10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

    x     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 29, 2012

or

    ¨     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

333-181250

(Commission File Number)

PENTAIR LTD.

(Exact name of Registrant as specified in its charter)

Switzerland	98-1050812
(Jurisdiction of Incorporation)	(I.R.S. Employer Identification Number)

Freier Platz 10, CH-8200 Schaffhausen, Switzerland

(Address of registrant’s principal executive office)

41-52-633-02-44

(Registrant’s telephone number)

Tyco Flow Control Ltd.

(Former name)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ¨    No  x

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	x  (Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

As of June 29, 2012, there were 120,000,000 common shares of the issuer outstanding, all of which were held directly or indirectly by Tyco International Ltd.

EXPLANATORY NOTE

We are filing this Amendment No. 1 on Form 10-Q/A (the “Amendment”) to our quarterly report on Form 10-Q for the period ended June 29, 2012 (the “Form 10-Q”), filed with the Securities and Exchange Commission on September 17, 2012 (the “Original Filing Date”), for the sole purpose of furnishing Exhibit 101 pursuant to Rule 405 of Regulation S-T.

This Amendment speaks as of the Original Filing Date, does not reflect events that may have occurred subsequent to the Original Filing Date, and does not modify or update in any way disclosures made in the Form 10-Q. No other changes have been made to the Form 10-Q.

PART II. OTHER INFORMATION

Item 6. Exhibits

Exhibit Number	Exhibit
2.1	Merger Agreement among Tyco International Ltd., Tyco Flow Control International Ltd., Panthro Acquisition Co., Panthro Merger Sub, Inc. and Pentair, Inc. (incorporated by reference to Exhibit 2.1 to Tyco Flow Control International Ltd.’s Registration Statement on Form S-1 filed on May 8, 2012).
2.2	Separation and Distribution Agreement by and among Tyco International Ltd., Tyco Flow Control International Ltd. and The ADT Corporation. (incorporated by reference to Exhibit 2.1 to Tyco Flow Control International Ltd.’s Registration Statement on Form S-1 on May 8, 2012).
2.3	Amendment No. 1 to the Merger Agreement among Tyco International Ltd., Tyco Flow Control International Ltd., Panthro Acquisition Co., Panthro Merger Sub, Inc. and Pentair, Inc. (incorporated by reference to Exhibit 2.1 to Tyco Flow Control International Ltd.’s Registration Statement on Form S-1 on July 26, 2012).
2.4	Amendment No. 1 to the Separation and Distribution Agreement by and among Tyco International Ltd., Tyco Flow Control International Ltd. and the ADT Corporation (incorporated by reference to Exhibit 2.1 to Tyco Flow Control International Ltd.’s Registration Statement on Form S-1 on July 26, 2012).
3.1*	Articles of Association of Pentair Ltd. (f/k/a Tyco Flow Control International Ltd.)
3.2*	Organizational Regulations of Pentair Ltd. (f/k/a Tyco Flow Control International Ltd.)
3.3	Form of Common Share Certificate of Tyco Flow Control International Ltd., par value CHF 0.50 per share (incorporated by reference to Exhibit 2.1 to Tyco Flow Control International Ltd.’s Registration Statement on Form S-1 on July 18, 2012).
10.1	Form of 2012 Tax Sharing Agreement among Tyco International Ltd., Tyco Flow Control International Ltd. and The ADT Corporation (incorporated by reference to Exhibit 2.1 to Tyco Flow Control International Ltd.’s Registration Statement on Form S-1 on July 18, 2012).
31.1*	Certification by the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification by the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*	Certification by the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101	Interactive Data File
	101.INS XBRL Instance Document
	101.SCH XBRL Taxonomy Schema
	101.CAL XBRL Taxonomy Calculation Linkbase
	101.DEF XBRL Taxonomy Definition Linkbase
	101.LAB XBRL Taxonomy Label Linkbase
	101.PRE XBRL Taxonomy Presentation Linkbase

* Previously filed with the Quarterly Report on Form 10-Q for the quarter ended June 29, 2012, filed September 17, 2012.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	PENTAIR LTD.
	By:	/s/ John L. Stauch
		John L. Stauch
		Executive Vice President and Chief Financial Officer
Date: October 17, 2012
	By:	/s/ Mark C. Borin
		Mark C. Borin
		Corporate Controller and Chief Accounting Officer

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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail)	9 Months Ended
	Jun. 29, 2012 Week	Mar. 28, 2012	Sep. 19, 2011 Company	Jun. 24, 2011 Week
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items]
Number of companies after separation			3
Tyco shareholders ownership interest in new companies		52.50%
Number of weeks in fiscal year	52			53
Goodwill impairment testing, minimum percentage	50.00%
Pentair [Member]
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items]
Ownership interest of non-controlling owners		47.50%

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RELATED PARTY TRANSACTIONS - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Jun. 29, 2012	Jun. 24, 2011	Jun. 29, 2012	Jun. 24, 2011	Sep. 30, 2011
Related Party Transaction [Line Items]
Insurance premiums	$ 1	$ 3	$ 5	$ 7
Tyco Affiliates
Related Party Transaction [Line Items]
Interest income	2	1	5	4
Interest expense			0	1
Selling, general and administrative expenses	10	14	34	41
Accrued and Other Current Liabilities
Related Party Transaction [Line Items]
Insurance liabilities	5		5		5
Other Liabilities
Related Party Transaction [Line Items]
Insurance liabilities	15		15		16
Trade Activity | Tyco Affiliates
Related Party Transaction [Line Items]
Accounts receivable from Tyco affiliates	2		2		3
Net revenue	3	4	8	14
Cost of product sales	2	3	6	11
Service and Lending Arrangement with Tyco Affiliates | Tyco Affiliates
Related Party Transaction [Line Items]
Accounts receivable from Tyco affiliates	114		114		122
Payables within company	13		13		11
Service and Lending Arrangement with Tyco Affiliates | Accrued and Other Current Liabilities | Tyco Affiliates
Related Party Transaction [Line Items]
Payables to Tyco affiliates	32		32		32
Service and Lending Arrangement with Tyco Affiliates | Other Liabilities | Tyco Affiliates
Related Party Transaction [Line Items]
Payables to Tyco affiliates	$ 31		$ 31		$ 41

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INCOME TAXES - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended	9 Months Ended
	Jun. 29, 2012	Jun. 29, 2012
Tax Sharing Agreement [Line Items]
Reduction in unrecognized tax benefits as a result of audit settlements	$ 1	$ 5
Net deferred tax asset	127	127
Gross deferred tax assets	429	429
Valuation allowances	$ 302	$ 302
Pro-rata distribution of outstanding common shares		100.00%
Tyco Flow Control International Ltd.
Tax Sharing Agreement [Line Items]
Tax liability share percentage		20.00%
ADT Corporation
Tax Sharing Agreement [Line Items]
Tax liability share percentage		27.50%
Tyco International
Tax Sharing Agreement [Line Items]
Tax liability share percentage		52.50%

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COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Jun. 29, 2012 Year Claim	Sep. 30, 2011
Environmental Matters
Loss Contingencies [Line Items]
Loss contingency remedial costs, minimum	$ 10
Loss contingency remedial costs, maximum	33
Probable contingency loss	14
Asbestos Matters
Loss Contingencies [Line Items]
Pending law suits, number	1,600
Pending claims, number	2,200
Look back period (in years)	5
Revised look back period (in years)	3
Look forward period (in years)	7
Revised look forward period (in years)	15
Loss contingency charges	13
Loss contingency accrual	12	3
Loss contingency accrual, before insurance recovery	76	27
Loss contingency accrual, insurance recoveries	64	24
Covidien and TE Connectivity | Income Tax Matters
Loss Contingencies [Line Items]
Loss contingency accrual, accrued and current liability	406
Accrued and Other Current Liabilities | Environmental Matters
Loss Contingencies [Line Items]
Loss contingency accrual, accrued and current liability	9
Other Liabilities | Environmental Matters
Loss Contingencies [Line Items]
Loss contingency accrual, other liabilities	$ 5

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ACQUISITIONS - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended	9 Months Ended
	Jun. 24, 2011	Jun. 24, 2011
Business Acquisition [Line Items]
Acquisition of businesses, net of cash acquired		$ 7
Supavac
Business Acquisition [Line Items]
Acquisition of businesses, net of cash acquired		$ 7

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REDEEMABLE NONCONTROLLING INTEREST (Tables)

9 Months Ended

Jun. 29, 2012

Rollforward in Redeemable Noncontrolling Interest

The rollforward of redeemable noncontrolling interest from September 30, 2011 to June 29, 2012 is as follows ($ in millions):

Balance as of September 30, 2011	$	93
Net loss		(3	)
Adjustments to redemption value		5
Balance as of June 29, 2012	$	95

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RETIREMENT PLANS - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended	9 Months Ended
	Jun. 29, 2012	Jun. 29, 2012
Defined Benefit Plan Disclosure [Line Items]
Amortization of net actuarial loss expected over current fiscal year		$ 2
Minimum required contributions to pension plans for fiscal 2012		15
Employer contributions	$ 4	$ 13

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SUBSEQUENT EVENTS

9 Months Ended

Jun. 29, 2012

SUBSEQUENT EVENTS

19. SUBSEQUENT EVENTS

On August 10, 2012, the Iran Threat Reduction and Syria Human Rights Act (the “Act”) was passed into law in the U.S. The Act expands the scope of U.S. sanctions against Iran and places tighter restrictions on companies that indirectly transact business with Iran through non-U.S. subsidiaries. Although the Company’s policy since March 2010 has been to cease all business dealings with Iran, in connection with the Company’s recent acquisition of a business in the Middle East, it acquired orders from Iranian entities that have been in runoff since the acquisition. As a result of the Act, the Company no longer expects to fulfill all remaining orders and expects to impair some or all of the inventory associated with these orders. Although the Company continues to assess the impact of the Act, it does not expect such impairments to have a material adverse impact on its financial position, results of operations or cash flows.

In connection with the Distribution and the Merger Tyco Flow Control International Finance S.A., a subsidiary of Tyco Flow Control International Ltd., priced an offering of $900 million of its senior notes on September 10, 2012 that will be guaranteed by Tyco Flow Control International Ltd. The offering is expected to close on September 24, 2012. The net proceeds from the issuance of the senior notes will be held in escrow until the completion of the Merger. Tyco Flow Control International Ltd. plans to use the net proceeds from the issuance of the unsecured senior notes to repay $500 million of Pentair’s senior unsecured notes and to make a cash payment (not to exceed $500 million) to repay the intercompany note entered into in connection with the Distribution and the Merger.

A Special General Meeting of Tyco shareholders was concluded on September 17, 2012 in Schaffhausen, Switzerland approving by the requisite vote the Distribution. Previously, on September 14, 2012, a special meeting of Pentair shareholders approved the Merger by the affirmative vote of a majority of Pentair shares entitled to vote.

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Schedule of Intangible Assets (Detail) (USD $) In Millions, unless otherwise specified	Jun. 29, 2012	Sep. 30, 2011
Intangible Assets Excluding Goodwill [Line Items]
Gross carrying amount, amortizable	$ 165	$ 182
Accumulated amortization	56	60
Gross carrying amount, non-amortizable	5	5
Contracts and Related Customer Relationships
Intangible Assets Excluding Goodwill [Line Items]
Gross carrying amount, amortizable	85	87
Accumulated amortization	14	5
Intellectual Property
Intangible Assets Excluding Goodwill [Line Items]
Gross carrying amount, amortizable	74	89
Accumulated amortization	37	50
Other
Intangible Assets Excluding Goodwill [Line Items]
Gross carrying amount, amortizable	6	6
Accumulated amortization	$ 5	$ 5

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Restructuring and Asset Impairment Charges, Net (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Jun. 29, 2012	Jun. 24, 2011	Jun. 29, 2012	Jun. 24, 2011
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges, net	$ 12	$ 3	$ 13	$ 8
Charges reflected in restructuring, asset impairment and divestiture charges, net	12	3	13	9
Charges Reflected in Selling General And Administrative
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges, net				(1)
2012 Actions
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges, net	11		13
2012 Actions | Valves and Controls
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges, net	1		2
2012 Actions | Thermal Controls
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges, net	1		1
2012 Actions | Water and Environmental Systems
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges, net	9		10
2012 Actions | Employee Severance and Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges, net	6		8
2012 Actions | Employee Severance and Benefits | Valves and Controls
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges, net			1
2012 Actions | Employee Severance and Benefits | Thermal Controls
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges, net	1		1
2012 Actions | Employee Severance and Benefits | Water and Environmental Systems
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges, net	5		6
2012 Actions | Facility Exit and Other Charges
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges, net	5		5
2012 Actions | Facility Exit and Other Charges | Valves and Controls
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges, net	1		1
2012 Actions | Facility Exit and Other Charges | Water and Environmental Systems
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges, net	4		4
2011 Program
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges, net		3		8
Charges reflected in restructuring, asset impairment and divestiture charges, net			11
2011 Program | Valves and Controls
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges, net			1	3
Charges reflected in restructuring, asset impairment and divestiture charges, net			6
2011 Program | Thermal Controls
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges, net			(1)	2
Charges reflected in restructuring, asset impairment and divestiture charges, net			1
2011 Program | Water and Environmental Systems
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges, net				3
Charges reflected in restructuring, asset impairment and divestiture charges, net			4
2011 Program | Charges Reflected in Selling General And Administrative
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges, net				(1)
Charges reflected in restructuring, asset impairment and divestiture charges, net			(1)
2011 Program | Charges Reflected in Selling General And Administrative | Valves and Controls
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges, net				(1)
Charges reflected in restructuring, asset impairment and divestiture charges, net			(1)
2011 Program | Employee Severance and Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges, net		3	(1)	7
Charges reflected in restructuring, asset impairment and divestiture charges, net			8
2011 Program | Employee Severance and Benefits | Valves and Controls
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges, net		1		2
Charges reflected in restructuring, asset impairment and divestiture charges, net			3
2011 Program | Employee Severance and Benefits | Thermal Controls
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges, net		2	(1)	2
Charges reflected in restructuring, asset impairment and divestiture charges, net			1
2011 Program | Employee Severance and Benefits | Water and Environmental Systems
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges, net				3
Charges reflected in restructuring, asset impairment and divestiture charges, net			4
2011 Program | Facility Exit and Other Charges
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges, net			1	2
Charges reflected in restructuring, asset impairment and divestiture charges, net			4
2011 Program | Facility Exit and Other Charges | Valves and Controls
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges, net			1	2
Charges reflected in restructuring, asset impairment and divestiture charges, net			4
2009 Program
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges, net	1
Charges reflected in restructuring, asset impairment and divestiture charges, net			44
2009 Program | Valves and Controls
Restructuring Cost and Reserve [Line Items]
Charges reflected in restructuring, asset impairment and divestiture charges, net			25
2009 Program | Thermal Controls
Restructuring Cost and Reserve [Line Items]
Charges reflected in restructuring, asset impairment and divestiture charges, net			6
2009 Program | Water and Environmental Systems
Restructuring Cost and Reserve [Line Items]
Charges reflected in restructuring, asset impairment and divestiture charges, net			7
2009 Program | Corporate
Restructuring Cost and Reserve [Line Items]
Charges reflected in restructuring, asset impairment and divestiture charges, net			6
2009 Program | Charges Reflected in Selling General And Administrative
Restructuring Cost and Reserve [Line Items]
Charges reflected in restructuring, asset impairment and divestiture charges, net			(1)
2009 Program | Charges Reflected in Selling General And Administrative | Valves and Controls
Restructuring Cost and Reserve [Line Items]
Charges reflected in restructuring, asset impairment and divestiture charges, net			(1)
2009 Program | Employee Severance and Benefits
Restructuring Cost and Reserve [Line Items]
Charges reflected in restructuring, asset impairment and divestiture charges, net			30
2009 Program | Employee Severance and Benefits | Valves and Controls
Restructuring Cost and Reserve [Line Items]
Charges reflected in restructuring, asset impairment and divestiture charges, net			15
2009 Program | Employee Severance and Benefits | Thermal Controls
Restructuring Cost and Reserve [Line Items]
Charges reflected in restructuring, asset impairment and divestiture charges, net			5
2009 Program | Employee Severance and Benefits | Water and Environmental Systems
Restructuring Cost and Reserve [Line Items]
Charges reflected in restructuring, asset impairment and divestiture charges, net			5
2009 Program | Employee Severance and Benefits | Corporate
Restructuring Cost and Reserve [Line Items]
Charges reflected in restructuring, asset impairment and divestiture charges, net			5
2009 Program | Facility Exit and Other Charges
Restructuring Cost and Reserve [Line Items]
Charges reflected in restructuring, asset impairment and divestiture charges, net			11
2009 Program | Facility Exit and Other Charges | Valves and Controls
Restructuring Cost and Reserve [Line Items]
Charges reflected in restructuring, asset impairment and divestiture charges, net			11
2009 Program | Facility Exit and Other Charges | Thermal Controls
Restructuring Cost and Reserve [Line Items]
Charges reflected in restructuring, asset impairment and divestiture charges, net			1
2009 Program | Facility Exit and Other Charges | Water and Environmental Systems
Restructuring Cost and Reserve [Line Items]
Charges reflected in restructuring, asset impairment and divestiture charges, net			2
2009 Program | Facility Exit and Other Charges | Corporate
Restructuring Cost and Reserve [Line Items]
Charges reflected in restructuring, asset impairment and divestiture charges, net			(3)
2009 Program | Charges Reflected in Cost of Revenue
Restructuring Cost and Reserve [Line Items]
Charges reflected in restructuring, asset impairment and divestiture charges, net			4
2009 Program | Charges Reflected in Cost of Revenue | Corporate
Restructuring Cost and Reserve [Line Items]
Charges reflected in restructuring, asset impairment and divestiture charges, net			$ 4

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PROPERTY, PLANT AND EQUIPMENT (Tables)

9 Months Ended

Jun. 29, 2012

Components of Property, Plant and Equipment

Property, plant and equipment consisted of the following ($ in millions):

	June 29, 2012			September 30, 2011
Land	$	96		$	97
Buildings and leasehold improvements		325			346
Machinery and equipment		863			860
Property under capital leases(1)		1			2
Construction in progress		74			41
Accumulated depreciation(2)		(737	)		(739	)
Property, plant and equipment, net	$	622		$	607

⁽¹⁾  Property under capital leases consists primarily of buildings.

⁽²⁾  Accumulated amortization of capital lease assets was nil and $1 million as of June 29, 2012 and September 30, 2011.

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Carrying Value of Debt (Detail) (USD $) In Millions, unless otherwise specified	Jun. 29, 2012	Sep. 30, 2011
Current maturities of long-term debt:
Allocated debt
Long-term debt:
Allocated debt	886	859
Capital lease obligations	15	17
Total long-term debt	901	876
Total debt	$ 901	$ 876

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Product Warranty Accrual (Detail) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Jun. 29, 2012
Product Warranty Disclosure [Line Items]
Beginning balance	$ 18
Warranties issued	5
Change in estimates	(1)
Settlements	(4)
Currency translation	(1)
Ending balance	$ 17

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Components of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Jun. 29, 2012		Jun. 24, 2011
Currency Translation Adjustments
Comprehensive Income [Line Items]
Beginning balance	$ 556	[1]	$ 652	[1]
Pre-tax current period change	(140)	[1]	213	[1]
Divestiture of businesses			(126)	[1]
Ending balance	416	[1]	739	[1]
Retirement Plans
Comprehensive Income [Line Items]
Beginning balance	(67)		(65)
Pre-tax current period change	1		1
Ending balance	(66)		(64)
Accumulated Other Comprehensive Income (Loss)
Comprehensive Income [Line Items]
Beginning balance	489		587
Pre-tax current period change	(139)		214
Divestiture of businesses			(126)
Ending balance	$ 350		$ 675

[1] During the nine months ended June 29, 2012 and June 24, 2011, nil and $126 million of cumulative translation gain, respectively, were transferred from currency translation adjustments as a result of the sale of non-U.S. entities. Of these amounts, nil and $126 million, respectively, are included in income from discontinued operations, net of income taxes in the Combined Statements of Operations.

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Income Tax Examinations (Detail)	9 Months Ended
	Jun. 29, 2012
Minimum | Australia
Tax Sharing Agreement [Line Items]
Open tax years	2004
Minimum | Canada
Tax Sharing Agreement [Line Items]
Open tax years	2002
Minimum | France
Tax Sharing Agreement [Line Items]
Open tax years	2008
Minimum | Germany
Tax Sharing Agreement [Line Items]
Open tax years	1998
Minimum | Italy
Tax Sharing Agreement [Line Items]
Open tax years	2004
Minimum | Switzerland
Tax Sharing Agreement [Line Items]
Open tax years	2002
Minimum | United States
Tax Sharing Agreement [Line Items]
Open tax years	1997
Maximum | Australia
Tax Sharing Agreement [Line Items]
Open tax years	2011
Maximum | Canada
Tax Sharing Agreement [Line Items]
Open tax years	2011
Maximum | France
Tax Sharing Agreement [Line Items]
Open tax years	2011
Maximum | Germany
Tax Sharing Agreement [Line Items]
Open tax years	2011
Maximum | Italy
Tax Sharing Agreement [Line Items]
Open tax years	2011
Maximum | Switzerland
Tax Sharing Agreement [Line Items]
Open tax years	2011
Maximum | United States
Tax Sharing Agreement [Line Items]
Open tax years	2011

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RESTRUCTURING AND ASSET IMPAIRMENT CHARGES, NET

9 Months Ended

Jun. 29, 2012

RESTRUCTURING AND ASSET IMPAIRMENT CHARGES, NET

3. RESTRUCTURING AND ASSET IMPAIRMENT CHARGES, NET

From time to time, the Company will initiate various restructuring actions which result in employee severance, facility exit and other restructuring costs as described below.

The Company recorded restructuring and asset impairment charges, net by program and classified these in the Combined Statement of Operations as follows ($ in millions):

	For the  Quarter Ended June 29, 2012		For the  Quarter Ended June 24, 2011		For the Nine Months  Ended June 29, 2012		For the Nine Months  Ended June 24, 2011
2012 actions	$	11	$	—	$	13	$	—
2011 program		—		3		—		8
2009 program		1		—		—		—
Total restructuring and asset impairment charges, net	$	12	$	3	$	13	$	8
Charges reflected in selling, general and administrative (“SG&A”)	$	—	$	—	$	—	$	(1	)
Charges reflected in restructuring, asset impairment and divestiture charges, net	$	12	$	3	$	13	$	9

2012 Actions

Restructuring and asset impairment charges, net, during the quarter and nine months ended June 29, 2012 are as follows ($ in millions):

	For the Quarter Ended June 29, 2012
	Employee Severance  and Benefits		Facility and Other  Charges		Total
Valves & Controls	$	—	$	1	$	1
Thermal Controls		1		—		1
Water & Environmental Systems		5		4		9
Total	$	6	$	5	$	11

	For the Nine Months Ended June 29, 2012
	Employee Severance  and Benefits		Facility and Other  Charges		Total
Valves & Controls	$	1	$	1	$	2
Thermal Controls		1		—		1
Water & Environmental Systems		6		4		10
Total	$	8	$	5	$	13

The rollforward of the reserves from September 30, 2011 to June 29, 2012 is as follows ($ in millions):

Balance as of September 30, 2011	$	—
Charges		13
Utilization		(3	)
Balance as of June 29, 2012	$	10

2011 Program

The Company did not incur restructuring and asset impairment charges during the quarter ended June 29, 2012. Restructuring and asset impairment charges, net, during the quarter ended June 24, 2011 and the nine months ended June 29, 2012 and June 24, 2011 are as follows ($ in millions):

	For the Quarter  Ended June 24, 2011
	Employee Severance and Benefits
Valves & Controls	$	1
Thermal Controls		2
Total	$	3

	For the Nine Months Ended June 29, 2012
	Employee Severance and Benefits			Facility Exit and Other Charges		Total
Valves & Controls	$	—		$	1	$	1
Thermal Controls		(1	)		—		(1	)
Total	$	(1	)	$	1	$	—

	For the Nine Months Ended June 24, 2011
	Employee Severance and Benefits		Facility Exit and Other Charges		Charges Reflected in SG&A			Total
Valves & Controls	$	2	$	2	$	(1	)	$	3
Thermal Controls		2		—		—			2
Water & Environmental Systems		3		—		—			3
Total	$	7	$	2	$	(1	)	$	8

Restructuring and asset impairment charges, net, incurred cumulative to date from initiation of the 2011 Program are as follows ($ in millions):

	Employee Severance and Benefits		Facility Exit and Other Charges		Charges Reflected in SG&A			Total
Valves & Controls	$	3	$	4	$	(1	)	$	6
Thermal Controls		1		—		—			1
Water & Environmental Systems		4		—		—			4
Total	$	8	$	4	$	(1	)	$	11

The rollforward of the reserves from September 30, 2011 to June 29, 2012 is as follows ($ in millions):

Balance as of September 30, 2011	$	6
Charges		1
Reversals		(1	)
Utilization		(2	)
Balance as of June 29, 2012	$	4

2009 Program

The Company continues to maintain restructuring reserves related to the 2009 program. The total amount of these reserves were $1 million and $2 million as of June 29, 2012 and September 30, 2011, respectively. Restructuring charges during the quarter ended June 29, 2012 were $1 million. Restructuring charges during the nine months ended June 29, 2012 and the quarter and nine months ended June 24, 2011 were not material. The decrease in the reserves is primarily due to cash utilization of $1 million.

Restructuring and asset impairment charges, net, incurred cumulative to date from initiation of the 2009 Program are as follows ($ in millions):

	Employee Severance and Benefits		Facility Exit and Other Charges			Charges Reflected in Cost of Revenue		Charges Reflected in SG&A			Total
Valves & Controls	$	15	$	11		$	—	$	(1	)	$	25
Thermal Controls		5		1			—		—			6
Water & Environmental Systems		5		2			—		—			7
Corporate		5		(3	)		4		—			6
Total	$	30	$	11		$	4	$	(1	)	$	44

Total Restructuring Reserves

As of June 29, 2012 and September 30, 2011, restructuring reserves related to all programs were included in the Company’s Combined Balance Sheets as follows ($ in millions):

	As of June 29, 2012		As of September 30, 2011
Accrued and other current liabilities	$	15	$	8

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ACCUMULATED OTHER COMPREHENSIVE INCOME - Additional Information (Detail) (USD $)	9 Months Ended
	Jun. 29, 2012	Jun. 24, 2011	Sep. 30, 2011
Other Comprehensive Income [Line Items]
Cumulative translation gain	$ (140,000,000)	$ 87,000,000
Intercompany loans	1,000,000,000		1,200,000,000
Cumulative translation gain and loss	(20,000,000)	87,000,000
Segment, Discontinued Operations [Member]
Other Comprehensive Income [Line Items]
Cumulative translation gain	$ 0	$ 126,000,000

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Restructuring Reserves Rollforward (Detail) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Jun. 29, 2012
2012 Actions
Restructuring Reserve Disclosures [Abstract]
Beginning balance
Charges	13
Utilization	(3)
Ending balance	10
2011 Program
Restructuring Reserve Disclosures [Abstract]
Charges	1
Reversals	(1)
Utilization	(2)
Ending balance	$ 4

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INCOME TAXES (Tables)

9 Months Ended

Jun. 29, 2012

Income Tax Examinations

Open tax years in significant jurisdictions are as follows:

Jurisdiction	Years Open To Audit
Australia		2004—2011
Canada		2002—2011
France		2008—2011
Germany		1998—2011
Italy		2004—2011
Switzerland		2002—2011
United States		1997—2011

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RESTRUCTURING AND ASSET IMPAIRMENT CHARGES, NET (Tables)

9 Months Ended

Jun. 29, 2012

Restructuring and Asset Impairment Charges, Net

The Company recorded restructuring and asset impairment charges, net by program and classified these in the Combined Statement of Operations as follows ($ in millions):

	For the  Quarter Ended June 29, 2012		For the  Quarter Ended June 24, 2011		For the Nine Months  Ended June 29, 2012		For the Nine Months  Ended June 24, 2011
2012 actions	$	11	$	—	$	13	$	—
2011 program		—		3		—		8
2009 program		1		—		—		—
Total restructuring and asset impairment charges, net	$	12	$	3	$	13	$	8
Charges reflected in selling, general and administrative (“SG&A”)	$	—	$	—	$	—	$	(1	)
Charges reflected in restructuring, asset impairment and divestiture charges, net	$	12	$	3	$	13	$	9

Disclosure of Restructuring Reserve by Balance Sheet Classification

As of June 29, 2012 and September 30, 2011, restructuring reserves related to all programs were included in the Company’s Combined Balance Sheets as follows ($ in millions):

	As of June 29, 2012		As of September 30, 2011
Accrued and other current liabilities	$	15	$	8

2012 Actions

Restructuring and Asset Impairment Charges, Net

Restructuring and asset impairment charges, net, during the quarter and nine months ended June 29, 2012 are as follows ($ in millions):

	For the Quarter Ended June 29, 2012
	Employee Severance  and Benefits		Facility and Other  Charges		Total
Valves & Controls	$	—	$	1	$	1
Thermal Controls		1		—		1
Water & Environmental Systems		5		4		9
Total	$	6	$	5	$	11

	For the Nine Months Ended June 29, 2012
	Employee Severance  and Benefits		Facility and Other  Charges		Total
Valves & Controls	$	1	$	1	$	2
Thermal Controls		1		—		1
Water & Environmental Systems		6		4		10
Total	$	8	$	5	$	13

Restructuring Reserves Rollforward

The rollforward of the reserves from September 30, 2011 to June 29, 2012 is as follows ($ in millions):

Balance as of September 30, 2011	$	—
Charges		13
Utilization		(3	)
Balance as of June 29, 2012	$	10

2011 Program

Restructuring and Asset Impairment Charges, Net

The Company did not incur restructuring and asset impairment charges during the quarter ended June 29, 2012. Restructuring and asset impairment charges, net, during the quarter ended June 24, 2011 and the nine months ended June 29, 2012 and June 24, 2011 are as follows ($ in millions):

	For the Quarter  Ended June 24, 2011
	Employee Severance and Benefits
Valves & Controls	$	1
Thermal Controls		2
Total	$	3

	For the Nine Months Ended June 29, 2012
	Employee Severance and Benefits			Facility Exit and Other Charges		Total
Valves & Controls	$	—		$	1	$	1
Thermal Controls		(1	)		—		(1	)
Total	$	(1	)	$	1	$	—

	For the Nine Months Ended June 24, 2011
	Employee Severance and Benefits		Facility Exit and Other Charges		Charges Reflected in SG&A			Total
Valves & Controls	$	2	$	2	$	(1	)	$	3
Thermal Controls		2		—		—			2
Water & Environmental Systems		3		—		—			3
Total	$	7	$	2	$	(1	)	$	8

Restructuring and asset impairment charges, net, incurred cumulative to date from initiation of the 2011 Program are as follows ($ in millions):

	Employee Severance and Benefits		Facility Exit and Other Charges		Charges Reflected in SG&A			Total
Valves & Controls	$	3	$	4	$	(1	)	$	6
Thermal Controls		1		—		—			1
Water & Environmental Systems		4		—		—			4
Total	$	8	$	4	$	(1	)	$	11

Restructuring Reserves Rollforward

The rollforward of the reserves from September 30, 2011 to June 29, 2012 is as follows ($ in millions):

Balance as of September 30, 2011	$	6
Charges		1
Reversals		(1	)
Utilization		(2	)
Balance as of June 29, 2012	$	4

2009 Program

Restructuring and Asset Impairment Charges, Net

Restructuring and asset impairment charges, net, incurred cumulative to date from initiation of the 2009 Program are as follows ($ in millions):

	Employee Severance and Benefits		Facility Exit and Other Charges			Charges Reflected in Cost of Revenue		Charges Reflected in SG&A			Total
Valves & Controls	$	15	$	11		$	—	$	(1	)	$	25
Thermal Controls		5		1			—		—			6
Water & Environmental Systems		5		2			—		—			7
Corporate		5		(3	)		4		—			6
Total	$	30	$	11		$	4	$	(1	)	$	44

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Changes in Net Periodic Benefit Cost for Non-U.S. Defined Benefit Pension Plans (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Jun. 29, 2012	Jun. 24, 2011	Jun. 29, 2012	Jun. 24, 2011
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1	$ 1	$ 3	$ 3
Interest cost	4	3	10	9
Expected return on plan assets	(3)	(3)	(10)	(9)
Amortization of net actuarial loss		1	1	1
Settlement gain recognized		(1)		(1)
Net periodic benefit cost	$ 2	$ 1	$ 4	$ 3

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RESTRUCTURING AND ASSET IMPAIRMENT CHARGES, NET - Additional Information (Detail) (2009 Program, USD $) In Millions, unless otherwise specified	3 Months Ended	9 Months Ended
	Jun. 29, 2012	Jun. 29, 2012	Sep. 30, 2011
2009 Program
Restructuring Reserve Disclosures [Abstract]
Restructuring reserve	$ 1	$ 1	$ 2
Restructuring charges	1
Decrease in reserves due to cash utilization		$ 1

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GOODWILL AND INTANGIBLE ASSETS (Tables)

9 Months Ended

Jun. 29, 2012

Rollforward of Goodwill by Segment

The changes in the carrying amount of goodwill by segment are as follows ($ in millions):

	As of September 30, 2011			Acquisitions/ Purchase Accounting Adjustments			Divestitures			Currency Translation			As of June 29, 2012
Valves & Controls
Gross Goodwill	$	1,545		$	(1	)		—		$	(33	)	$	1,511
Impairments		—			—			—			—			—
Carrying Amount of Goodwill		1,545			(1	)		—			(33	)		1,511
Thermal Controls
Gross Goodwill		313			—			(1	)		(7	)		305
Impairments		—			—			—			—			—
Carrying Amount of Goodwill		313			—			(1	)		(7	)		305
Water & Environmental Systems
Gross Goodwill		314			—			—			(6	)		308
Impairments		(35	)		—			—			—			(35	)
Carrying Amount of Goodwill		279			—			—			(6	)		273
Total
Gross Goodwill		2,172			(1	)		(1	)		(46	)		2,124
Impairments		(35	)		—			—			—			(35	)
Carrying Amount of Goodwill	$	2,137		$	(1	)	$	(1	)	$	(46	)	$	2,089

	As of September 24, 2010		Acquisitions/ Purchase Accounting Adjustments		Impairments			Divestitures			Currency Translation		As of September 30, 2011
Valves & Controls
Gross Goodwill	$	1,281	$	249	$	—		$	—		$	15	$	1,545
Impairments		—		—		—			—			—		—
Carrying Amount of Goodwill		1,281		249		—			—			15		1,545
Thermal Controls
Gross Goodwill		307		—		—			—			6		313
Impairments		—		—		—			—			—		—
Carrying Amount of Goodwill		307		—		—			—			6		313
Water & Environmental Systems
Gross Goodwill		320		3		—			(14	)		5		314
Impairments		—		—		(35	)		—			—		(35	)
Carrying Amount of Goodwill		320		3		(35	)		(14	)		5		279
Total
Gross Goodwill		1,908		252		—			(14	)		26		2,172
Impairments		—		—		(35	)		—			—		(35	)
Carrying Amount of Goodwill	$	1,908	$	252	$	(35	)	$	(14	)	$	26	$	2,137

Schedule of Intangible Assets

The following table sets forth the gross carrying amounts and accumulated amortization of the Company’s intangible assets as of June 29, 2012 and September 30, 2011.

	June 29, 2012				September 30, 2011
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizable:
Contracts and related customer relationships	$	85	$	14	$	87	$	5
Intellectual property		74		37		89		50
Other		6		5		6		5
Total	$	165	$	56	$	182	$	60
Non-Amortizable	$	5			$	5

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DEBT (Tables)

9 Months Ended

Jun. 29, 2012

Carrying Value of Debt

Debt as of June 29, 2012 and September 30, 2011 is as follows ($ in millions):

	June 29, 2012		September 30, 2011
Current maturities of long-term debt:
Allocated debt	$	—	$	—
Long-term debt:
Allocated debt		886		859
Capital lease obligations		15		17
Total long-term debt		901		876
Total debt	$	901	$	876

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DIVESTITURES

9 Months Ended

Jun. 29, 2012

DIVESTITURES

2. DIVESTITURES

The Company has continued to assess the strategic fit of its various businesses and has pursued divestiture of certain businesses which do not align with its long-term strategy.

Divestitures

Fiscal Years 2012 and 2011

During the quarter ended June 29, 2012, the Company sold assets of its Thermal Control Germany business. The sale was completed for approximately $1 million in cash proceeds and a pre-tax loss of $6 million was recorded in restructuring, asset impairments and divestiture charges, net in the Company’s Combined Statements of Operations for the quarter and nine months ended June 29, 2012.

The Company did not dispose of any businesses during the quarter and nine months ended June 24, 2011.

Discontinued Operations

Fiscal Years 2012 and 2011

During the quarter and nine months ended June 29, 2012, there were no businesses which met the criteria to be presented as discontinued operations.

During the quarter ended June 24, 2011, there were no businesses which met the criteria to be presented as discontinued operations. On September 30, 2010, the Company sold its European water business, which was part of the Company’s Water and Environmental systems business. The sale was completed for approximately $264 million in cash proceeds, net of $7 million of cash divested on sale, and a pre-tax gain of $171 million was recorded, which was largely exempt from tax. The gain was recorded in income from discontinued operations, net of income taxes in the Company’s Combined Statement of Operations for the nine months ended June 24, 2011.

Net revenue, pre-tax loss from discontinued operations, pre-tax income on sale of discontinued operations, income tax benefit and income from discontinued operations, net of income taxes are as follows ($ millions):

	For the Nine Months Ended
	June 24, 2011
Net revenue	$	3
Pre-tax loss from discontinued operations	$	(5	)
Pre-tax income on sale of discontinued operations		171
Income tax benefit		2
Income from discontinued operations, net of income taxes	$	168

There were no material pending divestitures as of June 29, 2012 and September 30, 2011.

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RETIREMENT PLANS (Tables)

9 Months Ended

Jun. 29, 2012

Changes in Net Periodic Benefit Cost for Non-U.S. Defined Benefit Pension Plans

The following disclosure pertains to the Company’s material non-U.S. defined benefit pension plans. The net periodic benefit cost for the Company’s material non-U.S. defined pension plans is as follows ($ in millions):

	For the Quarter Ended						For the Nine Months Ended
	June 29, 2012			June 24, 2011			June 29, 2012			June 24, 2011
Service cost	$	1		$	1		$	3		$	3
Interest cost		4			3			10			9
Expected return on plan assets		(3	)		(3	)		(10	)		(9	)
Amortization of net actuarial loss		—			1			1			1
Settlement gain recognized		—			(1	)		—			(1	)
Net periodic benefit cost	$	2		$	1		$	4		$	3

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DIVESTITURES - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended	9 Months Ended
	Jun. 29, 2012	Jun. 24, 2011
Divestitures [Line Items]
Net cash proceeds on sale of discontinued operations	$ 1
Pre-tax income on sale of discontinued operations	6
Net cash proceeds on sale of discontinued operations		264
Cash divested on sale		7
Pre-tax income on sale of discontinued operations		$ 171

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DEBT - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Jun. 29, 2012	Jun. 24, 2011	Jun. 29, 2012	Jun. 24, 2011	Sep. 30, 2011
Allocated Debt Instrument [Line Items]
Interest expense	$ 13	$ 11	$ 37	$ 34
Fair value of allocated debt	$ 1,049		$ 1,049		$ 996

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COMBINED STATEMENTS OF OPERATIONS (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Jun. 29, 2012	Jun. 24, 2011	Jun. 29, 2012	Jun. 24, 2011
Net revenue	$ 983	$ 930	$ 2,907	$ 2,564
Cost of revenue	662	633	1,963	1,721
Gross profit	321	297	944	843
Selling, general and administrative expenses	216	209	646	595
Goodwill impairment				35
Restructuring, asset impairments and divestiture charges, net (see Notes 2 and 3)	18	3	19	9
Operating income	87	85	279	204
Interest income	3	3	9	9
Interest expense	(13)	(12)	(38)	(36)
Income from continuing operations before income taxes	77	76	250	177
Income tax expense	(38)	(28)	(97)	(79)
Income from continuing operations	39	48	153	98
Income from discontinued operations, net of income taxes				168
Net income	39	48	153	266
Less: noncontrolling interest in subsidiaries net income	1		2
Net income attributable to Parent Company Equity	38	48	151	266
Amounts attributable to Parent Company Equity:
Income from continuing operations	38	48	151	98
Income from discontinued operations				168
Net income attributable to Parent Company Equity	$ 38	$ 48	$ 151	$ 266

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Disclosure of Restructuring Reserve by Balance Sheet Classification (Detail) (Accrued and Other Current Liabilities, USD $) In Millions, unless otherwise specified	Jun. 29, 2012	Sep. 30, 2011
Accrued and Other Current Liabilities
Restructuring Reserve Disclosures [Abstract]
Restructuring reserve	$ 15	$ 8

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COMBINED STATEMENTS OF PARENT COMPANY EQUITY (USD $) In Millions, unless otherwise specified	Total	Parent Company Investment	Accumulated Other Comprehensive Income (Loss)
Balance at Sep. 24, 2010	$ 2,637	$ 2,050	$ 587
Comprehensive income:
Net income attributable to Parent Company Equity	266	266
Currency translation	87		87
Retirement plans	1		1
Total comprehensive income	354
Net transfers from Parent	(277)	(277)
Balance at Jun. 24, 2011	2,714	2,039	675
Balance at Sep. 30, 2011	2,919	2,430	489
Comprehensive income:
Net income attributable to Parent Company Equity	151	151
Currency translation	(140)		(140)
Retirement plans	1		1
Total comprehensive income	12
Net transfers from Parent	3	3
Balance at Jun. 29, 2012	$ 2,934	$ 2,584	$ 350

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Change in Redeemable Noncontrolling Interest (Detail) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Jun. 29, 2012
Redeemable Noncontrolling Interest [Line Items]
Beginning balance	$ 93
Net loss	(3)
Adjustments to redemption value	5
Ending balance	$ 95

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COMBINED SEGMENT DATA (Tables)

9 Months Ended

Jun. 29, 2012

Net Revenue and Operating Income (Loss), by Segment

services. Selected information by segment is presented in the following tables ($ in millions):

	For the Quarters Ended				For the Nine Months Ended
	June 29, 2012		June 24, 2011		June 29, 2012		June 24, 2011
Net revenue (1)
Valves & Controls	$	605	$	577	$	1,771	$	1,552
Thermal Controls		176		178		612		517
Water & Environmental Systems		202		175		524		495
Total	$	983	$	930	$	2,907	$	2,564

⁽¹⁾  Revenue by operating segment excludes intercompany transactions. No single customer represents more than 10% of net revenue.

	For the Quarters Ended						For the Nine Months Ended
	June 29, 2012			June 24, 2011			June 29, 2012			June 24, 2011
Operating income (loss)
Valves & Controls	$	85		$	78		$	224		$	184
Thermal Controls		18			15			99			78
Water & Environmental Systems (1)		14			14			33			3
Corporate		(30	)		(22	)		(77	)		(61	)
Total	$	87		$	85		$	279		$	204

⁽¹⁾  Operating income includes a goodwill impairment charge of $35 million for the nine months ended June 24, 2011.

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Components of Inventory (Detail) (USD $) In Millions, unless otherwise specified	Jun. 29, 2012	Sep. 30, 2011
Inventory [Line Items]
Purchased materials and manufactured parts	$ 392	$ 347
Work in process	136	130
Finished goods	336	295
Inventories	$ 864	$ 772

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INVENTORY

9 Months Ended

Jun. 29, 2012

INVENTORY

16. INVENTORY

Inventories consisted of the following ($ in millions):

	June 29, 2012		September 30, 2011
Purchased materials and manufactured parts	$	392	$	347
Work in process		136		130
Finished goods		336		295
Inventories	$	864	$	772

Inventories are recorded at the lower of cost (primarily first-in, first-out) or market value.

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INVENTORY (Tables)

9 Months Ended

Jun. 29, 2012

Components of Inventory

Inventories consisted of the following ($ in millions):

	June 29, 2012		September 30, 2011
Purchased materials and manufactured parts	$	392	$	347
Work in process		136		130
Finished goods		336		295
Inventories	$	864	$	772

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GUARANTEES

9 Months Ended

Jun. 29, 2012

GUARANTEES

18. GUARANTEES

In certain situations, Tyco has guaranteed the Company’s performance to third parties or has provided financial guarantees for financial commitments of the Company. Tyco and the Company intend to obtain releases from these guarantees in connection with the Spin-Off. In situations where the Company and Tyco are unable to obtain a release, the Company will indemnify Tyco for any losses it suffers as a result of such guarantees.

In disposing of assets or businesses, the Company often provides representations, warranties and indemnities to cover various risks including unknown damage to the assets, environmental risks involved in the sale of real estate, liability to investigate and remediate environmental contamination at waste disposal sites and manufacturing facilities and unidentified tax liabilities and legal fees related to periods prior to disposition. The Company does not have the ability to reasonably estimate the potential liability due to the inchoate and unknown nature of these potential liabilities. However, the Company has no reason to believe that these uncertainties would have a material adverse effect on the Company’s financial position, results of operations or cash flows.

In the normal course of business, the Company is liable for contract completion and product performance. In the opinion of management, such obligations will not significantly affect the Company’s financial position, results of operations or cash flows.

The changes in the carrying amount of the Company’s warranty accrual from September 30, 2011 to June 29, 2012 were as follows ($ in millions):

Balance as of September 30, 2011	$	18
Warranties issued		5
Change in estimates		(1	)
Settlements		(4	)
Currency translation adjustment		(1	)
Balance as of June 29, 2012	$	17

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SUBSEQUENT EVENTS - Additional Information - Activity with respect to stock options (Detail) (Subsequent Event [Member], USD $) In Millions, unless otherwise specified	0 Months Ended
	Sep. 10, 2012
Subsequent Event [Line Items]
Senior notes	$ 900
Senior notes to repay	500
Maximum
Subsequent Event [Line Items]
Cash payment to repay the intercompany note	$ 500

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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Jun. 29, 2012

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Spin-Off / Merger—On September 19, 2011, Tyco International Ltd. announced that its Board of Directors approved a plan to separate Tyco International Ltd. (“Tyco” or “Parent”) into three separate, publicly traded companies (the “Spin-Off”), identifying Tyco Flow Control International Ltd. and the Flow Control Business of Tyco International (the “Company” or “Flow Control”), as one of those three companies. On March 28, 2012, Tyco announced that it entered into a definitive agreement to combine the Company with Pentair, Inc. (“Pentair”) in a tax-free, all-stock merger (“the Merger”), immediately following the spin-off of the flow control business. Upon completion of the Merger, which has been unanimously approved by the Boards of both companies, Tyco shareholders are expected to own approximately 52.5% of the combined company and Pentair shareholders are expected to own approximately 47.5%.

Completion of the separation transactions, including the Merger, is subject to regulatory approvals and customary closing conditions. The distributions, the merger and related transactions are collectively referred to herein as the “2012 Separation”. The Spin-Off is expected to be completed by the end of the third calendar quarter of 2012 through a tax-free pro rata distribution of all of the equity interest in the flow control business to Tyco shareholders. Upon completion of the 2012 Separation, Tyco Flow Control International Ltd. will become the publicly traded company holding all of the Flow Control and Pentair assets.

Effective September 14, 2012, Tyco Flow Control International Ltd. changed its corporate name to Pentair Ltd. Such change is not reflected in the notes to the Combined Financial Statements as they relate to the quarter and nine months ended June 29, 2012 and June 24, 2011.

Basis of Presentation—The Combined Financial Statements include the operations, assets and liabilities of Tyco Flow Control International Ltd., the entity that will be used to effect the separation from Tyco. The Combined Financial Statements also include the combined operations, assets and liabilities of the Flow Control Business of Tyco which are comprised of the legal entities that will be owned by Tyco Flow Control International Ltd. at the time of the Spin-Off. The Combined Financial Statements have been prepared in United States dollars (“USD”), in accordance with generally accepted accounting principles in the United States (“GAAP”). The Combined Financial Statements included herein are unaudited, but in the opinion of management, such financial statements include all adjustments, consisting of normal recurring adjustments, necessary to summarize fairly the Company’s financial position, results of operations and cash flows for the interim periods. The results reported in these Combined Financial Statements should not be taken as indicative of results that may be expected for the entire year. These financial statements should be read in conjunction with the Company’s audited Combined Financial Statements included in our Post-Effective Amendment to the Registration Statement on Form S-1 (the “Form S-1”) previously filed with the Securities and Exchange Commission (the “Commission”) on August 17, 2012.

Additionally, the Combined Financial Statements do not necessarily reflect what the Company’s combined results of operations, financial position and cash flows would have been had the Company operated as an independent, publicly traded company during the periods presented. To the extent that an asset, liability, revenue or expense is directly associated with the Company, it is reflected in the accompanying Combined Financial Statements. General corporate overhead, debt and related interest expense have been allocated by Tyco to the Company. Management believes such allocations are reasonable; however, they may not be indicative of the actual results of the Company had the Company been operating as an independent, publicly traded company for the periods presented or amounts that will be incurred by the Company in the future. Note 7 (“Debt”) provides further information regarding debt related allocations and Note 8 (“Related Party Transactions”) provides further information regarding allocated expenses.

References in the notes to the Combined Financial Statements to 2012 and 2011 are to the Company’s fiscal quarters ending June 29, 2012 and June 24, 2011, respectively, unless otherwise indicated.

The Company has a 52 or 53-week fiscal year that ends on the last Friday in September. Fiscal year 2012 will be a 52-week year, whereas fiscal year 2011 was a 53-week year.

Recently Issued Accounting Pronouncements—In June 2011, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance for the presentation of comprehensive income. The guidance amended the reporting of Other Comprehensive Income (“OCI”) by eliminating the option to present OCI as part of the Combined Statements of Parent Company Equity. The amendment will not impact the accounting for OCI, but only its presentation in the Company’s Combined Financial Statements. The guidance requires that items of net income and OCI be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements which include total net income and its components, consecutively followed by total OCI and its components to arrive at total comprehensive income. In December 2011, the FASB issued authoritative guidance to defer the effective date for those aspects of the guidance relating to the presentation of reclassification adjustments out of accumulated other comprehensive income by component. The guidance must be applied retrospectively and is effective for the Company in the first quarter of fiscal year 2013.

In September 2011, the FASB issued authoritative guidance which expanded and enhanced the existing disclosures related to multi-employer pension and other postretirement benefit plans. The amendments require additional quantitative and qualitative disclosures to provide more detailed information including the significant multi-employer plans in which the Company participates, the level of the Company’s participation and contributions and the financial health and indication of funded status, which will provide users of financial statements with a better understanding of the employer’s involvement in multi-employer benefit plans. The guidance must be applied retrospectively and is effective for the Company for the fiscal year 2012 annual period, with early adoption permitted. The Company is currently assessing what impact, if any, the guidance will have on its annual disclosures.

In September 2011, the FASB issued authoritative guidance which amends the process of testing goodwill for impairment. The guidance permits an entity to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not, defined as having a likelihood of more than fifty percent, that the fair value of a reporting unit is less than its carrying amount. If an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, performing the traditional two step goodwill impairment test is unnecessary. If an entity concludes otherwise, it would be required to perform the first step of the two step goodwill impairment test. If the carrying amount of the reporting unit exceeds its fair value, then the entity is required to perform the second step of the goodwill impairment test. However, an entity has the option to bypass the qualitative assessment in any period and proceed directly to step one of the impairment test. The guidance is effective for the Company for interim and annual impairment testing beginning in the first quarter of fiscal year 2013.

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COMBINED BALANCE SHEETS (USD $) In Millions, unless otherwise specified	Jun. 29, 2012	Sep. 30, 2011
Current Assets:
Cash and cash equivalents	$ 224	$ 122
Accounts receivable trade, less allowance for doubtful accounts of $22 and $23, respectively	692	716
Inventories	864	772
Prepaid expenses and other current assets	182	180
Deferred income taxes	79	79
Total current assets	2,041	1,869
Property, plant and equipment, net	622	607
Goodwill	2,089	2,137
Intangible assets, net	114	127
Other assets	385	404
Total Assets	5,251	5,144
Current Liabilities:
Current maturities of long-term debt, including allocated debt of nil and nil, respectively (see Note 7)
Accounts payable	361	336
Accrued and other current liabilities	519	532
Total current liabilities	880	868
Long-term debt, including allocated debt of $886 and $859, respectively (see Note 7)	901	876
Other liabilities	441	388
Total Liabilities	2,222	2,132
Commitments and contingencies (see Note 10)
Redeemable noncontrolling interest (see Note 12)	95	93
Parent Company Equity:
Parent company investment	2,584	2,430
Accumulated other comprehensive income	350	489
Total Parent Company Equity	2,934	2,919
Total Liabilities, Redeemable Noncontrolling Interest and Parent Company Equity	$ 5,251	$ 5,144

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RETIREMENT PLANS

9 Months Ended

Jun. 29, 2012

RETIREMENT PLANS

11. RETIREMENT PLANS

Defined Benefit Pension Plans—The Company sponsors a number of retirement plans. The following disclosures exclude the impact of plans which are not material individually and in the aggregate. The net periodic benefit cost for the Company’s material U.S. defined pension plans was not material for the quarter and nine months ended June 29, 2012 and June 24, 2011.

The following disclosure pertains to the Company’s material non-U.S. defined benefit pension plans. The net periodic benefit cost for the Company’s material non-U.S. defined pension plans is as follows ($ in millions):

	For the Quarter Ended						For the Nine Months Ended
	June 29, 2012			June 24, 2011			June 29, 2012			June 24, 2011
Service cost	$	1		$	1		$	3		$	3
Interest cost		4			3			10			9
Expected return on plan assets		(3	)		(3	)		(10	)		(9	)
Amortization of net actuarial loss		—			1			1			1
Settlement gain recognized		—			(1	)		—			(1	)
Net periodic benefit cost	$	2		$	1		$	4		$	3

The estimated net actuarial loss for non-U.S. pension benefit plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the current fiscal year is expected to be $2 million.

The Company’s funding policy is to make contributions in accordance with the laws and customs of the various countries in which it operates and to make discretionary voluntary contributions from time-to-time. The Company anticipates that it will contribute at least the minimum required to its pension plans in fiscal year 2012 of $15 million for non-U.S. plans. During the quarter and nine months ended June 29, 2012, the Company made required contributions of $4 million and $13 million, respectively, to its non-U.S. pension plans.

Postretirement Benefit Plans—Net periodic benefit cost was not material for both periods.

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Document and Entity Information	9 Months Ended
	Jun. 29, 2012
Entity Information [Line Items]
Document Type	10-Q/A
Amendment Flag	false
Document Period End Date	Jun. 29, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q3
Entity Registrant Name	Pentair Ltd.
Entity Central Index Key	0001548223
Current Fiscal Year End Date	--09-28
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	120,000,000

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REDEEMABLE NONCONTROLLING INTEREST

9 Months Ended

Jun. 29, 2012

REDEEMABLE NONCONTROLLING INTEREST

12. REDEEMABLE NONCONTROLLING INTEREST

Noncontrolling interests with redemption features, such as put options, that are not solely within the Company’s control are considered redeemable noncontrolling interests. The Company accretes changes in the redemption value through noncontrolling interest in subsidiaries net income attributable to the noncontrolling interest over the period from the date of issuance to the earliest redemption date. Redeemable noncontrolling interest is considered to be temporary equity and is therefore reported in the mezzanine section between liabilities and equity on the Company’s Combined Balance Sheet at the greater of the initial carrying amount increased or decreased for the noncontrolling interest’s share of net income or loss or its redemption value.

Redeemable noncontrolling interest primarily relates to the Company’s acquisition of a 75% ownership interest in KEF Holdings Ltd. (“KEF”) in the fourth quarter of fiscal year 2011. The remaining 25% interest is held by a noncontrolling interest stakeholder. In connection with the acquisition of KEF, the Company and the noncontrolling interest stakeholder have a call and put arrangement, respectively, for the Company to acquire the remaining 25% ownership which becomes exercisable beginning the first full fiscal quarter following the third anniversary of the KEF closing date of June 29, 2011.

The rollforward of redeemable noncontrolling interest from September 30, 2011 to June 29, 2012 is as follows ($ in millions):

Balance as of September 30, 2011	$	93
Net loss		(3	)
Adjustments to redemption value		5
Balance as of June 29, 2012	$	95

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COMBINED BALANCE SHEETS (Parenthetical) (USD $) In Millions, unless otherwise specified	Jun. 29, 2012	Sep. 30, 2011
Accounts receivable trade, allowance for doubtful accounts	$ 22	$ 23
Current maturities of long term debt, allocated debt
Long-term debt, allocated debt	$ 886	$ 859

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GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Jun. 29, 2012

GOODWILL AND INTANGIBLE ASSETS

6. GOODWILL AND INTANGIBLE ASSETS

Annually, in the fiscal fourth quarter, and more frequently if triggering events occur, the Company tests goodwill for impairment by comparing the fair value of each reporting unit with its carrying amount. Fair value for each reporting unit is determined utilizing a discounted cash flow analysis based on the Company’s forecast cash flows discounted using an estimated weighted-average cost of capital of market participants. A market approach is utilized to corroborate the discounted cash flow analysis performed at each reporting unit. If the carrying amount of a reporting unit exceeds its fair value, goodwill is considered potentially impaired. In determining fair value, management relies on and considers a number of factors, including operating results, business plans, economic projections, anticipated future cash flow, comparable market transactions (to the extent available), other market data and the Company’s overall market capitalization.

In the first quarter of 2011, the Company changed its reporting units of its Water & Environmental Systems segment. As a result, the Company assessed the recoverability of the long-lived assets of each of the segment’s two reporting units. The Company concluded that the carrying amounts of its long-lived assets were recoverable. Subsequently, the Company performed the first step of the goodwill impairment test for the reporting units of our Water & Environmental Systems segment.

To perform the first step of the goodwill impairment test, the Company compared the carrying amounts of the reporting units to their estimated fair values. Fair value for each reporting unit was determined utilizing a discounted cash flow analysis based on forecast cash flows (including estimated underlying revenue and operating income growth rates) discounted using an estimated weighted-average cost of capital of market participants. The results of the first step of the goodwill impairment test indicated there was a potential impairment of goodwill in the Systems reporting unit only, as the carrying amount of the reporting unit exceeded its respective fair value. As a result, the Company performed the second step of the goodwill impairment test for this reporting unit by comparing the implied fair value of reporting unit goodwill with the carrying amount of the reporting unit’s goodwill. The results of the second step of the goodwill impairment test indicated that the implied goodwill amount was less than the carrying amount of goodwill for the Systems reporting unit. Accordingly, the Company recorded a non-cash impairment charge of $35 million which was recorded in goodwill impairment in the Company’s Combined Statement of Operations for the nine months ended June 24, 2011.

The changes in the carrying amount of goodwill by segment are as follows ($ in millions):

	As of September 30, 2011			Acquisitions/ Purchase Accounting Adjustments			Divestitures			Currency Translation			As of June 29, 2012
Valves & Controls
Gross Goodwill	$	1,545		$	(1	)		—		$	(33	)	$	1,511
Impairments		—			—			—			—			—
Carrying Amount of Goodwill		1,545			(1	)		—			(33	)		1,511
Thermal Controls
Gross Goodwill		313			—			(1	)		(7	)		305
Impairments		—			—			—			—			—
Carrying Amount of Goodwill		313			—			(1	)		(7	)		305
Water & Environmental Systems
Gross Goodwill		314			—			—			(6	)		308
Impairments		(35	)		—			—			—			(35	)
Carrying Amount of Goodwill		279			—			—			(6	)		273
Total
Gross Goodwill		2,172			(1	)		(1	)		(46	)		2,124
Impairments		(35	)		—			—			—			(35	)
Carrying Amount of Goodwill	$	2,137		$	(1	)	$	(1	)	$	(46	)	$	2,089

	As of September 24, 2010		Acquisitions/ Purchase Accounting Adjustments		Impairments			Divestitures			Currency Translation		As of September 30, 2011
Valves & Controls
Gross Goodwill	$	1,281	$	249	$	—		$	—		$	15	$	1,545
Impairments		—		—		—			—			—		—
Carrying Amount of Goodwill		1,281		249		—			—			15		1,545
Thermal Controls
Gross Goodwill		307		—		—			—			6		313
Impairments		—		—		—			—			—		—
Carrying Amount of Goodwill		307		—		—			—			6		313
Water & Environmental Systems
Gross Goodwill		320		3		—			(14	)		5		314
Impairments		—		—		(35	)		—			—		(35	)
Carrying Amount of Goodwill		320		3		(35	)		(14	)		5		279
Total
Gross Goodwill		1,908		252		—			(14	)		26		2,172
Impairments		—		—		(35	)		—			—		(35	)
Carrying Amount of Goodwill	$	1,908	$	252	$	(35	)	$	(14	)	$	26	$	2,137

The following table sets forth the gross carrying amounts and accumulated amortization of the Company’s intangible assets as of June 29, 2012 and September 30, 2011.

	June 29, 2012				September 30, 2011
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizable:
Contracts and related customer relationships	$	85	$	14	$	87	$	5
Intellectual property		74		37		89		50
Other		6		5		6		5
Total	$	165	$	56	$	182	$	60
Non-Amortizable	$	5			$	5

Intangible asset amortization expense for the quarters ended June 29, 2012 and June 24, 2011 was $4 million and $1 million, respectively. Intangible asset amortization expense for the nine months ended June 29, 2012 and June 24, 2011 was $11 million and $3 million, respectively. As of June 29, 2012, the weighted-average amortization period for contracts and related customer relationships, intellectual property, other and total intangible assets were 11 years, 27 years, 26 years and 17 years, respectively.

The estimated aggregate amortization expense on intangible assets is expected to be approximately $3 million for the remainder of 2012, $11 million for 2013, $10 million for 2014, $10 million for 2015, $10 million for 2016 and $65 million for 2017 and thereafter.

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INCOME TAXES

9 Months Ended

Jun. 29, 2012

INCOME TAXES

5. INCOME TAXES

The Company’s operating results have been included in Tyco’s various consolidated U.S. federal and state income tax returns, as well as included in many of Tyco’s tax filings for non-U.S. jurisdictions. For purposes of the Company’s Combined Financial Statements, income tax expense and deferred tax balances have been recorded as if it filed tax returns on a stand-alone basis separate from Tyco. Additionally, the carve-out financial statements reflect the Company as having the same historic structure of Tyco as a Swiss based company. At the time of the proposed Spin-Off, the Company will be Swiss domiciled. The Separate Return method applies the accounting guidance for income taxes to the stand-alone financial statements as if the Company was a separate taxpayer and a stand-alone enterprise for the periods presented.

Tyco Flow Control International Ltd. a holding company and Swiss resident, is exempt from cantonal and communal income tax in Switzerland, but is subject to Swiss federal income tax. At the federal level, qualifying net dividend income and net capital gains on the sale of qualifying investments in subsidiaries are exempt from Swiss federal income tax. Consequently, Tyco Flow Control International Ltd. expects dividends from its subsidiaries and capital gains from sales of investments in its subsidiaries to be exempt from Swiss federal income tax.

Many of the Company’s uncertain tax positions relate to tax years that remain subject to audit by the taxing authorities in U.S. federal, state and local or foreign jurisdictions. Open tax years in significant jurisdictions are as follows:

Jurisdiction	Years Open To Audit
Australia		2004—2011
Canada		2002—2011
France		2008—2011
Germany		1998—2011
Italy		2004—2011
Switzerland		2002—2011
United States		1997—2011

The unrecognized tax benefits were reduced by $1 million and $5 million during the quarter and nine months ended June 29, 2012, primarily as a result of audit settlements. The Company does not anticipate the total amount of the unrecognized tax benefits to change significantly within the next twelve months.

At each balance sheet date, management evaluates whether it is more likely than not that the Company’s deferred tax assets will be realized and if sufficient future taxable income will be available by assessing current period and projected operating results and other pertinent data. As of June 29, 2012, the Company had recorded deferred tax assets of $127 million, which is comprised of $429 million of gross deferred tax assets net of $302 million valuation allowances.

Undistributed Earnings of Subsidiaries

Except for earnings that are currently distributed, no additional material provision has been made for U.S. or non-U.S. income taxes on the undistributed earnings of subsidiaries or for unrecognized deferred tax liabilities for temporary differences related to investments in subsidiaries, since the earnings are expected to be permanently reinvested, the investments are essentially permanent in duration, or the Company has concluded that no additional tax liability will arise as a result of the distribution of such earnings. A liability could arise if amounts are distributed by such subsidiaries or if such subsidiaries are ultimately disposed. It is not practicable to estimate the additional income taxes related to permanently reinvested earnings or the basis differences related to investments in subsidiaries.

Tax Sharing Agreement and Other Income Tax Matters

In connection with Tyco Flow Control International Ltd.’s separation from Tyco, Tyco Flow Control International Ltd. expects to enter into a tax sharing agreement with Tyco and The ADT Corporation (the “2012 Tax Sharing Agreement”) that will govern the rights and obligations of Tyco Flow Control International Ltd., Tyco and The ADT Corporation for certain pre-Spin-Off tax liabilities, including Tyco’s obligations under the tax sharing agreement that Tyco, Covidien Public Limited Company (“Covidien”) and TE Connectivity Ltd. (“TE Connectivity”) entered into in 2007 (the “2007 Tax Sharing Agreement”). Tyco Flow Control International Ltd. expects that the 2012 Tax Sharing Agreement will provide that Tyco Flow Control International Ltd., Tyco and The ADT Corporation will share (i) certain pre-Spin-Off income tax liabilities that arise from adjustments made by tax authorities to Tyco Flow Control International Ltd.’s, Tyco’s and The ADT Corporation’s U.S. and certain non-U.S. income tax returns, and (ii) payments required to be made by Tyco in respect to the 2007 Tax Sharing Agreement (collectively, “Shared Tax Liabilities”).

In the event the pro-rata distribution of 100% of the outstanding common shares of Tyco Flow Control to Tyco’s shareholders in the form of a special dividend out of Tyco’s qualifying contributed surplus (the “Distribution”), the spin-off of The ADT Corporation, or certain internal transactions undertaken in connection therewith were determined to be taxable as a result of actions taken after the Spin-Off by Tyco Flow Control International Ltd., The ADT Corporation or Tyco, the party responsible for such failure would be responsible for all taxes imposed on Tyco Flow Control International Ltd., The ADT Corporation or Tyco as a result thereof. Taxes resulting from the determination that the Distribution, the spin-off of The ADT Corporation, or any internal transaction is taxable are referred to herein as “Distribution Taxes.” If such failure is not the result of actions taken after the Spin-Off by Tyco Flow Control International Ltd., The ADT Corporation or Tyco, then Tyco Flow Control International Ltd., The ADT Corporation and Tyco would be responsible for any Distribution Taxes imposed on Tyco Flow Control International Ltd., The ADT Corporation or Tyco as a result of such determination in the same manner and in the same proportions as the Shared Tax Liabilities. The ADT Corporation will have sole responsibility for any income tax liability arising as a result of Tyco’s acquisition of Brink’s Home Security Holdings, Inc. (“BHS”) in May 2010, including any liability of BHS under the tax sharing agreement between BHS and The Brink’s Company dated October 31, 2008 (collectively, the “BHS Tax Liabilities”). Costs and expenses associated with the management of these Shared Tax Liabilities, Distribution Taxes and BHS Tax Liabilities will generally be shared 20% by Tyco Flow Control International Ltd., 27.5% by The ADT Corporation and 52.5% by Tyco. Tyco Flow Control International Ltd. is responsible for all of its own taxes that are not shared pursuant to the 2012 Tax Sharing Agreement’s sharing formulae. In addition, Tyco and The ADT Corporation are responsible for their tax liabilities that are not subject to the 2012 Tax Sharing Agreement’s sharing formulae.

The 2012 Tax Sharing Agreement is also expected to provide that, if any party were to default in its obligation to another party to pay its share of the distribution taxes that arise as a result of no party’s fault, each non-defaulting party would be required to pay, equally with any other non-defaulting party, the amounts in default. In addition, if another party to the 2012 Tax Sharing Agreement that is responsible for all or a portion of an income tax liability were to default in its payment of such liability to a taxing authority, Tyco Flow Control International Ltd. could be legally liable under applicable tax law for such liabilities and required to make additional tax payments. Accordingly, under certain circumstances, Tyco Flow Control International Ltd. may be obligated to pay amounts in excess of our agreed-upon share of its, Tyco’s and The ADT Corporation’s tax liabilities.

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PROPERTY, PLANT AND EQUIPMENT

9 Months Ended

Jun. 29, 2012

PROPERTY, PLANT AND EQUIPMENT

17. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following ($ in millions):

	June 29, 2012			September 30, 2011
Land	$	96		$	97
Buildings and leasehold improvements		325			346
Machinery and equipment		863			860
Property under capital leases(1)		1			2
Construction in progress		74			41
Accumulated depreciation(2)		(737	)		(739	)
Property, plant and equipment, net	$	622		$	607

⁽¹⁾  Property under capital leases consists primarily of buildings.

⁽²⁾  Accumulated amortization of capital lease assets was nil and $1 million as of June 29, 2012 and September 30, 2011.

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SHARE PLANS

9 Months Ended

Jun. 29, 2012

SHARE PLANS

13. SHARE PLANS

During the quarter ended December 30, 2011, Tyco issued its annual share-based compensation grants to the Company’s employees. The total number of awards issued was approximately 0.6 million, of which 0.3 million were share options, 0.2 million were restricted unit awards and 0.1 million were performance share unit awards. The options and restricted stock units vest in equal annual installments over a period of 4 years, and the performance share unit awards vest after a period of 3 years based on the level of attainment of the applicable performance metrics of Tyco, which are determined by the Compensation and Human Resources Committee of Tyco’s Board of Directors. The weighted-average grant-date fair value of the share options, restricted unit awards and performance share unit awards was $12.40, $44.32 and $49.42, respectively. The weighted-average assumptions used in the Black-Scholes option pricing model included an expected stock price volatility of 36%, a risk free interest rate of 1.46%, an expected annual dividend per share of $1.00 and an expected option life of 5.7 years.

During the quarter ended December 24, 2010, Tyco issued its annual share-based compensation grants to the Company’s employees. The total number of awards issued was approximately 0.7 million, of which 0.4 million were share options, 0.2 million were restricted unit awards and 0.1 million were performance share unit awards. The options and restricted stock units vest in equal annual installments over a period of 4 years, and the performance share unit awards vest after a period of 3 years based on the level of attainment of the applicable performance metrics of Tyco, which are determined by the Compensation and Human Resources Committee of Tyco’s Board of Directors. The weighted-average grant-date fair value of the share options, restricted unit awards and performance share unit awards was $9.05, $37.29 and $41.95, respectively. The weighted-average assumptions used in the Black-Scholes option pricing model included an expected stock price volatility of 33%, a risk free interest rate of 1.22%, an expected annual dividend per share of $0.84 and an expected option life of 5.1 years.

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FINANCIAL INSTRUMENTS

9 Months Ended

Jun. 29, 2012

FINANCIAL INSTRUMENTS

9. FINANCIAL INSTRUMENTS

The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, debt and derivative financial instruments. The fair value of cash and cash equivalents, accounts receivable and accounts payable approximated book value as of June 29, 2012. The fair value of derivative financial instruments was not material to any of the periods presented. See Note 7 (“Debt”) for the information relating to the fair value of debt.

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SHARE PLANS - Additional Information (Detail) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended
	Dec. 30, 2011	Dec. 24, 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards, issued	0.6	0.7
Fair value assumption, expected stock price volatility	36.00%	33.00%
Fair value assumption, risk-free interest rate	1.46%	1.22%
Fair value assumption, expected option life	5 years 8 months 12 days	5 years 1 month 6 days
Fair value assumption, expected annual dividend, per share	$ 1.00	$ 0.84
Share Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted, options, number	0.3	0.4
Awards granted, options, weighted average grant date fair value	$ 12.40	$ 9.05
Award vesting period	4 years	4 years
Restricted Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years	4 years
Awards granted, options, number	0.2	0.2
Awards granted, other than options, weighted average grant date fair value	$ 44.32	$ 37.29
Performance Share Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted, options, weighted average grant date fair value	$ 49.42	$ 41.95
Award vesting period	3 years	3 years
Awards granted, options, number	0.1	0.1

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DEBT

9 Months Ended

Jun. 29, 2012

DEBT

7. DEBT

Debt as of June 29, 2012 and September 30, 2011 is as follows ($ in millions):

	June 29, 2012		September 30, 2011
Current maturities of long-term debt:
Allocated debt	$	—	$	—
Long-term debt:
Allocated debt		886		859
Capital lease obligations		15		17
Total long-term debt		901		876
Total debt	$	901	$	876

Tyco used a centralized approach to cash management and financing of its operations excluding debt directly incurred by any of its businesses, such as capital lease obligations. Accordingly, Tyco’s consolidated debt and related interest expense, exclusive of amounts incurred directly by the Company, have been allocated to the Company based on an assessment of the Company’s share of external debt using historical data. Interest expense was allocated in the same proportions as debt and includes the impact of interest rate swap agreements designated as fair value hedges. For the quarters ended June 29, 2012 and June 24, 2011, Tyco has allocated to the Company interest expense of $13 million and $11 million, respectively. For the nine months ended June 29, 2012 and June 24, 2011, Tyco has allocated to the Company interest expense of $37 million and $34 million, respectively. The fair value of the Company’s allocated debt was $1,049 million and $996 million as of June 29, 2012 and September 30, 2011, respectively. The fair value of its debt was allocated in the same proportions as Tyco’s external debt.

Management believes the allocation basis for debt and interest expense is reasonable based on an assessment of historical data. However, these amounts may not be indicative of the actual amounts that the Company would have incurred had the Company been operating as an independent, publicly-traded company for the periods presented. The Company or an affiliate expects to issue third-party debt based on an anticipated initial post-separation capital structure for the Company. The amount of debt which could be issued may materially differ from the amounts presented herein.

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RELATED PARTY TRANSACTIONS

9 Months Ended

Jun. 29, 2012

RELATED PARTY TRANSACTIONS

8. RELATED PARTY TRANSACTIONS

Cash Management—Tyco used a centralized approach to cash management and financing of operations. The Company’s cash was available for use and was regularly “swept” by Tyco at its discretion. Transfers of cash both to and from Tyco are included within parent company investment on the Combined Statements of Parent Company Equity. The main components of the net transfers (to)/from Parent are cash pooling and general financing activities, cash transfers for acquisitions, divestitures, investments and various allocations from Tyco.

Trade Activity—Accounts receivable includes $2 million and $3 million of receivables from Tyco affiliates as of June 29, 2012 and September 30, 2011, respectively. These amounts primarily relate to sales of certain products which totaled $3 million and $4 million for the quarters ended June 29, 2012 and June 24, 2011, respectively, and $8 million and $14 million for the nine months ended June 29, 2012 and June 24, 2011, respectively. Associated with the sale of these products were cost of revenue of $2 million and $3 million for the quarters ended June 29, 2012 and June 24, 2011, respectively, and $6 million and $11 million for the nine months ended June 29, 2012 and June 24, 2011, respectively.

Service and Lending Arrangement with Tyco Affiliates—The Company has various debt and cash pool agreements with Tyco affiliates, which are executed outside of the normal Tyco centralized approach to cash management and financing of operations. Other assets include $114 million and $122 million of receivables from Tyco affiliates as of June 29, 2012 and September 30, 2011, respectively. Accrued and other current liabilities include $32 million of payables to Tyco affiliates as of both June 29, 2012 and September 30, 2011, respectively. Other liabilities include $31 million and $41 million of payables to Tyco affiliates as of June 29, 2012 and September 30, 2011, respectively.

Additionally, the Company, Tyco and its affiliates pay for expenses on behalf of each other. Accrued and other current liabilities include $13 million and $11 million of payables to Tyco and its affiliates as of June 29, 2012 and September 30, 2011, respectively.

Interest Income, Net—The Company recognized no interest expense and $2 million and $1 million of interest income associated with the lending arrangements with Tyco affiliates for the quarters ended June 29, 2012 and June 24, 2011, respectively. The Company recognized nil and $1 million of interest expense and $5 million and $4 million of interest income associated with the lending arrangements with Tyco affiliates for the nine months ended June 29, 2012 and June 24, 2011, respectively.

Debt and Related Items—The Company was allocated a portion of Tyco’s consolidated debt and interest expense. Note 7 (“Debt”) provides further information regarding these allocations.

Insurable Liabilities—In fiscal year 2011 and fiscal year 2012, the Company was insured for workers’ compensation, property, product, general and auto liabilities by a captive insurance company that was wholly-owned by Tyco. Tyco has insurance for losses in excess of the captive insurance company policies’ limits through third-party insurance companies. The Company paid a premium in each year to obtain insurance coverage during these periods. Premiums expensed by the Company were $1 million and $3 million for the quarters ended June 29, 2012 and June 24, 2011, respectively. Premiums expensed by the Company were $5 million and $7 million for the nine months ended June 29, 2012 and June 24, 2011, respectively. These amounts are included in the selling, general and administrative expenses in the Combined Statements of Operations for the quarter and nine months ended June 29, 2012 and June 24, 2011.

The Company maintains liabilities related to workers’ compensation, property, product, general and auto liabilities. As of June 29, 2012 and September 30, 2011, the Company had recorded $5 million and $5 million, respectively, in accrued and other current liabilities and $15 million and $16 million, respectively, in other liabilities in the Combined Balance Sheets with offsetting insurance assets of the same amount due from Tyco.

Allocated Expenses—The Company was allocated corporate overhead expenses from Tyco for corporate related functions based on the relative proportion of either the Company’s headcount or net revenue to Tyco’s consolidated headcount or net revenue. Corporate overhead expenses primarily related to centralized corporate functions, including finance, treasury, tax, legal, information technology, internal audit, human resources and risk management functions. During the quarters ended June 29, 2012 and June 24, 2011, the Company was allocated $10 million and $14 million, respectively, of general corporate expenses incurred by Tyco. During the nine months ended June 29, 2012 and June 24, 2011, the Company was allocated $34 million and $41 million, respectively, of general corporate expenses incurred by Tyco. These amounts are included within selling, general and administrative expenses in the Combined Statements of Operations for the quarters and nine months ended June 29, 2012 and June 24, 2011.

Management believes the assumptions and methodologies underlying the allocations of general corporate overhead from Tyco are reasonable. However, such expenses may not be indicative of the actual results of the Company had the Company been operating as an independent, publicly traded company or the amounts that will be incurred by the Company in the future. As a result, the financial information herein may not necessarily reflect the combined financial position, results of operations and cash flows of the Company in the future or what it would have been had the Company been an independent, publicly traded company during the periods presented.

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COMMITMENTS AND CONTINGENCIES

9 Months Ended

Jun. 29, 2012

COMMITMENTS AND CONTINGENCIES

10. COMMITMENTS AND CONTINGENCIES

Environmental Matters

The Company is involved in environmental remediation and legal proceedings related to its current business and, pursuant to certain indemnification obligations, related to a formerly owned business (Mueller). The Company is responsible, or alleged to be responsible, for ongoing environmental investigation and remediation of sites in several countries. These sites are in various stages of investigation and/or remediation and at some of these sites its liability is considered de minimis. The Company has received notification from the U.S. Environmental Protection Agency (“EPA”), and from similar state and non-U.S. environmental agencies, that several sites formerly or currently owned and/or operated by the Company, and other properties or water supplies that may be or have been impacted from those operations, contain disposed or recycled materials or wastes and require environmental investigation and/or remediation. These sites include instances where the Company has been identified as a potentially responsible party under U.S. federal, state and/or non-U.S. environmental laws and regulations.

The Company’s accruals for environmental matters are recorded on a site-by-site basis when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated, based on current law and existing technologies. It can be difficult to estimate reliably the final costs of investigation and remediation due to various factors. In the Company’s opinion, the total amount accrued is appropriate based on facts and circumstances as currently known. Based upon the Company’s experience, current information regarding known contingencies and applicable laws, the Company concluded that it is probable that it would incur remedial costs in the range of approximately $10 million to $33 million as of June 29, 2012. As of June 29, 2012, the Company concluded that the best estimate within this range is approximately $14 million, of which $9 million is included in accrued and other current liabilities and $5 million is included in other liabilities in the Combined Balance Sheet. The Company does not anticipate that these environmental conditions will have a material adverse effect on its combined financial position, results of operations or cash flows. However, unknown conditions or new details about existing conditions may give rise to environmental liabilities that could have a material adverse effect on the Company in the future.

Asbestos Matters

The Company and certain of its subsidiaries along with numerous other companies are named as defendants in personal injury lawsuits based on alleged exposure to asbestos-containing materials. These cases typically involve product liability claims based primarily on allegations of manufacture, sale or distribution of industrial products that either contained asbestos or were attached to or used with asbestos-containing components manufactured by third-parties. Each case typically names between dozens to hundreds of corporate defendants. While the Company has observed an increase in the number of these lawsuits over the past several years, including lawsuits by plaintiffs with mesothelioma-related claims, a large percentage of these suits have not presented viable legal claims and, as a result, have been dismissed by the courts. The Company’s strategy has been to mount a vigorous defense aimed at having unsubstantiated suits dismissed, and, where appropriate, settling suits before trial. Although a large percentage of litigated suits have been dismissed, the Company cannot predict the extent to which it will be successful in resolving lawsuits in the future.

As of June 29, 2012, there were approximately 1,600 lawsuits pending against the Company, its subsidiaries or entities for which the Company had assumed responsibility. Each lawsuit typically includes several claims, and the Company has approximately 2,200 claims outstanding as of June 29, 2012. This amount is not adjusted for claims that are not actively being prosecuted, identified incorrect defendants, or duplicated other actions, which would ultimately reflect the Company’s current estimate of the number of viable claims made against it, its affiliates, or entities for which it has assumed responsibility in connection with acquisitions or divestitures.

Annually, during the Company’s third quarter, the Company performs an analysis with the assistance of outside counsel and other experts to update its estimated asbestos-related assets and liabilities. In addition, on a quarterly basis, the Company re-evaluates the assumptions used to perform the annual analysis and records an expense as necessary to reflect changes in its estimated liability and related insurance asset. The Company’s estimate of the liability and corresponding insurance recovery for pending and future claims and defense costs is based on the Company’s historical claim experience, and estimates of the number and resolution cost of potential future claims that may be filed. The Company’s legal strategy for resolving claims also impacts these estimates. The Company considers various trends and developments in evaluating the period of time (the look-back period) over which historical claim and settlement experience is used to estimate and value claims reasonably projected to be made in the future during a defined period of time (the look-forward period). As part of the Company’s annual valuation process in the third quarter of fiscal year 2012, the Company determined that a look-back period of three years was more appropriate than a five-year period because the Company has experienced a higher and more consistent level of claims activity and settlement costs in the past three years. As a result, the Company believes a three year look-back period is more representative of future claim and settlement activity than the five year period it previously used. The Company also revised its look-forward period from seven years to fifteen years. The Company’s decision to revise its look-forward period was primarily based on improvements in the consistency of observable data and the Company’s more extensive experience with asbestos claims since the look-forward period was originally established in 2005. The Company believes it can make a more reliable estimate of pending and future claims beyond seven years. The Company believes valuation of pending claims and future claims to be filed over the next fifteen years produces a reasonable estimate of its asbestos liability, which it records in the combined financial statements on an undiscounted basis.

The Company’s estimate of asbestos-related insurance recoveries represents estimated amounts due to the Company for previously paid and settled claims and the probable reimbursements relating to its estimated liability for pending and future claims. In determining the amount of insurance recoverable, the Company considers a number of factors, including available insurance, allocation methodologies, and the solvency and creditworthiness of insurers.

As a result of the activity described above, the Company recorded a net charge of $13 million during the quarter ended June 29, 2012. As of June 29, 2012, the Company’s estimated net liability of $12 million was recorded within the Company’s Combined Balance Sheet as a liability for pending and future claims and related defense costs of $76 million, and separately as an asset for insurance recoveries of $64 million. Similarly, as of September 30, 2011, the Company’s estimated net liability of $3 million was recorded within the Company’s Combined Balance Sheet as a liability for pending and future claims and related defense costs of $27 million, and separately as an asset for insurance recoveries of $24 million.

The amounts recorded by the Company for asbestos-related liabilities and insurance-related assets are based on the Company’s strategies for resolving its asbestos claims and currently available information as well as estimates and assumptions. Key variables and assumptions include the number and type of new claims that are filed each year, the average cost of resolution of claims, the resolution of coverage issues with insurance carriers, amount of insurance and the solvency risk with respect to the Company’s insurance carriers. Furthermore, predictions with respect to these variables are subject to greater uncertainty in the later portion of the projection period. Other factors that may affect the Company’s liability and cash payments for asbestos-related matters include uncertainties surrounding the litigation process from jurisdiction to jurisdiction and from case to case, reforms of state or federal tort legislation and the applicability of insurance policies among subsidiaries. As a result, actual liabilities or insurance recoveries could be significantly higher or lower than those recorded if assumptions used in the Company’s calculations vary significantly from actual results.

Income Tax Matters

As discussed above in Note 5 (“Income Taxes”), the 2012 Tax Sharing Agreement will govern the rights and obligations of Tyco Flow Control International Ltd., Tyco and The ADT Corporation for certain tax liabilities with respect to periods or portions thereof ending on or before the date of the Spin-Off. Tyco Flow Control International Ltd. is responsible for all of its own taxes that are not shared pursuant to the 2012 Tax Sharing Agreement’s sharing formulae. In addition, Tyco and The ADT Corporation are responsible for their tax liabilities that are not subject to the 2012 Tax Sharing Agreement’s sharing formulae.

With respect to years prior to and including the 2007 separation of Covidien and TE Connectivity by Tyco, tax authorities have raised issues and proposed tax adjustments that are generally subject to the sharing provisions of the 2007 Tax Sharing Agreement and which may require Tyco to make a payment to a taxing authority, Covidien or TE Connectivity. Tyco has recorded a liability of $406 million as of June 29, 2012 which it has assessed and believes is adequate to cover the payments that Tyco may be required to make under the 2007 Tax Sharing Agreement. Tyco is reviewing and contesting certain of the proposed tax adjustments.

With respect to adjustments raised by the IRS, although Tyco has resolved a substantial number of these adjustments, a few significant items remain open with respect to the audit of the 1997 through 2004 years. As of the date hereof, it is unlikely that Tyco will be able to resolve all the open items, which primarily involve the treatment of certain intercompany debt issued during the period, through the IRS appeals process. As a result, Tyco expects to litigate these matters once it receives the requisite statutory notices from the IRS, which may occur as soon as within the next three months. However, the ultimate resolution of these matters is uncertain and could result in Tyco being responsible for a greater amount than it expects under the 2007 Tax Sharing Agreement. To the extent Tyco Flow Control International Ltd., is responsible for any Shared Tax Liability or Distribution Tax, there could be a material adverse impact on its financial position, results of operations, cash flows or its effective tax rate in future reporting periods.

Compliance Matters

As disclosed in Tyco’s periodic filings, Tyco has received and responded to various allegations and other information that certain improper payments were made by Tyco’s subsidiaries (including subsidiaries of the Company) in recent years. Tyco has reported to the Department of Justice (“DOJ”) and the SEC the investigative steps and remedial measures that Tyco has taken in response to these and other allegations and Tyco’s internal investigations, including retaining outside counsel to perform a baseline review of Tyco’s policies, controls and practices with respect to compliance with the Foreign Corrupt Practices Act (“FCPA”). Tyco has continued to investigate and make periodic progress reports to these agencies regarding Tyco’s compliance efforts and Tyco’s follow-up investigations, including, as appropriate, briefings concerning additional instances of potential improper conduct identified by Tyco in the course of Tyco’s ongoing compliance activities. In February 2010, Tyco initiated discussions with the DOJ and SEC aimed at resolving these matters, including matters that pertain to subsidiaries of the Company. These discussions remain ongoing. The Company has recorded its best estimate of potential loss related to these matters. However, it is possible that this estimate may differ from the ultimate loss determined in connection with the resolution of this matter, and the Company may be required to pay material fines, consent to injunctions on future conduct, consent to the imposition of a compliance monitor, or suffer other criminal or civil penalties or adverse impacts, including being subject to lawsuits brought by private litigants, each of which may have a material adverse effect on its financial position, results of operations or cash flows.

In addition to the matters described above, from time to time, the Company is subject to disputes, administrative proceedings and other claims arising out of the normal conduct of its business. These matters generally relate to disputes arising out of the use or installation of its products, product liability litigation, personal injury claims, commercial and contract disputes and employment related matters. On the basis of information currently available to it, management does not believe that existing proceedings and claims will have a material impact on the Company’s Combined Financial Statements. However, litigation is unpredictable, and the Company could incur judgments or enter into settlements for current or future claims that could adversely affect its financial statements.

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COMBINED SEGMENT DATA - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	9 Months Ended	12 Months Ended	9 Months Ended
	Jun. 24, 2011	Sep. 30, 2011	Jun. 29, 2012 Maximum
Segment Reporting Information [Line Items]
Maximum percentage of revenue by a single customer			10.00%
Goodwill impairment charge	$ 35	$ 35

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Components of Property, Plant and Equipment (Detail) (USD $) In Millions, unless otherwise specified	Jun. 29, 2012		Sep. 30, 2011
Property, Plant and Equipment [Line Items]
Accumulated amortization of capital lease assets	$ (737)	[1]	$ (739)	[1]
Property, plant and equipment, net	622		607
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	96		97
Building and Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	325		346
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	863		860
Property Under Capital Leases
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1	[2]	2	[2]
Accumulated amortization of capital lease assets	0		1
Construction in Progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 74		$ 41

[1] Accumulated amortization of capital lease assets was nil and $1 million as of June 29, 2012 and September 30, 2011.

[2] Property under capital leases consists primarily of buildings.

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Net Revenue and Operating Income (Loss), by Segment (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended				9 Months Ended
	Jun. 29, 2012		Jun. 24, 2011		Jun. 29, 2012		Jun. 24, 2011
Segment Reporting Information [Line Items]
Net revenue	$ 983		$ 930		$ 2,907		$ 2,564
Operating income	87		85		279		204
Valves and Controls
Segment Reporting Information [Line Items]
Net revenue	605	[1]	577	[1]	1,771	[1]	1,552	[1]
Operating income	85		78		224		184
Thermal Controls
Segment Reporting Information [Line Items]
Net revenue	176		178		612		517
Operating income	18		15		99		78
Water and Environmental Systems
Segment Reporting Information [Line Items]
Net revenue	202		175		524		495
Operating income	14	[2]	14	[2]	33	[2]	3	[2]
Corporate
Segment Reporting Information [Line Items]
Operating income	$ (30)		$ (22)		$ (77)		$ (61)

[1] Revenue by operating segment excludes intercompany transactions. No single customer represents more than 10% of net revenue.

[2] Operating income includes a goodwill impairment charge of $35 million for the nine months ended June 24, 2011.

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ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

9 Months Ended

Jun. 29, 2012

Components of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income are as follows ($ in millions):

	Currency Translation Adjustments(1)			Retirement Plans			Accumulated Other Comprehensive Income (Loss)
Balance as of September 24, 2010	$	652		$	(65	)	$	587
Pre-tax current period change		213			1			214
Divestiture of businesses		(126	)		—			(126	)
Balance as of June 24, 2011	$	739		$	(64	)	$	675

	Currency Translation Adjustments(1)			Retirement Plans			Accumulated Other Comprehensive Income (Loss)
Balance as of September 30, 2011	$	556		$	(67	)	$	489
Pre-tax current period change		(140	)		1			(139	)
Balance as of June 29, 2012	$	416		$	(66	)	$	350

⁽¹⁾  During the nine months ended June 29, 2012 and June 24, 2011, nil and $126 million of cumulative translation gain, respectively, were transferred from currency translation adjustments as a result of the sale of non-U.S. entities. Of these amounts, nil and $126 million, respectively, are included in income from discontinued operations, net of income taxes in the Combined Statements of Operations.

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GOODWILL AND INTANGIBLE ASSETS - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Jun. 29, 2012	Jun. 24, 2011	Jun. 29, 2012	Jun. 24, 2011
Intangible Assets Excluding Goodwill [Line Items]
Intangible asset amortization expense	$ 4	$ 1	$ 11	$ 3
Weighted-average amortization period (in years)			17 years
Estimated aggregate amortization expense (remainder of 2012)	3		3
Estimated aggregate amortization expense, 2013			11
Estimated aggregate amortization expense, 2014			10
Estimated aggregate amortization expense, 2015			10
Estimated aggregate amortization expense, 2016			10
Estimated aggregate amortization expense, 2017 and thereafter			$ 65
Contracts and Related Customer Relationships
Intangible Assets Excluding Goodwill [Line Items]
Weighted-average amortization period (in years)			11 years
Intellectual Property
Intangible Assets Excluding Goodwill [Line Items]
Weighted-average amortization period (in years)			27 years
Other
Intangible Assets Excluding Goodwill [Line Items]
Weighted-average amortization period (in years)			26 years

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COMBINED SEGMENT DATA

9 Months Ended

Jun. 29, 2012

COMBINED SEGMENT DATA

15. COMBINED SEGMENT DATA

Segment information is consistent with how management reviews the businesses, makes investing and resource allocation decisions and assesses operating performance. The Company, from time to time, may realign businesses and management responsibility within its operating segments based on considerations such as opportunity for market or operating synergies and/or to more fully leverage existing capabilities and enhance development for future products and services. Selected information by segment is presented in the following tables ($ in millions):

	For the Quarters Ended				For the Nine Months Ended
	June 29, 2012		June 24, 2011		June 29, 2012		June 24, 2011
Net revenue (1)
Valves & Controls	$	605	$	577	$	1,771	$	1,552
Thermal Controls		176		178		612		517
Water & Environmental Systems		202		175		524		495
Total	$	983	$	930	$	2,907	$	2,564

⁽¹⁾  Revenue by operating segment excludes intercompany transactions. No single customer represents more than 10% of net revenue.

	For the Quarters Ended						For the Nine Months Ended
	June 29, 2012			June 24, 2011			June 29, 2012			June 24, 2011
Operating income (loss)
Valves & Controls	$	85		$	78		$	224		$	184
Thermal Controls		18			15			99			78
Water & Environmental Systems (1)		14			14			33			3
Corporate		(30	)		(22	)		(77	)		(61	)
Total	$	87		$	85		$	279		$	204

⁽¹⁾  Operating income includes a goodwill impairment charge of $35 million for the nine months ended June 24, 2011.

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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Jun. 29, 2012

Spin Off Merger

Spin-Off / Merger—On September 19, 2011, Tyco International Ltd. announced that its Board of Directors approved a plan to separate Tyco International Ltd. (“Tyco” or “Parent”) into three separate, publicly traded companies (the “Spin-Off”), identifying Tyco Flow Control International Ltd. and the Flow Control Business of Tyco International (the “Company” or “Flow Control”), as one of those three companies. On March 28, 2012, Tyco announced that it entered into a definitive agreement to combine the Company with Pentair, Inc. (“Pentair”) in a tax-free, all-stock merger (“the Merger”), immediately following the spin-off of the flow control business. Upon completion of the Merger, which has been unanimously approved by the Boards of both companies, Tyco shareholders are expected to own approximately 52.5% of the combined company and Pentair shareholders are expected to own approximately 47.5%.

Completion of the separation transactions, including the Merger, is subject to regulatory approvals and customary closing conditions. The distributions, the merger and related transactions are collectively referred to herein as the “2012 Separation”. The Spin-Off is expected to be completed by the end of the third calendar quarter of 2012 through a tax-free pro rata distribution of all of the equity interest in the flow control business to Tyco shareholders. Upon completion of the 2012 Separation, Tyco Flow Control International Ltd. will become the publicly traded company holding all of the Flow Control and Pentair assets.

Effective September 14, 2012, Tyco Flow Control International Ltd. changed its corporate name to Pentair Ltd. Such change is not reflected in the notes to the Combined Financial Statements as they relate to the quarter and nine months ended June 29, 2012 and June 24, 2011.

Basis of Presentation

Basis of Presentation—The Combined Financial Statements include the operations, assets and liabilities of Tyco Flow Control International Ltd., the entity that will be used to effect the separation from Tyco. The Combined Financial Statements also include the combined operations, assets and liabilities of the Flow Control Business of Tyco which are comprised of the legal entities that will be owned by Tyco Flow Control International Ltd. at the time of the Spin-Off. The Combined Financial Statements have been prepared in United States dollars (“USD”), in accordance with generally accepted accounting principles in the United States (“GAAP”). The Combined Financial Statements included herein are unaudited, but in the opinion of management, such financial statements include all adjustments, consisting of normal recurring adjustments, necessary to summarize fairly the Company’s financial position, results of operations and cash flows for the interim periods. The results reported in these Combined Financial Statements should not be taken as indicative of results that may be expected for the entire year. These financial statements should be read in conjunction with the Company’s audited Combined Financial Statements included in our Post-Effective Amendment to the Registration Statement on Form S-1 (the “Form S-1”) previously filed with the Securities and Exchange Commission (the “Commission”) on August 17, 2012.

Additionally, the Combined Financial Statements do not necessarily reflect what the Company’s combined results of operations, financial position and cash flows would have been had the Company operated as an independent, publicly traded company during the periods presented. To the extent that an asset, liability, revenue or expense is directly associated with the Company, it is reflected in the accompanying Combined Financial Statements. General corporate overhead, debt and related interest expense have been allocated by Tyco to the Company. Management believes such allocations are reasonable; however, they may not be indicative of the actual results of the Company had the Company been operating as an independent, publicly traded company for the periods presented or amounts that will be incurred by the Company in the future. Note 7 (“Debt”) provides further information regarding debt related allocations and Note 8 (“Related Party Transactions”) provides further information regarding allocated expenses.

References in the notes to the Combined Financial Statements to 2012 and 2011 are to the Company’s fiscal quarters ending June 29, 2012 and June 24, 2011, respectively, unless otherwise indicated.

The Company has a 52 or 53-week fiscal year that ends on the last Friday in September. Fiscal year 2012 will be a 52-week year, whereas fiscal year 2011 was a 53-week year.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements—In June 2011, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance for the presentation of comprehensive income. The guidance amended the reporting of Other Comprehensive Income (“OCI”) by eliminating the option to present OCI as part of the Combined Statements of Parent Company Equity. The amendment will not impact the accounting for OCI, but only its presentation in the Company’s Combined Financial Statements. The guidance requires that items of net income and OCI be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements which include total net income and its components, consecutively followed by total OCI and its components to arrive at total comprehensive income. In December 2011, the FASB issued authoritative guidance to defer the effective date for those aspects of the guidance relating to the presentation of reclassification adjustments out of accumulated other comprehensive income by component. The guidance must be applied retrospectively and is effective for the Company in the first quarter of fiscal year 2013.

In September 2011, the FASB issued authoritative guidance which expanded and enhanced the existing disclosures related to multi-employer pension and other postretirement benefit plans. The amendments require additional quantitative and qualitative disclosures to provide more detailed information including the significant multi-employer plans in which the Company participates, the level of the Company’s participation and contributions and the financial health and indication of funded status, which will provide users of financial statements with a better understanding of the employer’s involvement in multi-employer benefit plans. The guidance must be applied retrospectively and is effective for the Company for the fiscal year 2012 annual period, with early adoption permitted. The Company is currently assessing what impact, if any, the guidance will have on its annual disclosures.

In September 2011, the FASB issued authoritative guidance which amends the process of testing goodwill for impairment. The guidance permits an entity to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not, defined as having a likelihood of more than fifty percent, that the fair value of a reporting unit is less than its carrying amount. If an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, performing the traditional two step goodwill impairment test is unnecessary. If an entity concludes otherwise, it would be required to perform the first step of the two step goodwill impairment test. If the carrying amount of the reporting unit exceeds its fair value, then the entity is required to perform the second step of the goodwill impairment test. However, an entity has the option to bypass the qualitative assessment in any period and proceed directly to step one of the impairment test. The guidance is effective for the Company for interim and annual impairment testing beginning in the first quarter of fiscal year 2013.

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Rollforward of Goodwill by Segment (Detail) (USD $) In Millions, unless otherwise specified	9 Months Ended		12 Months Ended
	Jun. 29, 2012	Jun. 24, 2011	Sep. 30, 2011
Goodwill [Line Items]
Beginning balance	$ 2,137
Acquisitions/Purchase Accounting Adjustments	(1)		252
Impairments		(35)	(35)
Divestitures	(1)		(14)
Currency Translation	(46)		26
Ending balance	2,089		2,137
Gross Goodwill
Goodwill [Line Items]
Beginning balance	2,172
Acquisitions/Purchase Accounting Adjustments	(1)		252
Divestitures	(1)		(14)
Currency Translation	(46)		26
Ending balance	2,124		2,172
Impairments
Goodwill [Line Items]
Impairments			(35)
Ending balance	(35)		(35)
Valves and Controls
Goodwill [Line Items]
Beginning balance	1,545
Acquisitions/Purchase Accounting Adjustments	(1)		249
Currency Translation	(33)		15
Ending balance	1,511		1,545
Valves and Controls | Gross Goodwill
Goodwill [Line Items]
Beginning balance	1,545
Acquisitions/Purchase Accounting Adjustments	(1)		249
Currency Translation	(33)		15
Ending balance	1,511		1,545
Thermal Controls
Goodwill [Line Items]
Beginning balance	313
Divestitures	(1)
Currency Translation	(7)		6
Ending balance	305		313
Thermal Controls | Gross Goodwill
Goodwill [Line Items]
Beginning balance	313
Divestitures	(1)
Currency Translation	(7)		6
Ending balance	305		313
Water and Environmental Systems
Goodwill [Line Items]
Beginning balance	279
Acquisitions/Purchase Accounting Adjustments			3
Impairments			(35)
Divestitures			(14)
Currency Translation	(6)		5
Ending balance	273		279
Water and Environmental Systems | Gross Goodwill
Goodwill [Line Items]
Beginning balance	314
Acquisitions/Purchase Accounting Adjustments			3
Divestitures			(14)
Currency Translation	(6)		5
Ending balance	308		314
Water and Environmental Systems | Impairments
Goodwill [Line Items]
Impairments			(35)
Ending balance	$ (35)		$ (35)

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Schedule of Income Statement Information for Discontinued Operations (Detail) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Jun. 24, 2011
Divestitures [Line Items]
Net revenue	$ 3
Pre-tax loss from discontinued operations	(5)
Pre-tax income on sale of discontinued operations	171
Income tax benefit	2
Income from discontinued operations, net of income taxes	$ 168

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COMBINED STATEMENTS OF CASH FLOWS (USD $) In Millions, unless otherwise specified	9 Months Ended
	Jun. 29, 2012	Jun. 24, 2011
Cash Flows From Operating Activities:
Net income attributable to Parent Company Equity	$ 151	$ 266
Noncontrolling interest in subsidiaries net income	2
Income from discontinued operations, net of income taxes		(168)
Income from continuing operations	153	98
Adjustments to reconcile net cash provided by (used in) operating activities:
Depreciation and amortization	62	50
Goodwill impairment		35
Deferred income taxes	97	79
Provision for losses on accounts receivable and inventory	8	1
Other non-cash items	14	9
Changes in assets and liabilities, net of the effects of acquisitions and divestitures:
Accounts receivable		(37)
Inventories	(141)	(103)
Prepaid expenses and other current assets	(1)	(19)
Accounts payable	42	35
Accrued and other liabilities	(14)	(23)
Income taxes payable	(28)	(44)
Deferred revenue	2	7
Other	(25)	(17)
Net cash provided by operating activities	169	71
Net cash used in discontinued operating activities		(11)
Cash Flows From Investing Activities:
Capital expenditures	(86)	(52)
Proceeds from sale of fixed assets	5	3
Acquisition of businesses, net of cash acquired		(7)
Other	3	4
Net cash used in investing activities	(78)	(52)
Net cash provided by discontinued investing activities		259
Cash Flows From Financing Activities:
Allocated debt activity	27	26
Change in due to (from) Tyco and affiliates	(2)	(70)
Change in parent company investment	(10)	(261)
Transfers from discontinued operations		248
Other	(1)	2
Net cash provided by (used in) financing activities	14	(55)
Net cash used in discontinued financing activities		(248)
Effect of currency translation on cash	(3)	7
Net increase (decrease) in cash and cash equivalents	102	(29)
Cash and cash equivalents at beginning of year	122	146
Cash and cash equivalents at end of year	$ 224	$ 117

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ACQUISITIONS

9 Months Ended

Jun. 29, 2012

ACQUISITIONS

4. ACQUISITIONS

Fiscal Year 2012

During the quarter and nine months ended June 29, 2012, there were no acquisitions made by the Company.

Fiscal Year 2011

During the quarter and nine months ended June 24, 2011, cash paid for acquisitions included in continuing operations totaled nil and $7 million, respectively. The acquisition of Supavac was made by the Company’s Water and Environmental segment during the second quarter of fiscal year 2011. Supavac is a manufacturer of vacuum loading solids pumps for management of concentrates and residues.

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REDEEMABLE NONCONTROLLING INTEREST - Additional Information (Detail) (KEF Holdings Inc)	9 Months Ended
	Jun. 29, 2012 Quarters Year	Sep. 30, 2011
KEF Holdings Inc
Redeemable Noncontrolling Interest [Line Items]
Ownership interest in subsidiary (as a percent)		75.00%
Ownership interest of non-controlling owners (as a percent)	25.00%
Beginning of the exercisable term of remaining noncontrolling interest acquired	1
Ending of the exercisable term of remaining noncontrolling interest acquired	3

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DIVESTITURES (Tables)

9 Months Ended

Jun. 29, 2012

Schedule of Income Statement Information for Discontinued Operations

Net revenue, pre-tax loss from discontinued operations, pre-tax income on sale of discontinued operations, income tax benefit and income from discontinued operations, net of income taxes are as follows ($ millions):

	For the Nine Months Ended
	June 24, 2011
Net revenue	$	3
Pre-tax loss from discontinued operations	$	(5	)
Pre-tax income on sale of discontinued operations		171
Income tax benefit		2
Income from discontinued operations, net of income taxes	$	168

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GUARANTEES (Tables)

9 Months Ended

Jun. 29, 2012

Product Warranty Accrual

The changes in the carrying amount of the Company’s warranty accrual from September 30, 2011 to June 29, 2012 were as follows ($ in millions):

Balance as of September 30, 2011	$	18
Warranties issued		5
Change in estimates		(1	)
Settlements		(4	)
Currency translation adjustment		(1	)
Balance as of June 29, 2012	$	17

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ACCUMULATED OTHER COMPREHENSIVE INCOME

9 Months Ended

Jun. 29, 2012

ACCUMULATED OTHER COMPREHENSIVE INCOME

14. ACCUMULATED OTHER COMPREHENSIVE INCOME

The components of accumulated other comprehensive income are as follows ($ in millions):

	Currency Translation Adjustments(1)			Retirement Plans			Accumulated Other Comprehensive Income (Loss)
Balance as of September 24, 2010	$	652		$	(65	)	$	587
Pre-tax current period change		213			1			214
Divestiture of businesses		(126	)		—			(126	)
Balance as of June 24, 2011	$	739		$	(64	)	$	675

	Currency Translation Adjustments(1)			Retirement Plans			Accumulated Other Comprehensive Income (Loss)
Balance as of September 30, 2011	$	556		$	(67	)	$	489
Pre-tax current period change		(140	)		1			(139	)
Balance as of June 29, 2012	$	416		$	(66	)	$	350

⁽¹⁾  During the nine months ended June 29, 2012 and June 24, 2011, nil and $126 million of cumulative translation gain, respectively, were transferred from currency translation adjustments as a result of the sale of non-U.S. entities. Of these amounts, nil and $126 million, respectively, are included in income from discontinued operations, net of income taxes in the Combined Statements of Operations.

Other

The Company had $1.0 billion and $1.2 billion of intercompany loans designated as permanent in nature as of June 29, 2012 and September 30, 2011, respectively. For the nine months ended June 29, 2012 and June 24, 2011, the Company recorded a $20 million cumulative translation loss and an $87 million cumulative translation gain, respectively, through accumulated other comprehensive income related to these loans.