Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Condensed financial statements

The Company recorded the following amounts in the Consolidated Financial Statements related to the repurchase and conversion of its Series A Preferred Stock:

	Movements for the Year Ended
	December 31, 2023
Consolidated Balance Sheet:	(Dollars in millions)
Cash and cash equivalents	$	(605)
Preferred stock, Common stock and Additional Paid-in capital	(157)
Retained earnings	(441)
	Year Ended December 31, 2023
Consolidated Statement of Operations:	(Dollars in millions)
Non-operating expenses	$	13

The following table summarizes the effects of the Transaction on the Consolidated Financial Statements as of and for the year ended December 31, 2023:

	Series A Repurchase		2023 Conversion		Settlement of Accumulated Dividends		Excise tax on Series A Repurchase		Total
	(Dollars in millions)
Consolidated Balance Sheet - increase/(decrease):
Cash and cash equivalents	$	(580)	$	(25)	$	—	$	—	$	(605)
Accrued liabilities	—		—		—		6		6
Preferred Stock	—		—		—		—		—
Common Stock	—		—		—		—		—
Additional Paid-in capital	(366)		—		209		—		(157)
Retained earnings	(201)		(25)		(209)		(6)		(441)
Consolidated Statement of Operations:
Non-operating expenses	13		—		—		—		13
Consolidated Statement of Cash Flows
Repurchases of Series A Preferred Stock	(580)		—		—		—		(580)
Payments for Additional Amounts for conversion of Series A Preferred Stock	—		(25)		—		—		(25)