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, 2018 or December 31, 2017.

Changes in ordinary shares and treasury shares for the six months ended June 30, 2018 are as follows:



In millions	Ordinary shares issued		Ordinary shares held in treasury
December 31, 2017	274.0		24.5
Shares issued under incentive plans, net	1.4		—
Repurchase of ordinary shares	(5.6	)	—
June 30, 2018	269.8		24.5

Share repurchases are made from time to time in accordance with the Company's capital allocation strategy, subject to market conditions and regulatory requirements. In April 2017, the Company completed a $1.5 billion 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, recognized at cost and presented separately on the balance sheet as a reduction to Equity. In February 2017, the Company's Board of Directors authorized the repurchase of up to $1.5 billion of its ordinary shares upon completion of the prior authorized program. Repurchases under this program, which began in May 2017, totaled approximately $600 million at December 31, 2017 and are held in treasury. During the six months ended June 30, 2018, the Company repurchased and canceled approximately $500 million of its ordinary shares leaving approximately $400 million remaining under the program at June 30, 2018.

The components of Equity for the six months ended June 30, 2018 were as follows:



In millions	Shareholders’ equity			Noncontrolling interests			Total equity
Balance at December 31, 2017	$	7,140.3		$	66.6		$	7,206.9
Net earnings	568.5			8.2			576.7
Currency translation	(151.0		)	(2.7		)	(153.7		)
Derivatives qualifying as cash flow hedges, net of tax	1.8			—			1.8
Pension and OPEB adjustments, net of tax	23.4			—			23.4
Total comprehensive income (loss)	442.7			5.5			448.2
Share-based compensation	49.5			—			49.5
Adoption of ASC 606	2.4			—			2.4
Adoption of ASU 2016-16	(9.1		)	—			(9.1		)
Dividends declared to noncontrolling interests	—			(35.5		)	(35.5		)
Dividends declared to ordinary shareholders	(352.4		)	—			(352.4		)
Shares issued under incentive plans, net of tax benefit	13.8			—			13.8
Repurchase of ordinary shares	(500.1		)	—			(500.1		)
Balance at June 30, 2018	$	6,787.1		$	36.6		$	6,823.7

The components of Equity for the six months ended June 30, 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	475.7			7.6			483.3
Currency translation	288.9			(0.8		)	288.1
Derivatives qualifying as cash flow hedges, net of tax	0.6			—			0.6
Pension and OPEB adjustments, net of tax	7.3			—			7.3
Total comprehensive income (loss)	772.5			6.8			779.3
Share-based compensation	40.1			—			40.1
Adoption of ASU 2016-09 ⁽¹⁾	15.1			—			15.1
Acquisition/divestiture of noncontrolling interests	(4.9		)	(1.9		)	(6.8		)
Dividends declared to noncontrolling interests	—			(7.0		)	(7.0		)
Dividends declared to ordinary shareholders	(204.8		)	—			(204.8		)
Shares issued under incentive plans, net of tax benefit	35.0			—			35.0
Repurchase of ordinary shares	(575.2		)	—			(575.2		)
Balance at June 30, 2017	$	6,721.6		$	72.4		$	6,794.0

(1) The Company adopted ASU No. 2016-09, "Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" (ASU 2016-09) on January 1, 2017.

Accumulated Other Comprehensive Income (Loss)

The changes in Accumulated other comprehensive income (loss) for the six months ended June 30, 2018 are as follows:



In millions	Derivative Instruments			Pension and OPEB			Foreign Currency Translation			Total
Balance at December 31, 2017	$	4.7		$	(494.3	)	$	(289.2	)	$	(778.8	)
Other comprehensive income (loss) before reclassifications	1.4			4.8			(151.0		)	(144.8		)
Amounts reclassified from AOCI	0.7			25.1			—			25.8
Provision for income taxes	(0.3		)	(6.5		)	—			(6.8		)
Net current period other comprehensive income (loss)	$	1.8		$	23.4		$	(151.0	)	$	(125.8	)
Balance at June 30, 2018	$	6.5		$	(470.9	)	$	(440.2	)	$	(904.6	)

The changes in Accumulated other comprehensive income (loss) for the six months ended June 30, 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	(0.6		)	(8.7		)	288.9			279.6
Amounts reclassified from AOCI	1.0			24.7			—			25.7
Provision for income taxes	0.2			(8.7		)	—			(8.5		)
Net current period other comprehensive income (loss)	$	0.6		$	7.3		$	288.9		$	296.8
Balance at June 30, 2017	$	3.5		$	(547.1	)	$	(450.1	)	$	(993.7	)

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	2018			2017			2018			2017

Derivative Instruments
Reclassifications of deferred (gains) losses ⁽¹⁾	$	(0.3	)	$	0.6		$	0.7		$	1.0
Provision for (benefit from) income taxes	—			0.3			0.2			0.2
Reclassifications, net of taxes	$	(0.3	)	$	0.9		$	0.9		$	1.2

Pension and Postretirement benefits
Amortization of service costs ⁽²⁾	$	—		$	(1.2	)	$	0.1		$	(2.4	)
Amortization of actuarial losses ⁽²⁾	12.5			13.5			25.0			27.1
Provision for (benefit from) income taxes	(3.9		)	(3.7		)	(6.5		)	(8.7		)
Reclassifications, net of taxes	$	8.6		$	8.6		$	18.6		$	16.0

Total reclassifications, net of taxes	$	8.3		$	9.5		$	19.5		$	17.2

(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.