Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

United Rentals Inc., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Cash and cash equivalents	106)	144)	202)	52)	43)
Accounts receivable, net	2,004)	1,677)	1,315)	1,530)	1,545)
Inventory	232)	164)	125)	120)	109)
Equipment	17)	53)	300)	—)	—)
Insurance	31)	29)	18)	12)	—)
Advertising reimbursements	25)	21)	11)	27)	—)
Income taxes	235)	3)	4)	51)	—)
Other	73)	60)	42)	50)	64)
Prepaid expenses and other assets	381)	166)	375)	140)	64)
Current assets	2,723)	2,151)	2,017)	1,842)	1,761)
Rental equipment, net	13,277)	10,560)	8,705)	9,787)	9,600)
Property and non-rental equipment, net	839)	612)	604)	604)	614)
Property and equipment (rental and non-rental), net	14,116)	11,172)	9,309)	10,391)	10,214)
Goodwill	6,026)	5,528)	5,168)	5,154)	5,058)
Other intangible assets, net	452)	615)	648)	895)	1,084)
Operating lease right-of-use assets	819)	784)	688)	669)	—)
Other long-term assets	47)	42)	38)	19)	16)
Long-term assets	21,460)	18,141)	15,851)	17,128)	16,372)
Total assets	24,183)	20,292)	17,868)	18,970)	18,133)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Cash and cash equivalents: The cash balance showed a notable increase in 2020, reaching 202 million USD from 52 million USD in 2019, followed by a decline in the subsequent years to 106 million USD in 2022. This suggests a temporary buildup of cash in 2020, possibly for operational or strategic purposes, before it was partially utilized.
Accounts receivable, net: Accounts receivable demonstrated a steady upward trend from 1,545 million USD in 2018 to 2,004 million USD in 2022, reflecting increasing sales or extended credit terms over the period.
Inventory: Inventory levels increased consistently from 109 million USD in 2018 to 232 million USD in 2022, indicating growing inventory holdings which may correspond with expanding business activity or precautionary stockpiling.
Equipment: Equipment values were missing before 2020 but showed a sharp decline from 300 million USD in 2020 to 17 million USD in 2022, suggesting significant disposals or reclassification during this period.
Insurance: Insurance assets increased steadily from 12 million USD in 2019 to 31 million USD in 2022, indicating a gradual accumulation of prepaid insurance or related assets.
Advertising reimbursements: Advertising reimbursements exhibited fluctuations, with 27 million USD in 2019, declining to 11 million USD in 2020, then recovering to 25 million USD in 2022, pointing to variable marketing partnerships or promotional activities.
Income taxes: The income tax asset/liability showed significant volatility, rising substantially to 235 million USD in 2022 after very low amounts in earlier years, which may reflect changes in tax positions or timing differences in tax settlements.
Other assets: Other current assets declined from 64 million USD in 2018 to 42 million USD in 2020, but rebounded to 73 million USD in 2022, indicating some variability in miscellaneous current assets.
Prepaid expenses and other assets: These assets increased notably from 64 million USD in 2018 to 381 million USD in 2022, with a significant spike in 2020 at 375 million USD, suggesting increased prepayments or other deferred assets during this period.
Current assets: Total current assets trended upward from 1,761 million USD in 2018 to 2,723 million USD in 2022, illustrating overall growth in liquidity and short-term resources.
Rental equipment, net: Rental equipment, a key asset category, showed growth from 9,600 million USD in 2018 to 13,277 million USD in 2022, with a dip in 2020 to 8,705 million USD before recovering strongly. This reflects major investment and asset base expansion.
Property and non-rental equipment, net: This category remained relatively stable, around 600 million USD through 2021, followed by a considerable increase to 839 million USD in 2022, indicative of capital expenditure in non-rental assets.
Property and equipment (rental and non-rental), net: The combined property and equipment assets declined in 2020 to 9,309 million USD from over 10,000 million USD in prior years, then expanded significantly to 14,116 million USD in 2022, highlighting strong asset growth post-2020.
Goodwill: Goodwill steadily increased from 5,058 million USD in 2018 to 6,026 million USD in 2022, reflecting acquisitions or business expansions contributing to intangible assets.
Other intangible assets, net: Other intangible assets declined consistently from 1,084 million USD in 2018 to 452 million USD in 2022, suggesting amortization or disposals over the period.
Operating lease right-of-use assets: These assets appeared starting in 2019 at 669 million USD and increased gradually to 819 million USD in 2022, showing adoption and growth of leased asset arrangements.
Other long-term assets: Other long-term assets displayed a moderate increase from 16 million USD in 2018 to 47 million USD in 2022, indicating a gradual accumulation of miscellaneous long-term assets.
Long-term assets: Long-term assets overall declined from 17,128 million USD in 2019 to 15,851 million USD in 2020, then rose steadily to 21,460 million USD in 2022. This pattern indicates some asset revaluation or disposals in 2020 followed by substantial reinvestment or acquisitions.
Total assets: Total assets followed a similar pattern with a decrease to 17,868 million USD in 2020 from 18,970 million USD in 2019, then a strong recovery and growth to 24,183 million USD in 2022, signaling overall expansion of the asset base despite short-term contractions.

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United Rentals Inc. (NYSE:URI)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items