Name: United Rentals Inc. (NYSE:URI) | Balance Sheet: Assets
Creator: Stock Analysis on Net

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.

Assets: Selected Items

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Current Assets: Selected Items

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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).

Total assets demonstrate a consistent upward trajectory over the analyzed period, increasing from US$ 18,133 million in 2018 to US$ 24,183 million by 2022. Although a temporary contraction was observed in 2020, the assets grew significantly in the subsequent two years, driven primarily by expansion in rental equipment and current asset holdings.

Current Asset Dynamics: Current assets rose from US$ 1,761 million in 2018 to US$ 2,723 million in 2022. This growth is largely attributed to a substantial increase in net accounts receivable, which rose from US$ 1,545 million in 2018 to US$ 2,004 million in 2022. Inventory levels also more than doubled over the period, growing from US$ 109 million to US$ 232 million. Cash and cash equivalents peaked in 2020 at US$ 202 million before declining to US$ 106 million by the end of 2022. A notable spike in income tax assets occurred in 2022, reaching US$ 235 million compared to only US$ 3 million in the prior year.
Core Operational Assets: Net rental equipment represents the largest component of the asset base. After a dip to US$ 8,705 million in 2020, there was an aggressive expansion, with the value reaching US$ 13,277 million by 2022. Property and non-rental equipment also saw an increase, particularly between 2021 and 2022, rising from US$ 612 million to US$ 839 million. This suggests a significant reinvestment in the fleet and infrastructure during the post-2020 recovery period.
Intangible Assets and Goodwill: There is a diverging trend between goodwill and other intangible assets. Goodwill increased steadily from US$ 5,058 million in 2018 to US$ 6,026 million in 2022, indicating growth through acquisitions. Conversely, other net intangible assets followed a consistent downward trend, declining from US$ 1,084 million in 2018 to US$ 452 million in 2022, likely due to systematic amortization.
Other Long-Term Assets: Operating lease right-of-use assets appeared in 2019 at US$ 669 million and grew to US$ 819 million by 2022. Other long-term assets maintained a modest but steady increase, growing from US$ 16 million in 2018 to US$ 47 million in 2022.

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