Loss Per Common Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted

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

	Three Months Ended March 31,
	2026		2025
Basic and diluted EPS:
Net loss	$	(382)	$	(473)
Weighted average common shares outstanding (in thousands)	661,181		658,880
Basic and diluted EPS	$	(0.58)	$	(0.72)

Schedule of Anti-Dilutive Securities Excluded From Calculation of Diluted EPS

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

	Three Months Ended March 31,
	2026	2025
Restricted stock unit awards	1,625	1,836
6.50% convertible senior notes (1)	—	61,728

(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 ended after March 31, 2025.

In addition, for the three months ended March 31, 2026, excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive, are certain shares underlying the warrants issued pursuant to the payroll support program established under the Subtitle A of Title IV of Division N of the Consolidated Appropriations Act, 2021 (PSP2 Warrants) and the payroll support program established under the American Rescue Plan Act of 2021 (PSP3 Warrants).

Schedule of PSP Warrants

The table below provides a summary of the warrants outstanding as of March 31, 2026:

Warrants	Warrants Issued (shares, in thousands) (1)	Exercise Price ($)	Expiration
PSP2 Warrants	883	15.66	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 is 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.