Annual Report of Employee Stock Plans (11-k)

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, 2016



¨	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 RETIREMENT SAVINGS PLAN FOR

PARTICIPATING AFFILIATES IN PUERTO RICO

(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 Retirement Savings Plan for Participating Affiliates in Puerto Rico

Index

December 31, 2016 and 2015




	Page

Report of Independent Registered Public Accounting Firm	2

Financial Statements

Statements of Net Assets Available for Benefits as of December 31, 2016 and 2015	3

Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 2016 and 2015	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, 2016	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

Ingersoll-Rand Retirement Savings Plan for Participating Affiliates in Puerto Rico

Davidson, North Carolina

We have audited the accompanying statements of net assets available for benefits of the Ingersoll-Rand Retirement Savings Plan for Participating Affiliates in Puerto Rico (the “Plan”) as of December 31, 2016 and 2015, 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, 2016 and 2015, 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, 2016 has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is the responsibility of Plan 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 the Employee Retirement Income Security Act of 1974. 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 23, 2017

Ingersoll-Rand Retirement Savings Plan for Participating Affiliates in Puerto Rico

Statements of Net Assets Available for Benefits

December 31, 2016 and 2015



	2016		2015
Assets
Investments:
Plan's interest in Ingersoll-Rand Employee Savings Plan Master Trust (Note 4), at fair value	$	27,886,389	$	24,456,503
Receivables:
Employer contributions receivable	32,461		21,921
Employee contributions receivable	32,512		22,756
Notes receivable from participants	1,508,675		1,374,602
Total Receivables	1,573,648		1,419,279
Net assets available for benefits	$	29,460,037	$	25,875,782

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

Ingersoll-Rand Retirement Savings Plan for Participating Affiliates in Puerto Rico

Statements of Changes in Net Assets Available for Benefits

For the Years Ended December 31, 2016 and 2015



	2016		2015
Additions to net assets attributed to:
Interest income on notes receivable from participants	$	54,300	$	48,164
Plan's interest in investment income (loss) of the Ingersoll-Rand Employee Savings Plan Master Trust (Note 4)	2,529,456		(248,729		)
Contributions:
Employer	1,220,993		1,213,980
Participants	1,303,166		1,315,767
Total additions	5,107,915		2,329,182
Deductions from net assets attributed to:
Benefits paid to participants	1,498,303		1,754,793
Administrative expenses	25,357		21,693
Total deductions	1,523,660		1,776,486
Net increase in net assets	3,584,255		552,696
Net assets available for benefits
Beginning of year	25,875,782		25,323,086
End of year	$	29,460,037	$	25,875,782

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

Ingersoll-Rand Retirement Savings Plan for Participating Affiliates in Puerto Rico

Notes to Financial Statements

December 31, 2016 and 2015



1	Description of the Plan

The following brief description of the Ingersoll-Rand Retirement Savings Plan for Participating Affiliates in Puerto Rico (the “Plan”) provides only general information.More complete descriptions are found in the governing Plan documents and the summary plan descriptions.

History

The Plan is a defined contribution plan sponsored by Thermo King Puerto Rico Manufactura, Inc., a subsidiary of Ingersoll-Rand plc ("IR-plc") covering all full-time regular employees of Thermo King Puerto Rico Manufactura, Inc. and participating affiliates who work and reside in Puerto Rico. Thermo King Manufactura, Inc. and its participating affiliates, including Trane Puerto Rico LLC are referred to herein as the "Company".

General

The Plan is a defined contribution plan with a 401(k) feature generally 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 (“ERISA”).

Fidelity Management Trust Company (“Fidelity”) is the Plan’s recordkeeper and custodian. Banco Popular de Puerto Rico (“BPPR”) serves as trustee for the Plan. The Plan’s assets are part of the Ingersoll-Rand Employee Savings Plan Master Trust (the “Master Trust”) maintained by Fidelity.

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 Plan requires that the Ingersoll-Rand Stock Fund be an investment option under the Plan. The other investment options available under the Plan from time to time are selected by the Ingersoll-Rand plc Benefits Investment Committee. The IR-plc Benefits Investment Committee selects and approves the Plan’s investment options offered in the Plan, which may not include all assets held within the Master Trust. Participants direct investments among the Plan's investment options. The Plan intends that the Plan meets the requirements and regulations of ERISA Section 404(c).

Contributions

Plan participants may elect to contribute on a pre-tax basis from 1% to 50% of their total compensation including certain bonuses subject to the limits imposed by Section 1165(e)(7)(A) of the Puerto Rican Internal Revenue Code. The participants may also elect to contribute on an after-tax basis from 1% to 10% of their total eligible compensation including bonuses as an additional supplementary contribution. The Company contributes a matching amount equal to 100% of the employee’s contribution not to exceed 6% of total compensation for a participating employee. 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 Puerto Rican Internal Revenue Code. Participants may change their contribution amounts in accordance with the administrative procedures established by the Committee. Participants who were hired or rehired on or after July 1, 2012 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. All 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 corresponding to the employee's target retirement date based on his or her date of birth.

Participant Accounts

Each participant’s account is credited with the participant’s contribution and allocations of (a) the Company’s contribution and (b) Plan earnings (losses) net of investment management fees. Each participant’s account is charged with fees associated with participant withdrawals and disbursements and applicable administrative expenses. Allocations are based on participant contributions, 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 entitled to the benefits that can be provided from their vested account. Participants are immediately vested in their contributions and Company matching contributions plus actual earnings thereon. Company basic contributions made to Trane union employees under the Plan remain subject to a three year vesting schedule. Company non-matching contributions are vested after 3 years of service or upon attainment of age 65 (while employed) , death (while employed) or disability (while employed).

Ingersoll-Rand Retirement Savings Plan for Participating Affiliates in Puerto Rico

Notes to Financial Statements

December 31, 2016 and 2015

Notes Receivable from Participants

Subject to certain limitations, participants may borrow from their accounts a minimum of $1,000 up to a maximum equal to the lesser of (a) $50,000 reduced by their highest outstanding loan balance during the preceding twelve month period or (b) 50% of their total eligible account balance. Loans bear interest at a fixed rate which is equal to the prime rate as quoted by Fidelity on a monthly basis, plus 1%. At December 31, 2016, outstanding loans bore interest rates ranging from 4.00% to 9.5%. Loan terms range from one to five years. Effective January 1, 2010, a loan to acquire a principal residence may be for a term of up to 15 years. The loans are collateralized by the balance in the participant’s account. Principal and interest are paid ratably through payroll deductions.

Forfeited Accounts

Forfeited contributions are used to reduce future employer contributions. At December 31, 2016 and 2015, forfeited non-vested balances were $5,708 and $18,674, respectively. In 2016 and 2015, employer contributions were reduced by $22,950 and $16,467, respectively from forfeited non-vested accounts.

Participant Withdrawals and Distributions

On termination of service, Plan distributions may be in the form of a lump sum or in installments in such other manner that the Plan may permit. In the case of an employee’s termination because of death, the entire account balance is paid to the designated beneficiary under the Plan or, if none is designated, pursuant to the terms of the Plan. 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, take in-service withdrawals from the Plan while employed, subject to certain 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 using 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 date 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 included in 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 investment 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 investment management fees and operating expenses are reflected as a reduction of investment returns for such investments in the form of an expense ratio.

The Statements of Changes in Net Assets Available for Benefits include unrealized appreciation and 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.

Ingersoll-Rand Retirement Savings Plan for Participating Affiliates in Puerto Rico

Notes to Financial Statements

December 31, 2016 and 2015

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, 2016 and 2015. 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 or an affiliate and are excluded from these financial statements. General administrative fees are deducted quarterly from Plan accounts and are included in these financial statements. Expenses of the funds related to the investment and reinvestment of assets are included in the cost of the related investments. Participant directed transaction expenses such as loan fees and withdrawal fees are paid by the participant and are included in these financial statements.

Participant Withdrawals and Distributions

Benefits to participants are recorded when paid. There are no approved and unpaid amounts as of December 31, 2016 and 2015.

Transfer of Assets from Other Plans

Employees may transfer their savings from other plans qualified by the Puerto Rico Treasury Department.

New Accounting Pronouncements

In May 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-07 , Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) , which exempts investments measured using the net asset value (“NAV”) (or its equivalent) as a practical expedient in Accounting Standards Codification 820, Fair Value Measurement , from categorization within the fair value hierarchy. Instead, such investments will be provided as a reconciling item so that the total fair value amount of investments in the disclosure is consistent with the fair value investment balance on the statement of net assets available for benefits. This guidance requires retrospective application and is effective for annual reporting periods beginning on or after December 15, 2015. As such, the Plan has removed all investments from the fair value hierarchy for which fair value is measured using the NAV per share practical expedient. The adoption has been reflected in Note 4.

In July 2015, the FASB issued ASU 2015-12, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), and Health and Welfare Benefit Plans (Topic 965): Part (I) Fully Benefit-Responsive Investment Contracts, Part (II) Plan Investment Disclosures, Part (III) Measurement Date Practical Expedient. This three-part standard simplifies employee benefit plan reporting with respect to fully benefit-responsive investment contracts and plan investment disclosures, and provides for a measurement-date practical expedient. Part I eliminated the requirement to measure and disclose the fair value of fully benefit-responsive contracts. Contract value is the only required measure for fully benefit-responsive investment contracts. Part II eliminates the requirement to disclose individual investments which comprise 5% or more of the total net assets available for benefits, as well as the net appreciation or depreciation of fair values by type. Part II also requires plans to continue to disaggregate investments that are measured using fair value by general type; however, plans are no longer required to disaggregate investments by nature, characteristics and risks. Furthermore, the disclosure of information about fair value measurements shall be provided by general type of plan asset. Part III allows plans to measure investments using values from the end of the calendar month closest to the plan's fiscal year end. Part I and Part II are effective for fiscal years beginning after December 15, 2015, and should be applied retrospectively, with early application permitted. Part III is effective for fiscal years beginning after December 15, 2015, and should be applied prospectively, with early application permitted. The adoption of Parts I and III had no effect on the financial statement presentation. The adoption of Part II eliminated the requirement to disaggregate investments by nature, characteristics and risks. The adoption has been reflected in Note 4.

In February 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-06 , Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting. This guidance requires the disclosure of the Plan's dollar amount of their interest in each general type of investment held by the master trust. In addition, the guidance requires disclosure of the master trust's other asset and liability balances and the Plan's interest in each of those other assets and liability balances. This guidance requires retrospective application and is effective for annual reporting periods beginning on or after December 15, 2018. Early adoption is permitted. The Company does not expect the adoption of this accounting guidance to have a significant impact on the Plan’s financial statements.

Ingersoll-Rand Retirement Savings Plan for Participating Affiliates in Puerto Rico

Notes to Financial Statements

December 31, 2016 and 2015



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.

Not all assets held in the Master Trust are available for investment by participants of the Plan. Other than the adoption of ASU 2015-07, there have been no changes in the methodologies used as of December 31, 2016 and 2015. 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 Ingersoll-Rand Stock Fund represents investment in IR-plc 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 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.

Schlumberger (formerly Cameron) Stock Fund : The Schlumberger Stock Fund represents investment in shares of Schlumberger Limited. On April 1, 2016, Schlumberger Limited purchased all outstanding shares of Cameron International Corporation. There are no unfunded commitments, redemption frequency restrictions, or other redemption restrictions. The Schlumberger Stock Fund is a closed investment option, available only to participants in the Ingersoll-Rand Individual Account Retirement Plan for Bargaining Unit Employees at the Buffalo, New York Plant. The fund invests in shares of Schlumberger Limited, which is traded on the NYSE and is valued at its quoted market price at the daily close of the NYSE. The Schlumberger Stock Fund was eliminated effective August 24, 2016 with all remaining participant balances in the fund liquidated and reinvested in the Plan's target date retirement fund corresponding to the participant's date of birth. Such assets are classified as Level 1.

Allegion Stock Fund : The shares of the fund were valued at the daily NAV of shares held by the Master Trust at year end. NAV per share or the equivalent was used for fair value purposes as a practical expedient. NAVs were calculated by the investment manager or sponsor of the fund. The fund primarily invested in ordinary shares of Allegion, which is traded on the NYSE and was 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. The Allegion Stock Fund was eliminated effective November 30, 2015 with all remaining participant balances in the fund liquidated and reinvested in the Plan's target date retirement fund corresponding to the participant's date of birth.

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. Investments in registered investment companies generally may be redeemed daily and are classified as Level 1.

Ingersoll-Rand Retirement Savings Plan for Participating Affiliates in Puerto Rico

Notes to Financial Statements

December 31, 2016 and 2015

Common collective trusts - index funds: These assets represent 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. 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 used for fair value purposes as a practical expedient. NAVs are calculated by the investment manager or sponsor of the fund.

Common collective trusts - target date retirement funds: These assets represent 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. These funds have no unfunded commitments, redemption frequency restrictions, or other redemption restrictions. 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 used for fair value purposes as a practical expedient. NAVs are calculated by the investment manager or sponsor of the fund.

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 fund 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. 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.

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 issued by financial institutions and other eligible stable value investments, 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. There are no unfunded commitments or redemption frequency restrictions. Transfers to other investment funds could be limited under certain conditions. 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.

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 Master Trust

The Plan’s investments are held in the Master Trust which was established for the investment of assets of the Plan and several other retirement plans sponsored by the Company or other affiliated companies of IR-plc. 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. As of December 31, 2016 and 2015, the Plan had a 0.66% and 0.63% participation, respectively, in the Master Trust.

Summarized Master Trust information follows at December 31:



	2016		2015
Investments, at fair value
Mutual funds	$	375,178,274	$	322,644,868
Self-directed brokerage accounts	302,715,812		279,854,045
Common collective trusts	2,363,704,938		2,243,013,900
Separate accounts	344,515,553		329,374,802
Ingersoll-Rand Stock Fund	862,147,714		702,688,416
Schlumberger (formerly Cameron) Stock Fund	—		1,804,966
Investments, at fair value	$	4,248,262,291	$	3,879,380,997

Ingersoll-Rand Retirement Savings Plan for Participating Affiliates in Puerto Rico

Notes to Financial Statements

December 31, 2016 and 2015

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



	2016		2015
Investment income (loss):
Net appreciation (depreciation) in fair value of investments
Mutual funds	$	31,034,661	$	(35,214,995	)
Self-directed brokerage accounts	15,702,537		(8,000,533		)
Common collective trusts	127,968,265		38,013,463
Separate accounts	7,548,141		1,826,009
Ingersoll-Rand Stock Fund	216,157,182		(97,693,639		)
Schlumberger (formerly Cameron) Stock Fund	75,061		797,208
Allegion Stock Fund	150,005		37,810,715
	398,635,852		(62,461,772		)
Interest and dividend income	28,451,874		30,577,444
Total investment income (loss)	$	427,087,726	$	(31,884,328	)

The following summarizes the classification of the Master Trust investments by classification and method of valuation as of December 31, 2016:



	Level 1		Level 2		Level 3		Total
Master Trust
Investments at fair value:
Separate accounts:
Stable value funds	$	—	$	179,564,496	$	—	$	179,564,496
Mutual funds	375,178,274		—		—		375,178,274
Self-directed brokerage accounts	302,715,812		—		—		302,715,812
Total investments in the fair value hierarchy	677,894,086		179,564,496		—		857,458,582

Investments measured at net asset value: ^(a)
Common collective trusts:
Index funds							949,865,814
Target date retirement funds							1,413,839,124
Separate accounts:
Fixed income bond funds							164,951,057
Ingersoll-Rand Stock Fund							862,147,714
Total investments measured at net asset value							3,390,803,709
Investments, at fair value							$	4,248,262,291

(a) In accordance with ASU 2015-07, certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the summarized Master Trust Investments, at fair value earlier in this Note.

Ingersoll-Rand Retirement Savings Plan for Participating Affiliates in Puerto Rico

Notes to Financial Statements

December 31, 2016 and 2015

The following summarizes the classification of the Master Trust investments by classification and method of valuation as of December 31, 2015:



	Level 1		Level 2		Level 3		Total
Master Trust
Investments at fair value:
Separate accounts:
Stable value funds	$	—	$	152,471,304	$	—	$	152,471,304
Mutual funds	322,644,868		—		—		322,644,868
Self-directed brokerage accounts	279,854,045		—		—		279,854,045
Cameron Stock Fund	1,804,966		—		—		1,804,966
Total investments in the fair value hierarchy	604,303,879		152,471,304		—		756,775,183


Investments measured at net asset value: ^(a)
Common collective trusts:
Index funds							982,677,618
Target date retirement funds							1,260,336,282
Separate accounts:
Fixed income bond funds							176,903,498
Ingersoll-Rand Stock Fund							702,688,416
Total investments measured at net asset value							3,122,605,814
Investments, at fair value							$	3,879,380,997



5	Tax Status

The Puerto Rico Treasury Department has determined and informed the Company by a letter dated March 10, 2014, that the Plan and related trust are designed in accordance with applicable sections of the Puerto Rico Internal Revenue Code. A second letter was received from the Puerto Rico Treasury Department on November 6, 2015 confirming that the amendments made to the Plan in connection with the retirement choice program were also qualified under the Puerto Rico Internal Revenue Code. The Plan has been amended since requesting the determination letter. The Plan administrator, the Committee and the Plan’s counsel believe that the Plan is being operated in material compliance with the applicable requirements of the Puerto Rico Treasury Department and therefore no provision for income tax is required.

The Plan administrator and the Plan’s tax counsel believe that the plan is currently designed and being operated in compliance with the applicable requirements of the Puerto Rico Internal Revenue Code. Therefore, no provision for income taxes has been included in the Plan’s financial statements.

GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service or the Puerto Rican Department of Treasury. The Plan administrator has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2016 and 2015, 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 2013.

Ingersoll-Rand Retirement Savings Plan for Participating Affiliates in Puerto Rico

Notes to Financial Statements

December 31, 2016 and 2015



6	Party-In-Interest Transactions

Certain Plan investments held in the Master Trust are managed by Fidelity, the Plan’s recordkeeper and custodian. 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.



7	Plan Termination

Although it has not expressed any intent to do so, the Company has the right under the Plan to modify or discontinue its contributions at any time and to terminate the Plan subject to the provisions of the Plan, ERISA and the Puerto Rico Internal Revenue Code. In the event the Plan terminates, the interest of each participating employee in the Plan shall be fully vested in any unvested Company contributions and such termination shall not reduce the interest of any participating employee or their beneficiaries accrued under the Plan up to the date of such termination.



8	Risks and Uncertainties

Through the Master Trust, the Plan provides for investment options in any combination of equity and fixed income 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.



Schedule I

Ingersoll-Rand Retirement Savings Plan for Participating Affiliates in Puerto Rico

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

December 31, 2016




Plan Sponsor: Employer Identification: Plan Number:		Thermo King Puerto Rico Manufactura, Inc. 66-0777053 077




(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 the Plan Master Trust	Master Trust, 0.66% participation	**	$	27,886,389

***	Notes receivable from participants	Due 01/01/17 - 01/29/21 4.00% - 9.50%	**	1,508,675

	TOTAL ASSETS (Held at End of Year)			$	29,395,064



*	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 RETIREMENT SAVINGS PLAN FOR PARTICIPATING AFFILIATES IN PUERTO RICO