##### Table of Contents



10-Q
 SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarter ended September 30, 2005
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period fromto
 Commission
File Number1-31330
 Cooper Industries, Ltd.
 
 Bermuda
    
    98-0355628(State or other jurisdiction of
    
    (I.R.S. Employerincorporation or organization)
    
    Identification No.)
 600 Travis, Suite 5800
    
    Houston, Texas 77002(Address of principal executive offices)
    
    (Zip Code)
  
  
   þ o
  þ o
 o o




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TABLE OF CONTENTS  PART I  FINANCIAL INFORMATIONItem 1. Financial StatementsItem 2. Managements Discussion and Analysis of Financial Condition and Results of OperationsItem 4. Controls and ProceduresPART II  OTHER INFORMATIONItem 1. Legal ProceedingsItem 2. Changes in Securities, Use of Proceeds and Issuer Purchases of Equity SecuritiesItem 6. ExhibitsSignaturesExhibit IndexComputation of Ratios of Earnings to Fixed ChargesConsent of Bates White, LLCCertification of CEO Pursuant to Section 302Certification of CFO Pursuant to Section 302Certification of CEO Pursuant to Section 906Certification of CFO Pursuant to Section 906    Table of Contents  
 PART I  FINANCIAL INFORMATION
 
 Item 1. Financial Statements
 COOPER INDUSTRIES, LTD.
CONSOLIDATED INCOME STATEMENTS
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2005
    
    
    2004
    
    
    2005
    
    
    2004(in millions, where applicable)Revenues
    
    $
    1,210.4
    
    
    $
    1,140.2
    
    
    $
    3,544.4
    
    
    $
    3,314.1Cost of sales
    
    
    828.1
    
    
    
    798.4
    
    
    
    2,430.4
    
    
    
    2,315.6Selling and administrative expenses
    
    
    235.9
    
    
    
    211.6
    
    
    
    696.3
    
    
    
    632.0Operating earnings
    
    
    146.4
    
    
    
    130.2
    
    
    
    417.7
    
    
    
    366.5Interest expense, net
    
    
    16.5
    
    
    
    17.0
    
    
    
    52.0
    
    
    
    51.3Income before income taxes
    
    
    129.9
    
    
    
    113.2
    
    
    
    365.7
    
    
    
    315.2Income taxes
    
    
    27.9
    
    
    
    23.9
    
    
    
    78.6
    
    
    
    64.3Net income
    
    $
    102.0
    
    
    $
    89.3
    
    
    $
    287.1
    
    
    $
    250.9Income per common share:Basic
    
    $
    1.11
    
    
    $
    .97
    
    
    $
    3.09
    
    
    $
    2.71Diluted
    
    $
    1.08
    
    
    $
    .95
    
    
    $
    3.02
    
    
    $
    2.65Cash dividends per common share
    
    $
    .37
    
    
    $
    .35
    
    
    $
    1.11
    
    
    $
    1.05
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COOPER INDUSTRIES, LTD.
CONSOLIDATED BALANCE SHEETS
 September 30,
    
    
    December 31,2005
    
    
    2004(in millions)ASSETSCash and cash equivalents
    
    $
    376.0
    
    
    $
    652.8Receivables
    
    
    919.2
    
    
    
    820.9Inventories
    
    
    576.1
    
    
    
    523.0Deferred income taxes and other current assets
    
    
    174.5
    
    
    
    221.9Total current assets
    
    
    2,045.8
    
    
    
    2,218.6Property, plant and equipment, less accumulated depreciation
    
    
    679.7
    
    
    
    696.4Goodwill
    
    
    2,090.0
    
    
    
    2,142.3Deferred income taxes and other noncurrent assets
    
    
    273.9
    
    
    
    283.5Total assets
    
    $
    5,089.4
    
    
    $
    5,340.8LIABILITIES AND SHAREHOLDERS EQUITYShort-term debt
    
    $
    7.9
    
    
    $
    97.6Accounts payable
    
    
    385.1
    
    
    
    350.7Accrued liabilities
    
    
    490.6
    
    
    
    488.8Accrual for discontinued operations
    
    
    171.4
    
    
    
    225.1Current maturities of long-term debt
    
    
    449.3
    
    
    
    665.4Total current liabilities
    
    
    1,504.3
    
    
    
    1,827.6Long-term debt
    
    
    680.5
    
    
    
    698.6Postretirement benefits other than pensions
    
    
    165.9
    
    
    
    173.3Other long-term liabilities
    
    
    345.3
    
    
    
    354.8Total liabilities
    
    
    2,696.0
    
    
    
    3,054.3Common stock, $.01 par value
    
    
    0.9
    
    
    
    0.9Capital in excess of par value
    
    
    390.1
    
    
    
    446.2Retained earnings
    
    
    2,154.9
    
    
    
    1,971.6Accumulated other nonowner changes in equity
    
    
    (152.5
    )
    
    
    (132.2
    )Total shareholders equity
    
    
    2,393.4
    
    
    
    2,286.5Total liabilities and shareholders equity
    
    $
    5,089.4
    
    
    $
    5,340.8
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COOPER INDUSTRIES, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
 Nine Months EndedSeptember 30,2005
    
    
    2004(in millions)Cash flows from operating activities:Net income
    
    $
    287.1
    
    
    $
    250.9Adjustments to reconcile to net cash provided by operating activities:Depreciation and amortization
    
    
    84.1
    
    
    
    88.8Deferred income taxes
    
    
    5.0
    
    
    
    29.0Restructuring charge payments
    
    
    (0.4
    )
    
    
    (3.8
    )Changes in assets and liabilities: (1)Receivables
    
    
    (114.3
    )
    
    
    (97.2
    )Inventories
    
    
    (54.5
    )
    
    
    10.7Accounts payable and accrued liabilities
    
    
    8.3
    
    
    
    (4.1
    )Other assets and liabilities, net
    
    
    85.2
    
    
    
    86.2Net cash provided by operating activities
    
    
    300.5
    
    
    
    360.5Cash flows from investing activities:Capital expenditures
    
    
    (71.8
    )
    
    
    (64.1
    )Cash paid for acquired businesses
    
    
    (2.4
    )
    
    
    (10.1
    )Proceeds from sales of property, plant and equipment and other
    
    
    6.6
    
    
    
    8.5Net cash used in investing activities
    
    
    (67.6
    )
    
    
    (65.7
    )Cash flows from financing activities:Proceeds from issuances of debt
    
    
    1.4
    
    
    
    2.2Repayments of debt
    
    
    (270.1
    )
    
    
    (1.7
    )Dividends
    
    
    (103.8
    )
    
    
    (97.9
    )Subsidiary purchase of parent shares
    
    
    (166.2
    )
    
    
    (202.9
    )Activity under employee stock plans and other
    
    
    54.7
    
    
    
    37.2Net cash used in financing activities
    
    
    (484.0
    )
    
    
    (263.1
    )Effect of exchange rate changes on cash and cash equivalents
    
    
    (25.7
    )
    
    
    0.2Increase/(decrease) in cash and cash equivalents
    
    
    (276.8
    )
    
    
    31.9Cash and cash equivalents, beginning of period
    
    
    652.8
    
    
    
    463.7Cash and cash equivalents, end of period
    
    $
    376.0
    
    
    $
    495.6
 
 (1)
    
    Net of the effects of acquisitions and translation.  -4-




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COOPER INDUSTRIES, LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 Note 1. Accounting Policies
 Basis of Presentation
  Share-Based Payment Accounting for Stock-Based Compensation
 Note 2. Stock-Based Compensation
   -5-




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Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2005
    
    
    2004
    
    
    2005
    
    
    2004(in millions)Net income, as reported
    
    $
    102.0
    
    
    $
    89.3
    
    
    $
    287.1
    
    
    $
    250.9Add: Stock-based employee compensation
expense included in reported net income,
net of related tax effects
    
    
    8.3
    
    
    
    2.7
    
    
    
    18.5
    
    
    
    9.6Deduct: Total stock-based employee
compensation expense determined under
fair value based method for all awards,
net of related tax effects
    
    
    (8.0
    )
    
    
    (2.3
    )
    
    
    (16.1
    )
    
    
    (11.3
    )Pro forma net income
    
    $
    102.3
    
    
    $
    89.7
    
    
    $
    289.5
    
    
    $
    249.2Earnings per share:Basic  as reported
    
    $
    1.11
    
    
    $
    .97
    
    
    $
    3.09
    
    
    $
    2.71Basic  pro forma
    
    $
    1.11
    
    
    $
    .98
    
    
    $
    3.12
    
    
    $
    2.69Diluted  as reported
    
    $
    1.08
    
    
    $
    .95
    
    
    $
    3.02
    
    
    $
    2.65Diluted  pro forma
    
    $
    1.08
    
    
    $
    .95
    
    
    $
    3.05
    
    
    $
    2.63
 Note 3. Acquisitions
  Note 4. Inventories
 September 30,
    
    
    December 31,2005
    
    
    2004(in millions)Raw materials
    
    $
    201.0
    
    
    $
    185.2Work-in-process
    
    
    147.9
    
    
    
    118.6Finished goods
    
    
    337.2
    
    
    
    320.2Perishable tooling and supplies
    
    
    14.3
    
    
    
    13.2700.4
    
    
    
    637.2Allowance for excess and obsolete inventory
    
    
    (58.9
    )
    
    
    (58.9
    )Excess of current standard costs over LIFO costs
    
    
    (65.4
    )
    
    
    (55.3
    )Net inventories
    
    $
    576.1
    
    
    $
    523.0
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Note 5. Shareholders Equity
   Note 6. Segment Information
 RevenuesThree Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2005
    
    
    2004
    
    
    2005
    
    
    2004(in millions)Electrical Products
    
    $
    1,027.5
    
    
    $
    952.2
    
    
    $
    3,006.4
    
    
    $
    2,771.8Tools & Hardware
    
    
    182.9
    
    
    
    188.0
    
    
    
    538.0
    
    
    
    542.3Total revenues
    
    $
    1,210.4
    
    
    $
    1,140.2
    
    
    $
    3,544.4
    
    
    $
    3,314.1
 -7-




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Operating EarningsThree Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2005
    
    
    2004
    
    
    2005
    
    
    2004(in millions)Electrical Products
    
    $
    158.2
    
    
    $
    131.2
    
    
    $
    441.8
    
    
    $
    381.4Tools & Hardware
    
    
    15.5
    
    
    
    18.3
    
    
    
    46.0
    
    
    
    42.7Segment operating earnings
    
    
    173.7
    
    
    
    149.5
    
    
    
    487.8
    
    
    
    424.1General Corporate expenses
    
    
    27.3
    
    
    
    19.3
    
    
    
    70.1
    
    
    
    57.6Total operating earnings
    
    
    146.4
    
    
    
    130.2
    
    
    
    417.7
    
    
    
    366.5Interest expense, net
    
    
    16.5
    
    
    
    17.0
    
    
    
    52.0
    
    
    
    51.3Income before income taxes
    
    $
    129.9
    
    
    $
    113.2
    
    
    $
    365.7
    
    
    $
    315.2
 Note 7. Pension and Other Postretirement Benefits
 Pension BenefitsThree Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2005
    
    
    2004
    
    
    2005
    
    
    2004(in millions)Components of net periodic benefit cost:Service cost
    
    $
    4.2
    
    
    $
    4.1
    
    
    $
    12.9
    
    
    $
    12.2Interest cost
    
    
    9.8
    
    
    
    10.4
    
    
    
    30.2
    
    
    
    31.1Expected return on plan assets
    
    
    (12.0
    )
    
    
    (11.7
    )
    
    
    (37.4
    )
    
    
    (35.1
    )Amortization of prior service cost
    
    
    0.2
    
    
    
    0.2
    
    
    
    0.5
    
    
    
    0.5Recognized actuarial loss
    
    
    2.4
    
    
    
    1.8
    
    
    
    7.2
    
    
    
    5.4Net periodic benefit cost
    
    $
    4.6
    
    
    $
    4.8
    
    
    $
    13.4
    
    
    $
    14.1
 -8-




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Other Postretirement BenefitsThree Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2005
    
    
    2004
    
    
    2005
    
    
    2004(in millions)Components of net periodic benefit cost:Service cost
    
    $
    0.1
    
    
    $
    
    
    
    $
    0.2
    
    
    $
    0.1Interest cost
    
    
    1.7
    
    
    
    2.1
    
    
    
    5.2
    
    
    
    6.2Recognized actuarial gain
    
    
    (0.8
    )
    
    
    (0.7
    )
    
    
    (2.3
    )
    
    
    (2.1
    )Net periodic benefit cost
    
    $
    1.0
    
    
    $
    1.4
    
    
    $
    3.1
    
    
    $
    4.2
 Note 8. Income Taxes
   Note 9. Net Income Per Common Share
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2005
    
    
    2004
    
    
    2005
    
    
    2004(in millions)Basic:Net income applicable to common stock
    
    $
    102.0
    
    
    $
    89.3
    
    
    $
    287.1
    
    
    $
    250.9Weighted average common shares outstanding
    
    
    92.3
    
    
    
    91.8
    
    
    
    92.8
    
    
    
    92.5Diluted:Net income applicable to common stock
    
    $
    102.0
    
    
    $
    89.3
    
    
    $
    287.1
    
    
    $
    250.9Weighted average common shares outstanding
    
    
    92.3
    
    
    
    91.8
    
    
    
    92.8
    
    
    
    92.5Incremental shares from assumed conversions:Options, performance-based stock
awards and other employee awards
    
    
    2.5
    
    
    
    2.2
    
    
    
    2.4
    
    
    
    2.2Weighted average common shares
and common share equivalents
    
    
    94.8
    
    
    
    94.0
    
    
    
    95.2
    
    
    
    94.7
 -9-




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Note 10. Net Income and Other Nonowner Changes in Equity
  Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2005
    
    
    2004
    
    
    2005
    
    
    2004(in millions)Net income
    
    $
    102.0
    
    
    $
    89.3
    
    
    $
    287.1
    
    
    $
    250.9Foreign currency translation gains
(losses)
    
    
    (6.9
    )
    
    
    3.1
    
    
    
    (20.4
    )
    
    
    4.9Change in fair value of derivatives
    
    
    1.2
    
    
    
    (0.1
    )
    
    
    0.1
    
    
    
    1.2Net income and other nonowner
changes in equity
    
    $
    96.3
    
    
    $
    92.3
    
    
    $
    266.8
    
    
    $
    257.0
 Note 11. Restructuring
     -10-




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FacilitiesNumber of
    
    
    Accrued
    
    
    Closure andEmployees
    
    
    Severance
    
    
    Rationalization($ in millions)Balance at December 31, 2002
    
    
    1,022
    
    
    $
    16.2
    
    
    $
    5.8Employees terminated
    
    
    (982
    )
    
    
    
    
    
    
    Cash expenditures
    
    
    
    
    
    
    (14.9
    )
    
    
    (2.9
    )Reversal of excess accruals
    
    
    (9
    )
    
    
    (0.9
    )
    
    
    (0.6
    )Balance at December 31, 2003
    
    
    31
    
    
    
    0.4
    
    
    
    2.3Employees terminated
    
    
    (31
    )
    
    
    
    
    
    
    Cash expenditures
    
    
    
    
    
    
    (0.4
    )
    
    
    (1.7
    )Balance at December 31, 2004
    
    
    
    
    
    
    
    
    
    
    0.6Cash expenditures
    
    
    
    
    
    
    
    
    
    
    Balance at September 30, 2005
    
    
    
    
    
    $
    
    
    
    $
    0.6
   Note 12. Charge Related to Discontinued Operations
   -11-




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Note 13. Consolidating Financial Information
  Consolidating Income Statements
Three Months Ended September 30, 2005
 Cooper
    
    
    Guaranteeing
    
    
    Other
    
    
    ConsolidatingCooper
    
    
    Industries, LLC
    
    
    Subsidiaries
    
    
    Subsidiaries
    
    
    Adjustments
    
    
    TotalRevenues
    
    $
    
    
    
    $
    
    
    
    $
    820.2
    
    
    $
    430.2
    
    
    $
    (40.0
    )
    
    $
    1,210.4Cost of sales
    
    
    
    
    
    
    (0.2
    )
    
    
    573.4
    
    
    
    294.9
    
    
    
    (40.0
    )
    
    
    828.1Selling and administrative
expenses
    
    
    2.0
    
    
    
    4.1
    
    
    
    146.3
    
    
    
    83.5
    
    
    
    
    
    
    
    235.9Interest expense, net
    
    
    (0.1
    )
    
    
    13.7
    
    
    
    (1.2
    )
    
    
    4.1
    
    
    
    
    
    
    
    16.5Equity in earnings of
subsidiaries, net of tax.
    
    
    122.4
    
    
    
    9.3
    
    
    
    71.5
    
    
    
    66.9
    
    
    
    (270.1
    )
    
    
    Intercompany income
(expense)
    
    
    (1.8
    )
    
    
    (10.3
    )
    
    
    (120.7
    )
    
    
    149.5
    
    
    
    (16.7
    )
    
    
    Income (loss) before
income taxes
    
    
    118.7
    
    
    
    (18.6
    )
    
    
    52.5
    
    
    
    264.1
    
    
    
    (286.8
    )
    
    
    129.9Income tax expense
(benefit)
    
    
    
    
    
    
    (10.3
    )
    
    
    (14.5
    )
    
    
    52.7
    
    
    
    
    
    
    
    27.9Net income (loss)
    
    $
    118.7
    
    
    $
    (8.3
    )
    
    $
    67.0
    
    
    $
    211.4
    
    
    $
    (286.8
    )
    
    $
    102.0
 13




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Consolidating Income Statements
Three Months Ended September 30, 2004
 Cooper
    
    
    Other
    
    
    ConsolidatingCooper
    
    
    Ohio
    
    
    Subsidiaries
    
    
    Adjustments
    
    
    TotalRevenues
    
    $
    
    
    
    $
    45.2
    
    
    $
    1,098.2
    
    
    $
    (3.2
    )
    
    $
    1,140.2Cost of sales
    
    
    
    
    
    
    31.0
    
    
    
    770.6
    
    
    
    (3.2
    )
    
    
    798.4Selling and administrative expenses
    
    
    2.0
    
    
    
    23.6
    
    
    
    186.0
    
    
    
    
    
    
    
    211.6Interest expense, net
    
    
    (0.2
    )
    
    
    12.2
    
    
    
    5.0
    
    
    
    
    
    
    
    17.0Equity in earnings of subsidiaries,
net of tax
    
    
    91.8
    
    
    
    104.4
    
    
    
    42.1
    
    
    
    (238.3
    )
    
    
    Intercompany income (expense)
    
    
    (0.7
    )
    
    
    (76.6
    )
    
    
    77.3
    
    
    
    
    
    
    
    Income before income taxes
    
    
    89.3
    
    
    
    6.2
    
    
    
    256.0
    
    
    
    (238.3
    )
    
    
    113.2Income tax expense (benefit)
    
    
    
    
    
    
    (35.9
    )
    
    
    59.8
    
    
    
    
    
    
    
    23.9Net income
    
    $
    89.3
    
    
    $
    42.1
    
    
    $
    196.2
    
    
    $
    (238.3
    )
    
    $
    89.3
 Nine Months Ended September 30, 2005
 Cooper
    
    
    Guaranteeing
    
    
    Other
    
    
    ConsolidatingCooper
    
    
    Industries, LLC
    
    
    Subsidiaries
    
    
    Subsidiaries
    
    
    Adjustments
    
    
    TotalRevenues
    
    $
    
    
    
    $
    
    
    
    $
    2,382.8
    
    
    $
    1,262.2
    
    
    $
    (100.6
    )
    
    $
    3,544.4Cost of sales
    
    
    0.2
    
    
    
    
    
    
    
    1,685.7
    
    
    
    845.1
    
    
    
    (100.6
    )
    
    
    2,430.4Selling and administrative
expenses
    
    
    6.7
    
    
    
    7.9
    
    
    
    429.5
    
    
    
    252.2
    
    
    
    
    
    
    
    696.3Interest expense, net
    
    
    (1.0
    )
    
    
    40.6
    
    
    
    (2.9
    )
    
    
    15.3
    
    
    
    
    
    
    
    52.0Equity in earnings of
subsidiaries, net of tax
    
    
    360.4
    
    
    
    59.0
    
    
    
    182.1
    
    
    
    196.3
    
    
    
    (797.8
    )
    
    
    Intercompany income
(expense)
    
    
    (4.3
    )
    
    
    (37.1
    )
    
    
    (286.9
    )
    
    
    391.5
    
    
    
    (63.2
    )
    
    
    Income (loss) before
income taxes
    
    
    350.2
    
    
    
    (26.6
    )
    
    
    165.7
    
    
    
    737.4
    
    
    
    (861.0
    )
    
    
    365.7Income tax expense
(benefit)
    
    
    
    
    
    
    (31.8
    )
    
    
    (30.6
    )
    
    
    141.0
    
    
    
    
    
    
    
    78.6Net income
    
    $
    350.2
    
    
    $
    5.2
    
    
    $
    196.3
    
    
    $
    596.4
    
    
    $
    (861.0
    )
    
    $
    287.1
 Nine Months Ended September 30, 2004
 Cooper
    
    
    Other
    
    
    ConsolidatingCooper
    
    
    Ohio
    
    
    Subsidiaries
    
    
    Adjustments
    
    
    TotalRevenues
    
    $
    
    
    
    $
    185.5
    
    
    $
    3,141.9
    
    
    $
    (13.3
    )
    
    $
    3,314.1Cost of sales
    
    
    0.6
    
    
    
    123.3
    
    
    
    2,205.0
    
    
    
    (13.3
    )
    
    
    2,315.6Selling and administrative expenses
    
    
    6.7
    
    
    
    76.3
    
    
    
    549.0
    
    
    
    
    
    
    
    632.0Interest expense, net
    
    
    (0.7
    )
    
    
    36.1
    
    
    
    15.9
    
    
    
    
    
    
    
    51.3Equity in earnings of subsidiaries,
net of tax
    
    
    260.9
    
    
    
    330.9
    
    
    
    117.8
    
    
    
    (709.6
    )
    
    
    Intercompany income (expense)
    
    
    (3.4
    )
    
    
    (280.5
    )
    
    
    283.9
    
    
    
    
    
    
    
    Income before income taxes
    
    
    250.9
    
    
    
    0.2
    
    
    
    773.7
    
    
    
    (709.6
    )
    
    
    315.2Income tax expense (benefit)
    
    
    
    
    
    
    (117.6
    )
    
    
    181.9
    
    
    
    
    
    
    
    64.3Net income
    
    $
    250.9
    
    
    $
    117.8
    
    
    $
    591.8
    
    
    $
    (709.6
    )
    
    $
    250.9
 14




---



##### Table of Contents



Consolidating Balance Sheets
September 30, 2005
 Cooper
    
    
    Guaranteeing
    
    
    Other
    
    
    ConsolidatingCooper
    
    
    Industries, LLC
    
    
    Subsidiaries
    
    
    Subsidiaries
    
    
    Adjustments
    
    
    TotalCash and cash equivalents
    
    $
    56.5
    
    
    $
    (0.1
    )
    
    $
    66.7
    
    
    $
    252.9
    
    
    $
    
    
    
    $
    376.0Receivables
    
    
    
    
    
    
    
    
    
    
    553.3
    
    
    
    365.9
    
    
    
    
    
    
    
    919.2Inventories
    
    
    
    
    
    
    
    
    
    
    341.8
    
    
    
    234.3
    
    
    
    
    
    
    
    576.1Deferred income taxes and
other current assets
    
    
    0.1
    
    
    
    97.3
    
    
    
    65.7
    
    
    
    11.4
    
    
    
    
    
    
    
    174.5Total current assets
    
    
    56.6
    
    
    
    97.2
    
    
    
    1,027.5
    
    
    
    864.5
    
    
    
    
    
    
    
    2,045.8Property, plant and equipment,
less accumulated depreciation.
    
    
    
    
    
    
    
    
    
    
    385.0
    
    
    
    294.7
    
    
    
    
    
    
    
    679.7Goodwill
    
    
    
    
    
    
    
    
    
    
    1,018.1
    
    
    
    1,071.9
    
    
    
    
    
    
    
    2,090.0Investment in subsidiaries
    
    
    4,899.0
    
    
    
    1,027.9
    
    
    
    4,802.5
    
    
    
    2,772.7
    
    
    
    (13,502.1
    )
    
    
    Investment in parent
    
    
    
    
    
    
    
    
    
    
    2,522.3
    
    
    
    312.7
    
    
    
    (2,835.0
    )
    
    
    Intercompany accounts
receivables
    
    
    576.9
    
    
    
    596.7
    
    
    
    1,369.9
    
    
    
    2,570.2
    
    
    
    (5,113.7
    )
    
    
    Intercompany notes receivable
    
    
    46.1
    
    
    
    14.1
    
    
    
    73.4
    
    
    
    5,971.2
    
    
    
    (6,104.8
    )
    
    
    Deferred income taxes and
other noncurrent assets
    
    
    
    
    
    
    121.6
    
    
    
    39.7
    
    
    
    112.6
    
    
    
    
    
    
    
    273.9Total assets
    
    $
    5,578.6
    
    
    $
    1,857.5
    
    
    $
    11,238.4
    
    
    $
    13,970.5
    
    
    $
    (27,555.6
    )
    
    $
    5,089.4Short-term debt
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    7.9
    
    
    $
    
    
    
    $
    7.9Accounts payable
    
    
    34.2
    
    
    
    11.9
    
    
    
    190.5
    
    
    
    148.5
    
    
    
    
    
    
    
    385.1Accrued liabilities
    
    
    3.7
    
    
    
    29.6
    
    
    
    325.6
    
    
    
    131.7
    
    
    
    
    
    
    
    490.6Accrual for discontinued
operations
    
    
    
    
    
    
    171.4
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    171.4Current maturities of long-term
debt
    
    
    
    
    
    
    88.0
    
    
    
    
    
    
    
    361.3
    
    
    
    
    
    
    
    449.3Total current liabilities.
    
    
    37.9
    
    
    
    300.9
    
    
    
    516.1
    
    
    
    649.4
    
    
    
    
    
    
    
    1,504.3Long-term debt
    
    
    
    
    
    
    671.1
    
    
    
    8.0
    
    
    
    1.4
    
    
    
    
    
    
    
    680.5Intercompany accounts
payables
    
    
    
    
    
    
    
    
    
    
    2,819.8
    
    
    
    2,293.9
    
    
    
    (5,113.7
    )
    
    
    Intercompany notes payable
    
    
    272.8
    
    
    
    470.7
    
    
    
    5,235.6
    
    
    
    125.7
    
    
    
    (6,104.8
    )
    
    
    Other long-term liabilities
    
    
    
    
    
    
    126.6
    
    
    
    271.9
    
    
    
    112.7
    
    
    
    
    
    
    
    511.2Total liabilities
    
    
    310.7
    
    
    
    1,569.3
    
    
    
    8,851.4
    
    
    
    3,183.1
    
    
    
    (11,218.5
    )
    
    
    2,696.0Class A common stock
    
    
    0.9
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.9Class B common stock
    
    
    0.5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (0.5
    )
    
    
    Subsidiary common stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    258.6
    
    
    
    (258.6
    )
    
    
    Capital in excess of par value
    
    
    3,197.7
    
    
    
    
    
    
    
    501.1
    
    
    
    6,735.8
    
    
    
    (10,044.5
    )
    
    
    390.1Retained earnings
    
    
    2,231.0
    
    
    
    401.6
    
    
    
    2,048.8
    
    
    
    4,133.3
    
    
    
    (6,659.8
    )
    
    
    2,154.9Accumulated other nonowner
changes in equity
    
    
    (162.2
    )
    
    
    (113.4
    )
    
    
    (162.9
    )
    
    
    (340.3
    )
    
    
    626.3
    
    
    
    (152.5
    )Total shareholders equity
    
    
    5,267.9
    
    
    
    288.2
    
    
    
    2,387.0
    
    
    
    10,787.4
    
    
    
    (16,337.1
    )
    
    
    2,393.4Total liabilities and
shareholders equity
    
    $
    5,578.6
    
    
    $
    1,857.5
    
    
    $
    11,238.4
    
    
    $
    13,970.5
    
    
    $
    (27,555.6
    )
    
    $
    5,089.4
 15




---



##### Table of Contents



Consolidating Balance Sheets
December 31, 2004
 Cooper
    
    
    Other
    
    
    ConsolidatingCooper
    
    
    Ohio
    
    
    Subsidiaries
    
    
    Adjustments
    
    
    TotalCash and cash equivalents
    
    $
    111.5
    
    
    $
    246.1
    
    
    $
    295.2
    
    
    $
    
    
    
    $
    652.8Receivables
    
    
    
    
    
    
    15.0
    
    
    
    805.9
    
    
    
    
    
    
    
    820.9Inventories
    
    
    
    
    
    
    
    
    
    
    523.0
    
    
    
    
    
    
    
    523.0Deferred income taxes and other
current assets
    
    
    1.3
    
    
    
    215.0
    
    
    
    5.6
    
    
    
    
    
    
    
    221.9Total current assets
    
    
    112.8
    
    
    
    476.1
    
    
    
    1,629.7
    
    
    
    
    
    
    
    2,218.6Property, plant and equipment,
less
accumulated depreciation
    
    
    
    
    
    
    34.5
    
    
    
    661.9
    
    
    
    
    
    
    
    696.4Goodwill
    
    
    
    
    
    
    
    
    
    
    2,142.3
    
    
    
    
    
    
    
    2,142.3Investment in subsidiaries
    
    
    2,785.8
    
    
    
    4,796.1
    
    
    
    193.5
    
    
    
    (7,775.4
    )
    
    
    Investment in parent
    
    
    
    
    
    
    2,245.5
    
    
    
    202.2
    
    
    
    (2,447.7
    )
    
    
    Intercompany accounts receivable
    
    
    514.0
    
    
    
    
    
    
    
    681.9
    
    
    
    (1,195.9
    )
    
    
    Intercompany notes receivable
    
    
    25.6
    
    
    
    21.3
    
    
    
    3,899.6
    
    
    
    (3,946.5
    )
    
    
    Deferred income taxes and other
noncurrent assets
    
    
    
    
    
    
    112.6
    
    
    
    170.9
    
    
    
    
    
    
    
    283.5Total assets
    
    $
    3,438.2
    
    
    $
    7,686.1
    
    
    $
    9,582.0
    
    
    $
    (15,365.5
    )
    
    $
    5,340.8Short-term debt
    
    $
    
    
    
    $
    
    
    
    $
    97.6
    
    
    $
    
    
    
    $
    97.6Accounts payable
    
    
    32.5
    
    
    
    21.1
    
    
    
    297.1
    
    
    
    
    
    
    
    350.7Accrued liabilities
    
    
    2.9
    
    
    
    130.6
    
    
    
    355.3
    
    
    
    
    
    
    
    488.8Accrual for discontinued
operations
    
    
    
    
    
    
    225.1
    
    
    
    
    
    
    
    
    
    
    
    225.1Current maturities of long-term
debt
    
    
    
    
    
    
    229.0
    
    
    
    436.4
    
    
    
    
    
    
    
    665.4Total current liabilities.
    
    
    35.4
    
    
    
    605.8
    
    
    
    1,186.4
    
    
    
    
    
    
    
    1,827.6Long-term debt
    
    
    
    
    
    
    688.3
    
    
    
    10.3
    
    
    
    
    
    
    
    698.6Intercompany accounts payable
    
    
    
    
    
    
    1,195.9
    
    
    
    
    
    
    
    (1,195.9
    )
    
    
    Intercompany notes payable
    
    
    135.7
    
    
    
    3,763.9
    
    
    
    46.9
    
    
    
    (3,946.5
    )
    
    
    Other long-term liabilities
    
    
    
    
    
    
    253.2
    
    
    
    274.9
    
    
    
    
    
    
    
    528.1Total liabilities
    
    
    171.1
    
    
    
    6,507.1
    
    
    
    1,518.5
    
    
    
    (5,142.4
    )
    
    
    3,054.3Class A common stock
    
    
    0.9
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.9Class B common stock
    
    
    0.5
    
    
    
    
    
    
    
    
    
    
    
    (0.5
    )
    
    
    Subsidiary common stock
    
    
    
    
    
    
    
    
    
    
    137.0
    
    
    
    (137.0
    )
    
    
    Capital in excess of par value
    
    
    2,882.2
    
    
    
    12.1
    
    
    
    7,252.0
    
    
    
    (9,700.1
    )
    
    
    446.2Retained earnings
    
    
    350.0
    
    
    
    1,263.8
    
    
    
    773.1
    
    
    
    (415.3
    )
    
    
    1,971.6Accumulated other nonowner
changes in equity
    
    
    33.5
    
    
    
    (96.9
    )
    
    
    (98.6
    )
    
    
    29.8
    
    
    
    (132.2
    )Total shareholders equity
    
    
    3,267.1
    
    
    
    1,179.0
    
    
    
    8,063.5
    
    
    
    (10,223.1
    )
    
    
    2,286.5Total liabilities and
shareholders equity
    
    $
    3,438.2
    
    
    $
    7,686.1
    
    
    $
    9,582.0
    
    
    $
    (15,365.5
    )
    
    $
    5,340.8
 16




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##### Table of Contents



Consolidating Statements of Cash Flows
Nine Months Ended September 30, 2005
 Cooper
    
    
    Guaranteeing
    
    
    Other
    
    
    ConsolidatingCooper
    
    
    Industries, LLC
    
    
    Subsidiaries
    
    
    Subsidiaries
    
    
    Adjustments
    
    
    TotalNet cash provided by (used in)
operating activities
    
    $
    (4.9
    )
    
    $
    (114.0
    )
    
    $
    20.4
    
    
    $
    399.0
    
    
    $
    
    
    
    $
    300.5Cash flows from investing
activities:Capital expenditures
    
    
    
    
    
    
    
    
    
    
    (41.4
    )
    
    
    (30.4
    )
    
    
    
    
    
    
    (71.8
    )Cash paid for acquired
businesses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2.4
    )
    
    
    
    
    
    
    (2.4
    )Investment in affiliates
    
    
    (11.1
    )
    
    
    (9.8
    )
    
    
    (33.7
    )
    
    
    
    
    
    
    54.6
    
    
    
    Loans to affiliates
    
    
    (46.0
    )
    
    
    (14.1
    )
    
    
    (69.4
    )
    
    
    (137.1
    )
    
    
    266.6
    
    
    
    Repayments of loans from
affiliates
    
    
    25.6
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (25.6
    )
    
    
    Dividends from affiliates
    
    
    
    
    
    
    0.9
    
    
    
    86.7
    
    
    
    3.1
    
    
    
    (90.7
    )
    
    
    Other
    
    
    
    
    
    
    1.5
    
    
    
    0.5
    
    
    
    4.6
    
    
    
    
    
    
    
    6.6Net cash used in investing
activities
    
    
    (31.5
    )
    
    
    (21.5
    )
    
    
    (57.3
    )
    
    
    (162.2
    )
    
    
    204.9
    
    
    
    (67.6
    )Cash flows from financing
activities:Proceeds from issuances of
debt
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1.4
    
    
    
    
    
    
    
    1.4Repayments of debt
    
    
    
    
    
    
    (152.0
    )
    
    
    
    
    
    
    (118.1
    )
    
    
    
    
    
    
    (270.1
    )Borrowings from affiliates
    
    
    137.1
    
    
    
    7.9
    
    
    
    
    
    
    
    121.6
    
    
    
    (266.6
    )
    
    
    Repayments of loans to
affiliates
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (25.6
    )
    
    
    25.6
    
    
    
    Other intercompany financing
activities
    
    
    (16.7
    )
    
    
    279.5
    
    
    
    (120.4
    )
    
    
    (142.4
    )
    
    
    
    
    
    
    Dividends
    
    
    (103.8
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (103.8
    )Dividends paid to affiliates
    
    
    (46.4
    )
    
    
    
    
    
    
    
    
    
    
    (44.3
    )
    
    
    90.7
    
    
    
    Subsidiary purchase of parent
shares
    
    
    11.2
    
    
    
    
    
    
    
    (78.0
    )
    
    
    (99.4
    )
    
    
    
    
    
    
    (166.2
    )Issuance of stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    54.6
    
    
    
    (54.6
    )
    
    
    Employee stock plan activity
and other
    
    
    
    
    
    
    
    
    
    
    54.7
    
    
    
    
    
    
    
    
    
    
    
    54.7Net cash provided by (used
in) financing activities.
    
    
    (18.6
    )
    
    
    135.4
    
    
    
    (143.7
    )
    
    
    (252.2
    )
    
    
    (204.9
    )
    
    
    (484.0
    )Effect of exchange rate changes
on cash and cash equivalents.
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (25.7
    )
    
    
    
    
    
    
    (25.7
    )Increase (decrease) in cash and
cash equivalents
    
    
    (55.0
    )
    
    
    (0.1
    )
    
    
    (180.5
    )
    
    
    (41.2
    )
    
    
    
    
    
    
    (276.8
    )Cash and cash equivalents,
beginning of period
    
    
    111.5
    
    
    
    
    
    
    
    247.2
    
    
    
    294.1
    
    
    
    
    
    
    
    652.8Cash and cash equivalents, end
of period
    
    $
    56.5
    
    
    $
    (0.1
    )
    
    $
    66.7
    
    
    $
    252.9
    
    
    $
    
    
    
    $
    376.0
 17




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##### Table of Contents



Consolidating Statements of Cash Flows
Nine Months Ended September 30, 2004
 Cooper
    
    
    Other
    
    
    ConsolidatingCooper
    
    
    Ohio
    
    
    Subsidiaries
    
    
    Adjustments
    
    
    TotalNet cash provided by (used in)
operating activities
    
    $
    (6.2
    )
    
    $
    (72.7
    )
    
    $
    439.4
    
    
    $
    
    
    
    $
    360.5Cash flows from investing activities:Capital expenditures
    
    
    
    
    
    
    (13.3
    )
    
    
    (50.8
    )
    
    
    
    
    
    
    (64.1
    )Cash paid for acquired businesses
    
    
    
    
    
    
    
    
    
    
    (10.1
    )
    
    
    
    
    
    
    (10.1
    )Intercompany sale (purchase) of
investment in parent
    
    
    
    
    
    
    109.5
    
    
    
    (109.5
    )
    
    
    
    
    
    
    Intercompany sale (purchase) of
investment in subsidiaries
    
    
    
    
    
    
    (182.1
    )
    
    
    182.1
    
    
    
    
    
    
    
    Investment in affiliates
    
    
    (4.8
    )
    
    
    
    
    
    
    
    
    
    
    4.8
    
    
    
    Loans to affiliates
    
    
    (39.4
    )
    
    
    (23.7
    )
    
    
    (82.5
    )
    
    
    145.6
    
    
    
    Repayments of loans from affiliates
    
    
    34.1
    
    
    
    3.0
    
    
    
    84.5
    
    
    
    (121.6
    )
    
    
    Dividends from subsidiaries
    
    
    134.0
    
    
    
    19.8
    
    
    
    
    
    
    
    (153.8
    )
    
    
    Other
    
    
    
    
    
    
    
    
    
    
    8.5
    
    
    
    
    
    
    
    8.5Net cash provided by (used in)
investing activities
    
    
    123.9
    
    
    
    (86.8
    )
    
    
    22.2
    
    
    
    (125.0
    )
    
    
    (65.7
    )Cash flows from financing activities:Proceeds from issuances of debt
    
    
    
    
    
    
    
    
    
    
    2.2
    
    
    
    
    
    
    
    2.2Repayments of debt
    
    
    
    
    
    
    
    
    
    
    (1.7
    )
    
    
    
    
    
    
    (1.7
    )Borrowings from affiliates
    
    
    83.5
    
    
    
    
    
    
    
    62.1
    
    
    
    (145.6
    )
    
    
    Repayments of loans to affiliates
    
    
    (132.1
    )
    
    
    
    
    
    
    10.5
    
    
    
    121.6
    
    
    
    Other intercompany financing
activities
    
    
    3.2
    
    
    
    202.0
    
    
    
    (205.2
    )
    
    
    
    
    
    
    Dividends
    
    
    (97.9
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (97.9
    )Dividends paid to affiliates
    
    
    
    
    
    
    
    
    
    
    (153.8
    )
    
    
    153.8
    
    
    
    Subsidiary purchase of parent shares
    
    
    
    
    
    
    (110.3
    )
    
    
    (92.6
    )
    
    
    
    
    
    
    (202.9
    )Employee stock plan activity and
other
    
    
    
    
    
    
    37.2
    
    
    
    4.8
    
    
    
    (4.8
    )
    
    
    37.2Net cash provided by (used in)
financing activities
    
    
    (143.3
    )
    
    
    128.9
    
    
    
    (373.7
    )
    
    
    125.0
    
    
    
    (263.1
    )Effect of exchange rate changes on
cash and cash equivalents
    
    
    
    
    
    
    
    
    
    
    0.2
    
    
    
    
    
    
    
    0.2Increase (decrease) in cash and cash
equivalents
    
    
    (25.6
    )
    
    
    (30.6
    )
    
    
    88.1
    
    
    
    
    
    
    
    31.9Cash and cash equivalents, beginning
of period
    
    
    96.4
    
    
    
    257.2
    
    
    
    110.1
    
    
    
    
    
    
    
    463.7Cash and cash equivalents, end of
period
    
    $
    70.8
    
    
    $
    226.6
    
    
    $
    198.2
    
    
    $
    
    
    
    $
    495.6
 -18-




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##### Table of Contents



Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
 Results of Operations
 Three Months Ended September 30, 2005 Compared With Three Months Ended September 30, 2004
  Revenues:
    Costs and Expenses:
     -19-




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Operating Earnings:
    Income Taxes:
  -20-




---



##### Table of Contents



Nine Months Ended September 30, 2005 Compared With Nine Months Ended September 30, 2004
  Revenues:
    Costs and Expenses:
      -21-




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Operating Earnings:
     Restructuring:
     -22-




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##### Table of Contents



FacilitiesNumber of
    
    
    Accrued
    
    
    Closure andEmployees
    
    
    Severance
    
    
    Rationalization($ in millions)Balance at December 31, 2002
    
    
    1,022
    
    
    $
    16.2
    
    
    $
    5.8Employees terminated
    
    
    (982
    )
    
    
    
    
    
    
    Cash expenditures
    
    
    
    
    
    
    (14.9
    )
    
    
    (2.9
    )Reversal of excess accruals
    
    
    (9
    )
    
    
    (0.9
    )
    
    
    (0.6
    )Balance at December 31, 2003
    
    
    31
    
    
    
    0.4
    
    
    
    2.3Employees terminated
    
    
    (31
    )
    
    
    
    
    
    
    Cash expenditures
    
    
    
    
    
    
    (0.4
    )
    
    
    (1.7
    )Balance at December 31, 2004
    
    
    
    
    
    
    
    
    
    
    0.6Cash expenditures
    
    
    
    
    
    
    
    
    
    
    Balance at September 30, 2005
    
    
    
    
    
    $
    
    
    
    $
    0.6
   Income Taxes:
  Liquidity and Capital Resources
 Liquidity
  -23-




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##### Table of Contents



Capital Resources:
     -24-




---



##### Table of Contents



Off-Balance Sheet Arrangements and Aggregate Contractual Obligations
  Backlog
  September 30,2005
    
    
    2004(in millions)Electrical Products
    
    $
    397.7
    
    
    $
    324.0Tools & Hardware
    
    
    64.0
    
    
    
    75.1$
    461.7
    
    
    $
    399.1
 Private Securities Litigation Reform Act Safe Harbor Statement
  -25-




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##### Table of Contents



Item 4. Controls and Procedures
   -26-




---



##### Table of Contents



PART II  OTHER INFORMATION
 
      -27-




---



##### Table of Contents



-28-




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##### Table of Contents



Purchases of Equity Securities
 Total Number of Shares
    
    
    Maximum Number ofTotal Number of
    
    
    Average Price
    
    
    Purchased as Part of
    
    
    Shares that May YetShares
    
    
    Paid per
    
    
    Publicly Announced Plans or
    
    
    Purchased Under thePeriod
    

Purchased
    
    
    Share
    
    

Or
Programs (1)
    
    

Plans
Or Programs (1)As of 6/30/05
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,027,7507/01/05 - 7/31/05
    
    
    346,100
    
    
    $
    64.80
    
    
    
    346,100
    
    
    
    5,681,6508/01/05 - 8/31/05
    
    
    760,000
    
    
    $
    63.81
    
    
    
    760,000
    
    
    
    4,921.6509/01/05 - 9/30/05
    
    
    270,000
    
    
    $
    67.26
    
    
    
    270,000
    
    
    
    4,651,650Total
    
    
    1,376,100
    
    
    $
    64.73
    
    
    
    1,376,100
 
 (1)
    
    On February 9, 2000, Cooper publicly announced that its Board of Directors
authorized the repurchase of up to 5 million shares of Cooper common stock. On November 2,
2004, Coopers Board of Directors authorized the repurchase of up to five million additional
shares of Coopers Class A common stock. Cooper has also announced that the Board authorized
the repurchase of shares issued from time to time under its equity compensation plans, matched
savings plan, and dividend reinvestment plan in order to offset the dilution that results from
issuing shares under these plans. For 2005, Coopers current estimate is that 2.0 million
shares will be issued under these plans, which is reflected in the above table. 
  12.
    
    Computation of Ratios of Earnings to Fixed Charges for the Calendar Years 2000 through 2004
and the Nine Months Ended September 30, 2005 and 2004.23.
    
    Consent of Bates White, LLC.31.1
    
    Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.31.2
    
    Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.32.1
    
    Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.32.2
    
    Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
 -29-




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Cooper Industries, Ltd.(Registrant)Date: November 7, 2005
    
    /s/ Terry A. KlebeTerry A. KlebeSenior Vice President andChief Financial OfficerDate: November 7, 2005
    
    /s/ Jeffrey B. LevosJeffrey B. LevosVice President and Controller andChief Accounting Officer
 -30-




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##### Table of Contents



12.
    
    Computation of Ratios of Earnings to Fixed Charges for the Calendar Years 2000 through 2004
and the Nine Months Ended September 30, 2005 and 2004.23.
    
    Consent of Bates White, LLC.31.1
    
    Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.31.2
    
    Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.32.1
    
    Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.32.2
    
    Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
 -31-