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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash Flows From Operating Activities:    
Net income $ 860 $ 496
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,080 941
Amortization of deferred financing costs and original issue discounts 6 6
Gain on sales of rental equipment (213) (187)
Gain on sales of non-rental equipment (4) (4)
Insurance proceeds from damaged equipment (17) (14)
Stock compensation expense, net 60 56
Merger related costs 0 3
Restructuring charge 1 1
Loss on repurchase/redemption of debt securities 17 0
Increase in deferred taxes 64 73
Changes in operating assets and liabilities, net of amounts acquired:    
Increase in accounts receivable (59) (18)
(Increase) decrease in inventory (36) 2
Decrease in prepaid expenses and other assets 39 210
Increase in accounts payable 251 385
Decrease in accrued expenses and other liabilities (9) (16)
Net cash provided by operating activities 2,040 1,934
Cash Flows From Investing Activities:    
Purchases of rental equipment (1,354) (1,208)
Purchases of non-rental equipment and intangible assets (123) (53)
Proceeds from sales of rental equipment 375 461
Proceeds from sales of non-rental equipment 9 14
Insurance proceeds from damaged equipment 17 14
Purchases of other companies, net of cash acquired (312) (1,435)
Purchases of investments (4) (1)
Net cash used in investing activities (1,392) (2,208)
Cash Flows From Financing Activities:    
Proceeds from debt 3,239 3,768
Payments of debt (3,133) (3,338)
Common stock repurchased (819) (32)
Payments of financing costs (9) 0
Net cash (used in) provided by financing activities (722) 398
Effect of foreign exchange rates (2) 10
Net (decrease) increase in cash and cash equivalents (76) 134
Cash and cash equivalents at beginning of period 144 202
Cash and cash equivalents at end of period 68 336
Supplemental disclosure of cash flow information:    
Cash paid for income taxes, net 152 108
Cash paid for interest $ 188 $ 195