|
|
|
|
|
|
|
|
|
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 | 2015 | 2014 | ||||||
Raw materials | $ | 514.9 | $ | 487.9 | ||||
Work-in-process | 131.0 | 118.2 | ||||||
Finished goods | 825.7 | 823.1 | ||||||
1,471.6 | 1,429.2 | |||||||
LIFO reserve | (60.9 | ) | (70.3 | ) | ||||
Total | $ | 1,410.7 | $ | 1,358.9 |
|
In millions | 2015 | 2014 | ||||||
Land | $ | 61.7 | $ | 62.9 | ||||
Buildings | 699.1 | 674.8 | ||||||
Machinery and equipment | 1,749.6 | 1,647.8 | ||||||
Software | 723.4 | 618.7 | ||||||
3,233.8 | 3,004.2 | |||||||
Accumulated depreciation | (1,658.7 | ) | (1,527.2 | ) | ||||
Total | $ | 1,575.1 | $ | 1,477.0 |
|
In millions | Climate | Industrial | Total | |||||||||
December 31, 2013 (gross) | $ | 7,663.6 | $ | 373.0 | $ | 8,036.6 | ||||||
Acquisitions and adjustments (1) | 13.8 | 2.7 | 16.5 | |||||||||
Currency translation | (158.5 | ) | (8.8 | ) | (167.3 | ) | ||||||
December 31, 2014 (gross) | 7,518.9 | 366.9 | 7,885.8 | |||||||||
Acquisitions and adjustments (2) | 79.1 | 432.8 | 511.9 | |||||||||
Currency translation | (149.4 | ) | (22.1 | ) | (171.5 | ) | ||||||
December 31, 2015 (gross) | 7,448.6 | 777.6 | 8,226.2 | |||||||||
Accumulated impairment (3) | (2,496.0 | ) | — | (2,496.0 | ) | |||||||
Goodwill (net) | $ | 4,952.6 | $ | 777.6 | $ | 5,730.2 |
|
2015 | 2014 | |||||||||||||||||||||||
In millions | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | ||||||||||||||||||
Completed technologies/patents | $ | 214.9 | $ | (168.7 | ) | $ | 46.2 | $ | 172.2 | $ | (146.8 | ) | $ | 25.4 | ||||||||||
Customer relationships | 2,019.8 | (811.5 | ) | 1,208.3 | 1,850.6 | (699.8 | ) | 1,150.8 | ||||||||||||||||
Other | 63.5 | (45.7 | ) | 17.8 | 55.9 | (50.2 | ) | 5.7 | ||||||||||||||||
Total finite-lived intangible assets | $ | 2,298.2 | $ | (1,025.9 | ) | $ | 1,272.3 | $ | 2,078.7 | $ | (896.8 | ) | $ | 1,181.9 | ||||||||||
Trademarks (indefinite-lived) | 2,653.8 | — | 2,653.8 | 2,602.0 | — | 2,602.0 | ||||||||||||||||||
Total | $ | 4,952.0 | $ | (1,025.9 | ) | $ | 3,926.1 | $ | 4,680.7 | $ | (896.8 | ) | $ | 3,783.9 |
|
In millions | 2015 | 2014 | ||||||
Debentures with put feature | $ | 343.0 | $ | 343.0 | ||||
Commercial Paper | 143.0 | 100.0 | ||||||
Other current maturities of long-term debt | 7.8 | 23.6 | ||||||
Short-term borrowings | 10.4 | 16.1 | ||||||
Total | $ | 504.2 | $ | 482.7 |
In millions | 2015 | 2014 | ||||||
6.875% Senior notes due 2018 | $ | 749.7 | $ | 749.6 | ||||
2.875% Senior notes due 2019 | 349.7 | 349.6 | ||||||
2.625% Senior notes due 2020 | 299.9 | 299.8 | ||||||
9.000% Debentures due 2021 | 125.0 | 125.0 | ||||||
4.250% Senior notes due 2023 | 699.0 | 698.9 | ||||||
7.200% Debentures due 2016-2025 | 67.5 | 75.0 | ||||||
3.550% Senior notes due 2024 | 497.4 | 497.2 | ||||||
6.48% Debentures due 2025 | 149.7 | 149.7 | ||||||
5.750% Senior notes due 2043 | 498.0 | 498.0 | ||||||
4.650% Senior notes due 2044 | 298.3 | 298.2 | ||||||
Other loans and notes, at end-of-year average interest rates of 2.58% in 2015 and 1.08% in 2014, maturing in various amounts to 2020 | 0.6 | 0.7 | ||||||
Total | $ | 3,734.8 | $ | 3,741.7 |
In millions | |||
2016 | $ | 350.8 | |
2017 | 7.8 | ||
2018 | 757.5 | ||
2019 | 357.3 | ||
2020 | 307.4 | ||
Thereafter | 2,304.8 | ||
Total | $ | 4,085.6 |
|
Asset derivatives | Liability derivatives | |||||||||||||||
In millions | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Derivatives designated as hedges: | ||||||||||||||||
Currency derivatives | $ | 0.6 | $ | 0.3 | $ | 0.2 | $ | 3.2 | ||||||||
Derivatives not designated as hedges: | ||||||||||||||||
Currency derivatives | 4.4 | 1.3 | 12.4 | 10.1 | ||||||||||||
Total derivatives | $ | 5.0 | $ | 1.6 | $ | 12.6 | $ | 13.3 |
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 | 2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Currency derivatives - continuing | $ | 1.2 | $ | (3.0 | ) | $ | (9.8 | ) | Cost of goods sold | $ | (2.1 | ) | $ | (3.4 | ) | $ | (10.8 | ) | ||||||||
Currency derivatives - discontinued | — | — | 2.0 | Discontinued operations | — | — | 1.1 | |||||||||||||||||||
Interest rate swaps & locks | — | (0.1 | ) | 10.5 | Interest expense | (0.5 | ) | (2.3 | ) | (2.4 | ) | |||||||||||||||
Total | $ | 1.2 | $ | (3.1 | ) | $ | 2.7 | $ | (2.6 | ) | $ | (5.7 | ) | $ | (12.1 | ) |
In millions | Location of gain (loss) recognized in Net earnings | Amount of gain (loss) recognized in Net earnings | ||||||||||||
2015 | 2014 | 2013 | ||||||||||||
Currency derivatives | Other income/(expense), net | $ | 0.1 | $ | (31.5 | ) | $ | (42.2 | ) | |||||
Total | $ | 0.1 | $ | (31.5 | ) | $ | (42.2 | ) |
|
• | Level 1: Observable inputs such as quoted prices in active markets; |
• | Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and |
• | Level 3: Unobservable inputs where there is little or no market data, which requires the reporting entity to develop its own assumptions. |
In Millions | Fair Value | Fair value measurements | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||
Derivative instruments | $ | 5.0 | $ | — | $ | 5.0 | $ | — | |||||||
Liabilities: | |||||||||||||||
Derivative instruments | $ | 12.6 | $ | — | $ | 12.6 | $ | — |
In Millions | Fair Value | Fair value measurements | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||
Derivative instruments | $ | 1.6 | $ | — | $ | 1.6 | $ | — | |||||||
Liabilities: | |||||||||||||||
Derivative instruments | $ | 13.3 | $ | — | $ | 13.3 | $ | — |
• | Derivative instruments - These instruments include forward foreign currency contracts and instruments related to non-functional currency balance sheet exposures. The fair value of the derivative instruments are determined based on a pricing model that uses spot rates and forward prices from actively quoted currency markets that are readily accessible and observable. |
|
In millions | 2015 | 2014 | ||||||
Change in benefit obligations: | ||||||||
Benefit obligation at beginning of year | $ | 3,719.6 | $ | 3,333.2 | ||||
Service cost | 75.2 | 68.7 | ||||||
Interest cost | 129.5 | 147.2 | ||||||
Employee contributions | 1.0 | 1.2 | ||||||
Amendments | 6.8 | 9.2 | ||||||
Actuarial (gains) losses | (153.4 | ) | 448.3 | |||||
Benefits paid | (191.8 | ) | (215.3 | ) | ||||
Currency translation | (50.0 | ) | (57.8 | ) | ||||
Curtailments and settlements | (3.5 | ) | (4.1 | ) | ||||
Other, including expenses paid | (9.6 | ) | (11.0 | ) | ||||
Benefit obligation at end of year | $ | 3,523.8 | $ | 3,719.6 | ||||
Change in plan assets: | ||||||||
Fair value at beginning of year | $ | 3,018.6 | $ | 2,779.2 | ||||
Actual return on assets | (43.0 | ) | 395.2 | |||||
Company contributions | 35.6 | 116.5 | ||||||
Employee contributions | 1.0 | 1.2 | ||||||
Benefits paid | (191.8 | ) | (215.3 | ) | ||||
Currency translation | (33.8 | ) | (43.1 | ) | ||||
Settlements | (3.5 | ) | (4.1 | ) | ||||
Other, including expenses paid | (11.1 | ) | (11.0 | ) | ||||
Fair value of assets end of year | $ | 2,772.0 | $ | 3,018.6 | ||||
Net unfunded liability | $ | (751.8 | ) | $ | (701.0 | ) | ||
Amounts included in the balance sheet: | ||||||||
Other noncurrent assets | $ | 2.7 | $ | 11.5 | ||||
Accrued compensation and benefits | (11.0 | ) | (11.3 | ) | ||||
Postemployment and other benefit liabilities | (743.5 | ) | (701.2 | ) | ||||
Net amount recognized | $ | (751.8 | ) | $ | (701.0 | ) |
In millions | Prior service cost | Net actuarial losses | Total | |||||||||
December 31, 2014 | $ | (22.3 | ) | $ | (999.4 | ) | $ | (1,021.7 | ) | |||
Current year changes recorded to Accumulated other comprehensive income (loss) | (6.8 | ) | (47.9 | ) | (54.7 | ) | ||||||
Amortization reclassified to earnings | 3.2 | 60.7 | 63.9 | |||||||||
Settlements/curtailments reclassified to earnings | — | 0.7 | 0.7 | |||||||||
Currency translation and other | 0.1 | 15.4 | 15.5 | |||||||||
December 31, 2015 | $ | (25.8 | ) | $ | (970.5 | ) | $ | (996.3 | ) |
2015 | 2014 | |||||
Discount rate: | ||||||
U.S. plans | 4.17 | % | 3.75 | % | ||
Non-U.S. plans | 3.27 | % | 3.25 | % | ||
Rate of compensation increase: | ||||||
U.S. plans | 4.00 | % | 4.00 | % | ||
Non-U.S. plans | 4.00 | % | 4.00 | % |
In millions | |||
2016 | $ | 204.0 | |
2017 | 206.0 | ||
2018 | 213.2 | ||
2019 | 213.1 | ||
2020 | 223.5 | ||
2021 — 2025 | 1,176.3 |
In millions | 2015 | 2014 | 2013 | |||||||||
Service cost | $ | 75.2 | $ | 68.7 | $ | 88.5 | ||||||
Interest cost | 129.5 | 147.2 | 156.9 | |||||||||
Expected return on plan assets | (158.3 | ) | (156.1 | ) | (166.3 | ) | ||||||
Net amortization of: | ||||||||||||
Prior service costs | 3.2 | 4.4 | 4.7 | |||||||||
Plan net actuarial losses | 60.7 | 36.1 | 63.0 | |||||||||
Net periodic pension benefit cost | 110.3 | 100.3 | 146.8 | |||||||||
Net curtailment and settlement (gains) losses | 0.7 | 7.1 | 0.7 | |||||||||
Net periodic pension benefit cost after net curtailment and settlement (gains) losses | $ | 111.0 | $ | 107.4 | $ | 147.5 | ||||||
Amounts recorded in continuing operations | $ | 100.7 | $ | 100.2 | $ | 119.2 | ||||||
Amounts recorded in discontinued operations | 10.3 | 7.2 | 28.3 | |||||||||
Total | $ | 111.0 | $ | 107.4 | $ | 147.5 |
2015 | 2014 | 2013 | |||||||
Discount rate: | |||||||||
U.S. plans | |||||||||
For the period January 1 to November 30 * | 3.75 | % | 4.75 | % | 3.75 | % | |||
For the period December 1 to December 31 | 3.75 | % | 4.75 | % | 4.50 | % | |||
Non-U.S. plans | 3.25 | % | 4.25 | % | 4.25 | % | |||
Rate of compensation increase: | |||||||||
U.S. plans | 4.00 | % | 4.00 | % | 4.00 | % | |||
Non-U.S. plans | 4.00 | % | 4.25 | % | 4.00 | % | |||
Expected return on plan assets: | |||||||||
U.S. plans | 5.75 | % | 6.00 | % | 5.25 | % | |||
Non-U.S. plans | 4.25 | % | 5.00 | % | 5.00 | % |
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(a) | 69.0 | — | — | 69.0 | ||||||||||||
Commingled funds – equity specialty(a) | — | 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(b) | — | 1,168.0 | — | 1,168.0 | ||||||||||||
Asset-backed and mortgage-backed securities | — | 20.3 | — | 20.3 | ||||||||||||
Registered mutual funds – fixed income specialty(c) | 30.7 | 108.7 | — | 139.4 | ||||||||||||
Commingled funds – fixed income specialty(c) | — | 111.6 | — | 111.6 | ||||||||||||
Other fixed income(d) | — | — | 24.6 | 24.6 | ||||||||||||
30.7 | 1,887.0 | 24.6 | 1,942.3 | |||||||||||||
Real estate(e) | — | — | 10.8 | 10.8 | ||||||||||||
Other(f) | — | — | 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 |
Fair value measurements | Total fair value | |||||||||||||||
In millions | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash and cash equivalents | $ | 1.3 | $ | 27.3 | $ | — | $ | 28.6 | ||||||||
Equity investments: | ||||||||||||||||
Registered mutual funds – equity specialty(a) | 6.3 | — | — | 6.3 | ||||||||||||
Commingled funds – equity specialty(a) | — | 834.0 | — | 834.0 | ||||||||||||
6.3 | 834.0 | — | 840.3 | |||||||||||||
Fixed income investments: | ||||||||||||||||
U.S. government and agency obligations | — | 784.9 | — | 784.9 | ||||||||||||
Corporate and non-U.S. bonds(b) | — | 823.9 | — | 823.9 | ||||||||||||
Asset-backed and mortgage-backed securities | — | 45.3 | — | 45.3 | ||||||||||||
Registered mutual funds – fixed income specialty(c) | 33.0 | — | — | 33.0 | ||||||||||||
Commingled funds – fixed income specialty(c) | — | 354.3 | — | 354.3 | ||||||||||||
Other fixed income(d) | — | — | 23.4 | 23.4 | ||||||||||||
33.0 | 2,008.4 | 23.4 | 2,064.8 | |||||||||||||
Real estate(e) | — | — | 16.4 | 16.4 | ||||||||||||
Other(f) | — | — | 62.8 | 62.8 | ||||||||||||
Total assets at fair value | $ | 40.6 | $ | 2,869.7 | $ | 102.6 | $ | 3,012.9 | ||||||||
Receivables and payables, net(g) | 5.7 | |||||||||||||||
Net assets available for benefits | $ | 3,018.6 |
(a) | This class includes commingled funds managed by investment mangers that focus on equity investments. |
(b) | This class represents U.S. treasuries and state and municipal bonds. |
(c) | This class comprises commingled funds that focus on fixed income securities. |
(d) | This class includes group annuity and guaranteed interest contracts. |
(e) | This class includes private equity fund that invest in real estate. |
(f) | This investment comprises the Company's non-significant, non-US pension plan assets. It mostly 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 | 2015 | 2014 | 2013 | |||||||||
Total contributions | $ | 6.7 | $ | 6.3 | $ | 5.4 |
In millions | 2015 | 2014 | ||||||
Benefit obligation at beginning of year | $ | 700.7 | $ | 713.3 | ||||
Service cost | 4.4 | 5.1 | ||||||
Interest cost | 22.6 | 28.1 | ||||||
Plan participants’ contributions | 10.3 | 11.4 | ||||||
Actuarial (gains) losses | (49.7 | ) | 11.7 | |||||
Benefits paid, net of Medicare Part D subsidy * | (60.2 | ) | (67.8 | ) | ||||
Other | (4.0 | ) | (1.1 | ) | ||||
Benefit obligations at end of year | $ | 624.1 | $ | 700.7 |
In millions | December 31, 2015 | December 31, 2014 | ||||||
Accrued compensation and benefits | $ | (56.1 | ) | $ | (58.5 | ) | ||
Postemployment and other benefit liabilities | (568.0 | ) | (642.2 | ) | ||||
Total | $ | (624.1 | ) | $ | (700.7 | ) |
In millions | Prior service gains | Net actuarial losses | Total | |||||||||
Balance at December 31, 2014 | $ | 30.5 | $ | (73.8 | ) | $ | (43.3 | ) | ||||
Gain (loss) in current period | — | 49.7 | 49.7 | |||||||||
Amortization reclassified to earnings | (8.9 | ) | 0.1 | (8.8 | ) | |||||||
Currency translation and other | — | 0.4 | 0.4 | |||||||||
Balance at December 31, 2015 | $ | 21.6 | $ | (23.6 | ) | $ | (2.0 | ) |
In millions | 2015 | 2014 | 2013 | |||||||||
Service cost | $ | 4.4 | $ | 5.1 | $ | 6.6 | ||||||
Interest cost | 22.6 | 28.1 | 26.0 | |||||||||
Net amortization of: | ||||||||||||
Prior service gains | (8.9 | ) | (8.9 | ) | (10.3 | ) | ||||||
Net actuarial losses | 0.1 | — | 6.5 | |||||||||
Net periodic postretirement benefit cost | $ | 18.2 | $ | 24.3 | $ | 28.8 | ||||||
Amounts recorded in continuing operations | $ | 11.0 | $ | 16.2 | $ | 19.8 | ||||||
Amounts recorded in discontinued operations | 7.2 | 8.1 | 9.0 | |||||||||
Total | $ | 18.2 | $ | 24.3 | $ | 28.8 |
2015 | 2014 | 2013 | |||||||
Discount rate: | |||||||||
Benefit obligations at December 31 | 3.88 | % | 3.50 | % | 4.25 | % | |||
Net periodic benefit cost | |||||||||
For the period January 1 to November 30 * | 3.50 | % | 4.25 | % | 3.25 | % | |||
For the period November 30 to December 31 | 3.50 | % | 4.25 | % | 4.00 | % | |||
Assumed health-care cost trend rates at December 31: | |||||||||
Current year medical inflation | 7.25 | % | 7.25 | % | 7.65 | % | |||
Ultimate inflation rate | 5.00 | % | 5.00 | % | 5.00 | % | |||
Year that the rate reaches the ultimate trend rate | 2023 | 2021 | 2021 |
In millions | 1% Increase | 1% Decrease | ||||||
Effect on total of service and interest cost components of current year benefit cost | $ | 0.8 | $ | (0.7 | ) | |||
Effect on benefit obligation at year-end | 24.2 | (21.0 | ) |
In millions | |||
2016 | $ | 56.3 | |
2017 | 55.8 | ||
2018 | 54.5 | ||
2019 | 52.1 | ||
2020 | 49.9 | ||
2021 — 2025 | 212.0 |
|
In millions | Ordinary shares issued | Ordinary shares held in treasury | |||
December 31, 2014 | 266.3 | 3.4 | |||
Shares issued under incentive plans | 2.7 | — | |||
Repurchase of ordinary shares | — | 4.4 | |||
December 31, 2015 | 269.0 | 7.8 |
In millions | Cash flow hedges | Pension and OPEB Items | Foreign Currency Items | Total | ||||||||||||
December 31, 2013 | $ | 0.4 | $ | (562.8 | ) | $ | 395.7 | $ | (166.7 | ) | ||||||
Other comprehensive income (loss) attributable to Ingersoll-Rand plc | 2.7 | (102.3 | ) | (448.0 | ) | (547.6 | ) | |||||||||
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 | ) |
|
In millions | 2015 | 2014 | 2013 | |||||||||
Climate | $ | 11.9 | $ | 5.2 | $ | 47.5 | ||||||
Industrial | 15.6 | 4.0 | 14.5 | |||||||||
Corporate and Other | 6.6 | 3.3 | 20.3 | |||||||||
Total | $ | 34.1 | $ | 12.5 | $ | 82.3 | ||||||
Cost of goods sold | $ | 12.5 | $ | 2.7 | $ | 15.2 | ||||||
Selling and administrative expenses | 21.6 | 9.8 | 67.1 | |||||||||
Total | $ | 34.1 | $ | 12.5 | $ | 82.3 |
In millions | Climate | Industrial | Corporate and Other | Total | ||||||||||||
December 31, 2013 | $ | 18.0 | $ | 9.5 | $ | 5.0 | $ | 32.5 | ||||||||
Additions, net of reversals | 5.2 | 4.0 | 3.3 | 12.5 | ||||||||||||
Cash paid | (20.3 | ) | (12.6 | ) | (7.7 | ) | (40.6 | ) | ||||||||
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 |
|
In millions | 2015 | 2014 | 2013 | |||||||||
Interest income | $ | 10.6 | $ | 13.2 | $ | 12.8 | ||||||
Exchange loss | (36.2 | ) | (0.1 | ) | (14.0 | ) | ||||||
Income (loss) from equity investment | 12.6 | 7.8 | (2.6 | ) | ||||||||
Other activity, net | 25.9 | 9.1 | 7.2 | |||||||||
Other income/(expense), net | $ | 12.9 | $ | 30.0 | $ | 3.4 |
|
In millions | 2015 | 2014 | 2013 | |||||||||
United States | $ | 451.6 | $ | 276.5 | $ | (147.4 | ) | |||||
Non-U.S. | 796.3 | 932.9 | 977.0 | |||||||||
Total | $ | 1,247.9 | $ | 1,209.4 | $ | 829.6 |
In millions | 2015 | 2014 | 2013 | |||||||||
Current tax expense (benefit): | ||||||||||||
United States | $ | 300.1 | $ | 168.4 | $ | 2.1 | ||||||
Non-U.S. | 132.9 | 148.7 | 157.5 | |||||||||
Total: | 433.0 | 317.1 | 159.6 | |||||||||
Deferred tax expense (benefit): | ||||||||||||
United States | 69.0 | (21.4 | ) | 19.2 | ||||||||
Non-U.S. | 38.8 | (2.0 | ) | 10.2 | ||||||||
Total: | 107.8 | (23.4 | ) | 29.4 | ||||||||
Total tax expense (benefit): | ||||||||||||
United States | 369.1 | 147.0 | 21.3 | |||||||||
Non-U.S. | 171.7 | 146.7 | 167.7 | |||||||||
Total | $ | 540.8 | $ | 293.7 | $ | 189.0 |
Percent of pretax income | |||||||||
2015 | 2014 | 2013 | |||||||
Statutory U.S. rate | 35.0 | % | 35.0 | % | 35.0 | % | |||
Increase (decrease) in rates resulting from: | |||||||||
Non-U.S. tax rate differential | (17.2 | ) | (14.8 | ) | (26.8 | ) | |||
Tax on U.S. subsidiaries on non-U.S. earnings | 1.3 | 1.7 | 2.0 | ||||||
State and local income taxes (1) | 1.5 | 1.6 | 6.3 | ||||||
Valuation allowances | 1.7 | (1.0 | ) | 2.5 | |||||
Change in permanent reinvestment assertion (2) | 3.9 | 0.9 | 6.2 | ||||||
Reserves for uncertain tax positions | 14.1 | 0.3 | (2.9 | ) | |||||
Provision to return and other true-up adjustments | 0.7 | 0.1 | (0.7 | ) | |||||
Other adjustments | 2.3 | 0.5 | 1.2 | ||||||
Effective tax rate | 43.3 | % | 24.3 | % | 22.8 | % |
(1) | Net of changes in state valuation allowances |
(2) | Primarily federal and non-U.S., excludes state valuation allowances |
(3) | Net of foreign tax credits |
In millions | 2015 | 2014 | ||||||
Deferred tax assets: | ||||||||
Inventory and accounts receivable | $ | 17.4 | $ | 19.2 | ||||
Fixed assets and intangibles | 17.5 | 8.6 | ||||||
Postemployment and other benefit liabilities | 672.6 | 702.5 | ||||||
Product liability | 169.5 | 191.0 | ||||||
Other reserves and accruals | 190.9 | 190.5 | ||||||
Net operating losses and credit carryforwards | 562.7 | 505.9 | ||||||
Other | 65.0 | 77.3 | ||||||
Gross deferred tax assets | 1,695.6 | 1,695.0 | ||||||
Less: deferred tax valuation allowances | (213.1 | ) | (210.7 | ) | ||||
Deferred tax assets net of valuation allowances | $ | 1,482.5 | $ | 1,484.3 | ||||
Deferred tax liabilities: | ||||||||
Inventory and accounts receivable | $ | (43.3 | ) | $ | (42.8 | ) | ||
Fixed assets and intangibles | (1,993.7 | ) | (1,999.6 | ) | ||||
Postemployment and other benefit liabilities | (6.8 | ) | (3.3 | ) | ||||
Other reserves and accruals | (2.5 | ) | (14.1 | ) | ||||
Other | (53.5 | ) | (20.3 | ) | ||||
Gross deferred tax liabilities | (2,099.8 | ) | (2,080.1 | ) | ||||
Net deferred tax assets (liabilities) | $ | (617.3 | ) | $ | (595.8 | ) |
In millions | Amount | Expiration Period | ||||
U.S. Federal net operating loss carryforwards | $ | 678.1 | 2022-2034 | |||
U.S. Federal credit carryforwards | 28.6 | 2024-Unlimited | ||||
U.S. State net operating loss carryforwards | 3,051.6 | 2016-2035 | ||||
U.S. State credit carryforwards | 36.2 | 2016-Unlimited | ||||
Non-U.S. net operating loss carryforwards | 748.2 | 2016-Unlimited | ||||
Non-U.S. credit carryforwards | 3.4 | Unlimited |
In millions | 2015 | 2014 | 2013 | |||||||||
Beginning balance | $ | 210.7 | $ | 218.5 | $ | 156.2 | ||||||
Increase to valuation allowance | 40.7 | 35.2 | 89.3 | |||||||||
Decrease to valuation allowance | (34.0 | ) | (38.8 | ) | (26.3 | ) | ||||||
Accumulated other comprehensive income (loss) | (4.3 | ) | (4.2 | ) | (0.7 | ) | ||||||
Ending balance | $ | 213.1 | $ | 210.7 | $ | 218.5 |
In millions | 2015 | 2014 | 2013 | |||||||||
Beginning balance | $ | 343.8 | $ | 363.3 | $ | 497.5 | ||||||
Additions based on tax positions related to the current year | 8.7 | 6.7 | 19.9 | |||||||||
Additions based on tax positions related to prior years | 186.5 | 49.8 | 152.9 | |||||||||
Reductions based on tax positions related to prior years | (102.2 | ) | (52.4 | ) | (215.3 | ) | ||||||
Reductions related to settlements with tax authorities | (251.0 | ) | (8.0 | ) | (84.7 | ) | ||||||
Reductions related to lapses of statute of limitations | (3.7 | ) | (7.1 | ) | (8.4 | ) | ||||||
Translation (gain) loss | (7.2 | ) | (8.5 | ) | 1.4 | |||||||
Ending balance | $ | 174.9 | $ | 343.8 | $ | 363.3 |
|
In millions | January 1, 2015 | |||
Cash | $ | 10.2 | ||
Accounts receivable | 37.7 | |||
Inventories | 97.1 | |||
Property, plant and equipment | 63.6 | |||
Intangible assets | 272.2 | |||
Other assets | 45.2 | |||
Accounts payable, accrued expenses and other liabilities | (119.7 | ) | ||
Net identifiable assets acquired | 406.3 | |||
Goodwill | 431.0 | |||
Net assets acquired | $ | 837.3 |
In millions | Useful Life | January 1, 2015 | ||
Customer relationships | 14 years | $ | 179.4 | |
Trademarks | Indefinite | 40.2 | ||
Completed technologies/patents | 10 years | 36.6 | ||
Other | 2 - 5 years | 16.0 | ||
Total | $ | 272.2 |
In millions | 2015 | 2014 | 2013 | |||||||||
Net revenues | $ | — | $ | — | $ | 1,889.9 | ||||||
Pre-tax earnings (loss) from operations | $ | (23.2 | ) | $ | 41.2 | $ | 84.7 | |||||
Tax expense | (1.1 | ) | (6.5 | ) | (71.4 | ) | ||||||
Discontinued operations, net of tax | $ | (24.3 | ) | $ | 34.7 | $ | 13.3 |
In millions | 2015 | 2014 | 2013 | |||||||||
Allegion, net of tax | $ | (4.5 | ) | $ | 15.0 | $ | 12.4 | |||||
Other discontinued operations, net of tax | (19.8 | ) | 19.7 | 0.9 | ||||||||
Discontinued operations, net of tax | $ | (24.3 | ) | $ | 34.7 | $ | 13.3 |
|
• | 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, 2015 | December 31, 2014 | |||||
Accrued expenses and other current liabilities | $ | 65.7 | $ | 67.6 | |||
Other noncurrent liabilities | 648.0 | 709.0 | |||||
Total asbestos-related liabilities | $ | 713.7 | $ | 776.6 | |||
Other current assets | $ | 51.3 | $ | 57.2 | |||
Other noncurrent assets | 264.3 | 278.5 | |||||
Total asset for probable asbestos-related insurance recoveries | $ | 315.6 | $ | 335.7 |
In millions | 2015 | 2014 | 2013 | |||||||||
Continuing operations | $ | 21.0 | $ | 1.7 | $ | (0.4 | ) | |||||
Discontinued operations | (8.8 | ) | 63.2 | (55.8 | ) | |||||||
Total | $ | 12.2 | $ | 64.9 | $ | (56.2 | ) |
• | IR-New Jersey 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 IR-New Jersey, 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 IR-New Jersey insurance program, including under policies that had been the subject of prior litigation. |
In millions | 2015 | 2014 | |||||
Balance at beginning of period | $ | 253.6 | $ | 246.9 | |||
Reductions for payments | (128.8 | ) | (146.6 | ) | |||
Accruals for warranties issued during the current period | 127.8 | 168.0 | |||||
Accruals for warranties assumed from acquisitions during the current period | 9.7 | — | |||||
Changes to accruals related to preexisting warranties | 4.5 | (9.8 | ) | ||||
Translation | (4.8 | ) | (4.9 | ) | |||
Balance at end of period | $ | 262.0 | $ | 253.6 |
In millions | 2015 | 2014 | |||||
Balance at beginning of period | $ | 330.1 | $ | 357.9 | |||
Amortization of deferred revenue for the period | (107.7 | ) | (104.8 | ) | |||
Additions for extended warranties issued during the period | 89.7 | 81.5 | |||||
Changes to accruals related to preexisting warranties | 2.3 | (2.6 | ) | ||||
Translation | (2.8 | ) | (1.9 | ) | |||
Balance at end of period | $ | 311.6 | $ | 330.1 |
|
Dollar amounts in millions | 2015 | 2014 | 2013 | |||||||||
Climate | ||||||||||||
Net revenues | $ | 10,224.3 | $ | 9,879.7 | $ | 9,414.0 | ||||||
Segment operating income | 1,302.5 | 1,195.6 | 936.0 | |||||||||
Segment operating income as a percentage of revenues | 12.7 | % | 12.1 | % | 9.9 | % | ||||||
Depreciation and amortization | 246.3 | 247.1 | 252.8 | |||||||||
Capital expenditures | 83.9 | 107.8 | 129.4 | |||||||||
Industrial | ||||||||||||
Net revenues | 3,076.4 | 3,011.7 | 2,936.5 | |||||||||
Segment operating income | 372.4 | 443.0 | 450.3 | |||||||||
Segment operating income as a percentage of revenues | 12.1 | % | 14.7 | % | 15.3 | % | ||||||
Depreciation and amortization | 67.5 | 44.2 | 43.9 | |||||||||
Capital expenditures | 51.8 | 33.1 | 44.0 | |||||||||
Total net revenues | $ | 13,300.7 | $ | 12,891.4 | $ | 12,350.5 | ||||||
Reconciliation to Operating Income | ||||||||||||
Segment operating income from reportable segments | 1,674.9 | 1,638.6 | 1,386.3 | |||||||||
Unallocated corporate expense | (216.9 | ) | (233.9 | ) | (281.3 | ) | ||||||
Total operating income | $ | 1,458.0 | $ | 1,404.7 | $ | 1,105.0 | ||||||
Total operating income as a percentage of revenues | 11.0 | % | 10.9 | % | 8.9 | % | ||||||
Depreciation and Amortization | ||||||||||||
Depreciation and amortization from reportable segments | 313.8 | 291.3 | 296.7 | |||||||||
Unallocated depreciation and amortization | 50.3 | 41.1 | 37.0 | |||||||||
Total depreciation and amortization | $ | 364.1 | $ | 332.4 | $ | 333.7 | ||||||
Capital Expenditures | ||||||||||||
Capital expenditures from reportable segments | 135.7 | 140.9 | 173.4 | |||||||||
Corporate capital expenditures | 113.9 | 92.6 | 68.8 | |||||||||
Total capital expenditures | $ | 249.6 | $ | 233.5 | $ | 242.2 |
In millions | 2015 | 2014 | 2013 | |||||||||
United States | $ | 8,291.2 | $ | 7,693.0 | $ | 7,298.0 | ||||||
Non-U.S. | 5,009.5 | 5,198.4 | 5,052.5 | |||||||||
Total | $ | 13,300.7 | $ | 12,891.4 | $ | 12,350.5 |
In millions | 2015 | 2014 | 2013 | |||||||||
Commercial HVAC | $ | 6,233.8 | $ | 6,049.8 | $ | 5,874.7 | ||||||
Transport Refrigeration | 2,147.8 | 2,089.2 | 1,895.0 | |||||||||
Residential HVAC | 1,842.6 | 1,740.7 | 1,644.3 | |||||||||
Compression Technologies and Services | 1,932.5 | 1,812.3 | 1,762.0 | |||||||||
Other Industrial | 1,144.0 | 1,199.4 | 1,174.5 | |||||||||
Total | $ | 13,300.7 | $ | 12,891.4 | $ | 12,350.5 |
In millions | 2015 | 2014 | ||||||
United States | $ | 2,196.1 | $ | 2,121.2 | ||||
Non-U.S. | 651.3 | 537.7 | ||||||
Total | $ | 2,847.4 | $ | 2,658.9 |
Dollar amounts in millions | 2015 | 2014 | 2013 | |||||||||
Climate | ||||||||||||
Net revenues | $ | 10,224.3 | $ | 9,879.7 | $ | 9,414.0 | ||||||
Segment operating income | 1,302.5 | 1,195.6 | 936.0 | |||||||||
Segment operating income as a percentage of revenues | 12.7 | % | 12.1 | % | 9.9 | % | ||||||
Depreciation and amortization | 246.3 | 247.1 | 252.8 | |||||||||
Capital expenditures | 83.9 | 107.8 | 129.4 | |||||||||
Industrial | ||||||||||||
Net revenues | 3,076.4 | 3,011.7 | 2,936.5 | |||||||||
Segment operating income | 372.4 | 443.0 | 450.3 | |||||||||
Segment operating income as a percentage of revenues | 12.1 | % | 14.7 | % | 15.3 | % | ||||||
Depreciation and amortization | 67.5 | 44.2 | 43.9 | |||||||||
Capital expenditures | 51.8 | 33.1 | 44.0 | |||||||||
Total net revenues | $ | 13,300.7 | $ | 12,891.4 | $ | 12,350.5 | ||||||
Reconciliation to Operating Income | ||||||||||||
Segment operating income from reportable segments | 1,674.9 | 1,638.6 | 1,386.3 | |||||||||
Unallocated corporate expense | (216.9 | ) | (233.9 | ) | (281.3 | ) | ||||||
Total operating income | $ | 1,458.0 | $ | 1,404.7 | $ | 1,105.0 | ||||||
Total operating income as a percentage of revenues | 11.0 | % | 10.9 | % | 8.9 | % | ||||||
Depreciation and Amortization | ||||||||||||
Depreciation and amortization from reportable segments | 313.8 | 291.3 | 296.7 | |||||||||
Unallocated depreciation and amortization | 50.3 | 41.1 | 37.0 | |||||||||
Total depreciation and amortization | $ | 364.1 | $ | 332.4 | $ | 333.7 | ||||||
Capital Expenditures | ||||||||||||
Capital expenditures from reportable segments | 135.7 | 140.9 | 173.4 | |||||||||
Corporate capital expenditures | 113.9 | 92.6 | 68.8 | |||||||||
Total capital expenditures | $ | 249.6 | $ | 233.5 | $ | 242.2 |
In millions | 2015 | 2014 | 2013 | |||||||||
United States | $ | 8,291.2 | $ | 7,693.0 | $ | 7,298.0 | ||||||
Non-U.S. | 5,009.5 | 5,198.4 | 5,052.5 | |||||||||
Total | $ | 13,300.7 | $ | 12,891.4 | $ | 12,350.5 |
In millions | 2015 | 2014 | 2013 | |||||||||
Commercial HVAC | $ | 6,233.8 | $ | 6,049.8 | $ | 5,874.7 | ||||||
Transport Refrigeration | 2,147.8 | 2,089.2 | 1,895.0 | |||||||||
Residential HVAC | 1,842.6 | 1,740.7 | 1,644.3 | |||||||||
Compression Technologies and Services | 1,932.5 | 1,812.3 | 1,762.0 | |||||||||
Other Industrial | 1,144.0 | 1,199.4 | 1,174.5 | |||||||||
Total | $ | 13,300.7 | $ | 12,891.4 | $ | 12,350.5 |
In millions | 2015 | 2014 | ||||||
United States | $ | 2,196.1 | $ | 2,121.2 | ||||
Non-U.S. | 651.3 | 537.7 | ||||||
Total | $ | 2,847.4 | $ | 2,658.9 |
|
Parent, issuer or guarantors | Notes issued | Notes guaranteed |
Ingersoll-Rand plc (Plc) | None | All registered notes and debentures |
Ingersoll-Rand International Holding Limited (International Holding) | None | All registered notes and debentures |
Ingersoll-Rand Lux International Holding Company S.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 and Lux Finance |
Ingersoll-Rand Luxembourg Finance S.A. (Lux Finance) | 2.625% Notes due 2020 3.55% Notes due 2024 4.650% Notes due 2044 | All notes and debentures issued by Global and New Jersey |
in millions | Plc | International Holding | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||
Net revenues | $ | — | $ | — | $ | — | $ | — | $ | 272.7 | $ | — | $ | 115.1 | $ | (387.8 | ) | $ | — | ||||||||
Cost of goods sold | — | — | — | — | (272.7 | ) | — | (115.1 | ) | 387.8 | — | ||||||||||||||||
Selling and administrative expenses | (8.8 | ) | — | — | — | 113.6 | — | (104.8 | ) | — | — | ||||||||||||||||
Operating income (loss) | (8.8 | ) | — | — | — | 113.6 | — | (104.8 | ) | — | — | ||||||||||||||||
Equity earnings (loss) in subsidiaries, net of tax | — | (360.8 | ) | — | 119.4 | 386.4 | (21.0 | ) | (1,271.2 | ) | 1,147.2 | — | |||||||||||||||
Other income/(expense), net | 8.8 | — | — | — | (113.6 | ) | — | 104.8 | — | — | |||||||||||||||||
Net earnings | — | (360.8 | ) | — | 119.4 | 386.4 | (21.0 | ) | (1,271.2 | ) | 1,147.2 | — | |||||||||||||||
Other comprehensive income | — | (549.5 | ) | — | (261.5 | ) | (225.0 | ) | — | (30.1 | ) | 1,066.1 | — | ||||||||||||||
Comprehensive income attributable to Ingersoll-Rand plc | $ | — | $ | (910.3 | ) | $ | — | $ | (142.1 | ) | $ | 161.4 | $ | (21.0 | ) | $ | (1,301.3 | ) | $ | 2,213.3 | $ | — |
in millions | Plc | International Holding | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||
Intercompany receivables | $ | — | $ | (309.5 | ) | $ | — | $ | (8.0 | ) | $ | 888.2 | $ | (50.7 | ) | $ | (6,768.3 | ) | $ | 6,248.3 | $ | — | |||||
Investments in consolidated subsidiaries | — | 2,276.9 | — | (3,623.8 | ) | 1,596.9 | (214.7 | ) | (8,645.5 | ) | 8,610.2 | — | |||||||||||||||
Intercompany notes receivable | — | — | — | — | — | — | 5,471.6 | (5,471.6 | ) | — | |||||||||||||||||
Total assets | $ | — | $ | 1,967.4 | $ | — | $ | (3,631.8 | ) | $ | 2,485.1 | $ | (265.4 | ) | $ | (9,942.2 | ) | $ | 9,386.9 | $ | — | ||||||
Intercompany payables | $ | — | $ | — | $ | — | $ | (436.8 | ) | $ | (4,143.1 | ) | $ | — | $ | (1,669.1 | ) | $ | 6,249.0 | $ | — | ||||||
Intercompany notes payable | — | — | — | 429.0 | 5,042.6 | — | — | (5,471.6 | ) | — | |||||||||||||||||
Equity | — | 1,967.4 | — | (3,624.0 | ) | 1,585.6 | (265.4 | ) | (8,273.1 | ) | 8,609.5 | — | |||||||||||||||
Total liabilities and equity | $ | — | $ | 1,967.4 | $ | — | $ | (3,631.8 | ) | $ | 2,485.1 | $ | (265.4 | ) | $ | (9,942.2 | ) | $ | 9,386.9 | $ | — |
in millions | Plc | International Holding | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||
Cash flows from operating activities | $ | (126.0 | ) | $ | (14.1 | ) | $ | — | $ | 3.1 | $ | (17.8 | ) | $ | 8.0 | $ | (849.2 | ) | $ | 996.0 | $ | — | |||||
Intercompany investing activities, net | (454.8 | ) | 1,150.6 | — | 206.6 | 830.5 | — | 235.5 | (1,968.4 | ) | — | ||||||||||||||||
Net cash flow provided by (used in) investing activities | (454.8 | ) | 1,150.6 | — | 206.6 | 830.5 | — | 235.5 | (1,968.4 | ) | — | ||||||||||||||||
Dividends paid to ordinary shareholders | — | — | — | — | 734.1 | — | 318.2 | (1,052.3 | ) | — | |||||||||||||||||
Intercompany financing activities, net | 580.8 | (1,136.5 | ) | — | (209.7 | ) | (1,512.7 | ) | (8.0 | ) | 261.4 | 2,024.7 | — | ||||||||||||||
Net cash flow provided by (used in) financing activities | 580.8 | (1,136.5 | ) | — | (209.7 | ) | (778.6 | ) | (8.0 | ) | 579.6 | 972.4 | — | ||||||||||||||
Net increase (decrease) in cash | $ | — | $ | — | $ | — | $ | — | $ | 34.1 | $ | — | $ | (34.1 | ) | $ | — | $ | — |
in millions | Plc | International Holding | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||
Net revenues | $ | — | $ | — | $ | — | $ | — | $ | 261.9 | $ | — | $ | 131.7 | $ | (393.6 | ) | $ | — | ||||||||
Cost of goods sold | — | — | — | — | (279.7 | ) | — | (113.9 | ) | 393.6 | — | ||||||||||||||||
Selling and administrative expenses | (6.3 | ) | — | — | — | 139.0 | — | (133.3 | ) | 0.6 | — | ||||||||||||||||
Operating income (loss) | (6.3 | ) | — | — | — | 121.2 | — | (115.5 | ) | 0.6 | — | ||||||||||||||||
Equity earnings (loss) in subsidiaries, net of tax | — | (146.1 | ) | — | (805.9 | ) | 235.0 | 107.9 | (743.9 | ) | 1,353.0 | — | |||||||||||||||
Other income/(expense), net | 6.3 | — | — | — | (135.3 | ) | — | 129.0 | — | — | |||||||||||||||||
Net earnings | — | (146.1 | ) | — | (805.9 | ) | 220.9 | 107.9 | (730.4 | ) | 1,353.6 | — | |||||||||||||||
Other comprehensive income | — | 293.4 | — | 133.1 | (232.4 | ) | — | 330.6 | (524.7 | ) | — | ||||||||||||||||
Comprehensive income attributable to Ingersoll-Rand plc | $ | — | $ | 147.3 | $ | — | $ | (672.8 | ) | $ | (11.5 | ) | $ | 107.9 | $ | (399.8 | ) | $ | 828.9 | $ | — |
in millions | Plc | International Holding | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||
Cash flows from operating activities | $ | (33.8 | ) | $ | (37.2 | ) | $ | — | $ | (17.7 | ) | $ | 650.6 | $ | — | $ | (6,238.2 | ) | $ | 5,676.3 | $ | — | |||||
Intercompany investing activities, net | — | 1,313.3 | — | 777.2 | (221.9 | ) | — | 1,273.2 | (3,141.8 | ) | — | ||||||||||||||||
Net cash flow provided by (used in) investing activities | — | 1,313.3 | — | 777.2 | (221.9 | ) | — | 1,273.2 | (3,141.8 | ) | — | ||||||||||||||||
Dividends paid to ordinary shareholders | — | 685.5 | — | 1,274.2 | — | — | 1.2 | (1,960.9 | ) | — | |||||||||||||||||
Intercompany financing activities, net | 33.8 | (1,961.6 | ) | — | (2,033.7 | ) | (462.8 | ) | — | 4,997.9 | (573.6 | ) | — | ||||||||||||||
Net cash flow provided by (used in) financing activities | 33.8 | (1,276.1 | ) | — | (759.5 | ) | (462.8 | ) | — | 4,999.1 | (2,534.5 | ) | — | ||||||||||||||
Net increase (decrease) in cash | — | — | — | — | (34.1 | ) | — | 34.1 | — | — |
|
Allowances for Doubtful Accounts: | |||
Balance December 31, 2012 | $ | 24.8 | |
Additions charged to costs and expenses | 20.8 | ||
Deductions* | (9.7 | ) | |
Business acquisitions and divestitures, net | (7.2 | ) | |
Currency translation | (0.5 | ) | |
Other | 7.2 | ||
Balance December 31, 2013 | 35.4 | ||
Additions charged to costs and expenses | 7.4 | ||
Deductions* | (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* | (5.3 | ) | |
Business acquisitions and divestitures, net | 0.3 | ||
Currency translation | (2.2 | ) | |
Balance December 31, 2015 | $ | 28.3 |
(*) | “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 | 2015 | 2014 | ||||||
Raw materials | $ | 514.9 | $ | 487.9 | ||||
Work-in-process | 131.0 | 118.2 | ||||||
Finished goods | 825.7 | 823.1 | ||||||
1,471.6 | 1,429.2 | |||||||
LIFO reserve | (60.9 | ) | (70.3 | ) | ||||
Total | $ | 1,410.7 | $ | 1,358.9 |
|
In millions | 2015 | 2014 | ||||||
Land | $ | 61.7 | $ | 62.9 | ||||
Buildings | 699.1 | 674.8 | ||||||
Machinery and equipment | 1,749.6 | 1,647.8 | ||||||
Software | 723.4 | 618.7 | ||||||
3,233.8 | 3,004.2 | |||||||
Accumulated depreciation | (1,658.7 | ) | (1,527.2 | ) | ||||
Total | $ | 1,575.1 | $ | 1,477.0 |
|
In millions | Climate | Industrial | Total | |||||||||
December 31, 2013 (gross) | $ | 7,663.6 | $ | 373.0 | $ | 8,036.6 | ||||||
Acquisitions and adjustments (1) | 13.8 | 2.7 | 16.5 | |||||||||
Currency translation | (158.5 | ) | (8.8 | ) | (167.3 | ) | ||||||
December 31, 2014 (gross) | 7,518.9 | 366.9 | 7,885.8 | |||||||||
Acquisitions and adjustments (2) | 79.1 | 432.8 | 511.9 | |||||||||
Currency translation | (149.4 | ) | (22.1 | ) | (171.5 | ) | ||||||
December 31, 2015 (gross) | 7,448.6 | 777.6 | 8,226.2 | |||||||||
Accumulated impairment (3) | (2,496.0 | ) | — | (2,496.0 | ) | |||||||
Goodwill (net) | $ | 4,952.6 | $ | 777.6 | $ | 5,730.2 |
|
2015 | 2014 | |||||||||||||||||||||||
In millions | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | ||||||||||||||||||
Completed technologies/patents | $ | 214.9 | $ | (168.7 | ) | $ | 46.2 | $ | 172.2 | $ | (146.8 | ) | $ | 25.4 | ||||||||||
Customer relationships | 2,019.8 | (811.5 | ) | 1,208.3 | 1,850.6 | (699.8 | ) | 1,150.8 | ||||||||||||||||
Other | 63.5 | (45.7 | ) | 17.8 | 55.9 | (50.2 | ) | 5.7 | ||||||||||||||||
Total finite-lived intangible assets | $ | 2,298.2 | $ | (1,025.9 | ) | $ | 1,272.3 | $ | 2,078.7 | $ | (896.8 | ) | $ | 1,181.9 | ||||||||||
Trademarks (indefinite-lived) | 2,653.8 | — | 2,653.8 | 2,602.0 | — | 2,602.0 | ||||||||||||||||||
Total | $ | 4,952.0 | $ | (1,025.9 | ) | $ | 3,926.1 | $ | 4,680.7 | $ | (896.8 | ) | $ | 3,783.9 |
|
In millions | 2015 | 2014 | ||||||
Debentures with put feature | $ | 343.0 | $ | 343.0 | ||||
Commercial Paper | 143.0 | 100.0 | ||||||
Other current maturities of long-term debt | 7.8 | 23.6 | ||||||
Short-term borrowings | 10.4 | 16.1 | ||||||
Total | $ | 504.2 | $ | 482.7 |
In millions | 2015 | 2014 | ||||||
6.875% Senior notes due 2018 | $ | 749.7 | $ | 749.6 | ||||
2.875% Senior notes due 2019 | 349.7 | 349.6 | ||||||
2.625% Senior notes due 2020 | 299.9 | 299.8 | ||||||
9.000% Debentures due 2021 | 125.0 | 125.0 | ||||||
4.250% Senior notes due 2023 | 699.0 | 698.9 | ||||||
7.200% Debentures due 2016-2025 | 67.5 | 75.0 | ||||||
3.550% Senior notes due 2024 | 497.4 | 497.2 | ||||||
6.48% Debentures due 2025 | 149.7 | 149.7 | ||||||
5.750% Senior notes due 2043 | 498.0 | 498.0 | ||||||
4.650% Senior notes due 2044 | 298.3 | 298.2 | ||||||
Other loans and notes, at end-of-year average interest rates of 2.58% in 2015 and 1.08% in 2014, maturing in various amounts to 2020 | 0.6 | 0.7 | ||||||
Total | $ | 3,734.8 | $ | 3,741.7 |
In millions | |||
2016 | $ | 350.8 | |
2017 | 7.8 | ||
2018 | 757.5 | ||
2019 | 357.3 | ||
2020 | 307.4 | ||
Thereafter | 2,304.8 | ||
Total | $ | 4,085.6 |
|
Asset derivatives | Liability derivatives | |||||||||||||||
In millions | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Derivatives designated as hedges: | ||||||||||||||||
Currency derivatives | $ | 0.6 | $ | 0.3 | $ | 0.2 | $ | 3.2 | ||||||||
Derivatives not designated as hedges: | ||||||||||||||||
Currency derivatives | 4.4 | 1.3 | 12.4 | 10.1 | ||||||||||||
Total derivatives | $ | 5.0 | $ | 1.6 | $ | 12.6 | $ | 13.3 |
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 | 2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Currency derivatives - continuing | $ | 1.2 | $ | (3.0 | ) | $ | (9.8 | ) | Cost of goods sold | $ | (2.1 | ) | $ | (3.4 | ) | $ | (10.8 | ) | ||||||||
Currency derivatives - discontinued | — | — | 2.0 | Discontinued operations | — | — | 1.1 | |||||||||||||||||||
Interest rate swaps & locks | — | (0.1 | ) | 10.5 | Interest expense | (0.5 | ) | (2.3 | ) | (2.4 | ) | |||||||||||||||
Total | $ | 1.2 | $ | (3.1 | ) | $ | 2.7 | $ | (2.6 | ) | $ | (5.7 | ) | $ | (12.1 | ) |
In millions | Location of gain (loss) recognized in Net earnings | Amount of gain (loss) recognized in Net earnings | ||||||||||||
2015 | 2014 | 2013 | ||||||||||||
Currency derivatives | Other income/(expense), net | $ | 0.1 | $ | (31.5 | ) | $ | (42.2 | ) | |||||
Total | $ | 0.1 | $ | (31.5 | ) | $ | (42.2 | ) |
|
In Millions | Fair Value | Fair value measurements | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||
Derivative instruments | $ | 5.0 | $ | — | $ | 5.0 | $ | — | |||||||
Liabilities: | |||||||||||||||
Derivative instruments | $ | 12.6 | $ | — | $ | 12.6 | $ | — |
In Millions | Fair Value | Fair value measurements | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||
Derivative instruments | $ | 1.6 | $ | — | $ | 1.6 | $ | — | |||||||
Liabilities: | |||||||||||||||
Derivative instruments | $ | 13.3 | $ | — | $ | 13.3 | $ | — |
|
In millions | 2015 | 2014 | 2013 | |||||||||
Total contributions | $ | 6.7 | $ | 6.3 | $ | 5.4 |
In millions | 2015 | 2014 | ||||||
Change in benefit obligations: | ||||||||
Benefit obligation at beginning of year | $ | 3,719.6 | $ | 3,333.2 | ||||
Service cost | 75.2 | 68.7 | ||||||
Interest cost | 129.5 | 147.2 | ||||||
Employee contributions | 1.0 | 1.2 | ||||||
Amendments | 6.8 | 9.2 | ||||||
Actuarial (gains) losses | (153.4 | ) | 448.3 | |||||
Benefits paid | (191.8 | ) | (215.3 | ) | ||||
Currency translation | (50.0 | ) | (57.8 | ) | ||||
Curtailments and settlements | (3.5 | ) | (4.1 | ) | ||||
Other, including expenses paid | (9.6 | ) | (11.0 | ) | ||||
Benefit obligation at end of year | $ | 3,523.8 | $ | 3,719.6 | ||||
Change in plan assets: | ||||||||
Fair value at beginning of year | $ | 3,018.6 | $ | 2,779.2 | ||||
Actual return on assets | (43.0 | ) | 395.2 | |||||
Company contributions | 35.6 | 116.5 | ||||||
Employee contributions | 1.0 | 1.2 | ||||||
Benefits paid | (191.8 | ) | (215.3 | ) | ||||
Currency translation | (33.8 | ) | (43.1 | ) | ||||
Settlements | (3.5 | ) | (4.1 | ) | ||||
Other, including expenses paid | (11.1 | ) | (11.0 | ) | ||||
Fair value of assets end of year | $ | 2,772.0 | $ | 3,018.6 | ||||
Net unfunded liability | $ | (751.8 | ) | $ | (701.0 | ) | ||
Amounts included in the balance sheet: | ||||||||
Other noncurrent assets | $ | 2.7 | $ | 11.5 | ||||
Accrued compensation and benefits | (11.0 | ) | (11.3 | ) | ||||
Postemployment and other benefit liabilities | (743.5 | ) | (701.2 | ) | ||||
Net amount recognized | $ | (751.8 | ) | $ | (701.0 | ) |
In millions | Prior service cost | Net actuarial losses | Total | |||||||||
December 31, 2014 | $ | (22.3 | ) | $ | (999.4 | ) | $ | (1,021.7 | ) | |||
Current year changes recorded to Accumulated other comprehensive income (loss) | (6.8 | ) | (47.9 | ) | (54.7 | ) | ||||||
Amortization reclassified to earnings | 3.2 | 60.7 | 63.9 | |||||||||
Settlements/curtailments reclassified to earnings | — | 0.7 | 0.7 | |||||||||
Currency translation and other | 0.1 | 15.4 | 15.5 | |||||||||
December 31, 2015 | $ | (25.8 | ) | $ | (970.5 | ) | $ | (996.3 | ) |
2015 | 2014 | |||||
Discount rate: | ||||||
U.S. plans | 4.17 | % | 3.75 | % | ||
Non-U.S. plans | 3.27 | % | 3.25 | % | ||
Rate of compensation increase: | ||||||
U.S. plans | 4.00 | % | 4.00 | % | ||
Non-U.S. plans | 4.00 | % | 4.00 | % |
In millions | |||
2016 | $ | 204.0 | |
2017 | 206.0 | ||
2018 | 213.2 | ||
2019 | 213.1 | ||
2020 | 223.5 | ||
2021 — 2025 | 1,176.3 |
In millions | 2015 | 2014 | 2013 | |||||||||
Service cost | $ | 75.2 | $ | 68.7 | $ | 88.5 | ||||||
Interest cost | 129.5 | 147.2 | 156.9 | |||||||||
Expected return on plan assets | (158.3 | ) | (156.1 | ) | (166.3 | ) | ||||||
Net amortization of: | ||||||||||||
Prior service costs | 3.2 | 4.4 | 4.7 | |||||||||
Plan net actuarial losses | 60.7 | 36.1 | 63.0 | |||||||||
Net periodic pension benefit cost | 110.3 | 100.3 | 146.8 | |||||||||
Net curtailment and settlement (gains) losses | 0.7 | 7.1 | 0.7 | |||||||||
Net periodic pension benefit cost after net curtailment and settlement (gains) losses | $ | 111.0 | $ | 107.4 | $ | 147.5 | ||||||
Amounts recorded in continuing operations | $ | 100.7 | $ | 100.2 | $ | 119.2 | ||||||
Amounts recorded in discontinued operations | 10.3 | 7.2 | 28.3 | |||||||||
Total | $ | 111.0 | $ | 107.4 | $ | 147.5 |
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(a) | 69.0 | — | — | 69.0 | ||||||||||||
Commingled funds – equity specialty(a) | — | 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(b) | — | 1,168.0 | — | 1,168.0 | ||||||||||||
Asset-backed and mortgage-backed securities | — | 20.3 | — | 20.3 | ||||||||||||
Registered mutual funds – fixed income specialty(c) | 30.7 | 108.7 | — | 139.4 | ||||||||||||
Commingled funds – fixed income specialty(c) | — | 111.6 | — | 111.6 | ||||||||||||
Other fixed income(d) | — | — | 24.6 | 24.6 | ||||||||||||
30.7 | 1,887.0 | 24.6 | 1,942.3 | |||||||||||||
Real estate(e) | — | — | 10.8 | 10.8 | ||||||||||||
Other(f) | — | — | 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 |
Fair value measurements | Total fair value | |||||||||||||||
In millions | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash and cash equivalents | $ | 1.3 | $ | 27.3 | $ | — | $ | 28.6 | ||||||||
Equity investments: | ||||||||||||||||
Registered mutual funds – equity specialty(a) | 6.3 | — | — | 6.3 | ||||||||||||
Commingled funds – equity specialty(a) | — | 834.0 | — | 834.0 | ||||||||||||
6.3 | 834.0 | — | 840.3 | |||||||||||||
Fixed income investments: | ||||||||||||||||
U.S. government and agency obligations | — | 784.9 | — | 784.9 | ||||||||||||
Corporate and non-U.S. bonds(b) | — | 823.9 | — | 823.9 | ||||||||||||
Asset-backed and mortgage-backed securities | — | 45.3 | — | 45.3 | ||||||||||||
Registered mutual funds – fixed income specialty(c) | 33.0 | — | — | 33.0 | ||||||||||||
Commingled funds – fixed income specialty(c) | — | 354.3 | — | 354.3 | ||||||||||||
Other fixed income(d) | — | — | 23.4 | 23.4 | ||||||||||||
33.0 | 2,008.4 | 23.4 | 2,064.8 | |||||||||||||
Real estate(e) | — | — | 16.4 | 16.4 | ||||||||||||
Other(f) | — | — | 62.8 | 62.8 | ||||||||||||
Total assets at fair value | $ | 40.6 | $ | 2,869.7 | $ | 102.6 | $ | 3,012.9 | ||||||||
Receivables and payables, net(g) | 5.7 | |||||||||||||||
Net assets available for benefits | $ | 3,018.6 |
(a) | This class includes commingled funds managed by investment mangers that focus on equity investments. |
(b) | This class represents U.S. treasuries and state and municipal bonds. |
(c) | This class comprises commingled funds that focus on fixed income securities. |
(d) | This class includes group annuity and guaranteed interest contracts. |
(e) | This class includes private equity fund that invest in real estate. |
(f) |
2015 | 2014 | 2013 | |||||||
Discount rate: | |||||||||
U.S. plans | |||||||||
For the period January 1 to November 30 * | 3.75 | % | 4.75 | % | 3.75 | % | |||
For the period December 1 to December 31 | 3.75 | % | 4.75 | % | 4.50 | % | |||
Non-U.S. plans | 3.25 | % | 4.25 | % | 4.25 | % | |||
Rate of compensation increase: | |||||||||
U.S. plans | 4.00 | % | 4.00 | % | 4.00 | % | |||
Non-U.S. plans | 4.00 | % | 4.25 | % | 4.00 | % | |||
Expected return on plan assets: | |||||||||
U.S. plans | 5.75 | % | 6.00 | % | 5.25 | % | |||
Non-U.S. plans | 4.25 | % | 5.00 | % | 5.00 | % |
In millions | 2015 | 2014 | ||||||
Benefit obligation at beginning of year | $ | 700.7 | $ | 713.3 | ||||
Service cost | 4.4 | 5.1 | ||||||
Interest cost | 22.6 | 28.1 | ||||||
Plan participants’ contributions | 10.3 | 11.4 | ||||||
Actuarial (gains) losses | (49.7 | ) | 11.7 | |||||
Benefits paid, net of Medicare Part D subsidy * | (60.2 | ) | (67.8 | ) | ||||
Other | (4.0 | ) | (1.1 | ) | ||||
Benefit obligations at end of year | $ | 624.1 | $ | 700.7 |
In millions | Prior service gains | Net actuarial losses | Total | |||||||||
Balance at December 31, 2014 | $ | 30.5 | $ | (73.8 | ) | $ | (43.3 | ) | ||||
Gain (loss) in current period | — | 49.7 | 49.7 | |||||||||
Amortization reclassified to earnings | (8.9 | ) | 0.1 | (8.8 | ) | |||||||
Currency translation and other | — | 0.4 | 0.4 | |||||||||
Balance at December 31, 2015 | $ | 21.6 | $ | (23.6 | ) | $ | (2.0 | ) |
2015 | 2014 | 2013 | |||||||
Discount rate: | |||||||||
Benefit obligations at December 31 | 3.88 | % | 3.50 | % | 4.25 | % | |||
Net periodic benefit cost | |||||||||
For the period January 1 to November 30 * | 3.50 | % | 4.25 | % | 3.25 | % | |||
For the period November 30 to December 31 | 3.50 | % | 4.25 | % | 4.00 | % | |||
Assumed health-care cost trend rates at December 31: | |||||||||
Current year medical inflation | 7.25 | % | 7.25 | % | 7.65 | % | |||
Ultimate inflation rate | 5.00 | % | 5.00 | % | 5.00 | % | |||
Year that the rate reaches the ultimate trend rate | 2023 | 2021 | 2021 |
In millions | |||
2016 | $ | 56.3 | |
2017 | 55.8 | ||
2018 | 54.5 | ||
2019 | 52.1 | ||
2020 | 49.9 | ||
2021 — 2025 | 212.0 |
In millions | December 31, 2015 | December 31, 2014 | ||||||
Accrued compensation and benefits | $ | (56.1 | ) | $ | (58.5 | ) | ||
Postemployment and other benefit liabilities | (568.0 | ) | (642.2 | ) | ||||
Total | $ | (624.1 | ) | $ | (700.7 | ) |
In millions | 2015 | 2014 | 2013 | |||||||||
Service cost | $ | 4.4 | $ | 5.1 | $ | 6.6 | ||||||
Interest cost | 22.6 | 28.1 | 26.0 | |||||||||
Net amortization of: | ||||||||||||
Prior service gains | (8.9 | ) | (8.9 | ) | (10.3 | ) | ||||||
Net actuarial losses | 0.1 | — | 6.5 | |||||||||
Net periodic postretirement benefit cost | $ | 18.2 | $ | 24.3 | $ | 28.8 | ||||||
Amounts recorded in continuing operations | $ | 11.0 | $ | 16.2 | $ | 19.8 | ||||||
Amounts recorded in discontinued operations | 7.2 | 8.1 | 9.0 | |||||||||
Total | $ | 18.2 | $ | 24.3 | $ | 28.8 |
In millions | 1% Increase | 1% Decrease | ||||||
Effect on total of service and interest cost components of current year benefit cost | $ | 0.8 | $ | (0.7 | ) | |||
Effect on benefit obligation at year-end | 24.2 | (21.0 | ) |
|
In millions | Ordinary shares issued | Ordinary shares held in treasury | |||
December 31, 2014 | 266.3 | 3.4 | |||
Shares issued under incentive plans | 2.7 | — | |||
Repurchase of ordinary shares | — | 4.4 | |||
December 31, 2015 | 269.0 | 7.8 |
In millions | Cash flow hedges | Pension and OPEB Items | Foreign Currency Items | Total | ||||||||||||
December 31, 2013 | $ | 0.4 | $ | (562.8 | ) | $ | 395.7 | $ | (166.7 | ) | ||||||
Other comprehensive income (loss) attributable to Ingersoll-Rand plc | 2.7 | (102.3 | ) | (448.0 | ) | (547.6 | ) | |||||||||
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 | ) |
|
In millions | 2015 | 2014 | 2013 | |||||||||
Climate | $ | 11.9 | $ | 5.2 | $ | 47.5 | ||||||
Industrial | 15.6 | 4.0 | 14.5 | |||||||||
Corporate and Other | 6.6 | 3.3 | 20.3 | |||||||||
Total | $ | 34.1 | $ | 12.5 | $ | 82.3 | ||||||
Cost of goods sold | $ | 12.5 | $ | 2.7 | $ | 15.2 | ||||||
Selling and administrative expenses | 21.6 | 9.8 | 67.1 | |||||||||
Total | $ | 34.1 | $ | 12.5 | $ | 82.3 |
In millions | Climate | Industrial | Corporate and Other | Total | ||||||||||||
December 31, 2013 | $ | 18.0 | $ | 9.5 | $ | 5.0 | $ | 32.5 | ||||||||
Additions, net of reversals | 5.2 | 4.0 | 3.3 | 12.5 | ||||||||||||
Cash paid | (20.3 | ) | (12.6 | ) | (7.7 | ) | (40.6 | ) | ||||||||
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 |
|
In millions | 2015 | 2014 | 2013 | |||||||||
Interest income | $ | 10.6 | $ | 13.2 | $ | 12.8 | ||||||
Exchange loss | (36.2 | ) | (0.1 | ) | (14.0 | ) | ||||||
Income (loss) from equity investment | 12.6 | 7.8 | (2.6 | ) | ||||||||
Other activity, net | 25.9 | 9.1 | 7.2 | |||||||||
Other income/(expense), net | $ | 12.9 | $ | 30.0 | $ | 3.4 |
In millions | 2015 | 2014 | 2013 | |||||||||
Interest income | $ | 10.6 | $ | 13.2 | $ | 12.8 | ||||||
Exchange loss | (36.2 | ) | (0.1 | ) | (14.0 | ) | ||||||
Income (loss) from equity investment | 12.6 | 7.8 | (2.6 | ) | ||||||||
Other activity, net | 25.9 | 9.1 | 7.2 | |||||||||
Other income/(expense), net | $ | 12.9 | $ | 30.0 | $ | 3.4 |
|
In millions | 2015 | 2014 | 2013 | |||||||||
United States | $ | 451.6 | $ | 276.5 | $ | (147.4 | ) | |||||
Non-U.S. | 796.3 | 932.9 | 977.0 | |||||||||
Total | $ | 1,247.9 | $ | 1,209.4 | $ | 829.6 |
In millions | 2015 | 2014 | 2013 | |||||||||
Current tax expense (benefit): | ||||||||||||
United States | $ | 300.1 | $ | 168.4 | $ | 2.1 | ||||||
Non-U.S. | 132.9 | 148.7 | 157.5 | |||||||||
Total: | 433.0 | 317.1 | 159.6 | |||||||||
Deferred tax expense (benefit): | ||||||||||||
United States | 69.0 | (21.4 | ) | 19.2 | ||||||||
Non-U.S. | 38.8 | (2.0 | ) | 10.2 | ||||||||
Total: | 107.8 | (23.4 | ) | 29.4 | ||||||||
Total tax expense (benefit): | ||||||||||||
United States | 369.1 | 147.0 | 21.3 | |||||||||
Non-U.S. | 171.7 | 146.7 | 167.7 | |||||||||
Total | $ | 540.8 | $ | 293.7 | $ | 189.0 |
Percent of pretax income | |||||||||
2015 | 2014 | 2013 | |||||||
Statutory U.S. rate | 35.0 | % | 35.0 | % | 35.0 | % | |||
Increase (decrease) in rates resulting from: | |||||||||
Non-U.S. tax rate differential | (17.2 | ) | (14.8 | ) | (26.8 | ) | |||
Tax on U.S. subsidiaries on non-U.S. earnings | 1.3 | 1.7 | 2.0 | ||||||
State and local income taxes (1) | 1.5 | 1.6 | 6.3 | ||||||
Valuation allowances | 1.7 | (1.0 | ) | 2.5 | |||||
Change in permanent reinvestment assertion (2) | 3.9 | 0.9 | 6.2 | ||||||
Reserves for uncertain tax positions | 14.1 | 0.3 | (2.9 | ) | |||||
Provision to return and other true-up adjustments | 0.7 | 0.1 | (0.7 | ) | |||||
Other adjustments | 2.3 | 0.5 | 1.2 | ||||||
Effective tax rate | 43.3 | % | 24.3 | % | 22.8 | % |
(1) | Net of changes in state valuation allowances |
(2) | Primarily federal and non-U.S., excludes state valuation allowances |
(3) | Net of foreign tax credits |
In millions | 2015 | 2014 | ||||||
Deferred tax assets: | ||||||||
Inventory and accounts receivable | $ | 17.4 | $ | 19.2 | ||||
Fixed assets and intangibles | 17.5 | 8.6 | ||||||
Postemployment and other benefit liabilities | 672.6 | 702.5 | ||||||
Product liability | 169.5 | 191.0 | ||||||
Other reserves and accruals | 190.9 | 190.5 | ||||||
Net operating losses and credit carryforwards | 562.7 | 505.9 | ||||||
Other | 65.0 | 77.3 | ||||||
Gross deferred tax assets | 1,695.6 | 1,695.0 | ||||||
Less: deferred tax valuation allowances | (213.1 | ) | (210.7 | ) | ||||
Deferred tax assets net of valuation allowances | $ | 1,482.5 | $ | 1,484.3 | ||||
Deferred tax liabilities: | ||||||||
Inventory and accounts receivable | $ | (43.3 | ) | $ | (42.8 | ) | ||
Fixed assets and intangibles | (1,993.7 | ) | (1,999.6 | ) | ||||
Postemployment and other benefit liabilities | (6.8 | ) | (3.3 | ) | ||||
Other reserves and accruals | (2.5 | ) | (14.1 | ) | ||||
Other | (53.5 | ) | (20.3 | ) | ||||
Gross deferred tax liabilities | (2,099.8 | ) | (2,080.1 | ) | ||||
Net deferred tax assets (liabilities) | $ | (617.3 | ) | $ | (595.8 | ) |
In millions | Amount | Expiration Period | ||||
U.S. Federal net operating loss carryforwards | $ | 678.1 | 2022-2034 | |||
U.S. Federal credit carryforwards | 28.6 | 2024-Unlimited | ||||
U.S. State net operating loss carryforwards | 3,051.6 | 2016-2035 | ||||
U.S. State credit carryforwards | 36.2 | 2016-Unlimited | ||||
Non-U.S. net operating loss carryforwards | 748.2 | 2016-Unlimited | ||||
Non-U.S. credit carryforwards | 3.4 | Unlimited |
In millions | 2015 | 2014 | 2013 | |||||||||
Beginning balance | $ | 210.7 | $ | 218.5 | $ | 156.2 | ||||||
Increase to valuation allowance | 40.7 | 35.2 | 89.3 | |||||||||
Decrease to valuation allowance | (34.0 | ) | (38.8 | ) | (26.3 | ) | ||||||
Accumulated other comprehensive income (loss) | (4.3 | ) | (4.2 | ) | (0.7 | ) | ||||||
Ending balance | $ | 213.1 | $ | 210.7 | $ | 218.5 |
In millions | 2015 | 2014 | 2013 | |||||||||
Beginning balance | $ | 343.8 | $ | 363.3 | $ | 497.5 | ||||||
Additions based on tax positions related to the current year | 8.7 | 6.7 | 19.9 | |||||||||
Additions based on tax positions related to prior years | 186.5 | 49.8 | 152.9 | |||||||||
Reductions based on tax positions related to prior years | (102.2 | ) | (52.4 | ) | (215.3 | ) | ||||||
Reductions related to settlements with tax authorities | (251.0 | ) | (8.0 | ) | (84.7 | ) | ||||||
Reductions related to lapses of statute of limitations | (3.7 | ) | (7.1 | ) | (8.4 | ) | ||||||
Translation (gain) loss | (7.2 | ) | (8.5 | ) | 1.4 | |||||||
Ending balance | $ | 174.9 | $ | 343.8 | $ | 363.3 |
|
In millions | 2015 | 2014 | 2013 | |||||||||
Net revenues | $ | — | $ | — | $ | 1,889.9 | ||||||
Pre-tax earnings (loss) from operations | $ | (23.2 | ) | $ | 41.2 | $ | 84.7 | |||||
Tax expense | (1.1 | ) | (6.5 | ) | (71.4 | ) | ||||||
Discontinued operations, net of tax | $ | (24.3 | ) | $ | 34.7 | $ | 13.3 |
In millions | 2015 | 2014 | 2013 | |||||||||
Allegion, net of tax | $ | (4.5 | ) | $ | 15.0 | $ | 12.4 | |||||
Other discontinued operations, net of tax | (19.8 | ) | 19.7 | 0.9 | ||||||||
Discontinued operations, net of tax | $ | (24.3 | ) | $ | 34.7 | $ | 13.3 |
|
In millions | January 1, 2015 | |||
Cash | $ | 10.2 | ||
Accounts receivable | 37.7 | |||
Inventories | 97.1 | |||
Property, plant and equipment | 63.6 | |||
Intangible assets | 272.2 | |||
Other assets | 45.2 | |||
Accounts payable, accrued expenses and other liabilities | (119.7 | ) | ||
Net identifiable assets acquired | 406.3 | |||
Goodwill | 431.0 | |||
Net assets acquired | $ | 837.3 |
In millions | Useful Life | January 1, 2015 | ||
Customer relationships | 14 years | $ | 179.4 | |
Trademarks | Indefinite | 40.2 | ||
Completed technologies/patents | 10 years | 36.6 | ||
Other | 2 - 5 years | 16.0 | ||
Total | $ | 272.2 |
|
In millions | December 31, 2015 | December 31, 2014 | |||||
Accrued expenses and other current liabilities | $ | 65.7 | $ | 67.6 | |||
Other noncurrent liabilities | 648.0 | 709.0 | |||||
Total asbestos-related liabilities | $ | 713.7 | $ | 776.6 | |||
Other current assets | $ | 51.3 | $ | 57.2 | |||
Other noncurrent assets | 264.3 | 278.5 | |||||
Total asset for probable asbestos-related insurance recoveries | $ | 315.6 | $ | 335.7 |
In millions | 2015 | 2014 | 2013 | |||||||||
Continuing operations | $ | 21.0 | $ | 1.7 | $ | (0.4 | ) | |||||
Discontinued operations | (8.8 | ) | 63.2 | (55.8 | ) | |||||||
Total | $ | 12.2 | $ | 64.9 | $ | (56.2 | ) |
In millions | 2015 | 2014 | |||||
Balance at beginning of period | $ | 253.6 | $ | 246.9 | |||
Reductions for payments | (128.8 | ) | (146.6 | ) | |||
Accruals for warranties issued during the current period | 127.8 | 168.0 | |||||
Accruals for warranties assumed from acquisitions during the current period | 9.7 | — | |||||
Changes to accruals related to preexisting warranties | 4.5 | (9.8 | ) | ||||
Translation | (4.8 | ) | (4.9 | ) | |||
Balance at end of period | $ | 262.0 | $ | 253.6 |
In millions | 2015 | 2014 | |||||
Balance at beginning of period | $ | 330.1 | $ | 357.9 | |||
Amortization of deferred revenue for the period | (107.7 | ) | (104.8 | ) | |||
Additions for extended warranties issued during the period | 89.7 | 81.5 | |||||
Changes to accruals related to preexisting warranties | 2.3 | (2.6 | ) | ||||
Translation | (2.8 | ) | (1.9 | ) | |||
Balance at end of period | $ | 311.6 | $ | 330.1 |
|
Dollar amounts in millions | 2015 | 2014 | 2013 | |||||||||
Climate | ||||||||||||
Net revenues | $ | 10,224.3 | $ | 9,879.7 | $ | 9,414.0 | ||||||
Segment operating income | 1,302.5 | 1,195.6 | 936.0 | |||||||||
Segment operating income as a percentage of revenues | 12.7 | % | 12.1 | % | 9.9 | % | ||||||
Depreciation and amortization | 246.3 | 247.1 | 252.8 | |||||||||
Capital expenditures | 83.9 | 107.8 | 129.4 | |||||||||
Industrial | ||||||||||||
Net revenues | 3,076.4 | 3,011.7 | 2,936.5 | |||||||||
Segment operating income | 372.4 | 443.0 | 450.3 | |||||||||
Segment operating income as a percentage of revenues | 12.1 | % | 14.7 | % | 15.3 | % | ||||||
Depreciation and amortization | 67.5 | 44.2 | 43.9 | |||||||||
Capital expenditures | 51.8 | 33.1 | 44.0 | |||||||||
Total net revenues | $ | 13,300.7 | $ | 12,891.4 | $ | 12,350.5 | ||||||
Reconciliation to Operating Income | ||||||||||||
Segment operating income from reportable segments | 1,674.9 | 1,638.6 | 1,386.3 | |||||||||
Unallocated corporate expense | (216.9 | ) | (233.9 | ) | (281.3 | ) | ||||||
Total operating income | $ | 1,458.0 | $ | 1,404.7 | $ | 1,105.0 | ||||||
Total operating income as a percentage of revenues | 11.0 | % | 10.9 | % | 8.9 | % | ||||||
Depreciation and Amortization | ||||||||||||
Depreciation and amortization from reportable segments | 313.8 | 291.3 | 296.7 | |||||||||
Unallocated depreciation and amortization | 50.3 | 41.1 | 37.0 | |||||||||
Total depreciation and amortization | $ | 364.1 | $ | 332.4 | $ | 333.7 | ||||||
Capital Expenditures | ||||||||||||
Capital expenditures from reportable segments | 135.7 | 140.9 | 173.4 | |||||||||
Corporate capital expenditures | 113.9 | 92.6 | 68.8 | |||||||||
Total capital expenditures | $ | 249.6 | $ | 233.5 | $ | 242.2 |
In millions | 2015 | 2014 | 2013 | |||||||||
United States | $ | 8,291.2 | $ | 7,693.0 | $ | 7,298.0 | ||||||
Non-U.S. | 5,009.5 | 5,198.4 | 5,052.5 | |||||||||
Total | $ | 13,300.7 | $ | 12,891.4 | $ | 12,350.5 |
In millions | 2015 | 2014 | ||||||
United States | $ | 2,196.1 | $ | 2,121.2 | ||||
Non-U.S. | 651.3 | 537.7 | ||||||
Total | $ | 2,847.4 | $ | 2,658.9 |
In millions | 2015 | 2014 | 2013 | |||||||||
Commercial HVAC | $ | 6,233.8 | $ | 6,049.8 | $ | 5,874.7 | ||||||
Transport Refrigeration | 2,147.8 | 2,089.2 | 1,895.0 | |||||||||
Residential HVAC | 1,842.6 | 1,740.7 | 1,644.3 | |||||||||
Compression Technologies and Services | 1,932.5 | 1,812.3 | 1,762.0 | |||||||||
Other Industrial | 1,144.0 | 1,199.4 | 1,174.5 | |||||||||
Total | $ | 13,300.7 | $ | 12,891.4 | $ | 12,350.5 |
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in millions | Plc | International Holding | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||
Net revenues | $ | — | $ | — | $ | — | $ | — | $ | 272.7 | $ | — | $ | 115.1 | $ | (387.8 | ) | $ | — | ||||||||
Cost of goods sold | — | — | — | — | (272.7 | ) | — | (115.1 | ) | 387.8 | — | ||||||||||||||||
Selling and administrative expenses | (8.8 | ) | — | — | — | 113.6 | — | (104.8 | ) | — | — | ||||||||||||||||
Operating income (loss) | (8.8 | ) | — | — | — | 113.6 | — | (104.8 | ) | — | — | ||||||||||||||||
Equity earnings (loss) in subsidiaries, net of tax | — | (360.8 | ) | — | 119.4 | 386.4 | (21.0 | ) | (1,271.2 | ) | 1,147.2 | — | |||||||||||||||
Other income/(expense), net | 8.8 | — | — | — | (113.6 | ) | — | 104.8 | — | — | |||||||||||||||||
Net earnings | — | (360.8 | ) | — | 119.4 | 386.4 | (21.0 | ) | (1,271.2 | ) | 1,147.2 | — | |||||||||||||||
Other comprehensive income | — | (549.5 | ) | — | (261.5 | ) | (225.0 | ) | — | (30.1 | ) | 1,066.1 | — | ||||||||||||||
Comprehensive income attributable to Ingersoll-Rand plc | $ | — | $ | (910.3 | ) | $ | — | $ | (142.1 | ) | $ | 161.4 | $ | (21.0 | ) | $ | (1,301.3 | ) | $ | 2,213.3 | $ | — |
in millions | Plc | International Holding | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||
Intercompany receivables | $ | — | $ | (309.5 | ) | $ | — | $ | (8.0 | ) | $ | 888.2 | $ | (50.7 | ) | $ | (6,768.3 | ) | $ | 6,248.3 | $ | — | |||||
Investments in consolidated subsidiaries | — | 2,276.9 | — | (3,623.8 | ) | 1,596.9 | (214.7 | ) | (8,645.5 | ) | 8,610.2 | — | |||||||||||||||
Intercompany notes receivable | — | — | — | — | — | — | 5,471.6 | (5,471.6 | ) | — | |||||||||||||||||
Total assets | $ | — | $ | 1,967.4 | $ | — | $ | (3,631.8 | ) | $ | 2,485.1 | $ | (265.4 | ) | $ | (9,942.2 | ) | $ | 9,386.9 | $ | — | ||||||
Intercompany payables | $ | — | $ | — | $ | — | $ | (436.8 | ) | $ | (4,143.1 | ) | $ | — | $ | (1,669.1 | ) | $ | 6,249.0 | $ | — | ||||||
Intercompany notes payable | — | — | — | 429.0 | 5,042.6 | — | — | (5,471.6 | ) | — | |||||||||||||||||
Equity | — | 1,967.4 | — | (3,624.0 | ) | 1,585.6 | (265.4 | ) | (8,273.1 | ) | 8,609.5 | — | |||||||||||||||
Total liabilities and equity | $ | — | $ | 1,967.4 | $ | — | $ | (3,631.8 | ) | $ | 2,485.1 | $ | (265.4 | ) | $ | (9,942.2 | ) | $ | 9,386.9 | $ | — |
in millions | Plc | International Holding | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||
Cash flows from operating activities | $ | (126.0 | ) | $ | (14.1 | ) | $ | — | $ | 3.1 | $ | (17.8 | ) | $ | 8.0 | $ | (849.2 | ) | $ | 996.0 | $ | — | |||||
Intercompany investing activities, net | (454.8 | ) | 1,150.6 | — | 206.6 | 830.5 | — | 235.5 | (1,968.4 | ) | — | ||||||||||||||||
Net cash flow provided by (used in) investing activities | (454.8 | ) | 1,150.6 | — | 206.6 | 830.5 | — | 235.5 | (1,968.4 | ) | — | ||||||||||||||||
Dividends paid to ordinary shareholders | — | — | — | — | 734.1 | — | 318.2 | (1,052.3 | ) | — | |||||||||||||||||
Intercompany financing activities, net | 580.8 | (1,136.5 | ) | — | (209.7 | ) | (1,512.7 | ) | (8.0 | ) | 261.4 | 2,024.7 | — | ||||||||||||||
Net cash flow provided by (used in) financing activities | 580.8 | (1,136.5 | ) | — | (209.7 | ) | (778.6 | ) | (8.0 | ) | 579.6 | 972.4 | — | ||||||||||||||
Net increase (decrease) in cash | $ | — | $ | — | $ | — | $ | — | $ | 34.1 | $ | — | $ | (34.1 | ) | $ | — | $ | — |
in millions | Plc | International Holding | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||
Net revenues | $ | — | $ | — | $ | — | $ | — | $ | 261.9 | $ | — | $ | 131.7 | $ | (393.6 | ) | $ | — | ||||||||
Cost of goods sold | — | — | — | — | (279.7 | ) | — | (113.9 | ) | 393.6 | — | ||||||||||||||||
Selling and administrative expenses | (6.3 | ) | — | — | — | 139.0 | — | (133.3 | ) | 0.6 | — | ||||||||||||||||
Operating income (loss) | (6.3 | ) | — | — | — | 121.2 | — | (115.5 | ) | 0.6 | — | ||||||||||||||||
Equity earnings (loss) in subsidiaries, net of tax | — | (146.1 | ) | — | (805.9 | ) | 235.0 | 107.9 | (743.9 | ) | 1,353.0 | — | |||||||||||||||
Other income/(expense), net | 6.3 | — | — | — | (135.3 | ) | — | 129.0 | — | — | |||||||||||||||||
Net earnings | — | (146.1 | ) | — | (805.9 | ) | 220.9 | 107.9 | (730.4 | ) | 1,353.6 | — | |||||||||||||||
Other comprehensive income | — | 293.4 | — | 133.1 | (232.4 | ) | — | 330.6 | (524.7 | ) | — | ||||||||||||||||
Comprehensive income attributable to Ingersoll-Rand plc | $ | — | $ | 147.3 | $ | — | $ | (672.8 | ) | $ | (11.5 | ) | $ | 107.9 | $ | (399.8 | ) | $ | 828.9 | $ | — |
in millions | Plc | International Holding | Lux International | Global Holding | New Jersey | Lux Finance | Other Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||||||||
Cash flows from operating activities | $ | (33.8 | ) | $ | (37.2 | ) | $ | — | $ | (17.7 | ) | $ | 650.6 | $ | — | $ | (6,238.2 | ) | $ | 5,676.3 | $ | — | |||||
Intercompany investing activities, net | — | 1,313.3 | — | 777.2 | (221.9 | ) | — | 1,273.2 | (3,141.8 | ) | — | ||||||||||||||||
Net cash flow provided by (used in) investing activities | — | 1,313.3 | — | 777.2 | (221.9 | ) | — | 1,273.2 | (3,141.8 | ) | — | ||||||||||||||||
Dividends paid to ordinary shareholders | — | 685.5 | — | 1,274.2 | — | — | 1.2 | (1,960.9 | ) | — | |||||||||||||||||
Intercompany financing activities, net | 33.8 | (1,961.6 | ) | — | (2,033.7 | ) | (462.8 | ) | — | 4,997.9 | (573.6 | ) | — | ||||||||||||||
Net cash flow provided by (used in) financing activities | 33.8 | (1,276.1 | ) | — | (759.5 | ) | (462.8 | ) | — | 4,999.1 | (2,534.5 | ) | — | ||||||||||||||
Net increase (decrease) in cash | — | — | — | — | (34.1 | ) | — | 34.1 | — | — |
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