Shareholders' Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Shareholders' Equity

8 – Shareholders’ Equity

The change in shares issued and outstanding on our Condensed Consolidated Balance Sheets from 72.1 million as of December 31, 2023 to 73.2 million as of March 31, 2024, was due to equity awards granted, vested, and exercised, net of shares withheld for taxes. The change in shares also included the issuance of 844,702 of our ordinary shares in connection with acquisitions during the quarter. See “Note 12 – Acquisitions” in our Notes to Condensed Consolidated Financial Statements for further details. The following summarizes our shareholders’ equity activity for the three months ended March 31, 2024 and 2023:

(Dollars in millions)	Capital in Excess of Par Value		Retained Income (Deficit)		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Shareholders’ Equity
Balance at December 31, 2023	$	2,906	$	(1,954)	$	(28)	$	(2)	$	922
Net Income	—		112		—		11		123
Equity Awards, Granted, Vested and Exercised, Net of Shares Withheld for Taxes	4		—		—		—		4
Other Comprehensive Loss	—		—		(24)		—		(24)
Equity Issued for Acquisitions	75		—		—		—		75
Balance at March 31, 2024	$	2,985	$	(1,842)	$	(52)	$	9	$	1,100
(Dollars in millions)	Capital in Excess of Par Value		Retained Income (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

The following table presents the changes in our accumulated other comprehensive income (loss) by component for the three months ended March 31, 2024 and 2023:

(Dollars in millions)	Currency Translation Adjustment		Defined Benefit Pension		Total
Balance at December 31, 2023	$	(43)	$	15	$	(28)
Other Comprehensive Loss	(24)		—		(24)
Balance at March 31, 2024	$	(67)	$	15	$	(52)
Balance at December 31, 2022	$	(41)	$	19	$	(22)
Other Comprehensive Income	3		—		3
Balance at March 31, 2023	$	(38)	$	19	$	(19)