Exhibit 99.1
Guarantor Financial Information
The Company revised the presentation of the Condensed Consolidating Statements of Comprehensive Income, the Condensed Consolidating Statement of Cash Flows, and the Condensed Consolidating Balance Sheet as of December 31, 2011 and for the years ended December 31, 2011, 2010, and 2009. These revisions relate to intercompany balances, equity earnings in affiliates, and intercompany cash dividends between and among guarantor and non-guarantor subsidiaries. The Company determined that these revisions were immaterial to the Company's previously-issued financial statements. Total consolidated results of operations, financial condition and cash flows were not impacted by these revisions for any period.
The impact on the Condensed Consolidating Statements of Comprehensive Income for effected guarantor (IR-International) and debt issuer (IR-International and IR-Global) columns were decreases to the Equity earnings in affiliates balances of IR-International and IR-Global of $59 million and $58.1 million, respectively, for the year ended December 31, 2011.
The impact on the Condensed Consolidating Balance Sheet for effected guarantor (IR-International) and debt issuer (IR-International and IR-Global) columns were decreases to the Investment in affiliates balances balances of IR-International and IR-Global of $59 million and $58.1 million, respectively, for the year ended December 31, 2011. The revised Condensed Consolidating Balance Sheet for the year ended December 31, 2011 is not included herein as it has previously been provided in the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2012.
The impact on the Condensed Consolidating Statement of Cash Flows for debt issuer (IR-Global and IR-New Jersey) columns was an increase in Cash inflows from operating activities (and decrease in Cash inflows from financing activities) of IR-Global and a decrease in Cash inflows from operating activities (and increase in cash inflows from financing activities) of IR-New Jersey, as shown in the table below.
Cash Inflows from Operating Activities
| In millions | IR Global | IR New Jersey | |||
| Net cash provided by (used in) operating activities | |||||
| For the year ended December 31, 2011 | 7.5 | (103.4 | ) | ||
| For the year ended December 31, 2010 | 4.6 | (162.1 | ) | ||
| For the year ended December 31, 2009 | 14.0 | (44.2 | ) | ||
Cash Inflows from Financing Activities
| In millions | IR Global | IR New Jersey | |||
| Net cash provided by (used in) continuing financing activities | |||||
| For the year ended December 31, 2011 | (7.5 | ) | 103.4 | ||
| For the year ended December 31, 2010 | (4.6 | ) | 162.1 | ||
| For the year ended December 31, 2009 | (14.0 | ) | 44.2 | ||
There were other reclassifications to the Condensed Consolidating Balance Sheet and Condensed Consolidating Statement of Cash Flows for the Other subsidiaries and Consolidating adjustments columns, with no impact on the consolidated financial position and cash flows of the Company or any individual guarantor or debt issuer.
Condensed Consolidating Statement of Comprehensive Income (as revised)
For the year ended December 31, 2011
| In millions | IR Ireland | IR Limited | IR International | IR Global | IR New Jersey | Other Subsidiaries | Consolidating Adjustments | IR Ireland Consolidated | |||||||||||||||||||||||
| Net revenues | $ | — | $ | — | $ | — | $ | — | $ | 867.8 | $ | 13,914.2 | $ | — | $ | 14,782.0 | |||||||||||||||
| Cost of goods sold | — | — | — | — | (584.8 | ) | (9,908.8 | ) | — | (10,493.6 | ) | ||||||||||||||||||||
| Selling and administrative expenses | (9.2 | ) | (0.1 | ) | — | (0.4 | ) | (277.0 | ) | (2,494.5 | ) | — | (2,781.2 | ) | |||||||||||||||||
| Gain (loss) on sale/asset impairment | — | — | — | — | — | (646.9 | ) | — | (646.9 | ) | |||||||||||||||||||||
| Operating income (loss) | (9.2 | ) | (0.1 | ) | — | (0.4 | ) | 6.0 | 864.0 | — | 860.3 | ||||||||||||||||||||
| Equity earnings (loss) in affiliates, net of tax | 358.8 | 614.8 | 757.5 | 653.0 | 116.0 | 595.2 | (3,095.3 | ) | — | ||||||||||||||||||||||
| Interest expense | — | — | (15.7 | ) | (193.2 | ) | (50.7 | ) | (20.4 | ) | — | (280.0 | ) | ||||||||||||||||||
| Intercompany interest and fees | (2.5 | ) | — | (129.4 | ) | 52.5 | (117.9 | ) | 197.3 | — | — | ||||||||||||||||||||
| Other, net | (3.9 | ) | (5.2 | ) | 1.7 | 251.5 | 77.9 | (28.9 | ) | (260.1 | ) | 33.0 | |||||||||||||||||||
| Earnings (loss) before income taxes | 343.2 | 609.5 | 614.1 | 763.4 | 31.3 | 1,607.2 | (3,355.4 | ) | 613.3 | ||||||||||||||||||||||
| Benefit (provision) for income taxes | — | — | — | — | 29.0 | (216.2 | ) | — | (187.2 | ) | |||||||||||||||||||||
| Earnings (loss) from continuing operations | 343.2 | 609.5 | 614.1 | 763.4 | 60.3 | 1,391.0 | (3,355.4 | ) | 426.1 | ||||||||||||||||||||||
| Discontinued operations, net of tax | — | — | — | — | (79.1 | ) | 22.3 | — | (56.8 | ) | |||||||||||||||||||||
| Net earnings (loss) | 343.2 | 609.5 | 614.1 | 763.4 | (18.8 | ) | 1,413.3 | (3,355.4 | ) | 369.3 | |||||||||||||||||||||
| Less: Net earnings attributable to noncontrolling interests | — | — | — | — | — | (35.5 | ) | 9.4 | (26.1 | ) | |||||||||||||||||||||
| Net earnings (loss) attributable to Ingersoll-Rand plc | $ | 343.2 | $ | 609.5 | $ | 614.1 | $ | 763.4 | $ | (18.8 | ) | $ | 1,377.8 | $ | (3,346.0 | ) | $ | 343.2 | |||||||||||||
| Total comprehensive income (loss) | 114.3 | 380.6 | 615.3 | 757.1 | (115.7 | ) | 1,291.3 | (2,902.8 | ) | 140.1 | |||||||||||||||||||||
| Less: Total comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | (34.9 | ) | 9.4 | (25.5 | ) | |||||||||||||||||||||
| Total comprehensive income (loss) attributable to Ingersoll-Rand plc | $ | 114.3 | $ | 380.6 | $ | 615.3 | $ | 757.1 | $ | (115.7 | ) | $ | 1,256.4 | $ | (2,893.4 | ) | $ | 114.6 | |||||||||||||
Condensed Consolidating Statement of Cash Flows (as revised)
For the year ended December 31, 2011
| In millions | IR Ireland | IR Limited | IR International | IR Global | IR New Jersey | Other Subsidiaries | Consolidating Adjustments | IR Ireland Consolidated | |||||||||||||||||||||||
| Net cash provided by (used in) continuing operating activities | $ | (13.1 | ) | $ | (5.3 | ) | $ | (14.0 | ) | $ | (185.3 | ) | $ | 143.0 | $ | 1,326.4 | $ | (21.5 | ) | $ | 1,230.2 | ||||||||||
| Net cash provided by (used in) discontinued operating activities | — | — | — | — | (79.1 | ) | 35.7 | — | (43.4 | ) | |||||||||||||||||||||
| Net cash provided by (used in) operating activities | (13.1 | ) | (5.3 | ) | (14.0 | ) | (185.3 | ) | 63.9 | 1,362.1 | (21.5 | ) | 1,186.8 | ||||||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||||||||||||||||
| Capital expenditures | — | — | — | — | (47.6 | ) | (195.3 | ) | — | (242.9 | ) | ||||||||||||||||||||
| Acquisition of businesses, net of cash acquired | — | — | — | — | — | (1.9 | ) | — | (1.9 | ) | |||||||||||||||||||||
| Proceeds from sale of property, plant and equipment | — | — | — | — | 3.1 | 48.9 | — | 52.0 | |||||||||||||||||||||||
| Proceeds from business disposition, net of cash sold | — | — | — | — | — | 355.9 | — | 355.9 | |||||||||||||||||||||||
| Net cash provided by (used in) continuing investing activities | — | — | — | — | (44.5 | ) | 207.6 | — | 163.1 | ||||||||||||||||||||||
| Net cash provided by (used in) discontinued investing activities | — | — | — | — | — | 44.4 | — | 44.4 | |||||||||||||||||||||||
| Net cash provided by (used in) investing activities | — | — | — | — | (44.5 | ) | 252.0 | — | 207.5 | ||||||||||||||||||||||
| Cash flows from financing activities: | |||||||||||||||||||||||||||||||
| Net proceeds (repayments) in debt | — | — | — | (0.2 | ) | (7.7 | ) | (46.1 | ) | — | (54.0 | ) | |||||||||||||||||||
| Debt issuance costs | — | — | — | (2.3 | ) | — | — | — | (2.3 | ) | |||||||||||||||||||||
| Excess tax benefit from share based compensation | — | — | — | — | 11.8 | 12.8 | — | 24.6 | |||||||||||||||||||||||
| Net inter-company proceeds (payments) | 1,199.0 | 5.3 | 2.0 | 329.7 | (81.2 | ) | (1,454.8 | ) | — | — | |||||||||||||||||||||
| Dividends paid to ordinary shareholders | (137.3 | ) | — | — | — | — | (21.5 | ) | 21.5 | (137.3 | ) | ||||||||||||||||||||
| Dividends paid to noncontrolling interests | — | — | — | — | — | (26.2 | ) | — | (26.2 | ) | |||||||||||||||||||||
| Acquisition/divestiture of noncontrolling interests | — | — | — | — | — | (1.3 | ) | — | (1.3 | ) | |||||||||||||||||||||
| Proceeds from shares issued under incentive plans | 109.0 | — | — | — | — | — | — | 109.0 | |||||||||||||||||||||||
| Repurchase of ordinary shares | (1,157.5 | ) | — | — | — | — | — | — | (1,157.5 | ) | |||||||||||||||||||||
| Other, net | (0.5 | ) | — | — | — | — | (0.9 | ) | — | (1.4 | ) | ||||||||||||||||||||
| Net cash provided by (used in) continuing financing activities | 12.7 | 5.3 | 2.0 | 327.2 | (77.1 | ) | (1,538.0 | ) | 21.5 | (1,246.4 | ) | ||||||||||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | (1.5 | ) | — | (1.5 | ) | |||||||||||||||||||||
| Net increase (decrease) in cash and cash equivalents | (0.4 | ) | — | (12.0 | ) | 141.9 | (57.7 | ) | 74.6 | — | 146.4 | ||||||||||||||||||||
| Cash and cash equivalents - beginning of period | 0.4 | — | 12.0 | 99.9 | 135.5 | 766.5 | — | 1,014.3 | |||||||||||||||||||||||
| Cash and cash equivalents - end of period | $ | — | $ | — | $ | — | $ | 241.8 | $ | 77.8 | $ | 841.1 | $ | — | $ | 1,160.7 | |||||||||||||||
Condensed Consolidating Statement of Cash Flows (as revised)
For the year ended December 31, 2010
| In millions | IR Ireland | IR Limited | IR International | IR Global | IR New Jersey | Other Subsidiaries | Consolidating Adjustments | IR Ireland Consolidated | |||||||||||||||||||||||
| Net cash provided by (used in) continuing operating activities | $ | 5.7 | $ | (0.4 | ) | $ | (15.0 | ) | $ | (379.9 | ) | $ | (486.8 | ) | $ | 1,678.6 | $ | (45.8 | ) | $ | 756.4 | ||||||||||
| Net cash provided by (used in) discontinued operating activities | — | — | — | — | (16.8 | ) | (44.2 | ) | — | (61.0 | ) | ||||||||||||||||||||
| Net cash provided by (used in) operating activities | 5.7 | (0.4 | ) | (15.0 | ) | (379.9 | ) | (503.6 | ) | 1,634.4 | (45.8 | ) | 695.4 | ||||||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||||||||||||||||
| Capital expenditures | — | — | — | (0.3 | ) | (36.3 | ) | (142.9 | ) | — | (179.5 | ) | |||||||||||||||||||
| Acquisition of businesses, net of cash acquired | — | — | — | — | — | (14.0 | ) | — | (14.0 | ) | |||||||||||||||||||||
| Proceeds from sale of property, plant and equipment | — | — | — | — | — | 14.5 | — | 14.5 | |||||||||||||||||||||||
| Proceeds from business disposition, net of cash sold | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
| Net cash provided by (used in) continuing investing activities | — | — | — | (0.3 | ) | (36.3 | ) | (142.4 | ) | — | (179.0 | ) | |||||||||||||||||||
| Net cash provided by (used in) discontinued investing activities | — | — | — | — | — | 0.4 | — | 0.4 | |||||||||||||||||||||||
| Net cash provided by (used in) investing activities | — | — | — | (0.3 | ) | (36.3 | ) | (142.0 | ) | — | (178.6 | ) | |||||||||||||||||||
| Cash flows from financing activities: | |||||||||||||||||||||||||||||||
| Net proceeds (repayments) in debt | — | — | — | (249.8 | ) | (7.8 | ) | (171.2 | ) | — | (428.8 | ) | |||||||||||||||||||
| Debt issuance costs | — | — | — | (5.5 | ) | — | — | — | (5.5 | ) | |||||||||||||||||||||
| Excess tax benefit from share based compensation | — | — | — | — | 4.2 | — | — | 4.2 | |||||||||||||||||||||||
| Net inter-company proceeds (payments) | (60.6 | ) | 37.1 | 27.0 | 653.6 | 503.5 | (1,160.6 | ) | — | — | |||||||||||||||||||||
| Dividends paid to ordinary shareholders | (90.6 | ) | (36.7 | ) | — | — | — | (9.2 | ) | 45.8 | (90.7 | ) | |||||||||||||||||||
| Dividends paid to noncontrolling interests | — | — | — | — | — | (20.2 | ) | — | (20.2 | ) | |||||||||||||||||||||
| Acquisition/divestiture of noncontrolling interests | — | — | — | — | — | (8.0 | ) | — | (8.0 | ) | |||||||||||||||||||||
| Proceeds from shares issued under incentive plans | 145.3 | — | — | — | — | — | — | 145.3 | |||||||||||||||||||||||
| Repurchase of ordinary shares | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
| Other, net | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
| Net cash provided by (used in) continuing financing activities | (5.9 | ) | 0.4 | 27.0 | 398.3 | 499.9 | (1,369.2 | ) | 45.8 | (403.7 | ) | ||||||||||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | 24.5 | — | 24.5 | |||||||||||||||||||||||
| Net increase (decrease) in cash and cash equivalents | (0.2 | ) | — | 12.0 | 18.1 | (40.0 | ) | 147.7 | — | 137.6 | |||||||||||||||||||||
| Cash and cash equivalents - beginning of period | 0.6 | — | — | 81.8 | 175.5 | 618.8 | — | 876.7 | |||||||||||||||||||||||
| Cash and cash equivalents - end of period | $ | 0.4 | $ | — | $ | 12.0 | $ | 99.9 | $ | 135.5 | $ | 766.5 | $ | — | $ | 1,014.3 | |||||||||||||||
Condensed Consolidating Statement of Cash Flows (as revised)
For the year ended December 31, 2009
| In millions | IR Ireland | IR Limited | IR International | IR Global | IR New Jersey | Other Subsidiaries | Consolidating Adjustments | IR Ireland Consolidated | |||||||||||||||||||||||
| Net cash provided by (used in) continuing operating activities | $ | 9.5 | $ | (21.5 | ) | $ | (6.8 | ) | $ | (174.0 | ) | $ | (3.9 | ) | $ | 2,157.8 | $ | (204.2 | ) | $ | 1,756.9 | ||||||||||
| Net cash provided by (used in) discontinued operating activities | — | — | — | — | (50.5 | ) | 28.2 | — | (22.3 | ) | |||||||||||||||||||||
| Net cash provided by (used in) operating activities | 9.5 | (21.5 | ) | (6.8 | ) | (174.0 | ) | (54.4 | ) | 2,186.0 | (204.2 | ) | 1,734.6 | ||||||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||||||||||||||||
| Capital expenditures | (0.2 | ) | — | — | — | (24.5 | ) | (179.4 | ) | — | (204.1 | ) | |||||||||||||||||||
| Acquisition of businesses, net of cash acquired | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
| Proceeds from sale of property, plant and equipment | — | — | — | — | — | 21.6 | — | 21.6 | |||||||||||||||||||||||
| Proceeds from business disposition, net of cash sold | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
| Other | — | — | — | — | — | (0.6 | ) | — | (0.6 | ) | |||||||||||||||||||||
| Net cash provided by (used in) continuing investing activities | (0.2 | ) | — | — | — | (24.5 | ) | (158.4 | ) | — | (183.1 | ) | |||||||||||||||||||
| Net cash provided by (used in) discontinued investing activities | — | — | — | — | — | 0.4 | — | 0.4 | |||||||||||||||||||||||
| Net cash provided by (used in) investing activities | (0.2 | ) | — | — | — | (24.5 | ) | (158.0 | ) | — | (182.7 | ) | |||||||||||||||||||
| Cash flows from financing activities: | |||||||||||||||||||||||||||||||
| Net proceeds (repayments) in debt | — | — | — | (752.7 | ) | (8.8 | ) | (249.0 | ) | — | (1,010.5 | ) | |||||||||||||||||||
| Debt issuance costs | — | — | — | (16.1 | ) | — | — | — | (16.1 | ) | |||||||||||||||||||||
| Excess tax benefit from share based compensation | — | — | — | — | 0.7 | — | — | 0.7 | |||||||||||||||||||||||
| Settlement of cross currency swap | — | — | — | — | — | (26.9 | ) | — | (26.9 | ) | |||||||||||||||||||||
| Net inter-company proceeds (payments) | 9.2 | 280.9 | 6.8 | 1,023.5 | 253.9 | (1,574.3 | ) | — | — | ||||||||||||||||||||||
| Dividends paid to ordinary shareholders | (44.0 | ) | (260.5 | ) | — | — | — | (60.5 | ) | 204.2 | (160.8 | ) | |||||||||||||||||||
| Dividends paid to noncontrolling interests | — | — | — | — | — | (20.2 | ) | — | (20.2 | ) | |||||||||||||||||||||
| Acquisition/divestiture of noncontrolling interests | — | — | — | — | — | (1.5 | ) | — | (1.5 | ) | |||||||||||||||||||||
| Proceeds from shares issued under incentive plans | 26.1 | 1.1 | — | — | — | — | — | 27.2 | |||||||||||||||||||||||
| Repurchase of ordinary shares | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
| Other, net | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
| Net cash provided by (used in) continuing financing activities | (8.7 | ) | 21.5 | 6.8 | 254.7 | 245.8 | (1,932.4 | ) | 204.2 | (1,208.1 | ) | ||||||||||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | (17.3 | ) | — | (17.3 | ) | |||||||||||||||||||||
| Net increase (decrease) in cash and cash equivalents | 0.6 | — | — | 80.7 | 166.9 | 78.3 | — | 326.5 | |||||||||||||||||||||||
| Cash and cash equivalents - beginning of period | — | — | — | 1.1 | 8.6 | 540.5 | — | 550.2 | |||||||||||||||||||||||
| Cash and cash equivalents - end of period | $ | 0.6 | $ | — | $ | — | $ | 81.8 | $ | 175.5 | $ | 618.8 | $ | — | $ | 876.7 | |||||||||||||||