|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
In Millions, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2015
|
Mar. 31, 2014
|
| Cash Flows From Operating Activities: |
|
|
|
| Net income |
$ 115 |
|
$ 60 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
304 |
|
277 |
| Amortization of deferred financing costs and original issue discounts |
3 |
|
5 |
| Gain on sales of rental equipment |
(52) |
|
(45) |
| Gain on sales of non-rental equipment |
(2) |
|
(1) |
| Stock compensation expense, net |
14 |
|
12 |
| Merger related costs |
(27) |
|
1 |
| Restructuring charge |
1 |
[1] |
1 |
| Loss on repurchase/redemption of debt securities and amendment of ABL facility |
2 |
|
11 |
| Increase in deferred taxes |
39 |
|
22 |
| Changes in operating assets and liabilities, net of amounts acquired: |
|
|
|
| Decrease in accounts receivable |
81 |
|
47 |
| Increase in inventory |
(4) |
|
(32) |
| Decrease (increase) in prepaid expenses and other assets |
18 |
|
(4) |
| Increase in accounts payable |
184 |
|
163 |
| Decrease in accrued expenses and other liabilities |
(1) |
|
(9) |
| Net cash provided by operating activities |
675 |
|
508 |
| Cash Flows From Investing Activities: |
|
|
|
| Purchases of rental equipment |
(323) |
|
(333) |
| Purchases of non-rental equipment |
(22) |
|
(18) |
| Proceeds from sales of rental equipment |
116 |
|
110 |
| Proceeds from sales of non-rental equipment |
4 |
|
11 |
| Purchases of other companies, net of cash acquired |
0 |
|
(1) |
| Net cash used in investing activities |
(225) |
|
(231) |
| Cash Flows From Financing Activities: |
|
|
|
| Proceeds from debt |
2,736 |
|
2,398 |
| Payments of debt |
(2,704) |
|
(2,543) |
| Proceeds from the exercise of common stock options |
0 |
|
1 |
| Common stock repurchased |
(343) |
|
(61) |
| Payments of financing costs |
(24) |
|
(20) |
| Cash received in connection with the 4 percent Convertible Senior Notes and related hedge, net |
0 |
|
7 |
| Net cash used in financing activities |
(335) |
|
(218) |
| Effect of foreign exchange rates |
(16) |
|
(7) |
| Net increase in cash and cash equivalents |
99 |
|
52 |
| Cash and cash equivalents at beginning of period |
158 |
|
175 |
| Cash and cash equivalents at end of period |
257 |
|
227 |
| Supplemental disclosure of cash flow information: |
|
|
|
| Cash (received) paid for income taxes, net |
(35) |
|
9 |
| Cash paid for interest |
$ 91 |
|
$ 84 |
|
|
|