

15.	Equity

Preferred Shares

Mallinckrodt is authorized to issue 500,000,000 preferred shares, par value of $0.20 per share, none of which were issued or outstanding at December 29, 2017. Rights as to dividends, return of capital, redemption, conversion, voting and otherwise with respect to these shares may be determined by Mallinckrodt's Board of Directors on or before the time of issuance. In the event of the liquidation of the Company, the holders of any preferred shares then outstanding would, if issued on such terms that they carry a preferential distribution entitlement on liquidation, be entitled to payment to them of the amount for which the preferred shares were subscribed and any unpaid dividends prior to any payment to the ordinary shareholders.

Share Repurchases

On January 23, 2015, the Company's Board of Directors authorized a $300.0 million share repurchase program (the "January 2015 Program"), which was completed during fiscal 2016. On November 19, 2015, the Company's Board of Directors authorized a $500.0 million share repurchase program (the "November 2015 Program"), which was completed in the three months ended December 30, 2016. On March 16, 2016, the Company's Board of Directors authorized an additional $350.0 million share repurchase program (the "March 2016 Program"), which was completed during fiscal 2017. On March 1, 2017, the Company's Board of Directors authorized an additional $1.0 billion share repurchase program (the "March 2017 Program"), which commenced upon the completion of the March 2016 Program. The March 2017 Program has no time limit or expiration date, and the Company currently expects to fully utilize the program.



	March 2017 Repurchase Program			March 2016 Repurchase Program			November 2015 Repurchase Program			January 2015 Repurchase Program
	Number of Shares	Amount		Number of Shares	Amount		Number of Shares	Amount		Number of Shares	Amount
Authorized repurchase amount		$	1,000.0		$	350.0		$	500.0		$	300.0
Repurchases:
Fiscal 2015	—	—		—	—		—	—		823,592	75.0
Fiscal 2016	—	—		—	—		6,510,824	425.6		3,199,279	225.0
Three months ended December 30, 2016	—	—		1,501,676	84.0		1,063,337	74.4		—	—
Fiscal 2017	13,490,448	380.6		5,366,741	266.0		—	—		—	—
Remaining amount available		$	619.4		$	—		$	—		$	—

The Company also repurchases shares from certain employees in order to satisfy employee tax withholding requirements in connection with the vesting of restricted shares. In addition, the Company repurchases shares to settle certain option exercises. The Company spent $5.1 million, $2.3 million, $17.2 million and $0.4 million to acquire shares in connection with equity-based awards in fiscal 2017, 2016, 2015 and the three months ended December 30, 2016, respectively.

Treasury Shares

During December 2017, the Company canceled approximately 26.5 million treasury shares. Irish law requires a company's treasury share value to represent less than 10% of Company capital. The cancellation of treasury shares had a net zero impact on shareholders' equity as $5.3 million was reflected in both common stock and additional paid in capital.