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8-K Filing
Trane Technologies (TT) 8-KOther Events
Filed: 23 Oct 14, 12:00am
In millions | IR Ireland | IR Limited | IR International | IR Global | IR New Jersey | IR Lux | Other Subsidiaries | Consolidating Adjustments | IR Ireland Consolidated | ||||||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | — | $ | — | $ | 250.4 | $ | — | $ | 3,134.6 | $ | — | $ | 3,385.0 | |||||||||||||||||
Cost of goods sold | — | — | — | — | (165.5 | ) | — | (2,161.5 | ) | — | (2,327.0 | ) | |||||||||||||||||||||||
Selling and administrative expenses | (1.8 | ) | — | — | (0.1 | ) | (103.7 | ) | — | (512.4 | ) | — | (618.0 | ) | |||||||||||||||||||||
Operating income (loss) | (1.8 | ) | — | — | (0.1 | ) | (18.8 | ) | — | 460.7 | — | 440.0 | |||||||||||||||||||||||
Equity earnings (loss) in affiliates, net of tax | 297.5 | 298.9 | 301.9 | 140.6 | 217.3 | — | 437.6 | (1,693.8 | ) | — | |||||||||||||||||||||||||
Interest expense | — | — | (4.0 | ) | (32.0 | ) | (12.1 | ) | — | (4.2 | ) | — | (52.3 | ) | |||||||||||||||||||||
Intercompany interest and fees | (4.6 | ) | (0.8 | ) | (1.0 | ) | 0.1 | (60.7 | ) | — | 67.0 | — | — | ||||||||||||||||||||||
Other, net | — | — | — | — | (0.4 | ) | — | 10.0 | — | 9.6 | |||||||||||||||||||||||||
Earnings (loss) before income taxes | 291.1 | 298.1 | 296.9 | 108.6 | 125.3 | — | 971.1 | (1,693.8 | ) | 397.3 | |||||||||||||||||||||||||
Benefit (provision) for income taxes | 0.2 | — | — | 11.6 | 25.2 | — | (131.1 | ) | — | (94.1 | ) | ||||||||||||||||||||||||
Earnings (loss) from continuing operations | 291.3 | 298.1 | 296.9 | 120.2 | 150.5 | — | 840.0 | (1,693.8 | ) | 303.2 | |||||||||||||||||||||||||
Discontinued operations, net of tax | — | — | — | — | (9.6 | ) | — | 2.6 | — | (7.0 | ) | ||||||||||||||||||||||||
Net earnings (loss) | 291.3 | 298.1 | 296.9 | 120.2 | 140.9 | — | 842.6 | (1,693.8 | ) | 296.2 | |||||||||||||||||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | — | — | — | — | (4.9 | ) | — | (4.9 | ) | ||||||||||||||||||||||||
Net earnings (loss) attributable to Ingersoll-Rand plc | $ | 291.3 | $ | 298.1 | $ | 296.9 | $ | 120.2 | $ | 140.9 | $ | — | $ | 837.7 | $ | (1,693.8 | ) | $ | 291.3 | ||||||||||||||||
Total comprehensive income (loss) | 75.1 | 81.8 | 297.2 | 120.3 | 144.5 | — | 620.8 | (1,261.4 | ) | 78.3 | |||||||||||||||||||||||||
Less: Total comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | (3.2 | ) | — | (3.2 | ) | ||||||||||||||||||||||||
Total comprehensive income (loss) attributable to Ingersoll-Rand plc | $ | 75.1 | $ | 81.8 | $ | 297.2 | $ | 120.3 | $ | 144.5 | $ | — | $ | 617.6 | $ | (1,261.4 | ) | $ | 75.1 |
In millions | IR Ireland | IR Limited | IR International | IR Global | IR New Jersey | IR Lux | Other Subsidiaries | Consolidating Adjustments | IR Ireland Consolidated | ||||||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | — | $ | — | $ | 726.4 | $ | — | $ | 8,924.5 | $ | — | $ | 9,650.9 | |||||||||||||||||
Cost of goods sold | — | — | — | — | (450.9 | ) | — | (6,270.8 | ) | — | (6,721.7 | ) | |||||||||||||||||||||||
Selling and administrative expenses | (24.6 | ) | — | — | (0.5 | ) | (299.3 | ) | — | (1,546.4 | ) | — | (1,870.8 | ) | |||||||||||||||||||||
Operating income (loss) | (24.6 | ) | — | — | (0.5 | ) | (23.8 | ) | — | 1,107.3 | — | 1,058.4 | |||||||||||||||||||||||
Equity earnings (loss) in affiliates, net of tax | 712.8 | 720.0 | 732.3 | 325.2 | 503.7 | — | 1,032.9 | (4,026.9 | ) | — | |||||||||||||||||||||||||
Interest expense | — | — | (11.9 | ) | (95.9 | ) | (36.7 | ) | — | (12.8 | ) | — | (157.3 | ) | |||||||||||||||||||||
Intercompany interest and fees | (12.7 | ) | (2.6 | ) | (8.8 | ) | (0.9 | ) | (147.7 | ) | — | 172.7 | — | — | |||||||||||||||||||||
Other, net | 0.2 | — | 3.3 | — | 13.5 | — | 3.2 | — | 20.2 | ||||||||||||||||||||||||||
Earnings (loss) before income taxes | 675.7 | 717.4 | 714.9 | 227.9 | 309.0 | — | 2,303.3 | (4,026.9 | ) | 921.3 | |||||||||||||||||||||||||
Benefit (provision) for income taxes | 0.5 | (0.1 | ) | — | 31.1 | 44.1 | — | (298.1 | ) | — | (222.5 | ) | |||||||||||||||||||||||
Earnings (loss) from continuing operations | 676.2 | 717.3 | 714.9 | 259.0 | 353.1 | — | 2,005.2 | (4,026.9 | ) | 698.8 | |||||||||||||||||||||||||
Discontinued operations, net of tax | — | — | — | — | (34.8 | ) | — | 26.2 | — | (8.6 | ) | ||||||||||||||||||||||||
Net earnings (loss) | 676.2 | 717.3 | 714.9 | 259.0 | 318.3 | — | 2,031.4 | (4,026.9 | ) | 690.2 | |||||||||||||||||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | — | — | — | — | (14.0 | ) | — | (14.0 | ) | ||||||||||||||||||||||||
Net earnings (loss) attributable to Ingersoll-Rand plc | $ | 676.2 | $ | 717.3 | $ | 714.9 | $ | 259.0 | $ | 318.3 | $ | — | $ | 2,017.4 | $ | (4,026.9 | ) | $ | 676.2 | ||||||||||||||||
Total comprehensive income (loss) | 429.2 | 477.6 | 715.8 | 259.3 | 379.3 | — | 1,650.4 | (3,468.9 | ) | 442.7 | |||||||||||||||||||||||||
Less: Total comprehensive (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | (13.5 | ) | — | (13.5 | ) | ||||||||||||||||||||||||
Total comprehensive income (loss) attributable to Ingersoll-Rand plc | $ | 429.2 | $ | 477.6 | $ | 715.8 | $ | 259.3 | $ | 379.3 | $ | — | $ | 1,636.9 | $ | (3,468.9 | ) | $ | 429.2 |
In millions | IR Ireland | IR Limited | IR International | IR Global | IR New Jersey | IR Lux | Other Subsidiaries | Consolidating Adjustments | IR Ireland Consolidated | ||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | 6.3 | $ | 0.8 | $ | 0.1 | $ | 929.5 | $ | — | $ | 936.7 | |||||||||||||||||
Accounts and notes receivable, net | — | — | — | — | 142.4 | — | 2,160.2 | — | 2,302.6 | ||||||||||||||||||||||||||
Inventories | — | — | — | — | 92.5 | — | 1,326.5 | — | 1,419.0 | ||||||||||||||||||||||||||
Other current assets | 0.2 | 0.1 | — | 6.6 | 113.3 | — | 391.6 | — | 511.8 | ||||||||||||||||||||||||||
Accounts and notes receivable affiliates | 82.8 | 310.9 | 8,234.1 | 300.0 | 4,706.7 | — | 20,333.4 | (33,967.9 | ) | — | |||||||||||||||||||||||||
Total current assets | 83.0 | 311.0 | 8,234.1 | 312.9 | 5,055.7 | 0.1 | 25,141.2 | (33,967.9 | ) | 5,170.1 | |||||||||||||||||||||||||
Investment in affiliates | 9,836.7 | 13,026.6 | 3,852.8 | 9,288.8 | 15,158.7 | — | 7,125.4 | (58,289.0 | ) | — | |||||||||||||||||||||||||
Property, plant and equipment, net | — | — | — | — | 309.7 | — | 1,156.0 | — | 1,465.7 | ||||||||||||||||||||||||||
Intangible assets, net | — | — | — | — | 65.6 | — | 9,200.8 | — | 9,266.4 | ||||||||||||||||||||||||||
Other noncurrent assets | 0.5 | — | 0.1 | 195.1 | 642.0 | — | 650.7 | (525.0 | ) | 963.4 | |||||||||||||||||||||||||
Total assets | $ | 9,920.2 | $ | 13,337.6 | $ | 12,087.0 | $ | 9,796.8 | $ | 21,231.7 | $ | 0.1 | $ | 43,274.1 | $ | (92,781.9 | ) | $ | 16,865.6 | ||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||
Accounts payable and accruals | $ | 8.6 | $ | — | $ | 5.4 | $ | 25.7 | $ | 469.7 | $ | — | $ | 2,739.6 | $ | — | $ | 3,249.0 | |||||||||||||||||
Short-term borrowings and current maturities of long-term debt | — | — | 299.9 | — | 350.5 | — | 230.6 | — | 881.0 | ||||||||||||||||||||||||||
Accounts and note payable affiliates | 3,637.5 | 749.9 | 696.0 | 409.8 | 14,262.9 | — | 14,211.4 | (33,967.5 | ) | — | |||||||||||||||||||||||||
Total current liabilities | 3,646.1 | 749.9 | 1,001.3 | 435.5 | 15,083.1 | — | 17,181.6 | (33,967.5 | ) | 4,130.0 | |||||||||||||||||||||||||
Long-term debt | — | — | — | 2,296.0 | 349.7 | — | 0.9 | — | 2,646.6 | ||||||||||||||||||||||||||
Other noncurrent liabilities | — | — | 3.8 | 2.0 | 1,260.1 | — | 3,014.4 | (525.0 | ) | 3,755.3 | |||||||||||||||||||||||||
Total liabilities | 3,646.1 | 749.9 | 1,005.1 | 2,733.5 | 16,692.9 | — | 20,196.9 | (34,492.5 | ) | 10,531.9 | |||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||||||||
Total equity | 6,274.1 | 12,587.7 | 11,081.9 | 7,063.3 | 4,538.8 | 0.1 | 23,077.2 | (58,289.4 | ) | 6,333.7 | |||||||||||||||||||||||||
Total liabilities and equity | $ | 9,920.2 | $ | 13,337.6 | $ | 12,087.0 | $ | 9,796.8 | $ | 21,231.7 | $ | 0.1 | $ | 43,274.1 | $ | (92,781.9 | ) | $ | 16,865.6 |
In millions | IR Ireland | IR Limited | IR International | IR Global | IR New Jersey | IR Lux | Other Subsidiaries | Consolidating Adjustments | IR Ireland Consolidated | ||||||||||||||||||||||||||
Net cash provided by (used in) continuing operating activities | $ | (24.3 | ) | $ | — | $ | (8.6 | ) | $ | (96.4 | ) | $ | 58.6 | $ | — | $ | 1,555.6 | $ | (927.2 | ) | $ | 557.7 | |||||||||||||
Net cash provided by (used in) discontinued operating activities | — | — | — | — | (74.4 | ) | — | 14.3 | — | (60.1 | ) | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | (24.3 | ) | — | (8.6 | ) | (96.4 | ) | (15.8 | ) | — | 1,569.9 | (927.2 | ) | 497.6 | |||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | — | — | (60.3 | ) | — | (90.4 | ) | — | (150.7 | ) | |||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | — | — | — | — | — | — | (9.3 | ) | — | (9.3 | ) | ||||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | — | — | — | — | 1.5 | — | 5.1 | — | 6.6 | ||||||||||||||||||||||||||
Proceeds from business disposition, net of cash | — | — | — | — | — | — | 2.1 | — | 2.1 | ||||||||||||||||||||||||||
Cash dividends from (Investment in) equity companies | — | — | — | — | — | — | 30.3 | — | 30.3 | ||||||||||||||||||||||||||
Net cash provided by (used in) continuing investing activities | — | — | — | — | (58.8 | ) | — | (62.2 | ) | — | (121.0 | ) | |||||||||||||||||||||||
Net cash provided by (used in) discontinued investing activities | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | — | — | — | — | (58.8 | ) | — | (62.2 | ) | — | (121.0 | ) | |||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||||||
Net proceeds (repayments) in debt | — | — | — | — | (7.5 | ) | — | 11.5 | — | 4.0 | |||||||||||||||||||||||||
Net inter-company proceeds (payments) | 1,297.4 | — | 8.6 | (870.0 | ) | 757.4 | — | (1,193.4 | ) | — | — | ||||||||||||||||||||||||
Dividends paid to ordinary shareholders | (199.2 | ) | — | — | — | (734.1 | ) | — | (193.1 | ) | 927.2 | (199.2 | ) | ||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | — | (16.3 | ) | — | (16.3 | ) | ||||||||||||||||||||||||
Proceeds from shares issued under incentive plans | 32.3 | — | — | — | — | — | — | — | 32.3 | ||||||||||||||||||||||||||
Repurchase of ordinary shares | (1,172.9 | ) | — | — | — | — | — | — | — | (1,172.9 | ) | ||||||||||||||||||||||||
Other, net | 66.7 | — | — | (2.6 | ) | — | 0.1 | (0.1 | ) | — | 64.1 | ||||||||||||||||||||||||
Net cash provided by (used in) continuing financing activities | 24.3 | — | 8.6 | (872.6 | ) | 15.8 | 0.1 | (1,391.4 | ) | 927.2 | (1,288.0 | ) | |||||||||||||||||||||||
Net cash provided by (used in) discontinued financing activities | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 24.3 | — | 8.6 | (872.6 | ) | 15.8 | 0.1 | (1,391.4 | ) | 927.2 | (1,288.0 | ) | |||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | (89.1 | ) | — | (89.1 | ) | ||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | (969.0 | ) | (58.8 | ) | 0.1 | 27.2 | — | (1,000.5 | ) | |||||||||||||||||||||||
Cash and cash equivalents - beginning of period | — | — | — | 975.3 | 59.6 | — | 902.3 | — | 1,937.2 | ||||||||||||||||||||||||||
Cash and cash equivalents - end of period | $ | — | $ | — | $ | — | $ | 6.3 | $ | 0.8 | $ | 0.1 | $ | 929.5 | $ | — | $ | 936.7 |