|
|
|
|
|
|
|
|
|
Buildings | 10 | to | 50 | years |
Machinery and equipment | 2 | to | 12 | years |
Software | 2 | to | 7 | years |
Customer relationships | 20 | years |
Completed technology/patents | 10 | years |
Other | 20 | years |
|
In millions | 2016 | 2015 | ||||||
Raw materials | $ | 448.5 | $ | 514.9 | ||||
Work-in-process | 154.0 | 131.0 | ||||||
Finished goods | 845.6 | 825.7 | ||||||
1,448.1 | 1,471.6 | |||||||
LIFO reserve | (62.3 | ) | (60.9 | ) | ||||
Total | $ | 1,385.8 | $ | 1,410.7 |
|
In millions | 2016 | 2015 | ||||||
Land | $ | 49.2 | $ | 61.7 | ||||
Buildings | 708.9 | 699.1 | ||||||
Machinery and equipment | 1,831.1 | 1,749.6 | ||||||
Software | 778.5 | 723.4 | ||||||
3,367.7 | 3,233.8 | |||||||
Accumulated depreciation | (1,856.7 | ) | (1,658.7 | ) | ||||
Total | $ | 1,511.0 | $ | 1,575.1 |
|
In millions | Climate | Industrial | Total | |||||||||
Net balance as of December 31, 2014 | $ | 5,022.9 | $ | 366.9 | $ | 5,389.8 | ||||||
Acquisitions (1) | 79.1 | 432.8 | 511.9 | |||||||||
Currency translation | (149.4 | ) | (22.1 | ) | (171.5 | ) | ||||||
Net balance as of December 31, 2015 | 4,952.6 | 777.6 | 5,730.2 | |||||||||
Acquisitions (2) | 0.4 | 12.5 | 12.9 | |||||||||
Currency translation | (73.9 | ) | (10.8 | ) | (84.7 | ) | ||||||
Net balance as of December 31, 2016 | 4,879.1 | 779.3 | 5,658.4 |
|
2016 | 2015 | |||||||||||||||||||||||
In millions | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | ||||||||||||||||||
Completed technologies/patents | $ | 203.0 | $ | (165.6 | ) | $ | 37.4 | $ | 214.9 | $ | (168.7 | ) | $ | 46.2 | ||||||||||
Customer relationships | 2,008.9 | (926.1 | ) | 1,082.8 | 2,019.8 | (811.5 | ) | 1,208.3 | ||||||||||||||||
Other | 61.1 | (48.5 | ) | 12.6 | 63.5 | (45.7 | ) | 17.8 | ||||||||||||||||
Total finite-lived intangible assets | $ | 2,273.0 | $ | (1,140.2 | ) | $ | 1,132.8 | $ | 2,298.2 | $ | (1,025.9 | ) | $ | 1,272.3 | ||||||||||
Trademarks (indefinite-lived) | 2,652.3 | — | 2,652.3 | 2,653.8 | — | 2,653.8 | ||||||||||||||||||
Total | $ | 4,925.3 | $ | (1,140.2 | ) | $ | 3,785.1 | $ | 4,952.0 | $ | (1,025.9 | ) | $ | 3,926.1 |
|
In millions | 2016 | 2015 | ||||||
Debentures with put feature | $ | 343.0 | $ | 343.0 | ||||
Commercial Paper | — | 143.0 | ||||||
Other current maturities of long-term debt | 7.7 | 7.8 | ||||||
Short-term borrowings | 10.1 | 10.4 | ||||||
Total | $ | 360.8 | $ | 504.2 |
In millions | 2016 | 2015 | ||||||
6.875% Senior notes due 2018 | $ | 748.6 | $ | 748.0 | ||||
2.875% Senior notes due 2019 | 348.6 | 348.1 | ||||||
2.625% Senior notes due 2020 | 298.5 | 298.0 | ||||||
9.000% Debentures due 2021 | 124.8 | 124.8 | ||||||
4.250% Senior notes due 2023 | 695.6 | 695.0 | ||||||
7.200% Debentures due 2016-2025 | 59.7 | 67.1 | ||||||
3.550% Senior notes due 2024 | 494.5 | 493.7 | ||||||
6.48% Debentures due 2025 | 149.7 | 149.7 | ||||||
5.750% Senior notes due 2043 | 493.6 | 493.4 | ||||||
4.650% Senior notes due 2044 | 295.4 | 295.2 | ||||||
Other loans and notes, at end-of-year average interest rates of 6.79% in 2016 and 2.58% in 2015, maturing in various amounts to 2021 | 0.4 | 0.6 | ||||||
Total | $ | 3,709.4 | $ | 3,713.6 |
In millions | |||
2017 | $ | 350.7 | |
2018 | 756.3 | ||
2019 | 356.3 | ||
2020 | 306.0 | ||
2021 | 132.3 | ||
Thereafter | 2,158.5 | ||
Total | $ | 4,060.1 |
|
Derivative assets | Derivative liabilities | |||||||||||||||
In millions | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Derivatives designated as hedges: | ||||||||||||||||
Currency derivatives | $ | 0.3 | $ | 0.6 | $ | 2.9 | $ | 0.2 | ||||||||
Derivatives not designated as hedges: | ||||||||||||||||
Currency derivatives | 0.3 | 4.4 | 17.9 | 12.4 | ||||||||||||
Total derivatives | $ | 0.6 | $ | 5.0 | $ | 20.8 | $ | 12.6 |
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 | 2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||||||||||
Currency derivatives designated as hedges | $ | 2.2 | $ | 1.2 | $ | (3.0 | ) | Cost of goods sold | $ | 5.3 | $ | (2.1 | ) | $ | (3.4 | ) | ||||||||||
Interest rate swaps & locks | — | — | (0.1 | ) | Interest expense | (0.5 | ) | (0.5 | ) | (2.3 | ) | |||||||||||||||
Total | $ | 2.2 | $ | 1.2 | $ | (3.1 | ) | $ | 4.8 | $ | (2.6 | ) | $ | (5.7 | ) |
In millions | Location of gain (loss) recognized in Net earnings | Amount of gain (loss) recognized in Net earnings | ||||||||||||
2016 | 2015 | 2014 | ||||||||||||
Currency derivatives | Other income/(expense), net | $ | (39.2 | ) | $ | 0.1 | $ | (31.5 | ) | |||||
Total | $ | (39.2 | ) | $ | 0.1 | $ | (31.5 | ) |
|
• | 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 | $ | 0.6 | $ | — | $ | 0.6 | $ | — | |||||||
Liabilities: | |||||||||||||||
Derivative instruments | $ | 20.8 | $ | — | $ | 20.8 | $ | — |
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 | $ | — |
|
In millions | 2016 | 2015 | ||||||
Change in benefit obligations: | ||||||||
Benefit obligation at beginning of year | $ | 3,523.8 | $ | 3,719.6 | ||||
Service cost | 72.1 | 75.2 | ||||||
Interest cost | 110.2 | 129.5 | ||||||
Employee contributions | 1.0 | 1.0 | ||||||
Amendments | 6.2 | 6.8 | ||||||
Actuarial (gains) losses | 129.6 | (153.4 | ) | |||||
Benefits paid | (203.5 | ) | (191.8 | ) | ||||
Currency translation | (89.4 | ) | (50.0 | ) | ||||
Curtailments and settlements | (1.6 | ) | (3.5 | ) | ||||
Other, including expenses paid | (16.5 | ) | (9.6 | ) | ||||
Benefit obligation at end of year | $ | 3,531.9 | $ | 3,523.8 | ||||
Change in plan assets: | ||||||||
Fair value at beginning of year | $ | 2,772.0 | $ | 3,018.6 | ||||
Actual return on assets | 274.9 | (43.0 | ) | |||||
Company contributions | 56.4 | 35.6 | ||||||
Employee contributions | 1.0 | 1.0 | ||||||
Benefits paid | (203.5 | ) | (191.8 | ) | ||||
Currency translation | (85.6 | ) | (33.8 | ) | ||||
Settlements | (1.6 | ) | (3.5 | ) | ||||
Other, including expenses paid | (16.5 | ) | (11.1 | ) | ||||
Fair value of assets end of year | $ | 2,797.1 | $ | 2,772.0 | ||||
Net unfunded liability | $ | (734.8 | ) | $ | (751.8 | ) | ||
Amounts included in the balance sheet: | ||||||||
Other noncurrent assets | $ | 19.2 | $ | 2.7 | ||||
Accrued compensation and benefits | (6.4 | ) | (11.0 | ) | ||||
Postemployment and other benefit liabilities | (747.6 | ) | (743.5 | ) | ||||
Net amount recognized | $ | (734.8 | ) | $ | (751.8 | ) |
In millions | Prior service cost | Net actuarial losses | Total | |||||||||
December 31, 2015 | $ | (25.8 | ) | $ | (970.5 | ) | $ | (996.3 | ) | |||
Current year changes recorded to Accumulated other comprehensive income (loss) | (6.2 | ) | (0.8 | ) | (7.0 | ) | ||||||
Amortization reclassified to earnings | 4.7 | 61.6 | 66.3 | |||||||||
Settlements/curtailments reclassified to earnings | 2.0 | 0.1 | 2.1 | |||||||||
Currency translation and other | (0.2 | ) | 22.8 | 22.6 | ||||||||
December 31, 2016 | $ | (25.5 | ) | $ | (886.8 | ) | $ | (912.3 | ) |
2016 | 2015 | |||||
Discount rate: | ||||||
U.S. plans | 3.97 | % | 4.17 | % | ||
Non-U.S. plans | 2.40 | % | 3.27 | % | ||
Rate of compensation increase: | ||||||
U.S. plans | 4.00 | % | 4.00 | % | ||
Non-U.S. plans | 4.00 | % | 4.00 | % |
In millions | |||
2017 | $ | 199.5 | |
2018 | 206.9 | ||
2019 | 206.6 | ||
2020 | 215.9 | ||
2021 | 215.1 | ||
2022 — 2026 | 1,120.0 |
In millions | 2016 | 2015 | 2014 | |||||||||
Service cost | $ | 72.1 | $ | 75.2 | $ | 68.7 | ||||||
Interest cost | 110.2 | 129.5 | 147.2 | |||||||||
Expected return on plan assets | (146.1 | ) | (158.3 | ) | (156.1 | ) | ||||||
Net amortization of: | ||||||||||||
Prior service costs | 4.7 | 3.2 | 4.4 | |||||||||
Plan net actuarial losses | 61.6 | 60.7 | 36.1 | |||||||||
Net periodic pension benefit cost | 102.5 | 110.3 | 100.3 | |||||||||
Net curtailment and settlement (gains) losses | 2.1 | 0.7 | 7.1 | |||||||||
Net periodic pension benefit cost after net curtailment and settlement (gains) losses | $ | 104.6 | $ | 111.0 | $ | 107.4 | ||||||
Amounts recorded in continuing operations | $ | 94.8 | $ | 100.7 | $ | 100.2 | ||||||
Amounts recorded in discontinued operations | 9.8 | 10.3 | 7.2 | |||||||||
Total | $ | 104.6 | $ | 111.0 | $ | 107.4 |
2016 | 2015 | 2014 | |||||||
Discount rate: | |||||||||
U.S. plans | |||||||||
Service cost | 4.25 | % | 3.75 | % | 4.75 | % | |||
Interest cost | 3.29 | % | 3.75 | % | 4.75 | % | |||
Non-U.S. plans | |||||||||
Service cost | 3.05 | % | 3.25 | % | 4.25 | % | |||
Interest cost | 3.18 | % | 3.25 | % | 4.25 | % | |||
Rate of compensation increase: | |||||||||
U.S. plans | 4.00 | % | 4.00 | % | 4.00 | % | |||
Non-U.S. plans | 4.00 | % | 4.00 | % | 4.25 | % | |||
Expected return on plan assets: | |||||||||
U.S. plans | 5.75 | % | 5.75 | % | 6.00 | % | |||
Non-U.S. plans | 3.75 | % | 4.25 | % | 5.00 | % |
Fair value measurements | Total fair value | |||||||||||||||
In millions | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash and cash equivalents | $ | 11.8 | $ | 17.0 | $ | — | $ | 28.8 | ||||||||
Equity investments: | ||||||||||||||||
Registered mutual funds – equity specialty | 73.9 | — | — | 73.9 | ||||||||||||
Commingled funds – equity specialty | — | 640.8 | — | 640.8 | ||||||||||||
73.9 | 640.8 | — | 714.7 | |||||||||||||
Fixed income investments: | ||||||||||||||||
U.S. government and agency obligations | — | 460.0 | — | 460.0 | ||||||||||||
Corporate and non-U.S. bonds(a) | — | 1,178.3 | — | 1,178.3 | ||||||||||||
Asset-backed and mortgage-backed securities | — | 74.0 | — | 74.0 | ||||||||||||
Registered mutual funds – fixed income specialty | 30.2 | 102.2 | — | 132.4 | ||||||||||||
Commingled funds – fixed income specialty | — | 96.0 | — | 96.0 | ||||||||||||
Other fixed income(b) | — | — | 25.4 | 25.4 | ||||||||||||
30.2 | 1,910.5 | 25.4 | 1,966.1 | |||||||||||||
Derivatives | — | (0.9 | ) | — | (0.9 | ) | ||||||||||
Real estate(c) | — | — | 7.3 | 7.3 | ||||||||||||
Other(d) | — | — | 64.3 | 64.3 | ||||||||||||
Total assets at fair value | $ | 115.9 | $ | 2,567.4 | $ | 97.0 | $ | 2,780.3 | ||||||||
Receivables and payables, net | 16.8 | |||||||||||||||
Net assets available for benefits | $ | 2,797.1 |
Fair value measurements | Total fair value | |||||||||||||||
In millions | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash and cash equivalents | $ | 17.6 | $ | 19.7 | $ | — | $ | 37.3 | ||||||||
Equity investments: | ||||||||||||||||
Registered mutual funds – equity specialty | 69.0 | — | — | 69.0 | ||||||||||||
Commingled funds – equity specialty | — | 637.8 | — | 637.8 | ||||||||||||
69.0 | 637.8 | — | 706.8 | |||||||||||||
Fixed income investments: | ||||||||||||||||
U.S. government and agency obligations | — | 478.4 | — | 478.4 | ||||||||||||
Corporate and non-U.S. bonds(a) | — | 1,168.0 | — | 1,168.0 | ||||||||||||
Asset-backed and mortgage-backed securities | — | 20.3 | — | 20.3 | ||||||||||||
Registered mutual funds – fixed income specialty | 30.7 | 108.7 | — | 139.4 | ||||||||||||
Commingled funds – fixed income specialty | — | 111.6 | — | 111.6 | ||||||||||||
Other fixed income(b) | — | — | 24.6 | 24.6 | ||||||||||||
30.7 | 1,887.0 | 24.6 | 1,942.3 | |||||||||||||
Real estate(c) | — | — | 10.8 | 10.8 | ||||||||||||
Other(d) | — | — | 61.2 | 61.2 | ||||||||||||
Total assets at fair value | $ | 117.3 | $ | 2,544.5 | $ | 96.6 | $ | 2,758.4 | ||||||||
Receivables and payables, net | 13.6 | |||||||||||||||
Net assets available for benefits | $ | 2,772.0 |
(a) | This class includes state and municipal bonds. |
(b) | This class includes group annuity and guaranteed interest contracts. |
(c) | This class includes a private equity fund that invests in real estate. |
(d) | This investment comprises the Company's non-US pension plan assets. It primarily includes insurance contracts. |
1. | The Company's contributions to multiemployer plans may be used to provide benefits to all participating employees of the program, including employees of other employers. |
2. | In the event that another participating employer ceases contributions to a plan, the Company may be responsible for any unfunded obligations along with the remaining participating employers. |
3. | If the Company chooses to withdraw from any of the multiemployer plans, the Company may be required to pay a withdrawal liability, based on the underfunded status of the plan. |
In millions | 2016 | 2015 | 2014 | |||||||||
Total contributions | $ | 7.7 | $ | 6.7 | $ | 6.3 |
In millions | 2016 | 2015 | ||||||
Benefit obligation at beginning of year | $ | 624.1 | $ | 700.7 | ||||
Service cost | 3.7 | 4.4 | ||||||
Interest cost | 17.5 | 22.6 | ||||||
Plan participants’ contributions | 10.2 | 10.3 | ||||||
Actuarial (gains) losses | (24.4 | ) | (49.7 | ) | ||||
Benefits paid, net of Medicare Part D subsidy * | (55.7 | ) | (60.2 | ) | ||||
Other | 3.2 | (4.0 | ) | |||||
Benefit obligations at end of year | $ | 578.6 | $ | 624.1 |
In millions | December 31, 2016 | December 31, 2015 | ||||||
Accrued compensation and benefits | $ | (53.3 | ) | $ | (56.1 | ) | ||
Postemployment and other benefit liabilities | (525.3 | ) | (568.0 | ) | ||||
Total | $ | (578.6 | ) | $ | (624.1 | ) |
In millions | Prior service gains | Net actuarial (losses)/gains | Total | |||||||||
Balance at December 31, 2015 | $ | 21.6 | $ | (23.6 | ) | $ | (2.0 | ) | ||||
Gain (loss) in current period | — | 24.4 | 24.4 | |||||||||
Amortization reclassified to earnings | (8.9 | ) | 0.1 | (8.8 | ) | |||||||
Currency translation and other | — | (0.1 | ) | (0.1 | ) | |||||||
Balance at December 31, 2016 | $ | 12.7 | $ | 0.8 | $ | 13.5 |
In millions | 2016 | 2015 | 2014 | |||||||||
Service cost | $ | 3.7 | $ | 4.4 | $ | 5.1 | ||||||
Interest cost | 17.5 | 22.6 | 28.1 | |||||||||
Net amortization of: | ||||||||||||
Prior service gains | (8.9 | ) | (8.9 | ) | (8.9 | ) | ||||||
Net actuarial losses | 0.1 | 0.1 | — | |||||||||
Net periodic postretirement benefit cost | $ | 12.4 | $ | 18.2 | $ | 24.3 | ||||||
Amounts recorded in continuing operations | $ | 8.3 | $ | 11.0 | $ | 16.2 | ||||||
Amounts recorded in discontinued operations | 4.1 | 7.2 | 8.1 | |||||||||
Total | $ | 12.4 | $ | 18.2 | $ | 24.3 |
2016 | 2015 | 2014 | |||||||
Discount rate: | |||||||||
Benefit obligations at December 31 | 3.73 | % | 3.88 | % | 3.50 | % | |||
Net periodic benefit cost | |||||||||
Service cost | 3.97 | % | 3.50 | % | 4.25 | % | |||
Interest cost | 2.99 | % | 3.50 | % | 4.25 | % | |||
Assumed health-care cost trend rates at December 31: | |||||||||
Current year medical inflation | 7.25 | % | 7.25 | % | 7.25 | % | |||
Ultimate inflation rate | 5.00 | % | 5.00 | % | 5.00 | % | |||
Year that the rate reaches the ultimate trend rate | 2023 | 2023 | 2021 |
In millions | 1% Increase | 1% Decrease | ||||||
Effect on total of service and interest cost components of current year benefit cost | $ | 0.7 | $ | (0.6 | ) | |||
Effect on benefit obligation at year-end | 22.4 | (19.7 | ) |
In millions | |||
2017 | $ | 54.2 | |
2018 | 52.6 | ||
2019 | 50.6 | ||
2020 | 48.6 | ||
2021 | 46.7 | ||
2022 — 2026 | 200.1 |
|
In millions | Ordinary shares issued | Ordinary shares held in treasury | |||
December 31, 2015 | 269.0 | 7.8 | |||
Shares issued under incentive plans | 2.7 | — | |||
Repurchase of ordinary shares | — | 4.9 | |||
December 31, 2016 | 271.7 | 12.7 |
In millions | Derivative Instruments | Pension and OPEB Items | Foreign Currency Translation | Total | ||||||||||||
December 31, 2014 | $ | 3.1 | $ | (665.1 | ) | $ | (52.3 | ) | $ | (714.3 | ) | |||||
Other comprehensive income (loss) attributable to Ingersoll-Rand plc | 2.0 | 34.7 | (443.3 | ) | (406.6 | ) | ||||||||||
December 31, 2015 | $ | 5.1 | $ | (630.4 | ) | $ | (495.6 | ) | $ | (1,120.9 | ) | |||||
Other comprehensive income (loss) attributable to Ingersoll-Rand plc | (2.2 | ) | 76.0 | (243.4 | ) | (169.6 | ) | |||||||||
December 31, 2016 | $ | 2.9 | $ | (554.4 | ) | $ | (739.0 | ) | $ | (1,290.5 | ) |
|
In millions | 2016 | 2015 | 2014 | |||||||||
Climate | $ | 6.2 | $ | 11.9 | $ | 5.2 | ||||||
Industrial | 20.5 | 15.6 | 4.0 | |||||||||
Corporate and Other | 8.8 | 6.6 | 3.3 | |||||||||
Total | $ | 35.5 | $ | 34.1 | $ | 12.5 | ||||||
Cost of goods sold | $ | 9.8 | $ | 12.5 | $ | 2.7 | ||||||
Selling and administrative expenses | 25.7 | 21.6 | 9.8 | |||||||||
Total | $ | 35.5 | $ | 34.1 | $ | 12.5 |
In millions | Climate | Industrial | Corporate and Other | Total | ||||||||||||
December 31, 2014 | $ | 2.9 | $ | 0.9 | $ | 0.6 | $ | 4.4 | ||||||||
Additions, net of reversals (1) | 7.4 | 13.1 | 0.5 | 21.0 | ||||||||||||
Cash paid | (6.6 | ) | (12.1 | ) | (0.9 | ) | (19.6 | ) | ||||||||
December 31, 2015 | 3.7 | 1.9 | 0.2 | 5.8 | ||||||||||||
Additions, net of reversals (1) | 6.8 | 20.5 | 2.8 | 30.1 | ||||||||||||
Cash paid | (7.1 | ) | (18.1 | ) | (2.4 | ) | (27.6 | ) | ||||||||
December 31, 2016 | $ | 3.4 | $ | 4.3 | $ | 0.6 | $ | 8.3 |
|
In millions | 2016 | 2015 | 2014 | |||||||||
Interest income | $ | 8.0 | $ | 10.6 | $ | 13.2 | ||||||
Foreign exchange gain (loss) | (2.0 | ) | (36.2 | ) | (0.1 | ) | ||||||
Income (loss) from Hussmann equity investment | (0.8 | ) | 12.6 | 7.8 | ||||||||
Gain on sale of Hussmann equity investment | 397.8 | — | — | |||||||||
Other activity, net | (13.3 | ) | 25.9 | 9.1 | ||||||||
Other income/(expense), net | $ | 389.7 | $ | 12.9 | $ | 30.0 |
|
In millions | 2016 | 2015 | 2014 | |||||||||
United States | $ | 419.8 | $ | 451.6 | $ | 276.5 | ||||||
Non-U.S. | 1,321.5 | 796.3 | 932.9 | |||||||||
Total | $ | 1,741.3 | $ | 1,247.9 | $ | 1,209.4 |
In millions | 2016 | 2015 | 2014 | |||||||||
Current tax expense (benefit): | ||||||||||||
United States | $ | 179.6 | $ | 300.1 | $ | 168.4 | ||||||
Non-U.S. | 135.7 | 132.9 | 148.7 | |||||||||
Total: | 315.3 | 433.0 | 317.1 | |||||||||
Deferred tax expense (benefit): | ||||||||||||
United States | (6.7 | ) | 69.0 | (21.4 | ) | |||||||
Non-U.S. | (27.1 | ) | 38.8 | (2.0 | ) | |||||||
Total: | (33.8 | ) | 107.8 | (23.4 | ) | |||||||
Total tax expense (benefit): | ||||||||||||
United States | 172.9 | 369.1 | 147.0 | |||||||||
Non-U.S. | 108.6 | 171.7 | 146.7 | |||||||||
Total | $ | 281.5 | $ | 540.8 | $ | 293.7 |
Percent of pretax income | |||||||||
2016 | 2015 | 2014 | |||||||
Statutory U.S. rate | 35.0 | % | 35.0 | % | 35.0 | % | |||
Increase (decrease) in rates resulting from: | |||||||||
Non-U.S. tax rate differential | (14.7 | ) | (17.2 | ) | (14.8 | ) | |||
Tax on U.S. subsidiaries on non-U.S. earnings | 0.9 | 1.3 | 1.7 | ||||||
State and local income taxes (a) | 1.4 | 1.5 | 1.6 | ||||||
Valuation allowances (b) | 0.1 | 1.7 | (1.0 | ) | |||||
Change in permanent reinvestment assertion (c) | — | 3.9 | 0.9 | ||||||
Reserves for uncertain tax positions | 0.1 | 14.1 | 0.3 | ||||||
Hussmann gain (d) | (5.7 | ) | — | — | |||||
Provision to return and other true-up adjustments | (0.6 | ) | 0.7 | 0.1 | |||||
Other adjustments | (0.3 | ) | 2.3 | 0.5 | |||||
Effective tax rate | 16.2 | % | 43.3 | % | 24.3 | % |
(a) | Net of changes in state valuation allowances |
(b) | Primarily federal and non-U.S., excludes state valuation allowances |
(c) | Net of foreign tax credits |
(d) | Gain from sale of Hussmann equity investment |
In millions | 2016 | 2015 | ||||||
Deferred tax assets: | ||||||||
Inventory and accounts receivable | $ | 18.2 | $ | 17.4 | ||||
Fixed assets and intangibles | 16.2 | 17.5 | ||||||
Postemployment and other benefit liabilities | 652.5 | 672.6 | ||||||
Product liability | 151.3 | 169.5 | ||||||
Other reserves and accruals | 192.8 | 190.9 | ||||||
Net operating losses and credit carryforwards | 528.5 | 562.7 | ||||||
Other | 38.6 | 65.0 | ||||||
Gross deferred tax assets | 1,598.1 | 1,695.6 | ||||||
Less: deferred tax valuation allowances | (184.5 | ) | (213.1 | ) | ||||
Deferred tax assets net of valuation allowances | $ | 1,413.6 | $ | 1,482.5 | ||||
Deferred tax liabilities: | ||||||||
Inventory and accounts receivable | $ | (38.8 | ) | $ | (43.3 | ) | ||
Fixed assets and intangibles | (1,949.7 | ) | (1,993.7 | ) | ||||
Postemployment and other benefit liabilities | (7.0 | ) | (6.8 | ) | ||||
Other reserves and accruals | (1.9 | ) | (2.5 | ) | ||||
Other | (32.4 | ) | (53.5 | ) | ||||
Gross deferred tax liabilities | (2,029.8 | ) | (2,099.8 | ) | ||||
Net deferred tax assets (liabilities) | $ | (616.2 | ) | $ | (617.3 | ) |
In millions | Amount | Expiration Period | ||||
U.S. Federal net operating loss carryforwards | $ | 678.9 | 2020-2034 | |||
U.S. Federal credit carryforwards | 11.6 | 2022-2028 | ||||
U.S. State net operating loss carryforwards | 3,070.7 | 2017-2036 | ||||
U.S. State credit carryforwards | 36.3 | 2017-Unlimited | ||||
Non-U.S. net operating loss carryforwards | 1,399.6 | 2017-Unlimited | ||||
Non-U.S. credit carryforwards | 8.6 | Unlimited |
In millions | 2016 | 2015 | 2014 | |||||||||
Beginning balance | $ | 213.1 | $ | 210.7 | $ | 218.5 | ||||||
Increase to valuation allowance | 19.4 | 40.7 | 35.2 | |||||||||
Decrease to valuation allowance | (43.5 | ) | (34.0 | ) | (38.8 | ) | ||||||
Accumulated other comprehensive income (loss) | (4.5 | ) | (4.3 | ) | (4.2 | ) | ||||||
Ending balance | $ | 184.5 | $ | 213.1 | $ | 210.7 |
In millions | 2016 | 2015 | 2014 | |||||||||
Beginning balance | $ | 174.9 | $ | 343.8 | $ | 363.3 | ||||||
Additions based on tax positions related to the current year | 5.9 | 8.7 | 6.7 | |||||||||
Additions based on tax positions related to prior years | 29.1 | 186.5 | 49.8 | |||||||||
Reductions based on tax positions related to prior years | (37.6 | ) | (102.2 | ) | (52.4 | ) | ||||||
Reductions related to settlements with tax authorities | (60.9 | ) | (251.0 | ) | (8.0 | ) | ||||||
Reductions related to lapses of statute of limitations | (2.8 | ) | (3.7 | ) | (7.1 | ) | ||||||
Translation (gain) loss | (1.5 | ) | (7.2 | ) | (8.5 | ) | ||||||
Ending balance | $ | 107.1 | $ | 174.9 | $ | 343.8 |
|
In millions | 2016 | 2015 | 2014 | |||||||||
Pre-tax earnings (loss) from discontinued operations | $ | 28.1 | $ | (23.2 | ) | $ | 41.2 | |||||
Tax benefit (expense) | 4.8 | (1.1 | ) | (6.5 | ) | |||||||
Gain (loss) from discontinued operations, net of tax | $ | 32.9 | $ | (24.3 | ) | $ | 34.7 |
|
• | 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 | December 31, 2016 | December 31, 2015 | |||||
Accrued expenses and other current liabilities | $ | 61.5 | $ | 65.7 | |||
Other noncurrent liabilities | 569.7 | 648.0 | |||||
Total asbestos-related liabilities | $ | 631.2 | $ | 713.7 | |||
Other current assets | $ | 54.0 | $ | 51.3 | |||
Other noncurrent assets | 218.5 | 264.3 | |||||
Total asset for probable asbestos-related insurance recoveries | $ | 272.5 | $ | 315.6 |
In millions | 2016 | 2015 | 2014 | |||||||||
Continuing operations | $ | 2.7 | $ | 21.0 | $ | 1.7 | ||||||
Discontinued operations | 46.3 | (8.8 | ) | 63.2 | ||||||||
Total | $ | 49.0 | $ | 12.2 | $ | 64.9 |
• | 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 settlement discussed 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 | (142.3 | ) | (128.8 | ) | |||
Accruals for warranties issued during the current period | 141.4 | 127.8 | |||||
Accruals for warranties assumed from acquisitions during the current period | — | 9.7 | |||||
Changes to accruals related to preexisting warranties | 2.5 | 4.5 | |||||
Translation | (2.0 | ) | (4.8 | ) | |||
Balance at end of period | $ | 261.6 | $ | 262.0 |
In millions | 2016 | 2015 | |||||
Balance at beginning of period | $ | 311.6 | $ | 330.1 | |||
Amortization of deferred revenue for the period | (111.0 | ) | (107.7 | ) | |||
Additions for extended warranties issued during the period | 97.3 | 89.7 | |||||
Changes to accruals related to preexisting warranties | (1.7 | ) | 2.3 | ||||
Translation | (0.3 | ) | (2.8 | ) | |||
Balance at end of period | $ | 295.9 | $ | 311.6 |
|
Dollar amounts in millions | 2016 | 2015 | 2014 | |||||||||
Climate | ||||||||||||
Net revenues | $ | 10,545.0 | $ | 10,224.3 | $ | 9,879.7 | ||||||
Segment operating income | 1,527.4 | 1,302.5 | 1,195.6 | |||||||||
Segment operating income as a percentage of revenues | 14.5 | % | 12.7 | % | 12.1 | % | ||||||
Depreciation and amortization | 225.2 | 246.3 | 247.1 | |||||||||
Capital expenditures | 78.2 | 83.9 | 107.8 | |||||||||
Industrial | ||||||||||||
Net revenues | 2,963.9 | 3,076.4 | 3,011.7 | |||||||||
Segment operating income | 294.9 | 372.4 | 443.0 | |||||||||
Segment operating income as a percentage of revenues | 10.0 | % | 12.1 | % | 14.7 | % | ||||||
Depreciation and amortization | 67.2 | 67.5 | 44.2 | |||||||||
Capital expenditures | 36.3 | 51.8 | 33.1 | |||||||||
Total net revenues | $ | 13,508.9 | $ | 13,300.7 | $ | 12,891.4 | ||||||
Reconciliation to Operating Income | ||||||||||||
Segment operating income from reportable segments | 1,822.3 | 1,674.9 | 1,638.6 | |||||||||
Unallocated corporate expense | (249.2 | ) | (216.9 | ) | (233.9 | ) | ||||||
Total operating income | $ | 1,573.1 | $ | 1,458.0 | $ | 1,404.7 | ||||||
Total operating income as a percentage of revenues | 11.6 | % | 11.0 | % | 10.9 | % | ||||||
Depreciation and Amortization | ||||||||||||
Depreciation and amortization from reportable segments | 292.4 | 313.8 | 291.3 | |||||||||
Unallocated depreciation and amortization | 59.8 | 50.3 | 41.1 | |||||||||
Total depreciation and amortization | $ | 352.2 | $ | 364.1 | $ | 332.4 | ||||||
Capital Expenditures | ||||||||||||
Capital expenditures from reportable segments | 114.5 | 135.7 | 140.9 | |||||||||
Corporate capital expenditures | 68.2 | 113.9 | 92.6 | |||||||||
Total capital expenditures | $ | 182.7 | $ | 249.6 | $ | 233.5 |
In millions | 2016 | 2015 | 2014 | |||||||||
United States | $ | 8,720.7 | $ | 8,291.2 | $ | 7,693.0 | ||||||
Non-U.S. | 4,788.2 | 5,009.5 | 5,198.4 | |||||||||
Total | $ | 13,508.9 | $ | 13,300.7 | $ | 12,891.4 |
In millions | 2016 | 2015 | 2014 | |||||||||
Commercial HVAC | $ | 6,479.4 | $ | 6,233.8 | $ | 6,049.8 | ||||||
Transport Refrigeration | 2,050.1 | 2,147.8 | 2,089.2 | |||||||||
Residential HVAC | 2,015.5 | 1,842.6 | 1,740.7 | |||||||||
Compression Technologies and Services | 1,885.1 | 1,932.5 | 1,812.3 | |||||||||
Other Industrial | 1,078.8 | 1,144.0 | 1,199.4 | |||||||||
Total | $ | 13,508.9 | $ | 13,300.7 | $ | 12,891.4 |
In millions | 2016 | 2015 | ||||||
United States | $ | 2,040.7 | $ | 2,196.1 | ||||
Non-U.S. | 603.1 | 651.3 | ||||||
Total | $ | 2,643.8 | $ | 2,847.4 |
Dollar amounts in millions | 2016 | 2015 | 2014 | |||||||||
Climate | ||||||||||||
Net revenues | $ | 10,545.0 | $ | 10,224.3 | $ | 9,879.7 | ||||||
Segment operating income | 1,527.4 | 1,302.5 | 1,195.6 | |||||||||
Segment operating income as a percentage of revenues | 14.5 | % | 12.7 | % | 12.1 | % | ||||||
Depreciation and amortization | 225.2 | 246.3 | 247.1 | |||||||||
Capital expenditures | 78.2 | 83.9 | 107.8 | |||||||||
Industrial | ||||||||||||
Net revenues | 2,963.9 | 3,076.4 | 3,011.7 | |||||||||
Segment operating income | 294.9 | 372.4 | 443.0 | |||||||||
Segment operating income as a percentage of revenues | 10.0 | % | 12.1 | % | 14.7 | % | ||||||
Depreciation and amortization | 67.2 | 67.5 | 44.2 | |||||||||
Capital expenditures | 36.3 | 51.8 | 33.1 | |||||||||
Total net revenues | $ | 13,508.9 | $ | 13,300.7 | $ | 12,891.4 | ||||||
Reconciliation to Operating Income | ||||||||||||
Segment operating income from reportable segments | 1,822.3 | 1,674.9 | 1,638.6 | |||||||||
Unallocated corporate expense | (249.2 | ) | (216.9 | ) | (233.9 | ) | ||||||
Total operating income | $ | 1,573.1 | $ | 1,458.0 | $ | 1,404.7 | ||||||
Total operating income as a percentage of revenues | 11.6 | % | 11.0 | % | 10.9 | % | ||||||
Depreciation and Amortization | ||||||||||||
Depreciation and amortization from reportable segments | 292.4 | 313.8 | 291.3 | |||||||||
Unallocated depreciation and amortization | 59.8 | 50.3 | 41.1 | |||||||||
Total depreciation and amortization | $ | 352.2 | $ | 364.1 | $ | 332.4 | ||||||
Capital Expenditures | ||||||||||||
Capital expenditures from reportable segments | 114.5 | 135.7 | 140.9 | |||||||||
Corporate capital expenditures | 68.2 | 113.9 | 92.6 | |||||||||
Total capital expenditures | $ | 182.7 | $ | 249.6 | $ | 233.5 |
In millions | 2016 | 2015 | 2014 | |||||||||
United States | $ | 8,720.7 | $ | 8,291.2 | $ | 7,693.0 | ||||||
Non-U.S. | 4,788.2 | 5,009.5 | 5,198.4 | |||||||||
Total | $ | 13,508.9 | $ | 13,300.7 | $ | 12,891.4 |
In millions | 2016 | 2015 | 2014 | |||||||||
Commercial HVAC | $ | 6,479.4 | $ | 6,233.8 | $ | 6,049.8 | ||||||
Transport Refrigeration | 2,050.1 | 2,147.8 | 2,089.2 | |||||||||
Residential HVAC | 2,015.5 | 1,842.6 | 1,740.7 | |||||||||
Compression Technologies and Services | 1,885.1 | 1,932.5 | 1,812.3 | |||||||||
Other Industrial | 1,078.8 | 1,144.0 | 1,199.4 | |||||||||
Total | $ | 13,508.9 | $ | 13,300.7 | $ | 12,891.4 |
In millions | 2016 | 2015 | ||||||
United States | $ | 2,040.7 | $ | 2,196.1 | ||||
Non-U.S. | 603.1 | 651.3 | ||||||
Total | $ | 2,643.8 | $ | 2,847.4 |
|
Parent, issuer or guarantors | Notes issued | Notes guaranteed (3) |
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 (4) |
Ingersoll-Rand Lux International Holding Company S.a.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 Holding 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 Holding 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 note 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 | $ | — | $ | — | $ | — | $ | — | $ | 1,327.2 | $ | — | $ | 12,533.9 | $ | (352.2 | ) | $ | 13,508.9 | ||||||||||||||||
Cost of goods sold | — | — | — | — | (982.2 | ) | — | (8,699.3 | ) | 352.2 | (9,329.3 | ) | |||||||||||||||||||||||
Selling and administrative expenses | (16.9 | ) | — | (0.2 | ) | (0.1 | ) | (352.5 | ) | (0.5 | ) | (2,236.3 | ) | — | (2,606.5 | ) | |||||||||||||||||||
Operating income (loss) | (16.9 | ) | — | (0.2 | ) | (0.1 | ) | (7.5 | ) | (0.5 | ) | 1,598.3 | — | 1,573.1 | |||||||||||||||||||||
Equity earnings (loss) in subsidiaries, net of tax | 1,559.7 | 1,544.0 | 1,463.4 | 609.4 | 808.7 | 1,521.1 | — | (7,506.3 | ) | — | |||||||||||||||||||||||||
Interest expense | — | — | — | (127.0 | ) | (47.9 | ) | (42.6 | ) | (4.0 | ) | — | (221.5 | ) | |||||||||||||||||||||
Intercompany interest and fees | (69.2 | ) | — | (46.4 | ) | (164.5 | ) | (277.2 | ) | (6.8 | ) | 564.1 | — | — | |||||||||||||||||||||
Other income/(expense), net | 0.9 | — | — | — | (13.8 | ) | — | 402.6 | — | 389.7 | |||||||||||||||||||||||||
Earnings (loss) before income taxes | 1,474.5 | 1,544.0 | 1,416.8 | 317.8 | 462.3 | 1,471.2 | 2,561.0 | (7,506.3 | ) | 1,741.3 | |||||||||||||||||||||||||
Benefit (provision) for income taxes | 1.7 | — | 3.0 | 115.6 | 117.3 | — | (519.1 | ) | — | (281.5 | ) | ||||||||||||||||||||||||
Earnings (loss) from continuing operations | 1,476.2 | 1,544.0 | 1,419.8 | 433.4 | 579.6 | 1,471.2 | 2,041.9 | (7,506.3 | ) | 1,459.8 | |||||||||||||||||||||||||
Gain (loss) from discontinued operations, net of tax | — | — | — | — | 30.4 | — | 2.5 | — | 32.9 | ||||||||||||||||||||||||||
Net earnings (loss) | 1,476.2 | 1,544.0 | 1,419.8 | 433.4 | 610.0 | 1,471.2 | 2,044.4 | (7,506.3 | ) | 1,492.7 | |||||||||||||||||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | — | — | — | — | (16.5 | ) | — | (16.5 | ) | ||||||||||||||||||||||||
Net earnings attributable to Ingersoll-Rand plc | $ | 1,476.2 | $ | 1,544.0 | $ | 1,419.8 | $ | 433.4 | $ | 610.0 | $ | 1,471.2 | $ | 2,027.9 | $ | (7,506.3 | ) | $ | 1,476.2 | ||||||||||||||||
Other comprehensive income (loss), net of tax | (169.6 | ) | (168.5 | ) | (166.8 | ) | (161.1 | ) | (161.5 | ) | 5.0 | 33.3 | 619.6 | (169.6 | ) | ||||||||||||||||||||
Comprehensive income attributable to Ingersoll-Rand plc | $ | 1,306.6 | $ | 1,375.5 | $ | 1,253.0 | $ | 272.3 | $ | 448.5 | $ | 1,476.2 | $ | 2,061.2 | $ | (6,886.7 | ) | $ | 1,306.6 |
In millions | Plc | Irish Holdings | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | — | $ | — | $ | 1,427.9 | $ | — | $ | 12,259.0 | $ | (386.2 | ) | $ | 13,300.7 | ||||||||||||||||
Cost of goods sold | — | — | — | — | (1,031.7 | ) | — | (8,656.1 | ) | 386.2 | (9,301.6 | ) | |||||||||||||||||||||||
Selling and administrative expenses | (18.9 | ) | — | (0.1 | ) | (0.1 | ) | (303.5 | ) | (0.6 | ) | (2,217.9 | ) | — | (2,541.1 | ) | |||||||||||||||||||
Operating income (loss) | (18.9 | ) | — | (0.1 | ) | (0.1 | ) | 92.7 | (0.6 | ) | 1,385.0 | — | 1,458.0 | ||||||||||||||||||||||
Equity earnings (loss) in subsidiaries, net of tax | 706.8 | 710.6 | 570.6 | 301.7 | 693.7 | 359.2 | — | (3,342.6 | ) | — | |||||||||||||||||||||||||
Interest expense | — | — | — | (127.6 | ) | (48.3 | ) | (42.8 | ) | (4.3 | ) | — | (223.0 | ) | |||||||||||||||||||||
Intercompany interest and fees | (26.7 | ) | (0.2 | ) | (21.4 | ) | (28.6 | ) | (270.6 | ) | (2.4 | ) | 349.9 | — | — | ||||||||||||||||||||
Other income/(expense), net | 1.4 | — | 0.1 | — | (9.1 | ) | — | 20.5 | — | 12.9 | |||||||||||||||||||||||||
Earnings (loss) before income taxes | 662.6 | 710.4 | 549.2 | 145.4 | 458.4 | 313.4 | 1,751.1 | (3,342.6 | ) | 1,247.9 | |||||||||||||||||||||||||
Benefit (provision) for income taxes | 2.0 | — | (9.1 | ) | 58.0 | (125.5 | ) | — | (466.2 | ) | — | (540.8 | ) | ||||||||||||||||||||||
Earnings (loss) from continuing operations | 664.6 | 710.4 | 540.1 | 203.4 | 332.9 | 313.4 | 1,284.9 | (3,342.6 | ) | 707.1 | |||||||||||||||||||||||||
Gain (loss) from discontinued operations, net of tax | — | — | — | — | (31.4 | ) | — | 7.1 | — | (24.3 | ) | ||||||||||||||||||||||||
Net earnings (loss) | 664.6 | 710.4 | 540.1 | 203.4 | 301.5 | 313.4 | 1,292.0 | (3,342.6 | ) | 682.8 | |||||||||||||||||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | — | — | — | — | (18.2 | ) | — | (18.2 | ) | ||||||||||||||||||||||||
Net earnings attributable to Ingersoll-Rand plc | $ | 664.6 | $ | 710.4 | $ | 540.1 | $ | 203.4 | $ | 301.5 | $ | 313.4 | $ | 1,273.8 | $ | (3,342.6 | ) | $ | 664.6 | ||||||||||||||||
Other comprehensive income (loss), net of tax | (406.6 | ) | (406.0 | ) | (229.1 | ) | (91.4 | ) | (91.9 | ) | (88.0 | ) | (411.7 | ) | 1,318.1 | (406.6 | ) | ||||||||||||||||||
Comprehensive income attributable to Ingersoll-Rand plc | $ | 258.0 | $ | 304.4 | $ | 311.0 | $ | 112.0 | $ | 209.6 | $ | 225.4 | $ | 862.1 | $ | (2,024.5 | ) | $ | 258.0 |
In millions | Plc | Irish Holdings | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | — | $ | — | $ | 1,257.3 | $ | — | $ | 12,021.9 | $ | (387.8 | ) | $ | 12,891.4 | ||||||||||||||||
Cost of goods sold | — | — | — | — | (891.8 | ) | — | (8,478.8 | ) | 387.8 | (8,982.8 | ) | |||||||||||||||||||||||
Selling and administrative expenses | (34.9 | ) | — | (0.1 | ) | (0.6 | ) | (308.8 | ) | — | (2,159.5 | ) | — | (2,503.9 | ) | ||||||||||||||||||||
Operating income (loss) | (34.9 | ) | — | (0.1 | ) | (0.6 | ) | 56.7 | — | 1,383.6 | — | 1,404.7 | |||||||||||||||||||||||
Equity earnings (loss) in subsidiaries, net of tax | 985.9 | 1,398.5 | 1,269.3 | 465.7 | 559.6 | 352.9 | — | (5,031.9 | ) | — | |||||||||||||||||||||||||
Interest expense | — | — | — | (127.9 | ) | (48.9 | ) | (7.1 | ) | (41.4 | ) | — | (225.3 | ) | |||||||||||||||||||||
Intercompany interest and fees | (18.2 | ) | — | (17.8 | ) | (2.5 | ) | (208.4 | ) | (0.6 | ) | 247.5 | — | — | |||||||||||||||||||||
Other income/(expense), net | 0.9 | — | — | — | 2.9 | — | 26.2 | — | 30.0 | ||||||||||||||||||||||||||
Earnings (loss) before income taxes | 933.7 | 1,398.5 | 1,251.4 | 334.7 | 361.9 | 345.2 | 1,615.9 | (5,031.9 | ) | 1,209.4 | |||||||||||||||||||||||||
Benefit (provision) for income taxes | 0.2 | — | — | 44.6 | 58.5 | — | (397.0 | ) | — | (293.7 | ) | ||||||||||||||||||||||||
Earnings (loss) from continuing operations | 933.9 | 1,398.5 | 1,251.4 | 379.3 | 420.4 | 345.2 | 1,218.9 | (5,031.9 | ) | 915.7 | |||||||||||||||||||||||||
Gain (loss) from discontinued operations, net of tax | (2.2 | ) | — | — | — | 37.2 | — | (0.3 | ) | — | 34.7 | ||||||||||||||||||||||||
Net earnings (loss) | 931.7 | 1,398.5 | 1,251.4 | 379.3 | 457.6 | 345.2 | 1,218.6 | (5,031.9 | ) | 950.4 | |||||||||||||||||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | — | — | — | — | (18.7 | ) | — | (18.7 | ) | ||||||||||||||||||||||||
Net earnings attributable to Ingersoll-Rand plc | $ | 931.7 | $ | 1,398.5 | $ | 1,251.4 | $ | 379.3 | $ | 457.6 | $ | 345.2 | $ | 1,199.9 | $ | (5,031.9 | ) | $ | 931.7 | ||||||||||||||||
Other comprehensive income (loss), net of tax | (547.6 | ) | (547.6 | ) | (517.8 | ) | (259.4 | ) | (259.7 | ) | (182.2 | ) | (436.6 | ) | 2,203.3 | (547.6 | ) | ||||||||||||||||||
Comprehensive income attributable to Ingersoll-Rand plc | $ | 384.1 | $ | 850.9 | $ | 733.6 | $ | 119.9 | $ | 197.9 | $ | 163.0 | $ | 763.3 | $ | (2,828.6 | ) | $ | 384.1 |
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 | ||||||||||||||||||||||||||
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, net | — | — | — | — | 192.0 | — | 1,218.7 | — | 1,410.7 | ||||||||||||||||||||||||||
Other current assets | 0.1 | — | — | 6.4 | 83.3 | — | 237.5 | (16.0 | ) | 311.3 | |||||||||||||||||||||||||
Intercompany receivable | 136.8 | — | 3.3 | 102.2 | 1,413.9 | — | 35,404.3 | (37,060.5 | ) | — | |||||||||||||||||||||||||
Total current assets | 136.9 | — | 3.3 | 120.0 | 1,849.9 | 0.1 | 39,575.7 | (37,076.5 | ) | 4,609.4 | |||||||||||||||||||||||||
Property, plant and equipment, net | — | — | — | — | 463.0 | — | 1,112.1 | — | 1,575.1 | ||||||||||||||||||||||||||
Goodwill and other intangible assets, net | — | — | — | — | 411.6 | — | 9,244.7 | — | 9,656.3 | ||||||||||||||||||||||||||
Other noncurrent assets | 0.2 | — | — | 283.8 | 733.4 | — | 568.4 | (709.0 | ) | 876.8 | |||||||||||||||||||||||||
Investments in consolidated subsidiaries | 10,139.0 | 20,373.9 | 13,406.9 | 6,478.2 | 13,967.0 | 11,059.7 | — | (75,424.7 | ) | — | |||||||||||||||||||||||||
Intercompany notes receivable | — | — | — | — | — | — | 2,876.7 | (2,876.7 | ) | — | |||||||||||||||||||||||||
Total assets | $ | 10,276.1 | $ | 20,373.9 | $ | 13,410.2 | $ | 6,882.0 | $ | 17,424.9 | $ | 11,059.8 | $ | 53,377.6 | $ | (116,086.9 | ) | $ | 16,717.6 | ||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||
Accounts payable and accrued expenses | $ | 7.1 | $ | — | $ | 0.1 | $ | 30.7 | $ | 599.7 | $ | 6.3 | $ | 2,518.3 | $ | (18.0 | ) | $ | 3,144.2 | ||||||||||||||||
Short-term borrowings and current maturities of long-term debt | — | — | — | — | 350.4 | 143.0 | 10.8 | — | 504.2 | ||||||||||||||||||||||||||
Intercompany payable | 4,452.3 | 143.6 | 23,529.0 | 1,997.8 | 5,858.3 | 745.5 | 334.0 | (37,060.5 | ) | — | |||||||||||||||||||||||||
Total current liabilities | 4,459.4 | 143.6 | 23,529.1 | 2,028.5 | 6,808.4 | 894.8 | 2,863.1 | (37,078.5 | ) | 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 | 147.4 | 23,529.1 | 4,750.2 | 10,965.6 | 1,981.7 | 5,669.1 | (40,664.1 | ) | 10,838.4 | |||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||||||||
Total equity | 5,816.7 | 20,226.5 | (10,118.9 | ) | 2,131.8 | 6,459.3 | 9,078.1 | 47,708.5 | (75,422.8 | ) | 5,879.2 | ||||||||||||||||||||||||
Total liabilities and equity | $ | 10,276.1 | $ | 20,373.9 | $ | 13,410.2 | $ | 6,882.0 | $ | 17,424.9 | $ | 11,059.8 | $ | 53,377.6 | $ | (116,086.9 | ) | $ | 16,717.6 |
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 | $ | (102.1 | ) | $ | — | $ | (42.0 | ) | $ | (276.6 | ) | $ | 823.4 | $ | (47.3 | ) | $ | 1,055.9 | $ | — | $ | 1,411.3 | |||||||||||||
Net cash provided by (used in) discontinued operating activities | — | — | — | — | 86.4 | — | 2.5 | — | 88.9 | ||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | (102.1 | ) | — | (42.0 | ) | (276.6 | ) | 909.8 | (47.3 | ) | 1,058.4 | — | 1,500.2 | ||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | — | — | (73.7 | ) | — | (109.0 | ) | — | (182.7 | ) | |||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | — | — | — | — | (9.2 | ) | — | — | — | (9.2 | ) | ||||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | — | — | — | — | — | — | 9.5 | — | 9.5 | ||||||||||||||||||||||||||
Proceeds from business and equity investment dispositions | — | — | — | — | — | — | 422.5 | — | 422.5 | ||||||||||||||||||||||||||
Intercompany investing activities, net | (90.1 | ) | (19,465.7 | ) | 6,181.4 | (172.9 | ) | 65.8 | 336.1 | (2,226.8 | ) | 15,372.2 | — | ||||||||||||||||||||||
Net cash provided by (used in) investing activities | (90.1 | ) | (19,465.7 | ) | 6,181.4 | (172.9 | ) | (17.1 | ) | 336.1 | (1,903.8 | ) | 15,372.2 | 240.1 | |||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Net proceeds (repayments) of debt | — | — | — | — | (7.7 | ) | (143.0 | ) | — | — | (150.7 | ) | |||||||||||||||||||||||
Debt issuance costs | — | — | — | (2.1 | ) | — | — | — | — | (2.1 | ) | ||||||||||||||||||||||||
Dividends paid to ordinary shareholders | (348.6 | ) | — | — | — | — | — | — | — | (348.6 | ) | ||||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | — | (14.1 | ) | — | (14.1 | ) | ||||||||||||||||||||||||
Proceeds from shares issued under incentive plans | 62.9 | — | — | — | — | — | — | — | 62.9 | ||||||||||||||||||||||||||
Repurchase of ordinary shares | (250.1 | ) | — | — | — | — | — | — | — | (250.1 | ) | ||||||||||||||||||||||||
Other financing activities, net | (2.5 | ) | — | — | — | — | — | — | — | (2.5 | ) | ||||||||||||||||||||||||
Intercompany financing activities, net | 730.5 | 19,465.7 | (6,139.4 | ) | 440.2 | (250.4 | ) | (145.9 | ) | 1,271.5 | (15,372.2 | ) | — | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | 192.2 | 19,465.7 | (6,139.4 | ) | 438.1 | (258.1 | ) | (288.9 | ) | 1,257.4 | (15,372.2 | ) | (705.2 | ) | |||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | (57.2 | ) | — | (57.2 | ) | ||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | (11.4 | ) | 634.6 | (0.1 | ) | 354.8 | — | 977.9 | ||||||||||||||||||||||||
Cash and cash equivalents - beginning of period | — | — | — | 11.4 | — | 0.1 | 725.3 | — | 736.8 | ||||||||||||||||||||||||||
Cash and cash equivalents - end of period | $ | — | $ | — | $ | — | $ | — | $ | 634.6 | $ | — | $ | 1,080.1 | $ | — | $ | 1,714.7 |
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 | $ | (60.2 | ) | $ | (1.2 | ) | $ | (33.6 | ) | $ | (122.9 | ) | $ | (294.3 | ) | $ | (45.8 | ) | $ | 1,444.2 | $ | — | $ | 886.2 | |||||||||||
Net cash provided by (used in) discontinued operating activities | — | — | — | — | (30.6 | ) | — | (4.5 | ) | — | (35.1 | ) | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | (60.2 | ) | (1.2 | ) | (33.6 | ) | (122.9 | ) | (324.9 | ) | (45.8 | ) | 1,439.7 | — | 851.1 | ||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | — | — | (122.9 | ) | — | (126.7 | ) | — | (249.6 | ) | |||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | — | — | — | — | (443.5 | ) | — | (518.3 | ) | — | (961.8 | ) | |||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | — | — | — | — | 3.0 | — | 15.5 | — | 18.5 | ||||||||||||||||||||||||||
Intercompany investing activities, net | — | 3.5 | 1,963.3 | 339.0 | 125.4 | (228.0 | ) | (1,012.6 | ) | (1,190.6 | ) | — | |||||||||||||||||||||||
Net cash provided by (used in) investing activities | — | 3.5 | 1,963.3 | 339.0 | (438.0 | ) | (228.0 | ) | (1,642.1 | ) | (1,190.6 | ) | (1,192.9 | ) | |||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Net proceeds (repayments) of debt | — | — | — | (0.1 | ) | (7.6 | ) | 43.0 | (28.9 | ) | — | 6.4 | |||||||||||||||||||||||
Dividends paid to ordinary shareholders | (303.3 | ) | — | — | — | — | — | — | — | (303.3 | ) | ||||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | — | (9.3 | ) | — | (9.3 | ) | ||||||||||||||||||||||||
Proceeds from shares issued under incentive plans | 61.3 | — | — | — | — | — | — | — | 61.3 | ||||||||||||||||||||||||||
Repurchase of ordinary shares | (250.1 | ) | — | — | — | — | — | — | — | (250.1 | ) | ||||||||||||||||||||||||
Other financing activities, net | 4.7 | — | — | — | — | — | — | — | 4.7 | ||||||||||||||||||||||||||
Net intercompany financing activities | 547.6 | (2.3 | ) | (1,930.8 | ) | (204.6 | ) | 345.1 | 230.9 | (176.5 | ) | 1,190.6 | — | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | 60.2 | (2.3 | ) | (1,930.8 | ) | (204.7 | ) | 337.5 | 273.9 | (214.7 | ) | 1,190.6 | (490.3 | ) | |||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | (136.3 | ) | — | (136.3 | ) | ||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | (1.1 | ) | 11.4 | (425.4 | ) | 0.1 | (553.4 | ) | — | (968.4 | ) | ||||||||||||||||||||||
Cash and cash equivalents – beginning of period | — | — | 1.1 | — | 425.4 | — | 1,278.7 | — | 1,705.2 | ||||||||||||||||||||||||||
Cash and cash equivalents – end of period | $ | — | $ | — | $ | — | $ | 11.4 | $ | — | $ | 0.1 | $ | 725.3 | $ | — | $ | 736.8 |
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 | $ | (160.0 | ) | $ | — | $ | (70.9 | ) | $ | (125.4 | ) | $ | 155.6 | $ | 0.9 | $ | 1,191.5 | $ | — | $ | 991.7 | ||||||||||||||
Net cash provided by (used in) discontinued operating activities | (2.2 | ) | — | — | — | (2.4 | ) | — | (13.9 | ) | — | (18.5 | ) | ||||||||||||||||||||||
Net cash provided by (used in) operating activities | (162.2 | ) | — | (70.9 | ) | (125.4 | ) | 153.2 | 0.9 | 1,177.6 | — | 973.2 | |||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | — | — | (87.7 | ) | — | (145.8 | ) | — | (233.5 | ) | |||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | — | — | — | — | — | — | (10.2 | ) | — | (10.2 | ) | ||||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | — | — | — | — | 1.3 | — | 13.1 | — | 14.4 | ||||||||||||||||||||||||||
Proceeds from business and equity investment dispositions | — | — | — | — | 2.0 | — | — | — | 2.0 | ||||||||||||||||||||||||||
Dividends received from equity investments | — | — | — | — | — | — | 30.3 | — | 30.3 | ||||||||||||||||||||||||||
Intercompany investing activities, net | (454.8 | ) | 295.3 | 5.2 | 206.6 | 830.5 | — | 233.8 | (1,116.6 | ) | — | ||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (454.8 | ) | 295.3 | 5.2 | 206.6 | 746.1 | — | 121.2 | (1,116.6 | ) | (197.0 | ) | |||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Net proceeds (repayments) of debt | — | — | — | — | (7.6 | ) | 1,195.1 | (487.3 | ) | — | 700.2 | ||||||||||||||||||||||||
Debt issuance costs | — | — | — | (2.5 | ) | — | (9.8 | ) | — | — | (12.3 | ) | |||||||||||||||||||||||
Dividends paid to ordinary shareholders | (264.7 | ) | — | — | — | — | — | — | — | (264.7 | ) | ||||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | — | (20.9 | ) | — | (20.9 | ) | ||||||||||||||||||||||||
Proceeds from shares issued under incentive plans | 113.1 | — | — | — | — | — | — | — | 113.1 | ||||||||||||||||||||||||||
Repurchase of ordinary shares | (1,374.9 | ) | — | — | — | — | — | — | — | (1,374.9 | ) | ||||||||||||||||||||||||
Intercompany financing activities, net | 2,143.5 | (295.3 | ) | 66.8 | (1,054.0 | ) | (491.8 | ) | (1,186.2 | ) | (299.6 | ) | 1,116.6 | — | |||||||||||||||||||||
Net cash provided by (used in) financing activities | 617.0 | (295.3 | ) | 66.8 | (1,056.5 | ) | (499.4 | ) | (0.9 | ) | (807.8 | ) | 1,116.6 | (859.5 | ) | ||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | (148.7 | ) | — | (148.7 | ) | ||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | 1.1 | (975.3 | ) | 399.9 | — | 342.3 | — | (232.0 | ) | ||||||||||||||||||||||||
Cash and cash equivalents – beginning of period | — | — | — | 975.3 | 25.5 | — | 936.4 | — | 1,937.2 | ||||||||||||||||||||||||||
Cash and cash equivalents – end of period | $ | — | $ | — | $ | 1.1 | $ | — | $ | 425.4 | $ | — | $ | 1,278.7 | $ | — | $ | 1,705.2 |
|
Allowances for Doubtful Accounts: | |||
Balance December 31, 2013 | $ | 35.4 | |
Additions charged to costs and expenses | 7.4 | ||
Deductions (a) | (7.5 | ) | |
Business acquisitions and divestitures, net | 0.1 | ||
Currency translation | (1.3 | ) | |
Balance December 31, 2014 | 34.1 | ||
Additions charged to costs and expenses | 1.4 | ||
Deductions (a) | (5.3 | ) | |
Business acquisitions and divestitures, net | 0.3 | ||
Currency translation | (2.2 | ) | |
Balance December 31, 2015 | 28.3 | ||
Additions charged to costs and expenses | 7.9 | ||
Deductions (a) | (9.5 | ) | |
Business acquisitions and divestitures, net | — | ||
Currency translation | (0.7 | ) | |
Balance December 31, 2016 | $ | 26.0 |
(a) | “Deductions” include accounts and advances written off, less recoveries. |
|
Buildings | 10 | to | 50 | years |
Machinery and equipment | 2 | to | 12 | years |
Software | 2 | to | 7 | years |
Customer relationships | 20 | years |
Completed technology/patents | 10 | years |
Other | 20 | years |
|
Buildings | 10 | to | 50 | years |
Machinery and equipment | 2 | to | 12 | years |
Software | 2 | to | 7 | years |
Customer relationships | 20 | years |
Completed technology/patents | 10 | years |
Other | 20 | years |
|
In millions | 2016 | 2015 | ||||||
Raw materials | $ | 448.5 | $ | 514.9 | ||||
Work-in-process | 154.0 | 131.0 | ||||||
Finished goods | 845.6 | 825.7 | ||||||
1,448.1 | 1,471.6 | |||||||
LIFO reserve | (62.3 | ) | (60.9 | ) | ||||
Total | $ | 1,385.8 | $ | 1,410.7 |
|
In millions | 2016 | 2015 | ||||||
Land | $ | 49.2 | $ | 61.7 | ||||
Buildings | 708.9 | 699.1 | ||||||
Machinery and equipment | 1,831.1 | 1,749.6 | ||||||
Software | 778.5 | 723.4 | ||||||
3,367.7 | 3,233.8 | |||||||
Accumulated depreciation | (1,856.7 | ) | (1,658.7 | ) | ||||
Total | $ | 1,511.0 | $ | 1,575.1 |
|
In millions | Climate | Industrial | Total | |||||||||
Net balance as of December 31, 2014 | $ | 5,022.9 | $ | 366.9 | $ | 5,389.8 | ||||||
Acquisitions (1) | 79.1 | 432.8 | 511.9 | |||||||||
Currency translation | (149.4 | ) | (22.1 | ) | (171.5 | ) | ||||||
Net balance as of December 31, 2015 | 4,952.6 | 777.6 | 5,730.2 | |||||||||
Acquisitions (2) | 0.4 | 12.5 | 12.9 | |||||||||
Currency translation | (73.9 | ) | (10.8 | ) | (84.7 | ) | ||||||
Net balance as of December 31, 2016 | 4,879.1 | 779.3 | 5,658.4 |
|
2016 | 2015 | |||||||||||||||||||||||
In millions | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | ||||||||||||||||||
Completed technologies/patents | $ | 203.0 | $ | (165.6 | ) | $ | 37.4 | $ | 214.9 | $ | (168.7 | ) | $ | 46.2 | ||||||||||
Customer relationships | 2,008.9 | (926.1 | ) | 1,082.8 | 2,019.8 | (811.5 | ) | 1,208.3 | ||||||||||||||||
Other | 61.1 | (48.5 | ) | 12.6 | 63.5 | (45.7 | ) | 17.8 | ||||||||||||||||
Total finite-lived intangible assets | $ | 2,273.0 | $ | (1,140.2 | ) | $ | 1,132.8 | $ | 2,298.2 | $ | (1,025.9 | ) | $ | 1,272.3 | ||||||||||
Trademarks (indefinite-lived) | 2,652.3 | — | 2,652.3 | 2,653.8 | — | 2,653.8 | ||||||||||||||||||
Total | $ | 4,925.3 | $ | (1,140.2 | ) | $ | 3,785.1 | $ | 4,952.0 | $ | (1,025.9 | ) | $ | 3,926.1 |
|
In millions | 2016 | 2015 | ||||||
Debentures with put feature | $ | 343.0 | $ | 343.0 | ||||
Commercial Paper | — | 143.0 | ||||||
Other current maturities of long-term debt | 7.7 | 7.8 | ||||||
Short-term borrowings | 10.1 | 10.4 | ||||||
Total | $ | 360.8 | $ | 504.2 |
In millions | 2016 | 2015 | ||||||
6.875% Senior notes due 2018 | $ | 748.6 | $ | 748.0 | ||||
2.875% Senior notes due 2019 | 348.6 | 348.1 | ||||||
2.625% Senior notes due 2020 | 298.5 | 298.0 | ||||||
9.000% Debentures due 2021 | 124.8 | 124.8 | ||||||
4.250% Senior notes due 2023 | 695.6 | 695.0 | ||||||
7.200% Debentures due 2016-2025 | 59.7 | 67.1 | ||||||
3.550% Senior notes due 2024 | 494.5 | 493.7 | ||||||
6.48% Debentures due 2025 | 149.7 | 149.7 | ||||||
5.750% Senior notes due 2043 | 493.6 | 493.4 | ||||||
4.650% Senior notes due 2044 | 295.4 | 295.2 | ||||||
Other loans and notes, at end-of-year average interest rates of 6.79% in 2016 and 2.58% in 2015, maturing in various amounts to 2021 | 0.4 | 0.6 | ||||||
Total | $ | 3,709.4 | $ | 3,713.6 |
In millions | |||
2017 | $ | 350.7 | |
2018 | 756.3 | ||
2019 | 356.3 | ||
2020 | 306.0 | ||
2021 | 132.3 | ||
Thereafter | 2,158.5 | ||
Total | $ | 4,060.1 |
|
Derivative assets | Derivative liabilities | |||||||||||||||
In millions | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Derivatives designated as hedges: | ||||||||||||||||
Currency derivatives | $ | 0.3 | $ | 0.6 | $ | 2.9 | $ | 0.2 | ||||||||
Derivatives not designated as hedges: | ||||||||||||||||
Currency derivatives | 0.3 | 4.4 | 17.9 | 12.4 | ||||||||||||
Total derivatives | $ | 0.6 | $ | 5.0 | $ | 20.8 | $ | 12.6 |
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 | 2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||||||||||
Currency derivatives designated as hedges | $ | 2.2 | $ | 1.2 | $ | (3.0 | ) | Cost of goods sold | $ | 5.3 | $ | (2.1 | ) | $ | (3.4 | ) | ||||||||||
Interest rate swaps & locks | — | — | (0.1 | ) | Interest expense | (0.5 | ) | (0.5 | ) | (2.3 | ) | |||||||||||||||
Total | $ | 2.2 | $ | 1.2 | $ | (3.1 | ) | $ | 4.8 | $ | (2.6 | ) | $ | (5.7 | ) |
In millions | Location of gain (loss) recognized in Net earnings | Amount of gain (loss) recognized in Net earnings | ||||||||||||
2016 | 2015 | 2014 | ||||||||||||
Currency derivatives | Other income/(expense), net | $ | (39.2 | ) | $ | 0.1 | $ | (31.5 | ) | |||||
Total | $ | (39.2 | ) | $ | 0.1 | $ | (31.5 | ) |
|
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 | $ | — |
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 | $ | — |
|
In millions | 2016 | 2015 | 2014 | |||||||||
Total contributions | $ | 7.7 | $ | 6.7 | $ | 6.3 |
In millions | 2016 | 2015 | ||||||
Change in benefit obligations: | ||||||||
Benefit obligation at beginning of year | $ | 3,523.8 | $ | 3,719.6 | ||||
Service cost | 72.1 | 75.2 | ||||||
Interest cost | 110.2 | 129.5 | ||||||
Employee contributions | 1.0 | 1.0 | ||||||
Amendments | 6.2 | 6.8 | ||||||
Actuarial (gains) losses | 129.6 | (153.4 | ) | |||||
Benefits paid | (203.5 | ) | (191.8 | ) | ||||
Currency translation | (89.4 | ) | (50.0 | ) | ||||
Curtailments and settlements | (1.6 | ) | (3.5 | ) | ||||
Other, including expenses paid | (16.5 | ) | (9.6 | ) | ||||
Benefit obligation at end of year | $ | 3,531.9 | $ | 3,523.8 | ||||
Change in plan assets: | ||||||||
Fair value at beginning of year | $ | 2,772.0 | $ | 3,018.6 | ||||
Actual return on assets | 274.9 | (43.0 | ) | |||||
Company contributions | 56.4 | 35.6 | ||||||
Employee contributions | 1.0 | 1.0 | ||||||
Benefits paid | (203.5 | ) | (191.8 | ) | ||||
Currency translation | (85.6 | ) | (33.8 | ) | ||||
Settlements | (1.6 | ) | (3.5 | ) | ||||
Other, including expenses paid | (16.5 | ) | (11.1 | ) | ||||
Fair value of assets end of year | $ | 2,797.1 | $ | 2,772.0 | ||||
Net unfunded liability | $ | (734.8 | ) | $ | (751.8 | ) | ||
Amounts included in the balance sheet: | ||||||||
Other noncurrent assets | $ | 19.2 | $ | 2.7 | ||||
Accrued compensation and benefits | (6.4 | ) | (11.0 | ) | ||||
Postemployment and other benefit liabilities | (747.6 | ) | (743.5 | ) | ||||
Net amount recognized | $ | (734.8 | ) | $ | (751.8 | ) |
In millions | Prior service cost | Net actuarial losses | Total | |||||||||
December 31, 2015 | $ | (25.8 | ) | $ | (970.5 | ) | $ | (996.3 | ) | |||
Current year changes recorded to Accumulated other comprehensive income (loss) | (6.2 | ) | (0.8 | ) | (7.0 | ) | ||||||
Amortization reclassified to earnings | 4.7 | 61.6 | 66.3 | |||||||||
Settlements/curtailments reclassified to earnings | 2.0 | 0.1 | 2.1 | |||||||||
Currency translation and other | (0.2 | ) | 22.8 | 22.6 | ||||||||
December 31, 2016 | $ | (25.5 | ) | $ | (886.8 | ) | $ | (912.3 | ) |
2016 | 2015 | |||||
Discount rate: | ||||||
U.S. plans | 3.97 | % | 4.17 | % | ||
Non-U.S. plans | 2.40 | % | 3.27 | % | ||
Rate of compensation increase: | ||||||
U.S. plans | 4.00 | % | 4.00 | % | ||
Non-U.S. plans | 4.00 | % | 4.00 | % |
In millions | |||
2017 | $ | 199.5 | |
2018 | 206.9 | ||
2019 | 206.6 | ||
2020 | 215.9 | ||
2021 | 215.1 | ||
2022 — 2026 | 1,120.0 |
In millions | 2016 | 2015 | 2014 | |||||||||
Service cost | $ | 72.1 | $ | 75.2 | $ | 68.7 | ||||||
Interest cost | 110.2 | 129.5 | 147.2 | |||||||||
Expected return on plan assets | (146.1 | ) | (158.3 | ) | (156.1 | ) | ||||||
Net amortization of: | ||||||||||||
Prior service costs | 4.7 | 3.2 | 4.4 | |||||||||
Plan net actuarial losses | 61.6 | 60.7 | 36.1 | |||||||||
Net periodic pension benefit cost | 102.5 | 110.3 | 100.3 | |||||||||
Net curtailment and settlement (gains) losses | 2.1 | 0.7 | 7.1 | |||||||||
Net periodic pension benefit cost after net curtailment and settlement (gains) losses | $ | 104.6 | $ | 111.0 | $ | 107.4 | ||||||
Amounts recorded in continuing operations | $ | 94.8 | $ | 100.7 | $ | 100.2 | ||||||
Amounts recorded in discontinued operations | 9.8 | 10.3 | 7.2 | |||||||||
Total | $ | 104.6 | $ | 111.0 | $ | 107.4 |
Fair value measurements | Total fair value | |||||||||||||||
In millions | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash and cash equivalents | $ | 11.8 | $ | 17.0 | $ | — | $ | 28.8 | ||||||||
Equity investments: | ||||||||||||||||
Registered mutual funds – equity specialty | 73.9 | — | — | 73.9 | ||||||||||||
Commingled funds – equity specialty | — | 640.8 | — | 640.8 | ||||||||||||
73.9 | 640.8 | — | 714.7 | |||||||||||||
Fixed income investments: | ||||||||||||||||
U.S. government and agency obligations | — | 460.0 | — | 460.0 | ||||||||||||
Corporate and non-U.S. bonds(a) | — | 1,178.3 | — | 1,178.3 | ||||||||||||
Asset-backed and mortgage-backed securities | — | 74.0 | — | 74.0 | ||||||||||||
Registered mutual funds – fixed income specialty | 30.2 | 102.2 | — | 132.4 | ||||||||||||
Commingled funds – fixed income specialty | — | 96.0 | — | 96.0 | ||||||||||||
Other fixed income(b) | — | — | 25.4 | 25.4 | ||||||||||||
30.2 | 1,910.5 | 25.4 | 1,966.1 | |||||||||||||
Derivatives | — | (0.9 | ) | — | (0.9 | ) | ||||||||||
Real estate(c) | — | — | 7.3 | 7.3 | ||||||||||||
Other(d) | — | — | 64.3 | 64.3 | ||||||||||||
Total assets at fair value | $ | 115.9 | $ | 2,567.4 | $ | 97.0 | $ | 2,780.3 | ||||||||
Receivables and payables, net | 16.8 | |||||||||||||||
Net assets available for benefits | $ | 2,797.1 |
Fair value measurements | Total fair value | |||||||||||||||
In millions | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash and cash equivalents | $ | 17.6 | $ | 19.7 | $ | — | $ | 37.3 | ||||||||
Equity investments: | ||||||||||||||||
Registered mutual funds – equity specialty | 69.0 | — | — | 69.0 | ||||||||||||
Commingled funds – equity specialty | — | 637.8 | — | 637.8 | ||||||||||||
69.0 | 637.8 | — | 706.8 | |||||||||||||
Fixed income investments: | ||||||||||||||||
U.S. government and agency obligations | — | 478.4 | — | 478.4 | ||||||||||||
Corporate and non-U.S. bonds(a) | — | 1,168.0 | — | 1,168.0 | ||||||||||||
Asset-backed and mortgage-backed securities | — | 20.3 | — | 20.3 | ||||||||||||
Registered mutual funds – fixed income specialty | 30.7 | 108.7 | — | 139.4 | ||||||||||||
Commingled funds – fixed income specialty | — | 111.6 | — | 111.6 | ||||||||||||
Other fixed income(b) | — | — | 24.6 | 24.6 | ||||||||||||
30.7 | 1,887.0 | 24.6 | 1,942.3 | |||||||||||||
Real estate(c) | — | — | 10.8 | 10.8 | ||||||||||||
Other(d) | — | — | 61.2 | 61.2 | ||||||||||||
Total assets at fair value | $ | 117.3 | $ | 2,544.5 | $ | 96.6 | $ | 2,758.4 | ||||||||
Receivables and payables, net | 13.6 | |||||||||||||||
Net assets available for benefits | $ | 2,772.0 |
(a) | This class includes state and municipal bonds. |
(b) | This class includes group annuity and guaranteed interest contracts. |
(c) | This class includes a private equity fund that invests in real estate. |
(d) | This investment comprises the Company's non-US pension plan assets. It primarily includes insurance contracts. |
2016 | 2015 | 2014 | |||||||
Discount rate: | |||||||||
U.S. plans | |||||||||
Service cost | 4.25 | % | 3.75 | % | 4.75 | % | |||
Interest cost | 3.29 | % | 3.75 | % | 4.75 | % | |||
Non-U.S. plans | |||||||||
Service cost | 3.05 | % | 3.25 | % | 4.25 | % | |||
Interest cost | 3.18 | % | 3.25 | % | 4.25 | % | |||
Rate of compensation increase: | |||||||||
U.S. plans | 4.00 | % | 4.00 | % | 4.00 | % | |||
Non-U.S. plans | 4.00 | % | 4.00 | % | 4.25 | % | |||
Expected return on plan assets: | |||||||||
U.S. plans | 5.75 | % | 5.75 | % | 6.00 | % | |||
Non-U.S. plans | 3.75 | % | 4.25 | % | 5.00 | % |
In millions | 2016 | 2015 | ||||||
Benefit obligation at beginning of year | $ | 624.1 | $ | 700.7 | ||||
Service cost | 3.7 | 4.4 | ||||||
Interest cost | 17.5 | 22.6 | ||||||
Plan participants’ contributions | 10.2 | 10.3 | ||||||
Actuarial (gains) losses | (24.4 | ) | (49.7 | ) | ||||
Benefits paid, net of Medicare Part D subsidy * | (55.7 | ) | (60.2 | ) | ||||
Other | 3.2 | (4.0 | ) | |||||
Benefit obligations at end of year | $ | 578.6 | $ | 624.1 |
In millions | Prior service gains | Net actuarial (losses)/gains | Total | |||||||||
Balance at December 31, 2015 | $ | 21.6 | $ | (23.6 | ) | $ | (2.0 | ) | ||||
Gain (loss) in current period | — | 24.4 | 24.4 | |||||||||
Amortization reclassified to earnings | (8.9 | ) | 0.1 | (8.8 | ) | |||||||
Currency translation and other | — | (0.1 | ) | (0.1 | ) | |||||||
Balance at December 31, 2016 | $ | 12.7 | $ | 0.8 | $ | 13.5 |
2016 | 2015 | 2014 | |||||||
Discount rate: | |||||||||
Benefit obligations at December 31 | 3.73 | % | 3.88 | % | 3.50 | % | |||
Net periodic benefit cost | |||||||||
Service cost | 3.97 | % | 3.50 | % | 4.25 | % | |||
Interest cost | 2.99 | % | 3.50 | % | 4.25 | % | |||
Assumed health-care cost trend rates at December 31: | |||||||||
Current year medical inflation | 7.25 | % | 7.25 | % | 7.25 | % | |||
Ultimate inflation rate | 5.00 | % | 5.00 | % | 5.00 | % | |||
Year that the rate reaches the ultimate trend rate | 2023 | 2023 | 2021 |
In millions | |||
2017 | $ | 54.2 | |
2018 | 52.6 | ||
2019 | 50.6 | ||
2020 | 48.6 | ||
2021 | 46.7 | ||
2022 — 2026 | 200.1 |
In millions | December 31, 2016 | December 31, 2015 | ||||||
Accrued compensation and benefits | $ | (53.3 | ) | $ | (56.1 | ) | ||
Postemployment and other benefit liabilities | (525.3 | ) | (568.0 | ) | ||||
Total | $ | (578.6 | ) | $ | (624.1 | ) |
In millions | 2016 | 2015 | 2014 | |||||||||
Service cost | $ | 3.7 | $ | 4.4 | $ | 5.1 | ||||||
Interest cost | 17.5 | 22.6 | 28.1 | |||||||||
Net amortization of: | ||||||||||||
Prior service gains | (8.9 | ) | (8.9 | ) | (8.9 | ) | ||||||
Net actuarial losses | 0.1 | 0.1 | — | |||||||||
Net periodic postretirement benefit cost | $ | 12.4 | $ | 18.2 | $ | 24.3 | ||||||
Amounts recorded in continuing operations | $ | 8.3 | $ | 11.0 | $ | 16.2 | ||||||
Amounts recorded in discontinued operations | 4.1 | 7.2 | 8.1 | |||||||||
Total | $ | 12.4 | $ | 18.2 | $ | 24.3 |
In millions | 1% Increase | 1% Decrease | ||||||
Effect on total of service and interest cost components of current year benefit cost | $ | 0.7 | $ | (0.6 | ) | |||
Effect on benefit obligation at year-end | 22.4 | (19.7 | ) |
|
In millions | Ordinary shares issued | Ordinary shares held in treasury | |||
December 31, 2015 | 269.0 | 7.8 | |||
Shares issued under incentive plans | 2.7 | — | |||
Repurchase of ordinary shares | — | 4.9 | |||
December 31, 2016 | 271.7 | 12.7 |
In millions | Derivative Instruments | Pension and OPEB Items | Foreign Currency Translation | Total | ||||||||||||
December 31, 2014 | $ | 3.1 | $ | (665.1 | ) | $ | (52.3 | ) | $ | (714.3 | ) | |||||
Other comprehensive income (loss) attributable to Ingersoll-Rand plc | 2.0 | 34.7 | (443.3 | ) | (406.6 | ) | ||||||||||
December 31, 2015 | $ | 5.1 | $ | (630.4 | ) | $ | (495.6 | ) | $ | (1,120.9 | ) | |||||
Other comprehensive income (loss) attributable to Ingersoll-Rand plc | (2.2 | ) | 76.0 | (243.4 | ) | (169.6 | ) | |||||||||
December 31, 2016 | $ | 2.9 | $ | (554.4 | ) | $ | (739.0 | ) | $ | (1,290.5 | ) |
|
In millions | 2016 | 2015 | 2014 | |||||||||
Climate | $ | 6.2 | $ | 11.9 | $ | 5.2 | ||||||
Industrial | 20.5 | 15.6 | 4.0 | |||||||||
Corporate and Other | 8.8 | 6.6 | 3.3 | |||||||||
Total | $ | 35.5 | $ | 34.1 | $ | 12.5 | ||||||
Cost of goods sold | $ | 9.8 | $ | 12.5 | $ | 2.7 | ||||||
Selling and administrative expenses | 25.7 | 21.6 | 9.8 | |||||||||
Total | $ | 35.5 | $ | 34.1 | $ | 12.5 |
In millions | Climate | Industrial | Corporate and Other | Total | ||||||||||||
December 31, 2014 | $ | 2.9 | $ | 0.9 | $ | 0.6 | $ | 4.4 | ||||||||
Additions, net of reversals (1) | 7.4 | 13.1 | 0.5 | 21.0 | ||||||||||||
Cash paid | (6.6 | ) | (12.1 | ) | (0.9 | ) | (19.6 | ) | ||||||||
December 31, 2015 | 3.7 | 1.9 | 0.2 | 5.8 | ||||||||||||
Additions, net of reversals (1) | 6.8 | 20.5 | 2.8 | 30.1 | ||||||||||||
Cash paid | (7.1 | ) | (18.1 | ) | (2.4 | ) | (27.6 | ) | ||||||||
December 31, 2016 | $ | 3.4 | $ | 4.3 | $ | 0.6 | $ | 8.3 |
|
In millions | 2016 | 2015 | 2014 | |||||||||
Interest income | $ | 8.0 | $ | 10.6 | $ | 13.2 | ||||||
Foreign exchange gain (loss) | (2.0 | ) | (36.2 | ) | (0.1 | ) | ||||||
Income (loss) from Hussmann equity investment | (0.8 | ) | 12.6 | 7.8 | ||||||||
Gain on sale of Hussmann equity investment | 397.8 | — | — | |||||||||
Other activity, net | (13.3 | ) | 25.9 | 9.1 | ||||||||
Other income/(expense), net | $ | 389.7 | $ | 12.9 | $ | 30.0 |
In millions | 2016 | 2015 | 2014 | |||||||||
Interest income | $ | 8.0 | $ | 10.6 | $ | 13.2 | ||||||
Foreign exchange gain (loss) | (2.0 | ) | (36.2 | ) | (0.1 | ) | ||||||
Income (loss) from Hussmann equity investment | (0.8 | ) | 12.6 | 7.8 | ||||||||
Gain on sale of Hussmann equity investment | 397.8 | — | — | |||||||||
Other activity, net | (13.3 | ) | 25.9 | 9.1 | ||||||||
Other income/(expense), net | $ | 389.7 | $ | 12.9 | $ | 30.0 |
|
In millions | 2016 | 2015 | 2014 | |||||||||
United States | $ | 419.8 | $ | 451.6 | $ | 276.5 | ||||||
Non-U.S. | 1,321.5 | 796.3 | 932.9 | |||||||||
Total | $ | 1,741.3 | $ | 1,247.9 | $ | 1,209.4 |
In millions | 2016 | 2015 | 2014 | |||||||||
Current tax expense (benefit): | ||||||||||||
United States | $ | 179.6 | $ | 300.1 | $ | 168.4 | ||||||
Non-U.S. | 135.7 | 132.9 | 148.7 | |||||||||
Total: | 315.3 | 433.0 | 317.1 | |||||||||
Deferred tax expense (benefit): | ||||||||||||
United States | (6.7 | ) | 69.0 | (21.4 | ) | |||||||
Non-U.S. | (27.1 | ) | 38.8 | (2.0 | ) | |||||||
Total: | (33.8 | ) | 107.8 | (23.4 | ) | |||||||
Total tax expense (benefit): | ||||||||||||
United States | 172.9 | 369.1 | 147.0 | |||||||||
Non-U.S. | 108.6 | 171.7 | 146.7 | |||||||||
Total | $ | 281.5 | $ | 540.8 | $ | 293.7 |
Percent of pretax income | |||||||||
2016 | 2015 | 2014 | |||||||
Statutory U.S. rate | 35.0 | % | 35.0 | % | 35.0 | % | |||
Increase (decrease) in rates resulting from: | |||||||||
Non-U.S. tax rate differential | (14.7 | ) | (17.2 | ) | (14.8 | ) | |||
Tax on U.S. subsidiaries on non-U.S. earnings | 0.9 | 1.3 | 1.7 | ||||||
State and local income taxes (a) | 1.4 | 1.5 | 1.6 | ||||||
Valuation allowances (b) | 0.1 | 1.7 | (1.0 | ) | |||||
Change in permanent reinvestment assertion (c) | — | 3.9 | 0.9 | ||||||
Reserves for uncertain tax positions | 0.1 | 14.1 | 0.3 | ||||||
Hussmann gain (d) | (5.7 | ) | — | — | |||||
Provision to return and other true-up adjustments | (0.6 | ) | 0.7 | 0.1 | |||||
Other adjustments | (0.3 | ) | 2.3 | 0.5 | |||||
Effective tax rate | 16.2 | % | 43.3 | % | 24.3 | % |
(a) | Net of changes in state valuation allowances |
(b) | Primarily federal and non-U.S., excludes state valuation allowances |
(c) | Net of foreign tax credits |
(d) | Gain from sale of Hussmann equity investment |
In millions | 2016 | 2015 | ||||||
Deferred tax assets: | ||||||||
Inventory and accounts receivable | $ | 18.2 | $ | 17.4 | ||||
Fixed assets and intangibles | 16.2 | 17.5 | ||||||
Postemployment and other benefit liabilities | 652.5 | 672.6 | ||||||
Product liability | 151.3 | 169.5 | ||||||
Other reserves and accruals | 192.8 | 190.9 | ||||||
Net operating losses and credit carryforwards | 528.5 | 562.7 | ||||||
Other | 38.6 | 65.0 | ||||||
Gross deferred tax assets | 1,598.1 | 1,695.6 | ||||||
Less: deferred tax valuation allowances | (184.5 | ) | (213.1 | ) | ||||
Deferred tax assets net of valuation allowances | $ | 1,413.6 | $ | 1,482.5 | ||||
Deferred tax liabilities: | ||||||||
Inventory and accounts receivable | $ | (38.8 | ) | $ | (43.3 | ) | ||
Fixed assets and intangibles | (1,949.7 | ) | (1,993.7 | ) | ||||
Postemployment and other benefit liabilities | (7.0 | ) | (6.8 | ) | ||||
Other reserves and accruals | (1.9 | ) | (2.5 | ) | ||||
Other | (32.4 | ) | (53.5 | ) | ||||
Gross deferred tax liabilities | (2,029.8 | ) | (2,099.8 | ) | ||||
Net deferred tax assets (liabilities) | $ | (616.2 | ) | $ | (617.3 | ) |
In millions | Amount | Expiration Period | ||||
U.S. Federal net operating loss carryforwards | $ | 678.9 | 2020-2034 | |||
U.S. Federal credit carryforwards | 11.6 | 2022-2028 | ||||
U.S. State net operating loss carryforwards | 3,070.7 | 2017-2036 | ||||
U.S. State credit carryforwards | 36.3 | 2017-Unlimited | ||||
Non-U.S. net operating loss carryforwards | 1,399.6 | 2017-Unlimited | ||||
Non-U.S. credit carryforwards | 8.6 | Unlimited |
In millions | 2016 | 2015 | 2014 | |||||||||
Beginning balance | $ | 213.1 | $ | 210.7 | $ | 218.5 | ||||||
Increase to valuation allowance | 19.4 | 40.7 | 35.2 | |||||||||
Decrease to valuation allowance | (43.5 | ) | (34.0 | ) | (38.8 | ) | ||||||
Accumulated other comprehensive income (loss) | (4.5 | ) | (4.3 | ) | (4.2 | ) | ||||||
Ending balance | $ | 184.5 | $ | 213.1 | $ | 210.7 |
In millions | 2016 | 2015 | 2014 | |||||||||
Beginning balance | $ | 174.9 | $ | 343.8 | $ | 363.3 | ||||||
Additions based on tax positions related to the current year | 5.9 | 8.7 | 6.7 | |||||||||
Additions based on tax positions related to prior years | 29.1 | 186.5 | 49.8 | |||||||||
Reductions based on tax positions related to prior years | (37.6 | ) | (102.2 | ) | (52.4 | ) | ||||||
Reductions related to settlements with tax authorities | (60.9 | ) | (251.0 | ) | (8.0 | ) | ||||||
Reductions related to lapses of statute of limitations | (2.8 | ) | (3.7 | ) | (7.1 | ) | ||||||
Translation (gain) loss | (1.5 | ) | (7.2 | ) | (8.5 | ) | ||||||
Ending balance | $ | 107.1 | $ | 174.9 | $ | 343.8 |
|
|
|
In millions | December 31, 2016 | December 31, 2015 | |||||
Accrued expenses and other current liabilities | $ | 61.5 | $ | 65.7 | |||
Other noncurrent liabilities | 569.7 | 648.0 | |||||
Total asbestos-related liabilities | $ | 631.2 | $ | 713.7 | |||
Other current assets | $ | 54.0 | $ | 51.3 | |||
Other noncurrent assets | 218.5 | 264.3 | |||||
Total asset for probable asbestos-related insurance recoveries | $ | 272.5 | $ | 315.6 |
In millions | 2016 | 2015 | 2014 | |||||||||
Continuing operations | $ | 2.7 | $ | 21.0 | $ | 1.7 | ||||||
Discontinued operations | 46.3 | (8.8 | ) | 63.2 | ||||||||
Total | $ | 49.0 | $ | 12.2 | $ | 64.9 |
In millions | 2016 | 2015 | |||||
Balance at beginning of period | $ | 262.0 | $ | 253.6 | |||
Reductions for payments | (142.3 | ) | (128.8 | ) | |||
Accruals for warranties issued during the current period | 141.4 | 127.8 | |||||
Accruals for warranties assumed from acquisitions during the current period | — | 9.7 | |||||
Changes to accruals related to preexisting warranties | 2.5 | 4.5 | |||||
Translation | (2.0 | ) | (4.8 | ) | |||
Balance at end of period | $ | 261.6 | $ | 262.0 |
In millions | 2016 | 2015 | |||||
Balance at beginning of period | $ | 311.6 | $ | 330.1 | |||
Amortization of deferred revenue for the period | (111.0 | ) | (107.7 | ) | |||
Additions for extended warranties issued during the period | 97.3 | 89.7 | |||||
Changes to accruals related to preexisting warranties | (1.7 | ) | 2.3 | ||||
Translation | (0.3 | ) | (2.8 | ) | |||
Balance at end of period | $ | 295.9 | $ | 311.6 |
|
Dollar amounts in millions | 2016 | 2015 | 2014 | |||||||||
Climate | ||||||||||||
Net revenues | $ | 10,545.0 | $ | 10,224.3 | $ | 9,879.7 | ||||||
Segment operating income | 1,527.4 | 1,302.5 | 1,195.6 | |||||||||
Segment operating income as a percentage of revenues | 14.5 | % | 12.7 | % | 12.1 | % | ||||||
Depreciation and amortization | 225.2 | 246.3 | 247.1 | |||||||||
Capital expenditures | 78.2 | 83.9 | 107.8 | |||||||||
Industrial | ||||||||||||
Net revenues | 2,963.9 | 3,076.4 | 3,011.7 | |||||||||
Segment operating income | 294.9 | 372.4 | 443.0 | |||||||||
Segment operating income as a percentage of revenues | 10.0 | % | 12.1 | % | 14.7 | % | ||||||
Depreciation and amortization | 67.2 | 67.5 | 44.2 | |||||||||
Capital expenditures | 36.3 | 51.8 | 33.1 | |||||||||
Total net revenues | $ | 13,508.9 | $ | 13,300.7 | $ | 12,891.4 | ||||||
Reconciliation to Operating Income | ||||||||||||
Segment operating income from reportable segments | 1,822.3 | 1,674.9 | 1,638.6 | |||||||||
Unallocated corporate expense | (249.2 | ) | (216.9 | ) | (233.9 | ) | ||||||
Total operating income | $ | 1,573.1 | $ | 1,458.0 | $ | 1,404.7 | ||||||
Total operating income as a percentage of revenues | 11.6 | % | 11.0 | % | 10.9 | % | ||||||
Depreciation and Amortization | ||||||||||||
Depreciation and amortization from reportable segments | 292.4 | 313.8 | 291.3 | |||||||||
Unallocated depreciation and amortization | 59.8 | 50.3 | 41.1 | |||||||||
Total depreciation and amortization | $ | 352.2 | $ | 364.1 | $ | 332.4 | ||||||
Capital Expenditures | ||||||||||||
Capital expenditures from reportable segments | 114.5 | 135.7 | 140.9 | |||||||||
Corporate capital expenditures | 68.2 | 113.9 | 92.6 | |||||||||
Total capital expenditures | $ | 182.7 | $ | 249.6 | $ | 233.5 |
In millions | 2016 | 2015 | 2014 | |||||||||
United States | $ | 8,720.7 | $ | 8,291.2 | $ | 7,693.0 | ||||||
Non-U.S. | 4,788.2 | 5,009.5 | 5,198.4 | |||||||||
Total | $ | 13,508.9 | $ | 13,300.7 | $ | 12,891.4 |
In millions | 2016 | 2015 | ||||||
United States | $ | 2,040.7 | $ | 2,196.1 | ||||
Non-U.S. | 603.1 | 651.3 | ||||||
Total | $ | 2,643.8 | $ | 2,847.4 |
In millions | 2016 | 2015 | 2014 | |||||||||
Commercial HVAC | $ | 6,479.4 | $ | 6,233.8 | $ | 6,049.8 | ||||||
Transport Refrigeration | 2,050.1 | 2,147.8 | 2,089.2 | |||||||||
Residential HVAC | 2,015.5 | 1,842.6 | 1,740.7 | |||||||||
Compression Technologies and Services | 1,885.1 | 1,932.5 | 1,812.3 | |||||||||
Other Industrial | 1,078.8 | 1,144.0 | 1,199.4 | |||||||||
Total | $ | 13,508.9 | $ | 13,300.7 | $ | 12,891.4 |
|
In millions | Plc | Irish Holdings | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | — | $ | — | $ | 1,327.2 | $ | — | $ | 12,533.9 | $ | (352.2 | ) | $ | 13,508.9 | ||||||||||||||||
Cost of goods sold | — | — | — | — | (982.2 | ) | — | (8,699.3 | ) | 352.2 | (9,329.3 | ) | |||||||||||||||||||||||
Selling and administrative expenses | (16.9 | ) | — | (0.2 | ) | (0.1 | ) | (352.5 | ) | (0.5 | ) | (2,236.3 | ) | — | (2,606.5 | ) | |||||||||||||||||||
Operating income (loss) | (16.9 | ) | — | (0.2 | ) | (0.1 | ) | (7.5 | ) | (0.5 | ) | 1,598.3 | — | 1,573.1 | |||||||||||||||||||||
Equity earnings (loss) in subsidiaries, net of tax | 1,559.7 | 1,544.0 | 1,463.4 | 609.4 | 808.7 | 1,521.1 | — | (7,506.3 | ) | — | |||||||||||||||||||||||||
Interest expense | — | — | — | (127.0 | ) | (47.9 | ) | (42.6 | ) | (4.0 | ) | — | (221.5 | ) | |||||||||||||||||||||
Intercompany interest and fees | (69.2 | ) | — | (46.4 | ) | (164.5 | ) | (277.2 | ) | (6.8 | ) | 564.1 | — | — | |||||||||||||||||||||
Other income/(expense), net | 0.9 | — | — | — | (13.8 | ) | — | 402.6 | — | 389.7 | |||||||||||||||||||||||||
Earnings (loss) before income taxes | 1,474.5 | 1,544.0 | 1,416.8 | 317.8 | 462.3 | 1,471.2 | 2,561.0 | (7,506.3 | ) | 1,741.3 | |||||||||||||||||||||||||
Benefit (provision) for income taxes | 1.7 | — | 3.0 | 115.6 | 117.3 | — | (519.1 | ) | — | (281.5 | ) | ||||||||||||||||||||||||
Earnings (loss) from continuing operations | 1,476.2 | 1,544.0 | 1,419.8 | 433.4 | 579.6 | 1,471.2 | 2,041.9 | (7,506.3 | ) | 1,459.8 | |||||||||||||||||||||||||
Gain (loss) from discontinued operations, net of tax | — | — | — | — | 30.4 | — | 2.5 | — | 32.9 | ||||||||||||||||||||||||||
Net earnings (loss) | 1,476.2 | 1,544.0 | 1,419.8 | 433.4 | 610.0 | 1,471.2 | 2,044.4 | (7,506.3 | ) | 1,492.7 | |||||||||||||||||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | — | — | — | — | (16.5 | ) | — | (16.5 | ) | ||||||||||||||||||||||||
Net earnings attributable to Ingersoll-Rand plc | $ | 1,476.2 | $ | 1,544.0 | $ | 1,419.8 | $ | 433.4 | $ | 610.0 | $ | 1,471.2 | $ | 2,027.9 | $ | (7,506.3 | ) | $ | 1,476.2 | ||||||||||||||||
Other comprehensive income (loss), net of tax | (169.6 | ) | (168.5 | ) | (166.8 | ) | (161.1 | ) | (161.5 | ) | 5.0 | 33.3 | 619.6 | (169.6 | ) | ||||||||||||||||||||
Comprehensive income attributable to Ingersoll-Rand plc | $ | 1,306.6 | $ | 1,375.5 | $ | 1,253.0 | $ | 272.3 | $ | 448.5 | $ | 1,476.2 | $ | 2,061.2 | $ | (6,886.7 | ) | $ | 1,306.6 |
In millions | Plc | Irish Holdings | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | — | $ | — | $ | 1,427.9 | $ | — | $ | 12,259.0 | $ | (386.2 | ) | $ | 13,300.7 | ||||||||||||||||
Cost of goods sold | — | — | — | — | (1,031.7 | ) | — | (8,656.1 | ) | 386.2 | (9,301.6 | ) | |||||||||||||||||||||||
Selling and administrative expenses | (18.9 | ) | — | (0.1 | ) | (0.1 | ) | (303.5 | ) | (0.6 | ) | (2,217.9 | ) | — | (2,541.1 | ) | |||||||||||||||||||
Operating income (loss) | (18.9 | ) | — | (0.1 | ) | (0.1 | ) | 92.7 | (0.6 | ) | 1,385.0 | — | 1,458.0 | ||||||||||||||||||||||
Equity earnings (loss) in subsidiaries, net of tax | 706.8 | 710.6 | 570.6 | 301.7 | 693.7 | 359.2 | — | (3,342.6 | ) | — | |||||||||||||||||||||||||
Interest expense | — | — | — | (127.6 | ) | (48.3 | ) | (42.8 | ) | (4.3 | ) | — | (223.0 | ) | |||||||||||||||||||||
Intercompany interest and fees | (26.7 | ) | (0.2 | ) | (21.4 | ) | (28.6 | ) | (270.6 | ) | (2.4 | ) | 349.9 | — | — | ||||||||||||||||||||
Other income/(expense), net | 1.4 | — | 0.1 | — | (9.1 | ) | — | 20.5 | — | 12.9 | |||||||||||||||||||||||||
Earnings (loss) before income taxes | 662.6 | 710.4 | 549.2 | 145.4 | 458.4 | 313.4 | 1,751.1 | (3,342.6 | ) | 1,247.9 | |||||||||||||||||||||||||
Benefit (provision) for income taxes | 2.0 | — | (9.1 | ) | 58.0 | (125.5 | ) | — | (466.2 | ) | — | (540.8 | ) | ||||||||||||||||||||||
Earnings (loss) from continuing operations | 664.6 | 710.4 | 540.1 | 203.4 | 332.9 | 313.4 | 1,284.9 | (3,342.6 | ) | 707.1 | |||||||||||||||||||||||||
Gain (loss) from discontinued operations, net of tax | — | — | — | — | (31.4 | ) | — | 7.1 | — | (24.3 | ) | ||||||||||||||||||||||||
Net earnings (loss) | 664.6 | 710.4 | 540.1 | 203.4 | 301.5 | 313.4 | 1,292.0 | (3,342.6 | ) | 682.8 | |||||||||||||||||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | — | — | — | — | (18.2 | ) | — | (18.2 | ) | ||||||||||||||||||||||||
Net earnings attributable to Ingersoll-Rand plc | $ | 664.6 | $ | 710.4 | $ | 540.1 | $ | 203.4 | $ | 301.5 | $ | 313.4 | $ | 1,273.8 | $ | (3,342.6 | ) | $ | 664.6 | ||||||||||||||||
Other comprehensive income (loss), net of tax | (406.6 | ) | (406.0 | ) | (229.1 | ) | (91.4 | ) | (91.9 | ) | (88.0 | ) | (411.7 | ) | 1,318.1 | (406.6 | ) | ||||||||||||||||||
Comprehensive income attributable to Ingersoll-Rand plc | $ | 258.0 | $ | 304.4 | $ | 311.0 | $ | 112.0 | $ | 209.6 | $ | 225.4 | $ | 862.1 | $ | (2,024.5 | ) | $ | 258.0 |
In millions | Plc | Irish Holdings | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | — | $ | — | $ | 1,257.3 | $ | — | $ | 12,021.9 | $ | (387.8 | ) | $ | 12,891.4 | ||||||||||||||||
Cost of goods sold | — | — | — | — | (891.8 | ) | — | (8,478.8 | ) | 387.8 | (8,982.8 | ) | |||||||||||||||||||||||
Selling and administrative expenses | (34.9 | ) | — | (0.1 | ) | (0.6 | ) | (308.8 | ) | — | (2,159.5 | ) | — | (2,503.9 | ) | ||||||||||||||||||||
Operating income (loss) | (34.9 | ) | — | (0.1 | ) | (0.6 | ) | 56.7 | — | 1,383.6 | — | 1,404.7 | |||||||||||||||||||||||
Equity earnings (loss) in subsidiaries, net of tax | 985.9 | 1,398.5 | 1,269.3 | 465.7 | 559.6 | 352.9 | — | (5,031.9 | ) | — | |||||||||||||||||||||||||
Interest expense | — | — | — | (127.9 | ) | (48.9 | ) | (7.1 | ) | (41.4 | ) | — | (225.3 | ) | |||||||||||||||||||||
Intercompany interest and fees | (18.2 | ) | — | (17.8 | ) | (2.5 | ) | (208.4 | ) | (0.6 | ) | 247.5 | — | — | |||||||||||||||||||||
Other income/(expense), net | 0.9 | — | — | — | 2.9 | — | 26.2 | — | 30.0 | ||||||||||||||||||||||||||
Earnings (loss) before income taxes | 933.7 | 1,398.5 | 1,251.4 | 334.7 | 361.9 | 345.2 | 1,615.9 | (5,031.9 | ) | 1,209.4 | |||||||||||||||||||||||||
Benefit (provision) for income taxes | 0.2 | — | — | 44.6 | 58.5 | — | (397.0 | ) | — | (293.7 | ) | ||||||||||||||||||||||||
Earnings (loss) from continuing operations | 933.9 | 1,398.5 | 1,251.4 | 379.3 | 420.4 | 345.2 | 1,218.9 | (5,031.9 | ) | 915.7 | |||||||||||||||||||||||||
Gain (loss) from discontinued operations, net of tax | (2.2 | ) | — | — | — | 37.2 | — | (0.3 | ) | — | 34.7 | ||||||||||||||||||||||||
Net earnings (loss) | 931.7 | 1,398.5 | 1,251.4 | 379.3 | 457.6 | 345.2 | 1,218.6 | (5,031.9 | ) | 950.4 | |||||||||||||||||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | — | — | — | — | (18.7 | ) | — | (18.7 | ) | ||||||||||||||||||||||||
Net earnings attributable to Ingersoll-Rand plc | $ | 931.7 | $ | 1,398.5 | $ | 1,251.4 | $ | 379.3 | $ | 457.6 | $ | 345.2 | $ | 1,199.9 | $ | (5,031.9 | ) | $ | 931.7 | ||||||||||||||||
Other comprehensive income (loss), net of tax | (547.6 | ) | (547.6 | ) | (517.8 | ) | (259.4 | ) | (259.7 | ) | (182.2 | ) | (436.6 | ) | 2,203.3 | (547.6 | ) | ||||||||||||||||||
Comprehensive income attributable to Ingersoll-Rand plc | $ | 384.1 | $ | 850.9 | $ | 733.6 | $ | 119.9 | $ | 197.9 | $ | 163.0 | $ | 763.3 | $ | (2,828.6 | ) | $ | 384.1 |
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 | ||||||||||||||||||||||||||
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, net | — | — | — | — | 192.0 | — | 1,218.7 | — | 1,410.7 | ||||||||||||||||||||||||||
Other current assets | 0.1 | — | — | 6.4 | 83.3 | — | 237.5 | (16.0 | ) | 311.3 | |||||||||||||||||||||||||
Intercompany receivable | 136.8 | — | 3.3 | 102.2 | 1,413.9 | — | 35,404.3 | (37,060.5 | ) | — | |||||||||||||||||||||||||
Total current assets | 136.9 | — | 3.3 | 120.0 | 1,849.9 | 0.1 | 39,575.7 | (37,076.5 | ) | 4,609.4 | |||||||||||||||||||||||||
Property, plant and equipment, net | — | — | — | — | 463.0 | — | 1,112.1 | — | 1,575.1 | ||||||||||||||||||||||||||
Goodwill and other intangible assets, net | — | — | — | — | 411.6 | — | 9,244.7 | — | 9,656.3 | ||||||||||||||||||||||||||
Other noncurrent assets | 0.2 | — | — | 283.8 | 733.4 | — | 568.4 | (709.0 | ) | 876.8 | |||||||||||||||||||||||||
Investments in consolidated subsidiaries | 10,139.0 | 20,373.9 | 13,406.9 | 6,478.2 | 13,967.0 | 11,059.7 | — | (75,424.7 | ) | — | |||||||||||||||||||||||||
Intercompany notes receivable | — | — | — | — | — | — | 2,876.7 | (2,876.7 | ) | — | |||||||||||||||||||||||||
Total assets | $ | 10,276.1 | $ | 20,373.9 | $ | 13,410.2 | $ | 6,882.0 | $ | 17,424.9 | $ | 11,059.8 | $ | 53,377.6 | $ | (116,086.9 | ) | $ | 16,717.6 | ||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||
Accounts payable and accrued expenses | $ | 7.1 | $ | — | $ | 0.1 | $ | 30.7 | $ | 599.7 | $ | 6.3 | $ | 2,518.3 | $ | (18.0 | ) | $ | 3,144.2 | ||||||||||||||||
Short-term borrowings and current maturities of long-term debt | — | — | — | — | 350.4 | 143.0 | 10.8 | — | 504.2 | ||||||||||||||||||||||||||
Intercompany payable | 4,452.3 | 143.6 | 23,529.0 | 1,997.8 | 5,858.3 | 745.5 | 334.0 | (37,060.5 | ) | — | |||||||||||||||||||||||||
Total current liabilities | 4,459.4 | 143.6 | 23,529.1 | 2,028.5 | 6,808.4 | 894.8 | 2,863.1 | (37,078.5 | ) | 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 | 147.4 | 23,529.1 | 4,750.2 | 10,965.6 | 1,981.7 | 5,669.1 | (40,664.1 | ) | 10,838.4 | |||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||||||||
Total equity | 5,816.7 | 20,226.5 | (10,118.9 | ) | 2,131.8 | 6,459.3 | 9,078.1 | 47,708.5 | (75,422.8 | ) | 5,879.2 | ||||||||||||||||||||||||
Total liabilities and equity | $ | 10,276.1 | $ | 20,373.9 | $ | 13,410.2 | $ | 6,882.0 | $ | 17,424.9 | $ | 11,059.8 | $ | 53,377.6 | $ | (116,086.9 | ) | $ | 16,717.6 |
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 | $ | (102.1 | ) | $ | — | $ | (42.0 | ) | $ | (276.6 | ) | $ | 823.4 | $ | (47.3 | ) | $ | 1,055.9 | $ | — | $ | 1,411.3 | |||||||||||||
Net cash provided by (used in) discontinued operating activities | — | — | — | — | 86.4 | — | 2.5 | — | 88.9 | ||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | (102.1 | ) | — | (42.0 | ) | (276.6 | ) | 909.8 | (47.3 | ) | 1,058.4 | — | 1,500.2 | ||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | — | — | (73.7 | ) | — | (109.0 | ) | — | (182.7 | ) | |||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | — | — | — | — | (9.2 | ) | — | — | — | (9.2 | ) | ||||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | — | — | — | — | — | — | 9.5 | — | 9.5 | ||||||||||||||||||||||||||
Proceeds from business and equity investment dispositions | — | — | — | — | — | — | 422.5 | — | 422.5 | ||||||||||||||||||||||||||
Intercompany investing activities, net | (90.1 | ) | (19,465.7 | ) | 6,181.4 | (172.9 | ) | 65.8 | 336.1 | (2,226.8 | ) | 15,372.2 | — | ||||||||||||||||||||||
Net cash provided by (used in) investing activities | (90.1 | ) | (19,465.7 | ) | 6,181.4 | (172.9 | ) | (17.1 | ) | 336.1 | (1,903.8 | ) | 15,372.2 | 240.1 | |||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Net proceeds (repayments) of debt | — | — | — | — | (7.7 | ) | (143.0 | ) | — | — | (150.7 | ) | |||||||||||||||||||||||
Debt issuance costs | — | — | — | (2.1 | ) | — | — | — | — | (2.1 | ) | ||||||||||||||||||||||||
Dividends paid to ordinary shareholders | (348.6 | ) | — | — | — | — | — | — | — | (348.6 | ) | ||||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | — | (14.1 | ) | — | (14.1 | ) | ||||||||||||||||||||||||
Proceeds from shares issued under incentive plans | 62.9 | — | — | — | — | — | — | — | 62.9 | ||||||||||||||||||||||||||
Repurchase of ordinary shares | (250.1 | ) | — | — | — | — | — | — | — | (250.1 | ) | ||||||||||||||||||||||||
Other financing activities, net | (2.5 | ) | — | — | — | — | — | — | — | (2.5 | ) | ||||||||||||||||||||||||
Intercompany financing activities, net | 730.5 | 19,465.7 | (6,139.4 | ) | 440.2 | (250.4 | ) | (145.9 | ) | 1,271.5 | (15,372.2 | ) | — | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | 192.2 | 19,465.7 | (6,139.4 | ) | 438.1 | (258.1 | ) | (288.9 | ) | 1,257.4 | (15,372.2 | ) | (705.2 | ) | |||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | (57.2 | ) | — | (57.2 | ) | ||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | (11.4 | ) | 634.6 | (0.1 | ) | 354.8 | — | 977.9 | ||||||||||||||||||||||||
Cash and cash equivalents - beginning of period | — | — | — | 11.4 | — | 0.1 | 725.3 | — | 736.8 | ||||||||||||||||||||||||||
Cash and cash equivalents - end of period | $ | — | $ | — | $ | — | $ | — | $ | 634.6 | $ | — | $ | 1,080.1 | $ | — | $ | 1,714.7 |
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 | $ | (60.2 | ) | $ | (1.2 | ) | $ | (33.6 | ) | $ | (122.9 | ) | $ | (294.3 | ) | $ | (45.8 | ) | $ | 1,444.2 | $ | — | $ | 886.2 | |||||||||||
Net cash provided by (used in) discontinued operating activities | — | — | — | — | (30.6 | ) | — | (4.5 | ) | — | (35.1 | ) | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | (60.2 | ) | (1.2 | ) | (33.6 | ) | (122.9 | ) | (324.9 | ) | (45.8 | ) | 1,439.7 | — | 851.1 | ||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | — | — | (122.9 | ) | — | (126.7 | ) | — | (249.6 | ) | |||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | — | — | — | — | (443.5 | ) | — | (518.3 | ) | — | (961.8 | ) | |||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | — | — | — | — | 3.0 | — | 15.5 | — | 18.5 | ||||||||||||||||||||||||||
Intercompany investing activities, net | — | 3.5 | 1,963.3 | 339.0 | 125.4 | (228.0 | ) | (1,012.6 | ) | (1,190.6 | ) | — | |||||||||||||||||||||||
Net cash provided by (used in) investing activities | — | 3.5 | 1,963.3 | 339.0 | (438.0 | ) | (228.0 | ) | (1,642.1 | ) | (1,190.6 | ) | (1,192.9 | ) | |||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Net proceeds (repayments) of debt | — | — | — | (0.1 | ) | (7.6 | ) | 43.0 | (28.9 | ) | — | 6.4 | |||||||||||||||||||||||
Dividends paid to ordinary shareholders | (303.3 | ) | — | — | — | — | — | — | — | (303.3 | ) | ||||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | — | (9.3 | ) | — | (9.3 | ) | ||||||||||||||||||||||||
Proceeds from shares issued under incentive plans | 61.3 | — | — | — | — | — | — | — | 61.3 | ||||||||||||||||||||||||||
Repurchase of ordinary shares | (250.1 | ) | — | — | — | — | — | — | — | (250.1 | ) | ||||||||||||||||||||||||
Other financing activities, net | 4.7 | — | — | — | — | — | — | — | 4.7 | ||||||||||||||||||||||||||
Net intercompany financing activities | 547.6 | (2.3 | ) | (1,930.8 | ) | (204.6 | ) | 345.1 | 230.9 | (176.5 | ) | 1,190.6 | — | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | 60.2 | (2.3 | ) | (1,930.8 | ) | (204.7 | ) | 337.5 | 273.9 | (214.7 | ) | 1,190.6 | (490.3 | ) | |||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | (136.3 | ) | — | (136.3 | ) | ||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | (1.1 | ) | 11.4 | (425.4 | ) | 0.1 | (553.4 | ) | — | (968.4 | ) | ||||||||||||||||||||||
Cash and cash equivalents – beginning of period | — | — | 1.1 | — | 425.4 | — | 1,278.7 | — | 1,705.2 | ||||||||||||||||||||||||||
Cash and cash equivalents – end of period | $ | — | $ | — | $ | — | $ | 11.4 | $ | — | $ | 0.1 | $ | 725.3 | $ | — | $ | 736.8 |
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 | $ | (160.0 | ) | $ | — | $ | (70.9 | ) | $ | (125.4 | ) | $ | 155.6 | $ | 0.9 | $ | 1,191.5 | $ | — | $ | 991.7 | ||||||||||||||
Net cash provided by (used in) discontinued operating activities | (2.2 | ) | — | — | — | (2.4 | ) | — | (13.9 | ) | — | (18.5 | ) | ||||||||||||||||||||||
Net cash provided by (used in) operating activities | (162.2 | ) | — | (70.9 | ) | (125.4 | ) | 153.2 | 0.9 | 1,177.6 | — | 973.2 | |||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | — | — | (87.7 | ) | — | (145.8 | ) | — | (233.5 | ) | |||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | — | — | — | — | — | — | (10.2 | ) | — | (10.2 | ) | ||||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | — | — | — | — | 1.3 | — | 13.1 | — | 14.4 | ||||||||||||||||||||||||||
Proceeds from business and equity investment dispositions | — | — | — | — | 2.0 | — | — | — | 2.0 | ||||||||||||||||||||||||||
Dividends received from equity investments | — | — | — | — | — | — | 30.3 | — | 30.3 | ||||||||||||||||||||||||||
Intercompany investing activities, net | (454.8 | ) | 295.3 | 5.2 | 206.6 | 830.5 | — | 233.8 | (1,116.6 | ) | — | ||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (454.8 | ) | 295.3 | 5.2 | 206.6 | 746.1 | — | 121.2 | (1,116.6 | ) | (197.0 | ) | |||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Net proceeds (repayments) of debt | — | — | — | — | (7.6 | ) | 1,195.1 | (487.3 | ) | — | 700.2 | ||||||||||||||||||||||||
Debt issuance costs | — | — | — | (2.5 | ) | — | (9.8 | ) | — | — | (12.3 | ) | |||||||||||||||||||||||
Dividends paid to ordinary shareholders | (264.7 | ) | — | — | — | — | — | — | — | (264.7 | ) | ||||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | — | (20.9 | ) | — | (20.9 | ) | ||||||||||||||||||||||||
Proceeds from shares issued under incentive plans | 113.1 | — | — | — | — | — | — | — | 113.1 | ||||||||||||||||||||||||||
Repurchase of ordinary shares | (1,374.9 | ) | — | — | — | — | — | — | — | (1,374.9 | ) | ||||||||||||||||||||||||
Intercompany financing activities, net | 2,143.5 | (295.3 | ) | 66.8 | (1,054.0 | ) | (491.8 | ) | (1,186.2 | ) | (299.6 | ) | 1,116.6 | — | |||||||||||||||||||||
Net cash provided by (used in) financing activities | 617.0 | (295.3 | ) | 66.8 | (1,056.5 | ) | (499.4 | ) | (0.9 | ) | (807.8 | ) | 1,116.6 | (859.5 | ) | ||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | (148.7 | ) | — | (148.7 | ) | ||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | 1.1 | (975.3 | ) | 399.9 | — | 342.3 | — | (232.0 | ) | ||||||||||||||||||||||||
Cash and cash equivalents – beginning of period | — | — | — | 975.3 | 25.5 | — | 936.4 | — | 1,937.2 | ||||||||||||||||||||||||||
Cash and cash equivalents – end of period | $ | — | $ | — | $ | 1.1 | $ | — | $ | 425.4 | $ | — | $ | 1,278.7 | $ | — | $ | 1,705.2 |
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