United States securities and exchange commission logo
June 13, 2024
Robert P. Fishman
Chief Financial Officer
Pentair plc
Regal House, 70 London Road
Twickenham, London, TW13QS
United Kingdom
Re: Pentair plc
Form 10-K for the
Fiscal Year Ended December 31, 2023
Filed February 20,
2024
File No. 001-11625
Dear Robert P. Fishman:
We have reviewed your
filing and have the following comments.
Please respond to this letter within ten business days by
providing the requested
information or advise us as soon as possible when you will respond. If
you do not believe a
comment applies to your facts and circumstances, please tell us why in
your response.
After reviewing your
response to this letter, we may have additional comments.
Form 10-K for the Fiscal Year Ended December 31, 2023
Management's Discussion and Analysis of Financial Condition and Results
of Operations
Consolidated Result of Operations, page 26
1. We note your discussion
and analysis of the changes in your income tax on page 28.
Based on your effective
tax rate reconciliation within Note 10, it appears there are
material factors
impacting your income tax (benefit)/provision that should be fully
discussed in MD&A so
that readers may fully understand the variances and assess the
continuing impact. For
example, it appears that the changes in rates of foreign operations
further decreased your
effective tax rate in 2023 while the proportion of income before
income taxes for your
international operations remained fairly consistent. To the extent
material factors in
your foreign operations including changes in your jurisdictional mix of
income may be impacting
your effective tax rate, please explain the changes and factors
including whether you
may expect these changes to continue. Given the materiality of
your foreign operations
and impact on your effective tax rate, please also tell us your
consideration of
including a discussion of the primary taxing jurisdictions where your
Robert P. Fishman
Pentair plc
June 13, 2024
Page 2
foreign earnings are derived and the relevant statutory rates in those
jurisdictions in order
for readers to better understand the material impacts such factors
have on your effective
tax rate. Please refer to Item 303 of Regulation S-K.
Note 14. Segment Information, page 74
2. We note you reorganized the operating segments and classified your
operations into three
reportable segments: Flow, Water Solutions, and Pool. We also note
that the financial
information by reportable segment disclosures include an "Other"
category, which
reconciles to the consolidated amounts. Please note that if your Other
category is
presented under ASC 280-10-50-15, it does not represent a reportable
segment and should
be excluded from the reportable segment total. Please revise or tell
us how these
disclosures appropriately reflect reconciliations of the total of the
reportable segments to
your consolidated amounts. Refer also to ASC 280-10-50-15 and ASC
280-10- 55-48 and
55-49.
3. Please disclose the business activities and sources of revenue
included in Other as
required by ASC 280-10-50-15.
4. Please reconcile your reportable segment measure of profit or loss to
consolidated income
before income taxes. Refer to ASC 280-10-50-30(b).
We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.
Please contact Joseph Cascarano at 202-551-3376 or Robert Littlepage at
202-551-3361
if you have questions regarding comments on the financial statements and
related matters.
FirstName LastNameRobert P. Fishman Sincerely,
Comapany NamePentair plc
Division of
Corporation Finance
June 13, 2024 Page 2 Office of
Technology
FirstName LastName