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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash Flows From Operating Activities:    
Net income $ 445 $ 453
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,003 783
Amortization of deferred financing costs and original issue discounts 8 6
Gain on sales of rental equipment (148) (139)
Gain on sales of non-rental equipment (3) (3)
Gain on insurance proceeds from damaged equipment (12) (14)
Stock compensation expense, net 31 43
Merger related costs 1 3
Restructuring charge 14 6
Loss on repurchase/redemption of debt securities and amendment of ABL facility 32 0
Increase in deferred taxes 49 93
Changes in operating assets and liabilities, net of amounts acquired:    
Decrease in accounts receivable 39 29
Increase in inventory (25) (19)
(Increase) decrease in prepaid expenses and other assets (23) 25
Increase in accounts payable 211 451
Decrease in accrued expenses and other liabilities (32) (68)
Net cash provided by operating activities 1,590 1,649
Cash Flows From Investing Activities:    
Purchases of rental equipment (1,129) (1,226)
Purchases of non-rental equipment (97) (80)
Proceeds from sales of rental equipment 389 338
Proceeds from sales of non-rental equipment 15 8
Insurance proceeds from damaged equipment 12 14
Purchases of other companies, net of cash acquired (195) (58)
Purchases of investments (1) (1)
Net cash used in investing activities (1,006) (1,005)
Cash Flows From Financing Activities:    
Proceeds from debt 4,590 4,330
Payments of debt (4,679) (4,806)
Proceeds from the exercise of common stock options 10 2
Common stock repurchased (454) (395)
Payments of financing costs (19) (1)
Net cash used in financing activities (552) (870)
Effect of foreign exchange rates 0 (9)
Net increase (decrease) in cash and cash equivalents 32 (235)
Cash and cash equivalents at beginning of period 43 352
Cash and cash equivalents at end of period 75 117
Supplemental disclosure of cash flow information:    
Cash paid for income taxes, net 73 39
Cash paid for interest $ 301 $ 213