Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share (Tables)

v3.23.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2023
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,
2023 2022 2023 2022
Net income $ 103  $ 101  $ 240  $ 299 
Basic weighted average shares outstanding 84.0 89.5 85.2 91.2
Stock options and restricted stock units (“RSUs”) (a)
0.5 0.4 0.5 0.5
Diluted weighted average shares outstanding
84.5 89.9 85.7 91.7
Earnings per share:
Basic
 $ 1.22  $ 1.13  $ 2.81  $ 3.28 
Diluted
 1.21  1.13  2.79  3.26 
Dividends:
Cash dividends declared per share
 $ 0.35  $ 0.32  $ 1.05  $ 0.96 
Aggregate dividends paid to stockholders
 $ 29  $ 29  $ 90  $ 88 
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(a)    Diluted shares outstanding excludes shares related to stock options of 0.2 million for both the three and nine months ended September 30, 2023 and 0.4 million for both the three and nine months ended September 30, 2022. Diluted shares outstanding excludes shares related to RSUs of 0.4 million for both the three and nine months ended September 30, 2023, and 0.2 million for both the three and nine months ended September 30, 2022, respectively. Such shares are excluded as their effect would have been anti-dilutive under the treasury stock method.
Schedule of Stock Repurchase Activity
The following table summarizes stock repurchase activity under the current stock repurchase program (in millions, except per share data) which includes excise taxes and fees:
Shares Cost Average Price Per Share
As of December 31, 2022
 15.2  $ 964  $ 63.32 
For the nine months ended September 30, 2023
 3.8  270  71.44 
As of September 30, 2023 19.0  $ 1,234  $ 64.93