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Note 8 - Leases | 3 Months Ended
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Mar. 31, 2023
Notes to Financial Statements |
Leases, Lessee Disclosure [Text Block] |
8. | Leases
We determine if an arrangement is a lease at its inception. Operating lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We generally use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments, because the implicit rate of the lease is generally not known. Right-of-use (“ROU”) assets related to our operating lease liabilities are measured at lease inception based on the initial measurement of the lease liability, plus any prepaid lease payments and less any lease incentives. Our lease terms that are used in determining our operating lease liabilities at lease inception may include options to extend or terminate the leases when it is reasonably certain that we will exercise such options. We amortize our ROU assets as operating lease expense generally on a straight-line basis over the lease term and classify both the lease amortization and imputed interest as operating expenses. We have lease agreements with lease and non-lease components, and in such cases, we generally account for the components separately with only the lease component included in the calculation of the right of use asset and lease liability. We have operating leases that primarily relate to certain of our land, facilities and equipment. As of March 31, 2023, our operating leases substantially have remaining terms of one year to 99 years, some of which include options to extend and/or terminate the leases. We do not recognize lease assets and lease liabilities for any lease with an original lease term of less than one year. Cash flow movements related to our lease activities are included in other assets and accounts payable and other liabilities as presented in net cash provided by operating activities in our condensed consolidated statement of cash flows for the three-months ended March 31, 2023. As of March 31, 2023, the weighted average remaining term of our operating leases was 9 years. The weighted average discount rate used to calculate the values associated with our operating leases was 6.54%. The table below describes the nature of lease expense and classification of operating lease expense recognized in the three-months ended March 31, 2023 and 2022 (in millions):
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Lease expense |  |  |  |  |  |  |  |
Operating lease expense |  | $ | 4 |  |  | $ | 4 |
Short-term lease expense |  |  | 1 |  |  |  | 1 |
Total lease expense |  | $ | 5 |  |  | $ | 5 |
The maturities of operating lease liabilities as of March 31, 2023, for the remainder of 2023 and the succeeding five years were as follows (in millions):
Year ending December 31, |  | Operating Leases |
Remainder of 2023 |  | $ | 12 |
2024 |  |  | 15 |
2025 |  |  | 13 |
2026 |  |  | 12 |
2027 |  |  | 11 |
Thereafter |  |  | 50 |
Total lease payments |  | $ | 113 |
Less: Imputed interest |  |  | (30 | )
Present value of lease liabilities |  | $ | 83 |

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- Definition The entire disclosure for leases of lessee. + References No definition available. + Details
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- References No definition available. + Details
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Namespace Prefix: | us-gaap_
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Period Type: | duration