Common Operations on ArrayList Using Iterator

You can safely remove elements while iterating:

while (iterator.hasNext()) {
    String name = iterator.next();
    if (name.equals("Alice")) {
        iterator.remove();
    }
}

Example of Modifying Elements

Modifying elements is generally done with a ListIterator:

ListIterator<String> listIterator = names.listIterator();
while (listIterator.hasNext()) {
    String name = listIterator.next();
    if (name.equals("Bob")) {
        listIterator.set("Robert");
    }
}