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Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

Leases

As discussed in Note A, the Company adopted new guidance on lease accounting on January 1, 2019 on a modified retrospective basis. Total operating lease expense under the previous guidance was $50 for the year ended December 31, 2018.

The components of lease expense for the years ended December 31, 2020 and 2019 were as follows:

			2020						2019
Operating lease costs:
Operating lease cost			$	52					$	49
Short-term lease cost			5						4
Total operating lease costs			$	57					$	53
Finance lease cost:
Amortization of right-of-use assets			$	1					$	1
Total finance lease costs			$	1					$	1

Variable operating lease costs were $3 for the years ended December 31, 2020 and December 31, 2019. Interest on finance lease liabilities were less than $1 for the years ended December 31, 2020 and December 31, 2019.

Supplemental cash flow information related to leases was as follows:

			2020						2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$	58					$	51
Financing cash flows from finance leases			3						15
Right-of-use assets obtained in exchange for lease obligations:
Operating leases			$	53					$	33

Supplemental balance sheet information related to finance leases was as follows:

			2020						2019
Finance leases:
Property, plant and equipment			$	28					$	27
Accumulated depreciation			(2)						(1)
Property, plant and equipment, net			$	26					$	26
Accrued liabilities			$	2					$	2
Other non-current liabilities			10						11
Total finance lease liabilities			$	12					$	13

The weighted average remaining lease term and weighted average discount rates for each year were as follows:

			2020						2019
Weighted average remaining lease term:
Operating leases			9.3						9.5
Finance leases			6.6						7.0
Weighted average discount rate:
Operating leases			4.0		%				4.2		%
Finance leases			3.4		%				4.1		%

Maturities of lease liabilities as of December 31, 2020 were as follows:

			Operating Leases						Finance Leases
2021			$	56					$	2
2022			45						2
2023			33						2
2024			25						2
2025			20						2
Thereafter			99						3
Total lease payments			278						13
Less imputed interest			(59)						(1)
Total			$	219					$	12

At December 31, 2020, the Company does not have material lease commitments that have not commenced.

Leases

Leases

As discussed in Note A, the Company adopted new guidance on lease accounting on January 1, 2019 on a modified retrospective basis. Total operating lease expense under the previous guidance was $50 for the year ended December 31, 2018.

The components of lease expense for the years ended December 31, 2020 and 2019 were as follows:

			2020						2019
Operating lease costs:
Operating lease cost			$	52					$	49
Short-term lease cost			5						4
Total operating lease costs			$	57					$	53
Finance lease cost:
Amortization of right-of-use assets			$	1					$	1
Total finance lease costs			$	1					$	1

Variable operating lease costs were $3 for the years ended December 31, 2020 and December 31, 2019. Interest on finance lease liabilities were less than $1 for the years ended December 31, 2020 and December 31, 2019.

Supplemental cash flow information related to leases was as follows:

			2020						2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$	58					$	51
Financing cash flows from finance leases			3						15
Right-of-use assets obtained in exchange for lease obligations:
Operating leases			$	53					$	33

Supplemental balance sheet information related to finance leases was as follows:

			2020						2019
Finance leases:
Property, plant and equipment			$	28					$	27
Accumulated depreciation			(2)						(1)
Property, plant and equipment, net			$	26					$	26
Accrued liabilities			$	2					$	2
Other non-current liabilities			10						11
Total finance lease liabilities			$	12					$	13

The weighted average remaining lease term and weighted average discount rates for each year were as follows:

			2020						2019
Weighted average remaining lease term:
Operating leases			9.3						9.5
Finance leases			6.6						7.0
Weighted average discount rate:
Operating leases			4.0		%				4.2		%
Finance leases			3.4		%				4.1		%

Maturities of lease liabilities as of December 31, 2020 were as follows:

			Operating Leases						Finance Leases
2021			$	56					$	2
2022			45						2
2023			33						2
2024			25						2
2025			20						2
Thereafter			99						3
Total lease payments			278						13
Less imputed interest			(59)						(1)
Total			$	219					$	12

At December 31, 2020, the Company does not have material lease commitments that have not commenced.

X

- References

No definition available.

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=77888251

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=77888251

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