Pentair (PNR) 10-Q 24 Oct 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2017shares
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	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false
Trading Symbol	PNR
Entity Common Stock, Shares Outstanding	181,597,391

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net sales	$ 1,226.8	$ 1,210.7	$ 3,675.6	$ 3,701.9
Cost of goods sold	771.5	769.8	2,314.8	2,347.9
Gross profit	455.3	440.9	1,360.8	1,354
Selling, general and administrative	234.7	228.4	730.3	728.2
Research and development	28.4	29.7	87.1	86.9
Operating income	192.2	182.8	543.4	538.9
Other (income) expense:
Equity income of unconsolidated subsidiaries	(0.3)	(1.2)	(0.9)	(2.7)
Loss on sale of business	3.8	0	3.8	0
Loss on early extinguishment of debt	0	0	101.4	0
Net interest expense	13.9	34.3	74.2	105.9
Income from continuing operations before income taxes	174.8	149.7	364.9	435.7
Provision for income taxes	47.7	32.2	88.8	93.7
Net income from continuing operations	127.1	117.5	276.1	342
Income from discontinued operations, net of tax	0	22.9	1.9	48.6
(Loss) gain from sale of discontinued operations, net of tax	(1.7)	0.6	198.9	0.6
Net income	125.4	141	476.9	391.2
Comprehensive income, net of tax
Net income	125.4	141	476.9	391.2
Changes in cumulative translation adjustment (inclusive of divestiture of business reclassified to gain from sale of $0.0 and $374.2 for the three and nine months ended September 30, 2017, respectively)	34.5	34.9	502.8	37.1
Changes in market value of derivative financial instruments, net of tax	(3)	(4.8)	(2.3)	(8.6)
Comprehensive income	$ 156.9	$ 171.1	$ 977.4	$ 419.7
Earnings (loss) Per Share, Basic
Continuing operations (in dollars per share)	$ 0.70	$ 0.65	$ 1.52	$ 1.89
Discontinued operations (in dollars per share)	(0.01)	0.13	1.10	0.27
Basic earnings (loss) per ordinary share (in dollars per share)	0.69	0.78	2.62	2.16
Earnings (loss) Per Share, Diluted
Continuing operations (in dollars per share)	0.69	0.64	1.50	1.87
Discontinued operations (in dollars per share)	(0.01)	0.13	1.10	0.27
Diluted earnings (loss) per ordinary share (in dollars per share)	$ 0.68	$ 0.77	$ 2.60	$ 2.14
Weighted average ordinary shares outstanding
Basic (shares)	181.5	181.4	181.7	181.1
Diluted (shares)	183.5	183.6	183.7	183
Cash dividends paid per ordinary share	$ 0.345	$ 0.34	$ 1.035	$ 1

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Operations and Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Condensed Consolidated Statements of Operations and Comprehensive Income (Parenthetical) [Abstract]
Changes in Cumulative translation adjustment inclusive of divestiture of business reclassified to gain from sale	$ 0	$ 0	$ 374.2	$ 0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 108.5	$ 238.5
Accounts and notes receivable, net of allowances of $27.3 and $25.6, respectively	768.2	764
Inventories	579.2	524.2
Other current assets	249.9	253.4
Current assets held for sale	0	891.9
Total current assets	1,705.8	2,672
Property, plant and equipment, net	547.1	538.6
Other assets
Goodwill	4,343.6	4,217.4
Intangibles, net	1,607.3	1,631.8
Other non-current assets	425	182.1
Non-current assets held for sale	0	2,292.9
Total other assets	6,375.9	8,324.2
Total assets	8,628.8	11,534.8
Current liabilities
Current maturities of long-term debt and short-term borrowings	0	0.8
Accounts payable	383.4	436.6
Employee compensation and benefits	160.5	166.1
Other current liabilities	528.7	511.5
Current liabilities held for sale	0	356.2
Total current liabilities	1,072.6	1,471.2
Other liabilities
Long-term debt	1,503.4	4,278.4
Pension and other post-retirement compensation and benefits	275.1	253.4
Deferred tax liabilities	549.5	609.5
Other non-current liabilities	219.6	162
Non-current liabilities held for sale	0	505.9
Total liabilities	3,620.2	7,280.4
Equity
Ordinary shares $0.01 par value, 426.0 authorized, 181.6 and 181.8 issued at September 30, 2017 and December 31, 2016, respectively	1.8	1.8
Additional paid-in capital	2,887.3	2,920.8
Retained earnings	2,355.3	2,068.1
Accumulated other comprehensive loss	(235.8)	(736.3)
Total equity	5,008.6	4,254.4
Total liabilities and equity	$ 8,628.8	$ 11,534.8

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Accounts and notes receivable, allowances	$ 27.3	$ 25.6
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	426,000,000	426,000,000
Common shares, issued	181,600,000	181,800,000

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Operating activities
Net income	$ 476.9	$ 391.2
Income from discontinued operations, net of tax	(1.9)	(48.6)
Gain from sale of discontinued operations, net of tax	(198.9)	(0.6)
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	(0.9)	(2.7)
Depreciation	63.9	64.3
Amortization	73.2	72.6
Deferred income taxes	(11.8)	(3.8)
Loss on sale of business	3.8	0
Share-based compensation	32.2	28.7
Loss on early extinguishment of debt	101.4	0
Excess tax benefits from share-based compensation	0	(8.8)
Changes in assets and liabilities, net of effects of business acquisitions
Accounts and notes receivable	32.1	91.8
Inventories	(29.4)	14
Other current assets	(19.7)	(62.5)
Accounts payable	(77.5)	(56.9)
Employee compensation and benefits	(15.9)	(5.2)
Other current liabilities	(12.2)	13.6
Other non-current assets and liabilities	3.2	(27.4)
Net cash provided by (used for) operating activities of continuing operations	418.5	459.7
Net cash provided by (used for) operating activities of discontinued operations	(56.7)	97.1
Net cash provided by (used for) operating activities	361.8	556.8
Investing activities
Capital expenditures	(50.5)	(94.5)
Proceeds from sale of property and equipment	7.1	24.1
Proceeds from sale of businesses	2,764	0
Acquisitions, net of cash acquired	(59.5)	0
Other	0	(3.8)
Net cash provided by (used for) investing activities of continuing operations	2,661.1	(74.2)
Net cash provided by (used for) investing activities of discontinued operations	(6.5)	(4.3)
Net cash provided by (used for) investing activities	2,654.6	(78.5)
Financing activities
Net repayments of short-term borrowings	(0.8)	0
Net repayments of commercial paper and revolving long-term debt	(842.3)	(291.1)
Repayments of long-term debt	(2,009.3)	(0.7)
Premium paid on early extinguishment of debt	(94.9)	0
Excess tax benefits from share-based compensation	0	8.8
Shares issued to employees, net of shares withheld	34.3	20.1
Repurchases of ordinary shares	(100)	0
Dividends paid	(188.9)	(181.6)
Net cash provided by (used for) financing activities	(3,201.9)	(444.5)
Effect of exchange rate changes on cash and cash equivalents	55.5	10.8
Change in cash and cash equivalents	(130)	44.6
Cash and cash equivalents, beginning of period	238.5	126.3
Cash and cash equivalents, end of period	$ 108.5	$ 170.9

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Changes in Equity - USD ($) shares in Millions, $ in Millions	Total	Ordinary shares	Additional paid-in capital	Retained earnings	Accumulated other comprehensive loss
Beginning Balance at Dec. 31, 2015	$ 4,008.8	$ 1.8	$ 2,860.3	$ 1,791.7	$ (645)
Beginning Balance (in shares) at Dec. 31, 2015		180.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	391.2			391.2
Other comprehensive income, net of tax	28.5				28.5
Dividends declared	(122)			(122)
Exercise of options, net of shares tendered for payment	30.7		30.7
Exercise of options, net of shares tendered for payment (in shares)		0.9
Issuance of restricted shares, net of cancellations (in shares)		0.5
Shares surrendered by employees to pay taxes	(10.6)		(10.6)
Shares surrendered by employees to pay taxes (in shares)		(0.2)
Share-based compensation	28.7		28.7
Ending Balance (in shares) at Sep. 30, 2016		181.7
Ending Balance at Sep. 30, 2016	4,355.3	$ 1.8	2,909.1	2,060.9	(616.5)
Beginning Balance at Dec. 31, 2016	4,254.4	$ 1.8	2,920.8	2,068.1	(736.3)
Beginning Balance (in shares) at Dec. 31, 2016		181.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	476.9			476.9
Other comprehensive income, net of tax	500.5				500.5
Dividends declared	(189.7)			(189.7)
Stock Repurchased During Period, Value	(100)		(100)
Stock Repurchased During Period, Shares		(1.5)
Exercise of options, net of shares tendered for payment	41.6		41.6
Exercise of options, net of shares tendered for payment (in shares)		1.1
Issuance of restricted shares, net of cancellations (in shares)		0.3
Shares surrendered by employees to pay taxes	(7.3)		(7.3)
Shares surrendered by employees to pay taxes (in shares)		(0.1)
Share-based compensation	32.2		32.2
Ending Balance (in shares) at Sep. 30, 2017		181.6
Ending Balance at Sep. 30, 2017	$ 5,008.6	$ 1.8	$ 2,887.3	$ 2,355.3	$ (235.8)

Basis of Presentation and Respo

Basis of Presentation and Responsibility for Interim Financial Statements	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
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 condensed consolidated 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, 2016 . Revenues, expenses, cash flows, assets and liabilities can and do vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be indicative of those for a full year. Our fiscal year ends on December 31. We report our interim quarterly periods on a calendar quarter basis. Proposed Separation On May 9, 2017, we announced that our Board of Directors approved a plan to separate our Water business and Electrical business into two independent, publicly-traded companies (the "Proposed Separation"). The Proposed Separation is expected to occur through a tax-free spin-off of the Electrical business to Pentair shareholders. Completion of the Proposed Separation is subject to certain customary conditions, including, among other things, final approval of the transaction by Pentair's Board of Directors, receipt of tax opinions and rulings and effectiveness of appropriate filings with the SEC. Upon completion of the Proposed Separation, it is anticipated that Electrical's jurisdiction of organization will be Ireland, but that it will manage its affairs so that it will be centrally managed and controlled in the United Kingdom (the "U.K.") and therefore will have its tax residency in the U.K. The disclosures and financial statements within these condensed consolidated financial statements include the results of operations, financial condition and cash flows of the Electrical business as continuing operations. We expect to complete the Proposed Separation in the second quarter of 2018; however, there can be no assurance regarding the ultimate timing of the Proposed Separation or that the Proposed Separation will be completed. New accounting standards In March 2016, the Financial Accounting Standards Board ("FASB") issued a new accounting standard for share-based payments. The guidance simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification of excess tax benefits in the Condensed Consolidated Statements of Cash Flows. We adopted the new standard in the first quarter of 2017. The impact of the adoption resulted in the following: • All excess tax benefits and deficiencies arising from employee share-based payment awards, and dividends on those awards, will be recognized within income taxes in the period in which they occur rather than within additional paid-in-capital. Our adoption of this requirement under the new standard had no material impact for the three and nine months ended September 30, 2017. • The Company no longer presents excess tax benefits within cash flows from financing activities in the Condensed Consolidated Statements of Cash Flows; instead these are now reflected within cash flows from operating activities. The Company elected to apply this change prospectively. • The Company elected not to change its policy on accounting for forfeitures and continues to estimate the total number of awards for which the requisite service period will not be rendered. • The Company excluded the excess tax benefits from the assumed proceeds available to repurchase shares in the computation of our diluted earnings per share for the three and nine months ended September 30, 2017. This increased diluted weighted average common shares outstanding by less than 300,000 shares for the three and nine months ended September 30, 2017. In February 2016, the FASB issued new accounting requirements regarding accounting for leases, which require an entity to recognize both assets and liabilities arising from financing and operating leases, along with additional qualitative and quantitative disclosures. The requirements are effective for annual reporting periods 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 May 2014, the FASB issued new accounting requirements for the recognition of revenue from contracts with customers. The new requirements also include additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The requirements are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company intends to adopt the new revenue guidance as of January 1, 2018 and expects to utilize the modified retrospective transition method of adoption, with adjustment to beginning retained earnings for the cumulative effect of the change. In preparation for adoption of the new guidance, the Company has reviewed representative samples of contracts and other forms of agreements with customers globally and is in the process of quantifying the impact of adopting the new revenue standard. Based on its procedures to date, the Company does not believe the adoption of the new standard will have a material impact on its results of operations, financial condition or cash flows. The new standard will result in enhanced disclosures in the footnotes to our consolidated financial statements to provide additional quantitative and qualitative information related to disaggregation of revenue, changes in contract assets and liabilities and remaining performance obligations. Adoption of this standard will require changes to our business processes, systems and controls to support the additional required disclosures. We are in the process of implementing such changes.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2017
Disposal Groups, Including Discontinued Operations, Disclosure	Discontinued Operations On April 28, 2017, we completed the sale of the Valves & Controls business to Emerson Electric Co. for $3.15 billion , subject to final working capital adjustments. The sale resulted in a gain, net of tax, of $198.9 million . The results of the Valves & Controls business have been presented as discontinued operations and the related assets and liabilities have been classified as held for sale for all periods presented. The Valves & Controls business was previously disclosed as a stand-alone reporting segment. Transaction costs of $1.7 million and $55.4 million related to the sale of Valves & Controls were incurred during the three and nine months ended September 30, 2017 , respectively, and were recorded within (Loss) gain from sale of discontinued operations before income taxes presented below. Results of discontinued operations are summarized below: Three months ended Nine months ended In millions September 30, September 30, September 30, September 30, Net sales $ — $ 410.9 $ 450.3 $ 1,231.6 Cost of goods sold — 287.6 339.7 886.7 Gross profit — 123.3 110.6 344.9 Selling, general and administrative — 87.4 103.3 267.6 Research and development — 4.3 5.7 14.2 Operating income $ — $ 31.6 $ 1.6 $ 63.1 Income from discontinued operations before income taxes $ — $ 32.0 $ 2.5 $ 63.6 Provision for income taxes — 9.1 0.6 15.0 Income from discontinued operations, net of tax $ — $ 22.9 $ 1.9 $ 48.6 (Loss) gain from sale of discontinued operations before income taxes $ (1.7 ) $ 0.6 $ 201.3 $ 0.6 Provision for income taxes — — 2.4 — (Loss) gain from sale of discontinued operations, net of tax $ (1.7 ) $ 0.6 $ 198.9 $ 0.6 The carrying amounts of major classes of assets and liabilities that were classified as held for sale on the Condensed Consolidated Balance Sheets were as follows: In millions September 30, December 31, Accounts and notes receivable, net $ — $ 365.4 Inventories — 491.5 Other current assets — 35.0 Current assets held for sale $ — $ 891.9 Property, plant and equipment, net $ — $ 361.5 Goodwill — 996.4 Intangibles, net — 703.5 Asbestos-related insurance receivable — 108.5 Other non-current assets — 123.0 Non-current assets held for sale $ — $ 2,292.9 Accounts payable $ — $ 151.4 Employee compensation and benefits — 61.5 Other current liabilities — 143.3 Current liabilities held for sale $ — $ 356.2 Pension and other post-retirement compensation and benefits $ — $ 32.2 Deferred tax liabilities — 162.8 Asbestos-related liabilities — 228.3 Other non-current liabilities — 82.6 Non-current liabilities held for sale $ — $ 505.9

Share Plans

Share Plans	9 Months Ended
	Sep. 30, 2017
Share Plans	Share Plans Total share-based compensation expense for the three and nine months ended September 30, 2017 and 2016 was as follows: Three months ended Nine months ended In millions September 30, September 30, September 30, September 30, Restricted stock units $ 2.9 $ 3.6 $ 14.4 $ 14.2 Stock options 1.9 1.8 8.3 9.0 Performance share units 1.4 1.0 9.5 5.5 Total share-based compensation expense $ 6.2 $ 6.4 $ 32.2 $ 28.7 In the first quarter of 2017 , 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 1.4 million , of which 0.3 million were restricted stock units, 0.9 million were stock options and 0.2 million were performance share units. The weighted-average grant date fair value of the restricted stock units, stock options and performance share units issued was $58.93 , $12.57 and $58.41 , 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: 2017 Annual Grant Risk-free interest rate 1.61 % Expected dividend yield 2.38 % Expected share price volatility 26.9 % Expected term (years) 6.3 These estimates require us to make assumptions based on historical results, observance of trends in our share price, changes in option exercise behavior, future expectations and other relevant factors. If other assumptions had been used, share-based compensation expense, as calculated and recorded under the accounting guidance, could have been affected. We based the expected life assumption on historical experience as well as the terms and vesting periods of the options granted. For purposes of determining expected share price volatility, we considered a rolling average of historical volatility measured over a period approximately equal to the expected option term. The risk-free interest rate for periods that coincide with the expected life of the options is based on the U.S. Treasury Department yield curve in effect at the time of grant.

Restructuring

Restructuring	9 Months Ended
	Sep. 30, 2017
Restructuring	Restructuring During the nine months ended September 30, 2017 and the year ended December 31, 2016 , we continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business. Initiatives during the nine months ended September 30, 2017 included the reduction in hourly and salaried headcount of approximately 400 employees, consisting of approximately 200 in Water and 200 in Electrical. Initiatives during the year ended December 31, 2016 included the reduction in hourly and salaried headcount of approximately 650 employees, consisting of approximately 300 in Water and 350 in Electrical. Restructuring related costs included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) included costs for severance and other restructuring costs as follows: Three months ended Nine months ended In millions September 30, September 30, September 30, September 30, Severance and related costs $ 4.7 $ 7.3 $ 38.1 $ 19.2 Other 0.2 — 0.5 0.7 Total restructuring costs $ 4.9 $ 7.3 $ 38.6 $ 19.9 Other restructuring costs primarily consist of asset impairment and various contract termination costs. Restructuring costs by reportable segment were as follows: Three months ended Nine months ended In millions September 30, September 30, September 30, September 30, Water $ 1.4 $ 0.2 $ 14.3 $ 7.1 Electrical 1.7 7.1 14.7 11.0 Other 1.8 — 9.6 1.8 Consolidated $ 4.9 $ 7.3 $ 38.6 $ 19.9 Activity related to accrued severance and related costs recorded in Other current liabilities in the Condensed Consolidated Balance Sheets is summarized as follows for the nine months ended September 30, 2017 : In millions September 30, Beginning balance $ 25.4 Costs incurred 38.1 Cash payments and other (32.4 ) Ending balance $ 31.1

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2017
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share were calculated as follows: Three months ended Nine months ended In millions, except per-share data September 30, September 30, September 30, September 30, Net income $ 125.4 $ 141.0 $ 476.9 $ 391.2 Net income from continuing operations $ 127.1 $ 117.5 $ 276.1 $ 342.0 Weighted average ordinary shares outstanding Basic 181.5 181.4 181.7 181.1 Dilutive impact of stock options, restricted stock units and performance share units 2.0 2.2 2.0 1.9 Diluted 183.5 183.6 183.7 183.0 Earnings (loss) per ordinary share Basic Continuing operations $ 0.70 $ 0.65 $ 1.52 $ 1.89 Discontinued operations (0.01 ) 0.13 1.10 0.27 Basic earnings per ordinary share $ 0.69 $ 0.78 $ 2.62 $ 2.16 Diluted Continuing operations $ 0.69 $ 0.64 $ 1.50 $ 1.87 Discontinued operations (0.01 ) 0.13 1.10 0.27 Diluted earnings per ordinary share $ 0.68 $ 0.77 $ 2.60 $ 2.14 Anti-dilutive stock options excluded from the calculation of diluted earnings per share 1.6 1.2 1.8 1.8

Supplemental Balance Sheet Info

Supplemental Balance Sheet Information	9 Months Ended
	Sep. 30, 2017
Disclosure Supplemental Balance Sheet Information [Abstract]
Supplemental Balance Sheet Information	Supplemental Balance Sheet Information In millions September 30, December 31, Inventories Raw materials and supplies $ 252.4 $ 223.5 Work-in-process 80.7 67.3 Finished goods 246.1 233.4 Total inventories $ 579.2 $ 524.2 Other current assets Cost in excess of billings $ 128.5 $ 107.7 Prepaid expenses 86.1 68.7 Prepaid income taxes 28.1 67.2 Other current assets 7.2 9.8 Total other current assets $ 249.9 $ 253.4 Property, plant and equipment, net Land and land improvements $ 70.6 $ 66.2 Buildings and leasehold improvements 352.5 335.0 Machinery and equipment 1,002.0 932.5 Construction in progress 36.6 68.6 Total property, plant and equipment 1,461.7 1,402.3 Accumulated depreciation and amortization 914.6 863.7 Total property, plant and equipment, net $ 547.1 $ 538.6 Other non-current assets Deferred income taxes $ 37.5 $ 39.0 Prepaid income taxes 252.2 — Deferred compensation plan assets 48.1 47.9 Other non-current assets 87.2 95.2 Total other non-current assets $ 425.0 $ 182.1 Other current liabilities Dividends payable $ 62.7 $ 61.8 Accrued warranty 38.1 38.9 Accrued rebates 97.1 78.2 Billings in excess of cost 30.4 22.5 Income taxes payable 41.8 87.3 Accrued restructuring 31.1 25.4 Other current liabilities 227.5 197.4 Total other current liabilities $ 528.7 $ 511.5 Other non-current liabilities Income taxes payable $ 33.9 $ 36.1 Self-insurance liabilities 51.7 49.8 Deferred compensation plan liabilities 48.1 47.9 Foreign currency contract liabilities 41.4 5.4 Other non-current liabilities 44.5 22.8 Total other non-current liabilities $ 219.6 $ 162.0

Goodwill and Other Identifiable

Goodwill and Other Identifiable Intangible Assets	9 Months Ended
	Sep. 30, 2017
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, Acquisitions/divestitures Foreign currency translation/other September 30, Water $ 1,994.6 $ 27.3 $ 83.4 $ 2,105.3 Electrical 2,222.8 5.3 10.2 2,238.3 Total goodwill $ 4,217.4 $ 32.6 $ 93.6 $ 4,343.6 Identifiable intangible assets consisted of the following: September 30, December 31, In millions Cost Accumulated amortization Net Cost Accumulated amortization Net Finite-life intangibles Customer relationships $ 1,513.2 $ (415.1 ) $ 1,098.1 $ 1,478.0 $ (346.7 ) $ 1,131.3 Trade names 1.5 (1.4 ) 0.1 1.8 (1.4 ) 0.4 Proprietary technology and patents 131.3 (90.8 ) 40.5 141.3 (100.3 ) 41.0 Total finite-life intangibles 1,646.0 (507.3 ) 1,138.7 1,621.1 (448.4 ) 1,172.7 Indefinite-life intangibles Trade names 468.6 — 468.6 459.1 — 459.1 Total intangibles, net $ 2,114.6 $ (507.3 ) $ 1,607.3 $ 2,080.2 $ (448.4 ) $ 1,631.8 Intangible asset amortization expense was $24.6 million and $24.1 million for the three months ended September 30, 2017 and 2016 , respectively, and $73.2 million and $72.6 million for the nine months ended September 30, 2017 and 2016 , respectively. Estimated future amortization expense for identifiable intangible assets during the remainder of 2017 and the next five years is as follows: Q4 In millions 2017 2018 2019 2020 2021 2022 Estimated amortization expense $ 24.5 $ 96.1 $ 89.1 $ 83.9 $ 77.4 $ 70.1 During the first nine months of 2017 , we completed acquisitions with purchase prices totaling $59.5 million in cash, net of cash acquired. Identifiable intangible assets acquired included $19.1 million of definite-lived customer relationships with an estimated useful life of 11 years.

Debt

Debt	9 Months Ended
	Sep. 30, 2017
Debt	Debt Debt and the average interest rates on debt outstanding were as follows: In millions Average interest rate as of September 30, 2017 Maturity Year September 30, December 31, Commercial paper 2.100% 2019 $ 116.0 $ 398.7 Revolving credit facilities 2.732% 2019 17.2 576.8 Senior notes - fixed rate (1) 1.875% 2017 — 350.0 Senior notes - fixed rate (1) 2.900% 2018 255.3 500.0 Senior notes - fixed rate (1) 2.650% 2019 250.0 250.0 Senior notes - fixed rate - Euro (1) 2.450% 2019 587.3 520.7 Senior notes - fixed rate (1) 3.625% 2020 74.0 400.0 Senior notes - fixed rate (1) 5.000% 2021 103.8 500.0 Senior notes - fixed rate (1) 3.150% 2022 88.3 550.0 Senior notes - fixed rate (1) 4.650% 2025 19.3 250.0 Other N/A N/A — 0.8 Unamortized debt issuance costs and discounts N/A N/A (7.8 ) (17.8 ) Total debt 1,503.4 4,279.2 Less: Current maturities and short-term borrowings — (0.8 ) Long-term debt $ 1,503.4 $ 4,278.4 (1) Senior notes are guaranteed as to payment by Pentair plc and PISG In October 2014, Pentair plc, Pentair Investments Switzerland GmbH ("PISG"), Pentair Finance S.à r.l. ("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). In September 2015, Pentair plc, PISG and PFSA entered into a Second Amendment to the Credit Facility (the "Second Amendment"), which, among other things, increased the maximum aggregate availability to $2,500.0 million . Additionally, in September 2016, Pentair plc, PISG and PFSA entered into a Third Amendment to the Credit Facility (the "Third Amendment," and collectively with the First Amendment and the Second Amendment, the "Amendments"), which, among other things, increased the Leverage Ratio to the amounts specified below, and amended the definition of EBITDA (as defined below) to include earnings from discontinued operations for operations subject to a sale agreement until such disposition actually occurs. In May 2017, we repurchased aggregate principal of certain series of outstanding notes totaling $1,659.3 million . All costs associated with the repurchases were recorded as Loss on early extinguishment of debt, including $6.5 million of unamortized deferred financing costs. 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. PFSA had $116.0 million of commercial paper outstanding as of September 30, 2017 and $398.7 million as of December 31, 2016 , 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, and 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, ("EBITDA") for the four consecutive fiscal quarters then ended (the "Leverage Ratio") to exceed 3.50 to 1.00 as of the last day of any period of four consecutive fiscal quarters and (ii) the ratio of our EBITDA for the four consecutive fiscal quarters then ended to our consolidated interest expense, including consolidated yield or discount accrued as to outstanding securitization obligations (if any), for the same period to be less than 3.00 to 1.00 as of the end of each fiscal quarter. For purposes of the Leverage Ratio, the Credit Facility provides for the calculation of EBITDA giving pro forma effect to certain acquisitions, divestitures and liquidations during the period to which such calculation relates. As of September 30, 2017 , we were in compliance with all financial covenants in our debt agreements . Total availability under the Credit Facility was $2,366.8 million as of September 30, 2017 , which was limited to $1,828.4 million by the maximum 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 $29.9 million , of which there were no outstanding borrowings at September 30, 2017 . Borrowings under these credit facilities bear interest at variable rates. We have $255.3 million of fixed rate senior notes maturing in September 2018 . We classified this debt as long-term as of September 30, 2017 as we have the intent and ability to refinance such obligation on a long-term basis under the Credit Facility. Debt outstanding, excluding unamortized issuance costs and discounts, at September 30, 2017 matures on a calendar year basis as follows: Q4 In millions 2017 2018 2019 2020 2021 2022 Thereafter Total Contractual debt obligation maturities $ — $ — $ 1,225.8 $ 74.0 $ 103.8 $ 88.3 $ 19.3 $ 1,511.2

Derivatives and Financial Instr

Derivatives and Financial Instruments	9 Months Ended
	Sep. 30, 2017
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. To manage the volatility related to this exposure, 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. 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. At September 30, 2017 and December 31, 2016 , we had outstanding foreign currency derivative contracts with gross notional U.S. dollar equivalent amounts of $410.4 million and $475.6 million , respectively. The impact of these contracts on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) was 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 nine months ended September 30, 2017 and 2016 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 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 September 30, 2017 and December 31, 2016 , we had a deferred foreign currency loss of $22.5 million and a gain of $44.2 million , respectively, 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; • 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; and • deferred compensation plan assets (mutual funds, common/collective trusts and cash equivalents for payment of certain non-qualified benefits for retired, terminated and active employees) — fair value of mutual funds and cash equivalents are based on quoted market prices in active markets that are classified as Level 1 in the valuation hierarchy defined by the accounting guidance; fair value of common/collective trusts are based on observable 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: September 30, December 31, In millions Recorded Amount Fair Value Recorded Amount Fair Value Variable rate debt $ 133.2 $ 133.2 $ 976.3 $ 976.3 Fixed rate debt 1,378.0 1,424.3 3,320.7 3,427.1 Total debt $ 1,511.2 $ 1,557.5 $ 4,297.0 $ 4,403.4 Financial assets and liabilities measured at fair value on a recurring and nonrecurring basis were as follows: September 30, 2017 In millions Level 1 Level 2 Level 3 Total Recurring fair value measurements Foreign currency contract assets $ — $ 1.4 $ — $ 1.4 Foreign currency contract liabilities — (41.4 ) — (41.4 ) Deferred compensation plan assets 42.0 6.1 — 48.1 Total recurring fair value measurements $ 42.0 $ (33.9 ) $ — $ 8.1 December 31, 2016 In millions Level 1 Level 2 Level 3 Total Recurring fair value measurements Foreign currency contract assets $ — $ 5.5 $ — $ 5.5 Foreign currency contract liabilities — (5.4 ) — (5.4 ) Deferred compensation plan assets 41.6 6.3 — 47.9 Total recurring fair value measurements $ 41.6 $ 6.4 $ — $ 48.0 Nonrecurring fair value measurements (1) (1) During the fourth quarter of 2016, we completed our annual intangible assets impairment review. As a result, we recorded a pre-tax non-cash impairment charge of $13.3 million for a trade name intangible in 2016. The impairment charge reduced the carrying value of the impacted trade name intangible to $0 . The fair value of trade names is measured using the relief-from-royalty method. This method assumes the trade name has value to the extent that the owner is relieved of the obligation to pay royalties for the benefits received from them. This method requires us to estimate the future revenue for the related brands, the appropriate royalty rate and the weighted average cost of capital.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2017
Income Taxes	Income Taxes We manage our affairs so that we are centrally managed and controlled in the U.K. and therefore have our tax residency in the U.K. The provision for income taxes consists of provisions for U.K. and international income taxes. We operate in an international environment with operations in various locations outside the U.K. Accordingly, the consolidated income tax rate is a composite rate reflecting the earnings in the various locations and the applicable rates. The effective income tax rate for the nine months ended September 30, 2017 was 24.3% , compared to 21.5% for 2016 . 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 $36.8 million and $71.1 million at September 30, 2017 and December 31, 2016 , respectively. The $34.3 million reduction in uncertain tax positions between December 31, 2016 and September 30, 2017 is primarily due to the settlement of tax controversies with the Internal Revenue Service and the payment of resulting tax liabilities. We record penalties and interest related to unrecognized tax benefits in Provision for income taxes and Net interest expense , respectively, on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), which is consistent with our past practices.

Benefit Plans

Benefit Plans	9 Months Ended
	Sep. 30, 2017
Benefit Plans	Benefit Plans Components of net periodic benefit cost for our pension plans for the three and nine months ended September 30, 2017 and 2016 were as follows: U.S. pension plans Three months ended Nine months ended In millions September 30, September 30, September 30, September 30, Service cost $ 2.6 $ 2.8 $ 7.8 $ 8.4 Interest cost 4.1 4.1 12.3 12.3 Expected return on plan assets (2.9 ) (2.9 ) (8.7 ) (8.6 ) Net periodic benefit cost $ 3.8 $ 4.0 $ 11.4 $ 12.1 Non-U.S. pension plans Three months ended Nine months ended In millions September 30, September 30, September 30, September 30, Service cost $ 1.8 $ 2.1 $ 5.4 $ 6.2 Interest cost 0.9 1.1 2.7 3.3 Expected return on plan assets (0.3 ) (0.4 ) (0.9 ) (1.2 ) Net periodic benefit cost $ 2.4 $ 2.8 $ 7.2 $ 8.3 Components of net periodic benefit cost for our other post-retirement plans for the three and nine months ended September 30, 2017 and 2016 were not material.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2017
Shareholders' Equity	Shareholders' Equity 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 nine months ended September 30, 2017 , we repurchased 1.5 million of our shares for $100.0 million pursuant to this authorization. As of September 30, 2017 , we had $700.0 million available for share repurchases under this authorization. Dividends payable On December 6, 2016, the Board of Directors approved a plan to increase the 2017 annual cash dividend to $1.38 , which is intended to be paid in four equal quarterly installments. Additionally, on September 19, 2017 the Board of Directors declared a quarterly cash dividend of $0.345 payable on November 3, 2017 to shareholders of record at the close of business on October 20, 2017. As a result, the balance of dividends payable included in Other current liabilities on our Consolidated Balance Sheets was $62.7 million and $61.8 million at September 30, 2017 and December 31, 2016 , respectively.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2017
Segment Information	Segment Information During the first quarter of 2017, we reorganized our business segments to reflect a new operating structure, resulting in a change to our reporting segments in 2017. The prior period information was recast to be comparable to the current year presentation. We evaluate performance based on net sales and segment income (loss) and use a variety of ratios to measure performance of our reporting segments. These results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented. Segment income (loss) represents equity income of unconsolidated subsidiaries and operating income 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 Nine months ended In millions September 30, September 30, September 30, September 30, Net sales Water $ 687.3 $ 668.3 $ 2,123.9 $ 2,095.7 Electrical 540.6 543.1 1,556.0 1,608.3 Other (1.1 ) (0.7 ) (4.3 ) (2.1 ) Consolidated $ 1,226.8 $ 1,210.7 $ 3,675.6 $ 3,701.9 Segment income (loss) Water $ 130.5 $ 119.1 $ 407.5 $ 373.9 Electrical 121.5 119.6 337.8 344.0 Other (20.1 ) (22.5 ) (74.7 ) (82.8 ) Consolidated $ 231.9 $ 216.2 $ 670.6 $ 635.1 The following table presents a reconciliation of consolidated segment income to consolidated income from continuing operations before income taxes: Three months ended Nine months ended In millions September 30, September 30, September 30, September 30, Segment income $ 231.9 $ 216.2 $ 670.6 $ 635.1 Restructuring and other (4.9 ) (8.1 ) (43.2 ) (20.9 ) Intangible amortization (24.6 ) (24.1 ) (73.2 ) (72.6 ) Loss on sale of business (3.8 ) — (3.8 ) — Loss of early extinguishment of debt — — (101.4 ) — Separation costs (9.9 ) — (9.9 ) — Net interest expense (13.9 ) (34.3 ) (74.2 ) (105.9 ) Income from continuing operations before income taxes $ 174.8 $ 149.7 $ 364.9 $ 435.7

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies	Commitments and Contingencies 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. In connection with the disposition of the Valves & Controls business, we agreed to indemnify Emerson Electric Co. for certain pre-closing tax liabilities. During the second quarter of 2017, we recorded a liability representing the fair value of our expected future obligation for this matter. 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 of continuing operations for the nine months ended September 30, 2017 were as follows: In millions September 30, Beginning balance $ 38.9 Service and product warranty provision 44.1 Payments (46.7 ) Acquisitions 1.1 Foreign currency translation 0.7 Ending balance $ 38.1 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 September 30, 2017 and December 31, 2016 , the outstanding value of bonds, letters of credit and bank guarantees totaled $193.3 million and $331.0 million , respectively.

Financial Statements of Parent

Financial Statements of Parent Company Guarantor	9 Months Ended
	Sep. 30, 2017
Financial Statements of Parent Company Guarantor	Pentair plc (the "Parent Company Guarantor") and PISG (the "Subsidiary Guarantor"), fully and unconditionally, guarantee the Notes of PFSA (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 private 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 PISG as the guarantors, PFSA as issuer of the debt and all other non-guarantor subsidiaries. Condensed consolidating financial information for Pentair plc, PISG and PFSA 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 September 30, 2017 In millions Parent Company Guarantor Subsidiary Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ — $ — $ 1,226.8 $ — $ 1,226.8 Cost of goods sold — — — 771.5 — 771.5 Gross profit — — — 455.3 — 455.3 Selling, general and administrative 4.2 — — 230.5 — 234.7 Research and development — — — 28.4 — 28.4 Operating income (loss) (4.2 ) — — 196.4 — 192.2 Loss (earnings) from continuing operations of investment in subsidiaries (130.9 ) (130.7 ) (115.3 ) — 376.9 — Other (income) expense: Equity income of unconsolidated subsidiaries — — — (0.3 ) — (0.3 ) Loss on sale of business — — — 3.8 — 3.8 Net interest (income) expense — (0.2 ) 10.3 3.8 — 13.9 Income (loss) from continuing operations before income taxes 126.7 130.9 105.0 189.1 (376.9 ) 174.8 Provision (benefit) for income taxes (0.4 ) — — 48.1 — 47.7 Net income (loss) from continuing operations 127.1 130.9 105.0 141.0 (376.9 ) 127.1 Loss from sale of discontinued operations, net of tax — — — (1.7 ) — (1.7 ) Earnings (loss) from discontinued operations of investment in subsidiaries (1.7 ) (1.7 ) (1.7 ) — 5.1 — Net income (loss) $ 125.4 $ 129.2 $ 103.3 $ 139.3 $ (371.8 ) $ 125.4 Comprehensive income (loss), net of tax Net income (loss) $ 125.4 $ 129.2 $ 103.3 $ 139.3 $ (371.8 ) $ 125.4 Changes in cumulative translation adjustment 34.5 34.5 34.5 34.5 (103.5 ) 34.5 Changes in market value of derivative financial instruments, net of tax (3.0 ) (3.0 ) (3.0 ) (3.0 ) 9.0 (3.0 ) Comprehensive income (loss) $ 156.9 $ 160.7 $ 134.8 $ 170.8 $ (466.3 ) $ 156.9 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Nine months ended September 30, 2017 In millions Parent Company Guarantor Subsidiary Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ — $ — $ 3,675.6 $ — $ 3,675.6 Cost of goods sold — — — 2,314.8 — 2,314.8 Gross profit — — — 1,360.8 — 1,360.8 Selling, general and administrative 0.5 0.2 0.3 729.3 — 730.3 Research and development — — — 87.1 — 87.1 Operating income (loss) (0.5 ) (0.2 ) (0.3 ) 544.4 — 543.4 Loss (earnings) from continuing operations of investment in subsidiaries (276.2 ) (276.1 ) (427.5 ) — 979.8 — Other (income) expense: Equity income of unconsolidated subsidiaries — — — (0.9 ) — (0.9 ) Loss on sale of business — — — 3.8 — 3.8 Loss on early extinguishment of debt — — 91.0 10.4 — 101.4 Net interest (income) expense — (0.3 ) 60.6 13.9 — 74.2 Income (loss) from continuing operations before income taxes 275.7 276.2 275.6 517.2 (979.8 ) 364.9 Provision (benefit) for income taxes (0.4 ) — — 89.2 — 88.8 Net income (loss) from continuing operations 276.1 276.2 275.6 428.0 (979.8 ) 276.1 Income from discontinued operations, net of tax — — — 1.9 — 1.9 Gain from sale of discontinued operations, net of tax — — — 198.9 — 198.9 Earnings (loss) from discontinued operations of investment in subsidiaries 200.8 200.8 200.8 — (602.4 ) — Net income (loss) $ 476.9 $ 477.0 $ 476.4 $ 628.8 $ (1,582.2 ) $ 476.9 Comprehensive income (loss), net of tax Net income (loss) $ 476.9 $ 477.0 $ 476.4 $ 628.8 $ (1,582.2 ) $ 476.9 Changes in cumulative translation adjustment 502.8 502.8 502.8 502.8 (1,508.4 ) 502.8 Changes in market value of derivative financial instruments, net of tax (2.3 ) (2.3 ) (2.3 ) (2.3 ) 6.9 (2.3 ) Comprehensive income (loss) $ 977.4 $ 977.5 $ 976.9 $ 1,129.3 $ (3,083.7 ) $ 977.4 Condensed Consolidating Balance Sheet September 30, 2017 In millions Parent Company Guarantor Subsidiary Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Assets Current assets Cash and cash equivalents $ 0.1 $ — $ 0.3 $ 108.1 $ — $ 108.5 Accounts and notes receivable, net 2.5 — — 765.7 — 768.2 Inventories — — — 579.2 — 579.2 Other current assets 2.3 2.0 7.3 250.2 (11.9 ) 249.9 Total current assets 4.9 2.0 7.6 1,703.2 (11.9 ) 1,705.8 Property, plant and equipment, net — — — 547.1 — 547.1 Other assets Investments in subsidiaries 4,993.2 4,880.7 6,989.7 — (16,863.6 ) — Goodwill — — — 4,343.6 — 4,343.6 Intangibles, net — — — 1,607.3 — 1,607.3 Other non-current assets 121.4 110.9 592.2 1,391.3 (1,790.8 ) 425.0 Total other assets 5,114.6 4,991.6 7,581.9 7,342.2 (18,654.4 ) 6,375.9 Total assets $ 5,119.5 $ 4,993.6 $ 7,589.5 $ 9,592.5 $ (18,666.3 ) $ 8,628.8 Liabilities and Equity Current liabilities Accounts payable $ 1.3 $ — $ — $ 382.1 $ — $ 383.4 Employee compensation and benefits 0.3 — — 160.2 — 160.5 Other current liabilities 74.4 0.4 4.7 461.1 (11.9 ) 528.7 Total current liabilities 76.0 0.4 4.7 1,003.4 (11.9 ) 1,072.6 Other liabilities Long-term debt — — 2,704.3 589.9 (1,790.8 ) 1,503.4 Pension and other post-retirement compensation and benefits — — — 275.1 — 275.1 Deferred tax liabilities — — — 549.5 — 549.5 Other non-current liabilities 34.9 — — 184.7 — 219.6 Total liabilities 110.9 0.4 2,709.0 2,602.6 (1,802.7 ) 3,620.2 Equity 5,008.6 4,993.2 4,880.5 6,989.9 (16,863.6 ) 5,008.6 Total liabilities and equity $ 5,119.5 $ 4,993.6 $ 7,589.5 $ 9,592.5 $ (18,666.3 ) $ 8,628.8 Condensed Consolidating Statement of Cash Flows Nine months ended September 30, 2017 In millions Parent Company Guarantor Subsidiary Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Operating activities Net cash provided by (used for) operating activities $ 356.3 $ 475.5 $ 458.0 $ 654.1 $ (1,582.1 ) $ 361.8 Investing activities Capital expenditures — — — (50.5 ) — (50.5 ) Proceeds from sale of property and equipment — — — 7.1 — 7.1 Proceeds from sale of businesses, net — — 2,765.6 (1.6 ) — 2,764.0 Acquisitions, net of cash acquired — — — (59.5 ) — (59.5 ) Net intercompany loan activity — — 119.4 135.9 (255.3 ) — Net cash provided by (used for) investing activities of continuing operations — — 2,885.0 31.4 (255.3 ) 2,661.1 Net cash provided by (used for) investing activities of discontinued operations — — — (6.5 ) — (6.5 ) Net cash provided by (used for) investing activities — — 2,885.0 24.9 (255.3 ) 2,654.6 Financing activities Net repayments of short-term borrowings — — — (0.8 ) — (0.8 ) Net repayments of commercial paper and revolving long-term debt — — (832.7 ) (9.6 ) — (842.3 ) Repayments of long-term debt — — (1,917.8 ) (91.5 ) — (2,009.3 ) Premium paid on early extinguishment of debt — — (86.0 ) (8.9 ) — (94.9 ) Net change in advances to subsidiaries (101.6 ) (475.5 ) (572.9 ) (687.4 ) 1,837.4 — Shares issued to employees, net of shares withheld 34.3 — — — — 34.3 Repurchases of ordinary shares (100.0 ) — — — — (100.0 ) Dividends paid (188.9 ) — — — — (188.9 ) Net cash provided by (used for) financing activities (356.2 ) (475.5 ) (3,409.4 ) (798.2 ) 1,837.4 (3,201.9 ) Effect of exchange rate changes on cash and cash equivalents — — 66.7 (11.2 ) — 55.5 Change in cash and cash equivalents 0.1 — 0.3 (130.4 ) — (130.0 ) Cash and cash equivalents, beginning of period — — — 238.5 — 238.5 Cash and cash equivalents, end of period $ 0.1 $ — $ 0.3 $ 108.1 $ — $ 108.5 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three months ended September 30, 2016 In millions Parent Subsidiary Subsidiary Non-guarantor Eliminations Consolidated Net sales $ — $ — $ — $ 1,210.7 $ — $ 1,210.7 Cost of goods sold — — — 769.8 — 769.8 Gross profit — — — 440.9 — 440.9 Selling, general and administrative — — 0.3 228.1 — 228.4 Research and development — — — 29.7 — 29.7 Operating income — — (0.3 ) 183.1 — 182.8 Loss (earnings) from continuing operations of investment in subsidiaries (117.5 ) (117.5 ) (145.6 ) — 380.6 — Other (income) expense: Equity income of unconsolidated subsidiaries — — — (1.2 ) — (1.2 ) Net interest expense — — 27.8 6.5 — 34.3 Income (loss) from continuing operations before income taxes 117.5 117.5 117.5 177.8 (380.6 ) 149.7 Provision for income taxes — — — 32.2 — 32.2 Net income (loss) from continuing operations 117.5 117.5 117.5 145.6 (380.6 ) 117.5 Income from discontinued operations, net of tax — — — 22.9 — 22.9 Gain from sale of discontinued operations, net of tax — — — 0.6 — 0.6 Earnings (loss) from discontinued operations of investment in subsidiaries 23.5 23.5 23.5 — (70.5 ) — Net income (loss) $ 141.0 $ 141.0 $ 141.0 $ 169.1 $ (451.1 ) $ 141.0 Comprehensive income (loss), net of tax Net income (loss) $ 141.0 $ 141.0 $ 141.0 $ 169.1 $ (451.1 ) $ 141.0 Changes in cumulative translation adjustment 34.9 34.9 34.9 34.9 (104.7 ) 34.9 Changes in market value of derivative financial instruments, net of tax (4.8 ) (4.8 ) (4.8 ) (4.8 ) 14.4 (4.8 ) Comprehensive income (loss) $ 171.1 $ 171.1 $ 171.1 $ 199.2 $ (541.4 ) $ 171.1 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Nine months ended September 30, 2016 In millions Parent Subsidiary Subsidiary Non-guarantor Eliminations Consolidated Net sales $ — $ — $ — $ 3,701.9 $ — $ 3,701.9 Cost of goods sold — — — 2,347.9 — 2,347.9 Gross profit — — — 1,354.0 — 1,354.0 Selling, general and administrative 1.7 — 1.3 725.2 — 728.2 Research and development — — — 86.9 — 86.9 Operating income (loss) (1.7 ) — (1.3 ) 541.9 — 538.9 Loss (earnings) from continuing operations of investment in subsidiaries (343.6 ) (343.6 ) (428.8 ) — 1,116.0 — Other (income) expense: Equity income of unconsolidated subsidiaries — — — (2.7 ) — (2.7 ) Net interest expense — — 83.9 22.0 — 105.9 Income (loss) from continuing operations before income taxes 341.9 343.6 343.6 522.6 (1,116.0 ) 435.7 Provision (benefit) for income taxes (0.1 ) — — 93.8 — 93.7 Net income (loss) from continuing operations 342.0 343.6 343.6 428.8 (1,116.0 ) 342.0 Income from discontinued operations, net of tax — — — 48.6 — 48.6 Gain from sale of discontinued operations, net of tax — — — 0.6 — 0.6 Earnings (loss) from discontinued operations of investment in subsidiaries 49.2 49.2 49.2 — (147.6 ) — Net income (loss) $ 391.2 $ 392.8 $ 392.8 $ 478.0 $ (1,263.6 ) $ 391.2 Comprehensive income (loss), net of tax Net income (loss) $ 391.2 $ 392.8 $ 392.8 $ 478.0 $ (1,263.6 ) $ 391.2 Changes in cumulative translation adjustment 37.1 37.1 37.1 37.1 (111.3 ) 37.1 Changes in market value of derivative financial instruments, net of tax (8.6 ) (8.6 ) (8.6 ) (8.6 ) 25.8 (8.6 ) Comprehensive income (loss) $ 419.7 $ 421.3 $ 421.3 $ 506.5 $ (1,349.1 ) $ 419.7 Condensed Consolidating Balance Sheet December 31, 2016 In millions Parent Company Guarantor Subsidiary Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Assets Current assets Cash and cash equivalents $ — $ — $ — $ 238.5 $ — $ 238.5 Accounts and notes receivable, net 0.1 — — 763.9 — 764.0 Inventories — — — 524.2 — 524.2 Other current assets 1.2 4.1 1.1 237.8 9.2 253.4 Current assets held for sale — — — 891.9 — 891.9 Total current assets 1.3 4.1 1.1 2,656.3 9.2 2,672.0 Property, plant and equipment, net — — — 538.6 — 538.6 Other assets Investments in subsidiaries 4,509.5 4,471.4 9,295.5 — (18,276.4 ) — Goodwill — — — 4,217.4 — 4,217.4 Intangibles, net — — — 1,631.8 — 1,631.8 Other non-current assets 2.2 35.2 717.8 1,568.9 (2,142.0 ) 182.1 Non-current assets held for sale — — — 2,292.9 — 2,292.9 Total other assets 4,511.7 4,506.6 10,013.3 9,711.0 (20,418.4 ) 8,324.2 Total assets $ 4,513.0 $ 4,510.7 $ 10,014.4 $ 12,905.9 $ (20,409.2 ) $ 11,534.8 Liabilities and Equity Current liabilities Current maturities of long-term debt and short-term borrowings $ — $ — $ — $ 0.8 $ — $ 0.8 Accounts payable 0.7 — 0.1 435.8 — 436.6 Employee compensation and benefits 0.8 — — 165.3 — 166.1 Other current liabilities 95.2 1.2 26.7 379.2 9.2 511.5 Current liabilities held for sale — — — 356.2 — 356.2 Total current liabilities 96.7 1.2 26.8 1,337.3 9.2 1,471.2 Other liabilities Long-term debt 148.1 — 5,515.9 756.4 (2,142.0 ) 4,278.4 Pension and other post-retirement compensation and benefits — — — 253.4 — 253.4 Deferred tax liabilities — — — 609.5 — 609.5 Other non-current liabilities 13.8 — — 148.2 — 162.0 Non-current liabilities held for sale — — — 505.9 — 505.9 Total liabilities 258.6 1.2 5,542.7 3,610.7 (2,132.8 ) 7,280.4 Equity 4,254.4 4,509.5 4,471.7 9,295.2 (18,276.4 ) 4,254.4 Total liabilities and equity $ 4,513.0 $ 4,510.7 $ 10,014.4 $ 12,905.9 $ (20,409.2 ) $ 11,534.8 Condensed Consolidating Statement of Cash Flows Nine months ended September 30, 2016 In millions Parent Subsidiary Subsidiary Non-guarantor Eliminations Consolidated Operating activities Net cash provided by (used for) operating activities $ 364.1 $ 327.7 $ 327.1 $ 653.9 $ (1,116.0 ) $ 556.8 Investing activities Capital expenditures — — — (94.5 ) — (94.5 ) Proceeds from sale of property and equipment — — — 24.1 — 24.1 Net intercompany loan activity — — 497.9 (193.9 ) (304.0 ) — Other — — — (3.8 ) — (3.8 ) Net cash provided by (used for) investing activities of continuing operations — — 497.9 (268.1 ) (304.0 ) (74.2 ) Net cash provided by (used for) investing activities of discontinued operations — — — (4.3 ) — (4.3 ) Net cash provided by (used for) investing activities — — 497.9 (272.4 ) (304.0 ) (78.5 ) Financing activities Net repayments of commercial paper and revolving long-term debt — — (280.2 ) (10.9 ) — (291.1 ) Repayments of long-term debt — — — (0.7 ) — (0.7 ) Net change in advances to subsidiaries (202.6 ) (327.7 ) (557.1 ) (332.6 ) 1,420.0 — Excess tax benefits from share-based compensation — — — 8.8 — 8.8 Shares issued to employees, net of shares withheld 20.1 — — — — 20.1 Dividends paid (181.6 ) — — — — (181.6 ) Net cash provided by (used for) financing activities (364.1 ) (327.7 ) (837.3 ) (335.4 ) 1,420.0 (444.5 ) Effect of exchange rate changes on cash and cash equivalents — — 12.2 (1.4 ) — 10.8 Change in cash and cash equivalents — — (0.1 ) 44.7 — 44.6 Cash and cash equivalents, beginning of period — — 0.1 126.2 — 126.3 Cash and cash equivalents, end of period $ — $ — $ — $ 170.9 $ — $ 170.9

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2017
Disposal Groups, Including Discontinued Operations	The carrying amounts of major classes of assets and liabilities that were classified as held for sale on the Condensed Consolidated Balance Sheets were as follows: In millions September 30, December 31, Accounts and notes receivable, net $ — $ 365.4 Inventories — 491.5 Other current assets — 35.0 Current assets held for sale $ — $ 891.9 Property, plant and equipment, net $ — $ 361.5 Goodwill — 996.4 Intangibles, net — 703.5 Asbestos-related insurance receivable — 108.5 Other non-current assets — 123.0 Non-current assets held for sale $ — $ 2,292.9 Accounts payable $ — $ 151.4 Employee compensation and benefits — 61.5 Other current liabilities — 143.3 Current liabilities held for sale $ — $ 356.2 Pension and other post-retirement compensation and benefits $ — $ 32.2 Deferred tax liabilities — 162.8 Asbestos-related liabilities — 228.3 Other non-current liabilities — 82.6 Non-current liabilities held for sale $ — $ 505.9 esults of discontinued operations are summarized below: Three months ended Nine months ended In millions September 30, September 30, September 30, September 30, Net sales $ — $ 410.9 $ 450.3 $ 1,231.6 Cost of goods sold — 287.6 339.7 886.7 Gross profit — 123.3 110.6 344.9 Selling, general and administrative — 87.4 103.3 267.6 Research and development — 4.3 5.7 14.2 Operating income $ — $ 31.6 $ 1.6 $ 63.1 Income from discontinued operations before income taxes $ — $ 32.0 $ 2.5 $ 63.6 Provision for income taxes — 9.1 0.6 15.0 Income from discontinued operations, net of tax $ — $ 22.9 $ 1.9 $ 48.6 (Loss) gain from sale of discontinued operations before income taxes $ (1.7 ) $ 0.6 $ 201.3 $ 0.6 Provision for income taxes — — 2.4 — (Loss) gain from sale of discontinued operations, net of tax $ (1.7 ) $ 0.6 $ 198.9 $ 0.6

Share Plans (Tables)

Share Plans (Tables)	9 Months Ended
	Sep. 30, 2017
Share-based Compensation Expense	Total share-based compensation expense for the three and nine months ended September 30, 2017 and 2016 was as follows: Three months ended Nine months ended In millions September 30, September 30, September 30, September 30, Restricted stock units $ 2.9 $ 3.6 $ 14.4 $ 14.2 Stock options 1.9 1.8 8.3 9.0 Performance share units 1.4 1.0 9.5 5.5 Total share-based compensation expense $ 6.2 $ 6.4 $ 32.2 $ 28.7
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: 2017 Annual Grant Risk-free interest rate 1.61 % Expected dividend yield 2.38 % Expected share price volatility 26.9 % Expected term (years) 6.3

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
	Sep. 30, 2017
Restructuring Related Costs	Restructuring related costs included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) included costs for severance and other restructuring costs as follows: Three months ended Nine months ended In millions September 30, September 30, September 30, September 30, Severance and related costs $ 4.7 $ 7.3 $ 38.1 $ 19.2 Other 0.2 — 0.5 0.7 Total restructuring costs $ 4.9 $ 7.3 $ 38.6 $ 19.9
Restructuring Costs By Segment [Table Text Block]	Restructuring costs by reportable segment were as follows: Three months ended Nine months ended In millions September 30, September 30, September 30, September 30, Water $ 1.4 $ 0.2 $ 14.3 $ 7.1 Electrical 1.7 7.1 14.7 11.0 Other 1.8 — 9.6 1.8 Consolidated $ 4.9 $ 7.3 $ 38.6 $ 19.9
Restructuring Accrual Activity Recorded on Consolidated Balance Sheets	Activity related to accrued severance and related costs recorded in Other current liabilities in the Condensed Consolidated Balance Sheets is summarized as follows for the nine months ended September 30, 2017 : In millions September 30, Beginning balance $ 25.4 Costs incurred 38.1 Cash payments and other (32.4 ) Ending balance $ 31.1

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2017
Basic and Diluted Earnings Per Share	Basic and diluted earnings per share were calculated as follows: Three months ended Nine months ended In millions, except per-share data September 30, September 30, September 30, September 30, Net income $ 125.4 $ 141.0 $ 476.9 $ 391.2 Net income from continuing operations $ 127.1 $ 117.5 $ 276.1 $ 342.0 Weighted average ordinary shares outstanding Basic 181.5 181.4 181.7 181.1 Dilutive impact of stock options, restricted stock units and performance share units 2.0 2.2 2.0 1.9 Diluted 183.5 183.6 183.7 183.0 Earnings (loss) per ordinary share Basic Continuing operations $ 0.70 $ 0.65 $ 1.52 $ 1.89 Discontinued operations (0.01 ) 0.13 1.10 0.27 Basic earnings per ordinary share $ 0.69 $ 0.78 $ 2.62 $ 2.16 Diluted Continuing operations $ 0.69 $ 0.64 $ 1.50 $ 1.87 Discontinued operations (0.01 ) 0.13 1.10 0.27 Diluted earnings per ordinary share $ 0.68 $ 0.77 $ 2.60 $ 2.14 Anti-dilutive stock options excluded from the calculation of diluted earnings per share 1.6 1.2 1.8 1.8

Supplemental Balance Sheet In27

Supplemental Balance Sheet Information (Tables)	9 Months Ended
	Sep. 30, 2017
Disclosure Supplemental Balance Sheet Information [Abstract]
Supplemental Balance Sheet Information	In millions September 30, December 31, Inventories Raw materials and supplies $ 252.4 $ 223.5 Work-in-process 80.7 67.3 Finished goods 246.1 233.4 Total inventories $ 579.2 $ 524.2 Other current assets Cost in excess of billings $ 128.5 $ 107.7 Prepaid expenses 86.1 68.7 Prepaid income taxes 28.1 67.2 Other current assets 7.2 9.8 Total other current assets $ 249.9 $ 253.4 Property, plant and equipment, net Land and land improvements $ 70.6 $ 66.2 Buildings and leasehold improvements 352.5 335.0 Machinery and equipment 1,002.0 932.5 Construction in progress 36.6 68.6 Total property, plant and equipment 1,461.7 1,402.3 Accumulated depreciation and amortization 914.6 863.7 Total property, plant and equipment, net $ 547.1 $ 538.6 Other non-current assets Deferred income taxes $ 37.5 $ 39.0 Prepaid income taxes 252.2 — Deferred compensation plan assets 48.1 47.9 Other non-current assets 87.2 95.2 Total other non-current assets $ 425.0 $ 182.1 Other current liabilities Dividends payable $ 62.7 $ 61.8 Accrued warranty 38.1 38.9 Accrued rebates 97.1 78.2 Billings in excess of cost 30.4 22.5 Income taxes payable 41.8 87.3 Accrued restructuring 31.1 25.4 Other current liabilities 227.5 197.4 Total other current liabilities $ 528.7 $ 511.5 Other non-current liabilities Income taxes payable $ 33.9 $ 36.1 Self-insurance liabilities 51.7 49.8 Deferred compensation plan liabilities 48.1 47.9 Foreign currency contract liabilities 41.4 5.4 Other non-current liabilities 44.5 22.8 Total other non-current liabilities $ 219.6 $ 162.0

Goodwill and Other Identifiab28

Goodwill and Other Identifiable Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2017
Carrying Amount of Goodwill by Segment	The changes in the carrying amount of goodwill by segment were as follows: In millions December 31, Acquisitions/divestitures Foreign currency translation/other September 30, Water $ 1,994.6 $ 27.3 $ 83.4 $ 2,105.3 Electrical 2,222.8 5.3 10.2 2,238.3 Total goodwill $ 4,217.4 $ 32.6 $ 93.6 $ 4,343.6
Detail of Identifiable Intangible Assets	Identifiable intangible assets consisted of the following: September 30, December 31, In millions Cost Accumulated amortization Net Cost Accumulated amortization Net Finite-life intangibles Customer relationships $ 1,513.2 $ (415.1 ) $ 1,098.1 $ 1,478.0 $ (346.7 ) $ 1,131.3 Trade names 1.5 (1.4 ) 0.1 1.8 (1.4 ) 0.4 Proprietary technology and patents 131.3 (90.8 ) 40.5 141.3 (100.3 ) 41.0 Total finite-life intangibles 1,646.0 (507.3 ) 1,138.7 1,621.1 (448.4 ) 1,172.7 Indefinite-life intangibles Trade names 468.6 — 468.6 459.1 — 459.1 Total intangibles, net $ 2,114.6 $ (507.3 ) $ 1,607.3 $ 2,080.2 $ (448.4 ) $ 1,631.8
Estimated Future Amortization Expense for Identifiable Intangible Assets	Estimated future amortization expense for identifiable intangible assets during the remainder of 2017 and the next five years is as follows: Q4 In millions 2017 2018 2019 2020 2021 2022 Estimated amortization expense $ 24.5 $ 96.1 $ 89.1 $ 83.9 $ 77.4 $ 70.1

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2017
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 as of September 30, 2017 Maturity Year September 30, December 31, Commercial paper 2.100% 2019 $ 116.0 $ 398.7 Revolving credit facilities 2.732% 2019 17.2 576.8 Senior notes - fixed rate (1) 1.875% 2017 — 350.0 Senior notes - fixed rate (1) 2.900% 2018 255.3 500.0 Senior notes - fixed rate (1) 2.650% 2019 250.0 250.0 Senior notes - fixed rate - Euro (1) 2.450% 2019 587.3 520.7 Senior notes - fixed rate (1) 3.625% 2020 74.0 400.0 Senior notes - fixed rate (1) 5.000% 2021 103.8 500.0 Senior notes - fixed rate (1) 3.150% 2022 88.3 550.0 Senior notes - fixed rate (1) 4.650% 2025 19.3 250.0 Other N/A N/A — 0.8 Unamortized debt issuance costs and discounts N/A N/A (7.8 ) (17.8 ) Total debt 1,503.4 4,279.2 Less: Current maturities and short-term borrowings — (0.8 ) Long-term debt $ 1,503.4 $ 4,278.4 (1) Senior notes are guaranteed as to payment by Pentair plc and PISG
Debt Outstanding Matures on Calendar Year Basis	Debt outstanding, excluding unamortized issuance costs and discounts, at September 30, 2017 matures on a calendar year basis as follows: Q4 In millions 2017 2018 2019 2020 2021 2022 Thereafter Total Contractual debt obligation maturities $ — $ — $ 1,225.8 $ 74.0 $ 103.8 $ 88.3 $ 19.3 $ 1,511.2

Derivatives and Financial Ins30

Derivatives and Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2017
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: September 30, December 31, In millions Recorded Amount Fair Value Recorded Amount Fair Value Variable rate debt $ 133.2 $ 133.2 $ 976.3 $ 976.3 Fixed rate debt 1,378.0 1,424.3 3,320.7 3,427.1 Total debt $ 1,511.2 $ 1,557.5 $ 4,297.0 $ 4,403.4
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	Financial assets and liabilities measured at fair value on a recurring and nonrecurring basis were as follows: September 30, 2017 In millions Level 1 Level 2 Level 3 Total Recurring fair value measurements Foreign currency contract assets $ — $ 1.4 $ — $ 1.4 Foreign currency contract liabilities — (41.4 ) — (41.4 ) Deferred compensation plan assets 42.0 6.1 — 48.1 Total recurring fair value measurements $ 42.0 $ (33.9 ) $ — $ 8.1 December 31, 2016 In millions Level 1 Level 2 Level 3 Total Recurring fair value measurements Foreign currency contract assets $ — $ 5.5 $ — $ 5.5 Foreign currency contract liabilities — (5.4 ) — (5.4 ) Deferred compensation plan assets 41.6 6.3 — 47.9 Total recurring fair value measurements $ 41.6 $ 6.4 $ — $ 48.0 Nonrecurring fair value measurements (1) (1) During the fourth quarter of 2016, we completed our annual intangible assets impairment review. As a result, we recorded a pre-tax non-cash impairment charge of $13.3 million for a trade name intangible in 2016. The impairment charge reduced the carrying value of the impacted trade name intangible to $0 . The fair value of trade names is measured using the relief-from-royalty method. This method assumes the trade name has value to the extent that the owner is relieved of the obligation to pay royalties for the benefits received from them. This method requires us to estimate the future revenue for the related brands, the appropriate royalty rate and the weighted average cost of capital.

Benefit Plans (Tables)

Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2017
Schedule of Net Benefit Costs	U.S. pension plans Three months ended Nine months ended In millions September 30, September 30, September 30, September 30, Service cost $ 2.6 $ 2.8 $ 7.8 $ 8.4 Interest cost 4.1 4.1 12.3 12.3 Expected return on plan assets (2.9 ) (2.9 ) (8.7 ) (8.6 ) Net periodic benefit cost $ 3.8 $ 4.0 $ 11.4 $ 12.1 Non-U.S. pension plans Three months ended Nine months ended In millions September 30, September 30, September 30, September 30, Service cost $ 1.8 $ 2.1 $ 5.4 $ 6.2 Interest cost 0.9 1.1 2.7 3.3 Expected return on plan assets (0.3 ) (0.4 ) (0.9 ) (1.2 ) Net periodic benefit cost $ 2.4 $ 2.8 $ 7.2 $ 8.3

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2017
Financial Information by Reportable Segment	Financial information by reportable segment is as follows: Three months ended Nine months ended In millions September 30, September 30, September 30, September 30, Net sales Water $ 687.3 $ 668.3 $ 2,123.9 $ 2,095.7 Electrical 540.6 543.1 1,556.0 1,608.3 Other (1.1 ) (0.7 ) (4.3 ) (2.1 ) Consolidated $ 1,226.8 $ 1,210.7 $ 3,675.6 $ 3,701.9 Segment income (loss) Water $ 130.5 $ 119.1 $ 407.5 $ 373.9 Electrical 121.5 119.6 337.8 344.0 Other (20.1 ) (22.5 ) (74.7 ) (82.8 ) Consolidated $ 231.9 $ 216.2 $ 670.6 $ 635.1
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]	The following table presents a reconciliation of consolidated segment income to consolidated income from continuing operations before income taxes: Three months ended Nine months ended In millions September 30, September 30, September 30, September 30, Segment income $ 231.9 $ 216.2 $ 670.6 $ 635.1 Restructuring and other (4.9 ) (8.1 ) (43.2 ) (20.9 ) Intangible amortization (24.6 ) (24.1 ) (73.2 ) (72.6 ) Loss on sale of business (3.8 ) — (3.8 ) — Loss of early extinguishment of debt — — (101.4 ) — Separation costs (9.9 ) — (9.9 ) — Net interest expense (13.9 ) (34.3 ) (74.2 ) (105.9 ) Income from continuing operations before income taxes $ 174.8 $ 149.7 $ 364.9 $ 435.7

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2017
Changes in Carrying Amount of Service and Product Warranties	The changes in the carrying amount of service and product warranties of continuing operations for the nine months ended September 30, 2017 were as follows: In millions September 30, Beginning balance $ 38.9 Service and product warranty provision 44.1 Payments (46.7 ) Acquisitions 1.1 Foreign currency translation 0.7 Ending balance $ 38.1

Financial Statements of Paren34

Financial Statements of Parent Company Guarantor (Tables)	9 Months Ended
	Sep. 30, 2017
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)	Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three months ended September 30, 2017 In millions Parent Company Guarantor Subsidiary Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ — $ — $ 1,226.8 $ — $ 1,226.8 Cost of goods sold — — — 771.5 — 771.5 Gross profit — — — 455.3 — 455.3 Selling, general and administrative 4.2 — — 230.5 — 234.7 Research and development — — — 28.4 — 28.4 Operating income (loss) (4.2 ) — — 196.4 — 192.2 Loss (earnings) from continuing operations of investment in subsidiaries (130.9 ) (130.7 ) (115.3 ) — 376.9 — Other (income) expense: Equity income of unconsolidated subsidiaries — — — (0.3 ) — (0.3 ) Loss on sale of business — — — 3.8 — 3.8 Net interest (income) expense — (0.2 ) 10.3 3.8 — 13.9 Income (loss) from continuing operations before income taxes 126.7 130.9 105.0 189.1 (376.9 ) 174.8 Provision (benefit) for income taxes (0.4 ) — — 48.1 — 47.7 Net income (loss) from continuing operations 127.1 130.9 105.0 141.0 (376.9 ) 127.1 Loss from sale of discontinued operations, net of tax — — — (1.7 ) — (1.7 ) Earnings (loss) from discontinued operations of investment in subsidiaries (1.7 ) (1.7 ) (1.7 ) — 5.1 — Net income (loss) $ 125.4 $ 129.2 $ 103.3 $ 139.3 $ (371.8 ) $ 125.4 Comprehensive income (loss), net of tax Net income (loss) $ 125.4 $ 129.2 $ 103.3 $ 139.3 $ (371.8 ) $ 125.4 Changes in cumulative translation adjustment 34.5 34.5 34.5 34.5 (103.5 ) 34.5 Changes in market value of derivative financial instruments, net of tax (3.0 ) (3.0 ) (3.0 ) (3.0 ) 9.0 (3.0 ) Comprehensive income (loss) $ 156.9 $ 160.7 $ 134.8 $ 170.8 $ (466.3 ) $ 156.9 ondensed Consolidating Statement of Operations and Comprehensive Income (Loss) Nine months ended September 30, 2017 In millions Parent Company Guarantor Subsidiary Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ — $ — $ 3,675.6 $ — $ 3,675.6 Cost of goods sold — — — 2,314.8 — 2,314.8 Gross profit — — — 1,360.8 — 1,360.8 Selling, general and administrative 0.5 0.2 0.3 729.3 — 730.3 Research and development — — — 87.1 — 87.1 Operating income (loss) (0.5 ) (0.2 ) (0.3 ) 544.4 — 543.4 Loss (earnings) from continuing operations of investment in subsidiaries (276.2 ) (276.1 ) (427.5 ) — 979.8 — Other (income) expense: Equity income of unconsolidated subsidiaries — — — (0.9 ) — (0.9 ) Loss on sale of business — — — 3.8 — 3.8 Loss on early extinguishment of debt — — 91.0 10.4 — 101.4 Net interest (income) expense — (0.3 ) 60.6 13.9 — 74.2 Income (loss) from continuing operations before income taxes 275.7 276.2 275.6 517.2 (979.8 ) 364.9 Provision (benefit) for income taxes (0.4 ) — — 89.2 — 88.8 Net income (loss) from continuing operations 276.1 276.2 275.6 428.0 (979.8 ) 276.1 Income from discontinued operations, net of tax — — — 1.9 — 1.9 Gain from sale of discontinued operations, net of tax — — — 198.9 — 198.9 Earnings (loss) from discontinued operations of investment in subsidiaries 200.8 200.8 200.8 — (602.4 ) — Net income (loss) $ 476.9 $ 477.0 $ 476.4 $ 628.8 $ (1,582.2 ) $ 476.9 Comprehensive income (loss), net of tax Net income (loss) $ 476.9 $ 477.0 $ 476.4 $ 628.8 $ (1,582.2 ) $ 476.9 Changes in cumulative translation adjustment 502.8 502.8 502.8 502.8 (1,508.4 ) 502.8 Changes in market value of derivative financial instruments, net of tax (2.3 ) (2.3 ) (2.3 ) (2.3 ) 6.9 (2.3 ) Comprehensive income (loss) $ 977.4 $ 977.5 $ 976.9 $ 1,129.3 $ (3,083.7 ) $ 977.4 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three months ended September 30, 2016 In millions Parent Subsidiary Subsidiary Non-guarantor Eliminations Consolidated Net sales $ — $ — $ — $ 1,210.7 $ — $ 1,210.7 Cost of goods sold — — — 769.8 — 769.8 Gross profit — — — 440.9 — 440.9 Selling, general and administrative — — 0.3 228.1 — 228.4 Research and development — — — 29.7 — 29.7 Operating income — — (0.3 ) 183.1 — 182.8 Loss (earnings) from continuing operations of investment in subsidiaries (117.5 ) (117.5 ) (145.6 ) — 380.6 — Other (income) expense: Equity income of unconsolidated subsidiaries — — — (1.2 ) — (1.2 ) Net interest expense — — 27.8 6.5 — 34.3 Income (loss) from continuing operations before income taxes 117.5 117.5 117.5 177.8 (380.6 ) 149.7 Provision for income taxes — — — 32.2 — 32.2 Net income (loss) from continuing operations 117.5 117.5 117.5 145.6 (380.6 ) 117.5 Income from discontinued operations, net of tax — — — 22.9 — 22.9 Gain from sale of discontinued operations, net of tax — — — 0.6 — 0.6 Earnings (loss) from discontinued operations of investment in subsidiaries 23.5 23.5 23.5 — (70.5 ) — Net income (loss) $ 141.0 $ 141.0 $ 141.0 $ 169.1 $ (451.1 ) $ 141.0 Comprehensive income (loss), net of tax Net income (loss) $ 141.0 $ 141.0 $ 141.0 $ 169.1 $ (451.1 ) $ 141.0 Changes in cumulative translation adjustment 34.9 34.9 34.9 34.9 (104.7 ) 34.9 Changes in market value of derivative financial instruments, net of tax (4.8 ) (4.8 ) (4.8 ) (4.8 ) 14.4 (4.8 ) Comprehensive income (loss) $ 171.1 $ 171.1 $ 171.1 $ 199.2 $ (541.4 ) $ 171.1 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Nine months ended September 30, 2016 In millions Parent Subsidiary Subsidiary Non-guarantor Eliminations Consolidated Net sales $ — $ — $ — $ 3,701.9 $ — $ 3,701.9 Cost of goods sold — — — 2,347.9 — 2,347.9 Gross profit — — — 1,354.0 — 1,354.0 Selling, general and administrative 1.7 — 1.3 725.2 — 728.2 Research and development — — — 86.9 — 86.9 Operating income (loss) (1.7 ) — (1.3 ) 541.9 — 538.9 Loss (earnings) from continuing operations of investment in subsidiaries (343.6 ) (343.6 ) (428.8 ) — 1,116.0 — Other (income) expense: Equity income of unconsolidated subsidiaries — — — (2.7 ) — (2.7 ) Net interest expense — — 83.9 22.0 — 105.9 Income (loss) from continuing operations before income taxes 341.9 343.6 343.6 522.6 (1,116.0 ) 435.7 Provision (benefit) for income taxes (0.1 ) — — 93.8 — 93.7 Net income (loss) from continuing operations 342.0 343.6 343.6 428.8 (1,116.0 ) 342.0 Income from discontinued operations, net of tax — — — 48.6 — 48.6 Gain from sale of discontinued operations, net of tax — — — 0.6 — 0.6 Earnings (loss) from discontinued operations of investment in subsidiaries 49.2 49.2 49.2 — (147.6 ) — Net income (loss) $ 391.2 $ 392.8 $ 392.8 $ 478.0 $ (1,263.6 ) $ 391.2 Comprehensive income (loss), net of tax Net income (loss) $ 391.2 $ 392.8 $ 392.8 $ 478.0 $ (1,263.6 ) $ 391.2 Changes in cumulative translation adjustment 37.1 37.1 37.1 37.1 (111.3 ) 37.1 Changes in market value of derivative financial instruments, net of tax (8.6 ) (8.6 ) (8.6 ) (8.6 ) 25.8 (8.6 ) Comprehensive income (loss) $ 419.7 $ 421.3 $ 421.3 $ 506.5 $ (1,349.1 ) $ 419.7
Schedule of Condensed Consolidating Balance Sheet	Condensed Consolidating Balance Sheet September 30, 2017 In millions Parent Company Guarantor Subsidiary Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Assets Current assets Cash and cash equivalents $ 0.1 $ — $ 0.3 $ 108.1 $ — $ 108.5 Accounts and notes receivable, net 2.5 — — 765.7 — 768.2 Inventories — — — 579.2 — 579.2 Other current assets 2.3 2.0 7.3 250.2 (11.9 ) 249.9 Total current assets 4.9 2.0 7.6 1,703.2 (11.9 ) 1,705.8 Property, plant and equipment, net — — — 547.1 — 547.1 Other assets Investments in subsidiaries 4,993.2 4,880.7 6,989.7 — (16,863.6 ) — Goodwill — — — 4,343.6 — 4,343.6 Intangibles, net — — — 1,607.3 — 1,607.3 Other non-current assets 121.4 110.9 592.2 1,391.3 (1,790.8 ) 425.0 Total other assets 5,114.6 4,991.6 7,581.9 7,342.2 (18,654.4 ) 6,375.9 Total assets $ 5,119.5 $ 4,993.6 $ 7,589.5 $ 9,592.5 $ (18,666.3 ) $ 8,628.8 Liabilities and Equity Current liabilities Accounts payable $ 1.3 $ — $ — $ 382.1 $ — $ 383.4 Employee compensation and benefits 0.3 — — 160.2 — 160.5 Other current liabilities 74.4 0.4 4.7 461.1 (11.9 ) 528.7 Total current liabilities 76.0 0.4 4.7 1,003.4 (11.9 ) 1,072.6 Other liabilities Long-term debt — — 2,704.3 589.9 (1,790.8 ) 1,503.4 Pension and other post-retirement compensation and benefits — — — 275.1 — 275.1 Deferred tax liabilities — — — 549.5 — 549.5 Other non-current liabilities 34.9 — — 184.7 — 219.6 Total liabilities 110.9 0.4 2,709.0 2,602.6 (1,802.7 ) 3,620.2 Equity 5,008.6 4,993.2 4,880.5 6,989.9 (16,863.6 ) 5,008.6 Total liabilities and equity $ 5,119.5 $ 4,993.6 $ 7,589.5 $ 9,592.5 $ (18,666.3 ) $ 8,628.8 Condensed Consolidating Balance Sheet December 31, 2016 In millions Parent Company Guarantor Subsidiary Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Assets Current assets Cash and cash equivalents $ — $ — $ — $ 238.5 $ — $ 238.5 Accounts and notes receivable, net 0.1 — — 763.9 — 764.0 Inventories — — — 524.2 — 524.2 Other current assets 1.2 4.1 1.1 237.8 9.2 253.4 Current assets held for sale — — — 891.9 — 891.9 Total current assets 1.3 4.1 1.1 2,656.3 9.2 2,672.0 Property, plant and equipment, net — — — 538.6 — 538.6 Other assets Investments in subsidiaries 4,509.5 4,471.4 9,295.5 — (18,276.4 ) — Goodwill — — — 4,217.4 — 4,217.4 Intangibles, net — — — 1,631.8 — 1,631.8 Other non-current assets 2.2 35.2 717.8 1,568.9 (2,142.0 ) 182.1 Non-current assets held for sale — — — 2,292.9 — 2,292.9 Total other assets 4,511.7 4,506.6 10,013.3 9,711.0 (20,418.4 ) 8,324.2 Total assets $ 4,513.0 $ 4,510.7 $ 10,014.4 $ 12,905.9 $ (20,409.2 ) $ 11,534.8 Liabilities and Equity Current liabilities Current maturities of long-term debt and short-term borrowings $ — $ — $ — $ 0.8 $ — $ 0.8 Accounts payable 0.7 — 0.1 435.8 — 436.6 Employee compensation and benefits 0.8 — — 165.3 — 166.1 Other current liabilities 95.2 1.2 26.7 379.2 9.2 511.5 Current liabilities held for sale — — — 356.2 — 356.2 Total current liabilities 96.7 1.2 26.8 1,337.3 9.2 1,471.2 Other liabilities Long-term debt 148.1 — 5,515.9 756.4 (2,142.0 ) 4,278.4 Pension and other post-retirement compensation and benefits — — — 253.4 — 253.4 Deferred tax liabilities — — — 609.5 — 609.5 Other non-current liabilities 13.8 — — 148.2 — 162.0 Non-current liabilities held for sale — — — 505.9 — 505.9 Total liabilities 258.6 1.2 5,542.7 3,610.7 (2,132.8 ) 7,280.4 Equity 4,254.4 4,509.5 4,471.7 9,295.2 (18,276.4 ) 4,254.4 Total liabilities and equity $ 4,513.0 $ 4,510.7 $ 10,014.4 $ 12,905.9 $ (20,409.2 ) $ 11,534.8
Schedule of Condensed Consolidating Statement of Cash Flows	Condensed Consolidating Statement of Cash Flows Nine months ended September 30, 2017 In millions Parent Company Guarantor Subsidiary Subsidiary Issuer Non-guarantor Subsidiaries Eliminations Consolidated Operating activities Net cash provided by (used for) operating activities $ 356.3 $ 475.5 $ 458.0 $ 654.1 $ (1,582.1 ) $ 361.8 Investing activities Capital expenditures — — — (50.5 ) — (50.5 ) Proceeds from sale of property and equipment — — — 7.1 — 7.1 Proceeds from sale of businesses, net — — 2,765.6 (1.6 ) — 2,764.0 Acquisitions, net of cash acquired — — — (59.5 ) — (59.5 ) Net intercompany loan activity — — 119.4 135.9 (255.3 ) — Net cash provided by (used for) investing activities of continuing operations — — 2,885.0 31.4 (255.3 ) 2,661.1 Net cash provided by (used for) investing activities of discontinued operations — — — (6.5 ) — (6.5 ) Net cash provided by (used for) investing activities — — 2,885.0 24.9 (255.3 ) 2,654.6 Financing activities Net repayments of short-term borrowings — — — (0.8 ) — (0.8 ) Net repayments of commercial paper and revolving long-term debt — — (832.7 ) (9.6 ) — (842.3 ) Repayments of long-term debt — — (1,917.8 ) (91.5 ) — (2,009.3 ) Premium paid on early extinguishment of debt — — (86.0 ) (8.9 ) — (94.9 ) Net change in advances to subsidiaries (101.6 ) (475.5 ) (572.9 ) (687.4 ) 1,837.4 — Shares issued to employees, net of shares withheld 34.3 — — — — 34.3 Repurchases of ordinary shares (100.0 ) — — — — (100.0 ) Dividends paid (188.9 ) — — — — (188.9 ) Net cash provided by (used for) financing activities (356.2 ) (475.5 ) (3,409.4 ) (798.2 ) 1,837.4 (3,201.9 ) Effect of exchange rate changes on cash and cash equivalents — — 66.7 (11.2 ) — 55.5 Change in cash and cash equivalents 0.1 — 0.3 (130.4 ) — (130.0 ) Cash and cash equivalents, beginning of period — — — 238.5 — 238.5 Cash and cash equivalents, end of period $ 0.1 $ — $ 0.3 $ 108.1 $ — $ 108.5 Condensed Consolidating Statement of Cash Flows Nine months ended September 30, 2016 In millions Parent Subsidiary Subsidiary Non-guarantor Eliminations Consolidated Operating activities Net cash provided by (used for) operating activities $ 364.1 $ 327.7 $ 327.1 $ 653.9 $ (1,116.0 ) $ 556.8 Investing activities Capital expenditures — — — (94.5 ) — (94.5 ) Proceeds from sale of property and equipment — — — 24.1 — 24.1 Net intercompany loan activity — — 497.9 (193.9 ) (304.0 ) — Other — — — (3.8 ) — (3.8 ) Net cash provided by (used for) investing activities of continuing operations — — 497.9 (268.1 ) (304.0 ) (74.2 ) Net cash provided by (used for) investing activities of discontinued operations — — — (4.3 ) — (4.3 ) Net cash provided by (used for) investing activities — — 497.9 (272.4 ) (304.0 ) (78.5 ) Financing activities Net repayments of commercial paper and revolving long-term debt — — (280.2 ) (10.9 ) — (291.1 ) Repayments of long-term debt — — — (0.7 ) — (0.7 ) Net change in advances to subsidiaries (202.6 ) (327.7 ) (557.1 ) (332.6 ) 1,420.0 — Excess tax benefits from share-based compensation — — — 8.8 — 8.8 Shares issued to employees, net of shares withheld 20.1 — — — — 20.1 Dividends paid (181.6 ) — — — — (181.6 ) Net cash provided by (used for) financing activities (364.1 ) (327.7 ) (837.3 ) (335.4 ) 1,420.0 (444.5 ) Effect of exchange rate changes on cash and cash equivalents — — 12.2 (1.4 ) — 10.8 Change in cash and cash equivalents — — (0.1 ) 44.7 — 44.6 Cash and cash equivalents, beginning of period — — 0.1 126.2 — 126.3 Cash and cash equivalents, end of period $ — $ — $ — $ 170.9 $ — $ 170.9

Discontinued Operations Additio

Discontinued Operations Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017	Sep. 30, 2017	Sep. 30, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses				$ 2,764	$ 0
(Loss) gain from sale of discontinued operations, net of tax	$ (1.7)	$ 0.6		198.9	$ 0.6
Discontinued Operations, Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses			$ 3,150
Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deal related costs and expenses	$ 1.7			$ 55.4

Discontinued Operations Income

Discontinued Operations Income Statement (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	$ 0	$ 410.9	$ 450.3	$ 1,231.6
Cost of goods sold	0	287.6	339.7	886.7
Gross profit	0	123.3	110.6	344.9
Selling, general and administrative	0	87.4	103.3	267.6
Research and development	0	4.3	5.7	14.2
Operating income	0	31.6	1.6	63.1
Income from discontinued operations before income taxes	0	32	2.5	63.6
Provision for income taxes	0	9.1	0.6	15
Income from discontinued operations, net of tax	0	22.9	1.9	48.6
(Loss) gain from sale of discontinued operations before income taxes	1.7	(0.6)	(201.3)	(0.6)
Provision for income taxes	0	0	2.4	0
(Loss) gain from sale of discontinued operations, net of tax	$ (1.7)	$ 0.6	$ 198.9	$ 0.6

Discontinued Operations Balance

Discontinued Operations Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Accounts and notes receivable, net	$ 0	$ 365.4
Inventories	0	491.5
Other current assets	0	35
Current assets held for sale	0	891.9
Property, plant and equipment, net	0	361.5
Goodwill	0	996.4
Intangibles, net	0	703.5
Asbestos-related insurance receivable	0	108.5
Other non-current assets	0	123
Non-current assets held for sale	0	2,292.9
Accounts payable	0	151.4
Employee compensation and benefits	0	61.5
Other current liabilities	0	143.3
Current liabilities held for sale	0	356.2
Pension and other post-retirement compensation and benefits	0	32.2
Deferred tax liabilities	0	162.8
Asbestos-related liabilities	0	228.3
Other non-current liabilities	0	82.6
Non-current liabilities held for sale	$ 0	$ 505.9

Share Plans - Additional Inform

Share Plans - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2017	Mar. 31, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	$ 6.2		$ 6.4	$ 32.2	$ 28.7
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		1.4
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	2.9		3.6	14.4	14.2
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		$ 58.93
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	1.9		1.8	8.3	9
Equity Option [Member] | 2012 Stock and Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		0.9
Weighted-average fair value of options granted		$ 12.57
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	$ 1.4		$ 1	$ 9.5	$ 5.5
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		0.2
Weighted-average fair value of restricted stock units granted		$ 58.41

Share Plans - Assumptions Used

Share Plans - Assumptions Used in Calculating Estimated Fair Value of Stock Option Award in Annual Grant (Detail)	9 Months Ended
	Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.61%
Expected dividend yield	2.38%
Expected share price volatility	26.90%
Expected term (years)	6 years 3 months 18 days

Share Plans - Share-based Compe

Share Plans - Share-based Compensation Cost by Award Type (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	$ 6.2	$ 6.4	$ 32.2	$ 28.7
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	2.9	3.6	14.4	14.2
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	1.9	1.8	8.3	9
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	$ 1.4	$ 1	$ 9.5	$ 5.5

Restructuring - Additional Inf

Restructuring - Additional Information (Detail) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017USD ($)Person	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)Person	Sep. 30, 2016USD ($)	Dec. 31, 2016Person
Restructuring Cost and Reserve [Line Items]
Number of employees | Person	400				650
Total restructuring costs	$ 4.9	$ 7.3	$ 38.6	$ 19.9
Water Unit [Member]
Restructuring Cost and Reserve [Line Items]
Number of employees | Person			200		300
Total restructuring costs	1.4	0.2	$ 14.3	7.1
Electrical Unit [Member]
Restructuring Cost and Reserve [Line Items]
Number of employees | Person			200		350
Total restructuring costs	1.7	7.1	$ 14.7	11
Corporate and Other [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 1.8	$ 0	$ 9.6	$ 1.8

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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 4.9	$ 7.3	$ 38.6	$ 19.9
Severance and related costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	4.7	7.3	38.1	19.2
Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0.2	$ 0	$ 0.5	$ 0.7

Restructuring - Restructuring A

Restructuring - Restructuring Accrual Activity recorded on Condensed Consolidated Balance Sheets (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 25.4
Costs incurred	38.1
Cash payments and other	(32.4)
Ending balance	$ 31.1

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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Computation Of Earnings Per Share Line Items
Net income	$ 125.4	$ 141	$ 476.9	$ 391.2
Net income from continuing operations	$ 127.1	$ 117.5	$ 276.1	$ 342
Weighted average common shares outstanding
Basic (shares)	181.5	181.4	181.7	181.1
Dilutive impact of stock options, restricted stock units and performance share units	2	2.2	2	1.9
Diluted (shares)	183.5	183.6	183.7	183
Earnings (loss) Per Share, Basic
Continuing operations (in dollars per share)	$ 0.70	$ 0.65	$ 1.52	$ 1.89
Discontinued operations (in dollars per share)	(0.01)	0.13	1.10	0.27
Basic earnings (loss) per ordinary share (in dollars per share)	0.69	0.78	2.62	2.16
Earnings (loss) Per Share, Diluted
Continuing operations (in dollars per share)	0.69	0.64	1.50	1.87
Discontinued operations (in dollars per share)	(0.01)	0.13	1.10	0.27
Diluted earnings (loss) per ordinary share (in dollars per share)	$ 0.68	$ 0.77	$ 2.60	$ 2.14
Anti-dilutive stock options excluded from the calculation of diluted earnings per share	1.6	0	1.8	1.8

Supplemental Balance Sheet In45

Supplemental Balance Sheet Information (Detail) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Inventories
Raw materials and supplies	$ 252.4	$ 223.5
Work-in-process	80.7	67.3
Finished goods	246.1	233.4
Total inventories	579.2	524.2
Other current assets
Cost in excess of billings	128.5	107.7
Prepaid expenses	86.1	68.7
Prepaid income taxes	28.1	67.2
Other current assets	7.2	9.8
Total other current assets	249.9	253.4
Property, plant and equipment, net
Land and land improvements	70.6	66.2
Buildings and leasehold improvements	352.5	335
Machinery and equipment	1,002	932.5
Construction in progress	36.6	68.6
Total property, plant and equipment	1,461.7	1,402.3
Accumulated depreciation and amortization	914.6	863.7
Total property, plant and equipment, net	547.1	538.6
Other non-current assets
Deferred income taxes	37.5	39
prepaid taxes long term	252.2	0
Deferred compensation plan assets	48.1	47.9
Other non-current assets	87.2	95.2
Total other non-current assets	425	182.1
Other current liabilities
Dividends payable	62.7	61.8
Accrued warranty	38.1	38.9
Accrued rebates	97.1	78.2
Billings in excess of cost	30.4	22.5
Income taxes payable	41.8	87.3
Accrued restructuring	31.1	25.4
Other current liabilities	227.5	197.4
Total other current liabilities	528.7	511.5
Other non-current liabilities
Income taxes payable	33.9	36.1
Self-insurance liabilities	51.7	49.8
Deferred compensation plan liabilities	48.1	47.9
Foreign Currency Contracts, Liability, Fair Value Disclosure	41.4	5.4
Other non-current liabilities	44.5	22.8
Total other non-current liabilities	$ 219.6	$ 162

Goodwill and Other Identifiab46

Goodwill and Other Identifiable Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 4,217.4
Goodwill, Purchase Accounting Adjustments	32.6
Foreign currency translation/other	93.6
Ending Balance	4,343.6
Water Unit [Member]
Goodwill [Roll Forward]
Beginning Balance	1,994.6
Goodwill, Purchase Accounting Adjustments	27.3
Foreign currency translation/other	83.4
Ending Balance	2,105.3
Electrical Unit [Member]
Goodwill [Roll Forward]
Beginning Balance	2,222.8
Goodwill, Purchase Accounting Adjustments	5.3
Foreign currency translation/other	10.2
Ending Balance	$ 2,238.3

Goodwill and Other Identifiab47

Goodwill and Other Identifiable Intangible Assets - Detail of Identifiable Intangible Assets (Detail) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Acquired Intangible Assets By Major Class [Line Items]
Finite-Lived Intangible Assets, Gross	$ 1,646	$ 1,621.1
Accumulated amortization	(507.3)	(448.4)
Finite-Lived Intangible Assets, Net	1,138.7	1,172.7
Net, indefinite-life intangibles	468.6	459.1
Cost	2,114.6	2,080.2
Net	1,607.3	1,631.8
Customer relationships
Acquired Intangible Assets By Major Class [Line Items]
Finite-Lived Intangible Assets, Gross	1,513.2	1,478
Accumulated amortization	(415.1)	(346.7)
Finite-Lived Intangible Assets, Net	1,098.1	1,131.3
Trade names intangibles
Acquired Intangible Assets By Major Class [Line Items]
Finite-Lived Intangible Assets, Gross	1.5	1.8
Accumulated amortization	(1.4)	(1.4)
Finite-Lived Intangible Assets, Net	0.1	0.4
Patented Technology [Member]
Acquired Intangible Assets By Major Class [Line Items]
Finite-Lived Intangible Assets, Gross	131.3	141.3
Accumulated amortization	(90.8)	(100.3)
Finite-Lived Intangible Assets, Net	$ 40.5	$ 41

Goodwill and Other Identifiab48

Goodwill and Other Identifiable Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Goodwill And Other Intangible Assets [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired			$ 59.5	$ 0
Intangible asset amortization expense	$ 24.6	$ 24.1	73.2	$ 72.6
Indefinite-lived Intangible Assets Acquired			$ 19.1
Finite-Lived Intangible Asset, Useful Life			11 years

Goodwill and Other Identifiab49

Goodwill and Other Identifiable Intangible Assets - Estimated Future Amortization Expense for Identifiable Intangible Assets (Detail) $ in Millions	Sep. 30, 2017USD ($)
Finite-Lived Intangible Assets [Line Items]
Q4 2017	$ 24.5
2,018	96.1
2,019	89.1
2,020	83.9
2,021	77.4
2,022	$ 70.1

Debt - Debt and Average Interes

Debt - Debt and Average Interest Rates on Debt Outstanding (Detail) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense	$ (7.8)	$ (17.8)
Total debt	1,503.4	4,279.2
Current maturities and short-term borrowings	0	(0.8)
Long-term debt	$ 1,503.4	4,278.4
Commercial Paper [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	2.10%
Commercial Paper	$ 116	398.7
Senior Notes 1.875% Due 2017 | Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	1.875%
Total debt	$ 0	350
Senior Notes 2.900% Due 2018 | Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	2.90%
Total debt	$ 255.3	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 2.45% Due 2019 | Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	2.45%
Total debt	$ 587.3	520.7
Senior Notes 3.625% Due 2020 | Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	3.625%
Total debt	$ 74	400
Senior Notes 5.000% Due 2021 | Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	5.00%
Total debt	$ 103.8	500
Senior Notes 3.150% Due 2022 | Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	3.15%
Total debt	$ 88.3	550
Senior Notes 4.65% Due 2025 | Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	4.65%
Total debt	$ 19.3	250
Other Debt Obligations [Member] | Other Debt Obligations [Member]
Debt Instrument [Line Items]
Total debt	$ 0	0.8
Revolving Credit Facility [Member] | Long Term Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	2.732%
Total debt	$ 17.2	$ 576.8

Debt - Additional Information

Debt - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)	Aug. 31, 2015USD ($)	Oct. 31, 2014USD ($)
Debt Instrument [Line Items]
Aggregate Debt Redemption		$ 1,659,300,000
unamortized deferred financing costs		$ 6,500,000
Debt, Long-term and Short-term, Combined Amount	$ 1,503,400,000		$ 4,279,200,000
Maximum
Debt Instrument [Line Items]
Debt Instrument, Fee Amount	25
Costs and expenses incurred in connection with acquisition excluded from computation of Net Income figure used in our debt covenant calculation	$ 25,000,000
Debt agreement financial covenant, leverage ratio	1
EBITDA Ratio for Debt	3
Minimum
Debt Instrument [Line Items]
Debt Instrument, Fee Amount	$ 9
Debt agreement financial covenant, leverage ratio	3.5
EBITDA Ratio for Debt	1
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity				$ 2,500,000,000	$ 2,100,000,000
Remaining availability under Credit Facility	$ 2,366,800,000
Revolving Credit Facility [Member] | Maximum
Debt Instrument [Line Items]
Remaining availability under Credit Facility	1,828,400,000
Commercial Paper [Member]
Debt Instrument [Line Items]
Commercial Paper	$ 116,000,000		398,700,000
Debt, Weighted Average Interest Rate	2.10%
Senior Notes [Member] | Senior Notes 1.875% Due 2017
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount	$ 0		350,000,000
Debt, Weighted Average Interest Rate	1.875%
Senior Notes [Member] | Senior Notes 2.900% Due 2018
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount	$ 255,300,000		500,000,000
Debt, Weighted Average Interest Rate	2.90%
Senior Notes [Member] | Senior Notes 2.650% Due 2019
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount	$ 250,000,000		250,000,000
Debt, Weighted Average Interest Rate	2.65%
Senior Notes [Member] | Senior Notes 2.45% Due 2019
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount	$ 587,300,000		520,700,000
Debt, Weighted Average Interest Rate	2.45%
Senior Notes [Member] | Senior Notes 3.625% Due 2020
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount	$ 74,000,000		400,000,000
Debt, Weighted Average Interest Rate	3.625%
Senior Notes [Member] | Senior Notes 5.000% Due 2021
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount	$ 103,800,000		500,000,000
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	$ 88,300,000		550,000,000
Debt, Weighted Average Interest Rate	3.15%
Senior Notes [Member] | Senior Notes 4.65% Due 2025
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount	$ 19,300,000		$ 250,000,000
Debt, Weighted Average Interest Rate	4.65%
Other Credit Facilities
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	$ 29,900,000
Line of credit facility, amount outstanding	$ 0

Debt - Debt Outstanding Matures

Debt - Debt Outstanding Matures on Calendar Year Basis (Detail) $ in Millions	Sep. 30, 2017USD ($)
Debt Instrument [Line Items]
Q4 2017	$ 0
2,018	0
2,019	1,225.8
2,020	74
2,021	103.8
2,022	88.3
Thereafter	19.3
Total debt, excluding unamortized issuance costs and discounts	$ 1,511.2

Derivatives and Financial Ins53

Derivatives and Financial Instruments - Additional Information (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Derivative [Line Items]
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset		$ 0
Debt, Long-term and Short-term, Combined Amount	$ 1,503,400,000	4,279,200,000
Gain (Loss) on Derivative Used in Net Investment Hedge, Net of Tax	(22,500,000)	44,200,000
Foreign Exchange Contract [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 410,400,000	$ 475,600,000

Derivatives and Financial Ins54

Derivatives and Financial Instruments - Recorded Amounts and Estimated Fair Values of Long-term Debt and Derivative Financial Instruments (Detail) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Derivative [Line Items]
Total debt, excluding unamortized issuance costs and discounts	$ 1,511.2
Recorded Amount
Derivative [Line Items]
Variable rate debt	133.2	$ 976.3
Fixed rate debt	1,378	3,320.7
Total debt, excluding unamortized issuance costs and discounts	1,511.2	4,297
Fair Value
Derivative [Line Items]
Variable rate debt	133.2	976.3
Fixed rate debt	1,424.3	3,427.1
Total debt, excluding unamortized issuance costs and discounts	$ 1,557.5	$ 4,403.4

Derivatives and Financial Ins55

Derivatives and Financial Instruments - Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2017	Jun. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of Intangible Assets (Excluding Goodwill)	$ 13.3
Foreign Currency Contracts, Liability, Fair Value Disclosure	(5.4)	$ (41.4)
Goodwill	4,217.4	4,343.6
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets	5.5	1.4
Foreign Currency Contracts, Liability, Fair Value Disclosure	(5.4)	(41.4)
Deferred compensation plan	47.9	48.1
Derivative Assets (Liabilities), at Fair Value, Net	48	8.1
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	41.6	42
Derivative Assets (Liabilities), at Fair Value, Net	41.6	42
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	5.5	1.4
Foreign Currency Contracts, Liability, Fair Value Disclosure	(5.4)	(41.4)
Deferred compensation plan	6.3	6.1
Derivative Assets (Liabilities), at Fair Value, Net	6.4	(33.9)
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
Derivative Assets (Liabilities), at Fair Value, Net	$ 0	$ 0

Income Taxes - Additional Info

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Income Taxes [Line Items]
Effective Income Tax Rate Reconciliation, Percent	24.33543%	21.50%
Total gross liability for unrecognized tax benefits	$ 36.8		$ 71.1
Significant Change in Unrecognized Tax Benefits, Nature of Event	34.3

Benefit Plans - Components of N

Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Domestic Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2.6	$ 2.8	$ 7.8	$ 8.4
Interest cost	4.1	4.1	12.3	12.3
Expected return on plan assets	(2.9)	(2.9)	(8.7)	(8.6)
Net periodic benefit cost	3.8	4	11.4	12.1
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	1.8	2.1	5.4	6.2
Interest cost	0.9	1.1	2.7	3.3
Expected return on plan assets	(0.3)	(0.4)	(0.9)	(1.2)
Net periodic benefit cost	$ 2.4	$ 2.8	$ 7.2	$ 8.3

Shareholders' Equity - Additio

Shareholders' Equity - Additional Information (Detail) - USD ($)	Dec. 06, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2014	Sep. 19, 2017	Dec. 31, 2016
Stockholders Equity Note Disclosure [Line Items]
Common Stock, Shares Authorized		426,000,000		426,000,000				426,000,000
Common Stock, Par or Stated Value Per Share		$ 0.01		$ 0.01				$ 0.01
Dividends Payable, Amount Per Share							$ 0.345
Cash dividends paid per ordinary share		$ 0.345	$ 0.34	$ 1.035	$ 1
Share repurchase (in shares)				1,500,000
Stock Repurchased During Period, Value				$ 100,000,000
ApprovedNotDeclaredlDividends	$ 1.38
Dividends payable		$ 62,700,000		62,700,000				$ 61,800,000
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						$ 1,000,000,000
Common stock authorized for repurchase, expiration date						Dec. 31, 2019
Share repurchase program remaining available amount		$ 700,000,054		$ 700,000,054

Segment Information - Financial

Segment Information - Financial Information by Reportable Segment (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment Reporting Information [Line Items]
Net sales	$ 1,226.8	$ 1,210.7	$ 3,675.6	$ 3,701.9
Segment income	192.2	182.8	543.4	538.9
Water Unit [Member]
Segment Reporting Information [Line Items]
Net sales	687.3	668.3	2,123.9	2,095.7
Segment income	130.5	119.1	407.5	373.9
Electrical Unit [Member]
Segment Reporting Information [Line Items]
Net sales	540.6	543.1	1,556	1,608.3
Segment income	121.5	119.6	337.8	344
Other
Segment Reporting Information [Line Items]
Net sales	(1.1)	(0.7)	(4.3)	(2.1)
Segment income	(20.1)	(22.5)	(74.7)	(82.8)
Operating Segments [Member]
Segment Reporting Information [Line Items]
Segment income	$ 231.9	$ 216.2	$ 670.6	$ 635.1

Segment Information Reconciliat

Segment Information Reconciliation of Operating Profit (Losee) from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income	$ 192.2	$ 182.8	$ 543.4	$ 538.9
Restructuring and other	(4.9)	(7.3)	(38.6)	(19.9)
Intangible amortization	(24.6)	(24.1)	(73.2)	(72.6)
Loss on sale of business	(3.8)	0	(3.8)	0
Loss of early extinguishment of debt	0	0	(101.4)	0
Income from continuing operations before income taxes	174.8	149.7	364.9	435.7
Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income	231.9	216.2	670.6	635.1
Segment Reconciling Items [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Restructuring and other	(4.9)	(8.1)	(43.2)	(20.9)
Intangible amortization	(24.6)	(24.1)	(73.2)	(72.6)
Loss on sale of business	(3.8)	0	(3.8)	0
Loss of early extinguishment of debt	0	0	(101.4)	0
Separation costs	(9.9)	0	(9.9)	0
Net interest expense	$ (13.9)	$ (34.3)	$ (74.2)	$ (105.9)

Commitments and Contingencies

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Letters of credit outstanding	$ 193.3	$ 331

Commitments and Contingencies -

Commitments and Contingencies - Changes in Carrying Amount of Service and Product Warranties (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 38.9
Service and product warranty provision	44.1
Payments	(46.7)
Standard and Extended Product Warranty Accrual, Additions from Business Acquisition	1.1
Product Warranty Accrual, Currency Translation, Increase (Decrease)	0.7
Ending balance	$ 38.1

Financial Statements of Paren63

Financial Statements of Parent Company Guarantor - Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Condensed Financial Statements, Captions [Line Items]
Net sales	$ 1,226.8	$ 1,210.7	$ 3,675.6	$ 3,701.9
Cost of goods sold	771.5	769.8	2,314.8	2,347.9
Gross profit	455.3	440.9	1,360.8	1,354
Selling, general and administrative	234.7	228.4	730.3	728.2
Research and development	28.4	29.7	87.1	86.9
Operating Income (Loss)	192.2	182.8	543.4	538.9
Loss (earnings) from continuing operations of investment in subsidiaries	0	0	0	0
Other (income) expense:
Equity income of unconsolidated subsidiaries	(0.3)	(1.2)	(0.9)	(2.7)
Loss on sale of business	3.8	0	3.8	0
Loss on early extinguishment of debt	0	0	101.4	0
Net interest expense	13.9	34.3	74.2	105.9
Income from continuing operations before income taxes	174.8	149.7	364.9	435.7
Provision for income taxes	47.7	32.2	88.8	93.7
Net Income (Loss) from Continuing Operations	127.1	117.5	276.1	342
Income from discontinued operations, net of tax	0	22.9	1.9	48.6
(Loss) gain from sale of discontinued operations, net of tax	(1.7)	0.6	198.9	0.6
Discontinued Operation, Income (Loss) from Investment in Subsidiaries	0	0	0	0
Comprehensive income, net of tax
Net income	125.4	141	476.9	391.2
Changes in cumulative translation adjustment	(34.5)	(34.9)	(502.8)	(37.1)
Changes in market value of derivative financial instruments	(3)	(4.8)	(2.3)	(8.6)
Comprehensive income (loss) attributable to Pentair plc	156.9	171.1	977.4	419.7
Parent Company Guarantor
Condensed Financial Statements, Captions [Line Items]
Net sales	0	0	0	0
Cost of goods sold	0	0	0	0
Gross profit	0	0	0	0
Selling, general and administrative	4.2	0	0.5	1.7
Research and development	0	0	0	0
Operating Income (Loss)	(4.2)	0	(0.5)	(1.7)
Loss (earnings) from continuing operations of investment in subsidiaries	(130.9)	(117.5)	(276.2)	(343.6)
Other (income) expense:
Equity income of unconsolidated subsidiaries	0	0	0	0
Loss on sale of business	0		0
Loss on early extinguishment of debt			0
Net interest expense	0	0	0	0
Income from continuing operations before income taxes	126.7	117.5	275.7	341.9
Provision for income taxes	(0.4)	0	(0.4)	(0.1)
Net Income (Loss) from Continuing Operations	127.1	117.5	276.1	342
Income from discontinued operations, net of tax		0	0	0
(Loss) gain from sale of discontinued operations, net of tax	0		0
Discontinued Operation, Income (Loss) from Investment in Subsidiaries	(1.7)	23.5	200.8	49.2
Comprehensive income, net of tax
Net income	125.4	141	476.9	391.2
Changes in cumulative translation adjustment	(34.5)	(34.9)	(502.8)	(37.1)
Changes in market value of derivative financial instruments	(3)	(4.8)	(2.3)	(8.6)
Comprehensive income (loss) attributable to Pentair plc	156.9	171.1	977.4	419.7
Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net sales	0	0	0	0
Cost of goods sold	0	0	0	0
Gross profit	0	0	0	0
Selling, general and administrative	0	0	0.2	0
Research and development	0	0	0	0
Operating Income (Loss)	0	0	(0.2)	0
Loss (earnings) from continuing operations of investment in subsidiaries	(130.7)	(117.5)	(276.1)	(343.6)
Other (income) expense:
Equity income of unconsolidated subsidiaries	0	0	0	0
Loss on sale of business	0		0
Loss on early extinguishment of debt			0
Net interest expense	(0.2)	0	(0.3)	0
Income from continuing operations before income taxes	130.9	117.5	276.2	343.6
Provision for income taxes	0	0	0	0
Net Income (Loss) from Continuing Operations	130.9	117.5	276.2	343.6
Income from discontinued operations, net of tax		0	0	0
(Loss) gain from sale of discontinued operations, net of tax	0		0
Discontinued Operation, Income (Loss) from Investment in Subsidiaries	(1.7)	23.5	200.8	49.2
Comprehensive income, net of tax
Net income	129.2	141	477	392.8
Changes in cumulative translation adjustment	(34.5)	(34.9)	(502.8)	(37.1)
Changes in market value of derivative financial instruments	(3)	(4.8)	(2.3)	(8.6)
Comprehensive income (loss) attributable to Pentair plc	160.7	171.1	977.5	421.3
Subsidiary Issuer
Condensed Financial Statements, Captions [Line Items]
Net sales	0	0	0	0
Cost of goods sold	0	0	0	0
Gross profit	0	0	0	0
Selling, general and administrative	0	0.3	0.3	1.3
Research and development	0	0	0	0
Operating Income (Loss)	0	(0.3)	(0.3)	(1.3)
Loss (earnings) from continuing operations of investment in subsidiaries	(115.3)	(145.6)	(427.5)	(428.8)
Other (income) expense:
Equity income of unconsolidated subsidiaries	0	0	0	0
Loss on sale of business	0		0
Loss on early extinguishment of debt			91
Net interest expense	10.3	27.8	60.6	83.9
Income from continuing operations before income taxes	105	117.5	275.6	343.6
Provision for income taxes	0	0	0	0
Net Income (Loss) from Continuing Operations	105	117.5	275.6	343.6
Income from discontinued operations, net of tax		0	0	0
(Loss) gain from sale of discontinued operations, net of tax	0		0
Discontinued Operation, Income (Loss) from Investment in Subsidiaries	(1.7)	23.5	200.8	49.2
Comprehensive income, net of tax
Net income	103.3	141	476.4	392.8
Changes in cumulative translation adjustment	(34.5)	(34.9)	(502.8)	(37.1)
Changes in market value of derivative financial instruments	(3)	(4.8)	(2.3)	(8.6)
Comprehensive income (loss) attributable to Pentair plc	134.8	171.1	976.9	421.3
Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net sales	1,226.8	1,210.7	3,675.6	3,701.9
Cost of goods sold	771.5	769.8	2,314.8	2,347.9
Gross profit	455.3	440.9	1,360.8	1,354
Selling, general and administrative	230.5	228.1	729.3	725.2
Research and development	28.4	29.7	87.1	86.9
Operating Income (Loss)	196.4	183.1	544.4	541.9
Loss (earnings) from continuing operations of investment in subsidiaries	0	0	0	0
Other (income) expense:
Equity income of unconsolidated subsidiaries	(0.3)	(1.2)	(0.9)	(2.7)
Loss on sale of business	3.8		3.8
Loss on early extinguishment of debt			10.4
Net interest expense	3.8	6.5	13.9	22
Income from continuing operations before income taxes	189.1	177.8	517.2	522.6
Provision for income taxes	48.1	32.2	89.2	93.8
Net Income (Loss) from Continuing Operations	141	145.6	428	428.8
Income from discontinued operations, net of tax		22.9	1.9	48.6
(Loss) gain from sale of discontinued operations, net of tax	(1.7)	0.6	198.9	0.6
Discontinued Operation, Income (Loss) from Investment in Subsidiaries	0	0	0	0
Comprehensive income, net of tax
Net income	139.3	169.1	628.8	478
Changes in cumulative translation adjustment	(34.5)	(34.9)	(502.8)	(37.1)
Changes in market value of derivative financial instruments	(3)	(4.8)	(2.3)	(8.6)
Comprehensive income (loss) attributable to Pentair plc	170.8	199.2	1,129.3	506.5
Consolidation, Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Net sales	0	0	0	0
Cost of goods sold	0	0	0	0
Gross profit	0	0	0	0
Selling, general and administrative	0	0	0	0
Research and development	0	0	0	0
Operating Income (Loss)	0		0	0
Loss (earnings) from continuing operations of investment in subsidiaries	376.9	380.6	979.8	1,116
Other (income) expense:
Equity income of unconsolidated subsidiaries	0	0	0	0
Loss on sale of business	0		0
Loss on early extinguishment of debt			0
Net interest expense	0	0	0	0
Income from continuing operations before income taxes	(376.9)	(380.6)	(979.8)	(1,116)
Provision for income taxes	0	0	0	0
Net Income (Loss) from Continuing Operations	(376.9)	(380.6)	(979.8)	(1,116)
Income from discontinued operations, net of tax		0	0	0
(Loss) gain from sale of discontinued operations, net of tax	0		0
Discontinued Operation, Income (Loss) from Investment in Subsidiaries	5.1	(70.5)	(602.4)	(147.6)
Comprehensive income, net of tax
Net income	(371.8)	(451.1)	(1,582.2)	(1,263.6)
Changes in cumulative translation adjustment	103.5	104.7	1,508.4	111.3
Changes in market value of derivative financial instruments	9	14.4	6.9	25.8
Comprehensive income (loss) attributable to Pentair plc	$ (466.3)	$ (541.4)	$ (3,083.7)	$ (1,349.1)

Financial Statements of Paren64

Financial Statements of Parent Company Guarantor - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 108.5	$ 238.5	$ 170.9	$ 126.3
Accounts and notes receivable, net	768.2	764
Inventories	579.2	524.2
Other current assets	249.9	253.4
Current assets held for sale	0	891.9
Total current assets	1,705.8	2,672
Property, plant and equipment, net	547.1	538.6
Other assets
Investments in subsidiaries	0	0
Goodwill	4,343.6	4,217.4
Intangibles, net	1,607.3	1,631.8
Other non-current assets	425	182.1
Non-current assets held for sale	0	2,292.9
Total other assets	6,375.9	8,324.2
Total assets	8,628.8	11,534.8
Current liabilities
Long-term Debt, Current Maturities	0	0.8
Accounts payable	383.4	436.6
Employee compensation and benefits	160.5	166.1
Other current liabilities	528.7	511.5
Current liabilities held for sale	0	356.2
Total current liabilities	1,072.6	1,471.2
Other liabilities
Long-term debt	1,503.4	4,278.4
Pension and other post-retirement compensation and benefits	275.1	253.4
Deferred tax liabilities	549.5	609.5
Other non-current liabilities	219.6	162
Non-current liabilities held for sale	0	505.9
Total liabilities	3,620.2	7,280.4
Equity
Total equity	5,008.6	4,254.4	4,355.3	4,008.8
Total liabilities and equity	8,628.8	11,534.8
Parent Company Guarantor
Current assets
Cash and cash equivalents	0.1	0	0	0
Accounts and notes receivable, net	2.5	0.1
Inventories	0	0
Other current assets	2.3	1.2
Current assets held for sale		0
Total current assets	4.9	1.3
Property, plant and equipment, net	0	0
Other assets
Investments in subsidiaries	4,993.2	4,509.5
Goodwill	0	0
Intangibles, net	0	0
Other non-current assets	121.4	2.2
Non-current assets held for sale		0
Total other assets	5,114.6	4,511.7
Total assets	5,119.5	4,513
Current liabilities
Long-term Debt, Current Maturities	0	0
Accounts payable	1.3	0.7
Employee compensation and benefits	0.3	0.8
Other current liabilities	74.4	95.2
Current liabilities held for sale		0
Total current liabilities	76	96.7
Other liabilities
Long-term debt	0	148.1
Pension and other post-retirement compensation and benefits	0	0
Deferred tax liabilities	0	0
Other non-current liabilities	34.9	13.8
Non-current liabilities held for sale		0
Total liabilities	110.9	258.6
Equity
Total equity	5,008.6	4,254.4
Total liabilities and equity	5,119.5	4,513
Guarantor Subsidiary [Member]
Current assets
Cash and cash equivalents	0	0	0	0
Accounts and notes receivable, net	0	0
Inventories	0	0
Other current assets	2	4.1
Current assets held for sale		0
Total current assets	2	4.1
Property, plant and equipment, net	0	0
Other assets
Investments in subsidiaries	4,880.7	4,471.4
Goodwill	0	0
Intangibles, net	0	0
Other non-current assets	110.9	35.2
Non-current assets held for sale		0
Total other assets	4,991.6	4,506.6
Total assets	4,993.6	4,510.7
Current liabilities
Long-term Debt, Current Maturities	0	0
Accounts payable	0	0
Employee compensation and benefits	0	0
Other current liabilities	0.4	1.2
Current liabilities held for sale		0
Total current liabilities	0.4	1.2
Other liabilities
Long-term debt	0	0
Pension and other post-retirement compensation and benefits	0	0
Deferred tax liabilities	0	0
Other non-current liabilities	0	0
Non-current liabilities held for sale		0
Total liabilities	0.4	1.2
Equity
Total equity	4,993.2	4,509.5
Total liabilities and equity	4,993.6	4,510.7
Subsidiary Issuer
Current assets
Cash and cash equivalents	0.3	0	0	0.1
Accounts and notes receivable, net	0	0
Inventories	0	0
Other current assets	7.3	1.1
Current assets held for sale		0
Total current assets	7.6	1.1
Property, plant and equipment, net	0	0
Other assets
Investments in subsidiaries	6,989.7	9,295.5
Goodwill	0	0
Intangibles, net	0	0
Other non-current assets	592.2	717.8
Non-current assets held for sale		0
Total other assets	7,581.9	10,013.3
Total assets	7,589.5	10,014.4
Current liabilities
Long-term Debt, Current Maturities	0	0
Accounts payable	0	0.1
Employee compensation and benefits	0	0
Other current liabilities	4.7	26.7
Current liabilities held for sale		0
Total current liabilities	4.7	26.8
Other liabilities
Long-term debt	2,704.3	5,515.9
Pension and other post-retirement compensation and benefits	0	0
Deferred tax liabilities	0	0
Other non-current liabilities	0	0
Non-current liabilities held for sale		0
Total liabilities	2,709	5,542.7
Equity
Total equity	4,880.5	4,471.7
Total liabilities and equity	7,589.5	10,014.4
Non-Guarantor Subsidiaries
Current assets
Cash and cash equivalents	108.1	238.5	170.9	126.2
Accounts and notes receivable, net	765.7	763.9
Inventories	579.2	524.2
Other current assets	250.2	237.8
Current assets held for sale		891.9
Total current assets	1,703.2	2,656.3
Property, plant and equipment, net	547.1	538.6
Other assets
Investments in subsidiaries	0	0
Goodwill	4,343.6	4,217.4
Intangibles, net	1,607.3	1,631.8
Other non-current assets	1,391.3	1,568.9
Non-current assets held for sale		2,292.9
Total other assets	7,342.2	9,711
Total assets	9,592.5	12,905.9
Current liabilities
Long-term Debt, Current Maturities	0	0.8
Accounts payable	382.1	435.8
Employee compensation and benefits	160.2	165.3
Other current liabilities	461.1	379.2
Current liabilities held for sale		356.2
Total current liabilities	1,003.4	1,337.3
Other liabilities
Long-term debt	589.9	756.4
Pension and other post-retirement compensation and benefits	275.1	253.4
Deferred tax liabilities	549.5	609.5
Other non-current liabilities	184.7	148.2
Non-current liabilities held for sale		505.9
Total liabilities	2,602.6	3,610.7
Equity
Total equity	6,989.9	9,295.2
Total liabilities and equity	9,592.5	12,905.9
Consolidation, Eliminations [Member]
Current assets
Cash and cash equivalents	0	0	$ 0	$ 0
Accounts and notes receivable, net	0	0
Inventories	0	0
Other current assets	(11.9)	9.2
Current assets held for sale		0
Total current assets	(11.9)	9.2
Property, plant and equipment, net	0	0
Other assets
Investments in subsidiaries	(16,863.6)	(18,276.4)
Goodwill	0	0
Intangibles, net	0	0
Other non-current assets	(1,790.8)	(2,142)
Non-current assets held for sale		0
Total other assets	(18,654.4)	(20,418.4)
Total assets	(18,666.3)	(20,409.2)
Current liabilities
Long-term Debt, Current Maturities	0	0
Accounts payable	0	0
Employee compensation and benefits	0	0
Other current liabilities	(11.9)	9.2
Current liabilities held for sale		0
Total current liabilities	(11.9)	9.2
Other liabilities
Long-term debt	(1,790.8)	(2,142)
Pension and other post-retirement compensation and benefits	0	0
Deferred tax liabilities	0	0
Other non-current liabilities	0	0
Non-current liabilities held for sale		0
Total liabilities	(1,802.7)	(2,132.8)
Equity
Total equity	(16,863.6)	(18,276.4)
Total liabilities and equity	$ (18,666.3)	$ (20,409.2)

Financial Statements of Paren65

Financial Statements of Parent Company Guarantor - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Operating activities
Net cash provided by (used for) operating activities	$ 361.8	$ 556.8
Investing activities
Capital expenditures	(50.5)	(94.5)
Proceeds from sale of property and equipment	7.1	24.1
Proceeds from Divestiture of Businesses, Net of Cash Divested	2,764
Acquisitions, net of cash acquired	(59.5)	0
Intercompany Loan Activity, Net	0	0
Payments for (Proceeds from) Other Investing Activities	0	3.8
Net cash provided by (used for) investing activities of continuing operations	2,661.1	(74.2)
Net cash provided by (used for) investing activities of discontinued operations	(6.5)	(4.3)
Net cash provided by (used for) investing activities	2,654.6	(78.5)
Financing activities
Net repayments of short-term borrowings	(0.8)	0
Proceeds from (Repayments of) Lines of Credit	(842.3)	(291.1)
Repayments of long-term debt	(2,009.3)	(0.7)
Premium paid on early extinguishment of debt	(94.9)	0
Net change in advances to subsidiaries	0	0
Excess tax benefits from share-based compensation	0	8.8
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options	34.3	20.1
Repurchases of ordinary shares	(100)	0
Dividends paid	(188.9)	(181.6)
Net cash provided by (used for) financing activities	(3,201.9)	(444.5)
Effect of exchange rate changes on cash and cash equivalents	55.5	10.8
Change in cash and cash equivalents	(130)	44.6
Cash and cash equivalents, beginning of period	238.5	126.3
Cash and cash equivalents, end of period	108.5	170.9
Parent Company Guarantor
Operating activities
Net cash provided by (used for) operating activities	356.3	364.1
Investing activities
Capital expenditures	0	0
Proceeds from sale of property and equipment	0	0
Proceeds from Divestiture of Businesses, Net of Cash Divested	0
Acquisitions, net of cash acquired	0
Intercompany Loan Activity, Net	0	0
Payments for (Proceeds from) Other Investing Activities		0
Net cash provided by (used for) investing activities of continuing operations	0	0
Net cash provided by (used for) investing activities of discontinued operations	0	0
Net cash provided by (used for) investing activities	0	0
Financing activities
Net repayments of short-term borrowings	0
Proceeds from (Repayments of) Lines of Credit	0	0
Repayments of long-term debt	0	0
Premium paid on early extinguishment of debt	0
Net change in advances to subsidiaries	(101.6)	(202.6)
Excess tax benefits from share-based compensation		0
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options	34.3	20.1
Repurchases of ordinary shares	(100)
Dividends paid	(188.9)	(181.6)
Net cash provided by (used for) financing activities	(356.2)	(364.1)
Effect of exchange rate changes on cash and cash equivalents	0	0
Change in cash and cash equivalents	0.1	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	0.1	0
Guarantor Subsidiary [Member]
Operating activities
Net cash provided by (used for) operating activities	475.5	327.7
Investing activities
Capital expenditures	0	0
Proceeds from sale of property and equipment	0	0
Proceeds from Divestiture of Businesses, Net of Cash Divested	0
Acquisitions, net of cash acquired	0
Intercompany Loan Activity, Net	0	0
Payments for (Proceeds from) Other Investing Activities		0
Net cash provided by (used for) investing activities of continuing operations	0	0
Net cash provided by (used for) investing activities of discontinued operations	0	0
Net cash provided by (used for) investing activities	0	0
Financing activities
Net repayments of short-term borrowings	0
Proceeds from (Repayments of) Lines of Credit	0	0
Repayments of long-term debt	0	0
Premium paid on early extinguishment of debt	0
Net change in advances to subsidiaries	(475.5)	(327.7)
Excess tax benefits from share-based compensation		0
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options	0	0
Repurchases of ordinary shares	0
Dividends paid	0	0
Net cash provided by (used for) financing activities	(475.5)	(327.7)
Effect of exchange rate changes on cash and cash equivalents	0	0
Change in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	0	0
Subsidiary Issuer
Operating activities
Net cash provided by (used for) operating activities	458	327.1
Investing activities
Capital expenditures	0	0
Proceeds from sale of property and equipment	0	0
Proceeds from Divestiture of Businesses, Net of Cash Divested	2,765.6
Acquisitions, net of cash acquired	0
Intercompany Loan Activity, Net	119.4	497.9
Payments for (Proceeds from) Other Investing Activities		0
Net cash provided by (used for) investing activities of continuing operations	2,885	497.9
Net cash provided by (used for) investing activities of discontinued operations	0	0
Net cash provided by (used for) investing activities	2,885	497.9
Financing activities
Net repayments of short-term borrowings	0
Proceeds from (Repayments of) Lines of Credit	(832.7)	(280.2)
Repayments of long-term debt	(1,917.8)	0
Premium paid on early extinguishment of debt	(86)
Net change in advances to subsidiaries	(572.9)	(557.1)
Excess tax benefits from share-based compensation		0
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options	0	0
Repurchases of ordinary shares	0
Dividends paid	0	0
Net cash provided by (used for) financing activities	(3,409.4)	(837.3)
Effect of exchange rate changes on cash and cash equivalents	66.7	12.2
Change in cash and cash equivalents	0.3	(0.1)
Cash and cash equivalents, beginning of period	0	0.1
Cash and cash equivalents, end of period	0.3	0
Non-Guarantor Subsidiaries
Operating activities
Net cash provided by (used for) operating activities	654.1	653.9
Investing activities
Capital expenditures	(50.5)	(94.5)
Proceeds from sale of property and equipment	7.1	24.1
Proceeds from Divestiture of Businesses, Net of Cash Divested	(1.6)
Acquisitions, net of cash acquired	(59.5)
Intercompany Loan Activity, Net	135.9	(193.9)
Payments for (Proceeds from) Other Investing Activities		3.8
Net cash provided by (used for) investing activities of continuing operations	31.4	(268.1)
Net cash provided by (used for) investing activities of discontinued operations	(6.5)	(4.3)
Net cash provided by (used for) investing activities	24.9	(272.4)
Financing activities
Net repayments of short-term borrowings	(0.8)
Proceeds from (Repayments of) Lines of Credit	(9.6)	(10.9)
Repayments of long-term debt	(91.5)	(0.7)
Premium paid on early extinguishment of debt	(8.9)
Net change in advances to subsidiaries	(687.4)	(332.6)
Excess tax benefits from share-based compensation		8.8
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options	0	0
Repurchases of ordinary shares	0
Dividends paid	0	0
Net cash provided by (used for) financing activities	(798.2)	(335.4)
Effect of exchange rate changes on cash and cash equivalents	(11.2)	(1.4)
Change in cash and cash equivalents	(130.4)	44.7
Cash and cash equivalents, beginning of period	238.5	126.2
Cash and cash equivalents, end of period	108.1	170.9
Consolidation, Eliminations [Member]
Operating activities
Net cash provided by (used for) operating activities	(1,582.1)	(1,116)
Investing activities
Capital expenditures	0	0
Proceeds from sale of property and equipment	0	0
Proceeds from Divestiture of Businesses, Net of Cash Divested	0
Acquisitions, net of cash acquired	0
Intercompany Loan Activity, Net	(255.3)	(304)
Payments for (Proceeds from) Other Investing Activities		0
Net cash provided by (used for) investing activities of continuing operations	(255.3)	(304)
Net cash provided by (used for) investing activities of discontinued operations	0	0
Net cash provided by (used for) investing activities	(255.3)	(304)
Financing activities
Net repayments of short-term borrowings	0
Proceeds from (Repayments of) Lines of Credit	0	0
Repayments of long-term debt	0	0
Premium paid on early extinguishment of debt	0
Net change in advances to subsidiaries	1,837.4	1,420
Excess tax benefits from share-based compensation		0
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options	0	0
Repurchases of ordinary shares	0
Dividends paid	0	0
Net cash provided by (used for) financing activities	1,837.4	1,420
Effect of exchange rate changes on cash and cash equivalents	0	0
Change in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	$ 0	$ 0

Financial Statements of Paren66

Financial Statements of Parent Company Guarantor - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016
Subsidiary Issuer
Condensed Financial Statements, Captions [Line Items]
Ownership percentage	100.00%