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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flows From Operating Activities:    
Net income $ 451 $ 367
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 693 532
Amortization of deferred financing costs and original issue discounts 4 3
Gain on sales of rental equipment (190) (116)
Gain on sales of non-rental equipment (4) (2)
Insurance proceeds from damaged equipment (9) (7)
Stock compensation expense, net 24 24
Restructuring charge 1 0
Increase in deferred taxes 35 37
Changes in operating assets and liabilities, net of amounts acquired:    
(Increase) decrease in accounts receivable (13) 76
Increase in inventory (2) (13)
Decrease in prepaid expenses and other assets 125 61
(Decrease) increase in accounts payable (25) 10
Decrease in accrued expenses and other liabilities (151) (86)
Net cash provided by operating activities 939 886
Cash Flows From Investing Activities:    
Purchases of rental equipment (797) (482)
Purchases of non-rental equipment and intangible assets (73) (55)
Proceeds from sales of rental equipment 388 211
Proceeds from sales of non-rental equipment 12 5
Insurance proceeds from damaged equipment 9 7
Purchases of other companies, net of cash acquired (299) (77)
Purchases of investments 0 (3)
Net cash used in investing activities (760) (394)
Cash Flows From Financing Activities:    
Proceeds from debt 2,330 1,155
Payments of debt (2,110) (1,372)
Common stock repurchased, including tax withholdings for share based compensation (303) (318)
Dividends paid (103) 0
Net cash used in financing activities (186) (535)
Effect of foreign exchange rates 0 0
Net decrease in cash and cash equivalents (7) (43)
Cash and cash equivalents at beginning of period 106 144
Cash and cash equivalents at end of period 99 101
Supplemental disclosure of cash flow information:    
Cash paid for income taxes, net 29 10
Cash paid for interest $ 178 $ 149