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LEASES | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
LEASES | LEASES The Company enters into lease agreements for real estate that is primarily used for office space in the ordinary course of business. These leases are accounted for as operating leases, whereby lease expense is recognized on a straight-line basis over the term of the lease. Most leases include an option to extend or renew the lease term. The exercise of the renewal is at the Company’s discretion. The operating lease liability includes lease payments related to options to extend or renew the lease term if the Company is reasonably certain of exercise those options. The Company, in determining the present value of lease payments utilizes either the rate implicit in the lease if that rate is readily determinable or the Company’s incremental secured borrowing rate commensurate with terms of the underlying lease. Supplemental information related to operating leases is as follows for the periods indicated:
| Year Ended December 31,
(Dollars in millions) | 2023 |  | 2022
Lease expense incurred: |  |  |
Operating lease cost | $ | 30 |  |  | $ | 28 |
| At December 31,
(Dollars in millions) | 2023 |  | 2022
Operating lease right of use assets (1) | $ | 123 |  |  | $ | 128 |
Operating lease liabilities (1) | 143 |  |  | 147 |
(1) Operating lease right of use assets and operating lease liabilities are included within other assets and other liabilities on the Company’s consolidated balance sheets, respectively.
| Year Ended December 31,
(Dollars in millions) | 2023 |  | 2022
Operating cash flows from operating leases | $ | (22) |  |  | $ | (20) |
| At December 31,
| 2023 |  | 2022
Weighted average remaining operating lease term | 9.8 years |  | 10.8 years
Weighted average discount rate on operating leases | 4.03 | % |  | 4.08 | %
Maturities of the existing lease liabilities are expected to occur as follows:
(Dollars in millions) |
2024 | $ | 24 |
2025 | 21 |
2026 | 19 |
2027 | 17 |
2028 | 15 |
Thereafter | 83 |
Undiscounted lease payments | 178 |
Less: present value adjustment | 36 |
Total operating lease liability | $ | 143 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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