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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows From Operating Activities:    
Net income $ 1,042 $ 860
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,389 1,080
Amortization of deferred financing costs and original issue discounts 7 6
Gain on sales of rental equipment (386) (213)
Gain on sales of non-rental equipment (10) (4)
Insurance proceeds from damaged equipment (19) (17)
Stock compensation expense, net 49 60
Restructuring charge 19 1
Loss on repurchase/redemption of debt securities 0 17
Increase in deferred taxes 53 64
Changes in operating assets and liabilities, net of amounts acquired:    
Increase in accounts receivable (115) (59)
Decrease (increase) in inventory 5 (36)
Decrease in prepaid expenses and other assets 134 39
Increase in accounts payable 205 251
Decrease in accrued expenses and other liabilities (145) (9)
Net cash provided by operating activities 2,228 2,040
Cash Flows From Investing Activities:    
Purchases of rental equipment (2,048) (1,354)
Purchases of non-rental equipment and intangible assets (179) (123)
Proceeds from sales of rental equipment 770 375
Proceeds from sales of non-rental equipment 28 9
Insurance proceeds from damaged equipment 19 17
Purchases of other companies, net of cash acquired (418) (312)
Purchases of investments 0 (4)
Net cash used in investing activities (1,828) (1,392)
Cash Flows From Financing Activities:    
Proceeds from debt 4,488 3,239
Payments of debt (4,007) (3,133)
Common stock repurchased, including tax withholdings for share based compensation (554) (819)
Payments of financing costs 0 (9)
Dividends paid (205) 0
Net cash used in financing activities (278) (722)
Effect of foreign exchange rates (1) (2)
Net increase (decrease) in cash and cash equivalents 121 (76)
Cash and cash equivalents at beginning of period 106 144
Cash and cash equivalents at end of period 227 68
Supplemental disclosure of cash flow information:    
Cash paid for income taxes, net 212 152
Cash paid for interest $ 305 $ 188