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Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Lease Cost
The Company’s total lease cost consists of the following:
Year Ended December 31,
(Dollars in millions)202420232022
Operating lease cost(1)
$24 $26 $25 
Finance lease cost(2):
Amortization of right-of-use assets12 10 10 
Interest on lease liabilities6 5 5 
Total lease cost
$42 $41 $40 
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(1)Operating lease expense is included within cost of revenues 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 $2 million, $3 million, and $2 million and an insignificant amount of variable lease cost for 2024, 2023 and 2022, respectively.
(2)Finance lease expense is recorded as depreciation and amortization expense within cost of revenues 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)20242023
ROU assets
Operating leases(1)
$79 $82 
Finance leases(2)
97 98 
Total leased assets
$176 $180 
Liabilities
Current lease liabilities:
Operating(1)
$27 $23 
Finance(2)
10 10 
Noncurrent lease liabilities:
Operating(1)
66 68 
Finance(2)
103 101 
Total lease liabilities
$206 $202 
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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)202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$26 $28 $25 
Operating cash flows from finance leases6 5 8 
Financing cash flows from finance leases9 8 5 
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases25 17 11 
Finance leases11 6 8 
Schedule of Weighted Average Lease Term and Discount Rate
Lease terms and discount rates related to leases are as follows:
December 31,
20242023
Weighted average remaining lease term:
Operating leases5 years5 years
Finance leases14 years12 years
Weighted average discount rate:
Operating leases4.6 %5.3 %
Finance leases5.2 %4.6 %
Schedule of Maturities of Lease Liability
As of December 31, 2024, 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 LeasesFinance Leases
2025$25 $15 
202620 14 
202716 12 
202814 12 
202910 11 
Thereafter16 106 
Total lease payments
101 170 
Less: imputed interest8 57 
Present value of lease liabilities
93 113 
Less: current maturities27 10 
Long-term lease obligations
$66 $103