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