United Rentals North America 10-Q 29 Jul 20 2020 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2020	Jul. 27, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	1-14387
Entity Registrant Name	United Rentals, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-1522496
Entity Address, Address Line One	100 First Stamford Place, Suite 700
Entity Address, City or Town	Stamford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06902
City Area Code	203
Local Phone Number	622-3131
Title of 12(b) Security	Common Stock, $.01 par value, of United Rentals, Inc.
Trading Symbol	URI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		72,080,277
Entity Central Index Key	0001067701
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 127	$ 52
Accounts receivable, net of allowance for doubtful accounts of $108 at June 30, 2020 and $103 at December 31, 2019	1,226	1,530
Inventory	107	120
Prepaid expenses and other assets	162	140
Total current assets	1,622	1,842
Goodwill	5,135	5,154
Other intangible assets, net	761	895
Operating lease right-of-use assets	666	669
Other long-term assets	21	19
Total assets	17,900	18,970
LIABILITIES AND STOCKHOLDERS’ EQUITY
Short-term debt and current maturities of long-term debt	806	997
Accounts payable	316	454
Accrued expenses and other liabilities	799	747
Total current liabilities	1,921	2,198
Long-term debt	9,599	10,431
Deferred taxes	1,820	1,887
Operating lease liabilities	532	533
Other long-term liabilities	121	91
Total liabilities	13,993	15,140
Common stock—$0.01 par value, 500,000,000 shares authorized, 114,092,170 and 72,078,661 shares issued and outstanding, respectively, at June 30, 2020 and 113,825,667 and 74,362,195 shares issued and outstanding, respectively, at December 31, 2019	1	1
Additional paid-in capital	2,450	2,440
Retained earnings	5,660	5,275
Treasury stock at cost—42,013,509 and 39,463,472 shares at June 30, 2020 and December 31, 2019, respectively	(3,957)	(3,700)
Accumulated other comprehensive loss	(247)	(186)
Total stockholders’ equity	3,907	3,830
Total liabilities and stockholders’ equity (deficit)	$ 17,900	$ 18,970
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Rental equipment, net
ASSETS
Property and equipment, net	$ 9,086	$ 9,787
Property and equipment, net
ASSETS
Property and equipment, net	$ 609	$ 604

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 108	$ 103
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	114,092,170	113,825,667
Common stock, shares outstanding (in shares)	72,078,661	74,362,195
Treasury stock, shares (in shares)	42,013,509	39,463,472

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Revenues	$ 1,939	$ 2,290	$ 4,064	$ 4,407
Cost of revenues:
Cost of equipment rentals, excluding depreciation	647	769	1,394	1,511
Depreciation of rental equipment	395	399	821	794
Total cost of revenues	1,238	1,379	2,636	2,735
Gross profit	701	911	1,428	1,672
Selling, general and administrative expenses	222	271	489	551
Merger related costs	0	0	0	1
Restructuring charge	3	6	5	14
Non-rental depreciation and amortization	95	105	195	209
Operating income (loss)	381	529	739	897
Interest expense, net	130	180	266	331
Other income, net	0	(2)	(4)	(5)
Income before provision for income taxes	251	351	477	571
Provision for income taxes	39	81	92	126
Net income	$ 212	$ 270	$ 385	$ 445
Basic earnings per share (in dollars per share)	$ 2.94	$ 3.45	$ 5.26	$ 5.65
Diluted earnings per share (in dollars per share)	$ 2.93	$ 3.44	$ 5.25	$ 5.62
Equipment rentals
Revenues:
Revenues	$ 1,642	$ 1,960	$ 3,425	$ 3,755
Sales of rental equipment
Revenues:
Revenue from contract with customer	176	197	384	389
Cost of revenues:
Cost of goods and services sold	105	116	230	241
Sales of new equipment
Revenues:
Revenue from contract with customer	53	60	115	122
Cost of revenues:
Cost of goods and services sold	46	51	100	105
Contractor supplies sales
Revenues:
Revenue from contract with customer	23	27	48	51
Cost of revenues:
Cost of goods and services sold	16	19	34	36
Service and other revenues
Revenues:
Revenue from contract with customer	45	46	92	90
Cost of revenues:
Cost of goods and services sold	$ 29	$ 25	$ 57	$ 48

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions		3 Months Ended				6 Months Ended
		Jun. 30, 2020		Jun. 30, 2019		Jun. 30, 2020		Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income		$ 212		$ 270		$ 385		$ 445
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	[1],[2]	45		22		(58)		42
Fixed price diesel swaps		0		0		(3)	[1],[2]	1	[1],[2]
Other comprehensive income (loss)		45		22		(61)		43
Comprehensive income (loss)		$ 257	[1]	$ 292	[1]	$ 324		$ 488
[1]	There were no material reclassifications from accumulated other comprehensive loss reflected in other comprehensive income (loss) during 2020 or 2019. T here is no tax impact related to the foreign currency translation adjustments, as the earnings are considered permanently reinvested. We have historically considered the undistributed earnings of our foreign subsidiaries to be indefinitely reinvested. We have not repatriated funds to the U.S. to satisfy domestic liquidity needs, nor do we anticipate the need to do so. If we determine that all or a portion of our foreign earnings are no longer indefinitely reinvested, we may be subject to additional foreign withholding taxes and U.S. state income taxes. There were no material taxes associated with other comprehensive income (loss) during 2020 or 2019.
[2]	The 2020 activity primarily reflects significant changes in Canadian currency exchange rates.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Material reclassifications from accumulated other comprehensive income reflected in other comprehensive income	$ 0	$ 0	$ 0	$ 0
Tax impact related to foreign currency translation adjustments	0	0	0	0
Material taxes associated with other comprehensive income	$ 0	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) shares in Millions, $ in Millions		Total		Common Stock		Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss
Balance (in shares) at Dec. 31, 2018				80	[1]			33
Balance at Dec. 31, 2018				$ 1		$ 2,408	$ 4,101	$ (2,870)	$ (237)	[2]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		$ 445					445
Foreign currency translation adjustments		42	[3],[4]						42	[2]
Fixed price diesel swaps		1	[3],[4]						1	[2]
Stock compensation expense, net						31
Exercise of common stock options						10
Shares repurchased and retired						(34)
Repurchase of common stock (in shares)				(3)	[1]			(3)
Repurchase of common stock								$ (420)
Balance (in shares) at Jun. 30, 2019				77	[1]			36
Balance at Jun. 30, 2019				$ 1		2,415	4,546	$ (3,290)	(194)	[2]
Balance (in shares) at Mar. 31, 2019				79				35
Balance at Mar. 31, 2019				$ 1		2,394	4,276	$ (3,080)	(216)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		270					270
Foreign currency translation adjustments		22	[3],[4]						22
Fixed price diesel swaps		0
Stock compensation expense, net (in shares)				(1)
Stock compensation expense, net						16
Exercise of common stock options						6
Shares repurchased and retired						(1)
Repurchase of common stock (in shares)				(1)				(1)
Repurchase of common stock								$ (210)
Balance (in shares) at Jun. 30, 2019				77	[1]			36
Balance at Jun. 30, 2019				$ 1		2,415	4,546	$ (3,290)	(194)	[2]
Balance (in shares) at Dec. 31, 2019				74	[1]			39
Balance at Dec. 31, 2019		3,830		$ 1		2,440	5,275	$ (3,700)	(186)	[2]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		385					385
Foreign currency translation adjustments		(58)	[3],[4]						(58)	[5]
Fixed price diesel swaps		(3)	[3],[4]						(3)	[2]
Stock compensation expense, net (in shares)	[1]			(1)
Stock compensation expense, net						28
Exercise of common stock options						1
Shares repurchased and retired						(19)
Repurchase of common stock (in shares)				(3)	[1]			(3)
Repurchase of common stock								$ (257)
Balance (in shares) at Jun. 30, 2020				72	[1]			42
Balance at Jun. 30, 2020		3,907		$ 1		2,450	5,660	$ (3,957)	(247)	[2]
Balance (in shares) at Mar. 31, 2020				72				42
Balance at Mar. 31, 2020				$ 1		2,435	5,448	$ (3,957)	(292)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		212					212
Foreign currency translation adjustments		45	[3],[4]						45	[5]
Fixed price diesel swaps		0
Stock compensation expense, net						15
Balance (in shares) at Jun. 30, 2020				72	[1]			42
Balance at Jun. 30, 2020		$ 3,907		$ 1		$ 2,450	$ 5,660	$ (3,957)	$ (247)	[2]
[1]	Common stock outstanding decreased by approximately 6 million net shares during the year ended December 31, 2019.
[2]	The Accumulated Other Comprehensive Loss balance primarily reflects foreign currency translation adjustments.
[3]	There were no material reclassifications from accumulated other comprehensive loss reflected in other comprehensive income (loss) during 2020 or 2019. T here is no tax impact related to the foreign currency translation adjustments, as the earnings are considered permanently reinvested. We have historically considered the undistributed earnings of our foreign subsidiaries to be indefinitely reinvested. We have not repatriated funds to the U.S. to satisfy domestic liquidity needs, nor do we anticipate the need to do so. If we determine that all or a portion of our foreign earnings are no longer indefinitely reinvested, we may be subject to additional foreign withholding taxes and U.S. state income taxes. There were no material taxes associated with other comprehensive income (loss) during 2020 or 2019.
[4]	The 2020 activity primarily reflects significant changes in Canadian currency exchange rates.
[5]	Primarily reflects significant changes in Canadian currency exchange rates.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) shares in Millions	12 Months Ended
	Dec. 31, 2019shares
Common Stock
Change in common stock outstanding (in shares, approximately)	(6)

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash Flows From Operating Activities:
Net income	$ 385	$ 445
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,016	1,003
Amortization of deferred financing costs and original issue discounts	7	8
Gain on sales of rental equipment	(154)	(148)
Gain on sales of non-rental equipment	(3)	(3)
Gain on insurance proceeds from damaged equipment	(13)	(12)
Stock compensation expense, net	28	31
Merger related costs	0	1
Restructuring charge	5	14
Loss on repurchase/redemption of debt securities and amendment of ABL facility	0	32
(Decrease) increase in deferred taxes	(62)	49
Changes in operating assets and liabilities, net of amounts acquired:
Decrease in accounts receivable	297	39
Decrease (increase) in inventory	12	(25)
Increase in prepaid expenses and other assets	(2)	(23)
(Decrease) increase in accounts payable	(135)	211
Increase (decrease) in accrued expenses and other liabilities	80	(32)
Net cash provided by operating activities	1,461	1,590
Cash Flows From Investing Activities:
Purchases of rental equipment	(353)	(1,129)
Purchases of non-rental equipment	(102)	(97)
Proceeds from sales of rental equipment	384	389
Proceeds from sales of non-rental equipment	20	15
Insurance proceeds from damaged equipment	13	12
Purchases of other companies, net of cash acquired	(2)	(195)
Purchases of investments	(1)	(1)
Net cash used in investing activities	(41)	(1,006)
Cash Flows From Financing Activities:
Proceeds from debt	3,620	4,590
Payments of debt	(4,680)	(4,679)
Proceeds from the exercise of common stock options	1	10
Common stock repurchased	(276)	(454)
Payments of financing costs	(10)	(19)
Net cash used in financing activities	(1,345)	(552)
Effect of foreign exchange rates	0	0
Net increase in cash and cash equivalents	75	32
Cash and cash equivalents at beginning of period	52	43
Cash and cash equivalents at end of period	127	75
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net	21	73
Cash paid for interest	$ 259	$ 301

Organization, Description of Bu

Organization, Description of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2020
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, Canada and Europe. In July 2018, we completed the acquisition of BakerCorp International Holdings, Inc. (“BakerCorp”), which allowed for our entry into select European markets. 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, 2019 (the “2019 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 2019 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. COVID-19 The novel coronavirus (“COVID-19”) was first identified in people in late 2019. COVID-19 spread rapidly throughout the world and, in March 2020, the World Health Organization characterized COVID-19 as a pandemic. COVID-19 is a pandemic of respiratory disease spreading from person-to-person that poses a serious public health risk. It has significantly disrupted supply chains and businesses around the world. The extent and duration of the COVID-19 impact, on the operations and financial position of United Rentals and on the global economy, is uncertain. While visibility into future economic conditions remains limited, based on increased insight into near-term indicators, we reintroduced full-year 2020 guidance in July 2020, after having withdrawn it in April 2020. The health and safety of our employees and customers remains our top priority, and we have also engaged in extensive contingency planning to manage the business impact of the pandemic. Prior to mid-March 2020, our results were largely in line with expectations. We began to experience a decline in revenues in March 2020, when rental volume declined in response to shelter-in-place orders and other market restrictions. All our branches in the U.S. and Canada remain open to provide essential services, and most of our European branches are also operating. COVID-19 is discussed in more detail throughout “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” New Accounting Pronouncements Simplifying the Test for Goodwill Impairment . In January 2017, the Financial Accounting Standards Board ("FASB") issued guidance intended to simplify the subsequent accounting for goodwill acquired in a business combination. Prior guidance required utilizing a two-step process to review goodwill for impairment. A second step was required if there was an indication that an impairment may exist, and the second step required calculating the potential impairment by comparing the implied fair value of the reporting unit's goodwill (as if purchase accounting were performed on the testing date) with the carrying amount of the goodwill. The new guidance eliminates the second step from the goodwill impairment test. Under the new guidance, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, and then recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value (although the loss should not exceed the total amount of goodwill allocated to the reporting unit). The guidance requires prospective adoption and will be effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. We will adopt this guidance for any annual or interim goodwill impairment tests conducted in 2020 (through June 30, 2020, we have not performed any such tests). The guidance is not expected to have a significant impact on our financial statements. Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued guidance intended to simplify the accounting for income taxes. The guidance removes the following exceptions: 1) exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items, 2) exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, 3) exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary and 4) exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. Additionally, the guidance simplifies the accounting for income taxes by: 1) requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, 2) requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction, 3) specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements (although the entity may elect to do so (on an entity-by-entity basis) for a legal entity that is both not subject to tax and disregarded by the taxing authority), 4) requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date and 5) making minor improvements for income tax accounting related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. The guidance will be effective for fiscal years and interim periods beginning after December 15, 2020. Different components of the guidance require retrospective, modified retrospective or prospective adoption, and early adoption is permitted. We are currently assessing whether we will early adopt this guidance, and the impact on our financial statements is not currently estimable. Guidance Adopted in 2020 Measurement of Credit Losses on Financial Instruments. In June 2016, the FASB issued guidance that requires companies to present certain financial assets net of the amount expected to be collected. Trade receivables (as noted below, excluding receivables arising from operating lease revenues) are the only material financial asset we have that is impacted by this guidance. The guidance requires the measurement of expected credit losses to be based on relevant information from past events, including historical experiences, current conditions and reasonable and supportable forecasts that affect collectibility. This guidance does not apply to receivables arising from operating lease revenues. As discussed in note 2 to the condensed consolidated financial statements, most of our equipment rental revenue is accounted for as lease revenue (such revenue represented 77 percent of our total revenues for the six months ended June 30, 2020). We adopted this guidance in the first quarter of 2020, and the impact of adoption on our financial statements was not material. See note 2 (see "Receivables and contract assets and liabilities") for further discussion of our receivables. Facilitation of the Effects of Reference Rate Reform on Financial Reporting . In March 2020, the FASB issued guidance that provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. We adopted this guidance in 2020, and the impact of adoption on our financial statements was not material. The expedients and exceptions in this guidance are optional, and we are evaluating the potential future financial statement impact of any such expedient or exception that we may elect to apply.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Revenue Recognition Accounting Standards We recognize revenue in accordance with two different accounting standards: 1) Topic 606 (which addresses revenue from contracts with customers) and 2) Topic 842 (which addresses lease revenue). Under Topic 606, revenue from contracts with customers is measured based on the consideration specified in the contract with the customer, and excludes any sales incentives and amounts collected on behalf of third parties. A performance obligation is a promise in a contract to transfer a distinct good or service to a customer, and is the unit of account under Topic 606. As reflected below, most of our revenue is accounted for under Topic 842. Our contracts with customers generally do not include multiple performance obligations. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service to a customer. The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for such products or services. Nature of goods and services In the following table, revenue is summarized by type and by the applicable accounting standard. Three Months Ended June 30, 2020 2019 Topic 842 Topic 606 Total Topic 842 Topic 606 Total Revenues: Owned equipment rentals $ 1,404 $ — $ 1,404 $ 1,668 $ — $ 1,668 Re-rent revenue 29 — 29 37 — 37 Ancillary and other rental revenues: Delivery and pick-up — 113 113 — 143 143 Other 78 18 96 87 25 112 Total ancillary and other rental revenues 78 131 209 87 168 255 Total equipment rentals 1,511 131 1,642 1,792 168 1,960 Sales of rental equipment — 176 176 — 197 197 Sales of new equipment — 53 53 — 60 60 Contractor supplies sales — 23 23 — 27 27 Service and other revenues — 45 45 — 46 46 Total revenues $ 1,511 $ 428 $ 1,939 $ 1,792 $ 498 $ 2,290 Six Months Ended June 30, 2020 2019 Topic 842 Topic 606 Total Topic 842 Topic 606 Total Revenues: Owned equipment rentals $ 2,926 $ — $ 2,926 $ 3,198 $ — $ 3,198 Re-rent revenue 63 — 63 72 — 72 Ancillary and other rental revenues: Delivery and pick-up — 232 232 — 262 262 Other 159 45 204 167 56 223 Total ancillary and other rental revenues 159 277 436 167 318 485 Total equipment rentals 3,148 277 3,425 3,437 318 3,755 Sales of rental equipment — 384 384 — 389 389 Sales of new equipment — 115 115 — 122 122 Contractor supplies sales — 48 48 — 51 51 Service and other revenues — 92 92 — 90 90 Total revenues $ 3,148 $ 916 $ 4,064 $ 3,437 $ 970 $ 4,407 Revenues by reportable segment and geographical market are presented in notes 3 and 10 of the condensed consolidated financial statements, respectively, using the revenue captions reflected in our condensed consolidated statements of operations. The majority of our revenue is recognized in our general rentals segment and in the U.S. (for the six months ended June 30, 2020, 79 percent and 92 percent of total revenues, respectively). We believe that the disaggregation of our revenue from contracts to customers as reflected above, coupled with the further discussion below and the reportable segment and geographical market disclosures in notes 3 and 10, depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Lease revenues (Topic 842) The accounting for the types of revenue that are accounted for under Topic 842 is discussed below. Owned equipment rentals represent our most significant revenue type (they accounted for 72 percent of total revenues for the six months ended June 30, 2020) and are governed by our standard rental contract. We account for such rentals as operating leases. The lease terms are included in our contracts, and the determination of whether our contracts contain leases generally does not require significant assumptions or judgments. Our lease revenues do not include material amounts of variable payments. Owned equipment rentals: Owned equipment rentals represent revenues from renting equipment that we own. We do not generally provide an option for the lessee to purchase the rented equipment at the end of the lease, and do not generate material revenue from sales of equipment under such options. We recognize revenues from renting equipment on a straight-line basis. Our rental contract periods are hourly, daily, weekly or monthly. By way of example, if a customer were to rent a piece of equipment and the daily, weekly and monthly rental rates for that particular piece were (in actual dollars) $100, $300 and $900, respectively, we would recognize revenue of $32.14 per day. The daily rate for recognition purposes is calculated by dividing the monthly rate of $900 by the monthly term of 28 days. This daily rate assumes that the equipment will be on rent for the full 28 days, as we are unsure of when the customer will return the equipment and therefore unsure of which rental contract period will apply. As part of this straight-line methodology, when the equipment is returned, we recognize as incremental revenue the excess, if any, between the amount the customer is contractually required to pay, which is based on the rental contract period applicable to the actual number of days the equipment was out on rent, over the cumulative amount of revenue recognized to date. In any given accounting period, we will have customers return equipment and be contractually required to pay us more than the cumulative amount of revenue recognized to date under the straight-line methodology. For instance, continuing the above example, if the customer rented the above piece of equipment on December 29 and returned it at the close of business on January 1, we would recognize incremental revenue on January 1 of $171.44 (in actual dollars, representing the difference between the amount the customer is contractually required to pay, or $300 at the weekly rate, and the cumulative amount recognized to date on a straight-line basis, or $128.56, which represents four days at $32.14 per day). We record amounts billed to customers in excess of recognizable revenue as deferred revenue on our balance sheet. We had deferred revenue (associated with both Topic 842 and Topic 606) of $50 and $55 as of June 30, 2020 and December 31, 2019, respectively. As noted above, we are unsure of when the customer will return rented equipment. As such, we do not know how much the customer will owe us upon return of the equipment and cannot provide a maturity analysis of future lease payments. Our equipment is generally rented for short periods of time. Lessees do not provide residual value guarantees on rented equipment. We expect to derive significant future benefits from our equipment following the end of the rental term. Our rentals are generally short-term in nature, and our equipment is typically rented for the majority of the time that we own it. We additionally recognize revenue from sales of rental equipment when we dispose of the equipment. Re-rent revenue: Re-rent revenue reflects revenues from equipment that we rent from vendors and then rent to our customers. We account for such rentals as subleases. The accounting for re-rent revenue is the same as the accounting for owned equipment rentals described above. “Other” equipment rental revenue is primarily comprised of 1) Rental Protection Plan (or "RPP") revenue associated with the damage waiver customers can purchase when they rent our equipment to protect against potential loss or damage, 2) environmental charges associated with the rental of equipment, and 3) charges for rented equipment that is damaged by our customers. Revenues from contracts with customers (Topic 606) The accounting for the types of revenue that are accounted for under Topic 606 is discussed below. Substantially all of our revenues under Topic 606 are recognized at a point-in-time rather than over time. Delivery and pick-up: Delivery and pick-up revenue associated with renting equipment is recognized when the service is performed. “Other” equipment rental revenue is primarily comprised of revenues associated with the consumption of fuel by our customers which are recognized when the equipment is returned by the customer (and consumption, if any, can be measured). Sales of rental equipment, new equipment and contractor supplies are recognized at the time of delivery to, or pick-up by, the customer and when collectibility is probable. Service and other revenues primarily represent revenues earned from providing repair and maintenance services on our customers’ fleet (including parts sales). Service revenue is recognized as the services are performed. Receivables and contract assets and liabilities As reflected above, most of our equipment rental revenue is accounted for under Topic 842 (such revenue represented 77 percent of our total revenues for the six months ended June 30, 2020). The customers that are responsible for the remaining revenue that is accounted for under Topic 606 are generally the same customers that rent our equipment. We manage credit risk associated with our accounts receivables at the customer level. Because the same customers generate the revenues that are accounted for under both Topic 606 and Topic 842, the discussions below on credit risk and our allowances for doubtful accounts address receivables arising from revenues from both Topic 606 and Topic 842. Concentration of credit risk with respect to our receivables is limited because a large number of geographically diverse customers makes up our customer base. Our largest customer accounted for less than one percent of total revenues for the six months ended June 30, 2020, and for each of the last three full years. Our customer with the largest receivable balance represented approximately one percent of total receivables at June 30, 2020 and December 31, 2019. We manage credit risk through credit approvals, credit limits and other monitoring procedures. Our allowances for doubtful accounts reflect our estimate of the amount of our receivables that we will be unable to collect based on historical write-off experience and, as applicable, current conditions and reasonable and supportable forecasts that affect collectibility. Our estimate could require change based on changing circumstances, including changes in the economy or in the particular circumstances of individual customers. Accordingly, we may be required to increase or decrease our allowances. Trade receivables that have contractual maturities of one year or less are written-off when they are determined to be uncollectible based on the criteria necessary to qualify as a deduction for federal tax purposes. Write-offs of such receivables require management approval based on specified dollar thresholds. See the table below for a rollforward of our allowance for doubtful accounts. In the first quarter of 2020, we adopted accounting guidance that requires companies to present certain financial assets net of the amount expected to be collected. This guidance requires the measurement of expected credit losses to be based on relevant information from past events, including historical experiences, current conditions and reasonable and supportable forecasts that affect collectibility. Our allowance for doubtful accounts as of June 30, 2020 included an adjustment for the estimated impact of COVID-19 on future collectibility that was not material to our financial statements. Trade receivables are the only material financial asset we have that is impacted by this guidance, which does not apply to receivables arising from operating lease revenues. Substantially all of our non-lease trade receivables are due in one year or less. As discussed above, most of our equipment rental revenue is accounted for as lease revenue (such revenue represented 77 percent of our total revenues for the six months ended June 30, 2020, and these revenues account for corresponding portions of the $1.226 billion of net accounts receivable and the associated allowance for doubtful accounts of $108 reported on our condensed consolidated balance sheet as of June 30, 2020). During the three and six months ended June 30, 2020, we recognized total bad debt expenses for our non-lease trade receivables, within selling, general and administrative expenses on our condensed consolidated statement of income, of $2 and $6, respectively, associated with our allowance for doubtful accounts. Adoption of this guidance did not materially impact 1) net accounts receivable or the associated allowance for doubtful accounts as reported on our condensed consolidated balance sheet as of June 30, 2020 or 2) total bad debt expenses recognized associated with our allowance for doubtful accounts for the three and six months ended June 30, 2020. As discussed above, most of our equipment rental revenue is accounted for under Topic 842. The customers that are responsible for the remaining revenue that is accounted for under Topic 606 are generally the same customers that rent our equipment. We manage credit risk associated with our accounts receivables at the customer level. The rollforward of our allowance for doubtful accounts (in total, and associated with revenues arising from both Topic 606 and Topic 842) is shown below. Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Beginning balance $ 107 $ 104 $ 103 $ 93 Acquired (1) — (3) — 1 Charged to costs and expenses (2) 2 2 6 5 Charged to revenue (3) 2 10 10 22 Deductions (4) (3) (6) (11) (14) Ending balance $ 108 $ 107 $ 108 $ 107 _________________ (1) Activity during the three months ended June 30, 2019 reflects acquisition measurement period adjustments. (2) Reflects bad debt expenses recognized within selling, general and administrative expenses (associated with Topic 606 revenues). (3) Primarily reflects doubtful accounts associated with lease revenues that were recognized as a reduction to equipment rentals revenue (primarily associated with Topic 842 revenues). (4) Represents write-offs of accounts, net of immaterial recoveries. We do not have material contract assets, or impairment losses associated therewith, or material contract liabilities, associated with contracts with customers. Our contracts with customers do not generally result in material amounts billed to customers in excess of recognizable revenue. We did not recognize material revenue during the three and six months ended June 30, 2020 or 2019 that was included in the contract liability balance as of the beginning of such periods. Performance obligations Most of our Topic 606 revenue is recognized at a point-in-time, rather than over time. Accordingly, in any particular period, we do not generally recognize a significant amount of revenue from performance obligations satisfied (or partially satisfied) in previous periods, and the amounts of such revenue recognized during the three and six months ended June 30, 2020 and 2019 were not material. We also do not expect to recognize material revenue in the future related to performance obligations that were unsatisfied (or partially unsatisfied) as of June 30, 2020. Payment terms Our Topic 606 revenues do not include material amounts of variable consideration. Our payment terms vary by the type and location of our customer and the products or services offered. The time between invoicing and when payment is due is not significant. Our contracts do not generally include a significant financing component. For certain products or services and customer types, we require payment before the products or services are delivered to the customer. Our contracts with customers do not generally result in significant obligations associated with returns, refunds or warranties. See above for a discussion of how we manage credit risk. Revenue is recognized net of taxes collected from customers, which are subsequently remitted to governmental authorities. Contract costs We do not recognize any assets associated with the incremental costs of obtaining a contract with a customer (for example, a sales commission) that we expect to recover. Most of our revenue is recognized at a point-in-time or over a period of one year or less, and we use the practical expedient that allows us to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that we otherwise would have recognized is one year or less. Contract estimates and judgments Our revenues accounted for under Topic 606 generally do not require significant estimates or judgments, primarily for the following reasons: • The transaction price is generally fixed and stated in our contracts; • As noted above, our contracts generally do not include multiple performance obligations, and accordingly do not generally require estimates of the standalone selling price for each performance obligation; • Our revenues do not include material amounts of variable consideration, or result in significant obligations associated with returns, refunds or warranties; and • Most of our revenue is recognized as of a point-in-time and the timing of the satisfaction of the applicable performance obligations is readily determinable. As noted above, our Topic 606 revenue is generally recognized at the time of delivery to, or pick-up by, the customer. Our revenues accounted for under Topic 842 also generally do not require significant estimates or judgments. We monitor and review our estimated standalone selling prices on a regular basis.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information Our reportable segments are i) general rentals and ii) trench, power and fluid solutions. Our regions discussed below, which are our operating segments, are aggregated into our reportable segments. We believe that the regions that are aggregated into our reportable segments have similar economic characteristics, as each region is capital intensive, offers similar products to similar customers, uses similar methods to distribute its products, and is subject to similar competitive risks. The aggregation of our regions also reflects the management structure that we use for making operating decisions and assessing performance. We evaluate segment performance primarily based on segment equipment rentals gross profit. 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 11 geographic regions—Carolinas, Gulf South, Industrial (which serves the geographic Gulf region and has a strong industrial presence), Mid-Atlantic, Mid Central, Midwest, Northeast, Pacific West, South, Southeast and Western Canada—and operates throughout the United States and Canada. The trench, power and fluid solutions 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) fluid solutions equipment primarily used for fluid containment, transfer and treatment. The trench, power and fluid solutions 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, iii) the Fluid Solutions region and iv) the Fluid Solutions Europe region. The trench, power and fluid solutions segment’s customers include construction companies involved in infrastructure projects, municipalities and industrial companies. This segment operates throughout the United States and in Canada and Europe. The following tables set forth financial information by segment. General Trench, power and fluid solutions Total Three Months Ended June 30, 2020 Equipment rentals $ 1,255 $ 387 $ 1,642 Sales of rental equipment 158 18 176 Sales of new equipment 45 8 53 Contractor supplies sales 15 8 23 Service and other revenues 39 6 45 Total revenue 1,512 427 1,939 Depreciation and amortization expense 401 89 490 Equipment rentals gross profit 419 181 600 Three Months Ended June 30, 2019 Equipment rentals $ 1,527 $ 433 $ 1,960 Sales of rental equipment 180 17 197 Sales of new equipment 52 8 60 Contractor supplies sales 19 8 27 Service and other revenues 40 6 46 Total revenue 1,818 472 2,290 Depreciation and amortization expense 416 88 504 Equipment rentals gross profit 593 199 792 Six Months Ended June 30, 2020 Equipment rentals $ 2,649 $ 776 $ 3,425 Sales of rental equipment 348 36 384 Sales of new equipment 98 17 115 Contractor supplies sales 31 17 48 Service and other revenues 80 12 92 Total revenue 3,206 858 4,064 Depreciation and amortization expense 838 178 1,016 Equipment rentals gross profit 867 343 1,210 Capital expenditures 377 78 455 Six Months Ended June 30, 2019 Equipment rentals $ 2,950 $ 805 $ 3,755 Sales of rental equipment 358 31 389 Sales of new equipment 107 15 122 Contractor supplies sales 36 15 51 Service and other revenues 77 13 90 Total revenue 3,528 879 4,407 Depreciation and amortization expense 828 175 1,003 Equipment rentals gross profit 1,094 356 1,450 Capital expenditures 1,015 211 1,226 June 30, December 31, Total reportable segment assets General rentals $ 15,109 $ 16,036 Trench, power and fluid solutions 2,791 2,934 Total assets $ 17,900 $ 18,970 Equipment rentals gross profit is the primary measure management reviews to make operating decisions and assess segment performance. The following is a reconciliation of equipment rentals gross profit to income before provision for income taxes: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Total equipment rentals gross profit $ 600 $ 792 $ 1,210 $ 1,450 Gross profit from other lines of business 101 119 218 222 Selling, general and administrative expenses (222) (271) (489) (551) Merger related costs — — — (1) Restructuring charge (3) (6) (5) (14) Non-rental depreciation and amortization (95) (105) (195) (209) Interest expense, net (130) (180) (266) (331) Other income, net — 2 4 5 Income before provision for income taxes $ 251 $ 351 $ 477 $ 571

Restructuring and Asset Impairm

Restructuring and Asset Impairment Charges	6 Months Ended
	Jun. 30, 2020
Restructuring and Related Activities [Abstract]
Restructuring and Asset Impairment Charges	Restructuring and Asset Impairment Charges Restructuring charges primarily include severance costs associated with headcount reductions, as well as branch closure charges. We incur severance costs and branch closure charges in the ordinary course of our business. We only include such costs that are part of a restructuring program as restructuring charges. Since the first such program was initiated in 2008, we have completed five restructuring programs and have incurred total restructuring charges of $338. Closed Restructuring Programs Our closed restructuring programs were initiated either in recognition of a challenging economic environment or following the completion of certain significant acquisitions. As of June 30, 2020, the total liability associated with the closed restructuring programs was $16. 2020-2021 Cost Savings Restructuring Program In the fourth quarter of 2019, we initiated a restructuring program associated with the consolidation of certain common functions, the relocation of our shared-service facilities and certain other cost reduction measures. We expect to complete the restructuring program in the first half of 2021. The total costs expected to be incurred in connection with the program are not currently estimable, as we are still identifying the actions that will be undertaken. As of June 30, 2020, we have not recognized material costs under this program, and the liability balance associated with the program is not material. Asset Impairment Charges In addition to the restructuring charges discussed above, during the six months ended June 30, 2020, we recorded asset impairment charges of $26 in our general rentals segment. The asset impairment charges, which were not related to COVID-19, are primarily reflected in depreciation of rental equipment in our condensed consolidated statements of income and principally relate to the discontinuation of certain equipment programs. There were no material asset impairment charges during the three months ended June 30, 2020 or the three and six months ended June 30, 2019.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements As of June 30, 2020 and December 31, 2019, the amounts of our assets and liabilities that were accounted for at fair value were immaterial. Fair value measurements are categorized 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. Fair Value of Financial Instruments The carrying amounts reported in our condensed consolidated balance sheets for accounts receivable, accounts payable and accrued expenses and other liabilities approximate fair value due to the immediate to short-term maturity of these financial instruments. The fair values of our ABL, accounts receivable securitization and term loan facilities and finance leases approximated their book values as of June 30, 2020 and December 31, 2019. The estimated fair values of our other financial instruments, all of which are categorized in Level 1 of the fair value hierarchy, as of June 30, 2020 and December 31, 2019 have been calculated based upon available market information, and were as follows: June 30, 2020 December 31, 2019 Carrying Fair Carrying Fair Senior notes $ 8,500 $ 8,718 $ 7,755 $ 8,176

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt Debt, net of unamortized original issue discounts or premiums, and unamortized debt issuance costs, consists of the following: June 30, 2020 December 31, 2019 Accounts Receivable Securitization Facility expiring 2021 (1) (2) $ 743 $ 929 $3.75 billion ABL Facility expiring 2024 (1) (3) 47 1,638 Term loan facility expiring 2025 (1) 975 979 5 1 / 2 percent Senior Notes due 2025 (3) 795 795 4 5 / 8 percent Senior Notes due 2025 743 742 5 7 / 8 percent Senior Notes due 2026 999 999 6 1 / 2 percent Senior Notes due 2026 1,089 1,089 5 1 / 2 percent Senior Notes due 2027 993 992 3 7 / 8 percent Senior Secured Notes due 2027 741 741 4 7 / 8 percent Senior Notes due 2028 (4) 1,653 1,652 4 7 / 8 percent Senior Notes due 2028 (4) 4 4 5 1 / 4 percent Senior Notes due 2030 742 741 4 percent Senior Notes due 2030 (5) 741 — Finance leases 140 127 Total debt 10,405 11,428 Less short-term portion (6) (806) (997) Total long-term debt $ 9,599 $ 10,431 ___________________ (1) The table below presents financial information associated with our variable rate indebtedness as of and for the six months ended June 30, 2020. We have borrowed the full available amount under the term loan facility. The principal obligation under the term loan facility is required to be repaid in quarterly installments in an aggregate amount equal to 1.0 percent per annum, with the balance due at the maturity of the facility. The average amount of debt outstanding under the term loan facility decreases slightly each quarter due to the requirement to repay a portion of the principal obligation. ABL facility Accounts receivable securitization facility Term loan facility Borrowing capacity, net of letters of credit $ 3,640 $ 56 $ — Letters of credit 52 Interest rate at June 30, 2020 1.6 % 1.6 % 1.9 % Average month-end debt outstanding 765 784 985 Weighted-average interest rate on average debt outstanding 2.4 % 2.0 % 2.6 % Maximum month-end debt outstanding 1,494 811 988 (2) 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 and other deductions, exceeds the outstanding loans. As of June 30, 2020, there were $822 of receivables, net of applicable reserves and other deductions, in the collateral pool. In April 2020, we amended the accounts receivable securitization facility to adjust, on a temporary basis, the financial tests relating to: (i) the default ratio, (ii) the delinquency ratio, (iii) the dilution ratio and (iv) days sales outstanding. The adjustments to these tests were intended to make compliance with such tests more likely for the calendar months ending April 30, 2020 and May 31, 2020, and we were in compliance with such tests for these months. In June 2020, the accounts receivable securitization facility was further amended to (a) extend the maturity date, which may be further extended on a 364-day basis by mutual agreement with the purchasers under the facility, to June 25, 2021, (b) reduce the size of the facility from $975 to $800 and (c) adjust, for the calendar months ending on or after June 30, 2020, the financial tests (including the method of calculation) relating to (i) the default ratio, (ii) the delinquency ratio, (iii) the dilution ratio and (iv) days sales outstanding. (3) The decrease in the outstanding debt under the ABL facility since December 31, 2019 primarily reflects using proceeds (i) from the issuance of 4 percent Senior Notes (the “4 percent Notes”) discussed below and (ii) from operations to reduce borrowings under the ABL facility. At the time of the offering of the 4 percent Notes, we indicated our expectation that we would re-borrow an amount equal to the net proceeds from the offering (discussed below), along with additional borrowings under the ABL facility, to redeem our 5 1 / 2 percent Senior Notes due 2025 on or after July 15, 2020. Prior to issuing any redemption notice for the 5 1 / 2 percent Senior Notes due 2025, we considered the impact of COVID-19 on liquidity, and assessed our available sources and anticipated uses of cash, including, with respect to sources, cash generated from operations and from the sale of rental equipment. In July 2020, we issued a redemption notice for the 5 1 / 2 percent Senior Notes due 2025, and the redemption is expected to occur in August 2020. Upon redemption, we expect to recognize a loss of approximately $27 in interest expense, net, reflecting the difference between the net carrying amount and the total purchase price of the redeemed notes. (4) URNA separately issued 4 7 / 8 percent Senior Notes in August 2017 and in September 2017. Following the issuances, URNA consummated an exchange offer pursuant to which most of the 4 7 / 8 percent Senior Notes issued in September 2017 were exchanged for additional notes fungible with the 4 7 / 8 percent Senior Notes issued in August 2017. (5) In February 2020, URNA issued $750 aggregate principal amount of 4 percent Notes which are due July 15, 2030. The net proceeds from the issuance were approximately $741 (after deducting offering expenses). The 4 percent Notes are unsecured and are guaranteed by Holdings and certain domestic subsidiaries of URNA. The 4 percent Notes may be redeemed on or after July 15, 2025, at specified redemption prices that range from 102.000 percent in 2025, to 100 percent in 2028 and thereafter, in each case, plus accrued and unpaid interest, if any. In addition, at any time on or prior to July 15, 2023, up to 40 percent of the aggregate principal amount of the 4 percent Notes may be redeemed with the net cash proceeds of certain equity offerings at a redemption price equal to 104.000 percent of the aggregate principal amount of the notes plus accrued and unpaid interest, if any. The indenture governing the 4 percent Notes contains certain restrictive covenants, including, among others, limitations on (i) liens and (ii) mergers and consolidations, 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. In addition, the requirements to provide subsidiary guarantees and to make an offer to repurchase the notes upon the occurrence of a change of control will not apply to URNA and its restricted subsidiaries during any period when the 4 percent Notes are rated investment grade by both Standard & Poor’s Ratings Services and Moody’s Investors Service, Inc., or, in certain circumstances, another rating agency selected by URNA, provided at such time no default under the indenture has occurred and is continuing. The indenture also requires that, in the event of a change of control (as defined in the indenture), URNA must make an offer to purchase all of the then-outstanding 4 percent Notes tendered at a purchase price in cash equal to 101 percent of the principal amount thereof, plus accrued and unpaid interest, if any, thereon. (6) As of June 30, 2020, our short-term debt primarily reflects $743 of borrowings under our accounts receivable securitization facility. Loan Covenants and Compliance As of June 30, 2020, we were in compliance with the covenants and other provisions of the ABL, accounts receivable securitization and term loan facilities 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

Leases

Leases	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases	Leases As discussed in note 2 to the condensed consolidated financial statements, most of our equipment rental revenue is accounted for as lease revenue under Topic 842 (such lease revenue represented 77 percent of our total revenues for the six months ended June 30, 2020). See note 2 to the condensed consolidated financial statements for a discussion of our revenue accounting (such discussion includes lessor disclosures required under Topic 842). We determine if an arrangement is a lease at inception. Our material lease contracts are generally for real estate or vehicles, and the determination of whether such contracts contain leases generally does not require significant estimates or judgments. We lease real estate and equipment under operating leases. We lease a significant portion of our branch locations, and also lease other premises used for purposes such as district and regional offices and service centers. Our finance lease obligations consist primarily of rental equipment (primarily vehicles) and building leases. Operating leases result in the recognition of right-of-use ("ROU") assets and lease liabilities on the balance sheet. ROU assets represent our right to use the leased asset for the lease term and lease liabilities represent our obligation to make lease payments. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our estimated incremental borrowing rate at the commencement date to determine the present value of lease payments. The operating lease ROU assets also include any lease payments made and exclude lease incentives. Our lease terms may include options, at our sole discretion, to extend or terminate the lease that we are reasonably certain to exercise. The amount of payments associated with such options reflected in the “Maturity of lease liabilities” table below is not material. Most real estate leases include one or more options to renew, with renewal terms that can extend the lease term from 1 to 5 years or more. Lease expense is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense on such leases is recognized on a straight-line basis over the lease term. The primary leases we enter into with initial terms of 12 months or less are for equipment that we rent from vendors and then rent to our customers. We generate sublease revenue from such leases that we refer to as "re-rent revenue" as discussed in note 2 to the condensed consolidated financial statements. Apart from this re-rent revenue, we do not generate material sublease income. We have lease agreements with lease and non-lease components, and, for our real estate operating leases, we use the practical expedient that allows us to account for the lease and non-lease components as a single lease component. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The tables below present financial information associated with our leases as of June 30, 2020 and December 31, 2019, and for the three and six months ended June 30, 2020 and 2019. Classification June 30, 2020 December 31, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 666 $ 669 Finance lease assets Rental equipment 292 286 Less accumulated depreciation (88) (89) Rental equipment, net 204 197 Property and equipment, net: Non-rental vehicles 8 8 Buildings 18 18 Less accumulated depreciation and amortization (9) (15) Property and equipment, net 17 11 Total leased assets 887 877 Liabilities Current Operating Accrued expenses and other liabilities 174 178 Finance Short-term debt and current maturities of long-term debt 53 58 Long-term Operating Operating lease liabilities 532 533 Finance Long-term debt 87 69 Total lease liabilities $ 846 $ 838 Lease cost Classification Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Operating lease cost (1) Cost of equipment rentals, excluding depreciation (1) $ 86 $ 86 $ 178 $ 175 Selling, general and administrative expenses 3 2 6 5 Restructuring charge 1 7 2 13 Finance lease cost Amortization of leased assets Depreciation of rental equipment 8 7 15 14 Non-rental depreciation and amortization 1 — 1 1 Interest on lease liabilities Interest expense, net 3 1 6 3 Sublease income (2) (30) (37) (64) (72) Net lease cost $ 72 $ 66 $ 144 $ 139 _________________ (1) Includes variable lease costs, which are immaterial. Cost of equipment rentals, excluding depreciation includes $27 and $29 for the three months ended, June 30, 2020 and 2019, respectively, and $58 and $63 for the six months ended June 30, 2020 and 2019, respectively, of short-term lease costs associated with equipment that we rent from vendors and then rent to our customers, as discussed further above. Apart from these costs, short-term lease costs are immaterial. (2) Primarily reflects re-rent revenue as discussed further above. Maturity of lease liabilities (as of June 30, 2020) Operating leases (1) Finance leases (2) 2020 $ 105 $ 28 2021 192 58 2022 158 33 2023 124 22 2024 90 3 Thereafter 132 5 Total 801 149 Less amount representing interest (95) (9) Present value of lease liabilities $ 706 $ 140 _________________ (1) Reflects payments for non-cancelable operating leases with initial or remaining terms of one year or more as of June 30, 2020. The table above does not include any legally binding minimum lease payments for leases signed but not yet commenced, and such leases are not material in the aggregate. (2) The table above does not include any legally binding minimum lease payments for leases signed but not yet commenced, and such leases are not material in the aggregate. Lease term and discount rate June 30, 2020 December 31, 2019 Weighted-average remaining lease term (years) Operating leases 4.8 4.8 Finance leases 3.1 3.2 Weighted-average discount rate Operating leases 4.5 % 4.7 % Finance leases 3.7 % 4.0 % Other information Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 104 $ 102 Operating cash flows from finance leases 6 3 Financing cash flows from finance leases 26 22 Leased assets obtained in exchange for new operating lease liabilities 92 104 Leased assets obtained in exchange for new finance lease liabilities $ 39 $ 17
Leases	Leases As discussed in note 2 to the condensed consolidated financial statements, most of our equipment rental revenue is accounted for as lease revenue under Topic 842 (such lease revenue represented 77 percent of our total revenues for the six months ended June 30, 2020). See note 2 to the condensed consolidated financial statements for a discussion of our revenue accounting (such discussion includes lessor disclosures required under Topic 842). We determine if an arrangement is a lease at inception. Our material lease contracts are generally for real estate or vehicles, and the determination of whether such contracts contain leases generally does not require significant estimates or judgments. We lease real estate and equipment under operating leases. We lease a significant portion of our branch locations, and also lease other premises used for purposes such as district and regional offices and service centers. Our finance lease obligations consist primarily of rental equipment (primarily vehicles) and building leases. Operating leases result in the recognition of right-of-use ("ROU") assets and lease liabilities on the balance sheet. ROU assets represent our right to use the leased asset for the lease term and lease liabilities represent our obligation to make lease payments. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our estimated incremental borrowing rate at the commencement date to determine the present value of lease payments. The operating lease ROU assets also include any lease payments made and exclude lease incentives. Our lease terms may include options, at our sole discretion, to extend or terminate the lease that we are reasonably certain to exercise. The amount of payments associated with such options reflected in the “Maturity of lease liabilities” table below is not material. Most real estate leases include one or more options to renew, with renewal terms that can extend the lease term from 1 to 5 years or more. Lease expense is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense on such leases is recognized on a straight-line basis over the lease term. The primary leases we enter into with initial terms of 12 months or less are for equipment that we rent from vendors and then rent to our customers. We generate sublease revenue from such leases that we refer to as "re-rent revenue" as discussed in note 2 to the condensed consolidated financial statements. Apart from this re-rent revenue, we do not generate material sublease income. We have lease agreements with lease and non-lease components, and, for our real estate operating leases, we use the practical expedient that allows us to account for the lease and non-lease components as a single lease component. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The tables below present financial information associated with our leases as of June 30, 2020 and December 31, 2019, and for the three and six months ended June 30, 2020 and 2019. Classification June 30, 2020 December 31, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 666 $ 669 Finance lease assets Rental equipment 292 286 Less accumulated depreciation (88) (89) Rental equipment, net 204 197 Property and equipment, net: Non-rental vehicles 8 8 Buildings 18 18 Less accumulated depreciation and amortization (9) (15) Property and equipment, net 17 11 Total leased assets 887 877 Liabilities Current Operating Accrued expenses and other liabilities 174 178 Finance Short-term debt and current maturities of long-term debt 53 58 Long-term Operating Operating lease liabilities 532 533 Finance Long-term debt 87 69 Total lease liabilities $ 846 $ 838 Lease cost Classification Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Operating lease cost (1) Cost of equipment rentals, excluding depreciation (1) $ 86 $ 86 $ 178 $ 175 Selling, general and administrative expenses 3 2 6 5 Restructuring charge 1 7 2 13 Finance lease cost Amortization of leased assets Depreciation of rental equipment 8 7 15 14 Non-rental depreciation and amortization 1 — 1 1 Interest on lease liabilities Interest expense, net 3 1 6 3 Sublease income (2) (30) (37) (64) (72) Net lease cost $ 72 $ 66 $ 144 $ 139 _________________ (1) Includes variable lease costs, which are immaterial. Cost of equipment rentals, excluding depreciation includes $27 and $29 for the three months ended, June 30, 2020 and 2019, respectively, and $58 and $63 for the six months ended June 30, 2020 and 2019, respectively, of short-term lease costs associated with equipment that we rent from vendors and then rent to our customers, as discussed further above. Apart from these costs, short-term lease costs are immaterial. (2) Primarily reflects re-rent revenue as discussed further above. Maturity of lease liabilities (as of June 30, 2020) Operating leases (1) Finance leases (2) 2020 $ 105 $ 28 2021 192 58 2022 158 33 2023 124 22 2024 90 3 Thereafter 132 5 Total 801 149 Less amount representing interest (95) (9) Present value of lease liabilities $ 706 $ 140 _________________ (1) Reflects payments for non-cancelable operating leases with initial or remaining terms of one year or more as of June 30, 2020. The table above does not include any legally binding minimum lease payments for leases signed but not yet commenced, and such leases are not material in the aggregate. (2) The table above does not include any legally binding minimum lease payments for leases signed but not yet commenced, and such leases are not material in the aggregate. Lease term and discount rate June 30, 2020 December 31, 2019 Weighted-average remaining lease term (years) Operating leases 4.8 4.8 Finance leases 3.1 3.2 Weighted-average discount rate Operating leases 4.5 % 4.7 % Finance leases 3.7 % 4.0 % Other information Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 104 $ 102 Operating cash flows from finance leases 6 3 Financing cash flows from finance leases 26 22 Leased assets obtained in exchange for new operating lease liabilities 92 104 Leased assets obtained in exchange for new finance lease liabilities $ 39 $ 17

Legal and Regulatory Matters

Legal and Regulatory Matters	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Legal and Regulatory Matters	Legal and Regulatory MattersWe 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	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareBasic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of common shares plus the effect of dilutive potential common shares outstanding during the period. The following table sets forth the computation of basic and diluted earnings per share (shares in thousands): Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Numerator: Net income available to common stockholders $ 212 $ 270 385 445 Denominator: Denominator for basic earnings per share—weighted-average common shares 72,161 78,264 73,101 78,829 Effect of dilutive securities: Employee stock options 12 108 14 200 Restricted stock units 102 95 155 211 Denominator for diluted earnings per share—adjusted weighted-average common shares 72,275 78,467 73,270 79,240 Basic earnings per share $ 2.94 $ 3.45 $ 5.26 $ 5.65 Diluted earnings per share $ 2.93 $ 3.44 $ 5.25 $ 5.62

Condensed Consolidating Financi

Condensed Consolidating Financial Information of Guarantor Subsidiaries	6 Months Ended
	Jun. 30, 2020
Condensed Financial Information Disclosure [Abstract]
Condensed Consolidating Financial Information of Guarantor Subsidiaries	Condensed Consolidating Financial Information of Guarantor Subsidiaries URNA is 100 percent owned by Holdings (“Parent”) and has certain outstanding 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”). 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, designating the guarantor subsidiary as an unrestricted subsidiary for purposes of the applicable covenants or the notes being rated investment grade by both Standard & Poor’s Ratings Services and Moody’s Investors Service, Inc., or, in certain circumstances, another rating agency selected by URNA. 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. Covenants in the ABL, accounts receivable securitization and term loan facilities, 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 June 30, 2020, the amount available for distribution under the most restrictive of these covenants was $508. The Company’s total available capacity for making share repurchases and dividend payments includes the intercompany receivable balance of Parent. As of June 30, 2020, 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 $3.192 billion. The condensed consolidating financial information of Parent and its subsidiaries is as follows: CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2020 Parent URNA Guarantor Non-Guarantor Eliminations Total Foreign SPV ASSETS Cash and cash equivalents $ — $ 36 $ — $ 91 $ — $ — $ 127 Accounts receivable, net — — — 119 1,107 — 1,226 Intercompany receivable (payable) 2,684 (2,577) (99) (9) 1 — — Inventory — 97 — 10 — — 107 Prepaid expenses and other assets — 135 — 27 — — 162 Total current assets 2,684 (2,309) (99) 238 1,108 — 1,622 Rental equipment, net — 8,383 — 703 — — 9,086 Property and equipment, net 107 393 64 45 — — 609 Investments in subsidiaries 1,125 1,524 1,023 — — (3,672) — Goodwill — 4,756 — 379 — — 5,135 Other intangible assets, net — 712 — 49 — — 761 Operating lease right-of-use assets — 182 418 66 — — 666 Other long-term assets 13 8 — — — — 21 Total assets $ 3,929 $ 13,649 $ 1,406 $ 1,480 $ 1,108 $ (3,672) $ 17,900 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Short-term debt and current maturities of long-term debt $ — $ 61 $ — $ 2 $ 743 $ — $ 806 Accounts payable — 280 — 36 — — 316 Accrued expenses and other liabilities — 632 121 45 1 — 799 Total current liabilities — 973 121 83 744 — 1,921 Long-term debt — 9,583 7 9 — — 9,599 Deferred taxes 22 1,703 — 95 — — 1,820 Operating lease liabilities — 144 334 54 — — 532 Other long-term liabilities — 121 — — — — 121 Total liabilities 22 12,524 462 241 744 — 13,993 Total stockholders’ equity (deficit) 3,907 1,125 944 1,239 364 (3,672) 3,907 Total liabilities and stockholders’ equity (deficit) $ 3,929 $ 13,649 $ 1,406 $ 1,480 $ 1,108 $ (3,672) $ 17,900 CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2019 Parent URNA Guarantor Non-Guarantor Eliminations Total Foreign SPV ASSETS Cash and cash equivalents $ — $ 28 $ — $ 24 $ — $ — $ 52 Accounts receivable, net — — — 171 1,359 — 1,530 Intercompany receivable (payable) 2,255 (2,130) (112) (14) 1 — — Inventory — 108 — 12 — — 120 Prepaid expenses and other assets — 124 — 16 — — 140 Total current assets 2,255 (1,870) (112) 209 1,360 — 1,842 Rental equipment, net — 8,995 — 792 — — 9,787 Property and equipment, net 76 400 78 50 — — 604 Investments in subsidiaries 1,509 1,636 1,069 — — (4,214) — Goodwill — 4,759 — 395 — — 5,154 Other intangible assets, net — 833 — 62 — — 895 Operating lease right-of-use assets — 194 403 72 — — 669 Other long-term assets 12 7 — — — — 19 Total assets $ 3,852 $ 14,954 $ 1,438 $ 1,580 $ 1,360 $ (4,214) $ 18,970 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Short-term debt and current maturities of long-term debt $ — $ 66 $ — $ 2 $ 929 $ — $ 997 Accounts payable — 395 — 59 — — 454 Accrued expenses and other liabilities — 572 118 55 2 — 747 Total current liabilities — 1,033 118 116 931 — 2,198 Long-term debt — 10,402 7 22 — — 10,431 Deferred taxes 22 1,768 — 97 — — 1,887 Operating lease liabilities — 151 323 59 — — 533 Other long-term liabilities — 91 — — — — 91 Total liabilities 22 13,445 448 294 931 — 15,140 Total stockholders’ equity (deficit) 3,830 1,509 990 1,286 429 (4,214) 3,830 Total liabilities and stockholders’ equity (deficit) $ 3,852 $ 14,954 $ 1,438 $ 1,580 $ 1,360 $ (4,214) $ 18,970 CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2020 Parent URNA Guarantor Non-Guarantor Eliminations Total Foreign SPV Revenues: Equipment rentals $ — $ 1,521 $ — $ 120 $ 1 $ — $ 1,642 Sales of rental equipment — 161 — 15 — — 176 Sales of new equipment — 48 — 5 — — 53 Contractor supplies sales — 20 — 3 — — 23 Service and other revenues — 41 — 4 — — 45 Total revenues — 1,791 — 147 1 — 1,939 Cost of revenues: Cost of equipment rentals, excluding depreciation — 590 — 56 1 — 647 Depreciation of rental equipment — 363 — 32 — — 395 Cost of rental equipment sales — 97 — 8 — — 105 Cost of new equipment sales — 42 — 4 — — 46 Cost of contractor supplies sales — 14 — 2 — — 16 Cost of service and other revenues — 27 — 2 — — 29 Total cost of revenues — 1,133 — 104 1 — 1,238 Gross profit — 658 — 43 — — 701 Selling, general and administrative expenses (31) 225 — 25 7 (4) 222 Restructuring charge — 3 — — — — 3 Non-rental depreciation and amortization 6 81 — 8 — — 95 Operating income (loss) 25 349 — 10 (7) 4 381 Interest (income) expense, net (10) 137 — — 3 — 130 Other (income) expense, net (158) 180 — 12 (38) 4 — Income (loss) before provision (benefit) for income taxes 193 32 — (2) 28 — 251 Provision (benefit) for income taxes 46 (12) — (1) 6 — 39 Income (loss) before equity in net earnings (loss) of subsidiaries 147 44 — (1) 22 — 212 Equity in net earnings (loss) of subsidiaries 65 21 (2) — — (84) — Net income (loss) 212 65 (2) (1) 22 (84) 212 Other comprehensive income (loss) 45 45 40 43 — (128) 45 Comprehensive income (loss) $ 257 $ 110 $ 38 $ 42 $ 22 $ (212) $ 257 CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2019 Parent URNA Guarantor Non-Guarantor Eliminations Total Foreign SPV Revenues: Equipment rentals $ — $ 1,798 $ — $ 161 $ 1 $ — $ 1,960 Sales of rental equipment — 181 — 16 — — 197 Sales of new equipment — 53 — 7 — — 60 Contractor supplies sales — 24 — 3 — — 27 Service and other revenues — 39 — 7 — — 46 Total revenues — 2,095 — 194 1 — 2,290 Cost of revenues: Cost of equipment rentals, excluding depreciation — 692 — 76 1 — 769 Depreciation of rental equipment — 367 — 32 — — 399 Cost of rental equipment sales — 108 — 8 — — 116 Cost of new equipment sales — 45 — 6 — — 51 Cost of contractor supplies sales — 17 — 2 — — 19 Cost of service and other revenues — 20 — 5 — — 25 Total cost of revenues — 1,249 — 129 1 — 1,379 Gross profit — 846 — 65 — — 911 Selling, general and administrative expenses (32) 259 — 32 12 — 271 Restructuring charge — 6 — — — — 6 Non-rental depreciation and amortization 6 91 — 8 — — 105 Operating income (loss) 26 490 — 25 (12) — 529 Interest (income) expense, net (17) 189 — — 8 — 180 Other (income) expense, net (187) 213 — 15 (43) — (2) Income before provision (benefit) for income taxes 230 88 — 10 23 — 351 Provision (benefit) for income taxes 53 26 — (3) 5 — 81 Income before equity in net earnings (loss) of subsidiaries 177 62 — 13 18 — 270 Equity in net earnings (loss) of subsidiaries 93 31 10 — — (134) — Net income (loss) 270 93 10 13 18 (134) 270 Other comprehensive income (loss) 22 22 21 22 — (65) 22 Comprehensive income (loss) $ 292 $ 115 $ 31 $ 35 $ 18 $ (199) $ 292 CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2020 Parent URNA Guarantor Non-Guarantor Eliminations Total Foreign SPV Revenues: Equipment rentals $ — $ 3,151 $ — $ 273 $ 1 $ — $ 3,425 Sales of rental equipment — 350 — 34 — — 384 Sales of new equipment — 101 — 14 — — 115 Contractor supplies sales — 42 — 6 — — 48 Service and other revenues — 83 — 9 — — 92 Total revenues — 3,727 — 336 1 — 4,064 Cost of revenues: Cost of equipment rentals, excluding depreciation — 1,266 — 127 1 — 1,394 Depreciation of rental equipment — 756 — 65 — — 821 Cost of rental equipment sales — 213 — 17 — — 230 Cost of new equipment sales — 88 — 12 — — 100 Cost of contractor supplies sales — 30 — 4 — — 34 Cost of service and other revenues — 52 — 5 — — 57 Total cost of revenues — 2,405 — 230 1 — 2,636 Gross profit — 1,322 — 106 — — 1,428 Selling, general and administrative expenses 6 415 — 50 23 (5) 489 Restructuring charge — 5 — — — — 5 Non-rental depreciation and amortization 11 168 — 16 — — 195 Operating (loss) income (17) 734 — 40 (23) 5 739 Interest (income) expense, net (27) 285 — — 8 — 266 Other (income) expense, net (330) 376 — 26 (81) 5 (4) Income before provision (benefit) for income taxes 340 73 — 14 50 — 477 Provision (benefit) for income taxes 80 (3) — 3 12 — 92 Income before equity in net earnings (loss) of subsidiaries 260 76 — 11 38 — 385 Equity in net earnings (loss) of subsidiaries 125 49 9 — — (183) — Net income (loss) 385 125 9 11 38 (183) 385 Other comprehensive (loss) income (61) (61) (55) (59) — 175 (61) Comprehensive income (loss) $ 324 $ 64 $ (46) $ (48) $ 38 $ (8) $ 324 CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2019 Parent URNA Guarantor Non-Guarantor Eliminations Total Foreign SPV Revenues: Equipment rentals $ — $ 3,436 $ — $ 318 $ 1 $ — $ 3,755 Sales of rental equipment — 354 — 35 — — 389 Sales of new equipment — 106 — 16 — — 122 Contractor supplies sales — 46 — 5 — — 51 Service and other revenues — 78 — 12 — — 90 Total revenues — 4,020 — 386 1 — 4,407 Cost of revenues: Cost of equipment rentals, excluding depreciation — 1,349 — 161 1 — 1,511 Depreciation of rental equipment — 731 — 63 — — 794 Cost of rental equipment sales — 221 — 20 — — 241 Cost of new equipment sales — 91 — 14 — — 105 Cost of contractor supplies sales — 33 — 3 — — 36 Cost of service and other revenues — 41 — 7 — — 48 Total cost of revenues — 2,466 — 268 1 — 2,735 Gross profit — 1,554 — 118 — — 1,672 Selling, general and administrative expenses 21 442 — 59 29 — 551 Merger related costs — 1 — — — — 1 Restructuring charge — 15 — (1) — — 14 Non-rental depreciation and amortization 10 182 — 17 — — 209 Operating (loss) income (31) 914 — 43 (29) — 897 Interest (income) expense, net (33) 348 — — 16 — 331 Other (income) expense, net (359) 410 — 29 (85) — (5) Income before provision (benefit) for income taxes 361 156 — 14 40 — 571 Provision for (benefit) income taxes 76 42 — (2) 10 — 126 Income before equity in net earnings (loss) of subsidiaries 285 114 — 16 30 — 445 Equity in net earnings (loss) of subsidiaries 160 46 12 — — (218) — Net income (loss) 445 160 12 16 30 (218) 445 Other comprehensive income (loss) 43 43 42 41 — (126) 43 Comprehensive income (loss) $ 488 $ 203 $ 54 $ 57 $ 30 $ (344) $ 488 CONDENSED CONSOLIDATING CASH FLOW INFORMATION For the Six Months Ended June 30, 2020 Parent URNA Guarantor Non-Guarantor Eliminations Total Foreign SPV Net cash provided by operating activities $ 40 $ 1,047 $ — $ 86 $ 288 $ — $ 1,461 Net cash (used in) provided by investing activities (40) 2 — (3) — — (41) Net cash used in financing activities — (1,041) — (16) (288) — (1,345) Effect of foreign exchange rates — — — — — — — Net increase in cash and cash equivalents — 8 — 67 — — 75 Cash and cash equivalents at beginning of period — 28 — 24 — — 52 Cash and cash equivalents at end of period $ — $ 36 $ — $ 91 $ — $ — $ 127 CONDENSED CONSOLIDATING CASH FLOW INFORMATION For the Six Months Ended June 30, 2019 Parent URNA Guarantor Non-Guarantor Eliminations Total Foreign SPV Net cash provided by operating activities $ 9 $ 1,457 $ — $ 83 $ 41 $ — $ 1,590 Net cash used in investing activities (9) (943) — (54) — — (1,006) Net cash used in financing activities — (464) — (47) (41) — (552) Effect of foreign exchange rates — — — — — — — Net increase (decrease) in cash and cash equivalents — 50 — (18) — — 32 Cash and cash equivalents at beginning of period — 1 — 42 — — 43 Cash and cash equivalents at end of period $ — $ 51 $ — $ 24 $ — $ — $ 75

Organization, Description of _2

Organization, Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Pronouncements	Simplifying the Test for Goodwill Impairment . In January 2017, the Financial Accounting Standards Board ("FASB") issued guidance intended to simplify the subsequent accounting for goodwill acquired in a business combination. Prior guidance required utilizing a two-step process to review goodwill for impairment. A second step was required if there was an indication that an impairment may exist, and the second step required calculating the potential impairment by comparing the implied fair value of the reporting unit's goodwill (as if purchase accounting were performed on the testing date) with the carrying amount of the goodwill. The new guidance eliminates the second step from the goodwill impairment test. Under the new guidance, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, and then recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value (although the loss should not exceed the total amount of goodwill allocated to the reporting unit). The guidance requires prospective adoption and will be effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. We will adopt this guidance for any annual or interim goodwill impairment tests conducted in 2020 (through June 30, 2020, we have not performed any such tests). The guidance is not expected to have a significant impact on our financial statements. Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued guidance intended to simplify the accounting for income taxes. The guidance removes the following exceptions: 1) exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items, 2) exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, 3) exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary and 4) exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. Additionally, the guidance simplifies the accounting for income taxes by: 1) requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, 2) requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction, 3) specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements (although the entity may elect to do so (on an entity-by-entity basis) for a legal entity that is both not subject to tax and disregarded by the taxing authority), 4) requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date and 5) making minor improvements for income tax accounting related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. The guidance will be effective for fiscal years and interim periods beginning after December 15, 2020. Different components of the guidance require retrospective, modified retrospective or prospective adoption, and early adoption is permitted. We are currently assessing whether we will early adopt this guidance, and the impact on our financial statements is not currently estimable. Guidance Adopted in 2020 Measurement of Credit Losses on Financial Instruments. In June 2016, the FASB issued guidance that requires companies to present certain financial assets net of the amount expected to be collected. Trade receivables (as noted below, excluding receivables arising from operating lease revenues) are the only material financial asset we have that is impacted by this guidance. The guidance requires the measurement of expected credit losses to be based on relevant information from past events, including historical experiences, current conditions and reasonable and supportable forecasts that affect collectibility. This guidance does not apply to receivables arising from operating lease revenues. As discussed in note 2 to the condensed consolidated financial statements, most of our equipment rental revenue is accounted for as lease revenue (such revenue represented 77 percent of our total revenues for the six months ended June 30, 2020). We adopted this guidance in the first quarter of 2020, and the impact of adoption on our financial statements was not material. See note 2 (see "Receivables and contract assets and liabilities") for further discussion of our receivables. Facilitation of the Effects of Reference Rate Reform on Financial Reporting . In March 2020, the FASB issued guidance that provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. We adopted this guidance in 2020, and the impact of adoption on our financial statements was not material. The expedients and exceptions in this guidance are optional, and we are evaluating the potential future financial statement impact of any such expedient or exception that we may elect to apply.
Lease revenues (Topic 842)	Lease revenues (Topic 842) The accounting for the types of revenue that are accounted for under Topic 842 is discussed below. Owned equipment rentals represent our most significant revenue type (they accounted for 72 percent of total revenues for the six months ended June 30, 2020) and are governed by our standard rental contract. We account for such rentals as operating leases. The lease terms are included in our contracts, and the determination of whether our contracts contain leases generally does not require significant assumptions or judgments. Our lease revenues do not include material amounts of variable payments. Owned equipment rentals: Owned equipment rentals represent revenues from renting equipment that we own. We do not generally provide an option for the lessee to purchase the rented equipment at the end of the lease, and do not generate material revenue from sales of equipment under such options. We recognize revenues from renting equipment on a straight-line basis. Our rental contract periods are hourly, daily, weekly or monthly. By way of example, if a customer were to rent a piece of equipment and the daily, weekly and monthly rental rates for that particular piece were (in actual dollars) $100, $300 and $900, respectively, we would recognize revenue of $32.14 per day. The daily rate for recognition purposes is calculated by dividing the monthly rate of $900 by the monthly term of 28 days. This daily rate assumes that the equipment will be on rent for the full 28 days, as we are unsure of when the customer will return the equipment and therefore unsure of which rental contract period will apply. As part of this straight-line methodology, when the equipment is returned, we recognize as incremental revenue the excess, if any, between the amount the customer is contractually required to pay, which is based on the rental contract period applicable to the actual number of days the equipment was out on rent, over the cumulative amount of revenue recognized to date. In any given accounting period, we will have customers return equipment and be contractually required to pay us more than the cumulative amount of revenue recognized to date under the straight-line methodology. For instance, continuing the above example, if the customer rented the above piece of equipment on December 29 and returned it at the close of business on January 1, we would recognize incremental revenue on January 1 of $171.44 (in actual dollars, representing the difference between the amount the customer is contractually required to pay, or $300 at the weekly rate, and the cumulative amount recognized to date on a straight-line basis, or $128.56, which represents four days at $32.14 per day). We record amounts billed to customers in excess of recognizable revenue as deferred revenue on our balance sheet. We had deferred revenue (associated with both Topic 842 and Topic 606) of $50 and $55 as of June 30, 2020 and December 31, 2019, respectively. As noted above, we are unsure of when the customer will return rented equipment. As such, we do not know how much the customer will owe us upon return of the equipment and cannot provide a maturity analysis of future lease payments. Our equipment is generally rented for short periods of time. Lessees do not provide residual value guarantees on rented equipment. We expect to derive significant future benefits from our equipment following the end of the rental term. Our rentals are generally short-term in nature, and our equipment is typically rented for the majority of the time that we own it. We additionally recognize revenue from sales of rental equipment when we dispose of the equipment. Re-rent revenue: Re-rent revenue reflects revenues from equipment that we rent from vendors and then rent to our customers. We account for such rentals as subleases. The accounting for re-rent revenue is the same as the accounting for owned equipment rentals described above. “Other” equipment rental revenue is primarily comprised of 1) Rental Protection Plan (or "RPP") revenue associated with the damage waiver customers can purchase when they rent our equipment to protect against potential loss or damage, 2) environmental charges associated with the rental of equipment, and 3) charges for rented equipment that is damaged by our customers.
Revenues from contracts with customers (Topic 606)	Revenues from contracts with customers (Topic 606) The accounting for the types of revenue that are accounted for under Topic 606 is discussed below. Substantially all of our revenues under Topic 606 are recognized at a point-in-time rather than over time. Delivery and pick-up: Delivery and pick-up revenue associated with renting equipment is recognized when the service is performed. “Other” equipment rental revenue is primarily comprised of revenues associated with the consumption of fuel by our customers which are recognized when the equipment is returned by the customer (and consumption, if any, can be measured). Sales of rental equipment, new equipment and contractor supplies are recognized at the time of delivery to, or pick-up by, the customer and when collectibility is probable. Service and other revenues primarily represent revenues earned from providing repair and maintenance services on our customers’ fleet (including parts sales). Service revenue is recognized as the services are performed. Receivables and contract assets and liabilities As reflected above, most of our equipment rental revenue is accounted for under Topic 842 (such revenue represented 77 percent of our total revenues for the six months ended June 30, 2020). The customers that are responsible for the remaining revenue that is accounted for under Topic 606 are generally the same customers that rent our equipment. We manage credit risk associated with our accounts receivables at the customer level. Because the same customers generate the revenues that are accounted for under both Topic 606 and Topic 842, the discussions below on credit risk and our allowances for doubtful accounts address receivables arising from revenues from both Topic 606 and Topic 842. Concentration of credit risk with respect to our receivables is limited because a large number of geographically diverse customers makes up our customer base. Our largest customer accounted for less than one percent of total revenues for the six months ended June 30, 2020, and for each of the last three full years. Our customer with the largest receivable balance represented approximately one percent of total receivables at June 30, 2020 and December 31, 2019. We manage credit risk through credit approvals, credit limits and other monitoring procedures. Our allowances for doubtful accounts reflect our estimate of the amount of our receivables that we will be unable to collect based on historical write-off experience and, as applicable, current conditions and reasonable and supportable forecasts that affect collectibility. Our estimate could require change based on changing circumstances, including changes in the economy or in the particular circumstances of individual customers. Accordingly, we may be required to increase or decrease our allowances. Trade receivables that have contractual maturities of one year or less are written-off when they are determined to be uncollectible based on the criteria necessary to qualify as a deduction for federal tax purposes. Write-offs of such receivables require management approval based on specified dollar thresholds. See the table below for a rollforward of our allowance for doubtful accounts. In the first quarter of 2020, we adopted accounting guidance that requires companies to present certain financial assets net of the amount expected to be collected. This guidance requires the measurement of expected credit losses to be based on relevant information from past events, including historical experiences, current conditions and reasonable and supportable forecasts that affect collectibility. Our allowance for doubtful accounts as of June 30, 2020 included an adjustment for the estimated impact of COVID-19 on future collectibility that was not material to our financial statements. Trade receivables are the only material financial asset we have that is impacted by this guidance, which does not apply to receivables arising from operating lease revenues. Substantially all of our non-lease trade receivables are due in one year or less. As discussed above, most of our equipment rental revenue is accounted for as lease revenue (such revenue represented 77 percent of our total revenues for the six months ended June 30, 2020, and these revenues account for corresponding portions of the $1.226 billion of net accounts receivable and the associated allowance for doubtful accounts of $108 reported on our condensed consolidated balance sheet as of June 30, 2020). During the three and six months ended June 30, 2020, we recognized total bad debt expenses for our non-lease trade receivables, within selling, general and administrative expenses on our condensed consolidated statement of income, of $2 and $6, respectively, associated with our allowance for doubtful accounts. Adoption of this guidance did not materially impact 1) net accounts receivable or the associated allowance for doubtful accounts as reported on our condensed consolidated balance sheet as of June 30, 2020 or 2) total bad debt expenses recognized associated with our allowance for doubtful accounts for the three and six months ended June 30, 2020. As discussed above, most of our equipment rental revenue is accounted for under Topic 842. The customers that are responsible for the remaining revenue that is accounted for under Topic 606 are generally the same customers that rent our equipment. We manage credit risk associated with our accounts receivables at the customer level. The rollforward of our allowance for doubtful accounts (in total, and associated with revenues arising from both Topic 606 and Topic 842) is shown below. Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Beginning balance $ 107 $ 104 $ 103 $ 93 Acquired (1) — (3) — 1 Charged to costs and expenses (2) 2 2 6 5 Charged to revenue (3) 2 10 10 22 Deductions (4) (3) (6) (11) (14) Ending balance $ 108 $ 107 $ 108 $ 107 _________________ (1) Activity during the three months ended June 30, 2019 reflects acquisition measurement period adjustments. (2) Reflects bad debt expenses recognized within selling, general and administrative expenses (associated with Topic 606 revenues). (3) Primarily reflects doubtful accounts associated with lease revenues that were recognized as a reduction to equipment rentals revenue (primarily associated with Topic 842 revenues). (4) Represents write-offs of accounts, net of immaterial recoveries. We do not have material contract assets, or impairment losses associated therewith, or material contract liabilities, associated with contracts with customers. Our contracts with customers do not generally result in material amounts billed to customers in excess of recognizable revenue. We did not recognize material revenue during the three and six months ended June 30, 2020 or 2019 that was included in the contract liability balance as of the beginning of such periods. Performance obligations Most of our Topic 606 revenue is recognized at a point-in-time, rather than over time. Accordingly, in any particular period, we do not generally recognize a significant amount of revenue from performance obligations satisfied (or partially satisfied) in previous periods, and the amounts of such revenue recognized during the three and six months ended June 30, 2020 and 2019 were not material. We also do not expect to recognize material revenue in the future related to performance obligations that were unsatisfied (or partially unsatisfied) as of June 30, 2020. Payment terms Our Topic 606 revenues do not include material amounts of variable consideration. Our payment terms vary by the type and location of our customer and the products or services offered. The time between invoicing and when payment is due is not significant. Our contracts do not generally include a significant financing component. For certain products or services and customer types, we require payment before the products or services are delivered to the customer. Our contracts with customers do not generally result in significant obligations associated with returns, refunds or warranties. See above for a discussion of how we manage credit risk. Revenue is recognized net of taxes collected from customers, which are subsequently remitted to governmental authorities. Contract costs We do not recognize any assets associated with the incremental costs of obtaining a contract with a customer (for example, a sales commission) that we expect to recover. Most of our revenue is recognized at a point-in-time or over a period of one year or less, and we use the practical expedient that allows us to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that we otherwise would have recognized is one year or less. Contract estimates and judgments Our revenues accounted for under Topic 606 generally do not require significant estimates or judgments, primarily for the following reasons: • The transaction price is generally fixed and stated in our contracts; • As noted above, our contracts generally do not include multiple performance obligations, and accordingly do not generally require estimates of the standalone selling price for each performance obligation; • Our revenues do not include material amounts of variable consideration, or result in significant obligations associated with returns, refunds or warranties; and • Most of our revenue is recognized as of a point-in-time and the timing of the satisfaction of the applicable performance obligations is readily determinable. As noted above, our Topic 606 revenue is generally recognized at the time of delivery to, or pick-up by, the customer. Our revenues accounted for under Topic 842 also generally do not require significant estimates or judgments. We monitor and review our estimated standalone selling prices on a regular basis.
Lease Accounting	We determine if an arrangement is a lease at inception. Our material lease contracts are generally for real estate or vehicles, and the determination of whether such contracts contain leases generally does not require significant estimates or judgments. We lease real estate and equipment under operating leases. We lease a significant portion of our branch locations, and also lease other premises used for purposes such as district and regional offices and service centers. Our finance lease obligations consist primarily of rental equipment (primarily vehicles) and building leases. Operating leases result in the recognition of right-of-use ("ROU") assets and lease liabilities on the balance sheet. ROU assets represent our right to use the leased asset for the lease term and lease liabilities represent our obligation to make lease payments. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our estimated incremental borrowing rate at the commencement date to determine the present value of lease payments. The operating lease ROU assets also include any lease payments made and exclude lease incentives. Our lease terms may include options, at our sole discretion, to extend or terminate the lease that we are reasonably certain to exercise. The amount of payments associated with such options reflected in the “Maturity of lease liabilities” table below is not material. Most real estate leases include one or more options to renew, with renewal terms that can extend the lease term from 1 to 5 years or more. Lease expense is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense on such leases is recognized on a straight-line basis over the lease term. The primary leases we enter into with initial terms of 12 months or less are for equipment that we rent from vendors and then rent to our customers. We generate sublease revenue from such leases that we refer to as "re-rent revenue" as discussed in note 2 to the condensed consolidated financial statements. Apart from this re-rent revenue, we do not generate material sublease income. We have lease agreements with lease and non-lease components, and, for our real estate operating leases, we use the practical expedient that allows us to account for the lease and non-lease components as a single lease component. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Schedule of changes in accounting principles	In the following table, revenue is summarized by type and by the applicable accounting standard. Three Months Ended June 30, 2020 2019 Topic 842 Topic 606 Total Topic 842 Topic 606 Total Revenues: Owned equipment rentals $ 1,404 $ — $ 1,404 $ 1,668 $ — $ 1,668 Re-rent revenue 29 — 29 37 — 37 Ancillary and other rental revenues: Delivery and pick-up — 113 113 — 143 143 Other 78 18 96 87 25 112 Total ancillary and other rental revenues 78 131 209 87 168 255 Total equipment rentals 1,511 131 1,642 1,792 168 1,960 Sales of rental equipment — 176 176 — 197 197 Sales of new equipment — 53 53 — 60 60 Contractor supplies sales — 23 23 — 27 27 Service and other revenues — 45 45 — 46 46 Total revenues $ 1,511 $ 428 $ 1,939 $ 1,792 $ 498 $ 2,290 Six Months Ended June 30, 2020 2019 Topic 842 Topic 606 Total Topic 842 Topic 606 Total Revenues: Owned equipment rentals $ 2,926 $ — $ 2,926 $ 3,198 $ — $ 3,198 Re-rent revenue 63 — 63 72 — 72 Ancillary and other rental revenues: Delivery and pick-up — 232 232 — 262 262 Other 159 45 204 167 56 223 Total ancillary and other rental revenues 159 277 436 167 318 485 Total equipment rentals 3,148 277 3,425 3,437 318 3,755 Sales of rental equipment — 384 384 — 389 389 Sales of new equipment — 115 115 — 122 122 Contractor supplies sales — 48 48 — 51 51 Service and other revenues — 92 92 — 90 90 Total revenues $ 3,148 $ 916 $ 4,064 $ 3,437 $ 970 $ 4,407
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure	The rollforward of our allowance for doubtful accounts (in total, and associated with revenues arising from both Topic 606 and Topic 842) is shown below. Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Beginning balance $ 107 $ 104 $ 103 $ 93 Acquired (1) — (3) — 1 Charged to costs and expenses (2) 2 2 6 5 Charged to revenue (3) 2 10 10 22 Deductions (4) (3) (6) (11) (14) Ending balance $ 108 $ 107 $ 108 $ 107 _________________ (1) Activity during the three months ended June 30, 2019 reflects acquisition measurement period adjustments. (2) Reflects bad debt expenses recognized within selling, general and administrative expenses (associated with Topic 606 revenues). (3) Primarily reflects doubtful accounts associated with lease revenues that were recognized as a reduction to equipment rentals revenue (primarily associated with Topic 842 revenues). (4) Represents write-offs of accounts, net of immaterial recoveries.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Financial information by segment	The following tables set forth financial information by segment. General Trench, power and fluid solutions Total Three Months Ended June 30, 2020 Equipment rentals $ 1,255 $ 387 $ 1,642 Sales of rental equipment 158 18 176 Sales of new equipment 45 8 53 Contractor supplies sales 15 8 23 Service and other revenues 39 6 45 Total revenue 1,512 427 1,939 Depreciation and amortization expense 401 89 490 Equipment rentals gross profit 419 181 600 Three Months Ended June 30, 2019 Equipment rentals $ 1,527 $ 433 $ 1,960 Sales of rental equipment 180 17 197 Sales of new equipment 52 8 60 Contractor supplies sales 19 8 27 Service and other revenues 40 6 46 Total revenue 1,818 472 2,290 Depreciation and amortization expense 416 88 504 Equipment rentals gross profit 593 199 792 Six Months Ended June 30, 2020 Equipment rentals $ 2,649 $ 776 $ 3,425 Sales of rental equipment 348 36 384 Sales of new equipment 98 17 115 Contractor supplies sales 31 17 48 Service and other revenues 80 12 92 Total revenue 3,206 858 4,064 Depreciation and amortization expense 838 178 1,016 Equipment rentals gross profit 867 343 1,210 Capital expenditures 377 78 455 Six Months Ended June 30, 2019 Equipment rentals $ 2,950 $ 805 $ 3,755 Sales of rental equipment 358 31 389 Sales of new equipment 107 15 122 Contractor supplies sales 36 15 51 Service and other revenues 77 13 90 Total revenue 3,528 879 4,407 Depreciation and amortization expense 828 175 1,003 Equipment rentals gross profit 1,094 356 1,450 Capital expenditures 1,015 211 1,226 June 30, December 31, Total reportable segment assets General rentals $ 15,109 $ 16,036 Trench, power and fluid solutions 2,791 2,934 Total assets $ 17,900 $ 18,970
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 Six Months Ended June 30, June 30, 2020 2019 2020 2019 Total equipment rentals gross profit $ 600 $ 792 $ 1,210 $ 1,450 Gross profit from other lines of business 101 119 218 222 Selling, general and administrative expenses (222) (271) (489) (551) Merger related costs — — — (1) Restructuring charge (3) (6) (5) (14) Non-rental depreciation and amortization (95) (105) (195) (209) Interest expense, net (130) (180) (266) (331) Other income, net — 2 4 5 Income before provision for income taxes $ 251 $ 351 $ 477 $ 571

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair value of financial instruments	The estimated fair values of our other financial instruments, all of which are categorized in Level 1 of the fair value hierarchy, as of June 30, 2020 and December 31, 2019 have been calculated based upon available market information, and were as follows: June 30, 2020 December 31, 2019 Carrying Fair Carrying Fair Senior notes $ 8,500 $ 8,718 $ 7,755 $ 8,176

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
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: June 30, 2020 December 31, 2019 Accounts Receivable Securitization Facility expiring 2021 (1) (2) $ 743 $ 929 $3.75 billion ABL Facility expiring 2024 (1) (3) 47 1,638 Term loan facility expiring 2025 (1) 975 979 5 1 / 2 percent Senior Notes due 2025 (3) 795 795 4 5 / 8 percent Senior Notes due 2025 743 742 5 7 / 8 percent Senior Notes due 2026 999 999 6 1 / 2 percent Senior Notes due 2026 1,089 1,089 5 1 / 2 percent Senior Notes due 2027 993 992 3 7 / 8 percent Senior Secured Notes due 2027 741 741 4 7 / 8 percent Senior Notes due 2028 (4) 1,653 1,652 4 7 / 8 percent Senior Notes due 2028 (4) 4 4 5 1 / 4 percent Senior Notes due 2030 742 741 4 percent Senior Notes due 2030 (5) 741 — Finance leases 140 127 Total debt 10,405 11,428 Less short-term portion (6) (806) (997) Total long-term debt $ 9,599 $ 10,431 ___________________ (1) The table below presents financial information associated with our variable rate indebtedness as of and for the six months ended June 30, 2020. We have borrowed the full available amount under the term loan facility. The principal obligation under the term loan facility is required to be repaid in quarterly installments in an aggregate amount equal to 1.0 percent per annum, with the balance due at the maturity of the facility. The average amount of debt outstanding under the term loan facility decreases slightly each quarter due to the requirement to repay a portion of the principal obligation. ABL facility Accounts receivable securitization facility Term loan facility Borrowing capacity, net of letters of credit $ 3,640 $ 56 $ — Letters of credit 52 Interest rate at June 30, 2020 1.6 % 1.6 % 1.9 % Average month-end debt outstanding 765 784 985 Weighted-average interest rate on average debt outstanding 2.4 % 2.0 % 2.6 % Maximum month-end debt outstanding 1,494 811 988 (2) 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 and other deductions, exceeds the outstanding loans. As of June 30, 2020, there were $822 of receivables, net of applicable reserves and other deductions, in the collateral pool. In April 2020, we amended the accounts receivable securitization facility to adjust, on a temporary basis, the financial tests relating to: (i) the default ratio, (ii) the delinquency ratio, (iii) the dilution ratio and (iv) days sales outstanding. The adjustments to these tests were intended to make compliance with such tests more likely for the calendar months ending April 30, 2020 and May 31, 2020, and we were in compliance with such tests for these months. In June 2020, the accounts receivable securitization facility was further amended to (a) extend the maturity date, which may be further extended on a 364-day basis by mutual agreement with the purchasers under the facility, to June 25, 2021, (b) reduce the size of the facility from $975 to $800 and (c) adjust, for the calendar months ending on or after June 30, 2020, the financial tests (including the method of calculation) relating to (i) the default ratio, (ii) the delinquency ratio, (iii) the dilution ratio and (iv) days sales outstanding. (3) The decrease in the outstanding debt under the ABL facility since December 31, 2019 primarily reflects using proceeds (i) from the issuance of 4 percent Senior Notes (the “4 percent Notes”) discussed below and (ii) from operations to reduce borrowings under the ABL facility. At the time of the offering of the 4 percent Notes, we indicated our expectation that we would re-borrow an amount equal to the net proceeds from the offering (discussed below), along with additional borrowings under the ABL facility, to redeem our 5 1 / 2 percent Senior Notes due 2025 on or after July 15, 2020. Prior to issuing any redemption notice for the 5 1 / 2 percent Senior Notes due 2025, we considered the impact of COVID-19 on liquidity, and assessed our available sources and anticipated uses of cash, including, with respect to sources, cash generated from operations and from the sale of rental equipment. In July 2020, we issued a redemption notice for the 5 1 / 2 percent Senior Notes due 2025, and the redemption is expected to occur in August 2020. Upon redemption, we expect to recognize a loss of approximately $27 in interest expense, net, reflecting the difference between the net carrying amount and the total purchase price of the redeemed notes. (4) URNA separately issued 4 7 / 8 percent Senior Notes in August 2017 and in September 2017. Following the issuances, URNA consummated an exchange offer pursuant to which most of the 4 7 / 8 percent Senior Notes issued in September 2017 were exchanged for additional notes fungible with the 4 7 / 8 percent Senior Notes issued in August 2017. (5) In February 2020, URNA issued $750 aggregate principal amount of 4 percent Notes which are due July 15, 2030. The net proceeds from the issuance were approximately $741 (after deducting offering expenses). The 4 percent Notes are unsecured and are guaranteed by Holdings and certain domestic subsidiaries of URNA. The 4 percent Notes may be redeemed on or after July 15, 2025, at specified redemption prices that range from 102.000 percent in 2025, to 100 percent in 2028 and thereafter, in each case, plus accrued and unpaid interest, if any. In addition, at any time on or prior to July 15, 2023, up to 40 percent of the aggregate principal amount of the 4 percent Notes may be redeemed with the net cash proceeds of certain equity offerings at a redemption price equal to 104.000 percent of the aggregate principal amount of the notes plus accrued and unpaid interest, if any. The indenture governing the 4 percent Notes contains certain restrictive covenants, including, among others, limitations on (i) liens and (ii) mergers and consolidations, 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. In addition, the requirements to provide subsidiary guarantees and to make an offer to repurchase the notes upon the occurrence of a change of control will not apply to URNA and its restricted subsidiaries during any period when the 4 percent Notes are rated investment grade by both Standard & Poor’s Ratings Services and Moody’s Investors Service, Inc., or, in certain circumstances, another rating agency selected by URNA, provided at such time no default under the indenture has occurred and is continuing. The indenture also requires that, in the event of a change of control (as defined in the indenture), URNA must make an offer to purchase all of the then-outstanding 4 percent Notes tendered at a purchase price in cash equal to 101 percent of the principal amount thereof, plus accrued and unpaid interest, if any, thereon. (6) As of June 30, 2020, our short-term debt primarily reflects $743 of borrowings under our accounts receivable securitization facility.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Assets and liabilities of leases	The tables below present financial information associated with our leases as of June 30, 2020 and December 31, 2019, and for the three and six months ended June 30, 2020 and 2019. Classification June 30, 2020 December 31, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 666 $ 669 Finance lease assets Rental equipment 292 286 Less accumulated depreciation (88) (89) Rental equipment, net 204 197 Property and equipment, net: Non-rental vehicles 8 8 Buildings 18 18 Less accumulated depreciation and amortization (9) (15) Property and equipment, net 17 11 Total leased assets 887 877 Liabilities Current Operating Accrued expenses and other liabilities 174 178 Finance Short-term debt and current maturities of long-term debt 53 58 Long-term Operating Operating lease liabilities 532 533 Finance Long-term debt 87 69 Total lease liabilities $ 846 $ 838
Lease, cost	Lease term and discount rate June 30, 2020 December 31, 2019 Weighted-average remaining lease term (years) Operating leases 4.8 4.8 Finance leases 3.1 3.2 Weighted-average discount rate Operating leases 4.5 % 4.7 % Finance leases 3.7 % 4.0 % Other information Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 104 $ 102 Operating cash flows from finance leases 6 3 Financing cash flows from finance leases 26 22 Leased assets obtained in exchange for new operating lease liabilities 92 104 Leased assets obtained in exchange for new finance lease liabilities $ 39 $ 17
Lessee, operating lease, liability, maturity	Maturity of lease liabilities (as of June 30, 2020) Operating leases (1) Finance leases (2) 2020 $ 105 $ 28 2021 192 58 2022 158 33 2023 124 22 2024 90 3 Thereafter 132 5 Total 801 149 Less amount representing interest (95) (9) Present value of lease liabilities $ 706 $ 140 _________________ (1) Reflects payments for non-cancelable operating leases with initial or remaining terms of one year or more as of June 30, 2020. The table above does not include any legally binding minimum lease payments for leases signed but not yet commenced, and such leases are not material in the aggregate. (2) The table above does not include any legally binding minimum lease payments for leases signed but not yet commenced, and such leases are not material in the aggregate.
Finance lease, liability, maturity	Maturity of lease liabilities (as of June 30, 2020) Operating leases (1) Finance leases (2) 2020 $ 105 $ 28 2021 192 58 2022 158 33 2023 124 22 2024 90 3 Thereafter 132 5 Total 801 149 Less amount representing interest (95) (9) Present value of lease liabilities $ 706 $ 140 _________________ (1) Reflects payments for non-cancelable operating leases with initial or remaining terms of one year or more as of June 30, 2020. The table above does not include any legally binding minimum lease payments for leases signed but not yet commenced, and such leases are not material in the aggregate. (2) The table above does not include any legally binding minimum lease payments for leases signed but not yet commenced, and such leases are not material in the aggregate.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Schedule of earnings per share	The following table sets forth the computation of basic and diluted earnings per share (shares in thousands): Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Numerator: Net income available to common stockholders $ 212 $ 270 385 445 Denominator: Denominator for basic earnings per share—weighted-average common shares 72,161 78,264 73,101 78,829 Effect of dilutive securities: Employee stock options 12 108 14 200 Restricted stock units 102 95 155 211 Denominator for diluted earnings per share—adjusted weighted-average common shares 72,275 78,467 73,270 79,240 Basic earnings per share $ 2.94 $ 3.45 $ 5.26 $ 5.65 Diluted earnings per share $ 2.93 $ 3.44 $ 5.25 $ 5.62

Condensed Consolidating Finan_2

Condensed Consolidating Financial Information of Guarantor Subsidiaries (Tables)	6 Months Ended
	Jun. 30, 2020
Condensed Financial Information Disclosure [Abstract]
CONDENSED CONSOLIDATING BALANCE SHEET	The condensed consolidating financial information of Parent and its subsidiaries is as follows: CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2020 Parent URNA Guarantor Non-Guarantor Eliminations Total Foreign SPV ASSETS Cash and cash equivalents $ — $ 36 $ — $ 91 $ — $ — $ 127 Accounts receivable, net — — — 119 1,107 — 1,226 Intercompany receivable (payable) 2,684 (2,577) (99) (9) 1 — — Inventory — 97 — 10 — — 107 Prepaid expenses and other assets — 135 — 27 — — 162 Total current assets 2,684 (2,309) (99) 238 1,108 — 1,622 Rental equipment, net — 8,383 — 703 — — 9,086 Property and equipment, net 107 393 64 45 — — 609 Investments in subsidiaries 1,125 1,524 1,023 — — (3,672) — Goodwill — 4,756 — 379 — — 5,135 Other intangible assets, net — 712 — 49 — — 761 Operating lease right-of-use assets — 182 418 66 — — 666 Other long-term assets 13 8 — — — — 21 Total assets $ 3,929 $ 13,649 $ 1,406 $ 1,480 $ 1,108 $ (3,672) $ 17,900 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Short-term debt and current maturities of long-term debt $ — $ 61 $ — $ 2 $ 743 $ — $ 806 Accounts payable — 280 — 36 — — 316 Accrued expenses and other liabilities — 632 121 45 1 — 799 Total current liabilities — 973 121 83 744 — 1,921 Long-term debt — 9,583 7 9 — — 9,599 Deferred taxes 22 1,703 — 95 — — 1,820 Operating lease liabilities — 144 334 54 — — 532 Other long-term liabilities — 121 — — — — 121 Total liabilities 22 12,524 462 241 744 — 13,993 Total stockholders’ equity (deficit) 3,907 1,125 944 1,239 364 (3,672) 3,907 Total liabilities and stockholders’ equity (deficit) $ 3,929 $ 13,649 $ 1,406 $ 1,480 $ 1,108 $ (3,672) $ 17,900 CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2019 Parent URNA Guarantor Non-Guarantor Eliminations Total Foreign SPV ASSETS Cash and cash equivalents $ — $ 28 $ — $ 24 $ — $ — $ 52 Accounts receivable, net — — — 171 1,359 — 1,530 Intercompany receivable (payable) 2,255 (2,130) (112) (14) 1 — — Inventory — 108 — 12 — — 120 Prepaid expenses and other assets — 124 — 16 — — 140 Total current assets 2,255 (1,870) (112) 209 1,360 — 1,842 Rental equipment, net — 8,995 — 792 — — 9,787 Property and equipment, net 76 400 78 50 — — 604 Investments in subsidiaries 1,509 1,636 1,069 — — (4,214) — Goodwill — 4,759 — 395 — — 5,154 Other intangible assets, net — 833 — 62 — — 895 Operating lease right-of-use assets — 194 403 72 — — 669 Other long-term assets 12 7 — — — — 19 Total assets $ 3,852 $ 14,954 $ 1,438 $ 1,580 $ 1,360 $ (4,214) $ 18,970 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Short-term debt and current maturities of long-term debt $ — $ 66 $ — $ 2 $ 929 $ — $ 997 Accounts payable — 395 — 59 — — 454 Accrued expenses and other liabilities — 572 118 55 2 — 747 Total current liabilities — 1,033 118 116 931 — 2,198 Long-term debt — 10,402 7 22 — — 10,431 Deferred taxes 22 1,768 — 97 — — 1,887 Operating lease liabilities — 151 323 59 — — 533 Other long-term liabilities — 91 — — — — 91 Total liabilities 22 13,445 448 294 931 — 15,140 Total stockholders’ equity (deficit) 3,830 1,509 990 1,286 429 (4,214) 3,830 Total liabilities and stockholders’ equity (deficit) $ 3,852 $ 14,954 $ 1,438 $ 1,580 $ 1,360 $ (4,214) $ 18,970
CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME	Parent URNA Guarantor Non-Guarantor Eliminations Total Foreign SPV Revenues: Equipment rentals $ — $ 1,521 $ — $ 120 $ 1 $ — $ 1,642 Sales of rental equipment — 161 — 15 — — 176 Sales of new equipment — 48 — 5 — — 53 Contractor supplies sales — 20 — 3 — — 23 Service and other revenues — 41 — 4 — — 45 Total revenues — 1,791 — 147 1 — 1,939 Cost of revenues: Cost of equipment rentals, excluding depreciation — 590 — 56 1 — 647 Depreciation of rental equipment — 363 — 32 — — 395 Cost of rental equipment sales — 97 — 8 — — 105 Cost of new equipment sales — 42 — 4 — — 46 Cost of contractor supplies sales — 14 — 2 — — 16 Cost of service and other revenues — 27 — 2 — — 29 Total cost of revenues — 1,133 — 104 1 — 1,238 Gross profit — 658 — 43 — — 701 Selling, general and administrative expenses (31) 225 — 25 7 (4) 222 Restructuring charge — 3 — — — — 3 Non-rental depreciation and amortization 6 81 — 8 — — 95 Operating income (loss) 25 349 — 10 (7) 4 381 Interest (income) expense, net (10) 137 — — 3 — 130 Other (income) expense, net (158) 180 — 12 (38) 4 — Income (loss) before provision (benefit) for income taxes 193 32 — (2) 28 — 251 Provision (benefit) for income taxes 46 (12) — (1) 6 — 39 Income (loss) before equity in net earnings (loss) of subsidiaries 147 44 — (1) 22 — 212 Equity in net earnings (loss) of subsidiaries 65 21 (2) — — (84) — Net income (loss) 212 65 (2) (1) 22 (84) 212 Other comprehensive income (loss) 45 45 40 43 — (128) 45 Comprehensive income (loss) $ 257 $ 110 $ 38 $ 42 $ 22 $ (212) $ 257 CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2019 Parent URNA Guarantor Non-Guarantor Eliminations Total Foreign SPV Revenues: Equipment rentals $ — $ 1,798 $ — $ 161 $ 1 $ — $ 1,960 Sales of rental equipment — 181 — 16 — — 197 Sales of new equipment — 53 — 7 — — 60 Contractor supplies sales — 24 — 3 — — 27 Service and other revenues — 39 — 7 — — 46 Total revenues — 2,095 — 194 1 — 2,290 Cost of revenues: Cost of equipment rentals, excluding depreciation — 692 — 76 1 — 769 Depreciation of rental equipment — 367 — 32 — — 399 Cost of rental equipment sales — 108 — 8 — — 116 Cost of new equipment sales — 45 — 6 — — 51 Cost of contractor supplies sales — 17 — 2 — — 19 Cost of service and other revenues — 20 — 5 — — 25 Total cost of revenues — 1,249 — 129 1 — 1,379 Gross profit — 846 — 65 — — 911 Selling, general and administrative expenses (32) 259 — 32 12 — 271 Restructuring charge — 6 — — — — 6 Non-rental depreciation and amortization 6 91 — 8 — — 105 Operating income (loss) 26 490 — 25 (12) — 529 Interest (income) expense, net (17) 189 — — 8 — 180 Other (income) expense, net (187) 213 — 15 (43) — (2) Income before provision (benefit) for income taxes 230 88 — 10 23 — 351 Provision (benefit) for income taxes 53 26 — (3) 5 — 81 Income before equity in net earnings (loss) of subsidiaries 177 62 — 13 18 — 270 Equity in net earnings (loss) of subsidiaries 93 31 10 — — (134) — Net income (loss) 270 93 10 13 18 (134) 270 Other comprehensive income (loss) 22 22 21 22 — (65) 22 Comprehensive income (loss) $ 292 $ 115 $ 31 $ 35 $ 18 $ (199) $ 292 CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2020 Parent URNA Guarantor Non-Guarantor Eliminations Total Foreign SPV Revenues: Equipment rentals $ — $ 3,151 $ — $ 273 $ 1 $ — $ 3,425 Sales of rental equipment — 350 — 34 — — 384 Sales of new equipment — 101 — 14 — — 115 Contractor supplies sales — 42 — 6 — — 48 Service and other revenues — 83 — 9 — — 92 Total revenues — 3,727 — 336 1 — 4,064 Cost of revenues: Cost of equipment rentals, excluding depreciation — 1,266 — 127 1 — 1,394 Depreciation of rental equipment — 756 — 65 — — 821 Cost of rental equipment sales — 213 — 17 — — 230 Cost of new equipment sales — 88 — 12 — — 100 Cost of contractor supplies sales — 30 — 4 — — 34 Cost of service and other revenues — 52 — 5 — — 57 Total cost of revenues — 2,405 — 230 1 — 2,636 Gross profit — 1,322 — 106 — — 1,428 Selling, general and administrative expenses 6 415 — 50 23 (5) 489 Restructuring charge — 5 — — — — 5 Non-rental depreciation and amortization 11 168 — 16 — — 195 Operating (loss) income (17) 734 — 40 (23) 5 739 Interest (income) expense, net (27) 285 — — 8 — 266 Other (income) expense, net (330) 376 — 26 (81) 5 (4) Income before provision (benefit) for income taxes 340 73 — 14 50 — 477 Provision (benefit) for income taxes 80 (3) — 3 12 — 92 Income before equity in net earnings (loss) of subsidiaries 260 76 — 11 38 — 385 Equity in net earnings (loss) of subsidiaries 125 49 9 — — (183) — Net income (loss) 385 125 9 11 38 (183) 385 Other comprehensive (loss) income (61) (61) (55) (59) — 175 (61) Comprehensive income (loss) $ 324 $ 64 $ (46) $ (48) $ 38 $ (8) $ 324 CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2019 Parent URNA Guarantor Non-Guarantor Eliminations Total Foreign SPV Revenues: Equipment rentals $ — $ 3,436 $ — $ 318 $ 1 $ — $ 3,755 Sales of rental equipment — 354 — 35 — — 389 Sales of new equipment — 106 — 16 — — 122 Contractor supplies sales — 46 — 5 — — 51 Service and other revenues — 78 — 12 — — 90 Total revenues — 4,020 — 386 1 — 4,407 Cost of revenues: Cost of equipment rentals, excluding depreciation — 1,349 — 161 1 — 1,511 Depreciation of rental equipment — 731 — 63 — — 794 Cost of rental equipment sales — 221 — 20 — — 241 Cost of new equipment sales — 91 — 14 — — 105 Cost of contractor supplies sales — 33 — 3 — — 36 Cost of service and other revenues — 41 — 7 — — 48 Total cost of revenues — 2,466 — 268 1 — 2,735 Gross profit — 1,554 — 118 — — 1,672 Selling, general and administrative expenses 21 442 — 59 29 — 551 Merger related costs — 1 — — — — 1 Restructuring charge — 15 — (1) — — 14 Non-rental depreciation and amortization 10 182 — 17 — — 209 Operating (loss) income (31) 914 — 43 (29) — 897 Interest (income) expense, net (33) 348 — — 16 — 331 Other (income) expense, net (359) 410 — 29 (85) — (5) Income before provision (benefit) for income taxes 361 156 — 14 40 — 571 Provision for (benefit) income taxes 76 42 — (2) 10 — 126 Income before equity in net earnings (loss) of subsidiaries 285 114 — 16 30 — 445 Equity in net earnings (loss) of subsidiaries 160 46 12 — — (218) — Net income (loss) 445 160 12 16 30 (218) 445 Other comprehensive income (loss) 43 43 42 41 — (126) 43 Comprehensive income (loss) $ 488 $ 203 $ 54 $ 57 $ 30 $ (344) $ 488
CONDENSED CONSOLIDATING CASH FLOW INFORMATION	CONDENSED CONSOLIDATING CASH FLOW INFORMATION For the Six Months Ended June 30, 2020 Parent URNA Guarantor Non-Guarantor Eliminations Total Foreign SPV Net cash provided by operating activities $ 40 $ 1,047 $ — $ 86 $ 288 $ — $ 1,461 Net cash (used in) provided by investing activities (40) 2 — (3) — — (41) Net cash used in financing activities — (1,041) — (16) (288) — (1,345) Effect of foreign exchange rates — — — — — — — Net increase in cash and cash equivalents — 8 — 67 — — 75 Cash and cash equivalents at beginning of period — 28 — 24 — — 52 Cash and cash equivalents at end of period $ — $ 36 $ — $ 91 $ — $ — $ 127 CONDENSED CONSOLIDATING CASH FLOW INFORMATION For the Six Months Ended June 30, 2019 Parent URNA Guarantor Non-Guarantor Eliminations Total Foreign SPV Net cash provided by operating activities $ 9 $ 1,457 $ — $ 83 $ 41 $ — $ 1,590 Net cash used in investing activities (9) (943) — (54) — — (1,006) Net cash used in financing activities — (464) — (47) (41) — (552) Effect of foreign exchange rates — — — — — — — Net increase (decrease) in cash and cash equivalents — 50 — (18) — — 32 Cash and cash equivalents at beginning of period — 1 — 42 — — 43 Cash and cash equivalents at end of period $ — $ 51 $ — $ 24 $ — $ — $ 75

Organization, Description of _3

Organization, Description of Business and Basis of Presentation (Details) - Equipment rental revenue - Product concentration risk	6 Months Ended
	Jun. 30, 2020
Business Acquisition [Line Items]
Percentage of equipment rental revenue	77.00%
Topic 842
Business Acquisition [Line Items]
Percentage of equipment rental revenue	77.00%

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Re-rent revenue, Topic 842	$ 30	$ 37	$ 64	$ 72
Ancillary and other rental revenues:
Revenues	1,939	2,290	4,064	4,407
Topic 842
Ancillary and other rental revenues:
Revenues	1,511	1,792	3,148	3,437
Topic 606
Ancillary and other rental revenues:
Revenues	428	498	916	970
Equipment rentals
Ancillary and other rental revenues:
Revenues	1,642	1,960	3,425	3,755
Equipment rentals | Topic 842
Ancillary and other rental revenues:
Revenues	1,511	1,792	3,148	3,437
Equipment rentals | Topic 606
Ancillary and other rental revenues:
Revenues	131	168	277	318
Owned equipment rentals
Revenues:
Owned equipment rentals, Topic 842	1,404	1,668	2,926	3,198
Owned equipment rentals | Topic 842
Revenues:
Owned equipment rentals, Topic 842	1,404	1,668	2,926	3,198
Re-rent revenue
Revenues:
Re-rent revenue, Topic 842	29	37	63	72
Re-rent revenue | Topic 842
Revenues:
Re-rent revenue, Topic 842	29	37	63	72
Ancillary and Other Rental Revenues
Revenues:
Revenue from contract with customer	113	143	232	262
Ancillary and other rental revenues:
Other	96	112	204	223
Revenues	209	255	436	485
Ancillary and Other Rental Revenues | Topic 842
Revenues:
Revenue from contract with customer	0	0	0	0
Ancillary and other rental revenues:
Other	78	87	159	167
Revenues	78	87	159	167
Ancillary and Other Rental Revenues | Topic 606
Revenues:
Revenue from contract with customer	113	143	232	262
Ancillary and other rental revenues:
Other	18	25	45	56
Revenues	131	168	277	318
Sales of rental equipment
Revenues:
Revenue from contract with customer	176	197	384	389
Sales of rental equipment | Topic 606
Revenues:
Revenue from contract with customer	176	197	384	389
Sales of new equipment
Revenues:
Revenue from contract with customer	53	60	115	122
Sales of new equipment | Topic 606
Revenues:
Revenue from contract with customer	53	60	115	122
Contractor supplies sales
Revenues:
Revenue from contract with customer	23	27	48	51
Contractor supplies sales | Topic 606
Revenues:
Revenue from contract with customer	23	27	48	51
Service and other revenues
Revenues:
Revenue from contract with customer	45	46	92	90
Service and other revenues | Topic 606
Revenues:
Revenue from contract with customer	$ 45	$ 46	$ 92	$ 90

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Contract with customer, liability	$ 50,000,000		$ 50,000,000		$ 55,000,000
Accounts receivable, net	1,226,000,000		1,226,000,000		1,530,000,000
Allowance for doubtful accounts	108,000,000		108,000,000		$ 103,000,000
Bad debt expense	2,000,000		6,000,000
Contract with customer, asset	0		0
Revenue recognized	0	$ 0	0	$ 0
Contract with customer, performance obligation satisfied in previous period	$ 0	$ 0	$ 0	$ 0
Accounts Receivable | Customer concentration risk
Property, Plant and Equipment [Line Items]
Concentration risk			1.00%		1.00%
Revenues | Product concentration risk
Property, Plant and Equipment [Line Items]
Concentration risk			77.00%
Revenues | Largest customer | Customer concentration risk
Property, Plant and Equipment [Line Items]
Concentration risk			1.00%		1.00%	1.00%	1.00%
Owned equipment rentals | Revenues | Product concentration risk
Property, Plant and Equipment [Line Items]
Concentration risk			72.00%
US | Revenues | Geographic Concentration Risk
Property, Plant and Equipment [Line Items]
Concentration risk			92.00%
General rentals | Revenues | Product concentration risk
Property, Plant and Equipment [Line Items]
Concentration risk			79.00%

Revenue Recognition (Allowance

Revenue Recognition (Allowance for Doubtful Accounts Rollforward) (Details) - SEC Schedule, 12-09, Allowance, Credit Loss - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	$ 107	$ 104	$ 103	$ 93
Acquired	0	(3)	0	1
Charged to costs and expenses	2	2	6	5
Charged to revenue	2	10	10	22
Deductions	(3)	(6)	(11)	(14)
Ending balance	$ 108	$ 107	$ 108	$ 107

Segment Information (Financial

Segment Information (Financial Information by Segment) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)region	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)region	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Segment Reporting Information
Revenues	$ 1,939	$ 2,290	$ 4,064	$ 4,407
Depreciation and amortization expense	490	504	1,016	1,003
Equipment rentals gross profit	701	911	1,428	1,672
Capital expenditures			455	1,226
Assets	17,900		17,900		$ 18,970
Equipment rentals
Segment Reporting Information
Revenues	1,642	1,960	3,425	3,755
Sales of rental equipment
Segment Reporting Information
Revenue from contract with customer	176	197	384	389
Sales of new equipment
Segment Reporting Information
Revenue from contract with customer	53	60	115	122
Contractor supplies sales
Segment Reporting Information
Revenue from contract with customer	23	27	48	51
Service and other revenues
Segment Reporting Information
Revenue from contract with customer	45	46	92	90
Equipment rentals gross profit
Segment Reporting Information
Equipment rentals gross profit	$ 600	792	$ 1,210	1,450
General rentals
Segment Reporting Information
Number of geographic regions entity operates in (locations) | region	11		11
Revenues	$ 1,512	1,818	$ 3,206	3,528
Depreciation and amortization expense	401	416	838	828
Capital expenditures			377	1,015
Assets	15,109		15,109		16,036
General rentals | Equipment rentals
Segment Reporting Information
Revenues	1,255	1,527	2,649	2,950
General rentals | Sales of rental equipment
Segment Reporting Information
Revenue from contract with customer	158	180	348	358
General rentals | Sales of new equipment
Segment Reporting Information
Revenue from contract with customer	45	52	98	107
General rentals | Contractor supplies sales
Segment Reporting Information
Revenue from contract with customer	15	19	31	36
General rentals | Service and other revenues
Segment Reporting Information
Revenue from contract with customer	39	40	80	77
General rentals | Equipment rentals gross profit
Segment Reporting Information
Equipment rentals gross profit	419	593	867	1,094
Trench, power and fluid solutions
Segment Reporting Information
Revenues	427	472	858	879
Depreciation and amortization expense	89	88	178	175
Capital expenditures			78	211
Assets	2,791		2,791		$ 2,934
Trench, power and fluid solutions | Equipment rentals
Segment Reporting Information
Revenues	387	433	776	805
Trench, power and fluid solutions | Sales of rental equipment
Segment Reporting Information
Revenue from contract with customer	18	17	36	31
Trench, power and fluid solutions | Sales of new equipment
Segment Reporting Information
Revenue from contract with customer	8	8	17	15
Trench, power and fluid solutions | Contractor supplies sales
Segment Reporting Information
Revenue from contract with customer	8	8	17	15
Trench, power and fluid solutions | Service and other revenues
Segment Reporting Information
Revenue from contract with customer	6	6	12	13
Trench, power and fluid solutions | Equipment rentals gross profit
Segment Reporting Information
Equipment rentals gross profit	$ 181	$ 199	$ 343	$ 356

Segment Information (Reconcilia

Segment Information (Reconciliation to Income (loss) from Continuing Operations) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Equipment rentals gross profit	$ 701	$ 911	$ 1,428	$ 1,672
Selling, general and administrative expenses	(222)	(271)	(489)	(551)
Merger related costs	0	0	0	(1)
Restructuring charge	(3)	(6)	(5)	(14)
Non-rental depreciation and amortization	(95)	(105)	(195)	(209)
Interest expense, net	(130)	(180)	(266)	(331)
Other income, net	0	2	4	5
Income before provision for income taxes	251	351	477	571
Equipment rentals under operating lease
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Equipment rentals gross profit	600	792	1,210	1,450
Other lines of business
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Equipment rentals gross profit	$ 101	$ 119	$ 218	$ 222

Restructuring and Asset Impai_2

Restructuring and Asset Impairment Charges (Narrative) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)restructuring_program	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)restructuring_program	Jun. 30, 2019USD ($)
Restructuring Cost and Reserve
Restructuring costs incurred to date	$ 338		$ 338
Asset impairment charges	$ 0	$ 0		$ 0
Closed Restructuring Programs
Restructuring Cost and Reserve
Number of restructuring programs | restructuring_program	5		5
Restructuring and related activities, number of completed restructuring programs, liability	$ 16		$ 16
General Rentals Segment
Restructuring Cost and Reserve
Asset impairment charges			$ 26

Fair Value Measurements (Fair v

Fair Value Measurements (Fair value of financial instruments) (Details) - Senior notes - Level 1 - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Senior notes	$ 8,500	$ 7,755
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Senior notes	$ 8,718	$ 8,176

Debt (Schedule of long-term deb

Debt (Schedule of long-term debt instruments) (Details) - USD ($)	1 Months Ended			6 Months Ended
	Aug. 31, 2020	Jun. 30, 2020	Feb. 29, 2020	Jun. 30, 2020	May 31, 2020	Dec. 31, 2019
Debt Instrument
Finance leases		$ 140,000,000		$ 140,000,000		$ 127,000,000
Total debt		10,405,000,000		10,405,000,000		11,428,000,000
Less short-term portion		(806,000,000)		(806,000,000)		(997,000,000)
Total long-term debt		9,599,000,000		9,599,000,000		10,431,000,000
Term loan facility expiring 2025
Debt Instrument
Long-term debt		$ 975,000,000		$ 975,000,000		979,000,000
Annual repayment rate		1.00%		1.00%
Line of Credit | $3.75 billion ABL Facility expiring 2024
Debt Instrument
Long-term debt		$ 47,000,000		$ 47,000,000		1,638,000,000
Maximum borrowing capacity		3,750,000,000		3,750,000,000
Borrowing capacity, net of letters of credit		3,640,000,000		3,640,000,000
Letters of credit		$ 52,000,000		$ 52,000,000
Interest rate at June 30, 2020		1.60%		1.60%
Average month-end debt outstanding				$ 765,000,000
Weighted-average interest rate on average debt outstanding		2.40%		2.40%
Maximum month-end debt outstanding				$ 1,494,000,000
Senior notes | 5 1/2 percent Senior Notes due 2025
Debt Instrument
Long-term debt		$ 795,000,000		$ 795,000,000		795,000,000
Stated interest rate		5.50%		5.50%
Senior notes | 4 5/8 percent Senior Notes due 2025
Debt Instrument
Long-term debt		$ 743,000,000		$ 743,000,000		742,000,000
Stated interest rate		4.625%		4.625%
Senior notes | 5 7/8 percent Senior Notes due 2026
Debt Instrument
Long-term debt		$ 999,000,000		$ 999,000,000		999,000,000
Stated interest rate		5.875%		5.875%
Senior notes | 6 1/2 percent Senior Notes due 2026
Debt Instrument
Long-term debt		$ 1,089,000,000		$ 1,089,000,000		1,089,000,000
Stated interest rate		6.50%		6.50%
Senior notes | 5 1/2 percent Senior Notes due 2027
Debt Instrument
Long-term debt		$ 993,000,000		$ 993,000,000		992,000,000
Stated interest rate		5.50%		5.50%
Senior notes | 3 7/8 percent Senior Secured Notes due 2027
Debt Instrument
Long-term debt		$ 741,000,000		$ 741,000,000		741,000,000
Stated interest rate		3.875%		3.875%
Senior notes | 4 7/8 percent Senior Notes due 2028
Debt Instrument
Long-term debt		$ 1,653,000,000		$ 1,653,000,000		1,652,000,000
Stated interest rate		4.875%		4.875%
Senior notes | 4 7/8 percent Senior Notes due 2028
Debt Instrument
Long-term debt		$ 4,000,000		$ 4,000,000		4,000,000
Stated interest rate		4.875%		4.875%
Senior notes | 5 1/4 percent Senior Notes due 2030
Debt Instrument
Long-term debt		$ 742,000,000		$ 742,000,000		741,000,000
Stated interest rate		5.25%		5.25%
Senior notes | 4 percent Senior Notes due 2030
Debt Instrument
Long-term debt		$ 741,000,000		$ 741,000,000
Stated interest rate		4.00%	4.00%	4.00%
Senior notes | 4 percent Senior Notes due 2030 | Forecast
Debt Instrument
Interest expense, debt	$ 27,000,000
Line of Credit | Accounts Receivable Securitization Facility expiring 2020
Debt Instrument
Long-term debt		$ 743,000,000		$ 743,000,000		$ 929,000,000
Maximum borrowing capacity		800		800	$ 975
Borrowing capacity, net of letters of credit		$ 56,000,000		$ 56,000,000
Interest rate at June 30, 2020		1.60%		1.60%
Average month-end debt outstanding				$ 784,000,000
Weighted-average interest rate on average debt outstanding		2.00%		2.00%
Maximum month-end debt outstanding				$ 811,000,000
Collateral amount		$ 822,000,000		822,000,000
Debt extension period		364 days
Line of Credit | Term loan facility
Debt Instrument
Borrowing capacity, net of letters of credit		$ 0		$ 0
Interest rate at June 30, 2020		1.90%		1.90%
Average month-end debt outstanding				$ 985,000,000
Weighted-average interest rate on average debt outstanding		2.60%		2.60%
Maximum month-end debt outstanding				$ 988,000,000
Subsidiaries | Senior notes | 4 percent Senior Notes due 2030
Debt Instrument
Debt instrument, face amount			$ 750,000,000
Proceeds from debt, net of issuance costs			$ 741,000,000
Subsidiaries | Redemption Period Two | Senior notes | 4 percent Senior Notes due 2030
Debt Instrument
Debt instrument, redemption price, percentage			104.00%
Debt instrument, redemption price, percentage of principal amount redeemed			40.00%
Subsidiaries | Redemption Period Three | Senior notes | 4 percent Senior Notes due 2030
Debt Instrument
Debt instrument, redemption price, percentage			101.00%
Minimum | Subsidiaries | Redemption Period One | Senior notes | 4 percent Senior Notes due 2030
Debt Instrument
Debt instrument, redemption price, percentage			102.00%
Maximum | Subsidiaries | Redemption Period One | Senior notes | 4 percent Senior Notes due 2030
Debt Instrument
Debt instrument, redemption price, percentage			100.00%

Debt (Narrative) (Details)

Debt (Narrative) (Details)	6 Months Ended
	Jun. 30, 2020
Line of Credit | ABL Facility
Debt Instrument
Minimum available borrowing capacity, percentage	10.00%

Leases (Narrative) (Details)

Leases (Narrative) (Details)	6 Months Ended
	Jun. 30, 2020
Product concentration risk | Revenues
Lessee, Lease, Description [Line Items]
Percentage of equipment rental revenue	77.00%
Minimum
Lessee, Lease, Description [Line Items]
Renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Renewal term	5 years

Leases (Summary of Financial In

Leases (Summary of Financial Information Associated with Leases) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Assets
Operating lease right-of-use assets	$ 666	$ 669
Total leased assets	887	877
Current
Accrued expenses and other liabilities	174	178
Short-term debt and current maturities of long-term debt	53	58
Long-term
Operating lease liabilities	532	533
Long-term debt	87	69
Total lease liabilities	846	838
Rental equipment
Assets
Finance lease assets, gross	292	286
Less accumulated depreciation and amortization	(88)	(89)
Finance lease assets, net	204	197
Property and equipment, net
Assets
Less accumulated depreciation and amortization	(9)	(15)
Finance lease assets, net	17	11
Non-rental vehicles
Assets
Finance lease assets, gross	8	8
Buildings
Assets
Finance lease assets, gross	$ 18	$ 18

Leases (Lease Cost) (Details)

Leases (Lease Cost) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Finance lease cost
Sublease income	$ (30)	$ (37)	$ (64)	$ (72)
Net lease cost	72	66	144	139
Short-term lease, cost	27	29	58	63
Cost of equipment rentals, excluding depreciation
Lessee, Lease, Description [Line Items]
Operating lease cost	86	86	178	175
Selling, general and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease cost	3	2	6	5
Restructuring charge
Lessee, Lease, Description [Line Items]
Operating lease cost	1	7	2	13
Depreciation of rental equipment
Finance lease cost
Amortization of leased assets	8	7	15	14
Non-rental depreciation and amortization
Finance lease cost
Amortization of leased assets	1	0	1	1
Interest expense, net
Finance lease cost
Interest on lease liabilities	$ 3	$ 1	$ 6	$ 3

Leases (Maturity of Lease Liabi

Leases (Maturity of Lease Liabilities) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Operating leases
2020	$ 105
2021	192
2022	158
2023	124
2024	90
Thereafter	132
Total	801
Less amount representing interest	(95)
Present value of lease liabilities	706
Finance leases
2020	28
2021	58
2022	33
2023	22
2024	3
Thereafter	5
Total	149
Less amount representing interest	(9)
Present value of lease liabilities	$ 140	$ 127

Leases (Lease Term and Discount

Leases (Lease Term and Discount Rate) (Details)	Jun. 30, 2020	Dec. 31, 2019
Weighted-average remaining lease term (years)
Operating leases	4 years 9 months 18 days	4 years 9 months 18 days
Finance leases	3 years 1 month 6 days	3 years 2 months 12 days
Weighted-average discount rate
Operating leases	4.50%	4.70%
Finance leases	3.70%	4.00%

Leases (Other Information) (Det

Leases (Other Information) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 104	$ 102
Operating cash flows from finance leases	6	3
Financing cash flows from finance leases	26	22
Leased assets obtained in exchange for new operating lease liabilities	92	104
Leased assets obtained in exchange for new finance lease liabilities	$ 39	$ 17

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Net income available to common stockholders	$ 212	$ 270	$ 385	$ 445
Denominator:
Denominator for basic earnings per share—weighted-average common shares (in shares)	72,161	78,264	73,101	78,829
Effect of dilutive securities:
Denominator for diluted earnings per share—adjusted weighted-average common shares (in shares)	72,275	78,467	73,270	79,240
Basic earnings per share (in dollars per share)	$ 2.94	$ 3.45	$ 5.26	$ 5.65
Diluted earnings per share (in dollars per share)	$ 2.93	$ 3.44	$ 5.25	$ 5.62
Employee stock options
Effect of dilutive securities:
Effect of dilutive securities (in shares)	12	108	14	200
Restricted stock units
Effect of dilutive securities:
Effect of dilutive securities (in shares)	102	95	155	211

Condensed Consolidating Finan_3

Condensed Consolidating Financial Information of Guarantor Subsidiaries - Narrative (Details) - ABL Facility, Accounts Receivable Securitization Facility, and Other Agreements $ in Millions	Jun. 30, 2020USD ($)
Condensed Financial Statements, Captions [Line Items]
Line of credit facility, restricted payment capacity	$ 3,192
URNA
Condensed Financial Statements, Captions [Line Items]
Line of credit facility, restricted payment capacity	$ 508

Condensed Consolidating Finan_4

Condensed Consolidating Financial Information of Guarantor Subsidiaries - CONDENSED CONSOLIDATING BALANCE SHEET (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 127	$ 52
Accounts receivable, net	1,226	1,530
Intercompany receivable (payable)	0	0
Inventory	107	120
Prepaid expenses and other assets	162	140
Total current assets	1,622	1,842
Investments in subsidiaries	0	0
Goodwill	5,135	5,154
Other intangible assets, net	761	895
Operating lease right-of-use assets	666	669
Other long-term assets	21	19
Total assets	17,900	18,970
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	806	997
Accounts payable	316	454
Accrued expenses and other liabilities	799	747
Total current liabilities	1,921	2,198
Long-term debt	9,599	10,431
Deferred taxes	1,820	1,887
Operating lease liabilities	532	533
Other long-term liabilities	121	91
Total liabilities	13,993	15,140
Total stockholders’ equity (deficit)	3,907	3,830
Total liabilities and stockholders’ equity (deficit)	17,900	18,970
Eliminations
ASSETS
Cash and cash equivalents	0	0
Accounts receivable, net	0	0
Intercompany receivable (payable)	0	0
Inventory	0	0
Prepaid expenses and other assets	0	0
Total current assets	0	0
Investments in subsidiaries	(3,672)	(4,214)
Goodwill	0	0
Other intangible assets, net	0	0
Operating lease right-of-use assets	0	0
Other long-term assets	0	0
Total assets	(3,672)	(4,214)
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
Operating lease liabilities	0	0
Other long-term liabilities	0	0
Total liabilities	0	0
Total stockholders’ equity (deficit)	(3,672)	(4,214)
Total liabilities and stockholders’ equity (deficit)	(3,672)	(4,214)
Parent | Reportable Legal Entities
ASSETS
Cash and cash equivalents	0	0
Accounts receivable, net	0	0
Intercompany receivable (payable)	2,684	2,255
Inventory	0	0
Prepaid expenses and other assets	0	0
Total current assets	2,684	2,255
Investments in subsidiaries	1,125	1,509
Goodwill	0	0
Other intangible assets, net	0	0
Operating lease right-of-use assets	0	0
Other long-term assets	13	12
Total assets	3,929	3,852
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	22	22
Operating lease liabilities	0	0
Other long-term liabilities	0	0
Total liabilities	22	22
Total stockholders’ equity (deficit)	3,907	3,830
Total liabilities and stockholders’ equity (deficit)	3,929	3,852
URNA | Reportable Legal Entities
ASSETS
Cash and cash equivalents	36	28
Accounts receivable, net	0	0
Intercompany receivable (payable)	(2,577)	(2,130)
Inventory	97	108
Prepaid expenses and other assets	135	124
Total current assets	(2,309)	(1,870)
Investments in subsidiaries	1,524	1,636
Goodwill	4,756	4,759
Other intangible assets, net	712	833
Operating lease right-of-use assets	182	194
Other long-term assets	8	7
Total assets	13,649	14,954
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	61	66
Accounts payable	280	395
Accrued expenses and other liabilities	632	572
Total current liabilities	973	1,033
Long-term debt	9,583	10,402
Deferred taxes	1,703	1,768
Operating lease liabilities	144	151
Other long-term liabilities	121	91
Total liabilities	12,524	13,445
Total stockholders’ equity (deficit)	1,125	1,509
Total liabilities and stockholders’ equity (deficit)	13,649	14,954
Guarantor Subsidiaries | Reportable Legal Entities
ASSETS
Cash and cash equivalents	0	0
Accounts receivable, net	0	0
Intercompany receivable (payable)	(99)	(112)
Inventory	0	0
Prepaid expenses and other assets	0	0
Total current assets	(99)	(112)
Investments in subsidiaries	1,023	1,069
Goodwill	0	0
Other intangible assets, net	0	0
Operating lease right-of-use assets	418	403
Other long-term assets	0	0
Total assets	1,406	1,438
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	121	118
Total current liabilities	121	118
Long-term debt	7	7
Deferred taxes	0	0
Operating lease liabilities	334	323
Other long-term liabilities	0	0
Total liabilities	462	448
Total stockholders’ equity (deficit)	944	990
Total liabilities and stockholders’ equity (deficit)	1,406	1,438
Non-Guarantor Subsidiaries - Foreign | Reportable Legal Entities
ASSETS
Cash and cash equivalents	91	24
Accounts receivable, net	119	171
Intercompany receivable (payable)	(9)	(14)
Inventory	10	12
Prepaid expenses and other assets	27	16
Total current assets	238	209
Investments in subsidiaries	0	0
Goodwill	379	395
Other intangible assets, net	49	62
Operating lease right-of-use assets	66	72
Other long-term assets	0	0
Total assets	1,480	1,580
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	2	2
Accounts payable	36	59
Accrued expenses and other liabilities	45	55
Total current liabilities	83	116
Long-term debt	9	22
Deferred taxes	95	97
Operating lease liabilities	54	59
Other long-term liabilities	0	0
Total liabilities	241	294
Total stockholders’ equity (deficit)	1,239	1,286
Total liabilities and stockholders’ equity (deficit)	1,480	1,580
Non Guarantor Subsidiaries - SPV | Reportable Legal Entities
ASSETS
Cash and cash equivalents	0	0
Accounts receivable, net	1,107	1,359
Intercompany receivable (payable)	1	1
Inventory	0	0
Prepaid expenses and other assets	0	0
Total current assets	1,108	1,360
Investments in subsidiaries	0	0
Goodwill	0	0
Other intangible assets, net	0	0
Operating lease right-of-use assets	0	0
Other long-term assets	0	0
Total assets	1,108	1,360
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	743	929
Accounts payable	0	0
Accrued expenses and other liabilities	1	2
Total current liabilities	744	931
Long-term debt	0	0
Deferred taxes	0	0
Operating lease liabilities	0	0
Other long-term liabilities	0	0
Total liabilities	744	931
Total stockholders’ equity (deficit)	364	429
Total liabilities and stockholders’ equity (deficit)	1,108	1,360
Rental equipment, net
ASSETS
Property and equipment, net	9,086	9,787
Rental equipment, net | Eliminations
ASSETS
Property and equipment, net	0	0
Rental equipment, net | Parent | Reportable Legal Entities
ASSETS
Property and equipment, net	0	0
Rental equipment, net | URNA | Reportable Legal Entities
ASSETS
Property and equipment, net	8,383	8,995
Rental equipment, net | Guarantor Subsidiaries | Reportable Legal Entities
ASSETS
Property and equipment, net	0	0
Rental equipment, net | Non-Guarantor Subsidiaries - Foreign | Reportable Legal Entities
ASSETS
Property and equipment, net	703	792
Rental equipment, net | Non Guarantor Subsidiaries - SPV | Reportable Legal Entities
ASSETS
Property and equipment, net	0	0
Property and equipment, net
ASSETS
Property and equipment, net	609	604
Property and equipment, net | Eliminations
ASSETS
Property and equipment, net	0	0
Property and equipment, net | Parent | Reportable Legal Entities
ASSETS
Property and equipment, net	107	76
Property and equipment, net | URNA | Reportable Legal Entities
ASSETS
Property and equipment, net	393	400
Property and equipment, net | Guarantor Subsidiaries | Reportable Legal Entities
ASSETS
Property and equipment, net	64	78
Property and equipment, net | Non-Guarantor Subsidiaries - Foreign | Reportable Legal Entities
ASSETS
Property and equipment, net	45	50
Property and equipment, net | Non Guarantor Subsidiaries - SPV | Reportable Legal Entities
ASSETS
Property and equipment, net	$ 0	$ 0

Condensed Consolidating Finan_5

Condensed Consolidating Financial Information of Guarantor Subsidiaries - CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2020		Jun. 30, 2019		Jun. 30, 2020	Jun. 30, 2019
Revenues:
Revenues	$ 1,939		$ 2,290		$ 4,064	$ 4,407
Cost of revenues:
Cost of equipment rentals, excluding depreciation	647		769		1,394	1,511
Depreciation of rental equipment	395		399		821	794
Total cost of revenues	1,238		1,379		2,636	2,735
Gross profit	701		911		1,428	1,672
Selling, general and administrative expenses	222		271		489	551
Merger related costs	0		0		0	1
Restructuring charge	3		6		5	14
Non-rental depreciation and amortization	95		105		195	209
Operating income (loss)	381		529		739	897
Interest (income) expense, net	130		180		266	331
Other (income) expense, net	0		(2)		(4)	(5)
Income before provision for income taxes	251		351		477	571
Provision (benefit) for income taxes	39		81		92	126
Income before equity in net earnings (loss) of subsidiaries	212		270		385	445
Equity in net earnings (loss) of subsidiaries	0		0		0	0
Net income	212		270		385	445
Other comprehensive (loss) income	45		22		(61)	43
Comprehensive income (loss)	257	[1]	292	[1]	324	488
Eliminations
Revenues:
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
Total cost of revenues	0		0		0	0
Gross profit	0		0		0	0
Selling, general and administrative expenses	(4)		0		(5)	0
Merger related costs						0
Restructuring charge	0		0		0	0
Non-rental depreciation and amortization	0		0		0	0
Operating income (loss)	4		0		5	0
Interest (income) expense, net	0		0		0	0
Other (income) expense, net	4		0		5	0
Income before provision for income taxes	0		0		0	0
Provision (benefit) for income taxes	0		0		0	0
Income before equity in net earnings (loss) of subsidiaries	0		0		0	0
Equity in net earnings (loss) of subsidiaries	(84)		(134)		(183)	(218)
Net income	(84)		(134)		(183)	(218)
Other comprehensive (loss) income	(128)		(65)		175	(126)
Comprehensive income (loss)	(212)		(199)		(8)	(344)
Parent | Reportable Legal Entities
Revenues:
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
Total cost of revenues	0		0		0	0
Gross profit	0		0		0	0
Selling, general and administrative expenses	(31)		(32)		6	21
Merger related costs						0
Restructuring charge	0		0		0	0
Non-rental depreciation and amortization	6		6		11	10
Operating income (loss)	25		26		(17)	(31)
Interest (income) expense, net	(10)		(17)		(27)	(33)
Other (income) expense, net	(158)		(187)		(330)	(359)
Income before provision for income taxes	193		230		340	361
Provision (benefit) for income taxes	46		53		80	76
Income before equity in net earnings (loss) of subsidiaries	147		177		260	285
Equity in net earnings (loss) of subsidiaries	65		93		125	160
Net income	212		270		385	445
Other comprehensive (loss) income	45		22		(61)	43
Comprehensive income (loss)	257		292		324	488
URNA | Reportable Legal Entities
Revenues:
Revenues	1,791		2,095		3,727	4,020
Cost of revenues:
Cost of equipment rentals, excluding depreciation	590		692		1,266	1,349
Depreciation of rental equipment	363		367		756	731
Total cost of revenues	1,133		1,249		2,405	2,466
Gross profit	658		846		1,322	1,554
Selling, general and administrative expenses	225		259		415	442
Merger related costs						1
Restructuring charge	3		6		5	15
Non-rental depreciation and amortization	81		91		168	182
Operating income (loss)	349		490		734	914
Interest (income) expense, net	137		189		285	348
Other (income) expense, net	180		213		376	410
Income before provision for income taxes	32		88		73	156
Provision (benefit) for income taxes	(12)		26		(3)	42
Income before equity in net earnings (loss) of subsidiaries	44		62		76	114
Equity in net earnings (loss) of subsidiaries	21		31		49	46
Net income	65		93		125	160
Other comprehensive (loss) income	45		22		(61)	43
Comprehensive income (loss)	110		115		64	203
Guarantor Subsidiaries | Reportable Legal Entities
Revenues:
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
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
Restructuring charge	0		0		0	0
Non-rental depreciation and amortization	0		0		0	0
Operating income (loss)	0		0		0	0
Interest (income) expense, net	0		0		0	0
Other (income) expense, net	0		0		0	0
Income before provision for income taxes	0		0		0	0
Provision (benefit) for income taxes	0		0		0	0
Income before equity in net earnings (loss) of subsidiaries	0		0		0	0
Equity in net earnings (loss) of subsidiaries	(2)		10		9	12
Net income	(2)		10		9	12
Other comprehensive (loss) income	40		21		(55)	42
Comprehensive income (loss)	38		31		(46)	54
Non-Guarantor Subsidiaries - Foreign | Reportable Legal Entities
Revenues:
Revenues	147		194		336	386
Cost of revenues:
Cost of equipment rentals, excluding depreciation	56		76		127	161
Depreciation of rental equipment	32		32		65	63
Total cost of revenues	104		129		230	268
Gross profit	43		65		106	118
Selling, general and administrative expenses	25		32		50	59
Merger related costs						0
Restructuring charge	0		0		0	(1)
Non-rental depreciation and amortization	8		8		16	17
Operating income (loss)	10		25		40	43
Interest (income) expense, net	0		0		0	0
Other (income) expense, net	12		15		26	29
Income before provision for income taxes	(2)		10		14	14
Provision (benefit) for income taxes	(1)		(3)		3	(2)
Income before equity in net earnings (loss) of subsidiaries	(1)		13		11	16
Equity in net earnings (loss) of subsidiaries	0		0		0	0
Net income	(1)		13		11	16
Other comprehensive (loss) income	43		22		(59)	41
Comprehensive income (loss)	42		35		(48)	57
Non Guarantor Subsidiaries - SPV | Reportable Legal Entities
Revenues:
Revenues	1		1		1	1
Cost of revenues:
Cost of equipment rentals, excluding depreciation	1		1		1	1
Depreciation of rental equipment	0		0		0	0
Total cost of revenues	1		1		1	1
Gross profit	0		0		0	0
Selling, general and administrative expenses	7		12		23	29
Merger related costs						0
Restructuring charge	0		0		0	0
Non-rental depreciation and amortization	0		0		0	0
Operating income (loss)	(7)		(12)		(23)	(29)
Interest (income) expense, net	3		8		8	16
Other (income) expense, net	(38)		(43)		(81)	(85)
Income before provision for income taxes	28		23		50	40
Provision (benefit) for income taxes	6		5		12	10
Income before equity in net earnings (loss) of subsidiaries	22		18		38	30
Equity in net earnings (loss) of subsidiaries	0		0		0	0
Net income	22		18		38	30
Other comprehensive (loss) income	0		0		0	0
Comprehensive income (loss)	22		18		38	30
Equipment rentals
Revenues:
Revenues	1,642		1,960		3,425	3,755
Equipment rentals | Eliminations
Revenues:
Revenues	0		0		0	0
Equipment rentals | Parent | Reportable Legal Entities
Revenues:
Revenues	0		0		0	0
Equipment rentals | URNA | Reportable Legal Entities
Revenues:
Revenues	1,521		1,798		3,151	3,436
Equipment rentals | Guarantor Subsidiaries | Reportable Legal Entities
Revenues:
Revenues	0		0		0	0
Equipment rentals | Non-Guarantor Subsidiaries - Foreign | Reportable Legal Entities
Revenues:
Revenues	120		161		273	318
Equipment rentals | Non Guarantor Subsidiaries - SPV | Reportable Legal Entities
Revenues:
Revenues	1		1		1	1
Sales of rental equipment
Revenues:
Revenue from contract with customer	176		197		384	389
Cost of revenues:
Cost of Goods and Services Sold	105		116		230	241
Sales of rental equipment | Eliminations
Revenues:
Revenue from contract with customer	0		0		0	0
Cost of revenues:
Cost of Goods and Services Sold	0		0		0	0
Sales of rental equipment | Parent | Reportable Legal Entities
Revenues:
Revenue from contract with customer	0		0		0	0
Cost of revenues:
Cost of Goods and Services Sold	0		0		0	0
Sales of rental equipment | URNA | Reportable Legal Entities
Revenues:
Revenue from contract with customer	161		181		350	354
Cost of revenues:
Cost of Goods and Services Sold	97		108		213	221
Sales of rental equipment | Guarantor Subsidiaries | Reportable Legal Entities
Revenues:
Revenue from contract with customer	0		0		0	0
Cost of revenues:
Cost of Goods and Services Sold	0		0		0	0
Sales of rental equipment | Non-Guarantor Subsidiaries - Foreign | Reportable Legal Entities
Revenues:
Revenue from contract with customer	15		16		34	35
Cost of revenues:
Cost of Goods and Services Sold	8		8		17	20
Sales of rental equipment | Non Guarantor Subsidiaries - SPV | Reportable Legal Entities
Revenues:
Revenue from contract with customer	0		0		0	0
Cost of revenues:
Cost of Goods and Services Sold	0		0		0	0
Sales of new equipment
Revenues:
Revenue from contract with customer	53		60		115	122
Cost of revenues:
Cost of Goods and Services Sold	46		51		100	105
Sales of new equipment | Eliminations
Revenues:
Revenue from contract with customer	0		0		0	0
Cost of revenues:
Cost of Goods and Services Sold	0		0		0	0
Sales of new equipment | Parent | Reportable Legal Entities
Revenues:
Revenue from contract with customer	0		0		0	0
Cost of revenues:
Cost of Goods and Services Sold	0		0		0	0
Sales of new equipment | URNA | Reportable Legal Entities
Revenues:
Revenue from contract with customer	48		53		101	106
Cost of revenues:
Cost of Goods and Services Sold	42		45		88	91
Sales of new equipment | Guarantor Subsidiaries | Reportable Legal Entities
Revenues:
Revenue from contract with customer	0		0		0	0
Cost of revenues:
Cost of Goods and Services Sold	0		0		0	0
Sales of new equipment | Non-Guarantor Subsidiaries - Foreign | Reportable Legal Entities
Revenues:
Revenue from contract with customer	5		7		14	16
Cost of revenues:
Cost of Goods and Services Sold	4		6		12	14
Sales of new equipment | Non Guarantor Subsidiaries - SPV | Reportable Legal Entities
Revenues:
Revenue from contract with customer	0		0		0	0
Cost of revenues:
Cost of Goods and Services Sold	0		0		0	0
Contractor supplies sales
Revenues:
Revenue from contract with customer	23		27		48	51
Cost of revenues:
Cost of Goods and Services Sold	16		19		34	36
Contractor supplies sales | Eliminations
Revenues:
Revenue from contract with customer	0		0		0	0
Cost of revenues:
Cost of Goods and Services Sold	0		0		0	0
Contractor supplies sales | Parent | Reportable Legal Entities
Revenues:
Revenue from contract with customer	0		0		0	0
Cost of revenues:
Cost of Goods and Services Sold	0		0		0	0
Contractor supplies sales | URNA | Reportable Legal Entities
Revenues:
Revenue from contract with customer	20		24		42	46
Cost of revenues:
Cost of Goods and Services Sold	14		17		30	33
Contractor supplies sales | Guarantor Subsidiaries | Reportable Legal Entities
Revenues:
Revenue from contract with customer	0		0		0	0
Cost of revenues:
Cost of Goods and Services Sold	0		0		0	0
Contractor supplies sales | Non-Guarantor Subsidiaries - Foreign | Reportable Legal Entities
Revenues:
Revenue from contract with customer	3		3		6	5
Cost of revenues:
Cost of Goods and Services Sold	2		2		4	3
Contractor supplies sales | Non Guarantor Subsidiaries - SPV | Reportable Legal Entities
Revenues:
Revenue from contract with customer	0		0		0	0
Cost of revenues:
Cost of Goods and Services Sold	0		0		0	0
Service and other revenues
Revenues:
Revenue from contract with customer	45		46		92	90
Cost of revenues:
Cost of Goods and Services Sold	29		25		57	48
Service and other revenues | Eliminations
Revenues:
Revenue from contract with customer	0		0		0	0
Cost of revenues:
Cost of Goods and Services Sold	0		0		0	0
Service and other revenues | Parent | Reportable Legal Entities
Revenues:
Revenue from contract with customer	0		0		0	0
Cost of revenues:
Cost of Goods and Services Sold	0		0		0	0
Service and other revenues | URNA | Reportable Legal Entities
Revenues:
Revenue from contract with customer	41		39		83	78
Cost of revenues:
Cost of Goods and Services Sold	27		20		52	41
Service and other revenues | Guarantor Subsidiaries | Reportable Legal Entities
Revenues:
Revenue from contract with customer	0		0		0	0
Cost of revenues:
Cost of Goods and Services Sold	0		0		0	0
Service and other revenues | Non-Guarantor Subsidiaries - Foreign | Reportable Legal Entities
Revenues:
Revenue from contract with customer	4		7		9	12
Cost of revenues:
Cost of Goods and Services Sold	2		5		5	7
Service and other revenues | Non Guarantor Subsidiaries - SPV | Reportable Legal Entities
Revenues:
Revenue from contract with customer	0		0		0	0
Cost of revenues:
Cost of Goods and Services Sold	$ 0		$ 0		$ 0	$ 0
[1]	There were no material reclassifications from accumulated other comprehensive loss reflected in other comprehensive income (loss) during 2020 or 2019. T here is no tax impact related to the foreign currency translation adjustments, as the earnings are considered permanently reinvested. We have historically considered the undistributed earnings of our foreign subsidiaries to be indefinitely reinvested. We have not repatriated funds to the U.S. to satisfy domestic liquidity needs, nor do we anticipate the need to do so. If we determine that all or a portion of our foreign earnings are no longer indefinitely reinvested, we may be subject to additional foreign withholding taxes and U.S. state income taxes. There were no material taxes associated with other comprehensive income (loss) during 2020 or 2019.

Condensed Consolidating Finan_6

Condensed Consolidating Financial Information of Guarantor Subsidiaries - CONDENSED CONSOLIDATING CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	$ 1,461	$ 1,590
Net cash (used in) provided by investing activities	(41)	(1,006)
Net cash used in financing activities	(1,345)	(552)
Effect of foreign exchange rates	0	0
Net increase in cash and cash equivalents	75	32
Cash and cash equivalents at beginning of period	52	43
Cash and cash equivalents at end of period	127	75
Eliminations
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	0	0
Net cash (used in) provided by investing activities	0	0
Net cash used in financing activities	0	0
Effect of foreign exchange rates	0	0
Net increase in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Parent | Reportable Legal Entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	40	9
Net cash (used in) provided by investing activities	(40)	(9)
Net cash used in financing activities	0	0
Effect of foreign exchange rates	0	0
Net increase in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
URNA | Reportable Legal Entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	1,047	1,457
Net cash (used in) provided by investing activities	2	(943)
Net cash used in financing activities	(1,041)	(464)
Effect of foreign exchange rates	0	0
Net increase in cash and cash equivalents	8	50
Cash and cash equivalents at beginning of period	28	1
Cash and cash equivalents at end of period	36	51
Guarantor Subsidiaries | Reportable Legal Entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	0	0
Net cash (used in) provided by investing activities	0	0
Net cash used in financing activities	0	0
Effect of foreign exchange rates	0	0
Net increase in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Non-Guarantor Subsidiaries - Foreign | Reportable Legal Entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	86	83
Net cash (used in) provided by investing activities	(3)	(54)
Net cash used in financing activities	(16)	(47)
Effect of foreign exchange rates	0	0
Net increase in cash and cash equivalents	67	(18)
Cash and cash equivalents at beginning of period	24	42
Cash and cash equivalents at end of period	91	24
Non Guarantor Subsidiaries - SPV | Reportable Legal Entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	288	41
Net cash (used in) provided by investing activities	0	0
Net cash used in financing activities	(288)	(41)
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