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Shareholders' Equity
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Shareholders' Equity
8 – Shareholders’ Equity

Shares issued and outstanding on our Condensed Consolidated Balance Sheets increased from 72.1 million as of December 31, 2023 to 72.7 million as of September 30, 2024. The increase was due to the issuance of 0.8 million of our ordinary shares related to acquisitions and 0.3 million of our ordinary shares for equity awards vested and delivered, net of shares withheld for taxes, partially offset by the cancellation of 0.5 million of our ordinary shares repurchased for $50 million, under a $500 million share repurchase program announced on July 23, 2024.

On July 23, 2024, we announced our Board authorization of a dividend program under which we intend to pay regular quarterly cash dividends, subject to our Board’s discretion and continuing determination that it is in the best interest of the Company and complies with applicable legal requirements. The announcement included a cash dividend declaration of $0.25 per share of the Company’s ordinary shares, or $19 million, payable on September 12, 2024 to shareholders of record as of August 13, 2024.

The following summarizes our shareholders’ equity activity for the three and nine months ended September 30, 2024 and 2023:

(Dollars in millions)Capital in Excess of Par Value
Retained
Deficit
Accumulated
Other
Comprehensive Loss
Noncontrolling InterestsTotal Shareholders’ Equity
Balance at December 31, 2023
$2,906 $(1,954)$(28)$(2)$922 
Net Income— 112 — 11 123 
Equity Awards, Granted and Vested, Net of Shares Withheld for Taxes
4 — — — 4 
Other Comprehensive Loss— — (24)— (24)
Equity Issued for Acquisitions75 — — — 75 
Balance at March 31, 2024
$2,985 $(1,842)$(52)$9 $1,100 
Net Income— 125 — 12 137 
Equity Awards, Granted, and Vested, Net of Shares Withheld for Taxes
12 — — — 12 
Distributions to Noncontrolling Interests— — — (9)(9)
Balance at June 30, 2024
$2,997 $(1,717)$(52)$12 $1,240 
Net Income— 157 — 9 166 
Equity Awards, Granted and Vested, Net of Shares Withheld for Taxes
9 — — — 9 
Share Repurchases
(50)— — — (50)
Dividends Declared ($0.25 per share) (1)
— (19)— — (19)
Other Comprehensive Income— — 20 — 20 
Distributions to Noncontrolling Interests— — — (10)(10)
Balance at September 30, 2024
$2,956 $(1,579)$(32)$11 $1,356 
(1) Includes dividend equivalents on share-based awards.
(Dollars in millions)Capital in Excess of Par Value
Retained
Deficit
Accumulated
Other
Comprehensive Loss
Noncontrolling InterestsTotal 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 
Equity Awards, Granted, Vested and Exercised, Net of Shares Withheld for Taxes6 — — — 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 Taxes9 — — — 9 
Other Comprehensive Loss— — (35)— (35)
 Other— — — 1 1 
Balance at September 30, 2023
$2,900 $(2,094)$(64)$21 $763 


The following table presents the changes in our accumulated other comprehensive loss by component for the nine months ended September 30, 2024 and 2023:
(Dollars in millions)Currency Translation AdjustmentDefined Benefit PensionTotal
Balance at December 31, 2023
$(43)$15 $(28)
Other Comprehensive Loss(4)— (4)
Balance at September 30, 2024
$(47)$15 $(32)
Balance at December 31, 2022
$(41)$19 $(22)
Other Comprehensive Loss(42)— (42)
Balance at September 30, 2023
$(83)$19 $(64)