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

Balance Sheet: Assets
Quarterly Data

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 (quarterly data)

US$ in millions

	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018
Cash and cash equivalents	106)	76)	68)	101)	144)	320)	336)	278)	202)	174)	127)	513)	52)	60)	75)	52)	43)	65)	117)	278)
Accounts receivable, net	2,004)	1,934)	1,744)	1,607)	1,677)	1,602)	1,400)	1,254)	1,315)	1,324)	1,226)	1,413)	1,530)	1,595)	1,525)	1,487)	1,545)	1,438)	1,203)	1,154)
Inventory	232)	193)	199)	179)	164)	166)	174)	114)	125)	108)	107)	115)	120)	130)	135)	123)	109)	104)	94)	84)
Prepaid expenses and other assets	381)	124)	153)	123)	166)	112)	244)	358)	375)	122)	162)	173)	140)	96)	105)	58)	64)	85)	92)	74)
Current assets	2,723)	2,327)	2,164)	2,010)	2,151)	2,200)	2,154)	2,004)	2,017)	1,728)	1,622)	2,214)	1,842)	1,881)	1,840)	1,720)	1,761)	1,692)	1,506)	1,590)
Rental equipment, net	13,277)	11,553)	11,029)	10,604)	10,560)	10,541)	9,620)	8,476)	8,705)	9,041)	9,086)	9,422)	9,787)	10,164)	9,839)	9,438)	9,600)	8,910)	8,213)	7,678)
Property and non-rental equipment, net	839)	648)	641)	625)	612)	626)	623)	584)	604)	598)	609)	600)	604)	587)	578)	580)	614)	529)	480)	467)
Property and equipment (rental and non-rental), net	14,116)	12,201)	11,670)	11,229)	11,172)	11,167)	10,243)	9,060)	9,309)	9,639)	9,695)	10,022)	10,391)	10,751)	10,417)	10,018)	10,214)	9,439)	8,693)	8,145)
Goodwill	6,026)	5,543)	5,610)	5,517)	5,528)	5,458)	5,845)	5,167)	5,168)	5,147)	5,135)	5,122)	5,154)	5,143)	5,134)	5,121)	5,058)	4,313)	4,096)	4,115)
Other intangible assets, net	452)	500)	533)	583)	615)	662)	576)	592)	648)	701)	761)	823)	895)	961)	1,019)	1,089)	1,084)	895)	798)	825)
Operating lease right-of-use assets	819)	801)	802)	792)	784)	775)	781)	681)	688)	663)	666)	666)	669)	650)	619)	622)	—)	—)	—)	—)
Other long-term assets	47)	47)	41)	38)	42)	44)	42)	38)	38)	30)	21)	21)	19)	19)	18)	16)	16)	15)	15)	13)
Long-term assets	21,460)	19,092)	18,656)	18,159)	18,141)	18,106)	17,487)	15,538)	15,851)	16,180)	16,278)	16,654)	17,128)	17,524)	17,207)	16,866)	16,372)	14,662)	13,602)	13,098)
Total assets	24,183)	21,419)	20,820)	20,169)	20,292)	20,306)	19,641)	17,542)	17,868)	17,908)	17,900)	18,868)	18,970)	19,405)	19,047)	18,586)	18,133)	16,354)	15,108)	14,688)

Total assets experienced a significant expansion over the analyzed period, growing from 14,688 million USD in March 2018 to 24,183 million USD by December 2022. This growth was characterized by a period of relative stability and slight contraction during 2020, followed by an aggressive increase in asset accumulation through 2021 and 2022.

Current Asset Trends: Current assets rose from 1,590 million USD to 2,723 million USD. The primary driver of this increase was accounts receivable, which grew steadily from 1,154 million USD in March 2018 to 2,004 million USD by December 2022, indicating an increase in credit extended to customers as the business expanded. Cash and cash equivalents exhibited high volatility, peaking at 513 million USD in March 2020—likely a liquidity preservation measure during the onset of the global pandemic—before normalizing to 106 million USD by the end of 2022. Inventory also showed a long-term upward trend, nearly tripling from 84 million USD to 232 million USD over the five-year span.
Rental and Fixed Equipment Analysis: Rental equipment, net, represents the largest component of the balance sheet. After an initial increase to 9,600 million USD in December 2018, this figure declined during 2020, reaching a low of 8,476 million USD in March 2021. Subsequently, a period of rapid capital investment occurred, with rental equipment net value surging to 13,277 million USD by December 2022. Property and non-rental equipment remained relatively stable for most of the period before increasing to 839 million USD in the final quarter of 2022.
Intangible Assets and Goodwill: Goodwill increased from 4,115 million USD in March 2018 to 6,026 million USD in December 2022, suggesting an active acquisition strategy. In contrast, other intangible assets, net, followed a consistent downward trajectory, decreasing from 825 million USD to 452 million USD, which is consistent with the systemic amortization of intangible assets over time.
Long-Term Asset Composition: Long-term assets grew from 13,098 million USD to 21,460 million USD. The introduction of operating lease right-of-use assets in March 2019, starting at 622 million USD and ending at 819 million USD, reflects a change in accounting standards or a shift in leasing strategies. The overall growth in long-term assets is predominantly attributed to the expansion of the rental fleet and the accumulation of goodwill from business combinations.

The balance sheet reflects a transition from a phase of moderate growth and pandemic-related consolidation into a phase of aggressive capital expansion. The concurrent rise in accounts receivable and rental equipment suggests a strategic push to increase market share and operational capacity, funded by a combination of organic growth and acquisitions.

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United Rentals Inc. (NYSE:URI)

Balance Sheet: AssetsQuarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data