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Share Capital
 12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
SHARE CAPITAL
SHARE CAPITAL

The number of common shares and common share equivalents issued are represented in the table below:
In millions
December 31, 2016
 
December 31, 2015
 
December 31, 2014
Common shares issued
490.4

 
490.4

 
490.4

Less: Treasury shares for which dividend and voting rights do not apply
(86.6
)
 
(72.9
)
 
(60.5
)
Common shares outstanding
403.8

 
417.5

 
429.9



During the year ended December 31, 2016, the company repurchased 18.1 million shares (three months ended December 31, 2016: 4.8 million shares) in the market at a cost of $535.0 million (three months ended December 31, 2016: $150.0 million cost) (year ended December 31, 2015: 15.5 million shares, at a cost of $548.8 million). Separately, an aggregate of 1.5 million shares were withheld on vesting events during the year ended December 31, 2016 to meet employees' withholding tax obligations (December 31, 2015: 1.9 million). The fair value of these shares withheld at the respective withholding dates was $42.0 million (December 31, 2015: $76.1 million). At December 31, 2016, approximately $1,643.0 million remained authorized under the company's share repurchase authorizations approved by the Board on October 11, 2013 and July 22, 2016 (December 31, 2015: $678.0 million).

Total treasury shares at December 31, 2016 were 95.9 million (December 31, 2015: 81.3 million), including 9.3 million unvested restricted stock awards (December 31, 2015: 8.4 million) for which dividend and voting rights apply. The market price of common shares at the end of 2016 was $30.34. The total market value of the company's 95.9 million treasury shares was $2.9 billion at December 31, 2016.

Movements in Treasury Shares comprise:
 
Year ended
In millions
December 31, 2016
 
December 31, 2015
 
December 31, 2014
Beginning balance
81.3

 
69.4

 
66.8

Acquisition of common shares
19.6

 
17.4

 
9.5

Distribution of common shares
(4.7
)
 
(5.2
)
 
(5.8
)
Common shares distributed to meet ESPP obligation
(0.3
)
 
(0.1
)
 
(0.2
)
Common shares distributed to meet option exercises
—

 
(0.2
)
 
(0.9
)
Ending balance
95.9

 
81.3

 
69.4