Shareholders' Equity

6 Months Ended

Jun. 29, 2013

Shareholders' Equity

Shareholders’ Equity

Share repurchases

Prior to the closing of the Merger, our board of directors, and Tyco as our sole shareholder, authorized the repurchase of our common shares with a maximum aggregate value of $400.0 million following the closing of the Merger. As of June 29, 2013, there were no shares available to repurchase under this authorization. On October 1, 2012, our board of directors authorized the repurchase of our common shares with a maximum aggregate value of $800.0 million. This authorization expires on December 31, 2015 and is in addition to the $400.0 million share repurchase authorization. During the six months endedJune 29, 2013, we repurchased 9.0 million of our common shares for $490.3 million pursuant to these authorizations. As of June 29, 2013, we had $375.5 million remaining available for share repurchases under these authorizations.

Dividends payable

At our 2013 annual meeting of shareholders held on April 29, 2013, our shareholders approved a proposal to pay quarterly cash dividends through the second quarter of 2014. The authorization provides that dividends of $1.00 per share will be made out of our Capital contribution reserve equity position in our statutory accounts to our shareholders in quarterly installments of $0.25 for each of the third and fourth quarters of 2013 and first and second quarters of 2014.

The balance of dividends payable included in Other current liabilities on our Consolidated Balance Sheets was $199.2 million and $95.0 million at June 29, 2013 and December 31, 2012, respectively.