Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings per Common Share

The following table provides the computation of basic and diluted earnings per common share (EPS) (in millions, except share and per share amounts):

	Year Ended December 31,
	2025		2024		2023
Basic EPS:
Net income	$	111	$	846	$	822
Weighted average common shares outstanding (in thousands)	659,964		656,996		653,612
Basic EPS	$	0.17	$	1.29	$	1.26
Diluted EPS:
Net income	$	111	$	846	$	822
Interest expense on 6.50% convertible senior notes	—		51		46
Net income for purposes of computing diluted EPS	$	111	$	897	$	868
Share computation for diluted EPS (in thousands):
Basic weighted average common shares outstanding	659,964		656,996		653,612
Dilutive effect of restricted stock unit awards	763		1,121		1,830
Dilutive effect of certain PSP Warrants and Treasury Loan Warrants	325		1,455		2,499
Assumed conversion of 6.50% convertible senior notes	—		61,728		61,728
Diluted weighted average common shares outstanding	661,052		721,300		719,669
Diluted EPS	$	0.17	$	1.24	$	1.21

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following were excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive (in thousands):

	Year Ended December 31,
	2025	2024	2023
6.50% convertible senior notes (1)	15,432	—	—
Restricted stock unit awards	1,188	2,350	4,371

(1)On March 27, 2025, we provided notice to the holders of our 6.50% convertible senior notes due 2025 (Convertible Notes) that we would settle our Convertible Notes at their maturity in cash on July 1, 2025. As a result, we have excluded the Convertible Notes from the calculation of diluted EPS for the quarterly periods ending after March 31, 2025.

Schedule of PSP Warrants and Treasury Loan Warrants

The table below provides a summary of the warrants outstanding as of December 31, 2025:

Warrants	Warrants Issued (shares, in thousands) (1)	Exercise Price ($)	Expiration
PSP2 Warrants	6,576	15.66	January 2026 (2) to April 2026
PSP3 Warrants	4,407	21.75	April 2026 to June 2026

(1)The PSP2 Warrants and PSP3 Warrants are subject to certain anti-dilution provisions, do not have any voting rights and are freely transferable, with registration rights. Each warrant will be exercisable either through net share settlement or cash, at our option. The warrants were issued solely as compensation to the U.S. Government related to entry into the payroll support program agreements. No separate proceeds (apart from the financial assistance previously received in 2021) were received upon issuance of the warrants or will be received upon exercise thereof.

(2)In January 2026, 2.8 million shares of the PSP2 Warrants were exercised at an exercise price of $15.66 per share and net settled in cash for a nominal amount.