Arvelle leases a specific packaging line for a non-cancellable period of 2 years, renewable each year at Arvelle's option for 5 further years, at a rent set at 40% of the initial rent, a case datum considered well below market. The line is integrated into the plant; replacing it would require stopping production for 3 months. Arvelle usually uses this type of equipment for 7 years. Management has made no formal renewal decision. Which analysis is most consistent with IFRS 16?