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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash Flows From Operating Activities:      
Net income $ 1,096 $ 1,346 $ 566
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 1,671 1,383 1,245
Amortization of deferred financing costs and original issue discounts 12 9 9
Gain on sales of rental equipment (278) (220) (204)
Gain on sales of non-rental equipment (6) (4) (4)
Gain on insurance proceeds from damaged equipment 22 21 12
Stock compensation expense, net 102 87 45
Merger related costs 36 50 0
Restructuring charge 31 50 14
Loss on repurchase/redemption of debt securities and amendment of ABL facility 0 54 101
Excess tax benefits from share-based payment arrangements 0 0 (58)
Increase (decrease) in deferred taxes (note 13) 257 (533) 123
Changes in operating assets and liabilities:      
(Increase) decrease in accounts receivable (115) (184) 15
(Increase) decrease in inventory (20) 1 1
Decrease (increase) in prepaid expenses and other assets 75 (20) 77
Increase (decrease) in accounts payable 49 141 (29)
(Decrease) increase in accrued expenses and other liabilities (35) 70 52
Net cash provided by operating activities 2,853 2,209 1,941
Cash Flows From Investing Activities:      
Purchases of rental equipment (2,106) (1,769) (1,246)
Purchases of non-rental equipment (185) (120) (93)
Proceeds from sales of rental equipment 664 550 496
Proceeds from sales of non-rental equipment 23 16 14
Insurance proceeds from damaged equipment 22 21 12
Purchases of other companies, net of cash acquired (2,966) (2,377) (28)
Purchases of investments (3) (5) (2)
Net cash used in investing activities (4,551) (3,684) (847)
Cash Flows From Financing Activities:      
Proceeds from debt 12,178 11,801 8,752
Payments of debt (9,942) (10,207) (9,223)
Payments of financing costs (24) (44) (24)
Proceeds from the exercise of common stock options 2 3 1
Common stock repurchased (817) (56) (528)
Excess tax benefits from share-based payment arrangements 0 0 58
Net cash provided by (used in) financing activities 1,397 1,497 (964)
Effect of foreign exchange rates (8) 18 3
Net (decrease) increase in cash and cash equivalents (309) 40 133
Cash and cash equivalents at beginning of year 352 312 179
Cash and cash equivalents at end of year 43 352 312
Supplemental disclosure of cash flow information:      
Cash paid for interest 455 357 415
Cash paid for income taxes, net $ 71 $ 205 $ 99