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Leases (Tables)

9 Months Ended

Sep. 30, 2019

The tables below present financial information associated with our leases. This information is only presented as of, and for the three and nine months ended, September 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	September 30, 2019
Assets
Operating lease assets	Operating lease right-of-use assets	$	650
Finance lease assets	Rental equipment	276
	Less accumulated depreciation	(90		)
	Rental equipment, net	186
	Property and equipment, net:
	Non-rental vehicles	8
	Buildings	16
	Less accumulated depreciation and amortization	(19		)
	Property and equipment, net	5
Total leased assets		841
Liabilities
Current
Operating	Accrued expenses and other liabilities	174
Finance	Short-term debt and current maturities of long-term debt	38
Long-term
Operating	Operating lease liabilities	522
Finance	Long-term debt	82
Total lease liabilities		$	816

Lease, cost



Lease term and discount rate	September 30, 2019
Weighted-average remaining lease term (years)
Operating leases	4.8
Finance leases	3.4
Weighted-average discount rate
Operating leases	4.8	%
Finance leases	4.0	%



Other information	Nine Months Ended September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	151
Operating cash flows from finance leases	5
Financing cash flows from finance leases	35
Leased assets obtained in exchange for new operating lease liabilities	147
Leased assets obtained in exchange for new finance lease liabilities	$	36



Lease cost	Classification	Three Months Ended September 30, 2019			Nine Months Ended September 30, 2019
Operating lease cost (1)	Cost of equipment rentals, excluding depreciation (1)	$	95		$	270
	Selling, general and administrative expenses	3			8
	Restructuring charge	1			14
Finance lease cost
Amortization of leased assets	Depreciation of rental equipment	7			21
	Non-rental depreciation and amortization	1			2
Interest on lease liabilities	Interest expense, net	2			5
Sublease income (2)		(42		)	(114		)
Net lease cost		$	67		$	206

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(1) Includes variable lease costs, which are immaterial. Cost of equipment rentals, excluding depreciation for the three and nine months ended, September 30, 2019 includes $40 and $103, 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 September 30, 2019)	Operating leases (1)			Finance leases (2)
2019	$	53		$	12
2020	199			42
2021	170			42
2022	130			18
2023	96			6
Thereafter	137			7
Total	785			127
Less amount representing interest	(89		)	(7		)
Present value of lease liabilities	$	696		$	120

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(1) Reflects payments for non-cancelable operating leases with initial or remaining terms of one year or more as of September 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 September 30, 2019)	Operating leases (1)			Finance leases (2)
2019	$	53		$	12
2020	199			42
2021	170			42
2022	130			18
2023	96			6
Thereafter	137			7
Total	785			127
Less amount representing interest	(89		)	(7		)
Present value of lease liabilities	$	696		$	120

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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.