X
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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—
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Ireland
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98-0626632
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Title of each class
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Name of each exchange on which registered
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Ordinary Shares,
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New York Stock Exchange
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Par Value $1.00 per Share
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Large accelerated filer
X
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Accelerated filer
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Non-accelerated filer
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Smaller reporting company
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(Do not check if a smaller reporting company)
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Emerging growth company
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Page
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Part I
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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Part II
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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Part III
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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Part IV
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Item 15.
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Item 16.
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•
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overall economic, political and business conditions in the markets in which we operate;
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•
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the demand for our products and services;
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•
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competitive factors in the industries in which we compete;
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•
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changes in tax laws and requirements (including tax rate changes, new tax laws, new and/or revised tax law interpretations and any legislation that may limit or eliminate potential tax benefits resulting from our incorporation in a non-U.S. jurisdiction, such as Ireland);
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•
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the outcome of any litigation, governmental investigations, claims or proceedings;
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•
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the outcome of any income tax audits or settlements;
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•
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interest rate fluctuations and other changes in borrowing costs;
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•
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other capital market conditions, including availability of funding sources;
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•
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currency exchange rate fluctuations, exchange controls and currency devaluations;
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•
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availability of and fluctuations in the prices of key commodities;
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•
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impairment of our goodwill, indefinite-lived intangible assets and/or our long-lived assets;
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•
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climate change, changes in weather patterns, natural disasters and seasonal fluctuations;
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•
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the impact of potential information technology or data security breaches; and
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•
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the strategic acquisition or divestiture of businesses, product lines and joint ventures;
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Climate
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Aftermarket and OEM parts and supplies
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Ice energy storage solutions
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Air conditioners
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Indoor air quality
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Air exchangers
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Industrial refrigeration
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Air handlers
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Installation contracting
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Airside and terminal devices
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Large commercial unitary
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Auxiliary power units
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Light commercial unitary
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Building management systems
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Motor replacements
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Bus and rail HVAC systems
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Multi-pipe HVAC systems
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Chillers
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Package heating and cooling systems
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Coils and condensers
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Performance contracting
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Container refrigeration systems and gensets
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Rail refrigeration systems
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Control systems
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Refrigerant reclamation
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Cryogenic refrigeration systems
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Repair and maintenance services
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Diesel-powered refrigeration systems
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Rental services
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Ductless systems
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Self-powered truck refrigeration systems
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Energy management services
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Service agreements
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Facility management services
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Temporary heating and cooling systems
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Furnaces
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Thermostats/controls
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Geothermal systems
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Trailer refrigeration systems
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Heat pumps
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Transport heater products
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Home automation
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Unitary systems (light and large)
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Humidifiers
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Vehicle-powered truck refrigeration systems
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Hybrid and non-diesel transport refrigeration solutions
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Water source heat pumps
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Industrial
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Compressors (centrifugal, reciprocating, and rotary)
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Fluid power components
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Air treatment and air separation systems
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Installation contracting
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Aftermarket and OEM parts and supplies
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Power tools (air, cordless and electric)
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Aftermarket controls, parts, accessories and consumables
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Precision fastening systems
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Airends
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Pumps (diaphragm and piston)
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Blowers
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Rental services
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Dryers
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Rough terrain (AWD) vehicles
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Engine starting systems
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Service agreements
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Ergonomic material handling systems
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Service break/fix
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Filters
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Utility and consumer low-speed vehicles
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Fluid handling systems
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Visage® mobile golf information systems
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Golf vehicles
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Winches (air, electric and hydraulic)
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Hoists (air, electric and manual)
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In millions
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2017
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2016
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Climate
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$
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1,972.4
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$
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1,754.4
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Industrial
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525.6
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443.2
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Total
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$
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2,498.0
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$
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2,197.6
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Name and Age
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Date of
Service as
an Executive
Officer
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Principal Occupation and
Other Information for Past Five Years
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Michael W. Lamach (54)
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2/16/2004
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Chairman of the Board (since June 2010) and Chief Executive Officer (since February 2010); President and Chief Operating Officer (2009-2010); Senior Vice President and President, Trane Commercial Systems (2008-2009); Senior Vice President and President, Security Technologies (2004-2008)
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Susan K. Carter (59)
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10/2/2013
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Senior Vice President and Chief Financial Officer (since October 2013); Executive Vice President and Chief Financial Officer, KBR Inc. (a global engineering, construction and services business), (2009-2013); Executive Vice President and Chief Financial Officer, Lennox International Inc. (a heating, air conditioning and refrigeration company), (2004 to 2009)
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David S. Regnery (55)
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9/5/2017
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Executive Vice President (since September 2017); Vice President, President of Commercial HVAC, North America and EMEA (2013 to 2017)
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Marcia J. Avedon (56)
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2/7/2007
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Senior Vice President, Human Resources, Communications and Corporate Affairs (since June 2013); Senior Vice President, Human Resources and Communications (2007 - 2013)
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Paul A. Camuti (56)
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8/1/2011
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Senior Vice President, Innovation and Chief Technology Officer (since August 2011); President, Smart Grid Applications, Siemens Energy, Inc. (an energy technology subsidiary of Siemens Corporation) (2010 -2011); President, Research Division, Siemens Corporation (a diversified global technology company) (2009 - 2010); President and Chief Executive Officer, Siemens Corporate Research, Inc. (the research subsidiary of Siemens Corporation) (2005 - 2009)
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Maria C. Green (65)
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11/2/2015
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Senior Vice President and General Counsel (since November 2015); Senior Vice President, General Counsel and Secretary, Illinois Tool Works Inc. (a global manufacturer of a diversified range of industrial products and equipment), (2012-2015); Vice President, General Counsel & Secretary, Illinois Tool Works Inc. (2011-2012)
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Keith A. Sultana (48)
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10/12/2015
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Senior Vice President, Global Operations and Integrated Supply Chain (since October 2015); Vice President, Global Procurement (January 2015 to October 2015); Vice President, Global Integrated Supply Chain (GISC) for Climate Solutions (2010 to 2014)
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Christopher J. Kuehn (45)
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6/1/2015
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Vice President and Chief Accounting Officer (since June 2015); Vice President, Corporate Controller and Chief Accounting Officer
,
Whirlpool Corporation (a global manufacturer and marketer of major home appliances), (2012-2015); Vice President, Global CFO Thermal Equipment and Services Segment, SPX Corporation (a global supplier of infrastructure equipment platforms in heating, ventilation and air conditioning (HVAC)), (2008-2012)
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•
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changes in local laws and regulations or imposition of currency restrictions and other restraints;
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•
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limitation of ownership rights, including expropriation of assets by a local government, and limitation on the ability to repatriate earnings;
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sovereign debt crises and currency instability in developed and developing countries;
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trade protection measures such as import or export restrictions and requirements, the imposition of burdensome tariffs and quotas or revocation or material modification of trade agreements;
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difficulty in staffing and managing global operations;
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difficulty of enforcing agreements, collecting receivables and protecting assets through non-U.S. legal systems;
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national and international conflict, including war, civil disturbances and terrorist acts; and
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recessions, economic downturns, slowing economic growth and social and political instability.
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diversion of management time and attention from daily operations;
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difficulties integrating acquired businesses, technologies and personnel into our business;
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difficulties in obtaining and verifying the financial statements and other business information of acquired businesses;
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inability to obtain required regulatory approvals and/or required financing on favorable terms;
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potential loss of key employees, key contractual relationships or key customers of either acquired businesses or our business;
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assumption of the liabilities and exposure to unforeseen or undisclosed liabilities of acquired businesses and exposure to regulatory sanctions;
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inheriting internal control deficiencies;
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dilution of interests of holders of our common shares through the issuance of equity securities or equity-linked securities; and
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•
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in the case of joint ventures and other investments, interests that diverge from those of our partners without the ability to direct the management and operations of the joint venture or investment in the manner we believe most appropriate.
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Climate
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||||
Americas
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Europe and Middle East
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Asia Pacific and India
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Arecibo, Puerto Rico
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Barcelona, Spain
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Bangkok, Thailand
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Charlotte, North Carolina
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Bari, Italy
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Penang, Malaysia
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Clarksville, Tennessee
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Charmes, France
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Taicang, China
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Columbia, South Carolina
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Essen, Germany
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Zhongshan, China
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Curitiba, Brazil
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Galway, Ireland
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Fairlawn, New Jersey
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Golbey, France
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Fort Smith, Arkansas
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King Abdullah Economic City, Saudi Arabia
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Grand Rapids, Michigan
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Kolin, Czech Republic
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Hastings, Nebraska
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La Crosse, Wisconsin
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Lexington, Kentucky
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Lynn Haven, Florida
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Macon, Georgia
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Monterrey, Mexico
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Pueblo, Colorado
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Rushville, Indiana
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St. Paul, Minnesota
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Trenton, New Jersey
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Tyler, Texas
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Vidalia, Georgia
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Waco, Texas
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Industrial
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||||
Americas
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Europe and Middle East
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Asia Pacific and India
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Augusta, Georgia
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Fogliano Redipuglia, Italy
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Changzhou, China
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Buffalo, New York
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Logatec, Slovenia
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Guilin, China
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Campbellsville, Kentucky
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Oberhausen, Germany
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Naroda, India
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Dorval, Canada
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Sin le Noble, France
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Sahibabad, India
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Kent, Washington
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Vignate, Italy
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Wujiang, China
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Mocksville, North Carolina
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Wasquehal, France
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Sarasota, Florida
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Southern Pines, North Carolina
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West Chester, Pennsylvania
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Ordinary shares
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||||||||||
2017
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High
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Low
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Dividend
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||||||
First quarter
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$
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82.17
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$
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74.35
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$
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0.40
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Second quarter
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93.17
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80.48
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0.40
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Third quarter
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94.39
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83.07
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0.45
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Fourth quarter
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96.23
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83.30
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0.45
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|||
2016
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High
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Low
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Dividend
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||||||
First quarter
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$
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62.48
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$
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47.08
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$
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0.32
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Second quarter
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67.48
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59.10
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0.32
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|||
Third quarter
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68.97
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62.40
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0.32
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|||
Fourth quarter
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79.21
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63.87
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0.40
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Period
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Total number of shares purchased (000's) (a) (b)
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Average price paid per share (a) (b)
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Total number of shares purchased as part of program (000's) (a)
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Approximate dollar value of shares still available to be purchased under the program ($000's) (a)
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||||||
October 1 - October 31
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1,157.7
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$
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91.25
|
|
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1,156.8
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$
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900,020
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November 1 - November 30
|
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0.2
|
|
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86.38
|
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—
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$
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900,020
|
|
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December 1 - December 31
|
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1.1
|
|
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86.51
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—
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$
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900,020
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Total
|
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1,159.0
|
|
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$
|
91.25
|
|
|
1,156.8
|
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Company/Index
|
2012
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2013
|
2014
|
2015
|
2016
|
2017
|
Ingersoll Rand
|
100
|
163
|
170
|
151
|
209
|
253
|
S&P 500
|
100
|
132
|
150
|
152
|
170
|
206
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S&P 500 Industrials Index
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100
|
140
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154
|
150
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178
|
215
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At and for the years ended December 31,
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2017
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2016
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2015
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2014
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2013
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Net revenues
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$
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14,197.6
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$
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13,508.9
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$
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13,300.7
|
|
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$
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12,891.4
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$
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12,350.5
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||||||||||
Net earnings (loss) attributable to Ingersoll-Rand plc ordinary shareholders:
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||||||||||
Continuing operations
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1,328.0
|
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1,443.3
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688.9
|
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897.0
|
|
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620.1
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|||||
Discontinued operations
|
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(25.4
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)
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32.9
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(24.3
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)
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34.7
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(1.3
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)
|
|||||
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||||||||||
Total assets
|
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18,173.3
|
|
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17,397.4
|
|
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16,717.6
|
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17,274.6
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17,641.5
|
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|||||
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||||||||||
Total debt
|
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4,064.0
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|
|
4,070.2
|
|
|
4,217.8
|
|
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4,200.5
|
|
|
3,504.6
|
|
|||||
|
|
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|
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|
||||||||||
Total Ingersoll-Rand plc shareholders’ equity
|
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7,140.3
|
|
|
6,643.8
|
|
|
5,816.7
|
|
|
5,987.4
|
|
|
7,068.9
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|||||
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|
||||||||||
Earnings (loss) per share attributable to Ingersoll-Rand plc ordinary shareholders:
|
|
|
|
|
|
|
|
|
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||||||||||
Basic:
|
|
|
|
|
|
|
|
|
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|
||||||||||
Continuing operations
|
|
$
|
5.21
|
|
|
$
|
5.57
|
|
|
$
|
2.60
|
|
|
$
|
3.32
|
|
|
$
|
2.11
|
|
Discontinued operations
|
|
(0.10
|
)
|
|
0.13
|
|
|
(0.09
|
)
|
|
0.12
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
|
$
|
5.14
|
|
|
$
|
5.52
|
|
|
$
|
2.57
|
|
|
$
|
3.27
|
|
|
$
|
2.08
|
|
Discontinued operations
|
|
(0.09
|
)
|
|
0.13
|
|
|
(0.09
|
)
|
|
0.13
|
|
|
(0.01
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends declared per ordinary share
|
|
$
|
1.70
|
|
|
$
|
1.36
|
|
|
$
|
1.16
|
|
|
$
|
1.00
|
|
|
$
|
0.63
|
|
Dollar amounts in millions
|
|
2017
|
|
2016
|
|
Period Change
|
|
2017
% of Revenues
|
|
2016
% of Revenues
|
||||||
Net revenues
|
|
$
|
14,197.6
|
|
|
$
|
13,508.9
|
|
|
$
|
688.7
|
|
|
|
|
|
Cost of goods sold
|
|
(9,811.6
|
)
|
|
(9,307.9
|
)
|
|
(503.7
|
)
|
|
69.1%
|
|
68.9%
|
|||
Selling and administrative expenses
|
|
(2,720.7
|
)
|
|
(2,597.8
|
)
|
|
(122.9
|
)
|
|
19.2%
|
|
19.2%
|
|||
Operating income
|
|
1,665.3
|
|
|
1,603.2
|
|
|
62.1
|
|
|
11.7%
|
|
11.9%
|
|||
Interest expense
|
|
(215.8
|
)
|
|
(221.5
|
)
|
|
5.7
|
|
|
|
|
|
|||
Other income/(expense), net
|
|
(31.6
|
)
|
|
359.6
|
|
|
(391.2
|
)
|
|
|
|
|
|||
Earnings before income taxes
|
|
1,417.9
|
|
|
1,741.3
|
|
|
(323.4
|
)
|
|
|
|
|
|||
Provision for income taxes
|
|
(80.2
|
)
|
|
(281.5
|
)
|
|
201.3
|
|
|
|
|
|
|||
Earnings from continuing operations
|
|
1,337.7
|
|
|
1,459.8
|
|
|
(122.1
|
)
|
|
|
|
|
|||
Discontinued operations, net of tax
|
|
(25.4
|
)
|
|
32.9
|
|
|
(58.3
|
)
|
|
|
|
|
|||
Net earnings
|
|
$
|
1,312.3
|
|
|
$
|
1,492.7
|
|
|
$
|
(180.4
|
)
|
|
|
|
|
Volume/product mix
|
4.4
|
%
|
Pricing
|
0.3
|
%
|
Currency translation
|
0.4
|
%
|
Total
|
5.1
|
%
|
Dollar amounts in millions
|
2017
|
|
2016
|
|
% change
|
||||
Climate
|
$
|
11,167.5
|
|
|
$
|
10,545.0
|
|
|
5.9%
|
Industrial
|
3,030.1
|
|
|
2,963.9
|
|
|
2.2%
|
||
Total
|
$
|
14,197.6
|
|
|
$
|
13,508.9
|
|
|
|
Volume/product mix
|
5.4
|
%
|
Pricing
|
0.2
|
%
|
Currency translation
|
0.3
|
%
|
Total
|
5.9
|
%
|
Volume/product mix
|
0.7
|
%
|
Pricing
|
1.0
|
%
|
Currency translation
|
0.5
|
%
|
Total
|
2.2
|
%
|
Dollar amounts in millions
|
|
2017 Operating Income (Expense)
|
|
2016 Operating Income (Expense)
|
|
Period Change
|
2017 Operating Margin
|
|
2016 Operating Margin
|
||||||||
Climate
|
|
$
|
1,572.7
|
|
|
$
|
1,537.5
|
|
|
$
|
35.2
|
|
14.1
|
%
|
|
14.6
|
%
|
Industrial
|
|
357.6
|
|
|
300.3
|
|
|
57.3
|
|
11.8
|
%
|
|
10.1
|
%
|
|||
Unallocated corporate expense
|
|
(265.0
|
)
|
|
(234.6
|
)
|
|
(30.4
|
)
|
N/A
|
|
|
N/A
|
|
|||
Total
|
|
$
|
1,665.3
|
|
|
$
|
1,603.2
|
|
|
$
|
62.1
|
|
11.7
|
%
|
|
11.9
|
%
|
In millions
|
|
2017
|
|
2016
|
|
Period Change
|
||||||
Interest income
|
|
$
|
9.4
|
|
|
$
|
8.0
|
|
|
$
|
1.4
|
|
Exchange gain (loss)
|
|
(8.8
|
)
|
|
(2.0
|
)
|
|
(6.8
|
)
|
|||
Other components of net periodic benefit cost
|
|
(31.0
|
)
|
|
(30.1
|
)
|
|
(0.9
|
)
|
|||
Income (loss) from equity investment
|
|
—
|
|
|
(0.8
|
)
|
|
0.8
|
|
|||
Gain on sale of Hussmann equity investment
|
|
—
|
|
|
397.8
|
|
|
(397.8
|
)
|
|||
Other activity, net
|
|
(1.2
|
)
|
|
(13.3
|
)
|
|
12.1
|
|
|||
Other income/(expense), net
|
|
$
|
(31.6
|
)
|
|
$
|
359.6
|
|
|
$
|
(391.2
|
)
|
In millions
|
|
2017
|
|
2016
|
|
Period Change
|
||||||
Pre-tax earnings (loss) from discontinued operations
|
|
$
|
(34.0
|
)
|
|
$
|
28.1
|
|
|
$
|
(62.1
|
)
|
Tax benefit (expense)
|
|
8.6
|
|
|
4.8
|
|
|
3.8
|
|
|||
Discontinued operations, net of tax
|
|
$
|
(25.4
|
)
|
|
$
|
32.9
|
|
|
$
|
(58.3
|
)
|
Dollar amounts in millions
|
|
2016
|
|
2015
|
|
Period Change
|
|
2016
% of Revenues
|
|
2015
% of Revenues
|
||||||
Net revenues
|
|
$
|
13,508.9
|
|
|
$
|
13,300.7
|
|
|
$
|
208.2
|
|
|
|
|
|
Cost of goods sold
|
|
(9,307.9
|
)
|
|
(9,277.4
|
)
|
|
(30.5
|
)
|
|
68.9%
|
|
69.8%
|
|||
Selling and administrative expenses
|
|
(2,597.8
|
)
|
|
(2,531.6
|
)
|
|
(66.2
|
)
|
|
19.2%
|
|
19.0%
|
|||
Operating income
|
|
1,603.2
|
|
|
1,491.7
|
|
|
111.5
|
|
|
11.9%
|
|
11.2%
|
|||
Interest expense
|
|
(221.5
|
)
|
|
(223.0
|
)
|
|
1.5
|
|
|
|
|
|
|||
Other income/(expense), net
|
|
359.6
|
|
|
(20.8
|
)
|
|
380.4
|
|
|
|
|
|
|||
Earnings before income taxes
|
|
1,741.3
|
|
|
1,247.9
|
|
|
493.4
|
|
|
|
|
|
|||
Provision for income taxes
|
|
(281.5
|
)
|
|
(540.8
|
)
|
|
259.3
|
|
|
|
|
|
|||
Earnings from continuing operations
|
|
1,459.8
|
|
|
707.1
|
|
|
752.7
|
|
|
|
|
|
|||
Discontinued operations, net of tax
|
|
32.9
|
|
|
(24.3
|
)
|
|
57.2
|
|
|
|
|
|
|||
Net earnings
|
|
$
|
1,492.7
|
|
|
$
|
682.8
|
|
|
$
|
809.9
|
|
|
|
|
|
Volume/product mix
|
2.2
|
%
|
Acquisitions
|
0.1
|
%
|
Pricing
|
0.3
|
%
|
Currency translation
|
(1.0
|
)%
|
Total
|
1.6
|
%
|
Dollar amounts in millions
|
|
2016
|
|
2015
|
|
% change
|
||||
Climate
|
|
$
|
10,545.0
|
|
|
$
|
10,224.3
|
|
|
3.1%
|
Industrial
|
|
2,963.9
|
|
|
3,076.4
|
|
|
(3.7)%
|
||
Total
|
|
$
|
13,508.9
|
|
|
$
|
13,300.7
|
|
|
|
Volume/product mix
|
3.8
|
%
|
Acquisitions
|
0.1
|
%
|
Pricing
|
0.2
|
%
|
Currency translation
|
(1.0
|
)%
|
Total
|
3.1
|
%
|
Dollar amounts in millions
|
|
2016 Operating Income (Expense)
|
|
2015 Operating Income (Expense)
|
|
Period Change
|
2016 Operating Margin
|
|
2015 Operating Margin
|
||||||||
Climate
|
|
$
|
1,537.5
|
|
|
$
|
1,314.4
|
|
|
$
|
223.1
|
|
14.6
|
%
|
|
12.9
|
%
|
Industrial
|
|
300.3
|
|
|
378.3
|
|
|
(78.0
|
)
|
10.1
|
%
|
|
12.3
|
%
|
|||
Unallocated corporate expense
|
|
(234.6
|
)
|
|
(201.0
|
)
|
|
$
|
(33.6
|
)
|
N/A
|
|
|
N/A
|
|
||
Total
|
|
$
|
1,603.2
|
|
|
$
|
1,491.7
|
|
|
$
|
111.5
|
|
11.9
|
%
|
|
11.2
|
%
|
In millions
|
|
2016
|
|
2015
|
|
Period Change
|
||||||
Interest income
|
|
$
|
8.0
|
|
|
$
|
10.6
|
|
|
$
|
(2.6
|
)
|
Exchange gain (loss)
|
|
(2.0
|
)
|
|
(36.2
|
)
|
|
34.2
|
|
|||
Other components of net periodic benefit cost
|
|
(30.1
|
)
|
|
(33.7
|
)
|
|
3.6
|
|
|||
Income (loss) from equity investment
|
|
(0.8
|
)
|
|
12.6
|
|
|
(13.4
|
)
|
|||
Gain on sale of Hussmann equity investment
|
|
397.8
|
|
|
—
|
|
|
397.8
|
|
|||
Other activity, net
|
|
(13.3
|
)
|
|
25.9
|
|
|
(39.2
|
)
|
|||
Other income/(expense), net
|
|
$
|
359.6
|
|
|
$
|
(20.8
|
)
|
|
$
|
380.4
|
|
In millions
|
|
2016
|
|
2015
|
|
Period Change
|
||||||
Pre-tax earnings (loss) from discontinued operations
|
|
$
|
28.1
|
|
|
$
|
(23.2
|
)
|
|
$
|
51.3
|
|
Tax benefit (expense)
|
|
4.8
|
|
|
(1.1
|
)
|
|
5.9
|
|
|||
Discontinued operations, net of tax
|
|
$
|
32.9
|
|
|
$
|
(24.3
|
)
|
|
$
|
57.2
|
|
•
|
Funding of working capital
|
•
|
Funding of capital expenditures
|
•
|
Debt service requirements
|
In millions
|
|
2017
|
|
2016
|
|
2015
|
||||||
Cash and cash equivalents
|
|
$
|
1,549.4
|
|
|
$
|
1,714.7
|
|
|
$
|
736.8
|
|
Short-term borrowings and current maturities of long-term debt
(1)
|
|
1,107.0
|
|
|
360.8
|
|
|
504.2
|
|
|||
Long-term debt
|
|
2,957.0
|
|
|
3,709.4
|
|
|
3,713.6
|
|
|||
Total debt
|
|
4,064.0
|
|
|
4,070.2
|
|
|
4,217.8
|
|
|||
Total Ingersoll-Rand plc shareholders’ equity
|
|
7,140.3
|
|
|
6,643.8
|
|
|
5,816.7
|
|
|||
Total equity
|
|
7,206.9
|
|
|
6,718.3
|
|
|
5,879.2
|
|
|||
Debt-to-total capital ratio
|
|
36.1
|
%
|
|
37.7
|
%
|
|
41.8
|
%
|
In millions
|
|
2017
|
|
2016
|
|
2015
|
||||||
Net cash provided by (used in) continuing operating activities
|
|
$
|
1,561.6
|
|
|
$
|
1,433.0
|
|
|
$
|
923.5
|
|
Net cash provided by (used in) investing activities
|
|
(374.7
|
)
|
|
240.1
|
|
|
(1,192.9
|
)
|
|||
Net cash provided by (used in) financing activities
|
|
(1,432.5
|
)
|
|
(726.9
|
)
|
|
(527.6
|
)
|
|
|
Short-term
|
|
Long-term
|
Moody’s
|
|
P-2
|
|
Baa2
|
Standard and Poor’s
|
|
A-2
|
|
BBB
|
In millions
|
|
Less than
1 year
|
|
1 - 3
years
|
|
3 - 5
years
|
|
More than
5 years
|
|
Total
|
||||||||||
Short-term debt
|
|
$
|
6.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6.7
|
|
Long-term debt
|
|
1,100.7
|
|
(a)
|
665.3
|
|
|
140.1
|
|
|
2,172.2
|
|
|
$
|
4,078.3
|
|
||||
Interest payments on long-term debt
|
|
206.4
|
|
(b)
|
287.9
|
|
|
257.6
|
|
|
1,082.0
|
|
|
1,833.9
|
|
|||||
Purchase obligations
|
|
866.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
866.0
|
|
|||||
Operating leases
|
|
194.3
|
|
|
255.4
|
|
|
125.8
|
|
|
53.6
|
|
|
629.1
|
|
|||||
Total contractual cash obligations
|
|
$
|
2,374.1
|
|
|
$
|
1,208.6
|
|
|
$
|
523.5
|
|
|
$
|
3,307.8
|
|
|
$
|
7,414.0
|
|
(a)
|
Includes $343.0 million of debt redeemable at the option of the holder. The scheduled maturities of these bonds range between 2027 and 2028.
|
(b)
|
Includes nominal amount related to interest of short-term debt.
|
•
|
Allowance for doubtful accounts – We maintain an allowance for doubtful accounts receivable which represents our best estimate of probable loss inherent in our accounts receivable portfolio. This estimate is based upon our two step policy that results in the total recorded allowance for doubtful accounts. The first step is to record a portfolio reserve based on the aging of the outstanding accounts receivable portfolio and our historical experience with our end markets, customer base and products. The second step is to create a specific reserve for significant accounts as to which the customer's ability to satisfy their financial obligation to us is in doubt due to circumstances such as bankruptcy, deteriorating operating results or financial position. In these circumstances, management uses its judgment to record an allowance based on the best estimate of probable loss, factoring in such considerations as the market value of collateral, if applicable. Actual results could differ from those estimates. These estimates and assumptions are reviewed periodically, and the effects of changes, if any, are reflected in the statement of operations in the period that they are determined.
|
•
|
Goodwill and indefinite-lived intangible assets – We have significant goodwill and indefinite-lived intangible assets on our balance sheet related to acquisitions. Our goodwill and other indefinite-lived intangible assets are tested and reviewed annually during the fourth quarter for impairment or when there is a significant change in events or circumstances that indicate that the fair value of an asset is more likely than not less than the carrying amount of the asset.
|
•
|
Long-lived assets and finite-lived intangibles – Long-lived assets and finite-lived intangibles are reviewed for impairment whenever events or changes in business circumstances indicate that the carrying amount of an asset may not be fully recoverable. Assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows can be generated. Impairment in the carrying value of an asset would be recognized whenever anticipated future undiscounted cash flows from an asset are less than its carrying value. The impairment is measured as the amount by which the carrying value exceeds the fair value of the asset as determined by an estimate of discounted cash flows. We believe that our use of estimates and assumptions are reasonable and comply with generally accepted accounting principles. Changes in business conditions could potentially require future adjustments to these valuations.
|
•
|
Loss contingencies – Liabilities are recorded for various contingencies arising in the normal course of business, including litigation and administrative proceedings, environmental and asbestos matters and product liability, product warranty, worker’s compensation and other claims. We have recorded reserves in the financial statements related to these matters, which are developed using input derived from actuarial estimates and historical and anticipated experience data depending on the nature of the reserve, and in certain instances with consultation of legal counsel, internal and external consultants and engineers. Subject to the uncertainties inherent in estimating future costs for these types of liabilities, we believe our estimated reserves are reasonable and do not believe the final determination of the liabilities with respect to these matters would have a material effect on our financial condition, results of operations, liquidity or cash flows for any year.
|
•
|
Asbestos matters – Certain of our wholly-owned subsidiaries and former companies are named as defendants in asbestos-related lawsuits in state and federal courts. We record a liability for our actual and anticipated future claims as well as an asset for anticipated insurance settlements. Asbestos related defense costs are excluded from the asbestos claims liability and are recorded separately as services are incurred. None of our existing or previously-owned businesses were a producer or manufacturer of asbestos. We record certain income and expenses associated with our asbestos liabilities and corresponding insurance recoveries within
Discontinued operations, net of tax
, as they relate to previously divested businesses, except for amounts associated with Trane’s asbestos liabilities and corresponding insurance recoveries which are recorded within continuing operations. See Note 19 to the Consolidated Financial Statements for further information regarding asbestos-related matters.
|
•
|
Revenue recognition – Revenue is recognized and earned when all of the following criteria are satisfied: (a) persuasive evidence of a sales arrangement exists; (b) the price is fixed or determinable; (c) collectability is reasonably assured; and (d) delivery has occurred or service has been rendered. Delivery generally occurs when the title and the risks and rewards of ownership have substantially transferred to the customer. Both the persuasive evidence of a sales arrangement and fixed or determinable price criteria are deemed to be satisfied upon receipt of an executed and legally binding sales agreement or contract that clearly defines the terms and conditions of the transaction including the respective obligations of the parties. If the defined terms and conditions allow variability in all or a component of the price, revenue is not recognized until such time that the price becomes fixed or determinable. At the point of sale, we validate that existence of an enforceable claim that requires payment within a reasonable amount of time and assess the collectability of that claim. If collectability is not deemed to be reasonably assured, then revenue recognition is deferred until such time that collectability becomes probable or cash is received. Delivery is not considered to have occurred until the customer has taken title and assumed the risks and rewards of ownership. Service and installation revenue are recognized when earned. In some instances, customer acceptance provisions are included in sales arrangements to give the buyer the ability to ensure the delivered product or service meets the criteria established in the order. In these instances, revenue recognition is deferred until the acceptance terms specified in the arrangement are fulfilled through customer acceptance or a demonstration that established criteria have been satisfied. If uncertainty exists about customer acceptance, revenue is not recognized until acceptance has occurred.
|
•
|
Income taxes – Deferred tax assets and liabilities are determined based on temporary differences between financial reporting and tax bases of assets and liabilities, applying enacted tax rates expected to be in effect for the year in which the differences are expected to reverse. We recognize future tax benefits, such as net operating losses and non-U.S. tax credits, to the extent that realizing these benefits is considered in our judgment to be more likely than not. We regularly review the recoverability of our deferred tax assets considering our historic profitability, projected future taxable income, timing of the reversals of existing temporary differences and the feasibility of our tax planning strategies. Where appropriate, we record a valuation allowance with respect to a future tax benefit.
|
•
|
Employee benefit plans – We provide a range of benefits to eligible employees and retirees, including pensions, postretirement and postemployment benefits. Determining the cost associated with such benefits is dependent on various actuarial assumptions including discount rates, expected return on plan assets, compensation increases, mortality, turnover rates and healthcare cost trend rates. Actuarial valuations are performed to determine expense in accordance with GAAP. Actual results may differ from the actuarial assumptions and are generally accumulated and amortized into earnings over
|
(a)
|
The following Consolidated Financial Statements and Financial Statement Schedules and the report thereon of PricewaterhouseCoopers LLP dated
February 12, 2018
, are presented under Item 16 of this Annual Report on Form 10-K.
|
(b)
|
The unaudited selected quarterly financial data for the two years ended
December 31,
is as follows:
|
|
|
2017
|
||||||||||||||
In millions, except per share amounts
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||
Net revenues
|
|
$
|
3,000.6
|
|
|
$
|
3,908.4
|
|
|
$
|
3,670.5
|
|
|
$
|
3,618.1
|
|
Cost of goods sold
|
|
(2,126.1
|
)
|
|
(2,653.1
|
)
|
|
(2,489.9
|
)
|
|
(2,542.5
|
)
|
||||
Operating income
|
|
215.0
|
|
|
557.6
|
|
|
506.1
|
|
|
386.6
|
|
||||
Net earnings
|
|
121.1
|
|
|
362.2
|
|
|
371.9
|
|
|
457.1
|
|
||||
Net earnings attributable to Ingersoll-Rand plc
|
|
117.1
|
|
|
358.6
|
|
|
367.0
|
|
|
459.9
|
|
||||
Earnings per share attributable to Ingersoll-Rand plc ordinary shareholders:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
0.45
|
|
|
$
|
1.40
|
|
|
$
|
1.45
|
|
|
$
|
1.84
|
|
Diluted
|
|
$
|
0.45
|
|
|
$
|
1.38
|
|
|
$
|
1.43
|
|
|
$
|
1.81
|
|
|
|
2016
|
||||||||||||||
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||
Net revenues
|
|
$
|
2,894.1
|
|
|
$
|
3,688.2
|
|
|
$
|
3,567.8
|
|
|
$
|
3,358.8
|
|
Cost of goods sold
|
|
(2,041.2
|
)
|
|
(2,506.5
|
)
|
|
(2,412.9
|
)
|
|
(2,347.3
|
)
|
||||
Operating income
|
|
225.4
|
|
|
513.3
|
|
|
511.7
|
|
|
352.8
|
|
||||
Net earnings
|
|
155.6
|
|
|
752.4
|
|
|
381.9
|
|
|
202.8
|
|
||||
Net earnings attributable to Ingersoll-Rand plc
|
|
152.4
|
|
|
747.6
|
|
|
377.4
|
|
|
198.8
|
|
||||
Earnings per share attributable to Ingersoll-Rand plc ordinary shareholders:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
0.58
|
|
|
$
|
2.88
|
|
|
$
|
1.45
|
|
|
$
|
0.76
|
|
Diluted
|
|
$
|
0.58
|
|
|
$
|
2.86
|
|
|
$
|
1.44
|
|
|
$
|
0.75
|
|
(a)
|
Evaluation of Disclosure Controls and Procedures
|
(b)
|
Management's Report on Internal Control Over Financial Reporting
|
(c)
|
Changes in Internal Control Over Financial Reporting
|
(a) 1. and 2.
|
Financial statements and financial statement schedule
See Item 8.
|
|
|
3.
|
Exhibits
|
|
The exhibits listed on the accompanying index to exhibits are filed as part of this Annual Report on Form 10-K.
|
Exhibit No.
|
|
Description
|
|
Method of Filing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.1
|
|
|
Incorporated by reference to Exhibit 3.1 to the Company’s Form 8-K (File No. 001-34400) filed with the SEC on December 2, 2013.
|
|
|
|
|
|
|
|
|
3.1
|
|
|
Incorporated by reference to Exhibit 3.1 to the Company’s Form 8-K (File No. 001-34400) filed with the SEC on June 7, 2016.
|
|
|
|
|
|
|
|
|
|
|
The Company and its subsidiaries are parties to several long-term debt instruments under which, in each case, the total amount of securities authorized does not exceed 10% of the total assets of the Company and its subsidiaries on a consolidated basis.
|
|
Pursuant to paragraph 4 (iii)(A) of Item 601 (b) of Regulation S-K, the Company agrees to furnish a copy of such instruments to the Securities and Exchange Commission upon request.
|
|
|
|
|
|
|
|
4.1
|
|
|
Incorporated by reference to Exhibit 4.4 to the Company’s Form 10-K for the fiscal year ended 2008 (File No. 001-16831) filed with the SEC on March 2, 2009.
|
|
|
|
|
|
|
|
|
Exhibit No.
|
|
Description
|
|
Method of Filing
|
|
4.2
|
|
|
Incorporated by reference to Exhibit 1.1 to the Company’s Form 8-K (File No. 001-16831) filed with the SEC on August 18, 2008.
|
|
|
|
|
|
|
|
|
4.3
|
|
|
Incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K (File No. 001-16831) filed with the SEC on April 6, 2009.
|
|
|
|
|
|
|
|
|
4.4
|
|
|
Incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K (File No. 001-16831) filed with the SEC on April 6, 2009.
|
|
|
|
|
|
|
|
|
4.5
|
|
|
Incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K (File No. 001-34400) filed with the SEC on July 1, 2009.
|
|
|
|
|
|
|
|
|
4.6
|
|
|
Incorporated by reference to Exhibit 4.2 to the Company's Form 8-K (File No. 001-34400) filed with the SEC on November 26, 2013.
|
|
|
|
|
|
|
|
|
Exhibit No.
|
|
Description
|
|
Method of Filing
|
|
4.7
|
|
|
Incorporated by reference to Exhibit 4.6 to the Company's Form 8-K (File No. 001-34400) filed with the SEC on October 29, 2014.
|
|
|
|
|
|
|
|
|
4.8
|
|
|
Incorporated by reference to Exhibit 4.8 to the Company's Form 10-K for the fiscal years ended 2015 (File No. 001-34400) filed with the SEC on February 12, 2016.
|
|
|
|
|
|
|
|
|
4.9
|
|
|
|
Incorporated by reference to Exhibit 4.9 to the Company’s Form 10-K for the fiscal year ended 2016 (File No. 001-34400) filed with the SEC on February 13, 2017.
|
|
|
|
|
|
|
|
4.10
|
|
|
Incorporated by reference to Exhibit 4.3 to the Company’s Form 8-K (File No. 001-34400) filed with the SEC on July 1, 2009.
|
|
|
|
|
|
|
|
|
Exhibit No.
|
|
Description
|
|
Method of Filing
|
|
4.11
|
|
|
Incorporated by reference to Exhibit 4.7 to the Company's Form 8-K (File No. 001-34400) filed with the SEC on October 29, 2014.
|
|
|
|
|
|
|
|
|
4.12
|
|
|
Incorporated by reference to Exhibit 4.1 to the Company's Form 8-K (File No. 001-34400) filed with the SEC on June 26, 2013.
|
|
|
|
|
|
|
|
|
4.13
|
|
|
Incorporated by reference to Exhibit 4.2 to the Company's Form 8-K (File No. 001-34400) filed with the SEC on June 26, 2013.
|
|
|
|
|
|
|
|
|
4.14
|
|
|
Incorporated by reference to Exhibit 4.3 to the Company's Form 8-K (File No. 001-34400) filed with the SEC on June 26, 2013.
|
|
|
|
|
|
|
|
|
4.15
|
|
|
Incorporated by reference to Exhibit 4.4 to the Company's Form 8-K (File No. 001-34400) filed with the SEC on June 26, 2013.
|
|
|
|
|
|
|
|
|
Exhibit No.
|
|
Description
|
|
Method of Filing
|
|
4.16
|
|
|
Incorporated by reference to Exhibit 4.1 to the Company's Form 8-K (File No. 001-34400) filed with the SEC on November 26, 2013.
|
|
|
|
|
|
|
|
|
4.17
|
|
|
Incorporated by reference to Exhibit 4.5 to the Company’s Form 8-K (File No. 001-34400) filed with the SEC on October 29, 2014.
|
|
|
|
|
|
|
|
|
4.18
|
|
|
Incorporated by reference to Exhibit 4.21 to the Company's Form 10-K for the fiscal year ended 2015 (File No. 001-34400) filed with the SEC on February 12, 2016.
|
|
|
|
|
|
|
|
|
4.19
|
|
|
|
Incorporated by reference to Exhibit 4.19 to the Company’s Form 10-K for the fiscal year ended 2016 (File No. 001-34400) filed with the SEC on February 13, 2017.
|
|
|
|
|
|
|
|
Exhibit No.
|
|
Description
|
|
Method of Filing
|
|
4.20
|
|
|
Incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K (File No. 001-34400) filed with the SEC on October 29, 2014.
|
|
|
|
|
|
|
|
|
4.21
|
|
|
Incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K (File No. 001-34400) filed with the SEC on October 29, 2014.
|
|
|
|
|
|
|
|
|
4.22
|
|
|
Incorporated by reference to Exhibit 4.3 to the Company’s Form 8-K (File No. 001-34400) filed with the SEC on October 29, 2014.
|
|
|
|
|
|
|
|
|
4.23
|
|
|
Incorporated by reference to Exhibit 4.3 to the Company’s Form 8-K (File No. 001-34400) filed with the SEC on October 29, 2014.
|
|
|
|
|
|
|
|
|
Exhibit No.
|
|
Description
|
|
Method of Filing
|
|
4.24
|
|
|
Incorporated by reference to Exhibit 4.27 to the Company's Form 10-K for the fiscal year ended 2015 (File No. 001-34400) filed with the SEC on February 12, 2016.
|
|
|
|
|
|
|
|
|
4.25
|
|
|
|
Incorporated by reference to Exhibit 4.25 to the Company’s Form 10-K for the fiscal year ended 2016 (File No. 001-34400) filed with the SEC on February 13, 2017.
|
|
|
|
|
|
|
|
4.26
|
|
|
Incorporated by reference to Exhibit 4.6 to the Company’s Form S-3 (File No. 333-161334) filed with the SEC on August 13, 2009.
|
|
|
|
|
|
|
|
|
10.1*
|
|
|
Incorporated by reference to Exhibit 10.1 to the Company’s Form 10-K for the fiscal year ended 2014 (File No. 001-34400) filed with the SEC on February 13, 2015.
|
|
|
|
|
|
|
|
|
10.2*
|
|
|
Incorporated by reference to Exhibit 10.2 to the Company’s Form 10-K for the fiscal year ended 2014 (File No. 001-34400) filed with the SEC on February 13, 2015.
|
|
|
|
|
|
|
|
|
10.3*
|
|
|
Incorporated by reference to Exhibit 10.3 to the Company’s Form 10-K for the fiscal year ended 2014 (File No. 001-34400) filed with the SEC on February 13, 2015.
|
|
|
|
|
|
|
|
|
Exhibit No.
|
|
Description
|
|
Method of Filing
|
|
10.4
|
|
|
Incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 001-34400) filed with the SEC on March 26, 2014.
|
|
|
|
|
|
|
|
|
10.5
|
|
|
Incorporated by reference to Exhibit 10.8 to the Company's Form 10-K for the fiscal year ended 2015 (File No. 001-34400) filed with the SEC on February 12, 2016.
|
|
|
|
|
|
|
|
|
10.6
|
|
|
|
Incorporated by reference to Exhibit 10.6 to the Company’s Form 10-K for the fiscal year ended 2016 (File No. 001-34400) filed with the SEC on February 13, 2017.
|
|
|
|
|
|
|
|
Exhibit No.
|
|
Description
|
|
Method of Filing
|
|
10.7
|
|
|
|
Incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 001-34400) filed with the SEC on March 17, 2016.
|
|
|
|
|
|
|
|
10.8
|
|
|
|
Incorporated by reference to Exhibit 10.8 to the Company’s Form 10-K for the fiscal year ended 2017 (File No. 001-34400) filed with the SEC on February 13, 2017.
|
|
|
|
|
|
|
|
10.9
|
|
|
Incorporated by reference to Exhibit 10.5 to the Company’s Form 8-K (File No. 001-34400) filed with the SEC on July 1, 2009.
|
|
|
|
|
|
|
|
|
10.10
|
|
|
Incorporated by reference to Exhibit 10.1 to Trane Inc.’s Form 8-K (File No. 001-11415) filed with the SEC on July 20, 2007.
|
|
|
|
|
|
|
|
|
10.11
|
|
|
Incorporated by reference to Exhibit 10.2 to the Company's Form 8-K (File No. 001-34400) filed with the SEC on December 2, 2013.
|
|
|
|
|
|
|
|
|
10.12*
|
|
|
Incorporated by reference to Exhibit 4.5 to the Company's Form S-8 (File No. 333-189446) filed with the SEC on June 19, 2013.
|
|
|
|
|
|
|
|
|
Exhibit No.
|
|
Description
|
|
Method of Filing
|
|
10.13*
|
|
|
Incorporated by reference to Exhibit 10.18 to the Company’s Form 10-K for the fiscal year ended 2010 (File No. 001-34400) filed with the SEC on February 22, 2011.
|
|
|
|
|
|
|
|
|
10.14*
|
|
|
Incorporated by reference to Exhibit 10.1 to the Company’s Form 10-Q for the quarter ended June 30, 2017 (File No. 001-34400) filed with the SEC on July 26, 2017.
|
|
|
|
|
|
|
|
|
10.15*
|
|
|
Incorporated by reference to Exhibit 10.2 to the Company’s Form 10-Q for the quarter ended June 30, 2017 (File No. 001-34400) filed with the SEC on July 26, 2017.
|
|
|
|
|
|
|
|
|
10.16*
|
|
|
Incorporated by reference to Exhibit 10.19 to the Company’s Form 10-K for the fiscal year ended 2011 (File No. 001-34400) filed with the SEC on February 21, 2012.
|
|
|
|
|
|
|
|
|
10.17*
|
|
|
Incorporated by reference to Exhibit 10.20 to the Company’s Form 10-K for the fiscal year ended 2011 (File No. 001-16831) filed with the SEC on February 21, 2012.
|
|
|
|
|
|
|
|
|
10.18*
|
|
|
Incorporated by reference to Exhibit 10.11 to the Company’s Form 8-K (File No. 001-34400) filed with the SEC on July 1, 2009.
|
|
|
|
|
|
|
|
|
10.19*
|
|
|
Incorporated by reference to Exhibit 10.12 to the Company’s Form 8-K (File No. 001-34400) filed with the SEC on July 1, 2009.
|
|
|
|
|
|
|
|
|
10.20*
|
|
|
Incorporated by reference to exhibit 10.23 to the Company's Form 10-K for the fiscal year ended 2012 (File No. 001-34400) filed with the SEC on February 14, 2013.
|
|
|
|
|
|
|
|
|
10.21*
|
|
|
Filed herewith.
|
|
|
|
|
|
|
|
|
10.22*
|
|
|
Incorporated by reference to exhibit 10.24 to the Company's Form 10-K for the fiscal year ended 2012 (File No. 001-34400) filed with the SEC on February 14, 2013.
|
|
|
|
|
|
|
|
|
10.23*
|
|
|
Filed herewith.
|
|
Exhibit No.
|
|
Description
|
|
Method of Filing
|
|
|
|
|
|
|
|
10.24*
|
|
|
Incorporated by reference to Exhibit 10.19 to the Company’s Form 8-K (File No. 001-34400) filed with the SEC on July 1, 2009.
|
|
|
|
|
|
|
|
|
10.25*
|
|
|
Filed herewith.
|
|
|
10.26*
|
|
|
Incorporated by reference to Exhibit 10.28 to the Company’s Form 10-K for the fiscal year ended 2008 (File No. 001-16831) filed with the SEC on March 2, 2009.
|
|
|
|
|
|
|
|
|
10.27*
|
|
|
Incorporated by reference to Exhibit 10.21 to the Company’s Form 8-K (File No. 001-34400) filed with the SEC on July 1, 2009.
|
|
|
|
|
|
|
|
|
10.28*
|
|
|
|
Incorporated by reference to exhibit 10.32 to the Company's Form 10-K for the fiscal year ended 2012 (File No. 001-34400) filed with the SEC on February 14, 2013.
|
|
|
|
|
|
|
|
10.29*
|
|
|
Incorporated by reference to Exhibit 10.39 to the Company's Form 10-K for the fiscal year ended 2011 (File No. 001-34400) filed with the SEC on February 21, 2012.
|
|
|
|
|
|
|
|
|
10.30*
|
|
|
Filed herewith.
|
|
|
|
|
|
|
|
|
10.31*
|
|
|
Incorporated by reference to Exhibit 99.1 to the Company's Form 8-K (File No. 001-16831) filed with the SEC on December 4, 2006.
|
|
|
|
|
|
|
|
|
10.32*
|
|
|
Incorporated by reference to Exhibit 99.2 to the Company’s Form 8-K (File No. 001-16831) filed with the SEC on December 4, 2006.
|
|
|
|
|
|
|
|
|
10.33*
|
|
|
Incorporated by reference to Exhibit 10.32 to the Company’s Form 10-Q for the period ended June 30, 2009 (File No. 001-34400) filed with the SEC on August 6, 2009.
|
|
|
|
|
|
|
|
|
Exhibit No.
|
|
Description
|
|
Method of Filing
|
|
10.34*
|
|
|
Incorporated by reference to Exhibit 10.33 to the Company’s Form 10-Q for the period ended June 30, 2009 (File No. 001-34400) filed with the SEC on August 6, 2009.
|
|
|
|
|
|
|
|
|
10.35*
|
|
|
Incorporated by reference to Exhibit 10.35 to the Company’s Form 10-K for the fiscal year ended 2014 (File No. 001-34400) filed with the SEC on February 13, 2015.
|
|
|
|
|
|
|
|
|
10.36*
|
|
|
Incorporated by reference to Exhibit 10.35 to the Company’s Form 10-K for the fiscal year ended 2003 (File No. 001-16831) filed with the SEC on February 27, 2004.
|
|
|
|
|
|
|
|
|
10.37*
|
|
|
Incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K (File No. 001-16831) filed with the SEC on June 10, 2008.
|
|
|
|
|
|
|
|
|
10.38*
|
|
|
Incorporated by reference to Exhibit 10.43 to the Company’s Form 10-K for the fiscal year ended 2008 (File No. 001-16831) filed with the SEC on March 2, 2009.
|
|
|
|
|
|
|
|
|
10.39*
|
|
|
Incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 001-34400) filed with the SEC on February 5, 2010.
|
|
|
|
|
|
|
|
|
10.40*
|
|
|
Incorporated by reference to exhibit 10.48 to the Company's Form 10-K for the fiscal year ended 2012 (File No. 001-34400) filed with the SEC on February 14, 2013.
|
|
|
|
|
|
|
|
|
10.41*
|
|
|
Incorporated by reference to Exhibit 10.45 to the Company's Form 10-K for the fiscal year ended December 31, 2006 (File No. 001-16831) filed with the SEC on March 1, 2007.
|
|
|
|
|
|
|
|
|
10.42*
|
|
|
Incorporated by reference to exhibit 10.53 to the Company's Form 10-K for the fiscal year ended 2012 (File No. 001-34400) filed with the SEC on February 14, 2013.
|
|
|
|
|
|
|
|
|
10.43*
|
|
|
Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 001-34400) filed with the SEC on October 2, 2013.
|
|
|
|
|
|
|
|
|
Exhibit No.
|
|
Description
|
|
Method of Filing
|
|
10.44
|
|
|
Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 001-34400) filed with the SEC on December 2, 2013.
|
|
|
|
|
|
|
|
|
12
|
|
|
Filed herewith.
|
|
|
|
|
|
|
|
|
21
|
|
|
Filed herewith.
|
|
|
|
|
|
|
|
|
23.1
|
|
|
Filed herewith.
|
|
|
|
|
|
|
|
|
31.1
|
|
|
Filed herewith.
|
|
|
|
|
|
|
|
|
31.2
|
|
|
Filed herewith.
|
|
|
|
|
|
|
|
|
32
|
|
|
Furnished herewith.
|
|
|
|
|
|
|
|
|
101
|
|
The following materials from the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Comprehensive Income, (ii) the Consolidated Balance Sheets, (iii) the Consolidated Statements of Equity, (iv) the Consolidated Statements of Cash Flows, and (v) Notes to Consolidated Financial Statements.
|
|
Furnished herewith.
|
|
By:
|
|
/s/ Michael W. Lamach
|
|
|
Michael W. Lamach
|
|
|
Chief Executive Officer
|
Date:
|
|
February 12, 2018
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ Michael W. Lamach
|
|
Chairman of the Board and Chief Executive Officer (Principal Executive Officer)
|
|
February 12, 2018
|
(Michael W. Lamach)
|
|
|
|
|
|
|
|
|
|
/s/ Susan K. Carter
|
|
Senior Vice President and Chief Financial Officer (Principal Financial Officer)
|
|
February 12, 2018
|
(Susan K. Carter)
|
|
|
|
|
|
|
|
|
|
/s/ Christopher J. Kuehn
|
|
Vice President and Chief Accounting Officer (Principal Accounting Officer)
|
|
February 12, 2018
|
(Christopher J. Kuehn)
|
|
|
|
|
|
|
|
|
|
/s/ Kirk E. Arnold
|
|
Director
|
|
February 12, 2018
|
(Kirk E. Arnold)
|
|
|
|
|
|
|
|
|
|
/s/ Ann C. Berzin
|
|
Director
|
|
February 12, 2018
|
(Ann C. Berzin)
|
|
|
|
|
|
|
|
|
|
/s/ John Bruton
|
|
Director
|
|
February 12, 2018
|
(John Bruton)
|
|
|
|
|
|
|
|
|
|
/s/ Jared L. Cohon
|
|
Director
|
|
February 12, 2018
|
(Jared L. Cohon)
|
|
|
|
|
|
|
|
|
|
/s/ Gary D. Forsee
|
|
Director
|
|
February 12, 2018
|
(Gary D. Forsee)
|
|
|
|
|
|
|
|
|
|
/s/ Linda P. Hudson
|
|
Director
|
|
February 12, 2018
|
(Linda P. Hudson)
|
|
|
|
|
|
|
|
|
|
/s/ Myles P. Lee
|
|
Director
|
|
February 12, 2018
|
(Myles P. Lee)
|
|
|
|
|
|
|
|
|
|
/s/ John P. Surma
|
|
Director
|
|
February 12, 2018
|
(John P. Surma)
|
|
|
|
|
|
|
|
|
|
/s/ Richard J. Swift
|
|
Director
|
|
February 12, 2018
|
(Richard J. Swift)
|
|
|
|
|
|
|
|
|
|
/s/ Tony L. White
|
|
Director
|
|
February 12, 2018
|
(Tony L. White)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ingersoll-Rand plc
Consolidated Statements of Comprehensive Income
In millions, except per share amounts
|
||||||||||||
For the years ended December 31,
|
|
2017
|
|
2016
|
|
2015
|
||||||
Net revenues
|
|
$
|
14,197.6
|
|
|
$
|
13,508.9
|
|
|
$
|
13,300.7
|
|
Cost of goods sold
|
|
(9,811.6
|
)
|
|
(9,307.9
|
)
|
|
(9,277.4
|
)
|
|||
Selling and administrative expenses
|
|
(2,720.7
|
)
|
|
(2,597.8
|
)
|
|
(2,531.6
|
)
|
|||
Operating income
|
|
1,665.3
|
|
|
1,603.2
|
|
|
1,491.7
|
|
|||
Interest expense
|
|
(215.8
|
)
|
|
(221.5
|
)
|
|
(223.0
|
)
|
|||
Other income/(expense), net
|
|
(31.6
|
)
|
|
359.6
|
|
|
(20.8
|
)
|
|||
Earnings before income taxes
|
|
1,417.9
|
|
|
1,741.3
|
|
|
1,247.9
|
|
|||
Provision for income taxes
|
|
(80.2
|
)
|
|
(281.5
|
)
|
|
(540.8
|
)
|
|||
Earnings from continuing operations
|
|
1,337.7
|
|
|
1,459.8
|
|
|
707.1
|
|
|||
Discontinued operations, net of tax
|
|
(25.4
|
)
|
|
32.9
|
|
|
(24.3
|
)
|
|||
Net earnings
|
|
1,312.3
|
|
|
1,492.7
|
|
|
682.8
|
|
|||
Less: Net earnings attributable to noncontrolling interests
|
|
(9.7
|
)
|
|
(16.5
|
)
|
|
(18.2
|
)
|
|||
Net earnings attributable to Ingersoll-Rand plc
|
|
$
|
1,302.6
|
|
|
$
|
1,476.2
|
|
|
$
|
664.6
|
|
Amounts attributable to Ingersoll-Rand plc ordinary shareholders:
|
|
|
|
|
|
|
||||||
Continuing operations
|
|
$
|
1,328.0
|
|
|
$
|
1,443.3
|
|
|
$
|
688.9
|
|
Discontinued operations
|
|
(25.4
|
)
|
|
32.9
|
|
|
(24.3
|
)
|
|||
Net earnings
|
|
$
|
1,302.6
|
|
|
$
|
1,476.2
|
|
|
$
|
664.6
|
|
Earnings (loss) per share attributable to Ingersoll-Rand plc ordinary shareholders:
|
|
|
|
|
|
|
||||||
Basic:
|
|
|
|
|
|
|
||||||
Continuing operations
|
|
$
|
5.21
|
|
|
$
|
5.57
|
|
|
$
|
2.60
|
|
Discontinued operations
|
|
(0.10
|
)
|
|
0.13
|
|
|
(0.09
|
)
|
|||
Net earnings
|
|
$
|
5.11
|
|
|
$
|
5.70
|
|
|
$
|
2.51
|
|
Diluted:
|
|
|
|
|
|
|
||||||
Continuing operations
|
|
$
|
5.14
|
|
|
$
|
5.52
|
|
|
$
|
2.57
|
|
Discontinued operations
|
|
(0.09
|
)
|
|
0.13
|
|
|
(0.09
|
)
|
|||
Net earnings
|
|
$
|
5.05
|
|
|
$
|
5.65
|
|
|
$
|
2.48
|
|
Ingersoll-Rand plc
Consolidated Statements of Comprehensive Income (continued)
In millions, except per share amounts
|
||||||||||||
For the years ended December 31,
|
|
2017
|
|
2016
|
|
2015
|
||||||
Net earnings
|
|
$
|
1,312.3
|
|
|
$
|
1,492.7
|
|
|
$
|
682.8
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
||||||
Currency translation
|
|
450.3
|
|
|
(233.8
|
)
|
|
(447.6
|
)
|
|||
Cash flow hedges
|
|
|
|
|
|
|
||||||
Unrealized net gains (losses) arising during period
|
|
(1.8
|
)
|
|
2.2
|
|
|
1.2
|
|
|||
Net gains (losses) reclassified into earnings
|
|
3.6
|
|
|
(4.8
|
)
|
|
2.6
|
|
|||
Tax (expense) benefit
|
|
—
|
|
|
0.4
|
|
|
(1.8
|
)
|
|||
Total cash flow hedges, net of tax
|
|
1.8
|
|
|
(2.2
|
)
|
|
2.0
|
|
|||
Pension and OPEB adjustments:
|
|
|
|
|
|
|
||||||
Prior service costs for the period
|
|
(3.8
|
)
|
|
(6.2
|
)
|
|
(6.8
|
)
|
|||
Net actuarial gains (losses) for the period
|
|
39.6
|
|
|
23.6
|
|
|
1.8
|
|
|||
Amortization reclassified into earnings
|
|
52.1
|
|
|
57.5
|
|
|
55.1
|
|
|||
Settlements/curtailments reclassified to earnings
|
|
7.7
|
|
|
2.1
|
|
|
0.7
|
|
|||
Currency translation and other
|
|
(15.4
|
)
|
|
22.5
|
|
|
15.9
|
|
|||
Tax (expense) benefit
|
|
(20.1
|
)
|
|
(23.5
|
)
|
|
(32.0
|
)
|
|||
Total pension and OPEB adjustments, net of tax
|
|
60.1
|
|
|
76.0
|
|
|
34.7
|
|
|||
Other comprehensive income (loss), net of tax
|
|
512.2
|
|
|
(160.0
|
)
|
|
(410.9
|
)
|
|||
Comprehensive income, net of tax
|
|
$
|
1,824.5
|
|
|
$
|
1,332.7
|
|
|
$
|
271.9
|
|
Less: Comprehensive income attributable to noncontrolling interests
|
|
(10.2
|
)
|
|
(26.1
|
)
|
|
(13.9
|
)
|
|||
Comprehensive income attributable to Ingersoll-Rand plc
|
|
$
|
1,814.3
|
|
|
$
|
1,306.6
|
|
|
$
|
258.0
|
|
December 31,
|
|
2017
|
|
2016
|
||||
ASSETS
|
|
|
|
|
||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
1,549.4
|
|
|
$
|
1,714.7
|
|
Accounts and notes receivable, net
|
|
2,477.4
|
|
|
2,223.0
|
|
||
Inventories, net
|
|
1,555.4
|
|
|
1,385.8
|
|
||
Other current assets
|
|
536.9
|
|
|
255.8
|
|
||
Total current assets
|
|
6,119.1
|
|
|
5,579.3
|
|
||
Property, plant and equipment, net
|
|
1,551.3
|
|
|
1,511.0
|
|
||
Goodwill
|
|
5,935.7
|
|
|
5,658.4
|
|
||
Intangible assets, net
|
|
3,742.9
|
|
|
3,785.1
|
|
||
Other noncurrent assets
|
|
824.3
|
|
|
863.6
|
|
||
Total assets
|
|
$
|
18,173.3
|
|
|
$
|
17,397.4
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
1,556.1
|
|
|
$
|
1,334.0
|
|
Accrued compensation and benefits
|
|
509.7
|
|
|
469.8
|
|
||
Accrued expenses and other current liabilities
|
|
1,655.2
|
|
|
1,425.7
|
|
||
Short-term borrowings and current maturities of long-term debt
|
|
1,107.0
|
|
|
360.8
|
|
||
Total current liabilities
|
|
4,828.0
|
|
|
3,590.3
|
|
||
Long-term debt
|
|
2,957.0
|
|
|
3,709.4
|
|
||
Postemployment and other benefit liabilities
|
|
1,285.3
|
|
|
1,356.5
|
|
||
Deferred and noncurrent income taxes
|
|
757.5
|
|
|
884.9
|
|
||
Other noncurrent liabilities
|
|
1,138.6
|
|
|
1,138.0
|
|
||
Total liabilities
|
|
10,966.4
|
|
|
10,679.1
|
|
||
Equity:
|
|
|
|
|
||||
Ingersoll-Rand plc shareholders’ equity
|
|
|
|
|
||||
Ordinary shares, $1 par value (273,980,824 and 271,673,124 shares issued at December 31, 2017 and 2016, respectively)
|
|
274.0
|
|
|
271.7
|
|
||
Ordinary shares held in treasury, at cost (24,501,667 and 12,666,804 shares at December 31, 2017 and 2016, respectively)
|
|
(1,719.4
|
)
|
|
(702.7
|
)
|
||
Capital in excess of par value
|
|
461.3
|
|
|
346.5
|
|
||
Retained earnings
|
|
8,903.2
|
|
|
8,018.8
|
|
||
Accumulated other comprehensive loss
|
|
(778.8
|
)
|
|
(1,290.5
|
)
|
||
Total Ingersoll-Rand plc shareholders’ equity
|
|
7,140.3
|
|
|
6,643.8
|
|
||
Noncontrolling interest
|
|
66.6
|
|
|
74.5
|
|
||
Total equity
|
|
7,206.9
|
|
|
6,718.3
|
|
||
Total liabilities and equity
|
|
$
|
18,173.3
|
|
|
$
|
17,397.4
|
|
|
|
|
|
Ingersoll-Rand plc shareholders’ equity
|
|
|
|||||||||||||||||||||||||
In millions, except per share amounts
|
|
Total
equity
|
|
Ordinary shares
|
|
Ordinary shares held in treasury, at cost
|
|
Capital in
excess of
par value
|
|
Retained
earnings
|
|
Accumulated other
comprehensive
income (loss)
|
|
Noncontrolling Interest
|
|||||||||||||||||
|
|
Amount
|
|
Shares
|
|
|
|
|
|
||||||||||||||||||||||
Balance at December 31, 2014
|
|
$
|
6,045.4
|
|
|
$
|
266.3
|
|
|
266.3
|
|
|
$
|
(202.5
|
)
|
|
$
|
97.1
|
|
|
$
|
6,540.8
|
|
|
$
|
(714.3
|
)
|
|
$
|
58.0
|
|
Net earnings
|
|
682.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
664.6
|
|
|
—
|
|
|
18.2
|
|
|||||||
Other comprehensive income (loss)
|
|
(410.9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(406.6
|
)
|
|
(4.3
|
)
|
|||||||
Shares issued under incentive stock plans
|
|
65.9
|
|
|
2.7
|
|
|
2.7
|
|
|
—
|
|
|
63.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Repurchase of ordinary shares
|
|
(250.1
|
)
|
|
—
|
|
|
—
|
|
|
(250.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Share-based compensation
|
|
61.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
63.0
|
|
|
(1.2
|
)
|
|
—
|
|
|
—
|
|
|||||||
Dividends declared to noncontrolling interest
|
|
(9.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9.4
|
)
|
|||||||
Cash dividends, declared ($1.16 per share)
|
|
(305.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(305.6
|
)
|
|
—
|
|
|
—
|
|
|||||||
Other
|
|
(0.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.7
|
)
|
|
—
|
|
|
—
|
|
|||||||
Balance at December 31, 2015
|
|
$
|
5,879.2
|
|
|
$
|
269.0
|
|
|
269.0
|
|
|
$
|
(452.6
|
)
|
|
$
|
223.3
|
|
|
$
|
6,897.9
|
|
|
$
|
(1,120.9
|
)
|
|
$
|
62.5
|
|
Net earnings
|
|
1,492.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,476.2
|
|
|
—
|
|
|
16.5
|
|
|||||||
Other comprehensive income (loss)
|
|
(160.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(169.6
|
)
|
|
9.6
|
|
|||||||
Shares issued under incentive stock plans
|
|
60.4
|
|
|
2.7
|
|
|
2.7
|
|
|
—
|
|
|
57.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Repurchase of ordinary shares
|
|
(250.1
|
)
|
|
—
|
|
|
|
|
|
(250.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Share-based compensation
|
|
61.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
66.0
|
|
|
(4.4
|
)
|
|
—
|
|
|
—
|
|
|||||||
Dividends declared to noncontrolling interest
|
|
(14.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14.1
|
)
|
|||||||
Cash dividends declared ($1.36 per share)
|
|
(351.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(351.0
|
)
|
|
—
|
|
|
—
|
|
|||||||
Other
|
|
(0.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.5
|
)
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|||||||
Balance at December 31, 2016
|
|
$
|
6,718.3
|
|
|
$
|
271.7
|
|
|
271.7
|
|
|
$
|
(702.7
|
)
|
|
$
|
346.5
|
|
|
$
|
8,018.8
|
|
|
$
|
(1,290.5
|
)
|
|
$
|
74.5
|
|
Net earnings
|
|
1,312.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,302.6
|
|
|
—
|
|
|
9.7
|
|
|||||||
Other comprehensive income (loss)
|
|
512.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
511.7
|
|
|
0.5
|
|
|||||||
Shares issued under incentive stock plans
|
|
51.2
|
|
|
2.3
|
|
|
2.3
|
|
|
—
|
|
|
48.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Repurchase of ordinary shares
|
|
(1,016.9
|
)
|
|
—
|
|
|
—
|
|
|
(1,016.9
|
)
|
|
—
|
|
|
|
|
|
—
|
|
|
—
|
|
|||||||
Share-based compensation
|
|
67.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
70.8
|
|
|
(2.9
|
)
|
|
—
|
|
|
—
|
|
|||||||
Dividends declared to noncontrolling interest
|
|
(15.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15.8
|
)
|
|||||||
Adoption of ASU 2016-09 (See Note 2)
|
|
15.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15.1
|
|
|
—
|
|
|
—
|
|
|||||||
Acquisition/divestiture of noncontrolling interest
|
|
(7.3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5.0
|
)
|
|
—
|
|
|
—
|
|
|
(2.3
|
)
|
|||||||
Cash dividends declared ($1.70 per share)
|
|
(430.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(430.2
|
)
|
|
—
|
|
|
—
|
|
|||||||
Other
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
0.1
|
|
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|||||||
Balance at December 31, 2017
|
|
$
|
7,206.9
|
|
|
$
|
274.0
|
|
|
274.0
|
|
|
$
|
(1,719.4
|
)
|
|
$
|
461.3
|
|
|
$
|
8,903.2
|
|
|
$
|
(778.8
|
)
|
|
$
|
66.6
|
|
For the years ended December 31,
|
|
2017
|
|
2016
|
|
2015
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
||||||
Net earnings
|
|
$
|
1,312.3
|
|
|
$
|
1,492.7
|
|
|
$
|
682.8
|
|
Discontinued operations, net of tax
|
|
25.4
|
|
|
(32.9
|
)
|
|
24.3
|
|
|||
Adjustments for non-cash transactions:
|
|
|
|
|
|
|
||||||
Asset impairment
|
|
8.4
|
|
|
—
|
|
|
—
|
|
|||
Depreciation and amortization
|
|
353.3
|
|
|
352.2
|
|
|
364.1
|
|
|||
Gain on sale of Hussmann equity investment
|
|
—
|
|
|
(397.8
|
)
|
|
—
|
|
|||
Gain on sale of joint venture
|
|
(1.5
|
)
|
|
—
|
|
|
—
|
|
|||
Other non-cash items, net
|
|
(55.8
|
)
|
|
35.6
|
|
|
157.7
|
|
|||
Changes in other assets and liabilities
|
|
|
|
|
|
|
||||||
Accounts and notes receivable
|
|
(156.7
|
)
|
|
(101.3
|
)
|
|
(79.8
|
)
|
|||
Inventories
|
|
(112.4
|
)
|
|
26.8
|
|
|
(6.3
|
)
|
|||
Other current and noncurrent assets
|
|
(206.8
|
)
|
|
(24.5
|
)
|
|
248.8
|
|
|||
Accounts payable
|
|
167.2
|
|
|
103.6
|
|
|
(41.0
|
)
|
|||
Other current and noncurrent liabilities
|
|
228.2
|
|
|
(21.4
|
)
|
|
(427.1
|
)
|
|||
Net cash provided by (used in) continuing operating activities
|
|
1,561.6
|
|
|
1,433.0
|
|
|
923.5
|
|
|||
Net cash provided by (used in) discontinued operating activities
|
|
(38.1
|
)
|
|
88.9
|
|
|
(35.1
|
)
|
|||
Net cash provided by (used in) operating activities
|
|
1,523.5
|
|
|
1,521.9
|
|
|
888.4
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
|
||||||
Capital expenditures
|
|
(221.3
|
)
|
|
(182.7
|
)
|
|
(249.6
|
)
|
|||
Acquisition of businesses, net of cash acquired
|
|
(157.6
|
)
|
|
(9.2
|
)
|
|
(961.8
|
)
|
|||
Proceeds from sale of property, plant and equipment
|
|
1.5
|
|
|
9.5
|
|
|
18.5
|
|
|||
Proceeds from sale of Hussmann equity investment
|
|
—
|
|
|
422.5
|
|
|
—
|
|
|||
Proceeds from sale of joint venture
|
|
2.7
|
|
|
—
|
|
|
—
|
|
|||
Net cash provided by (used in) investing activities
|
|
(374.7
|
)
|
|
240.1
|
|
|
(1,192.9
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
|
||||||
Short-term borrowings (payments), net
|
|
(11.7
|
)
|
|
(150.7
|
)
|
|
30.3
|
|
|||
Payments of long-term debt
|
|
—
|
|
|
—
|
|
|
(23.9
|
)
|
|||
Net proceeds (repayments) of debt
|
|
(11.7
|
)
|
|
(150.7
|
)
|
|
6.4
|
|
|||
Debt issuance costs
|
|
(0.2
|
)
|
|
(2.1
|
)
|
|
—
|
|
|||
Dividends paid to ordinary shareholders
|
|
(430.1
|
)
|
|
(348.6
|
)
|
|
(303.3
|
)
|
|||
Dividends paid to noncontrolling interests
|
|
(15.8
|
)
|
|
(14.1
|
)
|
|
(9.3
|
)
|
|||
Acquisition of noncontrolling interest
|
|
(6.8
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from shares issued under incentive plans
|
|
76.7
|
|
|
62.9
|
|
|
61.3
|
|
|||
Repurchase of ordinary shares
|
|
(1,016.9
|
)
|
|
(250.1
|
)
|
|
(250.1
|
)
|
|||
Other financing activities, net
|
|
(27.7
|
)
|
|
(24.2
|
)
|
|
(32.6
|
)
|
|||
Net cash provided by (used in) financing activities
|
|
(1,432.5
|
)
|
|
(726.9
|
)
|
|
(527.6
|
)
|
|||
Effect of exchange rate changes on cash and cash equivalents
|
|
118.4
|
|
|
(57.2
|
)
|
|
(136.3
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
|
(165.3
|
)
|
|
977.9
|
|
|
(968.4
|
)
|
|||
Cash and cash equivalents – beginning of period
|
|
1,714.7
|
|
|
736.8
|
|
|
1,705.2
|
|
|||
Cash and cash equivalents – end of period
|
|
$
|
1,549.4
|
|
|
$
|
1,714.7
|
|
|
$
|
736.8
|
|
Cash paid during the year for:
|
|
|
|
|
|
|
||||||
Interest
|
|
$
|
170.4
|
|
|
$
|
169.7
|
|
|
$
|
172.4
|
|
Income taxes, net of refunds
|
|
$
|
286.7
|
|
|
$
|
334.3
|
|
|
$
|
408.6
|
|
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
|
|
2017
|
|
2016
|
||||
Raw materials
|
|
$
|
502.8
|
|
|
$
|
448.5
|
|
Work-in-process
|
|
180.5
|
|
|
154.0
|
|
||
Finished goods
|
|
941.0
|
|
|
845.6
|
|
||
|
|
1,624.3
|
|
|
1,448.1
|
|
||
LIFO reserve
|
|
(68.9
|
)
|
|
(62.3
|
)
|
||
Total
|
|
$
|
1,555.4
|
|
|
$
|
1,385.8
|
|
In millions
|
|
2017
|
|
2016
|
||||
Land
|
|
$
|
52.0
|
|
|
$
|
49.2
|
|
Buildings
|
|
770.1
|
|
|
708.9
|
|
||
Machinery and equipment
|
|
2,019.5
|
|
|
1,831.1
|
|
||
Software
|
|
822.7
|
|
|
778.5
|
|
||
|
|
3,664.3
|
|
|
3,367.7
|
|
||
Accumulated depreciation
|
|
(2,113.0
|
)
|
|
(1,856.7
|
)
|
||
Total
|
|
$
|
1,551.3
|
|
|
$
|
1,511.0
|
|
In millions
|
|
Climate
|
|
Industrial
|
|
Total
|
||||||
Net balance as of December 31, 2015
|
|
$
|
4,952.6
|
|
|
$
|
777.6
|
|
|
$
|
5,730.2
|
|
Acquisitions
(1)
|
|
0.4
|
|
|
12.5
|
|
|
12.9
|
|
|||
Currency translation
|
|
(73.9
|
)
|
|
(10.8
|
)
|
|
(84.7
|
)
|
|||
Net balance as of December 31, 2016
|
|
4,879.1
|
|
|
779.3
|
|
|
5,658.4
|
|
|||
Acquisitions
(2)
|
|
26.3
|
|
|
60.5
|
|
|
86.8
|
|
|||
Currency translation
|
|
159.7
|
|
|
30.8
|
|
|
190.5
|
|
|||
Net balance as of December 31, 2017
|
|
5,065.1
|
|
|
870.6
|
|
|
5,935.7
|
|
|
|
2017
|
|
2016
|
||||||||||||||||||||
In millions
|
|
Gross carrying amount
|
|
Accumulated amortization
|
|
Net carrying amount
|
|
Gross carrying amount
|
|
Accumulated amortization
|
|
Net carrying amount
|
||||||||||||
Completed technologies/patents
|
|
$
|
209.4
|
|
|
$
|
(177.3
|
)
|
|
$
|
32.1
|
|
|
$
|
203.0
|
|
|
$
|
(165.6
|
)
|
|
$
|
37.4
|
|
Customer relationships
|
|
2,068.9
|
|
|
(1,056.9
|
)
|
|
1,012.0
|
|
|
2,008.9
|
|
|
(926.1
|
)
|
|
1,082.8
|
|
||||||
Other
|
|
93.9
|
|
|
(52.7
|
)
|
|
41.2
|
|
|
61.1
|
|
|
(48.5
|
)
|
|
12.6
|
|
||||||
Total finite-lived intangible assets
|
|
$
|
2,372.2
|
|
|
$
|
(1,286.9
|
)
|
|
$
|
1,085.3
|
|
|
$
|
2,273.0
|
|
|
$
|
(1,140.2
|
)
|
|
$
|
1,132.8
|
|
Trademarks (indefinite-lived)
|
|
2,657.6
|
|
|
—
|
|
|
2,657.6
|
|
|
2,652.3
|
|
|
—
|
|
|
2,652.3
|
|
||||||
Total
|
|
$
|
5,029.8
|
|
|
$
|
(1,286.9
|
)
|
|
$
|
3,742.9
|
|
|
$
|
4,925.3
|
|
|
$
|
(1,140.2
|
)
|
|
$
|
3,785.1
|
|
In millions
|
|
2017
|
|
2016
|
||||
Debentures with put feature
|
|
$
|
343.0
|
|
|
$
|
343.0
|
|
6.875% Senior notes due 2018
(1)
|
|
749.6
|
|
|
—
|
|
||
Other current maturities of long-term debt
|
|
7.7
|
|
|
7.7
|
|
||
Short-term borrowings
|
|
6.7
|
|
|
10.1
|
|
||
Total
|
|
$
|
1,107.0
|
|
|
$
|
360.8
|
|
In millions
|
|
2017
|
|
2016
|
||||
6.875% Senior notes due 2018
|
|
$
|
—
|
|
|
$
|
748.6
|
|
2.875% Senior notes due 2019
|
|
349.4
|
|
|
348.6
|
|
||
2.625% Senior notes due 2020
|
|
298.9
|
|
|
298.5
|
|
||
9.000% Debentures due 2021
|
|
124.9
|
|
|
124.8
|
|
||
4.250% Senior notes due 2023
|
|
696.5
|
|
|
695.6
|
|
||
7.200% Debentures due 2018-2025
|
|
52.3
|
|
|
59.7
|
|
||
3.550% Senior notes due 2024
|
|
495.2
|
|
|
494.5
|
|
||
6.48% Debentures due 2025
|
|
149.7
|
|
|
149.7
|
|
||
5.750% Senior notes due 2043
|
|
494.0
|
|
|
493.6
|
|
||
4.650% Senior notes due 2044
|
|
295.6
|
|
|
295.4
|
|
||
Other loans and notes, at end-of-year average interest rates of 5.71% in 2017 and
6.79% in 2016, maturing in various amounts to 2022
|
|
0.5
|
|
|
0.4
|
|
||
Total
|
|
$
|
2,957.0
|
|
|
$
|
3,709.4
|
|
In millions
|
|
||
2018
|
$
|
1,100.3
|
|
2019
|
357.2
|
|
|
2020
|
306.6
|
|
|
2021
|
132.4
|
|
|
2022
|
7.5
|
|
|
Thereafter
|
2,153.3
|
|
|
Total
|
$
|
4,057.3
|
|
|
|
Derivative assets
|
|
Derivative liabilities
|
||||||||||||
In millions
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Derivatives designated as hedges:
|
|
|
|
|
|
|
|
|
||||||||
Currency derivatives
|
|
$
|
—
|
|
|
$
|
0.3
|
|
|
$
|
1.3
|
|
|
$
|
2.9
|
|
Derivatives not designated as hedges:
|
|
|
|
|
|
|
|
|
||||||||
Currency derivatives
|
|
7.2
|
|
|
0.3
|
|
|
1.2
|
|
|
17.9
|
|
||||
Total derivatives
|
|
$
|
7.2
|
|
|
$
|
0.6
|
|
|
$
|
2.5
|
|
|
$
|
20.8
|
|
|
|
Amount of gain (loss)
recognized in AOCI
|
|
Location of gain (loss) reclassified from AOCI and recognized into Net earnings
|
|
Amount of gain (loss) reclassified from AOCI and recognized into Net earnings
|
||||||||||||||||||||
In millions
|
|
2017
|
|
2016
|
|
2015
|
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||||
Currency derivatives designated as hedges
|
|
$
|
(1.8
|
)
|
|
$
|
2.2
|
|
|
$
|
1.2
|
|
|
Cost of goods sold
|
|
$
|
(3.1
|
)
|
|
$
|
5.3
|
|
|
$
|
(2.1
|
)
|
Interest rate swaps & locks
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Interest expense
|
|
(0.5
|
)
|
|
(0.5
|
)
|
|
(0.5
|
)
|
||||||
Total
|
|
$
|
(1.8
|
)
|
|
$
|
2.2
|
|
|
$
|
1.2
|
|
|
|
|
$
|
(3.6
|
)
|
|
$
|
4.8
|
|
|
$
|
(2.6
|
)
|
In millions
|
|
Location of gain (loss) recognized in Net earnings
|
|
Amount of gain (loss) recognized in Net earnings
|
||||||||||
2017
|
|
2016
|
|
2015
|
||||||||||
Currency derivatives
|
|
Other income/(expense), net
|
|
$
|
58.0
|
|
|
$
|
(39.2
|
)
|
|
$
|
0.1
|
|
Total
|
|
|
|
$
|
58.0
|
|
|
$
|
(39.2
|
)
|
|
$
|
0.1
|
|
•
|
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
|
$
|
7.2
|
|
|
$
|
—
|
|
|
$
|
7.2
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivative instruments
|
$
|
2.5
|
|
|
$
|
—
|
|
|
$
|
2.5
|
|
|
$
|
—
|
|
In Millions
|
Fair Value
|
|
Fair value measurements
|
||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Derivative instruments
|
$
|
0.6
|
|
|
$
|
—
|
|
|
$
|
0.6
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivative instruments
|
$
|
20.8
|
|
|
$
|
—
|
|
|
$
|
20.8
|
|
|
$
|
—
|
|
In millions
|
|
2017
|
|
2016
|
||||
Change in benefit obligations:
|
|
|
|
|
||||
Benefit obligation at beginning of year
|
|
$
|
3,531.9
|
|
|
$
|
3,523.8
|
|
Service cost
|
|
70.8
|
|
|
72.1
|
|
||
Interest cost
|
|
109.0
|
|
|
110.2
|
|
||
Employee contributions
|
|
1.1
|
|
|
1.0
|
|
||
Amendments
|
|
3.8
|
|
|
6.2
|
|
||
Actuarial (gains) losses
|
|
175.8
|
|
|
129.6
|
|
||
Benefits paid
|
|
(194.8
|
)
|
|
(203.5
|
)
|
||
Currency translation
|
|
69.6
|
|
|
(89.4
|
)
|
||
Curtailments, settlements and special termination benefits
|
|
(13.1
|
)
|
|
(1.6
|
)
|
||
Other, including expenses paid
|
|
(11.9
|
)
|
|
(16.5
|
)
|
||
Benefit obligation at end of year
|
|
$
|
3,742.2
|
|
|
$
|
3,531.9
|
|
Change in plan assets:
|
|
|
|
|
||||
Fair value at beginning of year
|
|
$
|
2,797.1
|
|
|
$
|
2,772.0
|
|
Actual return on assets
|
|
326.9
|
|
|
274.9
|
|
||
Company contributions
|
|
101.4
|
|
|
56.4
|
|
||
Employee contributions
|
|
1.1
|
|
|
1.0
|
|
||
Benefits paid
|
|
(194.8
|
)
|
|
(203.5
|
)
|
||
Currency translation
|
|
59.0
|
|
|
(85.6
|
)
|
||
Settlements
|
|
(13.5
|
)
|
|
(1.6
|
)
|
||
Other, including expenses paid
|
|
(14.1
|
)
|
|
(16.5
|
)
|
||
Fair value of assets end of year
|
|
$
|
3,063.1
|
|
|
$
|
2,797.1
|
|
Net unfunded liability
|
|
$
|
(679.1
|
)
|
|
$
|
(734.8
|
)
|
Amounts included in the balance sheet:
|
|
|
|
|
||||
Other noncurrent assets
|
|
$
|
61.7
|
|
|
$
|
19.2
|
|
Accrued compensation and benefits
|
|
(15.3
|
)
|
|
(6.4
|
)
|
||
Postemployment and other benefit liabilities
|
|
(725.5
|
)
|
|
(747.6
|
)
|
||
Net amount recognized
|
|
$
|
(679.1
|
)
|
|
$
|
(734.8
|
)
|
In millions
|
|
Prior service benefit (cost)
|
|
Net actuarial gains (losses)
|
|
Total
|
||||||
December 31, 2016
|
|
$
|
(25.5
|
)
|
|
$
|
(886.8
|
)
|
|
$
|
(912.3
|
)
|
Current year changes recorded to AOCI
|
|
(3.8
|
)
|
|
9.4
|
|
|
5.6
|
|
|||
Amortization reclassified to earnings
|
|
3.8
|
|
|
56.8
|
|
|
60.6
|
|
|||
Settlements/curtailments reclassified to earnings
(1)
|
|
4.7
|
|
|
3.0
|
|
|
7.7
|
|
|||
Currency translation and other
|
|
0.6
|
|
|
(15.9
|
)
|
|
(15.3
|
)
|
|||
December 31, 2017
|
|
$
|
(20.2
|
)
|
|
$
|
(833.5
|
)
|
|
$
|
(853.7
|
)
|
|
|
2017
|
|
2016
|
||
Discount rate:
|
|
|
|
|
||
U.S. plans
|
|
3.54
|
%
|
|
3.97
|
%
|
Non-U.S. plans
|
|
2.29
|
%
|
|
2.40
|
%
|
Rate of compensation increase:
|
|
|
|
|
||
U.S. plans
|
|
4.00
|
%
|
|
4.00
|
%
|
Non-U.S. plans
|
|
4.00
|
%
|
|
4.00
|
%
|
In millions
|
|
||
2018
|
$
|
215.2
|
|
2019
|
209.0
|
|
|
2020
|
218.7
|
|
|
2021
|
218.4
|
|
|
2022
|
220.7
|
|
|
2023 — 2027
|
1,136.9
|
|
In millions
|
|
2017
|
|
2016
|
|
2015
|
||||||
Service cost
|
|
$
|
70.8
|
|
|
$
|
72.1
|
|
|
$
|
75.2
|
|
Interest cost
|
|
109.0
|
|
|
110.2
|
|
|
129.5
|
|
|||
Expected return on plan assets
|
|
(141.7
|
)
|
|
(146.1
|
)
|
|
(158.3
|
)
|
|||
Net amortization of:
|
|
|
|
|
|
|
||||||
Prior service costs (benefits)
|
|
3.8
|
|
|
4.7
|
|
|
3.2
|
|
|||
Plan net actuarial (gains) losses
|
|
56.8
|
|
|
61.6
|
|
|
60.7
|
|
|||
Net periodic pension benefit cost
|
|
98.7
|
|
|
102.5
|
|
|
110.3
|
|
|||
Net curtailment, settlement, and special termination benefits (gains) losses
|
|
5.6
|
|
|
2.1
|
|
|
0.7
|
|
|||
Net periodic pension benefit cost after net curtailment and settlement (gains) losses
|
|
$
|
104.3
|
|
|
$
|
104.6
|
|
|
$
|
111.0
|
|
Amounts recorded in continuing operations:
|
|
|
|
|
|
|
||||||
Operating income
|
|
$
|
68.2
|
|
|
$
|
69.3
|
|
|
$
|
73.6
|
|
Other income/(expense), net
|
|
25.4
|
|
|
25.5
|
|
|
27.1
|
|
|||
Amounts recorded in discontinued operations
|
|
10.7
|
|
|
9.8
|
|
|
10.3
|
|
|||
Total
|
|
$
|
104.3
|
|
|
$
|
104.6
|
|
|
$
|
111.0
|
|
|
|
2017
|
|
2016
|
|
2015
|
|||
Discount rate:
|
|
|
|
|
|
|
|||
U.S. plans
|
|
|
|
|
|
|
|||
Service cost
|
|
4.18
|
%
|
|
4.25
|
%
|
|
3.75
|
%
|
Interest cost
|
|
3.36
|
%
|
|
3.29
|
%
|
|
3.75
|
%
|
Non-U.S. plans
|
|
|
|
|
|
|
|
|
|
Service cost
|
|
2.66
|
%
|
|
3.05
|
%
|
|
3.25
|
%
|
Interest cost
|
|
2.50
|
%
|
|
3.18
|
%
|
|
3.25
|
%
|
Rate of compensation increase:
|
|
|
|
|
|
|
|||
U.S. plans
|
|
4.00
|
%
|
|
4.00
|
%
|
|
4.00
|
%
|
Non-U.S. plans
|
|
4.00
|
%
|
|
4.00
|
%
|
|
4.00
|
%
|
Expected return on plan assets:
|
|
|
|
|
|
|
|||
U.S. plans
|
|
5.50
|
%
|
|
5.75
|
%
|
|
5.75
|
%
|
Non-U.S. plans
|
|
3.25
|
%
|
|
3.75
|
%
|
|
4.25
|
%
|
|
|
Fair value measurements
|
|
Net asset value
|
|
Total
fair value
|
||||||||||||||
In millions
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
||||||||||||
Cash and cash equivalents
|
|
$
|
4.8
|
|
|
$
|
35.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
40.2
|
|
Equity investments:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Registered mutual funds – equity specialty
|
|
—
|
|
|
—
|
|
|
—
|
|
|
77.6
|
|
|
77.6
|
|
|||||
Commingled funds – equity specialty
|
|
—
|
|
|
—
|
|
|
—
|
|
|
674.7
|
|
|
674.7
|
|
|||||
|
|
—
|
|
|
—
|
|
|
—
|
|
|
752.3
|
|
|
752.3
|
|
|||||
Fixed income investments:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. government and agency obligations
|
|
—
|
|
|
517.5
|
|
|
—
|
|
|
—
|
|
|
517.5
|
|
|||||
Corporate and non-U.S. bonds
(a)
|
|
—
|
|
|
1,336.8
|
|
|
—
|
|
|
—
|
|
|
1,336.8
|
|
|||||
Asset-backed and mortgage-backed securities
|
|
—
|
|
|
69.0
|
|
|
—
|
|
|
—
|
|
|
69.0
|
|
|||||
Registered mutual funds – fixed income specialty
|
|
—
|
|
|
—
|
|
|
—
|
|
|
111.0
|
|
|
111.0
|
|
|||||
Commingled funds – fixed income specialty
|
|
—
|
|
|
—
|
|
|
—
|
|
|
131.8
|
|
|
131.8
|
|
|||||
Other fixed income
(b)
|
|
—
|
|
|
—
|
|
|
26.3
|
|
|
—
|
|
|
26.3
|
|
|||||
|
|
—
|
|
|
1,923.3
|
|
|
26.3
|
|
|
242.8
|
|
|
2,192.4
|
|
|||||
Derivatives
|
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|||||
Real estate
(c)
|
|
—
|
|
|
—
|
|
|
4.9
|
|
|
—
|
|
|
4.9
|
|
|||||
Other
(d)
|
|
—
|
|
|
—
|
|
|
79.0
|
|
|
—
|
|
|
79.0
|
|
|||||
Total assets at fair value
|
|
$
|
4.8
|
|
|
$
|
1,958.4
|
|
|
$
|
110.2
|
|
|
$
|
995.1
|
|
|
$
|
3,068.5
|
|
Receivables and payables, net
|
|
|
|
|
|
|
|
|
|
(5.4
|
)
|
|||||||||
Net assets available for benefits
|
|
|
|
|
|
|
|
|
|
$
|
3,063.1
|
|
|
|
Fair value measurements
|
|
Net asset value
|
|
Total
fair value
|
||||||||||||||
In millions
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|||||||||||||
Cash and cash equivalents
|
|
$
|
11.8
|
|
|
$
|
17.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28.8
|
|
Equity investments:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Registered mutual funds – equity specialty
|
|
—
|
|
|
—
|
|
|
—
|
|
|
73.9
|
|
|
73.9
|
|
|||||
Commingled funds – equity specialty
|
|
—
|
|
|
—
|
|
|
—
|
|
|
640.8
|
|
|
640.8
|
|
|||||
|
|
—
|
|
|
—
|
|
|
—
|
|
|
714.7
|
|
|
714.7
|
|
|||||
Fixed income investments:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. government and agency obligations
|
|
—
|
|
|
460.0
|
|
|
—
|
|
|
—
|
|
|
460.0
|
|
|||||
Corporate and non-U.S. bonds
(a)
|
|
—
|
|
|
1,178.3
|
|
|
—
|
|
|
—
|
|
|
1,178.3
|
|
|||||
Asset-backed and mortgage-backed securities
|
|
—
|
|
|
74.0
|
|
|
—
|
|
|
—
|
|
|
74.0
|
|
|||||
Registered mutual funds – fixed income specialty
|
|
—
|
|
|
—
|
|
|
—
|
|
|
132.4
|
|
|
132.4
|
|
|||||
Commingled funds – fixed income specialty
|
|
—
|
|
|
—
|
|
|
—
|
|
|
96.0
|
|
|
96.0
|
|
|||||
Other fixed income
(b)
|
|
—
|
|
|
—
|
|
|
25.4
|
|
|
—
|
|
|
25.4
|
|
|||||
|
|
—
|
|
|
1,712.3
|
|
|
25.4
|
|
|
228.4
|
|
|
1,966.1
|
|
|||||
Derivatives
|
|
—
|
|
|
(0.9
|
)
|
|
—
|
|
|
—
|
|
|
(0.9
|
)
|
|||||
Real estate
(c)
|
|
—
|
|
|
—
|
|
|
7.3
|
|
|
—
|
|
|
7.3
|
|
|||||
Other
(d)
|
|
—
|
|
|
—
|
|
|
64.3
|
|
|
—
|
|
|
64.3
|
|
|||||
Total assets at fair value
|
|
$
|
11.8
|
|
|
$
|
1,728.4
|
|
|
$
|
97.0
|
|
|
$
|
943.1
|
|
|
$
|
2,780.3
|
|
Receivables and payables, net
|
|
|
|
|
|
|
|
|
|
16.8
|
|
|||||||||
Net assets available for benefits
|
|
|
|
|
|
|
|
|
|
$
|
2,797.1
|
|
(a)
|
This class includes state and municipal bonds.
|
(b)
|
This class includes group annuity and guaranteed interest contracts.
|
(c)
|
This class includes a private equity fund that invests in real estate.
|
(d)
|
This investment comprises the Company's non-significant, non-US pension plan assets. It primarily includes insurance contracts.
|
1.
|
The Company's contributions to multiemployer plans may be used to provide benefits to all participating employees of the program, including employees of other employers.
|
2.
|
In the event that another participating employer ceases contributions to a plan, the Company may be responsible for any unfunded obligations along with the remaining participating employers.
|
3.
|
If the Company chooses to withdraw from any of the multiemployer plans, the Company may be required to pay a withdrawal liability, based on the underfunded status of the plan.
|
In millions
|
|
2017
|
|
2016
|
|
2015
|
||||||
Total contributions
|
|
$
|
9.0
|
|
|
$
|
7.7
|
|
|
$
|
6.7
|
|
In millions
|
|
2017
|
|
2016
|
||||
Benefit obligation at beginning of year
|
|
$
|
578.6
|
|
|
$
|
624.1
|
|
Service cost
|
|
3.1
|
|
|
3.7
|
|
||
Interest cost
|
|
15.7
|
|
|
17.5
|
|
||
Plan participants’ contributions
|
|
9.8
|
|
|
10.2
|
|
||
Actuarial (gains) losses
|
|
(30.2
|
)
|
|
(24.4
|
)
|
||
Benefits paid, net of Medicare Part D subsidy
(1)
|
|
(55.4
|
)
|
|
(55.7
|
)
|
||
Special termination benefits recorded in restructuring
|
|
5.9
|
|
|
—
|
|
||
Other
|
|
0.5
|
|
|
3.2
|
|
||
Benefit obligations at end of year
|
|
$
|
528.0
|
|
|
$
|
578.6
|
|
In millions
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Accrued compensation and benefits
|
|
$
|
(48.5
|
)
|
|
$
|
(53.3
|
)
|
Postemployment and other benefit liabilities
|
|
(479.5
|
)
|
|
(525.3
|
)
|
||
Total
|
|
$
|
(528.0
|
)
|
|
$
|
(578.6
|
)
|
In millions
|
|
Prior service benefit (cost)
|
|
Net actuarial gains (losses)
|
|
Total
|
||||||
Balance at December 31, 2016
|
|
$
|
12.7
|
|
|
$
|
0.8
|
|
|
$
|
13.5
|
|
Gain (loss) in current period
|
|
—
|
|
|
30.2
|
|
|
30.2
|
|
|||
Amortization reclassified to earnings
|
|
(8.6
|
)
|
|
0.1
|
|
|
(8.5
|
)
|
|||
Currency translation and other
|
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|||
Balance at December 31, 2017
|
|
$
|
4.1
|
|
|
$
|
31.0
|
|
|
$
|
35.1
|
|
In millions
|
|
2017
|
|
2016
|
|
2015
|
||||||
Service cost
|
|
$
|
3.1
|
|
|
$
|
3.7
|
|
|
$
|
4.4
|
|
Interest cost
|
|
15.7
|
|
|
17.5
|
|
|
22.6
|
|
|||
Net amortization of:
|
|
|
|
|
|
|
||||||
Prior service costs (benefits)
|
|
(8.6
|
)
|
|
(8.9
|
)
|
|
(8.9
|
)
|
|||
Net actuarial (gains) losses
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|||
Net periodic postretirement benefit cost
|
|
$
|
10.3
|
|
|
$
|
12.4
|
|
|
$
|
18.2
|
|
Amounts recorded in continuing operations:
|
|
|
|
|
|
|
|
|
|
|||
Operating income
|
|
$
|
3.1
|
|
|
$
|
3.7
|
|
|
$
|
4.4
|
|
Other income/(expense), net
|
|
5.6
|
|
|
4.6
|
|
|
6.6
|
|
|||
Amounts recorded in discontinued operations
|
|
1.6
|
|
|
4.1
|
|
|
7.2
|
|
|||
Total
|
|
$
|
10.3
|
|
|
$
|
12.4
|
|
|
$
|
18.2
|
|
|
|
2017
|
|
2016
|
|
2015
|
|||
Discount rate:
|
|
|
|
|
|
|
|||
Benefit obligations at December 31
|
|
3.38
|
%
|
|
3.73
|
%
|
|
3.88
|
%
|
Net periodic benefit cost
|
|
|
|
|
|
|
|||
Service cost
|
|
3.82
|
%
|
|
3.97
|
%
|
|
3.50
|
%
|
Interest cost
|
|
2.99
|
%
|
|
2.99
|
%
|
|
3.50
|
%
|
Assumed health-care cost trend rates at December 31:
|
|
|
|
|
|
|
|||
Current year medical inflation
|
|
6.85
|
%
|
|
7.25
|
%
|
|
7.25
|
%
|
Ultimate inflation rate
|
|
5.00
|
%
|
|
5.00
|
%
|
|
5.00
|
%
|
Year that the rate reaches the ultimate trend rate
|
|
2023
|
|
|
2023
|
|
|
2023
|
|
In millions
|
|
1%
Increase
|
|
1%
Decrease
|
||||
Effect on total of service and interest cost components of current year benefit cost
|
|
$
|
0.7
|
|
|
$
|
(0.6
|
)
|
Effect on benefit obligation at year-end
|
|
18.5
|
|
|
(16.1
|
)
|
In millions
|
|
||
2018
|
$
|
49.4
|
|
2019
|
47.7
|
|
|
2020
|
45.8
|
|
|
2021
|
44.3
|
|
|
2022
|
42.3
|
|
|
2023 — 2026
|
178.7
|
|
In millions
|
Ordinary shares issued
|
|
Ordinary shares held in treasury
|
||
December 31, 2016
|
271.7
|
|
|
12.7
|
|
Shares issued under incentive plans
|
2.3
|
|
|
—
|
|
Repurchase of ordinary shares
|
—
|
|
|
11.8
|
|
December 31, 2017
|
274.0
|
|
|
24.5
|
|
In millions
|
|
Derivative Instruments
|
|
Pension and OPEB Items
|
|
Foreign Currency Translation
|
|
Total
|
||||||||
December 31, 2015
|
|
$
|
5.1
|
|
|
$
|
(630.4
|
)
|
|
$
|
(495.6
|
)
|
|
$
|
(1,120.9
|
)
|
Other comprehensive income (loss) attributable to Ingersoll-Rand plc
|
|
(2.2
|
)
|
|
76.0
|
|
|
(243.4
|
)
|
|
(169.6
|
)
|
||||
December 31, 2016
|
|
$
|
2.9
|
|
|
$
|
(554.4
|
)
|
|
$
|
(739.0
|
)
|
|
$
|
(1,290.5
|
)
|
Other comprehensive income (loss) attributable to Ingersoll-Rand plc
|
|
1.8
|
|
|
60.1
|
|
|
449.8
|
|
|
511.7
|
|
||||
December 31, 2017
|
|
$
|
4.7
|
|
|
$
|
(494.3
|
)
|
|
$
|
(289.2
|
)
|
|
$
|
(778.8
|
)
|
In millions
|
|
2017
|
|
2016
|
|
2015
|
||||||
Stock options
|
|
$
|
19.5
|
|
|
$
|
18.1
|
|
|
$
|
16.3
|
|
RSUs
|
|
26.4
|
|
|
26.3
|
|
|
24.7
|
|
|||
PSUs
|
|
23.0
|
|
|
19.9
|
|
|
20.5
|
|
|||
Deferred compensation
|
|
3.1
|
|
|
3.2
|
|
|
1.7
|
|
|||
Other
|
|
1.6
|
|
|
2.1
|
|
|
(0.5
|
)
|
|||
Pre-tax expense
|
|
73.6
|
|
|
69.6
|
|
|
62.7
|
|
|||
Tax benefit
|
|
28.2
|
|
|
26.6
|
|
|
24.0
|
|
|||
After-tax expense
|
|
$
|
45.4
|
|
|
$
|
43.0
|
|
|
$
|
38.7
|
|
Amounts recorded in continuing operations
|
|
$
|
45.4
|
|
|
$
|
43.0
|
|
|
$
|
38.7
|
|
Amounts recorded in discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total
|
|
$
|
45.4
|
|
|
$
|
43.0
|
|
|
$
|
38.7
|
|
|
|
2017
|
|
2016
|
||
Dividend yield
|
|
2.00
|
%
|
|
2.55
|
%
|
Volatility
|
|
22.46
|
%
|
|
28.60
|
%
|
Risk-free rate of return
|
|
1.80
|
%
|
|
1.12
|
%
|
Expected life in years
|
|
4.8
|
|
|
4.8
|
|
•
|
Volatility
- The expected volatility is based on a weighted average of the Company’s implied volatility and the most recent historical volatility of the Company’s stock commensurate with the expected life.
|
•
|
Risk-free rate of return
-The Company applies a yield curve of continuous risk-free rates based upon the published US Treasury spot rates on the grant date.
|
•
|
Expected life
- The expected life of the Company’s stock option awards represents the weighted-average of the actual period since the grant date for all exercised or cancelled options and an expected period for all outstanding options.
|
•
|
Dividend yield
- The Company determines the dividend yield based upon the expected quarterly dividend payments as of the grant date and the current fair market value of the Company’s stock.
|
•
|
Forfeiture Rate
- The Company analyzes historical data of forfeited options to develop a reasonable expectation of the number of options to forfeit prior to vesting per year. This expected forfeiture rate is applied to the Company’s ongoing compensation expense; however, all expense is adjusted to reflect actual vestings and forfeitures.
|
|
|
Shares
subject
to option
|
|
Weighted-
average
exercise price
|
|
Aggregate
intrinsic
value (millions)
|
|
Weighted-
average
remaining life (years)
|
|||||
December 31, 2014
|
|
7,502,613
|
|
|
$
|
36.21
|
|
|
|
|
|
||
Granted
|
|
1,457,523
|
|
|
66.25
|
|
|
|
|
|
|||
Exercised
|
|
(1,968,725
|
)
|
|
31.33
|
|
|
|
|
|
|||
Cancelled
|
|
(155,382
|
)
|
|
61.03
|
|
|
|
|
|
|||
December 31, 2015
|
|
6,836,029
|
|
|
43.46
|
|
|
|
|
|
|||
Granted
|
|
1,958,476
|
|
|
50.04
|
|
|
|
|
|
|||
Exercised
|
|
(1,854,058
|
)
|
|
33.71
|
|
|
|
|
|
|||
Cancelled
|
|
(93,552
|
)
|
|
56.22
|
|
|
|
|
|
|||
December 31, 2016
|
|
6,846,895
|
|
|
47.81
|
|
|
|
|
|
|||
Granted
|
|
1,518,335
|
|
|
80.27
|
|
|
|
|
|
|||
Exercised
|
|
(1,789,615
|
)
|
|
42.79
|
|
|
|
|
|
|||
Cancelled
|
|
(220,733
|
)
|
|
61.91
|
|
|
|
|
|
|||
Outstanding December 31, 2017
|
|
6,354,882
|
|
|
$
|
56.49
|
|
|
$
|
207.8
|
|
|
6.6
|
Exercisable December 31, 2017
|
|
3,287,183
|
|
|
$
|
47.05
|
|
|
$
|
138.5
|
|
|
5.1
|
|
|
|
|
|
|
Options outstanding
|
|
Options exercisable
|
||||||||||||||||||
Range of
exercise price
|
|
Number
outstanding at
December 31,
2017
|
|
Weighted-
average
remaining
life (years)
|
|
Weighted-
average
exercise
price
|
|
Number
outstanding at
December 31,
2017
|
|
Weighted-
average
remaining
life (years)
|
|
Weighted-
average
exercise
price
|
||||||||||||||
$
|
10.01
|
|
|
—
|
|
$
|
20.00
|
|
|
114,014
|
|
|
1.1
|
|
$
|
13.41
|
|
|
114,014
|
|
|
1.1
|
|
$
|
13.41
|
|
20.01
|
|
|
—
|
|
30.00
|
|
|
192,486
|
|
|
2.4
|
|
25.50
|
|
|
192,486
|
|
|
2.4
|
|
25.50
|
|
||||
30.01
|
|
|
—
|
|
40.00
|
|
|
766,181
|
|
|
3.2
|
|
34.24
|
|
|
766,181
|
|
|
3.2
|
|
34.24
|
|
||||
40.01
|
|
|
—
|
|
50.00
|
|
|
2,191,425
|
|
|
7.1
|
|
47.84
|
|
|
994,766
|
|
|
6.0
|
|
45.24
|
|
||||
50.01
|
|
|
—
|
|
60.00
|
|
|
683,184
|
|
|
5.9
|
|
59.60
|
|
|
662,087
|
|
|
5.9
|
|
59.72
|
|
||||
60.01
|
|
|
—
|
|
70.00
|
|
|
944,661
|
|
|
6.8
|
|
67.05
|
|
|
553,808
|
|
|
6.7
|
|
67.09
|
|
||||
70.01
|
|
|
—
|
|
80.00
|
|
|
14,031
|
|
|
9.0
|
|
75.67
|
|
|
—
|
|
|
0.0
|
|
—
|
|
||||
80.01
|
|
|
|
|
90.00
|
|
|
1,448,900
|
|
|
9.0
|
|
80.31
|
|
|
3,841
|
|
|
2.6
|
|
80.21
|
|
||||
$
|
10.74
|
|
|
—
|
|
$
|
88.46
|
|
|
6,354,882
|
|
|
6.6
|
|
$
|
56.49
|
|
|
3,287,183
|
|
|
5.1
|
|
$
|
47.05
|
|
|
|
RSUs
|
|
Weighted-
average grant
date fair value
|
|||
Outstanding and unvested at December 31, 2014
|
|
1,047,749
|
|
|
$
|
47.60
|
|
Granted
|
|
429,828
|
|
|
66.42
|
|
|
Vested
|
|
(510,600
|
)
|
|
43.32
|
|
|
Cancelled
|
|
(44,366
|
)
|
|
59.98
|
|
|
Outstanding and unvested at December 31, 2015
|
|
922,611
|
|
|
$
|
58.14
|
|
Granted
|
|
486,401
|
|
|
51.28
|
|
|
Vested
|
|
(545,437
|
)
|
|
53.84
|
|
|
Cancelled
|
|
(27,826
|
)
|
|
58.19
|
|
|
Outstanding and unvested at December 31, 2016
|
|
835,749
|
|
|
$
|
56.95
|
|
Granted
|
|
372,443
|
|
|
81.09
|
|
|
Vested
|
|
(370,397
|
)
|
|
58.56
|
|
|
Cancelled
|
|
(34,096
|
)
|
|
63.79
|
|
|
Outstanding and unvested at December 31, 2017
|
|
803,699
|
|
|
$
|
67.09
|
|
|
|
PSUs
|
|
Weighted-average grant date fair value
|
|||
Outstanding and unvested at December 31, 2014
|
|
1,784,998
|
|
|
$
|
50.12
|
|
Granted
|
|
456,592
|
|
|
79.09
|
|
|
Vested
|
|
(723,250
|
)
|
|
41.03
|
|
|
Forfeited
|
|
(70,108
|
)
|
|
62.76
|
|
|
Outstanding and unvested at December 31, 2015
|
|
1,448,232
|
|
|
$
|
63.18
|
|
Granted
|
|
597,088
|
|
|
53.82
|
|
|
Vested
|
|
(462,035
|
)
|
|
46.81
|
|
|
Forfeited
|
|
(159,489
|
)
|
|
56.25
|
|
|
Outstanding and unvested at December 31, 2016
|
|
1,423,796
|
|
|
$
|
65.34
|
|
Granted
|
|
419,404
|
|
|
93.68
|
|
|
Vested
|
|
(353,834
|
)
|
|
65.35
|
|
|
Forfeited
|
|
(124,830
|
)
|
|
73.40
|
|
|
Outstanding and unvested at December 31, 2017
|
|
1,364,536
|
|
|
$
|
73.31
|
|
In millions
|
|
2017
|
|
2016
|
|
2015
|
||||||
Climate
|
|
$
|
42.3
|
|
|
$
|
6.2
|
|
|
$
|
11.9
|
|
Industrial
|
|
14.5
|
|
|
20.5
|
|
|
15.6
|
|
|||
Corporate and Other
|
|
4.9
|
|
|
8.8
|
|
|
6.6
|
|
|||
Total
|
|
$
|
61.7
|
|
|
$
|
35.5
|
|
|
$
|
34.1
|
|
|
|
|
|
|
|
|
||||||
Cost of goods sold
|
|
$
|
46.8
|
|
|
$
|
9.8
|
|
|
$
|
12.5
|
|
Selling and administrative expenses
|
|
14.9
|
|
|
25.7
|
|
|
21.6
|
|
|||
Total
|
|
$
|
61.7
|
|
|
$
|
35.5
|
|
|
$
|
34.1
|
|
In millions
|
|
Climate
|
|
Industrial
|
|
Corporate
and Other
|
|
Total
|
||||||||
December 31, 2015
|
|
$
|
3.7
|
|
|
$
|
1.9
|
|
|
$
|
0.2
|
|
|
$
|
5.8
|
|
Additions, net of reversals
(1)
|
|
6.8
|
|
|
20.5
|
|
|
2.8
|
|
|
30.1
|
|
||||
Cash paid
|
|
(7.1
|
)
|
|
(18.1
|
)
|
|
(2.4
|
)
|
|
(27.6
|
)
|
||||
December 31, 2016
|
|
3.4
|
|
|
4.3
|
|
|
0.6
|
|
|
8.3
|
|
||||
Additions, net of reversals
(2)
|
|
25.6
|
|
|
14.5
|
|
|
4.9
|
|
|
45.0
|
|
||||
Cash paid/Other
|
|
(21.6
|
)
|
|
(12.7
|
)
|
|
(3.0
|
)
|
|
(37.3
|
)
|
||||
December 31, 2017
|
|
$
|
7.4
|
|
|
$
|
6.1
|
|
|
$
|
2.5
|
|
|
$
|
16.0
|
|
In millions
|
|
2017
|
|
2016
|
|
2015
|
||||||
Interest income
|
|
$
|
9.4
|
|
|
$
|
8.0
|
|
|
$
|
10.6
|
|
Exchange gain (loss)
|
|
(8.8
|
)
|
|
(2.0
|
)
|
|
(36.2
|
)
|
|||
Other components of net periodic benefit cost
|
|
(31.0
|
)
|
|
(30.1
|
)
|
|
(33.7
|
)
|
|||
Income (loss) from equity investment
|
|
—
|
|
|
(0.8
|
)
|
|
12.6
|
|
|||
Gain on sale of Hussmann equity investment
|
|
—
|
|
|
397.8
|
|
|
—
|
|
|||
Other activity, net
|
|
(1.2
|
)
|
|
(13.3
|
)
|
|
25.9
|
|
|||
Other income/(expense), net
|
|
$
|
(31.6
|
)
|
|
$
|
359.6
|
|
|
$
|
(20.8
|
)
|
In millions
|
|
2017
|
||
Remeasurement of deferred tax balances
|
|
$
|
(300.6
|
)
|
Transition tax
|
|
160.7
|
|
|
Change in permanent reinvestment assertion
|
|
118.9
|
|
|
Income tax benefit, net
|
|
$
|
(21.0
|
)
|
In millions
|
|
2017
|
|
2016
|
|
2015
|
||||||
United States
(1)
|
|
$
|
(17.6
|
)
|
|
$
|
419.8
|
|
|
$
|
451.6
|
|
Non-U.S.
|
|
1,435.5
|
|
|
1,321.5
|
|
|
796.3
|
|
|||
Total
|
|
$
|
1,417.9
|
|
|
$
|
1,741.3
|
|
|
$
|
1,247.9
|
|
In millions
|
|
2017
|
|
2016
|
|
2015
|
||||||
Current tax expense (benefit):
|
|
|
|
|
|
|
||||||
United States
|
|
$
|
102.2
|
|
|
$
|
179.6
|
|
|
$
|
300.1
|
|
Non-U.S.
|
|
95.4
|
|
|
135.7
|
|
|
132.9
|
|
|||
Total:
|
|
197.6
|
|
|
315.3
|
|
|
433.0
|
|
|||
Deferred tax expense (benefit):
|
|
|
|
|
|
|
||||||
United States
|
|
(234.7
|
)
|
|
(6.7
|
)
|
|
69.0
|
|
|||
Non-U.S.
|
|
117.3
|
|
|
(27.1
|
)
|
|
38.8
|
|
|||
Total:
|
|
(117.4
|
)
|
|
(33.8
|
)
|
|
107.8
|
|
|||
Total tax expense (benefit):
|
|
|
|
|
|
|
||||||
United States
|
|
(132.5
|
)
|
|
172.9
|
|
|
369.1
|
|
|||
Non-U.S.
|
|
212.7
|
|
|
108.6
|
|
|
171.7
|
|
|||
Total
|
|
$
|
80.2
|
|
|
$
|
281.5
|
|
|
$
|
540.8
|
|
|
|
Percent of pretax income
|
|||||||
|
|
2017
|
|
2016
|
|
2015
|
|||
Statutory U.S. rate
|
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
Increase (decrease) in rates resulting from:
|
|
|
|
|
|
|
|||
Non-U.S. tax rate differential
(a)
|
|
(28.8
|
)
|
|
(14.7
|
)
|
|
(17.2
|
)
|
Tax on U.S. subsidiaries on non-U.S. earnings
|
|
0.8
|
|
|
0.9
|
|
|
1.3
|
|
State and local income taxes
(b)
|
|
1.2
|
|
|
1.4
|
|
|
1.5
|
|
Valuation allowances
(c)
|
|
2.8
|
|
|
0.1
|
|
|
1.7
|
|
Change in permanent reinvestment assertion
(d), (f)
|
|
8.4
|
|
|
—
|
|
|
3.9
|
|
Transition tax
(f)
|
|
11.3
|
|
|
—
|
|
|
—
|
|
Remeasurement of deferred tax balances
(f)
|
|
(21.2
|
)
|
|
—
|
|
|
—
|
|
Stock based compensation
|
|
(1.7
|
)
|
|
—
|
|
|
—
|
|
Reserves for uncertain tax positions
|
|
(0.9
|
)
|
|
0.1
|
|
|
14.1
|
|
Hussmann gain
(e)
|
|
—
|
|
|
(5.7
|
)
|
|
—
|
|
Provision to return and other true-up adjustments
|
|
(1.7
|
)
|
|
(0.6
|
)
|
|
0.7
|
|
Other adjustments
|
|
0.5
|
|
|
(0.3
|
)
|
|
2.3
|
|
Effective tax rate
|
|
5.7
|
%
|
|
16.2
|
%
|
|
43.3
|
%
|
(a)
|
Amount reported in 2017 includes the impact of a premium paid of approximately $520 million related to the early retirement of certain intercompany debt obligations
|
(b)
|
Net of changes in state valuation allowances
|
(c)
|
Primarily federal and non-U.S., excludes state valuation allowances
|
(d)
|
Net of foreign tax credits
|
(e)
|
Gain from sale of Hussmann equity investment
|
(f)
|
Amounts included in 2017 are provisional and relate to the Act
|
In millions
|
|
2017
|
|
2016
|
||||
Deferred tax assets:
|
|
|
|
|
||||
Inventory and accounts receivable
|
|
$
|
17.4
|
|
|
$
|
18.2
|
|
Fixed assets and intangibles
|
|
10.4
|
|
|
16.2
|
|
||
Postemployment and other benefit liabilities
|
|
396.5
|
|
|
652.5
|
|
||
Product liability
|
|
95.4
|
|
|
151.3
|
|
||
Other reserves and accruals
|
|
134.8
|
|
|
192.8
|
|
||
Net operating losses and credit carryforwards
|
|
589.0
|
|
|
528.5
|
|
||
Other
|
|
22.7
|
|
|
38.6
|
|
||
Gross deferred tax assets
|
|
1,266.2
|
|
|
1,598.1
|
|
||
Less: deferred tax valuation allowances
|
|
(344.6
|
)
|
|
(184.5
|
)
|
||
Deferred tax assets net of valuation allowances
|
|
$
|
921.6
|
|
|
$
|
1,413.6
|
|
Deferred tax liabilities:
|
|
|
|
|
||||
Inventory and accounts receivable
|
|
$
|
(24.1
|
)
|
|
$
|
(38.8
|
)
|
Fixed assets and intangibles
|
|
(1,237.4
|
)
|
|
(1,949.7
|
)
|
||
Postemployment and other benefit liabilities
|
|
(9.6
|
)
|
|
(7.0
|
)
|
||
Other reserves and accruals
|
|
(1.5
|
)
|
|
(1.9
|
)
|
||
Product liability
|
|
(1.4
|
)
|
|
—
|
|
||
Undistributed earnings
|
|
(137.7
|
)
|
|
(24.0
|
)
|
||
Other
|
|
(11.1
|
)
|
|
(8.4
|
)
|
||
Gross deferred tax liabilities
|
|
(1,422.8
|
)
|
|
(2,029.8
|
)
|
||
Net deferred tax assets (liabilities)
|
|
$
|
(501.2
|
)
|
|
$
|
(616.2
|
)
|
In millions
|
|
Amount
|
|
Expiration
Period
|
||
U.S. Federal net operating loss carryforwards
|
|
$
|
680.0
|
|
|
2018-2036
|
U.S. Federal credit carryforwards
|
|
121.5
|
|
|
2022-Unlimited
|
|
U.S. State net operating loss carryforwards
|
|
3,484.2
|
|
|
2018-2037
|
|
U.S. State credit carryforwards
|
|
34.7
|
|
|
2018-Unlimited
|
|
Non-U.S. net operating loss carryforwards
|
|
752.0
|
|
|
2018-Unlimited
|
|
Non-U.S. credit carryforwards
|
|
8.0
|
|
|
Unlimited
|
In millions
|
|
2017
|
|
2016
|
|
2015
|
||||||
Beginning balance
|
|
$
|
184.5
|
|
|
$
|
213.1
|
|
|
$
|
210.7
|
|
Increase to valuation allowance
|
|
176.5
|
|
|
19.4
|
|
|
40.7
|
|
|||
Decrease to valuation allowance
|
|
(19.1
|
)
|
|
(43.5
|
)
|
|
(34.0
|
)
|
|||
Accumulated other comprehensive income (loss)
|
|
2.7
|
|
|
(4.5
|
)
|
|
(4.3
|
)
|
|||
Ending balance
|
|
$
|
344.6
|
|
|
$
|
184.5
|
|
|
$
|
213.1
|
|
In millions
|
|
2017
|
|
2016
|
|
2015
|
||||||
Beginning balance
|
|
$
|
107.1
|
|
|
$
|
174.9
|
|
|
$
|
343.8
|
|
Additions based on tax positions related to the current year
|
|
6.2
|
|
|
5.9
|
|
|
8.7
|
|
|||
Additions based on tax positions related to prior years
|
|
16.8
|
|
|
29.1
|
|
|
186.5
|
|
|||
Reductions based on tax positions related to prior years
|
|
(8.6
|
)
|
|
(37.6
|
)
|
|
(102.2
|
)
|
|||
Reductions related to settlements with tax authorities
|
|
(4.8
|
)
|
|
(60.9
|
)
|
|
(251.0
|
)
|
|||
Reductions related to lapses of statute of limitations
|
|
(1.3
|
)
|
|
(2.8
|
)
|
|
(3.7
|
)
|
|||
Translation (gain) loss
|
|
5.1
|
|
|
(1.5
|
)
|
|
(7.2
|
)
|
|||
Ending balance
|
|
$
|
120.5
|
|
|
$
|
107.1
|
|
|
$
|
174.9
|
|
In millions
|
|
Climate
|
|
Industrial
|
|
Total
|
||||||
Other current assets
|
|
$
|
19.2
|
|
|
$
|
17.0
|
|
|
$
|
36.2
|
|
Intangibles
|
|
26.0
|
|
|
35.6
|
|
|
61.6
|
|
|||
Goodwill
|
|
26.3
|
|
|
60.5
|
|
|
86.8
|
|
|||
Other noncurrent assets
|
|
6.4
|
|
|
5.9
|
|
|
12.3
|
|
|||
Accounts payable, accrued expenses and other liabilities
|
|
(20.0
|
)
|
|
(19.3
|
)
|
|
(39.3
|
)
|
|||
Total purchase price, net of cash acquired
|
|
$
|
57.9
|
|
|
$
|
99.7
|
|
|
$
|
157.6
|
|
In millions
|
|
2017
|
|
2016
|
|
2015
|
||||||
Pre-tax earnings (loss) from discontinued operations
|
|
$
|
(34.0
|
)
|
|
$
|
28.1
|
|
|
$
|
(23.2
|
)
|
Tax benefit (expense)
|
|
8.6
|
|
|
4.8
|
|
|
(1.1
|
)
|
|||
Discontinued operations, net of tax
|
|
$
|
(25.4
|
)
|
|
$
|
32.9
|
|
|
$
|
(24.3
|
)
|
In millions
|
|
2017
|
|
2016
|
|
2015
|
|||
Weighted-average number of basic shares outstanding
|
|
254.9
|
|
|
259.2
|
|
|
265.1
|
|
Shares issuable under incentive stock plans
|
|
3.2
|
|
|
2.5
|
|
|
2.7
|
|
Weighted-average number of diluted shares outstanding
|
|
258.1
|
|
|
261.7
|
|
|
267.8
|
|
Anti-dilutive shares
|
|
1.6
|
|
|
1.2
|
|
|
2.1
|
|
Dollar amounts in millions
|
|
2017
|
|
2016
|
|
2015
|
||||||
Climate
|
|
|
|
|
|
|
||||||
Net revenues
|
|
$
|
11,167.5
|
|
|
$
|
10,545.0
|
|
|
$
|
10,224.3
|
|
Segment operating income
|
|
1,572.7
|
|
|
1,537.5
|
|
|
1,314.4
|
|
|||
Segment operating income as a percentage of revenues
|
|
14.1
|
%
|
|
14.6
|
%
|
|
12.9
|
%
|
|||
Depreciation and amortization
|
|
247.6
|
|
|
225.2
|
|
|
246.3
|
|
|||
Capital expenditures
|
|
103.8
|
|
|
78.2
|
|
|
83.9
|
|
|||
Industrial
|
|
|
|
|
|
|
||||||
Net revenues
|
|
3,030.1
|
|
|
2,963.9
|
|
|
3,076.4
|
|
|||
Segment operating income
|
|
357.6
|
|
|
300.3
|
|
|
378.3
|
|
|||
Segment operating income as a percentage of revenues
|
|
11.8
|
%
|
|
10.1
|
%
|
|
12.3
|
%
|
|||
Depreciation and amortization
|
|
77.3
|
|
|
67.2
|
|
|
67.5
|
|
|||
Capital expenditures
|
|
57.4
|
|
|
36.3
|
|
|
51.8
|
|
|||
|
|
|
|
|
|
|
||||||
Total net revenues
|
|
$
|
14,197.6
|
|
|
$
|
13,508.9
|
|
|
$
|
13,300.7
|
|
|
|
|
|
|
|
|
||||||
Reconciliation to Operating Income
|
|
|
|
|
|
|
||||||
Segment operating income from reportable segments
|
|
1,930.3
|
|
|
1,837.8
|
|
|
1,692.7
|
|
|||
Unallocated corporate expense
|
|
(265.0
|
)
|
|
(234.6
|
)
|
|
(201.0
|
)
|
|||
Total operating income
|
|
$
|
1,665.3
|
|
|
$
|
1,603.2
|
|
|
$
|
1,491.7
|
|
Total operating income as a percentage of revenues
|
|
11.7
|
%
|
|
11.9
|
%
|
|
11.2
|
%
|
|||
Depreciation and Amortization
|
|
|
|
|
|
|
||||||
Depreciation and amortization from reportable segments
|
|
324.9
|
|
|
292.4
|
|
|
313.8
|
|
|||
Unallocated depreciation and amortization
|
|
28.4
|
|
|
59.8
|
|
|
50.3
|
|
|||
Total depreciation and amortization
|
|
$
|
353.3
|
|
|
$
|
352.2
|
|
|
$
|
364.1
|
|
Capital Expenditures
|
|
|
|
|
|
|
||||||
Capital expenditures from reportable segments
|
|
161.2
|
|
|
114.5
|
|
|
135.7
|
|
|||
Corporate capital expenditures
|
|
60.1
|
|
|
68.2
|
|
|
113.9
|
|
|||
Total capital expenditures
|
|
$
|
221.3
|
|
|
$
|
182.7
|
|
|
$
|
249.6
|
|
In millions
|
|
2017
|
|
2016
|
|
2015
|
||||||
United States
|
|
$
|
9,215.3
|
|
|
$
|
8,720.7
|
|
|
$
|
8,291.2
|
|
Non-U.S.
|
|
4,982.3
|
|
|
4,788.2
|
|
|
5,009.5
|
|
|||
Total
|
|
$
|
14,197.6
|
|
|
$
|
13,508.9
|
|
|
$
|
13,300.7
|
|
In millions
|
|
2017
|
|
2016
|
|
2015
|
||||||
Commercial HVAC
|
|
$
|
6,849.4
|
|
|
$
|
6,479.4
|
|
|
$
|
6,233.8
|
|
Transport Refrigeration
|
|
2,090.7
|
|
|
2,050.1
|
|
|
2,147.8
|
|
|||
Residential HVAC
|
|
2,227.4
|
|
|
2,015.5
|
|
|
1,842.6
|
|
|||
Compression Technologies and Services
|
|
1,889.2
|
|
|
1,885.1
|
|
|
1,932.5
|
|
|||
Other Industrial
|
|
1,140.9
|
|
|
1,078.8
|
|
|
1,144.0
|
|
|||
Total
|
|
$
|
14,197.6
|
|
|
$
|
13,508.9
|
|
|
$
|
13,300.7
|
|
In millions
|
|
2017
|
|
2016
|
||||
United States
|
|
$
|
984.8
|
|
|
$
|
2,040.7
|
|
Non-U.S.
|
|
1,651.8
|
|
|
603.1
|
|
||
Total
|
|
$
|
2,636.6
|
|
|
$
|
2,643.8
|
|
•
|
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,
2017 |
|
December 31,
2016 |
||||
Accrued expenses and other current liabilities
|
$
|
48.2
|
|
|
$
|
61.5
|
|
Other noncurrent liabilities
|
556.6
|
|
|
569.7
|
|
||
Total asbestos-related liabilities
|
$
|
604.8
|
|
|
$
|
631.2
|
|
|
|
|
|
||||
Other current assets
|
$
|
56.1
|
|
|
$
|
54.0
|
|
Other noncurrent assets
|
210.3
|
|
|
218.5
|
|
||
Total asset for probable asbestos-related insurance recoveries
|
$
|
266.4
|
|
|
$
|
272.5
|
|
In millions
|
|
2017
|
|
2016
|
|
2015
|
||||||
Continuing operations
|
|
$
|
(3.1
|
)
|
|
$
|
2.7
|
|
|
$
|
21.0
|
|
Discontinued operations
|
|
(11.9
|
)
|
|
46.3
|
|
|
(8.8
|
)
|
|||
Total
|
|
$
|
(15.0
|
)
|
|
$
|
49.0
|
|
|
$
|
12.2
|
|
•
|
Ingersoll-Rand Company has reached favorable settlements regarding asbestos coverage claims for the majority of its recorded asbestos-related insurance receivable;
|
•
|
a review of other companies in circumstances comparable to Ingersoll-Rand Company, including Trane, and the success of other companies in recovering under their insurance policies, including Trane's favorable settlement discussed above;
|
•
|
the Company's confidence in its right to recovery under the terms of its policies and pursuant to applicable law; and
|
•
|
the Company's history of receiving payments under the Ingersoll-Rand Company insurance program, including under policies that had been the subject of prior litigation.
|
In millions
|
2017
|
|
2016
|
||||
Balance at beginning of period
|
$
|
261.6
|
|
|
$
|
262.0
|
|
Reductions for payments
|
(140.5
|
)
|
|
(142.3
|
)
|
||
Accruals for warranties issued during the current period
|
141.9
|
|
|
141.4
|
|
||
Changes to accruals related to preexisting warranties
|
2.2
|
|
|
2.5
|
|
||
Translation
|
5.3
|
|
|
(2.0
|
)
|
||
Balance at end of period
|
$
|
270.5
|
|
|
$
|
261.6
|
|
In millions
|
2017
|
|
2016
|
||||
Balance at beginning of period
|
$
|
295.9
|
|
|
$
|
311.6
|
|
Amortization of deferred revenue for the period
|
(107.2
|
)
|
|
(111.0
|
)
|
||
Additions for extended warranties issued during the period
|
100.8
|
|
|
97.3
|
|
||
Changes to accruals related to preexisting warranties
|
1.3
|
|
|
(1.7
|
)
|
||
Translation
|
2.2
|
|
|
(0.3
|
)
|
||
Balance at end of period
|
$
|
293.0
|
|
|
$
|
295.9
|
|
Parent, issuer or guarantors
|
Notes issued
|
Notes guaranteed
(3)
|
Ingersoll-Rand plc (Plc)
|
None
|
All registered notes and debentures
|
Ingersoll-Rand Irish Holdings Unlimited Company (Irish Holdings)
|
None
|
All notes issued by Global Holding and Lux Finance
(4)
|
Ingersoll-Rand Lux International Holding Company S.a.r.l. (Lux International)
|
None
|
All notes issued by Global Holding and Lux Finance
(1)
|
Ingersoll-Rand Global Holding Company Limited (Global Holding)
|
6.875% Senior notes due 2018
(2)
2.875% Senior notes due 2019 (2) 4.250% Senior notes due 2023 (2) 5.750% Senior notes due 2043 (2) |
All notes issued by Lux Finance
|
Ingersoll-Rand Company (New Jersey)
|
9.000% Debentures due 2021
7.200% Debentures due 2018-2025
6.48% Debentures due 2025
Puttable debentures due 2027-2028
|
All notes issued by Global Holding and Lux Finance
|
Ingersoll-Rand Luxembourg Finance S.A. (Lux Finance)
|
2.625% Notes due 2020
3.55% Notes due 2024
4.650% Notes due 2044
|
All notes and debentures issued by Global Holding and New Jersey
|
In millions
|
Plc
|
|
Irish Holdings
|
|
Lux International
|
|
Global
Holding |
|
New
Jersey |
|
Lux
Finance |
|
Other
Subsidiaries |
|
Consolidating
Adjustments |
|
Consolidated |
||||||||||||||||||
Net revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,336.6
|
|
|
$
|
—
|
|
|
$
|
13,216.7
|
|
|
$
|
(355.7
|
)
|
|
$
|
14,197.6
|
|
Cost of goods sold
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(957.9
|
)
|
|
—
|
|
|
(9,209.4
|
)
|
|
355.7
|
|
|
(9,811.6
|
)
|
|||||||||
Selling and administrative expenses
|
(15.6
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
(1.2
|
)
|
|
(401.7
|
)
|
|
(0.2
|
)
|
|
(2,301.9
|
)
|
|
—
|
|
|
(2,720.7
|
)
|
|||||||||
Operating income (loss)
|
(15.6
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
(1.2
|
)
|
|
(23.0
|
)
|
|
(0.2
|
)
|
|
1,705.4
|
|
|
—
|
|
|
1,665.3
|
|
|||||||||
Equity earnings (loss) in subsidiaries, net of tax
|
1,349.2
|
|
|
1,334.7
|
|
|
982.3
|
|
|
565.3
|
|
|
1,212.5
|
|
|
107.9
|
|
|
—
|
|
|
(5,551.9
|
)
|
|
—
|
|
|||||||||
Interest expense
|
—
|
|
|
—
|
|
|
—
|
|
|
(127.0
|
)
|
|
(47.2
|
)
|
|
(41.0
|
)
|
|
(0.6
|
)
|
|
—
|
|
|
(215.8
|
)
|
|||||||||
Intercompany interest and fees
|
(33.1
|
)
|
|
—
|
|
|
253.0
|
|
|
(493.9
|
)
|
|
(500.9
|
)
|
|
(8.2
|
)
|
|
783.1
|
|
|
—
|
|
|
—
|
|
|||||||||
Other income/(expense), net
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
(5.8
|
)
|
|
—
|
|
|
(25.9
|
)
|
|
—
|
|
|
(31.6
|
)
|
|||||||||
Earnings (loss) before income taxes
|
1,300.5
|
|
|
1,334.7
|
|
|
1,235.3
|
|
|
(56.8
|
)
|
|
635.6
|
|
|
58.5
|
|
|
2,462.0
|
|
|
(5,551.9
|
)
|
|
1,417.9
|
|
|||||||||
Benefit (provision) for income taxes
|
2.1
|
|
|
—
|
|
|
—
|
|
|
247.2
|
|
|
(42.4
|
)
|
|
—
|
|
|
(287.1
|
)
|
|
—
|
|
|
(80.2
|
)
|
|||||||||
Earnings (loss) from continuing operations
|
1,302.6
|
|
|
1,334.7
|
|
|
1,235.3
|
|
|
190.4
|
|
|
593.2
|
|
|
58.5
|
|
|
2,174.9
|
|
|
(5,551.9
|
)
|
|
1,337.7
|
|
|||||||||
Gain (loss) from discontinued operations, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(27.9
|
)
|
|
—
|
|
|
2.5
|
|
|
—
|
|
|
(25.4
|
)
|
|||||||||
Net earnings (loss)
|
1,302.6
|
|
|
1,334.7
|
|
|
1,235.3
|
|
|
190.4
|
|
|
565.3
|
|
|
58.5
|
|
|
2,177.4
|
|
|
(5,551.9
|
)
|
|
1,312.3
|
|
|||||||||
Less: Net earnings attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9.7
|
)
|
|
—
|
|
|
(9.7
|
)
|
|||||||||
Net earnings attributable to Ingersoll-Rand plc
|
$
|
1,302.6
|
|
|
$
|
1,334.7
|
|
|
$
|
1,235.3
|
|
|
$
|
190.4
|
|
|
$
|
565.3
|
|
|
$
|
58.5
|
|
|
$
|
2,167.7
|
|
|
$
|
(5,551.9
|
)
|
|
$
|
1,302.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Other comprehensive income (loss), net of tax
|
511.7
|
|
|
510.3
|
|
|
472.5
|
|
|
369.3
|
|
|
368.8
|
|
|
102.1
|
|
|
499.0
|
|
|
(2,322.0
|
)
|
|
511.7
|
|
|||||||||
Comprehensive income attributable to Ingersoll-Rand plc
|
$
|
1,814.3
|
|
|
$
|
1,845.0
|
|
|
$
|
1,707.8
|
|
|
$
|
559.7
|
|
|
$
|
934.1
|
|
|
$
|
160.6
|
|
|
$
|
2,666.7
|
|
|
$
|
(7,873.9
|
)
|
|
$
|
1,814.3
|
|
In millions
|
Plc
|
|
Irish Holdings
|
|
Lux International
|
|
Global
Holding |
|
New
Jersey |
|
Lux
Finance |
|
Other
Subsidiaries |
|
Consolidating
Adjustments |
|
Consolidated |
||||||||||||||||||
Net revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,327.2
|
|
|
$
|
—
|
|
|
$
|
12,533.9
|
|
|
$
|
(352.2
|
)
|
|
$
|
13,508.9
|
|
Cost of goods sold
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(982.2
|
)
|
|
—
|
|
|
(8,677.9
|
)
|
|
352.2
|
|
|
(9,307.9
|
)
|
|||||||||
Selling and administrative expenses
|
(16.9
|
)
|
|
—
|
|
|
(0.2
|
)
|
|
(0.1
|
)
|
|
(352.5
|
)
|
|
(0.5
|
)
|
|
(2,227.6
|
)
|
|
—
|
|
|
(2,597.8
|
)
|
|||||||||
Operating income (loss)
|
(16.9
|
)
|
|
—
|
|
|
(0.2
|
)
|
|
(0.1
|
)
|
|
(7.5
|
)
|
|
(0.5
|
)
|
|
1,628.4
|
|
|
—
|
|
|
1,603.2
|
|
|||||||||
Equity earnings (loss) in subsidiaries, net of tax
|
1,559.7
|
|
|
1,544.0
|
|
|
1,463.4
|
|
|
609.4
|
|
|
808.7
|
|
|
1,521.1
|
|
|
—
|
|
|
(7,506.3
|
)
|
|
—
|
|
|||||||||
Interest expense
|
—
|
|
|
—
|
|
|
—
|
|
|
(127.0
|
)
|
|
(47.9
|
)
|
|
(42.6
|
)
|
|
(4.0
|
)
|
|
—
|
|
|
(221.5
|
)
|
|||||||||
Intercompany interest and fees
|
(69.2
|
)
|
|
—
|
|
|
(46.4
|
)
|
|
(164.5
|
)
|
|
(277.2
|
)
|
|
(6.8
|
)
|
|
564.1
|
|
|
—
|
|
|
—
|
|
|||||||||
Other income/(expense), net
|
0.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13.8
|
)
|
|
—
|
|
|
372.5
|
|
|
—
|
|
|
359.6
|
|
|||||||||
Earnings (loss) before income taxes
|
1,474.5
|
|
|
1,544.0
|
|
|
1,416.8
|
|
|
317.8
|
|
|
462.3
|
|
|
1,471.2
|
|
|
2,561.0
|
|
|
(7,506.3
|
)
|
|
1,741.3
|
|
|||||||||
Benefit (provision) for income taxes
|
1.7
|
|
|
—
|
|
|
3.0
|
|
|
115.6
|
|
|
117.3
|
|
|
—
|
|
|
(519.1
|
)
|
|
—
|
|
|
(281.5
|
)
|
|||||||||
Earnings (loss) from continuing operations
|
1,476.2
|
|
|
1,544.0
|
|
|
1,419.8
|
|
|
433.4
|
|
|
579.6
|
|
|
1,471.2
|
|
|
2,041.9
|
|
|
(7,506.3
|
)
|
|
1,459.8
|
|
|||||||||
Gain (loss) from discontinued operations, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30.4
|
|
|
—
|
|
|
2.5
|
|
|
—
|
|
|
32.9
|
|
|||||||||
Net earnings (loss)
|
1,476.2
|
|
|
1,544.0
|
|
|
1,419.8
|
|
|
433.4
|
|
|
610.0
|
|
|
1,471.2
|
|
|
2,044.4
|
|
|
(7,506.3
|
)
|
|
1,492.7
|
|
|||||||||
Less: Net earnings attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16.5
|
)
|
|
—
|
|
|
(16.5
|
)
|
|||||||||
Net earnings attributable to Ingersoll-Rand plc
|
$
|
1,476.2
|
|
|
$
|
1,544.0
|
|
|
$
|
1,419.8
|
|
|
$
|
433.4
|
|
|
$
|
610.0
|
|
|
$
|
1,471.2
|
|
|
$
|
2,027.9
|
|
|
$
|
(7,506.3
|
)
|
|
$
|
1,476.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Other comprehensive income (loss), net of tax
|
(169.6
|
)
|
|
(168.5
|
)
|
|
(166.8
|
)
|
|
(161.1
|
)
|
|
(161.5
|
)
|
|
5.0
|
|
|
33.3
|
|
|
619.6
|
|
|
(169.6
|
)
|
|||||||||
Comprehensive income attributable to Ingersoll-Rand plc
|
$
|
1,306.6
|
|
|
$
|
1,375.5
|
|
|
$
|
1,253.0
|
|
|
$
|
272.3
|
|
|
$
|
448.5
|
|
|
$
|
1,476.2
|
|
|
$
|
2,061.2
|
|
|
$
|
(6,886.7
|
)
|
|
$
|
1,306.6
|
|
In millions
|
Plc
|
|
Irish Holdings
|
|
Lux International
|
|
Global
Holding |
|
New
Jersey |
|
Lux
Finance |
|
Other
Subsidiaries |
|
Consolidating
Adjustments |
|
Consolidated |
||||||||||||||||||
Net revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,427.9
|
|
|
$
|
—
|
|
|
$
|
12,259.0
|
|
|
$
|
(386.2
|
)
|
|
$
|
13,300.7
|
|
Cost of goods sold
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,031.7
|
)
|
|
—
|
|
|
(8,631.9
|
)
|
|
386.2
|
|
|
(9,277.4
|
)
|
|||||||||
Selling and administrative expenses
|
(18.9
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
(303.5
|
)
|
|
(0.6
|
)
|
|
(2,208.4
|
)
|
|
—
|
|
|
(2,531.6
|
)
|
|||||||||
Operating income (loss)
|
(18.9
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
92.7
|
|
|
(0.6
|
)
|
|
1,418.7
|
|
|
—
|
|
|
1,491.7
|
|
|||||||||
Equity earnings (loss) in subsidiaries, net of tax
|
706.8
|
|
|
710.6
|
|
|
570.6
|
|
|
301.7
|
|
|
693.7
|
|
|
359.2
|
|
|
—
|
|
|
(3,342.6
|
)
|
|
—
|
|
|||||||||
Interest expense
|
—
|
|
|
—
|
|
|
—
|
|
|
(127.6
|
)
|
|
(48.3
|
)
|
|
(42.8
|
)
|
|
(4.3
|
)
|
|
—
|
|
|
(223.0
|
)
|
|||||||||
Intercompany interest and fees
|
(26.7
|
)
|
|
(0.2
|
)
|
|
(21.4
|
)
|
|
(28.6
|
)
|
|
(270.6
|
)
|
|
(2.4
|
)
|
|
349.9
|
|
|
—
|
|
|
—
|
|
|||||||||
Other income/(expense), net
|
1.4
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
(9.1
|
)
|
|
—
|
|
|
(13.2
|
)
|
|
—
|
|
|
(20.8
|
)
|
|||||||||
Earnings (loss) before income taxes
|
662.6
|
|
|
710.4
|
|
|
549.2
|
|
|
145.4
|
|
|
458.4
|
|
|
313.4
|
|
|
1,751.1
|
|
|
(3,342.6
|
)
|
|
1,247.9
|
|
|||||||||
Benefit (provision) for income taxes
|
2.0
|
|
|
—
|
|
|
(9.1
|
)
|
|
58.0
|
|
|
(125.5
|
)
|
|
—
|
|
|
(466.2
|
)
|
|
—
|
|
|
(540.8
|
)
|
|||||||||
Earnings (loss) from continuing operations
|
664.6
|
|
|
710.4
|
|
|
540.1
|
|
|
203.4
|
|
|
332.9
|
|
|
313.4
|
|
|
1,284.9
|
|
|
(3,342.6
|
)
|
|
707.1
|
|
|||||||||
Gain (loss) from discontinued operations, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31.4
|
)
|
|
—
|
|
|
7.1
|
|
|
—
|
|
|
(24.3
|
)
|
|||||||||
Net earnings (loss)
|
664.6
|
|
|
710.4
|
|
|
540.1
|
|
|
203.4
|
|
|
301.5
|
|
|
313.4
|
|
|
1,292.0
|
|
|
(3,342.6
|
)
|
|
682.8
|
|
|||||||||
Less: Net earnings attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18.2
|
)
|
|
—
|
|
|
(18.2
|
)
|
|||||||||
Net earnings attributable to Ingersoll-Rand plc
|
$
|
664.6
|
|
|
$
|
710.4
|
|
|
$
|
540.1
|
|
|
$
|
203.4
|
|
|
$
|
301.5
|
|
|
$
|
313.4
|
|
|
$
|
1,273.8
|
|
|
$
|
(3,342.6
|
)
|
|
$
|
664.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Other comprehensive income (loss), net of tax
|
(406.6
|
)
|
|
(406.0
|
)
|
|
(229.1
|
)
|
|
(91.4
|
)
|
|
(91.9
|
)
|
|
(88.0
|
)
|
|
(411.7
|
)
|
|
1,318.1
|
|
|
(406.6
|
)
|
|||||||||
Comprehensive income attributable to Ingersoll-Rand plc
|
$
|
258.0
|
|
|
$
|
304.4
|
|
|
$
|
311.0
|
|
|
$
|
112.0
|
|
|
$
|
209.6
|
|
|
$
|
225.4
|
|
|
$
|
862.1
|
|
|
$
|
(2,024.5
|
)
|
|
$
|
258.0
|
|
In millions
|
Plc
|
|
Irish Holdings
|
|
Lux International
|
|
Global
Holding |
|
New
Jersey |
|
Lux
Finance |
|
Other
Subsidiaries |
|
Consolidating
Adjustments |
|
Consolidated |
||||||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.6
|
|
|
$
|
—
|
|
|
$
|
359.3
|
|
|
$
|
—
|
|
|
$
|
1,189.5
|
|
|
$
|
—
|
|
|
$
|
1,549.4
|
|
Accounts and notes receivable, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
166.5
|
|
|
—
|
|
|
2,310.9
|
|
|
—
|
|
|
2,477.4
|
|
|||||||||
Inventories, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
168.5
|
|
|
—
|
|
|
1,386.9
|
|
|
—
|
|
|
1,555.4
|
|
|||||||||
Other current assets
|
0.2
|
|
|
—
|
|
|
5.7
|
|
|
112.6
|
|
|
76.2
|
|
|
—
|
|
|
342.2
|
|
|
—
|
|
|
536.9
|
|
|||||||||
Intercompany receivables
|
1,819.1
|
|
|
9,912.2
|
|
|
2,036.8
|
|
|
—
|
|
|
1,849.9
|
|
|
—
|
|
|
5,014.8
|
|
|
(20,632.8
|
)
|
|
—
|
|
|||||||||
Total current assets
|
1,819.3
|
|
|
9,912.2
|
|
|
2,043.1
|
|
|
112.6
|
|
|
2,620.4
|
|
|
—
|
|
|
10,244.3
|
|
|
(20,632.8
|
)
|
|
6,119.1
|
|
|||||||||
Property, plant and equipment, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
310.6
|
|
|
—
|
|
|
1,240.7
|
|
|
—
|
|
|
1,551.3
|
|
|||||||||
Goodwill and other intangible assets, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
436.0
|
|
|
—
|
|
|
9,242.6
|
|
|
—
|
|
|
9,678.6
|
|
|||||||||
Other noncurrent assets
|
—
|
|
|
—
|
|
|
—
|
|
|
185.4
|
|
|
471.1
|
|
|
—
|
|
|
550.8
|
|
|
(383.0
|
)
|
|
824.3
|
|
|||||||||
Investments in consolidated subsidiaries
|
7,318.1
|
|
|
1,684.2
|
|
|
2,953.9
|
|
|
10,480.3
|
|
|
10,923.7
|
|
|
1,150.9
|
|
|
—
|
|
|
(34,511.1
|
)
|
|
—
|
|
|||||||||
Total assets
|
$
|
9,137.4
|
|
|
$
|
11,596.4
|
|
|
$
|
4,997.0
|
|
|
$
|
10,778.3
|
|
|
$
|
14,761.8
|
|
|
$
|
1,150.9
|
|
|
$
|
21,278.4
|
|
|
$
|
(55,526.9
|
)
|
|
$
|
18,173.3
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Accounts payable and accrued expenses
|
$
|
8.5
|
|
|
$
|
—
|
|
|
$
|
0.2
|
|
|
$
|
27.3
|
|
|
$
|
572.3
|
|
|
$
|
6.9
|
|
|
$
|
3,105.8
|
|
|
$
|
—
|
|
|
$
|
3,721.0
|
|
Short-term borrowings and current maturities of long-term debt
|
—
|
|
|
—
|
|
|
—
|
|
|
749.6
|
|
|
350.4
|
|
|
—
|
|
|
7.0
|
|
|
—
|
|
|
1,107.0
|
|
|||||||||
Intercompany payables
|
1,988.3
|
|
|
—
|
|
|
9,316.7
|
|
|
5,481.1
|
|
|
1,790.0
|
|
|
523.3
|
|
|
1,533.4
|
|
|
(20,632.8
|
)
|
|
—
|
|
|||||||||
Total current liabilities
|
1,996.8
|
|
|
—
|
|
|
9,316.9
|
|
|
6,258.0
|
|
|
2,712.7
|
|
|
530.2
|
|
|
4,646.2
|
|
|
(20,632.8
|
)
|
|
4,828.0
|
|
|||||||||
Long-term debt
|
—
|
|
|
—
|
|
|
—
|
|
|
1,539.9
|
|
|
326.8
|
|
|
1,089.7
|
|
|
0.6
|
|
|
—
|
|
|
2,957.0
|
|
|||||||||
Other noncurrent liabilities
|
0.3
|
|
|
—
|
|
|
—
|
|
|
92.4
|
|
|
1,251.8
|
|
|
—
|
|
|
2,219.9
|
|
|
(383.0
|
)
|
|
3,181.4
|
|
|||||||||
Total liabilities
|
1,997.1
|
|
|
—
|
|
|
9,316.9
|
|
|
7,890.3
|
|
|
4,291.3
|
|
|
1,619.9
|
|
|
6,866.7
|
|
|
(21,015.8
|
)
|
|
10,966.4
|
|
|||||||||
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Total equity
|
7,140.3
|
|
|
11,596.4
|
|
|
(4,319.9
|
)
|
|
2,888.0
|
|
|
10,470.5
|
|
|
(469.0
|
)
|
|
14,411.7
|
|
|
(34,511.1
|
)
|
|
7,206.9
|
|
|||||||||
Total liabilities and equity
|
$
|
9,137.4
|
|
|
$
|
11,596.4
|
|
|
$
|
4,997.0
|
|
|
$
|
10,778.3
|
|
|
$
|
14,761.8
|
|
|
$
|
1,150.9
|
|
|
$
|
21,278.4
|
|
|
$
|
(55,526.9
|
)
|
|
$
|
18,173.3
|
|
In millions
|
Plc
|
|
Irish Holdings
|
|
Lux International
|
|
Global
Holding |
|
New
Jersey |
|
Lux
Finance |
|
Other
Subsidiaries |
|
Consolidating
Adjustments |
|
Consolidated |
||||||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
634.6
|
|
|
$
|
—
|
|
|
$
|
1,080.1
|
|
|
$
|
—
|
|
|
$
|
1,714.7
|
|
Accounts and notes receivable, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
171.0
|
|
|
—
|
|
|
2,052.0
|
|
|
—
|
|
|
2,223.0
|
|
|||||||||
Inventories, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
165.3
|
|
|
—
|
|
|
1,220.5
|
|
|
—
|
|
|
1,385.8
|
|
|||||||||
Other current assets
|
0.2
|
|
|
—
|
|
|
5.3
|
|
|
0.7
|
|
|
69.4
|
|
|
—
|
|
|
189.3
|
|
|
(9.1
|
)
|
|
255.8
|
|
|||||||||
Intercompany receivable
|
122.3
|
|
|
—
|
|
|
5.6
|
|
|
271.6
|
|
|
220.5
|
|
|
—
|
|
|
11,747.9
|
|
|
(12,367.9
|
)
|
|
—
|
|
|||||||||
Total current assets
|
122.5
|
|
|
—
|
|
|
10.9
|
|
|
272.3
|
|
|
1,260.8
|
|
|
—
|
|
|
16,289.8
|
|
|
(12,377.0
|
)
|
|
5,579.3
|
|
|||||||||
Property, plant and equipment, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
445.9
|
|
|
—
|
|
|
1,065.1
|
|
|
—
|
|
|
1,511.0
|
|
|||||||||
Goodwill and other intangible assets, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
414.7
|
|
|
—
|
|
|
9,028.8
|
|
|
—
|
|
|
9,443.5
|
|
|||||||||
Other noncurrent assets
|
0.2
|
|
|
—
|
|
|
—
|
|
|
262.4
|
|
|
676.3
|
|
|
—
|
|
|
580.1
|
|
|
(655.4
|
)
|
|
863.6
|
|
|||||||||
Investments in consolidated subsidiaries
|
7,588.1
|
|
|
1,500.4
|
|
|
3,267.1
|
|
|
7,270.2
|
|
|
15,273.4
|
|
|
1,090.4
|
|
|
—
|
|
|
(35,989.6
|
)
|
|
—
|
|
|||||||||
Intercompany notes receivable
|
—
|
|
|
12,560.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,851.8
|
|
|
(16,412.0
|
)
|
|
—
|
|
|||||||||
Total assets
|
$
|
7,710.8
|
|
|
$
|
14,060.6
|
|
|
$
|
3,278.0
|
|
|
$
|
7,804.9
|
|
|
$
|
18,071.1
|
|
|
$
|
1,090.4
|
|
|
$
|
30,815.6
|
|
|
$
|
(65,434.0
|
)
|
|
$
|
17,397.4
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Accounts payable and accrued expenses
|
$
|
7.7
|
|
|
$
|
—
|
|
|
$
|
0.2
|
|
|
$
|
36.3
|
|
|
$
|
525.1
|
|
|
$
|
7.0
|
|
|
$
|
2,662.3
|
|
|
$
|
(9.1
|
)
|
|
$
|
3,229.5
|
|
Short-term borrowings and current maturities of long-term debt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
350.4
|
|
|
—
|
|
|
10.4
|
|
|
—
|
|
|
360.8
|
|
|||||||||
Intercompany payable
|
1,059.3
|
|
|
—
|
|
|
3,400.1
|
|
|
1,068.2
|
|
|
6,285.6
|
|
|
486.9
|
|
|
67.8
|
|
|
(12,367.9
|
)
|
|
—
|
|
|||||||||
Total current liabilities
|
1,067.0
|
|
|
—
|
|
|
3,400.3
|
|
|
1,104.5
|
|
|
7,161.1
|
|
|
493.9
|
|
|
2,740.5
|
|
|
(12,377.0
|
)
|
|
3,590.3
|
|
|||||||||
Long-term debt
|
—
|
|
|
—
|
|
|
—
|
|
|
2,286.3
|
|
|
334.2
|
|
|
1,088.3
|
|
|
0.6
|
|
|
—
|
|
|
3,709.4
|
|
|||||||||
Other noncurrent liabilities
|
—
|
|
|
—
|
|
|
—
|
|
|
18.2
|
|
|
1,280.8
|
|
|
—
|
|
|
2,735.8
|
|
|
(655.4
|
)
|
|
3,379.4
|
|
|||||||||
Intercompany notes payable
|
—
|
|
|
—
|
|
|
6,376.3
|
|
|
1,817.2
|
|
|
2,034.6
|
|
|
—
|
|
|
6,183.9
|
|
|
(16,412.0
|
)
|
|
—
|
|
|||||||||
Total liabilities
|
1,067.0
|
|
|
—
|
|
|
9,776.6
|
|
|
5,226.2
|
|
|
10,810.7
|
|
|
1,582.2
|
|
|
11,660.8
|
|
|
(29,444.4
|
)
|
|
10,679.1
|
|
|||||||||
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Total equity
|
6,643.8
|
|
|
14,060.6
|
|
|
(6,498.6
|
)
|
|
2,578.7
|
|
|
7,260.4
|
|
|
(491.8
|
)
|
|
19,154.8
|
|
|
(35,989.6
|
)
|
|
6,718.3
|
|
|||||||||
Total liabilities and equity
|
$
|
7,710.8
|
|
|
$
|
14,060.6
|
|
|
$
|
3,278.0
|
|
|
$
|
7,804.9
|
|
|
$
|
18,071.1
|
|
|
$
|
1,090.4
|
|
|
$
|
30,815.6
|
|
|
$
|
(65,434.0
|
)
|
|
$
|
17,397.4
|
|
In millions
|
Plc
|
|
Irish Holdings
|
|
Lux International
|
|
Global
Holding |
|
New
Jersey |
|
Lux
Finance |
|
Other
Subsidiaries |
|
Consolidating
Adjustments |
|
Consolidated |
||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net cash provided by (used in) continuing operating activities
|
$
|
83.8
|
|
|
$
|
—
|
|
|
$
|
(42.8
|
)
|
|
$
|
(284.9
|
)
|
|
$
|
438.4
|
|
|
$
|
(48.0
|
)
|
|
$
|
1,415.1
|
|
|
$
|
—
|
|
|
$
|
1,561.6
|
|
Net cash provided by (used in) discontinued operating activities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(36.9
|
)
|
|
—
|
|
|
(1.2
|
)
|
|
—
|
|
|
(38.1
|
)
|
|||||||||
Net cash provided by (used in) operating activities
|
83.8
|
|
|
—
|
|
|
(42.8
|
)
|
|
(284.9
|
)
|
|
401.5
|
|
|
(48.0
|
)
|
|
1,413.9
|
|
|
—
|
|
|
1,523.5
|
|
|||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Capital expenditures
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(74.2
|
)
|
|
—
|
|
|
(147.1
|
)
|
|
—
|
|
|
(221.3
|
)
|
|||||||||
Acquisition of businesses, net of cash acquired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.7
|
)
|
|
—
|
|
|
(154.9
|
)
|
|
—
|
|
|
(157.6
|
)
|
|||||||||
Proceeds from sale of property, plant and equipment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.5
|
|
|
—
|
|
|
1.5
|
|
|||||||||
Proceeds from sale of joint venture
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.7
|
|
|
—
|
|
|
2.7
|
|
|||||||||
Intercompany investing activities, net
|
285.1
|
|
|
285.2
|
|
|
2,050.2
|
|
|
270.1
|
|
|
4,899.4
|
|
|
11.7
|
|
|
6,788.3
|
|
|
(14,590.0
|
)
|
|
—
|
|
|||||||||
Net cash provided by (used in) investing activities
|
285.1
|
|
|
285.2
|
|
|
2,050.2
|
|
|
270.1
|
|
|
4,822.5
|
|
|
11.7
|
|
|
6,490.5
|
|
|
(14,590.0
|
)
|
|
(374.7
|
)
|
|||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net proceeds (repayments) of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7.5
|
)
|
|
—
|
|
|
(4.2
|
)
|
|
—
|
|
|
(11.7
|
)
|
|||||||||
Debt issuance costs
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|||||||||
Dividends paid to ordinary shareholders
|
(430.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(430.1
|
)
|
|||||||||
Dividends paid to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15.8
|
)
|
|
—
|
|
|
(15.8
|
)
|
|||||||||
Acquisition of noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6.8
|
)
|
|
—
|
|
|
(6.8
|
)
|
|||||||||
Proceeds from shares issued under incentive plans
|
76.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
76.7
|
|
|||||||||
Repurchase of ordinary shares
|
(1,016.9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,016.9
|
)
|
|||||||||
Other financing activities, net
|
(25.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.7
|
)
|
|
—
|
|
|
(0.6
|
)
|
|
—
|
|
|
(27.7
|
)
|
|||||||||
Intercompany financing activities, net
|
1,026.8
|
|
|
(285.2
|
)
|
|
(2,006.8
|
)
|
|
15.0
|
|
|
(5,490.1
|
)
|
|
36.3
|
|
|
(7,886.0
|
)
|
|
14,590.0
|
|
|
—
|
|
|||||||||
Net cash provided by (used in) financing activities
|
(368.9
|
)
|
|
(285.2
|
)
|
|
(2,006.8
|
)
|
|
14.8
|
|
|
(5,499.3
|
)
|
|
36.3
|
|
|
(7,913.4
|
)
|
|
14,590.0
|
|
|
(1,432.5
|
)
|
|||||||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
118.4
|
|
|
—
|
|
|
118.4
|
|
|||||||||
Net increase (decrease) in cash and cash equivalents
|
—
|
|
|
—
|
|
|
0.6
|
|
|
—
|
|
|
(275.3
|
)
|
|
—
|
|
|
109.4
|
|
|
—
|
|
|
(165.3
|
)
|
|||||||||
Cash and cash equivalents - beginning of period
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
634.6
|
|
|
—
|
|
|
1,080.1
|
|
|
—
|
|
|
1,714.7
|
|
|||||||||
Cash and cash equivalents - end of period
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.6
|
|
|
$
|
—
|
|
|
$
|
359.3
|
|
|
$
|
—
|
|
|
$
|
1,189.5
|
|
|
$
|
—
|
|
|
$
|
1,549.4
|
|
In millions
|
Plc
|
|
Irish Holdings
|
|
Lux International
|
|
Global
Holding |
|
New
Jersey |
|
Lux
Finance |
|
Other
Subsidiaries |
|
Consolidating
Adjustments |
|
Consolidated |
||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net cash provided by (used in) continuing operating activities
|
$
|
(80.4
|
)
|
|
$
|
—
|
|
|
$
|
(42.0
|
)
|
|
$
|
(276.6
|
)
|
|
$
|
823.4
|
|
|
$
|
(47.3
|
)
|
|
$
|
1,055.9
|
|
|
$
|
—
|
|
|
$
|
1,433.0
|
|
Net cash provided by (used in) discontinued operating activities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
86.4
|
|
|
—
|
|
|
2.5
|
|
|
—
|
|
|
88.9
|
|
|||||||||
Net cash provided by (used in) operating activities
|
(80.4
|
)
|
|
—
|
|
|
(42.0
|
)
|
|
(276.6
|
)
|
|
909.8
|
|
|
(47.3
|
)
|
|
1,058.4
|
|
|
—
|
|
|
1,521.9
|
|
|||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Capital expenditures
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(73.7
|
)
|
|
—
|
|
|
(109.0
|
)
|
|
—
|
|
|
(182.7
|
)
|
|||||||||
Acquisition of businesses, net of cash acquired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9.2
|
)
|
|||||||||
Proceeds from sale of property, plant and equipment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9.5
|
|
|
—
|
|
|
9.5
|
|
|||||||||
Proceeds from sale of Hussmann equity investment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
422.5
|
|
|
—
|
|
|
422.5
|
|
|||||||||
Intercompany investing activities, net
|
(90.1
|
)
|
|
(19,465.7
|
)
|
|
6,181.4
|
|
|
(172.9
|
)
|
|
65.8
|
|
|
336.1
|
|
|
(2,226.8
|
)
|
|
15,372.2
|
|
|
—
|
|
|||||||||
Net cash provided by (used in) investing activities
|
(90.1
|
)
|
|
(19,465.7
|
)
|
|
6,181.4
|
|
|
(172.9
|
)
|
|
(17.1
|
)
|
|
336.1
|
|
|
(1,903.8
|
)
|
|
15,372.2
|
|
|
240.1
|
|
|||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net proceeds (repayments) of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7.7
|
)
|
|
(143.0
|
)
|
|
—
|
|
|
—
|
|
|
(150.7
|
)
|
|||||||||
Debt issuance costs
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.1
|
)
|
|||||||||
Dividends paid to ordinary shareholders
|
(348.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(348.6
|
)
|
|||||||||
Dividends paid to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14.1
|
)
|
|
—
|
|
|
(14.1
|
)
|
|||||||||
Proceeds from shares issued under incentive plans
|
62.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
62.9
|
|
|||||||||
Repurchase of ordinary shares
|
(250.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(250.1
|
)
|
|||||||||
Other financing activities, net
|
(24.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24.2
|
)
|
|||||||||
Intercompany financing activities, net
|
730.5
|
|
|
19,465.7
|
|
|
(6,139.4
|
)
|
|
440.2
|
|
|
(250.4
|
)
|
|
(145.9
|
)
|
|
1,271.5
|
|
|
(15,372.2
|
)
|
|
—
|
|
|||||||||
Net cash provided by (used in) financing activities
|
170.5
|
|
|
19,465.7
|
|
|
(6,139.4
|
)
|
|
438.1
|
|
|
(258.1
|
)
|
|
(288.9
|
)
|
|
1,257.4
|
|
|
(15,372.2
|
)
|
|
(726.9
|
)
|
|||||||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(57.2
|
)
|
|
—
|
|
|
(57.2
|
)
|
|||||||||
Net increase (decrease) in cash and cash equivalents
|
—
|
|
|
—
|
|
|
—
|
|
|
(11.4
|
)
|
|
634.6
|
|
|
(0.1
|
)
|
|
354.8
|
|
|
—
|
|
|
977.9
|
|
|||||||||
Cash and cash equivalents – beginning of period
|
—
|
|
|
—
|
|
|
—
|
|
|
11.4
|
|
|
—
|
|
|
0.1
|
|
|
725.3
|
|
|
—
|
|
|
736.8
|
|
|||||||||
Cash and cash equivalents – end of period
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
634.6
|
|
|
$
|
—
|
|
|
$
|
1,080.1
|
|
|
$
|
—
|
|
|
$
|
1,714.7
|
|
In millions
|
Plc
|
|
Irish Holdings
|
|
Lux International
|
|
Global
Holding |
|
New
Jersey |
|
Lux
Finance |
|
Other
Subsidiaries |
|
Consolidating
Adjustments |
|
Consolidated |
||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net cash provided by (used in) continuing operating activities
|
$
|
(22.9
|
)
|
|
$
|
(1.2
|
)
|
|
$
|
(33.6
|
)
|
|
$
|
(122.9
|
)
|
|
$
|
(294.3
|
)
|
|
$
|
(45.8
|
)
|
|
$
|
1,444.2
|
|
|
$
|
—
|
|
|
$
|
923.5
|
|
Net cash provided by (used in) discontinued operating activities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30.6
|
)
|
|
—
|
|
|
(4.5
|
)
|
|
—
|
|
|
(35.1
|
)
|
|||||||||
Net cash provided by (used in) operating activities
|
(22.9
|
)
|
|
(1.2
|
)
|
|
(33.6
|
)
|
|
(122.9
|
)
|
|
(324.9
|
)
|
|
(45.8
|
)
|
|
1,439.7
|
|
|
—
|
|
|
888.4
|
|
|||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Capital expenditures
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(122.9
|
)
|
|
—
|
|
|
(126.7
|
)
|
|
—
|
|
|
(249.6
|
)
|
|||||||||
Acquisition of businesses, net of cash acquired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(443.5
|
)
|
|
—
|
|
|
(518.3
|
)
|
|
—
|
|
|
(961.8
|
)
|
|||||||||
Proceeds from sale of property, plant and equipment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.0
|
|
|
—
|
|
|
15.5
|
|
|
—
|
|
|
18.5
|
|
|||||||||
Intercompany investing activities, net
|
—
|
|
|
3.5
|
|
|
1,963.3
|
|
|
339.0
|
|
|
125.4
|
|
|
(228.0
|
)
|
|
(1,012.6
|
)
|
|
(1,190.6
|
)
|
|
—
|
|
|||||||||
Net cash provided by (used in) investing activities
|
—
|
|
|
3.5
|
|
|
1,963.3
|
|
|
339.0
|
|
|
(438.0
|
)
|
|
(228.0
|
)
|
|
(1,642.1
|
)
|
|
(1,190.6
|
)
|
|
(1,192.9
|
)
|
|||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net proceeds (repayments) of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
(7.6
|
)
|
|
43.0
|
|
|
(28.9
|
)
|
|
—
|
|
|
6.4
|
|
|||||||||
Dividends paid to ordinary shareholders
|
(303.3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(303.3
|
)
|
|||||||||
Dividends paid to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9.3
|
)
|
|
—
|
|
|
(9.3
|
)
|
|||||||||
Proceeds from shares issued under incentive plans
|
61.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
61.3
|
|
|||||||||
Repurchase of ordinary shares
|
(250.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(250.1
|
)
|
|||||||||
Other financing activities, net
|
(32.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(32.6
|
)
|
|||||||||
Intercompany financing activities, net
|
547.6
|
|
|
(2.3
|
)
|
|
(1,930.8
|
)
|
|
(204.6
|
)
|
|
345.1
|
|
|
230.9
|
|
|
(176.5
|
)
|
|
1,190.6
|
|
|
—
|
|
|||||||||
Net cash provided by (used in) financing activities
|
22.9
|
|
|
(2.3
|
)
|
|
(1,930.8
|
)
|
|
(204.7
|
)
|
|
337.5
|
|
|
273.9
|
|
|
(214.7
|
)
|
|
1,190.6
|
|
|
(527.6
|
)
|
|||||||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(136.3
|
)
|
|
—
|
|
|
(136.3
|
)
|
|||||||||
Net increase (decrease) in cash and cash equivalents
|
—
|
|
|
—
|
|
|
(1.1
|
)
|
|
11.4
|
|
|
(425.4
|
)
|
|
0.1
|
|
|
(553.4
|
)
|
|
—
|
|
|
(968.4
|
)
|
|||||||||
Cash and cash equivalents – beginning of period
|
—
|
|
|
—
|
|
|
1.1
|
|
|
—
|
|
|
425.4
|
|
|
—
|
|
|
1,278.7
|
|
|
—
|
|
|
1,705.2
|
|
|||||||||
Cash and cash equivalents – end of period
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
11.4
|
|
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
725.3
|
|
|
$
|
—
|
|
|
$
|
736.8
|
|
Allowances for Doubtful Accounts:
|
|
||
|
|
||
Balance December 31, 2014
|
$
|
34.1
|
|
Additions charged to costs and expenses
|
1.4
|
|
|
Deductions
(a)
|
(5.3
|
)
|
|
Business acquisitions and divestitures, net
|
0.3
|
|
|
Currency translation
|
(2.2
|
)
|
|
|
|
||
Balance December 31, 2015
|
28.3
|
|
|
Additions charged to costs and expenses
|
7.9
|
|
|
Deductions
(a)
|
(9.5
|
)
|
|
Business acquisitions and divestitures, net
|
—
|
|
|
Currency translation
|
(0.7
|
)
|
|
|
|
||
Balance December 31, 2016
|
26.0
|
|
|
Additions charged to costs and expenses
|
9.7
|
|
|
Deductions
(a)
|
(9.7
|
)
|
|
Business acquisitions and divestitures, net
|
—
|
|
|
Currency translation
|
1.3
|
|
|
Other
|
(0.4
|
)
|
|
|
|
||
Balance December 31, 2017
|
$
|
26.9
|
|
(a)
|
“Deductions” include accounts and advances written off, less recoveries.
|
1.
|
The specific reason(s) for the denial:
|
2.
|
Specific reference(s) to pertinent Plan provisions upon which the denial is based;
|
3.
|
A description of any additional material or information necessary for you to perfect the claim, and an explanation of why such material or information is necessary;
|
4.
|
A description of the Plan's claims review procedure and the time limits applicable to such procedures, including a statement of your right to bring a civil action under Section 502(a) of ERISA following a the exhaustion of the Plans' administrative process;
|
5.
|
If a claim based on disability was denied in reliance upon an internal rule, guideline, protocol or other similar criterion, the internal rule, guideline, protocol or other criteria will be described, or the notice will include a statement that a copy of such rule, guideline, protocol or other criteria will be provided free of charge upon request; and,
|
6.
|
A statement that you have the right to appeal the decision.
|
1.
|
Not afford deference to the initial adverse benefit determination,
|
2.
|
Provide for the identification of medical or vocational experts whose advice was obtained on behalf of the Plan in connection with the appeal, if applicable
|
3.
|
Be conducted by someone that did not take part in the adverse determination under appeal and is not a subordinate of someone who did.
|
1.
|
The specific reason or reasons for the denial;
|
2.
|
The specific Plan provision(s) on which the decision is based;
|
3.
|
A statement that the Employee is entitled to receive upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to his or her claim for benefits;
|
4.
|
If a claim based on disability was denied in reliance upon an internal rule, guideline, protocol or other similar criterion, the internal rule guideline, protocol or other criteria will be described, or the notice will include a statement that a copy of such rule, guideline, protocol or other criteria will be provided free of charge upon request; and
|
5.
|
A statement that the Employee shall have a right to bring a civil action under Section 502(a) of ERISA following exhaustion of the Plans' administrative processes.
|
1.
|
The specific reason(s) for the denial;
|
2.
|
Specific reference(s) to pertinent Plan provisions upon which the denial is based;
|
3.
|
A description of any additional material or information necessary for you to perfect the claim, and an explanation of why such material or information is necessary;
|
4.
|
A description of the Plan's claims review procedure and the time limits applicable to such procedures, including a statement of your right to bring a civil action under Section 502(a) of ERISA following a the exhaustion of the Plans' administrative process;
|
5.
|
If a claim based on disability was denied in reliance upon an internal rule, guideline, protocol or other similar criterion, the internal rule, guideline, protocol or other criteria will be described, or the notice will include a statement that a copy of such rule, guideline, protocol or other criteria will be provided free of charge upon request; and,
|
6.
|
A statement that you have the right to appeal the decision.
|
1.
|
Not afford deference to the initial adverse benefit determination,
|
2.
|
Provide for the identification of medical or vocational experts whose advice was obtained on behalf of the Plan in connection with the appeal, if applicable
|
3.
|
Be conducted by someone that did not take part in the adverse determination under appeal and is not a subordinate of someone who did.
|
1.
|
The specific reason or reasons for the denial;
|
2.
|
The specific Plan provision(s) on which the decision is based;
|
3.
|
A statement that the Employee is entitled to receive upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to his or her claim for benefits;
|
4.
|
If a claim based on disability was denied in reliance upon an internal rule, guideline, protocol or other similar criterion, the internal rule guideline, protocol or other criteria will be described, or the notice will include a statement that a copy of such rule, guideline, protocol or other criteria will be provided free of charge upon request; and
|
5.
|
A statement that the Employee shall have a right to bring a civil action under Section 502(a) of ERISA following exhaustion of the Plans' administrative processes.
|
1.
|
The specific reason(s) for the denial;
|
2.
|
Specific reference(s) to pertinent Plan provisions upon which the denial is based;
|
3.
|
A description of any additional material or information necessary for you to perfect the claim, and an explanation of why such material or information is necessary;
|
4.
|
A description of the Plan's claims review procedure and the time limits applicable to such procedures, including a statement of your right to bring a civil action under Section 502(a) of ERISA following a the exhaustion of the Plans' administrative process;
|
5.
|
If a claim based on disability was denied in reliance upon an internal rule, guideline, protocol or other similar criterion, the internal rule, guideline, protocol or other criteria will be described, or the notice will include a statement that a copy of such rule, guideline, protocol or other criteria will be provided free of charge
upon
request; and,
|
6.
|
A statement that you have the right to appeal the decision.
|
1.
|
Not afford deference to the initial adverse benefit determination,
|
2.
|
Provide for the identification of medical or vocational experts whose advice was obtained on behalf of the Plan in connection with the appeal, if applicable
|
3.
|
Be conducted by someone that did not take part in the adverse determination under appeal and is not a subordinate of someone who did.
|
1.
|
The specific reason or reasons for the denial;
|
2.
|
The specific Plan provision(s) on which the decision is based;
|
3.
|
A statement that the Employee is entitled to receive upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to his or her claim for benefits;
|
4.
|
If a claim based on disability was denied in reliance upon an internal rule, guideline, protocol or other similar criterion, the internal rule guideline, protocol or other criteria will he described, or the notice will include a statement that a copy of such rule, guideline, protocol or other criteria will be provided free of charge upon request; and
|
5.
|
A statement that the Employee shall have a right to bring a civil action under Section 502(a) of ER1SA following exhaustion of the Plans' administrative processes.
|
LIST OF SUBSIDIARIES OF INGERSOLL-RAND PLC
|
|
|
As of December 31, 2017
|
|
|
|
|
|
Name of Subsidiary
|
Jurisdiction of Formation
|
Percent of Ownership
|
AIRCO LIMITED
|
THAILAND
|
48%
|
|
|
|
AIRTEC LIMITED
|
UNITED KINGDOM
|
100%
|
|
|
|
ALLIANCE COMPRESSORS LLC
|
DELAWARE
|
25%
|
|
|
|
AMAIR LIMITED
|
THAILAND
|
97%
|
|
|
|
ARO DE VENEZUELA, C.A.
|
VENEZUELA
|
100%
|
|
|
|
A-S ENERGY, INC.
|
TEXAS
|
100%
|
|
|
|
B&K MANUFACTURING CORPORATION
|
DELAWARE
|
100%
|
|
|
|
BEST MATIC INTERNATIONAL LIMITED
|
UNITED KINGDOM
|
100%
|
|
|
|
BEST MATIC VERMOGENSVERWALTUNGS GMBH
|
GERMANY
|
100%
|
|
|
|
CALMAC CORP.
|
NEW YORK
|
100%
|
|
|
|
CELTRAK LIMITED
|
IRELAND
|
100%
|
|
|
|
CELTRAK, INC.
|
DELAWARE
|
100%
|
|
|
|
CLUB CAR LIMITED
|
NEW ZEALAND
|
100%
|
|
|
|
CLUB CAR, LLC
|
DELAWARE
|
100%
|
|
|
|
COMERCIAL INGERSOLL-RAND (CHILE) LIMITADA
|
CHILE
|
100%
|
|
|
|
COMINGERSOLL-COMERCIO E INDUSTRIA DE EQUIPAMENTOS, S.A.R.L. (PORTUGAL)
|
PORTUGAL
|
22%
|
|
|
|
COMPAGNIE INGERSOLL-RAND SAS
|
FRANCE
|
100%
|
|
|
|
DALLAH TRANE FOR MANUFACTURING AIR-CONDITIONERS
|
SAUDI ARABIA
|
49%
|
|
|
|
DIASORIN INTERNATIONAL B.V.
|
NETHERLANDS
|
100%
|
|
|
|
DIASORIN INTERNATIONAL LLC
|
DELAWARE
|
100%
|
|
|
|
DRADNATS INC.
|
DELAWARE
|
100%
|
|
|
|
EBB HOLDINGS LIMITED
|
BARBADOS
|
100%
|
|
|
|
FELLON-MCCORD & ASSOCIATES, LLC
|
KENTUCKY
|
100%
|
|
|
|
FILAIRCO INC.
|
PHILIPPINES
|
100%
|
|
|
|
FILAIRCO TECHNICAL SERVICES CO., INC.
|
PHILIPPINES
|
25%
|
|
|
|
FLEXENGERY, INC.
|
DELAWARE
|
8%
|
|
|
|
FM ENERGY SCHEDULING, LLC
|
KENTUCKY
|
100%
|
|
|
|
FRIGOBLOCK GROSSKOPF GMBH
|
GERMANY
|
100%
|
|
|
|
FRIGOBLOCK UK LIMITED
|
UNITED KINGDOM
|
100%
|
|
|
|
GHH-RAND SCHRAUBENKOMPRESSOREN GMBH
|
GERMANY
|
100%
|
|
|
|
GOLF ACADEMIES LIMITED
|
UNITED KINGDOM
|
100%
|
|
|
|
GPS INDUSTRIES, LLC
|
DELAWARE
|
100%
|
|
|
|
GPSI HOLDINGS, LLC
|
DELAWARE
|
100%
|
|
|
|
GPSI LEASING II - ACCORD, LLC
|
DELAWARE
|
100%
|
|
|
|
GPSI LEASING, LLC
|
DELAWARE
|
100%
|
|
|
|
GPSI TELEMATICS LLC
|
DELAWARE
|
100%
|
|
|
|
HERMANN TRANE HARRISBURG INC.
|
DELAWARE
|
100%
|
|
|
|
HIBON INC.
|
CANADA
|
100%
|
|
|
|
INDUSTRIAL CHILL SERVICING PRIVATE LTD.
|
MAURITIUS
|
100%
|
|
|
|
INGERSOLL RAND-TRANE ENERGY-SAVING SERVICES (SHANGHAI) CO., LTD.
|
CHINA
|
100%
|
|
|
|
INGERSOLL-RAND (AUSTRALIA) LTD.
|
AUSTRALIA
|
100%
|
|
|
|
INGERSOLL-RAND (CHANG ZHOU) TOOLS CO., LTD.
|
CHINA
|
100%
|
|
|
|
INGERSOLL-RAND (CHINA) INDUSTRIAL EQUIPMENT MANUFACTURING CO., LTD.
|
CHINA
|
100%
|
|
|
|
INGERSOLL-RAND (CHINA) INVESTMENT COMPANY LIMITED
|
CHINA
|
100%
|
|
|
|
INGERSOLL-RAND (EUROPE) LIMITED
|
UNITED KINGDOM
|
100%
|
|
|
|
INGERSOLL-RAND (GAOMI) SYSTEMS CO., LTD.
|
CHINA
|
100%
|
|
|
|
INGERSOLL-RAND (GIBRALTAR) HOLDING
|
GIBRALTAR
|
100%
|
|
|
|
INGERSOLL-RAND (GIBRALTAR) INTERNATIONAL HOLDING II LIMITED
|
GIBRALTAR
|
100%
|
|
|
|
INGERSOLL-RAND (GUILIN) TOOLS COMPANY LIMITED
|
CHINA
|
100%
|
|
|
|
INGERSOLL-RAND (HONG KONG) HOLDING COMPANY LIMITED
|
HONG KONG
|
100%
|
|
|
|
INGERSOLL-RAND (INDIA) LIMITED
|
INDIA
|
74%
|
|
|
|
INGERSOLL-RAND (SHANGHAI) TRADING CO., LTD.
|
CHINA
|
100%
|
|
|
|
INGERSOLL-RAND AB
|
SWEDEN
|
100%
|
|
|
|
INGERSOLL-RAND AIR SOLUTIONS HIBON SARL
|
FRANCE
|
100%
|
|
|
|
INGERSOLL-RAND BEST-MATIC AB
|
SWEDEN
|
100%
|
|
|
|
INGERSOLL-RAND BETEILIGUNGS UND GRUNDSTUCKSVERWALTUNGS GMBH
|
GERMANY
|
100%
|
|
|
|
INGERSOLL-RAND CHARITABLE FOUNDATION
|
DELAWARE
|
100%
|
|
|
|
INGERSOLL-RAND CHINA LIMITED
|
DELAWARE
|
100%
|
|
|
|
INGERSOLL-RAND CLIMATE LIMITED
|
UNITED KINGDOM
|
100%
|
|
|
|
INGERSOLL-RAND CLIMATE SOLUTIONS PRIVATE LIMITED
|
INDIA
|
100%
|
|
|
|
INGERSOLL-RAND CLUB CAR S.A.S.
|
FRANCE
|
100%
|
|
|
|
INGERSOLL-RAND COLOMBIA S.A.S.
|
COLOMBIA
|
100%
|
|
|
|
INGERSOLL-RAND COMPANY
|
NEW JERSEY
|
100%
|
|
|
|
INGERSOLL-RAND COMPANY CHILE Y COMPAÑÍA LIMITADA
|
CHILE
|
100%
|
|
|
|
INGERSOLL-RAND COMPANY LIMITED (UK)
|
UNITED KINGDOM
|
100%
|
|
|
|
INGERSOLL-RAND COMPANY OF PERU S.A.C
|
PERU
|
100%
|
|
|
|
INGERSOLL-RAND COMPANY SOUTH AFRICA (PTY) LIMITED
|
SOUTH AFRICA
|
100%
|
|
|
|
INGERSOLL-RAND CONSTRUCTION SERVICES, INC.
|
DELAWARE
|
100%
|
|
|
|
INGERSOLL-RAND COSTA RICA S.A.
|
COSTA RICA
|
100%
|
|
|
|
INGERSOLL-RAND CROATIA D.O.O. ZA TRGOVINU
|
CROATIA
|
100%
|
|
|
|
INGERSOLL-RAND CZ S.R.O.
|
CZECH REPUBLIC
|
100%
|
|
|
|
INGERSOLL-RAND DE MEXICO, SOCIEDAD DE RESPONSABILIDAD LIMITADA DE CAPITAL VARIABLE
|
MEXICO
|
100%
|
|
|
|
INGERSOLL-RAND DE PUERTO RICO, INC.
|
PUERTO RICO
|
100%
|
|
|
|
INGERSOLL-RAND ENERGY SYSTEMS CORPORATION
|
MASSACHUSETTS
|
100%
|
|
|
|
INGERSOLL-RAND ENHANCED RECOVERY COMPANY
|
DELAWARE
|
100%
|
|
|
|
INGERSOLL-RAND EQUIPEMENTS DE PRODUCTION S.A.S.
|
FRANCE
|
100%
|
|
|
|
INGERSOLL-RAND EUROPEAN HOLDING COMPANY B.V.
|
NETHERLANDS
|
100%
|
|
|
|
INGERSOLL-RAND FINANCIAL SERVICES CORPORATION
|
DELAWARE
|
100%
|
|
|
|
INGERSOLL-RAND FINLAND OY
|
FINLAND
|
100%
|
|
|
|
INGERSOLL-RAND FUNDING LTD.
|
BERMUDA
|
100%
|
|
|
|
INGERSOLL-RAND GLOBAL HOLDING COMPANY LIMITED
|
DELAWARE
|
100%
|
|
|
|
INGERSOLL-RAND GMBH
|
GERMANY
|
100%
|
|
|
|
INGERSOLL-RAND HOLDINGS B.V.
|
NETHERLANDS
|
100%
|
|
|
|
INGERSOLL-RAND HOLDING COMPANY LLC
|
CALIFORNIA
|
100%
|
|
|
|
INGERSOLL-RAND HOLDINGS LIMITED
|
UNITED KINGDOM
|
100%
|
|
|
|
INGERSOLL-RAND INDUSTRIA, COMERCIO E SERVICOS DE AR CONDICIONADO, AR COMPRIMIDO E REFRIGERACAO LTDA.
|
BRAZIL
|
100%
|
|
|
|
INGERSOLL-RAND INTERNATIONAL (INDIA) PRIVATE LIMITED
|
INDIA
|
100%
|
|
|
|
INGERSOLL-RAND INTERNATIONAL FINANCE LIMITED
|
IRELAND
|
100%
|
|
|
|
INGERSOLL-RAND INTERNATIONAL HOLDING LLC
|
NEW JERSEY
|
100%
|
|
|
|
INGERSOLL-RAND INTERNATIONAL LIMITED
|
IRELAND
|
100%
|
|
|
|
INGERSOLL-RAND IRISH HOLDINGS UNLIMITED COMPANY
|
IRELAND
|
100%
|
|
|
|
INGERSOLL-RAND ITALIA S.R.L.
|
ITALY
|
100%
|
|
|
|
INGERSOLL-RAND ITALIANA S.P.A.
|
ITALY
|
100%
|
|
|
|
INGERSOLL-RAND ITS JAPAN LTD.
|
JAPAN
|
100%
|
|
|
|
INGERSOLL-RAND JAPAN, LTD.
|
JAPAN
|
100%
|
|
|
|
INGERSOLL-RAND KOREA HOLDING LLC
|
DELAWARE
|
100%
|
|
|
|
INGERSOLL-RAND KOREA LIMITED
|
KOREA, REPUBLIC OF
|
100%
|
|
|
|
INGERSOLL-RAND LATIN AMERICA B.V.
|
NETHERLANDS
|
100%
|
|
|
|
INGERSOLL-RAND LUX EURO III FINANCING S.À R.L.
|
LUXEMBOURG
|
100%
|
|
|
|
INGERSOLL-RAND LUX EUROPEAN HOLDING COMPANY S.À R.L.
|
LUXEMBOURG
|
100%
|
|
|
|
INGERSOLL-RAND LUX HOLDINGS II COMPANY S.À R.L.
|
LUXEMBOURG
|
100%
|
|
|
|
INGERSOLL-RAND LUX INTERNATIONAL HOLDING COMPANY S.À R.L.
|
LUXEMBOURG
|
100%
|
|
|
|
INGERSOLL-RAND LUX ROZA III S.À R.L.
|
LUXEMBOURG
|
100%
|
|
|
|
INGERSOLL-RAND LUXEMBOURG UNITED S.À R.L.
|
LUXEMBOURG
|
100%
|
|
|
|
INGERSOLL-RAND LUXEMBOURG FINANCE S.A.
|
LUXEMBOURG
|
100%
|
|
|
|
INGERSOLL-RAND MACHINERY (SHANGHAI) COMPANY LIMITED
|
CHINA
|
100%
|
|
|
|
INGERSOLL-RAND MALAYSIA CO. SDN. BHD.
|
MALAYSIA
|
100%
|
|
|
|
INGERSOLL-RAND MANUFACTURA, S. DE R.L DE C.V.
|
MEXICO
|
100%
|
|
|
|
INGERSOLL-RAND MANUFACTURING S.R.O.
|
CZECH REPUBLIC
|
100%
|
|
|
|
INGERSOLL RAND MAROC S.À R.L.
|
MOROCCO
|
100%
|
|
|
|
INGERSOLL-RAND NETHERLANDS B.V.
|
NETHERLANDS
|
100%
|
|
|
|
INGERSOLL-RAND NEXIA INTELLIGENCE LLC
|
DELAWARE
|
100%
|
|
|
|
INGERSOLL-RAND NY, INC.
|
DELAWARE
|
100%
|
|
|
|
INGERSOLL-RAND PHILIPPINES, INC.
|
PHILIPPINES
|
100%
|
|
|
|
INGERSOLL-RAND POLSKA SP. Z.O.O.
|
POLAND
|
100%
|
|
|
|
|
|
|
INGERSOLL-RAND UK LIMITED
|
UNITED KINGDOM
|
100%
|
|
|
|
INGERSOLL-RAND UKRAINE LIMITED LIABILITY COMPANY
|
UKRAINE
|
100%
|
|
|
|
INGERSOLL-RAND US HOLDING INC.
|
DELAWARE
|
100%
|
|
|
|
INGERSOLL-RAND VIETNAM COMPANY LIMITED
|
VIETNAM
|
100%
|
|
|
|
INGERSOLL-RAND WORLD TRADE GMBH
|
SWITZERLAND
|
100%
|
|
|
|
INGERSOLL-RAND WORLDWIDE CAPITAL S.À R.L.
|
LUXEMBOURG
|
100%
|
|
|
|
INGERSOLL-RAND ZIMBABWE (PRIVATE) LIMITED
|
ZIMBABWE
|
100%
|
|
|
|
IR CANADA HOLDINGS ULC
|
CANADA
|
100%
|
|
|
|
IR CANADA SALES & SERVICE ULC
|
CANADA
|
100%
|
|
|
|
I-R E-MEDICAL, INC.
|
DELAWARE
|
100%
|
|
|
|
IR FRANCE SAS
|
FRANCE
|
100%
|
|
|
|
MB AIR SYSTEMS LIMITED
|
UNITED KINGDOM
|
100%
|
|
|
|
OFFICINA MECCANICHE INDUSTRIALI SRL
|
ITALY
|
100%
|
|
|
|
PERFECT PITCH, L.P.
|
DELAWARE
|
68%
|
|
|
|
PLURIFILTER D.O.O.
|
SLOVENIA
|
100%
|
|
|
|
PRIME AIR LIMITED
|
THAILAND
|
100%
|
|
|
|
PT INGERSOLL-RAND INDONESIA
|
INDONESIA
|
100%
|
|
|
|
PT TRANE INDONESIA
|
INDONESIA
|
100%
|
|
|
|
R&O IMMOBILIEN GMBH
|
GERMANY
|
100%
|
|
|
|
RAND TRANE DALLAS INC.
|
DELAWARE
|
100%
|
|
|
|
REFTRANS, S.A.
|
SPAIN
|
85%
|
|
|
|
SHANGHAI INGERSOLL-RAND COMPRESSOR LIMITED
|
CHINA
|
100%
|
|
|
|
SOCIETE TRANE SAS
|
FRANCE
|
100%
|
|
|
|
SPANASHVIEW UNLIMITED COMPANY
|
IRELAND
|
100%
|
|
|
|
STANDARD CENTENNIAL PROPERTY, LLC
|
DELAWARE
|
100%
|
|
|
|
STANDARD COMPRESSORS INC.
|
DELAWARE
|
100%
|
|
|
|
STANDARD INDUSTRIAL MINERAL PRODUCTS CORP.
|
PHILIPPINES
|
40%
|
|
|
|
STANDARD RESOURCES AND DEVELOPMENT CORPORATION
|
PHILIPPINES
|
40%
|
|
|
|
STANDARD TRANE INSURANCE COMPANY
|
NORTH CAROLINA
|
100%
|
|
|
|
STANDARD TRANE INSURANCE IRELAND DESIGNATED ACTIVITY COMPANY
|
IRELAND
|
100%
|
|
|
|
STANDARD TRANE WARRANTY COMPANY
|
SOUTH CAROLINA
|
100%
|
|
|
|
T.I. SOLUTIONS (ISRAEL) LTD.
|
ISRAEL
|
100%
|
|
|
|
TAST LIMITED
|
THAILAND
|
48%
|
|
|
|
THE TRANE COMPANY
|
NEVADA
|
100%
|
|
|
|
THERMO KING CONTAINER TEMPERATURE CONTROL (SUZHOU) CORPORATION LTD.
|
CHINA
|
82%
|
|
|
|
THERMO KING CONTAINER-DENMARK A/S
|
DENMARK
|
100%
|
|
|
|
THERMO KING CORPORATION
|
DELAWARE
|
100%
|
|
|
|
THERMO KING DE PUERTO RICO, INC.
|
DELAWARE
|
100%
|
|
|
|
THERMO KING DO BRASIL LTDA.
|
BRAZIL
|
100%
|
|
|
|
THERMO KING ENTERPRISES COMPANY
|
DELAWARE
|
100%
|
|
|
|
THERMO KING EUROPEAN MANUFACTURING LIMITED
|
IRELAND
|
100%
|
|
|
|
THERMO KING INDIA PRIVATE LIMITED
|
INDIA
|
100%
|
|
|
|
THERMO KING IRELAND LIMITED
|
IRELAND
|
100%
|
|
|
|
THERMO KING PUERTO RICO MANUFACTURA, INC.
|
PUERTO RICO
|
100%
|
|
|
|
THERMO KING SERVICES LIMITED
|
IRELAND
|
100%
|
|
|
|
THERMO KING SVC, INC.
|
DELAWARE
|
100%
|
|
|
|
THERMO KING TRADING COMPANY
|
DELAWARE
|
100%
|
|
|
|
THERMO KING TRANSPORTKOELING B.V.
|
NETHERLANDS
|
100%
|
|
|
|
TK PUERTO RICO AIRE, INC.
|
PUERTO RICO
|
100%
|
TK PUERTO RICO COMERCIAL, INC.
|
PUERTO RICO
|
100%
|
|
|
|
TK PUERTO RICO ENSAMBLAJE, INC.
|
PUERTO RICO
|
100%
|
|
|
|
TK PUERTO RICO FABRICACION, INC.
|
PUERTO RICO
|
100%
|
|
|
|
TK PUERTO RICO LOGISTICA, INC.
|
PUERTO RICO
|
100%
|
|
|
|
TK PUERTO RICO OPERACIONES INDUSTRIALES, INC.
|
PUERTO RICO
|
100%
|
|
|
|
TK PUERTO RICO PRODUCCION, INC.
|
PUERTO RICO
|
100%
|
|
|
|
TK PUERTO RICO SOLUCIONES CLIMATICAS, INC.
|
PUERTO RICO
|
100%
|
|
|
|
TK PUERTO RICO TECNOLOGIAS, INC.
|
PUERTO RICO
|
100%
|
|
|
|
TM AIR CONDITIONING SDN. BHD.
|
MALAYSIA
|
100%
|
|
|
|
TRANE (IRELAND) LIMITED
|
IRELAND
|
100%
|
|
|
|
TRANE (SCHWEIZ) GMBH / TRANE (SUISSE) S.A.R.L.
|
SWITZERLAND
|
100%
|
|
|
|
TRANE (THAILAND) LIMITED
|
THAILAND
|
100%
|
|
|
|
TRANE (UK) LTD.
|
UNITED KINGDOM
|
100%
|
|
|
|
TRANE AIR CONDITIONING PRODUCTS LIMITED
|
CAYMAN ISLANDS
|
100%
|
|
|
|
TRANE AIR CONDITIONING SYSTEMS (CHINA) CO. LTD.
|
CHINA
|
100%
|
|
|
|
TRANE AIR CONDITIONING SYSTEMS AND SERVICE CO., LIMITED
|
HONG KONG
|
100%
|
|
|
|
TRANE AIRCONDITIONING PTE. LTD.
|
SINGAPORE
|
100%
|
|
|
|
TRANE AIRE ACONDICIONADO S.L.
|
SPAIN
|
100%
|
|
|
|
TRANE BERMUDA LTD.
|
BERMUDA
|
100%
|
|
|
|
TRANE BRANDS, INC.
|
DELAWARE
|
100%
|
|
|
|
TRANE BVBA
|
BELGIUM
|
100%
|
|
|
|
TRANE CANADA LP
|
CANADA
|
100%
|
|
|
|
TRANE CANADA ULC
|
CANADA
|
100%
|
|
|
|
TRANE CENTRAL AMERICA, INC.
|
DELAWARE
|
100%
|
|
|
|
TRANE CHINA HOLDINGS LIMITED
|
CAYMAN ISLANDS
|
100%
|
|
|
|
TRANE CLIMATE MANUFACTURING S.R.L.
|
ITALY
|
100%
|
|
|
|
TRANE CR SPOL SRO.
|
CZECH REPUBLIC
|
100%
|
|
|
|
TRANE CREDIT INC.
|
DELAWARE
|
100%
|
|
|
|
TRANE DE ARGENTINA S.A.
|
ARGENTINA
|
100%
|
|
|
|
TRANE DE CHILE S.A.
|
CHILE
|
100%
|
|
|
|
TRANE DE COLOMBIA S.A.
|
COLOMBIA
|
100%
|
|
|
|
TRANE DEUTSCHLAND GMBH
|
GERMANY
|
100%
|
|
|
|
TRANE DISTRIBUTION PTE LTD
|
SINGAPORE
|
100%
|
|
|
|
TRANE DO BRASIL INDÚSTRIA E COMÉRCIO DE PRODUCTOS PARA CONDICIONAMENTO DE AR LTDA.
|
BRAZIL
|
100%
|
|
|
|
TRANE DOMINICANA, S.R.L.
|
DOMINICAN REPUBLIC
|
100%
|
|
|
|
TRANE EGYPT LLC
|
EGYPT
|
99%
|
|
|
|
TRANE ENERGY CHOICE, LLC
|
DELAWARE
|
100%
|
|
|
|
TRANE EUROPE HOLDINGS B.V.
|
NETHERLANDS
|
100%
|
|
|
|
TRANE EXPORT LLC
|
DELAWARE
|
100%
|
|
|
|
TRANE FINANCE SPRL
|
BELGIUM
|
100%
|
|
|
|
TRANE FOUNDATION OF NEW YORK
|
NEW YORK
|
100%
|
|
|
|
TRANE FRANCE SAS
|
FRANCE
|
100%
|
TRANE GMBH
|
AUSTRIA
|
100%
|
|
|
|
TRANE GP INC.
|
CANADA
|
100%
|
|
|
|
TRANE HELLAS S.A,
|
GREECE
|
100%
|
|
|
|
TRANE HOLDING CO.
|
CANADA
|
100%
|
|
|
|
TRANE HOLDINGS COMPANY YK
|
JAPAN
|
100%
|
|
|
|
TRANE HOLDINGS LLC
|
DELAWARE
|
100%
|
|
|
|
TRANE HUNGARY KFT
|
HUNGARY
|
100%
|
|
|
|
TRANE INC.
|
DELAWARE
|
100%
|
|
|
|
TRANE INC. OF DELAWARE
|
DELAWARE
|
100%
|
|
|
|
TRANE INDIA LTD.
|
DELAWARE
|
100%
|
|
|
|
TRANE INTERNATIONAL INC.
|
DELAWARE
|
100%
|
|
|
|
TRANE IP INC.
|
DELAWARE
|
100%
|
|
|
|
TRANE ITALIA S.R.L
|
ITALY
|
100%
|
|
|
|
TRANE JAPAN, LTD.
|
JAPAN
|
100%
|
|
|
|
TRANE KLIMA TICARET AS
|
TURKEY
|
100%
|
|
|
|
TRANE KOREA, INC.
|
KOREA, REPUBLIC OF
|
100%
|
|
|
|
TRANE KUWAIT AIRCONDITIONING CO WLL
|
KUWAIT
|
49%
|
|
|
|
TRANE L.P.
|
BERMUDA
|
100%
|
|
|
|
TRANE MALAYSIA SALES & SERVICES SDN. BHD.
|
MALAYSIA
|
100%
|
|
|
|
TRANE PUERTO RICO LLC
|
DELAWARE
|
100%
|
|
|
|
TRANE QATAR LLC
|
QATAR
|
49%
|
TRANE ROMANIA S.R.L
|
ROMANIA
|
100%
|
|
|
|
TRANE S.A.
|
SWITZERLAND
|
100%
|
|
|
|
TRANE S.A.E
|
EGYPT
|
100%
|
|
|
|
TRANE SERVICEFIRST, C.A.
|
VENEZUELA
|
100%
|
|
|
|
TRANE SISTEMAS INTEGRALES, S. DE R.L. DE C.V.
|
MEXICO
|
100%
|
|
|
|
TRANE SUPPORT SAS
|
FRANCE
|
100%
|
|
|
|
TRANE SWEDEN AB
|
SWEDEN
|
100%
|
|
|
|
TRANE SYSTEMS SOLUTIONS OF PANAMA INC.
|
PANAMA
|
100%
|
|
|
|
TRANE TAIWAN DISTRIBUTION LTD.
|
TAIWAN PROVINCE OF CHINA
|
100%
|
|
|
|
TRANE U.S. EXPORT LTD.
|
DELAWARE
|
100%
|
|
|
|
TRANE U.S. INC.
|
DELAWARE
|
100%
|
|
|
|
TRANE VIDALIA LLC
|
GEORGIA
|
100%
|
|
|
|
TRANE VIETNAM SERVICES COMPANY LIMITED
|
VIETNAM
|
100%
|
|
|
|
TRANE, S.A. DE C.V.
|
MEXICO
|
100%
|
|
|
|
TSI ANSTALT LTD.
|
LIECHTENSTEIN
|
100%
|
|
|
|
TYS LIMITED
|
HONG KONG
|
50%
|
|
|
|
WILHELM KLEIN GMBH
|
GERMANY
|
100%
|
|
|
|
WORLD STANDARD LTD.
|
DELAWARE
|
100%
|
|
|
|
ZEKS COMPRESSED AIR SOLUTIONS LLC
|
DELAWARE
|
100%
|
1.
|
I have reviewed the Annual Report on Form 10-K of Ingersoll-Rand plc for the year ended
December 31, 2017
;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
February 12, 2018
|
|
/s/ Michael W. Lamach
|
|
|
|
Michael W. Lamach
|
|
|
|
Principal Executive Officer
|
1.
|
I have reviewed the Annual Report on Form 10-K of Ingersoll-Rand plc for the year ended
December 31, 2017
;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
February 12, 2018
|
|
/s/ Susan K. Carter
|
|
|
|
Susan K. Carter
|
|
|
|
Principal Financial Officer
|
|
/s/ Michael W. Lamach
|
Michael W. Lamach
|
Principal Executive Officer
|
February 12, 2018
|
|
/s/ Susan K. Carter
|
Susan K. Carter
|
Principal Financial Officer
|
February 12, 2018
|