Overall segment bookings were up mid-teens, with bookings improvement in the Americas and Asia and declines in Europe. Fourth-quarter segment operating margin was 20.6 percent, up by 1.5 percentage points compared with 19.1 percent in the fourth quarter of 2011. The higher segment operating margin was due to improved volume, productivity and higher pricing, which were partially offset by inflation and higher investment spending.Balance Sheet and Share Repurchase Working capital was 2.8 percent of revenues at the end of the fourth quarter of 2012. Available cash flow for the fourth quarter was $354 million and the company generated $918 million of available cash flow in 2012. Cash balances and total debt balances were $0.9 billion and $3.2 billion, respectively, at the end of the fourth quarter. The company purchased approximately 10 million shares during the fourth quarter and purchased a total of 18.4 million shares for $840 million during 2012. Spin-off of Commercial and Residential Security Businesses On December 10, 2012, the company announced that its Board of Directors unanimously approved a plan to spin off its commercial and residential security businesses (the “new security” company). The separation will result in two standalone companies: Ingersoll Rand, a world leader in creating comfortable, sustainable and efficient environments through its industrial, transport refrigeration, and heating, ventilation and air conditioning (HVAC) businesses; and the new security company, a leading global provider of electronic and mechanical security products and services, delivering comprehensive solutions to commercial and residential customers. The company expects the spin-off, which is intended to be tax free to shareholders, to be completed prior to year-end 2013. Upon completion of the spin-off, Ingersoll-Rand plc will cease to have any ownership interest in the new security company, and the new security company will become an independent publicly traded company. The new security company is anticipated to be an Irish plc.