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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash Flows From Operating Activities:      
Net income $ 1,386 $ 890 $ 1,174
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 1,983 1,988 2,038
Amortization of deferred financing costs and original issue discounts 13 14 15
Gain on sales of rental equipment (431) (332) (313)
Gain on sales of non-rental equipment (10) (8) (6)
Insurance proceeds from damaged equipment (25) (40) (24)
Stock compensation expense, net 119 70 61
Merger related costs 3 0 1
Restructuring charge 2 17 18
Loss on repurchase/redemption of debt securities 30 183 61
Increase (decrease) in deferred taxes 268 (121) 204
Changes in operating assets and liabilities, net of acquisitions:      
(Increase) decrease in accounts receivable (300) 218 39
Decrease (increase) in inventory 9 (5) (8)
Decrease (increase) in prepaid expenses and other assets 248 (228) (59)
Increase (decrease) in accounts payable 307 10 (86)
Increase (decrease) in accrued expenses and other liabilities 87 2 (91)
Net cash provided by operating activities 3,689 2,658 3,024
Cash Flows From Investing Activities:      
Purchases of rental equipment (2,998) (961) (2,132)
Purchases of non-rental equipment and intangible assets (200) (197) (218)
Proceeds from sales of rental equipment 968 858 831
Proceeds from sales of non-rental equipment 30 42 37
Insurance proceeds from damaged equipment 25 40 24
Purchases of other companies, net of cash acquired (1,436) (2) (249)
Purchases of investments 0 (3) (3)
Net cash used in investing activities (3,611) (223) (1,710)
Cash Flows From Financing Activities:      
Proceeds from debt 8,364 9,260 9,260
Payments of debt (8,462) (11,245) (9,678)
Payments of financing costs (8) (23) (28)
Proceeds from the exercise of common stock options 0 1 11
Common stock repurchased (34) (286) (870)
Net cash used in financing activities (140) (2,293) (1,305)
Effect of foreign exchange rates 4 8 0
Net (decrease) increase in cash and cash equivalents (58) 150 9
Cash and cash equivalents at beginning of year 202 52 43
Cash and cash equivalents at end of year 144 202 52
Supplemental disclosure of cash flow information:      
Cash paid for interest 391 483 581
Cash paid for income taxes, net $ 202 $ 318 $ 238