XML 66 R46.htm IDEA: XBRL DOCUMENT v3.6.0.2
Financial Statements of Parent Company Guarantor (Tables)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Text Block [Abstract]      
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
Pentair plc and Subsidiaries
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
Year Ended December 31, 2016
 
In millions
Parent
Company
Guarantor
Subsidiary
Guarantor
Subsidiary
Issuer
Non-guarantor
Subsidiaries
Eliminations
Consolidated
Total
Net sales
$

$

$

$
4,890.0

$

$
4,890.0

Cost of goods sold



3,095.9


3,095.9

Gross profit



1,794.1


1,794.1

Selling, general and administrative
15.8


1.2

962.3


979.3

Research and development



114.1


114.1

Operating (loss) income
(15.8
)

(1.2
)
717.7


700.7

Loss (earnings) from continuing operations of investment in subsidiaries
(466.0
)
(466.0
)
(578.1
)

1,510.1


Other (income) expense:

 




Loss on sale of businesses, net



3.9


3.9

Equity income of unconsolidated subsidiaries



(4.3
)

(4.3
)
Interest income


(70.3
)
(54.5
)
116.5

(8.3
)
Interest expense


181.2

83.7

(116.5
)
148.4

Income (loss) from continuing operations before income taxes
450.2

466.0

466.0

688.9

(1,510.1
)
561.0

Provision (benefit) for income taxes
(1.4
)


110.8


109.4

Net income (loss) from continuing operations
451.6

466.0

466.0

578.1

(1,510.1
)
451.6

Income from discontinued operations, net of tax



70.0


70.0

Gain from sale of discontinued operations, net of tax



0.6


0.6

Earnings (loss) from discontinued operations of investment in subsidiaries
70.6

70.6

70.6


(211.8
)

Net income (loss)
$
522.2

$
536.6

$
536.6

$
648.7

$
(1,721.9
)
$
522.2

Comprehensive income (loss), net of tax
 
 
 
 
 
 
Net income (loss)
$
522.2

$
536.6

$
536.6

$
648.7

$
(1,721.9
)
$
522.2

Changes in cumulative translation adjustment
(83.0
)
(83.0
)
(83.0
)
(83.0
)
249.0

(83.0
)
Changes in market value of derivative financial instruments, net of tax
(8.3
)
(8.3
)
(8.3
)
(8.3
)
24.9

(8.3
)
Comprehensive income (loss)
$
430.9

$
445.3

$
445.3

$
557.4

$
(1,448.0
)
$
430.9

Pentair plc and Subsidiaries
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
Year Ended December 31, 2015

In millions
Parent
Company
Guarantor
Subsidiary
Guarantor
Subsidiary
Issuer
Non-guarantor
Subsidiaries
Eliminations
Consolidated
Total
Net sales
$

$

$

$
4,616.4

$

$
4,616.4

Cost of goods sold



3,017.6


3,017.6

Gross profit



1,598.8


1,598.8

Selling, general and administrative
33.7

2.2

5.3

842.8


884.0

Research and development



98.7


98.7

Operating (loss) income
(33.7
)
(2.2
)
(5.3
)
657.3


616.1

Loss (earnings) from continuing operations of investment in subsidiaries
(436.1
)
(439.7
)
(475.1
)

1,350.9


Other (income) expense:
 
 
 
 
 
 
Loss on sale of businesses, net



3.2


3.2

Equity income of unconsolidated subsidiaries



(1.5
)

(1.5
)
Interest income


(80.6
)
(33.8
)
109.7

(4.7
)
Interest expense

1.4

126.3

88.6

(109.7
)
106.6

Income (loss) from continuing operations before income taxes
402.4

436.1

424.1

600.8

(1,350.9
)
512.5

Provision for income taxes
5.3



110.1


115.4

Net income (loss) from continuing operations
397.1

436.1

424.1

490.7

(1,350.9
)
397.1

Loss from discontinued operations, net of tax



(466.8
)

(466.8
)
Loss from sale of discontinued operations, net of tax



(6.7
)

(6.7
)
Earnings (loss) from discontinued operations of investment in subsidiaries
(473.5
)
(473.5
)
(473.5
)

1,420.5


Net income (loss)
$
(76.4
)
$
(37.4
)
$
(49.4
)
$
17.2

$
69.6

$
(76.4
)
Comprehensive income (loss), net of tax
 
 
 
 
 
 
Net income (loss)
$
(76.4
)
$
(37.4
)
$
(49.4
)
$
17.2

$
69.6

$
(76.4
)
Changes in cumulative translation adjustment
(264.9
)
(264.9
)
(264.9
)
(264.9
)
794.7

(264.9
)
Changes in market value of derivative financial instruments, net of tax
0.2

0.2

0.2

0.2

(0.6
)
0.2

Comprehensive income (loss)
$
(341.1
)
$
(302.1
)
$
(314.1
)
$
(247.5
)
$
863.7

$
(341.1
)
Pentair plc and Subsidiaries
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
Year Ended December 31, 2014

In millions
Parent
Company
Guarantor
Subsidiary
Guarantor
Subsidiary
Issuer
Non-guarantor
Subsidiaries
Eliminations
Consolidated
Total
Net sales
$

$

$

$
4,666.8

$

$
4,666.8

Cost of goods sold



3,046.3


3,046.3

Gross profit



1,620.5


1,620.5

Selling, general and administrative
25.3

2.6

7.7

950.0


985.6

Research and development



96.4


96.4

Operating (loss) income
(25.3
)
(2.6
)
(7.7
)
574.1


538.5

Loss (earnings) from continuing operations of investment in subsidiaries
(365.1
)
(369.3
)
(360.7
)

1,095.1


Other (income) expense:
 
 
 
 
 
 
Loss on sale of businesses, net



0.2


0.2

Equity income of unconsolidated subsidiaries



(1.2
)

(1.2
)
Interest income


(92.3
)
(38.8
)
128.8

(2.3
)
Interest expense
0.7

2.1

95.6

101.3

(128.8
)
70.9

Income (loss) from continuing operations before income taxes
339.1

364.6

349.7

512.6

(1,095.1
)
470.9

Provision (benefit) for income taxes
(17.5
)
(0.5
)
(2.4
)
134.7


114.3

Net income (loss) from continuing operations
356.6

365.1

352.1

377.9

(1,095.1
)
356.6

Income from discontinued operations, net of tax



244.0


244.0

Loss from sale / impairment of discontinued operations, net of tax



(385.7
)

(385.7
)
Earnings (loss) from discontinued operations of investment in subsidiaries
(141.7
)
(141.7
)
(141.7
)

425.1


Net income (loss)
$
214.9

$
223.4

$
210.4

$
236.2

$
(670.0
)
$
214.9

Comprehensive income (loss), net of tax
 
 
 
 
 
 
Net income (loss)
$
214.9

$
223.4

$
210.4

$
236.2

$
(670.0
)
$
214.9

Changes in cumulative translation adjustment
(336.3
)
(336.3
)
(336.3
)
(336.3
)
1,008.9

(336.3
)
Changes in market value of derivative financial instruments, net of tax
(0.4
)
(0.4
)
(0.4
)
(0.4
)
1.2

(0.4
)
Comprehensive income (loss)
$
(121.8
)
$
(113.3
)
$
(126.3
)
$
(100.5
)
$
340.1

$
(121.8
)
Condensed Consolidating Balance Sheet
Pentair plc and Subsidiaries
Condensed Consolidating Balance Sheet
December 31, 2016
 
In millions
Parent
Company
Guarantor
Subsidiary
Guarantor
Subsidiary
Issuer
Non-guarantor
Subsidiaries
Eliminations
Consolidated
Total
Assets
Current assets
 
 
 
 
 
 
Cash and cash equivalents
$

$

$

$
238.5

$

$
238.5

Accounts and notes receivable, net
0.1



763.9


764.0

Inventories



524.2


524.2

Other current assets
1.2

4.1

1.1

237.8

9.2

253.4

Current assets held for sale



891.9


891.9

Total current assets
1.3

4.1

1.1

2,656.3

9.2

2,672.0

Property, plant and equipment, net



538.6


538.6

Other assets

 




Investments in subsidiaries
4,509.5

4,471.4

9,295.5


(18,276.4
)

Goodwill



4,217.4


4,217.4

Intangibles, net



1,631.8


1,631.8

Other non-current assets
2.2

35.2

717.8

1,568.9

(2,142.0
)
182.1

Non-current assets held for sale



2,292.9


2,292.9

Total other assets
4,511.7

4,506.6

10,013.3

9,711.0

(20,418.4
)
8,324.2

Total assets
$
4,513.0

$
4,510.7

$
10,014.4

$
12,905.9

$
(20,409.2
)
$
11,534.8

Liabilities and Equity
Current liabilities
 
 
 
 
 
 
Current maturities of long-term debt and short-term borrowings
$

$

$

$
0.8

$

$
0.8

Accounts payable
0.7


0.1

435.8


436.6

Employee compensation and benefits
0.8



165.3


166.1

Other current liabilities
95.2

1.2

26.7

379.2

9.2

511.5

Current liabilities held for sale



356.2


356.2

Total current liabilities
96.7

1.2

26.8

1,337.3

9.2

1,471.2

Other liabilities
 
 
 
 
 
 
Long-term debt
148.1


5,515.9

756.4

(2,142.0
)
4,278.4

Pension and other post-retirement compensation and benefits



253.4


253.4

Deferred tax liabilities



609.5


609.5

Other non-current liabilities
13.8



148.2


162.0

Non-current liabilities held for sale



505.9


505.9

Total liabilities
258.6

1.2

5,542.7

3,610.7

(2,132.8
)
7,280.4

Equity
4,254.4

4,509.5

4,471.7

9,295.2

(18,276.4
)
4,254.4

Total liabilities and equity
$
4,513.0

$
4,510.7

$
10,014.4

$
12,905.9

$
(20,409.2
)
$
11,534.8

Pentair plc and Subsidiaries
Condensed Consolidating Balance Sheet
December 31, 2015

In millions
Parent
Company
Guarantor
Subsidiary
Guarantor
Subsidiary
Issuer
Non-guarantor
Subsidiaries
Eliminations
Consolidated
Total
Assets
Current assets
 
 
 
 
 
 
Cash and cash equivalents
$

$

$
0.1

$
126.2

$

$
126.3

Accounts and notes receivable, net
0.1



773.1


773.2

Inventories



564.7


564.7

Other current assets
25.2

12.8


219.9

(37.9
)
220.0

Current assets held for sale



1,093.4


1,093.4

Total current assets
25.3

12.8

0.1

2,777.3

(37.9
)
2,777.6

Property, plant and equipment, net



539.8


539.8

Other assets
 
 
 
 
 
 
Investments in subsidiaries
4,495.6

4,486.1

10,151.1


(19,132.8
)

Goodwill



4,259.0


4,259.0

Intangibles, net



1,747.4


1,747.4

Other non-current assets
12.6


190.1

145.6

(187.2
)
161.1

Non-current assets held for sale



2,348.6


2,348.6

Total other assets
4,508.2

4,486.1

10,341.2

8,500.6

(19,320.0
)
8,516.1

Total assets
$
4,533.5

$
4,498.9

$
10,341.3

$
11,817.7

$
(19,357.9
)
$
11,833.5

Liabilities and Equity
Current liabilities
 
 
 
 
 
 
Accounts payable
$
0.6

$

$
0.3

$
402.9

$

$
403.8

Employee compensation and benefits
0.4

0.1


162.1


162.6

Other current liabilities
61.7

1.5

27.1

434.7

(37.9
)
487.1

Current liabilities held for sale



433.0


433.0

Total current liabilities
62.7

1.6

27.4

1,432.7

(37.9
)
1,486.5

Other liabilities
 
 
 
 
 
 
Long-term debt
453.3

1.7

4,535.5

(117.5
)
(187.2
)
4,685.8

Pension and other post-retirement compensation and benefits



244.6


244.6

Deferred tax liabilities


3.1

667.1


670.2

Other non-current liabilities
8.7



183.7


192.4

Non-current liabilities held for sale



545.2


545.2

Total liabilities
524.7

3.3

4,566.0

2,955.8

(225.1
)
7,824.7

Equity
4,008.8

4,495.6

5,775.3

8,861.9

(19,132.8
)
4,008.8

Total liabilities and equity
$
4,533.5

$
4,498.9

$
10,341.3

$
11,817.7

$
(19,357.9
)
$
11,833.5

 
Condensed Consolidating Statement of Cash Flows
Pentair plc and Subsidiaries
Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2016
 
In millions
Parent
Company
Guarantor
Subsidiary
Guarantor
Subsidiary
Issuer
Non-guarantor
Subsidiaries
Eliminations
Consolidated
Total
Operating activities
 
 
 
 
 
Net cash provided by (used for) operating activities
$
522.7

$
463.1

$
469.5

$
916.2

$
(1,510.1
)
$
861.4

Investing activities
 
 
 
 
 
 
Capital expenditures



(117.8
)

(117.8
)
Proceeds from sale of property and equipment



24.7


24.7

Acquisitions, net of cash acquired



(25.0
)

(25.0
)
Net intercompany loan activity


667.3

(191.0
)
(476.3
)

Other



(5.2
)

(5.2
)
Net cash provided by (used for) investing activities of continuing operations


667.3

(314.3
)
(476.3
)
(123.3
)
Net cash provided by (used for) investing activities of discontinued operations



1.5


1.5

Net cash provided by (used for) investing activities


667.3

(312.8
)
(476.3
)
(121.8
)
Financing activities
 
 
 
 
 
 
Net receipts of short-term borrowings



0.8


0.8

Net receipts (repayments) of commercial paper and revolving long-term debt


(385.8
)
0.5


(385.3
)
Repayment of long-term debt



(0.7
)

(0.7
)
Net change in advances to subsidiaries
(299.8
)
(463.1
)
(778.9
)
(444.6
)
1,986.4


Excess tax benefits from share-based compensation



8.0


8.0

Shares issued to employees, net of shares withheld
20.7





20.7

Dividends paid
(243.6
)




(243.6
)
Net cash provided by (used for) financing activities
(522.7
)
(463.1
)
(1,164.7
)
(436.0
)
1,986.4

(600.1
)
Effect of exchange rate changes on cash and cash equivalents


27.8

(55.1
)

(27.3
)
Change in cash and cash equivalents


(0.1
)
112.3


112.2

Cash and cash equivalents, beginning of year


0.1

126.2


126.3

Cash and cash equivalents, end of year
$

$

$

$
238.5

$

$
238.5

Pentair plc and Subsidiaries
Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2015

In millions
Parent
Company
Guarantor
Subsidiary
Guarantor
Subsidiary
Issuer
Non-guarantor
Subsidiaries
Eliminations
Consolidated
Total
Operating activities
 
 
 
 
 
 
Net cash provided by (used for) operating activities
$
(43.0
)
$
(48.7
)
$
(5.8
)
$
767.1

$
69.7

$
739.3

Investing activities
 
 
 
 
 
 
Capital expenditures



(91.3
)

(91.3
)
Proceeds from sale of property and equipment



4.6


4.6

Acquisitions, net of cash acquired



(1,913.9
)

(1,913.9
)
Net intercompany loan activity


891.0

(295.0
)
(596.0
)

Other



(3.0
)

(3.0
)
Net cash provided by (used for) investing activities of continuing operations


891.0

(2,298.6
)
(596.0
)
(2,003.6
)
Net cash provided by (used for) investing activities from discontinued operations



38.1


38.1

Net cash provided by (used for) investing activities


891.0

(2,260.5
)
(596.0
)
(1,965.5
)
Financing activities
 
 
 
 
 
 
Net repayments on short-term borrowings



(2.3
)

(2.3
)
Net receipts of commercial paper and revolving long-term debt


346.9

16.6


363.5

Proceeds from long-term debt


1,714.8



1,714.8

Repayment of long-term debt


(350.0
)
(6.6
)

(356.6
)
Debt issuance costs


(26.8
)


(26.8
)
Net change in advances to subsidiaries
471.7

48.7

(2,553.7
)
1,507.0

526.3


Excess tax benefits from share-based compensation



6.0


6.0

Shares issued to employees, net of shares withheld
3.0



16.4


19.4

Repurchases of ordinary shares
(200.0
)




(200.0
)
Dividends paid
(231.7
)




(231.7
)
Net cash provided by (used for) financing activities
43.0

48.7

(868.8
)
1,537.1

526.3

1,286.3

Effect of exchange rate changes on cash and cash equivalents


(16.4
)
(27.8
)

(44.2
)
Change in cash and cash equivalents



15.9


15.9

Cash and cash equivalents, beginning of year


0.1

110.3


110.4

Cash and cash equivalents, end of year
$

$

$
0.1

$
126.2

$

$
126.3

Pentair plc and Subsidiaries
Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2014

In millions
Parent
Company
Guarantor
Subsidiary
Guarantor
Subsidiary
Issuer
Non-guarantor
Subsidiaries
Eliminations
Consolidated
Total
Operating activities
 
 
 
 
 
 
Net cash provided by (used for) operating activities
$
169.0

$
208.6

$
207.0

$
1,093.8

$
(670.0
)
$
1,008.4

Investing activities
 
 
 
 
 
 
Capital expenditures



(83.7
)

(83.7
)
Proceeds from sale of property and equipment



1.9


1.9

Acquisitions, net of cash acquired



(12.3
)

(12.3
)
Net intercompany loan activity


37.8

112.2

(150.0
)

Other



0.2


0.2

Net cash provided by (used for) investing activities of continuing operations


37.8

18.3

(150.0
)
(93.9
)
Net cash provided by (used for) investing activities of discontinued operations



(34.4
)

(34.4
)
Net cash provided by (used for) investing activities


37.8

(16.1
)
(150.0
)
(128.3
)
Financing activities
 

 
 
 
 
Net receipts of short-term borrowings



0.5


0.5

Net receipts of commercial paper and revolving long-term debt


458.7

9.9


468.6

Proceeds from long-term debt



2.2


2.2

Repayment of long-term debt



(16.8
)

(16.8
)
Debt issuance costs


(3.1
)


(3.1
)
Net change in advances to subsidiaries
741.1

(208.6
)
(747.3
)
(605.2
)
820.0


Excess tax benefits from share-based compensation



12.6


12.6

Shares issued to employees, net of shares withheld



37.0


37.0

Repurchases of ordinary shares
(699.2
)


(450.8
)

(1,150.0
)
Dividends paid
(211.4
)




(211.4
)
Purchase of noncontrolling interest



(134.7
)

(134.7
)
Net cash provided by (used for) financing activities
(169.5
)
(208.6
)
(291.7
)
(1,145.3
)
820.0

(995.1
)
Effect of exchange rate changes on cash and cash equivalents



(30.6
)

(30.6
)
Change in cash and cash equivalents
(0.5
)

(46.9
)
(98.2
)

(145.6
)
Cash and cash equivalents, beginning of year
0.5


47.0

208.5


256.0

Cash and cash equivalents, end of year
$

$

$
0.1

$
110.3

$

$
110.4