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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
Schedule of Contributions to Defined Benefit Pension Plans | Although not required to make contributions under IRS regulations, the following table summarizes the Company’s contributions to the defined benefit pension plans for the periods indicated:
| Years Ended December 31,
(Dollars in millions) | 2023 |  | 2022 |  | 2021
Company contributions | $ | 1 |  |  | $ | 6 |  |  | $ | 4 |
Schedule of Pension Expenses | The following table summarizes the Company’s pension expense for the periods indicated:
| Years Ended December 31,
(Dollars in millions) | 2023 |  | 2022 |  | 2021
Pension expense | $ | 5 |  |  | $ | (2) |  |  | $ | 3 |
Schedule of Status of Defined Benefit Plan | The following table summarizes the status of these defined benefit plans for U.S. employees for the periods indicated:
| Years Ended December 31,
(Dollars in millions) | 2023 |  | 2022
Change in projected benefit obligation: |  |  |
Benefit obligation at beginning of year | $ | 291 |  |  | $ | 403 |
Service cost | 5 |  |  | 9 |
Interest cost | 14 |  |  | 10 |
Actuarial (gain)/loss | 9 |  |  | (115) |
Curtailment | — |  |  | — |
Benefits paid | (25) |  |  | (15) |
Projected benefit obligation at end of year | 295 |  |  | 291 |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of year | 285 |  |  | 377 |
Actual return on plan assets | 48 |  |  | (83) |
Actual contributions during the year | 1 |  |  | 6 |
Administrative expenses paid | — |  |  | — |
Benefits paid | (25) |  |  | (15) |
Fair value of plan assets at end of year | 308 |  |  | 285 |
Funded status at end of year | $ | 13 |  |  | $ | (6) |
(Some amounts may not reconcile due to rounding.) The following table summarizes the status of this plan for the periods indicated:
| At December 31,
(Dollars in millions) | 2023 |  | 2022
Change in projected benefit obligation: |  |  |
Benefit obligation at beginning of year | $ | 21 |  |  | $ | 31 |
Service cost | 1 |  |  | 1 |
Interest cost | 1 |  |  | 1 |
Amendments | — |  |  | — |
Actuarial (gain)/loss | (1) |  |  | (10) |
Benefits paid | — |  |  | — |
Benefit obligation at end of year | 22 |  |  | 21 |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of year | — |  |  | — |
Employer contributions | — |  |  | — |
Benefits paid | — |  |  | — |
Fair value of plan assets at end of year | — |  |  | — |
Funded status at end of year | $ | (22) |  |  | $ | (21) |
Schedule of Amounts Recognized in Consolidated Balance Sheet | Amounts recognized in the consolidated balance sheets for the periods indicated:
| At December 31,
(Dollars in millions) | 2023 |  | 2022
Other assets (due beyond one year) | $ | 19 |  |  | $ | 1 |
Other liabilities (due within one year) | (3) |  |  | (1) |
Other liabilities (due beyond one year) | (3) |  |  | (6) |
Net amount recognized in the consolidated balance sheets | $ | 13 |  |  | $ | (6) |
(Some amounts may not reconcile due to rounding.) Amounts recognized in the consolidated balance sheets for the periods indicated:
| At December 31,
(Dollars in millions) | 2023 |  | 2022
Other liabilities (due within one year) | $ | (1) |  |  | $ | (1) |
Other liabilities (due beyond one year) | (21) |  |  | (21) |
Net amount recognized in the consolidated balance sheets | $ | (22) |  |  | $ | (21) |
(Some amounts may not reconcile due to rounding.)
Schedule of Net Periodic Benefit Cost Included in AOCI | Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) for the periods indicated:
| At December 31,
(Dollars in millions) | 2023 |  | 2022
Accumulated income (loss) | $ | (33) |  |  | $ | (56) |
Accumulated other comprehensive income (loss) | $ | (33) |  |  | $ | (56) |
(Some amounts may not reconcile due to rounding.) Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) for the periods indicated:
| At December 31,
(Dollars in millions) | 2023 |  | 2022
Accumulated income (loss) | $ | 11 |  |  | $ | 13 |
Accumulated prior service credit (cost) | 1 |  |  | 1 |
Accumulated other comprehensive income (loss) | $ | 12 |  |  | $ | 14 |
Schedule of Other Changes in Other Comprehensive Income (Loss) | Other changes in other comprehensive income (loss) for the periods indicated are as follows:
| Years Ended December 31,
(Dollars in millions) | 2023 |  | 2022
Other comprehensive income (loss) at December 31, prior year | $ | (56) |  |  | $ | (68) |
Net gain (loss) arising during period | 19 |  |  | 7 |
Recognition of amortizations in net periodic benefit cost: |  |  |
Actuarial loss | 4 |  |  | 4 |
Curtailment loss recognized | — |  |  | — |
Other comprehensive income (loss) at December 31, current year | $ | (33) |  |  | $ | (56) |
(Some amounts may not reconcile due to rounding.) Other changes in other comprehensive income (loss) for the periods indicated are as follows:
| Years Ended December 31,
(Dollars in millions) | 2023 |  | 2022
Other comprehensive income (loss) at December 31, prior year | $ | 14 |  |  | $ | 4 |
Net gain (loss) arising during period | 1 |  |  | 10 |
Prior Service credit (cost) arising during period | — |  |  | — |
Recognition of amortizations in net periodic benefit cost: |  |  |
Actuarial loss (gain) | (2) |  |  | — |
Prior service cost | — |  |  | — |
Other comprehensive income (loss) at December 31, current year | $ | 12 |  |  | $ | 14 |
Schedule of Net Periodic Benefit Cost | Net periodic benefit cost for U.S. employees included the following components for the periods indicated:
| Years Ended December 31,
(Dollars in millions) | 2023 |  | 2022 |  | 2021
Service cost | $ | 5 |  |  | $ | 9 |  |  | $ | 11 |
Interest cost | 14 |  |  | 10 |  |  | 8 |
Expected return on assets | (19) |  |  | (25) |  |  | (24) |
Amortization of actuarial loss from earlier periods | 4 |  |  | 4 |  |  | 8 |
Settlement | — |  |  | 1 |  |  | — |
Net periodic benefit cost | $ | 5 |  |  | $ | (2) |  |  | $ | 3 |
Other changes recognized in other comprehensive income (loss): |  |  |  |  |
Other comprehensive income (loss) attributable to change from prior year | (23) |  |  | (12) |  |  |
Total recognized in net periodic benefit cost and other |  |  |  |  |
comprehensive income (loss) | $ | (18) |  |  | $ | (14) |  |  |
(Some amounts may not reconcile due to rounding.) Net periodic benefit cost included the following components for the periods indicated:
| Years Ended December 31,
(Dollars in millions) | 2023 |  | 2022 |  | 2021
Service cost | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |
Interest cost | 1 |  |  | 1 |  |  | 1 |
Prior service credit recognition | — |  |  | — |  |  | (1) |
Net gain recognition | (2) |  |  | — |  |  | — |
Net periodic cost | $ | (1) |  |  | $ | 1 |  |  | $ | 1 |
Other changes recognized in other comprehensive income (loss): |  |  |  |  |
Other comprehensive gain (loss) attributable to change from prior year | 2 |  |  | (10) |  |  |
Total recognized in net periodic benefit cost and |  |  |  |  |
other comprehensive income (loss) | $ | 1 |  |  | $ | (9) |  |  |
Schedule of Accumulated Benefit Obligation | The following table summarizes the accumulated benefit obligation for the periods indicated:
| At December 31,
(Dollars in millions) | 2023 |  | 2022
Qualified Plan | $ | 263 |  |  | $ | 258 |
Non-qualified Plan | 6 |  |  | 6 |
Total | $ | 269 |  |  | $ | 264 |
(Some amounts may not reconcile due to rounding.)
Schedule of Projected Benefit Obligations in Excess of Plan Assets | The following table displays the plans with projected benefit obligations in excess of plan assets for the periods indicated:
| At December 31,
(Dollars in millions) | 2023 |  | 2022
Qualified Plan |  |  |
Projected benefit obligation | $ | 289 |  |  | $ | 284 |
Fair value of plan assets | 308 |  |  | 285 |
Non-qualified Plan |  |  |
Projected benefit obligation | $ | 6 |  |  | $ | 6 |
Fair value of plan assets | — |  |  | — |
Schedule of Accumulated Benefit Obligations in Excess of Plan Assets | The following table displays the plans with accumulated benefit obligations in excess of plan assets for the periods indicated:
| At December 31,
(Dollars in millions) | 2023 |  | 2022
Qualified Plan |  |  |
Accumulated benefit obligation | $ | — |  |  | $ | — |
Fair value of plan assets | — |  |  | — |
Non-qualified Plan |  |  |
Accumulated benefit obligation | $ | 6 |  |  | $ | 6 |
Fair value of plan assets | — |  |  | — |
Schedule of Expected Benefit Payments | The following table displays the expected benefit payments in the periods indicated:
(Dollars in millions) |
2024 | $ | 15 |
2025 | 14 |
2026 | 15 |
2027 | 16 |
2028 | 17 |
Next 5 years | 99 |
The following table displays the expected benefit payments in the years indicated:
(Dollars in millions) |
2024 | $ | 1 |
2025 | 1 |
2026 | 1 |
2027 | 1 |
2028 | 1 |
Next 5 years | 7 |
Schedule of Fair Value Measurement Levels for Qualified Plan Assets | The following tables present the fair value measurement levels for the qualified plan assets at fair value for the periods indicated:
|  |  | Fair Value Measurement Using:
(Dollars in millions) | December 31, 2023 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Short-term investments, which approximates fair value (a) | $ | 2 |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |
Mutual funds, fair value |  |  |  |  |  |  |
Fixed income (b) | 73 |  |  | 73 |  |  | — |  |  | — |
Equities (c) | 232 |  |  | 232 |  |  | — |  |  | — |
Total | $ | 308 |  |  | $ | 308 |  |  | $ | — |  |  | $ | — |
(Some amounts may not reconcile due to rounding.) (a)This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars. (b)This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 90% in U.S. securities and 10% in international securities. (c)This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 100% in U.S. equities.
|  |  | Fair Value Measurement Using:
(Dollars in millions) | December 31, 2022 |  | Fair Value Measurement Using: Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Short-term investments, which approximates fair value (a) | $ | 4 |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |
Mutual funds, fair value |  |  |  |  |  |  |
Fixed income (b) | 68 |  |  | 68 |  |  | — |  |  | — |
Equities (c) | 211 |  |  | 211 |  |  | — |  |  | — |
Total | $ | 283 |  |  | $ | 283 |  |  | $ | — |  |  | $ | — |
(Some amounts may not reconcile due to rounding.) (a)This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars. (b)This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 70% in U.S. securities and 30% in international securities. (c)This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 50% in U.S. equities and 50% in international equities.

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