Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 31, 2014 | Apr. 11, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'INGERSOLL-RAND PLC | ' |
Entity Central Index Key | '0001466258 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 269,902,667 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Net revenues | $2,722.90 | $2,639 | ||
Cost of goods sold | -1,954.80 | -1,912.60 | ||
Selling and administrative expenses | -613.1 | -606.4 | ||
Operating income | 155 | 120 | ||
Interest expense | -52 | -60.6 | ||
Other, net | 2.2 | 0.5 | ||
Earnings before income taxes | 105.2 | 59.9 | ||
Provision for income taxes | -24.5 | -4.5 | ||
Earnings from continuing operations | 80.7 | 55.4 | ||
Discontinued operations, net of tax | 2.9 | [1] | 39.2 | [1] |
Net earnings | 83.6 | 94.6 | ||
Less: Net earnings attributable to noncontrolling interests | -4.6 | -6.6 | ||
Net earnings attributable to Ingersoll-Rand plc | 79 | 88 | ||
Amounts attributable to Ingersoll-Rand plc ordinary shareholders: | ' | ' | ||
Continuing operations | 76.1 | 50.5 | ||
Discontinued operations | 2.9 | 37.5 | ||
Net earnings attributable to Ingersoll-Rand plc | 79 | 88 | ||
Basic: | ' | ' | ||
Continuing operations | $0.27 | $0.17 | ||
Discontinued operations | $0.01 | $0.12 | ||
Net earnings | $0.28 | $0.29 | ||
Diluted: | ' | ' | ||
Continuing operations | $0.27 | $0.17 | ||
Discontinued operations | $0.01 | $0.12 | ||
Net earnings | $0.28 | $0.29 | ||
Weighted-average shares outstanding | ' | ' | ||
Basic | 278.3 | 298.9 | ||
Diluted | 282.3 | 302.5 | ||
Total comprehensive income (loss) | 48.9 | 9.6 | ||
Less: Total comprehensive (income) loss attributable to noncontrolling interests | -5.9 | -7.8 | ||
Total comprehensive income (loss) attributable to Ingersoll-Rand plc | $43 | $1.80 | ||
Dividends declared per ordinary share | $0.25 | $0 | ||
[1] | Included in Allegion, net of tax for the three months ended March 31, 2013 are spin costs of |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $897.90 | $1,937.20 |
Accounts and notes receivable, net | 2,086.10 | 2,071.50 |
Inventories | 1,348.40 | 1,166.10 |
Deferred taxes and current tax receivable | 355.4 | 359.5 |
Other current assets | 198.6 | 182.4 |
Total current assets | 4,886.40 | 5,716.70 |
Property, plant and equipment, net | 1,468.30 | 1,468.40 |
Goodwill | 5,533.30 | 5,540.60 |
Intangible assets, net | 3,888.70 | 3,922 |
Other noncurrent assets | 997.3 | 1,010.40 |
Total assets | 16,774 | 17,658.10 |
LIABILITIES AND EQUITY | ' | ' |
Accounts payable | 1,240.10 | 1,163 |
Accrued compensation and benefits | 388.3 | 505.2 |
Accrued expenses and other current liabilities | 1,331.60 | 1,311.30 |
Short-term borrowings and current maturities of long-term debt | 373.9 | 367.7 |
Current income taxes | 68.7 | 61.4 |
Total current liabilities | 3,402.60 | 3,408.60 |
Long-term debt | 3,152.30 | 3,153.50 |
Postemployment and other benefit liabilities | 1,275.50 | 1,287.80 |
Deferred and noncurrent income taxes | 1,271 | 1,335.80 |
Other noncurrent liabilities | 1,322.90 | 1,341.10 |
Total liabilities | 10,424.30 | 10,526.80 |
Equity: | ' | ' |
Ordinary shares | 271.2 | 282.7 |
Capital in excess of par value | 0 | 158.4 |
Retained earnings | 6,216.50 | 6,794.50 |
Accumulated other comprehensive income (loss) | -202.5 | -166.7 |
Total Ingersoll-Rand plc shareholders’ equity | 6,285.20 | 7,068.90 |
Noncontrolling interest | 64.5 | 62.4 |
Total equity | 6,349.70 | 7,131.30 |
Total liabilities and equity | $16,774 | $17,658.10 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Cash flows from operating activities: | ' | ' | ||
Net earnings | $83.60 | $94.60 | ||
(Income) loss from discontinued operations, net of tax | -2.9 | [1] | -39.2 | [1] |
Adjustments to arrive at net cash provided by (used in) operating activities: | ' | ' | ||
Depreciation and amortization | 82.3 | 83.7 | ||
Stock settled share-based compensation | 25.8 | 21.5 | ||
Changes in other assets and liabilities, net | -258.8 | -155 | ||
Other, net | -14.8 | -22.8 | ||
Net cash provided by (used in) continuing operating activities | -84.8 | -17.2 | ||
Net cash provided by (used in) discontinued operating activities | -41.2 | 9.2 | ||
Net cash provided by (used in) operating activities | -126 | -8 | ||
Cash flows from investing activities: | ' | ' | ||
Capital expenditures | -50.5 | -67.1 | ||
Acquisition of businesses, net of cash acquired | -7 | 0 | ||
Proceeds from sale of property, plant and equipment | 5.3 | 4.2 | ||
Net cash provided by (used in) continuing investing activities | -52.2 | -62.9 | ||
Net cash provided by (used in) discontinued investing activities | 0 | -4.3 | ||
Net cash provided by (used in) investing activities | -52.2 | -67.2 | ||
Cash flows from financing activities: | ' | ' | ||
Short-term borrowings, net | 0.1 | 2.6 | ||
Proceeds from long-term debt | 4.4 | 0 | ||
Payments of long-term debt | -0.1 | -0.2 | ||
Net proceeds (repayments) in debt | 4.4 | 2.4 | ||
Debt issuance costs | -2.2 | 0 | ||
Dividends paid to ordinary shareholders | -65.8 | -62.8 | ||
Dividends paid to noncontrolling interests | -3.8 | 0 | ||
Proceeds from shares issued under incentive plans | 3.5 | 90.7 | ||
Repurchase of ordinary shares | -787.7 | 0 | ||
Net cash provided by (used in) continuing financing activities | -851.6 | 30.3 | ||
Net cash provided by (used in) discontinued financing activities | 0 | -3.7 | ||
Net cash provided by (used in) financing activities | -851.6 | 26.6 | ||
Effect of exchange rate changes on cash and cash equivalents | -9.5 | -0.6 | ||
Net increase (decrease) in cash and cash equivalents | -1,039.30 | -49.2 | ||
Cash and cash equivalents - beginning of period | 1,937.20 | 708.4 | ||
Cash and cash equivalents - end of period | $897.90 | $659.20 | ||
[1] | Included in Allegion, net of tax for the three months ended March 31, 2013 are spin costs of |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements of Ingersoll-Rand plc (IR-Ireland), a public limited company incorporated in Ireland in 2009, and its consolidated subsidiaries (collectively, the Company), reflect the consolidated operations of the Company and have been prepared in accordance with United States Securities and Exchange Commission (SEC) interim reporting requirements. Accordingly, the accompanying condensed consolidated financial statements do not include all disclosures required by accounting principles generally accepted in the United States of America (GAAP) for full financial statements and should be read in conjunction with the consolidated financial statements included in the IR-Ireland Annual Report on Form 10-K for the year ended December 31, 2013. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments, which include normal recurring adjustments, necessary to present fairly the condensed consolidated results for the interim periods presented. | |
Certain reclassifications of amounts reported in prior periods have been made to conform to the 2014 classification. The Company made certain changes in classification of global integrated supply chain costs within Operating income. This change in classification resulted in a $7.9 million increase to Cost of goods sold with a corresponding decrease to Selling and administrative expenses for the three months ended March 31, 2013. |
SpinOff_Transaction
Spin-Off Transaction | 3 Months Ended |
Mar. 31, 2014 | |
Restructuring and Related Activities [Abstract] | ' |
Spin-Off Transaction | ' |
Spin-Off Transaction | |
On December 1, 2013 (the Distribution Date), the Company completed the previously announced separation (the spin-off) of its commercial and residential security businesses by distributing the related ordinary shares of Allegion plc (Allegion), on a pro rata basis, to the Company's shareholders of record as of November 22, 2013 (the Record Date). After the Distribution Date, Allegion became an independent publicly traded company. | |
The results of our commercial and residential security businesses are presented as a discontinued operation in the Condensed Consolidated Statement of Comprehensive Income and Condensed Consolidated Statement of Cash Flows for all periods presented. The equity activity of the commercial and residential security businesses is included within the Company's equity through December 1, 2013. Except where otherwise noted, all disclosures in the related footnotes represent the results of continuing operations. | |
In connection with the spin-off of Allegion, the Company and Allegion entered into several agreements covering administrative and tax matters to provide or obtain services on a transitional basis, as needed, for varying periods after the spin-off. The administrative agreements cover various services such as information technology, human resources and finance. The Company expects all services to be substantially complete within one year after the spin-off. | |
During the three months ended March 31, 2013, the Company incurred $11.0 million of professional service fees related to the spin-off. These costs are reported within Discontinued operations, net of tax in the Condensed Consolidated Statement of Comprehensive Income. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recently Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
Recently Adopted Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2013-04, “Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date.” ASU 2013-04 provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements where the total obligation is fixed at the reporting date, and for which no specific guidance currently exists. This new guidance became effective for annual reporting periods beginning on or after December 15, 2013 and subsequent interim periods. The revised requirements of ASU 2013-04 did not have an impact on the condensed consolidated financial statements. | |
In March 2013, the FASB issued ASU 2013-05, “Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.” ASU 2013-05 clarifies the application of GAAP to the release of cumulative translation adjustments related to changes of ownership in or within foreign entities, including step acquisitions. This new guidance became effective for annual reporting periods beginning on or after December 15, 2013 and subsequent interim periods. The Company will apply the new guidance, as applicable, to future derecognitions of certain subsidiaries or groups of assets within a Foreign Entity or of an Investment in foreign entities. | |
In July 2013, the FASB issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” ASU 2013-11 clarifies guidance and eliminates diversity in practice on the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. This new guidance became effective for annual reporting periods beginning on or after December 15, 2013 and subsequent interim periods. The Company has applied the requirements of ASU 2013-11 prospectively in preparing the March 31, 2014 condensed consolidated balance sheet, which resulted in a decrease to current and noncurrent deferred tax assets of $22.6 million and $20.7 million, respectively, an increase to noncurrent deferred tax liabilities of $128.9 million and a decrease to noncurrent reserves for uncertain tax positions of $172.2 million. Had the Company applied the requirements of ASU 2013-11 retrospectively to the December 31, 2013 consolidated balance sheet, the impact would have been materially the same. | |
Recently Issued Accounting Pronouncements | |
In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements and Property, Plant, and Equipment - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 provides new guidance related to the definition of a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. This new guidance is effective for annual periods beginning on or after December 15, 2014 and interim periods within those years. Beginning in 2015, the Company will apply the new guidance, as applicable, to future disposals of components or classifications as held for sale. |
Inventories
Inventories | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Depending on the business, U.S. inventories are stated at the lower of cost or market using the last-in, first-out (LIFO) method or the lower of cost or market using the first-in, first-out (FIFO) method. Non-U.S. inventories are primarily stated at the lower of cost or market using the FIFO method. | ||||||||
The major classes of inventory were as follows: | ||||||||
In millions | March 31, | December 31, | ||||||
2014 | 2013 | |||||||
Raw materials | $ | 465.8 | $ | 378 | ||||
Work-in-process | 88.6 | 100.7 | ||||||
Finished goods | 866.4 | 760.2 | ||||||
1,420.80 | 1,238.90 | |||||||
LIFO reserve | (72.4 | ) | (72.8 | ) | ||||
Total | $ | 1,348.40 | $ | 1,166.10 | ||||
Goodwill
Goodwill | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Goodwill Abstract | ' | |||||||||||
Goodwill | ' | |||||||||||
Goodwill | ||||||||||||
The changes in the carrying amount of goodwill for the three months ended March 31, 2014 were as follows: | ||||||||||||
In millions | Climate | Industrial | Total | |||||||||
Balance as of December 31, 2013 | ||||||||||||
Goodwill (gross) | $ | 7,663.60 | $ | 373 | $ | 8,036.60 | ||||||
Accumulated impairment ** | (2,496.0 | ) | — | (2,496.0 | ) | |||||||
5,167.60 | 373 | 5,540.60 | ||||||||||
Acquisitions and adjustments* | 13.1 | — | 13.1 | |||||||||
Currency translation | (19.5 | ) | (0.9 | ) | (20.4 | ) | ||||||
Balance as of March 31, 2014 | ||||||||||||
Goodwill (gross) | 7,657.20 | 372.1 | 8,029.30 | |||||||||
Accumulated impairment ** | (2,496.0 | ) | — | (2,496.0 | ) | |||||||
$ | 5,161.20 | $ | 372.1 | $ | 5,533.30 | |||||||
* Increase is related to a $15.0 million acquisition in March of 2014. The Company's purchase price allocation will be completed in the second quarter of 2014 and any adjustments necessary will be recorded. | ||||||||||||
** No impairment charges were recorded by the company in 2014 or 2013. | ||||||||||||
The Company records as goodwill the excess of the purchase price over the fair value of the net assets acquired. Once the final valuation has been performed for each acquisition, adjustments may be recorded. |
Intangible_Assets
Intangible Assets | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Intangible Assets Abstract | ' | ||||||||||||||||||||||||
Intangible Assets | ' | ||||||||||||||||||||||||
Intangible Assets | |||||||||||||||||||||||||
The gross amount of the Company’s intangible assets and related accumulated amortization were as follows: | |||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
In millions | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | |||||||||||||||||||
Completed technologies/patents | $ | 174.5 | $ | (133.5 | ) | $ | 41 | $ | 174.1 | $ | (128.7 | ) | $ | 45.4 | |||||||||||
Customer relationships | 1,863.30 | (624.8 | ) | 1,238.50 | 1,865.90 | (599.5 | ) | 1,266.40 | |||||||||||||||||
Other | 60.1 | (52.9 | ) | 7.2 | 60.4 | (52.2 | ) | 8.2 | |||||||||||||||||
Total finite-lived intangible assets | 2,097.90 | $ | (811.2 | ) | 1,286.70 | 2,100.40 | $ | (780.4 | ) | 1,320.00 | |||||||||||||||
Trademarks (indefinite-lived) | 2,602.00 | 2,602.00 | 2,602.00 | 2,602.00 | |||||||||||||||||||||
Total | $ | 4,699.90 | $ | 3,888.70 | $ | 4,702.40 | $ | 3,922.00 | |||||||||||||||||
Intangible asset amortization expense was $32.3 million and $32.5 million for the three months ended March 31, 2014 and 2013, respectively. |
Debt_and_Credit_Facilities
Debt and Credit Facilities | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Credit Facilities | ' | |||||||
Debt and Credit Facilities | ' | |||||||
Debt and Credit Facilities | ||||||||
Short-term borrowings and current maturities of long-term debt consisted of the following: | ||||||||
In millions | March 31, | December 31, | ||||||
2014 | 2013 | |||||||
Debentures with put feature | $ | 343 | $ | 343 | ||||
Other current maturities of long-term debt | 13.5 | 8 | ||||||
Other short-term borrowings | 17.4 | 16.7 | ||||||
Total | $ | 373.9 | $ | 367.7 | ||||
Commercial Paper Program | ||||||||
The Company uses borrowings under its commercial paper program for general corporate purposes. The Company had no commercial paper outstanding at March 31, 2014 or December 31, 2013. | ||||||||
Debentures with Put Feature | ||||||||
At March 31, 2014 and December 31, 2013, the Company had outstanding $343.0 million of fixed rate debentures which only require early repayment at the option of the holder. These debentures contain a put feature that the holders may exercise on each anniversary of the issuance date, subject to a notice requirement. If exercised, the Company is obligated to repay in whole or in part, at the holder’s option, the outstanding principal amount (plus accrued and unpaid interest) of the debentures held by the holder. If these options are not exercised, the final maturity dates would range between 2027 and 2028. | ||||||||
Holders of these debentures had the option to exercise the put feature on $37.2 million of the outstanding debentures in February 2014, subject to the notice requirement. No exercises were made. | ||||||||
Long-term debt, excluding current maturities, consisted of the following: | ||||||||
In millions | March 31, | December 31, | ||||||
2014 | 2013 | |||||||
5.50% Senior notes due 2015 | 198.5 | 198.1 | ||||||
4.75% Senior notes due 2015 | 299.8 | 299.8 | ||||||
6.875% Senior notes due 2018 | 749.5 | 749.5 | ||||||
2.875% Senior notes due 2019 | 349.5 | 349.5 | ||||||
9.00% Debentures due 2021 | 125 | 125 | ||||||
4.250% Senior notes due 2023 | 698.8 | 698.8 | ||||||
7.20% Debentures due 2014-2025 | 82.5 | 82.5 | ||||||
6.48% Debentures due 2025 | 149.7 | 149.7 | ||||||
5.750% Senior notes due 2043 | 498 | 498 | ||||||
Other loans and notes | 1 | 2.6 | ||||||
Total | $ | 3,152.30 | $ | 3,153.50 | ||||
Senior Notes due 2019, 2023, and 2043 | ||||||||
In June 2013, the Company issued $1.55 billion principal amount of Senior Notes in three tranches through its wholly-owned subsidiary, Ingersoll-Rand Global Holding Company Limited (IR-Global) pursuant to Rule 144A of the U.S. Securities Act of 1933 (Securities Act). The tranches consist of $350 million of 2.875% Senior Notes due in 2019, $700 million of 4.250% Senior Notes due in 2023, and $500 million of 5.750% Senior Notes due in 2043. The notes are fully and unconditionally guaranteed by each of IR-Ireland, Ingersoll-Rand Company Limited (IR-Limited), and Ingersoll-Rand International Holding Limited (IR-International). Interest on the notes will be paid twice a year in arrears. The Company has the option to redeem the notes in whole or in part at any time, and from time to time, prior to their stated maturity date at redemption prices set forth in the indenture agreement. The notes are subject to certain customary covenants, however, none of these covenants are considered restrictive to the Company’s operations. In connection with the issuance of each series of notes, IR-Global, the Guarantors and the initial purchasers of the notes entered into a Registration Rights Agreement. Each Registration Rights Agreement requires IR-Global and the Guarantors to use their commercially reasonable efforts to execute an effective exchange offer registration statement with the SEC no later than 365 days after the closing date of the notes offering and to complete an exchange offer within 30 business days of such effective date. If a registration default occurs additional interest shall accrue on the notes. The proceeds from these notes were used to fund the July 2013 redemption of $600 million of 6.000% Senior Notes due 2013 and $655 million of 9.500% Senior Notes due 2014 and to fund expenses related to the spin-off of the commercial and residential security businesses, with any remaining proceeds to be used for general corporate purposes. | ||||||||
Other Debt | ||||||||
On May 20, 2011, the Company entered into a 4-year $1.0 billion revolving credit facility through its wholly-owned subsidiary, IR-Global (2011 Credit Agreement). On March 20, 2014, the 2011 Credit Agreement was refinanced with a 5-year, $1.0 billion revolving credit facility maturing on March 20, 2019 and the 2011 Credit Agreement was terminated. The Company also has a a 5-year, $1.0 billion revolving credit facility maturing on March 15, 2017 through its wholly-owned subsidiary, IR-Global. | ||||||||
IR-Ireland, IR-Limited, IR-International, and Ingersoll-Rand Company (IR-New Jersey) have each provided an irrevocable and unconditional guarantee for these credit facilities. The total committed revolving credit facilities of $2.0 billion were unused at March 31, 2014 and December 31, 2013, and provide support for the Company's commercial paper program, as well as other general corporate purposes. | ||||||||
Fair Value of Debt | ||||||||
Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value measurements are based on a framework that utilizes the inputs market participants use to determine the fair value of an asset or liability and establishes a fair value hierarchy to prioritize those inputs. The fair value hierarchy is comprised of three levels that are described below: | ||||||||
• | Level 1 - Inputs based on quoted prices in active markets for identical assets or liabilities. | |||||||
• | Level 2 - Inputs other than Level 1 quoted prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. | |||||||
• | Level 3 - Unobservable inputs based on little or no market activity and that are significant to the fair value of the assets and liabilities. | |||||||
The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs are obtained from independent sources and can be validated by a third party, whereas unobservable inputs reflect assumptions regarding what a third party would use in pricing an asset or liability based on the best information available under the circumstances. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. | ||||||||
The carrying value of the Company's short-term borrowings is a reasonable estimate of fair value due to the short-term nature of the instruments. The Company measures the fair value of its long-term debt instruments based upon observable market prices quoted on public exchanges for similar assets. These fair value inputs are considered Level 2 within the fair value hierarchy discussed above. The methodologies used by the Company to determine the fair value of its long-term debt instruments at March 31, 2014 are the same as those used at December 31, 2013. There have been no transfers between levels of the fair value hierarchy. The fair value of the Company's debt instruments at March 31, 2014 and December 31, 2013 was $3.9 billion and $3.8 billion, respectively. | ||||||||
Guarantees | ||||||||
IR-Ireland and IR-Limited fully and unconditionally guarantee the outstanding public debt of IR-International, IR-Global and IR-New Jersey. During 2013, IR-Global and IR-International public outstanding indentures were modified to include IR-New Jersey as a co-obligor. |
Financial_Instruments
Financial Instruments | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Financial Instruments Abstract | ' | |||||||||||||||||
Financial Instruments | ' | |||||||||||||||||
Financial Instruments | ||||||||||||||||||
In the normal course of business, the Company may use various financial instruments, including derivative instruments, to manage the risks associated with interest rate and currency rate exposures. These financial instruments are not used for trading or speculative purposes. | ||||||||||||||||||
On the date a derivative contract is entered into, the Company designates the derivative instrument as a cash flow hedge of a forecasted transaction, a cash flow hedge of a recognized asset or liability, or as an undesignated derivative. The Company formally documents its hedge relationships, including identification of the derivative instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transaction. This process includes linking derivative instruments that are designated as hedges to specific assets, liabilities or forecasted transactions. | ||||||||||||||||||
The fair market value of derivative instruments is determined through market-based valuations and may not be representative of the actual gains or losses that will be recorded when these instruments mature due to future fluctuations in the markets in which they are traded. | ||||||||||||||||||
The Company assesses at inception, and at least quarterly thereafter, whether the derivatives used in cash flow hedging transactions are highly effective in offsetting the changes in the cash flows of the hedged item. To the extent the derivative is deemed to be a highly effective hedge, the fair market value changes of the instrument are recorded to Accumulated other comprehensive income (loss) (AOCI). | ||||||||||||||||||
Any ineffective portion of a derivative instrument’s change in fair value is recorded in Net earnings in the period of change. If the hedging relationship ceases to be highly effective, or it becomes probable that a forecasted transaction is no longer expected to occur, the hedging relationship will be undesignated and any future gains and losses on the derivative instrument will be recorded in Net earnings. | ||||||||||||||||||
Currency Hedging Instruments | ||||||||||||||||||
The notional amount of the Company’s currency derivatives was $625.9 million and $1,510.0 million at March 31, 2014 and December 31, 2013, respectively. At March 31, 2014 and December 31, 2013, a loss of $0.7 million and $3.1 million, net of tax, respectively, was included in AOCI related to the fair value of the Company’s currency derivatives designated as accounting hedges. The amount expected to be reclassified into Net earnings over the next twelve months is a loss of $0.7 million. The actual amounts that will be reclassified to Net earnings may vary from this amount as a result of changes in market conditions. Gains and losses associated with the Company’s currency derivatives not designated as hedges are recorded in Net earnings as changes in fair value occur. At March 31, 2014, the maximum term of the Company’s currency derivatives was approximately twelve months. | ||||||||||||||||||
Other Derivative Instruments | ||||||||||||||||||
In February 2013, the Company entered into forward starting interest rate swaps for $750.0 million of the forecasted issuance of $1.2 billion of Senior Notes due in 2023 and 2043. These interest rate swaps met the criteria to be accounted for as cash flow hedges of a forecasted transaction. Consequently, the changes in fair value of the interest rate swaps were recognized in AOCI. No further gain or loss will be recognized in AOCI related to these interest rate swaps as the contracts were terminated upon the June 2013 issuance of the underlying debt. The amount of AOCI associated with these interest rate swaps at the time of termination will be recognized in Interest expense over the term of the notes. At March 31, 2014 and December 31, 2013, $9.9 million and $10.1 million respectively, of gains remained in AOCI related to these interest rate swaps. The amount expected to be reclassified into Interest expense over the next twelve months is $0.7 million. | ||||||||||||||||||
The Company previously entered into interest rate locks for the forecasted issuance of approximately $1.7 billion of Senior Notes due in 2013, 2015 and 2018. These interest rate locks met the criteria to be accounted for as cash flow hedges of a forecasted transaction. Consequently, the changes in fair value of the interest rate locks were recognized in AOCI. No further gain or loss will be recognized in AOCI related to these interest rate locks as the contracts were effectively terminated upon issuance of the underlying debt. However, the amount of AOCI associated with these interest rate locks at the time of termination are recognized into Interest expense over the term of the notes. During 2013, the Company repaid $600.0 million due under the Senior Notes due in 2013, at which time any amounts remaining in AOCI related to such notes were reclassified into Interest expense. At March 31, 2014 and December 31, 2013, $6.8 million and $7.4 million, respectively, of losses remained in AOCI related to these interest rate locks. The amount related to the Senior Notes is expected to be reclassified into Interest expense over the next twelve months is $2.4 million. | ||||||||||||||||||
The Company measures the fair value of its derivative instruments on a recurring basis based on a pricing model that uses spot rates and forward prices from actively quoted currency markets that are readily accessible and observable. These fair value inputs are considered Level 2 within the fair value hierarchy discussed in Note 7. The methodologies used by the Company to determine the fair value of its derivative instruments at March 31, 2014 are the same as those used at December 31, 2013. There have been no transfers between levels of the fair value hierarchy. | ||||||||||||||||||
The fair values of derivative instruments included within the Condensed Consolidated Balance Sheets were as follows: | ||||||||||||||||||
Asset derivatives | Liability derivatives | |||||||||||||||||
In millions | March 31, | December 31, | March 31, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Derivatives designated as hedges: | ||||||||||||||||||
Currency derivatives | $ | 0.4 | $ | 0.1 | $ | 1.3 | $ | 3.4 | ||||||||||
Derivatives not designated as hedges: | ||||||||||||||||||
Currency derivatives | 2.4 | 3.1 | 3.3 | 13.6 | ||||||||||||||
Total derivatives | $ | 2.8 | $ | 3.2 | $ | 4.6 | $ | 17 | ||||||||||
Asset and liability derivatives included in the table above are recorded within Other current assets and Accrued expenses and other current liabilities, respectively. | ||||||||||||||||||
The amounts associated with derivatives designated as hedges affecting Net earnings and AOCI for the three months ended March 31 were as follows: | ||||||||||||||||||
Amount of gain (loss) | Location of gain | Amount of gain (loss) | ||||||||||||||||
recognized in AOCI | (loss) reclassified from | reclassified from AOCI and | ||||||||||||||||
AOCI and recognized | recognized into Net earnings | |||||||||||||||||
In millions | 2014 | 2013 | into Net earnings | 2014 | 2013 | |||||||||||||
Currency derivatives - continuing | $ | (0.2 | ) | $ | (3.8 | ) | Cost of goods sold | $ | (1.3 | ) | $ | (2.4 | ) | |||||
Currency derivatives - discontinued | — | 0.8 | Discontinued operations | — | 0.2 | |||||||||||||
Interest rate swaps | — | (9.9 | ) | Interest expense | (0.2 | ) | — | |||||||||||
Interest rate locks | — | — | Interest expense | (0.6 | ) | (0.9 | ) | |||||||||||
Total | $ | (0.2 | ) | $ | (12.9 | ) | $ | (2.1 | ) | $ | (3.1 | ) | ||||||
The amounts associated with derivatives not designated as hedges affecting Net earnings for the three months ended March 31 were as follows: | ||||||||||||||||||
Location of gain (loss) | Amount of gain (loss) | |||||||||||||||||
recognized in Net earnings | recognized in Net earnings | |||||||||||||||||
In millions | 2014 | 2013 | ||||||||||||||||
Currency derivatives | Other, net | $ | (5.5 | ) | $ | (14.3 | ) | |||||||||||
Total | $ | (5.5 | ) | $ | (14.3 | ) | ||||||||||||
The gains and losses associated with the Company’s undesignated currency derivatives are materially offset in Net earnings by changes in the fair value of the underlying transactions. | ||||||||||||||||||
Concentration of Credit Risk | ||||||||||||||||||
The counterparties to the Company’s forward contracts consist of a number of investment grade major international financial institutions. The Company could be exposed to losses in the event of nonperformance by the counterparties. However, the credit ratings and the concentration of risk in these financial institutions are monitored on a continuous basis and present no significant credit risk to the Company. | ||||||||||||||||||
Fair Value of Other Financial Instruments | ||||||||||||||||||
The carrying value of cash and cash equivalents, accounts receivable and accounts payable are a reasonable estimate of their fair value due to the short-term nature of these instruments. See Note 7 for a discussion of the fair value measurement of the Company's debt instruments. |
Pensions_and_Postretirement_Be
Pensions and Postretirement Benefits Other than Pensions | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | |||||||
Pensions and Postretirement Benefits Other than Pensions | ' | |||||||
Pensions and Postretirement Benefits Other than Pensions | ||||||||
The Company sponsors several U.S. defined benefit and defined contribution plans covering substantially all of our U.S. employees. Additionally, the Company has many non-U.S. defined benefit and defined contribution plans covering eligible non-U.S. employees. Postretirement benefits other than pensions (OPEB), provide healthcare benefits, and in some instances, life insurance benefits for certain eligible retired employees. | ||||||||
Pension Plans | ||||||||
The noncontributory defined benefit pension plans covering non-collectively bargained U.S. employees provide benefits on an average pay formula while most plans for collectively bargained U.S. employees provide benefits on a flat dollar benefit formula. The non-U.S. pension plans generally provide benefits based on earnings and years of service. The Company also maintains additional other supplemental plans for officers and other key employees. | ||||||||
In connection with the spin-off, the Company transferred its obligations for pension benefits for all current and former employees of the commercial and residential security businesses to Allegion. The transfer of these obligations reduced our pension liabilities by $631.1 million, pension assets by $543.5 million, and accumulated other comprehensive losses by $164.8 million. | ||||||||
The components of the Company’s net periodic pension benefit costs for the three months ended March 31 were as follows: | ||||||||
Three months ended | ||||||||
In millions | 2014 | 2013 | ||||||
Service cost | $ | 17.3 | $ | 23.1 | ||||
Interest cost | 36.9 | 39.2 | ||||||
Expected return on plan assets | (39.2 | ) | (42.0 | ) | ||||
Net amortization of: | ||||||||
Prior service costs | 1.1 | 1.2 | ||||||
Plan net actuarial losses | 9 | 15.5 | ||||||
Net periodic pension benefit cost | 25.1 | 37 | ||||||
Amounts recorded in continuing operations | $ | 23.3 | $ | 29.7 | ||||
Amounts recorded in discontinued operations | 1.8 | 7.3 | ||||||
Total | $ | 25.1 | $ | 37 | ||||
The Company made required and discretionary employer contributions of $11.4 million and $6.8 million to its defined benefit pension plans during the three months ended March 31, 2014 and 2013, respectively. The Company currently projects that it will contribute approximately $130.8 million to its plans worldwide in 2014. | ||||||||
Postretirement Benefits Other Than Pensions | ||||||||
The Company sponsors several postretirement plans that provide for healthcare benefits, and in some instances, life insurance benefits that cover certain eligible retired employees. The Company funds postretirement benefit obligations principally on a pay as you go basis. Generally, postretirement health benefits are contributory with contributions adjusted annually. Life insurance plans for retirees are primarily noncontributory. | ||||||||
In connection with the spin-off, the Company transferred its obligations for post retirement benefits other than pensions for all current and former employees of the commercial and residential security businesses to Allegion. The transfer of these obligations reduced our post retirement plan liabilities by $14.1 million, and increased our accumulated other comprehensive income by $5.6 million. | ||||||||
The components of net periodic postretirement benefit cost for the three months ended March 31 were as follows: | ||||||||
Three months ended | ||||||||
In millions | 2014 | 2013 | ||||||
Service cost | $ | 1.3 | $ | 1.7 | ||||
Interest cost | 7.3 | 6.7 | ||||||
Net amortization of: | ||||||||
Prior service gains | (2.2 | ) | (2.6 | ) | ||||
Net actuarial losses | — | 2.7 | ||||||
Net periodic postretirement benefit cost | $ | 6.4 | $ | 8.5 | ||||
Amounts recorded in continuing operations | $ | 4.2 | $ | 5.3 | ||||
Amounts recorded in discontinued operations | 2.2 | 3.2 | ||||||
Total | $ | 6.4 | $ | 8.5 | ||||
Equity
Equity | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Equity | ' | ||||||||||||||||
Equity | |||||||||||||||||
The reconciliation of Ordinary shares is as follows: | |||||||||||||||||
In millions | Total | ||||||||||||||||
December 31, 2013 | 282.7 | ||||||||||||||||
Shares issued under incentive plans, net | 1.6 | ||||||||||||||||
Repurchase of ordinary shares | (13.1 | ) | |||||||||||||||
March 31, 2014 | 271.2 | ||||||||||||||||
During the three months ended March 31, 2014, the Company repurchased 13.1 million shares for $787.7 million as a part of its share repurchase program. These repurchases were accounted for as a reduction of Ordinary shares and Capital in excess of par value, or retained earnings to the extent Capital in excess of par value was exhausted, as they were canceled upon repurchase. | |||||||||||||||||
The components of Equity for the three months ended March 31, 2014 were as follows: | |||||||||||||||||
In millions | IR-Ireland | Noncontrolling | Total | ||||||||||||||
shareholders’ | interests | equity | |||||||||||||||
equity | |||||||||||||||||
Balance at December 31, 2013 | $ | 7,068.90 | $ | 62.4 | $ | 7,131.30 | |||||||||||
Net earnings | 79 | 4.6 | 83.6 | ||||||||||||||
Currency translation | (43.0 | ) | 1.3 | (41.7 | ) | ||||||||||||
Change in value of derivatives qualifying as cash flow hedges, net of tax | 2.4 | — | 2.4 | ||||||||||||||
Pension and OPEB adjustments, net of tax | 4.6 | — | 4.6 | ||||||||||||||
Total comprehensive income | 43 | 5.9 | 48.9 | ||||||||||||||
Share-based compensation | 25.8 | — | 25.8 | ||||||||||||||
Dividends declared to noncontrolling interests | — | (3.8 | ) | (3.8 | ) | ||||||||||||
Dividends declared to ordinary shareholders | (68.3 | ) | — | (68.3 | ) | ||||||||||||
Shares issued under incentive plans, net | 3.5 | — | 3.5 | ||||||||||||||
Repurchase of ordinary shares | (787.7 | ) | — | (787.7 | ) | ||||||||||||
Balance at March 31, 2014 | $ | 6,285.20 | $ | 64.5 | $ | 6,349.70 | |||||||||||
The components of Equity for the three months ended March 31, 2013 were as follows: | |||||||||||||||||
In millions | IR-Ireland | Noncontrolling | Total | ||||||||||||||
shareholders’ | interests | equity | |||||||||||||||
equity | |||||||||||||||||
Balance at December 31, 2012 | $ | 7,147.80 | $ | 81.5 | $ | 7,229.30 | |||||||||||
Net earnings | 88 | 6.6 | 94.6 | ||||||||||||||
Currency translation | (104.8 | ) | 1.2 | (103.6 | ) | ||||||||||||
Change in value of marketable securities and derivatives qualifying as cash flow hedges, net of tax | (8.6 | ) | — | (8.6 | ) | ||||||||||||
Pension and OPEB adjustments, net of tax | 27.2 | — | 27.2 | ||||||||||||||
Total comprehensive income | 1.8 | 7.8 | 9.6 | ||||||||||||||
Share-based compensation | 21.5 | — | 21.5 | ||||||||||||||
Dividends declared to noncontrolling interests | — | (2.8 | ) | (2.8 | ) | ||||||||||||
Dividends declared to ordinary shareholders | (0.8 | ) | — | (0.8 | ) | ||||||||||||
Shares issued under incentive plans, net | 90.7 | — | 90.7 | ||||||||||||||
Balance at March 31, 2013 | $ | 7,261.00 | $ | 86.5 | $ | 7,347.50 | |||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||
The changes in Accumulated other comprehensive income (loss) for the three months ended March 31, 2014 are as follows: | |||||||||||||||||
In millions | Cash flow hedges | Pension and OPEB Items | Foreign Currency Items | Total | |||||||||||||
December 31, 2013 | $ | 0.4 | $ | (562.8 | ) | $ | 395.7 | $ | (166.7 | ) | |||||||
Other comprehensive income before reclassifications | (0.2 | ) | (0.6 | ) | (43.0 | ) | (43.8 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income | 2.1 | 7.9 | — | 10 | |||||||||||||
Tax (expense) benefit | 0.5 | (2.5 | ) | — | (2.0 | ) | |||||||||||
March 31, 2014 | $ | 2.8 | $ | (558.0 | ) | $ | 352.7 | $ | (202.5 | ) | |||||||
The changes in Accumulated other comprehensive income (loss) for the three months ended March 31, 2013 are as follows: | |||||||||||||||||
In millions | Cash flow hedges and marketable securities | Pension and OPEB Items | Foreign Currency Items | Total | |||||||||||||
December 31, 2012 | $ | (1.4 | ) | $ | (964.2 | ) | $ | 444.6 | $ | (521.0 | ) | ||||||
Other comprehensive income before reclassifications | (11.5 | ) | 16.3 | (104.8 | ) | (100.0 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income | 3.1 | 16.8 | — | 19.9 | |||||||||||||
Tax (expense) benefit | (0.2 | ) | (5.9 | ) | — | (6.1 | ) | ||||||||||
31-Mar-13 | $ | (10.0 | ) | $ | (937.0 | ) | $ | 339.8 | $ | (607.2 | ) | ||||||
The reclassifications out of Accumulated other comprehensive income (loss) for the three months ended March 31, 2014 were as follows: | |||||||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Income | |||||||||||||||||
In millions | Three months ended | Statement of Comprehensive Income Line Item | |||||||||||||||
Reclasses below represent (Income) loss to the Statement of Comprehensive Income | |||||||||||||||||
Gains and losses on cash flow hedges: | |||||||||||||||||
Interest rate locks | $ | 0.6 | Interest expense | ||||||||||||||
Interest rate swaps | 0.2 | Interest expense | |||||||||||||||
Foreign exchange contracts | 1.3 | Cost of goods sold | |||||||||||||||
2.1 | Earnings before income taxes | ||||||||||||||||
— | Provision for income taxes | ||||||||||||||||
2.1 | Net earnings before income taxes | ||||||||||||||||
Pension and postretirement benefit items: | |||||||||||||||||
Amortization of: | |||||||||||||||||
Prior-service (gains) costs | $ | (1.1 | ) | (a) | |||||||||||||
Actuarial (gains) losses | 9 | (a) | |||||||||||||||
7.9 | Earnings before income taxes | ||||||||||||||||
(2.5 | ) | Provision for income taxes | |||||||||||||||
5.4 | Net earnings before income taxes | ||||||||||||||||
Total reclassifications for the period | $ | 7.5 | |||||||||||||||
(a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost and net periodic postretirement benefit cost (see Note 9 for additional details). | |||||||||||||||||
The reclassifications out of Accumulated other comprehensive income (loss) for the three months ended March 31, 2013 were as follows: | |||||||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Income | |||||||||||||||||
In millions | Three months ended | Statement of Comprehensive Income Line Item | |||||||||||||||
Reclasses below represent (Income) loss to the Statement of Comprehensive Income | |||||||||||||||||
Gains and losses on cash flow hedges: | |||||||||||||||||
Interest rate locks | $ | 0.9 | Interest expense | ||||||||||||||
Foreign exchange contracts - Continuing | 2.4 | Cost of goods sold | |||||||||||||||
Foreign exchange contracts - Discontinued | (0.2 | ) | Discontinued operations | ||||||||||||||
3.1 | Earnings before income taxes | ||||||||||||||||
— | Provision for income taxes | ||||||||||||||||
3.1 | Net earnings before income taxes | ||||||||||||||||
Pension and Postretirement benefit items: | |||||||||||||||||
Amortization of: | |||||||||||||||||
Prior-service (gains) costs | $ | (1.4 | ) | (a) | |||||||||||||
Actuarial (gains) losses | 18.2 | (a) | |||||||||||||||
16.8 | Earnings before income taxes | ||||||||||||||||
(5.9 | ) | Provision for income taxes | |||||||||||||||
10.9 | Net earnings before income taxes | ||||||||||||||||
Total reclassifications for the period | $ | 14 | |||||||||||||||
(a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost and net periodic postretirement benefit cost (see Note 9 for additional details). |
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||
Share-Based Compensation | ' | |||||||||||||
Share-Based Compensation | ||||||||||||||
The Company records share-based compensation awards using a fair value method and recognizes compensation expense for an amount equal to the fair value of the share-based payment issued in its financial statements. The Company’s share-based compensation plans include programs for stock options, stock appreciation rights (SARs), restricted stock units (RSUs), performance share units (PSUs) and deferred compensation. | ||||||||||||||
Compensation Expense | ||||||||||||||
Share-based compensation expense relates to continuing operations and is included in Selling and administrative expenses. The expenses recognized for the three months ended March 31 were as follows: | ||||||||||||||
Three months ended | ||||||||||||||
In millions | 2014 | 2013 | ||||||||||||
Stock options | $ | 6.5 | $ | 7.9 | ||||||||||
RSUs | 10.2 | 10.1 | ||||||||||||
Perfomance shares | 9.6 | 3.9 | ||||||||||||
Deferred compensation | 0.4 | 0.4 | ||||||||||||
Other | (0.4 | ) | 0.7 | |||||||||||
Pre-tax expense | 26.3 | 23 | ||||||||||||
Tax benefit | (10.1 | ) | (8.8 | ) | ||||||||||
After-tax expense | $ | 16.2 | $ | 14.2 | ||||||||||
Amounts recorded in continuing operations | $ | 16.2 | $ | 13.1 | ||||||||||
Amounts recorded in discontinued operations | — | 1.1 | ||||||||||||
Total | $ | 16.2 | $ | 14.2 | ||||||||||
Stock Options/RSUs | ||||||||||||||
Eligible participants may receive (i) stock options, (ii) RSUs or (iii) a combination of both stock options and RSUs. For the stock options and RSUs granted prior to the spin-off, the number granted and weighted average fair value in the table below reflect historical information. Grants issued during the three months ended March 31 were as follows: | ||||||||||||||
2014 | 2013 | |||||||||||||
Number | Weighted- | Number | Weighted- | |||||||||||
granted | average fair | granted | average fair | |||||||||||
value per award | value per award | |||||||||||||
Stock options | 1,150,982 | $ | 14.29 | 1,318,418 | $ | 16.51 | ||||||||
RSUs | 372,259 | $ | 59.83 | 527,923 | $ | 52.32 | ||||||||
The fair value of each of the Company’s stock option and RSU awards is expensed on a straight-line basis over the required service period, which is generally the 3-year vesting period. However, for stock options and RSUs granted to retirement eligible employees, the Company recognizes expense for the fair value at the grant date. Included within the 2013 grant are 139,649 stock options and 56,547RSUs related to Allegion employees. | ||||||||||||||
The average fair value of the stock options granted is determined using the Black-Scholes option-pricing model. The following assumptions were used during the three months ended March 31: | ||||||||||||||
2014 | 2013 | |||||||||||||
Dividend yield | 1.67 | % | 1.6 | % | ||||||||||
Volatility | 31.43 | % | 42.15 | % | ||||||||||
Risk-free rate of return | 1.46 | % | 0.85 | % | ||||||||||
Expected life | 4.9 years | 5.1 years | ||||||||||||
Expected volatility is based on the historical volatility from traded options on the Company's stock. The risk-free rate of return is based on the yield curve of a zero-coupon U.S. Treasury bond on the date the award is granted with a maturity equal to the expected term of the award. Historical data is used to estimate forfeitures within the Company's valuation model. The expected life of the Company's stock option awards is derived from historical experience and represents the period of time that awards are expected to be outstanding. | ||||||||||||||
PSUs | ||||||||||||||
The Company has a Performance Share Program for key employees. The program provides awards in the form of PSUs based on performance against pre-established objectives. The annual target award level is expressed as a number of the Company's ordinary shares. All PSUs are settled in the form of ordinary shares. During the three months ended March 31, 2014, the Company granted PSUs with a maximum award level of approximately 0.4 million shares. | ||||||||||||||
Awards granted in 2011 are based upon the Company's relative earnings-per-share (EPS) growth as compared to the industrial group of companies in the S&P 500 Index over the three-year performance period. | ||||||||||||||
Awards granted after 2011 are based 50% upon a performance condition, measured at each reporting period by relative EPS growth to the industrial group of companies in the S&P 500 Index and the fair market value of the Company's stock on the date of grant, and 50% upon a market condition, measured by the Company's relative total shareholder return (TSR) as compared to the TSR of the industrial group of companies in the S&P 500 Index over the three-year performance period. The fair value of the market condition is estimated using a Monte Carlo Simulation approach in a risk-neutral framework based upon historical volatility, risk-free rates and correlation matrix. | ||||||||||||||
Deferred Compensation | ||||||||||||||
The Company allows key employees to defer a portion of their eligible compensation into a number of investment choices, including its ordinary share equivalents. Any amounts invested in ordinary share equivalents will be settled in ordinary shares of the Company at the time of distribution. | ||||||||||||||
Other Plans | ||||||||||||||
The Company has not granted stock appreciation rights (SARs) since 2006 and does not anticipate additional grants in the future. As of March 31, 2014, there were 71,067 SARs outstanding, all of which are vested and expire 10 years from the date of grant. All SARs exercised are settled with the Company’s ordinary shares. | ||||||||||||||
The Company has issued stock grants as an incentive plan to certain key employees, with varying vesting periods. All stock grants are settled with the Company’s ordinary shares. |
Restructuring_Activities
Restructuring Activities | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Restructuring Charges [Abstract] | ' | |||||||||||||||
Restructuring Activities | ' | |||||||||||||||
Restructuring Activities | ||||||||||||||||
Restructuring charges recorded during the three months ended March 31 were as follows: | ||||||||||||||||
Three months ended | ||||||||||||||||
In millions | 2014 | 2013 | ||||||||||||||
Climate | $ | 4.2 | $ | 17.3 | ||||||||||||
Industrial | 2.9 | 2.8 | ||||||||||||||
Corporate and Other | 1.8 | 2 | ||||||||||||||
Total | $ | 8.9 | $ | 22.1 | ||||||||||||
Cost of goods sold | $ | 2.1 | $ | 10.5 | ||||||||||||
Selling and administrative expenses | 6.8 | 11.6 | ||||||||||||||
Total | $ | 8.9 | $ | 22.1 | ||||||||||||
The changes in the restructuring reserve during the three months ended March 31, 2014 were as follows: | ||||||||||||||||
In millions | Climate | Industrial | Corporate | Total | ||||||||||||
and Other | ||||||||||||||||
December 31, 2013 | $ | 18 | $ | 9.5 | $ | 5 | $ | 32.5 | ||||||||
Additions, net of reversals | 4.2 | 2.9 | 1.8 | 8.9 | ||||||||||||
Cash and non-cash uses | (13.2 | ) | (4.1 | ) | (3.9 | ) | (21.2 | ) | ||||||||
Currency translation | — | — | — | — | ||||||||||||
March 31, 2014 | $ | 9 | $ | 8.3 | $ | 2.9 | $ | 20.2 | ||||||||
The 2014 and 2013 charges primarily represent termination benefits to improve the Company's cost structure. As of March 31, 2014, the Company had $20.2 million accrued for costs associated with its ongoing restructuring actions, of which a majority will be paid within one year. |
Other_Net
Other, Net | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Other Net [Abstract] | ' | |||||||
Other, Net | ' | |||||||
Other, Net | ||||||||
The components of Other, net for the three months ended March 31 were as follows: | ||||||||
Three months ended | ||||||||
In millions | 2014 | 2013 | ||||||
Interest income | $ | 2.8 | $ | 3.4 | ||||
Exchange gain (loss) | (4.2 | ) | 0.6 | |||||
Earnings (loss) from equity investments | (3.0 | ) | (4.2 | ) | ||||
Other | 6.6 | 0.7 | ||||||
Other, net | $ | 2.2 | $ | 0.5 | ||||
Included within Earnings (loss) from equity investments for the three months ended March 31, 2014 and 2013 is $3.0 million and $4.2 million of loss on the Hussmann equity investment, respectively. The Company's ownership percentage in Hussmann Parent, an affiliate of private equity firm Clayton Dubilier & Rice, LLC, was 37.2% as of March 31, 2014 and is recorded using the equity method of accounting. The Company's equity investment in the Hussmann Parent is reported within Other noncurrent assets. | ||||||||
Included within Other for the three months ended March 31, 2014 is a $6.0 million gain on sale of an investment. | ||||||||
In February 2013, the government of Venezuela announced a devaluation of the Bolivar, from the pre-existing official exchange rate of 4.29 Bolivars to the U.S. dollar to 6.3 Bolivars to the U.S. dollar. As a result of the devaluation, the Company realized a foreign currency translation loss of approximately $2.5 million, which is included in Exchange gain (loss) for the three months ended March 31, 2013. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The provision for income taxes involves a significant amount of management judgment regarding interpretation of relevant facts and laws in the jurisdictions in which the Company operates. Future changes in applicable laws, projected levels of taxable income and tax planning could change the effective tax rate and tax balances recorded by the Company. In addition, tax authorities periodically review income tax returns filed by the Company and can raise issues regarding its filing positions, timing and amount of income or deductions, and the allocation of income among the jurisdictions in which the Company operates. A significant period of time may elapse between the filing of an income tax return and the ultimate resolution of an issue raised by a revenue authority with respect to that return. In the normal course of business the Company is subject to examination by taxing authorities throughout the world, including such major jurisdictions as Brazil, Canada, China, France, Germany, Ireland, Italy, Mexico, Switzerland, the Netherlands and the United States. In general, the examination of the Company’s material tax returns is complete for the years prior to 2001, with certain matters being resolved through appeals and litigation. | |
In 2007, the Company received a notice from the IRS containing proposed adjustments to the Company's tax filings in connection with an audit of the 2001 and 2002 tax years. The IRS did not contest the validity of the Company's reincorporation in Bermuda. The IRS proposed to ignore the entities that hold the intercompany debt incurred in connection with the Company's reincorporation in Bermuda (2001 Debt) and to which the interest was paid and impose 30% withholding tax on a portion of the interest payments as if they were made directly to a company that was not eligible for reduced U.S. withholding tax under a U.S. income tax treaty. The IRS asserted that the Company owed additional taxes with respect to 2002 of approximately $84 million plus interest. The Company strongly disagreed with the view of the IRS and filed a protest. In 2010, the Company received an amended notice from the IRS assessing penalties of 30% on the asserted underpayment of tax described above. | |
The Company has so far been unsuccessful in resolving this dispute and in 2013 received a Notice of Deficiency from the IRS for 2002. The Company filed a petition in the United States Tax Court in November 2013 contesting this deficiency. In its January 2014 answer to the Company’s petition, the IRS asserted that the Company also owes 30% withholding tax on the portion of 2002 interest payments made on the 2001 Debt upon which it did not previously assert withholding tax. A 30% withholding tax on this $85.0 million interest payment would increase the total tax liability proposed for 2002 to $109.0 million ($84 million referred to in the paragraph above plus this additional $25.0 million) plus 30% penalties and interest. | |
In 2013, the Company received notices from the IRS containing proposed adjustments to the Company's tax filings in connection with an audit of the 2003-2006 tax years. In these notices, the IRS asserts that the Company owes a total of approximately $665 million of additional taxes, as described more fully below, in connection with the Company's interest payments on the 2001 Debt for the 2003-2006 period, plus penalties and interest on these unpaid taxes. | |
The IRS continues to take the position on the 2001 Debt, which was retired at the end of 2011, that it previously took for the Company's 2002 tax year and which is described above. As a result of this recharacterization, the IRS asserts that the Company owes approximately $455.0 million of withholding tax for 2003-2006 plus 30% penalties. | |
The IRS also proposes to extend its position further and to treat all of the interest income from the 2001 Debt as creating earnings and profits at IR-Limited and, as a result, recharacterize the distributions made by IR-Limited during the 2002-2006 tax years as taxable dividends instead of as a return of capital. Consequently the IRS asserts that the Company owes approximately $210.0 million of income tax on these dividends plus penalties of 20%. | |
Although the Company expects it to do so, the IRS has not yet proposed any similar adjustments for years subsequent to 2006, as the federal income tax audits for those years are still in process or have not yet begun. In addition, the Company does not know how the IRS will apply its position to the different facts presented in those years or whether the IRS will take a similar position in future audits with respect to intercompany debt instruments not outstanding in prior years. | |
The Company has vigorously contested all of these proposed adjustments and intends to continue to do so. Although the outcome of these matters cannot be predicted with certainty, based upon an analysis of the merits of the Company's position, the Company believes that it is adequately reserved under the applicable accounting standards for these matters and does not expect that the ultimate resolution will have a material adverse impact on its future results of operations, financial condition, or cash flows. As the Company moves forward to resolve these matters with the IRS, the reserves established may be adjusted. Although the Company continues to contest the IRS's position, there can be no assurance that it will be successful. If the IRS's position with respect to the 2002-2006 tax years is ultimately sustained, the Company would be required to record additional charges and the resulting liability will have a material adverse impact on its future results of operations, financial condition and cash flows. | |
The Company believes that it has adequately provided for any reasonably foreseeable resolution of any tax disputes, but will adjust its reserves if events so dictate in accordance with GAAP. To the extent that the ultimate results differ from the original or adjusted estimates of the Company, the effect will be recorded in the Provision for income taxes. | |
Total unrecognized tax benefits as of March 31, 2014 and December 31, 2013 were $352.0 million and $363.3 million, respectively. |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
Discontinued Operations | ' | |||||||
Discontinued Operations | ||||||||
The components of Discontinued operations, net of tax for the three months ended March 31 were as follows: | ||||||||
Three months ended | ||||||||
In millions | 2014 | 2013 | ||||||
Net revenues | $ | — | $ | 473.3 | ||||
Pre-tax earnings (loss) from operations | $ | 1.4 | $ | 55 | ||||
Pre-tax gain (loss) on sale | — | — | ||||||
Tax benefit (expense) | 1.5 | (15.8 | ) | |||||
Discontinued operations, net of tax | $ | 2.9 | $ | 39.2 | ||||
Discontinued operations by business for the three months ended March 31 are as follows: | ||||||||
Three months ended | ||||||||
In millions | 2014 | 2013 | ||||||
Allegion, net of tax | $ | 7 | $ | 46.2 | ||||
Other discontinued operations, net of tax | (4.1 | ) | (7.0 | ) | ||||
Discontinued operations, net of tax * | $ | 2.9 | $ | 39.2 | ||||
* Included in Allegion, net of tax for the three months ended March 31, 2013 are spin costs of $11.0 million. | ||||||||
Allegion Spin Off | ||||||||
On December 1, 2013, the Company completed the previously announced separation of its commercial and residential security businesses by distributing the related ordinary shares of Allegion, on a pro rata basis, to the Company's shareholders of record as of November 22, 2013. After the Distribution Date, Allegion became an independent publicly traded company. | ||||||||
The results of the Company's commercial and residential security businesses are presented as a discontinued operation on the Condensed Consolidated Statement of Comprehensive Income and Condensed Consolidated Statement of Cash Flows for all periods presented. | ||||||||
Other Discontinued Operations | ||||||||
Other discontinued operations, net of tax from previously sold businesses is mainly related to postretirement benefits, product liability, worker's compensation, legal costs (mostly asbestos-related), and tax effects of post-closing purchase price adjustments. |
Earnings_Per_Share_EPS
Earnings Per Share (EPS) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Earnings Per Share [Abstract] | ' | |||||
Earnings Per Share (EPS) | ' | |||||
Earnings Per Share (EPS) | ||||||
Basic EPS is calculated by dividing Net earnings attributable to IR-Ireland by the weighted-average number of ordinary shares outstanding for the applicable period. Diluted EPS is calculated after adjusting the denominator of the basic EPS calculation for the effect of all potentially dilutive ordinary shares, which in the Company’s case, includes shares issuable under share-based compensation plans. The following table summarizes the weighted-average number of ordinary shares outstanding for basic and diluted earnings per share calculations for the three months ended March 31: | ||||||
Three months ended | ||||||
In millions | 2014 | 2013 | ||||
Weighted-average number of basic shares | 278.3 | 298.9 | ||||
Shares issuable under incentive stock plans | 4 | 3.6 | ||||
Weighted-average number of diluted shares | 282.3 | 302.5 | ||||
Anti-dilutive shares | 1.2 | 1.6 | ||||
Business_Segment_Information
Business Segment Information | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Business Segment Information | ' | |||||||
Business Segment Information | ||||||||
The accounting policies of the operating segments are the same as those described in the summary of significant accounting policies except that the operating segments' results are prepared on a management basis that is consistent with the manner in which the Company disaggregates financial information for internal review and decision making. The Company largely evaluates performance based on Segment operating income and Segment operating margins. | ||||||||
Segment operating income is the measure of profit and loss that the Company's chief operating decision maker uses to evaluate the financial performance of the business and as the basis for performance reviews, compensation and resource allocation. For these reasons, the Company believes that Segment operating income represents the most relevant measure of segment profit and loss. The Company may exclude certain charges or gains from Operating income to arrive at a Segment operating income that is a more meaningful measure of profit and loss upon which to base its operating decisions. | ||||||||
Our Climate segment delivers energy-efficient solutions globally and includes Trane® and American Standard® Heating & Air Conditioning which provide heating, ventilation and air conditioning (HVAC) systems, and commercial and residential building services, parts, support and controls; and Thermo King® transport temperature control solutions. | ||||||||
Our Industrial segment delivers products and services that enhance energy efficiency, productivity and operations. It includes Ingersoll Rand® compressed air systems and services, power tools, material handling systems, ARO® fluid management equipment, as well as Club Car® golf, utility and rough terrain vehicles. | ||||||||
A summary of operations by reportable segment for the three months ended March 31 was as follows: | ||||||||
Three months ended | ||||||||
In millions | 2014 | 2013 | ||||||
Net revenues | ||||||||
Climate | $ | 2,040.80 | $ | 1,958.70 | ||||
Industrial | 682.1 | 680.3 | ||||||
Total | $ | 2,722.90 | $ | 2,639.00 | ||||
Segment operating income | ||||||||
Climate | $ | 131 | $ | 71.5 | ||||
Industrial | 79.3 | 100.8 | ||||||
Total | $ | 210.3 | $ | 172.3 | ||||
Reconciliation to Operating income | ||||||||
Unallocated corporate expense | (55.3 | ) | (52.3 | ) | ||||
Operating income | $ | 155 | $ | 120 | ||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Commitments And Contingencies Abstract | ' | |||||||
Commitments and Contingencies | ' | |||||||
Commitments and Contingencies | ||||||||
The Company is involved in various litigations, claims and administrative proceedings, including those related to environmental, asbestos, and product liability matters. Amounts recorded for identified contingent liabilities are estimates, which are reviewed periodically and adjusted to reflect additional information when it becomes available. Subject to the uncertainties inherent in estimating future costs for contingent liabilities, except as expressly set forth in this note, management believes that any liability which may result from these legal matters would not have a material adverse effect on the financial condition, results of operations, liquidity or cash flows of the Company. | ||||||||
Environmental Matters | ||||||||
The Company continues to be dedicated to an environmental program to reduce the utilization and generation of hazardous materials during the manufacturing process and to remediate identified environmental concerns. As to the latter, the Company is currently engaged in site investigations and remediation activities to address environmental cleanup from past operations at current and former manufacturing facilities. | ||||||||
The Company is sometimes a party to environmental lawsuits and claims and has received notices of potential violations of environmental laws and regulations from the Environmental Protection Agency and similar state authorities. It has also been identified as a potentially responsible party (PRP) for cleanup costs associated with off-site waste disposal at federal Superfund and state remediation sites. For all such sites, there are other PRPs and, in most instances, the Company’s involvement is minimal. | ||||||||
In estimating its liability, the Company has assumed it will not bear the entire cost of remediation of any site to the exclusion of other PRPs who may be jointly and severally liable. The ability of other PRPs to participate has been taken into account, based on our understanding of the parties’ financial condition and probable contributions on a per site basis. Additional lawsuits and claims involving environmental matters are likely to arise from time to time in the future. | ||||||||
During the three months ended March 31, 2014 and 2013, the Company incurred $2.4 million and $1.8 million, respectively, of expenses for environmental remediation at sites presently or formerly owned or leased by us. As of March 31, 2014 and December 31, 2013, the Company has recorded reserves for environmental matters of $47.7 million and $47.9 million, respectively. Of these amounts, $39.9 million and $42.1 million, respectively, relate to remediation of sites previously disposed by the Company. Environmental reserves are classified as Accrued expenses and other current liabilities or Other noncurrent liabilities based on their expected term. The Company's total current environmental reserve at March 31, 2014 and December 31, 2013 was $15.7 million and $13.5 million, respectively. Given the evolving nature of environmental laws, regulations and technology, the ultimate cost of future compliance is uncertain. | ||||||||
Asbestos-Related Matters | ||||||||
Certain wholly-owned subsidiaries of the Company are named as defendants in asbestos-related lawsuits in state and federal courts. In virtually all of the suits, a large number of other companies have also been named as defendants. The vast majority of those claims have been filed against either IR-New Jersey or Trane U.S. Inc. (Trane) and generally allege injury caused by exposure to asbestos contained in certain historical products sold by IR-New Jersey or Trane, primarily pumps, boilers and railroad brake shoes. Neither IR-New Jersey nor Trane was a producer or manufacturer of asbestos, however, some formerly manufactured products utilized asbestos-containing components such as gaskets and packings purchased from third-party suppliers. | ||||||||
The Company engages an outside expert to assist in calculating an estimate of the Company’s total liability for pending and unasserted future asbestos-related claims and annually performs a detailed analysis with the assistance of an outside expert to update its estimated asbestos-related assets and liabilities. The methodology used to project the Company’s total liability for pending and unasserted potential future asbestos-related claims relied upon and included the following factors, among others: | ||||||||
• | 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. | |||||||
At March 31, 2014 and December 31, 2013, over 80 percent of the open claims against the Company are non-malignancy claims, many of which have been placed on inactive or deferral dockets and the vast majority of which have little or no settlement value against the Company, particularly in light of recent changes in the legal and judicial treatment of such claims. | ||||||||
The Company’s liability for asbestos-related matters and the asset for probable asbestos-related insurance recoveries were included in the following balance sheet accounts: | ||||||||
In millions | March 31, | December 31, | ||||||
2014 | 2013 | |||||||
Accrued expenses and other current liabilities | $ | 69.1 | $ | 69.1 | ||||
Other noncurrent liabilities | 760.4 | 777.1 | ||||||
Total asbestos-related liabilities | $ | 829.5 | $ | 846.2 | ||||
Other current assets | $ | 22.3 | $ | 22.3 | ||||
Other noncurrent assets | 294.6 | 299.5 | ||||||
Total asset for probable asbestos-related insurance recoveries | $ | 316.9 | $ | 321.8 | ||||
The Company's asbestos insurance receivable related to IR-New Jersey and Trane was $135.0 million and $181.9 million at March 31, 2014, and $137.6 million and $184.2 million at December 31, 2013, respectively. | ||||||||
The (costs) income associated with the settlement and defense of asbestos-related claims after insurance recoveries for the three months ended March 31 were as follows: | ||||||||
Three months ended | ||||||||
In millions | 2014 | 2013 | ||||||
Continuing operations | $ | (1.8 | ) | $ | (3.3 | ) | ||
Discontinued operations | (1.3 | ) | (4.0 | ) | ||||
Total | $ | (3.1 | ) | $ | (7.3 | ) | ||
IR-New Jersey records income and expenses associated with its asbestos liabilities and corresponding insurance recoveries within discontinued operations, as they relate to previously divested businesses, primarily Ingersoll-Dresser Pump, which was sold in 2000. Income and expenses associated with Trane’s asbestos liabilities and corresponding insurance recoveries are recorded within continuing operations. | ||||||||
Trane has now settled claims regarding asbestos coverage with most of its insurers. The settlements collectively account for approximately 95% of its recorded asbestos-related insurance receivable as of March 31, 2014. Most of Trane’s settlement agreements constitute “coverage-in-place” arrangements, in which the insurer signatories agree to reimburse Trane for specified portions of its costs for asbestos bodily injury claims and Trane agrees to certain claims-handling protocols and grants to the insurer signatories certain releases and indemnifications. Trane remains in litigation in an action that Trane filed in November 2010 in the Circuit Court for La Crosse County, Wisconsin, relating to claims for insurance coverage for a subset of Trane's historical asbestos-related liabilities. | ||||||||
In January 2012, IR-New Jersey filed an action in the Superior Court of New Jersey, Middlesex County, seeking a declaratory judgment and other relief regarding the Company's rights to defense and indemnity for asbestos claims. The defendants are several dozen solvent insurance companies, including companies that had been paying a portion of IR-New Jersey's asbestos claim defense and indemnity costs. The action involves IR-New Jersey's unexhausted insurance policies applicable to the asbestos claims that are not subject to any settlement agreement. The responding defendants generally challenged the Company's right to recovery, and raised various coverage defenses. In December 2013, IR-New Jersey filed a similar action in the same court against an insurer that was not a party to the 2012 action. | ||||||||
The Company continually monitors the status of pending litigation that could impact the allocation of asbestos claims against the Company's various insurance policies. The Company has concluded that its IR-New Jersey insurance receivable is probable of recovery because of the following factors: | ||||||||
• | a review of other companies in circumstances comparable to IR-New Jersey, including Trane, and the success of other companies in recovering under their insurance policies, including Trane's favorable settlement discussed above; | |||||||
• | the Company's confidence in its right to recovery under the terms of its policies and pursuant to applicable law; and | |||||||
• | the Company's history of receiving payments under the IR-New Jersey insurance program, including under policies that had been the subject of prior litigation. | |||||||
The amounts recorded by the Company for asbestos-related liabilities and insurance-related assets are based on currently available information. The Company’s actual liabilities or insurance recoveries could be significantly higher or lower than those recorded if assumptions used in the calculations vary significantly from actual results. Key variables in these assumptions include the number and type of new claims to be filed each year, the average cost of resolution of each such new claim, the resolution of coverage issues with insurance carriers, and the solvency risk with respect to the Company’s insurance carriers. Furthermore, predictions with respect to these variables are subject to greater uncertainty as the projection period lengthens. Other factors that may affect the Company’s liability include uncertainties surrounding the litigation process from jurisdiction to jurisdiction and from case to case, reforms that may be made by state and federal courts, and the passage of state or federal tort reform legislation. | ||||||||
The aggregate amount of the stated limits in insurance policies available to the Company for asbestos-related claims acquired over many years and from many different carriers, is substantial. However, limitations in that coverage, primarily due to the considerations described above, are expected to result in the projected total liability to claimants substantially exceeding the probable insurance recovery. | ||||||||
Warranty Liability | ||||||||
Standard product warranty accruals are recorded at the time of sale and are estimated based upon product warranty terms and historical experience. The Company assesses the adequacy of its liabilities and will make adjustments as necessary based on known or anticipated warranty claims, or as new information becomes available. | ||||||||
The changes in the standard product warranty liability for the three months ended March 31 were as follows: | ||||||||
In millions | 2014 | 2013 | ||||||
Balance at beginning of period | $ | 245.7 | $ | 253.4 | ||||
Reductions for payments | (34.8 | ) | (33.6 | ) | ||||
Accruals for warranties issued during the current period | 37.7 | 29.2 | ||||||
Changes to accruals related to preexisting warranties | 4.7 | (3.8 | ) | |||||
Translation | (0.2 | ) | (0.9 | ) | ||||
Balance at end of period | $ | 253.1 | $ | 244.3 | ||||
Standard product warranty liabilities are classified as Accrued expenses and other current liabilities or Other noncurrent liabilities based on their expected term. The Company's total current standard product warranty reserve at March 31, 2014 and December 31, 2013 was $130.4 million and $127.9 million, respectively. | ||||||||
The Company's extended warranty liability represents the deferred revenue associated with its extended warranty contracts and is amortized into Revenue on a straight-line basis over the life of the contract, unless another method is more representative of the costs incurred. The Company assesses the adequacy of its liability by evaluating the expected costs under its existing contracts to ensure these expected costs do not exceed the extended warranty liability. | ||||||||
The changes in the extended warranty liability for the three months ended March 31 were as follows: | ||||||||
In millions | 2014 | 2013 | ||||||
Balance at beginning of period | $ | 359.1 | $ | 375.1 | ||||
Amortization of deferred revenue for the period | (24.0 | ) | (23.7 | ) | ||||
Additions for extended warranties issued during the period | 17.9 | 21.2 | ||||||
Changes to accruals related to preexisting warranties | (2.4 | ) | 2.5 | |||||
Translation | (0.5 | ) | (0.3 | ) | ||||
Balance at end of period | $ | 350.1 | $ | 374.8 | ||||
The extended warranty liability is classified as Accrued expenses and other current liabilities or Other noncurrent liabilities based on the timing of when the deferred revenue is expected to be amortized into Revenue. The Company's total current extended warranty liability at March 31, 2014 and December 31, 2013 was $97.6 million and $98.5 million, respectively. For the three months ended March 31, 2014 and 2013, the Company incurred costs of $12.7 million and $12.4 million, respectively, related to extended warranties. | ||||||||
Other | ||||||||
Trane has commitments and performance guarantees, including energy savings guarantees, totaling $443.3 million extending from 2014-2033. These guarantees are provided under long-term service and maintenance contracts related to its air conditioning equipment and system controls. Through March 31, 2014, the Company has experienced no significant losses under such arrangements and considers the probability of any significant future losses to be remote. |
Guarantor_Financial_Informatio
Guarantor Financial Information | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Guarantor Financial Information | ' | |||||||||||||||||||||||||||||||
Guarantor Financial Information | ||||||||||||||||||||||||||||||||
Ingersoll-Rand plc, a public limited company incorporated in Ireland in 2009 (IR-Ireland), is the successor to Ingersoll-Rand Company Limited, a Bermuda company (IR-Limited), following a corporate reorganization that became effective on July 1, 2009 (the Ireland Reorganization). IR-Limited is the successor to Ingersoll-Rand Company, a New Jersey corporation (IR-New Jersey), following a corporate reorganization that occurred on December 31, 2001 (the Bermuda Reorganization). | ||||||||||||||||||||||||||||||||
As part of the Bermuda Reorganization, IR-New Jersey and certain of its subsidiaries held non-voting, Class B common shares of IR-Limited. In addition, IR-Limited fully and unconditionally guaranteed all of the issued public debt securities of IR-New Jersey. IR-New Jersey unconditionally guaranteed payment of the principal and interest on IR-Limited's 4.75% Senior Notes due in 2015 in the aggregate principal amount of $300.0 million. See Note 7 for a discussion of the 2013 financing activities which included the payment in full of of the 2015 Senior Notes. The guarantee was unsecured and provided on an unsubordinated basis. The guarantee ranked equally in right of payment with all of the existing and future unsecured and unsubordinated debt of IR-New Jersey. In the fourth quarter of 2013, the Class B common shares were redeemed. | ||||||||||||||||||||||||||||||||
As part of the Ireland Reorganization, the guarantor financial statements were revised to present IR-Ireland as the ultimate parent company and Ingersoll-Rand International Holding Limited (IR-International) as a stand-alone subsidiary. In addition, the guarantee structure was updated to reflect the newly created legal structure under which (i) IR-International assumed the obligations of IR-Limited as issuer or guarantor, as the case may be, and (ii) IR-Ireland and IR-Limited fully and unconditionally guaranteed the obligations under the various indentures covering the currently outstanding public debt of IR-International, Ingersoll-Rand Global Holding Company Limited (IR-Global), and IR-New Jersey. Neither IR-Ireland nor IR-Limited has issued or intends to issue guarantees in respect of any public indebtedness incurred by Trane. Also as part of the Ireland Reorganization, IR-Limited transferred all the shares of IR-Global to IR-International in exchange for a note payable that initially approximated $15.0 billion, which was then immediately reduced by the settlement of net intercompany payables of $4.1 billion. In the fourth quarter of 2013, this note payable was fully repaid by IR-International. | ||||||||||||||||||||||||||||||||
During 2013, IR-Global and IR-International public outstanding indentures were modified to include IR-New Jersey as a co-obligor. | ||||||||||||||||||||||||||||||||
The condensed consolidating financial statements present the investments of IR-Ireland, IR-Limited, IR-Global, IR-International and IR-New Jersey using the equity method of accounting. Intercompany investments in the non-voting Class B common shares are accounted for on the cost method and are reduced by intercompany dividends. In accordance with GAAP, the amounts related to the issuance of the Class B shares have been recorded as a reduction of Total equity. The Notes payable affiliate continues to be reflected on the Condensed Consolidating Balance Sheet of IR-International and is enforceable in accordance with their terms. | ||||||||||||||||||||||||||||||||
See Note 7 for a further discussion of public debt issuances and related guarantees | ||||||||||||||||||||||||||||||||
The following condensed consolidating financial information for IR-Ireland, IR-Limited, IR-Global, IR-International, and IR-New Jersey, and all their other subsidiaries is included so that separate financial statements of IR-Ireland, IR-Limited, IR-Global, IR-International and IR-New Jersey are not required to be filed with the SEC. IR-Ireland's subsidiary debt issuers and guarantors are directly or indirectly 100% owned by IR-Ireland and the guarantees are full and unconditional and joint and several. | ||||||||||||||||||||||||||||||||
The Company revised its Condensed Consolidating Financial Statements to correct the presentation of certain subsidiaries and tax obligations between the IR-New Jersey and Other subsidiaries columns within the December 31, 2013 Condensed Consolidating Balance Sheet and the Condensed Consolidating Statements of Comprehensive Income and Cash flows for the year ended 2013. These changes had no impact on Company’s 2013 Consolidated Financial Statements. The revisions relate to fourth quarter 2013 intercompany transactions that changed the ownership of certain subsidiaries reported within the Other subsidiaries column to IR-New Jersey and related entity reorganization tax obligations. Despite the change in subsidiary ownership Securities and Exchange Commission Rule 3-10 would continue to require that all non-issuer and non-guarantor subsidiaries be presented within the Other subsidiaries column within the Condensed Consolidating Financial Statements. These revisions solely impact the year end December 2013 financial reporting. The Company assessed the materiality of the revisions on previously issued 2013 financial statements in accordance with SEC Staff Accounting Bulletin 1.M and 1.N, and concluded that the revisions were not material to the Condensed Consolidated Financial Statements. The Company has included the revised Condensed Consolidated Financial Statements to reflect these revisions. The impact of these revisions are shown in the following tables: | ||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | For the year ended 2013 | |||||||||||||||||||||||||||||||
In millions | As previously reported | As revised | Adjustment | |||||||||||||||||||||||||||||
Net revenues | ||||||||||||||||||||||||||||||||
IR New Jersey | $ | 1,674.00 | $ | 922.1 | $ | (751.9 | ) | |||||||||||||||||||||||||
Other Subsidiaries | 10,676.50 | 11,428.40 | 751.9 | |||||||||||||||||||||||||||||
Consolidating Adjustments | — | — | — | |||||||||||||||||||||||||||||
Operating income (loss) | ||||||||||||||||||||||||||||||||
IR New Jersey | 64.6 | 1.3 | (63.3 | ) | ||||||||||||||||||||||||||||
Other Subsidiaries | 1,100.90 | 1,164.20 | 63.3 | |||||||||||||||||||||||||||||
Consolidating Adjustments | — | — | — | |||||||||||||||||||||||||||||
Net earnings (loss) | ||||||||||||||||||||||||||||||||
IR New Jersey | 50.4 | 1 | (49.4 | ) | ||||||||||||||||||||||||||||
Other Subsidiaries | 1,917.00 | 1,908.90 | (8.1 | ) | ||||||||||||||||||||||||||||
Consolidating Adjustments | (4,148.8 | ) | (4,091.3 | ) | 57.5 | |||||||||||||||||||||||||||
Net earnings (loss) attributable to Ingersoll-Rand plc | ||||||||||||||||||||||||||||||||
IR New Jersey | 49.2 | 1 | (48.2 | ) | ||||||||||||||||||||||||||||
Other Subsidiaries | 1,880.10 | 1,870.80 | (9.3 | ) | ||||||||||||||||||||||||||||
Consolidating Adjustments | $ | (4,145.8 | ) | $ | (4,088.3 | ) | $ | 57.5 | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | 31-Dec-13 | |||||||||||||||||||||||||||||||
In millions | As previously reported | As revised | Adjustment | |||||||||||||||||||||||||||||
Total assets | ||||||||||||||||||||||||||||||||
IR New Jersey | $ | 51,513.90 | $ | 28,691.40 | $ | (22,822.5 | ) | |||||||||||||||||||||||||
Other Subsidiaries | 42,023.00 | 85,914.10 | 43,891.10 | |||||||||||||||||||||||||||||
Consolidating Adjustments | (120,641.9 | ) | (141,710.5 | ) | (21,068.6 | ) | ||||||||||||||||||||||||||
Total liabilities | ||||||||||||||||||||||||||||||||
IR New Jersey | 13,755.70 | 18,243.20 | 4,487.50 | |||||||||||||||||||||||||||||
Other Subsidiaries | (1,998.2 | ) | 14,640.50 | 16,638.70 | ||||||||||||||||||||||||||||
Consolidating Adjustments | (21,151.6 | ) | (42,277.8 | ) | (21,126.2 | ) | ||||||||||||||||||||||||||
Total equity | ||||||||||||||||||||||||||||||||
IR New Jersey | 37,758.20 | 10,448.20 | (27,310.0 | ) | ||||||||||||||||||||||||||||
Other Subsidiaries | 44,021.20 | 71,273.60 | 27,252.40 | |||||||||||||||||||||||||||||
Consolidating Adjustments | $ | (99,490.3 | ) | $ | (99,432.7 | ) | $ | 57.6 | ||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | For the year ended 2013 | |||||||||||||||||||||||||||||||
In millions | As previously reported | As revised | Adjustment | |||||||||||||||||||||||||||||
Net cash from operating activities | ||||||||||||||||||||||||||||||||
IR New Jersey | $ | 462.3 | $ | (282.7 | ) | $ | (745.0 | ) | ||||||||||||||||||||||||
Other Subsidiaries | 4,298.90 | 4,967.30 | 668.4 | |||||||||||||||||||||||||||||
Consolidating Adjustments | (3,316.6 | ) | (3,240.0 | ) | 76.6 | |||||||||||||||||||||||||||
Net cash from investing activities | ||||||||||||||||||||||||||||||||
IR New Jersey | (140.7 | ) | (78.2 | ) | 62.5 | |||||||||||||||||||||||||||
Other Subsidiaries | (74.7 | ) | (137.2 | ) | (62.5 | ) | ||||||||||||||||||||||||||
Consolidating Adjustments | — | — | — | |||||||||||||||||||||||||||||
Net cash from financing activities | ||||||||||||||||||||||||||||||||
IR New Jersey | 657.8 | 361.4 | (296.4 | ) | ||||||||||||||||||||||||||||
Other Subsidiaries | (4,738.8 | ) | (4,442.4 | ) | 296.4 | |||||||||||||||||||||||||||
Consolidating Adjustments | $ | 3,240.00 | $ | 3,240.00 | $ | — | ||||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||||||||||||||||
In millions | IR | IR | IR | IR Global | IR New | Other | Consolidating | IR Ireland | ||||||||||||||||||||||||
Ireland | Limited | International | Jersey | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | — | $ | — | $ | 229.8 | $ | 2,493.10 | $ | — | $ | 2,722.90 | ||||||||||||||||
Cost of goods sold | — | — | — | — | (133.5 | ) | (1,821.3 | ) | — | (1,954.8 | ) | |||||||||||||||||||||
Selling and administrative expenses | (2.1 | ) | — | — | (0.1 | ) | (106.3 | ) | (504.6 | ) | — | (613.1 | ) | |||||||||||||||||||
Operating income (loss) | (2.1 | ) | — | — | (0.1 | ) | (10.0 | ) | 167.2 | — | 155 | |||||||||||||||||||||
Equity earnings (loss) in affiliates, net of tax | 85 | 86 | 90.7 | (19.5 | ) | 9.4 | 57.9 | (309.5 | ) | — | ||||||||||||||||||||||
Interest expense | — | — | (4.0 | ) | (32.0 | ) | (12.3 | ) | (3.7 | ) | — | (52.0 | ) | |||||||||||||||||||
Intercompany interest and fees | (4.0 | ) | (0.9 | ) | (5.7 | ) | (1.1 | ) | (24.8 | ) | 36.5 | — | — | |||||||||||||||||||
Other, net | 0.2 | — | 3.7 | — | 13.9 | (15.6 | ) | — | 2.2 | |||||||||||||||||||||||
Earnings (loss) before income taxes | 79.1 | 85.1 | 84.7 | (52.7 | ) | (23.8 | ) | 242.3 | (309.5 | ) | 105.2 | |||||||||||||||||||||
Benefit (provision) for income taxes | — | — | — | 7.8 | 3.7 | (36.0 | ) | — | (24.5 | ) | ||||||||||||||||||||||
Earnings (loss) from continuing operations | 79.1 | 85.1 | 84.7 | (44.9 | ) | (20.1 | ) | 206.3 | (309.5 | ) | 80.7 | |||||||||||||||||||||
Discontinued operations, net of tax | (0.1 | ) | — | — | — | (6.5 | ) | 9.5 | — | 2.9 | ||||||||||||||||||||||
Net earnings (loss) | 79 | 85.1 | 84.7 | (44.9 | ) | (26.6 | ) | 215.8 | (309.5 | ) | 83.6 | |||||||||||||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | — | — | — | (4.5 | ) | (0.1 | ) | (4.6 | ) | |||||||||||||||||||||
Net earnings (loss) attributable to Ingersoll-Rand plc | $ | 79 | $ | 85.1 | $ | 84.7 | $ | (44.9 | ) | $ | (26.6 | ) | $ | 211.3 | $ | (309.6 | ) | $ | 79 | |||||||||||||
Total comprehensive income (loss) | 43 | 49.1 | 85 | (44.8 | ) | 166.9 | (12.4 | ) | (237.9 | ) | 48.9 | |||||||||||||||||||||
Less: Total comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | (5.8 | ) | (0.1 | ) | (5.9 | ) | |||||||||||||||||||||
Total comprehensive income (loss) attributable to Ingersoll-Rand plc | $ | 43 | $ | 49.1 | $ | 85 | $ | (44.8 | ) | $ | 166.9 | $ | (18.2 | ) | $ | (238.0 | ) | $ | 43 | |||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||||||||||
For the three months ended March 31, 2013 | ||||||||||||||||||||||||||||||||
In millions | IR | IR | IR | IR Global | IR New | Other | Consolidating | IR Ireland | ||||||||||||||||||||||||
Ireland | Limited | International | Jersey | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | — | $ | — | $ | 225.5 | $ | 2,413.50 | $ | — | $ | 2,639.00 | ||||||||||||||||
Cost of goods sold | — | — | — | — | (136.9 | ) | (1,775.7 | ) | — | (1,912.6 | ) | |||||||||||||||||||||
Selling and administrative expenses | (2.6 | ) | — | — | (0.4 | ) | (90.9 | ) | (512.5 | ) | — | (606.4 | ) | |||||||||||||||||||
Operating income (loss) | (2.6 | ) | — | — | (0.4 | ) | (2.3 | ) | 125.3 | — | 120 | |||||||||||||||||||||
Equity earnings (loss) in affiliates, net of tax | 92.6 | 92.6 | 108.3 | 153.9 | 38.2 | 97.9 | (583.5 | ) | — | |||||||||||||||||||||||
Interest expense | — | — | (4.0 | ) | (39.7 | ) | (12.6 | ) | (4.3 | ) | — | (60.6 | ) | |||||||||||||||||||
Intercompany interest and fees | (3.0 | ) | — | (8.8 | ) | (9.6 | ) | (0.5 | ) | 21.9 | — | — | ||||||||||||||||||||
Other, net | 0.3 | — | 0.6 | 0.3 | (2.7 | ) | 12 | (10.0 | ) | 0.5 | ||||||||||||||||||||||
Earnings (loss) before income taxes | 87.3 | 92.6 | 96.1 | 104.5 | 20.1 | 252.8 | (593.5 | ) | 59.9 | |||||||||||||||||||||||
Benefit (provision) for income taxes | 0.7 | — | — | — | 7.3 | (12.5 | ) | — | (4.5 | ) | ||||||||||||||||||||||
Earnings (loss) from continuing operations | 88 | 92.6 | 96.1 | 104.5 | 27.4 | 240.3 | (593.5 | ) | 55.4 | |||||||||||||||||||||||
Discontinued operations, net of tax | — | — | — | — | (25.9 | ) | 65.1 | — | 39.2 | |||||||||||||||||||||||
Net earnings (loss) | 88 | 92.6 | 96.1 | 104.5 | 1.5 | 305.4 | (593.5 | ) | 94.6 | |||||||||||||||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | — | — | — | (16.6 | ) | 10 | (6.6 | ) | ||||||||||||||||||||||
Net earnings (loss) attributable to Ingersoll-Rand plc | $ | 88 | $ | 92.6 | $ | 96.1 | $ | 104.5 | $ | 1.5 | $ | 288.8 | $ | (583.5 | ) | $ | 88 | |||||||||||||||
Total comprehensive income (loss) | 1.7 | 6.3 | 96.4 | 95.1 | 6.9 | 228.2 | (425.0 | ) | 9.6 | |||||||||||||||||||||||
Less: Total comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | (17.8 | ) | 10 | (7.8 | ) | ||||||||||||||||||||||
Total comprehensive income (loss) attributable to Ingersoll-Rand plc | $ | 1.7 | $ | 6.3 | $ | 96.4 | $ | 95.1 | $ | 6.9 | $ | 210.4 | $ | (415.0 | ) | $ | 1.8 | |||||||||||||||
Condensed Consolidating Statement of Comprehensive Income (As revised) | ||||||||||||||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||||||||||||||
In millions | IR | IR | IR | IR Global | IR New | Other | Consolidating | IR Ireland | ||||||||||||||||||||||||
Ireland | Limited | International | Jersey | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | — | $ | — | $ | 922.1 | $ | 11,428.40 | $ | — | $ | 12,350.50 | ||||||||||||||||
Cost of goods sold | 0.7 | — | — | — | (564.9 | ) | (8,158.1 | ) | — | (8,722.3 | ) | |||||||||||||||||||||
Selling and administrative expenses | (60.0 | ) | (0.1 | ) | — | (1.1 | ) | (355.9 | ) | (2,106.1 | ) | — | (2,523.2 | ) | ||||||||||||||||||
Operating income (loss) | (59.3 | ) | (0.1 | ) | — | (1.1 | ) | 1.3 | 1,164.20 | — | 1,105.00 | |||||||||||||||||||||
Equity earnings (loss) in affiliates, net of tax | 696.2 | 696.7 | 791 | 1,008.00 | 152.4 | 743.9 | (4,088.2 | ) | — | |||||||||||||||||||||||
Interest expense | — | — | (15.8 | ) | (196.4 | ) | (76.2 | ) | 9.6 | — | (278.8 | ) | ||||||||||||||||||||
Intercompany interest and fees | (14.1 | ) | (0.4 | ) | (33.8 | ) | (34.0 | ) | (13.7 | ) | 96 | — | — | |||||||||||||||||||
Other, net | (3.9 | ) | — | 1.6 | 0.8 | 137.4 | (129.4 | ) | (3.1 | ) | 3.4 | |||||||||||||||||||||
Earnings (loss) before income taxes | 618.9 | 696.2 | 743 | 777.3 | 201.2 | 1,884.30 | (4,091.3 | ) | 829.6 | |||||||||||||||||||||||
Benefit (provision) for income taxes | (0.3 | ) | — | — | — | (1.3 | ) | (187.4 | ) | — | (189.0 | ) | ||||||||||||||||||||
Earnings (loss) from continuing operations | 618.6 | 696.2 | 743 | 777.3 | 199.9 | 1,696.90 | (4,091.3 | ) | 640.6 | |||||||||||||||||||||||
Discontinued operations, net of tax | 0.2 | — | — | — | (198.9 | ) | 212 | — | 13.3 | |||||||||||||||||||||||
Net earnings (loss) | 618.8 | 696.2 | 743 | 777.3 | 1 | 1,908.90 | (4,091.3 | ) | 653.9 | |||||||||||||||||||||||
Less: Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | (38.1 | ) | 3 | (35.1 | ) | ||||||||||||||||||||||
Net earnings (loss) attributable to Ingersoll-Rand plc | $ | 618.8 | $ | 696.2 | $ | 743 | $ | 777.3 | $ | 1 | $ | 1,870.80 | $ | (4,088.3 | ) | $ | 618.8 | |||||||||||||||
Total comprehensive income (loss) | 913.5 | 1,050.30 | 744.2 | 789 | 399.6 | 1,855.20 | (4,799.9 | ) | 951.9 | |||||||||||||||||||||||
Less: Total comprehensive (income) loss attributable to noncontrolling interests | — | 0.4 | — | — | — | (41.8 | ) | 3 | (38.4 | ) | ||||||||||||||||||||||
Total comprehensive income (loss) attributable to Ingersoll-Rand plc | $ | 913.5 | $ | 1,050.70 | $ | 744.2 | $ | 789 | $ | 399.6 | $ | 1,813.40 | $ | (4,796.9 | ) | $ | 913.5 | |||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||||||
In millions | IR | IR | IR | IR Global | IR New | Other | Consolidating | IR Ireland | ||||||||||||||||||||||||
Ireland | Limited | International | Jersey | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 0.2 | $ | — | $ | 21.2 | $ | 876.5 | $ | — | $ | 897.9 | ||||||||||||||||
Accounts and notes receivable, net | — | — | — | — | 138.5 | 1,947.60 | — | 2,086.10 | ||||||||||||||||||||||||
Inventories | — | — | — | — | 67.3 | 1,281.10 | — | 1,348.40 | ||||||||||||||||||||||||
Other current assets | 0.3 | — | — | 23.9 | 122.4 | 407.4 | — | 554 | ||||||||||||||||||||||||
Accounts and notes receivable affiliates | 296.5 | 309.6 | 8,452.70 | 0.8 | 9,200.30 | 23,425.50 | (41,685.4 | ) | — | |||||||||||||||||||||||
Total current assets | 296.8 | 309.6 | 8,452.90 | 24.7 | 9,549.70 | 27,938.10 | (41,685.4 | ) | 4,886.40 | |||||||||||||||||||||||
Investment in affiliates | 8,770.20 | 9,574.30 | 2,511.30 | 6,214.30 | 14,232.30 | 3,474.20 | (44,776.6 | ) | — | |||||||||||||||||||||||
Property, plant and equipment, net | — | — | — | — | 297.1 | 1,171.20 | — | 1,468.30 | ||||||||||||||||||||||||
Intangible assets, net | — | — | — | — | 62.9 | 9,359.10 | — | 9,422.00 | ||||||||||||||||||||||||
Other noncurrent assets | — | — | 0.2 | 199.7 | 673 | 677.7 | (553.3 | ) | 997.3 | |||||||||||||||||||||||
Total assets | $ | 9,067.00 | $ | 9,883.90 | $ | 10,964.40 | $ | 6,438.70 | $ | 24,815.00 | $ | 42,620.30 | $ | (87,015.3 | ) | $ | 16,774.00 | |||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||
Accounts payable and accruals | $ | 7.5 | $ | — | $ | 5.3 | $ | 25.9 | $ | 453 | $ | 2,537.00 | $ | — | $ | 3,028.70 | ||||||||||||||||
Short-term borrowings and current maturities of long-term debt | — | — | — | — | 350.5 | 23.4 | — | 373.9 | ||||||||||||||||||||||||
Accounts and note payable affiliates | 2,774.30 | 3,794.40 | — | 41.9 | 18,558.20 | 16,598.00 | (41,766.8 | ) | — | |||||||||||||||||||||||
Total current liabilities | 2,781.80 | 3,794.40 | 5.3 | 67.8 | 19,361.70 | 19,158.40 | (41,766.8 | ) | 3,402.60 | |||||||||||||||||||||||
Long-term debt | — | — | 299.8 | 2,295.80 | 357.2 | 199.5 | — | 3,152.30 | ||||||||||||||||||||||||
Other noncurrent liabilities | — | — | 3.8 | — | 1,280.20 | 7,573.70 | (4,988.3 | ) | 3,869.40 | |||||||||||||||||||||||
Total liabilities | 2,781.80 | 3,794.40 | 308.9 | 2,363.60 | 20,999.10 | 26,931.60 | (46,755.1 | ) | 10,424.30 | |||||||||||||||||||||||
Equity: | ||||||||||||||||||||||||||||||||
Total equity | 6,285.20 | 6,089.50 | 10,655.50 | 4,075.10 | 3,815.90 | 15,688.70 | (40,260.2 | ) | 6,349.70 | |||||||||||||||||||||||
Total liabilities and equity | $ | 9,067.00 | $ | 9,883.90 | $ | 10,964.40 | $ | 6,438.70 | $ | 24,815.00 | $ | 42,620.30 | $ | (87,015.3 | ) | $ | 16,774.00 | |||||||||||||||
Condensed Consolidating Balance Sheet (As revised) | ||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
In millions | IR | IR | IR | IR Global | IR New | Other | Consolidating | IR Ireland | ||||||||||||||||||||||||
Ireland | Limited | International | Jersey | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | 975.3 | $ | 59.6 | $ | 902.3 | $ | — | $ | 1,937.20 | ||||||||||||||||
Accounts and notes receivable, net | — | — | — | — | 149.4 | 1,922.10 | — | 2,071.50 | ||||||||||||||||||||||||
Inventories | — | — | — | — | 70.5 | 1,095.60 | — | 1,166.10 | ||||||||||||||||||||||||
Other current assets | 0.1 | — | — | 0.2 | 127.6 | 414 | — | 541.9 | ||||||||||||||||||||||||
Accounts and notes receivable affiliates | 1,086.90 | 309.6 | 2.3 | 1,496.60 | 11,683.70 | 27,616.60 | (42,195.7 | ) | — | |||||||||||||||||||||||
Total current assets | 1,087.00 | 309.6 | 2.3 | 2,472.10 | 12,090.80 | 31,950.60 | (42,195.7 | ) | 5,716.70 | |||||||||||||||||||||||
Investment in affiliates | 8,697.80 | 13,696.00 | 11,339.00 | 7,144.50 | 15,923.40 | 42,714.10 | (99,514.8 | ) | — | |||||||||||||||||||||||
Property, plant and equipment, net | — | — | — | — | 293.3 | 1,175.10 | — | 1,468.40 | ||||||||||||||||||||||||
Intangible assets, net | — | — | — | — | 85.7 | 9,376.90 | — | 9,462.60 | ||||||||||||||||||||||||
Other noncurrent assets | — | (4.3 | ) | 0.3 | 18.8 | 298.2 | 697.4 | — | 1,010.40 | |||||||||||||||||||||||
Total assets | $ | 9,784.80 | $ | 14,001.30 | $ | 11,341.60 | $ | 9,635.40 | $ | 28,691.40 | $ | 85,914.10 | $ | (141,710.5 | ) | $ | 17,658.10 | |||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||
Accounts payable and accruals | $ | 30.6 | $ | — | $ | 12.1 | $ | 27.5 | $ | 440.8 | $ | 2,529.90 | $ | — | $ | 3,040.90 | ||||||||||||||||
Short-term borrowings and current maturities of long-term debt | — | — | — | — | 350.5 | 17.2 | — | 367.7 | ||||||||||||||||||||||||
Accounts and note payable affiliates | 2,685.30 | 3,780.60 | 4,803.30 | 5,982.20 | 16,217.40 | 8,809.00 | (42,277.8 | ) | — | |||||||||||||||||||||||
Total current liabilities | 2,715.90 | 3,780.60 | 4,815.40 | 6,009.70 | 17,008.70 | 11,356.10 | (42,277.8 | ) | 3,408.60 | |||||||||||||||||||||||
Long-term debt | — | — | 299.8 | 2,295.70 | 357.2 | 200.8 | — | 3,153.50 | ||||||||||||||||||||||||
Other noncurrent liabilities | — | — | 3.8 | — | 877.3 | 3,083.60 | — | 3,964.70 | ||||||||||||||||||||||||
Total liabilities | 2,715.90 | 3,780.60 | 5,119.00 | 8,305.40 | 18,243.20 | 14,640.50 | (42,277.8 | ) | 10,526.80 | |||||||||||||||||||||||
Equity: | ||||||||||||||||||||||||||||||||
Total equity | 7,068.90 | 10,220.70 | 6,222.60 | 1,330.00 | 10,448.20 | 71,273.60 | (99,432.7 | ) | 7,131.30 | |||||||||||||||||||||||
Total liabilities and equity | $ | 9,784.80 | $ | 14,001.30 | $ | 11,341.60 | $ | 9,635.40 | $ | 28,691.40 | $ | 85,914.10 | $ | (141,710.5 | ) | $ | 17,658.10 | |||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||||||||||||||||
In millions | IR | IR | IR | IR Global | IR New | Other | Consolidating Adjustments | IR Ireland | ||||||||||||||||||||||||
Ireland | Limited | International | Jersey | Subsidiaries | Consolidated | |||||||||||||||||||||||||||
Net cash provided by (used in) continuing operating activities | $ | (1.9 | ) | $ | — | $ | (0.3 | ) | $ | (32.1 | ) | $ | 197.2 | $ | 678.5 | $ | (926.2 | ) | $ | (84.8 | ) | |||||||||||
Net cash provided by (used in) discontinued operating activities | — | — | — | — | (42.6 | ) | 1.4 | — | (41.2 | ) | ||||||||||||||||||||||
Net cash provided by (used in) operating activities | (1.9 | ) | — | (0.3 | ) | (32.1 | ) | 154.6 | 679.9 | (926.2 | ) | (126.0 | ) | |||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||||||
Capital expenditures | — | — | — | — | (21.6 | ) | (28.9 | ) | — | (50.5 | ) | |||||||||||||||||||||
Acquisition of businesses, net of cash acquired | — | — | — | — | — | (7.0 | ) | — | (7.0 | ) | ||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | — | — | — | — | 1.3 | 4 | — | 5.3 | ||||||||||||||||||||||||
Net cash provided by (used in) continuing investing activities | — | — | — | — | (20.3 | ) | (31.9 | ) | — | (52.2 | ) | |||||||||||||||||||||
Net cash provided by (used in) discontinued investing activities | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) investing activities | — | — | — | — | (20.3 | ) | (31.9 | ) | — | (52.2 | ) | |||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||
Net proceeds (repayments) in debt | — | — | — | — | — | 4.4 | — | 4.4 | ||||||||||||||||||||||||
Debt issuance costs | — | — | — | (2.2 | ) | — | — | — | (2.2 | ) | ||||||||||||||||||||||
Net inter-company proceeds (payments) | 851.9 | — | 0.5 | (941.0 | ) | 561.4 | (472.9 | ) | 0.1 | — | ||||||||||||||||||||||
Dividends paid to ordinary shareholders | (65.8 | ) | — | — | — | (734.1 | ) | (192.0 | ) | 926.1 | (65.8 | ) | ||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | (3.8 | ) | — | (3.8 | ) | ||||||||||||||||||||||
Proceeds from shares issued under incentive plans | 3.5 | — | — | — | — | — | — | 3.5 | ||||||||||||||||||||||||
Repurchase of ordinary shares | (787.7 | ) | — | — | — | — | — | — | (787.7 | ) | ||||||||||||||||||||||
Net cash provided by (used in) continuing financing activities | 1.9 | — | 0.5 | (943.2 | ) | (172.7 | ) | (664.3 | ) | 926.2 | (851.6 | ) | ||||||||||||||||||||
Net cash provided by (used in) discontinued financing activities | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 1.9 | — | 0.5 | (943.2 | ) | (172.7 | ) | (664.3 | ) | 926.2 | (851.6 | ) | ||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | (9.5 | ) | — | (9.5 | ) | ||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | 0.2 | (975.3 | ) | (38.4 | ) | (25.8 | ) | — | (1,039.3 | ) | ||||||||||||||||||||
Cash and cash equivalents - beginning of period | — | — | — | 975.3 | 59.6 | 902.3 | — | 1,937.20 | ||||||||||||||||||||||||
Cash and cash equivalents - end of period | $ | — | $ | — | $ | 0.2 | $ | — | $ | 21.2 | $ | 876.5 | $ | — | $ | 897.9 | ||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||
For the three months ended March 31, 2013 | ||||||||||||||||||||||||||||||||
In millions | IR | IR | IR | IR Global | IR New | Other | Consolidating Adjustments | IR Ireland | ||||||||||||||||||||||||
Ireland | Limited | International | Jersey | Subsidiaries | Consolidated | |||||||||||||||||||||||||||
Net cash provided by (used in) continuing operating activities | $ | (2.3 | ) | $ | — | $ | (3.4 | ) | $ | (39.8 | ) | $ | (178.7 | ) | $ | 207.4 | $ | (0.4 | ) | $ | (17.2 | ) | ||||||||||
Net cash provided by (used in) discontinued operating activities | — | — | — | — | (25.9 | ) | 35.1 | — | 9.2 | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | (2.3 | ) | — | (3.4 | ) | (39.8 | ) | (204.6 | ) | 242.5 | (0.4 | ) | (8.0 | ) | ||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||||||
Capital expenditures | — | — | — | — | (20.8 | ) | (46.3 | ) | — | (67.1 | ) | |||||||||||||||||||||
Proceeds from sale of property, plant and equipment | — | — | — | — | 0.2 | 4 | — | 4.2 | ||||||||||||||||||||||||
Net cash provided by (used in) continuing investing activities | — | — | — | — | (20.6 | ) | (42.3 | ) | — | (62.9 | ) | |||||||||||||||||||||
Net cash provided by (used in) discontinued investing activities | — | — | — | — | — | (4.3 | ) | — | (4.3 | ) | ||||||||||||||||||||||
Net cash provided by (used in) investing activities | — | — | — | — | (20.6 | ) | (46.6 | ) | — | (67.2 | ) | |||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||
Net proceeds (repayments) in debt | — | — | — | — | — | 2.4 | — | 2.4 | ||||||||||||||||||||||||
Net inter-company proceeds (payments) | (25.6 | ) | — | 3.4 | (22.1 | ) | 257.5 | (213.2 | ) | — | — | |||||||||||||||||||||
Dividends paid to ordinary shareholders | (62.8 | ) | — | — | — | — | (0.4 | ) | 0.4 | (62.8 | ) | |||||||||||||||||||||
Proceeds from shares issued under incentive plans | 90.7 | — | — | — | — | — | — | 90.7 | ||||||||||||||||||||||||
Net cash provided by (used in) continuing financing activities | 2.3 | — | 3.4 | (22.1 | ) | 257.5 | (211.2 | ) | 0.4 | 30.3 | ||||||||||||||||||||||
Net cash provided by (used in) discontinued financing activities | — | — | — | — | — | (3.7 | ) | — | (3.7 | ) | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | 2.3 | — | 3.4 | (22.1 | ) | 257.5 | (214.9 | ) | 0.4 | 26.6 | ||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | (0.6 | ) | — | (0.6 | ) | ||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | (61.9 | ) | 32.3 | (19.6 | ) | — | (49.2 | ) | |||||||||||||||||||||
Cash and cash equivalents - beginning of period | — | — | — | 61.9 | 59.1 | 587.4 | — | 708.4 | ||||||||||||||||||||||||
Cash and cash equivalents - end of period | $ | — | $ | — | $ | — | $ | — | $ | 91.4 | $ | 567.8 | $ | — | $ | 659.2 | ||||||||||||||||
Condensed Consolidating Statement of Cash Flows (As revised) | ||||||||||||||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||||||||||||||
In millions | IR | IR | IR | IR Global | IR New | Other | Consolidating Adjustments | IR Ireland | ||||||||||||||||||||||||
Ireland | Limited | International | Jersey | Subsidiaries | Consolidated | |||||||||||||||||||||||||||
Net cash provided by (used in) continuing operating activities | $ | (63.2 | ) | $ | (0.1 | ) | $ | (14.2 | ) | $ | (196.7 | ) | $ | (170.5 | ) | $ | 4,562.40 | $ | (3,240.0 | ) | $ | 877.7 | ||||||||||
Net cash provided by (used in) discontinued operating activities | — | — | — | — | (112.2 | ) | 404.9 | — | 292.7 | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | (63.2 | ) | (0.1 | ) | (14.2 | ) | (196.7 | ) | (282.7 | ) | 4,967.30 | (3,240.0 | ) | 1,170.40 | ||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||||||
Capital expenditures | — | — | — | — | (80.1 | ) | (162.1 | ) | — | (242.2 | ) | |||||||||||||||||||||
Proceeds from sale of property, plant and equipment | — | — | — | — | 1.9 | 22.4 | — | 24.3 | ||||||||||||||||||||||||
Proceeds from business disposition, net of cash sold | — | — | — | — | — | 4.7 | — | 4.7 | ||||||||||||||||||||||||
Net cash provided by (used in) continuing investing activities | — | — | — | — | (78.2 | ) | (135.0 | ) | — | (213.2 | ) | |||||||||||||||||||||
Net cash provided by (used in) discontinued investing activities | — | — | — | — | — | (2.2 | ) | — | (2.2 | ) | ||||||||||||||||||||||
Net cash provided by (used in) investing activities | — | — | — | — | (78.2 | ) | (137.2 | ) | — | (215.4 | ) | |||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||
Net proceeds (repayments) in debt | — | — | — | 291.2 | (6.7 | ) | 7.2 | — | 291.7 | |||||||||||||||||||||||
Debt issuance costs | — | — | — | (13.2 | ) | — | — | — | (13.2 | ) | ||||||||||||||||||||||
Excess tax benefit from share based compensation | 19.5 | — | — | — | — | — | — | 19.5 | ||||||||||||||||||||||||
Net inter-company proceeds (payments) | (24.8 | ) | 1,274.30 | 699.7 | 2,106.30 | 368.1 | (4,423.6 | ) | — | — | ||||||||||||||||||||||
Dividends paid to ordinary shareholders | (245.5 | ) | (1,274.2 | ) | (685.5 | ) | (1,274.2 | ) | — | (1.2 | ) | 3,235.10 | (245.5 | ) | ||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | (12.4 | ) | — | (12.4 | ) | ||||||||||||||||||||||
Proceeds from shares issued under incentive plans | 253 | — | — | — | — | — | — | 253 | ||||||||||||||||||||||||
Repurchase of ordinary shares | (1,213.2 | ) | — | — | — | — | — | — | (1,213.2 | ) | ||||||||||||||||||||||
Transfer from Allegion | 1,274.20 | — | — | — | — | — | — | 1,274.20 | ||||||||||||||||||||||||
Net cash provided by (used in) continuing financing activities | 63.2 | 0.1 | 14.2 | 1,110.10 | 361.4 | (4,430.0 | ) | 3,235.10 | 354.1 | |||||||||||||||||||||||
Net cash provided by (used in) discontinued financing activities | — | — | — | — | — | (12.4 | ) | 4.9 | (7.5 | ) | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | 63.2 | 0.1 | 14.2 | 1,110.10 | 361.4 | (4,442.4 | ) | 3,240.00 | 346.6 | |||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | (72.8 | ) | — | (72.8 | ) | ||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | 913.4 | 0.5 | 314.9 | — | 1,228.80 | ||||||||||||||||||||||||
Cash and cash equivalents - beginning of period | — | — | — | 61.9 | 59.1 | 587.4 | — | 708.4 | ||||||||||||||||||||||||
Cash and cash equivalents - end of period | $ | — | $ | — | $ | — | $ | 975.3 | $ | 59.6 | $ | 902.3 | $ | — | $ | 1,937.20 | ||||||||||||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
MajorClassesOfInventory [Table Text Block] | ' | |||||||
The major classes of inventory were as follows: | ||||||||
In millions | March 31, | December 31, | ||||||
2014 | 2013 | |||||||
Raw materials | $ | 465.8 | $ | 378 | ||||
Work-in-process | 88.6 | 100.7 | ||||||
Finished goods | 866.4 | 760.2 | ||||||
1,420.80 | 1,238.90 | |||||||
LIFO reserve | (72.4 | ) | (72.8 | ) | ||||
Total | $ | 1,348.40 | $ | 1,166.10 | ||||
Goodwill_Tables
Goodwill (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Goodwill Abstract | ' | |||||||||||
Changes in Goodwill Carrying Amounts | ' | |||||||||||
The changes in the carrying amount of goodwill for the three months ended March 31, 2014 were as follows: | ||||||||||||
In millions | Climate | Industrial | Total | |||||||||
Balance as of December 31, 2013 | ||||||||||||
Goodwill (gross) | $ | 7,663.60 | $ | 373 | $ | 8,036.60 | ||||||
Accumulated impairment ** | (2,496.0 | ) | — | (2,496.0 | ) | |||||||
5,167.60 | 373 | 5,540.60 | ||||||||||
Acquisitions and adjustments* | 13.1 | — | 13.1 | |||||||||
Currency translation | (19.5 | ) | (0.9 | ) | (20.4 | ) | ||||||
Balance as of March 31, 2014 | ||||||||||||
Goodwill (gross) | 7,657.20 | 372.1 | 8,029.30 | |||||||||
Accumulated impairment ** | (2,496.0 | ) | — | (2,496.0 | ) | |||||||
$ | 5,161.20 | $ | 372.1 | $ | 5,533.30 | |||||||
* Increase is related to a $15.0 million acquisition in March of 2014. The Company's purchase price allocation will be completed in the second quarter of 2014 and any adjustments necessary will be recorded. | ||||||||||||
** No impairment charges were recorded by the company in 2014 or 2013. |
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Intangible Assets Abstract | ' | ||||||||||||||||||||||||
Schedule of Intangible Asset Net of Goodwill | ' | ||||||||||||||||||||||||
The gross amount of the Company’s intangible assets and related accumulated amortization were as follows: | |||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
In millions | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | |||||||||||||||||||
Completed technologies/patents | $ | 174.5 | $ | (133.5 | ) | $ | 41 | $ | 174.1 | $ | (128.7 | ) | $ | 45.4 | |||||||||||
Customer relationships | 1,863.30 | (624.8 | ) | 1,238.50 | 1,865.90 | (599.5 | ) | 1,266.40 | |||||||||||||||||
Other | 60.1 | (52.9 | ) | 7.2 | 60.4 | (52.2 | ) | 8.2 | |||||||||||||||||
Total finite-lived intangible assets | 2,097.90 | $ | (811.2 | ) | 1,286.70 | 2,100.40 | $ | (780.4 | ) | 1,320.00 | |||||||||||||||
Trademarks (indefinite-lived) | 2,602.00 | 2,602.00 | 2,602.00 | 2,602.00 | |||||||||||||||||||||
Total | $ | 4,699.90 | $ | 3,888.70 | $ | 4,702.40 | $ | 3,922.00 | |||||||||||||||||
Debt_and_Credit_Facilities_Tab
Debt and Credit Facilities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Credit Facilities | ' | |||||||
Short-Term Borrowings and Current Maturities of Long-Term Debt | ' | |||||||
Short-term borrowings and current maturities of long-term debt consisted of the following: | ||||||||
In millions | March 31, | December 31, | ||||||
2014 | 2013 | |||||||
Debentures with put feature | $ | 343 | $ | 343 | ||||
Other current maturities of long-term debt | 13.5 | 8 | ||||||
Other short-term borrowings | 17.4 | 16.7 | ||||||
Total | $ | 373.9 | $ | 367.7 | ||||
Long-Term Debt Excluding Current Maturities | ' | |||||||
Long-term debt, excluding current maturities, consisted of the following: | ||||||||
In millions | March 31, | December 31, | ||||||
2014 | 2013 | |||||||
5.50% Senior notes due 2015 | 198.5 | 198.1 | ||||||
4.75% Senior notes due 2015 | 299.8 | 299.8 | ||||||
6.875% Senior notes due 2018 | 749.5 | 749.5 | ||||||
2.875% Senior notes due 2019 | 349.5 | 349.5 | ||||||
9.00% Debentures due 2021 | 125 | 125 | ||||||
4.250% Senior notes due 2023 | 698.8 | 698.8 | ||||||
7.20% Debentures due 2014-2025 | 82.5 | 82.5 | ||||||
6.48% Debentures due 2025 | 149.7 | 149.7 | ||||||
5.750% Senior notes due 2043 | 498 | 498 | ||||||
Other loans and notes | 1 | 2.6 | ||||||
Total | $ | 3,152.30 | $ | 3,153.50 | ||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Financial Instruments Abstract | ' | |||||||||||||||||
Schedule of the Fair Values of Derivative Instruments | ' | |||||||||||||||||
The fair values of derivative instruments included within the Condensed Consolidated Balance Sheets were as follows: | ||||||||||||||||||
Asset derivatives | Liability derivatives | |||||||||||||||||
In millions | March 31, | December 31, | March 31, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Derivatives designated as hedges: | ||||||||||||||||||
Currency derivatives | $ | 0.4 | $ | 0.1 | $ | 1.3 | $ | 3.4 | ||||||||||
Derivatives not designated as hedges: | ||||||||||||||||||
Currency derivatives | 2.4 | 3.1 | 3.3 | 13.6 | ||||||||||||||
Total derivatives | $ | 2.8 | $ | 3.2 | $ | 4.6 | $ | 17 | ||||||||||
Schedule Of Derivatives Designated As Hedges Affecting Condensed Consolidated Income Statement And Accumulated Other Comprehensive Income [Text Block] | ' | |||||||||||||||||
The amounts associated with derivatives designated as hedges affecting Net earnings and AOCI for the three months ended March 31 were as follows: | ||||||||||||||||||
Amount of gain (loss) | Location of gain | Amount of gain (loss) | ||||||||||||||||
recognized in AOCI | (loss) reclassified from | reclassified from AOCI and | ||||||||||||||||
AOCI and recognized | recognized into Net earnings | |||||||||||||||||
In millions | 2014 | 2013 | into Net earnings | 2014 | 2013 | |||||||||||||
Currency derivatives - continuing | $ | (0.2 | ) | $ | (3.8 | ) | Cost of goods sold | $ | (1.3 | ) | $ | (2.4 | ) | |||||
Currency derivatives - discontinued | — | 0.8 | Discontinued operations | — | 0.2 | |||||||||||||
Interest rate swaps | — | (9.9 | ) | Interest expense | (0.2 | ) | — | |||||||||||
Interest rate locks | — | — | Interest expense | (0.6 | ) | (0.9 | ) | |||||||||||
Total | $ | (0.2 | ) | $ | (12.9 | ) | $ | (2.1 | ) | $ | (3.1 | ) | ||||||
Schedule of Gains and Losses of Derivative Financial Instruments Not Designated as Hedges | ' | |||||||||||||||||
The amounts associated with derivatives not designated as hedges affecting Net earnings for the three months ended March 31 were as follows: | ||||||||||||||||||
Location of gain (loss) | Amount of gain (loss) | |||||||||||||||||
recognized in Net earnings | recognized in Net earnings | |||||||||||||||||
In millions | 2014 | 2013 | ||||||||||||||||
Currency derivatives | Other, net | $ | (5.5 | ) | $ | (14.3 | ) | |||||||||||
Total | $ | (5.5 | ) | $ | (14.3 | ) | ||||||||||||
Pensions_and_Postretirement_Be1
Pensions and Postretirement Benefits Other than Pensions (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Pension Plan, Defined Benefit [Member] | ' | |||||||
Schedule of Net Periodic Benefit Cost | ' | |||||||
The components of the Company’s net periodic pension benefit costs for the three months ended March 31 were as follows: | ||||||||
Three months ended | ||||||||
In millions | 2014 | 2013 | ||||||
Service cost | $ | 17.3 | $ | 23.1 | ||||
Interest cost | 36.9 | 39.2 | ||||||
Expected return on plan assets | (39.2 | ) | (42.0 | ) | ||||
Net amortization of: | ||||||||
Prior service costs | 1.1 | 1.2 | ||||||
Plan net actuarial losses | 9 | 15.5 | ||||||
Net periodic pension benefit cost | 25.1 | 37 | ||||||
Amounts recorded in continuing operations | $ | 23.3 | $ | 29.7 | ||||
Amounts recorded in discontinued operations | 1.8 | 7.3 | ||||||
Total | $ | 25.1 | $ | 37 | ||||
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | |||||||
Schedule of Net Periodic Benefit Cost | ' | |||||||
The components of net periodic postretirement benefit cost for the three months ended March 31 were as follows: | ||||||||
Three months ended | ||||||||
In millions | 2014 | 2013 | ||||||
Service cost | $ | 1.3 | $ | 1.7 | ||||
Interest cost | 7.3 | 6.7 | ||||||
Net amortization of: | ||||||||
Prior service gains | (2.2 | ) | (2.6 | ) | ||||
Net actuarial losses | — | 2.7 | ||||||
Net periodic postretirement benefit cost | $ | 6.4 | $ | 8.5 | ||||
Amounts recorded in continuing operations | $ | 4.2 | $ | 5.3 | ||||
Amounts recorded in discontinued operations | 2.2 | 3.2 | ||||||
Total | $ | 6.4 | $ | 8.5 | ||||
Equity_Tables
Equity (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Reconciliation of Ordinary Shares | ' | ||||||||||||||||
The reconciliation of Ordinary shares is as follows: | |||||||||||||||||
In millions | Total | ||||||||||||||||
December 31, 2013 | 282.7 | ||||||||||||||||
Shares issued under incentive plans, net | 1.6 | ||||||||||||||||
Repurchase of ordinary shares | (13.1 | ) | |||||||||||||||
March 31, 2014 | 271.2 | ||||||||||||||||
Components Of Shareholders Equity Rollforward | ' | ||||||||||||||||
The components of Equity for the three months ended March 31, 2014 were as follows: | |||||||||||||||||
In millions | IR-Ireland | Noncontrolling | Total | ||||||||||||||
shareholders’ | interests | equity | |||||||||||||||
equity | |||||||||||||||||
Balance at December 31, 2013 | $ | 7,068.90 | $ | 62.4 | $ | 7,131.30 | |||||||||||
Net earnings | 79 | 4.6 | 83.6 | ||||||||||||||
Currency translation | (43.0 | ) | 1.3 | (41.7 | ) | ||||||||||||
Change in value of derivatives qualifying as cash flow hedges, net of tax | 2.4 | — | 2.4 | ||||||||||||||
Pension and OPEB adjustments, net of tax | 4.6 | — | 4.6 | ||||||||||||||
Total comprehensive income | 43 | 5.9 | 48.9 | ||||||||||||||
Share-based compensation | 25.8 | — | 25.8 | ||||||||||||||
Dividends declared to noncontrolling interests | — | (3.8 | ) | (3.8 | ) | ||||||||||||
Dividends declared to ordinary shareholders | (68.3 | ) | — | (68.3 | ) | ||||||||||||
Shares issued under incentive plans, net | 3.5 | — | 3.5 | ||||||||||||||
Repurchase of ordinary shares | (787.7 | ) | — | (787.7 | ) | ||||||||||||
Balance at March 31, 2014 | $ | 6,285.20 | $ | 64.5 | $ | 6,349.70 | |||||||||||
The components of Equity for the three months ended March 31, 2013 were as follows: | |||||||||||||||||
In millions | IR-Ireland | Noncontrolling | Total | ||||||||||||||
shareholders’ | interests | equity | |||||||||||||||
equity | |||||||||||||||||
Balance at December 31, 2012 | $ | 7,147.80 | $ | 81.5 | $ | 7,229.30 | |||||||||||
Net earnings | 88 | 6.6 | 94.6 | ||||||||||||||
Currency translation | (104.8 | ) | 1.2 | (103.6 | ) | ||||||||||||
Change in value of marketable securities and derivatives qualifying as cash flow hedges, net of tax | (8.6 | ) | — | (8.6 | ) | ||||||||||||
Pension and OPEB adjustments, net of tax | 27.2 | — | 27.2 | ||||||||||||||
Total comprehensive income | 1.8 | 7.8 | 9.6 | ||||||||||||||
Share-based compensation | 21.5 | — | 21.5 | ||||||||||||||
Dividends declared to noncontrolling interests | — | (2.8 | ) | (2.8 | ) | ||||||||||||
Dividends declared to ordinary shareholders | (0.8 | ) | — | (0.8 | ) | ||||||||||||
Shares issued under incentive plans, net | 90.7 | — | 90.7 | ||||||||||||||
Balance at March 31, 2013 | $ | 7,261.00 | $ | 86.5 | $ | 7,347.50 | |||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
The changes in Accumulated other comprehensive income (loss) for the three months ended March 31, 2014 are as follows: | |||||||||||||||||
In millions | Cash flow hedges | Pension and OPEB Items | Foreign Currency Items | Total | |||||||||||||
December 31, 2013 | $ | 0.4 | $ | (562.8 | ) | $ | 395.7 | $ | (166.7 | ) | |||||||
Other comprehensive income before reclassifications | (0.2 | ) | (0.6 | ) | (43.0 | ) | (43.8 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income | 2.1 | 7.9 | — | 10 | |||||||||||||
Tax (expense) benefit | 0.5 | (2.5 | ) | — | (2.0 | ) | |||||||||||
March 31, 2014 | $ | 2.8 | $ | (558.0 | ) | $ | 352.7 | $ | (202.5 | ) | |||||||
The changes in Accumulated other comprehensive income (loss) for the three months ended March 31, 2013 are as follows: | |||||||||||||||||
In millions | Cash flow hedges and marketable securities | Pension and OPEB Items | Foreign Currency Items | Total | |||||||||||||
December 31, 2012 | $ | (1.4 | ) | $ | (964.2 | ) | $ | 444.6 | $ | (521.0 | ) | ||||||
Other comprehensive income before reclassifications | (11.5 | ) | 16.3 | (104.8 | ) | (100.0 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income | 3.1 | 16.8 | — | 19.9 | |||||||||||||
Tax (expense) benefit | (0.2 | ) | (5.9 | ) | — | (6.1 | ) | ||||||||||
31-Mar-13 | $ | (10.0 | ) | $ | (937.0 | ) | $ | 339.8 | $ | (607.2 | ) | ||||||
Equity | ' | ||||||||||||||||
The reclassifications out of Accumulated other comprehensive income (loss) for the three months ended March 31, 2014 were as follows: | |||||||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Income | |||||||||||||||||
In millions | Three months ended | Statement of Comprehensive Income Line Item | |||||||||||||||
Reclasses below represent (Income) loss to the Statement of Comprehensive Income | |||||||||||||||||
Gains and losses on cash flow hedges: | |||||||||||||||||
Interest rate locks | $ | 0.6 | Interest expense | ||||||||||||||
Interest rate swaps | 0.2 | Interest expense | |||||||||||||||
Foreign exchange contracts | 1.3 | Cost of goods sold | |||||||||||||||
2.1 | Earnings before income taxes | ||||||||||||||||
— | Provision for income taxes | ||||||||||||||||
2.1 | Net earnings before income taxes | ||||||||||||||||
Pension and postretirement benefit items: | |||||||||||||||||
Amortization of: | |||||||||||||||||
Prior-service (gains) costs | $ | (1.1 | ) | (a) | |||||||||||||
Actuarial (gains) losses | 9 | (a) | |||||||||||||||
7.9 | Earnings before income taxes | ||||||||||||||||
(2.5 | ) | Provision for income taxes | |||||||||||||||
5.4 | Net earnings before income taxes | ||||||||||||||||
Total reclassifications for the period | $ | 7.5 | |||||||||||||||
(a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost and net periodic postretirement benefit cost (see Note 9 for additional details) | |||||||||||||||||
The reclassifications out of Accumulated other comprehensive income (loss) for the three months ended March 31, 2014 were as follows: | |||||||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Income | |||||||||||||||||
In millions | Three months ended | Statement of Comprehensive Income Line Item | |||||||||||||||
Reclasses below represent (Income) loss to the Statement of Comprehensive Income | |||||||||||||||||
Gains and losses on cash flow hedges: | |||||||||||||||||
Interest rate locks | $ | 0.6 | Interest expense | ||||||||||||||
Interest rate swaps | 0.2 | Interest expense | |||||||||||||||
Foreign exchange contracts | 1.3 | Cost of goods sold | |||||||||||||||
2.1 | Earnings before income taxes | ||||||||||||||||
— | Provision for income taxes | ||||||||||||||||
2.1 | Net earnings before income taxes | ||||||||||||||||
Pension and postretirement benefit items: | |||||||||||||||||
Amortization of: | |||||||||||||||||
Prior-service (gains) costs | $ | (1.1 | ) | (a) | |||||||||||||
Actuarial (gains) losses | 9 | (a) | |||||||||||||||
7.9 | Earnings before income taxes | ||||||||||||||||
(2.5 | ) | Provision for income taxes | |||||||||||||||
5.4 | Net earnings before income taxes | ||||||||||||||||
Total reclassifications for the period | $ | 7.5 | |||||||||||||||
(a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost and net periodic postretirement benefit cost (see Note 9 for additional details). | |||||||||||||||||
The reclassifications out of Accumulated other comprehensive income (loss) for the three months ended March 31, 2013 were as follows: | |||||||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Income | |||||||||||||||||
In millions | Three months ended | Statement of Comprehensive Income Line Item | |||||||||||||||
Reclasses below represent (Income) loss to the Statement of Comprehensive Income | |||||||||||||||||
Gains and losses on cash flow hedges: | |||||||||||||||||
Interest rate locks | $ | 0.9 | Interest expense | ||||||||||||||
Foreign exchange contracts - Continuing | 2.4 | Cost of goods sold | |||||||||||||||
Foreign exchange contracts - Discontinued | (0.2 | ) | Discontinued operations | ||||||||||||||
3.1 | Earnings before income taxes | ||||||||||||||||
— | Provision for income taxes | ||||||||||||||||
3.1 | Net earnings before income taxes | ||||||||||||||||
Pension and Postretirement benefit items: | |||||||||||||||||
Amortization of: | |||||||||||||||||
Prior-service (gains) costs | $ | (1.4 | ) | (a) | |||||||||||||
Actuarial (gains) losses | 18.2 | (a) | |||||||||||||||
16.8 | Earnings before income taxes | ||||||||||||||||
(5.9 | ) | Provision for income taxes | |||||||||||||||
10.9 | Net earnings before income taxes | ||||||||||||||||
Total reclassifications for the period | $ | 14 | |||||||||||||||
(a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost and net periodic postretirement benefit cost (see Note 9 for additional details). |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||
Share-Based Compensation Expense | ' | |||||||||||||
The expenses recognized for the three months ended March 31 were as follows: | ||||||||||||||
Three months ended | ||||||||||||||
In millions | 2014 | 2013 | ||||||||||||
Stock options | $ | 6.5 | $ | 7.9 | ||||||||||
RSUs | 10.2 | 10.1 | ||||||||||||
Perfomance shares | 9.6 | 3.9 | ||||||||||||
Deferred compensation | 0.4 | 0.4 | ||||||||||||
Other | (0.4 | ) | 0.7 | |||||||||||
Pre-tax expense | 26.3 | 23 | ||||||||||||
Tax benefit | (10.1 | ) | (8.8 | ) | ||||||||||
After-tax expense | $ | 16.2 | $ | 14.2 | ||||||||||
Amounts recorded in continuing operations | $ | 16.2 | $ | 13.1 | ||||||||||
Amounts recorded in discontinued operations | — | 1.1 | ||||||||||||
Total | $ | 16.2 | $ | 14.2 | ||||||||||
Grants of Stock Options and RSUs | ' | |||||||||||||
Grants issued during the three months ended March 31 were as follows: | ||||||||||||||
2014 | 2013 | |||||||||||||
Number | Weighted- | Number | Weighted- | |||||||||||
granted | average fair | granted | average fair | |||||||||||
value per award | value per award | |||||||||||||
Stock options | 1,150,982 | $ | 14.29 | 1,318,418 | $ | 16.51 | ||||||||
RSUs | 372,259 | $ | 59.83 | 527,923 | $ | 52.32 | ||||||||
Average fair value of stock options, assumptions | ' | |||||||||||||
The following assumptions were used during the three months ended March 31: | ||||||||||||||
2014 | 2013 | |||||||||||||
Dividend yield | 1.67 | % | 1.6 | % | ||||||||||
Volatility | 31.43 | % | 42.15 | % | ||||||||||
Risk-free rate of return | 1.46 | % | 0.85 | % | ||||||||||
Expected life | 4.9 years | 5.1 years | ||||||||||||
Restructuring_Activities_Table
Restructuring Activities (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Restructuring Charges [Abstract] | ' | |||||||||||||||
Schedule of Restructuring Charges Recorded | ' | |||||||||||||||
Restructuring charges recorded during the three months ended March 31 were as follows: | ||||||||||||||||
Three months ended | ||||||||||||||||
In millions | 2014 | 2013 | ||||||||||||||
Climate | $ | 4.2 | $ | 17.3 | ||||||||||||
Industrial | 2.9 | 2.8 | ||||||||||||||
Corporate and Other | 1.8 | 2 | ||||||||||||||
Total | $ | 8.9 | $ | 22.1 | ||||||||||||
Cost of goods sold | $ | 2.1 | $ | 10.5 | ||||||||||||
Selling and administrative expenses | 6.8 | 11.6 | ||||||||||||||
Total | $ | 8.9 | $ | 22.1 | ||||||||||||
Schedule of Changes in Restructuring Reserve | ' | |||||||||||||||
The changes in the restructuring reserve during the three months ended March 31, 2014 were as follows: | ||||||||||||||||
In millions | Climate | Industrial | Corporate | Total | ||||||||||||
and Other | ||||||||||||||||
December 31, 2013 | $ | 18 | $ | 9.5 | $ | 5 | $ | 32.5 | ||||||||
Additions, net of reversals | 4.2 | 2.9 | 1.8 | 8.9 | ||||||||||||
Cash and non-cash uses | (13.2 | ) | (4.1 | ) | (3.9 | ) | (21.2 | ) | ||||||||
Currency translation | — | — | — | — | ||||||||||||
March 31, 2014 | $ | 9 | $ | 8.3 | $ | 2.9 | $ | 20.2 | ||||||||
Other_Net_Tables
Other, Net (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Other Net [Abstract] | ' | |||||||
Other, Net | ' | |||||||
The components of Other, net for the three months ended March 31 were as follows: | ||||||||
Three months ended | ||||||||
In millions | 2014 | 2013 | ||||||
Interest income | $ | 2.8 | $ | 3.4 | ||||
Exchange gain (loss) | (4.2 | ) | 0.6 | |||||
Earnings (loss) from equity investments | (3.0 | ) | (4.2 | ) | ||||
Other | 6.6 | 0.7 | ||||||
Other, net | $ | 2.2 | $ | 0.5 | ||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Summarized Financial Information For Discontinued Operations Text Block [Table Text Block] | ' | |||||||
The components of Discontinued operations, net of tax for the three months ended March 31 were as follows: | ||||||||
Three months ended | ||||||||
In millions | 2014 | 2013 | ||||||
Net revenues | $ | — | $ | 473.3 | ||||
Pre-tax earnings (loss) from operations | $ | 1.4 | $ | 55 | ||||
Pre-tax gain (loss) on sale | — | — | ||||||
Tax benefit (expense) | 1.5 | (15.8 | ) | |||||
Discontinued operations, net of tax | $ | 2.9 | $ | 39.2 | ||||
Allegion [Member] | ' | |||||||
discontinued operations by business net of tax [Table Text Block] | ' | |||||||
Discontinued operations by business for the three months ended March 31 are as follows: | ||||||||
Three months ended | ||||||||
In millions | 2014 | 2013 | ||||||
Allegion, net of tax | $ | 7 | $ | 46.2 | ||||
Other discontinued operations, net of tax | (4.1 | ) | (7.0 | ) | ||||
Discontinued operations, net of tax * | $ | 2.9 | $ | 39.2 | ||||
* Included in Allegion, net of tax for the three months ended March 31, 2013 are spin costs of |
Earnings_Per_Share_EPS_Tables
Earnings Per Share (EPS) (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Earnings Per Share [Abstract] | ' | |||||
Schedule of Earnings Per Share Basic and Diluted Shares | ' | |||||
The following table summarizes the weighted-average number of ordinary shares outstanding for basic and diluted earnings per share calculations for the three months ended March 31: | ||||||
Three months ended | ||||||
In millions | 2014 | 2013 | ||||
Weighted-average number of basic shares | 278.3 | 298.9 | ||||
Shares issuable under incentive stock plans | 4 | 3.6 | ||||
Weighted-average number of diluted shares | 282.3 | 302.5 | ||||
Anti-dilutive shares | 1.2 | 1.6 | ||||
Business_Segment_Information_T
Business Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |||||||
Summary of Operations by Reportable Segments | ' | |||||||
A summary of operations by reportable segment for the three months ended March 31 was as follows: | ||||||||
Three months ended | ||||||||
In millions | 2014 | 2013 | ||||||
Net revenues | ||||||||
Climate | $ | 2,040.80 | $ | 1,958.70 | ||||
Industrial | 682.1 | 680.3 | ||||||
Total | $ | 2,722.90 | $ | 2,639.00 | ||||
Segment operating income | ||||||||
Climate | $ | 131 | $ | 71.5 | ||||
Industrial | 79.3 | 100.8 | ||||||
Total | $ | 210.3 | $ | 172.3 | ||||
Reconciliation to Operating income | ||||||||
Unallocated corporate expense | (55.3 | ) | (52.3 | ) | ||||
Operating income | $ | 155 | $ | 120 | ||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Schedule of Asbestos Related Balances | ' | |||||||
The Company’s liability for asbestos-related matters and the asset for probable asbestos-related insurance recoveries were included in the following balance sheet accounts: | ||||||||
In millions | March 31, | December 31, | ||||||
2014 | 2013 | |||||||
Accrued expenses and other current liabilities | $ | 69.1 | $ | 69.1 | ||||
Other noncurrent liabilities | 760.4 | 777.1 | ||||||
Total asbestos-related liabilities | $ | 829.5 | $ | 846.2 | ||||
Other current assets | $ | 22.3 | $ | 22.3 | ||||
Other noncurrent assets | 294.6 | 299.5 | ||||||
Total asset for probable asbestos-related insurance recoveries | $ | 316.9 | $ | 321.8 | ||||
Cost Income Asbestos Related Claims After Recoveries | ' | |||||||
The (costs) income associated with the settlement and defense of asbestos-related claims after insurance recoveries for the three months ended March 31 were as follows: | ||||||||
Three months ended | ||||||||
In millions | 2014 | 2013 | ||||||
Continuing operations | $ | (1.8 | ) | $ | (3.3 | ) | ||
Discontinued operations | (1.3 | ) | (4.0 | ) | ||||
Total | $ | (3.1 | ) | $ | (7.3 | ) | ||
Schedule of Product Warranty Liability [Table Text Block] | ' | |||||||
. | ||||||||
The changes in the standard product warranty liability for the three months ended March 31 were as follows | ||||||||
Extended Warranty [Member] | ' | |||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | |||||||
y. | ||||||||
The changes in the extended warranty liability for the three months ended March 31 were as follows |
Guarantor_Financial_Informatio1
Guarantor Financial Information (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Prior Period Adjustments | ' | |||||||||||||||||||||||||||||||
The impact of these revisions are shown in the following tables: | ||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | For the year ended 2013 | |||||||||||||||||||||||||||||||
In millions | As previously reported | As revised | Adjustment | |||||||||||||||||||||||||||||
Net revenues | ||||||||||||||||||||||||||||||||
IR New Jersey | $ | 1,674.00 | $ | 922.1 | $ | (751.9 | ) | |||||||||||||||||||||||||
Other Subsidiaries | 10,676.50 | 11,428.40 | 751.9 | |||||||||||||||||||||||||||||
Consolidating Adjustments | — | — | — | |||||||||||||||||||||||||||||
Operating income (loss) | ||||||||||||||||||||||||||||||||
IR New Jersey | 64.6 | 1.3 | (63.3 | ) | ||||||||||||||||||||||||||||
Other Subsidiaries | 1,100.90 | 1,164.20 | 63.3 | |||||||||||||||||||||||||||||
Consolidating Adjustments | — | — | — | |||||||||||||||||||||||||||||
Net earnings (loss) | ||||||||||||||||||||||||||||||||
IR New Jersey | 50.4 | 1 | (49.4 | ) | ||||||||||||||||||||||||||||
Other Subsidiaries | 1,917.00 | 1,908.90 | (8.1 | ) | ||||||||||||||||||||||||||||
Consolidating Adjustments | (4,148.8 | ) | (4,091.3 | ) | 57.5 | |||||||||||||||||||||||||||
Net earnings (loss) attributable to Ingersoll-Rand plc | ||||||||||||||||||||||||||||||||
IR New Jersey | 49.2 | 1 | (48.2 | ) | ||||||||||||||||||||||||||||
Other Subsidiaries | 1,880.10 | 1,870.80 | (9.3 | ) | ||||||||||||||||||||||||||||
Consolidating Adjustments | $ | (4,145.8 | ) | $ | (4,088.3 | ) | $ | 57.5 | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | 31-Dec-13 | |||||||||||||||||||||||||||||||
In millions | As previously reported | As revised | Adjustment | |||||||||||||||||||||||||||||
Total assets | ||||||||||||||||||||||||||||||||
IR New Jersey | $ | 51,513.90 | $ | 28,691.40 | $ | (22,822.5 | ) | |||||||||||||||||||||||||
Other Subsidiaries | 42,023.00 | 85,914.10 | 43,891.10 | |||||||||||||||||||||||||||||
Consolidating Adjustments | (120,641.9 | ) | (141,710.5 | ) | (21,068.6 | ) | ||||||||||||||||||||||||||
Total liabilities | ||||||||||||||||||||||||||||||||
IR New Jersey | 13,755.70 | 18,243.20 | 4,487.50 | |||||||||||||||||||||||||||||
Other Subsidiaries | (1,998.2 | ) | 14,640.50 | 16,638.70 | ||||||||||||||||||||||||||||
Consolidating Adjustments | (21,151.6 | ) | (42,277.8 | ) | (21,126.2 | ) | ||||||||||||||||||||||||||
Total equity | ||||||||||||||||||||||||||||||||
IR New Jersey | 37,758.20 | 10,448.20 | (27,310.0 | ) | ||||||||||||||||||||||||||||
Other Subsidiaries | 44,021.20 | 71,273.60 | 27,252.40 | |||||||||||||||||||||||||||||
Consolidating Adjustments | $ | (99,490.3 | ) | $ | (99,432.7 | ) | $ | 57.6 | ||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | For the year ended 2013 | |||||||||||||||||||||||||||||||
In millions | As previously reported | As revised | Adjustment | |||||||||||||||||||||||||||||
Net cash from operating activities | ||||||||||||||||||||||||||||||||
IR New Jersey | $ | 462.3 | $ | (282.7 | ) | $ | (745.0 | ) | ||||||||||||||||||||||||
Other Subsidiaries | 4,298.90 | 4,967.30 | 668.4 | |||||||||||||||||||||||||||||
Consolidating Adjustments | (3,316.6 | ) | (3,240.0 | ) | 76.6 | |||||||||||||||||||||||||||
Net cash from investing activities | ||||||||||||||||||||||||||||||||
IR New Jersey | (140.7 | ) | (78.2 | ) | 62.5 | |||||||||||||||||||||||||||
Other Subsidiaries | (74.7 | ) | (137.2 | ) | (62.5 | ) | ||||||||||||||||||||||||||
Consolidating Adjustments | — | — | — | |||||||||||||||||||||||||||||
Net cash from financing activities | ||||||||||||||||||||||||||||||||
IR New Jersey | 657.8 | 361.4 | (296.4 | ) | ||||||||||||||||||||||||||||
Other Subsidiaries | (4,738.8 | ) | (4,442.4 | ) | 296.4 | |||||||||||||||||||||||||||
Consolidating Adjustments | $ | 3,240.00 | $ | 3,240.00 | $ | — | ||||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ' | |||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||||||||||||||||
In millions | IR | IR | IR | IR Global | IR New | Other | Consolidating | IR Ireland | ||||||||||||||||||||||||
Ireland | Limited | International | Jersey | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | — | $ | — | $ | 229.8 | $ | 2,493.10 | $ | — | $ | 2,722.90 | ||||||||||||||||
Cost of goods sold | — | — | — | — | (133.5 | ) | (1,821.3 | ) | — | (1,954.8 | ) | |||||||||||||||||||||
Selling and administrative expenses | (2.1 | ) | — | — | (0.1 | ) | (106.3 | ) | (504.6 | ) | — | (613.1 | ) | |||||||||||||||||||
Operating income (loss) | (2.1 | ) | — | — | (0.1 | ) | (10.0 | ) | 167.2 | — | 155 | |||||||||||||||||||||
Equity earnings (loss) in affiliates, net of tax | 85 | 86 | 90.7 | (19.5 | ) | 9.4 | 57.9 | (309.5 | ) | — | ||||||||||||||||||||||
Interest expense | — | — | (4.0 | ) | (32.0 | ) | (12.3 | ) | (3.7 | ) | — | (52.0 | ) | |||||||||||||||||||
Intercompany interest and fees | (4.0 | ) | (0.9 | ) | (5.7 | ) | (1.1 | ) | (24.8 | ) | 36.5 | — | — | |||||||||||||||||||
Other, net | 0.2 | — | 3.7 | — | 13.9 | (15.6 | ) | — | 2.2 | |||||||||||||||||||||||
Earnings (loss) before income taxes | 79.1 | 85.1 | 84.7 | (52.7 | ) | (23.8 | ) | 242.3 | (309.5 | ) | 105.2 | |||||||||||||||||||||
Benefit (provision) for income taxes | — | — | — | 7.8 | 3.7 | (36.0 | ) | — | (24.5 | ) | ||||||||||||||||||||||
Earnings (loss) from continuing operations | 79.1 | 85.1 | 84.7 | (44.9 | ) | (20.1 | ) | 206.3 | (309.5 | ) | 80.7 | |||||||||||||||||||||
Discontinued operations, net of tax | (0.1 | ) | — | — | — | (6.5 | ) | 9.5 | — | 2.9 | ||||||||||||||||||||||
Net earnings (loss) | 79 | 85.1 | 84.7 | (44.9 | ) | (26.6 | ) | 215.8 | (309.5 | ) | 83.6 | |||||||||||||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | — | — | — | (4.5 | ) | (0.1 | ) | (4.6 | ) | |||||||||||||||||||||
Net earnings (loss) attributable to Ingersoll-Rand plc | $ | 79 | $ | 85.1 | $ | 84.7 | $ | (44.9 | ) | $ | (26.6 | ) | $ | 211.3 | $ | (309.6 | ) | $ | 79 | |||||||||||||
Total comprehensive income (loss) | 43 | 49.1 | 85 | (44.8 | ) | 166.9 | (12.4 | ) | (237.9 | ) | 48.9 | |||||||||||||||||||||
Less: Total comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | (5.8 | ) | (0.1 | ) | (5.9 | ) | |||||||||||||||||||||
Total comprehensive income (loss) attributable to Ingersoll-Rand plc | $ | 43 | $ | 49.1 | $ | 85 | $ | (44.8 | ) | $ | 166.9 | $ | (18.2 | ) | $ | (238.0 | ) | $ | 43 | |||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||||||||||
For the three months ended March 31, 2013 | ||||||||||||||||||||||||||||||||
In millions | IR | IR | IR | IR Global | IR New | Other | Consolidating | IR Ireland | ||||||||||||||||||||||||
Ireland | Limited | International | Jersey | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | — | $ | — | $ | 225.5 | $ | 2,413.50 | $ | — | $ | 2,639.00 | ||||||||||||||||
Cost of goods sold | — | — | — | — | (136.9 | ) | (1,775.7 | ) | — | (1,912.6 | ) | |||||||||||||||||||||
Selling and administrative expenses | (2.6 | ) | — | — | (0.4 | ) | (90.9 | ) | (512.5 | ) | — | (606.4 | ) | |||||||||||||||||||
Operating income (loss) | (2.6 | ) | — | — | (0.4 | ) | (2.3 | ) | 125.3 | — | 120 | |||||||||||||||||||||
Equity earnings (loss) in affiliates, net of tax | 92.6 | 92.6 | 108.3 | 153.9 | 38.2 | 97.9 | (583.5 | ) | — | |||||||||||||||||||||||
Interest expense | — | — | (4.0 | ) | (39.7 | ) | (12.6 | ) | (4.3 | ) | — | (60.6 | ) | |||||||||||||||||||
Intercompany interest and fees | (3.0 | ) | — | (8.8 | ) | (9.6 | ) | (0.5 | ) | 21.9 | — | — | ||||||||||||||||||||
Other, net | 0.3 | — | 0.6 | 0.3 | (2.7 | ) | 12 | (10.0 | ) | 0.5 | ||||||||||||||||||||||
Earnings (loss) before income taxes | 87.3 | 92.6 | 96.1 | 104.5 | 20.1 | 252.8 | (593.5 | ) | 59.9 | |||||||||||||||||||||||
Benefit (provision) for income taxes | 0.7 | — | — | — | 7.3 | (12.5 | ) | — | (4.5 | ) | ||||||||||||||||||||||
Earnings (loss) from continuing operations | 88 | 92.6 | 96.1 | 104.5 | 27.4 | 240.3 | (593.5 | ) | 55.4 | |||||||||||||||||||||||
Discontinued operations, net of tax | — | — | — | — | (25.9 | ) | 65.1 | — | 39.2 | |||||||||||||||||||||||
Net earnings (loss) | 88 | 92.6 | 96.1 | 104.5 | 1.5 | 305.4 | (593.5 | ) | 94.6 | |||||||||||||||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | — | — | — | (16.6 | ) | 10 | (6.6 | ) | ||||||||||||||||||||||
Net earnings (loss) attributable to Ingersoll-Rand plc | $ | 88 | $ | 92.6 | $ | 96.1 | $ | 104.5 | $ | 1.5 | $ | 288.8 | $ | (583.5 | ) | $ | 88 | |||||||||||||||
Total comprehensive income (loss) | 1.7 | 6.3 | 96.4 | 95.1 | 6.9 | 228.2 | (425.0 | ) | 9.6 | |||||||||||||||||||||||
Less: Total comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | (17.8 | ) | 10 | (7.8 | ) | ||||||||||||||||||||||
Total comprehensive income (loss) attributable to Ingersoll-Rand plc | $ | 1.7 | $ | 6.3 | $ | 96.4 | $ | 95.1 | $ | 6.9 | $ | 210.4 | $ | (415.0 | ) | $ | 1.8 | |||||||||||||||
Condensed Consolidating Statement of Comprehensive Income (As revised) | ||||||||||||||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||||||||||||||
In millions | IR | IR | IR | IR Global | IR New | Other | Consolidating | IR Ireland | ||||||||||||||||||||||||
Ireland | Limited | International | Jersey | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | — | $ | — | $ | 922.1 | $ | 11,428.40 | $ | — | $ | 12,350.50 | ||||||||||||||||
Cost of goods sold | 0.7 | — | — | — | (564.9 | ) | (8,158.1 | ) | — | (8,722.3 | ) | |||||||||||||||||||||
Selling and administrative expenses | (60.0 | ) | (0.1 | ) | — | (1.1 | ) | (355.9 | ) | (2,106.1 | ) | — | (2,523.2 | ) | ||||||||||||||||||
Operating income (loss) | (59.3 | ) | (0.1 | ) | — | (1.1 | ) | 1.3 | 1,164.20 | — | 1,105.00 | |||||||||||||||||||||
Equity earnings (loss) in affiliates, net of tax | 696.2 | 696.7 | 791 | 1,008.00 | 152.4 | 743.9 | (4,088.2 | ) | — | |||||||||||||||||||||||
Interest expense | — | — | (15.8 | ) | (196.4 | ) | (76.2 | ) | 9.6 | — | (278.8 | ) | ||||||||||||||||||||
Intercompany interest and fees | (14.1 | ) | (0.4 | ) | (33.8 | ) | (34.0 | ) | (13.7 | ) | 96 | — | — | |||||||||||||||||||
Other, net | (3.9 | ) | — | 1.6 | 0.8 | 137.4 | (129.4 | ) | (3.1 | ) | 3.4 | |||||||||||||||||||||
Earnings (loss) before income taxes | 618.9 | 696.2 | 743 | 777.3 | 201.2 | 1,884.30 | (4,091.3 | ) | 829.6 | |||||||||||||||||||||||
Benefit (provision) for income taxes | (0.3 | ) | — | — | — | (1.3 | ) | (187.4 | ) | — | (189.0 | ) | ||||||||||||||||||||
Earnings (loss) from continuing operations | 618.6 | 696.2 | 743 | 777.3 | 199.9 | 1,696.90 | (4,091.3 | ) | 640.6 | |||||||||||||||||||||||
Discontinued operations, net of tax | 0.2 | — | — | — | (198.9 | ) | 212 | — | 13.3 | |||||||||||||||||||||||
Net earnings (loss) | 618.8 | 696.2 | 743 | 777.3 | 1 | 1,908.90 | (4,091.3 | ) | 653.9 | |||||||||||||||||||||||
Less: Net (earnings) loss attributable to noncontrolling interests | — | — | — | — | — | (38.1 | ) | 3 | (35.1 | ) | ||||||||||||||||||||||
Net earnings (loss) attributable to Ingersoll-Rand plc | $ | 618.8 | $ | 696.2 | $ | 743 | $ | 777.3 | $ | 1 | $ | 1,870.80 | $ | (4,088.3 | ) | $ | 618.8 | |||||||||||||||
Total comprehensive income (loss) | 913.5 | 1,050.30 | 744.2 | 789 | 399.6 | 1,855.20 | (4,799.9 | ) | 951.9 | |||||||||||||||||||||||
Less: Total comprehensive (income) loss attributable to noncontrolling interests | — | 0.4 | — | — | — | (41.8 | ) | 3 | (38.4 | ) | ||||||||||||||||||||||
Total comprehensive income (loss) attributable to Ingersoll-Rand plc | $ | 913.5 | $ | 1,050.70 | $ | 744.2 | $ | 789 | $ | 399.6 | $ | 1,813.40 | $ | (4,796.9 | ) | $ | 913.5 | |||||||||||||||
Condensed Consolidating Balance Sheet | ' | |||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||||||
In millions | IR | IR | IR | IR Global | IR New | Other | Consolidating | IR Ireland | ||||||||||||||||||||||||
Ireland | Limited | International | Jersey | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 0.2 | $ | — | $ | 21.2 | $ | 876.5 | $ | — | $ | 897.9 | ||||||||||||||||
Accounts and notes receivable, net | — | — | — | — | 138.5 | 1,947.60 | — | 2,086.10 | ||||||||||||||||||||||||
Inventories | — | — | — | — | 67.3 | 1,281.10 | — | 1,348.40 | ||||||||||||||||||||||||
Other current assets | 0.3 | — | — | 23.9 | 122.4 | 407.4 | — | 554 | ||||||||||||||||||||||||
Accounts and notes receivable affiliates | 296.5 | 309.6 | 8,452.70 | 0.8 | 9,200.30 | 23,425.50 | (41,685.4 | ) | — | |||||||||||||||||||||||
Total current assets | 296.8 | 309.6 | 8,452.90 | 24.7 | 9,549.70 | 27,938.10 | (41,685.4 | ) | 4,886.40 | |||||||||||||||||||||||
Investment in affiliates | 8,770.20 | 9,574.30 | 2,511.30 | 6,214.30 | 14,232.30 | 3,474.20 | (44,776.6 | ) | — | |||||||||||||||||||||||
Property, plant and equipment, net | — | — | — | — | 297.1 | 1,171.20 | — | 1,468.30 | ||||||||||||||||||||||||
Intangible assets, net | — | — | — | — | 62.9 | 9,359.10 | — | 9,422.00 | ||||||||||||||||||||||||
Other noncurrent assets | — | — | 0.2 | 199.7 | 673 | 677.7 | (553.3 | ) | 997.3 | |||||||||||||||||||||||
Total assets | $ | 9,067.00 | $ | 9,883.90 | $ | 10,964.40 | $ | 6,438.70 | $ | 24,815.00 | $ | 42,620.30 | $ | (87,015.3 | ) | $ | 16,774.00 | |||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||
Accounts payable and accruals | $ | 7.5 | $ | — | $ | 5.3 | $ | 25.9 | $ | 453 | $ | 2,537.00 | $ | — | $ | 3,028.70 | ||||||||||||||||
Short-term borrowings and current maturities of long-term debt | — | — | — | — | 350.5 | 23.4 | — | 373.9 | ||||||||||||||||||||||||
Accounts and note payable affiliates | 2,774.30 | 3,794.40 | — | 41.9 | 18,558.20 | 16,598.00 | (41,766.8 | ) | — | |||||||||||||||||||||||
Total current liabilities | 2,781.80 | 3,794.40 | 5.3 | 67.8 | 19,361.70 | 19,158.40 | (41,766.8 | ) | 3,402.60 | |||||||||||||||||||||||
Long-term debt | — | — | 299.8 | 2,295.80 | 357.2 | 199.5 | — | 3,152.30 | ||||||||||||||||||||||||
Other noncurrent liabilities | — | — | 3.8 | — | 1,280.20 | 7,573.70 | (4,988.3 | ) | 3,869.40 | |||||||||||||||||||||||
Total liabilities | 2,781.80 | 3,794.40 | 308.9 | 2,363.60 | 20,999.10 | 26,931.60 | (46,755.1 | ) | 10,424.30 | |||||||||||||||||||||||
Equity: | ||||||||||||||||||||||||||||||||
Total equity | 6,285.20 | 6,089.50 | 10,655.50 | 4,075.10 | 3,815.90 | 15,688.70 | (40,260.2 | ) | 6,349.70 | |||||||||||||||||||||||
Total liabilities and equity | $ | 9,067.00 | $ | 9,883.90 | $ | 10,964.40 | $ | 6,438.70 | $ | 24,815.00 | $ | 42,620.30 | $ | (87,015.3 | ) | $ | 16,774.00 | |||||||||||||||
Condensed Consolidating Balance Sheet (As revised) | ||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
In millions | IR | IR | IR | IR Global | IR New | Other | Consolidating | IR Ireland | ||||||||||||||||||||||||
Ireland | Limited | International | Jersey | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | 975.3 | $ | 59.6 | $ | 902.3 | $ | — | $ | 1,937.20 | ||||||||||||||||
Accounts and notes receivable, net | — | — | — | — | 149.4 | 1,922.10 | — | 2,071.50 | ||||||||||||||||||||||||
Inventories | — | — | — | — | 70.5 | 1,095.60 | — | 1,166.10 | ||||||||||||||||||||||||
Other current assets | 0.1 | — | — | 0.2 | 127.6 | 414 | — | 541.9 | ||||||||||||||||||||||||
Accounts and notes receivable affiliates | 1,086.90 | 309.6 | 2.3 | 1,496.60 | 11,683.70 | 27,616.60 | (42,195.7 | ) | — | |||||||||||||||||||||||
Total current assets | 1,087.00 | 309.6 | 2.3 | 2,472.10 | 12,090.80 | 31,950.60 | (42,195.7 | ) | 5,716.70 | |||||||||||||||||||||||
Investment in affiliates | 8,697.80 | 13,696.00 | 11,339.00 | 7,144.50 | 15,923.40 | 42,714.10 | (99,514.8 | ) | — | |||||||||||||||||||||||
Property, plant and equipment, net | — | — | — | — | 293.3 | 1,175.10 | — | 1,468.40 | ||||||||||||||||||||||||
Intangible assets, net | — | — | — | — | 85.7 | 9,376.90 | — | 9,462.60 | ||||||||||||||||||||||||
Other noncurrent assets | — | (4.3 | ) | 0.3 | 18.8 | 298.2 | 697.4 | — | 1,010.40 | |||||||||||||||||||||||
Total assets | $ | 9,784.80 | $ | 14,001.30 | $ | 11,341.60 | $ | 9,635.40 | $ | 28,691.40 | $ | 85,914.10 | $ | (141,710.5 | ) | $ | 17,658.10 | |||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||
Accounts payable and accruals | $ | 30.6 | $ | — | $ | 12.1 | $ | 27.5 | $ | 440.8 | $ | 2,529.90 | $ | — | $ | 3,040.90 | ||||||||||||||||
Short-term borrowings and current maturities of long-term debt | — | — | — | — | 350.5 | 17.2 | — | 367.7 | ||||||||||||||||||||||||
Accounts and note payable affiliates | 2,685.30 | 3,780.60 | 4,803.30 | 5,982.20 | 16,217.40 | 8,809.00 | (42,277.8 | ) | — | |||||||||||||||||||||||
Total current liabilities | 2,715.90 | 3,780.60 | 4,815.40 | 6,009.70 | 17,008.70 | 11,356.10 | (42,277.8 | ) | 3,408.60 | |||||||||||||||||||||||
Long-term debt | — | — | 299.8 | 2,295.70 | 357.2 | 200.8 | — | 3,153.50 | ||||||||||||||||||||||||
Other noncurrent liabilities | — | — | 3.8 | — | 877.3 | 3,083.60 | — | 3,964.70 | ||||||||||||||||||||||||
Total liabilities | 2,715.90 | 3,780.60 | 5,119.00 | 8,305.40 | 18,243.20 | 14,640.50 | (42,277.8 | ) | 10,526.80 | |||||||||||||||||||||||
Equity: | ||||||||||||||||||||||||||||||||
Total equity | 7,068.90 | 10,220.70 | 6,222.60 | 1,330.00 | 10,448.20 | 71,273.60 | (99,432.7 | ) | 7,131.30 | |||||||||||||||||||||||
Total liabilities and equity | $ | 9,784.80 | $ | 14,001.30 | $ | 11,341.60 | $ | 9,635.40 | $ | 28,691.40 | $ | 85,914.10 | $ | (141,710.5 | ) | $ | 17,658.10 | |||||||||||||||
Condensed Consolidating Statement of Cash Flows | ' | |||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||||||||||||||||
In millions | IR | IR | IR | IR Global | IR New | Other | Consolidating Adjustments | IR Ireland | ||||||||||||||||||||||||
Ireland | Limited | International | Jersey | Subsidiaries | Consolidated | |||||||||||||||||||||||||||
Net cash provided by (used in) continuing operating activities | $ | (1.9 | ) | $ | — | $ | (0.3 | ) | $ | (32.1 | ) | $ | 197.2 | $ | 678.5 | $ | (926.2 | ) | $ | (84.8 | ) | |||||||||||
Net cash provided by (used in) discontinued operating activities | — | — | — | — | (42.6 | ) | 1.4 | — | (41.2 | ) | ||||||||||||||||||||||
Net cash provided by (used in) operating activities | (1.9 | ) | — | (0.3 | ) | (32.1 | ) | 154.6 | 679.9 | (926.2 | ) | (126.0 | ) | |||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||||||
Capital expenditures | — | — | — | — | (21.6 | ) | (28.9 | ) | — | (50.5 | ) | |||||||||||||||||||||
Acquisition of businesses, net of cash acquired | — | — | — | — | — | (7.0 | ) | — | (7.0 | ) | ||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | — | — | — | — | 1.3 | 4 | — | 5.3 | ||||||||||||||||||||||||
Net cash provided by (used in) continuing investing activities | — | — | — | — | (20.3 | ) | (31.9 | ) | — | (52.2 | ) | |||||||||||||||||||||
Net cash provided by (used in) discontinued investing activities | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) investing activities | — | — | — | — | (20.3 | ) | (31.9 | ) | — | (52.2 | ) | |||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||
Net proceeds (repayments) in debt | — | — | — | — | — | 4.4 | — | 4.4 | ||||||||||||||||||||||||
Debt issuance costs | — | — | — | (2.2 | ) | — | — | — | (2.2 | ) | ||||||||||||||||||||||
Net inter-company proceeds (payments) | 851.9 | — | 0.5 | (941.0 | ) | 561.4 | (472.9 | ) | 0.1 | — | ||||||||||||||||||||||
Dividends paid to ordinary shareholders | (65.8 | ) | — | — | — | (734.1 | ) | (192.0 | ) | 926.1 | (65.8 | ) | ||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | (3.8 | ) | — | (3.8 | ) | ||||||||||||||||||||||
Proceeds from shares issued under incentive plans | 3.5 | — | — | — | — | — | — | 3.5 | ||||||||||||||||||||||||
Repurchase of ordinary shares | (787.7 | ) | — | — | — | — | — | — | (787.7 | ) | ||||||||||||||||||||||
Net cash provided by (used in) continuing financing activities | 1.9 | — | 0.5 | (943.2 | ) | (172.7 | ) | (664.3 | ) | 926.2 | (851.6 | ) | ||||||||||||||||||||
Net cash provided by (used in) discontinued financing activities | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 1.9 | — | 0.5 | (943.2 | ) | (172.7 | ) | (664.3 | ) | 926.2 | (851.6 | ) | ||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | (9.5 | ) | — | (9.5 | ) | ||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | 0.2 | (975.3 | ) | (38.4 | ) | (25.8 | ) | — | (1,039.3 | ) | ||||||||||||||||||||
Cash and cash equivalents - beginning of period | — | — | — | 975.3 | 59.6 | 902.3 | — | 1,937.20 | ||||||||||||||||||||||||
Cash and cash equivalents - end of period | $ | — | $ | — | $ | 0.2 | $ | — | $ | 21.2 | $ | 876.5 | $ | — | $ | 897.9 | ||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||
For the three months ended March 31, 2013 | ||||||||||||||||||||||||||||||||
In millions | IR | IR | IR | IR Global | IR New | Other | Consolidating Adjustments | IR Ireland | ||||||||||||||||||||||||
Ireland | Limited | International | Jersey | Subsidiaries | Consolidated | |||||||||||||||||||||||||||
Net cash provided by (used in) continuing operating activities | $ | (2.3 | ) | $ | — | $ | (3.4 | ) | $ | (39.8 | ) | $ | (178.7 | ) | $ | 207.4 | $ | (0.4 | ) | $ | (17.2 | ) | ||||||||||
Net cash provided by (used in) discontinued operating activities | — | — | — | — | (25.9 | ) | 35.1 | — | 9.2 | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | (2.3 | ) | — | (3.4 | ) | (39.8 | ) | (204.6 | ) | 242.5 | (0.4 | ) | (8.0 | ) | ||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||||||
Capital expenditures | — | — | — | — | (20.8 | ) | (46.3 | ) | — | (67.1 | ) | |||||||||||||||||||||
Proceeds from sale of property, plant and equipment | — | — | — | — | 0.2 | 4 | — | 4.2 | ||||||||||||||||||||||||
Net cash provided by (used in) continuing investing activities | — | — | — | — | (20.6 | ) | (42.3 | ) | — | (62.9 | ) | |||||||||||||||||||||
Net cash provided by (used in) discontinued investing activities | — | — | — | — | — | (4.3 | ) | — | (4.3 | ) | ||||||||||||||||||||||
Net cash provided by (used in) investing activities | — | — | — | — | (20.6 | ) | (46.6 | ) | — | (67.2 | ) | |||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||
Net proceeds (repayments) in debt | — | — | — | — | — | 2.4 | — | 2.4 | ||||||||||||||||||||||||
Net inter-company proceeds (payments) | (25.6 | ) | — | 3.4 | (22.1 | ) | 257.5 | (213.2 | ) | — | — | |||||||||||||||||||||
Dividends paid to ordinary shareholders | (62.8 | ) | — | — | — | — | (0.4 | ) | 0.4 | (62.8 | ) | |||||||||||||||||||||
Proceeds from shares issued under incentive plans | 90.7 | — | — | — | — | — | — | 90.7 | ||||||||||||||||||||||||
Net cash provided by (used in) continuing financing activities | 2.3 | — | 3.4 | (22.1 | ) | 257.5 | (211.2 | ) | 0.4 | 30.3 | ||||||||||||||||||||||
Net cash provided by (used in) discontinued financing activities | — | — | — | — | — | (3.7 | ) | — | (3.7 | ) | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | 2.3 | — | 3.4 | (22.1 | ) | 257.5 | (214.9 | ) | 0.4 | 26.6 | ||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | (0.6 | ) | — | (0.6 | ) | ||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | (61.9 | ) | 32.3 | (19.6 | ) | — | (49.2 | ) | |||||||||||||||||||||
Cash and cash equivalents - beginning of period | — | — | — | 61.9 | 59.1 | 587.4 | — | 708.4 | ||||||||||||||||||||||||
Cash and cash equivalents - end of period | $ | — | $ | — | $ | — | $ | — | $ | 91.4 | $ | 567.8 | $ | — | $ | 659.2 | ||||||||||||||||
Condensed Consolidating Statement of Cash Flows (As revised) | ||||||||||||||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||||||||||||||
In millions | IR | IR | IR | IR Global | IR New | Other | Consolidating Adjustments | IR Ireland | ||||||||||||||||||||||||
Ireland | Limited | International | Jersey | Subsidiaries | Consolidated | |||||||||||||||||||||||||||
Net cash provided by (used in) continuing operating activities | $ | (63.2 | ) | $ | (0.1 | ) | $ | (14.2 | ) | $ | (196.7 | ) | $ | (170.5 | ) | $ | 4,562.40 | $ | (3,240.0 | ) | $ | 877.7 | ||||||||||
Net cash provided by (used in) discontinued operating activities | — | — | — | — | (112.2 | ) | 404.9 | — | 292.7 | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | (63.2 | ) | (0.1 | ) | (14.2 | ) | (196.7 | ) | (282.7 | ) | 4,967.30 | (3,240.0 | ) | 1,170.40 | ||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||||||
Capital expenditures | — | — | — | — | (80.1 | ) | (162.1 | ) | — | (242.2 | ) | |||||||||||||||||||||
Proceeds from sale of property, plant and equipment | — | — | — | — | 1.9 | 22.4 | — | 24.3 | ||||||||||||||||||||||||
Proceeds from business disposition, net of cash sold | — | — | — | — | — | 4.7 | — | 4.7 | ||||||||||||||||||||||||
Net cash provided by (used in) continuing investing activities | — | — | — | — | (78.2 | ) | (135.0 | ) | — | (213.2 | ) | |||||||||||||||||||||
Net cash provided by (used in) discontinued investing activities | — | — | — | — | — | (2.2 | ) | — | (2.2 | ) | ||||||||||||||||||||||
Net cash provided by (used in) investing activities | — | — | — | — | (78.2 | ) | (137.2 | ) | — | (215.4 | ) | |||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||
Net proceeds (repayments) in debt | — | — | — | 291.2 | (6.7 | ) | 7.2 | — | 291.7 | |||||||||||||||||||||||
Debt issuance costs | — | — | — | (13.2 | ) | — | — | — | (13.2 | ) | ||||||||||||||||||||||
Excess tax benefit from share based compensation | 19.5 | — | — | — | — | — | — | 19.5 | ||||||||||||||||||||||||
Net inter-company proceeds (payments) | (24.8 | ) | 1,274.30 | 699.7 | 2,106.30 | 368.1 | (4,423.6 | ) | — | — | ||||||||||||||||||||||
Dividends paid to ordinary shareholders | (245.5 | ) | (1,274.2 | ) | (685.5 | ) | (1,274.2 | ) | — | (1.2 | ) | 3,235.10 | (245.5 | ) | ||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | (12.4 | ) | — | (12.4 | ) | ||||||||||||||||||||||
Proceeds from shares issued under incentive plans | 253 | — | — | — | — | — | — | 253 | ||||||||||||||||||||||||
Repurchase of ordinary shares | (1,213.2 | ) | — | — | — | — | — | — | (1,213.2 | ) | ||||||||||||||||||||||
Transfer from Allegion | 1,274.20 | — | — | — | — | — | — | 1,274.20 | ||||||||||||||||||||||||
Net cash provided by (used in) continuing financing activities | 63.2 | 0.1 | 14.2 | 1,110.10 | 361.4 | (4,430.0 | ) | 3,235.10 | 354.1 | |||||||||||||||||||||||
Net cash provided by (used in) discontinued financing activities | — | — | — | — | — | (12.4 | ) | 4.9 | (7.5 | ) | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | 63.2 | 0.1 | 14.2 | 1,110.10 | 361.4 | (4,442.4 | ) | 3,240.00 | 346.6 | |||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | (72.8 | ) | — | (72.8 | ) | ||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | 913.4 | 0.5 | 314.9 | — | 1,228.80 | ||||||||||||||||||||||||
Cash and cash equivalents - beginning of period | — | — | — | 61.9 | 59.1 | 587.4 | — | 708.4 | ||||||||||||||||||||||||
Cash and cash equivalents - end of period | $ | — | $ | — | $ | — | $ | 975.3 | $ | 59.6 | $ | 902.3 | $ | — | $ | 1,937.20 | ||||||||||||||||
Basis_of_Presentation_Narrativ
Basis of Presentation (Narrative) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Increase (Decrease) In Cost Of Goods Sold | $7.90 |
Increase (Decrease) In Selling Administrative Expense | ($7.90) |
SpinOff_Transaction_Details
Spin-Off Transaction (Details) (Spinoff [Member], Selling, General and Administrative Expenses [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2013 |
Spinoff [Member] | Selling, General and Administrative Expenses [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring Charges | $11 |
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements (Details) (Accounting Standards Update 2013 - 11 [Member], USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Accounting Standards Update 2013 - 11 [Member] | ' |
Item Effected [Line Items] | ' |
Decrease in current deferred tax assets | $22.60 |
Decrease in noncurrent deferred tax assets | 20.7 |
Increase in noncurrent deferred tax liabilities | 128.9 |
Decrease in noncurrent reserves for uncertain tax positions | $172.20 |
Inventories_Schedule_of_Major_
Inventories (Schedule of Major Classes of Inventory) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Raw materials | $465.80 | $378 |
Work-in-process | 88.6 | 100.7 |
Finished goods | 866.4 | 760.2 |
Sub-total | 1,420.80 | 1,238.90 |
LIFO reserve | -72.4 | -72.8 |
Total | $1,348.40 | $1,166.10 |
Goodwill_Details
Goodwill (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | ||
Goodwill [Roll Forward] | ' | ' | ||
Beginning balance (gross) | $8,036.60 | ' | ||
Accumulated Impairment | -2,496 | [1] | -2,496 | [1] |
Acquisitions and adjustments | 13.1 | [2] | ' | |
Currency translation | -20.4 | ' | ||
Ending balance (gross) | 8,029.30 | ' | ||
Goodwill (net) | 5,533.30 | 5,540.60 | ||
Climate [Member] | ' | ' | ||
Goodwill [Roll Forward] | ' | ' | ||
Beginning balance (gross) | 7,663.60 | ' | ||
Accumulated Impairment | -2,496 | [1] | -2,496 | [1] |
Acquisitions and adjustments | 13.1 | [2] | ' | |
Currency translation | -19.5 | ' | ||
Ending balance (gross) | 7,657.20 | ' | ||
Goodwill (net) | 5,161.20 | 5,167.60 | ||
Industrial [Member] | ' | ' | ||
Goodwill [Roll Forward] | ' | ' | ||
Beginning balance (gross) | 373 | ' | ||
Accumulated Impairment | 0 | [1] | 0 | [1] |
Acquisitions and adjustments | 0 | [2] | ' | |
Currency translation | -0.9 | ' | ||
Ending balance (gross) | 372.1 | ' | ||
Goodwill (net) | 372.1 | 373 | ||
March 2014 [Domain] | ' | ' | ||
Significant acquisition costs | $15 | ' | ||
[1] | No impairment charges were recorded by the company in 2014 or 2013. | |||
[2] | Increase is related to a $15.0 million acquisition in March of 2014. The Company's purchase price allocation will be completed in the second quarter of 2014 and any adjustments necessary will be recorded. |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Finite-lived intangible assets, gross | $2,097.90 | ' | $2,100.40 |
Accumulated amortization | -811.2 | ' | -780.4 |
Net finite-lived intangible assets | 1,286.70 | ' | 1,320 |
Total intangible assets, gross | 4,699.90 | ' | 4,702.40 |
Intangible assets, net | 3,888.70 | ' | 3,922 |
Amortization of intangible assets | 32.3 | 32.5 | ' |
Trademarks [Member] | ' | ' | ' |
Trademarks (indefinite-lived) | 2,602 | ' | 2,602 |
Completed technologies/patents [Member] | ' | ' | ' |
Finite-lived intangible assets, gross | 174.5 | ' | 174.1 |
Accumulated amortization | -133.5 | ' | -128.7 |
Net finite-lived intangible assets | 41 | ' | 45.4 |
Customer Relationships [Member] | ' | ' | ' |
Finite-lived intangible assets, gross | 1,863.30 | ' | 1,865.90 |
Accumulated amortization | -624.8 | ' | -599.5 |
Net finite-lived intangible assets | 1,238.50 | ' | 1,266.40 |
Other Intangible Assets [Member] | ' | ' | ' |
Finite-lived intangible assets, gross | 60.1 | ' | 60.4 |
Accumulated amortization | -52.9 | ' | -52.2 |
Net finite-lived intangible assets | $7.20 | ' | $8.20 |
Debt_and_Credit_Facilities_Nar
Debt and Credit Facilities (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | Feb. 15, 2013 | |
Commercial Paper | $0 | $0 | ' |
Short-term borrowings and current maturities of long-term debt | 373,900,000 | 367,700,000 | ' |
Line of credit facility, amount outstanding | 2,000,000,000 | ' | ' |
Debt Instrument, Fair Value Disclosure | 3,900,000,000 | 3,800,000,000 | ' |
Four Year Revolving Credit Facility [Member] | ' | ' | ' |
Line of credit facility, amount outstanding | 1,000,000,000 | ' | ' |
Five Year Revolving Credit Facility Refinanced [Member] | ' | ' | ' |
Line of credit facility, amount outstanding | 1,000,000,000 | ' | ' |
Five Year Revolving Credit Facility [Member] | ' | ' | ' |
Line of credit facility, amount outstanding | 1,000,000,000 | ' | ' |
Line of credit facility, expiration date | 15-Mar-17 | ' | ' |
Debentures With Put Feature [Member] | ' | ' | ' |
Short-term borrowings and current maturities of long-term debt | 343,000,000 | 343,000,000 | ' |
Debt instrument, maturity date range, start | 1-Jan-27 | ' | ' |
Debt instrument, maturity date range, end | 31-Dec-28 | ' | ' |
Debentures with put option available to be exercised | ' | ' | 37,200,000 |
6.000% Senior Notes Due 2013 [Member] | ' | ' | ' |
Debt Instrument, face amount | 600,000,000 | ' | ' |
Debt instrument, interest rate, stated percentage | 6.00% | ' | ' |
Senior Notes Issued in 2013 [Member] | ' | ' | ' |
Debt Instrument, face amount | 1,550,000,000 | ' | ' |
2.875% Senior notes due 2019 [Member] | ' | ' | ' |
Debt Instrument, face amount | 350,000,000 | ' | ' |
Debt instrument, interest rate, stated percentage | 2.88% | ' | ' |
4.25% Senior notes due 2023 [Member] | ' | ' | ' |
Debt Instrument, face amount | 700,000,000 | ' | ' |
Debt instrument, interest rate, stated percentage | 4.25% | ' | ' |
5.75% Senior notes due 2043 [Member] | ' | ' | ' |
Debt Instrument, face amount | 500,000,000 | ' | ' |
Debt instrument, interest rate, stated percentage | 5.75% | ' | ' |
9.500% Senior Notes Due 2014 [Member] | ' | ' | ' |
Debt Instrument, face amount | $655,000,000 | ' | ' |
Debt instrument, interest rate, stated percentage | 9.50% | ' | ' |
Debt_and_Credit_Facilities_Sho
Debt and Credit Facilities (Short-Term Borrowings and Current Maturities of Long-Term Debt) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Short-term borrowings and current maturities of long-term debt | $373.90 | $367.70 |
Debentures With Put Feature [Member] | ' | ' |
Short-term borrowings and current maturities of long-term debt | 343 | 343 |
Current Maturities Of Long Term Debt [Member] | ' | ' |
Short-term borrowings and current maturities of long-term debt | 13.5 | 8 |
Other Short Term Borrowings [Member] | ' | ' |
Short-term borrowings and current maturities of long-term debt | $17.40 | $16.70 |
Debt_and_Credit_Facilities_Lon
Debt and Credit Facilities (Long-Term Debt Excluding Current Maturities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Long-term debt excluding current maturities | $3,152.30 | $3,153.50 |
5.50% Senior Notes Due 2015 [Member] | ' | ' |
Long-term debt excluding current maturities | 198.5 | 198.1 |
4.75% Senior Notes Due 2015 [Member] | ' | ' |
Long-term debt excluding current maturities | 299.8 | 299.8 |
6.875% Senior Notes Due 2018 [Member] | ' | ' |
Long-term debt excluding current maturities | 749.5 | 749.5 |
2.875% Senior notes due 2019 [Member] | ' | ' |
Long-term debt excluding current maturities | 349.5 | 349.5 |
9.00% Debentures Due 2021 [Member] | ' | ' |
Long-term debt excluding current maturities | 125 | 125 |
4.25% Senior notes due 2023 [Member] | ' | ' |
Long-term debt excluding current maturities | 698.8 | 698.8 |
7.20% Debentures Due 2014-2025 [Member] | ' | ' |
Long-term debt excluding current maturities | 82.5 | 82.5 |
6.48% Debentures Due 2025 [Member] | ' | ' |
Long-term debt excluding current maturities | 149.7 | 149.7 |
5.75% Senior notes due 2043 [Member] | ' | ' |
Long-term debt excluding current maturities | 498 | 498 |
Other Loans and Notes [Member] | ' | ' |
Long-term debt excluding current maturities | $1 | $2.60 |
Financial_Instruments_Narrativ
Financial Instruments (Narrative) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2008 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2005 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Currency Derivatives | Currency Derivatives | Senior Notes Due In Two Thousand Thirteen And Eighteen [Member] | Senior Notes Due In Two Thousand Thirteen And Eighteen [Member] | Senior Notes Due In Two Thousand Thirteen And Eighteen [Member] | 6.000% Senior Notes Due 2013 [Member] | Senior Notes Due In Two Thousand Fifteen [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Senior Notes Issued in 2013 [Member] | Senior Notes Issued in 2013 [Member] | Senior Notes Issued in 2013 [Member] | 4.25% Senior notes due 2023 [Member] | 5.75% Senior notes due 2043 [Member] | Senior Notes Due 2023 and 2043 [Member] | |||||
Third Quarter 2008 Interest Rate Locks [Member] | Third Quarter 2008 Interest Rate Locks [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | ||||||||||||||||
Derivative, Notional Amount | ' | ' | ' | ' | $625.90 | $1,510 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred gain/loss, net of tax, included in accumulated other comprehensive income (AOCI) related to the fair value of the Company's currency derivatives designated as accounting hedges | -202.5 | -607.2 | -166.7 | -521 | ' | ' | ' | ' | ' | ' | ' | -0.7 | -3.1 | ' | ' | ' | ' | ' | ' |
Currency derivatives expected to be reclassified into earnings over the next twelve months | 0.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of notes | ' | ' | ' | ' | ' | ' | 1,700 | ' | ' | ' | 300 | ' | ' | 1,550 | 750 | ' | 700 | 500 | 1,200 |
Repayments of Long-term Debt | 0.1 | 0.2 | ' | ' | ' | ' | ' | ' | ' | 600 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred (loss) remaining in AOCI related to the interest rate locks | ' | ' | ' | ' | ' | ' | ' | -6.8 | -7.4 | ' | ' | ' | ' | ' | 9.9 | 10.1 | ' | ' | ' |
Amount expected to be reclassified into interest expense over the next twelve months | ' | ' | ' | ' | ' | ' | ' | $2.40 | ' | ' | ' | ' | ' | ' | $0.70 | ' | ' | ' | ' |
Financial_Instruments_Schedule
Financial Instruments Schedule of the Fair Values of Derivative Instruments (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Cash Flow Hedging [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives designated as hedges, asset at fair value | $0.40 | $0.10 |
Derivatives designated as hedges, liability at fair value | 1.3 | 3.4 |
Nondesignated [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives not designated as hedges, asset at fair value | 2.4 | 3.1 |
Derivatives not designated as hedges, liability at fair value | 3.3 | 13.6 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring fair value measurements [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset fair value | 2.8 | 3.2 |
Derivative liability fair value | $4.60 | $17 |
Financial_Instruments_Schedule1
Financial Instruments Schedule of Derivatives Designated as Hedges Affecting Condensed Consolidated Income Statement and Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income | ($0.20) | ($12.90) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income | -2.1 | -3.1 |
Interest Rate Swap [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income | 0 | -9.9 |
Interest Rate Locks | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income | 0 | 0 |
cost of goods sold [Member] | Currency Derivatives | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income | -1.3 | -2.4 |
Discontinued Operations [Member] | Currency Derivatives | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income | 0 | 0.2 |
Interest Expense [Member] | Interest Rate Swap [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income | -0.2 | 0 |
Interest Expense [Member] | Interest Rate Locks | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income | -0.6 | -0.9 |
Cash Flow Hedging [Member] | Currency Derivatives | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income | -0.2 | -3.8 |
Allegion [Member] | Cash Flow Hedging [Member] | Currency Derivatives | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income | $0 | $0.80 |
Financial_Instruments_Schedule2
Financial Instruments Schedule of Gains and Losses of Derivative Financial Instruments Not Designated as Hedges (Details) (Currency Derivatives, Nondesignated [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income | ($5.50) | ($14.30) |
Other, net [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income | ($5.50) | ($14.30) |
Pensions_and_Postretirement_Be2
Pensions and Postretirement Benefits Other than Pensions (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 |
Allegion [Member] | Allegion [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | |||
Pension Plan, Defined Benefit [Member] | Allegion [Member] | |||||
Increase (Decrease) in Pension Plan Obligations | ' | ' | $631.10 | ' | ' | ' |
Defined Benefit Plan, Divestitures, Plan Assets | ' | ' | 543.5 | ' | ' | ' |
Company contributions | 11.4 | 6.8 | ' | ' | ' | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | ' | ' | ' | ' | ' | 130.8 |
Increase (Decrease) in Postretirement Obligations | ' | ' | ' | ' | 14.1 | ' |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | ($4.60) | ($27.20) | $5.60 | $164.80 | ' | ' |
Pensions_and_Postretirement_Be3
Pensions and Postretirement Benefits Other than Pensions (Components of the Company's Pension-Related Costs) (Details) (Pension Cost [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Service cost | $17.30 | $23.10 |
Interest cost | 36.9 | 39.2 |
Expected return on plan assets | -39.2 | -42 |
Net amortization of prior service costs | 1.1 | 1.2 |
Net amortization of plan net actuarial losses | 9 | 15.5 |
Net periodic pension benefit cost | 25.1 | 37 |
Total | 25.1 | 37 |
Segment, Continuing Operations [Member] | ' | ' |
Total | 23.3 | 29.7 |
Discontinued Operations [Member] | ' | ' |
Total | $1.80 | $7.30 |
Pensions_and_Postretirement_Be4
Pensions and Postretirement Benefits Other than Pensions (Components of Net Periodic Postretirement Benefit Cost) (Details) (Postretirement Benefit Costs [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Service cost | $1.30 | $1.70 |
Interest cost | 7.3 | 6.7 |
Net amortization of prior service gains | -2.2 | -2.6 |
Net amortization of plan net actuarial losses | 0 | 2.7 |
Total | 6.4 | 8.5 |
Segment, Continuing Operations [Member] | ' | ' |
Total | 4.2 | 5.3 |
Discontinued Operations [Member] | ' | ' |
Total | $2.20 | $3.20 |
Equity_Reconciliation_of_Ordin
Equity (Reconciliation of Ordinary Shares) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' |
Stock Repurchased and Retired During Period, Shares | 13.1 |
Stock Repurchased and Retired During Period, Value | $787.70 |
Common Stock [Member] | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' |
Beginning balance | 282.7 |
Shares issued under incentive plans, net | 1.6 |
Repurchase of ordinary shares | -13.1 |
Ending balance | 271.2 |
Equity_Components_of_Sharehold
Equity (Components of Shareholders' Equity) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' |
Beginning balance | $7,131.30 | $7,229.30 | $7,229.30 |
Net earnings | 83.6 | 94.6 | 653.9 |
Currency translation | -41.7 | -103.6 | ' |
Change in value of marketable securities and derivatives qualifying as cash flow hedges, net of tax | 2.4 | -8.6 | ' |
Pension and OPEB adjustments, net of tax | 4.6 | 27.2 | ' |
Total comprehensive income (loss) | 48.9 | 9.6 | 951.9 |
Share-based compensation | 25.8 | 21.5 | ' |
Dividends declared to noncontrolling interests | -3.8 | -2.8 | ' |
Dividends declared to ordinary shareholders | -68.3 | -0.8 | ' |
Shares issued under incentive plans, net | 3.5 | 90.7 | ' |
Repurchase of ordinary shares | -787.7 | ' | ' |
Ending balance | 6,349.70 | 7,347.50 | 7,131.30 |
Shareholders' Equity [Member] | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' |
Beginning balance | 7,068.90 | 7,147.80 | 7,147.80 |
Net earnings | 79 | 88 | ' |
Currency translation | -43 | -104.8 | ' |
Change in value of marketable securities and derivatives qualifying as cash flow hedges, net of tax | 2.4 | -8.6 | ' |
Pension and OPEB adjustments, net of tax | 4.6 | 27.2 | ' |
Total comprehensive income (loss) | 43 | 1.8 | ' |
Share-based compensation | 25.8 | 21.5 | ' |
Dividends declared to noncontrolling interests | 0 | 0 | ' |
Dividends declared to ordinary shareholders | -68.3 | -0.8 | ' |
Shares issued under incentive plans, net | 3.5 | 90.7 | ' |
Repurchase of ordinary shares | -787.7 | ' | ' |
Ending balance | 6,285.20 | 7,261 | ' |
Noncontrolling Interest [Member] | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' |
Beginning balance | 62.4 | 81.5 | 81.5 |
Net earnings | 4.6 | 6.6 | ' |
Currency translation | 1.3 | 1.2 | ' |
Change in value of marketable securities and derivatives qualifying as cash flow hedges, net of tax | 0 | 0 | ' |
Pension and OPEB adjustments, net of tax | 0 | 0 | ' |
Total comprehensive income (loss) | 5.9 | 7.8 | ' |
Share-based compensation | 0 | 0 | ' |
Dividends declared to noncontrolling interests | -3.8 | -2.8 | ' |
Dividends declared to ordinary shareholders | 0 | 0 | ' |
Shares issued under incentive plans, net | 0 | 0 | ' |
Repurchase of ordinary shares | 0 | ' | ' |
Ending balance | $64.50 | $86.50 | ' |
Equity_Equity_Changes_in_Accum
Equity Equity (Changes in Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Balance at December 31: | ($166.70) | ($521) |
Other comprehensive income before reclassifications | -43.8 | -100 |
Amounts reclassified from accumulated other comprehensive income | 10 | 19.9 |
Tax (expense) benefit | -2 | -6.1 |
Balance at June 30: | -202.5 | -607.2 |
Cash flow hedges and marketable securities [Member] | ' | ' |
Balance at December 31: | 0.4 | -1.4 |
Other comprehensive income before reclassifications | -0.2 | -11.5 |
Amounts reclassified from accumulated other comprehensive income | 2.1 | 3.1 |
Tax (expense) benefit | 0.5 | -0.2 |
Balance at June 30: | 2.8 | -10 |
Pension and OPEB Adjustments [Member] | ' | ' |
Balance at December 31: | -562.8 | -964.2 |
Other comprehensive income before reclassifications | -0.6 | 16.3 |
Amounts reclassified from accumulated other comprehensive income | 7.9 | 16.8 |
Tax (expense) benefit | -2.5 | -5.9 |
Balance at June 30: | -558 | -937 |
Foreign Currency Gain (Loss) [Member] | ' | ' |
Balance at December 31: | 395.7 | 444.6 |
Other comprehensive income before reclassifications | -43 | -104.8 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Tax (expense) benefit | 0 | 0 |
Balance at June 30: | $352.70 | $339.80 |
Equity_Equity_Reclassification
Equity Equity (Reclassification Adjustments out of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | $9 | $18.20 |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | -1.1 | -1.4 |
Earnings before income taxes [Member] | ' | ' |
Gains and losses on cash flow hedges | 2.1 | 3.1 |
Defined benefit plan reclassification adjustments | 7.9 | 16.8 |
Earnings from continuing operations [Member] | ' | ' |
Cash flow hedge reclassification adjustments, net of tax | 2.1 | 3.1 |
Defined benefit plan reclassification adjustments, net of tax | 5.4 | 10.9 |
Total reclassifications from Other comprehensive income (loss), net of tax | 7.5 | 14 |
Interest Expense [Member] | Interest Rate Locks | ' | ' |
Gains and losses on cash flow hedges | 0.6 | 0.9 |
Interest Expense [Member] | Interest Rate Swap [Member] | ' | ' |
Gains and losses on cash flow hedges | 0.2 | ' |
cost of goods sold [Member] | Currency Derivatives | ' | ' |
Gains and losses on cash flow hedges | 1.3 | 2.4 |
Discontinued Operations [Member] | Currency Derivatives | ' | ' |
Gains and losses on cash flow hedges | ' | -0.2 |
Provision for income taxes [Member] | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 0 | 0 |
Other comprehensive income loss reclassification adjustment on defined benefit plans tax | ($2.50) | ($5.90) |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share based compensation expense | $26.30 | $23 |
Share based compensation expense, net of tax | 16.2 | 14.2 |
Percentage Of Awards Applied To Performance Condition | 50.00% | ' |
Percentage of Awards Applied to Market Condition | 50.00% | ' |
Number Of Shares To Companys Maximum Award Level For Eligible Employees (in millions) | 400,000 | ' |
Stock options and Restricted Stock Units (RSUs) [Member] | ' | ' |
Vesting period, in years | '3 years | ' |
Stock Appreciation Rights (SARs) [Member] | ' | ' |
Vesting period, in years | '10 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 71,067 | ' |
Employee Stock Option [Member] | ' | ' |
Share based compensation expense | $6.50 | $7.90 |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 372,259 | 527,923 |
Employee Stock Option [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 1,150,982 | 1,318,418 |
Allegion [Member] | Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | ' | 56,547 |
Allegion [Member] | Employee Stock Option [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | ' | 139,649 |
ShareBased_Compensation_ShareB
Share-Based Compensation (Share-Based Compensation Expense) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share based compensation expense | $26.30 | $23 |
Tax benefit | -10.1 | -8.8 |
After-tax expense | 16.2 | 14.2 |
Stock Options [Member] | ' | ' |
Share based compensation expense | 6.5 | 7.9 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Share based compensation expense | 10.2 | -10.1 |
Performance Shares [Member] | ' | ' |
Share based compensation expense | 9.6 | 3.9 |
Deferred Compensation [Member] | ' | ' |
Share based compensation expense | 0.4 | -0.4 |
Other share based compensation [Member] | ' | ' |
Share based compensation expense | 0.4 | -0.7 |
Segment, Continuing Operations [Member] | ' | ' |
After-tax expense | 16.2 | 13.1 |
Discontinued Operations [Member] | ' | ' |
After-tax expense | $0 | $1.10 |
ShareBased_Compensation_Grants
Share-Based Compensation (Grants of Stock Options and RSUs) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Stock Options [Member] | ' | ' |
Equity awards, granted, in shares | 1,150,982 | 1,318,418 |
Weighted average fair value per award, in dollars per share | $14.29 | $16.51 |
RSUs [Member] | ' | ' |
Equity awards, granted, in shares | 372,259 | 527,923 |
Weighted average fair value per award, in dollars per share | $59.83 | $52.32 |
ShareBased_Compensation_ShareB1
Share-Based Compensation Share-Based Compensation (Average Fair Value of Stock Options Granted, Assumptions) (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Dividend yield | 1.67% | 1.60% |
Volatility | 31.43% | 42.15% |
Risk-free rate of return | 1.46% | 0.85% |
Expected life, in years | '4 years 11 months 0 days | '5 years 1 month 0 days |
Restructuring_Activities_Narra
Restructuring Activities (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Restructuring charges | $8.90 | $22.10 | ' |
Restructuring reserve, current | $20.20 | ' | $32.50 |
Restructuring_Activities_Sched
Restructuring Activities (Schedule of Restructuring Charges Recorded) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Restructuring charges | $8.90 | $22.10 |
Climate [Member] | ' | ' |
Restructuring charges | 4.2 | 17.3 |
Industrial [Member] | ' | ' |
Restructuring charges | 2.9 | 2.8 |
Corporate and Other [Member] | ' | ' |
Restructuring charges | 1.8 | 2 |
cost of goods sold [Member] | ' | ' |
Restructuring charges | 2.1 | 10.5 |
selling and administrative expenses [Member] | ' | ' |
Restructuring charges | $6.80 | $11.60 |
Restructuring_Activities_Sched1
Restructuring Activities (Schedule of Changes in Restructuring Reserve) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
31-Dec-13 | $32.50 | ' |
Additions, net of reversals | 8.9 | 22.1 |
Cash and non-cash uses | -21.2 | ' |
Currency translation | 0 | ' |
31-Mar-14 | 20.2 | ' |
Climate [Member] | ' | ' |
31-Dec-13 | 18 | ' |
Additions, net of reversals | 4.2 | 17.3 |
Cash and non-cash uses | -13.2 | ' |
Currency translation | 0 | ' |
31-Mar-14 | 9 | ' |
Industrial [Member] | ' | ' |
31-Dec-13 | 9.5 | ' |
Additions, net of reversals | 2.9 | 2.8 |
Cash and non-cash uses | -4.1 | ' |
Currency translation | 0 | ' |
31-Mar-14 | 8.3 | ' |
Corporate and Other [Member] | ' | ' |
31-Dec-13 | 5 | ' |
Additions, net of reversals | 1.8 | 2 |
Cash and non-cash uses | -3.9 | ' |
Currency translation | 0 | ' |
31-Mar-14 | $2.90 | ' |
Other_Net_Details
Other, Net (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Interest income | $2.80 | $3.40 | ' |
Exchange gain (loss) | -4.2 | 0.6 | ' |
Other | 6.6 | 0.7 | ' |
Other, net | 2.2 | 0.5 | 3.4 |
HussmannBusinessEquityOwnership [Member] | ' | ' | ' |
Earnings (loss) from equity investments | -3 | -4.2 | ' |
IR ownership interest, hussmann parent | 37.20% | ' | ' |
Bolivar to US Dollar exchange rate [Member] | ' | ' | ' |
Exchange rate | 6.3 | ' | 4.29 |
Devaluation of Venezuela Bolivar [Member] | ' | ' | ' |
Exchange gain (loss) | 2.5 | ' | ' |
March 2014 [Domain] | ' | ' | ' |
Gain on Sale of Investments | $6 | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2002 | Mar. 31, 2014 | Dec. 31, 2013 | Jul. 20, 2007 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 |
2003 to 2006 Tax Years [Member] | 2002 to 2006 Tax Years [Member] | Tax Year 2002 [Member] | |||||
Withholding Tax Percentage Proposed | ' | ' | ' | 30.00% | ' | ' | ' |
IRS Assertion Of Additional Taxes Due | ' | ' | ' | $84 | $665 | $210 | ' |
IRS Assertion of Additional Withholding Tax Due | ' | ' | ' | 25 | 455 | ' | ' |
Interest Paid | 85 | ' | ' | ' | ' | ' | ' |
Income Tax Examination, Estimate of Possible Loss | ' | ' | ' | ' | ' | ' | 109 |
Penalty Percentage On Asserted Underpayment Of Income Tax On Dividends | ' | ' | ' | ' | ' | 20.00% | ' |
Unrecognized Tax Benefits | ' | $352 | $363.30 | ' | ' | ' | ' |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
Discontinued operations, net of tax | $2.90 | [1] | $39.20 | [1] | $13.30 |
Discontinued Operation, Tax Effect of Discontinued Operation | -1.5 | 15.8 | ' | ||
Allegion [Member] | ' | ' | ' | ||
Discontinued operations, net of tax | 7 | 46.2 | ' | ||
Other Discontinued Operations [Member] | ' | ' | ' | ||
Discontinued operations, net of tax | -4.1 | -7 | ' | ||
Selling, General and Administrative Expenses [Member] | Spinoff [Member] | ' | ' | ' | ||
Restructuring Charges | ' | $11 | ' | ||
[1] | Included in Allegion, net of tax for the three months ended March 31, 2013 are spin costs of |
Discontinued_Operations_Summar
Discontinued Operations (Summary of Financial Information for Discontinued Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
Net revenues | $0 | $473.30 | ' | ||
Pre-tax earnings (loss) from operations | 1.4 | 55 | ' | ||
Pre-tax gain (loss) on sale | 0 | 0 | ' | ||
Tax benefit (expense) | 1.5 | -15.8 | ' | ||
Discontinued operations, net of tax | $2.90 | [1] | $39.20 | [1] | $13.30 |
[1] | Included in Allegion, net of tax for the three months ended March 31, 2013 are spin costs of |
Earnings_Per_Share_EPS_Details
Earnings Per Share (EPS) (Details) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Weighted-average number of basic shares | 278.3 | 298.9 |
Shares issuable under incentive stock plans | 4 | 3.6 |
Weighted average number of diluted shares | 282.3 | 302.5 |
Anti-dilutive shares | 1.2 | 1.6 |
Business_Segment_Information_S
Business Segment Information (Summary of Operations by Reportable Segments) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
Net revenues | $2,722.90 | $2,639 | $12,350.50 | ||
Segment operating income | 210.3 | 172.3 | ' | ||
Operating income | 155 | 120 | 1,105 | ||
Climate [Member] | ' | ' | ' | ||
Net revenues | 2,040.80 | 1,958.70 | ' | ||
Segment operating income | 131 | [1] | 71.5 | [1] | ' |
Industrial [Member] | ' | ' | ' | ||
Net revenues | 682.1 | 680.3 | ' | ||
Segment operating income | 79.3 | 100.8 | ' | ||
Unallocated Amount to Segment [Member] | ' | ' | ' | ||
Unallocated corporate expense | ($55.30) | ($52.30) | ' | ||
[1] | Three months endedIn millions2014Â 2013Net revenues Climate$2,040.8Â $1,958.7Industrial682.1Â 680.3Total$2,722.9Â $2,639.0Segment operating income Climate$131.0Â $71.5Industrial79.3Â 100.8Total$210.3Â $172.3Reconciliation to Operating income Unallocated corporate expense(55.3)Â (52.3)Operating income$155.0Â $120.0 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Expense for environmental remediation | $2.40 | $1.80 | ' |
Reserves for environmental matters | 47.7 | ' | 47.9 |
Reserves for environmental matters, current | 15.7 | ' | 13.5 |
Percentage of non-malignant claims, minimum | 80.00% | ' | 80.00% |
Total current standard product warranty reserve | 130.4 | ' | 127.9 |
Total current extended warranty liability | 97.6 | ' | 98.5 |
Commitments and performance guarantees | 443.3 | ' | ' |
Trane [Member] | ' | ' | ' |
Settled with majority of insurers | 95.00% | ' | ' |
Discontinued Operations [Member] | ' | ' | ' |
Reserves for environmental matters | 39.9 | ' | 42.1 |
Extended Warranty [Member] | ' | ' | ' |
Product warranty expense | $12.70 | $12.40 | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Schedule of Asbestos-Related Balances) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accrued expenses and other current liabilities | $1,331.60 | $1,311.30 |
Other noncurrent liabilities | 1,322.90 | 1,341.10 |
Other current assets | 198.6 | 182.4 |
Other noncurrent assets | 997.3 | 1,010.40 |
Asbestos [Member] | ' | ' |
Accrued expenses and other current liabilities | 69.1 | 69.1 |
Other noncurrent liabilities | 760.4 | 777.1 |
Total asbestos-related liabilities | 829.5 | 846.2 |
Other current assets | 22.3 | 22.3 |
Other noncurrent assets | 294.6 | 299.5 |
Total asset for probable asbestos-related insurance recoveries | 316.9 | 321.8 |
IR New Jersey [Member] | ' | ' |
Other noncurrent assets | 673 | 298.2 |
IR New Jersey [Member] | Asbestos [Member] | ' | ' |
Total asset for probable asbestos-related insurance recoveries | 135 | 137.6 |
Trane [Member] | Asbestos [Member] | ' | ' |
Total asset for probable asbestos-related insurance recoveries | $181.90 | $184.20 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Cost/Income Asbestos Related Claims after Recoveries) (Details) (Asbestos Issue [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Asbestos Issue [Member] | ' | ' |
Continuing operations | ($1.80) | ($3.30) |
Discontinued operations | -1.3 | -4 |
Total | ($3.10) | ($7.30) |
Commitments_and_Contingencies_4
Commitments and Contingencies (Product Warranty Liability) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Balance at beginning of period | $245.70 | $253.40 |
Reductions for payments | -34.8 | -33.6 |
Accruals for warranties issued during the current period | 37.7 | 29.2 |
Changes to accruals related to preexisting warranties | 4.7 | -3.8 |
Translation | -0.2 | -0.9 |
Balance at end of period | $253.10 | $244.30 |
Commitments_and_Contingencies_5
Commitments and Contingencies Commitments and Contingencies (Extended Warranty Accrual) (Details) (Extended Warranty [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Extended Warranty [Member] | ' | ' |
Balance at beginning of period | $359.10 | $375.10 |
Amortization of deferred revenue for the period | -24 | -23.7 |
Additions for extended warranties issued during the period | 17.9 | 21.2 |
Changes to accruals related to preexisting warranties | -2.4 | 2.5 |
Translation | -0.5 | -0.3 |
Balance at end of period | $350.10 | $374.80 |
Guarantor_Financial_Informatio2
Guarantor Financial Information (Narrative) (Details) (USD $) | Sep. 30, 2009 | Mar. 31, 2005 | Dec. 31, 2001 |
Ireland Reorganization Note [Member] | Senior Notes Due in 2015 [Member] | Senior Notes Due in 2015 [Member] | |
Stated interest rate for debt instruments | ' | ' | 4.75% |
Principal amount of notes | $15,000,000,000 | $300,000,000 | ' |
Settlement of net intercompany payables | $4,100,000,000 | ' | ' |
Guarantor_Financial_Informatio3
Guarantor Financial Information (Prior Period Adjustment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Net revenues | $2,722.90 | $2,639 | $12,350.50 | ' |
Operating income | 155 | 120 | 1,105 | ' |
Net earnings (loss) | 83.6 | 94.6 | 653.9 | ' |
Net earnings attributable to Ingersoll-Rand plc | 79 | 88 | 618.8 | ' |
Total assets | 16,774 | ' | 17,658.10 | ' |
Total liabilities | 10,424.30 | ' | 10,526.80 | ' |
Total equity | 6,349.70 | 7,347.50 | 7,131.30 | 7,229.30 |
Net cash from operating activities | -126 | -8 | 1,170.40 | ' |
Net cash from investing activities | -52.2 | -67.2 | -215.4 | ' |
Net cash from financing activities | -851.6 | 26.6 | 346.6 | ' |
IR New Jersey [Member] | ' | ' | ' | ' |
Net revenues | 229.8 | 225.5 | 922.1 | ' |
Operating income | -10 | -2.3 | 1.3 | ' |
Net earnings (loss) | -26.6 | 1.5 | 1 | ' |
Net earnings attributable to Ingersoll-Rand plc | -26.6 | 1.5 | 1 | ' |
Total assets | 24,815 | ' | 28,691.40 | ' |
Total liabilities | 20,999.10 | ' | 18,243.20 | ' |
Total equity | 3,815.90 | ' | 10,448.20 | ' |
Net cash from operating activities | 154.6 | -204.6 | -282.7 | ' |
Net cash from investing activities | -20.3 | -20.6 | -78.2 | ' |
Net cash from financing activities | -172.7 | 257.5 | 361.4 | ' |
IR New Jersey [Member] | As previously reported [Member] | ' | ' | ' | ' |
Net revenues | ' | ' | 1,674 | ' |
Operating income | ' | ' | 64.6 | ' |
Net earnings (loss) | ' | ' | 50.4 | ' |
Net earnings attributable to Ingersoll-Rand plc | ' | ' | 49.2 | ' |
Total assets | ' | ' | 51,513.90 | ' |
Total liabilities | ' | ' | 13,755.70 | ' |
Total equity | ' | ' | 37,758.20 | ' |
Net cash from operating activities | ' | ' | 462.3 | ' |
Net cash from investing activities | ' | ' | -140.7 | ' |
Net cash from financing activities | ' | ' | 657.8 | ' |
IR New Jersey [Member] | As revised [Member] | ' | ' | ' | ' |
Net revenues | ' | ' | 922.1 | ' |
Operating income | ' | ' | 1.3 | ' |
Net earnings (loss) | ' | ' | 1 | ' |
Net earnings attributable to Ingersoll-Rand plc | ' | ' | 1 | ' |
Total assets | ' | ' | 28,691.40 | ' |
Total liabilities | ' | ' | 18,243.20 | ' |
Total equity | ' | ' | 10,448.20 | ' |
Net cash from operating activities | ' | ' | -282.7 | ' |
Net cash from investing activities | ' | ' | -78.2 | ' |
Net cash from financing activities | ' | ' | 361.4 | ' |
IR New Jersey [Member] | Adjustment [Member] | ' | ' | ' | ' |
Net revenues | ' | ' | -751.9 | ' |
Operating income | ' | ' | -63.3 | ' |
Net earnings (loss) | ' | ' | -49.4 | ' |
Net earnings attributable to Ingersoll-Rand plc | ' | ' | -48.2 | ' |
Total assets | ' | ' | -22,822.50 | ' |
Total liabilities | ' | ' | 4,487.50 | ' |
Total equity | ' | ' | -27,310 | ' |
Net cash from operating activities | ' | ' | -745 | ' |
Net cash from investing activities | ' | ' | 62.5 | ' |
Net cash from financing activities | ' | ' | -296.4 | ' |
Other Subsidiaries [Member] | ' | ' | ' | ' |
Net revenues | 2,493.10 | 2,413.50 | 11,428.40 | ' |
Operating income | 167.2 | 125.3 | 1,164.20 | ' |
Net earnings (loss) | 215.8 | 305.4 | 1,908.90 | ' |
Net earnings attributable to Ingersoll-Rand plc | 211.3 | 288.8 | 1,870.80 | ' |
Total assets | 42,620.30 | ' | 85,914.10 | ' |
Total liabilities | 26,931.60 | ' | 14,640.50 | ' |
Total equity | 15,688.70 | ' | 71,273.60 | ' |
Net cash from operating activities | 679.9 | 242.5 | 4,967.30 | ' |
Net cash from investing activities | -31.9 | -46.6 | -137.2 | ' |
Net cash from financing activities | -664.3 | -214.9 | -4,442.40 | ' |
Other Subsidiaries [Member] | As previously reported [Member] | ' | ' | ' | ' |
Net revenues | ' | ' | 10,676.50 | ' |
Operating income | ' | ' | 1,100.90 | ' |
Net earnings (loss) | ' | ' | 1,917 | ' |
Net earnings attributable to Ingersoll-Rand plc | ' | ' | 1,880.10 | ' |
Total assets | ' | ' | 42,023 | ' |
Total liabilities | ' | ' | -1,998.20 | ' |
Total equity | ' | ' | 44,021.20 | ' |
Net cash from operating activities | ' | ' | 4,298.90 | ' |
Net cash from investing activities | ' | ' | -74.7 | ' |
Net cash from financing activities | ' | ' | -4,738.80 | ' |
Other Subsidiaries [Member] | As revised [Member] | ' | ' | ' | ' |
Net revenues | ' | ' | 11,428.40 | ' |
Operating income | ' | ' | 1,164.20 | ' |
Net earnings (loss) | ' | ' | 1,908.90 | ' |
Net earnings attributable to Ingersoll-Rand plc | ' | ' | 1,870.80 | ' |
Total assets | ' | ' | 85,914.10 | ' |
Total liabilities | ' | ' | 14,640.50 | ' |
Total equity | ' | ' | 71,273.60 | ' |
Net cash from operating activities | ' | ' | 4,967.30 | ' |
Net cash from investing activities | ' | ' | -137.2 | ' |
Net cash from financing activities | ' | ' | -4,442.40 | ' |
Other Subsidiaries [Member] | Adjustment [Member] | ' | ' | ' | ' |
Net revenues | ' | ' | 751.9 | ' |
Operating income | ' | ' | 63.3 | ' |
Net earnings (loss) | ' | ' | -8.1 | ' |
Net earnings attributable to Ingersoll-Rand plc | ' | ' | -9.3 | ' |
Total assets | ' | ' | 43,891.10 | ' |
Total liabilities | ' | ' | 16,638.70 | ' |
Total equity | ' | ' | 27,252.40 | ' |
Net cash from operating activities | ' | ' | 668.4 | ' |
Net cash from investing activities | ' | ' | -62.5 | ' |
Net cash from financing activities | ' | ' | 296.4 | ' |
Consolidating Adjustments [Member] | ' | ' | ' | ' |
Net revenues | 0 | 0 | 0 | ' |
Operating income | 0 | 0 | 0 | ' |
Net earnings (loss) | -309.5 | -593.5 | -4,091.30 | ' |
Net earnings attributable to Ingersoll-Rand plc | -309.6 | -583.5 | -4,088.30 | ' |
Total assets | -87,015.30 | ' | -141,710.50 | ' |
Total liabilities | -46,755.10 | ' | -42,277.80 | ' |
Total equity | -40,260.20 | ' | -99,432.70 | ' |
Net cash from operating activities | -926.2 | -0.4 | -3,240 | ' |
Net cash from investing activities | 0 | 0 | 0 | ' |
Net cash from financing activities | 926.2 | 0.4 | 3,240 | ' |
Consolidating Adjustments [Member] | As previously reported [Member] | ' | ' | ' | ' |
Net revenues | ' | ' | 0 | ' |
Operating income | ' | ' | 0 | ' |
Net earnings (loss) | ' | ' | -4,148.80 | ' |
Net earnings attributable to Ingersoll-Rand plc | ' | ' | -4,145.80 | ' |
Total assets | ' | ' | -120,641.90 | ' |
Total liabilities | ' | ' | -21,151.60 | ' |
Total equity | ' | ' | -99,490.30 | ' |
Net cash from operating activities | ' | ' | -3,316.60 | ' |
Net cash from investing activities | ' | ' | 0 | ' |
Net cash from financing activities | ' | ' | 3,240 | ' |
Consolidating Adjustments [Member] | As revised [Member] | ' | ' | ' | ' |
Net revenues | ' | ' | 0 | ' |
Operating income | ' | ' | 0 | ' |
Net earnings (loss) | ' | ' | -4,091.30 | ' |
Net earnings attributable to Ingersoll-Rand plc | ' | ' | -4,088.30 | ' |
Total assets | ' | ' | -141,710.50 | ' |
Total liabilities | ' | ' | -42,277.80 | ' |
Total equity | ' | ' | -99,432.70 | ' |
Net cash from operating activities | ' | ' | -3,240 | ' |
Net cash from investing activities | ' | ' | 0 | ' |
Net cash from financing activities | ' | ' | 3,240 | ' |
Consolidating Adjustments [Member] | Adjustment [Member] | ' | ' | ' | ' |
Net revenues | ' | ' | 0 | ' |
Operating income | ' | ' | 0 | ' |
Net earnings (loss) | ' | ' | 57.5 | ' |
Net earnings attributable to Ingersoll-Rand plc | ' | ' | 57.5 | ' |
Total assets | ' | ' | -21,068.60 | ' |
Total liabilities | ' | ' | -21,126.20 | ' |
Total equity | ' | ' | 57.6 | ' |
Net cash from operating activities | ' | ' | 76.6 | ' |
Net cash from investing activities | ' | ' | 0 | ' |
Net cash from financing activities | ' | ' | $0 | ' |
Guarantor_Financial_Informatio4
Guarantor Financial Information (Condensed Consolidating Statements of Comprehensive Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ||
Net revenues | $2,722.90 | $2,639 | $12,350.50 | ||
Cost of goods sold | -1,954.80 | -1,912.60 | -8,722.30 | ||
Selling and administrative expenses | -613.1 | -606.4 | -2,523.20 | ||
Operating income | 155 | 120 | 1,105 | ||
Equity earnings (loss) in affiliates, net of tax | 0 | 0 | 0 | ||
Interest expense | -52 | -60.6 | -278.8 | ||
Intercompany interest and fees | 0 | 0 | 0 | ||
Other, net | 2.2 | 0.5 | 3.4 | ||
Earnings before income taxes | 105.2 | 59.9 | 829.6 | ||
Benefit (provision) for income taxes | -24.5 | -4.5 | -189 | ||
Earnings from continuing operations | 80.7 | 55.4 | 640.6 | ||
Discontinued operations, net of tax | 2.9 | [1] | 39.2 | [1] | 13.3 |
Net earnings | 83.6 | 94.6 | 653.9 | ||
Less: Net earnings attributable to noncontrolling interests | -4.6 | -6.6 | -35.1 | ||
Net earnings attributable to Ingersoll-Rand plc | 79 | 88 | 618.8 | ||
Total comprehensive income (loss) | 48.9 | 9.6 | 951.9 | ||
Less: Total comprehensive (income) loss attributable to noncontrolling interests | -5.9 | -7.8 | -38.4 | ||
Total comprehensive income (loss) attributable to Ingersoll-Rand plc | 43 | 1.8 | 913.5 | ||
IR Ireland [Member] | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ||
Net revenues | 0 | 0 | 0 | ||
Cost of goods sold | 0 | 0 | 0.7 | ||
Selling and administrative expenses | -2.1 | -2.6 | -60 | ||
Operating income | -2.1 | -2.6 | -59.3 | ||
Equity earnings (loss) in affiliates, net of tax | 85 | 92.6 | 696.2 | ||
Interest expense | 0 | 0 | 0 | ||
Intercompany interest and fees | -4 | -3 | -14.1 | ||
Other, net | 0.2 | 0.3 | -3.9 | ||
Earnings before income taxes | 79.1 | 87.3 | 618.9 | ||
Benefit (provision) for income taxes | 0 | 0.7 | -0.3 | ||
Earnings from continuing operations | 79.1 | 88 | 618.6 | ||
Discontinued operations, net of tax | -0.1 | 0 | 0.2 | ||
Net earnings | 79 | 88 | 618.8 | ||
Less: Net earnings attributable to noncontrolling interests | 0 | 0 | 0 | ||
Net earnings attributable to Ingersoll-Rand plc | 79 | 88 | 618.8 | ||
Total comprehensive income (loss) | 43 | 1.7 | 913.5 | ||
Less: Total comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | ||
Total comprehensive income (loss) attributable to Ingersoll-Rand plc | 43 | 1.7 | 913.5 | ||
IR Limited [Member] | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ||
Net revenues | 0 | 0 | 0 | ||
Cost of goods sold | 0 | 0 | 0 | ||
Selling and administrative expenses | 0 | 0 | -0.1 | ||
Operating income | 0 | 0 | -0.1 | ||
Equity earnings (loss) in affiliates, net of tax | 86 | 92.6 | 696.7 | ||
Interest expense | 0 | 0 | 0 | ||
Intercompany interest and fees | -0.9 | 0 | -0.4 | ||
Other, net | 0 | 0 | 0 | ||
Earnings before income taxes | 85.1 | 92.6 | 696.2 | ||
Benefit (provision) for income taxes | 0 | 0 | 0 | ||
Earnings from continuing operations | 85.1 | 92.6 | 696.2 | ||
Discontinued operations, net of tax | 0 | 0 | 0 | ||
Net earnings | 85.1 | 92.6 | 696.2 | ||
Less: Net earnings attributable to noncontrolling interests | 0 | 0 | 0 | ||
Net earnings attributable to Ingersoll-Rand plc | 85.1 | 92.6 | 696.2 | ||
Total comprehensive income (loss) | 49.1 | 6.3 | 1,050.30 | ||
Less: Total comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0.4 | ||
Total comprehensive income (loss) attributable to Ingersoll-Rand plc | 49.1 | 6.3 | 1,050.70 | ||
IR International [Member] | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ||
Net revenues | 0 | 0 | 0 | ||
Cost of goods sold | 0 | 0 | 0 | ||
Selling and administrative expenses | 0 | 0 | 0 | ||
Operating income | 0 | 0 | 0 | ||
Equity earnings (loss) in affiliates, net of tax | 90.7 | 108.3 | 791 | ||
Interest expense | -4 | -4 | -15.8 | ||
Intercompany interest and fees | -5.7 | -8.8 | -33.8 | ||
Other, net | 3.7 | 0.6 | 1.6 | ||
Earnings before income taxes | 84.7 | 96.1 | 743 | ||
Benefit (provision) for income taxes | 0 | 0 | 0 | ||
Earnings from continuing operations | 84.7 | 96.1 | 743 | ||
Discontinued operations, net of tax | 0 | 0 | 0 | ||
Net earnings | 84.7 | 96.1 | 743 | ||
Less: Net earnings attributable to noncontrolling interests | 0 | 0 | 0 | ||
Net earnings attributable to Ingersoll-Rand plc | 84.7 | 96.1 | 743 | ||
Total comprehensive income (loss) | 85 | 96.4 | 744.2 | ||
Less: Total comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | ||
Total comprehensive income (loss) attributable to Ingersoll-Rand plc | 85 | 96.4 | 744.2 | ||
IR Global [Member] | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ||
Net revenues | 0 | 0 | 0 | ||
Cost of goods sold | 0 | 0 | 0 | ||
Selling and administrative expenses | -0.1 | -0.4 | -1.1 | ||
Operating income | -0.1 | -0.4 | -1.1 | ||
Equity earnings (loss) in affiliates, net of tax | -19.5 | 153.9 | 1,008 | ||
Interest expense | -32 | -39.7 | -196.4 | ||
Intercompany interest and fees | -1.1 | -9.6 | -34 | ||
Other, net | 0 | 0.3 | 0.8 | ||
Earnings before income taxes | -52.7 | 104.5 | 777.3 | ||
Benefit (provision) for income taxes | 7.8 | 0 | 0 | ||
Earnings from continuing operations | -44.9 | 104.5 | 777.3 | ||
Discontinued operations, net of tax | 0 | 0 | 0 | ||
Net earnings | -44.9 | 104.5 | 777.3 | ||
Less: Net earnings attributable to noncontrolling interests | 0 | 0 | 0 | ||
Net earnings attributable to Ingersoll-Rand plc | -44.9 | 104.5 | 777.3 | ||
Total comprehensive income (loss) | -44.8 | 95.1 | 789 | ||
Less: Total comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | ||
Total comprehensive income (loss) attributable to Ingersoll-Rand plc | -44.8 | 95.1 | 789 | ||
IR New Jersey [Member] | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ||
Net revenues | 229.8 | 225.5 | 922.1 | ||
Cost of goods sold | -133.5 | -136.9 | -564.9 | ||
Selling and administrative expenses | -106.3 | -90.9 | -355.9 | ||
Operating income | -10 | -2.3 | 1.3 | ||
Equity earnings (loss) in affiliates, net of tax | 9.4 | 38.2 | 152.4 | ||
Interest expense | -12.3 | -12.6 | -76.2 | ||
Intercompany interest and fees | -24.8 | -0.5 | -13.7 | ||
Other, net | 13.9 | -2.7 | 137.4 | ||
Earnings before income taxes | -23.8 | 20.1 | 201.2 | ||
Benefit (provision) for income taxes | 3.7 | 7.3 | -1.3 | ||
Earnings from continuing operations | -20.1 | 27.4 | 199.9 | ||
Discontinued operations, net of tax | -6.5 | -25.9 | -198.9 | ||
Net earnings | -26.6 | 1.5 | 1 | ||
Less: Net earnings attributable to noncontrolling interests | 0 | 0 | 0 | ||
Net earnings attributable to Ingersoll-Rand plc | -26.6 | 1.5 | 1 | ||
Total comprehensive income (loss) | 166.9 | 6.9 | 399.6 | ||
Less: Total comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | ||
Total comprehensive income (loss) attributable to Ingersoll-Rand plc | 166.9 | 6.9 | 399.6 | ||
Other Subsidiaries [Member] | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ||
Net revenues | 2,493.10 | 2,413.50 | 11,428.40 | ||
Cost of goods sold | -1,821.30 | -1,775.70 | -8,158.10 | ||
Selling and administrative expenses | -504.6 | -512.5 | -2,106.10 | ||
Operating income | 167.2 | 125.3 | 1,164.20 | ||
Equity earnings (loss) in affiliates, net of tax | 57.9 | 97.9 | 743.9 | ||
Interest expense | -3.7 | -4.3 | 9.6 | ||
Intercompany interest and fees | 36.5 | 21.9 | 96 | ||
Other, net | -15.6 | 12 | -129.4 | ||
Earnings before income taxes | 242.3 | 252.8 | 1,884.30 | ||
Benefit (provision) for income taxes | -36 | -12.5 | -187.4 | ||
Earnings from continuing operations | 206.3 | 240.3 | 1,696.90 | ||
Discontinued operations, net of tax | 9.5 | 65.1 | 212 | ||
Net earnings | 215.8 | 305.4 | 1,908.90 | ||
Less: Net earnings attributable to noncontrolling interests | -4.5 | -16.6 | -38.1 | ||
Net earnings attributable to Ingersoll-Rand plc | 211.3 | 288.8 | 1,870.80 | ||
Total comprehensive income (loss) | -12.4 | 228.2 | 1,855.20 | ||
Less: Total comprehensive (income) loss attributable to noncontrolling interests | -5.8 | -17.8 | -41.8 | ||
Total comprehensive income (loss) attributable to Ingersoll-Rand plc | -18.2 | 210.4 | 1,813.40 | ||
Consolidating Adjustments [Member] | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ||
Net revenues | 0 | 0 | 0 | ||
Cost of goods sold | 0 | 0 | 0 | ||
Selling and administrative expenses | 0 | 0 | 0 | ||
Operating income | 0 | 0 | 0 | ||
Equity earnings (loss) in affiliates, net of tax | -309.5 | -583.5 | -4,088.20 | ||
Interest expense | 0 | 0 | 0 | ||
Intercompany interest and fees | 0 | 0 | 0 | ||
Other, net | 0 | -10 | -3.1 | ||
Earnings before income taxes | -309.5 | -593.5 | -4,091.30 | ||
Benefit (provision) for income taxes | 0 | 0 | 0 | ||
Earnings from continuing operations | -309.5 | -593.5 | -4,091.30 | ||
Discontinued operations, net of tax | 0 | 0 | 0 | ||
Net earnings | -309.5 | -593.5 | -4,091.30 | ||
Less: Net earnings attributable to noncontrolling interests | -0.1 | 10 | 3 | ||
Net earnings attributable to Ingersoll-Rand plc | -309.6 | -583.5 | -4,088.30 | ||
Total comprehensive income (loss) | -237.9 | -425 | -4,799.90 | ||
Less: Total comprehensive (income) loss attributable to noncontrolling interests | -0.1 | 10 | 3 | ||
Total comprehensive income (loss) attributable to Ingersoll-Rand plc | ($238) | ($415) | ($4,796.90) | ||
[1] | Included in Allegion, net of tax for the three months ended March 31, 2013 are spin costs of |
Guarantor_Financial_Informatio5
Guarantor Financial Information (Condensed Consolidating Balance Sheets) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $897.90 | $1,937.20 | $659.20 | $708.40 |
Accounts and notes receivable, net | 2,086.10 | 2,071.50 | ' | ' |
Inventories | 1,348.40 | 1,166.10 | ' | ' |
Other current assets | 554 | 541.9 | ' | ' |
Accounts and notes receivable affiliates | 0 | 0 | ' | ' |
Total current assets | 4,886.40 | 5,716.70 | ' | ' |
Investment in affiliates | 0 | 0 | ' | ' |
Property, plant and equipment, net | 1,468.30 | 1,468.40 | ' | ' |
Intangible assets, net | 9,422 | 9,462.60 | ' | ' |
Other noncurrent assets | 997.3 | 1,010.40 | ' | ' |
Total assets | 16,774 | 17,658.10 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and accruals | 3,028.70 | 3,040.90 | ' | ' |
Short-term borrowings and current maturities of long-term debt | 373.9 | 367.7 | ' | ' |
Accounts and note payable affiliates | 0 | 0 | ' | ' |
Total current liabilities | 3,402.60 | 3,408.60 | ' | ' |
Long-term debt | 3,152.30 | 3,153.50 | ' | ' |
Other noncurrent liabilities | 3,869.40 | 3,964.70 | ' | ' |
Total liabilities | 10,424.30 | 10,526.80 | ' | ' |
Equity: | ' | ' | ' | ' |
Total equity | 6,349.70 | 7,131.30 | 7,347.50 | 7,229.30 |
Total liabilities and equity | 16,774 | 17,658.10 | ' | ' |
IR Ireland [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts and notes receivable, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Other current assets | 0.3 | 0.1 | ' | ' |
Accounts and notes receivable affiliates | 296.5 | 1,086.90 | ' | ' |
Total current assets | 296.8 | 1,087 | ' | ' |
Investment in affiliates | 8,770.20 | 8,697.80 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Other noncurrent assets | 0 | 0 | ' | ' |
Total assets | 9,067 | 9,784.80 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and accruals | 7.5 | 30.6 | ' | ' |
Short-term borrowings and current maturities of long-term debt | 0 | 0 | ' | ' |
Accounts and note payable affiliates | 2,774.30 | 2,685.30 | ' | ' |
Total current liabilities | 2,781.80 | 2,715.90 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Other noncurrent liabilities | 0 | 0 | ' | ' |
Total liabilities | 2,781.80 | 2,715.90 | ' | ' |
Equity: | ' | ' | ' | ' |
Total equity | 6,285.20 | 7,068.90 | ' | ' |
Total liabilities and equity | 9,067 | 9,784.80 | ' | ' |
IR Global [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 975.3 | 0 | 61.9 |
Accounts and notes receivable, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Other current assets | 23.9 | 0.2 | ' | ' |
Accounts and notes receivable affiliates | 0.8 | 1,496.60 | ' | ' |
Total current assets | 24.7 | 2,472.10 | ' | ' |
Investment in affiliates | 6,214.30 | 7,144.50 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Other noncurrent assets | 199.7 | 18.8 | ' | ' |
Total assets | 6,438.70 | 9,635.40 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and accruals | 25.9 | 27.5 | ' | ' |
Short-term borrowings and current maturities of long-term debt | 0 | 0 | ' | ' |
Accounts and note payable affiliates | 41.9 | 5,982.20 | ' | ' |
Total current liabilities | 67.8 | 6,009.70 | ' | ' |
Long-term debt | 2,295.80 | 2,295.70 | ' | ' |
Other noncurrent liabilities | 0 | 0 | ' | ' |
Total liabilities | 2,363.60 | 8,305.40 | ' | ' |
Equity: | ' | ' | ' | ' |
Total equity | 4,075.10 | 1,330 | ' | ' |
Total liabilities and equity | 6,438.70 | 9,635.40 | ' | ' |
IR Limited [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts and notes receivable, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Accounts and notes receivable affiliates | 309.6 | 309.6 | ' | ' |
Total current assets | 309.6 | 309.6 | ' | ' |
Investment in affiliates | 9,574.30 | 13,696 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Other noncurrent assets | 0 | -4.3 | ' | ' |
Total assets | 9,883.90 | 14,001.30 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and accruals | 0 | 0 | ' | ' |
Short-term borrowings and current maturities of long-term debt | 0 | 0 | ' | ' |
Accounts and note payable affiliates | 3,794.40 | 3,780.60 | ' | ' |
Total current liabilities | 3,794.40 | 3,780.60 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Other noncurrent liabilities | 0 | 0 | ' | ' |
Total liabilities | 3,794.40 | 3,780.60 | ' | ' |
Equity: | ' | ' | ' | ' |
Total equity | 6,089.50 | 10,220.70 | ' | ' |
Total liabilities and equity | 9,883.90 | 14,001.30 | ' | ' |
IR International [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0.2 | 0 | 0 | 0 |
Accounts and notes receivable, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Accounts and notes receivable affiliates | 8,452.70 | 2.3 | ' | ' |
Total current assets | 8,452.90 | 2.3 | ' | ' |
Investment in affiliates | 2,511.30 | 11,339 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Other noncurrent assets | 0.2 | 0.3 | ' | ' |
Total assets | 10,964.40 | 11,341.60 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and accruals | 5.3 | 12.1 | ' | ' |
Short-term borrowings and current maturities of long-term debt | 0 | 0 | ' | ' |
Accounts and note payable affiliates | 0 | 4,803.30 | ' | ' |
Total current liabilities | 5.3 | 4,815.40 | ' | ' |
Long-term debt | 299.8 | 299.8 | ' | ' |
Other noncurrent liabilities | 3.8 | 3.8 | ' | ' |
Total liabilities | 308.9 | 5,119 | ' | ' |
Equity: | ' | ' | ' | ' |
Total equity | 10,655.50 | 6,222.60 | ' | ' |
Total liabilities and equity | 10,964.40 | 11,341.60 | ' | ' |
IR New Jersey [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 21.2 | 59.6 | 91.4 | 59.1 |
Accounts and notes receivable, net | 138.5 | 149.4 | ' | ' |
Inventories | 67.3 | 70.5 | ' | ' |
Other current assets | 122.4 | 127.6 | ' | ' |
Accounts and notes receivable affiliates | 9,200.30 | 11,683.70 | ' | ' |
Total current assets | 9,549.70 | 12,090.80 | ' | ' |
Investment in affiliates | 14,232.30 | 15,923.40 | ' | ' |
Property, plant and equipment, net | 297.1 | 293.3 | ' | ' |
Intangible assets, net | 62.9 | 85.7 | ' | ' |
Other noncurrent assets | 673 | 298.2 | ' | ' |
Total assets | 24,815 | 28,691.40 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and accruals | 453 | 440.8 | ' | ' |
Short-term borrowings and current maturities of long-term debt | 350.5 | 350.5 | ' | ' |
Accounts and note payable affiliates | 18,558.20 | 16,217.40 | ' | ' |
Total current liabilities | 19,361.70 | 17,008.70 | ' | ' |
Long-term debt | 357.2 | 357.2 | ' | ' |
Other noncurrent liabilities | 1,280.20 | 877.3 | ' | ' |
Total liabilities | 20,999.10 | 18,243.20 | ' | ' |
Equity: | ' | ' | ' | ' |
Total equity | 3,815.90 | 10,448.20 | ' | ' |
Total liabilities and equity | 24,815 | 28,691.40 | ' | ' |
Other Subsidiaries [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 876.5 | 902.3 | 567.8 | 587.4 |
Accounts and notes receivable, net | 1,947.60 | 1,922.10 | ' | ' |
Inventories | 1,281.10 | 1,095.60 | ' | ' |
Other current assets | 407.4 | 414 | ' | ' |
Accounts and notes receivable affiliates | 23,425.50 | 27,616.60 | ' | ' |
Total current assets | 27,938.10 | 31,950.60 | ' | ' |
Investment in affiliates | 3,474.20 | 42,714.10 | ' | ' |
Property, plant and equipment, net | 1,171.20 | 1,175.10 | ' | ' |
Intangible assets, net | 9,359.10 | 9,376.90 | ' | ' |
Other noncurrent assets | 677.7 | 697.4 | ' | ' |
Total assets | 42,620.30 | 85,914.10 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and accruals | 2,537 | 2,529.90 | ' | ' |
Short-term borrowings and current maturities of long-term debt | 23.4 | 17.2 | ' | ' |
Accounts and note payable affiliates | 16,598 | 8,809 | ' | ' |
Total current liabilities | 19,158.40 | 11,356.10 | ' | ' |
Long-term debt | 199.5 | 200.8 | ' | ' |
Other noncurrent liabilities | 7,573.70 | 3,083.60 | ' | ' |
Total liabilities | 26,931.60 | 14,640.50 | ' | ' |
Equity: | ' | ' | ' | ' |
Total equity | 15,688.70 | 71,273.60 | ' | ' |
Total liabilities and equity | 42,620.30 | 85,914.10 | ' | ' |
Consolidating Adjustments [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts and notes receivable, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Accounts and notes receivable affiliates | -41,685.40 | -42,195.70 | ' | ' |
Total current assets | -41,685.40 | -42,195.70 | ' | ' |
Investment in affiliates | -44,776.60 | -99,514.80 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Other noncurrent assets | -553.3 | 0 | ' | ' |
Total assets | -87,015.30 | -141,710.50 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and accruals | 0 | 0 | ' | ' |
Short-term borrowings and current maturities of long-term debt | 0 | 0 | ' | ' |
Accounts and note payable affiliates | -41,766.80 | -42,277.80 | ' | ' |
Total current liabilities | -41,766.80 | -42,277.80 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Other noncurrent liabilities | -4,988.30 | 0 | ' | ' |
Total liabilities | -46,755.10 | -42,277.80 | ' | ' |
Equity: | ' | ' | ' | ' |
Total equity | -40,260.20 | -99,432.70 | ' | ' |
Total liabilities and equity | ($87,015.30) | ($141,710.50) | ' | ' |
Guarantor_Financial_Informatio6
Guarantor Financial Information (Condensed Consolidating Statements of Cash Flows) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by (used in) continuing operating activities | ($84.80) | ($17.20) | $877.70 |
Net cash provided by (used in) discontinued operating activities | -41.2 | 9.2 | 292.7 |
Net cash provided by (used in) operating activities | -126 | -8 | 1,170.40 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | -50.5 | -67.1 | -242.2 |
Acquisition of businesses, net of cash acquired | -7 | 0 | ' |
Proceeds from sale of property, plant and equipment | 5.3 | 4.2 | 24.3 |
Proceeds from business dispositions, net of cash sold | ' | ' | 4.7 |
Net cash provided by (used in) continuing investing activities | -52.2 | -62.9 | -213.2 |
Net cash provided by (used in) discontinued investing activities | 0 | -4.3 | -2.2 |
Net cash provided by (used in) investing activities | -52.2 | -67.2 | -215.4 |
Cash flows from financing activities: | ' | ' | ' |
Net proceeds (repayments) in debt | 4.4 | 2.4 | 291.7 |
Debt issuance costs | -2.2 | 0 | -13.2 |
Excess tax benefit from share based compensation | ' | ' | 19.5 |
Net inter-company proceeds (payments) | 0 | 0 | 0 |
Dividends paid to ordinary shareholders | -65.8 | -62.8 | -245.5 |
Dividends paid to noncontrolling interests | -3.8 | 0 | -12.4 |
Proceeds from shares issued under incentive plans | 3.5 | 90.7 | 253 |
Repurchase of ordinary shares | -787.7 | 0 | -1,213.20 |
Transfer from Allegion | ' | ' | 1,274.20 |
Net cash provided by (used in) continuing financing activities | -851.6 | 30.3 | 354.1 |
Net cash provided by (used in) discontinued financing activities | 0 | -3.7 | -7.5 |
Net cash provided by (used in) financing activities | -851.6 | 26.6 | 346.6 |
Effect of exchange rate changes on cash and cash equivalents | -9.5 | -0.6 | -72.8 |
Net increase (decrease) in cash and cash equivalents | -1,039.30 | -49.2 | 1,228.80 |
Cash and cash equivalents - beginning of period | 1,937.20 | 708.4 | 708.4 |
Cash and cash equivalents - end of period | 897.9 | 659.2 | 1,937.20 |
IR Ireland [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by (used in) continuing operating activities | -1.9 | -2.3 | -63.2 |
Net cash provided by (used in) discontinued operating activities | 0 | 0 | 0 |
Net cash provided by (used in) operating activities | -1.9 | -2.3 | -63.2 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | 0 | 0 | 0 |
Acquisition of businesses, net of cash acquired | 0 | ' | ' |
Proceeds from sale of property, plant and equipment | 0 | 0 | 0 |
Proceeds from business dispositions, net of cash sold | ' | ' | 0 |
Net cash provided by (used in) continuing investing activities | 0 | 0 | 0 |
Net cash provided by (used in) discontinued investing activities | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | 0 | 0 | 0 |
Cash flows from financing activities: | ' | ' | ' |
Net proceeds (repayments) in debt | 0 | 0 | 0 |
Debt issuance costs | 0 | ' | 0 |
Excess tax benefit from share based compensation | ' | ' | 19.5 |
Net inter-company proceeds (payments) | 851.9 | -25.6 | -24.8 |
Dividends paid to ordinary shareholders | -65.8 | -62.8 | -245.5 |
Dividends paid to noncontrolling interests | 0 | ' | 0 |
Proceeds from shares issued under incentive plans | 3.5 | 90.7 | 253 |
Repurchase of ordinary shares | -787.7 | ' | -1,213.20 |
Transfer from Allegion | ' | ' | 1,274.20 |
Net cash provided by (used in) continuing financing activities | 1.9 | 2.3 | 63.2 |
Net cash provided by (used in) discontinued financing activities | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 1.9 | 2.3 | 63.2 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 | 0 |
Cash and cash equivalents - end of period | 0 | 0 | 0 |
IR Limited [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by (used in) continuing operating activities | 0 | 0 | -0.1 |
Net cash provided by (used in) discontinued operating activities | 0 | 0 | 0 |
Net cash provided by (used in) operating activities | 0 | 0 | -0.1 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | 0 | 0 | 0 |
Acquisition of businesses, net of cash acquired | 0 | ' | ' |
Proceeds from sale of property, plant and equipment | 0 | 0 | 0 |
Proceeds from business dispositions, net of cash sold | ' | ' | 0 |
Net cash provided by (used in) continuing investing activities | 0 | 0 | 0 |
Net cash provided by (used in) discontinued investing activities | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | 0 | 0 | 0 |
Cash flows from financing activities: | ' | ' | ' |
Net proceeds (repayments) in debt | 0 | 0 | 0 |
Debt issuance costs | 0 | ' | 0 |
Excess tax benefit from share based compensation | ' | ' | 0 |
Net inter-company proceeds (payments) | 0 | 0 | 1,274.30 |
Dividends paid to ordinary shareholders | 0 | 0 | -1,274.20 |
Dividends paid to noncontrolling interests | 0 | ' | 0 |
Proceeds from shares issued under incentive plans | 0 | 0 | 0 |
Repurchase of ordinary shares | 0 | ' | 0 |
Transfer from Allegion | ' | ' | 0 |
Net cash provided by (used in) continuing financing activities | 0 | 0 | 0.1 |
Net cash provided by (used in) discontinued financing activities | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 0 | 0 | 0.1 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 | 0 |
Cash and cash equivalents - end of period | 0 | 0 | 0 |
IR International [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by (used in) continuing operating activities | -0.3 | -3.4 | -14.2 |
Net cash provided by (used in) discontinued operating activities | 0 | 0 | 0 |
Net cash provided by (used in) operating activities | -0.3 | -3.4 | -14.2 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | 0 | 0 | 0 |
Acquisition of businesses, net of cash acquired | 0 | ' | ' |
Proceeds from sale of property, plant and equipment | 0 | 0 | 0 |
Proceeds from business dispositions, net of cash sold | ' | ' | 0 |
Net cash provided by (used in) continuing investing activities | 0 | 0 | 0 |
Net cash provided by (used in) discontinued investing activities | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | 0 | 0 | 0 |
Cash flows from financing activities: | ' | ' | ' |
Net proceeds (repayments) in debt | 0 | 0 | 0 |
Debt issuance costs | 0 | ' | 0 |
Excess tax benefit from share based compensation | ' | ' | 0 |
Net inter-company proceeds (payments) | 0.5 | 3.4 | 699.7 |
Dividends paid to ordinary shareholders | 0 | 0 | -685.5 |
Dividends paid to noncontrolling interests | 0 | ' | 0 |
Proceeds from shares issued under incentive plans | 0 | 0 | 0 |
Repurchase of ordinary shares | 0 | ' | 0 |
Transfer from Allegion | ' | ' | 0 |
Net cash provided by (used in) continuing financing activities | 0.5 | 3.4 | 14.2 |
Net cash provided by (used in) discontinued financing activities | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 0.5 | 3.4 | 14.2 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0.2 | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 | 0 |
Cash and cash equivalents - end of period | 0.2 | 0 | 0 |
IR Global [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by (used in) continuing operating activities | -32.1 | -39.8 | -196.7 |
Net cash provided by (used in) discontinued operating activities | 0 | 0 | 0 |
Net cash provided by (used in) operating activities | -32.1 | -39.8 | -196.7 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | 0 | 0 | 0 |
Acquisition of businesses, net of cash acquired | 0 | ' | ' |
Proceeds from sale of property, plant and equipment | 0 | 0 | 0 |
Proceeds from business dispositions, net of cash sold | ' | ' | 0 |
Net cash provided by (used in) continuing investing activities | 0 | 0 | 0 |
Net cash provided by (used in) discontinued investing activities | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | 0 | 0 | 0 |
Cash flows from financing activities: | ' | ' | ' |
Net proceeds (repayments) in debt | 0 | 0 | 291.2 |
Debt issuance costs | -2.2 | ' | -13.2 |
Excess tax benefit from share based compensation | ' | ' | 0 |
Net inter-company proceeds (payments) | -941 | -22.1 | 2,106.30 |
Dividends paid to ordinary shareholders | 0 | 0 | -1,274.20 |
Dividends paid to noncontrolling interests | 0 | ' | 0 |
Proceeds from shares issued under incentive plans | 0 | 0 | 0 |
Repurchase of ordinary shares | 0 | ' | 0 |
Transfer from Allegion | ' | ' | 0 |
Net cash provided by (used in) continuing financing activities | -943.2 | -22.1 | 1,110.10 |
Net cash provided by (used in) discontinued financing activities | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | -943.2 | -22.1 | 1,110.10 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | -975.3 | -61.9 | 913.4 |
Cash and cash equivalents - beginning of period | 975.3 | 61.9 | 61.9 |
Cash and cash equivalents - end of period | 0 | 0 | 975.3 |
IR New Jersey [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by (used in) continuing operating activities | 197.2 | -178.7 | -170.5 |
Net cash provided by (used in) discontinued operating activities | -42.6 | -25.9 | -112.2 |
Net cash provided by (used in) operating activities | 154.6 | -204.6 | -282.7 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | -21.6 | -20.8 | -80.1 |
Acquisition of businesses, net of cash acquired | 0 | ' | ' |
Proceeds from sale of property, plant and equipment | 1.3 | 0.2 | 1.9 |
Proceeds from business dispositions, net of cash sold | ' | ' | 0 |
Net cash provided by (used in) continuing investing activities | -20.3 | -20.6 | -78.2 |
Net cash provided by (used in) discontinued investing activities | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | -20.3 | -20.6 | -78.2 |
Cash flows from financing activities: | ' | ' | ' |
Net proceeds (repayments) in debt | 0 | 0 | -6.7 |
Debt issuance costs | 0 | ' | 0 |
Excess tax benefit from share based compensation | ' | ' | 0 |
Net inter-company proceeds (payments) | 561.4 | 257.5 | 368.1 |
Dividends paid to ordinary shareholders | -734.1 | 0 | 0 |
Dividends paid to noncontrolling interests | 0 | ' | 0 |
Proceeds from shares issued under incentive plans | 0 | 0 | 0 |
Repurchase of ordinary shares | 0 | ' | 0 |
Transfer from Allegion | ' | ' | 0 |
Net cash provided by (used in) continuing financing activities | -172.7 | 257.5 | 361.4 |
Net cash provided by (used in) discontinued financing activities | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | -172.7 | 257.5 | 361.4 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | -38.4 | 32.3 | 0.5 |
Cash and cash equivalents - beginning of period | 59.6 | 59.1 | 59.1 |
Cash and cash equivalents - end of period | 21.2 | 91.4 | 59.6 |
Other Subsidiaries [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by (used in) continuing operating activities | 678.5 | 207.4 | 4,562.40 |
Net cash provided by (used in) discontinued operating activities | 1.4 | 35.1 | 404.9 |
Net cash provided by (used in) operating activities | 679.9 | 242.5 | 4,967.30 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | -28.9 | -46.3 | -162.1 |
Acquisition of businesses, net of cash acquired | -7 | ' | ' |
Proceeds from sale of property, plant and equipment | 4 | 4 | 22.4 |
Proceeds from business dispositions, net of cash sold | ' | ' | 4.7 |
Net cash provided by (used in) continuing investing activities | -31.9 | -42.3 | -135 |
Net cash provided by (used in) discontinued investing activities | 0 | -4.3 | -2.2 |
Net cash provided by (used in) investing activities | -31.9 | -46.6 | -137.2 |
Cash flows from financing activities: | ' | ' | ' |
Net proceeds (repayments) in debt | 4.4 | 2.4 | 7.2 |
Debt issuance costs | 0 | ' | 0 |
Excess tax benefit from share based compensation | ' | ' | 0 |
Net inter-company proceeds (payments) | -472.9 | -213.2 | -4,423.60 |
Dividends paid to ordinary shareholders | -192 | -0.4 | -1.2 |
Dividends paid to noncontrolling interests | -3.8 | ' | -12.4 |
Proceeds from shares issued under incentive plans | 0 | 0 | 0 |
Repurchase of ordinary shares | 0 | ' | 0 |
Transfer from Allegion | ' | ' | 0 |
Net cash provided by (used in) continuing financing activities | -664.3 | -211.2 | -4,430 |
Net cash provided by (used in) discontinued financing activities | 0 | -3.7 | -12.4 |
Net cash provided by (used in) financing activities | -664.3 | -214.9 | -4,442.40 |
Effect of exchange rate changes on cash and cash equivalents | -9.5 | -0.6 | -72.8 |
Net increase (decrease) in cash and cash equivalents | -25.8 | -19.6 | 314.9 |
Cash and cash equivalents - beginning of period | 902.3 | 587.4 | 587.4 |
Cash and cash equivalents - end of period | 876.5 | 567.8 | 902.3 |
Consolidating Adjustments [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by (used in) continuing operating activities | -926.2 | -0.4 | -3,240 |
Net cash provided by (used in) discontinued operating activities | 0 | 0 | 0 |
Net cash provided by (used in) operating activities | -926.2 | -0.4 | -3,240 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | 0 | 0 | 0 |
Acquisition of businesses, net of cash acquired | 0 | ' | ' |
Proceeds from sale of property, plant and equipment | 0 | 0 | 0 |
Proceeds from business dispositions, net of cash sold | ' | ' | 0 |
Net cash provided by (used in) continuing investing activities | 0 | 0 | 0 |
Net cash provided by (used in) discontinued investing activities | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | 0 | 0 | 0 |
Cash flows from financing activities: | ' | ' | ' |
Net proceeds (repayments) in debt | 0 | 0 | 0 |
Debt issuance costs | 0 | ' | 0 |
Excess tax benefit from share based compensation | ' | ' | 0 |
Net inter-company proceeds (payments) | 0.1 | 0 | 0 |
Dividends paid to ordinary shareholders | 926.1 | 0.4 | 3,235.10 |
Dividends paid to noncontrolling interests | 0 | ' | 0 |
Proceeds from shares issued under incentive plans | 0 | 0 | 0 |
Repurchase of ordinary shares | 0 | ' | 0 |
Transfer from Allegion | ' | ' | 0 |
Net cash provided by (used in) continuing financing activities | 926.2 | 0.4 | 3,235.10 |
Net cash provided by (used in) discontinued financing activities | 0 | 0 | 4.9 |
Net cash provided by (used in) financing activities | 926.2 | 0.4 | 3,240 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 | 0 |
Cash and cash equivalents - end of period | $0 | $0 | $0 |