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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash Flows From Operating Activities:    
Net income $ 416 $ 346
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 926 882
Amortization of deferred financing costs and original issue discounts 8 14
Gain on sales of rental equipment (164) (161)
Gain on sales of non-rental equipment (6) (7)
Stock compensation expense, net 37 48
Merger related costs (26) 13
Restructuring charge 1 [1] (2)
Loss on repurchase/redemption of debt securities and amendment of ABL facility 123 80
Excess tax benefits from share-based payment arrangements (57) 0
Increase in deferred taxes 94 134
Changes in operating assets and liabilities, net of amounts acquired:    
Increase in accounts receivable (72) (99)
Increase in inventory 0 (23)
Decrease in prepaid expenses and other assets 17 10
Increase in accounts payable 195 197
Increase in accrued expenses and other liabilities 65 34
Net cash provided by operating activities 1,557 1,466
Cash Flows From Investing Activities:    
Purchases of rental equipment (1,425) (1,484)
Purchases of non-rental equipment (76) (84)
Proceeds from sales of rental equipment 381 388
Proceeds from sales of non-rental equipment 14 26
Purchases of other companies, net of cash acquired (86) (752)
Net cash used in investing activities (1,192) (1,906)
Cash Flows From Financing Activities:    
Proceeds from debt 7,453 5,911
Payments of debt (7,093) (5,082)
Payment of contingent consideration (52) 0
Proceeds from the exercise of common stock options 1 2
Common stock repurchased (667) (399)
Payments of financing costs (27) (22)
Cash received in connection with the 4 percent Convertible Senior Notes and related hedge, net 0 31
Excess tax benefits from share-based payment arrangements 57 0
Net cash (used in) provided by financing activities (328) 441
Effect of foreign exchange rates (24) (8)
Net increase (decrease) in cash and cash equivalents 13 (7)
Cash and cash equivalents at beginning of period 158 175
Cash and cash equivalents at end of period 171 168
Supplemental disclosure of cash flow information:    
Cash paid for income taxes, net 55 60
Cash paid for interest $ 304 $ 315
[1] Reflected in our condensed consolidated statements of income as “Restructuring charge.” These charges are not allocated to our reportable segments.