UNITEDSTATES SECURITIES AND EXCHANGE COMMISSIONWashington,D.C. 20549**FORM 10‐K**

(Mark One)

X             ANNUALREPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES                EXCHANGE ACT OF 1934

**For the fiscal year ended December 31,2003**

or

__           TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES                  EXCHANGE ACT OF 1934                                                     For thetransition period from      _to____

**Commission File No. 1‐985**

**INGERSOLL-RANDCOMPANY LIMITED**(Exactname of registrant as specified in its charter) 

INGERSOLL-RAND COMPANYLIMITED

(Exact name of registrantas specified in its charter)

| **Bermuda***(State or other jurisdiction of    incorporation or organization)*
 
**75-2993910***(I.R.S. Employer******Identification No.)*
**Clarendon House    2 Church Street    Hamilton HM 11, Bermuda***(Address of principal executive    offices)*
Registrant'stelephone number, including area code: **(441)295-2838**

Securitiesregistered pursuant to Section 12(b) of the Act:

                                                

                  **Title of each class **                                      **Name of each exchange on which registered                  **ClassA Common Shares,                              New York Stock Exchange                  Par Value $1.00 per Share                                    

  Securities registeredpursuant to Section 12(g) of the Act: None

Indicate by check mark whether theregistrant (1) has filed all reports required to be filed by Section 13 or15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (orfor such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days.  

YES  X      NO     _

Indicate by check mark if disclosure ofdelinquent filers pursuant to Item 405 of Regulation S‐K is not containedherein, and will not be contained, to the best of registrant's knowledge, indefinitive proxy or information statements incorporated by reference in PartIII of this Form 10‐K or any amendment to this Form 10‐K [X] 

Indicate by check mark whether theregistrant is an accelerated filer (as defined in Rule 12b-2 of the Act) 

YES  X      NO     _

The aggregate market value of commonstock held by nonaffiliates on June 30, 2003 wasapproximately$8,026,523,782 based on the closing price of such stock on the New York StockExchange. 

The number of Class A Common Sharesoutstanding as of January 31, 2004 was 175,375,557.

**DOCUMENTS INCORPORATED BY REFERENCE**

Portions of the registrant's proxystatement to be filed within 120 days of the close of the registrant's fiscalyear in connection with the registrant's Annual General Meeting of Shareholdersto be held June 2, 2004 are incorporated by reference into Part III of thisForm 10-K. 

**           PART I**

Item 1.   **BUSINESS**

Ingersoll-Rand Company Limited, a Bermudacompany (IR-Limited or the Company), is the successor to Ingersoll-RandCompany, a New Jersey corporation (IR-New Jersey), following a corporate reorganization(the reorganization) that became effective on December 31, 2001.  The reorganization was accomplished througha merger of a newly-formed merger subsidiary into IR-New Jersey.  IR-New Jersey, the surviving company,continues to exist as an indirect, wholly owned subsidiary of IR-Limited.IR-Limited and its subsidiaries continue to conduct the businesses previouslyconducted by IR-New Jersey and its subsidiaries.  The reorganization has been accounted for as a reorganization ofentities under common control and accordingly it did not result in any changesto the consolidated amounts of assets, liabilities and shareholders' equity.

Ingersoll-Rand Company was organized in1905 under the laws of the State of New Jersey as a consolidation ofIngersoll-Sergeant Drill Company and the Rand Drill Company, whose businesseswere established in the early 1870's.

The Company is a leading provider ofclimate control, industrial solutions, infrastructure development and securityand safety products.  In each of thesemarkets, the Company offers a diverse product portfolio that includeswell-recognized industrial and commercial brands.  

Climate ControlThis Segment focuses on markets requiringrefrigerant-gas compression technology and services to end users and tomaintain a refrigeration cycle for protecting food and other perishables.  Climate Control includes Thermo King and Hussmann. Hussmann experiences the greatest demand for its products in thethird and fourth quarters of the year. This demand results from the customers'seasonal construction cycles and the desire to complete stores prior to theyear-end holiday season. Climate Control products include: Thermo Kingtransport temperature control units for truck trailers, small trucks, seagoingcontainers and air conditioning for buses, and Hussmann refrigerated displaycases for supermarkets, delicatessens and other commercial and institutionalrefrigeration applications.

Industrial SolutionsThissector is composed of a diverse group of businesses focused on providingsolutions to enhance customers' industrial efficiency.  Industrial Solutions currently consists ofthe following business segments:
       - Air and     Productivity Solutions is engaged in the design, manufacture, sale and     service of air           compressors, microturbines,     and industrial tools.  It is     comprised of Air Solutions and Productivity         Solutions, and has been     aggregated based primarily on the nature of products and services, and the             nature of the production process.      This Segment previously included the Company's Waterjet business             unit, which was sold during 2003 and whose results are now included in     "Discontinued operations, net of         tax".
      - Dresser-Rand     is engaged in the design, manufacture, sale and service of gas     compressors, gas and steam         turbines, and generators.

Duringthe first quarter of 2003, the Company sold its Engineered Solutions Businessto The Timken Company (Timken).  Theresults of the Engineered Solutions Business, which was part of the Company'sIndustrial Solutions Sector, have been classified as "discontinued operations,net of tax" for 2003 and for all prior periods.  

InfrastructureThis Segment supplies products andservices for all types of construction projects, industrial and commercialdevelopment, and golf and utility vehicles.  Products include Bobcat compact equipment, Blaw-Knox and ABGpavers, Ingersoll-Rand compactors, drilling equipment and portable powerproducts, and Club Car golf and utility vehicles.

On February 19, 2004, the Companyannounced that it has agreed to sell its Drilling Solutions business unit toAtlas Copco AB, for approximately $225 million. The transaction, which isexpected to be completed in the second quarter of 2004, is subject toregulatory approvals.  The DrillingSolutions business manufactures drilling equipment and accessories for theworldwide construction, mining, quarrying, and water-well drilling industries.It had 2003 revenues of approximately $300 million and employs approximately950 people.

Security and SafetyThis Segment manufactures and marketsarchitectural hardware and access-control products and services to customersseeking to enhance productivity and security for residential, commercial andinstitutional buildings.  Productsinclude locks and locksets, door closers, exit devices, steel doors and frames,power-operated doors, architectural columns and biometric and electronic accesscontrol technologies.  This Segmentpreviously included the Company's Laidlaw business unit, which was sold during2003 and whose results are now included in "Discontinued operations, net oftax".

**CompetitiveConditions**The Company's products are sold in highlycompetitive markets throughout the world against products produced by both U.S.and non-U.S. corporations.  Theprincipal methods of competition in these markets relate to price, quality,service and technology.  The Companybelieves that it is one of the leading manufacturers in the world of aircompression systems, construction equipment, transport temperature controlproducts, refrigerated display merchandisers, refrigeration systems andcontrols, air tools, golf cars and utility vehicles. In addition, the Companybelieves it is a leading supplier in U.S. markets for architectural hardwareproducts, mechanical locks, and electronic and biometric access-controltechnologies.

**Distribution**The Company's products are distributed bya number of methods, which the Company believes are appropriate to the type ofproduct.  Sales are made in the U.S.through branch sales offices and through distributors and dealers across theUnited States.  Non-U.S. sales are madethrough numerous subsidiary sales and service companies with a supporting chainof distributors in over 100 countries.
**Products**Principal products of the Company include the      following:   Air balancersHydraulic breakers  Air compressors & accessoriesLubrication equipment  Air dryersMicroturbines  Air logic controlsMaterial handling equipment  Air motorsPaving equipment  Air and electric toolsPiston pumps  Asphalt compactorsPneumatic breakers  Asphalt paversPneumatic cylinders  Automated dispensing systemsPneumatic valves  Automatic doorsPortable compressors  Bath fittings and accessoriesPortable generators  Biometric access control systemsPortable light towers  Blasthole drillsPortable security products  Compact hydraulic excavatorsRefrigerated display cases  Compact tractor-loader-backhoesRefrigeration systems  Diaphragm pumpsRoad-building machinery  Door closers and controlsRock drills  Door locks, latches and locksetsRock stabilizers  Doors and door frames (steel)Rotary drills  Drilling equipment and accessoriesRough-terrain material handlers  Electrical security productsSkid-steer loaders  Electronic access-control systemsSoil compactors  Engine-starting systemsSpray-coating systems  Exit devicesTelescopic material handlers
  Extrusion pump systemsTransport temperature control systems   Fastener-tightening systemsTurbo machinery  Fluid-handling equipmentUtility vehicles  Gas compressorsWater-well drills  Golf carsWinches  HoistsThese products are sold primarily under the      Company's name and also under other names including ABG®, Blaw-Knox®,Bobcat®, Club Car®, Datum®,      Dresser-Rand®, Dor-o-Matic®, Falcon®,      Glynn-Johnson®, Hussmann®, Johnstone®,Koxka®, LCN®, Legge®, Monarch®,      Montabert®, Normbau®, Schlage®, Steelcraft®, Thermo King®, Von Duprin® and Zimmerman®.
During the past three years, the divisionof the Company's sales between capital goods and expendables has been in theapproximate ratio of 79% and 21%, respectively. The Company generally definesas expendables those products that are not capitalized by the ultimateuser.  Examples of such products areparts sold for replacement purposes.

Additional information on the Company'sbusiness and financial information about industry segments is presented in theconsolidated financial statements. 

**WorkingCapital**The products manufactured by the Companymust usually be readily available to meet rapid delivery requirements.  Such working capital requirements are not,however, in the opinion of management, materially different from thoseexperienced by the Company's major competitors.

**Customers**No material part of the Company's businessis dependent upon a single customer or very few customers, the loss of any oneof which would have a material adverse effect on the Company's operations.

**Operationsby Geographic Area**Sales to customers outside the UnitedStates accounted for approximately 42 percent of the consolidated net sales in2003. Sales outside of the United States are made in more than 100 countries;therefore, the attendant risks of manufacturing or selling in a particularcountry, such as nationalization and establishment of common markets, would nothave a significant effect on the Company's non-U.S. operations.  Additional information concerning theCompany's operating segments is contained in Note 15 of the Company's AnnualReport to Shareholders filed as Exhibit 13 andincorporated herein by reference.

**RawMaterials**The Company manufactures many of thecomponents included in its products. The principal raw materials required for the manufacture of theCompany's products are purchased from numerous suppliers, and the Companybelieves that available sources of supply will generally be sufficient for itsneeds for the foreseeable future.

**Backlog**The Company's approximate backlog oforders at December 31, 2003, believed by it to be firm, was $396.8 million forClimate Control, $163.8 million for Air and Productivity Solutions, $419.3million for Dresser-Rand, $256.3 million for Infrastructure and $136.0 millionfor Security and Safety, as compared to $371.2 million, $104.2 million, $778.5million, $136.8 million and $131.2 million, respectively, at December 31,2002.  These backlog figures are basedon orders received.  While the majorportion of the Company's products are built in advance of order and eithershipped or assembled from stock, orders for specialized machinery or specificcustomer application are submitted with extensive lead times and are oftensubject to revision, deferral, cancellation or termination.  The Company estimates that approximately 90percent of the backlog will be shipped during the next twelve months.

**Researchand Development**The Company maintains extensive researchand development facilities for experimenting, testing and developing highquality products.  The Company employsapproximately 1,600 professional employees forits research and development activities. The Company spent $203.9 million in 2003, $199.3 million in 2002 and$188.4 million in 2001 on research and development.

**Patentsand Licenses**The Company owns numerous patents andpatent applications and is licensed under others.  While it considers that in the aggregate its patents and licensesare valuable, it does not believe that its business is materially dependent onits patents or licenses or any group of them. In the Company's opinion, engineering and production skills, andexperience are more responsible for its market position than patents orlicenses.

**EnvironmentalMatters**The Company continues to be dedicated toan environmental program to reduce the utilization and generation of hazardousmaterials during the manufacturing process and to remediate identifiedenvironmental concerns. As to the latter, the Company currently is engaged insite investigations and remedial activities to address environmental cleanupfrom past operations at current and former manufacturing facilities.

During 2003, the Company spentapproximately $0.7 million on capital projects for pollution abatement andcontrol, and an additional $9.3 million for environmental remediationexpenditures at sites presently or formerly owned or leased by the Company. Itshould be noted that these amounts are difficult to estimate becauseenvironmental improvement costs are generally a part of the overall improvementcosts at a particular plant. Therefore, an accurate estimate of which portionof an improvement or a capital expenditure relates to an environmentalimprovement is difficult to ascertain. The Company believes that these expenditure levels will continue and mayincrease over time.  Given the evolvingnature of environmental laws, regulations and technology, the ultimate cost offuture compliance is uncertain.

The Company is a party to environmentallawsuits and claims, and has received notices of potential violations ofenvironmental laws and regulations from the Environmental Protection Agency andsimilar state authorities. It is identified as a potentially responsible party(PRP) for cleanup costs associated with off-site waste disposal at federalSuperfund and state remediation sites. For all sites there are other PRPs and in most instances, the Company'ssite involvement is minimal. 

In estimating its liability, the Companyhas assumed it will not bear the entire cost of remediation of any site to theexclusion of other PRPs who may be jointly and severally liable.  The ability of other PRPs to participate hasbeen taken into account, based generally on the parties' financial conditionand probable contributions on a per site basis.  Additional lawsuits and claims involving environmental mattersare likely to arise from time to time in the future.

Although uncertainties regardingenvironmental technology, U.S. federal and state laws and regulations andindividual site information make estimating the liability difficult, managementbelieves that the total liability for the cost of remediation and environmentallawsuits and claims will not have a material effect on the financial condition,results of operations, liquidity or cash flows of the Company for anyyear.  It should be noted that when theCompany estimates its liability for environmental matters, such estimates arebased on current technologies, and the Company does not discount its liabilitynor assume any insurance recoveries.

**Employees**There are approximately 42,000 employeesof the Company throughout the world, of whom approximately 28,000 work in theUnited States and 14,000 outside the United States. The Company believesrelations with its employees are good.

**AvailableInformation**This annual report on Form 10-K, as well as the Company's quarterly reportson Form 10-Q, current reports on Form8-K and any amendments to all of the foregoing reports, are made available freeof charge on the Company's Internet website (http://www.irco.com)as soon as reasonably practicable after such reports are electronically filedwith or furnished to the Securities and Exchange Commission.  The Board of Directors of the Company hasalso adopted and posted in the Investor Relations section of its website the Company'sCorporate Governance Principles and charters for each of the Board's standingcommittees.

Item 2.   **PROPERTIES**

Manufacturing and assembly operations areconducted in 42 plants in the United States; 1 plant in Canada; 28 plants inEurope; 18 plants in Asia; and 6 plants in Latin America.  The Company also maintains variouswarehouses, offices and repair centers throughout the world.

Substantially all plant facilities areowned by the Company and the remainder are under long‐term lease. TheCompany believes that its plants and equipment have been well maintained andare generally in good condition. 

Facilities under long‐term leasearrangements are included below and are not significant to each operatingsegment's total number of plants or square footage.

Climate Control's manufacturing locationsare as follows:
**Approximate****Number of Plants****Square Footage**  United States11          3,813,000 Non - U.S.14          3,615,000   
**Total**25 7,428,000   
Air andProductivity Solutions' manufacturing facilities are as follows:
**Approximate**
**Number of Plants****Square Footage**  United States8             983,000 Non - U.S.12    1,027,000   **Total**20 2,010,000   
Dresser-Rand's manufacturing facilities are as follows:
**Approximate**
**Number of Plants****Square Footage**  United States3          1,960,000 Non - U.S.7          1,324,000   **Total**10 3,284,000   
Infrastructure's manufacturing facilitiesare as follows:
**Approximate**
**Number of Plants****Square Footage**  United States6          1,965,000 Non - U.S.6             837,000   **Total**12  2,802,000   
Security and Safety's manufacturing facilities are as follows:
**Approximate**
**Number of Plants****Square Footage**  United States14          2,082,000 Non - U.S.14          1,112,000   **Total**28 3,194,000   
Item 3.   **LEGAL PROCEEDINGS**

In the normal course of business, theCompany is involved in a variety of lawsuits, claims and legal proceedings,including commercial and contract disputes, employment matters, product liabilityclaims, environmental liabilities and intellectual property disputes.  In the opinion of the Company, pending legalmatters are not expected to have a material adverse effect on the results ofoperations, financial condition, liquidity or cash flows. 

In November 2003, the ConnecticutDepartment of Environmental Protection (the "DEP") indicated that it wasevaluating an appropriate enforcement response to an alleged noncompliance,which was based on information that the Company voluntarily disclosed.  The alleged noncompliance related to theoperation of the wastewater treatment plant at the Company's H.B. Ives Divisionlocated in New Haven, Connecticut.  TheCompany is negotiating a consent decree with the DEP in order to resolve thismatter. The DEP is seeking a monetary penalty and certain changes in theauditing process for the plant.

See also the discussion under Item 7, Management's Discussion and Analysis ofFinancial Condition and Results of Operations, Environmental and AsbestosMatters and also Exhibit 13, Note 8, Commitments and Contingencies, to theConsolidated Financial Statements.

Item 4.   **SUBMISSION OF MATTERS TO A VOTE OFSECURITY HOLDERS**

No matters were submitted to a vote ofthe Company's security holders during the last quarter of its fiscal year endedDecember 31, 2003.
**Executive Officers of    the Registrant**The following information is included    in accordance with the provision of Part III, Item 10.   
**Date of**
 
**Service as**
 
**an Executive**
**Principal Occupation and****Name and Age**
**Officer  **
**Other Information for Past Five Years**Herbert L. Henkel (55)
4/5/1999    Chairman of Board (since May 2000) and Chief Executive     Officer (since October 1999), President and Director (since     April 1999);(Chief Operating Officer April 1999 - October     1999; Textron, President, February 1999 - March 1999 and Chief Operating Officer, 1998 - March 1999)   Timothy R. McLevish (48)
5/1/2002    Senior Vice President and Chief Financial Officer (since June     2002) (Mead Corporation, Vice President, Chief Financial Officer 1999-2002; Mead Corporation, Vice    President, Financeand Treasurer 1999; Mead Corporation, Vice    President,Treasurer 1998-1999)   Sharon E. Elliott (52)
5/5/2003Senior Vice President, Human Resources (since May    2003)(Eastman Kodak, Senior Vice President, Human    Resources    2001-2001; Starbucks Coffee Co., Senior Vice President, Human Resources, 1994-2000)   Michael W. Lamach (40)
2/16/2004Senior Vice President and Sector President,    Security and Safety
     (since February 2004) (Johnson Controls, Inc., Group Vice 
 President & Managing Director Europe/Asia    2003-2004; Group
 Vice President & General Manager, Asia 2002-2003;    GroupVice Preident & General Manager, Customer    Business Units1999-2002; Vice President & General Manager,    Controls Group1996-1999)   Patricia Nachtigal (57)
11/2/1988Director (since 1/1/02), Senior Vice President    (since June 2000)and General Counsel (Vice President 1988-2000)   Donald H. Rice (59)
2/1/1996    Senior Vice President (since 2001), Global Business Services and Human Resources, (2000 - 2001),    (VicePresident, Human Resources, 1995-2000)   Randy P. Smith (54)
2/3/2000Senior Vice President (since June 2000) and    Sector
     President, Climate Control (since 2003) (Security     and Safety, President 2000-2003, Vice President, February 2000 - June 2000) (Textron Fastening    Systems,President 1998-2000)   Christopher P. Vasiloff (52)
11/1/2001    Senior Vice President and Sector President, Infrastructure     Sector (since November 2001); (President, Portable Power, Infrastructure Sector, 2000-2001; Vice President    andGeneral Manager Portable Compressor Division andRotary Recip. Compressor Division, Air Compressor    Group,1996-2000)         Richard W. Randall (53)
10/1/2002Vice President and Controller (since October      2002);
 (President, Engineered Solutions, Industrial,      Industrial
 Solutions Sector, April 2002-September 2002;      Vice 
 President, Finance and Sector Controller,      Industrial
 Solutions Sector 2001-2002; Vice President      and Controller,
 Bearings and Components Industrial      Productivity Sector; 
 Invensys Vice President/CFO - Siebe      Automotive 1995-1999)
 
 
 No family relationships exists      between any of the above-listed executive officers of the company.       Allofficers are elected to hold      office for one year or until their successors are elected and qualify.
**PARTII**

Item5.   **MARKETFOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER                       MATTERS AND ISSUERPURCHASES OF EQUITY SECURITIES**

Information regarding the principalmarket for the Company's common shares and related shareholder matters are asfollows:

Quarterly share prices and dividends forthe Class A common shares are shown in the following tabulation.  The common shares are listed on the New YorkStock Exchange.

 Common shares  2003 High   Low  Dividend First quarter $ 45.62  $ 34.52  $ 0.17 Second quarter   49.25    38.12    0.17 Third quarter   60.00    46.00    0.19 Fourth quarter   68.19     53.22     0.19 2002     First quarter $ 54.15  $ 39.42  $ 0.17 Second quarter   54.40    44.39    0.17 Third quarter   46.35    32.78    0.17 Fourth quarter   47.88     29.69     0.17 
The Bank of New York (Church Street Station,P.O. Box 11258, New York, NY 10286-1258, (800) 524-4458) is the transfer agent,registrar and dividend reinvestment agent.

There are no significant restrictions onthe payment of dividends.  Theapproximate number of record holders of Class A common shares as of January 31,2004 was 7,971.

Information regarding equity compensationplans required to be disclosed pursuant to this Item is included in the 2003 Form 10-K AnnualReport.

There were no repurchases of theCompany's shares during the fourth quarter of 2003.

Item 6.   **SELECTED FINANCIAL DATA**

In millions, except per share amounts
At and for the years ended December 31,  2003   2002   2001   2000  
 1999 Net sales * $ 9,876.2  $ 8,891.0  $ 8,542.0  $ 8,345.0  $ 6,508.5 Earnings from continuing operations *      593.5       365.6       180.0       433.7       456.6 Total assets   10,664.9   10,809.6   11,133.8   11,061.1    8,433.3 Long-term debt   1,518.6    2,092.1    2,900.7    1,540.4    2,113.3 Shareholders' equity   4,493.3    3,478.2    3,916.6    3,481.2    3,073.2 Basic earnings per common share: *    Continuing operations $     3.47  $     2.16  $     1.09  $     2.69  $     2.79     Discontinued operations        0.30         0.57         0.40         1.46         0.82 Diluted earnings per common share: *    Continuing operations $     3.44  $     2.15  $     1.08  $     2.67  $     2.76     Discontinued operations        0.30         0.56         0.40         1.45         0.81 Dividends per common share  $     0.72   $     0.68   $     0.68   $     0.68   $     0.64     * Amounts have been restated to reflect discontinued operations.
Item7.    **MANAGEMENT'SDISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND                         RESULTS OF OPERATIONS **

**Executive Summary and Outlook**Ingersoll-Rand (IR or the Company) is a leading innovation and solutionsprovider for the major global markets of Climate Control, Industrial Solutions,Infrastructure, and Security and Safety.  The Company's diverse productportfolio encompasses such leading industrial and commercial brands as ThermoKing® transport temperature control equipment, Hussmann® commercial andrefrigeration equipment, PowerWorks® microturbines, Dresser-Rand® turbomachinery,Ingersoll-Rand® industrial and construction equipment, Bobcat® compactequipment, Club Car® golf cars and utility vehicles, Schlage® locks and securitysolutions, and Kryptonite® portable security products.  In addition, IRoffers products and services under many more premium brands for customers inindustrial and commercial markets.

The Company seeks to drive shareholder value through three areas of emphasis:Dramatic Growth, by developing innovative solutions that improve our customers'operations; Operational Excellence, by fostering a culture of continuousimprovement and cost consciousness; and Dual Citizenship, by encouraging ouremployees' active collaboration with colleagues across business units andgeographic regions to achieve superior business outcomes.

The following significant events occurred during 2003:

            TheCompany sold its Engineered Solutions Business (Engineered Solutions) to The Timken Company           (Timken)effective February 16,2003.  The consideration received consisted of $700 million in cash            andapproximately 9.4 millionshares of  Timken common stock.  The Company recognized an after-            tax gain of$58.2 million on the disposition of  Engineered Solutions, which is included in"Discontinued            operations,net of tax."  The gain is subject to working capital and other finalpurchase price            adjustments.The results of Engineered Solutions, which was part of theCompany's IndustrialSolutions            Sector, have been classified as "Discontinued operations, net of tax"for 2003 and for all priorperiods.

           Ingersoll-Rand completed the sale of two small non-strategic businesses during2003. The Waterjet            business,which was part of the Air and Productivity Solutions Segment was sold inSeptember 2003,            and hadrevenues in 2002 of approximately $32 million.  Additionally, Laidlaw, aU.K. distributor of            architecturalhardware, was sold in November 2003.  Laidlaw was part of the Security andSafety            Segment andhad 2002 revenues of approximately $28 million.  The gain on the sale ofthese            businesseswas $10.6 million.

            During thethird quarter, IR acquired the stock of Integrated Access Systems (IAS)including its            GeoffreyIndustries division.  IAS has eight offices throughout the United Statesand had revenues of            approximately$27 million in 2002.  IAS has been integrated with IR's ElectronicTechnologies            Corporationbusiness, which is part of the Security and Safety Segment.            During thefourth quarter of 2003, Ingersoll-Rand terminated its asset securitizationprogram, with the            repurchase ofapproximately $240 million of receivables from special-purpose entities. This transaction            was funded bycash on hand and short-term borrowing.  Additionally, the Company madevoluntary            pensioncontributions during the year of approximately $200 million.

Full-year 2003 net revenues were $9,876.2 million, an 11% increase comparedwith net revenues of $8,891.0 million in 2002.  Excluding the effects ofcurrency translation, net revenues increased by 7%, which was above our targetgrowth of 4% to 6% annually.  The Company attributes the improved revenuegrowth to its leadership position as a proven source of innovation in worldwidemarkets and gains in the recurring revenue stream. 

The Company reported full-year earnings of $644.5 million, or dilutedearnings per share of $3.74.  Full-year earnings from continuing operationsincreased by 62% compared to 2002.  The Company benefited from thecontinuing operational improvements, productivity enhancements in our worldwideoperations, reduced interest expense from repayment of debt and interest ratedeclines, and the effects of our tax strategies, which resulted in an effectivetax rate of 13.7%.  These improvements have enabled IR to pursue new marketopportunities and create innovative, differentiated solutions for its customers. In 2003, IR improved the strength of its balance sheet.  Total debt atyear-end was $2.3 billion, a reduction of approximately $930 million compared toyear-end 2002.  The debt-to-capital ratio was 33% at the end of 2003compared to 48% at the end of 2002.For full-year 2003, all business segments generated improved revenues, operatingincome and operating margins compared to 2002.  

            ClimateControl revenues and operating income benefited from price realization andmarket gains in the            Thermo Kingbusiness, while industry-wide pricing pressures and lower volumes continued tochallenge            the Hussmanbusiness. 

            Air andProductivity Solutions' revenues and operating income benefited from highervolumes and            product mixas recurring revenues for the segment continued to increase.

           Dresser-Rand revenues increased from higher volumes and product mix. Operating income increased            based mainlyon pricing and product mix, while operating margins remained constant.

           Infrastructure revenues and operating income benefited from higher volumes,which were primarily            associatedwith new product sales in the Bobcat business, continuing market share gains atClub Car in            the NorthAmerican golf market, and improved overseas sales for the Road Developmentbusiness.

            Securityand Safety achieved revenue growth through market share gains in the UnitedStates.             Additionally,the full-year inclusion of Electronic Technologies Corporation, which wasacquired in            2002, and theaddition of Integrated Access Systems, acquired in August 2003, favorablyaffected the            segment'srevenues and operating income.

Business activity in most of Ingersoll-Rand's major industrial andconstruction end markets continued to improve as the year 2003 came to an end. In 2004, IR expects to build on the momentum generated during the last year tocontinue to generate greater market share gains and operating performanceimprovements across our businesses.  The Company sees recovery in mostNorth American and European markets and continuing growth in Asia. Additionally, the Company once again expects to produce substantial operatingcash flow in 2004. 

**Critical Accounting Policies**The notes to the financial statements include a summary of significantaccounting policies and methods used in the preparation of the consolidatedfinancial statements and the following summarizes what the Company believes arethe critical accounting policies and methods used by the Company:

-       Employee benefit plans - The Companyprovides a range of benefits to employees and retired employees,         including pensions,postretirement, postemployment and health-care benefits.  Determining thecost         associated with such benefitsis dependent on various actuarial assumptions, including discount rates,         expected return on plan assets,compensation increases, employee mortality and turnover rates, and         health-care cost trend rates. Independent actuaries perform the required calculations to determine         expense in accordance with U.S.generally accepted accounting principles. Actual results may differ from         the actuarial assumptions andare generally accumulated and amortized over future periods.  The         Company reviews its actuarialassumptions at each measurement date and makes modifications to the         assumptions based on thencurrent rates and trends if appropriate to do so.  The discount rate, therate of         compensation increase and theexpected long-term rates of return on plan assets are determined as of the         measurement date.  Thediscount rate reflects a rate at which pension benefits could be effectively          settled.   The discount rate isestablished and based primarily on the yields of high-quality fixed-income        investments available and expected to be available during the period to maturityof the pension and           postretirement benefits. The Company also reviews the yields reported by Moody's on AA corporate         bond as of the measurement date.  Therate of compensation increase is dependent on expected future         compensation  levels.  The expectedlong-term rates of return are projected to be the rates of return to         be earnedover the period until the benefitsare paid.  Accordingly, the long-term rates of return should         reflect therates of return on present investments,expected contributions to be received during the current         year and on reinvestments overthe period.  The rates of return utilized reflect the expected rates ofreturn        during the periods for which the paymentof benefits is deferred.  The expected long-term rate of return on         plan assets used is based on what isrealistically achievable based on the types of assets held by the plans         and the plan's investment policy. Historical asset return trends for the larger plans are reviewed over         fifteen,  ten and five years.  Theactual rate of return for plan assets over the last ten-and fifteen-year         periodshave exceeded the expected rate ofreturn used.  The Company reviews each plan and its         historical returns and asset allocations todetermine the appropriate expected long-term rate of return on         plan assets to be used. At the end of 2002, theCompany believed a revision to its long-term        expectations for returns was necessary based upon the marketperformance experienced in 2001 and        2002.   The Company believes that the assumptions utilizedin recording its obligations under its plans are         reasonable based on input from  its actuaries, outsideinvestment advisors, and information as to         assumptions used by plan sponsors.

        Shareholders' equity at December31, 2003 and 2002, includes a reduction for a minimum liability        adjustment net of tax, of $359.4million and $317.2 million, respectively.  The reason for the increase in        the minimum liability adjustmentyear-over-year is primarily due to the change in the discount rates.

        Changes in any of the assumptions thatwere used in computing the net periodic pension cost or        postretirement cost can have animpact on the various components that comprise these costs.  Estimated        sensitivities to the net periodicpension cost of a 0.25% rate decrease in the three basic assumptions are a        follows: the discount rate wouldincrease expense by approximately $5.3 million; the rate of compensation        increase would decrease expense $2.3million, and the estimated return on assets assumption would        increase expense by approximately$5.3 million.  A 0.25% rate decrease in the discount rate for        postretirement benefits wouldincrease net periodic postretirement benefit cost by $2.2 million and a 1.0%        increase in the health care costtrend rate would increase the cost by approximately $4.0 million.

-      Commitments and contingencies - The Companyis involved in various litigations, claims and administrative        proceedings, including environmentaland asbestos matters, arising in the normal course of business. The        Company has recorded reserves in thefinancial statements related to these matters which are developed        based on consultation with legalcounsel and internal and external consultants and engineers, depending on        the nature of the reserve. Subject to the uncertainties inherent in estimating future costs for these typesof        liabilities, the Company believes itsestimated reserves are reasonable and does not believe the liability        with respect to these matters wouldhave a material effect on the financial condition, results of operations,        liquidity or cash flows of theCompany for any year.

-      Accrued liabilities - The Company has accruedliabilities for product liability claims, including asbestos       claims, workers' compensation matters andproduct warranty issues.  The Company has recorded       reserves in the financial statementsrelated to these matters, which are developed using input derived from       actuarial estimates and historical andanticipated experience data depending on the nature of the reserve.        The Company believes its estimated reservesare reasonable.

-     Allowance for doubtful accounts and inventoryreserves - The Company has provided an allowance for       doubtful accounts receivable and inventoryreserves based upon its knowledge of its end markets,       customer base and products.

-     Goodwill and other intangible assets - The Companyhas significant goodwill and other intangible assets on       its balance sheet related to acquisitions. The valuation and classification of these assets and the assignment       of amortization lives involves significantjudgments and the use of estimates.  The testing of these intangibles       under established accounting guidelines forimpairment also requires significant use of judgment and       assumptions, particularly as it relates tothe identification of reporting units and the determination of fair       market value.  The Company's goodwilland other intangible assets are tested and reviewed for impairment       on an annual basis or when there is asignificant change in circumstances.  The Company believes that its       use of estimates and assumptions arereasonable and comply with generally accepted accounting       principles.  Changes in businessconditions could potentially require future adjustments to these valuations.

-     Restructuring - In connection with the Company's restructuringprograms, reserves have been established       at each of the Company's reportablesegments.  These reserves, for both employee termination costs and       facility exit costs, required the use ofestimates, which the Company believes accurately reflect the costs of       these plans.

The preparation of all financial statements includes the use of estimates andassumptions that affect a number of amounts included in the Company's financialstatements.  If actual amounts are ultimately different from previousestimates, the revisions are included in the Company's results for the period inwhich the actual amounts become known.  Historically, the aggregatedifferences, if any, between the Company's estimates and actual amounts in anyyear, have not had a significant impact on the consolidated financialstatements.**Results of Operations**Net earnings for 2003 were $644.5 million, or diluted earnings per share of$3.74 as compared to a net loss of $173.5 million or $1.02 diluted loss pershare in 2002, (which includes the cumulative effect of a change in accountingprinciple related to the adoption of Statement of Financial Accounting Standard(SFAS) 142, "Goodwill and Other Intangible Assets"), and net earnings of $246.2million or $1.48 diluted earnings per share in 2001.  Earnings fromcontinuing operations for 2003 were $593.5 million, or diluted earnings pershare of $3.44 as compared to $365.6 million or $2.15 diluted earnings pershare, and $180.0 million or $1.08 diluted earnings per share in 2002 and 2001,respectively.   
*Dollar amounts in millions*  2003   2002   2001 Net revenues $ 9,876.2  $ 8,891.0  $ 8,542.0 Cost of goods sold    7,471.0     6,786.6     6,694.5 Selling and administrative expenses    1,538.3     1,423.9     1,354.4 Restructuring (reversals) charges         (3.2)         41.9          73.7   Operating income  $    870.1   $    638.6   $    419.4 Operating margin 8.8% 7.2% 4.9%
Beginning in 2000, the Company commenced a restructuring program, which ismore fully described under "Restructuring Program."  This program includedcertain costs that are identified in Staff Accounting Bulletin (SAB) 100 andEmerging Issues Task Force (EITF) 94-3 as restructuring, as well as otherrelated costs that did not meet the criteria to be classified as"restructuring."  Nonrecurring costs associated with these activities notqualifying as "restructuring" are referred to as "productivity investments" andwere charged to "Cost of sales" and "Selling and administrative expenses." Productivity investments consisted of costs for equipment moving, facilityredesign, employee relocation and retraining, and systems enhancements. Charges for productivity investments were expensed as incurred. Additionally in 2001, $9.5 million was included in selling and administrativeexpenses for costs associated with the Company's reincorporation in Bermuda.

**Revenues**2003 vs. 2002:  Revenues for 2003 increased by approximately 11%compared to 2002.  Higher volumes and the effects of currency translationaccounted for approximately 5% and 4%, respectively, of the increase. Volume increases were primarily attributable to an improvement in Thermo King'sworldwide truck and trailer market, continued gains in recurring revenues in theAir and Productivity Solutions Segment, new product introductions from theBobcat business, and U.S. market share gains in Security and Safety.  Theremaining increase was primarily attributable to pricing and the results ofacquisitions. Revenues across all business segments were higher.

2002 vs. 2001:  Revenues for 2002 increased by approximately 4%compared to 2001. Higher volumes and the results of acquisitions accounted forthe majority of the increase.  Revenues across all business segments werehigher.

**Cost of Goods Sold**2003 vs. 2002:  Cost of goods sold in 2003 was 75.6% of salescompared to 76.3% in 2002.  The benefits associated with the restructuringprograms and increased productivity accounted for the majority of the decrease. Additionally, the elimination of charges related to productivity investments,which were $25.2 million in 2002, and increased volume had a positive effect onthe ratio.  These positive effects were partially offset by currencytranslation and higher pension and other employee benefit costs.  2002 vs. 2001:  Cost of goods sold in 2002 was 76.3% of sales compared to78.4% in 2001.  The decrease in the ratio of cost of goods sold to saleswas mainly attributable to the effects of adopting SFAS No. 142, which ceasedgoodwill amortization beginning January 1, 2002.  Goodwill amortization ofapproximately $122 million was included in cost of goods sold in 2001. Additionally, charges for productivity investments included in cost of goodssold in 2002 were $25.2 million, compared with $74.3 million in 2001.  Thebenefits associated with the restructuring programs and improved productivityalso had a positive impact on the ratio.  

**Selling and Administrative Expenses**2003 vs. 2002:  Selling and administrative expenses were 15.6%of sales in 2003 as compared to 16.0% for 2002.  The decrease in the ratiois mainly due to the benefits associated with the restructuring programs andincreased productivity, and the elimination of charges related to productivityinvestments, which were $8.2 million in 2002, as well as higher revenues in2003.  These positive effects were partially offset by additional costs forstock-based compensation programs resulting from the increase in the Company'scommon share price during 2003, and higher pension and other employee benefitcosts.  Stock-based compensation relates to executive compensation programsas further described in Notes 1 and 11.

2002 vs. 2001:  Selling and administrative expenses were 16.0% ofsales in 2002 as compared to 15.9% for 2001.  Higher charges in 2001 forproductivity investments, direct costs of the reincorporation in Bermuda, andgoodwill amortization included in selling and administrative expenses wereoffset by acquisitions of service businesses that historically maintain higherratios and higher employee benefit and insurance costs in 2002. Productivity investments amounted to $8.2 million in 2002, as compared with$34.3 million in 2001.  The effects of adopting SFAS No. 142, which ceasedgoodwill amortization beginning January 1, 2002, also had a positive impact onthe ratio in 2002. Goodwill amortization of approximately $8 million wasincluded in selling and administrative expenses in 2001.  Additionally in2001, $9.5 million was included in selling and administrative expenses for costsassociated with the reincorporation in Bermuda.

**Operating Income**2003 vs. 2002:  Operating income for 2003 increased byapproximately 36% compared to 2002, while operating income margins alsoincreased significantly.  The increases were mainly attributable to thebenefits associated with the restructuring programs and improved productivity,higher pricing, higher volumes, product mix, and the elimination of chargesrelated to restructuring and productivity investments.  These positiveeffects were partially offset by higher pension and other employee benefit costsand additional costs for stock-based compensation programs.

2002 vs. 2001:  Operating income for 2002 increased byapproximately 52% compared to 2001, while operating income margins alsoincreased significantly.  The increases were mainly attributable to theeffects of adopting SFAS No. 142, lower year-over-year charges for restructureand productivity investments, and the benefits associated with the restructuringand productivity improvement programs.

**Interest Expense**2003 vs. 2002:  Interest expense for 2003 totaled $176.5million, a decrease of $53.8 million from 2002. The decrease is attributable tolower year-over-year debt levels resulting primarily from the repayment of $700million of debt in the first quarter of 2003, approximately $240 million inother debt repayments during the year, as well as a decline in interest rates. 

2002 vs. 2001:  Interest expense for 2002 totaled $230.3 million,a decrease from 2001's total of $249.3 million.  The decrease was due tolower year-over-year debt levels and a decline in interest rates.  

**Other Income (Expense), Net**Other income (expense), net, includes certain foreign exchange gains andlosses, equity in earnings of partially owned affiliates, and othermiscellaneous income and expense items.  

2003 vs. 2002:** **In 2003, other income (expense), net,aggregated $9.2 million of net income, as compared with $10.8 million of netexpense in 2002.  The change is primarily attributable to the sale ofapproximately 9.4 million shares of Timken Company common stock, which resultedin a gain of $7.6 million, due to share-price appreciation from the date ofacquisition to the sale date.  Additionally, the Company received $2.4million in dividend income while holding these shares.  The remainingchange was due to lower foreign exchange losses in 2003 and severalmiscellaneous expense items included in 2002.

2002 vs. 2001:** **In 2002, other income (expense), net,aggregated $10.8 million of net expense, as compared with $19.4 million of netexpense in 2001.  Included in 2002 are proceeds from an insurancesettlement of approximately $10 million.  Included in 2001 was the $8.8million gain on the sale of stock received in connection with the sale ofDresser-Rand's compression services business.  Additionally, in 2002, lowermiscellaneous expense items were partially offset by higher foreign exchangelosses. 

**Minority Interests**2003 vs. 2002:  Minority interests increased to $15.1 million in2003, from $14.4 million in 2002 as a result of higher earnings fromconsolidated subsidiaries in which the Company has a majority ownership.

2002 vs. 2001:  Minority interests decreased from $20.7 millionin 2001, to $14.4 million in 2002. Included in 2001 were $8.3 million in chargesassociated with the Company's equity-linked securities, which were convertedinto 8.3 million common shares in May 2001.  Excluding these charges,minority interests in 2002 increased by $2.0 million as a result of higherearnings from consolidated subsidiaries in which the Company has a majorityownership.

**Provision for Income Taxes**The tax provision for the year ended December 31, 2003 was $94.2 million,resulting in an effective rate of 13.7%.  This compares to a provision of$17.5 million, resulting in an effective rate of 4.6% for the year endedDecember 31, 2002, and a benefit of $50.0 million, resulting in an effective taxrate of negative 38.5% for the year ended December 31, 2001.

In 2003, the Company continued to realize benefits of the reorganization. Significant tax benefits do not vary directly with income, therefore as incomeincreases as it did between 2002 and 2003, the tax rate also increased.  In2001, the year of the reincorporation to Bermuda, the Company recorded aone-time tax benefit of $59.8 million related to the utilization of previouslylimited foreign tax credits and net operating loss carryforwards in certain non-U.S.jurisdictions.  Also in 2001, the Company realized a benefit ofapproximately $18.5 million related to prior years foreign sales corporationbenefits. 

**Discontinued Operations**During 2003, the Company continued its business portfolio realignment byselling three businesses.  The Company recognized an after-tax gain of$58.2 million on the disposition of Engineered Solutions, which is included in "Discounted operations, net oftax".  The gain is subject to working capital and other final purchaseprice adjustments.  Net purchase price adjustments of approximately $5million have been recorded since the date of sale.  These adjustmentsrelate primarily to certain pension and other employee benefits.  TheCompany is currently involved in a dispute resolution procedure relating to thefinal purchase price adjustment based on the working capital of EngineeredSolutions that was sold in February 2003.  The Company expects a resolutionby the end of the second quarter of 2004.  Any adjustment recorded is notexpected to be material and would be reflected as an increase or decrease to"Discontinued operations, net of tax" in 2004.  Net (loss) earnings andcontinuing costs associated with Engineered Solutions, included in "Discontinuedoperations, net of tax," were $(1.2) million, $108.4 million, and $70.1 millionfor 2003, 2002, and 2001, respectively.  In the fourth quarter of 2003, theCompany expected to receive payments for claims filed under the ContinuedDumping and Subsidy Offset Act of 2000 (CDSOA) on behalf of a subsidiaryincluded in Engineered Solutions.  The antidumping duty is levied when theU.S. Department of Commerce determines that imported products are being sold inthe United States at less than fair value causing material injury to a UnitedStates industry.  These payments of approximately $35 million are expectedto be received in the first quarter of 2004.  

The Company recognized an after-tax loss of $7.6 million on the dispositionof its Laidlaw business unit (Laidlaw), which is included in "Discontinuedoperations, net of tax."  Laidlaw's net losses for 2003, 2002, and 2001,included in "Discontinued operations, net of tax," were $1.2 million, $1.8million, and $1.4 million, respectively.

The Company recognized an after-tax gain of $18.2 million (subject to aworking capital adjustment) on the disposition of its Waterjet business unit (Waterjet),which is included in "Discontinued operations, net of tax."  Waterjet's netearnings for 2003, 2002, and 2001, included in "Discontinued operations, net oftax," were $4.3 million, $3.6 million, and $3.4 million, respectively. 

Discontinued operations, net of tax, for 2003 amounted to $51.0 million ofincome. This includes the net gain on the sale of the businesses sold during2003 of $68.8 million.  The remaining portion of discontinued operations,amounting to $17.8 million of expense, is primarily the retained costs ofIngersoll-Dresser Pump Company (IDP), which was sold in 2000.  IDP costsinclude employee benefits and product liability costs, primarily related toasbestos claims.  Discontinued operations, net of tax, for 2002 and 2001amounted to $95.4 million and $66.2 million of income, respectively, whichincludes the results of the businesses sold in 2003 and IDP costs of $14.8million and $5.9 million, respectively.

**Restructuring Program**During the third quarter of 2000, the Company commenced a $325 millionrestructuring program, which included plant rationalizations, organizationalrealignments consistent with the Company's new market-based structure and theconsolidation of back-office processes.  During the fourth quarter of 2001,the Company commenced a second restructuring program for an additional $150million to further reduce the general and administrative expenses across theCompany.  These programs included certain costs that are identified in SAB100 and EITF 94-3 as restructuring, as well as other related costs that did notmeet the criteria to be classified as restructuring.  Nonrecurring costsassociated with these activities not qualifying as restructuring are referred toas "productivity investments" and were charged to "Cost of sales" and "Sellingand administrative expenses" as incurred.   Minimal remainingrestructuring liabilities are expected to be paid by the end of the secondquarter of 2004.  The Company has realized lower costs and improvedcustomer service in all segments as a result of these actions. The Companymanages the 2000 and 2001 programs as a single restructuring program totaling$475 million.  Therefore, all comments regarding restructure activity referto both programs combined.

The total employee terminations related to the restructuring program wereapproximately 5,000.  These terminations impacted both the salaried andhourly employee groups.  The Company closed 20 manufacturing facilities inconnection with the restructuring programs. 

The planned benefits of the program were estimated to be approximately $200million pre-tax on an annual basis once fully implemented.  As of December31, 2003, the Company estimates that it has realized these benefits.

Management teams that were directly involved with the required actionsdeveloped the estimated costs for each project within each segment and theCorporate Center.  The costs relating to restructuring charges includedemployee termination costs such as severance, extended medical costs, pensionliabilities, and outplacement costs, and facility exit costs such as lease exitcosts and equipment write-offs.  Severance costs are generally paid on amonthly basis over the severance period granted to each employee or in a lumpsum.  Severance costs are based mainly on years of service and currentsalary.  Employee termination costs also include outplacement costs, whichare paid in accordance with normal payment terms.  Facility exit costsconsist primarily of lease termination costs and are generally recorded uponexiting the facility.

The projected savings identified at the project level were developed by themanagement teams at the various locations and were based on the historical datathat pertained to the specific actions (payroll, benefits and variableoverhead).  

A reconciliation of the restructuring reserve for the Phase I and Phase IIprograms is as follows:
 Employee  termination  Facility *In millions* costs  exit costs  Total Balance at December 31, 2002 $ 20.1  $ 6.2  $ 26.3 Cash payments  (14.3)  (2.6)  (16.9)Change in estimate    (1.8)  (1.4)    (3.2)Non-cash write-offs        -    (0.6)    (0.6)  Balance at December 31, 2003  $   4.0   $ 1.6   $   5.6 
**Climate Control**This Segment has undergone significant restructuring due to the acquisitionof Hussmann International, Inc. (Hussmann) in 2000.  During 2000, ThermoKing experienced a reduction in volume due to a severe recession in the NorthAmerica truck and trailer markets.  In order to improve productionefficiencies and decrease operating costs, certain manufacturing facilities wereclosed.  In conjunction with the Hussmann acquisition, it was necessary toaddress these issues to achieve the synergies identified.  The identifiedactions were as follows:

      -   Close five manufacturinglocations: U.S. (2), Europe (2) and Latin America (1).       -   Outsource the manufacturing ofcertain components used in products.      -   Terminate 1,419 employees.

As of December 31, 2002, all five specified manufacturing locations wereclosed.  As of December 31, 2003, all identified employees were terminated. It is estimated that this Segment has realized its expected annual savings ofapproximately $35 million.  

A reconciliation of the restructuring reserve for the Phase II program is asfollows:
EmployeeterminationFacilitycostsexit costsTotal  *In millions*  Phase II  Phase II  Phase II Balance at December 31, 2002 $  2.2  $  2.7  $ 4.9 Cash payments   (1.4)    (1.1)  (2.5)Change in estimate   (0.6)    (0.2)  (0.8)   Balance at December 31, 2003   $  0.2   $  1.4   $ 1.6 
A reversal of a portion of the provision for employee termination costs wasmade in 2003, due to incurring lower than anticipated costs.  Actual costswere lower due to certain employees' decisions to leave prior to their scheduledtermination date.  

The provision remaining at December 31, 2003, relates to a project involvingthe outsourcing of certain components used in the manufacturing of one of theSegment's products.  As the transition to the outsourcing company began,various quality issues were identified, which resulted in a delay in thetransition.  The Segment has resolved these issues and anticipates that thetransition will be completed by the end of the second quarter of 2004.  

**Air and Productivity Solutions**This Segment's operations were examined and it was determined that theconsolidation of manufacturing locations and the reduction of selling andadministrative (S&A) expenses were essential to meet strategic objectives. To achieve a lower cost structure, an Eastern European manufacturing plant wasopened enabling the Segment to compete on a global scale.  The severerecession in the worldwide industrial markets necessitated employee terminationsto align the cost structure with the volume levels. The identified actions wereas follows:

      -   Close eight manufacturinglocations: U.S. (4), Asia Pacific (3) and Europe (1).        -   Terminate 1,408 employees.

As of December 31, 2002, all the specified manufacturing locations had beenclosed.  The minimal number of employees remaining as of December 31, 2003,will be terminated in the first quarter of 2004. It is estimated that thisSegment has realized its expected annual savings of approximately $60 million. 

A reconciliation of the restructuring reserve for the Phase I and Phase IIprograms is as follows:
Employeetermination costs *In millions* Phase I  Phase II Balance at December 31, 2002 $ 0.6    $ 2.6 Cash payments  (0.6)    (2.5)Change in estimate   -    0.2  Balance at December 31, 2003  $   -    $ 0.3 
The provision remaining at December 31, 2003, relates to final severancepayments, which are expected to be paid in the first quarter of 2004.

**Dresser-Rand**This Segment's operations and S&A expense structure were examined, and itwas determined that the reduction of S&A expenses, as well as the consolidationof its sales regions was essential to meet strategic objectives.  Theidentified actions were as follows:

      -   Organizational realignment -five regions reduced to three.      -   Terminate 388 employees.      -   Close or consolidate severalnon-manufacturing locations.         As of December 31, 2002, the organizational realignment and the closure ofcertain non-manufacturing locations were complete.  As of June 30, 2003,all identified employees were terminated.  It is estimated that thisSegment has realized its expected annual savings of approximately $38 million. 

A reconciliation of the restructuring reserve for the Phase II program is asfollows:
EmployeeterminationFacilitycostsexit costsTotal  *In millions*  Phase II  Phase II  Phase II Balance at December 31, 2002$  3.2  $  0.5  $ 3.7 Cash payments    (3.1)
    (0.2)  (3.3)Change in estimate      -      (0.1)  (0.1)   Balance at December 31, 2003   $ 0.1   $  0.2   $ 0.3 
The provision remaining at December 31, 2003, relates to final severancepayments and facility exit costs, which are expected to be paid in the firstquarter of 2004.

**Infrastructure**Manufacturing facilities were examined to identify opportunities to improveproduction efficiencies and decrease manufacturing operating costs. Theconsolidation of the manufacturing locations has enabled the Segment to leverageits capacity as volumes return.  Additionally, significant managementrealignments were essential to the success of the market strategy and toleverage the distribution channels.  The identified actions were asfollows:

      -  Close two manufacturing locations inthe U.S.        -  Terminate 781 employees. 

As of December 31, 2002, all identified manufacturing locations were closed.  As of September 30, 2003, all identified employees were terminated.  It isestimated that this Segment has realized its expected annual savings ofapproximately $29 million.  

A reconciliation of the restructuring reserve for the Phase I and Phase IIprograms is as follows: 
 
Employee 
Facility    
termination costs 
exit costs Total *In millions* Phase I   Phase II   Phase II   Phase I   Phase II Balance at December 31, 2002 $     1.5  $      0.1  $      0.6  $     1.5  $     0.7 Cash payments      (1.2)(0.1)        (0.4)       (1.2)       (0.5)Change in estimate      (0.3)            (0.2)       (0.3)       (0.2) Balance at December 31, 2003 $       -    $         -    $         -    $        -    $        -  
A reversal of a portion of the provision for employee termination costs wasmade in 2003, due to incurring lower than anticipated costs.  Actual costswere lower due to certain employees' decisions to leave prior to their scheduledtermination date.  Additionally, a reversal of a portion of the provisionfor facility exit costs was made in 2003, due to incurring lower thananticipated costs associated with the sale of a building.

**Security and Safety**This Segment's manufacturing facilities were examined to find opportunitiesto improve production efficiencies and decrease operating costs. The Segment'sS&A expense structure was also examined and it was determined that significantactions were required to align the cost structure with the then current volumelevels.  The identified actions were as follows:

       -   Close five manufacturinglocations: U.S. (3) and Europe (2).         -   Terminate 540 employees. 

As of December 31, 2002, all identified manufacturing locations were closed. As of September 30, 2003, all identified employees were terminated.  It isestimated that this Segment has realized its expected annual savings ofapproximately $39 million.  

A reconciliation of the restructuring reserve for the Phase I program is asfollows:
EmployeeterminationFacilitycostsexit costsTotal  *In millions*  Phase I  Phase I  Phase I Balance at December 31, 2002$  0.7  $  2.4  $ 3.1 Cash payments    (0.7)    (0.9)  (1.6)Change in estimate    -      (0.9)  (0.9)Non-cash write-offs      -      (0.6)  (0.6)  Balance at December 31, 2003   $   -    $     -    $   -  
The original estimate for facility exit costs included ongoing leasecommitments for a vacated facility.  During the year, the remaining leaseobligation was terminated early for an amount less than the original estimate,resulting in a reversal to the provision.  Additionally, the Segmentrecorded a non-cash write-off in order to write-down the value of a vacatedbuilding to its estimated selling price. ** **

**Corporate Center**An examination of previously decentralized back-office functions, such asaccounts payable, accounts receivable, benefits administration and payroll, atCorporate Center and across all business segments identified opportunities toimprove the costs of high volume transactions.  The creation of GlobalBusiness Services (a shared service center) enabled the Company to consolidatehigh volume transactions resulting in lower costs.  As of December 31,2003, 218 employees were terminated, with an additional 92 in staff reductionsrelated to outsourcing of back-office functions and organizational realignmentsremaining.  The savings associated with the corporate restructuringactivities are realized in the segments due to the reduction of employees inbusiness units' back-office operations.

A reconciliation of the restructuring reserve for the Phase I and Phase IIprograms is as follows:
Employeetermination costs *In millions* Phase I  Phase II Balance at December 31, 2002 $ 2.8  $ 6.4 Cash payments  (2.3)  (2.4)Change in estimate  (0.5)  (0.6) Balance at December 31, 2003  $   -    $ 3.4 
A reversal of $1.1 million of the provision for employee termination costswas made in 2003, due to incurring lower than anticipated costs.  Actualcosts were lower due to certain employees' decision to leave prior to theirscheduled termination date, and the redeployment of certain employees throughoutthe Company.

Of the provision remaining at December 31, 2003, $1.9 million relates toemployee termination costs associated with the outsourcing of back officefunctions.  During the transition of these functions to the outsourcingfirm, certain issues arose resulting in the delay of the transition schedule. As of December 31, 2003, these issues were resolved and the majority of thesecosts are expected to be paid in the first and second quarters of 2004. The remaining portion of this transition will result in the termination of 83employees.  Additionally, $1.5 million of the remaining provision relatesto employee termination costs associated with other Corporate Centerinitiatives.  These costs will be paid in the first quarter of 2004, andwill result in the termination of a minimal number of employees.   

**Review of Business Segments**Results for 2002 and 2001 include charges for restructuring and productivityinvestments. Productivity investments consist of costs for equipment moving,facility redesign, employee relocation and retraining, and systems enhancements.Charges for productivity investments were expensed as incurred.  Alsoincluded in 2001 is amortization of goodwill and indefinite lived intangibleassets.  As a result of the adoption of SFAS No. 142, "Goodwill and OtherIntangible Assets," goodwill and indefinite lived intangible assets are nolonger subject to amortization.  

**Climate Control**Climate Control is engaged in the design, manufacture, sale and service oftransport temperature control units, HVAC systems, refrigerated displaymerchandisers, beverage coolers, and walk-in storage coolers and freezers. It includes the Thermo King and Hussmann business units.
*Dollar amounts in millions*  2003   2002   2001 Net revenues $ 2,648.9  $ 2,466.4  $ 2,438.2 Operating income       219.1        137.0          21.7 Operating margin 8.3% 5.6% 0.9%
2003 vs. 2002:  Climate Control revenues for 2003 increased byapproximately 7% compared to 2002.  The effects of currency translationaccounted for approximately 4% of the increase, mainly due to the strengtheningof the euro against the U.S. dollar.  The remaining increase was primarilydue to higher volumes, pricing, and the full year inclusion of the results ofacquisitions that occurred in 2002.  Operating income and margins for theyear ended 2003 increased significantly.  The estimated benefits associatedwith the restructuring programs and improved productivity increased operatingincome by approximately $37 million, while pricing, and higher volumes andproduct mix increased operating income by $25.8 million and $8.7 million,respectively.  Additionally, there were no charges for restructuring andproductivity investments in 2003.  These charges amounted to $16.3 millionin 2002.  These positive effects were partially offset by other expenses,such as higher pension and other employee benefit costs.  

Climate Control revenues and operating income benefited from improved pricerealization throughout the Thermo King businesses, while industry-wide pricingpressures continued to challenge the profitability of the Hussmann businesses. Volume increases for the Segment were driven by worldwide Thermo King truck andtrailer sales, which were partially offset by decreased demand for Hussmann'srefrigerated cases in North America, as large supermarkets continue to defercapital expenditures.

2002 vs. 2001:  Climate Control revenues for 2002 increased byapproximately 1% compared to 2001.  The increase in revenues resulting fromacquisitions of approximately 4% was offset by lower volumes of approximately3%.  Operating income and margins increased significantly in 2002. The increase was mainly attributable to the effects of adopting SFAS No. 142,which ceased goodwill amortization beginning January 1, 2002.  Goodwillamortization of $85.8 million was recorded in 2001.  In addition, chargesfor restructuring and productivity investments decreased by $26.5 million and$21.0 million, respectively, from 2001.  The estimated benefits associatedwith the restructuring programs and improved productivity also increasedoperating income by approximately $52 million.  Lower volumes and productmix of $40.8 million, as well as increased warranty expenses and higher employeebenefit and insurance costs had an unfavorable impact over 2001.

**Industrial Solutions**Industrial Solutions is comprised of a diverse group of businesses focusedon providing solutions to enhance customers' industrial efficiency. Industrial Solutions consists of the Air and Productivity Solutions Segment andthe Dresser-Rand Segment.  During the first quarter of 2003, the Companysold Engineered Solutions.  The results of  EngineeredSolutions, which was part of the Company's Industrial Solutions Sector,were classified as "discontinued operations, net of tax" for 2003 and for allprior periods.

**Air and Productivity Solutions**Air and Productivity Solutions is engaged in the design, manufacture, saleand service of air compressors, microturbines and industrial tools.  ThisSegment previously included the Company's Waterjet business unit, which was soldduring 2003 and whose results are now included in "Discontinued operations, netof tax."
*Dollar amounts in millions*  2003   2002   2001 Net revenues $ 1,363.6  $ 1,279.0  $ 1,275.9 Operating income       104.1          67.9          46.8 Operating margin 7.6% 5.3% 3.7%
2003 vs. 2002:  Air and Productivity Solutions' revenues for 2003increased by approximately 7% compared to 2002.  The effects of currencytranslation accounted for approximately 4% of the increase, mainly due to thestrengthening of the euro against the U.S. dollar.  The remaining increase was primarily due tohigher volumes and service revenues.  Operating incomeand margins for the year ended 2003 increased significantly.  Theestimated benefits associated with the restructuring programs and improvedproductivity increased operating income by approximately $37 million, whilehigher volumes and product mix, and the effects of currency translationincreased operating income by $8.9 million and $8.7 million, respectively. Additionally, there were no charges for restructuring and productivityinvestments in 2003.  These charges amounted to $19.1 million in 2002. These positive effects were partially offset by continued investment indeveloping the microturbine business, costs for implementing new efficiencyinitiatives, and other charges, such as higher pension and other employeebenefit costs.  

Air and Productivity Solutions' revenues and operating income benefited fromhigher volumes and product mix, as recurring revenues for the Segment continuedto increase.  Additionally, new products with higher margins and increasedaftermarket business accounted for a portion of the increase. 

2002 vs. 2001:  Air and Productivity Solutions' revenues for 2002remained constant compared to 2001. Operating income and margins both increasedin 2002.  The increase was mainly attributable to the estimated benefitsassociated with the restructuring programs and improved productivity, whichamounted to approximately $34 million and decreases in charges for restructuringand productivity investments of $4.9 million and $13.8 million, respectively,over 2001.  Additionally, the effects of adopting SFAS No. 142, whichceased goodwill amortization beginning January 1, 2002, had a positive impact.Goodwill amortization of $3.6 million was recorded in 2001.  Lower volumeand product mix of $13.9 million, as well as higher employee benefit andinsurance costs and continued investment in developing the microturbine businesshad an unfavorable impact over 2001.

**Dresser-Rand**Dresser-Rand is engaged in the design, manufacture, sale and service of gascompressors, gas and steam turbines, and generators.
*Dollar amounts in millions*  2003   2002   2001 Net revenues $ 1,333.9  $ 1,024.4  $    881.3 Operating income         43.4          33.2          21.4 Operating margin 3.3% 3.2% 2.4%
2003 vs. 2002:  Dresser-Rand revenues for 2003 increased byapproximately 30% compared to 2002.  Higher volumes accounted forapproximately 23% of the increase, while the effects of currency translation andimproved pricing accounted for the remainder.  Operating income for theyear ended 2003 increased, while operating margins remained constant. Improved pricing and product mix increased operating income by $30.3 million,while the estimated benefits associated with the restructuring program andimproved productivity increased operating income by approximately $32 million. These positive effects were partially offset by costs of $11.3 millionassociated with a reduction in excess capacity, increased labor and engineeringcosts of $6.9 million, inventory write-offs as discussed below, the effects ofcurrency translation, and other charges, such as higher pension and otheremployee benefit costs.  Additionally, revenues and margins were impactedby certain large components that are purchased by Dresser-Rand on behalf ofcustomers and passed through at lower margins.  Reported revenues for 2003and 2002 include $263.8 million and $151.6 million, respectively, of revenuesrelated to these components.

During the third quarter of 2003, a management review identified an issuerelating to work-in-process inventory accounts (Inventory) at two locationswithin Dresser-Rand.  It was determined that certain Inventory had not beenproperly relieved upon shipment during the time period 1999 to 2003, resultingin an overstatement of inventory.  Management immediately began anextensive, in-depth review of accounts and records associated with Dresser-Randduring the time period since the Company acquired full ownership in February2000.  This review identified overstatements requiring the followingadjustments: reduce inventory ($33.8 million); reduce depreciation expense ($9.9million); and reduce pension expense ($7.5 million).  In addition, thereview revealed that certain accruals had not been properly relieved (areduction of $6.7 million) and certain intercompany accounts had not beenreconciled (a reduction of $10.1 million).  The net effect of recording thepreceding adjustments (a total reduction of assets of $33.8 million and a totalreduction of expenses and liabilities of $34.2 million) in the third quarter of2003 increased consolidated net income in the quarter by $0.4 million.  

The adjustments described in the preceding paragraph decreased operatingincome in the third quarter by $3.4 million (of which $1.1 million related toprior periods) through charges to "cost of goods sold" and "selling andadministrative expenses."  In addition, amounts related to prior periodswhich were recorded in "other income (expense), net resulted in increasing theCompany's consolidated pre-tax income by $3.8 million.  The effect ofrecording these adjustments in the third quarter of 2003 (a $0.4 millionincrease to consolidated net income) was immaterial.  In addition, theeffect of recording the amounts in the applicable previously reported periodswould have been immaterial to the Company.

As a consequence of the items referred to above, the Company conducted athorough investigation of the relevant internal controls and made appropriatechanges.

2002 vs. 2001:  Dresser-Rand revenues for 2002, increased byapproximately 16% compared to 2001, while operating income and margins alsoincreased.  The improved results are mainly attributable to volumeincreases.  Additionally, revenues and margins were impacted by certainlarge components that were purchased by Dresser-Rand on behalf of customers andpassed through at lower margins.  Reported revenues for 2002 and 2001include $151.6 million and $106.0 million, respectively, of revenues related tothese components.

**Infrastructure**Infrastructure is engaged in the design, manufacture, sale and service ofskid-steer loaders, mini-excavators, golf and utility vehicles, portablecompressors and light towers, road construction and repair equipment, and abroad line of drills and drill accessories.  It is comprised of Bobcat,Club Car, Portable Power, Road Development and Specialty Equipment.  
*Dollar amounts in millions*  2003   2002   2001 Net revenues $ 2,924.8  $ 2,651.1  $ 2,570.3 Operating income       317.3        238.7        219.7 Operating margin 10.8% 9.0% 8.5%
2003 vs. 2002:  Infrastructure revenues for 2003 increased byapproximately 10% compared to 2002.  Higher volumes accounted forapproximately 5% of the increase, while the effects of currency translationaccounted for a majority of the remaining increase.  Operating income andmargins for the year ended 2003 increased significantly.  The estimatedbenefits associated with the restructuring programs and improved productivityincreased operating income by approximately $31 million, while higher volumesand product mix, and the effects of currency translation increased operatingincome by $32.3 million and $19.0 million, respectively.  Additionally,there were no charges for restructuring and productivity investments in 2003. These charges amounted to $12.5 million in 2002.  These positive effectswere partially offset by $7.2 million in costs for implementing new efficiencyinitiatives, increased product liability costs, and other charges, such ashigher pension and other employee benefit costs.  

Revenues and operating income, for all businesses in the InfrastructureSegment, increased in 2003.  Infrastructure revenues and operating incomebenefited from higher volumes, which were primarily associated with new productsales and strong North American markets in the Bobcat business, continuingmarket share gains from Club Car in the North American golf market, and improvedoverseas sales from the Road Development business.  The effects of currencytranslation also had a positive impact on the Segment's revenues and operatingincome due to the strengthening of the euro and Canadian dollar against the U.S.dollar.

2002 vs. 2001:  Infrastructure revenues for 2002 increased byapproximately 3% compared to 2001.  The increase was mainly attributable tohigher volumes.  Operating income and margins also increased in 2002. The increase was mainly attributable to the effects of adopting SFAS No. 142,which ceased amortization of goodwill beginning January 1, 2002.  Goodwillamortization of $26.1 million was recorded in 2001. The estimated benefitsassociated with the restructuring programs and improved productivity increasedoperating income by approximately $21 million.  In addition, higher volumesand favorable product mix at Club Car and Bobcat increased operating income by$14.0 million over 2001.   Higher employee benefit and warranty costs,as well as increased bad debt write-offs, general insurance and factoryinvestments had an unfavorable impact over 2001.

**Security and Safety**Security and Safety is engaged in the design, manufacture, sale and serviceof locks, door closers, exit devices, door control hardware, doors and frames,decorative hardware, electronic and biometric access control systems, and timeand attendance systems.  This Segment previously included the Company'sLaidlaw business unit, which was sold during 2003 and whose results are nowincluded in "Discontinued operations, net of tax."
*Dollar amounts in millions*  2003   2002   2001 Net revenues $ 1,605.0  $ 1,470.1  $ 1,376.3 Operating income       316.6        275.8        232.6 Operating margin 19.7% 18.8% 16.9%
2003 vs. 2002:  Security and Safety revenues for 2003 increasedby approximately 9% compared to 2002.  Higher volumes and product mix, theresults of acquisitions, and the effects of currency translation accounted forapproximately 3%, 2%, and 2%, respectively, of the increase.  The remainingincrease was primarily due to pricing.   Operating income and marginsincreased for the year ended 2003.  The estimated benefits associated withthe restructuring programs and improved productivity increased operating incomeby approximately $21 million, while pricing, and higher volumes and product mixincreased operating income by $11.6 million and $9.3 million, respectively. Additionally, there were no charges for restructuring and productivityinvestments in 2003.  These charges amounted to $14.2 million in 2002. These positive effects were partially offset by increased investments in newproducts and to maintain current market share in core products, as well as othercharges, such as higher pension and other employee benefit costs.

Security and Safety achieved revenue growth through market share gains in theUnited States, which were driven by its strategic initiatives. Additionally, the full year inclusion of Electronic Technologies Corporation,which was acquired in 2002, and the addition of Integrated Access Systems,acquired in 2003, had positive effects on revenues and operating income.

2002 vs. 2001:  Security and Safety revenues for 2002, increasedby approximately 7% compared to 2001. The results of acquisitions accounted fora 4% increase in revenues, with the remaining increase mainly attributable tohigher volumes.  Operating income and margins both increased in 2002. The increase was mainly attributable to the estimated benefits associated withthe restructuring programs and improved productivity, which amounted toapproximately $24 million and decreases in charges for productivity investmentsof $18.2 million over 2001.  The effects of adopting SFAS No. 142, which ceasedamortization of goodwill beginning January 1, 2002, also had a positive impact. Goodwill amortization of $14.3 million was recorded in 2001.  Favorableproduct mix increased operating income in 2002 by $10.6 million.  Thesebenefits were partially offset by the continued investment in Security andSafety growth initiatives of $10.6 million and higher employee benefit andinsurance costs.

**Employee Benefit Plans**Pensions**-**Net periodic pension cost for 2003 totaled $83.0million.  The sale of  Engineered Solutions  caused net pensioncurtailment and settlement gains of $10.1 million.  In the first quarter of2003, the Company remeasured its major U.S. pension plan due to the sale of  Engineered Solutions.  Prior to remeasurement, the assumptionsused to calculate pension benefits were as follows: 6.75% discount rate; 4.00%rate of compensation increase and a 8.75% expected return on plan assets. Uponremeasurement, the discount rate was decreased to 6.50% to reflect the change inmarket conditions.  The net periodic pension cost for non-U.S. plans for2003 was based on the weighted- average assumptions disclosed at December 31,2002.  The assumptions expected to be used in the 2004 net periodic pensionbenefit cost are the same as were used at the end of 2003 to calculate thepension benefit obligation.  

Net periodic pension cost for 2002 was $27.4 million.  Net periodicpension cost for the U.S. pension plans for the first three quarters of 2002 wasbased on the weighted-average assumptions disclosed at December 31, 2001. Those assumptions for the U.S. plans were a discount rate of 7.25%, a 5.00% rateof compensation increase and an expected return on plan assets of 9.00%. Inthe fourth quarter of 2002, the Company approved certain amendments to itsU.S. pension plans for non-bargaining employees, effective January 1, 2003. The plan amendments were significant events with regard to certain plans andtherefore required remeasurement of the plans' assets and obligations as of thedate the plan amendments were approved. Prior to the plan amendments, theCompany's U.S. salaried plans principally provided benefits based on acareer-average earnings formula.  Effective January 1, 2003, the Company'spension plans for U.S. non-collectively bargained employees provide benefits ona more modest final average pay formula.  The affected pension plans wereremeasured in the fourth quarter using updated assumptions as follows: 6.75% discount rate; 4.00% rate of compensation increase and a 9.00% expectedreturn on plan assets.  The remeasurement had the result of increasing netperiodic pension cost by approximately $9.0 million in the fourth quarter of2002.  Net periodic pension cost for the non-U.S. pension plans for 2002was based on the weighted-average assumptions disclosed at December 31, 2001.

The Company's investment objectives in managing its defined benefit planassets are to ensure that present and future benefit obligations to allparticipants and beneficiaries are met as they become due; to provide a totalreturn that, over the long term, maximizes the ratio of the plan assets toliabilities, while minimizing the present value of required Companycontributions, at the appropriate levels of risk; and meet any statutoryrequirements, laws and local regulatory agencies requirements.  Keyinvestment decisions reviewed regularly are asset allocations, investmentmanager structure, investment managers, investment advisors and trustees orcustodians.  An asset/liability modeling (ALM) study is used as the basisfor global asset allocation decisions and updated approximately every five yearsor as required.  The Company's current strategic global asset allocationfor its pension plans is 60% in equity securities and 40% in debt securities andcash.  The Company sets upper limits and lower limits of plus or minus 5%. The asset allocations are reviewed quarterly and the rebalancing strategy istriggered quarterly if the cash flows are not sufficient to rebalance the plansand appropriate action is taken to bring the plans within the strategicallocation ranges.

The Company contributed an additional discretionary $200 million to itspension plans in 2003.  The Company currently projects that it willcontribute approximately  $65 million to its plans worldwide in 2004. The Company's policy is to fund an amount, which could be in excess of thepension cost expensed, subject to the limitations imposed by current taxregulations.  While the Company anticipates funding the plans in 2004 inaccordance with contributions required by funding regulations or the laws, mostof the non-U.S. plans require employee contributions based on the employees'earnings.  Prior to 2003, the Company contributions averaged approximately$40 million a year for the previous five years.  

Pension benefit payments for 2004 are expected to be approximately $193.8million.  Pension expense for 2004 is projected to be approximately $50million, utilizing the assumptions used to calculate the pension benefitobligations at year end. 

Postretirement Benefits Other Than Pensions**-**Net periodicpostretirement benefit cost other than pension cost for 2003 totaled $77.1million.  A curtailment gain relating to the sale of  EngineeredSolutions  was recorded of $6.9 million in 2003.  In February 2003,the Company remeasured its postretirement plan due to the sale of  EngineeredSolutions.  Prior to remeasurement, the discount rate used tocalculate postretirement benefits was 6.75%. Upon remeasurement, the discountrate was decreased to 6.50% to reflect the change in market conditions.  Nochange was made to the health care cost trend rate at that time.  Theweighted-average assumptions used to calculate the postretirement benefitobligation at the end of 2003 were a discount rate of 6.00% and increases in percapita cost of covered health care benefits of 11.00% for the next year,gradually reducing to 5.25% by 2010.  The assumptions expected to be usedin the 2004 net periodic postretirement benefit cost are the same as were usedat the end of 2003 to calculate the postretirement benefit obligation. 

Net periodic postretirement benefit for 2002 was $72.4 million, withcurtailment gains relating to the plan amendments of $3.0 million.  Netperiodic postretirement benefit cost for the first three quarters of 2002 wasbased on the weighted-average assumptions disclosed at December 31, 2001. Those assumptions were a discount rate of 7.25% and increases in per capita costof covered health care benefits of 11.00% for 2002, gradually reducing to 5.25%by 2008.  In the fourth quarter of 2002, certain plan amendments wereapproved and were effective January 1, 2003. The amendments include theelimination of subsidized life insurance for all future retirees and theelimination of subsidized postretirement health care benefits for all new hires,as well as all active employees who do not meet certain eligibility requirementsas of January 1, 2003.  In addition, the amendments limit the amount theCompany will subsidize for postretirement health care benefits to a flat dollarcap with cost escalation equally shared between the Company and the retiree. When the cap is reached, the retiree becomes responsible for all additional costescalation.  These amendments were considered significant events withrespect to the plan and therefore remeasurement of the plan obligation wasrequired as of the approval date.  The weighted-average assumptions used inthe fourth quarter remeasurement were a discount rate of 6.75% and increases inper capita cost of covered health care benefits of 11.00% for the next year,gradually reducing to 5.25% by 2009.  The postretirement benefit cost wasreduced in the fourth quarter of 2002 by approximately $4.0 million as a resultof the plan remeasurement.

The Company funds postretirement benefit costs principally on a pay-as-you-gobasis. Benefit payments for postretirement benefits, which reflect futureservice, as appropriate, are expected to be paid as follows: $73.7 million in2004, $76.6 million in 2005, $78.2 million in 2006, $79.4 million in 2007, $78.9million in 2008 and $387.4 million for the years 2009 to 2013.  Postretirement benefit cost for 2004 is projected to be approximately $85million, utilizing the assumptions used to calculate the postretirement benefitobligations at year end.

In December 2003, the Medicare Prescription Drug, Improvement andModernization Act was signed into law.  In early January 2004, theFinancial Accounting Standards Board (FASB) released FASB Staff Position No.106-1 entitled, Accounting and Disclosure Requirements Related to the MedicarePrescription Drug, Improvement and Modernization Act of 2003.  The currentaccounting rules require a company to consider current changes in applicablelaws when measuring its postretirement benefit costs and accumulatedpostretirement benefit obligations.  The Company is analyzing its possibleconsequences to determine the impact of this legislation on its postretirementbenefit plans.  The Company's measurement date for the postretirementbenefit plans is November 30 and therefore the net periodic postretirementbenefit costs for the period that includes the Act's effective date would be thefirst quarter of 2004.

**Liquidity and Capital Resources**The following table contains several key measures used by management togauge the Company's financial performance.  
*Dollar amounts in millions*  2003   2002   2001 Operating cash flow $ 241.2  $ 593.3  $ 525.0 Working capital    485.6     320.0     721.7 Current ratio        1.2         1.1         1.2 Debt-to-total capital ratio33%48%46%Average working capital to net sales5.1%2.1%4.9%Average days outstanding in receivables      57.5       60.2       59.9 Inventory turnover         6.7          5.3          5.0 
The Company's primary source for liquidity has been operating cash flow. The decrease in net cash provided by operating activities in 2003 reflects theCompany's voluntary pension contributions made during the year of approximately$200 million and a significant increase in accounts receivable, primarily due tothe termination of the Company's asset securitization program as discussedbelow.  These effects were partially offset by an increase in earnings fromcontinuing operations of $227.9 million, and lower inventory levels.

During 2003, the Company terminated its asset securitization program (theprogram), under which several business units sold a pool of trade accountsreceivable to two wholly owned special-purpose entities.  As a result ofthe termination of the program, approximately $240 million of receivables wererepurchased by the Company from the special-purpose entities.  Theremaining increase in accounts receivable was mainly attributable to higherrevenues in the fourth quarter of 2003.  These effects were partiallyoffset by more efficient credit collections during the year.  

During 2003, inventory levels were reduced as the Company continued theimplementation of certain operational improvement programs and initiatives, aswell as achieving more efficient purchasing.   Inventory turnover washigher and a strong fourth quarter in 2003 also caused inventory backlog todecrease.  Additionally, as previously discussed, inventory was reduced dueto write-offs associated with inventory misstatements at Dresser-Rand. 

Net cash provided by (used in) investing activities in 2003 was $815.2million compared to $(187.6) million in 2002.  The increase reflects thecash received for the dispositions of Engineered Solutions, Waterjet, andLaidlaw.  Additionally, in association with the sale of EngineeredSolutions, the Company received shares of Timken common stock, valued at $140million on the date of sale.  The Company sold these shares during 2003,which resulted in pre-tax proceeds of approximately $147.6 million.

Net cash used in financing activities in 2003 was $851.9 million compared to$296.0 million in 2002.  The increase reflects the repayment of $793.6million of long-term debt during 2003.  These payments were funded with theproceeds from the sale of Engineered Solutions and operating cash flow. 

In addition to operating cash flow, the Company supplements its liquiditywith commercial paper.  The Company's ability to borrow at a cost-effectiverate under the commercial paper program is contingent upon maintaining aninvestment-grade credit rating.  As of December 31, 2003, the Company'scredit ratings were as follows:
   Short-term   Long-term Moody's P-2  A3 Standard and Poor's  A-2   BBB+ 
The Company has other short-term borrowing alternatives should the needarise.  At December 31, 2003, the Company had a $1.25 billion revolvingcredit facility maturing in July 2006, and a $750 million 364-day creditfacility maturing in June 2004, both of which were unused.  The Companyalso has the option to convert the 364-day facility into a one-year term loan atany time, which provides additional financing flexibility.   TheCompany's public debt has no financial covenants and its $2.0 billion revolvingcredit lines have a debt-to-total capital covenant of 65%, which is calculatedexcluding non-cash items.  As of December 31, 2003, the Company'sdebt-to-total capital ratio was significantly beneath this limit. Additionally, $1,043 million of non-U.S. credit lines were available for workingcapital purposes, of which $808 million was unused at the December 31, 2003.

In 2004, the Company has scheduled debt retirements of approximately $800million, which include approximately $350 million in bonds that may requirerepayment at the options of the holders.  The Company does not expect thebond holders to exercise these options.  The Company's cash generation,large unused capacity under its committed borrowing facilities, and the abilityto refinance debt over longer maturities provide it sufficient capacity to coverall cash requirements for capital expenditures, dividends, debt repayments, andoperating lease and purchase obligations in 2004.  Additionally, thesecapacities provide support for commercial paper and other financial instruments,such as letters of credit and comfort letters.   

In 2003, foreign currency translation adjustments increased shareholders'equity by $302.9 million.  This was due to the weakening of the U.S. dollaragainst other currencies in countries where the Company has significantoperations.  In 2002, foreign currency translation adjustments increasedshareholders' equity by $124.3 million. 

The following table summarizes the Company's contractual cash obligations byrequired payment periods, in millions:
PaymentsLong-termPurchaseOperatingTotal contractualdue by perioddebtobligationsleasescash obligationsLess than 1 year $    722.7  $ 469.1  $   77.5  $ 1,269.3 1 - 3 years       795.6         1.5     103.1        900.2 3 - 5 years       412.3         0.1       54.0        466.4 More than 5 years       310.7           -        22.8        333.5 Total  $ 2,241.3   $ 470.7   $ 257.4   $ 2,969.4 
The average short‐term borrowings outstanding, excluding current maturitiesof long-term debt, were $302.6 million in 2003, compared to $464.8 million in2002.  The weighted-average interest rate during 2003 and 2002 was 4.8% and3.2%, respectively.  The average interest rate is higher in 2003 due to adecrease in U.S. debt borrowings and an increase in debt borrowings outside theU.S..  The maximum amounts outstanding during 2003 and 2002 were $913.8million and $652.3 million, respectively.

Capital expenditures were $107.9 million and $122.5 million in 2003 and 2002,respectively.  The Company continues investing to improve manufacturingproductivity, reduce costs, and provide environmental enhancements and advancedtechnologies for existing facilities.  The capital expenditure program for2004 is estimated at approximately $150 million, including amounts approved inprior periods.  Many of these projects are subject to review andcancellation at the option of the Company without incurring substantial charges. There are no planned projects, either individually or in the aggregate, thatrepresent a material commitment for the Company.

At December 31, 2003, 2002 and 2001, employment totaled 42,307, 44,571 and45,351, respectively.  The decrease from 2002 to 2003 was primarily due toheadcount reductions associated with the elimination of excess capacity andprocess improvements.  The decrease from 2001 to 2002 was due toterminations from the Company's restructuring program, which were partiallyoffset by acquisitions.

**Financial Market Risk**The Company is exposed to fluctuations in the price of major raw materialsused in the manufacturing process, foreign currency fluctuations and interestrate changes.  From time to time the Company enters into agreements toreduce its raw material, foreign currency and interest rate risks.  Tominimize the risk of counter party non-performance, such agreements are madeonly through major financial institutions with significant experience in suchfinancial instruments.

The Company experiences foreign currency exposures in the normal course ofbusiness.  To mitigate the risk from foreign currency exchange ratefluctuations, the Company will generally enter into forward currency exchangecontracts or options for the purchase or sale of a currency in accordance withthe Company's policies and procedures. The sensitivity analysis is a measurementof the potential loss in fair value based on a percentage increase or decreasein exchange rates against the U.S. dollar.  Based on the firmly committedforeign currency derivative instruments in place at year end, a hypotheticalchange in fair value of those financial instruments assuming a 10% increase inexchange rates against the U.S. dollar would result in an unrealized loss ofapproximately $23.2 million.  These amounts would be offset by changes inthe fair value of underlying foreign currency transactions.  

The Company maintains significant operations in countries other than theU.S.; therefore, the movement of the U.S. dollar against foreign currencies hasan impact on the Company's financial position. Generally, the functionalcurrencies of each of the Company's non-U.S. subsidiaries are its localcurrency.  The Company manages exposure to changes in foreign currencyexchange rates through its normal operating and financing activities, as well asthrough the use of forward exchange contracts and, occasionally, options. The Company attempts, through its hedging activities, to mitigate the impact onincome of changes in foreign exchange rates on cash flows.

The Company purchases, on a limited basis, commodity derivatives to hedge thevariable portion in supplier contracts of the costs of metals used in itsproducts.  Gains and losses on the derivatives are included in cost ofsales in the same period as the hedged transaction.  During 2003,fixed-priced supplier agreements replaced maturing commodity forward contracts,which decreased the number of outstanding contracts at December 31, 2003. The fair value of outstanding commodity contracts at December 31, 2003 was lessthan $0.1 million.

With regard to interest rate risk, the effect of a hypothetical 1% increasein interest rates, across all maturities, would decrease the estimated fairvalue of the Company's long-term debt at December 31, 2003, from $1,701.1million to an estimated fair value of $1,598.3 million.

**Environmental and Asbestos Matters**The Company continues to be dedicated to an environmental program to reducethe utilization and generation of hazardous materials during the manufacturingprocess and to remediate identified environmental concerns. As to the latter,the Company currently is engaged in site investigations and remedial activitiesto address environmental cleanup from past operations at current and formermanufacturing facilities.

During 2003, the Company spent $0.7 million on capital projects for pollutionabatement and control, and an additional $9.3 million for environmentalremediation expenditures at sites presently or formerly owned or leased by theCompany. It should be noted that these amounts are difficult to estimate becauseenvironmental improvement costs are generally a part of the overall improvementcosts at a particular plant. Therefore, an accurate estimate of which portion ofan improvement or a capital expenditure relates to an environmental improvementis difficult to ascertain.  The Company believes that these expenditurelevels will continue and may increase over time.  Given the evolving natureof environmental laws, regulations and technology, the ultimate cost of futurecompliance is uncertain.

The Company is a party to environmental lawsuits and claims, and has receivednotices of potential violations of environmental laws and regulations from theEnvironmental Protection Agency and similar state authorities. It is identifiedas a potentially responsible party (PRP) for cleanup costs associated withoff-site waste disposal at federal Superfund and state remediation sites. For all sites there are other PRPs and, in most instances, the Company's siteinvolvement is minimal. 

In estimating its liability, the Company has assumed it will not bear theentire cost of remediation of any site to the exclusion of other PRPs who may bejointly and severally liable.  The ability of other PRPs to participate hasbeen taken into account, based generally on the parties' financial condition andprobable contributions on a per site basis.  Additional lawsuits and claimsinvolving environmental matters are likely to arise from time to time in thefuture.

Although uncertainties regarding environmental technology, U.S. federal andstate laws and regulations and individual site information make estimating theliability difficult, management believes that the total liability for the costof remediation and environmental lawsuits and claims will not have a materialeffect on the financial condition, results of operations, liquidity or cashflows of the Company for any year.  It should be noted that when theCompany estimates its liability for environmental matters, such estimates arebased on current technologies, and the Company does not discount its liabilityor assume any insurance recoveries.

Ingersoll-Rand Company (IR-New Jersey), a Company subsidiary, is a defendantin numerous asbestos-related lawsuits in state and federal courts.  Invirtually all of the suits a large number of other companies have also beennamed as defendants.  The claims against IR-New Jersey generally allegeinjury caused by exposure to asbestos contained in certain of IR-New Jersey'sproducts.  Although IR-New Jersey was neither a producer nor a manufacturerof asbestos, some of its formerly manufactured products utilizedasbestos-containing components, such as gaskets purchased from third-partysuppliers.

All claims resolved to date have been dismissed or settled, and IR-NewJersey's average settlement amount per claim has been nominal.  For theyear ended December 31, 2003, total costs for settlement and defense of asbestosclaims after insurance recoveries and net of tax were approximately $16.6million.  The Company believes that its reserves and insurance are adequateto cover its asbestos liabilities and the costs of defending against them, andthat these asbestos liabilities are not likely to have a material adverse effecton its financial position, results of operations, liquidity or cash flows.

See also the discussion under Note 8, Commitments and Contingencies, to theConsolidated Financial Statements.

**New Accounting Standards**In January 2003, FASB Interpretation No.46 (FIN 46), "Consolidation ofVariable Interest Entities" was issued.  FIN 46 provides guidance onconsolidating variable interest entities and applies immediately to variableinterests created after January 31, 2003.  In December 2003, the FASB deferredthe effective date of FIN 46 for all variable interest entities to the firstreporting period ending after March 15, 2004.  The interpretation requiresvariable interest entities to be consolidated if the equity investment at riskis not sufficient to permit an entity to finance its activities without supportfrom other parties or the equity investors lack certain specifiedcharacteristics.  The Company is reviewing FIN 46 to determine its impact,if any, on future reporting periods, and does not anticipate any materialaccounting or disclosure requirements under the provisions of theinterpretation.

In May 2003, the FASB issued SFAS No. 150, "Accounting for Certain FinancialInstruments with Characteristics of both Liabilities and Equity."  SFAS No.150 provides guidance for companies that issue financial instruments that havecharacteristics of both liabilities and equity to determine if the instrumentshould be classified as a liability or equity for financial instruments enteredinto or modified after May 31, 2003.  The adoption of SFAS No. 150 did nothave a material effect on the Company's consolidated financial position orresults of operations.

In December 2003, the Securities and Exchange Commission issued StaffAccounting Bulletin No. 104 (SAB 104), Revenue Recognition.  SAB 104supercedes SAB 101, Revenue Recognition in Financial Statements to include theguidance from Emerging Issues Task Force EITF 00-21 "Accounting for RevenueArrangements with Multiple Deliverables." The adoption of SAB 104 did not have amaterial effect on the Company's consolidated financial position or results ofoperations. 

In December 2003, the FASB issued SFAS No. 132 (revised 2003), "Employers'Disclosures about Pensions and Other Postretirement Benefits."  Thestandard requires that companies provide more details about their plan assets,benefit obligations, cash flows, benefit costs and other relevant information. The guidance is effective for fiscal years ending after December 15, 2003, andfor quarters beginning after December 15, 2003.  The Company has fullyadopted this standard for the year ended December 31, 2003.

In January 2004, the FASB released FASB Staff Position No. 106-1 entitled,Accounting and Disclosure Requirements Related to the Medicare PrescriptionDrug, Improvement and Modernization Act of 2003. The current accounting rulesrequire a company to consider current changes in applicable laws when measuringits postretirement benefit costs and accumulated postretirement benefitobligations.  The Company has begun to analyze its possible consequencesand to determine the impact of this legislation on its postretirement benefitplans.  The Company's measurement date for the postretirement benefit plansis November 30 and therefore the net periodic postretirement benefit costs forthe period that includes the Act's effective date would be the first quarter of2004.

Item 7A.**QUANTITATIVEAND QUALITATIVE DISCLOSURE****ABOUTMARKET****RISK**

TheCompany is exposed to fluctuations in the price of major raw materials used inthe manufacturing process, foreign currency fluctuations and interest ratechanges.  From time to time the Companyenters into agreements to reduce its raw material, foreign currency andinterest rate risks.  To minimize therisk of counter party non-performance, such agreements are made only throughmajor financial institutions with significant experience in such financialinstruments.

TheCompany experiences foreign currency exposures in the normal course ofbusiness.  To mitigate the risk fromforeign currency exchange rate fluctuations, the Company will generally enterinto forward currency exchange contracts or options for the purchase or sale ofa currency in accordance with the Company's policies and procedures. Thesensitivity analysis is a measurement of the potential loss in fair value basedon a percentage increase or decrease in exchange rates against the U.S.dollar.  Based on the firmly committedforeign currency derivative instruments in place at year end, a hypotheticalchange in fair value of those financial instruments assuming a 10 percentincrease in exchange rates against the U.S. dollar would result in anunrealized loss of approximately $23.2 million.  These amounts would be offset by changes in the fair value ofunderlying foreign currency transactions. 

TheCompany maintains significant operations in countries other than the U.S.;therefore, the movement of the U.S. dollar against foreign currencies has animpact on the Company's financial position. Generally, the functionalcurrencies of each of the Company's non-U.S. subsidiaries are its localcurrency.  The Company manages exposureto changes in foreign currency exchange rates through its normal operating andfinancing activities, as well as through the use of forward exchange contractsand options.  The Company attempts,through its hedging activities, to mitigate the impact on income of changes inforeign exchange rates.

Withregard to interest rate risk, the effect of a hypothetical 1% increase ininterest rates, across all maturities, would decrease the estimated fair valueof the Company's long-term debt at December 31, 2003, from $1,701.1 million toan estimated fair value of $1,598.3 million.

**Reorganizationas a Bermuda Company and Related Risk Factors**

OnDecember 31, 2001, IR-New Jersey was effectively reorganized as IR-Limited, aBermuda company (the Reorganization). The Company believes that the Reorganization has enabled it to begin torealize a variety of potential, financial and strategic benefits, including to:

-        helpenhance business growth;

-        createa more favorable corporate structure for expansion of the Company's currentbusiness;

-       improveexpected cash flow for use in investing in the development of higher-growthproduct lines and         higher-growth businesses;

-       improveexpected cash flow for use in reducing the amount of the Company's debt;

-       reducethe Company's worldwide effective tax rate;

-       enablethe Company to implement its business strategy more effectively; and

-        expandthe Company's investor base as its shares may become more attractive tonon-U.S. investors.

Toconsummate the Reorganization, IR Merger Corporation, a New Jersey corporation,merged into IR-New Jersey, with IR-New Jersey as the surviving company.  Upon the merger, IR-New Jersey became awholly-owned, indirect subsidiary of the Company, and the outstanding shares ofIR-New Jersey common stock were automatically cancelled in exchange for theissue of the Company's Class A common shares. The number of Class B common shares issued had an aggregate value equalto the fair market value of the shares of the subsidiaries transferred (thetransferred shares) and the amount of debt issued to the Company based on themarket value of IR-New Jersey common stock at the effective time of themerger.  Prior to the Reorganization,neither the Company nor IR-Merger Corporation had anysignificant assets or capitalization or engaged in any business or otheractivities other than in connection with formation and the merger and relatedreorganization transactions. 

TheReorganization exposed the Company to the risks described below.  In addition, the Company cannot be assuredthat the anticipated benefits of the Reorganization will be realized.

***            The Reorganization and related transfersof assets could result in a taxable gain.***Thereis a possibility of U.S. withholding tax if the Internal Revenue Servicesuccessfully disputes the value of the transferred shares.  Therefore, while the Company believes thatneither IR-New Jersey northe Company will incur significant U.S. federal income or withholding taxes asa result of the transfer of the transferred shares, its projections are notbinding on the Internal Revenue Service. The Company cannot be assured that its anticipated tax costs withrespect to the transferred shares will be borne out, that the Internal RevenueService will not contest its determination, nor that the Internal RevenueService will not succeed in any such contest. 

***          Certain of the Company's shareholders maybe subject to additional tax if the              Company or any of its non-U.S. subsidiariesare considered a "controlled foreign              corporation" or "CFC" under currentU.S. tax laws.***

Anon-U.S. corporation (a foreign corporation), such as the Company, willconstitute a "controlled foreign corporation" or "CFC" for U.S.federal income tax purposes if U.S. shareholders owning (directly, indirectly,or constructively) 10% or more of the foreign corporation's total combinedvoting power collectively own (directly, indirectly, or constructively) morethan 50% of the total combined voting power or total value of the foreigncorporation's shares.  Following themerger and as of December 31, 2001, IR-New Jersey, through its ownership of thenon-voting Class B common shares, owned approximately 45% of the total value ofthe Company's shares.  As a consequence,any Class A common shareholder who is considered to own 10% of the voting powerin the Company could cause the Company's non-U.S. subsidiaries or (if the InternalRevenue Service successfully takes the position that the Class B common sharesheld by IR-New Jersey in the Company are voting shares) the Company itself tobe treated as a CFC.   

Ifthe Company or any of its foreign subsidiaries are treated as a CFC, thisstatus should have no adverse effect on any of the Company's shareholders whodo not own (directly, indirectly, or constructively) 10% or more of the totalcombined voting power of all classes of the Company's shares or the shares ofany of its foreign subsidiaries.  If,however, the Company or any of its foreign subsidiaries are treated as a CFCfor an uninterrupted period of 30 days or more during any taxable year, anyU.S. shareholder who owns (directly, indirectly, or constructively) 10% or moreof the total combined voting power of all classes of stock of the Company orthe subsidiary on any day during the taxable year and who directly orindirectly owns any stock in the corporation the last day of such year in whichit is a CFC will have to include in its gross income for U.S. federal incometax purposes its pro rata share of the corporation's "subpart F income"relating to the period during which the corporation is a CFC.  

Inaddition, if the Company is treated as a CFC, the gain on the sale of theCompany's shares realized by such a shareholder would be treated as ordinaryincome to the extent of the shareholder's proportionate share of the Company'sand its CFC subsidiaries' undistributed earnings and profits accumulated duringthe shareholder's holding period of the shares while the Company is a CFC.

Ifthe U.S. shareholder is a corporation, however, it may be eligible to creditagainst its U.S. tax liability with respect to these potential inclusionsforeign taxes paid on the earnings and profits associated with the includedincome.  A disposition of shares by aU.S. shareholder may result in termination of the Company's CFC status or theCFC status of its foreign subsidiaries.

***            The Internal Revenue Service and non-U.S.taxing authorities may not agree with the           Company's tax treatment of variousitems relating to the Reorganization.***

TheCompany believes that the Reorganization will help enhance its business growthand cash flow and reduce its worldwide effective tax rate. However, the Companycannot give any assurance as to the amount of taxes it will pay as a result ofor after the Reorganization. The amount of taxes it will pay will depend inpart on the treatment given the Company by the taxing authorities in thejurisdictions in which it operates. 

***            The Company may become subject to U.S.corporate income tax, which would reduce its net            income.***

Priorto the Reorganization, IR-New Jersey was subject to U.S. corporate income taxon its worldwide income.  After theReorganization, the earnings of IR-New Jersey and its U.S. subsidiariescontinue to be subject to U.S. corporate income tax.  The Company believes that as a result of the Reorganization itsnon-U.S. operations will generally not be subject to U.S. tax other thanwithholding taxes.  However, if theInternal Revenue Service successfully contends that the Company or any of itsnon-U.S. affiliates are engaged in a trade or business in the U.S., the Companyor that non-U.S. affiliate would, subject to possible income tax treaty exemptions,be required to pay U.S. corporate income tax and/or branch profits tax onincome that is effectively connected with such trade or business.

***            Changes in laws or regulations couldadversely affect the Company and its subsidiaries.***

Changesin tax laws, treaties or regulations or the interpretation or enforcementthereof could adversely affect the tax consequences of the Reorganization tothe Company and its subsidiaries.  Inthis connection, bills have been introduced in the United States Congress which,if enacted, could substantially reduce or eliminate the tax benefits resultingfrom the Reorganization.

Thereare also proposed legislative and regulatory actions which could reduce oreliminate the ability of the Company or its subsidiaries to enter intocontracts with governmental authorities. To date, however, the only laws to have been enacted either do not applyto the Company or will have minimal, if any, impact on its business.

***            The enforcement of judgments inshareholder suits against the Company may be more            difficult than it would havebeen to enforce shareholder suits against IR-New Jersey.***

TheCompany has been advised that a judgment for the payment of money rendered by acourt in the United States based on civil liability would not be automaticallyenforceable in Bermuda.  It has alsobeen advised that with respect to a final and conclusive judgment obtained in acourt of competent jurisdiction in the United States under which a sum of moneyis payable (other than a sum of money payable in respect of multiple damages,taxes or other charges of a like nature or in respect of a fine or otherpenalty), a Bermuda court would be expected to enforce a judgment basedthereon, provided that (a) such courts had proper jurisdiction over the partiessubject to such judgment, (b) such courts did not contravene the rules ofnatural justice of Bermuda, (c) such judgment was not obtained by fraud, (d)the enforcement of the judgment would not be contrary to the public policy ofBermuda, (e) no new admissible evidence relevant to the action is submittedprior to the rendering of the judgment by the courts of Bermuda and (f) thereis due compliance with the correct procedures under the laws of Bermuda. 

Asa result, it may be difficult for a holder of the Company's securities toeffect service of process within the United States or to enforce judgmentsobtained against the Company in U.S. courts. The Company has irrevocably agreed that it may be served with processwith respect to actions based on offers and sales of securities made in theUnited States by having Ingersoll-Rand Company, 200 Chestnut Ridge Road,Woodcliff Lake, New Jersey 07677, be its U.S. agent appointed for that purpose.

A Bermuda courtmay impose civil liability on the Company or its directors or officers in asuit brought in the Supreme Court of Bermuda against the Company or suchpersons with respect to a violation of U.S. federal securities laws, providedthat the facts surrounding such violation would constitute or give rise to acause of action under Bermuda law.

Item 8.   **FINANCIAL STATEMENTS AND SUPPLEMENTARYDATA**

(a)   Theconsolidated financial statements and the report thereon ofPricewaterhouseCoopers LLP dated         February 4, 2004, except as to Note 17, whichis as of February 19, 2004, are included as Exhibit 13 -         Ingersoll‐RandCompany Limited Annual Report to Shareholders for 2003, filed herewith.

(b) The unaudited quarterly financialdata for the two‐year period ended December 31, is as follows:
*In millions, except per share amounts*         BasicDiluted Cost of earningsearnings Net  goods  Operating  Net per commonper common2003 sales*   sold*  income*  earnings  share share First quarter $ 2,182.1  $ 1,678.9  $ 163.6  $  153.2  $  0.91  $  0.90 Second quarter   2,508.6    1,897.7    217.0      139.3      0.82      0.81 Third quarter   2,519.6    1,921.1    224.3      154.6      0.90      0.88 Fourth quarter   2,665.9     1,973.3     265.2       197.4       1.14       1.12       Year 2003 $ 9,876.2   $ 7,471.0   $ 870.1   $  644.5   $  3.77   $  3.74  2002            First quarter $ 2,001.9  $ 1,520.1  $ 149.7  $(553.6) $ (3.29) $ (3.26)Second quarter   2,252.3    1,720.6    174.7      107.4      0.64      0.63 Third quarter   2,208.2    1,691.5    149.3       89.3      0.53      0.53 Fourth quarter   2,428.6     1,854.4     164.9       183.4       1.08       1.08       Year 2002 $ 8,891.0   $ 6,786.6   $ 638.6   $(173.5)  $ (1.03)  $ (1.02) 
 *Amounts have been restated to reflect discontinued operations.

Item9.**     CHANGESIN AND DISAGREEMENTS WITH INDEPENDENT ACCOUNTANTS ON                      ACCOUNTING AND FINANCIALDISCLOSURE**

      None.

Item 9A**   CONTROLS AND PROCEDURES**

The Company's management, including itsChief Executive Officer and Chief Financial Officer, have conducted anevaluation of the effectiveness of disclosure controls and procedures as of theend of the period covered by this Annual Report on Form 10-K.  Based on that evaluation, the Chief ExecutiveOfficer and Chief Financial Officer concluded as of December 31, 2003, that thedisclosure controls and procedures are effective in ensuring that all materialinformation required to be filed in this Annual Report on Form 10-K has beenmade known to them in a timely fashion. There have been no significant changes in internal controls, or infactors that could significantly affect internal controls, subsequent to thedate the Chief Executive Officer and Chief Financial Officer completed theirevaluation.

**PART III**

The information called for by Part III(Items 10, 11, 12, 13 and 14) of Form 10-K will be included in the Company'sProxy Statement for the Company's 2004 Annual General Meeting of Shareholders,which the Company intends to file within 120 days after the close of its fiscalyear ended December 31, 2003 and is hereby incorporated by reference to suchProxy Statement, except that the information as to the Company's executiveofficers which follows Item 4 in this Report, is incorporated by reference intoItems 10 and 12, respectively, of this Report.

**       PART IV**

Item15.**  EXHIBITS,FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8‐K**

(a) 1. and 2.                Financial statements and financial statement schedules                                   Thefinancial statements, together with the report thereon of PricewaterhouseCoopers                                   LLP, dated February 4, 2004, except as to Note 17, which is as of February 19,2004,                                   included as Exhibit 13 and the unauditedquarterly financial data included in Part II Item                                  8(b) are incorporated by reference in this Form 10‐K Annual Report.  Thefinancial                                  statement schedule listed in the accompanying index should be read inconjunction with                                  the financial statements in such Annual Report to Shareholders for 2003.

                                  Separatefinancial statements for all 50 percent or less owned companies, accounted for                                 by the equity method have been omitted because no individual entity constitutesa                                  significant subsidiary.

3.                             Exhibits                                 Theexhibits listed on the accompanying index to exhibits are filed as part of thisForm                                 10‐K Annual Report.

(b)                            Reportson Form 8-K                                 Current Report onForm 8-K (Item 9) dated January 24, 2003, reporting on the Press                                 Release datedJanuary 23, 2003 regarding Fourth Quarter and Year to date 2002                                 EarningsRelease and the Fourth Quarter 2002 Earnings Conference Call Presentation                                forIngersoll-Rand Company Limited.

                                Current Report onForm 8-K (Item 2 and Item 7) dated February 18, 2003 reporting on                                the sale ofits Engineered Solutions Business to Timken, which closed February 18, 2003                               and became effective February 16, 2003.  It also reported on the amendedStock and                                Asset Purchase Agreement dated October 16, 2002, between Ingersoll-Rand Company                              Limited and the Timken Company.

                               Current Report onForm 8-K (Item 9) dated April 17, 2003 reporting on the Press                              Release dated April 17, 2003 regarding the First Quarter 2003 Earnings Releaseand the                              First Quarter 2003 Earnings Conference Call Presentation for Ingersoll-RandCompany                              Limited.

                               Current Report onForm 8-K (Item 5 and Item 9) dated May 29, 2003 reporting on the                              voting results at the Annual General Meeting of Shareholders of the Company heldMay                              29, 2003.                                                               Current Report on Form 8-K (Item 9) dated July 17, 2003 reporting on the PressRelease                               dated July 17, 2003 regarding the Second Quarter 2003 Earnings Release forIngersoll-                              Rand Company Limited.

                               Current Report onForm 8-K (Item 9) dated October 22, 2003 reporting on the Press                               Release datedOctober 22, 2003 regarding the Third Quarter 2003 Earnings Release for                              Ingersoll-Rand Company Limited.

**INGERSOLL‐RAND COMPANY LIMITEDINDEX TO FINANCIAL STATEMENTS**AND FINANCIAL STATEMENT SCHEDULES**(Item 15 (a) 1 and 2)**

**                                                                                                                                     Form                                                                                                                                     10-K**

Consolidated Financial Statements:    Report of independent auditors................................................................................        *             Consolidated balance sheetat...................................................................................        *                       December 31, 2003 and2002...........................................................................        *                   For the years ended December 31, 2003, 2002 and 2001        Consolidated statement ofincome........................................................................         *            Consolidated statement ofshareholders' equity.....................................................         *          Consolidated statement of cashflows...................................................................         *    Notes to consolidated financialstatements................................................................         * Selected unaudited quarterly financialdata....................................................................         *

Financial Statement Schedule:      Report of independent auditors on financialstatement schedule.............................................See below      Consolidated schedule for the years ended December 31,2003, 2002 and 2001:          Schedule II ‐‐ Valuationand Qualifying Accounts............................................................See below

*        SeeExhibit 13 - Ingersoll-Rand Company Limited Annual Report to Shareholders for2003.

**      SeeItem 8 Financial Statements and Supplementary Data.

Financial statement schedules notincluded in this Form 10‐K Annual Report have been omitted because theyare not applicable or the required information is shown in the financialstatements or notes thereto.

**REPORT OFINDEPENDENT AUDITORS ONFINANCIAL STATEMENT SCHEDULE**

To the Board of Directors and Shareholdersof Ingersoll‐Rand Company Limited:

Our audits of the consolidated financial statements referred to in our report dated February 4, 2004, except as toNote 17, which is as of February 19, 2004, appearing in the December 31, 2003 Annual Report to Shareholders of Ingersoll-Rand Company Limitedand its subsidiaries, the successor company to Ingersoll-Rand Company, (which report and consolidated financial statements are incorporated by reference inthis Annual Report on Form 10-K) also included an audit of the financialstatement schedule listed in Item 15(a)(2) of this Form 10-K.  In our opinion, this financial statementschedule presents fairly, in all material respects, the information set forththerein when read in conjunction with the related consolidated financial statements.

/S/ PricewaterhouseCoopers LLPPricewaterhouseCoopers LLPFlorham Park, New JerseyFebruary 4, 2004

** **

** **

**CONSENT OF INDEPENDENTACCOUNTANTS **

We herebyconsent to the incorporation by reference in the Registration Statements onForm S-3 (No. 333-88580) and S-8 (No. 333-67257, No. 333-35229, No. 333-00829,No. 333-19445, and No. 333-42133) of Ingersoll-Rand Company Limited, thesuccessor company to Ingersoll-Rand Company, of our report dated February 4,2004, except as to Note 17, which is as of February 19, 2004, relating to thefinancial statements, which appears in the Annual Report to Shareholders, whichis incorporated in this Annual Report on Form 10-K.  We also consent tothe incorporation by reference of our report dated February 4, 2004 relating tothe financial statement schedule, which appears in this Form 10-K. 

/S/PricewaterhouseCoopers LLPPricewaterhouseCoopersLLPFlorhamPark, New JerseyFebruary27, 2004

**SCHEDULE II****INGERSOLL-RAND COMPANY LIMITED****VALUATION AND QUALIFYING    ACCOUNTS****FOR THE YEARS ENDED DECEMBER    31, 2003, 2002 AND 2001**
(Amounts in millions)**Allowances for Doubtful Accounts:**    **Balance December 31, 2000** $ 46.1 **(*)**Additions charged to costs and    expenses    15.2 **(**)**Deductions      9.6      **Balance December 31, 2001**    51.7 **(*)**Additions charged to costs and    expenses    36.0 **(**)**Deductions    18.5      **Balance December 31, 2002**    69.2 **(*)**Additions charged to costs and    expenses    30.7 **(**)**Deductions    27.1      **Balance December 31, 2003**    $ 72.8       (*)    "Additions" also include    foreign currency translation and business acquisitions.(**)  "Deductions" include accounts and    advances written off, less recoveries.All periods have been restated to reflect    discontinued operations.
**INGERSOLL‐RAND COMPANY LIMITEDINDEX TO EXHIBITS(Item 15(a))**

**Description    **

2      Agreementand Plan of Merger, dated as of October 31, 2001, among Ingersoll-Rand CompanyLimited,        Ingersoll-Rand Company and IR Merger Corporation.  Incorporated by reference to Amendment No. 1       to Form S-4.  Registration Statement No,333-71642, filed October 30, 2001.

2.1   Stock and Asset Purchase Agreement, datedas of October 16, 2002, between Ingersoll-Rand        Company Limited, on behalf of itself and certain ofits subsidiaries and The Timken Company, on behalf        of itself and certain of its subsidiaries.  Incorporated by reference to Form 8-Kdated October 16, 2002.

2.2   Amendment to the Stock and Asset PurchaseAgreement, dated as of February 18, 2003, amending the        Stock Purchase Agreement,dated as of October 16, 2002, between Ingersoll-Rand Company Limited,        on behalfof itself and certain of its subsidiaries and The Timken Company, on behalf ofitself and certain        of its subsidiaries. Incorporated by reference to Form Schedule 13D, filed    March 5, 2003 by Ingersoll-        Rand Company.

3.1   Memorandumof Association of Ingersoll-Rand Company Limited. Incorporated by reference to       Amendment No. 1 to Form S-4 Registration Statement No. 333-71642, filed October30, 2001.

3.2   Amendedand Restated Bye-Laws of Ingersoll-Rand Company Limited. Incorporated byreference to        Amendment No. 1 to Form S-4 Registration Statement No. 333-71642,filed October 30, 2001.

4.1   Certificateof Designation, Preferences and Rights of Series A Preference Shares ofIngersoll-Rand        Company Limited. Incorporated by reference to Amendment No. 1 toForm S-4 Registration Statement        No. 333-71642, filed October 30, 2001.

4.2   RightsAgreement between Ingersoll-Rand Company Limited and The Bank of New York, asRights       Agent. Incorporated by reference to Amendment No. 1 to Form S-4Registration Statement No. 333-       71642, filed October 30, 2001.

4.3  VotingAgreement between Ingersoll-Rand Company Limited and Ingersoll-Rand Company.Incorporated       by reference to Amendment No. 1 to Form S-4 Registration StatementNo. 333-71642, filed October       30, 2001.

4.4  Indenture, dated as of August 1, 1986, betweenIngersoll-Rand Company and The Bank of New York,       as Trustee, as supplemented byfirst, second and third supplemental indentures. Incorporated by reference       toIngersoll-Rand Company's Form S-3 Registration Statement No. 33-39474 as filed March 18, 1991       and toForm S-3 Registration Statement No. 333-50902 as filed November 29, 2000.      

4.5  Fourth Supplemental Indenture, dated as ofDecember 31, 2001, among Ingersoll-Rand Company       Limited, Ingersoll-Rand Companyand The Bank of New York, as trustee. Incorporated by reference to       Form 10-K of Ingersoll-Rand Company Limitedfor the year ended December 31, 2001, filed March 13,       2002.****4.6    Credit Agreement dated as of July 2, 2001,among Ingersoll-Rand Company, the banks listed therein,         The Chase ManhattanBank, as Administrative Agent, Citibank N.A., and Deutsche Banc Alex. Brown        Inc., as Co-Syndication Agents, and The Bank of Nova Scotia and Bank ofTokyo-Mitsubishi Trust         Company, as Co-Documentation Agents.  Incorporated by reference to Form 10-Q forthe quarter         ended June 30, 2001 of Ingersoll-Rand Company, filed August 2,2001.

4.7    Amendment and Waiver, dated as of November28, 2001, among Ingersoll-Rand Company Limited,         Ingersoll-Rand Company, JPMorgan Chase Bank, as Administrative Agent, Citibank N.A. and         Deutsche BancAlex. Brown Inc., as Co-Syndication Agents, and The Bank of Nova Scotia andBank of         Tokyo-Mitsubishi Trust Company, as Co-Documentation Agents.  Incorporated by reference to Form         10-K ofIngersoll-Rand Company Limited for the year ended December 31, 2001, filedMarch 13,         2002.

4.8    CreditAgreement, dated as of July 2, 2001, among Ingersoll-Rand Company, the bankslisted therein,         The Chase ManhattanBank, as Administrative Agent, Citibank N.A., and Deutsche Banc Alex. Brown        Inc., as Co-Syndication Agents, and The Bank of Nova Scotia and Bank ofTokyo-Mitsubishi Trust         Company, as Co-Documentation Agents.  Incorporated by reference to Form 10-Q forthe quarter         ended June 30, 2001 of Ingersoll-Rand Company, filed August 2,2001.

4.9    Second Amendment to the Credit Agreement, dated as of June 21,2002.  Incorporated by reference to         Form10-K of Ingersoll-Rand Company Limited for the year ended December 31, 2002,filed March 5         2003.

4.10   Third Amendment to the Credit Agreement,dated June 20, 2003.  Filed herewith.

4.12   Amendment and Waiver, dated as ofNovember 28, 2001, among Ingersoll-Rand Company Limited,         Ingersoll-Rand Company, JP Morgan Chase Bank, as Administrative Agent, Citibank N.A. and          Deutsche Banc Alex. Brown Inc., as Co-Syndication Agents, and The Bankof Nova Scotia and Bank          of Tokyo-Mitsubishi Trust Company, as Co-DocumentationAgents.  Incorporated by reference to         Form 10-K of Ingersoll-Rand Company Limited for the year ended December 31,2001, filed March          13, 2002.

 4.13   Ingersoll‐RandCompany Limited and its subsidiaries are parties to several long‐termdebt instruments           under which in each case the total amount of securitiesauthorized does not exceed 10% of the total           assets of Ingersoll‐RandCompany Limited and its subsidiaries on a consolidated basis.  Pursuant to           paragraph 4(iii) of Item 601(b)of Regulation S‐K, Ingersoll‐Rand Company Limited agrees to furnish          a copy of such instruments to the Securities and Exchange Commission uponrequest. 

10.1   Management Incentive Unit Plan of Ingersoll‐RandCompany.  Amendment to the Management          Incentive Unit Plan, effective January 1, 1982.  Amendment to the Management Incentive Unit Plan,           effectiveJanuary 1, 1987.  Amendment to theManagement Incentive Unit Plan, effective June 3, 1987.            Incorporated by reference to Form 10-K ofIngersoll-Rand Company for the year ended December           31, 1993, filed March 30,1994.

10.2   Reorganization Amendment to ManagementIncentive Unit Plan, dated December 31, 2001.          Incorporated by reference to Form 10-K of Ingersoll-Rand Company Limitedfor the year ended          December 31, 2002, filed March 13, 2002.

10.3   Amended andRestated Director Deferred Compensation and Stock Award Plan.  Incorporated by          reference to Form 10-K ofIngersoll-Rand Company for the year ended December 31, 2000, filed          March 20,2001.

10.4   First Amendment to Director DeferredCompensation and Stock Award Plan. Incorporated by          reference to Form 10-K of Ingersoll-Rand Company Limitedfor the year ended December 31, 2001,          filed March 13, 2002.

10.5    Second Amendment to Director Deferred Compensation and Stock AwardPlan. Filed herewith. 

10.6   Description of Bonus Arrangement for SectorPresidents of Ingersoll-Rand Company Limited. Filed          herewith.

10.7    Description of Bonus Arrangement forChairman, President and Staff Officers of Ingersoll-Rand           Company. Incorporatedby reference to Form 10-K of Ingersoll-Rand Company for the year ended           December31, 1993, filed March 30, 1994.

10.8    Amended and Restated Form of Change ofControl Agreement with Chairman, dated as of               December 1, 2003. Filed herewith.

10.9    Amended and Restated Form of Changeof Control Agreement dated as of December 1, 2003, with           selected executiveofficers of Ingersoll-Rand Company other than Chairman.  Filed herewith.

 10.10  Executive Supplementary RetirementAgreement for selected executive officers of Ingersoll-Rand            Company.Incorporated by reference to Form 10-K of Ingersoll-Rand Company for the yearended            December 31,1993, filed March 30, 1994.

10.11     Executive Supplementary Retirement Agreementfor selected executive officers of Ingersoll-Rand              Company.Incorporated by reference to Form 10-K for the year ended December 31, 1996,filed              March 26, 1997.

10.12     Forms of insurance and related letteragreements with certain executive officers of Ingersoll-Rand              Company.Incorporated by reference to Form 10-K of Ingersoll-Rand Company for the yearended              December 31, 1993, filed March 30, 1994.

10.13     Amended and Restated SupplementalPension Plan, dated January 1, 2003. Incorporated by              reference to Form 10-K of Ingersoll-Rand Company Limitedfor the year ended December 31,              2002, filed March 5, 2003.

10.14    First Amendment to the Amended and Restated SupplementalPension Plan, dated January 1,             2003.  Filed herewith.

10.15    Amended and Restated SupplementalEmployee Savings Plan, dated January 1, 2003. Incorporated             by reference to Form 10-K of Ingersoll-Rand Company Limitedfor the year ended December 31,             2002, filed March 5, 2003.

10.16    First Amendment to the Amended and Restated Supplemental EmployeeSavings Plan, dated               January 1, 2003. Filed herewith.

10.17    IncentiveStock Plan of 1995. Incorporated by reference to the Notice of 1995 AnnualMeeting of             Shareholders and Proxy Statement dated March 15, 1995. See AppendixA of the Proxy Statement             dated March 15, 1995.

10.18    Reorganization Amendment to IncentiveStock Plan of 1995, dated December 21, 2001.             Incorporated by reference to Form 10-K of Ingersoll-Rand Company Limitedfor the year ended             December 31, 2001, filed March 13, 2002.

10.19   SeniorExecutive Performance Plan. Incorporated  byreference to the Notice of 2000 Annual Meeting            of Shareholders and ProxyStatement of Ingersoll-Rand Company, dated March 7, 2000.  See            Appendix A of the Proxy Statement, datedMarch 7, 2000.         

 10.20  Amended and Restated Elected Officers Supplemental Plan.Incorporated by reference to Form 10-K            of Ingersoll-Rand Company for the yearended December 31, 1998, filed March 30, 1999.

10.21  FirstAmendment to Elected Officers Supplemental Plan, dated March 22, 1999.  Incorporated by           reference to Form 10-K ofIngersoll-Rand Company Limited for the year ended December 31, 2001,           filedMarch 13, 2002.

10.22  SecondAmendment to Elected Officers Supplemental Plan, dated March 22, 1999.  Incorporated by           reference to Form 10-K ofIngersoll-Rand Company Limited for the year ended December 31, 2001,           filedMarch 13, 2002.

10.23  ThirdAmendment to Elected Officers Supplemental Plan, dated December 31, 2001.  Incorporated by           reference to Form 10-K ofIngersoll-Rand Company Limited for the year ended December 31, 2001,           filedMarch 13, 2002.

10.24 Fourth Amendment to Elected Officers Supplemental Plan, dated June 9, 2003. Filed herewith.

10.25  Amended and Restated Executive Deferred Compensation Plan.  Incorporated by reference to Form          10-K forthe year ended December 31, 2000, filed March 20, 2001. 

10.26  FirstAmendment to Executive Deferred Compensation Plan, dated December 31,2001.  Incorporated           by reference to Form10-K of Ingersoll-Rand Company Limited for the year ended December 31,           2001,filed March 13, 2002.

10.27  Second Amendment to Executive DeferredCompensation Plan, dated February 24, 2004. Filed           herewith.

10.28  Incentive Stock Plan of 1998. Incorporated by reference to Appendix A to the Notice of 1998 Annual          Meeting of Shareholders and Proxy Statement of Ingersoll-Rand Company, datedMarch 17, 1998.

10.29  Amendment ofIncentive Stock Plan of 1998, dated May 2, 2001.  Incorporated by reference to Form          10-K of Ingersoll-Rand CompanyLimited for the year ended December 31, 2001, filed March 13,          2002.

10.30   Reorganization Amendment to Incentive StockPlan of 1998, dated December 21, 2001.            Incorporated by reference to Form 10-K of Ingersoll-Rand Company Limitedfor the year ended            December 31, 2001, filed March 13, 2002.

10.31  CompositeEmployment Agreement with Chief Executive Officer. Incorporated by reference to Form           10-K for the year endedDecember 31, 1999, filed March 30, 2000.

10.32   EmploymentAgreement with Timothy McLevish, Senior Vice President and Chief FinancialOfficer.            Incorporated by reference toForm 10-K of Ingersoll-Rand Company Limited for the year ended           December 31,2002, filed March 5, 2003.

10.33    Employment Agreement with Randy Smith, Senior Vice President.Incorporated by reference to Form             10-K of Ingersoll-Rand for the year endedDecember 31, 2000.  Filed March 20,2001.

10.34    Employment Agreement with Sharon Elliott,Senior Vice President. Incorporated by reference to             Form 10-Q for the quarterly period ending June 30, 2003, filedAugust 13, 2003.

10.35    Employment Agreement with Michael Lamach, Senior VicePresident.  Filed herewith.

12         Computations of Ratios of Earningsto Fixed Charges. Filed herewith.     

13         Ingersoll‐Rand Company Limited Annual Report toShareholders for 2003.  Filed herewith. 

21        List of Subsidiaries of Ingersoll‐Rand Company Limited.  Filed herewith.

31.1      Certification of Chief Executive OfficerPursuant to Rule 13a-14(a) or Rule 15d-14(a), as adopted            pursuant to Section302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

31.2    Certificationof Chief Financial Officer Pursuant to Rule 13a-14(a) or Rule 15d-14(a),as adopted           pursuant to Section302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

32      Certifications of Chief Executive Officer and ChiefFinancial Officer Pursuant to Rule 13a- 14(b) or Rule          15d-14(b) and 18 U.S.C.Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley          Act of2002.  Furnished herewith.

**SIGNATURES**Pursuant to the requirements of Section 13 or    15(d) of the Securities Exchange Act of 1934, theregistrant has duly caused this report to be    signed on its behalf by the undersigned, thereunto dulyauthorized.**INGERSOLL-RAND COMPANY LIMITED**
(Registrant)By:/S/ Herbert L. Henkel    (Herbert L. Henkel)Chief Executive OfficerDate:      February 26, 2004Pursuant to the requirement of the Securities    Exchange Act of 1934, this report has been signed by thefollowing persons on behalf of the registrant    and in the capacities and on the dates indicated.**Signature****Title****Date**Chairman, President, Chief      /S/ Herbert L. HenkelExecutive Officer and Director    (Herbert L. Henkel)(Principal Executive Officer)      February 26, 2004Senior Vice President and      /S/ Timothy R. McLevishChief Financial Officer    (Timothy R. McLevish)(Principal Financial Officer)      February 26, 2004/S/ Richard W. RandallVice President and Controller    (Richard W. Randall)(Principal Accounting Officer)      February 26, 2004      /S/ Ann C. Berzin    (Ann C. Berzin)Director      February 26, 2004/S/ George W. Buckley    (George W. Buckley)Director      February 26, 2004/S/ Peter C. Godsoe    (Peter C. Godsoe)Director      February 26, 2004/S/ Constance Horner    (Constance Horner)Director      February 26, 2004/S/ H. William Lichtenberger    (H. William Lichtenberger)Director      February 26, 2004/S/ Theodore E. Martin    (Theodore E. Martin)Director      February 26, 2004/S/ Patricia Nachtigal    (Patricia Nachtigal)Director      February 26, 2004      /S/ Orin R. Smith    (Orin R. Smith)Director      February 26, 2004      /S/ Richard J. Swift    (Richard J. Swift)Director      February 26, 2004/S/ Tony L. White    (Tony L. White)Director      February 26, 2004
** **

** **

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