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Shareholders' Equity
 9 Months Ended
Sep. 30, 2014
Equity [Abstract]  
Shareholders' Equity
Shareholders’ Equity

On June 17, 2014, we completed the change in our place of incorporation from Switzerland to Ireland, whereby Weatherford Ireland became the new public holding company and the parent of the Weatherford group of companies, pursuant to which each registered share of Weatherford Switzerland was exchanged as consideration for the allotment of one ordinary share of Weatherford Ireland (excluding shares held by, or for the benefit of, Weatherford Switzerland or any of its subsidiaries). The Weatherford Switzerland shares were then cancelled. The authorized share capital of Weatherford Ireland is 1.356 billion ordinary shares with a par value of $0.001 per share. The change from our previous par value resulted in a $778 million decrease in the Par Value of Issued Shares and a corresponding increase in Capital In Excess of Par. In conjunction with the redomestication, the shares held by our executive deferred compensation plan were sold and the remaining treasury shares were cancelled. As of September 30, 2014, 774 million ordinary shares were issued and outstanding.

The following summarizes our shareholders’ equity activity for the nine months ended September 30, 2014 and 2013:
(Dollars in millions)
Par Value of Issued Shares
 
Capital In Excess of Par Value
 
Retained Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Treasury Shares
 
Non-controlling Interests
 
Total Shareholders’ Equity
Balance at December 31, 2012
$
775

 
$
4,674

 
$
3,356

 
$
163

 
$
(182
)
 
$
32

 
$
8,818

Net Income (Loss)
—

 
—

 
(74
)
 
—

 
—

 
24

 
(50
)
Other Comprehensive Loss
—

 
—

 
—

 
(226
)
 
—

 
—

 
(226
)
Dividends Paid to Noncontrolling Interests
—

 
—

 
—

 
—

 
—

 
(19
)
 
(19
)
Equity Awards Granted, Vested and Exercised
—

 
(51
)
 
—

 
—

 
109

 
—

 
58

Other
—

 
(4
)
 
—

 
—

 
—

 
4

 
—

Balance at September 30, 2013
$
775

 
$
4,619

 
$
3,282

 
$
(63
)
 
$
(73
)
 
$
41

 
$
8,581

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2013
$
775

 
$
4,600

 
$
3,011

 
$
(187
)
 
$
(37
)
 
$
41

 
$
8,203

Net Income (Loss)
—

 
—

 
(109
)
 
—

 
—

 
33

 
(76
)
Other Comprehensive Loss
—

 
—

 
—

 
(243
)
 
—

 
—

 
(243
)
Consolidation of Joint Venture
—

 
—

 
—

 
—

 
—

 
27

 
27

Dividends Paid to Noncontrolling Interests
—

 
—

 
—

 
—

 
—

 
(22
)
 
(22
)
Change in Common Shares, Treasury Shares and Paid in Capital Associated with Redomestication
(778
)
 
750

 
—

 
—

 
39

 
—

 
11

Equity Awards Granted, Vested and Exercised
4

 
40

 
—

 
—

 
(2
)
 
—

 
42

Other
—

 
—

 
—

 
—

 
—

 
—

 
—

Balance at September 30, 2014
$
1

 
$
5,390

 
$
2,902

 
$
(430
)
 
$
—

 
$
79

 
$
7,942




The following table presents the changes in our accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2014 and 2013:
(Dollars in millions)
Currency Translation Adjustment
 
Defined Benefit Pension
 
Deferred Loss on Derivatives
 
Total
Balance at December 31, 2012
213

 
(40
)
 
(10
)
 
163

 
 
 
 
 
 
 
 
Other comprehensive loss before reclassifications
(190
)
 
—

 
—

 
(190
)
Reclassifications
(37
)
 
1

 
—

 
(36
)
Net activity
(227
)
 
1

 
—

 
(226
)
 
 
 
 
 
 
 
 
Balance at September 30, 2013
$
(14
)
 
$
(39
)
 
$
(10
)
 
$
(63
)
 
 
 
 
 
 
 
 
Balance at December 31, 2013
$
(140
)
 
$
(38
)
 
$
(9
)
 
$
(187
)
 
 
 
 
 
 
 
 
Other comprehensive loss before reclassifications
(333
)
 
—

 
—

 
(333
)
Reclassifications
90

 
—

 
—

 
90

Net activity
(243
)
 
—

 
—

 
(243
)
 
 
 
 
 
 
 
 
Balance at September 30, 2014
$
(383
)
 
$
(38
)
 
$
(9
)
 
$
(430
)


The reclassification from the currency translation adjustment component of other comprehensive income includes $90 million for the nine months ended September 30, 2014 from the sale of our land drilling and workover rig operations in Russia and Venezuela and pipeline and specialty services business and $30 million for the nine months ended September 30, 2013 from the sale of our industrial screen business. This amount were recognized in the “Gain on Sale of Businesses” line in our Condensed Consolidated Statement of Operations for both the nine months ended September 30, 2014 and 2013.