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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash Flows From Operating Activities:    
Net income $ 385 $ 445
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,016 1,003
Amortization of deferred financing costs and original issue discounts 7 8
Gain on sales of rental equipment (154) (148)
Gain on sales of non-rental equipment (3) (3)
Gain on insurance proceeds from damaged equipment (13) (12)
Stock compensation expense, net 28 31
Merger related costs 0 1
Restructuring charge 5 14
Loss on repurchase/redemption of debt securities and amendment of ABL facility 0 32
(Decrease) increase in deferred taxes (62) 49
Changes in operating assets and liabilities, net of amounts acquired:    
Decrease in accounts receivable 297 39
Decrease (increase) in inventory 12 (25)
Increase in prepaid expenses and other assets (2) (23)
(Decrease) increase in accounts payable (135) 211
Increase (decrease) in accrued expenses and other liabilities 80 (32)
Net cash provided by operating activities 1,461 1,590
Cash Flows From Investing Activities:    
Purchases of rental equipment (353) (1,129)
Purchases of non-rental equipment (102) (97)
Proceeds from sales of rental equipment 384 389
Proceeds from sales of non-rental equipment 20 15
Insurance proceeds from damaged equipment 13 12
Purchases of other companies, net of cash acquired (2) (195)
Purchases of investments (1) (1)
Net cash used in investing activities (41) (1,006)
Cash Flows From Financing Activities:    
Proceeds from debt 3,620 4,590
Payments of debt (4,680) (4,679)
Proceeds from the exercise of common stock options 1 10
Common stock repurchased (276) (454)
Payments of financing costs (10) (19)
Net cash used in financing activities (1,345) (552)
Effect of foreign exchange rates 0 0
Net increase in cash and cash equivalents 75 32
Cash and cash equivalents at beginning of period 52 43
Cash and cash equivalents at end of period 127 75
Supplemental disclosure of cash flow information:    
Cash paid for income taxes, net 21 73
Cash paid for interest $ 259 $ 301