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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 256 $ 232
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of rental equipment 480 389
Depreciation of property and equipment 53 47
Amortization of intangible assets 30 22
Amortization of deferred debt and financing obligations costs 3 3
Stock-based compensation charges 15 20
Provision for receivables allowances 49 34
Deferred taxes 41 78
Gain on sale of rental equipment (77) (19)
Other 1 2
Changes in assets and liabilities:    
Receivables (79) (156)
Other assets (3) (10)
Accounts payable 10 (2)
Accrued liabilities and other long-term liabilities 17 (17)
Net cash provided by operating activities 796 623
Cash flows from investing activities:    
Rental equipment expenditures (1,100) (841)
Proceeds from disposal of rental equipment 231 67
Non-rental capital expenditures (119) (82)
Proceeds from disposal of property and equipment 11 4
Acquisitions, net of cash acquired (332) (441)
Other investing activities (15) (23)
Net cash used in investing activities (1,324) (1,316)
Cash flows from financing activities:    
Proceeds from revolving lines of credit and securitization 1,755 2,080
Repayments on revolving lines of credit and securitization (1,016) (1,228)
Principal payments under finance lease and financing obligations (12) (12)
Payment of debt financing costs 0 (8)
Dividends paid (56) (51)
Net settlement on vesting of equity awards (25) (15)
Proceeds from employee stock purchase plan 3 3
Proceeds from exercise of stock options 3 0
Repurchase of common stock (107) (53)
Net cash provided by financing activities 545 716
Effect of foreign exchange rate changes on cash and cash equivalents 0 (1)
Net change in cash and cash equivalents during the period 17 22
Cash and cash equivalents at beginning of period 54 35
Cash and cash equivalents at end of period 71 57
Supplemental disclosure of cash flow information:    
Cash paid for interest 175 92
Cash paid for income taxes, net 21 16
Supplemental disclosure of non-cash investing activity:    
Purchases of rental equipment in accounts payable 0 39
Non-rental capital expenditures in accounts payable 0 6
Supplemental disclosure of non-cash investing and financing activity:    
Equipment acquired through finance lease $ 15 $ 13