XML 21 R11.htm IDEA: XBRL DOCUMENT
v3.22.2

Leases | 6 Months Ended
--- | ---
Jul. 02, 2022
Leases [Abstract] |
Leases | LeasesComponents of Lease Expense
| Three Months Ended |  | Six Months Ended
(in millions) | July 2, 2022 |  | July 3, 2021 |  | July 2, 2022 |  | July 3, 2021
Lease expense: |  |  |  |  |  |  |
Operating lease cost | $ | 33 |  |  | $ | 34 |  |  | $ | 66 |  |  | $ | 67 |
Finance lease cost |  |  |  |  |  |  |
Amortization of right-of-use assets | $ | 2 |  |  | $ | 3 |  |  | $ | 4 |  |  | $ | 6 |
Short-term lease cost | $ | — |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |
Variable cost | 8 |  |  | 9 |  |  | 17 |  |  | 18 |
Sublease income | (2) |  |  | (1) |  |  | (3) |  |  | (2) |
Net lease expense | $ | 41 |  |  | $ | 46 |  |  | $ | 85 |  |  | $ | 91 |
Lease Assets and Liabilities
(in millions) |  | Statement Line Classification |  | July 2, 2022 |  | December 31, 2021 |  |
Assets: |  |  |  |  |  |  |  |
Operating lease assets |  | Operating lease assets |  | $ | 366 |  |  | $ | 382 |  |  |
Finance lease assets |  | Property, plant and equipment, net |  | 11 |  |  | 16 |  |  |
|  |  |  | $ | 377 |  |  | $ | 398 |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Operating lease liabilities |  | Accrued liabilities |  | $ | 94 |  |  | $ | 124 |  |  |
Finance lease liabilities |  | Current portion of long-term debt |  | 2 |  |  | 4 |  |  |
|  |  |  | $ | 96 |  |  | $ | 128 |  |  |
Non-current liabilities: |  |  |  |  |  |  |  |
Operating lease liabilities |  | Operating lease liabilities |  | $ | 308 |  |  | $ | 313 |  |  |
|  |  |  | $ | 308 |  |  | $ | 313 |  |  |
Other Information Related to Leases
| Six Months Ended |  |
(in millions) | July 2, 2022 |  | July 3, 2021 |  |
Supplemental cash flow information: |  |  |  |  |
Net cash used for operating activities related to operating leases | $ | 93 |  |  | $ | 95 |  |  |
Net cash used for financing activities related to finance leases | 3 |  |  | 7 |  |  |
Assets obtained in exchange for lease liabilities: |  |  |  |  |
Operating leases | $ | 65 |  |  | $ | 22 |  |  |
The increase in assets obtained in exchange for lease liabilities for the six months ended July 2, 2022 compared to the six months ended July 3, 2021 was primarily due to $34 million of additional leases acquired in connection with the Company's acquisition of TETRA Ireland during the quarter ended April 2, 2022.
| July 2, 2022 |  | December 31, 2021
Weighted average remaining lease terms (years): |  |  |
Operating leases | 6 |  | 6
Finance leases | 1 |  | 1
Weighted average discount rate: |  |  |
Operating leases | 3.05 | % |  | 3.11 | %
Finance leases | 3.92 | % |  | 3.99 | %
Future Lease Payments
| July 2, 2022
(in millions) | Operating Leases |  | Finance Leases |  | Total
Remainder of 2022 | $ | 48 |  |  | $ | 2 |  |  | $ | 50 |
2023 | 91 |  |  | — |  |  | 91 |
2024 | 77 |  |  | — |  |  | 77 |
2025 | 63 |  |  | — |  |  | 63 |
2026 | 50 |  |  | — |  |  | 50 |
Thereafter | 113 |  |  | — |  |  | 113 |
Total lease payments | $ | 442 |  |  | $ | 2 |  |  | $ | 444 |
Less: interest | 40 |  |  | — |  |  | 40 |
Present value of lease liabilities | $ | 402 |  |  | $ | 2 |  |  | $ | 404 |
Leases | LeasesComponents of Lease Expense
| Three Months Ended |  | Six Months Ended
(in millions) | July 2, 2022 |  | July 3, 2021 |  | July 2, 2022 |  | July 3, 2021
Lease expense: |  |  |  |  |  |  |
Operating lease cost | $ | 33 |  |  | $ | 34 |  |  | $ | 66 |  |  | $ | 67 |
Finance lease cost |  |  |  |  |  |  |
Amortization of right-of-use assets | $ | 2 |  |  | $ | 3 |  |  | $ | 4 |  |  | $ | 6 |
Short-term lease cost | $ | — |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |
Variable cost | 8 |  |  | 9 |  |  | 17 |  |  | 18 |
Sublease income | (2) |  |  | (1) |  |  | (3) |  |  | (2) |
Net lease expense | $ | 41 |  |  | $ | 46 |  |  | $ | 85 |  |  | $ | 91 |
Lease Assets and Liabilities
(in millions) |  | Statement Line Classification |  | July 2, 2022 |  | December 31, 2021 |  |
Assets: |  |  |  |  |  |  |  |
Operating lease assets |  | Operating lease assets |  | $ | 366 |  |  | $ | 382 |  |  |
Finance lease assets |  | Property, plant and equipment, net |  | 11 |  |  | 16 |  |  |
|  |  |  | $ | 377 |  |  | $ | 398 |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Operating lease liabilities |  | Accrued liabilities |  | $ | 94 |  |  | $ | 124 |  |  |
Finance lease liabilities |  | Current portion of long-term debt |  | 2 |  |  | 4 |  |  |
|  |  |  | $ | 96 |  |  | $ | 128 |  |  |
Non-current liabilities: |  |  |  |  |  |  |  |
Operating lease liabilities |  | Operating lease liabilities |  | $ | 308 |  |  | $ | 313 |  |  |
|  |  |  | $ | 308 |  |  | $ | 313 |  |  |
Other Information Related to Leases
| Six Months Ended |  |
(in millions) | July 2, 2022 |  | July 3, 2021 |  |
Supplemental cash flow information: |  |  |  |  |
Net cash used for operating activities related to operating leases | $ | 93 |  |  | $ | 95 |  |  |
Net cash used for financing activities related to finance leases | 3 |  |  | 7 |  |  |
Assets obtained in exchange for lease liabilities: |  |  |  |  |
Operating leases | $ | 65 |  |  | $ | 22 |  |  |
The increase in assets obtained in exchange for lease liabilities for the six months ended July 2, 2022 compared to the six months ended July 3, 2021 was primarily due to $34 million of additional leases acquired in connection with the Company's acquisition of TETRA Ireland during the quarter ended April 2, 2022.
| July 2, 2022 |  | December 31, 2021
Weighted average remaining lease terms (years): |  |  |
Operating leases | 6 |  | 6
Finance leases | 1 |  | 1
Weighted average discount rate: |  |  |
Operating leases | 3.05 | % |  | 3.11 | %
Finance leases | 3.92 | % |  | 3.99 | %
Future Lease Payments
| July 2, 2022
(in millions) | Operating Leases |  | Finance Leases |  | Total
Remainder of 2022 | $ | 48 |  |  | $ | 2 |  |  | $ | 50 |
2023 | 91 |  |  | — |  |  | 91 |
2024 | 77 |  |  | — |  |  | 77 |
2025 | 63 |  |  | — |  |  | 63 |
2026 | 50 |  |  | — |  |  | 50 |
Thereafter | 113 |  |  | — |  |  | 113 |
Total lease payments | $ | 442 |  |  | $ | 2 |  |  | $ | 444 |
Less: interest | 40 |  |  | — |  |  | 40 |
Present value of lease liabilities | $ | 402 |  |  | $ | 2 |  |  | $ | 404 |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration