XML 37 R15.htm IDEA: XBRL DOCUMENT v3.25.0.1

LEASES

12 Months Ended

Dec. 31, 2024

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 18 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,
			2024						2023						2022
Operating lease cost			$	64					$	61					$	56
Short-term lease cost			9						10						10
Variable lease cost			5						7						5
Finance lease cost:
Amortization of right-of-use assets			3						3						3
Interest on lease liabilities			1						1						1

F. LEASES (Continued)

Supplemental cash flow information related to leases was as follows, in millions:

									Year Ended December 31,
									2024						2023						2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases									$	54					$	50					$	47
Operating cash flows for finance leases									1						1						1
Financing cash flows for finance leases									3						3						2
ROU assets obtained in exchange for new lease obligations:
Operating leases (A)									34						41						126
Finance leases									—						—						—

(A)Includes $6 million of ROU assets obtained in exchange for new lease obligations related to the acquisition of Sauna360 in 2023.

Certain other information related to leases was as follows:

			At December 31,
			2024						2023						2022
Weighted-average remaining lease term:
Operating leases			9 years						10 years						10 years
Finance leases			7 years						8 years						9 years
Weighted-average discount rate:
Operating leases			5.2		%				5.2		%				4.8		%
Finance leases			3.2		%				3.3		%				3.3		%

Supplemental balance sheet information related to leases was as follows, in millions:

			At December 31,
			2024												2023
			Operating Leases						Finance Leases						Operating Leases						Finance Leases
Property and equipment, net			$	—					$	16					$	—					$	19
Notes payable			—						3						—						3
Accrued liabilities			43						—						44						—
Long-term debt			—						14						—						17

Gross ROU assets under finance leases recorded within property and equipment, net was $41 million at both December 31, 2024 and 2023. Accumulated amortization associated with these leases was $25 million and $23 million at December 31, 2024 and 2023, respectively.

F. LEASES (Concluded)

At December 31, 2024, future maturities of lease liabilities were as follows, in millions:

			Operating Leases						Finance Leases
Year ending December 31,
2025			$	55					$	3
2026			50						2
2027			38						2
2028			31						2
2029			26						2
Thereafter			142						6
Total lease payments			341						19
Less: imputed interest			(75)						(2)
Total			$	266					$	17

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 18 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,
			2024						2023						2022
Operating lease cost			$	64					$	61					$	56
Short-term lease cost			9						10						10
Variable lease cost			5						7						5
Finance lease cost:
Amortization of right-of-use assets			3						3						3
Interest on lease liabilities			1						1						1

F. LEASES (Continued)

Supplemental cash flow information related to leases was as follows, in millions:

									Year Ended December 31,
									2024						2023						2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases									$	54					$	50					$	47
Operating cash flows for finance leases									1						1						1
Financing cash flows for finance leases									3						3						2
ROU assets obtained in exchange for new lease obligations:
Operating leases (A)									34						41						126
Finance leases									—						—						—

(A)Includes $6 million of ROU assets obtained in exchange for new lease obligations related to the acquisition of Sauna360 in 2023.

Certain other information related to leases was as follows:

			At December 31,
			2024						2023						2022
Weighted-average remaining lease term:
Operating leases			9 years						10 years						10 years
Finance leases			7 years						8 years						9 years
Weighted-average discount rate:
Operating leases			5.2		%				5.2		%				4.8		%
Finance leases			3.2		%				3.3		%				3.3		%

Supplemental balance sheet information related to leases was as follows, in millions:

			At December 31,
			2024												2023
			Operating Leases						Finance Leases						Operating Leases						Finance Leases
Property and equipment, net			$	—					$	16					$	—					$	19
Notes payable			—						3						—						3
Accrued liabilities			43						—						44						—
Long-term debt			—						14						—						17

Gross ROU assets under finance leases recorded within property and equipment, net was $41 million at both December 31, 2024 and 2023. Accumulated amortization associated with these leases was $25 million and $23 million at December 31, 2024 and 2023, respectively.

F. LEASES (Concluded)

At December 31, 2024, future maturities of lease liabilities were as follows, in millions:

			Operating Leases						Finance Leases
Year ending December 31,
2025			$	55					$	3
2026			50						2
2027			38						2
2028			31						2
2029			26						2
Thereafter			142						6
Total lease payments			341						19
Less: imputed interest			(75)						(2)
Total			$	266					$	17

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

+ Details

Name:	us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-20/tableOfContent

+ Details

Name:	us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration