Shareholders’ Equity

The following summarizes our shareholders’ equity activity for the first six months of 2017 and 2016:



(Dollars in millions)	Par Value of Issued Shares		Capital in Excess of Par Value		Retained Earnings (Deficit)			Accumulated Other Comprehensive Income (Loss)			Non-controlling Interests			Total Shareholders’ Equity
Balance at December 31, 2015	$	1	$	5,502	$	442		$	(1,641	)	$	61		$	4,365
Net Income (Loss)	—		—		(1,063		)	—			10			(1,053		)
Other Comprehensive Income	—		—		—			134			—			134
Dividends Paid to Noncontrolling Interests	—		—		—			—			(7		)	(7		)
Issuance of Common Shares	—		623		—			—			—			623
Issuance of Exchangeable Notes	—		97		—			—			—			97
Equity Awards Granted, Vested and Exercised	—		28		—			—			—			28
Balance at June 30, 2016	$	1	$	6,250	$	(621	)	$	(1,507	)	$	64		$	4,187

Balance at December 31, 2016	$	1	$	6,571	$	(2,950	)	$	(1,610	)	$	56		$	2,068
Net Income (Loss)	—		—		(619		)	—			11			(608		)
Other Comprehensive Income	—		—		—			33			—			33
Dividends Paid to Noncontrolling Interests	—		—		—			—			(10		)	(10		)
Equity Awards Granted, Vested and Exercised	—		41		—			—			—			41
Balance at June 30, 2017	$	1	$	6,612	$	(3,569	)	$	(1,577	)	$	57		$	1,524

In March 2016, we issued 115 million ordinary shares, 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 the line captioned “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 second quarter of 2017 and 2016:



(Dollars in millions)	Currency Translation Adjustment			Defined Benefit Pension			Deferred Loss on Derivatives			Total
Balance at December 31, 2015	$	(1,602	)	$	(29	)	$	(10	)	$	(1,641	)

Other Comprehensive Income before Reclassifications	132			1			—			133
Reclassifications	—			—			1			1
Net activity	132			1			1			134

Balance at June 30, 2016	$	(1,470	)	$	(28	)	$	(9	)	$	(1,507	)

Balance at December 31, 2016	$	(1,614	)	$	13		$	(9	)	$	(1,610	)

Other Comprehensive Income before Reclassifications	74			—			—			74
Reclassifications	—			(41		)	—			(41		)
Net activity	74			(41		)	—			33

Balance at June 30, 2017	$	(1,540	)	$	(28	)	$	(9	)	$	(1,577	)

Defined benefit pension reclassifications relate to amortization of unrecognized net gains associated primarily with our supplemental executive retirement plan.