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Note 7 - Leases

12 Months Ended

Dec. 31, 2021

Lessee, Finance Leases and Operating Leases [Text Block]

Our leases generally have remaining lease terms of one year to twenty years, some of which include options to extend the leases for up to forty years. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The following table provides a summary of the location and amounts related to finance leases recognized in the consolidated balance sheet. Short-term lease costs were insignificant as of December 31, 2021 and 2020.

	Classification	2021		2020
Finance lease right-of-use assets	Property, plant and equipment, net	$	63	$	72
Finance lease liabilities	Current portion of long-term debt		8		7
Finance lease liabilities	Long-term debt		47		53

Components of lease expense —

	2021		2020		2019
Operating lease cost	$	53	$	52	$	50
Finance lease cost:
Amortization of right-of-use assets	$	8	$	5	$	3
Interest on lease liabilities		2		2		1
Total finance lease cost	$	10	$	7	$	4

Supplemental cash flow information related to leases —

	2021		2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	53	$	52	$	50
Operating cash flows from finance leases		2		2		1
Financing cash flows from finance leases		7		4		3
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	105	$	57	$	24
Finance leases		3		32		13

Supplemental balance sheet information related to leases —

	2021			2020
Weighted-average remaining lease term (years):
Operating leases		10			6
Finance leases		13			14
Weighted-average discount rate:
Operating leases		6.3	%		4.3	%
Finance leases		4.5	%		4.4	%

Maturities —

	Operating Leases		Finance Leases
2022	$	52	$	10
2023		40		9
2024		35		7
2025		31		6
2026		28		5
Thereafter		170		40
Total lease payments		356		77
Less: interest		104		22
Present value of lease liabilities	$	252	$	55

Operating lease payments presented in the table above exclude approximately $47 of minimum lease payments for real estate leases signed in 2021 but not yet commenced and $29 of minimum lease payments for a real estate lease that was signed in January 2022. These leases are expected to commence in 2022.