LEASES (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Lease, Cost

The components of lease expense were as follows:

TABLE 7.1

	Three Months Ended March 31,
(dollars in millions)	2024		2023
Operating lease cost	$	10	$	8
Variable lease cost	1		1
Finance lease cost	1		1
Total lease cost	$	12	$	10

Schedule of Leases, Other Information

Other information related to leases is as follows:

TABLE 7.2

	Three Months Ended March 31,
(dollars in millions)	2024			2023
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	$	2		$	—
Finance leases	$	—		$	—
Weighted average remaining lease term (years):
Operating leases	8.68			9.13
Finance leases	19.27			20.61
Weighted average discount rate:
Operating leases	3.0		%	2.6		%
Finance leases	3.2		%	2.8		%

Schedule of Lessee, Operating Lease, Liability, Maturity

Future cash flows of lease liabilities are as follows:

TABLE 7.3

(in millions)	Operating Leases		Finance Leases		Total Leases
March 31, 2024
2024	$	32	$	2	$	34
2025	28		2		30
2026	25		2		27
2027	22		2		24
2028	20		2		22
Later years	136		34		170
Total lease payments	263		44		307
Less: imputed interest	(51)		(12)		(63)
Present value of lease liabilities	$	212	$	32	$	244

Schedule of Finance Lease, Liability, Fiscal Year Maturity

Future cash flows of lease liabilities are as follows:

TABLE 7.3

(in millions)	Operating Leases		Finance Leases		Total Leases
March 31, 2024
2024	$	32	$	2	$	34
2025	28		2		30
2026	25		2		27
2027	22		2		24
2028	20		2		22
Later years	136		34		170
Total lease payments	263		44		307
Less: imputed interest	(51)		(12)		(63)
Present value of lease liabilities	$	212	$	32	$	244