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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash Flows From Operating Activities:    
Net income $ 593 $ 836
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,508 1,522
Amortization of deferred financing costs and original issue discounts 11 11
Gain on sales of rental equipment (230) (224)
Gain on sales of non-rental equipment (5) (3)
Insurance proceeds from damaged equipment (34) (18)
Stock compensation expense, net 46 45
Merger related costs 0 1
Restructuring charge 11 16
Loss on repurchase/redemption of debt securities and amendment of ABL facility 159 32
(Decrease) increase in deferred taxes (66) 117
Changes in operating assets and liabilities, net of amounts acquired:    
Decrease (increase) in accounts receivable 202 (30)
Decrease (increase) in inventory 12 (17)
Decrease (increase) in prepaid expenses and other assets 30 (21)
Increase in accounts payable 88 301
(Decrease) increase in accrued expenses and other liabilities (37) 14
Net cash provided by operating activities 2,288 2,582
Cash Flows From Investing Activities:    
Purchases of rental equipment (785) (1,974)
Purchases of non-rental equipment (145) (157)
Proceeds from sales of rental equipment 583 587
Proceeds from sales of non-rental equipment 31 26
Insurance proceeds from damaged equipment 34 18
Purchases of other companies, net of cash acquired (2) (247)
Purchases of investments (2) (2)
Net cash used in investing activities (286) (1,749)
Cash Flows From Financing Activities:    
Proceeds from debt 7,251 6,125
Payments of debt (8,829) (6,269)
Proceeds from the exercise of common stock options 1 10
Common stock repurchased (281) (664)
Payments of financing costs (23) (18)
Net cash used in financing activities (1,881) (816)
Effect of foreign exchange rates 1 0
Net increase in cash and cash equivalents 122 17
Cash and cash equivalents at beginning of period 52 43
Cash and cash equivalents at end of period 174 60
Supplemental disclosure of cash flow information:    
Cash paid for income taxes, net 239 96
Cash paid for interest $ 438 $ 480