Supplemental Guarantor Information (Tables)

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)

Three months ended September 30, 2019

In millions	Parent Company Guarantor			Subsidiary Guarantor			Subsidiary Issuer			Non-guarantor Subsidiaries			Eliminations			Consolidated Total
Net sales	$	—		$	—		$	—		$	713.6		$	—		$	713.6
Cost of goods sold	—			—			—			458.6			—			458.6
Gross profit	—			—			—			255.0			—			255.0
Selling, general and administrative	9.9			(0.2		)	0.4			116.3			—			126.4
Research and development	—			—			—			19.8			—			19.8
Operating (loss) income	(9.9		)	0.2			(0.4		)	118.9			—			108.8
(Earnings) loss from continuing operations of investment in subsidiaries	(101.2		)	(101.0		)	(103.9		)	—			306.1			—
Other (income) expense:
Loss on sale of business	—			—			—			0.1			—			0.1
Net interest expense	—			—			2.5			4.4			—			6.9
Other expense	—			—			—			0.6			—			0.6
Income (loss) from continuing operations before income taxes	91.3			101.2			101.0			113.8			(306.1		)	101.2
Provision for income taxes	—			—			—			9.9			—			9.9
Net income (loss) from continuing operations	91.3			101.2			101.0			103.9			(306.1		)	91.3
Income from discontinued operations, net of tax	—			—			—			1.0			—			1.0
Earnings (loss) from discontinued operations of investment in subsidiaries	1.0			1.0			1.0			—			(3.0		)	—
Net income (loss)	$	92.3		$	102.2		$	102.0		$	104.9		$	(309.1	)	$	92.3
Comprehensive income (loss), net of tax
Net income (loss)	$	92.3		$	102.2		$	102.0		$	104.9		$	(309.1	)	$	92.3
Changes in cumulative translation adjustment	(25.8		)	(25.8		)	(25.8		)	(25.8		)	77.4			(25.8		)
Changes in market value of derivative financial instruments, net of tax	21.9			21.9			21.9			21.9			(65.7		)	21.9
Comprehensive income (loss)	$	88.4		$	98.3		$	98.1		$	101.0		$	(297.4	)	$	88.4

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)

Nine months ended September 30, 2019

In millions	Parent Company Guarantor			Subsidiary Guarantor			Subsidiary Issuer			Non-guarantor Subsidiaries			Eliminations			Consolidated Total
Net sales	$	—		$	—		$	—		$	2,202.0		$	—		$	2,202.0
Cost of goods sold	—			—			—			1,424.7			—			1,424.7
Gross profit	—			—			—			777.3			—			777.3
Selling, general and administrative expenses	15.6			0.1			1.1			389.1			—			405.9
Research and development expenses	—			—			—			61.2			—			61.2
Operating (loss) income	(15.6		)	(0.1		)	(1.1		)	327.0			—			310.2
(Earnings) loss from continuing operations of investment in subsidiaries	(274.4		)	(276.5		)	(280.8		)	—			831.7			—
Other (income) expense:
Gain on sale of business	—			—			—			(3.3		)	—			(3.3		)
Net interest expense	—			2.0			3.2			18.4			—			23.6
Other income	—			—			—			(11.7		)	—			(11.7		)
Income (loss) from continuing operations before income taxes	258.8			274.4			276.5			323.6			(831.7		)	301.6
Provision for income taxes	—			—			—			42.8			—			42.8
Net income (loss) from continuing operations	258.8			274.4			276.5			280.8			(831.7		)	258.8
Loss from discontinued operations, net of tax	—			—			—			(0.9		)	—			(0.9		)
(Loss) earnings from discontinued operations of investment in subsidiaries	(0.9		)	(0.9		)	(0.9		)	—			2.7			—
Net income (loss)	$	257.9		$	273.5		$	275.6		$	279.9		$	(829.0	)	$	257.9
Comprehensive income (loss), net of tax
Net income (loss)	$	257.9		$	273.5		$	275.6		$	279.9		$	(829.0	)	$	257.9
Changes in cumulative translation adjustment	(28.3		)	(28.3		)	(28.3		)	(28.3		)	84.9			(28.3		)
Changes in market value of derivative financial instruments, net of tax	22.8			22.8			22.8			22.8			(68.4		)	22.8
Comprehensive income (loss)	$	252.4		$	268.0		$	270.1		$	274.4		$	(812.5	)	$	252.4

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)

Three months ended September 30, 2018

In millions	Parent Company Guarantor			Subsidiary Guarantor			Subsidiary Issuer			Non-guarantor Subsidiaries			Eliminations			Consolidated Total
Net sales	$	—		$	—		$	—		$	711.4		$	—		$	711.4
Cost of goods sold	—			—			—			467.6			—			467.6
Gross profit	—			—			—			243.8			—			243.8
Selling, general and administrative expenses	2.3			—			0.2			113.8			—			116.3
Research and development expenses	—			—			—			19.1			—			19.1
Operating (loss) income	(2.3		)	—			(0.2		)	110.9			—			108.4
(Earnings) loss from continuing operations of investment in subsidiaries	(93.5		)	(93.3		)	(69.5		)	—			256.3			—
Other (income) expense:
Loss on sale of business	—			—			—			0.2			—			0.2
Net interest (income) expense	—			(0.2		)	1.7			2.8			—			4.3
Other expense	—			—			—			2.1			—			2.1
Income (loss) from continuing operations before income taxes	91.2			93.5			67.6			105.8			(256.3		)	101.8
Provision for income taxes	—			—			—			10.6			—			10.6
Net income (loss) from continuing operations	91.2			93.5			67.6			95.2			(256.3		)	91.2
Income from discontinued operations, net of tax	—			—			—			18.9			—			18.9
(Loss) earnings from discontinued operations of investment in subsidiaries	18.9			18.9			18.9			—			(56.7		)	—
Net income (loss)	$	110.1		$	112.4		$	86.5		$	114.1		$	(313.0	)	$	110.1
Comprehensive income (loss), net of tax
Net income (loss)	$	110.1		$	112.4		$	86.5		$	114.1		$	(313.0	)	$	110.1
Changes in cumulative translation adjustment	(2.1		)	(2.1		)	(2.1		)	(2.1		)	6.3			(2.1		)
Changes in market value of derivative financial instruments, net of tax	(1.0		)	(1.0		)	(1.0		)	(1.0		)	3.0			(1.0		)
Comprehensive income (loss)	$	107.0		$	109.3		$	83.4		$	111.0		$	(303.7	)	$	107.0

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)

Nine months ended September 30, 2018

In millions	Parent Company Guarantor			Subsidiary Guarantor			Subsidiary Issuer			Non-guarantor Subsidiaries			Eliminations			Consolidated Total
Net sales	$	—		$	—		$	—		$	2,224.6		$	—		$	2,224.6
Cost of goods sold	—			—			—			1,444.9			—			1,444.9
Gross profit	—			—			—			779.7			—			779.7
Selling, general and administrative	10.4			—			0.7			387.9			—			399.0
Research and development	—			—			—			57.0			—			57.0
Operating (loss) income	(10.4		)	—			(0.7		)	334.8			—			323.7
(Earnings) loss from continuing operations of investment in subsidiaries	(240.4		)	(239.4		)	(278.9		)	—			758.7			—
Other (income) expense:
Loss on sale of business	—			—			—			6.4			—			6.4
Loss on early extinguishment of debt	—			—			17.1			—			—			17.1
Net interest (income) expense	—			(1.0		)	21.7			7.2			—			27.9
Other income	—			—			—			(1.7		)	—			(1.7		)
Income (loss) from continuing operations before income taxes	230.0			240.4			239.4			322.9			(758.7		)	274.0
Provision for income taxes	2.5			—			—			44.0			—			46.5
Net income (loss) from continuing operations	227.5			240.4			239.4			278.9			(758.7		)	227.5
Income from discontinued operations, net of tax	—			—			—			27.0			—			27.0
Earnings (loss) from discontinued operations of investment in subsidiaries	27.0			27.0			27.0			—			(81.0		)	—
Net income (loss)	$	254.5		$	267.4		$	266.4		$	305.9		$	(839.7	)	$	254.5
Comprehensive income (loss), net of tax
Net income (loss)	$	254.5		$	267.4		$	266.4		$	305.9		$	(839.7	)	$	254.5
Changes in cumulative translation adjustment	23.1			23.1			23.1			23.1			(69.3		)	23.1
Changes in market value of derivative financial instruments, net of tax	(0.7		)	(0.7		)	(0.7		)	(0.7		)	2.1			(0.7		)
Comprehensive income (loss)	$	276.9		$	289.8		$	288.8		$	328.3		$	(906.9	)	$	276.9

Schedule of Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet

September 30, 2019

In millions	Parent Company Guarantor		Subsidiary Guarantor		Subsidiary Issuer		Non-guarantor Subsidiaries		Eliminations			Consolidated Total
Assets
Current assets
Cash and cash equivalents	$	0.1	$	—	$	0.1	$	113.0	$	—		$	113.2
Accounts and notes receivable, net	10.7		—		7.1		390.3		(4.1		)	404.0
Inventories	—		—		—		390.3		—			390.3
Other current assets	0.6		—		—		94.5		—			95.1
Total current assets	11.4		—		7.2		988.1		(4.1		)	1,002.6
Property, plant and equipment, net	—		—		—		277.9		—			277.9
Other assets
Investments in subsidiaries	2,072.2		2,071.6		2,825.6		—		(6,969.4		)	—
Goodwill	—		—		—		2,261.0		—			2,261.0
Intangibles, net	—		—		—		341.4		—			341.4
Other non-current assets	13.3		1.0		1,272.3		184.2		(1,273.3		)	197.5
Total other assets	2,085.5		2,072.6		4,097.9		2,786.6		(8,242.7		)	2,799.9
Total assets	$	2,096.9	$	2,072.6	$	4,105.1	$	4,052.6	$	(8,246.8	)	$	4,080.4
Liabilities and Equity
Current liabilities
Accounts payable	$	3.3	$	0.1	$	—	$	254.1	$	(4.1	)	$	253.4
Employee compensation and benefits	0.2		—		—		70.5		—			70.7
Other current liabilities	33.6		0.3		9.4		326.8		—			370.1
Total current liabilities	37.1		0.4		9.4		651.4		(4.1		)	694.2
Other liabilities
Long-term debt	170.5		—		2,024.3		197.2		(1,273.3		)	1,118.7
Pension and other post-retirement compensation and benefits	—		—		—		88.1		—			88.1
Deferred tax liabilities	—		—		—		111.4		—			111.4
Other non-current liabilities	20.5		—		—		178.7		—			199.2
Total liabilities	228.1		0.4		2,033.7		1,226.8		(1,277.4		)	2,211.6
Equity	1,868.8		2,072.2		2,071.4		2,825.8		(6,969.4		)	1,868.8
Total liabilities and equity	$	2,096.9	$	2,072.6	$	4,105.1	$	4,052.6	$	(8,246.8	)	$	4,080.4

Condensed Consolidating Balance Sheet

December 31, 2018

In millions	Parent Company Guarantor		Subsidiary Guarantor		Subsidiary Issuer		Non-guarantor Subsidiaries		Eliminations			Consolidated Total
Assets
Current assets
Cash and cash equivalents	$	0.1	$	—	$	0.1	$	74.1	$	—		$	74.3
Accounts and notes receivable, net	4.6		—		—		483.6		—			488.2
Inventories	—		—		—		387.5		—			387.5
Other current assets	3.4		—		2.2		99.2		(15.4		)	89.4
Total current assets	8.1		—		2.3		1,044.4		(15.4		)	1,039.4
Property, plant and equipment, net	—		—		—		272.6		—			272.6
Other assets
Investments in subsidiaries	1,903.8		2,036.1		2,675.7		—		(6,615.6		)	—
Goodwill	—		—		—		2,072.7		—			2,072.7
Intangibles, net	—		—		—		276.3		—			276.3
Other non-current assets	23.3		—		696.1		729.7		(1,303.6		)	145.5
Total other assets	1,927.1		2,036.1		3,371.8		3,078.7		(7,919.2		)	2,494.5
Total assets	$	1,935.2	$	2,036.1	$	3,374.1	$	4,395.7	$	(7,934.6	)	$	3,806.5
Liabilities and Equity
Current liabilities
Accounts payable	$	0.9	$	—	$	—	$	377.7	$	—		$	378.6
Employee compensation and benefits	0.2		—		—		111.5		—			111.7
Other current liabilities	47.6		1.5		4.4		290.3		(15.4		)	328.4
Total current liabilities	48.7		1.5		4.4		779.5		(15.4		)	818.7
Other liabilities
Long-term debt	29.9		130.8		1,333.9		596.6		(1,303.6		)	787.6
Pension and other post-retirement compensation and benefits	—		—		—		90.0		—			90.0
Deferred tax liabilities	—		—		—		105.9		—			105.9
Other non-current liabilities	20.5		—		—		147.7		—			168.2
Total liabilities	99.1		132.3		1,338.3		1,719.7		(1,319.0		)	1,970.4
Equity	1,836.1		1,903.8		2,035.8		2,676.0		(6,615.6		)	1,836.1
Total liabilities and equity	$	1,935.2	$	2,036.1	$	3,374.1	$	4,395.7	$	(7,934.6	)	$	3,806.5

Schedule of Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows

Nine months ended September 30, 2019

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	$	248.3		$	272.4		$	282.8		$	287.5		$	(826.3	)	$	264.7
Investing activities
Capital expenditures	—			—			—			(44.6		)	—			(44.6		)
Proceeds from sale of property and equipment	—			—			—			0.4			—			0.4
Proceeds from the sale of businesses	—			—			—			0.7			—			0.7
Acquisitions, net of cash acquired	—			—			—			(284.5		)	—			(284.5		)
Net intercompany loan activity	—			(131.8		)	(450.5		)	109.9			472.4			—
Other	—			—			—			(1.5		)	—			(1.5		)
Net cash (used for) provided by investing activities	—			(131.8		)	(450.5		)	(219.6		)	472.4			(329.5		)
Financing activities
Net receipts (repayments) of commercial paper and revolving long-term debt	—			—			113.8			(22.6		)	—			91.2
Proceeds from long-term debt	—			—			400.0			—			—			400.0
Repayments of long-term debt	—			—			(151.5		)	—			—			(151.5		)
Debt issuance costs	—			—			(6.3		)	—			—			(6.3		)
Net change in advances to subsidiaries	(12.7		)	(140.6		)	(184.7		)	(15.9		)	353.9			—
Shares issued to employees, net of shares withheld	6.8			—			—			—			—			6.8
Repurchases of ordinary shares	(150.0		)	—			—			—			—			(150.0		)
Dividends paid	(92.4		)	—			—			—			—			(92.4		)
Net cash (used for) provided by financing activities	(248.3		)	(140.6		)	171.3			(38.5		)	353.9			97.8
Effect of exchange rate changes on cash and cash equivalents	—			—			(3.6		)	9.5			—			5.9
Change in cash and cash equivalents	—			—			—			38.9			—			38.9
Cash and cash equivalents, beginning of period	0.1			—			0.1			74.1			—			74.3
Cash and cash equivalents, end of period	$	0.1		$	—		$	0.1		$	113.0		$	—		$	113.2

Condensed Consolidating Statement of Cash Flows

Nine months ended September 30, 2018

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	$	197.2		$	269.2		$	274.7		$	464.1		$	(920.6	)	$	284.6
Investing activities
Capital expenditures	—			—			—			(33.8		)	—			(33.8		)
Proceeds from sale of property and equipment	—			—			—			(0.4		)	—			(0.4		)
Payments due to sale of businesses, net	—			—			—			(12.8		)	—			(12.8		)
Acquisitions, net of cash acquired	—			—			—			(0.9		)	—			(0.9		)
Net intercompany loan activity	—			24.9			(62.0		)	618.7			(581.6		)	—
Net cash provided by (used for) investing activities of continuing operations	—			24.9			(62.0		)	570.8			(581.6		)	(47.9		)
Net cash used for investing activities of discontinued operations	—			—			—			(7.1		)	—			(7.1		)
Net cash provided by (used for) investing activities	—			24.9			(62.0		)	563.7			(581.6		)	(55.0		)
Financing activities
Net receipts (repayments) of commercial paper and revolving long-term debt	—			—			65.0			(19.0		)	—			46.0
Repayments of long-term debt	—			—			(675.1		)	—			—			(675.1		)
Premium paid on early extinguishment of debt	—			—			(16.0		)	—			—			(16.0		)
Debt issuance costs	—			—			(2.0		)	—			—			(2.0		)
Transfer of cash to nVent	—			—			—			(74.2		)	—			(74.2		)
Distribution from nVent spin-off	—			—			993.6			—			—			993.6
Net change in advances to subsidiaries	343.6			(294.1		)	(563.9		)	(987.8		)	1,502.2			—
Shares issued to employees, net of shares withheld	16.0			—			—			—			—			16.0
Repurchases of ordinary shares	(400.0		)	—			—			—			—			(400.0		)
Dividends paid	(156.7		)	—			—			—			—			(156.7		)
Net cash (used for) provided by financing activities	(197.1		)	(294.1		)	(198.4		)	(1,081.0		)	1,502.2			(268.4		)
Change in cash held for sale	—			—			—			27.0			—			27.0
Effect of exchange rate changes on cash and cash equivalents	—			—			(14.2		)	4.4			—			(9.8		)
Change in cash and cash equivalents	0.1			—			0.1			(21.8		)	—			(21.6		)
Cash and cash equivalents, beginning of period	—			—			—			86.3			—			86.3
Cash and cash equivalents, end of period	$	0.1		$	—		$	0.1		$	64.5		$	—		$	64.7