LEASES (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule of Lease, Cost

The components of lease expense were as follows:

TABLE 8.1

	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in millions)	2023		2022		2023		2022
Operating lease cost	$	9	$	8	$	25	$	24
Variable lease cost	1		1		3		3
Finance lease cost	1		—		3		—
Total lease cost	$	11	$	9	$	31	$	27

Schedule of Leases, Other Information

Other information related to leases is as follows:

TABLE 8.2

	Nine Months Ended September 30,
(dollars in millions)	2023			2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	7		$	7
Operating cash flows from finance leases	$	—		$	—
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	31		$	—
Finance leases	$	—		$	—
Weighted average remaining lease term (years):
Operating leases	10.36			9.51
Finance leases	19.75			21.23
Weighted average discount rate:
Operating leases	3.2		%	2.4		%
Finance leases	3.2		%	2.6		%

Schedule of Lessee, Operating Lease, Liability, Maturity

Maturities of lease liabilities were as follows:

TABLE 8.3

(in millions)	Operating Leases		Finance Leases		Total Leases
September 30, 2023
2023	$	9	$	1	$	10
2024	29		2		31
2025	24		2		26
2026	21		2		23
2027	18		2		20
Later years	117		36		153
Total lease payments	218		45		263
Less: imputed interest	(39)		(12)		(51)
Present value of lease liabilities	$	179	$	33	$	212

Schedule of Finance Lease, Liability, Fiscal Year Maturity

Maturities of lease liabilities were as follows:

TABLE 8.3

(in millions)	Operating Leases		Finance Leases		Total Leases
September 30, 2023
2023	$	9	$	1	$	10
2024	29		2		31
2025	24		2		26
2026	21		2		23
2027	18		2		20
Later years	117		36		153
Total lease payments	218		45		263
Less: imputed interest	(39)		(12)		(51)
Present value of lease liabilities	$	179	$	33	$	212