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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows From Operating Activities:    
Net income $ 542 $ 451
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 686 693
Amortization of deferred financing costs and original issue discounts 4 4
Gain on sales of rental equipment (187) (190)
Gain on sales of non-rental equipment (3) (4)
Insurance proceeds from damaged equipment (13) (9)
Stock compensation expense, net 28 24
Restructuring charge 1 1
Loss on repurchase/redemption/amendment of debt securities 1 0
(Decrease) increase in deferred taxes (17) 35
Changes in operating assets and liabilities, net of amounts acquired:    
Decrease (increase) in accounts receivable 98 (13)
Increase in inventory (3) (2)
Decrease in prepaid expenses and other assets 15 125
Decrease in accounts payable (74) (25)
Decrease in accrued expenses and other liabilities (49) (151)
Net cash provided by operating activities 1,029 939
Cash Flows From Investing Activities:    
Payments for purchases of rental equipment (511) (797)
Payments for purchases of non-rental equipment and intangible assets (58) (73)
Proceeds from sales of rental equipment 383 388
Proceeds from sales of non-rental equipment 13 12
Insurance proceeds from damaged equipment 13 9
Purchases of other companies, net of cash acquired (1,118) (299)
Purchases of investments (2) 0
Net cash used in investing activities (1,280) (760)
Cash Flows From Financing Activities:    
Proceeds from debt 4,609 2,330
Payments of debt (3,743) (2,110)
Common stock repurchased, including tax withholdings for share based compensation (415) (303)
Payments of financing costs (16) 0
Dividends paid (110) (103)
Net cash provided by (used in) financing activities 325 (186)
Effect of foreign exchange rates (8) 0
Net increase (decrease) in cash and cash equivalents 66 (7)
Cash and cash equivalents at beginning of period 363 106
Cash and cash equivalents at end of period 429 99
Supplemental disclosure of cash flow information:    
Cash paid for income taxes, net 131 29
Cash paid for interest $ 195 $ 178