Shareholders' Equity

3 Months Ended

Jun. 30, 2022

Equity [Abstract]

Shareholders' Equity

9 – Shareholders’ Equity

The following summarizes our shareholders’ equity activity for the three and six months ended June 30, 2022 and 2021:

(Dollars in millions)	Capital in Excess of Par Value		Retained Deficit		Accumulated Other Comprehensive Income (Loss)		Non-controlling Interests “NCI”		Total Shareholders’ Equity
Balance at December 31, 2021	$	2,904	$	(2,397)	$	(35)	$	24	$	496
Net Income (Loss)	—		(80)		—		6		(74)
Equity Awards, Granted, Vested and Exercised	4		—		—		—		4
Balance at March 31, 2022	$	2,908	$	(2,477)	$	(35)	$	30	$	426
Net Income	—		6		—		6		12
Other Comprehensive Income	—		—		59		—		59
Dividends to NCI	—		—		—		(11)		(11)
Equity Awards Granted, Vested and Exercised	5		—		—		—		5
Balance at June 30, 2022	$	2,913	$	(2,471)	$	24	$	25	$	491
Balance at December 31, 2020	$	2,897	$	(1,947)	$	(43)	$	30	$	937
Net Income (Loss)	—		(116)		—		6		(110)
Dividends to NCI	—		—		—		(2)		(2)
Other Comprehensive Loss	—		—		(4)		—		(4)
Balance at March 31, 2021	$	2,897	$	(2,063)	$	(47)	$	34	$	821
Net Income (Loss)	—		(78)		—		5		(73)
Other Comprehensive Income	—		—		15		—		15
Dividends to NCI	—		—		—		(4)		(4)
Equity Awards Granted, Vested and Exercised	2		—		—		—		2
Other	—		—		—		(2)		(2)
Balance at June 30, 2021	$	2,899	$	(2,141)	$	(32)	$	33	$	759

The following table presents the changes in our accumulated other comprehensive income (loss) by component for the six months ended June 30, 2022 and 2021:

(Dollars in millions)	Currency Translation Adjustment		Defined Benefit Pension		Total
Balance at December 31, 2021	$	(36)	$	1	$	(35)
Other Comprehensive Income	59		—		59
Balance at June 30, 2022	$	23	$	1	$	24
Balance at December 31, 2020	$	(31)	$	(12)	$	(43)
Other Comprehensive Income	11		—		11
Balance at June 30, 2021	$	(20)	$	(12)	$	(32)