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Leases (Tables)

12 Months Ended

Dec. 31, 2024

The tables below present financial information associated with our leases as of December 31, 2024 and 2023, and for the years ended December 31, 2024, 2023 and 2022.


	Classification	December 31, 2024		December 31, 2023
Assets
Operating lease assets	Operating lease right-of-use assets (1)	$	1,337	$	1,099
Finance lease assets	Rental equipment	493		395
	Less accumulated depreciation	(141)		(126)
	Rental equipment, net	352		269
	Property and equipment, net:
	Non-rental vehicles	11		8
	Buildings	71		66
	Less accumulated depreciation and amortization	(33)		(27)
	Property and equipment, net	49		47
Total leased assets		1,738		1,415
Liabilities
Current
Operating	Accrued expenses and other liabilities	294		249
Finance	Short-term debt and current maturities of long-term debt	83		55
Long-term
Operating	Operating lease liabilities (1)	1,089		895
Finance	Long-term debt	180		137
Total lease liabilities		$	1,646	$	1,336

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(1) The increases in 2024 reflect increased amounts of real estate and equipment leased under operating leases.

Lease, cost


Lease cost	Classification	Year Ended December 31, 2024		Year Ended December 31, 2023		Year Ended December 31, 2022
Operating lease cost (1)	Cost of equipment rentals, excluding depreciation (1)	$	647	$	582	$	494
	Selling, general and administrative expenses	14		12		11
	Restructuring charge (2)	3		27		—
Finance lease cost
Amortization of leased assets	Depreciation of rental equipment	46		36		31
	Non-rental depreciation and amortization	1		2		2
Interest on lease liabilities	Interest expense, net	12		8		5
Sublease income (3)		(258)		(233)		(235)
Net lease cost		$	465	$	434	$	308

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(1) Includes variable lease costs, which are immaterial. Cost of equipment rentals, excluding depreciation for the years ended December 31, 2024, 2023 and 2022 includes $222, $209 and $195, 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) The amounts above primarily reflect charges associated with a restructuring program initiated following the closing of the Ahern Rentals acquisition.

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


Lease term and discount rate	December 31, 2024		December 31, 2023
Weighted-average remaining lease term (years)
Operating leases	5.8		6.2
Finance leases	5.8		6.5
Weighted-average discount rate
Operating leases	4.6	%	4.5	%
Finance leases	4.8	%	4.8	%


Other information	Year Ended December 31, 2024		Year Ended December 31, 2023		Year Ended December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	328	$	304	$	244
Operating cash flows from finance leases	12		8		5
Financing cash flows from finance leases	79		64		57
Leased assets obtained in exchange for new operating lease liabilities (1)	535		538		237
Leased assets obtained in exchange for new finance lease liabilities (1)	$	153	$	132	$	47

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(1) The increases in 2023 include the impact of the Ahern Rentals acquisition.

Finance lease, liability, maturity


Maturity of lease liabilities (as of December 31, 2024)	Operating leases (1)		Finance leases (2)
2025	$	351	$	91
2026	318		77
2027	266		61
2028	212		29
2029	152		5
Thereafter	300		45
Total	1,599		308
Less amount representing interest	(216)		(45)
Present value of lease liabilities	$	1,383	$	263

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(1) Reflects payments for non-cancelable operating leases with initial or remaining terms of one year or more as of December 31, 2024. 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.

Lessee, operating lease, liability, maturity


Maturity of lease liabilities (as of December 31, 2024)	Operating leases (1)		Finance leases (2)
2025	$	351	$	91
2026	318		77
2027	266		61
2028	212		29
2029	152		5
Thereafter	300		45
Total	1,599		308
Less amount representing interest	(216)		(45)
Present value of lease liabilities	$	1,383	$	263

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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.