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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows From Operating Activities:    
Net income $ 203 $ 173
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 466 526
Amortization of deferred financing costs and original issue discounts 3 4
Gain on sales of rental equipment (103) (83)
Gain on sales of non-rental equipment (1) (1)
Insurance proceeds from damaged equipment (7) (6)
Stock compensation expense, net 21 13
Restructuring charge 1 2
Increase in deferred taxes 3 1
Changes in operating assets and liabilities, net of amounts acquired:    
Decrease in accounts receivable 63 105
Decrease in inventory 11 5
Decrease (increase) in prepaid expenses and other assets 23 (30)
Increase in accounts payable 96 33
Decrease in accrued expenses and other liabilities (21) (98)
Net cash provided by operating activities 758 644
Cash Flows From Investing Activities:    
Purchases of rental equipment (295) (208)
Purchases of non-rental equipment (19) (53)
Proceeds from sales of rental equipment 267 208
Proceeds from sales of non-rental equipment 7 9
Insurance proceeds from damaged equipment 7 6
Purchases of other companies, net of cash acquired (1) 0
Purchases of investments 0 (1)
Net cash used in investing activities (34) (39)
Cash Flows From Financing Activities:    
Proceeds from debt 1,091 2,517
Payments of debt (1,710) (2,375)
Proceeds from the exercise of common stock options 0 1
Common stock repurchased (30) (276)
Payments of financing costs 0 (9)
Net cash used in financing activities (649) (142)
Effect of foreign exchange rates 1 (2)
Net increase in cash and cash equivalents 76 461
Cash and cash equivalents at beginning of period 202 52
Cash and cash equivalents at end of period 278 513
Supplemental disclosure of cash flow information:    
Cash paid for income taxes, net 6 3
Cash paid for interest $ 167 $ 174