Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 27, 2014 | |
Document Information [Line Items] | ' |
Entity Registrant Name | 'PENTAIR plc |
Entity Central Index Key | '0000077360 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Document Type | '10-Q |
Document Period End Date | 27-Sep-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q3 |
Amendment Flag | 'false |
Trading Symbol | 'PNR |
Entity Common Stock, Shares Outstanding | 186,794,220 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Net sales | $1,758.40 | $1,713.30 | $5,236.50 | $5,168.70 |
Cost of goods sold | 1,133.70 | 1,098.60 | 3,401.40 | 3,429.10 |
Gross profit | 624.7 | 614.7 | 1,835.10 | 1,739.60 |
Selling, general and administrative | 328.8 | 353.4 | 1,071 | 1,143.50 |
Research and development | 28.5 | 31.3 | 88.2 | 94.8 |
Operating income | 267.4 | 230 | 675.9 | 501.3 |
Other (income) expense: | ' | ' | ' | ' |
Equity income of unconsolidated subsidiaries | -0.3 | -0.5 | -0.9 | -1.7 |
Loss (gain) on sale of businesses | 0 | -0.1 | 0.2 | -16.8 |
Net interest expense | 17.1 | 17.5 | 51.1 | 53.8 |
Income from continuing operations before income taxes and noncontrolling interest | 250.6 | 213.1 | 625.5 | 466 |
Provision for income taxes | 58.1 | 46.7 | 148.3 | 112.9 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 192.5 | 166.4 | 477.2 | 353.1 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 1.6 | 7.8 | 2.6 | 29.8 |
Discontinued Operation, Provision for Loss (Gain) on Disposal, Net of Tax | -380.1 | 0 | -385.7 | 0 |
Net income (loss) before noncontrolling interest | -186 | 174.2 | 94.1 | 382.9 |
Noncontrolling interest | 0 | 1.4 | 0 | 4.3 |
Net income (loss) attributable to Pentair plc | -186 | 172.8 | 94.1 | 378.6 |
Income (Loss) from Continuing Operations Attributable to Parent | 192.5 | 165 | 477.2 | 348.8 |
Comprehensive income (loss), net of tax | ' | ' | ' | ' |
Net income (loss) before noncontrolling interest | -186 | 174.2 | 94.1 | 382.9 |
Changes in cumulative translation adjustment | -178.8 | 89.1 | -190.3 | -29.1 |
Changes in market value of derivative financial instruments, net of ($0.2), $0.4, ($0.1) and $0.5 tax, respectively | 0.8 | -0.6 | 1.2 | -0.3 |
Total comprehensive income (loss) | -364 | 262.7 | -95 | 353.5 |
Less: Comprehensive income attributable to noncontrolling interest | 0 | 2.6 | 0 | 5 |
Comprehensive income (loss) attributable to Pentair plc | ($364) | $260.10 | ($95) | $348.50 |
Earnings (loss) per ordinary share attributable to Pentair plc | ' | ' | ' | ' |
Income (Loss) from Continuing Operations, Per Basic Share | $1.01 | $0.83 | $2.47 | $1.73 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | ($1.99) | $0.04 | ($1.98) | $0.14 |
Basic (USD per share) | ($0.98) | $0.87 | $0.49 | $1.87 |
Income (Loss) from Continuing Operations, Per Diluted Share | $1 | $0.81 | $2.43 | $1.70 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | ($1.95) | $0.04 | ($1.95) | $0.14 |
Diluted (USD per share) | ($0.95) | $0.85 | $0.48 | $1.84 |
Weighted average ordinary shares outstanding | ' | ' | ' | ' |
Basic (shares) | 190.2 | 199.3 | 193.2 | 202.1 |
Diluted (shares) | 193.1 | 202.8 | 196.4 | 205.6 |
Common Stock, Dividends, Per Share, Cash Paid | $0.30 | $0.25 | $0.80 | $0.71 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) Condensed Consolidated Statements of Operations and Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Condensed Consolidated Statements of Operations and Comprehensive Income (Parenthetical) [Abstract] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | ($0.20) | $0.40 | ($0.10) | $0.50 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $156.60 | $256 |
Accounts and notes receivable, net of allowances of $102.1 and $112.4, respectively | 1,180.90 | 1,285 |
Inventories | 1,199.40 | 1,195.10 |
Other current assets | 386.3 | 361.6 |
Assets of Disposal Group, Including Discontinued Operation, Current | 129.2 | 134.4 |
Total current assets | 3,052.40 | 3,232.10 |
Property, plant and equipment, net | 990.8 | 1,044.30 |
Other assets | ' | ' |
Goodwill | 4,792.60 | 4,860.70 |
Intangibles, net | 1,648.60 | 1,749.90 |
Other non-current assets | 406.3 | 390 |
Assets of Disposal Group, Including Discontinued Operation, Noncurrent | 36.2 | 466.3 |
Total other assets | 6,883.70 | 7,466.90 |
Total assets | 10,926.90 | 11,743.30 |
Current liabilities | ' | ' |
Current maturities of long-term debt and short-term borrowings | 2.5 | 2.5 |
Accounts payable | 527.2 | 576.9 |
Employee compensation and benefits | 287.4 | 312.4 |
Other current liabilities | 791.1 | 645.9 |
Liabilities of Disposal Group, Including Discontinued Operation, Current | 60.5 | 72.5 |
Total current liabilities | 1,668.70 | 1,610.20 |
Other liabilities | ' | ' |
Long-term debt | 2,960.70 | 2,547.90 |
Pension and other post-retirement compensation and benefits | 279.1 | 320.2 |
Deferred tax liabilities | 558.4 | 557 |
Other non-current liabilities | 480.7 | 456.4 |
Liabilities of Disposal Group, Including Discontinued Operation, Noncurrent | 11.9 | 33.9 |
Total liabilities | 5,959.50 | 5,525.60 |
Equity | ' | ' |
Ordinary shares $0.01 and CHF 0.50 par value, 426.0 and 213.0 authorized, 207.1 and 213.0 issued at September 27, 2014 and December 31, 2013, respectively | 2.1 | 113.5 |
Ordinary shares held in treasury, 20.3 and 15.6 shares at September 27, 2014 and December 31, 2013, respectively | -1,267.50 | -875.1 |
Additional paid-in capital | 4,542.30 | 5,071.40 |
Retained earnings | 1,923.20 | 1,829.10 |
Accumulated other comprehensive income (loss) | -232.7 | -43.6 |
Shareholders’ equity attributable to Pentair plc | 4,967.40 | 6,095.30 |
Noncontrolling interest | 0 | 122.4 |
Total equity | 4,967.40 | 6,217.70 |
Total liabilities and equity | $10,926.90 | $11,743.30 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) | Sep. 27, 2014 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, except Per Share data, unless otherwise specified | USD ($) | USD ($) | CHF |
Accounts and notes receivable, allowances | $102.10 | $112.40 | ' |
Common shares, par value | $0.01 | ' | 0.5 |
Common shares, authorized | 426 | 213 | 213 |
Common shares, issued | 207.1 | 213 | 213 |
Treasury stock, shares | 20.3 | 15.6 | 15.6 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Operating activities | ' | ' |
Net income | $94.10 | $382.90 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | -2.6 | -29.8 |
Discontinued Operation, Provision for Loss (Gain) on Disposal, Net of Tax | 385.7 | 0 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 477.2 | 353.1 |
Adjustments to reconcile net income from continuing operations before noncontrolling interest to net cash provided by (used for) operating activities of continuing operations | ' | ' |
Equity income of unconsolidated subsidiaries | -0.9 | -1.7 |
Depreciation | 103.9 | 108.9 |
Amortization | 85.9 | 106.7 |
Deferred income taxes | 6.7 | 22.8 |
Loss (gain) on sale of businesses | 0.2 | -16.8 |
Share-based compensation | 24.8 | 25.3 |
Excess tax benefits from share-based compensation | -10 | -7.4 |
Loss on sale of assets | 1 | 3.9 |
Changes in assets and liabilities, net of effects of business acquisitions | ' | ' |
Accounts and notes receivable | 71.5 | -40.1 |
Inventories | -38.5 | 10 |
Other current assets | -36.8 | -10.2 |
Accounts payable | -34.4 | 16.7 |
Employee compensation and benefits | -11.9 | 38.5 |
Other current liabilities | 95.4 | 11.8 |
Other non-current assets and liabilities | -45.9 | -10.1 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 688.2 | 611.4 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | -4.8 | 22.6 |
Net cash provided by (used for) operating activities of continuing operations | 683.4 | 634 |
Investing activities | ' | ' |
Capital expenditures | -92.5 | -126.3 |
Proceeds from sale of property and equipment | 4.1 | 3.7 |
Proceeds from sale of businesses, net | 0.3 | 30.9 |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | -84.4 |
Other | 0.6 | -0.8 |
Net cash provided by (used for) investing activities | -87.5 | -176.9 |
Financing activities | ' | ' |
Net receipts of short-term borrowings | 0.3 | 0 |
Net receipts of commercial paper and revolving long-term debt | 426.2 | 122.5 |
Repayments of long-term debt | -13.2 | -6.2 |
Debt issuance costs | 0 | -1.4 |
Excess tax benefits from share-based compensation | 10 | 7.4 |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 30.3 | 70.8 |
Repurchases of ordinary shares | -850 | -540.3 |
Dividends paid | -156.2 | -143.9 |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | -134.7 | ' |
Distribution to noncontrolling interest | 0 | -2 |
Net cash provided by (used for) financing activities | -687.3 | -493.1 |
Effect of exchange rate changes on cash and cash equivalents | -8 | 17.8 |
Change in cash and cash equivalents | -99.4 | -18.2 |
Cash and cash equivalents, beginning of period | 256 | 237.4 |
Cash and cash equivalents, end of period | $156.60 | $219.20 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Changes in Equity (USD $) | Total | Ordinary shares | Treasury shares | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Total Pentair plc | Noncontrolling interest |
In Millions | ||||||||
Beginning Balance at Dec. 31, 2012 | $6,487.50 | $113.50 | ($315.50) | $5,292.40 | $1,292.30 | ($11.60) | $6,371.10 | $116.40 |
Beginning Balance (in shares) at Dec. 31, 2012 | ' | 213 | -6.9 | ' | ' | ' | ' | ' |
Net income | 382.9 | ' | ' | ' | 378.6 | ' | 378.6 | 4.3 |
Other Comprehensive Income (Loss), Net of Tax | -29.4 | ' | ' | ' | ' | -30.1 | -30.1 | 0.7 |
Tax benefits of share-based compensation | 6.2 | ' | ' | 6.2 | ' | ' | 6.2 | ' |
Dividends declared | -199.6 | ' | ' | -199.6 | 0 | ' | -199.6 | ' |
Distribution to noncontrolling interest | -2 | ' | ' | ' | ' | ' | ' | -2 |
Share repurchase | -540.3 | ' | -540.3 | ' | ' | ' | -540.3 | ' |
Share repurchase (in shares) | ' | ' | -9.7 | ' | ' | ' | ' | ' |
Exercise of options, net of shares tendered for payment | 83.2 | 0 | 109.8 | -26.6 | ' | ' | 83.2 | ' |
Exercise of options, net of shares tendered for payment (in shares) | ' | 0 | 2.5 | ' | ' | ' | ' | ' |
Issuance of restricted shares, net of cancellations | 0 | 0 | 28.9 | -28.9 | ' | ' | 0 | ' |
Issuance of restricted shares, net of cancellations (in shares) | ' | 0 | 0.6 | ' | ' | ' | ' | ' |
Shares surrendered by employees to pay taxes | -12.4 | 0 | -10.1 | -2.3 | ' | ' | -12.4 | ' |
Shares surrendered by employees to pay taxes (in shares) | ' | 0 | -0.2 | ' | ' | ' | ' | ' |
Share-based compensation | 25.3 | ' | ' | 25.3 | ' | ' | 25.3 | ' |
Ending Balance at Sep. 28, 2013 | 6,201.40 | 113.5 | -727.2 | 5,066.50 | 1,670.90 | -41.7 | 6,082 | 119.4 |
Ending Balance (in shares) at Sep. 28, 2013 | ' | 213 | -13.7 | ' | ' | ' | ' | ' |
Beginning Balance at Dec. 31, 2013 | 6,217.70 | 113.5 | -875.1 | 5,071.40 | 1,829.10 | -43.6 | 6,095.30 | 122.4 |
Beginning Balance (in shares) at Dec. 31, 2013 | ' | 213 | -15.6 | ' | ' | ' | ' | ' |
Net income | 94.1 | ' | ' | ' | 94.1 | ' | 94.1 | 0 |
Other Comprehensive Income (Loss), Net of Tax | -189.1 | ' | ' | ' | ' | -189.1 | -189.1 | ' |
par value conversion | ' | -111.4 | ' | 111.4 | ' | ' | ' | ' |
Dividends declared | -225.7 | ' | ' | -225.7 | ' | ' | -225.7 | ' |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | -134.7 | ' | ' | -12.3 | ' | ' | -12.3 | -122.4 |
Share repurchase | -850 | ' | -450.7 | -399.3 | ' | ' | -850 | ' |
Share repurchase (in shares) | ' | -5.9 | -5.8 | ' | ' | ' | ' | ' |
Exercise of options, net of shares tendered for payment | 37.7 | ' | 48.7 | -11 | ' | ' | 37.7 | ' |
Exercise of options, net of shares tendered for payment (in shares) | ' | ' | 0.9 | ' | ' | ' | ' | ' |
Issuance of restricted shares, net of cancellations | ' | ' | 14.4 | -14.4 | ' | ' | ' | ' |
Issuance of restricted shares, net of cancellations (in shares) | ' | ' | 0.3 | ' | ' | ' | ' | ' |
Shares surrendered by employees to pay taxes | -7.4 | ' | -4.8 | -2.6 | ' | ' | -7.4 | ' |
Shares surrendered by employees to pay taxes (in shares) | ' | ' | -0.1 | ' | ' | ' | ' | ' |
Share-based compensation | 24.8 | ' | ' | 24.8 | ' | ' | 24.8 | ' |
Ending Balance at Sep. 27, 2014 | $4,967.40 | $2.10 | ($1,267.50) | $4,542.30 | $1,923.20 | ($232.70) | $4,967.40 | $0 |
Ending Balance (in shares) at Sep. 27, 2014 | ' | 207.1 | -20.3 | ' | ' | ' | ' | ' |
Basis_of_Presentation_and_Resp
Basis of Presentation and Responsibility for Interim Financial Statements | 9 Months Ended |
Sep. 27, 2014 | |
Basis of Presentation and Responsibility for Interim Financial Statements | ' |
Basis of Presentation and Responsibility for Interim Financial Statements | |
The accompanying unaudited condensed consolidated financial statements of Pentair plc (formerly Pentair Ltd.) and its subsidiaries (“we,” “us,” “our,” “Pentair,” or “the Company”) have been prepared following the requirements of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by accounting principles generally accepted in the United States of America can be condensed or omitted. | |
In December 2013, the Company’s Board of Directors approved changing the Company’s jurisdiction of organization from Switzerland to Ireland. At an extraordinary meeting of shareholders on May 20, 2014, Pentair Ltd. shareholders voted in favor of a reorganization proposal pursuant to which Pentair Ltd. would merge into Pentair plc, an Irish company, and all Pentair Ltd. CHF 0.50 par value common shares would be canceled and all holders of such shares would receive $0.01 par value ordinary shares of Pentair plc on a one-for-one basis. The reorganization transaction was completed on June 3, 2014, at which time Pentair plc replaced Pentair Ltd. as our ultimate parent company (the "Redomicile"). Shares of Pentair plc began trading on the New York Stock Exchange on June 3, 2014 under the symbol “PNR,” the same symbol under which Pentair Ltd. shares were previously traded. Although our jurisdiction of organization is Ireland, we 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. | |
Our former parent company, Pentair Ltd., took its form on September 28, 2012 as a result of a reverse acquisition (the "Merger") involving Pentair, Inc. and an indirect, wholly-owned subsidiary of Flow Control (defined below), with Pentair, Inc. surviving as an indirect, wholly-owned subsidiary of Pentair Ltd. "Flow Control" refers to Pentair Ltd. prior to the Merger. Prior to the Merger, Tyco International Ltd. ("Tyco") engaged in an internal restructuring whereby it transferred to Flow Control certain assets related to the flow control business of Tyco, and Flow Control assumed from Tyco certain liabilities related to the flow control business of Tyco. On September 28, 2012 prior to the Merger, Tyco effected a spin-off of Flow Control through the pro-rata distribution of 100% of the outstanding common shares of Flow Control to Tyco’s shareholders, resulting in the distribution of approximately 110.9 million of our common shares to Tyco’s shareholders. The Merger was accounted for as a reverse acquisition under the purchase method of accounting with Pentair, Inc. treated as the acquirer. | |
During the fourth quarter of 2013, we reorganized our business segments to reflect a new operating structure and management of our Global Business Units, resulting in a change from three reporting segments to four, Valves & Controls, Process Technologies, Flow Technologies and Technical Solutions. All prior period amounts related to the segment change have been retrospectively reclassified throughout this Quarterly Report on Form 10-Q to conform to the new presentation. | |
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. As these are condensed financial statements, one should also read our consolidated financial statements and notes thereto, which are included in our Annual Report on Form 10-K for the year ended December 31, 2013. | |
Revenues, expenses, cash flows, assets and liabilities can and do vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be indicative of those 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. | |
New Accounting Standards | |
In May 2014, the Financial Accounting Standards Board issued new accounting requirements for the recognition of revenue from contracts with customers. The new requirements also include additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The requirements are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, with earlier adoption not permitted. We have not yet determined the potential effects on our financial condition or results of operations. |
Acquisitions_Acquisitions_Note
Acquisitions Acquisitions (Notes) | 9 Months Ended |
Sep. 27, 2014 | |
Business Combinations [Abstract] | ' |
Business Combination Disclosure [Text Block] | ' |
On January 30, 2014, we acquired, as part of Process Technologies, the remaining 19.9 percent ownership interest in a U.S. entity and an international entity (collectively, "Pentair Residential Filtration" or “PRF”), from GE Water & Process Technologies (a unit of General Electric Company) (“GE”) for $134.3 million in cash. Prior to the acquisition, we held an 80.1 percent ownership equity interest in PRF, representing our and GE's respective global water softener and residential water filtration businesses. There was no material pro forma impact from this acquisition as the results of PRF were consolidated into our financial statements prior to acquiring the remaining interest. |
Discontinued_Operations_and_Di
Discontinued Operations and Divestitures | 9 Months Ended | |||||||||||||
Sep. 27, 2014 | ||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||
Discontinued Operations and Divestitures | ' | |||||||||||||
Discontinued Operations and Divestitures | ||||||||||||||
Discontinued Operations | ||||||||||||||
On July 28, 2014, our Board of Directors approved a decision to exit our Water Transport business in Australia. We expect to dispose of the Water Transport business by early to mid-2015. The results of the Water Transport business have been presented as discontinued operations and the assets and liabilities of the Water Transport business have been reclassified as held for sale for all periods presented. | ||||||||||||||
During the quarter ended September 27, 2014, we recognized an impairment charge related to allocated amounts of goodwill, intangible assets, property, plant & equipment and other non-current assets totaling $380.1 million, net of a $12.3 million tax benefit, representing our estimated loss on disposal of the Water Transport business. The impairment charge was determined using significant unobservable inputs (Level 3 fair value measurements). In addition, during the first quarter of 2014 we sold a portion of our Water Transport business in Australia resulting in a loss of $5.6 million, net of a $2.4 million tax benefit. | ||||||||||||||
Operating results of discontinued operations are summarized below: | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
In millions | September 27, | September 28, | September 27, | September 28, | ||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Net sales | $ | 74.8 | $ | 116.7 | $ | 235.4 | $ | 403 | ||||||
Income from discontinued operations before income taxes | $ | 0.2 | $ | 10.3 | $ | 0.3 | $ | 40 | ||||||
Income tax benefit (provision) | 1.4 | (2.5 | ) | 2.3 | (10.2 | ) | ||||||||
Income from discontinued operations, net of tax | $ | 1.6 | $ | 7.8 | $ | 2.6 | $ | 29.8 | ||||||
Loss from sale / impairment of discontinued operations before income taxes | $ | (392.4 | ) | $ | — | $ | (400.4 | ) | $ | — | ||||
Income tax benefit | 12.3 | — | 14.7 | — | ||||||||||
Loss from sale / impairment of discontinued operations, net of tax | $ | (380.1 | ) | $ | — | $ | (385.7 | ) | $ | — | ||||
The carrying amounts of major classes of assets and liabilities that were classified as held for sale on the Condensed Consolidated Balance Sheets were as follows: | ||||||||||||||
In millions | September 27, | December 31, | ||||||||||||
2014 | 2013 | |||||||||||||
Cash and cash equivalents | $ | 10.6 | $ | 9.1 | ||||||||||
Accounts and notes receivable, net | 40.7 | 49.3 | ||||||||||||
Inventories | 45 | 48.2 | ||||||||||||
Other current assets | 32.9 | 27.8 | ||||||||||||
Current assets held for sale | $ | 129.2 | $ | 134.4 | ||||||||||
Property, plant and equipment, net | $ | 22.8 | $ | 125.7 | ||||||||||
Goodwill | — | 273.5 | ||||||||||||
Intangibles, net | — | 26.2 | ||||||||||||
Other non-current assets | 13.4 | 40.9 | ||||||||||||
Non-current assets held for sale | $ | 36.2 | $ | 466.3 | ||||||||||
Accounts payable | 22.4 | 19.7 | ||||||||||||
Employee compensation and benefits | 17.4 | 34.7 | ||||||||||||
Other current liabilities | 20.7 | 18.1 | ||||||||||||
Current liabilities held for sale | $ | 60.5 | $ | 72.5 | ||||||||||
Long-term debt | $ | 4.5 | $ | 4.7 | ||||||||||
Pension and other post-retirement compensation and benefits | 3.2 | 4.6 | ||||||||||||
Deferred tax liabilities | 3.7 | 23.6 | ||||||||||||
Other non-current liabilities | 0.5 | 1 | ||||||||||||
Non-current liabilities held for sale | $ | 11.9 | $ | 33.9 | ||||||||||
Divestitures | ||||||||||||||
During the first quarter of 2013 we sold a business that was part of Technical Solutions for a cash purchase price of $30.0 million, net of transaction costs, resulting in a gain of $16.7 million. Goodwill of $5.3 million was included in the assets of the business sold. The sales price was subject to a working capital adjustment and we received an additional $0.1 million cash in the third quarter of 2013 as a result. |
Share_Plans
Share Plans | 9 Months Ended | |||||||||||||
Sep. 27, 2014 | ||||||||||||||
Share Plans | ' | |||||||||||||
Share Plans | ||||||||||||||
Total share-based compensation expense for the three and nine months ended September 27, 2014 and September 28, 2013 was as follows: | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
In millions | September 27, | September 28, | September 27, | September 28, | ||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Restricted stock units | $ | 5.6 | $ | 4.6 | $ | 16.7 | $ | 16.4 | ||||||
Stock options | 2.7 | 2.6 | 8.1 | 8.9 | ||||||||||
Total share-based compensation expense | $ | 8.3 | $ | 7.2 | $ | 24.8 | $ | 25.3 | ||||||
In the first quarter of 2014, we issued our annual share-based compensation grants under the Pentair plc 2012 Stock and Incentive Plan to eligible employees. The total number of awards issued was approximately 0.7 million, of which 0.5 million were stock options and 0.2 million were restricted stock units. The weighted-average grant date fair value of the stock options and restricted stock units issued was $23.35 and $78.72, respectively. | ||||||||||||||
We estimated the fair value of each stock option award issued in the annual share-based compensation grant using a Black-Scholes option pricing model, modified for dividends and using the following assumptions: | ||||||||||||||
2014 | ||||||||||||||
Annual Grant | ||||||||||||||
Risk-free interest rate | 1.43 | % | ||||||||||||
Expected dividend yield | 1.45 | % | ||||||||||||
Expected share price volatility | 35.3 | % | ||||||||||||
Expected term (years) | 5.6 | |||||||||||||
These estimates require us to make assumptions based on historical results, observance of trends in our share price, changes in option exercise behavior, future expectations and other relevant factors. If other assumptions had been used, share-based compensation expense, as calculated and recorded under the accounting guidance, could have been affected. | ||||||||||||||
We based the expected life assumption on historical experience as well as the terms and vesting periods of the options granted. For purposes of determining expected share price volatility, we considered a rolling average of historical volatility measured over a period approximately equal to the expected option term. The risk-free interest rate for periods that coincide with the expected life of the options is based on the U.S. Treasury Department yield curve in effect at the time of grant. |
Restructuring
Restructuring | 9 Months Ended | |||||||||||||
Sep. 27, 2014 | ||||||||||||||
Restructuring | ' | |||||||||||||
Restructuring | ||||||||||||||
During the nine months ended September 27, 2014 and the year ended December 31, 2013, we continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business. The 2014 initiatives included the reduction in hourly and salaried headcount of approximately 750 employees, consisting of approximately 400 in Valves & Controls, 100 in Process Technologies, 150 in Flow Technologies and 100 in Technical Solutions. The 2013 initiatives included the reduction in hourly and salaried headcount of approximately 1,100 employees, consisting of approximately 500 in Valves & Controls, 150 in Process Technologies, 150 in Flow Technologies and 300 in Technical Solutions. | ||||||||||||||
Restructuring related costs included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) included costs for severance and other restructuring costs as follows: | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
In millions | September 27, | September 28, | September 27, | September 28, | ||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Severance and related costs | $ | — | $ | 0.8 | $ | 34.7 | $ | 40.5 | ||||||
Other | — | 2.5 | 18.3 | 8.6 | ||||||||||
Total restructuring costs | $ | — | $ | 3.3 | $ | 53 | $ | 49.1 | ||||||
Other restructuring costs primarily consist of asset impairment and various contract termination costs. | ||||||||||||||
Restructuring costs by reportable segment for the three and nine months ended September 27, 2014 and September 28, 2013 are as follows: | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
In millions | September 27, | September 28, | September 27, | September 28, | ||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Valves & Controls | $ | — | $ | 0.4 | $ | 27.7 | $ | 18.6 | ||||||
Process Technologies | — | 2.3 | 9.5 | 6.4 | ||||||||||
Flow Technologies | — | — | 10 | 6.5 | ||||||||||
Technical Solutions | — | 0.6 | 5.8 | 15.8 | ||||||||||
Other | — | — | — | 1.8 | ||||||||||
Consolidated | $ | — | $ | 3.3 | $ | 53 | $ | 49.1 | ||||||
Activity in the restructuring accrual recorded in Other current liabilities and Employee compensation and benefits in the Condensed Consolidated Balance Sheets is summarized as follows for the nine months ended September 27, 2014: | ||||||||||||||
In millions | September 27, | |||||||||||||
2014 | ||||||||||||||
Beginning balance | $ | 68.6 | ||||||||||||
Costs incurred | 34.7 | |||||||||||||
Cash payments and other | (43.8 | ) | ||||||||||||
Ending balance | $ | 59.5 | ||||||||||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||
Sep. 27, 2014 | ||||||||||||||
Earnings Per Share | ' | |||||||||||||
Earnings (Loss) Per Share | ||||||||||||||
Basic and diluted earnings (loss) per share were calculated as follows: | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
In millions, except per-share data | September 27, | September 28, | September 27, | September 28, | ||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Net income (loss) attributable to Pentair plc | $ | (186.0 | ) | $ | 172.8 | $ | 94.1 | $ | 378.6 | |||||
Net income from continuing operations attributable to Pentair plc | $ | 192.5 | $ | 165 | $ | 477.2 | $ | 348.8 | ||||||
Weighted average ordinary shares outstanding | ||||||||||||||
Basic | 190.2 | 199.3 | 193.2 | 202.1 | ||||||||||
Dilutive impact of stock options and restricted stock units | 2.9 | 3.5 | 3.2 | 3.5 | ||||||||||
Diluted | 193.1 | 202.8 | 196.4 | 205.6 | ||||||||||
Earnings (loss) per ordinary share attributable to Pentair plc | ||||||||||||||
Basic | ||||||||||||||
Continuing operations | $ | 1.01 | $ | 0.83 | $ | 2.47 | $ | 1.73 | ||||||
Discontinued operations | (1.99 | ) | 0.04 | (1.98 | ) | 0.14 | ||||||||
Basic earnings (loss) per ordinary share | $ | (0.98 | ) | $ | 0.87 | $ | 0.49 | $ | 1.87 | |||||
Diluted | ||||||||||||||
Continuing operations | $ | 1 | $ | 0.81 | $ | 2.43 | $ | 1.7 | ||||||
Discontinued operations | (1.95 | ) | 0.04 | (1.95 | ) | 0.14 | ||||||||
Diluted earnings (loss) per ordinary share | $ | (0.95 | ) | $ | 0.85 | $ | 0.48 | $ | 1.84 | |||||
Anti-dilutive stock options excluded from the calculation of diluted earnings per share | 0.5 | 0.1 | 0.5 | 0.9 | ||||||||||
Supplemental_Balance_Sheet_Inf
Supplemental Balance Sheet Information | 9 Months Ended | ||||||
Sep. 27, 2014 | |||||||
Supplemental Balance Sheet Information | ' | ||||||
Supplemental Balance Sheet Information | |||||||
In millions | September 27, | December 31, | |||||
2014 | 2013 | ||||||
Inventories | |||||||
Raw materials and supplies | $ | 464.5 | $ | 549.8 | |||
Work-in-process | 249.8 | 164.4 | |||||
Finished goods | 485.1 | 480.9 | |||||
Total inventories | $ | 1,199.40 | $ | 1,195.10 | |||
Other current assets | |||||||
Cost in excess of billings | $ | 108.3 | $ | 91.6 | |||
Prepaid expenses | 114.7 | 97.6 | |||||
Deferred income taxes | 145.6 | 149.7 | |||||
Other current assets | 17.7 | 22.7 | |||||
Total other current assets | $ | 386.3 | $ | 361.6 | |||
Property, plant and equipment, net | |||||||
Land and land improvements | $ | 175.5 | $ | 186.4 | |||
Buildings and leasehold improvements | 506 | 502.6 | |||||
Machinery and equipment | 1,177.40 | 1,155.10 | |||||
Construction in progress | 78 | 70.9 | |||||
Total property, plant and equipment | 1,936.90 | 1,915.00 | |||||
Accumulated depreciation and amortization | 946.1 | 870.7 | |||||
Total property, plant and equipment, net | $ | 990.8 | $ | 1,044.30 | |||
Other non-current assets | |||||||
Asbestos-related insurance receivable | $ | 116.1 | $ | 119.6 | |||
Deferred income taxes | 93.1 | 92.3 | |||||
Other non-current assets | 197.1 | 178.1 | |||||
Total other non-current assets | $ | 406.3 | $ | 390 | |||
Other current liabilities | |||||||
Deferred revenue and customer deposits | $ | 112 | $ | 90.8 | |||
Dividends payable | 168.1 | 98.7 | |||||
Billings in excess of cost | 36.6 | 35.4 | |||||
Accrued warranty | 54.3 | 56 | |||||
Other current liabilities | 420.1 | 365 | |||||
Total other current liabilities | $ | 791.1 | $ | 645.9 | |||
Other non-current liabilities | |||||||
Asbestos-related liabilities | $ | 250.5 | $ | 254.7 | |||
Taxes payable | 49.5 | 48.9 | |||||
Other non-current liabilities | 180.7 | 152.8 | |||||
Total other non-current liabilities | $ | 480.7 | $ | 456.4 | |||
Goodwill_and_Other_Identifiabl
Goodwill and Other Identifiable Intangible Assets | 9 Months Ended | |||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||
Goodwill and Other Identifiable Intangible Assets | ' | |||||||||||||||||||
Goodwill and Other Identifiable Intangible Assets | ||||||||||||||||||||
The changes in the carrying amount of goodwill by segment were as follows: | ||||||||||||||||||||
In millions | December 31, 2013 | Acquisitions/ | Foreign currency | September 27, 2014 | ||||||||||||||||
divestitures | translation/other | |||||||||||||||||||
Valves & Controls | $ | 1,511.60 | $ | — | $ | — | $ | 1,511.60 | ||||||||||||
Process Technologies | 1,524.50 | — | (45.4 | ) | 1,479.10 | |||||||||||||||
Flow Technologies | 666.6 | — | (18.3 | ) | 648.3 | |||||||||||||||
Technical Solutions | 1,158.00 | — | (4.4 | ) | 1,153.60 | |||||||||||||||
Total goodwill | $ | 4,860.70 | $ | — | $ | (68.1 | ) | $ | 4,792.60 | |||||||||||
Identifiable intangible assets consisted of the following: | ||||||||||||||||||||
September 27, 2014 | December 31, 2013 | |||||||||||||||||||
In millions | Cost | Accumulated | Net | Cost | Accumulated | Net | ||||||||||||||
amortization | amortization | |||||||||||||||||||
Finite-life intangibles | ||||||||||||||||||||
Customer relationships | $ | 1,259.50 | $ | (306.7 | ) | $ | 952.8 | $ | 1,271.20 | $ | (243.1 | ) | $ | 1,028.10 | ||||||
Trade names | 2.1 | (1.1 | ) | 1 | 2.1 | (0.9 | ) | 1.2 | ||||||||||||
Proprietary technology and patents | 257.3 | (92.8 | ) | 164.5 | 263.7 | (80.0 | ) | 183.7 | ||||||||||||
Total finite-life intangibles | $ | 1,518.90 | $ | (400.6 | ) | $ | 1,118.30 | $ | 1,537.00 | $ | (324.0 | ) | $ | 1,213.00 | ||||||
Indefinite-life intangibles | ||||||||||||||||||||
Trade names | 530.3 | — | 530.3 | 536.9 | — | 536.9 | ||||||||||||||
Total intangibles, net | $ | 2,049.20 | $ | (400.6 | ) | $ | 1,648.60 | $ | 2,073.90 | $ | (324.0 | ) | $ | 1,749.90 | ||||||
Intangible asset amortization expense was $28.5 million and $28.2 million for the three months ended September 27, 2014 and September 28, 2013, respectively, and $85.9 million and $106.7 million for the nine months ended September 27, 2014 and September 28, 2013, respectively. | ||||||||||||||||||||
Estimated future amortization expense for identifiable intangible assets during the remainder of 2014 and the next five years is as follows: | ||||||||||||||||||||
Q4 | ||||||||||||||||||||
In millions | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||
Estimated amortization expense | $ | 28.2 | $ | 112.6 | $ | 111.7 | $ | 110 | $ | 107.6 | $ | 100.2 | ||||||||
Debt
Debt | 9 Months Ended | ||||||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||||||
Debt | ' | ||||||||||||||||||||||||
Debt | |||||||||||||||||||||||||
Debt and the average interest rates on debt outstanding were as follows: | |||||||||||||||||||||||||
In millions | Average interest rate at | Maturity | September 27, | December 31, | |||||||||||||||||||||
27-Sep-14 | Year | 2014 | 2013 | ||||||||||||||||||||||
Commercial paper | 0.51% | 2019 | $ | 945.6 | $ | 528.9 | |||||||||||||||||||
Revolving credit facilities | 1.40% | 2019 | 9.5 | — | |||||||||||||||||||||
Senior notes - fixed rate | 1.35% | 2015 | 350 | 350 | |||||||||||||||||||||
Senior notes - fixed rate | 1.88% | 2017 | 350 | 350 | |||||||||||||||||||||
Senior notes - fixed rate | 2.65% | 2019 | 250 | 250 | |||||||||||||||||||||
Senior notes - fixed rate | 5.00% | 2021 | 500 | 500 | |||||||||||||||||||||
Senior notes - fixed rate | 3.15% | 2022 | 550 | 550 | |||||||||||||||||||||
Other | 6.00% | 2014 | 0.5 | — | |||||||||||||||||||||
Capital lease obligations | 6.30% | 2014-2015 | 7.6 | 21.5 | |||||||||||||||||||||
Total debt | 2,963.20 | 2,550.40 | |||||||||||||||||||||||
Less: Current maturities and short-term borrowings | (2.5 | ) | (2.5 | ) | |||||||||||||||||||||
Long-term debt | $ | 2,960.70 | $ | 2,547.90 | |||||||||||||||||||||
The 1.35% Senior Notes due 2015, 1.875% Senior Notes due 2017, 2.65% Senior Notes due 2019, 3.15% Senior Notes due 2022 and $373.0 million of the 5.00% Senior Notes due 2021 (collectively, the “Notes”) were all issued in transactions exempt from the registration requirements of the Securities Act of 1933, as amended. In March 2013, Pentair Ltd. and our 100 percent-owned subsidiary, Pentair Finance S.A. (“PFSA”), filed a Registration Statement with the SEC offering to exchange the Notes for new, registered Notes. The exchange offer expired on April 19, 2013 and did not impact the aggregate principle amount or the terms of the Notes outstanding. Effective upon the Redomicile, the Notes are guaranteed as to payment by Pentair plc and Pentair Investments Switzerland GmbH ("PISG"), a 100-percent owned subsidiary of Pentair plc and the 100-percent owner of PFSA. Prior to the Redomicile, the registered Notes were guaranteed as to payment by Pentair Ltd. | |||||||||||||||||||||||||
In September 2012, Pentair, Inc. entered into a credit agreement providing for an unsecured, committed revolving credit facility (the “Credit Facility”) with initial maximum aggregate availability of up to $1,450.0 million. Upon the completion of the Merger, Pentair Ltd. became the guarantor under the Credit Facility and PFSA and certain other of our subsidiaries became affiliate borrowers under the Credit Facility. Effective upon the Redomicile, Pentair plc and PISG became the guarantors under the Credit Facility. Borrowings under the Credit Facility generally bear interest at a variable rate equal to the London Interbank Offered Rate ("LIBOR") plus a specified margin based upon PFSA's credit ratings. PFSA must also pay a facility fee ranging from 10.0 to 30.0 basis points per annum (based upon PFSA's credit ratings) on the amount of each lender's commitment. PFSA is authorized to sell short-term commercial paper notes to the extent availability exists under the Credit Facility. PFSA uses the Credit Facility as back-up liquidity to support 100% of our outstanding commercial paper. As of September 27, 2014 and December 31, 2013, we had $945.6 million and $528.9 million, respectively, of commercial paper outstanding, all of which was classified as long-term as we have the intent and the ability to refinance such obligations on a long-term basis under the Credit Facility. | |||||||||||||||||||||||||
Total availability under the Credit Facility was $494.9 million as of September 27, 2014, which was not limited by any covenants contained in the Credit Facility’s credit agreement. | |||||||||||||||||||||||||
In October 2014, Pentair plc, PISG, PFSA and Pentair, Inc. entered into an amended and restated credit agreement related to the Credit Facility ("Amended Credit Facility"), with Pentair plc and PISG as guarantors and PFSA and Pentair, Inc. as borrowers. The Amended Credit Facility increased the maximum aggregate availability to $2,100.0 million and extended the maturity date to October 3, 2019. Borrowings under the Amended Credit Facility generally bear interest at a variable rate equal to LIBOR plus a specified margin based upon PFSA’s credit ratings. PFSA must pay a facility fee ranging from 9.0 to 25.0 basis points per annum (based upon PFSA’s credit ratings) on the amount of each lender’s commitment, and letter of credit fee for each letter of credit issued and outstanding under the Amended Credit Facility. | |||||||||||||||||||||||||
Our debt agreements contain certain financial covenants, the most restrictive of which are in the Credit Facility, including that we may not permit (i) the ratio of our consolidated debt plus synthetic lease obligations to our consolidated net income (excluding, among other things, non-cash gains and losses) before interest, taxes, depreciation, amortization, non-cash share-based compensation expense, and up to $40.0 million of costs and expenses incurred in connection with the Merger ($25.0 million of costs and expenses incurred in connection with acquisitions, investments, dispositions and the issuance, incurrence, repayment or refinancing of debt as a result of the Amended Credit Facility) (“EBITDA”) for the four consecutive fiscal quarters then ended (the “Leverage Ratio”) to exceed 3.50 to 1.00 on the last day of each fiscal quarter, and (ii) the ratio of our EBITDA for the four consecutive fiscal quarters then ended to our consolidated interest expense, including consolidated yield or discount accrued as to outstanding securitization obligations (if any), for the same period to be less than 3.00 to 1.00 as of the end of each fiscal quarter. For purposes of the Leverage Ratio, the Credit Facility provides for the calculation of EBITDA giving pro forma effect to certain acquisitions, divestitures and liquidations during the period to which such calculation relates. As of September 27, 2014, we were in compliance with all financial covenants in our debt agreements. | |||||||||||||||||||||||||
In addition to the Credit Facility, we have various other credit facilities with an aggregate availability of $83.5 million, of which $0.5 million was outstanding at September 27, 2014. Borrowings under these credit facilities bear interest at variable rates. | |||||||||||||||||||||||||
Debt outstanding at September 27, 2014 matures on a calendar year basis, reflecting maturity date changes as a result of the Amended Credit Facility, as follows: | |||||||||||||||||||||||||
Q4 | |||||||||||||||||||||||||
In millions | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |||||||||||||||||
Contractual debt obligation maturities | $ | 0.5 | $ | 350 | $ | — | $ | 350 | $ | — | $ | 1,205.10 | $ | 1,050.00 | $ | 2,955.60 | |||||||||
Capital lease obligations | 0.5 | 7.1 | — | — | — | — | — | 7.6 | |||||||||||||||||
Total maturities | $ | 1 | $ | 357.1 | $ | — | $ | 350 | $ | — | $ | 1,205.10 | $ | 1,050.00 | $ | 2,963.20 | |||||||||
Capital lease obligations relate primarily to land and buildings and consist of total future minimum lease payments of $7.8 million less the imputed interest of $0.2 million as of September 27, 2014. | |||||||||||||||||||||||||
As of September 27, 2014 and December 31, 2013, assets under capital lease were $20.4 million and $41.7 million, respectively, less accumulated amortization of $2.4 million and $7.6 million, respectively, all of which were included in Property, plant and equipment, net on the Condensed Consolidated Balance Sheets. |
Derivatives_and_Financial_Inst
Derivatives and Financial Instruments | 9 Months Ended | |||||||||||||
Sep. 27, 2014 | ||||||||||||||
Derivatives and Financial Instruments | ' | |||||||||||||
Derivatives and Financial Instruments | ||||||||||||||
Derivative financial instruments | ||||||||||||||
We are exposed to market risk related to changes in foreign currency exchange rates and interest rates on our floating rate indebtedness. To manage the volatility related to these exposures, we periodically enter into a variety of derivative financial instruments. Our objective is to reduce, where it is deemed appropriate to do so, fluctuations in earnings and cash flows associated with changes in foreign currency rates and interest rates. The derivative contracts contain credit risk to the extent that our bank counterparties may be unable to meet the terms of the agreements. The amount of such credit risk is generally limited to the unrealized gains, if any, in such contracts. Such risk is minimized by limiting those counterparties to major financial institutions of high credit quality. | ||||||||||||||
Interest rate swaps | ||||||||||||||
In April 2011, we entered into interest rate swap contracts to hedge movement in interest rates through the expected date of a fixed rate debt offering. The swaps had a notional amount of $400.0 million with an average interest rate of 3.65%. In May 2011, upon the sale of the fixed rate debt, the swaps were terminated at a cost of $11.0 million. Because we used the contracts to hedge future interest payments, this was recorded in Accumulated other comprehensive income ("AOCI") in the Condensed Consolidated Balance Sheets and will be amortized as interest expense over the 10 year life of the underlying fixed rate debt. The ending unrealized net loss in AOCI was $7.2 million and $8.1 million at September 27, 2014 and December 31, 2013, respectively. | ||||||||||||||
Foreign currency contracts | ||||||||||||||
We conduct business in various locations throughout the world and are subject to market risk due to changes in the value of foreign currencies in relation to our reporting currency, the U.S. dollar. We manage our economic and transaction exposure to certain market-based risks through the use of foreign currency derivative financial instruments. Our objective in holding these derivatives is to reduce the volatility of net earnings and cash flows associated with changes in foreign currency exchange rates. The majority of our foreign currency contracts have an original maturity date of less than one year. At September 27, 2014 and December 31, 2013, we had outstanding foreign currency derivative contracts with gross notional U.S. dollar equivalent amounts of $170.3 million and $130.3 million, respectively. The impact of these contracts on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) is not material for any period presented. | ||||||||||||||
Gains or losses on foreign currency contracts designated as hedges are reclassified out of AOCI and into Selling, general and administrative expense in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) upon settlement. Such reclassifications during the three and nine months ended September 27, 2014 and September 28, 2013 were not material. | ||||||||||||||
Fair value measurements | ||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date: | ||||||||||||||
Level 1: | Valuation is based on observable inputs such as quoted market prices (unadjusted) for identical assets or liabilities in active markets. | |||||||||||||
Level 2: | Valuation is based on inputs such as quoted market prices for similar assets or liabilities in active markets or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | |||||||||||||
Level 3: | Valuation is based upon other unobservable inputs that are significant to the fair value measurement. | |||||||||||||
In making fair value measurements, observable market data must be used when available. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. | ||||||||||||||
Fair value of financial instruments | ||||||||||||||
The following methods were used to estimate the fair values of each class of financial instruments: | ||||||||||||||
• | short-term financial instruments (cash and cash equivalents, accounts and notes receivable, accounts and notes payable and variable-rate debt) — recorded amount approximates fair value because of the short maturity period; | |||||||||||||
• | long-term fixed-rate debt, including current maturities — fair value is based on market quotes available for issuance of debt with similar terms, which are inputs that are classified as Level 2 in the valuation hierarchy defined by the accounting guidance; and | |||||||||||||
• | foreign currency contract agreements — fair values are determined through the use of models that consider various assumptions, including time value, yield curves, as well as other relevant economic measures, which are inputs that are classified as Level 2 in the valuation hierarchy defined by the accounting guidance. | |||||||||||||
The recorded amounts and estimated fair values of total debt were as follows: | ||||||||||||||
September 27, 2014 | December 31, 2013 | |||||||||||||
In millions | Recorded | Fair | Recorded | Fair | ||||||||||
Amount | Value | Amount | Value | |||||||||||
Variable rate debt | $ | 955.6 | $ | 955.6 | $ | 528.9 | $ | 528.9 | ||||||
Fixed rate debt | 2,007.60 | 2,065.80 | 2,021.50 | 1,997.50 | ||||||||||
Total debt | $ | 2,963.20 | $ | 3,021.40 | $ | 2,550.40 | $ | 2,526.40 | ||||||
Financial assets and liabilities measured at fair value on a recurring and nonrecurring basis were as follows: | ||||||||||||||
September 27, 2014 | ||||||||||||||
In millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||
Recurring fair value measurements | ||||||||||||||
Foreign currency contract assets | $ | — | $ | 0.5 | $ | — | $ | 0.5 | ||||||
Deferred compensation plans (1) | 47.2 | 7.4 | — | 54.6 | ||||||||||
Total recurring fair value measurements | $ | 47.2 | $ | 7.9 | $ | — | $ | 55.1 | ||||||
Nonrecurring fair value measurements (2) | ||||||||||||||
December 31, 2013 | ||||||||||||||
In millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||
Recurring fair value measurements | ||||||||||||||
Foreign currency contract assets | $ | — | $ | 3.6 | $ | — | $ | 3.6 | ||||||
Deferred compensation plan (1) | 32.1 | — | — | 32.1 | ||||||||||
Total recurring fair value measurements | $ | 32.1 | $ | 3.6 | $ | — | $ | 35.7 | ||||||
Nonrecurring fair value measurements (3) | ||||||||||||||
-1 | Deferred compensation plan assets include mutual funds, common/collective trusts and cash equivalents for payment of certain non-qualified benefits for retired, terminated and active employees. The fair value of mutual funds and cash equivalents were based on quoted market prices in active markets. The underlying investments in the common/collective trusts primarily include intermediate and long-term debt securities, corporate debt securities, equity securities and fixed income securities. The overall fair value of the common/collective trusts are based on observable inputs. | |||||||||||||
-2 | During the quarter ended September 27, 2014, we recognized an impairment charge related to allocated amounts of goodwill, intangible assets, property, plant & equipment and other non-current assets totaling $380.1 million, net of a $12.3 million tax benefit, representing our estimated loss on disposal of the Water Transport business. The impairment charge was determined using significant unobservable inputs (Level 3 fair value measurements). See Note 3 of the Notes to the Condensed Consolidated Financial Statements for additional information about the impairment. | |||||||||||||
-3 | In the fourth quarter of 2013, we completed our annual intangible assets impairment review. As a result, we recorded a pre-tax non-cash impairment charge of $11.0 million for trade names intangibles. The impairment charge reduced the fair value of the impacted trade name intangible to $0. The fair value of trade names is measured using the relief-from-royalty method. This method assumes the trade name has value to the extent that the owner is relieved of the obligation to pay royalties for the benefits received from them. This method requires us to estimate the future revenue for the related brands, the appropriate royalty rate and the weighted average cost of capital. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 27, 2014 | |
Income Taxes | ' |
Income Taxes | |
Upon completion of the Redomicile, we now manage our affairs so that we are centrally managed and controlled in the U.K. and therefore have our tax residency in the U.K. The provision for income taxes consists of provisions for U.K. and international income taxes. We operate in an international environment with operations in various locations outside the U.K. Accordingly, the consolidated income tax rate is a composite rate reflecting the earnings in the various locations and the applicable rates. | |
The effective income tax rate for the nine months ended September 27, 2014 was 23.7% compared to 24.2% for the nine months ended September 28, 2013. We continue to actively pursue initiatives to reduce our effective tax rate. The tax rate in any quarter can be affected positively or negatively by adjustments that are required to be reported in the specific quarter of resolution. | |
The liability for uncertain tax positions was $60.9 million and $60.8 million at September 27, 2014 and December 31, 2013, respectively. We record penalties and interest related to unrecognized tax benefits in Provision for income taxes and Net interest expense, respectively, on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), which is consistent with our past practices. |
Benefit_Plans
Benefit Plans | 9 Months Ended | |||||||||||||
Sep. 27, 2014 | ||||||||||||||
Benefit Plans | ' | |||||||||||||
Benefit Plans | ||||||||||||||
Components of net periodic benefit cost for our pension plans for the three and nine months ended September 27, 2014 and September 28, 2013 were as follows: | ||||||||||||||
U.S. pension plans | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
In millions | September 27, | September 28, | September 27, | September 28, | ||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Service cost | $ | 3.3 | $ | 3.9 | $ | 9.9 | $ | 11.7 | ||||||
Interest cost | 3.8 | 3.6 | 11.4 | 10.8 | ||||||||||
Expected return on plan assets | (2.6 | ) | (2.4 | ) | (7.8 | ) | (7.2 | ) | ||||||
Net periodic benefit cost | $ | 4.5 | $ | 5.1 | $ | 13.5 | $ | 15.3 | ||||||
Non-U.S. pension plans | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
In millions | September 27, | September 28, | September 27, | September 28, | ||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Service cost | $ | 2 | $ | 2.4 | $ | 6 | $ | 7.2 | ||||||
Interest cost | 4.7 | 4.4 | 14.1 | 13.2 | ||||||||||
Expected return on plan assets | (4.2 | ) | (3.8 | ) | (12.6 | ) | (11.4 | ) | ||||||
Net periodic benefit cost | $ | 2.5 | $ | 3 | $ | 7.5 | $ | 9 | ||||||
Components of net periodic benefit cost for our other post-retirement plans for the three and nine months ended September 27, 2014 and September 28, 2013 were not material. |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended |
Sep. 27, 2014 | |
Shareholders' Equity | ' |
Shareholders’ Equity | |
Share repurchases | |
Prior to the closing of the Merger, our board of directors, and Tyco as our sole shareholder, authorized the repurchase of our shares with a maximum aggregate value of $400.0 million following the closing of the Merger. In October 2012, our board of directors authorized the repurchase of our shares with a maximum aggregate value of $800.0 million. This authorization expires on December 31, 2015 and is in addition to the $400.0 million share repurchase authorization. There is no remaining availability for repurchase under these 2012 authorizations. In December 2013, our board of directors authorized the repurchase of our shares up to a maximum dollar limit of $1.0 billion. This authorization expires on December 31, 2016 and is in addition to the combined $1.2 billion prior share repurchase authorizations. | |
During the nine months ended September 27, 2014, we repurchased 11.8 million of our shares for $850.0 million pursuant to these authorizations. As of September 27, 2014, we had $300.0 million remaining available for share repurchases under the December 2013 authorization. | |
Dividends payable | |
At our 2014 annual meeting of shareholders held on May 20, 2014, our shareholders approved a proposal to pay quarterly cash dividends through the second quarter of 2015. The authorization provides that dividends of $1.20 per share will be paid to our shareholders in quarterly installments of $0.30 for each of the third and fourth quarters of 2014 and the first and second quarters of 2015. As a result, the balance of dividends payable included in Other current liabilities on our Condensed Consolidated Balance Sheets was $168.1 million and $98.7 million at September 27, 2014 and December 31, 2013, respectively. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||
Sep. 27, 2014 | ||||||||||||||
Segment Information | ' | |||||||||||||
Segment information | ||||||||||||||
Financial information by reportable segment is as follows: | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
In millions | September 27, | September 28, | September 27, | September 28, | ||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Net sales | ||||||||||||||
Valves & Controls | $ | 613.4 | $ | 611.5 | $ | 1,782.10 | $ | 1,817.20 | ||||||
Process Technologies | 437.8 | 421.2 | 1,352.90 | 1,295.40 | ||||||||||
Flow Technologies | 274.5 | 281.5 | 856.8 | 865.6 | ||||||||||
Technical Solutions | 438.8 | 405.9 | 1,262.70 | 1,213.30 | ||||||||||
Other | (6.1 | ) | (6.8 | ) | (18.0 | ) | (22.8 | ) | ||||||
Consolidated | $ | 1,758.40 | $ | 1,713.30 | $ | 5,236.50 | $ | 5,168.70 | ||||||
Operating income (loss) | ||||||||||||||
Valves & Controls | $ | 96.4 | $ | 76.6 | $ | 220.1 | $ | 114.9 | ||||||
Process Technologies | 58.1 | 57.1 | 186.8 | 177.3 | ||||||||||
Flow Technologies | 38.8 | 38.7 | 102.5 | 100.5 | ||||||||||
Technical Solutions | 96.5 | 82.2 | 246.3 | 200.6 | ||||||||||
Other | (22.4 | ) | (24.6 | ) | (79.8 | ) | (92.0 | ) | ||||||
Consolidated | $ | 267.4 | $ | 230 | $ | 675.9 | $ | 501.3 | ||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |||
Sep. 27, 2014 | ||||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
Asbestos Matters | ||||
Our subsidiaries and numerous other companies are named as defendants in personal injury lawsuits based on alleged exposure to asbestos-containing materials. These cases typically involve product liability claims based primarily on allegations of manufacture, sale or distribution of industrial products that either contained asbestos or were attached to or used with asbestos-containing components manufactured by third-parties. Each case typically names between dozens to hundreds of corporate defendants. While we have observed an increase in the number of these lawsuits over the past several years, including lawsuits by plaintiffs with mesothelioma-related claims, a large percentage of these suits have not presented viable legal claims and, as a result, have been dismissed by the courts. Our historical strategy has been to mount a vigorous defense aimed at having unsubstantiated suits dismissed, and, where appropriate, settling suits before trial. Although a large percentage of litigated suits have been dismissed, we cannot predict the extent to which we will be successful in resolving lawsuits in the future. | ||||
As of September 27, 2014, there were approximately 3,200 claims outstanding against our subsidiaries. This amount includes adjustments for claims that are not actively being prosecuted. This amount is not adjusted for claims that identify incorrect defendants or duplicate other actions. In addition, the amount does not include certain claims pending against third parties for which we have been provided an indemnification. | ||||
Periodically, we perform an analysis with the assistance of outside counsel and other experts to update our estimated asbestos-related assets and liabilities. Our estimate of the liability and corresponding insurance recovery for pending and future claims and defense costs is based on our historical claim experience and estimates of the number and resolution cost of potential future claims that may be filed. Our legal strategy for resolving claims also impacts these estimates. | ||||
Our estimate of asbestos-related insurance recoveries represents estimated amounts due to us for previously paid and settled claims and the probable reimbursements relating to our estimated liability for pending and future claims. In determining the amount of insurance recoverable, we consider a number of factors, including available insurance, allocation methodologies and the solvency and creditworthiness of insurers. | ||||
Our estimated liability for asbestos-related claims was $250.5 million and $254.7 million as of September 27, 2014 and December 31, 2013, respectively, and was recorded in Other non-current liabilities in the Condensed Consolidated Balance Sheets for pending and future claims and related defense costs. Our estimated receivable for insurance recoveries was $116.1 million and $119.6 million as of September 27, 2014 and December 31, 2013, respectively, and was recorded in Other non-current assets in the Condensed Consolidated Balance Sheets. | ||||
The amounts recorded by us for asbestos-related liabilities and insurance-related assets are based on our strategies for resolving our asbestos claims and currently available information as well as estimates and assumptions. Key variables and assumptions include the number and type of new claims filed each year, the average cost of resolution of claims, the resolution of coverage issues with insurance carriers, the amounts of insurance and the related solvency risk with respect to our insurance carriers, and the indemnifications we have provided to and received from third parties. Furthermore, predictions with respect to these variables are subject to greater uncertainty in the latter portion of the projection period. Other factors that may affect our liability and cash payments for asbestos-related matters include uncertainties surrounding the litigation process from jurisdiction to jurisdiction and from case to case, reforms of state or federal tort legislation and the applicability of insurance policies among subsidiaries. As a result, actual liabilities or insurance recoveries could be significantly higher or lower than those recorded if assumptions used in our calculations vary significantly from actual results. | ||||
Environmental Matters | ||||
We are involved in or have retained responsibility and potential liability for environmental obligations and legal proceedings related to our current business and, including pursuant to certain indemnification obligations, related to certain formerly owned businesses. Our accruals for environmental matters are recorded on a site-by-site basis when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated, based on current law and existing technologies. Based upon our experience, current information regarding known contingencies and applicable laws, we have recorded reserves for these environmental matters of $33.1 million and $34.8 million as of September 27, 2014 and December 31, 2013, respectively. We do not anticipate these environmental conditions will have a material adverse effect on our financial position, results of operations or cash flows. | ||||
Warranties and guarantees | ||||
In connection with the disposition of our businesses or product lines, we may agree to indemnify purchasers for various potential liabilities relating to the sold business, such as pre-closing tax, product liability, warranty, environmental, or other obligations. The subject matter, amounts and duration of any such indemnification obligations vary for each type of liability indemnified and may vary widely from transaction to transaction. Generally, the maximum obligation under such indemnifications is not explicitly stated and as a result, the overall amount of these obligations cannot be reasonably estimated. Historically, we have not made significant payments for these indemnifications. We believe that if we were to incur a loss in any of these matters, the loss would not have a material effect on our financial condition or results of operations. | ||||
We recognize, at the inception of a guarantee, a liability for the fair value of the obligation undertaken in issuing the guarantee. | ||||
We provide service and warranty policies on our products. Liability under service and warranty policies is based upon a review of historical warranty and service claim experience. Adjustments are made to accruals as claim data and historical experience warrant. | ||||
The changes in the carrying amount of service and product warranties for the nine months ended September 27, 2014 were as follows: | ||||
In millions | September 27, | |||
2014 | ||||
Beginning balance | $ | 56 | ||
Service and product warranty provision | 44.9 | |||
Payments | (45.0 | ) | ||
Foreign currency translation | (1.6 | ) | ||
Ending balance | $ | 54.3 | ||
Stand-by Letters of Credit, Bank Guarantees and Bonds | ||||
In certain situations, Tyco guaranteed Flow Control’s performance to third parties or provided financial guarantees for financial commitments of Flow Control. In situations where Flow Control and Tyco were unable to obtain a release from these guarantees in connection with the spin-off, we will indemnify Tyco for any losses it suffers as a result of such guarantees. | ||||
In disposing of assets or businesses, we often provide representations, warranties and indemnities to cover various risks including unknown damage to the assets, environmental risks involved in the sale of real estate, liability to investigate and remediate environmental contamination at waste disposal sites and manufacturing facilities and unidentified tax liabilities and legal fees related to periods prior to disposition. We do not have the ability to reasonably estimate the potential liability due to the inchoate and unknown nature of these potential liabilities. However, we have no reason to believe that these uncertainties would have a material adverse effect on our financial position, results of operations or cash flows. | ||||
In the ordinary course of business, we are required to commit to bonds, letters of credit and bank guarantees that require payments to our customers for any non-performance. The outstanding face value of these instruments fluctuates with the value of our projects in process and in our backlog. In addition, we issue financial stand-by letters of credit primarily to secure our performance to third parties under self-insurance programs. | ||||
As of September 27, 2014 and December 31, 2013, the outstanding value of bonds, letters of credit and bank guarantees totaled $466.9 million and $484.0 million, respectively, of which $42.6 million and $25.3 million, respectively, relate to the Water Transport business. |
Financial_Statements_of_Parent
Financial Statements of Parent Company Guarantor | 9 Months Ended | ||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||
Financial Statements of Parent Company Guarantor | ' | ||||||||||||||||||
Effective upon the Redomicile, Pentair plc (the “Parent Company Guarantor”) and Pentair Investments Switzerland GmbH (the "Subsidiary Guarantor"), fully and unconditionally, guarantee the Notes of Pentair Finance S.A. (the “Subsidiary Issuer”). The Subsidiary Guarantor is a Switzerland limited liability company formed in April 2014 and 100 percent-owned subsidiary of the Parent Company Guarantor. The Subsidiary Issuer is a Luxembourg public limited liability company and 100 percent-owned subsidiary of the Subsidiary Guarantor. The guarantees provided by the Parent Company Guarantor and Subsidiary Guarantor are joint and several. | |||||||||||||||||||
The following supplemental financial information sets forth the Company’s Condensed Consolidating Statement of Operations and Comprehensive Income (Loss), Condensed Consolidating Balance Sheets and Condensed Consolidating Statement of Cash Flows by relevant group within the Company: Pentair plc and Pentair Investments Switzerland GmbH as the guarantors, Pentair Finance S.A. as issuer of the debt and all other non-guarantor subsidiaries. Condensed consolidating financial information for Pentair plc, Pentair Investments Switzerland GmbH and Pentair Finance S.A. on a stand-alone basis is presented using the equity method of accounting for subsidiaries. | |||||||||||||||||||
Prior to the Redomicile, the Notes of the Subsidiary Issuer were guaranteed, fully and unconditionally, by the former parent company, Pentair Ltd. The supplemental financial information for reporting periods prior to Redomicile are presented under this previous guarantee structure. | |||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | |||||||||||||||||||
Three months ended September 27, 2014 | |||||||||||||||||||
In millions | Parent | Subsidiary Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated Total | |||||||||||||
Company | Issuer | Subsidiaries | |||||||||||||||||
Guarantor | |||||||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 1,758.40 | $ | — | $ | 1,758.40 | |||||||
Cost of goods sold | — | — | — | 1,133.70 | — | 1,133.70 | |||||||||||||
Gross profit | — | — | — | 624.7 | — | 624.7 | |||||||||||||
Selling, general and administrative | 3.2 | 1.5 | 0.8 | 323.3 | — | 328.8 | |||||||||||||
Research and development | — | — | — | 28.5 | — | 28.5 | |||||||||||||
Operating income (loss) | (3.2 | ) | (1.5 | ) | (0.8 | ) | 272.9 | — | 267.4 | ||||||||||
Loss (earnings) from continuing operations of investment in subsidiaries | (195.7 | ) | (198.1 | ) | (206.3 | ) | — | 600.1 | — | ||||||||||
Other (income) expense: | |||||||||||||||||||
Equity income of unconsolidated subsidiaries | — | — | — | (0.3 | ) | — | (0.3 | ) | |||||||||||
Net interest expense | — | 0.9 | 1 | 15.2 | — | 17.1 | |||||||||||||
Income (loss) from continuing operations before income taxes | 192.5 | 195.7 | 204.5 | 258 | (600.1 | ) | 250.6 | ||||||||||||
Provision for income taxes | — | — | — | 58.1 | — | 58.1 | |||||||||||||
Net income (loss) from continuing operations | 192.5 | 195.7 | 204.5 | 199.9 | (600.1 | ) | 192.5 | ||||||||||||
Income from discontinued operations, net of tax | — | — | — | 1.6 | — | 1.6 | |||||||||||||
Loss from impairment of discontinued operations, net of tax | — | — | — | (380.1 | ) | — | (380.1 | ) | |||||||||||
Earnings (loss) from discontinued operations of investment in subsidiaries | (378.5 | ) | (378.5 | ) | (378.5 | ) | — | 1,135.50 | — | ||||||||||
Net income (loss) attributable to Pentair plc | $ | (186.0 | ) | $ | (182.8 | ) | $ | (174.0 | ) | $ | (178.6 | ) | $ | 535.4 | $ | (186.0 | ) | ||
Net income (loss) from continuing operations attributable to Pentair plc | $ | 192.5 | $ | 195.7 | $ | 204.5 | $ | 199.9 | $ | (600.1 | ) | $ | 192.5 | ||||||
Comprehensive income (loss), net of tax | |||||||||||||||||||
Net income (loss) attributable to Pentair plc | $ | (186.0 | ) | $ | (182.8 | ) | $ | (174.0 | ) | $ | (178.6 | ) | $ | 535.4 | $ | (186.0 | ) | ||
Changes in cumulative translation adjustment | (178.8 | ) | (178.8 | ) | (178.8 | ) | (178.8 | ) | 536.4 | (178.8 | ) | ||||||||
Changes in market value of derivative financial instruments | 0.8 | 0.8 | 0.8 | 0.8 | (2.4 | ) | 0.8 | ||||||||||||
Comprehensive income (loss) attributable to Pentair plc | $ | (364.0 | ) | $ | (360.8 | ) | $ | (352.0 | ) | $ | (356.6 | ) | $ | 1,069.40 | $ | (364.0 | ) | ||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | |||||||||||||||||||
Nine months ended September 27, 2014 | |||||||||||||||||||
In millions | Parent | Subsidiary Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated Total | |||||||||||||
Company | Issuer | Subsidiaries | |||||||||||||||||
Guarantor | |||||||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 5,236.50 | $ | — | $ | 5,236.50 | |||||||
Cost of goods sold | — | — | — | 3,401.40 | — | 3,401.40 | |||||||||||||
Gross profit | — | — | — | 1,835.10 | — | 1,835.10 | |||||||||||||
Selling, general and administrative | 10.6 | 4.2 | 6.8 | 1,049.40 | — | 1,071.00 | |||||||||||||
Research and development | — | — | — | 88.2 | — | 88.2 | |||||||||||||
Operating income (loss) | (10.6 | ) | (4.2 | ) | (6.8 | ) | 697.5 | — | 675.9 | ||||||||||
Loss (earnings) from continuing operations of investment in subsidiaries | (488.5 | ) | (493.9 | ) | (484.0 | ) | — | 1,466.40 | — | ||||||||||
Other (income) expense: | |||||||||||||||||||
Equity income of unconsolidated subsidiaries | — | — | — | (0.9 | ) | — | (0.9 | ) | |||||||||||
Loss on sale of business | — | — | — | 0.2 | — | 0.2 | |||||||||||||
Net interest expense | 0.7 | 1.2 | 2 | 47.2 | — | 51.1 | |||||||||||||
Income (loss) from continuing operations before income taxes | 477.2 | 488.5 | 475.2 | 651 | (1,466.4 | ) | 625.5 | ||||||||||||
Provision for income taxes | — | — | 1 | 147.3 | — | 148.3 | |||||||||||||
Net income (loss) from continuing operations | 477.2 | 488.5 | 474.2 | 503.7 | (1,466.4 | ) | 477.2 | ||||||||||||
Income from discontinued operations, net of tax | — | — | — | 2.6 | — | 2.6 | |||||||||||||
Loss from sale / impairment of discontinued operations, net of tax | — | — | — | (385.7 | ) | — | (385.7 | ) | |||||||||||
Earnings (loss) from discontinued operations of investment in subsidiaries | (383.1 | ) | (383.1 | ) | (383.1 | ) | — | 1,149.30 | — | ||||||||||
Net income (loss) attributable to Pentair plc | $ | 94.1 | $ | 105.4 | $ | 91.1 | $ | 120.6 | $ | (317.1 | ) | $ | 94.1 | ||||||
Net income (loss) from continuing operations attributable to Pentair plc | $ | 477.2 | $ | 488.5 | $ | 474.2 | $ | 503.7 | $ | (1,466.4 | ) | $ | 477.2 | ||||||
Comprehensive income (loss), net of tax | |||||||||||||||||||
Net income (loss) attributable to Pentair plc | $ | 94.1 | $ | 105.4 | $ | 91.1 | $ | 120.6 | $ | (317.1 | ) | $ | 94.1 | ||||||
Changes in cumulative translation adjustment | (190.3 | ) | (190.3 | ) | (190.3 | ) | (190.3 | ) | 570.9 | (190.3 | ) | ||||||||
Changes in market value of derivative financial instruments | 1.2 | 1.2 | 1.2 | 1.2 | (3.6 | ) | 1.2 | ||||||||||||
Comprehensive income (loss) attributable to Pentair plc | $ | (95.0 | ) | $ | (83.7 | ) | $ | (98.0 | ) | $ | (68.5 | ) | $ | 250.2 | $ | (95.0 | ) | ||
Consolidating Balance Sheet | |||||||||||||||||||
September 27, 2014 | |||||||||||||||||||
In millions | Parent | Subsidiary Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated Total | |||||||||||||
Company | Issuer | Subsidiaries | |||||||||||||||||
Guarantor | |||||||||||||||||||
Assets | |||||||||||||||||||
Current assets | |||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 0.2 | $ | 156.4 | $ | — | $ | 156.6 | |||||||
Accounts and notes receivable, net | — | — | — | 1,180.90 | — | 1,180.90 | |||||||||||||
Inventories | — | — | — | 1,199.40 | — | 1,199.40 | |||||||||||||
Other current assets | 0.1 | 16.3 | 8 | 402.5 | (40.6 | ) | 386.3 | ||||||||||||
Current assets held for sale | — | — | — | 129.2 | — | 129.2 | |||||||||||||
Total current assets | 0.1 | 16.3 | 8.2 | 3,068.40 | (40.6 | ) | 3,052.40 | ||||||||||||
Property, plant and equipment, net | — | — | — | 990.8 | — | 990.8 | |||||||||||||
Other assets | |||||||||||||||||||
Investments in subsidiaries | 5,589.50 | 5,751.60 | 7,830.70 | — | (19,171.8 | ) | — | ||||||||||||
Goodwill | — | — | — | 4,792.60 | — | 4,792.60 | |||||||||||||
Intangibles, net | — | — | — | 1,648.60 | — | 1,648.60 | |||||||||||||
Other non-current assets | 31.6 | — | 1,979.70 | 370.6 | (1,975.6 | ) | 406.3 | ||||||||||||
Non-current assets held for sale | — | — | — | 36.2 | — | 36.2 | |||||||||||||
Total other assets | 5,621.10 | 5,751.60 | 9,810.40 | 6,848.00 | (21,147.4 | ) | 6,883.70 | ||||||||||||
Total assets | $ | 5,621.20 | $ | 5,767.90 | $ | 9,818.60 | $ | 10,907.20 | $ | (21,188.0 | ) | $ | 10,926.90 | ||||||
Liabilities and Equity | |||||||||||||||||||
Current liabilities | |||||||||||||||||||
Current maturities of long-term debt and short-term borrowings | $ | — | $ | — | $ | — | $ | 2.5 | $ | — | $ | 2.5 | |||||||
Accounts payable | — | — | — | 527.2 | — | 527.2 | |||||||||||||
Employee compensation and benefits | — | 0.7 | — | 286.7 | — | 287.4 | |||||||||||||
Other current liabilities | 173.4 | 4.5 | 14.2 | 639.6 | (40.6 | ) | 791.1 | ||||||||||||
Current liabilities held for sale | — | — | — | 60.5 | — | 60.5 | |||||||||||||
Total current liabilities | 173.4 | 5.2 | 14.2 | 1,516.50 | (40.6 | ) | 1,668.70 | ||||||||||||
Other liabilities | |||||||||||||||||||
Long-term debt | 462.8 | 173.2 | 2,818.60 | 1,481.70 | (1,975.6 | ) | 2,960.70 | ||||||||||||
Pension and other post-retirement compensation and benefits | — | — | — | 279.1 | — | 279.1 | |||||||||||||
Deferred tax liabilities | — | — | 2.2 | 556.2 | — | 558.4 | |||||||||||||
Other non-current liabilities | 17.6 | — | — | 463.1 | — | 480.7 | |||||||||||||
Non-current liabilities held for sale | — | — | — | 11.9 | — | 11.9 | |||||||||||||
Total liabilities | 653.8 | 178.4 | 2,835.00 | 4,308.50 | (2,016.2 | ) | 5,959.50 | ||||||||||||
Equity | 4,967.40 | 5,589.50 | 6,983.60 | 6,598.70 | (19,171.8 | ) | 4,967.40 | ||||||||||||
Total liabilities and equity | $ | 5,621.20 | $ | 5,767.90 | $ | 9,818.60 | $ | 10,907.20 | $ | (21,188.0 | ) | $ | 10,926.90 | ||||||
Consolidating Statement of Cash Flows | |||||||||||||||||||
Nine months ended September 27, 2014 | |||||||||||||||||||
In millions | Parent | Subsidiary Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated Total | |||||||||||||
Company | Issuer | Subsidiaries | |||||||||||||||||
Guarantor | |||||||||||||||||||
Operating activities | |||||||||||||||||||
Net cash provided by (used for) operating activities | $ | 99.4 | $ | 94.2 | $ | 88.1 | $ | 718.8 | $ | (317.1 | ) | $ | 683.4 | ||||||
Investing activities | |||||||||||||||||||
Capital expenditures | — | — | — | (92.5 | ) | — | (92.5 | ) | |||||||||||
Proceeds from sale of property and equipment | — | — | — | 4.1 | — | 4.1 | |||||||||||||
Proceeds from sale of businesses, net | — | — | — | 0.3 | — | 0.3 | |||||||||||||
Other | — | — | — | 0.6 | — | 0.6 | |||||||||||||
Net cash provided by (used for) investing activities | — | — | — | (87.5 | ) | — | (87.5 | ) | |||||||||||
Financing activities | |||||||||||||||||||
Net receipts (repayments) of short-term borrowings | — | — | — | 0.3 | — | 0.3 | |||||||||||||
Net receipts (repayments) of commercial paper and revolving long-term debt | — | — | 416.7 | 9.5 | — | 426.2 | |||||||||||||
Repayments of long-term debt | — | — | — | (13.2 | ) | — | (13.2 | ) | |||||||||||
Net change in advances to subsidiaries | 455.6 | (94.2 | ) | (551.6 | ) | (126.9 | ) | 317.1 | — | ||||||||||
Excess tax benefits from share-based compensation | — | — | — | 10 | — | 10 | |||||||||||||
Shares issued to employees, net of shares withheld | — | — | — | 30.3 | — | 30.3 | |||||||||||||
Repurchases of ordinary shares | (399.3 | ) | — | — | (450.7 | ) | — | (850.0 | ) | ||||||||||
Dividends paid | (156.2 | ) | — | — | — | — | (156.2 | ) | |||||||||||
Purchase of noncontrolling interest | — | — | — | (134.7 | ) | — | (134.7 | ) | |||||||||||
Net cash provided by (used for) financing activities | (99.9 | ) | (94.2 | ) | (134.9 | ) | (675.4 | ) | 317.1 | (687.3 | ) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (8.0 | ) | — | (8.0 | ) | |||||||||||
Change in cash and cash equivalents | (0.5 | ) | — | (46.8 | ) | (52.1 | ) | — | (99.4 | ) | |||||||||
Cash and cash equivalents, beginning of period | 0.5 | — | 47 | 208.5 | — | 256 | |||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | — | $ | 0.2 | $ | 156.4 | $ | — | $ | 156.6 | |||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | |||||||||||||||||||
Three months ended September 28, 2013 | |||||||||||||||||||
In millions | Parent | Subsidiary | Non-guarantor | Eliminations | Consolidated Total | ||||||||||||||
Company | Issuer | Subsidiaries | |||||||||||||||||
Guarantor | |||||||||||||||||||
Net sales | $ | — | $ | — | $ | 1,713.30 | $ | — | $ | 1,713.30 | |||||||||
Cost of goods sold | — | — | 1,098.60 | — | 1,098.60 | ||||||||||||||
Gross profit | — | — | 614.7 | — | 614.7 | ||||||||||||||
Selling, general and administrative | (0.7 | ) | 3.1 | 351 | — | 353.4 | |||||||||||||
Research and development | — | — | 31.3 | — | 31.3 | ||||||||||||||
Operating income (loss) | 0.7 | (3.1 | ) | 232.4 | — | 230 | |||||||||||||
Loss (earnings) from continuing operations of investment in subsidiaries | (165.5 | ) | (169.5 | ) | — | 335 | — | ||||||||||||
Other (income) expense: | |||||||||||||||||||
Equity income of unconsolidated subsidiaries | — | — | (0.5 | ) | — | (0.5 | ) | ||||||||||||
Gain on sale of business | — | — | (0.1 | ) | — | (0.1 | ) | ||||||||||||
Net interest expense | 1.3 | 0.6 | 15.6 | — | 17.5 | ||||||||||||||
Income (loss) from continuing operations before income taxes and noncontrolling interest | 164.9 | 165.8 | 217.4 | (335.0 | ) | 213.1 | |||||||||||||
Provision (benefit) for income taxes | (0.1 | ) | 1.3 | 45.5 | — | 46.7 | |||||||||||||
Net income (loss) from continuing operations before noncontrolling interest | 165 | 164.5 | 171.9 | (335.0 | ) | 166.4 | |||||||||||||
Income from discontinued operations, net of tax | — | — | 7.8 | — | 7.8 | ||||||||||||||
Earnings (loss) from discontinued operations of investment in subsidiaries | 7.8 | 7.8 | — | (15.6 | ) | — | |||||||||||||
Net income (loss) before noncontrolling interest | 172.8 | 172.3 | 179.7 | (350.6 | ) | 174.2 | |||||||||||||
Noncontrolling interest | — | — | 1.4 | — | 1.4 | ||||||||||||||
Net income (loss) attributable to Pentair plc | $ | 172.8 | $ | 172.3 | $ | 178.3 | $ | (350.6 | ) | $ | 172.8 | ||||||||
Net income (loss) from continuing operations attributable to Pentair plc | $ | 165 | $ | 164.5 | $ | 170.5 | $ | (335.0 | ) | $ | 165 | ||||||||
Comprehensive income (loss), net of tax | |||||||||||||||||||
Net income (loss) before noncontrolling interest | $ | 172.8 | $ | 172.3 | $ | 179.7 | $ | (350.6 | ) | $ | 174.2 | ||||||||
Changes in cumulative translation adjustment | 87.9 | 87.9 | 89.1 | (175.8 | ) | 89.1 | |||||||||||||
Changes in market value of derivative financial instruments | (0.6 | ) | (0.6 | ) | (0.6 | ) | 1.2 | (0.6 | ) | ||||||||||
Total comprehensive income (loss) | 260.1 | 259.6 | 268.2 | (525.2 | ) | 262.7 | |||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | — | — | 2.6 | — | 2.6 | ||||||||||||||
Comprehensive income (loss) attributable to Pentair plc | $ | 260.1 | $ | 259.6 | $ | 265.6 | $ | (525.2 | ) | $ | 260.1 | ||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | |||||||||||||||||||
Nine months ended September 28, 2013 | |||||||||||||||||||
In millions | Parent | Subsidiary | Non-guarantor | Eliminations | Consolidated Total | ||||||||||||||
Company | Issuer | Subsidiaries | |||||||||||||||||
Guarantor | |||||||||||||||||||
Net sales | $ | — | $ | — | $ | 5,168.70 | $ | — | $ | 5,168.70 | |||||||||
Cost of goods sold | — | — | 3,429.10 | — | 3,429.10 | ||||||||||||||
Gross profit | — | — | 1,739.60 | — | 1,739.60 | ||||||||||||||
Selling, general and administrative | (1.5 | ) | 10.1 | 1,134.90 | — | 1,143.50 | |||||||||||||
Research and development | — | — | 94.8 | — | 94.8 | ||||||||||||||
Operating income (loss) | 1.5 | (10.1 | ) | 509.9 | — | 501.3 | |||||||||||||
Loss (earnings) from continuing operations of investment in subsidiaries | (351.3 | ) | (366.6 | ) | — | 717.9 | — | ||||||||||||
Other (income) expense: | |||||||||||||||||||
Equity income of unconsolidated subsidiaries | — | — | (1.7 | ) | — | (1.7 | ) | ||||||||||||
Gain on sale of business | — | — | (16.8 | ) | — | (16.8 | ) | ||||||||||||
Net interest expense | 4.4 | 6.7 | 42.7 | — | 53.8 | ||||||||||||||
Income (loss) from continuing operations before income taxes and noncontrolling interest | 348.4 | 349.8 | 485.7 | (717.9 | ) | 466 | |||||||||||||
Provision (benefit) for income taxes | (0.4 | ) | 1.3 | 112 | — | 112.9 | |||||||||||||
Net income (loss) from continuing operations before noncontrolling interest | 348.8 | 348.5 | 373.7 | (717.9 | ) | 353.1 | |||||||||||||
Income from discontinued operations, net of tax | — | — | 29.8 | — | 29.8 | ||||||||||||||
Earnings (loss) from discontinued operations of investment in subsidiaries | 29.8 | 29.8 | — | (59.6 | ) | — | |||||||||||||
Net income (loss) before noncontrolling interest | 378.6 | 378.3 | 403.5 | (777.5 | ) | 382.9 | |||||||||||||
Noncontrolling interest | — | — | 4.3 | — | 4.3 | ||||||||||||||
Net income (loss) attributable to Pentair plc | $ | 378.6 | $ | 378.3 | $ | 399.2 | $ | (777.5 | ) | $ | 378.6 | ||||||||
Net income (loss) from continuing operations attributable to Pentair plc | $ | 348.8 | $ | 348.5 | $ | 369.4 | $ | (717.9 | ) | $ | 348.8 | ||||||||
Comprehensive income (loss), net of tax | |||||||||||||||||||
Net income (loss) before noncontrolling interest | $ | 378.6 | $ | 378.3 | $ | 403.5 | $ | (777.5 | ) | $ | 382.9 | ||||||||
Changes in cumulative translation adjustment | (29.8 | ) | (29.8 | ) | (29.1 | ) | 59.6 | (29.1 | ) | ||||||||||
Changes in market value of derivative financial instruments | (0.3 | ) | (0.3 | ) | (0.3 | ) | 0.6 | (0.3 | ) | ||||||||||
Total comprehensive income (loss) | 348.5 | 348.2 | 374.1 | (717.3 | ) | 353.5 | |||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | — | — | 5 | — | 5 | ||||||||||||||
Comprehensive income (loss) attributable to Pentair plc | $ | 348.5 | $ | 348.2 | $ | 369.1 | $ | (717.3 | ) | $ | 348.5 | ||||||||
Consolidating Balance Sheet | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||
In millions | Parent | Subsidiary | Non-guarantor | Eliminations | Consolidated Total | ||||||||||||||
Company | Issuer | Subsidiaries | |||||||||||||||||
Guarantor | |||||||||||||||||||
Assets | |||||||||||||||||||
Current assets | |||||||||||||||||||
Cash and cash equivalents | $ | 0.5 | $ | 47 | $ | 208.5 | $ | — | $ | 256 | |||||||||
Accounts and notes receivable, net | 2.9 | 4 | 1,341.70 | (63.6 | ) | 1,285.00 | |||||||||||||
Inventories | — | — | 1,195.10 | — | 1,195.10 | ||||||||||||||
Other current assets | 1.4 | 0.6 | 359.6 | — | 361.6 | ||||||||||||||
Current assets held for sale | — | — | 134.4 | — | 134.4 | ||||||||||||||
Total current assets | 4.8 | 51.6 | 3,239.30 | (63.6 | ) | 3,232.10 | |||||||||||||
Property, plant and equipment, net | — | — | 1,044.30 | — | 1,044.30 | ||||||||||||||
Other assets | |||||||||||||||||||
Investments in subsidiaries | 6,224.70 | 8,066.60 | — | (14,291.3 | ) | — | |||||||||||||
Goodwill | — | — | 4,860.70 | — | 4,860.70 | ||||||||||||||
Intangibles, net | — | — | 1,749.90 | — | 1,749.90 | ||||||||||||||
Other non-current assets | 31.6 | 1,302.70 | 352.4 | (1,296.7 | ) | 390 | |||||||||||||
Non-current assets held for sale | — | — | 466.3 | — | 466.3 | ||||||||||||||
Total other assets | 6,256.30 | 9,369.30 | 7,429.30 | (15,588.0 | ) | 7,466.90 | |||||||||||||
Total assets | $ | 6,261.10 | $ | 9,420.90 | $ | 11,712.90 | $ | (15,651.6 | ) | $ | 11,743.30 | ||||||||
Liabilities and Equity | |||||||||||||||||||
Current liabilities | |||||||||||||||||||
Current maturities of long-term debt and short-term borrowings | $ | — | $ | — | $ | 2.5 | $ | — | $ | 2.5 | |||||||||
Accounts payable | 48.1 | 8.6 | 583.8 | (63.6 | ) | 576.9 | |||||||||||||
Employee compensation and benefits | 0.5 | — | 311.9 | — | 312.4 | ||||||||||||||
Other current liabilities | 99.6 | 11.7 | 534.6 | — | 645.9 | ||||||||||||||
Current liabilities held for sale | — | — | 72.5 | — | 72.5 | ||||||||||||||
Total current liabilities | 148.2 | 20.3 | 1,505.30 | (63.6 | ) | 1,610.20 | |||||||||||||
Other liabilities | |||||||||||||||||||
Long-term debt | — | 2,401.90 | 1,442.70 | (1,296.7 | ) | 2,547.90 | |||||||||||||
Pension and other post-retirement compensation and benefits | — | — | 320.2 | — | 320.2 | ||||||||||||||
Deferred tax liabilities | — | 2.2 | 554.8 | — | 557 | ||||||||||||||
Other non-current liabilities | 17.6 | — | 438.8 | — | 456.4 | ||||||||||||||
Non-current liabilities held for sale | — | — | 33.9 | — | 33.9 | ||||||||||||||
Total liabilities | 165.8 | 2,424.40 | 4,295.70 | (1,360.3 | ) | 5,525.60 | |||||||||||||
Equity | |||||||||||||||||||
Shareholders’ equity attributable to Pentair plc and subsidiaries | 6,095.30 | 6,996.50 | 7,294.80 | (14,291.3 | ) | 6,095.30 | |||||||||||||
Noncontrolling interest | — | — | 122.4 | — | 122.4 | ||||||||||||||
Total equity | 6,095.30 | 6,996.50 | 7,417.20 | (14,291.3 | ) | 6,217.70 | |||||||||||||
Total liabilities and equity | $ | 6,261.10 | $ | 9,420.90 | $ | 11,712.90 | $ | (15,651.6 | ) | $ | 11,743.30 | ||||||||
Consolidating Statement of Cash Flows | |||||||||||||||||||
Nine months ended September 28, 2013 | |||||||||||||||||||
In millions | Parent | Subsidiary | Non-guarantor | Eliminations | Consolidated Total | ||||||||||||||
Company | Issuer | Subsidiaries | |||||||||||||||||
Guarantor | |||||||||||||||||||
Operating activities | |||||||||||||||||||
Net cash provided by (used for) operating activities | $ | 369 | $ | 383.4 | $ | 659.1 | $ | (777.5 | ) | $ | 634 | ||||||||
Investing activities | |||||||||||||||||||
Capital expenditures | — | — | (126.3 | ) | — | (126.3 | ) | ||||||||||||
Proceeds from sale of property and equipment | — | — | 3.7 | — | 3.7 | ||||||||||||||
Proceeds from sale of businesses, net | — | — | 30.9 | — | 30.9 | ||||||||||||||
Acquisitions, net of cash acquired | (84.4 | ) | — | — | — | (84.4 | ) | ||||||||||||
Other | — | — | (0.8 | ) | — | (0.8 | ) | ||||||||||||
Net cash provided by (used for) investing activities | (84.4 | ) | — | (92.5 | ) | — | (176.9 | ) | |||||||||||
Financing activities | |||||||||||||||||||
Net receipts (repayments) of commercial paper and revolving long-term debt | — | 114.9 | 7.6 | — | 122.5 | ||||||||||||||
Repayments of long-term debt | — | — | (6.2 | ) | — | (6.2 | ) | ||||||||||||
Debt issuance costs | — | (1.4 | ) | — | — | (1.4 | ) | ||||||||||||
Excess tax benefits from share-based compensation | — | — | 7.4 | — | 7.4 | ||||||||||||||
Net change in advances to subsidiaries | (140.7 | ) | (496.7 | ) | (140.1 | ) | 777.5 | — | |||||||||||
Shares issued to employees, net of shares withheld | — | — | 70.8 | — | 70.8 | ||||||||||||||
Repurchases of ordinary shares | — | — | (540.3 | ) | — | (540.3 | ) | ||||||||||||
Dividends paid | (143.9 | ) | — | — | — | (143.9 | ) | ||||||||||||
Distributions to noncontrolling interest | — | — | (2.0 | ) | — | (2.0 | ) | ||||||||||||
Net cash provided by (used for) financing activities | (284.6 | ) | (383.2 | ) | (602.8 | ) | 777.5 | (493.1 | ) | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 17.8 | — | 17.8 | ||||||||||||||
Change in cash and cash equivalents | — | 0.2 | (18.4 | ) | — | (18.2 | ) | ||||||||||||
Cash and cash equivalents, beginning of period | — | — | 237.4 | — | 237.4 | ||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 0.2 | $ | 219 | $ | — | $ | 219.2 | |||||||||
Discontinued_Operations_and_Di1
Discontinued Operations and Divestitures (Tables) | 9 Months Ended | |||||||||||||
Sep. 27, 2014 | ||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||||||||
Three months ended | Nine months ended | |||||||||||||
In millions | September 27, | September 28, | September 27, | September 28, | ||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Net sales | $ | 74.8 | $ | 116.7 | $ | 235.4 | $ | 403 | ||||||
Income from discontinued operations before income taxes | $ | 0.2 | $ | 10.3 | $ | 0.3 | $ | 40 | ||||||
Income tax benefit (provision) | 1.4 | (2.5 | ) | 2.3 | (10.2 | ) | ||||||||
Income from discontinued operations, net of tax | $ | 1.6 | $ | 7.8 | $ | 2.6 | $ | 29.8 | ||||||
Loss from sale / impairment of discontinued operations before income taxes | $ | (392.4 | ) | $ | — | $ | (400.4 | ) | $ | — | ||||
Income tax benefit | 12.3 | — | 14.7 | — | ||||||||||
Loss from sale / impairment of discontinued operations, net of tax | $ | (380.1 | ) | $ | — | $ | (385.7 | ) | $ | — | ||||
The carrying amounts of major classes of assets and liabilities that were classified as held for sale on the Condensed Consolidated Balance Sheets were as follows: | ||||||||||||||
In millions | September 27, | December 31, | ||||||||||||
2014 | 2013 | |||||||||||||
Cash and cash equivalents | $ | 10.6 | $ | 9.1 | ||||||||||
Accounts and notes receivable, net | 40.7 | 49.3 | ||||||||||||
Inventories | 45 | 48.2 | ||||||||||||
Other current assets | 32.9 | 27.8 | ||||||||||||
Current assets held for sale | $ | 129.2 | $ | 134.4 | ||||||||||
Property, plant and equipment, net | $ | 22.8 | $ | 125.7 | ||||||||||
Goodwill | — | 273.5 | ||||||||||||
Intangibles, net | — | 26.2 | ||||||||||||
Other non-current assets | 13.4 | 40.9 | ||||||||||||
Non-current assets held for sale | $ | 36.2 | $ | 466.3 | ||||||||||
Accounts payable | 22.4 | 19.7 | ||||||||||||
Employee compensation and benefits | 17.4 | 34.7 | ||||||||||||
Other current liabilities | 20.7 | 18.1 | ||||||||||||
Current liabilities held for sale | $ | 60.5 | $ | 72.5 | ||||||||||
Long-term debt | $ | 4.5 | $ | 4.7 | ||||||||||
Pension and other post-retirement compensation and benefits | 3.2 | 4.6 | ||||||||||||
Deferred tax liabilities | 3.7 | 23.6 | ||||||||||||
Other non-current liabilities | 0.5 | 1 | ||||||||||||
Non-current liabilities held for sale | $ | 11.9 | $ | 33.9 | ||||||||||
Share_Plans_Tables
Share Plans (Tables) | 9 Months Ended | |||||||||||||
Sep. 27, 2014 | ||||||||||||||
Share-based Compensation Expense | ' | |||||||||||||
Total share-based compensation expense for the three and nine months ended September 27, 2014 and September 28, 2013 was as follows: | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
In millions | September 27, | September 28, | September 27, | September 28, | ||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Restricted stock units | $ | 5.6 | $ | 4.6 | $ | 16.7 | $ | 16.4 | ||||||
Stock options | 2.7 | 2.6 | 8.1 | 8.9 | ||||||||||
Total share-based compensation expense | $ | 8.3 | $ | 7.2 | $ | 24.8 | $ | 25.3 | ||||||
Assumptions Used in Calculating Estimated Fair Value of Stock Option Award | ' | |||||||||||||
We estimated the fair value of each stock option award issued in the annual share-based compensation grant using a Black-Scholes option pricing model, modified for dividends and using the following assumptions: | ||||||||||||||
2014 | ||||||||||||||
Annual Grant | ||||||||||||||
Risk-free interest rate | 1.43 | % | ||||||||||||
Expected dividend yield | 1.45 | % | ||||||||||||
Expected share price volatility | 35.3 | % | ||||||||||||
Expected term (years) | 5.6 | |||||||||||||
Restructuring_Tables
Restructuring (Tables) | 9 Months Ended | |||||||||||||
Sep. 27, 2014 | ||||||||||||||
Restructuring Related Costs | ' | |||||||||||||
Restructuring related costs included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) included costs for severance and other restructuring costs as follows: | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
In millions | September 27, | September 28, | September 27, | September 28, | ||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Severance and related costs | $ | — | $ | 0.8 | $ | 34.7 | $ | 40.5 | ||||||
Other | — | 2.5 | 18.3 | 8.6 | ||||||||||
Total restructuring costs | $ | — | $ | 3.3 | $ | 53 | $ | 49.1 | ||||||
Restructuring Costs By Segment [Table Text Block] | ' | |||||||||||||
Restructuring costs by reportable segment for the three and nine months ended September 27, 2014 and September 28, 2013 are as follows: | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
In millions | September 27, | September 28, | September 27, | September 28, | ||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Valves & Controls | $ | — | $ | 0.4 | $ | 27.7 | $ | 18.6 | ||||||
Process Technologies | — | 2.3 | 9.5 | 6.4 | ||||||||||
Flow Technologies | — | — | 10 | 6.5 | ||||||||||
Technical Solutions | — | 0.6 | 5.8 | 15.8 | ||||||||||
Other | — | — | — | 1.8 | ||||||||||
Consolidated | $ | — | $ | 3.3 | $ | 53 | $ | 49.1 | ||||||
Restructuring Accrual Activity Recorded on Consolidated Balance Sheets | ' | |||||||||||||
Activity in the restructuring accrual recorded in Other current liabilities and Employee compensation and benefits in the Condensed Consolidated Balance Sheets is summarized as follows for the nine months ended September 27, 2014: | ||||||||||||||
In millions | September 27, | |||||||||||||
2014 | ||||||||||||||
Beginning balance | $ | 68.6 | ||||||||||||
Costs incurred | 34.7 | |||||||||||||
Cash payments and other | (43.8 | ) | ||||||||||||
Ending balance | $ | 59.5 | ||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||
Sep. 27, 2014 | ||||||||||||||
Basic and Diluted Earnings Per Share | ' | |||||||||||||
Basic and diluted earnings (loss) per share were calculated as follows: | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
In millions, except per-share data | September 27, | September 28, | September 27, | September 28, | ||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Net income (loss) attributable to Pentair plc | $ | (186.0 | ) | $ | 172.8 | $ | 94.1 | $ | 378.6 | |||||
Net income from continuing operations attributable to Pentair plc | $ | 192.5 | $ | 165 | $ | 477.2 | $ | 348.8 | ||||||
Weighted average ordinary shares outstanding | ||||||||||||||
Basic | 190.2 | 199.3 | 193.2 | 202.1 | ||||||||||
Dilutive impact of stock options and restricted stock units | 2.9 | 3.5 | 3.2 | 3.5 | ||||||||||
Diluted | 193.1 | 202.8 | 196.4 | 205.6 | ||||||||||
Earnings (loss) per ordinary share attributable to Pentair plc | ||||||||||||||
Basic | ||||||||||||||
Continuing operations | $ | 1.01 | $ | 0.83 | $ | 2.47 | $ | 1.73 | ||||||
Discontinued operations | (1.99 | ) | 0.04 | (1.98 | ) | 0.14 | ||||||||
Basic earnings (loss) per ordinary share | $ | (0.98 | ) | $ | 0.87 | $ | 0.49 | $ | 1.87 | |||||
Diluted | ||||||||||||||
Continuing operations | $ | 1 | $ | 0.81 | $ | 2.43 | $ | 1.7 | ||||||
Discontinued operations | (1.95 | ) | 0.04 | (1.95 | ) | 0.14 | ||||||||
Diluted earnings (loss) per ordinary share | $ | (0.95 | ) | $ | 0.85 | $ | 0.48 | $ | 1.84 | |||||
Anti-dilutive stock options excluded from the calculation of diluted earnings per share | 0.5 | 0.1 | 0.5 | 0.9 | ||||||||||
Supplemental_Balance_Sheet_Inf1
Supplemental Balance Sheet Information (Tables) | 9 Months Ended | ||||||
Sep. 27, 2014 | |||||||
Supplemental Balance Sheet Information | ' | ||||||
In millions | September 27, | December 31, | |||||
2014 | 2013 | ||||||
Inventories | |||||||
Raw materials and supplies | $ | 464.5 | $ | 549.8 | |||
Work-in-process | 249.8 | 164.4 | |||||
Finished goods | 485.1 | 480.9 | |||||
Total inventories | $ | 1,199.40 | $ | 1,195.10 | |||
Other current assets | |||||||
Cost in excess of billings | $ | 108.3 | $ | 91.6 | |||
Prepaid expenses | 114.7 | 97.6 | |||||
Deferred income taxes | 145.6 | 149.7 | |||||
Other current assets | 17.7 | 22.7 | |||||
Total other current assets | $ | 386.3 | $ | 361.6 | |||
Property, plant and equipment, net | |||||||
Land and land improvements | $ | 175.5 | $ | 186.4 | |||
Buildings and leasehold improvements | 506 | 502.6 | |||||
Machinery and equipment | 1,177.40 | 1,155.10 | |||||
Construction in progress | 78 | 70.9 | |||||
Total property, plant and equipment | 1,936.90 | 1,915.00 | |||||
Accumulated depreciation and amortization | 946.1 | 870.7 | |||||
Total property, plant and equipment, net | $ | 990.8 | $ | 1,044.30 | |||
Other non-current assets | |||||||
Asbestos-related insurance receivable | $ | 116.1 | $ | 119.6 | |||
Deferred income taxes | 93.1 | 92.3 | |||||
Other non-current assets | 197.1 | 178.1 | |||||
Total other non-current assets | $ | 406.3 | $ | 390 | |||
Other current liabilities | |||||||
Deferred revenue and customer deposits | $ | 112 | $ | 90.8 | |||
Dividends payable | 168.1 | 98.7 | |||||
Billings in excess of cost | 36.6 | 35.4 | |||||
Accrued warranty | 54.3 | 56 | |||||
Other current liabilities | 420.1 | 365 | |||||
Total other current liabilities | $ | 791.1 | $ | 645.9 | |||
Other non-current liabilities | |||||||
Asbestos-related liabilities | $ | 250.5 | $ | 254.7 | |||
Taxes payable | 49.5 | 48.9 | |||||
Other non-current liabilities | 180.7 | 152.8 | |||||
Total other non-current liabilities | $ | 480.7 | $ | 456.4 | |||
Goodwill_and_Other_Identifiabl1
Goodwill and Other Identifiable Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||
Carrying Amount of Goodwill by Segment | ' | |||||||||||||||||||
The changes in the carrying amount of goodwill by segment were as follows: | ||||||||||||||||||||
In millions | December 31, 2013 | Acquisitions/ | Foreign currency | September 27, 2014 | ||||||||||||||||
divestitures | translation/other | |||||||||||||||||||
Valves & Controls | $ | 1,511.60 | $ | — | $ | — | $ | 1,511.60 | ||||||||||||
Process Technologies | 1,524.50 | — | (45.4 | ) | 1,479.10 | |||||||||||||||
Flow Technologies | 666.6 | — | (18.3 | ) | 648.3 | |||||||||||||||
Technical Solutions | 1,158.00 | — | (4.4 | ) | 1,153.60 | |||||||||||||||
Total goodwill | $ | 4,860.70 | $ | — | $ | (68.1 | ) | $ | 4,792.60 | |||||||||||
Detail of Identifiable Intangible Assets | ' | |||||||||||||||||||
Identifiable intangible assets consisted of the following: | ||||||||||||||||||||
September 27, 2014 | December 31, 2013 | |||||||||||||||||||
In millions | Cost | Accumulated | Net | Cost | Accumulated | Net | ||||||||||||||
amortization | amortization | |||||||||||||||||||
Finite-life intangibles | ||||||||||||||||||||
Customer relationships | $ | 1,259.50 | $ | (306.7 | ) | $ | 952.8 | $ | 1,271.20 | $ | (243.1 | ) | $ | 1,028.10 | ||||||
Trade names | 2.1 | (1.1 | ) | 1 | 2.1 | (0.9 | ) | 1.2 | ||||||||||||
Proprietary technology and patents | 257.3 | (92.8 | ) | 164.5 | 263.7 | (80.0 | ) | 183.7 | ||||||||||||
Total finite-life intangibles | $ | 1,518.90 | $ | (400.6 | ) | $ | 1,118.30 | $ | 1,537.00 | $ | (324.0 | ) | $ | 1,213.00 | ||||||
Indefinite-life intangibles | ||||||||||||||||||||
Trade names | 530.3 | — | 530.3 | 536.9 | — | 536.9 | ||||||||||||||
Total intangibles, net | $ | 2,049.20 | $ | (400.6 | ) | $ | 1,648.60 | $ | 2,073.90 | $ | (324.0 | ) | $ | 1,749.90 | ||||||
Estimated Future Amortization Expense for Identifiable Intangible Assets | ' | |||||||||||||||||||
Estimated future amortization expense for identifiable intangible assets during the remainder of 2014 and the next five years is as follows: | ||||||||||||||||||||
Q4 | ||||||||||||||||||||
In millions | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||
Estimated amortization expense | $ | 28.2 | $ | 112.6 | $ | 111.7 | $ | 110 | $ | 107.6 | $ | 100.2 | ||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||||||
Debt and Average Interest Rates on Debt Outstanding | ' | ||||||||||||||||||||||||
Debt and the average interest rates on debt outstanding were as follows: | |||||||||||||||||||||||||
In millions | Average interest rate at | Maturity | September 27, | December 31, | |||||||||||||||||||||
27-Sep-14 | Year | 2014 | 2013 | ||||||||||||||||||||||
Commercial paper | 0.51% | 2019 | $ | 945.6 | $ | 528.9 | |||||||||||||||||||
Revolving credit facilities | 1.40% | 2019 | 9.5 | — | |||||||||||||||||||||
Senior notes - fixed rate | 1.35% | 2015 | 350 | 350 | |||||||||||||||||||||
Senior notes - fixed rate | 1.88% | 2017 | 350 | 350 | |||||||||||||||||||||
Senior notes - fixed rate | 2.65% | 2019 | 250 | 250 | |||||||||||||||||||||
Senior notes - fixed rate | 5.00% | 2021 | 500 | 500 | |||||||||||||||||||||
Senior notes - fixed rate | 3.15% | 2022 | 550 | 550 | |||||||||||||||||||||
Other | 6.00% | 2014 | 0.5 | — | |||||||||||||||||||||
Capital lease obligations | 6.30% | 2014-2015 | 7.6 | 21.5 | |||||||||||||||||||||
Total debt | 2,963.20 | 2,550.40 | |||||||||||||||||||||||
Less: Current maturities and short-term borrowings | (2.5 | ) | (2.5 | ) | |||||||||||||||||||||
Long-term debt | $ | 2,960.70 | $ | 2,547.90 | |||||||||||||||||||||
Debt Outstanding Matures on Calendar Year Basis | ' | ||||||||||||||||||||||||
Debt outstanding at September 27, 2014 matures on a calendar year basis, reflecting maturity date changes as a result of the Amended Credit Facility, as follows: | |||||||||||||||||||||||||
Q4 | |||||||||||||||||||||||||
In millions | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |||||||||||||||||
Contractual debt obligation maturities | $ | 0.5 | $ | 350 | $ | — | $ | 350 | $ | — | $ | 1,205.10 | $ | 1,050.00 | $ | 2,955.60 | |||||||||
Capital lease obligations | 0.5 | 7.1 | — | — | — | — | — | 7.6 | |||||||||||||||||
Total maturities | $ | 1 | $ | 357.1 | $ | — | $ | 350 | $ | — | $ | 1,205.10 | $ | 1,050.00 | $ | 2,963.20 | |||||||||
Derivatives_and_Financial_Inst1
Derivatives and Financial Instruments (Tables) | 9 Months Ended | |||||||||||||
Sep. 27, 2014 | ||||||||||||||
Recorded Amounts and Estimated Fair Values of Long-term Debt and Derivative Financial Instruments | ' | |||||||||||||
The recorded amounts and estimated fair values of total debt were as follows: | ||||||||||||||
September 27, 2014 | December 31, 2013 | |||||||||||||
In millions | Recorded | Fair | Recorded | Fair | ||||||||||
Amount | Value | Amount | Value | |||||||||||
Variable rate debt | $ | 955.6 | $ | 955.6 | $ | 528.9 | $ | 528.9 | ||||||
Fixed rate debt | 2,007.60 | 2,065.80 | 2,021.50 | 1,997.50 | ||||||||||
Total debt | $ | 2,963.20 | $ | 3,021.40 | $ | 2,550.40 | $ | 2,526.40 | ||||||
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | |||||||||||||
Financial assets and liabilities measured at fair value on a recurring and nonrecurring basis were as follows: | ||||||||||||||
September 27, 2014 | ||||||||||||||
In millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||
Recurring fair value measurements | ||||||||||||||
Foreign currency contract assets | $ | — | $ | 0.5 | $ | — | $ | 0.5 | ||||||
Deferred compensation plans (1) | 47.2 | 7.4 | — | 54.6 | ||||||||||
Total recurring fair value measurements | $ | 47.2 | $ | 7.9 | $ | — | $ | 55.1 | ||||||
Nonrecurring fair value measurements (2) | ||||||||||||||
December 31, 2013 | ||||||||||||||
In millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||
Recurring fair value measurements | ||||||||||||||
Foreign currency contract assets | $ | — | $ | 3.6 | $ | — | $ | 3.6 | ||||||
Deferred compensation plan (1) | 32.1 | — | — | 32.1 | ||||||||||
Total recurring fair value measurements | $ | 32.1 | $ | 3.6 | $ | — | $ | 35.7 | ||||||
Nonrecurring fair value measurements (3) | ||||||||||||||
-1 | Deferred compensation plan assets include mutual funds, common/collective trusts and cash equivalents for payment of certain non-qualified benefits for retired, terminated and active employees. The fair value of mutual funds and cash equivalents were based on quoted market prices in active markets. The underlying investments in the common/collective trusts primarily include intermediate and long-term debt securities, corporate debt securities, equity securities and fixed income securities. The overall fair value of the common/collective trusts are based on observable inputs. | |||||||||||||
-2 | During the quarter ended September 27, 2014, we recognized an impairment charge related to allocated amounts of goodwill, intangible assets, property, plant & equipment and other non-current assets totaling $380.1 million, net of a $12.3 million tax benefit, representing our estimated loss on disposal of the Water Transport business. The impairment charge was determined using significant unobservable inputs (Level 3 fair value measurements). See Note 3 of the Notes to the Condensed Consolidated Financial Statements for additional information about the impairment. | |||||||||||||
-3 | In the fourth quarter of 2013, we completed our annual intangible assets impairment review. As a result, we recorded a pre-tax non-cash impairment charge of $11.0 million for trade names intangibles. The impairment charge reduced the fair value of the impacted trade name intangible to $0. The fair value of trade names is measured using the relief-from-royalty method. This method assumes the trade name has value to the extent that the owner is relieved of the obligation to pay royalties for the benefits received from them. This method requires us to estimate the future revenue for the related brands, the appropriate royalty rate and the weighted average cost of capital. |
Benefit_Plans_Tables
Benefit Plans (Tables) | 9 Months Ended | |||||||||||||
Sep. 27, 2014 | ||||||||||||||
Schedule of Net Benefit Costs | ' | |||||||||||||
U.S. pension plans | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
In millions | September 27, | September 28, | September 27, | September 28, | ||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Service cost | $ | 3.3 | $ | 3.9 | $ | 9.9 | $ | 11.7 | ||||||
Interest cost | 3.8 | 3.6 | 11.4 | 10.8 | ||||||||||
Expected return on plan assets | (2.6 | ) | (2.4 | ) | (7.8 | ) | (7.2 | ) | ||||||
Net periodic benefit cost | $ | 4.5 | $ | 5.1 | $ | 13.5 | $ | 15.3 | ||||||
Non-U.S. pension plans | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
In millions | September 27, | September 28, | September 27, | September 28, | ||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Service cost | $ | 2 | $ | 2.4 | $ | 6 | $ | 7.2 | ||||||
Interest cost | 4.7 | 4.4 | 14.1 | 13.2 | ||||||||||
Expected return on plan assets | (4.2 | ) | (3.8 | ) | (12.6 | ) | (11.4 | ) | ||||||
Net periodic benefit cost | $ | 2.5 | $ | 3 | $ | 7.5 | $ | 9 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||
Sep. 27, 2014 | ||||||||||||||
Financial Information by Reportable Segment | ' | |||||||||||||
Financial information by reportable segment is as follows: | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
In millions | September 27, | September 28, | September 27, | September 28, | ||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Net sales | ||||||||||||||
Valves & Controls | $ | 613.4 | $ | 611.5 | $ | 1,782.10 | $ | 1,817.20 | ||||||
Process Technologies | 437.8 | 421.2 | 1,352.90 | 1,295.40 | ||||||||||
Flow Technologies | 274.5 | 281.5 | 856.8 | 865.6 | ||||||||||
Technical Solutions | 438.8 | 405.9 | 1,262.70 | 1,213.30 | ||||||||||
Other | (6.1 | ) | (6.8 | ) | (18.0 | ) | (22.8 | ) | ||||||
Consolidated | $ | 1,758.40 | $ | 1,713.30 | $ | 5,236.50 | $ | 5,168.70 | ||||||
Operating income (loss) | ||||||||||||||
Valves & Controls | $ | 96.4 | $ | 76.6 | $ | 220.1 | $ | 114.9 | ||||||
Process Technologies | 58.1 | 57.1 | 186.8 | 177.3 | ||||||||||
Flow Technologies | 38.8 | 38.7 | 102.5 | 100.5 | ||||||||||
Technical Solutions | 96.5 | 82.2 | 246.3 | 200.6 | ||||||||||
Other | (22.4 | ) | (24.6 | ) | (79.8 | ) | (92.0 | ) | ||||||
Consolidated | $ | 267.4 | $ | 230 | $ | 675.9 | $ | 501.3 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | |||
Sep. 27, 2014 | ||||
Changes in Carrying Amount of Service and Product Warranties | ' | |||
The changes in the carrying amount of service and product warranties for the nine months ended September 27, 2014 were as follows: | ||||
In millions | September 27, | |||
2014 | ||||
Beginning balance | $ | 56 | ||
Service and product warranty provision | 44.9 | |||
Payments | (45.0 | ) | ||
Foreign currency translation | (1.6 | ) | ||
Ending balance | $ | 54.3 | ||
Financial_Statements_of_Parent1
Financial Statements of Parent Company Guarantor (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||
Sep. 27, 2014 | Sep. 28, 2013 | ||||||||||||||||||||||||||||||||||
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | ' | ' | |||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||
Three months ended September 27, 2014 | Three months ended September 28, 2013 | ||||||||||||||||||||||||||||||||||
In millions | Parent | Subsidiary Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated Total | In millions | Parent | Subsidiary | Non-guarantor | Eliminations | Consolidated Total | |||||||||||||||||||||||
Company | Issuer | Subsidiaries | Company | Issuer | Subsidiaries | ||||||||||||||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 1,758.40 | $ | — | $ | 1,758.40 | Net sales | $ | — | $ | — | $ | 1,713.30 | $ | — | $ | 1,713.30 | ||||||||||||
Cost of goods sold | — | — | — | 1,133.70 | — | 1,133.70 | Cost of goods sold | — | — | 1,098.60 | — | 1,098.60 | |||||||||||||||||||||||
Gross profit | — | — | — | 624.7 | — | 624.7 | Gross profit | — | — | 614.7 | — | 614.7 | |||||||||||||||||||||||
Selling, general and administrative | 3.2 | 1.5 | 0.8 | 323.3 | — | 328.8 | Selling, general and administrative | (0.7 | ) | 3.1 | 351 | — | 353.4 | ||||||||||||||||||||||
Research and development | — | — | — | 28.5 | — | 28.5 | Research and development | — | — | 31.3 | — | 31.3 | |||||||||||||||||||||||
Operating income (loss) | (3.2 | ) | (1.5 | ) | (0.8 | ) | 272.9 | — | 267.4 | Operating income (loss) | 0.7 | (3.1 | ) | 232.4 | — | 230 | |||||||||||||||||||
Loss (earnings) from continuing operations of investment in subsidiaries | (195.7 | ) | (198.1 | ) | (206.3 | ) | — | 600.1 | — | Loss (earnings) from continuing operations of investment in subsidiaries | (165.5 | ) | (169.5 | ) | — | 335 | — | ||||||||||||||||||
Other (income) expense: | Other (income) expense: | ||||||||||||||||||||||||||||||||||
Equity income of unconsolidated subsidiaries | — | — | — | (0.3 | ) | — | (0.3 | ) | Equity income of unconsolidated subsidiaries | — | — | (0.5 | ) | — | (0.5 | ) | |||||||||||||||||||
Net interest expense | — | 0.9 | 1 | 15.2 | — | 17.1 | Gain on sale of business | — | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes | 192.5 | 195.7 | 204.5 | 258 | (600.1 | ) | 250.6 | Net interest expense | 1.3 | 0.6 | 15.6 | — | 17.5 | ||||||||||||||||||||||
Provision for income taxes | — | — | — | 58.1 | — | 58.1 | Income (loss) from continuing operations before income taxes and noncontrolling interest | 164.9 | 165.8 | 217.4 | (335.0 | ) | 213.1 | ||||||||||||||||||||||
Net income (loss) from continuing operations | 192.5 | 195.7 | 204.5 | 199.9 | (600.1 | ) | 192.5 | Provision (benefit) for income taxes | (0.1 | ) | 1.3 | 45.5 | — | 46.7 | |||||||||||||||||||||
Income from discontinued operations, net of tax | — | — | — | 1.6 | — | 1.6 | Net income (loss) from continuing operations before noncontrolling interest | 165 | 164.5 | 171.9 | (335.0 | ) | 166.4 | ||||||||||||||||||||||
Loss from impairment of discontinued operations, net of tax | — | — | — | (380.1 | ) | — | (380.1 | ) | Income from discontinued operations, net of tax | — | — | 7.8 | — | 7.8 | |||||||||||||||||||||
Earnings (loss) from discontinued operations of investment in subsidiaries | (378.5 | ) | (378.5 | ) | (378.5 | ) | — | 1,135.50 | — | Earnings (loss) from discontinued operations of investment in subsidiaries | 7.8 | 7.8 | — | (15.6 | ) | — | |||||||||||||||||||
Net income (loss) attributable to Pentair plc | $ | (186.0 | ) | $ | (182.8 | ) | $ | (174.0 | ) | $ | (178.6 | ) | $ | 535.4 | $ | (186.0 | ) | Net income (loss) before noncontrolling interest | 172.8 | 172.3 | 179.7 | (350.6 | ) | 174.2 | |||||||||||
Net income (loss) from continuing operations attributable to Pentair plc | $ | 192.5 | $ | 195.7 | $ | 204.5 | $ | 199.9 | $ | (600.1 | ) | $ | 192.5 | Noncontrolling interest | — | — | 1.4 | — | 1.4 | ||||||||||||||||
Comprehensive income (loss), net of tax | Net income (loss) attributable to Pentair plc | $ | 172.8 | $ | 172.3 | $ | 178.3 | $ | (350.6 | ) | $ | 172.8 | |||||||||||||||||||||||
Net income (loss) attributable to Pentair plc | $ | (186.0 | ) | $ | (182.8 | ) | $ | (174.0 | ) | $ | (178.6 | ) | $ | 535.4 | $ | (186.0 | ) | Net income (loss) from continuing operations attributable to Pentair plc | $ | 165 | $ | 164.5 | $ | 170.5 | $ | (335.0 | ) | $ | 165 | ||||||
Changes in cumulative translation adjustment | (178.8 | ) | (178.8 | ) | (178.8 | ) | (178.8 | ) | 536.4 | (178.8 | ) | Comprehensive income (loss), net of tax | |||||||||||||||||||||||
Net income (loss) before noncontrolling interest | $ | 172.8 | $ | 172.3 | $ | 179.7 | $ | (350.6 | ) | $ | 174.2 | ||||||||||||||||||||||||
Changes in market value of derivative financial instruments | 0.8 | 0.8 | 0.8 | 0.8 | (2.4 | ) | 0.8 | ||||||||||||||||||||||||||||
Changes in cumulative translation adjustment | 87.9 | 87.9 | 89.1 | (175.8 | ) | 89.1 | |||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to Pentair plc | $ | (364.0 | ) | $ | (360.8 | ) | $ | (352.0 | ) | $ | (356.6 | ) | $ | 1,069.40 | $ | (364.0 | ) | ||||||||||||||||||
Changes in market value of derivative financial instruments | (0.6 | ) | (0.6 | ) | (0.6 | ) | 1.2 | (0.6 | ) | ||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||
Nine months ended September 27, 2014 | Total comprehensive income (loss) | 260.1 | 259.6 | 268.2 | (525.2 | ) | 262.7 | ||||||||||||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | — | — | 2.6 | — | 2.6 | ||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to Pentair plc | $ | 260.1 | $ | 259.6 | $ | 265.6 | $ | (525.2 | ) | $ | 260.1 | ||||||||||||||||||||||||
In millions | Parent | Subsidiary Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated Total | |||||||||||||||||||||||||||||
Company | Issuer | Subsidiaries | Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||
Guarantor | Nine months ended September 28, 2013 | ||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 5,236.50 | $ | — | $ | 5,236.50 | |||||||||||||||||||||||
Cost of goods sold | — | — | — | 3,401.40 | — | 3,401.40 | In millions | Parent | Subsidiary | Non-guarantor | Eliminations | Consolidated Total | |||||||||||||||||||||||
Company | Issuer | Subsidiaries | |||||||||||||||||||||||||||||||||
Gross profit | — | — | — | 1,835.10 | — | 1,835.10 | Guarantor | ||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 5,168.70 | $ | — | $ | 5,168.70 | |||||||||||||||||||||||||
Selling, general and administrative | 10.6 | 4.2 | 6.8 | 1,049.40 | — | 1,071.00 | |||||||||||||||||||||||||||||
Cost of goods sold | — | — | 3,429.10 | — | 3,429.10 | ||||||||||||||||||||||||||||||
Research and development | — | — | — | 88.2 | — | 88.2 | |||||||||||||||||||||||||||||
Gross profit | — | — | 1,739.60 | — | 1,739.60 | ||||||||||||||||||||||||||||||
Operating income (loss) | (10.6 | ) | (4.2 | ) | (6.8 | ) | 697.5 | — | 675.9 | ||||||||||||||||||||||||||
Selling, general and administrative | (1.5 | ) | 10.1 | 1,134.90 | — | 1,143.50 | |||||||||||||||||||||||||||||
Loss (earnings) from continuing operations of investment in subsidiaries | (488.5 | ) | (493.9 | ) | (484.0 | ) | — | 1,466.40 | — | ||||||||||||||||||||||||||
Research and development | — | — | 94.8 | — | 94.8 | ||||||||||||||||||||||||||||||
Other (income) expense: | |||||||||||||||||||||||||||||||||||
Equity income of unconsolidated subsidiaries | — | — | — | (0.9 | ) | — | (0.9 | ) | Operating income (loss) | 1.5 | (10.1 | ) | 509.9 | — | 501.3 | ||||||||||||||||||||
Loss on sale of business | — | — | — | 0.2 | — | 0.2 | Loss (earnings) from continuing operations of investment in subsidiaries | (351.3 | ) | (366.6 | ) | — | 717.9 | — | |||||||||||||||||||||
Net interest expense | 0.7 | 1.2 | 2 | 47.2 | — | 51.1 | Other (income) expense: | ||||||||||||||||||||||||||||
Equity income of unconsolidated subsidiaries | — | — | (1.7 | ) | — | (1.7 | ) | ||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | 477.2 | 488.5 | 475.2 | 651 | (1,466.4 | ) | 625.5 | ||||||||||||||||||||||||||||
Gain on sale of business | — | — | (16.8 | ) | — | (16.8 | ) | ||||||||||||||||||||||||||||
Provision for income taxes | — | — | 1 | 147.3 | — | 148.3 | |||||||||||||||||||||||||||||
Net interest expense | 4.4 | 6.7 | 42.7 | — | 53.8 | ||||||||||||||||||||||||||||||
Net income (loss) from continuing operations | 477.2 | 488.5 | 474.2 | 503.7 | (1,466.4 | ) | 477.2 | ||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes and noncontrolling interest | 348.4 | 349.8 | 485.7 | (717.9 | ) | 466 | |||||||||||||||||||||||||||||
Income from discontinued operations, net of tax | — | — | — | 2.6 | — | 2.6 | |||||||||||||||||||||||||||||
Provision (benefit) for income taxes | (0.4 | ) | 1.3 | 112 | — | 112.9 | |||||||||||||||||||||||||||||
Loss from sale / impairment of discontinued operations, net of tax | — | — | — | (385.7 | ) | — | (385.7 | ) | |||||||||||||||||||||||||||
Net income (loss) from continuing operations before noncontrolling interest | 348.8 | 348.5 | 373.7 | (717.9 | ) | 353.1 | |||||||||||||||||||||||||||||
Earnings (loss) from discontinued operations of investment in subsidiaries | (383.1 | ) | (383.1 | ) | (383.1 | ) | — | 1,149.30 | — | ||||||||||||||||||||||||||
Income from discontinued operations, net of tax | — | — | 29.8 | — | 29.8 | ||||||||||||||||||||||||||||||
Net income (loss) attributable to Pentair plc | $ | 94.1 | $ | 105.4 | $ | 91.1 | $ | 120.6 | $ | (317.1 | ) | $ | 94.1 | ||||||||||||||||||||||
Earnings (loss) from discontinued operations of investment in subsidiaries | 29.8 | 29.8 | — | (59.6 | ) | — | |||||||||||||||||||||||||||||
Net income (loss) from continuing operations attributable to Pentair plc | $ | 477.2 | $ | 488.5 | $ | 474.2 | $ | 503.7 | $ | (1,466.4 | ) | $ | 477.2 | ||||||||||||||||||||||
Net income (loss) before noncontrolling interest | 378.6 | 378.3 | 403.5 | (777.5 | ) | 382.9 | |||||||||||||||||||||||||||||
Comprehensive income (loss), net of tax | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Pentair plc | $ | 94.1 | $ | 105.4 | $ | 91.1 | $ | 120.6 | $ | (317.1 | ) | $ | 94.1 | Noncontrolling interest | — | — | 4.3 | — | 4.3 | ||||||||||||||||
Changes in cumulative translation adjustment | (190.3 | ) | (190.3 | ) | (190.3 | ) | (190.3 | ) | 570.9 | (190.3 | ) | Net income (loss) attributable to Pentair plc | $ | 378.6 | $ | 378.3 | $ | 399.2 | $ | (777.5 | ) | $ | 378.6 | ||||||||||||
Changes in market value of derivative financial instruments | 1.2 | 1.2 | 1.2 | 1.2 | (3.6 | ) | 1.2 | Net income (loss) from continuing operations attributable to Pentair plc | $ | 348.8 | $ | 348.5 | $ | 369.4 | $ | (717.9 | ) | $ | 348.8 | ||||||||||||||||
Comprehensive income (loss) attributable to Pentair plc | $ | (95.0 | ) | $ | (83.7 | ) | $ | (98.0 | ) | $ | (68.5 | ) | $ | 250.2 | $ | (95.0 | ) | Comprehensive income (loss), net of tax | |||||||||||||||||
Net income (loss) before noncontrolling interest | $ | 378.6 | $ | 378.3 | $ | 403.5 | $ | (777.5 | ) | $ | 382.9 | ||||||||||||||||||||||||
Changes in cumulative translation adjustment | (29.8 | ) | (29.8 | ) | (29.1 | ) | 59.6 | (29.1 | ) | ||||||||||||||||||||||||||
Changes in market value of derivative financial instruments | (0.3 | ) | (0.3 | ) | (0.3 | ) | 0.6 | (0.3 | ) | ||||||||||||||||||||||||||
Total comprehensive income (loss) | 348.5 | 348.2 | 374.1 | (717.3 | ) | 353.5 | |||||||||||||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | — | — | 5 | — | 5 | ||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to Pentair plc | $ | 348.5 | $ | 348.2 | $ | 369.1 | $ | (717.3 | ) | $ | 348.5 | ||||||||||||||||||||||||
Schedule of Condensed Consolidating Balance Sheet | ' | ' | |||||||||||||||||||||||||||||||||
Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||
September 27, 2014 | |||||||||||||||||||||||||||||||||||
In millions | Parent | Subsidiary Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated Total | |||||||||||||||||||||||||||||
Company | Issuer | Subsidiaries | |||||||||||||||||||||||||||||||||
Guarantor | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 0.2 | $ | 156.4 | $ | — | $ | 156.6 | |||||||||||||||||||||||
Accounts and notes receivable, net | — | — | — | 1,180.90 | — | 1,180.90 | |||||||||||||||||||||||||||||
Inventories | — | — | — | 1,199.40 | — | 1,199.40 | |||||||||||||||||||||||||||||
Other current assets | 0.1 | 16.3 | 8 | 402.5 | (40.6 | ) | 386.3 | ||||||||||||||||||||||||||||
Current assets held for sale | — | — | — | 129.2 | — | 129.2 | |||||||||||||||||||||||||||||
Total current assets | 0.1 | 16.3 | 8.2 | 3,068.40 | (40.6 | ) | 3,052.40 | ||||||||||||||||||||||||||||
Property, plant and equipment, net | — | — | — | 990.8 | — | 990.8 | |||||||||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||||||||||||
Investments in subsidiaries | 5,589.50 | 5,751.60 | 7,830.70 | — | (19,171.8 | ) | — | ||||||||||||||||||||||||||||
Goodwill | — | — | — | 4,792.60 | — | 4,792.60 | |||||||||||||||||||||||||||||
Intangibles, net | — | — | — | 1,648.60 | — | 1,648.60 | |||||||||||||||||||||||||||||
Other non-current assets | 31.6 | — | 1,979.70 | 370.6 | (1,975.6 | ) | 406.3 | ||||||||||||||||||||||||||||
Non-current assets held for sale | — | — | — | 36.2 | — | 36.2 | |||||||||||||||||||||||||||||
Total other assets | 5,621.10 | 5,751.60 | 9,810.40 | 6,848.00 | (21,147.4 | ) | 6,883.70 | ||||||||||||||||||||||||||||
Total assets | $ | 5,621.20 | $ | 5,767.90 | $ | 9,818.60 | $ | 10,907.20 | $ | (21,188.0 | ) | $ | 10,926.90 | ||||||||||||||||||||||
Liabilities and Equity | |||||||||||||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||||||||||||
Current maturities of long-term debt and short-term borrowings | $ | — | $ | — | $ | — | $ | 2.5 | $ | — | $ | 2.5 | |||||||||||||||||||||||
Accounts payable | — | — | — | 527.2 | — | 527.2 | |||||||||||||||||||||||||||||
Employee compensation and benefits | — | 0.7 | — | 286.7 | — | 287.4 | |||||||||||||||||||||||||||||
Other current liabilities | 173.4 | 4.5 | 14.2 | 639.6 | (40.6 | ) | 791.1 | ||||||||||||||||||||||||||||
Current liabilities held for sale | — | — | — | 60.5 | — | 60.5 | |||||||||||||||||||||||||||||
Total current liabilities | 173.4 | 5.2 | 14.2 | 1,516.50 | (40.6 | ) | 1,668.70 | ||||||||||||||||||||||||||||
Other liabilities | |||||||||||||||||||||||||||||||||||
Long-term debt | 462.8 | 173.2 | 2,818.60 | 1,481.70 | (1,975.6 | ) | 2,960.70 | ||||||||||||||||||||||||||||
Pension and other post-retirement compensation and benefits | — | — | — | 279.1 | — | 279.1 | |||||||||||||||||||||||||||||
Deferred tax liabilities | — | — | 2.2 | 556.2 | — | 558.4 | |||||||||||||||||||||||||||||
Other non-current liabilities | 17.6 | — | — | 463.1 | — | 480.7 | |||||||||||||||||||||||||||||
Non-current liabilities held for sale | — | — | — | 11.9 | — | 11.9 | |||||||||||||||||||||||||||||
Total liabilities | 653.8 | 178.4 | 2,835.00 | 4,308.50 | (2,016.2 | ) | 5,959.50 | ||||||||||||||||||||||||||||
Equity | 4,967.40 | 5,589.50 | 6,983.60 | 6,598.70 | (19,171.8 | ) | 4,967.40 | ||||||||||||||||||||||||||||
Total liabilities and equity | $ | 5,621.20 | $ | 5,767.90 | $ | 9,818.60 | $ | 10,907.20 | $ | (21,188.0 | ) | $ | 10,926.90 | ||||||||||||||||||||||
Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||
In millions | Parent | Subsidiary | Non-guarantor | Eliminations | Consolidated Total | ||||||||||||||||||||||||||||||
Company | Issuer | Subsidiaries | |||||||||||||||||||||||||||||||||
Guarantor | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 0.5 | $ | 47 | $ | 208.5 | $ | — | $ | 256 | |||||||||||||||||||||||||
Accounts and notes receivable, net | 2.9 | 4 | 1,341.70 | (63.6 | ) | 1,285.00 | |||||||||||||||||||||||||||||
Inventories | — | — | 1,195.10 | — | 1,195.10 | ||||||||||||||||||||||||||||||
Other current assets | 1.4 | 0.6 | 359.6 | — | 361.6 | ||||||||||||||||||||||||||||||
Current assets held for sale | — | — | 134.4 | — | 134.4 | ||||||||||||||||||||||||||||||
Total current assets | 4.8 | 51.6 | 3,239.30 | (63.6 | ) | 3,232.10 | |||||||||||||||||||||||||||||
Property, plant and equipment, net | — | — | 1,044.30 | — | 1,044.30 | ||||||||||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||||||||||||
Investments in subsidiaries | 6,224.70 | 8,066.60 | — | (14,291.3 | ) | — | |||||||||||||||||||||||||||||
Goodwill | — | — | 4,860.70 | — | 4,860.70 | ||||||||||||||||||||||||||||||
Intangibles, net | — | — | 1,749.90 | — | 1,749.90 | ||||||||||||||||||||||||||||||
Other non-current assets | 31.6 | 1,302.70 | 352.4 | (1,296.7 | ) | 390 | |||||||||||||||||||||||||||||
Non-current assets held for sale | — | — | 466.3 | — | 466.3 | ||||||||||||||||||||||||||||||
Total other assets | 6,256.30 | 9,369.30 | 7,429.30 | (15,588.0 | ) | 7,466.90 | |||||||||||||||||||||||||||||
Total assets | $ | 6,261.10 | $ | 9,420.90 | $ | 11,712.90 | $ | (15,651.6 | ) | $ | 11,743.30 | ||||||||||||||||||||||||
Liabilities and Equity | |||||||||||||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||||||||||||
Current maturities of long-term debt and short-term borrowings | $ | — | $ | — | $ | 2.5 | $ | — | $ | 2.5 | |||||||||||||||||||||||||
Accounts payable | 48.1 | 8.6 | 583.8 | (63.6 | ) | 576.9 | |||||||||||||||||||||||||||||
Employee compensation and benefits | 0.5 | — | 311.9 | — | 312.4 | ||||||||||||||||||||||||||||||
Other current liabilities | 99.6 | 11.7 | 534.6 | — | 645.9 | ||||||||||||||||||||||||||||||
Current liabilities held for sale | — | — | 72.5 | — | 72.5 | ||||||||||||||||||||||||||||||
Total current liabilities | 148.2 | 20.3 | 1,505.30 | (63.6 | ) | 1,610.20 | |||||||||||||||||||||||||||||
Other liabilities | |||||||||||||||||||||||||||||||||||
Long-term debt | — | 2,401.90 | 1,442.70 | (1,296.7 | ) | 2,547.90 | |||||||||||||||||||||||||||||
Pension and other post-retirement compensation and benefits | — | — | 320.2 | — | 320.2 | ||||||||||||||||||||||||||||||
Deferred tax liabilities | — | 2.2 | 554.8 | — | 557 | ||||||||||||||||||||||||||||||
Other non-current liabilities | 17.6 | — | 438.8 | — | 456.4 | ||||||||||||||||||||||||||||||
Non-current liabilities held for sale | — | — | 33.9 | — | 33.9 | ||||||||||||||||||||||||||||||
Total liabilities | 165.8 | 2,424.40 | 4,295.70 | (1,360.3 | ) | 5,525.60 | |||||||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||||||||
Shareholders’ equity attributable to Pentair plc and subsidiaries | 6,095.30 | 6,996.50 | 7,294.80 | (14,291.3 | ) | 6,095.30 | |||||||||||||||||||||||||||||
Noncontrolling interest | — | — | 122.4 | — | 122.4 | ||||||||||||||||||||||||||||||
Total equity | 6,095.30 | 6,996.50 | 7,417.20 | (14,291.3 | ) | 6,217.70 | |||||||||||||||||||||||||||||
Total liabilities and equity | $ | 6,261.10 | $ | 9,420.90 | $ | 11,712.90 | $ | (15,651.6 | ) | $ | 11,743.30 | ||||||||||||||||||||||||
Schedule of Condensed Consolidating Statement of Cash Flows | ' | ' | |||||||||||||||||||||||||||||||||
Consolidating Statement of Cash Flows | Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||
Nine months ended September 27, 2014 | Nine months ended September 28, 2013 | ||||||||||||||||||||||||||||||||||
In millions | Parent | Subsidiary Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated Total | In millions | Parent | Subsidiary | Non-guarantor | Eliminations | Consolidated Total | |||||||||||||||||||||||
Company | Issuer | Subsidiaries | Company | Issuer | Subsidiaries | ||||||||||||||||||||||||||||||
Guarantor | Guarantor | ||||||||||||||||||||||||||||||||||
Operating activities | Operating activities | ||||||||||||||||||||||||||||||||||
Net cash provided by (used for) operating activities | $ | 369 | $ | 383.4 | $ | 659.1 | $ | (777.5 | ) | $ | 634 | ||||||||||||||||||||||||
Net cash provided by (used for) operating activities | $ | 99.4 | $ | 94.2 | $ | 88.1 | $ | 718.8 | $ | (317.1 | ) | $ | 683.4 | ||||||||||||||||||||||
Investing activities | |||||||||||||||||||||||||||||||||||
Investing activities | |||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | (126.3 | ) | — | (126.3 | ) | ||||||||||||||||||||||||||||
Capital expenditures | — | — | — | (92.5 | ) | — | (92.5 | ) | |||||||||||||||||||||||||||
Proceeds from sale of property and equipment | — | — | 3.7 | — | 3.7 | ||||||||||||||||||||||||||||||
Proceeds from sale of property and equipment | — | — | — | 4.1 | — | 4.1 | |||||||||||||||||||||||||||||
Proceeds from sale of businesses, net | — | — | 30.9 | — | 30.9 | ||||||||||||||||||||||||||||||
Proceeds from sale of businesses, net | — | — | — | 0.3 | — | 0.3 | |||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | (84.4 | ) | — | — | — | (84.4 | ) | ||||||||||||||||||||||||||||
Other | — | — | — | 0.6 | — | 0.6 | |||||||||||||||||||||||||||||
Other | — | — | (0.8 | ) | — | (0.8 | ) | ||||||||||||||||||||||||||||
Net cash provided by (used for) investing activities | — | — | — | (87.5 | ) | — | (87.5 | ) | |||||||||||||||||||||||||||
Net cash provided by (used for) investing activities | (84.4 | ) | — | (92.5 | ) | — | (176.9 | ) | |||||||||||||||||||||||||||
Financing activities | |||||||||||||||||||||||||||||||||||
Financing activities | |||||||||||||||||||||||||||||||||||
Net receipts (repayments) of short-term borrowings | — | — | — | 0.3 | — | 0.3 | |||||||||||||||||||||||||||||
Net receipts (repayments) of commercial paper and revolving long-term debt | — | 114.9 | 7.6 | — | 122.5 | ||||||||||||||||||||||||||||||
Net receipts (repayments) of commercial paper and revolving long-term debt | — | — | 416.7 | 9.5 | — | 426.2 | |||||||||||||||||||||||||||||
Repayments of long-term debt | — | — | (6.2 | ) | — | (6.2 | ) | ||||||||||||||||||||||||||||
Repayments of long-term debt | — | — | — | (13.2 | ) | — | (13.2 | ) | |||||||||||||||||||||||||||
Debt issuance costs | — | (1.4 | ) | — | — | (1.4 | ) | ||||||||||||||||||||||||||||
Net change in advances to subsidiaries | 455.6 | (94.2 | ) | (551.6 | ) | (126.9 | ) | 317.1 | — | ||||||||||||||||||||||||||
Excess tax benefits from share-based compensation | — | — | 7.4 | — | 7.4 | ||||||||||||||||||||||||||||||
Excess tax benefits from share-based compensation | — | — | — | 10 | — | 10 | |||||||||||||||||||||||||||||
Net change in advances to subsidiaries | (140.7 | ) | (496.7 | ) | (140.1 | ) | 777.5 | — | |||||||||||||||||||||||||||
Shares issued to employees, net of shares withheld | — | — | — | 30.3 | — | 30.3 | |||||||||||||||||||||||||||||
Shares issued to employees, net of shares withheld | — | — | 70.8 | — | 70.8 | ||||||||||||||||||||||||||||||
Repurchases of ordinary shares | (399.3 | ) | — | — | (450.7 | ) | — | (850.0 | ) | ||||||||||||||||||||||||||
Repurchases of ordinary shares | — | — | (540.3 | ) | — | (540.3 | ) | ||||||||||||||||||||||||||||
Dividends paid | (156.2 | ) | — | — | — | — | (156.2 | ) | |||||||||||||||||||||||||||
Dividends paid | (143.9 | ) | — | — | — | (143.9 | ) | ||||||||||||||||||||||||||||
Purchase of noncontrolling interest | — | — | — | (134.7 | ) | — | (134.7 | ) | |||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | (2.0 | ) | — | (2.0 | ) | ||||||||||||||||||||||||||||
Net cash provided by (used for) financing activities | (99.9 | ) | (94.2 | ) | (134.9 | ) | (675.4 | ) | 317.1 | (687.3 | ) | ||||||||||||||||||||||||
Net cash provided by (used for) financing activities | (284.6 | ) | (383.2 | ) | (602.8 | ) | 777.5 | (493.1 | ) | ||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (8.0 | ) | — | (8.0 | ) | |||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 17.8 | — | 17.8 | ||||||||||||||||||||||||||||||
Change in cash and cash equivalents | (0.5 | ) | — | (46.8 | ) | (52.1 | ) | — | (99.4 | ) | |||||||||||||||||||||||||
Change in cash and cash equivalents | — | 0.2 | (18.4 | ) | — | (18.2 | ) | ||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 0.5 | — | 47 | 208.5 | — | 256 | |||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | 237.4 | — | 237.4 | ||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | — | $ | 0.2 | $ | 156.4 | $ | — | $ | 156.6 | |||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 0.2 | $ | 219 | $ | — | $ | 219.2 | |||||||||||||||||||||||||
Basis_of_Presentation_and_Resp1
Basis of Presentation and Responsibility for Interim Financial Statements Basis of Presentation and Responsibility for Interim Financial Statements (Additional Information) (Details) (Tyco Flow Control Business [Member]) | 1 Months Ended |
In Millions, unless otherwise specified | Sep. 28, 2012 |
Tyco Flow Control Business [Member] | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' |
Percentage Of Ownership Interests | 100.00% |
Stock Issued During Period, Shares, Acquisitions | 110.9 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Details) (USD $) | 9 Months Ended | 3 Months Ended | |
In Millions, unless otherwise specified | Sep. 27, 2014 | Dec. 31, 2013 | Mar. 29, 2014 |
Pentair Residential Filtration [Member] | |||
Business Acquisition [Line Items] | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | 19.90% | ' |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $134.70 | ' | $134.30 |
Noncontrolling Interest, Ownership Percentage by Parent | ' | 80.10% | ' |
Discontinued_Operations_and_Di2
Discontinued Operations and Divestitures - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 27, 2014 | Mar. 29, 2014 | Sep. 28, 2013 | Mar. 30, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Discontinued Operation, Tax (Expense) Benefit from Provision for (Gain) Loss on Disposal | $12.30 | ' | $0 | ' | $14.70 | $0 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | ' | -5.6 | ' | ' | ' | ' |
Discontinued Operation, Provision for Loss (Gain) on Disposal, Net of Tax | 380.1 | ' | 0 | ' | 385.7 | 0 |
Cash sales price of business | ' | ' | ' | ' | 30 | ' |
Gain on sale of business | 0 | ' | 0.1 | 16.7 | -0.2 | 16.8 |
Goodwill written off from sale | ' | ' | ' | ' | ' | 5.3 |
Discontinued Operation, Tax Effect of Income (Loss) from Disposal of Discontinued Operation | ' | $2.40 | ' | ' | ' | ' |
Discontinued_Operations_and_Di3
Discontinued Operations and Divestitures - Components of Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 31, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Revenue | $74.80 | $116.70 | $235.40 | $403 | ' |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 0.2 | 10.3 | 0.3 | 40 | ' |
Discontinued Operation, Tax Effect of Income (Loss) from Discontinued Operation During Phase-out Period | 1.4 | -2.5 | 2.3 | -10.2 | ' |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 1.6 | 7.8 | 2.6 | 29.8 | ' |
Discontinued Operation, Provision for Loss (Gain) on Disposal, before Income Tax | -392.4 | 0 | -400.4 | 0 | ' |
Discontinued Operation, Tax (Expense) Benefit from Provision for (Gain) Loss on Disposal | 12.3 | 0 | 14.7 | 0 | ' |
Discontinued Operation, Provision for Loss (Gain) on Disposal, Net of Tax | -380.1 | 0 | -385.7 | 0 | ' |
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | 10.6 | ' | 10.6 | ' | 9.1 |
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 40.7 | ' | 40.7 | ' | 49.3 |
Disposal Group, Including Discontinued Operation, Inventory | 45 | ' | 45 | ' | 48.2 |
Disposal Group, Including Discontinued Operation, Other Current Assets | 32.9 | ' | 32.9 | ' | 27.8 |
Assets of Disposal Group, Including Discontinued Operation, Current | 129.2 | ' | 129.2 | ' | 134.4 |
Disposal Group, Including Discontinued Operation, Property, Plant, and Equipment, Net | 22.8 | ' | 22.8 | ' | 125.7 |
Disposal Group, Including Discontinued Operation, Goodwill | 0 | ' | 0 | ' | 273.5 |
Disposal Group, Including Discontinued Operation, Intangible Assets, Net | 0 | ' | 0 | ' | 26.2 |
Disposal Group, Including Discontinued Operation, Other Noncurrent Assets | 13.4 | ' | 13.4 | ' | 40.9 |
Assets of Disposal Group, Including Discontinued Operation, Noncurrent | 36.2 | ' | 36.2 | ' | 466.3 |
Disposal Group, Including Discontinued Operation, Accounts Payable, Current | 22.4 | ' | 22.4 | ' | 19.7 |
Disposal Group, Including Discontinued Operations, Employee Compensation and Benefits | 17.4 | ' | 17.4 | ' | 34.7 |
Disposal Group, Including Discontinued Operation, Other Current Liabilities | 20.7 | ' | 20.7 | ' | 18.1 |
Liabilities of Disposal Group, Including Discontinued Operation, Current | 60.5 | ' | 60.5 | ' | 72.5 |
Disposal Group, Including Discontinued Operations, Long Term Debt | 4.5 | ' | 4.5 | ' | 4.7 |
Disposal Group, Including Discontinued Operation, Pension Plan Benefit Obligation | 3.2 | ' | 3.2 | ' | 4.6 |
Disposal Group, Including Discontinued Operation, Deferred Tax Liabilities, Noncurrent | 3.7 | ' | 3.7 | ' | 23.6 |
Disposal Group, Including Discontinued Operation, Other Noncurrent Liabilities | 0.5 | ' | 0.5 | ' | 1 |
Liabilities of Disposal Group, Including Discontinued Operation, Noncurrent | $11.90 | ' | $11.90 | ' | $33.90 |
Share_Plans_Additional_Informa
Share Plans - Additional Information (Detail) (2012 Stock and Incentive Plan, USD $) | 3 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Mar. 29, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of stock options and restricted stock units issued under stock and incentive plan | 0.7 |
Number of stock option issued under stock and incentive plan | 0.5 |
Weighted-average fair value of options granted | $23.35 |
Restricted Stock Units (RSUs) | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of restricted stock units issued under stock and incentive plan | 0.2 |
Weighted-average fair value of restricted stock units granted | $78.72 |
Share_Plans_Assumptions_Used_i
Share Plans - Assumptions Used in Calculating Estimated Fair Value of Stock Option Award in Annual Grant (Detail) | 3 Months Ended |
Mar. 29, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Risk-free interest rate | 1.43% |
Expected dividend yield | 1.45% |
Expected share price volatility | 35.30% |
Expected term (years) | '5 years 7 months 15 days |
Share_Plans_Sharebased_Compens
Share Plans - Share-based Compensation Cost by Award Type (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Restricted stock units | $5.60 | $4.60 | $16.70 | $16.40 |
Stock options | 2.7 | 2.6 | 8.1 | 8.9 |
Total share-based compensation expense | $8.30 | $7.20 | $24.80 | $25.30 |
Restructuring_Additional_Infor
Restructuring - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 31, 2013 |
Person | Person | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Number of employees | ' | ' | 750 | ' | 1,100 |
Total restructuring costs | $0 | $3.30 | $53 | $49.10 | ' |
Valves & Controls | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Number of employees | ' | ' | 400 | ' | 500 |
Total restructuring costs | 0 | 0.4 | 27.7 | 18.6 | ' |
Process Technologies [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Number of employees | ' | ' | 100 | ' | 150 |
Total restructuring costs | 0 | 2.3 | 9.5 | 6.4 | ' |
Flow Technologies [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Number of employees | ' | ' | 150 | ' | 150 |
Total restructuring costs | 0 | 0 | 10 | 6.5 | ' |
Technical Solutions | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Number of employees | ' | ' | 100 | ' | 300 |
Total restructuring costs | 0 | 0.6 | 5.8 | 15.8 | ' |
Other | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Total restructuring costs | ' | ' | ' | $1.80 | ' |
Restructuring_Restructuring_Re
Restructuring - Restructuring Related Costs Included in Selling, General & Administrative expenses on Consolidated Statements of Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring costs | $0 | $3.30 | $53 | $49.10 |
Severance and related costs | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring costs | 0 | 0.8 | 34.7 | 40.5 |
Other | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring costs | $0 | $2.50 | $18.30 | $8.60 |
Restructuring_Restructuring_Ac
Restructuring - Restructuring Accrual Activity recorded on Condensed Consolidated Balance Sheets (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 27, 2014 |
Restructuring Reserve [Roll Forward] | ' |
Beginning balance | $68.60 |
Costs incurred | 34.7 |
Cash payments and other | -43.8 |
Ending balance | $59.50 |
Earnings_Per_Share_Basic_and_D
Earnings Per Share - Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Computation Of Earnings Per Share Line Items | ' | ' | ' | ' |
Net income (loss) attributable to Pentair plc | ($186) | $172.80 | $94.10 | $378.60 |
Income (Loss) from Continuing Operations Attributable to Parent | $192.50 | $165 | $477.20 | $348.80 |
Weighted average common shares outstanding | ' | ' | ' | ' |
Basic (shares) | 190.2 | 199.3 | 193.2 | 202.1 |
Dilutive impact of stock options and restricted stock units (shares) | 2.9 | 3.5 | 3.2 | 3.5 |
Diluted (shares) | 193.1 | 202.8 | 196.4 | 205.6 |
Earnings per common share attributable to Pentair Ltd. | ' | ' | ' | ' |
Income (Loss) from Continuing Operations, Per Basic Share | $1.01 | $0.83 | $2.47 | $1.73 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | ($1.99) | $0.04 | ($1.98) | $0.14 |
Basic (USD per share) | ($0.98) | $0.87 | $0.49 | $1.87 |
Income (Loss) from Continuing Operations, Per Diluted Share | $1 | $0.81 | $2.43 | $1.70 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | ($1.95) | $0.04 | ($1.95) | $0.14 |
Diluted (USD per share) | ($0.95) | $0.85 | $0.48 | $1.84 |
Anti-dilutive stock options excluded from the calculation of diluted earnings per share | 0.5 | 0.1 | 0.5 | 0.9 |
Supplemental_Balance_Sheet_Inf2
Supplemental Balance Sheet Information (Detail) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventories | ' | ' |
Raw materials and supplies | $464.50 | $549.80 |
Work-in-process | 249.8 | 164.4 |
Finished goods | 485.1 | 480.9 |
Total inventories | 1,199.40 | 1,195.10 |
Other current assets | ' | ' |
Cost in excess of billings | 108.3 | 91.6 |
Prepaid expenses | 114.7 | 97.6 |
Deferred income taxes | 145.6 | 149.7 |
Other current assets | 17.7 | 22.7 |
Total other current assets | 386.3 | 361.6 |
Property, plant and equipment, net | ' | ' |
Land and land improvements | 175.5 | 186.4 |
Buildings and leasehold improvements | 506 | 502.6 |
Machinery and equipment | 1,177.40 | 1,155.10 |
Construction in progress | 78 | 70.9 |
Total property, plant and equipment | 1,936.90 | 1,915 |
Accumulated depreciation and amortization | 946.1 | 870.7 |
Total property, plant and equipment, net | 990.8 | 1,044.30 |
Other non-current assets | ' | ' |
Asbestos-related insurance receivable | 116.1 | 119.6 |
Deferred income taxes | 93.1 | 92.3 |
Other non-current assets | 197.1 | 178.1 |
Total other non-current assets | 406.3 | 390 |
Other current liabilities | ' | ' |
Deferred revenue and customer deposits | 112 | 90.8 |
Dividends payable | 168.1 | 98.7 |
Billings in excess of cost | 36.6 | 35.4 |
Accrued warranty | 54.3 | 56 |
Other current liabilities | 420.1 | 365 |
Total other current liabilities | 791.1 | 645.9 |
Other non-current liabilities | ' | ' |
Asbestos-related liabilities | 250.5 | 254.7 |
Taxes payable | 49.5 | 48.9 |
Other non-current liabilities | 180.7 | 152.8 |
Total other non-current liabilities | $480.70 | $456.40 |
Goodwill_and_Other_Identifiabl2
Goodwill and Other Identifiable Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 27, 2014 |
Goodwill [Roll Forward] | ' |
Beginning Balance | $4,860.70 |
Acquisitions/ divestitures | 0 |
Foreign currency translation/other | -68.1 |
Ending Balance | 4,792.60 |
Valves & Controls | ' |
Goodwill [Roll Forward] | ' |
Beginning Balance | 1,511.60 |
Acquisitions/ divestitures | 0 |
Foreign currency translation/other | 0 |
Ending Balance | 1,511.60 |
Process Technologies [Member] | ' |
Goodwill [Roll Forward] | ' |
Beginning Balance | 1,524.50 |
Acquisitions/ divestitures | 0 |
Foreign currency translation/other | -45.4 |
Ending Balance | 1,479.10 |
Flow Technologies [Member] | ' |
Goodwill [Roll Forward] | ' |
Beginning Balance | 666.6 |
Acquisitions/ divestitures | 0 |
Foreign currency translation/other | -18.3 |
Ending Balance | 648.3 |
Technical Solutions | ' |
Goodwill [Roll Forward] | ' |
Beginning Balance | 1,158 |
Acquisitions/ divestitures | 0 |
Foreign currency translation/other | -4.4 |
Ending Balance | $1,153.60 |
Goodwill_and_Other_Identifiabl3
Goodwill and Other Identifiable Intangible Assets - Detail of Identifiable Intangible Assets (Detail) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Acquired Intangible Assets By Major Class [Line Items] | ' | ' |
Cost | $2,049.20 | $2,073.90 |
Accumulated amortization | -400.6 | -324 |
Net | 1,648.60 | 1,749.90 |
Net, indefinite-life intangibles | 530.3 | 536.9 |
Finite-life intangibles | ' | ' |
Acquired Intangible Assets By Major Class [Line Items] | ' | ' |
Cost | 1,518.90 | 1,537 |
Accumulated amortization | -400.6 | -324 |
Net | 1,118.30 | 1,213 |
Finite-life intangibles | Customer relationships | ' | ' |
Acquired Intangible Assets By Major Class [Line Items] | ' | ' |
Cost | 1,259.50 | 1,271.20 |
Accumulated amortization | -306.7 | -243.1 |
Net | 952.8 | 1,028.10 |
Finite-life intangibles | Trade names intangibles | ' | ' |
Acquired Intangible Assets By Major Class [Line Items] | ' | ' |
Cost | 2.1 | 2.1 |
Accumulated amortization | -1.1 | -0.9 |
Net | 1 | 1.2 |
Finite-life intangibles | Proprietary technology | ' | ' |
Acquired Intangible Assets By Major Class [Line Items] | ' | ' |
Cost | 257.3 | 263.7 |
Accumulated amortization | -92.8 | -80 |
Net | $164.50 | $183.70 |
Goodwill_and_Other_Identifiabl4
Goodwill and Other Identifiable Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' | ' |
Intangible asset amortization expense | $28.50 | $28.20 | $85.90 | $106.70 |
Goodwill_and_Other_Identifiabl5
Goodwill and Other Identifiable Intangible Assets - Estimated Future Amortization Expense for Identifiable Intangible Assets (Detail) (USD $) | Sep. 27, 2014 |
In Millions, unless otherwise specified | |
Finite-Lived Intangible Assets [Line Items] | ' |
Q4 2014 | $28.20 |
2015 | 112.6 |
2016 | 111.7 |
2017 | 110 |
2018 | 107.6 |
2019 | $100.20 |
Debt_Debt_and_Average_Interest
Debt - Debt and Average Interest Rates on Debt Outstanding (Detail) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total debt | $2,963.20 | ' |
Debt and Capital Lease Obligations | 2,963.20 | 2,550.40 |
Current maturities and short-term borrowings | -2.5 | -2.5 |
Long-term debt | 2,960.70 | 2,547.90 |
Commercial Paper | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, average interest rate | 0.51% | ' |
Total debt | 945.6 | 528.9 |
Other Debt Obligations [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, average interest rate | 6.00% | ' |
Total debt | 0.5 | 0 |
Capital Lease Obligations [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, average interest rate | 6.30% | ' |
Capital Lease Obligations | 7.6 | 21.5 |
Total debt | 7.6 | ' |
Senior Notes 1.350% Due in 2015 | Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, average interest rate | 1.35% | ' |
Total debt | 350 | 350 |
Senior Notes 1.875% Due 2017 | Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, average interest rate | 1.88% | ' |
Total debt | 350 | 350 |
Senior Notes 2.650% Due 2019 | Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, average interest rate | 2.65% | ' |
Total debt | 250 | 250 |
Senior Notes 5.000% Due 2021 | Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, average interest rate | 5.00% | ' |
Total debt | 500 | 500 |
Senior Notes 3.150% Due 2022 | Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, average interest rate | 3.15% | ' |
Total debt | 550 | 550 |
Subsidiary Issuer | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 2,818.60 | 2,401.90 |
Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, average interest rate | 1.40% | ' |
Total debt | $9.50 | $0 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||
In Millions, unless otherwise specified | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Dec. 31, 2013 | Mar. 30, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Oct. 03, 2014 |
Senior Notes 5.000% Due 2021 | Subsidiary Issuer | Subsidiary Issuer | Subsidiary Issuer | Subsidiary Issuer | Subsidiary Issuer | Subsidiary Issuer | Maximum | Minimum | Other Credit Facilities | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Commercial Paper [Member] | Commercial Paper [Member] | Revolving Credit Facility [Member] | |||
Senior Notes 1.350% Due in 2015 | Senior Notes 1.875% Due 2017 | Senior Notes 2.650% Due 2019 | Senior Notes 5.000% Due 2021 | Senior Notes 3.150% Due 2022 | ||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, interest rate | ' | ' | ' | ' | 1.35% | 1.88% | 2.65% | 5.00% | 3.15% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | $373 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 83.5 | ' | ' | 1,450 | ' | ' | 2,100 |
Debt, Long-term and Short-term, Combined Amount | 2,963.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.5 | 0 | ' | 945.6 | 528.9 | ' |
Remaining availability under Credit Facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 494.9 | ' | ' | ' | ' | ' |
Costs and expenses incurred in connection with acquisition excluded from computation of Net Income figure used in our debt covenant calculation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt agreement financial covenant, leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 3.5 | ' | ' | ' | ' | ' | ' | ' |
Compliance with debt agreement financial covenants | 'we were in compliance with all financial covenants in our debt agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | ' | ' | ' | ' | ' | ' |
Future minimum lease payments | 7.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Imputed interest | 0.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease obligation cost | 20.4 | 41.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated amortization related to assets under capital lease | $2.40 | $7.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Debt_Outstanding_Matures_
Debt - Debt Outstanding Matures on Calendar Year Basis (Detail) (USD $) | Sep. 27, 2014 |
In Millions, unless otherwise specified | |
Debt Instrument [Line Items] | ' |
Q4 2014 | $1 |
2015 | 357.1 |
2016 | 0 |
2017 | 350 |
2018 | 0 |
2019 | 1,205.10 |
Thereafter | 1,050 |
Total debt | 2,963.20 |
Contractual Maturity | ' |
Debt Instrument [Line Items] | ' |
Q4 2014 | 0.5 |
2015 | 350 |
2016 | 0 |
2017 | 350 |
2018 | 0 |
2019 | 1,205.10 |
Thereafter | 1,050 |
Total debt | 2,955.60 |
Capital Lease Obligations | ' |
Debt Instrument [Line Items] | ' |
Q4 2014 | 0.5 |
2015 | 7.1 |
2016 | 0 |
2017 | 0 |
2018 | 0 |
2019 | 0 |
Thereafter | 0 |
Total debt | $7.60 |
Derivatives_and_Financial_Inst2
Derivatives and Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Apr. 30, 2011 | Sep. 27, 2014 | Dec. 31, 2013 |
Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' |
Non-cash impairment charge of related to trade name intangibles | $11 | ' | ' | ' | ' | ' |
Average swap interest rate | ' | ' | ' | 3.65% | ' | ' |
Cost of expiration (termination) | ' | ' | ' | 11 | ' | ' |
Derivative instrument contractual life | ' | ' | ' | '10 years | ' | ' |
Unrealized loss | ' | ' | ' | ' | 7.2 | 8.1 |
Derivative, Notional Amount | ' | $170.30 | $130.30 | $400 | ' | ' |
Derivatives_and_Financial_Inst3
Derivatives and Financial Instruments - Recorded Amounts and Estimated Fair Values of Long-term Debt and Derivative Financial Instruments (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 27, 2014 | Dec. 31, 2013 |
Derivative [Line Items] | ' | ' |
Total debt | $2,963.20 | ' |
Recorded Amount | ' | ' |
Derivative [Line Items] | ' | ' |
Variable rate debt | 955.6 | 528.9 |
Fixed rate debt | 2,007.60 | 2,021.50 |
Total debt | 2,963.20 | 2,550.40 |
Fair Value | ' | ' |
Derivative [Line Items] | ' | ' |
Variable rate debt | 955.6 | 528.9 |
Fixed rate debt | 2,065.80 | 1,997.50 |
Total debt | 3,021.40 | 2,526.40 |
Interest Rate Swap [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | ($7.20) | ($8.10) |
Derivatives_and_Financial_Inst4
Derivatives and Financial Instruments - Assets and Liabilities Measured at Fair Value (Detail) (Fair Value, Measurements, Recurring, USD $) | Sep. 27, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Foreign currency contract assets | $0.50 | $3.60 | ||
Deferred compensation plan | 54.6 | [1] | 32.1 | [1] |
Total recurring fair value measurements | 55.1 | 35.7 | ||
Fair Value, Inputs, Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Deferred compensation plan | 47.2 | [1] | 32.1 | [1] |
Total recurring fair value measurements | 47.2 | 32.1 | ||
Fair Value, Inputs, Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Foreign currency contract assets | 0.5 | 3.6 | ||
Deferred compensation plan | 7.4 | [1] | ' | |
Total recurring fair value measurements | $7.90 | $3.60 | ||
[1] | Deferred compensation plan assets include mutual funds, common/collective trusts and cash equivalents for payment of certain non-qualified benefits for retired, terminated and active employees. The fair value of mutual funds and cash equivalents were based on quoted market prices in active markets. The underlying investments in the common/collective trusts primarily include intermediate and long-term debt securities, corporate debt securities, equity securities and fixed income securities. The overall fair value of the common/collective trusts are based on observable inputs. |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Taxes [Line Items] | ' | ' |
Total gross liability for unrecognized tax benefits | $60.90 | $60.80 |
Benefit_Plans_Components_of_Ne
Benefit Plans - Components of Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
U.S. Pension Plans | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $3.30 | $3.90 | $9.90 | $11.70 |
Interest cost | 3.8 | 3.6 | 11.4 | 10.8 |
Expected return on plan assets | -2.6 | -2.4 | -7.8 | -7.2 |
Net periodic benefit cost | 4.5 | 5.1 | 13.5 | 15.3 |
Non U.S. Pension Plans | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 2 | 2.4 | 6 | 7.2 |
Interest cost | 4.7 | 4.4 | 14.1 | 13.2 |
Expected return on plan assets | -4.2 | -3.8 | -12.6 | -11.4 |
Net periodic benefit cost | $2.50 | $3 | $7.50 | $9 |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 31, 2013 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Oct. 30, 2012 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 |
October 2012 Share Repurchase Program [Member] | December 2013 Share Repurchase Program [Member] | December 2013 Share Repurchase Program [Member] | Stock Repurchase Program [Member] | Stock Repurchase Program [Member] | Stock Repurchase Program [Member] | Payable Q4 2014 | Payable Q1 2015 | Payable Q2 2015 | Payable Q3 and Q4 2014 and Q1 and Q2 2015 | Payable Q3 2014 | ||||
Maximum | Maximum | |||||||||||||
Stockholders Equity Note Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of shares of our common stock up to a maximum aggregate value | ' | ' | ' | ' | $1,000 | ' | ' | $800 | $400 | ' | ' | ' | ' | ' |
Common stock authorized for repurchase, expiration date | ' | ' | ' | 31-Dec-15 | ' | 31-Dec-16 | ' | ' | ' | ' | ' | ' | ' | ' |
Share repurchase program remaining available amount | ' | ' | ' | ' | 300 | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Share repurchase (in shares) | ' | ' | ' | ' | ' | ' | 11.8 | ' | ' | ' | ' | ' | ' | ' |
Repurchase of common stock, value | 850 | 540.3 | ' | ' | ' | ' | 850 | ' | ' | ' | ' | ' | ' | ' |
Dividends payable amount (USD per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.30 | $0.30 | $0.30 | $1.20 | $0.30 |
Dividends payable | $168.10 | ' | $98.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment_Information_Financial_
Segment Information - Financial Information by Reportable Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $1,758.40 | $1,713.30 | $5,236.50 | $5,168.70 |
Operating income (loss) | 267.4 | 230 | 675.9 | 501.3 |
Valves & Controls | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 613.4 | 611.5 | 1,782.10 | 1,817.20 |
Operating income (loss) | 96.4 | 76.6 | 220.1 | 114.9 |
Process Technologies [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 437.8 | 421.2 | 1,352.90 | 1,295.40 |
Operating income (loss) | 58.1 | 57.1 | 186.8 | 177.3 |
Flow Technologies [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 274.5 | 281.5 | 856.8 | 865.6 |
Operating income (loss) | 38.8 | 38.7 | 102.5 | 100.5 |
Technical Solutions | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 438.8 | 405.9 | 1,262.70 | 1,213.30 |
Operating income (loss) | 96.5 | 82.2 | 246.3 | 200.6 |
Other | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | -6.1 | -6.8 | -18 | -22.8 |
Operating income (loss) | ($22.40) | ($24.60) | ($79.80) | ($92) |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | LegalMatter | |
Loss Contingencies [Line Items] | ' | ' |
Number of asbestos-related claims outstanding | 3,200 | ' |
Estimated liability for asbestos-related claims | $250.50 | $254.70 |
Estimated receivable for asbestos-related insurance recoveries | 116.1 | 119.6 |
Environmental reserve | 33.1 | 34.8 |
Letters of credit outstanding | 466.9 | 484 |
Water Transport [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Letters of credit outstanding | $42.60 | $25.30 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Changes in Carrying Amount of Service and Product Warranties (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 27, 2014 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ' |
Beginning balance | $56 |
Product Warranty Accrual, Currency Translation, Increase (Decrease) | -1.6 |
Service and product warranty provision | 44.9 |
Payments | -45 |
Ending balance | $54.30 |
Financial_Statements_of_Parent2
Financial Statements of Parent Company Guarantor - Additional Information (Detail) (Subsidiary Issuer) | 9 Months Ended |
Sep. 27, 2014 | |
Subsidiary Issuer | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Ownership percentage | 100.00% |
Financial_Statements_of_Parent3
Financial Statements of Parent Company Guarantor - Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Mar. 30, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Net sales | $1,758.40 | $1,713.30 | ' | $5,236.50 | $5,168.70 |
Cost of goods sold | 1,133.70 | 1,098.60 | ' | 3,401.40 | 3,429.10 |
Gross profit | 624.7 | 614.7 | ' | 1,835.10 | 1,739.60 |
Selling, general and administrative | 328.8 | 353.4 | ' | 1,071 | 1,143.50 |
Research and development | 28.5 | 31.3 | ' | 88.2 | 94.8 |
Operating income (loss) | 267.4 | 230 | ' | 675.9 | 501.3 |
Income (Loss) from Equity Method Investments | -0.3 | -0.5 | ' | -0.9 | -1.7 |
Other (income) expense: | ' | ' | ' | ' | ' |
Loss (gain) on sale of businesses | 0 | -0.1 | -16.7 | 0.2 | -16.8 |
Net interest expense | 17.1 | 17.5 | ' | 51.1 | 53.8 |
Income before income taxes and noncontrolling interest | -250.6 | -213.1 | ' | -625.5 | -466 |
Provision for income taxes | 58.1 | 46.7 | ' | 148.3 | 112.9 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 192.5 | 166.4 | ' | 477.2 | 353.1 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | -1.6 | -7.8 | ' | -2.6 | -29.8 |
Discontinued Operation, Provision for Loss (Gain) on Disposal, Net of Tax | -380.1 | 0 | ' | -385.7 | 0 |
Noncontrolling interest | 0 | 1.4 | ' | 0 | 4.3 |
Net income (loss) attributable to Pentair plc | -186 | 172.8 | ' | 94.1 | 378.6 |
Income (Loss) from Continuing Operations Attributable to Parent | 192.5 | 165 | ' | 477.2 | 348.8 |
Comprehensive income (loss), net of tax | ' | ' | ' | ' | ' |
Net income | -186 | 174.2 | ' | 94.1 | 382.9 |
Changes in cumulative translation adjustment | 178.8 | -89.1 | ' | 190.3 | 29.1 |
Changes in market value of derivative financial instruments | 0.8 | -0.6 | ' | 1.2 | -0.3 |
Total comprehensive income (loss) | -364 | 262.7 | ' | -95 | 353.5 |
Less: Comprehensive income attributable to noncontrolling interest | 0 | 2.6 | ' | 0 | 5 |
Comprehensive income (loss) attributable to Pentair plc | -364 | 260.1 | ' | -95 | 348.5 |
Parent Company Guarantor | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Selling, general and administrative | 3.2 | -0.7 | ' | 10.6 | -1.5 |
Operating income (loss) | -3.2 | 0.7 | ' | -10.6 | 1.5 |
Other (income) expense: | ' | ' | ' | ' | ' |
Net interest expense | 0 | 1.3 | ' | 0.7 | 4.4 |
Income before income taxes and noncontrolling interest | -192.5 | -164.9 | ' | -477.2 | -348.4 |
Provision for income taxes | 0 | -0.1 | ' | 0 | -0.4 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 192.5 | 165 | ' | 477.2 | 348.8 |
Net income (loss) attributable to Pentair plc | -186 | 172.8 | ' | 94.1 | 378.6 |
Income (Loss) from Continuing Operations Attributable to Parent | 192.5 | 165 | ' | 477.2 | 348.8 |
Comprehensive income (loss), net of tax | ' | ' | ' | ' | ' |
Net income | -186 | 172.8 | ' | 94.1 | 378.6 |
Changes in cumulative translation adjustment | 178.8 | -87.9 | ' | 190.3 | 29.8 |
Changes in market value of derivative financial instruments | 0.8 | -0.6 | ' | 1.2 | -0.3 |
Total comprehensive income (loss) | ' | 260.1 | ' | ' | 348.5 |
Less: Comprehensive income attributable to noncontrolling interest | ' | 0 | ' | ' | 0 |
Comprehensive income (loss) attributable to Pentair plc | -364 | 260.1 | ' | -95 | 348.5 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Selling, general and administrative | 1.5 | ' | ' | 4.2 | ' |
Operating income (loss) | -1.5 | ' | ' | -4.2 | ' |
Other (income) expense: | ' | ' | ' | ' | ' |
Net interest expense | 0.9 | ' | ' | 1.2 | ' |
Income before income taxes and noncontrolling interest | -195.7 | ' | ' | -488.5 | ' |
Provision for income taxes | 0 | ' | ' | 0 | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 195.7 | ' | ' | 488.5 | ' |
Net income (loss) attributable to Pentair plc | -182.8 | ' | ' | 105.4 | ' |
Income (Loss) from Continuing Operations Attributable to Parent | 195.7 | ' | ' | 488.5 | ' |
Comprehensive income (loss), net of tax | ' | ' | ' | ' | ' |
Net income | -182.8 | ' | ' | 105.4 | ' |
Changes in cumulative translation adjustment | 178.8 | ' | ' | 190.3 | ' |
Changes in market value of derivative financial instruments | 0.8 | ' | ' | 1.2 | ' |
Comprehensive income (loss) attributable to Pentair plc | -360.8 | ' | ' | -83.7 | ' |
Subsidiary Issuer | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Selling, general and administrative | 0.8 | 3.1 | ' | 6.8 | 10.1 |
Operating income (loss) | -0.8 | -3.1 | ' | -6.8 | -10.1 |
Other (income) expense: | ' | ' | ' | ' | ' |
Net interest expense | 1 | 0.6 | ' | 2 | 6.7 |
Income before income taxes and noncontrolling interest | -204.5 | -165.8 | ' | -475.2 | -349.8 |
Provision for income taxes | 0 | 1.3 | ' | 1 | 1.3 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 204.5 | 164.5 | ' | 474.2 | 348.5 |
Net income (loss) attributable to Pentair plc | -174 | 172.3 | ' | 91.1 | 378.3 |
Income (Loss) from Continuing Operations Attributable to Parent | 204.5 | 164.5 | ' | 474.2 | 348.5 |
Comprehensive income (loss), net of tax | ' | ' | ' | ' | ' |
Net income | -174 | 172.3 | ' | 91.1 | 378.3 |
Changes in cumulative translation adjustment | 178.8 | -87.9 | ' | 190.3 | 29.8 |
Changes in market value of derivative financial instruments | 0.8 | -0.6 | ' | 1.2 | -0.3 |
Total comprehensive income (loss) | ' | 259.6 | ' | ' | 348.2 |
Less: Comprehensive income attributable to noncontrolling interest | ' | 0 | ' | ' | 0 |
Comprehensive income (loss) attributable to Pentair plc | -352 | 259.6 | ' | -98 | 348.2 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Net sales | 1,758.40 | 1,713.30 | ' | 5,236.50 | 5,168.70 |
Cost of goods sold | 1,133.70 | 1,098.60 | ' | 3,401.40 | 3,429.10 |
Gross profit | 624.7 | 614.7 | ' | 1,835.10 | 1,739.60 |
Selling, general and administrative | 323.3 | 351 | ' | 1,049.40 | 1,134.90 |
Research and development | 28.5 | 31.3 | ' | 88.2 | 94.8 |
Operating income (loss) | 272.9 | 232.4 | ' | 697.5 | 509.9 |
Income (Loss) from Equity Method Investments | -0.3 | -0.5 | ' | -0.9 | -1.7 |
Other (income) expense: | ' | ' | ' | ' | ' |
Loss (gain) on sale of businesses | ' | -0.1 | ' | 0.2 | -16.8 |
Net interest expense | 15.2 | 15.6 | ' | 47.2 | 42.7 |
Income before income taxes and noncontrolling interest | -258 | -217.4 | ' | -651 | -485.7 |
Provision for income taxes | 58.1 | 45.5 | ' | 147.3 | 112 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 199.9 | 171.9 | ' | 503.7 | 373.7 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | -1.6 | -7.8 | ' | -2.6 | 29.8 |
Discontinued Operation, Provision for Loss (Gain) on Disposal, Net of Tax | -380.1 | ' | ' | -385.7 | ' |
Noncontrolling interest | ' | 1.4 | ' | ' | 4.3 |
Net income (loss) attributable to Pentair plc | -178.6 | 178.3 | ' | 120.6 | 399.2 |
Income (Loss) from Continuing Operations Attributable to Parent | 199.9 | 170.5 | ' | 503.7 | 369.4 |
Comprehensive income (loss), net of tax | ' | ' | ' | ' | ' |
Net income | -178.6 | 179.7 | ' | 120.6 | 403.5 |
Changes in cumulative translation adjustment | 178.8 | -89.1 | ' | 190.3 | 29.1 |
Changes in market value of derivative financial instruments | 0.8 | -0.6 | ' | 1.2 | -0.3 |
Total comprehensive income (loss) | ' | 268.2 | ' | ' | 374.1 |
Less: Comprehensive income attributable to noncontrolling interest | ' | 2.6 | ' | ' | 5 |
Comprehensive income (loss) attributable to Pentair plc | -356.6 | 265.6 | ' | -68.5 | 369.1 |
Eliminations | ' | ' | ' | ' | ' |
Other (income) expense: | ' | ' | ' | ' | ' |
Income before income taxes and noncontrolling interest | 600.1 | -335 | ' | 1,466.40 | -717.9 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -600.1 | -335 | ' | -1,466.40 | -717.9 |
Net income (loss) attributable to Pentair plc | 535.4 | -350.6 | ' | -317.1 | -777.5 |
Income (Loss) from Continuing Operations Attributable to Parent | -600.1 | -335 | ' | -1,466.40 | -717.9 |
Comprehensive income (loss), net of tax | ' | ' | ' | ' | ' |
Net income | 535.4 | -350.6 | ' | -317.1 | 777.5 |
Changes in cumulative translation adjustment | -536.4 | 175.8 | ' | -570.9 | 59.6 |
Changes in market value of derivative financial instruments | -2.4 | 1.2 | ' | -3.6 | -0.6 |
Total comprehensive income (loss) | ' | -525.2 | ' | ' | 717.3 |
Less: Comprehensive income attributable to noncontrolling interest | ' | 0 | ' | ' | 0 |
Comprehensive income (loss) attributable to Pentair plc | 1,069.40 | -525.2 | ' | 250.2 | 717.3 |
Continuing Operations [Member] | Parent Company Guarantor | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Loss (earnings) from investment in subsidiaries | -195.7 | -165.5 | ' | -488.5 | -351.3 |
Continuing Operations [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Loss (earnings) from investment in subsidiaries | -198.1 | ' | ' | -493.9 | ' |
Continuing Operations [Member] | Subsidiary Issuer | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Loss (earnings) from investment in subsidiaries | -206.3 | -169.5 | ' | -484 | -366.6 |
Continuing Operations [Member] | Eliminations | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Loss (earnings) from investment in subsidiaries | 600.1 | 335 | ' | 1,466.40 | 717.9 |
Discontinued Operations [Member] | Parent Company Guarantor | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Loss (earnings) from investment in subsidiaries | -378.5 | 7.8 | ' | -383.1 | 29.8 |
Discontinued Operations [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Loss (earnings) from investment in subsidiaries | -378.5 | ' | ' | -383.1 | ' |
Discontinued Operations [Member] | Subsidiary Issuer | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Loss (earnings) from investment in subsidiaries | -378.5 | 7.8 | ' | -383.1 | 29.8 |
Discontinued Operations [Member] | Eliminations | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Loss (earnings) from investment in subsidiaries | $1,135.50 | ($15.60) | ' | $1,149.30 | ($59.60) |
Financial_Statements_of_Parent4
Financial Statements of Parent Company Guarantor - Condensed Consolidating Balance Sheet (Detail) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 28, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | $156.60 | $256 | $219.20 | $237.40 |
Accounts and notes receivable, net | 1,180.90 | 1,285 | ' | ' |
Inventories | 1,199.40 | 1,195.10 | ' | ' |
Other current assets | 386.3 | 361.6 | ' | ' |
Assets of Disposal Group, Including Discontinued Operation, Current | 129.2 | 134.4 | ' | ' |
Total current assets | 3,052.40 | 3,232.10 | ' | ' |
Property, plant and equipment, net | 990.8 | 1,044.30 | ' | ' |
Other assets | ' | ' | ' | ' |
Goodwill | 4,792.60 | 4,860.70 | ' | ' |
Intangibles, net | 1,648.60 | 1,749.90 | ' | ' |
Other non-current assets | 406.3 | 390 | ' | ' |
Assets of Disposal Group, Including Discontinued Operation, Noncurrent | 36.2 | 466.3 | ' | ' |
Total other assets | 6,883.70 | 7,466.90 | ' | ' |
Total assets | 10,926.90 | 11,743.30 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current maturities of long-term debt and short-term borrowings | 2.5 | 2.5 | ' | ' |
Accounts payable | 527.2 | 576.9 | ' | ' |
Employee compensation and benefits | 287.4 | 312.4 | ' | ' |
Other current liabilities | 791.1 | 645.9 | ' | ' |
Liabilities of Disposal Group, Including Discontinued Operation, Current | 60.5 | 72.5 | ' | ' |
Total current liabilities | 1,668.70 | 1,610.20 | ' | ' |
Other liabilities | ' | ' | ' | ' |
Long-term debt | 2,960.70 | 2,547.90 | ' | ' |
Pension and other post-retirement compensation and benefits | 279.1 | 320.2 | ' | ' |
Deferred tax liabilities | 558.4 | 557 | ' | ' |
Other non-current liabilities | 480.7 | 456.4 | ' | ' |
Liabilities of Disposal Group, Including Discontinued Operation, Noncurrent | 11.9 | 33.9 | ' | ' |
Total liabilities | 5,959.50 | 5,525.60 | ' | ' |
Equity | ' | ' | ' | ' |
Shareholders' equity attributable to Pentair plc and subsidiaries | 4,967.40 | 6,095.30 | ' | ' |
Noncontrolling interest | 0 | 122.4 | ' | ' |
Total equity | 4,967.40 | 6,217.70 | 6,201.40 | 6,487.50 |
Total liabilities and equity | 10,926.90 | 11,743.30 | ' | ' |
Parent Company Guarantor | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0.5 | ' | ' |
Accounts and notes receivable, net | 0 | 2.9 | ' | ' |
Inventories | ' | 0 | ' | ' |
Other current assets | 0.1 | 1.4 | ' | ' |
Total current assets | 0.1 | 4.8 | ' | ' |
Property, plant and equipment, net | ' | 0 | ' | ' |
Other assets | ' | ' | ' | ' |
Investments in subsidiaries | 5,589.50 | 6,224.70 | ' | ' |
Other non-current assets | 31.6 | 31.6 | ' | ' |
Total other assets | 5,621.10 | 6,256.30 | ' | ' |
Total assets | 5,621.20 | 6,261.10 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current maturities of long-term debt and short-term borrowings | ' | 0 | ' | ' |
Accounts payable | 0 | 48.1 | ' | ' |
Employee compensation and benefits | 0 | 0.5 | ' | ' |
Other current liabilities | 173.4 | 99.6 | ' | ' |
Total current liabilities | 173.4 | 148.2 | ' | ' |
Other liabilities | ' | ' | ' | ' |
Long-term debt | 462.8 | ' | ' | ' |
Other non-current liabilities | 17.6 | 17.6 | ' | ' |
Total liabilities | 653.8 | 165.8 | ' | ' |
Equity | ' | ' | ' | ' |
Shareholders' equity attributable to Pentair plc and subsidiaries | 4,967.40 | 6,095.30 | ' | ' |
Total equity | ' | 6,095.30 | ' | ' |
Total liabilities and equity | 5,621.20 | 6,261.10 | ' | ' |
Guarantor Subsidiary [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | ' | ' |
Accounts and notes receivable, net | 0 | ' | ' | ' |
Other current assets | 16.3 | ' | ' | ' |
Total current assets | 16.3 | ' | ' | ' |
Other assets | ' | ' | ' | ' |
Investments in subsidiaries | 5,751.60 | ' | ' | ' |
Other non-current assets | 0 | ' | ' | ' |
Total other assets | 5,751.60 | ' | ' | ' |
Total assets | 5,767.90 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | 0 | ' | ' | ' |
Employee compensation and benefits | 0.7 | ' | ' | ' |
Other current liabilities | 4.5 | ' | ' | ' |
Total current liabilities | 5.2 | ' | ' | ' |
Other liabilities | ' | ' | ' | ' |
Long-term debt | 173.2 | ' | ' | ' |
Other non-current liabilities | 0 | ' | ' | ' |
Total liabilities | 178.4 | ' | ' | ' |
Equity | ' | ' | ' | ' |
Shareholders' equity attributable to Pentair plc and subsidiaries | 5,589.50 | ' | ' | ' |
Total liabilities and equity | 5,767.90 | ' | ' | ' |
Subsidiary Issuer | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 0.2 | 47 | ' | ' |
Accounts and notes receivable, net | 0 | 4 | ' | ' |
Inventories | ' | 0 | ' | ' |
Other current assets | 8 | 0.6 | ' | ' |
Total current assets | 8.2 | 51.6 | ' | ' |
Property, plant and equipment, net | ' | 0 | ' | ' |
Other assets | ' | ' | ' | ' |
Investments in subsidiaries | 7,830.70 | 8,066.60 | ' | ' |
Other non-current assets | 1,979.70 | 1,302.70 | ' | ' |
Total other assets | 9,810.40 | 9,369.30 | ' | ' |
Total assets | 9,818.60 | 9,420.90 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current maturities of long-term debt and short-term borrowings | ' | 0 | ' | ' |
Accounts payable | 0 | 8.6 | ' | ' |
Other current liabilities | 14.2 | 11.7 | ' | ' |
Total current liabilities | 14.2 | 20.3 | ' | ' |
Other liabilities | ' | ' | ' | ' |
Long-term debt | 2,818.60 | 2,401.90 | ' | ' |
Deferred tax liabilities | 2.2 | 2.2 | ' | ' |
Total liabilities | 2,835 | 2,424.40 | ' | ' |
Equity | ' | ' | ' | ' |
Shareholders' equity attributable to Pentair plc and subsidiaries | 6,983.60 | 6,996.50 | ' | ' |
Total equity | ' | 6,996.50 | ' | ' |
Total liabilities and equity | 9,818.60 | 9,420.90 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 156.4 | 208.5 | 219 | 237.4 |
Accounts and notes receivable, net | 1,180.90 | 1,341.70 | ' | ' |
Inventories | 1,199.40 | 1,195.10 | ' | ' |
Other current assets | 402.5 | 359.6 | ' | ' |
Assets of Disposal Group, Including Discontinued Operation, Current | 129.2 | 134.4 | ' | ' |
Total current assets | 3,068.40 | 3,239.30 | ' | ' |
Property, plant and equipment, net | 990.8 | 1,044.30 | ' | ' |
Other assets | ' | ' | ' | ' |
Goodwill | 4,792.60 | 4,860.70 | ' | ' |
Intangibles, net | 1,648.60 | 1,749.90 | ' | ' |
Other non-current assets | 370.6 | 352.4 | ' | ' |
Assets of Disposal Group, Including Discontinued Operation, Noncurrent | 36.2 | 466.3 | ' | ' |
Total other assets | 6,848 | 7,429.30 | ' | ' |
Total assets | 10,907.20 | 11,712.90 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current maturities of long-term debt and short-term borrowings | 2.5 | 2.5 | ' | ' |
Accounts payable | 527.2 | 583.8 | ' | ' |
Employee compensation and benefits | 286.7 | 311.9 | ' | ' |
Other current liabilities | 639.6 | 534.6 | ' | ' |
Liabilities of Disposal Group, Including Discontinued Operation, Current | 60.5 | 72.5 | ' | ' |
Total current liabilities | 1,516.50 | 1,505.30 | ' | ' |
Other liabilities | ' | ' | ' | ' |
Long-term debt | 1,481.70 | 1,442.70 | ' | ' |
Pension and other post-retirement compensation and benefits | 279.1 | 320.2 | ' | ' |
Deferred tax liabilities | 556.2 | 554.8 | ' | ' |
Other non-current liabilities | 463.1 | 438.8 | ' | ' |
Liabilities of Disposal Group, Including Discontinued Operation, Noncurrent | 11.9 | 33.9 | ' | ' |
Total liabilities | 4,308.50 | 4,295.70 | ' | ' |
Equity | ' | ' | ' | ' |
Shareholders' equity attributable to Pentair plc and subsidiaries | 6,598.70 | 7,294.80 | ' | ' |
Noncontrolling interest | ' | 122.4 | ' | ' |
Total equity | ' | 7,417.20 | ' | ' |
Total liabilities and equity | 10,907.20 | 11,712.90 | ' | ' |
Eliminations | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Accounts and notes receivable, net | 0 | -63.6 | ' | ' |
Other current assets | -40.6 | 0 | ' | ' |
Total current assets | -40.6 | -63.6 | ' | ' |
Other assets | ' | ' | ' | ' |
Investments in subsidiaries | -19,171.80 | -14,291.30 | ' | ' |
Other non-current assets | -1,975.60 | -1,296.70 | ' | ' |
Total other assets | -21,147.40 | -15,588 | ' | ' |
Total assets | -21,188 | -15,651.60 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | 0 | -63.6 | ' | ' |
Other current liabilities | -40.6 | 0 | ' | ' |
Total current liabilities | -40.6 | -63.6 | ' | ' |
Other liabilities | ' | ' | ' | ' |
Long-term debt | -1,975.60 | -1,296.70 | ' | ' |
Other non-current liabilities | 0 | 0 | ' | ' |
Total liabilities | -2,016.20 | -1,360.30 | ' | ' |
Equity | ' | ' | ' | ' |
Shareholders' equity attributable to Pentair plc and subsidiaries | -19,171.80 | -14,291.30 | ' | ' |
Total equity | ' | -14,291.30 | ' | ' |
Total liabilities and equity | ($21,188) | ($15,651.60) | ' | ' |
Financial_Statements_of_Parent5
Financial Statements of Parent Company Guarantor - Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Operating activities | ' | ' |
Net cash provided by (used for) operating activities | $683.40 | $634 |
Investing activities | ' | ' |
Capital expenditures | -92.5 | -126.3 |
Proceeds from sale of property and equipment | 4.1 | 3.7 |
Proceeds from sale of businesses, net | 0.3 | 30.9 |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | -84.4 |
Payments for (Proceeds from) Other Investing Activities | 0.6 | -0.8 |
Net cash provided by (used for) investing activities | -87.5 | -176.9 |
Financing activities | ' | ' |
Net receipts (repayments) of short-term borrowings | 0.3 | 0 |
Net receipts of commercial paper and revolving long-term debt | 426.2 | 122.5 |
Repayments of long-term debt | -13.2 | -6.2 |
Debt issuance costs | 0 | -1.4 |
Excess tax benefits from share-based compensation | 10 | 7.4 |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 30.3 | 70.8 |
Repurchases of ordinary shares | -850 | -540.3 |
Dividends paid | -156.2 | -143.9 |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | -134.7 | ' |
Distribution to noncontrolling interest | 0 | -2 |
Net cash provided by (used for) financing activities | -687.3 | -493.1 |
Effect of exchange rate changes on cash and cash equivalents | -8 | 17.8 |
Change in cash and cash equivalents | -99.4 | -18.2 |
Cash and cash equivalents, beginning of period | 256 | 237.4 |
Cash and cash equivalents, end of period | 156.6 | 219.2 |
Parent Company Guarantor | ' | ' |
Operating activities | ' | ' |
Net cash provided by (used for) operating activities | 99.4 | 369 |
Investing activities | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | -84.4 |
Net cash provided by (used for) investing activities | ' | -84.4 |
Financing activities | ' | ' |
Net change in advances to subsidiaries | 455.6 | -140.7 |
Dividends paid | -156.2 | -143.9 |
Net cash provided by (used for) financing activities | -99.9 | -284.6 |
Change in cash and cash equivalents | -0.5 | ' |
Cash and cash equivalents, beginning of period | 0.5 | ' |
Cash and cash equivalents, end of period | 0 | ' |
Guarantor Subsidiary [Member] | ' | ' |
Operating activities | ' | ' |
Net cash provided by (used for) operating activities | 94.2 | ' |
Financing activities | ' | ' |
Net change in advances to subsidiaries | -94.2 | ' |
Net cash provided by (used for) financing activities | -94.2 | ' |
Cash and cash equivalents, end of period | 0 | ' |
Subsidiary Issuer | ' | ' |
Operating activities | ' | ' |
Net cash provided by (used for) operating activities | 88.1 | 383.4 |
Financing activities | ' | ' |
Net receipts of commercial paper and revolving long-term debt | 416.7 | 114.9 |
Debt issuance costs | ' | -1.4 |
Net change in advances to subsidiaries | -551.6 | -496.7 |
Net cash provided by (used for) financing activities | -134.9 | -383.2 |
Change in cash and cash equivalents | -46.8 | ' |
Cash and cash equivalents, beginning of period | 47 | ' |
Cash and cash equivalents, end of period | 0.2 | ' |
Non-Guarantor Subsidiaries | ' | ' |
Operating activities | ' | ' |
Net cash provided by (used for) operating activities | 718.8 | 659.1 |
Investing activities | ' | ' |
Capital expenditures | -92.5 | -126.3 |
Proceeds from sale of property and equipment | 4.1 | 3.7 |
Proceeds from sale of businesses, net | 0.3 | 30.9 |
Payments for (Proceeds from) Other Investing Activities | 0.6 | -0.8 |
Net cash provided by (used for) investing activities | -87.5 | -92.5 |
Financing activities | ' | ' |
Net receipts (repayments) of short-term borrowings | 0.3 | ' |
Net receipts of commercial paper and revolving long-term debt | 9.5 | 7.6 |
Repayments of long-term debt | -13.2 | -6.2 |
Debt issuance costs | ' | 0 |
Excess tax benefits from share-based compensation | 10 | 7.4 |
Net change in advances to subsidiaries | -126.9 | -140.1 |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 30.3 | 70.8 |
Repurchases of ordinary shares | -450.7 | -540.3 |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | -134.7 | ' |
Distribution to noncontrolling interest | ' | -2 |
Net cash provided by (used for) financing activities | -675.4 | -602.8 |
Effect of exchange rate changes on cash and cash equivalents | -8 | 17.8 |
Change in cash and cash equivalents | -52.1 | ' |
Cash and cash equivalents, beginning of period | 208.5 | 237.4 |
Cash and cash equivalents, end of period | 156.4 | 219 |
Eliminations | ' | ' |
Operating activities | ' | ' |
Net cash provided by (used for) operating activities | -317.1 | -777.5 |
Financing activities | ' | ' |
Debt issuance costs | ' | 0 |
Net change in advances to subsidiaries | 317.1 | 777.5 |
Net cash provided by (used for) financing activities | $317.10 | $777.50 |