EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Calculation of Basic and Diluted EPS

The following table presents the calculation of basic and diluted EPS, for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

	(in millions, except per-share amounts)
Numerator for Basic and Diluted EPS
Net income (loss)	$	514	$	172	$	(197)	$	287





Denominator for Basic EPS
Weighted-average shares	88.8		89.0		88.7		89.8

Potential common shares, if dilutive:

Restricted stock units	0.5		0.3		—		0.3
Performance stock units	—		0.1		—		0.2

Denominator for Diluted EPS
Weighted-average shares	89.3		89.4		88.7		90.3

EPS
Basic	$	5.79	$	1.93	$	(2.22)	$	3.20
Diluted	$	5.76	$	1.92	$	(2.22)	$	3.18

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents potentially dilutive weighted-average common shares which were excluded from the denominator for EPS in periods of losses:


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
	(in millions)		(in millions)
Shares issuable upon settlement of RSUs	—	—	1.1	—
Shares issuable upon settlement of PSUs	—	—	0.8	—
Total antidilutive shares	—	—	1.9	—