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Equity
9 Months Ended
Sep. 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. During the nine months ended September 30, 2011, the Company repurchased 17.3 million shares for $575.6 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
5.1

Repurchase of ordinary shares
(17.3
)
September 30, 2011
316.0


The components of Equity for the nine months ended September 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
100.9

 
20.3

 
121.2

Currency translation
(38.9
)
 
—

 
(38.9
)
Change in value of marketable securities and derivatives qualifying as cash flow hedges, net of tax
1.3

 
—

 
1.3

Pension and OPEB adjustments, net of tax
92.4

 
—

 
92.4

Total comprehensive income
155.7

 
20.3

 
176.0

Share-based compensation
31.0

 
—

 
31.0

Acquisition/divestiture of noncontrolling interests
(1.3
)
 
(1.2
)
 
(2.5
)
Dividends to noncontrolling interests
—

 
(22.9
)
 
(22.9
)
Dividends to ordinary shareholders
(101.5
)
 
—

 
(101.5
)
Accretion of Exchangeable Senior Notes from Temporary equity
10.0

 
—

 
10.0

Shares issued under incentive plans
107.4

 
—

 
107.4

Repurchase of ordinary shares
(575.6
)
 
—

 
(575.6
)
       Other
(0.7
)
 
(1.6
)
 
(2.3
)
Balance at September 30, 2011
$
7,589.3

 
$
89.4

 
$
7,678.7


The components of Equity for the nine months ended September 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
430.1

 
15.5

 
445.6

Currency translation
(13.1
)
 
—

 
(13.1
)
Change in value of marketable securities and derivatives qualifying as cash flow hedges, net of tax
4.8

 
—

 
4.8

Pension and OPEB adjustments, net of tax
48.9

 
—

 
48.9

Total comprehensive income
470.7

 
15.5

 
486.2

Share-based compensation
46.5

 
—

 
46.5

Acquisition of noncontrolling interest
(5.0
)
 
(3.0
)
 
(8.0
)
Dividends to noncontrolling interests
—

 
(9.4
)
 
(9.4
)
Dividends to ordinary shareholders
(67.7
)
 
—

 
(67.7
)
Accretion of Exchangeable Senior Notes from Temporary equity
10.0

 
—

 
10.0

Shares issued under incentive plans
47.5

 
—

 
47.5

Other
—

 
(7.3
)
 
(7.3
)
Balance at September 30, 2010
$
7,573.8

 
$
99.7

 
$
7,673.5