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Acquisitions and Divestitures (Tables) | 12 Months Ended
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Dec. 31, 2013
Purchase Price of Common Stock and Outstanding Common Stock | Based on the price of Pentair, Inc. common stock and our common shares issued on the date of the Merger, the purchase price was composed of the following:
In millions |
Value of common shares issued to Tyco shareholders (1) | $ | 4,811.4 |
Value of replacement equity-based awards to holders of Tyco equity-based awards (2) | 119.8 |
Cash paid to Tyco in settlement of the working capital and net indebtedness adjustment (3) | 84.4 |
Cash paid to Tyco shareholders in lieu of fractional common shares (4) | 0.5 |
Total purchase price | $ | 5,016.1 |
(1) | Equals 110.9 million Pentair Ltd. shares distributed to Tyco shareholders multiplied by the Merger date share price of $43.39.
(2) | In accordance with applicable accounting guidance, the fair value of replacement equity-based awards attributable to pre-combination service is recorded as part of the consideration transferred in the Merger, while the fair value of replacement equity-based awards attributable to post-combination service is recorded separately from the business combination and recognized as compensation cost in the post-acquisition period over the remaining service period. The fair value of our equivalent stock options was estimated using the Black-Scholes valuation model utilizing various assumptions.
(3) | In June 2013, cash was paid to Tyco in settlement of the working capital and net indebtedness adjustment.
(4) | Equals cash paid to Tyco shareholders in lieu of less than 0.1 million Pentair Ltd. fractional shares multiplied by the Merger date share price of $43.39.
Estimated Fair Values of Assets Acquired and Liabilites Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed in the Merger as originally reported in the Company's Form 10-K for the year ended December 31, 2012 and as revised for adjustments made during 2013:
In millions | As Originally Reported | As Revised
Cash and cash equivalents | $ | 691.7 |  | $ | 691.7 |
Accounts and notes receivable | 771.6 |  | 753.5 |
Inventories | 1,046.2 |  | 999.7 |
Other current assets | 98.2 |  | 94.1 |
Property, plant and equipment | 822.0 |  | 785.7 |
Goodwill | 2,520.1 |  | 2,741.8 |
Intangibles | 1,425.1 |  | 1,441.9 |
Other non-current assets | 275.1 |  | 241.1 |
Current liabilities | (856.3 | ) | (881.4 | )
Long-term debt | (914.5 | ) | (914.5 | )
Income taxes, including current and deferred | (364.6 | ) | (304.0 | )
Other liabilities and redeemable noncontrolling interest | (591.5 | ) | (633.5 | )
Total purchase price | $ | 4,923.1 |  | $ | 5,016.1 |
Pro Forma Consolidated Condensed Financial Results of Operations | The following unaudited pro forma condensed consolidated financial results of operations are presented as if the Merger had been completed on January 1, 2011 and as though the CPT acquisition had been completed on January 1, 2010:
| Years ended December 31
In millions, except per-share data | 2012 | 2011
Pro forma net sales | $ | 7,409.9 |  | $ | 7,326.4 |
Pro forma net income (loss) attributable to Pentair Ltd. | 157.5 |  | (47.4 | )
Diluted earnings (loss) per common share attributable to Pentair Ltd. | 0.75 |  | (0.23 | )

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