Note 7 - Leases

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Lessee, Finance Leases and Operating Leases [Text Block]

Note 7. Leases

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, 2023 and 2022.

	Classification	2023		2022
Finance lease right-of-use assets	Property, plant and equipment, net	$	55	$	57
Finance lease liabilities	Current portion of long-term debt		7		8
Finance lease liabilities	Long-term debt		42		43

Components of lease expense —

	2023		2022		2021
Operating lease cost	$	65	$	58	$	53
Finance lease cost:
Amortization of right-of-use assets	$	8	$	9	$	8
Interest on lease liabilities		2		2		2
Total finance lease cost	$	10	$	11	$	10

Supplemental cash flow information related to leases —

	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	62	$	60	$	53
Operating cash flows from finance leases		2		2		2
Financing cash flows from finance leases		8		9		7
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	61	$	111	$	105
Finance leases		5		6		3

Supplemental balance sheet information related to leases —

	2023			2022
Weighted-average remaining lease term (years):
Operating leases		10			10
Finance leases		12			12
Weighted-average discount rate:
Operating leases		7.2	%		6.9	%
Finance leases		5.1	%		4.5	%

Maturities —

	Operating Leases		Finance Leases
2024	$	62	$	9
2025		57		8
2026		52		8
2027		45		7
2028		37		4
Thereafter		212		32
Total lease payments		465		68
Less: interest		139		19
Present value of lease liabilities	$	326	$	49

Finance lease payments presented in the table above exclude approximately $112 of undiscounted minimum lease payments for non-cancellable equipment leases with various banks signed in 2023 but commencing in 2024. These leases generally have lease terms of six years.