Shareholders' Equity

12 Months Ended

Dec. 31, 2015

Shareholders' Equity

Shareholders’ Equity

Authorized shares

Our authorized share capital consists of 426.0 million ordinary shares with a par value of $0.01 per share.

Ordinary shares held in treasury

In August 2015, we canceled all of our ordinary shares held in treasury. At the time of the cancellation, we held 19.1 million ordinary shares in treasury at a cost of $1.2 billion.

Share repurchases

Prior to the closing of the Merger, our Board of Directors, and Tyco as our sole shareholder, authorized the repurchase of our ordinary shares with a maximum aggregate value of $400.0 million following the closing of the Merger. This authorization did not have an expiration date. On October 1, 2012, our Board of Directors authorized the repurchase of our ordinary shares with a maximum aggregate value of $800.0 million. This authorization expired on December 31, 2015 and was in addition to the $400.0 million share repurchase authorization. There is no remaining availability under the 2012 authorizations.

In December 2013, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $1.0 billion. This authorization is in addition to the combined $1.2 billion 2012 share repurchase authorizations. The authorization expires on December 31, 2016. There is no remaining availability under the 2013 authorization.

In December 2014, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $1.0 billion. This authorization is in addition to the 2012 and 2013 share repurchase authorizations. The authorization expires on December 31, 2019.

During the year ended December 31, 2015, we repurchased 3.1 million of our ordinary shares for $200.0 million under the 2014 authorization and had $800.0 million remaining availability for repurchases under the 2014 authorization.

Dividends payable

On December 8, 2015, the Board of Directors declared a quarterly cash dividend of $0.33 that was paid on February 12, 2016 to shareholders of record at the close of business on January 29, 2016. Additionally, the Board of Directors approved a plan to increase the 2016 annual cash dividend to $1.34, which is intended to be paid in four quarterly installments of $0.33 in each of the first and second quarters of 2016 and $0.34 in each of the third and fourth quarters of 2016. As a result, the balance of dividends payable included in Other current liabilities on our Consolidated Balance Sheets was $59.6 million at December 31, 2015. Dividends paid per ordinary share were $1.28, $1.10 and $0.96 for the years ended December 31, 2015, 2014 and 2013, respectively.