XML 64 R7.htm IDEA: XBRL DOCUMENT v3.19.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Cash flows from operating activities:          
Net income $ 9.4 $ 46.2 $ 12.4 $ 35.8  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation of rental equipment 102.7 98.3 303.6 288.6  
Depreciation of property and equipment     39.3 38.2  
Amortization of intangible assets     5.2 3.6  
Amortization of deferred debt and financing obligations costs     4.3 4.7  
Loss on extinguishment of debt 51.0   53.6 5.4  
Stock-based compensation charges     12.5 9.9  
Restructuring     5.5 0.0  
Provision for receivables allowances     40.2 41.0  
Deferred taxes     (5.6) (6.4)  
Gain on sale of rental equipment     (1.6) (6.7)  
Income from joint ventures     (0.3) (1.3)  
Other     5.6 8.0  
Changes in assets and liabilities:          
Receivables     (37.0) (46.7)  
Other assets     2.8 (2.2)  
Accounts payable     (1.6) (3.5)  
Accrued liabilities and other long-term liabilities     2.3 6.6  
Net cash provided by operating activities     441.2 375.0  
Cash flows from investing activities:          
Rental equipment expenditures     (506.7) (617.5)  
Proceeds from disposal of rental equipment     156.9 189.1  
Non-rental capital expenditures     (34.9) (58.5)  
Proceeds from disposal of property and equipment     5.0 3.9  
Other     4.0 0.0  
Net cash used in investing activities     (375.7) (483.0)  
Cash flows from financing activities:          
Proceeds from issuance of long-term debt     1,200.0 0.0  
Repayments of long-term debt     (864.5) (123.5)  
Proceeds from revolving lines of credit and securitization     1,134.3 650.8  
Repayments on revolving lines of credit and securitization     (1,465.5) (424.5)  
Proceeds from financing obligations     4.7 0.0 $ 6.4
Principal payments under capital lease and financing obligations     (11.9) (13.1)  
Debt redemption premium payment (41.5)   (41.5) (3.7)  
Payment of debt financing costs     (13.3) (1.0)  
Proceeds from exercise of stock options     0.7 0.5  
Proceeds from employee stock purchase plan     1.8 1.4  
Net settlement on vesting of equity awards     (3.7) (1.1)  
Net cash used in financing activities     (58.9) 85.8  
Effect of foreign exchange rate changes on cash and cash equivalents     0.1 (1.3)  
Net increase in cash and cash equivalents during the period     6.7 (23.5)  
Cash and cash equivalents cash at beginning of period     27.8 41.5 41.5
Cash and cash equivalents at end of period $ 34.5 $ 18.0 34.5 18.0 $ 27.8
Supplemental disclosures of cash flow information:          
Cash paid for interest, including premium payment     121.2 90.2  
Cash paid for income taxes, net     0.7 12.0  
Supplemental disclosure of non-cash investing activity:          
Purchases of rental equipment in accounts payable     63.8 80.6  
Non-rental capital expenditures in accounts payable     7.3 5.6  
Note receivable on disposal of joint venture     $ 19.0 $ 0.0