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 March 31, 2017 or December 31, 2016.

Changes in ordinary shares and treasury shares for the three months ended March 31, 2017 are as follows:



In millions	Ordinary shares issued	Ordinary shares held in treasury
December 31, 2016	271.7	12.7
Shares issued under incentive plans, net	1.5	—
Repurchase of ordinary shares	—	3.1
March 31, 2017	273.2	15.8

Share repurchases are made from time to time in accordance with management's capital allocation strategy, subject to market conditions and regulatory requirements. 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. 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. At December 31, 2016, the Company had approximately $417 million remaining under the program, of which $250 million was repurchased during the three months ended March 31, 2017. The Company repurchased the remaining $167 million authorized under this program in April 2017. In February 2017, the Company's Board of Directors authorized the repurchase of up to $1.5 billion of its ordinary shares under a new share repurchase program upon completion of the prior authorized share repurchase program.

The components of Equity for the three months ended March 31, 2017 were as follows:



In millions	Shareholders’ equity			Noncontrolling interests			Total equity
Balance at December 31, 2016	$	6,643.8		$	74.5		$	6,718.3
Net earnings	117.1			4.0			121.1
Currency translation	112.4			(1.5		)	110.9
Derivatives qualifying as cash flow hedges, net of tax	1.6			—			1.6
Pension and OPEB adjustments, net of tax	6.6			—			6.6
Total comprehensive income (loss)	237.7			2.5			240.2
Share-based compensation	23.3			—			23.3
Adoption of ASU 2016-09 (See Note 2)	15.1			—			15.1
Dividends declared to noncontrolling interests	—			(6.9		)	(6.9		)
Dividends declared to ordinary shareholders	(103.0		)	—			(103.0		)
Shares issued under incentive plans, net of tax benefit	16.8			—			16.8
Repurchase of ordinary shares	(250.1		)	—			(250.1		)
Other items, net	0.2						0.2
Balance at March 31, 2017	$	6,583.8		$	70.1		$	6,653.9

The components of Equity for the three months ended March 31, 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	152.4			3.2			155.6
Currency translation	130.5			0.9			131.4
Derivatives qualifying as cash flow hedges, net of tax	1.1			—			1.1
Pension and OPEB adjustments, net of tax	10.4			—			10.4
Total comprehensive income (loss)	294.4			4.1			298.5
Share-based compensation	21.9			—			21.9
Dividends declared to noncontrolling interests	—			(6.7		)	(6.7		)
Dividends declared to ordinary shareholders	(82.2		)	—			(82.2		)
Shares issued under incentive plans, net of tax benefit	(6.7		)	—			(6.7		)
Repurchase of ordinary shares	(250.1		)	—			(250.1		)
Other	(1.2		)	—			(1.2		)
Balance at March 31, 2016	$	5,792.8		$	59.9		$	5,852.7

Accumulated Other Comprehensive Income (Loss)

The changes in Accumulated other comprehensive income (loss) for the three months ended March 31, 2017 are as follows:



In millions	Derivative Instruments		Pension and OPEB			Foreign Currency Translation			Total
Balance at December 31, 2016	$	2.9	$	(554.4	)	$	(739.0	)	$	(1,290.5	)
Other comprehensive income (loss) before reclassifications	1.2		(0.8		)	112.4			112.8
Amounts reclassified from AOCI	0.4		12.4			—			12.8
Provision for income taxes	—		(5.0		)	—			(5.0		)
Net current period other comprehensive income (loss)	$	1.6	$	6.6		$	112.4		$	120.6
Balance at March 31, 2017	$	4.5	$	(547.8	)	$	(626.6	)	$	(1,169.9	)

The changes in Accumulated other comprehensive income (loss) for the three months ended March 31, 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	2.0			0.7			130.5			133.2
Amounts reclassified from AOCI	(0.6		)	14.2			—			13.6
Provision for income taxes	(0.3		)	(4.5		)	—			(4.8		)
Net current period other comprehensive income (loss)	$	1.1		$	10.4		$	130.5		$	142.0
Balance at March 31, 2016	$	6.2		$	(620.0	)	$	(365.1	)	$	(978.9	)

The reclassifications out of Accumulated other comprehensive income (loss) for the three months ended March 31 were as follows:



	Three months ended
In millions	2017			2016

Derivative Instruments
Reclassifications of deferred (gains) losses ⁽¹⁾	$	0.4		$	(0.6	)
Provision (benefit) for income taxes	(0.1		)	—
Reclassifications, net of taxes	$	0.3		$	(0.6	)

Pension and Postretirement benefits
Amortization of service costs ⁽²⁾	$	(1.2	)	$	(1.0	)
Amortization of actuarial losses ⁽²⁾	13.6			15.2
Provision for (benefit from) for income taxes	(5.0		)	(4.5		)
Reclassifications, net of taxes	$	7.4		$	9.7

Total reclassifications, net of taxes	$	7.7		$	9.1

(1) Reclassifications of interest rate swaps and locks are reflected within Interest expense; reclassifications of currency derivatives designated as hedges are reflected in Cost of goods sold.

(2) Reclassifications of the service cost component of pension and postretirement benefit costs are reflected within Operating income; the remaining components are included within Other income/(expense), net.