XML 28 R14.htm IDEA: XBRL DOCUMENT
v3.20.4

LEASES | 12 Months Ended
--- | ---
Dec. 31, 2020
Leases [Abstract] |
LEASES | LEASES We have operating and finance leases primarily for corporate offices, manufacturing facilities, warehouses, vehicles, and equipment. Our leases have remaining lease terms up to 22 years, some of which may include one or more renewal options with terms to extend the lease for up to an additional 20 years, and some of which may include options to terminate the leases prior to their expiration. The components of lease cost included in income from continuing operations were as follows, in millions:
| 2020 |  | 2019
Operating lease cost | $ | 47 |  |  | $ | 49 |
Short-term lease cost | 7 |  |  | 6 |
Variable lease cost | 3 |  |  | 3 |
Finance lease cost: |  |  |
Amortization of right-of-use assets | 3 |  |  | 3 |
Interest on lease liabilities | 1 |  |  | 1 |
Supplemental cash flow information related to leases was as follows, in millions
|  |  | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows for operating leases |  |  | $ | 47 |  |  | $ | 58 |
Operating cash flows for finance leases |  |  | 1 |  |  | 1 |
Financing cash flows for finance leases |  |  | 2 |  |  | 8 |
ROU assets obtained in exchange for new lease obligations: |  |  |  |  |
Operating leases (A) |  |  | 27 |  |  | 27 |
Finance leases |  |  | — |  |  | — |
______________________________ (A)Includes $9 million of ROU assets obtained in exchange for new lease obligations related to the acquisitions of Kraus and Work Tools in the fourth quarter of 2020. F. LEASES (Concluded) Certain other information related to leases was as follows:
| At December 31
| 2020 |  | 2019
Weighted-average remaining lease term: |  |  |
Operating leases | 10 years |  | 10 years
Finance leases | 10 years |  | 11 years
Weighted-average discount rate: |  |  |
Operating leases | 4.4 | % |  | 4.6 | %
Finance leases | 3.3 | % |  | 3.4 | %
Supplemental balance sheet information related to leases was as follows, in millions:
| At December 31, 2020 |  | At December 31, 2019
| Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Property and equipment, net | $ | — |  |  | $ | 27 |  |  | $ | — |  |  | $ | 29 |
Notes payable | — |  |  | 2 |  |  | — |  |  | 2 |
Accrued liabilities | 39 |  |  | — |  |  | 38 |  |  | — |
Long-term debt | — |  |  | 26 |  |  | — |  |  | 28 |
Gross ROU assets under finance leases recorded within property and equipment, net were $42 million at both December 31, 2020 and 2019, and accumulated amortization associated with these leases was $15 million and $13 million, at December 31, 2020 and 2019, respectively. At December 31, 2020, future maturities of lease liabilities were as follows, in millions:
| Operating Leases |  | Finance Leases
Year ending December 31, |  |  |
2021 | $ | 46 |  |  | $ | 3 |
2022 | 37 |  |  | 3 |
2023 | 27 |  |  | 3 |
2024 | 20 |  |  | 4 |
2025 | 16 |  |  | 4 |
Thereafter | 89 |  |  | 16 |
Total lease payments | 235 |  |  | 33 |
Less: imputed interest | (47) |  |  | (5) |
Total | $ | 188 |  |  | $ | 28 |
Rental expense (under ASC 840) recorded in the consolidated statement of operations totaled approximately $63 million during 2018.
LEASES | LEASES We have operating and finance leases primarily for corporate offices, manufacturing facilities, warehouses, vehicles, and equipment. Our leases have remaining lease terms up to 22 years, some of which may include one or more renewal options with terms to extend the lease for up to an additional 20 years, and some of which may include options to terminate the leases prior to their expiration. The components of lease cost included in income from continuing operations were as follows, in millions:
| 2020 |  | 2019
Operating lease cost | $ | 47 |  |  | $ | 49 |
Short-term lease cost | 7 |  |  | 6 |
Variable lease cost | 3 |  |  | 3 |
Finance lease cost: |  |  |
Amortization of right-of-use assets | 3 |  |  | 3 |
Interest on lease liabilities | 1 |  |  | 1 |
Supplemental cash flow information related to leases was as follows, in millions
|  |  | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows for operating leases |  |  | $ | 47 |  |  | $ | 58 |
Operating cash flows for finance leases |  |  | 1 |  |  | 1 |
Financing cash flows for finance leases |  |  | 2 |  |  | 8 |
ROU assets obtained in exchange for new lease obligations: |  |  |  |  |
Operating leases (A) |  |  | 27 |  |  | 27 |
Finance leases |  |  | — |  |  | — |
______________________________ (A)Includes $9 million of ROU assets obtained in exchange for new lease obligations related to the acquisitions of Kraus and Work Tools in the fourth quarter of 2020. F. LEASES (Concluded) Certain other information related to leases was as follows:
| At December 31
| 2020 |  | 2019
Weighted-average remaining lease term: |  |  |
Operating leases | 10 years |  | 10 years
Finance leases | 10 years |  | 11 years
Weighted-average discount rate: |  |  |
Operating leases | 4.4 | % |  | 4.6 | %
Finance leases | 3.3 | % |  | 3.4 | %
Supplemental balance sheet information related to leases was as follows, in millions:
| At December 31, 2020 |  | At December 31, 2019
| Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Property and equipment, net | $ | — |  |  | $ | 27 |  |  | $ | — |  |  | $ | 29 |
Notes payable | — |  |  | 2 |  |  | — |  |  | 2 |
Accrued liabilities | 39 |  |  | — |  |  | 38 |  |  | — |
Long-term debt | — |  |  | 26 |  |  | — |  |  | 28 |
Gross ROU assets under finance leases recorded within property and equipment, net were $42 million at both December 31, 2020 and 2019, and accumulated amortization associated with these leases was $15 million and $13 million, at December 31, 2020 and 2019, respectively. At December 31, 2020, future maturities of lease liabilities were as follows, in millions:
| Operating Leases |  | Finance Leases
Year ending December 31, |  |  |
2021 | $ | 46 |  |  | $ | 3 |
2022 | 37 |  |  | 3 |
2023 | 27 |  |  | 3 |
2024 | 20 |  |  | 4 |
2025 | 16 |  |  | 4 |
Thereafter | 89 |  |  | 16 |
Total lease payments | 235 |  |  | 33 |
Less: imputed interest | (47) |  |  | (5) |
Total | $ | 188 |  |  | $ | 28 |
Rental expense (under ASC 840) recorded in the consolidated statement of operations totaled approximately $63 million during 2018.

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 http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum: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 http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration