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Supplemental Guarantor Information
 9 Months Ended
Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplemental Guarantor Information
Supplemental Guarantor Information
Pentair plc (the “Parent Company Guarantor”) and PISG (the “Subsidiary Guarantor”), fully and unconditionally, guarantee the Notes of PFSA (the “Subsidiary Issuer”). The Subsidiary Guarantor is a Switzerland limited liability company and 100 percent-owned subsidiary of the Parent Company Guarantor. The Subsidiary Issuer is a Luxembourg private limited liability company and 100 percent-owned subsidiary of the Subsidiary Guarantor. The guarantees provided by the Parent Company Guarantor and Subsidiary Guarantor are joint and several.
The following supplemental financial information sets forth the Company’s Condensed Consolidating Statement of Operations and Comprehensive Income (Loss), Condensed Consolidating Balance Sheets and Condensed Consolidating Statement of Cash Flows by relevant group within the Company: Pentair plc and PISG as the guarantors, PFSA as issuer of the debt and all other non-guarantor subsidiaries. Condensed consolidating financial information for Pentair plc, PISG and PFSA on a stand-alone basis is presented using the equity method of accounting for subsidiaries.
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
Three months ended September 30, 2018
In millions
Parent
Company
Guarantor
Subsidiary
Guarantor
Subsidiary
Issuer
Non-guarantor
Subsidiaries
Eliminations
Consolidated
Total
Net sales
$
—

$
—

$
—

$
711.4

$
—

$
711.4

Cost of goods sold
—

—

—

467.6

—

467.6

Gross profit
—

—

—

243.8

—

243.8

Selling, general and administrative
2.3

—

0.2

113.8

—

116.3

Research and development
—

—

—

19.1

—

19.1

Operating (loss) income
(2.3
)
—

(0.2
)
110.9

—

108.4

Loss (earnings) from continuing operations of investment in subsidiaries
(93.5
)
(93.3
)
(69.5
)
—

256.3

—

Other (income) expense:
 
 
 
 
 
 
Loss on sale of business
—

—

—

0.2

—

0.2

Net interest (income) expense
—

(0.2
)
1.7

2.8

—

4.3

Other expense
—

—

—

2.1

—

2.1

Income (loss) from continuing operations before income taxes
91.2

93.5

67.6

105.8

(256.3
)
101.8

Provision for income taxes
—

—

—

10.6

—

10.6

Net income (loss) from continuing operations
91.2

93.5

67.6

95.2

(256.3
)
91.2

Income from discontinued operations, net of tax
—

—

—

18.9

—

18.9

(Loss) earnings from discontinued operations of investment in subsidiaries
18.9

18.9

18.9

—

(56.7
)
—

Net income (loss)
$
110.1

$
112.4

$
86.5

$
114.1

$
(313.0
)
$
110.1

Comprehensive income (loss), net of tax
 
 
 
 
 
 
Net income (loss)
$
110.1

$
112.4

$
86.5

$
114.1

$
(313.0
)
$
110.1

Changes in cumulative translation adjustment
(2.1
)
(2.1
)
(2.1
)
(2.1
)
6.3

(2.1
)
Changes in market value of derivative financial instruments, net of tax
(1.0
)
(1.0
)
(1.0
)
(1.0
)
3.0

(1.0
)
Comprehensive income (loss)
$
107.0

$
109.3

$
83.4

$
111.0

$
(303.7
)
$
107.0

Condensed Consolidating Balance Sheet
September 30, 2018
In millions
Parent
Company
Guarantor
Subsidiary
Guarantor
Subsidiary
Issuer
Non-guarantor
Subsidiaries
Eliminations
Consolidated
Total
Assets
Current assets
 
 
 
 
 
 
Cash and cash equivalents
$
0.1

$
—

$
0.1

$
64.5

$
—

$
64.7

Accounts and notes receivable, net
—

—

1.8

400.6

—

402.4

Inventories
—

—

—

387.3

—

387.3

Other current assets
14.3

—

7.1

124.5

(10.7
)
135.2

Total current assets
14.4

—

9.0

976.9

(10.7
)
989.6

Property, plant and equipment, net
—

—

—

274.2

—

274.2

Other assets
 
 
 
 
 
 
Investments in subsidiaries
1,908.9

1,840.2

2,476.5

—

(6,225.6
)
—

Goodwill
—

—

—

2,097.0

—

2,097.0

Intangibles, net
—

—

—

289.4

—

289.4

Other non-current assets
23.4

69.1

672.9

726.8

(1,332.9
)
159.3

Total other assets
1,932.3

1,909.3

3,149.4

3,113.2

(7,558.5
)
2,545.7

Total assets
$
1,946.7

$
1,909.3

$
3,158.4

$
4,364.3

$
(7,569.2
)
$
3,809.5

Liabilities and Equity
Current liabilities
 
 
 
 
 
 
Accounts payable
$
2.0

$
—

$
—

$
259.3

$
—

$
261.3

Employee compensation and benefits
0.5

—

—

84.5

—

85.0

Other current liabilities
42.1

0.4

4.3

325.0

(10.7
)
361.1

Total current liabilities
44.6

0.4

4.3

668.8

(10.7
)
707.4

Other liabilities
 
 
 
 
 
 
Long-term debt
—

—

1,314.1

817.6

(1,332.9
)
798.8

Pension and other post-retirement compensation and benefits
—

—

—

109.8

—

109.8

Deferred tax liabilities
—

—

—

106.3

—

106.3

Other non-current liabilities
21.9

—

—

185.1

—

207.0

Total liabilities
66.5

0.4

1,318.4

1,887.6

(1,343.6
)
1,929.3

Equity
1,880.2

1,908.9

1,840.0

2,476.7

(6,225.6
)
1,880.2

Total liabilities and equity
$
1,946.7

$
1,909.3

$
3,158.4

$
4,364.3

$
(7,569.2
)
$
3,809.5

Condensed Consolidating Statement of Cash Flows
Nine months ended September 30, 2018
In millions
Parent
Company
Guarantor
Subsidiary
Guarantor
Subsidiary
Issuer
Non-guarantor
Subsidiaries
Eliminations
Consolidated
Total
Operating activities
 
 
 
 
 
 
Net cash provided by (used for) operating activities
$
180.9

$
269.2

$
274.7

$
480.5

$
(920.7
)
$
284.6

Investing activities
 
 
 
 
 
 
Capital expenditures
—

—

—

(33.8
)
—

(33.8
)
Proceeds from sale of property and equipment
—

—

—

(0.4
)
—

(0.4
)
Payments due to sale of businesses, net
—

—

—

(12.8
)
—

(12.8
)
Acquisitions, net of cash acquired
—

—

—

(0.9
)
—

(0.9
)
Net intercompany loan activity
—

24.9

(62.0
)
618.7

(581.6
)
—

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

24.9

(62.0
)
570.8

(581.6
)
(47.9
)
Net cash provided by (used for) investing activities of discontinued operations
—

—

—

(7.1
)
—

(7.1
)
Net cash provided by (used for) investing activities
—

24.9

(62.0
)
563.7

(581.6
)
(55.0
)
Financing activities
 
 
 
 
 
 
Net receipts (repayments) of commercial paper and revolving long-term debt
—

—

65.0

(19.0
)
—

46.0

Repayments of long-term debt
—

—

(675.1
)
—

—

(675.1
)
Debt issuance costs
—

—

(2.0
)
—

—

(2.0
)
Premium paid on early extinguishment of debt
—

—

(16.0
)
—

—

(16.0
)
Transfer of cash to nVent
—

—

—

(74.2
)
—

(74.2
)
Distribution from nVent spin-off
—

—

993.6

—

—

993.6

Net change in advances to subsidiaries
359.9

(294.1
)
(563.9
)
(1,004.2
)
1,502.3

—

Shares issued to employees, net of shares withheld
16.0

—

—

—

—

16.0

Repurchases of ordinary shares
(400.0
)
—

—

—

—

(400.0
)
Dividends paid
(156.7
)
—

—

—

—

(156.7
)
Net cash provided by (used for) financing activities
(180.8
)
(294.1
)
(198.4
)
(1,097.4
)
1,502.3

(268.4
)
Change in cash held for sale
—

—

—

27.0

—

27.0

Effect of exchange rate changes on cash and cash equivalents
—

—

(14.2
)
4.4

—

(9.8
)
Change in cash and cash equivalents
0.1

—

0.1

(21.8
)
—

(21.6
)
Cash and cash equivalents, beginning of period
—

—

—

86.3

—

86.3

Cash and cash equivalents, end of period
$
0.1

$
—

$
0.1

$
64.5

$
—

$
64.7

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
Three months ended September 30, 2017
In millions
Parent
Company
Guarantor
Subsidiary
Guarantor
Subsidiary
Issuer
Non-guarantor
Subsidiaries
Eliminations
Consolidated
Total
Net sales
$
—

$
—

$
—

$
687.6

$
—

$
687.6

Cost of goods sold
—

—

—

451.1

—

451.1

Gross profit
—

—

—

236.5

—

236.5

Selling, general and administrative
4.2

—

—

112.6

—

116.8

Research and development
—

—

—

17.9

—

17.9

Operating (loss) income
(4.2
)
—

—

106.0

—

101.8

(Earnings) loss from continuing operations of investment in subsidiaries
(52.7
)
(52.5
)
(37.1
)
—

142.3

—

Other (income) expense:
 
 
 
 
 
 
Loss on sale of business
—

—

—

3.8

—

3.8

Loss on early extinguishment of debt
—

—

—

—

—

—

Net interest expense
—

(0.2
)
10.3

3.8

—

13.9

Other expense
—

—

—

1.1

—

1.1

Income (loss) from continuing operations before income taxes
48.5

52.7

26.8

97.3

(142.3
)
83.0

Provision for income taxes
(0.4
)
—

—

34.5

—

34.1

Net income (loss) from continuing operations
48.9

52.7

26.8

62.8

(142.3
)
48.9

Income from discontinued operations, net of tax
—

—

—

78.2

—

78.2

Gain from sale of discontinued operations, net of tax
—

—

—

(1.7
)
—

(1.7
)
Earnings (loss) from discontinued operations of investment in subsidiaries
76.5

76.5

76.5

—

(229.5
)
—

Net income (loss)
$
125.4

$
129.2

$
103.3

$
139.3

$
(371.8
)
$
125.4

Comprehensive income (loss), net of tax
 
 
 
 
 
 
Net income (loss)
$
125.4

$
129.2

$
103.3

$
139.3

$
(371.8
)
$
125.4

Changes in cumulative translation adjustment
34.5

34.5

34.5

34.5

(103.5
)
34.5

Changes in market value of derivative financial instruments, net of tax
(3.0
)
(3.0
)
(3.0
)
(3.0
)
9.0

(3.0
)
Comprehensive income (loss)
$
156.9

$
160.7

$
134.8

$
170.8

$
(466.3
)
$
156.9

Condensed Consolidating Balance Sheet
December 31, 2017
In millions
Parent
Company
Guarantor
Subsidiary
Guarantor
Subsidiary
Issuer
Non-guarantor
Subsidiaries
Eliminations
Consolidated
Total
Assets
Current assets
 
 
 
 
 
 
Cash and cash equivalents
$
—

$
—

$
—

$
86.3

$
—

$
86.3

Accounts and notes receivable, net
—

—

—

483.1

—

483.1

Inventories
—

—

—

356.9

—

356.9

Other current assets
10.8

1.8

1.6

109.5

(9.2
)
114.5

Current assets held for sale
—

—

—

708.0

—

708.0

Total current assets
10.8

1.8

1.6

1,743.8

(9.2
)
1,748.8

Property, plant and equipment, net
—

—

—

279.8

—

279.8

Other assets
 
 
 
 
 
 
Investments in subsidiaries
5,205.1

5,109.6

7,156.1

—

(17,470.8
)
—

Goodwill
—

—

—

2,112.8

—

2,112.8

Intangibles, net
—

—

—

321.8

—

321.8

Long-term intercompany debt
—

94.1

614.0

(708.1
)
—

—

Other non-current assets
2.2

—

—

2,159.4

(1,980.7
)
180.9

Non-current assets held for sale
—

—

—

3,989.6

—

3,989.6

Total other assets
5,207.3

5,203.7

7,770.1

7,875.5

(19,451.5
)
6,605.1

Total assets
$
5,218.1

$
5,205.5

$
7,771.7

$
9,899.1

$
(19,460.7
)
$
8,633.7

Liabilities and Equity
Current liabilities
 
 
 
 
 
 
Accounts payable
$
1.4

$
—

$
—

$
320.1

$
—

$
321.5

Employee compensation and benefits
0.4

—

—

115.4

—

115.8

Other current liabilities
99.6

0.4

9.5

301.0

(9.2
)
401.3

Current liabilities held for sale
—

—

—

360.8

—

360.8

Total current liabilities
101.4

0.4

9.5

1,097.3

(9.2
)
1,199.4

Other liabilities
 
 
 
 
 
 
Long-term debt
48.4

—

2,652.8

720.2

(1,980.7
)
1,440.7

Pension and other post-retirement compensation and benefits
—

—

—

96.4

—

96.4

Deferred tax liabilities
—

—

—

108.6

—

108.6

Other non-current liabilities
30.5

—

—

183.3

—

213.8

Non-current liabilities held for sale
—

—

—

537.0

—

537.0

Total liabilities
180.3

0.4

2,662.3

2,742.8

(1,989.9
)
3,595.9

Equity
5,037.8

5,205.1

5,109.4

7,156.3

(17,470.8
)
5,037.8

Total liabilities and equity
$
5,218.1

$
5,205.5

$
7,771.7

$
9,899.1

$
(19,460.7
)
$
8,633.7

Condensed Consolidating Statement of Cash Flows
Nine months ended September 30, 2017
In millions
Parent
Company
Guarantor
Subsidiary
Guarantor
Subsidiary
Issuer
Non-guarantor
Subsidiaries
Eliminations
Consolidated
Total
Operating activities
 
 
 
 
 
 
Net cash provided by (used for) operating activities
$
356.3

$
481.8

$
464.4

$
660.3

$
(1,601.0
)
$
361.8

Investing activities
 
 
 
 
 
 
Capital expenditures
—

—

—

(25.4
)
—

(25.4
)
Proceeds from sale of property and equipment
—

—

—

3.2

—

3.2

Proceeds from sale of businesses, net
—

—

2,765.6

(1.6
)
—

2,764.0

Acquisitions, net of cash acquired
—

—

—

(45.9
)
—

(45.9
)
Net intercompany loan activity
—

—

119.4

136.0

(255.4
)
—

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

—

2,885.0

66.3

(255.4
)
2,695.9

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

—

—

(41.3
)
—

(41.3
)
Net cash provided by (used for) investing activities
—

—

2,885.0

25.0

(255.4
)
2,654.6

Financing activities
 
 
 
 
 
 
Net repayments of short-term borrowings
—

—

—

(0.8
)
—

(0.8
)
Net repayments of commercial paper and revolving long-term debt
—

—

(832.7
)
(9.6
)
—

(842.3
)
Repayments of long-term debt
—

—

(1,917.8
)
(91.5
)
—

(2,009.3
)
Premium paid on early extinguishment of debt
—

—

(86.0
)
(8.9
)
—

(94.9
)
Net change in advances to subsidiaries
(101.6
)
(481.8
)
(579.3
)
(693.7
)
1,856.4

—

Shares issued to employees, net of shares withheld
34.3

—

—

—

—

34.3

Repurchases of ordinary shares
(100.0
)
—

—

—

—

(100.0
)
Dividends paid
(188.9
)
—

—

—

—

(188.9
)
Net cash provided by (used for) financing activities
(356.2
)
(481.8
)
(3,415.8
)
(804.5
)
1,856.4

(3,201.9
)
Change in cash held for sale
—

—

—

(5.6
)
—

(5.6
)
Effect of exchange rate changes on cash and cash equivalents
—

—

66.7

(11.2
)
—

55.5

Change in cash and cash equivalents
0.1

—

0.3

(136.0
)
—

(135.6
)
Cash and cash equivalents, beginning of period
—

—

—

216.9

—

216.9

Cash and cash equivalents, end of period
$
0.1

$
—

$
0.3

$
80.9

$
—

$
81.3