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Financial Statements of Parent Company Guarantor (Tables) | 12 Months Ended
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Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | Pentair plc and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Year Ended December 31, 2014
In millions | Parent Company Guarantor | Subsidiary Guarantor | Subsidiary Issuer | Non-guarantor Subsidiaries | Eliminations | Consolidated Total
Net sales | $ | — |  | $ | — |  | $ | — |  | $ | 7,039.0 |  | $ | — |  | $ | 7,039.0 |
Cost of goods sold | — |  | — |  | — |  | 4,576.0 |  | — |  | 4,576.0 |
Gross profit | — |  | — |  | — |  | 2,463.0 |  | — |  | 2,463.0 |
Selling, general and administrative | 25.3 |  | 2.6 |  | 7.7 |  | 1,458.2 |  | — |  | 1,493.8 |
Research and development | — |  | — |  | — |  | 117.3 |  | — |  | 117.3 |
Operating (loss) income | (25.3 | ) | (2.6 | ) | (7.7 | ) | 887.5 |  | — |  | 851.9 |
Loss (earnings) from continuing operations of investment in subsidiaries | (615.5 | ) | (619.7 | ) | (611.1 | ) | — |  | 1,846.3 |  | — |
Other (income) expense: |  |  |  |  |  |
Loss on sale of businesses, net | — |  | — |  | — |  | 0.2 |  | — |  | 0.2 |
Equity income of unconsolidated subsidiaries | — |  | — |  | — |  | (1.2 | ) | — |  | (1.2 | )
Interest income | — |  | — |  | (92.3 | ) | (40.2 | ) | 128.8 |  | (3.7 | )
Interest expense | 0.7 |  | 2.1 |  | 95.6 |  | 102.7 |  | (128.8 | ) | 72.3 |
Income (loss) from continuing operations before income taxes | 589.5 |  | 615.0 |  | 600.1 |  | 826.0 |  | (1,846.3 | ) | 784.3 |
Provision (benefit) for income taxes | (17.5 | ) | (0.5 | ) | (2.4 | ) | 197.7 |  | — |  | 177.3 |
Net income (loss) from continuing operations | 607.0 |  | 615.5 |  | 602.5 |  | 628.3 |  | (1,846.3 | ) | 607.0 |
Loss from discontinued operations, net of tax | — |  | — |  | — |  | (6.4 | ) | — |  | (6.4 | )
Loss from sale / impairment of discontinued operations, net of tax | — |  | — |  | — |  | (385.7 | ) | — |  | (385.7 | )
Earnings (loss) from discontinued operations of investment in subsidiaries | (392.1 | ) | (392.1 | ) | (392.1 | ) | — |  | 1,176.3 |  | — |
Net income (loss) attributable to Pentair plc | $ | 214.9 |  | $ | 223.4 |  | $ | 210.4 |  | $ | 236.2 |  | $ | (670.0 | ) | $ | 214.9 |
Comprehensive income (loss), net of tax |  |  |  |  |  |
Net income (loss) attributable to Pentair plc | $ | 214.9 |  | $ | 223.4 |  | $ | 210.4 |  | $ | 236.2 |  | $ | (670.0 | ) | $ | 214.9 |
Changes in cumulative translation adjustment | (336.3 | ) | (336.3 | ) | (336.3 | ) | (336.3 | ) | 1,008.9 |  | (336.3 | )
Changes in market value of derivative financial instruments | (0.4 | ) | (0.4 | ) | (0.4 | ) | (0.4 | ) | 1.2 |  | (0.4 | )
Comprehensive income (loss) attributable to Pentair plc | $ | (121.8 | ) | $ | (113.3 | ) | $ | (126.3 | ) | $ | (100.5 | ) | $ | 340.1 |  | $ | (121.8 | )
| Pentair plc and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Year Ended December 31, 2013
In millions | Parent Company Guarantor | Subsidiary Issuer | Non-guarantor Subsidiaries | Eliminations | Consolidated Total
Net sales | $ | — |  | $ | — |  | $ | 6,999.7 |  | $ | — |  | $ | 6,999.7 |
Cost of goods sold | — |  | — |  | 4,629.6 |  | — |  | 4,629.6 |
Gross profit | — |  | — |  | 2,370.1 |  | — |  | 2,370.1 |
Selling, general and administrative | 21.0 |  | 13.3 |  | 1,459.4 |  | — |  | 1,493.7 |
Research and development | — |  | — |  | 122.8 |  | — |  | 122.8 |
Impairment of trade names | — |  | — |  | 11.0 |  | — |  | 11.0 |
Operating (loss) income | (21.0 | ) | (13.3 | ) | 776.9 |  | — |  | 742.6 |
Loss (earnings) from continuing operations of investment in subsidiaries | (539.0 | ) | (508.6 | ) | — |  | 1,047.6 |  | — |
Other (income) expense: |  |  |  |  |
Gain on sale of businesses, net | — |  | — |  | (20.8 | ) | — |  | (20.8 | )
Equity income of unconsolidated subsidiaries | — |  | — |  | (2.0 | ) | — |  | (2.0 | )
Interest income | — |  | (99.2 | ) | (53.4 | ) | 148.2 |  | (4.4 | )
Interest expense | 5.6 |  | 106.0 |  | 111.9 |  | (148.2 | ) | 75.3 |
Income (loss) from continuing operations before income taxes and noncontrolling interest | 512.4 |  | 488.5 |  | 741.2 |  | (1,047.6 | ) | 694.5 |
Provision for income taxes | 0.7 |  | 1.4 |  | 174.9 |  | — |  | 177.0 |
Net income (loss) from continuing operations before noncontrolling interest | 511.7 |  | 487.1 |  | 566.3 |  | (1,047.6 | ) | 517.5 |
Income from discontinued operations, net of tax | — |  | — |  | 25.9 |  | — |  | 25.9 |
Loss from sale of discontinued operations, net of tax | — |  | — |  | (0.8 | ) | — |  | (0.8 | )
Earnings (loss) from discontinued operations of investment in subsidiaries | 25.1 |  | 25.1 |  | — |  | (50.2 | ) | — |
Net income (loss) before noncontrolling interest | 536.8 |  | 512.2 |  | 591.4 |  | (1,097.8 | ) | 542.6 |
Noncontrolling interest | — |  | — |  | 5.8 |  | — |  | 5.8 |
Net income (loss) attributable to Pentair plc | $ | 536.8 |  | $ | 512.2 |  | $ | 585.6 |  | $ | (1,097.8 | ) | $ | 536.8 |
Net income (loss) from continuing operations attributable to Pentair plc | $ | 511.7 |  | $ | 487.1 |  | $ | 560.5 |  | $ | (1,047.6 | ) | $ | 511.7 |
Comprehensive income (loss), net of tax |  |  |  |  |
Net income (loss) before noncontrolling interest | $ | 536.8 |  | $ | 512.2 |  | $ | 591.4 |  | $ | (1,097.8 | ) | $ | 542.6 |
Changes in cumulative translation adjustment | (31.3 | ) | (31.3 | ) | (29.1 | ) | 62.6 |  | (29.1 | )
Amortization of pension and other post-retirement prior service cost | (0.4 | ) | (0.4 | ) | (0.4 | ) | 0.8 |  | (0.4 | )
Changes in market value of derivative financial instruments | (0.3 | ) | (0.3 | ) | (0.3 | ) | 0.6 |  | (0.3 | )
Total comprehensive income (loss) | 504.8 |  | 480.2 |  | 561.6 |  | (1,033.8 | ) | 512.8 |
Less: Comprehensive income (loss) attributable to noncontrolling interest | — |  | — |  | 8.0 |  | — |  | 8.0 |
Comprehensive income (loss) attributable to Pentair plc | $ | 504.8 |  | $ | 480.2 |  | $ | 553.6 |  | $ | (1,033.8 | ) | $ | 504.8 |
| Pentair plc and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Year Ended December 31, 2012
In millions | Parent Company Guarantor | Subsidiary Issuer | Non-guarantor Subsidiaries | Eliminations | Consolidated Total
Net sales | $ | — |  | $ | — |  | $ | 4,306.8 |  | $ | — |  | $ | 4,306.8 |
Cost of goods sold | — |  | — |  | 3,040.9 |  | — |  | 3,040.9 |
Gross profit | — |  | — |  | 1,265.9 |  | — |  | 1,265.9 |
Selling, general and administrative | 5.0 |  | (3.8 | ) | 1,116.5 |  | — |  | 1,117.7 |
Research and development | — |  | — |  | 92.3 |  | — |  | 92.3 |
Impairment of trade names | — |  | — |  | 60.7 |  | — |  | 60.7 |
Operating (loss) income | (5.0 | ) | 3.8 |  | (3.6 | ) | — |  | (4.8 | )
Loss (earnings) from continuing operations of investment in subsidiaries | 75.7 |  | 76.6 |  | — |  | (152.3 | ) | — |
Other (income) expense: |  |  |  |  |
Loss on early extinguishment of debt | — |  | — |  | 75.4 |  | — |  | 75.4 |
Equity income of unconsolidated subsidiaries | — |  | — |  | (2.3 | ) | — |  | (2.3 | )
Interest income | — |  | (9.2 | ) | (2.0 | ) | 9.2 |  | (2.0 | )
Interest expense | 0.1 |  | 10.2 |  | 69.1 |  | (9.2 | ) | 70.2 |
Income (loss) from continuing operations before income taxes and noncontrolling interest | (80.8 | ) | (73.8 | ) | (143.8 | ) | 152.3 |  | (146.1 | )
Provision (benefit) for income taxes | 0.7 |  | 1.1 |  | (69.0 | ) | — |  | (67.2 | )
Net income (loss) from continuing operations before noncontrolling interest | (81.5 | ) | (74.9 | ) | (74.8 | ) | 152.3 |  | (78.9 | )
Loss from discontinued operations, net of tax | — |  | — |  | (25.7 | ) | — |  | (25.7 | )
Earnings (loss) from discontinued operations of investment in subsidiaries | (25.7 | ) | (25.7 | ) | — |  | 51.4 |  | — |
Net income (loss) before noncontrolling interest | (107.2 | ) | (100.6 | ) | (100.5 | ) | 203.7 |  | (104.6 | )
Noncontrolling interest | — |  | — |  | 2.6 |  | — |  | 2.6 |
Net income (loss) attributable to Pentair plc | $ | (107.2 | ) | $ | (100.6 | ) | $ | (103.1 | ) | $ | 203.7 |  | $ | (107.2 | )
Net income (loss) from continuing operations attributable to Pentair plc | $ | (81.5 | ) | $ | (74.9 | ) | $ | (77.4 | ) | $ | 152.3 |  | $ | (81.5 | )
Comprehensive income (loss), net of tax |  |  |  |  |
Net income (loss) before noncontrolling interest | $ | (107.2 | ) | $ | (100.6 | ) | $ | (100.5 | ) | $ | 203.7 |  | $ | (104.6 | )
Changes in cumulative translation adjustment | 30.0 |  | 30.0 |  | 31.4 |  | (60.0 | ) | 31.4 |
Amortization of pension and other post-retirement prior service cost | (0.3 | ) | (0.3 | ) | (0.3 | ) | 0.6 |  | (0.3 | )
Changes in market value of derivative financial instruments | (3.6 | ) | (3.6 | ) | (3.6 | ) | 7.2 |  | (3.6 | )
Total comprehensive income (loss) | (81.1 | ) | (74.5 | ) | (73.0 | ) | 151.5 |  | (77.1 | )
Less: Comprehensive income (loss) attributable to noncontrolling interest | — |  | — |  | 4.0 |  | — |  | 4.0 |
Comprehensive income (loss) attributable to Pentair plc | $ | (81.1 | ) | $ | (74.5 | ) | $ | (77.0 | ) | $ | 151.5 |  | $ | (81.1 | )
Condensed Consolidating Balance Sheet | Pentair plc and Subsidiaries Condensed Consolidating Balance Sheet December 31, 2014
In millions | Parent Company Guarantor | Subsidiary Guarantor | Subsidiary Issuer | Non-guarantor Subsidiaries | Eliminations | Consolidated Total
Assets
Current assets |  |  |  |  |  |
Cash and cash equivalents | $ | — |  | $ | — |  | $ | 0.1 |  | $ | 110.3 |  | $ | — |  | $ | 110.4 |
Accounts and notes receivable, net | — |  | — |  | — |  | 1,206.8 |  | (0.9 | ) | 1,205.9 |
Inventories | — |  | — |  | — |  | 1,130.4 |  | — |  | 1,130.4 |
Other current assets | — |  | 17.6 |  | 2.0 |  | 367.6 |  | (20.4 | ) | 366.8 |
Current assets held for sale | — |  | — |  | — |  | 80.6 |  | — |  | 80.6 |
Total current assets | — |  | 17.6 |  | 2.1 |  | 2,895.7 |  | (21.3 | ) | 2,894.1 |
Property, plant and equipment, net | — |  | — |  | — |  | 950.0 |  | — |  | 950.0 |
Other assets |  |  |  |  |  |
Investments in subsidiaries | 4,733.0 |  | 4,893.8 |  | 7,612.2 |  | — |  | (17,239.0 | ) | — |
Goodwill | — |  | — |  | — |  | 4,741.9 |  | — |  | 4,741.9 |
Intangibles, net | — |  | — |  | — |  | 1,608.1 |  | — |  | 1,608.1 |
Other non-current assets | 80.2 |  | — |  | 1,381.8 |  | 345.0 |  | (1,370.8 | ) | 436.2 |
Non-current assets held for sale | — |  | — |  | — |  | 24.9 |  | — |  | 24.9 |
Total other assets | 4,813.2 |  | 4,893.8 |  | 8,994.0 |  | 6,719.9 |  | (18,609.8 | ) | 6,811.1 |
Total assets | $ | 4,813.2 |  | $ | 4,911.4 |  | $ | 8,996.1 |  | $ | 10,565.6 |  | $ | (18,631.1 | ) | $ | 10,655.2 |
Liabilities and Equity
Current liabilities |  |  |  |  |  |
Current maturities of long-term debt and short-term borrowings | $ | — |  | $ | — |  | $ | — |  | $ | 6.7 |  | $ | — |  | $ | 6.7 |
Accounts payable | 0.9 |  | — |  | — |  | 583.1 |  | (0.9 | ) | 583.1 |
Employee compensation and benefits | 0.2 |  | 0.6 |  | — |  | 304.7 |  | — |  | 305.5 |
Other current liabilities | 120.6 |  | 2.2 |  | 10.9 |  | 595.8 |  | (20.4 | ) | 709.1 |
Current liabilities held for sale | — |  | — |  | — |  | 35.1 |  | — |  | 35.1 |
Total current liabilities | 121.7 |  | 2.8 |  | 10.9 |  | 1,525.4 |  | (21.3 | ) | 1,639.5 |
Other liabilities |  |  |  |  |  |
Long-term debt | 11.4 |  | 175.6 |  | 2,860.6 |  | 1,320.6 |  | (1,370.8 | ) | 2,997.4 |
Pension and other post-retirement compensation and benefits | — |  | — |  | — |  | 322.0 |  | — |  | 322.0 |
Deferred tax liabilities | — |  | — |  | 2.9 |  | 525.4 |  | — |  | 528.3 |
Other non-current liabilities | 16.3 |  | — |  | — |  | 481.4 |  | — |  | 497.7 |
Non-current liabilities held for sale | — |  | — |  | — |  | 6.5 |  | — |  | 6.5 |
Total liabilities | 149.4 |  | 178.4 |  | 2,874.4 |  | 4,181.3 |  | (1,392.1 | ) | 5,991.4 |
Equity | 4,663.8 |  | 4,733.0 |  | 6,121.7 |  | 6,384.3 |  | (17,239.0 | ) | 4,663.8 |
Total liabilities and equity | $ | 4,813.2 |  | $ | 4,911.4 |  | $ | 8,996.1 |  | $ | 10,565.6 |  | $ | (18,631.1 | ) | $ | 10,655.2 |
| Pentair plc and Subsidiaries Condensed Consolidating Balance Sheet December 31, 2013
In millions | Parent Company Guarantor | Subsidiary Issuer | Non-guarantor Subsidiaries | Eliminations | Consolidated Total
Assets
Current assets |  |  |  |  |
Cash and cash equivalents | $ | 0.5 |  | $ | 47.0 |  | $ | 208.5 |  | $ | — |  | $ | 256.0 |
Accounts and notes receivable, net | 2.9 |  | 4.0 |  | 1,341.7 |  | (63.6 | ) | $ | 1,285.0 |
Inventories | — |  | — |  | 1,195.1 |  | — |  | $ | 1,195.1 |
Other current assets | 1.4 |  | 0.6 |  | 359.6 |  | — |  | $ | 361.6 |
Current assets held for sale | — |  | — |  | 134.4 |  | — |  | $ | 134.4 |
Total current assets | 4.8 |  | 51.6 |  | 3,239.3 |  | (63.6 | ) | 3,232.1 |
Property, plant and equipment, net | — |  | — |  | 1,044.3 |  | — |  | 1,044.3 |
Other assets |  |  |  |  |
Investments in subsidiaries | 6,224.7 |  | 8,066.6 |  | — |  | (14,291.3 | ) | — |
Goodwill | — |  | — |  | 4,860.7 |  | — |  | 4,860.7 |
Intangibles, net | — |  | — |  | 1,749.9 |  | — |  | 1,749.9 |
Other non-current assets | 31.6 |  | 1,302.7 |  | 352.4 |  | (1,296.7 | ) | 390.0 |
Non-current assets held for sale | — |  | — |  | 466.3 |  | — |  | 466.3 |
Total other assets | 6,256.3 |  | 9,369.3 |  | 7,429.3 |  | (15,588.0 | ) | 7,466.9 |
Total assets | $ | 6,261.1 |  | $ | 9,420.9 |  | $ | 11,712.9 |  | $ | (15,651.6 | ) | $ | 11,743.3 |
Liabilities and Equity
Current liabilities |  |  |  |  |
Current maturities of long-term debt and short-term borrowings | $ | — |  | $ | — |  | $ | 2.5 |  | $ | — |  | $ | 2.5 |
Accounts payable | 48.1 |  | 8.6 |  | 583.8 |  | (63.6 | ) | 576.9 |
Employee compensation and benefits | 0.5 |  | — |  | 311.9 |  | — |  | 312.4 |
Other current liabilities | 99.6 |  | 11.7 |  | 534.6 |  | — |  | 645.9 |
Current liabilities held for sale | — |  | — |  | 72.5 |  | — |  | 72.5 |
Total current liabilities | 148.2 |  | 20.3 |  | 1,505.3 |  | (63.6 | ) | 1,610.2 |
Other liabilities |  |  |  |  |
Long-term debt | — |  | 2,401.9 |  | 1,442.7 |  | (1,296.7 | ) | 2,547.9 |
Pension and other post-retirement compensation and benefits | — |  | — |  | 320.2 |  | — |  | 320.2 |
Deferred tax liabilities | — |  | 2.2 |  | 554.8 |  | — |  | 557.0 |
Other non-current liabilities | 17.6 |  | — |  | 438.8 |  | — |  | 456.4 |
Non-current liabilities held for sale | — |  | — |  | 33.9 |  | — |  | 33.9 |
Total liabilities | 165.8 |  | 2,424.4 |  | 4,295.7 |  | (1,360.3 | ) | 5,525.6 |
Equity |  |  |  |  |
Shareholders’ equity attributable to Pentair plc and subsidiaries | 6,095.3 |  | 6,996.5 |  | 7,294.8 |  | (14,291.3 | ) | 6,095.3 |
Noncontrolling interest | — |  | — |  | 122.4 |  | — |  | 122.4 |
Total equity | 6,095.3 |  | 6,996.5 |  | 7,417.2 |  | (14,291.3 | ) | 6,217.7 |
Total liabilities and equity | $ | 6,261.1 |  | $ | 9,420.9 |  | $ | 11,712.9 |  | $ | (15,651.6 | ) | $ | 11,743.3 |
Condensed Consolidating Statement of Cash Flows | Pentair plc and Subsidiaries Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2014
In millions | Parent Company Guarantor | Guarantor Subsidiary | Subsidiary Issuer | Non-guarantor Subsidiaries | Eliminations | Consolidated Total
Operating activities |  |  |  |  |
Net cash provided by (used for) operating activities | $ | 169.0 |  | $ | 208.6 |  | $ | 207.0 |  | $ | 1,093.8 |  | $ | (670.0 | ) | $ | 1,008.4 |
Investing activities |  |  |  |  |  |
Capital expenditures | — |  | — |  | — |  | (129.6 | ) | — |  | (129.6 | )
Proceeds from sale of property and equipment | — |  | — |  | — |  | 13.1 |  | — |  | 13.1 |
Proceeds from sale of businesses, net | — |  | — |  | — |  | 0.3 |  | — |  | 0.3 |
Acquisitions, net of cash acquired | — |  | — |  | — |  | (12.3 | ) | — |  | (12.3 | )
Net intercompany loan activity | — |  | — |  | 37.8 |  | 112.2 |  | (150.0 | ) | — |
Other | — |  | — |  | — |  | 0.2 |  | — |  | 0.2 |
Net cash provided by (used for) investing activities | — |  | — |  | 37.8 |  | (16.1 | ) | (150.0 | ) | (128.3 | )
Financing activities |  |  |  |  |  |
Net receipts of short-term borrowings | — |  | — |  | — |  | 0.5 |  | — |  | 0.5 |
Net receipts of commercial paper and revolving long-term debt | — |  | — |  | 458.7 |  | 9.9 |  | — |  | 468.6 |
Proceeds from long-term debt | — |  | — |  | — |  | 2.2 |  | — |  | 2.2 |
Repayment of long-term debt | — |  | — |  | — |  | (16.8 | ) | — |  | (16.8 | )
Debt issuance costs | — |  | — |  | (3.1 | ) | — |  | — |  | (3.1 | )
Net change in advances to subsidiaries | 741.1 |  | (208.6 | ) | (747.3 | ) | (605.2 | ) | 820.0 |  | — |
Excess tax benefits from share-based compensation | — |  | — |  | — |  | 12.6 |  | — |  | 12.6 |
Shares issued to employees, net of shares withheld | — |  | — |  | — |  | 37.0 |  | — |  | 37.0 |
Repurchases of ordinary shares | (699.2 | ) | — |  | — |  | (450.8 | ) | — |  | (1,150.0 | )
Dividends paid | (211.4 | ) | — |  | — |  | — |  | — |  | (211.4 | )
Purchase of noncontrolling interest | — |  | — |  | — |  | (134.7 | ) | — |  | (134.7 | )
Net cash provided by (used for) financing activities | (169.5 | ) | (208.6 | ) | (291.7 | ) | (1,145.3 | ) | 820.0 |  | (995.1 | )
Effect of exchange rate changes on cash and cash equivalents | — |  | — |  | — |  | (30.6 | ) | — |  | (30.6 | )
Change in cash and cash equivalents | (0.5 | ) | — |  | (46.9 | ) | (98.2 | ) | — |  | (145.6 | )
Cash and cash equivalents, beginning of year | 0.5 |  | — |  | 47.0 |  | 208.5 |  | — |  | 256.0 |
Cash and cash equivalents, end of year | $ | — |  | $ | — |  | $ | 0.1 |  | $ | 110.3 |  | $ | — |  | $ | 110.4 |
| Pentair plc and Subsidiaries Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2013
In millions | Parent Company Guarantor | Subsidiary Issuer | Non-guarantor Subsidiaries | Eliminations | Consolidated Total
Operating activities |  |  |  |  |
Net cash provided by (used for) operating activities | $ | 534.2 |  | $ | 514.0 |  | $ | 977.5 |  | $ | (1,097.8 | ) | $ | 927.9 |
Investing activities |  |  |  |  |
Capital expenditures | — |  | — |  | (170.0 | ) | — |  | (170.0 | )
Proceeds from sale of property and equipment | — |  | — |  | 6.0 |  | — |  | 6.0 |
Proceeds from sale of businesses, net | — |  | — |  | 43.5 |  | — |  | 43.5 |
Acquisitions, net of cash acquired | — |  | — |  | (92.4 | ) | — |  | (92.4 | )
Other | — |  | — |  | 1.7 |  | — |  | 1.7 |
Net cash provided by (used for) investing activities | — |  | — |  | (211.2 | ) | — |  | (211.2 | )
Financing activities |  |  |  |  |
Net receipts of commercial paper and revolving long-term debt | — |  | 104.2 |  | — |  | — |  | 104.2 |
Proceeds from long-term debt | — |  | — |  | 0.7 |  | — |  | 0.7 |
Repayment of long-term debt | — |  | — |  | (7.4 | ) | — |  | (7.4 | )
Debt issuance costs | — |  | (1.4 | ) | — |  | — |  | (1.4 | )
Net change in advances to subsidiaries | (339.5 | ) | (569.8 | ) | (188.5 | ) | 1,097.8 |  | — |
Excess tax benefits from share-based compensation | — |  | — |  | 16.8 |  | — |  | 16.8 |
Shares issued to employees, net of shares withheld | — |  | — |  | 80.0 |  | — |  | 80.0 |
Repurchases of ordinary shares | — |  | — |  | (715.8 | ) | — |  | (715.8 | )
Dividends paid | (194.2 | ) | — |  | — |  | — |  | (194.2 | )
Distributions to noncontrolling interest | — |  | — |  | (2.0 | ) | — |  | (2.0 | )
Net cash provided by (used for) financing activities | (533.7 | ) | (467.0 | ) | (816.2 | ) | 1,097.8 |  | (719.1 | )
Effect of exchange rate changes on cash and cash equivalents | — |  | — |  | 21.0 |  | — |  | 21.0 |
Change in cash and cash equivalents | 0.5 |  | 47.0 |  | (28.9 | ) | — |  | 18.6 |
Cash and cash equivalents, beginning of year | — |  | — |  | 237.4 |  | — |  | 237.4 |
Cash and cash equivalents, end of year | $ | 0.5 |  | $ | 47.0 |  | $ | 208.5 |  | $ | — |  | $ | 256.0 |
| Pentair plc and Subsidiaries Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2012
In millions | Parent Company Guarantor | Subsidiary Issuer | Non-guarantor Subsidiaries | Eliminations | Consolidated Total
Operating activities |  |  |  |  |
Net cash provided by (used for) operating activities | $ | (109.0 | ) | $ | (88.2 | ) | $ | 37.2 |  | $ | 203.7 |  | $ | 43.7 |
Investing activities |  |  |  |  |
Capital expenditures | — |  | — |  | (94.5 | ) | — |  | (94.5 | )
Proceeds from sale of property and equipment | — |  | — |  | 5.5 |  | — |  | 5.5 |
Acquisitions, net of cash acquired | — |  | 300.1 |  | 170.4 |  | — |  | 470.5 |
Other | — |  | — |  | (5.9 | ) | — |  | (5.9 | )
Net cash provided by (used for) investing activities | — |  | 300.1 |  | 75.5 |  | — |  | 375.6 |
Financing activities |  |  |  |  |
Net repayments of short-term borrowings | — |  | — |  | (3.7 | ) | — |  | (3.7 | )
Net receipts (repayments) of commercial paper and revolving long-term debt | — |  | 424.7 |  | (170.9 | ) | — |  | 253.8 |
Proceeds from long-term debt | — |  | 594.3 |  | — |  | — |  | 594.3 |
Repayment of long-term debt | — |  | — |  | (617.2 | ) | — |  | (617.2 | )
Debt issuance costs | — |  | (8.7 | ) | (1.0 | ) | — |  | (9.7 | )
Debt extinguishment costs | — |  | — |  | (74.8 | ) | — |  | (74.8 | )
Net change in advances to subsidiaries | 157.0 |  | (1,222.2 | ) | 1,268.9 |  | (203.7 | ) | — |
Excess tax benefits from share-based compensation | — |  | — |  | 5.0 |  | — |  | 5.0 |
Shares issued to employees, net of shares withheld | — |  | — |  | 68.2 |  | — |  | 68.2 |
Repurchases of ordinary shares | — |  | — |  | (334.2 | ) | — |  | (334.2 | )
Dividends paid | (48.0 | ) | — |  | (64.4 | ) | — |  | (112.4 | )
Distributions to noncontrolling interest | — |  | — |  | (1.6 | ) | — |  | (1.6 | )
Net cash provided by (used for) financing activities | 109.0 |  | (211.9 | ) | 74.3 |  | (203.7 | ) | (232.3 | )
Effect of exchange rate changes on cash and cash equivalents | — |  | — |  | 0.3 |  | — |  | 0.3 |
Change in cash and cash equivalents | — |  | — |  | 187.3 |  | — |  | 187.3 |
Cash and cash equivalents, beginning of year | — |  | — |  | 50.1 |  | — |  | 50.1 |
Cash and cash equivalents, end of year | $ | — |  | $ | — |  | $ | 237.4 |  | $ | — |  | $ | 237.4 |

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