SHAREHOLDERS' EQUITY (TABLES)

12 Months Ended

Dec. 31, 2015

Stockholders' Equity Note [Abstract]

The following table presents our common shares issued and outstanding, excluding restricted shares under our share-based compensation plans (refer to Note 16 'Share-based Compensation'):




Year ended December 31,	2015		2014		2013

Shares issued, balance at beginning of year	175,478		174,134		171,867
Shares issued	762		1,344		2,267
Total shares issued at end of year	176,240		175,478		174,134

Treasury shares, balance at beginning of year	(76,052	)	(64,649	)	(53,947	)
Shares repurchased	(4,616	)	(11,752	)	(10,830	)
Shares reissued from treasury	494		349		128
Total treasury shares at end of year	(80,174	)	(76,052	)	(64,649	)

Total shares outstanding	96,066		99,426		109,485

SHARE REPURCHASES

The following table presents our common share repurchase activities, which are held in treasury:




Year ended December 31,	2015		2014		2013

In the open market:
Total shares⁽¹⁾	4,264		11,317		7,362
Total cost	$	246,490	$	524,168	$	337,083
Average price per share⁽²⁾	$	57.80	$	46.32	$	45.79

From employees:⁽³⁾
Total shares	352		435		468
Total cost	$	18,048	$	19,034	$	19,080
Average price per share⁽²⁾	$	51.34	$	43.82	$	40.75

From founding shareholder:⁽⁴⁾
Total shares	—		—		3,000
Total cost	$	—	$	—	$	116,100
Average price per share⁽²⁾	$	—	$	—	$	38.70

Total
Total shares	4,616		11,752		10,830
Total cost	$	264,538	$	543,202	$	472,263
Average price per share⁽²⁾	$	57.32	$	46.22	$	43.61


(1)	Amounts in 2015 include 4,149,378 common shares acquired under the accelerated share repurchase program (see below for more detail).


(2)	Calculated using whole figures.


(3)	To satisfy withholding tax liabilities upon vesting of restricted stock, restricted stock units, and exercise of stock options. Share repurchases from employees are excluded from the authorized share repurchase plans noted above.


(4)	Represents privately negotiated repurchases of 3,000,000 of our common shares from Trident II, L.P and affiliated entities in 2013.

Accelerated Share Repurchase Program

On August 17, 2015, the Company entered into an ASR agreement with Goldman, Sachs & Co. (“Goldman Sachs”) to repurchase an aggregate of $300 million of the Company’s common shares under an accelerated share repurchase program.

During August 2015, under the terms of this agreement, the Company paid $300 million to Goldman Sachs and initially repurchased 4,149,378 common shares. The initial shares acquired represented 80% of the $300 million total paid to Goldman Sachs and were calculated using the Company’s stock price at activation of the program. The ASR program is accounted for as an equity transaction. Accordingly, $240 million of shares repurchased are included as treasury shares in the Consolidated Balance Sheets with the remaining $60 million included as a reduction to additional paid-in capital until the completion of the ASR agreement.

On January 15, 2016, Goldman Sachs early terminated the ASR agreement and delivered 1,358,380 additional common shares to the Company. In total, the Company repurchased 5,507,758 common shares under the ASR agreement at an average price of $54.47.