EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Reconciliation of earnings or loss and number of shares used in calculation of basic and diluted earnings or loss per share

The table below illustrates the reconciliation of the earnings or loss and number of shares used in our calculation of basic earnings or loss per share attributable to common shareholders.

	Three Months Ended				Nine Months Ended
(in millions, except per share amounts)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Net income (loss) attributable to common shareholders	$	109	$	10	$	303	$	(12)
Shares for basic earnings (loss) per share	39.5		42.9		41.1		42.4
Basic earnings (loss) per share	$	2.76	$	0.24	$	7.39	$	(0.28)

The table below illustrates the reconciliation of the earnings or loss and number of shares used in our calculation of diluted earnings or loss per share attributable to common shareholders.

	Three Months Ended				Nine Months Ended
(in millions, except per share amounts)	September 30, 2022(1)		September 30, 2021(1)		September 30, 2022(1)		September 30, 2021(1)
Net income (loss) attributable to common shareholders	$	109	$	10	$	303	$	(12)
Add back of interest expense related to convertible notes subsequent to the adoption of ASU 2020-06, net of tax	1		—		4		—
Numerator used to calculate diluted earnings (loss) per share	$	110	$	10	$	307	$	(12)
Shares for basic earnings (loss) per share	39.5		42.9		41.1		42.4
Effect of dilutive shares outstanding(2)
Employee SARs	0.2		0.2		0.2		—
Restricted stock units	0.3		0.5		0.3		—
2022 Convertible Notes ($230 million of principal)(3)	—		0.1		0.9		—
2026 Convertible Notes ($575 million of principal)	3.4		—		3.4		—
Shares for diluted earnings (loss) per share	43.4		43.7		45.9		42.4
Diluted earnings (loss) per share	$	2.53	$	0.23	$	6.68	$	(0.28)

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(1)The computations of diluted earnings per share attributable to common shareholders exclude approximately 293,000 and 298,000 shares of common stock, the maximum number of shares issuable as of September 30, 2022 and September 30, 2021, respectively, upon the vesting of certain performance-based awards, because the performance conditions required to be met for the shares subject to such awards to vest were not achieved by the end of the reporting period.

(2)For the first three quarters of 2021, the following potentially dilutive securities were excluded from the above calculation of diluted net loss per share attributable to common shareholders during the period presented, as the effects of including these securities would have been anti-dilutive.

	Nine Months Ended
(in millions)	September 30, 2021
Employee SARs	0.2
Restricted stock units	0.5
2022 Convertible Notes ($230 million of principal)	0.1
	0.8

(3)We had the option to settle the 2022 Convertible Notes in cash, stock, or a combination of the two. Therefore, from the beginning of 2022, through the date on which our notice of our intent to settle the 2022 Convertible Notes in cash became irrevocable, we included shares in the denominator of the diluted earnings per share calculation, applying the “if-converted” method. For the period from June 15, 2022 through the maturity date of September 15, 2022, we excluded the related shares from the denominator of the diluted earnings per share calculation.

Schedule of antidilutive securities excluded from computation of earnings per share

the following potentially dilutive securities were excluded from the above calculation of diluted net loss per share attributable to common shareholders during the period presented, as the effects of including these securities would have been anti-dilutive.

	Nine Months Ended
(in millions)	September 30, 2021
Employee SARs	0.2
Restricted stock units	0.5
2022 Convertible Notes ($230 million of principal)	0.1
	0.8

(3)We had the option to settle the 2022 Convertible Notes in cash, stock, or a combination of the two. Therefore, from the beginning of 2022, through the date on which our notice of our intent to settle the 2022 Convertible Notes in cash became irrevocable, we included shares in the denominator of the diluted earnings per share calculation, applying the “if-converted” method. For the period from June 15, 2022 through the maturity date of September 15, 2022, we excluded the related shares from the denominator of the diluted earnings per share calculation.