Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2011

Consolidating Financial Information [Abstract]

Condensed consolidating statements of income

Consolidating Income Statements
Three Months Ended June 30, 2011
(in millions)

	Cooper
	Industries			Cooper						Other			Consolidating
	plc			US, Inc.			Guarantors			Subsidiaries			Adjustments			Total
Revenues	$	—		$	—		$	877.3		$	679.7		$	(188.1	)	$	1,368.9
Cost of sales		—			(1.2	)		614.3			482.1			(188.1	)		907.1
Selling and administrative expenses		(0.2	)		29.6			129.6			115.5			(14.8	)		259.7
Equity in (income) of Apex Tool Group, LLC		—			—			—			(14.4	)		—			(14.4	)
Interest expense, net		—			17.2			—			(0.1	)		—			17.1
Equity in earnings of subsidiaries, net of tax		146.6			124.1			173.1			74.4			(518.2	)		—
Intercompany income (expense)		(0.3	)		(23.7	)		(42.8	)		66.7			0.1			—
Income (loss) before income taxes		146.5			54.8			263.7			237.7			(503.3	)		199.4
Income tax expense (benefit)		—			(19.6	)		35.6			22.0			—			38.0
Net income	$	146.5		$	74.4		$	228.1		$	215.7		$	(503.3	)	$	161.4

Consolidating Income Statements
Three Months Ended June 30, 2010
(in millions)

	Cooper
	Industries		Cooper						Other			Consolidating
	plc		US, Inc.			Guarantors			Subsidiaries			Adjustments			Total
Revenues	$	—	$	—		$	777.5		$	730.7		$	(171.5	)	$	1,336.7
Cost of sales		—		0.7			550.6			515.2			(171.5	)		895.0
Selling and administrative expenses		2.1		15.8			117.5			120.2			—			255.6
Loss related to contribution of net assets to Apex Tool Group, LLC		—		2.4			—			132.1			—			134.5
Restructuring charges		—		—			1.4			1.6			—			3.0
Interest expense, net		—		12.1			—			(0.6	)		—			11.5
Equity in earnings of subsidiaries, net of tax		23.3		(10.9	)		58.0			(42.2	)		(28.2	)		—
Intercompany income (expense)		0.5		(20.1	)		(36.5	)		56.1			—			—
Income (loss) before income taxes		21.7		(62.0	)		129.5			(23.9	)		(28.2	)		37.1
Income tax expense (benefit)		—		(19.8	)		30.4			(15.1	)		—			(4.5	)
Net income	$	21.7	$	(42.2	)	$	99.1		$	(8.8	)	$	(28.2	)	$	41.6

Consolidating Income Statements
Six Months Ended June 30, 2011
(in millions)

	Cooper Industries			Cooper						Other			Consolidating
	plc			US, Inc.			Guarantors			Subsidiaries			Adjustments			Total
Revenues	$	—		$	—		$	1,713.9		$	1,299.2		$	(366.5	)	$	2,646.6
Cost of sales		—			(1.8	)		1,200.6			918.5			(366.5	)		1,750.8
Selling and administrative expenses		(0.2	)		73.9			255.6			222.1			(40.8	)		510.6
Equity in (income) of Apex Tool Group, LLC		—			—			—			(28.9	)		—			(28.9	)
Interest expense, net		—			33.7			—			(0.3	)		—			33.4
Equity in earnings of subsidiaries, net of tax		466.9			368.5			463.2			273.4			(1,572.0	)		—
Intercompany income (expense)		(0.7	)		(40.8	)		(84.3	)		125.5			0.3			—
Income (loss) from continuing operations before income taxes		466.4			221.9			636.6			586.7			(1,530.9	)		380.7
Income tax expense (benefit)		—			(51.5	)		71.8			43.2			—			63.5
Income from continuing operations		466.4			273.4			564.8			543.5			(1,530.9	)		317.2
Income from discontinued operations, net of tax		—			—			—			190.3			—			190.3
Net income	$	466.4		$	273.4		$	564.8		$	733.8		$	(1,530.9	)	$	507.5

Consolidating Income Statements
Six Months Ended June 30, 2010
(in millions)

	Cooper Industries		Cooper						Other			Consolidating
	plc		US, Inc.			Guarantors			Subsidiaries			Adjustments			Total
Revenues	$	—	$	—		$	1,472.5		$	1,410.8		$	(318.0	)	$	2,565.3
Cost of sales		—		0.2			1,046.8			987.1			(318.0	)		1,716.1
Selling and administrative expenses		2.1		62.4			228.3			238.5			(30.9	)		500.4
Loss related to contribution of net assets to Apex Tool Group, LLC		—		2.4			—			132.1			—			134.5
Restructuring charges		—		—			1.8			4.7			—			6.5
Interest expense, net		—		24.4			—			(0.5	)		—			23.9
Equity in earnings of subsidiaries, net of tax		70.8		59.3			161.8			(33.5	)		(258.4	)		—
Intercompany income (expense)		0.4		(41.0	)		(75.8	)		116.4			—			—
Income (loss) before income taxes		69.1		(71.1	)		281.6			131.8			(227.5	)		183.9
Income tax expense (benefit)		—		(37.6	)		51.1			10.2			—			23.7
Net income	$	69.1	$	(33.5	)	$	230.5		$	121.6		$	(227.5	)	$	160.2

Condensed consolidating balance sheets

Consolidating Balance Sheets
June 30, 2011
(in millions)

	Cooper Industries			Cooper						Other			Consolidating
	plc			US, Inc.			Guarantors			Subsidiaries			Adjustments			Total
Cash and cash equivalents	$	47.4		$	641.1		$	—		$	216.6		$	—		$	905.1
Receivables, less allowances		0.2			1.9			248.4			665.6			—			916.1
Inventories		—			—			274.6			230.8			—			505.4
Current discontinued operations receivable		—			—			—			2.9			—			2.9
Other current assets		0.2			78.7			34.9			138.9			—			252.7
Total current assets		47.8			721.7			557.9			1,254.8			—			2,582.2
Property, plant and equipment, less accumulated depreciation		—			39.9			314.5			256.7			—			611.1
Investment in Apex Tool Group, LLC		—			—			—			533.1			—			533.1
Investment in subsidiaries		4,456.2			3,268.3			5,117.4			1,014.9			(13,856.8	)		—
Investment in parent		—			3,428.0			—			312.7			(3,740.7	)		—
Intercompany accounts receivable		80.1			—			1,984.0			1,146.4			(3,210.5	)		—
Intercompany notes receivable		—			1,632.7			3,348.3			7,004.6			(11,985.6	)		—
Goodwill		—			—			1,288.3			1,112.7			—			2,401.0
Other intangible assets, less accumulated amortization		—			—			86.5			244.1			—			330.6
Long-term discontinued operations receivable		—			—			—			7.1			—			7.1
Other noncurrent assets		0.5			(3.9	)		3.2			174.7			—			174.5
Total assets	$	4,584.6		$	9,086.7		$	12,700.1		$	13,061.8		$	(32,793.6	)	$	6,639.6
Short-term debt	$	—		$	7.3		$	—		$	8.5		$	—		$	15.8
Accounts payable		48.0			22.9			205.3			215.7			—			491.1
Accrued liabilities		1.0			60.5			193.5			227.4			(1.6	)		480.8
Current discontinued operations liability		—			—			—			9.4			—			9.4
Total current liabilities		49.0			90.7			398.8			461.0			(1.6	)		997.9
Long-term debt		—			1,419.1			—			—			—			1,419.1
Intercompany accounts payable		—			3,210.5			—			—			(3,210.5	)		—
Intercompany notes payable		1,331.7			2,285.2			4,436.3			3,932.4			(11,985.6	)		—
Long-term discontinued operations liability		—			—			—			40.5			—			40.5
Other long-term liabilities		—			90.2			209.3			174.1			—			473.6
Total liabilities		1,380.7			7,095.7			5,044.4			4,608.0			(15,197.7	)		2,931.1
Common stock		1.7			—			—			—			—			1.7
Subsidiary preferred stock		—			—			2,872.0			335.1			(3,207.1	)		—
Subsidiary common stock		—			—			9.2			257.8			(267.0	)		—
Capital in excess of par value		2,926.1			781.0			1,947.3			3,046.2			(8,700.6	)		—
Retained earnings		514.8			1,322.5			2,853.5			4,828.6			(5,364.9	)		4,154.5
Treasury stock		(329.1	)		—			—			—			—			(329.1	)
Accumulated other non-owner changes in equity		90.4			(112.5	)		(26.3	)		(13.9	)		(56.3	)		(118.6	)
Total shareholders’ equity		3,203.9			1,991.0			7,655.7			8,453.8			(17,595.9	)		3,708.5
Total liabilities and shareholders’ equity	$	4,584.6		$	9,086.7		$	12,700.1		$	13,061.8		$	(32,793.6	)	$	6,639.6

Consolidating Balance Sheets
December 31, 2010
(in millions)

	Cooper
	Industries			Cooper						Other			Consolidating
	plc			US, Inc.			Guarantors			Subsidiaries			Adjustments			Total
Cash and cash equivalents	$	63.2		$	36.8		$	2.6		$	932.7		$	—		$	1,035.3
Receivables, less allowances		—			2.5			218.7			574.7			—			795.9
Inventories		—			—			234.7			204.2			—			438.9
Current discontinued operations receivable		—			—			—			13.0			—			13.0
Other current assets		0.6			72.4			30.7			103.8			—			207.5
Total current assets		63.8			111.7			486.7			1,828.4			—			2,490.6
Property, plant and equipment, less accumulated depreciation		—			42.1			316.8			249.4			—			608.3
Investment in Apex Tool Group, LLC		—			—			—			511.3			—			511.3
Investment in subsidiaries		3,035.5			2,923.6			4,608.9			741.6			(11,309.6	)		—
Investment in parent		—			3,428.1			—			312.7			(3,740.8	)		—
Intercompany accounts receivable		71.9			—			1,974.1			1,244.2			(3,290.2	)		—
Intercompany notes receivable		40.0			1,674.8			3,348.3			5,394.7			(10,457.8	)		—
Goodwill		—			—			1,288.3			1,068.2			—			2,356.5
Other intangible assets, less accumulated amortization		—			—			85.7			247.9			—			333.6
Long-term discontinued operations receivable		—			—			—			150.6			—			150.6
Other noncurrent assets		—			13.1			(178.2	)		382.8						217.7
Total assets	$	3,211.2		$	8,193.4		$	11,930.6		$	12,131.8		$	(28,798.4	)	$	6,668.6
Short-term debt	$	—		$	—		$	—		$	7.7		$	—		$	7.7
Accounts payable		44.7			20.3			201.8			195.8			—			462.6
Accrued liabilities		1.2			66.3			210.4			233.6			(1.4	)		510.1
Current discontinued operations liability		—			—			—			45.4			—			45.4
Current maturities of long-term debt		—			—			—			0.6			—			0.6
Total current liabilities		45.9			86.6			412.2			483.1			(1.4	)		1,026.4
Long-term debt		—			1,418.5			—			1.9			—			1,420.4
Intercompany accounts payable		—			3,290.2			—			—			(3,290.2	)		—
Intercompany notes payable		419.7			1,587.2			4,436.2			4,014.7			(10,457.8	)		—
Long-term discontinued operations liability		—			—			—			701.7			—			701.7
Other long-term liabilities		—			103.6			54.5			155.9			—			314.0
Total liabilities		465.6			6,486.1			4,902.9			5,357.3			(13,749.4	)		3,462.5
Common stock		1.7			—			—			—			—			1.7
Subsidiary preferred stock		—			—			2,872.1			335.1			(3,207.2	)		—
Subsidiary common stock		—			—			9.2			257.8			(267.0	)		—
Capital in excess of par value		2,811.0			770.4			1,936.7			2,106.3			(7,624.4	)		—
Retained earnings		145.0			1,049.4			2,288.5			4,133.5			(3,957.7	)		3,658.7
Treasury stock		(288.6	)		—			—			—			—			(288.6	)
Accumulated other non-owner changes in equity		76.5			(112.5	)		(78.8	)		(58.2	)		7.3			(165.7	)
Total shareholders’ equity		2,745.6			1,707.3			7,027.7			6,774.5			(15,049.0	)		3,206.1
Total liabilities and shareholders’ equity	$	3,211.2		$	8,193.4		$	11,930.6		$	12,131.8		$	(28,798.4	)	$	6,668.6

Condensed consolidating statements of cash flows

Consolidating Statements of Cash Flows
Six Months Ended June 30, 2011
(in millions)

	Cooper
	Industries			Cooper						Other			Consolidating
	plc			US, Inc.			Guarantors			Subsidiaries			Adjustments			Total
Net cash provided by (used in) operating activities	$	1.7		$	(61.6	)	$	25.6		$	12.3		$	—		$	(22.0	)
Cash flows from investing activities:
Capital expenditures		—			(5.9	)		(31.0	)		(12.1	)		—			(49.0	)
Cash paid for acquired businesses		—			—			(3.5	)		(6.3	)		—			(9.8	)
Loans to affiliates		—			—			—			(832.0	)		832.0			—
Repayments of loans from affiliates		—			73.4			—			122.1			(195.5	)		—
Dividends from affiliates		—			22.1			16.7			—			(38.8	)		—
Proceeds from sales of property, plant and equipment and other		—			—			—			12.7			—			12.7
Net cash provided by (used in) investing activities		—			89.6			(17.8	)		(715.6	)		597.7			(46.1	)
Cash flows from financing activities:
Short-term debt, net		—			7.3			—			(2.1	)		—			5.2
Debt issuance costs		(0.5	)		(0.5	)		—			—			—			(1.0	)
Borrowings from affiliates		12.0			820.0			—			—			(832.0	)		—
Repayments of loans to affiliates		—			(122.1	)		—			(73.4	)		195.5			—
Other intercompany financing activities		56.0			(139.0	)		(10.4	)		93.4			—			—
Dividends		(93.0	)		—			—			—			—			(93.0	)
Dividends paid to affiliates		—			—			—			(38.8	)		38.8			—
Purchases of treasury shares		(40.5	)		—			—			—			—			(40.5	)
Excess tax benefits from stock options and awards		—			10.6			—			—			—			10.6
Proceeds from exercise of stock options and other		48.5			—			—			—			—			48.5
Net cash provided by (used in) financing activities		(17.5	)		576.3			(10.4	)		(20.9	)		(597.7	)		(70.2	)
Effect of exchange rate changes on cash and cash equivalents		—			—			—			8.1			—			8.1
Increase (decrease) in cash and cash equivalents		(15.8	)		604.3			(2.6	)		(716.1	)		—			(130.2	)
Cash and cash equivalents, beginning of period		63.2			36.8			2.6			932.7			—			1,035.3
Cash and cash equivalents, end of period	$	47.4		$	641.1		$	—		$	216.6		$	—		$	905.1

Consolidating Statements of Cash Flows
Six Months Ended June 30, 2010
(in millions)

	Cooper
	Industries			Cooper						Other			Consolidating
	plc			US, Inc.			Guarantors			Subsidiaries			Adjustments			Total
Net cash provided by (used in) operating activities	$	2.8		$	(18.8	)	$	25.2		$	242.6		$	—		$	251.8
Cash flows from investing activities:
Capital expenditures		—			(3.0	)		(13.6	)		(13.6	)		—			(30.2	)
Cash paid for acquired businesses		—			—			—			(20.6	)		—			(20.6	)
Investments in affiliates		(1.9	)		—			—			—			1.9			—
Loans to affiliates		—			(248.3	)		—			(1,003.3	)		1,251.6			—
Repayments of loans from affiliates		—			32.7			4.3			984.3			(1,021.3	)		—
Dividends from affiliates		—			—			13.4			—			(13.4	)		—
Proceeds from sales of property, plant and equipment and other		—			—			—			0.9			—			0.9
Net cash provided by (used in) investing activities		(1.9	)		(218.6	)		4.1			(52.3	)		218.8			(49.9	)
Cash flows from financing activities:
Short-term debt, net		—			—			—			0.7			—			0.7
Borrowings from affiliates		205.2			30.0			879.9			136.5			(1,251.6	)		—
Repayments of loans to affiliates		(129.9	)		(48.5	)		(797.0	)		(45.9	)		1,021.3			—
Other intercompany financing activities		(27.4	)		303.5			(116.4	)		(159.7	)		—			—
Dividends		(87.0	)		—			—			—			—			(87.0	)
Dividends paid to affiliates		—			—			—			(13.4	)		13.4			—
Purchases of treasury shares		(91.4	)		—			—			—			—			(91.4	)
Excess tax benefits from stock options and awards		—			4.6			—			—			—			4.6
Issuance of stock to affiliates		—			—			—			1.9			(1.9	)		—
Proceeds from exercise of stock options and other		30.7			—			—			—			—			30.7
Net cash provided by (used in) financing activities		(99.8	)		289.6			(33.5	)		(79.9	)		(218.8	)		(142.4	)
Effect of exchange rate changes on cash and cash equivalents		—			—			—			(9.1	)		—			(9.1	)
Increase (decrease) in cash and cash equivalents		(98.9	)		52.2			(4.2	)		101.3			—			50.4
Cash and cash equivalents, beginning of period		146.0			27.9			0.3			207.4			—			381.6
Cash and cash equivalents, end of period	$	47.1		$	80.1		$	(3.9	)	$	308.7		$	—		$	432.0