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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows From Operating Activities:      
Net income $ 2,105 $ 1,386 $ 890
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 2,217 1,983 1,988
Amortization of deferred financing costs and original issue discounts 13 13 14
Gain on sales of rental equipment (566) (431) (332)
Gain on sales of non-rental equipment (9) (10) (8)
Insurance proceeds from damaged equipment (32) (25) (40)
Stock compensation expense, net 127 119 70
Merger related costs 0 3 0
Restructuring charge 0 2 17
Loss on repurchase/redemption of debt securities 17 30 183
Increase (decrease) in deferred taxes 537 268 (121)
Changes in operating assets and liabilities, net of amounts acquired:      
(Increase) decrease in accounts receivable (329) (300) 218
(Increase) decrease in inventory (25) 9 (5)
(Increase) decrease in prepaid expenses and other assets (164) 248 (228)
Increase in accounts payable 304 307 10
Increase in accrued expenses and other liabilities 238 87 2
Net cash provided by operating activities 4,433 3,689 2,658
Cash Flows From Investing Activities:      
Purchases of rental equipment (3,436) (2,998) (961)
Purchases of non-rental equipment and intangible assets (254) (200) (197)
Proceeds from sales of rental equipment 965 968 858
Proceeds from sales of non-rental equipment 24 30 42
Insurance proceeds from damaged equipment 32 25 40
Purchases of other companies, net of cash acquired (2,340) (1,436) (2)
Purchases of investments (7) 0 (3)
Net cash used in investing activities (5,016) (3,611) (223)
Cash Flows From Financing Activities:      
Proceeds from debt 9,885 8,364 9,260
Payments of debt (8,241) (8,462) (11,245)
Payments of financing costs (24) (8) (23)
Proceeds from the exercise of common stock options 0 0 1
Common stock repurchased, including tax withholdings for share based compensation (1,068) (34) (286)
Net cash provided by (used in) financing activities 552 (140) (2,293)
Effect of foreign exchange rates (7) 4 8
Net (decrease) increase in cash and cash equivalents (38) (58) 150
Cash and cash equivalents at beginning of year 144 202 52
Cash and cash equivalents at end of year 106 144 202
Supplemental disclosure of cash flow information:      
Cash paid for interest 406 391 483
Cash paid for income taxes, net $ 326 $ 202 $ 318