Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Lease Cost

The Company’s total lease cost consists of the following:

	Year Ended December 31,
(Dollars in millions)	2023		2022		2021
Operating lease cost(1)	$	26	$	25	$	26
Finance lease cost(2):
Amortization of right-of-use assets	10		10		8
Interest on lease liabilities	5		5		5
Total lease cost	$	41	$	40	$	39

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(1)Operating lease expense is included within cost of products, cost of services or general and administrative expenses, dependent upon the nature and use of the ROU asset, in the Consolidated Statements of Earnings. Operating lease cost includes short-term leases of approximately $3 million, $2 million, and $3 million and an insignificant amount of variable lease cost for 2023, 2022 and 2021, respectively.

(2)Finance lease expense is recorded as depreciation and amortization expense within cost of products, cost of services or general and administrative expenses, dependent upon the nature and use of the ROU asset, and interest expense in the Consolidated Statements of Earnings.

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases is as follows:

	December 31,
(Dollars in millions)	2023		2022
ROU assets
Operating leases(1)	$	82	$	83
Finance leases(2)	98		102
Total leased assets	$	180	$	185
Liabilities
Current lease liabilities:
Operating(1)	$	23	$	25
Finance(2)	10		8
Noncurrent lease liabilities:
Operating(1)	68		68
Finance(2)	101		105
Total lease liabilities	$	202	$	206

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(1)Operating lease assets are included within other noncurrent assets and operating lease liabilities are included within other current liabilities (current portion) and other noncurrent liabilities (noncurrent portion) in the Consolidated Balance Sheets.

(2)Finance lease assets are included within property, plant and equipment, net and finance lease liabilities are included within short-term borrowings and current portion of long-term debt (current portion) and long-term debt (noncurrent portion) in the Consolidated Balance Sheets.

Schedule of Supplemental Cash Flows Information

Supplemental cash flow information related to leases is as follows:

	Year Ended December 31,
(Dollars in millions)	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	28	$	25	$	27
Operating cash flows from finance leases	5		8		5
Financing cash flows from finance leases	8		5		5
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	17		11		18
Finance leases	6		8		4

Schedule of Weighted Average Lease Term and Discount Rate

Lease terms and discount rates related to leases are as follows:

	December 31,
	2023		2022
Weighted average remaining lease term:
Operating leases	5 years		5 years
Finance leases	12 years		14 years
Weighted average discount rate:
Operating leases	5.3	%	4.7	%
Finance leases	4.6	%	4.5	%

Schedule of Maturities of Lease Liability

As of December 31, 2023, future minimum rental payments on leases with initial non-cancellable lease terms in excess of one year were due as follows:

(Dollars in millions) Year Ending December 31,	Operating Leases		Finance Leases
2024	$	25	$	17
2025	20		15
2026	15		14
2027	11		12
2028	10		10
Thereafter	16		85
Total lease payments	97		153
Less: imputed interest	6		42
Present value of lease liabilities	91		111
Less: current maturities	23		10
Long-term lease obligations	$	68	$	101