Annual report pursuant to Section 13 and 15(d)

Leases

v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases
19. LEASES
The Company leases property and equipment under finance and operating leases. For leases with terms greater than one year, the Company records the related asset and obligation at the present value of lease payments over the term. The Company does not separate lease and non-lease components of equipment leases.
The table below presents the lease-related assets and liabilities recorded on the Consolidated Balance Sheets.
Classification on the Balance Sheets December 31, 2023 December 31, 2022
Assets
Operating lease assets Other non-current assets $ 10  $ 11 
Finance lease assets Property and equipment, net 22  26 
Total lease assets $ 32  $ 37 
Liabilities
Current
Operating lease liabilities Accrued expenses and other current liabilities $ 4  $ 4 
Finance lease liabilities Current portion of long-term debt 6  5 
Non-current
Operating lease liabilities Other non-current liabilities 6  7 
Finance lease liabilities Long-term debt 33  40 
Total lease liabilities $ 49  $ 56 
The table below presents the remaining lease term and discount rates for finance and operating leases.
December 31, 2023 December 31, 2022
Weighted-average remaining lease term
Operating leases 3.6 years 4.1 years
Finance leases 5.7 years 6.7 years
Weighted-average discount rate
Operating leases 4.9  % 4.2  %
Finance leases 4.3  % 4.3  %

Undiscounted Cash Flows
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities recorded on the Company’s Consolidated Balance Sheet as of December 31, 2023.
Operating Leases Finance Leases
2024 $ 4  7 
2025 2  8 
2026 2  8 
2027 1  8 
2028 1  8 
Thereafter 1  5 
Total minimum lease payments 11  44 
Less: amount of lease payments representing interest 1  5 
Present value of future minimum lease payments 10  39 
Less: current obligations under leases 4  6 
Long-term lease obligations $ 6  $ 33 
Other Information
The Company recorded the following related to leases on the Consolidated Financial Statements:
Consolidated Statements of Cash Flows:
 Year Ended December 31,
2023 2022 2021
Operating activities
Cash payments related to operating and finance leases $ 6  $ 6  $ 7 
Financing activities
Cash payments related to finance leases 5  5  5 

Consolidated Statements of Income:
 Year Ended December 31,
2023 2022 2021
Operating lease expense $ 5  $ 4  $ 4 
Finance lease expense
Amortization of right-of-use assets 4  4  4 
Interest expense 2  2  2 
Leases
19. LEASES
The Company leases property and equipment under finance and operating leases. For leases with terms greater than one year, the Company records the related asset and obligation at the present value of lease payments over the term. The Company does not separate lease and non-lease components of equipment leases.
The table below presents the lease-related assets and liabilities recorded on the Consolidated Balance Sheets.
Classification on the Balance Sheets December 31, 2023 December 31, 2022
Assets
Operating lease assets Other non-current assets $ 10  $ 11 
Finance lease assets Property and equipment, net 22  26 
Total lease assets $ 32  $ 37 
Liabilities
Current
Operating lease liabilities Accrued expenses and other current liabilities $ 4  $ 4 
Finance lease liabilities Current portion of long-term debt 6  5 
Non-current
Operating lease liabilities Other non-current liabilities 6  7 
Finance lease liabilities Long-term debt 33  40 
Total lease liabilities $ 49  $ 56 
The table below presents the remaining lease term and discount rates for finance and operating leases.
December 31, 2023 December 31, 2022
Weighted-average remaining lease term
Operating leases 3.6 years 4.1 years
Finance leases 5.7 years 6.7 years
Weighted-average discount rate
Operating leases 4.9  % 4.2  %
Finance leases 4.3  % 4.3  %

Undiscounted Cash Flows
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities recorded on the Company’s Consolidated Balance Sheet as of December 31, 2023.
Operating Leases Finance Leases
2024 $ 4  7 
2025 2  8 
2026 2  8 
2027 1  8 
2028 1  8 
Thereafter 1  5 
Total minimum lease payments 11  44 
Less: amount of lease payments representing interest 1  5 
Present value of future minimum lease payments 10  39 
Less: current obligations under leases 4  6 
Long-term lease obligations $ 6  $ 33 
Other Information
The Company recorded the following related to leases on the Consolidated Financial Statements:
Consolidated Statements of Cash Flows:
 Year Ended December 31,
2023 2022 2021
Operating activities
Cash payments related to operating and finance leases $ 6  $ 6  $ 7 
Financing activities
Cash payments related to finance leases 5  5  5 

Consolidated Statements of Income:
 Year Ended December 31,
2023 2022 2021
Operating lease expense $ 5  $ 4  $ 4 
Finance lease expense
Amortization of right-of-use assets 4  4  4 
Interest expense 2  2  2