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EARNINGS PER COMMON SHARE | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE The following table presents a reconciliation of net income (loss) and weighted-average common shares used in calculating basic and diluted earnings per common share:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
| (in millions, except per share data)
Weighted-average common shares outstanding: |  |  |  |  |  |  |  |  |
Weighted-average common shares outstanding — basic | 296.2 |  |  | 318.2 |  |  | 302.4 |  |  | 324.2 |  |  |
Effect of dilutive potential common shares: |  |  |  |  |  |  |  |  |
Employee share awards (1) | — |  |  | — |  |  | — |  |  | 3.5 |  |  |
Weighted-average common shares outstanding — diluted | 296.2 |  |  | 318.2 |  |  | 302.4 |  |  | 327.7 |  |  |
Net income (loss): |  |  |  |  |  |  |  |  |
Net income (loss) | $ | (1,215) |  |  | $ | 28 |  |  | $ | (1,348) |  |  | $ | 788 |  |  |
Less: Net income (loss) attributable to the noncontrolling interest | 94 |  |  | 160 |  |  | 247 |  |  | 400 |  |  |
Net income (loss) attributable to Holdings | (1,309) |  |  | (132) |  |  | (1,595) |  |  | 388 |  |  |
Less: Preferred stock dividends | 16 |  |  | 14 |  |  | 48 |  |  | 54 |  |  |
Net income (loss) available to Holdings’ common shareholders | $ | (1,325) |  |  | $ | (146) |  |  | $ | (1,643) |  |  | $ | 334 |  |  |
Earnings per common share: |  |  |  |  |  |  |  |  |
Basic | $ | (4.47) |  |  | $ | (0.46) |  |  | $ | (5.43) |  |  | $ | 1.03 |  |  |
Diluted | $ | (4.47) |  |  | $ | (0.46) |  |  | $ | (5.43) |  |  | $ | 1.02 |  |  |
______________ (1)Calculated using the treasury stock method. For the three and nine months ended September 30, 2025 and 2024, 5.3 million, 5.6 million, 6.4 million and 3.0 million, respectively, of outstanding stock awards, were not included in the computation of diluted EPS because their effect was anti-dilutive.

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