Earnings per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share Reconciliation [Abstract]

EARNINGS PER SHARE

The following is a reconciliation of the income (loss) and share data used in the basic and diluted earnings per share computations for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share amounts)	2023		2022		2023		2022
Basic and Diluted
Net income (loss), as reported	$	(14)	$	551	$	961	$	1,569
Participating share-based awards — allocated income	(1)		(4)		(7)		(11)
Net income (loss) available to common shareholders — basic and diluted	$	(15)	$	547	$	954	$	1,558
Common Shares
Basic
Weighted average shares outstanding	229.7		238.4		230.6		239.7
Diluted
Weighted average shares outstanding	229.7		238.4		230.6		239.7
Weighted average effects of dilutive securities — stock options and performance shares	—		2.7		2.7		2.7
Total	229.7		241.1		233.3		242.4
Net Income (Loss) per Common Share
Basic	$	(0.07)	$	2.29	$	4.14	$	6.50
Diluted	$	(0.07)	$	2.27	$	4.09	$	6.43

Net loss per basic and diluted common share for the three months ended June 30, 2023 excluded the allocation of $2 million of undistributed loss to participating share-based awards, since such allocation would result in anti-dilution of basic and diluted earnings per share for the three months ended June 30, 2023. In addition, the net loss per diluted common share for the three months ended June 30, 2023 excluded the incremental impact of 2.5 million stock options and performance shares, since the impact of these potential shares of common stock and their effects on income was anti-dilutive for the three months ended June 30, 2023.