0000216228-20-000030 | 10-Q | XBRL Viewer

POSTRETIREMENT BENEFIT PLANS

6 Months Ended

Jun. 30, 2020

The following table provides the components of net periodic benefit cost for pension plans and other employee-related benefit plans for the three and six months ended June 30, 2020 and 2019.


	2020																2019
For the Three Months Ended June 30	Pension					Other Benefits			Total					Pension				Other Benefits	Total
Service cost		$	0.3	$	0.2		$	0.5		$	0.3	$	0.1		$	0.4
Interest cost		2.3		0.7			3.0			3.2		1.0			4.2
Expected return on plan assets		(2.1)		—			(2.1)			(3.4)		—			(3.4)
Amortization of prior service (benefit) cost		—		(1.3)			(1.3)			0.2		(1.3)			(1.1)
Amortization of net actuarial loss		1.7		0.8			2.5			1.3		0.5			1.8


Total net periodic benefit cost		$	2.2	$	0.4		$	2.6		$	1.6	$	0.3		$	1.9


	2020																2019
For the Six Months Ended June 30	Pension					Other Benefits			Total					Pension				Other Benefits	Total
Service cost		$	0.6	$	0.4		$	1.0		$	0.7	$	0.3		$	1.0
Interest cost		4.6		1.4			6.0			6.3		2.0			8.3
Expected return on plan assets		(4.3)		—			(4.3)			(7.2)		—			(7.2)
Amortization of prior service (benefit) cost		—		(2.5)			(2.5)			0.4		(2.6)			(2.2)
Amortization of net actuarial loss		3.5		1.4			4.9			2.6		1.1			3.7


Total net periodic benefit cost		$	4.4	$	0.7		$	5.1		$	2.8	$	0.8		$	3.6

We made contributions to our global postretirement plans of $4.2 and $7.1 during the six months ended June 30, 2020 and 2019, respectively. We expect to make contributions of approximately $8 to $10 during the remainder of 2020, principally related to our other employee-related benefit plans.

Amortization from accumulated other comprehensive income into earnings related to prior service cost and net actuarial loss was $0.9 and $0.5, and $1.8 and $1.1, net of tax, during the three and six months ended June 30, 2020 and 2019, respectively. No other reclassifications from accumulated other comprehensive income into earnings were recognized during any of the presented periods.

U.S. Qualified Pension Plan Termination

On February 19, 2020, the Company’s Board of Directors conditionally authorized the termination of our U.S. qualified pension plan by offering lump sum distributions to certain participants and transferring the plan’s remaining benefit obligations to an insurance company through one or more group annuity contracts. The current projected benefit obligation is $303.2. Ultimate plan termination is subject to certain considerations, including regulatory review, interest rates and annuity pricing. If we proceed with the termination of the plan, the transaction is expected to occur in the second half of 2020 and would be funded with plan assets, that were $326.1 as of the end of the second quarter. Any additional funding, if necessary, would be made with cash. Our investment strategy was updated in 2019 to reduce risk by increasing the asset allocation to 100% fixed income and cash. At the time such a transaction were to close, an insurance company (or companies) would assume responsibility for paying and administering pension benefits that had been an obligation of the plan to plan participants and their beneficiaries. Upon transfer of the pension obligation, we expect to recognize a non-cash pension settlement charge of approximately $130 to $140 before tax, which includes recognition of the remaining pension losses, currently recorded in accumulated other comprehensive loss, and derecognition of the net assets of the plan. As a result of the plan transfer, the amount of benefits to be received by participants will be protected by state guaranty associations.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Revenue	$ 514,700,000	$ 719,900,000	$ 1,178,000,000.0	$ 1,415,400,000
Costs of revenue	351,100,000	487,900,000	805,000,000.0	964,600,000
Gross profit	163,600,000	232,000,000.0	373,000,000.0	450,800,000
General and administrative expenses	44,600,000	62,600,000	101,700,000	113,400,000
Sales and marketing expenses	35,700,000	42,700,000	77,300,000	82,900,000
Research and development expenses	18,900,000	25,800,000	41,600,000	49,300,000
Asbestos-related costs (benefit), net	16,000,000.0	11,800,000	(24,700,000)	24,400,000
Restructuring costs	27,900,000	3,100,000	31,000,000.0	4,200,000
Asset impairment charges	0	0	16,300,000	0
Operating income	20,500,000	86,000,000.0	129,800,000	176,600,000
Interest and non-operating expenses (income), net	2,200,000	(400,000)	2,800,000	(900,000)
Income from continuing operations before income tax expense	18,300,000	86,400,000	127,000,000.0	177,500,000
Income tax (benefit) expense	(28,100,000)	19,300,000	(3,400,000)	39,000,000.0
Income from continuing operations	46,400,000	67,100,000	130,400,000	138,500,000
Income from discontinued operations, net of tax	1,600,000	(100,000)	2,700,000	(100,000)
Net income	48,000,000.0	67,000,000.0	133,100,000	138,400,000
Less: Income attributable to noncontrolling interests	0	200,000	300,000	300,000
Net income attributable to ITT Inc.	48,000,000.0	66,800,000	132,800,000	138,100,000
Amounts attributable to ITT Inc.:
Income from continuing operations, net of tax	46,400,000	66,900,000	130,100,000	138,200,000
Income from discontinued operations, net of tax	1,600,000	(100,000)	2,700,000	(100,000)
Net income attributable to ITT Inc.	$ 48,000,000.0	$ 66,800,000	$ 132,800,000	$ 138,100,000
Basic:
Continuing operations	$ 0.54	$ 0.76	$ 1.50	$ 1.58
Discontinued operations	0.02	0	0.03	0
Net income	0.56	0.76	1.53	1.58
Diluted:
Continuing operations	0.53	0.75	1.49	1.56
Discontinued operations	0.02	0	0.03	0
Net income	$ 0.55	$ 0.75	$ 1.52	$ 1.56
Weighted average common shares – basic	86.3	87.8	87.0	87.7
Weighted average common shares – diluted	86.8	88.7	87.6	88.6

CONSOLIDATED CONDENSED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) (Parentheticals) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net change in postretirement benefit plans, Tax Benefits	$ 0.3	$ 0.2	$ 0.6	$ 0.4
Amortization of prior service costs, Tax (Expense) Benefit	(0.3)	(0.2)	(0.6)	(0.5)
Amortization of net actuarial loss, Tax Benefits	$ 0.6	$ 0.4	$ 1.2	$ 0.9

ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2020

Payables and Accruals [Abstract]

Accrued Liabilities and Other Non-Current Liabilities


	June 30, 2020					December 31, 2019
Compensation and other employee-related benefits		$	127.2	$	145.4
Asbestos-related liability		85.9		86.0
Contract liabilities and other customer-related liabilities		74.3		74.6
Accrued restructuring costs		28.7		7.5
Accrued income taxes and other tax-related liabilities		28.1		27.0
Accrued warranty costs		19.7		18.5
Operating lease liabilities		18.7		19.9
Environmental liabilities and other legal matters		16.5		17.9
Other		30.0		34.0
Accrued liabilities		$	429.1	$	430.8
Operating lease liabilities		$	70.1	$	76.0
Environmental liabilities		53.2		55.8
Compensation and other employee-related benefits		29.5		32.4
Deferred income taxes and other tax-related liabilities		23.1		24.0
Other		42.0		46.5
Other non-current liabilities		$	217.9	$	234.7

INVENTORIES, NET - Components of Inventories, Net (Detail) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 58.6	$ 80.7
Work in process	84.4	83.9
Raw materials	241.6	228.3
Inventories, net	$ 384.6	$ 392.9

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating Activities
Income from continuing operations attributable to ITT Inc.	$ 130,100,000	$ 138,200,000
Adjustments to income from continuing operations:
Depreciation and amortization	54,500,000	53,000,000.0
Equity-based compensation	5,800,000	8,400,000
Asbestos-related costs (benefit), net	(24,700,000)	24,400,000
Asset impairment charges	16,300,000	0
Other non-cash charges, net	23,500,000	15,600,000
Asbestos-related payments, net	(7,600,000)	(15,800,000)
Changes in assets and liabilities:
Change in receivables	97,200,000	(52,900,000)
Change in inventories	2,000,000.0	(27,400,000)
Change in accounts payable	(62,300,000)	11,400,000
Change in accrued expenses	5,700,000	(28,100,000)
Change in income taxes	(17,500,000)	3,700,000
Other, net	(19,900,000)	(29,400,000)
Net Cash – Operating activities	203,100,000	101,100,000
Investing Activities
Capital expenditures	(34,300,000)	(45,800,000)
Acquisitions, net of cash acquired	(4,700,000)	(87,300,000)
Other, net	1,900,000	800,000
Net Cash – Investing activities	(37,100,000)	(132,300,000)
Financing Activities
Commercial paper, net borrowings	51,000,000.0	33,700,000
Short-term revolving loans, borrowings	495,800,000	0
Short-term revolving loans, repayments	(406,200,000)	0
Long-term debt, issued	0	7,100,000
Long-term debt, repayments	(1,200,000)	(2,000,000.0)
Repurchase of common stock	(83,700,000)	(20,000,000.0)
Proceeds from issuance of common stock	100,000	8,300,000
Dividends paid	(14,600,000)	(26,100,000)
Other, net	0	(600,000)
Net Cash – Financing activities	41,200,000	400,000
Exchange rate effects on cash and cash equivalents	(200,000)	600,000
Net Cash – Operating activities of discontinued operations	100,000	1,200,000
Net change in cash and cash equivalents	207,100,000	(29,000,000.0)
Cash and cash equivalents – beginning of year (includes restricted cash of $0.8 and $1.0, respectively)	612,900,000	562,200,000
Cash and cash equivalents – end of period (includes restricted cash of $0.9 and $1.3, respectively)	820,000,000.0	533,200,000
Cash paid during the year for:
Interest	1,200,000	1,700,000
Income taxes, net of refunds received	$ 10,700,000	$ 33,700,000

INCOME TAXES - Additional Information (Detail) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)
Unrecognized Tax Benefits, Increase Resulting from Acquisition		$ 1.1
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 15.0	15.0
Payroll Tax Benefit from CARES Act		$ 7.2
Luxembourg Deferred Tax Assets [Member]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 26.7

GOODWILL AND OTHER INTANGIBLE ASSETS, NET Intangibles Textuals (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Impairment of Intangible Assets (Excluding Goodwill)			$ 12.3
Reclassification of Intangible from Finite to Indefinite			5.0
Amortization of Intangible Assets	$ 4.2	$ 4.0	$ 9.0	$ 8.0

OTHER CURRENT AND NON-CURRENT ASSETS (Tables)

6 Months Ended

Jun. 30, 2020

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Current and Non Current Assets


	June 30, 2020					December 31, 2019
Asbestos-related assets		$	85.9	$	67.2

Advance payments and other prepaid expenses		36.7		45.4
Current contract assets, net		18.9		18.0
Prepaid income taxes		16.4		20.6
Other		2.0		2.2
Other current assets		$	159.9	$	153.4
Other employee benefit-related assets		$	134.6	$	133.6
Operating lease right-of-use assets		84.6		91.7
Capitalized software costs		26.4		30.1
Environmental-related assets		20.4		22.2
Equity method investments		10.3		9.8
Other		25.8		29.1
Other non-current assets		$	302.1	$	316.5

ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2020

Statement of Other Comprehensive Income [Abstract]

Accumulated Other Comprehensive Loss [Text Block]

ACCUMULATED OTHER COMPREHENSIVE LOSS


	Postretirement Benefit Plans		Cumulative Translation Adjustment		Accumulated Other Comprehensive Loss
December 31, 2019	$	(133.3)	$	(252.0)	$	(385.3)
Net change during period	0.9		(51.3)		(50.4)
March 31, 2020	(132.4)		(303.3)		(435.7)
Net change during period	0.9		2.1		3.0
June 30, 2020	$	(131.5)	$	(301.2)	$	(432.7)



	Postretirement Benefit Plans		Cumulative Translation Adjustment		Accumulated Other Comprehensive Loss
December 31, 2018	$	(131.6)	$	(243.9)	$	(375.5)
Net change during period	0.6		(2.4)		(1.8)
March 31, 2019	$	(131.0)	$	(246.3)	$	(377.3)
Net change during period	0.5		5.3		5.8
June 30, 2019	$	(130.5)	$	(241.0)	$	(371.5)

RESTRUCTURING ACTIONS 2020 Global Restructuring Plan (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 27.9	$ 3.1	$ 31.0	$ 4.2
Restructuring Reserve	28.7	5.1	28.7	5.1	$ 7.5	$ 6.6
Cash payments			(9.6)	(5.6)
Foreign exchange translation and other			(0.2)	(0.1)
Motion Technologies [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	14.0	3.1	14.0	3.8
Industrial Process [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	7.8	0.1	7.9	0.4
Connect & Control Technologies [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	5.2	(0.2)	6.7	(0.1)
Corporate and Other [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0.9	$ 0.1	2.4	$ 0.1
2020 Global Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	55.6		55.6
Restructuring costs			31.8
Restructuring Reserve	26.1		26.1		$ 0.0
Cash payments			(5.8)
Foreign exchange translation and other			0.1
2020 Global Restructuring Plan [Member] \| Motion Technologies [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	16.8		16.8
Restructuring costs			14.0
2020 Global Restructuring Plan [Member] \| Industrial Process [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	25.3		25.3
Restructuring costs			8.3
2020 Global Restructuring Plan [Member] \| Connect & Control Technologies [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	11.1		11.1
Restructuring costs			7.1
2020 Global Restructuring Plan [Member] \| Corporate and Other [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	$ 2.4		2.4
Restructuring costs			$ 2.4

POSTRETIREMENT BENEFIT PLANS - Net Periodic Benefit Cost of Pension Plans and Other Employee Related Benefit Plans (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0.5	$ 0.4	$ 1.0	$ 1.0
Interest cost	3.0	4.2	6.0	8.3
Expected return on plan assets	(2.1)	(3.4)	(4.3)	(7.2)
Amortization of prior service (benefit) cost	(1.3)	(1.1)	(2.5)	(2.2)
Amortization of net actuarial loss	2.5	1.8	4.9	3.7
Total net periodic benefit cost	2.6	1.9	5.1	3.6
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.3	0.3	0.6	0.7
Interest cost	2.3	3.2	4.6	6.3
Expected return on plan assets	(2.1)	(3.4)	(4.3)	(7.2)
Amortization of prior service (benefit) cost	0.0	0.2	0.0	0.4
Amortization of net actuarial loss	1.7	1.3	3.5	2.6
Total net periodic benefit cost	2.2	1.6	4.4	2.8
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.2	0.1	0.4	0.3
Interest cost	0.7	1.0	1.4	2.0
Expected return on plan assets	0.0	0.0	0.0	0.0
Amortization of prior service (benefit) cost	(1.3)	(1.3)	(2.5)	(2.6)
Amortization of net actuarial loss	0.8	0.5	1.4	1.1
Total net periodic benefit cost	$ 0.4	$ 0.3	$ 0.7	$ 0.8

COMMITMENTS AND CONTINGENCIES Rollforward of Asbestos Claims (Detail) - Asbestos Issue [Member] Claim in Thousands	6 Months Ended
	Jun. 30, 2020 Claim
Asbestos Claims [Rollforward]
Pending claims – Beginning	24
New claims	2
Settlements	(1)
Dismissals	(1)
Pending claims – Ending	24

DEBT Debt (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Commercial paper	$ 134.1	$ 84.2
Short-term loans	112.2	0.0
Current maturities of long-term debt and finance leases	1.2	2.3
Short-term debt and current maturities of long-term debt	247.5	86.5
Long-term debt and finance leases	12.8	12.9
Total debt and finance leases	$ 260.3	$ 99.4

DEBT Debt (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of Debt [Table Text Block]


	June 30, 2020					December 31, 2019
Commercial paper		$	134.1	$	84.2
Short-term loans		112.2		—
Current maturities of long-term debt and finance leases		1.2		2.3
Short-term debt and current maturities of long-term debt		247.5		86.5
Long-term debt and finance leases		12.8		12.9
Total debt and finance leases		$	260.3	$	99.4

EARNINGS PER SHARE DATA - Number of Shares Underlying Stock Options Excluded from the Computation of Diluted Earnings (Loss) (Detail) - shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0

REVENUE REVENUE

6 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

REVENUE

The following table represents our revenue disaggregated by end market for the three and six months ended June 30, 2020 and 2019.


For the Three Months Ended June 30, 2020	Motion Technologies					Industrial Process			Connect & Control Technologies				Eliminations	Total
Auto and rail		$	195.6	$	—		$	—	$	—	$	195.6
Chemical and industrial pumps		—		158.6			—		—		158.6
Aerospace and defense		1.6		—			64.6		—		66.2
Oil and gas		—		34.7			7.7		—		42.4
General industrial		2.1		—			50.6		(0.8)		51.9
Total		$	199.3	$	193.3		$	122.9	$	(0.8)	$	514.7

For the Six Months Ended June 30, 2020
Auto and rail		$	488.0	$	—		$	—	$	(0.1)	$	487.9
Chemical and industrial pumps		—		320.1			—		—		320.1
Aerospace and defense		4.5		—			150.7		—		155.2
Oil and gas		—		100.5			15.5		—		116.0
General industrial		4.7		—			95.4		(1.3)		98.8
Total		$	497.2	$	420.6		$	261.6	$	(1.4)	$	1,178.0


For the Three Months Ended June 30, 2019	Motion Technologies					Industrial Process			Connect & Control Technologies				Eliminations	Total
Auto and rail		$	312.1	$	—		$	—	$	(0.1)	$	312.0
Chemical and industrial pumps		—		168.7			—		—		168.7
Aerospace and defense		2.8		—			105.3		—		108.1
Oil and gas		—		63.9			10.1		—		74.0
General industrial		2.8		—			54.8		(0.5)		57.1
Total		$	317.7	$	232.6		$	170.2	$	(0.6)	$	719.9

For the Six Months Ended June 30, 2019
Auto and rail		$	622.1	$	—		$	—	$	(0.1)	$	622.0
Chemical and industrial pumps		—		330.2			—		—		330.2
Aerospace and defense		5.1		—			204.8		—		209.9
Oil and gas		—		118.1			18.6		—		136.7
General industrial		5.7		—			111.8		(0.9)		116.6
Total		$	632.9	$	448.3		$	335.2	$	(1.0)	$	1,415.4

Contract Assets and Liabilities

Contract assets consist of unbilled amounts where revenue recognized exceeds customer billings, net of allowances for credit losses. Contract liabilities consist of advance payments and billings in excess of revenue recognized. The following table represents our net contract assets and liabilities as of June 30, 2020 and December 31, 2019.


	June 30, 2020					December 31, 2019			Change
Current contract assets, net		$	18.9	$	18.0		5.0	%

Current contract liabilities		(56.3)		(57.4)			(1.9)	%
Net contract liabilities		$	(37.4)	$	(39.4)		(5.1)	%

During the three and six months ended June 30, 2020, we recognized revenue of $5.5 and $38.3, respectively, related to contract liabilities as of December 31, 2019. The aggregate amount of the transaction price allocated to unsatisfied or partially satisfied performance obligations as of June 30, 2020 was $814.2. Of this amount, we expect to recognize approximately $540 to $560 of revenue during 2020 and the remainder in 2021 and 2022.

INCOME TAXES Income Tax Expense (Tables)

6 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]


	Three Months														Six Months
For the Periods Ended June 30	2020			2019			Change		2020			2019			Change
Income tax (benefit) expense	$	(28.1)		$	19.3		(245.6)	%	$	(3.4)		$	39.0		(108.7)	%
Effective tax rate	(153.6)		%	22.3		%	**		(2.7)		%	22.0		%	**

INCOME TAXES Income Tax Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ (28.1)	$ 19.3	$ (3.4)	$ 39.0
Income Tax Expense, Increase from Prior Year, Percent Change	(245.60%)		(108.70%)
Effective income tax rate	(153.60%)	22.30%	(2.70%)	22.00%

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company’s segments are reported on the same basis used by our Chief Executive Officer, who is also our chief operating decision maker, for evaluating performance and for allocating resources. Our three reportable segments are referred to as: Motion Technologies, Industrial Process, and Connect & Control Technologies.

Motion Technologies manufactures brake components and specialized sealing solutions, shock absorbers and damping technologies primarily for the global automotive, truck and trailer, public bus and rail transportation markets.

Industrial Process manufactures engineered fluid process equipment serving a diversified mix of customers in global industries such as chemical, oil and gas, mining, and other industrial process markets and is a provider of plant optimization and efficiency solutions and aftermarket services and parts.

Connect & Control Technologies manufactures harsh-environment connector solutions, critical energy absorption, flow control components, and composite materials for the aerospace and defense, general industrial, medical, and oil and gas markets.

Corporate and Other consists of corporate office expenses including compensation, benefits, occupancy, depreciation and other administrative costs, as well as charges related to certain matters, such as asbestos and environmental liabilities, that are managed at a corporate level and are not included in segment results when evaluating performance or allocating resources. Assets of the segments exclude general corporate assets, which principally consist of cash, investments, asbestos-related receivables, environmental-related assets, deferred taxes, and certain property, plant and equipment.


	Revenue						Operating Income						Operating Margin
For the Three Months Ended June 30	2020		2019		2020		2019		2020		2019
Motion Technologies	$	199.3	$	317.7	$	10.4	$	52.0	5.2	%	16.4	%
Industrial Process	193.3		232.6		18.5		26.0		9.6	%	11.2	%
Connect & Control Technologies	122.9		170.2		8.4		29.6		6.8	%	17.4	%
Total segment results	515.5		720.5		37.3		107.6		7.2	%	14.9	%
Asbestos-related costs, net	—		—		(16.0)		(11.8)		—		—
Eliminations / Other corporate costs	(0.8)		(0.6)		(0.8)		(9.8)		—		—
Total Eliminations / Corporate and Other costs	(0.8)		(0.6)		(16.8)		(21.6)		—		—
Total	$	514.7	$	719.9	$	20.5	$	86.0	4.0	%	11.9	%
	Revenue						Operating Income						Operating Margin
For the Six Months Ended June 30	2020		2019		2020		2019		2020		2019
Motion Technologies	$	497.2	$	632.9	$	63.5	$	112.9	12.8	%	17.8	%
Industrial Process	420.6		448.3		27.4		48.2		6.5	%	10.8	%
Connect & Control Technologies	261.6		335.2		24.3		57.0		9.3	%	17.0	%
Total segment results	1,179.4		1,416.4		115.2		218.1		9.8	%	15.4	%
Asbestos-related benefit (costs), net	—		—		24.7		(24.4)		—		—
Eliminations / Other Corporate costs	(1.4)		(1.0)		(10.1)		(17.1)		—		—
Total Eliminations / Corporate and Other costs	(1.4)		(1.0)		14.6		(41.5)		—		—
Total	$	1,178.0	$	1,415.4	$	129.8	$	176.6	11.0	%	12.5	%


	Total Assets						Capital Expenditures						Depreciation & Amortization
As of and for the Six Months Ended June 30	2020		2019^(a)		2020		2019		2020		2019
Motion Technologies	$	1,097.5	$	1,178.2	$	22.9	$	30.1	$	29.2	$	28.5
Industrial Process	1,031.9		1,137.8		4.4		5.6		12.3		12.6
Connect & Control Technologies	742.6		755.6		6.2		8.5		11.7		10.3
Corporate and Other	1,279.3		1,036.1		0.8		1.6		1.3		1.6
Total	$	4,151.3	$	4,107.7	$	34.3	$	45.8	$	54.5	$	53.0

(a)Amounts reflect balances as of December 31, 2019.

PLANT, PROPERTY AND EQUIPMENT, NET (Tables)

6 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

Plant, Property and Equipment, Net


	Useful life (in years)	June 30, 2020					December 31, 2019
Machinery and equipment	2 - 10		$	1,126.3	$	1,128.9
Buildings and improvements	5 - 40		271.3		279.3
Furniture, fixtures and office equipment	3 - 7		78.1		79.8
Construction work in progress			48.9		48.8
Land and improvements			32.3		33.3
Other			4.9		10.5
Plant, property and equipment, gross			1,561.8		1,580.6
Less: Accumulated depreciation			(1,056.4)		(1,049.1)
Plant, property and equipment, net			$	505.4	$	531.5

COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Product Liability Contingencies [Table Text Block]

As of June 30, 2020, there were approximately 24 thousand pending claims against ITT subsidiaries, including Goulds Pumps LLC, filed in various state and federal courts alleging injury as a result of exposure to asbestos. Activity related to these asserted asbestos claims during the period was as follows:


Pending claims – Beginning			24
New claims			2
Settlements			(1)
Dismissals			(1)
Pending claims – Ending			24

Roll Forward of Asbestos Liability and Related Assets

he following table provides a rollforward of the estimated asbestos liability and related assets for the six months ended June 30, 2020 and 2019.


	2020										2019
For the Six Months Ended June 30	Liability		Asset		Net		Liability		Asset		Net
Beginning balance	$	817.6	$	386.8	$	430.8	$	849.3	$	376.7	$	472.6
Asbestos provision^(a)	28.9		5.3		23.6		30.6		6.2		24.4


Insurance settlement agreements	—		48.3		(48.3)		—		—		—
Net cash activity^(a)	(42.7)		(35.1)		(7.6)		(44.1)		(28.3)		(15.8)
Ending balance	$	803.8	$	405.3	$	398.5	$	835.8	$	354.6	$	481.2
Current portion	$	85.9	$	85.9			$	72.6	$	67.1
Noncurrent portion	$	717.9	$	319.4			$	763.2	$	287.5

(a)Includes certain administrative costs such as legal-related costs for insurance asset recoveries.

Rollforward of Environmental Liability and Related Assets

The following table provides a rollforward of the estimated environmental liability for the six months ended June 30, 2020 and 2019.


For the Six Months Ended June 30	2020		2019
Environmental liability - beginning balance	$	61.9	$	66.8
Change in estimates for pre-existing accruals:
Continuing operations	1.4		0.3
Discontinued operations	(1.6)		—

Payments	(2.3)		(3.6)
Foreign currency	(0.1)		—
Environmental liability - ending balance	$	59.3	$	63.5

- Definition

Tabular disclosure of the loss contingencies that were reported in the period or disclosed as of the balance sheet date.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
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-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14326-108349

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
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-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14453-108349

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14615-108349

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=118943654&loc=d3e12021-110248

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
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-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14394-108349

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
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-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14435-108349

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
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-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14557-108349

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=118943654&loc=d3e12053-110248

+ Details

COMMITMENTS AND CONTINGENCIES Environmental Matters Textuals (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020 USD ($) site	Dec. 31, 2019 USD ($)	Jun. 30, 2019 USD ($)
Site Contingency [Line Items]
Environmental-related assets	$ 20.4	$ 22.2	$ 23.6
Qualified Settlement Fund [Member]
Site Contingency [Line Items]
Deferred Income	7.2
Amortization of Deferred Gains	7.2
Qualified Settlement Fund [Member] \| Discontinued Operations [Member]
Site Contingency [Line Items]
Amortization of Deferred Gains	$ 1.3
Environmental Related Matters [Member]
Site Contingency [Line Items]
Number Of Active Environmental Investigation And Remediation Sites \| site	26
Maximum [Member] \| Environmental Related Matters [Member]
Site Contingency [Line Items]
Loss Contingency, Range of Possible Loss, Maximum	$ 105.3

ACQUISITIONS Acquisitions (Tables)

6 Months Ended

Jun. 30, 2020

Acquisitions [Abstract]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

Allocations of Purchase Price


	Rheinhütte		Matrix
Cash	$	4.7	$	0.5
Receivables	12.1		1.1
Inventory	15.2		1.8
Plant, property and equipment	19.9		2.9
Goodwill	37.6		14.3
Other intangible assets	15.2		8.5
Other assets	3.8		1.9
Accounts payable and accrued liabilities	(6.7)		(2.0)
Other liabilities	(5.3)		(2.7)
Net assets acquired	$	96.5	$	26.3

RECEIVABLES, NET (Tables)

6 Months Ended

Jun. 30, 2020

Receivables [Abstract]

RECEIVABLES, NET


	June 30, 2020					December 31, 2019
Trade accounts receivable		$	451.8	$	562.3
Notes receivable		8.9		6.2
Other		22.4		21.2
Receivables, gross		483.1		589.7
Less: Allowance for credit losses - receivables		(19.9)		(11.3)
Receivables, net		$	463.2	$	578.4

Allowance for Credit Losses [Table Text Block]

The following table displays our allowance for credit losses for receivables and contract assets.


	June 30, 2020					December 31, 2019
Allowance for credit losses - receivables		$	19.9	$	11.3
Allowance for credit losses - contract assets		0.1		1.5
Total allowance for credit losses		$	20.0	$	12.8

Allowance for Credit Losses Rollforward [Table Text Block]

The follow table displays a rollforward of the total allowance for credit losses for the six months ended June 30, 2020.



Total allowance for credit losses - January 1	$	12.8
Impact of adoption of ASU 2016-13 (See Note 2)	1.7
Charges to income	8.6
Write-offs	(3.0)
Foreign currency and other	(0.1)
Total allowance for credit losses - June 30	$	20.0

REVENUE Revenue Textuals (Details) $ in Millions	3 Months Ended	6 Months Ended
REVENUE Revenue Textuals (Details) $ in Millions	Jun. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)
Contract with Customer, Liability, Revenue Recognized	$ 5.5	$ 38.3
Long-term Contract with Customer [Member]
Revenue, Remaining Performance Obligation, Amount	814.2	814.2
Remaining Current Fiscal Year [Member] \| Long-term Contract with Customer [Member] \| Minimum [Member]
Revenue, Remaining Performance Obligation, Amount	540.0	540.0
Remaining Current Fiscal Year [Member] \| Long-term Contract with Customer [Member] \| Maximum [Member]
Revenue, Remaining Performance Obligation, Amount	$ 560.0	$ 560.0

RECEIVABLES, NET Allowance for Credit Losses Rollforward (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020 USD ($)
Credit Loss [Abstract]
Total allowance for credit losses - January 1	$ 12.8
Impact of adoption of ASU 2016-13 (See Note 2)	1.7
Charges to income	8.6
Write-offs	(3.0)
Foreign currency and other	(0.1)
Total allowance for credit losses - June 30	$ 20.0

OTHER CURRENT AND NON-CURRENT ASSETS - Components of Other Current and Non-Current Assets - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Asbestos-related assets	$ 85.9	$ 67.2
Advance payments and other prepaid expenses	36.7	45.4
Current contract assets, net	18.9	18.0
Prepaid income taxes	16.4	20.6
Other	2.0	2.2
Other current assets	159.9	153.4
Other employee benefit-related assets	134.6	133.6
Operating lease right-of-use assets	84.6	91.7
Capitalized software costs	26.4	30.1
Environmental-related assets	20.4	22.2
Equity method investments	10.3	9.8
Other	25.8	29.1
Other non-current assets	$ 302.1	$ 316.5

DEBT Commercial Paper - Textuals (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Short-term Debt [Line Items]
Commercial paper	$ 134.1	$ 84.2
UNITED STATES
Short-term Debt [Line Items]
Commercial paper	50.0
Europe [Member]
Short-term Debt [Line Items]
Commercial paper	$ 84.1
Commercial Paper [Member]
Short-term Debt [Line Items]
Weighted Average Interest Rate		0.05%
Commercial Paper [Member] \| UNITED STATES
Short-term Debt [Line Items]
Weighted Average Interest Rate		0.80%
Commercial Paper [Member] \| Europe [Member]
Short-term Debt [Line Items]
Weighted Average Interest Rate		0.36%

INVENTORIES, NET (Tables)

6 Months Ended

Jun. 30, 2020

Inventory Disclosure [Abstract]

Inventories, Net


	June 30, 2020					December 31, 2019
Finished goods		$	58.6	$	80.7
Work in process		84.4		83.9
Raw materials		241.6		228.3
Inventories, net		$	384.6	$	392.9

POSTRETIREMENT BENEFIT PLANS Pension Plan Termination (Details) - US. Qualified Pension Plan Termination [Member] $ in Millions	6 Months Ended
	Jun. 30, 2020 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Benefit Obligation	$ 303.2
Defined Benefit Plan, Plan Assets, Amount	326.1
Maximum [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Estimated Non Cash Pension Settlement Charge	140.0
Minimum [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Estimated Non Cash Pension Settlement Charge	$ 130.0

COMMITMENTS AND CONTINGENCIES Rollforward of Environmental Liability and Related Assets (Detail) - Liability [Member] - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Loss Contingency Accrual [Roll Forward]
Environmental liability - Beginning balance	$ 61.9	$ 66.8
Net Cash Activity	(2.3)	(3.6)
Foreign exchange translation	(0.1)	0.0
Environmental liability - Ending balance	59.3	63.5
Discontinued Operations [Member]
Loss Contingency Accrual [Roll Forward]
Changes In Pre-Existing Environmental Accruals	(1.6)	0.0
Continuing Operations [Member]
Loss Contingency Accrual [Roll Forward]
Changes In Pre-Existing Environmental Accruals	$ 1.4	$ 0.3

LONG-TERM INCENTIVE EMPLOYEE COMPENSATION

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

LONG-TERM INCENTIVE EMPLOYEE COMPENSATION

Our long-term incentive plan (LTIP) costs are primarily recorded within general and administrative expenses. The following table provides the components of LTIP costs for the three and six months ended June 30, 2020 and 2019.


	Three Months						Six Months
For the Periods Ended June 30	2020		2019		2020		2019
Equity-based awards	$	3.3	$	3.9	$	5.8	$	8.4
Liability-based awards	0.5		0.7		(0.1)		1.4
Total share-based compensation expense	$	3.8	$	4.6	$	5.7	$	9.8

The decline in share-based compensation expense for equity-based awards was driven by performance stock units which are evaluated each quarter to determine the likelihood of achieving certain performance targets. The change in share-based compensation expense for liability-based awards is driven by the change in ITT’s stock price. At June 30, 2020, there was $25.2 of total unrecognized compensation cost related to non-vested equity awards. This cost is expected to be recognized ratably over a weighted-average period of 2.0 years. Additionally, unrecognized compensation cost related to liability-based awards was $1.6, which is expected to be recognized ratably over a weighted-average period of 2.0 years.

Year-to-Date 2020 LTIP Activity

The majority of our LTIP awards are granted during the first quarter of each year and vest on the completion of a three-year service period. During the six months ended June 30, 2020, we granted the following LTIP awards as provided in the table below:


	# of Awards Granted	Weighted Average Grant Date Fair Value Per Share

Restricted stock units (RSUs)	0.2		$	59.51
Performance stock units (PSUs)	0.1		$	63.92

During the six months ended June 30, 2020 a nominal amount of non-qualified stock options were exercised resulting in proceeds of $0.1. During the six months ended June 30, 2019, 0.3 of non-qualified stock options were exercised resulting in proceeds of $8.3. During the six months ended June 30, 2020 and 2019, RSUs of 0.2 vested and were issued. During the six months ended June 30, 2020 and 2019, PSUs of 0.2 that vested on December 31, 2019 and 2018, respectively, were issued.

LONG-TERM INCENTIVE EMPLOYEE COMPENSATION - Summary of Long-Term Incentive Plan Awards (Detail) shares in Millions	6 Months Ended
	Jun. 30, 2020 $ / shares shares
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Awards Granted \| shares	0.2
Grant Date Fair Value \| $ / shares	$ 59.51
Performance Stock Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Awards Granted \| shares	0.1
Grant Date Fair Value \| $ / shares	$ 63.92

ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES - (Detail) - USD ($)	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Payables and Accruals [Abstract]
Compensation and other employee-related benefits	$ 127,200,000	$ 145,400,000
Asbestos-related liability	85,900,000	86,000,000.0	$ 72,600,000
Contract liabilities and other customer-related liabilities	74,300,000	74,600,000
Accrued restructuring costs	28,700,000	7,500,000
Accrued income taxes and other tax-related liabilities	28,100,000	27,000,000.0
Accrued warranty costs	19,700,000	18,500,000
Operating lease liabilities	18,700,000	19,900,000
Environmental liabilities and other legal matters	16,500,000	17,900,000
Other	30,000,000.0	34,000,000.0
Accrued liabilities	429,100,000	430,800,000
Operating lease liabilities	70,100,000	76,000,000.0
Environmental liabilities	53,200,000	55,800,000
Compensation and other employee-related benefits	29,500,000	32,400,000
Deferred income taxes and other tax-related liabilities	23,100,000	24,000,000.0
Other	42,000,000.0	46,500,000
Other non-current liabilities	$ 217,900,000	$ 234,700,000

ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated Other Comprehensive Loss - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
AOCI - Postretirement Benefits	$ (131.5)	$ (132.4)	$ 130.5	$ 131.0	$ (131.5)	$ 130.5	$ (133.3)	$ (131.6)
AOCI - Cumulative Translation Adjustment	(301.2)	(303.3)	(241.0)	(246.3)	(301.2)	(241.0)	(252.0)	(243.9)
Net change during period - AOCI Postretirement Benefits	0.9	0.9	0.5	0.6	1.8	1.1
Net change during period - AOCI Cumulative Translation Adjustment	2.1	(51.3)	5.3	(2.4)
Total other comprehensive loss, net of tax	3.0	(50.4)	5.8	(1.8)	(47.4)	4.0
Total accumulated other comprehensive loss	$ (432.7)	$ (435.7)	$ (371.5)	$ (377.3)	$ (432.7)	$ (371.5)	$ (385.3)	$ (375.5)

- Definition

Accumulated adjustment, net of tax, that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency from the functional currency of the reporting entity, net of reclassification of realized foreign currency translation gains or losses.

+ References + Details

COMMITMENTS AND CONTINGENCIES Summary of Net Asbestos Charges (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2020

Jun. 30, 2019

^[1]

$ 23.6

$ 24.4

(48.3)

0.0

Asbestos-related costs (benefit), net

$ 16.0

$ 11.8

$ (24.7)

$ 24.4

[1]	Includes certain administrative costs such as legal-related costs for insurance asset recoveries.

CAPITAL STOCK	6 Months Ended
CAPITAL STOCK	Jun. 30, 2020
Equity [Abstract]
CAPITAL STOCK	CAPITAL STOCK On October 27, 2006, our Board of Directors approved a three-year, $1 billion share repurchase program (the 2006 Plan), which it modified in 2008 to make the term indefinite. On October 30, 2019, the Board of Directors approved a new indefinite term $500 share repurchase program (the 2019 Plan). During the first quarter of 2020, we completed the 2006 Plan and commenced repurchases under the 2019 Plan. During the six months ended June 30, 2020 and 2019, we repurchased and retired 1.7 and 0.2 shares of common stock for $73.2 and $10.5, respectively, under these programs, including 1.4 shares and $61.9 in 2020 under the 2006 plan. Separate from the share repurchase program, the Company repurchased 0.2 shares during the six months ended June 30, 2020 and 2019, respectively, for an aggregate price of $10.5 and $9.5, respectively, in settlement of employee tax withholding obligations due upon the vesting of RSUs and PSUs.

GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Changes in the Carrying Amount of Goodwill (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2020 USD ($)
Goodwill [Roll Forward]
Goodwill - Beginning Balance	$ 927.2
Adjustments to purchase price allocations	(2.5)
Foreign exchange translation	(4.4)
Goodwill - Ending Balance	920.3
Motion Technologies [Member]
Goodwill [Roll Forward]
Goodwill - Beginning Balance	293.6
Adjustments to purchase price allocations	0.0
Foreign exchange translation	(1.4)
Goodwill - Ending Balance	292.2
Industrial Process [Member]
Goodwill [Roll Forward]
Goodwill - Beginning Balance	354.1
Adjustments to purchase price allocations	(2.5)
Foreign exchange translation	(2.7)
Goodwill - Ending Balance	348.9
Connect & Control Technologies [Member]
Goodwill [Roll Forward]
Goodwill - Beginning Balance	279.5
Adjustments to purchase price allocations	0.0
Foreign exchange translation	(0.3)
Goodwill - Ending Balance	$ 279.2

POSTRETIREMENT BENEFIT PLANS (Tables)

6 Months Ended

Jun. 30, 2020

Retirement Benefits [Abstract]

Net Periodic Benefit Cost of Pension Plans and Other Employee Related Benefit Plans

The following table provides the components of net periodic benefit cost for pension plans and other employee-related benefit plans for the three and six months ended June 30, 2020 and 2019.


	2020																2019
For the Three Months Ended June 30	Pension					Other Benefits			Total					Pension				Other Benefits	Total
Service cost		$	0.3	$	0.2		$	0.5		$	0.3	$	0.1		$	0.4
Interest cost		2.3		0.7			3.0			3.2		1.0			4.2
Expected return on plan assets		(2.1)		—			(2.1)			(3.4)		—			(3.4)
Amortization of prior service (benefit) cost		—		(1.3)			(1.3)			0.2		(1.3)			(1.1)
Amortization of net actuarial loss		1.7		0.8			2.5			1.3		0.5			1.8


Total net periodic benefit cost		$	2.2	$	0.4		$	2.6		$	1.6	$	0.3		$	1.9


	2020																2019
For the Six Months Ended June 30	Pension					Other Benefits			Total					Pension				Other Benefits	Total
Service cost		$	0.6	$	0.4		$	1.0		$	0.7	$	0.3		$	1.0
Interest cost		4.6		1.4			6.0			6.3		2.0			8.3
Expected return on plan assets		(4.3)		—			(4.3)			(7.2)		—			(7.2)
Amortization of prior service (benefit) cost		—		(2.5)			(2.5)			0.4		(2.6)			(2.2)
Amortization of net actuarial loss		3.5		1.4			4.9			2.6		1.1			3.7


Total net periodic benefit cost		$	4.4	$	0.7		$	5.1		$	2.8	$	0.8		$	3.6

RECENT ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncements (Policies)

6 Months Ended

Jun. 30, 2020

Recent Acconting Pronouncements [Abstract]

Accounting Pronouncements Recently Adopted

Measurement of Credit Losses on Financial Instruments (ASU 2016-13)

In June 2016, the FASB issued updated guidance that requires entities to use a current expected credit loss model to measure credit-related impairments for financial instruments held at amortized cost, including trade receivables. The current expected credit loss model is based on relevant information about past events, including historical experience, conditions at the date of measurement, and reasonable and supportable forecasts that affect collectability. Current expected credit losses, and subsequent adjustments, represent an estimate of lifetime expected credit losses that are recorded as an allowance deducted from the amortized cost of the financial instrument. The updated guidance was effective for the Company beginning on January 1, 2020 and was adopted using a modified retrospective transition approach, resulting in an increase in our allowance for credit losses related to receivables and contract assets. Refer to Note 8, Receivables, Net for additional information. The cumulative effect of the changes made to our consolidated January 1, 2020 balance sheet related to the adoption of ASU 2016-13 is as follows:


	December 31, 2019		Cumulative Effect of Adoption		January 1, 2020
Receivables, net	$	578.4	$	(1.6)	$	576.8
Other current assets	153.4		(0.1)		153.3
Deferred income taxes	138.1		0.5		138.6
Retained earnings	2,372.4		(1.2)		2,371.2

DEBT Debt (Notes)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Debt [Text Block]

DEBT


	June 30, 2020					December 31, 2019
Commercial paper		$	134.1	$	84.2
Short-term loans		112.2		—
Current maturities of long-term debt and finance leases		1.2		2.3
Short-term debt and current maturities of long-term debt		247.5		86.5
Long-term debt and finance leases		12.8		12.9
Total debt and finance leases		$	260.3	$	99.4

Commercial Paper

Commercial paper outstanding as of June 30, 2020 was $134.1, consisting of $50.0 under the Company’s U.S. program and $84.1 under the Company’s Euro program. Weighted average interest rates were 0.80% and 0.36% under the U.S. and Euro programs, respectively, and had maturity terms of less than three months from the date of issuance. Commercial paper outstanding as of December 31, 2019 was $84.2, and issued entirely through the Company’s Euro program. Commercial paper outstanding as of December 31, 2019 had an associated weighted average interest rate of 0.05% and maturity terms less than three months from the date of issuance.

Short-term Loans

On November 25, 2014, we entered into a competitive advance and revolving credit facility agreement (the Revolving Credit Agreement) with a consortium of third party lenders including JPMorgan Chase Bank, N.A., as administrative agent, and Citibank, N.A., as syndication agent. During 2019, we extended the Revolving Credit Agreement maturity date to November 25, 2022. The Revolving Credit Agreement provides for an aggregate principal amount of up to $500 of (i) revolving extensions of credit (the revolving loans) outstanding at any time, (ii) competitive advance borrowing option which will be provided on an uncommitted competitive advance basis through an auction mechanism (the competitive advances), and (iii) letters of credit for a face amount up to $100 at any time outstanding. Subject to certain conditions, we are permitted to terminate permanently the total

commitments and reduce commitments in minimum amounts of $10. Borrowings under the credit facility are available in U.S. dollars, Euros or British pound sterling. We are permitted to request that lenders increase the commitments under the facility by up to $200 for a maximum aggregate principal amount of $700, however this is subject to certain conditions and therefore may not be available to us.

The interest rate per annum on the Revolving Credit Agreement is based on the LIBOR rate of the currency we borrow in, adjusted for statutory reserve requirements, plus a margin of 1.1%. As of June 30, 2020, we had $112.2 outstanding under the credit facility, with an associated weighted average interest rate of 1.1% that matures in two months. As of December 31, 2019, we had no outstanding obligations under the credit facility. There is also a 0.15% fee per annum applicable to the commitments under the Revolving Credit Agreement. The fees and margin are subject to adjustment should the Company’s credit ratings change.

The Revolving Credit Agreement contains customary affirmative and negative covenants that, among other things, will limit or restrict our ability to: incur additional debt or issue guarantees; create liens; enter into certain sale and lease-back transactions; merge or consolidate with another person; sell, transfer, lease or otherwise dispose of assets; liquidate or dissolve; and enter into restrictive covenants. Additionally, the Revolving Credit Agreement requires us not to permit the ratio of consolidated total indebtedness to consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) (leverage ratio) to exceed 3.00 to 1.00 at any time, or the ratio of consolidated EBITDA to consolidated interest expense (interest coverage ratio) to be less than 3.00 to 1.00. In the event of certain ratings downgrades of the Company to a level below investment grade, the direct and indirect significant U.S. subsidiaries of the Company would be required to guarantee the obligations under the credit facility.

On April 29, 2020, we entered into two 364-day term revolving credit agreements totaling $200 (the Incremental Revolving Credit Agreements) which provide the Company with additional liquidity in excess of the Revolving Credit Agreement. Borrowings are available in U.S. dollars and the interest rate per annum is based on the LIBOR rate, adjusted for statutory reserve requirements, plus a margin of up to 1.55%. The Incremental Revolving Credit Agreements are subject to fees of up to 0.35% per annum. The fees and margin are subject to adjustment should the Company’s credit ratings change. All other key provisions of the Incremental Revolving Credit Agreements mirror those of the Revolving Credit Agreement described above, including all covenants. In addition, the Incremental Revolving Credit Agreements did not violate any negative covenants associated with the existing Revolving Credit Agreement. There were no outstanding borrowings under the Incremental Revolving Credit Agreements as of June 30, 2020.

As of June 30, 2020, our interest coverage ratio and leverage ratios associated with short-term loans were within the prescribed thresholds. Additionally, we currently expect to remain within the prescribed thresholds until maturity.

Refer to the Liquidity section within “Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” for additional information on our overall funding and liquidity strategy.

DEBT Short-term Loans (Details) - USD ($) $ in Millions		6 Months Ended
DEBT Short-term Loans (Details) - USD ($) $ in Millions	Apr. 29, 2020	Jun. 30, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Short-term Debt		$ 112.2	$ 0.0
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Short-term Debt			$ 0.0
Line of Credit Facility, Aggregate Borrowing Capacity		500.0
Line of Credit Facility, Letters of Credit Face Amount Maximum		100.0
Line of Credit Facility, Commitment Reduction Minimum Amount		10.0
Line of Credit Facility, Incremental Borrowing Capacity Maximum		200.0
Line of Credit Facility, Maximum Borrowing Capacity		$ 700.0
Line of Credit Facility, Interest Margin Above LIBOR		1.10%
Line of Credit Facility, Interest Rate at Period End		1.10%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.15%
Incremental Revolving Credit Agreement [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 200.0
Line of Credit Facility, Interest Margin Above LIBOR	1.55%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.35%

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated [Table Text Block]


	Revenue						Operating Income						Operating Margin
For the Three Months Ended June 30	2020		2019		2020		2019		2020		2019
Motion Technologies	$	199.3	$	317.7	$	10.4	$	52.0	5.2	%	16.4	%
Industrial Process	193.3		232.6		18.5		26.0		9.6	%	11.2	%
Connect & Control Technologies	122.9		170.2		8.4		29.6		6.8	%	17.4	%
Total segment results	515.5		720.5		37.3		107.6		7.2	%	14.9	%
Asbestos-related costs, net	—		—		(16.0)		(11.8)		—		—
Eliminations / Other corporate costs	(0.8)		(0.6)		(0.8)		(9.8)		—		—
Total Eliminations / Corporate and Other costs	(0.8)		(0.6)		(16.8)		(21.6)		—		—
Total	$	514.7	$	719.9	$	20.5	$	86.0	4.0	%	11.9	%
	Revenue						Operating Income						Operating Margin
For the Six Months Ended June 30	2020		2019		2020		2019		2020		2019
Motion Technologies	$	497.2	$	632.9	$	63.5	$	112.9	12.8	%	17.8	%
Industrial Process	420.6		448.3		27.4		48.2		6.5	%	10.8	%
Connect & Control Technologies	261.6		335.2		24.3		57.0		9.3	%	17.0	%
Total segment results	1,179.4		1,416.4		115.2		218.1		9.8	%	15.4	%
Asbestos-related benefit (costs), net	—		—		24.7		(24.4)		—		—
Eliminations / Other Corporate costs	(1.4)		(1.0)		(10.1)		(17.1)		—		—
Total Eliminations / Corporate and Other costs	(1.4)		(1.0)		14.6		(41.5)		—		—
Total	$	1,178.0	$	1,415.4	$	129.8	$	176.6	11.0	%	12.5	%

Schedule of Segment Reporting Information, by Segment [Table Text Block]


	Total Assets						Capital Expenditures						Depreciation & Amortization
As of and for the Six Months Ended June 30	2020		2019^(a)		2020		2019		2020		2019
Motion Technologies	$	1,097.5	$	1,178.2	$	22.9	$	30.1	$	29.2	$	28.5
Industrial Process	1,031.9		1,137.8		4.4		5.6		12.3		12.6
Connect & Control Technologies	742.6		755.6		6.2		8.5		11.7		10.3
Corporate and Other	1,279.3		1,036.1		0.8		1.6		1.3		1.6
Total	$	4,151.3	$	4,107.7	$	34.3	$	45.8	$	54.5	$	53.0

Document and Entity Information - shares shares in Millions	6 Months Ended
Document and Entity Information - shares shares in Millions	Jun. 30, 2020	Jul. 29, 2020
Cover [Abstract]
Entity Registrant Name	ITT INC.
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity File Number	001-05672
Entity Central Index Key	0000216228
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	81-1197930
Entity Address, Address Line One	1133 Westchester Avenue
Entity Address, City or Town	White Plains
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10604
City Area Code	(914)
Local Phone Number	641-2000
Title of 12(b) Security	Common Stock, par value $1 per share
Trading Symbol	ITT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		86.4

PLANT, PROPERTY AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

PLANT, PROPERTY AND EQUIPMENT, NET


	Useful life (in years)	June 30, 2020					December 31, 2019
Machinery and equipment	2 - 10		$	1,126.3	$	1,128.9
Buildings and improvements	5 - 40		271.3		279.3
Furniture, fixtures and office equipment	3 - 7		78.1		79.8
Construction work in progress			48.9		48.8
Land and improvements			32.3		33.3
Other			4.9		10.5
Plant, property and equipment, gross			1,561.8		1,580.6
Less: Accumulated depreciation			(1,056.4)		(1,049.1)
Plant, property and equipment, net			$	505.4	$	531.5

Depreciation expense of $20.7 and $20.5, and $41.2 and $40.7 was recognized in the three and six months ended June 30, 2020 and 2019, respectively.

During the first quarter of 2020, we recorded an impairment of $4.0 for a business within IP due to challenging economic conditions in the upstream oil and gas market combined with impacts associated with the COVID-19 pandemic. Long-lived assets of the business, with a carrying value of $14.0, primarily building and improvements, machinery and equipment, were reduced to their current estimated fair value of $10.0. Our current estimate of fair value, categorized within Level 3 of the fair value hierarchy, was determined based on a market approach estimating the net proceeds that would be received for the sale of the assets. Significant additional adverse changes to the economic environment and future cash flows of other businesses could cause us to record additional impairment charges in future periods, which may be material.

CAPITAL STOCK - Additional Information - USD ($) shares in Millions, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019
Equity, Class of Treasury Stock [Line Items]
Repurchase of shares of common stock		1.7	0.2
Aggregate cost of repurchase	$ 0.3
Number of shares repurchased under settlement of employee tax withholding obligations			0.2
Shares repurchased aggregate value under settlement of employee tax withholding obligations		$ 10.5	$ 9.5
2006 Share Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Share repurchase program	1,000.0	$ 1,000.0
Repurchase of shares of common stock		1.4
Aggregate cost of repurchase		$ 61.9	$ 10.5
2019 Share Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Share repurchase program	$ 500.0	500.0
Share Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Aggregate cost of repurchase		$ 73.2

GOODWILL AND OTHER INTANGIBLE ASSETS, NET Other Intangible Assets (Detail) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 218.5	$ 256.5
Indefinite-lived intangible assets, Gross/Net Carrying Amount	21.9	22.2
Other Intangible Assets, Gross Carrying Amount	240.4	278.7
Accumulated Amortization	(124.5)	(140.7)
Finite-live intangible asset, net of accumulated amortization	94.0	115.8
Other intangible assets, net	115.9	138.0
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Customer Relationships, Gross Carrying Amount	162.0	176.3
Accumulated Amortization	(95.0)	(99.6)
Finite-live intangible asset, net of accumulated amortization	67.0	76.7
Proprietary Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Proprietary Technology, Gross Carrying Amount	46.0	58.4
Accumulated Amortization	(21.4)	(28.1)
Finite-live intangible asset, net of accumulated amortization	24.6	30.3
Patents and other [Member]
Finite-Lived Intangible Assets [Line Items]
Patents and Other, Gross Carrying Amount	10.5	21.8
Accumulated Amortization	(8.1)	(13.0)
Finite-live intangible asset, net of accumulated amortization	$ 2.4	$ 8.8

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Tax (expense) benefit on income from discontinued operations	$ 300,000	$ 0	$ 700,000	$ 0

- Definition

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

+ References + Details

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, shares authorized	250.0	250.0
Common stock, par value	$ 1	$ 1
Common stock, shares issued	86.3	87.8
Common stock, shares outstanding	86.3	87.8

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Description of Business	Description of Business ITT Inc. is a diversified manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and oil and gas markets. Unless the context otherwise indicates, references herein to “ITT,” “the Company,” and such words as “we,” “us,” and “our” include ITT Inc. and its subsidiaries. ITT operates through three segments: Motion Technologies, consisting of friction and shock and vibration equipment; Industrial Process, consisting of industrial flow equipment and services; and Connect & Control Technologies, consisting of electronic connectors, fluid handling, motion control, composite materials and noise and energy absorption products. Financial information for our segments is presented in Note 3, Segment Information. In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) a pandemic, resulting in certain local government-mandated site closures. While most of our businesses have been deemed essential, we have experienced certain local government-mandated site closures. The Company continues to face certain risks resulting from COVID-19 including disruption of our operations due to decreased customer demand, temporary plant closures, and elevated hygiene standards to keep our employees safe, along with increased risk of customer or supplier bankruptcy and potential challenges in accessing capital markets. All of these may have a material adverse impact on the Company and there is uncertainty around the duration or severity of these impacts. Therefore, while we expect this matter to negatively impact our business, results of operations, and financial position, the extent of certain future impacts cannot be reasonably estimated at this time. Refer to the section titled “Impact of COVID-19 on our Business” within Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information.
Basis of Accounting	Basis of Presentation The unaudited consolidated condensed financial statements have been prepared pursuant to the rules and regulations of the SEC and, in the opinion of management, reflect all known adjustments (which consist primarily of normal, recurring accruals, estimates and assumptions) necessary to state fairly the financial position, results of operations, and cash flows for the periods presented. The Consolidated Condensed Balance Sheet as of December 31, 2019, presented herein, has been derived from our audited balance sheet included in our Annual Report on Form 10-K (2019 Annual Report) for the year ended December 31, 2019 but does not include all disclosures required by GAAP. We consistently applied the accounting policies described in the 2019 Annual Report in preparing these unaudited financial statements, other than those related to new accounting standards adopted during the period. Refer to Note 2, Recent Accounting Pronouncements for further information. These financial statements should be read in conjunction with the financial statements and notes thereto included in our 2019 Annual Report. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Estimates are revised as additional information becomes available and may be impacted by the duration and severity of the pandemic. Estimates and assumptions are used for, but not limited to, asbestos-related liabilities and recoveries from insurers, revenue recognition, unrecognized tax benefits, deferred tax valuation allowances, projected benefit obligations for postretirement plans, accounting for business combinations, goodwill and other intangible asset impairment testing, environmental liabilities and assets, allowance for credit losses and inventory valuation. Actual results could differ from these estimates. ITT’s quarterly financial periods end on the Saturday that is closest to the last day of the calendar quarter, except for the last quarterly period of the fiscal year, which ends on December 31st. For ease of presentation, the quarterly financial statements included herein are described as ending on the last day of the calendar quarter. Certain prior year amounts have been reclassified to conform to the current year presentation.

RESTRUCTURING ACTIONS RESTRUCTURING ACTIONS

6 Months Ended

Jun. 30, 2020

Restructuring and Related Activities [Abstract]

RESTRUCTURING ACTIONS

We have initiated various restructuring actions throughout our businesses during the past two years, including the 2020 Global Restructuring Plan. There were no other restructuring actions considered individually significant. The following table summarizes the total restructuring costs presented separately in our Consolidated Condensed Statements of Operations for the three and six months ended June 30, 2020 and 2019.


	Three Months						Six Months
For the Periods Ended June 30	2020		2019		2020		2019
Severance and other employee-related	$	27.8	$	3.0	$	30.9	$	4.0

Other	0.1		0.1		0.1		0.2
Total restructuring costs	$	27.9	$	3.1	$	31.0	$	4.2
By segment:
Motion Technologies	$	14.0	$	3.1	$	14.0	$	3.8
Industrial Process	7.8		0.1		7.9		0.4
Connect & Control Technologies	5.2		(0.2)		6.7		(0.1)
Corporate and Other	0.9		0.1		2.4		0.1

The following table displays a rollforward of the restructuring accruals, presented on our Consolidated Condensed Balance Sheet within accrued liabilities, for the six months ended June 30, 2020 and 2019.


	2020		2019
Beginning balance - January 1	$	7.5	$	6.6
Restructuring costs	31.7		4.7
Reversal of prior accruals	(0.7)		(0.5)
Cash payments	(9.6)		(5.6)

Foreign exchange translation and other	(0.2)		(0.1)
Ending balance - June 30	$	28.7	$	5.1
By accrual type:
Severance and other employee-related	$	28.3	$	4.4
Other	0.4		0.7

2020 Global Restructuring Plan

During 2020, the Company initiated an organizational-wide restructuring plan to reduce the overall cost structure of the Company primarily in response to an anticipated reduction in demand from the COVID-19 pandemic. As a result, the Company expects to incur cash restructuring charges of $55.6, principally related to involuntary severance costs, and expects these actions to be substantially complete in 2020. The table below summarizes the total expected restructuring costs and the total restructuring costs incurred to date by segment related to the 2020 Global Restructuring Plan.


	Expected Costs		Incurred to Date
Motion Technologies	$	16.8	$	14.0
Industrial Process	25.3		8.3
Connect & Control Technologies	11.1		7.1
Corporate and Other	2.4		2.4
Total	$	55.6	$	31.8

The following table displays a rollforward of the restructuring accruals related to the 2020 Global Restructuring Plan:


Beginning balance - January 1	$	—
Restructuring costs	31.8
Cash payments	(5.8)
Foreign exchange translation and other	0.1
Ending balance - June 30	$	26.1

ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES

6 Months Ended

Jun. 30, 2020

Payables and Accruals [Abstract]

ACCRUED AND OTHER CURRENT LIABILITIES AND OTHER NON-CURRENT LIABILITIES

ACCRUED LIABILITIES AND OTHER NON-CURRENT LIABILITIES


	June 30, 2020					December 31, 2019
Compensation and other employee-related benefits		$	127.2	$	145.4
Asbestos-related liability		85.9		86.0
Contract liabilities and other customer-related liabilities		74.3		74.6
Accrued restructuring costs		28.7		7.5
Accrued income taxes and other tax-related liabilities		28.1		27.0
Accrued warranty costs		19.7		18.5
Operating lease liabilities		18.7		19.9
Environmental liabilities and other legal matters		16.5		17.9
Other		30.0		34.0
Accrued liabilities		$	429.1	$	430.8
Operating lease liabilities		$	70.1	$	76.0
Environmental liabilities		53.2		55.8
Compensation and other employee-related benefits		29.5		32.4
Deferred income taxes and other tax-related liabilities		23.1		24.0
Other		42.0		46.5
Other non-current liabilities		$	217.9	$	234.7

ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2020

Statement of Other Comprehensive Income [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]


	Postretirement Benefit Plans		Cumulative Translation Adjustment		Accumulated Other Comprehensive Loss
December 31, 2019	$	(133.3)	$	(252.0)	$	(385.3)
Net change during period	0.9		(51.3)		(50.4)
March 31, 2020	(132.4)		(303.3)		(435.7)
Net change during period	0.9		2.1		3.0
June 30, 2020	$	(131.5)	$	(301.2)	$	(432.7)



	Postretirement Benefit Plans		Cumulative Translation Adjustment		Accumulated Other Comprehensive Loss
December 31, 2018	$	(131.6)	$	(243.9)	$	(375.5)
Net change during period	0.6		(2.4)		(1.8)
March 31, 2019	$	(131.0)	$	(246.3)	$	(377.3)
Net change during period	0.5		5.3		5.8
June 30, 2019	$	(130.5)	$	(241.0)	$	(371.5)

INCOME TAXES

6 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

INCOME TAXES


	Three Months														Six Months
For the Periods Ended June 30	2020			2019			Change		2020			2019			Change
Income tax (benefit) expense	$	(28.1)		$	19.3		(245.6)	%	$	(3.4)		$	39.0		(108.7)	%
Effective tax rate	(153.6)		%	22.3		%	**		(2.7)		%	22.0		%	**

** Resulting basis point change not considered meaningful.

The lower effective tax rate during the second quarter and year-to-date periods of 2020 was primarily due to tax benefits of $26.7 resulting from a recently completed internal reorganization in Europe. This reorganization resulted in a refined projection of future earnings, which will result in the realization of a portion of our deferred tax assets. Additionally, in the second quarter of 2020, the Company completed the U.S. income tax audit for tax year 2016 resulting in $1.1 of previously unrecognized tax benefits.

The Company’s financial condition and results of operations have been and are expected to continue to be adversely affected by the COVID-19 pandemic and the governmental and market reactions to COVID-19. The impacts on earnings have already had, and will continue to have, an impact on the Company’s overall effective tax rate throughout the year.

The Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) was enacted March 27, 2020. The CARES Act provides numerous tax provisions and other stimulus measures, including temporary changes regarding the prior and future utilization of net operating losses, temporary suspension of certain payment requirements for the employer portion of Social Security taxes, technical corrections from prior tax legislation for tax depreciation of certain qualified improvement property, and the creation of certain refundable employee retention credits. In the second quarter of 2020, the Company recognized a benefit of $7.2 from the CARES Act. The benefit was recorded in operating income and was related to the employer portion of payroll taxes. Certain non-U.S. jurisdictions have enacted similar stimulus measures. We continue to monitor any effects that may result from the CARES Act or other similar legislation globally.

The Company operates in various tax jurisdictions and is subject to examination by tax authorities in these jurisdictions. The Company is currently under examination in several jurisdictions including the Czech Republic, Germany, Hong Kong, India, Italy, the U.S. and Venezuela. The estimated tax liability calculation for unrecognized tax benefits considers uncertainties in the application of complex tax laws and regulations in various tax jurisdictions. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate of the unrecognized tax benefit. Over the next 12 months, the net amount of the tax liability for unrecognized tax benefits in foreign and domestic jurisdictions could change by approximately $15 due to changes in audit status, expiration of statutes of limitations and other events. In addition, the settlement of any future examinations relating to the 2011 and prior tax years could

result in changes in amounts attributable to the Company under its Tax Matters Agreement with Exelis Inc. and Xylem Inc. relating to the Company’s 2011 spin-off of those businesses.

LONG-TERM INCENTIVE EMPLOYEE COMPENSATION

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Long-Term Incentive Employee Compensation Costs

The following table provides the components of LTIP costs for the three and six months ended June 30, 2020 and 2019.


	Three Months						Six Months
For the Periods Ended June 30	2020		2019		2020		2019
Equity-based awards	$	3.3	$	3.9	$	5.8	$	8.4
Liability-based awards	0.5		0.7		(0.1)		1.4
Total share-based compensation expense	$	3.8	$	4.6	$	5.7	$	9.8

Summary of Long-Term Incentive Plan Award Grants during year

During the six months ended June 30, 2020, we granted the following LTIP awards as provided in the table below:


	# of Awards Granted	Weighted Average Grant Date Fair Value Per Share

Restricted stock units (RSUs)	0.2		$	59.51
Performance stock units (PSUs)	0.1		$	63.92

RECENT ACCOUNTING PRONOUNCEMENTS

6 Months Ended

Jun. 30, 2020

Recent Accounting Pronouncements [Abstract]

RECENT ACCOUNTING PRONOUNCEMENTS

The Company considers the applicability and impact of all accounting standard updates (ASUs). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position or results of operations.

Accounting Pronouncements Recently Adopted

Measurement of Credit Losses on Financial Instruments (ASU 2016-13)


	December 31, 2019		Cumulative Effect of Adoption		January 1, 2020
Receivables, net	$	578.4	$	(1.6)	$	576.8
Other current assets	153.4		(0.1)		153.3
Deferred income taxes	138.1		0.5		138.6
Retained earnings	2,372.4		(1.2)		2,371.2

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 48.0	$ 67.0	$ 133.1	$ 138.4
Other comprehensive income (loss):
Net foreign currency translation adjustment	2.1	5.3	(49.2)	2.9
Net change in postretirement benefit plans, net of tax benefits of $0.3, $0.2, $0.6 and $0.4, respectively	0.9	0.5	1.8	1.1
Other comprehensive income (loss)	3.0	5.8	(47.4)	4.0
Comprehensive income	51.0	72.8	85.7	142.4
Less: Comprehensive income attributable to noncontrolling interests	0.0	0.2	0.3	0.3
Comprehensive income attributable to ITT Inc.	51.0	72.6	85.4	142.1
Reclassification adjustments (see Note 15):
Amortization of prior service benefit, net of tax expense of $(0.3), $(0.2), $(0.6) and $(0.5), respectively	(1.0)	(0.9)	(1.9)	(1.7)
Amortization of net actuarial loss, net of tax benefits of $0.6, $0.4, $1.2 and $0.9, respectively	1.9	1.4	3.7	2.8
Net change in postretirement benefit plans, net of tax benefits of $0.3, $0.2, $0.6 and $0.4, respectively	$ 0.9	$ 0.5	$ 1.8	$ 1.1

SEGMENT INFORMATION - Schedule of Segment Reporting Information by Segment Revenue (Detail) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) Segment	Jun. 30, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments \| Segment			3
Revenue	$ 514.7	$ 719.9	$ 1,178.0	$ 1,415.4
Operating income	$ 20.5	$ 86.0	$ 129.8	$ 176.6
Operating Margin	4.00%	11.90%	11.00%	12.50%
Total Segment Results [Member]
Segment Reporting Information [Line Items]
Revenue	$ 515.5	$ 720.5	$ 1,179.4	$ 1,416.4
Operating income	$ 37.3	$ 107.6	$ 115.2	$ 218.1
Operating Margin	7.20%	14.90%	9.80%	15.40%
Motion Technologies [Member]
Segment Reporting Information [Line Items]
Revenue	$ 199.3	$ 317.7	$ 497.2	$ 632.9
Operating income	$ 10.4	$ 52.0	$ 63.5	$ 112.9
Operating Margin	5.20%	16.40%	12.80%	17.80%
Industrial Process [Member]
Segment Reporting Information [Line Items]
Revenue	$ 193.3	$ 232.6	$ 420.6	$ 448.3
Operating income	$ 18.5	$ 26.0	$ 27.4	$ 48.2
Operating Margin	9.60%	11.20%	6.50%	10.80%
Connect & Control Technologies [Member]
Segment Reporting Information [Line Items]
Revenue	$ 122.9	$ 170.2	$ 261.6	$ 335.2
Operating income	$ 8.4	$ 29.6	$ 24.3	$ 57.0
Operating Margin	6.80%	17.40%	9.30%	17.00%
Total Eliminations / Corporate and Other costs
Segment Reporting Information [Line Items]
Revenue	$ (0.8)	$ (0.6)	$ (1.4)	$ (1.0)
Operating income	$ (16.8)	$ (21.6)	$ 14.6	$ (41.5)
Operating Margin	0.00%	0.00%	0.00%	0.00%
Asbestos-related benefit (costs), net
Segment Reporting Information [Line Items]
Revenue	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Operating income	$ (16.0)	$ (11.8)	$ 24.7	$ (24.4)
Operating Margin	0.00%	0.00%	0.00%	0.00%
Eliminations / Other Corporate costs
Segment Reporting Information [Line Items]
Revenue	$ (0.8)	$ (0.6)	$ (1.4)	$ (1.0)
Operating income	$ (0.8)	$ (9.8)	$ (10.1)	$ (17.1)
Operating Margin	0.00%	0.00%	0.00%	0.00%

PLANT, PROPERTY AND EQUIPMENT, NET - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 20.7	$ 20.5	$ 41.2	$ 40.7
Tangible Asset Impairment Charges			4.0
Carrying Value of Tangible Assets Written Down to Estimated Fair Value	14.0		14.0
Fair Value of Impaired Tangible Assets	$ 10.0		$ 10.0

RECEIVABLES, NET - (Detail) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade accounts receivable	$ 451.8	$ 562.3
Notes receivable	8.9	6.2
Other	22.4	21.2
Receivables, gross	483.1	589.7
Less: Allowance for credit losses - receivables	(19.9)	(11.3)
Receivables, net	$ 463.2	$ 578.4

LONG-TERM INCENTIVE EMPLOYEE COMPENSATION - Employee Compensation Costs - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Equity-based awards	$ 3.3	$ 3.9	$ 5.8	$ 8.4
Liability-based awards	0.5	0.7	(0.1)	1.4
Total share-based compensation expense	$ 3.8	$ 4.6	$ 5.7	$ 9.8

REVENUE Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
REVENUE Revenue (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Revenue	$ 514.7	$ 719.9	$ 1,178.0	$ 1,415.4
Automotive and rail [Member]
Disaggregation of Revenue [Line Items]
Revenue	195.6	312.0	487.9	622.0
Chemical and industrial pumps [Member]
Disaggregation of Revenue [Line Items]
Revenue	158.6	168.7	320.1	330.2
Aerospace and defense [Member]
Disaggregation of Revenue [Line Items]
Revenue	66.2	108.1	155.2	209.9
Oil and Gas [Member]
Disaggregation of Revenue [Line Items]
Revenue	42.4	74.0	116.0	136.7
General industrial [Member]
Disaggregation of Revenue [Line Items]
Revenue	51.9	57.1	98.8	116.6
Motion Technologies [Member]
Disaggregation of Revenue [Line Items]
Revenue	199.3	317.7	497.2	632.9
Motion Technologies [Member] \| Automotive and rail [Member]
Disaggregation of Revenue [Line Items]
Revenue	195.6	312.1	488.0	622.1
Motion Technologies [Member] \| Chemical and industrial pumps [Member]
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Motion Technologies [Member] \| Aerospace and defense [Member]
Disaggregation of Revenue [Line Items]
Revenue	1.6	2.8	4.5	5.1
Motion Technologies [Member] \| Oil and Gas [Member]
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Motion Technologies [Member] \| General industrial [Member]
Disaggregation of Revenue [Line Items]
Revenue	2.1	2.8	4.7	5.7
Industrial Process [Member]
Disaggregation of Revenue [Line Items]
Revenue	193.3	232.6	420.6	448.3
Industrial Process [Member] \| Automotive and rail [Member]
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Industrial Process [Member] \| Chemical and industrial pumps [Member]
Disaggregation of Revenue [Line Items]
Revenue	158.6	168.7	320.1	330.2
Industrial Process [Member] \| Aerospace and defense [Member]
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Industrial Process [Member] \| Oil and Gas [Member]
Disaggregation of Revenue [Line Items]
Revenue	34.7	63.9	100.5	118.1
Industrial Process [Member] \| General industrial [Member]
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Connect & Control Technologies [Member]
Disaggregation of Revenue [Line Items]
Revenue	122.9	170.2	261.6	335.2
Connect & Control Technologies [Member] \| Automotive and rail [Member]
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Connect & Control Technologies [Member] \| Chemical and industrial pumps [Member]
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Connect & Control Technologies [Member] \| Aerospace and defense [Member]
Disaggregation of Revenue [Line Items]
Revenue	64.6	105.3	150.7	204.8
Connect & Control Technologies [Member] \| Oil and Gas [Member]
Disaggregation of Revenue [Line Items]
Revenue	7.7	10.1	15.5	18.6
Connect & Control Technologies [Member] \| General industrial [Member]
Disaggregation of Revenue [Line Items]
Revenue	50.6	54.8	95.4	111.8
Consolidation, Eliminations [Member]
Disaggregation of Revenue [Line Items]
Revenue	(0.8)	(0.6)	(1.4)	(1.0)
Consolidation, Eliminations [Member] \| Automotive and rail [Member]
Disaggregation of Revenue [Line Items]
Revenue	0.0	(0.1)	(0.1)	(0.1)
Consolidation, Eliminations [Member] \| Chemical and industrial pumps [Member]
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Consolidation, Eliminations [Member] \| Aerospace and defense [Member]
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Consolidation, Eliminations [Member] \| Oil and Gas [Member]
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Consolidation, Eliminations [Member] \| General industrial [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ (0.8)	$ (0.5)	$ (1.3)	$ (0.9)

RECEIVABLES, NET

6 Months Ended

Jun. 30, 2020

Receivables [Abstract]

RECEIVABLES, NET


	June 30, 2020					December 31, 2019
Trade accounts receivable		$	451.8	$	562.3
Notes receivable		8.9		6.2
Other		22.4		21.2
Receivables, gross		483.1		589.7
Less: Allowance for credit losses - receivables		(19.9)		(11.3)
Receivables, net		$	463.2	$	578.4

Allowance for Credit Losses

We determine our allowance for credit losses using a combination of factors to reduce our trade receivables and contract asset balances to the net amount expected to be collected. The allowance was based on a variety of factors including the length of time receivables were past due, macroeconomic trends and conditions, significant one-time events, historical experience, and expectations of future economic conditions. We also record an allowance for individual accounts when we become aware of specific customer circumstances, such as in the case of bankruptcy filings or deterioration in the customer’s operating results or financial position. The past due or delinquency status of a receivable is based on the contractual payment terms of the receivable. If circumstances related to the specific customer change, we adjust estimates of the recoverability of receivables as appropriate. Our allowance for credit losses for the six months ended June 30, 2020 includes our estimate of the impact of the COVID-19 pandemic and recent decline in the oil and gas market and will be adjusted in subsequent periods as circumstances develop and we gain better insight into the future impacts of the pandemic. We believe these events may impact our ability to collect from certain customers depending on the end market we serve and customer profile.

The following table displays our allowance for credit losses for receivables and contract assets.


	June 30, 2020					December 31, 2019
Allowance for credit losses - receivables		$	19.9	$	11.3
Allowance for credit losses - contract assets		0.1		1.5
Total allowance for credit losses		$	20.0	$	12.8

The follow table displays a rollforward of the total allowance for credit losses for the six months ended June 30, 2020.



Total allowance for credit losses - January 1	$	12.8
Impact of adoption of ASU 2016-13 (See Note 2)	1.7
Charges to income	8.6
Write-offs	(3.0)
Foreign currency and other	(0.1)
Total allowance for credit losses - June 30	$	20.0

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Restricted Cash	$ 0.9	$ 0.8	$ 1.3	$ 1.0

CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019
Dividends declared per share	$ 0.169	$ 0.169	$ 0.147	$ 0.147

SEGMENT INFORMATION - Schedule of Segment Reporting Information by Segment Assets (Detail) - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Dec. 31, 2019

Segment Reporting Information [Line Items]

Total Assets

$ 4,151.3

$ 4,107.7

Capital Expenditures

34.3

$ 45.8

Depreciation & Amortization

54.5

53.0

Motion Technologies [Member]

Segment Reporting Information [Line Items]

Total Assets

1,097.5

1,178.2

^[1]

Capital Expenditures

22.9

30.1

Depreciation & Amortization

29.2

28.5

Industrial Process [Member]

Segment Reporting Information [Line Items]

Total Assets

1,031.9

1,137.8

^[1]

Capital Expenditures

4.4

5.6

Depreciation & Amortization

12.3

12.6

Connect & Control Technologies [Member]

Segment Reporting Information [Line Items]

Total Assets

742.6

755.6

^[1]

Capital Expenditures

6.2

8.5

Depreciation & Amortization

11.7

10.3

Corporate and Other [Member]

Segment Reporting Information [Line Items]

Total Assets

1,279.3

$ 1,036.1

^[1]

Capital Expenditures

0.8

1.6

Depreciation & Amortization

$ 1.3

$ 1.6

[1]	Amounts reflect balances as of December 31, 2019.

COMMITMENTS AND CONTINGENCIES Asbestos Matters Textuals (Details) Claim in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020 USD ($) Claim	Mar. 31, 2020 USD ($)	Jun. 30, 2020 USD ($) Claim	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($) Claim	Dec. 31, 2018 USD ($)
Asbestos Related Contingencies [Line Items]
Asbestos Related Costs (Benefit), Settlement Agreement			$ (48.3)	$ 0.0
Asbestos Liability And Related Assets Net Current And Noncurrent	$ 398.5		$ 398.5	481.2	$ 430.8	$ 472.6
Asbestos Liability Measurement Periods for Claims Pending and Estimated to be Filed			10 years
Asbestos Issue [Member]
Asbestos Related Contingencies [Line Items]
Pending Asbestos Claims \| Claim	24		24		24
Assets [Member]
Asbestos Related Contingencies [Line Items]
Asbestos Related Costs (Benefit), Settlement Agreement			$ (48.3)	0.0
Asbestos Liability And Related Assets Net Current And Noncurrent	$ (405.3)		(405.3)	(354.6)	$ (386.8)	(376.7)
Liability [Member]
Asbestos Related Contingencies [Line Items]
Asbestos Related Costs (Benefit), Settlement Agreement			0.0	0.0
Asbestos Liability And Related Assets Net Current And Noncurrent	803.8		$ 803.8	$ 835.8	$ 817.6	$ 849.3
Asbestos Related Matters [Member]
Asbestos Related Contingencies [Line Items]
Asbestos Settlement Agreement Cash Proceeds		$ 66.4
Asbestos Related Costs (Benefit), Settlement Agreement	$ 4.2	$ 52.5

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Basic and Diluted Loss Per Share

The following table provides a reconciliation of the data used in the calculation of basic and diluted earnings per share from continuing operations attributable to ITT for the three and six months ended June 30, 2020 and 2019.


	Three Months			Six Months
For the Periods Ended June 30	2020	2019	2020	2019
Basic weighted average common shares outstanding	86.3	87.8	87.0	87.7
Add: Dilutive impact of outstanding equity awards	0.5	0.9	0.6	0.9
Diluted weighted average common shares outstanding	86.8	88.7	87.6	88.6

INVENTORIES, NET

6 Months Ended

Jun. 30, 2020

Inventory Disclosure [Abstract]

INVENTORIES, NET


	June 30, 2020					December 31, 2019
Finished goods		$	58.6	$	80.7
Work in process		84.4		83.9
Raw materials		241.6		228.3
Inventories, net		$	384.6	$	392.9

RECENT ACCOUNTING PRONOUNCEMENTS Adoption of ASU 2016-13: Opening Balance Sheet Cumulative Effect Adjustments (Details) - USD ($) $ in Millions	Jan. 01, 2020	Dec. 31, 2019
Receivable [Domain]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance as of December 31, 2019 - Prior to Adoption of ASU 2016-13		$ 578.4
Balance as of January 1, 2020 - Subsequent to Adoption of ASU 2016-13	$ 576.8
Receivable [Domain] \| Accounting Standards Update 2016-13 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	1.6
Other Current Assets [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance as of December 31, 2019 - Prior to Adoption of ASU 2016-13		153.4
Balance as of January 1, 2020 - Subsequent to Adoption of ASU 2016-13	153.3
Other Current Assets [Member] \| Accounting Standards Update 2016-13 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	0.1
Deferred Tax Asset [Domain]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance as of December 31, 2019 - Prior to Adoption of ASU 2016-13		138.1
Balance as of January 1, 2020 - Subsequent to Adoption of ASU 2016-13	138.6
Deferred Tax Asset [Domain] \| Accounting Standards Update 2016-13 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	(0.5)
Retained Earnings [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance as of December 31, 2019 - Prior to Adoption of ASU 2016-13		$ 2,372.4
Balance as of January 1, 2020 - Subsequent to Adoption of ASU 2016-13	2,371.2
Retained Earnings [Member] \| Accounting Standards Update 2016-13 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 1.2

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE DATA


	Three Months			Six Months
For the Periods Ended June 30	2020	2019	2020	2019
Basic weighted average common shares outstanding	86.3	87.8	87.0	87.7
Add: Dilutive impact of outstanding equity awards	0.5	0.9	0.6	0.9
Diluted weighted average common shares outstanding	86.8	88.7	87.6	88.6

There were no anti-dilutive stock options excluded from the computation of diluted earnings per share for the three and six months ended June 30, 2020 and 2019.

ACQUISITIONS Acquisitions Textuals (Details) € in Millions, $ in Millions			3 Months Ended	6 Months Ended
	Jul. 03, 2019 USD ($) Employees	Apr. 30, 2019 EUR (€)	Mar. 31, 2019 EUR (€)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)	Apr. 30, 2019 USD ($) Employees
Business Acquisition [Line Items]
Acquisitions, net of cash acquired				$ 4.7	$ 87.3
Goodwill				920.3		$ 927.2
Rheinhutte Pumpen Group [Member]
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition		Apr. 30, 2019
Business Acquisition, Name of Acquired Entity		Rheinhütte Pumpen Group
Acquisitions, net of cash acquired \| €		€ 82.5
Revenue of Acquired Entity for Last Annual Period \| €			€ 61.5
Number of Employees at Entity to be Acquired \| Employees							430
Goodwill				37.6			$ 37.6
Matrix Composites [Member]
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition	Jul. 03, 2019
Business Acquisition, Name of Acquired Entity	Matrix Composites, Inc.
Acquisitions, net of cash acquired	$ 25.8
Revenue of Acquired Entity for Last Annual Period	$ 12.0
Number of Employees at Entity to be Acquired \| Employees	115
Goodwill	$ 14.3			$ 14.3

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) shares in Millions, $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 819.1	$ 612.1
Receivables, net	463.2	578.4
Inventories, net	384.6	392.9
Other current assets	159.9	153.4
Total current assets	1,826.8	1,736.8
Plant, property and equipment, net	505.4	531.5
Goodwill	920.3	927.2
Other intangible assets, net	115.9	138.0
Asbestos-related assets	319.4	319.6
Deferred income taxes	161.4	138.1
Other non-current assets	302.1	316.5
Total non-current assets	2,324.5	2,370.9
Total assets	4,151.3	4,107.7
Current liabilities:
Short-term debt and current maturities of long-term debt	247.5	86.5
Accounts payable	271.0	332.4
Accrued liabilities	429.1	430.8
Total current liabilities	947.6	849.7
Asbestos-related liabilities	717.9	731.6
Postretirement benefits	212.9	213.9
Other non-current liabilities	217.9	234.7
Total non-current liabilities	1,148.7	1,180.2
Total liabilities	2,096.3	2,029.9
Shareholders’ equity:
Issued and outstanding – 86.3 shares and 87.8 shares, respectively	86.3	87.8
Retained earnings	2,398.2	2,372.4
Total accumulated other comprehensive loss	(432.7)	(385.3)
Total ITT Inc. shareholders’ equity	2,051.8	2,074.9
Noncontrolling interests	3.2	2.9
Total shareholders’ equity	2,055.0	2,077.8
Total liabilities and shareholders’ equity	$ 4,151.3	$ 4,107.7
Common stock, shares authorized	250.0	250.0
Common stock, par value	$ 1	$ 1
Common stock, shares outstanding	86.3	87.8

RECENT ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncements (Tables)

6 Months Ended

Jun. 30, 2020

Modified Retrospective Adoption of New Accounting Pronouncements [Member]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Adoption of ASU 2016-13, Cumulative Effect Adjustments Due to Adoption [Table Text Block]

The cumulative effect of the changes made to our consolidated January 1, 2020 balance sheet related to the adoption of ASU 2016-13 is as follows:


	December 31, 2019		Cumulative Effect of Adoption		January 1, 2020
Receivables, net	$	578.4	$	(1.6)	$	576.8
Other current assets	153.4		(0.1)		153.3
Deferred income taxes	138.1		0.5		138.6
Retained earnings	2,372.4		(1.2)		2,371.2

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

Goodwill

The following table provides a rollforward of the carrying amount of goodwill for the six months ended June 30, 2020 by segment.


	Motion Technologies					Industrial Process			Connect & Control Technologies		Total
Goodwill - December 31, 2019		$	293.6	$	354.1		$	279.5	$	927.2

Adjustments to purchase price allocations		—		(2.5)			—		(2.5)

Foreign exchange translation		(1.4)		(2.7)			(0.3)		(4.4)
Goodwill - June 30, 2020		$	292.2	$	348.9		$	279.2	$	920.3

Adjustments to purchase price allocations is related to our 2019 acquisition of Rheinhütte Pumpen Group (Rheinhütte). Refer to Note 20, Acquisitions, for additional information.

Other Intangible Assets, Net

Information regarding our other intangible assets is as follows:


	June 30, 2020																December 31, 2019
	Gross Carrying Amount					Accumulated Amortization			Net Intangibles					Gross Carrying Amount				Accumulated Amortization	Net Intangibles
Customer relationships		$	162.0	$	(95.0)		$	67.0		$	176.3	$	(99.6)		$	76.7
Proprietary technology		46.0		(21.4)			24.6			58.4		(28.1)			30.3
Patents and other		10.5		(8.1)			2.4			21.8		(13.0)			8.8
Finite-lived intangible total		218.5		(124.5)			94.0			256.5		(140.7)			115.8
Indefinite-lived intangibles		21.9		—			21.9			22.2		—			22.2
Other intangible assets		$	240.4	$	(124.5)		$	115.9		$	278.7	$	(140.7)		$	138.0

As a result of the global COVID-19 pandemic combined with a decline in the upstream oil and gas market, during the first quarter of 2020, we determined that certain intangible assets within the IP segment including an indefinite-lived trademark, customer relationships and proprietary technology, would not be recoverable resulting in an impairment of $12.3. Significant additional adverse changes to the economic environment and future cash flows of other businesses could cause us to record additional impairment charges in future periods, which may be material. In addition, during the first quarter of 2020, we reclassified a trademark intangible asset with a net book value of $5, previously included within patents and other, to indefinite-lived intangibles as we have recently suspended our company re-branding project for the foreseeable future.

Amortization expense related to finite-lived intangible assets was $4.2 and $4.0, and $9.0 and $8.0 for the three and six months ended June 30, 2020 and 2019, respectively. Estimated amortization expense for each of the five succeeding years is as follows:


2020	$	8.6
2021	16.3
2022	16.2
2023	14.4
2024	9.1
Thereafter	29.4

POSTRETIREMENT BENEFIT PLANS Postretirement Textuals (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Defined Benefit Plan, Plan Assets, Contributions by Employer			$ 4.2	$ 7.1
Reclassification of Postretirement Costs from AOCI, Net of Tax	$ 0.9	$ 0.5	1.8	$ 1.1
Minimum [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year	8.0		8.0
Maximum [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year	$ 10.0		$ 10.0

REVENUE Revenue (Tables)

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

The following table represents our revenue disaggregated by end market for the three and six months ended June 30, 2020 and 2019.


For the Three Months Ended June 30, 2020	Motion Technologies					Industrial Process			Connect & Control Technologies				Eliminations	Total
Auto and rail		$	195.6	$	—		$	—	$	—	$	195.6
Chemical and industrial pumps		—		158.6			—		—		158.6
Aerospace and defense		1.6		—			64.6		—		66.2
Oil and gas		—		34.7			7.7		—		42.4
General industrial		2.1		—			50.6		(0.8)		51.9
Total		$	199.3	$	193.3		$	122.9	$	(0.8)	$	514.7

For the Six Months Ended June 30, 2020
Auto and rail		$	488.0	$	—		$	—	$	(0.1)	$	487.9
Chemical and industrial pumps		—		320.1			—		—		320.1
Aerospace and defense		4.5		—			150.7		—		155.2
Oil and gas		—		100.5			15.5		—		116.0
General industrial		4.7		—			95.4		(1.3)		98.8
Total		$	497.2	$	420.6		$	261.6	$	(1.4)	$	1,178.0


For the Three Months Ended June 30, 2019	Motion Technologies					Industrial Process			Connect & Control Technologies				Eliminations	Total
Auto and rail		$	312.1	$	—		$	—	$	(0.1)	$	312.0
Chemical and industrial pumps		—		168.7			—		—		168.7
Aerospace and defense		2.8		—			105.3		—		108.1
Oil and gas		—		63.9			10.1		—		74.0
General industrial		2.8		—			54.8		(0.5)		57.1
Total		$	317.7	$	232.6		$	170.2	$	(0.6)	$	719.9

For the Six Months Ended June 30, 2019
Auto and rail		$	622.1	$	—		$	—	$	(0.1)	$	622.0
Chemical and industrial pumps		—		330.2			—		—		330.2
Aerospace and defense		5.1		—			204.8		—		209.9
Oil and gas		—		118.1			18.6		—		136.7
General industrial		5.7		—			111.8		(0.9)		116.6
Total		$	632.9	$	448.3		$	335.2	$	(1.0)	$	1,415.4

Contract with Customer, Asset and Liability [Table Text Block]

The following table represents our net contract assets and liabilities as of June 30, 2020 and December 31, 2019.


	June 30, 2020					December 31, 2019			Change
Current contract assets, net		$	18.9	$	18.0		5.0	%

Current contract liabilities		(56.3)		(57.4)			(1.9)	%
Net contract liabilities		$	(37.4)	$	(39.4)		(5.1)	%

GOODWILL AND OTHER INTANGIBLE ASSETS, NET Schedule of Estimated Future Intangible Amortization by Year (Details) $ in Millions	Jun. 30, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2020	$ 8.6
2021	16.3
2022	16.2
2023	14.4
2024	9.1
Thereafter	$ 29.4

ACQUISITIONS Acquisitions (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019	Jul. 03, 2019	Apr. 30, 2019
Business Acquisition [Line Items]
Goodwill	$ 920.3	$ 927.2
Rheinhutte Pumpen Group [Member]
Business Acquisition [Line Items]
Cash				$ 4.7
Receivables				12.1
Inventory				15.2
Plant, property and equipment				19.9
Goodwill	37.6			37.6
Other intangible assets				15.2
Other assets				3.8
Accounts payable and accrued liabilities				(6.7)
Other liabilities				(5.3)
Net assets acquired				$ 96.5
Matrix Composites [Member]
Business Acquisition [Line Items]
Cash			$ 0.5
Receivables			1.1
Inventory			1.8
Plant, property and equipment			2.9
Goodwill	$ 14.3		14.3
Other intangible assets			8.5
Other assets			1.9
Accounts payable and accrued liabilities			(2.0)
Other liabilities			(2.7)
Net assets acquired			$ 26.3

RESTRUCTURING ACTIONS Restructuring Accrual Rollforward (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve - Beginning Balance	$ 7.5	$ 6.6
Restructuring Costs	31.7	4.7
Reversal of prior accruals	(0.7)	(0.5)
Cash payments	(9.6)	(5.6)
Foreign exchange translation and other	(0.2)	(0.1)
Restructuring Reserve - Ending Balance	28.7	$ 5.1
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve - Beginning Balance	4.4
Restructuring Reserve - Ending Balance	28.3
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve - Beginning Balance	0.7
Restructuring Reserve - Ending Balance	$ 0.4

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

From time to time, we are involved in legal proceedings that are incidental to the operation of our businesses. Some of these proceedings allege damages relating to asbestos and environmental exposures, intellectual property matters, copyright infringement, personal injury claims, employment and employee benefit matters, government contract issues and commercial or contractual disputes and acquisitions or divestitures. We will continue to defend vigorously against all claims. Although the ultimate outcome of any legal matter cannot be predicted with certainty, based on present information, including our assessment of the merits of the particular claim, as well as our current reserves and insurance coverage, we do not expect that such legal proceedings will have a material adverse impact on our financial statements, unless otherwise noted below.

Asbestos Matters

Subsidiaries of ITT, including ITT LLC and Goulds Pumps LLC, have been sued, along with many other companies in product liability lawsuits alleging personal injury due to asbestos exposure. These claims generally allege that certain products sold by our subsidiaries prior to 1985 contained a part manufactured by a third party (e.g., a gasket) which contained asbestos. To the extent these third-party parts may have contained asbestos, it was encapsulated in the gasket (or other) material and was non-friable. As of June 30, 2020, there were approximately 24 thousand pending claims against ITT subsidiaries, including Goulds Pumps LLC, filed in various state and federal courts alleging injury as a result of exposure to asbestos. Activity related to these asserted asbestos claims during the period was as follows:


Pending claims – Beginning			24
New claims			2
Settlements			(1)
Dismissals			(1)
Pending claims – Ending			24

Frequently, plaintiffs are unable to identify any ITT LLC or Goulds Pumps LLC products as a source of asbestos exposure. Our experience to date is that a majority of resolved claims are dismissed without any payment from ITT subsidiaries. Management believes that a large majority of the pending claims have little or no value. In addition, because claims are sometimes dismissed in large groups, the average cost per resolved claim can fluctuate significantly from period to period. ITT expects more asbestos-related suits will be filed in the future, and ITT will continue to aggressively defend or seek a reasonable resolution, as appropriate.

Asbestos litigation is a unique form of litigation. Frequently, the plaintiff sues a large number of defendants and does not state a specific claim amount. After filing a complaint, the plaintiff engages defendants in settlement negotiations to establish a settlement value based on certain criteria, including the number of defendants in the case. Rarely do the plaintiffs seek to collect all damages from one defendant. Rather, they seek to spread the liability, and thus the payments, among many defendants. As a result of this and other factors, the Company is unable to estimate the maximum potential exposure to pending claims and claims estimated to be filed over the next 10 years.

Estimating our exposure to pending asbestos claims and those that may be filed in the future is subject to significant uncertainty and risk as there are multiple variables that can affect the timing, severity, quality, quantity and resolution of claims. Any predictions with respect to the variables impacting the estimate of the asbestos liability and related asset are subject to even greater uncertainty as the projection period lengthens. In light of the variables and uncertainties inherent in the long-term projection of the Company’s asbestos exposures, while it is probable that the Company will incur additional costs for asbestos claims filed beyond the next 10 years, which additional costs may be material, we do not believe there is a reasonable basis for estimating those costs at this time.

The asbestos liability and related receivables reflect management’s best estimate of future events. However, future events affecting the key factors and other variables for either the asbestos liability or the related receivables could cause actual costs or recoveries to be materially higher or lower than currently estimated. Due to these uncertainties, as well as our inability to reasonably estimate any additional asbestos liability for claims which may be filed beyond the next 10 years, it is difficult to predict the ultimate cost of resolving all pending and unasserted asbestos claims. We believe it is possible that future events affecting the key factors

and other variables within the next 10 years, as well as the cost of asbestos claims filed beyond the next 10 years, net of expected recoveries, could have a material adverse effect on our financial statements.

Settlement Agreements

The Company periodically enters into settlement agreements with insurers to settle responsibility for insurance claims. Under the terms of the settlements, the insurers agree to a payment or specified series of payments to a Qualified Settlement Fund for past costs and/or agree to provide coverage for certain future asbestos claims on specified terms and conditions. In March 2020, we finalized a settlement agreement with a group of insurers to settle responsibility for claims under certain insurance policies for a lump sum payment of $66.4, resulting in a benefit of $52.5. During June 2020, we entered into a settlement agreement with an insurer accelerating payments previously included in a buyout agreement, resulting in a loss of $4.2.

Asbestos-Related Costs (Benefit), Net

As part of our ongoing review of our net asbestos exposure, each quarter we assess the most recent quantitative data available for the key inputs and assumptions, comparing the data to expectations on which the most recent annual liability and asset estimates were calculated. Based on this evaluation, the Company determined that no change in the estimate was warranted for the quarter ended June 30, 2020 other than the incremental accrual to maintain a rolling 10-year forecast period and the settlement agreement described above.

The following table provides a rollforward of the estimated asbestos liability and related assets for the six months ended June 30, 2020 and 2019.


	2020										2019
For the Six Months Ended June 30	Liability		Asset		Net		Liability		Asset		Net
Beginning balance	$	817.6	$	386.8	$	430.8	$	849.3	$	376.7	$	472.6
Asbestos provision^(a)	28.9		5.3		23.6		30.6		6.2		24.4


Insurance settlement agreements	—		48.3		(48.3)		—		—		—
Net cash activity^(a)	(42.7)		(35.1)		(7.6)		(44.1)		(28.3)		(15.8)
Ending balance	$	803.8	$	405.3	$	398.5	$	835.8	$	354.6	$	481.2
Current portion	$	85.9	$	85.9			$	72.6	$	67.1
Noncurrent portion	$	717.9	$	319.4			$	763.2	$	287.5

(a)Includes certain administrative costs such as legal-related costs for insurance asset recoveries.

Environmental Matters

In the ordinary course of business, we are subject to federal, state, local, and foreign environmental laws and regulations. We are responsible, or are alleged to be responsible, for ongoing environmental investigation and site remediation. These sites are in various stages of investigation or remediation and in many of these proceedings our liability is considered de minimis. We have received notification from the U.S. Environmental Protection Agency, and from similar state and foreign environmental agencies, that a number of sites formerly or currently owned or operated by ITT, and other properties or water supplies that may be or have been impacted from those operations, contain disposed or recycled materials or wastes and require environmental investigation or remediation. These sites include instances where we have been identified as a potentially responsible party under federal and state environmental laws and regulations.

The following table provides a rollforward of the estimated environmental liability for the six months ended June 30, 2020 and 2019.


For the Six Months Ended June 30	2020		2019
Environmental liability - beginning balance	$	61.9	$	66.8
Change in estimates for pre-existing accruals:
Continuing operations	1.4		0.3
Discontinued operations	(1.6)		—

Payments	(2.3)		(3.6)
Foreign currency	(0.1)		—
Environmental liability - ending balance	$	59.3	$	63.5

Environmental-related assets, including a qualified settlement fund (QSF) and estimated recoveries from insurance providers and other third parties, were $20.4 and $23.6 as of June 30, 2020 and 2019, respectively.

During June 2020, the environmental QSF was amended to cover remediation activities for additional sites. Prior to this amendment, there was $7.2 of deferred income representing the excess of assets in the QSF over the probable liabilities associated with the previously covered sites. As a result of the amendment, we recognized income of $7.2 during the quarter, including $1.3 related to discontinued operations.

We are currently involved with 26 active environmental investigation and remediation sites. As of June 30, 2020, we have estimated the potential high-end liability range of environmental-related matters to be $105.3.

As actual costs incurred at identified sites in future periods may vary from our current estimates given the inherent uncertainties in evaluating environmental exposures, management believes it is possible that the outcome of these uncertainties may have a material adverse effect on our financial statements.

GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the Carrying Amount of Goodwill

Goodwill

The following table provides a rollforward of the carrying amount of goodwill for the six months ended June 30, 2020 by segment.


	Motion Technologies					Industrial Process			Connect & Control Technologies		Total
Goodwill - December 31, 2019		$	293.6	$	354.1		$	279.5	$	927.2

Adjustments to purchase price allocations		—		(2.5)			—		(2.5)

Foreign exchange translation		(1.4)		(2.7)			(0.3)		(4.4)
Goodwill - June 30, 2020		$	292.2	$	348.9		$	279.2	$	920.3

Other Intangible Assets

Other Intangible Assets, Net

Information regarding our other intangible assets is as follows:


	June 30, 2020																December 31, 2019
	Gross Carrying Amount					Accumulated Amortization			Net Intangibles					Gross Carrying Amount				Accumulated Amortization	Net Intangibles
Customer relationships		$	162.0	$	(95.0)		$	67.0		$	176.3	$	(99.6)		$	76.7
Proprietary technology		46.0		(21.4)			24.6			58.4		(28.1)			30.3
Patents and other		10.5		(8.1)			2.4			21.8		(13.0)			8.8
Finite-lived intangible total		218.5		(124.5)			94.0			256.5		(140.7)			115.8
Indefinite-lived intangibles		21.9		—			21.9			22.2		—			22.2
Other intangible assets		$	240.4	$	(124.5)		$	115.9		$	278.7	$	(140.7)		$	138.0

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated amortization expense for each of the five succeeding years is as follows:


2020	$	8.6
2021	16.3
2022	16.2
2023	14.4
2024	9.1
Thereafter	29.4

REVENUE Contract Assets and Liabilities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Contract with Customer, Asset and Liability [Abstract]
Current contract assets, net	$ 18.9	$ 18.0
Current Contract Assets, Percentage Change from Prior Period	5.00%
Contract with Customer, Liability	$ 56.3	57.4
Current Contract Liabilities, Percentage Change from Prior Period	(1.90%)
Net Contract Liabilities	$ 37.4	$ 39.4
Net Contract Liability, Percentage Change from Prior Period	(5.10%)

CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]
Common Stock Outstanding (Shares)		87.6
Common Stock Outstanding (Dollars)		$ 87.6
Retained earnings			$ 2,110.3
Total accumulated other comprehensive loss	$ (375.5)			$ (375.5)
Noncontrolling interests					$ 2.5
Total shareholders' equity	1,824.9
Net Income	71.4	$ 0.0	71.3	0.0	(0.1)
Activity from stock incentive plans, shares		0.6
Activity from stock incentive plans	9.5	$ 0.6	8.9	0.0	0.0
Share repuchases, shares		(0.4)
Share repuchases	(19.9)	$ (0.4)	(19.5)	0.0	0.0
Dividends declared	(12.9)	0.0	(12.9)	0.0	0.0
Other Comprehensive Income (Loss), Net of Tax	(1.8)	0.0	0.0	(1.8)	0.0
Other	$ 0.1	$ 0.0	0.0	0.0	0.1
Share repuchases, shares	(0.2)
Other Comprehensive Income (Loss), Net of Tax	$ 4.0
Common Stock Outstanding (Shares)		87.8
Common Stock Outstanding (Dollars)		$ 87.8
Retained earnings			2,158.1
Total accumulated other comprehensive loss	(377.3)			(377.3)
Noncontrolling interests					2.7
Total shareholders' equity	1,871.3
Net Income	67.0	$ 0.0	66.8	0.0	(0.2)
Activity from stock incentive plans, shares		0.1
Activity from stock incentive plans	7.2	$ 0.1	7.1	0.0	0.0
Share repuchases, shares		0.0
Share repuchases	(0.1)	$ 0.0	(0.1)	0.0	0.0
Dividends declared	(13.1)	0.0	(13.1)	0.0	0.0
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	0.7	0.0	0.0	0.0	0.7
Other Comprehensive Income (Loss), Net of Tax	5.8	$ 0.0	0.0	5.8	0.0
Common Stock Outstanding (Shares)		87.9
Common Stock Outstanding (Dollars)		$ 87.9
Retained earnings			2,218.8
Total accumulated other comprehensive loss	(371.5)			(371.5)
Noncontrolling interests					2.2
Total shareholders' equity	$ 1,937.4
Common Stock Outstanding (Shares)	87.8	87.8
Common Stock Outstanding (Dollars)	$ 87.8	$ 87.8
Retained earnings	2,372.4		2,372.4
Total accumulated other comprehensive loss	(385.3)			(385.3)
Noncontrolling interests	2.9				2.9
Total shareholders' equity	2,077.8
Net Income	85.1	$ 0.0	84.8	0.0	(0.3)
Activity from stock incentive plans, shares		0.4
Activity from stock incentive plans	2.6	$ 0.4	2.2	0.0	0.0
Share repuchases, shares		(1.9)
Share repuchases	(83.4)	$ (1.9)	(81.5)	0.0	0.0
Cumulative adjustment for accounting change	(1.2)	0.0	(1.2)	0.0	0.0
Dividends declared	(14.9)	0.0	(14.9)	0.0	0.0
Other Comprehensive Income (Loss), Net of Tax	$ (50.4)	$ 0.0	0.0	(50.4)	0.0
Share repuchases, shares	(1.7)
Other Comprehensive Income (Loss), Net of Tax	$ (47.4)
Common Stock Outstanding (Shares)		86.3
Common Stock Outstanding (Dollars)		$ 86.3
Retained earnings			2,361.8
Total accumulated other comprehensive loss	(435.7)			(435.7)
Noncontrolling interests					3.2
Total shareholders' equity	2,015.6
Net Income	48.0	$ 0.0	48.0	0.0	0.0
Activity from stock incentive plans, shares		0.0
Activity from stock incentive plans	3.3	$ 0.0	3.3	0.0	0.0
Share repuchases, shares		0.0
Share repuchases	(0.3)	$ 0.0	(0.3)	0.0	0.0
Dividends declared	(14.6)	0.0	(14.6)	0.0	0.0
Other Comprehensive Income (Loss), Net of Tax	$ 3.0	$ 0.0	0.0	3.0	0.0
Common Stock Outstanding (Shares)	86.3	86.3
Common Stock Outstanding (Dollars)	$ 86.3	$ 86.3
Retained earnings	2,398.2		$ 2,398.2
Total accumulated other comprehensive loss	(432.7)			$ (432.7)
Noncontrolling interests	3.2				$ 3.2
Total shareholders' equity	$ 2,055.0

ACQUISITIONS Acquisitions (Notes)

6 Months Ended

Jun. 30, 2020

Acquisitions [Abstract]

Business Combination Disclosure [Text Block]

ACQUISITIONS

Rheinhütte Pumpen Group (Rheinhütte)

On April 30, 2019, we completed the acquisition of 100% of the privately held stock of Rheinhütte for a purchase price of €82.5 euros, net of cash acquired. The transaction was funded from the Company’s cash and European commercial paper program. Rheinhütte, with 2018 revenue of approximately €61.5 euros and approximately 430 employees, has manufacturing locations in Germany and Brazil. Rheinhütte is a designer and manufacturer of highly engineered pumps suited for harsh and corrosive environments for the industrial market. Rheinhütte is reported within the Industrial Process segment.

Matrix Composites, Inc. (Matrix)

On July 3, 2019, we completed the acquisition of 100% of the privately held stock of Matrix for a purchase price of $25.8, net of cash acquired. The transaction was funded from the Company’s cash. Matrix, a manufacturer of precision composite components within the aerospace and defense market, had 2018 revenue of approximately $12 with growth expected due to a ramp up in production on several next-generation aircraft engine platforms. Matrix has approximately 115 employees and is reported within the Connect & Control Technologies segment.

The final purchase prices for Rheinhütte and Matrix were allocated to net assets acquired and liabilities assumed based on their fair values as of the respective acquisition date, with the excess of the purchase price of $37.6 and $14.3 recorded as goodwill, respectively. Other intangibles identified for Rheinhütte include customer relationships, proprietary technology and trade names. Other intangibles assets for Matrix consist of customer relationships. The goodwill arising from these acquisitions is not expected to be deductible for income tax purposes.

Allocations of Purchase Price


	Rheinhütte		Matrix
Cash	$	4.7	$	0.5
Receivables	12.1		1.1
Inventory	15.2		1.8
Plant, property and equipment	19.9		2.9
Goodwill	37.6		14.3
Other intangible assets	15.2		8.5
Other assets	3.8		1.9
Accounts payable and accrued liabilities	(6.7)		(2.0)
Other liabilities	(5.3)		(2.7)
Net assets acquired	$	96.5	$	26.3

Pro forma results of operations have not been presented because the acquisitions were not deemed material as of the acquisition dates.

EARNINGS PER SHARE DATA - Basic and Diluted Loss Per Share (Detail) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Weighted average common shares – basic	86.3	87.8	87.0	87.7
Add: Dilutive impact of outstanding equity awards	0.5	0.9	0.6	0.9
Diluted weighted average common shares outstanding	86.8	88.7	87.6	88.6

RESTRUCTURING ACTIONS Restructuring Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 27.9	$ 3.1	$ 31.0	$ 4.2
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	27.8	3.0	30.9	4.0
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0.1	0.1	0.1	0.2
Motion Technologies [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	14.0	3.1	14.0	3.8
Industrial Process [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	7.8	0.1	7.9	0.4
Connect & Control Technologies [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	5.2	(0.2)	6.7	(0.1)
Corporate and Other [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0.9	$ 0.1	$ 2.4	$ 0.1

OTHER CURRENT AND NON-CURRENT ASSETS

6 Months Ended

Jun. 30, 2020

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER CURRENT AND NON-CURRENT ASSETS


	June 30, 2020					December 31, 2019
Asbestos-related assets		$	85.9	$	67.2

Advance payments and other prepaid expenses		36.7		45.4
Current contract assets, net		18.9		18.0
Prepaid income taxes		16.4		20.6
Other		2.0		2.2
Other current assets		$	159.9	$	153.4
Other employee benefit-related assets		$	134.6	$	133.6
Operating lease right-of-use assets		84.6		91.7
Capitalized software costs		26.4		30.1
Environmental-related assets		20.4		22.2
Equity method investments		10.3		9.8
Other		25.8		29.1
Other non-current assets		$	302.1	$	316.5

DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND UPDATES TO SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business ITT Inc. is a diversified manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and oil and gas markets. Unless the context otherwise indicates, references herein to “ITT,” “the Company,” and such words as “we,” “us,” and “our” include ITT Inc. and its subsidiaries. ITT operates through three segments: Motion Technologies, consisting of friction and shock and vibration equipment; Industrial Process, consisting of industrial flow equipment and services; and Connect & Control Technologies, consisting of electronic connectors, fluid handling, motion control, composite materials and noise and energy absorption products. Financial information for our segments is presented in Note 3, Segment Information. In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) a pandemic, resulting in certain local government-mandated site closures. While most of our businesses have been deemed essential, we have experienced certain local government-mandated site closures. The Company continues to face certain risks resulting from COVID-19 including disruption of our operations due to decreased customer demand, temporary plant closures, and elevated hygiene standards to keep our employees safe, along with increased risk of customer or supplier bankruptcy and potential challenges in accessing capital markets. All of these may have a material adverse impact on the Company and there is uncertainty around the duration or severity of these impacts. Therefore, while we expect this matter to negatively impact our business, results of operations, and financial position, the extent of certain future impacts cannot be reasonably estimated at this time. Refer to the section titled “Impact of COVID-19 on our Business” within Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information. Basis of Presentation The unaudited consolidated condensed financial statements have been prepared pursuant to the rules and regulations of the SEC and, in the opinion of management, reflect all known adjustments (which consist primarily of normal, recurring accruals, estimates and assumptions) necessary to state fairly the financial position, results of operations, and cash flows for the periods presented. The Consolidated Condensed Balance Sheet as of December 31, 2019, presented herein, has been derived from our audited balance sheet included in our Annual Report on Form 10-K (2019 Annual Report) for the year ended December 31, 2019 but does not include all disclosures required by GAAP. We consistently applied the accounting policies described in the 2019 Annual Report in preparing these unaudited financial statements, other than those related to new accounting standards adopted during the period. Refer to Note 2, Recent Accounting Pronouncements for further information. These financial statements should be read in conjunction with the financial statements and notes thereto included in our 2019 Annual Report. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Estimates are revised as additional information becomes available and may be impacted by the duration and severity of the pandemic. Estimates and assumptions are used for, but not limited to, asbestos-related liabilities and recoveries from insurers, revenue recognition, unrecognized tax benefits, deferred tax valuation allowances, projected benefit obligations for postretirement plans, accounting for business combinations, goodwill and other intangible asset impairment testing, environmental liabilities and assets, allowance for credit losses and inventory valuation. Actual results could differ from these estimates. ITT’s quarterly financial periods end on the Saturday that is closest to the last day of the calendar quarter, except for the last quarterly period of the fiscal year, which ends on December 31st. For ease of presentation, the quarterly financial statements included herein are described as ending on the last day of the calendar quarter. Certain prior year amounts have been reclassified to conform to the current year presentation.

RESTRUCTURING ACTIONS RESTRUCTURING ACTIONS (Tables)

6 Months Ended

Jun. 30, 2020

Restructuring Cost and Reserve [Line Items]

Restructuring and Related Costs [Table Text Block]


	Three Months						Six Months
For the Periods Ended June 30	2020		2019		2020		2019
Severance and other employee-related	$	27.8	$	3.0	$	30.9	$	4.0

Other	0.1		0.1		0.1		0.2
Total restructuring costs	$	27.9	$	3.1	$	31.0	$	4.2
By segment:
Motion Technologies	$	14.0	$	3.1	$	14.0	$	3.8
Industrial Process	7.8		0.1		7.9		0.4
Connect & Control Technologies	5.2		(0.2)		6.7		(0.1)
Corporate and Other	0.9		0.1		2.4		0.1

Schedule of Restructuring Reserve by Type of Cost [Table Text Block]


	2020		2019
Beginning balance - January 1	$	7.5	$	6.6
Restructuring costs	31.7		4.7
Reversal of prior accruals	(0.7)		(0.5)
Cash payments	(9.6)		(5.6)

Foreign exchange translation and other	(0.2)		(0.1)
Ending balance - June 30	$	28.7	$	5.1
By accrual type:
Severance and other employee-related	$	28.3	$	4.4
Other	0.4		0.7

2020 Global Restructuring Plan [Member]

Restructuring Cost and Reserve [Line Items]

Restructuring and Related Costs [Table Text Block]

The table below summarizes the total expected restructuring costs and the total restructuring costs incurred to date by segment related to the 2020 Global Restructuring Plan.


	Expected Costs		Incurred to Date
Motion Technologies	$	16.8	$	14.0
Industrial Process	25.3		8.3
Connect & Control Technologies	11.1		7.1
Corporate and Other	2.4		2.4
Total	$	55.6	$	31.8

Schedule of Restructuring Reserve by Type of Cost [Table Text Block]

The following table displays a rollforward of the restructuring accruals related to the 2020 Global Restructuring Plan:


Beginning balance - January 1	$	—
Restructuring costs	31.8
Cash payments	(5.8)
Foreign exchange translation and other	0.1
Ending balance - June 30	$	26.1

COMMITMENTS AND CONTINGENCIES Roll Forward of Asbestos Liability and Related Assets (Detail) - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Dec. 31, 2019

Net Asbestos Liability Rollforward [Line Items]

Asbestos Liability And Related Assets Net Current And Noncurrent - Beginning

$ (430.8)

$ (472.6)

^[1]

23.6

24.4

Gain From Asbestos Insurance Settlement Agreement

(48.3)

0.0

Cash Payments

^[1]

(7.6)

(15.8)

Asbestos Liability And Related Assets Net Current And Noncurrent - Ending

(398.5)

(481.2)

Asbestos-related liabilities Current

85.9

72.6

$ 86.0

717.9

763.2

731.6

Asbestos-related assets Current

85.9

67.1

67.2

Asbestos-related assets Non-Current

319.4

287.5

$ 319.6

Liability [Member]

Net Asbestos Liability Rollforward [Line Items]

Asbestos Liability And Related Assets Net Current And Noncurrent - Beginning

(817.6)

(849.3)

^[1]

28.9

30.6

Gain From Asbestos Insurance Settlement Agreement

0.0

Cash Payments

^[1]

(42.7)

(44.1)

Asbestos Liability And Related Assets Net Current And Noncurrent - Ending

(803.8)

(835.8)

Assets [Member]

Net Asbestos Liability Rollforward [Line Items]

Asbestos Liability And Related Assets Net Current And Noncurrent - Beginning

386.8

376.7

(5.3)

(6.2)

Gain From Asbestos Insurance Settlement Agreement

(48.3)

0.0

Cash Payments

35.1

28.3

Asbestos Liability And Related Assets Net Current And Noncurrent - Ending

$ 405.3

$ 354.6

[1]	Includes certain administrative costs such as legal-related costs for insurance asset recoveries.

PLANT, PROPERTY AND EQUIPMENT, NET - Components of Plant, Property and Equipment, Net (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Machinery and equipment	$ 1,126.3	$ 1,128.9
Buildings and improvements	271.3	279.3
Furniture, fixtures and office equipment	78.1	79.8
Construction work in progress	48.9	48.8
Land and improvements	32.3	33.3
Other	4.9	10.5
Plant, property and equipment, gross	1,561.8	1,580.6
Less: Accumulated depreciation	(1,056.4)	(1,049.1)
Plant, property and equipment, net	$ 505.4	$ 531.5
Machinery and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	2 years
Machinery and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Building and Building Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Building and Building Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	40 years
Furniture and Fixtures [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Furniture and Fixtures [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years

LONG-TERM INCENTIVE EMPLOYEE COMPENSATION - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options exercised		0.3
Proceeds from the exercise of stock options	$ 0.1	$ 8.3
Equity Based Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 25.2
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years
Liability Based Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 1.6
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock vested during period	0.2	0.2
Performance Stock Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock vested during period	0.2	0.2

RECEIVABLES, NET Allowance for Credit Losses (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Credit Loss [Abstract]
Allowance for credit losses - receivables	$ 19.9	$ 11.3
Allowance for credit losses - contract assets	0.1	1.5
Total allowance for credit losses	$ 20.0	$ 12.8