Leases (Tables)

12 Months Ended

Dec. 31, 2023


	Successor						Predecessor
		For the year ended	For the year ended		For the eight months			For the four months
		December 31,	December 31,		ended December 31,			ended April 30,
($ in millions)		2023	2022		2021			2021

Lease cost:
Finance lease cost:
Amortization of right-of-use assets	$	25	$	19	$	13	$	7
Interest on lease liabilities		16		9		6		4
Finance lease cost		41		28		19		11
Operating lease cost ⁽¹⁾		61		62		38		19
Sublease income		(15)		(12)		(11)		(4)
Total lease cost	$	87	$	78	$	46	$	26

⁽¹⁾Includes short-term lease costs of $2 million for the year ended December 31, 2023, $3 million for the year ended December 31, 2022, $1 million for the four months ended April 30, 2021, and $2 million for the eight months ended December 31, 2022. Includes variable lease costs of $5 million for the year ended December 31, 2023, $5 million for the year ended December 31, 2022, $2 million for the four months ended April 30, 2021, and $4 million for the eight months ended December 31, 2021.

Supplemental Balance Sheet Information Related To Leases



($ in millions)	December 31, 2023			December 31, 2022

Operating right-of-use assets	$	181	⁽¹⁾	$	187	⁽¹⁾
Finance right-of-use assets	$	179	⁽²⁾	$	121	⁽²⁾

Operating lease liabilities	$	195	⁽³⁾	$	213	⁽³⁾
Finance lease liabilities	$	209	⁽⁴⁾	$	133	⁽⁴⁾

Operating leases:
Weighted-average remaining lease term		7.72	years		8.42	years
Weighted-average discount rate		5.92	%		5.87	%

Finance leases:
Weighted-average remaining lease term		10.72	years		12.81	years
Weighted-average discount rate		7.18	%		8.53	%

⁽¹⁾Operating ROU assets are included in Other assets on our consolidated balance sheet.

⁽²⁾Finance ROU assets are included in Property, plant, and equipment on our December 31, 2023 consolidated balance sheets.

⁽³⁾This amount represents $41 million and $154 million, and $42 million and $171 million, included in other current liabilities and other liabilities, respectively, on our December 31, 2023 and 2022 consolidated balance sheets.

⁽⁴⁾This amount represents $28 million and $181 million, and $18 million and $115 million, included in other current liabilities and other liabilities, respectively, on our December 31, 2023 and 2022 consolidated balance sheets.

Supplemental Cash Flow Information Related To Leases


	Successor						Predecessor
		For the year ended		For the year ended	For the eight months			For the four months
		December 31,		December 31,	ended December 31,			ended April 30,
($ in millions)		2023		2022	2021			2021

Cash paid for amount included in the measurement of lease liabilities, net of amounts received as revenue:
Operating cash flows provided by operating leases	$	62	$	63	$	63	$	21
Operating cash flows used by operating leases	$	(61)	$	(62)	$	(38)	$	(14)
Operating cash flows used by finance leases	$	(15)	$	(9)	$	(6)	$	(5)
Financing cash flows used by finance leases	$	(25)	$	(19)	$	(13)	$	(7)

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	36	$	44	$	10	$	8
Finance leases	$	60	$	4	$	25	$	-

Maturity Analysis For Operating And Finance Lease Liabilities



	Successor
		Operating		Finance
($ in millions)		Leases		Leases
Future maturities:
2024	$	38	$	37
2025		35		34
2026		32		32
2027		27		27
2028		24		21
Thereafter		60		111
Total lease payments		216		262
Less: imputed interest		(21)		(53)
Present value of lease liabilities	$	195	$	209

Maturity Analysis For Operating Leases From Customers



	Successor
	Operating
($ in millions)	Lease Payments
Future maturities of lease payments from customers:
2024	$	4
2025		4
2026		4
2027		4
2028		3
Thereafter		2
Total lease payments from customers	$	21