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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows From Operating Activities:    
Net income $ 1,745 $ 1,466
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,084 1,640
Amortization of deferred financing costs and original issue discounts 11 9
Gain on sales of rental equipment (567) (325)
Gain on sales of non-rental equipment (16) (6)
Insurance proceeds from damaged equipment (30) (25)
Stock compensation expense, net 72 95
Restructuring charge 24 0
Loss on repurchase/redemption of debt securities 0 17
Increase in deferred taxes 88 130
Changes in operating assets and liabilities, net of amounts acquired:    
Increase in accounts receivable (254) (261)
Decrease (increase) in inventory 22 (33)
Decrease in prepaid expenses and other assets 183 70
(Decrease) increase in accounts payable (15) 332
(Decrease) increase in accrued expenses and other liabilities (57) 73
Net cash provided by operating activities 3,290 3,182
Cash Flows From Investing Activities:    
Purchases of rental equipment (3,078) (2,456)
Purchases of non-rental equipment and intangible assets (267) (182)
Proceeds from sales of rental equipment 1,136 556
Proceeds from sales of non-rental equipment 46 15
Insurance proceeds from damaged equipment 30 25
Purchases of other companies, net of cash acquired (406) (323)
Purchases of investments 0 (5)
Net cash used in investing activities (2,539) (2,370)
Cash Flows From Financing Activities:    
Proceeds from debt 6,718 5,219
Payments of debt (6,175) (5,026)
Common stock repurchased, including tax withholdings for share based compensation (806) (1,058)
Payments of financing costs 0 (9)
Dividends paid (305) 0
Net cash used in financing activities (568) (874)
Effect of foreign exchange rates (5) (6)
Net increase (decrease) in cash and cash equivalents 178 (68)
Cash and cash equivalents at beginning of period 106 144
Cash and cash equivalents at end of period 284 76
Supplemental disclosure of cash flow information:    
Cash paid for income taxes, net 389 295
Cash paid for interest $ 495 $ 339