Pentair (PNR) 10-Q 23 Jul 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2020shares
Cover [Abstract]
Entity Current Reporting Status	Yes
Security Exchange Name	NYSE
Entity Registrant Name	Pentair plc
Title of 12(b) Security	Ordinary Shares, nominal value $0.01 per share
Entity Incorporation, State or Country Code	L2
Document Transition Report	false
Document Quarterly Report	true
Entity Central Index Key	0000077360
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Document Type	10-Q
Entity File Number	001-11625
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Trading Symbol	PNR
Entity Common Stock, Shares Outstanding	165,908,770
Entity Tax Identification Number	98-1141328
City Area Code	74
Local Phone Number	9421-6154
Entity Interactive Data Current	Yes
Entity Shell Company	false
Country Region	44
Entity Address, Address Line One	Regal House, 70 London Road,
Entity Address, Address Line Two	Twickenham,
Entity Address, City or Town	London,
Entity Address, Country	GB
Entity Address, Postal Zip Code	TW13QS

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Net sales	$ 713.3	$ 799.5	$ 1,423.3	$ 1,488.4
Cost of goods sold	468.2	512.8	926.6	966.1
Gross profit	245.1	286.7	496.7	522.3
Selling, general and administrative expenses	116.7	132.2	248.6	279.5
Research and development expenses	17.3	20.7	36.3	41.4
Operating income	111.1	133.8	211.8	201.4
Other (income) expense:
Loss (gain) on sale of businesses	0.1	0.1	0.1	(3.4)
Net interest expense	7.7	9.4	14.6	16.7
Other (income) expense	(0.3)	(12.9)	0.9	(12.3)
Income from continuing operations before income taxes	103.6	137.2	196.2	200.4
Provision for income taxes	29.8	22.1	49.7	32.9
Net income from continuing operations	73.8	115.1	146.5	167.5
Loss from discontinued operations, net of tax	(1.7)	(0.8)	(1.7)	(1.9)
Net income	72.1	114.3	144.8	165.6
Comprehensive income, net of tax
Net income	72.1	114.3	144.8	165.6
Changes in cumulative translation adjustment	28.2	(0.9)	(9.6)	(2.5)
Changes in market value of derivative financial instruments, net of tax	(17.8)	(3.4)	21.3	0.9
Comprehensive income	$ 82.5	$ 110	$ 156.5	$ 164
Basic
Continuing operations (in dollars per share)	$ 0.44	$ 0.68	$ 0.88	$ 0.98
Discontinued operations (in dollars per share)	(0.01)	(0.01)	(0.01)	(0.01)
Basic earnings (loss) per ordinary share (in dollars per share)	0.43	0.67	0.87	0.97
Diluted
Continuing operations (in dollars per share)	0.44	0.68	0.87	0.98
Discontinued operations (in dollars per share)	(0.01)	(0.01)	(0.01)	(0.01)
Diluted earnings (loss) per ordinary share (in dollars per share)	$ 0.43	$ 0.67	$ 0.86	$ 0.97
Weighted average ordinary shares outstanding
Basic (shares)	165.8	169.8	166.8	170.6
Diluted (shares)	166.4	170.5	167.5	171.4

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Current assets
Cash and Cash Equivalents	$ 90.6	$ 82.5
Accounts receivable, net of allowances of $8.8 and $10.3, respectively	401.8	502.9
Inventories	396.5	377.4
Other current assets	112.8	99.1
Total current assets	1,001.7	1,061.9
Property, plant and equipment, net	284.7	283.2
Other assets
Goodwill	2,302.1	2,258.3
Intangibles, net	325.4	339.2
Other non-current assets	202.2	196.9
Total other assets	2,829.7	2,794.4
Total assets	4,116.1	4,139.5
Current liabilities
Accounts payable	256	325.1
Employee compensation and benefits	77.9	71
Other current liabilities	416.7	352.9
Total current liabilities	750.6	749
Other liabilities
Long-term debt	1,013	1,029.1
Pension and other post-retirement compensation and benefits	95.1	96.4
Deferred tax liabilities	112.1	104.4
Other non-current liabilities	195.6	206.7
Total liabilities	2,166.4	2,185.6
Equity
Ordinary shares $0.01 par value, 426.0 authorized, 165.9 and 168.3 issued at June 30, 2020 and December 31, 2019, respectively	1.7	1.7
Additional paid-in capital	1,680.3	1,777.7
Retained earnings	482.5	401
Accumulated other comprehensive loss	(214.8)	(226.5)
Total equity	1,949.7	1,953.9
Total liabilities and equity	$ 4,116.1	$ 4,139.5

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accounts and notes receivable, allowances	$ 8.8	$ 10.3
Ordinary shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	426,000,000	426,000,000
Common shares issued (in shares)	165,900,000	168,300,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating activities
Net income	$ 144.8	$ 165.6
Loss from discontinued operations, net of tax	1.7	1.9
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	(0.3)	(2.5)
Depreciation	22.8	24.4
Amortization	14.6	16.5
Deferred income taxes	13.4	(9.6)
Loss (gain) on sale of businesses	0.1	(3.4)
Share-based compensation	10.4	10.7
Asset impairment	0	18.2
Pension settlement gain	0	(12.2)
Pension and other post-retirement plan contribution	0	(10.7)
Changes in assets and liabilities, net of effects of business acquisitions
Accounts receivable	103.1	32.2
Inventories	(17.7)	3.1
Other current assets	(14.5)	(18.8)
Accounts payable	(64.2)	(123.1)
Employee compensation and benefits	7.5	(22.5)
Other current liabilities	44.9	28.5
Other non-current assets and liabilities	(0.1)	0.9
Net cash provided by operating activities of continuing operations	266.5	99.2
Net cash used for operating activities of discontinued operations	(0.5)	(2.5)
Net cash provided by operating activities	266	96.7
Investing activities
Capital expenditures	(30.5)	(29.8)
Proceeds from sale of property and equipment	0.1	0.4
Proceeds from the sale of businesses, net	0	0.7
Acquisitions, net of cash acquired	(28.5)	(284.5)
Other	0	(1.5)
Net cash used for investing activities	(58.9)	(314.7)
Financing activities
Net (repayments) receipts of commercial paper and revolving long-term debt	(17.1)	32.9
Proceeds from long-term debt	0	400
Debt issuance costs	0	(5.7)
Shares issued to employees, net of shares withheld	7.3	7.2
Repurchases of ordinary shares	(115.2)	(150)
Dividends paid	(63.7)	(62)
Net cash (used for) provided by financing activities	(188.7)	222.4
Effect of exchange rate changes on cash and cash equivalents	(10.3)	1.8
Change in cash and cash equivalents	8.1	6.2
Cash and cash equivalents, beginning of period	82.5	74.3
Cash and cash equivalents, end of period	$ 90.6	$ 80.5

Condensed Consolidated Statem_3

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
Cash dividends declared per ordinary share	$ 0.18
Beginning Balance (in shares) at Dec. 31, 2018		171.4
Beginning Balance at Dec. 31, 2018	$ 1,836.1	$ 1.7	$ 1,893.8	$ 169.2	$ (228.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	51.3			51.3
Other comprehensive income, net of tax	2.7				2.7
Dividends declared	(31)			(31)
Exercise of options, net of shares tendered for payment (in shares)		0.3
Exercise of options, net of shares tendered for payment	9.1		9.1
Issuance of restricted shares, net of cancellations (in shares)		0.2
Issuance of restricted shares, net of cancellations	0
Shares surrendered by employees to pay taxes	(3.2)		(3.2)
Share-based compensation	5.4		5.4
Ending Balance (in shares) at Mar. 31, 2019		171.9
Ending Balance at Mar. 31, 2019	1,870.4	$ 1.7	1,905.1	189.5	(225.9)
Beginning Balance (in shares) at Dec. 31, 2018		171.4
Beginning Balance at Dec. 31, 2018	1,836.1	$ 1.7	1,893.8	169.2	(228.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	165.6
Ending Balance (in shares) at Jun. 30, 2019		168
Ending Balance at Jun. 30, 2019	$ 1,806.6	$ 1.7	1,761.7	273.4	(230.2)
Cash dividends declared per ordinary share	$ 0.18
Beginning Balance (in shares) at Mar. 31, 2019		171.9
Beginning Balance at Mar. 31, 2019	$ 1,870.4	$ 1.7	1,905.1	189.5	(225.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	114.3			114.3
Other comprehensive income, net of tax	(4.3)				(4.3)
Dividends declared	(30.4)			(30.4)
Share repurchases (in shares)		(4)
Share repurchases	(150)		(150)
Exercise of options, net of shares tendered for payment (in shares)		0.1
Exercise of options, net of shares tendered for payment	2.2		2.2
Issuance of restricted shares, net of cancellations (in shares)		0.1
Issuance of restricted shares, net of cancellations	0	$ 0
Shares surrendered by employees to pay taxes (in shares)		(0.1)
Shares surrendered by employees to pay taxes	(0.9)		(0.9)
Share-based compensation	5.3		5.3
Ending Balance (in shares) at Jun. 30, 2019		168
Ending Balance at Jun. 30, 2019	$ 1,806.6	$ 1.7	1,761.7	273.4	(230.2)
Cash dividends declared per ordinary share	$ 0.19
Beginning Balance (in shares) at Dec. 31, 2019		168.3
Beginning Balance at Dec. 31, 2019	$ 1,953.9	$ 1.7	1,777.7	401	(226.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	72.7			72.7
Other comprehensive income, net of tax	1.3				1.3
Dividends declared	(31.6)			(31.6)
Share repurchases	(115.2)		(115.2)
Exercise of options, net of shares tendered for payment (in shares)		0.3
Exercise of options, net of shares tendered for payment	8.8		8.8
Issuance of restricted shares, net of cancellations (in shares)		0.2
Issuance of restricted shares, net of cancellations	0
Shares surrendered by employees to pay taxes (in shares)		(0.1)
Shares surrendered by employees to pay taxes	(3.6)		(3.6)
Share-based compensation	6.2		6.2
Ending Balance (in shares) at Mar. 31, 2020		165.7
Ending Balance at Mar. 31, 2020	1,892.5	$ 1.7	1,673.9	442.1	(225.2)
Beginning Balance (in shares) at Dec. 31, 2019		168.3
Beginning Balance at Dec. 31, 2019	1,953.9	$ 1.7	1,777.7	401	(226.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 144.8
Share repurchases (in shares)	(3)
Ending Balance (in shares) at Jun. 30, 2020		165.9
Ending Balance at Jun. 30, 2020	$ 1,949.7	$ 1.7	1,680.3	482.5	(214.8)
Cash dividends declared per ordinary share	$ 0.18
Beginning Balance (in shares) at Mar. 31, 2020		165.7
Beginning Balance at Mar. 31, 2020	$ 1,892.5	$ 1.7	1,673.9	442.1	(225.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	72.1			72.1
Other comprehensive income, net of tax	10.4				10.4
Dividends declared	(31.7)			(31.7)
Exercise of options, net of shares tendered for payment (in shares)		0.1
Exercise of options, net of shares tendered for payment	2.8		2.8
Issuance of restricted shares, net of cancellations (in shares)		0.1
Issuance of restricted shares, net of cancellations	0	$ 0
Shares surrendered by employees to pay taxes (in shares)		0
Shares surrendered by employees to pay taxes	(0.6)		(0.6)
Share-based compensation	4.2		4.2
Ending Balance (in shares) at Jun. 30, 2020		165.9
Ending Balance at Jun. 30, 2020	$ 1,949.7	$ 1.7	$ 1,680.3	$ 482.5	$ (214.8)

Basis of Presentation and Respo

Basis of Presentation and Responsibility for Interim Financial Statements	6 Months Ended
	Jun. 30, 2020
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 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 (“GAAP”) 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, 2019 . 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. In March 2020, the World Health Organization declared the novel coronavirus 2019 (“COVID-19”) a global pandemic. The COVID-19 pandemic continues to spread throughout the United States (“U.S.”) and the world, with the continued potential for significant impact. The COVID-19 pandemic has had and may continue to have an unfavorable impact on certain parts of our business. The broader implications of the COVID-19 pandemic on our business, financial condition and results of operations remain uncertain and will depend on certain developments, including the duration and severity of the COVID-19 pandemic, its impact on our customers and suppliers and the range of governmental and community reactions to the pandemic. We may continue to experience reduced customer demand or constrained supply that could materially adversely impact our business, financial condition, results of operations, liquidity and cash flows in future periods. Our fiscal year ends on December 31. We report our interim quarterly periods on a calendar quarter basis. Adoption of new accounting standards On January 1, 2020, we adopted Accounting Standards Update No. 2016-13 “Financial Instruments-Credit Losses” and the related amendments (the “new standard”). The new standard changes the methodology used to measure credit losses for certain financial instruments and financial assets, including trade receivables. The approach utilizes an expected credit loss model that requires consideration of a broader range of information to estimate expected credit losses over the lifetime of an asset, which may result in earlier recognition of credit losses than under the previous accounting standards. Under the new standard, we record an allowance for credit losses, reducing our trade receivables balance to an amount we estimate is collectible from our customers. The estimates used in determining the allowance for credit losses are based on historical collection experience, including write-offs and recoveries, periodic credit evaluations of our customers’ financial situation, and current circumstances as well as reasonable and supportable forecasts of future economic conditions. The adoption of this new standard did not have a material impact on our consolidated financial statements. The following table summarizes the activity in the allowance for credit losses for the six months ended June 30, 2020 : In millions June 30, Beginning balance $ 10.3 Bad debt expense (0.3 ) Write-offs, net of recoveries (1.0 ) Other (1) (0.2 ) Ending balance $ 8.8 (1) Other amounts are primarily the effects of changes in currency translations and the impact of allowance for credits.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenue We disaggregate our revenue from contracts with customers by segment, geographic location and vertical, as we believe these best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Refer to Note 14 for revenue disaggregated by segment. Geographic net sales information, based on geographic destination of the sale, was as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, U.S. $ 482.7 $ 511.1 $ 946.7 $ 937.1 Western Europe 84.9 106.9 188.7 211.2 Developing (1) 100.4 129.0 194.9 237.9 Other Developed (2) 45.3 52.5 93.0 102.2 Consolidated net sales $ 713.3 $ 799.5 $ 1,423.3 $ 1,488.4 (1) Developing includes China, Eastern Europe, Latin America, the Middle East and Southeast Asia. (2) Other Developed includes Australia, Canada and Japan. Vertical net sales information was as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Residential $ 439.7 $ 451.0 $ 855.5 $ 834.6 Commercial 124.4 170.7 265.8 321.4 Industrial 149.2 177.8 302.0 332.4 Consolidated net sales $ 713.3 $ 799.5 $ 1423.3 $ 1488.4 Performance obligations On June 30, 2020 , we had $55.6 million of remaining performance obligations on contracts with an original expected duration of one year or more. We expect to recognize the majority of our remaining performance obligations on these contracts within the next 12 to 18 months . Contract assets and liabilities Contract assets and liabilities consisted of the following: In millions June 30, December 31, $ Change % Change Contract assets $ 49.5 $ 41.0 $ 8.5 20.7 % Contract liabilities 29.1 32.6 (3.5 ) (10.7 )% Net contract assets $ 20.4 $ 8.4 $ 12.0 142.9 % The $12.0 million increase in net contract assets from December 31, 2019 to June 30, 2020 was primarily the result of timing of milestone payments and impact of foreign currency fluctuations. Approximately 60% of our contract liabilities at December 31, 2019 were recognized in revenue in the first half of 2020 . There were no impairment losses recognized on our contract assets for the three or six months ended June 30, 2020 .

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Acquisitions	Acquisitions In February 2019, as part of Consumer Solutions, we completed the acquisitions of Aquion, Inc. (“Aquion”) and Pelican Water Systems (“Pelican”) for $163.4 million and $121.1 million , respectively, in cash, net of cash acquired and final working capital true-ups. For Aquion, the excess of purchase price over tangible net assets and identified intangible assets acquired has been allocated to goodwill in the amount of $101.9 million , $4.6 million of which is expected to be deductible for income tax purposes. Identifiable intangible assets acquired as part of the Aquion acquisition include $15.7 million of indefinite-lived trade name intangible assets and $78.8 million of definite-lived customer relationships with an estimated useful life of 15 years . For Pelican, the excess purchase price over tangible net assets acquired has been allocated to goodwill in the amount of $118.0 million , $7.6 million of which is expected to be deductible for income tax purposes. During the first half of 2020, our Consumer Solutions reporting segment completed acquisitions with purchase prices totaling $28.5 million in cash, net of cash acquired. The pro forma impact of these acquisitions is not material.

Share Plans

Share Plans	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Share Plans	Share Plans In May 2020, the Pentair plc 2020 Share and Incentive Plan (“2020 Share Plan”) was approved during the Annual General Meeting of Shareholders. The Pentair plc 2012 Stock and Incentive Plan (“2012 Stock Plan”) terminated upon the approval of the 2020 Share Plan, although awards outstanding under the 2012 Stock Plan continue in effect. Beginning May 5, 2020, all share-based compensation grants were made under the 2020 Share Plan. The 2020 Share Plan authorizes the issuance of 3.3 million of our ordinary shares, plus the number of shares reserved under the 2012 Stock Plan that were not the subject of outstanding awards as of the date the 2020 Share Plan became effective, which was 2.5 million shares, plus certain shares that would become available under the 2012 Stock Plan if it had remained in effect. The shares may be issued as new shares or from shares held in treasury. Our practice is to settle equity-based awards by issuing new shares. The 2020 Share Plan terminates on the date all shares reserved for issuance have been issued. The 2020 Share Plan allows for the granting to our employees, consultants and directors of stock options, stock appreciation rights, performance share units, restricted shares, restricted stock units, deferred stock rights, incentive awards, dividend equivalent units and other equity-based awards. The 2020 Share Plan is administered by our compensation committee (the “Committee”), which is made up of independent members of our Board of Directors. Employees eligible to receive awards under the 2020 Share Plan are managerial, administrative or professional employees. The Committee has the authority to select the recipients of awards, determine the type and size of awards, establish certain terms and conditions of award grants and take certain other actions as permitted under the 2020 Share Plan. The 2020 Share Plan prohibits the Committee from re-pricing awards or canceling and reissuing awards at lower prices. Total share-based compensation expense for the three and six months ended June 30, 2020 and 2019 was as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Restricted stock units $ 3.1 $ 2.9 $ 6.3 $ 5.7 Stock options 0.6 1.1 1.6 2.5 Performance share units 0.5 1.3 2.5 2.5 Total share-based compensation expense $ 4.2 $ 5.3 $ 10.4 $ 10.7 In the first quarter of 2020, we issued our annual share-based compensation grants under the 2012 Stock Plan to eligible employees. The total number of awards issued was approximately 0.8 million , of which 0.3 million were restricted stock units (“RSUs”), 0.4 million were stock options and 0.1 million were performance share units (“PSUs”). The weighted-average grant date fair value of the RSUs, stock options and PSUs issued was $42.77 , $9.58 , and $45.40 , 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: 2020 Annual Grant Risk-free interest rate 1.61 % Expected dividend yield 1.80 % Expected share price volatility 24.1 % Expected term (years) 6.8 These estimates require us to make assumptions based on historical results, observance of trends in our share price, changes in option exercise behavior, future expectations and other relevant factors. If other assumptions had been used, share-based compensation expense, as calculated and recorded under the accounting guidance, could have been affected. We based the expected life assumption on historical experience as well as the terms and vesting periods of the options granted. For purposes of determining expected share price volatility, we considered a rolling average of historical volatility measured over a period approximately equal to the expected option term. The risk-free interest rate for periods that coincide with the expected life of the options is based on the U.S. Treasury Department yield curve in effect at the time of grant.

Restructuring

Restructuring	6 Months Ended
	Jun. 30, 2020
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring During the six months ended June 30, 2020 and the year ended December 31, 2019 , we initiated and continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business, including the reduction in headcount of approximately 100 employees and 375 employees, respectively. Restructuring-related costs within Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income included the following: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Severance and related costs $ 1.1 $ 6.4 $ 3.8 $ 7.5 Other — 0.3 — 0.3 Total restructuring costs $ 1.1 $ 6.7 $ 3.8 $ 7.8 Restructuring costs by reportable segment were as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Consumer Solutions $ 1.4 $ 2.3 $ 2.0 $ 3.4 Industrial & Flow Technologies (0.3 ) 3.3 0.6 3.2 Other — 1.1 1.2 1.2 Consolidated $ 1.1 $ 6.7 $ 3.8 $ 7.8 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 six months ended June 30, 2020 : In millions June 30, Beginning balance $ 16.2 Costs incurred 3.8 Cash payments and other (7.3 ) Ending balance $ 12.7

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share were calculated as follows: Three months ended Six months ended In millions, except per-share data June 30, June 30, June 30, June 30, Net income $ 72.1 $ 114.3 $ 144.8 $ 165.6 Net income from continuing operations $ 73.8 $ 115.1 $ 146.5 $ 167.5 Weighted average ordinary shares outstanding Basic 165.8 169.8 166.8 170.6 Dilutive impact of stock options, restricted stock units and performance share units 0.6 0.7 0.7 0.8 Diluted 166.4 170.5 167.5 171.4 Earnings (loss) per ordinary share Basic Continuing operations $ 0.44 $ 0.68 $ 0.88 $ 0.98 Discontinued operations (0.01 ) (0.01 ) (0.01 ) (0.01 ) Basic earnings per ordinary share $ 0.43 $ 0.67 $ 0.87 $ 0.97 Diluted Continuing operations $ 0.44 $ 0.68 $ 0.87 $ 0.98 Discontinued operations (0.01 ) (0.01 ) (0.01 ) (0.01 ) Diluted earnings per ordinary share $ 0.43 $ 0.67 $ 0.86 $ 0.97 Anti-dilutive stock options excluded from the calculation of diluted earnings per share 3.1 2.3 2.8 1.9

Supplemental Balance Sheet Info

Supplemental Balance Sheet Information	6 Months Ended
	Jun. 30, 2020
Disclosure Supplemental Balance Sheet Information [Abstract]
Supplemental Balance Sheet Information	Supplemental Balance Sheet Information In millions June 30, December 31, Inventories Raw materials and supplies $ 209.6 $ 196.2 Work-in-process 66.0 65.2 Finished goods 120.9 116.0 Total inventories $ 396.5 $ 377.4 Other current assets Cost in excess of billings $ 49.5 $ 41.0 Prepaid expenses 55.0 48.3 Prepaid income taxes 4.5 5.2 Other current assets 3.8 4.6 Total other current assets $ 112.8 $ 99.1 Property, plant and equipment, net Land and land improvements $ 33.9 $ 33.7 Buildings and leasehold improvements 186.6 188.1 Machinery and equipment 553.2 537.2 Capitalized software 74.7 73.5 Construction in progress 50.3 48.1 Total property, plant and equipment 898.7 880.6 Accumulated depreciation and amortization 614.0 597.4 Total property, plant and equipment, net $ 284.7 $ 283.2 Other non-current assets Right-of-use lease assets $ 81.1 $ 77.2 Deferred income taxes 29.2 29.6 Deferred compensation plan assets 18.3 21.3 Foreign currency contract assets 7.0 0.1 Other non-current assets 66.6 68.7 Total other non-current assets $ 202.2 $ 196.9 Other current liabilities Dividends payable $ 31.5 $ 32.0 Accrued warranty 36.6 32.1 Accrued rebates and incentives 110.6 83.5 Billings in excess of cost 21.0 22.5 Current lease liability 20.2 19.0 Income taxes payable 32.0 11.1 Accrued restructuring 12.7 16.2 Other current liabilities 152.1 136.5 Total other current liabilities $ 416.7 $ 352.9 Other non-current liabilities Long-term lease liability $ 64.8 $ 61.1 Income taxes payable 45.5 45.4 Self-insurance liabilities 39.7 41.6 Deferred compensation plan liabilities 18.3 21.3 Foreign currency contract liabilities — 11.6 Other non-current liabilities 27.3 25.7 Total other non-current liabilities $ 195.6 $ 206.7

Goodwill and Other Identifiable

Goodwill and Other Identifiable Intangible Assets	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Identifiable Intangible Assets	Goodwill and Other Identifiable Intangible Assets The changes in the carrying amount of goodwill by reportable segment were as follows: In millions December 31, Purchase Accounting Adjustments Acquisitions Foreign currency translation/other June 30, Consumer Solutions $ 1,501.4 $ 14.4 $ 25.8 $ 1.2 $ 1,542.8 Industrial & Flow Technologies 756.9 — — 2.4 759.3 Total goodwill $ 2,258.3 $ 14.4 $ 25.8 $ 3.6 $ 2,302.1 Identifiable intangible assets consisted of the following: June 30, December 31, In millions Cost Accumulated amortization Net Cost Accumulated amortization Net Definite-life intangibles Customer relationships $ 419.3 $ (283.3 ) $ 136.0 $ 418.1 $ (269.1 ) $ 149.0 Proprietary technology and patents 42.4 (27.1 ) 15.3 42.3 (25.5 ) 16.8 Total definite-life intangibles 461.7 (310.4 ) 151.3 460.4 (294.6 ) 165.8 Indefinite-life intangibles Trade names 174.1 — 174.1 173.4 — 173.4 Total intangibles $ 635.8 $ (310.4 ) $ 325.4 $ 633.8 $ (294.6 ) $ 339.2 Identifiable intangible asset amortization expense was $7.0 million and $8.3 million for the three months ended June 30, 2020 and 2019 , respectively, and $14.6 million and $16.5 million for the six months ended June 30, 2020 and 2019 , respectively. Estimated future amortization expense for identifiable intangible assets during the remainder of 2020 and the next five years is as follows: Q3-Q4 In millions 2020 2021 2022 2023 2024 2025 Estimated amortization expense $ 13.2 $ 22.6 $ 15.7 $ 13.1 $ 12.6 $ 12.6

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt Debt and the average interest rates on debt outstanding were as follows: In millions Average interest rate as of June 30, 2020 Maturity Year June 30, December 31, Commercial paper N/A 2023 $ — $ 117.8 Revolving credit facilities 1.385% 2023 136.5 35.8 Term loans 1.477% 2023 200.0 200.0 Senior notes - fixed rate (1) 3.625% 2020 74.0 74.0 Senior notes - fixed rate (1) 5.000% 2021 103.8 103.8 Senior notes - fixed rate (1) 3.150% 2022 88.3 88.3 Senior notes - fixed rate (1) 4.650% 2025 19.3 19.3 Senior notes - fixed rate (1) 4.500% 2029 400.0 400.0 Unamortized debt issuance costs and discounts N/A N/A (8.9 ) (9.9 ) Total debt $ 1,013.0 $ 1,029.1 (1) Senior notes are guaranteed as to payment by Pentair plc. In April 2018, Pentair, Pentair Investments Switzerland GmbH (“PISG”), Pentair Finance S.à r.l (“PFSA“) and Pentair, Inc. entered into a credit agreement, providing for an $800.0 million senior unsecured revolving credit facility with a term of five years (the “Senior Credit Facility”), with Pentair and PISG as guarantors and PFSA and Pentair, Inc. as borrowers. In June 2020, Pentair assumed the PISG guarantee. The Senior Credit Facility has a maturity date of April 25, 2023. Borrowings under the Senior Credit Facility bear interest at a rate equal to an adjusted base rate or the London Interbank Offered Rate, plus, in each case, an applicable margin. The applicable margin is based on, at PFSA’s election, Pentair’s leverage level or PFSA’s public credit rating. In May 2019, PFSA executed an increase of the Senior Credit Facility by $100.0 million for a total commitment up to $900.0 million in the aggregate. In December 2019, the Senior Credit Facility was amended to provide for the extension of term loans in an aggregate amount of $200.0 million (the “Term Loans”). The Term Loans are in addition to the Senior Credit Facility commitment. In addition, PFSA has the option to further increase the Senior Credit Facility in an aggregate amount of up to $300.0 million , through a combination of increases to the total commitment amount of the Senior Credit Facility and/or one or more tranches of term loans in addition to the Term Loans, subject to customary conditions, including the commitment of the participating lenders. PFSA is authorized to sell short-term commercial paper notes to the extent availability exists under the Senior Credit Facility. PFSA uses the Senior Credit Facility as back-up liquidity to support 100% of commercial paper outstanding. PFSA had no commercial paper outstanding as of June 30, 2020 and $117.8 million as of December 31, 2019 , 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 Senior Credit Facility. In March 2020, the commercial paper market began to experience high levels of volatility due to uncertainty related to the COVID-19 pandemic. The volatility impacted both market access to and pricing of commercial paper. As a cost mitigation action, we withdrew our credit ratings to access the commercial paper market in the second quarter of 2020 and continued to use the revolving credit facility, along with cash generated from operations, to fund our general operations. As of June 30, 2020 , total availability under the Senior Credit Facility was $763.5 million . Our debt agreements contain various financial covenants, but the most restrictive covenants are contained in the Senior Credit Facility. The Senior Credit Facility contains covenants requiring us not to permit (i) the ratio of our consolidated debt (net of our consolidated unrestricted cash in excess of $5.0 million but not to exceed $250.0 million ) to our consolidated net income (excluding, among other things, non-cash gains and losses) before interest, taxes, depreciation, amortization and non-cash share-based compensation expense (“EBITDA”) on the last day of any period of four consecutive fiscal quarters to exceed 3.75 to 1.00 (the “Leverage Ratio”) and (ii) the ratio of our EBITDA to our consolidated interest expense, 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 Senior 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. In addition to the Senior Credit Facility, we have various other credit facilities with an aggregate availability of $20.9 million , of which there were no outstanding borrowings at June 30, 2020 . Borrowings under these credit facilities bear interest at variable rates. We have $177.8 million aggregate principal amount of fixed rate senior notes maturing in the next twelve months. We classified this debt as long-term as of June 30, 2020 as we have the intent and ability to refinance such obligation on a long-term basis under the Senior Credit Facility. Debt outstanding, excluding unamortized issuance costs and discounts, at June 30, 2020 matures on a calendar year basis as follows: Q3-Q4 In millions 2020 2021 2022 2023 2024 2025 Thereafter Total Contractual debt obligation maturities $ 74.0 $ 103.8 $ 88.3 $ 336.5 $ — $ 19.3 $ 400.0 $ 1,021.9

Derivatives and Financial Instr

Derivatives and Financial Instruments	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
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 exchange 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 June 30, 2020 and December 31, 2019 , we had outstanding foreign currency derivative contracts with gross notional U.S. dollar equivalent amounts of $17.9 million and $17.0 million , respectively. The impact of these contracts on the Condensed Consolidated Statements of Operations and Comprehensive Income was not material for any period presented. Cross Currency Swaps At June 30, 2020 and December 31, 2019 , we had outstanding cross currency swap agreements with a combined notional amount of $785.3 million and $770.0 million , respectively. The agreements are accounted for as either cash flow hedges, to hedge foreign currency fluctuations on certain intercompany debt, or as net investment hedges to manage our exposure to fluctuations in the Euro-U.S. Dollar exchange rate. We had deferred foreign currency gains of $19.0 million and deferred currency losses of $1.8 million at June 30, 2020 and December 31, 2019 , respectively, in Accumulated other comprehensive loss associated with our cross currency swap 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 valued at net asset value (“NAV”), which is based on the fair value of the underlying securities owned by the fund and divided by the number of shares outstanding. The recorded amounts and estimated fair values of total debt, excluding unamortized issuance costs and discounts, were as follows: June 30, December 31, In millions Recorded Amount Fair Value Recorded Amount Fair Value Variable rate debt $ 336.5 $ 336.5 $ 353.6 $ 353.6 Fixed rate debt 685.4 741.1 685.4 732.2 Total debt $ 1,021.9 $ 1,077.6 $ 1,039.0 $ 1,085.8 Financial assets and liabilities measured at fair value on a recurring and nonrecurring basis were as follows: June 30, 2020 In millions Level 1 Level 2 Level 3 NAV Total Recurring fair value measurements Foreign currency contract assets $ — $ 7.0 $ — $ — $ 7.0 Deferred compensation plan assets 9.9 — — 8.4 18.3 Total recurring fair value measurements $ 9.9 $ 7.0 $ — $ 8.4 $ 25.3 December 31, 2019 In millions Level 1 Level 2 Level 3 NAV Total Recurring fair value measurements Foreign currency contract assets $ — $ 0.1 $ — $ — $ 0.1 Foreign currency contract liabilities — (11.6 ) — — (11.6 ) Deferred compensation plan assets 12.5 — — 8.8 21.3 Total recurring fair value measurements $ 12.5 $ (11.5 ) $ — $ 8.8 $ 9.8 Nonrecurring fair value measurements (1) (1) During the year ended December 31, 2019, we recorded impairment charges for cost method investments in the amount of $21.2 million , of which $2.9 million and $18.2 million was recorded in the three and six months ended June 30, 2019, respectively. A valuation method using unobservable inputs was utilized to determine the fair value. We wrote the balance of the cost method investments to zero.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We manage our affairs so that we are centrally managed and controlled in the United Kingdom (“U.K.”) and therefore have our tax residency in the U.K. The provision for income taxes consists of provisions for the U.K. and international income taxes. We operate in an international environment with operations in various locations outside the U.K. Accordingly, the consolidated income tax rate is a composite rate reflecting the earnings in the various locations and the applicable rates. The effective income tax rate for the six months ended June 30, 2020 was 25.3% , compared to 16.4% for the six months ended June 30, 2019 . 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. On March 27, 2020, the U.S. enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) in response to the COVID-19 pandemic. The CARES Act contains numerous income tax provisions, such as relaxing limitations on the deductibility of interest and the ability to carryback net operating losses arising in taxable years from 2018 through 2020. The CARES Act provides positive cash benefits of approximately $28.7 million , offset by an increase to our 2020 annual effective tax rate of approximately 1.0% and $5.7 million in discrete tax items recorded in the first half of 2020 mainly attributable to base erosion and anti-abuse tax related to 2019. In April 2020, the Internal Revenue Service released final regulations as part of the Tax Cuts and Jobs Act of 2017 that place limitations on the deductibility of certain interest expense for U.S. tax purposes. These regulations resulted in discrete tax expense of approximately $14.1 million in the second quarter of 2020, as well as an increase to our 2020 annual effective tax rate of approximately 0.5% . The liability for uncertain tax positions was $47.2 million and $47.4 million at June 30, 2020 and December 31, 2019 , respectively. We record penalties and interest related to unrecognized tax benefits in Provision for income taxes and Net interest expense , respectively, on the Condensed Consolidated Statements of Operations and Comprehensive Income, which is consistent with our past practices.

Benefit Plans

Benefit Plans	6 Months Ended
	Jun. 30, 2020
Retirement Benefits [Abstract]
Benefit Plans	Benefit Plans Components of net periodic benefit cost for our pension plans for the three and six months ended June 30, 2020 and 2019 were as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Service cost $ 0.8 $ 0.7 $ 1.6 $ 1.4 Interest cost 0.7 2.7 1.4 5.4 Expected return on plan assets (0.2 ) (1.7 ) (0.4 ) (3.4 ) Plan settlement gain (1) — (12.2 ) — (12.2 ) Net periodic benefit cost $ 1.3 $ (10.5 ) $ 2.6 $ (8.8 ) (1) In 2019, we received all required government approvals to terminate the Pentair Salaried Plan (the “Salaried Plan”) and entered into an agreement with an insurance company to purchase from us, through an annuity contract, our remaining obligations under the Salaried Plan. For the six months ended June 30, 2019, we contributed $10.7 million to the Salaried Plan as part of the process to settle our obligations. As a result of these actions, a non-cash pre-tax settlement gain of $12.2 million was recorded for the three and six months ended June 30, 2019. Components of net periodic benefit cost for our other post-retirement plans for the three and six months ended June 30, 2020 and 2019 were not material.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Share repurchases In May 2018, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $750.0 million . The authorization expires on May 31, 2021 . During the six months ended June 30, 2020 , we repurchased 3.0 million of our shares for $115.2 million . As of June 30, 2020 , we had $134.7 million available for share repurchases under this authorization. In March 2020, to enhance our liquidity position in response to the COVID-19 pandemic, we elected to temporarily suspend share repurchases under our existing share repurchase program. The existing program remains authorized by the Board of Directors, and we may resume share repurchases in the future at any time, depending upon market conditions, our capital needs and other factors. Dividends payable On May 5, 2020 , the Board of Directors declared a quarterly cash dividend of $0.19 , payable on August 7, 2020 to shareholders of record at the close of business on July 24, 2020 . As a result, the balance of dividends payable included in Other current liabilities on our Condensed Consolidated Balance Sheets was $31.5 million at June 30, 2020 , compared to $32.0 million at December 31, 2019

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information Effective January 1, 2020, we reorganized our business segments to better support our organization with our strategies and to better align with our customer base, resulting in a change to our reporting segments. All prior period amounts related to the segment change have been retrospectively reclassified to conform to the new presentation. As part of this reorganization, the legacy Aquatic Systems, Flow Technologies, and Filtration Solutions segments were realigned into two reportable business segments: • Consumer Solutions — This segment designs, manufactures and sells energy-efficient residential and commercial pool equipment and accessories, and commercial and residential water treatment products and systems. Residential and commercial pool equipment and accessories include pumps, filters, heaters, lights, automatic controls, automatic cleaners, maintenance equipment and pool accessories. Water treatment products and systems include pressure tanks, control valves, activated carbon products, conventional filtration products, and point-of-entry and point-of-use systems. Applications for our pool business’s products include residential and commercial pool maintenance, repair, renovation, service and construction. Our water treatment products and systems are used in residential whole home water filtration, drinking water filtration and water softening solutions in addition to commercial total water management and filtration in foodservice operations. The primary focus of this segment is business-to-consumer. • Industrial & Flow Technologies — This segment manufactures and sells a variety of fluid treatment and pump products and systems, including pressure vessels, gas recovery solutions, membrane bioreactors, wastewater reuse systems and advanced membrane filtration, separation systems, water disposal pumps, water supply pumps, fluid transfer pumps, turbine pumps, solid handling pumps, and agricultural spray nozzles, while serving the global residential, commercial and industrial markets. These products and systems are used in a range of applications, fluid delivery, ion exchange, desalination, food and beverage, separation technologies for the oil and gas industry, residential and municipal wells, water treatment, wastewater solids handling, pressure boosting, circulation and transfer, fire suppression, flood control, agricultural irrigation and crop spray. The primary focus of this segment is business-to-business. 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, impairments and other unusual non-operating items. Financial information by reportable segment is as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Net sales Consumer Solutions $ 401.2 $ 437.1 $ 790.0 $ 795.3 Industrial & Flow Technologies 311.8 362.1 632.7 692.4 Other 0.3 0.3 0.6 0.7 Consolidated $ 713.3 $ 799.5 $ 1,423.3 $ 1,488.4 Segment income (loss) Consumer Solutions $ 96.7 $ 109.0 $ 181.5 $ 184.2 Industrial & Flow Technologies 44.1 59.7 88.8 100.7 Other (16.1 ) (14.6 ) (34.1 ) (32.1 ) Consolidated $ 124.7 $ 154.1 $ 236.2 $ 252.8 The following table presents a reconciliation of consolidated segment income to consolidated income from continuing operations before income taxes: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Segment income $ 124.7 $ 154.1 $ 236.2 $ 252.8 Deal-related costs and expenses — — (0.4 ) (4.2 ) Inventory step-up — (0.5 ) — (2.2 ) Restructuring and other (1.1 ) (6.7 ) (3.5 ) (7.8 ) Intangible amortization (7.0 ) (8.3 ) (14.6 ) (16.5 ) Pension settlement gain — 12.2 — 12.2 Asset impairment — (2.9 ) — (18.2 ) (Loss) gain on sale of businesses (0.1 ) (0.1 ) (0.1 ) 3.4 COVID-19 related costs and expenses (4.8 ) — (5.7 ) — Net interest expense (7.7 ) (9.4 ) (14.6 ) (16.7 ) Other expense (0.4 ) (1.2 ) (1.1 ) (2.4 ) Income from continuing operations before income taxes $ 103.6 $ 137.2 $ 196.2 $ 200.4

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies	Commitments and Contingencies Warranties and guarantees In connection with our disposition of businesses, product lines and assets, we often provide representations, warranties and indemnities to cover purchasers for various potential liabilities relating to the sold businesses, product lines and assets, such as unknown damages or liabilities relating to the assets and 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 obligations under such indemnifications are not explicitly stated and as a result, the overall amount of these obligations cannot be reasonably estimated due to their inchoate and unknown nature. 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 adverse effect on our financial position, results of operations or cash flows. We recognize, at the inception of a guarantee, a liability for the fair value of the obligation undertaken in issuing the guarantee. We provide service and warranty policies on our products. Liability under service and warranty policies is based upon a review of historical warranty and service claim experience. Adjustments are made to accruals as claim data and historical experience warrant. The changes in the carrying amount of service and product warranties of continuing operations for the six months ended June 30, 2020 were as follows: In millions June 30, Beginning balance $ 32.1 Service and product warranty provision 27.2 Payments (22.7 ) Ending balance $ 36.6 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 Flow Control. In situations where Flow Control and Tyco were unable to obtain a release from these guarantees in connection with the spin-off of Flow Control from Tyco, we will indemnify Tyco for any losses it suffers as a result of such guarantees. In the ordinary course of business, we are required to commit to bonds, letters of credit and bank guarantees that require payments to our customers for any non-performance. The outstanding face value of these instruments fluctuates with the value of our projects in process and in our backlog. In addition, we issue financial stand-by letters of credit primarily to secure our performance to third parties under self-insurance programs. As of June 30, 2020 and December 31, 2019 , the outstanding value of bonds, letters of credit and bank guarantees totaled $97.9 million and $91.3 million , respectively.

Basis of Presentation and Res_2

Basis of Presentation and Responsibility for Interim Financial Statements (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Schedule of Allowance for Credit Losses	The following table summarizes the activity in the allowance for credit losses for the six months ended June 30, 2020 : In millions June 30, Beginning balance $ 10.3 Bad debt expense (0.3 ) Write-offs, net of recoveries (1.0 ) Other (1) (0.2 ) Ending balance $ 8.8 (1) Other amounts are primarily the effects of changes in currency translations and the impact of allowance for credits.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Geographic net sales information, based on geographic destination of the sale, was as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, U.S. $ 482.7 $ 511.1 $ 946.7 $ 937.1 Western Europe 84.9 106.9 188.7 211.2 Developing (1) 100.4 129.0 194.9 237.9 Other Developed (2) 45.3 52.5 93.0 102.2 Consolidated net sales $ 713.3 $ 799.5 $ 1,423.3 $ 1,488.4 (1) Developing includes China, Eastern Europe, Latin America, the Middle East and Southeast Asia. (2) Other Developed includes Australia, Canada and Japan. Vertical net sales information was as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Residential $ 439.7 $ 451.0 $ 855.5 $ 834.6 Commercial 124.4 170.7 265.8 321.4 Industrial 149.2 177.8 302.0 332.4 Consolidated net sales $ 713.3 $ 799.5 $ 1423.3 $ 1488.4
Contract with Customer, Asset and Liability	Contract assets and liabilities Contract assets and liabilities consisted of the following: In millions June 30, December 31, $ Change % Change Contract assets $ 49.5 $ 41.0 $ 8.5 20.7 % Contract liabilities 29.1 32.6 (3.5 ) (10.7 )% Net contract assets $ 20.4 $ 8.4 $ 12.0 142.9 %

Share Plans (Tables)

Share Plans (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Share-based Compensation Expense	Total share-based compensation expense for the three and six months ended June 30, 2020 and 2019 was as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Restricted stock units $ 3.1 $ 2.9 $ 6.3 $ 5.7 Stock options 0.6 1.1 1.6 2.5 Performance share units 0.5 1.3 2.5 2.5 Total share-based compensation expense $ 4.2 $ 5.3 $ 10.4 $ 10.7
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	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: 2020 Annual Grant Risk-free interest rate 1.61 % Expected dividend yield 1.80 % Expected share price volatility 24.1 % Expected term (years) 6.8

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
	Jun. 30, 2020
Restructuring and Related Activities [Abstract]
Restructuring Related Costs	Restructuring-related costs within Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income included the following: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Severance and related costs $ 1.1 $ 6.4 $ 3.8 $ 7.5 Other — 0.3 — 0.3 Total restructuring costs $ 1.1 $ 6.7 $ 3.8 $ 7.8
Restructuring Costs By Segment	Restructuring costs by reportable segment were as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Consumer Solutions $ 1.4 $ 2.3 $ 2.0 $ 3.4 Industrial & Flow Technologies (0.3 ) 3.3 0.6 3.2 Other — 1.1 1.2 1.2 Consolidated $ 1.1 $ 6.7 $ 3.8 $ 7.8
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 six months ended June 30, 2020 : In millions June 30, Beginning balance $ 16.2 Costs incurred 3.8 Cash payments and other (7.3 ) Ending balance $ 12.7

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Basic and Diluted Earnings Per Share	Basic and diluted earnings per share were calculated as follows: Three months ended Six months ended In millions, except per-share data June 30, June 30, June 30, June 30, Net income $ 72.1 $ 114.3 $ 144.8 $ 165.6 Net income from continuing operations $ 73.8 $ 115.1 $ 146.5 $ 167.5 Weighted average ordinary shares outstanding Basic 165.8 169.8 166.8 170.6 Dilutive impact of stock options, restricted stock units and performance share units 0.6 0.7 0.7 0.8 Diluted 166.4 170.5 167.5 171.4 Earnings (loss) per ordinary share Basic Continuing operations $ 0.44 $ 0.68 $ 0.88 $ 0.98 Discontinued operations (0.01 ) (0.01 ) (0.01 ) (0.01 ) Basic earnings per ordinary share $ 0.43 $ 0.67 $ 0.87 $ 0.97 Diluted Continuing operations $ 0.44 $ 0.68 $ 0.87 $ 0.98 Discontinued operations (0.01 ) (0.01 ) (0.01 ) (0.01 ) Diluted earnings per ordinary share $ 0.43 $ 0.67 $ 0.86 $ 0.97 Anti-dilutive stock options excluded from the calculation of diluted earnings per share 3.1 2.3 2.8 1.9

Supplemental Balance Sheet In_2

Supplemental Balance Sheet Information (Tables)	6 Months Ended
	Jun. 30, 2020
Disclosure Supplemental Balance Sheet Information [Abstract]
Supplemental Balance Sheet Information	In millions June 30, December 31, Inventories Raw materials and supplies $ 209.6 $ 196.2 Work-in-process 66.0 65.2 Finished goods 120.9 116.0 Total inventories $ 396.5 $ 377.4 Other current assets Cost in excess of billings $ 49.5 $ 41.0 Prepaid expenses 55.0 48.3 Prepaid income taxes 4.5 5.2 Other current assets 3.8 4.6 Total other current assets $ 112.8 $ 99.1 Property, plant and equipment, net Land and land improvements $ 33.9 $ 33.7 Buildings and leasehold improvements 186.6 188.1 Machinery and equipment 553.2 537.2 Capitalized software 74.7 73.5 Construction in progress 50.3 48.1 Total property, plant and equipment 898.7 880.6 Accumulated depreciation and amortization 614.0 597.4 Total property, plant and equipment, net $ 284.7 $ 283.2 Other non-current assets Right-of-use lease assets $ 81.1 $ 77.2 Deferred income taxes 29.2 29.6 Deferred compensation plan assets 18.3 21.3 Foreign currency contract assets 7.0 0.1 Other non-current assets 66.6 68.7 Total other non-current assets $ 202.2 $ 196.9 Other current liabilities Dividends payable $ 31.5 $ 32.0 Accrued warranty 36.6 32.1 Accrued rebates and incentives 110.6 83.5 Billings in excess of cost 21.0 22.5 Current lease liability 20.2 19.0 Income taxes payable 32.0 11.1 Accrued restructuring 12.7 16.2 Other current liabilities 152.1 136.5 Total other current liabilities $ 416.7 $ 352.9 Other non-current liabilities Long-term lease liability $ 64.8 $ 61.1 Income taxes payable 45.5 45.4 Self-insurance liabilities 39.7 41.6 Deferred compensation plan liabilities 18.3 21.3 Foreign currency contract liabilities — 11.6 Other non-current liabilities 27.3 25.7 Total other non-current liabilities $ 195.6 $ 206.7

Goodwill and Other Identifiab_2

Goodwill and Other Identifiable Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Carrying Amount of Goodwill by Segment	The changes in the carrying amount of goodwill by reportable segment were as follows: In millions December 31, Purchase Accounting Adjustments Acquisitions Foreign currency translation/other June 30, Consumer Solutions $ 1,501.4 $ 14.4 $ 25.8 $ 1.2 $ 1,542.8 Industrial & Flow Technologies 756.9 — — 2.4 759.3 Total goodwill $ 2,258.3 $ 14.4 $ 25.8 $ 3.6 $ 2,302.1
Detail of Identifiable Intangible Assets	Identifiable intangible assets consisted of the following: June 30, December 31, In millions Cost Accumulated amortization Net Cost Accumulated amortization Net Definite-life intangibles Customer relationships $ 419.3 $ (283.3 ) $ 136.0 $ 418.1 $ (269.1 ) $ 149.0 Proprietary technology and patents 42.4 (27.1 ) 15.3 42.3 (25.5 ) 16.8 Total definite-life intangibles 461.7 (310.4 ) 151.3 460.4 (294.6 ) 165.8 Indefinite-life intangibles Trade names 174.1 — 174.1 173.4 — 173.4 Total intangibles $ 635.8 $ (310.4 ) $ 325.4 $ 633.8 $ (294.6 ) $ 339.2
Estimated Future Amortization Expense for Identifiable Intangible Assets	Estimated future amortization expense for identifiable intangible assets during the remainder of 2020 and the next five years is as follows: Q3-Q4 In millions 2020 2021 2022 2023 2024 2025 Estimated amortization expense $ 13.2 $ 22.6 $ 15.7 $ 13.1 $ 12.6 $ 12.6

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
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 June 30, 2020 Maturity Year June 30, December 31, Commercial paper N/A 2023 $ — $ 117.8 Revolving credit facilities 1.385% 2023 136.5 35.8 Term loans 1.477% 2023 200.0 200.0 Senior notes - fixed rate (1) 3.625% 2020 74.0 74.0 Senior notes - fixed rate (1) 5.000% 2021 103.8 103.8 Senior notes - fixed rate (1) 3.150% 2022 88.3 88.3 Senior notes - fixed rate (1) 4.650% 2025 19.3 19.3 Senior notes - fixed rate (1) 4.500% 2029 400.0 400.0 Unamortized debt issuance costs and discounts N/A N/A (8.9 ) (9.9 ) Total debt $ 1,013.0 $ 1,029.1 (1) Senior notes are guaranteed as to payment by Pentair plc.
Debt Outstanding Matures on Calendar Year Basis	Debt outstanding, excluding unamortized issuance costs and discounts, at June 30, 2020 matures on a calendar year basis as follows: Q3-Q4 In millions 2020 2021 2022 2023 2024 2025 Thereafter Total Contractual debt obligation maturities $ 74.0 $ 103.8 $ 88.3 $ 336.5 $ — $ 19.3 $ 400.0 $ 1,021.9

Derivatives and Financial Ins_2

Derivatives and Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	Financial assets and liabilities measured at fair value on a recurring and nonrecurring basis were as follows: June 30, 2020 In millions Level 1 Level 2 Level 3 NAV Total Recurring fair value measurements Foreign currency contract assets $ — $ 7.0 $ — $ — $ 7.0 Deferred compensation plan assets 9.9 — — 8.4 18.3 Total recurring fair value measurements $ 9.9 $ 7.0 $ — $ 8.4 $ 25.3 December 31, 2019 In millions Level 1 Level 2 Level 3 NAV Total Recurring fair value measurements Foreign currency contract assets $ — $ 0.1 $ — $ — $ 0.1 Foreign currency contract liabilities — (11.6 ) — — (11.6 ) Deferred compensation plan assets 12.5 — — 8.8 21.3 Total recurring fair value measurements $ 12.5 $ (11.5 ) $ — $ 8.8 $ 9.8 Nonrecurring fair value measurements (1) (1) During the year ended December 31, 2019, we recorded impairment charges for cost method investments in the amount of $21.2 million , of which $2.9 million and $18.2 million was recorded in the three and six months ended June 30, 2019, respectively. A valuation method using unobservable inputs was utilized to determine the fair value. We wrote the balance of the cost method investments to zero.
Recorded Amounts and Estimated Fair Values of Long-term Debt and Derivative Financial Instruments	The recorded amounts and estimated fair values of total debt, excluding unamortized issuance costs and discounts, were as follows: June 30, December 31, In millions Recorded Amount Fair Value Recorded Amount Fair Value Variable rate debt $ 336.5 $ 336.5 $ 353.6 $ 353.6 Fixed rate debt 685.4 741.1 685.4 732.2 Total debt $ 1,021.9 $ 1,077.6 $ 1,039.0 $ 1,085.8

Benefit Plans (Tables)

Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2020
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	Components of net periodic benefit cost for our pension plans for the three and six months ended June 30, 2020 and 2019 were as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Service cost $ 0.8 $ 0.7 $ 1.6 $ 1.4 Interest cost 0.7 2.7 1.4 5.4 Expected return on plan assets (0.2 ) (1.7 ) (0.4 ) (3.4 ) Plan settlement gain (1) — (12.2 ) — (12.2 ) Net periodic benefit cost $ 1.3 $ (10.5 ) $ 2.6 $ (8.8 ) (1) In 2019, we received all required government approvals to terminate the Pentair Salaried Plan (the “Salaried Plan”) and entered into an agreement with an insurance company to purchase from us, through an annuity contract, our remaining obligations under the Salaried Plan. For the six months ended June 30, 2019, we contributed $10.7 million to the Salaried Plan as part of the process to settle our obligations. As a result of these actions, a non-cash pre-tax settlement gain of $12.2 million was recorded for the three and six months ended June 30, 2019.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Financial Information by Reportable Segment	Financial information by reportable segment is as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Net sales Consumer Solutions $ 401.2 $ 437.1 $ 790.0 $ 795.3 Industrial & Flow Technologies 311.8 362.1 632.7 692.4 Other 0.3 0.3 0.6 0.7 Consolidated $ 713.3 $ 799.5 $ 1,423.3 $ 1,488.4 Segment income (loss) Consumer Solutions $ 96.7 $ 109.0 $ 181.5 $ 184.2 Industrial & Flow Technologies 44.1 59.7 88.8 100.7 Other (16.1 ) (14.6 ) (34.1 ) (32.1 ) Consolidated $ 124.7 $ 154.1 $ 236.2 $ 252.8
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	The following table presents a reconciliation of consolidated segment income to consolidated income from continuing operations before income taxes: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Segment income $ 124.7 $ 154.1 $ 236.2 $ 252.8 Deal-related costs and expenses — — (0.4 ) (4.2 ) Inventory step-up — (0.5 ) — (2.2 ) Restructuring and other (1.1 ) (6.7 ) (3.5 ) (7.8 ) Intangible amortization (7.0 ) (8.3 ) (14.6 ) (16.5 ) Pension settlement gain — 12.2 — 12.2 Asset impairment — (2.9 ) — (18.2 ) (Loss) gain on sale of businesses (0.1 ) (0.1 ) (0.1 ) 3.4 COVID-19 related costs and expenses (4.8 ) — (5.7 ) — Net interest expense (7.7 ) (9.4 ) (14.6 ) (16.7 ) Other expense (0.4 ) (1.2 ) (1.1 ) (2.4 ) Income from continuing operations before income taxes $ 103.6 $ 137.2 $ 196.2 $ 200.4

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
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 six months ended June 30, 2020 were as follows: In millions June 30, Beginning balance $ 32.1 Service and product warranty provision 27.2 Payments (22.7 ) Ending balance $ 36.6

Basis of Presentation and Res_3

Basis of Presentation and Responsibility for Interim Financial Statements - Adoption of New Accounting Standards (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Accounting Policies [Abstract]
Beginning balance	$ 10.3
Bad debt expense	(0.3)
Write-offs, net of recoveries	(1)
Other	(0.2)
Ending balance	$ 8.8

Revenue - Geographic Net Sales

Revenue - Geographic Net Sales Information by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 713.3	$ 799.5	$ 1,423.3	$ 1,488.4
Residential
Disaggregation of Revenue [Line Items]
Net sales	439.7	451	855.5	834.6
Commercial
Disaggregation of Revenue [Line Items]
Net sales	124.4	170.7	265.8	321.4
Industrial
Disaggregation of Revenue [Line Items]
Net sales	149.2	177.8	302	332.4
U.S.
Disaggregation of Revenue [Line Items]
Net sales	482.7	511.1	946.7	937.1
Western Europe
Disaggregation of Revenue [Line Items]
Net sales	84.9	106.9	188.7	211.2
Developing
Disaggregation of Revenue [Line Items]
Net sales	100.4	129	194.9	237.9
Other Developed
Disaggregation of Revenue [Line Items]
Net sales	$ 45.3	$ 52.5	$ 93	$ 102.2

Revenue - Performance Obligatio

Revenue - Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 $ in Millions	Jun. 30, 2020USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 55.6
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation period	12 months
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation period	18 months

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Change in net contract assets		$ 12,000,000
Percent of contract liabilities		60.00%
Impairment losses on contract assets	$ 0	$ 0

Revenue - Schedule of Contract

Revenue - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract assets	$ 49.5	$ 41
Contract liabilities	29.1	32.6
Net contract assets	20.4	$ 8.4
$ Change
Contract assets	8.5
Contract liabilities	(3.5)
Net contract assets	$ 12
% Change
Contract assets	20.70%
Contract liabilities	(10.70%)
Net contract assets	142.90%

Acquisitions Acquisitions (Deta

Acquisitions Acquisitions (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Feb. 28, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Business Acquisition [Line Items]
Acquisitions, net of cash acquired		$ 28.5	$ 284.5
Goodwill		$ 2,302.1		$ 2,258.3
Aquion
Business Acquisition [Line Items]
Acquisitions, net of cash acquired	$ 163.4
Goodwill	101.9
Business Acquisition, Goodwill, Expected Tax Deductible Amount	4.6
Indefinite-lived trade name intangible assets	15.7
Definite-lived customer relationships	$ 78.8
Estimated useful life	15 years
Pelican
Business Acquisition [Line Items]
Acquisitions, net of cash acquired	$ 121.1
Goodwill	118
Business Acquisition, Goodwill, Expected Tax Deductible Amount	$ 7.6

Share Plans - Schedule of Share

Share Plans - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 4.2	$ 5.3	$ 10.4	$ 10.7
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	3.1	2.9	6.3	5.7
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	0.6	1.1	1.6	2.5
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 0.5	$ 1.3	$ 2.5	$ 2.5

Share Plans - Schedule of Valua

Share Plans - Schedule of Valuation Assumptions (Details)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Risk-free interest rate	1.61%
Expected dividend yield	1.80%
Expected share price volatility	24.10%
Expected term (years)	6 years 9 months 18 days

Share Plans - Additional Inform

Share Plans - Additional Information (Detail) - $ / shares shares in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Jun. 30, 2020
2020 Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		3.3
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized		2.5
2012 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)	0.8
2012 Stock Plan | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	0.3
Weighted-average grant date fair value (in dollars per share)	$ 42.77
2012 Stock Plan | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	0.4
Weighted-average grant date fair value of options (in dollars per share)	$ 9.58
2012 Stock Plan | Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	0.1
Weighted-average grant date fair value (in dollars per share)	$ 45.40

Restructuring - Additional Inf

Restructuring - Additional Information (Detail) - Person	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Restructuring and Related Activities [Abstract]
Number of employees	100	375

Restructuring - Costs Included

Restructuring - Costs Included in Selling, General & Administrative Expenses (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 1.1	$ 6.7	$ 3.8	$ 7.8
Severance and related costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1.1	6.4	3.8	7.5
Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0	$ 0.3	$ 0	$ 0.3

Restructuring - Restructuring C

Restructuring - Restructuring Costs By Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 1.1	$ 6.7	$ 3.8	$ 7.8
Consumer Solutions
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1.4	2.3	2	3.4
Industrial & Flow Technologies
Restructuring Cost and Reserve [Line Items]
Restructuring costs	(0.3)	3.3	0.6	3.2
Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0	$ 1.1	$ 1.2	$ 1.2

Restructuring - Accrual Activit

Restructuring - Accrual Activity (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 16.2
Costs incurred	3.8
Cash payments and other	(7.3)
Ending balance	$ 12.7

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net income	$ 72.1	$ 114.3	$ 144.8	$ 165.6
Net income from continuing operations	$ 73.8	$ 115.1	$ 146.5	$ 167.5
Weighted average common shares outstanding
Basic (shares)	165.8	169.8	166.8	170.6
Dilutive impact of stock options, restricted stock units and performance share units	0.6	0.7	0.7	0.8
Diluted (shares)	166.4	170.5	167.5	171.4
Basic
Continuing operations (in dollars per share)	$ 0.44	$ 0.68	$ 0.88	$ 0.98
Discontinued operations (in dollars per share)	(0.01)	(0.01)	(0.01)	(0.01)
Basic earnings (loss) per ordinary share (in dollars per share)	0.43	0.67	0.87	0.97
Diluted
Continuing operations (in dollars per share)	0.44	0.68	0.87	0.98
Discontinued operations (in dollars per share)	(0.01)	(0.01)	(0.01)	(0.01)
Diluted earnings (loss) per ordinary share (in dollars per share)	$ 0.43	$ 0.67	$ 0.86	$ 0.97
Anti-dilutive stock options excluded from the calculation of diluted earnings per share	3.1	2.3	2.8	1.9

Supplemental Balance Sheet In_3

Supplemental Balance Sheet Information (Detail) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Inventories
Raw materials and supplies	$ 209.6	$ 196.2
Work-in-process	66	65.2
Finished goods	120.9	116
Total inventories	396.5	377.4
Other current assets
Cost in excess of billings	49.5	41
Prepaid expenses	55	48.3
Prepaid income taxes	4.5	5.2
Other current assets	3.8	4.6
Total other current assets	112.8	99.1
Property, plant and equipment, net
Land and land improvements	33.9	33.7
Buildings and leasehold improvements	186.6	188.1
Machinery and equipment	553.2	537.2
Capitalized software	74.7	73.5
Construction in progress	50.3	48.1
Total property, plant and equipment	898.7	880.6
Accumulated depreciation and amortization	614	597.4
Total property, plant and equipment, net	284.7	283.2
Other non-current assets
Right-of-use lease assets	81.1	77.2
Deferred income taxes	29.2	29.6
Deferred compensation plan assets	18.3	21.3
Foreign currency contract assets	7	0.1
Other non-current assets	66.6	68.7
Total other non-current assets	202.2	196.9
Other current liabilities
Dividends payable	31.5	32
Accrued warranty	36.6	32.1
Accrued rebates and incentives	110.6	83.5
Billings in excess of cost	21	22.5
Current lease liability	20.2	19
Income taxes payable	32	11.1
Accrued restructuring	12.7	16.2
Other current liabilities	152.1	136.5
Total other current liabilities	416.7	352.9
Other non-current liabilities
Long-term lease liability	64.8	61.1
Income taxes payable	45.5	45.4
Self-insurance liabilities	39.7	41.6
Deferred compensation plan liabilities	18.3	21.3
Foreign currency contract liabilities	0	11.6
Other non-current liabilities	27.3	25.7
Total other non-current liabilities	$ 195.6	$ 206.7

Goodwill and Other Identifiab_3

Goodwill and Other Identifiable Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 2,258.3
Purchase Accounting Adjustments	25.8
Goodwill, Acquired During Period	14.4
Foreign currency translation/other	3.6
Ending Balance	2,302.1
Consumer Solutions
Goodwill [Roll Forward]
Beginning Balance	1,501.4
Purchase Accounting Adjustments	14.4
Goodwill, Acquired During Period	25.8
Foreign currency translation/other	1.2
Ending Balance	1,542.8
Industrial & Flow Technologies
Goodwill [Roll Forward]
Beginning Balance	756.9
Foreign currency translation/other	2.4
Ending Balance	$ 759.3

Goodwill and Other Identifiab_4

Goodwill and Other Identifiable Intangible Assets - Detail of Identifiable Intangible Assets (Detail) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Acquired Intangible Assets By Major Class [Line Items]
Cost	$ 461.7	$ 460.4
Accumulated amortization	(310.4)	(294.6)
Net	151.3	165.8
Net, indefinite-life intangibles	174.1	173.4
Cost	635.8	633.8
Net	325.4	339.2
Customer relationships
Acquired Intangible Assets By Major Class [Line Items]
Cost	419.3	418.1
Accumulated amortization	(283.3)	(269.1)
Net	136	149
Patented Technology [Member]
Acquired Intangible Assets By Major Class [Line Items]
Cost	42.4	42.3
Accumulated amortization	(27.1)	(25.5)
Net	$ 15.3	$ 16.8

Goodwill and Other Identifiab_5

Goodwill and Other Identifiable Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible asset amortization expense	$ 7	$ 8.3	$ 14.6	$ 16.5

Goodwill and Other Identifiab_6

Goodwill and Other Identifiable Intangible Assets - Estimated Future Amortization Expense for Identifiable Intangible Assets (Detail) $ in Millions	Jun. 30, 2020USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Q3 - Q4 2020	$ 13.2
2021	22.6
2022	15.7
2023	13.1
2024	12.6
2025	$ 12.6

Debt - Debt and Average Interes

Debt - Debt and Average Interest Rates on Debt Outstanding (Detail) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Unamortized debt issuance costs and discounts	$ (8.9)	$ (9.9)
Total debt	1,013	1,029.1
Commercial Paper
Debt Instrument [Line Items]
Commercial paper	$ 0	117.8
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Average interest rate as of June 30, 2020	1.385%
Total debt	$ 136.5	35.8
Term Loans | Term Loans, due 2023 [Member]
Debt Instrument [Line Items]
Average interest rate as of June 30, 2020	1.477%
Total debt	$ 200	200
Senior Notes | Senior Notes 3.625% Due 2020
Debt Instrument [Line Items]
Average interest rate as of June 30, 2020	3.625%
Total debt	$ 74	74
Senior Notes | Senior Notes 5.000% Due 2021
Debt Instrument [Line Items]
Average interest rate as of June 30, 2020	5.00%
Total debt	$ 103.8	103.8
Senior Notes | Senior Notes 3.150% Due 2022
Debt Instrument [Line Items]
Average interest rate as of June 30, 2020	3.15%
Total debt	$ 88.3	88.3
Senior Notes | Senior Notes 4.650% Due 2025
Debt Instrument [Line Items]
Average interest rate as of June 30, 2020	4.65%
Total debt	$ 19.3	19.3
Senior Notes | Senior Notes 4.500% Due 2029
Debt Instrument [Line Items]
Average interest rate as of June 30, 2020	4.50%
Total debt	$ 400	$ 400

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	Apr. 25, 2018	May 31, 2019	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Leverage ratio covenant period			12 months
Debt			$ 1,013,000,000	$ 1,029,100,000
Aggregate principal amount maturing in next twelve months			177,800,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	$ 800,000,000	$ 900,000,000
Debt term	5 years
Line of Credit Facility, Increase		$ 100,000,000
Optional line of credit limit increase				300,000,000
Credit facility available borrowing capacity				763,500,000
Debt			$ 136,500,000	35,800,000
Average interest rate as of June 30, 2020			1.385%
Line of Credit | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Debt covenant, unrestricted cash			$ 250,000,000
Debt agreement financial covenant, leverage ratio			1
EBITDA ratio for debt			3
Line of Credit | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Debt covenant, unrestricted cash			$ 5,000,000
Debt agreement financial covenant, leverage ratio			3.75
EBITDA ratio for debt			1
Term Loans | Term Loans, due 2023 [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross				200,000,000
Debt			$ 200,000,000	200,000,000
Average interest rate as of June 30, 2020			1.477%
Commercial Paper
Debt Instrument [Line Items]
Commercial paper			$ 0	117,800,000
Senior Notes | Senior Notes 4.500% Due 2029
Debt Instrument [Line Items]
Debt			$ 400,000,000	$ 400,000,000
Average interest rate as of June 30, 2020			4.50%
Other Credit Facilities [Member]
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity			$ 20,900,000
Borrowings outstanding			$ 0

Debt - Debt Outstanding Matures

Debt - Debt Outstanding Matures on Calendar Year Basis (Detail) $ in Millions	Jun. 30, 2020USD ($)
Debt Disclosure [Abstract]
Q3 - Q4 2020	$ 74
2021	103.8
2022	88.3
2023	336.5
2024	0
2025	19.3
Thereafter	400
Total debt	$ 1,021.9

Derivatives and Financial Ins_3

Derivatives and Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Foreign Exchange Contract [Member]
Derivative [Line Items]
Notional amount	$ 17.9	$ 17
Currency Swap [Member]
Derivative [Line Items]
Notional amount	785.3	770
Deferred foreign currency gain (loss)	$ 19	$ 1.8

Derivatives and Financial Ins_4

Derivatives and Financial Instruments - Recorded Amounts and Estimated Fair Values (Detail) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Total debt	$ 1,021.9
Recorded Amount
Derivative [Line Items]
Variable rate debt	336.5	$ 353.6
Fixed rate debt	685.4	685.4
Total debt	1,021.9	1,039
Fair Value
Derivative [Line Items]
Variable rate debt	336.5	353.6
Fixed rate debt	741.1	732.2
Total debt	$ 1,077.6	$ 1,085.8

Derivatives and Financial Ins_5

Derivatives and Financial Instruments - Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost-method Investments, Realized Losses				$ 21.2
Foreign currency contract assets		$ 7		0.1
Foreign currency contract liabilities		0		(11.6)
Asset impairment	$ 2.9	0	$ 18.2
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets		7		0.1
Foreign currency contract liabilities				(11.6)
Deferred compensation plan		18.3		21.3
Total recurring fair value measurements		25.3		9.8
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 contract liabilities				0
Deferred compensation plan		9.9		12.5
Total recurring fair value measurements		9.9		12.5
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		7		0.1
Foreign currency contract liabilities				(11.6)
Deferred compensation plan		0		0
Total recurring fair value measurements		7		(11.5)
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 contract liabilities				0
Deferred compensation plan		0		0
Total recurring fair value measurements		0		0
Fair Value Measured at Net Asset Value Per Share [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 contract liabilities				0
Deferred compensation plan		8.4		8.8
Total recurring fair value measurements		$ 8.4		$ 8.8

Income Taxes - Additional Info

Income Taxes - Additional Information (Detail) $ in Millions	1 Months Ended	6 Months Ended
	Apr. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019	Dec. 31, 2019USD ($)
Income Tax Disclosure [Abstract]
Effective income tax rate		25.30%	16.40%
Tax benefit, CARES Act		$ 28.7
Tax expense, base erosion and anti-abuse tax		5.7
Total gross liability for unrecognized tax benefits		$ 47.2		$ 47.4
Tax expense, Tax Cuts and Jobs Act	$ 14.1
Effective tax rate, Tax Cuts and Jobs Act	0.005	0.010

Benefit Plans (Detail)

Benefit Plans (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Retirement Benefits [Abstract]
Service cost	$ 0.8	$ 0.7	$ 1.6	$ 1.4
Interest cost	0.7	2.7	1.4	5.4
Expected return on plan assets	(0.2)	(1.7)	(0.4)	(3.4)
Pension settlement gain	0	12.2	0	12.2
Net periodic benefit cost	$ 1.3	$ (10.5)	$ 2.6	$ (8.8)

Shareholders' Equity - Additio

Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions	Feb. 25, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2014	Dec. 31, 2019	May 08, 2018
Stockholders Equity Note Disclosure [Line Items]
Share repurchases (in shares)						3
Payments for Repurchase of Common Stock						$ 115,200,000	$ 150,000,000
Cash dividends declared per ordinary share	$ 0.19	$ 0.18	$ 0.19	$ 0.18	$ 0.18
Dividends payable		$ 31,500,000				31,500,000			$ 32,000,000
May 2018 Share Repurchase Program [Member]
Stockholders Equity Note Disclosure [Line Items]
Repurchase of shares of our common stock up to a maximum aggregate value										$ 750,000,000
Common stock authorized for repurchase, expiration date								May 31, 2021
Share repurchases (in shares)			3
December 2014 Share Repurchase Program
Stockholders Equity Note Disclosure [Line Items]
Share repurchase program remaining available amount		$ 134,700,000				$ 134,700,000

Segment Information - Financial

Segment Information - Financial Information by Reportable Segment (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Net sales	$ 713.3	$ 799.5	$ 1,423.3	$ 1,488.4
Segment income	111.1	133.8	211.8	201.4
Consumer Solutions
Segment Reporting Information [Line Items]
Net sales	401.2	437.1	790	795.3
Segment income	96.7	109	181.5	184.2
Industrial & Flow Technologies
Segment Reporting Information [Line Items]
Net sales	311.8	362.1	632.7	692.4
Segment income	44.1	59.7	88.8	100.7
Other
Segment Reporting Information [Line Items]
Net sales	0.3	0.3	0.6	0.7
Segment income	(16.1)	(14.6)	(34.1)	(32.1)
Operating Segments
Segment Reporting Information [Line Items]
Segment income	$ 124.7	$ 154.1	$ 236.2	$ 252.8

Segment Information Reconciliat

Segment Information Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income	$ 111.1	$ 133.8	$ 211.8	$ 201.4
Restructuring and other	(1.1)	(6.7)	(3.8)	(7.8)
Intangible amortization	(7)	(8.3)	(14.6)	(16.5)
Asset impairment		(2.9)	0	(18.2)
(Loss) gain on sale of businesses	(0.1)	(0.1)	(0.1)	3.4
Income from continuing operations before income taxes	103.6	137.2	196.2	200.4
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income	124.7	154.1	236.2	252.8
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Deal-related costs and expenses	0	0	(0.4)	(4.2)
Inventory step-up	0	(0.5)	0	(2.2)
Restructuring and other	(1.1)	(6.7)	(3.5)	(7.8)
Intangible amortization	(7)	(8.3)	(14.6)	(16.5)
Increase (Decrease) in Obligation, Pension and Other Postretirement Benefits	0	12.2	0	12.2
Asset impairment	0	(2.9)	0	(18.2)
(Loss) gain on sale of businesses	(0.1)	(0.1)	(0.1)	3.4
COVID-19 related costs and expenses	(4.8)	0	(5.7)	0
Net interest expense	(7.7)	(9.4)	(14.6)	(16.7)
Other expense	$ (0.4)	$ (1.2)	$ (1.1)	$ (2.4)

Commitments and Contingencies

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Letters of credit outstanding	$ 97.9	$ 91.3

Commitments and Contingencies -

Commitments and Contingencies - Changes in Carrying Amount of Service and Product Warranties (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 32.1
Service and product warranty provision	27.2
Payments	(22.7)
Ending balance	$ 36.6