Shareholders' Equity

12 Months Ended

Dec. 31, 2017

Stockholders' Equity Note [Abstract]

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

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.

In December 2015, we repurchased 3.1 million of our ordinary shares for $200 million under the 2014 authorization.

During the year ended December 31, 2017, we repurchased 3.0 million of our ordinary shares for $200.0 million under the 2014 authorization. We have $600.0 million remaining availability for repurchases under the 2014 authorization.

Dividends payable

On December 5, 2017, the Board of Directors declared a quarterly cash dividend of $0.35 that was paid on February 9, 2018 to shareholders of record at the close of business on January 26, 2018. Additionally, the Board of Directors approved a plan to increase the 2018 annual cash dividend to $1.40, which is intended to be paid in four quarterly installments. As a result, the balance of dividends payable included in Other current liabilities on our Consolidated Balance Sheets was $63.1 million at December 31, 2017. Dividends paid per ordinary share were $1.38, $1.34 and $1.28 for the years ended December 31, 2017, 2016 and 2015, respectively.