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Earnings (Loss) Per Share Data | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
Earnings (Loss) Per Share Data | Earnings (Loss) Per Share Data Earnings (loss) per share is based on weighted average number of outstanding common shares. Basic earnings (loss) per share excludes the impact of dilutive securities and is computed by dividing Net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The following table presents the income and share data used in the basic and diluted earnings per share computations.
Periods ended September 30 | Three Months |  | Nine Months
(In millions, except per share data) | 2023 |  | 2022 |  | 2023 |  | 2022
Net income (loss) (1) | $ | 258 |  |  | $ | (42) |  |  | $ | 838 |  |  | $ | 443 |
Common Stock and Common Stock Equivalents |  |  |  |  |  |  |
Basic |  |  |  |  |  |  |
Weighted average shares outstanding | 271.2 |  |  | 271.4 |  |  | 271.2 |  |  | 271.7 |
Diluted |  |  |  |  |  |  |
Weighted average shares outstanding | 271.2 |  |  | 271.4 |  |  | 271.2 |  |  | 271.7 |
Dilutive effect of stock-based awards under compensation plans | 1.1 |  |  | 0.9 |  |  | 1.0 |  |  | 0.9 |
Total | 272.3 |  |  | 272.3 |  |  | 272.2 |  |  | 272.6 |
Earnings (loss) per share (1) |  |  |  |  |  |  |
Basic | $ | 0.95 |  |  | $ | (0.15) |  |  | $ | 3.09 |  |  | $ | 1.63 |
Diluted | $ | 0.95 |  |  | $ | (0.15) |  |  | $ | 3.08 |  |  | $ | 1.63 |
(1) As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts have been adjusted to reflect application of the new guidance. Excluded from the calculation of diluted earnings (loss) per share is the impact of potential shares attributable to exercises or conversions into common stock under stock-based employee compensation plans that would have been antidilutive during the respective periods. The Company repurchased 550,000 and 890,000 shares of CNAF common stock at an aggregate cost of $24 million and $39 million during the nine months ended September 30, 2023 and 2022.

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