v3.25.2
Shareholders' Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Shareholders' Equity
9 – Shareholders’ Equity

Shares issued and outstanding on our Condensed Consolidated Balance Sheets decreased from 72.1 million as of December 31, 2024 to 71.8 million as of June 30, 2025. The decrease was due to the cancellation of 1.6 million of our ordinary shares repurchased for $87 million. The decrease was partially offset by the issuance of 1.3 million of our ordinary shares for equity awards vested and delivered, net of shares withheld for taxes.

During the six months ended June 30, 2025, we declared and paid $36 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 and six months ended June 30, 2025 and 2024:
(Dollars in millions)Ordinary SharesPar ValueCapital in Excess of Par ValueRetained
Deficit
Accumulated
Other
Comprehensive Income (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 Taxes1.3 — (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 
Net Income— — — 136 — 9 145 
Equity Awards, Granted and Vested, Net of Shares Withheld for Taxes— — 10 — — — 10 
Share Repurchases(0.8)— (34)— — — (34)
Dividends Declared ($0.25 per share) (1)
— — — (19)— — (19)
Distributions to Noncontrolling Interests
— — — — — (8)(8)
Other Comprehensive Income— — — — 65 — 65 
Balance at June 30, 2025
71.8 $— $2,810 $(1,311)$11 $9 $1,519 
(1) Includes dividend equivalent rights on share-based awards.
(Dollars in millions)
Ordinary Shares
Par Value
Capital In Excess of Par Value
Retained Deficit
Accumulated
Other
Comprehensive
Loss
Non-controlling InterestsTotal Shareholders’ Equity
Balance at December 31, 2023
72.1$— $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 $1,100 
Net Income
— — — 125 — 12 137 
Equity Awards, Granted and Vested, Net of Shares Withheld for Taxes
— — 12 — — — 12 
Distributions to Noncontrolling Interests
— — — — — (9)(9)
Balance at June 30, 2024
73.2$— $2,997 $(1,717)$(52)$12 $1,240 


The following table presents the changes in our accumulated other comprehensive income (loss) by component for the six months ended June 30, 2025 and 2024:
(Dollars in millions)Currency Translation AdjustmentDefined Benefit PensionTotal
Balance at December 31, 2024
$(156)$6 $(150)
Other Comprehensive Income161 — 161 
Balance at June 30, 2025
$5 $6 $11 
Balance at December 31, 2023
$(43)$15 $(28)
Other Comprehensive Loss(24)— (24)
Balance at June 30, 2024
$(67)$15 $(52)