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v3.23.1

Leases | 3 Months Ended
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Apr. 01, 2023
Leases [Abstract] |
Leases | LeasesComponents of Lease Expense
| Three Months Ended |  |
(in millions) | April 1, 2023 |  | April 2, 2022 |  |  |  |
Lease expense: |  |  |  |  |  |  |
Operating lease cost | $ | 34 |  |  | $ | 33 |  |  |  |  |
Finance lease cost |  |  |  |  |  |  |
Amortization of right-of-use assets | $ | 1 |  |  | $ | 2 |  |  |  |  |
Short-term lease cost | $ | — |  |  | $ | 1 |  |  |  |  |
Variable cost | 9 |  |  | 9 |  |  |  |  |
Sublease income | (2) |  |  | (1) |  |  |  |  |
Net lease expense | $ | 42 |  |  | $ | 44 |  |  |  |  |
Lease Assets and Liabilities
(in millions) |  | Statement Line Classification |  | April 1, 2023 |  | December 31, 2022 |  |
Assets: |  |  |  |  |  |  |  |
Operating lease assets |  | Operating lease assets |  | $ | 472 |  |  | $ | 485 |  |  |
Finance lease assets |  | Property, plant and equipment, net |  | 10 |  |  | 9 |  |  |
|  |  |  | $ | 482 |  |  | $ | 494 |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Operating lease liabilities |  | Accrued liabilities |  | $ | 108 |  |  | $ | 118 |  |  |
Finance lease liabilities |  | Current portion of long-term debt |  | 1 |  |  | 1 |  |  |
|  |  |  | $ | 109 |  |  | $ | 119 |  |  |
Non-current liabilities: |  |  |  |  |  |  |  |
Operating lease liabilities |  | Operating lease liabilities |  | $ | 398 |  |  | $ | 419 |  |  |
Other Information Related to Leases
| Three Months Ended |  |
(in millions) | April 1, 2023 |  | April 2, 2022 |  |
Supplemental cash flow information: |  |  |  |  |
Net cash used for operating activities related to operating leases | $ | 52 |  |  | $ | 62 |  |  |
Net cash used for financing activities related to finance leases | — |  |  | 2 |  |  |
Assets obtained in exchange for lease liabilities: |  |  |  |  |
Operating leases | $ | 8 |  |  | $ | 40 |  |  |
Assets obtained in exchange for lease liabilities for the three months ended April 2, 2022 included $34 million of additional leases acquired in connection with the Company's acquisition of TETRA Ireland.
| April 1, 2023 |  | December 31, 2022
Weighted average remaining lease terms (years): |  |  |
Operating leases | 5 |  | 5
Finance leases | 1 |  | 1
Weighted average discount rate: |  |  |
Operating leases | 4.09 | % |  | 4.07 | %
Finance leases | 2.77 | % |  | 3.23 | %
Future Lease Payments
| April 1, 2023
(in millions) | Operating Leases |  | Finance Leases |  | Total
Remainder of 2023 | $ | 90 |  |  | $ | 1 |  |  | $ | 91 |
2024 | 129 |  |  | — |  |  | 129 |
2025 | 112 |  |  | — |  |  | 112 |
2026 | 96 |  |  | — |  |  | 96 |
2027 | 51 |  |  | — |  |  | 51 |
Thereafter | 81 |  |  | — |  |  | 81 |
Total lease payments | $ | 559 |  |  | $ | 1 |  |  | $ | 560 |
Less: Interest | 53 |  |  | — |  |  | 53 |
Present value of lease liabilities | $ | 506 |  |  | $ | 1 |  |  | $ | 507 |
Leases | LeasesComponents of Lease Expense
| Three Months Ended |  |
(in millions) | April 1, 2023 |  | April 2, 2022 |  |  |  |
Lease expense: |  |  |  |  |  |  |
Operating lease cost | $ | 34 |  |  | $ | 33 |  |  |  |  |
Finance lease cost |  |  |  |  |  |  |
Amortization of right-of-use assets | $ | 1 |  |  | $ | 2 |  |  |  |  |
Short-term lease cost | $ | — |  |  | $ | 1 |  |  |  |  |
Variable cost | 9 |  |  | 9 |  |  |  |  |
Sublease income | (2) |  |  | (1) |  |  |  |  |
Net lease expense | $ | 42 |  |  | $ | 44 |  |  |  |  |
Lease Assets and Liabilities
(in millions) |  | Statement Line Classification |  | April 1, 2023 |  | December 31, 2022 |  |
Assets: |  |  |  |  |  |  |  |
Operating lease assets |  | Operating lease assets |  | $ | 472 |  |  | $ | 485 |  |  |
Finance lease assets |  | Property, plant and equipment, net |  | 10 |  |  | 9 |  |  |
|  |  |  | $ | 482 |  |  | $ | 494 |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Operating lease liabilities |  | Accrued liabilities |  | $ | 108 |  |  | $ | 118 |  |  |
Finance lease liabilities |  | Current portion of long-term debt |  | 1 |  |  | 1 |  |  |
|  |  |  | $ | 109 |  |  | $ | 119 |  |  |
Non-current liabilities: |  |  |  |  |  |  |  |
Operating lease liabilities |  | Operating lease liabilities |  | $ | 398 |  |  | $ | 419 |  |  |
Other Information Related to Leases
| Three Months Ended |  |
(in millions) | April 1, 2023 |  | April 2, 2022 |  |
Supplemental cash flow information: |  |  |  |  |
Net cash used for operating activities related to operating leases | $ | 52 |  |  | $ | 62 |  |  |
Net cash used for financing activities related to finance leases | — |  |  | 2 |  |  |
Assets obtained in exchange for lease liabilities: |  |  |  |  |
Operating leases | $ | 8 |  |  | $ | 40 |  |  |
Assets obtained in exchange for lease liabilities for the three months ended April 2, 2022 included $34 million of additional leases acquired in connection with the Company's acquisition of TETRA Ireland.
| April 1, 2023 |  | December 31, 2022
Weighted average remaining lease terms (years): |  |  |
Operating leases | 5 |  | 5
Finance leases | 1 |  | 1
Weighted average discount rate: |  |  |
Operating leases | 4.09 | % |  | 4.07 | %
Finance leases | 2.77 | % |  | 3.23 | %
Future Lease Payments
| April 1, 2023
(in millions) | Operating Leases |  | Finance Leases |  | Total
Remainder of 2023 | $ | 90 |  |  | $ | 1 |  |  | $ | 91 |
2024 | 129 |  |  | — |  |  | 129 |
2025 | 112 |  |  | — |  |  | 112 |
2026 | 96 |  |  | — |  |  | 96 |
2027 | 51 |  |  | — |  |  | 51 |
Thereafter | 81 |  |  | — |  |  | 81 |
Total lease payments | $ | 559 |  |  | $ | 1 |  |  | $ | 560 |
Less: Interest | 53 |  |  | — |  |  | 53 |
Present value of lease liabilities | $ | 506 |  |  | $ | 1 |  |  | $ | 507 |

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