Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Stockholders' Equity

The change in shares issued and outstanding on our Condensed Consolidated Balance Sheets from 71 million as of December 31, 2022 to 72 million as of September 30, 2023, was due to equity awards granted, vested, and exercised, net of shares withheld for taxes. The following summarizes our shareholders’ equity activity for the three and nine months ended September 30, 2023 and 2022:

(Dollars in millions)	Capital in Excess of Par Value		Retained Deficit		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests		Total Shareholders’ Equity
Balance at December 31, 2022	$	2,928	$	(2,371)	$	(22)	$	16	$	551
Net Income	—		72		—		9		81
Distributions to Noncontrolling Interests	—		—		—		(6)		(6)
Equity Awards Granted, Vested and Exercised, Net of Shares Withheld for Taxes	(43)		—		—		—		(43)
Other Comprehensive Income	—		—		3		—		3
Balance at March 31, 2023	$	2,885	$	(2,299)	$	(19)	$	19	$	586
Net Income	—		82		—		8		90
Distributions to Noncontrolling Interests	—		—		—		—		—
Equity Awards Granted, Vested and Exercised, Net of Shares Withheld for Taxes	6		—		—		—		6
Other Comprehensive Loss	—		—		(10)		—		(10)
Balance at June 30, 2023	2,891		(2,217)		(29)		27		672
Net Income	—		123		—		8		131
Distributions to Noncontrolling Interests	—		—		—		(15)		(15)
Equity Awards Granted, Vested and Exercised, Net of Shares Withheld for Taxes	9		—		—		—		9
Other Comprehensive Loss	—		—		(35)		—		(35)
Other	—		—		—		1		1
Balance at September 30, 2023	2,900		(2,094)		(64)		21		763

(Dollars in millions)	Capital in Excess of Par Value	Retained Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	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, Net of Shares Withheld for Taxes	4	—	—	—	4
Balance at March 31, 2022	2,908	(2,477)	(35)	30	426
Net Income	—	6	—	6	12
Distributions to Noncontrolling Interests	—	—	—	(11)	(11)
Equity Awards Granted, Vested and Exercised, Net of Shares Withheld for Taxes	5	—	—	—	5
Other Comprehensive Income	—	—	59	—	59
Balance at June 30, 2022	2,913	(2,471)	24	25	491
Net Income	—	28	—	9	37
Other Comprehensive Loss	—	—	(51)	—	(51)
Distributions to Noncontrolling Interests	—	—	—	(9)	(9)
Equity Awards Granted, Vested and Exercised, Net of Shares Withheld for Taxes	4	—	—	—	4
Other	6	—	—	(6)	—
Balance at September 30, 2022	2,923	(2,443)	(27)	19	472

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in our accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2023 and 2022:

(Dollars in millions)	Currency Translation Adjustment		Defined Benefit Pension		Total
Balance at December 31, 2022	$	(41)	$	19	$	(22)
Other Comprehensive Loss	(42)		—		(42)
Balance at September 30, 2023	$	(83)	$	19	$	(64)
Balance at December 31, 2021	$	(36)	$	1	$	(35)
Other Comprehensive Income	8		—		8
Balance at September 30, 2022	$	(28)	$	1	$	(27)