Leases (Tables)

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Assets and Liabilities Of Leases

The tables below present financial information associated with our leases. This information is only presented as of, and for the three months ended, March 31, 2019 because, as noted above, we adopted Topic 842 using a transition method that does not require application to periods prior to adoption.

	Classification	March 31, 2019
Assets
Operating lease assets	Operating lease right-of-use assets	622
Finance lease assets	Rental equipment	263
	Less accumulated depreciation	(87	)
	Rental equipment, net	176
	Property and equipment, net:
	Non-rental vehicles	7
	Buildings	16
	Less accumulated depreciation and amortization	(18	)
	Property and equipment, net	5
Total leased assets		803
Liabilities
Current
Operating	Accrued expenses and other liabilities	169
Finance	Short-term debt and current maturities of long-term debt	39
Long-term
Operating	Operating lease liabilities	497
Finance	Long-term debt	80
Total lease liabilities		785

Lease, Cost

Lease cost	Classification	Three Months Ended March 31, 2019
Operating lease cost (1)	Cost of equipment rentals, excluding depreciation (1)	89
	Selling, general and administrative expenses	3
	Restructuring charge	6
Finance lease cost
Amortization of leased assets	Depreciation of rental equipment	7
	Non-rental depreciation and amortization	1
Interest on lease liabilities	Interest expense, net	2
Sublease income (2)		(38	)
Net lease cost		70

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(1)    Includes variable lease costs, which are immaterial. Cost of equipment rentals, excluding depreciation includes $34 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 March 31, 2019)	Operating leases (1)			Finance leases (2)
2019	164			33
2020	179			39
2021	147			36
2022	108			12
2023	74			12
Thereafter	87			5
Total	759			137
Less amount representing interest	(93		)	(18		)
Present value of lease liabilities	$	666		$	119

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(1)    Reflects payments for non-cancelable operating leases with initial or remaining terms of one year or more as of March 31, 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 March 31, 2019)	Operating leases (1)			Finance leases (2)
2019	164			33
2020	179			39
2021	147			36
2022	108			12
2023	74			12
Thereafter	87			5
Total	759			137
Less amount representing interest	(93		)	(18		)
Present value of lease liabilities	$	666		$	119

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(1)    Reflects payments for non-cancelable operating leases with initial or remaining terms of one year or more as of March 31, 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.

Lease Terms And Discount Rates

Lease term and discount rate	March 31, 2019
Weighted-average remaining lease term (years)
Operating leases	4.7
Finance leases	3.8
Weighted-average discount rate
Operating leases	4.9	%
Finance leases	4.1	%

Cash Flow Lessee

Other information	Three Months Ended March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	50
Operating cash flows from finance leases	2
Financing cash flows from finance leases	10
Leased assets obtained in exchange for new operating lease liabilities	75
Leased assets obtained in exchange for new finance lease liabilities	8