Shareholders' Equity

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Shareholders' Equity

9 – Shareholders’ Equity

Shares issued and outstanding on our Condensed Consolidated Balance Sheets increased from 72.1 million as of December 31, 2024 to 72.6 million as of March 31, 2025. The increase was due to the issuance of 1.3 million of our ordinary shares for equity awards vested and delivered, net of shares withheld for taxes, partially offset by the cancellation of 0.8 million of our ordinary shares repurchased for $53 million under our $500 million share repurchase program.

During the three months ended March 31, 2025, we declared and paid $18 million in dividends and accrued an immaterial amount of dividend equivalent rights on share-based awards.

The following summarizes our shareholders’ equity activity for the three months ended March 31, 2025 and 2024:

(Dollars in millions)	Ordinary Shares	Par Value		Capital in Excess of Par Value		Retained Deficit		Accumulated Other Comprehensive Loss		Non-controlling Interests		Total Shareholders’ Equity
Balance at December 31, 2024	72.1	$	—	$	2,921	$	(1,486)	$	(150)	$	(2)	$	1,283
Net Income	—	—		—		76		—		10		86
Equity Awards, Granted and Vested, Net of Shares Withheld for Taxes	1.3	—		(34)		—		—		—		(34)
Share Repurchases	(0.8)	—		(53)		—		—		—		(53)
Dividends Declared ($0.25 per share) (1)	—	—		—		(18)		—		—		(18)
Other Comprehensive Income	—	—		—		—		96		—		96
Balance at March 31, 2025	72.6	$	—	$	2,834	$	(1,428)	$	(54)	$	8	$	1,360
(1) Includes dividend equivalents on share-based awards.

(Dollars in millions)	Ordinary Shares	Par Value		Capital In Excess of Par Value		Retained Deficit		Accumulated Other Comprehensive Loss		Non-controlling Interests		Total Shareholders’ Equity
Balance at December 31, 2023	72.1	$	—	$	2,906	$	(1,954)	$	(28)	$	(2)	$	922
Net Income	—	—		—		112		—		11		123
Equity Awards, Granted and Vested, Net of Shares Withheld for Taxes	0.3	—		4		—		—		—		4
Other Comprehensive Loss	—	—		—		—		(24)		—		(24)
Equity Issued for Acquisitions	0.8	—		75		—		—		—		75
Balance at March 31, 2024	73.2	$	—	$	2,985	$	(1,842)	$	(52)	$	9	$	1,100

The following table presents the changes in our accumulated other comprehensive income (loss) by component for the three months ended March 31, 2025 and 2024:

(Dollars in millions)	Currency Translation Adjustment		Defined Benefit Pension		Total
Balance at December 31, 2024	$	(156)	$	6	$	(150)
Other Comprehensive Income	96		—		96
Balance at March 31, 2025	$	(60)	$	6	$	(54)
Balance at December 31, 2023	$	(43)	$	15	$	(28)
Other Comprehensive Loss	(24)		—		(24)
Balance at March 31, 2024	$	(67)	$	15	$	(52)