Shareholders' Equity

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

The following summarizes our shareholders’ equity activity for the nine months ended September 30, 2016 and 2015:

(Dollars in millions)	Par Value of Issued Shares		Capital in Excess of Par Value		Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Non-controlling Interests			Total Shareholders’ Equity
Balance at December 31, 2014	$	1	$	5,411	$	2,427		$	(881	)	$	75		$	7,033
Net Income (Loss)	—		—		(777		)	—			26			(751		)
Other Comprehensive Loss	—		—		—			(566		)	—			(566		)
Dividends Paid to Noncontrolling Interests	—		—		—			—			(31		)	(31		)
Equity Awards Granted, Vested and Exercised	—		69		—			—			—			69
Other	—		—		—			—			—			—
Balance at September 30, 2015	$	1	$	5,480	$	1,650		$	(1,447	)	$	70		$	5,754
Balance at December 31, 2015	$	1	$	5,502	$	442		$	(1,641	)	$	61		$	4,365
Net Income (Loss)	—		—		(2,843		)	—			14			(2,829		)
Other Comprehensive Income	—		—		—			92			—			92
Dividends Paid to Noncontrolling Interests	—		—		—			—			(15		)	(15		)
Issuance of Common Shares	—		623		—			—			—			623
Issuance of Exchangeable Notes	—		97		—			—			—			97
Equity Awards Granted, Vested and Exercised	—		51		—			—			—			51
Other	—		—		—			—			(1		)	(1		)
Balance at September 30, 2016	$	1	$	6,273	$	(2,401	)	$	(1,549	)	$	59		$	2,383

In 2016, we issued 115 million ordinary shares of the Company, and the amount in excess of par value of $623 million is reported in “Capital in Excess of Par Value”on the accompanying Condensed Consolidated Balance Sheets.

On June 7, 2016, we issued exchangeable notes with a par value of $1.265 billion. The exchange feature carrying value of $97 million is included in “Capital in Excess of Par Value” on the accompanying Condensed Consolidated Balance Sheets.

The following table presents the changes in our accumulated other comprehensive loss by component for the nine months of 2016 and 2015:

(Dollars in millions)	Currency Translation Adjustment			Defined Benefit Pension			Deferred Loss on Derivatives			Total
Balance at December 31, 2014	$	(813	)	$	(57	)	$	(11	)	$	(881	)
Other Comprehensive Income (Loss) before Reclassifications	(589		)	20			—			(569		)
Reclassifications	—			2			1			3
Net activity	(589		)	22			1			(566		)
Balance at September 30, 2015	$	(1,402	)	$	(35	)	$	(10	)	$	(1,447	)
Balance at December 31, 2015	$	(1,602	)	$	(29	)	$	(10	)	$	(1,641	)
Other Comprehensive Income before Reclassifications	90			1			—			91
Reclassifications	—			—			1			1
Net activity	90			1			1			92
Balance at September 30, 2016	$	(1,512	)	$	(28	)	$	(9	)	$	(1,549	)

The other comprehensive income before reclassifications from the defined benefit pension component for the nine months of 2015 relates to the conversion of one of our international pension plans from a defined benefit plan to a defined contribution plan.