|
|
|
|
|
|
|
In millions | March 31, 2016 | December 31, 2015 | |||||
Raw materials | $ | 513.0 | $ | 514.9 | |||
Work-in-process | 186.7 | 131.0 | |||||
Finished goods | 973.3 | 825.7 | |||||
1,673.0 | 1,471.6 | ||||||
LIFO reserve | (60.3 | ) | (60.9 | ) | |||
Total | $ | 1,612.7 | $ | 1,410.7 |
|
In millions | Climate | Industrial | Total | ||||||||
Net balance as of December 31, 2015 | $ | 4,952.6 | $ | 777.6 | $ | 5,730.2 | |||||
Currency translation | 45.9 | 8.3 | 54.2 | ||||||||
Net balance as of March 31, 2016 | $ | 4,998.5 | $ | 785.9 | $ | 5,784.4 |
|
March 31, 2016 | December 31, 2015 | |||||||||||||||||||||||
In millions | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | ||||||||||||||||||
Completed technologies/patents | $ | 216.5 | $ | (171.7 | ) | $ | 44.8 | $ | 214.9 | $ | (168.7 | ) | $ | 46.2 | ||||||||||
Customer relationships | 2,029.3 | (843.9 | ) | 1,185.4 | 2,019.8 | (811.5 | ) | 1,208.3 | ||||||||||||||||
Other | 65.0 | (47.5 | ) | 17.5 | 63.5 | (45.7 | ) | 17.8 | ||||||||||||||||
Total finite-lived intangible assets | 2,310.8 | (1,063.1 | ) | 1,247.7 | 2,298.2 | (1,025.9 | ) | 1,272.3 | ||||||||||||||||
Trademarks (indefinite-lived) | 2,655.4 | — | 2,655.4 | 2,653.8 | — | 2,653.8 | ||||||||||||||||||
Total | $ | 4,966.2 | $ | (1,063.1 | ) | $ | 3,903.1 | $ | 4,952.0 | $ | (1,025.9 | ) | $ | 3,926.1 |
|
In millions | March 31, 2016 | December 31, 2015 | |||||
Debentures with put feature | $ | 343.0 | $ | 343.0 | |||
Commercial Paper | 397.0 | 143.0 | |||||
Other current maturities of long-term debt | 7.8 | 7.8 | |||||
Short-term borrowings | 10.2 | 10.4 | |||||
Total | $ | 758.0 | $ | 504.2 |
In millions | March 31, 2016 | December 31, 2015 | |||||
6.875% Senior notes due 2018 | $ | 748.1 | $ | 748.0 | |||
2.875% Senior notes due 2019 | 348.3 | 348.1 | |||||
2.625% Senior notes due 2020 | 298.1 | 298.0 | |||||
9.000% Debentures due 2021 | 124.8 | 124.8 | |||||
4.250% Senior notes due 2023 | 695.2 | 695.0 | |||||
7.200% Debentures due 2016-2025 | 67.2 | 67.1 | |||||
3.550% Senior notes due 2024 | 493.9 | 493.7 | |||||
6.480% Debentures due 2025 | 149.7 | 149.7 | |||||
5.750% Senior notes due 2043 | 493.4 | 493.4 | |||||
4.650% Senior notes due 2044 | 295.2 | 295.2 | |||||
Other loans and notes | 0.7 | 0.6 | |||||
Subtotal | 3,714.6 | 3,713.6 |
|
Derivative assets | Derivative liabilities | ||||||||||||||
In millions | March 31, 2016 | December 31, 2015 | March 31, 2016 | December 31, 2015 | |||||||||||
Derivatives designated as hedges: | |||||||||||||||
Currency derivatives designated as hedges | $ | 2.2 | $ | 0.6 | $ | 0.4 | $ | 0.2 | |||||||
Derivatives not designated as hedges: | |||||||||||||||
Currency derivatives not designated as hedges | 23.3 | 4.4 | 1.8 | 12.4 | |||||||||||
Total derivatives | $ | 25.5 | $ | 5.0 | $ | 2.2 | $ | 12.6 |
Amount of gain 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 | 2016 | 2015 | 2016 | 2015 | |||||||||||||
Currency derivatives designated as hedges | $ | 2.0 | $ | 1.5 | Cost of goods sold | $ | 0.7 | $ | (0.7 | ) | |||||||
Interest rate swaps & locks | — | — | Interest expense | (0.1 | ) | (0.1 | ) | ||||||||||
Total | $ | 2.0 | $ | 1.5 | $ | 0.6 | $ | (0.8 | ) |
Location of gain recognized in Net earnings | Amount of gain recognized in Net earnings | ||||||||
In millions | 2016 | 2015 | |||||||
Currency derivatives not designated as hedges | Other income/(expense), net | $ | 26.2 | $ | 32.3 | ||||
Total | $ | 26.2 | $ | 32.3 |
|
• | 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 | $ | 25.5 | $ | — | $ | 25.5 | $ | — | |||||||
Liabilities: | |||||||||||||||
Derivative instruments | $ | 2.2 | $ | — | $ | 2.2 | $ | — |
In Millions | Fair Value | Fair value measurements | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||
Derivative instruments | $ | 5.0 | $ | — | $ | 5.0 | $ | — | |||||||
Liabilities: | |||||||||||||||
Derivative instruments | $ | 12.6 | $ | — | $ | 12.6 | $ | — |
|
Three months ended | |||||||
In millions | 2016 | 2015 | |||||
Service cost | $ | 18.2 | $ | 18.9 | |||
Interest cost | 28.4 | 32.6 | |||||
Expected return on plan assets | (36.1 | ) | (39.6 | ) | |||
Net amortization of: | |||||||
Prior service costs | 1.2 | 0.8 | |||||
Plan net actuarial losses | 15.2 | 15.4 | |||||
Net periodic pension benefit cost | $ | 26.9 | $ | 28.1 | |||
Amounts recorded in continuing operations | $ | 24.4 | $ | 25.5 | |||
Amounts recorded in discontinued operations | 2.5 | 2.6 | |||||
Total | $ | 26.9 | $ | 28.1 |
Three months ended | |||||||
In millions | 2016 | 2015 | |||||
Service cost | $ | 0.9 | $ | 1.0 | |||
Interest cost | 4.5 | 6.0 | |||||
Net amortization of: | |||||||
Prior service gains | (2.2 | ) | (2.2 | ) | |||
Net actuarial losses | — | 0.1 | |||||
Net periodic postretirement benefit cost | $ | 3.2 | $ | 4.9 | |||
Amounts recorded in continuing operations | $ | 2.1 | $ | 3.0 | |||
Amounts recorded in discontinued operations | 1.1 | 1.9 | |||||
Total | $ | 3.2 | $ | 4.9 |
|
In millions | Ordinary shares issued | Ordinary shares held in treasury | |||
December 31, 2015 | 269.0 | 7.8 | |||
Shares issued under incentive plans, net | 1.0 | — | |||
Repurchase of ordinary shares | — | 4.9 | |||
March 31, 2016 | 270.0 | 12.7 |
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 items, net | (1.2 | ) | — | (1.2 | ) | ||||||
Balance at March 31, 2016 | $ | 5,792.8 | $ | 59.9 | $ | 5,852.7 |
In millions | Shareholders’ equity | Noncontrolling interests | Total equity | ||||||||
Balance at December 31, 2014 | $ | 5,987.4 | $ | 58.0 | $ | 6,045.4 | |||||
Net earnings | 51.3 | 4.1 | 55.4 | ||||||||
Currency translation | (305.2 | ) | 0.2 | (305.0 | ) | ||||||
Derivatives qualifying as cash flow hedges, net of tax | 2.9 | — | 2.9 | ||||||||
Pension and OPEB adjustments, net of tax | 22.0 | — | 22.0 | ||||||||
Total comprehensive income (loss) | (229.0 | ) | 4.3 | (224.7 | ) | ||||||
Share-based compensation | 22.9 | — | 22.9 | ||||||||
Dividends declared to noncontrolling interests | — | — | — | ||||||||
Dividends declared to ordinary shareholders | (76.6 | ) | — | (76.6 | ) | ||||||
Shares issued under incentive plans, net of tax benefit | 19.5 | — | 19.5 | ||||||||
Balance at March 31, 2015 | $ | 5,724.2 | $ | 62.3 | $ | 5,786.5 |
In millions | Derivative Instruments | Pension and OPEB Items | Foreign Currency Items | Total | ||||||||||||
Balance at December 31, 2015 | $ | 5.1 | $ | (630.4 | ) | $ | (495.6 | ) | $ | (1,120.9 | ) | |||||
Other comprehensive income 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 | ) |
In millions | Derivative Instruments | Pension and OPEB Items | Foreign Currency Items | Total | ||||||||||||
Balance at December 31, 2014 | $ | 3.1 | $ | (665.1 | ) | $ | (52.3 | ) | $ | (714.3 | ) | |||||
Other comprehensive income before reclassifications | 1.5 | 14.4 | (305.2 | ) | (289.3 | ) | ||||||||||
Amounts reclassified from AOCI | 0.8 | 14.1 | — | 14.9 | ||||||||||||
Provision for income taxes | 0.6 | (6.5 | ) | — | (5.9 | ) | ||||||||||
Net current period other comprehensive income (loss) | $ | 2.9 | $ | 22.0 | $ | (305.2 | ) | $ | (280.3 | ) | ||||||
Balance at March 31, 2015 | $ | 6.0 | $ | (643.1 | ) | $ | (357.5 | ) | $ | (994.6 | ) |
Three months ended | |||||||
In millions | 2016 | 2015 | |||||
Derivative Instruments | |||||||
Reclassifications of deferred (gains) losses (1) | $ | (0.6 | ) | $ | 0.8 | ||
Provision (benefit) for income taxes | — | (0.2 | ) | ||||
Reclassifications, net of taxes | $ | (0.6 | ) | $ | 0.6 | ||
Pension and Postretirement benefits | |||||||
Amortization of service costs (2) | $ | (1.0 | ) | $ | (1.4 | ) | |
Amortization of actuarial losses (2) | 15.2 | 15.5 | |||||
Provision for (benefit from) for income taxes | (4.5 | ) | (6.5 | ) | |||
Reclassifications, net of taxes | $ | 9.7 | $ | 7.6 | |||
Total reclassifications, net of taxes | $ | 9.1 | $ | 8.2 |
|
Three months ended | |||||||
In millions | 2016 | 2015 | |||||
Interest income | $ | 2.0 | $ | 2.9 | |||
Exchange gain (loss) | 5.5 | (32.4 | ) | ||||
Income (loss) from equity investment | (0.8 | ) | 0.6 | ||||
Other activity, net | 3.3 | 2.5 | |||||
Other income/(expense), net | $ | 10.0 | $ | (26.4 | ) |
|
|
Three months ended | |||||||
In millions | 2016 | 2015 | |||||
Net revenues | $ | — | $ | — | |||
Pre-tax earnings (loss) from discontinued operations | $ | 21.0 | $ | (8.8 | ) | ||
Tax benefit (expense) | 5.9 | 1.5 | |||||
Discontinued operations, net of tax | $ | 26.9 | $ | (7.3 | ) |
|
Three months ended | |||||||
In millions | 2016 | 2015 | |||||
Net revenues | |||||||
Climate | $ | 2,213.5 | $ | 2,158.5 | |||
Industrial | 680.6 | 729.3 | |||||
Total | $ | 2,894.1 | $ | 2,887.8 | |||
Segment operating income | |||||||
Climate | $ | 214.3 | $ | 150.9 | |||
Industrial | 62.4 | 74.8 | |||||
Total | $ | 276.7 | $ | 225.7 | |||
Reconciliation to Operating income | |||||||
Unallocated corporate expense | (59.4 | ) | (54.6 | ) | |||
Operating income | $ | 217.3 | $ | 171.1 |
|
• | 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, 2016 | December 31, 2015 | |||||
Accrued expenses and other current liabilities | $ | 66.4 | $ | 65.7 | |||
Other noncurrent liabilities | 621.1 | 648.0 | |||||
Total asbestos-related liabilities | $ | 687.5 | $ | 713.7 | |||
Other current assets | $ | 86.7 | $ | 51.3 | |||
Other noncurrent assets | 252.9 | 264.3 | |||||
Total asset for probable asbestos-related insurance recoveries | $ | 339.6 | $ | 315.6 |
Three months ended | |||||||
In millions | 2016 | 2015 | |||||
Continuing operations | $ | 1.9 | $ | 1.3 | |||
Discontinued operations | 24.0 | (1.3 | ) | ||||
Total | $ | 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 | 2016 | 2015 | |||||
Balance at beginning of period | $ | 262.0 | $ | 253.6 | |||
Reductions for payments | (23.4 | ) | (30.1 | ) | |||
Accruals for warranties issued during the current period | 25.1 | 21.5 | |||||
Accruals for warranties assumed from acquisitions during the current period | — | 9.7 | |||||
Changes to accruals related to preexisting warranties | 0.6 | 7.6 | |||||
Translation | 1.8 | (4.2 | ) | ||||
Balance at end of period | $ | 266.1 | $ | 258.1 |
In millions | 2016 | 2015 | |||||
Balance at beginning of period | $ | 311.6 | $ | 330.1 | |||
Amortization of deferred revenue for the period | (24.2 | ) | (24.9 | ) | |||
Additions for extended warranties issued during the period | 19.4 | 19.4 | |||||
Changes to accruals related to preexisting warranties | (1.0 | ) | 0.8 | ||||
Translation | 1.0 | (1.7 | ) | ||||
Balance at end of period | $ | 306.8 | $ | 323.7 |
|
Parent, issuer or guarantors | Notes issued | Notes guaranteed (3) |
Ingersoll-Rand plc (Plc) | None | All registered notes and debentures |
Ingersoll-Rand International Holding Limited (International Holding) | None | All registered notes and debentures |
Ingersoll-Rand Lux International Holding Company S.à.r.l. (Lux International) | None | All notes issued by Global Holding and Lux Finance (1) |
Ingersoll-Rand Global Holding Company Limited (Global Holding) | 6.875% Senior notes due 2018(2) 2.875% Senior notes due 2019(2) 4.250% Senior notes due 2023(2) 5.750% Senior notes due 2043(2) | All notes issued by Lux Finance |
Ingersoll-Rand Company (New Jersey) | 9.000% Debentures due 2021 7.200% Debentures due 2016-2025 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 |
In millions | Plc | International Holding | 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 | ) | — | (1,894.1 | ) | 89.2 | (2,047.0 | ) | |||||||||||||||||||||||
Selling and administrative expenses | (1.5 | ) | — | — | — | (132.6 | ) | (0.2 | ) | (495.5 | ) | — | (629.8 | ) | |||||||||||||||||||||
Operating income (loss) | (1.5 | ) | — | — | — | (58.2 | ) | (0.2 | ) | 277.2 | — | 217.3 | |||||||||||||||||||||||
Equity earnings (loss) in subsidiaries, net of tax | 167.6 | 146.7 | 156.5 | 41.2 | 106.8 | 22.5 | — | (641.3 | ) | — | |||||||||||||||||||||||||
Interest expense | — | — | — | (31.9 | ) | (12.1 | ) | (11.2 | ) | (1.5 | ) | — | (56.7 | ) | |||||||||||||||||||||
Intercompany interest and fees | (14.0 | ) | (1.6 | ) | (10.1 | ) | (36.9 | ) | (71.6 | ) | (1.3 | ) | 135.5 | — | — | ||||||||||||||||||||
Other income/(expense), net | 0.1 | — | — | — | (1.6 | ) | — | 11.5 | — | 10.0 | |||||||||||||||||||||||||
Earnings (loss) before income taxes | 152.2 | 145.1 | 146.4 | (27.6 | ) | (36.7 | ) | 9.8 | 422.7 | (641.3 | ) | 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 | 145.3 | 146.4 | (2.6 | ) | 16.3 | 9.8 | 302.4 | (641.3 | ) | 128.7 | ||||||||||||||||||||||||
Gain (loss) from discontinued operations, net of tax | — | — | — | — | 25.1 | — | 1.8 | — | 26.9 | ||||||||||||||||||||||||||
Net earnings (loss) | 152.4 | 145.3 | 146.4 | (2.6 | ) | 41.4 | 9.8 | 304.2 | (641.3 | ) | 155.6 | ||||||||||||||||||||||||
Less net earnings attributable to noncontrolling interests | — | — | — | — | — | — | (3.2 | ) | — | (3.2 | ) | ||||||||||||||||||||||||
Net earnings attributable to Ingersoll-Rand plc | $ | 152.4 | $ | 145.3 | $ | 146.4 | $ | (2.6 | ) | $ | 41.4 | $ | 9.8 | $ | 301.0 | $ | (641.3 | ) | $ | 152.4 | |||||||||||||||
Other comprehensive loss, net of tax | 142.0 | 135.5 | 135.4 | 56.6 | 56.5 | 6.3 | 130.9 | (521.2 | ) | 142.0 | |||||||||||||||||||||||||
Comprehensive income attributable to Ingersoll-Rand plc | $ | 294.4 | $ | 280.8 | $ | 281.8 | $ | 54.0 | $ | 97.9 | $ | 16.1 | $ | 431.9 | $ | (1,162.5 | ) | $ | 294.4 |
in millions | Plc | International Holding | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | — | $ | — | $ | 344.7 | $ | — | $ | 2,639.5 | $ | (96.4 | ) | $ | 2,887.8 | ||||||||||||||||
Cost of goods sold | — | — | — | — | (254.0 | ) | — | (1,929.1 | ) | 96.4 | (2,086.7 | ) | |||||||||||||||||||||||
Selling and administrative expenses | (1.8 | ) | — | — | (0.1 | ) | (106.5 | ) | (0.3 | ) | (521.3 | ) | — | (630.0 | ) | ||||||||||||||||||||
Operating income (loss) | (1.8 | ) | — | — | (0.1 | ) | (15.8 | ) | (0.3 | ) | 189.1 | — | 171.1 | ||||||||||||||||||||||
Equity earnings (loss) in subsidiaries, net of tax | 57.6 | 44.7 | 49.6 | (10.7 | ) | 64.6 | 12.5 | — | (218.3 | ) | — | ||||||||||||||||||||||||
Interest expense | — | — | — | (31.9 | ) | (12.1 | ) | (10.2 | ) | (0.9 | ) | — | (55.1 | ) | |||||||||||||||||||||
Intercompany interest and fees | (5.7 | ) | (2.3 | ) | (5.2 | ) | (6.8 | ) | (62.4 | ) | (0.4 | ) | 82.8 | — | — | ||||||||||||||||||||
Other income/(expense), net | 1.0 | — | — | — | 1.3 | — | (28.7 | ) | — | (26.4 | ) | ||||||||||||||||||||||||
Earnings (loss) before income taxes | 51.1 | 42.4 | 44.4 | (49.5 | ) | (24.4 | ) | 1.6 | 242.3 | (218.3 | ) | 89.6 | |||||||||||||||||||||||
Benefit (provision) for income taxes | 0.2 | — | — | 14.1 | 22.7 | — | (63.9 | ) | — | (26.9 | ) | ||||||||||||||||||||||||
Earnings (loss) from continuing operations | 51.3 | 42.4 | 44.4 | (35.4 | ) | (1.7 | ) | 1.6 | 178.4 | (218.3 | ) | 62.7 | |||||||||||||||||||||||
Gain (loss) from discontinued operations, net of tax | — | — | — | — | (9.1 | ) | — | 1.8 | — | (7.3 | ) | ||||||||||||||||||||||||
Net earnings (loss) | 51.3 | 42.4 | 44.4 | (35.4 | ) | (10.8 | ) | 1.6 | 180.2 | (218.3 | ) | 55.4 | |||||||||||||||||||||||
Less net earnings attributable to noncontrolling interests | — | — | — | — | — | — | (4.1 | ) | — | (4.1 | ) | ||||||||||||||||||||||||
Net earnings attributable to Ingersoll-Rand plc | $ | 51.3 | $ | 42.4 | $ | 44.4 | $ | (35.4 | ) | $ | (10.8 | ) | $ | 1.6 | $ | 176.1 | $ | (218.3 | ) | $ | 51.3 | ||||||||||||||
Other comprehensive loss, net of tax | (280.3 | ) | (263.8 | ) | (263.8 | ) | (4.7 | ) | (4.8 | ) | (30.8 | ) | (253.5 | ) | 821.4 | (280.3 | ) | ||||||||||||||||||
Comprehensive income attributable to Ingersoll-Rand plc | $ | (229.0 | ) | $ | (221.4 | ) | $ | (219.4 | ) | $ | (40.1 | ) | $ | (15.6 | ) | $ | (29.2 | ) | $ | (77.4 | ) | $ | 603.1 | $ | (229.0 | ) |
In millions | Plc | International Holding | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | 0.4 | $ | — | $ | 0.1 | $ | 612.4 | $ | — | $ | 612.9 | |||||||||||||||||
Accounts and notes receivable, net | — | — | — | — | 156.3 | — | 1,998.8 | — | 2,155.1 | ||||||||||||||||||||||||||
Inventories | — | — | — | — | 209.1 | — | 1,403.6 | — | 1,612.7 | ||||||||||||||||||||||||||
Other current assets | 0.4 | — | — | 6.5 | 166.6 | — | 263.9 | (5.2 | ) | 432.2 | |||||||||||||||||||||||||
Intercompany receivables | 117.3 | 19,535.7 | 6.4 | 478.9 | 2,621.4 | — | 15,387.8 | (38,147.5 | ) | — | |||||||||||||||||||||||||
Total current assets | 117.7 | 19,535.7 | 6.4 | 485.8 | 3,153.4 | 0.1 | 19,666.5 | (38,152.7 | ) | 4,812.9 | |||||||||||||||||||||||||
Property, plant and equipment, net | — | — | — | — | 466.9 | — | 1,115.3 | — | 1,582.2 | ||||||||||||||||||||||||||
Goodwill and other intangible assets, net | — | — | — | — | 410.5 | — | 9,277.0 | — | 9,687.5 | ||||||||||||||||||||||||||
Other assets, net | 0.2 | — | — | 308.5 | 755.6 | — | 579.6 | (774.0 | ) | 869.9 | |||||||||||||||||||||||||
Investments in consolidated subsidiaries | 10,660.8 | — | 14,299.1 | 6,519.8 | 14,030.6 | 1,739.0 | — | (47,249.3 | ) | — | |||||||||||||||||||||||||
Intercompany notes receivable | — | — | — | — | — | — | 3,851.8 | (3,851.8 | ) | — | |||||||||||||||||||||||||
Total assets | $ | 10,778.7 | $ | 19,535.7 | $ | 14,305.5 | $ | 7,314.1 | $ | 18,817.0 | $ | 1,739.1 | $ | 34,490.2 | $ | (90,027.8 | ) | $ | 16,952.5 | ||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||
Accounts payable and accrued expenses | $ | 7.3 | $ | — | $ | 0.2 | $ | 26.0 | $ | 570.7 | $ | 16.3 | $ | 2,556.8 | $ | (5.2 | ) | $ | 3,172.1 | ||||||||||||||||
Short-term borrowings and current maturities of long-term debt | — | — | — | — | 350.4 | 397.0 | 10.6 | — | 758.0 | ||||||||||||||||||||||||||
Intercompany payables | 4,978.5 | — | 23,542.3 | 1,056.9 | 7,696.8 | 493.9 | 379.1 | (38,147.5 | ) | — | |||||||||||||||||||||||||
Total current liabilities | 4,985.8 | — | 23,542.5 | 1,082.9 | 8,617.9 | 907.2 | 2,946.5 | (38,152.7 | ) | 3,930.1 | |||||||||||||||||||||||||
Long-term debt | — | — | — | 2,285.0 | 341.7 | 1,087.2 | 0.7 | — | 3,714.6 | ||||||||||||||||||||||||||
Other noncurrent liabilities | — | 3.8 | — | 8.4 | 1,321.0 | — | 2,896.0 | (774.1 | ) | 3,455.1 | |||||||||||||||||||||||||
Intercompany notes payable | — | — | — | 1,817.2 | 2,034.6 | — | — | (3,851.8 | ) | — | |||||||||||||||||||||||||
Total liabilities | 4,985.8 | 3.8 | 23,542.5 | 5,193.5 | 12,315.2 | 1,994.4 | 5,843.2 | (42,778.6 | ) | 11,099.8 | |||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||||||||
Total equity | 5,792.9 | 19,531.9 | (9,237.0 | ) | 2,120.6 | 6,501.8 | (255.3 | ) | 28,647.0 | (47,249.2 | ) | 5,852.7 | |||||||||||||||||||||||
Total liabilities and equity | $ | 10,778.7 | $ | 19,535.7 | $ | 14,305.5 | $ | 7,314.1 | $ | 18,817.0 | $ | 1,739.1 | $ | 34,490.2 | $ | (90,027.8 | ) | $ | 16,952.5 |
In millions | Plc | International Holding | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | 11.4 | $ | — | $ | 0.1 | $ | 725.3 | $ | — | $ | 736.8 | |||||||||||||||||
Accounts and notes receivable, net | — | — | — | — | 160.7 | — | 1,989.9 | — | 2,150.6 | ||||||||||||||||||||||||||
Inventories | — | — | — | — | 192.0 | — | 1,218.7 | — | 1,410.7 | ||||||||||||||||||||||||||
Other current assets | 0.1 | — | — | 6.4 | 83.3 | — | 237.5 | (16.0 | ) | 311.3 | |||||||||||||||||||||||||
Intercompany receivables | 136.8 | 20,103.6 | 3.3 | 102.2 | 1,413.9 | — | 15,933.5 | (37,693.3 | ) | — | |||||||||||||||||||||||||
Total current assets | 136.9 | 20,103.6 | 3.3 | 120.0 | 1,849.9 | 0.1 | 20,104.9 | (37,709.3 | ) | 4,609.4 | |||||||||||||||||||||||||
Property, plant and equipment, net | — | — | — | — | 463.0 | — | 1,112.1 | — | 1,575.1 | ||||||||||||||||||||||||||
Goodwill and other intangible assets, net | — | — | — | — | 412.9 | — | 9,243.4 | — | 9,656.3 | ||||||||||||||||||||||||||
Other assets, net | 0.2 | — | — | 283.8 | 733.4 | — | 568.4 | (709.0 | ) | 876.8 | |||||||||||||||||||||||||
Investments in consolidated subsidiaries | 10,139.0 | — | 13,980.5 | 6,396.2 | 13,883.9 | 1,708.7 | — | (46,108.3 | ) | — | |||||||||||||||||||||||||
Intercompany notes receivable | — | — | — | — | — | — | 2,876.7 | (2,876.7 | ) | — | |||||||||||||||||||||||||
Total assets | $ | 10,276.1 | $ | 20,103.6 | $ | 13,983.8 | $ | 6,800.0 | $ | 17,343.1 | $ | 1,708.8 | $ | 33,905.5 | $ | (87,403.3 | ) | $ | 16,717.6 | ||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||
Accounts payable and accrued expenses | 7.1 | — | 0.1 | 30.7 | 599.2 | 6.3 | 2,516.7 | (15.9 | ) | 3,144.2 | |||||||||||||||||||||||||
Short-term borrowings and current maturities of long-term debt | — | — | — | — | 350.4 | 143.0 | 10.8 | — | 504.2 | ||||||||||||||||||||||||||
Intercompany payables | 4,452.3 | 753.1 | 23,528.9 | 1,997.8 | 5,858.2 | 745.5 | 357.6 | (37,693.4 | ) | — | |||||||||||||||||||||||||
Total current liabilities | 4,459.4 | 753.1 | 23,529.0 | 2,028.5 | 6,807.8 | 894.8 | 2,885.1 | (37,709.3 | ) | 3,648.4 | |||||||||||||||||||||||||
Long-term debt | — | — | — | 2,284.4 | 341.6 | 1,086.9 | 0.7 | — | 3,713.6 | ||||||||||||||||||||||||||
Other noncurrent liabilities | — | 3.8 | — | 8.3 | 1,367.9 | — | 2,805.3 | (708.9 | ) | 3,476.4 | |||||||||||||||||||||||||
Intercompany notes payable | — | — | — | 429.0 | 2,447.7 | — | — | (2,876.7 | ) | — | |||||||||||||||||||||||||
Total liabilities | 4,459.4 | 756.9 | 23,529.0 | 4,750.2 | 10,965.0 | 1,981.7 | 5,691.1 | (41,294.9 | ) | 10,838.4 | |||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||||||||
Total equity | 5,816.7 | 19,346.7 | (9,545.2 | ) | 2,049.8 | 6,378.1 | (272.9 | ) | 28,214.4 | (46,108.4 | ) | 5,879.2 | |||||||||||||||||||||||
Total liabilities and equity | $ | 10,276.1 | $ | 20,103.6 | $ | 13,983.8 | $ | 6,800.0 | $ | 17,343.1 | $ | 1,708.8 | $ | 33,905.5 | $ | (87,403.3 | ) | $ | 16,717.6 |
in millions | Plc | International Holding | 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 | $ | 12.9 | $ | — | $ | (0.1 | ) | $ | (67.6 | ) | $ | (11.7 | ) | $ | (1.0 | ) | $ | 60.3 | $ | 1.9 | $ | (5.3 | ) | ||||||||||||
Net cash provided by (used in) discontinued operating activities | — | — | — | — | (4.7 | ) | — | — | (2.0 | ) | (6.7 | ) | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | 12.9 | — | (0.1 | ) | (67.6 | ) | (16.4 | ) | (1.0 | ) | 60.3 | (0.1 | ) | (12.0 | ) | ||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | — | — | (18.2 | ) | — | (21.9 | ) | — | (40.1 | ) | |||||||||||||||||||||||
Intercompany investing activities, net | — | 754.8 | (3.3 | ) | (381.5 | ) | 65.7 | — | 269.2 | (704.9 | ) | — | |||||||||||||||||||||||
Net cash provided by (used in) investing activities | — | 754.8 | (3.3 | ) | (381.5 | ) | 47.5 | — | 247.3 | (704.9 | ) | (40.1 | ) | ||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Net proceeds from 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 | (6.7 | ) | — | — | — | — | — | — | — | (6.7 | ) | ||||||||||||||||||||||||
Intercompany financing activities, net | 326.1 | (754.8 | ) | 3.4 | 440.2 | (31.1 | ) | (253.0 | ) | (435.8 | ) | 705.0 | — | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | (12.9 | ) | (754.8 | ) | 3.4 | 438.1 | (31.1 | ) | 1.0 | (442.5 | ) | 705.0 | (93.8 | ) | |||||||||||||||||||||
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 |
in millions | Plc | International Holding | 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 | $ | 2.6 | $ | — | $ | (0.2 | ) | $ | (32.0 | ) | $ | (281.4 | ) | $ | (1.6 | ) | $ | 197.4 | $ | — | $ | (115.2 | ) | ||||||||||||
Net cash provided by (used in) discontinued operating activities | — | — | — | — | (9.1 | ) | — | (0.9 | ) | — | $ | (10.0 | ) | ||||||||||||||||||||||
Net cash provided by (used in) operating activities | 2.6 | — | (0.2 | ) | (32.0 | ) | (290.5 | ) | (1.6 | ) | 196.5 | — | (125.2 | ) | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | — | — | (28.3 | ) | — | (27.4 | ) | — | (55.7 | ) | |||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | — | — | — | — | (448.1 | ) | — | (493.6 | ) | — | (941.7 | ) | |||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | — | — | — | — | — | — | 4.0 | — | 4.0 | ||||||||||||||||||||||||||
Intercompany investing activities, net | — | — | (0.2 | ) | (3.6 | ) | — | (228.0 | ) | (322.3 | ) | 554.1 | — | ||||||||||||||||||||||
Net cash provided by (used in) investing activities | — | — | (0.2 | ) | (3.6 | ) | (476.4 | ) | (228.0 | ) | (839.3 | ) | 554.1 | (993.4 | ) | ||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Net proceeds from (repayments of) debt | — | — | — | 194.9 | — | 140.5 | (24.3 | ) | — | 311.1 | |||||||||||||||||||||||||
Dividends paid to ordinary shareholders | (73.8 | ) | — | — | — | — | — | — | — | (73.8 | ) | ||||||||||||||||||||||||
Other financing activities, net | 19.5 | — | — | — | — | — | — | — | 19.5 | ||||||||||||||||||||||||||
Intercompany financing activities, net | 51.7 | — | (0.7 | ) | (159.3 | ) | 341.5 | 89.2 | 231.7 | (554.1 | ) | — | |||||||||||||||||||||||
Net cash provided by (used in) financing activities | (2.6 | ) | — | (0.7 | ) | 35.6 | 341.5 | 229.7 | 207.4 | (554.1 | ) | 256.8 | |||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | (109.5 | ) | — | (109.5 | ) | ||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | (1.1 | ) | — | (425.4 | ) | 0.1 | (544.9 | ) | — | (971.3 | ) | ||||||||||||||||||||||
Cash and cash equivalents - beginning of period | — | — | 1.1 | — | 425.4 | — | 1,278.7 | — | 1,705.2 | ||||||||||||||||||||||||||
Cash and cash equivalents - end of period | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 0.1 | $ | 733.8 | $ | — | $ | 733.9 |
|
|
In millions | March 31, 2016 | December 31, 2015 | |||||
Raw materials | $ | 513.0 | $ | 514.9 | |||
Work-in-process | 186.7 | 131.0 | |||||
Finished goods | 973.3 | 825.7 | |||||
1,673.0 | 1,471.6 | ||||||
LIFO reserve | (60.3 | ) | (60.9 | ) | |||
Total | $ | 1,612.7 | $ | 1,410.7 |
|
In millions | Climate | Industrial | Total | ||||||||
Net balance as of December 31, 2015 | $ | 4,952.6 | $ | 777.6 | $ | 5,730.2 | |||||
Currency translation | 45.9 | 8.3 | 54.2 | ||||||||
Net balance as of March 31, 2016 | $ | 4,998.5 | $ | 785.9 | $ | 5,784.4 |
|
March 31, 2016 | December 31, 2015 | |||||||||||||||||||||||
In millions | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | ||||||||||||||||||
Completed technologies/patents | $ | 216.5 | $ | (171.7 | ) | $ | 44.8 | $ | 214.9 | $ | (168.7 | ) | $ | 46.2 | ||||||||||
Customer relationships | 2,029.3 | (843.9 | ) | 1,185.4 | 2,019.8 | (811.5 | ) | 1,208.3 | ||||||||||||||||
Other | 65.0 | (47.5 | ) | 17.5 | 63.5 | (45.7 | ) | 17.8 | ||||||||||||||||
Total finite-lived intangible assets | 2,310.8 | (1,063.1 | ) | 1,247.7 | 2,298.2 | (1,025.9 | ) | 1,272.3 | ||||||||||||||||
Trademarks (indefinite-lived) | 2,655.4 | — | 2,655.4 | 2,653.8 | — | 2,653.8 | ||||||||||||||||||
Total | $ | 4,966.2 | $ | (1,063.1 | ) | $ | 3,903.1 | $ | 4,952.0 | $ | (1,025.9 | ) | $ | 3,926.1 |
|
In millions | March 31, 2016 | December 31, 2015 | |||||
Debentures with put feature | $ | 343.0 | $ | 343.0 | |||
Commercial Paper | 397.0 | 143.0 | |||||
Other current maturities of long-term debt | 7.8 | 7.8 | |||||
Short-term borrowings | 10.2 | 10.4 | |||||
Total | $ | 758.0 | $ | 504.2 |
In millions | March 31, 2016 | December 31, 2015 | |||||
6.875% Senior notes due 2018 | $ | 748.1 | $ | 748.0 | |||
2.875% Senior notes due 2019 | 348.3 | 348.1 | |||||
2.625% Senior notes due 2020 | 298.1 | 298.0 | |||||
9.000% Debentures due 2021 | 124.8 | 124.8 | |||||
4.250% Senior notes due 2023 | 695.2 | 695.0 | |||||
7.200% Debentures due 2016-2025 | 67.2 | 67.1 | |||||
3.550% Senior notes due 2024 | 493.9 | 493.7 | |||||
6.480% Debentures due 2025 | 149.7 | 149.7 | |||||
5.750% Senior notes due 2043 | 493.4 | 493.4 | |||||
4.650% Senior notes due 2044 | 295.2 | 295.2 | |||||
Other loans and notes | 0.7 | 0.6 | |||||
Subtotal | 3,714.6 | 3,713.6 |
|
Amount of gain 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 | 2016 | 2015 | 2016 | 2015 | |||||||||||||
Currency derivatives designated as hedges | $ | 2.0 | $ | 1.5 | Cost of goods sold | $ | 0.7 | $ | (0.7 | ) | |||||||
Interest rate swaps & locks | — | — | Interest expense | (0.1 | ) | (0.1 | ) | ||||||||||
Total | $ | 2.0 | $ | 1.5 | $ | 0.6 | $ | (0.8 | ) |
Amount of gain (loss) recognized in AOCI | Location of loss reclassified from AOCI and recognized into Net earnings | Amount of loss reclassified from AOCI and recognized into Net earnings | |||||||||||||||
In millions | 2016 | 2015 | 2016 | 2015 | |||||||||||||
Currency derivatives designated as hedges | $ | 2.0 | $ | 1.5 | Cost of goods sold | $ | 0.7 | $ | (0.4 | ) | |||||||
Currency derivatives - discontinued | — | — | Discontinued operations | — | — | ||||||||||||
Interest rate swaps & locks | — | — | Interest expense | (0.1 | ) | (0.4 | ) | ||||||||||
Total | $ | 2.0 | $ | 1.5 | $ | 0.6 | $ | (0.8 | ) |
Location of gain recognized in Net earnings | Amount of gain recognized in Net earnings | ||||||||
In millions | 2016 | 2015 | |||||||
Currency derivatives not designated as hedges | Other income/(expense), net | $ | 26.2 | $ | 32.3 | ||||
Total | $ | 26.2 | $ | 32.3 |
Location of gain (loss) recognized in Net earnings | Amount of gain (loss) recognized in Net earnings | ||||||||
In millions | 2016 | 2015 | |||||||
Currency derivatives not designated as hedges | Other income/(expense), net | $ | 26.2 | $ | 32.3 | ||||
Total | $ | 26.2 | $ | 32.3 |
|
In Millions | Fair Value | Fair value measurements | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||
Derivative instruments | $ | 25.5 | $ | — | $ | 25.5 | $ | — | |||||||
Liabilities: | |||||||||||||||
Derivative instruments | $ | 2.2 | $ | — | $ | 2.2 | $ | — |
In Millions | Fair Value | Fair value measurements | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||
Derivative instruments | $ | 5.0 | $ | — | $ | 5.0 | $ | — | |||||||
Liabilities: | |||||||||||||||
Derivative instruments | $ | 12.6 | $ | — | $ | 12.6 | $ | — |
|
Three months ended | |||||||
In millions | 2016 | 2015 | |||||
Service cost | $ | 18.2 | $ | 18.9 | |||
Interest cost | 28.4 | 32.6 | |||||
Expected return on plan assets | (36.1 | ) | (39.6 | ) | |||
Net amortization of: | |||||||
Prior service costs | 1.2 | 0.8 | |||||
Plan net actuarial losses | 15.2 | 15.4 | |||||
Net periodic pension benefit cost | $ | 26.9 | $ | 28.1 | |||
Amounts recorded in continuing operations | $ | 24.4 | $ | 25.5 | |||
Amounts recorded in discontinued operations | 2.5 | 2.6 | |||||
Total | $ | 26.9 | $ | 28.1 |
Three months ended | |||||||
In millions | 2016 | 2015 | |||||
Service cost | $ | 0.9 | $ | 1.0 | |||
Interest cost | 4.5 | 6.0 | |||||
Net amortization of: | |||||||
Prior service gains | (2.2 | ) | (2.2 | ) | |||
Net actuarial losses | — | 0.1 | |||||
Net periodic postretirement benefit cost | $ | 3.2 | $ | 4.9 | |||
Amounts recorded in continuing operations | $ | 2.1 | $ | 3.0 | |||
Amounts recorded in discontinued operations | 1.1 | 1.9 | |||||
Total | $ | 3.2 | $ | 4.9 |
|
In millions | Ordinary shares issued | Ordinary shares held in treasury | |||
December 31, 2015 | 269.0 | 7.8 | |||
Shares issued under incentive plans, net | 1.0 | — | |||
Repurchase of ordinary shares | — | 4.9 | |||
March 31, 2016 | 270.0 | 12.7 |
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 items, net | (1.2 | ) | — | (1.2 | ) | ||||||
Balance at March 31, 2016 | $ | 5,792.8 | $ | 59.9 | $ | 5,852.7 |
In millions | Shareholders’ equity | Noncontrolling interests | Total equity | ||||||||
Balance at December 31, 2014 | $ | 5,987.4 | $ | 58.0 | $ | 6,045.4 | |||||
Net earnings | 51.3 | 4.1 | 55.4 | ||||||||
Currency translation | (305.2 | ) | 0.2 | (305.0 | ) | ||||||
Derivatives qualifying as cash flow hedges, net of tax | 2.9 | — | 2.9 | ||||||||
Pension and OPEB adjustments, net of tax | 22.0 | — | 22.0 | ||||||||
Total comprehensive income (loss) | (229.0 | ) | 4.3 | (224.7 | ) | ||||||
Share-based compensation | 22.9 | — | 22.9 | ||||||||
Dividends declared to noncontrolling interests | — | — | — | ||||||||
Dividends declared to ordinary shareholders | (76.6 | ) | — | (76.6 | ) | ||||||
Shares issued under incentive plans, net of tax benefit | 19.5 | — | 19.5 | ||||||||
Balance at March 31, 2015 | $ | 5,724.2 | $ | 62.3 | $ | 5,786.5 |
In millions | Derivative Instruments | Pension and OPEB Items | Foreign Currency Items | Total | ||||||||||||
Balance at December 31, 2015 | $ | 5.1 | $ | (630.4 | ) | $ | (495.6 | ) | $ | (1,120.9 | ) | |||||
Other comprehensive income 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 | ) |
In millions | Derivative Instruments | Pension and OPEB Items | Foreign Currency Items | Total | ||||||||||||
Balance at December 31, 2014 | $ | 3.1 | $ | (665.1 | ) | $ | (52.3 | ) | $ | (714.3 | ) | |||||
Other comprehensive income before reclassifications | 1.5 | 14.4 | (305.2 | ) | (289.3 | ) | ||||||||||
Amounts reclassified from AOCI | 0.8 | 14.1 | — | 14.9 | ||||||||||||
Provision for income taxes | 0.6 | (6.5 | ) | — | (5.9 | ) | ||||||||||
Net current period other comprehensive income (loss) | $ | 2.9 | $ | 22.0 | $ | (305.2 | ) | $ | (280.3 | ) | ||||||
Balance at March 31, 2015 | $ | 6.0 | $ | (643.1 | ) | $ | (357.5 | ) | $ | (994.6 | ) |
Three months ended | |||||||
In millions | 2016 | 2015 | |||||
Derivative Instruments | |||||||
Reclassifications of deferred (gains) losses (1) | $ | (0.6 | ) | $ | 0.8 | ||
Provision (benefit) for income taxes | — | (0.2 | ) | ||||
Reclassifications, net of taxes | $ | (0.6 | ) | $ | 0.6 | ||
Pension and Postretirement benefits | |||||||
Amortization of service costs (2) | $ | (1.0 | ) | $ | (1.4 | ) | |
Amortization of actuarial losses (2) | 15.2 | 15.5 | |||||
Provision for (benefit from) for income taxes | (4.5 | ) | (6.5 | ) | |||
Reclassifications, net of taxes | $ | 9.7 | $ | 7.6 | |||
Total reclassifications, net of taxes | $ | 9.1 | $ | 8.2 |
|
Three months ended | |||||||
In millions | 2016 | 2015 | |||||
Interest income | $ | 2.0 | $ | 2.9 | |||
Exchange gain (loss) | 5.5 | (32.4 | ) | ||||
Income (loss) from equity investment | (0.8 | ) | 0.6 | ||||
Other activity, net | 3.3 | 2.5 | |||||
Other income/(expense), net | $ | 10.0 | $ | (26.4 | ) |
|
Three months ended | |||||||
In millions | 2016 | 2015 | |||||
Net revenues | $ | — | $ | — | |||
Pre-tax earnings (loss) from discontinued operations | $ | 21.0 | $ | (8.8 | ) | ||
Tax benefit (expense) | 5.9 | 1.5 | |||||
Discontinued operations, net of tax | $ | 26.9 | $ | (7.3 | ) |
|
Three months ended | |||||||
In millions | 2016 | 2015 | |||||
Net revenues | |||||||
Climate | $ | 2,213.5 | $ | 2,158.5 | |||
Industrial | 680.6 | 729.3 | |||||
Total | $ | 2,894.1 | $ | 2,887.8 | |||
Segment operating income | |||||||
Climate | $ | 214.3 | $ | 150.9 | |||
Industrial | 62.4 | 74.8 | |||||
Total | $ | 276.7 | $ | 225.7 | |||
Reconciliation to Operating income | |||||||
Unallocated corporate expense | (59.4 | ) | (54.6 | ) | |||
Operating income | $ | 217.3 | $ | 171.1 |
|
In millions | March 31, 2016 | December 31, 2015 | |||||
Accrued expenses and other current liabilities | $ | 66.4 | $ | 65.7 | |||
Other noncurrent liabilities | 621.1 | 648.0 | |||||
Total asbestos-related liabilities | $ | 687.5 | $ | 713.7 | |||
Other current assets | $ | 86.7 | $ | 51.3 | |||
Other noncurrent assets | 252.9 | 264.3 | |||||
Total asset for probable asbestos-related insurance recoveries | $ | 339.6 | $ | 315.6 |
Three months ended | |||||||
In millions | 2016 | 2015 | |||||
Continuing operations | $ | 1.9 | $ | 1.3 | |||
Discontinued operations | 24.0 | (1.3 | ) | ||||
Total | $ | 25.9 | $ | — |
In millions | 2016 | 2015 | |||||
Balance at beginning of period | $ | 262.0 | $ | 253.6 | |||
Reductions for payments | (23.4 | ) | (30.1 | ) | |||
Accruals for warranties issued during the current period | 25.1 | 21.5 | |||||
Accruals for warranties assumed from acquisitions during the current period | — | 9.7 | |||||
Changes to accruals related to preexisting warranties | 0.6 | 7.6 | |||||
Translation | 1.8 | (4.2 | ) | ||||
Balance at end of period | $ | 266.1 | $ | 258.1 |
In millions | 2016 | 2015 | |||||
Balance at beginning of period | $ | 311.6 | $ | 330.1 | |||
Amortization of deferred revenue for the period | (24.2 | ) | (24.9 | ) | |||
Additions for extended warranties issued during the period | 19.4 | 19.4 | |||||
Changes to accruals related to preexisting warranties | (1.0 | ) | 0.8 | ||||
Translation | 1.0 | (1.7 | ) | ||||
Balance at end of period | $ | 306.8 | $ | 323.7 |
|
In millions | Plc | International Holding | 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 | ) | — | (1,894.1 | ) | 89.2 | (2,047.0 | ) | |||||||||||||||||||||||
Selling and administrative expenses | (1.5 | ) | — | — | — | (132.6 | ) | (0.2 | ) | (495.5 | ) | — | (629.8 | ) | |||||||||||||||||||||
Operating income (loss) | (1.5 | ) | — | — | — | (58.2 | ) | (0.2 | ) | 277.2 | — | 217.3 | |||||||||||||||||||||||
Equity earnings (loss) in subsidiaries, net of tax | 167.6 | 146.7 | 156.5 | 41.2 | 106.8 | 22.5 | — | (641.3 | ) | — | |||||||||||||||||||||||||
Interest expense | — | — | — | (31.9 | ) | (12.1 | ) | (11.2 | ) | (1.5 | ) | — | (56.7 | ) | |||||||||||||||||||||
Intercompany interest and fees | (14.0 | ) | (1.6 | ) | (10.1 | ) | (36.9 | ) | (71.6 | ) | (1.3 | ) | 135.5 | — | — | ||||||||||||||||||||
Other income/(expense), net | 0.1 | — | — | — | (1.6 | ) | — | 11.5 | — | 10.0 | |||||||||||||||||||||||||
Earnings (loss) before income taxes | 152.2 | 145.1 | 146.4 | (27.6 | ) | (36.7 | ) | 9.8 | 422.7 | (641.3 | ) | 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 | 145.3 | 146.4 | (2.6 | ) | 16.3 | 9.8 | 302.4 | (641.3 | ) | 128.7 | ||||||||||||||||||||||||
Gain (loss) from discontinued operations, net of tax | — | — | — | — | 25.1 | — | 1.8 | — | 26.9 | ||||||||||||||||||||||||||
Net earnings (loss) | 152.4 | 145.3 | 146.4 | (2.6 | ) | 41.4 | 9.8 | 304.2 | (641.3 | ) | 155.6 | ||||||||||||||||||||||||
Less net earnings attributable to noncontrolling interests | — | — | — | — | — | — | (3.2 | ) | — | (3.2 | ) | ||||||||||||||||||||||||
Net earnings attributable to Ingersoll-Rand plc | $ | 152.4 | $ | 145.3 | $ | 146.4 | $ | (2.6 | ) | $ | 41.4 | $ | 9.8 | $ | 301.0 | $ | (641.3 | ) | $ | 152.4 | |||||||||||||||
Other comprehensive loss, net of tax | 142.0 | 135.5 | 135.4 | 56.6 | 56.5 | 6.3 | 130.9 | (521.2 | ) | 142.0 | |||||||||||||||||||||||||
Comprehensive income attributable to Ingersoll-Rand plc | $ | 294.4 | $ | 280.8 | $ | 281.8 | $ | 54.0 | $ | 97.9 | $ | 16.1 | $ | 431.9 | $ | (1,162.5 | ) | $ | 294.4 |
in millions | Plc | International Holding | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | — | $ | — | $ | 344.7 | $ | — | $ | 2,639.5 | $ | (96.4 | ) | $ | 2,887.8 | ||||||||||||||||
Cost of goods sold | — | — | — | — | (254.0 | ) | — | (1,929.1 | ) | 96.4 | (2,086.7 | ) | |||||||||||||||||||||||
Selling and administrative expenses | (1.8 | ) | — | — | (0.1 | ) | (106.5 | ) | (0.3 | ) | (521.3 | ) | — | (630.0 | ) | ||||||||||||||||||||
Operating income (loss) | (1.8 | ) | — | — | (0.1 | ) | (15.8 | ) | (0.3 | ) | 189.1 | — | 171.1 | ||||||||||||||||||||||
Equity earnings (loss) in subsidiaries, net of tax | 57.6 | 44.7 | 49.6 | (10.7 | ) | 64.6 | 12.5 | — | (218.3 | ) | — | ||||||||||||||||||||||||
Interest expense | — | — | — | (31.9 | ) | (12.1 | ) | (10.2 | ) | (0.9 | ) | — | (55.1 | ) | |||||||||||||||||||||
Intercompany interest and fees | (5.7 | ) | (2.3 | ) | (5.2 | ) | (6.8 | ) | (62.4 | ) | (0.4 | ) | 82.8 | — | — | ||||||||||||||||||||
Other income/(expense), net | 1.0 | — | — | — | 1.3 | — | (28.7 | ) | — | (26.4 | ) | ||||||||||||||||||||||||
Earnings (loss) before income taxes | 51.1 | 42.4 | 44.4 | (49.5 | ) | (24.4 | ) | 1.6 | 242.3 | (218.3 | ) | 89.6 | |||||||||||||||||||||||
Benefit (provision) for income taxes | 0.2 | — | — | 14.1 | 22.7 | — | (63.9 | ) | — | (26.9 | ) | ||||||||||||||||||||||||
Earnings (loss) from continuing operations | 51.3 | 42.4 | 44.4 | (35.4 | ) | (1.7 | ) | 1.6 | 178.4 | (218.3 | ) | 62.7 | |||||||||||||||||||||||
Gain (loss) from discontinued operations, net of tax | — | — | — | — | (9.1 | ) | — | 1.8 | — | (7.3 | ) | ||||||||||||||||||||||||
Net earnings (loss) | 51.3 | 42.4 | 44.4 | (35.4 | ) | (10.8 | ) | 1.6 | 180.2 | (218.3 | ) | 55.4 | |||||||||||||||||||||||
Less net earnings attributable to noncontrolling interests | — | — | — | — | — | — | (4.1 | ) | — | (4.1 | ) | ||||||||||||||||||||||||
Net earnings attributable to Ingersoll-Rand plc | $ | 51.3 | $ | 42.4 | $ | 44.4 | $ | (35.4 | ) | $ | (10.8 | ) | $ | 1.6 | $ | 176.1 | $ | (218.3 | ) | $ | 51.3 | ||||||||||||||
Other comprehensive loss, net of tax | (280.3 | ) | (263.8 | ) | (263.8 | ) | (4.7 | ) | (4.8 | ) | (30.8 | ) | (253.5 | ) | 821.4 | (280.3 | ) | ||||||||||||||||||
Comprehensive income attributable to Ingersoll-Rand plc | $ | (229.0 | ) | $ | (221.4 | ) | $ | (219.4 | ) | $ | (40.1 | ) | $ | (15.6 | ) | $ | (29.2 | ) | $ | (77.4 | ) | $ | 603.1 | $ | (229.0 | ) |
In millions | Plc | International Holding | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | 0.4 | $ | — | $ | 0.1 | $ | 612.4 | $ | — | $ | 612.9 | |||||||||||||||||
Accounts and notes receivable, net | — | — | — | — | 156.3 | — | 1,998.8 | — | 2,155.1 | ||||||||||||||||||||||||||
Inventories | — | — | — | — | 209.1 | — | 1,403.6 | — | 1,612.7 | ||||||||||||||||||||||||||
Other current assets | 0.4 | — | — | 6.5 | 166.6 | — | 263.9 | (5.2 | ) | 432.2 | |||||||||||||||||||||||||
Intercompany receivables | 117.3 | 19,535.7 | 6.4 | 478.9 | 2,621.4 | — | 15,387.8 | (38,147.5 | ) | — | |||||||||||||||||||||||||
Total current assets | 117.7 | 19,535.7 | 6.4 | 485.8 | 3,153.4 | 0.1 | 19,666.5 | (38,152.7 | ) | 4,812.9 | |||||||||||||||||||||||||
Property, plant and equipment, net | — | — | — | — | 466.9 | — | 1,115.3 | — | 1,582.2 | ||||||||||||||||||||||||||
Goodwill and other intangible assets, net | — | — | — | — | 410.5 | — | 9,277.0 | — | 9,687.5 | ||||||||||||||||||||||||||
Other assets, net | 0.2 | — | — | 308.5 | 755.6 | — | 579.6 | (774.0 | ) | 869.9 | |||||||||||||||||||||||||
Investments in consolidated subsidiaries | 10,660.8 | — | 14,299.1 | 6,519.8 | 14,030.6 | 1,739.0 | — | (47,249.3 | ) | — | |||||||||||||||||||||||||
Intercompany notes receivable | — | — | — | — | — | — | 3,851.8 | (3,851.8 | ) | — | |||||||||||||||||||||||||
Total assets | $ | 10,778.7 | $ | 19,535.7 | $ | 14,305.5 | $ | 7,314.1 | $ | 18,817.0 | $ | 1,739.1 | $ | 34,490.2 | $ | (90,027.8 | ) | $ | 16,952.5 | ||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||
Accounts payable and accrued expenses | $ | 7.3 | $ | — | $ | 0.2 | $ | 26.0 | $ | 570.7 | $ | 16.3 | $ | 2,556.8 | $ | (5.2 | ) | $ | 3,172.1 | ||||||||||||||||
Short-term borrowings and current maturities of long-term debt | — | — | — | — | 350.4 | 397.0 | 10.6 | — | 758.0 | ||||||||||||||||||||||||||
Intercompany payables | 4,978.5 | — | 23,542.3 | 1,056.9 | 7,696.8 | 493.9 | 379.1 | (38,147.5 | ) | — | |||||||||||||||||||||||||
Total current liabilities | 4,985.8 | — | 23,542.5 | 1,082.9 | 8,617.9 | 907.2 | 2,946.5 | (38,152.7 | ) | 3,930.1 | |||||||||||||||||||||||||
Long-term debt | — | — | — | 2,285.0 | 341.7 | 1,087.2 | 0.7 | — | 3,714.6 | ||||||||||||||||||||||||||
Other noncurrent liabilities | — | 3.8 | — | 8.4 | 1,321.0 | — | 2,896.0 | (774.1 | ) | 3,455.1 | |||||||||||||||||||||||||
Intercompany notes payable | — | — | — | 1,817.2 | 2,034.6 | — | — | (3,851.8 | ) | — | |||||||||||||||||||||||||
Total liabilities | 4,985.8 | 3.8 | 23,542.5 | 5,193.5 | 12,315.2 | 1,994.4 | 5,843.2 | (42,778.6 | ) | 11,099.8 | |||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||||||||
Total equity | 5,792.9 | 19,531.9 | (9,237.0 | ) | 2,120.6 | 6,501.8 | (255.3 | ) | 28,647.0 | (47,249.2 | ) | 5,852.7 | |||||||||||||||||||||||
Total liabilities and equity | $ | 10,778.7 | $ | 19,535.7 | $ | 14,305.5 | $ | 7,314.1 | $ | 18,817.0 | $ | 1,739.1 | $ | 34,490.2 | $ | (90,027.8 | ) | $ | 16,952.5 |
In millions | Plc | International Holding | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | 11.4 | $ | — | $ | 0.1 | $ | 725.3 | $ | — | $ | 736.8 | |||||||||||||||||
Accounts and notes receivable, net | — | — | — | — | 160.7 | — | 1,989.9 | — | 2,150.6 | ||||||||||||||||||||||||||
Inventories | — | — | — | — | 192.0 | — | 1,218.7 | — | 1,410.7 | ||||||||||||||||||||||||||
Other current assets | 0.1 | — | — | 6.4 | 83.3 | — | 237.5 | (16.0 | ) | 311.3 | |||||||||||||||||||||||||
Intercompany receivables | 136.8 | 20,103.6 | 3.3 | 102.2 | 1,413.9 | — | 15,933.5 | (37,693.3 | ) | — | |||||||||||||||||||||||||
Total current assets | 136.9 | 20,103.6 | 3.3 | 120.0 | 1,849.9 | 0.1 | 20,104.9 | (37,709.3 | ) | 4,609.4 | |||||||||||||||||||||||||
Property, plant and equipment, net | — | — | — | — | 463.0 | — | 1,112.1 | — | 1,575.1 | ||||||||||||||||||||||||||
Goodwill and other intangible assets, net | — | — | — | — | 412.9 | — | 9,243.4 | — | 9,656.3 | ||||||||||||||||||||||||||
Other assets, net | 0.2 | — | — | 283.8 | 733.4 | — | 568.4 | (709.0 | ) | 876.8 | |||||||||||||||||||||||||
Investments in consolidated subsidiaries | 10,139.0 | — | 13,980.5 | 6,396.2 | 13,883.9 | 1,708.7 | — | (46,108.3 | ) | — | |||||||||||||||||||||||||
Intercompany notes receivable | — | — | — | — | — | — | 2,876.7 | (2,876.7 | ) | — | |||||||||||||||||||||||||
Total assets | $ | 10,276.1 | $ | 20,103.6 | $ | 13,983.8 | $ | 6,800.0 | $ | 17,343.1 | $ | 1,708.8 | $ | 33,905.5 | $ | (87,403.3 | ) | $ | 16,717.6 | ||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||
Accounts payable and accrued expenses | 7.1 | — | 0.1 | 30.7 | 599.2 | 6.3 | 2,516.7 | (15.9 | ) | 3,144.2 | |||||||||||||||||||||||||
Short-term borrowings and current maturities of long-term debt | — | — | — | — | 350.4 | 143.0 | 10.8 | — | 504.2 | ||||||||||||||||||||||||||
Intercompany payables | 4,452.3 | 753.1 | 23,528.9 | 1,997.8 | 5,858.2 | 745.5 | 357.6 | (37,693.4 | ) | — | |||||||||||||||||||||||||
Total current liabilities | 4,459.4 | 753.1 | 23,529.0 | 2,028.5 | 6,807.8 | 894.8 | 2,885.1 | (37,709.3 | ) | 3,648.4 | |||||||||||||||||||||||||
Long-term debt | — | — | — | 2,284.4 | 341.6 | 1,086.9 | 0.7 | — | 3,713.6 | ||||||||||||||||||||||||||
Other noncurrent liabilities | — | 3.8 | — | 8.3 | 1,367.9 | — | 2,805.3 | (708.9 | ) | 3,476.4 | |||||||||||||||||||||||||
Intercompany notes payable | — | — | — | 429.0 | 2,447.7 | — | — | (2,876.7 | ) | — | |||||||||||||||||||||||||
Total liabilities | 4,459.4 | 756.9 | 23,529.0 | 4,750.2 | 10,965.0 | 1,981.7 | 5,691.1 | (41,294.9 | ) | 10,838.4 | |||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||||||||
Total equity | 5,816.7 | 19,346.7 | (9,545.2 | ) | 2,049.8 | 6,378.1 | (272.9 | ) | 28,214.4 | (46,108.4 | ) | 5,879.2 | |||||||||||||||||||||||
Total liabilities and equity | $ | 10,276.1 | $ | 20,103.6 | $ | 13,983.8 | $ | 6,800.0 | $ | 17,343.1 | $ | 1,708.8 | $ | 33,905.5 | $ | (87,403.3 | ) | $ | 16,717.6 |
in millions | Plc | International Holding | 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 | $ | 12.9 | $ | — | $ | (0.1 | ) | $ | (67.6 | ) | $ | (11.7 | ) | $ | (1.0 | ) | $ | 60.3 | $ | 1.9 | $ | (5.3 | ) | ||||||||||||
Net cash provided by (used in) discontinued operating activities | — | — | — | — | (4.7 | ) | — | — | (2.0 | ) | (6.7 | ) | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | 12.9 | — | (0.1 | ) | (67.6 | ) | (16.4 | ) | (1.0 | ) | 60.3 | (0.1 | ) | (12.0 | ) | ||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | — | — | (18.2 | ) | — | (21.9 | ) | — | (40.1 | ) | |||||||||||||||||||||||
Intercompany investing activities, net | — | 754.8 | (3.3 | ) | (381.5 | ) | 65.7 | — | 269.2 | (704.9 | ) | — | |||||||||||||||||||||||
Net cash provided by (used in) investing activities | — | 754.8 | (3.3 | ) | (381.5 | ) | 47.5 | — | 247.3 | (704.9 | ) | (40.1 | ) | ||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Net proceeds from 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 | (6.7 | ) | — | — | — | — | — | — | — | (6.7 | ) | ||||||||||||||||||||||||
Intercompany financing activities, net | 326.1 | (754.8 | ) | 3.4 | 440.2 | (31.1 | ) | (253.0 | ) | (435.8 | ) | 705.0 | — | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | (12.9 | ) | (754.8 | ) | 3.4 | 438.1 | (31.1 | ) | 1.0 | (442.5 | ) | 705.0 | (93.8 | ) | |||||||||||||||||||||
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 |
in millions | Plc | International Holding | 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 | $ | 2.6 | $ | — | $ | (0.2 | ) | $ | (32.0 | ) | $ | (281.4 | ) | $ | (1.6 | ) | $ | 197.4 | $ | — | $ | (115.2 | ) | ||||||||||||
Net cash provided by (used in) discontinued operating activities | — | — | — | — | (9.1 | ) | — | (0.9 | ) | — | $ | (10.0 | ) | ||||||||||||||||||||||
Net cash provided by (used in) operating activities | 2.6 | — | (0.2 | ) | (32.0 | ) | (290.5 | ) | (1.6 | ) | 196.5 | — | (125.2 | ) | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | — | — | (28.3 | ) | — | (27.4 | ) | — | (55.7 | ) | |||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | — | — | — | — | (448.1 | ) | — | (493.6 | ) | — | (941.7 | ) | |||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | — | — | — | — | — | — | 4.0 | — | 4.0 | ||||||||||||||||||||||||||
Intercompany investing activities, net | — | — | (0.2 | ) | (3.6 | ) | — | (228.0 | ) | (322.3 | ) | 554.1 | — | ||||||||||||||||||||||
Net cash provided by (used in) investing activities | — | — | (0.2 | ) | (3.6 | ) | (476.4 | ) | (228.0 | ) | (839.3 | ) | 554.1 | (993.4 | ) | ||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Net proceeds from (repayments of) debt | — | — | — | 194.9 | — | 140.5 | (24.3 | ) | — | 311.1 | |||||||||||||||||||||||||
Dividends paid to ordinary shareholders | (73.8 | ) | — | — | — | — | — | — | — | (73.8 | ) | ||||||||||||||||||||||||
Other financing activities, net | 19.5 | — | — | — | — | — | — | — | 19.5 | ||||||||||||||||||||||||||
Intercompany financing activities, net | 51.7 | — | (0.7 | ) | (159.3 | ) | 341.5 | 89.2 | 231.7 | (554.1 | ) | — | |||||||||||||||||||||||
Net cash provided by (used in) financing activities | (2.6 | ) | — | (0.7 | ) | 35.6 | 341.5 | 229.7 | 207.4 | (554.1 | ) | 256.8 | |||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | (109.5 | ) | — | (109.5 | ) | ||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | (1.1 | ) | — | (425.4 | ) | 0.1 | (544.9 | ) | — | (971.3 | ) | ||||||||||||||||||||||
Cash and cash equivalents - beginning of period | — | — | 1.1 | — | 425.4 | — | 1,278.7 | — | 1,705.2 | ||||||||||||||||||||||||||
Cash and cash equivalents - end of period | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 0.1 | $ | 733.8 | $ | — | $ | 733.9 |
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