|
|
|
|
|
|
|
In millions | March 31, 2017 | December 31, 2016 | |||||
Raw materials | $ | 469.5 | $ | 448.5 | |||
Work-in-process | 174.5 | 154.0 | |||||
Finished goods | 1,017.5 | 845.6 | |||||
1,661.5 | 1,448.1 | ||||||
LIFO reserve | (61.8 | ) | (62.3 | ) | |||
Total | $ | 1,599.7 | $ | 1,385.8 |
|
In millions | Climate | Industrial | Total | ||||||||
Net balance as of December 31, 2016 | $ | 4,879.1 | $ | 779.3 | $ | 5,658.4 | |||||
Currency translation | 30.2 | 5.5 | 35.7 | ||||||||
Net balance as of March 31, 2017 | $ | 4,909.3 | $ | 784.8 | $ | 5,694.1 |
|
March 31, 2017 | December 31, 2016 | |||||||||||||||||||||||
In millions | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | ||||||||||||||||||
Completed technologies/patents | $ | 204.1 | $ | (168.2 | ) | $ | 35.9 | $ | 203.0 | $ | (165.6 | ) | $ | 37.4 | ||||||||||
Customer relationships | 2,014.7 | (957.8 | ) | 1,056.9 | 2,008.9 | (926.1 | ) | 1,082.8 | ||||||||||||||||
Other | 61.6 | (49.6 | ) | 12.0 | 61.1 | (48.5 | ) | 12.6 | ||||||||||||||||
Total finite-lived intangible assets | 2,280.4 | (1,175.6 | ) | 1,104.8 | 2,273.0 | (1,140.2 | ) | 1,132.8 | ||||||||||||||||
Trademarks (indefinite-lived) | 2,653.2 | — | 2,653.2 | 2,652.3 | — | 2,652.3 | ||||||||||||||||||
Total | $ | 4,933.6 | $ | (1,175.6 | ) | $ | 3,758.0 | $ | 4,925.3 | $ | (1,140.2 | ) | $ | 3,785.1 |
|
In millions | March 31, 2017 | December 31, 2016 | |||||
Debentures with put feature | $ | 343.0 | $ | 343.0 | |||
Other current maturities of long-term debt | 7.7 | 7.7 | |||||
Short-term borrowings | 10.6 | 10.1 | |||||
Total | $ | 361.3 | $ | 360.8 |
In millions | March 31, 2017 | December 31, 2016 | |||||
6.875% Senior notes due 2018 | $ | 748.8 | $ | 748.6 | |||
2.875% Senior notes due 2019 | 349.0 | 348.6 | |||||
2.625% Senior notes due 2020 | 298.6 | 298.5 | |||||
9.000% Debentures due 2021 | 124.8 | 124.8 | |||||
4.250% Senior notes due 2023 | 696.0 | 695.6 | |||||
7.200% Debentures due 2018-2025 | 59.7 | 59.7 | |||||
3.550% Senior notes due 2024 | 494.6 | 494.5 | |||||
6.480% Debentures due 2025 | 149.7 | 149.7 | |||||
5.750% Senior notes due 2043 | 493.9 | 493.6 | |||||
4.650% Senior notes due 2044 | 295.4 | 295.4 | |||||
Other loans and notes | 0.6 | 0.4 | |||||
Total | $ | 3,711.1 | $ | 3,709.4 |
|
Derivative assets | Derivative liabilities | ||||||||||||||
In millions | March 31, 2017 | December 31, 2016 | March 31, 2017 | December 31, 2016 | |||||||||||
Derivatives designated as hedges: | |||||||||||||||
Currency derivatives designated as hedges | $ | 0.4 | $ | 0.3 | $ | 1.5 | $ | 2.9 | |||||||
Derivatives not designated as hedges: | |||||||||||||||
Currency derivatives not designated as hedges | 3.6 | 0.3 | 2.1 | 17.9 | |||||||||||
Total derivatives | $ | 4.0 | $ | 0.6 | $ | 3.6 | $ | 20.8 |
Amount of gain (loss) recognized in AOCI | Location of gain (loss) reclassified from AOCI and recognized into Net earnings | Amount of gain (loss) reclassified from AOCI and recognized into Net earnings | |||||||||||||||
In millions | 2017 | 2016 | 2017 | 2016 | |||||||||||||
Currency derivatives designated as hedges | $ | 1.2 | $ | 2.0 | Cost of goods sold | $ | (0.3 | ) | $ | 0.7 | |||||||
Interest rate swaps & locks | — | — | Interest expense | (0.1 | ) | (0.1 | ) | ||||||||||
Total | $ | 1.2 | $ | 2.0 | $ | (0.4 | ) | $ | 0.6 |
Amount of gain (loss) recognized in Net earnings | ||||||||
In millions | 2017 | 2016 | ||||||
Currency derivatives not designated as hedges | $ | 20.0 | $ | 26.2 | ||||
Total | $ | 20.0 | $ | 26.2 |
|
• | Level 1: Observable inputs such as quoted prices in active markets; |
• | Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and |
• | Level 3: Unobservable inputs where there is little or no market data, which requires the reporting entity to develop its own assumptions. |
In Millions | Fair Value | Fair value measurements | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||
Derivative instruments | $ | 4.0 | $ | — | $ | 4.0 | $ | — | |||||||
Liabilities: | |||||||||||||||
Derivative instruments | $ | 3.6 | $ | — | $ | 3.6 | $ | — |
In Millions | Fair Value | Fair value measurements | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||
Derivative instruments | $ | 0.6 | $ | — | $ | 0.6 | $ | — | |||||||
Liabilities: | |||||||||||||||
Derivative instruments | $ | 20.8 | $ | — | $ | 20.8 | $ | — |
|
Three months ended | |||||||
In millions | 2017 | 2016 | |||||
Service cost | $ | 17.8 | $ | 18.2 | |||
Interest cost | 27.0 | 28.4 | |||||
Expected return on plan assets | (35.2 | ) | (36.1 | ) | |||
Net amortization of: | |||||||
Prior service costs | 1.0 | 1.2 | |||||
Net actuarial losses | 13.6 | 15.2 | |||||
Net periodic pension benefit cost | $ | 24.2 | $ | 26.9 | |||
Net curtailment loss | 2.3 | — | |||||
Net periodic pension benefit cost after net curtailment and settlement (gains) losses | $ | 26.5 | $ | 26.9 | |||
Amounts recorded in continuing operations: | |||||||
Operating income | $ | 17.1 | $ | 17.5 | |||
Other income/(expense), net | 7.0 | 6.9 | |||||
Amounts recorded in discontinued operations | 2.4 | 2.5 | |||||
Total | $ | 26.5 | $ | 26.9 |
Three months ended | |||||||
In millions | 2017 | 2016 | |||||
Service cost | $ | 0.8 | $ | 0.9 | |||
Interest cost | 4.3 | 4.5 | |||||
Net amortization of: | |||||||
Prior service gains | (2.2 | ) | (2.2 | ) | |||
Net actuarial losses | — | — | |||||
Net periodic postretirement benefit cost | $ | 2.9 | $ | 3.2 | |||
Amounts recorded in continuing operations: | |||||||
Operating income | $ | 0.8 | $ | 0.9 | |||
Other income/(expense), net | 1.2 | 1.2 | |||||
Amounts recorded in discontinued operations | 0.9 | 1.1 | |||||
Total | $ | 2.9 | $ | 3.2 |
|
In millions | Ordinary shares issued | Ordinary shares held in treasury | |||
December 31, 2016 | 271.7 | 12.7 | |||
Shares issued under incentive plans, net | 1.5 | — | |||
Repurchase of ordinary shares | — | 3.1 | |||
March 31, 2017 | 273.2 | 15.8 |
In millions | Shareholders’ equity | Noncontrolling interests | Total equity | ||||||||
Balance at December 31, 2016 | $ | 6,643.8 | $ | 74.5 | $ | 6,718.3 | |||||
Net earnings | 117.1 | 4.0 | 121.1 | ||||||||
Currency translation | 112.4 | (1.5 | ) | 110.9 | |||||||
Derivatives qualifying as cash flow hedges, net of tax | 1.6 | — | 1.6 | ||||||||
Pension and OPEB adjustments, net of tax | 6.6 | — | 6.6 | ||||||||
Total comprehensive income (loss) | 237.7 | 2.5 | 240.2 | ||||||||
Share-based compensation | 23.3 | — | 23.3 | ||||||||
Adoption of ASU 2016-09 (See Note 2) | 15.1 | — | 15.1 | ||||||||
Dividends declared to noncontrolling interests | — | (6.9 | ) | (6.9 | ) | ||||||
Dividends declared to ordinary shareholders | (103.0 | ) | — | (103.0 | ) | ||||||
Shares issued under incentive plans, net of tax benefit | 16.8 | — | 16.8 | ||||||||
Repurchase of ordinary shares | (250.1 | ) | — | (250.1 | ) | ||||||
Other items, net | 0.2 | 0.2 | |||||||||
Balance at March 31, 2017 | $ | 6,583.8 | $ | 70.1 | $ | 6,653.9 |
In millions | Shareholders’ equity | Noncontrolling interests | Total equity | ||||||||
Balance at December 31, 2015 | $ | 5,816.7 | $ | 62.5 | $ | 5,879.2 | |||||
Net earnings | 152.4 | 3.2 | 155.6 | ||||||||
Currency translation | 130.5 | 0.9 | 131.4 | ||||||||
Derivatives qualifying as cash flow hedges, net of tax | 1.1 | — | 1.1 | ||||||||
Pension and OPEB adjustments, net of tax | 10.4 | — | 10.4 | ||||||||
Total comprehensive income (loss) | 294.4 | 4.1 | 298.5 | ||||||||
Share-based compensation | 21.9 | — | 21.9 | ||||||||
Dividends declared to noncontrolling interests | — | (6.7 | ) | (6.7 | ) | ||||||
Dividends declared to ordinary shareholders | (82.2 | ) | — | (82.2 | ) | ||||||
Shares issued under incentive plans, net of tax benefit | (6.7 | ) | — | (6.7 | ) | ||||||
Repurchase of ordinary shares | (250.1 | ) | — | (250.1 | ) | ||||||
Other | (1.2 | ) | — | (1.2 | ) | ||||||
Balance at March 31, 2016 | $ | 5,792.8 | $ | 59.9 | $ | 5,852.7 |
In millions | Derivative Instruments | Pension and OPEB | Foreign Currency Translation | Total | ||||||||||||
Balance at December 31, 2016 | $ | 2.9 | $ | (554.4 | ) | $ | (739.0 | ) | $ | (1,290.5 | ) | |||||
Other comprehensive income (loss) before reclassifications | 1.2 | (0.8 | ) | 112.4 | 112.8 | |||||||||||
Amounts reclassified from AOCI | 0.4 | 12.4 | — | 12.8 | ||||||||||||
Provision for income taxes | — | (5.0 | ) | — | (5.0 | ) | ||||||||||
Net current period other comprehensive income (loss) | $ | 1.6 | $ | 6.6 | $ | 112.4 | $ | 120.6 | ||||||||
Balance at March 31, 2017 | $ | 4.5 | $ | (547.8 | ) | $ | (626.6 | ) | $ | (1,169.9 | ) |
In millions | Derivative Instruments | Pension and OPEB | Foreign Currency Translation | Total | ||||||||||||
Balance at December 31, 2015 | $ | 5.1 | $ | (630.4 | ) | $ | (495.6 | ) | $ | (1,120.9 | ) | |||||
Other comprehensive income (loss) before reclassifications | 2.0 | 0.7 | 130.5 | 133.2 | ||||||||||||
Amounts reclassified from AOCI | (0.6 | ) | 14.2 | — | 13.6 | |||||||||||
Provision for income taxes | (0.3 | ) | (4.5 | ) | — | (4.8 | ) | |||||||||
Net current period other comprehensive income (loss) | $ | 1.1 | $ | 10.4 | $ | 130.5 | $ | 142.0 | ||||||||
Balance at March 31, 2016 | $ | 6.2 | $ | (620.0 | ) | $ | (365.1 | ) | $ | (978.9 | ) |
Three months ended | ||||||||
In millions | 2017 | 2016 | ||||||
Derivative Instruments | ||||||||
Reclassifications of deferred (gains) losses (1) | $ | 0.4 | $ | (0.6 | ) | |||
Provision (benefit) for income taxes | (0.1 | ) | — | |||||
Reclassifications, net of taxes | $ | 0.3 | $ | (0.6 | ) | |||
Pension and Postretirement benefits | ||||||||
Amortization of service costs (2) | $ | (1.2 | ) | $ | (1.0 | ) | ||
Amortization of actuarial losses (2) | 13.6 | 15.2 | ||||||
Provision for (benefit from) for income taxes | (5.0 | ) | (4.5 | ) | ||||
Reclassifications, net of taxes | $ | 7.4 | $ | 9.7 | ||||
Total reclassifications, net of taxes | $ | 7.7 | $ | 9.1 |
|
Three months ended | |||||||
In millions | 2017 | 2016 | |||||
Interest income | $ | 3.1 | $ | 2.0 | |||
Exchange gain (loss) | 1.9 | 5.5 | |||||
Other components of net periodic benefit cost | (8.2 | ) | (8.1 | ) | |||
Income (loss) from Hussmann equity investment | — | (0.8 | ) | ||||
Other activity, net | (1.5 | ) | 3.3 | ||||
Other income/(expense), net | $ | (4.7 | ) | $ | 1.9 |
|
|
Three months ended | |||||||
In millions | 2017 | 2016 | |||||
Pre-tax earnings (loss) from discontinued operations | $ | (9.1 | ) | $ | 21.0 | ||
Tax benefit (expense) | 2.6 | 5.9 | |||||
Discontinued operations, net of tax | $ | (6.5 | ) | $ | 26.9 |
|
Three months ended | |||||||
In millions | 2017 | 2016 | |||||
Net revenues | |||||||
Climate | $ | 2,324.1 | $ | 2,213.5 | |||
Industrial | 676.5 | 680.6 | |||||
Total | $ | 3,000.6 | $ | 2,894.1 | |||
Segment operating income | |||||||
Climate | $ | 217.3 | $ | 217.2 | |||
Industrial | 65.8 | 63.8 | |||||
Unallocated corporate expense | (68.1 | ) | (55.6 | ) | |||
Operating income | $ | 215.0 | $ | 225.4 |
|
• | the outside expert’s interpretation of a widely accepted forecast of the population likely to have been occupationally exposed to asbestos; |
• | epidemiological studies estimating the number of people likely to develop asbestos-related diseases such as mesothelioma and lung cancer; |
• | the Company’s historical experience with the filing of non-malignancy claims and claims alleging other types of malignant diseases filed against the Company relative to the number of lung cancer claims filed against the Company; |
• | the outside expert’s analysis of the number of people likely to file an asbestos-related personal injury claim against the Company based on such epidemiological and historical data and the Company’s most recent three-year claims history; |
• | an analysis of the Company’s pending cases, by type of disease claimed and by year filed; |
• | an analysis of the Company’s most recent three-year history to determine the average settlement and resolution value of claims, by type of disease claimed; |
• | an adjustment for inflation in the future average settlement value of claims, at a 2.5% annual inflation rate, adjusted downward to 1.5% to take account of the declining value of claims resulting from the aging of the claimant population; and |
• | an analysis of the period over which the Company has and is likely to resolve asbestos-related claims against it in the future. |
In millions | March 31, 2017 | December 31, 2016 | |||||
Accrued expenses and other current liabilities | $ | 59.4 | $ | 61.5 | |||
Other noncurrent liabilities | 556.9 | 569.7 | |||||
Total asbestos-related liabilities | $ | 616.3 | $ | 631.2 | |||
Other current assets | $ | 52.7 | $ | 54.0 | |||
Other noncurrent assets | 212.3 | 218.5 | |||||
Total asset for probable asbestos-related insurance recoveries | $ | 265.0 | $ | 272.5 |
Three months ended | |||||||
In millions | 2017 | 2016 | |||||
Continuing operations | $ | — | $ | 1.9 | |||
Discontinued operations | (3.3 | ) | 24.0 | ||||
Total | $ | (3.3 | ) | $ | 25.9 |
• | Ingersoll-Rand Company has reached favorable settlements regarding asbestos coverage claims for the majority of its recorded asbestos-related insurance receivable; |
• | a review of other companies in circumstances comparable to Ingersoll-Rand Company, including Trane, and the success of other companies in recovering under their insurance policies, including Trane's favorable settlements referenced above; |
• | the Company's confidence in its right to recovery under the terms of its policies and pursuant to applicable law; and |
• | the Company's history of receiving payments under the Ingersoll-Rand Company insurance program, including under policies that had been the subject of prior litigation. |
In millions | 2017 | 2016 | |||||
Balance at beginning of period | $ | 261.6 | $ | 262.0 | |||
Reductions for payments | (31.1 | ) | (23.4 | ) | |||
Accruals for warranties issued during the current period | 28.3 | 25.1 | |||||
Changes to accruals related to preexisting warranties | (1.8 | ) | 0.6 | ||||
Translation | 1.2 | 1.8 | |||||
Balance at end of period | $ | 258.2 | $ | 266.1 |
In millions | 2017 | 2016 | |||||
Balance at beginning of period | $ | 295.9 | $ | 311.6 | |||
Amortization of deferred revenue for the period | (25.1 | ) | (24.2 | ) | |||
Additions for extended warranties issued during the period | 24.4 | 19.4 | |||||
Changes to accruals related to preexisting warranties | 0.5 | (1.0 | ) | ||||
Translation | 0.3 | 1.0 | |||||
Balance at end of period | $ | 296.0 | $ | 306.8 |
|
Parent, issuer or guarantors | Notes issued | Notes guaranteed (1) |
Ingersoll-Rand plc (Plc) | None | All registered notes and debentures |
Ingersoll-Rand Irish Holdings Unlimited Company (Irish Holdings) | None | All notes issued by Global Holding and Lux Finance (2) |
Ingersoll-Rand Lux International Holding Company S.à.r.l. (Lux International) | None | All notes issued by Global Holding and Lux Finance |
Ingersoll-Rand Global Holding Company Limited (Global Holding) | 6.875% Senior notes due 2018 2.875% Senior notes due 2019 4.250% Senior notes due 2023 5.750% Senior notes due 2043 | All notes issued by Lux Finance |
Ingersoll-Rand Company (New Jersey) | 9.000% Debentures due 2021 7.200% Debentures due 2018-2025 6.48% Debentures due 2025 Puttable debentures due 2027-2028 | All notes issued by Global and Lux Finance |
Ingersoll-Rand Luxembourg Finance S.A. (Lux Finance) | 2.625% Notes due 2020 3.55% Notes due 2024 4.650% Notes due 2044 | All notes and debentures issued by Global and New Jersey |
• | Irish Holdings was added as a guarantor of all notes and debentures issued by Global Holding and Lux Finance; |
• | Ingersoll-Rand International Holding Limited (International Holding), previously a guarantor, transferred all of its remaining assets, including ownership of Lux International, to Irish Holdings and was dissolved; |
• | An intercompany loan of $19.5 billion was made from Irish Holdings to Lux International, effectively replacing the $19.5 billion intercompany loan made from International Holding to Lux International; |
• | Through a series of internal refinancing transactions, this $19.5 billion intercompany loan was subsequently reduced to $6.4 billion owed by Lux International with a remaining $6.2 billion owed by a Luxembourg subsidiary of Lux International to Irish Holdings; and, |
• | As a result of internal transactions, Lux Finance’s indirect minority interest in various non-U.S. finance and operating subsidiaries was converted into an indirect wholly-owned interest in various non-U.S. operating subsidiaries. |
In millions | Plc | Irish Holdings | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | — | $ | — | $ | 316.3 | $ | — | $ | 2,777.8 | $ | (93.5 | ) | $ | 3,000.6 | ||||||||||||||||
Cost of goods sold | — | — | — | — | (234.6 | ) | — | (1,985.0 | ) | 93.5 | (2,126.1 | ) | |||||||||||||||||||||||
Selling and administrative expenses | (2.3 | ) | — | — | (0.9 | ) | (121.3 | ) | (0.1 | ) | (534.9 | ) | — | (659.5 | ) | ||||||||||||||||||||
Operating income (loss) | (2.3 | ) | — | — | (0.9 | ) | (39.6 | ) | (0.1 | ) | 257.9 | — | 215.0 | ||||||||||||||||||||||
Equity earnings (loss) in subsidiaries, net of tax | 124.9 | 117.4 | 93.9 | 23.0 | 107.1 | 6.0 | — | (472.3 | ) | — | |||||||||||||||||||||||||
Interest expense | — | — | — | (31.7 | ) | (11.9 | ) | (10.3 | ) | (0.1 | ) | — | (54.0 | ) | |||||||||||||||||||||
Intercompany interest and fees | (5.8 | ) | — | (13.5 | ) | (42.7 | ) | (74.2 | ) | (1.9 | ) | 138.1 | — | — | |||||||||||||||||||||
Other income/(expense), net | — | — | — | — | (2.7 | ) | — | (2.0 | ) | — | (4.7 | ) | |||||||||||||||||||||||
Earnings (loss) before income taxes | 116.8 | 117.4 | 80.4 | (52.3 | ) | (21.3 | ) | (6.3 | ) | 393.9 | (472.3 | ) | 156.3 | ||||||||||||||||||||||
Benefit (provision) for income taxes | 0.3 | — | — | 27.4 | 50.0 | — | (106.4 | ) | — | (28.7 | ) | ||||||||||||||||||||||||
Earnings (loss) from continuing operations | 117.1 | 117.4 | 80.4 | (24.9 | ) | 28.7 | (6.3 | ) | 287.5 | (472.3 | ) | 127.6 | |||||||||||||||||||||||
Discontinued operations, net of tax | — | — | — | — | (5.8 | ) | — | (0.7 | ) | — | (6.5 | ) | |||||||||||||||||||||||
Net earnings (loss) | 117.1 | 117.4 | 80.4 | (24.9 | ) | 22.9 | (6.3 | ) | 286.8 | (472.3 | ) | 121.1 | |||||||||||||||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | — | — | — | — | (4.0 | ) | — | (4.0 | ) | ||||||||||||||||||||||||
Net earnings (loss) attributable to Ingersoll-Rand plc | $ | 117.1 | $ | 117.4 | $ | 80.4 | $ | (24.9 | ) | $ | 22.9 | $ | (6.3 | ) | $ | 282.8 | $ | (472.3 | ) | $ | 117.1 | ||||||||||||||
Other comprehensive income (loss), net of tax | 120.6 | 120.3 | 114.9 | 78.0 | 77.9 | 36.1 | 118.1 | (545.3 | ) | 120.6 | |||||||||||||||||||||||||
Comprehensive income (loss) attributable to Ingersoll-Rand plc | $ | 237.7 | $ | 237.7 | $ | 195.3 | $ | 53.1 | $ | 100.8 | $ | 29.8 | $ | 400.9 | $ | (1,017.6 | ) | $ | 237.7 |
in millions | Plc | Irish Holdings | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | — | $ | — | $ | 316.5 | $ | — | $ | 2,666.8 | $ | (89.2 | ) | $ | 2,894.1 | ||||||||||||||||
Cost of goods sold | — | — | — | — | (242.1 | ) | — | (1,888.3 | ) | 89.2 | (2,041.2 | ) | |||||||||||||||||||||||
Selling and administrative expenses | (1.5 | ) | — | — | — | (132.6 | ) | (0.2 | ) | (493.2 | ) | — | (627.5 | ) | |||||||||||||||||||||
Operating income (loss) | (1.5 | ) | — | — | — | (58.2 | ) | (0.2 | ) | 285.3 | — | 225.4 | |||||||||||||||||||||||
Equity earnings (loss) in subsidiaries, net of tax | 167.6 | 157.8 | 134.9 | 40.8 | 106.2 | 121.6 | — | (728.9 | ) | — | |||||||||||||||||||||||||
Interest expense | — | — | — | (31.9 | ) | (12.1 | ) | (11.2 | ) | (1.5 | ) | — | (56.7 | ) | |||||||||||||||||||||
Intercompany interest and fees | (14.0 | ) | — | (10.1 | ) | (36.9 | ) | (71.6 | ) | (1.3 | ) | 133.9 | — | — | |||||||||||||||||||||
Other income/(expense), net | 0.1 | — | — | — | (1.6 | ) | — | 3.4 | — | 1.9 | |||||||||||||||||||||||||
Earnings (loss) before income taxes | 152.2 | 157.8 | 124.8 | (28.0 | ) | (37.3 | ) | 108.9 | 421.1 | (728.9 | ) | 170.6 | |||||||||||||||||||||||
Benefit (provision) for income taxes | 0.2 | 0.2 | — | 25.0 | 53.0 | — | (120.3 | ) | — | (41.9 | ) | ||||||||||||||||||||||||
Earnings (loss) from continuing operations | 152.4 | 158.0 | 124.8 | (3.0 | ) | 15.7 | 108.9 | 300.8 | (728.9 | ) | 128.7 | ||||||||||||||||||||||||
Discontinued operations, net of tax | — | — | — | — | 25.1 | — | 1.8 | — | 26.9 | ||||||||||||||||||||||||||
Net earnings (loss) | 152.4 | 158.0 | 124.8 | (3.0 | ) | 40.8 | 108.9 | 302.6 | (728.9 | ) | 155.6 | ||||||||||||||||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | — | — | — | — | (3.2 | ) | — | (3.2 | ) | ||||||||||||||||||||||||
Net earnings (loss) attributable to Ingersoll-Rand plc | $ | 152.4 | $ | 158.0 | $ | 124.8 | $ | (3.0 | ) | $ | 40.8 | $ | 108.9 | $ | 299.4 | $ | (728.9 | ) | $ | 152.4 | |||||||||||||||
Other comprehensive income (loss), net of tax | 142.0 | 141.5 | 125.4 | 55.8 | 55.7 | 29.2 | 192.6 | (600.2 | ) | 142.0 | |||||||||||||||||||||||||
Comprehensive income (loss) attributable to Ingersoll-Rand plc | $ | 294.4 | $ | 299.5 | $ | 250.2 | $ | 52.8 | $ | 96.5 | $ | 138.1 | $ | 492.0 | $ | (1,329.1 | ) | $ | 294.4 |
In millions | Plc | Irish Holdings | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 0.1 | $ | — | $ | — | $ | — | $ | 563.9 | $ | — | $ | 758.5 | $ | — | $ | 1,322.5 | |||||||||||||||||
Accounts and notes receivable, net | — | — | — | — | 150.4 | — | 2,049.0 | — | 2,199.4 | ||||||||||||||||||||||||||
Inventories, net | — | — | — | — | 162.1 | — | 1,437.6 | — | 1,599.7 | ||||||||||||||||||||||||||
Other current assets | 0.4 | — | 5.3 | 0.8 | 102.2 | — | 189.6 | (5.9 | ) | 292.4 | |||||||||||||||||||||||||
Intercompany receivables | 70.4 | — | 5.8 | 199.6 | 504.0 | — | 11,082.1 | (11,861.9 | ) | — | |||||||||||||||||||||||||
Total current assets | 70.9 | — | 11.1 | 200.4 | 1,482.6 | — | 15,516.8 | (11,867.8 | ) | 5,414.0 | |||||||||||||||||||||||||
Property, plant and equipment, net | — | — | — | — | 442.5 | — | 1,055.2 | — | 1,497.7 | ||||||||||||||||||||||||||
Goodwill and other intangible assets, net | — | — | — | — | 412.7 | — | 9,039.4 | — | 9,452.1 | ||||||||||||||||||||||||||
Other noncurrent assets | 0.2 | — | — | 304.9 | 718.3 | — | 623.7 | (751.4 | ) | 895.7 | |||||||||||||||||||||||||
Investments in consolidated subsidiaries | 7,792.7 | 1,582.8 | 2,241.5 | 7,298.4 | 15,425.8 | 1,109.3 | — | (35,450.5 | ) | — | |||||||||||||||||||||||||
Intercompany notes receivable | — | 12,560.2 | — | — | — | — | 3,851.8 | (16,412.0 | ) | — | |||||||||||||||||||||||||
Total assets | $ | 7,863.8 | $ | 14,143.0 | $ | 2,252.6 | $ | 7,803.7 | $ | 18,481.9 | $ | 1,109.3 | $ | 30,086.9 | $ | (64,481.7 | ) | $ | 17,259.5 | ||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||
Accounts payable and accrued expenses | $ | 6.9 | $ | — | $ | 0.2 | $ | 35.8 | $ | 515.8 | $ | 16.9 | $ | 2,603.1 | $ | (5.9 | ) | $ | 3,172.8 | ||||||||||||||||
Short-term borrowings and current maturities of long-term debt | — | — | — | — | 350.4 | — | 10.9 | — | 361.3 | ||||||||||||||||||||||||||
Intercompany payables | 1,273.1 | — | 2,260.5 | 1,071.5 | 6,701.9 | 477.2 | 77.8 | (11,862.0 | ) | — | |||||||||||||||||||||||||
Total current liabilities | 1,280.0 | — | 2,260.7 | 1,107.3 | 7,568.1 | 494.1 | 2,691.8 | (11,867.9 | ) | 3,534.1 | |||||||||||||||||||||||||
Long-term debt | — | — | — | 2,287.7 | 334.2 | 1,088.6 | 0.6 | — | 3,711.1 | ||||||||||||||||||||||||||
Other noncurrent liabilities | — | — | — | 20.6 | 1,256.5 | — | 2,834.7 | (751.4 | ) | 3,360.4 | |||||||||||||||||||||||||
Intercompany notes payable | — | — | 6,376.3 | 1,817.2 | 2,034.6 | — | 6,183.9 | (16,412.0 | ) | — | |||||||||||||||||||||||||
Total liabilities | 1,280.0 | — | 8,637.0 | 5,232.8 | 11,193.4 | 1,582.7 | 11,711.0 | (29,031.3 | ) | 10,605.6 | |||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||||||||
Total equity | 6,583.8 | 14,143.0 | (6,384.4 | ) | 2,570.9 | 7,288.5 | (473.4 | ) | 18,375.9 | (35,450.4 | ) | 6,653.9 | |||||||||||||||||||||||
Total liabilities and equity | $ | 7,863.8 | $ | 14,143.0 | $ | 2,252.6 | $ | 7,803.7 | $ | 18,481.9 | $ | 1,109.3 | $ | 30,086.9 | $ | (64,481.7 | ) | $ | 17,259.5 |
In millions | Plc | Irish Holdings | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | — | $ | 634.6 | $ | — | $ | 1,080.1 | $ | — | $ | 1,714.7 | |||||||||||||||||
Accounts and notes receivable, net | — | — | — | — | 171.0 | — | 2,052.0 | — | 2,223.0 | ||||||||||||||||||||||||||
Inventories, net | — | — | — | — | 165.3 | — | 1,220.5 | — | 1,385.8 | ||||||||||||||||||||||||||
Other current assets | 0.2 | — | 5.3 | 0.7 | 69.4 | — | 189.3 | (9.1 | ) | 255.8 | |||||||||||||||||||||||||
Intercompany receivables | 122.3 | — | 5.6 | 271.6 | 220.5 | — | 11,747.9 | (12,367.9 | ) | — | |||||||||||||||||||||||||
Total current assets | 122.5 | — | 10.9 | 272.3 | 1,260.8 | — | 16,289.8 | (12,377.0 | ) | 5,579.3 | |||||||||||||||||||||||||
Property, plant and equipment, net | — | — | — | — | 445.9 | — | 1,065.1 | — | 1,511.0 | ||||||||||||||||||||||||||
Goodwill and other intangible assets, net | — | — | — | — | 414.7 | — | 9,028.8 | — | 9,443.5 | ||||||||||||||||||||||||||
Other noncurrent assets | 0.2 | — | — | 262.4 | 676.3 | — | 580.1 | (655.4 | ) | 863.6 | |||||||||||||||||||||||||
Investments in consolidated subsidiaries | 7,588.1 | 1,500.4 | 3,267.1 | 7,270.2 | 15,273.4 | 1,090.4 | — | (35,989.6 | ) | — | |||||||||||||||||||||||||
Intercompany notes receivable | — | 12,560.2 | — | — | — | — | 3,851.8 | (16,412.0 | ) | — | |||||||||||||||||||||||||
Total assets | $ | 7,710.8 | $ | 14,060.6 | $ | 3,278.0 | $ | 7,804.9 | $ | 18,071.1 | $ | 1,090.4 | $ | 30,815.6 | $ | (65,434.0 | ) | $ | 17,397.4 | ||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||
Accounts payable and accrued expenses | 7.7 | — | 0.2 | 36.3 | 525.1 | 7.0 | 2,662.3 | (9.1 | ) | 3,229.5 | |||||||||||||||||||||||||
Short-term borrowings and current maturities of long-term debt | — | — | — | — | 350.4 | — | 10.4 | — | 360.8 | ||||||||||||||||||||||||||
Intercompany payables | 1,059.3 | — | 3,400.1 | 1,068.2 | 6,285.6 | 486.9 | 67.8 | (12,367.9 | ) | — | |||||||||||||||||||||||||
Total current liabilities | 1,067.0 | — | 3,400.3 | 1,104.5 | 7,161.1 | 493.9 | 2,740.5 | (12,377.0 | ) | 3,590.3 | |||||||||||||||||||||||||
Long-term debt | — | — | — | 2,286.3 | 334.2 | 1,088.3 | 0.6 | — | 3,709.4 | ||||||||||||||||||||||||||
Other noncurrent liabilities | — | — | — | 18.2 | 1,280.8 | — | 2,735.8 | (655.4 | ) | 3,379.4 | |||||||||||||||||||||||||
Intercompany notes payable | — | — | 6,376.3 | 1,817.2 | 2,034.6 | — | 6,183.9 | (16,412.0 | ) | — | |||||||||||||||||||||||||
Total liabilities | 1,067.0 | — | 9,776.6 | 5,226.2 | 10,810.7 | 1,582.2 | 11,660.8 | (29,444.4 | ) | 10,679.1 | |||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||||||||
Total equity | 6,643.8 | 14,060.6 | (6,498.6 | ) | 2,578.7 | 7,260.4 | (491.8 | ) | 19,154.8 | (35,989.6 | ) | 6,718.3 | |||||||||||||||||||||||
Total liabilities and equity | $ | 7,710.8 | $ | 14,060.6 | $ | 3,278.0 | $ | 7,804.9 | $ | 18,071.1 | $ | 1,090.4 | $ | 30,815.6 | $ | (65,434.0 | ) | $ | 17,397.4 |
in millions | Plc | Irish Holdings | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Net cash provided by (used in) continuing operating activities | $ | 21.6 | $ | — | $ | — | $ | (72.6 | ) | $ | 27.3 | $ | — | $ | (9.6 | ) | $ | — | $ | (33.3 | ) | ||||||||||||||
Net cash provided by (used in) discontinued operating activities | — | — | — | — | (17.8 | ) | — | 7.7 | — | (10.1 | ) | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 21.6 | — | — | (72.6 | ) | 9.5 | — | (1.9 | ) | — | (43.4 | ) | |||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | — | — | (10.5 | ) | — | (24.7 | ) | — | (35.2 | ) | |||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | — | — | — | — | — | — | (9.8 | ) | — | (9.8 | ) | ||||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | — | — | — | — | — | — | 0.4 | — | 0.4 | ||||||||||||||||||||||||||
Intercompany investing activities, net | — | — | 1,153.2 | 72.8 | — | 11.6 | 919.7 | (2,157.3 | ) | — | |||||||||||||||||||||||||
Net cash provided by (used in) investing activities | — | — | 1,153.2 | 72.8 | (10.5 | ) | 11.6 | 885.6 | (2,157.3 | ) | (44.6 | ) | |||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Debt issuance costs | — | — | — | (0.2 | ) | — | — | — | — | (0.2 | ) | ||||||||||||||||||||||||
Dividends paid to ordinary shareholders | (102.7 | ) | — | — | — | — | — | — | — | (102.7 | ) | ||||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | — | (6.9 | ) | — | (6.9 | ) | ||||||||||||||||||||||||
Repurchase of ordinary shares | (250.1 | ) | — | — | — | — | — | — | — | (250.1 | ) | ||||||||||||||||||||||||
Other financing activities, net | 16.6 | — | — | — | — | — | 1.8 | — | 18.4 | ||||||||||||||||||||||||||
Intercompany financing activities, net | 314.7 | — | (1,153.2 | ) | — | (69.7 | ) | (11.6 | ) | (1,237.5 | ) | 2,157.3 | — | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | (21.5 | ) | — | (1,153.2 | ) | (0.2 | ) | (69.7 | ) | (11.6 | ) | (1,242.6 | ) | 2,157.3 | (341.5 | ) | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | 37.3 | — | 37.3 | ||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 0.1 | — | — | — | (70.7 | ) | — | (321.6 | ) | — | (392.2 | ) | |||||||||||||||||||||||
Cash and cash equivalents - beginning of period | — | — | — | — | 634.6 | — | 1,080.1 | — | 1,714.7 | ||||||||||||||||||||||||||
Cash and cash equivalents - end of period | $ | 0.1 | $ | — | $ | — | $ | — | $ | 563.9 | $ | — | $ | 758.5 | $ | — | $ | 1,322.5 |
in millions | Plc | Irish Holdings | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Net cash provided by (used in) continuing operating activities | $ | 17.3 | $ | — | $ | (0.1 | ) | $ | (67.6 | ) | $ | (11.7 | ) | $ | (1.0 | ) | $ | 60.3 | $ | 1.9 | $ | (0.9 | ) | ||||||||||||
Net cash provided by (used in) discontinued operating activities | — | — | — | — | (4.7 | ) | — | — | (2.0 | ) | (6.7 | ) | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | 17.3 | — | (0.1 | ) | (67.6 | ) | (16.4 | ) | (1.0 | ) | 60.3 | (0.1 | ) | (7.6 | ) | ||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | — | — | (18.2 | ) | — | (21.9 | ) | — | (40.1 | ) | |||||||||||||||||||||||
Intercompany investing activities, net | — | — | (3.3 | ) | (381.5 | ) | 65.7 | — | (485.6 | ) | 804.7 | — | |||||||||||||||||||||||
Net cash provided by (used in) investing activities | — | — | (3.3 | ) | (381.5 | ) | 47.5 | — | (507.5 | ) | 804.7 | (40.1 | ) | ||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Net proceeds (repayments) in debt | — | — | — | — | — | 254.0 | — | — | 254.0 | ||||||||||||||||||||||||||
Debt issuance costs | — | — | — | (2.1 | ) | — | — | — | — | (2.1 | ) | ||||||||||||||||||||||||
Dividends paid to ordinary shareholders | (82.2 | ) | — | — | — | — | — | — | — | (82.2 | ) | ||||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | — | (6.7 | ) | — | (6.7 | ) | ||||||||||||||||||||||||
Repurchase of ordinary shares | (250.1 | ) | — | — | — | — | — | — | — | (250.1 | ) | ||||||||||||||||||||||||
Other financing activities, net | (11.1 | ) | — | — | — | — | — | — | — | (11.1 | ) | ||||||||||||||||||||||||
Intercompany financing activities, net | 326.1 | — | 3.4 | 440.2 | (31.1 | ) | (253.0 | ) | 319.0 | (804.6 | ) | — | |||||||||||||||||||||||
Net cash provided by (used in) financing activities | (17.3 | ) | — | 3.4 | 438.1 | (31.1 | ) | 1.0 | 312.3 | (804.6 | ) | (98.2 | ) | ||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | 22.0 | — | 22.0 | ||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | (11.0 | ) | — | — | (112.9 | ) | — | (123.9 | ) | |||||||||||||||||||||||
Cash and cash equivalents - beginning of period | — | — | — | 11.4 | — | 0.1 | 725.3 | — | 736.8 | ||||||||||||||||||||||||||
Cash and cash equivalents - end of period | $ | — | $ | — | $ | — | $ | 0.4 | $ | — | $ | 0.1 | $ | 612.4 | $ | — | $ | 612.9 |
|
Three months ended | ||||||||
In millions | 2017 | 2016 | ||||||
Climate | $ | 28.0 | $ | 1.9 | ||||
Industrial | 4.7 | 3.1 | ||||||
Corporate and Other | — | 3.4 | ||||||
Total | $ | 32.7 | $ | 8.4 | ||||
Cost of goods sold | $ | 30.3 | $ | 2.0 | ||||
Selling and administrative expenses | 2.4 | 6.4 | ||||||
Total | $ | 32.7 | $ | 8.4 |
In millions | Climate | Industrial | Corporate and Other | Total | ||||||||||||
December 31, 2016 | $ | 3.4 | $ | 4.3 | $ | 0.6 | $ | 8.3 | ||||||||
Additions, net of reversals (1) | 12.4 | 4.7 | — | 17.1 | ||||||||||||
Cash paid | (1.3 | ) | (3.8 | ) | — | (5.1 | ) | |||||||||
March 31, 2017 | $ | 14.5 | $ | 5.2 | $ | 0.6 | $ | 20.3 |
|
In millions | March 31, 2017 | December 31, 2016 | |||||
Raw materials | $ | 469.5 | $ | 448.5 | |||
Work-in-process | 174.5 | 154.0 | |||||
Finished goods | 1,017.5 | 845.6 | |||||
1,661.5 | 1,448.1 | ||||||
LIFO reserve | (61.8 | ) | (62.3 | ) | |||
Total | $ | 1,599.7 | $ | 1,385.8 |
|
In millions | Climate | Industrial | Total | ||||||||
Net balance as of December 31, 2016 | $ | 4,879.1 | $ | 779.3 | $ | 5,658.4 | |||||
Currency translation | 30.2 | 5.5 | 35.7 | ||||||||
Net balance as of March 31, 2017 | $ | 4,909.3 | $ | 784.8 | $ | 5,694.1 |
|
March 31, 2017 | December 31, 2016 | |||||||||||||||||||||||
In millions | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | ||||||||||||||||||
Completed technologies/patents | $ | 204.1 | $ | (168.2 | ) | $ | 35.9 | $ | 203.0 | $ | (165.6 | ) | $ | 37.4 | ||||||||||
Customer relationships | 2,014.7 | (957.8 | ) | 1,056.9 | 2,008.9 | (926.1 | ) | 1,082.8 | ||||||||||||||||
Other | 61.6 | (49.6 | ) | 12.0 | 61.1 | (48.5 | ) | 12.6 | ||||||||||||||||
Total finite-lived intangible assets | 2,280.4 | (1,175.6 | ) | 1,104.8 | 2,273.0 | (1,140.2 | ) | 1,132.8 | ||||||||||||||||
Trademarks (indefinite-lived) | 2,653.2 | — | 2,653.2 | 2,652.3 | — | 2,652.3 | ||||||||||||||||||
Total | $ | 4,933.6 | $ | (1,175.6 | ) | $ | 3,758.0 | $ | 4,925.3 | $ | (1,140.2 | ) | $ | 3,785.1 |
|
In millions | March 31, 2017 | December 31, 2016 | |||||
Debentures with put feature | $ | 343.0 | $ | 343.0 | |||
Other current maturities of long-term debt | 7.7 | 7.7 | |||||
Short-term borrowings | 10.6 | 10.1 | |||||
Total | $ | 361.3 | $ | 360.8 |
In millions | March 31, 2017 | December 31, 2016 | |||||
6.875% Senior notes due 2018 | $ | 748.8 | $ | 748.6 | |||
2.875% Senior notes due 2019 | 349.0 | 348.6 | |||||
2.625% Senior notes due 2020 | 298.6 | 298.5 | |||||
9.000% Debentures due 2021 | 124.8 | 124.8 | |||||
4.250% Senior notes due 2023 | 696.0 | 695.6 | |||||
7.200% Debentures due 2018-2025 | 59.7 | 59.7 | |||||
3.550% Senior notes due 2024 | 494.6 | 494.5 | |||||
6.480% Debentures due 2025 | 149.7 | 149.7 | |||||
5.750% Senior notes due 2043 | 493.9 | 493.6 | |||||
4.650% Senior notes due 2044 | 295.4 | 295.4 | |||||
Other loans and notes | 0.6 | 0.4 | |||||
Total | $ | 3,711.1 | $ | 3,709.4 |
|
Amount of gain (loss) recognized in AOCI | Location of gain (loss) reclassified from AOCI and recognized into Net earnings | Amount of gain (loss) reclassified from AOCI and recognized into Net earnings | |||||||||||||||
In millions | 2017 | 2016 | 2017 | 2016 | |||||||||||||
Currency derivatives designated as hedges | $ | 1.2 | $ | 2.0 | Cost of goods sold | $ | (0.3 | ) | $ | 0.7 | |||||||
Interest rate swaps & locks | — | — | Interest expense | (0.1 | ) | (0.1 | ) | ||||||||||
Total | $ | 1.2 | $ | 2.0 | $ | (0.4 | ) | $ | 0.6 |
Amount of gain (loss) recognized in Net earnings | ||||||||
In millions | 2017 | 2016 | ||||||
Currency derivatives not designated as hedges | $ | 20.0 | $ | 26.2 | ||||
Total | $ | 20.0 | $ | 26.2 |
|
In Millions | Fair Value | Fair value measurements | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||
Derivative instruments | $ | 4.0 | $ | — | $ | 4.0 | $ | — | |||||||
Liabilities: | |||||||||||||||
Derivative instruments | $ | 3.6 | $ | — | $ | 3.6 | $ | — |
In Millions | Fair Value | Fair value measurements | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||
Derivative instruments | $ | 0.6 | $ | — | $ | 0.6 | $ | — | |||||||
Liabilities: | |||||||||||||||
Derivative instruments | $ | 20.8 | $ | — | $ | 20.8 | $ | — |
|
Three months ended | |||||||
In millions | 2017 | 2016 | |||||
Service cost | $ | 17.8 | $ | 18.2 | |||
Interest cost | 27.0 | 28.4 | |||||
Expected return on plan assets | (35.2 | ) | (36.1 | ) | |||
Net amortization of: | |||||||
Prior service costs | 1.0 | 1.2 | |||||
Net actuarial losses | 13.6 | 15.2 | |||||
Net periodic pension benefit cost | $ | 24.2 | $ | 26.9 | |||
Net curtailment loss | 2.3 | — | |||||
Net periodic pension benefit cost after net curtailment and settlement (gains) losses | $ | 26.5 | $ | 26.9 | |||
Amounts recorded in continuing operations: | |||||||
Operating income | $ | 17.1 | $ | 17.5 | |||
Other income/(expense), net | 7.0 | 6.9 | |||||
Amounts recorded in discontinued operations | 2.4 | 2.5 | |||||
Total | $ | 26.5 | $ | 26.9 |
Three months ended | |||||||
In millions | 2017 | 2016 | |||||
Service cost | $ | 0.8 | $ | 0.9 | |||
Interest cost | 4.3 | 4.5 | |||||
Net amortization of: | |||||||
Prior service gains | (2.2 | ) | (2.2 | ) | |||
Net actuarial losses | — | — | |||||
Net periodic postretirement benefit cost | $ | 2.9 | $ | 3.2 | |||
Amounts recorded in continuing operations: | |||||||
Operating income | $ | 0.8 | $ | 0.9 | |||
Other income/(expense), net | 1.2 | 1.2 | |||||
Amounts recorded in discontinued operations | 0.9 | 1.1 | |||||
Total | $ | 2.9 | $ | 3.2 |
|
In millions | Ordinary shares issued | Ordinary shares held in treasury | |||
December 31, 2016 | 271.7 | 12.7 | |||
Shares issued under incentive plans, net | 1.5 | — | |||
Repurchase of ordinary shares | — | 3.1 | |||
March 31, 2017 | 273.2 | 15.8 |
In millions | Shareholders’ equity | Noncontrolling interests | Total equity | ||||||||
Balance at December 31, 2016 | $ | 6,643.8 | $ | 74.5 | $ | 6,718.3 | |||||
Net earnings | 117.1 | 4.0 | 121.1 | ||||||||
Currency translation | 112.4 | (1.5 | ) | 110.9 | |||||||
Derivatives qualifying as cash flow hedges, net of tax | 1.6 | — | 1.6 | ||||||||
Pension and OPEB adjustments, net of tax | 6.6 | — | 6.6 | ||||||||
Total comprehensive income (loss) | 237.7 | 2.5 | 240.2 | ||||||||
Share-based compensation | 23.3 | — | 23.3 | ||||||||
Adoption of ASU 2016-09 (See Note 2) | 15.1 | — | 15.1 | ||||||||
Dividends declared to noncontrolling interests | — | (6.9 | ) | (6.9 | ) | ||||||
Dividends declared to ordinary shareholders | (103.0 | ) | — | (103.0 | ) | ||||||
Shares issued under incentive plans, net of tax benefit | 16.8 | — | 16.8 | ||||||||
Repurchase of ordinary shares | (250.1 | ) | — | (250.1 | ) | ||||||
Other items, net | 0.2 | 0.2 | |||||||||
Balance at March 31, 2017 | $ | 6,583.8 | $ | 70.1 | $ | 6,653.9 |
In millions | Shareholders’ equity | Noncontrolling interests | Total equity | ||||||||
Balance at December 31, 2015 | $ | 5,816.7 | $ | 62.5 | $ | 5,879.2 | |||||
Net earnings | 152.4 | 3.2 | 155.6 | ||||||||
Currency translation | 130.5 | 0.9 | 131.4 | ||||||||
Derivatives qualifying as cash flow hedges, net of tax | 1.1 | — | 1.1 | ||||||||
Pension and OPEB adjustments, net of tax | 10.4 | — | 10.4 | ||||||||
Total comprehensive income (loss) | 294.4 | 4.1 | 298.5 | ||||||||
Share-based compensation | 21.9 | — | 21.9 | ||||||||
Dividends declared to noncontrolling interests | — | (6.7 | ) | (6.7 | ) | ||||||
Dividends declared to ordinary shareholders | (82.2 | ) | — | (82.2 | ) | ||||||
Shares issued under incentive plans, net of tax benefit | (6.7 | ) | — | (6.7 | ) | ||||||
Repurchase of ordinary shares | (250.1 | ) | — | (250.1 | ) | ||||||
Other | (1.2 | ) | — | (1.2 | ) | ||||||
Balance at March 31, 2016 | $ | 5,792.8 | $ | 59.9 | $ | 5,852.7 |
In millions | Derivative Instruments | Pension and OPEB | Foreign Currency Translation | Total | ||||||||||||
Balance at December 31, 2016 | $ | 2.9 | $ | (554.4 | ) | $ | (739.0 | ) | $ | (1,290.5 | ) | |||||
Other comprehensive income (loss) before reclassifications | 1.2 | (0.8 | ) | 112.4 | 112.8 | |||||||||||
Amounts reclassified from AOCI | 0.4 | 12.4 | — | 12.8 | ||||||||||||
Provision for income taxes | — | (5.0 | ) | — | (5.0 | ) | ||||||||||
Net current period other comprehensive income (loss) | $ | 1.6 | $ | 6.6 | $ | 112.4 | $ | 120.6 | ||||||||
Balance at March 31, 2017 | $ | 4.5 | $ | (547.8 | ) | $ | (626.6 | ) | $ | (1,169.9 | ) |
In millions | Derivative Instruments | Pension and OPEB | Foreign Currency Translation | Total | ||||||||||||
Balance at December 31, 2015 | $ | 5.1 | $ | (630.4 | ) | $ | (495.6 | ) | $ | (1,120.9 | ) | |||||
Other comprehensive income (loss) before reclassifications | 2.0 | 0.7 | 130.5 | 133.2 | ||||||||||||
Amounts reclassified from AOCI | (0.6 | ) | 14.2 | — | 13.6 | |||||||||||
Provision for income taxes | (0.3 | ) | (4.5 | ) | — | (4.8 | ) | |||||||||
Net current period other comprehensive income (loss) | $ | 1.1 | $ | 10.4 | $ | 130.5 | $ | 142.0 | ||||||||
Balance at March 31, 2016 | $ | 6.2 | $ | (620.0 | ) | $ | (365.1 | ) | $ | (978.9 | ) |
Three months ended | ||||||||
In millions | 2017 | 2016 | ||||||
Derivative Instruments | ||||||||
Reclassifications of deferred (gains) losses (1) | $ | 0.4 | $ | (0.6 | ) | |||
Provision (benefit) for income taxes | (0.1 | ) | — | |||||
Reclassifications, net of taxes | $ | 0.3 | $ | (0.6 | ) | |||
Pension and Postretirement benefits | ||||||||
Amortization of service costs (2) | $ | (1.2 | ) | $ | (1.0 | ) | ||
Amortization of actuarial losses (2) | 13.6 | 15.2 | ||||||
Provision for (benefit from) for income taxes | (5.0 | ) | (4.5 | ) | ||||
Reclassifications, net of taxes | $ | 7.4 | $ | 9.7 | ||||
Total reclassifications, net of taxes | $ | 7.7 | $ | 9.1 |
|
Three months ended | |||||||
In millions | 2017 | 2016 | |||||
Interest income | $ | 3.1 | $ | 2.0 | |||
Exchange gain (loss) | 1.9 | 5.5 | |||||
Other components of net periodic benefit cost | (8.2 | ) | (8.1 | ) | |||
Income (loss) from Hussmann equity investment | — | (0.8 | ) | ||||
Other activity, net | (1.5 | ) | 3.3 | ||||
Other income/(expense), net | $ | (4.7 | ) | $ | 1.9 |
|
Three months ended | |||||||
In millions | 2017 | 2016 | |||||
Pre-tax earnings (loss) from discontinued operations | $ | (9.1 | ) | $ | 21.0 | ||
Tax benefit (expense) | 2.6 | 5.9 | |||||
Discontinued operations, net of tax | $ | (6.5 | ) | $ | 26.9 |
|
Three months ended | |||||||
In millions | 2017 | 2016 | |||||
Net revenues | |||||||
Climate | $ | 2,324.1 | $ | 2,213.5 | |||
Industrial | 676.5 | 680.6 | |||||
Total | $ | 3,000.6 | $ | 2,894.1 | |||
Segment operating income | |||||||
Climate | $ | 217.3 | $ | 217.2 | |||
Industrial | 65.8 | 63.8 | |||||
Unallocated corporate expense | (68.1 | ) | (55.6 | ) | |||
Operating income | $ | 215.0 | $ | 225.4 |
|
In millions | March 31, 2017 | December 31, 2016 | |||||
Accrued expenses and other current liabilities | $ | 59.4 | $ | 61.5 | |||
Other noncurrent liabilities | 556.9 | 569.7 | |||||
Total asbestos-related liabilities | $ | 616.3 | $ | 631.2 | |||
Other current assets | $ | 52.7 | $ | 54.0 | |||
Other noncurrent assets | 212.3 | 218.5 | |||||
Total asset for probable asbestos-related insurance recoveries | $ | 265.0 | $ | 272.5 |
Three months ended | |||||||
In millions | 2017 | 2016 | |||||
Continuing operations | $ | — | $ | 1.9 | |||
Discontinued operations | (3.3 | ) | 24.0 | ||||
Total | $ | (3.3 | ) | $ | 25.9 |
In millions | 2017 | 2016 | |||||
Balance at beginning of period | $ | 261.6 | $ | 262.0 | |||
Reductions for payments | (31.1 | ) | (23.4 | ) | |||
Accruals for warranties issued during the current period | 28.3 | 25.1 | |||||
Changes to accruals related to preexisting warranties | (1.8 | ) | 0.6 | ||||
Translation | 1.2 | 1.8 | |||||
Balance at end of period | $ | 258.2 | $ | 266.1 |
In millions | 2017 | 2016 | |||||
Balance at beginning of period | $ | 295.9 | $ | 311.6 | |||
Amortization of deferred revenue for the period | (25.1 | ) | (24.2 | ) | |||
Additions for extended warranties issued during the period | 24.4 | 19.4 | |||||
Changes to accruals related to preexisting warranties | 0.5 | (1.0 | ) | ||||
Translation | 0.3 | 1.0 | |||||
Balance at end of period | $ | 296.0 | $ | 306.8 |
|
In millions | Plc | Irish Holdings | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | — | $ | — | $ | 316.3 | $ | — | $ | 2,777.8 | $ | (93.5 | ) | $ | 3,000.6 | ||||||||||||||||
Cost of goods sold | — | — | — | — | (234.6 | ) | — | (1,985.0 | ) | 93.5 | (2,126.1 | ) | |||||||||||||||||||||||
Selling and administrative expenses | (2.3 | ) | — | — | (0.9 | ) | (121.3 | ) | (0.1 | ) | (534.9 | ) | — | (659.5 | ) | ||||||||||||||||||||
Operating income (loss) | (2.3 | ) | — | — | (0.9 | ) | (39.6 | ) | (0.1 | ) | 257.9 | — | 215.0 | ||||||||||||||||||||||
Equity earnings (loss) in subsidiaries, net of tax | 124.9 | 117.4 | 93.9 | 23.0 | 107.1 | 6.0 | — | (472.3 | ) | — | |||||||||||||||||||||||||
Interest expense | — | — | — | (31.7 | ) | (11.9 | ) | (10.3 | ) | (0.1 | ) | — | (54.0 | ) | |||||||||||||||||||||
Intercompany interest and fees | (5.8 | ) | — | (13.5 | ) | (42.7 | ) | (74.2 | ) | (1.9 | ) | 138.1 | — | — | |||||||||||||||||||||
Other income/(expense), net | — | — | — | — | (2.7 | ) | — | (2.0 | ) | — | (4.7 | ) | |||||||||||||||||||||||
Earnings (loss) before income taxes | 116.8 | 117.4 | 80.4 | (52.3 | ) | (21.3 | ) | (6.3 | ) | 393.9 | (472.3 | ) | 156.3 | ||||||||||||||||||||||
Benefit (provision) for income taxes | 0.3 | — | — | 27.4 | 50.0 | — | (106.4 | ) | — | (28.7 | ) | ||||||||||||||||||||||||
Earnings (loss) from continuing operations | 117.1 | 117.4 | 80.4 | (24.9 | ) | 28.7 | (6.3 | ) | 287.5 | (472.3 | ) | 127.6 | |||||||||||||||||||||||
Discontinued operations, net of tax | — | — | — | — | (5.8 | ) | — | (0.7 | ) | — | (6.5 | ) | |||||||||||||||||||||||
Net earnings (loss) | 117.1 | 117.4 | 80.4 | (24.9 | ) | 22.9 | (6.3 | ) | 286.8 | (472.3 | ) | 121.1 | |||||||||||||||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | — | — | — | — | (4.0 | ) | — | (4.0 | ) | ||||||||||||||||||||||||
Net earnings (loss) attributable to Ingersoll-Rand plc | $ | 117.1 | $ | 117.4 | $ | 80.4 | $ | (24.9 | ) | $ | 22.9 | $ | (6.3 | ) | $ | 282.8 | $ | (472.3 | ) | $ | 117.1 | ||||||||||||||
Other comprehensive income (loss), net of tax | 120.6 | 120.3 | 114.9 | 78.0 | 77.9 | 36.1 | 118.1 | (545.3 | ) | 120.6 | |||||||||||||||||||||||||
Comprehensive income (loss) attributable to Ingersoll-Rand plc | $ | 237.7 | $ | 237.7 | $ | 195.3 | $ | 53.1 | $ | 100.8 | $ | 29.8 | $ | 400.9 | $ | (1,017.6 | ) | $ | 237.7 |
in millions | Plc | Irish Holdings | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | — | $ | — | $ | 316.5 | $ | — | $ | 2,666.8 | $ | (89.2 | ) | $ | 2,894.1 | ||||||||||||||||
Cost of goods sold | — | — | — | — | (242.1 | ) | — | (1,888.3 | ) | 89.2 | (2,041.2 | ) | |||||||||||||||||||||||
Selling and administrative expenses | (1.5 | ) | — | — | — | (132.6 | ) | (0.2 | ) | (493.2 | ) | — | (627.5 | ) | |||||||||||||||||||||
Operating income (loss) | (1.5 | ) | — | — | — | (58.2 | ) | (0.2 | ) | 285.3 | — | 225.4 | |||||||||||||||||||||||
Equity earnings (loss) in subsidiaries, net of tax | 167.6 | 157.8 | 134.9 | 40.8 | 106.2 | 121.6 | — | (728.9 | ) | — | |||||||||||||||||||||||||
Interest expense | — | — | — | (31.9 | ) | (12.1 | ) | (11.2 | ) | (1.5 | ) | — | (56.7 | ) | |||||||||||||||||||||
Intercompany interest and fees | (14.0 | ) | — | (10.1 | ) | (36.9 | ) | (71.6 | ) | (1.3 | ) | 133.9 | — | — | |||||||||||||||||||||
Other income/(expense), net | 0.1 | — | — | — | (1.6 | ) | — | 3.4 | — | 1.9 | |||||||||||||||||||||||||
Earnings (loss) before income taxes | 152.2 | 157.8 | 124.8 | (28.0 | ) | (37.3 | ) | 108.9 | 421.1 | (728.9 | ) | 170.6 | |||||||||||||||||||||||
Benefit (provision) for income taxes | 0.2 | 0.2 | — | 25.0 | 53.0 | — | (120.3 | ) | — | (41.9 | ) | ||||||||||||||||||||||||
Earnings (loss) from continuing operations | 152.4 | 158.0 | 124.8 | (3.0 | ) | 15.7 | 108.9 | 300.8 | (728.9 | ) | 128.7 | ||||||||||||||||||||||||
Discontinued operations, net of tax | — | — | — | — | 25.1 | — | 1.8 | — | 26.9 | ||||||||||||||||||||||||||
Net earnings (loss) | 152.4 | 158.0 | 124.8 | (3.0 | ) | 40.8 | 108.9 | 302.6 | (728.9 | ) | 155.6 | ||||||||||||||||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | — | — | — | — | (3.2 | ) | — | (3.2 | ) | ||||||||||||||||||||||||
Net earnings (loss) attributable to Ingersoll-Rand plc | $ | 152.4 | $ | 158.0 | $ | 124.8 | $ | (3.0 | ) | $ | 40.8 | $ | 108.9 | $ | 299.4 | $ | (728.9 | ) | $ | 152.4 | |||||||||||||||
Other comprehensive income (loss), net of tax | 142.0 | 141.5 | 125.4 | 55.8 | 55.7 | 29.2 | 192.6 | (600.2 | ) | 142.0 | |||||||||||||||||||||||||
Comprehensive income (loss) attributable to Ingersoll-Rand plc | $ | 294.4 | $ | 299.5 | $ | 250.2 | $ | 52.8 | $ | 96.5 | $ | 138.1 | $ | 492.0 | $ | (1,329.1 | ) | $ | 294.4 |
In millions | Plc | Irish Holdings | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 0.1 | $ | — | $ | — | $ | — | $ | 563.9 | $ | — | $ | 758.5 | $ | — | $ | 1,322.5 | |||||||||||||||||
Accounts and notes receivable, net | — | — | — | — | 150.4 | — | 2,049.0 | — | 2,199.4 | ||||||||||||||||||||||||||
Inventories, net | — | — | — | — | 162.1 | — | 1,437.6 | — | 1,599.7 | ||||||||||||||||||||||||||
Other current assets | 0.4 | — | 5.3 | 0.8 | 102.2 | — | 189.6 | (5.9 | ) | 292.4 | |||||||||||||||||||||||||
Intercompany receivables | 70.4 | — | 5.8 | 199.6 | 504.0 | — | 11,082.1 | (11,861.9 | ) | — | |||||||||||||||||||||||||
Total current assets | 70.9 | — | 11.1 | 200.4 | 1,482.6 | — | 15,516.8 | (11,867.8 | ) | 5,414.0 | |||||||||||||||||||||||||
Property, plant and equipment, net | — | — | — | — | 442.5 | — | 1,055.2 | — | 1,497.7 | ||||||||||||||||||||||||||
Goodwill and other intangible assets, net | — | — | — | — | 412.7 | — | 9,039.4 | — | 9,452.1 | ||||||||||||||||||||||||||
Other noncurrent assets | 0.2 | — | — | 304.9 | 718.3 | — | 623.7 | (751.4 | ) | 895.7 | |||||||||||||||||||||||||
Investments in consolidated subsidiaries | 7,792.7 | 1,582.8 | 2,241.5 | 7,298.4 | 15,425.8 | 1,109.3 | — | (35,450.5 | ) | — | |||||||||||||||||||||||||
Intercompany notes receivable | — | 12,560.2 | — | — | — | — | 3,851.8 | (16,412.0 | ) | — | |||||||||||||||||||||||||
Total assets | $ | 7,863.8 | $ | 14,143.0 | $ | 2,252.6 | $ | 7,803.7 | $ | 18,481.9 | $ | 1,109.3 | $ | 30,086.9 | $ | (64,481.7 | ) | $ | 17,259.5 | ||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||
Accounts payable and accrued expenses | $ | 6.9 | $ | — | $ | 0.2 | $ | 35.8 | $ | 515.8 | $ | 16.9 | $ | 2,603.1 | $ | (5.9 | ) | $ | 3,172.8 | ||||||||||||||||
Short-term borrowings and current maturities of long-term debt | — | — | — | — | 350.4 | — | 10.9 | — | 361.3 | ||||||||||||||||||||||||||
Intercompany payables | 1,273.1 | — | 2,260.5 | 1,071.5 | 6,701.9 | 477.2 | 77.8 | (11,862.0 | ) | — | |||||||||||||||||||||||||
Total current liabilities | 1,280.0 | — | 2,260.7 | 1,107.3 | 7,568.1 | 494.1 | 2,691.8 | (11,867.9 | ) | 3,534.1 | |||||||||||||||||||||||||
Long-term debt | — | — | — | 2,287.7 | 334.2 | 1,088.6 | 0.6 | — | 3,711.1 | ||||||||||||||||||||||||||
Other noncurrent liabilities | — | — | — | 20.6 | 1,256.5 | — | 2,834.7 | (751.4 | ) | 3,360.4 | |||||||||||||||||||||||||
Intercompany notes payable | — | — | 6,376.3 | 1,817.2 | 2,034.6 | — | 6,183.9 | (16,412.0 | ) | — | |||||||||||||||||||||||||
Total liabilities | 1,280.0 | — | 8,637.0 | 5,232.8 | 11,193.4 | 1,582.7 | 11,711.0 | (29,031.3 | ) | 10,605.6 | |||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||||||||
Total equity | 6,583.8 | 14,143.0 | (6,384.4 | ) | 2,570.9 | 7,288.5 | (473.4 | ) | 18,375.9 | (35,450.4 | ) | 6,653.9 | |||||||||||||||||||||||
Total liabilities and equity | $ | 7,863.8 | $ | 14,143.0 | $ | 2,252.6 | $ | 7,803.7 | $ | 18,481.9 | $ | 1,109.3 | $ | 30,086.9 | $ | (64,481.7 | ) | $ | 17,259.5 |
In millions | Plc | Irish Holdings | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | — | $ | 634.6 | $ | — | $ | 1,080.1 | $ | — | $ | 1,714.7 | |||||||||||||||||
Accounts and notes receivable, net | — | — | — | — | 171.0 | — | 2,052.0 | — | 2,223.0 | ||||||||||||||||||||||||||
Inventories, net | — | — | — | — | 165.3 | — | 1,220.5 | — | 1,385.8 | ||||||||||||||||||||||||||
Other current assets | 0.2 | — | 5.3 | 0.7 | 69.4 | — | 189.3 | (9.1 | ) | 255.8 | |||||||||||||||||||||||||
Intercompany receivables | 122.3 | — | 5.6 | 271.6 | 220.5 | — | 11,747.9 | (12,367.9 | ) | — | |||||||||||||||||||||||||
Total current assets | 122.5 | — | 10.9 | 272.3 | 1,260.8 | — | 16,289.8 | (12,377.0 | ) | 5,579.3 | |||||||||||||||||||||||||
Property, plant and equipment, net | — | — | — | — | 445.9 | — | 1,065.1 | — | 1,511.0 | ||||||||||||||||||||||||||
Goodwill and other intangible assets, net | — | — | — | — | 414.7 | — | 9,028.8 | — | 9,443.5 | ||||||||||||||||||||||||||
Other noncurrent assets | 0.2 | — | — | 262.4 | 676.3 | — | 580.1 | (655.4 | ) | 863.6 | |||||||||||||||||||||||||
Investments in consolidated subsidiaries | 7,588.1 | 1,500.4 | 3,267.1 | 7,270.2 | 15,273.4 | 1,090.4 | — | (35,989.6 | ) | — | |||||||||||||||||||||||||
Intercompany notes receivable | — | 12,560.2 | — | — | — | — | 3,851.8 | (16,412.0 | ) | — | |||||||||||||||||||||||||
Total assets | $ | 7,710.8 | $ | 14,060.6 | $ | 3,278.0 | $ | 7,804.9 | $ | 18,071.1 | $ | 1,090.4 | $ | 30,815.6 | $ | (65,434.0 | ) | $ | 17,397.4 | ||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||
Accounts payable and accrued expenses | 7.7 | — | 0.2 | 36.3 | 525.1 | 7.0 | 2,662.3 | (9.1 | ) | 3,229.5 | |||||||||||||||||||||||||
Short-term borrowings and current maturities of long-term debt | — | — | — | — | 350.4 | — | 10.4 | — | 360.8 | ||||||||||||||||||||||||||
Intercompany payables | 1,059.3 | — | 3,400.1 | 1,068.2 | 6,285.6 | 486.9 | 67.8 | (12,367.9 | ) | — | |||||||||||||||||||||||||
Total current liabilities | 1,067.0 | — | 3,400.3 | 1,104.5 | 7,161.1 | 493.9 | 2,740.5 | (12,377.0 | ) | 3,590.3 | |||||||||||||||||||||||||
Long-term debt | — | — | — | 2,286.3 | 334.2 | 1,088.3 | 0.6 | — | 3,709.4 | ||||||||||||||||||||||||||
Other noncurrent liabilities | — | — | — | 18.2 | 1,280.8 | — | 2,735.8 | (655.4 | ) | 3,379.4 | |||||||||||||||||||||||||
Intercompany notes payable | — | — | 6,376.3 | 1,817.2 | 2,034.6 | — | 6,183.9 | (16,412.0 | ) | — | |||||||||||||||||||||||||
Total liabilities | 1,067.0 | — | 9,776.6 | 5,226.2 | 10,810.7 | 1,582.2 | 11,660.8 | (29,444.4 | ) | 10,679.1 | |||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||||||||
Total equity | 6,643.8 | 14,060.6 | (6,498.6 | ) | 2,578.7 | 7,260.4 | (491.8 | ) | 19,154.8 | (35,989.6 | ) | 6,718.3 | |||||||||||||||||||||||
Total liabilities and equity | $ | 7,710.8 | $ | 14,060.6 | $ | 3,278.0 | $ | 7,804.9 | $ | 18,071.1 | $ | 1,090.4 | $ | 30,815.6 | $ | (65,434.0 | ) | $ | 17,397.4 |
in millions | Plc | Irish Holdings | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Net cash provided by (used in) continuing operating activities | $ | 21.6 | $ | — | $ | — | $ | (72.6 | ) | $ | 27.3 | $ | — | $ | (9.6 | ) | $ | — | $ | (33.3 | ) | ||||||||||||||
Net cash provided by (used in) discontinued operating activities | — | — | — | — | (17.8 | ) | — | 7.7 | — | (10.1 | ) | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 21.6 | — | — | (72.6 | ) | 9.5 | — | (1.9 | ) | — | (43.4 | ) | |||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | — | — | (10.5 | ) | — | (24.7 | ) | — | (35.2 | ) | |||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | — | — | — | — | — | — | (9.8 | ) | — | (9.8 | ) | ||||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | — | — | — | — | — | — | 0.4 | — | 0.4 | ||||||||||||||||||||||||||
Intercompany investing activities, net | — | — | 1,153.2 | 72.8 | — | 11.6 | 919.7 | (2,157.3 | ) | — | |||||||||||||||||||||||||
Net cash provided by (used in) investing activities | — | — | 1,153.2 | 72.8 | (10.5 | ) | 11.6 | 885.6 | (2,157.3 | ) | (44.6 | ) | |||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Debt issuance costs | — | — | — | (0.2 | ) | — | — | — | — | (0.2 | ) | ||||||||||||||||||||||||
Dividends paid to ordinary shareholders | (102.7 | ) | — | — | — | — | — | — | — | (102.7 | ) | ||||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | — | (6.9 | ) | — | (6.9 | ) | ||||||||||||||||||||||||
Repurchase of ordinary shares | (250.1 | ) | — | — | — | — | — | — | — | (250.1 | ) | ||||||||||||||||||||||||
Other financing activities, net | 16.6 | — | — | — | — | — | 1.8 | — | 18.4 | ||||||||||||||||||||||||||
Intercompany financing activities, net | 314.7 | — | (1,153.2 | ) | — | (69.7 | ) | (11.6 | ) | (1,237.5 | ) | 2,157.3 | — | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | (21.5 | ) | — | (1,153.2 | ) | (0.2 | ) | (69.7 | ) | (11.6 | ) | (1,242.6 | ) | 2,157.3 | (341.5 | ) | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | 37.3 | — | 37.3 | ||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 0.1 | — | — | — | (70.7 | ) | — | (321.6 | ) | — | (392.2 | ) | |||||||||||||||||||||||
Cash and cash equivalents - beginning of period | — | — | — | — | 634.6 | — | 1,080.1 | — | 1,714.7 | ||||||||||||||||||||||||||
Cash and cash equivalents - end of period | $ | 0.1 | $ | — | $ | — | $ | — | $ | 563.9 | $ | — | $ | 758.5 | $ | — | $ | 1,322.5 |
in millions | Plc | Irish Holdings | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Net cash provided by (used in) continuing operating activities | $ | 17.3 | $ | — | $ | (0.1 | ) | $ | (67.6 | ) | $ | (11.7 | ) | $ | (1.0 | ) | $ | 60.3 | $ | 1.9 | $ | (0.9 | ) | ||||||||||||
Net cash provided by (used in) discontinued operating activities | — | — | — | — | (4.7 | ) | — | — | (2.0 | ) | (6.7 | ) | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | 17.3 | — | (0.1 | ) | (67.6 | ) | (16.4 | ) | (1.0 | ) | 60.3 | (0.1 | ) | (7.6 | ) | ||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | — | — | (18.2 | ) | — | (21.9 | ) | — | (40.1 | ) | |||||||||||||||||||||||
Intercompany investing activities, net | — | — | (3.3 | ) | (381.5 | ) | 65.7 | — | (485.6 | ) | 804.7 | — | |||||||||||||||||||||||
Net cash provided by (used in) investing activities | — | — | (3.3 | ) | (381.5 | ) | 47.5 | — | (507.5 | ) | 804.7 | (40.1 | ) | ||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Net proceeds (repayments) in debt | — | — | — | — | — | 254.0 | — | — | 254.0 | ||||||||||||||||||||||||||
Debt issuance costs | — | — | — | (2.1 | ) | — | — | — | — | (2.1 | ) | ||||||||||||||||||||||||
Dividends paid to ordinary shareholders | (82.2 | ) | — | — | — | — | — | — | — | (82.2 | ) | ||||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | — | (6.7 | ) | — | (6.7 | ) | ||||||||||||||||||||||||
Repurchase of ordinary shares | (250.1 | ) | — | — | — | — | — | — | — | (250.1 | ) | ||||||||||||||||||||||||
Other financing activities, net | (11.1 | ) | — | — | — | — | — | — | — | (11.1 | ) | ||||||||||||||||||||||||
Intercompany financing activities, net | 326.1 | — | 3.4 | 440.2 | (31.1 | ) | (253.0 | ) | 319.0 | (804.6 | ) | — | |||||||||||||||||||||||
Net cash provided by (used in) financing activities | (17.3 | ) | — | 3.4 | 438.1 | (31.1 | ) | 1.0 | 312.3 | (804.6 | ) | (98.2 | ) | ||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | 22.0 | — | 22.0 | ||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | (11.0 | ) | — | — | (112.9 | ) | — | (123.9 | ) | |||||||||||||||||||||||
Cash and cash equivalents - beginning of period | — | — | — | 11.4 | — | 0.1 | 725.3 | — | 736.8 | ||||||||||||||||||||||||||
Cash and cash equivalents - end of period | $ | — | $ | — | $ | — | $ | 0.4 | $ | — | $ | 0.1 | $ | 612.4 | $ | — | $ | 612.9 |
|
Three months ended | ||||||||
In millions | 2017 | 2016 | ||||||
Climate | $ | 28.0 | $ | 1.9 | ||||
Industrial | 4.7 | 3.1 | ||||||
Corporate and Other | — | 3.4 | ||||||
Total | $ | 32.7 | $ | 8.4 | ||||
Cost of goods sold | $ | 30.3 | $ | 2.0 | ||||
Selling and administrative expenses | 2.4 | 6.4 | ||||||
Total | $ | 32.7 | $ | 8.4 |
|
In millions | Climate | Industrial | Corporate and Other | Total | ||||||||||||
December 31, 2016 | $ | 3.4 | $ | 4.3 | $ | 0.6 | $ | 8.3 | ||||||||
Additions, net of reversals (1) | 12.4 | 4.7 | — | 17.1 | ||||||||||||
Cash paid | (1.3 | ) | (3.8 | ) | — | (5.1 | ) | |||||||||
March 31, 2017 | $ | 14.5 | $ | 5.2 | $ | 0.6 | $ | 20.3 |
|
In millions | Climate | Industrial | Corporate and Other | Total | ||||||||||||
December 31, 2016 | $ | 3.4 | $ | 4.3 | $ | 0.6 | $ | 8.3 | ||||||||
Additions, net of reversals (1) | 12.4 | 4.7 | — | 17.1 | ||||||||||||
Cash paid | (1.3 | ) | (3.8 | ) | — | (5.1 | ) | |||||||||
March 31, 2017 | $ | 14.5 | $ | 5.2 | $ | 0.6 | $ | 20.3 |
Three months ended | ||||||||
In millions | 2017 | 2016 | ||||||
Climate | $ | 28.0 | $ | 1.9 | ||||
Industrial | 4.7 | 3.1 | ||||||
Corporate and Other | — | 3.4 | ||||||
Total | $ | 32.7 | $ | 8.4 | ||||
Cost of goods sold | $ | 30.3 | $ | 2.0 | ||||
Selling and administrative expenses | 2.4 | 6.4 | ||||||
Total | $ | 32.7 | $ | 8.4 |
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