LEASES (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Lease, Cost

The components of lease expense were as follows:

TABLE 7.1

	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in millions)	2021		2020		2021		2020
Operating lease cost	$	7	$	7	$	21	$	20
Short-term lease cost	—		1		—		1
Variable lease cost	1		1		3		3
Total lease cost	$	8	$	9	$	24	$	24

Leases, Other Information

Other information related to leases is as follows:

TABLE 7.2

	Nine Months Ended September 30,
(dollars in millions)	2021			2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	7		$	19
Operating cash flows from finance leases	$	—		$	—
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	7		$	5
Finance leases	$	—		$	—
Weighted average remaining lease term (years):
Operating leases	9.05			9.51
Finance leases	24.13			0
Weighted average discount rate:
Operating leases	2.5		%	2.8		%
Finance leases	1.9		%	—		%

Lessee, Operating Lease, Liability, Maturity

Maturities of lease liabilities were as follows:

TABLE 7.3

(in millions)	Operating Leases		Finance Leases		Total Leases
September 30, 2021
2021	$	7	$	—	$	7
2022	23		—		23
2023	19		—		19
2024	17		—		17
2025	13		—		13
Later years	67		12		79
Total lease payments	146		12		158
Less: imputed interest	(15)		(2)		(17)
Present value of lease liabilities	$	131	$	10	$	141

Finance Lease, Liability, Fiscal Year Maturity

Maturities of lease liabilities were as follows:

TABLE 7.3

(in millions)	Operating Leases		Finance Leases		Total Leases
September 30, 2021
2021	$	7	$	—	$	7
2022	23		—		23
2023	19		—		19
2024	17		—		17
2025	13		—		13
Later years	67		12		79
Total lease payments	146		12		158
Less: imputed interest	(15)		(2)		(17)
Present value of lease liabilities	$	131	$	10	$	141