 30, 2016 , our short-term debt primarily reflects $ 579 of borrowings under our accounts receivable securitization facility. Loan Covenants and Compliance As of September 30, 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 September 30, 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	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Numerator: Net income available to common stockholders $ 187 $ 215 413 416 Denominator: Denominator for basic earnings per share—weighted-average common shares 85,945 94,213 88,175 95,992 Effect of dilutive securities: Employee stock options 278 291 281 311 4 percent Convertible Senior Notes — 574 — 786 Restricted stock units 222 113 168 196 Denominator for diluted earnings per share—adjusted weighted-average common shares 86,445 95,191 88,624 97,285 Basic earnings per share $ 2.18 $ 2.28 $ 4.68 $ 4.33 Diluted earnings per share $ 2.16 $ 2.25 $ 4.66 $ 4.27

Condensed Consolidating Financi

Condensed Consolidating Financial Information of Guarantor Subsidiaries	9 Months Ended
	Sep. 30, 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, as of September 30, 2016 and/or December 31, 2015 , had 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 was guaranteed only by the guarantor subsidiaries (specifically, the 8 1 / 4 percent Senior Notes). As discussed in note 6 to the condensed consolidated financial statements, in May 2016, all of the 8 1 / 4 percent Senior Notes were redeemed. 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 or contributed 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 September 30, 2016 , the amount available for distribution under the most restrictive of these covenants was $ 332 . The Company’s total available capacity for making share repurchases and dividend payments includes the intercompany receivable balance of Parent. As of September 30, 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 $561 . The condensed consolidating financial information of Parent and its subsidiaries is as follows: CONDENSED CONSOLIDATING BALANCE SHEET September 30, 2016 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV ASSETS Cash and cash equivalents $ — $ 20 $ — $ 277 $ — $ — $ 297 Accounts receivable, net — 25 — 97 807 — 929 Intercompany receivable (payable) 229 (29 ) (190 ) (121 ) — 111 — Inventory — 65 — 7 — — 72 Prepaid expenses and other assets — 47 — 9 — — 56 Total current assets 229 128 (190 ) 269 807 111 1,354 Rental equipment, net — 5,929 — 498 — — 6,427 Property and equipment, net 38 329 23 45 — — 435 Investments in subsidiaries 1,293 1,033 990 — — (3,316 ) — Goodwill — 3,014 — 253 — — 3,267 Other intangible assets, net — 721 — 61 — — 782 Other long-term assets 3 7 — — — — 10 Total assets $ 1,563 $ 11,161 $ 823 $ 1,126 $ 807 $ (3,205 ) $ 12,275 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Short-term debt and current maturities of long-term debt $ 1 $ 26 $ — $ 3 $ 579 $ — $ 609 Accounts payable — 378 — 31 — — 409 Accrued expenses and other liabilities — 368 14 19 1 — 402 Total current liabilities 1 772 14 53 580 — 1,420 Long-term debt 3 7,268 114 8 — — 7,393 Deferred taxes 20 1,768 — 75 — — 1,863 Other long-term liabilities — 60 — — — — 60 Total liabilities 24 9,868 128 136 580 — 10,736 Total stockholders’ equity (deficit) 1,539 1,293 695 990 227 (3,205 ) 1,539 Total liabilities and stockholders’ equity (deficit) $ 1,563 $ 11,161 $ 823 $ 1,126 $ 807 $ (3,205 ) $ 12,275 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 September 30, 2016 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Revenues: Equipment rentals $ — $ 1,208 $ — $ 114 $ — $ — $ 1,322 Sales of rental equipment — 99 — 13 — — 112 Sales of new equipment — 28 — 2 — — 30 Contractor supplies sales — 17 — 2 — — 19 Service and other revenues — 22 — 3 — — 25 Total revenues — 1,374 — 134 — — 1,508 Cost of revenues: Cost of equipment rentals, excluding depreciation — 435 — 51 — — 486 Depreciation of rental equipment — 227 — 23 — — 250 Cost of rental equipment sales — 61 — 7 — — 68 Cost of new equipment sales — 23 — 2 — — 25 Cost of contractor supplies sales — 11 — 2 — — 13 Cost of service and other revenues — 11 — (1 ) — — 10 Total cost of revenues — 768 — 84 — — 852 Gross profit — 606 — 50 — — 656 Selling, general and administrative expenses 2 151 — 18 8 — 179 Restructuring charge — 4 — — — — 4 Non-rental depreciation and amortization 3 52 — 6 — — 61 Operating (loss) income (5 ) 399 — 26 (8 ) — 412 Interest (income) expense, net (1 ) 109 1 1 2 (2 ) 110 Other (income) expense, net (123 ) 136 — 9 (23 ) — (1 ) Income (loss) before provision for income taxes 119 154 (1 ) 16 13 2 303 Provision for income taxes 42 64 — 5 5 — 116 Income (loss) before equity in net earnings (loss) of subsidiaries 77 90 (1 ) 11 8 2 187 Equity in net earnings (loss) of subsidiaries 110 20 11 — — (141 ) — Net income (loss) 187 110 10 11 8 (139 ) 187 Other comprehensive (loss) income (9 ) (9 ) (9 ) (7 ) — 25 (9 ) Comprehensive income (loss) $ 178 $ 101 $ 1 $ 4 $ 8 $ (114 ) $ 178 CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended September 30, 2015 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Revenues: Equipment rentals $ — $ 1,200 $ — $ 126 $ — $ — $ 1,326 Sales of rental equipment — 124 — 17 — — 141 Sales of new equipment — 32 — 6 — — 38 Contractor supplies sales — 18 — 3 — — 21 Service and other revenues — 20 — 4 — — 24 Total revenues — 1,394 — 156 — — 1,550 Cost of revenues: Cost of equipment rentals, excluding depreciation — 421 — 49 — — 470 Depreciation of rental equipment — 225 — 24 — — 249 Cost of rental equipment sales — 75 — 10 — — 85 Cost of new equipment sales — 26 — 5 — — 31 Cost of contractor supplies sales — 12 — 3 — — 15 Cost of service and other revenues — 10 — — — — 10 Total cost of revenues — 769 — 91 — — 860 Gross profit — 625 — 65 — — 690 Selling, general and administrative expenses (10 ) 160 2 21 5 — 178 Non-rental depreciation and amortization 4 55 1 6 — — 66 Operating income (loss) 6 410 (3 ) 38 (5 ) — 446 Interest (income) expense, net (1 ) 106 1 — 2 (1 ) 107 Other (income) expense, net (1) (275 ) 273 (2 ) 30 (27 ) — (1 ) Income (loss) before provision (benefit) for income taxes 282 31 (2 ) 8 20 1 340 Provision (benefit) for income taxes 118 (2 ) — 2 7 — 125 Income (loss) before equity in net earnings (loss) of subsidiaries 164 33 (2 ) 6 13 1 215 Equity in net earnings (loss) of subsidiaries 51 18 6 — — (75 ) — Net income (loss) 215 51 4 6 13 (74 ) 215 Other comprehensive (loss) income (72 ) (72 ) (70 ) (56 ) — 198 (72 ) Comprehensive income (loss) $ 143 $ (21 ) $ (66 ) $ (50 ) $ 13 $ 124 $ 143 (1) Other (income) expense, net includes an adjustment to the amount of 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 Nine Months Ended September 30, 2016 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Revenues: Equipment rentals $ — $ 3,335 $ — $ 308 $ — $ — $ 3,643 Sales of rental equipment — 320 — 41 — — 361 Sales of new equipment — 86 — 10 — — 96 Contractor supplies sales — 52 — 8 — — 60 Service and other revenues — 69 — 10 — — 79 Total revenues — 3,862 — 377 — — 4,239 Cost of revenues: Cost of equipment rentals, excluding depreciation — 1,246 — 145 — — 1,391 Depreciation of rental equipment — 667 — 68 — — 735 Cost of rental equipment sales — 193 — 22 — — 215 Cost of new equipment sales — 71 — 8 — — 79 Cost of contractor supplies sales — 35 — 6 — — 41 Cost of service and other revenues — 30 — 2 — — 32 Total cost of revenues — 2,242 — 251 — — 2,493 Gross profit — 1,620 — 126 — — 1,746 Selling, general and administrative expenses 10 450 — 55 18 — 533 Merger related costs — — — — — — — Restructuring charge — 7 — 1 — — 8 Non-rental depreciation and amortization 11 163 — 18 — — 192 Operating (loss) income (21 ) 1,000 — 52 (18 ) — 1,013 Interest (income) expense, net (4 ) 348 2 2 5 (4 ) 349 Other (income) expense, net (345 ) 382 — 29 (69 ) — (3 ) Income (loss) before provision for income taxes 328 270 (2 ) 21 46 4 667 Provision for income taxes 121 109 — 6 18 — 254 Income (loss) before equity in net earnings (loss) of subsidiaries 207 161 (2 ) 15 28 4 413 Equity in net earnings (loss) of subsidiaries 206 45 15 — — (266 ) — Net income (loss) 413 206 13 15 28 (262 ) 413 Other comprehensive income (loss) 54 54 51 41 — (146 ) 54 Comprehensive income (loss) $ 467 $ 260 $ 64 $ 56 $ 28 $ (408 ) $ 467 CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2015 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Revenues: Equipment rentals $ — $ 3,298 $ — $ 373 $ — $ — $ 3,671 Sales of rental equipment — 336 — 45 — — 381 Sales of new equipment — 95 — 15 — — 110 Contractor supplies sales — 52 — 8 — — 60 Service and other revenues — 61 — 11 — — 72 Total revenues — 3,842 — 452 — — 4,294 Cost of revenues: Cost of equipment rentals, excluding depreciation — 1,194 — 165 — — 1,359 Depreciation of rental equipment — 652 — 72 — — 724 Cost of rental equipment sales — 192 — 25 — — 217 Cost of new equipment sales — 79 — 12 — — 91 Cost of contractor supplies sales — 36 — 6 — — 42 Cost of service and other revenues — 25 — 4 — — 29 Total cost of revenues — 2,178 — 284 — — 2,462 Gross profit — 1,664 — 168 — — 1,832 Selling, general and administrative expenses (11 ) 464 2 59 20 — 534 Merger related costs — (26 ) — — — — (26 ) Restructuring charge — 1 — — — — 1 Non-rental depreciation and amortization 12 171 1 18 — — 202 Operating (loss) income (1 ) 1,054 (3 ) 91 (20 ) — 1,121 Interest (income) expense, net (2 ) 457 3 2 4 (4 ) 460 Other (income) expense, net (348 ) 380 (1 ) 33 (74 ) — (10 ) Income (loss) before provision for income taxes 349 217 (5 ) 56 50 4 671 Provision for income taxes 149 69 — 18 19 — 255 Income (loss) before equity in net earnings (loss) of subsidiaries 200 148 (5 ) 38 31 4 416 Equity in net earnings (loss) of subsidiaries 216 68 38 — — (322 ) — Net income (loss) 416 216 33 38 31 (318 ) 416 Other comprehensive (loss) income (144 ) (144 ) (144 ) (114 ) — 402 (144 ) Comprehensive income (loss) $ 272 $ 72 $ (111 ) $ (76 ) $ 31 $ 84 $ 272 CONDENSED CONSOLIDATING CASH FLOW INFORMATION For the Nine Months Ended September 30, 2016 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Net cash provided by (used in) operating activities $ 4 $ 1,513 $ (2 ) $ 108 $ 7 $ — $ 1,630 Net cash (used in) provided by investing activities (4 ) (862 ) — 1 — — (865 ) Net cash (used in) provided by financing activities — (649 ) 2 (2 ) (7 ) — (656 ) Effect of foreign exchange rates — — — 9 — — 9 Net increase in cash and cash equivalents — 2 — 116 — — 118 Cash and cash equivalents at beginning of period — 18 — 161 — — 179 Cash and cash equivalents at end of period $ — $ 20 $ — $ 277 $ — $ — $ 297 CONDENSED CONSOLIDATING CASH FLOW INFORMATION For the Nine Months Ended September 30, 2015 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Net cash provided by (used in) operating activities $ 9 $ 1,440 $ (2 ) $ 157 $ (47 ) $ — $ 1,557 Net cash used in investing activities (9 ) (1,062 ) — (121 ) — — (1,192 ) Net cash (used in) provided by financing activities — (370 ) 2 (7 ) 47 — (328 ) Effect of foreign exchange rates — — — (24 ) — — (24 ) Net increase in cash and cash equivalents — 8 — 5 — — 13 Cash and cash equivalents at beginning of period — 8 — 150 — — 158 Cash and cash equivalents at end of period $ — $ 16 $ — $ 155 $ — $ — $ 171

Organization, Description of 18

Organization, Description of Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 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 expect to adopt this guidance when effective, and do not expect the guidance to have a significant impact on our financial statements. Statement of Cash Flows. In August 2016, the FASB issued guidance to reduce the diversity in the presentation of certain cash receipts and cash payments presented and classified in the statement of cash flows. The guidance addresses the following eight specific cash flow issues: (1) debt prepayment or debt extinguishment costs, (2) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (6) distributions received from equity method investees, (7) beneficial interests in securitization transitions and (8) separately identifiable cash flows and application of predominance principle. The guidance will be effective for fiscal years and interim periods beginning after December 15, 2017, and early adoption is permitted. The guidance requires 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)	9 Months Ended
	Sep. 30, 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 September 30, 2016 Equipment rentals $ 1,097 $ 225 $ 1,322 Sales of rental equipment 103 9 112 Sales of new equipment 27 3 30 Contractor supplies sales 16 3 19 Service and other revenues 23 2 25 Total revenue 1,266 242 1,508 Depreciation and amortization expense 266 45 311 Equipment rentals gross profit 469 117 586 Three Months Ended September 30, 2015 Equipment rentals $ 1,120 $ 206 $ 1,326 Sales of rental equipment 132 9 141 Sales of new equipment 33 5 38 Contractor supplies sales 18 3 21 Service and other revenues 23 1 24 Total revenue 1,326 224 1,550 Depreciation and amortization expense 272 43 315 Equipment rentals gross profit 500 107 607 Nine Months Ended September 30, 2016 Equipment rentals $ 3,067 $ 576 $ 3,643 Sales of rental equipment 334 27 361 Sales of new equipment 84 12 96 Contractor supplies sales 49 11 60 Service and other revenues 71 8 79 Total revenue 3,605 634 4,239 Depreciation and amortization expense 791 136 927 Equipment rentals gross profit 1,243 274 1,517 Capital expenditures 1,086 124 1,210 Nine Months Ended September 30, 2015 Equipment rentals $ 3,144 $ 527 $ 3,671 Sales of rental equipment 356 25 381 Sales of new equipment 94 16 110 Contractor supplies sales 51 9 60 Service and other revenues 65 7 72 Total revenue 3,710 584 4,294 Depreciation and amortization expense 798 128 926 Equipment rentals gross profit 1,339 249 1,588 Capital expenditures 1,325 176 1,501 September 30, December 31, Total reportable segment assets General rentals $ 10,731 $ 10,561 Trench, power and pump 1,544 1,522 Total assets $ 12,275 $ 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 Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Total equipment rentals gross profit $ 586 $ 607 $ 1,517 $ 1,588 Gross profit from other lines of business 70 83 229 244 Selling, general and administrative expenses (179 ) (178 ) (533 ) (534 ) Merger related costs — — — 26 Restructuring charge (4 ) — (8 ) (1 ) Non-rental depreciation and amortization (61 ) (66 ) (192 ) (202 ) Interest expense, net (110 ) (107 ) (349 ) (460 ) Other income, net 1 1 3 10 Income before provision for income taxes $ 303 $ 340 $ 667 $ 671

Restructuring Charges (Tables)

Restructuring Charges (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2016 : Reserve Balance at Charged to Payments Reserve Balance at Description December 31, 2015 September 30, 2016 Closed Restructuring Programs Branch closure charges $ 13 $ 1 $ (5 ) $ 9 Severance costs — — — — Total $ 13 $ 1 $ (5 ) $ 9 2015-2016 Cost Savings Restructuring Program Branch closure charges $ — $ 3 $ — $ 3 Severance costs 3 4 (6 ) 1 Total $ 3 $ 7 $ (6 ) $ 4 Total Branch closure charges $ 13 $ 4 $ (5 ) $ 12 Severance costs 3 4 (6 ) 1 Total $ 16 $ 8 $ (11 ) $ 13 _________________ (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)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2016 and 2015 was as follows: Three Months Ended September 30, 2016 Three Months Ended September 30, 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) (1 ) $ (6 ) (2 ) $ (7 ) Derivatives not designated as hedging instruments: Foreign currency forward contracts (4) Other income (expense), net (4 ) 4 (5 ) 5 Nine Months Ended September 30, 2016 Nine Months Ended September 30, 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) (5 ) $ (17 ) (5 ) $ (23 ) Derivatives not designated as hedging instruments: Foreign currency forward contracts (4) Other income (expense), net (1 ) 1 (5 ) 5 * 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 2.7 million and 2.8 million gallons of diesel covered by the fixed price swaps during the three months ended September 30, 2016 and 2015 , respectively, and the use of 7.7 million and 8.2 million gallons and of diesel covered by the fixed price swaps during the nine months ended September 30, 2016 and 2015 , respectively. These amounts are reflected, net of cash received from, or paid to, the counterparties to the fixed price swaps, in operating cash flows in our condensed consolidated statement of cash flows. (4) Insignificant amounts were reflected in our condensed consolidated statement of cash flows associated with the forward contracts to purchase Canadian dollars, as the cash impact of the gains/losses recognized on the derivatives were offset by the gains/losses recognized on the hedged items.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2016 and December 31, 2015 have been calculated based upon available market information, and were as follows: September 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Senior notes $ 5,605 $ 5,855 $ 5,916 $ 6,030

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 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: September 30, 2016 December 31, 2015 Accounts Receivable Securitization Facility (1) $ 579 $ 571 $2.5 billion ABL Facility (2) 1,737 1,579 7 3 / 8 percent Senior Notes (3) — 740 8 1 / 4 percent Senior Notes (3) — 315 7 5 / 8 percent Senior Notes 1,308 1,306 6 1 / 8 percent Senior Notes 936 937 4 5 / 8 percent Senior Secured Notes 990 989 5 3 / 4 percent Senior Notes 839 838 5 1 / 2 percent Senior Notes 792 791 5 7 / 8 percent Senior Notes (4) 740 — Capital leases 81 96 Total debt 8,002 8,162 Less short-term portion (5) (609 ) (607 ) Total long-term debt $ 7,393 $ 7,555 ___________________ (1) In August 2016, the accounts receivable securitization facility was amended, primarily to extend the maturity date. The amended facility expires on August 29, 2017 and may be further extended on a 364 -day basis by mutual agreement with the purchasers under the accounts receivable securitization facility. At September 30, 2016 , $44 was available under our accounts receivable securitization facility. The interest rate applicable to the accounts receivable securitization facility was 1.4 percent at September 30, 2016 . During the nine months ended September 30, 2016 , the monthly average amount outstanding under the accounts receivable securitization facility was $539 , and the weighted-average interest rate thereon was 1.2 percent . The maximum month-end amount outstanding under the accounts receivable securitization facility during the nine months ended September 30, 2016 was $580 . 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 September 30, 2016 , there were $ 623 of receivables, net of applicable reserves, in the collateral pool. (2) At September 30, 2016 , $716 was available under our ABL facility, net of $37 of letters of credit. The interest rate applicable to the ABL facility was 2.0 percent at September 30, 2016 . During the nine months ended September 30, 2016 , the monthly average amount outstanding under the ABL facility was $1.4 billion, and the weighted-average interest rate thereon was 2.1 percent . The maximum month-end amount outstanding under the ABL facility during the nine months ended September 30, 2016 was $1.7 billion . In June 2016, the ABL facility was amended, primarily to extend the maturity date. All amounts borrowed under the ABL facility must be repaid by June 2021. (3) In May 2016, we redeemed all of our 8 1 / 4 percent Senior Notes and $ 550 principal amount of our 7 3 / 8 percent Senior Notes. Upon redemption, we recognized an aggregate loss of $ 25 in interest expense, net. The loss represented the difference between the net carrying amount and the total purchase price of the notes. In August 2016, we redeemed the remaining $ 200 principal amount of our 7 3 / 8 percent Senior Notes using borrowings available under our ABL facility. We recognized a loss representing the difference between the net carrying amount and the total purchase price of the notes of $ 10 in interest expense, net upon redemption. (4) In May 2016, URNA issued $ 750 aggregate principal amount of 5 7 / 8 percent Senior Notes (the “5 7 / 8 percent Notes”) which are due September 15, 2026. The net proceeds from the issuance were approximately $ 741 (after deducting offering expenses). The 5 7 / 8 percent Notes are unsecured and are guaranteed by Holdings and certain domestic subsidiaries of URNA. The 5 7 / 8 percent Notes may be redeemed on or after September 15, 2021 , at specified redemption prices that range from 102.938 percent in 2021, to 100 percent in 2024 and thereafter, plus accrued and unpaid interest, if any. The indenture governing the 5 7 / 8 percent Notes contains certain restrictive covenants, including, among others, limitations on (i) liens; (ii) additional indebtedness; (iii) mergers, consolidations and acquisitions; (iv) sales, transfers and other dispositions of assets; (v) loans and other investments; (vi) dividends and other distributions, stock repurchases and redemptions and other restricted payments; (vii) restrictions affecting subsidiaries; (viii) transactions with affiliates; and (ix) designations of unrestricted subsidiaries, as well as a requirement to timely file periodic reports with the SEC. Each of the restrictive covenants is subject to important exceptions and qualifications that would allow URNA and its subsidiaries to engage in these activities under certain conditions. The indenture also requires that, in the event of a change of control (as defined in the indenture), URNA must make an offer to purchase all of the then-outstanding 5 7 / 8 percent Notes tendered at a purchase price in cash equal to 101 percent of the principal amount thereof, plus accrued and unpaid interest, if any, thereon. (5) As of September 30, 2016 , our short-term debt primarily reflects $ 579 of borrowings under our accounts receivable securitization facility.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Numerator: Net income available to common stockholders $ 187 $ 215 413 416 Denominator: Denominator for basic earnings per share—weighted-average common shares 85,945 94,213 88,175 95,992 Effect of dilutive securities: Employee stock options 278 291 281 311 4 percent Convertible Senior Notes — 574 — 786 Restricted stock units 222 113 168 196 Denominator for diluted earnings per share—adjusted weighted-average common shares 86,445 95,191 88,624 97,285 Basic earnings per share $ 2.18 $ 2.28 $ 4.68 $ 4.33 Diluted earnings per share $ 2.16 $ 2.25 $ 4.66 $ 4.27

Condensed Consolidating Finan25

Condensed Consolidating Financial Information of Guarantor Subsidiaries (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2016 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV ASSETS Cash and cash equivalents $ — $ 20 $ — $ 277 $ — $ — $ 297 Accounts receivable, net — 25 — 97 807 — 929 Intercompany receivable (payable) 229 (29 ) (190 ) (121 ) — 111 — Inventory — 65 — 7 — — 72 Prepaid expenses and other assets — 47 — 9 — — 56 Total current assets 229 128 (190 ) 269 807 111 1,354 Rental equipment, net — 5,929 — 498 — — 6,427 Property and equipment, net 38 329 23 45 — — 435 Investments in subsidiaries 1,293 1,033 990 — — (3,316 ) — Goodwill — 3,014 — 253 — — 3,267 Other intangible assets, net — 721 — 61 — — 782 Other long-term assets 3 7 — — — — 10 Total assets $ 1,563 $ 11,161 $ 823 $ 1,126 $ 807 $ (3,205 ) $ 12,275 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Short-term debt and current maturities of long-term debt $ 1 $ 26 $ — $ 3 $ 579 $ — $ 609 Accounts payable — 378 — 31 — — 409 Accrued expenses and other liabilities — 368 14 19 1 — 402 Total current liabilities 1 772 14 53 580 — 1,420 Long-term debt 3 7,268 114 8 — — 7,393 Deferred taxes 20 1,768 — 75 — — 1,863 Other long-term liabilities — 60 — — — — 60 Total liabilities 24 9,868 128 136 580 — 10,736 Total stockholders’ equity (deficit) 1,539 1,293 695 990 227 (3,205 ) 1,539 Total liabilities and stockholders’ equity (deficit) $ 1,563 $ 11,161 $ 823 $ 1,126 $ 807 $ (3,205 ) $ 12,275 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 September 30, 2016 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Revenues: Equipment rentals $ — $ 1,208 $ — $ 114 $ — $ — $ 1,322 Sales of rental equipment — 99 — 13 — — 112 Sales of new equipment — 28 — 2 — — 30 Contractor supplies sales — 17 — 2 — — 19 Service and other revenues — 22 — 3 — — 25 Total revenues — 1,374 — 134 — — 1,508 Cost of revenues: Cost of equipment rentals, excluding depreciation — 435 — 51 — — 486 Depreciation of rental equipment — 227 — 23 — — 250 Cost of rental equipment sales — 61 — 7 — — 68 Cost of new equipment sales — 23 — 2 — — 25 Cost of contractor supplies sales — 11 — 2 — — 13 Cost of service and other revenues — 11 — (1 ) — — 10 Total cost of revenues — 768 — 84 — — 852 Gross profit — 606 — 50 — — 656 Selling, general and administrative expenses 2 151 — 18 8 — 179 Restructuring charge — 4 — — — — 4 Non-rental depreciation and amortization 3 52 — 6 — — 61 Operating (loss) income (5 ) 399 — 26 (8 ) — 412 Interest (income) expense, net (1 ) 109 1 1 2 (2 ) 110 Other (income) expense, net (123 ) 136 — 9 (23 ) — (1 ) Income (loss) before provision for income taxes 119 154 (1 ) 16 13 2 303 Provision for income taxes 42 64 — 5 5 — 116 Income (loss) before equity in net earnings (loss) of subsidiaries 77 90 (1 ) 11 8 2 187 Equity in net earnings (loss) of subsidiaries 110 20 11 — — (141 ) — Net income (loss) 187 110 10 11 8 (139 ) 187 Other comprehensive (loss) income (9 ) (9 ) (9 ) (7 ) — 25 (9 ) Comprehensive income (loss) $ 178 $ 101 $ 1 $ 4 $ 8 $ (114 ) $ 178 CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended September 30, 2015 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Revenues: Equipment rentals $ — $ 1,200 $ — $ 126 $ — $ — $ 1,326 Sales of rental equipment — 124 — 17 — — 141 Sales of new equipment — 32 — 6 — — 38 Contractor supplies sales — 18 — 3 — — 21 Service and other revenues — 20 — 4 — — 24 Total revenues — 1,394 — 156 — — 1,550 Cost of revenues: Cost of equipment rentals, excluding depreciation — 421 — 49 — — 470 Depreciation of rental equipment — 225 — 24 — — 249 Cost of rental equipment sales — 75 — 10 — — 85 Cost of new equipment sales — 26 — 5 — — 31 Cost of contractor supplies sales — 12 — 3 — — 15 Cost of service and other revenues — 10 — — — — 10 Total cost of revenues — 769 — 91 — — 860 Gross profit — 625 — 65 — — 690 Selling, general and administrative expenses (10 ) 160 2 21 5 — 178 Non-rental depreciation and amortization 4 55 1 6 — — 66 Operating income (loss) 6 410 (3 ) 38 (5 ) — 446 Interest (income) expense, net (1 ) 106 1 — 2 (1 ) 107 Other (income) expense, net (1) (275 ) 273 (2 ) 30 (27 ) — (1 ) Income (loss) before provision (benefit) for income taxes 282 31 (2 ) 8 20 1 340 Provision (benefit) for income taxes 118 (2 ) — 2 7 — 125 Income (loss) before equity in net earnings (loss) of subsidiaries 164 33 (2 ) 6 13 1 215 Equity in net earnings (loss) of subsidiaries 51 18 6 — — (75 ) — Net income (loss) 215 51 4 6 13 (74 ) 215 Other comprehensive (loss) income (72 ) (72 ) (70 ) (56 ) — 198 (72 ) Comprehensive income (loss) $ 143 $ (21 ) $ (66 ) $ (50 ) $ 13 $ 124 $ 143 (1) Other (income) expense, net includes an adjustment to the amount of 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 Nine Months Ended September 30, 2016 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Revenues: Equipment rentals $ — $ 3,335 $ — $ 308 $ — $ — $ 3,643 Sales of rental equipment — 320 — 41 — — 361 Sales of new equipment — 86 — 10 — — 96 Contractor supplies sales — 52 — 8 — — 60 Service and other revenues — 69 — 10 — — 79 Total revenues — 3,862 — 377 — — 4,239 Cost of revenues: Cost of equipment rentals, excluding depreciation — 1,246 — 145 — — 1,391 Depreciation of rental equipment — 667 — 68 — — 735 Cost of rental equipment sales — 193 — 22 — — 215 Cost of new equipment sales — 71 — 8 — — 79 Cost of contractor supplies sales — 35 — 6 — — 41 Cost of service and other revenues — 30 — 2 — — 32 Total cost of revenues — 2,242 — 251 — — 2,493 Gross profit — 1,620 — 126 — — 1,746 Selling, general and administrative expenses 10 450 — 55 18 — 533 Merger related costs — — — — — — — Restructuring charge — 7 — 1 — — 8 Non-rental depreciation and amortization 11 163 — 18 — — 192 Operating (loss) income (21 ) 1,000 — 52 (18 ) — 1,013 Interest (income) expense, net (4 ) 348 2 2 5 (4 ) 349 Other (income) expense, net (345 ) 382 — 29 (69 ) — (3 ) Income (loss) before provision for income taxes 328 270 (2 ) 21 46 4 667 Provision for income taxes 121 109 — 6 18 — 254 Income (loss) before equity in net earnings (loss) of subsidiaries 207 161 (2 ) 15 28 4 413 Equity in net earnings (loss) of subsidiaries 206 45 15 — — (266 ) — Net income (loss) 413 206 13 15 28 (262 ) 413 Other comprehensive income (loss) 54 54 51 41 — (146 ) 54 Comprehensive income (loss) $ 467 $ 260 $ 64 $ 56 $ 28 $ (408 ) $ 467 CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2015 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Revenues: Equipment rentals $ — $ 3,298 $ — $ 373 $ — $ — $ 3,671 Sales of rental equipment — 336 — 45 — — 381 Sales of new equipment — 95 — 15 — — 110 Contractor supplies sales — 52 — 8 — — 60 Service and other revenues — 61 — 11 — — 72 Total revenues — 3,842 — 452 — — 4,294 Cost of revenues: Cost of equipment rentals, excluding depreciation — 1,194 — 165 — — 1,359 Depreciation of rental equipment — 652 — 72 — — 724 Cost of rental equipment sales — 192 — 25 — — 217 Cost of new equipment sales — 79 — 12 — — 91 Cost of contractor supplies sales — 36 — 6 — — 42 Cost of service and other revenues — 25 — 4 — — 29 Total cost of revenues — 2,178 — 284 — — 2,462 Gross profit — 1,664 — 168 — — 1,832 Selling, general and administrative expenses (11 ) 464 2 59 20 — 534 Merger related costs — (26 ) — — — — (26 ) Restructuring charge — 1 — — — — 1 Non-rental depreciation and amortization 12 171 1 18 — — 202 Operating (loss) income (1 ) 1,054 (3 ) 91 (20 ) — 1,121 Interest (income) expense, net (2 ) 457 3 2 4 (4 ) 460 Other (income) expense, net (348 ) 380 (1 ) 33 (74 ) — (10 ) Income (loss) before provision for income taxes 349 217 (5 ) 56 50 4 671 Provision for income taxes 149 69 — 18 19 — 255 Income (loss) before equity in net earnings (loss) of subsidiaries 200 148 (5 ) 38 31 4 416 Equity in net earnings (loss) of subsidiaries 216 68 38 — — (322 ) — Net income (loss) 416 216 33 38 31 (318 ) 416 Other comprehensive (loss) income (144 ) (144 ) (144 ) (114 ) — 402 (144 ) Comprehensive income (loss) $ 272 $ 72 $ (111 ) $ (76 ) $ 31 $ 84 $ 272
CONDENSED CONSOLIDATING CASH FLOW INFORMATION	CONDENSED CONSOLIDATING CASH FLOW INFORMATION For the Nine Months Ended September 30, 2016 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Net cash provided by (used in) operating activities $ 4 $ 1,513 $ (2 ) $ 108 $ 7 $ — $ 1,630 Net cash (used in) provided by investing activities (4 ) (862 ) — 1 — — (865 ) Net cash (used in) provided by financing activities — (649 ) 2 (2 ) (7 ) — (656 ) Effect of foreign exchange rates — — — 9 — — 9 Net increase in cash and cash equivalents — 2 — 116 — — 118 Cash and cash equivalents at beginning of period — 18 — 161 — — 179 Cash and cash equivalents at end of period $ — $ 20 $ — $ 277 $ — $ — $ 297 CONDENSED CONSOLIDATING CASH FLOW INFORMATION For the Nine Months Ended September 30, 2015 Parent URNA Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Foreign SPV Net cash provided by (used in) operating activities $ 9 $ 1,440 $ (2 ) $ 157 $ (47 ) $ — $ 1,557 Net cash used in investing activities (9 ) (1,062 ) — (121 ) — — (1,192 ) Net cash (used in) provided by financing activities — (370 ) 2 (7 ) 47 — (328 ) Effect of foreign exchange rates — — — (24 ) — — (24 ) Net increase in cash and cash equivalents — 8 — 5 — — 13 Cash and cash equivalents at beginning of period — 8 — 150 — — 158 Cash and cash equivalents at end of period $ — $ 16 $ — $ 155 $ — $ — $ 171

Segment Information (Financial

Segment Information (Financial information by segment) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)location	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)location	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Segment Reporting Information
Equipment rentals	$ 1,322	$ 1,326	$ 3,643	$ 3,671
Sales of rental equipment	112	141	361	381
Sales of new equipment	30	38	96	110
Contractor supplies sales	19	21	60	60
Service and other revenues	25	24	79	72
Total revenues	1,508	1,550	4,239	4,294
Depreciation and amortization expense	311	315	927	926
Gross profit	656	690	1,746	1,832
Capital expenditures			1,210	1,501
Assets	$ 12,275		$ 12,275		$ 12,083
General rentals
Segment Reporting Information
Number of geographic regions entity operates in (locations) | location	9		9
Equipment rentals	$ 1,097	1,120	$ 3,067	3,144
Sales of rental equipment	103	132	334	356
Sales of new equipment	27	33	84	94
Contractor supplies sales	16	18	49	51
Service and other revenues	23	23	71	65
Total revenues	1,266	1,326	3,605	3,710
Depreciation and amortization expense	266	272	791	798
Capital expenditures			1,086	1,325
Assets	10,731		10,731		10,561
Trench, power and pump
Segment Reporting Information
Equipment rentals	225	206	576	527
Sales of rental equipment	9	9	27	25
Sales of new equipment	3	5	12	16
Contractor supplies sales	3	3	11	9
Service and other revenues	2	1	8	7
Total revenues	242	224	634	584
Depreciation and amortization expense	45	43	136	128
Capital expenditures			124	176
Assets	1,544		1,544		$ 1,522
Equipment rentals
Segment Reporting Information
Gross profit	586	607	1,517	1,588
Equipment rentals | General rentals
Segment Reporting Information
Gross profit	469	500	1,243	1,339
Equipment rentals | Trench, power and pump
Segment Reporting Information
Gross profit	$ 117	$ 107	$ 274	$ 249

Segment Information (Reconcilia

Segment Information (Reconciliation to income (loss) from continuing operations) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross profit	$ 656	$ 690	$ 1,746	$ 1,832
Selling, general and administrative expenses	(179)	(178)	(533)	(534)
Merger related costs	0	0	0	26
Restructuring charge	(4)	0	(8)	(1)
Non-rental depreciation and amortization	(61)	(66)	(192)	(202)
Interest expense, net	(110)	(107)	(349)	(460)
Other income, net	1	1	3	10
Income before provision for income taxes	303	340	667	671
Equipment rentals
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross profit	586	607	1,517	1,588
Other lines of business
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross profit	$ 70	$ 83	$ 229	$ 244

Restructuring Charges (Narrativ

Restructuring Charges (Narrative) (Details) $ in Millions	Sep. 30, 2016USD ($)restructuring_program
Restructuring Cost and Reserve
Expected restructuring costs	$ 20
Restructuring costs incurred to date	$ 11
Closed Restructuring Programs
Restructuring Cost and Reserve
Number of restructuring programs | restructuring_program	2

Restructuring Charges (Schedule

Restructuring Charges (Schedule of restructuring charges) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Restructuring Reserve [Roll Forward]
Beginning reserve balance			$ 16
Charged to Costs and Expenses	$ 4	$ 0	8	$ 1
Payments and Other			(11)
Ending reserve balance	13		13
Branch closure charges
Restructuring Reserve [Roll Forward]
Beginning reserve balance			13
Charged to Costs and Expenses			4
Payments and Other			(5)
Ending reserve balance	12		12
Severance costs
Restructuring Reserve [Roll Forward]
Beginning reserve balance			3
Charged to Costs and Expenses			4
Payments and Other			(6)
Ending reserve balance	1		1
Closed Restructuring Programs
Restructuring Reserve [Roll Forward]
Beginning reserve balance			13
Charged to Costs and Expenses			1
Payments and Other			(5)
Ending reserve balance	9		9
Closed Restructuring Programs | Branch closure charges
Restructuring Reserve [Roll Forward]
Beginning reserve balance			13
Charged to Costs and Expenses			1
Payments and Other			(5)
Ending reserve balance	9		9
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		0
2015-2016 Cost Savings Restructuring Program
Restructuring Reserve [Roll Forward]
Beginning reserve balance			3
Charged to Costs and Expenses			7
Payments and Other			(6)
Ending reserve balance	4		4
2015-2016 Cost Savings Restructuring Program | Branch closure charges
Restructuring Reserve [Roll Forward]
Beginning reserve balance			0
Charged to Costs and Expenses			3
Payments and Other			0
Ending reserve balance	3		3
2015-2016 Cost Savings Restructuring Program | Severance costs
Restructuring Reserve [Roll Forward]
Beginning reserve balance			3
Charged to Costs and Expenses			4
Payments and Other			(6)
Ending reserve balance	$ 1		$ 1

Derivatives (Narrative) (Detail

Derivatives (Narrative) (Details) gal in Millions, CAD in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2016CAD	Sep. 30, 2016CADgal
Diesel swap
Derivative [Line Items]
Fixed price swap contract (in gallons) | gal		9.8
Foreign contracts
Derivative [Line Items]
Derivative purchases of underlying currency (in Canadian Dollars) | CAD	CAD 301	CAD 552

Derivatives (Effect of derivati

Derivatives (Effect of derivatives on consolidated statements of income) (Details) gal in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)gal	Sep. 30, 2015USD ($)gal	Sep. 30, 2016USD ($)gal	Sep. 30, 2015USD ($)gal
Fixed price swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Purchases of diesel covered by the fixed price swaps (in gallons) | gal	2.7	2.8	7.7	8.2
Fixed price swap contracts | Designated as hedging instruments | Cost of equipment rentals, excluding depreciation
Derivative Instruments, Gain (Loss) [Line Items]
Amount of income (expense) recognized on derivative	$ (1)	$ (2)	$ (5)	$ (5)
Amount of income (expense) recognized on hedged item	(6)	(7)	(17)	(23)
Foreign currency forward contracts | Not Designated as hedging instruments | Other income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of income (expense) recognized on derivative	(4)	(5)	(1)	(5)
Amount of income (expense) recognized on hedged item	$ 4	$ 5	$ 1	$ 5

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - Diesel swap gal in Millions	9 Months Ended
	Sep. 30, 2016$ / galgal
Derivatives, Fair Value [Line Items]
Fixed price swap contract (in gallons) | gal	9.8
Average contract price (in dollars per gallon)	2.60
Average forward price (in dollars per gallon)	2.56

Fair Value Measurements (Fair v

Fair Value Measurements (Fair value of financial instruments) (Details) - Senior notes - Level 1 - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Senior notes	$ 5,605	$ 5,916
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Senior notes	$ 5,855	$ 6,030

Debt (Schedule of long-term deb

Debt (Schedule of long-term debt instruments) (Details) - USD ($)	1 Months Ended		9 Months Ended		12 Months Ended
	Aug. 31, 2016	May 31, 2016	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2024	Dec. 31, 2021	Dec. 31, 2015
Debt Instrument
Total debt			$ 8,002,000,000				$ 8,162,000,000
Less short-term portion			(609,000,000)				(607,000,000)
Total long-term debt			7,393,000,000				7,555,000,000
Loss on repurchase/redemption of debt securities and amendment of ABL facility			$ 36,000,000	$ 123,000,000
Accounts Receivable Securitization Facility
Debt Instrument
Credit facility interest rate at period end			1.40%
$2.5 billion ABL Facility | URNA and subsidiaries
Debt Instrument
Maximum borrowing capacity			$ 2,500,000,000				$ 2,500,000,000
7 3/8 percent Senior Notes
Debt Instrument
Stated interest rate			7.375%				7.375%
7 3/8 percent Senior Notes | Interest expense
Debt Instrument
Loss on repurchase/redemption of debt securities and amendment of ABL facility	$ 10,000,000
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 Secured 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%
5 7/8 percent Senior Notes
Debt Instrument
Stated interest rate			5.875%				5.875%
Capital leases | URNA and subsidiaries
Debt Instrument
Total debt			$ 81,000,000				$ 96,000,000
7 3/8 Senior Notes and 8 1/4 percent Senior Notes | Interest expense
Debt Instrument
Loss on repurchase/redemption of debt securities and amendment of ABL facility		$ 25,000,000
Credit facility | $2.5 billion ABL Facility
Debt Instrument
Current borrowing capacity under credit facility			$ 716,000,000
Credit facility interest rate at period end			2.00%
Letters of credit outstanding			$ 37,000,000
Average outstanding amount			$ 1,400,000,000
Weighted average interest rate, long-term			2.10%
ABL Facility maximum month-end outstanding amount			$ 1,700,000,000
Credit facility | $2.5 billion ABL Facility | URNA and subsidiaries
Debt Instrument
Total debt			1,737,000,000				1,579,000,000
Senior notes | 7 3/8 percent Senior Notes
Debt Instrument
Face amount	$ 200,000,000	550,000,000
Senior notes | 7 3/8 percent Senior Notes | URNA and subsidiaries
Debt Instrument
Total debt			0				740,000,000
Senior notes | 8 1/4 percent Senior Notes | URNA and subsidiaries
Debt Instrument
Total debt			0				315,000,000
Senior notes | 7 5/8 percent Senior Notes | URNA and subsidiaries
Debt Instrument
Total debt			1,308,000,000				1,306,000,000
Senior notes | 6 1/8 percent Senior Notes | URNA and subsidiaries
Debt Instrument
Total debt			936,000,000				937,000,000
Senior notes | 5 3/4 percent Senior Notes | URNA and subsidiaries
Debt Instrument
Total debt			839,000,000				838,000,000
Senior notes | 5 1/2 percent Senior Notes | URNA and subsidiaries
Debt Instrument
Total debt			792,000,000				791,000,000
Senior notes | 5 7/8 percent Senior Notes
Debt Instrument
Proceeds from issuance of long-term debt		$ 741,000,000
Debt redemption percentage		101.00%
Senior notes | 5 7/8 percent Senior Notes | URNA and subsidiaries
Debt Instrument
Total debt			740,000,000				0
Face amount		$ 750,000,000
Senior notes | 5 7/8 percent Senior Notes | Forecast
Debt Instrument
Debt redemption percentage					100.00%	102.938%
Senior secured notes | 4 5/8 percent Senior Secured Notes | URNA and subsidiaries
Debt Instrument
Total debt			$ 990,000,000				989,000,000
Accounts receivable facility | Accounts Receivable Securitization Facility
Debt Instrument
Maturity extension period			364 days
Current borrowing capacity under credit facility			$ 44,000,000
Average outstanding amount under facility			$ 539,000,000
Weighted average interest rate, short-term			1.20%
A/R Securitization maximum month-end outstanding amount			$ 580,000,000
Collateral amount			623,000,000
Accounts receivable facility | Accounts Receivable Securitization Facility | URNA and subsidiaries
Debt Instrument
Total debt			$ 579,000,000				$ 571,000,000

Debt (Narrative) (Details)

Debt (Narrative) (Details)	9 Months Ended
	Sep. 30, 2016
ABL Facility
Debt Instrument
Maximum revolving credit amount percentage	10.00%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Numerator:
Net income available to common stockholders	$ 187	$ 215	$ 413	$ 416
Denominator:
Denominator for basic earnings per share—weighted-average common shares (in shares)	85,945	94,213	88,175	95,992
Effect of dilutive securities:
4 percent Convertible Senior Notes (in shares)	0	574	0	786
Denominator for diluted earnings per share—adjusted weighted-average common shares (in shares)	86,445	95,191	88,624	97,285
Basic earnings per share (in dollars per share)	$ 2.18	$ 2.28	$ 4.68	$ 4.33
Diluted earnings per share (in dollars per share)	$ 2.16	$ 2.25	$ 4.66	$ 4.27
Convertible senior notes | Convertible subordinated notes—4 percent
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Stated interest rate	4.00%	4.00%	4.00%	4.00%
Employee stock options
Effect of dilutive securities:
Effect of dilutive securities, share-based payment arrangements (in shares)	278	291	281	311
Restricted stock units
Effect of dilutive securities:
Effect of dilutive securities, share-based payment arrangements (in shares)	222	113	168	196

Condensed Consolidating Finan37

Condensed Consolidating Financial Information of Guarantor Subsidiaries - CONDENSED CONSOLIDATING BALANCE SHEET (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 297	$ 179	$ 171	$ 158
Accounts receivable, net	929	930
Intercompany receivable (payable)	0	0
Inventory	72	69
Prepaid expenses and other assets	56	116
Total current assets	1,354	1,294
Investments in subsidiaries	0	0
Goodwill	3,267	3,243
Other intangible assets, net	782	905
Other long-term assets	10	10
Total assets	12,275	12,083
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	609	607
Accounts payable	409	271
Accrued expenses and other liabilities	402	355
Total current liabilities	1,420	1,233
Long-term debt	7,393	7,555
Deferred taxes	1,863	1,765
Other long-term liabilities	60	54
Total liabilities	10,736	10,607
Total stockholders’ equity (deficit)	1,539	1,476
Total liabilities and stockholders’ equity	$ 12,275	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)	229	144
Inventory	0	0
Prepaid expenses and other assets	0	0
Total current assets	229	144
Investments in subsidiaries	1,293	1,307
Goodwill	0	0
Other intangible assets, net	0	0
Other long-term assets	3	3
Total assets	1,563	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)	1,539	1,476
Total liabilities and stockholders’ equity	1,563	1,499
URNA
ASSETS
Cash and cash equivalents	20	18	16	8
Accounts receivable, net	25	41
Intercompany receivable (payable)	(29)	40
Inventory	65	62
Prepaid expenses and other assets	47	98
Total current assets	128	259
Investments in subsidiaries	1,033	958
Goodwill	3,014	3,000
Other intangible assets, net	721	838
Other long-term assets	7	7
Total assets	11,161	11,053
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	26	34
Accounts payable	378	237
Accrued expenses and other liabilities	368	314
Total current liabilities	772	585
Long-term debt	7,268	7,430
Deferred taxes	1,768	1,677
Other long-term liabilities	60	54
Total liabilities	9,868	9,746
Total stockholders’ equity (deficit)	1,293	1,307
Total liabilities and stockholders’ equity	$ 11,161	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)	(190)	(176)
Inventory	0	0
Prepaid expenses and other assets	0	0
Total current assets	(190)	(176)
Investments in subsidiaries	990	924
Goodwill	0	0
Other intangible assets, net	0	0
Other long-term assets	0	0
Total assets	823	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	14	14
Total current liabilities	14	14
Long-term debt	114	110
Deferred taxes	0	0
Other long-term liabilities	0	0
Total liabilities	128	124
Total stockholders’ equity (deficit)	695	644
Total liabilities and stockholders’ equity	823	768
Non Guarantor Subsidiaries - Foreign
ASSETS
Cash and cash equivalents	277	161	155	150
Accounts receivable, net	97	104
Intercompany receivable (payable)	(121)	(109)
Inventory	7	7
Prepaid expenses and other assets	9	18
Total current assets	269	181
Investments in subsidiaries	0	0
Goodwill	253	243
Other intangible assets, net	61	67
Other long-term assets	0	0
Total assets	1,126	1,066
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	3	0
Accounts payable	31	34
Accrued expenses and other liabilities	19	27
Total current liabilities	53	61
Long-term debt	8	11
Deferred taxes	75	70
Other long-term liabilities	0	0
Total liabilities	136	142
Total stockholders’ equity (deficit)	990	924
Total liabilities and stockholders’ equity	1,126	1,066
Non Guarantor Subsidiaries - SPV
ASSETS
Cash and cash equivalents	0	0	0	0
Accounts receivable, net	807	785
Intercompany receivable (payable)	0	0
Inventory	0	0
Prepaid expenses and other assets	0	0
Total current assets	807	785
Investments in subsidiaries	0	0
Goodwill	0	0
Other intangible assets, net	0	0
Other long-term assets	0	0
Total assets	807	785
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	579	572
Accounts payable	0	0
Accrued expenses and other liabilities	1	0
Total current liabilities	580	572
Long-term debt	0	0
Deferred taxes	0	0
Other long-term liabilities	0	0
Total liabilities	580	572
Total stockholders’ equity (deficit)	227	213
Total liabilities and stockholders’ equity	807	785
Eliminations
ASSETS
Cash and cash equivalents	0	0	$ 0	$ 0
Accounts receivable, net	0	0
Intercompany receivable (payable)	111	101
Inventory	0	0
Prepaid expenses and other assets	0	0
Total current assets	111	101
Investments in subsidiaries	(3,316)	(3,189)
Goodwill	0	0
Other intangible assets, net	0	0
Other long-term assets	0	0
Total assets	(3,205)	(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)	(3,205)	(3,088)
Total liabilities and stockholders’ equity	(3,205)	(3,088)
Rental equipment, net
ASSETS
Property, plant and equipment, net	6,427	6,186
Rental equipment, net | Parent
ASSETS
Property, plant and equipment, net	0	0
Rental equipment, net | URNA
ASSETS
Property, plant and equipment, net	5,929	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	498	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	435	445
Property and equipment, net | Parent
ASSETS
Property, plant and equipment, net	38	45
Property and equipment, net | URNA
ASSETS
Property, plant and equipment, net	329	334
Property and equipment, net | Guarantor Subsidiaries
ASSETS
Property, plant and equipment, net	23	20
Property and equipment, net | Non Guarantor Subsidiaries - Foreign
ASSETS
Property, plant and equipment, net	45	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
ABL Facility
Condensed Financial Information Other Details [Abstract]
Line of credit facility, restricted payment capacity	561
ABL Facility | URNA
Condensed Financial Information Other Details [Abstract]
Line of credit facility, restricted payment capacity	$ 332
8 1/4 percent Senior Notes
Condensed Financial Information Other Details [Abstract]
Stated interest rate	8.25%	8.25%

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		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Equipment rentals		$ 1,322	$ 1,326	$ 3,643	$ 3,671
Sales of rental equipment		112	141	361	381
Sales of new equipment		30	38	96	110
Contractor supplies sales		19	21	60	60
Service and other revenues		25	24	79	72
Total revenues		1,508	1,550	4,239	4,294
Cost of revenues:
Cost of equipment rentals, excluding depreciation		486	470	1,391	1,359
Depreciation of rental equipment		250	249	735	724
Cost of rental equipment sales		68	85	215	217
Cost of new equipment sales		25	31	79	91
Cost of contractor supplies sales		13	15	41	42
Cost of service and other revenues		10	10	32	29
Total cost of revenues		852	860	2,493	2,462
Gross profit		656	690	1,746	1,832
Selling, general and administrative expenses		179	178	533	534
Merger related costs		0	0	0	(26)
Restructuring charge		4	0	8	1
Non-rental depreciation and amortization		61	66	192	202
Operating income		412	446	1,013	1,121
Interest (income) expense, net		110	107	349	460
Other (income) expense, net		(1)	(1)	(3)	(10)
Income before provision for income taxes		303	340	667	671
Provision for income taxes		116	125	254	255
Income (loss) before equity in net earnings (loss) of subsidiaries		187	215	413	416
Equity in net earnings (loss) of subsidiaries		0	0	0	0
Net income		187	215	413	416
Other comprehensive (loss) income		(9)	(72)	54	(144)
Comprehensive income	[1]	178	143	467	272
Parent
Revenues:
Equipment rentals		0	0	0	0
Sales of rental equipment		0	0	0	0
Sales of new equipment		0	0	0	0
Contractor supplies sales		0	0	0	0
Service and other revenues		0	0	0	0
Total revenues		0	0	0	0
Cost of revenues:
Cost of equipment rentals, excluding depreciation		0	0	0	0
Depreciation of rental equipment		0	0	0	0
Cost of rental equipment sales		0	0	0	0
Cost of new equipment sales		0	0	0	0
Cost of contractor supplies sales		0	0	0	0
Cost of service and other revenues		0	0	0	0
Total cost of revenues		0	0	0	0
Gross profit		0	0	0	0
Selling, general and administrative expenses		2	(10)	10	(11)
Merger related costs				0	0
Restructuring charge		0		0	0
Non-rental depreciation and amortization		3	4	11	12
Operating income		(5)	6	(21)	(1)
Interest (income) expense, net		(1)	(1)	(4)	(2)
Other (income) expense, net		(123)	(275)	(345)	(348)
Income before provision for income taxes		119	282	328	349
Provision for income taxes		42	118	121	149
Income (loss) before equity in net earnings (loss) of subsidiaries		77	164	207	200
Equity in net earnings (loss) of subsidiaries		110	51	206	216
Net income		187	215	413	416
Other comprehensive (loss) income		(9)	(72)	54	(144)
Comprehensive income		178	143	467	272
URNA
Revenues:
Equipment rentals		1,208	1,200	3,335	3,298
Sales of rental equipment		99	124	320	336
Sales of new equipment		28	32	86	95
Contractor supplies sales		17	18	52	52
Service and other revenues		22	20	69	61
Total revenues		1,374	1,394	3,862	3,842
Cost of revenues:
Cost of equipment rentals, excluding depreciation		435	421	1,246	1,194
Depreciation of rental equipment		227	225	667	652
Cost of rental equipment sales		61	75	193	192
Cost of new equipment sales		23	26	71	79
Cost of contractor supplies sales		11	12	35	36
Cost of service and other revenues		11	10	30	25
Total cost of revenues		768	769	2,242	2,178
Gross profit		606	625	1,620	1,664
Selling, general and administrative expenses		151	160	450	464
Merger related costs				0	(26)
Restructuring charge		4		7	1
Non-rental depreciation and amortization		52	55	163	171
Operating income		399	410	1,000	1,054
Interest (income) expense, net		109	106	348	457
Other (income) expense, net		136	273	382	380
Income before provision for income taxes		154	31	270	217
Provision for income taxes		64	(2)	109	69
Income (loss) before equity in net earnings (loss) of subsidiaries		90	33	161	148
Equity in net earnings (loss) of subsidiaries		20	18	45	68
Net income		110	51	206	216
Other comprehensive (loss) income		(9)	(72)	54	(144)
Comprehensive income		101	(21)	260	72
Guarantor Subsidiaries
Revenues:
Equipment rentals		0	0	0	0
Sales of rental equipment		0	0	0	0
Sales of new equipment		0	0	0	0
Contractor supplies sales		0	0	0	0
Service and other revenues		0	0	0	0
Total revenues		0	0	0	0
Cost of revenues:
Cost of equipment rentals, excluding depreciation		0	0	0	0
Depreciation of rental equipment		0	0	0	0
Cost of rental equipment sales		0	0	0	0
Cost of new equipment sales		0	0	0	0
Cost of contractor supplies sales		0	0	0	0
Cost of service and other revenues		0	0	0	0
Total cost of revenues		0	0	0	0
Gross profit		0	0	0	0
Selling, general and administrative expenses		0	2	0	2
Merger related costs				0	0
Restructuring charge		0		0	0
Non-rental depreciation and amortization		0	1	0	1
Operating income		0	(3)	0	(3)
Interest (income) expense, net		1	1	2	3
Other (income) expense, net		0	(2)	0	(1)
Income before provision for income taxes		(1)	(2)	(2)	(5)
Provision for income taxes		0	0	0	0
Income (loss) before equity in net earnings (loss) of subsidiaries		(1)	(2)	(2)	(5)
Equity in net earnings (loss) of subsidiaries		11	6	15	38
Net income		10	4	13	33
Other comprehensive (loss) income		(9)	(70)	51	(144)
Comprehensive income		1	(66)	64	(111)
Non Guarantor Subsidiaries - Foreign
Revenues:
Equipment rentals		114	126	308	373
Sales of rental equipment		13	17	41	45
Sales of new equipment		2	6	10	15
Contractor supplies sales		2	3	8	8
Service and other revenues		3	4	10	11
Total revenues		134	156	377	452
Cost of revenues:
Cost of equipment rentals, excluding depreciation		51	49	145	165
Depreciation of rental equipment		23	24	68	72
Cost of rental equipment sales		7	10	22	25
Cost of new equipment sales		2	5	8	12
Cost of contractor supplies sales		2	3	6	6
Cost of service and other revenues		(1)	0	2	4
Total cost of revenues		84	91	251	284
Gross profit		50	65	126	168
Selling, general and administrative expenses		18	21	55	59
Merger related costs				0	0
Restructuring charge		0		1	0
Non-rental depreciation and amortization		6	6	18	18
Operating income		26	38	52	91
Interest (income) expense, net		1	0	2	2
Other (income) expense, net		9	30	29	33
Income before provision for income taxes		16	8	21	56
Provision for income taxes		5	2	6	18
Income (loss) before equity in net earnings (loss) of subsidiaries		11	6	15	38
Equity in net earnings (loss) of subsidiaries		0	0	0	0
Net income		11	6	15	38
Other comprehensive (loss) income		(7)	(56)	41	(114)
Comprehensive income		4	(50)	56	(76)
Non Guarantor Subsidiaries - SPV
Revenues:
Equipment rentals		0	0	0	0
Sales of rental equipment		0	0	0	0
Sales of new equipment		0	0	0	0
Contractor supplies sales		0	0	0	0
Service and other revenues		0	0	0	0
Total revenues		0	0	0	0
Cost of revenues:
Cost of equipment rentals, excluding depreciation		0	0	0	0
Depreciation of rental equipment		0	0	0	0
Cost of rental equipment sales		0	0	0	0
Cost of new equipment sales		0	0	0	0
Cost of contractor supplies sales		0	0	0	0
Cost of service and other revenues		0	0	0	0
Total cost of revenues		0	0	0	0
Gross profit		0	0	0	0
Selling, general and administrative expenses		8	5	18	20
Merger related costs				0	0
Restructuring charge		0		0	0
Non-rental depreciation and amortization		0	0	0	0
Operating income		(8)	(5)	(18)	(20)
Interest (income) expense, net		2	2	5	4
Other (income) expense, net		(23)	(27)	(69)	(74)
Income before provision for income taxes		13	20	46	50
Provision for income taxes		5	7	18	19
Income (loss) before equity in net earnings (loss) of subsidiaries		8	13	28	31
Equity in net earnings (loss) of subsidiaries		0	0	0	0
Net income		8	13	28	31
Other comprehensive (loss) income		0	0	0	0
Comprehensive income		8	13	28	31
Eliminations
Revenues:
Equipment rentals		0	0	0	0
Sales of rental equipment		0	0	0	0
Sales of new equipment		0	0	0	0
Contractor supplies sales		0	0	0	0
Service and other revenues		0	0	0	0
Total revenues		0	0	0	0
Cost of revenues:
Cost of equipment rentals, excluding depreciation		0	0	0	0
Depreciation of rental equipment		0	0	0	0
Cost of rental equipment sales		0	0	0	0
Cost of new equipment sales		0	0	0	0
Cost of contractor supplies sales		0	0	0	0
Cost of service and other revenues		0	0	0	0
Total cost of revenues		0	0	0	0
Gross profit		0	0	0	0
Selling, general and administrative expenses		0	0	0	0
Merger related costs				0	0
Restructuring charge		0		0	0
Non-rental depreciation and amortization		0	0	0	0
Operating income		0	0	0	0
Interest (income) expense, net		(2)	(1)	(4)	(4)
Other (income) expense, net		0	0	0	0
Income before provision for income taxes		2	1	4	4
Provision for income taxes		0	0	0	0
Income (loss) before equity in net earnings (loss) of subsidiaries		2	1	4	4
Equity in net earnings (loss) of subsidiaries		(141)	(75)	(266)	(322)
Net income		(139)	(74)	(262)	(318)
Other comprehensive (loss) income		25	198	(146)	402
Comprehensive income		$ (114)	$ 124	$ (408)	$ 84
[1]	There were no material reclassifications from accumulated other comprehensive loss reflected in other comprehensive (loss) income 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 (loss) income during 2016 or 2015.

Condensed Consolidating Finan39

Condensed Consolidating Financial Information of Guarantor Subsidiaries - CONDENSED CONSOLIDATING CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	$ 1,630	$ 1,557
Net cash (used in) provided by investing activities	(865)	(1,192)
Net cash (used in) provided by financing activities	(656)	(328)
Effect of foreign exchange rates	9	(24)
Net increase in cash and cash equivalents	118	13
Cash and cash equivalents at beginning of period	179	158
Cash and cash equivalents at end of period	297	171
Parent
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	4	9
Net cash (used in) provided by investing activities	(4)	(9)
Net cash (used in) provided by 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 (used in) operating activities	1,513	1,440
Net cash (used in) provided by investing activities	(862)	(1,062)
Net cash (used in) provided by financing activities	(649)	(370)
Effect of foreign exchange rates	0	0
Net increase in cash and cash equivalents	2	8
Cash and cash equivalents at beginning of period	18	8
Cash and cash equivalents at end of period	20	16
Guarantor Subsidiaries
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(2)	(2)
Net cash (used in) provided by investing activities	0	0
Net cash (used in) provided by financing activities	2	2
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 (used in) operating activities	108	157
Net cash (used in) provided by investing activities	1	(121)
Net cash (used in) provided by financing activities	(2)	(7)
Effect of foreign exchange rates	9	(24)
Net increase in cash and cash equivalents	116	5
Cash and cash equivalents at beginning of period	161	150
Cash and cash equivalents at end of period	277	155
Non Guarantor Subsidiaries - SPV
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	7	(47)
Net cash (used in) provided by investing activities	0	0
Net cash (used in) provided by financing activities	(7)	47
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 (used in) operating activities	0	0
Net cash (used in) provided by investing activities	0	0
Net cash (used in) provided by 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