Equity Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity Note Disclosure

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 31, 2021. 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. Under the March 2017 Repurchase Program, which has no time limit or expiration date, $1,000.0 million was authorized for share repurchase. No shares were repurchased in fiscal 2021, 2020 and 2019. The remaining amount available for repurchase is $564.2 million, subject to limitations under Chapter 11.

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 zero, $0.4 million and $2.6 million to acquire shares in connection with equity-based awards in fiscal 2021, 2020 and 2019, respectively.