Shareholders' Equity

3 Months Ended

Mar. 31, 2016

Shareholders' Equity

Shareholders’ Equity

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

In December 2014, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $1.0 billion. The authorization expires on December 31, 2019. During the three months ended March 28, 2015, we repurchased 3.1 million of our shares for $200.0 million pursuant to this authorization. There were no share repurchases during the three months endedMarch 31, 2016 pursuant to this authorization. As of March 31, 2016, we had $800.0 million remaining available for share repurchases under this authorization.

Dividends payable

On February 23, 2016, the Board of Directors declared a quarterly cash dividend of $0.33 payable on May 6, 2016 to shareholders of record at the close of business on April 22, 2016. Additionally, on December 8, 2015, the Board of Directors declared a quarterly cash dividend of $0.33 which was paid on February 12, 2016 to shareholders of record at the close of business on January 29, 2016 and 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 Condensed Consolidated Balance Sheets was $59.6 million at March 31, 2016 and December 31, 2015.