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Leases | 6 Months Ended
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Jul. 01, 2023
Leases [Abstract] |
Leases | Leases Components of Lease Expense
| Three Months Ended |  | Six Months Ended
(in millions) | July 1, 2023 |  | July 2, 2022 |  | July 1, 2023 |  | July 2, 2022
Lease expense: |  |  |  |  |  |  |
Operating lease cost | $ | 34 |  |  | $ | 33 |  |  | $ | 68 |  |  | $ | 66 |
Finance lease cost |  |  |  |  |  |  |
Amortization of right-of-use assets | $ | 1 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 4 |
Short-term lease cost | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |
Variable cost | 8 |  |  | 8 |  |  | 17 |  |  | 17 |
Sublease income | (1) |  |  | (2) |  |  | (3) |  |  | (3) |
Net lease expense | $ | 42 |  |  | $ | 41 |  |  | $ | 85 |  |  | $ | 85 |
Lease Assets and Liabilities
(in millions) |  | Statement Line Classification |  | July 1, 2023 |  | December 31, 2022 |  |
Assets: |  |  |  |  |  |  |  |
Operating lease assets |  | Operating lease assets |  | $ | 478 |  |  | $ | 485 |  |  |
Finance lease assets |  | Property, plant and equipment, net |  | 9 |  |  | 9 |  |  |
|  |  |  | $ | 487 |  |  | $ | 494 |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Operating lease liabilities |  | Accrued liabilities |  | $ | 114 |  |  | $ | 118 |  |  |
Finance lease liabilities |  | Current portion of long-term debt |  | — |  |  | 1 |  |  |
|  |  |  | $ | 114 |  |  | $ | 119 |  |  |
Non-current liabilities: |  |  |  |  |  |  |  |
Operating lease liabilities |  | Operating lease liabilities |  | $ | 391 |  |  | $ | 419 |  |  |
Other Information Related to Leases
| Six Months Ended |  |
(in millions) | July 1, 2023 |  | July 2, 2022 |  |
Supplemental cash flow information: |  |  |  |  |
Net cash used for operating activities related to operating leases | $ | 81 |  |  | $ | 93 |  |  |
Net cash used for financing activities related to finance leases | — |  |  | 3 |  |  |
Assets obtained in exchange for lease liabilities: |  |  |  |  |
Operating leases | $ | 39 |  |  | $ | 65 |  |  |
Assets obtained in exchange for lease liabilities for the six months ended July 1, 2023 included $20 million of additional leases due to a renewal of a large managed services contract. Assets obtained in exchange for lease liabilities for the six months ended July 2, 2022 included $34 million of additional leases acquired in connection with the Company's acquisition of TETRA Ireland.
| July 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 | 4.24 | % |  | 4.07 | %
Finance leases | 2.77 | % |  | 3.23 | %
Future Lease Payments
| July 1, 2023 |  |  |  |
(in millions) | Operating Leases |  |  |  |
Remainder of 2023 | $ | 52 |  |  |  |  |
2024 | 135 |  |  |  |  |
2025 | 122 |  |  |  |  |
2026 | 102 |  |  |  |  |
2027 | 54 |  |  |  |  |
Thereafter | 96 |  |  |  |  |
Total lease payments | $ | 561 |  |  |  |  |
Less: Interest | 56 |  |  |  |  |
Present value of lease liabilities | $ | 505 |  |  |  |  |
Leases | Leases Components of Lease Expense
| Three Months Ended |  | Six Months Ended
(in millions) | July 1, 2023 |  | July 2, 2022 |  | July 1, 2023 |  | July 2, 2022
Lease expense: |  |  |  |  |  |  |
Operating lease cost | $ | 34 |  |  | $ | 33 |  |  | $ | 68 |  |  | $ | 66 |
Finance lease cost |  |  |  |  |  |  |
Amortization of right-of-use assets | $ | 1 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 4 |
Short-term lease cost | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |
Variable cost | 8 |  |  | 8 |  |  | 17 |  |  | 17 |
Sublease income | (1) |  |  | (2) |  |  | (3) |  |  | (3) |
Net lease expense | $ | 42 |  |  | $ | 41 |  |  | $ | 85 |  |  | $ | 85 |
Lease Assets and Liabilities
(in millions) |  | Statement Line Classification |  | July 1, 2023 |  | December 31, 2022 |  |
Assets: |  |  |  |  |  |  |  |
Operating lease assets |  | Operating lease assets |  | $ | 478 |  |  | $ | 485 |  |  |
Finance lease assets |  | Property, plant and equipment, net |  | 9 |  |  | 9 |  |  |
|  |  |  | $ | 487 |  |  | $ | 494 |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Operating lease liabilities |  | Accrued liabilities |  | $ | 114 |  |  | $ | 118 |  |  |
Finance lease liabilities |  | Current portion of long-term debt |  | — |  |  | 1 |  |  |
|  |  |  | $ | 114 |  |  | $ | 119 |  |  |
Non-current liabilities: |  |  |  |  |  |  |  |
Operating lease liabilities |  | Operating lease liabilities |  | $ | 391 |  |  | $ | 419 |  |  |
Other Information Related to Leases
| Six Months Ended |  |
(in millions) | July 1, 2023 |  | July 2, 2022 |  |
Supplemental cash flow information: |  |  |  |  |
Net cash used for operating activities related to operating leases | $ | 81 |  |  | $ | 93 |  |  |
Net cash used for financing activities related to finance leases | — |  |  | 3 |  |  |
Assets obtained in exchange for lease liabilities: |  |  |  |  |
Operating leases | $ | 39 |  |  | $ | 65 |  |  |
Assets obtained in exchange for lease liabilities for the six months ended July 1, 2023 included $20 million of additional leases due to a renewal of a large managed services contract. Assets obtained in exchange for lease liabilities for the six months ended July 2, 2022 included $34 million of additional leases acquired in connection with the Company's acquisition of TETRA Ireland.
| July 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 | 4.24 | % |  | 4.07 | %
Finance leases | 2.77 | % |  | 3.23 | %
Future Lease Payments
| July 1, 2023 |  |  |  |
(in millions) | Operating Leases |  |  |  |
Remainder of 2023 | $ | 52 |  |  |  |  |
2024 | 135 |  |  |  |  |
2025 | 122 |  |  |  |  |
2026 | 102 |  |  |  |  |
2027 | 54 |  |  |  |  |
Thereafter | 96 |  |  |  |  |
Total lease payments | $ | 561 |  |  |  |  |
Less: Interest | 56 |  |  |  |  |
Present value of lease liabilities | $ | 505 |  |  |  |  |

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