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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash Flows From Operating Activities:      
Net income $ 890 $ 1,174 $ 1,096
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 1,988 2,038 1,671
Amortization of deferred financing costs and original issue discounts 14 15 12
Gain on sales of rental equipment (332) (313) (278)
Gain on sales of non-rental equipment (8) (6) (6)
Insurance proceeds from damaged equipment (40) (24) (22)
Stock compensation expense, net 70 61 102
Merger related costs 0 1 36
Restructuring charge 17 18 31
Loss on repurchase/redemption of debt securities and amendment of ABL facility 183 61 0
(Decrease) increase in deferred taxes (121) 204 257
Changes in operating assets and liabilities:      
Decrease (increase) in accounts receivable 218 39 (115)
Increase in inventory (5) (8) (20)
(Increase) decrease in prepaid expenses and other assets (228) (59) 75
Increase (decrease) in accounts payable 10 (86) 49
Increase (decrease) in accrued expenses and other liabilities 2 (91) (35)
Net cash provided by operating activities 2,658 3,024 2,853
Cash Flows From Investing Activities:      
Purchases of rental equipment (961) (2,132) (2,106)
Purchases of non-rental equipment (197) (218) (185)
Proceeds from sales of rental equipment 858 831 664
Proceeds from sales of non-rental equipment 42 37 23
Insurance proceeds from damaged equipment 40 24 22
Purchases of other companies, net of cash acquired (2) (249) (2,966)
Purchases of investments (3) (3) (3)
Net cash used in investing activities (223) (1,710) (4,551)
Cash Flows From Financing Activities:      
Proceeds from debt 9,260 9,260 12,178
Payments of debt (11,245) (9,678) (9,942)
Payments of financing costs (23) (28) (24)
Proceeds from the exercise of common stock options 1 11 2
Common stock repurchased (286) (870) (817)
Net cash (used in) provided by financing activities (2,293) (1,305) 1,397
Effect of foreign exchange rates 8 0 (8)
Net increase (decrease) in cash and cash equivalents 150 9 (309)
Cash and cash equivalents at beginning of year 52 43 352
Cash and cash equivalents at end of year 202 52 43
Supplemental disclosure of cash flow information:      
Cash paid for interest 483 581 455
Cash paid for income taxes, net $ 318 $ 238 $ 71