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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash Flows From Operating Activities:    
Net income $ 905 $ 593
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,451 1,508
Amortization of deferred financing costs and original issue discounts 9 11
Gain on sales of rental equipment (271) (230)
Gain on sales of non-rental equipment (6) (5)
Insurance proceeds from damaged equipment (19) (34)
Stock compensation expense, net 89 46
Merger related costs 3 0
Restructuring charge 1 11
Loss on repurchase/redemption of debt securities and amendment of ABL facility 30 159
Increase (decrease) in deferred taxes 157 (66)
Changes in operating assets and liabilities, net of amounts acquired:    
(Increase) decrease in accounts receivable (224) 202
Decrease in inventory 8 12
Decrease in prepaid expenses and other assets 306 30
Increase in accounts payable 548 88
Increase (decrease) in accrued expenses and other liabilities 34 (37)
Net cash provided by operating activities 3,021 2,288
Cash Flows From Investing Activities:    
Purchases of rental equipment (2,308) (785)
Purchases of non-rental equipment and intangible assets (142) (145)
Proceeds from sales of rental equipment 644 583
Proceeds from sales of non-rental equipment 20 31
Insurance proceeds from damaged equipment 19 34
Purchases of other companies, net of cash acquired (1,435) (2)
Purchases of investments (1) (2)
Net cash used in investing activities (3,203) (286)
Cash Flows From Financing Activities:    
Proceeds from debt 7,030 7,251
Payments of debt (6,694) (8,829)
Proceeds from the exercise of common stock options 0 1
Common stock repurchased (33) (281)
Payments of financing costs (8) (23)
Net cash provided by (used in) financing activities 295 (1,881)
Effect of foreign exchange rates 5 1
Net increase in cash and cash equivalents 118 122
Cash and cash equivalents at beginning of period 202 52
Cash and cash equivalents at end of period 320 174
Supplemental disclosure of cash flow information:    
Cash paid for income taxes, net 151 239
Cash paid for interest $ 362 $ 438