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LEASES (Tables)

12 Months Ended

Dec. 31, 2023

The components of lease cost included in net income were as follows, in millions:


	Year Ended December 31,
	2023		2022		2021
Operating lease cost	$	61	$	56	$	48
Short-term lease cost	10		10		8
Variable lease cost	7		5		4
Finance lease cost:
Amortization of right-of-use assets	3		3		3
Interest on lease liabilities	1		1		1

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows, in millions:


	Year Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	50	$	47	$	47
Operating cash flows for finance leases	1		1		1
Financing cash flows for finance leases	3		2		2

ROU assets obtained in exchange for new lease obligations:
Operating leases (A)	41		126		67
Finance leases	—		—		—

______________________________

(A)Includes $6 million and $2 million of ROU assets obtained in exchange for new lease obligations related to the acquisitions of Sauna360 in 2023 and ESS and Steamist in 2021, respectively.

Lessee, Other Lease Information

Certain other information related to leases was as follows:


	At December 31
	2023		2022		2021
Weighted-average remaining lease term:
Operating leases	10 years		10 years		9 years
Finance leases	8 years		9 years		9 years

Weighted-average discount rate:
Operating leases	5.2	%	4.8	%	4.0	%
Finance leases	3.3	%	3.3	%	3.3	%

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows, in millions:


	At December 31
	2023				2022
	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Property and equipment, net	$	—	$	19	$	—	$	21
Notes payable	—		3		—		3
Accrued liabilities	44		—		39		—
Long-term debt	—		17		—		20

Finance Lease, Liability, Maturity

At December 31, 2023, future maturities of lease liabilities were as follows, in millions:


	Operating Leases		Finance Leases
Year ending December 31,
2024	$	57	$	3
2025	53		3
2026	48		2
2027	36		2
2028	29		2
Thereafter	167		9
Total lease payments	390		23
Less: imputed interest	(88)		(3)
Total	$	302	$	20

Operating Lease, Liability, Maturity

At December 31, 2023, future maturities of lease liabilities were as follows, in millions:


	Operating Leases		Finance Leases
Year ending December 31,
2024	$	57	$	3
2025	53		3
2026	48		2
2027	36		2
2028	29		2
Thereafter	167		9
Total lease payments	390		23
Less: imputed interest	(88)		(3)
Total	$	302	$	20