UNITED RENTALS, INC., 10-Q filed on 4/23/2025
Quarterly Report
v3.25.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2025
Apr. 21, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 1-14387  
Entity Registrant Name United Rentals, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 06-1522496  
Entity Address, Address Line One 100 First Stamford Place  
Entity Address, Address Line Two Suite 700  
Entity Address, City or Town Stamford  
Entity Address, State or Province CT  
Entity Address, Postal Zip Code 06902  
City Area Code 203  
Local Phone Number 622-3131  
Title of 12(b) Security Common Stock, $.01 par value, of United Rentals, Inc.  
Trading Symbol URI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   64,999,035
Entity Central Index Key 0001067701  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
ASSETS    
Cash and cash equivalents $ 542 $ 457
Accounts receivable, net 2,298 2,357
Inventory 227 200
Prepaid expenses and other assets 174 235
Total current assets 3,241 3,249
Goodwill 6,860 6,900
Other intangible assets, net 642 663
Operating lease right-of-use assets 1,323 1,337
Other long-term assets 53 49
Total assets 28,050 28,163
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Short-term debt and current maturities of long-term debt 1,420 1,178
Accounts payable 1,029 748
Accrued expenses and other liabilities 1,345 1,397
Total current liabilities 3,794 3,323
Long-term debt 11,502 12,228
Deferred taxes 2,692 2,685
Operating lease liabilities 1,071 1,089
Other long-term liabilities 202 216
Total liabilities 19,261 19,541
Common stock—$0.01 par value, 500,000,000 shares authorized, 115,270,866 and 64,997,902 shares issued and outstanding, respectively, at March 31, 2025 and 115,179,350 and 65,305,731 shares issued and outstanding, respectively, at December 31, 2024 1 1
Additional paid-in capital 2,688 2,691
Retained earnings 14,214 13,813
Treasury stock at cost—50,272,964 and 49,873,619 shares at March 31, 2025 and December 31, 2024, respectively (7,730) (7,478)
Accumulated other comprehensive loss (384) (405)
Total stockholders’ equity 8,789 8,622
Total liabilities and stockholders’ equity 28,050 28,163
Rental equipment, net    
ASSETS    
Equipment 14,885 14,931
Property and equipment, net    
ASSETS    
Equipment $ 1,046 $ 1,034
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2025
Dec. 31, 2024
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 500,000,000 500,000,000
Common stock, shares issued (in shares) 115,270,866 115,179,350
Common stock, shares outstanding (in shares) 64,997,902 65,305,731
Treasury stock (in shares) 50,272,964 49,873,619
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues:    
Total revenues $ 3,719 $ 3,485
Cost of revenues:    
Cost of equipment rentals, excluding depreciation 1,378 1,244
Depreciation of rental equipment 637 582
Total cost of revenues 2,363 2,139
Gross profit 1,356 1,346
Selling, general and administrative expenses 437 389
Restructuring charge 1 1
Non-rental depreciation and amortization 114 104
Operating income 804 852
Interest expense, net 184 160
Other income, net (68) (3)
Income before provision for income taxes 688 695
Provision for income taxes 170 153
Net income $ 518 $ 542
Basic earnings per share (in dollars per share) $ 7.92 $ 8.06
Diluted earnings per share (in dollars per share) $ 7.91 $ 8.04
Equipment rentals    
Revenues:    
Total revenues $ 3,145 $ 2,929
Sales of rental equipment    
Revenues:    
Total revenues 377 383
Cost of revenues:    
Cost of goods and services sold 210 196
Sales of new equipment    
Revenues:    
Total revenues 70 48
Cost of revenues:    
Cost of goods and services sold 56 38
Contractor supplies sales    
Revenues:    
Total revenues 36 36
Cost of revenues:    
Cost of goods and services sold 26 25
Service and other revenues    
Revenues:    
Total revenues 91 89
Cost of revenues:    
Cost of goods and services sold $ 56 $ 54
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income $ 518 $ 542
Other comprehensive (loss) income, net of tax:    
Foreign currency translation adjustments [1] 21 (51)
Other comprehensive (loss) income [1] 21 (51)
Comprehensive income $ 539 $ 491
[1] There were no material reclassifications from accumulated other comprehensive loss reflected in other comprehensive income (loss) during 2025 or 2024. There were no material taxes associated with other comprehensive income (loss) during 2025 or 2024.
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Reclassification from AOCI, current period, net of tax, attributable to parent $ 0 $ 0
Other comprehensive income (loss), tax, portion attributable to parent $ 0 $ 0
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)
$ in Millions
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Treasury Stock
Accumulated Other Comprehensive Loss
 [2]
Beginning balance (in shares) at Dec. 31, 2023 [1]   67,000,000        
Beginning balance at Dec. 31, 2023   $ 1 $ 2,650 $ 11,672 $ (5,965) $ (228)
Beginning balance (in shares) at Dec. 31, 2023         48,000,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income $ 542     542    
Dividends declared [3]       (111)    
Foreign currency translation adjustments $ (51) [4]         (51)
Stock compensation expense, net (in shares) [1]   0        
Stock compensation expense, net     28      
Tax withholding for share based compensation     (40)      
Repurchase of common stock (in shares)   0 [1]     0  
Repurchase of common stock         $ (378)  
Ending balance (in shares) at Mar. 31, 2024 [1]   67,000,000        
Ending balance at Mar. 31, 2024   $ 1 2,638 12,103 $ (6,343) (279)
Ending balance (in shares) at Mar. 31, 2024         48,000,000  
Beginning balance (in shares) at Dec. 31, 2024 65,305,731 65,000,000 [1]        
Beginning balance at Dec. 31, 2024 $ 8,622 $ 1 2,691 13,813 $ (7,478) (405)
Beginning balance (in shares) at Dec. 31, 2024 49,873,619       50,000,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income $ 518     518    
Dividends declared [3]       (117)    
Foreign currency translation adjustments $ 21 [4]         21
Stock compensation expense, net     36      
Tax withholding for share based compensation     (39)      
Repurchase of common stock (in shares)   0 [1]     0  
Repurchase of common stock         $ (252)  
Ending balance (in shares) at Mar. 31, 2025 64,997,902 65,000,000 [1]        
Ending balance at Mar. 31, 2025 $ 8,789 $ 1 $ 2,688 $ 14,214 $ (7,730) $ (384)
Ending balance (in shares) at Mar. 31, 2025 50,272,964       50,000,000  
[1] Common stock outstanding decreased by approximately two million net shares during the year ended December 31, 2024.
[2] The Accumulated Other Comprehensive Loss balance primarily reflects foreign currency translation adjustments.
[3] We declared dividends of $1.79 and $1.63 per share during the three months ended March 31, 2025 and 2024, respectively.
[4] There were no material reclassifications from accumulated other comprehensive loss reflected in other comprehensive income (loss) during 2025 or 2024. There were no material taxes associated with other comprehensive income (loss) during 2025 or 2024.
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares
shares in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dividends declared (in dollars per share) $ 1.79 $ 1.63  
Common Stock      
Change in common stock outstanding (in shares)     (2)
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows From Operating Activities:    
Net income $ 518 $ 542
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 751 686
Amortization of deferred financing costs and original issue discounts 4 4
Gain on sales of rental equipment (167) (187)
Gain on sales of non-rental equipment (4) (3)
Insurance proceeds from damaged equipment (11) (13)
Stock compensation expense, net 36 28
Restructuring charge 1 1
Debt related activity [1] 13 1
Decrease in deferred taxes (16) (17)
Changes in operating assets and liabilities, net of amounts acquired:    
Decrease in accounts receivable 62 98
Increase in inventory (27) (3)
Decrease in prepaid expenses and other assets 67 15
Increase (decrease) in accounts payable 233 (74)
Decrease in accrued expenses and other liabilities (35) (49)
Net cash provided by operating activities 1,425 1,029
Cash Flows From Investing Activities:    
Payments for purchases of rental equipment (661) (511)
Payments for purchases of non-rental equipment and intangible assets (84) (58)
Proceeds from sales of rental equipment 377 383
Proceeds from sales of non-rental equipment 14 13
Insurance proceeds from damaged equipment 11 13
Purchases of other companies, net of cash acquired (17) (1,118)
Purchases of investments (1) (2)
Net cash used in investing activities (361) (1,280)
Cash Flows From Financing Activities:    
Proceeds from debt 2,098 4,609
Payments of debt (2,636) (3,743)
Payment of contingent consideration (23) 0
Common stock repurchased, including tax withholdings for share based compensation (289) (415)
Payments of financing and other debt related costs [1] (13) (16)
Dividends paid (118) (110)
Net cash (used in) provided by financing activities (981) 325
Effect of foreign exchange rates 2 (8)
Net increase in cash and cash equivalents 85 66
Cash and cash equivalents at beginning of period 457 363
Cash and cash equivalents at end of period 542 429
Supplemental disclosure of cash flow information:    
Cash paid for income taxes, net 42 131
Cash paid for interest $ 222 $ 195
[1] The amounts for the three months ended March 31, 2025 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.
v3.25.1
Organization, Description of Business and Basis of Presentation
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization, Description of Business and Basis of Presentation Organization, Description of Business and Basis of Presentation
United Rentals, Inc. (“Holdings,” “URI” or the “Company”) is principally a holding company and conducts its operations primarily through its wholly owned subsidiary, United Rentals (North America), Inc. (“URNA”), and subsidiaries of URNA. Holdings’ primary asset is its sole ownership of all issued and outstanding shares of common stock of URNA. URNA’s various credit agreements and debt instruments place restrictions on its ability to transfer funds to its shareholder.
We rent equipment to a diverse customer base that includes construction and industrial companies, manufacturers, utilities, municipalities, homeowners and government entities. We primarily operate in the United States and Canada, and have a smaller presence in Europe, Australia and New Zealand. In addition to renting equipment, we sell new and used rental equipment, as well as related contractor supplies, parts and service.
We have prepared the accompanying unaudited condensed consolidated financial statements in accordance with the accounting policies described in our annual report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”) and the interim reporting requirements of Form 10-Q. Accordingly, certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the 2024 Form 10-K.
In our opinion, all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of financial condition, operating results and cash flows for the interim periods presented have been made. Interim results of operations are not necessarily indicative of the results of the full year.
New Accounting Pronouncements
Improvements to Income Tax Disclosures. In December 2023, the FASB issued ASU 2023-09, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, may be applied prospectively or retrospectively, and allows for early adoption. These requirements are not expected to have an impact on our financial statements, but will impact our income tax disclosures.
Disaggregation of Income Statement Expenses. In November 2024, the FASB issued ASU 2024-03, which requires more detailed disclosures about specified categories of expenses (including employee compensation, depreciation, and amortization) included in certain expense captions presented on the face of the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, may be applied prospectively or retrospectively, and allows for early adoption. We are currently assessing the impact this standard will have on our financial statements.
v3.25.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Revenue Recognition Accounting Standards
We recognize revenue in accordance with two different accounting standards: 1) Topic 606 (which addresses revenue from contracts with customers) and 2) Topic 842 (which addresses lease revenue). Under Topic 606, revenue from contracts with customers is measured based on the consideration specified in the contract with the customer, and excludes any sales incentives and amounts collected on behalf of third parties. A performance obligation is a promise in a contract to transfer a distinct good or service to a customer, and is the unit of account under Topic 606. As reflected below, most of our revenue is accounted for under Topic 842. Our contracts with customers generally do not include multiple performance obligations. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service to a customer. The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for such products or services.

Nature of goods and services
In the following table, revenue is summarized by type and by the applicable accounting standard.
Three Months Ended March 31,
20252024
Topic 842Topic 606TotalTopic 842Topic 606Total
Revenues:
Owned equipment rentals$2,522 $— $2,522 $2,404 $— $2,404 
Re-rent revenue63—6355—55
Ancillary and other rental revenues:
Delivery and pick-up—252252—214214
Other2416730820155256
Total ancillary and other rental revenues241 319 560 201 269 470 
Total equipment rentals2,826 319 3,145 2,660 269 2,929 
Sales of rental equipment—377377—383383
Sales of new equipment—7070—4848
Contractor supplies sales—3636—3636
Service and other revenues—9191—8989
Total revenues$2,826 $893 $3,719 $2,660 $825 $3,485 
Revenues by reportable segment are presented in note 3 of the condensed consolidated financial statements, using the revenue captions reflected in our condensed consolidated statements of operations. The majority of our revenue is recognized in our general rentals segment and in the U.S. (for the three months ended March 31, 2025, 69 percent and 91 percent, respectively). We believe that the disaggregation of our revenue from contracts to customers as reflected above, coupled with the further discussion below and the reportable segment disclosures in note 3, depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors.

Lease revenues (Topic 842)
The accounting for the types of revenue that are accounted for under Topic 842 is discussed below.
Owned equipment rentals represent our most significant revenue type (they accounted for 68 percent of total revenues for the three months ended March 31, 2025) and are governed by our standard rental contract. We account for such rentals as operating leases. The lease terms are included in our contracts, and the determination of whether our contracts contain leases generally does not require significant assumptions or judgments. Our lease revenues do not include material amounts of variable payments.
Owned equipment rentals: Owned equipment rentals represent revenues from renting equipment that we own. We do not generally provide an option for the lessee to purchase the rented equipment at the end of the lease, and do not generate material revenue from sales of equipment under such options.
We recognize revenues from renting equipment on a straight-line basis. Our rental contract periods are hourly, daily, weekly or monthly. By way of example, if a customer were to rent a piece of equipment and the daily, weekly and monthly rental rates for that particular piece were (in actual dollars) $100, $300 and $900, respectively, we would recognize revenue of $32.14 per day. The daily rate for recognition purposes is calculated by dividing the monthly rate of $900 by the monthly term of 28 days. This daily rate assumes that the equipment will be on rent for the full 28 days, as we are unsure of when the customer will return the equipment and therefore unsure of which rental contract period will apply.
As part of this straight-line methodology, when the equipment is returned, we recognize as incremental revenue the excess, if any, between the amount the customer is contractually required to pay, which is based on the rental contract period applicable to the actual number of days the equipment was out on rent, over the cumulative amount of revenue recognized to date. In any given accounting period, we will have customers return equipment and be contractually required to pay us more than the cumulative amount of revenue recognized to date under the straight-line methodology. For instance, continuing the above example, if the customer rented the above piece of equipment on December 29 and returned it at the close of business on January 1, we would recognize incremental revenue on January 1 of $171.44 (in actual dollars, representing the difference between the amount the customer is contractually required to pay, or $300 at the weekly rate, and the cumulative amount recognized to date on a straight-line basis, or $128.56, which represents four days at $32.14 per day).
We record amounts billed to customers in excess of recognizable revenue as deferred revenue on our balance sheet. We had deferred revenue (associated with both Topic 842 and Topic 606) of $186 and $185 as of March 31, 2025 and December 31, 2024, respectively.
As noted above, we are unsure of when the customer will return rented equipment. As such, we do not know how much the customer will owe us upon return of the equipment and cannot provide a maturity analysis of future lease payments. Our equipment is generally rented for short periods of time. Lessees do not provide residual value guarantees on rented equipment.
We expect to derive significant future benefits from our equipment following the end of the rental term. Our rentals are generally short-term in nature, and our equipment is typically rented for the majority of the time that we own it. We additionally recognize revenue from sales of rental equipment when we dispose of the equipment.
Re-rent revenue: Re-rent revenue reflects revenues from equipment that we rent from vendors and then rent to our customers. We account for such rentals as subleases. The accounting for re-rent revenue is the same as the accounting for owned equipment rentals described above.
“Other” equipment rental revenue is primarily comprised of 1) Rental Protection Plan (or “RPP”) revenue associated with the damage waiver customers can purchase when they rent our equipment to protect against potential loss or damage, 2) environmental charges associated with the rental of equipment, 3) charges for rented equipment that is damaged by our customers and 4) charges for setup and other services performed on rented equipment.
Revenues from contracts with customers (Topic 606)
The accounting for the types of revenue that are accounted for under Topic 606 is discussed below. Substantially all of our revenues under Topic 606 are recognized at a point-in-time rather than over time.
Delivery and pick-up: Delivery and pick-up revenue associated with renting equipment is recognized when the service is performed.
“Other” equipment rental revenue is primarily comprised of revenues associated with the consumption of fuel by our customers which are recognized when the equipment is returned by the customer (and consumption, if any, can be measured).
Sales of rental equipment, new equipment and contractor supplies are recognized at the time of delivery to, or pick-up by, the customer and when collectibility is probable.
Service and other revenues primarily represent revenues earned from providing repair and maintenance services on our customers’ fleet (including parts sales). Service revenue is recognized as the services are performed.
Receivables and contract assets and liabilities
As reflected above, most of our equipment rental revenue is accounted for under Topic 842 (such revenue represented 76 percent of our total revenues for the three months ended March 31, 2025). The customers that are responsible for the remaining revenue that is accounted for under Topic 606 are generally the same customers that rent our equipment. We manage credit risk associated with our accounts receivables at the customer level. Because the same customers generate the revenues that are accounted for under both Topic 606 and Topic 842, the discussions below on credit risk and our allowance for credit losses address receivables arising from revenues from both Topic 606 and Topic 842.
Concentration of credit risk with respect to our receivables is limited because a large number of geographically diverse customers makes up our customer base. Our largest customer accounted for one percent or less of total revenues for the three months ended March 31, 2025 and for each of the last three full years. Our customer with the largest receivable balance represented approximately two percent of total receivables at March 31, 2025 and December 31, 2024. We manage credit risk through credit approvals, credit limits and other monitoring procedures.
Our allowance for credit losses reflects our estimate of the amount of our receivables that we will be unable to collect based on historical write-off experience and, as applicable, current conditions and reasonable and supportable forecasts that affect collectibility. Our estimate could require change based on changing circumstances, including changes in the economy or in the particular circumstances of individual customers. Accordingly, we may be required to increase or decrease our allowance. Trade receivables that have contractual maturities of one year or less are written-off when they are determined to be uncollectible based on the criteria necessary to qualify as a deduction for federal tax purposes. Write-offs of such receivables
require management approval based on specified dollar thresholds. See the table below for a rollforward of our allowance for credit losses.
The measurement of expected credit losses is based on relevant information from past events, including historical experiences, current conditions and reasonable and supportable forecasts that affect collectibility. Trade receivables are the only material financial asset we have that is subject to the requirement to measure expected credit losses as noted above, as this requirement does not apply to receivables arising from operating lease revenues. Substantially all of our non-lease trade receivables are due in one year or less. As discussed above, most of our equipment rental revenue is accounted for as lease revenue (such revenue represented 76 percent of our total revenues for the three months ended March 31, 2025, and these revenues account for corresponding portions of the $2.298 billion of net accounts receivable and the associated allowance for credit losses of $181 as of March 31, 2025).
As discussed above, most of our equipment rental revenue is accounted for under Topic 842. The customers that are responsible for the remaining revenue that is accounted for under Topic 606 are generally the same customers that rent our equipment. We manage credit risk associated with our accounts receivables at the customer level. The rollforward of our allowance for credit losses (in total, and associated with revenues arising from both Topic 606 and Topic 842) is shown below.
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
Beginning balance$186 $169 
Charged to costs and expenses (1)3 4 
Charged to revenue (2)14 9 
Deductions and other (3)(22)(8)
Ending balance$181 $174 
_________________
(1)    Reflects bad debt expenses recognized within selling, general and administrative expenses (associated with Topic 606 revenues).
(2)    Primarily reflects credit losses associated with lease revenues that were recognized as a reduction to equipment rentals revenue (primarily associated with Topic 842 revenues).
(3)    Primarily represents write-offs of accounts, net of immaterial recoveries and other activity.
We do not have material contract assets, or impairment losses associated therewith, or material contract liabilities, associated with contracts with customers. Our contracts with customers do not generally result in material amounts billed to customers in excess of recognizable revenue. We did not recognize material revenue during the three months ended March 31, 2025 or 2024 that was included in the contract liability balance as of the beginning of such periods.

Performance obligations
Most of our Topic 606 revenue is recognized at a point-in-time, rather than over time. Accordingly, in any particular period, we do not generally recognize a significant amount of revenue from performance obligations satisfied (or partially satisfied) in previous periods, and the amounts of such revenue recognized during the three months ended March 31, 2025 and 2024 were not material. We also do not expect to recognize material revenue in the future related to performance obligations that were unsatisfied (or partially unsatisfied) as of March 31, 2025.

Payment terms
Our Topic 606 revenues do not include material amounts of variable consideration. Our payment terms vary by the type and location of our customer and the products or services offered. The time between invoicing and when payment is due is not significant. Our contracts do not generally include a significant financing component. For certain products or services and customer types, we require payment before the products or services are delivered to the customer. Our contracts with customers do not generally result in significant obligations associated with returns, refunds or warranties. See above for a discussion of how we manage credit risk.
Revenue is recognized net of taxes collected from customers, which are subsequently remitted to governmental authorities.
Contract costs
We do not recognize any assets associated with the incremental costs of obtaining a contract with a customer (for example, a sales commission) that we expect to recover. Most of our revenue is recognized at a point-in-time or over a period of one year or less, and we use the practical expedient that allows us to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that we otherwise would have recognized is one year or less.

Contract estimates and judgments
Our revenues accounted for under Topic 606 generally do not require significant estimates or judgments, primarily for the following reasons:
•The transaction price is generally fixed and stated in our contracts;
•As noted above, our contracts generally do not include multiple performance obligations, and accordingly do not generally require estimates of the standalone selling price for each performance obligation;
•Our revenues do not include material amounts of variable consideration, or result in significant obligations associated with returns, refunds or warranties; and
•Most of our revenue is recognized as of a point-in-time and the timing of the satisfaction of the applicable performance obligations is readily determinable. As noted above, our Topic 606 revenue is generally recognized at the time of delivery to, or pick-up by, the customer.
Our revenues accounted for under Topic 842 also generally do not require significant estimates or judgments. We monitor and review our estimated standalone selling prices on a regular basis.
v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
Our reportable segments are (i) general rentals and (ii) specialty. Our determination of the operating segments is primarily based on geography, but also includes consideration of the offered products and services. For general rentals, the divisions discussed below, which are our operating segments, are aggregated into the reportable segment. The specialty segment is a single division that is both an operating segment and a reportable segment. We believe that the divisions that are aggregated into our reportable segments have similar economic characteristics, as each division is capital intensive, offers similar products to similar customers, uses similar methods to distribute its products, and is subject to similar competitive risks. The aggregation of our divisions also reflects the management structure that we use for making operating decisions and assessing performance. We evaluate segment performance primarily based on segment equipment rentals gross profit.
The general rentals segment includes the rental of (i) general construction and industrial equipment, such as backhoes, skid-steer loaders, forklifts, earthmoving equipment and material handling equipment, (ii) aerial work platforms, such as boom lifts and scissor lifts and (iii) general tools and light equipment, such as pressure washers, water pumps and power tools. The general rentals segment reflects the aggregation of four geographic divisions—Central, Northeast, Southeast and West—and operates throughout the United States and Canada.
The specialty segment, which, as noted above, is a single division that is both an operating segment and a reportable segment, rents products (and provides setup and other services on such rented equipment) including (i) trench safety equipment, such as trench shields, aluminum hydraulic shoring systems, slide rails, crossing plates, construction lasers and line testing equipment for underground work, (ii) power and HVAC equipment, such as portable diesel generators, electrical distribution equipment, and temperature control equipment, (iii) fluid solutions equipment primarily used for fluid containment, transfer and treatment, (iv) mobile storage equipment and modular office space and (v) surface protection mats. The specialty segment’s customers include construction companies involved in infrastructure projects, municipalities and industrial companies. This segment primarily operates in the United States and Canada, and has a smaller presence in Europe, Australia and New Zealand.
Our Chief Operating Officer is our chief operating decision maker (“CODM”). Equipment rentals gross profit is the primary measure the CODM utilizes in assessing segment performance and determining the allocation of resources. The CODM is the primary individual in control of resource allocation, and the allocation determinations are made in consultation with our senior executive committee, of which the CODM is a member. The most significant allocation determinations made by the CODM pertain to purchases of rental equipment (see the table below for total capital expenditures, including rental and non-rental equipment, by segment), and these determinations are generally made as part of the annual budgeting process, with
regular reviews occurring throughout the year that can result in allocation changes (for example, if a specific division outperforms its plan, that could result in a reallocation of resources between divisions or an increase in the total allocated resources). On a monthly basis, the CODM considers budget-to-actual variances for equipment rentals gross profit when making decisions about allocating capital to the segments. Equipment rentals gross profit is also used to assess the performance of each segment by comparing the results and return on assets of each segment with one another, which also informs the determinations made pertaining to the allocation of resources. 
The following table sets forth financial information by segment, and includes a reconciliation of the primary measure of segment profit (equipment rentals gross profit) to income before provision for income taxes.
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
General
rentals		SpecialtyTotalGeneral
rentals		SpecialtyTotal
Equipment rentals$2,099 $1,046 $3,145 $2,070 $859 $2,929 
Sales of rental equipment330 47 377 346 37 383 
Sales of new equipment43 27 70 29 19 48 
Contractor supplies sales20 16 36 20 16 36 
Service and other revenues81 10 91 81 8 89 
Total revenue (1)2,573 1,146 3,719 2,546 939 3,485 
Equipment rentals gross profit (see calculation below)679 451 1,130 681 422 1,103 
Equipment rentals gross margin32.3 %43.1 %35.9 %32.9 %49.1 %37.7 %
Capital expenditures (2)521 270 791 506 147 653 
Calculation of equipment rentals gross profit:
Equipment rentals2,099 1,046 3,145 2,070 859 2,929 
Less:
Depreciation of rental equipment(488)(149)(637)(488)(94)(582)
Significant/all other rental expenses (3):
Labor and benefits (4)(406)(120)(526)(390)(98)(488)
Repairs and maintenance(193)(53)(246)(199)(44)(243)
Delivery(115)(96)(211)(102)(66)(168)
All other rental expenses (3)(218)(177)(395)(210)(135)(345)
Equipment rentals gross profit679 451 1,130 681 422 1,103 
Reconciliation of equipment rentals gross profit to income before provision for income taxes:
Gross profit from other lines of business226 243 
Selling, general and administrative expenses(437)(389)
Restructuring charge (5)(1)(1)
Non-rental depreciation and amortization(114)(104)
Interest expense, net(184)(160)
Other income, net (6)68 3 
Income before provision for income taxes$688 $695 
March 31,
2025		December 31,
2024
General
rentals		SpecialtyTotalGeneral
rentals		SpecialtyTotal
Total assets$20,753 $7,297 $28,050 $21,044 $7,119 $28,163 
 ___________________
(1)Includes immaterial intersegment revenues.
(2)The condensed consolidated statements of cash flows include the payments for capital expenditures, while the table above reflects the gross capital expenditures. Accounts payable included $123 and $77 as of March 31, 2025 and December 31, 2024, respectively, and $158 and $74 as of March 31, 2024 and December 31, 2023, respectively, of amounts due but unpaid for purchases of rental equipment.
(3)The significant expense categories align with the segment-level information that is regularly provided to the CODM. The “all other rental expenses” category reflects the difference between equipment rentals revenue less the significant separately disclosed expense categories above and the primary measure of segment profit (equipment rentals gross profit), and is primarily comprised of property costs, costs associated with re-rent revenue and certain ancillary revenues (see note
2 to the condensed consolidated financial statements for a discussion of the different types of equipment rentals revenue), and insurance costs. Intersegment expenses are included within the amounts shown.
(4)Labor and benefits includes all internal labor and benefits costs associated with equipment rentals, including labor and benefits costs associated with repairs and maintenance and delivery.
(5)Primarily reflects severance and branch closure charges associated with our restructuring programs. The restructuring charges generally involve the closure of a large number of branches over a short period of time, often in periods following a major acquisition. As of March 31, 2025, there were no open restructuring programs.
(6)In January 2025, we announced that we had signed a merger agreement to acquire H&E. In February 2025, the merger agreement was terminated. Other income, net for the three months ended March 31, 2025 includes a break-up fee of $64 that we received following the termination of the H&E merger agreement
v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
As of March 31, 2025 and December 31, 2024, the amounts of our assets and liabilities that were accounted for at fair value were immaterial.
Fair value measurements are categorized in one of the following three levels based on the lowest level input that is significant to the fair value measurement in its entirety:
Level 1- Inputs to the valuation methodology are unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2- Observable inputs other than quoted prices in active markets for identical assets or liabilities include:
a)quoted prices for similar assets or liabilities in active markets;
b)quoted prices for identical or similar assets or liabilities in inactive markets;
c)inputs other than quoted prices that are observable for the asset or liability;
d)inputs that are derived principally from or corroborated by observable market data by correlation or other means.
If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.
Level 3- Inputs to the valuation methodology are unobservable (i.e., supported by little or no market activity) and significant to the fair value measure.
 
Fair Value of Financial Instruments
The carrying amounts reported in our condensed consolidated balance sheets for accounts receivable, accounts payable and accrued expenses and other liabilities approximate fair value due to the immediate to short-term maturity of these financial instruments. The fair values of our variable rate debt facilities and finance leases approximated their book values as of March 31, 2025 and December 31, 2024. The estimated fair values of our other financial instruments, all of which are categorized in Level 1 of the fair value hierarchy, as of March 31, 2025 and December 31, 2024 have been calculated based upon available market information, and were as follows: 
 March 31, 2025December 31, 2024
 Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Senior notes$8,822 $8,586 $8,821 $8,518 
v3.25.1
Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
Debt, net of unamortized original issue discounts or premiums, and unamortized debt issuance costs, consists of the following:
March 31, 2025December 31, 2024
Accounts receivable securitization facility expiring 2025 (1) (2)$1,323 $1,085 
$4.25 billion ABL facility expiring 2027 (1)
1,504 2,253 
Term loan facility expiring 2031 (1)982 984 
5 1/2 percent Senior Notes due 2027
499 499 
3 7/8 percent Senior Secured Notes due 2027
747 747 
4 7/8 percent Senior Notes due 2028 (3)
1,667 1,667 
6 percent Senior Secured Notes due 2029
1,490 1,490 
5 1/4 percent Senior Notes due 2030
746 746 
4 percent Senior Notes due 2030
745 745 
3 7/8 percent Senior Notes due 2031
1,093 1,092 
3 3/4 percent Senior Notes due 2032
745 745 
6 1/8 percent Senior Notes due 2034
1,090 1,090 
Finance leases291 263 
Total debt12,922 13,406 
Less short-term portion (4)(1,420)(1,178)
Total long-term debt$11,502 $12,228 
 ___________________

(1)The table below presents financial information associated with our variable rate indebtedness as of and for the three months ended March 31, 2025. We have borrowed the full available amount under the term loan facility. The principal obligation under the term loan facility is required to be repaid in quarterly installments in an aggregate amount equal to 1.0 percent per annum, with the balance due at the maturity of the facility. The average amount of debt outstanding under the term loan facility decreases slightly each quarter due to the requirement to repay a portion of the principal obligation.
ABL facilityAccounts receivable securitization facilityTerm loan facility
Borrowing capacity, net of letters of credit
$2,723 $80 $— 
Letters of credit
18 
 Interest rate at March 31, 20255.5 %5.3 %6.1 %
Average month-end debt outstanding
1,658 1,275 992 
Weighted-average interest rate on average debt outstanding
5.5 %5.3 %6.1 %
Maximum month-end debt outstanding
1,876 1,323 993 
(2)Borrowings under the accounts receivable securitization facility are permitted only to the extent that the face amount of the receivables in the collateral pool, net of applicable reserves and other deductions, exceeds the outstanding loans. As of March 31, 2025, there were $1.403 billion of receivables, net of applicable reserves and other deductions, in the collateral pool. The accounts receivable securitization facility expires on June 24, 2025 and may be extended on a 364-day basis by mutual agreement with the purchasers under the facility.
(3)URNA separately issued 4 7/8 percent Senior Notes in August 2017 and in September 2017. Following the issuances, URNA consummated an exchange offer pursuant to which most of the 4 7/8 percent Senior Notes issued in September 2017 were exchanged for additional notes fungible with the 4 7/8 percent Senior Notes issued in August 2017. As of March 31, 2025, the total above is comprised of two separate 4 7/8 percent Senior Notes, one with a book value of $1.663 billion and one with a book value of $4.
(4)Short-term debt primarily reflects borrowings under the accounts receivable securitization facility and the short-term portion of our finance leases.
Loan Covenants and Compliance
As of March 31, 2025, we were in compliance with the covenants and other provisions of the ABL, accounts receivable securitization and term loan facilities and our senior notes. Any failure to be in compliance with any material provision or covenant of these agreements could have a material adverse effect on our liquidity and operations.
The only financial covenant that currently exists under the ABL facility is the fixed charge coverage ratio. Subject to certain limited exceptions specified in the ABL facility, the fixed charge coverage ratio covenant under the ABL facility will only apply in the future if specified availability under the ABL facility falls below 10 percent of the maximum revolver amount
under the ABL facility. When certain conditions are met, cash and cash equivalents and borrowing base collateral in excess of the ABL facility size may be included when calculating specified availability under the ABL facility. As of March 31, 2025, specified availability under the ABL facility exceeded the required threshold and, as a result, this financial covenant was inapplicable. Under our accounts receivable securitization facility, we are required, among other things, to maintain certain financial tests relating to: (i) the default ratio, (ii) the delinquency ratio, (iii) the dilution ratio and (iv) days sales outstanding. The accounts receivable securitization facility also requires us to comply with the fixed charge coverage ratio under the ABL facility, to the extent the ratio is applicable under the ABL facility.
Covenants in the agreements governing our ABL facility, term loan facility and certain other debt instruments impose limitations on our ability to make share repurchases and dividend payments, subject to important exceptions that would allow us to make such repurchases or payments under certain conditions. Based on our current total indebtedness leverage ratio (as defined in the applicable debt agreements) and usage of the ABL facility as of March 31, 2025, we met the criteria under the applicable debt agreements for these exceptions, and as a result we were not restricted in our ability to make share repurchases and dividend payments.
v3.25.1
Legal and Regulatory Matters
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Legal and Regulatory Matters Legal and Regulatory Matters
We are subject to a number of claims and proceedings that generally arise in the ordinary conduct of our business. These matters include, but are not limited to, general liability claims (including personal injury, product liability, and property and automobile claims), indemnification and guarantee obligations, employee injuries and employment-related claims, self-insurance obligations and contract and real estate matters. Based on advice of counsel and available information, including current status or stage of proceeding, and taking into account accruals included in our consolidated balance sheets for matters where we have established them, we currently believe that any liabilities ultimately resulting from these ordinary course claims and proceedings will not, individually or in the aggregate, have a material adverse effect on our consolidated financial position, results of operations or cash flows.
v3.25.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of common shares plus the effect of dilutive potential common shares outstanding during the period. The following table sets forth the computation of basic and diluted earnings per share (shares in thousands):
Three Months Ended
 March 31,
 20252024
Numerator:
Net income available to common stockholders518 542 
Denominator:
Denominator for basic earnings per share—weighted-average common shares65,335 67,213 
Effect of dilutive securities:
Employee stock options2 3 
Restricted stock units98 201 
Denominator for diluted earnings per share—adjusted weighted-average common shares65,435 67,417 
Basic earnings per share$7.92 $8.06 
Diluted earnings per share$7.91 $8.04 
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net Income (Loss) $ 518 $ 542
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Organization, Description of Business and Basis of Presentation (Policies)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
New Accounting Pronouncements
New Accounting Pronouncements
Improvements to Income Tax Disclosures. In December 2023, the FASB issued ASU 2023-09, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, may be applied prospectively or retrospectively, and allows for early adoption. These requirements are not expected to have an impact on our financial statements, but will impact our income tax disclosures.
Disaggregation of Income Statement Expenses. In November 2024, the FASB issued ASU 2024-03, which requires more detailed disclosures about specified categories of expenses (including employee compensation, depreciation, and amortization) included in certain expense captions presented on the face of the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, may be applied prospectively or retrospectively, and allows for early adoption. We are currently assessing the impact this standard will have on our financial statements.
Lease revenues (Topic 842)
Lease revenues (Topic 842)
The accounting for the types of revenue that are accounted for under Topic 842 is discussed below.
Owned equipment rentals represent our most significant revenue type (they accounted for 68 percent of total revenues for the three months ended March 31, 2025) and are governed by our standard rental contract. We account for such rentals as operating leases. The lease terms are included in our contracts, and the determination of whether our contracts contain leases generally does not require significant assumptions or judgments. Our lease revenues do not include material amounts of variable payments.
Owned equipment rentals: Owned equipment rentals represent revenues from renting equipment that we own. We do not generally provide an option for the lessee to purchase the rented equipment at the end of the lease, and do not generate material revenue from sales of equipment under such options.
We recognize revenues from renting equipment on a straight-line basis. Our rental contract periods are hourly, daily, weekly or monthly. By way of example, if a customer were to rent a piece of equipment and the daily, weekly and monthly rental rates for that particular piece were (in actual dollars) $100, $300 and $900, respectively, we would recognize revenue of $32.14 per day. The daily rate for recognition purposes is calculated by dividing the monthly rate of $900 by the monthly term of 28 days. This daily rate assumes that the equipment will be on rent for the full 28 days, as we are unsure of when the customer will return the equipment and therefore unsure of which rental contract period will apply.
As part of this straight-line methodology, when the equipment is returned, we recognize as incremental revenue the excess, if any, between the amount the customer is contractually required to pay, which is based on the rental contract period applicable to the actual number of days the equipment was out on rent, over the cumulative amount of revenue recognized to date. In any given accounting period, we will have customers return equipment and be contractually required to pay us more than the cumulative amount of revenue recognized to date under the straight-line methodology. For instance, continuing the above example, if the customer rented the above piece of equipment on December 29 and returned it at the close of business on January 1, we would recognize incremental revenue on January 1 of $171.44 (in actual dollars, representing the difference between the amount the customer is contractually required to pay, or $300 at the weekly rate, and the cumulative amount recognized to date on a straight-line basis, or $128.56, which represents four days at $32.14 per day).
We record amounts billed to customers in excess of recognizable revenue as deferred revenue on our balance sheet. We had deferred revenue (associated with both Topic 842 and Topic 606) of $186 and $185 as of March 31, 2025 and December 31, 2024, respectively.
As noted above, we are unsure of when the customer will return rented equipment. As such, we do not know how much the customer will owe us upon return of the equipment and cannot provide a maturity analysis of future lease payments. Our equipment is generally rented for short periods of time. Lessees do not provide residual value guarantees on rented equipment.
We expect to derive significant future benefits from our equipment following the end of the rental term. Our rentals are generally short-term in nature, and our equipment is typically rented for the majority of the time that we own it. We additionally recognize revenue from sales of rental equipment when we dispose of the equipment.
Re-rent revenue: Re-rent revenue reflects revenues from equipment that we rent from vendors and then rent to our customers. We account for such rentals as subleases. The accounting for re-rent revenue is the same as the accounting for owned equipment rentals described above.
“Other” equipment rental revenue is primarily comprised of 1) Rental Protection Plan (or “RPP”) revenue associated with the damage waiver customers can purchase when they rent our equipment to protect against potential loss or damage, 2) environmental charges associated with the rental of equipment, 3) charges for rented equipment that is damaged by our customers and 4) charges for setup and other services performed on rented equipment.
Revenues from contracts with customers (Topic 606)
Revenues from contracts with customers (Topic 606)
The accounting for the types of revenue that are accounted for under Topic 606 is discussed below. Substantially all of our revenues under Topic 606 are recognized at a point-in-time rather than over time.
Delivery and pick-up: Delivery and pick-up revenue associated with renting equipment is recognized when the service is performed.
“Other” equipment rental revenue is primarily comprised of revenues associated with the consumption of fuel by our customers which are recognized when the equipment is returned by the customer (and consumption, if any, can be measured).
Sales of rental equipment, new equipment and contractor supplies are recognized at the time of delivery to, or pick-up by, the customer and when collectibility is probable.
Service and other revenues primarily represent revenues earned from providing repair and maintenance services on our customers’ fleet (including parts sales). Service revenue is recognized as the services are performed.
Receivables and contract assets and liabilities
As reflected above, most of our equipment rental revenue is accounted for under Topic 842 (such revenue represented 76 percent of our total revenues for the three months ended March 31, 2025). The customers that are responsible for the remaining revenue that is accounted for under Topic 606 are generally the same customers that rent our equipment. We manage credit risk associated with our accounts receivables at the customer level. Because the same customers generate the revenues that are accounted for under both Topic 606 and Topic 842, the discussions below on credit risk and our allowance for credit losses address receivables arising from revenues from both Topic 606 and Topic 842.
Concentration of credit risk with respect to our receivables is limited because a large number of geographically diverse customers makes up our customer base. Our largest customer accounted for one percent or less of total revenues for the three months ended March 31, 2025 and for each of the last three full years. Our customer with the largest receivable balance represented approximately two percent of total receivables at March 31, 2025 and December 31, 2024. We manage credit risk through credit approvals, credit limits and other monitoring procedures.
Our allowance for credit losses reflects our estimate of the amount of our receivables that we will be unable to collect based on historical write-off experience and, as applicable, current conditions and reasonable and supportable forecasts that affect collectibility. Our estimate could require change based on changing circumstances, including changes in the economy or in the particular circumstances of individual customers. Accordingly, we may be required to increase or decrease our allowance. Trade receivables that have contractual maturities of one year or less are written-off when they are determined to be uncollectible based on the criteria necessary to qualify as a deduction for federal tax purposes. Write-offs of such receivables
require management approval based on specified dollar thresholds. See the table below for a rollforward of our allowance for credit losses.
The measurement of expected credit losses is based on relevant information from past events, including historical experiences, current conditions and reasonable and supportable forecasts that affect collectibility. Trade receivables are the only material financial asset we have that is subject to the requirement to measure expected credit losses as noted above, as this requirement does not apply to receivables arising from operating lease revenues. Substantially all of our non-lease trade receivables are due in one year or less. As discussed above, most of our equipment rental revenue is accounted for as lease revenue (such revenue represented 76 percent of our total revenues for the three months ended March 31, 2025, and these revenues account for corresponding portions of the $2.298 billion of net accounts receivable and the associated allowance for credit losses of $181 as of March 31, 2025).
As discussed above, most of our equipment rental revenue is accounted for under Topic 842. The customers that are responsible for the remaining revenue that is accounted for under Topic 606 are generally the same customers that rent our equipment. We manage credit risk associated with our accounts receivables at the customer level. The rollforward of our allowance for credit losses (in total, and associated with revenues arising from both Topic 606 and Topic 842) is shown below.
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
Beginning balance$186 $169 
Charged to costs and expenses (1)3 4 
Charged to revenue (2)14 9 
Deductions and other (3)(22)(8)
Ending balance$181 $174 
_________________
(1)    Reflects bad debt expenses recognized within selling, general and administrative expenses (associated with Topic 606 revenues).
(2)    Primarily reflects credit losses associated with lease revenues that were recognized as a reduction to equipment rentals revenue (primarily associated with Topic 842 revenues).
(3)    Primarily represents write-offs of accounts, net of immaterial recoveries and other activity.
We do not have material contract assets, or impairment losses associated therewith, or material contract liabilities, associated with contracts with customers. Our contracts with customers do not generally result in material amounts billed to customers in excess of recognizable revenue. We did not recognize material revenue during the three months ended March 31, 2025 or 2024 that was included in the contract liability balance as of the beginning of such periods.

Performance obligations
Most of our Topic 606 revenue is recognized at a point-in-time, rather than over time. Accordingly, in any particular period, we do not generally recognize a significant amount of revenue from performance obligations satisfied (or partially satisfied) in previous periods, and the amounts of such revenue recognized during the three months ended March 31, 2025 and 2024 were not material. We also do not expect to recognize material revenue in the future related to performance obligations that were unsatisfied (or partially unsatisfied) as of March 31, 2025.

Payment terms
Our Topic 606 revenues do not include material amounts of variable consideration. Our payment terms vary by the type and location of our customer and the products or services offered. The time between invoicing and when payment is due is not significant. Our contracts do not generally include a significant financing component. For certain products or services and customer types, we require payment before the products or services are delivered to the customer. Our contracts with customers do not generally result in significant obligations associated with returns, refunds or warranties. See above for a discussion of how we manage credit risk.
Revenue is recognized net of taxes collected from customers, which are subsequently remitted to governmental authorities.
Contract costs
We do not recognize any assets associated with the incremental costs of obtaining a contract with a customer (for example, a sales commission) that we expect to recover. Most of our revenue is recognized at a point-in-time or over a period of one year or less, and we use the practical expedient that allows us to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that we otherwise would have recognized is one year or less.

Contract estimates and judgments
Our revenues accounted for under Topic 606 generally do not require significant estimates or judgments, primarily for the following reasons:
•The transaction price is generally fixed and stated in our contracts;
•As noted above, our contracts generally do not include multiple performance obligations, and accordingly do not generally require estimates of the standalone selling price for each performance obligation;
•Our revenues do not include material amounts of variable consideration, or result in significant obligations associated with returns, refunds or warranties; and
•Most of our revenue is recognized as of a point-in-time and the timing of the satisfaction of the applicable performance obligations is readily determinable. As noted above, our Topic 606 revenue is generally recognized at the time of delivery to, or pick-up by, the customer.
Our revenues accounted for under Topic 842 also generally do not require significant estimates or judgments. We monitor and review our estimated standalone selling prices on a regular basis.
v3.25.1
Revenue Recognition (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Changes in Accounting Principles
In the following table, revenue is summarized by type and by the applicable accounting standard.
Three Months Ended March 31,
20252024
Topic 842Topic 606TotalTopic 842Topic 606Total
Revenues:
Owned equipment rentals$2,522 $— $2,522 $2,404 $— $2,404 
Re-rent revenue63—6355—55
Ancillary and other rental revenues:
Delivery and pick-up—252252—214214
Other2416730820155256
Total ancillary and other rental revenues241 319 560 201 269 470 
Total equipment rentals2,826 319 3,145 2,660 269 2,929 
Sales of rental equipment—377377—383383
Sales of new equipment—7070—4848
Contractor supplies sales—3636—3636
Service and other revenues—9191—8989
Total revenues$2,826 $893 $3,719 $2,660 $825 $3,485 
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure The rollforward of our allowance for credit losses (in total, and associated with revenues arising from both Topic 606 and Topic 842) is shown below.
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
Beginning balance$186 $169 
Charged to costs and expenses (1)3 4 
Charged to revenue (2)14 9 
Deductions and other (3)(22)(8)
Ending balance$181 $174 
_________________
(1)    Reflects bad debt expenses recognized within selling, general and administrative expenses (associated with Topic 606 revenues).
(2)    Primarily reflects credit losses associated with lease revenues that were recognized as a reduction to equipment rentals revenue (primarily associated with Topic 842 revenues).
(3)    Primarily represents write-offs of accounts, net of immaterial recoveries and other activity.
v3.25.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Financial Information by Segment
The following table sets forth financial information by segment, and includes a reconciliation of the primary measure of segment profit (equipment rentals gross profit) to income before provision for income taxes.
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
General
rentals		SpecialtyTotalGeneral
rentals		SpecialtyTotal
Equipment rentals$2,099 $1,046 $3,145 $2,070 $859 $2,929 
Sales of rental equipment330 47 377 346 37 383 
Sales of new equipment43 27 70 29 19 48 
Contractor supplies sales20 16 36 20 16 36 
Service and other revenues81 10 91 81 8 89 
Total revenue (1)2,573 1,146 3,719 2,546 939 3,485 
Equipment rentals gross profit (see calculation below)679 451 1,130 681 422 1,103 
Equipment rentals gross margin32.3 %43.1 %35.9 %32.9 %49.1 %37.7 %
Capital expenditures (2)521 270 791 506 147 653 
Calculation of equipment rentals gross profit:
Equipment rentals2,099 1,046 3,145 2,070 859 2,929 
Less:
Depreciation of rental equipment(488)(149)(637)(488)(94)(582)
Significant/all other rental expenses (3):
Labor and benefits (4)(406)(120)(526)(390)(98)(488)
Repairs and maintenance(193)(53)(246)(199)(44)(243)
Delivery(115)(96)(211)(102)(66)(168)
All other rental expenses (3)(218)(177)(395)(210)(135)(345)
Equipment rentals gross profit679 451 1,130 681 422 1,103 
Reconciliation of equipment rentals gross profit to income before provision for income taxes:
Gross profit from other lines of business226 243 
Selling, general and administrative expenses(437)(389)
Restructuring charge (5)(1)(1)
Non-rental depreciation and amortization(114)(104)
Interest expense, net(184)(160)
Other income, net (6)68 3 
Income before provision for income taxes$688 $695 
March 31,
2025		December 31,
2024
General
rentals		SpecialtyTotalGeneral
rentals		SpecialtyTotal
Total assets$20,753 $7,297 $28,050 $21,044 $7,119 $28,163 
 ___________________
(1)Includes immaterial intersegment revenues.
(2)The condensed consolidated statements of cash flows include the payments for capital expenditures, while the table above reflects the gross capital expenditures. Accounts payable included $123 and $77 as of March 31, 2025 and December 31, 2024, respectively, and $158 and $74 as of March 31, 2024 and December 31, 2023, respectively, of amounts due but unpaid for purchases of rental equipment.
(3)The significant expense categories align with the segment-level information that is regularly provided to the CODM. The “all other rental expenses” category reflects the difference between equipment rentals revenue less the significant separately disclosed expense categories above and the primary measure of segment profit (equipment rentals gross profit), and is primarily comprised of property costs, costs associated with re-rent revenue and certain ancillary revenues (see note
2 to the condensed consolidated financial statements for a discussion of the different types of equipment rentals revenue), and insurance costs. Intersegment expenses are included within the amounts shown.
(4)Labor and benefits includes all internal labor and benefits costs associated with equipment rentals, including labor and benefits costs associated with repairs and maintenance and delivery.
(5)Primarily reflects severance and branch closure charges associated with our restructuring programs. The restructuring charges generally involve the closure of a large number of branches over a short period of time, often in periods following a major acquisition. As of March 31, 2025, there were no open restructuring programs.
(6)In January 2025, we announced that we had signed a merger agreement to acquire H&E. In February 2025, the merger agreement was terminated. Other income, net for the three months ended March 31, 2025 includes a break-up fee of $64 that we received following the termination of the H&E merger agreement
v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Financial Instruments The estimated fair values of our other financial instruments, all of which are categorized in Level 1 of the fair value hierarchy, as of March 31, 2025 and December 31, 2024 have been calculated based upon available market information, and were as follows: 
 March 31, 2025December 31, 2024
 Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Senior notes$8,822 $8,586 $8,821 $8,518 
v3.25.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Debt, net of unamortized original issue discounts or premiums, and unamortized debt issuance costs, consists of the following:
March 31, 2025December 31, 2024
Accounts receivable securitization facility expiring 2025 (1) (2)$1,323 $1,085 
$4.25 billion ABL facility expiring 2027 (1)
1,504 2,253 
Term loan facility expiring 2031 (1)982 984 
5 1/2 percent Senior Notes due 2027
499 499 
3 7/8 percent Senior Secured Notes due 2027
747 747 
4 7/8 percent Senior Notes due 2028 (3)
1,667 1,667 
6 percent Senior Secured Notes due 2029
1,490 1,490 
5 1/4 percent Senior Notes due 2030
746 746 
4 percent Senior Notes due 2030
745 745 
3 7/8 percent Senior Notes due 2031
1,093 1,092 
3 3/4 percent Senior Notes due 2032
745 745 
6 1/8 percent Senior Notes due 2034
1,090 1,090 
Finance leases291 263 
Total debt12,922 13,406 
Less short-term portion (4)(1,420)(1,178)
Total long-term debt$11,502 $12,228 
 ___________________

(1)The table below presents financial information associated with our variable rate indebtedness as of and for the three months ended March 31, 2025. We have borrowed the full available amount under the term loan facility. The principal obligation under the term loan facility is required to be repaid in quarterly installments in an aggregate amount equal to 1.0 percent per annum, with the balance due at the maturity of the facility. The average amount of debt outstanding under the term loan facility decreases slightly each quarter due to the requirement to repay a portion of the principal obligation.
ABL facilityAccounts receivable securitization facilityTerm loan facility
Borrowing capacity, net of letters of credit
$2,723 $80 $— 
Letters of credit
18 
 Interest rate at March 31, 20255.5 %5.3 %6.1 %
Average month-end debt outstanding
1,658 1,275 992 
Weighted-average interest rate on average debt outstanding
5.5 %5.3 %6.1 %
Maximum month-end debt outstanding
1,876 1,323 993 
(2)Borrowings under the accounts receivable securitization facility are permitted only to the extent that the face amount of the receivables in the collateral pool, net of applicable reserves and other deductions, exceeds the outstanding loans. As of March 31, 2025, there were $1.403 billion of receivables, net of applicable reserves and other deductions, in the collateral pool. The accounts receivable securitization facility expires on June 24, 2025 and may be extended on a 364-day basis by mutual agreement with the purchasers under the facility.
(3)URNA separately issued 4 7/8 percent Senior Notes in August 2017 and in September 2017. Following the issuances, URNA consummated an exchange offer pursuant to which most of the 4 7/8 percent Senior Notes issued in September 2017 were exchanged for additional notes fungible with the 4 7/8 percent Senior Notes issued in August 2017. As of March 31, 2025, the total above is comprised of two separate 4 7/8 percent Senior Notes, one with a book value of $1.663 billion and one with a book value of $4.
(4)Short-term debt primarily reflects borrowings under the accounts receivable securitization facility and the short-term portion of our finance leases.
v3.25.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (shares in thousands):
Three Months Ended
 March 31,
 20252024
Numerator:
Net income available to common stockholders518 542 
Denominator:
Denominator for basic earnings per share—weighted-average common shares65,335 67,213 
Effect of dilutive securities:
Employee stock options2 3 
Restricted stock units98 201 
Denominator for diluted earnings per share—adjusted weighted-average common shares65,435 67,417 
Basic earnings per share$7.92 $8.06 
Diluted earnings per share$7.91 $8.04 
v3.25.1
Revenue Recognition (Changes in Accounting Principles) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues:    
Revenues, Topic 842 $ 2,826 $ 2,660
Revenues, Topic 606 893 825
Total revenues $ 3,719 $ 3,485
Operating lease, lease income, statement of income or comprehensive income [extensible enumeration] Total revenues Total revenues
Total equipment rentals    
Revenues:    
Revenues, Topic 842 $ 2,826 $ 2,660
Revenues, Topic 606 319 269
Total revenues 3,145 2,929
Owned equipment rentals    
Revenues:    
Owned equipment rentals, Topic 842 2,522 2,404
Total revenues 2,522 2,404
Re-rent revenue    
Revenues:    
Re-rent revenue, Topic 842 63 55
Total revenues 63 55
Delivery and pick-up    
Revenues:    
Revenues, Topic 606 252 214
Total revenues 252 214
Other    
Revenues:    
Other, Topic 842 241 201
Revenues, Topic 606 67 55
Total revenues 308 256
Total ancillary and other rental revenues    
Revenues:    
Revenues, Topic 842 241 201
Revenues, Topic 606 319 269
Total revenues 560 470
Sales of rental equipment    
Revenues:    
Revenues, Topic 606 377 383
Total revenues 377 383
Sales of new equipment    
Revenues:    
Revenues, Topic 606 70 48
Total revenues 70 48
Contractor supplies sales    
Revenues:    
Revenues, Topic 606 36 36
Total revenues 36 36
Service and other revenues    
Revenues:    
Revenues, Topic 606 91 89
Total revenues $ 91 $ 89
v3.25.1
Revenue Recognition (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]          
Contract with customer, liability $ 186   $ 185    
Accounts receivable, net 2,298   $ 2,357    
Allowance for doubtful accounts 181        
Contract with customer, asset 0        
Revenue recognized 0 $ 0      
Contract with customer, performance obligation satisfied in previous period $ 0 $ 0      
Revenues | Product concentration risk | Owned equipment rentals          
Property, Plant and Equipment [Line Items]          
Concentration risk 68.00%        
Revenues | Product concentration risk | Equipment Rental          
Property, Plant and Equipment [Line Items]          
Concentration risk 76.00%        
Revenues | Product concentration risk | General Rentals          
Property, Plant and Equipment [Line Items]          
Concentration risk 69.00%        
Revenues | Geographic Concentration Risk | US          
Property, Plant and Equipment [Line Items]          
Concentration risk 91.00%        
Revenues | Customer concentration risk | Largest customer          
Property, Plant and Equipment [Line Items]          
Concentration risk 1.00%   1.00% 1.00% 1.00%
Accounts Receivable | Customer concentration risk | Largest customer          
Property, Plant and Equipment [Line Items]          
Concentration risk 2.00%   2.00%    
v3.25.1
Revenue Recognition (Allowance for Doubtful Accounts Rollforward) (Details) - SEC Schedule, 12-09, Allowance, Credit Loss - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]    
Beginning balance $ 186 $ 169
Charged to costs and expenses 3 4
Charged to revenue 14 9
Deductions and other (22) (8)
Ending balance $ 181 $ 174
v3.25.1
Segment Information (Narrative) (Details)
Mar. 31, 2025
geographicDivision
General Rentals  
Segment Reporting Information  
Number of geographic divisions entity operates in (locations) 4
v3.25.1
Segment Information (Financial Information by Segment) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information        
Total revenues $ 3,719 $ 3,485    
Revenue from contract with customer 893 825    
Equipment rentals gross profit (see calculation below) 1,356 1,346    
Capital expenditures 791 653    
Rental expenses (2,363) (2,139)    
Total assets 28,050   $ 28,163  
Sales of rental equipment        
Segment Reporting Information        
Capital expenditures incurred but not yet paid 123 158 77 $ 74
General Rentals Segment        
Segment Reporting Information        
Total revenues 2,573 2,546    
Capital expenditures 521 506    
Total assets 20,753   21,044  
Specialty Segment        
Segment Reporting Information        
Total revenues 1,146 939    
Capital expenditures 270 147    
Total assets 7,297   $ 7,119  
Equipment rentals        
Segment Reporting Information        
Total revenues 3,145 2,929    
Revenue from contract with customer 319 269    
Equipment rentals | General Rentals Segment        
Segment Reporting Information        
Total revenues 2,099 2,070    
Equipment rentals | Specialty Segment        
Segment Reporting Information        
Total revenues 1,046 859    
Sales of rental equipment        
Segment Reporting Information        
Total revenues 377 383    
Revenue from contract with customer 377 383    
Sales of rental equipment | General Rentals Segment        
Segment Reporting Information        
Revenue from contract with customer 330 346    
Sales of rental equipment | Specialty Segment        
Segment Reporting Information        
Revenue from contract with customer 47 37    
Sales of new equipment        
Segment Reporting Information        
Total revenues 70 48    
Revenue from contract with customer 70 48    
Sales of new equipment | General Rentals Segment        
Segment Reporting Information        
Revenue from contract with customer 43 29    
Sales of new equipment | Specialty Segment        
Segment Reporting Information        
Revenue from contract with customer 27 19    
Contractor supplies sales        
Segment Reporting Information        
Total revenues 36 36    
Revenue from contract with customer 36 36    
Contractor supplies sales | General Rentals Segment        
Segment Reporting Information        
Revenue from contract with customer 20 20    
Contractor supplies sales | Specialty Segment        
Segment Reporting Information        
Revenue from contract with customer 16 16    
Service and other revenues        
Segment Reporting Information        
Total revenues 91 89    
Revenue from contract with customer 91 89    
Service and other revenues | General Rentals Segment        
Segment Reporting Information        
Revenue from contract with customer 81 81    
Service and other revenues | Specialty Segment        
Segment Reporting Information        
Revenue from contract with customer 10 8    
Equipment rentals gross profit        
Segment Reporting Information        
Equipment rentals gross profit (see calculation below) 1,130 1,103    
Depreciation of rental equipment $ (637) $ (582)    
Equipment rentals gross profit | Revenues | Product concentration risk        
Segment Reporting Information        
Equipment rentals gross margin 35.90% 37.70%    
Equipment rentals gross profit | General Rentals Segment        
Segment Reporting Information        
Equipment rentals gross profit (see calculation below) $ 679 $ 681    
Depreciation of rental equipment $ (488) $ (488)    
Equipment rentals gross profit | General Rentals Segment | Revenues | Product concentration risk        
Segment Reporting Information        
Equipment rentals gross margin 32.30% 32.90%    
Equipment rentals gross profit | Specialty Segment        
Segment Reporting Information        
Equipment rentals gross profit (see calculation below) $ 451 $ 422    
Depreciation of rental equipment $ (149) $ (94)    
Equipment rentals gross profit | Specialty Segment | Revenues | Product concentration risk        
Segment Reporting Information        
Equipment rentals gross margin 43.10% 49.10%    
Labor and benefits        
Segment Reporting Information        
Rental expenses $ (526) $ (488)    
Labor and benefits | General Rentals Segment        
Segment Reporting Information        
Rental expenses (406) (390)    
Labor and benefits | Specialty Segment        
Segment Reporting Information        
Rental expenses (120) (98)    
Repairs and maintenance        
Segment Reporting Information        
Rental expenses (246) (243)    
Repairs and maintenance | General Rentals Segment        
Segment Reporting Information        
Rental expenses (193) (199)    
Repairs and maintenance | Specialty Segment        
Segment Reporting Information        
Rental expenses (53) (44)    
Delivery        
Segment Reporting Information        
Rental expenses (211) (168)    
Delivery | General Rentals Segment        
Segment Reporting Information        
Rental expenses (115) (102)    
Delivery | Specialty Segment        
Segment Reporting Information        
Rental expenses (96) (66)    
All other rental expenses        
Segment Reporting Information        
Rental expenses (395) (345)    
All other rental expenses | General Rentals Segment        
Segment Reporting Information        
Rental expenses (218) (210)    
All other rental expenses | Specialty Segment        
Segment Reporting Information        
Rental expenses (177) (135)    
Gross profit from other lines of business        
Segment Reporting Information        
Equipment rentals gross profit (see calculation below) $ 226 $ 243    
v3.25.1
Segment Information (Reconciliation to Equipment Rentals Gross Profit) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Equipment rentals gross profit (see calculation below) $ 1,356,000 $ 1,346,000
Selling, general and administrative expenses (437,000) (389,000)
Restructuring charge (1,000) (1,000)
Non-rental depreciation and amortization (114,000) (104,000)
Interest expense, net (184,000) (160,000)
Other income, net 68,000 3,000
Income before provision for income taxes 688,000 695,000
H&E Equipment Services, Inc.    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Termination merger agreement 64,000  
Gross profit from other lines of business    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Equipment rentals gross profit (see calculation below) $ 226,000 $ 243,000
v3.25.1
Fair Value Measurements (Details) - Level 1 - Senior notes - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Senior notes $ 8,822 $ 8,821
Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Senior notes $ 8,586 $ 8,518
v3.25.1
Debt (Long-term Debt Instruments) (Details) - USD ($)
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument    
Finance leases $ 291,000,000 $ 263,000,000
Total debt 12,922,000,000 13,406,000,000
Less short-term portion (1,420,000,000) (1,178,000,000)
Total long-term debt 11,502,000,000 12,228,000,000
Accounts receivable securitization facility expiring 2025 | Line of Credit    
Debt Instrument    
Long-term debt 1,323,000,000 1,085,000,000
Borrowing capacity, net of letters of credit $ 80,000,000  
Interest rate at March 31, 2025 5.30%  
Average month-end debt outstanding $ 1,275,000,000  
Weighted-average interest rate on average debt outstanding 5.30%  
Maximum month-end debt outstanding $ 1,323,000,000  
Collateral amount 1,403,000,000  
$4.25 billion ABL facility expiring 2027 | Line of Credit    
Debt Instrument    
Maximum borrowing capacity 4,250,000,000  
Long-term debt 1,504,000,000 2,253,000,000
Borrowing capacity, net of letters of credit 2,723,000,000  
Letters of credit $ 18,000,000  
Interest rate at March 31, 2025 5.50%  
Average month-end debt outstanding $ 1,658,000,000  
Weighted-average interest rate on average debt outstanding 5.50%  
Maximum month-end debt outstanding $ 1,876,000,000  
Term loan facility expiring 2031    
Debt Instrument    
Long-term debt $ 982,000,000 984,000,000
Annual repayment rate 1.00%  
5 1/2 percent Senior Notes due 2027 | Senior notes    
Debt Instrument    
Stated interest rate 5.50%  
Long-term debt $ 499,000,000 499,000,000
3 7/8 percent Senior Secured Notes due 2027 | Senior notes    
Debt Instrument    
Stated interest rate 3.875%  
Long-term debt $ 747,000,000 747,000,000
4 7/8 percent Senior Notes due 2028 | Senior notes    
Debt Instrument    
Stated interest rate 4.875%  
Long-term debt $ 1,667,000,000 1,667,000,000
6 percent Senior Secured Notes due 2029 | Senior notes    
Debt Instrument    
Stated interest rate 6.00%  
Long-term debt $ 1,490,000,000 1,490,000,000
5 1/4 percent Senior Notes due 2030 | Senior notes    
Debt Instrument    
Stated interest rate 5.25%  
Long-term debt $ 746,000,000 746,000,000
4 percent Senior Notes due 2030 | Senior notes    
Debt Instrument    
Stated interest rate 4.00%  
Long-term debt $ 745,000,000 745,000,000
3 7/8 percent Senior Notes due 2031 | Senior notes    
Debt Instrument    
Stated interest rate 3.875%  
Long-term debt $ 1,093,000,000 1,092,000,000
3 3/4 percent Senior Notes due 2032 | Senior notes    
Debt Instrument    
Stated interest rate 3.75%  
Long-term debt $ 745,000,000 745,000,000
6 1/8 percent Senior Notes due 2034 | Senior notes    
Debt Instrument    
Stated interest rate 6.125%  
Long-term debt $ 1,090,000,000 $ 1,090,000,000
Term loan facility | Line of Credit    
Debt Instrument    
Borrowing capacity, net of letters of credit $ 0  
Interest rate at March 31, 2025 6.10%  
Average month-end debt outstanding $ 992,000,000  
Weighted-average interest rate on average debt outstanding 6.10%  
Maximum month-end debt outstanding $ 993,000,000  
4 7/8 percent Senior Notes due 2028, one | Senior notes    
Debt Instrument    
Long-term debt 1,663,000,000  
4 7/8 percent Senior Notes due 2028, two | Senior notes    
Debt Instrument    
Long-term debt $ 4,000,000  
v3.25.1
Debt (Narrative) (Details)
 3 Months Ended
Mar. 31, 2025
ABL Facility | Line of Credit  
Debt Instrument  
Minimum available borrowing capacity, percentage 10.00%
v3.25.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Numerator:    
Net income available to common stockholders $ 518 $ 542
Denominator:    
Denominator for basic earnings per share—weighted-average common shares (in shares) 65,335 67,213
Effect of dilutive securities:    
Denominator for diluted earnings per share—adjusted weighted-average common shares (in shares) 65,435 67,417
Basic earnings per share (in dollars per share) $ 7.92 $ 8.06
Diluted earnings per share (in dollars per share) $ 7.91 $ 8.04
Employee stock options    
Effect of dilutive securities:    
Effect of dilutive securities (in shares) 2 3
Restricted stock units    
Effect of dilutive securities:    
Effect of dilutive securities (in shares) 98 201