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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash Flows From Operating Activities:    
Net income $ 1,466 $ 905
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,640 1,451
Amortization of deferred financing costs and original issue discounts 9 9
Gain on sales of rental equipment (325) (271)
Gain on sales of non-rental equipment (6) (6)
Insurance proceeds from damaged equipment (25) (19)
Stock compensation expense, net 95 89
Merger related costs 0 3
Restructuring charge 0 1
Loss on repurchase/redemption of debt securities 17 30
Increase in deferred taxes 130 157
Changes in operating assets and liabilities, net of amounts acquired:    
Increase in accounts receivable (261) (224)
(Increase) decrease in inventory (33) 8
Decrease in prepaid expenses and other assets 70 306
Increase in accounts payable 332 548
Increase in accrued expenses and other liabilities 73 34
Net cash provided by operating activities 3,182 3,021
Cash Flows From Investing Activities:    
Purchases of rental equipment (2,456) (2,308)
Purchases of non-rental equipment and intangible assets (182) (142)
Proceeds from sales of rental equipment 556 644
Proceeds from sales of non-rental equipment 15 20
Insurance proceeds from damaged equipment 25 19
Purchases of other companies, net of cash acquired (323) (1,435)
Purchases of investments (5) (1)
Net cash used in investing activities (2,370) (3,203)
Cash Flows From Financing Activities:    
Proceeds from debt 5,219 7,030
Payments of debt (5,026) (6,694)
Common stock repurchased, including tax withholdings for share based compensation (1,058) (33)
Payments of financing costs (9) (8)
Net cash (used in) provided by financing activities (874) 295
Effect of foreign exchange rates (6) 5
Net (decrease) increase in cash and cash equivalents (68) 118
Cash and cash equivalents at beginning of period 144 202
Cash and cash equivalents at end of period 76 320
Supplemental disclosure of cash flow information:    
Cash paid for income taxes, net 295 151
Cash paid for interest $ 339 $ 362