SHAREHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2017

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' EQUITY

The following table presents common shares issued and outstanding:

	Three months ended September 30,				Nine months ended September 30,
	2017		2016		2017		2016
Shares issued, balance at beginning of period	176,580		176,575		176,580		176,240
Shares issued	—		—		—		335
Total shares issued at end of period	176,580		176,575		176,580		176,575
Treasury shares, balance at beginning of period	(93,377	)	(85,921	)	(90,139	)	(80,174	)
Shares repurchased	(51	)	(2,252	)	(4,284	)	(8,499	)
Shares reissued from treasury	5		37		1,000		537
Total treasury shares at end of period	(93,423	)	(88,136	)	(93,423	)	(88,136	)
Total shares outstanding	83,157		88,439		83,157		88,439

Treasury Shares

The following table presents share repurchases:

	Three months ended September 30,				Nine months ended September 30,
	2017		2016		2017		2016
In the open market:
Total shares(1)	49		2,232		3,932		8,236
Total cost	$	3,237	$	124,948	$	261,180	$	434,948
Average price per share(2)	$	65.80	$	56.00	$	66.43	$	52.81
From employees:(3)
Total shares	2		20		352		263
Total cost	$	110	$	1,088	$	24,479	$	14,137
Average price per share(2)	$	64.04	$	54.13	$	69.53	$	53.68
Total shares repurchased:
Total shares	51		2,252		4,284		8,499
Total cost	$	3,347	$	126,036	$	285,659	$	449,085
Average price per share(2)	$	65.74	$	55.98	$	66.68	$	52.84

(1) Total shares repurchased in the open market for the nine months ended September 30, 2016 includes 1,358,380 common shares acquired under the accelerated share repurchase program (see below for more detail).

(2) Calculated using whole numbers.

(3) To satisfy withholding tax liabilities upon the vesting of restricted stock and restricted stock units.

Accelerated Share Repurchase Program

On August 17, 2015, the Company entered into an Accelerated Share Repurchase agreement with Goldman, Sachs & Co. (“Goldman Sachs”) to repurchase an aggregate of $300 million of the Company’s ordinary shares under an accelerated share repurchase program.

During August, 2015, under the terms of this agreement, the Company paid $300 million to Goldman Sachs and initially repurchased 4,149,378 ordinary shares. The initial shares acquired represented 80% of the $300 million total paid to Goldman Sachs and were calculated using the Company’s stock price at activation of the program. The ASR program is accounted for as an equity transaction. Accordingly, at December 31, 2015, $240 million of common shares repurchased were included as treasury shares in the Consolidated Balance Sheet with the remaining $60 million included as a reduction to additional paid-in capital.

On January 15, 2016, Goldman Sachs early terminated the ASR agreement and delivered 1,358,380 additional common shares to the Company, resulting in the reduction from additional paid-in capital of $60 million being reclassified to treasury shares. In total, the Company repurchased 5,507,758 common shares under the ASR agreement at an average price of $54.47.

Preferred Shares

On April 17, 2017, the Company redeemed the remaining 14,042,955 of its 6.875% Series C preferred shares, for an aggregate liquidation preference of $351 million.