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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows From Operating Activities:      
Net income $ 2,424 $ 2,105 $ 1,386
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 2,781 2,217 1,983
Amortization of deferred financing costs and original issue discounts 14 13 13
Gain on sales of rental equipment (786) (566) (431)
Gain on sales of non-rental equipment (21) (9) (10)
Insurance proceeds from damaged equipment (38) (32) (25)
Stock compensation expense, net 94 127 119
Merger related costs 0 0 3
Restructuring charge 28 0 2
Loss on repurchase/redemption of debt securities 0 17 30
Increase in deferred taxes 35 537 268
Changes in operating assets and liabilities, net of amounts acquired:      
Increase in accounts receivable (167) (329) (300)
Decrease (increase) in inventory 19 (25) 9
Decrease (increase) in prepaid expenses and other assets 281 (164) 248
(Decrease) increase in accounts payable (45) 304 307
Increase in accrued expenses and other liabilities 85 238 87
Net cash provided by operating activities 4,704 4,433 3,689
Cash Flows From Investing Activities:      
Payments for purchases of rental equipment (3,714) (3,436) (2,998)
Payments for purchases of non-rental equipment and intangible assets (356) (254) (200)
Proceeds from sales of rental equipment 1,574 965 968
Proceeds from sales of non-rental equipment 60 24 30
Insurance proceeds from damaged equipment 38 32 25
Purchases of other companies, net of cash acquired (574) (2,340) (1,436)
Purchases of investments (4) (7) 0
Net cash used in investing activities (2,976) (5,016) (3,611)
Cash Flows From Financing Activities:      
Proceeds from debt 8,576 9,885 8,364
Payments of debt (8,574) (8,241) (8,462)
Payments of financing costs 0 (24) (8)
Dividends paid (406) 0 0
Common stock repurchased, including tax withholdings for share based compensation (1,070) (1,068) (34)
Net cash (used in) provided by financing activities (1,474) 552 (140)
Effect of foreign exchange rates 3 (7) 4
Net increase (decrease) in cash and cash equivalents 257 (38) (58)
Cash and cash equivalents at beginning of year 106 144 202
Cash and cash equivalents at end of year 363 106 144
Supplemental disclosure of cash flow information:      
Cash paid for interest 614 406 391
Cash paid for income taxes, net $ 493 $ 326 $ 202