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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows From Operating Activities:    
Net income $ 1,140 $ 1,178
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,510 1,403
Amortization of deferred financing costs and original issue discounts 8 7
Gain on sales of rental equipment (313) (360)
Gain on sales of non-rental equipment (10) (8)
Insurance proceeds from damaged equipment (23) (24)
Stock compensation expense, net 70 55
Restructuring charge 1 2
Debt related activity [1] 13 1
Decrease in deferred taxes (38) (32)
Changes in operating assets and liabilities, net of amounts acquired:    
Decrease in accounts receivable 5 66
Increase in inventory (41) (7)
Increase in prepaid expenses and other assets (114) (90)
Increase in accounts payable 529 250
Increase (decrease) in accrued expenses and other liabilities 16 (147)
Net cash provided by operating activities 2,753 2,294
Cash Flows From Investing Activities:    
Payments for purchases of rental equipment (2,121) (1,866)
Payments for purchases of non-rental equipment and intangible assets (182) (165)
Proceeds from sales of rental equipment 694 748
Proceeds from sales of non-rental equipment 31 30
Insurance proceeds from damaged equipment 23 24
Purchases of other companies, net of cash acquired (16) (1,234)
Purchases of investments (1) (3)
Net cash used in investing activities (1,572) (2,466)
Cash Flows From Financing Activities:    
Proceeds from debt 4,829 6,911
Payments of debt (4,952) (5,597)
Payment of contingent consideration (23) 0
Common stock repurchased, including tax withholdings for share based compensation (720) (791)
Payments of financing and other debt related costs [1] (14) (17)
Dividends paid (235) (219)
Net cash (used in) provided by financing activities (1,115) 287
Effect of foreign exchange rates 25 (11)
Net increase in cash and cash equivalents 91 104
Cash and cash equivalents at beginning of period 457 363
Cash and cash equivalents at end of period 548 467
Supplemental disclosure of cash flow information:    
Cash paid for income taxes, net 540 606
Cash paid for interest $ 339 $ 317
[1] The amounts for the six months ended June 30, 2025 primarily reflect bridge financing fees associated with the terminated acquisition of H&E Equipment Services, Inc. d/b/a H&E Rentals (“H&E”) discussed below.