Equity

The authorized share capital of Ingersoll-Rand plc is 1,185,040,000 shares, consisting of (1) 1,175,000,000 ordinary shares, par value $1.00 per share, (2) 40,000 ordinary shares, par value EUR 1.00 and (3) 10,000,000 preference shares, par value $0.001 per share. There were no Euro-denominated ordinary shares or preference shares outstanding at June 30, 2016 or December 31, 2015.

Changes in ordinary shares and treasury shares for the six months ended June 30, 2016 are as follows:



In millions	Ordinary shares issued	Ordinary shares held in treasury
December 31, 2015	269.0	7.8
Shares issued under incentive plans, net	1.4	—
Repurchase of ordinary shares	—	4.9
June 30, 2016	270.4	12.7

In February 2014, the Company's Board of Directors authorized the repurchase of up to $1.5 billion of its ordinary shares under a share repurchase program that began in April 2014. Share repurchases are made from time to time at the discretion of management subject to market conditions, regulatory requirements and other considerations. Shares repurchased prior to October 2014 were canceled upon repurchase and 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. Beginning in October 2014, repurchased shares were held in treasury and recognized at cost. Ordinary shares held in treasury are presented separately on the balance sheet as a reduction to Equity. During the six months ended June 30, 2016, the Company repurchased 4.9 million shares for $250.1 million. The Company has $416.6 million remaining under its existing share repurchase authorization.

The components of Equity for the six months ended June 30, 2016 were as follows:



In millions	Shareholders’ equity			Noncontrolling interests			Total equity
Balance at December 31, 2015	$	5,816.7		$	62.5		$	5,879.2
Net earnings	900.0			8.0			908.0
Currency translation	34.1			(0.2		)	33.9
Derivatives qualifying as cash flow hedges, net of tax	4.4			—			4.4
Pension and OPEB adjustments, net of tax	28.5			—			28.5
Total comprehensive income (loss)	967.0			7.8			974.8
Share-based compensation	36.8			—			36.8
Dividends declared to noncontrolling interests	—			(6.7		)	(6.7		)
Dividends declared to ordinary shareholders	(164.8		)	—			(164.8		)
Shares issued under incentive plans, net of tax benefit	9.2			—			9.2
Repurchase of ordinary shares	(250.1		)	—			(250.1		)
Other items, net	(0.4		)	—			(0.4		)
Balance at June 30, 2016	$	6,414.4		$	63.6		$	6,478.0

The components of Equity for the six months ended June 30, 2015 were as follows:



In millions	Shareholders’ equity			Noncontrolling interests			Total equity
Balance at December 31, 2014	$	5,987.4		$	58.0		$	6,045.4
Net earnings	130.2			8.1			138.3
Currency translation	(243.8		)	(1.0		)	(244.8		)
Derivatives qualifying as cash flow hedges, net of tax	1.4			—			1.4
Pension and OPEB adjustments, net of tax	23.6			—			23.6
Total comprehensive income (loss)	(88.6		)	7.1			(81.5		)
Share-based compensation	36.9			—			36.9
Dividends declared to noncontrolling interests	—			(5.2		)	(5.2		)
Dividends declared to ordinary shareholders	(153.4		)	—			(153.4		)
Shares issued under incentive plans, net of tax benefit	45.3			—			45.3
Balance at June 30, 2015	$	5,827.6		$	59.9		$	5,887.5

Accumulated Other Comprehensive Income (Loss)

The changes in Accumulated other comprehensive income (loss) for the six months ended June 30, 2016 are as follows:



In millions	Derivative Instruments			Pension and OPEB			Foreign Currency Translation			Total
Balance at December 31, 2015	$	5.1		$	(630.4	)	$	(495.6	)	$	(1,120.9	)
Other comprehensive income (loss) before reclassifications	6.6			9.8			34.1			50.5
Amounts reclassified from AOCI	(1.7		)	28.3			—			26.6
Provision for income taxes	(0.5		)	(9.6		)	—			(10.1		)
Net current period other comprehensive income (loss)	$	4.4		$	28.5		$	34.1		$	67.0
Balance at June 30, 2016	$	9.5		$	(601.9	)	$	(461.5	)	$	(1,053.9	)

The changes in Accumulated other comprehensive income (loss) for the six months ended June 30, 2015 are as follows:



In millions	Derivative Instruments			Pension and OPEB			Foreign Currency Translation			Total
Balance at December 31, 2014	$	3.1		$	(665.1	)	$	(52.3	)	$	(714.3	)
Other comprehensive income (loss) before reclassifications	0.3			6.5			(243.8		)	(237.0		)
Amounts reclassified from AOCI	1.6			28.3			—			29.9
Provision for income taxes	(0.5		)	(11.2		)	—			(11.7		)
Net current period other comprehensive income (loss)	$	1.4		$	23.6		$	(243.8	)	$	(218.8	)
Balance at June 30, 2015	$	4.5		$	(641.5	)	$	(296.1	)	$	(933.1	)

The reclassifications out of Accumulated other comprehensive income (loss) for the three and six months ended June 30 were as follows:



	Three months ended						Six months ended
In millions	2016			2015			2016			2015

Derivative Instruments
Reclassifications of deferred (gains) losses ⁽¹⁾	$	(1.1	)	$	0.7		$	(1.7	)	$	1.6
Provision (benefit) for income taxes	0.2			—			0.2			—
Reclassifications, net of taxes	$	(0.9	)	$	0.7		$	(1.5	)	$	1.6

Pension and Postretirement benefits
Amortization of service costs ⁽²⁾	$	(1.0	)	$	(1.4	)	$	(2.0	)	$	(2.8	)
Amortization of actuarial losses ⁽²⁾	15.1			15.6			30.3			31.1
Provision for (benefit from) for income taxes	(5.1		)	(4.7		)	(9.6		)	(11.2		)
Reclassifications, net of taxes	$	9.0		$	9.5		$	18.7		$	17.1

Total reclassifications, net of taxes	$	8.1		$	10.2		$	17.2		$	18.7

⁽¹⁾ Reclassifications of interest rate swaps and locks are reflected within Interest expense; reclassifications of foreign exchange swaps are reflected in Cost of goods sold.

⁽²⁾ Reclassifications of pension and postretirement amounts are included in periodic pension costs and periodic benefit costs.