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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash Flows From Operating Activities:      
Net income $ 585 $ 540 $ 387
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 1,244 1,194 1,098
Amortization of deferred financing costs and original issue discounts 10 17 21
Gain on sales of rental equipment (227) (229) (176)
Gain on sales of non-rental equipment (8) (11) (6)
Loss on sale of software subsidiary 0 0 1
Stock compensation expense, net 49 74 46
Merger related costs (26) 11 9
Restructuring charge 6 (1) 12
Loss on repurchase/redemption of debt securities and amendment of ABL facility 123 80 1
Loss on retirement of subordinated convertible debentures 0 0 2
Excess tax benefits from share-based payment arrangements (5) 0 0
Increase in deferred taxes 336 261 167
Changes in operating assets and liabilities:      
Increase in accounts receivable (11) (101) (20)
Decrease (increase) in inventory 8 11 (2)
(Increase) decrease in prepaid expenses and other assets (38) (52) 60
(Decrease) increase in accounts payable (8) (23) 9
(Decrease) increase in accrued expenses and other liabilities (43) 30 (58)
Net cash provided by operating activities 1,995 1,801 1,551
Cash Flows From Investing Activities:      
Purchases of rental equipment (1,534) (1,701) (1,580)
Purchases of non-rental equipment (102) (120) (104)
Proceeds from sales of rental equipment 538 544 490
Proceeds from sales of non-rental equipment 17 33 26
Purchases of other companies, net of cash acquired (86) (756) (9)
Purchases of investments (3) 0 0
Net cash used in investing activities (1,170) (2,000) (1,177)
Cash Flows From Financing Activities:      
Proceeds from debt 8,566 7,070 3,805
Payments of debt, including subordinated convertible debentures (8,482) (6,283) (3,965)
Payment of contingent consideration (52) 0 0
Payments of financing costs (27) (22) (2)
Proceeds from the exercise of common stock options 1 2 6
Common stock repurchased (789) (613) (115)
Cash received (paid) in connection with the 4 percent Convertible Senior Notes and related hedge, net 3 42 (24)
Excess tax benefits from share-based payment arrangements 5 0 0
Net cash (used in) provided by financing activities (775) 196 (295)
Effect of foreign exchange rates (29) (14) (10)
Net increase (decrease) in cash and cash equivalents 21 (17) 69
Cash and cash equivalents at beginning of year 158 175 106
Cash and cash equivalents at end of year 179 158 175
Supplemental disclosure of cash flow information:      
Cash paid for interest, including subordinated convertible debentures 447 457 461
Cash paid for income taxes, net $ 60 $ 100 $ 48