Equity Equity

12 Months Ended

Dec. 27, 2019



16.	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 27, 2019. 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

From time to time, the Company's Board of Directors have authorized share repurchase programs, as set forth below:



	March 2017 Repurchase Program ⁽¹⁾			March 2016 Repurchase Program
	Number of Shares	Amount		Number of Shares	Amount
Authorized repurchase amount		$	1,000.0		$	350.0
Repurchases:
Three months ended December 30, 2016 ⁽²⁾	—	—		1,501,676	84.0
Fiscal 2017	13,490,448	380.6		5,366,741	266.0
Fiscal 2018	3,610,968	55.2		—	—
Fiscal 2019	—	—		—	—
Remaining amount available		$	564.2		$	—


(1)	The March 2017 Program has no time limit or expiration date, and the Company currently expects to fully utilize the program.

(2)

On May 17, 2016, the Company's Board of Directors approved a change in the Company's fiscal year end to the last Friday in December from the last Friday in September. The change in fiscal year became effective for the Company's 2017 fiscal year, which began on December 31, 2016 and ended on December 29, 2017. As a result of the change in fiscal year, the Company filed a Transition Report on Form 10-Q on February 7, 2017, covering the period from October 1, 2016 through December 30, 2016 ("the three months ended December 30, 2016").

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 $2.6 million, zero and $5.1 million to acquire shares in connection with equity-based awards in fiscal 2019, 2018 and 2017, respectively.

Treasury Shares

During fiscal 2017, the Company canceled approximately 26.5 million treasury shares. Irish law requires a company's treasury share value to represent less than 10.0% 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.