EARNINGS PER COMMON SHARE (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Net Income (Loss) per Common Share

Net income (loss) per common share has been computed as shown below, based upon weighted average common basic and dilutive shares outstanding.

(Dollars in millions, except per share amounts)	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net income (loss) per share:
Numerator
Net income (loss)	$	509	$	678	$	1,966	$	1,713
Less: dividends declared - common shares and unvested common shares	(86)		(76)		(249)		(212)
Undistributed earnings	423		602		1,717		1,501
Percentage allocated to common shareholders (1)	98.8%		98.9%		98.8%		98.8%
	418		595		1,697		1,483
Add: dividends declared - common shareholders	85		75		246		210
Numerator for basic and diluted earnings per common share	$	503	$	671	$	1,943	$	1,693
Denominator
Denominator for basic earnings per weighted-average common shares	42.6		42.9		42.8		40.8
Effect of dilutive securities:
Options	—		—		—		—
Denominator for diluted earnings per adjusted weighted-average common shares	42.6		42.9		42.8		40.8
Per common share net income (loss)
Basic	$	11.80	$	15.63	$	45.40	$	41.49
Diluted	$	11.80	$	15.63	$	45.40	$	41.49
(1) Basic weighted - average common shares outstanding	42.6		42.9		42.8		40.8
Basic weighted - average common shares outstanding and unvested common shares expected to vest	43.1		43.4		43.3		41.3
Percentage allocated to common shareholders	98.8%		98.9%		98.8%		98.8%

(Some amounts may not reconcile due to rounding.)