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 shareholders’ equity			Noncontrolling interests			Total equity
Balance at December 31, 2013	$	7,068.9		$	62.4		$	7,131.3
Net earnings	79.0			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	43.0			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	$	6,285.2		$	64.5		$	6,349.7

The components of Equity for the three months ended March 31, 2013 were as follows:

In millions	IR-Ireland shareholders’ equity			Noncontrolling interests			Total equity
Balance at December 31, 2012	$	7,147.8		$	81.5		$	7,229.3
Net earnings	88.0			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	$	7,261.0		$	86.5		$	7,347.5

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			—			10.0
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		)
March 31, 2013	$	(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	9.0			(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	9.0			(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	$	14.0

(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).