Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted EPS

The following table sets forth the computation of basic and diluted EPS (in millions, except per share data):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net income/(loss)	$	27	$	45	$	(125)	$	93
Basic weighted average shares outstanding	93.3		96.2		93.4		97.0
Stock options and restricted stock units (“RSUs”) (a)	0.1		0.1		—		0.2
Diluted weighted average shares outstanding	93.4		96.3		93.4		97.2
Earnings/(loss) per share:
Basic	$	0.29	$	0.47	$	(1.34)	$	0.95
Diluted	0.29		0.47		(1.34)		0.95
Dividends:
Cash dividends declared per share	$	0.08	$	0.29	$	0.48	$	0.87
Aggregate dividends paid to shareholders	$	7	$	28	$	45	$	84

Schedule of Stock Repurchase Activity

The following table summarizes stock repurchase activity under the current stock repurchase program (in millions, except per share data):

	Shares	Cost		Average Price Per Share
As of January 1, 2020	6.8	$	363	$	53.67
For the nine months ended September 30, 2020	0.9	45		51.57
As of September 30, 2020	7.7	$	408	$	53.43