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Leases (Tables)

6 Months Ended

Jun. 30, 2019

The tables below present financial information associated with our leases. This information is only presented as of, and for the three and six months ended, June 30, 2019 because, as noted above, we adopted Topic 842 using a transition method that does not require application to periods prior to adoption.



	Classification	June 30, 2019
Assets
Operating lease assets	Operating lease right-of-use assets	$	619
Finance lease assets	Rental equipment	267
	Less accumulated depreciation	(91		)
	Rental equipment, net	176
	Property and equipment, net:
	Non-rental vehicles	8
	Buildings	16
	Less accumulated depreciation and amortization	(19		)
	Property and equipment, net	5
Total leased assets		800
Liabilities
Current
Operating	Accrued expenses and other liabilities	170
Finance	Short-term debt and current maturities of long-term debt	40
Long-term
Operating	Operating lease liabilities	497
Finance	Long-term debt	75
Total lease liabilities		$	782

Lease, cost



Other information	Six Months Ended June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	102
Operating cash flows from finance leases	3
Financing cash flows from finance leases	22
Leased assets obtained in exchange for new operating lease liabilities	104
Leased assets obtained in exchange for new finance lease liabilities	$	17



Lease term and discount rate	June 30, 2019
Weighted-average remaining lease term (years)
Operating leases	4.5
Finance leases	3.5
Weighted-average discount rate
Operating leases	4.9	%
Finance leases	3.9	%



Lease cost	Classification	Three Months Ended June 30, 2019			Six Months Ended June 30, 2019
Operating lease cost (1)	Cost of equipment rentals, excluding depreciation (1)	$	86		$	175
	Selling, general and administrative expenses	2			5
	Restructuring charge	7			13
Finance lease cost
Amortization of leased assets	Depreciation of rental equipment	7			14
	Non-rental depreciation and amortization	—			1
Interest on lease liabilities	Interest expense, net	1			3
Sublease income (2)		(37		)	(72		)
Net lease cost		$	66		$	139

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(1) Includes variable lease costs, which are immaterial. Cost of equipment rentals, excluding depreciation for the three and six months ended, June 30, 2019 includes $29 and $63, respectively, of short-term lease costs associated with equipment that we rent from vendors and then rent to our customers, as discussed further above. Apart from these costs, short-term lease costs are immaterial.

(2) Primarily reflects re-rent revenue as discussed further above.

Lessee, operating lease, liability, maturity



Maturity of lease liabilities (as of June 30, 2019)	Operating leases (1)			Finance leases (2)
2019	$	116		$	22
2020	188			38
2021	156			38
2022	117			14
2023	82			3
Thereafter	98			6
Total	757			121
Less amount representing interest	(90		)	(6		)
Present value of lease liabilities	$	667		$	115

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(1) Reflects payments for non-cancelable operating leases with initial or remaining terms of one year or more as of June 30, 2019. The table above does not include any legally binding minimum lease payments for leases signed but not yet commenced, and such leases are not material in the aggregate.

(2) The table above does not include any legally binding minimum lease payments for leases signed but not yet commenced, and such leases are not material in the aggregate.

Finance lease, liability, maturity



Maturity of lease liabilities (as of June 30, 2019)	Operating leases (1)			Finance leases (2)
2019	$	116		$	22
2020	188			38
2021	156			38
2022	117			14
2023	82			3
Thereafter	98			6
Total	757			121
Less amount representing interest	(90		)	(6		)
Present value of lease liabilities	$	667		$	115

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(2) The table above does not include any legally binding minimum lease payments for leases signed but not yet commenced, and such leases are not material in the aggregate.