Pentair (PNR) 10-Q 28 Jul 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2016shares
Document Information [Line Items]
Entity Registrant Name	PENTAIR plc
Entity Central Index Key	77,360
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Trading Symbol	PNR
Entity Common Stock, Shares Outstanding	181,093,366

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 27, 2015	Jun. 30, 2016	Jun. 27, 2015
Net sales	$ 1,733.3	$ 1,661.2	$ 3,308.8	$ 3,136.2
Cost of goods sold	1,134.1	1,095	2,174.2	2,059.8
Gross profit	599.2	566.2	1,134.6	1,076.4
Selling, general and administrative	348.4	319.3	680	628.5
Research and development	33.9	29	67.1	58.8
Operating income	216.9	217.9	387.5	389.1
Other (income) expense:
Equity income of unconsolidated subsidiaries	(1)	(0.6)	(1.9)	(1.1)
Net interest expense	35.5	18.6	71.9	36.8
Income from continuing operations before income taxes	182.4	199.9	317.5	353.4
Provision for income taxes	39.6	46	67.3	81.3
Net income from continuing operations	142.8	153.9	250.2	272.1
Loss from discontinued operations, net of tax	0	(1.3)	0	(5.6)
Discontinued Operation, Provision for Loss (Gain) on Disposal, Net of Tax	0	4.8	0	4.8
Net income	142.8	147.8	250.2	261.7
Comprehensive income (loss), net of tax
Net income	142.8	147.8	250.2	261.7
Changes in cumulative translation adjustment	(25.8)	21.6	2.2	(152.6)
Changes in market value of derivative financial instruments, net of $0.0, $0.3, ($0.5), and $0.4, respectively	10.9	(0.8)	(3.8)	(0.9)
Comprehensive income	$ 127.9	$ 168.6	$ 248.6	$ 108.2
Earnings (loss) per ordinary share
Income (Loss) from Continuing Operations, Per Basic Share	$ 0.79	$ 0.85	$ 1.38	$ 1.51
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	0	(0.03)	0	(0.06)
Basic (USD per share)	0.79	0.82	1.38	1.45
Income (Loss) from Continuing Operations, Per Diluted Share	0.78	0.84	1.37	1.49
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	0	(0.03)	0	(0.06)
Diluted (USD per share)	$ 0.78	$ 0.81	$ 1.37	$ 1.43
Weighted average ordinary shares outstanding
Basic (shares)	180.9	179.8	180.8	180.1
Diluted (shares)	183	182.3	182.8	182.6
Common Stock, Dividends, Per Share, Cash Paid	$ 0.33	$ 0.32	$ 0.66	$ 0.64

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Operations and Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2016	Jun. 27, 2015	Sep. 26, 2015	Sep. 27, 2014
Condensed Consolidated Statements of Operations and Comprehensive Income (Parenthetical) [Abstract]
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	$ 0	$ 0.3	$ (0.5)	$ 0.4

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 173.3	$ 126.3
Accounts and notes receivable, net of allowances of $90.6 and $103.7, respectively	1,086.2	1,167.7
Inventories	1,133.2	1,174.3
Other current assets	400.1	309.3
Total current assets	2,792.8	2,777.6
Property, plant and equipment, net	937.6	942.8
Other assets
Goodwill	5,231.5	5,255.4
Intangibles, net	2,419.6	2,490.1
Other non-current assets	362.3	367.6
Total Other Assets	8,013.4	8,113.1
Total assets	11,743.8	11,833.5
Current liabilities
Current maturities of long-term debt and short-term borrowings	0	0.7
Accounts payable	531.7	578.8
Employee compensation and benefits	216.3	262.9
Other current liabilities	667.9	644.1
Total current liabilities	1,415.9	1,486.5
Other liabilities
Long-term debt	4,551.7	4,685.8
Pension and other post-retirement compensation and benefits	282	287.2
Deferred tax liabilities	815.2	844.2
Other non-current liabilities	512.7	521
Total liabilities	7,577.5	7,824.7
Equity
Ordinary shares $0.01 par value, 426.0 authorized, 181.1 and 180.5 issued at June 30, 2016 and December 31, 2015, respectively	1.8	1.8
Additional paid-in capital	2,890.9	2,860.3
Retained earnings	1,920.2	1,791.7
Accumulated other comprehensive loss	(646.6)	(645)
Total equity	4,166.3	4,008.8
Total liabilities and equity	$ 11,743.8	$ 11,833.5

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Accounts and notes receivable, allowances	$ 90.6	$ 103.7
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	426	426
Common shares, issued	181.1	180.5
Treasury stock, shares	0	0

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 27, 2015
Operating activities
Net income	$ 250.2	$ 261.7
Income (Loss) from Discontinued Operations, Net of Tax	0	5.6
Discontinued Operation, Provision for Loss (Gain) on Disposal, Net of Tax	0	4.8
Net Income (Loss) from Continuing Operations	250.2	272.1
Adjustments to reconcile net income from continuing operations to net cash provided by (used for) operating activities of continuing operations
Equity income of unconsolidated subsidiaries	(1.9)	(1.1)
Depreciation	68.3	66.8
Amortization	75.2	55.6
Deferred income taxes	(26.6)	4.9
Share-based compensation	22.3	19.4
Excess tax benefits from share-based compensation	(3.2)	(4.6)
Gain (Loss) on Disposition of Other Assets	(7.5)	8.3
Changes in assets and liabilities, net of effects of business acquisitions
Accounts and notes receivable	89.7	2.7
Inventories	36.7	(97.6)
Other current assets	(75.9)	(35.6)
Accounts payable	(47.3)	(43.4)
Employee compensation and benefits	(48)	(41.2)
Other current liabilities	37	30.3
Other non-current assets and liabilities	(14.5)	(24.9)
Net Cash Provided by (Used in) Operating Activities, Continuing Operations	369.5	195.1
Cash Provided by (Used in) Operating Activities, Discontinued Operations	0	(9.6)
Net cash provided by (used for) operating activities	369.5	185.5
Investing activities
Capital expenditures	(74.6)	(66.8)
Proceeds from sale of property and equipment	9.5	23.1
Payments to Acquire Businesses, Net of Cash Acquired	0	(99)
Net Cash Provided by (Used in) Investing Activities, Continuing Operations	(68.1)	(143.2)
Cash Provided by (Used in) Investing Activities, Discontinued Operations	0	59
Net cash provided by (used for) investing activities	(68.1)	(84.2)
Financing activities
Net repayments of short-term borrowings	0	(0.3)
Proceeds from Long-term Lines of Credit	(139.8)	263.4
Repayments of long-term debt	(0.7)	(4.3)
Excess tax benefits from share-based compensation	3.2	4.6
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options	8.3	17.3
Repurchases of ordinary shares	0	(200)
Dividends paid	(119.7)	(115.6)
Net cash provided by (used for) financing activities	(248.7)	(34.9)
Effect of exchange rate changes on cash and cash equivalents	(5.7)	(29.5)
Change in cash and cash equivalents	47	36.9
Cash and cash equivalents, beginning of period	126.3	110.4
Cash and cash equivalents, end of period	$ 173.3	$ 147.3

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Changes in Equity - USD ($) shares in Millions, $ in Millions	Total	Ordinary shares	Treasury shares	Additional paid-in capital	Retained earnings	Accumulated other comprehensive loss
Beginning Balance at Dec. 31, 2014	$ 4,663.8	$ 2	$ (1,251.9)	$ 4,250	$ 2,044	$ (380.3)
Beginning Balance (in shares) at Dec. 31, 2014		202.4	(19.9)
Net income	261.7				261.7
Other Comprehensive Income (Loss), Net of Tax	(153.5)					153.5
Dividends declared	(56.6)			(1.5)	(58.1)
Share repurchase	(200)		$ 0	(200)
Share repurchase (in shares)		(3.1)	0
Exercise of options, net of shares tendered for payment	(20.9)	$ 0	$ (27.7)	(6.8)
Exercise of options, net of shares tendered for payment (in shares)		0	0.5
Issuance of restricted shares, net of cancellations	0	$ 0	$ 8.5	(8.5)
Issuance of restricted shares, net of cancellations (in shares)		0	0.2
Shares surrendered by employees to pay taxes	(3.6)	$ 0	$ (2.7)	(0.9)
Shares surrendered by employees to pay taxes (in shares)		0	(0.1)
Share-based compensation	19.4			19.4
Ending Balance (in shares) at Jun. 27, 2015		199.3	(19.3)
Ending Balance at Jun. 27, 2015	4,552.1	$ 2	$ (1,218.4)	4,054.7	2,247.6	(533.8)
Beginning Balance at Dec. 31, 2014	$ 4,663.8	$ 2	$ (1,251.9)	4,250	2,044	(380.3)
Beginning Balance (in shares) at Dec. 31, 2014		202.4	(19.9)
Treasury Stock, Shares, Retired	19.1
Treasury Stock, Retired, Cost Method, Amount	$ 1,200
Ending Balance (in shares) at Dec. 31, 2015		180.5	0
Ending Balance at Dec. 31, 2015	4,008.8	$ 1.8	$ 0	2,860.3	1,791.7	(645)
Net income	250.2				250.2
Other Comprehensive Income (Loss), Net of Tax	1.6					1.6
Dividends declared	(121.7)			0	(121.7)
Exercise of options, net of shares tendered for payment	(13.8)		$ 0	(13.8)
Exercise of options, net of shares tendered for payment (in shares)		0.4	0
Issuance of restricted shares, net of cancellations			$ 0	0
Issuance of restricted shares, net of cancellations (in shares)		0.3	0
Shares surrendered by employees to pay taxes	(5.5)		$ 0	(5.5)
Shares surrendered by employees to pay taxes (in shares)		(0.1)	0
Share-based compensation	22.3			22.3
Ending Balance (in shares) at Jun. 30, 2016		181.1	0
Ending Balance at Jun. 30, 2016	$ 4,166.3	$ 1.8	$ 0	$ 2,890.9	$ 1,920.2	$ (646.6)

Basis of Presentation and Respo

Basis of Presentation and Responsibility for Interim Financial Statements	6 Months Ended
	Jun. 30, 2016
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. 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, 2015 . 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. Beginning in the first quarter of 2016, we report our interim quarterly periods on a calendar quarter basis. Prior to the first quarter of 2016, we reported our interim quarterly periods on a 13-week basis ending on a Saturday. New accounting standards In March 2016, the Financial Accounting Standards Board ("FASB") issued a new accounting standard that will change certain aspects of accounting for share-based payments to employees, including the accounting for income taxes, forfeitures and statutory withholding requirements, as well as classification in the statement of cash flows. The new standard is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period, and early adoption is permitted. We have not yet determined the impact this standard will have on our financial condition or results of operations. In February 2016, the FASB issued new accounting requirements regarding accounting for leases, which requires an entity to recognize both assets and liabilities arising from financing and operating leases, along with additional qualitative and quantitative disclosures. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within that reporting period, and early adoption is permitted. We have not yet determined the potential effects on our financial condition or results of operations. In November 2015, the FASB issued a new accounting standard which clarifies and simplifies the balance sheet classification of deferred tax assets and liabilities. Under the new standard, all deferred tax assets and liabilities are required to be classified as non-current in a classified balance sheet. The new standard is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period, and early adoption is permitted. We have not yet determined the impact this standard will have on our financial condition. In April 2015, the FASB issued a new accounting standard which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The new standard was effective for annual and interim periods beginning after December 15, 2015. We adopted the new standard during the first quarter of 2016 and, as a result, reclassified unamortized debt issuance costs of $23.5 million from Other current assets and Other non-current assets to Long-term debt on the Condensed Consolidated Balance Sheet as of December 31, 2015 . In May 2014, the FASB issued new accounting requirements for the recognition of revenue from contracts with customers. The new requirements 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, 2017, including interim periods within that reporting period. Early adoption is permitted for reporting periods beginning after December 15, 2016. We have not yet determined the potential effects on our financial condition or results of operations.

Acquisitions & Divestitures

Acquisitions & Divestitures	6 Months Ended
	Jun. 30, 2016
Acquisitions & Divestitures	2. Acquisitions and Divestitures Acquisitions On September 18, 2015, we acquired, as part of Technical Solutions, all of the outstanding shares of capital stock of ERICO Global Company ("ERICO") for approximately $1.8 billion (the "ERICO Acquisition"). ERICO is a leading global manufacturer and marketer of engineered electrical and fastening products for electrical, mechanical and civil applications. ERICO has employees in 30 countries across the world with recognized brands including CADDY fixing, fastening and support products; ERICO electrical grounding, bonding and connectivity products and LENTON engineered systems. The purchase price has been preliminarily allocated based on the estimated fair value of assets acquired and liabilities assumed at the date of the ERICO Acquisition. The preliminary purchase price allocation is subject to further refinement and may require significant adjustments to arrive at the final purchase price allocation. These changes will primarily relate to income tax-related items. The purchase price allocation will be completed in the third quarter of 2016. There can be no assurance that such finalization will not result in material changes from the preliminary purchase price allocations. The following table summarizes our preliminary estimates of the fair values of the assets acquired and liabilities assumed in the ERICO Acquisition as previously reported at December 31, 2015 and as revised at June 30, 2016 : In millions As Previously Reported As Revised Cash $ 11.8 $ 11.8 Accounts receivable 75.9 75.9 Inventories 102.4 101.8 Other current assets 2.9 2.8 Property, plant and equipment 53.4 53.4 Identifiable intangible assets 1,033.8 1,033.8 Goodwill 1,061.9 1,028.6 Current liabilities (97.2 ) (94.1 ) Deferred income taxes, including current (418.8 ) (382.8 ) Other liabilities (8.0 ) (13.1 ) Purchase price $ 1,818.1 $ 1,818.1 The excess of purchase price over tangible net assets and identified intangible assets acquired has been preliminarily allocated to goodwill in the amount of $1,028.6 million , none of which is expected to be deductible for income tax purposes. Identifiable intangible assets acquired as part of the ERICO Acquisition include $228.4 million of indefinite-lived trade name intangible assets and $805.4 million of definite-lived customer relationships with an estimated useful life of 21 years. The following unaudited pro forma consolidated condensed financial results of operations are presented as if the ERICO Acquisition was consummated on January 1, 2014: Three months ended Six months ended In millions, except per-share data June 27, June 27, Pro forma net sales $ 1,804.5 $ 3,403.6 Pro forma net income from continuing operations 164.2 285.2 Pro forma earnings per ordinary share - continuing operations Basic $ 0.91 $ 1.58 Diluted 0.90 1.56 The pro forma condensed consolidated financial information has been prepared for comparative purposes only and includes certain adjustments, as noted above. The adjustments are estimates based on currently available information and actual amounts may differ materially from these estimates. They do not reflect the effect of costs or synergies that would have been expected to result from the integration of the ERICO Acquisition. The pro forma information does not purport to be indicative of the results of operations that actually would have resulted had the ERICO Acquisition occurred on January 1, 2014. In April 2015, we acquired, as part of Technical Solutions, all of the outstanding shares of capital stock of Nuheat Industries Limited ("Nuheat") for $96.0 million in cash ( 120.5 million Canadian dollars translated at the April 2, 2015 exchange rate), net of cash acquired. In November 2015, cash of $0.9 million ( 1.2 million Canadian dollars translated at the average monthly exchange rate) was paid to Nuheat in settlement of a working capital adjustment. Based in Canada, Nuheat is a leading manufacturer of electric floor heating systems that are distributed across North America. Total goodwill recorded as part of the purchase allocation was $43.2 million , none of which is tax deductible. Identified intangible assets acquired consisted of definite-lived customer relationships of $53.3 million , with an estimated useful life of 17 years. The pro forma impact of this acquisition was deemed to not be material. Discontinued operations During the first and second quarters of 2015, we sold the remaining portions of the Water Transport business in Australia and received cash proceeds of $59.0 million . The results of the Water Transport business have been presented as discontinued operations. Operating results of discontinued operations are summarized below: Three months ended Six months ended In millions June 30, June 27, June 30, June 27, Net sales $ — $ — $ — $ 18.6 Cost of goods sold — — — 18.1 Gross profit $ — $ — $ — $ 0.5 Loss from discontinued operations before income taxes $ — $ (1.6 ) $ — $ (7.1 ) Income tax benefit — 0.3 — 1.5 Loss from discontinued operations, net of tax $ — $ (1.3 ) $ — $ (5.6 ) — Loss from sale / impairment of discontinued operations before income taxes $ — $ (4.8 ) $ — $ (4.8 ) Income tax benefit — — — — Loss from sale / impairment of discontinued operations, net of tax $ — $ (4.8 ) $ — $ (4.8 )

Share Plans

Share Plans	6 Months Ended
	Jun. 30, 2016
Share Plans	Share Plans Total share-based compensation expense for the three and six months ended June 30, 2016 and June 27, 2015 was as follows: Three months ended Six months ended In millions June 30, June 27, June 30, June 27, Restricted stock units $ 3.6 $ 6.3 $ 10.6 $ 12.5 Stock options 1.8 3.4 7.2 6.9 Performance share units 0.8 — 4.5 — Total share-based compensation expense $ 6.2 $ 9.7 $ 22.3 $ 19.4 In the first quarter of 2016 , 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 1.7 million , of which 1.1 million were stock options, 0.3 million were restricted stock units and 0.3 million were performance share units. The weighted-average grant date fair value of the stock options, restricted stock units and performance share units issued was $10.23 , $49.21 and $49.21 , 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: 2016 Annual Grant Risk-free interest rate 1.57 % Expected dividend yield 2.47 % Expected share price volatility 27.3 % Expected term (years) 5.9 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	6 Months Ended
	Jun. 30, 2016
Restructuring	Restructuring During the six months ended June 30, 2016 and the year ended December 31, 2015 , we continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business. Initiatives during the six months ended June 30, 2016 included the reduction in hourly and salaried headcount of approximately 600 employees, consisting of approximately 50 in Water Quality Systems, 100 in Flow & Filtration Solutions, 150 in Technical Solutions and 300 in Valves & Controls. Initiatives during the year ended December 31, 2015 included the reduction in hourly and salaried headcount of approximately 3,000 employees, consisting of approximately 100 in Water Quality Systems, 200 in Flow & Filtration Solutions, 200 in Technical Solutions and 2,500 in Valves & Controls. 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 Six months ended In millions June 30, June 27, June 30, June 27, Severance and related costs $ 23.2 $ 20.6 $ 24.0 $ 20.6 Other 3.6 3.4 3.5 3.4 Total restructuring costs $ 26.8 $ 24.0 $ 27.5 $ 24.0 Other restructuring costs primarily consist of asset impairment and various contract termination costs. Restructuring costs by reportable segment for the three and six months ended June 30, 2016 and June 27, 2015 were as follows: Three months ended Six months ended In millions June 30, June 27, June 30, June 27, Water Quality Systems $ 3.8 $ 3.3 $ 4.3 $ 3.3 Flow & Filtration Solutions 3.7 3.7 2.6 3.7 Technical Solutions 3.7 3.4 3.9 3.4 Valves & Controls 14.7 13.6 14.9 13.6 Other 0.9 — 1.8 — Consolidated $ 26.8 $ 24.0 $ 27.5 $ 24.0 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 six months ended June 30, 2016 : In millions June 30, Beginning balance $ 91.2 Costs incurred 24.0 Cash payments and other (36.6 ) Ending balance $ 78.6

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share were calculated as follows: Three months ended Six months ended In millions, except per-share data June 30, June 27, June 30, June 27, Net income $ 142.8 $ 147.8 $ 250.2 $ 261.7 Net income from continuing operations $ 142.8 $ 153.9 $ 250.2 $ 272.1 Weighted average ordinary shares outstanding Basic 180.9 179.8 180.8 180.1 Dilutive impact of stock options, restricted stock units and performance share units 2.1 2.5 2.0 2.5 Diluted 183.0 182.3 182.8 182.6 Earnings (loss) per ordinary share Basic Continuing operations $ 0.79 $ 0.85 $ 1.38 $ 1.51 Discontinued operations — (0.03 ) — (0.06 ) Basic earnings per ordinary share $ 0.79 $ 0.82 $ 1.38 $ 1.45 Diluted Continuing operations $ 0.78 $ 0.84 $ 1.37 $ 1.49 Discontinued operations — (0.03 ) — (0.06 ) Diluted earnings per ordinary share $ 0.78 $ 0.81 $ 1.37 $ 1.43 Anti-dilutive stock options excluded from the calculation of diluted earnings per share 1.2 1.1 2.0 1.1

Supplemental Balance Sheet Info

Supplemental Balance Sheet Information	6 Months Ended
	Jun. 30, 2016
Supplemental Balance Sheet Information	Supplemental Balance Sheet Information In millions June 30, December 31, Inventories Raw materials and supplies $ 427.0 $ 433.0 Work-in-process 236.7 249.2 Finished goods 469.5 492.1 Total inventories $ 1,133.2 $ 1,174.3 Other current assets Cost in excess of billings $ 135.9 $ 114.4 Prepaid expenses 130.2 84.6 Deferred income taxes 118.1 96.7 Other current assets 15.9 13.6 Total other current assets $ 400.1 $ 309.3 Property, plant and equipment, net Land and land improvements $ 157.9 $ 161.9 Buildings and leasehold improvements 520.5 518.8 Machinery and equipment 1,236.8 1,287.6 Construction in progress 80.2 79.3 Total property, plant and equipment 1,995.4 2,047.6 Accumulated depreciation and amortization 1,057.8 1,104.8 Total property, plant and equipment, net $ 937.6 $ 942.8 Other non-current assets Asbestos-related insurance receivable $ 109.0 $ 111.0 Deferred income taxes 61.9 62.8 Other non-current assets 191.4 193.8 Total other non-current assets $ 362.3 $ 367.6 Other current liabilities Deferred revenue and customer deposits $ 77.5 $ 94.6 Dividends payable 61.6 59.6 Accrued warranty 59.7 59.8 Billings in excess of cost 23.4 32.0 Other current liabilities 445.7 398.1 Total other current liabilities $ 667.9 $ 644.1 Other non-current liabilities Asbestos-related liabilities $ 233.0 $ 237.9 Taxes payable 70.3 71.1 Other non-current liabilities 209.4 212.0 Total other non-current liabilities $ 512.7 $ 521.0

Goodwill and Other Identifiable

Goodwill and Other Identifiable Intangible Assets	6 Months Ended
	Jun. 30, 2016
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, Purchase accounting adjustments Foreign currency translation/other June 30, Water Quality Systems $ 1,121.1 $ — $ 3.3 $ 1,124.4 Flow & Filtration Solutions 882.7 — 3.0 885.7 Technical Solutions 2,255.2 (33.3 ) 3.1 2,225.0 Valves & Controls 996.4 — — 996.4 Total goodwill $ 5,255.4 $ (33.3 ) $ 9.4 $ 5,231.5 Identifiable intangible assets consisted of the following: June 30, December 31, In millions Cost Accumulated amortization Net Cost Accumulated amortization Net Finite-life intangibles Customer relationships $ 2,083.3 $ (481.6 ) $ 1,601.7 $ 2,078.7 $ (415.8 ) $ 1,662.9 Trade names 1.8 (1.3 ) 0.5 1.8 (1.2 ) 0.6 Proprietary technology and patents 249.7 (124.6 ) 125.1 249.3 (114.2 ) 135.1 Total finite-life intangibles 2,334.8 (607.5 ) 1,727.3 2,329.8 (531.2 ) 1,798.6 Indefinite-life intangibles Trade names 692.3 — 692.3 691.5 — 691.5 Total intangibles, net $ 3,027.1 $ (607.5 ) $ 2,419.6 $ 3,021.3 $ (531.2 ) $ 2,490.1 Intangible asset amortization expense was $37.6 million and $28.0 million for the three months ended June 30, 2016 and June 27, 2015 , respectively, and $75.2 million and $55.6 million for the six months ended June 30, 2016 and June 27, 2015 , respectively. Estimated future amortization expense for identifiable intangible assets during the remainder of 2016 and the next five years is as follows: Q3-Q4 In millions 2016 2017 2018 2019 2020 2021 Estimated amortization expense $ 75.3 $ 149.8 $ 148.3 $ 145.9 $ 139.1 $ 134.0

Debt

Debt	6 Months Ended
	Jun. 30, 2016
Debt	Debt Debt and the average interest rates on debt outstanding were as follows: In millions Average interest rate at June 30, 2016 Maturity Year June 30, December 31, Commercial paper 1.713% 2019 $ 161.5 $ 179.5 Revolving credit facilities 1.964% 2019 1,059.7 1,181.4 Senior notes - fixed rate 1.875% 2017 350.0 350.0 Senior notes - fixed rate 2.900% 2018 500.0 500.0 Senior notes - fixed rate 2.650% 2019 250.0 250.0 Senior notes - fixed rate - Euro 2.450% 2019 551.3 548.4 Senior notes - fixed rate 3.625% 2020 400.0 400.0 Senior notes - fixed rate 5.000% 2021 500.0 500.0 Senior notes - fixed rate 3.150% 2022 550.0 550.0 Senior notes - fixed rate 4.650% 2025 250.0 250.0 Capital lease obligations and other N/A N/A — 0.7 Unamortized debt issuance costs and discounts N/A N/A (20.8 ) (23.5 ) Total debt 4,551.7 4,686.5 Less: Current maturities and short-term borrowings — (0.7 ) Long-term debt $ 4,551.7 $ 4,685.8 In September 2015, Pentair plc, Pentair Finance S.A. ("PFSA") and Pentair Investments Switzerland GmbH ("PISG"), a 100-percent owned subsidiary of Pentair plc and the 100-percent owner of PFSA, completed public offerings (the "September 2015 Offerings") of $500 million aggregate principal amount of PFSA's 2.90% Senior Notes due 2018 , $400 million aggregate principal amount of PFSA's 3.625% Senior Notes due 2020 , $250 million aggregate principal amount of PFSA's 4.65% Senior Notes due 2025 and €500 million aggregate principal amount of PFSA's 2.45% Senior Notes due 2019 . Pentair plc used the net proceeds from the September 2015 Offerings to finance the ERICO Acquisition. The Senior Notes issued in the September 2015 Offerings, 1.875% Senior Notes due 2017 , 2.65% Senior Notes due 2019 , $373.0 million of the 5.00% Senior Notes due 2021 and 3.15% Senior Notes due 2022 issued by PFSA and $127.0 million of the 5.00% Senior Notes due 2021 issued by Pentair, Inc. (collectively, the "Notes") are guaranteed as to payment by Pentair plc and PISG. In October 2014, Pentair plc, PISG, PFSA and Pentair, Inc. entered into an amended and restated credit agreement (the "Credit Facility"), with Pentair plc and PISG as guarantors and PFSA and Pentair, Inc. as borrowers. The Credit Facility had a maximum aggregate availability of $2,100.0 million and a maturity date of October 3, 2019. 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 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 Credit Facility. In August 2015, Pentair plc, PISG and PFSA entered into a First Amendment to the Credit Facility (the "First Amendment"), which, among other things, increased the Leverage Ratio (as defined below) following the ERICO Acquisition from 3.50 to 1.00 on the last day of each fiscal quarter to the amounts specified below. Additionally, in September 2015, Pentair plc, PISG and PFSA entered into a Second Amendment to the Credit Facility (the "Second Amendment," and together with the First Amendment, the "Amendments"), which, among other things, increased the maximum aggregate availability to $2,500.0 million . 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 commercial paper outstanding. As of June 30, 2016 and December 31, 2015 , PFSA had $161.5 million and $179.5 million , respectively, of commercial paper outstanding, all of which was classified as long-term debt as we have the intent and the ability to refinance such obligations on a long-term basis under the Credit Facility. Our debt agreements contain certain financial covenants, the most restrictive of which are in the Credit Facility (as updated for the Amendments), 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, up to a lifetime maximum $25.0 million of costs, fees and expenses incurred in connection with certain acquisitions, investments, dispositions and the issuance, repayment or refinancing of debt, and in addition to (but without duplication of) the fees, costs and expenses referred above, any fees, costs and expenses, in an aggregate amount not to exceed $50.0 million , incurred in connection with the ERICO Acquisition and any related incurrence, issuance, repayment or refinancing of debt ("EBITDA") for the four consecutive fiscal quarters then ended (the "Leverage Ratio") to exceed (a) 4.50 to 1.00 as of the last day of any period of four consecutive fiscal quarters ending on or prior to June 30, 2016; (b) 4.25 to 1.00 as of the last day of the period of four consecutive fiscal quarters ending on September 30, 2016; (c) 4.00 to 1.00 as of the last day of the period of four consecutive fiscal quarters ending on December 31, 2016; (d) 3.75 to 1.00 as of the last day of the period of four consecutive fiscal quarters ending after December 31, 2016 but before June 30, 2017; and (e) 3.50 to 1.00 as of the last day of the period of four consecutive fiscal quarters ending after June 30, 2017, 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 June 30, 2016 , we were in compliance with all financial covenants in our debt agreements . Total availability under the Credit Facility was $1,278.8 million as of June 30, 2016 , which was limited to $630.1 million by the Leverage Ratio in the Credit Facility’s credit agreement. In addition to the Credit Facility, we have various other credit facilities with an aggregate availability of $51.4 million , of which none was outstanding at June 30, 2016 . Borrowings under these credit facilities bear interest at variable rates. Debt outstanding, excluding unamortized issuance costs and discounts, at June 30, 2016 matures on a calendar year basis as follows: Q3-Q4 In millions 2016 2017 2018 2019 2020 2021 Thereafter Total Contractual debt obligation maturities $ — $ 350.0 $ 500.0 $ 2,022.5 $ 400.0 $ 500.0 $ 800.0 $ 4,572.5

Derivatives and Financial Instr

Derivatives and Financial Instruments	6 Months Ended
	Jun. 30, 2016
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. 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. To hedge currency exposure related to certain non-functional currency intercompany debt, we have entered into cross-currency swap contracts for periods consistent with the underlying debt. At June 30, 2016 and December 31, 2015 , we had outstanding foreign currency derivative contracts with gross notional U.S. dollar equivalent amounts of $543.1 million and $331.5 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 Accumulated Other Comprehensive Loss ("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 six months ended June 30, 2016 and June 27, 2015 were not material. Net investment hedge We have net investments in foreign subsidiaries that are subject to changes in the foreign currency exchange rate. In September 2015, we designated the €500.0 million 2.45% Senior Notes due 2019 (the "2019 Euro Notes") as a net investment hedge for a portion of our net investment in our Euro denominated subsidiaries. The gains/losses on the 2019 Euro Notes have been included as a component of the cumulative translation adjustment account within AOCI. As of June 30, 2016 , we had deferred foreign currency gains of $13.6 million in AOCI associated with the net investment hedge activity. 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, excluding unamortized issuance costs and discounts, were as follows: June 30, December 31, In millions Recorded Amount Fair Value Recorded Amount Fair Value Variable rate debt $ 1,221.2 $ 1,221.2 $ 1,360.9 $ 1,360.9 Fixed rate debt 3,351.3 3,472.0 3,349.1 3,395.4 Total debt $ 4,572.5 $ 4,693.2 $ 4,710.0 $ 4,756.3 Financial assets and liabilities measured at fair value on a recurring and nonrecurring basis were as follows: June 30, 2016 In millions Level 1 Level 2 Level 3 Total Recurring fair value measurements Foreign currency contract assets $ — $ 2.1 $ — $ 2.1 Foreign currency contract liabilities — (16.8 ) — (16.8 ) Deferred compensation plan assets (1) 39.7 6.4 — 46.1 Total recurring fair value measurements $ 39.7 $ (8.3 ) $ — $ 31.4 December 31, 2015 In millions Level 1 Level 2 Level 3 Total Recurring fair value measurements Foreign currency contract assets $ — $ 0.1 $ — $ 0.1 Foreign currency contract liabilities — (7.6 ) — (7.6 ) Deferred compensation plan assets (1) 43.8 7.0 — 50.8 Total recurring fair value measurements $ 43.8 $ (0.5 ) $ — $ 43.3 Nonrecurring fair value measurements Goodwill (2) $ — $ — $ 996.4 $ 996.4 Trade name intangibles (3) — — 138.1 138.1 Total nonrecurring fair value measurements $ — $ — $ 1,134.5 $ 1,134.5 (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 fourth quarter of 2015, we performed a goodwill impairment test for our Valves & Controls reporting unit using the required two-step process as of December 31, 2015. As a result, we recorded a non-cash goodwill impairment charge of $515.2 million . The first step of this process includes comparing the fair value to the carrying value of the reporting unit to which the goodwill is allocated to identify potential impairment. If the fair value of the reporting unit exceeds its carrying value, goodwill allocated to that reporting unit is considered not impaired. If the inverse result is observed, the reporting unit is considered to be impaired and step two of the test to measure the amount of impairment must be completed. The fair value of the reporting unit was determined using a discounted cash flow analysis and market approach. Projecting discounted future cash flows requires us to make significant estimates regarding future revenues and expenses, projected capital expenditures, changes in working capital and the appropriate discount rate. Use of the market approach consists of comparisons to comparable publicly-traded companies that are similar in size and industry. Actual results may differ from those used in our valuations. Step two compares the implied fair value of the goodwill with the carrying value of that goodwill. If the carrying value of the goodwill exceeds its implied fair value, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. That is, the fair value of the reporting unit is allocated to all of its assets and liabilities as if the reporting unit had been acquired in a business combination and its fair value was the purchase price paid to acquire the reporting unit. (3) During the fourth quarter of 2015, we performed an impairment test for our Valves & Controls trade names. As a result, we recorded a pre-tax, non-cash trade name impairment charge of $39.5 million . 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	6 Months Ended
	Jun. 30, 2016
Income Taxes	Income Taxes 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. 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 six months ended June 30, 2016 was 21.2% , compared to 23.0% for the six months ended June 27, 2015 . 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 $70.8 million and $69.9 million at June 30, 2016 and December 31, 2015 , 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	6 Months Ended
	Jun. 30, 2016
Benefit Plans	Benefit Plans Components of net periodic benefit cost for our pension plans for the three and six months ended June 30, 2016 and June 27, 2015 were as follows: U.S. pension plans Three months ended Six months ended In millions June 30, June 27, June 30, June 27, Service cost $ 2.8 $ 3.5 $ 5.6 $ 7.0 Interest cost 4.1 3.7 8.2 7.4 Expected return on plan assets (2.9 ) (2.5 ) (5.8 ) (5.0 ) Net periodic benefit cost $ 4.0 $ 4.7 $ 8.0 $ 9.4 Non-U.S. pension plans Three months ended Six months ended In millions June 30, June 27, June 30, June 27, Service cost $ 2.5 $ 2.6 $ 5.0 $ 5.2 Interest cost 3.7 3.8 7.4 7.6 Expected return on plan assets (3.8 ) (4.1 ) (7.6 ) (8.2 ) Net periodic benefit cost $ 2.4 $ 2.3 $ 4.8 $ 4.6 Components of net periodic benefit cost for our other post-retirement plans for the three and six months ended June 30, 2016 and June 27, 2015 were not material.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2016
Shareholders' Equity	Shareholders’ Equity Ordinary shares held in treasury In August 2015, we canceled all of our ordinary shares held in treasury. At the time of the cancellation, we held 19.1 million ordinary shares in treasury at a cost of $1.2 billion . Share repurchases In December 2014, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $1.0 billion . The authorization expires on December 31, 2019 . During the six months ended June 27, 2015 , we repurchased 3.1 million of our shares for $200.0 million pursuant to this authorization. There were no share repurchases during the six months ended June 30, 2016 pursuant to this authorization. As of June 30, 2016 , we had $800.0 million remaining available for share repurchases under this authorization. Dividends payable On December 8, 2015, the Board of Directors approved a plan to increase the 2016 annual cash dividend to $1.34 , to be paid to our shareholders in four quarterly installments of $0.33 in each of the first and second quarters of 2016 and $0.34 in each of the third and fourth quarters of 2016. On May 11, 2016, the Board of Directors declared a quarterly cash dividend of $0.34 payable on August 5, 2016 to shareholders of record at the close of business on July 22, 2016. As a result, the balance of dividends payable included in Other current liabilities on our Condensed Consolidated Balance Sheets was $61.6 million and $59.6 million at June 30, 2016 and December 31, 2015 , respectively.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2016
Segment Information	Segment Information We evaluate performance based on net sales and segment income (loss) and use a variety of ratios to measure performance of our reporting segments. During the third quarter of 2015, we updated our segment income (loss) measure to exclude intangible amortization in order to better reflect the performance of our reporting segments. Segment income (loss) represents equity income of unconsolidated subsidiaries and operating income (loss) exclusive of intangible amortization, certain acquisition related expenses, costs of restructuring activities, "mark-to-market" gain/loss for pension and other post-retirement plans, impairments and other unusual non-operating items. Financial information by reportable segment is as follows: Three months ended Six months ended In millions June 30, June 27, June 30, June 27, Net sales Water Quality Systems $ 397.1 $ 387.7 $ 728.6 $ 694.6 Flow & Filtration Solutions 368.7 374.6 706.4 724.7 Technical Solutions 540.6 407.1 1,065.2 802.9 Valves & Controls 433.6 496.4 820.6 925.6 Other (6.7 ) (4.6 ) (12.0 ) (11.6 ) Consolidated $ 1,733.3 $ 1,661.2 $ 3,308.8 $ 3,136.2 Segment income (loss) Water Quality Systems $ 98.2 $ 88.2 $ 159.9 $ 140.0 Flow & Filtration Solutions 55.5 57.1 95.0 93.5 Technical Solutions 111.6 86.4 224.4 164.0 Valves & Controls 43.7 64.4 69.0 119.8 Other (17.6 ) (22.6 ) (47.1 ) (44.5 ) Consolidated $ 291.4 $ 273.5 $ 501.2 $ 472.8 The following table presents a reconciliation of consolidated segment income to consolidated operating income: Three months ended Six months ended In millions June 30, June 27, June 30, June 27, Segment income $ 291.4 $ 273.5 $ 501.2 $ 472.8 Restructuring and other (35.9 ) (25.5 ) (36.6 ) (25.5 ) Intangible amortization (37.6 ) (28.0 ) (75.2 ) (55.6 ) Inventory step-up — (1.5 ) — (1.5 ) Equity income of unconsolidated subsidiaries (1.0 ) (0.6 ) (1.9 ) (1.1 ) Operating income $ 216.9 $ 217.9 $ 387.5 $ 389.1

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 , there were approximately 4,000 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 $233.0 million and $237.9 million as of June 30, 2016 and December 31, 2015 , 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 $109.0 million and $111.0 million as of June 30, 2016 and December 31, 2015 , 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 $19.0 million and $22.8 million as of June 30, 2016 and December 31, 2015 , 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 six months ended June 30, 2016 were as follows: In millions June 30, Beginning balance $ 59.8 Service and product warranty provision 30.5 Payments (30.7 ) Foreign currency translation 0.1 Ending balance $ 59.7 Stand-by letters of credit, bank guarantees and bonds In certain situations, Tyco International Ltd., Pentair Ltd.'s former parent company ("Tyco"), guaranteed performance by the flow control business of Pentair Ltd. ("Flow Control") to third parties or provided financial guarantees for financial commitments of Pentair Ltd. In situations where Flow Control and Tyco were unable to obtain a release from these guarantees in connection with the spin-off of Pentair Ltd., 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 June 30, 2016 and December 31, 2015 , the outstanding value of bonds, letters of credit and bank guarantees totaled $378.3 million and $402.2 million , respectively.

Financial Statements of Parent

Financial Statements of Parent Company Guarantor	6 Months Ended
	Jun. 30, 2016
Financial Statements of Parent Company Guarantor	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 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. Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three months ended June 30, 2016 In millions Parent Company Guarantor Subsidiary Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ — $ — $ 1,733.3 $ — $ 1,733.3 Cost of goods sold — — — 1,134.1 — 1,134.1 Gross profit — — — 599.2 — 599.2 Selling, general and administrative 1.1 — — 347.3 — 348.4 Research and development — — — 33.9 — 33.9 Operating income (loss) (1.1 ) — — 218.0 — 216.9 Loss (earnings) from investment in subsidiaries (143.8 ) (143.8 ) (172.6 ) — 460.2 — Other (income) expense: Equity income of unconsolidated subsidiaries — — — (1.0 ) — (1.0 ) Net interest expense — — 28.8 6.7 — 35.5 Income (loss) before income taxes 142.7 143.8 143.8 212.3 (460.2 ) 182.4 Provision (benefit) for income taxes (0.1 ) — — 39.7 — 39.6 Net income (loss) $ 142.8 $ 143.8 $ 143.8 $ 172.6 $ (460.2 ) $ 142.8 Comprehensive income (loss), net of tax Net income (loss) $ 142.8 $ 143.8 $ 143.8 $ 172.6 $ (460.2 ) $ 142.8 Changes in cumulative translation adjustment (25.8 ) (25.8 ) (25.8 ) (25.8 ) 77.4 (25.8 ) Changes in market value of derivative financial instruments 10.9 10.9 10.9 10.9 (32.7 ) 10.9 Comprehensive income (loss) $ 127.9 $ 128.9 $ 128.9 $ 157.7 $ (415.5 ) $ 127.9 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Six months ended June 30, 2016 In millions Parent Company Guarantor Subsidiary Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ — $ — $ 3,308.8 $ — $ 3,308.8 Cost of goods sold — — — 2,174.2 — 2,174.2 Gross profit — — — 1,134.6 — 1,134.6 Selling, general and administrative 9.5 — 0.9 669.6 — 680.0 Research and development — — — 67.1 — 67.1 Operating income (loss) (9.5 ) — (0.9 ) 397.9 — 387.5 Loss (earnings) from continuing operations of investment in subsidiaries (259.6 ) (259.6 ) (316.7 ) — 835.9 — Other (income) expense: Equity income of unconsolidated subsidiaries — — — (1.9 ) — (1.9 ) Net interest expense — — 56.2 15.7 — 71.9 Income (loss) before income taxes 250.1 259.6 259.6 384.1 (835.9 ) 317.5 Provision (benefit) for income taxes (0.1 ) — — 67.4 — 67.3 Net income (loss) $ 250.2 $ 259.6 $ 259.6 $ 316.7 $ (835.9 ) $ 250.2 Comprehensive income (loss), net of tax Net income (loss) $ 250.2 $ 259.6 $ 259.6 $ 316.7 $ (835.9 ) $ 250.2 Changes in cumulative translation adjustment 2.2 2.2 2.2 2.2 (6.6 ) 2.2 Changes in market value of derivative financial instruments (3.8 ) (3.8 ) (3.8 ) (3.8 ) 11.4 (3.8 ) Comprehensive income (loss) $ 248.6 $ 258.0 $ 258.0 $ 315.1 $ (831.1 ) $ 248.6 Condensed Consolidating Balance Sheet June 30, 2016 In millions Parent Company Guarantor Subsidiary Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Assets Current assets Cash and cash equivalents $ — $ — $ — $ 173.3 $ — $ 173.3 Accounts and notes receivable, net — — — 1,086.2 — 1,086.2 Inventories — — — 1,133.2 — 1,133.2 Other current assets 7.7 6.4 0.1 398.0 (12.1 ) 400.1 Total current assets 7.7 6.4 0.1 2,790.7 (12.1 ) 2,792.8 Property, plant and equipment, net — — — 937.6 — 937.6 Other assets Investments in subsidiaries 4,257.6 4,241.7 9,005.2 — (17,504.5 ) — Goodwill — — — 5,231.5 — 5,231.5 Intangibles, net — — — 2,419.6 — 2,419.6 Other non-current assets 8.7 10.9 682.2 1,327.7 (1,667.2 ) 362.3 Total other assets 4,266.3 4,252.6 9,687.4 8,978.8 (19,171.7 ) 8,013.4 Total assets $ 4,274.0 $ 4,259.0 $ 9,687.5 $ 12,707.1 $ (19,183.8 ) $ 11,743.8 Liabilities and Equity Current liabilities Current maturities of long-term debt and short-term borrowings $ — $ — $ — $ — $ — $ — Accounts payable 0.1 — — 531.6 — 531.7 Employee compensation and benefits 0.8 — — 215.5 — 216.3 Other current liabilities 66.8 1.4 36.4 575.4 (12.1 ) 667.9 Total current liabilities 67.7 1.4 36.4 1,322.5 (12.1 ) 1,415.9 Other liabilities Long-term debt 37.2 — 5,406.1 775.6 (1,667.2 ) 4,551.7 Pension and other post-retirement compensation and benefits — — — 282.0 — 282.0 Deferred tax liabilities — — 3.0 812.2 — 815.2 Other non-current liabilities 2.8 — — 509.9 — 512.7 Total liabilities 107.7 1.4 5,445.5 3,702.2 (1,679.3 ) 7,577.5 Equity 4,166.3 4,257.6 4,242.0 9,004.9 (17,504.5 ) 4,166.3 Total liabilities and equity $ 4,274.0 $ 4,259.0 $ 9,687.5 $ 12,707.1 $ (19,183.8 ) $ 11,743.8 Condensed Consolidating Statement of Cash Flows Six months ended June 30, 2016 In millions Parent Company Guarantor Subsidiary Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Operating activities Net cash provided by (used for) operating activities $ 269.2 $ 243.7 $ 270.9 $ 421.6 $ (835.9 ) $ 369.5 Investing activities Capital expenditures — — — (74.6 ) — (74.6 ) Proceeds from sale of property and equipment — — — 9.5 — 9.5 Net intercompany loan activity — — 431.2 (65.4 ) (365.8 ) — Other — — — (3.0 ) — (3.0 ) Net cash provided by (used for) investing activities — — 431.2 (133.5 ) (365.8 ) (68.1 ) Financing activities Net receipts (repayments) of commercial paper and revolving long-term debt — — (123.1 ) (16.7 ) — (139.8 ) Repayments of long-term debt — — — (0.7 ) — (0.7 ) Net change in advances to subsidiaries (157.8 ) (243.7 ) (581.9 ) (218.3 ) 1,201.7 — Excess tax benefits from share-based compensation — — — 3.2 — 3.2 Shares issued to employees, net of shares withheld 8.3 — — — — 8.3 Dividends paid (119.7 ) — — — — (119.7 ) Net cash provided by (used for) financing activities (269.2 ) (243.7 ) (705.0 ) (232.5 ) 1,201.7 (248.7 ) Effect of exchange rate changes on cash and cash equivalents — — 2.8 (8.5 ) — (5.7 ) Change in cash and cash equivalents — — (0.1 ) 47.1 — 47.0 Cash and cash equivalents, beginning of period — — 0.1 126.2 — 126.3 Cash and cash equivalents, end of period $ — $ — $ — $ 173.3 $ — $ 173.3 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three months ended June 27, 2015 In millions Parent Subsidiary Subsidiary Non-guarantor Eliminations Consolidated Net sales $ — $ — $ — $ 1,661.2 $ — $ 1,661.2 Cost of goods sold — — — 1,095.0 — 1,095.0 Gross profit — — — 566.2 — 566.2 Selling, general and administrative 9.5 — 0.9 308.9 — 319.3 Research and development — — — 29.0 — 29.0 Operating income (loss) (9.5 ) — (0.9 ) 228.3 — 217.9 Loss (earnings) from continuing operations of investment in subsidiaries (163.3 ) (163.8 ) (161.7 ) — 488.8 — Other (income) expense: Equity income of unconsolidated subsidiaries — — — (0.6 ) — (0.6 ) Net interest expense — 0.5 0.4 17.7 — 18.6 Income (loss) from continuing operations before income taxes 153.8 163.3 160.4 211.2 (488.8 ) 199.9 Provision (benefit) for income taxes (0.1 ) — — 46.1 — 46.0 Net income (loss) from continuing operations 153.9 163.3 160.4 165.1 (488.8 ) 153.9 Loss from discontinued operations, net of tax — — — (1.3 ) — (1.3 ) Loss from sale of discontinued operations, net of tax — — — (4.8 ) — (4.8 ) Earnings (loss) from discontinued operations of investment in subsidiaries (6.1 ) (6.1 ) (6.1 ) — 18.3 — Net income (loss) $ 147.8 $ 157.2 $ 154.3 $ 159.0 $ (470.5 ) $ 147.8 Comprehensive income (loss), net of tax Net income (loss) $ 147.8 $ 157.2 $ 154.3 $ 159.0 $ (470.5 ) $ 147.8 Changes in cumulative translation adjustment 21.6 21.6 21.6 21.6 (64.8 ) 21.6 Changes in market value of derivative financial instruments (0.8 ) (0.8 ) (0.8 ) (0.8 ) 2.4 (0.8 ) Comprehensive income (loss) $ 168.6 $ 178.0 $ 175.1 $ 179.8 $ (532.9 ) $ 168.6 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Six months ended June 27, 2015 In millions Parent Subsidiary Subsidiary Non-guarantor Eliminations Consolidated Net sales $ — $ — $ — $ 3,136.2 $ — $ 3,136.2 Cost of goods sold — — — 2,059.8 — 2,059.8 Gross profit — — — 1,076.4 — 1,076.4 Selling, general and administrative 12.7 0.1 1.9 613.8 — 628.5 Research and development — — — 58.8 — 58.8 Operating income (loss) (12.7 ) (0.1 ) (1.9 ) 403.8 — 389.1 Loss (earnings) from continuing operations of investment in subsidiaries (284.1 ) (285.5 ) (280.2 ) — 849.8 — Other (income) expense: Equity income of unconsolidated subsidiaries — — — (1.1 ) — (1.1 ) Net interest expense — 1.3 3.9 31.6 — 36.8 Income (loss) from continuing operations before income taxes 271.4 284.1 274.4 373.3 (849.8 ) 353.4 Provision for income taxes (0.7 ) — — 82.0 — 81.3 Net income (loss) from continuing operations 272.1 284.1 274.4 291.3 (849.8 ) 272.1 Income from discontinued operations, net of tax — — — (5.6 ) — (5.6 ) Loss from sale/impairment of discontinued operations, net of tax — — — (4.8 ) — (4.8 ) Earnings (loss) from discontinued operations of investment in subsidiaries (10.4 ) (10.4 ) (10.4 ) — 31.2 — Net income (loss) $ 261.7 $ 273.7 $ 264.0 $ 280.9 $ (818.6 ) $ 261.7 Comprehensive income (loss), net of tax Net income (loss) before noncontrolling interest $ 261.7 $ 273.7 $ 264.0 $ 280.9 $ (818.6 ) $ 261.7 Changes in cumulative translation adjustment (152.6 ) (152.6 ) (152.6 ) (152.6 ) 457.8 (152.6 ) Changes in market value of derivative financial instruments (0.9 ) (0.9 ) (0.9 ) (0.9 ) 2.7 (0.9 ) Comprehensive income (loss) $ 108.2 $ 120.2 $ 110.5 $ 127.4 $ (358.1 ) $ 108.2 Condensed Consolidating Balance Sheet December 31, 2015 In millions Parent Company Guarantor Subsidiary Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Assets Current assets Cash and cash equivalents $ — $ — $ 0.1 $ 126.2 $ — $ 126.3 Accounts and notes receivable, net 0.1 — — 1,167.6 — 1,167.7 Inventories — — — 1,174.3 — 1,174.3 Other current assets 25.2 12.8 — 309.2 (37.9 ) 309.3 Total current assets 25.3 12.8 0.1 2,777.3 (37.9 ) 2,777.6 Property, plant and equipment, net — — — 942.8 — 942.8 Other assets Investments in subsidiaries 4,495.6 4,486.1 10,151.1 — (19,132.8 ) — Goodwill — — — 5,255.4 — 5,255.4 Intangibles, net — — — 2,490.1 — 2,490.1 Other non-current assets 12.6 — 190.1 352.1 (187.2 ) 367.6 Total other assets 4,508.2 4,486.1 10,341.2 8,097.6 (19,320.0 ) 8,113.1 Total assets $ 4,533.5 $ 4,498.9 $ 10,341.3 $ 11,817.7 $ (19,357.9 ) $ 11,833.5 Liabilities and Equity Current liabilities Current maturities of long-term debt and short-term borrowings $ — $ — $ — $ 0.7 $ — $ 0.7 Accounts payable 0.6 — 0.3 577.9 — 578.8 Employee compensation and benefits 0.4 0.1 — 262.4 — 262.9 Other current liabilities 61.7 1.5 27.1 591.7 (37.9 ) 644.1 Total current liabilities 62.7 1.6 27.4 1,432.7 (37.9 ) 1,486.5 Other liabilities Long-term debt 453.3 1.7 4,535.5 (117.5 ) (187.2 ) 4,685.8 Pension and other post-retirement compensation and benefits — — — 287.2 — 287.2 Deferred tax liabilities — — 3.1 841.1 — 844.2 Other non-current liabilities 8.7 — — 512.3 — 521.0 Total liabilities 524.7 3.3 4,566.0 2,955.8 (225.1 ) 7,824.7 Equity 4,008.8 4,495.6 5,775.3 8,861.9 (19,132.8 ) 4,008.8 Total liabilities and equity $ 4,533.5 $ 4,498.9 $ 10,341.3 $ 11,817.7 $ (19,357.9 ) $ 11,833.5 Condensed Consolidating Statement of Cash Flows June 27, 2015 In millions Parent Subsidiary Subsidiary Non-guarantor Eliminations Consolidated Operating activities Net cash provided by (used for) operating activities $ 256.9 $ 260.3 $ 262.7 $ 224.2 $ (818.6 ) $ 185.5 Investing activities Capital expenditures — — — (66.8 ) — (66.8 ) Proceeds from sale of property and equipment — — — 23.1 — 23.1 Acquisitions, net of cash acquired — — — (99.0 ) — (99.0 ) Intercompany loan activity — — (610.8 ) (397.9 ) 1,008.7 — Other — — — (0.5 ) — (0.5 ) Net cash provided by (used for) investing activities of continuing operations — — (610.8 ) (541.1 ) 1,008.7 (143.2 ) Net cash provided by (used for) investing activities of discontinued operations — — — 59.0 — 59.0 Net cash provided by (used for) investing activities — — (610.8 ) (482.1 ) 1,008.7 (84.2 ) Financing activities Net receipts of short-term borrowings — — — (0.3 ) — (0.3 ) Net receipts (repayments) of commercial paper and revolving long-term debt — — 260.8 2.6 — 263.4 Repayments of long-term debt — — — (4.3 ) — (4.3 ) Net change in advances to subsidiaries 58.7 (260.3 ) 87.3 304.4 (190.1 ) — Excess tax benefits from share-based compensation — — — 4.6 — 4.6 Shares issued to employees, net of shares withheld — — — 17.3 — 17.3 Repurchases of ordinary shares (200.0 ) — — — — (200.0 ) Dividends paid (115.6 ) — — — — (115.6 ) Net cash provided by (used for) financing activities (256.9 ) (260.3 ) 348.1 324.3 (190.1 ) (34.9 ) Effect of exchange rate changes on cash and cash equivalents — — — (29.5 ) — (29.5 ) Change in cash and cash equivalents — — — 36.9 — 36.9 Cash and cash equivalents, beginning of period — — 0.1 110.3 — 110.4 Cash and cash equivalents, end of period $ — $ — $ 0.1 $ 147.2 $ — $ 147.3

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	6 Months Ended
	Jun. 30, 2016
Schedule of Business Acquisition Allocation of Purchase Price [Table Text Block]	In millions As Previously Reported As Revised Cash $ 11.8 $ 11.8 Accounts receivable 75.9 75.9 Inventories 102.4 101.8 Other current assets 2.9 2.8 Property, plant and equipment 53.4 53.4 Identifiable intangible assets 1,033.8 1,033.8 Goodwill 1,061.9 1,028.6 Current liabilities (97.2 ) (94.1 ) Deferred income taxes, including current (418.8 ) (382.8 ) Other liabilities (8.0 ) (13.1 ) Purchase price $ 1,818.1 $ 1,818.1
Business Acquisition, Pro Forma Information [Table Text Block]	Three months ended Six months ended In millions, except per-share data June 27, June 27, Pro forma net sales $ 1,804.5 $ 3,403.6 Pro forma net income from continuing operations 164.2 285.2 Pro forma earnings per ordinary share - continuing operations Basic $ 0.91 $ 1.58 Diluted 0.90 1.56
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]	Three months ended Six months ended In millions June 30, June 27, June 30, June 27, Net sales $ — $ — $ — $ 18.6 Cost of goods sold — — — 18.1 Gross profit $ — $ — $ — $ 0.5 Loss from discontinued operations before income taxes $ — $ (1.6 ) $ — $ (7.1 ) Income tax benefit — 0.3 — 1.5 Loss from discontinued operations, net of tax $ — $ (1.3 ) $ — $ (5.6 ) — Loss from sale / impairment of discontinued operations before income taxes $ — $ (4.8 ) $ — $ (4.8 ) Income tax benefit — — — — Loss from sale / impairment of discontinued operations, net of tax $ — $ (4.8 ) $ — $ (4.8 )

Share Plans (Tables)

Share Plans (Tables)	6 Months Ended
	Jun. 30, 2016
Share-based Compensation Expense	Total share-based compensation expense for the three and six months ended June 30, 2016 and June 27, 2015 was as follows: Three months ended Six months ended In millions June 30, June 27, June 30, June 27, Restricted stock units $ 3.6 $ 6.3 $ 10.6 $ 12.5 Stock options 1.8 3.4 7.2 6.9 Performance share units 0.8 — 4.5 — Total share-based compensation expense $ 6.2 $ 9.7 $ 22.3 $ 19.4
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: 2016 Annual Grant Risk-free interest rate 1.57 % Expected dividend yield 2.47 % Expected share price volatility 27.3 % Expected term (years) 5.9

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
	Jun. 30, 2016
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 Six months ended In millions June 30, June 27, June 30, June 27, Severance and related costs $ 23.2 $ 20.6 $ 24.0 $ 20.6 Other 3.6 3.4 3.5 3.4 Total restructuring costs $ 26.8 $ 24.0 $ 27.5 $ 24.0
Restructuring Costs By Segment [Table Text Block]	Restructuring costs by reportable segment for the three and six months ended June 30, 2016 and June 27, 2015 were as follows: Three months ended Six months ended In millions June 30, June 27, June 30, June 27, Water Quality Systems $ 3.8 $ 3.3 $ 4.3 $ 3.3 Flow & Filtration Solutions 3.7 3.7 2.6 3.7 Technical Solutions 3.7 3.4 3.9 3.4 Valves & Controls 14.7 13.6 14.9 13.6 Other 0.9 — 1.8 — Consolidated $ 26.8 $ 24.0 $ 27.5 $ 24.0
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 six months ended June 30, 2016 : In millions June 30, Beginning balance $ 91.2 Costs incurred 24.0 Cash payments and other (36.6 ) Ending balance $ 78.6

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Basic and Diluted Earnings Per Share	Basic and diluted earnings per share were calculated as follows: Three months ended Six months ended In millions, except per-share data June 30, June 27, June 30, June 27, Net income $ 142.8 $ 147.8 $ 250.2 $ 261.7 Net income from continuing operations $ 142.8 $ 153.9 $ 250.2 $ 272.1 Weighted average ordinary shares outstanding Basic 180.9 179.8 180.8 180.1 Dilutive impact of stock options, restricted stock units and performance share units 2.1 2.5 2.0 2.5 Diluted 183.0 182.3 182.8 182.6 Earnings (loss) per ordinary share Basic Continuing operations $ 0.79 $ 0.85 $ 1.38 $ 1.51 Discontinued operations — (0.03 ) — (0.06 ) Basic earnings per ordinary share $ 0.79 $ 0.82 $ 1.38 $ 1.45 Diluted Continuing operations $ 0.78 $ 0.84 $ 1.37 $ 1.49 Discontinued operations — (0.03 ) — (0.06 ) Diluted earnings per ordinary share $ 0.78 $ 0.81 $ 1.37 $ 1.43 Anti-dilutive stock options excluded from the calculation of diluted earnings per share 1.2 1.1 2.0 1.1

Supplemental Balance Sheet In27

Supplemental Balance Sheet Information (Tables)	6 Months Ended
	Jun. 30, 2016
Supplemental Balance Sheet Information	In millions June 30, December 31, Inventories Raw materials and supplies $ 427.0 $ 433.0 Work-in-process 236.7 249.2 Finished goods 469.5 492.1 Total inventories $ 1,133.2 $ 1,174.3 Other current assets Cost in excess of billings $ 135.9 $ 114.4 Prepaid expenses 130.2 84.6 Deferred income taxes 118.1 96.7 Other current assets 15.9 13.6 Total other current assets $ 400.1 $ 309.3 Property, plant and equipment, net Land and land improvements $ 157.9 $ 161.9 Buildings and leasehold improvements 520.5 518.8 Machinery and equipment 1,236.8 1,287.6 Construction in progress 80.2 79.3 Total property, plant and equipment 1,995.4 2,047.6 Accumulated depreciation and amortization 1,057.8 1,104.8 Total property, plant and equipment, net $ 937.6 $ 942.8 Other non-current assets Asbestos-related insurance receivable $ 109.0 $ 111.0 Deferred income taxes 61.9 62.8 Other non-current assets 191.4 193.8 Total other non-current assets $ 362.3 $ 367.6 Other current liabilities Deferred revenue and customer deposits $ 77.5 $ 94.6 Dividends payable 61.6 59.6 Accrued warranty 59.7 59.8 Billings in excess of cost 23.4 32.0 Other current liabilities 445.7 398.1 Total other current liabilities $ 667.9 $ 644.1 Other non-current liabilities Asbestos-related liabilities $ 233.0 $ 237.9 Taxes payable 70.3 71.1 Other non-current liabilities 209.4 212.0 Total other non-current liabilities $ 512.7 $ 521.0

Goodwill and Other Identifiab28

Goodwill and Other Identifiable Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2016
Carrying Amount of Goodwill by Segment	The changes in the carrying amount of goodwill by segment were as follows: In millions December 31, Purchase accounting adjustments Foreign currency translation/other June 30, Water Quality Systems $ 1,121.1 $ — $ 3.3 $ 1,124.4 Flow & Filtration Solutions 882.7 — 3.0 885.7 Technical Solutions 2,255.2 (33.3 ) 3.1 2,225.0 Valves & Controls 996.4 — — 996.4 Total goodwill $ 5,255.4 $ (33.3 ) $ 9.4 $ 5,231.5
Detail of Identifiable Intangible Assets	Identifiable intangible assets consisted of the following: June 30, December 31, In millions Cost Accumulated amortization Net Cost Accumulated amortization Net Finite-life intangibles Customer relationships $ 2,083.3 $ (481.6 ) $ 1,601.7 $ 2,078.7 $ (415.8 ) $ 1,662.9 Trade names 1.8 (1.3 ) 0.5 1.8 (1.2 ) 0.6 Proprietary technology and patents 249.7 (124.6 ) 125.1 249.3 (114.2 ) 135.1 Total finite-life intangibles 2,334.8 (607.5 ) 1,727.3 2,329.8 (531.2 ) 1,798.6 Indefinite-life intangibles Trade names 692.3 — 692.3 691.5 — 691.5 Total intangibles, net $ 3,027.1 $ (607.5 ) $ 2,419.6 $ 3,021.3 $ (531.2 ) $ 2,490.1
Estimated Future Amortization Expense for Identifiable Intangible Assets	Estimated future amortization expense for identifiable intangible assets during the remainder of 2016 and the next five years is as follows: Q3-Q4 In millions 2016 2017 2018 2019 2020 2021 Estimated amortization expense $ 75.3 $ 149.8 $ 148.3 $ 145.9 $ 139.1 $ 134.0

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 Maturity Year June 30, December 31, Commercial paper 1.713% 2019 $ 161.5 $ 179.5 Revolving credit facilities 1.964% 2019 1,059.7 1,181.4 Senior notes - fixed rate 1.875% 2017 350.0 350.0 Senior notes - fixed rate 2.900% 2018 500.0 500.0 Senior notes - fixed rate 2.650% 2019 250.0 250.0 Senior notes - fixed rate - Euro 2.450% 2019 551.3 548.4 Senior notes - fixed rate 3.625% 2020 400.0 400.0 Senior notes - fixed rate 5.000% 2021 500.0 500.0 Senior notes - fixed rate 3.150% 2022 550.0 550.0 Senior notes - fixed rate 4.650% 2025 250.0 250.0 Capital lease obligations and other N/A N/A — 0.7 Unamortized debt issuance costs and discounts N/A N/A (20.8 ) (23.5 ) Total debt 4,551.7 4,686.5 Less: Current maturities and short-term borrowings — (0.7 ) Long-term debt $ 4,551.7 $ 4,685.8
Debt Outstanding Matures on Calendar Year Basis	Debt outstanding, excluding unamortized issuance costs and discounts, at June 30, 2016 matures on a calendar year basis as follows: Q3-Q4 In millions 2016 2017 2018 2019 2020 2021 Thereafter Total Contractual debt obligation maturities $ — $ 350.0 $ 500.0 $ 2,022.5 $ 400.0 $ 500.0 $ 800.0 $ 4,572.5

Derivatives and Financial Ins30

Derivatives and Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2016
Recorded Amounts and Estimated Fair Values of Long-term Debt and Derivative Financial Instruments	The recorded amounts and estimated fair values of total debt, excluding unamortized issuance costs and discounts, were as follows: June 30, December 31, In millions Recorded Amount Fair Value Recorded Amount Fair Value Variable rate debt $ 1,221.2 $ 1,221.2 $ 1,360.9 $ 1,360.9 Fixed rate debt 3,351.3 3,472.0 3,349.1 3,395.4 Total debt $ 4,572.5 $ 4,693.2 $ 4,710.0 $ 4,756.3
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: June 30, 2016 In millions Level 1 Level 2 Level 3 Total Recurring fair value measurements Foreign currency contract assets $ — $ 2.1 $ — $ 2.1 Foreign currency contract liabilities — (16.8 ) — (16.8 ) Deferred compensation plan assets (1) 39.7 6.4 — 46.1 Total recurring fair value measurements $ 39.7 $ (8.3 ) $ — $ 31.4 December 31, 2015 In millions Level 1 Level 2 Level 3 Total Recurring fair value measurements Foreign currency contract assets $ — $ 0.1 $ — $ 0.1 Foreign currency contract liabilities — (7.6 ) — (7.6 ) Deferred compensation plan assets (1) 43.8 7.0 — 50.8 Total recurring fair value measurements $ 43.8 $ (0.5 ) $ — $ 43.3 Nonrecurring fair value measurements Goodwill (2) $ — $ — $ 996.4 $ 996.4 Trade name intangibles (3) — — 138.1 138.1 Total nonrecurring fair value measurements $ — $ — $ 1,134.5 $ 1,134.5 (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 fourth quarter of 2015, we performed a goodwill impairment test for our Valves & Controls reporting unit using the required two-step process as of December 31, 2015. As a result, we recorded a non-cash goodwill impairment charge of $515.2 million . The first step of this process includes comparing the fair value to the carrying value of the reporting unit to which the goodwill is allocated to identify potential impairment. If the fair value of the reporting unit exceeds its carrying value, goodwill allocated to that reporting unit is considered not impaired. If the inverse result is observed, the reporting unit is considered to be impaired and step two of the test to measure the amount of impairment must be completed. The fair value of the reporting unit was determined using a discounted cash flow analysis and market approach. Projecting discounted future cash flows requires us to make significant estimates regarding future revenues and expenses, projected capital expenditures, changes in working capital and the appropriate discount rate. Use of the market approach consists of comparisons to comparable publicly-traded companies that are similar in size and industry. Actual results may differ from those used in our valuations. Step two compares the implied fair value of the goodwill with the carrying value of that goodwill. If the carrying value of the goodwill exceeds its implied fair value, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. That is, the fair value of the reporting unit is allocated to all of its assets and liabilities as if the reporting unit had been acquired in a business combination and its fair value was the purchase price paid to acquire the reporting unit. (3) During the fourth quarter of 2015, we performed an impairment test for our Valves & Controls trade names. As a result, we recorded a pre-tax, non-cash trade name impairment charge of $39.5 million . 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)	6 Months Ended
	Jun. 30, 2016
Schedule of Net Benefit Costs	U.S. pension plans Three months ended Six months ended In millions June 30, June 27, June 30, June 27, Service cost $ 2.8 $ 3.5 $ 5.6 $ 7.0 Interest cost 4.1 3.7 8.2 7.4 Expected return on plan assets (2.9 ) (2.5 ) (5.8 ) (5.0 ) Net periodic benefit cost $ 4.0 $ 4.7 $ 8.0 $ 9.4 Non-U.S. pension plans Three months ended Six months ended In millions June 30, June 27, June 30, June 27, Service cost $ 2.5 $ 2.6 $ 5.0 $ 5.2 Interest cost 3.7 3.8 7.4 7.6 Expected return on plan assets (3.8 ) (4.1 ) (7.6 ) (8.2 ) Net periodic benefit cost $ 2.4 $ 2.3 $ 4.8 $ 4.6

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2016
Financial Information by Reportable Segment	Financial information by reportable segment is as follows: Three months ended Six months ended In millions June 30, June 27, June 30, June 27, Net sales Water Quality Systems $ 397.1 $ 387.7 $ 728.6 $ 694.6 Flow & Filtration Solutions 368.7 374.6 706.4 724.7 Technical Solutions 540.6 407.1 1,065.2 802.9 Valves & Controls 433.6 496.4 820.6 925.6 Other (6.7 ) (4.6 ) (12.0 ) (11.6 ) Consolidated $ 1,733.3 $ 1,661.2 $ 3,308.8 $ 3,136.2 Segment income (loss) Water Quality Systems $ 98.2 $ 88.2 $ 159.9 $ 140.0 Flow & Filtration Solutions 55.5 57.1 95.0 93.5 Technical Solutions 111.6 86.4 224.4 164.0 Valves & Controls 43.7 64.4 69.0 119.8 Other (17.6 ) (22.6 ) (47.1 ) (44.5 ) Consolidated $ 291.4 $ 273.5 $ 501.2 $ 472.8
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]	The following table presents a reconciliation of consolidated segment income to consolidated operating income: Three months ended Six months ended In millions June 30, June 27, June 30, June 27, Segment income $ 291.4 $ 273.5 $ 501.2 $ 472.8 Restructuring and other (35.9 ) (25.5 ) (36.6 ) (25.5 ) Intangible amortization (37.6 ) (28.0 ) (75.2 ) (55.6 ) Inventory step-up — (1.5 ) — (1.5 ) Equity income of unconsolidated subsidiaries (1.0 ) (0.6 ) (1.9 ) (1.1 ) Operating income $ 216.9 $ 217.9 $ 387.5 $ 389.1

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2016
Changes in Carrying Amount of Service and Product Warranties	The changes in the carrying amount of service and product warranties for the six months ended June 30, 2016 were as follows: In millions June 30, Beginning balance $ 59.8 Service and product warranty provision 30.5 Payments (30.7 ) Foreign currency translation 0.1 Ending balance $ 59.7

Financial Statements of Paren34

Financial Statements of Parent Company Guarantor (Tables)	6 Months Ended
	Jun. 30, 2016
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)	Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three months ended June 30, 2016 In millions Parent Company Guarantor Subsidiary Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ — $ — $ 1,733.3 $ — $ 1,733.3 Cost of goods sold — — — 1,134.1 — 1,134.1 Gross profit — — — 599.2 — 599.2 Selling, general and administrative 1.1 — — 347.3 — 348.4 Research and development — — — 33.9 — 33.9 Operating income (loss) (1.1 ) — — 218.0 — 216.9 Loss (earnings) from investment in subsidiaries (143.8 ) (143.8 ) (172.6 ) — 460.2 — Other (income) expense: Equity income of unconsolidated subsidiaries — — — (1.0 ) — (1.0 ) Net interest expense — — 28.8 6.7 — 35.5 Income (loss) before income taxes 142.7 143.8 143.8 212.3 (460.2 ) 182.4 Provision (benefit) for income taxes (0.1 ) — — 39.7 — 39.6 Net income (loss) $ 142.8 $ 143.8 $ 143.8 $ 172.6 $ (460.2 ) $ 142.8 Comprehensive income (loss), net of tax Net income (loss) $ 142.8 $ 143.8 $ 143.8 $ 172.6 $ (460.2 ) $ 142.8 Changes in cumulative translation adjustment (25.8 ) (25.8 ) (25.8 ) (25.8 ) 77.4 (25.8 ) Changes in market value of derivative financial instruments 10.9 10.9 10.9 10.9 (32.7 ) 10.9 Comprehensive income (loss) $ 127.9 $ 128.9 $ 128.9 $ 157.7 $ (415.5 ) $ 127.9 ondensed Consolidating Statement of Operations and Comprehensive Income (Loss) Six months ended June 30, 2016 In millions Parent Company Guarantor Subsidiary Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ — $ — $ 3,308.8 $ — $ 3,308.8 Cost of goods sold — — — 2,174.2 — 2,174.2 Gross profit — — — 1,134.6 — 1,134.6 Selling, general and administrative 9.5 — 0.9 669.6 — 680.0 Research and development — — — 67.1 — 67.1 Operating income (loss) (9.5 ) — (0.9 ) 397.9 — 387.5 Loss (earnings) from continuing operations of investment in subsidiaries (259.6 ) (259.6 ) (316.7 ) — 835.9 — Other (income) expense: Equity income of unconsolidated subsidiaries — — — (1.9 ) — (1.9 ) Net interest expense — — 56.2 15.7 — 71.9 Income (loss) before income taxes 250.1 259.6 259.6 384.1 (835.9 ) 317.5 Provision (benefit) for income taxes (0.1 ) — — 67.4 — 67.3 Net income (loss) $ 250.2 $ 259.6 $ 259.6 $ 316.7 $ (835.9 ) $ 250.2 Comprehensive income (loss), net of tax Net income (loss) $ 250.2 $ 259.6 $ 259.6 $ 316.7 $ (835.9 ) $ 250.2 Changes in cumulative translation adjustment 2.2 2.2 2.2 2.2 (6.6 ) 2.2 Changes in market value of derivative financial instruments (3.8 ) (3.8 ) (3.8 ) (3.8 ) 11.4 (3.8 ) Comprehensive income (loss) $ 248.6 $ 258.0 $ 258.0 $ 315.1 $ (831.1 ) $ 248.6 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three months ended June 27, 2015 In millions Parent Subsidiary Subsidiary Non-guarantor Eliminations Consolidated Net sales $ — $ — $ — $ 1,661.2 $ — $ 1,661.2 Cost of goods sold — — — 1,095.0 — 1,095.0 Gross profit — — — 566.2 — 566.2 Selling, general and administrative 9.5 — 0.9 308.9 — 319.3 Research and development — — — 29.0 — 29.0 Operating income (loss) (9.5 ) — (0.9 ) 228.3 — 217.9 Loss (earnings) from continuing operations of investment in subsidiaries (163.3 ) (163.8 ) (161.7 ) — 488.8 — Other (income) expense: Equity income of unconsolidated subsidiaries — — — (0.6 ) — (0.6 ) Net interest expense — 0.5 0.4 17.7 — 18.6 Income (loss) from continuing operations before income taxes 153.8 163.3 160.4 211.2 (488.8 ) 199.9 Provision (benefit) for income taxes (0.1 ) — — 46.1 — 46.0 Net income (loss) from continuing operations 153.9 163.3 160.4 165.1 (488.8 ) 153.9 Loss from discontinued operations, net of tax — — — (1.3 ) — (1.3 ) Loss from sale of discontinued operations, net of tax — — — (4.8 ) — (4.8 ) Earnings (loss) from discontinued operations of investment in subsidiaries (6.1 ) (6.1 ) (6.1 ) — 18.3 — Net income (loss) $ 147.8 $ 157.2 $ 154.3 $ 159.0 $ (470.5 ) $ 147.8 Comprehensive income (loss), net of tax Net income (loss) $ 147.8 $ 157.2 $ 154.3 $ 159.0 $ (470.5 ) $ 147.8 Changes in cumulative translation adjustment 21.6 21.6 21.6 21.6 (64.8 ) 21.6 Changes in market value of derivative financial instruments (0.8 ) (0.8 ) (0.8 ) (0.8 ) 2.4 (0.8 ) Comprehensive income (loss) $ 168.6 $ 178.0 $ 175.1 $ 179.8 $ (532.9 ) $ 168.6 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Six months ended June 27, 2015 In millions Parent Subsidiary Subsidiary Non-guarantor Eliminations Consolidated Net sales $ — $ — $ — $ 3,136.2 $ — $ 3,136.2 Cost of goods sold — — — 2,059.8 — 2,059.8 Gross profit — — — 1,076.4 — 1,076.4 Selling, general and administrative 12.7 0.1 1.9 613.8 — 628.5 Research and development — — — 58.8 — 58.8 Operating income (loss) (12.7 ) (0.1 ) (1.9 ) 403.8 — 389.1 Loss (earnings) from continuing operations of investment in subsidiaries (284.1 ) (285.5 ) (280.2 ) — 849.8 — Other (income) expense: Equity income of unconsolidated subsidiaries — — — (1.1 ) — (1.1 ) Net interest expense — 1.3 3.9 31.6 — 36.8 Income (loss) from continuing operations before income taxes 271.4 284.1 274.4 373.3 (849.8 ) 353.4 Provision for income taxes (0.7 ) — — 82.0 — 81.3 Net income (loss) from continuing operations 272.1 284.1 274.4 291.3 (849.8 ) 272.1 Income from discontinued operations, net of tax — — — (5.6 ) — (5.6 ) Loss from sale/impairment of discontinued operations, net of tax — — — (4.8 ) — (4.8 ) Earnings (loss) from discontinued operations of investment in subsidiaries (10.4 ) (10.4 ) (10.4 ) — 31.2 — Net income (loss) $ 261.7 $ 273.7 $ 264.0 $ 280.9 $ (818.6 ) $ 261.7 Comprehensive income (loss), net of tax Net income (loss) before noncontrolling interest $ 261.7 $ 273.7 $ 264.0 $ 280.9 $ (818.6 ) $ 261.7 Changes in cumulative translation adjustment (152.6 ) (152.6 ) (152.6 ) (152.6 ) 457.8 (152.6 ) Changes in market value of derivative financial instruments (0.9 ) (0.9 ) (0.9 ) (0.9 ) 2.7 (0.9 ) Comprehensive income (loss) $ 108.2 $ 120.2 $ 110.5 $ 127.4 $ (358.1 ) $ 108.2
Schedule of Condensed Consolidating Balance Sheet	Condensed Consolidating Balance Sheet June 30, 2016 In millions Parent Company Guarantor Subsidiary Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Assets Current assets Cash and cash equivalents $ — $ — $ — $ 173.3 $ — $ 173.3 Accounts and notes receivable, net — — — 1,086.2 — 1,086.2 Inventories — — — 1,133.2 — 1,133.2 Other current assets 7.7 6.4 0.1 398.0 (12.1 ) 400.1 Total current assets 7.7 6.4 0.1 2,790.7 (12.1 ) 2,792.8 Property, plant and equipment, net — — — 937.6 — 937.6 Other assets Investments in subsidiaries 4,257.6 4,241.7 9,005.2 — (17,504.5 ) — Goodwill — — — 5,231.5 — 5,231.5 Intangibles, net — — — 2,419.6 — 2,419.6 Other non-current assets 8.7 10.9 682.2 1,327.7 (1,667.2 ) 362.3 Total other assets 4,266.3 4,252.6 9,687.4 8,978.8 (19,171.7 ) 8,013.4 Total assets $ 4,274.0 $ 4,259.0 $ 9,687.5 $ 12,707.1 $ (19,183.8 ) $ 11,743.8 Liabilities and Equity Current liabilities Current maturities of long-term debt and short-term borrowings $ — $ — $ — $ — $ — $ — Accounts payable 0.1 — — 531.6 — 531.7 Employee compensation and benefits 0.8 — — 215.5 — 216.3 Other current liabilities 66.8 1.4 36.4 575.4 (12.1 ) 667.9 Total current liabilities 67.7 1.4 36.4 1,322.5 (12.1 ) 1,415.9 Other liabilities Long-term debt 37.2 — 5,406.1 775.6 (1,667.2 ) 4,551.7 Pension and other post-retirement compensation and benefits — — — 282.0 — 282.0 Deferred tax liabilities — — 3.0 812.2 — 815.2 Other non-current liabilities 2.8 — — 509.9 — 512.7 Total liabilities 107.7 1.4 5,445.5 3,702.2 (1,679.3 ) 7,577.5 Equity 4,166.3 4,257.6 4,242.0 9,004.9 (17,504.5 ) 4,166.3 Total liabilities and equity $ 4,274.0 $ 4,259.0 $ 9,687.5 $ 12,707.1 $ (19,183.8 ) $ 11,743.8 Condensed Consolidating Balance Sheet December 31, 2015 In millions Parent Company Guarantor Subsidiary Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Assets Current assets Cash and cash equivalents $ — $ — $ 0.1 $ 126.2 $ — $ 126.3 Accounts and notes receivable, net 0.1 — — 1,167.6 — 1,167.7 Inventories — — — 1,174.3 — 1,174.3 Other current assets 25.2 12.8 — 309.2 (37.9 ) 309.3 Total current assets 25.3 12.8 0.1 2,777.3 (37.9 ) 2,777.6 Property, plant and equipment, net — — — 942.8 — 942.8 Other assets Investments in subsidiaries 4,495.6 4,486.1 10,151.1 — (19,132.8 ) — Goodwill — — — 5,255.4 — 5,255.4 Intangibles, net — — — 2,490.1 — 2,490.1 Other non-current assets 12.6 — 190.1 352.1 (187.2 ) 367.6 Total other assets 4,508.2 4,486.1 10,341.2 8,097.6 (19,320.0 ) 8,113.1 Total assets $ 4,533.5 $ 4,498.9 $ 10,341.3 $ 11,817.7 $ (19,357.9 ) $ 11,833.5 Liabilities and Equity Current liabilities Current maturities of long-term debt and short-term borrowings $ — $ — $ — $ 0.7 $ — $ 0.7 Accounts payable 0.6 — 0.3 577.9 — 578.8 Employee compensation and benefits 0.4 0.1 — 262.4 — 262.9 Other current liabilities 61.7 1.5 27.1 591.7 (37.9 ) 644.1 Total current liabilities 62.7 1.6 27.4 1,432.7 (37.9 ) 1,486.5 Other liabilities Long-term debt 453.3 1.7 4,535.5 (117.5 ) (187.2 ) 4,685.8 Pension and other post-retirement compensation and benefits — — — 287.2 — 287.2 Deferred tax liabilities — — 3.1 841.1 — 844.2 Other non-current liabilities 8.7 — — 512.3 — 521.0 Total liabilities 524.7 3.3 4,566.0 2,955.8 (225.1 ) 7,824.7 Equity 4,008.8 4,495.6 5,775.3 8,861.9 (19,132.8 ) 4,008.8 Total liabilities and equity $ 4,533.5 $ 4,498.9 $ 10,341.3 $ 11,817.7 $ (19,357.9 ) $ 11,833.5
Schedule of Condensed Consolidating Statement of Cash Flows	Condensed Consolidating Statement of Cash Flows Six months ended June 30, 2016 In millions Parent Company Guarantor Subsidiary Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Operating activities Net cash provided by (used for) operating activities $ 269.2 $ 243.7 $ 270.9 $ 421.6 $ (835.9 ) $ 369.5 Investing activities Capital expenditures — — — (74.6 ) — (74.6 ) Proceeds from sale of property and equipment — — — 9.5 — 9.5 Net intercompany loan activity — — 431.2 (65.4 ) (365.8 ) — Other — — — (3.0 ) — (3.0 ) Net cash provided by (used for) investing activities — — 431.2 (133.5 ) (365.8 ) (68.1 ) Financing activities Net receipts (repayments) of commercial paper and revolving long-term debt — — (123.1 ) (16.7 ) — (139.8 ) Repayments of long-term debt — — — (0.7 ) — (0.7 ) Net change in advances to subsidiaries (157.8 ) (243.7 ) (581.9 ) (218.3 ) 1,201.7 — Excess tax benefits from share-based compensation — — — 3.2 — 3.2 Shares issued to employees, net of shares withheld 8.3 — — — — 8.3 Dividends paid (119.7 ) — — — — (119.7 ) Net cash provided by (used for) financing activities (269.2 ) (243.7 ) (705.0 ) (232.5 ) 1,201.7 (248.7 ) Effect of exchange rate changes on cash and cash equivalents — — 2.8 (8.5 ) — (5.7 ) Change in cash and cash equivalents — — (0.1 ) 47.1 — 47.0 Cash and cash equivalents, beginning of period — — 0.1 126.2 — 126.3 Cash and cash equivalents, end of period $ — $ — $ — $ 173.3 $ — $ 173.3 Condensed Consolidating Statement of Cash Flows June 27, 2015 In millions Parent Subsidiary Subsidiary Non-guarantor Eliminations Consolidated Operating activities Net cash provided by (used for) operating activities $ 256.9 $ 260.3 $ 262.7 $ 224.2 $ (818.6 ) $ 185.5 Investing activities Capital expenditures — — — (66.8 ) — (66.8 ) Proceeds from sale of property and equipment — — — 23.1 — 23.1 Acquisitions, net of cash acquired — — — (99.0 ) — (99.0 ) Intercompany loan activity — — (610.8 ) (397.9 ) 1,008.7 — Other — — — (0.5 ) — (0.5 ) Net cash provided by (used for) investing activities of continuing operations — — (610.8 ) (541.1 ) 1,008.7 (143.2 ) Net cash provided by (used for) investing activities of discontinued operations — — — 59.0 — 59.0 Net cash provided by (used for) investing activities — — (610.8 ) (482.1 ) 1,008.7 (84.2 ) Financing activities Net receipts of short-term borrowings — — — (0.3 ) — (0.3 ) Net receipts (repayments) of commercial paper and revolving long-term debt — — 260.8 2.6 — 263.4 Repayments of long-term debt — — — (4.3 ) — (4.3 ) Net change in advances to subsidiaries 58.7 (260.3 ) 87.3 304.4 (190.1 ) — Excess tax benefits from share-based compensation — — — 4.6 — 4.6 Shares issued to employees, net of shares withheld — — — 17.3 — 17.3 Repurchases of ordinary shares (200.0 ) — — — — (200.0 ) Dividends paid (115.6 ) — — — — (115.6 ) Net cash provided by (used for) financing activities (256.9 ) (260.3 ) 348.1 324.3 (190.1 ) (34.9 ) Effect of exchange rate changes on cash and cash equivalents — — — (29.5 ) — (29.5 ) Change in cash and cash equivalents — — — 36.9 — 36.9 Cash and cash equivalents, beginning of period — — 0.1 110.3 — 110.4 Cash and cash equivalents, end of period $ — $ — $ 0.1 $ 147.2 $ — $ 147.3

Acquisitions & Divestitures - A

Acquisitions & Divestitures - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Dec. 31, 2015	Sep. 26, 2015	Jun. 27, 2015	Jun. 30, 2016	Jun. 27, 2015
Business Acquisition [Line Items]
Goodwill	$ 5,255.4			$ 5,231.5
Payments to Acquire Businesses, Net of Cash Acquired	0.9		$ 96	0	$ 99
Acquisitions/Divestitures			43.2
Finite-lived Intangible Assets Acquired			53.3
ERICO Global Company [Member]
Business Acquisition [Line Items]
Goodwill	1,061.9			1,028.6
Indefinite-lived Intangible Assets Acquired				228.4
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	1,033.8			1,033.8
Payments to Acquire Businesses, Net of Cash Acquired		$ 1,800
Finite-lived Intangible Assets Acquired				$ 805.4
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				21 years
Canada, Dollars
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	$ 1.2		$ 120.5

Acquisitions & Divestitures - E

Acquisitions & Divestitures - Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Schedule of Business Acquisition Allocation of Purchase Price [Line Items]
Goodwill	$ 5,231.5	$ 5,255.4
ERICO Global Company [Member]
Schedule of Business Acquisition Allocation of Purchase Price [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	11.8	11.8
Business Combination, Acquired Receivables, Fair Value	75.9	75.9
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	101.8	102.4
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	2.8	2.9
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	53.4	53.4
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	1,033.8	1,033.8
Goodwill	1,028.6	1,061.9
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	94.1	97.2
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent	382.8	418.8
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	13.1	8
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	$ 1,818.1	$ 1,818.1

Acquisitions & Divestitures - S

Acquisitions & Divestitures - Summary Pro Forma Information (Details) - ERICO Global Company [Member] - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 27, 2015	Jun. 27, 2015
Business Acquisition, Pro Forma Revenue	$ 1,804.5	$ 3,403.6
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax	$ 164.2	$ 285.2
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax, Per Share, Basic	$ 0.91	$ 1.58
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax, Per Share, Diluted	$ 0.90	$ 1.56

Acquisitions & Divestitures -38

Acquisitions & Divestitures - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 27, 2015	Jun. 30, 2016	Jun. 27, 2015	Dec. 31, 2015
Business Acquisition [Line Items]
Disposal Group, Including Discontinued Operation, Revenue	$ 0	$ 0	$ 0	$ 18.6
Disposal Group, Including Discontinued Operation, Costs of Goods Sold	0	0	0	18.1
Disposal Group, Including Discontinued Operation, Gross Profit (Loss)	0	0	0	0.5
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax	0	(1.6)	0	(7.1)
Discontinued Operation, Tax Effect of Income (Loss) from Discontinued Operation During Phase-out Period	0	0.3	0	1.5
Loss from discontinued operations, net of tax	0	(1.3)	0	(5.6)
Discontinued Operation, Provision for Loss (Gain) on Disposal, before Income Tax	0	(4.8)	0	(4.8)
Discontinued Operation, Tax (Expense) Benefit from Provision for (Gain) Loss on Disposal	0	0	0	0
Discontinued Operation, Provision for Loss (Gain) on Disposal, Net of Tax	$ 0	$ 4.8	$ 0	$ 4.8
Discontinued Operations, Disposed of by Sale [Member]
Business Acquisition [Line Items]
Proceeds from Divestiture of Businesses					$ 59

Share Plans - Additional Inform

Share Plans - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Jun. 27, 2015	Jun. 30, 2016	Jun. 27, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	$ 6.2		$ 9.7	$ 22.3	$ 19.4
2012 Stock and Incentive Plan
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		1.7
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	3.6		6.3	10.6	12.5
Restricted Stock Units (RSUs) [Member] | 2012 Stock and Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock units issued under stock and incentive plan		0.3
Weighted-average fair value of restricted stock units granted		$ 49.21
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	1.8		3.4	7.2	6.9
Equity Option [Member] | 2012 Stock and Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock option issued under stock and incentive plan		1.1
Weighted-average fair value of options granted		$ 10.23
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	$ 0.8		$ 0	$ 4.5	$ 0
Performance Shares [Member] | 2012 Stock and Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock units issued under stock and incentive plan		0.3
Weighted-average fair value of restricted stock units granted		$ 49.21

Share Plans - Assumptions Used

Share Plans - Assumptions Used in Calculating Estimated Fair Value of Stock Option Award in Annual Grant (Detail)	6 Months Ended
	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.57%
Expected dividend yield	2.47%
Expected share price volatility	27.30%
Expected term (years)	5 years 10 months 24 days

Share Plans - Share-based Compe

Share Plans - Share-based Compensation Cost by Award Type (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 27, 2015	Jun. 30, 2016	Jun. 27, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	$ 6.2	$ 9.7	$ 22.3	$ 19.4
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	3.6	6.3	10.6	12.5
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	1.8	3.4	7.2	6.9
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	$ 0.8	$ 0	$ 4.5	$ 0

Restructuring - Additional Inf

Restructuring - Additional Information (Detail) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016USD ($)	Jun. 27, 2015USD ($)	Jun. 30, 2016USD ($)Person	Jun. 27, 2015USD ($)	Dec. 31, 2015Person
Restructuring Cost and Reserve [Line Items]
Number of employees | Person			600		3,000
Total restructuring costs	$ 26.8	$ 24	$ 27.5	$ 24
Water Quality Systems [Member]
Restructuring Cost and Reserve [Line Items]
Number of employees | Person			50		100
Total restructuring costs	3.8	3.3	$ 4.3	3.3
Flow & Filtration Solutions [Member]
Restructuring Cost and Reserve [Line Items]
Number of employees | Person			100		200
Total restructuring costs	3.7	3.7	$ 2.6	3.7
Technical Solutions [Member]
Restructuring Cost and Reserve [Line Items]
Number of employees | Person			150		200
Total restructuring costs	3.7	3.4	$ 3.9	3.4
Valves And Controls [Member]
Restructuring Cost and Reserve [Line Items]
Number of employees | Person			300		2,500
Total restructuring costs	14.7	13.6	$ 14.9	13.6
Corporate and Other [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 0.9	$ 0	$ 1.8	$ 0

Restructuring - Restructuring R

Restructuring - Restructuring Related Costs Included in Selling, General & Administrative expenses on Consolidated Statements of Income (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 27, 2015	Jun. 30, 2016	Jun. 27, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 26.8	$ 24	$ 27.5	$ 24
Severance and related costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	23.2	20.6	24	20.6
Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 3.6	$ 3.4	$ 3.5	$ 3.4

Restructuring - Restructuring A

Restructuring - Restructuring Accrual Activity recorded on Condensed Consolidated Balance Sheets (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 91.2
Restructuring and Related Cost, Incurred Cost	24
Cash payments and other	(36.6)
Ending balance	$ 78.6

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 27, 2015	Jun. 30, 2016	Jun. 27, 2015
Computation Of Earnings Per Share Line Items
Net income	$ 142.8	$ 147.8	$ 250.2	$ 261.7
Income (Loss) from Continuing Operations Attributable to Parent	$ 142.8	$ 153.9	$ 250.2	$ 272.1
Weighted average common shares outstanding
Basic (shares)	180.9	179.8	180.8	180.1
Dilutive impact of stock options and restricted stock units (shares)	2.1	2.5	2	2.5
Diluted (shares)	183	182.3	182.8	182.6
Earnings per common share attributable to Pentair plc
Income (Loss) from Continuing Operations, Per Basic Share	$ 0.79	$ 0.85	$ 1.38	$ 1.51
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	0	(0.03)	0	(0.06)
Basic (USD per share)	0.79	0.82	1.38	1.45
Income (Loss) from Continuing Operations, Per Diluted Share	0.78	0.84	1.37	1.49
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	0	(0.03)	0	(0.06)
Diluted (USD per share)	$ 0.78	$ 0.81	$ 1.37	$ 1.43
Anti-dilutive stock options excluded from the calculation of diluted earnings per share	1.2	1.1	2	1.1

Supplemental Balance Sheet In46

Supplemental Balance Sheet Information (Detail) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Inventories
Inventory, Raw Materials and Supplies, Gross	$ 427	$ 433
Inventory, Work in Process, Gross	236.7	249.2
Inventory, Finished Goods, Gross	469.5	492.1
Total inventories	1,133.2	1,174.3
Other current assets
Cost in excess of billings	135.9	114.4
Prepaid expenses	130.2	84.6
Deferred income taxes	118.1	96.7
Other Current Assets	15.9	13.6
Total other current assets	400.1	309.3
Property, plant and equipment, net
Land and land improvements	157.9	161.9
Building And Leasehold Improvements Gross	520.5	518.8
Machinery and equipment	1,236.8	1,287.6
Construction in progress	80.2	79.3
Total property, plant and equipment	1,995.4	2,047.6
Accumulated depreciation and amortization	1,057.8	1,104.8
Total property, plant and equipment, net	937.6	942.8
Other non-current assets
Asbestos Related Insurance Receivables Noncurrent	109	111
Deferred income taxes	61.9	62.8
Other non-current assets	191.4	193.8
Total Other non-current assets	362.3	367.6
Other current liabilities
Deferred Revenue And Customer Deposit Current	77.5	94.6
Dividends payable	61.6	59.6
Billings in excess of cost	23.4	32
Accrued warranty	59.7	59.8
Other current liabilities	445.7	398.1
Total other current liabilities	667.9	644.1
Other non-current liabilities
Asbestos-related liabilities	233	237.9
Taxes payable	70.3	71.1
Other Long Term Liabilities	209.4	212
Total other non-current liabilities	$ 512.7	$ 521

Goodwill and Other Identifiab47

Goodwill and Other Identifiable Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 5,255.4
Goodwill, Purchase Accounting Adjustments	(33.3)
Foreign currency translation/other	9.4
Ending Balance	5,231.5
Water Quality Systems [Member]
Goodwill [Roll Forward]
Beginning Balance	1,121.1
Goodwill, Purchase Accounting Adjustments	0
Foreign currency translation/other	3.3
Ending Balance	1,124.4
Flow & Filtration Solutions [Member]
Goodwill [Roll Forward]
Beginning Balance	882.7
Goodwill, Purchase Accounting Adjustments	0
Foreign currency translation/other	3
Ending Balance	885.7
Technical Solutions [Member]
Goodwill [Roll Forward]
Beginning Balance	2,255.2
Goodwill, Purchase Accounting Adjustments	(33.3)
Foreign currency translation/other	3.1
Ending Balance	2,225
Valves And Controls [Member]
Goodwill [Roll Forward]
Beginning Balance	996.4
Goodwill, Purchase Accounting Adjustments	0
Foreign currency translation/other	0
Ending Balance	$ 996.4

Goodwill and Other Identifiab48

Goodwill and Other Identifiable Intangible Assets - Detail of Identifiable Intangible Assets (Detail) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Acquired Intangible Assets By Major Class [Line Items]
Cost	$ 3,027.1	$ 3,021.3
Accumulated amortization	(607.5)	(531.2)
Net	2,419.6	2,490.1
Finite-Lived Intangible Assets, Gross	2,334.8	2,329.8
Finite-Lived Intangible Assets, Net	1,727.3	1,798.6
Net, indefinite-life intangibles	692.3	691.5
Customer relationships
Acquired Intangible Assets By Major Class [Line Items]
Accumulated amortization	(481.6)	(415.8)
Finite-Lived Intangible Assets, Gross	2,083.3	2,078.7
Finite-Lived Intangible Assets, Net	1,601.7	1,662.9
Trade names intangibles
Acquired Intangible Assets By Major Class [Line Items]
Accumulated amortization	(1.3)	(1.2)
Finite-Lived Intangible Assets, Gross	1.8	1.8
Finite-Lived Intangible Assets, Net	0.5	0.6
Patented Technology [Member]
Acquired Intangible Assets By Major Class [Line Items]
Accumulated amortization	(124.6)	(114.2)
Finite-Lived Intangible Assets, Gross	249.7	249.3
Finite-Lived Intangible Assets, Net	$ 125.1	$ 135.1

Goodwill and Other Identifiab49

Goodwill and Other Identifiable Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 27, 2015	Jun. 30, 2016	Jun. 27, 2015
Goodwill And Other Intangible Assets [Line Items]
Intangible asset amortization expense	$ 37.6	$ 28	$ 75.2	$ 55.6

Goodwill and Other Identifiab50

Goodwill and Other Identifiable Intangible Assets - Estimated Future Amortization Expense for Identifiable Intangible Assets (Detail) $ in Millions	Jun. 30, 2016USD ($)
Finite-Lived Intangible Assets [Line Items]
Q3-Q4 2016	$ 75.3
2,017	149.8
2,018	148.3
2,019	145.9
2,020	139.1
2,021	$ 134

Debt - Debt and Average Interes

Debt - Debt and Average Interest Rates on Debt Outstanding (Detail) € in Millions, $ in Millions	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2015EUR (€)
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense	$ (20.8)	$ (23.5)
Total debt	4,551.7	4,686.5
Current maturities and short-term borrowings	0	(0.7)
Long-term debt	$ 4,551.7	4,685.8
Commercial Paper
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	1.713%
Total debt	$ 161.5	179.5
Capital Lease Obligations [Member]
Debt Instrument [Line Items]
Total debt		0.7
Other Debt Obligations [Member]
Debt Instrument [Line Items]
Total debt	$ 0
Long Term Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total debt		1,181.4
Senior Notes 1.875% Due 2017 | Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	1.875%
Total debt	$ 350	$ 350
Senior Notes 2.900% Due 2018 | Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	2.90%	2.90%	2.90%
Total debt	$ 500	$ 500
Senior Notes 2.650% Due 2019 | Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	2.65%
Total debt	$ 250	250
Senior Notes 5.000% Due 2021 | Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	5.00%
Total debt	$ 500	500
Senior Notes 3.150% Due 2022 | Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	3.15%
Total debt	$ 550	$ 550
Senior Notes 2.45% Due 2019 | Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	2.45%	2.45%	2.45%
Total debt	$ 551.3	$ 548.4	€ 500
Senior Notes 3.625% Due 2020 | Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	3.625%	3.625%	3.625%
Total debt	$ 400	$ 400
Senior Notes 4.65% Due 2025 | Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	4.65%	4.65%	4.65%
Total debt	$ 250	$ 250
Subsidiary Issuer
Debt Instrument [Line Items]
Long-term debt	$ 5,406.1	$ 4,535.5
Revolving Credit Facility [Member] | Long Term Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	1.964%
Total debt	$ 1,059.7

Debt - Additional Information

Debt - Additional Information (Detail) € in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2015EUR (€)	Sep. 02, 2015USD ($)	Oct. 03, 2014USD ($)
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount	$ 4,551.7	$ 4,686.5
Compliance with debt agreement financial covenants	we were in compliance with all financial covenants in our debt agreements
Subsidiary Issuer
Debt Instrument [Line Items]
Ownership percentage	100.00%
Subsidiary Issuer | Senior Notes 1.875% Due 2017
Debt Instrument [Line Items]
Debt, interest rate	1.875%
Subsidiary Issuer | Senior Notes 2.650% Due 2019
Debt Instrument [Line Items]
Debt, interest rate	2.65%
Subsidiary Issuer | Senior Notes 5.000% Due 2021
Debt Instrument [Line Items]
Debt, interest rate	5.00%
Subsidiary Issuer | Senior Notes 3.150% Due 2022
Debt Instrument [Line Items]
Debt, interest rate	3.15%
Pentair, Inc [Member] | Senior Notes 5.000% Due 2021
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 127
Pentair Finance S.A. [Member] | Senior Notes 5.000% Due 2021
Debt Instrument [Line Items]
Debt Instrument, Face Amount	373
Maximum
Debt Instrument [Line Items]
Costs and expenses incurred in connection with acquisition excluded from computation of Net Income figure used in our debt covenant calculation	$ 25
Debt agreement financial covenant, leverage ratio	3
Minimum
Debt Instrument [Line Items]
Debt agreement financial covenant, leverage ratio	3.50
Other Credit Facilities
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	$ 51.4
Line of credit facility, amount outstanding	0
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity				$ 2,500	$ 2,100
Remaining availability under Credit Facility	1,278.8
Revolving Credit Facility [Member] | Maximum
Debt Instrument [Line Items]
Remaining availability under Credit Facility	630.1
Commercial Paper [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount	$ 161.5	179.5
Debt, Weighted Average Interest Rate	1.713%
Senior Notes [Member] | Senior Notes 2.900% Due 2018
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount	$ 500	$ 500
Debt, Weighted Average Interest Rate	2.90%	2.90%	2.90%
Senior Notes [Member] | Senior Notes 1.875% Due 2017
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount	$ 350	$ 350
Debt, Weighted Average Interest Rate	1.875%
Senior Notes [Member] | Senior Notes 2.650% Due 2019
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount	$ 250	250
Debt, Weighted Average Interest Rate	2.65%
Senior Notes [Member] | Senior Notes 5.000% Due 2021
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount	$ 500	500
Debt, Weighted Average Interest Rate	5.00%
Senior Notes [Member] | Senior Notes 3.150% Due 2022
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount	$ 550	550
Debt, Weighted Average Interest Rate	3.15%
Senior Notes [Member] | Senior Notes 3.625% Due 2020
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount	$ 400	$ 400
Debt, Weighted Average Interest Rate	3.625%	3.625%	3.625%
Senior Notes [Member] | Senior Notes 4.65% Due 2025
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount	$ 250	$ 250
Debt, Weighted Average Interest Rate	4.65%	4.65%	4.65%
Senior Notes [Member] | Senior Notes 2.45% Due 2019
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount	$ 551.3	$ 548.4	€ 500
Debt, Weighted Average Interest Rate	2.45%	2.45%	2.45%

Debt - Debt Outstanding Matures

Debt - Debt Outstanding Matures on Calendar Year Basis (Detail) $ in Millions	Jun. 30, 2016USD ($)
Debt Instrument [Line Items]
Q3 - Q4 2016	$ 0
2,017	350
2,018	500
2,019	2,022.5
2,020	400
2,021	500
Thereafter	800
Total debt, excluding unamortized issuance costs and discounts	$ 4,572.5

Derivatives and Financial Ins54

Derivatives and Financial Instruments - Additional Information (Detail) € in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2015EUR (€)
Derivative [Line Items]
Debt, Long-term and Short-term, Combined Amount	$ 4,551.7	$ 4,686.5
Description of Net Investment Hedge Activity	€500.0 million 2.45% Senior Notes due 2019
Gain (Loss) on Derivative Used in Net Investment Hedge, Net of Tax	$ 13.6
Foreign Exchange Contract [Member]
Derivative [Line Items]
Derivative, Notional Amount	543.1	331.5
Senior Notes [Member] | Senior Notes 2.45% Due 2019
Derivative [Line Items]
Debt, Long-term and Short-term, Combined Amount	$ 551.3	548.4	€ 500
Valves And Controls [Member]
Derivative [Line Items]
Goodwill, Impairment Loss		515.2
Impairment of Intangible Assets (Excluding Goodwill)		$ 39.5

Derivatives and Financial Ins55

Derivatives and Financial Instruments - Recorded Amounts and Estimated Fair Values of Long-term Debt and Derivative Financial Instruments (Detail) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Derivative [Line Items]
Total debt, excluding unamortized issuance costs and discounts	$ 4,572.5
Recorded Amount
Derivative [Line Items]
Variable rate debt	1,221.2	$ 1,360.9
Fixed rate debt	3,351.3	3,349.1
Total debt, excluding unamortized issuance costs and discounts	4,572.5	4,710
Fair Value
Derivative [Line Items]
Variable rate debt	1,221.2	1,360.9
Fixed rate debt	3,472	3,395.4
Total debt, excluding unamortized issuance costs and discounts	$ 4,693.2	$ 4,756.3

Derivatives and Financial Ins56

Derivatives and Financial Instruments - Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill	$ 5,231.5	$ 5,255.4
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets	2.1	0.1
Foreign Currency Contracts, Liability, Fair Value Disclosure	(16.8)	(7.6)
Deferred compensation plan	46.1	50.8
Total recurring fair value measurements	31.4	43.3
Goodwill		996.4
Indefinite-Lived Trade Names		138.1
Assets, Fair Value Disclosure, Nonrecurring		1,134.5
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets	0	0
Foreign Currency Contracts, Liability, Fair Value Disclosure	0	0
Deferred compensation plan	39.7	43.8
Total recurring fair value measurements	39.7	43.8
Goodwill		0
Indefinite-Lived Trade Names		0
Assets, Fair Value Disclosure, Nonrecurring		0
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets	2.1	0.1
Foreign Currency Contracts, Liability, Fair Value Disclosure	(16.8)	(7.6)
Deferred compensation plan	6.4	7
Total recurring fair value measurements	(8.3)	(0.5)
Goodwill		0
Indefinite-Lived Trade Names		0
Assets, Fair Value Disclosure, Nonrecurring		0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets	0	0
Foreign Currency Contracts, Liability, Fair Value Disclosure	0	0
Deferred compensation plan	0	0
Total recurring fair value measurements	$ 0	0
Goodwill		996.4
Indefinite-Lived Trade Names		138.1
Assets, Fair Value Disclosure, Nonrecurring		$ 1,134.5

Income Taxes - Additional Info

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Income Taxes [Line Items]
Total gross liability for unrecognized tax benefits	$ 70.8	$ 69.9

Benefit Plans - Components of N

Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 27, 2015	Jun. 30, 2016	Jun. 27, 2015
U.S. Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2.8	$ 3.5	$ 5.6	$ 7
Interest cost	4.1	3.7	8.2	7.4
Expected return on plan assets	(2.9)	(2.5)	(5.8)	(5)
Net periodic benefit cost	4	4.7	8	9.4
Non U.S. Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	2.5	2.6	5	5.2
Interest cost	3.7	3.8	7.4	7.6
Expected return on plan assets	(3.8)	(4.1)	(7.6)	(8.2)
Net periodic benefit cost	$ 2.4	$ 2.3	$ 4.8	$ 4.6

Shareholders' Equity - Additio

Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 27, 2015	Jun. 30, 2016	Jun. 27, 2015	Dec. 31, 2015
Stockholders Equity Note Disclosure [Line Items]
Common Stock, Shares Authorized	426		426		426
Common Stock, Par or Stated Value Per Share	$ 0.01		$ 0.01		$ 0.01
Dividends Payable, Amount Per Share	0.34		0.34
Treasury Stock, Shares, Retired					19.1
Treasury Stock, Retired, Cost Method, Amount					$ 1,200
Common Stock, Dividends, Per Share, Cash Paid	$ 0.33	$ 0.32	$ 0.66	$ 0.64
Share repurchase (in shares)	0	3.1
Repurchase of common stock, value		$ 200		$ 200
ApprovedNotDeclaredlDividends					$ 1.34
Dividends payable	$ 61.6		$ 61.6		$ 59.6
December 2014 Share Repurchase Program [Member]
Stockholders Equity Note Disclosure [Line Items]
Repurchase of shares of our common stock up to a maximum aggregate value	$ 1,000		1,000
Common stock authorized for repurchase, expiration date	Dec. 31, 2019
Share repurchase program remaining available amount	$ 800		$ 800
Treasury shares
Stockholders Equity Note Disclosure [Line Items]
Share repurchase (in shares)				0
Repurchase of common stock, value				$ 0
First Quarter [Member]
Stockholders Equity Note Disclosure [Line Items]
ApprovedNotDeclaredlDividends					$ 0.33
Second Quarter [Member] [Member]
Stockholders Equity Note Disclosure [Line Items]
ApprovedNotDeclaredlDividends					0.33
Third Quarter [Member]
Stockholders Equity Note Disclosure [Line Items]
ApprovedNotDeclaredlDividends					0.34
Fourth Quarter [Member]
Stockholders Equity Note Disclosure [Line Items]
ApprovedNotDeclaredlDividends					$ 0.34

Segment Information - Financial

Segment Information - Financial Information by Reportable Segment (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 27, 2015	Jun. 30, 2016	Jun. 27, 2015
Segment Reporting Information [Line Items]
Net sales	$ 1,733.3	$ 1,661.2	$ 3,308.8	$ 3,136.2
Segment Income (Loss)	291.4	273.5	501.2	472.8
Water Quality Systems [Member]
Segment Reporting Information [Line Items]
Net sales	397.1	387.7	728.6	694.6
Segment Income (Loss)	98.2	88.2	159.9	140
Flow & Filtration Solutions [Member]
Segment Reporting Information [Line Items]
Net sales	368.7	374.6	706.4	724.7
Segment Income (Loss)	55.5	57.1	95	93.5
Technical Solutions [Member]
Segment Reporting Information [Line Items]
Net sales	540.6	407.1	1,065.2	802.9
Segment Income (Loss)	111.6	86.4	224.4	164
Valves And Controls [Member]
Segment Reporting Information [Line Items]
Net sales	433.6	496.4	820.6	925.6
Segment Income (Loss)	43.7	64.4	69	119.8
Other
Segment Reporting Information [Line Items]
Net sales	(6.7)	(4.6)	(12)	(11.6)
Segment Income (Loss)	$ (17.6)	$ (22.6)	$ (47.1)	$ (44.5)

Segment Information Reconciliat

Segment Information Reconciliation of Operating Profit (Losee) from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 27, 2015	Jun. 30, 2016	Jun. 27, 2015
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment Income (Loss)	$ 291.4	$ 273.5	$ 501.2	$ 472.8
Restructuring and other	(35.9)	(25.5)	(36.6)	(25.5)
Intangible asset amortization expense	(37.6)	(28)	(75.2)	(55.6)
inventory step up	0	(1.5)	0	(1.5)
Equity income of unconsolidated subsidiaries	(1)	(0.6)	(1.9)	(1.1)
Operating income	$ 216.9	$ 217.9	$ 387.5	$ 389.1

Commitments and Contingencies

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Jun. 30, 2016USD ($)LegalMatter	Dec. 31, 2015USD ($)
Loss Contingencies [Line Items]
Loss Contingency, Pending Claims, Number | LegalMatter	4,000
Liability For Claims And Contingencies	$ 233	$ 237.9
Liability Reserve For Insurance Claims	109	111
Environmental Reserve Other Accrued Costs	19	22.8
Letters of credit outstanding	$ 378.3	$ 402.2

Commitments and Contingencies -

Commitments and Contingencies - Changes in Carrying Amount of Service and Product Warranties (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 59.8
Product Warranty Accrual, Currency Translation, Increase (Decrease)	0.1
Service and product warranty provision	30.5
Payments	(30.7)
Ending balance	$ 59.7

Financial Statements of Paren64

Financial Statements of Parent Company Guarantor - Additional Information (Detail)	3 Months Ended
	Jun. 30, 2016
Subsidiary Issuer
Condensed Financial Statements, Captions [Line Items]
Ownership percentage	100.00%

Financial Statements of Paren65

Financial Statements of Parent Company Guarantor - Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 27, 2015	Jun. 30, 2016	Jun. 27, 2015
Condensed Financial Statements, Captions [Line Items]
Net sales	$ 1,733.3	$ 1,661.2	$ 3,308.8	$ 3,136.2
Cost of goods sold	1,134.1	1,095	2,174.2	2,059.8
Gross profit	599.2	566.2	1,134.6	1,076.4
Selling, general and administrative	348.4	319.3	680	628.5
Research and development	33.9	29	67.1	58.8
Operating Income (Loss)	216.9	217.9	387.5	389.1
Other (income) expense:
Equity income of unconsolidated subsidiaries	(1)	(0.6)	(1.9)	(1.1)
Net interest expense	35.5	18.6	71.9	36.8
Income from continuing operations before income taxes	182.4	199.9	317.5	353.4
Provision for income taxes	39.6	46	67.3	81.3
Net Income (Loss) from Continuing Operations	142.8	153.9	250.2	272.1
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	0	1.3	0	5.6
Discontinued Operation, Provision for Loss (Gain) on Disposal, Net of Tax	0	4.8	0	4.8
Net income (loss) attributable to Pentair plc	142.8	147.8	250.2	261.7
Comprehensive income (loss), net of tax
Net income	142.8	147.8	250.2	261.7
Changes in cumulative translation adjustment	25.8	(21.6)	(2.2)	152.6
Changes in market value of derivative financial instruments	10.9	(0.8)	(3.8)	(0.9)
Comprehensive income (loss) attributable to Pentair plc	127.9	168.6	248.6	108.2
Parent Company Guarantor
Condensed Financial Statements, Captions [Line Items]
Gross profit	0
Selling, general and administrative	1.1	9.5	9.5	12.7
Research and development			0
Operating Income (Loss)	(1.1)	(9.5)	(9.5)	(12.7)
Other (income) expense:
Net interest expense	0	0	0	0
Income from continuing operations before income taxes	142.7	153.8	250.1	271.4
Provision for income taxes	(0.1)	(0.1)	(0.1)	(0.7)
Net Income (Loss) from Continuing Operations		153.9		272.1
Net income (loss) attributable to Pentair plc	142.8	147.8	250.2	261.7
Comprehensive income (loss), net of tax
Net income	142.8	147.8	250.2	261.7
Changes in cumulative translation adjustment	25.8	(21.6)	(2.2)	152.6
Changes in market value of derivative financial instruments	10.9	(0.8)	(3.8)	(0.9)
Comprehensive income (loss) attributable to Pentair plc	127.9	168.6	248.6	108.2
Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Gross profit	0
Selling, general and administrative	0	0	0	0.1
Operating Income (Loss)	0	0	0	(0.1)
Other (income) expense:
Net interest expense	0	0.5	0	1.3
Income from continuing operations before income taxes	143.8	163.3	259.6	284.1
Provision for income taxes	0	0	0	0
Net Income (Loss) from Continuing Operations		163.3		284.1
Net income (loss) attributable to Pentair plc	143.8	157.2	259.6	273.7
Comprehensive income (loss), net of tax
Net income	143.8	157.2	259.6	273.7
Changes in cumulative translation adjustment	25.8	(21.6)	(2.2)	152.6
Changes in market value of derivative financial instruments	10.9	(0.8)	(3.8)	(0.9)
Comprehensive income (loss) attributable to Pentair plc	128.9	178	258	120.2
Subsidiary Issuer
Condensed Financial Statements, Captions [Line Items]
Gross profit	0
Selling, general and administrative	0	0.9	0.9	1.9
Operating Income (Loss)	0	(0.9)	(0.9)	(1.9)
Other (income) expense:
Net interest expense	28.8	0.4	56.2	3.9
Income from continuing operations before income taxes	143.8	160.4	259.6	274.4
Provision for income taxes	0	0	0	0
Net Income (Loss) from Continuing Operations		160.4		274.4
Net income (loss) attributable to Pentair plc	143.8	154.3	259.6	264
Comprehensive income (loss), net of tax
Net income	143.8	154.3	259.6	264
Changes in cumulative translation adjustment	25.8	(21.6)	(2.2)	152.6
Changes in market value of derivative financial instruments	10.9	(0.8)	(3.8)	(0.9)
Comprehensive income (loss) attributable to Pentair plc	128.9	175.1	258	110.5
Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net sales	1,733.3	1,661.2	3,308.8	3,136.2
Cost of goods sold	1,134.1	1,095	2,174.2	2,059.8
Gross profit	599.2	566.2	1,134.6	1,076.4
Selling, general and administrative	347.3	308.9	669.6	613.8
Research and development	33.9	29	67.1	58.8
Operating Income (Loss)	218	228.3	397.9	403.8
Other (income) expense:
Equity income of unconsolidated subsidiaries	(1)	(0.6)	(1.9)	(1.1)
Net interest expense	6.7	17.7	15.7	31.6
Income from continuing operations before income taxes	212.3	211.2	384.1	373.3
Provision for income taxes	39.7	46.1	67.4	82
Net Income (Loss) from Continuing Operations		165.1		291.3
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent		1.3		5.6
Discontinued Operation, Provision for Loss (Gain) on Disposal, Net of Tax		4.8		4.8
Net income (loss) attributable to Pentair plc	172.6	159	316.7	280.9
Comprehensive income (loss), net of tax
Net income	172.6	159	316.7	280.9
Changes in cumulative translation adjustment	25.8	(21.6)	(2.2)	152.6
Changes in market value of derivative financial instruments	10.9	(0.8)	(3.8)	(0.9)
Comprehensive income (loss) attributable to Pentair plc	157.7	179.8	315.1	127.4
Eliminations
Condensed Financial Statements, Captions [Line Items]
Gross profit	0
Other (income) expense:
Income from continuing operations before income taxes	(460.2)	(488.8)	(835.9)	(849.8)
Net Income (Loss) from Continuing Operations		(488.8)		(849.8)
Net income (loss) attributable to Pentair plc	(460.2)	(470.5)	(835.9)	(818.6)
Comprehensive income (loss), net of tax
Net income	(460.2)	(470.5)	(835.9)	(818.6)
Changes in cumulative translation adjustment	(77.4)	64.8	6.6	(457.8)
Changes in market value of derivative financial instruments	(32.7)	2.4	11.4	2.7
Comprehensive income (loss) attributable to Pentair plc	(415.5)	(532.9)	(831.1)	(358.1)
Discontinued Operations [Member] | Parent Company Guarantor
Condensed Financial Statements, Captions [Line Items]
Loss (earnings) from investment in subsidiaries		6.1		10.4
Discontinued Operations [Member] | Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Loss (earnings) from investment in subsidiaries		6.1		10.4
Discontinued Operations [Member] | Subsidiary Issuer
Condensed Financial Statements, Captions [Line Items]
Loss (earnings) from investment in subsidiaries		6.1		10.4
Discontinued Operations [Member] | Eliminations
Condensed Financial Statements, Captions [Line Items]
Loss (earnings) from investment in subsidiaries		(18.3)		(31.2)
Continuing Operations [Member] | Parent Company Guarantor
Condensed Financial Statements, Captions [Line Items]
Loss (earnings) from investment in subsidiaries	143.8	163.3	259.6	284.1
Continuing Operations [Member] | Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Loss (earnings) from investment in subsidiaries	143.8	163.8	259.6	285.5
Continuing Operations [Member] | Subsidiary Issuer
Condensed Financial Statements, Captions [Line Items]
Loss (earnings) from investment in subsidiaries	172.6	161.7	316.7	280.2
Continuing Operations [Member] | Eliminations
Condensed Financial Statements, Captions [Line Items]
Loss (earnings) from investment in subsidiaries	$ (460.2)	$ (488.8)	$ (835.9)	$ (849.8)

Financial Statements of Paren66

Financial Statements of Parent Company Guarantor - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015	Jun. 27, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 173.3	$ 126.3	$ 147.3	$ 110.4
Accounts and notes receivable, net	1,086.2	1,167.7
Inventories	1,133.2	1,174.3
Other current assets	400.1	309.3
Total current assets	2,792.8	2,777.6
Property, plant and equipment, net	937.6	942.8
Other assets
Goodwill	5,231.5	5,255.4
Intangibles, net	2,419.6	2,490.1
Other non-current assets	362.3	367.6
Total Other Assets	8,013.4	8,113.1
Total assets	11,743.8	11,833.5
Current liabilities
Current maturities of long-term debt and short-term borrowings	0	0.7
Accounts payable	531.7	578.8
Employee compensation and benefits	216.3	262.9
Other current liabilities	667.9	644.1
Total current liabilities	1,415.9	1,486.5
Other liabilities
Long-term debt	4,551.7	4,685.8
Pension and other post-retirement compensation and benefits	282	287.2
Deferred tax liabilities	815.2	844.2
Other non-current liabilities	512.7	521
Total liabilities	7,577.5	7,824.7
Equity
Total equity	4,166.3	4,008.8	4,552.1	4,663.8
Total liabilities and equity	11,743.8	11,833.5
Parent Company Guarantor
Current assets
Cash and cash equivalents	0	0	0	0
Accounts and notes receivable, net	0	0.1
Inventories		0
Other current assets	7.7	25.2
Total current assets	7.7	25.3
Property, plant and equipment, net		0
Other assets
Investments in subsidiaries	4,257.6	4,495.6
Other non-current assets	8.7	12.6
Total Other Assets	4,266.3	4,508.2
Total assets	4,274	4,533.5
Current liabilities
Current maturities of long-term debt and short-term borrowings		0
Accounts payable	0.1	0.6
Employee compensation and benefits	0.8	0.4
Other current liabilities	66.8	61.7
Total current liabilities	67.7	62.7
Other liabilities
Long-term debt	37.2	453.3
Other non-current liabilities	2.8	8.7
Total liabilities	107.7	524.7
Equity
Total equity	4,166.3	4,008.8
Total liabilities and equity	4,274	4,533.5
Guarantor Subsidiary [Member]
Current assets
Cash and cash equivalents	0
Accounts and notes receivable, net	0
Other current assets	6.4	12.8
Total current assets	6.4	12.8
Other assets
Investments in subsidiaries	4,241.7	4,486.1
Other non-current assets	10.9
Total Other Assets	4,252.6	4,486.1
Total assets	4,259	4,498.9
Current liabilities
Accounts payable	0
Employee compensation and benefits	0	0.1
Other current liabilities	1.4	1.5
Total current liabilities	1.4	1.6
Other liabilities
Long-term debt	0	1.7
Other non-current liabilities	0
Total liabilities	1.4	3.3
Equity
Total equity	4,257.6	4,495.6
Total liabilities and equity	4,259	4,498.9
Subsidiary Issuer
Current assets
Cash and cash equivalents	0	0.1	0.1	0.1
Accounts and notes receivable, net	0	0
Inventories		0
Other current assets	0.1	0
Total current assets	0.1	0.1
Property, plant and equipment, net		0
Other assets
Investments in subsidiaries	9,005.2	10,151.1
Other non-current assets	682.2	190.1
Total Other Assets	9,687.4	10,341.2
Total assets	9,687.5	10,341.3
Current liabilities
Current maturities of long-term debt and short-term borrowings		0
Accounts payable	0	0.3
Other current liabilities	36.4	27.1
Total current liabilities	36.4	27.4
Other liabilities
Long-term debt	5,406.1	4,535.5
Deferred tax liabilities	3	3.1
Total liabilities	5,445.5	4,566
Equity
Total equity	4,242	5,775.3
Total liabilities and equity	9,687.5	10,341.3
Non-Guarantor Subsidiaries
Current assets
Cash and cash equivalents	173.3	126.2	$ 147.2	$ 110.3
Accounts and notes receivable, net	1,086.2	1,167.6
Inventories	1,133.2	1,174.3
Other current assets	398	309.2
Total current assets	2,790.7	2,777.3
Property, plant and equipment, net	937.6	942.8
Other assets
Goodwill	5,231.5	5,255.4
Intangibles, net	2,419.6	2,490.1
Other non-current assets	1,327.7	352.1
Total Other Assets	8,978.8	8,097.6
Total assets	12,707.1	11,817.7
Current liabilities
Current maturities of long-term debt and short-term borrowings	0	0.7
Accounts payable	531.6	577.9
Employee compensation and benefits	215.5	262.4
Other current liabilities	575.4	591.7
Total current liabilities	1,322.5	1,432.7
Other liabilities
Long-term debt	775.6	(117.5)
Pension and other post-retirement compensation and benefits	282	287.2
Deferred tax liabilities	812.2	841.1
Other non-current liabilities	509.9	512.3
Total liabilities	3,702.2	2,955.8
Equity
Total equity	9,004.9	8,861.9
Total liabilities and equity	12,707.1	11,817.7
Eliminations
Current assets
Accounts and notes receivable, net	0	0
Other current assets	(12.1)	(37.9)
Total current assets	(12.1)	(37.9)
Other assets
Investments in subsidiaries	(17,504.5)	(19,132.8)
Other non-current assets	(1,667.2)	(187.2)
Total Other Assets	(19,171.7)	(19,320)
Total assets	(19,183.8)	(19,357.9)
Current liabilities
Accounts payable	0	0
Other current liabilities	(12.1)	(37.9)
Total current liabilities	(12.1)	(37.9)
Other liabilities
Long-term debt	(1,667.2)	(187.2)
Other non-current liabilities	0	0
Total liabilities	(1,679.3)	(225.1)
Equity
Total equity	(17,504.5)	(19,132.8)
Total liabilities and equity	$ (19,183.8)	$ (19,357.9)

Financial Statements of Paren67

Financial Statements of Parent Company Guarantor - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Jun. 27, 2015	Jun. 30, 2016	Jun. 27, 2015
Condensed Financial Statements, Captions [Line Items]
Net Cash Provided by (Used in) Operating Activities, Continuing Operations				$ 369.5	$ 195.1
Cash Provided by (Used in) Operating Activities, Discontinued Operations				0	(9.6)
Operating activities
Net cash provided by (used for) operating activities				369.5	185.5
Investing activities
Capital expenditures				(74.6)	(66.8)
Proceeds from sale of property and equipment				9.5	23.1
Payments to Acquire Businesses, Net of Cash Acquired		$ (0.9)	$ (96)	0	(99)
Intercompany Loan Activity, Net					0
Payments for (Proceeds from) Other Investing Activities	$ 3			(3)	(0.5)
Net Cash Provided by (Used in) Investing Activities, Continuing Operations				(68.1)	(143.2)
Cash Provided by (Used in) Investing Activities, Discontinued Operations				0	59
Net cash provided by (used for) investing activities				(68.1)	(84.2)
Financing activities
Net receipts of short-term borrowings				0	(0.3)
Net receipts of commercial paper and revolving long-term debt				(139.8)	263.4
Repayments of long-term debt				(0.7)	(4.3)
Excess tax benefits from share-based compensation				3.2	4.6
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options				8.3	17.3
Repurchases of ordinary shares				0	(200)
Dividends paid				(119.7)	(115.6)
Net cash provided by (used for) financing activities				(248.7)	(34.9)
Effect of exchange rate changes on cash and cash equivalents				(5.7)	(29.5)
Change in cash and cash equivalents				47	36.9
Cash and cash equivalents, beginning of period				126.3	110.4
Cash and cash equivalents, end of period	173.3	126.3	147.3	173.3	147.3
Parent Company Guarantor
Operating activities
Net cash provided by (used for) operating activities				269.2	256.9
Investing activities
Payments to Acquire Businesses, Net of Cash Acquired					0
Intercompany Loan Activity, Net					0
Net cash provided by (used for) investing activities					0
Financing activities
Net change in advances to subsidiaries				(157.8)	58.7
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options				8.3
Repurchases of ordinary shares					(200)
Dividends paid				(119.7)	(115.6)
Net cash provided by (used for) financing activities				(269.2)	(256.9)
Change in cash and cash equivalents					0
Cash and cash equivalents, beginning of period				0	0
Cash and cash equivalents, end of period	0	0	0	0	0
Guarantor Subsidiary [Member]
Operating activities
Net cash provided by (used for) operating activities				243.7	260.3
Investing activities
Intercompany Loan Activity, Net					0
Financing activities
Net change in advances to subsidiaries				(243.7)	(260.3)
Net cash provided by (used for) financing activities				(243.7)	(260.3)
Cash and cash equivalents, end of period	0			0
Subsidiary Issuer
Operating activities
Net cash provided by (used for) operating activities				270.9	262.7
Investing activities
Intercompany Loan Activity, Net				431.2	(610.8)
Net Cash Provided by (Used in) Investing Activities, Continuing Operations					(610.8)
Net cash provided by (used for) investing activities				431.2	(610.8)
Financing activities
Net receipts of commercial paper and revolving long-term debt				(123.1)	260.8
Net change in advances to subsidiaries				(581.9)	87.3
Net cash provided by (used for) financing activities				(705)	348.1
Effect of exchange rate changes on cash and cash equivalents				2.8
Change in cash and cash equivalents				(0.1)	0
Cash and cash equivalents, beginning of period				0.1	0.1
Cash and cash equivalents, end of period	0	0.1	0.1	0	0.1
Non-Guarantor Subsidiaries
Operating activities
Net cash provided by (used for) operating activities				421.6	224.2
Investing activities
Capital expenditures				(74.6)	(66.8)
Proceeds from sale of property and equipment				9.5	23.1
Payments to Acquire Businesses, Net of Cash Acquired					(99)
Intercompany Loan Activity, Net				(65.4)	(397.9)
Payments for (Proceeds from) Other Investing Activities	3				(0.5)
Net Cash Provided by (Used in) Investing Activities, Continuing Operations					(541.1)
Cash Provided by (Used in) Investing Activities, Discontinued Operations					59
Net cash provided by (used for) investing activities				(133.5)	(482.1)
Financing activities
Net receipts of short-term borrowings					(0.3)
Net receipts of commercial paper and revolving long-term debt				(16.7)	2.6
Repayments of long-term debt				(0.7)	(4.3)
Excess tax benefits from share-based compensation				3.2	4.6
Net change in advances to subsidiaries				(218.3)	304.4
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options				0	17.3
Repurchases of ordinary shares					0
Net cash provided by (used for) financing activities				(232.5)	324.3
Effect of exchange rate changes on cash and cash equivalents				(8.5)	(29.5)
Change in cash and cash equivalents				47.1	36.9
Cash and cash equivalents, beginning of period				126.2	110.3
Cash and cash equivalents, end of period	$ 173.3	$ 126.2	$ 147.2	173.3	147.2
Eliminations
Operating activities
Net cash provided by (used for) operating activities				(835.9)	(818.6)
Investing activities
Intercompany Loan Activity, Net				(365.8)	1,008.7
Net Cash Provided by (Used in) Investing Activities, Continuing Operations					1,008.7
Net cash provided by (used for) investing activities				(365.8)	1,008.7
Financing activities
Net change in advances to subsidiaries				1,201.7	(190.1)
Net cash provided by (used for) financing activities				$ 1,201.7	$ (190.1)