XML 26 R61.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Balance Sheets (Unaudited) (Detail) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2012
Dec. 31, 2011
Jul. 02, 2011
Dec. 31, 2010
Current assets        
Cash and cash equivalents $ 60,598 $ 50,077 $ 68,972 $ 46,056
Accounts and notes receivable, net 572,144 569,204 595,407  
Inventories 460,039 449,863 484,795  
Deferred tax assets 58,899 60,899 60,833  
Prepaid expenses and other current assets 124,345 107,792 124,632  
Total current assets 1,276,025 1,237,835 1,334,639  
Property, plant and equipment, net 381,063 387,525 410,547  
Other assets        
Goodwill 2,255,134 2,273,918 2,573,430 2,066,044
Intangibles, net 570,503 592,285 654,908  
Other 103,544 94,750 78,788  
Total other assets 2,929,181 2,960,953 3,307,126  
Total assets 4,586,269 4,586,313 5,052,312  
Current liabilities        
Short-term borrowings 222 3,694 21,451  
Current maturities of long-term debt 1,193 1,168 1,289  
Accounts payable 288,265 294,858 315,403  
Employee compensation and benefits 89,514 109,361 108,836  
Current pension and post-retirement benefits 9,052 9,052 8,733  
Accrued product claims and warranties 44,935 42,630 47,259  
Income taxes 32,228 14,547 21,498  
Accrued rebates and sales incentives 45,870 37,009 42,567  
Other current liabilities 150,437 129,522 144,366  
Total current liabilities 661,716 641,841 711,402  
Other liabilities        
Long-term debt 1,233,794 1,304,225 1,384,167  
Pension and other retirement compensation 247,324 248,615 217,021  
Post-retirement medical and other benefits 29,921 31,774 27,954  
Long-term income taxes payable 13,294 26,470 23,832  
Deferred tax liabilities 190,173 188,957 235,422  
Other non-current liabilities 92,175 97,039 85,660  
Total liabilities 2,468,397 2,538,921 2,685,458  
Shareholders' equity attributable to Pentair, Inc. 2,001,789 1,933,329 2,249,354  
Noncontrolling interest 116,083 114,063 117,500  
Total shareholders' equity 2,117,872 2,047,392 2,366,854 2,205,032
Total liabilities and shareholders' equity 4,586,269 4,586,313 5,052,312  
Parent Company
       
Current assets        
Cash and cash equivalents 6,135 3,097 4,836 3,201
Accounts and notes receivable, net 736 828 796  
Deferred tax assets 130,151 134,240 113,205  
Prepaid expenses and other current assets 44,061 28,937 8,958  
Total current assets 181,083 167,102 127,795  
Property, plant and equipment, net 17,953 19,693 20,172  
Other assets        
Investments in/advances to subsidiaries 2,911,498 2,910,927 2,856,562  
Other 65,638 63,508 75,538  
Total other assets 2,977,136 2,974,435 2,932,100  
Total assets 3,176,172 3,161,230 3,080,067  
Current liabilities        
Current maturities of long-term debt   2,585 2,905  
Accounts payable 5,334 5,036 5,781  
Employee compensation and benefits 15,771 24,466 32,294  
Current pension and post-retirement benefits 9,052 9,052 8,733  
Accrued product claims and warranties 165 165 12,248  
Income taxes 35,498 40,999 9,106  
Other current liabilities 30,824 25,050 14,874  
Total current liabilities 96,644 107,353 85,941  
Other liabilities        
Long-term debt 1,245,055 1,312,053 1,265,400  
Pension and other retirement compensation 185,513 182,556 136,901  
Post-retirement medical and other benefits 17,512 17,024 17,679  
Long-term income taxes payable 13,294 26,470 23,832  
Deferred tax liabilities     10  
Due to (from) affiliates (442,406) (479,943) (743,661)  
Other non-current liabilities 58,771 62,388 44,611  
Total liabilities 1,174,383 1,227,901 830,713  
Shareholders' equity attributable to Pentair, Inc. 2,001,789 1,933,329 2,249,354  
Total shareholders' equity 2,001,789 1,933,329 2,249,354  
Total liabilities and shareholders' equity 3,176,172 3,161,230 3,080,067  
Guarantor Subsidiaries
       
Current assets        
Cash and cash equivalents 14,339 3,332 4,651 3,404
Accounts and notes receivable, net 348,556 360,027 317,365  
Inventories 241,629 227,472 203,998  
Deferred tax assets 40,698 40,698 40,363  
Prepaid expenses and other current assets 12,282 (6,886) 14,973  
Total current assets 657,504 624,643 581,350  
Property, plant and equipment, net 132,314 136,102 110,551  
Other assets        
Investments in/advances to subsidiaries 1,414,260 1,447,522 599,056  
Goodwill 1,330,265 1,330,265 1,471,582  
Intangibles, net 243,431 250,792 217,311  
Other 8,931 27,337 4,821  
Total other assets 2,996,887 3,055,916 2,292,770  
Total assets 3,786,705 3,816,661 2,984,671  
Current liabilities        
Accounts payable 188,673 189,355 160,537  
Employee compensation and benefits 19,855 30,015 22,791  
Accrued product claims and warranties 24,385 22,037 22,574  
Income taxes (1,801) (28,717) 5,720  
Accrued rebates and sales incentives 36,212 25,612 32,219  
Other current liabilities 64,436 53,960 37,558  
Total current liabilities 331,760 292,262 281,399  
Other liabilities        
Long-term debt 2,417,922 2,417,922 2,417,890  
Pension and other retirement compensation (10,541) (7,701) 38  
Post-retirement medical and other benefits 31,549 33,890 35,323  
Deferred tax liabilities 229,962 229,962 213,201  
Due to (from) affiliates 675,455 751,145 (261,361)  
Other non-current liabilities 1,323 1,508 1,701  
Total liabilities 3,677,430 3,718,988 2,688,191  
Shareholders' equity attributable to Pentair, Inc. 109,275 97,673 296,480  
Total shareholders' equity 109,275 97,673 296,480  
Total liabilities and shareholders' equity 3,786,705 3,816,661 2,984,671  
Non-Guarantor Subsidiaries
       
Current assets        
Cash and cash equivalents 40,124 43,648 59,485 39,451
Accounts and notes receivable, net 281,087 263,201 375,242  
Inventories 218,410 222,391 280,797  
Deferred tax assets 12,674 13,382 13,247  
Prepaid expenses and other current assets 107,023 107,121 118,638  
Total current assets 659,318 649,743 847,409  
Property, plant and equipment, net 230,796 231,730 279,824  
Other assets        
Investments in/advances to subsidiaries 85,952 92,396 686,070  
Goodwill 924,869 943,653 1,101,848  
Intangibles, net 327,072 341,493 437,597  
Other 48,115 23,045 23,477  
Total other assets 1,386,008 1,400,587 2,248,992  
Total assets 2,276,122 2,282,060 3,376,225  
Current liabilities        
Short-term borrowings 222 3,694 21,451  
Current maturities of long-term debt 1,193 1,168 29,220  
Accounts payable 152,549 152,065 247,182  
Employee compensation and benefits 53,888 54,880 53,751  
Accrued product claims and warranties 20,385 20,428 12,437  
Income taxes (1,469) 2,265 6,672  
Accrued rebates and sales incentives 9,658 11,397 10,348  
Other current liabilities 94,191 71,890 110,149  
Total current liabilities 330,617 317,787 491,210  
Other liabilities        
Long-term debt 520,265 542,411 1,033,600  
Pension and other retirement compensation 72,352 73,760 80,082  
Deferred tax liabilities 84,835 86,416 128,192  
Due to (from) affiliates 601,727 711,705 1,024,935  
Other non-current liabilities 32,081 33,143 39,348  
Total liabilities 1,641,877 1,765,222 2,797,367  
Shareholders' equity attributable to Pentair, Inc. 518,162 402,775 461,358  
Noncontrolling interest 116,083 114,063 117,500  
Total shareholders' equity 634,245 516,838 578,858  
Total liabilities and shareholders' equity 2,276,122 2,282,060 3,376,225  
Eliminations
       
Current assets        
Accounts and notes receivable, net (58,235) (54,852) (97,996)  
Deferred tax assets (124,624) (127,421) (105,982)  
Prepaid expenses and other current assets (39,021) (21,380) (17,937)  
Total current assets (221,880) (203,653) (221,915)  
Other assets        
Investments in/advances to subsidiaries (4,411,710) (4,450,845) (4,141,688)  
Other (19,140) (19,140) (25,048)  
Total other assets (4,430,850) (4,469,985) (4,166,736)  
Total assets (4,652,730) (4,673,638) (4,388,651)  
Current liabilities        
Current maturities of long-term debt   (2,585) (30,836)  
Accounts payable (58,291) (51,598) (98,097)  
Other current liabilities (39,014) (21,378) (18,215)  
Total current liabilities (97,305) (75,561) (147,148)  
Other liabilities        
Long-term debt (2,949,448) (2,968,161) (3,332,723)  
Post-retirement medical and other benefits (19,140) (19,140) (25,048)  
Deferred tax liabilities (124,624) (127,421) (105,981)  
Due to (from) affiliates (834,776) (982,907) (19,913)  
Total liabilities (4,025,293) (4,173,190) (3,630,813)  
Shareholders' equity attributable to Pentair, Inc. (627,437) (500,448) (757,838)  
Total shareholders' equity (627,437) (500,448) (757,838)  
Total liabilities and shareholders' equity $ (4,652,730) $ (4,673,638) $ (4,388,651)