Edgar Filing: Ingersoll-Rand plc

IR ESP 2014

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 11-K



ý	ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2014



¨	TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 001-34400



A.	Full title of the plan and address of the plan, if different from that of the issuer named below:

INGERSOLL-RAND COMPANY EMPLOYEE SAVINGS PLAN

(Full title of the plan)



B.	Name of the issuer of the securities held pursuant to the plan and the address of its principal executive office:

INGERSOLL-RAND PLC

170/175 Lakeview Drive

Airside Business Park

Swords, Co. Dublin

Ireland

Ingersoll-Rand Company Employee Savings Plan

Index

December 31, 2014 and 2013




	Page(s)

Report of Independent Registered Public Accounting Firm	2

Financial Statements

Statements of Net Assets Available for Benefits as of December 31, 2014 and 2013	3

Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 2014 and 2013	4

Notes to Financial Statements	5

Supplemental Schedule

Schedule H, Part IV, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2014	13

Signatures	14

Exhibit Index	14



Note:	Other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Securities Act of 1974 have been omitted because they are not applicable.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Participants and Administrator of the

Ingersoll-Rand Company Employee Savings Plan

Davidson, North Carolina

We have audited the accompanying statements of net assets available for benefits of the Ingersoll-Rand Company Employee Savings Plan (the “Plan”) as of December 31, 2014 and 2013, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements of the Plan, referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2014 and 2013, and the changes in net assets available for benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America.

The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2014 have been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but include supplemental information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 (ERISA). The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under ERISA. In our opinion, the supplemental information in the accompanying schedule is fairly stated in all material respects in relation to the financial statements as a whole.

Very truly yours,

/s/ Cherry Bekaert LLP

Charlotte, North Carolina

June 17, 2015

Ingersoll-Rand Company Employee Savings Plan

Statements of Net Assets Available for Benefits

December 31, 2014 and 2013



	2014		2013
Assets
Investments:
Plan's interest in Ingersoll-Rand Employee Savings Plan Master Trust (Note 4), at fair value	$	3,798,698,997	$	3,690,926,432
Receivables:
Employer contributions receivable	2,230,820		2,055,758
Employee contributions receivable	—		283,060
Notes receivable from participants	37,468,807		33,474,052
Total receivables	39,699,627		35,812,870
Net assets available for benefits	$	3,838,398,624	$	3,726,739,302

The accompanying notes are an integral part of these financial statements.

Ingersoll-Rand Company Employee Savings Plan

Statements of Changes in Net Assets Available for Benefits

For the years ended December 31, 2014 and 2013



	2014		2013
Additions to net assets attributed to:
Plan's interest in investment income of the Ingersoll-Rand Employee Savings Plan Master Trust (Note 4)	$	246,089,285	$	906,084,977
Interest income on notes receivable from participants	1,423,680		1,563,505
Contributions
Participants	102,337,796		110,698,805
Employer	84,190,624		88,894,505
Employee rollover	12,406,820		9,052,074
Total contributions	198,935,240		208,645,384
Total additions	446,448,205		1,116,293,866
Deductions from net assets attributed to:
Participant withdrawals and distributions	334,384,339		331,530,359
Administrative expenses	404,544		374,163
Total deductions	334,788,883		331,904,522
Net increase prior to transfers	111,659,322		784,389,344
Transfers to other Plans (Note 1)	—		350,585,479
Net increase	111,659,322		433,803,865
Net assets available for benefits
Beginning of year	3,726,739,302		3,292,935,437
End of year	$	3,838,398,624	$	3,726,739,302

The accompanying notes are an integral part of these financial statements.

Ingersoll-Rand Company Employee Savings Plan

Notes to Financial Statements

December 31, 2014 and 2013



1	Description of Plan

The following brief description of the Ingersoll-Rand Company Employee Savings Plan (the “Plan”) provides only general information. Participants should refer to the Plan document for a complete description of the Plan’s provisions.

History

The Plan is sponsored by Ingersoll-Rand Company, a U.S. subsidiary of Ingersoll-Rand plc ("IR-plc") (IR-plc, Ingersoll-Rand Company and its participating affiliates are collectively referred to as the "Company"). The Company established the Plan effective January 1, 2003 as part of the implementation of the Retirement Income Program approved by the Board of Directors of the Company. The Plan was established in order to facilitate systematic savings by eligible employees and to provide those employees with an opportunity to fund their retirement and other specified needs.

On June 8, 2012, the IR-plc Board of Directors approved amendments to the retirement plans for certain U.S. and Puerto Rico non-bargained employees, including amendments to the Plan. The amendments provided that eligible participants hired prior to July 1, 2012 (other than legacy Club Car employees who were not eligible to participate in the defined benefit plan) were given a choice of remaining in their respective defined benefit plan until the plan freezes on December 31, 2022 or freezing their accrued benefits in their respective defined benefit plan as of December 31, 2012 and receiving an additional 2% non-matching company contribution of eligible compensation into the Company's applicable defined contribution plan beginning January 1, 2013. Eligible employees hired or rehired on or after July 1, 2012 (other than Club Car employees) will automatically receive the 2% non-matching company contribution of eligible compensation into the Plan in lieu of participating in the defined benefit plan at the date of eligibility. Beginning January 1, 2023, all eligible employees (other than legacy Club Car employees who were not eligible to participate in the defined benefit plan) will receive the 2% non-matching contribution into the Plan.

On December 1, 2013 (the "Distribution Date"), the Company completed the spin-off of its commercial and residential security businesses to its shareholders. The businesses were transferred to Allegion plc ("Allegion"), a newly created independent Irish company. On that date, each IR-plc shareholder of record as of the close of business on November 22, 2013 (the "Record Date") received one ordinary share of Allegion for every three IR-plc ordinary shares held as of the Record Date. Allegion is now an independent public company trading under the symbol “ALLE” on the New York Stock Exchange (the "NYSE"). At the completion of the spin-off, Allegion formed its own defined contribution plans intended to be qualified under the section 401(a) of the IRC. The assets of all current and former employees of the Company determined to be part of the spin-off to Allegion were transferred from the Plan into the newly formed Allegion defined contribution plan shortly after the completion of the spin-off in the amount of $350,585,479. Participants in the Plan received one unit of Allegion stock for every three units of IR-plc stock held in the Ingersoll-Rand Stock Fund at the time of the spin-off. As a result of the spin-off, an Allegion Stock Fund was created in the Plan to hold the Allegion shares received pursuant to the spin-off. The Allegion Stock Fund is closed to new investments and participants are free to diversify out of the Allegion Stock Fund to other investment options at any time.

General

The Plan is a defined contribution plan covering eligible employees of the Company, as defined in the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA").

Fidelity Management Trust Company (“Fidelity”) is the trustee and recordkeeper of the Plan and the Plan’s assets are part of the Ingersoll-Rand Employee Savings Plan Master Trust ("Master Trust") maintained by Fidelity. Effective December 31, 2013, the assets of the Trane Master Trust are considered combined with and part of the Master Trust. The Trane Master Trust covered additional defined contribution plans sponsored by the Company or its affiliates.

The Ingersoll-Rand Company Benefits Administration Committee (the “Committee”) administers the Plan and is responsible for carrying out the provisions thereof on behalf of the Company. The IR-plc Benefits Design Committee approves recommended design changes to the Plan. The IR-plc Benefits Investment Committee selects and approves the Plan’s investment options. Participants direct investments among the approved investment options. The Plan is operated with the intent to satisfy the requirements of ERISA Section 404(c).

Contributions

For those employees who are eligible to participate in the Plan, there is automatic enrollment whereby a new employee is automatically enrolled in the Plan upon date of hire with a 2% pre-tax contribution on eligible compensation that is invested in a default investment fund defined by the Plan. The current default investment is the applicable target retirement date fund for that

Ingersoll-Rand Company Employee Savings Plan

Notes to Financial Statements

December 31, 2014 and 2013

employee. The employee then has a period of approximately 30 days to elect to not contribute to the Plan or to change his or her contribution percentage and investment election. Payroll deductions, consequently, do not begin until such period has expired. Each year, participants may contribute up to 50% (in whole percentages) of their compensation, as defined in the Plan and subject to limits under the IRC. Participants may use before or after-tax dollars for part or all of their elective contributions.

Participants also may rollover to the Plan amounts representing distributions from other eligible retirement plans, as defined in the Plan. Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions. Contributions are subject to various limitations to ensure compliance with the requirements of the IRC. Participants may change their contribution amounts in accordance with the administrative procedures established by the Committee.

Participants direct the investment of their contributions into various investment options offered by the Plan. The Plan’s assets are held in the Master Trust, together with assets from other participating defined contribution plans sponsored by the Company or its affiliates and intended to qualify under IRC Section 401(a).

The Company contributes to the Plan via matching and non-matching contributions. The Plan provides for company matching contributions of 100% of participants’ contributions up to 6% of eligible pay. All matching contributions are made in cash and invested in the same manner as the participant contributions. Participants who were hired or rehired on or after July 1, 2012 (other than Club Car employees) and employees who chose to receive a non-matching contribution in lieu of continuing accruing service in their respective defined benefit plans receive a non-matching company contribution of 2% of eligible compensation in lieu of participating in a defined benefit plan. Non-matching company contributions are made in cash and invested in the same manner as the participant contributions; if a participant does not have an investment election on file, company contributions are invested in the Plan's default investment fund which is the target date retirement fund.

Participant Accounts

Each participant’s account is credited with the participant’s contribution and allocations of (a) the Company’s contributions and (b) Plan earnings. Each participant's account is charged with withdrawals and allocations of (a) Plan losses and (b) applicable administrative expenses. Allocations are based on participant earnings or account balances, as defined. The benefit which a participant is entitled to receive is the benefit that can be provided from the participant’s vested account.

Vesting

Participants are vested immediately in their contributions plus actual earnings thereon. The Company’s matching contribution portion of participants’ accounts is also immediately vested. Company non-matching contributions are vested after 3 years of service or upon attainment of age 65, death or disability while employed.

Notes Receivable from Participants

Participants may borrow from their accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 reduced by their highest outstanding loan balance during the preceding twelve month period or 50% of their eligible account balance. The loans are secured by the balance in the participant’s account and bear a fixed interest rate of prime plus 1.0% (rounded to the nearest 0.25%) at the time of the loan, which is commensurate with local prevailing rates as determined by the Committee. At December 31, 2014, outstanding loans bore interest rates ranging from 3.25% to 10.0%. Principal and interest are paid ratably through payroll deductions. Loan terms range from 1-5 years. Effective January 1, 2010, a loan to acquire a principal residence may be for a term of up to 15 years. Loan terms for participants merged into the Plan remain at their original loan terms.

Forfeited Accounts

Forfeited contributions are used to reduce future employer contributions. At December 31, 2014 and 2013, forfeited non-vested balances were $173,432 and $533,614, respectively. In 2014 and 2013, employer contributions were reduced by $962,778 and $419,543, respectively from forfeited non-vested accounts.

Participant Withdrawals and Distributions

Upon termination of employment, plan distributions may be in the form of a lump sum or in installments in such other manner that the Plan may permit or in ad hoc distributions of not less than $500. In the case of an employee’s termination because of death, the entire account balance is paid to the valid designated beneficiary under the Plan or, if none is designated, then to the employee's spouse, if then living; if not living, then to the employee's children in equal shares, if then living; if not, to the employee's

Ingersoll-Rand Company Employee Savings Plan

Notes to Financial Statements

December 31, 2014 and 2013

parent(s), if then living, in equal shares; otherwise to the employee's estate. In case of termination because of any reasons other than death, the participant is entitled to the vested balance. The participants may, under certain conditions, make withdrawals from the Plan while employed, subject to limitations as to purpose and source of the funds.



2	Summary of Significant Accounting Policies

Basis of Accounting

The financial statements of the Plan are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

Use of Estimates

The preparation of financial statements in conformity with GAAP requires the Committee to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Valuation of Investments

Plan investments are part of the Master Trust, which provides unified investment management. Fidelity invests Plan assets in various trust investment options at the direction of Plan participants and as required by the Plan. Separate participant accounts are maintained by investment option. These accounts record contributions, withdrawals, transfers, earnings and changes in market value.

Investments in the Master Trust are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Benefits Investment Committee determines the Plan's valuation policies utilizing information provided by investment advisors and custodians. See Notes 3 and 4 for discussion of fair value measurements of the investments.

Realized gains or losses on security transactions are recorded on the trade date. Realized gains or losses are the difference between the proceeds received and the security’s unit cost. Dividend income is recorded on the record date and interest income is recorded when earned.

Certain management fees and expenses charged to the Plan for the investment in the Master Trust are deducted from income earned on a daily basis and are not separately reflected. Consequently, certain management fees and operating expenses are reflected as a reduction of investment returns for such investments.

The statements of changes in net assets available for benefits include unrealized appreciation or depreciation in accordance with the policy of stating investments at fair value. Net appreciation or depreciation of investments reflects both realized gains and losses and the change in unrealized appreciation and depreciation of investments.

Valuation of Notes Receivable from Participants

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Related fees are recorded as administrative expenses and are expensed when incurred. No allowance for credit losses has been recorded as of December 31, 2014 and 2013. Delinquent participant loans are reclassified as distributions based upon the terms of the Plan document.

Expenses of the Plan

Certain expenses associated with the administration of the Plan and the Master Trust are paid for by the Company and are excluded from these financial statements. Certain expenses associated with the administration of the Plan and the Master Trust are paid through offsets and/or payments which may be attributable to the annual operating expenses of one or more of the Plan's designated investment options. Certain of these payments are credited to the Plan and are available to pay future Plan administrative expenses. Expenses of the funds related to the investment and reinvestment of assets are included in the cost of the related investments. Other expenses such as loan fees, withdrawal fees and fees related to investments in the brokerage accounts are paid for by the participant and are included in these financial statements.

Ingersoll-Rand Company Employee Savings Plan

Notes to Financial Statements

December 31, 2014 and 2013

Participant Withdrawals and Distributions

Distributions to terminated employees are recorded in the Plan’s financial statements when paid. There were no approved and unpaid amounts as of December 31, 2014 and 2013.

Transfer of Assets from Other Plans

Employees may transfer their savings from other plans qualified under the IRC.



3	Fair Value Measurements

Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value measurements are based on a framework that utilizes the inputs market participants use to determine the fair value of an asset or liability and establishes a fair value hierarchy to prioritize those inputs. The fair value hierarchy is comprised of three levels that are described below:


Level 1	Inputs to the valuation methodology are based on quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.


Level 2	Observable inputs other than Level 1. Inputs to the valuation methodology include:

•Quoted prices for similar assets or liabilities in active markets;

•Quoted prices for identical or similar assets or liabilities in markets that are not active;


•	Other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability


Level 3	Inputs to the valuation methodology are unobservable inputs based on little or no market activity and that are significant to the fair value of the assets and liabilities.

The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs are obtained from independent sources and can be validated by a third party, whereas unobservable inputs reflect assumptions regarding what a third party would use in pricing an asset or liability based on the best information available under the circumstances. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

There have been no changes in the methodologies used as of December 31, 2014 and 2013. There have been no significant transfers between Level 1 and Level 2 categories. Following is a description of the valuation methodologies used for assets measured at fair value.

Ingersoll-Rand Stock Fund: The shares of the fund are valued at the daily net asset value (“NAV”) of shares held by the Master Trust at year end. NAV per share or the equivalent is used for fair value purposes as a practical expedient. NAVs are calculated by the investment manager or sponsor of the fund. The fund primarily invests in ordinary shares of IR-plc, which is traded on the NYSE and is valued at its quoted market price at the daily close of the NYSE. A small portion of the fund is invested in short-term money market instruments. Such assets are classified as Level 2.

Allegion Stock Fund: The shares of the fund are valued at the daily NAV of shares held by the Master Trust at year end. NAV per share or the equivalent is used for fair value purposes as a practical expedient. NAVs are calculated by the investment manager or sponsor of the fund. The fund primarily invests in ordinary shares of Allegion, which is traded on the NYSE and is valued at its quoted market price at the daily close of the NYSE. A small portion of the fund is invested in short-term money market instruments. Such assets are classified as Level 2.

Mutual funds: The shares of registered investment companies are valued at quoted market prices in an exchange or active market, which represent the daily NAV of shares held by the Master Trust at year end and are classified as Level 1. Investments in registered investment companies generally may be redeemed daily.

Common collective trusts: These assets are not available in an exchange or active market; however, the fair value is determined based on the daily NAV of the underlying assets as traded in an exchange or active market. NAV per share or the equivalent is

Ingersoll-Rand Company Employee Savings Plan

Notes to Financial Statements

December 31, 2014 and 2013

used for fair value purposes as a practical expedient. NAVs are calculated by the investment manager or sponsor of the fund. The Plan’s investment in common collective trusts are classified as Level 2.

Separate accounts - fixed income bond funds: Investments are privately managed investments created for a single group of plans in a single master trust maintained by the employer. The fair value is determined based on the daily NAV of the underlying assets as traded in an exchange or active market. NAV per share or the equivalent is used for fair value purposes as a practical expedient. NAVs are calculated by the investment manager or sponsor of the fund. Such assets are classified as Level 2.

Separate accounts - stable value funds: Investments are privately managed investments created for a single group of plans in a single master trust maintained by the employer. As the account primarily consists of investment contracts, the assets are valued at fair value by discounting the related cash flows based on current yields of similar instruments with comparable durations considering the credit-worthiness of the issuer. Such assets are classified as Level 2.

Self-directed brokerage accounts: Investments in the self-directed brokerage accounts are at current value based on published market quotations from individual investments composing the brokerage accounts. Such assets are classified as Level 1.

Money market funds: The shares are valued at the daily NAV of the funds in which the Master Trust participates at year end. Such assets are classified as Level 1.

The preceding methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.



4	Investment in the Master Trust

The Plan’s investments are in the Master Trust which was established for the investment of assets of the Plan and several other retirement plans sponsored by the Company. The assets of the Master Trust are held by Fidelity. Each participating retirement plan has an identifiable interest in the Master Trust and investment options for participants may vary by plan. Fidelity maintains separate accounting of all contributions, benefit payments and expenses and allocates income earned and received by the Master Trust on the basis of the adjusted value of each plan at each measurement date. Effective December 31, 2013, the assets of the Trane Master Trust are considered combined with and part of the Master Trust. The Trane Master Trust covered additional retirement plans sponsored by the Company and its affiliates. The Plan was not affected by the merger of the two trusts as Fidelity maintains separate accounting for each plan within the Master Trust at the measurement date. To reflect the combination with the Trane Master Trust, the investments disclosed below as of December 31, 2014 and 2013 reflect the total assets subsequent to the combination. The investment income disclosed for the year ended December 31, 2013 below does not include the combined Trane Master Trust as the combination was completed at December 31, 2013. As of December 31, 2014 and 2013, the Plan had a 95.5% and 95.3% participation, respectively, in the Master Trust.

Summarized Master Trust information follows:



	2014		2013
Investments, at fair value
Money market portfolio	$	—	$	151,330,008
Mutual funds	1,220,545,404		1,439,380,413
Common collective trusts	1,030,464,502		866,867,459
Separate accounts	343,901,290		—
Self-directed brokerage accounts	282,203,231		261,753,618
Ingersoll-Rand Stock Fund	861,914,768		931,987,151
Allegion Stock Fund	240,475,392		220,659,865
Investments, at fair value	$	3,979,504,587	$	3,871,978,514

Ingersoll-Rand Company Employee Savings Plan

Notes to Financial Statements

December 31, 2014 and 2013

The following summarizes the net realized and unrealized appreciation of investments and interest and dividend income for the Master Trust for the years ended December 31:



	2014		2013
Investment income:
Net appreciation in fair value of investments
Mutual funds	$	23,214,921	$	220,610,874
Self-directed brokerage accounts	12,423,331		30,485,046
Common collective trusts	59,643,421		130,468,565
Ingersoll-Rand Stock Fund	22,790,032		445,949,262
Allegion Stock Fund	51,866,846		979,590
	169,938,551		828,493,337
Interest and dividend income	88,247,139		85,269,510
Total investment income	$	258,185,690	$	913,762,847

The following summarizes the classification of the Master Trust investments by classification and method of valuation as of December 31, 2014:



	Level 1		Level 2		Level 3		Total
Master Trust
Mutual funds:
Domestic equity funds	$830,201,607		$	—	$	—	$830,201,607
International equity fund	131,238,763		—		—		131,238,763
Fixed income funds	163,158		—		—		163,158
Index funds	258,941,876		—		—		258,941,876
Self-directed brokerage accounts	282,203,231		—		—		282,203,231
Common collective trusts:
Index funds ⁽¹⁾	—		48,993,924		—		48,993,924
Target date retirement funds ⁽²⁾	—		981,470,578		—		981,470,578
Separate accounts:
Fixed income bond funds ⁽³⁾			200,582,968				200,582,968
Stable value funds ⁽⁴⁾			143,318,322				143,318,322
Ingersoll-Rand Stock Fund ⁽⁵⁾	—		861,914,768		—		861,914,768
Allegion Stock Fund ⁽⁵⁾	—		240,475,392		—		240,475,392
Investments, at fair value	$	1,502,748,635	$	2,476,755,952	$	—	$	3,979,504,587

(1) Represents investment in common collective trusts that hold equity or fixed income securities. These funds have no unfunded commitments, redemption frequency restrictions, or other redemption restrictions.

(2) Represents investment in an asset mix that seeks to generate a level of risk and return appropriate for the fund’s particular time frame. The asset mix is determined by factors such as the investor’s age, projected level of risk aversion and the length of time until the principal will be withdrawn. There are no unfunded commitments, redemption frequency restrictions, or other redemption restrictions.

(3) Represents investment in a privately managed investment account created for the Master Trust that seeks to maximize price appreciation and current income with volatility similar to its index, the Barclay U.S. Aggregate Bond Index. There are no unfunded commitments, redemption frequency restrictions, or other redemption restrictions.

(4) Represents investment in a privately managed investment account created for the Master Trust that is primarily comprised of investment contracts issued by financial institutions and other eligible stable value investments. There are no unfunded commitments or redemption frequency restrictions. Transfers to other investment funds could be limited under certain conditions.

Ingersoll-Rand Company Employee Savings Plan

Notes to Financial Statements

December 31, 2014 and 2013

(5) Represents investment in IR-plc or Allegion ordinary shares, along with a minor amount of short-term investments, to provide liquidity. There are no unfunded commitments, redemption frequency restrictions, or other redemption restrictions.

The following summarizes the classification of the Master Trust investments by classification and method of valuation as of December 31, 2013:



	Level 1		Level 2		Level 3		Total
Master Trust
Money market funds	$	151,330,008	$	—	$	—	$	151,330,008
Mutual funds:
Domestic equity funds	143,437,597		—		—		143,437,597
International equity fund	815,859,057		—		—		815,859,057
Fixed income funds	257,912,944		—		—		257,912,944
Index funds	222,170,815		—		—		222,170,815
Self-directed brokerage accounts	261,753,618		—		—		261,753,618
Common collective trusts:
Index funds ⁽¹⁾	—		39,894,354		—		39,894,354
Target date retirement funds ⁽²⁾	—		826,973,105		—		826,973,105
Ingersoll-Rand Stock Fund ⁽³⁾	—		931,987,151		—		931,987,151
Allegion Stock Fund ⁽³⁾	—		220,659,865		—		220,659,865
Investments, at fair value	$	1,852,464,039	$	2,019,514,475	$	—	$	3,871,978,514

(3) Represents investment in IR-plc or Allegion ordinary shares, along with a minor amount of short-term investments, to provide liquidity. There are no unfunded commitments, redemption frequency restrictions, or other redemption restrictions.



5	Tax Status

The U.S. Internal Revenue Service (“IRS”) has determined and informed the Company by a letter dated September 20, 2013 that the Plan and related trust are designed in accordance with applicable sections of the IRC to be exempt from U.S. federal income tax. The Plan has been amended since receiving the determination letter. Plan management and the Plan’s counsel believe that the Plan is designed and is currently being operated in material compliance with the applicable requirements of the IRC and therefore no provision for U.S. federal income tax is required.

GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize tax liability (or assets) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2014 and 2013, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan administrator believes it is no longer subject to income tax examinations for years prior to 2011.



6	Party-In-Interest

Certain Plan investments held in the Master Trust are shares or units of money market funds, common collective trusts and mutual funds managed by Fidelity Management Trust Company, the Plan’s trustee and recordkeeper. These transactions qualify as permitted party-in-interest transactions.

Certain Master Trust investments are units of the Ingersoll-Rand Stock Fund which primarily invests in ordinary shares of IR-plc. These transactions qualify as permitted party-in-interest transactions.

Ingersoll-Rand Company Employee Savings Plan

Notes to Financial Statements

December 31, 2014 and 2013



7	Plan Termination

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of the Plan, ERISA and the IRC. In the event of Plan termination, all affected participants would become 100% vested in any unvested employer contributions.



8	Risks and Uncertainties

Through the Master Trust, the Plan provides for investment options in any combination of equity, fixed income and money market investments in the U.S. and abroad through various investment options. Investment asset classes are exposed to various risks, such as market, interest rate, inflation, foreign currency, economic, political and credit risks. Due to the level of risk associated with the Plan’s investments, it is reasonably possible that changes in risks in the near term would materially affect participants' account balances and the amounts reported in the Statements of Net Assets Available for Benefits and the Statements of Changes in Net Assets Available for Benefits.



9	Subsequent Events

The Benefits Investment Committee has determined that the Allegion Stock Fund will be eliminated as a closed investment option effective November 30, 2015. Participants have been notified of this change so as to give them ample time to transfer funds into other available investment options. Any funds remaining in the Allegion Stock Fund at that time will be automatically transferred to the target date Vanguard Retirement Trust I Fund based on the participant's date of birth.

Schedule I

Ingersoll-Rand Company Employee Savings Plan

Schedule H, Part IV, Line 4i – Schedule of Assets (Held at End of Year)

December 31, 2014

Plan Sponsor: Ingersoll-Rand Company

Employer Identification: 13-5156640

Plan Number: 078




(a)	Identity of issue, borrower, lessor, or similar party (b)	Description of investment including maturity date, rate of interest, collateral, par or maturity value (c)	Cost (d)	Current Value (e)
*	Plan's interest in Master Trust	Master Trust,
		95.5% participation	**	$	3,798,698,997

	Notes receivable from participants ***	Due 01/01/15 - 01/01/40 3.25% - 10.00%	**	37,468,807

	TOTAL ASSETS (Held at End of Year)			$	3,836,167,804


*	Includes assets which represent permitted party-in-interest transactions to the Plan.
**	Cost information is not required for participant directed investments; therefore, this information is omitted.
***	The accompanying financial statements classify participant loans as notes receivable from participants.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

INGERSOLL-RAND COMPANY EMPLOYEE SAVINGS PLAN






Dated: June 17, 2015	By:	/s/ Paul Longstreet
	Name: Paul Longstreet Title: Benefits Administration Committee

EXHIBIT INDEX




Exhibit No.		Description

23.1		Consent of Cherry Bekaert LLP