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LEASES (Tables)
12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Summary of Lease, Cost
The components of lease expense were as follows:
TABLE 11.1
Twelve Months Ended
December 31,
(dollars in millions)202320222021
Operating lease cost$34 $30 $29 
Short-term lease cost 
Variable lease cost5 
Finance lease cost3 — 
Total lease cost$42 $36 $33 
Summary of Leases, Other Information
Other information related to leases is as follows:
TABLE 11.2
Twelve Months Ended
December 31,
(dollars in millions)20232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$29 $28 
Operating cash flows from finance leases$1 $
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$62 $
Finance leases$7 $11 
Weighted average remaining lease term (years):
Operating leases11.109.32
Finance leases19.5121.00
Weighted average discount rate:
Operating leases3.6 %2.5 %
Finance leases3.2 %2.6 %
Summary of Lessee, Operating Lease, Liability, Maturity
Maturities of lease liabilities were as follows:
TABLE 11.3
(in millions)Operating LeasesFinance LeasesTotal Leases
December 31, 2023
2024$32 $$34 
202527 29 
202625 27 
202722 24 
202820 22 
Later years140 34 174 
Total lease payments266 44 310 
Less: imputed interest(51)(11)(62)
Present value of lease liabilities$215 $33 $248 
Summary of Finance Lease, Liability, Fiscal Year Maturity
Maturities of lease liabilities were as follows:
TABLE 11.3
(in millions)Operating LeasesFinance LeasesTotal Leases
December 31, 2023
2024$32 $$34 
202527 29 
202625 27 
202722 24 
202820 22 
Later years140 34 174 
Total lease payments266 44 310 
Less: imputed interest(51)(11)(62)
Present value of lease liabilities$215 $33 $248