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Leases (Tables) | 6 Months Ended
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Jun. 30, 2020
Leases [Abstract] |
Schedule of Consolidated Balance Sheet Related To Leases | Supplemental Condensed Consolidated Balance Sheet information related to leases for the periods indicated, are as follows (in millions):
| Classification |  | June 30, 2020 |  | December 31, 2019
Assets |  |  |  |  |
Operating leases | Operating lease assets, net (1) |  | $ | 553 |  |  | $ | 615 |
Finance leases | Property, plant and equipment, net (2) |  | 12 |  |  | 15 |
Total lease assets |  |  | $ | 565 |  |  | $ | 630 |
Liabilities |  |  |  |  |
Current |  |  |  |  |
Operating leases | Other accrued liabilities |  | $ | 136 |  |  | $ | 132 |
Finance leases | Short-term debt and current portion of long-term debt |  | 3 |  |  | 3 |
Noncurrent |  |  |  |  |
Operating leases | Long-term operating lease liabilities |  | 494 |  |  | 541 |
Finance leases | Long-term debt |  | 7 |  |  | 10 |
Total lease liabilities |  |  | $ | 640 |  |  | $ | 686 |
(1) During the first quarter of 2020, the Company concluded that a triggering event had occurred for all of its reporting units as a result of overall macroeconomic conditions and developments in the equity and credit markets primarily driven by the COVID-19 pandemic. Pursuant to the authoritative accounting literature, the Company compared the sum of the undiscounted future cash flows attributable to the asset or group of assets at the lowest level for which identifiable cash flows are available to their respective carrying amount. As a result of the impairment testing performed in connection with the triggering event, the Company recorded a non-cash impairment charge of $3 million during the three months ended March 31, 2020 in the Home Solutions segment related to the operating leases of its Yankee Candle retail store business. In addition, the Company recorded an impairment charge of $2 million in the Corporate segment to reflect a reduction in the carrying values of certain operating lease assets during the first quarter of 2020. The impairment charges were calculated by subtracting the estimated fair value of the asset group from its carrying value. During the second quarter of 2020, the Company also concluded that a triggering event had occurred for its Home Fragrance right of use assets as a result of further deterioration of the business' financial performance, primarily driven by the COVID-19 pandemic. Pursuant to the authoritative accounting literature, the Company compared the sum of the undiscounted future cash flows attributable to the asset or group of assets at the lowest level for which identifiable cash flows are available to their respective carrying amount. As a result of the impairment testing performed in connection with the triggering event, the Company recorded a non-cash impairment charge of $5 million during the three months ended June 30, 2020 in the Home Solutions segment related to the operating leases of its Yankee Candle retail store business. The impairment charge was calculated by subtracting the estimated fair value of the asset group from its carrying value. (2) Net of accumulated depreciation of $10 million and $8 million at June 30, 2020 and December 31, 2019.
Schedule of Consolidated Statement Of Operation Related To Leases | Components of lease expense as of the date indicated, are as follows (in millions):
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |  |
| 2020 |  | 2019 | 2020 |  | 2019
Operating lease cost: |  |  |  |  |  |
Operating lease cost (1) | $ | 44 |  |  | $ | 54 |  | $ | 92 |  |  | $ | 107 |
Variable lease costs (2) | 5 |  |  | 7 |  | 11 |  |  | 13 |
Finance lease cost: |  |  |  |  |  |
Amortization of leased assets | 1 |  |  | 1 |  | 2 |  |  | 2 |
(1)Includes short-term leases, which are immaterial. (2)Consists primarily of additional payments for non-lease components, such as maintenance costs, payments of taxes and additional rent based on a level of the Company’s retail store sales. Remaining lease term and discount rates as of the date indicated, are as follows:
| June 30, 2020 |  |
Weighted average remaining lease term (years): |  |  |
Operating leases | 7 |  |
Finance leases | 3 |  |
Weighted average discount rate: |  |  |
Operating leases | 4.3% |  |
Finance leases | 3.4% |  |
Supplemental cash flow information related to leases for the periods indicated are as follows (in millions):
| Six Months Ended June 30, |  |
| 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 89 |  |  | $ | 99 |
Financing cash flows from finance leases | 2 |  |  | 2 |
Right of use assets obtained in exchange for lease liabilities: |  |  |
Operating leases | 29 |  |  | 101 |
Finance leases | — |  |  | 7 |
Schedule of Maturities for Operating Lease Liabilities | Maturities of lease liabilities for continuing operations at June 30, 2020, are as follows (in millions):
| Operating Leases |  | Finance Leases
2020 (Excludes six months ended June 30, 2020) | $ | 87 |  |  | $ | 2 |
2021 | 145 |  |  | 4 |
2022 | 121 |  |  | 3 |
2023 | 92 |  |  | 1 |
2024 | 74 |  |  | — |
Thereafter | 216 |  |  | — |
Total lease payments | 735 |  |  | 10 |
Less: imputed interest | (105) |  |  | — |
Present value of lease liabilities | $ | 630 |  |  | $ | 10 |
Schedule of Maturities for Finance Lease Liabilities | Maturities of lease liabilities for continuing operations at June 30, 2020, are as follows (in millions):
| Operating Leases |  | Finance Leases
2020 (Excludes six months ended June 30, 2020) | $ | 87 |  |  | $ | 2 |
2021 | 145 |  |  | 4 |
2022 | 121 |  |  | 3 |
2023 | 92 |  |  | 1 |
2024 | 74 |  |  | — |
Thereafter | 216 |  |  | — |
Total lease payments | 735 |  |  | 10 |
Less: imputed interest | (105) |  |  | — |
Present value of lease liabilities | $ | 630 |  |  | $ | 10 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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