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LEASES | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
LEASES | F. 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 19 years, some of which may include one or more renewal options with terms to extend the lease for up to an additional 15 years, and some of which may include options to terminate the leases prior to their expiration. The components of lease cost included in net income were as follows, in millions:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Operating lease cost | $ | 61 |  |  | $ | 56 |  |  | $ | 48 |
Short-term lease cost | 10 |  |  | 10 |  |  | 8 |
Variable lease cost | 7 |  |  | 5 |  |  | 4 |
Finance lease cost: |  |  |  |  |
Amortization of right-of-use assets | 3 |  |  | 3 |  |  | 3 |
Interest on lease liabilities | 1 |  |  | 1 |  |  | 1 |
Supplemental cash flow information related to leases was as follows, in millions:
|  |  | Year Ended December 31,
|  |  | 2023 |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows for operating leases |  |  | $ | 50 |  |  | $ | 47 |  |  | $ | 47 |
Operating cash flows for finance leases |  |  | 1 |  |  | 1 |  |  | 1 |
Financing cash flows for finance leases |  |  | 3 |  |  | 2 |  |  | 2 |
ROU assets obtained in exchange for new lease obligations: |  |  |  |  |  |  |
Operating leases (A) |  |  | 41 |  |  | 126 |  |  | 67 |
Finance leases |  |  | — |  |  | — |  |  | — |
______________________________ (A)Includes $6 million and $2 million of ROU assets obtained in exchange for new lease obligations related to the acquisitions of Sauna360 in 2023 and ESS and Steamist in 2021, respectively. Certain other information related to leases was as follows:
| At December 31
| 2023 |  | 2022 |  | 2021
Weighted-average remaining lease term: |  |  |  |  |
Operating leases | 10 years |  | 10 years |  | 9 years
Finance leases | 8 years |  | 9 years |  | 9 years
Weighted-average discount rate: |  |  |  |  |
Operating leases | 5.2 | % |  | 4.8 | % |  | 4.0 | %
Finance leases | 3.3 | % |  | 3.3 | % |  | 3.3 | %
F. LEASES (Concluded) Supplemental balance sheet information related to leases was as follows, in millions:
| At December 31
| 2023 |  | 2022
| Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Property and equipment, net | $ | — |  |  | $ | 19 |  |  | $ | — |  |  | $ | 21 |
Notes payable | — |  |  | 3 |  |  | — |  |  | 3 |
Accrued liabilities | 44 |  |  | — |  |  | 39 |  |  | — |
Long-term debt | — |  |  | 17 |  |  | — |  |  | 20 |
Gross ROU assets under finance leases recorded within property and equipment, net was $41 million at both December 31, 2023 and 2022, and accumulated amortization associated with these leases was $23 million and $20 million, at December 31, 2023 and 2022, respectively. At December 31, 2023, future maturities of lease liabilities were as follows, in millions:
| Operating Leases |  | Finance Leases
Year ending December 31, |  |  |
2024 | $ | 57 |  |  | $ | 3 |
2025 | 53 |  |  | 3 |
2026 | 48 |  |  | 2 |
2027 | 36 |  |  | 2 |
2028 | 29 |  |  | 2 |
Thereafter | 167 |  |  | 9 |
Total lease payments | 390 |  |  | 23 |
Less: imputed interest | (88) |  |  | (3) |
Total | $ | 302 |  |  | $ | 20 |
LEASES | F. 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 19 years, some of which may include one or more renewal options with terms to extend the lease for up to an additional 15 years, and some of which may include options to terminate the leases prior to their expiration. The components of lease cost included in net income were as follows, in millions:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Operating lease cost | $ | 61 |  |  | $ | 56 |  |  | $ | 48 |
Short-term lease cost | 10 |  |  | 10 |  |  | 8 |
Variable lease cost | 7 |  |  | 5 |  |  | 4 |
Finance lease cost: |  |  |  |  |
Amortization of right-of-use assets | 3 |  |  | 3 |  |  | 3 |
Interest on lease liabilities | 1 |  |  | 1 |  |  | 1 |
Supplemental cash flow information related to leases was as follows, in millions:
|  |  | Year Ended December 31,
|  |  | 2023 |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows for operating leases |  |  | $ | 50 |  |  | $ | 47 |  |  | $ | 47 |
Operating cash flows for finance leases |  |  | 1 |  |  | 1 |  |  | 1 |
Financing cash flows for finance leases |  |  | 3 |  |  | 2 |  |  | 2 |
ROU assets obtained in exchange for new lease obligations: |  |  |  |  |  |  |
Operating leases (A) |  |  | 41 |  |  | 126 |  |  | 67 |
Finance leases |  |  | — |  |  | — |  |  | — |
______________________________ (A)Includes $6 million and $2 million of ROU assets obtained in exchange for new lease obligations related to the acquisitions of Sauna360 in 2023 and ESS and Steamist in 2021, respectively. Certain other information related to leases was as follows:
| At December 31
| 2023 |  | 2022 |  | 2021
Weighted-average remaining lease term: |  |  |  |  |
Operating leases | 10 years |  | 10 years |  | 9 years
Finance leases | 8 years |  | 9 years |  | 9 years
Weighted-average discount rate: |  |  |  |  |
Operating leases | 5.2 | % |  | 4.8 | % |  | 4.0 | %
Finance leases | 3.3 | % |  | 3.3 | % |  | 3.3 | %
F. LEASES (Concluded) Supplemental balance sheet information related to leases was as follows, in millions:
| At December 31
| 2023 |  | 2022
| Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Property and equipment, net | $ | — |  |  | $ | 19 |  |  | $ | — |  |  | $ | 21 |
Notes payable | — |  |  | 3 |  |  | — |  |  | 3 |
Accrued liabilities | 44 |  |  | — |  |  | 39 |  |  | — |
Long-term debt | — |  |  | 17 |  |  | — |  |  | 20 |
Gross ROU assets under finance leases recorded within property and equipment, net was $41 million at both December 31, 2023 and 2022, and accumulated amortization associated with these leases was $23 million and $20 million, at December 31, 2023 and 2022, respectively. At December 31, 2023, future maturities of lease liabilities were as follows, in millions:
| Operating Leases |  | Finance Leases
Year ending December 31, |  |  |
2024 | $ | 57 |  |  | $ | 3 |
2025 | 53 |  |  | 3 |
2026 | 48 |  |  | 2 |
2027 | 36 |  |  | 2 |
2028 | 29 |  |  | 2 |
Thereafter | 167 |  |  | 9 |
Total lease payments | 390 |  |  | 23 |
Less: imputed interest | (88) |  |  | (3) |
Total | $ | 302 |  |  | $ | 20 |

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- 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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- 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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