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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash Flows From Operating Activities:    
Net income $ 836 $ 786
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,522 1,201
Amortization of deferred financing costs and original issue discounts 11 9
Gain on sales of rental equipment (224) (196)
Gain on sales of non-rental equipment (3) (4)
Gain on insurance proceeds from damaged equipment (18) (18)
Stock compensation expense, net 45 73
Merger related costs 1 14
Restructuring charge 16 15
Loss on repurchase/redemption of debt securities and amendment of ABL facility 32 0
Increase in deferred taxes 117 190
Changes in operating assets and liabilities, net of amounts acquired:    
Increase in accounts receivable (30) (131)
Increase in inventory (17) (23)
(Increase) decrease in prepaid expenses and other assets (21) 31
Increase in accounts payable 301 238
Increase (decrease) in accrued expenses and other liabilities 14 (62)
Net cash provided by operating activities 2,582 2,123
Cash Flows From Investing Activities:    
Purchases of rental equipment (1,974) (1,962)
Purchases of non-rental equipment (157) (134)
Proceeds from sales of rental equipment 587 478
Proceeds from sales of non-rental equipment 26 13
Insurance proceeds from damaged equipment 18 18
Purchases of other companies, net of cash acquired (247) (805)
Purchases of investments (2) (1)
Net cash used in investing activities (1,749) (2,393)
Cash Flows From Financing Activities:    
Proceeds from debt 6,125 7,062
Payments of debt (6,269) (6,464)
Proceeds from the exercise of common stock options 10 2
Common stock repurchased (664) (606)
Payments of financing costs (18) (1)
Net cash used in financing activities (816) (7)
Effect of foreign exchange rates 0 (10)
Net increase (decrease) in cash and cash equivalents 17 (287)
Cash and cash equivalents at beginning of period 43 352
Cash and cash equivalents at end of period 60 65
Supplemental disclosure of cash flow information:    
Cash paid for income taxes, net 96 50
Cash paid for interest $ 480 $ 379