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EARNINGS PER SHARE (Tables)
 9 Months Ended
Sep. 30, 2023
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 EndedNine Months Ended
(in millions, except per share amounts)September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Net income attributable to common shareholders$42 $109 $219 $303 
Shares for basic earnings per share36.4 39.5 36.9 41.1 
Basic earnings per share$1.16 $2.76 $5.96 $7.39 
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 EndedNine Months Ended
(in millions, except per share amounts)
September 30, 2023(1)
September 30, 2022(1)
September 30, 2023(1)
September 30, 2022(1)
Net income attributable to common shareholders$42 $109 $219 $303 
Add back of interest expense related to convertible notes, net of tax5 1 14 4 
Numerator used to calculate diluted earnings per share$47 $110 $233 $307 
Shares for basic earnings per share36.4 39.5 36.9 41.1 
Effect of dilutive shares outstanding
Employee SARs0.1 0.2 0.1 0.2 
Restricted stock units0.3 0.3 0.3 0.3 
2022 Convertible Notes ($230 million of principal)
— — — 0.9 
2026 Convertible Notes ($575 million of principal)
3.5 3.4 3.5 3.4 
2027 Convertible Notes ($575 million of principal)
3.0 — 3.0 — 
Shares for diluted earnings per share43.3 43.4 43.8 45.9 
Diluted earnings per share$1.09 $2.53 $5.33 $6.68 
(1)The computations of diluted earnings per share attributable to common shareholders exclude approximately 200,000 and 293,000 shares of common stock, the maximum number of shares issuable as of September 30, 2023 and September 30, 2022, 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.