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Leases
 6 Months Ended
Jul. 02, 2022
Leases [Abstract]  
Leases LeasesComponents of Lease Expense
Three Months EndedSix Months Ended
(in millions)July 2, 2022July 3, 2021July 2, 2022July 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 cost8 9 17 18 
Sublease income(2)(1)(3)(2)
Net lease expense$41 $46 $85 $91 
Lease Assets and Liabilities
(in millions)Statement Line ClassificationJuly 2, 2022December 31, 2021
Assets:
Operating lease assetsOperating lease assets$366 $382 
Finance lease assetsProperty, plant and equipment, net11 16 
$377 $398 
Current liabilities:
Operating lease liabilitiesAccrued liabilities$94 $124 
Finance lease liabilitiesCurrent portion of long-term debt2 4 
$96 $128 
Non-current liabilities:
Operating lease liabilitiesOperating lease liabilities$308 $313 
$308 $313 
Other Information Related to Leases
Six Months Ended
(in millions)July 2, 2022July 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 leases3 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, 2022December 31, 2021
Weighted average remaining lease terms (years):
Operating leases66
Finance leases11
Weighted average discount rate:
Operating leases3.05 %3.11 %
Finance leases3.92 %3.99 %
Future Lease Payments
July 2, 2022
(in millions)Operating LeasesFinance LeasesTotal
Remainder of 2022$48 $2 $50 
202391 — 91 
202477 — 77 
202563 — 63 
202650 — 50 
Thereafter113 — 113 
Total lease payments$442 $2 $444 
Less: interest40 — 40 
Present value of lease liabilities$402 $2 $404 
Leases LeasesComponents of Lease Expense
Three Months EndedSix Months Ended
(in millions)July 2, 2022July 3, 2021July 2, 2022July 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 cost8 9 17 18 
Sublease income(2)(1)(3)(2)
Net lease expense$41 $46 $85 $91 
Lease Assets and Liabilities
(in millions)Statement Line ClassificationJuly 2, 2022December 31, 2021
Assets:
Operating lease assetsOperating lease assets$366 $382 
Finance lease assetsProperty, plant and equipment, net11 16 
$377 $398 
Current liabilities:
Operating lease liabilitiesAccrued liabilities$94 $124 
Finance lease liabilitiesCurrent portion of long-term debt2 4 
$96 $128 
Non-current liabilities:
Operating lease liabilitiesOperating lease liabilities$308 $313 
$308 $313 
Other Information Related to Leases
Six Months Ended
(in millions)July 2, 2022July 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 leases3 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, 2022December 31, 2021
Weighted average remaining lease terms (years):
Operating leases66
Finance leases11
Weighted average discount rate:
Operating leases3.05 %3.11 %
Finance leases3.92 %3.99 %
Future Lease Payments
July 2, 2022
(in millions)Operating LeasesFinance LeasesTotal
Remainder of 2022$48 $2 $50 
202391 — 91 
202477 — 77 
202563 — 63 
202650 — 50 
Thereafter113 — 113 
Total lease payments$442 $2 $444 
Less: interest40 — 40 
Present value of lease liabilities$402 $2 $404