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v3.19.2

Supplemental Guarantor Information (Tables) | 6 Months Ended
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Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three months ended June 30, 2018
In millions | Parent Company Guarantor | Subsidiary Guarantor | Subsidiary Issuer | Non-guarantor Subsidiaries | Eliminations | Consolidated Total
Net sales | $ | — |  | $ | — |  | $ | — |  | $ | 780.6 |  | $ | — |  | $ | 780.6 |
Cost of goods sold | — |  | — |  | — |  | 498.0 |  | — |  | 498.0 |
Gross profit | — |  | — |  | — |  | 282.6 |  | — |  | 282.6 |
Selling, general and administrative expenses | 8.1 |  | — |  | 0.4 |  | 132.4 |  | — |  | 140.9 |
Research and development expenses | — |  | — |  | — |  | 19.1 |  | — |  | 19.1 |
Operating (loss) income | (8.1 | ) | — |  | (0.4 | ) | 131.1 |  | — |  | 122.6 |
(Earnings) loss from continuing operations of investment in subsidiaries | (88.5 | ) | (88.1 | ) | (138.1 | ) | — |  | 314.7 |  | — |
Other (income) expense: |  |  |  |  |  |
Loss on sale of business | — |  | — |  | — |  | 0.9 |  | — |  | 0.9 |
Loss on early extinguishment of debt | — |  | — |  | 17.1 |  | — |  | — |  | 17.1 |
Net interest (income) expense | — |  | (0.4 | ) | 7.3 |  | 3.2 |  | — |  | 10.1 |
Other income | — |  | — |  | — |  | (4.2 | ) | — |  | (4.2 | )
Income (loss) from continuing operations before income taxes | 80.4 |  | 88.5 |  | 113.3 |  | 131.2 |  | (314.7 | ) | 98.7 |
Provision for income taxes | 2.5 |  | — |  | — |  | 18.3 |  | — |  | 20.8 |
Net income (loss) from continuing operations | 77.9 |  | 88.5 |  | 113.3 |  | 112.9 |  | (314.7 | ) | 77.9 |
Loss from discontinued operations, net of tax | — |  | — |  | — |  | (36.4 | ) | — |  | (36.4 | )
(Loss) earnings from discontinued operations of investment in subsidiaries | (36.4 | ) | (36.4 | ) | (36.4 | ) | — |  | 109.2 |  | — |
Net income (loss) | $ | 41.5 |  | $ | 52.1 |  | $ | 76.9 |  | $ | 76.5 |  | $ | (205.5 | ) | $ | 41.5 |
Comprehensive income (loss), net of tax |  |  |  |  |  |
Net income (loss) | $ | 41.5 |  | $ | 52.1 |  | $ | 76.9 |  | $ | 76.5 |  | $ | (205.5 | ) | $ | 41.5 |
Changes in cumulative translation adjustment | 22.8 |  | 22.8 |  | 22.8 |  | 22.8 |  | (68.4 | ) | 22.8 |
Changes in market value of derivative financial instruments, net of tax | 4.1 |  | 4.1 |  | 4.1 |  | 4.1 |  | (12.3 | ) | 4.1 |
Comprehensive income (loss) | $ | 68.4 |  | $ | 79.0 |  | $ | 103.8 |  | $ | 103.4 |  | $ | (286.2 | ) | $ | 68.4 |
Schedule of Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet June 30, 2019
In millions | Parent Company Guarantor | Subsidiary Guarantor | Subsidiary Issuer | Non-guarantor Subsidiaries | Eliminations | Consolidated Total
Assets
Current assets |  |  |  |  |  |
Cash and cash equivalents | $ | 0.3 |  | $ | — |  | $ | 0.1 |  | $ | 80.1 |  | $ | — |  | $ | 80.5 |
Accounts and notes receivable, net | 1.2 |  | — |  | 1.1 |  | 458.9 |  | (1.6 | ) | 459.6 |
Inventories | — |  | — |  | — |  | 396.7 |  | — |  | 396.7 |
Other current assets | 2.9 |  | — |  | 0.1 |  | 101.7 |  | — |  | 104.7 |
Total current assets | 4.4 |  | — |  | 1.3 |  | 1,037.4 |  | (1.6 | ) | 1,041.5 |
Property, plant and equipment, net | — |  | — |  | — |  | 280.3 |  | — |  | 280.3 |
Other assets |  |  |  |  |  |
Investments in subsidiaries | 1,969.2 |  | 1,968.7 |  | 2,719.8 |  | — |  | (6,657.7 | ) | — |
Goodwill | — |  | — |  | — |  | 2,287.5 |  | — |  | 2,287.5 |
Intangibles, net | — |  | — |  | — |  | 354.2 |  | — |  | 354.2 |
Other non-current assets | 22.3 |  | 1.0 |  | 1,591.5 |  | 184.2 |  | (1,592.5 | ) | 206.5 |
Total other assets | 1,991.5 |  | 1,969.7 |  | 4,311.3 |  | 2,825.9 |  | (8,250.2 | ) | 2,848.2 |
Total assets | $ | 1,995.9 |  | $ | 1,969.7 |  | $ | 4,312.6 |  | $ | 4,143.6 |  | $ | (8,251.8 | ) | $ | 4,170.0 |
Liabilities and Equity
Current liabilities |  |  |  |  |  |
Accounts payable | $ | 6.1 |  | $ | — |  | $ | 0.1 |  | $ | 257.1 |  | $ | (1.6 | ) | $ | 261.7 |
Employee compensation and benefits | 0.2 |  | — |  | — |  | 68.5 |  | — |  | 68.7 |
Other current liabilities | 33.7 |  | 0.5 |  | 7.7 |  | 337.9 |  | — |  | 379.8 |
Total current liabilities | 40.0 |  | 0.5 |  | 7.8 |  | 663.5 |  | (1.6 | ) | 710.2 |
Other liabilities |  |  |  |  |  |
Long-term debt | 128.8 |  | — |  | 2,336.3 |  | 342.5 |  | (1,592.5 | ) | 1,215.1 |
Pension and other post-retirement compensation and benefits | — |  | — |  | — |  | 89.2 |  | — |  | 89.2 |
Deferred tax liabilities | — |  | — |  | — |  | 119.8 |  | — |  | 119.8 |
Other non-current liabilities | 20.5 |  | — |  | — |  | 208.6 |  | — |  | 229.1 |
Total liabilities | 189.3 |  | 0.5 |  | 2,344.1 |  | 1,423.6 |  | (1,594.1 | ) | 2,363.4 |
Equity | 1,806.6 |  | 1,969.2 |  | 1,968.5 |  | 2,720.0 |  | (6,657.7 | ) | 1,806.6 |
Total liabilities and equity | $ | 1,995.9 |  | $ | 1,969.7 |  | $ | 4,312.6 |  | $ | 4,143.6 |  | $ | (8,251.8 | ) | $ | 4,170.0 |
Condensed Consolidating Balance Sheet December 31, 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 |  | $ | 74.1 |  | $ | — |  | $ | 74.3 |
Accounts and notes receivable, net | 4.6 |  | — |  | — |  | 483.6 |  | — |  | 488.2 |
Inventories | — |  | — |  | — |  | 387.5 |  | — |  | 387.5 |
Other current assets | 3.4 |  | — |  | 2.2 |  | 99.2 |  | (15.4 | ) | 89.4 |
Total current assets | 8.1 |  | — |  | 2.3 |  | 1,044.4 |  | (15.4 | ) | 1,039.4 |
Property, plant and equipment, net | — |  | — |  | — |  | 272.6 |  | — |  | 272.6 |
Other assets |  |  |  |  |  |
Investments in subsidiaries | 1,903.8 |  | 2,036.1 |  | 2,675.7 |  | — |  | (6,615.6 | ) | — |
Goodwill | — |  | — |  | — |  | 2,072.7 |  | — |  | 2,072.7 |
Intangibles, net | — |  | — |  | — |  | 276.3 |  | — |  | 276.3 |
Other non-current assets | 23.3 |  | — |  | 696.1 |  | 729.7 |  | (1,303.6 | ) | 145.5 |
Total other assets | 1,927.1 |  | 2,036.1 |  | 3,371.8 |  | 3,078.7 |  | (7,919.2 | ) | 2,494.5 |
Total assets | $ | 1,935.2 |  | $ | 2,036.1 |  | $ | 3,374.1 |  | $ | 4,395.7 |  | $ | (7,934.6 | ) | $ | 3,806.5 |
Liabilities and Equity
Current liabilities |  |  |  |  |  |
Accounts payable | $ | 0.9 |  | $ | — |  | $ | — |  | $ | 377.7 |  | $ | — |  | $ | 378.6 |
Employee compensation and benefits | 0.2 |  | — |  | — |  | 111.5 |  | — |  | 111.7 |
Other current liabilities | 47.6 |  | 1.5 |  | 4.4 |  | 290.3 |  | (15.4 | ) | 328.4 |
Total current liabilities | 48.7 |  | 1.5 |  | 4.4 |  | 779.5 |  | (15.4 | ) | 818.7 |
Other liabilities |  |  |  |  |  |
Long-term debt | 29.9 |  | 130.8 |  | 1,333.9 |  | 596.6 |  | (1,303.6 | ) | 787.6 |
Pension and other post-retirement compensation and benefits | — |  | — |  | — |  | 90.0 |  | — |  | 90.0 |
Deferred tax liabilities | — |  | — |  | — |  | 105.9 |  | — |  | 105.9 |
Other non-current liabilities | 20.5 |  | — |  | — |  | 147.7 |  | — |  | 168.2 |
Total liabilities | 99.1 |  | 132.3 |  | 1,338.3 |  | 1,719.7 |  | (1,319.0 | ) | 1,970.4 |
Equity | 1,836.1 |  | 1,903.8 |  | 2,035.8 |  | 2,676.0 |  | (6,615.6 | ) | 1,836.1 |
Total liabilities and equity | $ | 1,935.2 |  | $ | 2,036.1 |  | $ | 3,374.1 |  | $ | 4,395.7 |  | $ | (7,934.6 | ) | $ | 3,806.5 |
Schedule of Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows Six months ended June 30, 2019
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 | $ | 157.2 |  | $ | 170.4 |  | $ | 179.1 |  | $ | 104.3 |  | $ | (514.3 | ) | $ | 96.7 |
Investing activities |  |  |  |  |  |
Capital expenditures | — |  | — |  | — |  | (29.8 | ) | — |  | (29.8 | )
Proceeds from sale of property and equipment | — |  | — |  | — |  | 0.4 |  | — |  | 0.4 |
Proceeds from the sale of businesses | — |  | — |  | — |  | 0.7 |  | — |  | 0.7 |
Acquisitions, net of cash acquired | — |  | — |  | — |  | (284.5 | ) | — |  | (284.5 | )
Net intercompany loan activity | — |  | — |  | (604.3 | ) | (21.9 | ) | 626.2 |  | — |
Other | — |  | — |  | — |  | (1.5 | ) | — |  | (1.5 | )
Net cash (used for) provided by investing activities | — |  | — |  | (604.3 | ) | (336.6 | ) | 626.2 |  | (314.7 | )
Financing activities |  |  |  |  |  |
Net receipts (repayments) of commercial paper and revolving long-term debt | — |  | — |  | 55.0 |  | (22.1 | ) | — |  | 32.9 |
Proceeds from long-term debt | — |  | — |  | 400.0 |  | — |  | — |  | 400.0 |
Debt issuance costs | — |  | — |  | (5.7 | ) | — |  | — |  | (5.7 | )
Net change in advances to subsidiaries | 47.8 |  | (170.4 | ) | (24.3 | ) | 258.8 |  | (111.9 | ) | — |
Shares issued to employees, net of shares withheld | 7.2 |  | — |  | — |  | — |  | — |  | 7.2 |
Repurchases of ordinary shares | (150.0 | ) | — |  | — |  | — |  | — |  | (150.0 | )
Dividends paid | (62.0 | ) | — |  | — |  | — |  | — |  | (62.0 | )
Net cash (used for) provided by financing activities | (157.0 | ) | (170.4 | ) | 425.0 |  | 236.7 |  | (111.9 | ) | 222.4 |
Effect of exchange rate changes on cash and cash equivalents | — |  | — |  | 0.2 |  | 1.6 |  | — |  | 1.8 |
Change in cash and cash equivalents | 0.2 |  | — |  | — |  | 6.0 |  | — |  | 6.2 |
Cash and cash equivalents, beginning of period | 0.1 |  | — |  | 0.1 |  | 74.1 |  | — |  | 74.3 |
Cash and cash equivalents, end of period | $ | 0.3 |  | $ | — |  | $ | 0.1 |  | $ | 80.1 |  | $ | — |  | $ | 80.5 |
Condensed Consolidating Statement of Cash Flows Six months ended June 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 | $ | 101.1 |  | $ | 162.2 |  | $ | 177.5 |  | $ | 272.6 |  | $ | (541.5 | ) | $ | 171.9 |
Investing activities |  |  |  |  |  |
Capital expenditures | — |  | — |  | — |  | (20.3 | ) | — |  | (20.3 | )
Proceeds from sale of property and equipment | — |  | — |  | — |  | (0.5 | ) | — |  | (0.5 | )
Payments due to sale of businesses, net | — |  | — |  | — |  | (12.8 | ) | — |  | (12.8 | )
Acquisitions, net of cash acquired | — |  | — |  | — |  | (0.9 | ) | — |  | (0.9 | )
Net intercompany loan activity | 30.8 |  | 59.9 |  | 22.5 |  | 490.6 |  | (603.8 | ) | — |
Net cash provided by (used for) investing activities of continuing operations | 30.8 |  | 59.9 |  | 22.5 |  | 456.1 |  | (603.8 | ) | (34.5 | )
Net cash used for investing activities of discontinued operations | — |  | — |  | — |  | (7.1 | ) | — |  | (7.1 | )
Net cash provided by (used for) investing activities | 30.8 |  | 59.9 |  | 22.5 |  | 449.0 |  | (603.8 | ) | (41.6 | )
Financing activities |  |  |  |  |  |
Net receipts (repayments) of commercial paper and revolving long-term debt | — |  | — |  | 43.8 |  | (13.6 | ) | — |  | 30.2 |
Repayments of long-term debt | — |  | — |  | (675.1 | ) | — |  | — |  | (675.1 | )
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 | 287.8 |  | (222.1 | ) | (517.0 | ) | (694.0 | ) | 1,145.3 |  | — |
Shares issued to employees, net of shares withheld | 6.3 |  | — |  | — |  | — |  | — |  | 6.3 |
Repurchases of ordinary shares | (300.0 | ) | — |  | — |  | — |  | — |  | (300.0 | )
Dividends paid | (125.9 | ) | — |  | — |  | — |  | — |  | (125.9 | )
Net cash (used for) provided by financing activities | (131.8 | ) | (222.1 | ) | (170.7 | ) | (781.8 | ) | 1,145.3 |  | (161.1 | )
Change in cash held for sale | — |  | — |  | — |  | 27.0 |  | — |  | 27.0 |
Effect of exchange rate changes on cash and cash equivalents | — |  | — |  | (26.1 | ) | 22.3 |  | — |  | (3.8 | )
Change in cash and cash equivalents | 0.1 |  | — |  | 3.2 |  | (10.9 | ) | — |  | (7.6 | )
Cash and cash equivalents, beginning of period | — |  | — |  | — |  | 86.3 |  | — |  | 86.3 |
Cash and cash equivalents, end of period | $ | 0.1 |  | $ | — |  | $ | 3.2 |  | $ | 75.4 |  | $ | — |  | $ | 78.7 |

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- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
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