RSC Equipment Rental, Inc.

CIK:0001406579|SEC Filings

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2011

Accumulated Other Comprehensive Income (Loss) [Abstract]

Accumulated Other Comprehensive Income (Loss)

(9) Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) components as of December 31, 2011 were as follows (in 000s):


	Foreign Currency Translation			Fair Market Value of Cash Flow Hedges			Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2010	$	21,722		$	(19,630	)	$	2,092
Foreign currency translation		(3,028	)		—			(3,028	)
Change in fair value of cash flow hedges, net of tax		—			19,630			19,630

Balance at December 31, 2011	$	18,694		$	—		$	18,694

Consolidated Statements Of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Cash flows from operating activities:
Net (loss) income	$ (29,904)	$ (73,516)	$ (59,360)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	342,804	312,823	329,652
Amortization of deferred financing costs	10,018	12,782	11,768
Amortization of original issue discount	1,246	1,117	453
Share-based compensation expense	7,051	3,753	4,224
Gain on sales of rental and non-rental property and equipment, net of non-cash write-offs	(55,458)	(19,376)	(7,091)
Deferred income taxes	(19,099)	(2,697)	(37,332)
Loss (gain) on extinguishment of debt, net	15,342		(13,916)
Gain on settlement of insurance property claims		(3,426)
Interest expense, net on ineffective hedge	(104)	42	6,832
Changes in operating assets and liabilities:
Accounts receivable, net	(37,005)	(45,109)	99,772
Inventory	(1,652)	288	5,519
Other assets	(623)	452	1,191
Accounts payable	50,664	145,482	(63,068)
Accrued expenses and other liabilities	40,520	(7,755)	(8,688)
Net cash provided by operating activities	323,800	324,860	269,956
Cash flows from investing activities:
Cash paid for acquisition	(49,098)
Purchases of rental equipment	(616,159)	(327,107)	(46,386)
Purchases of property and equipment	(11,837)	(5,766)	(4,952)
Proceeds from sales of rental equipment	154,466	124,845	158,482
Proceeds from sales of property and equipment	7,073	2,951	12,493
Insurance proceeds from rental equipment and property claims		4,368	5,267
Net cash (used in) provided by investing activities	(515,555)	(200,709)	124,904
Cash flows from financing activities:
Payments on Senior ABL Term Loan			(244,375)
Payments on Second Lien Term Facility	(479,395)		(392,986)
Payments on capital leases and other debt	(29,652)	(30,194)	(40,427)
Payments for deferred financing costs	(28,101)	(1,756)	(28,487)
Payments for non-deferred financing costs			(4,312)
Capital Contributions from RSC Holdings	5,109	948	256
Increase (decrease) in outstanding checks in excess of cash balances	14,670	1,921	(1,070)
Net cash provided by (used in) financing activities	193,874	(126,081)	(405,194)
Effect of foreign exchange rates on cash	(796)	905	1,199
Net increase (decrease) in cash and cash equivalents	1,323	(1,025)	(9,135)
Cash and cash equivalents at beginning of year	3,510	4,535	13,670
Cash and cash equivalents at end of year	4,833	3,510	4,535
Supplemental disclosure of cash flow information:
Cash paid for interest	197,803	181,272	155,295
Cash received for taxes, net	(13,130)	(26,539)	(8,632)
Supplemental schedule of non-cash investing and financing activities:
Purchase of assets under capital lease obligations	44,098	23,149	1,136
Accrued deferred financing costs	301	326	634
Old Senior ABL Revolving Facility [Member]
Cash flows from financing activities:
Proceeds from Senior ABL Revolving Facility	72,000	179,000	321,166
Payments on Senior ABL Revolving Facility	(376,195)	(276,000)	(601,193)
New Senior ABL Revolving Facility [Member]
Cash flows from financing activities:
Proceeds from Senior ABL Revolving Facility	630,000
Payments on Senior ABL Revolving Facility	(142,000)
2021 Notes [Member]
Cash flows from financing activities:
Proceeds from issuance of Notes	650,000
2017 Notes [Member]
Cash flows from financing activities:
Proceeds from issuance of Notes			389,280
2019 Notes [Member]
Cash flows from financing activities:
Proceeds from issuance of Notes			196,954
2014 Notes [Member]
Cash flows from financing activities:
Payments on 2014 Notes	(117,000)
Payments for call premium on 2014 Notes	$ (5,562)

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Assets
Cash and cash equivalents	$ 4,833	$ 3,510
Accounts receivable, net	267,879	228,532
Inventory	15,909	14,171
Deferred tax assets, net	122,862	17,912
Prepaid expense and other current assets	14,422	13,798
Total current assets	425,905	277,923
Rental equipment, net	1,573,193	1,336,424
Property and equipment, net	123,114	110,779
Goodwill and other intangibles, net	957,129	939,302
Deferred financing costs	52,484	44,205
Other long-term assets	9,148	9,342
Total assets	3,140,973	2,717,975
Liabilities and Stockholders' Deficit
Accounts payable	258,811	193,819
Accrued expenses and other current liabilities	140,725	119,608
Current portion of long-term debt	27,417	25,294
Total current liabilities	426,953	338,721
Long-term debt	2,294,865	2,043,887
Deferred tax liabilities, net	429,074	330,862
Other long-term liabilities	28,500	41,782
Total liabilities	3,179,392	2,755,252
Commitments and contingencies
Common stock, no par value, (1,000 shares authorized, issued and outstanding at December 31, 2011 and December 31, 2010)	305,622	293,462
Accumulated deficit	(362,735)	(332,831)
Accumulated other comprehensive income	18,694	2,092
Total stockholders' deficit	(38,419)	(37,277)
Total liabilities and stockholders' deficit	$ 3,140,973	$ 2,717,975