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Leases (Tables)
12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Summary of Lease Cost

The following tables provide information about the Company’s operating leases. The Company has not identified any material finance leases as of December 31, 2024; therefore, the finance lease components have not been disclosed in the tables below.

 

Lease cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in millions)

 

2024

 

 

2023

 

 

2022

 

Operating lease cost

 

$

47

 

 

$

54

 

 

$

50

 

Short-term lease cost

 

 

6

 

 

 

8

 

 

 

9

 

Variable lease cost

 

 

6

 

 

 

5

 

 

 

4

 

Sublease income

 

 

(1

)

 

 

(1

)

 

 

(1

)

Total lease cost

 

$

58

 

 

$

66

 

 

$

62

 

Summary of Other Information

Other information

 

 

 

 

 

 

 

 

Year ended or as of
December 31,

 

(Dollars in millions)

 

2024

 

 

2023

 

Cash paid for amounts included in the measurement of operating lease liabilities

 

$

45

 

 

$

47

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

 

27

 

 

 

70

 

Weighted-average remaining lease term - operating leases

 

8.9 years

 

 

9.4 years

 

Weighted-average discount rate - operating leases

 

 

3.3

%

 

 

3.2

%

Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities (undiscounted cash flows) are as follows:

 

 

 

 

 

 

 

(Dollars in millions)

 

Maturities

 

2025

 

$

38

 

2026

 

 

27

 

2027

 

 

21

 

2028

 

 

15

 

2029

 

 

12

 

Thereafter

 

 

72

 

Total operating lease payments

 

 

184

 

Less imputed interest

 

 

(25

)

Total operating lease liabilities

 

$

159