|
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|
|
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In millions | March 31, 2013 | December 31, 2012 | |||||
Raw materials | $ | 503.9 | $ | 501.9 | |||
Work-in-process | 146.7 | 109.6 | |||||
Finished goods | 918.4 | 800.2 | |||||
1,569.0 | 1,411.7 | ||||||
LIFO reserve | (102.7 | ) | (102.9 | ) | |||
Total | $ | 1,466.3 | $ | 1,308.8 |
|
In millions | Climate Solutions | Residential Solutions | Industrial Technologies | Security Technologies | Total | ||||||||||||||
December 31, 2012 (gross) | $ | 5,370.6 | $ | 2,317.1 | $ | 368.7 | $ | 922.5 | $ | 8,978.9 | |||||||||
Acquisitions and adjustments * | (1.4 | ) | 14.9 | 1.1 | (14.6 | ) | — | ||||||||||||
Currency translation | (32.4 | ) | — | (2.4 | ) | (5.8 | ) | (40.6 | ) | ||||||||||
March 31, 2013 (gross) | 5,336.8 | 2,332.0 | 367.4 | 902.1 | 8,938.3 | ||||||||||||||
Accumulated impairment ** | (839.8 | ) | (1,656.2 | ) | — | (344.0 | ) | (2,840.0 | ) | ||||||||||
Goodwill (net) | $ | 4,497.0 | $ | 675.8 | $ | 367.4 | $ | 558.1 | $ | 6,098.3 |
|
March 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
In millions | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | ||||||||||||||||||
Completed technologies/patents | $ | 199.3 | $ | (135.8 | ) | $ | 63.5 | $ | 203.2 | $ | (134.4 | ) | $ | 68.8 | ||||||||||
Customer relationships | 1,961.3 | (549.7 | ) | 1,411.6 | 1,966.8 | (523.6 | ) | 1,443.2 | ||||||||||||||||
Trademarks (finite-lived) | 95.2 | (32.1 | ) | 63.1 | 98.0 | (32.1 | ) | 65.9 | ||||||||||||||||
Other | 77.2 | (62.8 | ) | 14.4 | 71.4 | (59.4 | ) | 12.0 | ||||||||||||||||
Total finite-lived intangible assets | 2,333.0 | $ | (780.4 | ) | 1,552.6 | 2,339.4 | $ | (749.5 | ) | 1,589.9 | ||||||||||||||
Trademarks (indefinite-lived) | 2,611.0 | 2,611.0 | 2,611.0 | 2,611.0 | ||||||||||||||||||||
Total | $ | 4,944.0 | $ | 4,163.6 | $ | 4,950.4 | $ | 4,200.9 |
|
In millions | March 31, 2013 | December 31, 2012 | |||||
Debentures with put feature | $ | 343.0 | $ | 343.0 | |||
6.000% Senior notes due 2013 | 600.0 | 600.0 | |||||
Other current maturities of long-term debt | 9.0 | 10.8 | |||||
Other short-term borrowings | 13.1 | 9.9 | |||||
Total | $ | 965.1 | $ | 963.7 |
In millions | March 31, 2013 | December 31, 2012 | |||||
9.500% Senior notes due 2014 | 655.0 | 655.0 | |||||
5.50% Senior notes due 2015 | 198.4 | 196.4 | |||||
4.75% Senior notes due 2015 | 299.7 | 299.7 | |||||
6.875% Senior notes due 2018 | 749.4 | 749.4 | |||||
9.00% Debentures due 2021 | 125.0 | 125.0 | |||||
7.20% Debentures due 2014-2025 | 90.0 | 90.0 | |||||
6.48% Debentures due 2025 | 149.7 | 149.7 | |||||
Other loans and notes | 3.9 | 4.1 | |||||
Total | $ | 2,271.1 | $ | 2,269.3 |
|
Asset derivatives | Liability derivatives | ||||||||||||||
In millions | March 31, 2013 | December 31, 2012 | March 31, 2013 | December 31, 2012 | |||||||||||
Derivatives designated as hedges: | |||||||||||||||
Currency derivatives | $ | 0.6 | $ | 0.1 | $ | 6.0 | $ | 4.6 | |||||||
Interest rate swaps | — | — | 9.9 | — | |||||||||||
Derivatives not designated as hedges: | |||||||||||||||
Currency derivatives | 3.4 | 4.6 | 12.0 | 7.1 | |||||||||||
Total derivatives | $ | 4.0 | $ | 4.7 | $ | 27.9 | $ | 11.7 |
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 | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Currency derivatives | $ | (3.1 | ) | $ | (4.9 | ) | Cost of goods sold | $ | (2.2 | ) | $ | 0.4 | |||||
Interest rate swaps | (9.9 | ) | — | Interest expense | — | — | |||||||||||
Interest rate locks | — | — | Interest expense | (0.9 | ) | (0.8 | ) | ||||||||||
Total | $ | (13.0 | ) | $ | (4.9 | ) | $ | (3.1 | ) | $ | (0.4 | ) |
Location of gain (loss) recognized in Net earnings | Amount of gain (loss) recognized in Net earnings | ||||||||
In millions | 2013 | 2012 | |||||||
Currency derivatives | Other, net | $ | (14.3 | ) | $ | 22.6 | |||
Total | $ | (14.3 | ) | $ | 22.6 |
|
In millions | 2013 | 2012 | |||||
Service cost | $ | 23.1 | $ | 25.3 | |||
Interest cost | 39.2 | 41.3 | |||||
Expected return on plan assets | (42.0 | ) | (43.3 | ) | |||
Net amortization of: | |||||||
Prior service costs | 1.2 | 1.4 | |||||
Plan net actuarial losses | 15.5 | 14.9 | |||||
Net periodic pension benefit cost | 37.0 | 39.6 | |||||
Net curtailment and settlement losses | — | 0.1 | |||||
Net periodic pension benefit cost after net curtailment and settlement losses | $ | 37.0 | $ | 39.7 | |||
Amounts recorded in continuing operations | $ | 34.7 | $ | 36.8 | |||
Amounts recorded in discontinued operations | 2.3 | 2.9 | |||||
Total | $ | 37.0 | $ | 39.7 |
In millions | 2013 | 2012 | |||||
Service cost | $ | 1.7 | $ | 2.0 | |||
Interest cost | 6.7 | 8.1 | |||||
Net amortization of: | |||||||
Prior service gains | (2.6 | ) | (2.0 | ) | |||
Net actuarial losses | 2.7 | 2.5 | |||||
Net periodic postretirement benefit cost | $ | 8.5 | $ | 10.6 | |||
Amounts recorded in continuing operations | $ | 5.4 | $ | 6.7 | |||
Amounts recorded in discontinued operations | 3.1 | 3.9 | |||||
Total | $ | 8.5 | $ | 10.6 |
|
• | Level 1 – Inputs based on quoted prices in active markets for identical assets or liabilities. |
• | Level 2 – Inputs other than Level 1 quoted prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. |
• | Level 3 – Unobservable inputs based on little or no market activity and that are significant to the fair value of the assets and liabilities. |
Fair value measurements | Total fair value | ||||||||||||||
In millions | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Recurring fair value measurements | |||||||||||||||
Assets: | |||||||||||||||
Marketable securities | $ | 17.7 | $ | — | $ | — | $ | 17.7 | |||||||
Derivative instruments | — | 4.0 | — | 4.0 | |||||||||||
Total asset recurring fair value measurements | $ | 17.7 | $ | 4.0 | $ | — | $ | 21.7 | |||||||
Liabilities: | |||||||||||||||
Derivative instruments | $ | — | $ | 27.9 | $ | — | $ | 27.9 | |||||||
Total liability recurring fair value measurements | $ | — | $ | 27.9 | $ | — | $ | 27.9 | |||||||
Financial instruments not carried at fair value | |||||||||||||||
Total debt | $ | — | $ | 3,617.0 | $ | — | $ | 3,617.0 | |||||||
Total financial instruments not carried at fair value | $ | — | $ | 3,617.0 | $ | — | $ | 3,617.0 |
Fair value measurements | Total fair value | ||||||||||||||
In millions | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Recurring fair value measurements | |||||||||||||||
Assets: | |||||||||||||||
Marketable securities | $ | 16.7 | $ | — | $ | — | $ | 16.7 | |||||||
Derivative instruments | — | 4.7 | — | 4.7 | |||||||||||
Total asset recurring fair value measurements | $ | 16.7 | $ | 4.7 | $ | — | $ | 21.4 | |||||||
Liabilities: | |||||||||||||||
Derivative instruments | $ | — | $ | 11.7 | $ | — | $ | 11.7 | |||||||
Total liability recurring fair value measurements | $ | — | $ | 11.7 | $ | — | $ | 11.7 | |||||||
Financial instruments not carried at fair value | |||||||||||||||
Total debt | $ | — | $ | 3,663.1 | $ | — | $ | 3,663.1 | |||||||
Total financial instruments not carried at fair value | $ | — | $ | 3,663.1 | $ | — | $ | 3,663.1 |
• | Marketable securities – These securities include investments in publicly traded stock of non-U.S. companies held by non-U.S. subsidiaries of the Company. The fair value is obtained for the securities based on observable market prices quoted on public stock exchanges. |
• | Derivative instruments – These instruments include forward contracts related to non-U.S. currencies and forward starting interest rate swaps. The fair value of the derivative instruments are determined based on a pricing model that uses inputs from actively quoted currency markets that are readily accessible and observable. |
• | Debt – These securities are recorded at cost and include fixed-rate debentures maturing in 2027 and 2028, which only require early prepayment at the option of the holder; senior notes maturing through 2025. The fair value of the long-term debt instruments is obtained based on observable market prices quoted on public exchanges for similar assets. |
|
In millions | Total | |
December 31, 2012 | 295.6 | |
Shares issued under incentive plans, net | 4.0 | |
March 31, 2013 | 299.6 |
In millions | IR-Ireland shareholders’ equity | Noncontrolling interests | Total equity | ||||||||
Balance at December 31, 2012 | $ | 7,147.8 | $ | 81.5 | $ | 7,229.3 | |||||
Net earnings | 88.0 | 6.6 | 94.6 | ||||||||
Currency translation | (104.8 | ) | 1.2 | (103.6 | ) | ||||||
Change in value of marketable securities and derivatives qualifying as cash flow hedges, net of tax | (8.6 | ) | — | (8.6 | ) | ||||||
Pension and OPEB adjustments, net of tax | 27.2 | — | 27.2 | ||||||||
Total comprehensive income | 1.8 | 7.8 | 9.6 | ||||||||
Share-based compensation | 21.5 | — | 21.5 | ||||||||
Dividends to noncontrolling interests | — | (2.8 | ) | (2.8 | ) | ||||||
Dividends to ordinary shareholders | (0.8 | ) | — | (0.8 | ) | ||||||
Shares issued under incentive plans, net | 90.7 | — | 90.7 | ||||||||
Balance at March 31, 2013 | $ | 7,261.0 | $ | 86.5 | $ | 7,347.5 |
In millions | IR-Ireland shareholders’ equity | Noncontrolling interests | Total equity | ||||||||
Balance at December 31, 2011 | $ | 6,924.3 | $ | 88.1 | $ | 7,012.4 | |||||
Net earnings | 95.6 | 6.6 | 102.2 | ||||||||
Currency translation | 136.5 | — | 136.5 | ||||||||
Change in value of marketable securities and derivatives qualifying as cash flow hedges, net of tax | (1.4 | ) | — | (1.4 | ) | ||||||
Pension and OPEB adjustments, net of tax | 29.9 | — | 29.9 | ||||||||
Total comprehensive income | 260.6 | 6.6 | 267.2 | ||||||||
Share-based compensation | 6.9 | — | 6.9 | ||||||||
Dividends to noncontrolling interests | — | (3.5 | ) | (3.5 | ) | ||||||
Dividends to ordinary shareholders | (0.2 | ) | — | (0.2 | ) | ||||||
Accretion of Exchangeable Senior Notes from Temporary equity | 2.7 | — | 2.7 | ||||||||
Shares issued under incentive plans, net | 13.0 | — | 13.0 | ||||||||
Balance at March 31, 2012 | $ | 7,207.3 | $ | 91.2 | $ | 7,298.5 |
In millions | Cash flow hedges and marketable securities | Pension and OPEB Items | Foreign Currency Items | Total | ||||||||||||
December 31, 2012 | $ | (1.4 | ) | $ | (964.2 | ) | $ | 444.6 | $ | (521.0 | ) | |||||
Other comprehensive income before reclassifications | (11.5 | ) | 16.3 | (104.8 | ) | (100.0 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income | 3.1 | 16.8 | — | 19.9 | ||||||||||||
Tax (expense) benefit | (0.2 | ) | (5.9 | ) | — | (6.1 | ) | |||||||||
March 31, 2013 | $ | (10.0 | ) | $ | (937.0 | ) | $ | 339.8 | $ | (607.2 | ) |
Amount Reclassified from Accumulated Other Comprehensive Income | ||||||
In millions | 2013 | Statement of Comprehensive Income Line Item | ||||
Reclasses below represent (Income) loss to the Statement of Comprehensive Income | ||||||
Gains and losses on cash flow hedges: | ||||||
Interest rate locks | $ | 0.9 | Interest expense | |||
Foreign exchange contracts | 2.2 | Cost of goods sold | ||||
3.1 | Earnings before income taxes | |||||
— | Provision for income taxes | |||||
3.1 | Earnings from continuing operations | |||||
Defined benefit pension items: | ||||||
Amortization of: | ||||||
Prior-service (gains) costs | $ | (1.4 | ) | (a) | ||
Actuarial (gains) losses | 18.2 | (a) | ||||
16.8 | Earnings before income taxes | |||||
(5.9 | ) | Provision for income taxes | ||||
10.9 | Earnings from continuing operations | |||||
Total reclassifications for the period | $ | 14.0 | Earnings from continuing operations |
|
In millions | 2013 | 2012 | |||||
Climate Solutions | $ | 17.2 | $ | 7.5 | |||
Residential Solutions | — | 0.5 | |||||
Industrial Technologies | 2.8 | 5.8 | |||||
Security Technologies | 4.5 | 3.8 | |||||
Corporate and Other | 2.0 | 1.1 | |||||
Total | $ | 26.5 | $ | 18.7 | |||
Cost of goods sold | $ | 12.5 | $ | 8.4 | |||
Selling and administrative expenses | 14.0 | 10.3 | |||||
Total | $ | 26.5 | $ | 18.7 |
In millions | Climate Solutions | Residential Solutions | Industrial Technologies | Security Technologies | Corporate and Other | Total | |||||||||||||||||
December 31, 2012 | $ | 4.7 | $ | — | $ | 2.1 | $ | 3.1 | $ | 1.9 | $ | 11.8 | |||||||||||
Additions, net of reversals | 17.2 | — | 2.8 | 4.5 | 2.0 | 26.5 | |||||||||||||||||
Cash and non-cash uses | (7.6 | ) | — | (2.0 | ) | (0.7 | ) | (0.9 | ) | (11.2 | ) | ||||||||||||
Currency translation | (0.2 | ) | — | — | (0.3 | ) | — | (0.5 | ) | ||||||||||||||
March 31, 2013 | $ | 14.1 | $ | — | $ | 2.9 | $ | 6.6 | $ | 3.0 | $ | 26.6 |
|
In millions | 2013 | 2012 | |||||
Interest income | $ | 3.5 | $ | 4.7 | |||
Exchange gain (loss) | (6.9 | ) | (1.8 | ) | |||
Earnings (loss) from equity investments | (4.2 | ) | (5.2 | ) | |||
Other | 0.6 | 2.1 | |||||
Other, net | $ | (7.0 | ) | $ | (0.2 | ) |
|
|
In millions | 2013 | 2012 | |||||
Net revenues | $ | — | $ | — | |||
Pre-tax earnings (loss) from operations | $ | (10.5 | ) | $ | (13.1 | ) | |
Pre-tax gain (loss) on sale | — | — | |||||
Tax benefit (expense) | 3.3 | 10.9 | |||||
Discontinued operations, net of tax | $ | (7.2 | ) | $ | (2.2 | ) |
|
In millions | 2013 | 2012 | |||||
Net revenues | |||||||
Climate Solutions | $ | 1,616.4 | $ | 1,661.8 | |||
Residential Solutions | 464.0 | 421.7 | |||||
Industrial Technologies | 680.3 | 688.7 | |||||
Security Technologies | 351.7 | 378.5 | |||||
Total | $ | 3,112.4 | $ | 3,150.7 | |||
Segment operating income | |||||||
Climate Solutions * | $ | 81.2 | $ | 94.0 | |||
Residential Solutions | 6.9 | (10.7 | ) | ||||
Industrial Technologies | 102.1 | 91.5 | |||||
Security Technologies | 58.8 | 69.9 | |||||
Total | $ | 249.0 | $ | 244.7 | |||
Reconciliation to Operating income | |||||||
Gain (loss) on sale/asset impairment * | — | 0.3 | |||||
Unallocated corporate expense | (55.5 | ) | (33.0 | ) | |||
Operating income | $ | 193.5 | $ | 212.0 |
|
• | 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 against it and the historical ratio between the numbers of non-malignancy and 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; |
• | an analysis of the Company’s most recent three-year history to determine the average settlement and resolution value of claims, by type of disease claimed; |
• | an adjustment for inflation in the future average settlement value of claims, at a 2.5% annual inflation rate, adjusted downward to 1.5% to take account of the declining value of claims resulting from the aging of the claimant population; and |
• | an analysis of the period over which the Company has and is likely to resolve asbestos-related claims against it in the future. |
In millions | March 31, 2013 | December 31, 2012 | |||||
Accrued expenses and other current liabilities | $ | 69.1 | $ | 69.1 | |||
Other noncurrent liabilities | 790.0 | 810.4 | |||||
Total asbestos-related liabilities | $ | 859.1 | $ | 879.5 | |||
Other current assets | $ | 22.5 | $ | 22.5 | |||
Other noncurrent assets | 295.2 | 297.8 | |||||
Total asset for probable asbestos-related insurance recoveries | $ | 317.7 | $ | 320.3 |
In millions | 2013 | 2012 | |||||
Continuing operations | $ | (2.1 | ) | $ | 0.3 | ||
Discontinued operations | (2.4 | ) | (1.5 | ) | |||
Total | $ | (4.5 | ) | $ | (1.2 | ) |
• | 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 | 2013 | 2012 | |||||
Balance at beginning of period | $ | 263.1 | $ | 264.4 | |||
Reductions for payments | (34.9 | ) | (33.5 | ) | |||
Accruals for warranties issued during the current period | 30.1 | 36.5 | |||||
Changes to accruals related to preexisting warranties | (3.7 | ) | (1.0 | ) | |||
Translation | (1.0 | ) | 1.0 | ||||
Balance at end of period | $ | 253.6 | $ | 267.4 |
In millions | 2013 | 2012 | |||||
Balance at beginning of period | $ | 375.1 | $ | 372.0 | |||
Amortization of deferred revenue for the period | (23.7 | ) | (22.5 | ) | |||
Additions for extended warranties issued during the period | 21.2 | 23.2 | |||||
Changes to accruals related to preexisting warranties | 2.5 | — | |||||
Translation | (0.3 | ) | 0.3 | ||||
Balance at end of period | $ | 374.8 | $ | 373.0 |
|
In millions | IR Ireland | IR Limited | IR International | IR Global | IR New Jersey | Other Subsidiaries | Consolidating Adjustments | IR Ireland Consolidated | |||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | — | $ | — | $ | 225.5 | $ | 2,886.9 | $ | — | $ | 3,112.4 | |||||||||||||||
Cost of goods sold | — | — | — | — | (136.6 | ) | (2,055.5 | ) | — | (2,192.1 | ) | ||||||||||||||||||||
Selling and administrative expenses | (2.6 | ) | — | — | (0.4 | ) | (107.2 | ) | (616.6 | ) | — | (726.8 | ) | ||||||||||||||||||
Gain (loss) on sale/asset impairment | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Operating income (loss) | (2.6 | ) | — | — | (0.4 | ) | (18.3 | ) | 214.8 | — | 193.5 | ||||||||||||||||||||
Equity earnings (loss) in affiliates, net of tax | 92.6 | 92.6 | 108.3 | 153.9 | 38.2 | 97.9 | (583.5 | ) | — | ||||||||||||||||||||||
Interest expense | — | — | (4.0 | ) | (39.7 | ) | (12.6 | ) | (4.7 | ) | — | (61.0 | ) | ||||||||||||||||||
Intercompany interest and fees | (3.0 | ) | — | (8.8 | ) | (9.6 | ) | (0.5 | ) | 21.9 | — | — | |||||||||||||||||||
Other, net | 0.3 | — | 0.6 | 0.3 | (2.7 | ) | 4.5 | (10.0 | ) | (7.0 | ) | ||||||||||||||||||||
Earnings (loss) before income taxes | 87.3 | 92.6 | 96.1 | 104.5 | 4.1 | 334.4 | (593.5 | ) | 125.5 | ||||||||||||||||||||||
Benefit (provision) for income taxes | 0.7 | — | — | — | 7.3 | (31.7 | ) | — | (23.7 | ) | |||||||||||||||||||||
Earnings (loss) from continuing operations | 88.0 | 92.6 | 96.1 | 104.5 | 11.4 | 302.7 | (593.5 | ) | 101.8 | ||||||||||||||||||||||
Discontinued operations, net of tax | — | — | — | — | (9.9 | ) | 2.7 | — | (7.2 | ) | |||||||||||||||||||||
Net earnings (loss) | 88.0 | 92.6 | 96.1 | 104.5 | 1.5 | 305.4 | (593.5 | ) | 94.6 | ||||||||||||||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | — | — | — | (16.6 | ) | 10.0 | (6.6 | ) | |||||||||||||||||||||
Net earnings (loss) attributable to Ingersoll-Rand plc | $ | 88.0 | $ | 92.6 | $ | 96.1 | $ | 104.5 | $ | 1.5 | $ | 288.8 | $ | (583.5 | ) | $ | 88.0 | ||||||||||||||
Total comprehensive income (loss) | 1.7 | 6.3 | 96.4 | 95.1 | 6.9 | 228.2 | (425.0 | ) | 9.6 | ||||||||||||||||||||||
Less: Total comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | (17.8 | ) | 10.0 | (7.8 | ) | |||||||||||||||||||||
Total comprehensive income (loss) attributable to Ingersoll-Rand plc | $ | 1.7 | $ | 6.3 | $ | 96.4 | $ | 95.1 | $ | 6.9 | $ | 210.4 | $ | (415.0 | ) | $ | 1.8 |
In millions | IR Ireland | IR Limited | IR International | IR Global | IR New Jersey | Other Subsidiaries | Consolidating Adjustments | IR Ireland Consolidated | |||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | — | $ | — | $ | 217.2 | $ | 2,933.5 | $ | — | $ | 3,150.7 | |||||||||||||||
Cost of goods sold | — | — | — | — | (142.2 | ) | (2,107.2 | ) | — | (2,249.4 | ) | ||||||||||||||||||||
Selling and administrative expenses | (1.8 | ) | — | — | (0.2 | ) | (79.7 | ) | (607.9 | ) | — | (689.6 | ) | ||||||||||||||||||
Gain (loss) on sale/asset impairment | — | — | — | — | — | 0.3 | — | 0.3 | |||||||||||||||||||||||
Operating income (loss) | (1.8 | ) | — | — | (0.2 | ) | (4.7 | ) | 218.7 | — | 212.0 | ||||||||||||||||||||
Equity earnings (loss) in affiliates, net of tax | 99.7 | (103.3 | ) | (71.5 | ) | 190.7 | 65.0 | (31.2 | ) | (149.4 | ) | — | |||||||||||||||||||
Interest expense | — | — | (3.9 | ) | (47.8 | ) | (12.6 | ) | (5.1 | ) | — | (69.4 | ) | ||||||||||||||||||
Intercompany interest and fees | (2.9 | ) | — | (11.6 | ) | (11.6 | ) | 1.4 | 24.7 | — | — | ||||||||||||||||||||
Other, net | — | — | 0.1 | (202.6 | ) | 1.4 | 3.3 | 197.6 | (0.2 | ) | |||||||||||||||||||||
Earnings (loss) before income taxes | 95.0 | (103.3 | ) | (86.9 | ) | (71.5 | ) | 50.5 | 210.4 | 48.2 | 142.4 | ||||||||||||||||||||
Benefit (provision) for income taxes | 0.6 | — | — | — | (9.1 | ) | (29.5 | ) | — | (38.0 | ) | ||||||||||||||||||||
Earnings (loss) from continuing operations | 95.6 | (103.3 | ) | (86.9 | ) | (71.5 | ) | 41.4 | 180.9 | 48.2 | 104.4 | ||||||||||||||||||||
Discontinued operations, net of tax | — | — | — | — | 14.3 | (16.5 | ) | — | (2.2 | ) | |||||||||||||||||||||
Net earnings (loss) | 95.6 | (103.3 | ) | (86.9 | ) | (71.5 | ) | 55.7 | 164.4 | 48.2 | 102.2 | ||||||||||||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | — | — | — | (11.9 | ) | 5.3 | (6.6 | ) | |||||||||||||||||||||
Net earnings (loss) attributable to Ingersoll-Rand plc | $ | 95.6 | $ | (103.3 | ) | $ | (86.9 | ) | $ | (71.5 | ) | $ | 55.7 | $ | 152.5 | $ | 53.5 | $ | 95.6 | ||||||||||||
Total comprehensive income (loss) | 260.6 | 61.7 | (86.6 | ) | (70.2 | ) | 87.1 | 296.7 | (282.1 | ) | 267.2 | ||||||||||||||||||||
Less: Total comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | (11.9 | ) | 5.3 | (6.6 | ) | |||||||||||||||||||||
Total comprehensive income (loss) attributable to Ingersoll-Rand plc | $ | 260.6 | $ | 61.7 | $ | (86.6 | ) | $ | (70.2 | ) | $ | 87.1 | $ | 284.8 | $ | (276.8 | ) | $ | 260.6 |
In millions | IR Ireland | IR Limited | IR International | IR Global | IR New Jersey | Other Subsidiaries | Consolidating Adjustments | IR Ireland Consolidated | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | — | $ | 91.4 | $ | 741.5 | $ | — | $ | 832.9 | |||||||||||||||
Accounts and notes receivable, net | — | — | — | — | 132.1 | 2,086.7 | — | 2,218.8 | |||||||||||||||||||||||
Inventories | — | — | — | — | 83.4 | 1,382.9 | — | 1,466.3 | |||||||||||||||||||||||
Other current assets | 0.4 | — | 1.5 | — | 112.2 | 485.3 | — | 599.4 | |||||||||||||||||||||||
Accounts and notes receivable affiliates | 304.9 | 3,039.2 | 2.2 | 2,174.9 | 9,226.0 | 24,539.9 | (39,287.1 | ) | — | ||||||||||||||||||||||
Total current assets | 305.3 | 3,039.2 | 3.7 | 2,174.9 | 9,645.1 | 29,236.3 | (39,287.1 | ) | 5,117.4 | ||||||||||||||||||||||
Investment in affiliates | 8,917.8 | 7,106.6 | 21,294.2 | 18,734.2 | 8,223.0 | 99,870.5 | (164,146.3 | ) | — | ||||||||||||||||||||||
Property, plant and equipment, net | — | — | — | 0.2 | 264.7 | 1,388.1 | — | 1,653.0 | |||||||||||||||||||||||
Intangible assets, net | — | — | — | — | 83.8 | 10,178.1 | — | 10,261.9 | |||||||||||||||||||||||
Other noncurrent assets | — | — | 0.4 | 9.1 | 834.9 | 716.6 | — | 1,561.0 | |||||||||||||||||||||||
Total assets | $ | 9,223.1 | $ | 10,145.8 | $ | 21,298.3 | $ | 20,918.4 | $ | 19,051.5 | $ | 141,389.6 | $ | (203,433.4 | ) | $ | 18,593.3 | ||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||
Accounts payable and accruals | $ | 7.5 | $ | — | $ | 6.2 | $ | 50.5 | $ | 405.6 | $ | 2,736.0 | $ | — | $ | 3,205.8 | |||||||||||||||
Short-term borrowings and current maturities of long-term debt | — | — | — | 600.0 | 350.5 | 14.6 | — | 965.1 | |||||||||||||||||||||||
Accounts and note payable affiliates | 1,868.1 | 34.3 | 4,900.1 | 7,579.2 | 14,006.9 | 10,556.4 | (38,945.0 | ) | — | ||||||||||||||||||||||
Total current liabilities | 1,875.6 | 34.3 | 4,906.3 | 8,229.7 | 14,763.0 | 13,307.0 | (38,945.0 | ) | 4,170.9 | ||||||||||||||||||||||
Long-term debt | — | — | 299.7 | 1,404.4 | 364.7 | 202.3 | — | 2,271.1 | |||||||||||||||||||||||
Note payable affiliate | — | — | 10,755.7 | — | — | — | (10,755.7 | ) | — | ||||||||||||||||||||||
Other noncurrent liabilities | — | — | 3.8 | — | 1,604.6 | 3,195.4 | — | 4,803.8 | |||||||||||||||||||||||
Total liabilities | 1,875.6 | 34.3 | 15,965.5 | 9,634.1 | 16,732.3 | 16,704.7 | (49,700.7 | ) | 11,245.8 | ||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||||
Total equity | 7,347.5 | 10,111.5 | 5,332.8 | 11,284.3 | 2,319.2 | 124,684.9 | (153,732.7 | ) | 7,347.5 | ||||||||||||||||||||||
Total liabilities and equity | $ | 9,223.1 | $ | 10,145.8 | $ | 21,298.3 | $ | 20,918.4 | $ | 19,051.5 | $ | 141,389.6 | $ | (203,433.4 | ) | $ | 18,593.3 |
In millions | IR Ireland | IR Limited | IR International | IR Global | IR New Jersey | Other Subsidiaries | Consolidating Adjustments | IR Ireland Consolidated | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | 61.9 | $ | 59.1 | $ | 761.1 | $ | — | $ | 882.1 | |||||||||||||||
Accounts and notes receivable, net | — | — | — | — | 128.8 | 2,028.7 | — | 2,157.5 | |||||||||||||||||||||||
Inventories | — | — | — | — | 73.1 | 1,235.7 | — | 1,308.8 | |||||||||||||||||||||||
Other current assets | 0.1 | — | 0.1 | 0.2 | 149.3 | 444.6 | — | 594.3 | |||||||||||||||||||||||
Accounts and notes receivable affiliates | 148.9 | 3,039.2 | 2.0 | 2,189.0 | 8,669.5 | 23,772.0 | (37,820.6 | ) | — | ||||||||||||||||||||||
Total current assets | 149.0 | 3,039.2 | 2.1 | 2,251.1 | 9,079.8 | 28,242.1 | (37,820.6 | ) | 4,942.7 | ||||||||||||||||||||||
Investment in affiliates | 8,885.1 | 7,095.3 | 21,185.6 | 18,589.8 | 8,179.9 | 99,205.0 | (163,140.7 | ) | — | ||||||||||||||||||||||
Property, plant and equipment, net | — | — | — | 0.2 | 254.0 | 1,398.4 | — | 1,652.6 | |||||||||||||||||||||||
Intangible assets, net | — | — | — | — | 83.8 | 10,256.0 | — | 10,339.8 | |||||||||||||||||||||||
Other noncurrent assets | — | — | 0.5 | 10.0 | 867.3 | 680.0 | — | 1,557.8 | |||||||||||||||||||||||
Total assets | $ | 9,034.1 | $ | 10,134.5 | $ | 21,188.2 | $ | 20,851.1 | $ | 18,464.8 | $ | 139,781.5 | $ | (200,961.3 | ) | $ | 18,492.9 | ||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||
Accounts payable and accruals | $ | 70.5 | $ | — | $ | 4.0 | $ | 46.0 | $ | 420.2 | $ | 2,656.9 | $ | — | $ | 3,197.6 | |||||||||||||||
Short-term borrowings and current maturities of long-term debt | — | — | — | 600.0 | 350.5 | 13.2 | — | 963.7 | |||||||||||||||||||||||
Accounts and note payable affiliates | 1,734.3 | 34.3 | 4,888.9 | 7,602.2 | 13,337.7 | 9,867.6 | (37,465.0 | ) | — | ||||||||||||||||||||||
Total current liabilities | 1,804.8 | 34.3 | 4,892.9 | 8,248.2 | 14,108.4 | 12,537.7 | (37,465.0 | ) | 4,161.3 | ||||||||||||||||||||||
Long-term debt | — | — | 299.7 | 1,404.4 | 364.7 | 200.5 | — | 2,269.3 | |||||||||||||||||||||||
Note payable affiliate | — | — | 10,755.7 | — | — | — | (10,755.7 | ) | — | ||||||||||||||||||||||
Other noncurrent liabilities | — | 4.3 | 3.8 | — | 1,620.0 | 3,204.9 | — | 4,833.0 | |||||||||||||||||||||||
Total liabilities | 1,804.8 | 38.6 | 15,952.1 | 9,652.6 | 16,093.1 | 15,943.1 | (48,220.7 | ) | 11,263.6 | ||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||||
Total equity | 7,229.3 | 10,095.9 | 5,236.1 | 11,198.5 | 2,371.7 | 123,838.4 | (152,740.6 | ) | 7,229.3 | ||||||||||||||||||||||
Total liabilities and equity | $ | 9,034.1 | $ | 10,134.5 | $ | 21,188.2 | $ | 20,851.1 | $ | 18,464.8 | $ | 139,781.5 | $ | (200,961.3 | ) | $ | 18,492.9 |
In millions | IR Ireland | IR Limited | IR International | IR Global | IR New Jersey | Other Subsidiaries | Consolidating Adjustments | IR Ireland Consolidated | |||||||||||||||||||||||
Net cash provided by (used in) continuing operating activities | $ | (2.3 | ) | $ | — | $ | (3.4 | ) | $ | (39.8 | ) | $ | (194.7 | ) | $ | 239.8 | $ | (0.4 | ) | $ | (0.8 | ) | |||||||||
Net cash provided by (used in) discontinued operating activities | — | — | — | — | (9.9 | ) | 2.7 | — | (7.2 | ) | |||||||||||||||||||||
Net cash provided by (used in) operating activities | (2.3 | ) | — | (3.4 | ) | (39.8 | ) | (204.6 | ) | 242.5 | (0.4 | ) | (8.0 | ) | |||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||
Capital expenditures | — | — | — | — | (20.8 | ) | (50.6 | ) | — | (71.4 | ) | ||||||||||||||||||||
Proceeds from sale of property, plant and equipment | — | — | — | — | 0.2 | 4.0 | — | 4.2 | |||||||||||||||||||||||
Net cash provided by (used in) continuing investing activities | — | — | — | — | (20.6 | ) | (46.6 | ) | — | (67.2 | ) | ||||||||||||||||||||
Net cash provided by (used in) discontinued investing activities | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Net cash provided by (used in) investing activities | — | — | — | — | (20.6 | ) | (46.6 | ) | — | (67.2 | ) | ||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||
Net proceeds (repayments) in debt | — | — | — | — | — | 2.7 | — | 2.7 | |||||||||||||||||||||||
Net inter-company proceeds (payments) | (25.6 | ) | — | 3.4 | (22.1 | ) | 257.5 | (213.2 | ) | — | — | ||||||||||||||||||||
Dividends paid | (62.8 | ) | — | — | — | — | (4.4 | ) | 0.4 | (66.8 | ) | ||||||||||||||||||||
Proceeds from shares issued under incentive plans | 90.7 | — | — | — | — | — | — | 90.7 | |||||||||||||||||||||||
Net cash provided by (used in) continuing financing activities | 2.3 | — | 3.4 | (22.1 | ) | 257.5 | (214.9 | ) | 0.4 | 26.6 | |||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | (0.6 | ) | — | (0.6 | ) | |||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | (61.9 | ) | 32.3 | (19.6 | ) | — | (49.2 | ) | ||||||||||||||||||||
Cash and cash equivalents - beginning of period | — | — | — | 61.9 | 59.1 | 761.1 | — | 882.1 | |||||||||||||||||||||||
Cash and cash equivalents - end of period | $ | — | $ | — | $ | — | $ | — | $ | 91.4 | $ | 741.5 | $ | — | $ | 832.9 |
In millions | IR Ireland | IR Limited | IR International | IR Global | IR New Jersey | Other Subsidiaries | Consolidating Adjustments | IR Ireland Consolidated | |||||||||||||||||||||||
Net cash provided by (used in) continuing operating activities | $ | (1.8 | ) | $ | — | $ | (3.8 | ) | $ | (47.8 | ) | $ | (87.4 | ) | $ | 223.5 | $ | (0.5 | ) | $ | 82.2 | ||||||||||
Net cash provided by (used in) discontinued operating activities | — | — | — | — | 14.3 | (80.1 | ) | — | (65.8 | ) | |||||||||||||||||||||
Net cash provided by (used in) operating activities | (1.8 | ) | — | (3.8 | ) | (47.8 | ) | (73.1 | ) | 143.4 | (0.5 | ) | 16.4 | ||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||
Capital expenditures | — | — | — | — | (13.5 | ) | (39.4 | ) | — | (52.9 | ) | ||||||||||||||||||||
Proceeds from sale of property, plant and equipment | — | — | — | — | — | 3.2 | — | 3.2 | |||||||||||||||||||||||
Net cash provided by (used in) continuing investing activities | — | — | — | — | (13.5 | ) | (36.2 | ) | — | (49.7 | ) | ||||||||||||||||||||
Net cash provided by (used in) discontinued investing activities | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Net cash provided by (used in) investing activities | — | — | — | — | (13.5 | ) | (36.2 | ) | — | (49.7 | ) | ||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||
Net proceeds (repayments) in debt | — | — | — | — | (0.1 | ) | (1.2 | ) | — | (1.3 | ) | ||||||||||||||||||||
Debt issuance costs | — | — | — | (2.4 | ) | — | — | — | (2.4 | ) | |||||||||||||||||||||
Net inter-company proceeds (payments) | 35.5 | — | 3.8 | (70.8 | ) | 211.9 | (180.4 | ) | — | — | |||||||||||||||||||||
Dividends paid | (46.6 | ) | — | — | — | — | (5.0 | ) | 0.5 | (51.1 | ) | ||||||||||||||||||||
Proceeds from shares issued under incentive plans | 12.9 | — | — | — | — | — | — | 12.9 | |||||||||||||||||||||||
Net cash provided by (used in) continuing financing activities | 1.8 | — | 3.8 | (73.2 | ) | 211.8 | (186.6 | ) | 0.5 | (41.9 | ) | ||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | 4.0 | — | 4.0 | |||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | (121.0 | ) | 125.2 | (75.4 | ) | — | (71.2 | ) | ||||||||||||||||||||
Cash and cash equivalents - beginning of period | — | — | — | 241.8 | 77.8 | 841.1 | — | 1,160.7 | |||||||||||||||||||||||
Cash and cash equivalents - end of period | $ | — | $ | — | $ | — | $ | 120.8 | $ | 203.0 | $ | 765.7 | $ | — | $ | 1,089.5 |
|
In millions | March 31, 2013 | December 31, 2012 | |||||
Raw materials | $ | 503.9 | $ | 501.9 | |||
Work-in-process | 146.7 | 109.6 | |||||
Finished goods | 918.4 | 800.2 | |||||
1,569.0 | 1,411.7 | ||||||
LIFO reserve | (102.7 | ) | (102.9 | ) | |||
Total | $ | 1,466.3 | $ | 1,308.8 |
|
In millions | Climate Solutions | Residential Solutions | Industrial Technologies | Security Technologies | Total | ||||||||||||||
December 31, 2012 (gross) | $ | 5,370.6 | $ | 2,317.1 | $ | 368.7 | $ | 922.5 | $ | 8,978.9 | |||||||||
Acquisitions and adjustments * | (1.4 | ) | 14.9 | 1.1 | (14.6 | ) | — | ||||||||||||
Currency translation | (32.4 | ) | — | (2.4 | ) | (5.8 | ) | (40.6 | ) | ||||||||||
March 31, 2013 (gross) | 5,336.8 | 2,332.0 | 367.4 | 902.1 | 8,938.3 | ||||||||||||||
Accumulated impairment ** | (839.8 | ) | (1,656.2 | ) | — | (344.0 | ) | (2,840.0 | ) | ||||||||||
Goodwill (net) | $ | 4,497.0 | $ | 675.8 | $ | 367.4 | $ | 558.1 | $ | 6,098.3 |
|
March 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
In millions | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | ||||||||||||||||||
Completed technologies/patents | $ | 199.3 | $ | (135.8 | ) | $ | 63.5 | $ | 203.2 | $ | (134.4 | ) | $ | 68.8 | ||||||||||
Customer relationships | 1,961.3 | (549.7 | ) | 1,411.6 | 1,966.8 | (523.6 | ) | 1,443.2 | ||||||||||||||||
Trademarks (finite-lived) | 95.2 | (32.1 | ) | 63.1 | 98.0 | (32.1 | ) | 65.9 | ||||||||||||||||
Other | 77.2 | (62.8 | ) | 14.4 | 71.4 | (59.4 | ) | 12.0 | ||||||||||||||||
Total finite-lived intangible assets | 2,333.0 | $ | (780.4 | ) | 1,552.6 | 2,339.4 | $ | (749.5 | ) | 1,589.9 | ||||||||||||||
Trademarks (indefinite-lived) | 2,611.0 | 2,611.0 | 2,611.0 | 2,611.0 | ||||||||||||||||||||
Total | $ | 4,944.0 | $ | 4,163.6 | $ | 4,950.4 | $ | 4,200.9 |
|
In millions | March 31, 2013 | December 31, 2012 | |||||
Debentures with put feature | $ | 343.0 | $ | 343.0 | |||
6.000% Senior notes due 2013 | 600.0 | 600.0 | |||||
Other current maturities of long-term debt | 9.0 | 10.8 | |||||
Other short-term borrowings | 13.1 | 9.9 | |||||
Total | $ | 965.1 | $ | 963.7 |
In millions | March 31, 2013 | December 31, 2012 | |||||
9.500% Senior notes due 2014 | 655.0 | 655.0 | |||||
5.50% Senior notes due 2015 | 198.4 | 196.4 | |||||
4.75% Senior notes due 2015 | 299.7 | 299.7 | |||||
6.875% Senior notes due 2018 | 749.4 | 749.4 | |||||
9.00% Debentures due 2021 | 125.0 | 125.0 | |||||
7.20% Debentures due 2014-2025 | 90.0 | 90.0 | |||||
6.48% Debentures due 2025 | 149.7 | 149.7 | |||||
Other loans and notes | 3.9 | 4.1 | |||||
Total | $ | 2,271.1 | $ | 2,269.3 |
|
Asset derivatives | Liability derivatives | ||||||||||||||
In millions | March 31, 2013 | December 31, 2012 | March 31, 2013 | December 31, 2012 | |||||||||||
Derivatives designated as hedges: | |||||||||||||||
Currency derivatives | $ | 0.6 | $ | 0.1 | $ | 6.0 | $ | 4.6 | |||||||
Interest rate swaps | — | — | 9.9 | — | |||||||||||
Derivatives not designated as hedges: | |||||||||||||||
Currency derivatives | 3.4 | 4.6 | 12.0 | 7.1 | |||||||||||
Total derivatives | $ | 4.0 | $ | 4.7 | $ | 27.9 | $ | 11.7 |
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 | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Currency derivatives | $ | (3.1 | ) | $ | (4.9 | ) | Cost of goods sold | $ | (2.2 | ) | $ | 0.4 | |||||
Interest rate swaps | (9.9 | ) | — | Interest expense | — | — | |||||||||||
Interest rate locks | — | — | Interest expense | (0.9 | ) | (0.8 | ) | ||||||||||
Total | $ | (13.0 | ) | $ | (4.9 | ) | $ | (3.1 | ) | $ | (0.4 | ) |
Location of gain (loss) recognized in Net earnings | Amount of gain (loss) recognized in Net earnings | ||||||||
In millions | 2013 | 2012 | |||||||
Currency derivatives | Other, net | $ | (14.3 | ) | $ | 22.6 | |||
Total | $ | (14.3 | ) | $ | 22.6 |
|
In millions | 2013 | 2012 | |||||
Service cost | $ | 23.1 | $ | 25.3 | |||
Interest cost | 39.2 | 41.3 | |||||
Expected return on plan assets | (42.0 | ) | (43.3 | ) | |||
Net amortization of: | |||||||
Prior service costs | 1.2 | 1.4 | |||||
Plan net actuarial losses | 15.5 | 14.9 | |||||
Net periodic pension benefit cost | 37.0 | 39.6 | |||||
Net curtailment and settlement losses | — | 0.1 | |||||
Net periodic pension benefit cost after net curtailment and settlement losses | $ | 37.0 | $ | 39.7 | |||
Amounts recorded in continuing operations | $ | 34.7 | $ | 36.8 | |||
Amounts recorded in discontinued operations | 2.3 | 2.9 | |||||
Total | $ | 37.0 | $ | 39.7 |
In millions | 2013 | 2012 | |||||
Service cost | $ | 1.7 | $ | 2.0 | |||
Interest cost | 6.7 | 8.1 | |||||
Net amortization of: | |||||||
Prior service gains | (2.6 | ) | (2.0 | ) | |||
Net actuarial losses | 2.7 | 2.5 | |||||
Net periodic postretirement benefit cost | $ | 8.5 | $ | 10.6 | |||
Amounts recorded in continuing operations | $ | 5.4 | $ | 6.7 | |||
Amounts recorded in discontinued operations | 3.1 | 3.9 | |||||
Total | $ | 8.5 | $ | 10.6 |
|
Fair value measurements | Total fair value | ||||||||||||||
In millions | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Recurring fair value measurements | |||||||||||||||
Assets: | |||||||||||||||
Marketable securities | $ | 17.7 | $ | — | $ | — | $ | 17.7 | |||||||
Derivative instruments | — | 4.0 | — | 4.0 | |||||||||||
Total asset recurring fair value measurements | $ | 17.7 | $ | 4.0 | $ | — | $ | 21.7 | |||||||
Liabilities: | |||||||||||||||
Derivative instruments | $ | — | $ | 27.9 | $ | — | $ | 27.9 | |||||||
Total liability recurring fair value measurements | $ | — | $ | 27.9 | $ | — | $ | 27.9 | |||||||
Financial instruments not carried at fair value | |||||||||||||||
Total debt | $ | — | $ | 3,617.0 | $ | — | $ | 3,617.0 | |||||||
Total financial instruments not carried at fair value | $ | — | $ | 3,617.0 | $ | — | $ | 3,617.0 |
Fair value measurements | Total fair value | ||||||||||||||
In millions | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Recurring fair value measurements | |||||||||||||||
Assets: | |||||||||||||||
Marketable securities | $ | 16.7 | $ | — | $ | — | $ | 16.7 | |||||||
Derivative instruments | — | 4.7 | — | 4.7 | |||||||||||
Total asset recurring fair value measurements | $ | 16.7 | $ | 4.7 | $ | — | $ | 21.4 | |||||||
Liabilities: | |||||||||||||||
Derivative instruments | $ | — | $ | 11.7 | $ | — | $ | 11.7 | |||||||
Total liability recurring fair value measurements | $ | — | $ | 11.7 | $ | — | $ | 11.7 | |||||||
Financial instruments not carried at fair value | |||||||||||||||
Total debt | $ | — | $ | 3,663.1 | $ | — | $ | 3,663.1 | |||||||
Total financial instruments not carried at fair value | $ | — | $ | 3,663.1 | $ | — | $ | 3,663.1 |
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In millions | Total | |
December 31, 2012 | 295.6 | |
Shares issued under incentive plans, net | 4.0 | |
March 31, 2013 | 299.6 |
In millions | IR-Ireland shareholders’ equity | Noncontrolling interests | Total equity | ||||||||
Balance at December 31, 2012 | $ | 7,147.8 | $ | 81.5 | $ | 7,229.3 | |||||
Net earnings | 88.0 | 6.6 | 94.6 | ||||||||
Currency translation | (104.8 | ) | 1.2 | (103.6 | ) | ||||||
Change in value of marketable securities and derivatives qualifying as cash flow hedges, net of tax | (8.6 | ) | — | (8.6 | ) | ||||||
Pension and OPEB adjustments, net of tax | 27.2 | — | 27.2 | ||||||||
Total comprehensive income | 1.8 | 7.8 | 9.6 | ||||||||
Share-based compensation | 21.5 | — | 21.5 | ||||||||
Dividends to noncontrolling interests | — | (2.8 | ) | (2.8 | ) | ||||||
Dividends to ordinary shareholders | (0.8 | ) | — | (0.8 | ) | ||||||
Shares issued under incentive plans, net | 90.7 | — | 90.7 | ||||||||
Balance at March 31, 2013 | $ | 7,261.0 | $ | 86.5 | $ | 7,347.5 |
In millions | IR-Ireland shareholders’ equity | Noncontrolling interests | Total equity | ||||||||
Balance at December 31, 2011 | $ | 6,924.3 | $ | 88.1 | $ | 7,012.4 | |||||
Net earnings | 95.6 | 6.6 | 102.2 | ||||||||
Currency translation | 136.5 | — | 136.5 | ||||||||
Change in value of marketable securities and derivatives qualifying as cash flow hedges, net of tax | (1.4 | ) | — | (1.4 | ) | ||||||
Pension and OPEB adjustments, net of tax | 29.9 | — | 29.9 | ||||||||
Total comprehensive income | 260.6 | 6.6 | 267.2 | ||||||||
Share-based compensation | 6.9 | — | 6.9 | ||||||||
Dividends to noncontrolling interests | — | (3.5 | ) | (3.5 | ) | ||||||
Dividends to ordinary shareholders | (0.2 | ) | — | (0.2 | ) | ||||||
Accretion of Exchangeable Senior Notes from Temporary equity | 2.7 | — | 2.7 | ||||||||
Shares issued under incentive plans, net | 13.0 | — | 13.0 | ||||||||
Balance at March 31, 2012 | $ | 7,207.3 | $ | 91.2 | $ | 7,298.5 |
In millions | Cash flow hedges and marketable securities | Pension and OPEB Items | Foreign Currency Items | Total | ||||||||||||
December 31, 2012 | $ | (1.4 | ) | $ | (964.2 | ) | $ | 444.6 | $ | (521.0 | ) | |||||
Other comprehensive income before reclassifications | (11.5 | ) | 16.3 | (104.8 | ) | (100.0 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income | 3.1 | 16.8 | — | 19.9 | ||||||||||||
Tax (expense) benefit | (0.2 | ) | (5.9 | ) | — | (6.1 | ) | |||||||||
March 31, 2013 | $ | (10.0 | ) | $ | (937.0 | ) | $ | 339.8 | $ | (607.2 | ) |
Amount Reclassified from Accumulated Other Comprehensive Income | ||||||
In millions | 2013 | Statement of Comprehensive Income Line Item | ||||
Reclasses below represent (Income) loss to the Statement of Comprehensive Income | ||||||
Gains and losses on cash flow hedges: | ||||||
Interest rate locks | $ | 0.9 | Interest expense | |||
Foreign exchange contracts | 2.2 | Cost of goods sold | ||||
3.1 | Earnings before income taxes | |||||
— | Provision for income taxes | |||||
3.1 | Earnings from continuing operations | |||||
Defined benefit pension items: | ||||||
Amortization of: | ||||||
Prior-service (gains) costs | $ | (1.4 | ) | (a) | ||
Actuarial (gains) losses | 18.2 | (a) | ||||
16.8 | Earnings before income taxes | |||||
(5.9 | ) | Provision for income taxes | ||||
10.9 | Earnings from continuing operations | |||||
Total reclassifications for the period | $ | 14.0 | Earnings from continuing operations |
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In millions | 2013 | 2012 | |||||
Climate Solutions | $ | 17.2 | $ | 7.5 | |||
Residential Solutions | — | 0.5 | |||||
Industrial Technologies | 2.8 | 5.8 | |||||
Security Technologies | 4.5 | 3.8 | |||||
Corporate and Other | 2.0 | 1.1 | |||||
Total | $ | 26.5 | $ | 18.7 | |||
Cost of goods sold | $ | 12.5 | $ | 8.4 | |||
Selling and administrative expenses | 14.0 | 10.3 | |||||
Total | $ | 26.5 | $ | 18.7 |
In millions | Climate Solutions | Residential Solutions | Industrial Technologies | Security Technologies | Corporate and Other | Total | |||||||||||||||||
December 31, 2012 | $ | 4.7 | $ | — | $ | 2.1 | $ | 3.1 | $ | 1.9 | $ | 11.8 | |||||||||||
Additions, net of reversals | 17.2 | — | 2.8 | 4.5 | 2.0 | 26.5 | |||||||||||||||||
Cash and non-cash uses | (7.6 | ) | — | (2.0 | ) | (0.7 | ) | (0.9 | ) | (11.2 | ) | ||||||||||||
Currency translation | (0.2 | ) | — | — | (0.3 | ) | — | (0.5 | ) | ||||||||||||||
March 31, 2013 | $ | 14.1 | $ | — | $ | 2.9 | $ | 6.6 | $ | 3.0 | $ | 26.6 |
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In millions | 2013 | 2012 | |||||
Interest income | $ | 3.5 | $ | 4.7 | |||
Exchange gain (loss) | (6.9 | ) | (1.8 | ) | |||
Earnings (loss) from equity investments | (4.2 | ) | (5.2 | ) | |||
Other | 0.6 | 2.1 | |||||
Other, net | $ | (7.0 | ) | $ | (0.2 | ) |
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In millions | 2013 | 2012 | |||||
Net revenues | $ | — | $ | — | |||
Pre-tax earnings (loss) from operations | $ | (10.5 | ) | $ | (13.1 | ) | |
Pre-tax gain (loss) on sale | — | — | |||||
Tax benefit (expense) | 3.3 | 10.9 | |||||
Discontinued operations, net of tax | $ | (7.2 | ) | $ | (2.2 | ) |
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In millions | 2013 | 2012 | |||||
Net revenues | |||||||
Climate Solutions | $ | 1,616.4 | $ | 1,661.8 | |||
Residential Solutions | 464.0 | 421.7 | |||||
Industrial Technologies | 680.3 | 688.7 | |||||
Security Technologies | 351.7 | 378.5 | |||||
Total | $ | 3,112.4 | $ | 3,150.7 | |||
Segment operating income | |||||||
Climate Solutions * | $ | 81.2 | $ | 94.0 | |||
Residential Solutions | 6.9 | (10.7 | ) | ||||
Industrial Technologies | 102.1 | 91.5 | |||||
Security Technologies | 58.8 | 69.9 | |||||
Total | $ | 249.0 | $ | 244.7 | |||
Reconciliation to Operating income | |||||||
Gain (loss) on sale/asset impairment * | — | 0.3 | |||||
Unallocated corporate expense | (55.5 | ) | (33.0 | ) | |||
Operating income | $ | 193.5 | $ | 212.0 |
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In millions | March 31, 2013 | December 31, 2012 | |||||
Accrued expenses and other current liabilities | $ | 69.1 | $ | 69.1 | |||
Other noncurrent liabilities | 790.0 | 810.4 | |||||
Total asbestos-related liabilities | $ | 859.1 | $ | 879.5 | |||
Other current assets | $ | 22.5 | $ | 22.5 | |||
Other noncurrent assets | 295.2 | 297.8 | |||||
Total asset for probable asbestos-related insurance recoveries | $ | 317.7 | $ | 320.3 |
In millions | 2013 | 2012 | |||||
Continuing operations | $ | (2.1 | ) | $ | 0.3 | ||
Discontinued operations | (2.4 | ) | (1.5 | ) | |||
Total | $ | (4.5 | ) | $ | (1.2 | ) |
In millions | 2013 | 2012 | |||||
Balance at beginning of period | $ | 263.1 | $ | 264.4 | |||
Reductions for payments | (34.9 | ) | (33.5 | ) | |||
Accruals for warranties issued during the current period | 30.1 | 36.5 | |||||
Changes to accruals related to preexisting warranties | (3.7 | ) | (1.0 | ) | |||
Translation | (1.0 | ) | 1.0 | ||||
Balance at end of period | $ | 253.6 | $ | 267.4 |
In millions | 2013 | 2012 | |||||
Balance at beginning of period | $ | 375.1 | $ | 372.0 | |||
Amortization of deferred revenue for the period | (23.7 | ) | (22.5 | ) | |||
Additions for extended warranties issued during the period | 21.2 | 23.2 | |||||
Changes to accruals related to preexisting warranties | 2.5 | — | |||||
Translation | (0.3 | ) | 0.3 | ||||
Balance at end of period | $ | 374.8 | $ | 373.0 |
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