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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income (loss) $ (53) $ 135
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation of rental equipment 367 325
Depreciation of property and equipment 47 39
Amortization of intangible assets 31 20
Amortization of deferred debt and financing obligations costs 3 2
Stock-based compensation charges 12 9
Provision for receivables allowances 31 28
Loss on assets held for sale 49 0
Deferred taxes (58) 20
Gain on sale of rental equipment (49) (43)
Other 5 6
Changes in assets and liabilities, net of effects from acquisitions:    
Receivables 3 (22)
Other assets (14) 9
Accounts payable (6) 13
Accrued liabilities and other long-term liabilities 44 17
Net cash provided by operating activities 412 558
Cash flows from investing activities:    
Rental equipment expenditures (421) (468)
Proceeds from disposal of rental equipment 183 125
Non-rental capital expenditures (80) (71)
Proceeds from disposal of property and equipment 9 4
Acquisitions, net of cash acquired (4,251) (290)
Net cash used in investing activities (4,560) (700)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt 3,467 800
Proceeds from revolving lines of credit and securitization 3,361 840
Repayments on revolving lines of credit and securitization (2,645) (1,433)
Principal payments under finance lease and financing obligations (10) (10)
Payment of debt issuance costs (9) (9)
Dividends paid (41) (39)
Net settlement on vesting of equity awards (7) (12)
Proceeds from employee stock purchase plan 2 2
Proceeds from exercise of stock options 0 2
Net cash provided by financing activities 4,118 141
Effect of foreign exchange rate changes on cash and cash equivalents 0 0
Net change in cash and cash equivalents during the period (30) (1)
Cash and cash equivalents at beginning of period 83 71
Cash and cash equivalents at end of period 53 70
Supplemental disclosure of cash flow information:    
Cash paid for interest 119 123
Cash paid for income taxes, net 17 9
Supplemental disclosure of non-cash investing activity:    
Purchases of rental equipment in accounts payable 47 43
Non-rental capital expenditures in accounts payable 6 17
Disposal of rental equipment in accounts receivable 12 1
Supplemental disclosure of non-cash investing and financing activity:    
Issuance of common stock for H&E acquisition 584 0
Equipment acquired through finance lease $ 3 $ 3