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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows From Operating Activities:    
Net income $ 496 $ 385
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 941 1,016
Amortization of deferred financing costs and original issue discounts 6 7
Gain on sales of rental equipment (187) (154)
Gain on sales of non-rental equipment (4) (3)
Insurance proceeds from damaged equipment (14) (13)
Stock compensation expense, net 56 28
Merger related costs 3 0
Restructuring charge 1 5
Increase (decrease) in deferred taxes 73 (62)
Changes in operating assets and liabilities, net of amounts acquired:    
(Increase) decrease in accounts receivable (18) 297
Decrease in inventory 2 12
Decrease (increase) in prepaid expenses and other assets 210 (2)
Increase (decrease) in accounts payable 385 (135)
(Decrease) increase in accrued expenses and other liabilities (16) 80
Net cash provided by operating activities 1,934 1,461
Cash Flows From Investing Activities:    
Purchases of rental equipment (1,208) (353)
Purchases of non-rental equipment (53) (102)
Proceeds from sales of rental equipment 461 384
Proceeds from sales of non-rental equipment 14 20
Insurance proceeds from damaged equipment 14 13
Purchases of other companies, net of cash acquired (1,435) (2)
Purchases of investments (1) (1)
Net cash used in investing activities (2,208) (41)
Cash Flows From Financing Activities:    
Proceeds from debt 3,768 3,620
Payments of debt (3,338) (4,680)
Proceeds from the exercise of common stock options 0 1
Common stock repurchased (32) (276)
Payments of financing costs 0 (10)
Net cash provided by (used in) financing activities 398 (1,345)
Effect of foreign exchange rates 10 0
Net increase in cash and cash equivalents 134 75
Cash and cash equivalents at beginning of period 202 52
Cash and cash equivalents at end of period 336 127
Supplemental disclosure of cash flow information:    
Cash paid for income taxes, net 108 21
Cash paid for interest $ 195 $ 259