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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash Flows From Operating Activities:      
Net income $ 1,174 $ 1,096 $ 1,346
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 2,038 1,671 1,383
Amortization of deferred financing costs and original issue discounts 15 12 9
Gain on sales of rental equipment (313) (278) (220)
Gain on sales of non-rental equipment (6) (6) (4)
Gain on insurance proceeds from damaged equipment (24) (22) (21)
Stock compensation expense, net 61 102 87
Merger related costs 1 36 50
Restructuring charge 18 31 50
Loss on repurchase/redemption of debt securities and amendment of ABL facility 61 0 54
Increase (decrease) in deferred taxes (note 14) 204 257 (533)
Changes in operating assets and liabilities:      
Decrease (increase) in accounts receivable 39 (115) (184)
(Increase) decrease in inventory (8) (20) 1
(Increase) decrease in prepaid expenses and other assets (59) 75 (20)
(Decrease) increase in accounts payable (86) 49 141
(Decrease) increase in accrued expenses and other liabilities (91) (35) 70
Net cash provided by operating activities 3,024 2,853 2,209
Cash Flows From Investing Activities:      
Purchases of rental equipment (2,132) (2,106) (1,769)
Purchases of non-rental equipment (218) (185) (120)
Proceeds from sales of rental equipment 831 664 550
Proceeds from sales of non-rental equipment 37 23 16
Insurance proceeds from damaged equipment 24 22 21
Purchases of other companies, net of cash acquired (249) (2,966) (2,377)
Purchases of investments (3) (3) (5)
Net cash used in investing activities (1,710) (4,551) (3,684)
Cash Flows From Financing Activities:      
Proceeds from debt 9,260 12,178 11,801
Payments of debt (9,678) (9,942) (10,207)
Payments of financing costs (28) (24) (44)
Proceeds from the exercise of common stock options 11 2 3
Common stock repurchased (870) (817) (56)
Net cash (used in) provided by financing activities (1,305) 1,397 1,497
Effect of foreign exchange rates 0 (8) 18
Net increase (decrease) in cash and cash equivalents 9 (309) 40
Cash and cash equivalents at beginning of year 43 352 312
Cash and cash equivalents at end of year 52 43 352
Supplemental disclosure of cash flow information:      
Cash paid for interest 581 455 357
Cash paid for income taxes, net $ 238 $ 71 $ 205