Pentair Public 10-Q 13 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information Document	3 Months Ended
	Mar. 29, 2014
Entity Information [Line Items]	'
Entity Registrant Name	'PENTAIR plc
Entity Central Index Key	'0001594420
Current Fiscal Year End Date	'--12-31
Entity Filer Category	'Non-accelerated Filer
Document Type	'10-Q
Document Period End Date	29-Mar-14
Document Fiscal Year Focus	'2014
Document Fiscal Period Focus	'Q1
Amendment Flag	'false
Entity Common Stock, Shares Outstanding	40,000

Statement_of_Operations_and_Co

Statement of Operations and Comprehensive Loss (USD $)	3 Months Ended
	Mar. 29, 2014
Income Statement [Abstract]	'
Net sales	$0
Interest expense	6,382
Interest income	-395
Loss before provision for income taxes	-5,987
Provision for income taxes	0
Net loss	-5,987
Comprehensive loss	($5,987)
Basic (USD per share)	($0.15)
Diluted (USD per share)	($0.15)
Basic (shares)	40,000
Diluted (shares)	40,000

Balance_Sheets

Balance Sheets (USD $)	Mar. 29, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]	'	'
Related party loan receivable	$54,620	$54,620
Interest receivable	462	67
Total current assets	55,082	54,687
Total assets	55,082	54,687
Related party debt	1,848,126	1,848,126
Interest payable	7,326	944
Total current liabilities	1,855,452	1,849,070
Ordinary shares, €1.00 par value, 10,000,000 authorized and 40,000 outstanding as of March 29, 2014 and December 31, 2013	53,752	53,752
Accumulated deficit	-1,854,122	-1,848,135
Total shareholders' deficit	-1,800,370	-1,794,383
Total liabilities and shareholders' deficit	$55,082	$54,687

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (EUR €)	Mar. 29, 2014	Dec. 31, 2013	Nov. 29, 2013
Shares authorized	10,000,000	10,000,000	'
Shares outstanding	40,000	40,000	'
Par value (USD per share)	€ 1	€ 1	€ 1

Statement_of_Cash_Flows

Statement of Cash Flows (USD $)	3 Months Ended
	Mar. 29, 2014
Statement of Cash Flows [Abstract]	'
Net loss	($5,987)
Interest receivable	-395
Interest payable	6,382
Net cash provided by (used for) operating activities	0
Change in cash and cash equivalents	0
Cash and cash equivalents, beginning of period	0
Cash and cash equivalents, end of period	$0

Basis_of_Presentation_and_Resp

Basis of Presentation and Responsibility for Interim Financial Statements	3 Months Ended
	Mar. 29, 2014
Basis of Presentation and Responsibility for Interim Financial Statements [Abstract]	'
Basis of Presentation and Responsibility for Interim Financial Statements	'
	1.    Basis of Presentation and Responsibility for Interim Financial Statements
	The accompanying unaudited financial statements of Pentair plc (“we,” “us,” “our,” or “the Company”) have been prepared following the requirements of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting.
	We are responsible for the unaudited financial statements included in this document. The financial statements include all normal recurring adjustments that are considered necessary for the fair presentation of our financial position and operating results.
	The interim period results are not necessarily indicative of the results to be expected for a full year.
	Our fiscal year ends on December 31. We report our interim quarterly periods on a 13-week basis ending on a Saturday.
	The financial statements are presented in United States dollars ("USD"), which is the Company's functional currency.

General_Information

General Information	3 Months Ended
	Mar. 29, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	'
	General Information
	Pentair plc is a public limited company incorporated in Ireland on November 28, 2013. The Company was incorporated with seven subscribers contributing total initial share capital of $53,752 (€40,000) in exchange for 40,000 ordinary shares of €1.00 par value (the "Euro Shares").
	On December 5, 2013, Pentair Ltd. acquired 39,994 Euro Shares for cash consideration.
	On December 10, 2013, the Board of Directors of Pentair Ltd. unanimously approved a Merger Agreement, dated December 10, 2013, between us and Pentair Ltd. (the "Merger Agreement"). If the shareholders of Pentair Ltd. approve the Merger Agreement, Pentair Ltd. will merge with and into us with Pentair plc as the survivor (the "Merger"), thereby changing the jurisdiction of the organization of the parent company from Switzerland to Ireland. In connection with the completion of the Merger, we will issue one ordinary share of $0.01 par value (the "Ordinary Shares") to shareholders of Pentair Ltd. for each Pentair Ltd. common share held immediately prior to the Merger and all common shares of Pentair Ltd. will be canceled.
	The Merger is subject to Pentair Ltd. shareholder approval of the Merger Agreement and certain other conditions. Pentair Ltd.’s shareholders will be asked to vote to approve the Merger Agreement at an extraordinary general meeting of shareholders to be held on May 20, 2014.

Share_Capital

Share Capital	3 Months Ended
	Mar. 29, 2014
Share Capital [Abstract]	'
Share Capital	'
	Share Capital
	The authorized share capital of the Company consists of €10,000,000 divided into 10,000,000 Euro Shares. There were 40,000 Euro Shares issued and outstanding as of March 29, 2014 and December 31, 2013.
	Prior to the completion of the Merger, we intend to amend and restate our Articles of Association (the "Amended Articles") to provide for an authorized share capital of $4,260,000 divided into 426,000,000 Ordinary Shares and €40,000 divided into 40,000 Euro Shares. In accordance with the Amended Articles, the holders of the Ordinary Shares will be entitled to dividends, have voting rights and participate pro rata in the total assets of the Company in the event of its liquidation.
	Upon completion of the Merger, we will acquire and cancel the 40,000 Euro Shares for no consideration and only the Ordinary Shares will remain issued and outstanding.

Guarantees

Guarantees	3 Months Ended
	Mar. 29, 2014
Guarantees [Abstract]	'
Guarantees	'
	4.    Guarantees
	Pentair Ltd. is a guarantor of an unsecured, committed revolving credit facility with initial maximum aggregate availability of up to $1.45 billion ("Credit Facility"). In anticipation of the Merger, Pentair Finance S.A. ("PFSA"), a 100-percent owned subsidiary of Pentair Ltd., entered into a First Amendment and Consent (the "Amendment") to the Credit Facility on April 22, 2014.  Pursuant to this amendment, the lenders under the Credit Facility consented to the Merger and related transactions, and PFSA agreed the Company and Pentair Investments Switzerland GmbH, a newly-formed Swiss company that will be a subsidiary of Pentair plc and the parent of PFSA after the Merger ("New Swissco") would become guarantors under the Credit Facility effective upon the completion of the Merger.  The Amendment requires us and New Swissco to execute and deliver an Assumption and Accession Agreement to the lenders in connection with the Merger to evidence our addition as guarantors. Additionally, effective upon completion of the Merger, we will become a guarantor of the PFSA and Pentair, Inc. senior notes that are currently outstanding with an aggregate principal amount of $2.0 billion as of March 29, 2014.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 29, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	Related Party Transactions
	In December 2013, we borrowed $1,848,126 under a Deposit and Cash Management Agreement with PFSA, which we used to pay a registration fee of the same amount to the SEC in conjunction with the registration with the SEC of our Ordinary Shares that will be issued to holders of Pentair Ltd. common shares at the closing of the Merger. The agreement bears interest at a variable rate and the average interest rate for the three months ended March 29, 2014 was 1.38 percent.
	Additionally, in December 2013, we lent $54,620 to a subsidiary of Pentair Ltd. at a fixed annual rate of interest of 3 percent. This loan matures in December 2014.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 29, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	Income Taxes
	Upon completion of the Merger, we intend to manage our affairs so that we are centrally managed and controlled in the United Kingdom (the “U.K.”) and therefore have our tax residency in the U.K. The corporate income tax rate for the three months ended March 29, 2014 in the U.K. was 23%. The net loss for the three months ended March 29, 2014 is not deductible for tax purposes.

Basis_of_Presentation_and_Resp1

Basis of Presentation and Responsibility for Interim Financial Statements Basis of Presentation and Responsibility for Interim Financial Statements (Details)	3 Months Ended
	Mar. 29, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Fiscal Period Duration	'91 days

General_Information_Details

General Information (Details)	Mar. 29, 2014	Mar. 29, 2014	Dec. 31, 2013	Nov. 29, 2013	Dec. 31, 2013	Dec. 31, 2013
	USD ($)	EUR (€)	EUR (€)	EUR (€)	United States of America, Dollars	Euro Member Countries, Euro
					USD ($)	EUR (€)
Contributed Capital [Line Items]	'	'	'	'	'	'
Common Stock, Shares, Outstanding	39,994	39,994	'	'	'	'
Common Stock, Par or Stated Value Per Share	'	€ 1	€ 1	€ 1	'	'
Shares, Outstanding	'	'	'	40,000	'	'
Proceeds from Contributed Capital	'	'	'	'	$53,752	€ 40,000
Expected Par Value Per Share	$0.01	'	'	'	'	'

Share_Capital_Details

Share Capital (Details)	Mar. 29, 2014	Mar. 29, 2014	Dec. 31, 2013
	USD ($)	EUR (€)
Share Capital [Line Items]	'	'	'
Shares authorized, value	'	€ 10,000,000	'
Shares authorized	10,000,000	10,000,000	10,000,000
Shares outstanding	40,000	40,000	40,000
Expected Share Value, Authorized	$4,260,000	€ 40,000	'
Expected Foreign Shares, Authorized	40,000	40,000	'
Expected Domestic Shares, Authorized	426,000,000	426,000,000	'
Shares issued	40,000	40,000	40,000

Guarantees_Details

Guarantees (Details) (USD $)	3 Months Ended
In Billions, unless otherwise specified	Mar. 29, 2014
Guarantor Obligations [Line Items]	'
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions	10000.00%
Credit Facility [Member] | Financial Guarantee [Member]	'
Guarantor Obligations [Line Items]	'
Principal amount of debt	1.45
Senior Notes [Member] | Financial Guarantee [Member]	'
Guarantor Obligations [Line Items]	'
Principal amount of debt	2

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	3 Months Ended
	Mar. 29, 2014	Dec. 31, 2013
Related Party Transactions [Abstract]	'	'
Related party debt	$1,848,126	$1,848,126
Average interest rate	1.38%	'
Related party loan	$54,620	$54,620
Fixed annual rate of interest	3.00%	'

Income_Taxes_Details

Income Taxes (Details)	3 Months Ended
	Mar. 29, 2014
Income Tax Disclosure [Abstract]	'
Tax rate	23.00%