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Assets Held for Sale | 12 Months Ended
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Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Assets Held for Sale | Assets Held for Sale The Company's assets held for sale consist of the Cinelease studio entertainment and lighting and grip equipment rental business ("Cinelease"). The film and studio entertainment industry has shifted to a studio centric model where owning or managing a large footprint of studios is becoming more important to be a competitive equipment rental provider, requiring significant investment in fully managed studios. This business model is a departure from the Company's stated growth strategy. During the fourth quarter of 2023, it was determined that Cinelease met all criteria to be classified as assets held for sale with the expectation of a transaction to be completed within 12 months. Since the determination was made, market conditions changed due to labor strikes within the industry that had impacts to Cinelease which slowed the process of exploring strategic alternatives. Cinelease continues to be actively marketed for sale and management expects a transaction to be completed in 2025. The Company assesses the fair value, less estimated costs to sell, each reporting period it remains classified as held for sale. During the fourth quarter of 2024, there was indication that the carrying value of Cinelease was greater than the fair value, less estimated costs to sell, based on slower than anticipated return of business subsequent to settlement of actual and potential labor strikes, therefore an impairment analysis was performed. The fair value was estimated using a market approach based on offers received through a competitive bid process, exclusive of potential earnouts for future performance. Accordingly, the Company recorded a loss on assets held for sale of approximately $194 million. The following table summarizes the assets and liabilities held for sale (in millions):
| December 31, 2024 |  | December 31, 2023
Assets held for sale: |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 1 |
Receivables | 6 |  |  | 8 |
Other current assets | 11 |  |  | 12 |
Total current assets held for sale | $ | 17 |  |  | $ | 21 |
Rental equipment, net | $ | 124 |  |  | $ | 183 |
Property and equipment, net | 23 |  |  | 34 |
Right-of-use lease assets | 47 |  |  | 75 |
Intangible assets, net | 2 |  |  | 4 |
Goodwill | — |  |  | 65 |
Other long-term assets | 24 |  |  | 47 |
Total long-term assets held for sale | $ | 220 |  |  | $ | 408 |
Liabilities held for sale: |  |  |
Current maturities of operating lease liabilities | $ | 7 |  |  | $ | 8 |
Accounts payable | 5 |  |  | 6 |
Accrued liabilities | 3 |  |  | 5 |
Total current liabilities held for sale | $ | 15 |  |  | $ | 19 |
Operating lease liabilities | $ | 60 |  |  | $ | 68 |
Total long-term liabilities held for sale | $ | 60 |  |  | $ | 68 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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