Shareholders' Equity

6 Months Ended

Jun. 30, 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 six months ended June 27, 2015, we repurchased 3.1 million of our shares for $200.0 million pursuant to this authorization. There were no share repurchases during the six months endedJune 30, 2016 pursuant to this authorization. As of June 30, 2016, we had $800.0 million remaining available for share repurchases under this authorization.

Dividends payable

On December 8, 2015, the Board of Directors approved a plan to increase the 2016 annual cash dividend to $1.34, to be paid to our shareholders 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.

On May 11, 2016, the Board of Directors declared a quarterly cash dividend of $0.34 payable on August 5, 2016 to shareholders of record at the close of business on July 22, 2016. As a result, the balance of dividends payable included in Other current liabilities on our Condensed Consolidated Balance Sheets was $61.6 million and $59.6 million at June 30, 2016 and December 31, 2015, respectively.