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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash Flows From Operating Activities:    
Net income $ 367 $ 203
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 532 466
Amortization of deferred financing costs and original issue discounts 3 3
Gain on sales of rental equipment (116) (103)
Gain on sales of non-rental equipment (2) (1)
Insurance proceeds from damaged equipment (7) (7)
Stock compensation expense, net 24 21
Restructuring charge 0 1
Increase in deferred taxes 37 3
Changes in operating assets and liabilities, net of amounts acquired:    
Decrease in accounts receivable 76 63
(Increase) decrease in inventory (13) 11
Decrease in prepaid expenses and other assets 61 23
Increase in accounts payable 10 96
Decrease in accrued expenses and other liabilities (86) (21)
Net cash provided by operating activities 886 758
Cash Flows From Investing Activities:    
Purchases of rental equipment (482) (295)
Purchases of non-rental equipment and intangible assets (55) (19)
Proceeds from sales of rental equipment 211 267
Proceeds from sales of non-rental equipment 5 7
Insurance proceeds from damaged equipment 7 7
Purchases of other companies, net of cash acquired (77) (1)
Purchases of investments (3) 0
Net cash used in investing activities (394) (34)
Cash Flows From Financing Activities:    
Proceeds from debt 1,155 1,091
Payments of debt (1,372) (1,710)
Common stock repurchased (318) (30)
Net cash used in financing activities (535) (649)
Effect of foreign exchange rates 0 1
Net (decrease) increase in cash and cash equivalents (43) 76
Cash and cash equivalents at beginning of period 144 202
Cash and cash equivalents at end of period 101 278
Supplemental disclosure of cash flow information:    
Cash paid for income taxes, net 10 6
Cash paid for interest $ 149 $ 167