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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows From Operating Activities:      
Net income $ 2,575 $ 2,424 $ 2,105
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 2,903 2,781 2,217
Amortization of deferred financing costs and original issue discounts 15 14 13
Gain on sales of rental equipment (710) (786) (566)
Gain on sales of non-rental equipment (17) (21) (9)
Insurance proceeds from damaged equipment (51) (38) (32)
Stock compensation expense, net 112 94 127
Restructuring charge 3 28 0
Loss on repurchase/redemption/amendment of debt 1 0 17
(Decrease) increase in deferred taxes (19) 35 537
Changes in operating assets and liabilities, net of amounts acquired:      
Increase in accounts receivable (20) (167) (329)
Decrease (increase) in inventory 15 19 (25)
(Increase) decrease in prepaid expenses and other assets (27) 281 (164)
(Decrease) increase in accounts payable (203) (45) 304
(Decrease) increase in accrued expenses and other liabilities (31) 85 238
Net cash provided by operating activities 4,546 4,704 4,433
Cash Flows From Investing Activities:      
Payments for purchases of rental equipment (3,753) (3,714) (3,436)
Payments for purchases of non-rental equipment and intangible assets (374) (356) (254)
Proceeds from sales of rental equipment 1,521 1,574 965
Proceeds from sales of non-rental equipment 67 60 24
Insurance proceeds from damaged equipment 51 38 32
Purchases of other companies, net of cash acquired (1,655) (574) (2,340)
Purchases of investments (5) (4) (7)
Net cash used in investing activities (4,148) (2,976) (5,016)
Cash Flows From Financing Activities:      
Proceeds from debt 11,609 8,576 9,885
Payments of debt (9,861) (8,574) (8,241)
Payments of financing costs (17) 0 (24)
Dividends paid (434) (406) 0
Common stock repurchased, including tax withholdings for share based compensation (1,571) (1,070) (1,068)
Net cash (used in) provided by financing activities (274) (1,474) 552
Effect of foreign exchange rates (30) 3 (7)
Net increase (decrease) in cash and cash equivalents 94 257 (38)
Cash and cash equivalents at beginning of year 363 106 144
Cash and cash equivalents at end of year 457 363 106
Supplemental disclosure of cash flow information:      
Cash paid for interest 674 614 406
Cash paid for income taxes, net $ 994 $ 493 $ 326