Equity

6 Months Ended

Jun. 30, 2011

Stockholders' Equity Note [Abstract]

Equity

Equity

IR-Ireland is the successor to IR-Limited, following the Ireland Reorganization which became effective on July 1, 2009. Upon consummation, the IR-Limited Class A common shares were cancelled and all previous holders were issued ordinary shares of IR-Ireland. The Ireland Reorganization was accounted for as a reorganization of entities under common control and accordingly, did not result in any changes to the consolidated amounts of assets, liabilities and equity.

In the second quarter of 2011, the Board of Directors authorized the repurchase of up to $2.0 billion of the Company's ordinary shares under a new share repurchase program. On June 8, 2011, the Company commenced share repurchases under this program. In the second quarter of 2011, the Company repurchased 1.3 million shares for $56.0 million. These repurchases were accounted for as a reduction of Ordinary shares and Capital in excess of par value as they were canceled upon repurchase.

The reconciliation of ordinary shares is as follows:

In millions	Total
December 31, 2010	328.2
Shares issued under incentive plans	4.9
Repurchase of ordinary shares	(1.3	)
June 30, 2011	331.8

The components of Equity for the six months ended June 30, 2011 are as follows:

In millions	IR-Ireland shareholders’ equity			Noncontrolling interests			Total equity
Balance at December 31, 2010	$	7,964.3		$	94.8		$	8,059.1
Net earnings (loss)	14.7			13.1			27.8
Currency translation	271.9			—			271.9
Change in value of marketable securities and derivatives qualifying as cash flow hedges, net of tax	(1.9		)	—			(1.9		)
Pension and OPEB adjustments, net of tax	15.5			—			15.5
Total comprehensive income	300.2			13.1			313.3
Share-based compensation	26.0			—			26.0
Acquisition/divestiture of noncontrolling interests	(1.3		)	(1.2		)	(2.5		)
Dividends to noncontrolling interests	—			(18.3		)	(18.3		)
Dividends to ordinary shareholders	(63.1		)	—			(63.1		)
Accretion of Exchangeable Senior Notes from Temporary Equity	6.7			—			6.7
Shares issued under incentive plans	101.9			—			101.9
Repurchase of ordinary shares	(56.0		)	—			(56.0		)
Other	(0.5		)	(1.6		)	(2.1		)
Balance at June 30, 2011	$	8,278.2		$	86.8		$	8,365.0

The components of Equity for the six months ended June 30, 2010 are as follows:

In millions	IR-Ireland shareholders’ equity			Noncontrolling interests			Total equity
Balance at December 31, 2009	$	7,071.8		$	103.9		$	7,175.7
Net earnings (loss)	197.9			10.1			208.0
Currency translation	(305.0		)	—			(305.0		)
Change in value of marketable securities and derivatives qualifying as cash flow hedges, net of tax	3.7			—			3.7
Pension and OPEB adjustments, net of tax	49.9			—			49.9
Total comprehensive income (loss)	(53.5		)	10.1			(43.4		)
Share-based compensation	34.5			—			34.5
Dividends to noncontrolling interests	—			(8.4		)	(8.4		)
Dividends to ordinary shareholders	(45.0		)	—			(45.0		)
Accretion of Exchangeable Senior Notes from Temporary Equity	6.6			—			6.6
Shares issued under incentive plans	37.1			—			37.1
Other	(0.1		)	(0.8		)	(0.9		)
Balance at June 30, 2010	$	7,051.4		$	104.8		$	7,156.2