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v3.19.2

Supplemental Guarantor Information | 6 Months Ended
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Jun. 30, 2019
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 Statements of Operations and Comprehensive Income (Loss), Condensed Consolidating Balance Sheets and Condensed Consolidating Statements 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 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 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 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 |
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 |
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 The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph d -Subparagraph 4 -Subsection 10 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph c -Subparagraph 4 -Subsection 10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph a -Subsection 04 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph e -Subparagraph 4 -Subsection 10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph f -Subparagraph 4 -Subsection 10 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 + Details
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