$PNR
PENTAIR plc

2012 Q4 Form 10-K Financial Statement

#000119312513077034 Filed on February 26, 2013

View on sec.gov

Income Statement

Concept 2012 Q4 2010 Q1
Revenue $1.751B
YoY Change 102.25%
Cost Of Revenue $1.352B
YoY Change 118.65%
Gross Profit $398.7M
YoY Change 46.55%
Gross Profit Margin 22.77%
Selling, General & Admin $553.5M
YoY Change 247.96%
% of Gross Profit 138.83%
Research & Development $32.20M
YoY Change 60.27%
% of Gross Profit 8.08%
Depreciation & Amortization $85.80M
YoY Change 195.86%
% of Gross Profit 21.52%
Operating Expenses $585.6M
YoY Change 226.86%
Operating Profit -$304.1M
YoY Change 63.34%
Interest Expense -$18.30M
YoY Change 8.93%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$397.8M
YoY Change -622.71%
Income Tax -$123.1M
% Of Pretax Income
Net Earnings -$273.1M
YoY Change -639.21%
Net Earnings / Revenue -15.6%
Basic Earnings Per Share -$1.31
Diluted Earnings Per Share -$1.31
COMMON SHARES
Basic Shares Outstanding 206.1M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q4 2010 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $261.0M
YoY Change 392.45%
Cash & Equivalents $237.4M $33.40M
Short-Term Investments
Other Short-Term Assets $334.5M
YoY Change 98.29%
Inventory $1.334B
Prepaid Expenses $89.00M
Receivables $1.275B
Other Receivables $0.00
Total Short-Term Assets $3.204B
YoY Change 158.86%
LONG-TERM ASSETS
Property, Plant & Equipment $1.188B
YoY Change 206.63%
Goodwill $4.838B
YoY Change 112.74%
Intangibles $1.927B
YoY Change 225.33%
Long-Term Investments $10.30M
YoY Change 71.67%
Other Assets $452.3M
YoY Change 377.36%
Total Long-Term Assets $8.678B
YoY Change 159.18%
TOTAL ASSETS
Total Short-Term Assets $3.204B
Total Long-Term Assets $8.678B
Total Assets $11.88B
YoY Change 159.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $567.0M
YoY Change 92.3%
Accrued Expenses $351.0M
YoY Change 69.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change -100.0%
Long-Term Debt Due $3.100M
YoY Change 159.63%
Total Short-Term Liabilities $1.645B
YoY Change 156.31%
LONG-TERM LIABILITIES
Long-Term Debt $2.454B
YoY Change 88.18%
Other Long-Term Liabilities $495.1M
YoY Change 300.86%
Total Long-Term Liabilities $2.949B
YoY Change 106.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.645B
Total Long-Term Liabilities $2.949B
Total Liabilities $5.395B
YoY Change 112.5%
SHAREHOLDERS EQUITY
Retained Earnings $1.292B
YoY Change -11.84%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $315.5M
YoY Change
Treasury Stock Shares 6.900M shares
Shareholders Equity $6.371B
YoY Change
Total Liabilities & Shareholders Equity $11.88B
YoY Change 159.09%

Cashflow Statement

Concept 2012 Q4 2010 Q1
OPERATING ACTIVITIES
Net Income -$273.1M
YoY Change -639.21%
Depreciation, Depletion And Amortization $85.80M
YoY Change 195.86%
Cash From Operating Activities -$179.4M
YoY Change -303.86%
INVESTING ACTIVITIES
Capital Expenditures -$44.60M
YoY Change 149.16%
Acquisitions
YoY Change
Other Investing Activities -$203.7M
YoY Change 40640.0%
Cash From Investing Activities -$248.3M
YoY Change 1249.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 39.10M
YoY Change -148.03%
NET CHANGE
Cash From Operating Activities -179.4M
Cash From Investing Activities -248.3M
Cash From Financing Activities 39.10M
Net Change In Cash -388.6M
YoY Change 3193.22%
FREE CASH FLOW
Cash From Operating Activities -$179.4M
Capital Expenditures -$44.60M
Free Cash Flow -$134.8M
YoY Change -227.29%

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CY2012 us-gaap Fiscal Period
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<div> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Fiscal year</i></b></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">Our fiscal year ends on December&#xA0;31.&#xA0;We report our interim quarterly periods on a 13-week basis ending on a Saturday.</font></p> </div>
CY2012 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
375577000
CY2012 us-gaap Investment Income Interest
InvestmentIncomeInterest
2902000
CY2012 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
9704000
CY2012 us-gaap Income Taxes Paid
IncomeTaxesPaid
82235000
CY2012 us-gaap Dividends Common Stock
DividendsCommonStock
207364000
CY2012 us-gaap Defined Benefit Plan Ultimate Health Care Cost Trend Rate
DefinedBenefitPlanUltimateHealthCareCostTrendRate
0.045 pure
CY2012 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
0
CY2012 us-gaap Product Warranty Expense
ProductWarrantyExpense
55710000
CY2012 us-gaap Defined Benefit Plan Target Plan Asset Allocations
DefinedBenefitPlanTargetPlanAssetAllocations
0.90 pure
CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
29.60
CY2012 us-gaap Defined Benefit Plan Effect Of One Percentage Point Increase On Service And Interest Cost Components
DefinedBenefitPlanEffectOfOnePercentagePointIncreaseOnServiceAndInterestCostComponents
59000
CY2012 us-gaap Product Warranty Accrual Currency Translation Increase Decrease
ProductWarrantyAccrualCurrencyTranslationIncreaseDecrease
430000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
58000000
CY2012 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
94532000
CY2012 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-3700000
CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
211264000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
83994 shares
CY2012 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1536146000
CY2012 us-gaap Gain Loss On Interest Rate Cash Flow Hedge Ineffectiveness
GainLossOnInterestRateCashFlowHedgeIneffectiveness
5300000
CY2012 us-gaap Restructuring Charges
RestructuringCharges
66900000
CY2012 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
112397000
CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Other Share Increase Decrease In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsOtherShareIncreaseDecreaseInPeriodWeightedAverageExercisePrice
28.04
CY2012 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
167536000
CY2012 us-gaap Other Comprehensive Income Loss Amortization Pension And Other Postretirement Benefit Plans Net Prior Service Cost Recognized In Net Periodic Pension Cost Net Of Tax
OtherComprehensiveIncomeLossAmortizationPensionAndOtherPostretirementBenefitPlansNetPriorServiceCostRecognizedInNetPeriodicPensionCostNetOfTax
253000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
9.63
CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
127368000 shares
CY2012 us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
4923144000
CY2012 us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet
-5632000
CY2012 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
90072000
CY2012 us-gaap Sales Revenue Net
SalesRevenueNet
4416146000
CY2012 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-55720000
CY2012 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
35830000
CY2012 us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
238014000
CY2012 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-72665000
CY2012 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.84
CY2012 us-gaap Nature Of Operations
NatureOfOperations
<div> <table style="TEXT-TRANSFORM: none; TEXT-INDENT: 0px; LETTER-SPACING: normal; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman'; WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="6%" align="left"><font style="FONT-FAMILY: 'Times New Roman'" size="2"><b>1.</b></font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"><font style="FONT-FAMILY: 'Times New Roman'" size="2"><b>Background and Nature of Operations</b></font></td> </tr> </table> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 0px; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: medium 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">Pentair Ltd., formerly known as Tyco Flow Control International Ltd. (as used prior to the Merger (as defined below), &#x201C;Flow Control&#x201D;), is a company organized under the laws of Switzerland. In these notes, the terms &#x201C;the Company,&#x201D; &#x201C;Pentair,&#x201D; &#x201C;us,&#x201D; &#x201C;we&#x201D; or &#x201C;our&#x201D; refer to Pentair Ltd. and its consolidated subsidiaries. Our business took its current form on September&#xA0;28, 2012 as a result of a spin-off of Flow Control from its parent, Tyco International Ltd. (&#x201C;Tyco&#x201D;), and a reverse acquisition involving Pentair, Inc.</font></p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 12px; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: medium 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">Prior to the spin-off, Tyco engaged in an internal restructuring whereby it transferred to Flow Control certain assets related to the flow control business of Tyco, and Flow Control assumed from Tyco certain liabilities related to the flow control business of Tyco. On September&#xA0;28, 2012 prior to the Merger (as defined below), Tyco effected a spin-off of Flow Control through the pro-rata distribution of 100% of the outstanding common shares of Flow Control to Tyco&#x2019;s shareholders (the &#x201C;Distribution&#x201D;), resulting in the distribution of 110,898,934 of our common shares to Tyco&#x2019;s shareholders. Immediately following the Distribution, an indirect, wholly-owned subsidiary of ours merged with and into Pentair, Inc., with Pentair, Inc. surviving as an indirect, wholly-owned subsidiary of ours (the &#x201C;Merger&#x201D;). At the effective time of the Merger, each Pentair, Inc. common share was converted into the right to receive one of our common shares, resulting in 99,388,463 of our common shares being issued to Pentair, Inc. shareholders. The Merger is intended to be tax-free for U.S. federal income tax purposes. After the Merger, our common shares are traded on the New York Stock Exchange under the symbol PNR. Tyco equity-based awards held by Flow Control employees and certain Tyco employees and directors outstanding prior to the completion of the Distribution were converted in connection with the Distribution into equity-based awards with respect to our common shares and were assumed by us. Pentair, Inc. equity-based awards outstanding prior to the completion of the Merger were converted upon completion of the Merger into equity-based awards with respect to our common shares and were assumed by us.</font></p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 12px; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: medium 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">The Merger was accounted for as a reverse acquisition under the purchase method of accounting with Pentair, Inc. treated as the acquirer, reflecting the control maintained by the executive management and board of directors of Pentair, Inc. after the Merger. As such, on the acquisition date of September&#xA0;28, 2012, the assets and liabilities of Flow Control have been assessed at fair value and the assets and liabilities of Pentair, Inc. are carried over at historical cost. For periods prior to September&#xA0;28, 2012, the Consolidated Statements of Operations and Comprehensive Income (Loss) and Consolidated Statements of Cash Flows include the historical results of Pentair, Inc. The consolidated financial statements include the results of Flow Control from the date of the Merger. Flow Control&#x2019;s net sales and net loss from continuing operations for the period from the acquisition date to December&#xA0;31, 2012 were $886.5 million and $117.0 million, respectively.</font></p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 12px; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: medium 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">Our common share balances prior to the Merger have been adjusted to reflect the one-for-one conversion of the Pentair, Inc. shares to Pentair Ltd. shares, with the difference in par value recorded in&#xA0;<i>Capital contribution reserve</i>.</font></p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 12px; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: medium 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">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:</font></p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 0px; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: 12px 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="TEXT-TRANSFORM: none; TEXT-INDENT: 0px; LETTER-SPACING: normal; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman'; WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="86%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid" valign="bottom"> <font style="FONT-FAMILY: 'Times New Roman'" size="2"><i>In thousands</i></font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid" valign="bottom"> <font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid" valign="bottom" colspan="2">&#xA0;<font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid" valign="bottom"> <font size="1">&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: 'Times New Roman'" size="2">Value of common shares issued to Tyco shareholders&#xA0;</font><font style="FONT-FAMILY: 'Times New Roman'" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">(1)</sup></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;&#xA0;4,811,363</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: 'Times New Roman'" size="2">Cash paid to Tyco shareholders in lieu of fractional common shares&#xA0;</font><font style="FONT-FAMILY: 'Times New Roman'" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">(2)</sup></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">542</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: 'Times New Roman'" size="2">Value of replacement equity-based awards to holders of Tyco equity-based awards&#xA0;</font><font style="FONT-FAMILY: 'Times New Roman'" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">(3)</sup></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">111,239</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> </tr> <tr> <td height="5" colspan="5"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom" colspan="4"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: 'Times New Roman'" size="2">Total purchase price</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;&#xA0;4,923,144</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> </tr> <tr> <td height="5" colspan="5"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom" colspan="4"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 0px; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: 12px 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="TEXT-TRANSFORM: none; TEXT-INDENT: 0px; LETTER-SPACING: normal; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman'; WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="3%"><font size="1">&#xA0;</font></td> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: 'Times New Roman'" size="2">(1)</font></td> <td valign="top" align="left"><font style="FONT-FAMILY: 'Times New Roman'" size="2">Equals 110,886,444 Pentair Ltd. shares distributed to Tyco shareholders multiplied by the Merger date share price of $43.39.</font></td> </tr> </table> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 12px; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: 1px 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="TEXT-TRANSFORM: none; TEXT-INDENT: 0px; LETTER-SPACING: normal; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman'; WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="3%"><font size="1">&#xA0;</font></td> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: 'Times New Roman'" size="2">(2)</font></td> <td valign="top" align="left"><font style="FONT-FAMILY: 'Times New Roman'" size="2">Equals cash paid to Tyco shareholders in lieu of 12,490 Pentair Ltd. fractional shares multiplied by the Merger date share price of $43.39.</font></td> </tr> </table> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 0px; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: 12px 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="TEXT-TRANSFORM: none; TEXT-INDENT: 0px; LETTER-SPACING: normal; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman'; WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="3%"><font size="1">&#xA0;</font></td> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: 'Times New Roman'" size="2">(3)</font></td> <td valign="top" align="left"><font style="FONT-FAMILY: 'Times New Roman'" size="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.</font></td> </tr> </table> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 12px; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: medium 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">During the fourth quarter of 2012, we recorded fair value adjustments to our preliminary purchase price allocation, which resulted in an increase to goodwill of $32.6 million.</font></p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 12px; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: medium 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">The purchase price has been preliminarily allocated based on the estimated fair value of net assets acquired and liabilities assumed at the date of the Merger. The preliminary purchase price allocation is subject to further refinement and may require significant adjustments to arrive at the final purchase price allocation. These adjustments will primarily relate to accounts receivable, inventories, property, plant and equipment, certain contingent liabilities and income tax-related items. We expect the purchase price allocation to be completed in the second quarter of 2013. There can be no assurance that such finalization will not result in material changes from the preliminary purchase price allocation. The purchase price is subject to a working capital and net indebtedness adjustment.</font></p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 12px; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: medium 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">The following table summarizes our preliminary fair values of the assets acquired and liabilities assumed in the Merger:</font></p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 0px; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: 12px 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="TEXT-TRANSFORM: none; TEXT-INDENT: 0px; LETTER-SPACING: normal; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman'; WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="83%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid" valign="bottom"> <font style="FONT-FAMILY: 'Times New Roman'" size="2"><i>In thousands</i></font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid" valign="bottom"> <font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid" valign="bottom" colspan="2">&#xA0;<font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 2px solid" valign="bottom"> <font size="1">&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: 'Times New Roman'" size="2">Cash and cash equivalents</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;691,702</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: 'Times New Roman'" size="2">Accounts and notes receivable</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">771,576</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: 'Times New Roman'" size="2">Inventories</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">1,046,165</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: 'Times New Roman'" size="2">Other current assets</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">98,212</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: 'Times New Roman'" size="2">Property, plant and equipment</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">822,001</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; 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MARGIN-TOP: 12px; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: medium 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">The excess of purchase price over tangible net assets and identified intangible assets acquired was allocated to goodwill in the amount of $2.5 billion. Goodwill has been preliminarily allocated to our reporting segments as follows: $321.4 million to Water&#xA0;&amp; Fluid Solutions, $1,342.6 million to Valves&#xA0;&amp; Controls and $856.1 million to Technical Solutions. None of the goodwill recognized from the Merger is expected to be deductible for income tax purposes. Goodwill recognized from the Merger reflects the value of future income resulting from synergies of our combined operations. Identifiable intangible assets acquired as part of the Merger were $1.4 billion and include $362.3 million of indefinite life trade name intangibles and the following definite-lived intangibles: $905.7 million of customer relationships with a weighted average useful life of 14.2 years, $115.9 million of proprietary technology with weighted average useful life of 13.7 years and $41.2 million of customer backlog with a weighted average useful life of less than one year.</font></p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 12px; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: 1px 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 0px; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: medium 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">Flow Control is a global leader in the industrial flow control market, specializing in the design, manufacture and servicing of highly engineered valves, actuation&#xA0;&amp; controls, electric heat management solutions and water transmission and distribution products. Flow Control&#x2019;s broad portfolio of products and services serves flow control needs primarily across the general process, oil&#xA0;&amp; gas, water, power generation and mining industries. Sales are conducted through multiple channels based on local market conditions and demand.&#xA0;A global customer base is served through major manufacturing and after-market service centers around the world.&#xA0;Flow Control, through its valves&#xA0;&amp; controls business, is one of the world&#x2019;s largest manufacturers of valves, actuators and controls, with leading products, services and solutions to address many of the most challenging flow applications in the general process, oil&#xA0;&amp; gas, power generation and mining industries.&#xA0;Through its thermal management business, Flow Control is a leading provider of complete electric heat management solutions, primarily for the oil&#xA0;&amp; gas, general process and power generation industries.&#xA0;Additionally, Flow Control&#x2019;s water&#xA0;&amp; environmental systems business is a leading provider of large-scale water transmission and distribution products and water/wastewater systems in the Pacific and Southeast Asia regions.</font></p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 12px; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: medium 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">We believe the Merger combines two complementary leaders in water and fluid solutions, valves and controls and technical solutions, providing us with the ability to achieve operational and tax synergies and increase global revenue. Following the Merger, we are a diversified industrial manufacturing company comprising three reporting segments: Water&#xA0;&amp; Fluid Solutions, Valves&#xA0;&amp; Controls and Technical Solutions. Water&#xA0;&amp; Fluid Solutions designs, manufactures, markets and services innovative water management and fluid processing products and solutions. Valves&#xA0;&amp; Controls designs, manufactures, markets and services valves, fittings, automation and controls and actuators. Technical Solutions designs, manufactures and markets products that guard and protect some of the world&#x2019;s most sensitive electronics and electronic equipment, as well as heat management solutions designed to provide thermal protection to temperature sensitive fluid applications.</font></p> </div>
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OperatingIncomeLoss
55199000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.31
CY2012Q3 us-gaap Profit Loss
ProfitLoss
32595000
CY2012Q3 us-gaap Sales Revenue Net
SalesRevenueNet
865512000
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.31
CY2012Q3 us-gaap Gross Profit
GrossProfit
278077000
CY2012Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
52700000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
31363000
CY2012Q4 us-gaap Merger And Acquisition Costs
MergerAndAcquisitionCosts
12000000
CY2012Q4 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-75400000
CY2012Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-304106000
CY2012Q4 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
32600000
CY2012Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.31
CY2012Q4 us-gaap Profit Loss
ProfitLoss
-274736000
CY2012Q4 us-gaap Restructuring Costs
RestructuringCosts
55300000
CY2012Q4 us-gaap Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
146300000
CY2012Q4 us-gaap Sales Revenue Net
SalesRevenueNet
1750932000
CY2012Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.31
CY2012Q4 us-gaap Indefinite Lived Intangible Assets Impairment Losses
IndefiniteLivedIntangibleAssetsImpairmentLosses
60700000
CY2012Q4 us-gaap Gross Profit
GrossProfit
398668000
CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
-273083000
CY2012Q4 pnr Inventory Step Up Related To Merger
InventoryStepUpRelatedToMerger
179600000

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