Earnings Per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

Note 6 – Earnings Per Share

Basic and diluted earnings per share were computed as follows:

	Three Months Ended
	March 31, 2025						March 31, 2024
(Shares in thousands, dollars in millions, except per share amounts)	Basic		Effect of Dilution		Diluted		Basic		Effect of Dilution		Diluted
Shareholders' net income (loss)	$	1,323			$	1,323	$	(277)			$	(277)
Shares:
Weighted average	270,867				270,867		286,465				286,465
Common stock equivalents			2,086		2,086				—		—
Total shares	270,867		2,086		272,953		286,465		—		286,465
Earnings per share	$	4.88	$	(0.03)	$	4.85	$	(0.97)	$	—	$	(0.97)

For the three months ended March 31, 2025, 2.3 million outstanding employee stock options were excluded in the computation of diluted earnings per share because their effect was anti-dilutive. For the three months ended March 31, 2024, due to the Shareholders' net loss, 8.2 million outstanding employee stock options, unvested restricted stock grants and units, and strategic performance shares were excluded in the computation of diluted earnings per share because their effect was anti-dilutive.

The Company held approximately 134.1 million shares of common stock in treasury as of March 31, 2025, 128.7 million shares as of December 31, 2024 and 117.8 million shares as of March 31, 2024.